Nationwide
Destination
2065
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
1
Investment
Companies
91.6%
Shares
Value
($)
Equity
Funds
85.7%
Nationwide
International
Index
Fund,
Class
R6(a)
58,685
545,187
Nationwide
Mid
Cap
Market
Index
Fund,
Class
R6(a)
10,114
203,496
Nationwide
Multi-Cap
Portfolio,
Class
R6(a)
96,854
1,332,707
Nationwide
Small
Cap
Index
Fund,
Class
R6(a)
5,869
79,351
Total
Equity
Funds
(cost
$1,751,805)
2,160,741
Fixed
Income
Funds
5.9%
Nationwide
Bond
Index
Fund,
Class
R6(a)
2,642
30,649
Nationwide
Bond
Portfolio,
Class
R6*(a)
9,295
95,735
Nationwide
Core
Plus
Bond
Fund,
Class
R6(a)
2,163
23,165
Total
Fixed
Income
Funds
(cost
$146,883)
149,549
Total
Investment
Companies
(cost
$1,898,688)
2,310,290
Exchange
Traded
Funds
8.3%
Equity
Fund
7.7%
iShares
Core
MSCI
Emerging
Markets
ETF
3,050
192,790
Fixed
Income
Fund
0.6%
iShares
20+
Year
Treasury
Bond
ETF
103
15,401
Total
Exchange
Traded
Funds
(cost
$182,848)
208,191
Total
Investments
(cost
$2,081,536)
—
99.9%
2,518,481
Other
assets
in
excess
of
liabilities
—
0.1%
2,634
NET
ASSETS
—
100.0%
$
2,521,115
*
Denotes
a
non-income
producing
security.
(a)
Investment
in
affiliate.
ETF
Exchange
Traded
Fund
2
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Destination
2065
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
208,191
$
–
$
–
$
208,191
Investment
Companies
2,310,290
–
–
2,310,290
Total
$
2,518,481
$
–
$
–
$
2,518,481
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
Nationwide
Destination
2025
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
3
Investment
Companies
88.5%
Shares
Value
($)
Alternative
Assets
4.4%
Nationwide
Amundi
Strategic
Income
Fund,
Class
R6(a)
897,660
9,434,410
Total
Alternative
Assets
(cost
$8,954,737)
9,434,410
Equity
Funds
45.3%
Nationwide
International
Index
Fund,
Class
R6(a)
2,835,632
26,343,020
Nationwide
Mid
Cap
Market
Index
Fund,
Class
R6(a)
295,997
5,955,459
Nationwide
Multi-Cap
Portfolio,
Class
R6(a)
4,573,141
62,926,425
Nationwide
Small
Cap
Index
Fund,
Class
R6(a)
205,376
2,776,690
Total
Equity
Funds
(cost
$68,384,242)
98,001,594
Fixed
Income
Funds
38.8%
Nationwide
Bond
Index
Fund,
Class
R6(a)
1,818,641
21,096,237
Nationwide
Bond
Portfolio,
Class
R6*(a)
3,620,773
37,293,967
Nationwide
Core
Plus
Bond
Fund,
Class
R6(a)
1,665,402
17,836,457
Nationwide
Inflation-Protected
Securities
Fund,
Class
R6(a)
683,819
7,775,019
Total
Fixed
Income
Funds
(cost
$79,546,835)
84,001,680
Total
Investment
Companies
(cost
$156,885,814)
191,437,684
Exchange
Traded
Funds
5.4%
Equity
Fund
3.4%
iShares
Core
MSCI
Emerging
Markets
ETF
117,263
7,412,195
Fixed
Income
Fund
2.0%
iShares
20+
Year
Treasury
Bond
ETF(b)
28,923
4,324,567
Total
Exchange
Traded
Funds
(cost
$9,756,520)
11,736,762
Investment
Contract
6.2%
Principal
Amount
($)
Value
($)
Nationwide
Contract,
2.15%
^∞(a)(c)
13,374,498
13,374,498
Total
Investment
Contract
(cost
$13,374,498)
13,374,498
Short-Term
Investment
2.0%
Shares
Money
Market
Fund
2.0%
Fidelity
Investments
Money
Market
Government
Portfolio
—
Institutional
Class,
0.01%
(d)(e)
4,346,489
4,346,489
Total
Short-Term
Investment
(cost
$4,346,489)
4,346,489
Total
Investments
(cost
$184,363,321)
—
102.1%
220,895,433
Liabilities
in
excess
of
other
assets
—
(2.1)%
(4,437,955)
NET
ASSETS
—
100.0%
$
216,457,478
*
Denotes
a
non-income
producing
security.
^
Value
determined
using
significant
unobservable
inputs.
∞
Fair
valued
security.
(a)
Investment
in
affiliate.
(b)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2021.
The
total
value
of
securities
on
loan
as
of
July
31,
2021
was
$4,281,206,
which
was
collateralized
by
cash
used
to
purchase
a
money
market
fund
with
a
value
of
$4,346,489.
(c)
The
Nationwide
Contract
is
issued
by
Nationwide
Life
Insurance
Company.
The
interest
rate
is
assessed
and
may
change
quarterly.
The
security
is
restricted
and
has
been
deemed
liquid
pursuant
to
procedures
approved
by
the
Board
of
Trustees.
The
liquidity
determination
is
unaudited.
(d)
Represents
7-day
effective
yield
as
of
July
31,
2021.
(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,
2021
was
$4,346,489.
ETF
Exchange
Traded
Fund
4
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Destination
2025
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
11,736,762
$
–
$
–
$
11,736,762
Investment
Companies
191,437,684
–
–
191,437,684
Investment
Contract
–
–
13,374,498
13,374,498
Short-Term
Investment
4,346,489
–
–
4,346,489
Total
$
207,520,935
$
–
$
13,374,498
$
220,895,433
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
Nationwide
Destination
2025
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
5
The
following
is
a
reconciliation
of
assets
for
which
Level
3
inputs
were
used
in
determining
fair
value:
The
following
table
represents
the
Fund’s
Level
3
financial
instrument.
The
significant
unobservable
inputs
used
in
the
fair
value
measurement
of
the
Fund’s
investment
in
the
Nationwide
Contract
include
interest
rate
and
daily
transactions
value.
Significant
change
in
any
of
these
inputs
would
significantly
change
the
fair
value
measure
of
the
Nationwide
Contract.
The
interest
rate
and
daily
transactions
value
results
in
stable
valuation
of
the
Nationwide
Contract.
Investment
Contract
Total
Balance
as
of
October
31,
2020
$
15,130,744
$
15,130,744
Purchases
*
6,286,234
6,286,234
Sales
(8,042,480)
(8,042,480)
Change
in
Unrealized
Appreciation/Depreciation
—
—
Transfers
Into
Level
3
—
—
Transfers
out
of
Level
3
—
—
Balance
as
of
July
31,
2021
$
13,374,498
$
13,374,498
Amounts
designated
as
"−"
are
zero
or
have
been
rounded
to
zero.
*
Purchases
include
reinvestments
of
income
and
realized
gain
distributions,
as
applicable.
Instrument
Principal
Valuation
Technique
Unobservable
Inputs
Range
(Weighted
Average)*
Nationwide
Contract
Cost
Analysis
Interest
Rate
2.15%
(2.15%)
Daily
Transactions
$1.00
($1.00)
*
NFA
can
increase
or
redeem
all
or
a
portion
of
the
Fund’s
investment
in
the
Nationwide
Contract
on
a
daily
basis
for
any
reason
without
imposition
of
any
sales
charge
or
market
value
adjustment.
The
Fund
cannot
assign
or
transfer
its
interest
in
the
Nationwide
Contract
to
any
party.
If
the
Fund
transferred
its
interest
in
the
Nationwide
Contract,
the
issuer
would
terminate
the
arrangement
and
pay
the
Fund
the
amount
of
its
holding
as
of
the
termination
date.
The
Fund
or
Nationwide
Life
Insurance
Company
has
the
ability
to
terminate
its
investment
in
the
Nationwide
Contract
at
its
discretion.
The
FVC
continues
to
evaluate
any
information
that
could
cause
an
adjustment
to
the
fair
value
for
this
investment,
such
as
market
news
or
the
credit
rating
of
the
issuer.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
6
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Destination
2030
Fund
Investment
Companies
91.7%
Shares
Value
($)
Alternative
Assets
3.1%
Nationwide
Amundi
Strategic
Income
Fund,
Class
R6(a)
710,414
7,466,449
Total
Alternative
Assets
(cost
$7,169,558)
7,466,449
Equity
Funds
57.8%
Nationwide
International
Index
Fund,
Class
R6(a)
4,275,209
39,716,695
Nationwide
Mid
Cap
Market
Index
Fund,
Class
R6(a)
485,457
9,767,389
Nationwide
Multi-Cap
Portfolio,
Class
R6(a)
6,187,969
85,146,456
Nationwide
Small
Cap
Index
Fund,
Class
R6(a)
360,017
4,867,428
Total
Equity
Funds
(cost
$99,490,455)
139,497,968
Fixed
Income
Funds
30.8%
Nationwide
Bond
Index
Fund,
Class
R6(a)
1,617,019
18,757,416
Nationwide
Bond
Portfolio,
Class
R6*(a)
3,421,065
35,236,970
Nationwide
Core
Plus
Bond
Fund,
Class
R6(a)
1,555,590
16,660,370
Nationwide
Inflation-Protected
Securities
Fund,
Class
R6(a)
311,339
3,539,922
Total
Fixed
Income
Funds
(cost
$70,506,151)
74,194,678
Total
Investment
Companies
(cost
$177,166,164)
221,159,095
Exchange
Traded
Funds
6.1%
Equity
Fund
4.7%
iShares
Core
MSCI
Emerging
Markets
ETF
179,805
11,365,474
Fixed
Income
Fund
1.4%
iShares
20+
Year
Treasury
Bond
ETF(b)
22,329
3,338,632
Total
Exchange
Traded
Funds
(cost
$12,236,153)
14,704,106
Investment
Contract
2.2%
Principal
Amount
($)
Nationwide
Contract,
2.15%
^∞(a)(c)
5,327,739
5,327,739
Total
Investment
Contract
(cost
$5,327,739)
5,327,739
Short-Term
Investment
1.4%
Shares
Value
($)
Money
Market
Fund
1.4%
Fidelity
Investments
Money
Market
Government
Portfolio
—
Institutional
Class,
0.01%
(d)(e)
3,361,611
3,361,611
Total
Short-Term
Investment
(cost
$3,361,611)
3,361,611
Total
Investments
(cost
$198,091,667)
—
101.4%
244,552,551
Liabilities
in
excess
of
other
assets
—
(1.4)%
(3,450,776)
NET
ASSETS
—
100.0%
$
241,101,775
*
Denotes
a
non-income
producing
security.
^
Value
determined
using
significant
unobservable
inputs.
∞
Fair
valued
security.
(a)
Investment
in
affiliate.
(b)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2021.
The
total
value
of
securities
on
loan
as
of
July
31,
2021
was
$3,311,120,
which
was
collateralized
by
cash
used
to
purchase
a
money
market
fund
with
a
value
of
$3,361,611.
(c)
The
Nationwide
Contract
is
issued
by
Nationwide
Life
Insurance
Company.
The
interest
rate
is
assessed
and
may
change
quarterly.
The
security
is
restricted
and
has
been
deemed
liquid
pursuant
to
procedures
approved
by
the
Board
of
Trustees.
The
liquidity
determination
is
unaudited.
(d)
Represents
7-day
effective
yield
as
of
July
31,
2021.
(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,
2021
was
$3,361,611.
ETF
Exchange
Traded
Fund
Nationwide
Destination
2030
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
7
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
14,704,106
$
–
$
–
$
14,704,106
Investment
Companies
221,159,095
–
–
221,159,095
Investment
Contract
–
–
5,327,739
5,327,739
Short-Term
Investment
3,361,611
–
–
3,361,611
Total
$
239,224,812
$
–
$
5,327,739
$
244,552,551
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
8
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Destination
2030
Fund
The
following
is
a
reconciliation
of
assets
for
which
Level
3
inputs
were
used
in
determining
fair
value:
The
following
table
represents
the
Fund’s
Level
3
financial
instrument.
The
significant
unobservable
inputs
used
in
the
fair
value
measurement
of
the
Fund’s
investment
in
the
Nationwide
Contract
include
interest
rate
and
daily
transactions
value.
Significant
change
in
any
of
these
inputs
would
significantly
change
the
fair
value
measure
of
the
Nationwide
Contract.
The
interest
rate
and
daily
transactions
value
results
in
stable
valuation
of
the
Nationwide
Contract.
Investment
Contract
Total
Balance
as
of
October
31,
2020
$
5,342,520
$
5,342,520
Purchases
*
2,791,285
2,791,285
Sales
(2,806,066)
(2,806,066)
Change
in
Unrealized
Appreciation/Depreciation
—
—
Transfers
Into
Level
3
—
—
Transfers
out
of
Level
3
—
—
Balance
as
of
July
31,
2021
$
5,327,739
$
5,327,739
Amounts
designated
as
"−"
are
zero
or
have
been
rounded
to
zero.
*
Purchases
include
reinvestments
of
income
and
realized
gain
distributions,
as
applicable.
Instrument
Principal
Valuation
Technique
Unobservable
Inputs
Range
(Weighted
Average)*
Nationwide
Contract
Cost
Analysis
Interest
Rate
2.15%
(2.15%)
Daily
Transactions
$1.00
($1.00)
*
NFA
can
increase
or
redeem
all
or
a
portion
of
the
Fund’s
investment
in
the
Nationwide
Contract
on
a
daily
basis
for
any
reason
without
imposition
of
any
sales
charge
or
market
value
adjustment.
The
Fund
cannot
assign
or
transfer
its
interest
in
the
Nationwide
Contract
to
any
party.
If
the
Fund
transferred
its
interest
in
the
Nationwide
Contract,
the
issuer
would
terminate
the
arrangement
and
pay
the
Fund
the
amount
of
its
holding
as
of
the
termination
date.
The
Fund
or
Nationwide
Life
Insurance
Company
has
the
ability
to
terminate
its
investment
in
the
Nationwide
Contract
at
its
discretion.
The
FVC
continues
to
evaluate
any
information
that
could
cause
an
adjustment
to
the
fair
value
for
this
investment,
such
as
market
news
or
the
credit
rating
of
the
issuer.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
Nationwide
Destination
2035
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
9
Investment
Companies
91.5%
Shares
Value
($)
Alternative
Assets
2.6%
Nationwide
Amundi
Strategic
Income
Fund,
Class
R6(a)
511,696
5,377,926
Total
Alternative
Assets
(cost
$5,239,641)
5,377,926
Equity
Funds
68.4%
Nationwide
International
Index
Fund,
Class
R6(a)
4,311,696
40,055,660
Nationwide
Mid
Cap
Market
Index
Fund,
Class
R6(a)
530,945
10,682,616
Nationwide
Multi-Cap
Portfolio,
Class
R6(a)
6,282,901
86,452,718
Nationwide
Small
Cap
Index
Fund,
Class
R6(a)
380,206
5,140,390
Total
Equity
Funds
(cost
$102,689,539)
142,331,384
Fixed
Income
Funds
20.5%
Nationwide
Bond
Index
Fund,
Class
R6(a)
892,504
10,353,043
Nationwide
Bond
Portfolio,
Class
R6*(a)
2,180,394
22,458,055
Nationwide
Core
Plus
Bond
Fund,
Class
R6(a)
846,135
9,062,106
Nationwide
Inflation-Protected
Securities
Fund,
Class
R6(a)
65,400
743,600
Total
Fixed
Income
Funds
(cost
$40,789,626)
42,616,804
Total
Investment
Companies
(cost
$148,718,806)
190,326,114
Exchange
Traded
Funds
7.6%
Equity
Fund
6.2%
iShares
Core
MSCI
Emerging
Markets
ETF
204,228
12,909,252
Fixed
Income
Fund
1.4%
iShares
20+
Year
Treasury
Bond
ETF(b)
18,421
2,754,308
Total
Exchange
Traded
Funds
(cost
$12,909,423)
15,663,560
Investment
Contract
1.0%
Principal
Amount
($)
Value
($)
Nationwide
Contract,
2.15%
^∞(a)(c)
2,074,268
2,074,268
Total
Investment
Contract
(cost
$2,074,268)
2,074,268
Short-Term
Investment
1.3%
Shares
Money
Market
Fund
1.3%
Fidelity
Investments
Money
Market
Government
Portfolio
—
Institutional
Class,
0.01%
(d)(e)
2,768,225
2,768,225
Total
Short-Term
Investment
(cost
$2,768,225)
2,768,225
Total
Investments
(cost
$166,470,722)
—
101.4%
210,832,167
Liabilities
in
excess
of
other
assets
—
(1.4)%
(2,867,106)
NET
ASSETS
—
100.0%
$
207,965,061
*
Denotes
a
non-income
producing
security.
^
Value
determined
using
significant
unobservable
inputs.
∞
Fair
valued
security.
(a)
Investment
in
affiliate.
(b)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2021.
The
total
value
of
securities
on
loan
as
of
July
31,
2021
was
$2,726,647,
which
was
collateralized
by
cash
used
to
purchase
a
money
market
fund
with
a
value
of
$2,768,225.
(c)
The
Nationwide
Contract
is
issued
by
Nationwide
Life
Insurance
Company.
The
interest
rate
is
assessed
and
may
change
quarterly.
The
security
is
restricted
and
has
been
deemed
liquid
pursuant
to
procedures
approved
by
the
Board
of
Trustees.
The
liquidity
determination
is
unaudited.
(d)
Represents
7-day
effective
yield
as
of
July
31,
2021.
(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,
2021
was
$2,768,225.
ETF
Exchange
Traded
Fund
10
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Destination
2035
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
15,663,560
$
–
$
–
$
15,663,560
Investment
Companies
190,326,114
–
–
190,326,114
Investment
Contract
–
–
2,074,268
2,074,268
Short-Term
Investment
2,768,225
–
–
2,768,225
Total
$
208,757,899
$
–
$
2,074,268
$
210,832,167
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
Nationwide
Destination
2035
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
11
The
following
is
a
reconciliation
of
assets
for
which
Level
3
inputs
were
used
in
determining
fair
value:
The
following
table
represents
the
Fund’s
Level
3
financial
instrument.
The
significant
unobservable
inputs
used
in
the
fair
value
measurement
of
the
Fund’s
investment
in
the
Nationwide
Contract
include
interest
rate
and
daily
transactions
value.
Significant
change
in
any
of
these
inputs
would
significantly
change
the
fair
value
measure
of
the
Nationwide
Contract.
The
interest
rate
and
daily
transactions
value
results
in
stable
valuation
of
the
Nationwide
Contract.
Investment
Contract
Total
Balance
as
of
October
31,
2020
$
2,355,998
$
2,355,998
Purchases
*
861,515
861,515
Sales
(1,143,245)
(1,143,245)
Change
in
Unrealized
Appreciation/Depreciation
—
—
Transfers
Into
Level
3
—
—
Transfers
out
of
Level
3
—
—
Balance
as
of
July
31,
2021
$
2,074,268
$
2,074,268
Amounts
designated
as
"−"
are
zero
or
have
been
rounded
to
zero.
*
Purchases
include
reinvestments
of
income
and
realized
gain
distributions,
as
applicable.
Instrument
Principal
Valuation
Technique
Unobservable
Inputs
Range
(Weighted
Average)*
Nationwide
Contract
Cost
Analysis
Interest
Rate
2.15%
(2.15%)
Daily
Transactions
$1.00
($1.00)
*
NFA
can
increase
or
redeem
all
or
a
portion
of
the
Fund’s
investment
in
the
Nationwide
Contract
on
a
daily
basis
for
any
reason
without
imposition
of
any
sales
charge
or
market
value
adjustment.
The
Fund
cannot
assign
or
transfer
its
interest
in
the
Nationwide
Contract
to
any
party.
If
the
Fund
transferred
its
interest
in
the
Nationwide
Contract,
the
issuer
would
terminate
the
arrangement
and
pay
the
Fund
the
amount
of
its
holding
as
of
the
termination
date.
The
Fund
or
Nationwide
Life
Insurance
Company
has
the
ability
to
terminate
its
investment
in
the
Nationwide
Contract
at
its
discretion.
The
FVC
continues
to
evaluate
any
information
that
could
cause
an
adjustment
to
the
fair
value
for
this
investment,
such
as
market
news
or
the
credit
rating
of
the
issuer.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
12
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Destination
2055
Fund
Investment
Companies
91.5%
Shares
Value
($)
Equity
Funds
83.9%
Nationwide
International
Index
Fund,
Class
R6(a)
2,027,138
18,832,108
Nationwide
Mid
Cap
Market
Index
Fund,
Class
R6(a)
342,779
6,896,722
Nationwide
Multi-Cap
Portfolio,
Class
R6(a)
3,307,117
45,505,933
Nationwide
Small
Cap
Index
Fund,
Class
R6(a)
195,831
2,647,631
Total
Equity
Funds
(cost
$54,813,955)
73,882,394
Fixed
Income
Funds
7.6%
Nationwide
Bond
Index
Fund,
Class
R6(a)
155,641
1,805,434
Nationwide
Bond
Portfolio,
Class
R6*(a)
387,557
3,991,836
Nationwide
Core
Plus
Bond
Fund,
Class
R6(a)
87,725
939,535
Total
Fixed
Income
Funds
(cost
$6,451,616)
6,736,805
Total
Investment
Companies
(cost
$61,265,571)
80,619,199
Exchange
Traded
Funds
8.5%
Equity
Fund
7.5%
iShares
Core
MSCI
Emerging
Markets
ETF
104,398
6,598,998
Fixed
Income
Fund
1.0%
iShares
20+
Year
Treasury
Bond
ETF(b)
5,741
858,394
Total
Exchange
Traded
Funds
(cost
$6,132,350)
7,457,392
Short-Term
Investment
1.0%
Money
Market
Fund
1.0%
Fidelity
Investments
Money
Market
Government
Portfolio
—
Institutional
Class,
0.01%
(c)(d)
862,679
862,679
Total
Short-Term
Investment
(cost
$862,679)
862,679
Total
Investments
(cost
$68,260,600)
—
101.0%
88,939,270
Liabilities
in
excess
of
other
assets
—
(1.0)%
(895,425)
NET
ASSETS
—
100.0%
$
88,043,845
*
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,
2021.
The
total
value
of
securities
on
loan
as
of
July
31,
2021
was
$849,722,
which
was
collateralized
by
cash
used
to
purchase
a
money
market
fund
with
a
value
of
$862,679.
(c)
Represents
7-day
effective
yield
as
of
July
31,
2021.
(d)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2021
was
$862,679.
ETF
Exchange
Traded
Fund
Nationwide
Destination
2055
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
13
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
7,457,392
$
–
$
–
$
7,457,392
Investment
Companies
80,619,199
–
–
80,619,199
Short-Term
Investment
862,679
–
–
862,679
Total
$
88,939,270
$
–
$
–
$
88,939,270
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
14
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Destination
2050
Fund
Investment
Companies
91.4%
Shares
Value
($)
Equity
Funds
82.7%
Nationwide
International
Index
Fund,
Class
R6(a)
3,332,478
30,958,718
Nationwide
Mid
Cap
Market
Index
Fund,
Class
R6(a)
530,287
10,669,376
Nationwide
Multi-Cap
Portfolio,
Class
R6(a)
5,385,712
74,107,397
Nationwide
Small
Cap
Index
Fund,
Class
R6(a)
306,343
4,141,754
Total
Equity
Funds
(cost
$88,250,795)
119,877,245
Fixed
Income
Funds
8.7%
Nationwide
Bond
Index
Fund,
Class
R6(a)
279,180
3,238,493
Nationwide
Bond
Portfolio,
Class
R6*(a)
705,394
7,265,557
Nationwide
Core
Plus
Bond
Fund,
Class
R6(a)
197,716
2,117,535
Total
Fixed
Income
Funds
(cost
$12,122,136)
12,621,585
Total
Investment
Companies
(cost
$100,372,931)
132,498,830
Exchange
Traded
Funds
8.7%
Equity
Fund
7.3%
iShares
Core
MSCI
Emerging
Markets
ETF
167,189
10,568,017
Exchange
Traded
Funds
Shares
Value
($)
Fixed
Income
Fund
1.4%
iShares
20+
Year
Treasury
Bond
ETF(b)
13,525
2,022,258
Total
Exchange
Traded
Funds
(cost
$10,387,391)
12,590,275
Short-Term
Investment
1.3%
Money
Market
Fund
1.3%
Fidelity
Investments
Money
Market
Government
Portfolio
—
Institutional
Class,
0.01%
(c)(d)
1,942,129
1,942,129
Total
Short-Term
Investment
(cost
$1,942,129)
1,942,129
Total
Investments
(cost
$112,702,451)
—
101.4%
147,031,234
Liabilities
in
excess
of
other
assets
—
(1.4)%
(2,005,712)
NET
ASSETS
—
100.0%
$
145,025,522
*
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,
2021.
The
total
value
of
securities
on
loan
as
of
July
31,
2021
was
$1,912,959,
which
was
collateralized
by
cash
used
to
purchase
a
money
market
fund
with
a
value
of
$1,942,129.
(c)
Represents
7-day
effective
yield
as
of
July
31,
2021.
(d)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2021
was
$1,942,129.
ETF
Exchange
Traded
Fund
Nationwide
Destination
2050
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
15
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
12,590,275
$
–
$
–
$
12,590,275
Investment
Companies
132,498,830
–
–
132,498,830
Short-Term
Investment
1,942,129
–
–
1,942,129
Total
$
147,031,234
$
–
$
–
$
147,031,234
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
16
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Destination
Retirement
Fund
Investment
Companies
84.9%
Shares
Value
($)
Alternative
Assets
5.7%
Nationwide
Amundi
Strategic
Income
Fund,
Class
R6(a)
886,709
9,319,317
Total
Alternative
Assets
(cost
$8,532,018)
9,319,317
Equity
Funds
32.5%
Nationwide
International
Index
Fund,
Class
R6(a)
1,220,843
11,341,632
Nationwide
Mid
Cap
Market
Index
Fund,
Class
R6(a)
141,351
2,843,989
Nationwide
Multi-Cap
Portfolio,
Class
R6(a)
2,848,347
39,193,258
Total
Equity
Funds
(cost
$36,469,418)
53,378,879
Fixed
Income
Funds
46.7%
Nationwide
Bond
Index
Fund,
Class
R6(a)
1,599,031
18,548,763
Nationwide
Bond
Portfolio,
Class
R6*(a)
2,991,226
30,809,625
Nationwide
Core
Plus
Bond
Fund,
Class
R6(a)
1,493,374
15,994,037
Nationwide
Inflation-Protected
Securities
Fund,
Class
R6(a)
988,578
11,240,131
Total
Fixed
Income
Funds
(cost
$71,795,737)
76,592,556
Total
Investment
Companies
(cost
$116,797,173)
139,290,752
Exchange
Traded
Funds
4.5%
Equity
Fund
2.4%
iShares
Core
MSCI
Emerging
Markets
ETF
61,348
3,877,807
Fixed
Income
Fund
2.1%
iShares
20+
Year
Treasury
Bond
ETF(b)
23,180
3,465,874
Total
Exchange
Traded
Funds
(cost
$6,519,471)
7,343,681
Investment
Contract
10.7%
Principal
Amount
($)
Value
($)
Nationwide
Contract,
2.15%
^∞(a)(c)
17,472,855
17,472,855
Total
Investment
Contract
(cost
$17,472,855)
17,472,855
Short-Term
Investment
2.1%
Shares
Money
Market
Fund
2.1%
Fidelity
Investments
Money
Market
Government
Portfolio
—
Institutional
Class,
0.01%
(d)(e)
3,485,480
3,485,480
Total
Short-Term
Investment
(cost
$3,485,480)
3,485,480
Total
Investments
(cost
$144,274,979)
—
102.2%
167,592,768
Liabilities
in
excess
of
other
assets
—
(2.2)%
(3,571,585)
NET
ASSETS
—
100.0%
$
164,021,183
*
Denotes
a
non-income
producing
security.
^
Value
determined
using
significant
unobservable
inputs.
∞
Fair
valued
security.
(a)
Investment
in
affiliate.
(b)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2021.
The
total
value
of
securities
on
loan
as
of
July
31,
2021
was
$3,433,129,
which
was
collateralized
by
cash
used
to
purchase
a
money
market
fund
with
a
value
of
$3,485,480.
(c)
The
Nationwide
Contract
is
issued
by
Nationwide
Life
Insurance
Company.
The
interest
rate
is
assessed
and
may
change
quarterly.
The
security
is
restricted
and
has
been
deemed
liquid
pursuant
to
procedures
approved
by
the
Board
of
Trustees.
The
liquidity
determination
is
unaudited.
(d)
Represents
7-day
effective
yield
as
of
July
31,
2021.
(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,
2021
was
$3,485,480.
ETF
Exchange
Traded
Fund
Nationwide
Destination
Retirement
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
17
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
7,343,681
$
–
$
–
$
7,343,681
Investment
Companies
139,290,752
–
–
139,290,752
Investment
Contract
–
–
17,472,855
17,472,855
Short-Term
Investment
3,485,480
–
–
3,485,480
Total
$
150,119,913
$
–
$
17,472,855
$
167,592,768
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
18
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Destination
Retirement
Fund
The
following
is
a
reconciliation
of
assets
for
which
Level
3
inputs
were
used
in
determining
fair
value:
The
following
table
represents
the
Fund’s
Level
3
financial
instrument.
The
significant
unobservable
inputs
used
in
the
fair
value
measurement
of
the
Fund’s
investment
in
the
Nationwide
Contract
include
interest
rate
and
daily
transactions
value.
Significant
change
in
any
of
these
inputs
would
significantly
change
the
fair
value
measure
of
the
Nationwide
Contract.
The
interest
rate
and
daily
transactions
value
results
in
stable
valuation
of
the
Nationwide
Contract.
Investment
Contract
Total
Balance
as
of
October
31,
2020
$
26,982,011
$
26,982,011
Purchases
*
3,338,139
3,338,139
Sales
(12,847,295)
(12,847,295)
Change
in
Unrealized
Appreciation/Depreciation
—
—
Transfers
Into
Level
3
—
—
Transfers
out
of
Level
3
—
—
Balance
as
of
July
31,
2021
$
17,472,855
$
17,472,855
Amounts
designated
as
"−"
are
zero
or
have
been
rounded
to
zero.
*
Purchases
include
reinvestments
of
income
and
realized
gain
distributions,
as
applicable.
Instrument
Principal
Valuation
Technique
Unobservable
Inputs
Range
(Weighted
Average)*
Nationwide
Contract
Cost
Analysis
Interest
Rate
2.15%
(2.15%)
Daily
Transactions
$1.00
($1.00)
*
NFA
can
increase
or
redeem
all
or
a
portion
of
the
Fund’s
investment
in
the
Nationwide
Contract
on
a
daily
basis
for
any
reason
without
imposition
of
any
sales
charge
or
market
value
adjustment.
The
Fund
cannot
assign
or
transfer
its
interest
in
the
Nationwide
Contract
to
any
party.
If
the
Fund
transferred
its
interest
in
the
Nationwide
Contract,
the
issuer
would
terminate
the
arrangement
and
pay
the
Fund
the
amount
of
its
holding
as
of
the
termination
date.
The
Fund
or
Nationwide
Life
Insurance
Company
has
the
ability
to
terminate
its
investment
in
the
Nationwide
Contract
at
its
discretion.
The
FVC
continues
to
evaluate
any
information
that
could
cause
an
adjustment
to
the
fair
value
for
this
investment,
such
as
market
news
or
the
credit
rating
of
the
issuer.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
Nationwide
Destination
2040
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
19
Investment
Companies
91.1%
Shares
Value
($)
Alternative
Assets
1.0%
Nationwide
Amundi
Strategic
Income
Fund,
Class
R6(a)
173,246
1,820,810
Total
Alternative
Assets
(cost
$1,716,445)
1,820,810
Equity
Funds
75.9%
Nationwide
International
Index
Fund,
Class
R6(a)
4,068,725
37,798,459
Nationwide
Mid
Cap
Market
Index
Fund,
Class
R6(a)
591,688
11,904,757
Nationwide
Multi-Cap
Portfolio,
Class
R6(a)
6,340,563
87,246,150
Nationwide
Small
Cap
Index
Fund,
Class
R6(a)
359,915
4,866,046
Total
Equity
Funds
(cost
$103,189,802)
141,815,412
Fixed
Income
Funds
14.2%
Nationwide
Bond
Index
Fund,
Class
R6(a)
551,265
6,394,669
Nationwide
Bond
Portfolio,
Class
R6*(a)
1,383,859
14,253,744
Nationwide
Core
Plus
Bond
Fund,
Class
R6(a)
558,185
5,978,163
Total
Fixed
Income
Funds
(cost
$25,475,057)
26,626,576
Total
Investment
Companies
(cost
$130,381,304)
170,262,798
Exchange
Traded
Funds
8.3%
Equity
Fund
6.9%
iShares
Core
MSCI
Emerging
Markets
ETF
203,784
12,881,187
Fixed
Income
Fund
1.4%
iShares
20+
Year
Treasury
Bond
ETF(b)
17,003
2,542,288
Total
Exchange
Traded
Funds
(cost
$12,735,683)
15,423,475
Investment
Contract
0.6%
Principal
Amount
($)
Value
($)
Nationwide
Contract,
2.15%
^∞(a)(c)
1,173,838
1,173,838
Total
Investment
Contract
(cost
$1,173,838)
1,173,838
Short-Term
Investment
1.4%
Shares
Money
Market
Fund
1.4%
Fidelity
Investments
Money
Market
Government
Portfolio
—
Institutional
Class,
0.01%
(d)(e)
2,555,098
2,555,098
Total
Short-Term
Investment
(cost
$2,555,098)
2,555,098
Total
Investments
(cost
$146,845,923)
—
101.4%
189,415,209
Liabilities
in
excess
of
other
assets
—
(1.4)%
(2,627,283)
NET
ASSETS
—
100.0%
$
186,787,926
*
Denotes
a
non-income
producing
security.
^
Value
determined
using
significant
unobservable
inputs.
∞
Fair
valued
security.
(a)
Investment
in
affiliate.
(b)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2021.
The
total
value
of
securities
on
loan
as
of
July
31,
2021
was
$2,516,721,
which
was
collateralized
by
cash
used
to
purchase
a
money
market
fund
with
a
value
of
$2,555,098.
(c)
The
Nationwide
Contract
is
issued
by
Nationwide
Life
Insurance
Company.
The
interest
rate
is
assessed
and
may
change
quarterly.
The
security
is
restricted
and
has
been
deemed
liquid
pursuant
to
procedures
approved
by
the
Board
of
Trustees.
The
liquidity
determination
is
unaudited.
(d)
Represents
7-day
effective
yield
as
of
July
31,
2021.
(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,
2021
was
$2,555,098.
ETF
Exchange
Traded
Fund
20
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Destination
2040
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
15,423,475
$
–
$
–
$
15,423,475
Investment
Companies
170,262,798
–
–
170,262,798
Investment
Contract
–
–
1,173,838
1,173,838
Short-Term
Investment
2,555,098
–
–
2,555,098
Total
$
188,241,371
$
–
$
1,173,838
$
189,415,209
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
Nationwide
Destination
2040
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
21
The
following
is
a
reconciliation
of
assets
for
which
Level
3
inputs
were
used
in
determining
fair
value:
The
following
table
represents
the
Fund’s
Level
3
financial
instrument.
The
significant
unobservable
inputs
used
in
the
fair
value
measurement
of
the
Fund’s
investment
in
the
Nationwide
Contract
include
interest
rate
and
daily
transactions
value.
Significant
change
in
any
of
these
inputs
would
significantly
change
the
fair
value
measure
of
the
Nationwide
Contract.
The
interest
rate
and
daily
transactions
value
results
in
stable
valuation
of
the
Nationwide
Contract.
Investment
Contract
Total
Balance
as
of
October
31,
2020
$
1,283,562
$
1,283,562
Purchases
*
499,664
499,664
Sales
(609,388)
(609,388)
Change
in
Unrealized
Appreciation/Depreciation
—
—
Transfers
Into
Level
3
—
—
Transfers
out
of
Level
3
—
—
Balance
as
of
July
31,
2021
$
1,173,838
$
1,173,838
Amounts
designated
as
"−"
are
zero
or
have
been
rounded
to
zero.
*
Purchases
include
reinvestments
of
income
and
realized
gain
distributions,
as
applicable.
Instrument
Principal
Valuation
Technique
Unobservable
Inputs
Range
(Weighted
Average)*
Nationwide
Contract
Cost
Analysis
Interest
Rate
2.15%
(2.15%)
Daily
Transactions
$1.00
($1.00)
*
NFA
can
increase
or
redeem
all
or
a
portion
of
the
Fund’s
investment
in
the
Nationwide
Contract
on
a
daily
basis
for
any
reason
without
imposition
of
any
sales
charge
or
market
value
adjustment.
The
Fund
cannot
assign
or
transfer
its
interest
in
the
Nationwide
Contract
to
any
party.
If
the
Fund
transferred
its
interest
in
the
Nationwide
Contract,
the
issuer
would
terminate
the
arrangement
and
pay
the
Fund
the
amount
of
its
holding
as
of
the
termination
date.
The
Fund
or
Nationwide
Life
Insurance
Company
has
the
ability
to
terminate
its
investment
in
the
Nationwide
Contract
at
its
discretion.
The
FVC
continues
to
evaluate
any
information
that
could
cause
an
adjustment
to
the
fair
value
for
this
investment,
such
as
market
news
or
the
credit
rating
of
the
issuer.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
22
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Destination
2045
Fund
Investment
Companies
91.5%
Shares
Value
($)
Alternative
Assets
0.1%
Nationwide
Amundi
Strategic
Income
Fund,
Class
R6(a)
20,106
211,315
Total
Alternative
Assets
(cost
$211,634)
211,315
Equity
Funds
80.3%
Nationwide
International
Index
Fund,
Class
R6(a)
3,689,334
34,273,912
Nationwide
Mid
Cap
Market
Index
Fund,
Class
R6(a)
547,680
11,019,321
Nationwide
Multi-Cap
Portfolio,
Class
R6(a)
5,915,093
81,391,682
Nationwide
Small
Cap
Index
Fund,
Class
R6(a)
335,619
4,537,570
Total
Equity
Funds
(cost
$95,716,295)
131,222,485
Fixed
Income
Funds
11.1%
Nationwide
Bond
Index
Fund,
Class
R6(a)
377,010
4,373,318
Nationwide
Bond
Portfolio,
Class
R6*(a)
946,512
9,749,069
Nationwide
Core
Plus
Bond
Fund,
Class
R6(a)
370,093
3,963,693
Total
Fixed
Income
Funds
(cost
$17,346,510)
18,086,080
Total
Investment
Companies
(cost
$113,274,439)
149,519,880
Exchange
Traded
Funds
8.4%
Equity
Fund
7.0%
iShares
Core
MSCI
Emerging
Markets
ETF
182,391
11,528,935
Fixed
Income
Fund
1.4%
iShares
20+
Year
Treasury
Bond
ETF(b)
15,175
2,268,966
Total
Exchange
Traded
Funds
(cost
$11,425,952)
13,797,901
Investment
Contract
0.1%
Principal
Amount
($)
Nationwide
Contract,
2.15%
^∞(a)(c)
244,518
244,518
Total
Investment
Contract
(cost
$244,518)
244,518
Short-Term
Investment
1.4%
Shares
Value
($)
Money
Market
Fund
1.4%
Fidelity
Investments
Money
Market
Government
Portfolio
—
Institutional
Class,
0.01%
(d)(e)
2,280,491
2,280,491
Total
Short-Term
Investment
(cost
$2,280,491)
2,280,491
Total
Investments
(cost
$127,225,400)
—
101.4%
165,842,790
Liabilities
in
excess
of
other
assets
—
(1.4)%
(2,351,536)
NET
ASSETS
—
100.0%
$
163,491,254
*
Denotes
a
non-income
producing
security.
^
Value
determined
using
significant
unobservable
inputs.
∞
Fair
valued
security.
(a)
Investment
in
affiliate.
(b)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2021.
The
total
value
of
securities
on
loan
as
of
July
31,
2021
was
$2,246,239,
which
was
collateralized
by
cash
used
to
purchase
a
money
market
fund
with
a
value
of
$2,280,491.
(c)
The
Nationwide
Contract
is
issued
by
Nationwide
Life
Insurance
Company.
The
interest
rate
is
assessed
and
may
change
quarterly.
The
security
is
restricted
and
has
been
deemed
liquid
pursuant
to
procedures
approved
by
the
Board
of
Trustees.
The
liquidity
determination
is
unaudited.
(d)
Represents
7-day
effective
yield
as
of
July
31,
2021.
(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,
2021
was
$2,280,491.
ETF
Exchange
Traded
Fund
Nationwide
Destination
2045
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
23
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
13,797,901
$
–
$
–
$
13,797,901
Investment
Companies
149,519,880
–
–
149,519,880
Investment
Contract
–
–
244,518
244,518
Short-Term
Investment
2,280,491
–
–
2,280,491
Total
$
165,598,272
$
–
$
244,518
$
165,842,790
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
24
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Destination
2045
Fund
The
following
is
a
reconciliation
of
assets
for
which
Level
3
inputs
were
used
in
determining
fair
value:
The
following
table
represents
the
Fund’s
Level
3
financial
instrument.
The
significant
unobservable
inputs
used
in
the
fair
value
measurement
of
the
Fund’s
investment
in
the
Nationwide
Contract
include
interest
rate
and
daily
transactions
value.
Significant
change
in
any
of
these
inputs
would
significantly
change
the
fair
value
measure
of
the
Nationwide
Contract.
The
interest
rate
and
daily
transactions
value
results
in
stable
valuation
of
the
Nationwide
Contract.
Investment
Contract
Total
Balance
as
of
October
31,
2020
$
162,387
$
162,387
Purchases
*
177,308
177,308
Sales
(95,177)
(95,177)
Change
in
Unrealized
Appreciation/Depreciation
—
—
Transfers
Into
Level
3
—
—
Transfers
out
of
Level
3
—
—
Balance
as
of
July
31,
2021
$
244,518
$
244,518
Amounts
designated
as
"−"
are
zero
or
have
been
rounded
to
zero.
*
Purchases
include
reinvestments
of
income
and
realized
gain
distributions,
as
applicable.
Instrument
Principal
Valuation
Technique
Unobservable
Inputs
Range
(Weighted
Average)*
Nationwide
Contract
Cost
Analysis
Interest
Rate
2.15%
(2.15%)
Daily
Transactions
$1.00
($1.00)
*
NFA
can
increase
or
redeem
all
or
a
portion
of
the
Fund’s
investment
in
the
Nationwide
Contract
on
a
daily
basis
for
any
reason
without
imposition
of
any
sales
charge
or
market
value
adjustment.
The
Fund
cannot
assign
or
transfer
its
interest
in
the
Nationwide
Contract
to
any
party.
If
the
Fund
transferred
its
interest
in
the
Nationwide
Contract,
the
issuer
would
terminate
the
arrangement
and
pay
the
Fund
the
amount
of
its
holding
as
of
the
termination
date.
The
Fund
or
Nationwide
Life
Insurance
Company
has
the
ability
to
terminate
its
investment
in
the
Nationwide
Contract
at
its
discretion.
The
FVC
continues
to
evaluate
any
information
that
could
cause
an
adjustment
to
the
fair
value
for
this
investment,
such
as
market
news
or
the
credit
rating
of
the
issuer.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
Nationwide
Destination
2060
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
25
Investment
Companies
91.6%
Shares
Value
($)
Equity
Funds
84.8%
Nationwide
International
Index
Fund,
Class
R6(a)
815,445
7,575,482
Nationwide
Mid
Cap
Market
Index
Fund,
Class
R6(a)
140,176
2,820,338
Nationwide
Multi-Cap
Portfolio,
Class
R6(a)
1,342,593
18,474,086
Nationwide
Small
Cap
Index
Fund,
Class
R6(a)
81,078
1,096,170
Total
Equity
Funds
(cost
$22,465,671)
29,966,076
Fixed
Income
Funds
6.8%
Nationwide
Bond
Index
Fund,
Class
R6(a)
54,269
629,526
Nationwide
Bond
Portfolio,
Class
R6*(a)
138,845
1,430,102
Nationwide
Core
Plus
Bond
Fund,
Class
R6(a)
33,286
356,497
Total
Fixed
Income
Funds
(cost
$2,314,618)
2,416,125
Total
Investment
Companies
(cost
$24,780,289)
32,382,201
Exchange
Traded
Funds
8.5%
Equity
Fund
7.7%
iShares
Core
MSCI
Emerging
Markets
ETF
43,080
2,723,087
Exchange
Traded
Funds
Shares
Value
($)
Fixed
Income
Fund
0.8%
iShares
20+
Year
Treasury
Bond
ETF(b)
1,731
258,819
Total
Exchange
Traded
Funds
(cost
$2,423,479)
2,981,906
Short-Term
Investment
0.7%
Money
Market
Fund
0.7%
Fidelity
Investments
Money
Market
Government
Portfolio
—
Institutional
Class,
0.01%
(c)(d)
260,033
260,033
Total
Short-Term
Investment
(cost
$260,033)
260,033
Total
Investments
(cost
$27,463,801)
—
100.8%
35,624,140
Liabilities
in
excess
of
other
assets
—
(0.8)%
(269,991)
NET
ASSETS
—
100.0%
$
35,354,149
*
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,
2021.
The
total
value
of
securities
on
loan
as
of
July
31,
2021
was
$256,128,
which
was
collateralized
by
cash
used
to
purchase
a
money
market
fund
with
a
value
of
$260,033.
(c)
Represents
7-day
effective
yield
as
of
July
31,
2021.
(d)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2021
was
$260,033.
ETF
Exchange
Traded
Fund
26
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Destination
2060
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
2,981,906
$
–
$
–
$
2,981,906
Investment
Companies
32,382,201
–
–
32,382,201
Short-Term
Investment
260,033
–
–
260,033
Total
$
35,624,140
$
–
$
–
$
35,624,140
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
Nationwide
Investor
Destinations
Aggressive
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
1
Investment
Companies
88.2%
Shares
Value
($)
Alternative
Assets
1.9%
Nationwide
Amundi
Global
High
Yield
Fund,
Class
R6(a)
1,050,456
10,389,014
Nationwide
Emerging
Markets
Debt
Fund,
Class
R6(a)
1,039,070
10,442,652
Total
Alternative
Assets
(cost
$20,138,665)
20,831,666
Equity
Funds
84.0%
Nationwide
GQG
U.S.
Quality
Equity
Fund,
Class
R6(a)
2,036,350
23,458,756
Nationwide
International
Index
Fund,
Class
R6(a)
23,973,100
222,710,101
Nationwide
International
Small
Cap
Fund,
Class
R6(a)
3,262,463
44,336,871
Nationwide
Loomis
All
Cap
Growth
Fund,
Class
R6(a)
1,175,286
22,541,995
Nationwide
Mid
Cap
Market
Index
Fund,
Class
R6(a)
6,430,096
129,373,522
Nationwide
Multi-Cap
Portfolio,
Class
R6(a)
35,560,467
489,312,030
Total
Equity
Funds
(cost
$695,423,650)
931,733,275
Investment
Companies
Shares
Value
($)
Fixed
Income
Funds
2.3%
Nationwide
Bond
Index
Fund,
Class
R6(a)
502,578
5,829,900
Nationwide
Bond
Portfolio,
Class
R6*(a)
945,283
9,736,415
Nationwide
Core
Plus
Bond
Fund,
Class
R6(a)
798
8,549
Nationwide
Loomis
Core
Bond
Fund,
Class
R6(a)
915,752
10,402,948
Total
Fixed
Income
Funds
(cost
$25,098,737)
25,977,812
Total
Investment
Companies
(cost
$740,661,052)
978,542,753
Exchange
Traded
Funds
11.8%
Equity
Funds
11.8%
iShares
Core
MSCI
Emerging
Markets
ETF
1,623,597
102,627,566
Nationwide
Risk-Based
International
Equity
ETF(a)
483,113
13,808,674
Nationwide
Risk-Based
US
Equity
ETF(a)
363,531
14,293,494
Total
Exchange
Traded
Funds
(cost
$113,763,359)
130,729,734
Total
Investments
(cost
$854,424,411)
—
100.0%
1,109,272,487
Liabilities
in
excess
of
other
assets
—
0.0%
†
(492,988)
NET
ASSETS
—
100.0%
$
1,108,779,499
*
Denotes
a
non-income
producing
security.
†
Amount
rounds
to
less
than
0.1%.
(a)
Investment
in
affiliate.
ETF
Exchange
Traded
Fund
2
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Investor
Destinations
Aggressive
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
130,729,734
$
–
$
–
$
130,729,734
Investment
Companies
978,542,753
–
–
978,542,753
Total
$
1,109,272,487
$
–
$
–
$
1,109,272,487
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
Nationwide
Investor
Destinations
Conservative
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
3
Investment
Companies
74.1%
Shares
Value
($)
Alternative
Assets
5.9%
Nationwide
Amundi
Global
High
Yield
Fund,
Class
R6(a)
1,243,042
12,293,690
Nationwide
Amundi
Strategic
Income
Fund,
Class
R6(a)
1,728,635
18,167,958
Nationwide
Emerging
Markets
Debt
Fund,
Class
R6(a)
614,967
6,180,414
Total
Alternative
Assets
(cost
$35,421,005)
36,642,062
Equity
Funds
20.3%
Nationwide
International
Index
Fund,
Class
R6(a)
2,725,724
25,321,977
Nationwide
International
Small
Cap
Fund,
Class
R6(a)
217,639
2,957,708
Nationwide
Mid
Cap
Market
Index
Fund,
Class
R6(a)
595,352
11,978,490
Nationwide
Multi-Cap
Portfolio,
Class
R6(a)
6,300,017
86,688,233
Total
Equity
Funds
(cost
$85,960,549)
126,946,408
Fixed
Income
Funds
47.9%
Nationwide
Bond
Index
Fund,
Class
R6(a)
5,017,269
58,200,321
Nationwide
Bond
Portfolio,
Class
R6*(a)
7,458,671
76,824,315
Nationwide
Core
Plus
Bond
Fund,
Class
R6(a)
4,001,357
42,854,536
Nationwide
Inflation-Protected
Securities
Fund,
Class
R6(a)
2,761,955
31,403,430
Nationwide
Loomis
Core
Bond
Fund,
Class
R6(a)
1,083,446
12,307,946
Nationwide
Loomis
Short
Term
Bond
Fund,
Class
R6(a)
7,539,934
78,189,114
Total
Fixed
Income
Funds
(cost
$283,578,719)
299,779,662
Total
Investment
Companies
(cost
$404,960,273)
463,368,132
Exchange
Traded
Funds
10.6%
Equity
Funds
3.1%
iShares
Core
MSCI
Emerging
Markets
ETF
184,785
11,680,260
Nationwide
Risk-Based
International
Equity
ETF(a)
131,123
3,747,849
Nationwide
Risk-Based
US
Equity
ETF(a)
98,674
3,879,714
Exchange
Traded
Funds
Shares
Value
($)
Total
Equity
Funds
(cost
$16,841,672)
19,307,823
Fixed
Income
Funds
7.5%
iShares
20+
Year
Treasury
Bond
ETF(b)
182,994
27,361,263
iShares
7-10
Year
Treasury
Bond
ETF(b)
166,580
19,608,131
Total
Fixed
Income
Funds
(cost
$44,941,613)
46,969,394
Total
Exchange
Traded
Funds
(cost
$61,783,285)
66,277,217
Investment
Contract
15.4%
Principal
Amount
($)
Nationwide
Contract,
2.15%
^∞(a)(c)
96,249,214
96,249,214
Total
Investment
Contract
(cost
$96,249,214)
96,249,214
Short-Term
Investment
7.6%
Shares
Money
Market
Fund
7.6%
Fidelity
Investments
Money
Market
Government
Portfolio
—
Institutional
Class,
0.01%
(d)(e)
47,283,885
47,283,885
Total
Short-Term
Investment
(cost
$47,283,885)
47,283,885
Total
Investments
(cost
$610,276,657)
—
107.7%
673,178,448
Liabilities
in
excess
of
other
assets
—
(7.7)%
(47,878,343)
NET
ASSETS
—
100.0%
$
625,300,105
*
Denotes
a
non-income
producing
security.
^
Value
determined
using
significant
unobservable
inputs.
∞
Fair
valued
security.
(a)
Investment
in
affiliate.
(b)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2021.
The
total
value
of
securities
on
loan
as
of
July
31,
2021
was
$46,533,864,
which
was
collateralized
by
cash
used
to
purchase
a
money
market
fund
with
a
value
of
$47,283,885.
(c)
The
Nationwide
Contract
is
issued
by
Nationwide
Life
Insurance
Company.
The
interest
rate
is
assessed
and
may
change
quarterly.
The
security
is
restricted
and
has
been
deemed
liquid
pursuant
to
procedures
approved
by
the
Board
of
Trustees.
The
liquidity
determination
is
unaudited.
(d)
Represents
7-day
effective
yield
as
of
July
31,
2021.
(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,
2021
was
$47,283,885.
ETF
Exchange
Traded
Fund
4
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Investor
Destinations
Conservative
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
66,277,217
$
–
$
–
$
66,277,217
Investment
Companies
463,368,132
–
–
463,368,132
Investment
Contract
–
–
96,249,214
96,249,214
Short-Term
Investment
47,283,885
–
–
47,283,885
Total
$
576,929,234
$
–
$
96,249,214
$
673,178,448
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
Nationwide
Investor
Destinations
Conservative
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
5
The
following
is
a
reconciliation
of
assets
for
which
Level
3
inputs
were
used
in
determining
fair
value:
The
following
table
represents
the
Fund’s
Level
3
financial
instrument.
The
significant
unobservable
inputs
used
in
the
fair
value
measurement
of
the
Fund’s
investment
in
the
Nationwide
Contract
include
interest
rate
and
daily
transactions
value.
Significant
change
in
any
of
these
inputs
would
significantly
change
the
fair
value
measure
of
the
Nationwide
Contract.
The
interest
rate
and
daily
transactions
value
results
in
stable
valuation
of
the
Nationwide
Contract.
Investment
Contract
Total
Balance
as
of
October
31,
2020
$
114,288,847
$
114,288,847
Purchases
*
5,494,827
5,494,827
Sales
(23,534,460)
(23,534,460)
Change
in
Unrealized
Appreciation/Depreciation
—
—
Transfers
Into
Level
3
—
—
Transfers
out
of
Level
3
—
—
Balance
as
of
July
31,
2021
$
96,249,214
$
96,249,214
Amounts
designated
as
"−"
are
zero
or
have
been
rounded
to
zero.
*
Purchases
include
reinvestments
of
income
and
realized
gain
distributions,
as
applicable.
Instrument
Principal
Valuation
Technique
Unobservable
Inputs
Range
(Weighted
Average)*
Nationwide
Contract
Cost
Analysis
Interest
Rate
2.15%
(2.15%)
Daily
Transactions
$1.00
($1.00)
*
NFA
can
increase
or
redeem
all
or
a
portion
of
the
Fund’s
investment
in
the
Nationwide
Contract
on
a
daily
basis
for
any
reason
without
imposition
of
any
sales
charge
or
market
value
adjustment.
The
Fund
cannot
assign
or
transfer
its
interest
in
the
Nationwide
Contract
to
any
party.
If
the
Fund
transferred
its
interest
in
the
Nationwide
Contract,
the
issuer
would
terminate
the
arrangement
and
pay
the
Fund
the
amount
of
its
holding
as
of
the
termination
date.
The
Fund
or
Nationwide
Life
Insurance
Company
has
the
ability
to
terminate
its
investment
in
the
Nationwide
Contract
at
its
discretion.
The
FVC
continues
to
evaluate
any
information
that
could
cause
an
adjustment
to
the
fair
value
for
this
investment,
such
as
market
news
or
the
credit
rating
of
the
issuer.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
6
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Investor
Destinations
Moderate
Fund
Investment
Companies
83.1%
Shares
Value
($)
Alternative
Assets
6.2%
Nationwide
Amundi
Global
High
Yield
Fund,
Class
R6(a)
3,626,228
35,863,397
Nationwide
Amundi
Strategic
Income
Fund,
Class
R6(a)
1,681,083
17,668,186
Nationwide
Emerging
Markets
Debt
Fund,
Class
R6(a)
2,392,006
24,039,662
Total
Alternative
Assets
(cost
$75,548,232)
77,571,245
Equity
Funds
56.0%
Nationwide
GQG
U.S.
Quality
Equity
Fund,
Class
R6(a)
1,115,643
12,852,211
Nationwide
International
Index
Fund,
Class
R6(a)
14,379,781
133,588,167
Nationwide
International
Small
Cap
Fund,
Class
R6(a)
1,739,799
23,643,869
Nationwide
Loomis
All
Cap
Growth
Fund,
Class
R6(a)
625,761
12,002,102
Nationwide
Mid
Cap
Market
Index
Fund,
Class
R6(a)
2,972,761
59,811,956
Nationwide
Multi-Cap
Portfolio,
Class
R6(a)
33,316,732
458,438,239
Total
Equity
Funds
(cost
$506,682,428)
700,336,544
Fixed
Income
Funds
20.9%
Nationwide
Bond
Index
Fund,
Class
R6(a)
3,743,559
43,425,288
Nationwide
Bond
Portfolio,
Class
R6*(a)
6,215,364
64,018,245
Nationwide
Core
Plus
Bond
Fund,
Class
R6(a)
3,337,499
35,744,611
Nationwide
Inflation-Protected
Securities
Fund,
Class
R6(a)
1,074,311
12,214,914
Nationwide
Loomis
Core
Bond
Fund,
Class
R6(a)
5,268,121
59,845,853
Nationwide
Loomis
Short
Term
Bond
Fund,
Class
R6(a)
4,512,434
46,793,944
Total
Fixed
Income
Funds
(cost
$250,793,448)
262,042,855
Total
Investment
Companies
(cost
$833,024,108)
1,039,950,644
Exchange
Traded
Funds
10.4%
Equity
Funds
7.9%
iShares
Core
MSCI
Emerging
Markets
ETF
1,265,224
79,974,809
Nationwide
Risk-Based
International
Equity
ETF(a)
327,465
9,359,834
Nationwide
Risk-Based
US
Equity
ETF(a)
246,407
9,688,353
Exchange
Traded
Funds
Shares
Value
($)
Total
Equity
Funds
(cost
$85,477,174)
99,022,996
Fixed
Income
Funds
2.5%
iShares
20+
Year
Treasury
Bond
ETF(b)
129,823
19,411,135
iShares
7-10
Year
Treasury
Bond
ETF(b)
105,283
12,392,862
Total
Fixed
Income
Funds
(cost
$30,231,136)
31,803,997
Total
Exchange
Traded
Funds
(cost
$115,708,310)
130,826,993
Investment
Contract
6.5%
Principal
Amount
($)
Nationwide
Contract,
2.15%
^∞(a)(c)
81,904,926
81,904,926
Total
Investment
Contract
(cost
$81,904,926)
81,904,926
Short-Term
Investment
2.6%
Shares
Money
Market
Fund
2.6%
Fidelity
Investments
Money
Market
Government
Portfolio
—
Institutional
Class,
0.01%
(d)(e)
32,010,413
32,010,413
Total
Short-Term
Investment
(cost
$32,010,413)
32,010,413
Total
Investments
(cost
$1,062,647,757)
—
102.6%
1,284,692,976
Liabilities
in
excess
of
other
assets
—
(2.6)%
(32,699,720)
NET
ASSETS
—
100.0%
$
1,251,993,256
*
Denotes
a
non-income
producing
security.
^
Value
determined
using
significant
unobservable
inputs.
∞
Fair
valued
security.
(a)
Investment
in
affiliate.
(b)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2021.
The
total
value
of
securities
on
loan
as
of
July
31,
2021
was
$31,485,580,
which
was
collateralized
by
cash
used
to
purchase
a
money
market
fund
with
a
value
of
$32,010,413.
(c)
The
Nationwide
Contract
is
issued
by
Nationwide
Life
Insurance
Company.
The
interest
rate
is
assessed
and
may
change
quarterly.
The
security
is
restricted
and
has
been
deemed
liquid
pursuant
to
procedures
approved
by
the
Board
of
Trustees.
The
liquidity
determination
is
unaudited.
(d)
Represents
7-day
effective
yield
as
of
July
31,
2021.
(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,
2021
was
$32,010,413.
ETF
Exchange
Traded
Fund
Nationwide
Investor
Destinations
Moderate
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
7
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
130,826,993
$
–
$
–
$
130,826,993
Investment
Companies
1,039,950,644
–
–
1,039,950,644
Investment
Contract
–
–
81,904,926
81,904,926
Short-Term
Investment
32,010,413
–
–
32,010,413
Total
$
1,202,788,050
$
–
$
81,904,926
$
1,284,692,976
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
8
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Investor
Destinations
Moderate
Fund
The
following
is
a
reconciliation
of
assets
for
which
Level
3
inputs
were
used
in
determining
fair
value:
The
following
table
represents
the
Fund’s
Level
3
financial
instrument.
The
significant
unobservable
inputs
used
in
the
fair
value
measurement
of
the
Fund’s
investment
in
the
Nationwide
Contract
include
interest
rate
and
daily
transactions
value.
Significant
change
in
any
of
these
inputs
would
significantly
change
the
fair
value
measure
of
the
Nationwide
Contract.
The
interest
rate
and
daily
transactions
value
results
in
stable
valuation
of
the
Nationwide
Contract.
Investment
Contract
Total
Balance
as
of
October
31,
2020
$
93,448,899
$
93,448,899
Purchases
*
3,581,180
3,581,180
Sales
(15,125,153)
(15,125,153)
Change
in
Unrealized
Appreciation/Depreciation
—
—
Transfers
Into
Level
3
—
—
Transfers
out
of
Level
3
—
—
Balance
as
of
July
31,
2021
$
81,904,926
$
81,904,926
Amounts
designated
as
"−"
are
zero
or
have
been
rounded
to
zero.
*
Purchases
include
reinvestments
of
income
and
realized
gain
distributions,
as
applicable.
Instrument
Principal
Valuation
Technique
Unobservable
Inputs
Range
(Weighted
Average)*
Nationwide
Contract
Cost
Analysis
Interest
Rate
2.15%
(2.15%)
Daily
Transactions
$1.00
($1.00)
*
NFA
can
increase
or
redeem
all
or
a
portion
of
the
Fund’s
investment
in
the
Nationwide
Contract
on
a
daily
basis
for
any
reason
without
imposition
of
any
sales
charge
or
market
value
adjustment.
The
Fund
cannot
assign
or
transfer
its
interest
in
the
Nationwide
Contract
to
any
party.
If
the
Fund
transferred
its
interest
in
the
Nationwide
Contract,
the
issuer
would
terminate
the
arrangement
and
pay
the
Fund
the
amount
of
its
holding
as
of
the
termination
date.
The
Fund
or
Nationwide
Life
Insurance
Company
has
the
ability
to
terminate
its
investment
in
the
Nationwide
Contract
at
its
discretion.
The
FVC
continues
to
evaluate
any
information
that
could
cause
an
adjustment
to
the
fair
value
for
this
investment,
such
as
market
news
or
the
credit
rating
of
the
issuer.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
Nationwide
Investor
Destinations
Moderately
Aggressive
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
9
Investment
Companies
89.2%
Shares
Value
($)
Alternative
Assets
6.1%
Nationwide
Amundi
Global
High
Yield
Fund,
Class
R6(a)
4,684,239
46,327,128
Nationwide
Amundi
Strategic
Income
Fund,
Class
R6(a)
2,171,895
22,826,615
Nationwide
Emerging
Markets
Debt
Fund,
Class
R6(a)
3,088,971
31,044,154
Total
Alternative
Assets
(cost
$97,116,363)
100,197,897
Equity
Funds
71.3%
Nationwide
GQG
U.S.
Quality
Equity
Fund,
Class
R6(a)
2,270,662
26,158,024
Nationwide
International
Index
Fund,
Class
R6(a)
25,398,097
235,948,322
Nationwide
International
Small
Cap
Fund,
Class
R6(a)
4,122,272
56,021,676
Nationwide
Loomis
All
Cap
Growth
Fund,
Class
R6(a)
1,299,247
24,919,557
Nationwide
Mid
Cap
Market
Index
Fund,
Class
R6(a)
6,291,153
126,577,998
Nationwide
Multi-Cap
Portfolio,
Class
R6(a)
50,589,630
696,113,310
Total
Equity
Funds
(cost
$861,965,654)
1,165,738,887
Investment
Companies
Shares
Value
($)
Fixed
Income
Funds
11.8%
Nationwide
Bond
Index
Fund,
Class
R6(a)
3,447,134
39,986,753
Nationwide
Bond
Portfolio,
Class
R6*(a)
5,851,491
60,270,360
Nationwide
Core
Plus
Bond
Fund,
Class
R6(a)
4,308,963
46,148,990
Nationwide
Inflation-Protected
Securities
Fund,
Class
R6(a)
1,387,945
15,780,937
Nationwide
Loomis
Core
Bond
Fund,
Class
R6(a)
2,722,378
30,926,214
Total
Fixed
Income
Funds
(cost
$183,858,256)
193,113,254
Total
Investment
Companies
(cost
$1,142,940,273)
1,459,050,038
Exchange
Traded
Funds
10.8%
Equity
Funds
10.8%
iShares
Core
MSCI
Emerging
Markets
ETF
2,269,741
143,470,328
Nationwide
Risk-Based
International
Equity
ETF(a)
569,672
16,282,764
Nationwide
Risk-Based
US
Equity
ETF(a)
428,678
16,854,976
Total
Exchange
Traded
Funds
(cost
$151,968,749)
176,608,068
Total
Investments
(cost
$1,294,909,022)
—
100.0%
1,635,658,106
Liabilities
in
excess
of
other
assets
—
0.0%
†
(811,418)
NET
ASSETS
—
100.0%
$
1,634,846,688
*
Denotes
a
non-income
producing
security.
†
Amount
rounds
to
less
than
0.1%.
(a)
Investment
in
affiliate.
ETF
Exchange
Traded
Fund
10
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Investor
Destinations
Moderately
Aggressive
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
176,608,068
$
–
$
–
$
176,608,068
Investment
Companies
1,459,050,038
–
–
1,459,050,038
Total
$
1,635,658,106
$
–
$
–
$
1,635,658,106
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
Nationwide
Investor
Destinations
Moderately
Conservative
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
11
Investment
Companies
79.5%
Shares
Value
($)
Alternative
Assets
5.3%
Nationwide
Amundi
Global
High
Yield
Fund,
Class
R6(a)
1,290,521
12,763,251
Nationwide
Amundi
Strategic
Income
Fund,
Class
R6(a)
598,381
6,288,984
Nationwide
Emerging
Markets
Debt
Fund,
Class
R6(a)
425,481
4,276,088
Total
Alternative
Assets
(cost
$22,711,464)
23,328,323
Equity
Funds
38.3%
Nationwide
International
Index
Fund,
Class
R6(a)
3,533,948
32,830,381
Nationwide
International
Small
Cap
Fund,
Class
R6(a)
300,559
4,084,602
Nationwide
Mid
Cap
Market
Index
Fund,
Class
R6(a)
899,720
18,102,366
Nationwide
Multi-Cap
Portfolio,
Class
R6(a)
8,173,817
112,471,722
Total
Equity
Funds
(cost
$116,973,667)
167,489,071
Fixed
Income
Funds
35.9%
Nationwide
Bond
Index
Fund,
Class
R6(a)
2,759,250
32,007,299
Nationwide
Bond
Portfolio,
Class
R6*(a)
4,111,467
42,348,115
Nationwide
Core
Plus
Bond
Fund,
Class
R6(a)
1,978,778
21,192,715
Nationwide
Inflation-Protected
Securities
Fund,
Class
R6(a)
1,147,008
13,041,482
Nationwide
Loomis
Core
Bond
Fund,
Class
R6(a)
1,499,998
17,039,974
Nationwide
Loomis
Short
Term
Bond
Fund,
Class
R6(a)
3,012,072
31,235,188
Total
Fixed
Income
Funds
(cost
$148,968,908)
156,864,773
Total
Investment
Companies
(cost
$288,654,039)
347,682,167
Exchange
Traded
Funds
9.7%
Equity
Funds
5.6%
iShares
Core
MSCI
Emerging
Markets
ETF(b)
282,136
17,833,816
Nationwide
Risk-Based
International
Equity
ETF(a)
114,609
3,275,835
Nationwide
Risk-Based
US
Equity
ETF(a)
86,241
3,390,867
Total
Equity
Funds
(cost
$20,816,085)
24,500,518
Fixed
Income
Funds
4.1%
iShares
20+
Year
Treasury
Bond
ETF(b)
61,412
9,182,322
Exchange
Traded
Funds
Shares
Value
($)
iShares
7-10
Year
Treasury
Bond
ETF(b)
74,660
8,788,229
Total
Fixed
Income
Funds
(cost
$17,327,625)
17,970,551
Total
Exchange
Traded
Funds
(cost
$38,143,710)
42,471,069
Investment
Contract
10.9%
Principal
Amount
($)
Nationwide
Contract,
2.15%
^∞(a)(c)
47,904,286
47,904,286
Total
Investment
Contract
(cost
$47,904,286)
47,904,286
Short-Term
Investment
4.1%
Shares
Money
Market
Fund
4.1%
Fidelity
Investments
Money
Market
Government
Portfolio
—
Institutional
Class,
0.01%
(d)(e)
18,158,631
18,158,631
Total
Short-Term
Investment
(cost
$18,158,631)
18,158,631
Total
Investments
(cost
$392,860,666)
—
104.2%
456,216,153
Liabilities
in
excess
of
other
assets
—
(4.2)%
(18,440,859)
NET
ASSETS
—
100.0%
$
437,775,294
*
Denotes
a
non-income
producing
security.
^
Value
determined
using
significant
unobservable
inputs.
∞
Fair
valued
security.
(a)
Investment
in
affiliate.
(b)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2021.
The
total
value
of
securities
on
loan
as
of
July
31,
2021
was
$17,866,783,
which
was
collateralized
by
cash
used
to
purchase
a
money
market
fund
with
a
value
of
$18,158,631.
(c)
The
Nationwide
Contract
is
issued
by
Nationwide
Life
Insurance
Company.
The
interest
rate
is
assessed
and
may
change
quarterly.
The
security
is
restricted
and
has
been
deemed
liquid
pursuant
to
procedures
approved
by
the
Board
of
Trustees.
The
liquidity
determination
is
unaudited.
(d)
Represents
7-day
effective
yield
as
of
July
31,
2021.
(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,
2021
was
$18,158,631.
ETF
Exchange
Traded
Fund
12
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Investor
Destinations
Moderately
Conservative
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
42,471,069
$
–
$
–
$
42,471,069
Investment
Companies
347,682,167
–
–
347,682,167
Investment
Contract
–
–
47,904,286
47,904,286
Short-Term
Investment
18,158,631
–
–
18,158,631
Total
$
408,311,867
$
–
$
47,904,286
$
456,216,153
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
Nationwide
Investor
Destinations
Moderately
Conservative
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
13
The
following
is
a
reconciliation
of
assets
for
which
Level
3
inputs
were
used
in
determining
fair
value:
The
following
table
represents
the
Fund’s
Level
3
financial
instrument.
The
significant
unobservable
inputs
used
in
the
fair
value
measurement
of
the
Fund’s
investment
in
the
Nationwide
Contract
include
interest
rate
and
daily
transactions
value.
Significant
change
in
any
of
these
inputs
would
significantly
change
the
fair
value
measure
of
the
Nationwide
Contract.
The
interest
rate
and
daily
transactions
value
results
in
stable
valuation
of
the
Nationwide
Contract.
Investment
Contract
Total
Balance
as
of
October
31,
2020
$
53,040,217
$
53,040,217
Purchases
*
3,103,788
3,103,788
Sales
(8,239,719)
(8,239,719)
Change
in
Unrealized
Appreciation/Depreciation
—
—
Transfers
Into
Level
3
—
—
Transfers
out
of
Level
3
—
—
Balance
as
of
July
31,
2021
$
47,904,286
$
47,904,286
Amounts
designated
as
"−"
are
zero
or
have
been
rounded
to
zero.
*
Purchases
include
reinvestments
of
income
and
realized
gain
distributions,
as
applicable.
Instrument
Principal
Valuation
Technique
Unobservable
Inputs
Range
(Weighted
Average)*
Nationwide
Contract
Cost
Analysis
Interest
Rate
2.15%
(2.15%)
Daily
Transactions
$1.00
($1.00)
*
NFA
can
increase
or
redeem
all
or
a
portion
of
the
Fund’s
investment
in
the
Nationwide
Contract
on
a
daily
basis
for
any
reason
without
imposition
of
any
sales
charge
or
market
value
adjustment.
The
Fund
cannot
assign
or
transfer
its
interest
in
the
Nationwide
Contract
to
any
party.
If
the
Fund
transferred
its
interest
in
the
Nationwide
Contract,
the
issuer
would
terminate
the
arrangement
and
pay
the
Fund
the
amount
of
its
holding
as
of
the
termination
date.
The
Fund
or
Nationwide
Life
Insurance
Company
has
the
ability
to
terminate
its
investment
in
the
Nationwide
Contract
at
its
discretion.
The
FVC
continues
to
evaluate
any
information
that
could
cause
an
adjustment
to
the
fair
value
for
this
investment,
such
as
market
news
or
the
credit
rating
of
the
issuer.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
Nationwide
Bond
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
1
Asset-Backed
Securities
20.9%
Principal
Amount
($)
Value
($)
Airlines
2.4%
Air
Canada
Pass-Through
Trust,
Series
2015-1,
Class
B,
3.88%,
3/15/2023(a)
2,342,877
2,372,191
British
Airways
Pass-Through
Trust
Series
2021-1,
Class
B,
3.90%,
9/15/2031(a)
2,365,000
2,394,562
Series
2021-1,
Class
A,
2.90%,
3/15/2035(a)
715,000
725,783
Continental
Airlines
Pass-
Through
Trust,
Series
2007-1,
Class
B,
6.90%,
4/19/2022
42,843
43,367
United
Airlines
Pass-Through
Trust
Series
2014-1,
Class
B,
4.75%,
4/11/2022
703,133
713,513
Series
2016-1,
Class
B,
3.65%,
1/7/2026
2,109,098
2,099,616
8,349,032
Automobiles
0.2%
OneMain
Direct
Auto
Receivables
Trust,
Series
2018-1A,
Class
A,
3.43%,
12/16/2024(a)
672,723
675,022
Home
Equity
1.1%
Long
Beach
Mortgage
Loan
Trust,
Series
2005-
WL2,
Class
M2,
0.82%,
8/25/2035(b)
1,871,919
1,876,671
Park
Place
Securities,
Inc.
Asset-Backed
Pass-
Through
Certificates,
Series
2005-WCH1,
Class
M4,
1.33%,
1/25/2036(b)
704,154
705,479
Soundview
Home
Loan
Trust,
Series
2006-WF2,
Class
M1,
0.42%,
12/25/2036(b)
1,238,252
1,233,123
Structured
Asset
Securities
Corp.
Mortgage
Pass-
Through
Certificates,
Series
2004-6XS,
Class
A6,
5.13%,
3/25/2034(c)
86
87
3,815,360
Other
17.2%
American
Homes
4
Rent
Trust
Series
2014-SFR3,
Class
A,
3.68%,
12/17/2036(a)
2,002,409
2,124,853
Series
2015-SFR2,
Class
A,
3.73%,
10/17/2052(a)
2,698,384
2,892,977
Apidos
CLO
XXII,
Series
2015-22A,
Class
A1R,
1.19%,
4/20/2031(a)(b)
1,000,000
999,999
Ares
LVI
CLO
Ltd.,
Series
2020-56A,
Class
A1,
1.41%,
10/25/2031(a)(b)
500,000
500,216
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Other
Bayview
Opportunity
Master
Fund
IVa
Trust,
Series
2017-SPL5,
Class
B2,
4.50%,
6/28/2057(a)(b)
1,348,100
1,390,736
Broad
River
Bsl
Funding
CLO
Ltd.
Series
2020-1A,
Class
AR,
1.30%,
7/20/2034(a)(b)
2,300,000
2,300,901
Series
2020-1A,
Class
BR,
1.83%,
7/20/2034(a)(b)
1,200,000
1,200,467
Cedar
Funding
II
CLO
Ltd.,
Series
2013-1A,
Class
BRR,
1.48%,
4/20/2034(a)(b)
3,000,000
3,002,061
Citigroup
Mortgage
Loan
Trust,
Inc.,
Series
2018-
RP1,
Class
A1,
3.00%,
9/25/2064(a)(b)
322,093
338,038
CVS
Pass-Through
Trust,
6.94%,
1/10/2030
1,421,662
1,726,209
Dryden
77
CLO
Ltd.
Series
2020-77A,
Class
AR,
1.26%,
5/20/2034(a)(b)
2,300,000
2,301,228
Series
2020-77A,
Class
BR,
1.79%,
5/20/2034(a)(b)
1,200,000
1,200,627
Dryden
86
CLO
Ltd.
Series
2020-86A,
Class
A1R,
1.23%,
7/17/2034(a)
(b)
1,650,000
1,650,645
Series
2020-86A,
Class
BR,
1.83%,
7/17/2034(a)(b)
850,000
850,329
FCI
Funding
LLC,
Series
2021-1A,
Class
A,
1.13%,
4/15/2033(a)
662,357
663,223
Golden
Bear
LLC,
Series
2016-1A,
Class
A,
3.75%,
9/20/2047(a)
1,279,522
1,353,947
Goodgreen
,
Series
2019-
2A,
Class
A,
2.76%,
4/15/2055(a)
1,395,059
1,438,141
Goodgreen
Trust,
Series
2017-1A,
Class
A,
3.74%,
10/15/2052(a)
135,084
143,686
HERO
Funding
Trust
Series
2015-2A,
Class
A,
3.99%,
9/20/2040(a)
171,883
181,310
Series
2015-1A,
Class
A,
3.84%,
9/21/2040(a)
738,574
777,941
Series
2015-3A,
Class
A,
4.28%,
9/20/2041(a)
723,026
770,301
Invesco
CLO
Ltd.
Series
2021-2A,
Class
A,
1.20%,
7/15/2034(a)(b)
2,600,000
2,600,499
Series
2021-2A,
Class
B,
1.68%,
7/15/2034(a)(b)
900,000
900,169
Invitation
Homes
Trust,
Series
2018-SFR3,
Class
A,
1.09%,
7/17/2037(a)(b)
1,807,635
1,809,421
2
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bond
Fund
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Other
Magnetite
XXVIII
Ltd.,
Series
2020-28A,
Class
A,
1.40%,
10/25/2031(a)(b)
2,000,000
2,001,348
Mill
City
Mortgage
Loan
Trust,
Series
2018-4,
Class
A1B,
3.50%,
4/25/2066(a)(b)
1,770,680
1,832,336
Neuberger
Berman
Loan
Advisers
CLO
32
Ltd.,
Series
2019-32A,
Class
AR,
1.12%,
1/20/2032(a)(b)
500,000
500,382
Neuberger
Berman
Loan
Advisers
CLO
38
Ltd.,
Series
2020-38A,
Class
A,
1.43%,
10/20/2032(a)(b)
1,950,000
1,952,168
NRZ
Advance
Receivables
Trust
Series
2020-T3,
Class
AT3,
1.32%,
10/15/2052(a)
720,000
720,680
Series
2020-T3,
Class
BT3,
1.57%,
10/15/2052(a)
160,000
160,338
Series
2020-T2,
Class
AT2,
1.48%,
9/15/2053(a)
1,700,000
1,705,293
Series
2020-T2,
Class
BT2,
1.72%,
9/15/2053(a)
200,000
201,101
Renew,
Series
2018-1,
Class
A,
3.95%,
9/20/2053(a)
1,284,688
1,372,698
RR
1
LLC
Series
2017-1A,
Class
A1AB,
1.23%,
7/15/2035(a)
(b)
2,500,000
2,502,973
Series
2017-1A,
Class
A2B,
1.68%,
7/15/2035(a)(b)
1,000,000
1,001,571
Towd
Point
Mortgage
Trust
Series
2019-1,
Class
A1,
3.72%,
3/25/2058(a)(b)
1,657,189
1,744,115
Series
2018-6,
Class
A1,
3.75%,
3/25/2058(a)(b)
1,428,562
1,504,526
Series
2019-4,
Class
A2,
3.25%,
10/25/2059(a)(b)
590,000
638,333
Tricon
American
Homes
Trust
Series
2017-SFR2,
Class
A,
2.93%,
1/17/2036(a)
3,492,683
3,556,649
Series
2019-SFR1,
Class
A,
2.75%,
3/17/2038(a)
2,778,150
2,897,731
Wellman
Park
CLO
Ltd.
Series
2021-1A,
Class
A,
1.22%,
7/15/2034(a)(b)
2,600,000
2,600,499
Series
2021-1A,
Class
B,
1.72%,
7/15/2034(a)(b)
900,000
900,169
60,910,834
Total
Asset-Backed
Securities
(cost
$73,019,756)
73,750,248
Collateralized
Mortgage
Obligations
4.1%
Principal
Amount
($)
Value
($)
Alternative
Loan
Trust,
Series
2007-2CB,
Class
2A14,
5.75%,
3/25/2037
217,154
167,125
American
Home
Mortgage
Investment
Trust,
Series
2004-3,
Class
6A1,
5.32%,
10/25/2034(c)
9,031
9,217
Angel
Oak
Mortgage
Trust,
Series
2020-1,
Class
A1,
2.47%,
12/25/2059(a)(b)
942,015
946,314
Chase
Mortgage
Finance
Corp.,
Series
2016-
SH2,
Class
M2,
3.75%,
12/25/2045(a)(b)
3,460,063
3,542,607
CHL
Mortgage
Pass-Through
Trust,
Series
2005-15,
Class
A7,
5.50%,
8/25/2035
48,235
37,361
Citigroup
Mortgage
Loan
Trust,
Series
2015-
RP2,
Class
A1,
3.50%,
1/25/2053(a)(b)
371,720
382,916
FNMA
REMICS
Series
2003-33,
Class
LB,
5.50%,
5/25/2023
83,861
86,198
Series
2009-42,
Class
AP,
4.50%,
3/25/2039
29,258
30,219
MASTR
Alternative
Loan
Trust,
Series
2005-6,
Class
1A5,
5.50%,
12/25/2035
159,932
144,767
Mill
City
Mortgage
Loan
Trust,
Series
2019-GS1,
Class
A1,
2.75%,
7/25/2059(a)(b)
1,092,168
1,125,218
New
Residential
Mortgage
Loan
Trust
Series
2016-3A,
Class
A1,
3.75%,
9/25/2056(a)(b)
954,126
1,021,244
Series
2019-1A,
Class
A1,
4.00%,
9/25/2057(a)(b)
1,073,270
1,132,347
Series
2019-2A,
Class
A1,
4.25%,
12/25/2057(a)(b)
296,807
313,038
Series
2018-5A,
Class
A1,
4.75%,
12/25/2057(a)(b)
1,718,041
1,807,870
Series
2018-2A,
Class
A1,
4.50%,
2/25/2058(a)(b)
960,525
1,024,203
Series
2018-3A,
Class
A1,
4.50%,
5/25/2058(a)(b)
1,669,440
1,811,978
Sequoia
Mortgage
Trust,
Series
2017-CH1,
Class
A2,
3.50%,
8/25/2047(a)(b)
176,914
178,487
Visio
Trust,
Series
2019-
2,
Class
A2,
2.92%,
11/25/2054(a)(b)
528,720
544,733
Total
Collateralized
Mortgage
Obligations
(cost
$13,964,786)
14,305,842
Nationwide
Bond
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
3
Commercial
Mortgage-Backed
Securities
2.6%
Principal
Amount
($)
Value
($)
Aventura
Mall
Trust
,
Series
2018-AVM,
Class
A,
4.11%,
7/5/2040(a)(b)
700,000
802,560
BBCMS
Mortgage
Trust
,
Series
2016-ETC,
Class
C,
3.39%,
8/14/2036(a)
6,300,000
6,198,021
Benchmark
Mortgage
Trust
Series
2019-B11,
Class
AS,
3.78%,
5/15/2052
730,000
824,766
Series
2019-B10,
Class
AM,
3.98%,
3/15/2062
700,000
798,929
Natixis
Commercial
Mortgage
Securities
Trust
,
Series
2019-LVL,
Class
A,
3.89%,
8/15/2038(a)
400,000
448,144
Total
Commercial
Mortgage-Backed
Securities
(cost
$9,070,860)
9,072,420
Corporate
Bonds
38.3%
Aerospace
&
Defense
1.9%
Boeing
Co.
(The)
,
2.95%,
2/1/2030
1,225,000
1,268,691
3.25%,
2/1/2035
500,000
516,910
Huntington
Ingalls
Industries,
Inc.
,
4.20%,
5/1/2030
1,230,000
1,416,238
L3Harris
Technologies,
Inc.
,
1.80%,
1/15/2031
1,000,000
985,870
Moog,
Inc.
,
4.25%,
12/15/2027(a)
215,000
221,719
Raytheon
Technologies
Corp.
,
4.13%,
11/16/2028
1,900,000
2,204,212
6,613,640
Airlines
0.1%
Air
Canada
,
3.88%,
8/15/2026
150,000
150,750
3.88%,
8/15/2026(a)
70,000
70,168
Auto
Components
0.0%
†
Allison
Transmission,
Inc.
,
4.75%,
10/1/2027(a)
110,000
114,675
Automobiles
1.1%
Daimler
Finance
North
America
LLC
,
3.75%,
2/22/2028(a)
250,000
283,150
3.10%,
8/15/2029(a)
890,000
972,695
Hyundai
Capital
America
,
2.38%,
10/15/2027(a)
1,110,000
1,145,182
1.80%,
1/10/2028(a)
140,000
139,630
6.38%,
4/8/2030(a)
460,000
602,869
Nissan
Motor
Co.
Ltd.
,
4.81%,
9/17/2030(a)
700,000
799,159
3,942,685
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
4.1%
Bank
of
America
Corp.
,
Series
L,
3.95%,
4/21/2025
1,750,000
1,921,160
(ICE
LIBOR
USD
3
Month
+
1.21%),
3.97%,
2/7/2030(d)
1,990,000
2,264,410
(SOFR
+
1.32%),
2.69%,
4/22/2032(d)
1,000,000
1,043,529
(SOFR
+
1.88%),
2.83%,
10/24/2051(d)
110,000
108,046
Citigroup,
Inc.
,
4.45%,
9/29/2027
2,000,000
2,307,771
Citizens
Financial
Group,
Inc.
,
2.64%,
9/30/2032
1,350,000
1,367,151
Cooperatieve
Rabobank
UA
,
5.75%,
12/1/2043
600,000
862,485
HSBC
Holdings
plc
,
4.38%,
11/23/2026
1,000,000
1,131,632
ING
Groep
NV
,
(SOFR
+
1.32%),
2.73%,
4/1/2032(d)
1,075,000
1,127,943
JPMorgan
Chase
&
Co.
,
Series
I,
(ICE
LIBOR
USD
3
Month
+
3.47%),
3.60%,
10/30/2021(d)(e)
488,000
490,439
(SOFR
+
1.51%),
2.53%,
11/19/2041(d)
650,000
635,726
4.95%,
6/1/2045
950,000
1,275,748
14,536,040
Beverages
1.0%
Anheuser-Busch
Cos.
LLC
,
3.65%,
2/1/2026
850,000
942,766
4.90%,
2/1/2046
1,000,000
1,281,859
Anheuser-Busch
InBev
Worldwide,
Inc.
,
4.50%,
6/1/2050
105,000
130,468
Bacardi
Ltd.
,
5.30%,
5/15/2048(a)
810,000
1,078,342
3,433,435
Biotechnology
0.2%
AbbVie,
Inc.
,
3.20%,
11/21/2029
195,000
214,080
4.25%,
11/21/2049
400,000
489,338
703,418
Building
Products
0.5%
Carrier
Global
Corp.
,
2.72%,
2/15/2030
1,075,000
1,138,663
2.70%,
2/15/2031
425,000
446,937
Johnson
Controls
International
plc
,
4.63%,
7/2/2044(c)
294,000
371,971
1,957,571
Capital
Markets
2.0%
Credit
Suisse
Group
AG
,
(SOFR
+
3.73%),
4.19%,
4/1/2031(a)(d)
250,000
284,950
(SOFR
+
1.73%),
3.09%,
5/14/2032(a)(d)
975,000
1,018,449
4
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bond
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Capital
Markets
FMR
LLC
,
4.95%,
2/1/2033(a)
925,000
1,181,503
Moody's
Corp.
,
3.25%,
5/20/2050
710,000
751,187
MSCI,
Inc.
,
3.88%,
2/15/2031(a)
220,000
233,750
Nuveen
Finance
LLC
,
4.13%,
11/1/2024(a)
3,230,000
3,575,143
7,044,982
Chemicals
0.4%
CF
Industries,
Inc.
,
5.15%,
3/15/2034
215,000
266,600
Cytec
Industries,
Inc.
,
3.95%,
5/1/2025
600,000
649,025
Mosaic
Co.
(The)
,
5.63%,
11/15/2043
350,000
468,173
1,383,798
Commercial
Services
&
Supplies
0.1%
Clean
Harbors,
Inc.
,
5.13%,
7/15/2029(a)
215,000
233,813
Stericycle,
Inc.
,
3.88%,
1/15/2029(a)
220,000
223,025
456,838
Communications
Equipment
0.3%
Motorola
Solutions,
Inc.
,
5.50%,
9/1/2044
610,000
804,766
Viasat
,
Inc.
,
5.63%,
4/15/2027(a)
220,000
228,525
1,033,291
Consumer
Finance
0.1%
Ford
Motor
Credit
Co.
LLC
,
4.00%,
11/13/2030
215,000
227,363
Containers
&
Packaging
0.8%
Ball
Corp.
,
2.88%,
8/15/2030
215,000
212,768
Berry
Global,
Inc.
,
4.88%,
7/15/2026(a)
700,000
737,170
5.63%,
7/15/2027(a)
215,000
226,287
Crown
Americas
LLC
,
4.25%,
9/30/2026
110,000
118,019
Sealed
Air
Corp.
,
4.00%,
12/1/2027(a)
215,000
229,513
Silgan
Holdings,
Inc.
,
1.40%,
4/1/2026(a)
1,250,000
1,243,750
4.13%,
2/1/2028
220,000
228,250
2,995,757
Diversified
Consumer
Services
0.1%
Service
Corp.
International
,
3.38%,
8/15/2030
290,000
289,246
Diversified
Financial
Services
0.2%
GE
Capital
Funding
LLC
,
4.55%,
5/15/2032
600,000
724,959
Corporate
Bonds
Principal
Amount
($)
Value
($)
Diversified
Telecommunication
Services
1.4%
AT&T,
Inc.
,
2.55%,
12/1/2033(a)
174,000
175,537
3.65%,
6/1/2051
1,795,000
1,902,376
CCO
Holdings
LLC
,
4.50%,
5/1/2032
290,000
303,413
Level
3
Financing,
Inc.
,
4.63%,
9/15/2027(a)
145,000
150,582
Verizon
Communications,
Inc.
,
2.55%,
3/21/2031
2,500,000
2,599,267
5,131,175
Electric
Utilities
4.4%
Alliant
Energy
Finance
LLC
,
4.25%,
6/15/2028(a)
2,000,000
2,303,903
Appalachian
Power
Co.
,
Series
Z,
3.70%,
5/1/2050
190,000
216,624
Entergy
Arkansas
LLC
,
4.00%,
6/1/2028
2,650,000
3,052,029
Evergy
,
Inc.
,
2.90%,
9/15/2029
1,020,000
1,096,435
Indiana
Michigan
Power
Co.
,
3.85%,
5/15/2028
1,250,000
1,420,217
Jersey
Central
Power
&
Light
Co.
,
4.30%,
1/15/2026(a)
500,000
559,012
2.75%,
3/1/2032(a)
170,000
177,915
Metropolitan
Edison
Co.
,
4.30%,
1/15/2029(a)
1,000,000
1,138,552
NextEra
Energy
Operating
Partners
LP
,
4.50%,
9/15/2027(a)
215,000
231,663
NRG
Energy,
Inc.
,
3.63%,
2/15/2031(a)
215,000
216,612
Public
Service
Co.
of
Colorado
,
2.90%,
5/15/2025
3,000,000
3,203,030
Vistra
Operations
Co.
LLC
,
3.70%,
1/30/2027(a)
1,500,000
1,607,167
5.63%,
2/15/2027(a)
230,000
238,625
15,461,784
Electrical
Equipment
0.0%
†
Sensata
Technologies
BV
,
4.00%,
4/15/2029(a)
200,000
205,250
Electronic
Equipment,
Instruments
&
Components
0.0%
†
Sensata
Technologies,
Inc.
,
3.75%,
2/15/2031(a)
215,000
216,613
Energy
Equipment
&
Services
0.5%
Helmerich
&
Payne,
Inc.
,
4.65%,
3/15/2025
1,575,000
1,765,367
Entertainment
0.2%
Walt
Disney
Co.
(The)
,
2.65%,
1/13/2031
800,000
852,357
Equity
Real
Estate
Investment
Trusts
(REITs)
3.8%
Corporate
Office
Properties
LP
,
2.25%,
3/15/2026
1,000,000
1,034,674
Nationwide
Bond
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
5
Corporate
Bonds
Principal
Amount
($)
Value
($)
Equity
Real
Estate
Investment
Trusts
(REITs)
Corporate
Office
Properties
LP,
2.75%,
4/15/2031
1,250,000
1,279,769
Crown
Castle
International
Corp.
,
4.15%,
7/1/2050
430,000
503,451
Lexington
Realty
Trust
,
2.70%,
9/15/2030
1,300,000
1,350,195
Piedmont
Operating
Partnership
LP
,
3.40%,
6/1/2023
1,500,000
1,556,614
4.45%,
3/15/2024
2,300,000
2,483,063
Spirit
Realty
LP
,
2.10%,
3/15/2028
1,000,000
1,011,209
4.00%,
7/15/2029
1,250,000
1,407,118
VEREIT
Operating
Partnership
LP
,
2.85%,
12/15/2032
1,250,000
1,340,777
Welltower
,
Inc.
,
2.80%,
6/1/2031
1,250,000
1,321,324
13,288,194
Food
&
Staples
Retailing
0.2%
CVS
Pass-Through
Trust
,
7.51%,
1/10/2032(a)
657,934
836,814
Food
Products
1.4%
Cargill,
Inc.
,
3.25%,
5/23/2029(a)
1,775,000
1,973,321
Grupo
Bimbo
SAB
de
CV
,
4.00%,
9/6/2049(a)
150,000
164,258
Ingredion,
Inc.
,
3.90%,
6/1/2050
735,000
849,015
J
M
Smucker
Co.
(The)
,
3.55%,
3/15/2050
610,000
683,841
Kraft
Heinz
Foods
Co.
,
4.88%,
10/1/2049
775,000
966,615
Lamb
Weston
Holdings,
Inc.
,
4.88%,
5/15/2028(a)
220,000
243,650
4,880,700
Health
Care
Equipment
&
Supplies
0.2%
Boston
Scientific
Corp.
,
4.70%,
3/1/2049
700,000
918,018
Health
Care
Providers
&
Services
0.2%
CVS
Health
Corp.
,
4.25%,
4/1/2050
300,000
367,995
HCA,
Inc.
,
3.50%,
9/1/2030
215,000
233,479
601,474
Health
Care
Technology
0.1%
IQVIA,
Inc.
,
5.00%,
5/15/2027(a)
220,000
229,350
Hotels,
Restaurants
&
Leisure
0.2%
International
Game
Technology
plc
,
5.25%,
1/15/2029(a)
215,000
229,479
Corporate
Bonds
Principal
Amount
($)
Value
($)
Hotels,
Restaurants
&
Leisure
KFC
Holding
Co.
,
4.75%,
6/1/2027(a)
215,000
224,675
MGM
Resorts
International
,
5.50%,
4/15/2027
220,000
239,074
693,228
Household
Durables
0.1%
Newell
Brands,
Inc.
,
5.87%,
4/1/2036(c)
215,000
273,050
Independent
Power
and
Renewable
Electricity
Producers
0.1%
Calpine
Corp.
,
4.50%,
2/15/2028(a)
215,000
221,450
Insurance
1.0%
MassMutual
Global
Funding
II
,
1.55%,
10/9/2030(a)
500,000
488,554
Metropolitan
Life
Global
Funding
I
,
3.45%,
12/18/2026(a)
2,875,000
3,198,343
3,686,897
IT
Services
0.2%
Global
Payments,
Inc.
,
4.15%,
8/15/2049
730,000
859,916
Life
Sciences
Tools
&
Services
0.1%
Charles
River
Laboratories
International,
Inc.
,
4.00%,
3/15/2031(a)
215,000
226,202
Machinery
0.1%
Amsted
Industries,
Inc.
,
4.63%,
5/15/2030(a)
220,000
226,600
Media
1.0%
Charter
Communications
Operating
LLC
,
5.75%,
4/1/2048
600,000
774,875
3.70%,
4/1/2051
250,000
252,842
Comcast
Corp.
,
4.70%,
10/15/2048
1,000,000
1,311,865
CSC
Holdings
LLC
,
3.38%,
2/15/2031(a)
215,000
204,250
Discovery
Communications
LLC
,
5.30%,
5/15/2049
500,000
643,048
Sirius
XM
Radio,
Inc.
,
5.00%,
8/1/2027(a)
215,000
224,675
3,411,555
Multi-Utilities
1.5%
Black
Hills
Corp.
,
3.95%,
1/15/2026
1,750,000
1,936,626
3.05%,
10/15/2029
675,000
731,528
Dominion
Energy,
Inc.
,
Series
A,
4.60%,
3/15/2049
1,000,000
1,297,534
6
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bond
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Multi-Utilities
Southern
Co.
Gas
Capital
Corp.
,
3.88%,
11/15/2025
1,100,000
1,225,438
5,191,126
Oil,
Gas
&
Consumable
Fuels
2.8%
Aker
BP
ASA
,
3.75%,
1/15/2030(a)
1,500,000
1,629,831
Apache
Corp.
,
4.38%,
10/15/2028
220,000
233,075
BP
Capital
Markets
America,
Inc.
,
2.94%,
6/4/2051
500,000
489,717
Continental
Resources,
Inc.
,
4.38%,
1/15/2028
215,000
238,112
DCP
Midstream
Operating
LP
,
5.38%,
7/15/2025
110,000
121,550
Enbridge
Energy
Partners
LP
,
7.38%,
10/15/2045
400,000
643,889
Energy
Transfer
LP
,
5.50%,
6/1/2027
1,000,000
1,187,201
Exxon
Mobil
Corp.
,
3.45%,
4/15/2051
725,000
810,295
Kinder
Morgan,
Inc.
,
5.05%,
2/15/2046
500,000
620,855
3.25%,
8/1/2050
115,000
113,082
Marathon
Oil
Corp.
,
6.60%,
10/1/2037
300,000
396,261
NGPL
PipeCo
LLC
,
3.25%,
7/15/2031(a)
1,350,000
1,407,568
ONEOK,
Inc.
,
7.15%,
1/15/2051
500,000
746,857
Targa
Resources
Partners
LP
,
5.38%,
2/1/2027
215,000
222,794
Williams
Cos.,
Inc.
(The)
,
5.75%,
6/24/2044
725,000
980,950
9,842,037
Pharmaceuticals
0.8%
Bristol-Myers
Squibb
Co.
,
4.25%,
10/26/2049
450,000
580,882
Catalent
Pharma
Solutions,
Inc.
,
3.13%,
2/15/2029(a)
145,000
142,100
Shire
Acquisitions
Investments
Ireland
DAC
,
3.20%,
9/23/2026
1,175,000
1,280,456
Takeda
Pharmaceutical
Co.
Ltd.
,
3.18%,
7/9/2050
520,000
541,619
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
3.15%,
10/1/2026
250,000
239,900
2,784,957
Road
&
Rail
1.4%
Ashtead
Capital,
Inc.
,
4.00%,
5/1/2028(a)
2,000,000
2,105,000
4.25%,
11/1/2029(a)
1,061,000
1,149,859
Corporate
Bonds
Principal
Amount
($)
Value
($)
Road
&
Rail
Burlington
Northern
Santa
Fe
LLC
,
3.00%,
4/1/2025
300,000
323,004
4.15%,
4/1/2045
1,000,000
1,231,428
4,809,291
Semiconductors
&
Semiconductor
Equipment
0.1%
Broadcom,
Inc.
,
2.60%,
2/15/2033(a)
250,000
248,835
Software
1.2%
Microsoft
Corp.
,
3.30%,
2/6/2027
1,750,000
1,956,111
Open
Text
Holdings,
Inc.
,
4.13%,
2/15/2030(a)
215,000
221,988
Oracle
Corp.
,
2.88%,
3/25/2031
500,000
529,033
3.60%,
4/1/2050
665,000
694,425
PTC,
Inc.
,
4.00%,
2/15/2028(a)
215,000
222,256
VMware,
Inc.
,
1.80%,
8/15/2028
675,000
677,120
4,300,933
Specialty
Retail
0.5%
Lowe's
Cos.,
Inc.
,
1.70%,
10/15/2030
1,750,000
1,713,274
Technology
Hardware,
Storage
&
Peripherals
0.2%
Digital
Equipment
Corp.
,
7.75%,
4/1/2023
825,000
903,545
Textiles,
Apparel
&
Luxury
Goods
0.1%
Hanesbrands,
Inc.
,
4.63%,
5/15/2024(a)
215,000
227,363
Thrifts
&
Mortgage
Finance
0.5%
BPCE
SA
,
5.70%,
10/22/2023(a)
1,500,000
1,656,666
Tobacco
0.3%
BAT
Capital
Corp.
,
3.46%,
9/6/2029
1,010,000
1,080,975
Trading
Companies
&
Distributors
0.3%
GATX
Corp.
,
1.90%,
6/1/2031
1,000,000
967,207
United
Rentals
North
America,
Inc.
,
3.88%,
2/15/2031
215,000
221,158
1,188,365
Wireless
Telecommunication
Services
0.5%
T-Mobile
USA,
Inc.
,
2.88%,
2/15/2031
300,000
301,671
3.50%,
4/15/2031
285,000
298,910
3.30%,
2/15/2051
1,060,000
1,080,744
1,681,325
Total
Corporate
Bonds
(cost
$126,464,334)
135,293,302
Nationwide
Bond
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
7
Mortgage-Backed
Securities
17.1%
Principal
Amount
($)
Value
($)
FHLMC
UMBS
Pool#
SB8088
,
1.50%,
2/1/2036
4,693,727
4,785,616
FNMA
Pool
Pool#
AM7838
3.56%,
2/1/2035
2,216,753
2,469,353
Pool#
AM9070
3.77%,
8/1/2045
2,995,000
3,428,957
FNMA
UMBS
Pool
Pool#
CA4488
2.50%,
7/1/2034
2,211,921
2,319,426
Pool#
FM1776
3.00%,
10/1/2034
679,858
716,056
Pool#
BC0180
4.00%,
1/1/2046
1,066,280
1,160,974
Pool#
BC9003
3.00%,
11/1/2046
151,669
161,441
Pool#
AS8483
3.00%,
12/1/2046
115,395
122,523
Pool#
MA2863
3.00%,
1/1/2047
1,238,980
1,305,772
Pool#
BM2003
4.00%,
10/1/2047
740,723
797,849
Pool#
CA2208
4.50%,
8/1/2048
3,004,558
3,244,764
Pool#
CA2469
4.00%,
10/1/2048
1,223,298
1,308,099
Pool#
BN0906
4.00%,
11/1/2048
1,535,211
1,658,903
Pool#
CA3866
3.50%,
7/1/2049
3,908,861
4,141,336
Pool#
BP5783
3.00%,
5/1/2050
8,287,218
8,703,352
Pool#
MA4210
2.50%,
12/1/2050
1,350,976
1,408,307
FNMA/FHLMC
UMBS,
30
Year,
Single
Family
TBA
1.50%,
8/25/2051
2,000,000
1,979,766
2.00%,
8/25/2051
11,000,000
11,219,570
2.50%,
8/25/2051
9,000,000
9,375,117
Total
Mortgage-Backed
Securities
(cost
$59,370,955)
60,307,181
Municipal
Bonds
0.5%
California
0.2
%
Northern
California
Power
Agency,
RB,
Series
B,
7.31%,
6/1/2040
500,000
758,296
District
of
Columbia
0.3
%
Metropolitan
Washington
Airports
Authority,
RB,
Series
D,
7.46%,
10/1/2046
600,000
1,069,660
Total
Municipal
Bonds
(cost
$1,324,165)
1,827,956
Purchased
Option
0.0%
†
Number
of
Contracts
Value
($)
Put
options
0.0%
†
Future
Interest
Rate
Options
0.0%
†
U.S.
Treasury
30
Year
Bond
8/27/2021
at
USD
163.00,
American
Style,
Notional
Amount:
USD
5,000,000
Exchange
Traded*
50
50,000
0
Total
Purchased
Option
(cost
$57,176)
50,000
U.S.
Treasury
Obligations
17.7%
Principal
Amount
($)
U.S.
Treasury
Notes
0.25%,
3/15/2024
1,000,000
999,219
0.38%,
4/15/2024
4,000,000
4,008,125
2.25%,
10/31/2024
3,000,000
3,179,180
2.75%,
2/28/2025
3,500,000
3,783,418
2.63%,
1/31/2026
(f)
16,000,000
17,416,875
1.25%,
3/31/2028
19,000,000
19,354,023
1.50%,
2/15/2030
13,300,000
13,682,894
Total
U.S.
Treasury
Obligations
(cost
$61,235,666)
62,423,734
Total
Investments
(cost
$344,507,698)
—
101.2%
357,030,683
Liabilities
in
excess
of
other
assets
—
(1.2)%
(4,078,114)
NET
ASSETS
—
100.0%
$
352,952,569
*
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,
2021
was
$126,399,848
which
represents
35.81%
of
net
assets.
(b)
Variable
or
floating
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
current
interest
rates
and
prepayments
on
the
underlying
pool
of
assets. The
interest
rate
shown
was
the
current
rate
as
of
July
31,
2021.
(c)
Step
Bond.
Coupon
rate
is
set
for
an
initial
period
and
then
increases
to
a
higher
coupon
rate
at
a
specific
date.
The
rate
shown
is
the
rate
as
of
July
31,
2021.
(d)
Variable
or
floating
rate
security,
linked
to
the
referenced
benchmark.
The
interest
rate
shown
was
the
current
rate
as
of
July
31,
2021.
(e)
Perpetual
Bond
Security.
The
rate
reflected
in
the
Statement
of
Investments
is
the
rate
in
effect
on
July
31,
2021.
The
maturity
date
reflects
the
next
call
date.
(f)
Security
or
a
portion
of
the
security
was
used
to
cover
the
margin
requirement
for
futures
contracts.
8
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bond
Fund
CLO
Collateralized
Loan
Obligations
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
ICE
Intercontinental
Exchange
LIBOR
London
Interbank
Offered
Rate
RB
Revenue
Bond
REIT
Real
Estate
Investment
Trust
REMICS
Real
Estate
Mortgage
Investment
Conduits
SOFR
Secured
Overnight
Financing
Rate
TBA
To
Be
Announced;
Security
is
subject
to
delayed
delivery
UMBS
Uniform
Mortgage-Backed
Securities
Currency:
USD
United
States
Dollar
Centrally
Cleared
Credit
default
swap
contracts
outstanding
-
buy
protection
as
of
July
31,
2021
1
:
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
(%)
Payment
Frequency
Maturity
Date
Implied
Credit
Spread
(%)
2
Notional
Amount
3
Upfront
Payments
(Receipts)
($)
4
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
Markit
CDX
North
American
Investment
Grade
Index
Series
36-V1
1.00
Quarterly
6/20/2026
0.50
USD
10,000,000
(204,091)
(47,195)
(251,286)
(204,091)
(47,195)
(251,286)
As
of
July
31,
2021,
the
Fund
had
$115,706
segregated
as
collateral
for
credit
default
swap
contracts.
1
The
Fund,
as
a
buyer
of
credit
protection,
pays
periodic
payments
and
any
upfront
premium
to
the
protection
seller,
and
is
obligated
to
receive
a
contingent
payment,
upon
occurrence
of
a
credit
event
with
respect
to
an
underlying
reference
obligation,
as
defined
under
the
terms
of
each
individual
swap
contract.
2
Implied
credit
spreads
are
an
indication
of
the
seller’s
performance
risk,
related
to
the
likelihood
of
a
credit
event
occurring
that
would
require
a
seller
to
make
a
payment
to
a
buyer.
Implied
credit
spreads
are
used
to
determine
the
value
of
swap
contracts
and
reflect
the
cost
of
buying/selling
protection,
which
may
include
upfront
payments
made
to
enter
into
the
contract.
Therefore,
higher
spreads
would
indicate
a
greater
likelihood
that
a
seller
will
be
obligated
to
perform
(i.e.,
make
payment)
under
the
swap
contract.
Increasing
values,
in
absolute
terms
and
relative
notional
amounts,
are
also
indicative
of
greater
performance
risk.
Implied
credit
spreads
for
credit
default
swaps
on
credit
indices
are
linked
to
the
weighted
average
spread
across
the
underlying
reference
obligations
included
in
a
particular
index.
3
The
notional
amount
is
the
maximum
amount
that
a
seller
of
a
credit
default
swap
would
be
obligated
to
pay
and
a
buyer
of
credit
protection
would
receive,
upon
occurrence
of
a
credit
event.
4
Upfront
premiums
generally
related
to
payments
received
or
paid
at
the
initiation
of
the
swap
agreement
to
compensate
for
differences
between
the
stated
terms
of
the
swap
agreement
and
current
market
conditions
(credit
spreads,
interest
rates
and
other
relevant
factors).
Currency:
USD
United
States
dollar
Nationwide
Bond
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
9
Futures
contracts
outstanding
as
of
July
31,
2021:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
U.S.
Treasury
2
Year
Note
115
9/2021
USD
25,375,469
(7)
U.S.
Treasury
5
Year
Note
125
9/2021
USD
15,555,664
153,020
U.S.
Treasury
10
Year
Note
44
9/2021
USD
5,915,937
120,324
U.S.
Treasury
Long
Bond
447
9/2021
USD
73,629,281
3,405,461
3,678,798
Short
Contracts
U.S.
Treasury
10
Year
Ultra
Note
(406)
9/2021
USD
(61,001,500)
(2,235,785)
U.S.
Treasury
Ultra
Bond
(16)
9/2021
USD
(3,192,500)
(239,538)
(2,475,323)
1,203,475
Currency:
USD
United
States
Dollar
Written
Call
Options
Contracts
as
of
July
31,
2021
:
D
escription
Counterparty
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Value
($)
U.S.
Treasury
30
Year
Bond
Exchange
Traded
50
USD
5,000,000
USD
168.00
8/27/2021
(28,907)
Written
Put
Options
Contracts
as
of
July
31,
2021
:
D
escription
Counterparty
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Value
($)
U.S.
Treasury
30
Year
Bond
Exchange
Traded
50
USD
5,000,000
USD
159.00
8/27/2021
(10,156)
Total
Written
Options
Contracts
(Premiums
Received
($37,991))
(39,063)
Currency:
USD
United
States
dollar
10
-
Statement
of
Investments
-
July
31,
2021
(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,
2021
(Unaudited)
-
Statement
of
Investments
-
11
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2021.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using
options,
swap
contracts, and financial
futures
contracts.
(a)
Options
The
Fund
purchased
and/or
wrote
options
on
futures
contracts,
single
stocks,
ETFs,
and/or
indexes.
Such
option
investments
are
utilized
to
manage
currency
exposures
and/or
hedge
against
movements
in
the
values
of
the
foreign
currencies
in
which
the
portfolio
securities
are
denominated,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
to
capitalize
on
the
return-generating
features
of
selling
options
(short
volatility)
while
simultaneously
benefiting
from
the
risk-control
attributes
associated
with
buying
options
(long
volatility),
and/
or
to
generate
consistent
outperformance,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
The
purchase
of
put
options
serves
as
a
short
hedge
and
the
purchase
of
call
options
serves
as
a
long
hedge.
Writing
put
options
serves
as
a
limited
long
hedge
because
increases
in
the
value
of
the
hedged
investment
would
be
offset
to
the
extent
of
the
premium
received
for
writing
the
option.
However,
if
the
security
depreciates
to
a
price
lower
than
the
strike
price
of
the
put
option,
it
can
be
expected
that
the
put
option
will
be
exercised,
and
the
Fund
will
be
obligated
to
purchase
the
security
at
more
than
its
market
value.
The
Fund
segregates
liquid
assets
to
cover
its
obligations
under
its
option
contracts.
Writing
call
options
serves
as
a
limited
short
hedge
because
declines
in
the
value
of
the
hedged
investment
would
be
offset
to
the
extent
of
the
premium
received
for
writing
the
option.
However,
if
the
security
appreciates
to
a
price
higher
than
the
exercise
price
of
the
call
option,
it
can
be
expected
that
the
call
option
will
be
exercised,
and
a
Fund
will
be
obligated
to
sell
the
security
at
less
than
its
market
value
or
will
be
obligated
to
purchase
the
security
at
a
price
greater
than
that
at
which
the
security
must
be
sold
under
the
option.
When the
Fund
writes
an
option,
an
amount
equal
to
the
premium
received
is
recorded
as
a
liability
and
subsequently
marked-to-market
to
reflect
the
current
value
of
the
option
written.
Premiums
received
from
writing
options
which
expire
unexercised
are
treated
as
realized
gains.
Premiums
received
from
writing
options
which
are
exercised
or
closed
are
added
to
the
proceeds
from
or
offset
against
amounts
paid
on
the
underlying
transaction
to
determine
the
realized
gain
or
loss
on
such
underlying
transaction.
When the
Fund
writes
an
option,
it
has
no
control
over
whether
the
option
will
be
exercised,
and
as
a
result
bears
the
risk
of
an
unfavorable
change
in
the
price
of
the
instrument
underlying
the
written
option.
Writing
options
entails
the
risk
that the
Fund
may
not
be
able
to
enter
into
a
closing
transaction
because
of
an
illiquid
market.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Asset-Backed
Securities
$
–
$
73,750,248
$
–
$
73,750,248
Collateralized
Mortgage
Obligations
–
14,305,842
–
14,305,842
Commercial
Mortgage-Backed
Securities
–
9,072,420
–
9,072,420
Corporate
Bonds
–
135,293,302
–
135,293,302
Futures
Contracts
3,678,805
–
–
3,678,805
Mortgage-Backed
Securities
–
60,307,181
–
60,307,181
Municipal
Bonds
–
1,827,956
–
1,827,956
Purchased
Option
50,000
–
–
50,000
U.S.
Treasury
Obligations
–
62,423,734
–
62,423,734
Total
Assets
$
3,728,805
$
356,980,683
$
–
$
360,709,488
$
–
$
–
$
–
$
–
Liabilities:
Credit
Default
Swaps*
$
–
$
(47,195)
$
–
$
(47,195)
Futures
Contracts
(2,475,330)
–
–
(2,475,330)
Options
Written
(39,063)
–
–
(39,063)
Total
Liabilities
$
(2,514,393)
$
(47,195)
$
–
$
(2,561,588)
Total
$
1,214,412
$
356,933,488
$
–
$
358,147,900
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
*
Swap
contracts
are
included
in
the
table
at
value,
with
the
exception
of
centrally
cleared
swap
contracts
which
are
included
in
the
table
at
unrealized
appreciation/(depreciation).
12
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bond
Fund
Options
traded
on
an
exchange
are
valued
at
the
settlement
price
provided
by
an
independent
pricing
service
as
approved
by
the
Board.
If
a
settlement
price
is
not
available,
such
options
are
valued
at
the
last
quoted
sale
price,
if
available,
and
otherwise
at
the
average
bid/ask
price.
Exchange
traded
options
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
Options
traded
in
the
over-the-counter
(“OTC”)
market,
and
which
are
not
quoted
by
NASDAQ,
are
valued
at
the
last
quoted
bid
price,
and
are
generally
categorized
as
Level
2
investments
within
the
hierarchy.
The
value
of
an
option
position
reflects,
among
other
things,
the
implied
price
volatility
of
the
underlying
investment,
the
current
market
value
of
the
underlying
investment,
the
time
remaining
until
expiration
of
the
option,
the
relationship
of
the
strike
price
to
the
market
price
of
the
underlying
investment,
and
general
market
conditions.
Options
that
expire
unexercised
have
no
value.
American-style
options
can
be
exercised
at
any
time
prior
to
the
expiration
date
of
the
option.
European-style
options
can
only
be
exercised
at
expiration
of
the
option.
The Fund
effectively
terminates
its
right
or
obligation
under
an
option
by
entering
into
a
closing
transaction.
Closing
transactions
permit the
Fund
to
realize
the
profit
or
limit
the
loss
on
an
option
position
prior
to
its
exercise
or
expiration.
If the
Fund
is
unable
to
affect
a
closing
transaction
for
an
option
it
purchased,
it
would
have
to
exercise
the
option
to
realize
any
profit.
The
inability
to
enter
into
a
closing
purchase
transaction
for
a
covered
call
option
written
by the
Fund
could
cause
material
losses
because the
Fund
would
be
unable
to
sell
the
investment
used
as
a
cover
for
the
written
option
until
the
option
expires
or
is
exercised.
The
writing
and
purchasing
of
options
is
a
highly
specialized
activity
that
involves
investment
techniques
and
risks
different
from
those
associated
with
ordinary
portfolio
securities
transactions.
Imperfect
correlation
between
options
and
the
securities
markets
may
detract
from
the
effectiveness
of
attempted
hedging.
Transactions
using
OTC
options
(other
than
options
purchased
by the
Fund)
expose the
Fund
to
counterparty
risk.
To
the
extent
required
by
Securities
and
Exchange
Commission
(“SEC”)
guidelines, the
Fund
will
not
enter
into
any
options
transactions
unless
it
owns
either
(i)
an
offsetting
(“covered”)
position
in
securities,
other
options,
or
futures
or
(ii)
cash
and
liquid
obligations
with
a
value
sufficient
at
all
times
to
cover
its
potential
obligations
to
the
extent
not
covered
as
provided
in
(i)
above.
A
Fund
will
also
earmark
or
set
aside
cash
and/or
appropriate
liquid
assets
in
a
segregated
custodial
account
as
required
by
SEC
and
U.S.
Commodity
Futures
Trading
Commission
regulations.
Assets
used
as
cover
or
held
in
a
segregated
account
cannot
be
sold
while
the
position
in
the
corresponding
option
or
futures
contract
is
open,
unless
they
are
replaced
with
similar
assets.
As
a
result,
the
commitment
of
a
large
portion
of the
Fund’s
assets
to
earmarking
or
segregated
accounts
as
a
cover
could
impede
portfolio
management
or the
Fund’s
ability
to
meet
redemption
requests
or
other
current
obligations.
(b)
Swap
Contracts
Credit
Default
Swap
Contracts
— The
Fund entered
into
credit
default
swap
contracts
during
the
nine
months
ended
July
31,
2021
.
Credit
default
swap
contracts
are
either
privately
negotiated
agreements
between
the
Fund
and
a
counterparty
or
traded
through
a
futures
commission
merchant
and
cleared
through
a
clearinghouse
that
serves
as
a
central
counterparty.
Investments
in
credit
default
swap
contracts
are
utilized
to
expose
the
Fund’s
cash
holdings
to
the
investment
characteristics
and
performance
of
the
high-yield
bond
market
while
maintaining
liquidity
to
satisfy
shareholder
activity,
to
manage
broad
credit
market
spread
exposure
and/or
to
create
synthetic
long
and
short
exposure
to
sovereign
debt
securities,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
The
Fund
segregates
liquid
assets
to
cover
its
obligations
under
its
credit
default
swap
contracts.
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.
Nationwide
Bond
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
13
If
a
credit
event
or
default
(or
similar
event)
occurs,
the
Fund
either
(i)
pays
to
the
counterparty
an
amount
equal
to
the
notional
amount
of
the
swap
and
takes
delivery
of
the
referenced
obligation,
other
deliverable
obligations
or
underlying
securities
comprising
the
referenced
index,
or
(ii)
pays
the
counterparty
a
net
settlement
amount
in
the
form
of
cash
or
securities
to
the
notional
amount
of
the
swap
and
the
recovery
value
of
the
referenced
obligation
or
underlying
securities
comprising
the
referenced
index.
By
selling
a
credit
default
swap
contract,
the
Fund
effectively
adds
economic
leverage
to
its
portfolio
because,
in
addition
to
its
total
net
assets,
the
Fund
is
subject
to
investment
exposure
on
the
notional
amount
of
the
swap.
Credit
default
swap
agreements
on
credit
indices
involve
one
party
making
a
stream
of
payments
to
another
party
in
exchange
for
the
right
to
receive
a
specified
return
in
the
event
of
a
write-down,
principal
shortfall,
interest
shortfall
or
default
of
all
or
part
of
the
referenced
entities
comprising
the
credit
index.
A
credit
index
is
a
basket
of
credit
instruments
or
exposures
designed
to
be
representative
of
some
part
of
the
credit
market
as
a
whole.
These
indices
are
made
up
of
reference
credits
that
are
judged
by
a
poll
of
dealers
to
be
the
most
liquid
entities
in
the
credit
default
swap
market
based
on
the
sector
of
the
index.
Components
of
the
indices
include
high-yield
securities.
Credit
indices
are
traded
using
credit
default
swap
contracts
with
standardized
terms
including
a
fixed
spread
and
standard
maturity
dates.
An
index
credit
default
swap
contract
references
all
the
names
in
the
index,
and
if
there
is
a
default,
the
credit
event
is
settled
based
on
the
name’s
weight
in
the
index.
For
most
indices,
each
name
has
an
equal
weight
in
the
index.
The
composition
of
the
indices
changes
periodically.
The
use
of
credit
default
swap
contracts
on
indices
is
often
less
expensive
than
it
would
be
to
buy
many
issuer-specific
credit
default
swap
contracts
to
achieve
a
similar
effect.
Credit
default
swap
contracts
are
marked-to-market
daily
based
on
valuations
from
independent
pricing
services.
Credit
default
swap
contracts
are
generally
categorized
as
Level
2
investments
within
the
hierarchy.
Implied
credit
spreads
are
utilized
in
determining
the
market
value
of
credit
default
swap
agreements
on
credit
indices
and
serve
as
an
indicator
of
the
current
status
of
the
payment/
performance
risk
and
represent
the
likelihood
or
risk
of
default
for
the
credit
derivative.
Implied
credit
spreads
utilized
in
valuing
the
Fund’s
investments
as
of
July
31,
2021
are
disclosed
in
the
Statement
of
Investments.
The
implied
credit
spread
of
a
particular
referenced
entity
reflects
the
cost
of
selling
protection
on
such
entity’s
debt,
and
may
include
upfront
payments
required
to
be
made
to
enter
into
the
agreement.
For
credit
default
swap
agreements
on
credit
indices,
the
quoted
market
prices
and
resulting
value
serve
as
the
indicator
of
the
current
status
of
the
payment/performance
risk.
Wider
credit
spreads
represent
a
deterioration
of
the
referenced
entity’s
credit
soundness
and
a
greater
likelihood
or
risk
of
default
or
other
credit
event
occurring
as
defined
under
the
terms
of
the
agreement.
Certain
clearinghouses
currently
offer
clearing
for
limited
types
of
derivatives
transactions,
such
as
credit
derivatives.
In
a
centrally
cleared
credit
default
swap
contract,
immediately
following
execution
of
the
swap
agreement,
the
swap
agreement
is
novated
to
a
central
counterparty
(the
“CCP”)
and
the
Fund’s
counterparty
on
the
swap
agreement
becomes
the
CCP.
The
Fund
is
required
to
interface
with
the
CCP
through
a
broker.
Upon
entering
into
a
centrally
cleared
swap
contract,
the
Fund
is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
the
size
and
risk
profile
of
the
particular
swap.
Securities
deposited
as
initial
margin
and
cash
pledged
as
collateral
are
designated
on
the
Statement
of
Investments,
as
applicable.
The
daily
change
in
valuation
of
centrally
cleared
credit
default
swap
contracts
is
recorded
as
a
receivable
or
payable
for
variation
margin
on
centrally
cleared
credit
default
swap
contracts.
Payments
received
from
(paid
to)
the
counterparty,
including
at
termination,
are
recorded
as
realized
gains
(losses).
(c)
Futures
Contracts
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
reducing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/
or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
14
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bond
Fund
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,
2021:
Fair
Values
of
Derivatives
not
Accounted
for
as
Hedging
Instruments
as
of
July
31,
2021:
Assets:
Fair
Value
Purchased
Options
Interest
rate
risk
Investment
securities,
at
value
$
50,000
Futures
Contracts
Interest
rate
risk
Unrealized
appreciation
from
futures
contracts
3,678,805
Total
$
3,728,805
Liabilities:
Written
Options
Interest
rate
risk
Written
options,
at
value
$
(39,063)
Swap
Contracts(a)
Credit
risk
Unrealized
depreciation
on
centrally
cleared
swap
contracts
(47,195)
Futures
Contracts
Interest
rate
risk
Unrealized
depreciation
from
futures
contracts
(2,475,330)
Total
$
(2,561,588)
(a)
Swap
contracts
are
included
in
the
table
at
value,
with
the
exception
of
centrally
cleared
swap
contracts
which
are
included
in
the
table
at
unrealized
appreciation/(depreciation).
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
Nationwide
Core
Plus
Bond
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
15
Asset-Backed
Securities
1.3%
Principal
Amount
($)
Value
($)
Airlines
0.1%
United
Airlines
Pass-Through
Trust,
Series
2016-1,
Class
B,
3.65%,
1/7/2026
700,232
697,083
Other
1.2%
Cedar
Funding
VII
CLO
Ltd.,
Series
2018-7A,
Class
A1,
1.13%,
1/20/2031(a)(b)
8,250,000
8,260,123
SBA
Tower
Trust,
3.87%,
10/8/2024(b)
4,385,000
4,612,514
12,872,637
Total
Asset-Backed
Securities
(cost
$13,223,118)
13,569,720
Collateralized
Mortgage
Obligations
0.2%
FHLMC
REMICS
Series
4039,
Class
ME,
2.00%,
12/15/2040
145,288
146,648
Series
4026,
Class
WJ,
2.75%,
8/15/2041
791,302
821,026
JP
Morgan
Mortgage
Trust
Series
2017-5,
Class
A1A,
3.00%,
10/26/2048(a)(b)
1,005,510
1,007,393
Series
2019-3,
Class
A3,
4.00%,
9/25/2049(a)(b)
546,859
552,550
Total
Collateralized
Mortgage
Obligations
(cost
$2,480,877)
2,527,617
Commercial
Mortgage-Backed
Securities
2.9%
GNMA
REMICS
Series
2018-17,
Class
MA,
2.60%,
5/1/2052
6,110,968
6,348,474
Series
2019-34,
Class
AL,
3.15%,
5/16/2059
2,509,436
2,583,669
Series
2018-28,
Class
AG,
2.60%,
8/16/2059(a)
11,081,463
11,414,484
Series
2019-131,
Class
AD,
2.50%,
8/16/2060
6,897,206
7,147,471
Series
2020-89,
Class
GA,
1.50%,
4/16/2062
4,564,661
4,451,619
Total
Commercial
Mortgage-Backed
Securities
(cost
$31,738,845)
31,945,717
Corporate
Bonds
59.4%
Aerospace
&
Defense
0.6%
TransDigm
,
Inc.
,
5.50%,
11/15/2027
6,410,000
6,618,325
Air
Freight
&
Logistics
0.4%
FedEx
Corp.
,
4.05%,
2/15/2048
3,300,000
3,843,583
Corporate
Bonds
Principal
Amount
($)
Value
($)
Airlines
0.5%
Delta
Air
Lines,
Inc.
,
2.90%,
10/28/2024
4,989,000
5,056,484
Auto
Components
0.7%
Dana,
Inc.
,
5.38%,
11/15/2027
5,000,000
5,287,500
Tenneco,
Inc.
,
5.38%,
12/15/2024
2,000,000
2,010,620
7,298,120
Automobiles
0.2%
General
Motors
Co.
,
6.80%,
10/1/2027
1,500,000
1,909,053
Banks
5.5%
Citigroup,
Inc.
,
(ICE
LIBOR
USD
3
Month
+
1.10%),
1.26%,
5/17/2024(c)
3,850,000
3,904,354
(ICE
LIBOR
USD
3
Month
+
1.02%),
1.16%,
6/1/2024(c)
2,800,000
2,839,515
First
Horizon
Bank
,
5.75%,
5/1/2030
3,149,000
3,923,068
First
Horizon
Corp.
,
4.00%,
5/26/2025
5,238,000
5,784,819
JPMorgan
Chase
&
Co.
,
(SOFR
+
1.51%),
2.53%,
11/19/2041(c)
7,250,000
7,090,795
KeyBank
NA
,
(SOFR
+
0.34%),
0.39%,
1/3/2024(c)
11,500,000
11,513,930
Mizuho
Financial
Group,
Inc.
,
(ICE
LIBOR
USD
3
Month
+
0.61%),
0.74%,
9/8/2024(c)
11,000,000
11,059,211
Royal
Bank
of
Canada
,
(SOFR
+
0.45%),
0.50%,
10/26/2023(c)
13,260,000
13,364,622
59,480,314
Biotechnology
3.0%
AbbVie,
Inc.
,
3.38%,
11/14/2021
3,561,000
3,592,496
2.95%,
11/21/2026
5,975,000
6,476,184
4.05%,
11/21/2039
1,965,000
2,316,662
Amgen,
Inc.
,
5.15%,
11/15/2041
3,875,000
5,201,490
5.38%,
5/15/2043
1,320,000
1,771,647
Baxalta
,
Inc.
,
4.00%,
6/23/2025
4,009,000
4,434,886
Emergent
BioSolutions
,
Inc.
,
3.88%,
8/15/2028(b)
3,000,000
2,981,250
Regeneron
Pharmaceuticals,
Inc.
,
1.75%,
9/15/2030
5,770,000
5,579,289
32,353,904
Building
Products
0.1%
JELD-WEN,
Inc.
,
4.88%,
12/15/2027(b)
1,000,000
1,037,500
16
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Core
Plus
Bond
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Capital
Markets
3.3%
Apollo
Investment
Corp.
,
5.25%,
3/3/2025
3,400,000
3,562,999
BlackRock,
Inc.
,
3.25%,
4/30/2029
4,695,000
5,305,966
Goldman
Sachs
Group,
Inc.
(The)
,
(ICE
LIBOR
USD
3
Month
+
1.60%),
1.73%,
11/29/2023(c)
4,631,000
4,770,940
Golub
Capital
BDC,
Inc.
,
2.50%,
8/24/2026
7,250,000
7,393,453
Morgan
Stanley
,
(ICE
LIBOR
USD
3
Month
+
1.40%),
1.53%,
10/24/2023(c)
1,500,000
1,521,970
7.25%,
4/1/2032
5,600,000
8,269,789
Nasdaq,
Inc.
,
0.45%,
12/21/2022
5,000,000
5,002,146
35,827,263
Chemicals
4.2%
Chevron
Phillips
Chemical
Co.
LLC
,
5.13%,
4/1/2025(b)
7,500,000
8,621,753
3.40%,
12/1/2026(b)
6,865,000
7,595,718
DuPont
de
Nemours,
Inc.
,
(ICE
LIBOR
USD
3
Month
+
1.11%),
1.27%,
11/15/2023(c)
4,110,000
4,181,294
4.49%,
11/15/2025
5,900,000
6,713,020
FXI
Holdings,
Inc.
,
7.88%,
11/1/2024(b)
2,237,000
2,292,925
LYB
International
Finance
III
LLC
,
(ICE
LIBOR
USD
3
Month
+
1.00%),
1.14%,
10/1/2023(c)
10,530,000
10,544,440
Methanex
Corp.
,
5.13%,
10/15/2027
2,145,000
2,321,920
5.25%,
12/15/2029
3,250,000
3,592,875
45,863,945
Commercial
Services
&
Supplies
0.8%
Cimpress
plc
,
7.00%,
6/15/2026(b)
5,725,000
6,011,250
ILFC
E-Capital
Trust
I
,
+
1.55%,
14.50%
Cap),
3.66%,
12/21/2065(b)(c)
3,800,000
3,130,250
9,141,500
Communications
Equipment
0.4%
CommScope
Technologies
LLC
,
6.00%,
6/15/2025(b)
113,000
114,695
Motorola
Solutions,
Inc.
,
2.75%,
5/24/2031
2,500,000
2,593,209
Plantronics,
Inc.
,
4.75%,
3/1/2029(b)
1,500,000
1,462,500
4,170,404
Corporate
Bonds
Principal
Amount
($)
Value
($)
Construction
Materials
0.4%
Martin
Marietta
Materials,
Inc.
,
4.25%,
7/2/2024
3,500,000
3,823,951
Consumer
Finance
0.5%
AerCap
Ireland
Capital
DAC
,
1.75%,
1/30/2026
2,750,000
2,733,423
Capital
One
Financial
Corp.
,
(ICE
LIBOR
USD
3
Month
+
0.72%),
0.85%,
1/30/2023(c)
3,000,000
3,023,614
5,757,037
Containers
&
Packaging
0.8%
Greif,
Inc.
,
6.50%,
3/1/2027(b)
8,250,000
8,683,125
Diversified
Financial
Services
0.6%
Burford
Capital
Global
Finance
LLC
,
6.25%,
4/15/2028(b)
1,000,000
1,052,500
GTP
Acquisition
Partners
I
LLC
,
3.48%,
6/16/2025(b)
5,000,000
5,321,067
6,373,567
Diversified
Telecommunication
Services
1.1%
CCO
Holdings
LLC
,
4.50%,
5/1/2032(b)
1,500,000
1,569,375
Verizon
Communications,
Inc.
,
(ICE
LIBOR
USD
3
Month
+
1.10%),
1.26%,
5/15/2025(c)
10,000,000
10,289,199
11,858,574
Electric
Utilities
0.8%
Commonwealth
Edison
Co.
,
3.70%,
8/15/2028
2,090,000
2,407,624
Drax
Finco
plc
,
6.63%,
11/1/2025(b)
2,100,000
2,160,375
Duke
Energy
Florida
LLC
,
3.80%,
7/15/2028
3,825,000
4,381,938
8,949,937
Electrical
Equipment
0.9%
Hubbell,
Inc.
,
3.15%,
8/15/2027
8,585,000
9,299,064
Electronic
Equipment,
Instruments
&
Components
1.3%
Corning,
Inc.
,
7.25%,
8/15/2036
6,312,000
7,895,653
5.75%,
8/15/2040
3,000,000
4,168,966
Jabil,
Inc.
,
3.00%,
1/15/2031
2,065,000
2,135,512
14,200,131
Energy
Equipment
&
Services
0.0%
†
Transocean
Phoenix
2
Ltd.
,
7.75%,
10/15/2024(b)
33,000
33,330
Nationwide
Core
Plus
Bond
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
17
Corporate
Bonds
Principal
Amount
($)
Value
($)
Entertainment
0.1%
Live
Nation
Entertainment,
Inc.
,
4.75%,
10/15/2027(b)
1,270,000
1,296,988
Equity
Real
Estate
Investment
Trusts
(REITs)
1.3%
Crown
Castle
International
Corp.
,
3.30%,
7/1/2030
2,240,000
2,439,383
Healthpeak
Properties,
Inc.
,
3.40%,
2/1/2025
178,000
191,742
1.35%,
2/1/2027
3,975,000
3,992,808
Omega
Healthcare
Investors,
Inc.
,
3.63%,
10/1/2029
3,000,000
3,243,119
STORE
Capital
Corp.
,
2.75%,
11/18/2030
1,850,000
1,903,671
Ventas
Realty
LP
,
4.00%,
3/1/2028
2,300,000
2,616,141
14,386,864
Food
&
Staples
Retailing
0.1%
United
Natural
Foods,
Inc.
,
6.75%,
10/15/2028(b)
1,050,000
1,131,375
Food
Products
0.2%
Chobani
LLC
,
4.63%,
11/15/2028(b)
2,000,000
2,080,580
Health
Care
Equipment
&
Supplies
0.3%
Edwards
Lifesciences
Corp.
,
4.30%,
6/15/2028
3,000,000
3,500,843
Health
Care
Providers
&
Services
1.8%
Anthem,
Inc.
,
5.10%,
1/15/2044
4,000,000
5,369,718
CVS
Health
Corp.
,
6.25%,
6/1/2027
4,000,000
5,017,291
4.30%,
3/25/2028
4,000,000
4,631,478
HCA,
Inc.
,
4.50%,
2/15/2027
4,135,000
4,721,822
19,740,309
Hotels,
Restaurants
&
Leisure
2.8%
Carnival
Corp.
,
7.63%,
3/1/2026(b)
2,614,000
2,761,038
Marriott
Ownership
Resorts,
Inc.
,
4.75%,
1/15/2028
2,325,000
2,351,505
McDonald's
Corp.
,
4.60%,
5/26/2045
3,000,000
3,825,945
Royal
Caribbean
Cruises
Ltd.
,
9.13%,
6/15/2023(b)
2,000,000
2,175,260
7.50%,
10/15/2027(d)
1,973,000
2,254,152
Scientific
Games
International,
Inc.
,
8.25%,
3/15/2026(b)
3,855,000
4,091,157
Travel
+
Leisure
Co.
,
6.60%,
10/1/2025(e)
7,272,000
8,144,640
VOC
Escrow
Ltd.
,
5.00%,
2/15/2028(b)
4,800,000
4,764,000
30,367,697
Corporate
Bonds
Principal
Amount
($)
Value
($)
Household
Durables
0.5%
NVR,
Inc.
,
3.95%,
9/15/2022
1,994,000
2,056,938
Whirlpool
Corp.
,
2.40%,
5/15/2031
3,205,000
3,278,242
5,335,180
Industrial
Conglomerates
0.9%
General
Electric
Co.
,
Series
D,
(ICE
LIBOR
USD
3
Month
+
3.33%),
3.45%,
9/15/2021(c)(f)
6,000,000
5,865,000
7.50%,
8/21/2035
1,680,000
2,473,827
6.88%,
1/10/2039
782,000
1,189,415
9,528,242
Insurance
3.7%
Athene
Holding
Ltd.
,
6.15%,
4/3/2030
1,255,000
1,610,756
Fidelity
National
Financial,
Inc.
,
4.50%,
8/15/2028
11,115,000
12,873,603
Globe
Life,
Inc.
,
7.88%,
5/15/2023
2,975,000
3,348,391
Kuvare
US
Holdings,
Inc.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
6.54%),
7.00%,
2/17/2051(b)(c)
2,500,000
2,601,097
SBL
Holdings,
Inc.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.62%),
6.50%,
11/13/2026(b)(c)(f)
12,500,000
12,406,250
5.00%,
2/18/2031(b)
3,000,000
3,234,032
Sompo
International
Holdings
Ltd.
,
4.70%,
10/15/2022
4,052,000
4,244,743
40,318,872
Interactive
Media
&
Services
0.2%
Alphabet,
Inc.
,
1.90%,
8/15/2040
1,900,000
1,761,977
IT
Services
0.3%
DXC
Technology
Co.
,
4.13%,
4/15/2025
2,500,000
2,749,649
Leisure
Products
0.1%
Mattel,
Inc.
,
5.88%,
12/15/2027(b)
1,250,000
1,370,313
Life
Sciences
Tools
&
Services
0.3%
Agilent
Technologies,
Inc.
,
2.75%,
9/15/2029
2,750,000
2,914,190
Machinery
0.5%
GrafTech
Finance,
Inc.
,
4.63%,
12/15/2028(b)
5,500,000
5,644,375
18
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Core
Plus
Bond
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Media
1.4%
Comcast
Cable
Communications
Holdings,
Inc.
,
9.46%,
11/15/2022
4,050,000
4,527,896
Comcast
Cable
Holdings
LLC
,
9.88%,
6/15/2022
1,165,000
1,255,256
Comcast
Corp.
,
3.95%,
10/15/2025
3,985,000
4,469,145
Sirius
XM
Radio,
Inc.
,
5.38%,
7/15/2026(b)
4,500,000
4,646,340
14,898,637
Metals
&
Mining
0.7%
Allegheny
Ludlum
LLC
,
6.95%,
12/15/2025
2,000,000
2,172,800
Cleveland-Cliffs,
Inc.
,
5.88%,
6/1/2027
1,000,000
1,055,000
First
Quantum
Minerals
Ltd.
,
6.88%,
10/15/2027(b)
4,000,000
4,335,000
7,562,800
Multiline
Retail
0.8%
Dillard's,
Inc.
,
7.75%,
7/15/2026
4,595,000
5,517,959
Nordstrom,
Inc.
,
4.38%,
4/1/2030(d)
2,750,000
2,902,371
8,420,330
Multi-Utilities
0.8%
Dominion
Energy,
Inc.
,
Series
D,
(ICE
LIBOR
USD
3
Month
+
0.53%),
0.65%,
9/15/2023(c)
5,000,000
5,002,779
Series
C,
3.38%,
4/1/2030
3,350,000
3,715,731
8,718,510
Oil,
Gas
&
Consumable
Fuels
6.6%
Enviva
Partners
LP
,
6.50%,
1/15/2026(b)
2,500,000
2,589,000
Genesis
Energy
LP
,
8.00%,
1/15/2027
1,150,000
1,185,707
Hess
Midstream
Operations
LP
,
5.13%,
6/15/2028(b)
3,200,000
3,352,000
HollyFrontier
Corp.
,
5.88%,
4/1/2026
8,000,000
9,262,994
Lundin
Energy
Finance
BV
,
2.00%,
7/15/2026(b)
4,500,000
4,551,844
Marathon
Petroleum
Corp.
,
4.50%,
5/1/2023
11,000,000
11,701,260
Northern
Oil
and
Gas,
Inc.
,
8.13%,
3/1/2028(b)
2,500,000
2,618,375
NuStar
Logistics
LP
,
6.00%,
6/1/2026
1,593,000
1,720,440
ONEOK
Partners
LP
,
6.85%,
10/15/2037
7,593,000
10,541,293
PBF
Holding
Co.
LLC
,
7.25%,
6/15/2025
2,250,000
1,350,000
Corporate
Bonds
Principal
Amount
($)
Value
($)
Oil,
Gas
&
Consumable
Fuels
Tengizchevroil
Finance
Co.
International
Ltd.
,
4.00%,
8/15/2026(b)
3,000,000
3,255,000
TransCanada
PipeLines
Ltd.
,
6.20%,
10/15/2037
1,255,000
1,740,721
Valero
Energy
Corp.
,
(ICE
LIBOR
USD
3
Month
+
1.15%),
1.27%,
9/15/2023(c)
5,000,000
5,005,573
8.75%,
6/15/2030
2,500,000
3,738,997
7.50%,
4/15/2032
2,641,000
3,729,609
6.63%,
6/15/2037
3,500,000
4,856,044
71,198,857
Pharmaceuticals
1.4%
Bausch
Health
Cos.,
Inc.
,
5.00%,
1/30/2028(b)
1,500,000
1,430,625
Bayer
US
Finance
II
LLC
,
(ICE
LIBOR
USD
3
Month
+
1.01%),
1.13%,
12/15/2023(b)(c)
10,137,000
10,270,017
Pfizer,
Inc.
,
3.60%,
9/15/2028
3,070,000
3,531,339
15,231,981
Professional
Services
0.3%
ASGN,
Inc.
,
4.63%,
5/15/2028(b)
3,000,000
3,130,875
Real
Estate
Management
&
Development
0.4%
Forestar
Group,
Inc.
,
5.00%,
3/1/2028(b)
2,500,000
2,604,675
Realogy
Group
LLC
,
5.75%,
1/15/2029(b)
2,000,000
2,097,500
4,702,175
Road
&
Rail
0.2%
Ashtead
Capital,
Inc.
,
5.25%,
8/1/2026(b)
2,000,000
2,080,000
Semiconductors
&
Semiconductor
Equipment
1.6%
Broadcom,
Inc.
,
4.70%,
4/15/2025
2,000,000
2,247,093
Microchip
Technology,
Inc.
,
0.97%,
2/15/2024(b)
10,000,000
10,018,796
NVIDIA
Corp.
,
3.20%,
9/16/2026
592,000
653,447
NXP
BV
,
2.70%,
5/1/2025(b)
2,000,000
2,115,404
Skyworks
Solutions,
Inc.
,
3.00%,
6/1/2031
2,000,000
2,097,928
17,132,668
Software
1.4%
Citrix
Systems,
Inc.
,
4.50%,
12/1/2027
4,000,000
4,571,311
Infor
,
Inc.
,
1.75%,
7/15/2025(b)
2,000,000
2,053,403
Nationwide
Core
Plus
Bond
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
19
Corporate
Bonds
Principal
Amount
($)
Value
($)
Software
VMware,
Inc.
,
4.50%,
5/15/2025
8,000,000
8,955,785
15,580,499
Specialty
Retail
2.9%
AutoZone,
Inc.
,
4.00%,
4/15/2030
2,000,000
2,307,669
Carvana
Co.
,
5.63%,
10/1/2025(b)
7,000,000
7,253,750
Michaels
Cos.,
Inc.
(The)
,
5.25%,
5/1/2028(b)
4,000,000
4,140,000
O'Reilly
Automotive,
Inc.
,
4.20%,
4/1/2030
1,180,000
1,383,419
Ross
Stores,
Inc.
,
4.70%,
4/15/2027
14,217,000
16,582,060
31,666,898
Technology
Hardware,
Storage
&
Peripherals
0.6%
Dell
International
LLC
,
5.45%,
6/15/2023
1,775,000
1,918,254
Seagate
HDD
Cayman
,
3.13%,
7/15/2029(b)
1,000,000
980,000
4.13%,
1/15/2031(b)
3,000,000
3,138,750
6,037,004
Textiles,
Apparel
&
Luxury
Goods
0.2%
Tapestry,
Inc.
,
4.13%,
7/15/2027
2,070,000
2,260,488
Trading
Companies
&
Distributors
0.5%
Fortress
Transportation
and
Infrastructure
Investors
LLC
,
9.75%,
8/1/2027(b)
2,000,000
2,280,000
Herc
Holdings,
Inc.
,
5.50%,
7/15/2027(b)
3,000,000
3,146,250
5,426,250
Water
Utilities
0.2%
American
Water
Capital
Corp.
,
2.95%,
9/1/2027
1,833,000
2,014,259
Wireless
Telecommunication
Services
0.2%
T-Mobile
USA,
Inc.
,
3.50%,
4/15/2025
2,000,000
2,171,960
Total
Corporate
Bonds
(cost
$610,244,391)
641,940,756
Mortgage-Backed
Securities
17.5%
FHLMC
Gold
Pool
Pool#
J14732
4.00%,
3/1/2026
15
16
Pool#
C91768
3.50%,
7/1/2034
2,991,290
3,242,852
Pool#
G30692
3.50%,
8/1/2034
4,076,149
4,419,891
Pool#
G30782
3.50%,
2/1/2035
1,055,876
1,139,195
Pool#
C91859
3.50%,
12/1/2035
1,039,566
1,121,765
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FHLMC
Gold
Pool
Pool#
C91868
3.50%,
4/1/2036
2,542,146
2,743,158
Pool#
Q10392
3.50%,
8/1/2042
1,557,673
1,690,042
Pool#
G08541
3.50%,
8/1/2043
2,211,420
2,399,210
Pool#
G08554
3.50%,
10/1/2043
1,281,859
1,393,476
Pool#
G08588
4.00%,
5/1/2044
929,549
1,016,050
Pool#
G08721
3.00%,
9/1/2046
3,252,349
3,442,307
Pool#
G08726
3.00%,
10/1/2046
4,766,133
5,070,497
FHLMC
UMBS
Pool
Pool#
SB0548
2.00%,
7/1/2036
6,496,461
6,758,302
Pool#
RB5076
2.00%,
8/1/2040
10,040,302
10,350,440
Pool#
SD0040
3.00%,
7/1/2049
2,756,904
2,890,317
Pool#
SD8037
2.50%,
1/1/2050
10,498,039
10,943,547
Pool#
SD8036
3.00%,
1/1/2050
2,028,416
2,124,637
Pool#
SD8090
2.00%,
9/1/2050
6,100,622
6,225,200
Pool#
SD8098
2.00%,
10/1/2050
9,806,491
10,006,746
FNMA
UMBS
Pool
Pool#
MA2124
3.00%,
12/1/2029
628,243
665,571
Pool#
AL6591
3.00%,
9/1/2033
3,054,786
3,263,115
Pool#
MA1608
3.50%,
10/1/2033
3,829,020
4,151,789
Pool#
MA1982
3.50%,
8/1/2034
4,215,413
4,506,411
Pool#
MA2610
3.00%,
5/1/2036
3,697,753
3,905,056
Pool#
BT2752
2.00%,
8/1/2036
12,600,000
13,104,939
Pool#
MA3697
3.00%,
7/1/2039
2,714,075
2,843,944
Pool#
AE0311
3.50%,
8/1/2040
2,617,058
2,829,169
Pool#
AB1845
4.00%,
11/1/2040
2,649,725
2,904,405
Pool#
AJ9278
3.50%,
12/1/2041
2,809,144
3,046,811
Pool#
AW8165
4.00%,
1/1/2042
2,185,368
2,410,054
Pool#
AJ8414
4.00%,
2/1/2042
1,715,689
1,874,441
Pool#
AU2592
3.50%,
8/1/2043
1,782,353
1,943,997
Pool#
AX4312
3.50%,
2/1/2045
1,199,511
1,291,952
Pool#
AZ7353
3.50%,
11/1/2045
1,834,581
1,974,993
20
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Core
Plus
Bond
Fund
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
AS6408
3.50%,
1/1/2046
2,859,781
3,077,397
Pool#
AS8583
3.50%,
1/1/2047
4,882,622
5,213,844
Pool#
MA3088
4.00%,
8/1/2047
1,234,326
1,326,829
Pool#
CA1191
3.50%,
11/1/2047
3,042,866
3,244,562
Pool#
MA3744
3.00%,
8/1/2049
2,728,277
2,858,566
Pool#
BP8608
2.50%,
6/1/2050
13,763,366
14,350,344
Pool#
BP7293
2.50%,
8/1/2050
9,529,878
9,936,796
Pool#
CA7972
3.00%,
9/1/2050
10,597,388
11,122,511
GNMA
Pool#
MA7392
,
2.50%,
6/20/2036
9,939,194
10,422,228
Total
Mortgage-Backed
Securities
(cost
$185,332,174)
189,247,372
Municipal
Bonds
1.6%
Arizona
0.5
%
City
of
Tucson,
2.86%,
7/1/2047
5,750,000
5,849,395
California
0.5
%
City
of
San
Francisco
CA
Public
Utilities
Commission
Water
Revenue,
Series
A,
3.47%,
11/1/2043
5,000,000
5,445,584
Virginia
0.6
%
City
of
Richmond
VA
Public
Utility
Revenue,
2.50%,
1/15/2029
2,450,000
2,647,194
Virginia
College
Building
Authority,
Series
B,
2.17%,
2/1/2034
3,465,000
3,549,915
6,197,109
Total
Municipal
Bonds
(cost
$16,856,978)
17,492,088
U.S.
Treasury
Obligations
10.7%
U.S.
Treasury
Bonds
1.38%,
11/15/2040
10,000,000
9,289,063
1.88%,
2/15/2041
7,500,000
7,584,375
2.25%,
5/15/2041
28,705,000
30,835,449
1.88%,
2/15/2051
37,750,000
37,484,570
U.S.
Treasury
Notes
1.50%,
2/28/2023
15,000,000
15,322,266
1.75%,
5/15/2023
10,000,000
10,282,031
U.S.
Treasury
Obligations
Principal
Amount
($)
Value
($)
U.S.
Treasury
Notes
1.63%,
8/15/2029
5,000,000
5,204,492
Total
U.S.
Treasury
Obligations
(cost
$114,605,009)
116,002,246
Preferred
Stocks
1.1%
Shares
Consumer
Finance
0.3%
Capital
One
Financial
Corp.,
4.80%,
6/1/2025(g)
128,250
3,374,258
SquareTwo
Financial
Canada
Corp.,
0.00%,
*^∞(g)(h)
355
0
3,374,258
Insurance
0.5%
Enstar
Group
Ltd.,
7.00%,
3/1/2024(g)
140,000
3,875,200
Maiden
Holdings
North
America
Ltd.,
7.75%,
12/1/2043(g)
69,351
1,660,956
5,536,156
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.3%
Two
Harbors
Investment
Corp.,
(ICE
LIBOR
USD
3
Month
+
5.35%),
7.63%,
7/27/2027(c)(g)
100,000
2,563,000
Thrifts
&
Mortgage
Finance
0.0%
†
FHLMC,
(ICE
LIBOR
USD
3
Month
+
4.16%,
7.88%
Floor),
8.38%,
12/31/2022*(c)(g)
35,000
61,600
Total
Preferred
Stocks
(cost
$11,906,205)
11,535,014
Short-Term
Investments
1.8%
Shares
Money
Market
Fund
0.5%
Fidelity
Investments
Money
Market
Government
Portfolio
—
Institutional
Class,0.01%(
i
)(j)
4,887,460
4,887,460
Nationwide
Core
Plus
Bond
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
21
Short-Term
Investments
Principal
Amount
($)
Value
($)
U.S.
Treasury
Obligation
1.3%
U.S.
Treasury
Bills,
0.04%,
8/5/2021(h)
14,500,000
14,499,964
Total
Short-Term
Investments
(cost
$19,387,404)
19,387,424
Total
Investments
(cost
$1,005,775,001)
—
96.5%
1,043,647,954
Other
assets
in
excess
of
liabilities
—
3.5%
37,836,291
NET
ASSETS
—
100.0%
$
1,081,484,245
*
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,
2021.
(b)
Rule
144A,
Section
4(2),
or
other
security
which
is
restricted
as
to
sale
to
institutional
investors.
These
securities
were
deemed
liquid
pursuant
to
procedures
approved
by
the
Board
of
Trustees.
The
liquidity
determination
is
unaudited.
The
aggregate
value
of
these
securities
as
of
July
31,
2021
was
$192,144,262
which
represents
17.77%
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,
2021.
(d)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2021.
The
total
value
of
securities
on
loan
as
of
July
31,
2021
was
$4,716,446,
which
was
collateralized
by
cash
used
to
purchase
a
money
market
fund
with
a
value
of
$4,887,460.
(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,
2021.
(f)
Perpetual
Bond
Security.
The
rate
reflected
in
the
Statement
of
Investments
is
the
rate
in
effect
on
July
31,
2021.
The
maturity
date
reflects
the
next
call
date.
(g)
The
date
shown
reflects
the
next
call
date
on
which
the
issuer
may
redeem
the
security
at
par
value.
The
coupon
rate
for
this
security
is
based
on
par
value
and
is
currently
in
effect
as
of
July
31,
2021.
(h)
Zero
Coupon
Security.
Debt
security
that
pays
no
cash
income
but
is
sold
at
substantial
discount
from
its
value
at
maturity.
(
i
)
Represents
7-day
effective
yield
as
of
July
31,
2021.
(j)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2021
was
$4,887,460.
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
REIT
Real
Estate
Investment
Trust
REMICS
Real
Estate
Mortgage
Investment
Conduits
SOFR
Secured
Overnight
Financing
Rate
UMBS
Uniform
Mortgage-Backed
Securities
Currency:
USD
United
States
Dollar
22
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Core
Plus
Bond
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Nationwide
Core
Plus
Bond
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
23
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,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Asset-Backed
Securities
$
–
$
13,569,720
$
–
$
13,569,720
Collateralized
Mortgage
Obligations
–
2,527,617
–
2,527,617
Commercial
Mortgage-Backed
Securities
–
31,945,717
–
31,945,717
Corporate
Bonds
–
641,940,756
–
641,940,756
Mortgage-Backed
Securities
–
189,247,372
–
189,247,372
Municipal
Bonds
–
17,492,088
–
17,492,088
Preferred
Stocks
Consumer
Finance
3,374,258
–
–
3,374,258
Insurance
5,536,156
–
–
5,536,156
Mortgage
Real
Estate
Investment
Trusts
(REITs)
2,563,000
–
–
2,563,000
Thrifts
&
Mortgage
Finance
61,600
–
–
61,600
Total
Preferred
Stocks
$
11,535,014
$
–
$
–
$
11,535,014
Short-Term
Investments
4,887,460
14,499,964
–
19,387,424
U.S.
Treasury
Obligations
–
116,002,246
–
116,002,246
Total
$
16,422,474
$
1,027,225,480
$
–
$
1,043,647,954
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
During
the
period
ended
July
31,
2021,
the
Fund
held
one
preferred
stock
investment
that
was
categorized
as
Level
3
investment
which
was
valued
at
$0.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
24
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Inflation-Protected
Securities
Fund
Asset-Backed
Securities
4.5%
Principal
Amount
($)
Value
($)
Other
4.5%
CCG
Receivables
Trust,
Series
2019-1,
Class
A2,
2.80%,
9/14/2026(a)
1,649,051
1,665,817
New
Residential
Advance
Receivables
Trust
Advance
Receivables
Backed
Series
2020-T1,
Class
AT1,
1.43%,
8/15/2053(a)
1,900,000
1,904,684
Series
2020-T1,
Class
BT1,
1.82%,
8/15/2053(a)
250,000
250,514
Series
2020-T1,
Class
CT1,
2.27%,
8/15/2053(a)
250,000
251,587
NRZ
Advance
Receivables
Trust,
Series
2020-
T3,
Class
AT3,
1.32%,
10/15/2052(a)
240,000
240,227
SPS
Servicer
Advance
Receivables
Trust,
Series
2020-T2,
Class
A,
1.83%,
11/15/2055(a)
1,290,000
1,299,601
Towd
Point
Mortgage
Trust
Series
2018-6,
Class
A2,
3.75%,
3/25/2058(a)(b)
2,800,000
2,984,265
Series
2018-3,
Class
A2,
3.88%,
5/25/2058(a)(b)
2,820,000
3,042,100
Total
Asset-Backed
Securities
(cost
$11,567,316)
11,638,795
Collateralized
Mortgage
Obligations
0.5%
FHLMC
REMICS
Series
1684,
Class
I,
6.50%,
3/15/2024
50,713
54,122
Series
2296,
Class
H,
6.50%,
3/15/2031
13
14
FNMA
REMICS
Series
1993-16,
Class
Z,
7.50%,
2/25/2023
2,190
2,261
Series
1993-226,
Class
PK,
6.00%,
12/25/2023
24,720
25,795
Series
2013-59,
Class
MX,
2.50%,
9/25/2042
1,265,512
1,319,612
Total
Collateralized
Mortgage
Obligations
(cost
$1,359,608)
1,401,804
Commercial
Mortgage-Backed
Security
0.0%
†
FNMA
REMICS,
Series
1998-73,
Class
MZ,
6.30%,
10/17/2038
75,764
75,751
Total
Commercial
Mortgage-Backed
Security
(cost
$76,057)
75,751
Mortgage-Backed
Securities
0.8%
Principal
Amount
($)
Value
($)
FNMA
Pool
Pool#
874982
6.81%,
11/1/2025
1,389,815
1,488,336
Pool#
773298
2.41%,
4/1/2035(b)
448,280
447,269
Pool#
745769
1.90%,
7/1/2036(b)
122,817
123,895
Pool#
813605
2.30%,
7/1/2036(b)
61,899
61,749
Total
Mortgage-Backed
Securities
(cost
$2,056,856)
2,121,249
U.S.
Government
Agency
Securities
4.0%
FFCB,
2.43%,
9/13/2027
3,000,000
3,258,536
FHLB
5.37%,
9/9/2024
2,615,000
3,019,788
3.00%,
3/12/2027
2,000,000
2,233,760
Ukraine
Government
AID
Bonds,
1.47%,
9/29/2021
2,000,000
2,003,259
Total
U.S.
Government
Agency
Securities
(cost
$9,866,144)
10,515,343
U.S.
Treasury
Obligations
89.0%
U.S.
Treasury
Inflation
Linked
Bonds
2.38%,
1/15/2025
(c)
1,300,000
2,171,067
1.75%,
1/15/2028
(c)
4,800,000
7,616,119
3.63%,
4/15/2028
(c)
5,000,000
11,443,194
2.50%,
1/15/2029
(c)
4,750,000
7,854,550
3.88%,
4/15/2029
(c)
3,300,000
7,773,637
2.13%,
2/15/2041
(c)
7,375,000
14,055,523
0.75%,
2/15/2042
(c)
11,750,000
17,586,753
0.63%,
2/15/2043
(c)
15,350,000
22,168,393
0.75%,
2/15/2045
(c)
3,000,000
4,373,429
1.00%,
2/15/2046
(c)
5,875,000
9,025,113
0.88%,
2/15/2047
(c)
5,000,000
7,437,365
U.S.
Treasury
Inflation
Linked
Notes
0.13%,
1/15/2022
(c)(d)
5,000,000
6,064,626
0.50%,
4/15/2024
(c)
19,500,000
22,537,335
0.13%,
4/15/2025
(c)
9,000,000
10,226,351
0.38%,
7/15/2025
(c)
12,000,000
15,116,429
0.63%,
1/15/2026
(c)
17,500,000
22,322,691
0.13%,
7/15/2026
(c)
3,000,000
3,751,699
0.38%,
1/15/2027
(c)
10,250,000
12,896,201
0.38%,
7/15/2027
(c)
4,750,000
5,958,841
0.50%,
1/15/2028
(c)
5,000,000
6,263,126
0.75%,
7/15/2028
(c)
4,000,000
5,046,742
0.88%,
1/15/2029
(c)
2,500,000
3,166,298
0.25%,
7/15/2029
(c)
4,000,000
4,814,684
0.13%,
1/15/2030
(c)
1,000,000
1,182,115
Nationwide
Inflation-Protected
Securities
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
25
g
U.S.
Treasury
Obligations
Principal
Amount
($)
Value
($)
U.S.
Treasury
Inflation
Linked
Notes
0.13%,
1/15/2031
(c)
2,000,000
2,340,940
Total
U.S.
Treasury
Obligations
(cost
$205,446,296)
233,193,221
Total
Investments
(cost
$230,372,277)
—
98.8%
258,946,163
Other
assets
in
excess
of
liabilities
—
1.2%
3,082,564
NET
ASSETS
—
100.0%
$
262,028,727
†
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,
2021
was
$11,638,795
which
represents
4.44%
of
net
assets.
(b)
Variable
or
floating
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
current
interest
rates
and
prepayments
on
the
underlying
pool
of
assets. The
interest
rate
shown
was
the
current
rate
as
of
July
31,
2021.
(c)
Principal
amounts
are
not
adjusted
for
inflation.
(d)
Security
or
a
portion
of
the
security
was
used
to
cover
the
margin
requirement
for
futures
contracts.
AID
Agency
for
International
Development
FFCB
Federal
Farm
Credit
Bank
FHLB
Federal
Home
Loan
Bank
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
REMICS
Real
Estate
Mortgage
Investment
Conduits
Futures
contracts
outstanding
as
of
July
31,
2021:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Short
Contracts
U.S.
Treasury
Long
Bond
(155)
9/2021
USD
(25,531,406)
(1,363,888)
(1,363,888)
Currency:
USD
United
States
Dollar
26
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Inflation-Protected
Securities
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Nationwide
Inflation-Protected
Securities
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
27
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2021.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using
financial
futures
contracts.
(a)
Futures
Contracts
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
reducing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/
or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
price
of
the
futures
contracts
and
the
underlying
assets. The
Fund’s
investments
in
futures
contracts
entail
limited
counterparty
credit
risk
because the
Fund
invests
only
in
exchange
traded
futures
contracts,
which
are
settled
through
the
exchange
and
whose
fulfillment
is
guaranteed
by
the
credit
of
the
exchange.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Asset-Backed
Securities
$
–
$
11,638,795
$
–
$
11,638,795
Collateralized
Mortgage
Obligations
–
1,401,804
–
1,401,804
Commercial
Mortgage-Backed
Security
–
75,751
–
75,751
Mortgage-Backed
Securities
–
2,121,249
–
2,121,249
U.S.
Government
Agency
Securities
–
10,515,343
–
10,515,343
U.S.
Treasury
Obligations
–
233,193,221
–
233,193,221
Total
Assets
$
–
$
258,946,163
$
–
$
258,946,163
$
–
$
–
$
–
$
–
Liabilities:
Futures
Contracts
$
(1,363,888)
$
–
$
–
$
(1,363,888)
Total
Liabilities
$
(1,363,888)
$
–
$
–
$
(1,363,888)
Total
$
(1,363,888)
$
258,946,163
$
–
$
257,582,275
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
28
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Inflation-Protected
Securities
Fund
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2021:
Fair
Values
of
Derivatives
not
Accounted
for
as
Hedging
Instruments
as
of
July
31,
2021:
Liabilities:
Fair
Value
Futures
Contracts
Interest
rate
risk
Unrealized
depreciation
from
futures
contracts
$
(1,363,888)
Total
$
(1,363,888)
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
Nationwide
Loomis
Core
Bond
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
29
Asset-Backed
Securities
6.5%
Principal
Amount
($)
Value
($)
Automobiles
5.5%
American
Credit
Acceptance
Receivables
Trust
Series
2020-2,
Class
B,
2.48%,
9/13/2024(a)
275,000
278,143
Series
2021-1,
Class
B,
0.61%,
3/13/2025(a)
65,000
65,028
Series
2019-4,
Class
C,
2.69%,
12/12/2025(a)
700,000
707,753
Series
2021-3,
Class
B,
0.66%,
2/13/2026(a)
645,000
645,312
Series
2020-4,
Class
C,
1.31%,
12/14/2026(a)
865,000
873,798
Americredit
Automobile
Receivables
Trust
Series
2019-1,
Class
A3,
2.97%,
11/20/2023
222,692
224,103
Series
2019-2,
Class
B,
2.54%,
7/18/2024
2,180,000
2,218,849
AmeriCredit
Automobile
Receivables
Trust
Series
2020-2,
Class
B,
0.97%,
2/18/2026
160,000
161,127
Series
2020-3,
Class
C,
1.06%,
8/18/2026
350,000
353,556
Series
2021-2,
Class
B,
0.69%,
1/19/2027
655,000
655,343
Avis
Budget
Rental
Car
Funding
AESOP
LLC,
Series
2019-2A,
Class
A,
3.35%,
9/22/2025(a)
980,000
1,053,536
Carvana
Auto
Receivables
Trust,
Series
2021-N2,
Class
B,
0.75%,
3/10/2028
370,000
369,731
Credit
Acceptance
Auto
Loan
Trust
Series
2019-3A,
Class
A,
2.38%,
11/15/2028(a)
330,000
335,957
Series
2020-2A,
Class
A,
1.37%,
7/16/2029(a)
680,000
688,378
Series
2020-3A,
Class
B,
1.77%,
12/17/2029(a)
660,000
672,276
Series
2021-2A,
Class
A,
0.96%,
2/15/2030(a)
565,000
566,630
Series
2021-3A,
Class
A,
1.00%,
5/15/2030(a)
625,000
627,675
Donlen
Fleet
Lease
Funding
LLC,
Series
2021-2,
Class
A2,
0.56%,
12/11/2034(a)
1,350,000
1,352,471
Drive
Auto
Receivables
Trust
Series
2019-3,
Class
B,
2.65%,
2/15/2024
361,139
362,062
Series
2021-1,
Class
B,
0.65%,
7/15/2025
690,000
692,220
DT
Auto
Owner
Trust
Series
2019-1A,
Class
C,
3.61%,
11/15/2024(a)
319,896
322,250
Series
2019-2A,
Class
C,
3.18%,
2/18/2025(a)
235,000
237,677
Series
2021-1A,
Class
B,
0.62%,
9/15/2025(a)
160,000
160,156
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Automobiles
Series
2020-2A,
Class
C,
3.28%,
3/16/2026(a)
300,000
312,170
Series
2021-2A,
Class
B,
0.81%,
1/15/2027(a)
510,000
511,955
Exeter
Automobile
Receivables
Trust
Series
2020-1A,
Class
B,
2.26%,
4/15/2024(a)
246,370
247,440
Series
2021-1A,
Class
B,
0.50%,
2/18/2025
625,000
625,646
Series
2020-2A,
Class
C,
3.28%,
5/15/2025(a)
405,000
417,305
Series
2021-2A,
Class
B,
0.57%,
9/15/2025
560,000
561,117
Flagship
Credit
Auto
Trust
Series
2018-2,
Class
B,
3.56%,
5/15/2023(a)
265,646
266,192
Series
2018-4,
Class
B,
3.88%,
10/16/2023(a)
337,205
339,565
Series
2020-1,
Class
B,
2.05%,
2/17/2025(a)
230,000
234,648
Series
2020-2,
Class
C,
3.80%,
4/15/2026(a)
65,000
68,169
Series
2020-4,
Class
C,
1.28%,
2/16/2027(a)
120,000
121,218
Series
2021-2,
Class
B,
0.93%,
6/15/2027(a)
500,000
502,004
Ford
Credit
Auto
Owner
Trust
Series
2018-1,
Class
A,
3.19%,
7/15/2031(a)
1,900,000
2,055,077
Series
2021-1,
Class
A,
1.37%,
10/17/2033(a)
980,000
995,523
GLS
Auto
Receivables
Issuer
Trust
Series
2019-4A,
Class
B,
2.78%,
9/16/2024(a)
425,000
432,973
Series
2021-1A,
Class
B,
0.82%,
4/15/2025(a)
765,000
766,097
Series
2020-4A,
Class
C,
1.14%,
11/17/2025(a)
430,000
432,748
GLS
Auto
Receivables
Trust,
Series
2018-3A,
Class
B,
3.78%,
8/15/2023(a)
201,281
202,514
GM
Financial
Consumer
Automobile
Receivables
Trust,
Series
2020-2,
Class
A3,
1.49%,
12/16/2024
275,000
278,287
GMF
Floorplan
Owner
Revolving
Trust,
Series
2020-1,
Class
A,
0.68%,
8/15/2025(a)
310,000
311,636
NextGear
Floorplan
Master
Owner
Trust
Series
2018-2A,
Class
A2,
3.69%,
10/15/2023(a)
845,000
851,042
Series
2020-1A,
Class
A2,
1.55%,
2/15/2025(a)
100,000
101,674
Santander
Consumer
Auto
Receivables
Trust,
Series
2020-AA,
Class
C,
3.71%,
2/17/2026(a)
385,000
406,299
30
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Loomis
Core
Bond
Fund
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Automobiles
Santander
Drive
Auto
Receivables
Trust
Series
2019-2,
Class
C,
2.90%,
10/15/2024
1,035,000
1,046,868
Series
2020-2,
Class
B,
0.96%,
11/15/2024
320,000
321,381
Series
2018-5,
Class
C,
3.81%,
12/16/2024
20,677
20,701
Series
2020-4,
Class
C,
1.01%,
1/15/2026
680,000
684,977
Series
2021-2,
Class
C,
0.90%,
6/15/2026
790,000
792,263
Series
2021-3,
Class
C,
0.95%,
9/15/2027
1,245,000
1,247,770
Toyota
Auto
Loan
Extended
Note
Trust,
Series
2020-
1A,
Class
A,
1.35%,
5/25/2033(a)
405,000
414,122
Westlake
Automobile
Receivables
Trust
Series
2019-2A,
Class
B,
2.62%,
7/15/2024(a)
964,328
967,203
Series
2020-2A,
Class
C,
2.01%,
7/15/2025(a)
370,000
377,034
Series
2020-3A,
Class
C,
1.24%,
11/17/2025(a)
305,000
308,063
Series
2021-1A,
Class
B,
0.64%,
3/16/2026(a)
1,625,000
1,628,213
Series
2021-2A,
Class
B,
0.62%,
7/15/2026(a)
620,000
620,736
World
Omni
Select
Auto
Trust,
Series
2020-A,
Class
A3,
0.55%,
7/15/2025
545,000
546,496
33,641,157
Other
0.7%
Affirm
Asset
Securitization
Trust,
Series
2021-B,
Class
A,
1.03%,
8/15/2026(a)
665,000
665,077
Onemain
Financial
Issuance
Trust,
Series
2018-
1A,
Class
A,
3.30%,
3/14/2029(a)
2,251,476
2,259,182
Planet
Fitness
Master
Issuer
LLC,
Series
2018-1A,
Class
A2II,
4.67%,
9/5/2048(a)
904,425
937,405
3,861,664
Student
Loan
0.3%
Massachusetts
Educational
Financing
Authority,
Series
2018-A,
Class
A,
3.85%,
5/25/2033
429,142
457,095
Navient
Private
Education
Refi
Loan
Trust
Series
2020-HA,
Class
A,
1.31%,
1/15/2069(a)
439,573
443,387
Series
2020-BA,
Class
A2,
2.12%,
1/15/2069(a)
480,913
488,156
Series
2020-GA,
Class
A,
1.17%,
9/16/2069(a)
178,655
179,995
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Student
Loan
SoFi
Professional
Loan
Program
LLC,
Series
2018-A,
Class
A2B,
2.95%,
2/25/2042(a)
404,784
412,432
1,981,065
Total
Asset-Backed
Securities
(cost
$38,893,895)
39,483,886
Collateralized
Mortgage
Obligations
8.8%
FHLMC
REMICS
Series
5065,
Class
HI,
IO,
5.04%,
4/15/2042(b)
2,610,241
508,687
Series
5115,
Class
FD,
0.29%,
8/15/2043(b)
2,921,630
2,920,524
Series
5065,
Class
EI,
IO,
5.43%,
11/25/2044(b)
577,935
125,977
Series
5094,
Class
,
IO,
1.69%,
12/15/2048(b)
967,323
88,454
FNMA
REMICS
Series
2017-82,
Class
FG,
0.34%,
11/25/2032(b)
11,790,536
11,829,509
Series
2004-29,
Class
PS,
IO,
7.51%,
5/25/2034(b)
1,549,819
346,687
Series
2016-32,
Class
SA,
IO,
6.01%,
10/25/2034(b)
7,512,221
1,285,561
Series
2020-85,
Class
LI,
IO,
3.00%,
2/25/2035
3,070,000
504,201
Series
2010-57,
Class
SA,
IO,
6.36%,
6/25/2040(b)
2,163,788
414,895
Series
2010-63,
Class
SA,
IO,
6.41%,
6/25/2040(b)
1,862,351
355,524
Series
2010-118,
Class
SN,
IO,
6.51%,
10/25/2040(b)
9,511,566
2,088,273
Series
2013-18,
Class
FB,
0.44%,
10/25/2041(b)
353,303
354,341
Series
2015-55,
Class
IN,
IO,
4.50%,
8/25/2045
431,703
61,508
Series
2016-40,
Class
GA,
2.17%,
7/25/2046(b)
506,145
531,842
Series
2017-26,
Class
ID,
IO,
3.50%,
4/25/2047
369,426
31,143
Series
2018-4,
Class
FM,
0.39%,
2/25/2048(b)
478,328
480,986
Series
2019-31,
Class
FA,
0.49%,
7/25/2049(b)
1,946,276
1,962,054
Series
2019-81,
Class
FJ,
0.59%,
1/25/2050(b)
1,334,284
1,347,740
Series
2021-24,
Class
,
IO,
1.24%,
3/25/2059(b)
4,043,004
327,800
GNMA
REMICS
Series
2009-61,
Class
ZQ,
6.00%,
8/16/2039
3,357,789
4,267,444
Series
2019-21,
Class
,
IO,
4.50%,
2/20/2049
6,235,770
866,035
Series
2019-117,
Class
LI,
IO,
3.50%,
9/20/2049
1,361,915
83,483
Series
2019-132,
Class
LI,
IO,
3.50%,
10/20/2049
447,252
22,549
Nationwide
Loomis
Core
Bond
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
31
Collateralized
Mortgage
Obligations
Principal
Amount
($)
Value
($)
Series
2012-H20,
Class
PT,
0.91%,
7/20/2062(b)
714,304
713,202
Series
2018-H02,
Class
ZJ,
4.32%,
10/20/2064(b)
524,049
579,549
Series
2017-H12,
Class
EZ,
4.59%,
6/20/2066(b)
615,049
672,992
Series
2017-H13,
Class
JZ,
4.87%,
5/20/2067(b)
167,399
185,012
Series
2017-H22,
Class
FD,
0.29%,
11/20/2067(b)
99,761
99,578
Series
2017-H25,
Class
FD,
0.24%,
12/20/2067(b)
116,734
116,338
Series
2021-H08,
Class
IA,
IO,
4.24%,
1/20/2068(b)
906,173
109,783
Series
2019-H01,
Class
FT,
0.49%,
10/20/2068(b)
7,678,606
7,689,525
Series
2019-H07,
Class
BZ,
4.26%,
1/20/2069(b)
4,080,973
4,986,583
Series
2019-H05,
Class
FT,
0.47%,
4/20/2069(b)
5,049,535
5,054,783
Series
2019-H13,
Class
FT,
0.49%,
8/20/2069(b)
778,055
777,404
Series
2019-H18,
Class
DF,
0.49%,
10/20/2069(b)
746,668
748,130
Series
2021-H03,
Class
,
IO,
4.17%,
4/20/2070(b)
8,561,829
1,046,224
Total
Collateralized
Mortgage
Obligations
(cost
$51,592,495)
53,584,320
Commercial
Mortgage-Backed
Securities
7.0%
BANK
Series
2020-BN25,
Class
A5,
2.65%,
1/15/2063
1,030,000
1,098,170
Series
2020-BN26,
Class
A4,
2.40%,
3/15/2063
2,050,000
2,146,406
Commercial
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
BBCMS
Mortgage
Trust
,
Series
2020-BID,
Class
A,
2.23%,
10/15/2037(a)(b)
1,095,000
1,102,557
CIM
Retail
Portfolio
Trust
,
Series
2021-RETL,
Class
A,
0.00%,
8/15/2036(a)(b)
240,000
240,228
Citigroup
Commercial
Mortgage
Trust
,
Series
2019-C7,
Class
A4,
3.10%,
12/15/2072
910,000
1,001,908
COMM
Mortgage
Trust
,
Series
2013-CR6,
Class
A4,
3.10%,
3/10/2046
4,450,000
4,562,708
Commercial
Mortgage
Pass-
Through
Certificates
,
Series
2012-LTRT,
Class
A2,
3.40%,
10/5/2030(a)
105,000
104,818
CSAIL
Commercial
Mortgage
Trust
,
Series
2019-
C18,
Class
A4,
2.97%,
12/15/2052
765,000
832,357
CSMC
OA
LLC
,
Series
2014-
USA,
Class
A2,
3.95%,
9/15/2037(a)
530,000
573,938
FHLMC
Multifamily
Structured
Pass-Through
Certificates
REMICS
Series
K107,
Class
X1,
IO,
1.59%,
1/25/2030(b)
484,484
58,240
Series
K157,
Class
X1,
IO,
0.02%,
8/25/2033(b)
9,465,929
58,942
Series
K-1513,
Class
X1,
IO,
0.86%,
8/25/2034(b)
967,994
82,817
FNMA
ACES
REMICS
Series
2020-M33,
Class
X,
IO,
1.96%,
6/25/2028(b)
1,016,741
97,542
Series
2020-M43,
Class
X1,
IO,
2.13%,
8/25/2034(b)
6,278,752
892,830
Series
2020-M36,
Class
X1,
IO,
1.47%,
9/25/2034(b)
989,431
104,588
FNMA
Multifamily
REMIC
Trust
REMICS,
Series
2020-M37,
Class
X,
IO,
1.11%,
4/25/2032(b)
1,400,243
106,084
GNMA
REMICS
Series
2018-82,
Class
,
IO,
0.43%,
5/16/2058(b)
15,407,206
641,458
Series
2020-108,
Class
,
IO,
0.91%,
6/16/2062(b)
3,474,109
272,831
Series
2021-20,
Class
,
IO,
1.12%,
8/16/2062(b)
3,354,613
316,185
Series
2020-179,
Class
,
IO,
1.00%,
9/16/2062(b)
3,046,083
263,399
Series
2020-128,
Class
,
IO,
0.98%,
10/16/2062(b)
1,557,791
133,460
Series
2021-33,
Class
,
IO,
0.99%,
10/16/2062(b)
3,236,611
281,119
Series
2021-40,
Class
,
IO,
0.84%,
2/16/2063(b)
2,413,780
192,345
Series
2021-12,
Class
,
IO,
0.98%,
3/16/2063(b)
3,654,513
318,585
32
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Loomis
Core
Bond
Fund
Commercial
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
GNMA
REMICS
Series
2021-52,
Class
,
IO,
0.85%,
4/16/2063(b)
4,065,273
321,120
Series
2021-106,
Class
,
IO,
0.92%,
4/16/2063(b)
3,705,230
309,752
Series
2021-10,
Class
,
IO,
1.00%,
5/16/2063(b)
783,407
70,567
Series
2021-133,
Class
,
IO,
0.89%,
7/1/2063(b)
4,285,000
357,988
GS
Mortgage
Securities
Corp.
II
,
Series
2012-
BWTR,
Class
A,
2.95%,
11/5/2034(a)
1,035,000
1,050,716
GS
Mortgage
Securities
Corp.
Trust
,
Series
2013-PEMB,
Class
A,
3.55%,
3/5/2033(a)
(b)
235,000
246,187
GS
Mortgage
Securities
Trust
Series
2014-GC18,
Class
A4,
4.07%,
1/10/2047
4,139,865
4,431,176
Series
2020-GC45,
Class
A5,
2.91%,
2/13/2053
415,000
450,228
Hudsons
Bay
Simon
JV
Trust
,
Series
2015-HB10,
Class
A10,
4.15%,
8/5/2034(a)
2,015,000
1,840,379
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
Series
2013-C11,
Class
A4,
4.15%,
8/15/2046(b)
1,130,000
1,182,198
Starwood
Retail
Property
Trust
,
Series
2014-
STAR,
Class
A,
1.56%,
11/15/2027(a)(b)
655,893
432,889
UBS-Barclays
Commercial
Mortgage
Trust
Series
2013-C5,
Class
A4,
3.18%,
3/10/2046
6,270,000
6,457,444
Series
2013-C6,
Class
A4,
3.24%,
4/10/2046
4,440,000
4,597,469
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2013-LC12,
Class
A4,
4.22%,
7/15/2046(b)
1,505,000
1,590,858
WFRBS
Commercial
Mortgage
Trust
,
Series
2014-C19,
Class
A5,
4.10%,
3/15/2047
3,490,000
3,770,211
Total
Commercial
Mortgage-Backed
Securities
(cost
$41,927,924)
42,592,697
Corporate
Bonds
45.2%
Aerospace
&
Defense
0.1%
Boeing
Co.
(The)
,
2.20%,
2/4/2026
525,000
529,758
Automobiles
1.2%
BMW
US
Capital
LLC
,
1.85%,
9/15/2021(a)
1,090,000
1,091,166
Corporate
Bonds
Principal
Amount
($)
Value
($)
Automobiles
Hyundai
Capital
America
,
3.95%,
2/1/2022(a)
1,320,000
1,342,396
1.80%,
1/10/2028(a)
935,000
932,529
Kia
Corp.
,
1.00%,
4/16/2024(a)
400,000
402,511
Nissan
Motor
Co.
Ltd.
,
4.35%,
9/17/2027(a)
1,405,000
1,560,560
Volkswagen
Group
of
America
Finance
LLC
,
3.35%,
5/13/2025(a)
490,000
530,409
1.25%,
11/24/2025(a)
1,590,000
1,595,299
7,454,870
Banks
12.7%
ANZ
New
Zealand
Int'l
Ltd.
,
1.90%,
2/13/2023(a)
1,415,000
1,449,736
1.25%,
6/22/2026(a)
1,600,000
1,612,012
Banco
Bilbao
Vizcaya
Argentaria
SA
,
0.88%,
9/18/2023
1,400,000
1,407,111
Banco
Santander
SA
,
2.96%,
3/25/2031
800,000
836,327
Bank
of
America
Corp.
,
(SOFR
+
1.06%),
2.09%,
6/14/2029(c)
2,065,000
2,102,729
(ICE
LIBOR
USD
3
Month
+
1.32%),
4.08%,
4/23/2040(c)
570,000
670,534
(SOFR
+
1.56%),
2.97%,
7/21/2052(c)
1,510,000
1,524,812
Bank
of
Ireland
Group
plc
,
4.50%,
11/25/2023(a)
620,000
669,733
Bank
of
Montreal
,
1.85%,
5/1/2025
330,000
341,990
Bank
of
New
Zealand
,
2.00%,
2/21/2025(a)
2,080,000
2,157,878
Bank
of
Nova
Scotia
(The)
,
1.63%,
5/1/2023
2,505,000
2,563,066
2.15%,
8/1/2031
1,410,000
1,429,037
Banque
Federative
du
Credit
Mutuel
SA
,
3.75%,
7/20/2023(a)
765,000
813,766
2.38%,
11/21/2024(a)
985,000
1,031,983
Barclays
plc
,
(ICE
LIBOR
USD
3
Month
+
1.40%),
4.61%,
2/15/2023(c)
945,000
965,984
(ICE
LIBOR
USD
3
Month
+
1.61%),
3.93%,
5/7/2025(c)
545,000
588,065
BNP
Paribas
SA
,
(SOFR
+
2.07%),
2.22%,
6/9/2026(a)(c)
1,270,000
1,313,885
(SOFR
+
1.00%),
1.32%,
1/13/2027(a)(c)
210,000
208,073
(SOFR
+
1.39%),
2.87%,
4/19/2032(a)(c)
1,510,000
1,570,199
Citigroup,
Inc.
,
(SOFR
+
0.67%),
0.98%,
5/1/2025(c)
395,000
397,155
(SOFR
+
2.84%),
3.11%,
4/8/2026(c)
535,000
572,856
Nationwide
Loomis
Core
Bond
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
33
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
Comerica,
Inc.
,
3.70%,
7/31/2023
570,000
605,284
Cooperatieve
Rabobank
UA
,
2.75%,
1/10/2023
460,000
476,861
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.55%),
1.11%,
2/24/2027(a)(c)
1,630,000
1,619,265
Credit
Agricole
SA
,
(SOFR
+
1.68%),
1.91%,
6/16/2026(a)(c)
1,395,000
1,427,866
Danske
Bank
A/S
,
3.88%,
9/12/2023(a)
1,910,000
2,031,703
DNB
Bank
ASA
,
2.15%,
12/2/2022(a)
200,000
205,021
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.85%),
1.13%,
9/16/2026(a)(c)
1,990,000
1,988,724
HSBC
Holdings
plc
,
(SOFR
+
1.19%),
2.80%,
5/24/2032(c)
1,030,000
1,068,323
ING
Groep
NV
,
(SOFR
+
1.32%),
2.73%,
4/1/2032(c)
380,000
398,715
JPMorgan
Chase
&
Co.
,
(ICE
LIBOR
USD
3
Month
+
0.70%),
3.21%,
4/1/2023(c)
955,000
973,268
(SOFR
+
1.46%),
1.51%,
6/1/2024(c)
965,000
983,780
(SOFR
+
0.58%),
0.97%,
6/23/2025(c)
2,605,000
2,616,358
(SOFR
+
1.02%),
2.07%,
6/1/2029(c)
1,820,000
1,853,589
Lloyds
Banking
Group
plc
,
4.05%,
8/16/2023
905,000
967,929
Mitsubishi
UFJ
Financial
Group,
Inc.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.95%),
2.31%,
7/20/2032(c)
1,415,000
1,443,120
Mizuho
Financial
Group,
Inc.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.90%),
2.26%,
7/9/2032(c)
2,120,000
2,134,674
National
Australia
Bank
Ltd.
,
3.70%,
11/4/2021
1,675,000
1,689,890
Natwest
Group
plc
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.90%),
1.64%,
6/14/2027(c)
320,000
321,781
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.55%),
3.07%,
5/22/2028(c)
880,000
939,596
NatWest
Markets
plc
,
3.63%,
9/29/2022(a)
1,920,000
1,993,070
0.80%,
8/12/2024(a)
585,000
584,436
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
Royal
Bank
of
Canada
,
0.65%,
7/29/2024
1,815,000
1,816,852
1.15%,
6/10/2025
2,575,000
2,598,828
1.20%,
4/27/2026
210,000
210,620
Santander
Holdings
USA,
Inc.
,
3.45%,
6/2/2025
1,475,000
1,591,111
Santander
UK
Group
Holdings
plc
,
(SOFR
+
1.48%),
2.90%,
3/15/2032(c)
1,575,000
1,644,865
Societe
Generale
SA
,
1.38%,
7/8/2025(a)
1,080,000
1,094,247
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.00%),
1.79%,
6/9/2027(a)(c)
2,120,000
2,128,427
Standard
Chartered
plc
,
(ICE
LIBOR
USD
3
Month
+
1.21%),
2.82%,
1/30/2026(a)(c)
1,400,000
1,469,203
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.20%),
2.68%,
6/29/2032(a)(c)
1,945,000
1,971,696
Sumitomo
Mitsui
Financial
Group,
Inc.
,
2.78%,
7/12/2022
350,000
358,295
Sumitomo
Mitsui
Trust
Bank
Ltd.
,
0.85%,
3/25/2024(a)
1,505,000
1,512,285
Toronto-Dominion
Bank
(The)
,
0.75%,
9/11/2025
1,895,000
1,884,278
Truist
Financial
Corp.
,
3.05%,
6/20/2022
1,620,000
1,656,418
(SOFR
+
0.61%),
1.27%,
3/2/2027(c)
625,000
628,314
(SOFR
+
0.86%),
1.89%,
6/7/2029(c)
885,000
899,385
UniCredit
SpA
,
3.75%,
4/12/2022(a)
1,730,000
1,766,688
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.30%),
2.57%,
9/22/2026(a)(c)
1,090,000
1,112,485
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.20%),
1.98%,
6/3/2027(a)(c)
585,000
586,383
Wells
Fargo
&
Co.
,
(SOFR
+
2.00%),
2.19%,
4/30/2026(c)
635,000
660,868
Westpac
Banking
Corp.
,
2.15%,
6/3/2031
1,150,000
1,183,462
77,324,894
Beverages
0.6%
Brown-Forman
Corp.
,
3.50%,
4/15/2025
390,000
427,349
Coca-Cola
Co.
(The)
,
2.25%,
1/5/2032
765,000
799,162
34
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Loomis
Core
Bond
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Beverages
Coca-Cola
Europacific
Partners
plc
,
0.80%,
5/3/2024(a)
1,790,000
1,789,922
Constellation
Brands,
Inc.
,
2.25%,
8/1/2031
705,000
710,928
3,727,361
Building
Products
0.1%
Masco
Corp.
,
1.50%,
2/15/2028
540,000
535,196
Capital
Markets
5.7%
Ares
Capital
Corp.
,
4.25%,
3/1/2025
45,000
48,771
3.25%,
7/15/2025
1,310,000
1,388,831
Bank
of
New
York
Mellon
Corp.
(The)
,
1.60%,
4/24/2025
1,135,000
1,168,032
1.80%,
7/28/2031
1,490,000
1,493,197
Blackstone
Holdings
Finance
Co.
LLC
,
2.85%,
8/5/2051(a)
1,510,000
1,514,567
Blue
Owl
Finance
LLC
,
3.13%,
6/10/2031(a)
1,510,000
1,527,076
Brookfield
Finance
I
UK
plc
,
2.34%,
1/30/2032
1,035,000
1,046,050
Charles
Schwab
Corp.
(The)
,
2.00%,
3/20/2028
870,000
903,281
Credit
Suisse
Group
AG
,
(SOFR
+
2.04%),
2.19%,
6/5/2026(a)(c)
840,000
864,678
(SOFR
+
1.73%),
3.09%,
5/14/2032(a)(c)
1,245,000
1,300,482
Deutsche
Bank
AG
,
(SOFR
+
1.13%),
1.45%,
4/1/2025(c)
335,000
337,701
(SOFR
+
2.58%),
3.96%,
11/26/2025(c)
665,000
722,369
1.69%,
3/19/2026
150,000
152,275
(SOFR
+
1.72%),
3.04%,
5/28/2032(c)
330,000
341,319
E*TRADE
Financial
Corp.
,
2.95%,
8/24/2022
1,075,000
1,103,737
FS
KKR
Capital
Corp.
,
4.13%,
2/1/2025
230,000
244,513
3.40%,
1/15/2026
600,000
626,643
Goldman
Sachs
Group,
Inc.
(The)
,
(SOFR
+
0.79%),
1.09%,
12/9/2026(c)
1,670,000
1,659,015
(SOFR
+
0.80%),
1.43%,
3/9/2027(c)
810,000
813,914
(SOFR
+
1.25%),
2.38%,
7/21/2032(c)
1,435,000
1,460,026
Lehman
Brothers
Holdings,
Inc.
,
5.63%,
1/24/2013(d)
4,000,000
27,200
Macquarie
Bank
Ltd.
,
2.10%,
10/17/2022(a)
1,870,000
1,911,982
Macquarie
Group
Ltd.
,
(SOFR
+
1.07%),
1.34%,
1/12/2027(a)(c)
765,000
763,604
Corporate
Bonds
Principal
Amount
($)
Value
($)
Capital
Markets
Macquarie
Group
Ltd.,
(SOFR
+
1.44%),
2.69%,
6/23/2032(a)(c)
1,530,000
1,560,324
Morgan
Stanley
,
(SOFR
+
0.53%),
0.79%,
5/30/2025(c)
1,515,000
1,512,801
(SOFR
+
0.86%),
1.51%,
7/20/2027(c)
1,425,000
1,436,870
Nomura
Holdings,
Inc.
,
2.61%,
7/14/2031
925,000
939,220
Northern
Trust
Corp.
,
(ICE
LIBOR
USD
3
Month
+
1.13%),
3.38%,
5/8/2032(c)
1,175,000
1,288,353
Oaktree
Specialty
Lending
Corp.
,
3.50%,
2/25/2025
260,000
274,081
Owl
Rock
Capital
Corp.
,
4.25%,
1/15/2026
895,000
967,551
3.40%,
7/15/2026
560,000
588,718
Owl
Rock
Technology
Finance
Corp.
,
3.75%,
6/17/2026(a)
685,000
729,268
State
Street
Corp.
,
(ICE
LIBOR
USD
3
Month
+
0.64%),
2.65%,
5/15/2023(c)
1,080,000
1,100,392
(SOFR
+
2.60%),
2.90%,
3/30/2026(c)
495,000
530,683
UBS
AG
,
1.75%,
4/21/2022(a)
2,505,000
2,529,870
34,877,394
Chemicals
0.1%
Cabot
Corp.
,
4.00%,
7/1/2029
625,000
687,322
Huntsman
International
LLC
,
2.95%,
6/15/2031
235,000
243,735
931,057
Commercial
Services
&
Supplies
0.1%
Waste
Management,
Inc.
,
1.50%,
3/15/2031
705,000
682,212
Communications
Equipment
0.1%
Juniper
Networks,
Inc.
,
1.20%,
12/10/2025
400,000
400,601
Construction
Materials
0.5%
Eagle
Materials,
Inc.
,
2.50%,
7/1/2031
1,535,000
1,551,758
Martin
Marietta
Materials,
Inc.
,
3.20%,
7/15/2051
1,550,000
1,586,219
3,137,977
Consumer
Finance
2.8%
AerCap
Ireland
Capital
DAC
,
3.15%,
2/15/2024
855,000
897,531
Ally
Financial,
Inc.
,
1.45%,
10/2/2023
1,515,000
1,538,305
American
Express
Co.
,
3.70%,
8/3/2023
1,005,000
1,068,916
Nationwide
Loomis
Core
Bond
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
35
Corporate
Bonds
Principal
Amount
($)
Value
($)
Consumer
Finance
American
Honda
Finance
Corp.
,
3.63%,
10/10/2023
575,000
615,637
2.15%,
9/10/2024
200,000
209,073
Avolon
Holdings
Funding
Ltd.
,
3.63%,
5/1/2022(a)
87,000
88,688
4.25%,
4/15/2026(a)
885,000
967,496
2.75%,
2/21/2028(a)
495,000
499,509
BOC
Aviation
USA
Corp.
,
1.63%,
4/29/2024(a)
575,000
580,049
Capital
One
Financial
Corp.
,
3.90%,
1/29/2024
1,325,000
1,426,897
(SOFR
+
1.34%),
2.36%,
7/29/2032(c)
1,485,000
1,498,659
Caterpillar
Financial
Services
Corp.
,
0.80%,
11/13/2025
1,060,000
1,058,923
Ford
Motor
Credit
Co.
LLC
,
2.98%,
8/3/2022
1,400,000
1,417,500
Harley-Davidson
Financial
Services,
Inc.
,
4.05%,
2/4/2022(a)
400,000
407,338
3.35%,
6/8/2025(a)
535,000
572,500
John
Deere
Capital
Corp.
,
1.50%,
3/6/2028
1,415,000
1,425,370
2.00%,
6/17/2031
320,000
327,020
LeasePlan
Corp.
NV
,
2.88%,
10/24/2024(a)
780,000
819,388
Toyota
Motor
Credit
Corp.
,
1.90%,
4/6/2028
1,640,000
1,695,277
17,114,076
Containers
&
Packaging
0.2%
Berry
Global,
Inc.
,
1.57%,
1/15/2026(a)
955,000
960,539
Diversified
Financial
Services
1.1%
AIG
Global
Funding
,
0.65%,
6/17/2024(a)
1,060,000
1,059,851
0.90%,
9/22/2025(a)
1,010,000
1,003,896
Antares
Holdings
LP
,
2.75%,
1/15/2027(a)
545,000
545,665
Element
Fleet
Management
Corp.
,
3.85%,
6/15/2025(a)
815,000
883,399
GE
Capital
Funding
LLC
,
4.05%,
5/15/2027
875,000
997,755
Mitsubishi
HC
Capital,
Inc.
,
2.65%,
9/19/2022(a)
1,400,000
1,430,601
ORIX
Corp.
,
3.25%,
12/4/2024
635,000
686,182
Pine
Street
Trust
II
,
5.57%,
2/15/2049(a)
275,000
367,988
6,975,337
Diversified
Telecommunication
Services
0.6%
AT&T,
Inc.
,
3.65%,
6/1/2051
1,125,000
1,192,297
NBN
Co.
Ltd.
,
2.63%,
5/5/2031(a)
1,280,000
1,329,435
Corporate
Bonds
Principal
Amount
($)
Value
($)
Diversified
Telecommunication
Services
Verizon
Communications,
Inc.
,
2.10%,
3/22/2028
830,000
853,362
3,375,094
Electric
Utilities
3.3%
AEP
Texas,
Inc.
,
3.45%,
5/15/2051
1,100,000
1,181,956
Alabama
Power
Co.
,
3.13%,
7/15/2051
1,535,000
1,636,066
Alliant
Energy
Finance
LLC
,
4.25%,
6/15/2028(a)
1,335,000
1,537,855
American
Electric
Power
Co.,
Inc.
,
Series
J,
4.30%,
12/1/2028
1,000,000
1,163,441
Duke
Energy
Corp.
,
0.90%,
9/15/2025
1,030,000
1,025,718
Enel
Finance
International
NV
,
2.25%,
7/12/2031(a)
1,400,000
1,419,936
Entergy
Corp.
,
0.90%,
9/15/2025
1,100,000
1,094,015
2.40%,
6/15/2031
425,000
432,507
Entergy
Texas,
Inc.
,
3.45%,
12/1/2027
415,000
453,573
MidAmerican
Energy
Co.
,
2.70%,
8/1/2052
1,520,000
1,532,019
Mississippi
Power
Co.
,
Series
B,
3.10%,
7/30/2051
1,005,000
1,042,370
New
England
Power
Co.
,
2.81%,
10/6/2050(a)
1,000,000
950,300
NextEra
Energy
Capital
Holdings,
Inc.
,
0.65%,
3/1/2023
1,535,000
1,540,529
Pacific
Gas
and
Electric
Co.
,
(ICE
LIBOR
USD
3
Month
+
1.38%),
1.53%,
11/15/2021(c)
1,520,000
1,521,624
3.00%,
6/15/2028
865,000
865,603
PacifiCorp
,
2.90%,
6/15/2052
1,510,000
1,539,340
Southern
California
Edison
Co.
,
Series
G,
2.50%,
6/1/2031
665,000
674,022
Southwestern
Electric
Power
Co.
,
Series
N,
1.65%,
3/15/2026
440,000
448,995
20,059,869
Electronic
Equipment,
Instruments
&
Components
0.4%
Amphenol
Corp.
,
2.05%,
3/1/2025
230,000
239,507
Avnet,
Inc.
,
3.00%,
5/15/2031
710,000
719,089
Flex
Ltd.
,
4.88%,
6/15/2029
425,000
492,960
SYNNEX
Corp.
,
1.75%,
8/9/2026(a)
915,000
914,246
2,365,802
Entertainment
0.1%
Activision
Blizzard,
Inc.
,
2.50%,
9/15/2050
425,000
388,016
36
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Loomis
Core
Bond
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Equity
Real
Estate
Investment
Trusts
(REITs)
0.5%
American
Homes
4
Rent
LP
,
3.38%,
7/15/2051
145,000
150,010
Office
Properties
Income
Trust
,
4.50%,
2/1/2025
1,155,000
1,252,484
Omega
Healthcare
Investors,
Inc.
,
4.50%,
1/15/2025
405,000
444,180
3.38%,
2/1/2031
470,000
488,987
Piedmont
Operating
Partnership
LP
,
3.15%,
8/15/2030
370,000
383,664
Simon
Property
Group
LP
,
1.75%,
2/1/2028
535,000
539,457
3,258,782
Food
&
Staples
Retailing
0.3%
Alimentation
Couche-Tard,
Inc.
,
3.63%,
5/13/2051(a)
760,000
821,602
CK
Hutchison
International
21
Ltd.
,
1.50%,
4/15/2026(a)
915,000
926,126
1,747,728
Food
Products
0.6%
Bunge
Ltd.
Finance
Corp.
,
4.35%,
3/15/2024
1,000,000
1,088,451
2.75%,
5/14/2031
1,050,000
1,077,351
Mondelez
International,
Inc.
,
2.75%,
4/13/2030
355,000
378,803
Viterra
Finance
BV
,
2.00%,
4/21/2026(a)
900,000
911,607
3,456,212
Health
Care
Equipment
&
Supplies
0.4%
Abbott
Laboratories
,
3.40%,
11/30/2023
1,508,000
1,609,702
DH
Europe
Finance
II
Sarl
,
2.20%,
11/15/2024
840,000
878,595
2,488,297
Health
Care
Providers
&
Services
1.6%
AmerisourceBergen
Corp.
,
2.70%,
3/15/2031
1,070,000
1,118,734
Anthem,
Inc.
,
4.10%,
3/1/2028
1,000,000
1,152,425
Centene
Corp.
,
3.00%,
10/15/2030
610,000
633,875
2.50%,
3/1/2031
620,000
620,775
2.63%,
8/1/2031
1,020,000
1,027,650
Cigna
Corp.
,
3.75%,
7/15/2023
327,000
347,264
CVS
Health
Corp.
,
4.30%,
3/25/2028
381,000
441,148
Fresenius
Medical
Care
US
Finance
III,
Inc.
,
3.00%,
12/1/2031(a)
1,420,000
1,480,879
HCA,
Inc.
,
3.50%,
7/15/2051
1,545,000
1,595,240
Corporate
Bonds
Principal
Amount
($)
Value
($)
Health
Care
Providers
&
Services
Laboratory
Corp.
of
America
Holdings
,
2.70%,
6/1/2031
1,230,000
1,277,921
9,695,911
Hotels,
Restaurants
&
Leisure
0.2%
Choice
Hotels
International,
Inc.
,
3.70%,
12/1/2029
160,000
174,619
Expedia
Group,
Inc.
,
6.25%,
5/1/2025(a)
319,000
372,052
Marriott
International,
Inc.
,
Series
Z,
4.15%,
12/1/2023
655,000
703,047
1,249,718
Household
Durables
0.2%
Panasonic
Corp.
,
2.54%,
7/19/2022(a)
975,000
992,465
Independent
Power
and
Renewable
Electricity
Producers
0.6%
AES
Corp.
(The)
,
3.30%,
7/15/2025(a)
795,000
849,298
1.38%,
1/15/2026(a)
1,265,000
1,262,799
Exelon
Generation
Co.
LLC
,
4.25%,
6/15/2022
1,330,000
1,362,247
3,474,344
Insurance
2.6%
American
Financial
Group,
Inc.
,
3.50%,
8/15/2026
1,075,000
1,177,219
Assurant,
Inc.
,
4.20%,
9/27/2023
565,000
606,047
Athene
Global
Funding
,
1.61%,
6/29/2026(a)
1,380,000
1,395,209
2.50%,
3/24/2028(a)
1,495,000
1,555,116
Brighthouse
Financial
Global
Funding
,
1.00%,
4/12/2024(a)
395,000
397,764
Brighthouse
Financial,
Inc.
,
4.70%,
6/22/2047
338,000
379,663
Equitable
Financial
Life
Global
Funding
,
1.80%,
3/8/2028(a)
620,000
625,574
GA
Global
Funding
Trust
,
1.00%,
4/8/2024(a)
1,470,000
1,480,424
Great-West
Lifeco
US
Finance
2020
LP
,
0.90%,
8/12/2025(a)
1,225,000
1,219,549
Jackson
National
Life
Global
Funding
,
3.88%,
6/11/2025(a)
195,000
215,005
Markel
Corp.
,
3.45%,
5/7/2052
1,515,000
1,609,678
New
York
Life
Global
Funding
,
1.85%,
8/1/2031(a)
1,485,000
1,485,324
Reliance
Standard
Life
Global
Funding
II
,
3.85%,
9/19/2023(a)
960,000
1,024,460
2.75%,
5/7/2025(a)
1,270,000
1,344,165
Nationwide
Loomis
Core
Bond
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
37
Corporate
Bonds
Principal
Amount
($)
Value
($)
Insurance
Unum
Group
,
4.13%,
6/15/2051
1,535,000
1,564,788
16,079,985
Internet
&
Direct
Marketing
Retail
0.6%
Amazon.com,
Inc.
,
3.10%,
5/12/2051
760,000
818,708
eBay,
Inc.
,
3.65%,
5/10/2051
760,000
836,168
Prosus
NV
,
3.06%,
7/13/2031(a)
1,790,000
1,767,866
3,422,742
IT
Services
0.7%
Automatic
Data
Processing,
Inc.
,
1.70%,
5/15/2028
915,000
934,813
Broadridge
Financial
Solutions,
Inc.
,
2.60%,
5/1/2031
195,000
202,768
DXC
Technology
Co.
,
4.13%,
4/15/2025
215,000
236,470
Fidelity
National
Information
Services,
Inc.
,
1.15%,
3/1/2026
1,200,000
1,201,709
Western
Union
Co.
(The)
,
4.25%,
6/9/2023
645,000
686,511
1.35%,
3/15/2026
840,000
840,365
4,102,636
Leisure
Products
0.1%
Hasbro,
Inc.
,
3.55%,
11/19/2026
710,000
783,147
Machinery
0.3%
CNH
Industrial
Capital
LLC
,
1.95%,
7/2/2023
560,000
574,470
Kennametal,
Inc.
,
4.63%,
6/15/2028
380,000
433,551
Timken
Co.
(The)
,
4.50%,
12/15/2028
660,000
748,996
1,757,017
Media
0.3%
Cox
Communications,
Inc.
,
2.60%,
6/15/2031(a)
1,175,000
1,210,829
ViacomCBS,
Inc.
,
6.88%,
4/30/2036
440,000
640,175
1,851,004
Metals
&
Mining
0.2%
Anglo
American
Capital
plc
,
2.25%,
3/17/2028(a)
710,000
723,500
Glencore
Funding
LLC
,
4.13%,
3/12/2024(a)
290,000
312,581
1,036,081
Multi-Utilities
0.7%
Ameren
Corp.
,
1.75%,
3/15/2028
770,000
771,812
Consolidated
Edison
Co.
of
New
York,
Inc.
,
3.60%,
6/15/2061
1,515,000
1,671,773
Corporate
Bonds
Principal
Amount
($)
Value
($)
Multi-Utilities
Dominion
Energy,
Inc.
,
3.07%,
8/15/2024(e)
405,000
430,990
DTE
Energy
Co.
,
Series
C,
2.53%,
10/1/2024(e)
495,000
519,284
Series
F,
1.05%,
6/1/2025
660,000
662,071
4,055,930
Oil,
Gas
&
Consumable
Fuels
1.3%
Aker
BP
ASA
,
3.75%,
1/15/2030(a)
330,000
358,563
Diamondback
Energy,
Inc.
,
0.90%,
3/24/2023
355,000
354,904
4.75%,
5/31/2025
805,000
903,803
Enbridge,
Inc.
,
3.40%,
8/1/2051
690,000
711,408
Kinder
Morgan,
Inc.
,
7.80%,
8/1/2031
1,195,000
1,730,022
Lundin
Energy
Finance
BV
,
3.10%,
7/15/2031(a)
500,000
511,390
Midwest
Connector
Capital
Co.
LLC
,
3.63%,
4/1/2022(a)
830,000
842,373
ONEOK,
Inc.
,
7.15%,
1/15/2051
470,000
702,046
Pioneer
Natural
Resources
Co.
,
0.55%,
5/15/2023
900,000
901,093
Qatar
Petroleum
,
3.30%,
7/12/2051(a)
795,000
823,819
Williams
Cos.,
Inc.
(The)
,
2.60%,
3/15/2031
375,000
386,110
8,225,531
Paper
&
Forest
Products
0.2%
Suzano
Austria
GmbH
,
3.13%,
1/15/2032
1,000,000
991,000
Pharmaceuticals
0.4%
Bayer
US
Finance
II
LLC
,
3.38%,
7/15/2024(a)
605,000
644,976
Pfizer,
Inc.
,
3.45%,
3/15/2029
1,000,000
1,136,307
Royalty
Pharma
plc
,
3.55%,
9/2/2050(a)
675,000
684,948
2,466,231
Road
&
Rail
0.5%
DAE
Funding
LLC
,
1.55%,
8/1/2024(a)
525,000
524,475
Penske
Truck
Leasing
Co.
LP
,
4.13%,
8/1/2023(a)
1,315,000
1,396,953
4.00%,
7/15/2025(a)
400,000
443,190
Ryder
System,
Inc.
,
4.63%,
6/1/2025
745,000
840,724
3,205,342
Semiconductors
&
Semiconductor
Equipment
0.5%
Marvell
Technology,
Inc.
,
4.20%,
6/22/2023(a)
940,000
997,343
Microchip
Technology,
Inc.
,
2.67%,
9/1/2023
860,000
893,299
0.97%,
2/15/2024(a)
240,000
240,451
38
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Loomis
Core
Bond
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Semiconductors
&
Semiconductor
Equipment
NVIDIA
Corp.
,
2.00%,
6/15/2031
970,000
987,157
3,118,250
Software
0.3%
Infor,
Inc.
,
1.45%,
7/15/2023(a)
585,000
592,135
salesforce.com,
Inc.
,
2.90%,
7/15/2051
1,500,000
1,538,398
2,130,533
Specialty
Retail
0.4%
AutoNation,
Inc.
,
3.50%,
11/15/2024
800,000
861,527
4.50%,
10/1/2025
675,000
752,746
2.40%,
8/1/2031
795,000
799,448
2,413,721
Technology
Hardware,
Storage
&
Peripherals
0.7%
Hewlett
Packard
Enterprise
Co.
,
3.50%,
10/5/2021
415,000
416,203
4.65%,
10/1/2024
945,000
1,048,276
HP,
Inc.
,
1.45%,
6/17/2026(a)
1,530,000
1,529,090
NetApp,
Inc.
,
1.88%,
6/22/2025
535,000
552,417
Seagate
HDD
Cayman
,
4.88%,
3/1/2024
685,000
742,992
4,288,978
Thrifts
&
Mortgage
Finance
0.2%
Nationwide
Building
Society
,
(ICE
LIBOR
USD
3
Month
+
1.39%),
4.36%,
8/1/2024(a)
(c)
1,310,000
1,403,014
Tobacco
0.2%
Altria
Group,
Inc.
,
3.70%,
2/4/2051
1,515,000
1,479,682
Trading
Companies
&
Distributors
0.6%
Air
Lease
Corp.
,
1.88%,
8/15/2026
900,000
908,394
Aircastle
Ltd.
,
2.85%,
1/26/2028(a)
885,000
908,153
Aviation
Capital
Group
LLC
,
3.88%,
5/1/2023(a)
835,000
874,015
WW
Grainger,
Inc.
,
1.85%,
2/15/2025
715,000
742,150
3,432,712
Transportation
Infrastructure
0.2%
Adani
Ports
&
Special
Economic
Zone
Ltd.
,
5.00%,
8/2/2041(a)
1,045,000
1,041,739
Wireless
Telecommunication
Services
0.1%
SK
Telecom
Co.
Ltd.
,
3.75%,
4/16/2023(a)
560,000
588,980
Total
Corporate
Bonds
(cost
$268,543,837)
275,077,765
Foreign
Government
Security
0.3%
Principal
Amount
($)
Value
($)
CHILE
0.3%
Republic
of
Chile
,
2.55%,
7/27/2033
1,525,000
1,555,149
Total
Foreign
Government
Security
(cost
$1,520,780)
1,555,149
Mortgage-Backed
Securities
9.7%
FNMA
UMBS
Pool
Pool#
292234
8.00%,
8/1/2024
147
147
Pool#
303300
8.50%,
5/1/2025
1,293
1,391
Pool#
342718
6.50%,
5/1/2026
9,167
10,306
Pool#
250764
7.50%,
12/1/2026
16,338
17,698
Pool#
415652
6.50%,
3/1/2028
1,936
2,177
Pool#
252212
6.50%,
1/1/2029
46,323
52,605
Pool#
504076
6.50%,
6/1/2029
23,569
27,031
Pool#
484939
6.50%,
6/1/2029
8,197
9,215
Pool#
252570
6.50%,
7/1/2029
20,970
23,932
Pool#
506638
6.50%,
8/1/2029
8,297
9,328
Pool#
535300
6.50%,
5/1/2030
26,156
30,081
Pool#
539932
7.00%,
5/1/2030
4,307
4,322
Pool#
MA3209
3.00%,
12/1/2047
2,068,592
2,176,404
Pool#
MA3275
3.00%,
2/1/2048
1,976,671
2,080,344
FNMA/FHLMC
UMBS,
15
Year,
Single
Family
TBA
2.00%,
8/25/2036
7,668,000
7,957,647
FNMA/FHLMC
UMBS,
30
Year,
Single
Family
TBA
2.50%,
8/25/2051
5,825,000
6,067,784
2.00%,
9/25/2051
14,136,000
14,387,245
2.50%,
9/25/2051
6,314,000
6,563,354
GNMA
I
Pool
Pool#
348637
7.50%,
5/15/2023
1,201
1,215
Pool#
354696
6.50%,
12/15/2023
1,502
1,680
Pool#
369270
6.50%,
12/15/2023
1,044
1,167
Pool#
368677
7.50%,
1/15/2024
3,252
3,291
Pool#
359986
7.50%,
1/15/2024
305
307
Pool#
362734
7.50%,
1/15/2024
108
108
Pool#
371909
6.50%,
2/15/2024
1,746
1,952
Nationwide
Loomis
Core
Bond
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
39
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
GNMA
I
Pool
Pool#
442138
8.00%,
11/15/2026
14,988
16,368
Pool#
399109
7.50%,
2/15/2027
5,829
6,204
Pool#
445661
7.50%,
7/15/2027
2,399
2,438
Pool#
443887
7.50%,
8/15/2027
4,078
4,143
Pool#
455381
7.50%,
8/15/2027
2,814
3,081
Pool#
450591
7.50%,
8/15/2027
494
506
Pool#
453295
7.50%,
8/15/2027
254
262
Pool#
446699
6.00%,
8/15/2028
6,906
7,731
Pool#
482748
6.00%,
9/15/2028
27,726
31,052
Pool#
460906
6.00%,
9/15/2028
4,298
4,804
Pool#
476969
6.50%,
1/15/2029
18,518
20,703
Pool#
781029
6.50%,
5/15/2029
60,102
68,435
Pool#
503106
6.50%,
6/15/2029
1,748
1,954
GNMA
TBA
2.00%,
8/15/2051
9,000,000
9,217,617
2.50%,
9/15/2051
10,000,000
10,376,172
Total
Mortgage-Backed
Securities
(cost
$58,462,019)
59,192,201
U.S.
Treasury
Obligations
20.9%
U.S.
Treasury
Bonds
4.25%,
5/15/2039
570,000
801,050
4.38%,
11/15/2039
2,400,000
3,429,750
1.13%,
5/15/2040
17,455,000
15,595,633
4.38%,
5/15/2040
8,870,000
12,725,332
2.25%,
8/15/2049
11,385,000
12,241,543
2.00%,
2/15/2050
8,630,000
8,804,623
1.63%,
11/15/2050
4,860,000
4,543,341
1.88%,
2/15/2051
4,625,000
4,592,481
2.38%,
5/15/2051
1,915,000
2,124,453
U.S.
Treasury
Notes
0.38%,
12/31/2025
9,535,000
9,435,180
0.50%,
2/28/2026
14,315,000
14,223,295
0.75%,
3/31/2026
6,225,000
6,252,964
0.88%,
6/30/2026
9,905,000
9,994,764
1.13%,
2/15/2031
15,325,000
15,190,906
1.63%,
5/15/2031
6,925,000
7,179,277
Total
U.S.
Treasury
Obligations
(cost
$126,082,030)
127,134,592
Short-Term
Investments
9.1%
Principal
Amount
($)
Value
($)
U.S.
Treasury
Obligations
9.1%
U.S.
Treasury
Bills
0.05%,
9/2/2021
6,120,000
6,119,763
0.04%,
11/4/2021
7,000,000
6,999,086
0.02%,
11/18/2021
15,000,000
14,997,739
0.03%,
12/2/2021
5,000,000
4,999,153
0.05%,
12/16/2021
10,000,000
9,998,017
0.05%,
12/23/2021
10,000,000
9,997,914
0.05%,
1/6/2022
2,000,000
1,999,520
Total
U.S.
Treasury
Obligations
(cost
$55,113,316)
55,111,192
Total
Short-Term
Investments
(cost
$55,113,316)
55,111,192
Total
Investments
(cost
$642,136,296)
—
107.5%
653,731,802
Liabilities
in
excess
of
other
assets
—
(7.5)%
(45,518,280)
NET
ASSETS
—
100.0%
$
608,213,522
(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,
2021
was
$140,839,893
which
represents
23.16%
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,
2021.
(c)
Variable
or
floating
rate
security,
linked
to
the
referenced
benchmark.
The
interest
rate
shown
was
the
current
rate
as
of
July
31,
2021.
(d)
Security
in
default.
(e)
Step
Bond.
Coupon
rate
is
set
for
an
initial
period
and
then
increases
to
a
higher
coupon
rate
at
a
specific
date.
The
rate
shown
is
the
rate
as
of
July
31,
2021.
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
40
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Loomis
Core
Bond
Fund
Nationwide
Loomis
Core
Bond
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
41
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
(a)
Futures
Contracts
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Asset-Backed
Securities
$
–
$
39,483,886
$
–
$
39,483,886
Collateralized
Mortgage
Obligations
–
53,584,320
–
53,584,320
Commercial
Mortgage-Backed
Securities
–
42,592,697
–
42,592,697
Corporate
Bonds
–
275,077,765
–
275,077,765
Foreign
Government
Security
–
1,555,149
–
1,555,149
Mortgage-Backed
Securities
–
59,192,201
–
59,192,201
Short-Term
Investments
–
55,111,192
–
55,111,192
U.S.
Treasury
Obligations
–
127,134,592
–
127,134,592
Total
$
–
$
653,731,802
$
–
$
653,731,802
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
42
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Loomis
Core
Bond
Fund
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
reducing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/
or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
price
of
the
futures
contracts
and
the
underlying
assets. The
Fund’s
investments
in
futures
contracts
entail
limited
counterparty
credit
risk
because the
Fund
invests
only
in
exchange
traded
futures
contracts,
which
are
settled
through
the
exchange
and
whose
fulfillment
is
guaranteed
by
the
credit
of
the
exchange.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
Nationwide
Loomis
Short
Term
Bond
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
43
Asset-Backed
Securities
22.7%
Principal
Amount
($)
Value
($)
Automobiles
18.3%
Ally
Auto
Receivables
Trust,
Series
2019-4,
Class
A3,
1.84%,
6/17/2024
941,225
949,205
American
Credit
Acceptance
Receivables
Trust
Series
2020-1,
Class
B,
2.08%,
12/13/2023(a)
92,029
92,215
Series
2021-1,
Class
A,
0.35%,
5/13/2024(a)
302,051
302,166
Series
2020-2,
Class
B,
2.48%,
9/13/2024(a)
165,000
166,885
Series
2021-2,
Class
A,
0.37%,
10/15/2024(a)
466,415
466,633
Series
2019-4,
Class
C,
2.69%,
12/12/2025(a)
840,000
849,304
Series
2021-3,
Class
B,
0.66%,
2/13/2026(a)
215,000
215,104
Americredit
Automobile
Receivables
Trust
Series
2019-1,
Class
A3,
2.97%,
11/20/2023
143,997
144,909
Series
2019-2,
Class
B,
2.54%,
7/18/2024
1,255,000
1,277,364
AmeriCredit
Automobile
Receivables
Trust
Series
2021-1,
Class
A3,
0.37%,
8/18/2025
730,000
731,244
Series
2020-2,
Class
B,
0.97%,
2/18/2026
25,000
25,176
Series
2020-3,
Class
C,
1.06%,
8/18/2026
55,000
55,559
Avis
Budget
Rental
Car
Funding
AESOP
LLC,
Series
2019-2A,
Class
A,
3.35%,
9/22/2025(a)
570,000
612,771
Bank
of
The
West
Auto
Trust,
Series
2019-1,
Class
A3,
2.43%,
4/15/2024(a)
348,073
352,085
Carmax
Auto
Owner
Trust
Series
2019-4,
Class
A2A,
2.01%,
3/15/2023
51,503
51,569
Series
2020-1,
Class
A2,
1.87%,
4/17/2023
266,925
267,589
Series
2021-1,
Class
A3,
0.34%,
12/15/2025
200,000
199,917
Carvana
Auto
Receivables
Trust,
Series
2021-N2,
Class
B,
0.75%,
3/10/2028
130,000
129,905
CPS
Auto
Receivables
Trust,
Series
2019-C,
Class
B,
2.63%,
8/15/2023(a)
24,481
24,501
Credit
Acceptance
Auto
Loan
Trust
Series
2019-3A,
Class
A,
2.38%,
11/15/2028(a)
250,000
254,513
Series
2020-2A,
Class
A,
1.37%,
7/16/2029(a)
280,000
283,450
Series
2021-3A,
Class
A,
1.00%,
5/15/2030(a)
275,000
276,177
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Automobiles
Donlen
Fleet
Lease
Funding
LLC,
Series
2021-2,
Class
A2,
0.56%,
12/11/2034(a)
460,000
460,842
Drive
Auto
Receivables
Trust
Series
2019-3,
Class
B,
2.65%,
2/15/2024
132,478
132,817
Series
2020-1,
Class
B,
2.08%,
7/15/2024
335,000
336,741
Series
2021-1,
Class
B,
0.65%,
7/15/2025
235,000
235,756
DT
Auto
Owner
Trust
Series
2019-1A,
Class
C,
3.61%,
11/15/2024(a)
207,340
208,866
Series
2021-1A,
Class
A,
0.35%,
1/15/2025(a)
333,879
334,077
Series
2019-2A,
Class
C,
3.18%,
2/18/2025(a)
85,000
85,968
Series
2020-2A,
Class
C,
3.28%,
3/16/2026(a)
135,000
140,476
Series
2020-3A,
Class
C,
1.47%,
6/15/2026(a)
225,000
227,328
Series
2021-2A,
Class
B,
0.81%,
1/15/2027(a)
175,000
175,671
Exeter
Automobile
Receivables
Trust
Series
2021-1A,
Class
A2,
0.30%,
6/15/2023
380,208
380,239
Series
2020-1A,
Class
B,
2.26%,
4/15/2024(a)
143,716
144,340
Series
2021-1A,
Class
B,
0.50%,
2/18/2025
135,000
135,140
Series
2020-2A,
Class
C,
3.28%,
5/15/2025(a)
185,000
190,621
Series
2020-3A,
Class
C,
1.32%,
7/15/2025
205,000
207,293
Series
2021-2A,
Class
B,
0.57%,
9/15/2025
195,000
195,389
First
Investors
Auto
Owner
Trust
Series
2019-1A,
Class
A,
2.89%,
3/15/2024(a)
34,164
34,276
Series
2019-2A,
Class
A,
2.21%,
9/16/2024(a)
101,219
101,851
Series
2021-1A,
Class
A,
0.45%,
3/16/2026(a)
178,454
178,617
Flagship
Credit
Auto
Trust
Series
2018-2,
Class
B,
3.56%,
5/15/2023(a)
170,528
170,878
Series
2020-1,
Class
A,
1.90%,
8/15/2024(a)
286,145
288,700
Series
2018-3,
Class
B,
3.59%,
12/16/2024(a)
188,527
189,395
Series
2020-1,
Class
B,
2.05%,
2/17/2025(a)
705,000
719,248
Series
2021-1,
Class
A,
0.31%,
6/16/2025(a)
486,892
486,952
Series
2021-2,
Class
B,
0.93%,
6/15/2027(a)
175,000
175,702
Ford
Credit
Auto
Lease
Trust,
Series
2020-A,
Class
A3,
1.85%,
3/15/2023
295,751
297,057
44
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Loomis
Short
Term
Bond
Fund
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Automobiles
Ford
Credit
Auto
Owner
Trust
Series
2019-C,
Class
A3,
1.87%,
3/15/2024
875,623
885,226
Series
2020-C,
Class
A3,
0.41%,
7/15/2025
270,000
270,565
Series
2021-A,
Class
A3,
0.30%,
8/15/2025
475,000
475,015
Ford
Credit
Floorplan
Master
Owner
Trust,
Series
2019-1,
Class
A,
2.84%,
3/15/2024
735,000
746,916
GLS
Auto
Receivables
Issuer
Trust
Series
2020-3A,
Class
B,
1.38%,
8/15/2024(a)
425,000
427,747
Series
2019-4A,
Class
B,
2.78%,
9/16/2024(a)
260,000
264,877
Series
2020-4A,
Class
C,
1.14%,
11/17/2025(a)
120,000
120,767
GLS
Auto
Receivables
Trust,
Series
2018-3A,
Class
B,
3.78%,
8/15/2023(a)
133,155
133,971
GM
Financial
Automobile
Leasing
Trust,
Series
2020-2,
Class
A3,
0.80%,
7/20/2023
105,000
105,517
GM
Financial
Consumer
Automobile
Receivables
Trust
Series
2019-3,
Class
A3,
2.18%,
4/16/2024
317,337
320,561
Series
2021-1,
Class
A3,
0.35%,
10/16/2025
185,000
185,338
GM
Financial
Leasing
Trust,
Series
2021-1,
Class
A3,
0.26%,
2/20/2024
585,000
585,601
Harley-Davidson
Motorcycle
Trust
Series
2020-A,
Class
A3,
1.87%,
10/15/2024
260,280
262,787
Series
2021-A,
Class
A3,
0.37%,
4/15/2026
330,000
330,322
Honda
Auto
Receivables
Owner
Trust
Series
2019-4,
Class
A3,
1.83%,
1/18/2024
1,090,000
1,101,780
Series
2021-1,
Class
A3,
0.27%,
4/21/2025
285,000
285,045
Hyundai
Auto
Lease
Securitization
Trust,
Series
2020-A,
Class
A3,
1.95%,
7/17/2023(a)
904,976
911,079
Hyundai
Auto
Receivables
Trust,
Series
2019-B,
Class
A3,
1.94%,
2/15/2024
711,589
718,772
Mercedes-Benz
Auto
Lease
Trust,
Series
2020-A,
Class
A3,
1.84%,
12/15/2022
426,054
428,863
NextGear
Floorplan
Master
Owner
Trust,
Series
2018-
2A,
Class
A2,
3.69%,
10/15/2023(a)
580,000
584,147
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Automobiles
Nissan
Auto
Lease
Trust,
Series
2020-A,
Class
A3,
1.84%,
1/17/2023
396,113
398,483
Prestige
Auto
Receivables
Trust
Series
2019-1A,
Class
A3,
2.45%,
5/15/2023(a)
267,216
267,768
Series
2020-1A,
Class
C,
1.31%,
11/16/2026(a)
480,000
484,765
Santander
Consumer
Auto
Receivables
Trust,
Series
2020-AA,
Class
C,
3.71%,
2/17/2026(a)
175,000
184,681
Santander
Drive
Auto
Receivables
Trust
Series
2021-1,
Class
A3,
0.32%,
9/16/2024
690,000
690,930
Series
2019-2,
Class
C,
2.90%,
10/15/2024
485,000
490,561
Series
2020-2,
Class
B,
0.96%,
11/15/2024
120,000
120,518
Series
2020-4,
Class
C,
1.01%,
1/15/2026
265,000
266,940
Series
2020-3,
Class
C,
1.12%,
1/15/2026
420,000
423,527
Series
2021-2,
Class
C,
0.90%,
6/15/2026
275,000
275,788
Series
2021-3,
Class
C,
0.95%,
9/15/2027
410,000
410,912
Toyota
Auto
Loan
Extended
Note
Trust,
Series
2020-
1A,
Class
A,
1.35%,
5/25/2033(a)
170,000
173,829
Toyota
Auto
Receivables
Owner
Trust
Series
2019-D,
Class
A3,
1.92%,
1/16/2024
1,080,000
1,092,102
Series
2020-A,
Class
A3,
1.66%,
5/15/2024
2,260,000
2,286,368
United
Auto
Credit
Securitization
Trust,
Series
2020-1,
Class
B,
1.47%,
11/10/2022(a)
403,370
403,970
Westlake
Automobile
Receivables
Trust
Series
2019-2A,
Class
B,
2.62%,
7/15/2024(a)
583,757
585,497
Series
2020-2A,
Class
C,
2.01%,
7/15/2025(a)
165,000
168,137
Series
2020-3A,
Class
C,
1.24%,
11/17/2025(a)
80,000
80,803
Series
2021-1A,
Class
B,
0.64%,
3/16/2026(a)
570,000
571,127
Wheels
SPV
2
LLC,
Series
2019-1A,
Class
A2,
2.30%,
5/22/2028(a)
112,002
112,792
World
Omni
Auto
Receivables
Trust
Series
2020-A,
Class
A2,
1.71%,
11/15/2022
648,843
651,731
Nationwide
Loomis
Short
Term
Bond
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
45
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Automobiles
Series
2020-A,
Class
A3,
1.70%,
1/17/2023
1,580,000
1,602,602
Series
2019-C,
Class
A3,
1.96%,
12/16/2024
1,307,920
1,322,062
Series
2020-B,
Class
A3,
0.63%,
5/15/2025
465,000
467,098
36,640,368
Credit
Card
1.1%
Barclays
Dryrock
Issuance
Trust,
Series
2019-1,
Class
A,
1.96%,
5/15/2025
925,000
940,509
World
Financial
Network
Credit
Card
Master
Trust,
Series
2019-B,
Class
A,
2.49%,
4/15/2026
1,200,000
1,223,958
2,164,467
Other
2.0%
Affirm
Asset
Securitization
Trust,
Series
2021-B,
Class
A,
1.03%,
8/15/2026(a)
220,000
220,026
CNH
Equipment
Trust,
Series
2020-A,
Class
A3,
1.16%,
6/16/2025
95,000
95,855
Diamond
Resorts
Owner
Trust,
Series
2018-1,
Class
A,
3.70%,
1/21/2031(a)
166,590
173,043
GreatAmerica
Leasing
Receivables
Funding
LLC
Series
2020-1,
Class
A2,
1.76%,
6/15/2022(a)
637,953
640,082
Series
2020-1,
Class
A3,
1.76%,
8/15/2023(a)
600,000
607,744
HPEFS
Equipment
Trust,
Series
2021-1A,
Class
A2,
0.27%,
3/20/2031(a)
340,000
340,154
Onemain
Financial
Issuance
Trust,
Series
2018-
1A,
Class
A,
3.30%,
3/14/2029(a)
1,234,073
1,238,296
SCF
Equipment
Leasing
LLC,
Series
2021-1A,
Class
A2,
0.42%,
8/20/2026(a)
605,000
605,175
Verizon
Owner
Trust,
Series
2018-A,
Class
A1A,
3.23%,
4/20/2023
105,075
105,766
4,026,141
Student
Loan
1.3%
Massachusetts
Educational
Financing
Authority,
Series
2018-A,
Class
A,
3.85%,
5/25/2033
284,589
303,126
Navient
Private
Education
Refi
Loan
Trust
Series
2020-HA,
Class
A,
1.31%,
1/15/2069(a)
212,697
214,542
Series
2021-A,
Class
A,
0.84%,
5/15/2069(a)
191,591
191,482
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Student
Loan
Series
2020-GA,
Class
A,
1.17%,
9/16/2069(a)
70,895
71,426
Series
2021-CA,
Class
A,
1.06%,
10/15/2069(a)
519,103
521,079
Series
2021-EA,
Class
A,
0.97%,
12/16/2069(a)
1,000,000
1,000,466
SoFi
Professional
Loan
Program
LLC,
Series
2018-A,
Class
A1,
0.44%,
2/25/2042(a)(b)
104,629
104,127
SoFi
Professional
Loan
Program
Trust,
Series
2020-
A,
Class
A1FX,
2.06%,
5/15/2046(a)
308,729
309,769
2,716,017
Total
Asset-Backed
Securities
(cost
$45,114,079)
45,546,993
Collateralized
Mortgage
Obligations
1.3%
FHLMC
REMICS
Series
4060,
Class
EA,
1.75%,
6/15/2022
17,546
17,612
Series
2611,
Class
HD,
5.00%,
5/15/2023
22,924
23,628
Series
3585,
Class
LA,
3.50%,
10/15/2024
6,759
6,995
Series
3609,
Class
LE,
3.00%,
12/15/2024
4
4
Series
3721,
Class
PE,
3.50%,
9/15/2040
66,886
72,026
FNMA
REMICS
Series
2012-99,
Class
TC,
1.50%,
9/25/2022
26,945
27,024
Series
2012-100,
Class
WA,
1.50%,
9/25/2027
150,868
153,553
Series
2012-93,
Class
DP,
1.50%,
9/25/2027
136,119
138,676
GNMA
REMICS
Series
2009-104,
Class
KE,
2.50%,
8/16/2039
20,401
20,802
Series
2009-88,
Class
QE,
3.00%,
9/16/2039
30,985
31,626
Series
2011-39,
Class
NE,
3.50%,
9/16/2039
64,721
67,960
Series
2010-H22,
Class
FE,
0.44%,
5/20/2059(b)
78,962
78,997
Series
2010-H02,
Class
FA,
0.78%,
2/20/2060(b)
276,534
277,879
Series
2011-H11,
Class
FA,
0.59%,
3/20/2061(b)
189,099
189,896
Series
2011-H23,
Class
HA,
3.00%,
12/20/2061
4,903
5,186
Series
2012-H18,
Class
NA,
0.61%,
8/20/2062(b)
83,117
83,476
Series
2016-H13,
Class
FT,
0.67%,
5/20/2066(b)
60,163
60,374
Series
2017-H25,
Class
FD,
0.24%,
12/20/2067(b)
89,525
89,221
46
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Loomis
Short
Term
Bond
Fund
Collateralized
Mortgage
Obligations
Principal
Amount
($)
Value
($)
Series
2019-H01,
Class
FJ,
0.39%,
9/20/2068(b)
170,706
170,673
Series
2019-H01,
Class
FT,
0.49%,
10/20/2068(b)
380,859
381,401
Series
2019-H13,
Class
FT,
0.49%,
8/20/2069(b)
632,775
632,246
Total
Collateralized
Mortgage
Obligations
(cost
$2,521,308)
2,529,255
Commercial
Mortgage-Backed
Securities
2.5%
BBCMS
Mortgage
Trust
,
Series
2020-BID,
Class
A,
2.23%,
10/15/2037(a)(b)
425,000
427,933
Benchmark
Mortgage
Trust
,
Series
2019-B10,
Class
A1,
2.79%,
3/15/2062
1,310,377
1,344,829
CSMC
OA
LLC
,
Series
2014-
USA,
Class
A2,
3.95%,
9/15/2037(a)
295,000
319,456
DROP
Mortgage
Trust
,
Series
2021-FILE,
Class
A,
1.24%,
4/15/2026(a)(b)
525,000
527,905
GS
Mortgage
Securities
Corp.
II
,
Series
2012-
BWTR,
Class
A,
2.95%,
11/5/2034(a)
350,000
355,315
GS
Mortgage
Securities
Corp.
Trust
,
Series
2013-PEMB,
Class
A,
3.55%,
3/5/2033(a)
(b)
100,000
104,760
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
Series
2013-C11,
Class
A4,
4.15%,
8/15/2046(b)
565,000
591,099
Starwood
Retail
Property
Trust
,
Series
2014-
STAR,
Class
A,
1.56%,
11/15/2027(a)(b)
336,810
222,294
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2013-LC12,
Class
A4,
4.22%,
7/15/2046(b)
1,015,000
1,072,904
Total
Commercial
Mortgage-Backed
Securities
(cost
$4,993,416)
4,966,495
Corporate
Bonds
59.6%
Aerospace
&
Defense
0.0%
†
Raytheon
Technologies
Corp.
,
3.65%,
8/16/2023
23,000
24,340
Airlines
0.2%
Southwest
Airlines
Co.
,
5.25%,
5/4/2025
255,000
291,114
United
Airlines,
Inc.
,
4.38%,
4/15/2026(a)
120,000
123,466
414,580
Corporate
Bonds
Principal
Amount
($)
Value
($)
Auto
Components
0.3%
Goodyear
Tire
&
Rubber
Co.
(The)
,
5.63%,
4/30/2033
235,000
249,687
Icahn
Enterprises
LP
,
5.25%,
5/15/2027
400,000
420,500
670,187
Automobiles
1.9%
BMW
Finance
NV
,
2.25%,
8/12/2022(a)
1,200,000
1,223,957
BMW
US
Capital
LLC
,
3.45%,
4/12/2023(a)
750,000
786,849
Hyundai
Capital
America
,
0.88%,
6/14/2024(a)
715,000
713,618
Kia
Corp.
,
1.00%,
4/16/2024(a)
205,000
206,287
Nissan
Motor
Co.
Ltd.
,
3.52%,
9/17/2025(a)
490,000
525,432
Volkswagen
Group
of
America
Finance
LLC
,
4.25%,
11/13/2023(a)
330,000
355,856
3,811,999
Banks
16.7%
Australia
&
New
Zealand
Banking
Group
Ltd.
,
2.05%,
11/21/2022
1,200,000
1,228,834
Banco
Bilbao
Vizcaya
Argentaria
SA
,
0.88%,
9/18/2023
600,000
603,048
Banco
Santander
SA
,
2.75%,
5/28/2025
600,000
632,985
Bank
of
Ireland
Group
plc
,
4.50%,
11/25/2023(a)
360,000
388,877
Bank
of
Montreal
,
2.05%,
11/1/2022
1,190,000
1,217,255
Bank
of
Nova
Scotia
(The)
,
1.95%,
2/1/2023
1,190,000
1,220,112
1.35%,
6/24/2026
300,000
302,699
Barclays
plc
,
(ICE
LIBOR
USD
3
Month
+
1.40%),
4.61%,
2/15/2023(c)
415,000
424,215
BNP
Paribas
SA
,
(ICE
LIBOR
USD
3
Month
+
2.24%),
4.70%,
1/10/2025(a)(c)
545,000
594,160
(SOFR
+
0.91%),
1.68%,
6/30/2027(a)(c)
290,000
292,216
Citigroup,
Inc.
,
(SOFR
+
0.87%),
2.31%,
11/4/2022(c)
335,000
336,689
(ICE
LIBOR
USD
3
Month
+
0.72%),
3.14%,
1/24/2023(c)
650,000
658,684
(SOFR
+
0.67%),
0.98%,
5/1/2025(c)
95,000
95,518
Comerica,
Inc.
,
3.70%,
7/31/2023
375,000
398,213
Cooperatieve
Rabobank
UA
,
(SOFR
+
0.30%),
0.35%,
1/12/2024(c)
1,080,000
1,081,866
Nationwide
Loomis
Short
Term
Bond
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
47
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
Credit
Agricole
SA
,
3.75%,
4/24/2023(a)
595,000
628,207
Danske
Bank
A/S
,
3.88%,
9/12/2023(a)
1,225,000
1,303,055
DNB
Bank
ASA
,
2.15%,
12/2/2022(a)
645,000
661,191
Fifth
Third
Bank
NA
,
1.80%,
1/30/2023
1,005,000
1,027,118
HSBC
Holdings
plc
,
(SOFR
+
1.54%),
1.64%,
4/18/2026(c)
710,000
720,636
ING
Groep
NV
,
4.10%,
10/2/2023
790,000
850,481
JPMorgan
Chase
&
Co.
,
(ICE
LIBOR
USD
3
Month
+
0.70%),
3.21%,
4/1/2023(c)
590,000
601,286
(SOFR
+
0.42%),
0.56%,
2/16/2025(c)
310,000
308,870
(SOFR
+
0.58%),
0.97%,
6/23/2025(c)
845,000
848,684
(SOFR
+
1.02%),
2.07%,
6/1/2029(c)
310,000
315,721
KeyBank
NA
,
3.30%,
2/1/2022
500,000
507,777
Lloyds
Banking
Group
plc
,
4.05%,
8/16/2023
340,000
363,642
Mitsubishi
UFJ
Financial
Group,
Inc.
,
2.67%,
7/25/2022
540,000
552,804
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.75%),
1.54%,
7/20/2027(c)
1,005,000
1,016,542
Mizuho
Financial
Group,
Inc.
,
(ICE
LIBOR
USD
3
Month
+
0.84%),
2.72%,
7/16/2023(c)
1,150,000
1,176,358
National
Australia
Bank
Ltd.
,
3.70%,
11/4/2021
1,125,000
1,135,001
1.88%,
12/13/2022
1,215,000
1,243,454
National
Bank
of
Canada
,
2.15%,
10/7/2022(a)
645,000
658,818
NatWest
Markets
plc
,
3.63%,
9/29/2022(a)
1,200,000
1,245,669
Royal
Bank
of
Canada
,
2.80%,
4/29/2022
545,000
555,493
Santander
Holdings
USA,
Inc.
,
3.45%,
6/2/2025
610,000
658,019
Skandinaviska
Enskilda
Banken
AB
,
2.20%,
12/12/2022(a)
1,210,000
1,241,309
Societe
Generale
SA
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.00%),
1.79%,
6/9/2027(a)(c)
990,000
993,935
Standard
Chartered
plc
,
(ICE
LIBOR
USD
3
Month
+
1.21%),
2.82%,
1/30/2026(a)(c)
820,000
860,533
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
Standard
Chartered
plc,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.20%),
2.68%,
6/29/2032(a)(c)
440,000
446,039
Svenska
Handelsbanken
AB
,
3.90%,
11/20/2023
685,000
741,148
Toronto-Dominion
Bank
(The)
,
(SOFR
+
0.24%),
0.29%,
1/6/2023(c)
1,075,000
1,075,901
Truist
Financial
Corp.
,
3.05%,
6/20/2022
395,000
403,880
UniCredit
SpA
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.30%),
2.57%,
9/22/2026(a)(c)
455,000
464,386
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.20%),
1.98%,
6/3/2027(a)(c)
200,000
200,473
Westpac
Banking
Corp.
,
2.80%,
1/11/2022
325,000
328,787
2.00%,
1/13/2023
605,000
620,067
2.15%,
6/3/2031
280,000
288,147
33,518,802
Beverages
0.9%
Bacardi
Ltd.
,
4.45%,
5/15/2025(a)
565,000
629,602
Coca-Cola
Europacific
Partners
plc
,
0.50%,
5/5/2023(a)
1,050,000
1,049,858
Constellation
Brands,
Inc.
,
2.25%,
8/1/2031
165,000
166,388
1,845,848
Biotechnology
0.3%
AbbVie,
Inc.
,
2.15%,
11/19/2021
580,000
583,384
HCRX
Investments
Holdco
LP
,
4.50%,
8/1/2029(a)
90,000
91,800
675,184
Building
Products
0.4%
Masonite
International
Corp.
,
3.50%,
2/15/2030(a)
700,000
705,376
Capital
Markets
5.8%
Ameriprise
Financial,
Inc.
,
3.00%,
3/22/2022
505,000
513,980
Ares
Capital
Corp.
,
3.25%,
7/15/2025
265,000
280,947
Blackstone
Holdings
Finance
Co.
LLC
,
1.63%,
8/5/2028(a)
1,005,000
1,005,181
Brookfield
Finance
I
UK
plc
,
2.34%,
1/30/2032
340,000
343,630
Credit
Suisse
AG
,
2.10%,
11/12/2021
415,000
417,237
48
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Loomis
Short
Term
Bond
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Capital
Markets
Credit
Suisse
Group
AG
,
(SOFR
+
1.73%),
3.09%,
5/14/2032(a)(c)
305,000
318,592
Deutsche
Bank
AG
,
(SOFR
+
1.13%),
1.45%,
4/1/2025(c)
455,000
458,669
FS
KKR
Capital
Corp.
,
4.13%,
2/1/2025
100,000
106,310
4.25%,
2/14/2025(a)
90,000
95,616
Goldman
Sachs
Group,
Inc.
(The)
,
Series
FXD,
0.48%,
1/27/2023
855,000
855,461
(SOFR
+
0.54%),
0.63%,
11/17/2023(c)
655,000
655,199
(SOFR
+
1.25%),
2.38%,
7/21/2032(c)
340,000
345,929
Lehman
Brothers
Holdings,
Inc.
,
5.63%,
1/24/2013(d)
500,000
3,400
Macquarie
Bank
Ltd.
,
2.10%,
10/17/2022(a)
1,210,000
1,237,165
Macquarie
Group
Ltd.
,
(SOFR
+
1.44%),
2.69%,
6/23/2032(a)(c)
355,000
362,036
Morgan
Stanley
,
(SOFR
+
0.46%),
0.53%,
1/25/2024(c)
1,080,000
1,080,301
(SOFR
+
0.62%),
0.73%,
4/5/2024(c)
835,000
837,806
(SOFR
+
0.53%),
0.79%,
5/30/2025(c)
1,020,000
1,018,519
Nomura
Holdings,
Inc.
,
1.65%,
7/14/2026
1,000,000
1,005,296
Oaktree
Specialty
Lending
Corp.
,
3.50%,
2/25/2025
150,000
158,124
Owl
Rock
Capital
Corp.
,
3.75%,
7/22/2025
180,000
191,330
3.40%,
7/15/2026
295,000
310,128
11,600,856
Chemicals
0.0%
†
Huntsman
International
LLC
,
2.95%,
6/15/2031
80,000
82,974
Commercial
Services
&
Supplies
0.4%
ADT
Security
Corp.
(The)
,
4.13%,
8/1/2029(a)
575,000
578,421
Nielsen
Finance
LLC
,
4.50%,
7/15/2029(a)
250,000
251,874
830,295
Construction
Materials
0.2%
Eagle
Materials,
Inc.
,
2.50%,
7/1/2031
355,000
358,876
Consumer
Finance
4.3%
AerCap
Ireland
Capital
DAC
,
3.15%,
2/15/2024
280,000
293,928
Ally
Financial,
Inc.
,
1.45%,
10/2/2023
520,000
527,999
Corporate
Bonds
Principal
Amount
($)
Value
($)
Consumer
Finance
American
Express
Co.
,
3.70%,
11/5/2021
1,310,000
1,317,803
3.70%,
8/3/2023
665,000
707,293
Avolon
Holdings
Funding
Ltd.
,
5.50%,
1/15/2026(a)
345,000
393,744
BOC
Aviation
USA
Corp.
,
1.63%,
4/29/2024(a)
205,000
206,800
Capital
One
Financial
Corp.
,
3.90%,
1/29/2024
855,000
920,752
(SOFR
+
1.34%),
2.36%,
7/29/2032(c)
495,000
499,553
Caterpillar
Financial
Services
Corp.
,
1.95%,
11/18/2022
320,000
327,452
0.65%,
7/7/2023
820,000
825,725
General
Motors
Financial
Co.,
Inc.
,
2.90%,
2/26/2025
290,000
307,786
Harley-Davidson
Financial
Services,
Inc.
,
4.05%,
2/4/2022(a)
230,000
234,219
3.35%,
6/8/2025(a)
70,000
74,907
LeasePlan
Corp.
NV
,
2.88%,
10/24/2024(a)
495,000
519,996
PACCAR
Financial
Corp.
,
1.90%,
2/7/2023
960,000
983,559
1.80%,
2/6/2025
135,000
140,197
Synchrony
Financial
,
2.85%,
7/25/2022
155,000
158,382
4.38%,
3/19/2024
120,000
130,667
8,570,762
Diversified
Financial
Services
1.5%
AIG
Global
Funding
,
0.80%,
7/7/2023(a)
1,050,000
1,059,008
Antares
Holdings
LP
,
2.75%,
1/15/2027(a)
250,000
250,305
Element
Fleet
Management
Corp.
,
3.85%,
6/15/2025(a)
320,000
346,856
Equitable
Holdings,
Inc.
,
3.90%,
4/20/2023
379,000
400,109
Jefferies
Finance
LLC
,
5.00%,
8/15/2028(a)
390,000
398,873
Shell
International
Finance
BV
,
2.38%,
4/6/2025
485,000
511,143
2,966,294
Diversified
Telecommunication
Services
0.5%
British
Telecommunications
plc
,
4.50%,
12/4/2023
400,000
434,405
NBN
Co.
Ltd.
,
1.45%,
5/5/2026(a)
595,000
599,796
1,034,201
Electric
Utilities
3.5%
Alliant
Energy
Finance
LLC
,
3.75%,
6/15/2023(a)
820,000
865,609
Nationwide
Loomis
Short
Term
Bond
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
49
Corporate
Bonds
Principal
Amount
($)
Value
($)
Electric
Utilities
American
Electric
Power
Co.,
Inc.
,
Series
A,
(ICE
LIBOR
USD
3
Month
+
0.48%),
0.66%,
11/1/2023(c)
1,085,000
1,085,751
Enel
Finance
International
NV
,
1.38%,
7/12/2026(a)
1,005,000
1,011,191
Eversource
Energy
,
Series
N,
3.80%,
12/1/2023
1,155,000
1,237,740
NextEra
Energy
Capital
Holdings,
Inc.
,
0.65%,
3/1/2023
500,000
501,801
Pacific
Gas
and
Electric
Co.
,
(ICE
LIBOR
USD
3
Month
+
1.38%),
1.53%,
11/15/2021(c)
520,000
520,555
3.00%,
6/15/2028
295,000
295,206
Southern
California
Edison
Co.
,
Series
G,
2.50%,
6/1/2031
160,000
162,171
Southern
Co.
(The)
,
Series
21-A,
0.60%,
2/26/2024
750,000
751,914
Vistra
Operations
Co.
LLC
,
3.70%,
1/30/2027(a)
600,000
642,867
7,074,805
Electrical
Equipment
0.1%
Sensata
Technologies
BV
,
4.00%,
4/15/2029(a)
240,000
246,300
Electronic
Equipment,
Instruments
&
Components
0.3%
Avnet,
Inc.
,
3.00%,
5/15/2031
240,000
243,072
SYNNEX
Corp.
,
1.75%,
8/9/2026(a)
305,000
304,749
547,821
Equity
Real
Estate
Investment
Trusts
(REITs)
1.7%
Federal
Realty
Investment
Trust
,
3.95%,
1/15/2024
665,000
715,528
GLP
Capital
LP
,
5.25%,
6/1/2025
600,000
677,580
Office
Properties
Income
Trust
,
4.50%,
2/1/2025
400,000
433,761
Simon
Property
Group
LP
,
2.63%,
6/15/2022
1,165,000
1,182,101
3.50%,
9/1/2025
295,000
323,307
3,332,277
Food
&
Staples
Retailing
0.2%
Performance
Food
Group,
Inc.
,
4.25%,
8/1/2029(a)
300,000
304,875
Food
Products
0.4%
Bunge
Ltd.
Finance
Corp.
,
4.35%,
3/15/2024
795,000
865,318
Corporate
Bonds
Principal
Amount
($)
Value
($)
Gas
Utilities
0.6%
CenterPoint
Energy
Resources
Corp.
,
0.70%,
3/2/2023
260,000
260,074
3.55%,
4/1/2023
750,000
785,487
Southern
Natural
Gas
Co.
LLC
,
0.63%,
4/28/2023(a)
185,000
184,831
1,230,392
Health
Care
Providers
&
Services
0.9%
Centene
Corp.
,
2.63%,
8/1/2031
235,000
236,762
Cigna
Corp.
,
3.75%,
7/15/2023
289,000
306,909
CVS
Health
Corp.
,
3.70%,
3/9/2023
157,000
164,934
Fresenius
Medical
Care
US
Finance
III,
Inc.
,
1.88%,
12/1/2026(a)
1,055,000
1,068,875
1,777,480
Hotels,
Restaurants
&
Leisure
0.1%
Expedia
Group,
Inc.
,
6.25%,
5/1/2025(a)
126,000
146,954
Hyatt
Hotels
Corp.
,
5.38%,
4/23/2025
65,000
73,620
220,574
Household
Durables
0.4%
Meritage
Homes
Corp.
,
3.88%,
4/15/2029(a)
245,000
258,103
Panasonic
Corp.
,
2.54%,
7/19/2022(a)
590,000
600,568
858,671
Independent
Power
and
Renewable
Electricity
Producers
0.2%
AES
Corp.
(The)
,
3.30%,
7/15/2025(a)
315,000
336,514
Industrial
Conglomerates
0.2%
Honeywell
International,
Inc.
,
1.85%,
11/1/2021
315,000
315,881
Insurance
5.7%
Aon
Corp.
,
2.20%,
11/15/2022
1,195,000
1,223,957
Assurant,
Inc.
,
4.20%,
9/27/2023
305,000
327,158
Athene
Global
Funding
,
1.20%,
10/13/2023(a)
310,000
313,903
2.50%,
1/14/2025(a)
55,000
57,727
1.61%,
6/29/2026(a)
370,000
374,078
2.50%,
3/24/2028(a)
490,000
509,703
Brighthouse
Financial
Global
Funding
,
1.00%,
4/12/2024(a)
135,000
135,945
GA
Global
Funding
Trust
,
1.00%,
4/8/2024(a)
560,000
563,971
Guardian
Life
Global
Funding
,
1.10%,
6/23/2025(a)
995,000
1,004,844
50
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Loomis
Short
Term
Bond
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Insurance
Jackson
National
Life
Global
Funding
,
(SOFR
+
0.60%),
0.65%,
1/6/2023(a)(c)
1,205,000
1,211,314
MassMutual
Global
Funding
II
,
2.25%,
7/1/2022(a)
990,000
1,008,846
0.85%,
6/9/2023(a)
1,054,000
1,064,877
Metropolitan
Life
Global
Funding
I
,
2.40%,
6/17/2022(a)
560,000
570,779
0.90%,
6/8/2023(a)
445,000
449,949
New
York
Life
Global
Funding
,
1.85%,
8/1/2031(a)
500,000
500,109
Protective
Life
Global
Funding
,
1.08%,
6/9/2023(a)
1,005,000
1,018,718
Reliance
Standard
Life
Global
Funding
II
,
2.15%,
1/21/2023(a)
575,000
588,872
Security
Benefit
Global
Funding
,
1.25%,
5/17/2024(a)
450,000
451,432
11,376,182
Interactive
Media
&
Services
0.5%
Baidu,
Inc.
,
3.88%,
9/29/2023
1,030,000
1,093,353
Internet
&
Direct
Marketing
Retail
0.2%
Prosus
NV
,
3.06%,
7/13/2031(a)
420,000
414,806
IT
Services
0.5%
DXC
Technology
Co.
,
4.13%,
4/15/2025
85,000
93,488
Gartner,
Inc.
,
3.63%,
6/15/2029(a)
355,000
363,431
Western
Union
Co.
(The)
,
4.25%,
6/9/2023
570,000
606,684
1,063,603
Machinery
0.1%
CNH
Industrial
Capital
LLC
,
1.95%,
7/2/2023
230,000
235,943
Metals
&
Mining
0.6%
Glencore
Funding
LLC
,
4.13%,
3/12/2024(a)
190,000
204,794
Novelis
Corp.
,
3.88%,
8/15/2031(a)
690,000
697,763
SunCoke
Energy,
Inc.
,
4.88%,
6/30/2029(a)
205,000
206,537
1,109,094
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.1%
Starwood
Property
Trust,
Inc.
,
5.50%,
11/1/2023(a)
290,000
304,137
Multi-Utilities
0.7%
Dominion
Energy,
Inc.
,
3.07%,
8/15/2024(e)
295,000
313,931
Corporate
Bonds
Principal
Amount
($)
Value
($)
Multi-Utilities
WEC
Energy
Group,
Inc.
,
0.55%,
9/15/2023
1,105,000
1,106,632
1,420,563
Oil,
Gas
&
Consumable
Fuels
2.0%
Diamondback
Energy,
Inc.
,
0.90%,
3/24/2023
215,000
214,942
EQT
Corp.
,
7.63%,
2/1/2025(e)
240,000
277,296
3.13%,
5/15/2026(a)
45,000
46,291
Gray
Oak
Pipeline
LLC
,
2.60%,
10/15/2025(a)
75,000
77,773
Lundin
Energy
Finance
BV
,
2.00%,
7/15/2026(a)
340,000
343,917
Marathon
Petroleum
Corp.
,
4.50%,
5/1/2023
680,000
723,351
Midwest
Connector
Capital
Co.
LLC
,
3.63%,
4/1/2022(a)
770,000
781,478
MPLX
LP
,
3.38%,
3/15/2023
780,000
814,391
Pioneer
Natural
Resources
Co.
,
0.55%,
5/15/2023
315,000
315,382
Qatar
Petroleum
,
2.25%,
7/12/2031(a)
340,000
343,996
3,938,817
Paper
&
Forest
Products
0.1%
Suzano
Austria
GmbH
,
3.13%,
1/15/2032
235,000
232,885
Pharmaceuticals
1.1%
AstraZeneca
plc
,
3.50%,
8/17/2023
695,000
737,738
Bausch
Health
Cos.,
Inc.
,
4.88%,
6/1/2028(a)
200,000
206,368
Bayer
US
Finance
II
LLC
,
3.38%,
7/15/2024(a)
385,000
410,439
Bristol-Myers
Squibb
Co.
,
2.00%,
8/1/2022
100,000
101,798
Pfizer,
Inc.
,
3.20%,
9/15/2023
675,000
714,330
2,170,673
Real
Estate
Management
&
Development
0.1%
Forestar
Group,
Inc.
,
3.85%,
5/15/2026(a)
155,000
156,550
Road
&
Rail
1.2%
DAE
Funding
LLC
,
1.55%,
8/1/2024(a)
215,000
214,785
Penske
Truck
Leasing
Co.
LP
,
4.13%,
8/1/2023(a)
845,000
897,662
4.00%,
7/15/2025(a)
45,000
49,859
Ryder
System,
Inc.
,
4.63%,
6/1/2025
245,000
276,479
Triton
Container
International
Ltd.
,
0.80%,
8/1/2023(a)
1,005,000
1,004,741
2,443,526
Nationwide
Loomis
Short
Term
Bond
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
51
Corporate
Bonds
Principal
Amount
($)
Value
($)
Semiconductors
&
Semiconductor
Equipment
0.8%
Marvell
Technology,
Inc.
,
4.20%,
6/22/2023(a)
600,000
636,602
Microchip
Technology,
Inc.
,
2.67%,
9/1/2023
335,000
347,971
Skyworks
Solutions,
Inc.
,
0.90%,
6/1/2023
525,000
526,958
1,511,531
Software
0.6%
Infor
,
Inc.
,
1.45%,
7/15/2023(a)
225,000
227,744
VMware,
Inc.
,
0.60%,
8/15/2023
1,005,000
1,006,788
1,234,532
Specialty
Retail
0.3%
AutoNation,
Inc.
,
1.95%,
8/1/2028
180,000
180,506
Lithia
Motors,
Inc.
,
3.88%,
6/1/2029(a)
215,000
226,399
Victoria's
Secret
&
Co.
,
4.63%,
7/15/2029(a)
155,000
155,211
562,116
Technology
Hardware,
Storage
&
Peripherals
0.9%
Dell
International
LLC
,
5.85%,
7/15/2025
390,000
458,909
Hewlett
Packard
Enterprise
Co.
,
3.50%,
10/5/2021
140,000
140,406
4.65%,
10/1/2024
380,000
421,529
HP,
Inc.
,
1.45%,
6/17/2026(a)
720,000
719,572
1,740,416
Thrifts
&
Mortgage
Finance
0.6%
Ladder
Capital
Finance
Holdings
LLLP
,
4.25%,
2/1/2027(a)
295,000
294,509
Nationwide
Building
Society
,
0.55%,
1/22/2024(a)
930,000
928,911
1,223,420
Trading
Companies
&
Distributors
1.0%
Air
Lease
Corp.
,
3.50%,
1/15/2022
240,000
243,480
0.70%,
2/15/2024
505,000
503,573
Aircastle
Ltd.
,
2.85%,
1/26/2028(a)
330,000
338,633
Aviation
Capital
Group
LLC
,
3.88%,
5/1/2023(a)
515,000
539,063
United
Rentals
North
America,
Inc.
,
3.75%,
1/15/2032
350,000
350,000
1,974,749
Wireless
Telecommunication
Services
0.5%
SK
Telecom
Co.
Ltd.
,
3.75%,
4/16/2023(a)
315,000
331,301
Corporate
Bonds
Principal
Amount
($)
Value
($)
Wireless
Telecommunication
Services
T-Mobile
USA,
Inc.
,
2.25%,
2/15/2026(a)
730,000
738,213
1,069,514
Total
Corporate
Bonds
(cost
$116,566,023)
119,497,892
Foreign
Government
Security
0.2%
CHILE
0.2%
Republic
of
Chile
,
2.55%,
7/27/2033
355,000
362,018
Total
Foreign
Government
Security
(cost
$354,018)
362,018
Mortgage-Backed
Securities
0.8%
FHLMC
Gold
Pool
Pool#
G14899
3.00%,
11/1/2023
69,458
73,045
Pool#
G13746
4.50%,
1/1/2025
48,232
50,872
Pool#
G13888
5.00%,
6/1/2025
10,845
11,294
Pool#
J19197
3.00%,
5/1/2027
176,877
187,065
Pool#
C00748
6.00%,
4/1/2029
6,366
7,272
Pool#
C01418
5.50%,
10/1/2032
42,085
48,633
Pool#
G01740
5.50%,
12/1/2034
23,632
27,419
Pool#
G04342
6.00%,
4/1/2038
27,231
32,344
FHLMC
Non
Gold
Pool
Pool#
972136
2.35%,
1/1/2034(b)
27,852
29,620
Pool#
848191
2.36%,
12/1/2034(b)
149,832
152,635
FNMA
Pool#
815323
,
1.75%,
1/1/2035
(b)
44,705
46,406
FNMA
UMBS
Pool
Pool#
981257
5.00%,
5/1/2023
16,192
16,851
Pool#
931892
4.50%,
9/1/2024
175,973
185,270
Pool#
AL0802
4.50%,
4/1/2025
38,224
40,175
Pool#
AB2518
4.00%,
3/1/2026
38,491
41,014
Pool#
AB4998
3.00%,
4/1/2027
294,410
311,868
Pool#
MA1174
3.00%,
9/1/2027
48,621
51,507
Pool#
190307
8.00%,
6/1/2030
546
643
Pool#
253516
8.00%,
11/1/2030
466
549
52
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Loomis
Short
Term
Bond
Fund
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
725773
5.50%,
9/1/2034
51,705
59,933
Pool#
811773
5.50%,
1/1/2035
50,089
58,066
GNMA
Pool#
5080
,
4.00%,
6/20/2026
46,382
49,369
Total
Mortgage-Backed
Securities
(cost
$1,421,244)
1,481,850
U.S.
Treasury
Obligations
11.5%
U.S.
Treasury
Notes
0.13%,
2/28/2023
11,860,000
11,857,684
0.13%,
3/31/2023
6,205,000
6,202,334
0.13%,
5/31/2023
3,035,000
3,032,984
0.13%,
6/30/2023
2,010,000
2,008,508
Total
U.S.
Treasury
Obligations
(cost
$23,090,048)
23,101,510
Total
Investments
(cost
$194,060,136)
—
98.6%
197,486,013
Other
assets
in
excess
of
liabilities
—
1.4%
2,883,903
NET
ASSETS
—
100.0%
$
200,369,916
†
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,
2021
was
$73,862,989
which
represents
36.86%
of
net
assets.
(b)
Variable
or
floating
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
current
interest
rates
and
prepayments
on
the
underlying
pool
of
assets. The
interest
rate
shown
was
the
current
rate
as
of
July
31,
2021.
(c)
Variable
or
floating
rate
security,
linked
to
the
referenced
benchmark.
The
interest
rate
shown
was
the
current
rate
as
of
July
31,
2021.
(d)
Security
in
default.
(e)
Step
Bond.
Coupon
rate
is
set
for
an
initial
period
and
then
increases
to
a
higher
coupon
rate
at
a
specific
date.
The
rate
shown
is
the
rate
as
of
July
31,
2021.
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
GNMA
Government
National
Mortgage
Association
ICE
Intercontinental
Exchange
LIBOR
London
Interbank
Offered
Rate
REIT
Real
Estate
Investment
Trust
REMICS
Real
Estate
Mortgage
Investment
Conduits
SOFR
Secured
Overnight
Financing
Rate
UMBS
Uniform
Mortgage-Backed
Securities
Currency:
USD
United
States
Dollar
Futures
contracts
outstanding
as
of
July
31,
2021:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
U.S.
Treasury
2
Year
Note
35
9/2021
USD
7,722,969
(2,799)
(2,799)
Short
Contracts
U.S.
Treasury
5
Year
Note
(34)
9/2021
USD
(4,231,141)
(19,455)
U.S.
Treasury
10
Year
Ultra
Note
(22)
9/2021
USD
(3,305,500)
(90,830)
(110,285)
(113,084)
As
of
July
31,
2021,
the
Fund
had
$327,000
segregated
as
collateral
with
the
broker
for
open
futures
contracts.
Currency:
USD
United
States
Dollar
Nationwide
Loomis
Short
Term
Bond
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
53
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
54
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Loomis
Short
Term
Bond
Fund
(a)
Futures
Contracts
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
reducing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/
or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
price
of
the
futures
contracts
and
the
underlying
assets. The
Fund’s
investments
in
futures
contracts
entail
limited
counterparty
credit
risk
because the
Fund
invests
only
in
exchange
traded
futures
contracts,
which
are
settled
through
the
exchange
and
whose
fulfillment
is
guaranteed
by
the
credit
of
the
exchange.
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2021:
Fair
Values
of
Derivatives
not
Accounted
for
as
Hedging
Instruments
as
of
July
31,
2021:
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Asset-Backed
Securities
$
–
$
45,546,993
$
–
$
45,546,993
Collateralized
Mortgage
Obligations
–
2,529,255
–
2,529,255
Commercial
Mortgage-Backed
Securities
–
4,966,495
–
4,966,495
Corporate
Bonds
–
119,497,892
–
119,497,892
Foreign
Government
Security
–
362,018
–
362,018
Mortgage-Backed
Securities
–
1,481,850
–
1,481,850
U.S.
Treasury
Obligations
–
23,101,510
–
23,101,510
Total
Assets
$
–
$
197,486,013
$
–
$
197,486,013
$
–
$
–
$
–
$
–
Liabilities:
Futures
Contracts
$
(113,084)
$
–
$
–
$
(113,084)
Total
Liabilities
$
(113,084)
$
–
$
–
$
(113,084)
Total
$
(113,084)
$
197,486,013
$
–
$
197,372,929
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
Liabilities:
Fair
Value
Futures
Contracts
Interest
rate
risk
Unrealized
depreciation
from
futures
contracts
$
(113,084)
Total
$
(113,084)
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,
2021
(Unaudited)
-
Statement
of
Investments
-
1
Common
Stocks
98.9%
Shares
Value
($)
Air
Freight
&
Logistics
0.7%
Atlas
Air
Worldwide
Holdings,
Inc.*
6,839
458,008
Echo
Global
Logistics,
Inc.*
8,761
270,978
728,986
Airlines
0.2%
Mesa
Air
Group,
Inc.*
27,200
242,624
Auto
Components
1.1%
American
Axle
&
Manufacturing
Holdings,
Inc.*
66,004
639,579
Cooper-Standard
Holdings,
Inc.*
7,800
203,190
Strattec
Security
Corp.*
7,600
312,968
1,155,737
Banks
14.5%
Ames
National
Corp.
2,200
51,898
Associated
Banc-Corp.
10,800
213,840
Bancorp,
Inc.
(The)*
35,139
821,198
Bank
of
NT
Butterfield
&
Son
Ltd.
(The)
9,600
318,144
Banner
Corp.
10,800
572,832
C&F
Financial
Corp.
2,100
109,746
Camden
National
Corp.
14,100
631,257
Capstar
Financial
Holdings,
Inc.
28,300
599,960
Carter
Bankshares
,
Inc.*
36,746
421,477
Civista
Bancshares,
Inc.
29,266
669,899
CNB
Financial
Corp.
6,008
138,544
Customers
Bancorp,
Inc.*
5,000
181,100
Financial
Institutions,
Inc.
26,600
783,104
First
Busey
Corp.
21,300
502,680
First
Business
Financial
Services,
Inc.
4,500
124,110
First
Financial
Bancorp
29,300
659,250
First
Horizon
Corp.
49,900
770,955
First
Internet
Bancorp
14,200
429,976
Great
Western
Bancorp,
Inc.
9,955
306,614
Hancock
Whitney
Corp.
7,100
310,341
Hanmi
Financial
Corp.
35,623
649,407
HBT
Financial,
Inc.
11,125
181,782
Heartland
Financial
USA,
Inc.
7,825
356,976
Independent
Bank
Corp.
28,187
592,773
LCNB
Corp.
3,700
62,308
Level
One
Bancorp,
Inc.
3,420
93,332
Live
Oak
Bancshares,
Inc.
4,500
270,855
Macatawa
Bank
Corp.
28,440
236,621
Northrim
Bancorp,
Inc.
15,917
649,732
Orrstown
Financial
Services,
Inc.
12,645
291,467
Popular,
Inc.
10,600
771,256
Sierra
Bancorp
3,967
95,724
Simmons
First
National
Corp.,
Class
A
7,455
202,925
SmartFinancial
,
Inc.
15,626
380,806
South
Plains
Financial,
Inc.
6,100
140,300
South
State
Corp.
2,500
172,100
Trustmark
Corp.
6,900
207,138
UMB
Financial
Corp.
3,025
283,140
Common
Stocks
Shares
Value
($)
Banks
Wintrust
Financial
Corp.
7,900
564,060
14,819,627
Biotechnology
4.9%
Agios
Pharmaceuticals,
Inc.*
5,600
269,304
Allogene
Therapeutics,
Inc.*
11,700
256,815
Arena
Pharmaceuticals,
Inc.*
5,100
315,486
Atara
Biotherapeutics
,
Inc.*
9,600
122,400
Bluebird
Bio,
Inc.*
9,800
249,018
Chimerix
,
Inc.*
41,900
277,797
Coherus
Biosciences,
Inc.*
14,300
186,615
Cullinan
Oncology,
Inc.*(a)
9,600
220,128
Curis
,
Inc.*
38,000
288,420
Dicerna
Pharmaceuticals,
Inc.*
9,838
369,023
Intellia
Therapeutics,
Inc.*
1,300
184,405
Invitae
Corp.*(a)
13,300
372,267
Jounce
Therapeutics,
Inc.*
31,952
161,038
Kura
Oncology,
Inc.*
10,100
191,294
MeiraGTx
Holdings
plc*
18,300
256,017
Rocket
Pharmaceuticals,
Inc.*
2,800
100,296
Sangamo
Therapeutics,
Inc.*
24,100
230,878
Veracyte
,
Inc.*
7,200
320,832
Viracta
Therapeutics,
Inc.*(a)
22,000
231,440
Viridian
Therapeutics,
Inc.*
3,100
48,205
Xencor
,
Inc.*
10,400
320,112
4,971,790
Building
Products
2.0%
JELD-WEN
Holding,
Inc.*
25,600
677,888
Masonite
International
Corp.*
6,109
691,294
Resideo
Technologies,
Inc.*
23,600
696,200
2,065,382
Capital
Markets
1.5%
Brightsphere
Investment
Group,
Inc.
8,341
208,442
Cowen,
Inc.,
Class
A
9,001
359,860
Donnelley
Financial
Solutions,
Inc.*
12,200
392,962
Janus
Henderson
Group
plc
5,400
225,936
Oppenheimer
Holdings,
Inc.,
Class
A
6,900
310,155
1,497,355
Chemicals
1.9%
AdvanSix
,
Inc.*
18,200
608,790
Balchem
Corp.
2,400
323,736
Koppers
Holdings,
Inc.*
13,000
399,230
Trinseo
SA
11,600
630,576
1,962,332
Commercial
Services
&
Supplies
2.1%
Brady
Corp.,
Class
A
3,700
202,316
Covanta
Holding
Corp.
14,700
295,470
Deluxe
Corp.
14,100
618,990
Herman
Miller,
Inc.
5,800
250,270
Matthews
International
Corp.,
Class
A
18,500
640,100
Quest
Resource
Holding
Corp.*
17,950
106,264
2,113,410
2
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bailard
Cognitive
Value
Fund
Common
Stocks
Shares
Value
($)
Communications
Equipment
1.7%
ADTRAN,
Inc.
14,800
331,668
Aviat
Networks,
Inc.*
6,900
257,232
CommScope
Holding
Co.,
Inc.*
41,214
872,088
PCTEL,
Inc.*
39,506
262,715
1,723,703
Construction
&
Engineering
1.5%
EMCOR
Group,
Inc.
5,800
706,498
MYR
Group,
Inc.*
5,000
478,150
Orion
Group
Holdings,
Inc.*
47,400
254,538
Primoris
Services
Corp.
3,200
95,680
1,534,866
Construction
Materials
0.4%
Summit
Materials,
Inc.,
Class
A*
11,900
399,840
Consumer
Finance
2.1%
Navient
Corp.
49,200
1,005,156
OneMain
Holdings,
Inc.
12,600
768,600
Regional
Management
Corp.
7,961
411,823
2,185,579
Containers
&
Packaging
0.7%
Greif,
Inc.,
Class
A
11,200
678,944
Diversified
Consumer
Services
0.9%
Carriage
Services,
Inc.
6,900
256,542
Graham
Holdings
Co.,
Class
B
1,000
664,660
921,202
Diversified
Financial
Services
0.3%
A-Mark
Precious
Metals,
Inc.
(a)
6,900
351,486
Diversified
Telecommunication
Services
0.4%
IDT
Corp.,
Class
B*
4,200
209,160
ORBCOMM,
Inc.*
13,500
152,415
361,575
Electric
Utilities
1.3%
IDACORP,
Inc.
2,700
284,715
OGE
Energy
Corp.
14,700
496,125
Portland
General
Electric
Co.
9,400
459,660
Spark
Energy,
Inc.,
Class
A(a)
4,400
48,972
1,289,472
Electrical
Equipment
2.2%
Atkore
,
Inc.*
12,700
953,897
Babcock
&
Wilcox
Enterprises,
Inc.*
14,600
104,536
LSI
Industries,
Inc.
19,733
148,590
nVent
Electric
plc
22,800
720,708
Ultralife
Corp.*
38,577
306,301
2,234,032
Electronic
Equipment,
Instruments
&
Components
1.4%
Daktronics,
Inc.*
34,200
208,962
ePlus
,
Inc.*
2,400
221,904
Flex
Ltd.*
23,300
418,701
Kimball
Electronics,
Inc.*
13,800
281,382
Knowles
Corp.*
13,327
267,073
Common
Stocks
Shares
Value
($)
Electronic
Equipment,
Instruments
&
Components
Taitron
Components,
Inc.,
Class
A
2,136
9,868
1,407,890
Energy
Equipment
&
Services
0.7%
ChampionX
Corp.*
11,800
274,232
Nabors
Industries
Ltd.*
1,700
148,767
TETRA
Technologies,
Inc.*
92,100
284,589
707,588
Equity
Real
Estate
Investment
Trusts
(REITs)
10.3%
Braemar
Hotels
&
Resorts,
Inc.*
37,900
193,290
Brixmor
Property
Group,
Inc.
39,800
916,196
DigitalBridge
Group,
Inc.*
132,800
924,288
Essential
Properties
Realty
Trust,
Inc.
6,700
199,660
Farmland
Partners,
Inc.
7,393
93,152
First
Industrial
Realty
Trust,
Inc.
2,900
158,862
Gladstone
Land
Corp.
32,362
754,682
Independence
Realty
Trust,
Inc.
43,400
836,752
Kimco
Realty
Corp.
19,100
407,403
Kite
Realty
Group
Trust
30,200
608,832
Lexington
Realty
Trust
19,200
252,480
National
Storage
Affiliates
Trust
10,300
557,951
NexPoint
Residential
Trust,
Inc.
14,600
860,670
Outfront
Media,
Inc.*
31,500
752,535
Pebblebrook
Hotel
Trust
12,400
278,876
Piedmont
Office
Realty
Trust,
Inc.,
Class
A
5,300
100,806
Retail
Properties
of
America,
Inc.,
Class
A
16,100
203,021
Ryman
Hospitality
Properties,
Inc.*
2,700
207,090
Saul
Centers,
Inc.
1,120
51,072
SITE
Centers
Corp.
58,600
929,396
STAG
Industrial,
Inc.
12,200
504,104
Sunstone
Hotel
Investors,
Inc.*
9,000
103,860
Tanger
Factory
Outlet
Centers,
Inc.
33,148
569,151
10,464,129
Food
&
Staples
Retailing
1.0%
Andersons,
Inc.
(The)
23,500
627,450
Performance
Food
Group
Co.*
8,300
380,306
1,007,756
Food
Products
0.3%
Lifeway
Foods,
Inc.*
9,700
61,304
Seneca
Foods
Corp.,
Class
A*
5,201
284,703
346,007
Gas
Utilities
0.8%
Brookfield
Infrastructure
Corp.,
Class
A(a)
2,100
135,996
Southwest
Gas
Holdings,
Inc.
4,100
286,713
UGI
Corp.
8,800
404,712
827,421
Nationwide
Bailard
Cognitive
Value
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
3
Common
Stocks
Shares
Value
($)
Health
Care
Equipment
&
Supplies
0.1%
Shockwave
Medical,
Inc.*
780
141,960
Health
Care
Providers
&
Services
2.3%
Acadia
Healthcare
Co.,
Inc.*
4,700
290,084
AMN
Healthcare
Services,
Inc.*
2,400
241,344
Cross
Country
Healthcare,
Inc.*
19,824
325,510
Ensign
Group,
Inc.
(The)
2,400
204,168
Owens
&
Minor,
Inc.
6,300
291,375
Premier,
Inc.,
Class
A
5,800
206,712
Select
Medical
Holdings
Corp.
19,000
749,550
2,308,743
Health
Care
Technology
1.1%
Allscripts
Healthcare
Solutions,
Inc.*
24,848
424,404
Computer
Programs
&
Systems,
Inc.
8,200
258,874
NextGen
Healthcare,
Inc.*
29,400
476,868
1,160,146
Household
Durables
1.7%
Beazer
Homes
USA,
Inc.*
2,600
47,476
Century
Communities,
Inc.
5,977
415,103
Hooker
Furniture
Corp.
7,571
251,281
KB
Home
4,800
203,712
TRI
Pointe
Group,
Inc.*
32,733
789,520
1,707,092
Household
Products
0.9%
Oil-
Dri
Corp.
of
America(a)
7,432
264,356
Spectrum
Brands
Holdings,
Inc.
7,100
620,185
884,541
Independent
Power
and
Renewable
Electricity
Producers
0.7%
Atlantica
Sustainable
Infrastructure
plc
13,800
548,688
Clearway
Energy,
Inc.,
Class
A
7,900
212,905
761,593
Insurance
2.8%
American
National
Group,
Inc.
4,000
659,920
Argo
Group
International
Holdings
Ltd.
4,600
239,798
Assured
Guaranty
Ltd.
14,800
707,588
CNO
Financial
Group,
Inc.
4,500
102,780
Investors
Title
Co.
1,961
326,565
NI
Holdings,
Inc.*
7,492
148,117
Stewart
Information
Services
Corp.
11,200
660,912
2,845,680
Internet
&
Direct
Marketing
Retail
0.4%
Lands'
End,
Inc.*
4,600
176,318
Revolve
Group,
Inc.*
3,000
208,830
385,148
IT
Services
1.6%
Conduent
,
Inc.*
114,900
770,979
CONTRA
BMTECHNOLOGIES*∞
1,200
12,036
Common
Stocks
Shares
Value
($)
IT
Services
Information
Services
Group,
Inc.
66,000
394,020
MAXIMUS,
Inc.
2,496
222,144
Perficient
,
Inc.*
2,900
273,441
1,672,620
Leisure
Products
0.5%
Brunswick
Corp.
3,000
313,200
Johnson
Outdoors,
Inc.,
Class
A
1,700
201,229
514,429
Machinery
2.9%
Chart
Industries,
Inc.*
1,600
248,720
Evoqua
Water
Technologies
Corp.*
6,000
198,060
Gates
Industrial
Corp.
plc*
17,384
314,824
Hillenbrand,
Inc.
14,800
670,440
Mayville
Engineering
Co.,
Inc.*
14,820
260,387
Rexnord
Corp.
9,556
538,290
Terex
Corp.
15,100
723,592
2,954,313
Marine
1.2%
Costamare
,
Inc.
16,195
175,554
Eagle
Bulk
Shipping,
Inc.*(a)
7,200
300,240
Genco
Shipping
&
Trading
Ltd.
27,900
489,645
Pangaea
Logistics
Solutions
Ltd.
50,860
239,550
1,204,989
Media
1.6%
Gray
Television,
Inc.
25,361
562,253
TEGNA,
Inc.
36,114
639,940
Thryv
Holdings,
Inc.*
9,000
298,980
Townsquare
Media,
Inc.,
Class
A*
11,900
146,251
1,647,424
Metals
&
Mining
1.7%
Alcoa
Corp.*
17,900
718,685
Olympic
Steel,
Inc.
10,400
313,248
Schnitzer
Steel
Industries,
Inc.,
Class
A
13,469
706,045
1,737,978
Mortgage
Real
Estate
Investment
Trusts
(REITs)
2.6%
ACRES
Commercial
Realty
Corp.*
4,400
77,000
Apollo
Commercial
Real
Estate
Finance,
Inc.
55,000
837,100
Granite
Point
Mortgage
Trust,
Inc.
53,900
760,529
Lument
Finance
Trust,
Inc.
13,000
53,430
Ready
Capital
Corp.
19,800
299,376
Redwood
Trust,
Inc.
39,900
473,613
Starwood
Property
Trust,
Inc.
6,300
163,989
2,665,037
Multiline
Retail
0.2%
Macy's,
Inc.*
9,500
161,500
Multi-Utilities
1.2%
Avista
Corp.
9,700
415,451
4
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bailard
Cognitive
Value
Fund
Common
Stocks
Shares
Value
($)
Multi-Utilities
MDU
Resources
Group,
Inc.
16,700
529,724
NorthWestern
Corp.
4,500
278,955
1,224,130
Oil,
Gas
&
Consumable
Fuels
4.7%
APA
Corp.
6,200
116,250
Berry
Corp.
45,553
252,819
Centrus
Energy
Corp.,
Class
A*(a)
11,810
273,874
CNX
Resources
Corp.*
16,076
194,520
Dorian
LPG
Ltd.*
20,779
251,426
Enerplus
Corp.
90,800
565,684
Equitrans
Midstream
Corp.
24,531
201,645
Falcon
Minerals
Corp.
56,400
269,028
Golar
LNG
Ltd.*
6,000
66,960
HollyFrontier
Corp.
19,600
576,240
Ovintiv
,
Inc.
15,100
387,466
SilverBow
Resources,
Inc.*
12,300
243,786
SM
Energy
Co.
28,600
534,820
Vine
Energy,
Inc.,
Class
A*
18,300
256,383
Whiting
Petroleum
Corp.*
4,500
211,050
World
Fuel
Services
Corp.
10,042
346,047
4,747,998
Paper
&
Forest
Products
0.7%
Louisiana-Pacific
Corp.
5,800
321,552
Resolute
Forest
Products,
Inc.
30,908
369,041
690,593
Personal
Products
0.5%
Natural
Alternatives
International,
Inc.*
17,700
311,874
Nature's
Sunshine
Products,
Inc.
14,000
246,260
558,134
Pharmaceuticals
0.9%
Antares
Pharma,
Inc.*
22,800
100,320
Intra-Cellular
Therapies,
Inc.*
9,700
333,001
Nuvation
Bio,
Inc.*(a)
29,100
251,424
Opiant
Pharmaceuticals,
Inc.*
12,417
200,162
884,907
Professional
Services
1.3%
CRA
International,
Inc.
3,975
340,777
Heidrick
&
Struggles
International,
Inc.
5,890
251,562
Korn
Ferry
2,800
192,472
ManpowerGroup
,
Inc.
4,200
498,036
Mistras
Group,
Inc.*
7,766
81,543
1,364,390
Real
Estate
Management
&
Development
0.3%
Newmark
Group,
Inc.,
Class
A
25,500
328,440
Road
&
Rail
0.2%
Saia,
Inc.*
900
203,400
Semiconductors
&
Semiconductor
Equipment
1.3%
Amkor
Technology,
Inc.
22,690
559,082
Entegris
,
Inc.
200
24,128
Ichor
Holdings
Ltd.*
5,200
268,164
NVE
Corp.
2,601
195,257
Common
Stocks
Shares
Value
($)
Semiconductors
&
Semiconductor
Equipment
Power
Integrations,
Inc.
3,100
300,669
1,347,300
Software
0.5%
ACI
Worldwide,
Inc.*
5,200
178,360
Progress
Software
Corp.
3,300
150,447
Support.com,
Inc.*(a)
17,515
140,470
469,277
Specialty
Retail
2.9%
Academy
Sports
&
Outdoors,
Inc.*
16,600
615,030
American
Eagle
Outfitters,
Inc.
(a)
16,100
554,967
America's
Car-Mart,
Inc.*
1,398
222,282
Big
5
Sporting
Goods
Corp.(a)
8,100
177,552
Caleres
,
Inc.
10,000
247,400
Foot
Locker,
Inc.
3,400
194,004
Lazydays
Holdings,
Inc.*(a)
7,800
162,786
MarineMax
,
Inc.*
6,500
349,635
Signet
Jewelers
Ltd.
3,600
231,624
Zumiez
,
Inc.*
5,400
235,710
2,990,990
Technology
Hardware,
Storage
&
Peripherals
0.8%
NCR
Corp.*
11,472
509,357
One
Stop
Systems,
Inc.*
16,486
98,751
Turtle
Beach
Corp.*
7,751
239,506
847,614
Textiles,
Apparel
&
Luxury
Goods
0.4%
Rocky
Brands,
Inc.
7,300
397,120
Thrifts
&
Mortgage
Finance
2.1%
Essent
Group
Ltd.
4,527
204,485
Flagstar
Bancorp,
Inc.
13,800
631,488
FS
Bancorp,
Inc.
700
24,346
Merchants
Bancorp
7,500
274,800
Radian
Group,
Inc.
30,200
681,916
Timberland
Bancorp,
Inc.
10,100
290,476
2,107,511
Trading
Companies
&
Distributors
3.9%
Applied
Industrial
Technologies,
Inc.
6,800
609,960
Beacon
Roofing
Supply,
Inc.*
5,200
278,096
GMS,
Inc.*
3,300
162,129
Herc
Holdings,
Inc.*
2,700
334,908
MRC
Global,
Inc.*
36,900
338,373
Titan
Machinery,
Inc.*
11,600
330,948
Triton
International
Ltd.
12,400
654,596
Veritiv
Corp.*
4,900
300,272
WESCO
International,
Inc.*
8,635
919,196
3,928,478
Total
Common
Stocks
(cost
$74,047,661)
100,842,208
Exchange
Traded
Funds
0.6%
Equity
Funds 0.6%
iShares
Micro-Cap
ETF(a)
1,000
143,800
Nationwide
Bailard
Cognitive
Value
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
5
Exchange
Traded
Funds
Shares
Value
($)
Vanguard
Small-Cap
Value
ETF
2,900
495,320
639,120
Total
Exchange
Traded
Funds
(cost
$602,422)
639,120
Master
Limited
Partnership
0.1%
Oil,
Gas
&
Consumable
Fuels
0.1%
Enviva
Partners
LP
2,000
108,000
Total
Master
Limited
Partnership
(cost $97,861)
108,000
Short-Term
Investment
2.9%
Money
Market
Fund
2.9%
Fidelity
Investments
Money
Market
Government
Portfolio
—
Institutional
Class,
0.01%(b)(c)
2,978,031
2,978,031
Total
Short-Term
Investment
(cost
$2,978,031)
2,978,031
Total
Investments
(cost
$77,725,975)
—
102.5%
104,567,359
Liabilities
in
excess
of
other
assets
—
(2.5)%
(2,534,597)
NET
ASSETS
—
100.0%
$
102,032,762
*
Denotes
a
non-income
producing
security.
∞
Fair
valued
security.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2021.
The
total
value
of
securities
on
loan
as
of
July
31,
2021
was
$2,875,664,
which
was
collateralized
by
cash
used
to
purchase
a
money
market
fund
with
a
total
value
of
$2,978,031
and
by
$31,147
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.25%,
and
maturity
dates
ranging
from
9/30/2021
–
11/15/2049;
a
total
value
of
$3,009,178.
(b)
Represents
7-day
effective
yield
as
of
July
31,
2021.
(c)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2021
was
$2,978,031.
ETF
Exchange
Traded
Fund
REIT
Real
Estate
Investment
Trust
6
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bailard
Cognitive
Value
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
Nationwide
Bailard
Cognitive
Value
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
7
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
Air
Freight
&
Logistics
$
728,986
$
–
$
–
$
728,986
Airlines
242,624
–
–
242,624
Auto
Components
1,155,737
–
–
1,155,737
Banks
14,819,627
–
–
14,819,627
Biotechnology
4,971,790
–
–
4,971,790
Building
Products
2,065,382
–
–
2,065,382
Capital
Markets
1,497,355
–
–
1,497,355
Chemicals
1,962,332
–
–
1,962,332
Commercial
Services
&
Supplies
2,113,410
–
–
2,113,410
Communications
Equipment
1,723,703
–
–
1,723,703
Construction
&
Engineering
1,534,866
–
–
1,534,866
Construction
Materials
399,840
–
–
399,840
Consumer
Finance
2,185,579
–
–
2,185,579
Containers
&
Packaging
678,944
–
–
678,944
Diversified
Consumer
Services
921,202
–
–
921,202
Diversified
Financial
Services
351,486
–
–
351,486
Diversified
Telecommunication
Services
361,575
–
–
361,575
Electric
Utilities
1,289,472
–
–
1,289,472
Electrical
Equipment
2,234,032
–
–
2,234,032
Electronic
Equipment,
Instruments
&
Components
1,407,890
–
–
1,407,890
Energy
Equipment
&
Services
707,588
–
–
707,588
Equity
Real
Estate
Investment
Trusts
(REITs)
10,464,129
–
–
10,464,129
Food
&
Staples
Retailing
1,007,756
–
–
1,007,756
Food
Products
346,007
–
–
346,007
Gas
Utilities
827,421
–
–
827,421
Health
Care
Equipment
&
Supplies
141,960
–
–
141,960
Health
Care
Providers
&
Services
2,308,743
–
–
2,308,743
Health
Care
Technology
1,160,146
–
–
1,160,146
Household
Durables
1,707,092
–
–
1,707,092
Household
Products
884,541
–
–
884,541
Independent
Power
and
Renewable
Electricity
Producers
761,593
–
–
761,593
Insurance
2,845,680
–
–
2,845,680
Internet
&
Direct
Marketing
Retail
385,148
–
–
385,148
IT
Services
1,660,584
12,036
–
1,672,620
Leisure
Products
514,429
–
–
514,429
Machinery
2,954,313
–
–
2,954,313
Marine
1,204,989
–
–
1,204,989
Media
1,647,424
–
–
1,647,424
Metals
&
Mining
1,737,978
–
–
1,737,978
Mortgage
Real
Estate
Investment
Trusts
(REITs)
2,665,037
–
–
2,665,037
Multiline
Retail
161,500
–
–
161,500
Multi-Utilities
1,224,130
–
–
1,224,130
Oil,
Gas
&
Consumable
Fuels
4,747,998
–
–
4,747,998
Paper
&
Forest
Products
690,593
–
–
690,593
Personal
Products
558,134
–
–
558,134
Pharmaceuticals
884,907
–
–
884,907
Professional
Services
1,364,390
–
–
1,364,390
Real
Estate
Management
&
Development
328,440
–
–
328,440
Road
&
Rail
203,400
–
–
203,400
Semiconductors
&
Semiconductor
Equipment
1,347,300
–
–
1,347,300
Software
469,277
–
–
469,277
Specialty
Retail
2,990,990
–
–
2,990,990
8
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bailard
Cognitive
Value
Fund
Level
1
Level
2
Level
3
Total
Assets:
Technology
Hardware,
Storage
&
Peripherals
$
847,614
$
–
$
–
$
847,614
Textiles,
Apparel
&
Luxury
Goods
397,120
–
–
397,120
Thrifts
&
Mortgage
Finance
2,107,511
–
–
2,107,511
Trading
Companies
&
Distributors
3,928,478
–
–
3,928,478
Total
Common
Stocks
$
100,830,172
$
12,036
$
–
$
100,842,208
Exchange
Traded
Funds
639,120
–
–
639,120
Master
Limited
Partnership
108,000
–
–
108,000
Short-Term
Investment
2,978,031
–
–
2,978,031
Total
$
104,555,323
$
12,036
$
–
$
104,567,359
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
Nationwide
Bailard
Technology
&
Science
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
9
Common
Stocks
99.7%
Shares
Value
($)
Biotechnology
4.4%
Acceleron
Pharma,
Inc.*
2,000
250,120
Affimed
NV*
25,000
166,250
Apellis
Pharmaceuticals,
Inc.*
3,800
243,162
Aurinia
Pharmaceuticals,
Inc.*(a)
110,000
1,491,600
BioMarin
Pharmaceutical,
Inc.*
4,000
306,920
Blueprint
Medicines
Corp.*
15,800
1,388,346
Dicerna
Pharmaceuticals,
Inc.*
18,400
690,184
Horizon
Therapeutics
plc*
13,000
1,300,260
Kura
Oncology,
Inc.*
8,500
160,990
Novavax
,
Inc.*
1,200
215,196
REVOLUTION
Medicines,
Inc.*
19,500
558,480
Sangamo
Therapeutics,
Inc.*
25,000
239,500
Xencor
,
Inc.*
20,500
630,990
Zentalis
Pharmaceuticals,
Inc.*
5,500
292,655
Zymeworks
,
Inc.*
24,500
786,205
8,720,858
Electronic
Equipment,
Instruments
&
Components
5.0%
Insight
Enterprises,
Inc.*
52,533
5,273,262
TE
Connectivity
Ltd.
30,465
4,492,674
9,765,936
Entertainment
3.4%
Activision
Blizzard,
Inc.
40,080
3,351,490
Sea
Ltd.,
ADR-TW*
12,190
3,366,390
6,717,880
Household
Durables
2.3%
Sony
Group
Corp.,
ADR-JP
42,800
4,464,040
Interactive
Media
&
Services
10.7%
Alphabet,
Inc.,
Class
A*
3,923
10,570,641
Facebook,
Inc.,
Class
A*
29,165
10,391,490
20,962,131
Internet
&
Direct
Marketing
Retail
3.1%
Amazon.com,
Inc.*
1,837
6,112,783
IT
Services
15.1%
Euronet
Worldwide,
Inc.*
21,385
3,054,206
Fiserv,
Inc.*
31,030
3,571,863
PayPal
Holdings,
Inc.*
22,000
6,061,660
Square,
Inc.,
Class
A*
12,435
3,074,678
Twilio
,
Inc.,
Class
A*
16,888
6,309,188
Visa,
Inc.,
Class
A
31,265
7,703,383
29,774,978
Pharmaceuticals
0.9%
Arvinas
,
Inc.*
3,300
333,630
Intra-Cellular
Therapies,
Inc.*
41,000
1,407,530
1,741,160
Professional
Services
1.7%
Booz
Allen
Hamilton
Holding
Corp.
38,450
3,299,395
Road
&
Rail
0.8%
Uber
Technologies,
Inc.*
34,405
1,495,241
Semiconductors
&
Semiconductor
Equipment
21.5%
KLA
Corp.
14,940
5,201,510
Lam
Research
Corp.
10,390
6,622,690
Micron
Technology,
Inc.*
35,726
2,771,623
NVIDIA
Corp.
39,140
7,631,909
Common
Stocks
Shares
Value
($)
Semiconductors
&
Semiconductor
Equipment
NXP
Semiconductors
NV
33,850
6,986,301
QUALCOMM,
Inc.
42,200
6,321,560
Skyworks
Solutions,
Inc.
11,425
2,108,027
Texas
Instruments,
Inc.
24,660
4,700,689
42,344,309
Software
25.2%
Adobe,
Inc.*
14,734
9,159,096
Cadence
Design
Systems,
Inc.*
16,580
2,448,037
Crowdstrike
Holdings,
Inc.,
Class
A*
5,200
1,318,772
DocuSign,
Inc.*
2,535
755,531
Elastic
NV*
9,710
1,437,663
HubSpot
,
Inc.*
4,350
2,592,687
Intuit,
Inc.
7,400
3,921,778
Microsoft
Corp.
62,410
17,781,233
Paycom
Software,
Inc.*
6,790
2,716,000
RingCentral,
Inc.,
Class
A*
15,150
4,049,141
ServiceNow
,
Inc.*
2,950
1,734,276
Varonis
Systems,
Inc.*
27,150
1,661,580
49,575,794
Technology
Hardware,
Storage
&
Peripherals
5.6%
Apple,
Inc.
64,608
9,423,723
Samsung
Electronics
Co.
Ltd.,
GDR-KR
Reg.
S(b)
876
1,502,194
10,925,917
Total
Common
Stocks
(cost
$61,725,435)
195,900,422
Short-Term
Investment
0.8%
Money
Market
Fund
0.8%
Fidelity
Investments
Money
Market
Government
Portfolio
—
Institutional
Class,
0.01%(c)(d)
1,551,398
1,551,398
Total
Short-Term
Investment
(cost
$1,551,398)
1,551,398
Total
Investments
(cost
$63,276,833)
—
100.5%
197,451,820
Liabilities
in
excess
of
other
assets
—
(0.5)%
(931,106)
NET
ASSETS
—
100.0%
$
196,520,714
10
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bailard
Technology
&
Science
Fund
*
Denotes
a
non-income
producing
security.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2021.
The
total
value
of
securities
on
loan
as
of
July
31,
2021
was
$1,476,277,
which
was
collateralized
by
cash
used
to
purchase
a
money
market
fund
with
a
value
of
$1,551,398.
(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,
2021
was
$1,502,194
which
represents
0.76%
of
net
assets.
(c)
Represents
7-day
effective
yield
as
of
July
31,
2021.
(d)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2021
was
$1,551,398.
ADR
American
Depositary
Receipt
GDR
Global
Depositary
Receipt
JP
Japan
KR
South
Korea
Reg.
S
Regulation
S
-
Security
was
purchased
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933,
which
exempts
from
registration
securities
offered
and
sold
outside
of
the
United
States.
Such
security
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933
or
pursuant
to
an
exemption
from
registration.
Currently
there
is
no
restriction
on
trading
this
security.
TW
Taiwan
Nationwide
Bailard
Technology
&
Science
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
11
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
12
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bailard
Technology
&
Science
Fund
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
Biotechnology
$
8,720,858
$
–
$
–
$
8,720,858
Electronic
Equipment,
Instruments
&
Components
9,765,936
–
–
9,765,936
Entertainment
6,717,880
–
–
6,717,880
Household
Durables
4,464,040
–
–
4,464,040
Interactive
Media
&
Services
20,962,131
–
–
20,962,131
Internet
&
Direct
Marketing
Retail
6,112,783
–
–
6,112,783
IT
Services
29,774,978
–
–
29,774,978
Pharmaceuticals
1,741,160
–
–
1,741,160
Professional
Services
3,299,395
–
–
3,299,395
Road
&
Rail
1,495,241
–
–
1,495,241
Semiconductors
&
Semiconductor
Equipment
42,344,309
–
–
42,344,309
Software
49,575,794
–
–
49,575,794
Technology
Hardware,
Storage
&
Peripherals
9,423,723
1,502,194
–
10,925,917
Total
Common
Stocks
$
194,398,228
$
1,502,194
$
–
$
195,900,422
Short-Term
Investment
1,551,398
–
–
1,551,398
Total
$
195,949,626
$
1,502,194
$
–
$
197,451,820
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
Nationwide
Diamond
Hill
Large
Cap
Concentrated
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
13
Common
Stocks
99.6%
Shares
Value
($)
Automobiles
4.5%
General
Motors
Co.*
20,667
1,174,712
Banks
8.2%
Bank
of
America
Corp.
30,363
1,164,725
Truist
Financial
Corp.
18,423
1,002,764
2,167,489
Beverages
5.6%
PepsiCo,
Inc.
9,486
1,488,828
Capital
Markets
6.1%
KKR
&
Co.,
Inc.
25,061
1,597,889
Diversified
Financial
Services
6.3%
Berkshire
Hathaway,
Inc.,
Class
B*
5,925
1,648,868
Entertainment
6.1%
Walt
Disney
Co.
(The)*
9,142
1,609,175
Food
Products
5.5%
Mondelez
International,
Inc.,
Class
A
22,749
1,439,102
Health
Care
Equipment
&
Supplies
5.8%
Abbott
Laboratories
12,596
1,523,864
Health
Care
Providers
&
Services
4.1%
Humana,
Inc.
2,565
1,092,331
Household
Durables
4.8%
NVR,
Inc.*
241
1,258,647
Common
Stocks
Shares
Value
($)
Insurance
8.1%
American
International
Group,
Inc.
45,313
2,145,570
Interactive
Media
&
Services
5.1%
Facebook,
Inc.,
Class
A*
3,768
1,342,538
IT
Services
8.2%
Cognizant
Technology
Solutions
Corp.,
Class
A
14,702
1,081,038
Fidelity
National
Information
Services,
Inc.
7,204
1,073,756
2,154,794
Machinery
3.7%
Parker-Hannifin
Corp.
3,123
974,470
Metals
&
Mining
4.5%
Freeport-McMoRan,
Inc.
30,998
1,181,024
Oil,
Gas
&
Consumable
Fuels
4.5%
Chevron
Corp.
11,694
1,190,566
Pharmaceuticals
4.8%
Pfizer,
Inc.
29,308
1,254,675
Textiles,
Apparel
&
Luxury
Goods
3.7%
VF
Corp.
12,104
970,741
Total
Investments
(cost
$19,793,396)
—
99.6%
26,215,283
Other
assets
in
excess
of
liabilities
—
0.4%
109,310
NET
ASSETS
—
100.0%
$
26,324,593
*
Denotes
a
non-income
producing
security.
14
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Diamond
Hill
Large
Cap
Concentrated
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
Nationwide
Diamond
Hill
Large
Cap
Concentrated
Fund
-
July
31,
2021
(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,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
26,215,283
$
–
$
–
$
26,215,283
Total
$
26,215,283
$
–
$
–
$
26,215,283
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
16
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Fund
Common
Stocks
98.1%
Shares
Value
($)
Aerospace
&
Defense
2.0%
Boeing
Co.
(The)*
30,069
6,810,027
Lockheed
Martin
Corp.
21,874
8,129,909
Raytheon
Technologies
Corp.
133,468
11,605,043
26,544,979
Air
Freight
&
Logistics
1.0%
FedEx
Corp.
44,728
12,521,604
Airlines
0.1%
Southwest
Airlines
Co.*
25,209
1,273,559
Automobiles
0.6%
Tesla,
Inc.*
12,005
8,249,836
Banks
1.4%
Bank
of
America
Corp.
481,142
18,456,607
Beverages
1.8%
Constellation
Brands,
Inc.,
Class
A
64,201
14,402,852
Monster
Beverage
Corp.*
95,967
9,051,608
23,454,460
Biotechnology
0.8%
Biogen,
Inc.*
7,142
2,333,506
Incyte
Corp.*
11,298
873,900
Regeneron
Pharmaceuticals,
Inc.*
4,491
2,580,574
Seagen
,
Inc.*
11,198
1,717,661
Vertex
Pharmaceuticals,
Inc.*
12,419
2,503,422
10,009,063
Building
Products
0.9%
Johnson
Controls
International
plc
104,381
7,454,891
Trane
Technologies
plc
21,985
4,476,366
11,931,257
Capital
Markets
6.0%
Ares
Management
Corp.
180,719
12,941,288
Charles
Schwab
Corp.
(The)
344,196
23,388,118
CME
Group,
Inc.
39,262
8,328,648
Morgan
Stanley
246,794
23,687,288
S&P
Global,
Inc.
22,338
9,576,747
77,922,089
Chemicals
2.2%
Celanese
Corp.
48,232
7,513,098
FMC
Corp.
54,284
5,805,674
Linde
plc
27,126
8,338,261
PPG
Industries,
Inc.
40,911
6,689,767
28,346,800
Commercial
Services
&
Supplies
0.4%
Waste
Management,
Inc.
37,592
5,573,390
Consumer
Finance
1.1%
American
Express
Co.
86,867
14,813,429
Containers
&
Packaging
0.5%
Ball
Corp.
39,431
3,189,179
Crown
Holdings,
Inc.
29,281
2,921,073
6,110,252
Diversified
Financial
Services
1.3%
Berkshire
Hathaway,
Inc.,
Class
B*
24,321
6,768,291
Common
Stocks
Shares
Value
($)
Diversified
Financial
Services
Equitable
Holdings,
Inc.
324,435
10,015,309
16,783,600
Electric
Utilities
2.9%
Duke
Energy
Corp.
116,441
12,239,114
Edison
International
114,182
6,222,919
Exelon
Corp.
189,194
8,854,279
FirstEnergy
Corp.
272,472
10,441,127
37,757,439
Energy
Equipment
&
Services
0.2%
Schlumberger
NV
88,215
2,543,238
Entertainment
1.0%
Electronic
Arts,
Inc.
43,546
6,268,882
Netflix,
Inc.*
13,275
6,870,742
13,139,624
Equity
Real
Estate
Investment
Trusts
(REITs)
2.4%
American
Tower
Corp.
37,184
10,515,635
Prologis,
Inc.
89,259
11,428,722
Welltower
,
Inc.
107,895
9,371,760
31,316,117
Food
&
Staples
Retailing
1.7%
Sysco
Corp.
293,505
21,778,071
Food
Products
1.7%
Archer-Daniels-Midland
Co.
92,013
5,495,016
Lamb
Weston
Holdings,
Inc.
56,436
3,768,232
Mondelez
International,
Inc.,
Class
A
208,355
13,180,537
22,443,785
Health
Care
Equipment
&
Supplies
3.7%
Align
Technology,
Inc.*
6,532
4,544,965
Boston
Scientific
Corp.*
197,313
8,997,473
Danaher
Corp.
40,264
11,978,137
Edwards
Lifesciences
Corp.*
54,162
6,080,768
Insulet
Corp.*
9,765
2,731,173
Intuitive
Surgical,
Inc.*
7,566
7,501,386
Teleflex,
Inc.
16,369
6,505,532
48,339,434
Health
Care
Providers
&
Services
2.8%
Anthem,
Inc.
17,635
6,772,016
Centene
Corp.*
90,262
6,192,876
HCA
Healthcare,
Inc.
16,191
4,018,606
Humana,
Inc.
13,304
5,665,641
Laboratory
Corp.
of
America
Holdings*
10,771
3,189,832
McKesson
Corp.
12,930
2,635,522
UnitedHealth
Group,
Inc.
20,103
8,286,859
36,761,352
Hotels,
Restaurants
&
Leisure
4.0%
Airbnb,
Inc.,
Class
A*
55,368
7,973,546
Booking
Holdings,
Inc.*
1,578
3,437,294
Caesars
Entertainment,
Inc.*
84,469
7,379,212
Chipotle
Mexican
Grill,
Inc.*
5,060
9,429,006
Hilton
Worldwide
Holdings,
Inc.*
50,827
6,681,209
Starbucks
Corp.
147,707
17,936,061
52,836,328
Nationwide
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
17
Common
Stocks
Shares
Value
($)
Industrial
Conglomerates
0.1%
General
Electric
Co.
143,002
1,851,876
Insurance
2.3%
American
International
Group,
Inc.
153,915
7,287,875
Chubb
Ltd.
45,988
7,760,015
Hartford
Financial
Services
Group,
Inc.
(The)
75,473
4,801,593
Marsh
&
McLennan
Cos.,
Inc.
49,863
7,340,831
Progressive
Corp.
(The)
34,394
3,272,933
30,463,247
Interactive
Media
&
Services
9.2%
Alphabet,
Inc.,
Class
A*
24,993
67,344,388
Facebook,
Inc.,
Class
A*
113,346
40,385,180
Match
Group,
Inc.*
40,048
6,378,445
Snap,
Inc.,
Class
A*
82,848
6,165,548
120,273,561
Internet
&
Direct
Marketing
Retail
4.2%
Amazon.com,
Inc.*
16,440
54,705,580
IT
Services
5.1%
Cognizant
Technology
Solutions
Corp.,
Class
A
73,541
5,407,470
FleetCor
Technologies,
Inc.*
33,139
8,557,153
Global
Payments,
Inc.
96,000
18,567,360
GoDaddy
,
Inc.,
Class
A*
37,083
3,109,410
PayPal
Holdings,
Inc.*
47,006
12,951,563
Shopify,
Inc.,
Class
A*
3,925
5,887,225
Snowflake,
Inc.,
Class
A*
3,356
891,756
Visa,
Inc.,
Class
A
45,877
11,303,634
66,675,571
Life
Sciences
Tools
&
Services
1.3%
Illumina,
Inc.*
8,454
4,191,070
PPD,
Inc.*
35,400
1,632,648
Thermo
Fisher
Scientific,
Inc.
21,594
11,660,976
17,484,694
Machinery
3.1%
Fortive
Corp.
118,573
8,615,514
Ingersoll
Rand,
Inc.*
157,279
7,686,225
Otis
Worldwide
Corp.
52,191
4,673,704
Parker-Hannifin
Corp.
26,258
8,193,284
Westinghouse
Air
Brake
Technologies
Corp.
130,916
11,110,841
40,279,568
Media
3.2%
Charter
Communications,
Inc.,
Class
A*
29,409
21,881,767
DISH
Network
Corp.,
Class
A*
126,385
5,294,268
Omnicom
Group,
Inc.
201,642
14,683,570
41,859,605
Oil,
Gas
&
Consumable
Fuels
2.9%
ConocoPhillips
124,987
7,006,772
Marathon
Petroleum
Corp.
80,937
4,469,341
Pioneer
Natural
Resources
Co.
17,914
2,604,158
Royal
Dutch
Shell
plc,
Class
A,
ADR-NL
222,512
9,038,437
Common
Stocks
Shares
Value
($)
Oil,
Gas
&
Consumable
Fuels
Royal
Dutch
Shell
plc,
Class
B,
ADR-NL
384,801
15,218,880
38,337,588
Personal
Products
0.4%
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
15,779
5,267,504
Pharmaceuticals
5.3%
AstraZeneca
plc,
ADR-UK(a)
185,004
10,589,629
Bristol-Myers
Squibb
Co.
156,218
10,602,516
Eli
Lilly
&
Co.
80,535
19,610,272
Pfizer,
Inc.
435,213
18,631,469
Royalty
Pharma
plc,
Class
A
10,991
419,856
Zoetis,
Inc.
50,105
10,156,283
70,010,025
Professional
Services
0.8%
Equifax,
Inc.
13,725
3,576,735
IHS
Markit
Ltd.
58,732
6,862,247
10,438,982
Road
&
Rail
1.1%
CSX
Corp.
109,482
3,538,458
JB
Hunt
Transport
Services,
Inc.
48,497
8,169,320
Uber
Technologies,
Inc.*
58,480
2,541,541
14,249,319
Semiconductors
&
Semiconductor
Equipment
5.0%
Advanced
Micro
Devices,
Inc.*
144,317
15,325,022
KLA
Corp.
18,064
6,289,162
Marvell
Technology,
Inc.
220,546
13,345,238
Micron
Technology,
Inc.*
133,037
10,321,011
NVIDIA
Corp.
15,908
3,101,901
Skyworks
Solutions,
Inc.
14,998
2,767,281
Teradyne,
Inc.
13,561
1,722,247
Texas
Instruments,
Inc.
63,185
12,044,325
64,916,187
Software
7.7%
Adobe,
Inc.*
10,586
6,580,575
Ceridian
HCM
Holding,
Inc.*
5,318
523,291
Microsoft
Corp.
252,453
71,926,384
salesforce.com,
Inc.*
49,674
12,017,631
ServiceNow
,
Inc.*
8,031
4,721,345
UiPath
,
Inc.,
Class
A*(a)
2,991
187,117
Workday,
Inc.,
Class
A*
18,922
4,435,317
100,391,660
Specialty
Retail
1.3%
Ross
Stores,
Inc.
52,582
6,451,285
TJX
Cos.,
Inc.
(The)
160,881
11,070,222
17,521,507
Technology
Hardware,
Storage
&
Peripherals
4.1%
Apple,
Inc.
369,354
53,873,974
Wireless
Telecommunication
Services
0.5%
T-Mobile
US,
Inc.*
47,975
6,909,359
Total
Common
Stocks
(cost
$810,774,748)
1,284,416,120
18
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Fund
Exchange
Traded
Fund
1.1%
Shares
Value
($)
Equity
Fund
1.1%
SPDR
S&P
500
ETF
Trust(a)
32,430
14,220,879
Total
Exchange
Traded
Fund
(cost
$13,973,837)
14,220,879
Short-Term
Investment
0.5%
Money
Market
Fund
0.5%
Fidelity
Investments
Money
Market
Government
Portfolio
—
Institutional
Class,
0.01%(b)(c)
6,364,872
6,364,872
Total
Short-Term
Investment
(cost
$6,364,872)
6,364,872
Total
Investments
(cost
$831,113,457)
—
99.7%
1,305,001,871
Other
assets
in
excess
of
liabilities
—
0.3%
3,617,115
NET
ASSETS
—
100.0%
$
1,308,618,986
*
Denotes
a
non-income
producing
security.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2021.
The
total
value
of
securities
on
loan
as
of
July
31,
2021
was
$16,151,202,
which
was
collateralized
by
cash
used
to
purchase
a
money
market
fund
with
a
total
value
of
$6,364,872
and
by
$10,734,302
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.25%,
and
maturity
dates
ranging
from
9/30/2021
–
11/15/2049;
a
total
value
of
$17,099,174.
(b)
Represents
7-day
effective
yield
as
of
July
31,
2021.
(c)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2021
was
$6,364,872.
ADR
American
Depositary
Receipt
ETF
Exchange
Traded
Fund
NL
Netherlands
REIT
Real
Estate
Investment
Trust
UK
United
Kingdom
Nationwide
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
19
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
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,
2021
(Unaudited)
-
Nationwide
Fund
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
1,284,416,120
$
–
$
–
$
1,284,416,120
Exchange
Traded
Fund
14,220,879
–
–
14,220,879
Short-Term
Investment
6,364,872
–
–
6,364,872
Total
$
1,305,001,871
$
–
$
–
$
1,305,001,871
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
Nationwide
BNY
Mellon
Dynamic
U.S.
Core
Fund
(formerly,
Nationwide
Mellon
Dynamic
U.S.
Core
Fund)
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
21
Common
Stocks
86.5%
Shares
Value
($)
Aerospace
&
Defense
1.4%
Boeing
Co.
(The)*
18,362
4,158,626
General
Dynamics
Corp.
7,620
1,493,749
Howmet
Aerospace,
Inc.*
13,086
429,483
Huntington
Ingalls
Industries,
Inc.
1,399
286,977
L3Harris
Technologies,
Inc.
6,825
1,547,500
Lockheed
Martin
Corp.
8,164
3,034,314
Northrop
Grumman
Corp.
4,988
1,810,744
Raytheon
Technologies
Corp.
50,610
4,400,539
Teledyne
Technologies,
Inc.*
1,537
695,907
Textron,
Inc.
7,440
513,434
TransDigm
Group,
Inc.*
1,843
1,181,529
19,552,802
Air
Freight
&
Logistics
0.6%
CH
Robinson
Worldwide,
Inc.
4,369
389,584
Expeditors
International
of
Washington,
Inc.
5,592
717,174
FedEx
Corp.
8,144
2,279,913
United
Parcel
Service,
Inc.,
Class
B
24,168
4,624,788
8,011,459
Airlines
0.2%
Alaska
Air
Group,
Inc.*
4,330
251,270
American
Airlines
Group,
Inc.*(a)
21,725
442,755
Delta
Air
Lines,
Inc.*
21,505
858,050
Southwest
Airlines
Co.*
19,914
1,006,055
United
Airlines
Holdings,
Inc.*
10,890
508,781
3,066,911
Auto
Components
0.1%
Aptiv
plc*
9,104
1,519,002
BorgWarner,
Inc.
8,178
400,559
1,919,561
Automobiles
1.5%
Ford
Motor
Co.*
131,842
1,839,196
General
Motors
Co.*
42,589
2,420,759
Tesla,
Inc.*
25,741
17,689,215
21,949,170
Banks
3.5%
Bank
of
America
Corp.
252,147
9,672,359
Citigroup,
Inc.
69,057
4,669,634
Citizens
Financial
Group,
Inc.
14,420
607,947
Comerica,
Inc.
4,814
330,529
Fifth
Third
Bancorp
23,347
847,263
First
Republic
Bank
5,851
1,141,062
Huntington
Bancshares,
Inc.
49,966
703,521
JPMorgan
Chase
&
Co.
101,103
15,345,413
KeyCorp
32,584
640,602
M&T
Bank
Corp.
4,252
569,130
People's
United
Financial,
Inc.
14,681
230,492
PNC
Financial
Services
Group,
Inc.
(The)
14,177
2,586,027
Regions
Financial
Corp.
32,316
622,083
SVB
Financial
Group*
1,841
1,012,476
Truist
Financial
Corp.
44,863
2,441,893
US
Bancorp
45,229
2,512,019
Wells
Fargo
&
Co.
138,143
6,346,289
Common
Stocks
Shares
Value
($)
Banks
Zions
Bancorp
NA
5,667
295,534
50,574,273
Beverages
1.2%
Brown-Forman
Corp.,
Class
B
6,019
426,867
Coca-Cola
Co.
(The)
129,712
7,397,475
Constellation
Brands,
Inc.,
Class
A
5,622
1,261,239
Molson
Coors
Beverage
Co.,
Class
B*
6,157
301,016
Monster
Beverage
Corp.*
12,461
1,175,322
PepsiCo,
Inc.
46,183
7,248,422
17,810,341
Biotechnology
1.6%
AbbVie,
Inc.
59,037
6,866,003
Amgen,
Inc.
19,195
4,636,360
Biogen,
Inc.*
5,017
1,639,204
Gilead
Sciences,
Inc.
41,856
2,858,346
Incyte
Corp.*
6,162
476,631
Moderna
,
Inc.*
9,973
3,526,453
Regeneron
Pharmaceuticals,
Inc.*
3,490
2,005,389
Vertex
Pharmaceuticals,
Inc.*
8,624
1,738,426
23,746,812
Building
Products
0.4%
A
O
Smith
Corp.
4,406
309,874
Allegion
plc
2,955
403,653
Carrier
Global
Corp.
27,545
1,521,861
Fortune
Brands
Home
&
Security,
Inc.
4,554
443,878
Johnson
Controls
International
plc
23,875
1,705,153
Masco
Corp.
8,363
499,355
Trane
Technologies
plc
8,041
1,637,228
6,521,002
Capital
Markets
2.6%
Ameriprise
Financial,
Inc.
3,848
991,091
Bank
of
New
York
Mellon
Corp.
(The)
25,760
1,322,261
BlackRock,
Inc.
4,739
4,109,519
Cboe
Global
Markets,
Inc.
3,505
415,237
Charles
Schwab
Corp.
(The)
50,083
3,403,140
CME
Group,
Inc.
11,980
2,541,317
Franklin
Resources,
Inc.
9,247
273,249
Goldman
Sachs
Group,
Inc.
(The)
11,364
4,260,136
Intercontinental
Exchange,
Inc.
18,767
2,248,850
Invesco
Ltd.
13,015
317,306
MarketAxess
Holdings,
Inc.
1,255
596,338
Moody's
Corp.
5,367
2,017,992
Morgan
Stanley
49,726
4,772,702
MSCI,
Inc.
2,743
1,634,718
Nasdaq,
Inc.
3,802
709,947
Northern
Trust
Corp.
7,011
791,191
Raymond
James
Financial,
Inc.
4,036
522,581
S&P
Global,
Inc.
8,043
3,448,195
State
Street
Corp.
11,547
1,006,206
22
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
BNY
Mellon
Dynamic
U.S.
Core
Fund
(formerly,
Nationwide
Mellon
Dynamic
U.S.
Core
Fund)
Common
Stocks
Shares
Value
($)
Capital
Markets
T.
Rowe
Price
Group,
Inc.
7,554
1,542,225
36,924,201
Chemicals
1.5%
Air
Products
&
Chemicals,
Inc.
7,380
2,147,801
Albemarle
Corp.
3,865
796,345
Celanese
Corp.
3,720
579,464
CF
Industries
Holdings,
Inc.
7,391
349,225
Corteva
,
Inc.
24,490
1,047,682
Dow,
Inc.
25,141
1,562,765
DuPont
de
Nemours,
Inc.
17,711
1,329,211
Eastman
Chemical
Co.
4,504
507,691
Ecolab,
Inc.
8,283
1,829,135
FMC
Corp.
4,242
453,682
International
Flavors
&
Fragrances,
Inc.
8,385
1,263,116
Linde
plc
17,381
5,342,746
LyondellBasell
Industries
NV,
Class
A
8,666
860,794
Mosaic
Co.
(The)
11,950
373,198
PPG
Industries,
Inc.
7,989
1,306,361
Sherwin-Williams
Co.
(The)
7,982
2,323,001
22,072,217
Commercial
Services
&
Supplies
0.4%
Cintas
Corp.
2,973
1,171,897
Copart
,
Inc.*
6,999
1,028,853
Republic
Services,
Inc.
7,082
838,226
Rollins,
Inc.
7,644
292,994
Waste
Management,
Inc.
12,942
1,918,781
5,250,751
Communications
Equipment
0.7%
Arista
Networks,
Inc.*
1,847
702,580
Cisco
Systems,
Inc.
140,874
7,800,193
F5
Networks,
Inc.*
1,954
403,521
Juniper
Networks,
Inc.
10,725
301,802
Motorola
Solutions,
Inc.
5,696
1,275,448
10,483,544
Construction
&
Engineering
0.0%
†
Quanta
Services,
Inc.
4,795
435,866
Construction
Materials
0.1%
Martin
Marietta
Materials,
Inc.
2,096
761,477
Vulcan
Materials
Co.
4,461
802,935
1,564,412
Consumer
Finance
0.6%
American
Express
Co.
21,729
3,705,446
Capital
One
Financial
Corp.
15,062
2,435,525
Discover
Financial
Services
10,142
1,260,854
Synchrony
Financial
18,278
859,432
8,261,257
Containers
&
Packaging
0.3%
Amcor
plc
52,517
607,097
Avery
Dennison
Corp.
2,789
587,587
Ball
Corp.
11,046
893,400
International
Paper
Co.
13,227
763,991
Packaging
Corp.
of
America
3,128
442,612
Sealed
Air
Corp.
4,953
281,083
Common
Stocks
Shares
Value
($)
Containers
&
Packaging
Westrock
Co.
9,030
444,366
4,020,136
Distributors
0.1%
Genuine
Parts
Co.
4,775
606,043
LKQ
Corp.*
9,153
464,515
Pool
Corp.
1,327
634,067
1,704,625
Diversified
Financial
Services
1.2%
Berkshire
Hathaway,
Inc.,
Class
B*
63,306
17,617,427
Diversified
Telecommunication
Services
1.0%
AT&T,
Inc.
238,651
6,694,160
Lumen
Technologies,
Inc.
32,761
408,530
Verizon
Communications,
Inc.
138,400
7,719,952
14,822,642
Electric
Utilities
1.4%
Alliant
Energy
Corp.
8,253
483,048
American
Electric
Power
Co.,
Inc.
16,749
1,475,922
Duke
Energy
Corp.
25,665
2,697,648
Edison
International
12,766
695,747
Entergy
Corp.
6,744
694,092
Evergy
,
Inc.
7,566
493,455
Eversource
Energy
11,557
997,022
Exelon
Corp.
32,517
1,521,796
FirstEnergy
Corp.
18,266
699,953
NextEra
Energy,
Inc.
65,533
5,105,021
NRG
Energy,
Inc.
8,438
347,983
Pinnacle
West
Capital
Corp.
3,895
325,427
PPL
Corp.
25,880
734,216
Southern
Co.
(The)
35,301
2,254,675
Xcel
Energy,
Inc.
18,126
1,237,099
19,763,104
Electrical
Equipment
0.5%
AMETEK,
Inc.
7,768
1,080,141
Eaton
Corp.
plc
13,286
2,099,852
Emerson
Electric
Co.
19,990
2,016,791
Generac
Holdings,
Inc.*
2,089
876,043
Rockwell
Automation,
Inc.
3,914
1,203,242
7,276,069
Electronic
Equipment,
Instruments
&
Components
0.6%
Amphenol
Corp.,
Class
A
19,879
1,441,029
CDW
Corp.
4,746
870,179
Corning,
Inc.
25,899
1,084,132
IPG
Photonics
Corp.*
1,239
270,300
Keysight
Technologies,
Inc.*
6,116
1,006,388
TE
Connectivity
Ltd.
10,995
1,621,433
Trimble,
Inc.*
8,308
710,334
Zebra
Technologies
Corp.,
Class
A*
1,801
995,016
7,998,811
Energy
Equipment
&
Services
0.2%
Baker
Hughes
Co.
23,998
509,718
Halliburton
Co.
29,430
608,612
NOV,
Inc.*
13,726
189,556
Nationwide
BNY
Mellon
Dynamic
U.S.
Core
Fund
(formerly,
Nationwide
Mellon
Dynamic
U.S.
Core
Fund)
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
23
Common
Stocks
Shares
Value
($)
Energy
Equipment
&
Services
Schlumberger
NV
47,147
1,359,248
2,667,134
Entertainment
1.6%
Activision
Blizzard,
Inc.
25,895
2,165,340
Electronic
Arts,
Inc.
9,523
1,370,931
Live
Nation
Entertainment,
Inc.*
4,938
389,559
Netflix,
Inc.*
14,823
7,671,940
Take-Two
Interactive
Software,
Inc.*
3,875
672,003
Walt
Disney
Co.
(The)*
60,757
10,694,447
22,964,220
Equity
Real
Estate
Investment
Trusts
(REITs)
2.2%
Alexandria
Real
Estate
Equities,
Inc.
4,646
935,426
American
Tower
Corp.
15,188
4,295,166
AvalonBay
Communities,
Inc.
4,699
1,070,573
Boston
Properties,
Inc.
4,687
550,160
Crown
Castle
International
Corp.
14,424
2,785,130
Digital
Realty
Trust,
Inc.
9,480
1,461,437
Duke
Realty
Corp.
12,396
630,708
Equinix
,
Inc.
2,986
2,449,744
Equity
Residential
11,544
971,197
Essex
Property
Trust,
Inc.
2,185
716,899
Extra
Space
Storage,
Inc.
4,465
777,535
Federal
Realty
Investment
Trust
2,413
283,600
Healthpeak
Properties,
Inc.
17,814
658,584
Host
Hotels
&
Resorts,
Inc.*
23,201
369,592
Iron
Mountain,
Inc.
9,490
415,282
Kimco
Realty
Corp.
15,014
320,249
Mid-America
Apartment
Communities,
Inc.
3,844
742,276
Prologis,
Inc.
24,694
3,161,820
Public
Storage
5,066
1,583,024
Realty
Income
Corp.
12,390
870,893
Regency
Centers
Corp.
5,453
356,681
SBA
Communications
Corp.
3,684
1,256,207
Simon
Property
Group,
Inc.
11,077
1,401,462
UDR,
Inc.
9,804
539,122
Ventas,
Inc.
12,604
753,467
Vornado
Realty
Trust
5,419
235,727
Welltower
,
Inc.
14,064
1,221,599
Weyerhaeuser
Co.
25,184
849,456
31,663,016
Food
&
Staples
Retailing
1.1%
Costco
Wholesale
Corp.
14,773
6,348,254
Kroger
Co.
(The)
25,149
1,023,564
Sysco
Corp.
17,213
1,277,205
Walgreens
Boots
Alliance,
Inc.
24,181
1,140,134
Walmart,
Inc.
45,891
6,541,762
16,330,919
Food
Products
0.8%
Archer-Daniels-Midland
Co.
18,820
1,123,930
Campbell
Soup
Co.
6,998
305,953
Conagra
Brands,
Inc.
15,838
530,415
General
Mills,
Inc.
20,281
1,193,740
Common
Stocks
Shares
Value
($)
Food
Products
Hershey
Co.
(The)
4,934
882,594
Hormel
Foods
Corp.
9,293
431,009
J
M
Smucker
Co.
(The)
3,609
473,176
Kellogg
Co.
8,312
526,648
Kraft
Heinz
Co.
(The)
21,833
839,916
Lamb
Weston
Holdings,
Inc.
4,807
320,963
McCormick
&
Co.,
Inc.
(Non-Voting)
8,378
705,176
Mondelez
International,
Inc.,
Class
A
46,884
2,965,882
Tyson
Foods,
Inc.,
Class
A
9,919
708,812
11,008,214
Gas
Utilities
0.0%
†
Atmos
Energy
Corp.
4,401
433,895
Health
Care
Equipment
&
Supplies
3.3%
Abbott
Laboratories
59,392
7,185,244
ABIOMED,
Inc.*
1,492
488,093
Align
Technology,
Inc.*
2,396
1,667,137
Baxter
International,
Inc.
16,733
1,294,297
Becton
Dickinson
and
Co.
9,701
2,481,031
Boston
Scientific
Corp.*
47,330
2,158,248
Cooper
Cos.,
Inc.
(The)
1,630
687,485
Danaher
Corp.
21,215
6,311,250
Dentsply
Sirona,
Inc.
7,183
474,365
DexCom
,
Inc.*
3,242
1,671,283
Edwards
Lifesciences
Corp.*
20,730
2,327,357
Hologic
,
Inc.*
8,464
635,139
IDEXX
Laboratories,
Inc.*
2,843
1,929,061
Intuitive
Surgical,
Inc.*
3,954
3,920,233
Medtronic
plc
44,961
5,903,829
ResMed
,
Inc.
4,901
1,332,092
STERIS
plc
3,305
720,325
Stryker
Corp.
10,939
2,963,813
Teleflex,
Inc.
1,570
623,965
West
Pharmaceutical
Services,
Inc.
2,493
1,026,443
Zimmer
Biomet
Holdings,
Inc.
7,006
1,144,920
46,945,610
Health
Care
Providers
&
Services
2.3%
AmerisourceBergen
Corp.
4,883
596,556
Anthem,
Inc.
8,174
3,138,898
Cardinal
Health,
Inc.
9,873
586,259
Centene
Corp.*
19,610
1,345,442
Cigna
Corp.
11,450
2,627,661
CVS
Health
Corp.
43,963
3,620,793
DaVita,
Inc.*
2,283
274,531
HCA
Healthcare,
Inc.
8,760
2,174,232
Henry
Schein,
Inc.*
4,609
369,411
Humana,
Inc.
4,298
1,830,346
Laboratory
Corp.
of
America
Holdings*
3,287
973,445
McKesson
Corp.
5,253
1,070,719
Quest
Diagnostics,
Inc.
4,315
611,867
UnitedHealth
Group,
Inc.
31,560
13,009,663
Universal
Health
Services,
Inc.,
Class
B
2,564
411,291
32,641,114
24
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
BNY
Mellon
Dynamic
U.S.
Core
Fund
(formerly,
Nationwide
Mellon
Dynamic
U.S.
Core
Fund)
Common
Stocks
Shares
Value
($)
Health
Care
Technology
0.1%
Cerner
Corp.
9,988
802,935
Hotels,
Restaurants
&
Leisure
1.8%
Booking
Holdings,
Inc.*
1,371
2,986,394
Caesars
Entertainment,
Inc.*
7,067
617,373
Carnival
Corp.*
26,890
582,168
Chipotle
Mexican
Grill,
Inc.*
937
1,746,043
Darden
Restaurants,
Inc.
4,383
639,392
Domino's
Pizza,
Inc.
1,283
674,204
Expedia
Group,
Inc.*
4,732
761,237
Hilton
Worldwide
Holdings,
Inc.*
9,357
1,229,978
Las
Vegas
Sands
Corp.*
11,049
467,925
Marriott
International,
Inc.,
Class
A*
8,970
1,309,441
McDonald's
Corp.
24,936
6,052,217
MGM
Resorts
International
13,439
504,366
Norwegian
Cruise
Line
Holdings
Ltd.*(a)
12,287
295,257
Penn
National
Gaming,
Inc.*
5,030
343,951
Royal
Caribbean
Cruises
Ltd.*
7,420
570,375
Starbucks
Corp.
39,365
4,780,092
Wynn
Resorts
Ltd.*
3,599
353,890
Yum!
Brands,
Inc.
9,904
1,301,286
25,215,589
Household
Durables
0.4%
DR
Horton,
Inc.
10,890
1,039,233
Garmin
Ltd.
4,964
780,341
Leggett
&
Platt,
Inc.
4,625
222,139
Lennar
Corp.,
Class
A
9,247
972,322
Mohawk
Industries,
Inc.*
1,920
374,208
Newell
Brands,
Inc.
13,048
322,938
NVR,
Inc.*
112
584,931
PulteGroup,
Inc.
8,925
489,715
Whirlpool
Corp.
2,064
457,258
5,243,085
Household
Products
1.2%
Church
&
Dwight
Co.,
Inc.
8,247
714,025
Clorox
Co.
(The)
4,124
745,990
Colgate-Palmolive
Co.
28,217
2,243,252
Kimberly-Clark
Corp.
11,235
1,524,814
Procter
&
Gamble
Co.
(The)
81,867
11,643,944
16,872,025
Independent
Power
and
Renewable
Electricity
Producers
0.0%
†
AES
Corp.
(The)
21,992
521,210
Industrial
Conglomerates
1.0%
3M
Co.
19,359
3,831,920
General
Electric
Co.
293,164
3,796,474
Honeywell
International,
Inc.
23,207
5,425,564
Roper
Technologies,
Inc.
3,540
1,739,344
14,793,302
Insurance
1.6%
Aflac,
Inc.
21,009
1,155,495
Allstate
Corp.
(The)
9,959
1,295,168
American
International
Group,
Inc.
28,554
1,352,032
Aon
plc,
Class
A
7,518
1,954,905
Common
Stocks
Shares
Value
($)
Insurance
Arthur
J
Gallagher
&
Co.
6,802
947,587
Assurant,
Inc.
2,001
315,778
Chubb
Ltd.
15,001
2,531,269
Cincinnati
Financial
Corp.
4,950
583,506
Everest
Re
Group
Ltd.
1,381
349,158
Globe
Life,
Inc.
3,102
288,827
Hartford
Financial
Services
Group,
Inc.
(The)
12,037
765,794
Lincoln
National
Corp.
5,868
361,586
Loews
Corp.
7,346
393,966
Marsh
&
McLennan
Cos.,
Inc.
16,963
2,497,293
MetLife,
Inc.
24,771
1,429,287
Principal
Financial
Group,
Inc.
8,515
529,037
Progressive
Corp.
(The)
19,503
1,855,905
Prudential
Financial,
Inc.
13,109
1,314,570
Travelers
Cos.,
Inc.
(The)
8,363
1,245,418
Unum
Group
7,037
192,814
W
R
Berkley
Corp.
4,601
336,655
Willis
Towers
Watson
plc
4,345
895,418
22,591,468
Interactive
Media
&
Services
5.8%
Alphabet,
Inc.,
Class
A*
10,047
27,071,943
Alphabet,
Inc.,
Class
C*
9,512
25,724,443
Facebook,
Inc.,
Class
A*
80,040
28,518,252
Twitter,
Inc.*
26,599
1,855,280
83,169,918
Internet
&
Direct
Marketing
Retail
3.5%
Amazon.com,
Inc.*
14,321
47,654,416
eBay,
Inc.
21,798
1,486,842
Etsy,
Inc.*
4,298
788,726
49,929,984
IT
Services
4.5%
Accenture
plc,
Class
A
21,246
6,749,429
Akamai
Technologies,
Inc.*
5,484
657,641
Automatic
Data
Processing,
Inc.
14,202
2,977,165
Broadridge
Financial
Solutions,
Inc.
3,893
675,397
Cognizant
Technology
Solutions
Corp.,
Class
A
17,538
1,289,569
DXC
Technology
Co.*
8,792
351,504
Fidelity
National
Information
Services,
Inc.
20,699
3,085,186
Fiserv,
Inc.*
19,862
2,286,315
FleetCor
Technologies,
Inc.*
2,808
725,082
Gartner,
Inc.*
2,851
754,745
Global
Payments,
Inc.
9,839
1,902,961
International
Business
Machines
Corp.
29,845
4,206,951
Jack
Henry
&
Associates,
Inc.
2,441
424,954
Mastercard
,
Inc.,
Class
A
29,252
11,289,517
Paychex,
Inc.
10,817
1,231,191
PayPal
Holdings,
Inc.*
39,284
10,823,920
VeriSign,
Inc.*
3,283
710,343
Visa,
Inc.,
Class
A
56,502
13,921,528
Western
Union
Co.
(The)
13,409
311,223
64,374,621
Nationwide
BNY
Mellon
Dynamic
U.S.
Core
Fund
(formerly,
Nationwide
Mellon
Dynamic
U.S.
Core
Fund)
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
25
Common
Stocks
Shares
Value
($)
Leisure
Products
0.0%
†
Hasbro,
Inc.
4,209
418,543
Life
Sciences
Tools
&
Services
1.1%
Agilent
Technologies,
Inc.
10,104
1,548,236
Bio-Rad
Laboratories,
Inc.,
Class
A*
723
534,666
Charles
River
Laboratories
International,
Inc.*
1,701
692,171
Illumina,
Inc.*
4,869
2,413,807
IQVIA
Holdings,
Inc.*
6,449
1,597,417
Mettler
-Toledo
International,
Inc.*
773
1,139,178
PerkinElmer,
Inc.
3,761
685,367
Thermo
Fisher
Scientific,
Inc.
13,136
7,093,571
Waters
Corp.*
2,090
814,703
16,519,116
Machinery
1.4%
Caterpillar,
Inc.
18,295
3,782,491
Cummins,
Inc.
4,861
1,128,238
Deere
&
Co.
10,417
3,766,683
Dover
Corp.
4,831
807,357
Fortive
Corp.
11,381
826,943
IDEX
Corp.
2,550
578,060
Illinois
Tool
Works,
Inc.
9,586
2,172,859
Ingersoll
Rand,
Inc.*
12,532
612,439
Otis
Worldwide
Corp.
13,408
1,200,686
PACCAR,
Inc.
11,693
970,402
Parker-Hannifin
Corp.
4,353
1,358,267
Pentair
plc
5,464
402,533
Snap-on,
Inc.
1,779
387,786
Stanley
Black
&
Decker,
Inc.
5,422
1,068,405
Westinghouse
Air
Brake
Technologies
Corp.
5,960
505,825
Xylem,
Inc.
6,065
763,280
20,332,254
Media
1.1%
Charter
Communications,
Inc.,
Class
A*
4,598
3,421,142
Comcast
Corp.,
Class
A
153,288
9,017,933
Discovery,
Inc.,
Class
A*(a)
5,558
161,238
Discovery,
Inc.,
Class
C*
10,005
271,235
DISH
Network
Corp.,
Class
A*
8,148
341,320
Fox
Corp.,
Class
A
10,730
382,632
Fox
Corp.,
Class
B
5,345
177,668
Interpublic
Group
of
Cos.,
Inc.
(The)
13,537
478,668
News
Corp.,
Class
A
13,567
334,155
News
Corp.,
Class
B
4,198
98,695
Omnicom
Group,
Inc.
7,100
517,022
ViacomCBS
,
Inc.
20,514
839,638
16,041,346
Metals
&
Mining
0.3%
Freeport-McMoRan,
Inc.
49,204
1,874,672
Newmont
Corp.
26,670
1,675,409
Nucor
Corp.
10,034
1,043,737
4,593,818
Multiline
Retail
0.5%
Dollar
General
Corp.
7,870
1,830,877
Dollar
Tree,
Inc.*
7,685
766,886
Common
Stocks
Shares
Value
($)
Multiline
Retail
Target
Corp.
16,524
4,313,590
6,911,353
Multi-Utilities
0.6%
Ameren
Corp.
8,622
723,558
CenterPoint
Energy,
Inc.
18,826
479,310
CMS
Energy
Corp.
9,560
590,713
Consolidated
Edison,
Inc.
11,367
838,544
Dominion
Energy,
Inc.
26,887
2,013,030
DTE
Energy
Co.
6,526
765,630
NiSource,
Inc.
13,242
328,004
Public
Service
Enterprise
Group,
Inc.
17,019
1,059,092
Sempra
Energy
10,486
1,369,996
WEC
Energy
Group,
Inc.
10,628
1,000,520
9,168,397
Oil,
Gas
&
Consumable
Fuels
2.0%
APA
Corp.
13,199
247,481
Cabot
Oil
&
Gas
Corp.
13,786
220,576
Chevron
Corp.
64,601
6,577,028
ConocoPhillips
45,027
2,524,213
Devon
Energy
Corp.
19,896
514,113
Diamondback
Energy,
Inc.
6,090
469,722
EOG
Resources,
Inc.
19,414
1,414,504
Exxon
Mobil
Corp.
141,538
8,148,343
Hess
Corp.
9,189
702,407
Kinder
Morgan,
Inc.
65,615
1,140,389
Marathon
Oil
Corp.
27,329
316,743
Marathon
Petroleum
Corp.
21,186
1,169,891
Occidental
Petroleum
Corp.
28,220
736,542
ONEOK,
Inc.
14,976
778,303
Phillips
66
14,726
1,081,330
Pioneer
Natural
Resources
Co.
7,699
1,119,204
Valero
Energy
Corp.
13,766
921,909
Williams
Cos.,
Inc.
(The)
40,892
1,024,344
29,107,042
Personal
Products
0.2%
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
7,736
2,582,509
Pharmaceuticals
3.2%
Bristol-Myers
Squibb
Co.
74,639
5,065,749
Catalent
,
Inc.*
5,638
675,489
Eli
Lilly
&
Co.
26,603
6,477,831
Johnson
&
Johnson
87,952
15,145,334
Merck
&
Co.,
Inc.
84,630
6,505,508
Organon
&
Co.*
8,550
248,036
Perrigo
Co.
plc
4,607
221,274
Pfizer,
Inc.
187,119
8,010,564
Viatris
,
Inc.
39,903
561,435
Zoetis,
Inc.
15,849
3,212,592
46,123,812
Professional
Services
0.4%
Equifax,
Inc.
4,099
1,068,200
IHS
Markit
Ltd.
12,568
1,468,445
Jacobs
Engineering
Group,
Inc.
4,300
581,575
Leidos
Holdings,
Inc.
4,376
465,694
Nielsen
Holdings
plc
12,485
295,770
26
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
BNY
Mellon
Dynamic
U.S.
Core
Fund
(formerly,
Nationwide
Mellon
Dynamic
U.S.
Core
Fund)
Common
Stocks
Shares
Value
($)
Professional
Services
Robert
Half
International,
Inc.
3,697
363,082
Verisk
Analytics,
Inc.
5,383
1,022,447
5,265,213
Real
Estate
Management
&
Development
0.1%
CBRE
Group,
Inc.,
Class
A*
11,303
1,090,287
Road
&
Rail
0.8%
CSX
Corp.
75,794
2,449,662
JB
Hunt
Transport
Services,
Inc.
2,748
462,901
Kansas
City
Southern
3,058
818,933
Norfolk
Southern
Corp.
8,345
2,151,591
Old
Dominion
Freight
Line,
Inc.
3,153
848,630
Union
Pacific
Corp.
22,195
4,855,378
11,587,095
Semiconductors
&
Semiconductor
Equipment
4.8%
Advanced
Micro
Devices,
Inc.*
40,573
4,308,447
Analog
Devices,
Inc.
12,297
2,058,764
Applied
Materials,
Inc.
30,652
4,289,134
Broadcom,
Inc.
13,647
6,624,254
Enphase
Energy,
Inc.*
4,597
871,591
Intel
Corp.
134,986
7,251,448
KLA
Corp.
5,105
1,777,357
Lam
Research
Corp.
4,760
3,034,072
Maxim
Integrated
Products,
Inc.*
9,024
901,588
Microchip
Technology,
Inc.
9,101
1,302,535
Micron
Technology,
Inc.*
37,429
2,903,742
Monolithic
Power
Systems,
Inc.
1,462
656,818
NVIDIA
Corp.
83,232
16,229,408
NXP
Semiconductors
NV
9,190
1,896,724
Qorvo
,
Inc.*
3,810
722,338
QUALCOMM,
Inc.
37,692
5,646,261
Skyworks
Solutions,
Inc.
5,556
1,025,137
Teradyne,
Inc.
5,505
699,135
Texas
Instruments,
Inc.
30,864
5,883,296
Xilinx,
Inc.
8,281
1,240,825
69,322,874
Software
7.9%
Adobe,
Inc.*
15,983
9,935,512
ANSYS,
Inc.*
2,895
1,066,692
Autodesk,
Inc.*
7,337
2,356,131
Cadence
Design
Systems,
Inc.*
9,253
1,366,205
Citrix
Systems,
Inc.
4,245
427,684
Fortinet,
Inc.*
4,560
1,241,414
Intuit,
Inc.
9,129
4,838,096
Microsoft
Corp.
251,626
71,690,764
NortonLifeLock
,
Inc.
19,129
474,782
Oracle
Corp.
60,701
5,289,485
Paycom
Software,
Inc.*
1,624
649,600
PTC,
Inc.*
3,560
482,202
salesforce.com,
Inc.*
32,004
7,742,728
ServiceNow
,
Inc.*
6,594
3,876,547
Synopsys,
Inc.*
5,137
1,479,404
Tyler
Technologies,
Inc.*
1,347
663,586
113,580,832
Common
Stocks
Shares
Value
($)
Specialty
Retail
1.9%
Advance
Auto
Parts,
Inc.
2,154
456,777
AutoZone,
Inc.*
718
1,165,723
Best
Buy
Co.,
Inc.
7,390
830,266
CarMax,
Inc.*
5,470
732,706
Gap,
Inc.
(The)
7,109
207,370
Home
Depot,
Inc.
(The)
35,555
11,668,795
L
Brands,
Inc.
7,737
619,502
Lowe's
Cos.,
Inc.
23,615
4,550,374
O'Reilly
Automotive,
Inc.*
2,321
1,401,513
Ross
Stores,
Inc.
12,008
1,473,262
TJX
Cos.,
Inc.
(The)
40,202
2,766,300
Tractor
Supply
Co.
3,913
707,979
Ulta
Beauty,
Inc.*
1,865
626,267
27,206,834
Technology
Hardware,
Storage
&
Peripherals
5.6%
Apple,
Inc.
524,077
76,441,871
Hewlett
Packard
Enterprise
Co.
44,471
644,830
HP,
Inc.
39,929
1,152,750
NetApp,
Inc.
7,479
595,254
Seagate
Technology
Holdings
plc
6,746
592,973
Western
Digital
Corp.*
10,146
658,780
80,086,458
Textiles,
Apparel
&
Luxury
Goods
0.6%
Hanesbrands,
Inc.
12,036
219,777
NIKE,
Inc.,
Class
B
42,615
7,138,439
PVH
Corp.*
2,456
256,947
Ralph
Lauren
Corp.
1,666
189,124
Tapestry,
Inc.*
9,586
405,488
Under
Armour
,
Inc.,
Class
A*
6,617
135,317
Under
Armour
,
Inc.,
Class
C*
6,836
119,767
VF
Corp.
10,817
867,524
9,332,383
Tobacco
0.6%
Altria
Group,
Inc.
61,765
2,967,190
Philip
Morris
International,
Inc.
52,075
5,212,187
8,179,377
Trading
Companies
&
Distributors
0.2%
Fastenal
Co.
19,350
1,059,799
United
Rentals,
Inc.*
2,431
801,136
WW
Grainger,
Inc.
1,448
643,752
2,504,687
Water
Utilities
0.1%
American
Water
Works
Co.,
Inc.
6,111
1,039,542
Wireless
Telecommunication
Services
0.2%
T-Mobile
US,
Inc.*
19,558
2,816,743
Total
Common
Stocks
(cost
$740,587,558)
1,243,326,167
Nationwide
BNY
Mellon
Dynamic
U.S.
Core
Fund
(formerly,
Nationwide
Mellon
Dynamic
U.S.
Core
Fund)
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
27
Purchased
Options
2.3%
Number
of
Contracts
Value
($)
Call
Options
2.3%
Future
Interest
Rate
Options:
0.2%
U.S.
Treasury
30
Year
Bond
8/27/2021
at
USD
165.00,
American
Style
Notional
Amount:
USD
25,200,000
Exchange
Traded
*
672
1,071,000
U.S.
Treasury
30
Year
Bond
8/27/2021
at
USD
163.00,
American
Style
Notional
Amount:
USD
25,200,000
Exchange
Traded
*
672
1,827,000
Index
Funds:
2.1%
S&P
500
E-Mini
Index
9/17/2021
at
USD
4,350.00,
American
Style
Notional
Amount:
USD
26,371,560
Exchange
Traded
*
331
1,956,210
S&P
500
E-Mini
Index
9/17/2021
at
USD
3,800.00,
American
Style
Notional
Amount:
USD
39,337,577
Exchange
Traded
*
492
14,858,400
S&P
500
E-Mini
Index
9/17/2021
at
USD
3,850.00,
American
Style
Notional
Amount:
USD
39,337,577
Exchange
Traded
*
492
13,684,980
Total
Purchased
Options
(cost
$27,336,540)
33,397,590
Short-Term
Investments
4.8%
Shares
Money
Market
Fund
0.1%
Fidelity
Investments
Money
Market
Government
Portfolio
—
Institutional
Class,
0.01%(b)(c)
946,947
946,947
(cost
$946,947)
U.S.
Treasury
Obligation
4.7%
U.S.
Treasury
Bills,
0.01%,
9/16/2021
68,155,000
68,151,379
(cost
$68,153,772)
Total
Short-Term
Investment
(cost
$69,100,719)
69,098,326
Total
Investments
(cost
$837,024,817)
—
93.6%
1,345,822,083
Other
assets
in
excess
of
liabilities
—
6.4%
91,548,389
NET
ASSETS
—
100.0%
$
1,437,370,472
*
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,
2021.
The
total
value
of
securities
on
loan
as
of
July
31,
2021
was
$888,546,
which
was
collateralized
by
cash
used
to
purchase
a
money
market
fund
with
a
value
of
$946,947.
(b)
Represents
7-day
effective
yield
as
of
July
31,
2021.
(c)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2021
was
$946,947.
REIT
Real
Estate
Investment
Trust
Currency:
USD
United
States
Dollar
28
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
BNY
Mellon
Dynamic
U.S.
Core
Fund
(formerly,
Nationwide
Mellon
Dynamic
U.S.
Core
Fund)
Futures
contracts
outstanding
as
of
July
31,
2021:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
S&P
500
E-Mini
Index
851
9/2021
USD
186,773,225
6,633,173
U.S.
Treasury
Long
Bond
17
9/2021
USD
2,800,219
128,633
6,761,806
Currency:
USD
United
States
Dollar
Nationwide
BNY
Mellon
Dynamic
U.S.
Core
Fund
(formerly,
Nationwide
Mellon
Dynamic
U.S.
Core
Fund)
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
29
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
30
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
BNY
Mellon
Dynamic
U.S.
Core
Fund
(formerly,
Nationwide
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,
2021.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using options and financial
futures
contracts.
(a)
Options
The
Fund
purchased
and/or
wrote
options
on
futures
contracts,
single
stocks,
ETFs,
and/or
indexes.
Such
option
investments
are
utilized
to
manage
currency
exposures
and/or
hedge
against
movements
in
the
values
of
the
foreign
currencies
in
which
the
portfolio
securities
are
denominated,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
to
capitalize
on
the
return-generating
features
of
selling
options
(short
volatility)
while
simultaneously
benefiting
from
the
risk-control
attributes
associated
with
buying
options
(long
volatility),
and/
or
to
generate
consistent
outperformance,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Options
traded
on
an
exchange
are
valued
at
the
settlement
price
provided
by
an
independent
pricing
service
as
approved
by
the
Board.
If
a
settlement
price
is
not
available,
such
options
are
valued
at
the
last
quoted
sale
price,
if
available,
and
otherwise
at
the
average
bid/ask
price.
Exchange
traded
options
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
Options
traded
in
the
over-the-counter
(“OTC”)
market,
and
which
are
not
quoted
by
NASDAQ,
are
valued
at
the
last
quoted
bid
price,
and
are
generally
categorized
as
Level
2
investments
within
the
hierarchy.
The
value
of
an
option
position
reflects,
among
other
things,
the
implied
price
volatility
of
the
underlying
investment,
the
current
market
value
of
the
underlying
investment,
the
time
remaining
until
expiration
of
the
option,
the
relationship
of
the
strike
price
to
the
market
price
of
the
underlying
investment,
and
general
market
conditions.
Options
that
expire
unexercised
have
no
value.
American-style
options
can
be
exercised
at
any
time
prior
to
the
expiration
date
of
the
option.
European-style
options
can
only
be
exercised
at
expiration
of
the
option.
The Fund
effectively
terminates
its
right
or
obligation
under
an
option
by
entering
into
a
closing
transaction.
Closing
transactions
permit the
Fund
to
realize
the
profit
or
limit
the
loss
on
an
option
position
prior
to
its
exercise
or
expiration.
If the
Fund
is
unable
to
affect
a
closing
transaction
for
an
option
it
purchased,
it
would
have
to
exercise
the
option
to
realize
any
profit.
The
inability
to
enter
into
a
closing
purchase
transaction
for
a
covered
call
option
written
by the
Fund
could
cause
material
losses
because the
Fund
would
be
unable
to
sell
the
investment
used
as
a
cover
for
the
written
option
until
the
option
expires
or
is
exercised.
The
writing
and
purchasing
of
options
is
a
highly
specialized
activity
that
involves
investment
techniques
and
risks
different
from
those
associated
with
ordinary
portfolio
securities
transactions.
Imperfect
correlation
between
options
and
the
securities
markets
may
detract
from
the
effectiveness
of
attempted
hedging.
Transactions
using
OTC
options
(other
than
options
purchased
by the
Fund)
expose the
Fund
to
counterparty
risk.
To
the
extent
required
by
Securities
and
Exchange
Commission
(“SEC”)
guidelines, the
Fund
will
not
enter
into
any
options
transactions
unless
it
owns
either
(i)
an
offsetting
(“covered”)
position
in
securities,
other
options,
or
futures
or
(ii)
cash
and
liquid
obligations
with
a
value
sufficient
at
all
times
to
cover
its
potential
obligations
to
the
extent
not
covered
as
provided
in
(i)
above.
A
Fund
will
also
earmark
or
set
aside
cash
and/or
appropriate
liquid
assets
in
a
segregated
custodial
account
as
required
by
SEC
and
U.S.
Commodity
Futures
Trading
Commission
regulations.
Assets
used
as
cover
or
held
in
a
segregated
account
cannot
be
sold
while
the
position
in
the
corresponding
option
or
futures
contract
is
open,
unless
they
are
replaced
with
similar
assets.
As
a
result,
the
commitment
of
a
large
portion
of the
Fund’s
assets
to
earmarking
or
segregated
accounts
as
a
cover
could
impede
portfolio
management
or the
Fund’s
ability
to
meet
redemption
requests
or
other
current
obligations.
(b)
Futures
Contracts
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
reducing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/
or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
1,243,326,167
$
–
$
–
$
1,243,326,167
Futures
Contracts
6,761,806
–
–
6,761,806
Purchased
Option
33,397,590
–
–
33,397,590
Short-Term
Investments
946,947
68,151,379
–
69,098,326
Total
$
1,284,432,510
$
68,151,379
$
–
$
1,352,583,889
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
Nationwide
BNY
Mellon
Dynamic
U.S.
Core
Fund
(formerly,
Nationwide
Mellon
Dynamic
U.S.
Core
Fund)
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
31
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,
2021:
Fair
Values
of
Derivatives
not
Accounted
for
as
Hedging
Instruments
as
of
July
31,
2021:
Assets:
Fair
Value
Purchased
Options
Equity
risk
Investment
securities,
at
value
$
30,499,590
Interest
rate
risk
Investment
securities,
at
value
2,898,000
Futures
Contracts
Equity
risk
Unrealized
appreciation
from
futures
contracts
6,633,173
Interest
rate
risk
Unrealized
appreciation
from
futures
contracts
128,633
Total
$
40,159,396
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
32
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Geneva
Mid
Cap
Growth
Fund
Common
Stocks
98.8%
Shares
Value
($)
Aerospace
&
Defense
4.3%
Axon
Enterprise,
Inc.*
54,992
10,229,612
HEICO
Corp.,
Class
A
52,755
6,398,654
Mercury
Systems,
Inc.*
64,982
4,288,812
20,917,078
Banks
1.9%
Signature
Bank
40,935
9,291,017
Building
Products
3.8%
Advanced
Drainage
Systems,
Inc.
122,543
14,961,275
Fortune
Brands
Home
&
Security,
Inc.
36,296
3,537,771
18,499,046
Capital
Markets
3.3%
Intercontinental
Exchange,
Inc.
79,330
9,506,114
Raymond
James
Financial,
Inc.
52,549
6,804,045
16,310,159
Commercial
Services
&
Supplies
3.5%
Copart
,
Inc.*
117,728
17,306,016
Distributors
3.7%
Pool
Corp.
37,282
17,814,085
Diversified
Consumer
Services
1.1%
Frontdoor
,
Inc.*
110,780
5,421,573
Electrical
Equipment
2.2%
Generac
Holdings,
Inc.*
25,848
10,839,617
Electronic
Equipment,
Instruments
&
Components
7.9%
Amphenol
Corp.,
Class
A
165,357
11,986,729
Cognex
Corp.
51,591
4,664,342
Keysight
Technologies,
Inc.*
91,443
15,046,946
Trimble,
Inc.*
81,366
6,956,793
38,654,810
Health
Care
Equipment
&
Supplies
13.2%
ABIOMED,
Inc.*
26,295
8,602,146
Align
Technology,
Inc.*
16,820
11,703,356
Cooper
Cos.,
Inc.
(The)
10,187
4,296,571
IDEXX
Laboratories,
Inc.*
24,196
16,417,712
Masimo
Corp.*
23,520
6,406,613
STERIS
plc
47,355
10,321,022
Teleflex,
Inc.
16,916
6,722,926
64,470,346
Health
Care
Providers
&
Services
0.7%
HealthEquity
,
Inc.*
45,714
3,381,922
Household
Products
1.8%
Church
&
Dwight
Co.,
Inc.
101,245
8,765,792
Industrial
Conglomerates
2.0%
Roper
Technologies,
Inc.
19,789
9,723,127
Internet
&
Direct
Marketing
Retail
0.7%
Etsy,
Inc.*
19,560
3,589,456
IT
Services
12.3%
Broadridge
Financial
Solutions,
Inc.
53,557
9,291,604
EPAM
Systems,
Inc.*
34,013
19,040,477
Fiserv,
Inc.*
88,662
10,205,883
Gartner,
Inc.*
37,309
9,876,812
Common
Stocks
Shares
Value
($)
IT
Services
Global
Payments,
Inc.
61,181
11,833,017
60,247,793
Life
Sciences
Tools
&
Services
1.7%
Repligen
Corp.*
34,632
8,509,082
Machinery
2.3%
IDEX
Corp.
48,613
11,020,081
Pharmaceuticals
1.7%
Catalent
,
Inc.*
71,072
8,515,136
Professional
Services
4.5%
CoStar
Group,
Inc.*
148,535
13,197,335
Verisk
Analytics,
Inc.
46,343
8,802,389
21,999,724
Road
&
Rail
0.5%
JB
Hunt
Transport
Services,
Inc.
13,100
2,206,695
Semiconductors
&
Semiconductor
Equipment
0.7%
Microchip
Technology,
Inc.
23,874
3,416,847
Software
15.6%
ANSYS,
Inc.*
35,165
12,956,896
Blackline,
Inc.*
89,337
10,219,260
HubSpot
,
Inc.*
25,001
14,901,096
Intuit,
Inc.
35,699
18,919,399
SS&C
Technologies
Holdings,
Inc.
64,198
5,032,481
Tyler
Technologies,
Inc.*
28,342
13,962,403
75,991,535
Specialty
Retail
6.5%
Burlington
Stores,
Inc.*
35,362
11,839,197
O'Reilly
Automotive,
Inc.*
22,764
13,745,814
Ulta
Beauty,
Inc.*
17,935
6,022,573
31,607,584
Textiles,
Apparel
&
Luxury
Goods
1.5%
Lululemon
Athletica
,
Inc.*
17,758
7,106,219
Trading
Companies
&
Distributors
1.4%
Watsco
,
Inc.
23,516
6,641,859
Total
Investments
(cost
$189,899,033)
—
98.8%
482,246,599
Other
assets
in
excess
of
liabilities
—
1.2%
6,067,145
NET
ASSETS
—
100.0%
$
488,313,744
*
Denotes
a
non-income
producing
security.
Nationwide
Geneva
Mid
Cap
Growth
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
33
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
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.
34
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Geneva
Mid
Cap
Growth
Fund
The
foll
owing
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
482,246,599
$
–
$
–
$
482,246,599
Total
$
482,246,599
$
–
$
–
$
482,246,599
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
Nationwide
Loomis
All
Cap
Growth
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
35
Common
Stocks
99.4%
Shares
Value
($)
Aerospace
&
Defense
3.8%
Boeing
Co.
(The)*
66,506
15,062,279
Air
Freight
&
Logistics
1.8%
Expeditors
International
of
Washington,
Inc.
55,470
7,114,027
Beverages
4.0%
Monster
Beverage
Corp.*
167,571
15,805,297
Biotechnology
7.4%
Alnylam
Pharmaceuticals,
Inc.*
53,627
9,596,016
BioMarin
Pharmaceutical,
Inc.*
42,540
3,264,094
CRISPR
Therapeutics
AG*
48,014
5,810,654
Regeneron
Pharmaceuticals,
Inc.*
18,357
10,548,116
29,218,880
Capital
Markets
4.6%
FactSet
Research
Systems,
Inc.
14,727
5,261,662
MSCI,
Inc.
12,148
7,239,722
SEI
Investments
Co.
91,142
5,541,434
18,042,818
Communications
Equipment
1.6%
Cisco
Systems,
Inc.
110,338
6,109,415
Energy
Equipment
&
Services
1.4%
Schlumberger
NV
194,689
5,612,884
Entertainment
3.1%
Walt
Disney
Co.
(The)*
69,718
12,271,762
Health
Care
Equipment
&
Supplies
1.1%
Intuitive
Surgical,
Inc.*
4,376
4,338,629
Health
Care
Technology
0.9%
Cerner
Corp.
46,159
3,710,722
Hotels,
Restaurants
&
Leisure
4.8%
Starbucks
Corp.
77,100
9,362,253
Yum
China
Holdings,
Inc.
89,120
5,542,373
Yum!
Brands,
Inc.
31,728
4,168,742
19,073,368
Household
Products
0.9%
Colgate-Palmolive
Co.
44,889
3,568,675
Interactive
Media
&
Services
11.4%
Alphabet,
Inc.,
Class
A*
4,163
11,217,329
Alphabet,
Inc.,
Class
C*
4,172
11,282,840
Facebook,
Inc.,
Class
A*
63,347
22,570,536
45,070,705
Internet
&
Direct
Marketing
Retail
10.1%
Alibaba
Group
Holding
Ltd.,
ADR-CN*
74,062
14,456,162
Amazon.com,
Inc.*
7,688
25,582,512
40,038,674
IT
Services
4.8%
Automatic
Data
Processing,
Inc.
13,305
2,789,127
Visa,
Inc.,
Class
A
64,933
15,998,842
18,787,969
Life
Sciences
Tools
&
Services
2.7%
Illumina,
Inc.*
21,473
10,645,240
Common
Stocks
Shares
Value
($)
Machinery
2.3%
Deere
&
Co.
25,048
9,057,106
Pharmaceuticals
5.8%
Novartis
AG,
ADR-CH
111,344
10,287,072
Novo
Nordisk
A/S,
ADR-DK
37,703
3,491,298
Roche
Holding
AG,
ADR-CH
190,744
9,205,305
22,983,675
Semiconductors
&
Semiconductor
Equipment
8.5%
NVIDIA
Corp.
128,660
25,087,414
QUALCOMM,
Inc.
55,684
8,341,463
33,428,877
Software
16.7%
Autodesk,
Inc.*
58,154
18,674,994
Microsoft
Corp.
39,298
11,196,393
Oracle
Corp.
194,338
16,934,613
salesforce.com,
Inc.*
40,893
9,893,244
Workday,
Inc.,
Class
A*
39,127
9,171,369
65,870,613
Textiles,
Apparel
&
Luxury
Goods
1.7%
Under
Armour
,
Inc.,
Class
A*
328,747
6,722,876
Total
Investments
(cost
$212,298,061)
—
99.4%
392,534,491
Other
assets
in
excess
of
liabilities
—
0.6%
2,348,128
NET
ASSETS
—
100.0%
$
394,882,619
*
Denotes
a
non-income
producing
security.
ADR
American
Depositary
Receipt
CH
Switzerland
CN
China
DK
Denmark
36
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Loomis
All
Cap
Growth
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
Nationwide
Loomis
All
Cap
Growth
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
37
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
392,534,491
$
–
$
–
$
392,534,491
Total
$
392,534,491
$
–
$
–
$
392,534,491
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
38
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Small
Company
Growth
Fund
Common
Stocks
99.2%
Shares
Value
($)
Biotechnology
3.4%
Ironwood
Pharmaceuticals,
Inc.*
318,279
4,223,562
Vericel
Corp.*
98,999
5,241,007
9,464,569
Chemicals
0.2%
Balchem
Corp.
4,068
548,733
Communications
Equipment
0.2%
NetScout
Systems,
Inc.*
17,587
505,802
Electronic
Equipment,
Instruments
&
Components
4.8%
Cognex
Corp.
150,983
13,650,373
Energy
Equipment
&
Services
0.6%
DMC
Global,
Inc.*
39,242
1,717,622
Health
Care
Equipment
&
Supplies
22.3%
ABIOMED,
Inc.*
34,239
11,200,947
Cardiovascular
Systems,
Inc.*
222,649
8,970,528
Glaukos
Corp.*
94,055
4,796,805
Inogen
,
Inc.*
118,709
9,469,417
Neogen
Corp.*
267,790
11,664,932
OrthoPediatrics
Corp.*
59,658
3,748,909
Quidel
Corp.*(a)
70,005
9,903,607
Tandem
Diabetes
Care,
Inc.*
30,361
3,299,330
63,054,475
Health
Care
Technology
6.1%
NextGen
Healthcare,
Inc.*
32,592
528,642
Veeva
Systems,
Inc.,
Class
A*
38,238
12,722,165
Vocera
Communications,
Inc.*
93,881
3,939,247
17,190,054
Life
Sciences
Tools
&
Services
6.5%
10X
Genomics,
Inc.,
Class
A*
25,555
4,682,443
Bio-
Techne
Corp.
16,899
8,149,374
Repligen
Corp.*
22,348
5,490,903
18,322,720
Machinery
3.1%
Helios
Technologies,
Inc.
78,765
6,368,150
Proto
Labs,
Inc.*
29,592
2,313,799
8,681,949
Software
52.0%
ACI
Worldwide,
Inc.*
15,309
525,099
Alarm.com
Holdings,
Inc.*
145,779
12,131,728
Alteryx
,
Inc.,
Class
A*
31,691
2,452,883
American
Software,
Inc.,
Class
A
29,295
644,490
Anaplan,
Inc.*
180,291
10,312,645
ANSYS,
Inc.*
34,982
12,889,468
Appfolio
,
Inc.,
Class
A*
91,493
12,955,409
Blackbaud
,
Inc.*
7,772
554,377
Datadog
,
Inc.,
Class
A*
113,958
12,615,151
Duck
Creek
Technologies,
Inc.*
34,007
1,493,927
Guidewire
Software,
Inc.*
68,405
7,880,256
Manhattan
Associates,
Inc.*
80,572
12,861,708
nCino
,
Inc.*
23,593
1,499,807
Paycom
Software,
Inc.*
30,076
12,030,400
PROS
Holdings,
Inc.*
185,837
8,069,042
Q2
Holdings,
Inc.*
123,799
12,789,675
Smartsheet
,
Inc.,
Class
A*
170,592
12,376,450
Common
Stocks
Shares
Value
($)
Software
Tyler
Technologies,
Inc.*
25,989
12,803,221
146,885,736
Total
Common
Stocks
(cost
$135,649,561)
280,022,033
Short-Term
Investment
0.0%
†
Money
Market
Fund
0.0%
†
Fidelity
Investments
Money
Market
Government
Portfolio
—
Institutional
Class,
0.01%(b)(c)
584
584
Total
Short-Term
Investment
(cost
$584)
584
Total
Investments
(cost
$135,650,145)
—
99.2%
280,022,617
Other
assets
in
excess
of
liabilities
—
0.8%
2,369,250
NET
ASSETS
—
100.0%
$
282,391,867
*
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,
2021.
The
total
value
of
securities
on
loan
as
of
July
31,
2021
was
$566,
which
was
collateralized
by
cash
used
to
purchase
a
money
market
fund
with
a
value
of
$584.
(b)
Represents
7-day
effective
yield
as
of
July
31,
2021.
(c)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2021
was
$584.
Nationwide
Small
Company
Growth
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
39
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
40
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Small
Company
Growth
Fund
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
280,022,033
$
–
$
–
$
280,022,033
Short-Term
Investment
584
–
–
584
Total
$
280,022,617
$
–
$
–
$
280,022,617
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
Nationwide
WCM
Focused
Small
Cap
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
41
Common
Stocks
92.7%
Shares
Value
($)
Aerospace
&
Defense
1.2%
Vectrus
,
Inc.*
53,500
2,423,015
Auto
Components
2.4%
Dorman
Products,
Inc.*
48,500
4,905,775
Building
Products
1.4%
American
Woodmark
Corp.*
39,600
2,940,300
Capital
Markets
9.4%
Focus
Financial
Partners,
Inc.,
Class
A*
225,000
11,549,250
Virtus
Investment
Partners,
Inc.
28,800
7,952,544
19,501,794
Chemicals
4.5%
Chase
Corp.
18,600
2,167,458
Element
Solutions,
Inc.
307,800
7,199,442
9,366,900
Commercial
Services
&
Supplies
10.5%
Healthcare
Services
Group,
Inc.
173,000
4,515,300
SP
Plus
Corp.*
147,100
4,823,409
UniFirst
Corp.
39,500
8,601,915
US
Ecology,
Inc.*(a)
106,800
3,738,000
21,678,624
Construction
&
Engineering
4.5%
API
Group
Corp.
Reg.
S*(b)
106,000
2,429,520
EMCOR
Group,
Inc.
55,800
6,796,998
9,226,518
Electrical
Equipment
3.2%
EnerSys
66,200
6,531,292
Electronic
Equipment,
Instruments
&
Components
5.2%
ePlus
,
Inc.*
116,900
10,808,574
Food
&
Staples
Retailing
2.5%
Grocery
Outlet
Holding
Corp.*
153,100
5,070,672
Health
Care
Equipment
&
Supplies
1.5%
ICU
Medical,
Inc.*
15,400
3,130,666
Health
Care
Providers
&
Services
3.5%
Addus
HomeCare
Corp.*
82,200
7,134,138
Hotels,
Restaurants
&
Leisure
3.3%
Wyndham
Hotels
&
Resorts,
Inc.
95,400
6,874,524
Insurance
4.3%
Enstar
Group
Ltd.*
34,200
8,790,084
IT
Services
4.9%
Cass
Information
Systems,
Inc.
65,800
2,901,122
Verra
Mobility
Corp.*(a)
478,700
7,328,897
10,230,019
Machinery
4.0%
Crane
Co.
84,100
8,177,043
Media
1.7%
Hemisphere
Media
Group,
Inc.*
280,000
3,558,800
Common
Stocks
Shares
Value
($)
Personal
Products
3.7%
Inter
Parfums
,
Inc.
98,400
7,564,008
Real
Estate
Management
&
Development
3.6%
Cushman
&
Wakefield
plc*
403,900
7,540,813
Road
&
Rail
2.8%
Landstar
System,
Inc.
37,000
5,809,000
Semiconductors
&
Semiconductor
Equipment
3.2%
CMC
Materials,
Inc.
46,400
6,711,296
Software
3.3%
Manhattan
Associates,
Inc.*
42,200
6,736,386
Specialty
Retail
4.4%
America's
Car-Mart,
Inc.*
57,600
9,158,400
Trading
Companies
&
Distributors
3.7%
Beacon
Roofing
Supply,
Inc.*
142,500
7,620,900
Total
Common
Stocks
(cost
$151,167,164)
191,489,541
Short-Term
Investment
0.3%
Money
Market
Fund
0.3%
Fidelity
Investments
Money
Market
Government
Portfolio
—
Institutional
Class,
0.01%(c)(d)
562,840
562,840
Total
Short-Term
Investment
(cost
$562,840)
562,840
Total
Investments
(cost
$151,730,004)
—
93.0%
192,052,381
Other
assets
in
excess
of
liabilities
—
7.0%
14,453,092
NET
ASSETS
—
100.0%
$
206,505,473
*
Denotes
a
non-income
producing
security.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2021.
The
total
value
of
securities
on
loan
as
of
July
31,
2021
was
$589,445,
which
was
collateralized
by
cash
used
to
purchase
a
money
market
fund
with
a
total
value
of
$562,840
and
by
$48,724
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.25%,
and
maturity
dates
ranging
from
9/30/2021
–
11/15/2049;
a
total
value
of
$611,564.
(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,
2021
was
$2,429,520
which
represents
1.18%
of
net
assets.
(c)
Represents
7-day
effective
yield
as
of
July
31,
2021.
(d)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2021
was
$562,840.
42
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
WCM
Focused
Small
Cap
Fund
Reg.
S
Regulation
S
-
Security
was
purchased
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933,
which
exempts
from
registration
securities
offered
and
sold
outside
of
the
United
States.
Such
security
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933
or
pursuant
to
an
exemption
from
registration.
Currently
there
is
no
restriction
on
trading
this
security.
Nationwide
WCM
Focused
Small
Cap
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
43
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.
44
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
WCM
Focused
Small
Cap
Fund
Th
e
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
191,489,541
$
–
$
–
$
191,489,541
Short-Term
Investment
562,840
–
–
562,840
Total
$
192,052,381
$
–
$
–
$
192,052,381
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
Nationwide
American
Century
Small
Cap
Income
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
45
Common
Stocks
86.2%
Shares
Value
($)
Aerospace
&
Defense
1.2%
Park
Aerospace
Corp.
99,822
1,487,348
Banks
17.3%
Financial
Institutions,
Inc.
40,192
1,183,252
First
Hawaiian,
Inc.
30,544
840,876
HBT
Financial,
Inc.
91,414
1,493,705
Home
BancShares,
Inc.
104,009
2,202,911
Origin
Bancorp,
Inc.
31,148
1,267,101
Pacific
Premier
Bancorp,
Inc.
54,784
2,080,696
PacWest
Bancorp
65,229
2,597,419
Popular,
Inc.
12,769
929,072
Signature
Bank
7,167
1,626,694
Towne
Bank
35,289
1,051,965
Umpqua
Holdings
Corp.
112,010
2,113,629
United
Bankshares,
Inc.
67,136
2,318,877
Valley
National
Bancorp
64,377
829,820
Webster
Financial
Corp.
16,380
787,878
21,323,895
Building
Products
2.6%
Fortune
Brands
Home
&
Security,
Inc.
17,099
1,666,639
Tecnoglass,
Inc.
76,109
1,468,143
3,134,782
Capital
Markets
2.2%
Ares
Management
Corp.
3,497
250,420
Carlyle
Group,
Inc.
(The)
49,015
2,473,787
2,724,207
Chemicals
5.9%
Chase
Corp.
7,001
815,826
RPM
International,
Inc.
17,432
1,509,437
Valvoline,
Inc.
96,815
2,970,284
W
R
Grace
&
Co.
28,486
1,982,626
7,278,173
Commercial
Services
&
Supplies
4.6%
Brink's
Co.
(The)
31,360
2,413,466
Deluxe
Corp.
45,212
1,984,807
Healthcare
Services
Group,
Inc.
50,185
1,309,828
5,708,101
Containers
&
Packaging
3.6%
Graphic
Packaging
Holding
Co.
174,827
3,351,433
Sonoco
Products
Co.
16,768
1,069,631
4,421,064
Diversified
Consumer
Services
1.6%
H&R
Block,
Inc.
78,663
1,931,177
Electronic
Equipment,
Instruments
&
Components
3.2%
Avnet,
Inc.
59,440
2,456,061
Vishay
Intertechnology,
Inc.
67,870
1,501,963
3,958,024
Energy
Equipment
&
Services
1.2%
Cactus,
Inc.,
Class
A
40,818
1,471,081
Equity
Real
Estate
Investment
Trusts
(REITs)
6.4%
Brandywine
Realty
Trust
112,897
1,576,042
CareTrust
REIT,
Inc.
26,680
643,522
Four
Corners
Property
Trust,
Inc.
63,567
1,825,009
Common
Stocks
Shares
Value
($)
Equity
Real
Estate
Investment
Trusts
(REITs)
Healthcare
Realty
Trust,
Inc.
11,566
368,724
Highwoods
Properties,
Inc.
32,315
1,541,102
LTC
Properties,
Inc.
9,619
364,079
Urstadt
Biddle
Properties,
Inc.,
Class
A
25,464
485,598
Weingarten
Realty
Investors
34,742
1,118,345
7,922,421
Food
&
Staples
Retailing
0.5%
Casey's
General
Stores,
Inc.
3,330
658,374
Food
Products
0.0%
†
Sanderson
Farms,
Inc.*^∞
200
0
Gas
Utilities
0.7%
South
Jersey
Industries,
Inc.
31,304
787,922
Health
Care
Providers
&
Services
1.8%
National
HealthCare
Corp.
8,846
686,892
Patterson
Cos.,
Inc.
47,675
1,484,123
2,171,015
Household
Durables
1.9%
Leggett
&
Platt,
Inc.
49,510
2,377,965
Orleans
Homebuilders,
Inc.*^∞
1,500
0
2,377,965
Household
Products
2.5%
Spectrum
Brands
Holdings,
Inc.
35,657
3,114,639
Industrial
Conglomerates
1.2%
Carlisle
Cos.,
Inc.
7,398
1,496,172
Insurance
3.6%
AMERISAFE,
Inc.
10,649
609,123
Axis
Capital
Holdings
Ltd.
41,270
2,099,405
James
River
Group
Holdings
Ltd.
16,737
608,892
ProAssurance
Corp.
24,753
501,991
RenaissanceRe
Holdings
Ltd.
4,059
619,768
4,439,179
IT
Services
2.0%
EVERTEC,
Inc.
55,190
2,411,803
Machinery
6.6%
Graham
Corp.
104,412
1,429,400
Hurco
Cos.,
Inc.
15,064
511,272
IMI
plc
74,741
1,823,825
Luxfer
Holdings
plc
115,118
2,400,210
Timken
Co.
(The)
24,091
1,915,235
8,079,942
Media
2.8%
Entravision
Communications
Corp.,
Class
A
434,778
2,673,885
John
Wiley
&
Sons,
Inc.,
Class
A
11,954
702,656
3,376,541
Multi-Utilities
1.1%
NorthWestern
Corp.
21,561
1,336,566
Oil,
Gas
&
Consumable
Fuels
0.8%
Hess
Midstream
LP,
Class
A(a)
39,599
1,024,822
46
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
American
Century
Small
Cap
Income
Fund
Common
Stocks
Shares
Value
($)
Paper
&
Forest
Products
0.4%
Neenah,
Inc.
8,677
436,193
Semiconductors
&
Semiconductor
Equipment
3.0%
Kulicke
&
Soffa
Industries,
Inc.
46,588
2,532,524
MKS
Instruments,
Inc.
7,050
1,102,902
3,635,426
Specialty
Retail
2.5%
Penske
Automotive
Group,
Inc.
35,031
3,103,747
Textiles,
Apparel
&
Luxury
Goods
2.8%
Ralph
Lauren
Corp.
12,427
1,410,713
Tapestry,
Inc.*
48,401
2,047,362
3,458,075
Thrifts
&
Mortgage
Finance
1.1%
First
Place
Financial
Corp.*^∞
367
0
Premier
Financial
Corp.
27,649
740,440
Provident
Financial
Services,
Inc.
28,441
614,326
1,354,766
Trading
Companies
&
Distributors
1.1%
Applied
Industrial
Technologies,
Inc.
15,429
1,383,981
Total
Common
Stocks
(cost
$86,652,709)
106,007,401
Convertible
Bond
1.2%
Principal
Amount
($)
Building
Products
1.2%
DIRTT
Environmental
Solutions,
6.00%,
01/31/26
1,426,000
1,463,376
Total
Convertible
Bond
(cost $1,142,495)
1,463,376
Convertible
Preferred
Stock
2.3%
Electronic
Equipment,
Instruments
&
Components
2.3%
II-VI,
Inc.,
6.00%,
07/01/23
9,799
2,859,544
Total
Convertible
Preferred
Stock
(cost $2,819,229)
2,859,544
Master
Limited
Partnerships
3.5%
Shares
Diversified
Financial
Services
1.1%
Compass
Diversified
Holdings
52,197
1,303,359
Oil,
Gas
&
Consumable
Fuels
2.4%
Enviva
Partners
LP
55,966
3,022,164
Total
Master
Limited
Partnership
(cost $3,631,098)
4,325,523
Preferred
Stocks
4.3%
Banks
2.5%
FNB
Corp.(ICE
LIBOR
USD
3
Month
+
4.60%),
(b)
26,371
768,187
Preferred
Stocks
Shares
Value
($)
Banks
People's
United
Financial,
Inc., Series
A(ICE
LIBOR
USD
3
Month
+
4.02%),
(b)
25,480
738,411
Valley
National
Bancorp, Series
A(ICE
LIBOR
USD
3
Month
+
3.85%),
(b)
53,929
1,620,027
3,126,625
Diversified
Financial
Services
1.8%
Compass
Diversified
Holdings, Series
B(ICE
LIBOR
USD
3
Month
+
4.99%),
(b)
83,026
2,201,019
Total
Preferred
Stocks
(cost
$5,190,571)
5,327,644
Rights
0.0%
†
Number
of
Rights
Biotechnology
0.0%
†
Achillion
Pharmaceuticals,
Inc.,
CVR*∞
12,733
5,857
Diversified
Financial
Services
0.0%
†
First
Eagle
Private
Credit
LLC,
CVR*^∞
8,788
0
Media
0.0%
†
Media
General,
Inc.,
CVR*^∞
5,993
0
Total
Rights
(cost
$34,705)
5,857
Short-Term
Investment
0.4%
Shares
Money
Market
Fund
0.4%
Fidelity
Investments
Money
Market
Government
Portfolio
—
Institutional
Class,
0.01%(c)(d)
468,125
468,125
Total
Short-Term
Investment
(cost
$468,125)
468,125
Total
Investments
(cost
$99,938,932)
—
97.9%
120,457,470
Other
assets
in
excess
of
liabilities
—
2.1%
2,567,425
NET
ASSETS
—
100.0%
$
123,024,895
Nationwide
American
Century
Small
Cap
Income
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
47
*
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,
2021.
The
total
value
of
securities
on
loan
as
of
July
31,
2021
was
$452,900,
which
was
collateralized
by
cash
used
to
purchase
a
money
market
fund
with
a
value
of
$468,125.
(b)
Variable
or
floating
rate
security,
linked
to
the
referenced
benchmark.
The
interest
rate
shown
was
the
current
rate
as
of
July
31,
2021.
(c)
Represents
7-day
effective
yield
as
of
July
31,
2021.
(d)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2021
was
$468,125.
CVR
Contingent
Value
Rights
ICE
Intercontinental
Exchange
LIBOR
London
Interbank
Offered
Rate
REIT
Real
Estate
Investment
Trust
48
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
American
Century
Small
Cap
Income
Fund
Forward
Foreign
Currency
Contracts
outstanding
as
of
July
31,
2021:
Currenc
y
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
($)
CAD
48,484
USD
38,576
Morgan
Stanley
Co.,
Inc.
9/29/2021
286
USD
1,247,774
CAD
1,545,428
Morgan
Stanley
Co.,
Inc.
9/29/2021
9,057
GBP
46,377
USD
63,161
JPMorgan
Chase
Bank
9/30/2021
1,313
USD
1,490,041
GBP
1,070,478
JPMorgan
Chase
Bank
9/30/2021
1,850
USD
255,947
SEK
2,179,089
UBS
AG
STAMFORD
BRANCH
9/30/2021
2,694
Total
unrealized
appreciation
15,200
CAD
78,787
USD
63,556
Morgan
Stanley
Co.,
Inc.
9/29/2021
(406)
USD
56,997
CAD
72,726
Morgan
Stanley
Co.,
Inc.
9/29/2021
(1,295)
SEK
2,179,089
USD
257,052
UBS
AG
STAMFORD
BRANCH
9/30/2021
(3,799)
USD
89,563
GBP
64,800
JPMorgan
Chase
Bank
9/30/2021
(524)
Total
unrealized
depreciation
(6,024)
Net
unrealized
appreciation
9,176
Currency:
CAD
Canadian
dollar
GBP
British
pound
SEK
Swedish
krona
USD
United
States
dollar
Nationwide
American
Century
Small
Cap
Income
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
49
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
Aerospace
&
Defense
$
1,487,348
$
–
$
–
$
1,487,348
Banks
21,323,895
–
–
21,323,895
Building
Products
3,134,782
–
–
3,134,782
Capital
Markets
2,724,207
–
–
2,724,207
Chemicals
7,278,173
–
–
7,278,173
Commercial
Services
&
Supplies
5,708,101
–
–
5,708,101
Containers
&
Packaging
4,421,064
–
–
4,421,064
Diversified
Consumer
Services
1,931,177
–
–
1,931,177
Electronic
Equipment,
Instruments
&
Components
3,958,024
–
–
3,958,024
50
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
American
Century
Small
Cap
Income
Fund
The
FVC
continues
to
evaluate
any
information
that
could
cause
an
adjustment
to
the
fair
value
for
these
investments,
such
as
market
news,
the
progress
of
judicial
and
regulatory
proceedings,
and
subadviser
recommendations.
Level
1
Level
2
Level
3
Total
Assets:
Energy
Equipment
&
Services
$
1,471,081
$
–
$
–
$
1,471,081
Equity
Real
Estate
Investment
Trusts
(REITs)
7,922,421
–
–
7,922,421
Food
&
Staples
Retailing
658,374
–
–
658,374
Food
Products
–
–
–
–
Gas
Utilities
787,922
–
–
787,922
Health
Care
Providers
&
Services
2,171,015
–
–
2,171,015
Household
Durables
2,377,965
–
–
2,377,965
Household
Products
3,114,639
–
–
3,114,639
Industrial
Conglomerates
1,496,172
–
–
1,496,172
Insurance
4,439,179
–
–
4,439,179
IT
Services
2,411,803
–
–
2,411,803
Machinery
6,256,117
1,823,825
–
8,079,942
Media
3,376,541
–
–
3,376,541
Multi-Utilities
1,336,566
–
–
1,336,566
Oil,
Gas
&
Consumable
Fuels
1,024,822
–
–
1,024,822
Paper
&
Forest
Products
436,193
–
–
436,193
Semiconductors
&
Semiconductor
Equipment
3,635,426
–
–
3,635,426
Specialty
Retail
3,103,747
–
–
3,103,747
Textiles,
Apparel
&
Luxury
Goods
3,458,075
–
–
3,458,075
Thrifts
&
Mortgage
Finance
1,354,766
–
–
1,354,766
Trading
Companies
&
Distributors
1,383,981
–
–
1,383,981
Total
Common
Stocks
$
104,183,576
$
1,823,825
$
–
$
106,007,401
Convertible
Bond
–
1,463,376
–
1,463,376
Convertible
Preferred
Stock
2,859,544
–
–
2,859,544
Forward
Foreign
Currency
Contracts
–
15,200
–
15,200
Master
Limited
Partnerships
4,325,523
–
–
4,325,523
Preferred
Stocks
5,327,644
–
–
5,327,644
Rights
–
5,857
–
5,857
Short-Term
Investment
468,125
–
–
468,125
Total
Assets
$
117,164,412
$
3,308,258
$
–
$
120,472,670
Liabilities:
Forward
Foreign
Currency
Contracts
$
–
$
(6,024)
$
–
$
(6,024)
Total
Liabilities
$
–
$
(6,024)
$
–
$
(6,024)
Total
$
117,164,412
$
3,302,234
$
–
$
120,466,646
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
During
the
period
ended
July
31,
2021,
the
Fund
held
three
common
stocks
and
two
rights
investments
that
were
categorized
as
Level
3
investments
which
were
each
valued
at
$0.
Common
Stocks
Rights
Total
Balance
as
of
10/31/2020
$
—
$
893
$893
Accrued
Accretion/(Amortization)
—
—
—
Realized
Gains
(Losses)
—
—
—
Purchases
—
—
—
Sales
—
—
—
Change
in
Unrealized
Appreciation/Depreciation
—
(893)
(893)
Transfers
into
Level
3
—
—
—
Transfers
out
of
Level
3
—
—
—
Balance
as
of
7/31/2021
$
—
$
—
$—
Change
in
Unrealized
Appreciation/Depreciation
for
Investments
Still
held
as
of
7/31/2021
**
$
—
$
(893)
$(893)
Amounts
designated
as
"−"
are
zero
or
have
been
rounded
to
zero.
**
Included
in
the
Statement
of
Operations
under
"Net
change
in
unrealized
appreciation/depreciation
in
the
value
of
investment
securities
."
Nationwide
American
Century
Small
Cap
Income
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
51
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2021.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using
forward
foreign
currency
contracts.
(a)
Forward
Foreign
Currency
Contracts
The
Fund
entered
into
forward
foreign
currency
contracts
in
connection
with
planned
purchases
or
sales
of
securities
denominated
in
a
foreign
currency
and/or
to
hedge
the
U.S.
dollar
value
of
portfolio
securities
denominated
in
a
foreign
currency,
to
express
a
view
on
a
foreign
currency
vs.
the
U.S.
dollar
or
other
foreign
currency
and/or
to
hedge
the
U.S.
dollar
value
of
portfolio
securities
denominated
in
a
foreign
currency,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
A
forward
foreign
currency
contract
involves
an
obligation
to
purchase
or
sell
a
specific
currency
at
a
future
date,
which
may
be
any
fixed
number
of
days
from
the
date
of
the
contract
agreed
upon
by
the
parties,
at
a
price
set
at
the
time
of
the
contract.
Forward
foreign
currency
contracts
are
generally
valued
at
the
mean
of
the
last
quoted
bid
and
ask
prices,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
2
investments
within
the
hierarchy.
The
market
value
of
a
forward
foreign
currency
contract
fluctuates
with
changes
in
foreign
currency
exchange
rates.
All
commitments
are
marked-to-
market
daily
at
the
applicable
exchange
rates
and
any
resulting
unrealized
appreciation
or
depreciation
is
recorded.
Realized
gains
or
losses
are
recorded
at
the
time
the
forward
foreign
currency
contract
matures
or
at
the
time
of
delivery
of
the
currency.
Forward
foreign
currency
contracts
entail
the
risk
of
unanticipated
movements
in
the
value
of
the
foreign
currency
relative
to
the
U.S.
dollar,
and
the
risk
that
the
counterparties
to
the
contracts
may
be
unable
to
meet
their
obligations
under
the
contract.
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2021:
Fair
Values
of
Derivatives
not
Accounted
for
as
Hedging
Instruments
as
of
July
31,
2021
:
Assets:
Fair
Value
Forward
Foreign
Currency
Contracts
Currency
risk
Unrealized
appreciation
on
forward
foreign
currency
contracts
$
15,200
Total
$
15,200
Liabilities:
Forward
Foreign
Currency
Contracts
Currency
risk
Unrealized
depreciation
on
forward
foreign
currency
contracts
$
(6,024)
Total
$
(6,024)
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.
52
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
GQG
U.S.
Quality
Equity
Fund
Common
Stocks
98.1%
Shares
Value
($)
Banks
2.6%
Bank
of
America
Corp.
51,376
1,970,783
Capital
Markets
8.1%
Blackstone
Group,
Inc.
(The)
27,633
3,185,256
Morgan
Stanley
29,575
2,838,608
6,023,864
Health
Care
Providers
&
Services
7.4%
Humana,
Inc.
3,884
1,654,040
UnitedHealth
Group,
Inc.
9,285
3,827,463
5,481,503
Household
Durables
2.1%
Lennar
Corp.,
Class
A
14,589
1,534,033
Interactive
Media
&
Services
15.1%
Alphabet,
Inc.,
Class
C*
2,442
6,604,194
Facebook,
Inc.,
Class
A*
12,968
4,620,498
11,224,692
Internet
&
Direct
Marketing
Retail
3.6%
Amazon.com,
Inc.*
810
2,695,348
IT
Services
8.0%
Mastercard
,
Inc.,
Class
A
5,530
2,134,248
Visa,
Inc.,
Class
A
15,322
3,775,188
5,909,436
Life
Sciences
Tools
&
Services
2.1%
Syneos
Health,
Inc.*
17,086
1,532,102
Media
4.1%
Charter
Communications,
Inc.,
Class
A*
4,105
3,054,325
Metals
&
Mining
7.8%
ArcelorMittal
SA
(Registered),
NYRS-LU
98,010
3,453,872
Freeport-McMoRan,
Inc.
20,415
777,812
Nucor
Corp.
2,852
296,665
United
States
Steel
Corp.
46,981
1,244,057
5,772,406
Multiline
Retail
5.4%
Target
Corp.
15,368
4,011,816
Oil,
Gas
&
Consumable
Fuels
8.6%
Devon
Energy
Corp.
56,474
1,459,288
Exxon
Mobil
Corp.
48,737
2,805,789
Common
Stocks
Shares
Value
($)
Oil,
Gas
&
Consumable
Fuels
Occidental
Petroleum
Corp.
79,912
2,085,704
6,350,781
Pharmaceuticals
2.3%
AstraZeneca
plc,
ADR-UK
3,234
185,114
Eli
Lilly
&
Co.
6,129
1,492,412
1,677,526
Road
&
Rail
0.1%
Kansas
City
Southern
238
63,736
Semiconductors
&
Semiconductor
Equipment
5.0%
Lam
Research
Corp.
60
38,245
NVIDIA
Corp.
18,850
3,675,561
3,713,806
Software
10.6%
Adobe,
Inc.*
3,798
2,360,951
Microsoft
Corp.
18,205
5,186,787
ServiceNow
,
Inc.*
526
309,230
7,856,968
Specialty
Retail
1.4%
American
Eagle
Outfitters,
Inc.
30,346
1,046,027
Tobacco
3.8%
Philip
Morris
International,
Inc.
28,124
2,814,931
Total
Common
Stocks
(cost
$62,884,003)
72,734,083
Master
Limited
Partnership
1.0%
Capital
Markets
1.0%
AllianceBernstein
Holding
LP
15,112
729,456
Total
Master
Limited
Partnership
(cost $599,434)
729,456
Total
Investments
(cost
$63,483,437)
—
99.1%
73,463,539
Other
assets
in
excess
of
liabilities
—
0.9%
645,804
NET
ASSETS
—
100.0%
$
74,109,343
*
Denotes
a
non-income
producing
security.
ADR
American
Depositary
Receipt
LU
Luxembourg
NYRS
New
York
Registry
Shares
UK
United
Kingdom
Nationwide
GQG
U.S.
Quality
Equity
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
53
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
72,734,083
$
–
$
–
$
72,734,083
Master
Limited
Partnership
729,456
–
–
729,456
Total
$
73,463,539
$
–
$
–
$
73,463,539
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
54
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
BNY
Mellon
Disciplined
Value
Fund
(formerly,
Nationwide
Mellon
Disciplined
Value
Fund)
Common
Stocks
86.3%
Shares
Value
($)
Aerospace
&
Defense
3.9%
Howmet
Aerospace,
Inc.*
124,468
4,085,040
L3Harris
Technologies,
Inc.
63,053
14,296,637
Northrop
Grumman
Corp.
14,544
5,279,763
23,661,440
Air
Freight
&
Logistics
0.5%
FedEx
Corp.
11,329
3,171,554
Automobiles
0.7%
General
Motors
Co.*
73,213
4,161,427
Banks
7.3%
Bank
of
America
Corp.
242,849
9,315,688
JPMorgan
Chase
&
Co.
104,450
15,853,421
Truist
Financial
Corp.
49,324
2,684,705
US
Bancorp
141,937
7,883,181
Wells
Fargo
&
Co.
180,515
8,292,859
44,029,854
Beverages
0.9%
PepsiCo,
Inc.
33,990
5,334,730
Biotechnology
2.3%
AbbVie,
Inc.
118,559
13,788,412
Building
Products
1.6%
Armstrong
World
Industries,
Inc.
45,833
4,958,214
Carrier
Global
Corp.
84,516
4,669,509
9,627,723
Capital
Markets
6.2%
Ameriprise
Financial,
Inc.
43,183
11,122,214
Charles
Schwab
Corp.
(The)
188,212
12,789,005
LPL
Financial
Holdings,
Inc.
29,143
4,110,329
Morgan
Stanley
97,633
9,370,815
37,392,363
Chemicals
1.3%
CF
Industries
Holdings,
Inc.
162,350
7,671,037
Communications
Equipment
1.9%
Cisco
Systems,
Inc.
204,943
11,347,694
Construction
&
Engineering
0.8%
Quanta
Services,
Inc.
56,147
5,103,762
Construction
Materials
0.4%
Vulcan
Materials
Co.
14,807
2,665,112
Consumer
Finance
3.0%
Ally
Financial,
Inc.
97,352
4,999,999
Capital
One
Financial
Corp.
81,951
13,251,476
18,251,475
Diversified
Financial
Services
4.5%
Berkshire
Hathaway,
Inc.,
Class
B*
52,882
14,716,532
Equitable
Holdings,
Inc.
87,089
2,688,437
Voya
Financial,
Inc.
157,709
10,156,460
27,561,429
Electric
Utilities
2.6%
Exelon
Corp.
277,490
12,986,532
PPL
Corp.
93,891
2,663,688
15,650,220
Electrical
Equipment
2.5%
Eaton
Corp.
plc
63,702
10,068,101
Common
Stocks
Shares
Value
($)
Electrical
Equipment
Hubbell,
Inc.
24,556
4,922,496
14,990,597
Electronic
Equipment,
Instruments
&
Components
1.1%
Corning,
Inc.
165,679
6,935,323
Food
Products
1.3%
Mondelez
International,
Inc.,
Class
A
120,454
7,619,920
Health
Care
Equipment
&
Supplies
5.4%
Becton
Dickinson
and
Co.
22,592
5,777,904
Danaher
Corp.
21,411
6,369,559
Medtronic
plc
128,736
16,904,324
Zimmer
Biomet
Holdings,
Inc.
24,379
3,984,016
33,035,803
Health
Care
Providers
&
Services
4.8%
CVS
Health
Corp.
121,369
9,995,951
HCA
Healthcare,
Inc.
19,947
4,950,845
McKesson
Corp.
14,312
2,917,215
UnitedHealth
Group,
Inc.
27,008
11,133,238
28,997,249
Hotels,
Restaurants
&
Leisure
1.1%
Aramark
122,504
4,303,565
Las
Vegas
Sands
Corp.*
50,674
2,146,044
6,449,609
Household
Durables
0.4%
Newell
Brands,
Inc.
99,486
2,462,278
Independent
Power
and
Renewable
Electricity
Producers
3.1%
AES
Corp.
(The)
171,943
4,075,049
Clearway
Energy,
Inc.,
Class
C
181,526
5,206,166
NextEra
Energy
Partners
LP(a)
82,791
6,418,786
Vistra
Corp.
155,368
2,975,297
18,675,298
Insurance
4.2%
Aon
plc,
Class
A
29,435
7,653,983
Assurant,
Inc.
97,017
15,310,253
Principal
Financial
Group,
Inc.
44,052
2,736,951
25,701,187
Interactive
Media
&
Services
3.5%
Alphabet,
Inc.,
Class
A*
7,911
21,316,427
Media
1.3%
Comcast
Corp.,
Class
A
139,442
8,203,373
Metals
&
Mining
2.1%
Freeport-McMoRan,
Inc.
111,871
4,262,285
Newmont
Corp.
133,665
8,396,835
12,659,120
Oil,
Gas
&
Consumable
Fuels
7.2%
Devon
Energy
Corp.
346,759
8,960,253
Exxon
Mobil
Corp.
245,741
14,147,309
Hess
Corp.
99,839
7,631,693
Marathon
Petroleum
Corp.
182,314
10,067,379
Valero
Energy
Corp.
41,059
2,749,721
43,556,355
Nationwide
BNY
Mellon
Disciplined
Value
Fund
(formerly,
Nationwide
Mellon
Disciplined
Value
Fund)
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
55
Common
Stocks
Shares
Value
($)
Pharmaceuticals
3.2%
Eli
Lilly
&
Co.
48,588
11,831,178
Organon
&
Co.*
129,149
3,746,612
Viatris
,
Inc.
258,080
3,631,186
19,208,976
Road
&
Rail
0.8%
Union
Pacific
Corp.
23,664
5,176,737
Semiconductors
&
Semiconductor
Equipment
3.1%
Applied
Materials,
Inc.
65,028
9,099,368
QUALCOMM,
Inc.
62,962
9,431,708
18,531,076
Software
0.5%
Dolby
Laboratories,
Inc.,
Class
A
33,246
3,228,187
Tobacco
1.7%
Philip
Morris
International,
Inc.
100,824
10,091,474
Wireless
Telecommunication
Services
1.1%
Vodafone
Group
plc,
ADR-UK(a)
415,944
6,792,365
Total
Common
Stocks
(cost
$390,315,825)
523,049,586
Purchased
Options
2.3%
Number
of
Contracts
Call
Options
2.3%
Future
Interest
Rate
Options:
0.2%
U.S.
Treasury
30
Year
Bond
8/27/2021
at
USD
165.00,
American
Style
Notional
Amount:
USD
30,000,000
Exchange
Traded
*
300
478,125
U.S.
Treasury
30
Year
Bond
8/27/2021
at
USD
163.00null
Notional
Amount:
USD
30,000,000
Exchange
Traded
*
300
815,625
Index
Funds:
2.1%
S&P
500
E-Mini
Index
9/17/2021
at
USD
4,350.00,
American
Style
Notional
Amount:
USD
31,426,109
Exchange
Traded
*
143
845,130
Purchased
Options
Number
of
Contracts
Value
($)
Call
Options
S&P
500
E-Mini
Index
9/17/2021
at
USD
3,800.00,
American
Style
Notional
Amount:
USD
45,271,178
Exchange
Traded
*
206
6,221,200
S&P
500
E-Mini
Index
9/17/2021
at
USD
3,850.00,
American
Style
Notional
Amount:
USD
45,271,178
Exchange
Traded
*
206
5,729,890
Total
Purchased
Options
(cost
$11,453,816)
14,089,970
Short-Term
Investments
3.5%
Shares
Money
Market
Fund
0.2%
Fidelity
Investments
Money
Market
Government
Portfolio
—
Institutional
Class,
0.01%(b)(c)
1,169,200
1,169,200
U.S.
Treasury
Obligation
3.3%
U.S.
Treasury
Bills,
0.03%,
9/16/2021
20,000,000
19,998,938
Total
Short-Term
Investment
(cost
$21,168,434)
21,168,138
Total
Investments
(cost
$422,938,075)
—
92.1%
558,307,694
Other
assets
in
excess
of
liabilities
—
7.9%
47,834,429
NET
ASSETS
—
100.0%
$
606,142,123
*
Denotes
a
non-income
producing
security.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2021.
The
total
value
of
securities
on
loan
as
of
July
31,
2021
was
$7,870,505,
which
was
collateralized
by
cash
used
to
purchase
a
money
market
fund
with
a
total
value
of
$1,169,200
and
by
$7,256,592
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.25%,
and
maturity
dates
ranging
from
9/30/2021
–
11/15/2049;
a
total
value
of
$8,425,792.
(b)
Represents
7-day
effective
yield
as
of
July
31,
2021.
(c)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2021
was
$1,169,200.
ADR
American
Depositary
Receipt
UK
United
Kingdom
Currency:
USD
United
States
Dollar
56
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
BNY
Mellon
Disciplined
Value
Fund
(formerly,
Nationwide
Mellon
Disciplined
Value
Fund)
Futures
contracts
outstanding
as
of
July
31,
2021:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
Russell
1000
Value
E-Mini
Index
766
9/2021
USD
60,153,980
(426,563)
(426,563)
Short
Contracts
S&P
500
E-Mini
Index
(15)
9/2021
USD
(3,292,125)
(17,046)
U.S.
Treasury
Long
Bond
(14)
9/2021
USD
(2,306,062)
2,365
(14,681)
(441,244)
Currency:
USD
United
States
Dollar
Nationwide
BNY
Mellon
Disciplined
Value
Fund
(formerly,
Nationwide
Mellon
Disciplined
Value
Fund)
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
57
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
58
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
BNY
Mellon
Disciplined
Value
Fund
(formerly,
Nationwide
Mellon
Disciplined
Value
Fund)
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2021.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using options and financial
futures
contracts.
(a)
Options
The
Fund
purchased
and/or
wrote
options
on
futures
contracts,
single
stocks,
ETFs,
and/or
indexes.
Such
option
investments
are
utilized
to
manage
currency
exposures
and/or
hedge
against
movements
in
the
values
of
the
foreign
currencies
in
which
the
portfolio
securities
are
denominated,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
to
capitalize
on
the
return-generating
features
of
selling
options
(short
volatility)
while
simultaneously
benefiting
from
the
risk-control
attributes
associated
with
buying
options
(long
volatility),
and/
or
to
generate
consistent
outperformance,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Options
traded
on
an
exchange
are
valued
at
the
settlement
price
provided
by
an
independent
pricing
service
as
approved
by
the
Board.
If
a
settlement
price
is
not
available,
such
options
are
valued
at
the
last
quoted
sale
price,
if
available,
and
otherwise
at
the
average
bid/ask
price.
Exchange
traded
options
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
Options
traded
in
the
over-the-counter
(“OTC”)
market,
and
which
are
not
quoted
by
NASDAQ,
are
valued
at
the
last
quoted
bid
price,
and
are
generally
categorized
as
Level
2
investments
within
the
hierarchy.
The
value
of
an
option
position
reflects,
among
other
things,
the
implied
price
volatility
of
the
underlying
investment,
the
current
market
value
of
the
underlying
investment,
the
time
remaining
until
expiration
of
the
option,
the
relationship
of
the
strike
price
to
the
market
price
of
the
underlying
investment,
and
general
market
conditions.
Options
that
expire
unexercised
have
no
value.
American-style
options
can
be
exercised
at
any
time
prior
to
the
expiration
date
of
the
option.
European-style
options
can
only
be
exercised
at
expiration
of
the
option.
The Fund
effectively
terminates
its
right
or
obligation
under
an
option
by
entering
into
a
closing
transaction.
Closing
transactions
permit the
Fund
to
realize
the
profit
or
limit
the
loss
on
an
option
position
prior
to
its
exercise
or
expiration.
If the
Fund
is
unable
to
affect
a
closing
transaction
for
an
option
it
purchased,
it
would
have
to
exercise
the
option
to
realize
any
profit.
The
inability
to
enter
into
a
closing
purchase
transaction
for
a
covered
call
option
written
by the
Fund
could
cause
material
losses
because the
Fund
would
be
unable
to
sell
the
investment
used
as
a
cover
for
the
written
option
until
the
option
expires
or
is
exercised.
The
writing
and
purchasing
of
options
is
a
highly
specialized
activity
that
involves
investment
techniques
and
risks
different
from
those
associated
with
ordinary
portfolio
securities
transactions.
Imperfect
correlation
between
options
and
the
securities
markets
may
detract
from
the
effectiveness
of
attempted
hedging.
Transactions
using
OTC
options
(other
than
options
purchased
by the
Fund)
expose the
Fund
to
counterparty
risk.
To
the
extent
required
by
Securities
and
Exchange
Commission
(“SEC”)
guidelines, the
Fund
will
not
enter
into
any
options
transactions
unless
it
owns
either
(i)
an
offsetting
(“covered”)
position
in
securities,
other
options,
or
futures
or
(ii)
cash
and
liquid
obligations
with
a
value
sufficient
at
all
times
to
cover
its
potential
obligations
to
the
extent
not
covered
as
provided
in
(i)
above.
A
Fund
will
also
earmark
or
set
aside
cash
and/or
appropriate
liquid
assets
in
a
segregated
custodial
account
as
required
by
SEC
and
U.S.
Commodity
Futures
Trading
Commission
regulations.
Assets
used
as
cover
or
held
in
a
segregated
account
cannot
be
sold
while
the
position
in
the
corresponding
option
or
futures
contract
is
open,
unless
they
are
replaced
with
similar
assets.
As
a
result,
the
commitment
of
a
large
portion
of the
Fund’s
assets
to
earmarking
or
segregated
accounts
as
a
cover
could
impede
portfolio
management
or the
Fund’s
ability
to
meet
redemption
requests
or
other
current
obligations.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
523,049,586
$
–
$
–
$
523,049,586
Futures
Contracts
2,365
–
–
2,365
Purchased
Option
14,089,970
–
–
14,089,970
Short-Term
Investments
1,169,200
19,998,938
–
21,168,138
Total
Assets
$
538,311,121
$
19,998,938
$
–
$
558,310,059
$
–
$
–
$
–
$
–
Liabilities:
Futures
Contracts
$
(443,609)
$
–
$
–
$
(443,609)
Total
Liabilities
$
(443,609)
$
–
$
–
$
(443,609)
Total
$
537,867,512
$
19,998,938
$
–
$
557,866,450
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
Nationwide
BNY
Mellon
Disciplined
Value
Fund
(formerly,
Nationwide
Mellon
Disciplined
Value
Fund)
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
59
(b)
Futures
Contracts
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
reducing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/
or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
price
of
the
futures
contracts
and
the
underlying
assets. The
Fund’s
investments
in
futures
contracts
entail
limited
counterparty
credit
risk
because the
Fund
invests
only
in
exchange
traded
futures
contracts,
which
are
settled
through
the
exchange
and
whose
fulfillment
is
guaranteed
by
the
credit
of
the
exchange.
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2021:
Fair
Values
of
Derivatives
not
Accounted
for
as
Hedging
Instruments
as
of
July
31,
2021:
Assets:
Fair
Value
Purchased
Options
Equity
risk
Investment
securities,
at
value
$
12,796,220
Interest
rate
risk
Investment
securities,
at
value
1,293,750
Futures
Contracts
Interest
rate
risk
Unrealized
appreciation
from
futures
contracts
2,365
Total
$
14,092,335
Liabilities:
Futures
Contracts
Equity
risk
Unrealized
depreciation
from
futures
contracts
$
(443,609)
Total
$
(443,609)
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,
2021
(Unaudited)
-
Statement
of
Investments
-
1
Asset-Backed
Securities
0.3%
Principal
Amount
($)
Value
($)
UNITED
STATES
0.3%
Automobiles
0.3%
Santander
Drive
Auto
Receivables
Trust
Series
2021-1,
Class
D,
1.13%,
11/16/2026
500,000
502,697
Series
2020-3,
Class
D,
1.64%,
11/16/2026
710,000
721,911
Total
Asset-Backed
Securities
(cost $1,217,930)
1,224,608
Commercial
Mortgage-Backed
Securities
2.4%
UNITED
STATES
2.4%
Banc
of
America
Commercial
Mortgage
Trust
,
Series
2016-
UB10,
Class
A4,
3.17%,
7/15/2049
735,000
792,318
BANK
,
Series
2020-
BN27,
Class
A5,
2.14%,
4/15/2063
796,000
817,222
Benchmark
Mortgage
Trust
Series
2018-B5,
Class
A4,
4.21%,
7/15/2051
400,000
467,091
Series
2018-B8,
Class
AS,
4.53%,
1/15/2052(a)
500,000
585,612
Series
2020-B16,
Class
A5,
2.73%,
2/15/2053
750,000
803,266
Series
2020-B21,
Class
A4,
1.70%,
12/17/2053
300,000
298,484
Citigroup
Commercial
Mortgage
Trust
Series
2013-GC11,
Class
A4,
3.09%,
4/10/2046
414,000
428,463
Series
2019-GC41,
Class
A4,
2.62%,
8/10/2056
500,000
532,649
FHLMC
Multifamily
Structured
Pass-
Through
Certificates
REMICS
Series
K086,
Class
A2,
3.86%,
11/25/2028(a)
1,000,000
1,174,641
Series
K126,
Class
A2,
2.07%,
1/25/2031
1,000,000
1,057,797
JPMBB
Commercial
Mortgage
Securities
Trust
Series
2014-C21,
Class
A5,
3.77%,
8/15/2047
752,000
812,576
Series
2015-C30,
Class
AS,
4.23%,
7/15/2048(a)
500,000
552,277
Commercial
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
UNITED
STATES
JPMDB
Commercial
Mortgage
Securities
Trust
,
Series
2017-
C7,
Class
A5,
3.41%,
10/15/2050
500,000
557,042
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
,
Series
2015-
C25,
Class
A4,
3.37%,
10/15/2048
535,000
576,753
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2019-C52,
Class
A5,
2.89%,
8/15/2052
530,000
574,666
Total
Commercial
Mortgage-Backed
Securities
(cost
$9,837,908)
10,030,857
Corporate
Bonds
40.5%
BRAZIL
0.2%
Metals
&
Mining
0.2%
Vale
Overseas
Ltd.,
3.75%,
7/8/2030
750,000
802,500
CANADA
1.6%
Banks
0.7%
Bank
of
Montreal,
Series
E,
3.30%,
2/5/2024
200,000
214,027
Bank
of
Nova
Scotia
(The)
0.65%,
7/31/2024
690,000
690,683
1.05%,
3/2/2026
200,000
199,408
Canadian
Imperial
Bank
of
Commerce
0.45%,
6/22/2023
450,000
450,291
3.10%,
4/2/2024
200,000
213,088
Royal
Bank
of
Canada,
1.15%,
6/10/2025
241,000
243,230
Toronto-Dominion
Bank
(The),
0.30%,
6/2/2023
715,000
714,631
2,725,358
Capital
Markets
0.0%
†
Brookfield
Finance
I
UK
plc,
2.34%,
1/30/2032
140,000
141,495
Diversified
Telecommunication
Services
0.0%
†
Telesat
Canada,
6.50%,
10/15/2027(b)
250,000
211,875
Hotels,
Restaurants
&
Leisure
0.1%
1011778
BC
ULC,
4.00%,
10/15/2030(b)
250,000
249,335
Household
Durables
0.1%
Brookfield
Residential
Properties,
Inc.,
5.00%,
6/15/2029(b)
250,000
254,500
Insurance
0.2%
Fairfax
Financial
Holdings
Ltd.
4.85%,
4/17/2028
500,000
583,023
2
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bond
Portfolio
Corporate
Bonds
Principal
Amount
($)
Value
($)
CANADA
Insurance
3.38%,
3/3/2031(b)
357,000
380,931
963,954
Oil,
Gas
&
Consumable
Fuels
0.4%
Canadian
Natural
Resources
Ltd.
3.85%,
6/1/2027
750,000
830,850
2.95%,
7/15/2030
350,000
366,297
Enbridge,
Inc.,
3.50%,
6/10/2024
500,000
536,171
1,733,318
Professional
Services
0.1%
Thomson
Reuters
Corp.,
3.35%,
5/15/2026
100,000
109,476
6,389,311
CHINA
0.4%
Entertainment
0.1%
Tencent
Music
Entertainment
Group,
2.00%,
9/3/2030
225,000
216,343
Interactive
Media
&
Services
0.1%
Baidu,
Inc.,
2.38%,
10/9/2030
200,000
200,774
Weibo
Corp.,
3.38%,
7/8/2030
200,000
202,552
403,326
Internet
&
Direct
Marketing
Retail
0.1%
Alibaba
Group
Holding
Ltd.,
3.60%,
11/28/2024
300,000
324,936
Semiconductors
&
Semiconductor
Equipment
0.1%
NXP
BV,
4.88%,
3/1/2024(b)
400,000
439,733
1,384,338
GERMANY
0.1%
Diversified
Telecommunication
Services
0.1%
Deutsche
Telekom
International
Finance
BV,
8.75%,
6/15/2030(c)
350,000
528,924
ITALY
0.1%
Banks
0.1%
UniCredit
SpA
,
(USD
ICE
Swap
Rate
5
Year
+
4.91%),
7.30%,
4/2/2034(b)(d)
200,000
242,904
JAPAN
0.4%
Banks
0.3%
Mitsubishi
UFJ
Financial
Group,
Inc.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.55%),
0.95%,
7/19/2025(d)
380,000
382,272
Corporate
Bonds
Principal
Amount
($)
Value
($)
JAPAN
Banks
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.95%),
2.31%,
7/20/2032(d)
200,000
203,974
Mizuho
Financial
Group,
Inc.,
(SOFR
+
1.24%),
2.84%,
7/16/2025(d)
400,000
423,049
Sumitomo
Mitsui
Financial
Group,
Inc.
2.45%,
9/27/2024
250,000
262,914
0.95%,
1/12/2026
250,000
248,830
1,521,039
Capital
Markets
0.1%
Nomura
Holdings,
Inc.,
2.65%,
1/16/2025
300,000
316,105
1,837,144
NETHERLANDS
0.2%
Banks
0.2%
Cooperatieve
Rabobank
UA,
4.38%,
8/4/2025
250,000
280,269
ING
Groep
NV,
3.95%,
3/29/2027
200,000
226,699
506,968
PERU
0.1%
Metals
&
Mining
0.1%
Southern
Copper
Corp.,
3.88%,
4/23/2025
300,000
327,225
PUERTO
RICO
0.1%
Banks
0.1%
Popular,
Inc.,
6.13%,
9/14/2023
400,000
431,000
SPAIN
0.1%
Banks
0.1%
Banco
Santander
SA,
2.75%,
5/28/2025
400,000
421,990
SWITZERLAND
0.1%
Capital
Markets
0.1%
Credit
Suisse
AG,
3.63%,
9/9/2024
250,000
271,696
UNITED
KINGDOM
0.6%
Banks
0.2%
Barclays
plc,
(ICE
LIBOR
USD
3
Month
+
1.36%),
4.34%,
5/16/2024(d)
200,000
212,742
Lloyds
Banking
Group
plc
4.45%,
5/8/2025
200,000
224,622
(ICE
LIBOR
USD
3
Month
+
1.21%),
3.57%,
11/7/2028(d)
235,000
258,573
Nationwide
Bond
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
3
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
KINGDOM
Banks
Santander
UK
Group
Holdings
plc,
(ICE
LIBOR
USD
3
Month
+
1.57%),
4.80%,
11/15/2024(d)
300,000
327,461
1,023,398
Beverages
0.1%
Diageo
Capital
plc,
2.00%,
4/29/2030
200,000
203,599
Commercial
Services
&
Supplies
0.1%
RELX
Capital,
Inc.,
3.00%,
5/22/2030
250,000
269,840
Food
Products
0.1%
Unilever
Capital
Corp.,
2.90%,
5/5/2027
450,000
491,176
Tobacco
0.1%
BAT
Capital
Corp.,
3.22%,
8/15/2024
300,000
318,746
2,306,759
UNITED
STATES
36.5%
Aerospace
&
Defense
0.5%
Boeing
Co.
(The)
1.43%,
2/4/2024
200,000
200,531
4.88%,
5/1/2025
300,000
336,409
2.95%,
2/1/2030
250,000
258,916
General
Dynamics
Corp.,
1.15%,
6/1/2026
270,000
273,347
Raytheon
Technologies
Corp.,
3.95%,
8/16/2025
350,000
389,985
Spirit
AeroSystems
,
Inc.,
5.50%,
1/15/2025(b)
200,000
210,000
Teledyne
Technologies,
Inc.,
2.25%,
4/1/2028
300,000
310,255
1,979,443
Air
Freight
&
Logistics
0.1%
FedEx
Corp.,
3.40%,
2/15/2028
500,000
557,115
Airlines
0.2%
Hawaiian
Brand
Intellectual
Property
Ltd.,
5.75%,
1/20/2026(b)
400,000
419,296
Spirit
Loyalty
Cayman
Ltd.,
8.00%,
9/20/2025(b)
239,357
268,678
687,974
Auto
Components
0.2%
Adient
Global
Holdings
Ltd.,
4.88%,
8/15/2026(b)
200,000
204,500
Aptiv
plc,
4.35%,
3/15/2029
200,000
233,453
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Auto
Components
Icahn
Enterprises
LP,
4.38%,
2/1/2029
300,000
303,750
741,703
Automobiles
0.2%
Ford
Motor
Co.,
6.63%,
10/1/2028
200,000
239,549
General
Motors
Co.,
5.00%,
10/1/2028
400,000
471,311
710,860
Banks
3.6%
Bank
of
America
Corp.
(ICE
LIBOR
USD
3
Month
+
0.94%),
3.86%,
7/23/2024(d)
200,000
212,771
(ICE
LIBOR
USD
3
Month
+
0.81%),
3.37%,
1/23/2026(d)
200,000
215,252
(SOFR
+
1.15%),
1.32%,
6/19/2026(d)
550,000
552,948
(ICE
LIBOR
USD
3
Month
+
1.58%),
3.82%,
1/20/2028(d)
500,000
558,899
(ICE
LIBOR
USD
3
Month
+
1.19%),
2.88%,
10/22/2030(d)
800,000
849,680
Bank
of
America
Corp.,
Series
L,
3.95%,
4/21/2025
1,000,000
1,097,806
Citigroup,
Inc.
(ICE
LIBOR
USD
3
Month
+
1.02%),
4.04%,
6/1/2024(d)
1,500,000
1,593,822
(SOFR
+
0.67%),
0.98%,
5/1/2025(d)
340,000
341,855
4.40%,
6/10/2025
200,000
223,911
4.45%,
9/29/2027
400,000
461,554
(ICE
LIBOR
USD
3
Month
+
1.15%),
3.52%,
10/27/2028(d)
500,000
550,770
(SOFR
+
3.91%),
4.41%,
3/31/2031(d)
300,000
352,492
JPMorgan
Chase
&
Co.
3.88%,
9/10/2024
1,000,000
1,088,566
(SOFR
+
0.58%),
0.97%,
6/23/2025(d)
385,000
386,679
3.90%,
7/15/2025
1,000,000
1,108,766
(SOFR
+
1.59%),
2.00%,
3/13/2026(d)
500,000
518,160
(SOFR
+
0.89%),
1.58%,
4/22/2027(d)
218,000
220,561
(ICE
LIBOR
USD
3
Month
+
1.16%),
3.70%,
5/6/2030(d)
1,800,000
2,028,655
(SOFR
+
2.52%),
2.96%,
5/13/2031(d)
250,000
266,248
4
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bond
Portfolio
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Banks
Santander
Holdings
USA,
Inc.,
3.45%,
6/2/2025
100,000
107,872
SVB
Financial
Group
2.10%,
5/15/2028
400,000
410,555
3.13%,
6/5/2030
700,000
764,217
Wells
Fargo
&
Co.
(SOFR
+
1.60%),
1.65%,
6/2/2024(d)
700,000
714,902
3.00%,
2/19/2025
500,000
535,951
15,162,892
Beverages
0.2%
Constellation
Brands,
Inc.,
4.75%,
12/1/2025
500,000
578,479
Keurig
Dr
Pepper,
Inc.,
3.40%,
11/15/2025
500,000
548,369
1,126,848
Biotechnology
0.1%
Horizon
Therapeutics
USA,
Inc.,
5.50%,
8/1/2027(b)
400,000
424,284
Building
Products
0.5%
Builders
FirstSource
,
Inc.,
5.00%,
3/1/2030(b)
250,000
265,937
Carrier
Global
Corp.
2.24%,
2/15/2025
300,000
313,967
2.72%,
2/15/2030
300,000
317,766
James
Hardie
International
Finance
DAC,
5.00%,
1/15/2028(b)
500,000
530,100
Masonite
International
Corp.,
5.38%,
2/1/2028(b)
400,000
425,500
1,853,270
Capital
Markets
3.9%
Affiliated
Managers
Group,
Inc.,
3.30%,
6/15/2030
300,000
329,137
Ares
Capital
Corp.
4.25%,
3/1/2025
500,000
541,898
3.88%,
1/15/2026
500,000
539,662
2.15%,
7/15/2026
1,000,000
1,007,698
Bank
of
New
York
Mellon
Corp.
(The),
0.50%,
4/26/2024
150,000
150,093
Compass
Group
Diversified
Holdings
LLC,
5.25%,
4/15/2029(b)
300,000
311,206
FS
KKR
Capital
Corp.
4.13%,
2/1/2025
500,000
531,551
3.40%,
1/15/2026
200,000
208,881
Goldman
Sachs
BDC,
Inc.,
2.88%,
1/15/2026
500,000
520,671
Goldman
Sachs
Group,
Inc.
(The)
4.00%,
3/3/2024
200,000
216,719
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Capital
Markets
3.50%,
1/23/2025
1,000,000
1,082,373
3.75%,
2/25/2026
300,000
332,230
(ICE
LIBOR
USD
3
Month
+
1.51%),
3.69%,
6/5/2028(d)
200,000
223,234
(ICE
LIBOR
USD
3
Month
+
1.30%),
4.22%,
5/1/2029(d)
1,800,000
2,070,328
3.80%,
3/15/2030
750,000
851,441
Golub
Capital
BDC,
Inc.,
2.50%,
8/24/2026
200,000
203,957
LPL
Holdings,
Inc.,
4.00%,
3/15/2029(b)
500,000
507,500
Morgan
Stanley
(ICE
LIBOR
USD
3
Month
+
0.85%),
3.74%,
4/24/2024(d)
800,000
843,944
3.70%,
10/23/2024
700,000
764,427
4.00%,
7/23/2025
200,000
222,638
5.00%,
11/24/2025
300,000
346,559
(ICE
LIBOR
USD
3
Month
+
1.63%),
4.43%,
1/23/2030(d)
1,700,000
1,997,680
(SOFR
+
1.14%),
2.70%,
1/22/2031(d)
500,000
527,061
(SOFR
+
3.12%),
3.62%,
4/1/2031(d)
300,000
337,435
Nasdaq,
Inc.
4.25%,
6/1/2024
700,000
763,768
3.85%,
6/30/2026
200,000
224,842
1.65%,
1/15/2031
200,000
192,350
Owl
Rock
Capital
Corp.,
3.40%,
7/15/2026
200,000
210,257
Prospect
Capital
Corp.,
3.71%,
1/22/2026
400,000
413,049
16,472,589
Chemicals
1.1%
Celanese
US
Holdings
LLC,
1.40%,
8/5/2026
230,000
230,498
Chemours
Co.
(The),
5.75%,
11/15/2028(b)
250,000
265,313
DuPont
de
Nemours,
Inc.,
4.49%,
11/15/2025
150,000
170,670
Element
Solutions,
Inc.,
3.88%,
9/1/2028(b)
250,000
255,070
Huntsman
International
LLC,
4.50%,
5/1/2029
20,000
23,051
Minerals
Technologies,
Inc.,
5.00%,
7/1/2028(b)
400,000
418,000
PPG
Industries,
Inc.,
2.55%,
6/15/2030
1,150,000
1,206,424
RPM
International,
Inc.,
4.55%,
3/1/2029
300,000
350,045
Scotts
Miracle-
Gro
Co.
(The),
4.50%,
10/15/2029
200,000
208,526
Nationwide
Bond
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
5
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Chemicals
Sherwin-Williams
Co.
(The),
2.95%,
8/15/2029
700,000
762,454
Trinseo
Materials
Operating
SCA,
5.38%,
9/1/2025(b)
500,000
510,350
Tronox
,
Inc.,
4.63%,
3/15/2029(b)
250,000
254,062
4,654,463
Commercial
Services
&
Supplies
0.0%
†
Cintas
Corp.
No.
2,
3.70%,
4/1/2027
4,000
4,498
Communications
Equipment
0.5%
Avaya,
Inc.,
6.13%,
9/15/2028(b)
400,000
428,000
Motorola
Solutions,
Inc.
4.60%,
2/23/2028
500,000
586,023
2.30%,
11/15/2030
550,000
549,893
2.75%,
5/24/2031
400,000
414,914
1,978,830
Construction
&
Engineering
0.4%
AECOM,
5.13%,
3/15/2027
400,000
445,000
Brundage
-Bone
Concrete
Pumping
Holdings,
Inc.,
6.00%,
2/1/2026(b)
300,000
313,500
MasTec
,
Inc.,
4.50%,
8/15/2028(b)
500,000
527,260
Quanta
Services,
Inc.,
2.90%,
10/1/2030
500,000
525,392
1,811,152
Consumer
Finance
1.0%
Ally
Financial,
Inc.,
3.88%,
5/21/2024
100,000
108,131
Caterpillar
Financial
Services
Corp.,
0.90%,
3/2/2026
500,000
501,028
Enova
International,
Inc.,
8.50%,
9/15/2025(b)
250,000
260,313
General
Motors
Financial
Co.,
Inc.
5.10%,
1/17/2024
300,000
330,080
4.00%,
1/15/2025
500,000
546,621
4.35%,
1/17/2027
600,000
679,616
3.60%,
6/21/2030
200,000
219,646
John
Deere
Capital
Corp.,
1.45%,
1/15/2031
250,000
244,617
OneMain
Finance
Corp.,
7.13%,
3/15/2026
350,000
412,125
SLM
Corp.,
4.20%,
10/29/2025
500,000
540,000
Toyota
Motor
Credit
Corp.,
0.80%,
1/9/2026
250,000
248,313
4,090,490
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Containers
&
Packaging
0.2%
Crown
Cork
&
Seal
Co.,
Inc.,
7.38%,
12/15/2026
350,000
430,150
Greif,
Inc.,
6.50%,
3/1/2027(b)
400,000
421,000
851,150
Diversified
Financial
Services
0.1%
Block
Financial
LLC
2.50%,
7/15/2028
210,000
214,612
3.88%,
8/15/2030
100,000
109,828
National
Rural
Utilities
Cooperative
Finance
Corp.
1.00%,
6/15/2026
100,000
100,016
1.35%,
3/15/2031
100,000
94,487
518,943
Diversified
Telecommunication
Services
1.0%
AT&T,
Inc.
3.90%,
3/11/2024
1,000,000
1,076,231
4.13%,
2/17/2026
300,000
337,549
4.30%,
2/15/2030
300,000
349,720
CCO
Holdings
LLC,
5.38%,
6/1/2029(b)
200,000
217,680
Embarq
Corp.,
8.00%,
6/1/2036
100,000
112,000
Lumen
Technologies,
Inc.,
5.13%,
12/15/2026(b)
400,000
415,728
Sprint
Capital
Corp.,
6.88%,
11/15/2028
250,000
322,527
Verizon
Communications,
Inc.
0.85%,
11/20/2025
500,000
497,323
1.75%,
1/20/2031
700,000
679,427
4,008,185
Electric
Utilities
0.8%
American
Electric
Power
Co.,
Inc.,
2.30%,
3/1/2030
100,000
102,436
Cleveland
Electric
Illuminating
Co.
(The),
5.50%,
8/15/2024
100,000
113,991
Commonwealth
Edison
Co.,
2.20%,
3/1/2030
99,000
102,697
Duke
Energy
Corp.
3.75%,
4/15/2024
100,000
107,677
3.15%,
8/15/2027
100,000
109,109
2.45%,
6/1/2030
100,000
103,621
Duke
Energy
Florida
Project
Finance
LLC,
Series
2026,
2.54%,
9/1/2029
200,000
212,698
Entergy
Corp.,
0.90%,
9/15/2025
100,000
99,456
Entergy
Texas,
Inc.,
4.00%,
3/30/2029
100,000
114,959
6
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bond
Portfolio
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Electric
Utilities
Eversource
Energy,
Series
L,
2.90%,
10/1/2024
100,000
106,485
Indiana
Michigan
Power
Co.,
3.85%,
5/15/2028
200,000
227,235
Interstate
Power
and
Light
Co.,
4.10%,
9/26/2028
100,000
116,183
Nevada
Power
Co.,
Series
DD,
2.40%,
5/1/2030
200,000
208,200
NextEra
Energy
Capital
Holdings,
Inc.
2.75%,
5/1/2025
150,000
159,844
1.90%,
6/15/2028
95,000
96,997
NSTAR
Electric
Co.,
3.20%,
5/15/2027
100,000
110,135
Pacific
Gas
and
Electric
Co.
3.40%,
8/15/2024
100,000
104,354
2.10%,
8/1/2027
50,000
48,640
3.00%,
6/15/2028
110,000
110,077
2.50%,
2/1/2031
100,000
94,274
PacifiCorp,
2.70%,
9/15/2030
100,000
106,747
PPL
Capital
Funding,
Inc.,
3.10%,
5/15/2026
50,000
54,099
Tucson
Electric
Power
Co.,
1.50%,
8/1/2030
100,000
96,916
Union
Electric
Co.,
2.95%,
3/15/2030
100,000
108,828
Vistra
Operations
Co.
LLC,
5.00%,
7/31/2027(b)
500,000
516,250
Xcel
Energy,
Inc.,
3.30%,
6/1/2025
150,000
162,102
3,494,010
Electronic
Equipment,
Instruments
&
Components
0.8%
Allegion
US
Holding
Co.,
Inc.,
3.55%,
10/1/2027
400,000
437,043
Amphenol
Corp.,
2.05%,
3/1/2025
500,000
520,668
CDW
LLC,
3.25%,
2/15/2029
300,000
300,999
Keysight
Technologies,
Inc.
4.55%,
10/30/2024
500,000
554,939
3.00%,
10/30/2029
250,000
269,012
Trimble,
Inc.
4.75%,
12/1/2024
500,000
557,289
4.90%,
6/15/2028
700,000
832,235
3,472,185
Energy
Equipment
&
Services
0.1%
Schlumberger
Investment
SA,
2.65%,
6/26/2030
250,000
266,208
USA
Compression
Partners
LP,
6.88%,
4/1/2026
250,000
261,840
528,048
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Entertainment
0.3%
Activision
Blizzard,
Inc.,
3.40%,
9/15/2026
850,000
941,314
Electronic
Arts,
Inc.,
1.85%,
2/15/2031
300,000
297,867
1,239,181
Equity
Real
Estate
Investment
Trusts
(REITs)
1.9%
American
Tower
Corp.
0.60%,
1/15/2024
300,000
299,662
2.40%,
3/15/2025
300,000
314,031
Camden
Property
Trust,
3.15%,
7/1/2029
100,000
110,575
Crown
Castle
International
Corp.
4.45%,
2/15/2026
200,000
226,731
3.30%,
7/1/2030
250,000
272,253
Digital
Realty
Trust
LP,
3.70%,
8/15/2027
200,000
225,309
ERP
Operating
LP,
2.85%,
11/1/2026
100,000
107,624
Essex
Portfolio
LP,
1.70%,
3/1/2028
200,000
200,439
GLP
Capital
LP
5.75%,
6/1/2028
350,000
420,469
5.30%,
1/15/2029
250,000
294,595
4.00%,
1/15/2030
650,000
707,915
4.00%,
1/15/2031
500,000
546,845
Iron
Mountain,
Inc.,
5.00%,
7/15/2028(b)
400,000
415,500
LifeStorage
LP,
3.50%,
7/1/2026
300,000
330,746
MGM
Growth
Properties
Operating
Partnership
LP,
4.50%,
1/15/2028
250,000
265,000
Park
Intermediate
Holdings
LLC,
5.88%,
10/1/2028(b)
350,000
373,625
Public
Storage
3.09%,
9/15/2027
300,000
331,796
3.39%,
5/1/2029
550,000
616,232
RHP
Hotel
Properties
LP,
4.50%,
2/15/2029(b)
300,000
303,000
Weyerhaeuser
Co.,
4.00%,
4/15/2030
500,000
574,241
WP
Carey,
Inc.,
4.00%,
2/1/2025
250,000
273,688
XHR
LP,
6.38%,
8/15/2025(b)
500,000
533,220
7,743,496
Food
Products
0.4%
Bunge
Ltd.
Finance
Corp.,
1.63%,
8/17/2025
250,000
254,485
Hormel
Foods
Corp.,
1.80%,
6/11/2030
200,000
201,245
McCormick
&
Co.,
Inc.
3.15%,
8/15/2024
250,000
267,144
0.90%,
2/15/2026
250,000
248,146
Nationwide
Bond
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
7
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Food
Products
Pilgrim's
Pride
Corp.,
5.88%,
9/30/2027(b)
400,000
428,008
1,399,028
Gas
Utilities
0.2%
Atmos
Energy
Corp.
3.00%,
6/15/2027
50,000
54,538
1.50%,
1/15/2031
100,000
97,037
National
Fuel
Gas
Co.,
2.95%,
3/1/2031
500,000
514,556
Piedmont
Natural
Gas
Co.,
Inc.,
3.50%,
6/1/2029
100,000
111,076
777,207
Health
Care
Equipment
&
Supplies
0.3%
Becton
Dickinson
and
Co.,
3.36%,
6/6/2024
500,000
535,597
Edwards
Lifesciences
Corp.,
4.30%,
6/15/2028
250,000
291,737
Hologic
,
Inc.,
4.63%,
2/1/2028(b)
300,000
316,500
Zimmer
Biomet
Holdings,
Inc.,
3.55%,
3/20/2030
150,000
167,121
1,310,955
Health
Care
Providers
&
Services
1.2%
Acadia
Healthcare
Co.,
Inc.,
5.00%,
4/15/2029(b)
500,000
523,750
AmerisourceBergen
Corp.,
2.80%,
5/15/2030
500,000
530,412
Anthem,
Inc.,
3.50%,
8/15/2024
250,000
269,662
Cardinal
Health,
Inc.,
3.75%,
9/15/2025
500,000
552,296
Centene
Corp.,
4.63%,
12/15/2029
500,000
547,975
CVS
Health
Corp.,
3.88%,
7/20/2025
500,000
553,367
HCA,
Inc.
5.88%,
2/15/2026
200,000
232,500
5.25%,
6/15/2026
500,000
582,522
4.13%,
6/15/2029
450,000
513,620
Owens
&
Minor,
Inc.,
4.50%,
3/31/2029(b)
350,000
358,750
Universal
Health
Services,
Inc.,
2.65%,
10/15/2030(b)
200,000
203,260
4,868,114
Health
Care
Technology
0.1%
IQVIA,
Inc.,
5.00%,
5/15/2027(b)
300,000
312,750
Hotels,
Restaurants
&
Leisure
0.6%
Brinker
International,
Inc.,
5.00%,
10/1/2024(b)
500,000
529,375
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Hotels,
Restaurants
&
Leisure
Choice
Hotels
International,
Inc.,
3.70%,
12/1/2029
300,000
327,411
Dave
&
Buster's,
Inc.,
7.63%,
11/1/2025(b)
250,000
264,592
Expedia
Group,
Inc.,
5.00%,
2/15/2026
200,000
227,882
McDonald's
Corp.,
3.30%,
7/1/2025
500,000
544,110
Six
Flags
Theme
Parks,
Inc.,
7.00%,
7/1/2025(b)
500,000
533,750
Starbucks
Corp.,
2.55%,
11/15/2030
400,000
421,529
2,848,649
Household
Durables
0.4%
Century
Communities,
Inc.,
6.75%,
6/1/2027
400,000
424,796
M/I
Homes,
Inc.,
4.95%,
2/1/2028
400,000
419,200
NVR,
Inc.,
3.00%,
5/15/2030
500,000
535,843
Williams
Scotsman
International,
Inc.,
4.63%,
8/15/2028(b)
350,000
360,500
1,740,339
Household
Products
0.3%
Procter
&
Gamble
Co.
(The),
3.00%,
3/25/2030
230,000
256,579
Spectrum
Brands,
Inc.
5.00%,
10/1/2029(b)
501,000
530,434
5.50%,
7/15/2030(b)
300,000
324,750
1,111,763
Independent
Power
and
Renewable
Electricity
Producers
0.0%
†
Southern
Power
Co.,
4.15%,
12/1/2025
150,000
168,780
Industrial
Conglomerates
0.0%
†
General
Electric
Co.,
5.55%,
1/5/2026
150,000
178,784
Insurance
0.4%
Aflac,
Inc.,
3.60%,
4/1/2030
200,000
228,108
Aon
Corp.,
2.80%,
5/15/2030
200,000
213,883
Athene
Holding
Ltd.,
6.15%,
4/3/2030
200,000
256,694
Brown
&
Brown,
Inc.,
4.20%,
9/15/2024
200,000
219,315
Trinity
Acquisition
plc,
4.40%,
3/15/2026
250,000
282,941
Willis
North
America,
Inc.,
4.50%,
9/15/2028
150,000
174,755
1,375,696
8
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bond
Portfolio
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Internet
&
Direct
Marketing
Retail
0.4%
eBay,
Inc.
1.90%,
3/11/2025
250,000
258,760
2.70%,
3/11/2030
250,000
263,204
Match
Group
Holdings
II
LLC
5.00%,
12/15/2027(b)
437,000
459,099
5.63%,
2/15/2029(b)
500,000
546,875
QVC,
Inc.,
4.38%,
9/1/2028
400,000
410,744
1,938,682
IT
Services
0.7%
Amdocs
Ltd.,
2.54%,
6/15/2030
650,000
660,965
Gartner,
Inc.,
4.50%,
7/1/2028(b)
500,000
528,750
Global
Payments,
Inc.,
1.20%,
3/1/2026
500,000
499,588
PayPal
Holdings,
Inc.
2.65%,
10/1/2026
500,000
538,415
2.30%,
6/1/2030
250,000
262,877
Unisys
Corp.,
6.88%,
11/1/2027(b)
300,000
326,559
2,817,154
Leisure
Products
0.1%
Vista
Outdoor,
Inc.,
4.50%,
3/15/2029(b)
300,000
305,463
Life
Sciences
Tools
&
Services
0.3%
Agilent
Technologies,
Inc.,
2.10%,
6/4/2030
650,000
654,919
Thermo
Fisher
Scientific,
Inc.
4.13%,
3/25/2025
500,000
554,568
2.60%,
10/1/2029
200,000
212,946
1,422,433
Machinery
0.7%
Caterpillar,
Inc.,
1.90%,
3/12/2031
250,000
255,267
Deere
&
Co.,
2.75%,
4/15/2025
300,000
321,448
GrafTech
Finance,
Inc.,
4.63%,
12/15/2028(b)
400,000
410,500
Hillenbrand,
Inc.,
3.75%,
3/1/2031
300,000
305,247
IDEX
Corp.
3.00%,
5/1/2030
700,000
750,038
2.63%,
6/15/2031
550,000
571,499
Westinghouse
Air
Brake
Technologies
Corp.,
4.95%,
9/15/2028(c)
300,000
351,815
2,965,814
Media
0.9%
Charter
Communications
Operating
LLC
4.50%,
2/1/2024
300,000
326,433
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Media
4.91%,
7/23/2025
500,000
567,554
5.05%,
3/30/2029
200,000
238,685
Comcast
Corp.
3.38%,
8/15/2025
500,000
546,873
4.25%,
10/15/2030
200,000
237,582
DIRECTV
Holdings
LLC,
5.88%,
8/15/2027(b)
25,000
25,848
GCI
LLC,
4.75%,
10/15/2028(b)
350,000
364,438
Interpublic
Group
of
Cos.,
Inc.
(The),
2.40%,
3/1/2031
500,000
511,348
Lamar
Media
Corp.,
3.75%,
2/15/2028
350,000
355,250
Nexstar
Broadcasting,
Inc.,
4.75%,
11/1/2028(b)
200,000
206,248
Omnicom
Group,
Inc.,
2.60%,
8/1/2031
80,000
82,789
TEGNA,
Inc.,
5.00%,
9/15/2029
250,000
261,250
3,724,298
Metals
&
Mining
0.5%
Alcoa
Nederland
Holding
BV,
4.13%,
3/31/2029(b)
300,000
315,375
Arconic
Corp.,
6.13%,
2/15/2028(b)
710,000
756,150
Kaiser
Aluminum
Corp.,
4.63%,
3/1/2028(b)
210,000
219,236
Newmont
Corp.,
2.25%,
10/1/2030
150,000
152,625
Reliance
Steel
&
Aluminum
Co.,
1.30%,
8/15/2025
600,000
603,059
2,046,445
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.1%
Starwood
Property
Trust,
Inc.,
4.75%,
3/15/2025
400,000
422,000
Multi-Utilities
0.2%
Ameren
Corp.,
3.50%,
1/15/2031
200,000
223,487
Berkshire
Hathaway
Energy
Co.,
3.25%,
4/15/2028
50,000
55,714
CenterPoint
Energy,
Inc.,
2.95%,
3/1/2030
100,000
107,256
Consumers
Energy
Co.,
3.80%,
11/15/2028
100,000
115,114
Dominion
Energy,
Inc.,
3.90%,
10/1/2025
100,000
110,897
Dominion
Energy,
Inc.,
Series
C,
3.38%,
4/1/2030
100,000
110,917
Sempra
Energy,
3.25%,
6/15/2027
100,000
108,857
Nationwide
Bond
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
9
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Multi-Utilities
Southern
Co.
Gas
Capital
Corp.,
Series
20-A,
1.75%,
1/15/2031
100,000
97,452
929,694
Oil,
Gas
&
Consumable
Fuels
2.8%
Cheniere
Corpus
Christi
Holdings
LLC
5.13%,
6/30/2027
800,000
937,091
3.70%,
11/15/2029
950,000
1,048,153
Cheniere
Energy,
Inc.,
4.63%,
10/15/2028
400,000
421,672
Chevron
Corp.,
1.55%,
5/11/2025
250,000
257,062
CNX
Resources
Corp.,
7.25%,
3/14/2027(b)
200,000
212,938
Continental
Resources,
Inc.
5.75%,
1/15/2031(b)
200,000
241,060
4.90%,
6/1/2044
100,000
115,389
Crestwood
Midstream
Partners
LP,
6.00%,
2/1/2029(b)
200,000
208,000
DCP
Midstream
Operating
LP,
5.63%,
7/15/2027
200,000
227,500
Energy
Transfer
LP,
4.05%,
3/15/2025
500,000
543,275
Global
Partners
LP,
6.88%,
1/15/2029
250,000
263,125
Hess
Midstream
Operations
LP,
5.63%,
2/15/2026(b)
200,000
208,000
Holly
Energy
Partners
LP,
5.00%,
2/1/2028(b)
200,000
202,750
Magnolia
Oil
&
Gas
Operating
LLC,
6.00%,
8/1/2026(b)
400,000
407,956
MPLX
LP,
2.65%,
8/15/2030
1,850,000
1,899,263
NuStar
Logistics
LP,
5.63%,
4/28/2027
200,000
215,942
Occidental
Petroleum
Corp.
6.13%,
1/1/2031
200,000
236,270
6.45%,
9/15/2036
100,000
120,738
4.40%,
4/15/2046
100,000
98,107
ONEOK
Partners
LP,
4.90%,
3/15/2025
300,000
336,300
ONEOK,
Inc.,
6.35%,
1/15/2031
225,000
292,689
Ovintiv
Exploration,
Inc.,
5.38%,
1/1/2026
500,000
564,352
Pioneer
Natural
Resources
Co.,
1.90%,
8/15/2030
40,000
38,819
Sabine
Pass
Liquefaction
LLC,
5.00%,
3/15/2027
450,000
524,552
Southwestern
Energy
Co.,
6.45%,
1/23/2025(c)
200,000
218,984
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Oil,
Gas
&
Consumable
Fuels
Sunoco
LP,
4.50%,
5/15/2029
200,000
204,500
Targa
Resources
Partners
LP
6.88%,
1/15/2029
500,000
561,548
4.00%,
1/15/2032(b)
300,000
310,113
Viper
Energy
Partners
LP,
5.38%,
11/1/2027(b)
350,000
366,695
Western
Midstream
Operating
LP,
5.30%,
2/1/2030(c)
200,000
224,507
11,507,350
Paper
&
Forest
Products
0.2%
Louisiana-Pacific
Corp.,
3.63%,
3/15/2029(b)
300,000
302,250
Resolute
Forest
Products,
Inc.,
4.88%,
3/1/2026(b)
250,000
258,125
Schweitzer-Mauduit
International,
Inc.,
6.88%,
10/1/2026(b)
200,000
212,124
772,499
Personal
Products
0.1%
Coty,
Inc.,
5.00%,
4/15/2026(b)
250,000
251,875
Pharmaceuticals
0.1%
Bausch
Health
Cos.,
Inc.,
7.25%,
5/30/2029(b)
350,000
362,250
Utah
Acquisition
Sub,
Inc.,
3.95%,
6/15/2026
200,000
221,870
584,120
Professional
Services
0.1%
ASGN,
Inc.,
4.63%,
5/15/2028(b)
500,000
521,813
Real
Estate
Management
&
Development
0.4%
Five
Point
Operating
Co.
LP,
7.88%,
11/15/2025(b)
400,000
419,000
Howard
Hughes
Corp.
(The),
4.38%,
2/1/2031(b)
250,000
249,355
Kennedy-Wilson,
Inc.
4.75%,
3/1/2029
555,000
569,569
5.00%,
3/1/2031
300,000
307,500
1,545,424
Road
&
Rail
0.1%
Avis
Budget
Car
Rental
LLC,
5.75%,
7/15/2027(b)
250,000
261,205
Uber
Technologies,
Inc.,
7.50%,
9/15/2027(b)
250,000
273,175
534,380
10
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bond
Portfolio
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Semiconductors
&
Semiconductor
Equipment
1.7%
Broadcom
Corp.,
3.88%,
1/15/2027
1,000,000
1,108,887
Broadcom,
Inc.
3.15%,
11/15/2025
1,000,000
1,075,323
4.75%,
4/15/2029
1,000,000
1,174,279
4.15%,
11/15/2030
500,000
566,744
2.45%,
2/15/2031(b)
200,000
199,237
Micron
Technology,
Inc.
4.98%,
2/6/2026
500,000
578,410
5.33%,
2/6/2029
750,000
910,948
4.66%,
2/15/2030
500,000
586,268
Texas
Instruments,
Inc.,
1.75%,
5/4/2030
250,000
253,316
Xilinx,
Inc.,
2.38%,
6/1/2030
550,000
566,774
7,020,186
Software
1.7%
Adobe,
Inc.,
2.30%,
2/1/2030
650,000
683,423
Autodesk,
Inc.
4.38%,
6/15/2025
500,000
560,753
2.85%,
1/15/2030
200,000
213,387
Elastic
NV,
4.13%,
7/15/2029(b)
30,000
30,114
Fortinet,
Inc.
1.00%,
3/15/2026
1,000,000
997,191
2.20%,
3/15/2031
150,000
152,478
Intuit,
Inc.,
1.65%,
7/15/2030
1,250,000
1,248,978
J2
Global,
Inc.,
4.63%,
10/15/2030(b)
400,000
425,000
Oracle
Corp.,
3.25%,
5/15/2030
300,000
327,999
ServiceNow
,
Inc.,
1.40%,
9/1/2030
2,450,000
2,343,947
VMware,
Inc.,
4.70%,
5/15/2030
35,000
42,089
7,025,359
Specialty
Retail
0.4%
Abercrombie
&
Fitch
Management
Co.,
8.75%,
7/15/2025(b)
500,000
551,875
AutoNation,
Inc.
1.95%,
8/1/2028
120,000
120,337
4.75%,
6/1/2030
15,000
17,938
Carvana
Co.,
5.88%,
10/1/2028(b)
250,000
264,845
L
Brands,
Inc.,
6.63%,
10/1/2030(b)
350,000
403,375
Rent-A-Center,
Inc.,
6.38%,
2/15/2029(b)
350,000
375,812
1,734,182
Technology
Hardware,
Storage
&
Peripherals
2.1%
Apple,
Inc.
2.45%,
8/4/2026
500,000
533,542
1.40%,
8/5/2028
160,000
159,893
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Technology
Hardware,
Storage
&
Peripherals
Dell
International
LLC
5.85%,
7/15/2025
500,000
588,345
6.10%,
7/15/2027
500,000
619,141
5.30%,
10/1/2029
1,000,000
1,224,291
6.20%,
7/15/2030
750,000
971,872
Dell,
Inc.,
7.10%,
4/15/2028
300,000
385,500
Hewlett
Packard
Enterprise
Co.,
4.65%,
10/1/2024
1,000,000
1,109,287
HP,
Inc.
3.00%,
6/17/2027
1,000,000
1,079,492
3.40%,
6/17/2030
700,000
751,841
2.65%,
6/17/2031(b)
500,000
505,436
NCR
Corp.,
6.13%,
9/1/2029(b)
300,000
325,353
NetApp,
Inc.,
1.88%,
6/22/2025
500,000
516,278
8,770,271
Textiles,
Apparel
&
Luxury
Goods
0.2%
Michael
Kors
USA,
Inc.,
4.50%,
11/1/2024(b)(c)
100,000
106,250
Tapestry,
Inc.
4.25%,
4/1/2025
500,000
544,467
4.13%,
7/15/2027
300,000
327,607
978,324
Thrifts
&
Mortgage
Finance
0.2%
Nationstar
Mortgage
Holdings,
Inc.,
6.00%,
1/15/2027(b)
250,000
260,625
Radian
Group,
Inc.,
4.88%,
3/15/2027
500,000
543,880
804,505
Tobacco
0.3%
Altria
Group,
Inc.
2.35%,
5/6/2025
300,000
314,084
3.40%,
5/6/2030
200,000
215,325
Philip
Morris
International,
Inc.,
0.88%,
5/1/2026
450,000
446,615
Turning
Point
Brands,
Inc.,
5.63%,
2/15/2026(b)
200,000
208,000
Vector
Group
Ltd.,
5.75%,
2/1/2029(b)
250,000
253,750
1,437,774
Trading
Companies
&
Distributors
0.5%
Aircastle
Ltd.,
4.25%,
6/15/2026
100,000
109,939
Beacon
Roofing
Supply,
Inc.,
4.50%,
11/15/2026(b)
500,000
518,750
Boise
Cascade
Co.,
4.88%,
7/1/2030(b)
300,000
317,625
Nationwide
Bond
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
11
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Trading
Companies
&
Distributors
Fortress
Transportation
and
Infrastructure
Investors
LLC,
6.50%,
10/1/2025(b)
250,000
259,062
Herc
Holdings,
Inc.,
5.50%,
7/15/2027(b)
500,000
524,375
WESCO
Distribution,
Inc.,
7.25%,
6/15/2028(b)
200,000
222,600
1,952,351
Water
Utilities
0.0%
†
American
Water
Capital
Corp.,
2.95%,
9/1/2027
100,000
109,889
Essential
Utilities,
Inc.,
2.70%,
4/15/2030
50,000
52,916
162,805
Wireless
Telecommunication
Services
0.1%
T-Mobile
USA,
Inc.
3.50%,
4/15/2025
250,000
271,495
3.88%,
4/15/2030
200,000
225,818
497,313
152,876,188
Total
Corporate
Bonds
(cost
$165,119,149)
168,326,947
Municipal
Bonds
0.3%
CALIFORNIA
0.2%
Los
Angeles
Community
College
District,
GO,
1.81%,
8/1/2030
200,000
205,907
State
of
California,
GO,
1.75%,
11/1/2030
300,000
302,195
University
of
California,
RB,
1.61%,
5/15/2030
200,000
200,475
708,577
FLORIDA
0.0%
†
State
Board
of
Administration
Finance
Corp.,
RB,
2.15%,
7/1/2030
75,000
77,725
MASSACHUSETTS
0.0%
†
Commonwealth
of
Massachusetts,
RB,
4.91%,
5/1/2029
100,000
124,584
TEXAS
0.1%
Texas
Transportation
Commission,
RB,
Series
B,5.18%,
4/1/2030
350,000
437,481
Total
Municipal
Bonds
(cost
$1,308,965)
1,348,367
Mortgage-Backed
Securities
27.1%
Principal
Amount
($)
Value
($)
FHLMC
UMBS
Pool
Pool#
RA3986
2.50%,
11/1/2050
1,878,675
1,960,313
Pool#
SD7536
2.50%,
2/1/2051
1,918,779
2,026,627
FNMA
UMBS
Pool
Pool#
BM5108
3.00%,
2/1/2033
1,763,186
1,864,469
Pool#
CA9152
2.50%,
2/1/2036
3,019,246
3,196,612
Pool#
BE3774
4.00%,
7/1/2047
1,582,100
1,706,258
Pool#
CA2471
4.00%,
10/1/2048
1,525,780
1,636,396
Pool#
MA3692
3.50%,
7/1/2049
5,739,774
6,079,425
Pool#
FM2363
3.00%,
1/1/2050
1,205,185
1,298,798
Pool#
CA6020
3.00%,
6/1/2050
2,472,594
2,603,094
Pool#
CA7404
4.00%,
10/1/2050
7,752,146
8,417,623
Pool#
CA9190
2.00%,
2/1/2051
3,434,637
3,506,951
Pool#
FM6554
2.00%,
3/1/2051
1,461,569
1,495,057
Pool#
FM6834
2.00%,
4/1/2051
668,142
683,451
Pool#
BR7647
2.00%,
4/1/2051
97,837
99,838
Pool#
MA4398
2.00%,
8/1/2051
7,955,000
8,117,557
FNMA/FHLMC
UMBS,
15
Year,
Single
Family
TBA
1.50%,
8/25/2036
2,900,000
2,955,395
2.00%,
8/25/2036
5,700,000
5,915,309
2.50%,
8/25/2036
875,000
916,733
3.00%,
8/25/2036
2,450,000
2,578,144
FNMA/FHLMC
UMBS,
30
Year,
Single
Family
TBA
1.50%,
8/25/2051
2,650,000
2,623,189
2.00%,
8/25/2051
4,941,000
5,039,627
2.50%,
8/25/2051
6,925,000
7,213,632
3.00%,
8/25/2051
4,825,000
5,057,769
3.50%,
8/25/2051
2,075,000
2,199,338
4.00%,
8/25/2051
2,125,000
2,270,748
1.50%,
9/25/2051
775,000
765,645
2.00%,
9/25/2051
1,725,000
1,755,659
2.50%,
9/25/2051
2,025,000
2,104,972
3.00%,
9/25/2051
2,550,000
2,667,439
4.00%,
9/25/2051
375,000
400,955
FNMA/FHLMC
UMBS,
30
Year,
Single
Family
Conventional
Pool
TBA
3.50%,
9/25/2051
1,200,000
1,269,234
GNMA
II
Pool
Pool#
MA0317
3.00%,
8/20/2042
633,288
675,414
Pool#
MA2600
12
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bond
Portfolio
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
GNMA
II
Pool
(continued)
3.00%,
2/20/2045
757,044
805,424
Pool#
MA2825
3.00%,
5/20/2045
562,210
596,846
Pool#
MA4509
3.00%,
6/20/2047
738,545
785,804
Pool#
MA4718
3.00%,
9/20/2047
701,936
741,840
Pool#
MA4719
3.50%,
9/20/2047
2,942,854
3,122,582
Pool#
MA6409
3.00%,
1/20/2050
314,111
330,328
Pool#
MA6710
3.00%,
6/20/2050
1,654,063
1,731,592
Pool#
MA7255
2.50%,
3/20/2051
3,419,603
3,555,627
Pool#
MA7311
2.00%,
4/20/2051
1,382,619
1,417,050
GNMA
TBA
1.50%,
8/15/2051
25,000
24,869
2.00%,
8/15/2051
3,175,000
3,251,770
2.50%,
8/15/2051
1,300,000
1,351,543
3.50%,
8/15/2051
1,700,000
1,785,266
4.00%,
8/15/2051
1,750,000
1,850,819
Total
Mortgage-Backed
Securities
(cost
$111,953,536)
112,453,031
Foreign
Government
Securities
1.0%
CANADA
0.2%
Province
of
Alberta
1.88%,
11/13/2024
150,000
156,400
1.30%,
7/22/2030
60,000
58,725
Province
of
British
Columbia
1.75%,
9/27/2024
50,000
51,986
1.30%,
1/29/2031
25,000
24,746
Province
of
Manitoba,
3.05%,
5/14/2024
50,000
53,533
Province
of
Ontario
3.20%,
5/16/2024
150,000
161,530
0.63%,
1/21/2026
50,000
49,736
2.30%,
6/15/2026
45,000
48,085
1.05%,
5/21/2027
25,000
25,043
2.00%,
10/2/2029
25,000
26,332
1.13%,
10/7/2030
40,000
38,812
Province
of
Quebec
0.60%,
7/23/2025
50,000
49,808
2.50%,
4/20/2026
50,000
54,035
2.75%,
4/12/2027
25,000
27,470
826,241
CHILE
0.1%
Republic
of
Chile,
3.24%,
2/6/2028
250,000
272,300
COLOMBIA
0.0%
†
Republic
of
Colombia,
4.50%,
3/15/2029
250,000
271,462
Foreign
Government
Securities
Principal
Amount
($)
Value
($)
INDONESIA
0.1%
Republic
of
Indonesia,
4.10%,
4/24/2028
300,000
339,867
ISRAEL
0.1%
State
of
Israel
Government
Bond,
2.75%,
7/3/2030
300,000
322,845
ITALY
0.1%
Italian
Republic
Government
Bond,
2.88%,
10/17/2029
300,000
318,349
MEXICO
0.1%
United
Mexican
States,
3.75%,
1/11/2028
300,000
329,481
PANAMA
0.1%
Republic
of
Panama,
8.88%,
9/30/2027
300,000
413,103
PERU
0.0%
†
Republic
of
Peru,
2.78%,
1/23/2031
200,000
200,778
PHILIPPINES
0.1%
Republic
of
Philippines,
5.50%,
3/30/2026
350,000
421,862
URUGUAY
0.1%
Oriental
Republic
of
Uruguay
4.38%,
10/27/2027
250,000
287,450
4.38%,
1/23/2031
250,000
292,203
579,653
Total
Foreign
Government
Securities
(cost
$4,226,241)
4,295,941
Supranational
1.0%
Asian
Development
Bank,
0.63%,
4/29/2025
1,000,000
999,407
European
Investment
Bank,
1.63%,
3/14/2025
1,000,000
1,037,271
Inter-American
Development
Bank,
3.00%,
2/21/2024
1,000,000
1,068,072
International
Bank
for
Reconstruction
&
Development,
2.50%,
3/19/2024
1,000,000
1,056,272
Total
Supranational
(cost
$4,153,681)
4,161,022
U.S.
Treasury
Obligations
24.4%
U.S.
Treasury
Bonds
5.00%,
5/15/2037
1,000,000
1,491,797
1.88%,
2/15/2041
24,900,000
25,180,125
2.75%,
11/15/2042
6,500,000
7,552,187
3.00%,
2/15/2047
16,000,000
19,660,625
1.88%,
2/15/2051
13,000,000
12,908,594
66,793,328
Nationwide
Bond
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
13
U.S.
Treasury
Obligations
Principal
Amount
($)
Value
($)
U.S.
Treasury
Notes
0.13%,
2/28/2023
10,000,000
9,998,047
0.25%,
8/31/2025
1,000,000
987,187
0.50%,
2/28/2026
6,500,000
6,458,359
0.88%,
6/30/2026
7,000,000
7,063,438
2.75%,
2/15/2028
1,000,000
1,115,430
1.13%,
2/29/2028
2,000,000
2,023,359
1.25%,
6/30/2028
7,000,000
7,119,219
Total
U.S.
Treasury
Obligations
(cost
$95,755,760)
$
101,558,367
Total
Investments
(cost
$393,573,170)
—
97.0%
403,399,140
Other
assets
in
excess
of
liabilities
—
3.0%
12,351,889
NET
ASSETS
—
100.0%
$
415,751,029
†
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,
2021.
(b)
Rule
144A,
Section
4(2),
or
other
security
which
is
restricted
as
to
sale
to
institutional
investors.
These
securities
were
deemed
liquid
pursuant
to
procedures
approved
by
the
Board
of
Trustees.
The
liquidity
determination
is
unaudited.
The
aggregate
value
of
these
securities
as
of
July
31,
2021
was
$31,945,878
which
represents
7.68%
of
net
assets.
(c)
Step
Bond.
Coupon
rate
is
set
for
an
initial
period
and
then
increases
to
a
higher
coupon
rate
at
a
specific
date.
The
rate
shown
is
the
rate
as
of
July
31,
2021.
(d)
Variable
or
floating
rate
security,
linked
to
the
referenced
benchmark.
The
interest
rate
shown
was
the
current
rate
as
of
July
31,
2021.
14
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bond
Portfolio
V1
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
ICE
Intercontinental
Exchange
LIBOR
London
Interbank
Offered
Rate
RB
Revenue
Bond
REIT
Real
Estate
Investment
Trust
REMICS
Real
Estate
Mortgage
Investment
Conduits
SOFR
Secured
Overnight
Financing
Rate
TBA
To
Be
Announced;
Security
is
subject
to
delayed
delivery
UMBS
Uniform
Mortgage-Backed
Securities
Currency:
USD
United
States
Dollar
Centrally
Cleared
Interest
rate
swap
contracts
outstanding
as
of
July
31,
2021
:
Floating
Rate
Index
Fixed
Rate
Pay/
Receive
Floating
Rate
Maturity
Date
Notional
Amount
Upfront
Payment
(Receipts)
($)
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
1
Day
SONIA
annually
0.41%
annually
Rec
9/15/2026
GBP
170,000
(121)
323
202
1
Day
SORA
semi-annually
0.72%
semi-annually
Pay
9/15/2026
SGD
400,000
–
355
355
1
Day
SORA
semi-annually
0.73%
semi-annually
Pay
9/15/2026
SGD
400,000
–
501
501
1
Day
SORA
semi-annually
0.76%
semi-annually
Pay
9/15/2026
SGD
15,330,000
–
35,933
35,933
1
Month
USCPI
2.47%
quarterly
Rec
7/15/2031
USD
4,900,000
–
72,102
72,102
1
Month
USCPI
2.64%
quarterly
Rec
7/15/2026
USD
5,200,000
–
52,225
52,225
3
Month
BA
semi-annually
1.30%
semi-annually
Rec
9/15/2026
CAD
550,000
–
59
59
3
Month
BA
semi-annually
1.30%
semi-annually
Rec
9/15/2026
CAD
690,000
–
278
278
3
Month
HIBOR
quarterly
0.78%
quarterly
Pay
9/15/2026
HKD
2,865,500
–
717
717
3
Month
HIBOR
quarterly
0.78%
quarterly
Pay
9/15/2026
HKD
2,344,500
–
684
684
3
Month
HIBOR
quarterly
0.83%
quarterly
Pay
9/15/2026
HKD
3,750,000
–
2,195
2,195
3
Month
HIBOR
quarterly
0.89%
quarterly
Pay
9/15/2026
HKD
1,669,400
–
1,616
1,616
3
Month
HIBOR
quarterly
0.89%
quarterly
Pay
9/15/2026
HKD
1,620,300
–
1,568
1,568
3
Month
HIBOR
quarterly
0.90%
quarterly
Pay
9/15/2026
HKD
1,620,300
–
1,697
1,697
3
Month
HIBOR
quarterly
0.93%
quarterly
Pay
9/15/2026
HKD
2,445,000
–
2,928
2,928
3
Month
JIBAR
quarterly
6.26%
quarterly
Pay
9/15/2026
ZAR
2,170,000
156
2,527
2,683
3
Month
LIBOR
quarterly
0.88%
semi-annually
Pay
9/15/2026
USD
1,600,000
–
3,869
3,869
3
Month
LIBOR
quarterly
0.91%
semi-annually
Pay
9/15/2026
USD
660,000
–
2,836
2,836
3
Month
LIBOR
quarterly
0.91%
semi-annually
Pay
9/15/2026
USD
640,000
–
2,513
2,513
3
Month
LIBOR
quarterly
0.91%
semi-annually
Pay
9/15/2026
USD
880,000
–
3,738
3,738
Nationwide
Bond
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
15
Floating
Rate
Index
Fixed
Rate
Pay/
Receive
Floating
Rate
Maturity
Date
Notional
Amount
Upfront
Payment
(Receipts)
($)
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
3
Month
LIBOR
quarterly
0.92%
semi-annually
Pay
9/15/2026
USD
430,000
–
1,890
1,890
3
Month
LIBOR
quarterly
1.01%
semi-annually
Pay
9/15/2026
USD
440,000
–
3,914
3,914
3
Month
LIBOR
quarterly
1.04%
semi-annually
Pay
9/15/2026
USD
1,130,000
–
11,952
11,952
3
Month
LIBOR
quarterly
1.06%
semi-annually
Pay
9/15/2026
USD
550,000
–
6,266
6,266
6
Month
BBR
semi-annually
0.84%
semi-annually
Pay
9/15/2026
AUD
880,000
–
3,017
3,017
35
215,703
215,738
1
Day
SONIA
annually
0.43%
annually
Rec
9/15/2026
GBP
330,000
(709)
654
(55)
1
Month
TIIE
6.48%
monthly
Rec
9/9/2026
MXN
7,590,000
–
(186)
(186)
1
Month
TIIE
6.50%
monthly
Rec
9/9/2026
MXN
8,980,000
–
(709)
(709)
1
Month
TIIE
6.72%
monthly
Rec
9/9/2026
MXN
11,080,000
–
(6,052)
(6,052)
1
Month
TIIE
6.76%
monthly
Rec
9/9/2026
MXN
9,170,000
–
(5,806)
(5,806)
1
Month
TIIE
6.78%
monthly
Rec
9/9/2026
MXN
8,250,000
–
(5,672)
(5,672)
1
Month
TIIE
6.82%
monthly
Rec
9/9/2026
MXN
2,538,648
–
(1,985)
(1,985)
1
Month
TIIE
6.86%
monthly
Rec
9/9/2026
MXN
7,560,000
–
(6,430)
(6,430)
1
Month
TIIE
6.92%
monthly
Rec
9/9/2026
MXN
3,314,480
–
(3,251)
(3,251)
1
Month
TIIE
6.94%
monthly
Rec
9/9/2026
MXN
6,595,520
–
(6,828)
(6,828)
3
Month
BA
semi-annually
1.28%
semi-annually
Rec
6/16/2026
CAD
520,000
–
(881)
(881)
3
Month
BA
semi-annually
1.30%
semi-annually
Rec
6/16/2026
CAD
650,000
–
(1,549)
(1,549)
3
Month
BA
semi-annually
1.31%
semi-annually
Rec
6/16/2026
CAD
360,000
–
(978)
(978)
3
Month
BA
semi-annually
1.32%
semi-annually
Rec
6/16/2026
CAD
510,000
–
(1,667)
(1,667)
3
Month
BA
semi-annually
1.34%
semi-annually
Rec
6/16/2026
CAD
800,000
–
(3,119)
(3,119)
3
Month
BA
semi-annually
1.35%
semi-annually
Rec
6/16/2026
CAD
480,000
–
(2,136)
(2,136)
3
Month
BA
semi-annually
1.38%
semi-annually
Rec
9/15/2026
CAD
140,000
–
(395)
(395)
3
Month
BA
semi-annually
1.41%
semi-annually
Rec
9/15/2026
CAD
1,200,000
–
(4,608)
(4,608)
3
Month
BA
semi-annually
1.46%
semi-annually
Rec
9/15/2026
CAD
500,000
–
(2,922)
(2,922)
3
Month
BA
semi-annually
1.46%
semi-annually
Rec
9/15/2026
CAD
410,000
–
(2,380)
(2,380)
3
Month
BA
semi-annually
1.47%
semi-annually
Rec
9/15/2026
CAD
750,000
–
(4,780)
(4,780)
3
Month
BA
semi-annually
1.47%
semi-annually
Rec
9/15/2026
CAD
1,240,000
–
(8,123)
(8,123)
3
Month
BA
semi-annually
1.50%
semi-annually
Rec
9/15/2026
CAD
1,210,000
–
(9,257)
(9,257)
3
Month
BA
semi-annually
1.50%
semi-annually
Rec
9/15/2026
CAD
450,000
–
(3,443)
(3,443)
3
Month
BA
semi-annually
1.51%
semi-annually
Rec
9/15/2026
CAD
880,000
–
(6,905)
(6,905)
3
Month
BA
semi-annually
1.51%
semi-annually
Rec
9/15/2026
CAD
360,000
–
(2,797)
(2,797)
3
Month
BA
semi-annually
1.52%
semi-annually
Rec
9/15/2026
CAD
1,310,000
–
(10,871)
(10,871)
3
Month
HIBOR
quarterly
0.66%
quarterly
Pay
9/15/2026
HKD
1,251,000
–
(601)
(601)
3
Month
HIBOR
quarterly
0.68%
quarterly
Pay
9/15/2026
HKD
2,919,000
–
(1,131)
(1,131)
16
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bond
Portfolio
Floating
Rate
Index
Fixed
Rate
Pay/
Receive
Floating
Rate
Maturity
Date
Notional
Amount
Upfront
Payment
(Receipts)
($)
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
3
Month
HIBOR
quarterly
0.70%
quarterly
Pay
9/15/2026
HKD
1,496,400
–
(365)
(365)
3
Month
HIBOR
quarterly
0.70%
quarterly
Pay
9/15/2026
HKD
1,983,600
–
(484)
(484)
3
Month
JIBAR
quarterly
6.26%
quarterly
Rec
9/15/2026
ZAR
2,170,000
–
(2,683)
(2,683)
3
Month
LIBOR
quarterly
0.81%
semi-annually
Pay
9/15/2026
USD
960,000
–
(882)
(882)
3
Month
STIBOR
quarterly
0.35%
annually
Rec
9/15/2026
SEK
3,230,000
486
(2,447)
(1,961)
3
Month
STIBOR
quarterly
0.35%
annually
Rec
9/15/2026
SEK
3,780,000
–
(2,264)
(2,264)
3
Month
STIBOR
quarterly
0.37%
annually
Rec
9/15/2026
SEK
4,730,000
(11)
(3,381)
(3,392)
3
Month
STIBOR
quarterly
0.40%
annually
Rec
9/15/2026
SEK
4,320,000
(796)
(3,135)
(3,931)
3
Month
STIBOR
quarterly
0.41%
annually
Rec
9/15/2026
SEK
4,190,000
69
(3,994)
(3,925)
3
Month
STIBOR
quarterly
0.42%
annually
Rec
9/15/2026
SEK
720,000
–
(743)
(743)
6
Month
EURIBOR
semi-annually
0.20%
annually
Rec
9/15/2026
EUR
520,000
–
(4,722)
(4,722)
6
Month
EURIBOR
semi-annually
0.22%
annually
Rec
9/15/2026
EUR
240,000
–
(1,977)
(1,977)
6
Month
EURIBOR
semi-annually
0.28%
annually
Rec
9/15/2026
EUR
370,000
–
(1,574)
(1,574)
6
Month
EURIBOR
semi-annually
0.30%
annually
Rec
9/15/2026
EUR
580,000
–
(1,698)
(1,698)
6
Month
WIBOR
semi-annually
1.18%
annually
Pay
9/15/2026
PLN
1,430,000
–
(4,672)
(4,672)
6
Month
WIBOR
semi-annually
1.23%
annually
Pay
9/15/2026
PLN
1,890,000
–
(4,985)
(4,985)
6
Month
WIBOR
semi-annually
1.42%
annually
Pay
9/15/2026
PLN
750,000
–
(216)
(216)
(961)
(145,030)
(145,991)
(926)
70,673
69,747
–
–
–
Currency:
AUD
Australian
dollar
CAD
Canadian
dollar
EUR
Euro
GBP
British
pound
HKD
Hong
Kong
dollar
KRW
South
Korean
won
MXN
Mexican
peso
PLN
Polish
zloty
SEK
Swedish
krona
SGD
Singapore
dollar
USD
United
States
dollar
ZAR
South
African
rand
Nationwide
Bond
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
17
OTC
Interest
rate
swap
contracts
outstanding
as
of
July
31,
2021
:
Floating
Rate
Index1
Fixed
Rate
Pay/
Receive
Floating
Rate
Counterparty
Maturity
Date
Notional
Amount
Upfront
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
3
Month
CD_KSDA
quarterly
1.50%
quarterly
Rec
Bank
of
America
NA
9/15/2026
KRW
223,921,600
–
54
54
3
Month
CD_KSDA
quarterly
1.50%
quarterly
Rec
JPMorgan
Chase
Bank
NA
9/15/2026
KRW
317,550,000
–
77
77
–
131
131
3
Month
CD_KSDA
quarterly
1.51%
quarterly
Rec
Bank
of
America
NA
9/15/2026
KRW
269,076,221
–
(70)
(70)
3
Month
CD_KSDA
quarterly
1.51%
quarterly
Rec
Bank
of
America
NA
9/15/2026
KRW
320,727,329
–
(70)
(70)
3
Month
CD_KSDA
quarterly
1.51%
quarterly
Rec
Bank
of
America
NA
9/15/2026
KRW
531,283,282
–
(27)
(27)
3
Month
CD_KSDA
quarterly
1.51%
quarterly
Rec
JPMorgan
Chase
Bank
NA
9/15/2026
KRW
241,778,633
–
(93)
(93)
3
Month
CD_KSDA
quarterly
1.51%
quarterly
Rec
JPMorgan
Chase
Bank
NA
9/15/2026
KRW
317,550,000
–
(22)
(22)
3
Month
CD_KSDA
quarterly
1.51%
quarterly
Rec
Morgan
Stanley
Capital
Services,
Inc.
9/15/2026
KRW
269,076,221
–
(81)
(81)
3
Month
CD_KSDA
quarterly
1.51%
quarterly
Rec
Morgan
Stanley
Capital
Services,
Inc.
9/15/2026
KRW
575,798,400
–
(101)
(101)
3
Month
CD_KSDA
quarterly
1.52%
quarterly
Rec
Bank
of
America
NA
9/15/2026
KRW
232,966,425
–
(119)
(119)
3
Month
CD_KSDA
quarterly
1.52%
quarterly
Rec
Bank
of
America
NA
9/15/2026
KRW
337,632,500
–
(172)
(172)
3
Month
CD_KSDA
quarterly
1.52%
quarterly
Rec
JPMorgan
Chase
Bank
NA
9/15/2026
KRW
342,696,420
–
(275)
(275)
3
Month
CD_KSDA
quarterly
1.52%
quarterly
Rec
JPMorgan
Chase
Bank
NA
9/15/2026
KRW
546,103,289
–
(233)
(233)
3
Month
CD_KSDA
quarterly
1.53%
quarterly
Rec
JPMorgan
Chase
Bank
NA
9/15/2026
KRW
692,316,000
–
(643)
(643)
3
Month
CD_KSDA
quarterly
1.53%
quarterly
Rec
Morgan
Stanley
Capital
Services,
Inc.
9/15/2026
KRW
308,616,247
–
(293)
(293)
3
Month
CD_KSDA
quarterly
1.53%
quarterly
Rec
Morgan
Stanley
Capital
Services,
Inc.
9/15/2026
KRW
695,777,580
–
(646)
(646)
3
Month
CD_KSDA
quarterly
1.53%
quarterly
Rec
Morgan
Stanley
Capital
Services,
Inc.
9/15/2026
KRW
516,195,988
–
(598)
(598)
3
Month
CD_KSDA
quarterly
1.54%
quarterly
Rec
Bank
of
America
NA
9/15/2026
KRW
893,876,100
–
(1,129)
(1,129)
18
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bond
Portfolio
Floating
Rate
Index1
Fixed
Rate
Pay/
Receive
Floating
Rate
Counterparty
Maturity
Date
Notional
Amount
Upfront
Unrealized
(Depreciation)
Value
($)
3
Month
CD_KSDA
quarterly
1.54%
quarterly
Rec
Morgan
Stanley
Capital
Services,
Inc.
9/15/2026
KRW
502,788,300
–
(793)
(793)
3
Month
CD_KSDA
quarterly
1.54%
quarterly
Rec
Morgan
Stanley
Capital
Services,
Inc.
9/15/2026
KRW
527,927,715
–
(832)
(832)
3
Month
CD_KSDA
quarterly
1.55%
quarterly
Rec
Morgan
Stanley
Capital
Services,
Inc.
9/15/2026
KRW
538,701,750
–
(906)
(906)
3
Month
CD_KSDA
quarterly
1.57%
quarterly
Rec
Morgan
Stanley
Capital
Services,
Inc.
9/15/2026
KRW
324,918,000
–
(886)
(886)
3
Month
CD_KSDA
quarterly
1.59%
quarterly
Rec
Goldman
Sachs
9/15/2026
KRW
338,708,700
–
(1,207)
(1,207)
3
Month
CD_KSDA
quarterly
1.60%
quarterly
Rec
Bank
of
America
NA
9/15/2026
KRW
508,063,050
–
(1,917)
(1,917)
3
Month
CD_KSDA
quarterly
1.60%
quarterly
Rec
Bank
of
America
NA
9/15/2026
KRW
697,945,200
–
(2,707)
(2,707)
3
Month
CD_KSDA
quarterly
1.60%
quarterly
Rec
JPMorgan
Chase
Bank
NA
9/15/2026
KRW
508,063,050
–
(2,002)
(2,002)
3
Month
CD_KSDA
quarterly
1.61%
quarterly
Rec
Bank
of
America
NA
9/15/2026
KRW
408,677,500
–
(1,798)
(1,798)
3
Month
CD_KSDA
quarterly
1.61%
quarterly
Rec
Bank
of
America
NA
9/15/2026
KRW
414,398,985
–
(1,858)
(1,858)
3
Month
CD_KSDA
quarterly
1.62%
quarterly
Rec
Bank
of
America
NA
9/15/2026
KRW
397,122,000
–
(1,955)
(1,955)
3
Month
CD_KSDA
quarterly
1.62%
quarterly
Rec
Morgan
Stanley
Capital
Services,
Inc.
9/15/2026
KRW
382,522,140
–
(1,883)
(1,883)
3
Month
CD_KSDA
quarterly
1.62%
quarterly
Rec
Morgan
Stanley
Capital
Services,
Inc.
9/15/2026
KRW
429,111,375
–
(2,068)
(2,068)
–
(25,384)
(25,384)
–
(25,253)
(25,253)
At
July
31,
2021,
the
Fund
had
$711,264
segregated
as
collateral
for
interest
rate
swap
contracts.
Currency:
KRW
South
Korean
won
Forward
Foreign
Currency
Contracts
outstanding
as
of
July
31,
2021:
Currenc
y
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
($)
USD
282,057
CAD
360,000
Morgan
Stanley
Co.,
Inc.
9/15/2021
(6,492)
Total
unrealized
depreciation
(6,492)
Net
unrealized
depreciation
(6,492)
Currency:
CAD
Canadian
dollar
Nationwide
Bond
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
19
USD
United
States
dollar
Futures
contracts
outstanding
as
of
July
31,
2021:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
Australia
10
Year
Bond
250
9/2021
AUD
26,675,013
763,389
Long
Gilt
162
9/2021
GBP
29,226,112
251,255
U.S.
Treasury
2
Year
Note
144
9/2021
USD
31,774,500
10,317
U.S.
Treasury
5
Year
Note
342
9/2021
USD
42,560,297
253,195
1,278,156
Short
Contracts
Canada
10
Year
Bond
(189)
9/2021
CAD
(22,422,163)
(412,913)
Euro-Bund
(66)
9/2021
EUR
(13,824,107)
(59,963)
U.S.
Treasury
10
Year
Note
(373)
9/2021
USD
(50,151,016)
(694,219)
U.S.
Treasury
10
Year
Ultra
Note
(12)
9/2021
USD
(1,803,000)
(19,528)
U.S.
Treasury
Long
Bond
(35)
9/2021
USD
(5,765,156)
(200,667)
U.S.
Treasury
Ultra
Bond
(13)
9/2021
USD
(2,593,906)
(121,225)
(1,508,515)
(230,359)
As
of
July
31,
2021,
the
Fund
had
$2,484,000
segregated
as
collateral
with
the
broker
for
open
futures
contracts.
Currency:
AUD
Australian
Dollar
CAD
Canadian
Dollar
EUR
Euro
GBP
British
Pound
USD
United
States
Dollar
20
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bond
Portfolio
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
Nationwide
Bond
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
21
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,
2021.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using
options,
swap
contracts, forward
foreign
currency
contracts, and financial
futures
contracts.
(a)
Options
The
Fund
purchased
and/or
wrote
options
on
futures
contracts,
single
stocks,
ETFs,
and/or
indexes.
Such
option
investments
are
utilized
to
manage
currency
exposures
and/or
hedge
against
movements
in
the
values
of
the
foreign
currencies
in
which
the
portfolio
securities
are
denominated,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
to
capitalize
on
the
return-generating
features
of
selling
options
(short
volatility)
while
simultaneously
benefiting
from
the
risk-control
attributes
associated
with
buying
options
(long
volatility),
and/
or
to
generate
consistent
outperformance,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
The
purchase
of
put
options
serves
as
a
short
hedge
and
the
purchase
of
call
options
serves
as
a
long
hedge.
Writing
put
options
serves
as
a
limited
long
hedge
because
increases
in
the
value
of
the
hedged
investment
would
be
offset
to
the
extent
of
the
premium
received
for
writing
the
option.
However,
if
the
security
depreciates
to
a
price
lower
than
the
strike
price
of
the
put
option,
it
can
be
expected
that
the
put
option
will
be
exercised,
and
the
Fund
will
be
obligated
to
purchase
the
security
at
more
than
its
market
value.
The
Fund
segregates
liquid
assets
to
cover
its
obligations
under
its
option
contracts.
Writing
call
options
serves
as
a
limited
short
hedge
because
declines
in
the
value
of
the
hedged
investment
would
be
offset
to
the
extent
of
the
premium
received
for
writing
the
option.
However,
if
the
security
appreciates
to
a
price
higher
than
the
exercise
price
of
the
call
option,
it
can
be
expected
that
the
call
option
will
be
exercised,
and
a
Fund
will
be
obligated
to
sell
the
security
at
less
than
its
market
value
or
will
be
obligated
to
purchase
the
security
at
a
price
greater
than
that
at
which
the
security
must
be
sold
under
the
option.
When the
Fund
writes
an
option,
an
amount
equal
to
the
premium
received
is
recorded
as
a
liability
and
subsequently
marked-to-market
to
reflect
the
current
value
of
the
option
written.
Premiums
received
from
writing
options
which
expire
unexercised
are
treated
as
realized
gains.
Premiums
received
from
writing
options
which
are
exercised
or
closed
are
added
to
the
proceeds
from
or
offset
against
amounts
paid
on
the
underlying
transaction
to
determine
the
realized
gain
or
loss
on
such
underlying
transaction.
When the
Fund
writes
an
option,
it
has
no
control
over
whether
the
option
will
be
exercised,
and
as
a
result
bears
the
risk
of
an
unfavorable
change
in
the
price
of
the
instrument
underlying
the
written
option.
Writing
options
entails
the
risk
that the
Fund
may
not
be
able
to
enter
into
a
closing
transaction
because
of
an
illiquid
market.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Asset-Backed
Securities
$
–
$
1,224,608
$
–
$
1,224,608
Commercial
Mortgage-Backed
Securities
–
10,030,857
–
10,030,857
Corporate
Bonds
–
168,326,947
–
168,326,947
Foreign
Government
Securities
–
4,295,941
–
4,295,941
Futures
Contracts
1,278,156
–
–
1,278,156
Interest
Rate
Swaps*
–
216,488
–
216,488
Mortgage-Backed
Securities
–
112,453,031
–
112,453,031
Municipal
Bonds
–
1,348,367
–
1,348,367
Supranational
–
4,161,022
–
4,161,022
U.S.
Treasury
Obligations
–
101,558,367
–
101,558,367
Total
Assets
$
1,278,156
$
403,615,628
$
–
$
404,893,784
$
–
$
–
$
–
$
–
Liabilities:
Forward
Foreign
Currency
Contract
$
–
$
(6,492)
$
–
$
(6,492)
Futures
Contracts
(1,508,515)
–
–
(1,508,515)
Interest
Rate
Swaps*
–
(171,068)
–
(171,068)
Total
Liabilities
$
(1,508,515)
$
(177,560)
$
–
$
(1,686,075)
Total
$
(230,359)
$
403,438,068
$
–
$
403,207,709
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
*
Swap
contracts
are
included
in
the
table
at
value,
with
the
exception
of
centrally
cleared
swap
contracts
which
are
included
in
the
table
at
unrealized
appreciation
/(
depreciation).
22
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bond
Portfolio
Options
traded
on
an
exchange
are
valued
at
the
settlement
price
provided
by
an
independent
pricing
service
as
approved
by
the
Board.
If
a
settlement
price
is
not
available,
such
options
are
valued
at
the
last
quoted
sale
price,
if
available,
and
otherwise
at
the
average
bid/ask
price.
Exchange
traded
options
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
Options
traded
in
the
over-the-counter
(“OTC”)
market,
and
which
are
not
quoted
by
NASDAQ,
are
valued
at
the
last
quoted
bid
price,
and
are
generally
categorized
as
Level
2
investments
within
the
hierarchy.
The
value
of
an
option
position
reflects,
among
other
things,
the
implied
price
volatility
of
the
underlying
investment,
the
current
market
value
of
the
underlying
investment,
the
time
remaining
until
expiration
of
the
option,
the
relationship
of
the
strike
price
to
the
market
price
of
the
underlying
investment,
and
general
market
conditions.
Options
that
expire
unexercised
have
no
value.
American-style
options
can
be
exercised
at
any
time
prior
to
the
expiration
date
of
the
option.
European-style
options
can
only
be
exercised
at
expiration
of
the
option.
The Fund
effectively
terminates
its
right
or
obligation
under
an
option
by
entering
into
a
closing
transaction.
Closing
transactions
permit the
Fund
to
realize
the
profit
or
limit
the
loss
on
an
option
position
prior
to
its
exercise
or
expiration.
If the
Fund
is
unable
to
affect
a
closing
transaction
for
an
option
it
purchased,
it
would
have
to
exercise
the
option
to
realize
any
profit.
The
inability
to
enter
into
a
closing
purchase
transaction
for
a
covered
call
option
written
by the
Fund
could
cause
material
losses
because the
Fund
would
be
unable
to
sell
the
investment
used
as
a
cover
for
the
written
option
until
the
option
expires
or
is
exercised.
The
writing
and
purchasing
of
options
is
a
highly
specialized
activity
that
involves
investment
techniques
and
risks
different
from
those
associated
with
ordinary
portfolio
securities
transactions.
Imperfect
correlation
between
options
and
the
securities
markets
may
detract
from
the
effectiveness
of
attempted
hedging.
Transactions
using
OTC
options
(other
than
options
purchased
by the
Fund)
expose the
Fund
to
counterparty
risk.
To
the
extent
required
by
Securities
and
Exchange
Commission
(“SEC”)
guidelines, the
Fund
will
not
enter
into
any
options
transactions
unless
it
owns
either
(i)
an
offsetting
(“covered”)
position
in
securities,
other
options,
or
futures
or
(ii)
cash
and
liquid
obligations
with
a
value
sufficient
at
all
times
to
cover
its
potential
obligations
to
the
extent
not
covered
as
provided
in
(i)
above.
A
Fund
will
also
earmark
or
set
aside
cash
and/or
appropriate
liquid
assets
in
a
segregated
custodial
account
as
required
by
SEC
and
U.S.
Commodity
Futures
Trading
Commission
regulations.
Assets
used
as
cover
or
held
in
a
segregated
account
cannot
be
sold
while
the
position
in
the
corresponding
option
or
futures
contract
is
open,
unless
they
are
replaced
with
similar
assets.
As
a
result,
the
commitment
of
a
large
portion
of the
Fund’s
assets
to
earmarking
or
segregated
accounts
as
a
cover
could
impede
portfolio
management
or the
Fund’s
ability
to
meet
redemption
requests
or
other
current
obligations.
(b)
Swap
Contracts
Total
Return
Swap
Contracts
—
The
Fund
entered
into
total
return
swap
contracts
to
take
long
and
short
positions
in
equities,
to
obtain
exposure
to
a
foreign
market
and/or
foreign
index
without
owning
such
securities
or
investing
directly
in
that
foreign
market
and/or
foreign
index,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Total
return
swap
contracts
are
agreements
in
which
the
Fund
and
the
counterparty
each
agree
to
pay
the
other
party
the
difference
between
the
relative
investment
performance
that
would
have
been
achieved
if
the
notional
amount
of
the
total
return
swap
contract
had
been
invested
in
the
particular
foreign
market
and/or
foreign
indices
and
the
return
for
payments
equal
to
the
fixed
or
floating
rate
of
interest.
The
counterparty
to
a
total
return
swap
contract
is
a
financial
institution.
The
Fund
has
segregated
liquid
assets
to
cover
its
obligations
under
the
total
return
swap
contract.
The
Fund
entered
into
total
return
swap
contracts
on
a
net
basis,
which
means
that
the
two
payment
streams
are
netted
out,
with
the
Fund
receiving
or
paying,
as
the
case
may
be,
only
the
net
amount
of
the
two
payments.
Payments
are
made
at
the
conclusion
of
a
total
return
swap
contract
or
periodically
during
its
term.
Total
return
swap
contracts
normally
do
not
involve
the
delivery
of
securities
or
other
underlying
assets.
Accordingly,
the
risk
of
loss
with
respect
to
total
return
swap
contracts
is
normally
limited
to
the
net
amount
of
payments
that
the
Fund
is
contractually
obligated
to
make.
If
the
counterparty
to
a
total
return
swap
defaults,
the
Fund’s
risk
of
loss
consists
of
the
net
amount
of
payments
that
the
Fund
is
contractually
entitled
to
receive,
if
any.
Total
return
swap
contracts
are
marked-to-
market
daily
based
on
valuations
from
an
independent
pricing
service.
An
independent
pricing
service
can
utilize
daily
swap
curves
and
models
that
incorporate
a
number
of
market
data
factors,
such
as,
but
not
limited
to,
discounted
cash
flows,
trades,
and
values
of
the
underlying
reference
instruments,
such
as
the
foreign
market
and
/or
foreign
index.
Total
return
swap
contracts
are
generally
categorized
as
Level
2
investments
within
the
hierarchy.
Interest
Rate
Swap
Contracts
—
The
Fund
entered
into
interest
rate
swap
contracts
to
hedge
against
investment
risks,
to
manage
portfolio
duration,
to
obtain
exposure
to
the
investment
characteristics
of
certain
bonds
or
groups
of
bonds,
and/or
to
otherwise
increase
returns,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Interest
rate
swap
contracts
are
swaps
contracts
in
which
the
parties
exchange
their
rights
to
receive
payments
on
a
security
or
other
reference
rate.
For
example,
the
parties
might
swap
the
right
to
receive
floating
rate
payments
for
the
right
to
receive
fixed
rate
payments.
The
Fund
has
segregated
liquid
assets
to
cover
its
obligations
under
the
interest
rate
swap
contract.
Nationwide
Bond
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
23
Interest
rate
swap
contracts
are
valued
daily
and
unrealized
appreciation
(depreciation)
is
recorded.
Certain
interest
rate
swap
contracts
may
accrue
periodic
interest
on
a
daily
basis
as
a
component
of
unrealized
appreciation
(depreciation);
the
Fund
will
realize
a
gain
or
loss
upon
the
payment
or
receipt
of
accrued
interest.
The
Fund
will
realize
a
gain
or
a
loss
when
the
interest
rate
swap
is
terminated.
The
use
of
interest
rate
swap
contracts
involves
the
risk
that
the
investment
adviser
will
not
accurately
predict
anticipated
changes
in
interest
rates,
which
may
result
in
losses
to
the
Fund.
Interest
rate
swap
contracts
also
involve
the
possible
failure
of
a
counterparty
to
perform
in
accordance
with
the
terms
of
the
swap
agreement.
If
a
counterparty
defaults
on
its
obligations
under
a
swap
agreement,
the
Fund
may
lose
any
amount
it
expected
to
receive
from
the
counterparty,
potentially
including
amounts
in
excess
of
the
Fund’s
initial
investment.
Interest
rate
swap
contracts
are
marked-to-market
daily
based
on
valuations
from
an
independent
pricing
service.
Interest
rate
swap
contracts
are
generally
categorized
as
Level
2
investments
within
the
hierarchy.
(c)
Forward
Foreign
Currency
Contracts
The
Fund
entered
into
forward
foreign
currency
contracts
in
connection
with
planned
purchases
or
sales
of
securities
denominated
in
a
foreign
currency
and/or
to
hedge
the
U.S.
dollar
value
of
portfolio
securities
denominated
in
a
foreign
currency,
to
express
a
view
on
a
foreign
currency
vs.
the
U.S.
dollar
or
other
foreign
currency
and/or
to
hedge
the
U.S.
dollar
value
of
portfolio
securities
denominated
in
a
foreign
currency,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
A
forward
foreign
currency
contract
involves
an
obligation
to
purchase
or
sell
a
specific
currency
at
a
future
date,
which
may
be
any
fixed
number
of
days
from
the
date
of
the
contract
agreed
upon
by
the
parties,
at
a
price
set
at
the
time
of
the
contract.
Forward
foreign
currency
contracts
are
generally
valued
at
the
mean
of
the
last
quoted
bid
and
ask
prices,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
2
investments
within
the
hierarchy.
The
market
value
of
a
forward
foreign
currency
contract
fluctuates
with
changes
in
foreign
currency
exchange
rates.
All
commitments
are
marked-to-
market
daily
at
the
applicable
exchange
rates
and
any
resulting
unrealized
appreciation
or
depreciation
is
recorded.
Realized
gains
or
losses
are
recorded
at
the
time
the
forward
foreign
currency
contract
matures
or
at
the
time
of
delivery
of
the
currency.
Forward
foreign
currency
contracts
entail
the
risk
of
unanticipated
movements
in
the
value
of
the
foreign
currency
relative
to
the
U.S.
dollar,
and
the
risk
that
the
counterparties
to
the
contracts
may
be
unable
to
meet
their
obligations
under
the
contract.
(d)
Futures
Contracts
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
reducing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/
or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
price
of
the
futures
contracts
and
the
underlying
assets. The
Fund’s
investments
in
futures
contracts
entail
limited
counterparty
credit
risk
because the
Fund
invests
only
in
exchange
traded
futures
contracts,
which
are
settled
through
the
exchange
and
whose
fulfillment
is
guaranteed
by
the
credit
of
the
exchange.
24
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bond
Portfolio
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2021:
Fair
Values
of
Derivatives
not
Accounted
for
as
Hedging
Instruments
as
of
July
31,
2021:
Assets:
Fair
Value
Swap
Contracts(a)
Interest
rate
risk
Unrealized
appreciation
on
centrally
clear
swap
contracts
$
131
Interest
rate
risk
Receivable/payable
for
variation
margin
on
centrally
cleared
swap
contracts
216,357
Futures
Contracts
Interest
rate
risk
Unrealized
appreciation
from
futures
contracts
1,278,156
Total
$
1,494,644
Liabilities:
Swap
Contracts(a)
Interest
rate
risk
Swap
contracts,
at
value
$
(25,384)
Interest
rate
risk
Receivable/payable
for
variation
margin
on
centrally
cleared
swap
contracts
(145,684)
Forward
Foreign
Currency
Contracts
Currency
risk
Unrealized
depreciation
on
forward
foreign
currency
contracts
(6,492)
Futures
Contracts
Interest
rate
risk
Unrealized
depreciation
from
futures
contracts
(1,508,515)
Total
$
(1,686,075)
(a)
Swap
contracts
are
included
in
the
table
at
value,
with
the
exception
of
centrally
cleared
swap
contracts
which
are
included
in
the
table
at
unrealized
appreciation
/(
depreciation).
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
Nationwide
Multi-Cap
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
25
Asset-Backed
Securities
6.9%
Principal
Amount
($)
Value
($)
Automobiles
0.6%
Avis
Budget
Rental
Car
Funding
AESOP
LLC,
Series
2021-1A,
Class
A,
1.38%,
8/20/2027(a)
2,190,000
2,195,774
Ford
Credit
Floorplan
Master
Owner
Trust,
Series
2018-4,
Class
A,
4.06%,
11/15/2030
1,150,000
1,312,442
Ford
Credit
Floorplan
Master
Owner
Trust
A,
Series
2020-2,
Class
A,
1.06%,
9/15/2027
2,940,000
2,951,909
Hertz
Vehicle
Financing
III
LP,
Series
2021-2A,
Class
B,
2.12%,
12/27/2027(a)
2,060,000
2,089,902
Toyota
Auto
Loan
Extended
Note
Trust
Series
2020-1A,
Class
A,
1.35%,
5/25/2033(a)
3,150,000
3,220,947
Series
2021-1A,
Class
A,
1.07%,
2/27/2034(a)
3,690,000
3,723,738
15,494,712
Home
Equity
0.8%
Aegis
Asset-Backed
Securities
Trust
Mortgage
Pass-
Through
Certificates,
Series
2005-4,
Class
M2,
0.79%,
10/25/2035(b)
2,330,000
2,288,257
Ameriquest
Mortgage
Securities,
Inc.,
Series
2004-R10,
Class
M6,
2.14%,
11/25/2034(b)
1,815,679
1,806,731
Bear
Stearns
Asset-Backed
Securities
I
Trust,
Series
2004-HE7,
Class
M1,
0.99%,
8/25/2034(b)
4,265,164
4,210,053
Countrywide
Asset-Backed
Certificates,
Series
2004-
3,
Class
1A,
0.51%,
8/25/2034(b)
1,899,373
1,840,995
CWABS,
Inc.
Asset-Backed
Certificates
Trust,
Series
2004-6,
Class
1A1,
0.63%,
12/25/2034(b)
874,554
852,912
First
Franklin
Mortgage
Loan
Trust,
Series
2006-
FF15,
Class
A2,
0.21%,
11/25/2036(b)
1,183,973
1,130,617
GSAA
Home
Equity
Trust,
Series
2005-6,
Class
M4,
1.14%,
6/25/2035(b)
1,090,000
1,073,840
J.P.
Morgan
Mortgage
Acquisition
Corp.,
Series
2005-OPT2,
Class
M4,
1.02%,
12/25/2035(b)
2,190,000
2,192,300
RAAC
Trust,
Series
2005-
SP3,
Class
M2,
1.29%,
12/25/2035(b)
733,832
733,526
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Home
Equity
Saxon
Asset
Securities
Trust,
Series
2006-3,
Class
A4,
0.33%,
10/25/2046(b)
1,329,000
1,197,671
Structured
Asset
Investment
Loan
Trust,
Series
2004-
7,
Class
A8,
1.29%,
8/25/2034(b)
1,000,000
1,001,825
18,328,727
Other
4.1%
ABPCI
Direct
Lending
Fund
CLO
X
LP,
Series
2020-
10A,
Class
A1A,
2.08%,
1/20/2032(a)(b)
1,340,000
1,342,523
AMMC
CLO
21
Ltd.,
Series
2017-21A,
Class
A,
1.43%,
11/2/2030(a)(b)
392,000
392,001
Apidos
CLO
XII,
Series
2013-
12A,
Class
AR,
1.21%,
4/15/2031(a)(b)
1,100,000
1,099,310
Avery
Point
VII
CLO
Ltd.,
Series
2015-7A,
Class
AR2,
1.09%,
1/15/2028(a)(b)
3,154,096
3,154,090
Bain
Capital
Credit
CLO,
Series
2020-1A,
Class
A1,
1.32%,
4/18/2033(a)(b)
2,250,000
2,250,810
Ballyrock
CLO
Ltd.,
Series
2019-2A,
Class
A1BR,
1.36%,
11/20/2030(a)(b)
970,000
970,059
BlueMountain
CLO
Ltd.
Series
2012-2A,
Class
AR2,
1.21%,
11/20/2028(a)(b)
1,753,524
1,753,603
Series
2013-2A,
Class
A1R,
1.32%,
10/22/2030(a)(b)
735,289
735,836
Series
2015-3A,
Class
A1R,
1.13%,
4/20/2031(a)(b)
1,215,000
1,210,759
BlueMountain
CLO
XXII
Ltd.,
Series
2018-22A,
Class
A1,
1.21%,
7/15/2031(a)(b)
2,000,000
1,996,652
BlueMountain
CLO
XXX
Ltd.,
Series
2020-30A,
Class
A,
1.52%,
1/15/2033(a)(b)
1,140,000
1,141,082
Carlyle
Global
Market
Strategies
CLO
Ltd.
Series
2015-3A,
Class
A1R,
1.13%,
7/28/2028(a)(b)
462,056
462,148
Series
2014-1A,
Class
A1R2,
1.10%,
4/17/2031(a)
(b)
1,450,590
1,451,392
Series
2014-3RA,
Class
A1A,
1.18%,
7/27/2031(a)
(b)
743,875
744,130
Carlyle
US
CLO
Ltd.,
Series
2017-2A,
Class
A1R,
1.18%,
7/20/2031(a)(b)
2,700,000
2,700,365
Catskill
Park
CLO
Ltd.,
Series
2017-1A,
Class
A2,
1.83%,
4/20/2029(a)(b)
1,300,000
1,300,203
26
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Multi-Cap
Portfolio
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Other
CBAM
Ltd.,
Series
2017-
1A,
Class
A1,
1.38%,
7/20/2030(a)(b)
1,050,000
1,050,547
Cerberus
Loan
Funding
XXVIII
LP,
Series
2020-1A,
Class
A,
1.98%,
10/15/2031(a)(b)
360,000
360,413
CIFC
Funding
Ltd.,
Series
2021-4A,
Class
A,
1.14%,
7/15/2033(a)(b)
1,980,000
1,980,758
Cumberland
Park
CLO
Ltd.,
Series
2015-2A,
Class
BR,
1.53%,
7/20/2028(a)(b)
760,000
760,171
Denali
Capital
CLO
X
LLC,
Series
2013-1A,
Class
A1LR,
1.18%,
10/26/2027(a)(b)
888,852
889,025
Dryden
XXV
Senior
Loan
Fund,
Series
2012-25A,
Class
ARR,
1.03%,
10/15/2027(a)(b)
1,789,797
1,790,138
Foundation
Finance
Trust,
Series
2021-1A,
Class
A,
1.27%,
5/15/2041(a)
1,946,649
1,952,092
Galaxy
XXVI
CLO
Ltd.,
Series
2018-26A,
Class
A,
1.35%,
11/22/2031(a)(b)
450,000
450,002
GoldenTree
Loan
Opportunities
IX
Ltd.,
Series
2014-9A,
Class
AR2,
1.24%,
10/29/2029(a)(b)
725,000
725,914
Golub
Capital
Partners
CLO
54M
LP,
Series
2021-54A,
Class
A,
0.00%,
8/5/2033(a)
(b)
1,750,000
1,750,364
Great
Lakes
Kcap
F3c
Senior
LLC,
Series
2017-1A,
Class
A,
2.03%,
12/20/2029(a)(b)
2,290,000
2,290,976
Greenwood
Park
CLO
Ltd.,
Series
2018-1A,
Class
A2,
1.14%,
4/15/2031(a)(b)
1,500,000
1,501,665
Greystone
Commercial
Real
Estate
Notes,
Series
2021-FL3,
Class
A,
0.00%,
7/15/2039(a)(b)
2,070,000
2,071,301
Greywolf
CLO
V
Ltd.,
Series
2015-1A,
Class
A1R,
1.29%,
1/27/2031(a)(b)
2,250,000
2,252,765
Grippen
Park
CLO
Ltd.,
Series
2017-1A,
Class
A,
1.39%,
1/20/2030(a)(b)
1,850,000
1,853,197
Halcyon
Loan
Advisors
Funding
Ltd.,
Series
2017-2A,
Class
A2,
1.83%,
1/17/2030(a)(b)
750,000
746,380
Jamestown
CLO
X
Ltd.,
Series
2017-10A,
Class
A1R,
1.16%,
7/17/2029(a)
(b)
3,450,000
3,450,376
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Other
KKR
CLO
Ltd.,
Series
21,
Class
A,
1.13%,
4/15/2031(a)(b)
1,160,000
1,157,061
LCM
XVIII
LP,
Series
19A,
Class
AR,
1.37%,
7/15/2027(a)(b)
132,806
132,908
Legacy
Mortgage
Asset
Trust
Series
2019-GS1,
Class
A1,
4.00%,
1/25/2059(a)(c)
2,041,890
2,043,149
Series
2019-GS5,
Class
A1,
3.20%,
5/25/2059(a)(c)
1,564,877
1,569,126
Madison
Park
Funding
X
Ltd.,
Series
2012-10A,
Class
AR3,
1.14%,
1/20/2029(a)
(b)
1,966,032
1,966,789
Madison
Park
Funding
XXXV
Ltd.,
Series
2019-
35A,
Class
A1R,
1.12%,
4/20/2032(a)(b)
2,140,000
2,140,777
MidOcean
Credit
CLO
VIII,
Series
2018-8A,
Class
A1R,
1.21%,
2/20/2031(a)(b)
2,860,000
2,856,674
MMAF
Equipment
Finance
LLC,
Series
2019-A,
Class
A5,
3.08%,
11/12/2041(a)
2,105,000
2,233,352
Myers
Park
CLO
Ltd.,
Series
2018-1A,
Class
B1,
1.73%,
10/20/2030(a)(b)
510,000
510,161
Neuberger
Berman
Loan
Advisers
CLO
24
Ltd.,
Series
2017-24A,
Class
AR,
1.15%,
4/19/2030(a)(b)
500,000
500,067
Neuberger
Berman
Loan
Advisers
CLO
29
Ltd.,
Series
2018-29A,
Class
A1,
1.26%,
10/19/2031(a)(b)
283,333
283,479
Newark
BSL
CLO
2
Ltd.,
Series
2017-1A,
Class
A1R,
1.10%,
7/25/2030(a)(b)
1,050,000
1,049,999
Ocean
Trails
CLO
IX,
Series
2020-9A,
Class
A1,
2.00%,
10/15/2029(a)(b)
2,250,000
2,252,054
Octagon
Investment
Partners
XXI
Ltd.,
Series
2014-
1A,
Class
AAR3,
1.15%,
2/14/2031(a)(b)
720,000
720,019
OHA
Loan
Funding
Ltd.,
Series
2013-2A,
Class
AR,
1.19%,
5/23/2031(a)(b)
500,000
500,012
Owl
Rock
CLO
I
Ltd.,
Series
2019-1A,
Class
A,
1.96%,
5/20/2031(a)(b)
1,810,000
1,810,453
Pawnee
Equipment
Receivables
LLC,
Series
2020-1,
Class
A,
1.37%,
11/17/2025(a)
1,417,379
1,424,414
Recette
CLO
Ltd.,
Series
2015-1A,
Class
ARR,
1.27%,
4/20/2034(a)(b)
340,000
340,352
Nationwide
Multi-Cap
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
27
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Other
Romark
CLO
III
Ltd.,
Series
2019-3A,
Class
A1,
1.50%,
7/15/2032(a)(b)
2,500,000
2,500,100
Seven
Sticks
CLO
Ltd.,
Series
2016-1A,
Class
A1R,
1.18%,
7/15/2028(a)(b)
473,948
474,079
SoFi
Consumer
Loan
Program
LLC,
Series
2017-4,
Class
B,
3.59%,
5/26/2026(a)(b)
582,639
588,567
Sunnova
Helios
II
Issuer
LLC,
Series
2018-1A,
Class
A,
4.87%,
7/20/2048(a)
2,214,342
2,412,433
Symphony
CLO
XIX
Ltd.,
Series
2018-19A,
Class
A,
1.09%,
4/16/2031(a)(b)
1,750,000
1,749,997
Symphony
CLO
XVIII
Ltd.,
Series
2016-18A,
Class
BR,
1.75%,
7/23/2033(a)(b)
2,320,000
2,320,445
Towd
Point
Mortgage
Trust,
Series
2019-HY2,
Class
A1,
1.09%,
5/25/2058(a)(b)
1,442,467
1,457,011
Tralee
CLO
VI
Ltd.,
Series
2019-6A,
Class
AS,
1.43%,
10/25/2032(a)(b)
2,150,000
2,149,740
TRP
LLC,
Series
2021-
1,
Class
A,
2.07%,
6/19/2051(a)
888,785
892,603
Tryon
Park
CLO
Ltd.
Series
2013-1A,
Class
A1SR,
1.02%,
4/15/2029(a)
(b)
1,675,743
1,676,578
Series
2013-1A,
Class
A2R,
1.63%,
4/15/2029(a)(b)
1,500,000
1,500,412
Venture
31
CLO
Ltd.,
Series
2018-31A,
Class
A1,
1.16%,
4/20/2031(a)(b)
1,300,000
1,296,628
Voya
CLO
Ltd.
Series
2018-3A,
Class
A1A,
1.28%,
10/15/2031(a)(b)
940,000
940,661
Series
2016-3A,
Class
A1R,
1.32%,
10/18/2031(a)(b)
2,200,000
2,203,122
Series
2018-4A,
Class
A1AR,
1.17%,
1/15/2032(a)
(b)
1,930,000
1,930,202
Whitebox
CLO
II
Ltd.,
Series
2020-2A,
Class
A1,
1.88%,
10/24/2031(a)(b)
2,140,000
2,143,608
98,308,079
Student
Loan
1.4%
AccessLex
Institute,
Series
2007-A,
Class
A3,
0.45%,
5/25/2036(b)
2,911,181
2,859,742
Commonbond
Student
Loan
Trust,
Series
2021-
AGS,
Class
A,
1.20%,
3/25/2052(a)
2,037,454
2,039,695
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Student
Loan
Earnest
Student
Loan
Program
LLC,
Series
2017-A,
Class
A2,
2.65%,
1/25/2041(a)
333,892
335,386
ECMC
Group
Student
Loan
Trust,
Series
2020-
2A,
Class
A,
1.24%,
11/25/2069(a)(b)
1,803,691
1,821,426
Montana
Higher
Education
Student
Assistance
Corp.,
Series
2012-1,
Class
A2,
1.08%,
5/20/2030(b)
1,592,925
1,598,851
Navient
Private
Education
Refi
Loan
Trust
Series
2018-CA,
Class
B,
4.22%,
6/16/2042(a)
3,360,000
3,470,830
Series
2019-D,
Class
A2B,
1.14%,
12/15/2059(a)(b)
3,655,424
3,698,194
Series
2020-CA,
Class
A2A,
2.15%,
11/15/2068(a)
3,150,000
3,249,588
Series
2020-GA,
Class
A,
1.17%,
9/16/2069(a)
1,985,061
1,999,941
Navient
Student
Loan
Trust,
Series
2021-1A,
Class
A1B,
0.69%,
12/26/2069(a)(b)
2,602,434
2,618,312
SLM
Student
Loan
Trust,
Series
2005-7,
Class
A4,
0.28%,
10/25/2029(b)
357,704
356,018
SMB
Private
Education
Loan
Trust
Series
2017-A,
Class
B,
3.50%,
6/17/2041(a)
1,000,000
1,046,480
Series
2021-B,
Class
A,
1.31%,
7/17/2051(a)
1,610,586
1,613,338
Series
2021-A,
Class
APT2,
1.07%,
1/15/2053(a)
1,944,502
1,933,728
Series
2021-A,
Class
A2B,
1.59%,
1/15/2053(a)
2,120,000
2,129,438
SoFi
Professional
Loan
Program
LLC,
Series
2019-
C,
Class
A2FX,
2.37%,
11/16/2048(a)
2,213,622
2,259,012
SoFi
Professional
Loan
Program
Trust,
Series
2020-C,
Class
AFX,
1.95%,
2/15/2046(a)
1,782,394
1,810,305
34,840,284
Total
Asset-Backed
Securities
(cost
$165,330,890)
166,971,802
Collateralized
Mortgage
Obligations
2.4%
Connecticut
Avenue
Securities
Trust,
Series
2019-R07,
Class
1M2,
2.19%,
10/25/2039(a)(b)
308,857
310,379
28
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Multi-Cap
Portfolio
Collateralized
Mortgage
Obligations
Principal
Amount
($)
Value
($)
CSMC
Trust
Series
2015-12R,
Class
2A1,
0.59%,
11/30/2037(a)
(b)
1,156,131
1,154,907
Series
2021-2R,
Class
1A1,
1.85%,
7/25/2047(a)(b)
1,253,349
1,258,207
Series
2021-AFC1,
Class
A1,
0.83%,
3/25/2056(a)(b)
492,922
492,362
Series
2021-AFC1,
Class
A3,
1.17%,
3/25/2056(a)(b)
492,922
492,113
Series
2019-RPL9,
Class
A1,
2.98%,
10/27/2059(a)(b)
2,234,345
2,251,812
Series
2021-RPL3,
Class
A1,
2.00%,
1/25/2060(a)(b)
1,698,677
1,732,056
Deephaven
Residential
Mortgage
Trust,
Series
2020-2,
Class
A2,
2.59%,
5/25/2065(a)
2,760,000
2,816,327
DSLA
Mortgage
Loan
Trust,
Series
2007-AR1,
Class
1A1B,
0.23%,
4/19/2047(b)
1,055,074
936,727
Ellington
Financial
Mortgage
Trust,
Series
2021-2,
Class
A1,
0.93%,
6/25/2066(a)(b)
2,186,688
2,193,264
FHLMC
STACR
REMIC
Trust
Series
2021-DNA3,
Class
M2,
2.15%,
10/25/2033(a)
(b)
570,000
581,424
Series
2021-DNA5,
Class
M2,
1.70%,
1/25/2034(a)(b)
510,000
513,206
Series
2020-DNA4,
Class
M2,
3.84%,
8/25/2050(a)(b)
632,192
635,641
FHLMC
Structured
Agency
Credit
Risk
Debt
Notes
Series
2016-DNA1,
Class
M3,
5.64%,
7/25/2028(b)
794,193
831,104
Series
2017-DNA2,
Class
M2,
3.54%,
10/25/2029(b)
1,990,000
2,061,494
Series
2017-DNA3,
Class
M2,
2.59%,
3/25/2030(b)
1,905,000
1,945,929
Series
2021-DNA2,
Class
M2,
2.35%,
8/25/2033(a)(b)
1,080,000
1,107,726
FNMA
Series
2014-C02,
Class
1M2,
2.69%,
5/25/2024(b)
1,147,555
1,155,041
Series
2014-C02,
Class
2M2,
2.69%,
5/25/2024(b)
625,783
631,878
Series
2014-C03,
Class
1M2,
3.09%,
7/25/2024(b)
665,067
669,997
Series
2016-C02,
Class
1M2,
6.09%,
9/25/2028(b)
781,243
820,561
Series
2016-C04,
Class
1M2,
4.34%,
1/25/2029(b)
1,075,590
1,123,722
Series
2016-C06,
Class
1M2,
4.34%,
4/25/2029(b)
632,137
657,009
Series
2017-C05,
Class
1M2,
2.29%,
1/25/2030(b)
1,294,514
1,320,855
Series
2018-C01,
Class
1M2,
2.34%,
7/25/2030(b)
1,542,978
1,560,288
Collateralized
Mortgage
Obligations
Principal
Amount
($)
Value
($)
GNMA
REMICS
Series
2019-123,
Class
A,
3.00%,
10/20/2049
24,098
24,404
Series
2020-H09,
Class
FL,
1.23%,
5/20/2070(b)
648,530
680,963
GSMSC
Resecuritization
Trust,
Series
2015-
7R,
Class
A,
0.25%,
9/26/2037(a)(b)
1,509,919
1,496,127
Legacy
Mortgage
Asset
Trust
Series
2020-GS2,
Class
A1,
2.75%,
3/25/2060(a)(c)
1,440,089
1,450,876
Series
2021-GS2,
Class
A1,
1.75%,
4/25/2061(a)(c)
543,667
545,358
Morgan
Stanley
Mortgage
Loan
Trust,
Series
2005-
2AR,
Class
A,
0.35%,
4/25/2035(b)
1,262,577
1,255,026
MRA
Issuance
Trust,
Series
2021-EBO1,
Class
A1X,
1.85%,
10/8/2021(a)(b)
1,630,000
1,629,002
New
Residential
Mortgage
Loan
Trust
Series
2017-3A,
Class
A1,
4.00%,
4/25/2057(a)(b)
3,445,014
3,712,234
Series
2019-RPL3,
Class
A1,
2.75%,
7/25/2059(a)(b)
1,259,833
1,311,189
Series
2019-6A,
Class
A1B,
3.50%,
9/25/2059(a)(b)
2,246,326
2,375,405
Series
2019-6A,
Class
B1,
4.00%,
9/25/2059(a)(b)
935,505
1,035,520
Series
2019-6A,
Class
B2,
4.25%,
9/25/2059(a)(b)
907,990
1,001,734
Residential
Mortgage
Loan
Trust,
Series
2020-2,
Class
A1,
1.65%,
5/25/2060(a)(b)
2,504,826
2,520,617
Seasoned
Credit
Risk
Transfer
Trust
Series
2017-1,
Class
M1,
4.00%,
1/25/2056(a)(b)
3,230,000
3,268,676
Series
2020-1,
Class
M,
4.25%,
8/25/2059(a)(b)
3,130,000
3,320,434
WaMu
Mortgage
Pass-
Through
Trust
Series
2004-AR9,
Class
A7,
2.78%,
8/25/2034(b)
1,962,315
2,019,091
Series
2005-AR13,
Class
A1A1,
0.67%,
10/25/2045(b)
762,629
762,124
Total
Collateralized
Mortgage
Obligations
(cost
$57,034,200)
57,662,809
Nationwide
Multi-Cap
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
29
Commercial
Mortgage-Backed
Securities
2.9%
Principal
Amount
($)
Value
($)
BAMLL
Commercial
Mortgage
Securities
Trust
,
Series
2018-DSNY,
Class
A,
0.94%,
9/15/2034(a)(b)
2,500,000
2,500,757
BANK
Series
2017-BNK8,
Class
A4,
3.49%,
11/15/2050
1,200,000
1,341,049
Series
2017-BNK9,
Class
A4,
3.54%,
11/15/2054
1,406,400
1,576,400
Series
2017-BNK5,
Class
A5,
3.39%,
6/15/2060
2,000,000
2,217,146
BBCMS
Mortgage
Trust
,
Series
2017-DELC,
Class
A,
0.94%,
8/15/2036(a)(b)
2,610,000
2,612,415
BDS
,
Series
2021-FL8,
Class
A,
0.00%,
1/18/2036(a)(b)
1,025,000
1,026,088
BHMS
,
Series
2018-
ATLS,
Class
D,
2.34%,
7/15/2035(a)(b)
3,830,000
3,825,131
BX
Commercial
Mortgage
Trust
Series
2019-IMC,
Class
A,
1.09%,
4/15/2034(a)(b)
4,420,000
4,421,394
Series
2020-VIVA,
Class
E,
3.55%,
3/11/2044(a)(b)
2,140,000
2,172,444
BX
Trust
,
Series
2019-
MMP,
Class
A,
1.09%,
8/15/2036(a)(b)
2,009,942
2,010,574
CFK
Trust
Series
2020-MF2,
Class
E,
3.46%,
3/15/2039(a)(b)
2,670,000
2,661,513
Series
2020-MF2,
Class
F,
3.46%,
3/15/2039(a)(b)
1,500,000
1,436,448
CHT
Mortgage
Trust
,
Series
2017-CSMO,
Class
A,
1.02%,
11/15/2036(a)(b)
1,670,000
1,673,693
Credit
Suisse
Commercial
Mortgage
Securities
Corp.
,
Series
2019-SKLZ,
Class
A,
1.34%,
1/15/2034(a)(b)
3,700,000
3,714,857
Credit
Suisse
Mortgage
Capital
Certificates
,
Series
2019-ICE4,
Class
A,
1.07%,
5/15/2036(a)(b)
4,260,000
4,269,591
DBJPM
Mortgage
Trust
,
Series
2016-C1,
Class
B,
4.20%,
5/10/2049(b)
1,530,000
1,656,966
GNMA
REMICS
Series
2020-157,
Class
,
IO,
0.97%,
6/16/2062(b)
9,988,549
823,699
Series
2020-190,
Class
,
IO,
1.06%,
11/16/2062(b)
11,307,234
1,045,540
GS
Mortgage
Securities
Corp.
Trust
,
Series
2020-
DUNE,
Class
A,
1.19%,
12/15/2036(a)(b)
4,500,000
4,521,658
GS
Mortgage
Securities
Trust
Series
2015-GS1,
Class
A3,
3.73%,
11/10/2048
2,000,000
2,209,918
Commercial
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
GS
Mortgage
Securities
Trust
Series
2017-GS8,
Class
A4,
3.47%,
11/10/2050
1,250,000
1,393,144
Hawaii
Hotel
Trust
,
Series
2019-MAUI,
Class
F,
2.84%,
5/15/2038(a)(b)
2,040,000
2,042,511
JP
Morgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2020-NNN,
Class
FFL,
2.59%,
1/16/2037(a)(b)
42,113
41,932
Series
2020-NNN,
Class
GFL,
3.09%,
1/16/2037(a)
(b)
3,068,500
2,982,483
Series
2020-NNN,
Class
GFX,
4.69%,
1/16/2037(a)
(b)
3,550,000
3,492,326
JPMCC
Commercial
Mortgage
Securities
Trust
,
Series
2017-JP6,
Class
A5,
3.49%,
7/15/2050
2,000,000
2,219,922
JPMDB
Commercial
Mortgage
Securities
Trust
,
Series
2017-C5,
Class
B,
4.01%,
3/15/2050(b)
1,610,000
1,730,143
Morgan
Stanley
Capital
I
Trust
Series
2019-BPR,
Class
A,
1.49%,
5/15/2036(a)(b)
1,780,000
1,739,980
Series
2018-H4,
Class
XA,
IO,
0.86%,
12/15/2051(b)
21,226,144
1,114,284
SFO
Commercial
Mortgage
Trust
,
Series
2021-
555,
Class
A,
1.24%,
5/15/2038(a)(b)
2,280,000
2,287,087
UBS
Commercial
Mortgage
Trust
,
Series
2018-
C11,
Class
B,
4.71%,
6/15/2051(b)
1,490,000
1,691,864
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2018-C44,
Class
A5,
4.21%,
5/15/2051
2,000,000
2,319,933
Total
Commercial
Mortgage-Backed
Securities
(cost
$69,018,881)
70,772,890
Common
Stocks
49.7%
Shares
Aerospace
&
Defense
0.7%
AAR
Corp.
*
1,217
43,520
Aerojet
Rocketdyne
Holdings,
Inc.
1,545
72,893
AeroVironment,
Inc.
*
453
45,798
AerSale
Corp.
*
33
375
Astronics
Corp.
*
838
14,313
Axon
Enterprise,
Inc.
*
1,643
305,631
Boeing
Co.
(The)
*
14,231
3,223,037
BWX
Technologies,
Inc.
2,596
149,088
Curtiss-Wright
Corp.
1,109
131,195
30
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Multi-Cap
Portfolio
Common
Stocks
Shares
Value
($)
Aerospace
&
Defense
Ducommun,
Inc.
*
385
20,771
General
Dynamics
Corp.
6,428
1,260,081
HEICO
Corp.
3,287
416,479
Hexcel
Corp.
*
1,967
107,044
Howmet
Aerospace,
Inc.
*
14,049
461,088
Huntington
Ingalls
Industries,
Inc.
1,046
214,566
Kaman
Corp.
953
42,266
Kratos
Defense
&
Security
Solutions,
Inc.
*
3,597
97,838
L3Harris
Technologies,
Inc.
5,342
1,211,245
Lockheed
Martin
Corp.
6,594
2,450,792
Maxar
Technologies,
Inc.
1,757
63,726
Mercury
Systems,
Inc.
*
1,308
86,328
Moog,
Inc.,
Class A
942
73,353
National
Presto
Industries,
Inc.
179
17,270
Northrop
Grumman
Corp.
4,033
1,464,060
PAE,
Inc.
*
2,155
19,223
Park
Aerospace
Corp.
724
10,788
Parsons
Corp.
*
764
29,506
Raytheon
Technologies
Corp.
40,013
3,479,130
Spirit
AeroSystems
Holdings,
Inc.,
Class A
2,605
112,562
Teledyne
Technologies,
Inc.
*
1,218
551,474
Textron,
Inc.
6,208
428,414
TransDigm
Group,
Inc.
*
1,384
887,269
Triumph
Group,
Inc.
*
1,710
32,575
Vectrus,
Inc.
*
400
18,116
Virgin
Galactic
Holdings,
Inc.
*(d)
3,928
117,801
17,659,615
Air
Freight
&
Logistics
0.3%
Air
Transport
Services
Group,
Inc.
*
716
17,327
Atlas
Air
Worldwide
Holdings,
Inc.
*
856
57,326
CH
Robinson
Worldwide,
Inc.
3,186
284,096
Echo
Global
Logistics,
Inc.
*
26
804
Expeditors
International
of
Washington,
Inc.
4,554
584,051
FedEx
Corp.
6,483
1,814,916
Forward
Air
Corp.
928
82,072
Hub
Group,
Inc.,
Class A
*
1,084
71,848
Radiant
Logistics,
Inc.
*
1,317
8,192
United
Parcel
Service,
Inc.,
Class B
19,229
3,679,661
XPO
Logistics,
Inc.
*
2,396
332,301
6,932,594
Airlines
0.1%
Alaska
Air
Group,
Inc.
*
3,114
180,705
Allegiant
Travel
Co.
*
456
86,695
American
Airlines
Group,
Inc.
*(d)
17,066
347,805
Blade
Air
Mobility,
Inc.
*
28
215
Copa
Holdings
SA,
Class A
*
1,095
77,647
Delta
Air
Lines,
Inc.
*
25,033
998,817
Frontier
Group
Holdings,
Inc.
*
1,927
28,404
Hawaiian
Holdings,
Inc.
*
1,646
32,476
Common
Stocks
Shares
Value
($)
Airlines
JetBlue
Airways
Corp.
*
9,351
138,301
Mesa
Air
Group,
Inc.
*
908
8,099
SkyWest,
Inc.
*
827
33,485
Southwest
Airlines
Co.
*
19,639
992,162
Spirit
Airlines,
Inc.
*
2,903
78,323
Sun
Country
Airlines
Holdings,
Inc.
*
11
357
United
Airlines
Holdings,
Inc.
*
8,561
399,970
3,403,461
Auto
Components
0.1%
Adient
plc
*
2,179
91,801
American
Axle
&
Manufacturing
Holdings,
Inc.
*
3,946
38,237
Aptiv
plc
*
6,879
1,147,761
BorgWarner,
Inc.
6,542
320,427
Cooper-Standard
Holdings,
Inc.
*
539
14,041
Dana,
Inc.
3,726
90,020
Dorman
Products,
Inc.
*
585
59,173
Fox
Factory
Holding
Corp.
*
1,021
164,932
Gentex
Corp.
6,965
237,019
Gentherm,
Inc.
*
1,161
96,282
Goodyear
Tire
&
Rubber
Co.
(The)
*
6,916
108,650
Holley,
Inc.
*
25
294
LCI
Industries
553
80,638
Lear
Corp.
1,606
281,018
Luminar
Technologies,
Inc.
*
197
3,625
Microvast
Holdings,
Inc.
*
29
264
Modine
Manufacturing
Co.
*
1,760
29,445
Motorcar
Parts
of
America,
Inc.
*
665
14,790
Patrick
Industries,
Inc.
304
25,120
QuantumScape
Corp.
*(d)
3,280
75,145
Standard
Motor
Products,
Inc.
677
28,271
Stoneridge,
Inc.
*
919
26,605
Tenneco,
Inc.,
Class A
*
1,703
29,649
Visteon
Corp.
*
633
72,194
XL
Fleet
Corp.
*
115
803
XPEL,
Inc.
Reg.
S*
465
43,059
3,079,263
Automobiles
0.8%
Arcimoto,
Inc.
*
27
441
Canoo,
Inc.
*(d)
3,535
28,740
Fisker,
Inc.
*(d)
4,474
72,121
Ford
Motor
Co.
*
104,856
1,462,741
General
Motors
Co.
*
46,572
2,647,153
Harley-Davidson,
Inc.
4,160
164,819
Lordstown
Motors
Corp.
*
113
705
Lucid
Group,
Inc.
*
211
5,005
Stellantis
NV
2,107
40,391
Tesla,
Inc.
*
20,567
14,133,642
Thor
Industries,
Inc.
1,486
175,883
Winnebago
Industries,
Inc.
577
41,469
Workhorse
Group,
Inc.
*(d)
3,164
36,513
18,809,623
Nationwide
Multi-Cap
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
31
Common
Stocks
Shares
Value
($)
Banks
2.1%
1st
Source
Corp.
577
26,421
ACNB
Corp.
9
251
Allegiance
Bancshares,
Inc.
19
693
Altabancorp
548
22,134
Amalgamated
Financial
Corp.
457
7,020
Amerant
Bancorp,
Inc.
*
804
17,809
American
National
Bankshares,
Inc.
413
13,047
Ameris
Bancorp
492
23,916
Ames
National
Corp.
9
212
Arrow
Financial
Corp.
587
21,161
Associated
Banc-Corp.
5,046
99,911
Atlantic
Capital
Bancshares,
Inc.
*
784
18,816
Atlantic
Union
Bankshares
Corp.
2,746
97,401
Banc
of
California,
Inc.
45
770
BancFirst
Corp.
1,190
66,021
Bancorp,
Inc.
(The)
*
572
13,368
BancorpSouth
Bank
3,548
91,538
Bank
First
Corp.
214
14,978
Bank
of
America
Corp.
202,298
7,760,151
Bank
of
Hawaii
Corp.
1,022
85,552
Bank
of
Marin
Bancorp
476
16,517
Bank
of
NT
Butterfield
&
Son
Ltd.
(The)
906
30,025
Bank
OZK
3,274
133,285
BankUnited,
Inc.
1,544
61,112
Banner
Corp.
514
27,263
Bar
Harbor
Bankshares
556
15,924
Berkshire
Hills
Bancorp,
Inc.
474
12,817
BOK
Financial
Corp.
677
56,875
Brookline
Bancorp,
Inc.
705
10,131
Bryn
Mawr
Bank
Corp.
683
26,726
Business
First
Bancshares,
Inc.
478
11,142
Byline
Bancorp,
Inc.
906
22,297
Cadence
Bancorp
1,273
24,187
Cambridge
Bancorp
222
18,999
Camden
National
Corp.
515
23,057
Capital
Bancorp,
Inc.
299
6,793
Capital
City
Bank
Group,
Inc.
517
12,584
Capstar
Financial
Holdings,
Inc.
540
11,448
Carter
Bankshares,
Inc.
*
854
9,795
Cathay
General
Bancorp
2,036
77,103
CBTX,
Inc.
646
16,990
Central
Pacific
Financial
Corp.
28
717
Century
Bancorp,
Inc.,
Class A
116
13,268
CIT
Group,
Inc.
2,513
121,227
Citigroup,
Inc.
55,371
3,744,187
Citizens
&
Northern
Corp.
515
12,721
Citizens
Financial
Group,
Inc.
11,688
492,766
City
Holding
Co.
16
1,211
Civista
Bancshares,
Inc.
616
14,100
CNB
Financial
Corp.
570
13,144
Coastal
Financial
Corp.
*
282
8,240
Columbia
Banking
System,
Inc.
691
24,144
Comerica,
Inc.
3,687
253,149
Common
Stocks
Shares
Value
($)
Banks
Commerce
Bancshares,
Inc.
2,865
202,641
Community
Bank
System,
Inc.
54
3,869
Community
Trust
Bancorp,
Inc.
593
23,578
ConnectOne
Bancorp,
Inc.
1,343
35,321
CrossFirst
Bankshares,
Inc.
*
1,842
25,438
Cullen/Frost
Bankers,
Inc.
1,444
154,970
Customers
Bancorp,
Inc.
*
173
6,266
CVB
Financial
Corp.
2,888
55,045
Dime
Community
Bancshares,
Inc.
309
10,203
Eagle
Bancorp,
Inc.
555
30,542
East
West
Bancorp,
Inc.
3,899
277,414
Eastern
Bankshares,
Inc.
5,677
103,605
Enterprise
Bancorp,
Inc.
364
11,903
Enterprise
Financial
Services
Corp.
1,096
48,854
Equity
Bancshares,
Inc.,
Class A
*
543
15,997
Farmers
&
Merchants
Bancorp,
Inc.
10
220
Farmers
National
Banc
Corp.
961
14,751
FB
Financial
Corp.
1,125
42,536
Fidelity
D&D
Bancorp,
Inc.
118
6,018
Fifth
Third
Bancorp
19,606
711,502
Financial
Institutions,
Inc.
451
13,277
First
Bancorp,
Inc.
(The)
417
12,118
First
Bancorp/NC
210
8,400
First
Bancorp/PR
1,504
18,244
First
Bancshares,
Inc.
(The)
760
29,313
First
Bank
579
7,715
First
Busey
Corp.
1,844
43,518
First
Citizens
BancShares,
Inc.,
Class A
(d)
162
126,780
First
Commonwealth
Financial
Corp.
393
5,176
First
Community
Bankshares,
Inc.
637
18,600
First
Financial
Bancorp
571
12,848
First
Financial
Bankshares,
Inc.
3,624
176,996
First
Financial
Corp.
11
441
First
Foundation,
Inc.
1,414
33,328
First
Hawaiian,
Inc.
4,636
127,629
First
Horizon
Corp.
14,123
218,200
First
Internet
Bancorp
312
9,447
First
Interstate
BancSystem,
Inc.,
Class A
2,183
91,511
First
Merchants
Corp.
1,155
47,043
First
Mid
Bancshares,
Inc.
536
21,810
First
Midwest
Bancorp,
Inc.
1,133
20,326
First
of
Long
Island
Corp.
(The)
842
18,145
First
Republic
Bank
4,795
935,121
Flushing
Financial
Corp.
1,061
23,395
FNB
Corp.
14,897
170,720
Fulton
Financial
Corp.
3,592
55,029
German
American
Bancorp,
Inc.
810
30,537
Glacier
Bancorp,
Inc.
2,619
135,036
32
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Multi-Cap
Portfolio
Common
Stocks
Shares
Value
($)
Banks
Great
Southern
Bancorp,
Inc.
438
22,789
Great
Western
Bancorp,
Inc.
663
20,420
Guaranty
Bancshares,
Inc.
339
11,340
Hancock
Whitney
Corp.
2,379
103,986
Hanmi
Financial
Corp.
842
15,350
HarborOne
Bancorp,
Inc.
1,812
24,661
HBT
Financial,
Inc.
317
5,180
Heartland
Financial
USA,
Inc.
1,203
54,881
Heritage
Commerce
Corp.
2,149
23,295
Heritage
Financial
Corp.
390
9,434
Hilltop
Holdings,
Inc.
1,996
63,233
Home
BancShares,
Inc.
4,076
86,330
HomeTrust
Bancshares,
Inc.
582
15,324
Hope
Bancorp,
Inc.
120
1,590
Horizon
Bancorp,
Inc.
1,523
25,449
Howard
Bancorp,
Inc.
*
407
8,018
HSBC
Holdings
plc
,
ADR-UK
3,723
102,643
Huntington
Bancshares,
Inc.
40,185
565,805
Independent
Bank
Corp.
1,546
68,707
Independent
Bank
Group,
Inc.
864
60,221
ING
Groep
NV
,
ADR-NL
8,078
103,398
International
Bancshares
Corp.
1,207
47,170
Investors
Bancorp,
Inc.
231
3,192
JPMorgan
Chase
&
Co.
81,131
12,314,063
KeyCorp
26,700
524,922
Lakeland
Bancorp,
Inc.
1,683
27,551
Lakeland
Financial
Corp.
8,762
585,915
Live
Oak
Bancshares,
Inc.
985
59,287
M&T
Bank
Corp.
3,514
470,349
Macatawa
Bank
Corp.
1,724
14,344
Mercantile
Bank
Corp.
502
15,688
Metrocity
Bankshares,
Inc.
612
12,222
Metropolitan
Bank
Holding
Corp.
*
269
19,107
Mid
Penn
Bancorp,
Inc.
211
5,497
Midland
States
Bancorp,
Inc.
830
20,426
MidWestOne
Financial
Group,
Inc.
521
15,177
MVB
Financial
Corp.
298
12,352
National
Bank
Holdings
Corp.,
Class A
141
5,000
NBT
Bancorp,
Inc.
592
20,631
Nicolet
Bankshares,
Inc.
*
329
23,816
Northrim
Bancorp,
Inc.
282
11,511
OceanFirst
Financial
Corp.
2,020
39,390
OFG
Bancorp
223
5,151
Old
National
Bancorp
166
2,671
Old
Second
Bancorp,
Inc.
1,000
11,580
Origin
Bancorp,
Inc.
758
30,835
Orrstown
Financial
Services,
Inc.
379
8,736
Pacific
Premier
Bancorp,
Inc.
1,310
49,754
PacWest
Bancorp
3,120
124,238
Park
National
Corp.
208
23,693
Peapack-Gladstone
Financial
Corp.
739
23,803
Peoples
Bancorp,
Inc.
599
17,665
Peoples
Financial
Services
Corp.
263
11,283
Common
Stocks
Shares
Value
($)
Banks
People's
United
Financial,
Inc.
12,426
195,088
Pinnacle
Financial
Partners,
Inc.
2,425
217,304
PNC
Financial
Services
Group,
Inc.
(The)
11,618
2,119,239
Popular,
Inc.
2,302
167,494
Preferred
Bank
14
826
Premier
Financial
Bancorp,
Inc.
415
7,063
Primis
Financial
Corp.
766
11,911
Prosperity
Bancshares,
Inc.
2,449
166,997
QCR
Holdings,
Inc.
568
27,883
RBB
Bancorp
610
14,597
Red
River
Bancshares,
Inc.
164
8,356
Regions
Financial
Corp.
26,476
509,663
Reliant
Bancorp,
Inc.
513
14,261
Renasant
Corp.
1,053
37,045
Republic
Bancorp,
Inc.,
Class A
350
17,066
Republic
First
Bancorp,
Inc.
*
1,351
4,985
Royal
Bank
of
Canada
1,066
107,815
S&T
Bancorp,
Inc.
284
8,364
Sandy
Spring
Bancorp,
Inc.
1,560
64,880
Seacoast
Banking
Corp.
of
Florida
698
21,212
ServisFirst
Bancshares,
Inc.
1,219
86,647
Sierra
Bancorp
477
11,510
Signature
Bank
1,550
351,804
Silvergate
Capital
Corp.,
Class A
*
314
32,279
Simmons
First
National
Corp.,
Class A
1,586
43,171
SmartFinancial,
Inc.
530
12,916
South
Plains
Financial,
Inc.
366
8,418
South
State
Corp.
2,091
143,944
Southern
First
Bancshares,
Inc.
*
299
14,809
Southside
Bancshares,
Inc.
155
5,586
Spirit
of
Texas
Bancshares,
Inc.
491
11,431
Sterling
Bancorp
5,013
108,832
Stock
Yards
Bancorp,
Inc.
672
32,014
Summit
Financial
Group,
Inc.
462
10,742
SVB
Financial
Group
*
1,524
838,139
Synovus
Financial
Corp.
3,921
160,369
Texas
Capital
Bancshares,
Inc.
*
1,187
74,757
Tompkins
Financial
Corp.
87
6,677
Toronto-Dominion
Bank
(The)
1,538
102,200
Towne
Bank
2,373
70,739
TriCo
Bancshares
967
38,129
TriState
Capital
Holdings,
Inc.
*
831
16,878
Triumph
Bancorp,
Inc.
*
190
14,565
Truist
Financial
Corp.
36,451
1,984,028
Trustmark
Corp.
3,272
98,225
UMB
Financial
Corp.
1,223
114,473
Umpqua
Holdings
Corp.
6,391
120,598
United
Bankshares,
Inc.
3,411
117,816
United
Community
Banks,
Inc.
515
14,837
Nationwide
Multi-Cap
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
33
Common
Stocks
Shares
Value
($)
Banks
Univest
Financial
Corp.
1,006
27,524
US
Bancorp
39,704
2,205,160
Valley
National
Bancorp
11,361
146,443
Veritex
Holdings,
Inc.
88
2,952
Washington
Trust
Bancorp,
Inc.
594
28,958
Webster
Financial
Corp.
2,486
119,577
Wells
Fargo
&
Co.
109,733
5,041,134
WesBanco,
Inc.
3,230
104,264
West
Bancorp,
Inc.
601
17,717
Westamerica
Bancorp
245
13,610
Western
Alliance
Bancorp
2,935
272,427
Wintrust
Financial
Corp.
1,550
110,670
Zions
Bancorp
NA
4,628
241,350
50,545,931
Beverages
0.6%
Boston
Beer
Co.,
Inc.
(The),
Class A
*
243
172,530
Brown-Forman
Corp.,
Class A
5,852
409,995
Celsius
Holdings,
Inc.
*
1,012
69,454
Coca-Cola
Co.
(The)
102,837
5,864,794
Coca-Cola
Consolidated,
Inc.
141
56,280
Constellation
Brands,
Inc.,
Class A
4,230
948,958
Duckhorn
Portfolio,
Inc.
(The)
*
20
440
Keurig
Dr
Pepper,
Inc.
21,892
770,817
MGP
Ingredients,
Inc.
455
27,141
Molson
Coors
Beverage
Co.,
Class B
*
4,715
230,516
Monster
Beverage
Corp.
*
9,747
919,337
National
Beverage
Corp.
779
35,351
NewAge,
Inc.
*
3,510
6,704
PepsiCo,
Inc.
36,480
5,725,536
Primo
Water
Corp.
3,257
53,838
15,291,691
Biotechnology
1.3%
4D
Molecular
Therapeutics,
Inc.
*
10
249
89bio,
Inc.
*
83
1,300
AbbVie,
Inc.
46,624
5,422,371
ACADIA
Pharmaceuticals,
Inc.
*
3,465
74,948
Acceleron
Pharma,
Inc.
*
1,319
164,954
Adicet
Bio,
Inc.
*
20
148
Adverum
Biotechnologies,
Inc.
*
2,515
5,709
Aeglea
BioTherapeutics,
Inc.
*
1,792
10,985
Affimed
NV
*
1,865
12,402
Agenus,
Inc.
*
4,877
25,263
Agios
Pharmaceuticals,
Inc.
*
1,473
70,837
Akebia
Therapeutics,
Inc.
*
4,488
11,085
Akero
Therapeutics,
Inc.
*
334
7,161
Akouos,
Inc.
*
20
217
Albireo
Pharma,
Inc.
*
476
13,618
Aldeyra
Therapeutics,
Inc.
*
45
400
Alector,
Inc.
*
1,582
38,023
Aligos
Therapeutics,
Inc.
*
363
5,289
Alkermes
plc
*
4,007
103,661
Common
Stocks
Shares
Value
($)
Biotechnology
Allakos,
Inc.
*
807
64,205
Allogene
Therapeutics,
Inc.
*
1,558
34,198
Allovir,
Inc.
*
809
15,484
Alnylam
Pharmaceuticals,
Inc.
*(d)
3,150
563,661
Altimmune,
Inc.
*
34
308
ALX
Oncology
Holdings,
Inc.
*
320
18,739
Ambrx
Biopharma,
Inc.
,
ADR*
3,948
77,183
Amgen,
Inc.
15,315
3,699,185
Amicus
Therapeutics,
Inc.
*
8,531
79,253
AnaptysBio,
Inc.
*
789
18,131
Anavex
Life
Sciences
Corp.
*
1,409
25,292
Anika
Therapeutics,
Inc.
*
492
19,744
Annexon,
Inc.
*
184
3,875
Apellis
Pharmaceuticals,
Inc.
*
1,961
125,484
Applied
Molecular
Transport,
Inc.
*
556
15,585
Applied
Therapeutics,
Inc.
*
441
7,590
Arcturus
Therapeutics
Holdings,
Inc.
*
689
21,573
Arcus
Biosciences,
Inc.
*
1,098
34,488
Arcutis
Biotherapeutics,
Inc.
*
333
7,769
Ardelyx,
Inc.
*
2,668
4,642
Arena
Pharmaceuticals,
Inc.
*
1,897
117,348
Arrowhead
Pharmaceuticals,
Inc.
*
2,786
193,042
Atara
Biotherapeutics,
Inc.
*
1,972
25,143
Athenex,
Inc.
*
2,478
9,342
Athersys,
Inc.
*(d)
5,539
9,029
Atossa
Therapeutics,
Inc.
*
637
1,905
Atreca,
Inc.,
Class A
*
811
4,452
AVEO
Pharmaceuticals,
Inc.
*
35
181
Avid
Bioservices,
Inc.
*
1,613
41,373
Avidity
Biosciences,
Inc.
*
949
18,325
Avita
Medical,
Inc.
*
24
445
Avrobio,
Inc.
*
947
6,970
Beam
Therapeutics,
Inc.
*
1,362
125,304
Beyondspring,
Inc.
*
682
6,493
BioAtla,
Inc.
*
11
451
BioCryst
Pharmaceuticals,
Inc.
*
5,268
84,920
Biogen,
Inc.
*
4,028
1,316,068
Biohaven
Pharmaceutical
Holding
Co.
Ltd.
*
1,264
159,277
BioMarin
Pharmaceutical,
Inc.
*
4,891
375,286
BioNTech
SE
,
ADR-DE*
448
147,101
BioNTech
SE
,
ADR-DE*
443
141,412
Bioxcel
Therapeutics,
Inc.
*
369
9,443
Black
Diamond
Therapeutics,
Inc.
*
469
4,484
Bluebird
Bio,
Inc.
*
2,208
56,105
Blueprint
Medicines
Corp.
*
1,490
130,926
Bolt
Biotherapeutics,
Inc.
*
927
10,336
Bridgebio
Pharma,
Inc.
*(d)
3,043
162,648
Brooklyn
ImmunoTherapeutics,
Inc.
*
34
391
C4
Therapeutics,
Inc.
*
1,239
53,450
Cardiff
Oncology,
Inc.
*
37
197
CareDx,
Inc.
*
1,467
123,287
34
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Multi-Cap
Portfolio
Common
Stocks
Shares
Value
($)
Biotechnology
Caribou
Biosciences,
Inc.
*(d)
6,319
102,368
Catalyst
Pharmaceuticals,
Inc.
*
3,515
20,528
Celldex
Therapeutics,
Inc.
*
40
1,750
CEL-SCI
Corp.
*(d)
1,192
9,572
Celularity,
Inc.,
Class A
*
29
255
Centessa
Pharmaceuticals
plc
,
ADR*
143
2,952
Cerevel
Therapeutics
Holdings,
Inc.
*
36
887
ChemoCentryx,
Inc.
*
1,475
21,800
Chimerix,
Inc.
*
1,341
8,891
Chinook
Therapeutics,
Inc.
*
452
5,890
Clovis
Oncology,
Inc.
*
2,216
10,703
Cogent
Biosciences,
Inc.
*
32
192
Coherus
Biosciences,
Inc.
*
842
10,988
Cortexyme,
Inc.
*
513
28,990
Crinetics
Pharmaceuticals,
Inc.
*
905
16,272
Cue
Biopharma,
Inc.
*
798
8,315
Cullinan
Oncology,
Inc.
*
854
19,582
CureVac
NV
*(d)
1,540
75,860
Curis,
Inc.
*
88
668
Cytokinetics,
Inc.
*
1,924
57,104
CytomX
Therapeutics,
Inc.
*
1,550
8,385
Day
One
Biopharmaceuticals,
Inc.
*
85
2,016
Deciphera
Pharmaceuticals,
Inc.
*
1,321
40,277
Denali
Therapeutics,
Inc.
*
2,516
128,391
DermTech,
Inc.
*
244
8,213
Design
Therapeutics,
Inc.
*
14
217
Dicerna
Pharmaceuticals,
Inc.
*
2,120
79,521
Dynavax
Technologies
Corp.
*
2,640
24,658
Dyne
Therapeutics,
Inc.
*
27
488
Eagle
Pharmaceuticals,
Inc.
*
348
16,182
Editas
Medicine,
Inc.
*(d)
1,926
80,622
Eiger
BioPharmaceuticals,
Inc.
*
956
7,610
Emergent
BioSolutions,
Inc.
*
1,323
87,186
Enanta
Pharmaceuticals,
Inc.
*
647
27,336
Epizyme,
Inc.
*
2,934
19,452
Esperion
Therapeutics,
Inc.
*
888
13,666
Evelo
Biosciences,
Inc.
*
440
4,052
Exact
Sciences
Corp.
*
4,639
500,270
Exelixis,
Inc.
*
8,521
143,579
Fate
Therapeutics,
Inc.
*
1,990
164,772
FibroGen,
Inc.
*
1,613
20,969
Flexion
Therapeutics,
Inc.
*
1,255
7,442
Foghorn
Therapeutics,
Inc.
*
1,604
14,548
Forma
Therapeutics
Holdings,
Inc.
*
735
16,824
Forte
Biosciences,
Inc.
*
11
330
Fortress
Biotech,
Inc.
*
1,751
5,446
Frequency
Therapeutics,
Inc.
*
1,035
8,622
G1
Therapeutics,
Inc.
*
1,164
20,149
Gemini
Therapeutics,
Inc.
*
39
159
Generation
Bio
Co.
*
1,088
23,653
Geron
Corp.
*
7,233
8,824
Common
Stocks
Shares
Value
($)
Biotechnology
Gilead
Sciences,
Inc.
33,583
2,293,383
Global
Blood
Therapeutics,
Inc.
*
2,055
56,163
Gossamer
Bio,
Inc.
*
1,640
12,890
Gritstone
bio,
Inc.
*
1,152
7,695
GT
Biopharma,
Inc.
*
28
279
Halozyme
Therapeutics,
Inc.
*
3,637
150,317
Harpoon
Therapeutics,
Inc.
*
361
3,534
Heron
Therapeutics,
Inc.
*
2,906
35,918
Homology
Medicines,
Inc.
*
1,096
6,971
Hookipa
Pharma,
Inc.
*
635
4,909
Horizon
Therapeutics
plc
*
6,219
622,024
Humanigen,
Inc.
*
1,911
30,805
iBio,
Inc.
*
1,504
1,865
Ideaya
Biosciences,
Inc.
*
411
10,070
IGM
Biosciences,
Inc.
*
249
16,934
Imago
Biosciences,
Inc.
*
6,360
116,515
Immunic,
Inc.
*
138
1,219
ImmunityBio,
Inc.
*(d)
797
8,735
ImmunoGen,
Inc.
*
5,865
32,903
Immunovant,
Inc.
*
1,368
14,309
Incyte
Corp.
*
4,979
385,126
Infinity
Pharmaceuticals,
Inc.
*
88
187
Inhibrx,
Inc.
*
1,268
36,087
Inovio
Pharmaceuticals,
Inc.
*(d)
4,700
39,480
Insmed,
Inc.
*
3,334
82,016
Instil
Bio,
Inc.
*
17
256
Intellia
Therapeutics,
Inc.
*
1,550
219,867
Intercept
Pharmaceuticals,
Inc.
*
851
14,705
Invitae
Corp.
*(d)
5,484
153,497
Ionis
Pharmaceuticals,
Inc.
*
3,693
137,158
Iovance
Biotherapeutics,
Inc.
*(d)
4,341
96,674
Ironwood
Pharmaceuticals,
Inc.
*
4,817
63,922
iTeos
Therapeutics,
Inc.
*
222
5,335
IVERIC
bio,
Inc.
*
1,621
13,989
Jounce
Therapeutics,
Inc.
*
539
2,717
Kadmon
Holdings,
Inc.
*
5,530
20,793
KalVista
Pharmaceuticals,
Inc.
*
488
9,828
Karuna
Therapeutics,
Inc.
*(d)
660
75,385
Karyopharm
Therapeutics,
Inc.
*
2,979
24,815
Keros
Therapeutics,
Inc.
*
195
7,176
Kezar
Life
Sciences,
Inc.
*
932
4,539
Kiniksa
Pharmaceuticals
Ltd.,
Class A
*
725
11,114
Kinnate
Biopharma,
Inc.
*
998
21,537
Kodiak
Sciences,
Inc.
*
962
80,654
Kronos
Bio,
Inc.
*
1,138
23,272
Krystal
Biotech,
Inc.
*
413
24,136
Kura
Oncology,
Inc.
*
1,717
32,520
Kymera
Therapeutics,
Inc.
*
24
1,444
Lexicon
Pharmaceuticals,
Inc.
*
1,799
6,368
Ligand
Pharmaceuticals,
Inc.
*
496
56,301
Nationwide
Multi-Cap
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
35
Common
Stocks
Shares
Value
($)
Biotechnology
Lineage
Cell
Therapeutics,
Inc.
*
122
321
Lyell
Immunopharma,
Inc.
*
334
4,843
MacroGenics,
Inc.
*
1,678
41,883
Madrigal
Pharmaceuticals,
Inc.
*
296
25,847
Magenta
Therapeutics,
Inc.
*
886
6,308
MannKind
Corp.
*
8,917
36,560
MEI
Pharma,
Inc.
*
4,129
11,148
MeiraGTx
Holdings
plc
*
729
10,199
Mersana
Therapeutics,
Inc.
*
1,408
15,488
MiMedx
Group,
Inc.
*
3,641
44,639
Mirati
Therapeutics,
Inc.
*
1,120
179,267
Mirum
Pharmaceuticals,
Inc.
*
206
2,977
Moderna,
Inc.
*
8,990
3,178,864
Molecular
Templates,
Inc.
*
953
6,671
Morphic
Holding,
Inc.
*
376
21,665
Mustang
Bio,
Inc.
*
984
2,844
Myovant
Sciences
Ltd.
*
36
739
Myriad
Genetics,
Inc.
*
2,433
76,956
Natera,
Inc.
*
1,984
227,208
Neoleukin
Therapeutics,
Inc.
*
857
5,990
Neurocrine
Biosciences,
Inc.
*
2,396
223,331
Nkarta,
Inc.
*
514
16,325
Novavax,
Inc.
*
2,030
364,040
Nurix
Therapeutics,
Inc.
*
817
25,115
Nuvalent,
Inc.,
Class A
*
2,817
51,410
Ocugen,
Inc.
*(d)
4,927
33,060
Olema
Pharmaceuticals,
Inc.
*
744
17,469
Omega
Therapeutics,
Inc.
*
3,202
51,232
Oncocyte
Corp.
*
1,544
7,936
Oncternal
Therapeutics,
Inc.
*
44
172
OPKO
Health,
Inc.
*
12,520
43,069
Organogenesis
Holdings,
Inc.
*
784
12,027
ORIC
Pharmaceuticals,
Inc.
*
331
5,511
Oyster
Point
Pharma,
Inc.
*
180
2,565
Passage
Bio,
Inc.
*
559
6,596
PMV
Pharmaceuticals,
Inc.
*
796
27,072
Poseida
Therapeutics,
Inc.
*
35
284
Praxis
Precision
Medicines,
Inc.
*
138
2,153
Precigen,
Inc.
*
2,481
13,621
Precision
BioSciences,
Inc.
*
1,312
12,936
Prelude
Therapeutics,
Inc.
*
513
16,437
Prometheus
Biosciences,
Inc.
*
12
252
Protagonist
Therapeutics,
Inc.
*
859
42,460
Prothena
Corp.
plc
*
1,200
60,120
PTC
Therapeutics,
Inc.
*
2,230
85,476
Puma
Biotechnology,
Inc.
*
951
7,152
Radius
Health,
Inc.
*
1,556
23,542
Rallybio
Corp.
*
917
15,589
RAPT
Therapeutics,
Inc.
*
407
12,483
Recursion
Pharmaceuticals,
Inc.,
Class A
*
1,012
30,714
Regeneron
Pharmaceuticals,
Inc.
*
2,665
1,531,336
REGENXBIO,
Inc.
*
1,154
37,297
Common
Stocks
Shares
Value
($)
Biotechnology
Relay
Therapeutics,
Inc.
*
1,181
38,312
Replimune
Group,
Inc.
*
682
22,322
REVOLUTION
Medicines,
Inc.
*
960
27,494
Rhythm
Pharmaceuticals,
Inc.
*
1,134
19,607
Rigel
Pharmaceuticals,
Inc.
*
5,953
23,812
Rocket
Pharmaceuticals,
Inc.
*
1,337
47,891
Rubius
Therapeutics,
Inc.
*
1,341
28,818
Sage
Therapeutics,
Inc.
*
1,165
50,945
Sana
Biotechnology,
Inc.
*
823
13,407
Sangamo
Therapeutics,
Inc.
*
4,036
38,665
Sarepta
Therapeutics,
Inc.
*
2,297
155,691
Scholar
Rock
Holding
Corp.
*
815
25,469
Seagen,
Inc.
*
3,481
533,951
Selecta
Biosciences,
Inc.
*
2,043
7,069
Seres
Therapeutics,
Inc.
*
1,229
8,726
Sesen
Bio,
Inc.
*
173
645
Shattuck
Labs,
Inc.
*
225
4,959
Silverback
Therapeutics,
Inc.
*
616
18,652
Solid
Biosciences,
Inc.
*
956
2,667
Sorrento
Therapeutics,
Inc.
*(d)
5,898
48,423
Spectrum
Pharmaceuticals,
Inc.
*
4,159
13,392
Spero
Therapeutics,
Inc.
*
543
7,244
SpringWorks
Therapeutics,
Inc.
*
782
67,017
Stoke
Therapeutics,
Inc.
*
481
13,771
Sutro
Biopharma,
Inc.
*
531
9,043
Syndax
Pharmaceuticals,
Inc.
*
1,084
15,805
Syros
Pharmaceuticals,
Inc.
*
1,577
7,286
Talaris
Therapeutics,
Inc.
*
1,194
16,489
Taysha
Gene
Therapies,
Inc.
*
398
6,881
TCR2
Therapeutics,
Inc.
*
482
5,996
TG
Therapeutics,
Inc.
*
3,024
105,810
Tonix
Pharmaceuticals
Holding
Corp.
*
330
236
Translate
Bio,
Inc.
*
1,944
53,732
Travere
Therapeutics,
Inc.
*
1,385
19,044
Trevena,
Inc.
*
157
209
Trillium
Therapeutics,
Inc.
*
3,299
21,542
Turning
Point
Therapeutics,
Inc.
*
1,363
86,987
Twist
Bioscience
Corp.
*
1,179
145,076
Ultragenyx
Pharmaceutical,
Inc.
*
1,870
149,282
United
Therapeutics
Corp.
*
1,091
198,486
UroGen
Pharma
Ltd.
*
672
10,416
Vaccitech
plc
,
ADR-UK*
1,407
20,486
Vanda
Pharmaceuticals,
Inc.
*
1,770
28,869
Vaxart,
Inc.
*
970
6,974
Vaxcyte,
Inc.
*
737
15,978
VBI
Vaccines,
Inc.
*
4,464
13,303
Veracyte,
Inc.
*
1,739
77,490
Verastem,
Inc.
*
4,622
14,929
Vericel
Corp.
*
1,445
76,498
Vertex
Pharmaceuticals,
Inc.
*
6,889
1,388,685
Verve
Therapeutics,
Inc.
*(d)
1,416
84,153
36
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Multi-Cap
Portfolio
Common
Stocks
Shares
Value
($)
Biotechnology
Viking
Therapeutics,
Inc.
*
2,309
14,200
Vir
Biotechnology,
Inc.
*
1,549
55,222
Viracta
Therapeutics,
Inc.
*
35
368
VistaGen
Therapeutics,
Inc.
*
140
372
Vor
BioPharma,
Inc.
*
990
12,395
XBiotech,
Inc.
515
8,343
Xencor,
Inc.
*
2,224
68,455
XOMA
Corp.
*
205
6,642
Y-mAbs
Therapeutics,
Inc.
*
1,001
33,133
Zentalis
Pharmaceuticals,
Inc.
*
338
17,985
ZIOPHARM
Oncology,
Inc.
*
7,126
16,176
31,817,029
Building
Products
0.3%
A
O
Smith
Corp.
3,378
237,575
AAON,
Inc.
884
54,941
Advanced
Drainage
Systems,
Inc.
1,410
172,147
Allegion
plc
2,287
312,404
American
Woodmark
Corp.
*
152
11,286
Apogee
Enterprises,
Inc.
924
36,655
Armstrong
World
Industries,
Inc.
1,281
138,579
AZEK
Co.,
Inc.
(The)
*
3,153
114,675
Builders
FirstSource,
Inc.
*
5,491
244,349
Caesarstone
Ltd.
815
10,815
Carrier
Global
Corp.
23,855
1,317,989
Cornerstone
Building
Brands,
Inc.
*
1,270
21,361
CSW
Industrials,
Inc.
498
58,908
Fortune
Brands
Home
&
Security,
Inc.
3,748
365,318
Gibraltar
Industries,
Inc.
*
1,080
80,654
Griffon
Corp.
1,276
29,501
Insteel
Industries,
Inc.
687
26,676
Janus
International
Group,
Inc.
*
35
490
JELD-WEN
Holding,
Inc.
*
2,285
60,507
Johnson
Controls
International
plc
19,221
1,372,764
Lennox
International,
Inc.
842
277,380
Masco
Corp.
7,836
467,888
Masonite
International
Corp.
*
761
86,115
Owens
Corning
2,784
267,709
PGT
Innovations,
Inc.
*
443
10,003
Quanex
Building
Products
Corp.
1,157
28,740
Resideo
Technologies,
Inc.
*
3,292
97,114
Simpson
Manufacturing
Co.,
Inc.
1,110
124,853
Trane
Technologies
plc
6,263
1,275,209
Trex
Co.,
Inc.
*
3,029
294,116
UFP
Industries,
Inc.
1,512
112,281
View,
Inc.
*
4,003
24,378
7,733,380
Capital
Markets
1.5%
26
Capital
Acquisition
Corp.,
Class A
*
28
272
Common
Stocks
Shares
Value
($)
Capital
Markets
890
5th
Avenue
Partners,
Inc.,
Class A
*
30
297
Adit
EdTech
Acquisition
Corp.
*
27
262
Affiliated
Managers
Group,
Inc.
1,128
178,720
African
Gold
Acquisition
Corp.,
Class A
*
37
358
Ajax
I,
Class A
*
82
817
Alkuri
Global
Acquisition
Corp.
*
35
345
Altimar
Acquisition
Corp.
II,
Class A
*
35
344
Altimeter
Growth
Corp.,
Class A
*
51
545
Altimeter
Growth
Corp.
2,
Class A
*
45
447
Altitude
Acquisition
Corp.,
Class A
*
31
304
Ameriprise
Financial,
Inc.
3,134
807,193
Apollo
Global
Management,
Inc.
(d)
6,691
393,832
Apollo
Strategic
Growth
Capital,
Class A
*
83
811
Apollo
Strategic
Growth
Capital
II,
Class A
*
70
684
Ares
Acquisition
Corp.,
Class A
*
102
998
Ares
Capital
Corp.
2,798
55,876
Ares
Management
Corp.
4,195
300,404
Artisan
Partners
Asset
Management,
Inc.,
Class A
2,011
96,709
Assetmark
Financial
Holdings,
Inc.
*
1,409
36,775
Associated
Capital
Group,
Inc.,
Class A
184
6,935
Athlon
Acquisition
Corp.,
Class A
*
28
272
Atlas
Crest
Investment
Corp.,
Class A
*
51
506
Atlas
Crest
Investment
Corp.
II,
Class A
*
35
340
B.
Riley
Financial,
Inc.
687
46,414
Bank
of
New
York
Mellon
Corp.
(The)
29,990
1,539,387
BGC
Partners,
Inc.,
Class A
10,824
57,908
Bite
Acquisition
Corp.
*
26
252
BlackRock,
Inc.
144
124,872
Blackstone
Group,
Inc.
(The)
(d)
18,441
2,125,694
Blucora,
Inc.
*
1,746
29,438
BlueRiver
Acquisition
Corp.,
Class A
*
28
271
Bluescape
Opportunities
Acquisition
Corp.,
Class A
*
62
608
BowX
Acquisition
Corp.,
Class A
*
40
423
Brightsphere
Investment
Group,
Inc.
2,246
56,128
Nationwide
Multi-Cap
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
37
Common
Stocks
Shares
Value
($)
Capital
Markets
Broadscale
Acquisition
Corp.,
Class A
*
35
340
Brookfield
Asset
Management,
Inc.,
Class A
3
178
Burgundy
Technology
Acquisition
Corp.,
Class A
*
36
355
Capstar
Special
Purpose
Acquisition
Corp.,
Class A
*
28
275
Carlyle
Group,
Inc.
(The)
5,595
282,380
Carney
Technology
Acquisition
Corp.
II,
Class A
*
42
407
Cboe
Global
Markets,
Inc.
3,227
382,303
CBRE
Acquisition
Holdings,
Inc.,
Class A
*
41
405
CC
Neuberger
Principal
Holdings
II,
Class A
*
84
823
CC
Neuberger
Principal
Holdings
III,
Class A
*
41
399
CF
Acquisition
Corp.
IV,
Class A
*
52
506
Charles
Schwab
Corp.
(The)
42,044
2,856,890
CHP
Merger
Corp.,
Class A
*
31
309
Churchill
Capital
Corp.
V,
Class A
*
51
502
Churchill
Capital
Corp.
VI,
Class A
*
56
552
Churchill
Capital
Corp.
VII,
Class A
*
141
1,378
Clarim
Acquisition
Corp.,
Class A
*
29
281
Class
Acceleration
Corp.,
Class A
*
26
251
CME
Group,
Inc.
9,632
2,043,236
Cohen
&
Steers,
Inc.
720
59,911
Cohn
Robbins
Holdings
Corp.,
Class A
*
84
825
Compute
Health
Acquisition
Corp.,
Class A
*
76
738
Concord
Acquisition
Corp.,
Class A
*
29
294
Constellation
Acquisition
Corp.
I,
Class A
*
32
315
Conx
Corp.,
Class A
*
76
744
Corner
Growth
Acquisition
Corp.,
Class A
*
41
399
COVA
Acquisition
Corp.,
Class A
*
31
299
Cowen,
Inc.,
Class A
945
37,781
Crucible
Acquisition
Corp.,
Class A
*
26
252
D
&
Z
Media
Acquisition
Corp.,
Class A
*
29
280
Decarbonization
Plus
Acquisition
Corp.
II,
Class A
*
41
404
Diamond
Hill
Investment
Group,
Inc.
389
67,005
DiamondHead
Holdings
Corp.,
Class A
*
35
337
Common
Stocks
Shares
Value
($)
Capital
Markets
dMY
Technology
Group,
Inc.
III,
Class A
*
31
308
Donnelley
Financial
Solutions,
Inc.
*
88
2,834
DPCM
Capital,
Inc.,
Class A
*
31
302
Dragoneer
Growth
Opportunities
Corp.,
Class A
*
64
593
Dragoneer
Growth
Opportunities
Corp.
II,
Class A
*
29
286
Dragoneer
Growth
Opportunities
Corp.
III,
Class A
*
41
405
E.Merge
Technology
Acquisition
Corp.,
Class A
*
62
606
East
Resources
Acquisition
Co.,
Class A
*
35
342
ECP
Environmental
Growth
Opportunities
Corp.,
Class A
*
35
343
Empowerment
&
Inclusion
Capital
I
Corp.,
Class A
*
28
271
Epiphany
Technology
Acquisition
Corp.,
Class A
*
42
408
Equity
Distribution
Acquisition
Corp.,
Class A
*
32
313
Evercore,
Inc.,
Class A
923
122,021
Executive
Network
Partnering
Corp.,
Class A
*
40
386
FactSet
Research
Systems,
Inc.
1,107
395,509
Far
Peak
Acquisition
Corp.,
Class A
*
53
527
Federated
Hermes,
Inc.,
Class B
3,568
115,746
Fifth
Wall
Acquisition
Corp.
I,
Class A
*
36
446
Fintech
Acquisition
Corp.
V,
Class A
*
25
251
FirstMark
Horizon
Acquisition
Corp.,
Class A
*
42
412
Focus
Financial
Partners,
Inc.,
Class A
*
1,857
95,320
Foresight
Acquisition
Corp.,
Class A
*
26
256
Fortistar
Sustainable
Solutions
Corp.,
Class A
*
26
252
Fortress
Capital
Acquisition
Corp.,
Class A
*
36
354
Franklin
Resources,
Inc.
8,391
247,954
Fusion
Acquisition
Corp.,
Class A
*
27
268
G
Squared
Ascend
I,
Inc.,
Class A
*
35
342
GAMCO
Investors,
Inc.,
Class A
215
5,792
GCM
Grosvenor,
Inc.,
Class A
3,515
35,009
GigCapital4,
Inc.
*
38
372
38
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Multi-Cap
Portfolio
Common
Stocks
Shares
Value
($)
Capital
Markets
Global
Partner
Acquisition
Corp.
II,
Class A
*
31
299
Global
Synergy
Acquisition
Corp.,
Class A
*
26
252
GO
Acquisition
Corp.,
Class A
*
59
579
Goal
Acquisitions
Corp.
*
28
272
Golden
Falcon
Acquisition
Corp.,
Class A
*
35
340
Goldman
Sachs
Group,
Inc.
(The)
8,911
3,340,556
Gores
Holdings
V,
Inc.,
Class A
*
54
539
Gores
Metropoulos
II,
Inc.,
Class A
*
46
455
Greenhill
&
Co.,
Inc.
748
11,983
GS
Acquisition
Holdings
Corp.
II,
Class A
*
55
551
Hamilton
Lane
Alliance
Holdings
I,
Inc.,
Class A
*
28
272
Hamilton
Lane,
Inc.,
Class A
1,192
110,856
Health
Assurance
Acquisition
Corp.,
Class A
*
54
527
Healthcare
Capital
Corp.,
Class A
*
28
275
Healthcare
Services
Acquisition
Corp.,
Class A
*
34
329
Hennessy
Capital
Investment
Corp.
V,
Class A
*
35
350
HIG
Acquisition
Corp.,
Class A
*
37
361
Highland
Transcend
Partners
I
Corp.,
Class A
*
31
302
Horizon
Acquisition
Corp.,
Class A
*
26
257
Horizon
Acquisition
Corp.
II,
Class A
*
24
234
Houlihan
Lokey,
Inc.
2,038
181,586
HumanCo
Acquisition
Corp.,
Class A
*
32
312
IG
Acquisition
Corp.,
Class A
*
31
302
Interactive
Brokers
Group,
Inc.,
Class A
2,484
153,660
Intercontinental
Exchange,
Inc.
15,164
1,817,102
Invesco
Ltd.
9,497
231,537
Jack
Creek
Investment
Corp.,
Class A
*
35
340
Jaws
Mustang
Acquisition
Corp.,
Class A
*
105
1,026
Jaws
Spitfire
Acquisition
Corp.,
Class A
*
35
348
Jefferies
Financial
Group,
Inc.
7,063
234,421
JOFF
Fintech
Acquisition
Corp.,
Class A
*
42
408
Kairos
Acquisition
Corp.,
Class A
*
28
270
Kernel
Group
Holdings,
Inc.,
Class A
*
31
302
Common
Stocks
Shares
Value
($)
Capital
Markets
Khosla
Ventures
Acquisition
Co.
*
36
355
Khosla
Ventures
Acquisition
Co.
II,
Class A
*
42
444
Khosla
Ventures
Acquisition
Co.
III,
Class A
*
51
506
KINS
Technology
Group,
Inc.,
Class A
*
28
277
KKR
&
Co.,
Inc.
14,610
931,534
KL
Acquisition
Corp.,
Class A
*
29
282
Lazard
Growth
Acquisition
Corp.
I
*
59
574
Lazard
Ltd.,
Class A
2,098
99,026
Leo
Holdings
Corp.
II,
Class A
*
38
369
Liberty
Media
Acquisition
Corp.,
Class A
*
59
602
Live
Oak
Acquisition
Corp.
II,
Class A
*
26
260
LPL
Financial
Holdings,
Inc.
2,426
342,163
Lux
Health
Tech
Acquisition
Corp.,
Class A
*
27
265
MarketAxess
Holdings,
Inc.
1,049
498,453
Marlin
Technology
Corp.,
Class A
*
42
408
Marquee
Raine
Acquisition
Corp.,
Class A
*
38
377
Mason
Industrial
Technology,
Inc.,
Class A
*
51
495
MDH
Acquisition
Corp.,
Class A
*
28
275
Moelis
&
Co.,
Class A
1,952
115,656
Montes
Archimedes
Acquisition
Corp.,
Class A
*
42
416
Moody's
Corp.
4,702
1,767,952
Morgan
Stanley
37,574
3,606,353
Morningstar,
Inc.
699
176,588
Motive
Capital
Corp.,
Class A
*
42
408
MSCI,
Inc.
2,438
1,452,950
Mudrick
Capital
Acquisition
Corp.
II,
Class A
*
32
344
Nasdaq,
Inc.
3,474
648,700
Nebula
Caravel
Acquisition
Corp.,
Class A
*
28
308
NextGen
Acquisition
Corp.
*
38
378
North
Atlantic
Acquisition
Corp.,
Class A
*
39
379
Northern
Genesis
Acquisition
Corp.
II
*
53
526
Northern
Star
Investment
Corp.
II,
Class A
*
41
408
Northern
Trust
Corp.
6,259
706,328
Novus
Capital
Corp.
II,
Class A
*
29
282
Oaktree
Acquisition
Corp.
II,
Class A
*
25
246
One
Equity
Partners
Open
Water
I
Corp.,
Class A
*
35
338
Open
Lending
Corp.,
Class A
*
2,833
107,654
Nationwide
Multi-Cap
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
39
Common
Stocks
Shares
Value
($)
Capital
Markets
Oppenheimer
Holdings,
Inc.,
Class A
563
25,307
Perella
Weinberg
Partners
*
24
293
Peridot
Acquisition
Corp.,
Class A
*
31
309
Periphas
Capital
Partnering
Corp.,
Class A
*
15
362
Pershing
Square
Tontine
Holdings
Ltd.,
Class A
*
51
1,038
Pioneer
Merger
Corp.,
Class A
*
41
407
Piper
Sandler
Cos.
668
81,957
Pivotal
Investment
Corp.
III,
Class A
*
28
270
PJT
Partners,
Inc.,
Class A
854
66,757
Poema
Global
Holdings
Corp.,
Class A
*
35
340
Pontem
Corp.,
Class A
*
70
675
Powered
Brands,
Class A
*
28
272
Prime
Impact
Acquisition
I,
Class A
*
23
224
Prospector
Capital
Corp.,
Class A
*
33
320
Pzena
Investment
Management,
Inc.,
Class A
647
7,408
Qell
Acquisition
Corp.,
Class A
*
34
337
Queen's
Gambit
Growth
Capital,
Class A
*
35
345
Raymond
James
Financial,
Inc.
3,659
473,767
RedBall
Acquisition
Corp.,
Class A
*
46
450
Reinvent
Technology
Partners,
Class A
*
70
699
Ribbit
LEAP
Ltd.,
Class A
*
42
442
Rice
Acquisition
Corp.,
Class A
*
24
406
RMG
Acquisition
Corp.
II,
Class A
*
32
319
RMG
Acquisition
Corp.
III,
Class A
*
49
475
Rotor
Acquisition
Corp.,
Class A
*
28
278
S&P
Global,
Inc.
6,540
2,803,829
Science
Strategic
Acquisition
Corp.
Alpha,
Class A
*
32
313
Sculptor
Capital
Management,
Inc.
680
15,790
SEI
Investments
Co.
4,049
246,179
Senior
Connect
Acquisition
Corp.
I,
Class A
*
42
409
Seven
Oaks
Acquisition
Corp.,
Class A
*
26
257
Social
Capital
Hedosophia
Holdings
Corp.
IV,
Class A
*
47
472
Social
Capital
Hedosophia
Holdings
Corp.
VI,
Class A
*
117
1,158
Common
Stocks
Shares
Value
($)
Capital
Markets
Social
Leverage
Acquisition
Corp.
I,
Class A
*
35
341
Spartan
Acquisition
Corp.
III,
Class A
*
56
552
Sports
Entertainment
Acquisition
Corp.,
Class A
*
46
455
Spring
Valley
Acquisition
Corp.,
Class A
*
23
231
Star
Peak
Corp.
II,
Class A
*
41
408
State
Street
Corp.
10,074
877,848
StepStone
Group,
Inc.,
Class A
1,107
50,380
Stifel
Financial
Corp.
2,486
165,418
StoneX
Group,
Inc.
*
568
36,653
Supernova
Partners
Acquisition
Co.,
Inc.,
Class A
*
41
405
Sustainable
Development
Acquisition
I
Corp.,
Class A
*
32
311
SVF
Investment
Corp.,
Class A
*
61
595
SVF
Investment
Corp.
3,
Class A
*
34
333
Switchback
II
Corp.,
Class A
*
32
316
T.
Rowe
Price
Group,
Inc.
6,393
1,305,195
Tailwind
Acquisition
Corp.,
Class A
*
34
340
Tastemaker
Acquisition
Corp.,
Class A
*
28
271
Tekkorp
Digital
Acquisition
Corp.,
Class A
*
24
233
Thimble
Point
Acquisition
Corp.,
Class A
*
28
276
Thunder
Bridge
Capital
Partners
III,
Inc.,
Class A
*
32
313
TLG
Acquisition
One
Corp.,
Class A
*
41
398
Tortoise
Acquisition
Corp.
II
*
35
347
TPG
Pace
Beneficial
Finance
Corp.,
Class A
*
36
427
TPG
Pace
Tech
Opportunities
Corp.,
Class A
*
46
459
Tradeweb
Markets,
Inc.,
Class A
3,372
292,454
Trebia
Acquisition
Corp.,
Class A
*
42
415
TWC
Tech
Holdings
II
Corp.,
Class A
*
61
606
Value
Line,
Inc.
36
1,152
VectoIQ
Acquisition
Corp.
II,
Class A
*
34
330
Vector
Acquisition
Corp.,
Class A
*
33
336
Vector
Acquisition
Corp.
II,
Class A
*
47
457
Victory
Capital
Holdings,
Inc.,
Class A
16
488
Virtu
Financial,
Inc.,
Class A
2,123
54,646
40
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Multi-Cap
Portfolio
Common
Stocks
Shares
Value
($)
Capital
Markets
Virtus
Investment
Partners,
Inc.
292
80,630
Viveon
Health
Acquisition
Corp.
*
26
258
WisdomTree
Investments,
Inc.
851
5,259
Yucaipa
Acquisition
Corp.,
Class A
*
35
345
35,800,850
Chemicals
0.7%
AdvanSix,
Inc.
*
1,002
33,517
Air
Products
&
Chemicals,
Inc.
5,912
1,720,569
Albemarle
Corp.
3,011
620,386
American
Vanguard
Corp.
1,064
17,567
Amyris,
Inc.
*
4,557
66,441
Ashland
Global
Holdings,
Inc.
1,518
129,136
Avient
Corp.
2,381
115,526
Axalta
Coating
Systems
Ltd.
*
5,718
172,112
Balchem
Corp.
764
103,056
Cabot
Corp.
1,977
108,854
Celanese
Corp.
2,846
443,321
CF
Industries
Holdings,
Inc.
5,392
254,772
Chase
Corp.
260
30,298
Chemours
Co.
(The)
4,187
139,218
Corteva,
Inc.
19,825
848,113
Danimer
Scientific,
Inc.
*
1,967
32,810
Diversey
Holdings
Ltd.
*
46
767
Dow,
Inc.
19,917
1,238,041
DuPont
de
Nemours,
Inc.
14,169
1,063,383
Eastman
Chemical
Co.
3,782
426,307
Ecolab,
Inc.
6,518
1,439,370
Element
Solutions,
Inc.
5,800
135,662
Ferro
Corp.
*
2,840
59,072
FMC
Corp.
3,546
379,245
FutureFuel
Corp.
965
8,202
GCP
Applied
Technologies,
Inc.
*
1,720
39,990
Hawkins,
Inc.
681
24,727
HB
Fuller
Co.
1,185
76,575
Huntsman
Corp.
5,561
146,866
Ingevity
Corp.
*
1,108
94,114
Innospec,
Inc.
831
73,502
International
Flavors
&
Fragrances,
Inc.
6,596
993,621
Intrepid
Potash,
Inc.
*
341
10,332
Koppers
Holdings,
Inc.
*
718
22,050
Kraton
Corp.
*
1,108
42,315
Kronos
Worldwide,
Inc.
829
11,531
Livent
Corp.
*
4,642
90,565
LyondellBasell
Industries
NV,
Class A
7,082
703,455
Marrone
Bio
Innovations,
Inc.
*
1,782
2,227
Minerals
Technologies,
Inc.
680
54,550
Mosaic
Co.
(The)
9,526
297,497
NewMarket
Corp.
165
52,125
Olin
Corp.
4,013
188,731
Origin
Materials,
Inc.
*
74
437
Orion
Engineered
Carbons
SA
*
452
8,172
PPG
Industries,
Inc.
6,201
1,013,987
Common
Stocks
Shares
Value
($)
Chemicals
PQ
Group
Holdings,
Inc.
1,398
21,753
PureCycle
Technologies,
Inc.
*
1,439
21,312
Quaker
Chemical
Corp.
281
70,739
Rayonier
Advanced
Materials,
Inc.
*
2,107
14,686
RPM
International,
Inc.
3,458
299,428
Scotts
Miracle-Gro
Co.
(The)
1,012
179,084
Sensient
Technologies
Corp.
1,073
93,544
Sherwin-Williams
Co.
(The)
6,365
1,852,406
Stepan
Co.
707
83,391
Tredegar
Corp.
928
12,129
Trinseo
SA
1,160
63,058
Tronox
Holdings
plc,
Class A
2,628
48,434
Valvoline,
Inc.
5,062
155,302
Venator
Materials
plc
*
55
174
W
R
Grace
&
Co.
1,423
99,041
Westlake
Chemical
Corp.
850
70,482
Zymergen,
Inc.
*
778
27,067
16,645,144
Commercial
Services
&
Supplies
0.3%
ABM
Industries,
Inc.
1,437
66,806
ACCO
Brands
Corp.
2,881
25,756
ACV
Auctions,
Inc.,
Class A
*
19
440
ADT,
Inc.
2,730
28,638
Brady
Corp.,
Class A
1,498
81,911
BrightView
Holdings,
Inc.
*
1,067
17,104
Brink's
Co.
(The)
1,214
93,429
Casella
Waste
Systems,
Inc.,
Class A
*
1,485
102,138
CECO
Environmental
Corp.
*
1,380
9,715
Cimpress
plc
*
195
19,939
Cintas
Corp.
2,446
964,164
Clean
Harbors,
Inc.
*
1,348
128,060
CompX
International,
Inc.
68
1,265
Copart,
Inc.
*
5,701
838,047
CoreCivic,
Inc.
*
3,178
32,670
Covanta
Holding
Corp.
1,647
33,105
Deluxe
Corp.
743
32,618
Driven
Brands
Holdings,
Inc.
*
1,130
35,957
Ennis,
Inc.
880
17,398
Harsco
Corp.
*
2,568
51,668
Healthcare
Services
Group,
Inc.
1,505
39,280
Heritage-Crystal
Clean,
Inc.
*
568
16,006
Herman
Miller,
Inc.
2,061
88,932
HNI
Corp.
1,069
39,874
IAA,
Inc.
*
3,385
204,725
Interface,
Inc.
1,986
28,638
KAR
Auction
Services,
Inc.
*
3,308
54,516
Kimball
International,
Inc.,
Class B
1,261
15,611
Matthews
International
Corp.,
Class A
1,054
36,468
Montrose
Environmental
Group,
Inc.
*
652
35,006
MSA
Safety,
Inc.
991
163,000
NL
Industries,
Inc.
307
1,851
Pitney
Bowes,
Inc.
1,667
13,336
Republic
Services,
Inc.
5,275
624,349
Nationwide
Multi-Cap
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
41
Common
Stocks
Shares
Value
($)
Commercial
Services
&
Supplies
Rollins,
Inc.
6,304
241,632
RR
Donnelley
&
Sons
Co.
*
69
422
SP
Plus
Corp.
*
807
26,462
Steelcase,
Inc.,
Class A
3,005
41,319
Stericycle,
Inc.
*
2,637
186,040
Team,
Inc.
*
1,042
6,429
Tetra
Tech,
Inc.
1,497
199,879
UniFirst
Corp.
325
70,775
US
Ecology,
Inc.
*
982
34,370
Viad
Corp.
*
721
33,058
VSE
Corp.
354
17,718
Waste
Management,
Inc.
11,111
1,647,317
6,447,841
Communications
Equipment
0.4%
ADTRAN,
Inc.
1,626
36,439
Arista
Networks,
Inc.
*
1,622
616,993
Aviat
Networks,
Inc.
*
10
373
CalAmp
Corp.
*
1,134
13,755
Calix,
Inc.
*
1,648
77,093
Cambium
Networks
Corp.
*
159
7,004
Casa
Systems,
Inc.
*
1,014
7,615
Ciena
Corp.
*
4,378
254,537
Cisco
Systems,
Inc.
113,978
6,310,962
Clearfield,
Inc.
*
310
13,491
CommScope
Holding
Co.,
Inc.
*
5,054
106,943
Comtech
Telecommunications
Corp.
891
22,248
Digi
International,
Inc.
*
1,034
21,383
DZS,
Inc.
*
365
7,209
EchoStar
Corp.,
Class A
*
969
21,609
Extreme
Networks,
Inc.
*
4,277
47,090
F5
Networks,
Inc.
*
1,583
326,905
Genasys,
Inc.
*
33
185
Harmonic,
Inc.
*
3,080
27,258
Infinera
Corp.
*
5,396
53,474
Inseego
Corp.
*
2,255
19,596
Juniper
Networks,
Inc.
9,489
267,020
KVH
Industries,
Inc.
*
490
5,547
Lumentum
Holdings,
Inc.
*
2,076
174,363
Motorola
Solutions,
Inc.
4,316
966,439
NETGEAR,
Inc.
*
1,041
35,654
NetScout
Systems,
Inc.
*
1,162
33,419
Plantronics,
Inc.
*
368
11,478
Ribbon
Communications,
Inc.
*
2,564
17,717
Ubiquiti,
Inc.
174
54,479
ViaSat,
Inc.
*
1,215
60,313
Viavi
Solutions,
Inc.
*
5,765
96,218
9,714,809
Construction
&
Engineering
0.1%
AECOM
*
3,736
235,219
Ameresco,
Inc.,
Class A
*
850
58,250
API
Group
Corp.
Reg.
S
*(a)
4,881
111,873
Arcosa,
Inc.
1,117
61,167
Argan,
Inc.
525
23,599
Comfort
Systems
USA,
Inc.
1,136
84,916
Concrete
Pumping
Holdings,
Inc.
*
859
7,473
Common
Stocks
Shares
Value
($)
Construction
&
Engineering
Construction
Partners,
Inc.,
Class A
*
732
24,581
Dycom
Industries,
Inc.
*
702
48,719
EMCOR
Group,
Inc.
1,372
167,123
Fluor
Corp.
*
2,726
45,415
Granite
Construction,
Inc.
1,353
51,982
Great
Lakes
Dredge
&
Dock
Corp.
*
2,218
34,157
HC2
Holdings,
Inc.
*(d)
2,166
7,971
IES
Holdings,
Inc.
*
228
12,405
MasTec,
Inc.
*
1,607
162,677
Matrix
Service
Co.
*
926
10,103
MYR
Group,
Inc.
*
481
45,998
Northwest
Pipe
Co.
*
295
8,381
NV5
Global,
Inc.
*
370
35,150
Primoris
Services
Corp.
1,567
46,853
Quanta
Services,
Inc.
3,754
341,239
Sterling
Construction
Co.,
Inc.
*
1,008
22,136
Tutor
Perini
Corp.
*
1,393
19,599
Valmont
Industries,
Inc.
538
127,479
WillScot
Mobile
Mini
Holdings
Corp.
*
4,565
131,061
1,925,526
Construction
Materials
0.1%
Eagle
Materials,
Inc.
1,172
165,627
Forterra,
Inc.
*
546
12,880
Martin
Marietta
Materials,
Inc.
1,613
586,003
Summit
Materials,
Inc.,
Class A
*
2,592
87,091
United
States
Lime
&
Minerals,
Inc.
71
9,869
US
Concrete,
Inc.
*
594
43,249
Vulcan
Materials
Co.
3,643
655,704
1,560,423
Consumer
Finance
0.3%
Ally
Financial,
Inc.
10,239
525,875
American
Express
Co.
17,453
2,976,260
Atlanticus
Holdings
Corp.
*
158
6,870
Capital
One
Financial
Corp.
11,974
1,936,196
Credit
Acceptance
Corp.
*(d)
244
118,284
Curo
Group
Holdings
Corp.
643
10,140
Discover
Financial
Services
8,238
1,024,148
Encore
Capital
Group,
Inc.
*
1,068
50,559
Enova
International,
Inc.
*
1,096
36,267
EZCORP,
Inc.,
Class A
*
2,105
12,041
FirstCash,
Inc.
1,001
79,279
Green
Dot
Corp.,
Class A
*
271
12,485
Katapult
Holdings,
Inc.
*
25
200
LendingClub
Corp.
*
2,492
60,805
LendingTree,
Inc.
*
279
54,466
Navient
Corp.
5,304
108,361
Nelnet,
Inc.,
Class A
756
56,927
OneMain
Holdings,
Inc.
2,381
145,241
Oportun
Financial
Corp.
*
683
14,398
PRA
Group,
Inc.
*
1,580
61,288
PROG
Holdings,
Inc.
1,536
67,231
Regional
Management
Corp.
355
18,364
42
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Multi-Cap
Portfolio
Common
Stocks
Shares
Value
($)
Consumer
Finance
Santander
Consumer
USA
Holdings,
Inc.
1,797
73,731
SLM
Corp.
8,736
164,499
SoFi
Technologies,
Inc.
*
82
1,266
Sunlight
Financial
Holdings,
Inc.
*
35
287
Synchrony
Financial
16,311
766,943
Upstart
Holdings,
Inc.
*
335
40,454
World
Acceptance
Corp.
*
186
35,260
8,458,125
Containers
&
Packaging
0.2%
Amcor
plc
41,019
474,180
AptarGroup,
Inc.
1,800
232,056
Ardagh
Group
SA
721
16,835
Avery
Dennison
Corp.
2,321
488,988
Ball
Corp.
8,739
706,810
Berry
Global
Group,
Inc.
*
3,527
226,751
Crown
Holdings,
Inc.
3,522
351,355
Graphic
Packaging
Holding
Co.
7,148
137,027
Greif,
Inc.,
Class A
976
59,231
International
Paper
Co.
10,322
596,199
Myers
Industries,
Inc.
1,298
27,492
O-I
Glass,
Inc.
*
3,812
56,379
Packaging
Corp.
of
America
2,547
360,400
Pactiv
Evergreen,
Inc.
1,961
28,376
Ranpak
Holdings
Corp.
*
522
13,374
Sealed
Air
Corp.
3,625
205,719
Silgan
Holdings,
Inc.
1,736
70,343
Sonoco
Products
Co.
2,516
160,495
UFP
Technologies,
Inc.
*
263
15,722
Westrock
Co.
7,228
355,690
4,583,422
Distributors
0.1%
Core-Mark
Holding
Co.,
Inc.
872
37,531
Funko,
Inc.,
Class A
*
881
16,439
Genuine
Parts
Co.
3,789
480,900
Greenlane
Holdings,
Inc.,
Class A
*
288
1,025
LKQ
Corp.
*
7,504
380,828
Pool
Corp.
1,001
478,298
1,395,021
Diversified
Consumer
Services
0.1%
2U,
Inc.
*
1,409
61,151
Adtalem
Global
Education,
Inc.
*
1,511
54,910
American
Public
Education,
Inc.
*
507
15,017
Beachbody
Co.,
Inc.
(The)
*
31
278
Bright
Horizons
Family
Solutions,
Inc.
*
1,576
235,612
Carriage
Services,
Inc.
635
23,609
Chegg,
Inc.
*(d)
3,526
312,509
Coursera,
Inc.
*
16
569
Duolingo,
Inc.
*
59
8,275
Frontdoor,
Inc.
*
2,203
107,815
Graham
Holdings
Co.,
Class B
90
59,819
Common
Stocks
Shares
Value
($)
Diversified
Consumer
Services
Grand
Canyon
Education,
Inc.
*
1,186
109,551
H&R
Block,
Inc.
4,565
112,071
Houghton
Mifflin
Harcourt
Co.
*
3,492
39,530
Laureate
Education,
Inc.,
Class A
*
3,737
55,345
Mister
Car
Wash,
Inc.
*
663
13,817
OneSpaWorld
Holdings
Ltd.
*
1,489
14,711
Perdoceo
Education
Corp.
*
2,328
27,610
PowerSchool
Holdings,
Inc.,
Class A
*
4,590
84,686
Regis
Corp.
*
898
7,157
Service
Corp.
International
5,210
325,573
Strategic
Education,
Inc.
739
58,595
Stride,
Inc.
*
314
9,627
Terminix
Global
Holdings,
Inc.
*
3,579
187,898
Vivint
Smart
Home,
Inc.
*
2,393
29,362
WW
International,
Inc.
*
1,359
41,776
1,996,873
Diversified
Financial
Services
0.6%
Alerus
Financial
Corp.
431
12,046
A-Mark
Precious
Metals,
Inc.
7
357
Banco
Latinoamericano
de
Comercio
Exterior
SA,
Class E
1,043
17,189
Berkshire
Hathaway,
Inc.,
Class B
*
49,719
13,836,300
Cannae
Holdings,
Inc.
*
1,757
58,420
Equitable
Holdings,
Inc.
10,802
333,458
Marlin
Business
Services
Corp.
274
6,181
Voya
Financial,
Inc.
4,564
293,922
14,557,873
Diversified
Telecommunication
Services
0.5%
Anterix,
Inc.
*
453
26,419
AST
SpaceMobile,
Inc.
*
44
474
AT&T,
Inc.
188,332
5,282,713
ATN
International,
Inc.
388
16,703
Bandwidth,
Inc.,
Class A
*
661
85,705
Cincinnati
Bell,
Inc.
*
1,615
24,774
Cogent
Communications
Holdings,
Inc.
1,380
107,102
Consolidated
Communications
Holdings,
Inc.
*
2,554
19,640
Cyxtera
Technologies,
Inc.
*
41
389
Globalstar,
Inc.
*
19,799
27,323
IDT
Corp.,
Class B
*
488
24,302
Iridium
Communications,
Inc.
*
3,167
133,743
Liberty
Latin
America
Ltd.,
Class A
*
3,980
54,753
Lumen
Technologies,
Inc.
29,534
368,289
Ooma,
Inc.
*
654
12,132
ORBCOMM,
Inc.
*
2,606
29,422
Radius
Global
Infrastructure,
Inc.
*
47
721
Nationwide
Multi-Cap
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
43
Common
Stocks
Shares
Value
($)
Diversified
Telecommunication
Services
Verizon
Communications,
Inc.
109,371
6,100,714
12,315,318
Electric
Utilities
0.7%
ALLETE,
Inc.
1,254
88,181
Alliant
Energy
Corp.
6,915
404,735
American
Electric
Power
Co.,
Inc.
13,219
1,164,858
Avangrid,
Inc.
(d)
1,272
66,322
Duke
Energy
Corp.
21,288
2,237,582
Edison
International
11,650
634,925
Entergy
Corp.
5,167
531,787
Evergy,
Inc.
5,876
383,233
Eversource
Energy
9,046
780,398
Exelon
Corp.
27,284
1,276,891
FirstEnergy
Corp.
16,417
629,099
Hawaiian
Electric
Industries,
Inc.
2,696
116,845
IDACORP,
Inc.
1,281
135,081
MGE
Energy,
Inc.
1,185
92,572
NextEra
Energy,
Inc.
51,983
4,049,476
NRG
Energy,
Inc.
6,649
274,205
OGE
Energy
Corp.
5,237
176,749
Otter
Tail
Corp.
1,391
70,649
PG&E
Corp.
*
38,948
342,353
Pinnacle
West
Capital
Corp.
2,944
245,971
PNM
Resources,
Inc.
1,984
95,887
Portland
General
Electric
Co.
2,272
111,101
PPL
Corp.
22,591
640,907
Southern
Co.
(The)
30,479
1,946,694
Spark
Energy,
Inc.,
Class A
425
4,730
Xcel
Energy,
Inc.
16,148
1,102,101
17,603,332
Electrical
Equipment
0.3%
Acuity
Brands,
Inc.
995
174,503
Advent
Technologies
Holdings,
Inc.
*
32
249
Allied
Motion
Technologies,
Inc.
426
14,020
American
Superconductor
Corp.
*
576
8,093
AMETEK,
Inc.
6,269
871,704
Array
Technologies,
Inc.
*
2,689
36,409
Atkore,
Inc.
*
1,080
81,119
AZZ,
Inc.
898
47,585
Babcock
&
Wilcox
Enterprises,
Inc.
*
57
408
Beam
Global
*
8
245
Bloom
Energy
Corp.,
Class A
*(d)
3,652
79,614
ChargePoint
Holdings,
Inc.
*(d)
3,515
83,130
Eaton
Corp.
plc
10,567
1,670,114
Emerson
Electric
Co.
15,566
1,570,454
Encore
Wire
Corp.
683
53,568
EnerSys
826
81,493
Eos
Energy
Enterprises,
Inc.
*
35
543
FTC
Solar,
Inc.
*
338
3,427
FuelCell
Energy,
Inc.
*
9,284
58,768
Common
Stocks
Shares
Value
($)
Electrical
Equipment
Generac
Holdings,
Inc.
*
1,673
701,589
GrafTech
International
Ltd.
5,453
62,001
Hubbell,
Inc.
1,370
274,630
LSI
Industries,
Inc.
26
196
nVent
Electric
plc
4,131
130,581
Plug
Power,
Inc.
*
13,565
370,053
Powell
Industries,
Inc.
334
9,716
Preformed
Line
Products
Co.
99
6,784
Regal
Beloit
Corp.
1,087
160,039
Rockwell
Automation,
Inc.
3,067
942,857
Romeo
Power,
Inc.
*
89
627
Sensata
Technologies
Holding
plc
*
4,070
238,583
Shoals
Technologies
Group,
Inc.,
Class A
*
2,360
68,652
Stem,
Inc.
*(d)
1,740
47,171
Sunrun,
Inc.
*
5,370
284,449
Sunworks,
Inc.
*
27
233
Thermon
Group
Holdings,
Inc.
*
1,182
19,692
TPI
Composites,
Inc.
*
1,050
41,097
Vertiv
Holdings
Co.
6,987
195,916
Vicor
Corp.
*
621
71,794
8,462,106
Electronic
Equipment,
Instruments
&
Components
0.3%
908
Devices,
Inc.
*
8
250
Advanced
Energy
Industries,
Inc.
(d)
959
99,496
Aeva
Technologies,
Inc.
*
111
972
Akoustis
Technologies,
Inc.
*
814
7,879
Amphenol
Corp.,
Class A
15,300
1,109,097
Arlo
Technologies,
Inc.
*
2,610
15,947
Arrow
Electronics,
Inc.
*
1,566
185,681
Avnet,
Inc.
2,156
89,086
Badger
Meter,
Inc.
952
96,181
Belden,
Inc.
853
41,797
Benchmark
Electronics,
Inc.
134
3,538
Berkshire
Grey,
Inc.
*
29
274
CDW
Corp.
3,673
673,445
Cognex
Corp.
4,781
432,250
Coherent,
Inc.
*
623
153,221
Corning,
Inc.
20,635
863,781
CTS
Corp.
1,067
37,334
Daktronics,
Inc.
*
1,250
7,637
Enovix
Corp.
*
23
380
ePlus,
Inc.
*
76
7,027
Fabrinet
*
851
80,437
FARO
Technologies,
Inc.
*
612
44,609
Identiv,
Inc.
*
21
342
II-VI,
Inc.
*
2,562
178,853
Insight
Enterprises,
Inc.
*
889
89,238
IPG
Photonics
Corp.
*
989
215,760
Iteris,
Inc.
*
1,301
8,105
Itron,
Inc.
*
1,130
111,441
Jabil,
Inc.
3,357
199,876
Keysight
Technologies,
Inc.
*
4,886
803,991
Kimball
Electronics,
Inc.
*
860
17,535
Knowles
Corp.
*
2,666
53,427
Littelfuse,
Inc.
641
170,500
44
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Multi-Cap
Portfolio
Common
Stocks
Shares
Value
($)
Electronic
Equipment,
Instruments
&
Components
Luna
Innovations,
Inc.
*
826
10,185
Methode
Electronics,
Inc.
1,294
61,892
MicroVision,
Inc.
*
4,633
63,796
Napco
Security
Technologies,
Inc.
*
427
15,094
National
Instruments
Corp.
3,458
152,532
nLight,
Inc.
*
1,191
41,316
Novanta,
Inc.
*
831
116,681
OSI
Systems,
Inc.
*
306
30,615
Ouster,
Inc.
*
114
1,048
PAR
Technology
Corp.
*
563
34,371
PC
Connection,
Inc.
399
18,976
Plexus
Corp.
*
541
48,863
Powerfleet,
Inc.
*
33
225
Rogers
Corp.
*
422
80,433
Sanmina
Corp.
*
1,316
50,561
ScanSource,
Inc.
*
26
717
SYNNEX
Corp.
961
114,878
TE
Connectivity
Ltd.
336
49,550
Trimble,
Inc.
*
6,902
590,121
TTM
Technologies,
Inc.
*
1,509
21,111
Velodyne
Lidar,
Inc.
*(d)
3,012
24,126
Vishay
Intertechnology,
Inc.
3,089
68,360
Vishay
Precision
Group,
Inc.
*
414
15,041
Vontier
Corp.
3,929
127,103
Zebra
Technologies
Corp.,
Class A
*
1,451
801,648
8,338,630
Energy
Equipment
&
Services
0.1%
Archrock,
Inc.
4,068
35,025
Aspen
Aerogels,
Inc.
*
591
22,251
Baker
Hughes
Co.
19,465
413,437
Bristow
Group,
Inc.
*
246
6,391
Cactus,
Inc.,
Class A
1,725
62,169
ChampionX
Corp.
*
5,686
132,143
Core
Laboratories
NV
47
1,568
DMC
Global,
Inc.
*
514
22,498
Dril-Quip,
Inc.
*
235
6,716
Frank's
International
NV
*
5,157
14,182
FTS
International,
Inc.,
Class A
*
12
235
Halliburton
Co.
22,397
463,170
Helix
Energy
Solutions
Group,
Inc.
*
5,097
21,153
Helmerich
&
Payne,
Inc.
2,566
73,567
Liberty
Oilfield
Services,
Inc.,
Class A
*
2,245
22,877
Nabors
Industries
Ltd.
*
57
4,988
National
Energy
Services
Reunited
Corp.
*
729
9,404
Newpark
Resources,
Inc.
*
2,910
9,399
NexTier
Oilfield
Solutions,
Inc.
*
5,723
21,862
NOV,
Inc.
*
11,573
159,823
Oceaneering
International,
Inc.
*
1,542
20,447
Oil
States
International,
Inc.
*
1,961
11,099
Patterson-UTI
Energy,
Inc.
2,472
19,825
ProPetro
Holding
Corp.
*
2,757
20,815
Common
Stocks
Shares
Value
($)
Energy
Equipment
&
Services
RPC,
Inc.
*
2,137
8,975
Schlumberger
NV
38,151
1,099,893
Select
Energy
Services,
Inc.,
Class A
*
2,252
13,399
Solaris
Oilfield
Infrastructure,
Inc.,
Class A
1,028
8,944
TETRA
Technologies,
Inc.
*
122
377
Tidewater,
Inc.
*
412
4,664
Transocean
Ltd.
*
593
2,141
US
Silica
Holdings,
Inc.
*
2,510
25,351
2,738,788
Entertainment
1.0%
Activision
Blizzard,
Inc.
20,396
1,705,514
AMC
Entertainment
Holdings,
Inc.,
Class A
*(d)
10,311
381,713
Cinemark
Holdings,
Inc.
*
1,862
28,917
CuriosityStream,
Inc.
*
28
308
Electronic
Arts,
Inc.
7,817
1,125,335
Eros
STX
Global
Corp.
*
3,061
3,337
IMAX
Corp.
*
1,679
27,099
Liberty
Media
Corp.-Liberty
Braves,
Class C
*
1,189
31,449
Liberty
Media
Corp.-Liberty
Formula
One,
Class A
*
869
36,029
Liberty
Media
Corp-Liberty
Braves,
Class A
*
313
8,307
Liberty
Media
Corp-Liberty
Formula
One,
Class C
*
4,902
230,051
Lions
Gate
Entertainment
Corp.,
Class A
*
5,633
78,447
Live
Nation
Entertainment,
Inc.
*
3,793
299,230
LiveXLive
Media,
Inc.
*
899
3,182
Madison
Square
Garden
Entertainment
Corp.
*
832
58,207
Madison
Square
Garden
Sports
Corp.,
Class A
*
642
104,479
Marcus
Corp.
(The)
*
746
11,988
Netflix,
Inc.
*
11,837
6,126,476
Playtika
Holding
Corp.
*
1,836
40,814
ROBLOX
Corp.,
Class A
*
231
17,782
Roku,
Inc.
*
3,030
1,297,779
Sciplay
Corp.,
Class A
*
23
370
Skillz,
Inc.
*(d)
7,778
109,514
Spotify
Technology
SA
*
3,476
794,857
Take-Two
Interactive
Software,
Inc.
*
3,112
539,683
Walt
Disney
Co.
(The)
*
53,834
9,475,861
Warner
Music
Group
Corp.,
Class A
90
3,401
World
Wrestling
Entertainment,
Inc.,
Class A
33,638
1,661,044
Zynga,
Inc.,
Class A
*
27,357
276,306
24,477,479
Equity
Real
Estate
Investment
Trusts
(REITs)
1.7%
Acadia
Realty
Trust
1,188
25,423
Agree
Realty
Corp.
1,723
129,483
Alexander
&
Baldwin,
Inc.
2,408
48,208
Nationwide
Multi-Cap
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
45
Common
Stocks
Shares
Value
($)
Equity
Real
Estate
Investment
Trusts
(REITs)
Alexander's,
Inc.
71
19,798
Alexandria
Real
Estate
Equities,
Inc.
3,772
759,454
American
Assets
Trust,
Inc.
1,701
62,818
American
Campus
Communities,
Inc.
3,890
195,706
American
Finance
Trust,
Inc.
3,710
31,424
American
Homes
4
Rent,
Class A
7,682
322,644
American
Tower
Corp.
11,955
3,380,874
Americold
Realty
Trust
6,334
246,076
Apartment
Income
REIT
Corp.
3,988
209,928
Apartment
Investment
and
Management
Co.,
Class A
3,987
27,749
Apple
Hospitality
REIT,
Inc.
4,911
73,419
Armada
Hoffler
Properties,
Inc.
59
767
AvalonBay
Communities,
Inc.
4,148
945,039
Bluerock
Residential
Growth
REIT,
Inc.
28
358
Boston
Properties,
Inc.
4,275
501,799
Brandywine
Realty
Trust
2,839
39,632
Brixmor
Property
Group,
Inc.
8,403
193,437
Broadstone
Net
Lease,
Inc.
3,699
96,248
BRT
Apartments
Corp.
281
4,937
Camden
Property
Trust
2,563
382,887
CareTrust
REIT,
Inc.
346
8,345
CatchMark
Timber
Trust,
Inc.,
Class A
1,671
19,534
Centerspace
395
35,550
Chatham
Lodging
Trust
*
1,670
20,508
City
Office
REIT,
Inc.
1,492
19,202
Clipper
Realty,
Inc.
525
4,368
Columbia
Property
Trust,
Inc.
4,008
66,813
Community
Healthcare
Trust,
Inc.
741
36,924
CorePoint
Lodging,
Inc.
*
1,398
18,789
CoreSite
Realty
Corp.
1,052
145,397
Corporate
Office
Properties
Trust
3,691
108,663
Cousins
Properties,
Inc.
3,952
156,973
Crown
Castle
International
Corp.
12,217
2,358,980
CTO
Realty
Growth,
Inc.
227
12,755
CubeSmart
5,711
283,608
CyrusOne,
Inc.
3,141
223,859
DiamondRock
Hospitality
Co.
*
3,211
27,647
Digital
Realty
Trust,
Inc.
7,463
1,150,496
DigitalBridge
Group,
Inc.
*
15,076
104,929
Diversified
Healthcare
Trust
7,838
30,568
Douglas
Emmett,
Inc.
4,547
151,870
Duke
Realty
Corp.
10,013
509,461
Easterly
Government
Properties,
Inc.
2,638
59,883
EastGroup
Properties,
Inc.
1,083
190,846
Empire
State
Realty
Trust,
Inc.,
Class A
4,396
50,246
EPR
Properties
2,016
101,405
Equinix,
Inc.
2,502
2,052,666
Equity
Commonwealth
2,593
68,170
Common
Stocks
Shares
Value
($)
Equity
Real
Estate
Investment
Trusts
(REITs)
Equity
LifeStyle
Properties,
Inc.
4,696
393,525
Equity
Residential
11,086
932,665
Essential
Properties
Realty
Trust,
Inc.
3,332
99,294
Essex
Property
Trust,
Inc.
1,680
551,208
Extra
Space
Storage,
Inc.
3,505
610,361
Farmland
Partners,
Inc.
898
11,315
Federal
Realty
Investment
Trust
1,974
232,004
First
Industrial
Realty
Trust,
Inc.
3,404
186,471
Four
Corners
Property
Trust,
Inc.
77
2,211
Franklin
Street
Properties
Corp.
3,695
19,288
Gaming
and
Leisure
Properties,
Inc.
5,883
278,501
GEO
Group,
Inc.
(The)
3,667
25,376
Getty
Realty
Corp.
173
5,465
Gladstone
Commercial
Corp.
1,103
25,568
Gladstone
Land
Corp.
550
12,826
Global
Medical
REIT,
Inc.
1,312
20,415
Global
Net
Lease,
Inc.
3,102
57,294
Healthcare
Realty
Trust,
Inc.
2,619
83,494
Healthcare
Trust
of
America,
Inc.,
Class A
5,309
151,784
Healthpeak
Properties,
Inc.
15,210
562,314
Hersha
Hospitality
Trust
*
1,136
10,690
Highwoods
Properties,
Inc.
2,753
131,291
Host
Hotels
&
Resorts,
Inc.
*
18,891
300,934
Hudson
Pacific
Properties,
Inc.
3,336
90,939
Independence
Realty
Trust,
Inc.
3,197
61,638
Indus
Realty
Trust,
Inc.
88
5,944
Industrial
Logistics
Properties
Trust
2,177
58,997
Innovative
Industrial
Properties,
Inc.
714
153,503
Invitation
Homes,
Inc.
14,899
606,091
Iron
Mountain,
Inc.
10,114
442,589
iStar,
Inc.
804
19,481
JBG
SMITH
Properties
3,420
111,595
Kilroy
Realty
Corp.
3,025
209,542
Kimco
Realty
Corp.
11,426
243,717
Kite
Realty
Group
Trust
2,870
57,859
Lamar
Advertising
Co.,
Class A
2,493
265,754
Lexington
Realty
Trust
8,672
114,037
Life
Storage,
Inc.
1,917
224,979
LTC
Properties,
Inc.
1,313
49,697
Macerich
Co.
(The)
4,761
77,604
Mack-Cali
Realty
Corp.
*
2,455
44,190
Medical
Properties
Trust,
Inc.
15,296
321,675
MGM
Growth
Properties
LLC,
Class A
156
5,897
Mid-America
Apartment
Communities,
Inc.
3,498
675,464
46
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Multi-Cap
Portfolio
Common
Stocks
Shares
Value
($)
Equity
Real
Estate
Investment
Trusts
(REITs)
Monmouth
Real
Estate
Investment
Corp.
1,962
37,356
National
Health
Investors,
Inc.
951
64,887
National
Retail
Properties,
Inc.
7,188
351,278
National
Storage
Affiliates
Trust
1,444
78,221
NETSTREIT
Corp.
258
6,695
New
Senior
Investment
Group,
Inc.
2,915
26,876
NexPoint
Residential
Trust,
Inc.
271
15,975
Office
Properties
Income
Trust
1,513
43,847
Omega
Healthcare
Investors,
Inc.
6,410
232,555
One
Liberty
Properties,
Inc.
617
18,874
Outfront
Media,
Inc.
*
3,645
87,079
Paramount
Group,
Inc.
5,553
54,197
Park
Hotels
&
Resorts,
Inc.
*
6,740
124,690
Pebblebrook
Hotel
Trust
3,082
69,314
Physicians
Realty
Trust
4,859
92,078
Piedmont
Office
Realty
Trust,
Inc.,
Class A
2,577
49,015
Plymouth
Industrial
REIT,
Inc.
542
12,509
Postal
Realty
Trust,
Inc.,
Class A
12
231
PotlatchDeltic
Corp.
1,659
86,168
Preferred
Apartment
Communities,
Inc.,
Class A
1,675
17,654
Prologis,
Inc.
19,671
2,518,675
PS
Business
Parks,
Inc.
471
72,379
Public
Storage
4,159
1,299,604
QTS
Realty
Trust,
Inc.,
Class A
1,594
123,870
Rayonier,
Inc.
3,487
131,495
Realty
Income
Corp.
11,697
822,182
Regency
Centers
Corp.
4,526
296,046
Retail
Opportunity
Investments
Corp.
3,934
69,514
Retail
Properties
of
America,
Inc.,
Class A
6,874
86,681
Retail
Value,
Inc.
652
15,935
Rexford
Industrial
Realty,
Inc.
3,857
237,283
RLJ
Lodging
Trust
3,634
52,148
RPT
Realty
2,593
33,035
Ryman
Hospitality
Properties,
Inc.
*
1,229
94,264
Sabra
Health
Care
REIT,
Inc.
5,062
94,103
Safehold,
Inc.
556
50,218
Saul
Centers,
Inc.
416
18,970
SBA
Communications
Corp.
3,256
1,110,263
Seritage
Growth
Properties,
Class A
*
1,160
18,409
Service
Properties
Trust
574
6,389
Simon
Property
Group,
Inc.
8,719
1,103,128
SITE
Centers
Corp.
5,063
80,299
SL
Green
Realty
Corp.
1,977
147,207
Spirit
Realty
Capital,
Inc.
2,831
142,173
STAG
Industrial,
Inc.
4,058
167,677
STORE
Capital
Corp.
9,951
360,127
Summit
Hotel
Properties,
Inc.
*
2,816
25,372
Common
Stocks
Shares
Value
($)
Equity
Real
Estate
Investment
Trusts
(REITs)
Sun
Communities,
Inc.
2,811
551,265
Sunstone
Hotel
Investors,
Inc.
*
4,893
56,465
Tanger
Factory
Outlet
Centers,
Inc.
3,110
53,399
Terreno
Realty
Corp.
1,753
119,835
UDR,
Inc.
7,367
405,111
UMH
Properties,
Inc.
1,044
24,304
Uniti
Group,
Inc.
5,994
70,190
Universal
Health
Realty
Income
Trust
435
25,991
Urban
Edge
Properties
4,107
78,033
Urstadt
Biddle
Properties,
Inc.,
Class A
1,101
20,996
Ventas,
Inc.
10,205
610,055
VEREIT,
Inc.
6,108
299,109
VICI
Properties,
Inc.
14,627
456,216
Vornado
Realty
Trust
5,079
220,936
Washington
REIT
2,802
68,061
Weingarten
Realty
Investors
2,991
96,280
Welltower,
Inc.
11,082
962,582
Weyerhaeuser
Co.
19,546
659,287
Whitestone
REIT
1,369
12,116
WP
Carey,
Inc.
4,874
393,283
Xenia
Hotels
&
Resorts,
Inc.
*
2,346
41,477
40,133,985
Food
&
Staples
Retailing
0.6%
Albertsons
Cos.,
Inc.,
Class A
(d)
9,414
203,342
Andersons,
Inc.
(The)
1,085
28,969
BJ's
Wholesale
Club
Holdings,
Inc.
*
3,709
187,824
Casey's
General
Stores,
Inc.
917
181,300
Chefs'
Warehouse,
Inc.
(The)
*
854
24,698
Costco
Wholesale
Corp.
11,761
5,053,937
Grocery
Outlet
Holding
Corp.
*
1,818
60,212
HF
Foods
Group,
Inc.
*
1,315
6,799
Ingles
Markets,
Inc.,
Class A
500
29,880
Kroger
Co.
(The)
19,555
795,889
Natural
Grocers
by
Vitamin
Cottage,
Inc.
296
3,309
Performance
Food
Group
Co.
*
3,822
175,124
PriceSmart,
Inc.
473
42,447
Rite
Aid
Corp.
*
1,867
28,378
SpartanNash
Co.
1,186
23,068
Sprouts
Farmers
Market,
Inc.
*
2,719
66,833
Sysco
Corp.
13,290
986,118
United
Natural
Foods,
Inc.
*
1,596
52,860
US
Foods
Holding
Corp.
*
5,760
197,798
Village
Super
Market,
Inc.,
Class A
257
5,795
Walgreens
Boots
Alliance,
Inc.
19,220
906,223
Walmart,
Inc.
38,139
5,436,714
Weis
Markets,
Inc.
344
18,112
14,515,629
Food
Products
0.5%
AppHarvest,
Inc.
*(d)
2,087
24,877
Nationwide
Multi-Cap
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
47
Common
Stocks
Shares
Value
($)
Food
Products
Archer-Daniels-Midland
Co.
15,247
910,551
B&G
Foods,
Inc.
(d)
1,992
57,210
Beyond
Meat,
Inc.
*(d)
1,465
179,756
Bunge
Ltd.
3,666
284,592
Calavo
Growers,
Inc.
573
32,283
Cal-Maine
Foods,
Inc.
1,080
37,681
Campbell
Soup
Co.
5,527
241,640
Conagra
Brands,
Inc.
12,110
405,564
Darling
Ingredients,
Inc.
*
4,258
294,100
Flowers
Foods,
Inc.
5,144
121,193
Fresh
Del
Monte
Produce,
Inc.
1,029
31,755
Freshpet,
Inc.
*
1,114
163,145
General
Mills,
Inc.
17,810
1,048,297
Hain
Celestial
Group,
Inc.
(The)
*
1,974
78,782
Hershey
Co.
(The)
3,857
689,940
Hormel
Foods
Corp.
7,920
367,330
Hostess
Brands,
Inc.
*
4,101
65,985
Ingredion,
Inc.
(d)
1,689
148,311
J
&
J
Snack
Foods
Corp.
524
86,135
J
M
Smucker
Co.
(The)
3,565
467,407
John
B
Sanfilippo
&
Son,
Inc.
307
28,355
Kellogg
Co.
6,242
395,493
Kraft
Heinz
Co.
(The)
17,876
687,690
Lamb
Weston
Holdings,
Inc.
3,759
250,988
Lancaster
Colony
Corp.
461
91,218
Landec
Corp.
*
827
9,047
Limoneira
Co.
709
12,698
McCormick
&
Co.,
Inc.
(Non-Voting)
6,553
551,566
Mission
Produce,
Inc.
*
1,620
31,379
Mondelez
International,
Inc.,
Class A
36,599
2,315,253
Pilgrim's
Pride
Corp.
*
498
11,031
Post
Holdings,
Inc.
*
1,568
160,469
Sanderson
Farms,
Inc.
457
85,386
Seaboard
Corp.
2
8,220
Seneca
Foods
Corp.,
Class A
*
211
11,550
Simply
Good
Foods
Co.
(The)
*
1,915
71,774
Tattooed
Chef,
Inc.
*(d)
1,723
33,978
Tootsie
Roll
Industries,
Inc.
567
19,499
TreeHouse
Foods,
Inc.
*
1,110
49,284
Tyson
Foods,
Inc.,
Class A
9,371
669,652
Utz
Brands,
Inc.
1,797
40,684
Vital
Farms,
Inc.
*
18
313
Whole
Earth
Brands,
Inc.
*
38
489
11,272,550
Gas
Utilities
0.1%
Atmos
Energy
Corp.
3,397
334,910
Brookfield
Infrastructure
Corp.,
Class A
(d)
1,094
70,847
Chesapeake
Utilities
Corp.
588
73,259
National
Fuel
Gas
Co.
2,062
106,049
New
Jersey
Resources
Corp.
2,134
82,202
Northwest
Natural
Holding
Co.
1,019
53,284
ONE
Gas,
Inc.
1,314
96,947
South
Jersey
Industries,
Inc.
3,163
79,613
Southwest
Gas
Holdings,
Inc.
1,288
90,070
Common
Stocks
Shares
Value
($)
Gas
Utilities
Spire,
Inc.
1,276
90,532
Star
Group
LP
36
424
UGI
Corp.
5,508
253,313
1,331,450
Health
Care
Equipment
&
Supplies
1.8%
Abbott
Laboratories
46,091
5,576,089
ABIOMED,
Inc.
*
1,560
510,338
Accelerate
Diagnostics,
Inc.
*
1,011
7,542
Accuray,
Inc.
*
3,496
14,334
Acutus
Medical,
Inc.
*
1,138
17,525
Align
Technology,
Inc.
*
2,087
1,452,135
Alphatec
Holdings,
Inc.
*
1,313
19,354
AngioDynamics,
Inc.
*
1,278
34,033
Apyx
Medical
Corp.
*
964
8,676
Asensus
Surgical,
Inc.
*
459
1,074
Aspira
Women's
Health,
Inc.
*
1,520
6,810
AtriCure,
Inc.
*
1,317
111,234
Atrion
Corp.
20
12,579
Avanos
Medical,
Inc.
*
849
32,211
Axogen,
Inc.
*
1,173
23,894
Axonics,
Inc.
*
950
64,553
Baxter
International,
Inc.
13,256
1,025,352
Becton
Dickinson
and
Co.
7,560
1,933,470
BioLife
Solutions,
Inc.
*
273
12,804
Boston
Scientific
Corp.
*
37,872
1,726,963
Butterfly
Network,
Inc.
*
144
1,547
Cardiovascular
Systems,
Inc.
*
1,210
48,751
Cerus
Corp.
*
5,304
26,732
ClearPoint
Neuro,
Inc.
*
17
378
Co-Diagnostics,
Inc.
*
29
293
CONMED
Corp.
871
120,146
Cooper
Cos.,
Inc.
(The)
1,194
503,593
CryoLife,
Inc.
*
1,237
33,399
CryoPort,
Inc.
*
1,108
68,386
Cutera,
Inc.
*
582
30,235
CytoSorbents
Corp.
*
1,272
9,680
Danaher
Corp.
16,806
4,999,617
Dentsply
Sirona,
Inc.
5,962
393,730
DexCom,
Inc.
*
2,535
1,306,818
Eargo,
Inc.
*
145
5,220
Edwards
Lifesciences
Corp.
*
16,327
1,833,032
Envista
Holdings
Corp.
*
4,453
191,835
Figs,
Inc.,
Class A
*
352
12,813
Glaukos
Corp.
*
1,358
69,258
Globus
Medical,
Inc.,
Class A
*
2,041
169,750
Haemonetics
Corp.
*
1,355
82,370
Heska
Corp.
*
249
59,934
Hill-Rom
Holdings,
Inc.
1,573
217,798
Hologic,
Inc.
*
6,511
488,585
ICU
Medical,
Inc.
*
540
109,777
IDEXX
Laboratories,
Inc.
*
2,228
1,511,765
Inari
Medical,
Inc.
*
900
80,811
Inogen,
Inc.
*
629
50,175
Insulet
Corp.
*
1,835
513,231
Integer
Holdings
Corp.
*
719
70,383
Integra
LifeSciences
Holdings
Corp.
*
1,918
138,844
Intersect
ENT,
Inc.
*
1,058
24,704
Intuitive
Surgical,
Inc.
*
3,149
3,122,108
48
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Multi-Cap
Portfolio
Common
Stocks
Shares
Value
($)
Health
Care
Equipment
&
Supplies
Invacare
Corp.
*
1,438
10,397
iRadimed
Corp.
*
168
5,655
iRhythm
Technologies,
Inc.
*
818
41,816
Lantheus
Holdings,
Inc.
*
975
25,516
LeMaitre
Vascular,
Inc.
594
32,349
LivaNova
plc
*
1,188
102,524
Masimo
Corp.
*
1,298
353,562
Medtronic
plc
36,075
4,737,008
Meridian
Bioscience,
Inc.
*
1,448
29,684
Merit
Medical
Systems,
Inc.
*
1,313
92,028
Mesa
Laboratories,
Inc.
50
14,726
Misonix,
Inc.
*
484
12,845
Natus
Medical,
Inc.
*
1,095
29,236
Neogen
Corp.
*
2,596
113,082
Neuronetics,
Inc.
*
23
305
Nevro
Corp.
*
881
136,555
Novocure
Ltd.
*
2,673
411,669
NuVasive,
Inc.
*
1,546
98,867
OraSure
Technologies,
Inc.
*
2,166
25,537
Ortho
Clinical
Diagnostics
Holdings
plc
*
2,150
48,310
Orthofix
Medical,
Inc.
*
624
24,798
OrthoPediatrics
Corp.
*
416
26,141
Outset
Medical,
Inc.
*
1,377
56,402
PAVmed,
Inc.
*
1,349
9,268
Penumbra,
Inc.
*
943
251,055
Pulmonx
Corp.
*
893
35,416
Pulse
Biosciences,
Inc.
*
387
7,934
Quidel
Corp.
*(d)
1,024
144,865
Quotient
Ltd.
*
2,268
7,734
ResMed,
Inc.
3,810
1,035,558
Retractable
Technologies,
Inc.
*
422
4,967
SeaSpine
Holdings
Corp.
*
755
14,790
Senseonics
Holdings,
Inc.
*(d)
10,972
33,684
Shockwave
Medical,
Inc.
*
892
162,344
SI-BONE,
Inc.
*
913
27,700
Sientra,
Inc.
*
1,267
10,453
Sight
Sciences,
Inc.
*
332
12,274
Silk
Road
Medical,
Inc.
*
761
38,187
SmileDirectClub,
Inc.
*
103
727
Soliton,
Inc.
*
233
5,110
STAAR
Surgical
Co.
*
1,258
160,923
Stereotaxis,
Inc.
*
1,480
13,483
STERIS
plc
2,591
564,708
Stryker
Corp.
9,131
2,473,953
Surmodics,
Inc.
*
470
25,902
Tactile
Systems
Technology,
Inc.
*
606
29,682
Tandem
Diabetes
Care,
Inc.
*
1,571
170,721
Teleflex,
Inc.
1,265
502,749
TransMedics
Group,
Inc.
*
741
21,133
Utah
Medical
Products,
Inc.
134
11,980
Vapotherm,
Inc.
*
575
14,870
Varex
Imaging
Corp.
*
1,308
35,708
ViewRay,
Inc.
*
3,734
24,794
West
Pharmaceutical
Services,
Inc.
2,008
826,754
Zimmer
Biomet
Holdings,
Inc.
5,639
921,525
Common
Stocks
Shares
Value
($)
Health
Care
Equipment
&
Supplies
Zynex,
Inc.
*
632
8,778
42,925,409
Health
Care
Providers
&
Services
1.2%
1Life
Healthcare,
Inc.
*
3,500
94,640
Acadia
Healthcare
Co.,
Inc.
*(d)
2,379
146,832
Accolade,
Inc.
*
1,491
69,794
AdaptHealth
Corp.
*
1,912
42,810
Addus
HomeCare
Corp.
*
463
40,184
agilon
health,
Inc.
*
1,578
58,055
Alignment
Healthcare,
Inc.
*
31
646
Amedisys,
Inc.
*
887
231,170
AmerisourceBergen
Corp.
3,930
480,128
AMN
Healthcare
Services,
Inc.
*
1,200
120,672
Anthem,
Inc.
6,480
2,488,385
Apollo
Medical
Holdings,
Inc.
*(d)
1,000
88,370
Apria,
Inc.
*
9
284
ATI
Physical
Therapy,
Inc.
*
44
150
Brookdale
Senior
Living,
Inc.
*
6,661
50,091
Cano
Health,
Inc.
*
53
570
Cardinal
Health,
Inc.
7,960
472,665
Castle
Biosciences,
Inc.
*
756
52,807
Centene
Corp.
*
15,319
1,051,037
Chemed
Corp.
412
196,120
Cigna
Corp.
9,117
2,092,260
Clover
Health
Investments
Corp.
*
148
1,194
Community
Health
Systems,
Inc.
*
2,367
31,528
CorVel
Corp.
*
316
44,499
Covetrus,
Inc.
*
3,209
81,701
Cross
Country
Healthcare,
Inc.
*
1,350
22,167
CVS
Health
Corp.
35,046
2,886,389
DaVita,
Inc.
*
1,768
212,602
Encompass
Health
Corp.
2,883
240,010
Ensign
Group,
Inc.
(The)
1,275
108,464
Exagen,
Inc.
*
171
2,038
Five
Star
Senior
Living,
Inc.
*
837
4,754
Fulgent
Genetics,
Inc.
*(d)
670
61,808
Guardant
Health,
Inc.
*
2,544
279,331
Hanger,
Inc.
*
1,349
33,104
HCA
Healthcare,
Inc.
6,739
1,672,620
HealthEquity,
Inc.
*
2,337
172,891
Henry
Schein,
Inc.
*
3,814
305,692
Hims
&
Hers
Health,
Inc.
*
106
838
Humana,
Inc.
3,420
1,456,441
InfuSystem
Holdings,
Inc.
*
508
9,271
Innovage
Holding
Corp.
*
19
320
Joint
Corp.
(The)
*
109
8,610
Laboratory
Corp.
of
America
Holdings
*
2,665
789,240
LHC
Group,
Inc.
*
839
180,536
LifeStance
Health
Group,
Inc.
*
915
21,686
Magellan
Health,
Inc.
*
47
4,433
McKesson
Corp.
4,355
887,680
Nationwide
Multi-Cap
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
49
Common
Stocks
Shares
Value
($)
Health
Care
Providers
&
Services
MEDNAX,
Inc.
*
2,035
59,259
ModivCare,
Inc.
*
411
69,870
Molina
Healthcare,
Inc.
*
1,435
391,769
National
HealthCare
Corp.
425
33,001
National
Research
Corp.
466
24,596
Oak
Street
Health,
Inc.
*
2,682
169,073
Ontrak,
Inc.
*
239
6,455
Option
Care
Health,
Inc.
*
2,809
58,203
Owens
&
Minor,
Inc.
1,920
88,800
Patterson
Cos.,
Inc.
1,911
59,489
Pennant
Group,
Inc.
(The)
*
896
30,661
PetIQ,
Inc.
*
637
22,524
Premier,
Inc.,
Class A
2,825
100,683
Privia
Health
Group,
Inc.
*
1,808
75,032
Progyny,
Inc.
*
1,794
99,908
Quest
Diagnostics,
Inc.
3,379
479,142
R1
RCM,
Inc.
*
3,557
76,155
RadNet,
Inc.
*
1,486
54,596
Select
Medical
Holdings
Corp.
2,712
106,988
Sharps
Compliance
Corp.
*
517
5,160
Signify
Health,
Inc.,
Class A
*
695
18,292
SOC
Telemed,
Inc.
*
44
202
Surgery
Partners,
Inc.
*
649
35,409
Talkspace,
Inc.
*
33
195
Tenet
Healthcare
Corp.
*
2,807
201,655
Tivity
Health,
Inc.
*
1,417
35,538
Triple-S
Management
Corp.,
Class B
*
780
18,977
UnitedHealth
Group,
Inc.
25,022
10,314,569
Universal
Health
Services,
Inc.,
Class B
1,892
303,496
US
Physical
Therapy,
Inc.
152
17,960
Viemed
Healthcare,
Inc.
*
936
6,515
30,261,689
Health
Care
Technology
0.1%
Allscripts
Healthcare
Solutions,
Inc.
*
3,484
59,507
American
Well
Corp.,
Class A
*
5,242
61,069
Cerner
Corp.
7,880
633,473
Certara,
Inc.
*
1,187
32,298
Change
Healthcare,
Inc.
*
7,006
152,100
Computer
Programs
&
Systems,
Inc.
460
14,522
Doximity,
Inc.,
Class A
*
539
33,364
Evolent
Health,
Inc.,
Class A
*
2,486
57,029
GoodRx
Holdings,
Inc.,
Class A
*
55
1,764
Health
Catalyst,
Inc.
*
1,397
81,110
HealthStream,
Inc.
*
893
26,085
iCAD,
Inc.
*
670
9,822
Inovalon
Holdings,
Inc.,
Class A
*
1,450
54,926
Inspire
Medical
Systems,
Inc.
*
731
133,890
Multiplan
Corp.
*(d)
9,989
80,411
NantHealth,
Inc.
*
841
1,682
NextGen
Healthcare,
Inc.
*
1,862
30,202
Omnicell,
Inc.
*
1,175
172,138
OptimizeRx
Corp.
*
379
20,947
Phreesia,
Inc.
*
972
66,436
Common
Stocks
Shares
Value
($)
Health
Care
Technology
Schrodinger,
Inc.
*
1,224
82,828
Sema4
Holdings
Corp.
*
45
508
Simulations
Plus,
Inc.
454
21,424
Tabula
Rasa
HealthCare,
Inc.
*
277
11,900
Teladoc
Health,
Inc.
*(d)
3,930
583,409
Veeva
Systems,
Inc.,
Class A
*
3,633
1,208,735
Vocera
Communications,
Inc.
*
956
40,114
3,671,693
Hotels,
Restaurants
&
Leisure
1.1%
Accel
Entertainment,
Inc.
*
1,179
13,040
Airbnb,
Inc.,
Class A
*
75
10,801
Aramark
6,500
228,345
Bally's
Corp.
*
676
33,293
Biglari
Holdings,
Inc.,
Class B
*
38
6,249
BJ's
Restaurants,
Inc.
*
590
23,942
Bloomin'
Brands,
Inc.
*
2,877
72,299
Bluegreen
Vacations
Holding
Corp.
*
120
2,077
Booking
Holdings,
Inc.
*
1,086
2,365,590
Boyd
Gaming
Corp.
*
2,251
128,307
Brinker
International,
Inc.
*
987
53,634
Caesars
Entertainment,
Inc.
*
8,108
708,315
Carnival
Corp.
*
39,181
848,269
Carrols
Restaurant
Group,
Inc.
*
1,522
7,473
Century
Casinos,
Inc.
*
1,334
14,954
Cheesecake
Factory,
Inc.
(The)
*
804
36,389
Chipotle
Mexican
Grill,
Inc.
*
810
1,509,386
Choice
Hotels
International,
Inc.
750
89,925
Churchill
Downs,
Inc.
907
168,521
Chuy's
Holdings,
Inc.
*
630
20,790
Cracker
Barrel
Old
Country
Store,
Inc.
672
91,513
Darden
Restaurants,
Inc.
3,531
515,102
Dave
&
Buster's
Entertainment,
Inc.
*
776
25,825
Del
Taco
Restaurants,
Inc.
1,094
9,310
Denny's
Corp.
*
1,871
26,325
Dine
Brands
Global,
Inc.
*
531
41,137
Domino's
Pizza,
Inc.
998
524,439
DraftKings,
Inc.,
Class A
*
8,230
399,155
Drive
Shack,
Inc.
*
82
207
El
Pollo
Loco
Holdings,
Inc.
*
573
10,664
Everi
Holdings,
Inc.
*
2,596
58,903
Expedia
Group,
Inc.
*
3,805
612,110
Fiesta
Restaurant
Group,
Inc.
*
865
11,582
Full
House
Resorts,
Inc.
*
32
265
GAN
Ltd.
*
238
3,641
Golden
Entertainment,
Inc.
*
530
24,120
Golden
Nugget
Online
Gaming,
Inc.
*
43
493
Hilton
Grand
Vacations,
Inc.
*
2,156
87,685
Hilton
Worldwide
Holdings,
Inc.
*
7,052
926,985
Hyatt
Hotels
Corp.,
Class A
*
1,158
92,490
50
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Multi-Cap
Portfolio
Common
Stocks
Shares
Value
($)
Hotels,
Restaurants
&
Leisure
International
Game
Technology
plc
*
1,840
34,500
Jack
in
the
Box,
Inc.
437
47,572
Kura
Sushi
USA,
Inc.,
Class A
*
134
6,515
Las
Vegas
Sands
Corp.
*
20,469
866,862
Lindblad
Expeditions
Holdings,
Inc.
*
853
11,678
Marriott
International,
Inc.,
Class A
*
7,013
1,023,758
Marriott
Vacations
Worldwide
Corp.
*
1,013
149,286
McDonald's
Corp.
19,695
4,780,173
MGM
Resorts
International
24,722
927,817
Monarch
Casino
&
Resort,
Inc.
*
429
27,392
Nathan's
Famous,
Inc.
88
5,654
Noodles
&
Co.
*
1,064
12,704
Norwegian
Cruise
Line
Holdings
Ltd.
*(d)
38,602
927,606
Papa
John's
International,
Inc.
716
81,710
Penn
National
Gaming,
Inc.
*
4,233
289,453
Planet
Fitness,
Inc.,
Class A
*
2,179
163,926
Playa
Hotels
&
Resorts
NV
*
118
789
PlayAGS,
Inc.
*
1,088
8,443
RCI
Hospitality
Holdings,
Inc.
370
23,221
Red
Robin
Gourmet
Burgers,
Inc.
*
441
11,567
Red
Rock
Resorts,
Inc.,
Class A
*
1,351
53,229
Royal
Caribbean
Cruises
Ltd.
*
5,885
452,380
Rush
Street
Interactive,
Inc.
*
45
443
Ruth's
Hospitality
Group,
Inc.
*
989
19,750
Scientific
Games
Corp.
*
2,560
157,978
SeaWorld
Entertainment,
Inc.
*
1,151
54,569
Shake
Shack,
Inc.,
Class A
*
891
89,581
Six
Flags
Entertainment
Corp.
*
1,913
79,485
Starbucks
Corp.
31,378
3,810,231
Target
Hospitality
Corp.
*
1,611
5,767
Texas
Roadhouse,
Inc.
1,845
170,054
Travel
+
Leisure
Co.
2,403
124,475
Vail
Resorts,
Inc.
*
1,432
437,046
Wendy's
Co.
(The)
4,375
101,544
Wingstop,
Inc.
733
125,570
Wyndham
Hotels
&
Resorts,
Inc.
2,583
186,131
Wynn
Resorts
Ltd.
*
2,838
279,061
Yum
China
Holdings,
Inc.
10,664
663,194
Yum!
Brands,
Inc.
7,597
998,170
27,012,834
Household
Durables
0.3%
Aterian,
Inc.
*
17
154
Bassett
Furniture
Industries,
Inc.
9
205
Beazer
Homes
USA,
Inc.
*
844
15,411
Casper
Sleep,
Inc.
*
223
1,541
Cavco
Industries,
Inc.
*
304
71,440
Century
Communities,
Inc.
494
34,308
Common
Stocks
Shares
Value
($)
Household
Durables
Cricut,
Inc.,
Class A
*
16
546
DR
Horton,
Inc.
9,190
877,002
Dream
Finders
Homes,
Inc.,
Class A
*
18
417
Ethan
Allen
Interiors,
Inc.
825
19,610
Flexsteel
Industries,
Inc.
6
207
Garmin
Ltd.
3,942
619,682
GoPro,
Inc.,
Class A
*
4,489
45,967
Green
Brick
Partners,
Inc.
*
683
17,123
Hamilton
Beach
Brands
Holding
Co.,
Class A
183
3,420
Helen
of
Troy
Ltd.
*
666
148,778
Hooker
Furniture
Corp.
326
10,820
Hovnanian
Enterprises,
Inc.,
Class A
*
815
85,078
Installed
Building
Products,
Inc.
729
87,480
iRobot
Corp.
*
582
50,925
KB
Home
2,290
97,188
La-Z-Boy,
Inc.
1,593
53,493
Legacy
Housing
Corp.
*
282
4,974
Leggett
&
Platt,
Inc.
3,682
176,846
Lennar
Corp.,
Class A
7,562
786,722
LGI
Homes,
Inc.
*
538
91,944
Lifetime
Brands,
Inc.
325
4,898
Lovesac
Co.
(The)
*
248
15,054
M/I
Homes,
Inc.
*
965
62,445
MDC
Holdings,
Inc.
1,243
66,277
Meritage
Homes
Corp.
*
889
96,528
Mohawk
Industries,
Inc.
*
1,559
303,849
Newell
Brands,
Inc.
10,418
257,846
NVR,
Inc.
*
88
459,589
PulteGroup,
Inc.
9,385
514,955
Purple
Innovation,
Inc.
*
1,683
44,330
Skyline
Champion
Corp.
*
1,123
63,337
Sonos,
Inc.
*
3,475
115,995
Taylor
Morrison
Home
Corp.
*
3,388
90,866
Tempur
Sealy
International,
Inc.
4,419
191,210
Toll
Brothers,
Inc.
2,610
154,695
TopBuild
Corp.
*
898
182,016
Traeger,
Inc.
*
3,047
67,674
TRI
Pointe
Group,
Inc.
*
2,714
65,462
Tupperware
Brands
Corp.
*
1,754
36,641
Universal
Electronics,
Inc.
*
461
21,547
VOXX
International
Corp.
*
546
6,235
Vuzix
Corp.
*
1,989
29,437
Whirlpool
Corp.
1,563
346,267
6,498,434
Household
Products
0.6%
Central
Garden
&
Pet
Co.
*
1,014
45,196
Church
&
Dwight
Co.,
Inc.
6,674
577,835
Clorox
Co.
(The)
3,838
694,256
Colgate-Palmolive
Co.
22,073
1,754,803
Energizer
Holdings,
Inc.
2,035
87,200
Kimberly-Clark
Corp.
8,708
1,181,850
Oil-Dri
Corp.
of
America
175
6,225
Procter
&
Gamble
Co.
(The)
64,560
9,182,369
Nationwide
Multi-Cap
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
51
Common
Stocks
Shares
Value
($)
Household
Products
Reynolds
Consumer
Products,
Inc.
1,646
46,829
Spectrum
Brands
Holdings,
Inc.
1,109
96,871
WD-40
Co.
349
84,803
13,758,237
Independent
Power
and
Renewable
Electricity
Producers
0.0%
†
AES
Corp.
(The)
18,061
428,046
Brookfield
Renewable
Corp.
2,952
125,283
Clearway
Energy,
Inc.,
Class A
2,632
73,469
NextEra
Energy
Partners
LP
77
5,970
Ormat
Technologies,
Inc.
(d)
981
68,415
Sunnova
Energy
International,
Inc.
*
2,283
86,982
Vistra
Corp.
12,576
240,830
1,028,995
Industrial
Conglomerates
0.5%
3M
Co.
15,259
3,020,366
Carlisle
Cos.,
Inc.
1,305
263,923
General
Electric
Co.
231,748
3,001,137
Honeywell
International,
Inc.
18,405
4,302,905
Raven
Industries,
Inc.
*
1,043
60,755
Roper
Technologies,
Inc.
2,727
1,339,884
11,988,970
Insurance
1.0%
Aflac,
Inc.
18,455
1,015,025
Alleghany
Corp.
*
337
223,465
Allstate
Corp.
(The)
8,881
1,154,974
Ambac
Financial
Group,
Inc.
*
1,593
23,130
American
Equity
Investment
Life
Holding
Co.
939
30,132
American
Financial
Group,
Inc.
1,970
249,185
American
International
Group,
Inc.
23,095
1,093,548
American
National
Group,
Inc.
55
9,074
AMERISAFE,
Inc.
535
30,602
Aon
plc,
Class A
3,156
820,655
Arch
Capital
Group
Ltd.
*
10,168
396,552
Argo
Group
International
Holdings
Ltd.
550
28,671
Arthur
J
Gallagher
&
Co.
5,452
759,518
Assurant,
Inc.
1,404
221,565
Assured
Guaranty
Ltd.
1,979
94,616
Athene
Holding
Ltd.,
Class A
*
3,272
211,437
Axis
Capital
Holdings
Ltd.
2,177
110,744
Brighthouse
Financial,
Inc.
*
2,460
105,928
Brown
&
Brown,
Inc.
6,873
373,891
BRP
Group,
Inc.,
Class A
*
644
17,555
Chubb
Ltd.
11,746
1,982,020
Cincinnati
Financial
Corp.
4,175
492,149
Citizens,
Inc.
*
1,741
9,332
CNA
Financial
Corp.
959
42,206
CNO
Financial
Group,
Inc.
3,434
78,433
Crawford
&
Co.,
Class A
552
5,835
Doma
Holdings,
Inc.
*
35
239
Common
Stocks
Shares
Value
($)
Insurance
Donegal
Group,
Inc.,
Class A
373
5,770
eHealth,
Inc.
*
328
17,059
Employers
Holdings,
Inc.
28
1,163
Enstar
Group
Ltd.
*
234
60,143
Erie
Indemnity
Co.,
Class A
707
130,717
Everest
Re
Group
Ltd.
999
252,577
Fidelity
National
Financial,
Inc.
6,734
300,404
First
American
Financial
Corp.
2,383
160,400
Genworth
Financial,
Inc.,
Class A
*
7,711
25,755
Globe
Life,
Inc.
2,972
276,723
GoHealth,
Inc.,
Class A
*
70
616
Goosehead
Insurance,
Inc.,
Class A
424
50,961
Greenlight
Capital
Re
Ltd.,
Class A
*
1,339
11,783
Hanover
Insurance
Group,
Inc.
(The)
883
120,000
Hartford
Financial
Services
Group,
Inc.
(The)
9,338
594,084
HCI
Group,
Inc.
247
24,819
Heritage
Insurance
Holdings,
Inc.
1,089
7,993
Horace
Mann
Educators
Corp.
575
22,891
Independence
Holding
Co.
140
6,264
Investors
Title
Co.
67
11,158
James
River
Group
Holdings
Ltd.
65
2,365
Kemper
Corp.
1,638
108,124
Kinsale
Capital
Group,
Inc.
492
87,893
Lemonade,
Inc.
*(d)
1,054
91,761
Lincoln
National
Corp.
5,336
328,804
Loews
Corp.
6,025
323,121
Manulife
Financial
Corp.
5,486
106,044
Markel
Corp.
*
376
453,520
Marsh
&
McLennan
Cos.,
Inc.
13,421
1,975,840
MBIA,
Inc.
*
2,536
33,095
Mercury
General
Corp.
619
37,654
MetLife,
Inc.
20,305
1,171,598
MetroMile,
Inc.
*
97
688
National
Western
Life
Group,
Inc.,
Class A
91
18,918
NI
Holdings,
Inc.
*
268
5,298
Old
Republic
International
Corp.
12,632
311,505
Oscar
Health,
Inc.,
Class A
*
38
643
Palomar
Holdings,
Inc.
*
774
63,027
Primerica,
Inc.
1,072
156,748
Principal
Financial
Group,
Inc.
7,596
471,939
ProAssurance
Corp.
328
6,652
Progressive
Corp.
(The)
16,790
1,597,736
ProSight
Global,
Inc.
*
319
4,070
Prudential
Financial,
Inc.
11,146
1,117,721
Reinsurance
Group
of
America,
Inc.
1,796
197,883
RenaissanceRe
Holdings
Ltd.
1,212
185,060
RLI
Corp.
961
104,153
Root,
Inc.,
Class A
*
26
198
Ryan
Specialty
Group
Holdings,
Inc.,
Class A
*
4,354
128,443
52
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Multi-Cap
Portfolio
Common
Stocks
Shares
Value
($)
Insurance
Safety
Insurance
Group,
Inc.
42
3,218
Selective
Insurance
Group,
Inc.
1,529
124,384
Selectquote,
Inc.
*
3,591
63,920
SiriusPoint
Ltd.
*
3,135
30,723
State
Auto
Financial
Corp.
580
29,000
Stewart
Information
Services
Corp.
182
10,740
Tiptree,
Inc.
854
8,207
Travelers
Cos.,
Inc.
(The)
7,503
1,117,347
Trean
Insurance
Group,
Inc.
*
152
2,050
Trupanion,
Inc.
*
399
45,893
United
Fire
Group,
Inc.
766
19,089
United
Insurance
Holdings
Corp.
903
3,955
Universal
Insurance
Holdings,
Inc.
811
11,484
Unum
Group
5,990
164,126
W
R
Berkley
Corp.
3,842
281,119
White
Mountains
Insurance
Group
Ltd.
77
87,131
Willis
Towers
Watson
plc
3,394
699,436
23,454,084
Interactive
Media
&
Services
2.9%
Alphabet,
Inc.,
Class A
*
15,481
41,788,787
Angi,
Inc.
*
67
771
Bumble,
Inc.,
Class A
*
58
2,951
Cargurus,
Inc.
*
1,579
45,159
Cars.com,
Inc.
*
2,434
29,403
Eventbrite,
Inc.,
Class A
*
2,060
36,606
EverQuote,
Inc.,
Class A
*
483
14,577
Facebook,
Inc.,
Class A
*
65,868
23,468,768
fuboTV,
Inc.
*(d)
3,612
94,056
IAC/InterActiveCorp
*
2,049
281,307
Liberty
TripAdvisor
Holdings,
Inc.,
Class A
*
2,670
11,161
Match
Group,
Inc.
*
7,222
1,150,248
MediaAlpha,
Inc.,
Class A
*
332
11,089
Outbrain,
Inc.
*
3,947
77,440
Pinterest,
Inc.,
Class A
*
14,325
843,743
QuinStreet,
Inc.
*
1,606
29,454
Snap,
Inc.,
Class A
*
1,129
84,020
TripAdvisor,
Inc.
*
2,808
106,564
TrueCar,
Inc.
*
3,442
18,105
Twitter,
Inc.
*
20,906
1,458,194
Vimeo,
Inc.
*
3,697
165,626
Yelp,
Inc.
*
1,555
58,157
Zillow
Group,
Inc.,
Class A
*
5,993
638,209
ZoomInfo
Technologies,
Inc.,
Class A
*
100
5,375
70,419,770
Internet
&
Direct
Marketing
Retail
1.7%
1-800-Flowers.com,
Inc.,
Class A
*
1,124
34,282
Amazon.com,
Inc.
*
11,545
38,417,027
CarParts.com,
Inc.
*
711
12,521
Chewy,
Inc.,
Class A
*
76
6,361
ContextLogic,
Inc.,
Class A
*
59
587
Common
Stocks
Shares
Value
($)
Internet
&
Direct
Marketing
Retail
DoorDash,
Inc.,
Class A
*
2,255
393,024
Duluth
Holdings,
Inc.,
Class B
*
409
6,123
eBay,
Inc.
17,856
1,217,958
Etsy,
Inc.
*
3,274
600,812
Groupon,
Inc.
*
895
32,551
Lands'
End,
Inc.
*
375
14,374
Liquidity
Services,
Inc.
*
813
16,130
Original
BARK
Co.
(The)
*
26
209
Overstock.com,
Inc.
*
976
67,969
PetMed
Express,
Inc.
852
26,744
Porch
Group,
Inc.
*
63
1,167
Poshmark,
Inc.,
Class A
*
10
392
PubMatic,
Inc.,
Class A
*
7
208
Quotient
Technology,
Inc.
*
2,869
31,157
Qurate
Retail,
Inc. Series
A,
9,112
108,068
RealReal,
Inc.
(The)
*
2,277
37,593
Revolve
Group,
Inc.
*
955
66,478
Shutterstock,
Inc.
713
77,353
Stamps.com,
Inc.
*
402
131,358
Stitch
Fix,
Inc.,
Class A
*
1,836
98,997
Waitr
Holdings,
Inc.
*
95
162
Wayfair,
Inc.,
Class A
*(d)
1,949
470,411
Xometry,
Inc.,
Class A
*
224
17,734
41,887,750
IT
Services
2.6%
Accenture
plc,
Class A
16,776
5,329,400
Affirm
Holdings,
Inc.
*
30
1,690
Akamai
Technologies,
Inc.
*
4,341
520,573
Alliance
Data
Systems
Corp.
1,247
116,283
Amdocs
Ltd.
3,456
266,492
Automatic
Data
Processing,
Inc.
11,300
2,368,819
BigCommerce
Holdings,
Inc. Series
1,*
1,277
82,698
Brightcove,
Inc.
*
1,385
15,886
Broadridge
Financial
Solutions,
Inc.
2,938
509,714
Cantaloupe,
Inc.
*
2,765
28,590
Cass
Information
Systems,
Inc.
499
22,001
Cognizant
Technology
Solutions
Corp.,
Class A
13,971
1,027,288
Concentrix
Corp.
*
1,024
167,659
Conduent,
Inc.
*
5,794
38,878
CONTRA
BMTECHNOLOGIES
*∞
187
1,876
CSG
Systems
International,
Inc.
284
12,882
DigitalOcean
Holdings,
Inc.
*
19
978
DXC
Technology
Co.
*
6,745
269,665
EPAM
Systems,
Inc.
*
1,471
823,466
Euronet
Worldwide,
Inc.
*
1,436
205,089
EVERTEC,
Inc.
1,237
54,057
Evo
Payments,
Inc.,
Class A
*
1,356
39,595
ExlService
Holdings,
Inc.
*
850
96,237
Fastly,
Inc.,
Class A
*(d)
2,811
135,125
Fidelity
National
Information
Services,
Inc.
16,583
2,471,696
Nationwide
Multi-Cap
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
53
Common
Stocks
Shares
Value
($)
IT
Services
Fiserv,
Inc.
*
15,802
1,818,968
FleetCor
Technologies,
Inc.
*
2,121
547,685
Flywire
Corp.
*
315
10,004
Gartner,
Inc.
*
2,230
590,348
Genpact
Ltd.
4,292
213,784
Global
Payments,
Inc.
7,831
1,514,594
Globant
SA
*
888
212,374
GoDaddy,
Inc.,
Class A
*
4,460
373,971
GreenSky,
Inc.,
Class A
*
1,758
11,550
Grid
Dynamics
Holdings,
Inc.
*
734
15,451
Hackett
Group,
Inc.
(The)
869
15,572
I3
Verticals,
Inc.,
Class A
*
517
16,503
International
Business
Machines
Corp.
23,672
3,336,805
International
Money
Express,
Inc.
*
436
7,059
Jack
Henry
&
Associates,
Inc.
(d)
1,860
323,807
Limelight
Networks,
Inc.
*
3,568
10,026
LiveRamp
Holdings,
Inc.
*
1,763
70,538
Marathon
Digital
Holdings,
Inc.
*(d)
2,547
70,374
Marqeta,
Inc.,
Class A
*
2,513
67,424
Mastercard,
Inc.,
Class A
23,232
8,966,158
MAXIMUS,
Inc.
1,445
128,605
MoneyGram
International,
Inc.
*
3,297
34,091
MongoDB,
Inc.
*
1,422
510,384
Okta,
Inc.
*
3,381
837,778
Paya
Holdings,
Inc.
*
3,225
37,055
Paychex,
Inc.
8,533
971,226
Paymentus
Holdings,
Inc.,
Class A
*
1,564
45,356
Payoneer
Global,
Inc.
*
77
727
PayPal
Holdings,
Inc.
*
31,247
8,609,486
Paysafe
Ltd.
*(d)
7,970
85,996
Perficient,
Inc.
*
680
64,117
Priority
Technology
Holdings,
Inc.
*
431
2,638
Rackspace
Technology,
Inc.
*(d)
2,106
37,381
Repay
Holdings
Corp.
*
1,335
33,255
Sabre
Corp.
*(d)
9,100
107,289
Shift4
Payments,
Inc.,
Class A
*
1,210
107,920
Snowflake,
Inc.,
Class A
*
3,358
892,288
SolarWinds
Corp.
*
1,615
18,153
Square,
Inc.,
Class A
*
10,387
2,568,290
StarTek,
Inc.
*
617
4,331
StoneCo
Ltd.,
Class A
*
5,821
342,508
Switch,
Inc.,
Class A
3,295
68,075
Sykes
Enterprises,
Inc.
*
1,329
71,314
TTEC
Holdings,
Inc.
600
62,700
Tucows,
Inc.,
Class A
*
271
21,073
Twilio,
Inc.,
Class A
*
4,280
1,598,965
Unisys
Corp.
*
2,189
48,924
VeriSign,
Inc.
*
2,933
634,613
Verra
Mobility
Corp.
*
2,184
33,437
Visa,
Inc.,
Class A
44,826
11,044,678
Western
Union
Co.
(The)
10,926
253,592
Common
Stocks
Shares
Value
($)
IT
Services
WEX,
Inc.
*
1,181
224,071
Wix.com
Ltd.
*
1,376
410,929
62,710,877
Leisure
Products
0.1%
Acushnet
Holdings
Corp.
1,185
60,708
American
Outdoor
Brands,
Inc.
*
463
12,492
AMMO,
Inc.
*
42
284
Brunswick
Corp.
2,201
229,784
Callaway
Golf
Co.
*
3,034
96,117
Clarus
Corp.
620
17,682
Escalade,
Inc.
258
5,857
Genius
Brands
International,
Inc.
*
291
457
Hasbro,
Inc.
3,239
322,086
Hayward
Holdings,
Inc.
*
1,418
34,160
Johnson
Outdoors,
Inc.,
Class A
187
22,135
Malibu
Boats,
Inc.,
Class A
*
691
57,809
Marine
Products
Corp.
219
3,583
MasterCraft
Boat
Holdings,
Inc.
*
689
18,369
Mattel,
Inc.
*
8,264
179,494
Nautilus,
Inc.
*
786
11,358
Peloton
Interactive,
Inc.,
Class A
*
6,982
824,225
Polaris,
Inc.
1,502
196,867
Smith
&
Wesson
Brands,
Inc.
736
17,259
Sturm
Ruger
&
Co.,
Inc.
531
39,485
Vista
Outdoor,
Inc.
*
1,195
48,266
YETI
Holdings,
Inc.
*
2,117
203,931
2,402,408
Life
Sciences
Tools
&
Services
0.7%
10X
Genomics,
Inc.,
Class A
*
2,317
424,544
23andMe
Holding
Co.
*
52
408
Absci
Corp.
*(d)
5,308
151,172
Adaptive
Biotechnologies
Corp.
*
3,103
113,756
Agilent
Technologies,
Inc.
8,400
1,287,132
Avantor,
Inc.
*
15,324
575,876
Berkeley
Lights,
Inc.
*
1,309
59,664
Bionano
Genomics,
Inc.
*
7,504
44,499
Bio-Rad
Laboratories,
Inc.,
Class A
*
574
424,479
Bio-Techne
Corp.
1,039
501,047
Bruker
Corp.
2,744
225,694
Charles
River
Laboratories
International,
Inc.
*
1,341
545,680
ChromaDex
Corp.
*
1,125
9,776
Codexis,
Inc.
*
1,776
37,580
Cytek
Biosciences,
Inc.
*
9,092
201,661
Fluidigm
Corp.
*(d)
2,365
17,525
Harvard
Bioscience,
Inc.
*
1,343
10,596
Illumina,
Inc.
*
3,945
1,955,734
IQVIA
Holdings,
Inc.
*
5,225
1,294,232
Maravai
LifeSciences
Holdings,
Inc.,
Class A
*
1,930
84,862
Medpace
Holdings,
Inc.
*
712
125,269
54
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Multi-Cap
Portfolio
Common
Stocks
Shares
Value
($)
Life
Sciences
Tools
&
Services
Mettler-Toledo
International,
Inc.
*
615
906,332
NanoString
Technologies,
Inc.
*
1,280
79,283
NeoGenomics,
Inc.
*
2,732
125,945
Pacific
Biosciences
of
California,
Inc.
*
4,665
149,980
PerkinElmer,
Inc.
2,852
519,720
Personalis,
Inc.
*
567
11,901
PPD,
Inc.
*
4,246
195,825
QIAGEN
NV
*
6,074
320,646
Quanterix
Corp.
*
619
32,900
Repligen
Corp.
*
1,391
341,769
Seer,
Inc.
*
674
21,528
Singular
Genomics
Systems,
Inc.
*
286
5,162
Sotera
Health
Co.
*
1,381
32,730
Syneos
Health,
Inc.
*
2,572
230,631
Thermo
Fisher
Scientific,
Inc.
10,414
5,623,664
Waters
Corp.
*
1,596
622,137
17,311,339
Machinery
0.9%
AGCO
Corp.
1,790
236,477
AgEagle
Aerial
Systems,
Inc.
*
50
199
Alamo
Group,
Inc.
157
23,043
Albany
International
Corp.,
Class A
673
58,114
Allison
Transmission
Holdings,
Inc.
3,003
119,850
Altra
Industrial
Motion
Corp.
1,643
102,983
Astec
Industries,
Inc.
809
49,600
Barnes
Group,
Inc.
1,000
50,670
Blue
Bird
Corp.
*
584
14,600
Caterpillar,
Inc.
15,044
3,110,347
Chart
Industries,
Inc.
*
869
135,086
CIRCOR
International,
Inc.
*
685
21,125
Colfax
Corp.
*
2,680
122,958
Columbus
McKinnon
Corp.
787
36,517
Commercial
Vehicle
Group,
Inc.
*
31
283
Crane
Co.
1,244
120,954
Cummins,
Inc.
3,879
900,316
Deere
&
Co.
7,473
2,702,162
Desktop
Metal,
Inc.,
Class A
*
2,743
24,687
Donaldson
Co.,
Inc.
3,198
211,676
Douglas
Dynamics,
Inc.
780
31,122
Dover
Corp.
3,571
596,786
Energy
Recovery,
Inc.
*
1,376
29,102
Enerpac
Tool
Group
Corp.
1,786
45,847
EnPro
Industries,
Inc.
718
66,860
ESCO
Technologies,
Inc.
493
46,524
Evoqua
Water
Technologies
Corp.
*
2,841
93,781
ExOne
Co.
(The)
*
300
4,980
Federal
Signal
Corp.
1,500
59,415
Flowserve
Corp.
3,592
151,187
Fortive
Corp.
10,215
742,222
Franklin
Electric
Co.,
Inc.
1,531
125,175
Gates
Industrial
Corp.
plc
*
1,603
29,030
Common
Stocks
Shares
Value
($)
Machinery
Gorman-Rupp
Co.
(The)
620
22,128
Graco,
Inc.
4,722
368,694
Greenbrier
Cos.,
Inc.
(The)
1,026
43,913
Helios
Technologies,
Inc.
1,013
81,901
Hillenbrand,
Inc.
1,774
80,362
Hillman
Solutions
Corp.
*
51
627
Hydrofarm
Holdings
Group,
Inc.
*
62
3,059
Hyliion
Holdings
Corp.
*
3,098
30,051
Hyster-Yale
Materials
Handling,
Inc.
343
24,573
Hyzon
Motors,
Inc.
*
23
155
IDEX
Corp.
2,010
455,647
Illinois
Tool
Works,
Inc.
8,214
1,861,867
Ingersoll
Rand,
Inc.
*
10,254
501,113
ITT,
Inc.
(d)
2,506
245,362
John
Bean
Technologies
Corp.
864
126,645
Kadant,
Inc.
380
68,449
Kennametal,
Inc.
1,975
71,594
Lincoln
Electric
Holdings,
Inc.
1,612
224,761
Lindsay
Corp.
357
57,366
Lion
Electric
Co.
(The)
*
24
370
Luxfer
Holdings
plc
987
20,579
Lydall,
Inc.
*
671
41,065
Manitowoc
Co.,
Inc.
(The)
*
1,223
28,312
Mayville
Engineering
Co.,
Inc.
*
266
4,674
Meritor,
Inc.
*
1,106
26,909
Middleby
Corp.
(The)
*
1,430
273,831
Miller
Industries,
Inc.
401
15,041
Mueller
Industries,
Inc.
1,201
52,123
Mueller
Water
Products,
Inc.,
Class A
5,430
80,473
Nikola
Corp.
*(d)
5,367
63,706
NN,
Inc.
*
1,523
10,417
Nordson
Corp.
1,453
328,567
Omega
Flex,
Inc.
84
13,173
Oshkosh
Corp.
1,854
221,646
Otis
Worldwide
Corp.
11,642
1,042,541
PACCAR,
Inc.
8,896
738,279
Parker-Hannifin
Corp.
3,411
1,064,334
Park-Ohio
Holdings
Corp.
312
9,076
Pentair
plc
4,331
319,065
Proterra,
Inc.
*
28
309
Proto
Labs,
Inc.
*
651
50,902
RBC
Bearings,
Inc.
*
524
123,140
REV
Group,
Inc.
929
14,037
Rexnord
Corp.
2,844
160,203
Shyft
Group,
Inc.
(The)
1,237
48,787
Snap-on,
Inc.
1,466
319,559
SPX
Corp.
*
887
59,127
SPX
FLOW,
Inc.
944
77,550
Standex
International
Corp.
408
37,536
Stanley
Black
&
Decker,
Inc.
4,223
832,142
Tennant
Co.
599
47,393
Terex
Corp.
1,603
76,816
Timken
Co.
(The)
1,683
133,798
Titan
International,
Inc.
*
51
440
Toro
Co.
(The)
3,034
345,087
TriMas
Corp.
*
1,450
47,444
Nationwide
Multi-Cap
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
55
Common
Stocks
Shares
Value
($)
Machinery
Trinity
Industries,
Inc.
1,658
44,948
Wabash
National
Corp.
1,856
27,172
Watts
Water
Technologies,
Inc.,
Class A
691
104,175
Welbilt,
Inc.
*
3,112
73,101
Westinghouse
Air
Brake
Technologies
Corp.
4,920
417,560
Woodward,
Inc.
1,596
194,010
Xylem,
Inc.
4,983
627,111
22,548,473
Marine
0.0%
†
Costamare,
Inc.
1,370
14,851
Eagle
Bulk
Shipping,
Inc.
*
194
8,090
Genco
Shipping
&
Trading
Ltd.
663
11,635
Kirby
Corp.
*
1,423
82,406
Matson,
Inc.
941
63,160
Safe
Bulkers,
Inc.
*
1,586
5,297
185,439
Media
0.6%
Advantage
Solutions,
Inc.
*
3,001
29,350
Altice
USA,
Inc.,
Class A
*
6,267
192,585
AMC
Networks,
Inc.,
Class A
*
421
21,067
Boston
Omaha
Corp.,
Class A
*
332
10,860
Cable
One,
Inc.
150
283,198
Cardlytics,
Inc.
*
853
107,444
Charter
Communications,
Inc.,
Class A
*
3,527
2,624,264
Clear
Channel
Outdoor
Holdings,
Inc.
*
12,519
33,301
Comcast
Corp.,
Class A
120,354
7,080,426
comScore,
Inc.
*
2,611
10,470
Daily
Journal
Corp.
*
45
14,985
Discovery,
Inc.,
Class A
*(d)
12,546
347,992
DISH
Network
Corp.,
Class A
*
6,362
266,504
Emerald
Holding,
Inc.
*
1,035
4,088
Entercom
Communications
Corp.
*
4,250
15,172
Entravision
Communications
Corp.,
Class A
2,087
12,835
EW
Scripps
Co.
(The),
Class A
1,972
37,626
Fluent,
Inc.
*
1,132
2,819
Fox
Corp.,
Class A
11,903
417,719
Gannett
Co.,
Inc.
*
4,811
27,759
Gray
Television,
Inc.
2,215
49,107
Hemisphere
Media
Group,
Inc.
*
541
6,876
iHeartMedia,
Inc.,
Class A
*
3,002
77,602
Integral
Ad
Science
Holding
Corp.
*
2,961
51,788
Interpublic
Group
of
Cos.,
Inc.
(The)
10,416
368,310
John
Wiley
&
Sons,
Inc.,
Class A
906
53,255
Liberty
Broadband
Corp.,
Class A
*
4,724
836,338
Liberty
Media
Corp-Liberty
SiriusXM,
Class A
*
6,522
302,393
Common
Stocks
Shares
Value
($)
Media
Loral
Space
&
Communications,
Inc.
458
16,209
Magnite,
Inc.
*
2,484
75,265
Meredith
Corp.
*
635
27,711
National
CineMedia,
Inc.
2,594
9,027
New
York
Times
Co.
(The),
Class A
3,969
173,763
News
Corp.,
Class A
14,018
342,086
Nexstar
Media
Group,
Inc.,
Class A
1,100
161,777
Omnicom
Group,
Inc.
7,126
518,915
Scholastic
Corp.
828
27,829
Sinclair
Broadcast
Group,
Inc.,
Class A
621
17,568
Sirius
XM
Holdings,
Inc.
(d)
21,954
142,042
TechTarget,
Inc.
*
806
58,902
TEGNA,
Inc.
5,180
91,790
Thryv
Holdings,
Inc.
*
12
399
ViacomCBS,
Inc.
15,734
644,871
WideOpenWest,
Inc.
*
1,510
33,582
15,627,869
Metals
&
Mining
0.3%
Alcoa
Corp.
*
4,369
175,415
Allegheny
Technologies,
Inc.
*
2,900
59,537
Arconic
Corp.
*
2,504
89,994
Carpenter
Technology
Corp.
1,539
58,713
Century
Aluminum
Co.
*
1,921
27,970
Cleveland-Cliffs,
Inc.
*(d)
11,694
292,350
Coeur
Mining,
Inc.
*
4,741
35,747
Commercial
Metals
Co.
2,544
83,443
Compass
Minerals
International,
Inc.
783
53,682
Constellium
SE
*
2,740
51,704
Ferroglobe
plc
*
79
477
Fortitude
Gold
Corp.
604
4,657
Freeport-McMoRan,
Inc.
38,829
1,479,385
Gatos
Silver,
Inc.
*
833
11,362
Haynes
International,
Inc.
455
17,167
Hecla
Mining
Co.
14,969
100,143
Kaiser
Aluminum
Corp.
460
55,973
Materion
Corp.
675
48,168
MP
Materials
Corp.
*(d)
1,934
72,757
Newmont
Corp.
21,489
1,349,939
Novagold
Resources,
Inc.
*
4,170
32,609
Nucor
Corp.
7,805
811,876
Olympic
Steel,
Inc.
289
8,705
Reliance
Steel
&
Aluminum
Co.
1,730
271,869
Royal
Gold,
Inc.
1,627
197,713
Ryerson
Holding
Corp.
*
557
8,762
Schnitzer
Steel
Industries,
Inc.,
Class A
908
47,597
Southern
Copper
Corp.
1,985
130,295
Steel
Dynamics,
Inc.
4,985
321,283
SunCoke
Energy,
Inc.
2,935
22,688
TimkenSteel
Corp.
*
1,741
23,208
United
States
Steel
Corp.
7,318
193,781
Warrior
Met
Coal,
Inc.
1,776
33,158
56
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Multi-Cap
Portfolio
Common
Stocks
Shares
Value
($)
Metals
&
Mining
Worthington
Industries,
Inc.
777
49,705
6,221,832
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.1%
AGNC
Investment
Corp.
14,349
227,719
Annaly
Capital
Management,
Inc.
38,305
325,210
Apollo
Commercial
Real
Estate
Finance,
Inc.
3,178
48,369
Arbor
Realty
Trust,
Inc.
3,804
69,537
Ares
Commercial
Real
Estate
Corp.
1,155
17,417
ARMOUR
Residential
REIT,
Inc.
71
738
Blackstone
Mortgage
Trust,
Inc.,
Class A
3,646
118,203
BrightSpire
Capital,
Inc.
2,579
24,526
Broadmark
Realty
Capital,
Inc.
4,931
51,135
Capstead
Mortgage
Corp.
96
612
Chimera
Investment
Corp.
4,455
65,578
Dynex
Capital,
Inc.
605
10,557
Ellington
Financial,
Inc.
41
745
Granite
Point
Mortgage
Trust,
Inc.
55
776
Great
Ajax
Corp.
675
8,559
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
1,743
99,002
Invesco
Mortgage
Capital,
Inc.
6,303
21,682
KKR
Real
Estate
Finance
Trust,
Inc.
947
20,181
Ladder
Capital
Corp.
3,605
41,169
MFA
Financial,
Inc.
8,575
40,045
New
Residential
Investment
Corp.
11,534
112,572
New
York
Mortgage
Trust,
Inc.
5,232
22,864
Orchid
Island
Capital,
Inc.
2,748
13,603
PennyMac
Mortgage
Investment
Trust
1,626
32,065
Ready
Capital
Corp.
1,311
19,822
Redwood
Trust,
Inc.
3,017
35,812
Starwood
Property
Trust,
Inc.
7,733
201,290
TPG
RE
Finance
Trust,
Inc.
2,049
26,965
Two
Harbors
Investment
Corp.
5,225
33,492
1,690,245
Multiline
Retail
0.3%
Big
Lots,
Inc.
1,064
61,297
Dillard's,
Inc.,
Class A
250
45,818
Dollar
General
Corp.
6,396
1,487,965
Dollar
Tree,
Inc.
*
6,110
609,717
Franchise
Group,
Inc.
776
26,353
Kohl's
Corp.
4,289
217,881
Macy's,
Inc.
*
6,390
108,630
Nordstrom,
Inc.
*
2,689
89,006
Ollie's
Bargain
Outlet
Holdings,
Inc.
*
1,708
159,015
Target
Corp.
13,688
3,573,252
6,378,934
Common
Stocks
Shares
Value
($)
Multi-Utilities
0.3%
Ameren
Corp.
6,764
567,635
Avista
Corp.
617
26,426
Black
Hills
Corp.
1,726
116,764
CenterPoint
Energy,
Inc.
15,369
391,295
CMS
Energy
Corp.
7,203
445,073
Consolidated
Edison,
Inc.
9,442
696,536
Dominion
Energy,
Inc.
23,095
1,729,123
DTE
Energy
Co.
4,976
583,784
MDU
Resources
Group,
Inc.
5,411
171,637
National
Grid
plc
,
ADR-UK
1,701
109,408
NiSource,
Inc.
8,908
220,651
NorthWestern
Corp.
1,445
89,576
Public
Service
Enterprise
Group,
Inc.
15,018
934,570
Sempra
Energy
9,133
1,193,227
Unitil
Corp.
452
23,920
WEC
Energy
Group,
Inc.
9,321
877,479
8,177,104
Oil,
Gas
&
Consumable
Fuels
1.1%
Aemetis,
Inc.
*
23
202
Alto
Ingredients,
Inc.
*
70
371
Antero
Midstream
Corp.
10,084
95,798
Antero
Resources
Corp.
*
7,612
103,523
APA
Corp.
9,987
187,256
Arch
Resources,
Inc.
*
552
36,277
Berry
Corp.
2,345
13,015
Bonanza
Creek
Energy,
Inc.
747
28,737
Brigham
Minerals,
Inc.,
Class A
993
19,503
Cabot
Oil
&
Gas
Corp.
10,053
160,848
California
Resources
Corp.
*
2,174
61,111
Callon
Petroleum
Co.
*
1,033
40,659
Centennial
Resource
Development,
Inc.,
Class A
*
5,000
26,050
Cheniere
Energy,
Inc.
*
6,319
536,673
Chesapeake
Energy
Corp.
2,500
135,125
Chevron
Corp.
51,042
5,196,586
Cimarex
Energy
Co.
2,487
162,152
Clean
Energy
Fuels
Corp.
*
1,717
12,895
CNX
Resources
Corp.
*
4,679
56,616
Comstock
Resources,
Inc.
*
773
4,700
ConocoPhillips
40,804
2,287,472
CONSOL
Energy,
Inc.
*
957
20,107
Contango
Oil
&
Gas
Co.
*
2,688
10,268
Continental
Resources,
Inc.
(d)
1,543
52,693
CVR
Energy,
Inc.
1,026
14,015
Delek
US
Holdings,
Inc.
2,252
39,140
Denbury,
Inc.
*
1,362
89,497
Devon
Energy
Corp.
18,080
467,187
DHT
Holdings,
Inc.
3,806
22,075
Diamondback
Energy,
Inc.
4,631
357,189
Dorian
LPG
Ltd.
*
562
6,800
DT
Midstream,
Inc.
*
2,488
105,491
Earthstone
Energy,
Inc.,
Class A
*
690
6,783
Enbridge,
Inc.
2,707
106,520
Energy
Fuels,
Inc.
*
4,234
22,229
EOG
Resources,
Inc.
15,864
1,155,851
Nationwide
Multi-Cap
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
57
Common
Stocks
Shares
Value
($)
Oil,
Gas
&
Consumable
Fuels
EQT
Corp.
*
7,681
141,254
Equitrans
Midstream
Corp.
7,936
65,234
Extraction
Oil
&
Gas,
Inc.
*
634
28,207
Exxon
Mobil
Corp.
112,341
6,467,471
Falcon
Minerals
Corp.
1,848
8,815
Frontline
Ltd.
3,798
30,232
Gevo,
Inc.
*
6,056
36,881
Golar
LNG
Ltd.
*
1,530
17,075
Green
Plains,
Inc.
*
249
8,805
Hess
Corp.
7,503
573,529
Hess
Midstream
LP,
Class A
23
595
HollyFrontier
Corp.
4,180
122,892
International
Seaways,
Inc.
1,561
25,678
Kinder
Morgan,
Inc.
49,679
863,421
Kosmos
Energy
Ltd.
*
12,623
29,159
Laredo
Petroleum,
Inc.
*
431
23,731
Magnolia
Oil
&
Gas
Corp.,
Class A
*
4,216
59,024
Marathon
Oil
Corp.
20,924
242,509
Marathon
Petroleum
Corp.
17,625
973,253
Matador
Resources
Co.
2,276
70,328
Murphy
Oil
Corp.
4,283
92,984
Navigator
Holdings
Ltd.
*
51
490
New
Fortress
Energy,
Inc.
953
28,885
Nordic
American
Tankers
Ltd.
4,474
11,677
Northern
Oil
and
Gas,
Inc.
1,764
30,464
Oasis
Petroleum,
Inc.
518
47,506
Occidental
Petroleum
Corp.
22,978
599,726
ONEOK,
Inc.
12,040
625,719
Ovintiv,
Inc.
7,374
189,217
Par
Pacific
Holdings,
Inc.
*
1,400
22,932
PBF
Energy,
Inc.,
Class A
*
2,901
26,602
PDC
Energy,
Inc.
2,700
106,785
Peabody
Energy
Corp.
*
2,218
25,973
Penn
Virginia
Corp.
*
633
11,704
Phillips
66
11,842
869,558
Pioneer
Natural
Resources
Co.
5,806
844,018
Plains
GP
Holdings
LP,
Class A
*
187
1,962
Range
Resources
Corp.
*
6,444
98,142
Renewable
Energy
Group,
Inc.
*
1,272
77,910
REX
American
Resources
Corp.
*
197
16,154
Scorpio
Tankers,
Inc.
1,559
25,490
SFL
Corp.
Ltd.
3,132
21,517
SM
Energy
Co.
3,739
69,919
Southwestern
Energy
Co.
*
18,848
88,774
Talos
Energy,
Inc.
*
549
6,335
Targa
Resources
Corp.
6,169
259,777
Tellurian,
Inc.
*
4,628
17,448
Texas
Pacific
Land
Corp.
160
238,808
Uranium
Energy
Corp.
*
4,426
9,604
Valero
Energy
Corp.
10,669
714,503
Viper
Energy
Partners
LP
65
1,171
W&T
Offshore,
Inc.
*
3,526
14,280
Whiting
Petroleum
Corp.
*
986
46,243
Williams
Cos.,
Inc.
(The)
31,913
799,421
Common
Stocks
Shares
Value
($)
Oil,
Gas
&
Consumable
Fuels
World
Fuel
Services
Corp.
2,213
76,260
27,547,465
Paper
&
Forest
Products
0.0%
†
Clearwater
Paper
Corp.
*
583
17,193
Domtar
Corp.
*
1,085
59,577
Glatfelter
Corp.
1,544
23,515
Louisiana-Pacific
Corp.
2,975
164,934
Neenah,
Inc.
590
29,659
Schweitzer-Mauduit
International,
Inc.
1,052
41,375
Verso
Corp.,
Class A
1,178
22,406
358,659
Personal
Products
0.1%
Beauty
Health
Co.
(The)
*
1,974
34,663
BellRing
Brands,
Inc.,
Class A
*
1,297
42,892
Coty,
Inc.,
Class A
*
6,028
52,624
Edgewell
Personal
Care
Co.
1,076
44,202
elf
Beauty,
Inc.
*
956
26,395
Estee
Lauder
Cos.,
Inc.
(The),
Class A
6,118
2,042,372
Herbalife
Nutrition
Ltd.
*
2,655
135,246
Honest
Co.,
Inc.
(The)
*(d)
4,503
64,708
Inter
Parfums,
Inc.
576
44,277
Medifast,
Inc.
247
70,521
Nature's
Sunshine
Products,
Inc.
337
5,928
Nu
Skin
Enterprises,
Inc.,
Class A
1,084
58,200
Revlon,
Inc.,
Class A
*
200
2,180
USANA
Health
Sciences,
Inc.
*
359
34,202
Veru,
Inc.
*
1,534
10,539
2,668,949
Pharmaceuticals
1.6%
Aclaris
Therapeutics,
Inc.
*
50
747
Aerie
Pharmaceuticals,
Inc.
*
1,263
19,930
Amneal
Pharmaceuticals,
Inc.
*
3,254
16,042
Amphastar
Pharmaceuticals,
Inc.
*
1,228
25,727
Ampio
Pharmaceuticals,
Inc.
*
185
261
ANI
Pharmaceuticals,
Inc.
*
351
11,909
Antares
Pharma,
Inc.
*
4,864
21,402
Arvinas,
Inc.
*
942
95,236
Atea
Pharmaceuticals,
Inc.
*
1,795
44,947
Athira
Pharma,
Inc.
*
1,251
12,022
Axsome
Therapeutics,
Inc.
*
829
40,281
BioDelivery
Sciences
International,
Inc.
*
3,215
12,088
Bristol-Myers
Squibb
Co.
60,936
4,135,726
Cara
Therapeutics,
Inc.
*
1,366
16,351
Cassava
Sciences,
Inc.
*(d)
1,019
70,851
Catalent,
Inc.
*
4,413
528,722
Cerecor,
Inc.
*
769
2,046
Collegium
Pharmaceutical,
Inc.
*
1,203
29,943
Corcept
Therapeutics,
Inc.
*
1,774
36,846
58
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Multi-Cap
Portfolio
Common
Stocks
Shares
Value
($)
Pharmaceuticals
CorMedix,
Inc.
*
706
4,102
Cymabay
Therapeutics,
Inc.
*
2,513
9,901
Durect
Corp.
*
5,851
8,250
Edgewise
Therapeutics,
Inc.
*
12
210
Elanco
Animal
Health,
Inc.
*(d)
11,477
418,566
Eli
Lilly
&
Co.
22,384
5,450,504
Endo
International
plc
*
7,650
38,709
Evolus,
Inc.
*
774
8,375
Fulcrum
Therapeutics,
Inc.
*
404
2,953
Harmony
Biosciences
Holdings,
Inc.
*
15
392
Ikena
Oncology,
Inc.
*
21
208
Innoviva,
Inc.
*
211
2,992
Intra-Cellular
Therapies,
Inc.
*
1,907
65,467
Jazz
Pharmaceuticals
plc
*
1,519
257,501
Johnson
&
Johnson
69,827
12,024,209
Kala
Pharmaceuticals,
Inc.
*
1,104
3,809
Kaleido
Biosciences,
Inc.
*
268
1,455
Marinus
Pharmaceuticals,
Inc.
*
678
9,967
Merck
&
Co.,
Inc.
67,442
5,184,267
Mind
Medicine
MindMed,
Inc.
*(d)
11,581
35,438
Nektar
Therapeutics
*
5,815
91,819
NGM
Biopharmaceuticals,
Inc.
*
880
17,943
Novartis
AG
,
ADR-CH
1,194
110,314
Nuvation
Bio,
Inc.
*
147
1,270
Ocular
Therapeutix,
Inc.
*
2,032
22,372
Omeros
Corp.
*
1,827
26,492
Organon
&
Co.
*
6,415
186,099
Pacira
BioSciences,
Inc.
*
1,441
84,947
Paratek
Pharmaceuticals,
Inc.
*
1,238
6,438
Perrigo
Co.
plc
3,171
152,303
Pfizer,
Inc.
147,435
6,311,692
Phathom
Pharmaceuticals,
Inc.
*
385
12,359
Phibro
Animal
Health
Corp.,
Class A
728
17,232
Pliant
Therapeutics,
Inc.
*
1,173
23,695
Prestige
Consumer
Healthcare,
Inc.
*
1,354
71,153
Provention
Bio,
Inc.
*
1,207
7,326
Reata
Pharmaceuticals,
Inc.,
Class A
*
798
99,997
Relmada
Therapeutics,
Inc.
*
400
10,400
Revance
Therapeutics,
Inc.
*
1,800
52,344
Royalty
Pharma
plc,
Class A
8,787
335,663
Seelos
Therapeutics,
Inc.
*
74
167
SIGA
Technologies,
Inc.
*
2,013
12,823
Supernus
Pharmaceuticals,
Inc.
*
1,695
44,629
Tarsus
Pharmaceuticals,
Inc.
*
37
835
TherapeuticsMD,
Inc.
*(d)
8,215
8,215
Theravance
Biopharma,
Inc.
*
1,548
20,093
Verrica
Pharmaceuticals,
Inc.
*
408
4,366
Viatris,
Inc.
30,586
430,345
VYNE
Therapeutics,
Inc.
*
49
132
WaVe
Life
Sciences
Ltd.
*
742
4,088
Common
Stocks
Shares
Value
($)
Pharmaceuticals
Xeris
Pharmaceuticals,
Inc.
*
58
178
Zoetis,
Inc.
12,563
2,546,520
Zogenix,
Inc.
*
1,802
29,210
39,391,811
Professional
Services
0.4%
Acacia
Research
Corp.
*
47
265
ASGN,
Inc.
*
1,338
135,312
Barrett
Business
Services,
Inc.
261
19,108
Booz
Allen
Hamilton
Holding
Corp.
3,329
285,661
CACI
International,
Inc.,
Class A
*
522
139,353
CBIZ,
Inc.
*
1,696
54,849
Clarivate
plc
*
10,685
243,618
CoStar
Group,
Inc.
*
10,710
951,584
CRA
International,
Inc.
210
18,003
Dun
&
Bradstreet
Holdings,
Inc.
*
5,899
123,643
Equifax,
Inc.
3,389
883,173
Exponent,
Inc.
1,322
141,573
First
Advantage
Corp.
*
5,286
103,658
Forrester
Research,
Inc.
*
391
18,318
Franklin
Covey
Co.
*
446
16,319
FTI
Consulting,
Inc.
*
898
130,839
GP
Strategies
Corp.
*
374
7,611
Heidrick
&
Struggles
International,
Inc.
668
28,530
Huron
Consulting
Group,
Inc.
*
764
37,535
ICF
International,
Inc.
637
58,330
IHS
Markit
Ltd.
10,064
1,175,878
Insperity,
Inc.
803
79,537
Jacobs
Engineering
Group,
Inc.
3,590
485,548
KBR,
Inc.
3,682
142,493
Kelly
Services,
Inc.,
Class A
*
1,200
26,304
Kforce,
Inc.
716
44,700
Korn
Ferry
1,335
91,768
Legalzoom.com,
Inc.
*
1,493
54,913
Leidos
Holdings,
Inc.
4,684
498,471
ManpowerGroup,
Inc.
1,653
196,013
ManTech
International
Corp.,
Class A
553
48,365
Mistras
Group,
Inc.
*
536
5,628
Nielsen
Holdings
plc
9,480
224,581
Rekor
Systems,
Inc.
*
32
252
Resources
Connection,
Inc.
1,104
17,101
Robert
Half
International,
Inc.
2,770
272,042
Science
Applications
International
Corp.
1,545
134,879
Skillsoft
Corp.
*
63
548
TransUnion
5,184
622,391
TriNet
Group,
Inc.
*
926
76,839
TrueBlue,
Inc.
*
1,214
33,009
Upwork,
Inc.
*
2,836
146,876
Verisk
Analytics,
Inc.
4,139
786,162
Willdan
Group,
Inc.
*
374
15,428
8,577,008
Nationwide
Multi-Cap
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
59
Common
Stocks
Shares
Value
($)
Real
Estate
Management
&
Development
0.1%
CBRE
Group,
Inc.,
Class A
*
8,793
848,173
Compass,
Inc.,
Class A
*
23
314
Cushman
&
Wakefield
plc
*
3,815
71,226
eXp
World
Holdings,
Inc.
*
1,280
45,978
Five
Point
Holdings
LLC,
Class A
*
58
485
Forestar
Group,
Inc.
*
453
9,273
FRP
Holdings,
Inc.
*
257
15,453
Howard
Hughes
Corp.
(The)
*
1,259
116,722
Jones
Lang
LaSalle,
Inc.
*
1,323
294,460
Kennedy-Wilson
Holdings,
Inc.
4,251
85,828
Marcus
&
Millichap,
Inc.
*
831
33,066
Newmark
Group,
Inc.,
Class A
2,664
34,312
Opendoor
Technologies,
Inc.
*
9,416
139,545
Rafael
Holdings,
Inc.,
Class B
*
365
18,473
RE/MAX
Holdings,
Inc.,
Class A
18
617
Realogy
Holdings
Corp.
*
1,838
32,569
Redfin
Corp.
*
2,838
166,222
RMR
Group,
Inc.
(The),
Class A
507
19,895
St
Joe
Co.
(The)
1,048
47,443
Stratus
Properties,
Inc.
*
8
241
Tejon
Ranch
Co.
*
778
14,183
1,994,478
Road
&
Rail
0.5%
AMERCO
214
125,823
ArcBest
Corp.
855
50,539
Avis
Budget
Group,
Inc.
*
1,342
111,077
Covenant
Logistics
Group,
Inc.
*
377
7,921
CSX
Corp.
60,902
1,968,353
Daseke,
Inc.
*
1,346
9,301
Heartland
Express,
Inc.
1,531
26,073
JB
Hunt
Transport
Services,
Inc.
2,301
387,603
Kansas
City
Southern
2,493
667,625
Knight-Swift
Transportation
Holdings,
Inc.
4,136
205,518
Landstar
System,
Inc.
1,070
167,990
Lyft,
Inc.,
Class A
*
7,562
418,330
Marten
Transport
Ltd.
1,923
30,422
Norfolk
Southern
Corp.
6,558
1,690,849
Old
Dominion
Freight
Line,
Inc.
3,113
837,864
PAM
Transportation
Services,
Inc.
*
61
3,812
Ryder
System,
Inc.
(d)
1,257
95,721
Saia,
Inc.
*
711
160,686
Schneider
National,
Inc.,
Class B
1,915
42,973
TuSimple
Holdings,
Inc.,
Class A
*
913
33,598
Uber
Technologies,
Inc.
*
42,519
1,847,876
Union
Pacific
Corp.
17,512
3,830,925
Universal
Logistics
Holdings,
Inc.
236
5,440
Common
Stocks
Shares
Value
($)
Road
&
Rail
US
Xpress
Enterprises,
Inc.,
Class A
*
689
6,015
Werner
Enterprises,
Inc.
1,228
56,132
Yellow
Corp.
*
49
255
12,788,721
Semiconductors
&
Semiconductor
Equipment
2.4%
ACM
Research,
Inc.,
Class A
*
12
1,114
Advanced
Micro
Devices,
Inc.
*
29,438
3,126,021
Allegro
MicroSystems,
Inc.
*
1,347
36,921
Alpha
&
Omega
Semiconductor
Ltd.
*
565
14,684
Ambarella,
Inc.
*
846
83,322
Amkor
Technology,
Inc.
1,925
47,432
Analog
Devices,
Inc.
5,151
862,380
Applied
Materials,
Inc.
24,376
3,410,934
Atomera,
Inc.
*(d)
413
7,289
Axcelis
Technologies,
Inc.
*
1,152
44,410
AXT,
Inc.
*
1,102
11,240
Broadcom,
Inc.
10,552
5,121,941
Brooks
Automation,
Inc.
1,906
169,653
CEVA,
Inc.
*
178
8,836
Cirrus
Logic,
Inc.
*
1,403
115,874
CMC
Materials,
Inc.
736
106,455
Cohu,
Inc.
*
1,501
53,150
Cree,
Inc.
*
2,942
272,900
Diodes,
Inc.
*
993
81,426
DSP
Group,
Inc.
*
799
12,824
Enphase
Energy,
Inc.
*
3,376
640,090
Entegris,
Inc.
3,734
450,470
First
Solar,
Inc.
*
2,811
241,858
FormFactor,
Inc.
*
1,536
57,231
Ichor
Holdings
Ltd.
*
782
40,328
Impinj,
Inc.
*
581
26,726
indie
Semiconductor,
Inc.,
Class A
*
35
304
Intel
Corp.
107,505
5,775,169
KLA
Corp.
4,043
1,407,611
Kopin
Corp.
*
3,936
26,529
Kulicke
&
Soffa
Industries,
Inc.
1,663
90,401
Lam
Research
Corp.
3,790
2,415,784
Lattice
Semiconductor
Corp.
*
3,833
217,523
MACOM
Technology
Solutions
Holdings,
Inc.
*
1,120
69,126
Marvell
Technology,
Inc.
21,374
1,293,341
Maxim
Integrated
Products,
Inc.
*
7,000
699,370
MaxLinear,
Inc.
*
1,518
73,213
Microchip
Technology,
Inc.
6,677
955,612
Micron
Technology,
Inc.
*
31,487
2,442,761
MKS
Instruments,
Inc.
1,433
224,178
Monolithic
Power
Systems,
Inc.
1,180
530,127
NeoPhotonics
Corp.
*
1,813
17,586
NVE
Corp.
170
12,762
NVIDIA
Corp.
64,232
12,524,598
NXP
Semiconductors
NV
7,152
1,476,101
ON
Semiconductor
Corp.
*
11,675
456,025
Onto
Innovation,
Inc.
*
1,582
110,867
60
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Multi-Cap
Portfolio
Common
Stocks
Shares
Value
($)
Semiconductors
&
Semiconductor
Equipment
PDF
Solutions,
Inc.
*
1,007
18,841
Photronics,
Inc.
*
2,243
29,989
Power
Integrations,
Inc.
1,605
155,669
Qorvo,
Inc.
*
3,113
590,194
QUALCOMM,
Inc.
29,953
4,486,959
Rambus,
Inc.
*
2,526
59,765
Semtech
Corp.
*
1,592
98,561
Silicon
Laboratories,
Inc.
*
1,243
185,195
SiTime
Corp.
*
361
48,966
Skyworks
Solutions,
Inc.
4,335
799,851
SMART
Global
Holdings,
Inc.
*
410
19,204
SunPower
Corp.
*(d)
1,501
37,180
Synaptics,
Inc.
*
1,029
156,326
Teradyne,
Inc.
4,557
578,739
Texas
Instruments,
Inc.
24,740
4,715,939
Ultra
Clean
Holdings,
Inc.
*
714
38,563
Universal
Display
Corp.
1,167
273,650
Veeco
Instruments,
Inc.
*
1,731
40,159
Xilinx,
Inc.
6,708
1,005,127
59,203,374
Software
4.9%
8x8,
Inc.
*
3,372
86,188
A10
Networks,
Inc.
*
2,225
28,413
ACI
Worldwide,
Inc.
*
2,943
100,945
Adobe,
Inc.
*
12,680
7,882,268
Agilysys,
Inc.
*
631
35,058
Alarm.com
Holdings,
Inc.
*
1,082
90,044
Alight,
Inc.,
Class A
*
106
998
Altair
Engineering,
Inc.,
Class A
*
1,440
100,454
Alteryx,
Inc.,
Class A
*
1,574
121,828
American
Software,
Inc.,
Class A
1,026
22,572
Anaplan,
Inc.
*
4,052
231,774
ANSYS,
Inc.
*
2,370
873,250
Appfolio,
Inc.,
Class A
*
532
75,331
Appian
Corp.
*(d)
1,058
123,183
Asana,
Inc.,
Class A
*
1,977
140,486
Aspen
Technology,
Inc.
*
1,721
251,714
Atlassian
Corp.
plc,
Class A
*
3,465
1,126,541
Autodesk,
Inc.
*
5,882
1,888,887
Avalara,
Inc.
*
2,227
372,288
Avaya
Holdings
Corp.
*
1,762
42,676
AvePoint,
Inc.
*
34
359
Benefitfocus,
Inc.
*
1,015
13,357
Bentley
Systems,
Inc.,
Class B
3,625
220,436
Bill.com
Holdings,
Inc.
*
2,030
419,845
Black
Knight,
Inc.
*
3,824
316,665
Blackbaud,
Inc.
*
1,007
71,829
Blackline,
Inc.
*
1,353
154,770
Blend
Labs,
Inc.,
Class A
*(d)
5,565
100,504
Bottomline
Technologies
DE,
Inc.
*
606
24,458
Box,
Inc.,
Class A
*
3,277
78,386
BTRS
Holdings,
Inc.
*
2,583
30,247
C3.ai,
Inc.,
Class A
*
478
24,067
Cadence
Design
Systems,
Inc.
*
7,332
1,082,570
CDK
Global,
Inc.
2,888
138,595
Common
Stocks
Shares
Value
($)
Software
Cerence,
Inc.
*
906
97,404
Ceridian
HCM
Holding,
Inc.
*
3,534
347,746
ChannelAdvisor
Corp.
*
780
18,166
Citrix
Systems,
Inc.
3,379
340,434
Cleanspark,
Inc.
*
33
446
Clear
Secure,
Inc.,
Class A
*
266
13,148
Cloudera,
Inc.
*
5,916
93,887
Cloudflare,
Inc.,
Class A
*
6,504
771,570
CommVault
Systems,
Inc.
*
983
74,305
Confluent,
Inc.,
Class A
*
487
19,086
Cornerstone
OnDemand,
Inc.
*
1,344
64,431
Couchbase,
Inc.
*
1,046
31,547
Coupa
Software,
Inc.
*
1,904
413,168
Crowdstrike
Holdings,
Inc.,
Class A
*
4,292
1,088,494
CS
Disco,
Inc.
*
1,342
55,465
Datadog,
Inc.,
Class A
*
6,093
674,495
Datto
Holding
Corp.
*
839
21,890
Digimarc
Corp.
*
404
11,595
Digital
Turbine,
Inc.
*
2,093
131,754
DocuSign,
Inc.
*
5,024
1,497,353
Dolby
Laboratories,
Inc.,
Class A
1,733
168,274
Domo,
Inc.,
Class B
*
812
71,724
Dropbox,
Inc.,
Class A
*
8,148
256,581
Duck
Creek
Technologies,
Inc.
*
1,945
85,444
Dynatrace,
Inc.
*
4,736
302,488
E2open
Parent
Holdings,
Inc.
*
127
1,276
Ebix,
Inc.
874
26,412
eGain
Corp.
*
674
7,866
Elastic
NV
*
1,867
276,428
Envestnet,
Inc.
*
873
65,676
Everbridge,
Inc.
*
878
123,991
Fair
Isaac
Corp.
*
743
389,265
Faraday
Future
Intelligent
Electric,
Inc.
*
30
362
FireEye,
Inc.
*
5,503
111,161
Five9,
Inc.
*
1,832
368,763
Fortinet,
Inc.
*
3,519
958,013
GTY
Technology
Holdings,
Inc.
*
1,714
11,861
Guidewire
Software,
Inc.
*
2,149
247,565
HubSpot,
Inc.
*
1,211
721,780
Ideanomics,
Inc.
*(d)
11,339
26,873
Instructure
Holdings,
Inc.
*(d)
6,666
135,120
Intelligent
Systems
Corp.
*
250
8,448
InterDigital,
Inc.
665
43,817
Intuit,
Inc.
6,787
3,596,906
ironSource
Ltd.,
Class A
*
104
887
J2
Global,
Inc.
*
1,187
167,688
Jamf
Holding
Corp.
*
1,026
33,663
JFrog
Ltd.
*
1,284
56,265
Kaltura,
Inc.
*
9,315
110,942
Latch,
Inc.
*
31
413
LivePerson,
Inc.
*
1,871
119,164
LiveVox
Holdings,
Inc.
*
25
192
Manhattan
Associates,
Inc.
*
1,603
255,887
MarketWise,
Inc.
*
33
464
Matterport,
Inc.
*
35
541
Nationwide
Multi-Cap
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
61
Common
Stocks
Shares
Value
($)
Software
McAfee
Corp.,
Class A
1,729
46,804
Medallia,
Inc.
*
2,721
92,160
MeridianLink,
Inc.
*
4,229
100,396
Microsoft
Corp.
200,358
57,083,998
MicroStrategy,
Inc.,
Class A
*(d)
186
116,438
Mimecast
Ltd.
*
1,615
89,713
Mitek
Systems,
Inc.
*
2,154
47,625
Model
N,
Inc.
*
1,144
37,031
Momentive
Global,
Inc.
*
2,504
52,584
N-Able,
Inc.
*
808
11,144
nCino,
Inc.
*
1,234
78,445
New
Relic,
Inc.
*
1,337
92,360
NortonLifeLock,
Inc.
14,966
371,456
Nuance
Communications,
Inc.
*
7,865
431,789
Nutanix,
Inc.,
Class A
*
5,117
184,314
Olo,
Inc.,
Class A
*
1,529
53,622
ON24,
Inc.
*
696
25,418
OneSpan,
Inc.
*
1,129
27,852
Oracle
Corp.
47,140
4,107,780
PagerDuty,
Inc.
*
2,278
92,464
Palantir
Technologies,
Inc.,
Class A
*
42,464
921,893
Palo
Alto
Networks,
Inc.
*
2,816
1,123,725
Paycom
Software,
Inc.
*
1,331
532,400
Paylocity
Holding
Corp.
*
965
200,199
Pegasystems,
Inc.
1,077
137,468
Ping
Identity
Holding
Corp.
*
1,589
35,069
Procore
Technologies,
Inc.
*
304
31,397
Progress
Software
Corp.
1,418
64,647
Proofpoint,
Inc.
*
1,720
300,415
PROS
Holdings,
Inc.
*
608
26,399
PTC,
Inc.
*
2,881
390,231
Q2
Holdings,
Inc.
*
1,428
147,527
QAD,
Inc.,
Class A
412
35,741
Qualtrics
International,
Inc.,
Class A
*
26
1,085
Qualys,
Inc.
*
794
80,639
Rapid7,
Inc.
*
1,331
151,401
Rimini
Street,
Inc.
*
658
5,718
RingCentral,
Inc.,
Class A
*
2,163
578,105
Riot
Blockchain,
Inc.
*(d)
2,249
74,105
Riskified
Ltd.,
Class A
*
499
13,683
SailPoint
Technologies
Holdings,
Inc.
*
2,219
110,928
salesforce.com,
Inc.
*
24,523
5,932,849
Sapiens
International
Corp.
NV
895
22,563
SecureWorks
Corp.,
Class A
*
263
5,276
SentinelOne,
Inc.,
Class A
*
1,016
50,099
ServiceNow,
Inc.
*
5,243
3,082,307
Sharecare,
Inc.
*
35
282
ShotSpotter,
Inc.
*
278
12,705
Smartsheet,
Inc.,
Class A
*
3,164
229,548
Smith
Micro
Software,
Inc.
*
1,114
6,305
Splunk,
Inc.
*
4,400
624,712
Sprout
Social,
Inc.,
Class A
*
1,258
111,761
SPS
Commerce,
Inc.
*
862
93,915
Common
Stocks
Shares
Value
($)
Software
SS&C
Technologies
Holdings,
Inc.
7,497
587,690
Sumo
Logic,
Inc.
*
2,276
46,999
Synopsys,
Inc.
*
4,195
1,208,118
Telos
Corp.
*
86
2,410
Tenable
Holdings,
Inc.
*
2,180
93,304
Teradata
Corp.
*
3,008
149,377
Trade
Desk,
Inc.
(The),
Class A
*
11,390
932,955
Tyler
Technologies,
Inc.
*
1,067
525,647
Unity
Software,
Inc.
*
3,984
426,766
Upland
Software,
Inc.
*
899
32,364
Varonis
Systems,
Inc.
*
3,216
196,819
Verint
Systems,
Inc.
*
1,390
59,311
Veritone,
Inc.
*
913
18,881
Vertex,
Inc.,
Class A
*
27
510
Viant
Technology,
Inc.,
Class A
*
774
13,383
VirnetX
Holding
Corp.
*(d)
2,180
8,938
VMware,
Inc.,
Class A
*
81
12,453
Vonage
Holdings
Corp.
*
5,695
81,211
WM
Technology,
Inc.
*
25
341
Workday,
Inc.,
Class A
*
5,044
1,182,314
Workiva,
Inc.
*
970
125,877
Xperi
Holding
Corp.
2,747
57,055
Yext,
Inc.
*
3,240
42,217
Zendesk,
Inc.
*
3,148
410,908
Zeta
Global
Holdings
Corp.,
Class A
*
5,042
30,403
Zix
Corp.
*
1,826
13,531
Zoom
Video
Communications,
Inc.,
Class A
*
5,642
2,133,240
Zscaler,
Inc.
*
2,108
497,298
Zuora,
Inc.,
Class A
*
3,077
53,201
118,011,581
Specialty
Retail
1.1%
Aaron's
Co.,
Inc.
(The)
1,119
32,306
Abercrombie
&
Fitch
Co.,
Class A
*
1,521
57,509
Academy
Sports
&
Outdoors,
Inc.
*
1,521
56,353
Advance
Auto
Parts,
Inc.
1,701
360,714
American
Eagle
Outfitters,
Inc.
(d)
3,887
133,985
America's
Car-Mart,
Inc.
*
212
33,708
Arko
Corp.
*
88
730
Asbury
Automotive
Group,
Inc.
*
361
74,171
AutoNation,
Inc.
*
1,264
153,361
AutoZone,
Inc.
*
577
936,800
Barnes
&
Noble
Education,
Inc.
*
37
309
Bed
Bath
&
Beyond,
Inc.
*
2,838
80,997
Best
Buy
Co.,
Inc.
6,619
743,645
Big
5
Sporting
Goods
Corp.
21
460
Blink
Charging
Co.
*
1,162
40,124
Boot
Barn
Holdings,
Inc.
*
646
55,827
Buckle,
Inc.
(The)
1,119
47,088
Burlington
Stores,
Inc.
*
1,805
604,314
62
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Multi-Cap
Portfolio
Common
Stocks
Shares
Value
($)
Specialty
Retail
Caleres,
Inc.
1,327
32,830
Camping
World
Holdings,
Inc.,
Class A
1,171
46,091
CarLotz,
Inc.
*
74
329
CarMax,
Inc.
*
4,221
565,403
Carvana
Co.
*
1,980
668,369
Cato
Corp.
(The),
Class A
839
13,843
Chico's
FAS,
Inc.
*
4,213
26,036
Children's
Place,
Inc.
(The)
*
232
19,565
Citi
Trends,
Inc.
*
305
24,324
Conn's,
Inc.
*
599
13,322
Container
Store
Group,
Inc.
(The)
*
691
7,269
Designer
Brands,
Inc.,
Class A
*
361
5,260
Dick's
Sporting
Goods,
Inc.
1,701
177,142
EVgo,
Inc.
*
23
273
Five
Below,
Inc.
*
1,455
282,881
Floor
&
Decor
Holdings,
Inc.,
Class A
*(d)
2,776
338,700
Foot
Locker,
Inc.
2,258
128,841
GameStop
Corp.,
Class A
*(d)
1,021
164,504
Gap,
Inc.
(The)
6,003
175,107
Genesco,
Inc.
*
424
24,359
Group
1
Automotive,
Inc.
453
78,704
GrowGeneration
Corp.
*
1,638
66,617
Guess?,
Inc.
1,575
35,154
Haverty
Furniture
Cos.,
Inc.
645
23,214
Hibbett,
Inc.
618
54,792
Home
Depot,
Inc.
(The)
28,509
9,356,369
JOANN,
Inc.
42
649
Kirkland's,
Inc.
*
13
253
L
Brands,
Inc.
6,260
501,238
Leslie's,
Inc.
*
2,460
59,901
Lithia
Motors,
Inc.,
Class A
722
272,353
Lowe's
Cos.,
Inc.
19,016
3,664,193
Lumber
Liquidators
Holdings,
Inc.
*
1,025
19,557
MarineMax,
Inc.
*
719
38,675
Monro,
Inc.
829
48,082
Murphy
USA,
Inc.
655
96,619
National
Vision
Holdings,
Inc.
*
2,419
130,578
ODP
Corp.
(The)
*
953
45,105
OneWater
Marine,
Inc.,
Class A
179
8,409
O'Reilly
Automotive,
Inc.
*
1,797
1,085,100
Party
City
Holdco,
Inc.
*
3,543
30,257
Penske
Automotive
Group,
Inc.
824
73,006
Petco
Health
&
Wellness
Co.,
Inc.
*
1,600
33,008
Rent-A-Center,
Inc.
1,858
106,315
Restoration
Hardware
Holdings,
Inc.
*
468
310,789
Ross
Stores,
Inc.
9,320
1,143,471
Sally
Beauty
Holdings,
Inc.
*
2,374
44,916
Shift
Technologies,
Inc.
*
46
389
Shoe
Carnival,
Inc.
768
25,882
Signet
Jewelers
Ltd.
1,167
75,085
Sleep
Number
Corp.
*
600
59,526
Common
Stocks
Shares
Value
($)
Specialty
Retail
Sonic
Automotive,
Inc.,
Class A
239
13,037
Sportsman's
Warehouse
Holdings,
Inc.
*
1,453
25,674
Tilly's,
Inc.,
Class A
748
11,093
TJX
Cos.,
Inc.
(The)
32,354
2,226,279
Tractor
Supply
Co.
3,028
547,856
TravelCenters
of
America,
Inc.
*
12
347
Ulta
Beauty,
Inc.
*
1,492
501,014
Urban
Outfitters,
Inc.
*
1,976
73,468
Vroom,
Inc.
*
3,078
114,009
Williams-Sonoma,
Inc.
2,072
314,322
Winmark
Corp.
100
21,082
Zumiez,
Inc.
*
114
4,976
27,468,212
Technology
Hardware,
Storage
&
Peripherals
2.7%
3D
Systems
Corp.
*
3,171
87,329
Apple,
Inc.
421,576
61,491,075
Avid
Technology,
Inc.
*
1,126
42,101
Corsair
Gaming,
Inc.
*
1,127
32,897
Dell
Technologies,
Inc.,
Class C
*
11,058
1,068,424
Diebold
Nixdorf,
Inc.
*
1,984
20,653
Eastman
Kodak
Co.
*
475
3,506
Hewlett
Packard
Enterprise
Co.
33,194
481,313
HP,
Inc.
33,246
959,812
Immersion
Corp.
*
26
197
NCR
Corp.
*
3,439
152,692
NetApp,
Inc.
6,043
480,962
Pure
Storage,
Inc.,
Class A
*
6,310
123,171
Quantum
Corp.
*
981
6,082
Seagate
Technology
Holdings
plc
211
18,547
Super
Micro
Computer,
Inc.
*
602
22,900
Turtle
Beach
Corp.
*
393
12,144
Western
Digital
Corp.
*
7,896
512,687
Xerox
Holdings
Corp.
3,336
80,498
65,596,990
Textiles,
Apparel
&
Luxury
Goods
0.4%
Capri
Holdings
Ltd.
*(d)
4,245
239,036
Carter's,
Inc.
1,179
115,235
Columbia
Sportswear
Co.
911
90,754
Crocs,
Inc.
*
1,604
217,839
Deckers
Outdoor
Corp.
*
722
296,634
Fossil
Group,
Inc.
*
1,696
21,404
G-III
Apparel
Group
Ltd.
*
1,549
46,253
Hanesbrands,
Inc.
8,772
160,177
Kontoor
Brands,
Inc.
1,159
64,185
Lakeland
Industries,
Inc.
*
8
216
Levi
Strauss
&
Co.,
Class A
82
2,257
Lululemon
Athletica,
Inc.
*
2,916
1,166,896
Movado
Group,
Inc.
600
18,042
NIKE,
Inc.,
Class B
32,787
5,492,150
Oxford
Industries,
Inc.
564
49,028
PLBY
Group,
Inc.
*
13
366
PVH
Corp.
*
1,984
207,566
Nationwide
Multi-Cap
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
63
Common
Stocks
Shares
Value
($)
Textiles,
Apparel
&
Luxury
Goods
Ralph
Lauren
Corp.
1,149
130,434
Rocky
Brands,
Inc.
212
11,533
Skechers
USA,
Inc.,
Class A
*
3,140
168,555
Steven
Madden
Ltd.
2,049
89,808
Superior
Group
of
Cos.,
Inc.
343
8,030
Tapestry,
Inc.
*
7,914
334,762
Under
Armour,
Inc.,
Class A
*
10,558
202,562
Unifi,
Inc.
*
528
12,456
Vera
Bradley,
Inc.
*
1,058
11,649
VF
Corp.
8,477
679,855
Wolverine
World
Wide,
Inc.
1,780
59,701
9,897,383
Thrifts
&
Mortgage
Finance
0.1%
Axos
Financial,
Inc.
*
1,125
53,831
Blue
Foundry
Bancorp
*
8,561
105,985
Bridgewater
Bancshares,
Inc.
*
895
14,517
Capitol
Federal
Financial,
Inc.
131
1,453
Columbia
Financial,
Inc.
*
1,851
33,392
Essent
Group
Ltd.
2,987
134,923
Federal
Agricultural
Mortgage
Corp.,
Class C
389
37,928
Finance
of
America
Cos.,
Inc.,
Class A
*
4,342
28,006
Flagstar
Bancorp,
Inc.
1,229
56,239
FS
Bancorp,
Inc.
280
9,738
Hingham
Institution
for
Savings
57
17,043
Home
Bancorp,
Inc.
290
10,185
HomeStreet,
Inc.
21
792
Kearny
Financial
Corp.
2,713
32,637
Luther
Burbank
Corp.
1,038
13,452
Merchants
Bancorp
303
11,102
Meridian
Bancorp,
Inc.
1,574
30,079
Meta
Financial
Group,
Inc.
240
11,928
MGIC
Investment
Corp.
(d)
9,480
131,203
Mr.
Cooper
Group,
Inc.
*
1,601
59,525
New
York
Community
Bancorp,
Inc.
11,608
136,742
NMI
Holdings,
Inc.,
Class A
*
2,742
60,379
Northfield
Bancorp,
Inc.
46
757
Northwest
Bancshares,
Inc.
1,525
20,298
PCSB
Financial
Corp.
689
12,430
PennyMac
Financial
Services,
Inc.
725
45,595
Pioneer
Bancorp,
Inc.
*
330
3,818
Premier
Financial
Corp.
1,150
30,797
Provident
Bancorp,
Inc.
253
3,992
Provident
Financial
Services,
Inc.
965
20,844
Radian
Group,
Inc.
4,980
112,448
Rocket
Cos.,
Inc.,
Class A
3,201
55,185
Southern
Missouri
Bancorp,
Inc.
311
13,958
TFS
Financial
Corp.
1,720
33,506
TrustCo
Bank
Corp.
19
639
UWM
Holdings
Corp.
84
641
Walker
&
Dunlop,
Inc.
685
70,884
Washington
Federal,
Inc.
3,029
97,746
Waterstone
Financial,
Inc.
848
16,731
Common
Stocks
Shares
Value
($)
Thrifts
&
Mortgage
Finance
WSFS
Financial
Corp.
378
16,549
1,547,897
Tobacco
0.3%
22nd
Century
Group,
Inc.
*
7,621
24,463
Altria
Group,
Inc.
51,268
2,462,915
British
American
Tobacco
plc
,
ADR-UK
2,761
103,400
Philip
Morris
International,
Inc.
41,149
4,118,603
Turning
Point
Brands,
Inc.
312
16,542
Universal
Corp.
832
43,397
Vector
Group
Ltd.
3,969
53,026
6,822,346
Trading
Companies
&
Distributors
0.2%
Air
Lease
Corp.
2,800
118,608
Alta
Equipment
Group,
Inc.
*
570
7,176
Applied
Industrial
Technologies,
Inc.
907
81,358
Beacon
Roofing
Supply,
Inc.
*
1,280
68,454
BlueLinx
Holdings,
Inc.
*
9
387
Boise
Cascade
Co.
761
38,925
CAI
International,
Inc.
537
29,970
Core
&
Main,
Inc.,
Class A
*(d)
4,386
116,229
Custom
Truck
One
Source,
Inc.
*
431
3,357
DXP
Enterprises,
Inc.
*
560
18,284
EVI
Industries,
Inc.
*
171
4,607
Fastenal
Co.
15,296
837,762
GATX
Corp.
858
79,151
Global
Industrial
Co.
484
19,128
GMS,
Inc.
*
1,401
68,831
H&E
Equipment
Services,
Inc.
1,076
36,616
Herc
Holdings,
Inc.
*
559
69,338
Lawson
Products,
Inc.
*
156
8,188
McGrath
RentCorp
725
56,855
MRC
Global,
Inc.
*
2,770
25,401
MSC
Industrial
Direct
Co.,
Inc.,
Class A
1,176
104,864
NOW,
Inc.
*
3,832
37,822
Rush
Enterprises,
Inc.,
Class A
1,624
75,609
SiteOne
Landscape
Supply,
Inc.
*
1,171
204,667
Textainer
Group
Holdings
Ltd.
*
1,478
47,710
Titan
Machinery,
Inc.
*
663
18,915
Transcat,
Inc.
*
218
13,919
Triton
International
Ltd.
1,634
86,259
United
Rentals,
Inc.
*
1,997
658,111
Univar
Solutions,
Inc.
*
3,980
97,669
Veritiv
Corp.
*
507
31,069
Watsco,
Inc.
820
231,601
WESCO
International,
Inc.
*
1,293
137,640
Willis
Lease
Finance
Corp.
*
86
3,578
WW
Grainger,
Inc.
1,210
537,942
3,976,000
64
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Multi-Cap
Portfolio
Common
Stocks
Shares
Value
($)
Transportation
Infrastructure
0.0%
†
Macquarie
Infrastructure
Corp.
1,587
62,687
Water
Utilities
0.1%
American
States
Water
Co.
812
71,716
American
Water
Works
Co.,
Inc.
5,523
939,517
Artesian
Resources
Corp.,
Class A
258
10,083
Cadiz,
Inc.
*
692
9,377
California
Water
Service
Group
1,609
100,852
Essential
Utilities,
Inc.
5,792
284,503
Global
Water
Resources,
Inc.
376
6,625
Middlesex
Water
Co.
573
58,297
Pure
Cycle
Corp.
*
664
10,265
SJW
Group
858
59,142
York
Water
Co.
(The)
427
20,607
1,570,984
Wireless
Telecommunication
Services
0.1%
Gogo,
Inc.
*
1,717
17,805
Shenandoah
Telecommunications
Co.
983
51,893
Telephone
&
Data
Systems,
Inc.
3,146
70,313
T-Mobile
US,
Inc.
*
15,627
2,250,600
United
States
Cellular
Corp.
*
521
18,944
Vodafone
Group
plc
,
ADR-UK
6,418
104,806
2,514,361
Total
Common
Stocks
(cost
$739,369,452)
1,205,709,052
Convertible
Bond
0.0%
†
Principal
Amount
($)
Pharmaceuticals
0.0%
†
Dermira,
Inc.,
3.00%,
5/15/2022
480,000
484,800
Total
Convertible
Bond
(cost
$483,881)
484,800
Corporate
Bonds
19.9%
Aerospace
&
Defense
0.6%
Boeing
Co.
(The)
,
1.43%,
2/4/2024
1,850,000
1,854,908
4.88%,
5/1/2025
2,600,000
2,915,546
2.75%,
2/1/2026
920,000
962,119
General
Dynamics
Corp.
,
3.25%,
4/1/2025
1,957,000
2,124,384
3.50%,
5/15/2025
1,490,000
1,634,780
1.15%,
6/1/2026
1,120,000
1,133,885
Northrop
Grumman
Corp.
,
2.93%,
1/15/2025
3,990,000
4,256,967
Raytheon
Technologies
Corp.
,
3.15%,
12/15/2024
150,000
160,626
15,043,215
Corporate
Bonds
Principal
Amount
($)
Value
($)
Automobiles
0.2%
General
Motors
Co.
,
(ICE
LIBOR
USD
3
Month
+
0.90%),
1.03%,
9/10/2021(e)
230,000
230,148
5.40%,
10/2/2023
130,000
142,576
6.13%,
10/1/2025
1,290,000
1,526,965
Nissan
Motor
Acceptance
Corp.
,
1.05%,
3/8/2024(a)
470,000
469,990
2.00%,
3/9/2026(a)
530,000
538,883
Nissan
Motor
Co.
Ltd.
,
3.04%,
9/15/2023(a)
1,660,000
1,730,322
4,638,884
Banks
4.6%
Banco
Santander
SA
,
2.75%,
5/28/2025
4,400,000
4,641,890
Bank
of
America
Corp.
,
(ICE
LIBOR
USD
3
Month
+
0.79%),
0.92%,
3/5/2024(e)
2,000,000
2,017,535
(ICE
LIBOR
USD
3
Month
+
0.94%),
3.86%,
7/23/2024(e)
2,570,000
2,734,112
(SOFR
+
1.15%),
1.32%,
6/19/2026(e)
410,000
412,198
(SOFR
+
0.96%),
1.73%,
7/22/2027(e)
1,010,000
1,027,536
Bank
of
Montreal
,
2.50%,
6/28/2024
1,360,000
1,434,662
1.85%,
5/1/2025
3,920,000
4,062,428
Bank
of
Nova
Scotia
(The)
,
1.30%,
6/11/2025
2,320,000
2,356,556
BNP
Paribas
SA
,
(ICE
LIBOR
USD
3
Month
+
1.11%),
2.82%,
11/19/2025(a)(e)
5,550,000
5,835,288
(SOFR
+
2.07%),
2.22%,
6/9/2026(a)(e)
450,000
465,550
Citigroup,
Inc.
,
(SOFR
+
1.67%),
1.68%,
5/15/2024(e)
370,000
377,656
(SOFR
+
2.84%),
3.11%,
4/8/2026(e)
3,210,000
3,437,138
(SOFR
+
0.77%),
1.12%,
1/28/2027(e)
1,100,000
1,090,747
(SOFR
+
0.77%),
1.46%,
6/9/2027(e)
5,300,000
5,305,864
Cooperatieve
Rabobank
UA
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.00%),
1.34%,
6/24/2026(a)(e)
1,860,000
1,877,893
Credit
Agricole
SA
,
(SOFR
+
1.68%),
1.91%,
6/16/2026(a)(e)
4,340,000
4,442,250
DNB
Bank
ASA
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.72%),
1.54%,
5/25/2027(a)(e)
2,800,000
2,825,814
Nationwide
Multi-Cap
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
65
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
HSBC
Holdings
plc
,
3.60%,
5/25/2023
2,510,000
2,653,926
(ICE
LIBOR
USD
3
Month
+
1.00%),
1.16%,
5/18/2024(e)
3,450,000
3,494,608
(SOFR
+
0.71%),
0.98%,
5/24/2025(e)
560,000
561,479
Intesa
Sanpaolo
SpA
,
3.13%,
7/14/2022(a)
2,340,000
2,397,370
3.38%,
1/12/2023(a)
2,000,000
2,077,749
JPMorgan
Chase
&
Co.
,
(SOFR
+
1.46%),
1.51%,
6/1/2024(e)
1,030,000
1,050,045
(ICE
LIBOR
USD
3
Month
+
1.00%),
4.02%,
12/5/2024(e)
1,440,000
1,552,169
(SOFR
+
1.85%),
2.08%,
4/22/2026(e)
5,760,000
5,974,386
Lloyds
Banking
Group
plc
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.10%),
1.33%,
6/15/2023(e)
1,990,000
2,004,835
3.90%,
3/12/2024
600,000
648,827
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
3.50%),
3.87%,
7/9/2025(e)
1,160,000
1,257,242
National
Securities
Clearing
Corp.
,
1.20%,
4/23/2023(a)
530,000
538,112
Nordea
Bank
Abp
,
0.63%,
5/24/2024(a)
5,150,000
5,160,307
Royal
Bank
of
Canada
,
1.15%,
6/10/2025
980,000
989,069
Santander
UK
Group
Holdings
plc
,
3.57%,
1/10/2023
500,000
506,906
(SOFR
+
0.99%),
1.67%,
6/14/2027(e)
570,000
572,834
Standard
Chartered
plc
,
3.95%,
1/11/2023(a)
4,000,000
4,162,460
Sumitomo
Mitsui
Financial
Group,
Inc.
,
(ICE
LIBOR
USD
3
Month
+
0.80%),
0.93%,
10/16/2023(e)
2,500,000
2,532,317
Toronto-Dominion
Bank
(The)
,
0.75%,
6/12/2023
1,890,000
1,903,935
1.15%,
6/12/2025
1,460,000
1,477,059
1.20%,
6/3/2026
1,600,000
1,615,284
Truist
Financial
Corp.
,
(SOFR
+
0.86%),
1.89%,
6/7/2029(e)
1,220,000
1,239,831
UniCredit
SpA
,
6.57%,
1/14/2022(a)
3,690,000
3,784,321
US
Bancorp
,
1.45%,
5/12/2025
5,690,000
5,834,067
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
Wells
Fargo
&
Co.
,
(ICE
LIBOR
USD
3
Month
+
1.23%),
1.36%,
10/31/2023(e)
3,390,000
3,434,421
(SOFR
+
1.60%),
1.65%,
6/2/2024(e)
4,530,000
4,626,436
(SOFR
+
2.00%),
2.19%,
4/30/2026(e)
3,020,000
3,143,024
Westpac
Banking
Corp.
,
1.15%,
6/3/2026
1,250,000
1,262,679
110,800,815
Beverages
0.1%
Coca-Cola
Co.
(The)
,
1.45%,
6/1/2027
250,000
255,310
PepsiCo,
Inc.
,
0.75%,
5/1/2023
740,000
746,618
2.25%,
3/19/2025
1,040,000
1,097,106
2.63%,
3/19/2027
10,000
10,829
2,109,863
Biotechnology
0.4%
AbbVie,
Inc.
,
2.60%,
11/21/2024
1,030,000
1,089,661
3.80%,
3/15/2025
1,720,000
1,884,303
2.95%,
11/21/2026
4,180,000
4,530,619
Gilead
Sciences,
Inc.
,
3.70%,
4/1/2024
1,000,000
1,074,973
8,579,556
Building
Products
0.1%
Carrier
Global
Corp.
,
2.24%,
2/15/2025
1,950,000
2,040,783
Capital
Markets
1.6%
Bank
of
New
York
Mellon
Corp.
(The)
,
1.60%,
4/24/2025
5,140,000
5,289,591
Charles
Schwab
Corp.
(The)
,
1.15%,
5/13/2026
1,560,000
1,574,155
Credit
Suisse
AG
,
3.63%,
9/9/2024
2,830,000
3,075,601
2.95%,
4/9/2025
2,490,000
2,669,585
Goldman
Sachs
Group,
Inc.
(The)
,
Series
FXD,
0.48%,
1/27/2023
240,000
240,129
3.50%,
4/1/2025
3,120,000
3,387,394
3.75%,
5/22/2025
7,300,000
7,996,735
Morgan
Stanley
,
(SOFR
+
0.46%),
0.53%,
1/25/2024(e)
2,110,000
2,110,588
(SOFR
+
1.99%),
2.19%,
4/28/2026(e)
4,450,000
4,620,398
UBS
Group
AG
,
3.49%,
5/23/2023(a)
1,000,000
1,024,620
(ICE
LIBOR
USD
3
Month
+
0.95%),
1.11%,
8/15/2023(a)(e)
2,100,000
2,117,739
66
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Multi-Cap
Portfolio
Corporate
Bonds
Principal
Amount
($)
Value
($)
Capital
Markets
UBS
Group
AG,
(ICE
LIBOR
USD
3
Month
+
0.95%),
2.86%,
8/15/2023(a)(e)
2,010,000
2,059,387
USAA
Capital
Corp.
,
0.50%,
5/1/2024(a)
2,420,000
2,421,231
38,587,153
Chemicals
0.2%
Equate
Petrochemical
BV
,
2.63%,
4/28/2028(a)
1,250,000
1,266,615
OCP
SA
,
Reg.
S,
4.50%,
10/22/2025
2,200,000
2,381,245
Orbia
Advance
Corp.
SAB
de
CV
,
1.88%,
5/11/2026(a)
790,000
794,819
2.88%,
5/11/2031(a)
750,000
763,657
5,206,336
Consumer
Finance
0.6%
American
Express
Co.
,
(ICE
LIBOR
USD
3
Month
+
0.60%),
0.78%,
11/5/2021(e)
2,500,000
2,501,956
Caterpillar
Financial
Services
Corp.
,
0.45%,
5/17/2024
3,750,000
3,757,112
1.45%,
5/15/2025
2,410,000
2,477,018
Ford
Motor
Credit
Co.
LLC
,
5.88%,
8/2/2021
930,000
930,000
(ICE
LIBOR
USD
3
Month
+
1.08%),
1.26%,
8/3/2022(e)
1,620,000
1,619,771
General
Motors
Financial
Co.,
Inc.
,
3.55%,
7/8/2022
1,500,000
1,542,780
PACCAR
Financial
Corp.
,
1.10%,
5/11/2026
1,790,000
1,801,073
Park
Aerospace
Holdings
Ltd.
,
5.25%,
8/15/2022(a)
13,000
13,562
14,643,272
Diversified
Financial
Services
0.3%
NTT
Finance
Corp.
,
1.16%,
4/3/2026(a)
2,990,000
2,999,610
Shell
International
Finance
BV
,
(ICE
LIBOR
USD
3
Month
+
0.40%),
0.56%,
11/13/2023(e)
2,660,000
2,677,822
2.88%,
5/10/2026
830,000
902,715
SLM
Student
Loan
Trust
2003-10
,
5.15%,
12/15/2039(a)
1,410,000
1,412,686
7,992,833
Diversified
Telecommunication
Services
0.7%
AT&T,
Inc.
,
3.40%,
5/15/2025
2,927,000
3,193,155
CCO
Holdings
LLC
,
4.50%,
8/15/2030(a)
2,570,000
2,698,500
Corporate
Bonds
Principal
Amount
($)
Value
($)
Diversified
Telecommunication
Services
Verizon
Communications,
Inc.
,
0.75%,
3/22/2024
1,100,000
1,104,983
3.38%,
2/15/2025
5,680,000
6,177,990
0.85%,
11/20/2025
3,190,000
3,172,918
1.45%,
3/20/2026
240,000
243,277
2.63%,
8/15/2026
580,000
618,344
17,209,167
Electric
Utilities
0.5%
Duke
Energy
Carolinas
LLC
,
2.50%,
3/15/2023
1,000,000
1,031,721
Duke
Energy
Corp.
,
2.40%,
8/15/2022
700,000
713,968
FirstEnergy
Corp.
,
Series
A,
3.60%,
7/15/2022(c)
2,855,000
2,890,773
Series
B,
4.75%,
3/15/2023(c)
2,162,000
2,275,505
Series
A,
1.60%,
1/15/2026
940,000
935,037
Pacific
Gas
and
Electric
Co.
,
1.75%,
6/16/2022
1,790,000
1,787,543
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara
,
5.45%,
5/21/2028(a)
1,830,000
2,127,375
11,761,922
Energy
Equipment
&
Services
0.0%
†
Halliburton
Co.
,
3.25%,
11/15/2021
767,000
767,660
Food
&
Staples
Retailing
0.1%
Walmart,
Inc.
,
3.40%,
6/26/2023
120,000
126,718
3.55%,
6/26/2025
1,160,000
1,280,999
1,407,717
Food
Products
0.2%
Cargill,
Inc.
,
3.25%,
3/1/2023(a)
1,520,000
1,590,629
1.38%,
7/23/2023(a)
330,000
336,360
Hershey
Co.
(The)
,
0.90%,
6/1/2025
400,000
402,371
Mondelez
International
Holdings
Netherlands
BV
,
2.13%,
9/19/2022(a)
210,000
214,197
Mondelez
International,
Inc.
,
1.50%,
5/4/2025
930,000
951,298
3,494,855
Health
Care
Equipment
&
Supplies
0.1%
Becton
Dickinson
and
Co.
,
3.36%,
6/6/2024
1,000,000
1,071,194
3.73%,
12/15/2024
2,070,000
2,253,094
3,324,288
Health
Care
Providers
&
Services
1.0%
Aetna,
Inc.
,
2.75%,
11/15/2022
930,000
953,118
Nationwide
Multi-Cap
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
67
Corporate
Bonds
Principal
Amount
($)
Value
($)
Health
Care
Providers
&
Services
Cigna
Corp.
,
(ICE
LIBOR
USD
3
Month
+
0.89%),
1.02%,
7/15/2023(e)
4,850,000
4,912,290
3.75%,
7/15/2023
12,000
12,744
3.25%,
4/15/2025
1,010,000
1,092,920
4.13%,
11/15/2025
4,440,000
4,994,970
CVS
Health
Corp.
,
3.70%,
3/9/2023
310,000
325,666
3.88%,
7/20/2025
6,460,000
7,149,510
Humana,
Inc.
,
3.15%,
12/1/2022
1,500,000
1,544,506
4.50%,
4/1/2025
260,000
291,737
UnitedHealth
Group,
Inc.
,
2.38%,
10/15/2022
50,000
51,259
3.50%,
6/15/2023
120,000
127,043
3.75%,
7/15/2025
1,650,000
1,840,267
1.25%,
1/15/2026
240,000
243,863
1.15%,
5/15/2026
1,090,000
1,099,646
24,639,539
Hotels,
Restaurants
&
Leisure
0.4%
Las
Vegas
Sands
Corp.
,
2.90%,
6/25/2025
3,230,000
3,326,769
McDonald's
Corp.
,
3.30%,
7/1/2025
4,210,000
4,581,408
1.45%,
9/1/2025
240,000
245,316
3.70%,
1/30/2026
80,000
89,127
Sands
China
Ltd.
,
4.60%,
8/8/2023
1,810,000
1,917,188
10,159,808
Household
Products
0.1%
Procter
&
Gamble
Co.
(The)
,
2.45%,
11/3/2026
1,220,000
1,313,086
2.80%,
3/25/2027
60,000
65,429
Reckitt
Benckiser
Treasury
Services
plc
,
(ICE
LIBOR
USD
3
Month
+
0.56%),
0.69%,
6/24/2022(a)(e)
2,100,000
2,108,217
3,486,732
Industrial
Conglomerates
0.2%
3M
Co.
,
(ICE
LIBOR
USD
3
Month
+
0.30%),
0.45%,
2/14/2024(e)
3,290,000
3,301,965
Honeywell
International,
Inc.
,
1.35%,
6/1/2025
2,410,000
2,463,764
5,765,729
Insurance
0.1%
American
International
Group,
Inc.
,
2.50%,
6/30/2025
200,000
211,106
Guardian
Life
Global
Funding
,
1.10%,
6/23/2025(a)
150,000
151,484
MassMutual
Global
Funding
II
,
0.85%,
6/9/2023(a)
2,320,000
2,343,942
Corporate
Bonds
Principal
Amount
($)
Value
($)
Insurance
New
York
Life
Global
Funding
,
0.95%,
6/24/2025(a)
300,000
301,829
Principal
Life
Global
Funding
II
,
1.25%,
6/23/2025(a)
140,000
141,496
3,149,857
Interactive
Media
&
Services
0.2%
Alphabet,
Inc.
,
0.45%,
8/15/2025
930,000
924,616
Tencent
Holdings
Ltd.
,
Reg.
S,
2.99%,
1/19/2023
1,980,000
2,041,917
3.68%,
4/22/2041(a)
610,000
651,262
3.84%,
4/24/2051(a)
1,320,000
1,425,570
5,043,365
Internet
&
Direct
Marketing
Retail
0.4%
Amazon.com,
Inc.
,
1.00%,
5/12/2026
1,460,000
1,475,449
1.20%,
6/3/2027
3,150,000
3,180,310
eBay,
Inc.
,
1.40%,
5/10/2026
1,910,000
1,934,549
Prosus
NV
,
3.06%,
7/13/2031(a)
2,000,000
1,975,269
8,565,577
IT
Services
0.4%
Automatic
Data
Processing,
Inc.
,
1.70%,
5/15/2028
1,140,000
1,164,686
PayPal
Holdings,
Inc.
,
1.65%,
6/1/2025
4,990,000
5,129,873
Visa,
Inc.
,
3.15%,
12/14/2025
2,930,000
3,213,514
9,508,073
Media
0.8%
Charter
Communications
Operating
LLC
,
(ICE
LIBOR
USD
3
Month
+
1.65%),
1.83%,
2/1/2024(e)
6,120,000
6,287,750
4.91%,
7/23/2025
830,000
942,139
Comcast
Corp.
,
(ICE
LIBOR
USD
3
Month
+
0.63%),
0.76%,
4/15/2024(e)
4,290,000
4,339,563
3.10%,
4/1/2025
2,300,000
2,482,955
3.95%,
10/15/2025
1,870,000
2,097,190
Fox
Corp.
,
3.05%,
4/7/2025
3,300,000
3,542,897
3.50%,
4/8/2030
430,000
479,608
20,172,102
Metals
&
Mining
0.3%
Glencore
Finance
Canada
Ltd.
,
4.25%,
10/25/2022(a)(c)
420,000
438,754
Glencore
Funding
LLC
,
3.00%,
10/27/2022(a)
1,240,000
1,273,572
4.13%,
5/30/2023(a)
440,000
466,615
4.13%,
3/12/2024(a)
2,000,000
2,155,730
68
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Multi-Cap
Portfolio
Corporate
Bonds
Principal
Amount
($)
Value
($)
Metals
&
Mining
Southern
Copper
Corp.
,
3.88%,
4/23/2025
1,860,000
2,028,795
Vale
Overseas
Ltd.
,
6.88%,
11/21/2036
520,000
725,441
7,088,907
Multiline
Retail
0.1%
Dollar
General
Corp.
,
3.25%,
4/15/2023
40,000
41,652
Target
Corp.
,
2.25%,
4/15/2025
2,750,000
2,896,033
2,937,685
Multi-Utilities
0.1%
Abu
Dhabi
National
Energy
Co.
PJSC
,
2.00%,
4/29/2028(a)
2,520,000
2,546,208
Oil,
Gas
&
Consumable
Fuels
2.4%
Apache
Corp.
,
3.25%,
4/15/2022
1,000,000
1,006,750
BP
Capital
Markets
America,
Inc.
,
(ICE
LIBOR
USD
3
Month
+
0.65%),
0.78%,
9/19/2022(e)
1,000,000
1,005,896
3.19%,
4/6/2025
370,000
399,033
BP
Capital
Markets
plc
,
(ICE
LIBOR
USD
3
Month
+
0.87%),
0.99%,
9/16/2021(e)
590,000
590,609
Chevron
Corp.
,
1.55%,
5/11/2025
4,790,000
4,925,310
Cimarex
Energy
Co.
,
4.38%,
6/1/2024
2,820,000
3,064,161
3.90%,
5/15/2027
590,000
656,518
Continental
Resources,
Inc.
,
3.80%,
6/1/2024
1,800,000
1,887,282
Devon
Energy
Corp.
,
5.25%,
9/15/2024(a)
270,000
300,637
5.85%,
12/15/2025
2,220,000
2,605,994
Diamondback
Energy,
Inc.
,
2.88%,
12/1/2024
1,490,000
1,569,079
Ecopetrol
SA
,
5.88%,
9/18/2023
1,050,000
1,132,950
5.38%,
6/26/2026
1,000,000
1,097,400
Energy
Transfer
LP
,
4.50%,
11/1/2023
80,000
85,691
4.50%,
4/15/2024
1,440,000
1,566,981
2.90%,
5/15/2025
2,270,000
2,394,442
Enterprise
Products
Operating
LLC
,
3.90%,
2/15/2024
500,000
537,445
3.75%,
2/15/2025
900,000
984,384
Exxon
Mobil
Corp.
,
2.99%,
3/19/2025
4,800,000
5,153,438
KazMunayGas
National
Co.
JSC
,
4.75%,
4/24/2025(a)
500,000
559,410
Corporate
Bonds
Principal
Amount
($)
Value
($)
Oil,
Gas
&
Consumable
Fuels
Kinder
Morgan,
Inc.
,
(ICE
LIBOR
USD
3
Month
+
1.28%),
1.41%,
1/15/2023(e)
500,000
506,804
Lukoil
International
Finance
BV
,
4.75%,
11/2/2026(a)
1,860,000
2,090,577
MPLX
LP
,
(ICE
LIBOR
USD
3
Month
+
1.10%),
1.22%,
9/9/2022(e)
3,430,000
3,432,218
1.75%,
3/1/2026
1,860,000
1,889,807
Occidental
Petroleum
Corp.
,
(ICE
LIBOR
USD
3
Month
+
1.45%),
1.61%,
8/15/2022(e)
2,530,000
2,516,257
Petrobras
Global
Finance
BV
,
5.30%,
1/27/2025
150,000
168,000
5.75%,
2/1/2029
300,000
338,403
Petroleos
del
Peru
SA
,
4.75%,
6/19/2032(a)
1,970,000
2,036,796
Pioneer
Natural
Resources
Co.
,
0.55%,
5/15/2023
1,140,000
1,141,384
0.75%,
1/15/2024
1,210,000
1,210,308
1.13%,
1/15/2026
4,280,000
4,255,139
Qatar
Petroleum
,
1.38%,
9/12/2026(a)
2,610,000
2,617,146
Sinopec
Group
Overseas
Development
2014
Ltd.
,
4.38%,
4/10/2024(a)
2,120,000
2,313,443
Western
Midstream
Operating
LP
,
(ICE
LIBOR
USD
3
Month
+
2.10%),
2.23%,
1/13/2023(e)
420,000
417,721
Williams
Cos.,
Inc.
(The)
,
4.30%,
3/4/2024
400,000
433,417
4.55%,
6/24/2024
2,110,000
2,320,035
59,210,865
Paper
&
Forest
Products
0.1%
Suzano
Austria
GmbH
,
5.75%,
7/14/2026(a)
2,010,000
2,340,967
Pharmaceuticals
0.7%
Astrazeneca
Finance
LLC
,
1.20%,
5/28/2026
1,730,000
1,744,557
AstraZeneca
plc
,
(ICE
LIBOR
USD
3
Month
+
0.67%),
0.82%,
8/17/2023(e)
2,186,000
2,206,864
Bristol-Myers
Squibb
Co.
,
2.60%,
5/16/2022
1,830,000
1,864,844
2.90%,
7/26/2024
96,000
102,558
3.88%,
8/15/2025
862,000
959,813
Elanco
Animal
Health,
Inc.
,
4.91%,
8/27/2021(c)
666,000
667,199
Eli
Lilly
&
Co.
,
2.35%,
5/15/2022
400,000
406,839
Nationwide
Multi-Cap
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
69
Corporate
Bonds
Principal
Amount
($)
Value
($)
Pharmaceuticals
Merck
&
Co.,
Inc.
,
0.75%,
2/24/2026
440,000
439,550
1.45%,
6/24/2030
260,000
257,904
Pfizer,
Inc.
,
0.80%,
5/28/2025
2,470,000
2,489,982
Teva
Pharmaceutical
Finance
Netherlands
III
BV
,
2.80%,
7/21/2023
4,680,000
4,626,180
15,766,290
Semiconductors
&
Semiconductor
Equipment
0.6%
Broadcom,
Inc.
,
4.70%,
4/15/2025
3,760,000
4,224,535
3.15%,
11/15/2025
630,000
677,453
Microchip
Technology,
Inc.
,
0.98%,
9/1/2024(a)
1,210,000
1,208,343
Micron
Technology,
Inc.
,
2.50%,
4/24/2023
320,000
329,594
NXP
BV
,
2.70%,
5/1/2025(a)
4,050,000
4,283,694
QUALCOMM,
Inc.
,
(ICE
LIBOR
USD
3
Month
+
0.73%),
0.86%,
1/30/2023(e)
2,470,000
2,493,359
Texas
Instruments,
Inc.
,
1.75%,
5/4/2030
110,000
111,459
13,328,437
Software
0.1%
Oracle
Corp.
,
2.50%,
4/1/2025
2,090,000
2,199,998
Specialty
Retail
0.2%
Home
Depot,
Inc.
(The)
,
(ICE
LIBOR
USD
3
Month
+
0.31%),
0.44%,
3/1/2022(e)
1,000,000
1,001,852
3.25%,
3/1/2022
1,000,000
1,017,896
2.50%,
4/15/2027
20,000
21,472
Lowe's
Cos.,
Inc.
,
3.12%,
4/15/2022
3,000,000
3,038,342
5,079,562
Technology
Hardware,
Storage
&
Peripherals
0.1%
Apple,
Inc.
,
1.13%,
5/11/2025
2,830,000
2,867,275
Textiles,
Apparel
&
Luxury
Goods
0.1%
NIKE,
Inc.
,
2.40%,
3/27/2025
2,340,000
2,478,564
Thrifts
&
Mortgage
Finance
0.2%
BPCE
SA
,
3.00%,
5/22/2022(a)
2,770,000
2,830,587
Nationwide
Building
Society
,
0.55%,
1/22/2024(a)
2,760,000
2,756,769
5,587,356
Tobacco
0.5%
Altria
Group,
Inc.
,
2.35%,
5/6/2025
2,090,000
2,188,117
4.40%,
2/14/2026
436,000
495,334
Corporate
Bonds
Principal
Amount
($)
Value
($)
Tobacco
Altria
Group,
Inc.,
2.63%,
9/16/2026
2,260,000
2,392,392
BAT
Capital
Corp.
,
(ICE
LIBOR
USD
3
Month
+
0.88%),
1.04%,
8/15/2022(e)
40,000
40,237
BAT
International
Finance
plc
,
1.67%,
3/25/2026
2,600,000
2,626,438
Philip
Morris
International,
Inc.
,
1.13%,
5/1/2023
2,420,000
2,455,308
1.50%,
5/1/2025
260,000
265,981
0.88%,
5/1/2026
1,840,000
1,826,160
12,289,967
Trading
Companies
&
Distributors
0.4%
Air
Lease
Corp.
,
0.70%,
2/15/2024
5,290,000
5,275,045
3.38%,
7/1/2025
260,000
280,165
1.88%,
8/15/2026
560,000
565,223
International
Lease
Finance
Corp.
,
5.88%,
8/15/2022
2,600,000
2,739,099
8,859,532
Wireless
Telecommunication
Services
0.1%
T-Mobile
USA,
Inc.
,
3.50%,
4/15/2025
3,160,000
3,431,697
Total
Corporate
Bonds
(cost
$475,991,936)
484,112,411
Exchange
Traded
Funds
0.7%
Shares
Capital
Markets
0.0%
†
iShares
MSCI
Hong
Kong
ETF
10,932
285,107
Debt
Funds
0.0%
†
iShares
iBoxx
High
Yield
Corporate
Bond
ETF
6,768
594,501
Equity
Funds
0.7%
Consumer
Discretionary
Select
Sector
SPDR
Fund
2,756
497,265
Energy
Select
Sector
SPDR
Fund
19,843
980,046
Financial
Select
Sector
SPDR
Fund
14,746
538,524
Industrial
Select
Sector
SPDR
Fund
11,443
1,182,748
Invesco
QQQ
Trust
7,920
2,887,394
iShares
Core
S&P
500
ETF
618
272,167
Materials
Select
Sector
SPDR
Fund
41,488
3,485,822
SPDR
S&P
Homebuilders
ETF
3,241
244,339
Vanguard
FTSE
Pacific
ETF
8,993
732,840
Vanguard
Health
Care
ETF
2,341
600,279
Vanguard
High
Dividend
Yield
ETF
22,456
2,365,740
70
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Multi-Cap
Portfolio
Exchange
Traded
Funds
(continued)
Shares
Value
($)
Equity
Funds
Vanguard
Industrials
ETF
2,123
418,932
Vanguard
Mid-Cap
ETF
1,750
420,822
WisdomTree
Japan
Hedged
Equity
Fund
9,203
549,971
Xtrackers
Harvest
CSI
300
China
A-Shares
ETF
4,735
178,320
15,355,209
Total
Exchange
Traded
Funds
(cost
$15,202,115)
16,234,817
Foreign
Government
Securities
1.5%
Principal
Amount
($)
ARGENTINA
0.1%
Argentine
Republic
,
1.00%,
7/9/2029
103,130
39,550
0.50%,
7/9/2030(c)
2,968,200
1,078,941
Provincia
de
Buenos
Aires
,
6.50%,
2/15/2023(a)(f)
1,200,000
570,012
1,688,503
COLOMBIA
0.0%
†
Republic
of
Colombia
,
3.25%,
4/22/2032
1,140,000
1,114,589
EGYPT
0.0%
†
Arab
Republic
of
Egypt
,
Reg.
S,
6.59%,
2/21/2028
1,220,000
1,275,510
INDONESIA
0.2%
Republic
of
Indonesia
,
3.75%,
4/25/2022(a)
1,200,000
1,227,612
2.95%,
1/11/2023
2,490,000
2,575,581
3,803,193
ISRAEL
0.1%
State
of
Israel
Government
Bond
,
2.88%,
3/16/2026
2,000,000
2,158,628
KUWAIT
0.1%
State
of
Kuwait
,
2.75%,
3/20/2022(a)
900,000
913,209
3.50%,
3/20/2027(a)
1,260,000
1,408,050
2,321,259
MEXICO
0.1%
Mex
Bonos
Desarr
Fix
Rt
,
8.00%,
11/7/2047
MXN
53,130,000
2,769,072
United
Mexican
States
,
4.00%,
10/2/2023
592,000
639,798
3,408,870
PERU
0.1%
Republic
of
Peru
,
2.39%,
1/23/2026
2,100,000
2,149,623
Foreign
Government
Securities
Principal
Amount
($)
Value
($)
QATAR
0.1%
State
of
Qatar
,
Reg.
S,
3.88%,
4/23/2023
2,220,000
2,350,905
3.38%,
3/14/2024(a)
760,000
813,010
3,163,915
RUSSIA
0.2%
Russian
Federation
,
6.90%,
5/23/2029
RUB
160,665,000
2,220,090
7.65%,
4/10/2030
144,850,000
2,101,208
7.25%,
5/10/2034
2,250,000
31,715
4,353,013
SAUDI
ARABIA
0.1%
Kingdom
of
Saudi
Arabia
,
4.50%,
4/17/2030(a)
1,450,000
1,713,465
SENEGAL
0.1%
Republic
of
Senegal
,
6.25%,
5/23/2033(a)
1,260,000
1,335,474
UNITED
ARAB
EMIRATES
0.2%
United
Arab
Emirates
Government
Bond
,
2.50%,
10/11/2022(a)
1,400,000
1,435,966
0.75%,
9/2/2023(a)
630,000
633,565
4.13%,
10/11/2047(a)
1,970,000
2,367,136
4,436,667
URUGUAY
0.1%
Oriental
Republic
of
Uruguay
,
4.38%,
1/23/2031
3,130,000
3,658,375
Total
Foreign
Government
Securities
(cost
$36,036,347)
36,581,084
Mortgage-Backed
Securities
2.0%
FHLMC
Pool
Gold
Pool
Pool#
RE6090
,
1.50%,
3/1/2051
97,697
95,672
FHLMC
UMBS
Pool
Pool#
ZT1970
3.50%,
4/1/2033
353,600
381,873
Pool#
ZS9826
3.00%,
10/1/2046
139,064
149,278
Pool#
ZA5297
4.00%,
3/1/2048
549,362
599,003
Pool#
ZA6342
4.50%,
3/1/2049
382,579
419,460
Pool#
RA3882
2.00%,
11/1/2050
381,835
390,769
Pool#
QB9290
2.00%,
3/1/2051
395,228
405,906
Pool#
QB9482
2.00%,
3/1/2051
196,104
200,294
Pool#
SD0573
2.00%,
4/1/2051
198,669
203,483
Pool#
QC1352
2.00%,
4/1/2051
198,380
202,434
Nationwide
Multi-Cap
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
71
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FHLMC
UMBS
Pool
Pool#
QC0288
2.00%,
4/1/2051
193,733
197,692
Pool#
QC0885
2.00%,
4/1/2051
99,274
101,679
Pool#
QC0297
2.00%,
4/1/2051
99,234
101,523
Pool#
QC1164
2.00%,
4/1/2051
99,076
101,386
Pool#
QC2044
2.50%,
5/1/2051
98,690
105,120
Pool#
RA5373
2.00%,
6/1/2051
298,774
305,990
Pool#
RA5576
2.50%,
7/1/2051
1,798,823
1,893,895
Pool#
SD0653
2.50%,
7/1/2051
398,882
419,963
Pool#
QC3690
2.50%,
7/1/2051
199,583
209,630
Pool#
QC4690
2.50%,
8/1/2051
200,000
211,242
Pool#
QC4824
2.50%,
8/1/2051
100,000
105,034
Pool#
QC4818
2.50%,
8/1/2051
100,000
104,910
FNMA
Pool
Pool#
BL5547
2.68%,
1/1/2035
300,000
330,553
Pool#
BM6224
2.79%,
1/1/2035(b)
734,845
814,989
Pool#
BL5767
2.68%,
2/1/2035
200,000
220,441
Pool#
BF0301
4.50%,
8/1/2058
474,288
533,957
FNMA
UMBS
Pool
Pool#
MA2110
3.50%,
12/1/2034
87,294
94,198
Pool#
MA2138
3.50%,
1/1/2035
45,427
49,132
Pool#
MA2320
3.00%,
7/1/2035
290,864
309,604
Pool#
BR2935
1.50%,
3/1/2036
97,846
99,761
Pool#
MA2672
3.00%,
7/1/2036
915,956
967,969
Pool#
MA2773
3.00%,
10/1/2036
701,986
743,504
Pool#
MA2832
3.00%,
12/1/2036
629,931
666,268
Pool#
AS8740
3.50%,
2/1/2037
124,850
134,683
Pool#
FM5754
3.50%,
3/1/2037
82,529
88,830
Pool#
FM5783
3.00%,
6/1/2038
468,143
494,013
Pool#
FM6015
3.50%,
8/1/2039
155,109
166,678
Pool#
FM0068
3.50%,
2/1/2040
207,994
224,682
Pool#
FM0071
3.50%,
2/1/2040
63,864
68,759
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
FM4650
2.50%,
10/1/2040
834,199
877,911
Pool#
AL9546
3.50%,
11/1/2046
325,213
355,288
Pool#
BE3776
4.50%,
7/1/2047
464,372
505,096
Pool#
MA3239
4.00%,
1/1/2048
211,618
228,057
Pool#
BJ9257
4.50%,
6/1/2048
226,984
250,858
Pool#
CA2047
4.50%,
7/1/2048
319,906
352,440
Pool#
FM3469
3.50%,
8/1/2048
768,160
824,684
Pool#
CA2199
4.50%,
8/1/2048
491,041
540,116
Pool#
CA2251
5.00%,
8/1/2048
70,043
76,683
Pool#
FM3445
4.00%,
9/1/2048
582,633
627,284
Pool#
CA2482
4.50%,
10/1/2048
406,912
446,883
Pool#
FM6117
3.00%,
11/1/2048
165,952
175,534
Pool#
FM3141
3.50%,
11/1/2048
922,735
984,857
Pool#
BN1623
4.50%,
11/1/2048
265,302
292,428
Pool#
FM5370
3.00%,
12/1/2048
290,523
307,102
Pool#
FM1539
4.50%,
9/1/2049
100,812
109,256
Pool#
FM1727
5.00%,
9/1/2049
1,156,682
1,287,439
Pool#
FM3154
5.00%,
9/1/2049
53,894
59,011
Pool#
FM3155
5.00%,
12/1/2049
47,421
51,729
Pool#
FM2870
3.00%,
3/1/2050
4,180,688
4,459,299
Pool#
CA5379
4.50%,
3/1/2050
275,289
304,173
Pool#
FM4133
3.00%,
7/1/2050
2,691,783
2,843,146
Pool#
BQ0254
2.00%,
8/1/2050
88,500
90,539
Pool#
BP8713
3.00%,
8/1/2050
380,977
405,085
Pool#
FM5309
2.50%,
11/1/2050
193,158
205,069
Pool#
BQ5876
2.50%,
11/1/2050
96,693
101,925
Pool#
FM4925
3.00%,
11/1/2050
244,632
261,837
Pool#
BR0001
2.50%,
12/1/2050
96,121
100,804
Pool#
BQ9224
2.00%,
1/1/2051
193,477
197,545
Pool#
CA8460
2.50%,
1/1/2051
94,719
98,738
72
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Multi-Cap
Portfolio
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
FM5940
2.00%,
2/1/2051
686,719
702,453
Pool#
BR3750
2.00%,
2/1/2051
293,674
299,675
Pool#
BR2664
2.00%,
2/1/2051
194,643
198,950
Pool#
BR3257
2.00%,
2/1/2051
97,831
100,201
Pool#
BR2643
2.00%,
2/1/2051
93,880
95,923
Pool#
CA8962
2.50%,
2/1/2051
95,302
101,188
Pool#
FM6184
2.00%,
3/1/2051
1,369,116
1,401,695
Pool#
BQ9453
2.00%,
3/1/2051
384,855
395,001
Pool#
BR4080
2.00%,
3/1/2051
197,808
201,850
Pool#
FM6418
2.00%,
3/1/2051
97,787
100,206
Pool#
BR4753
2.00%,
3/1/2051
97,722
100,001
Pool#
BR3286
2.00%,
3/1/2051
96,661
98,916
Pool#
FM6555
2.00%,
4/1/2051
687,524
702,159
Pool#
BR7745
2.00%,
4/1/2051
196,269
200,847
Pool#
BR8478
2.00%,
4/1/2051
99,356
101,721
Pool#
BR8580
2.00%,
4/1/2051
99,299
101,328
Pool#
BR7744
2.00%,
4/1/2051
99,185
101,545
Pool#
BR8518
2.00%,
4/1/2051
98,621
100,921
Pool#
FM7741
2.50%,
5/1/2051
99,420
104,033
Pool#
CB0545
3.50%,
5/1/2051
1,135,943
1,215,202
Pool#
FM7630
2.50%,
6/1/2051
398,273
419,006
Pool#
FM7727
2.50%,
6/1/2051
99,715
106,153
Pool#
FM7910
2.50%,
7/1/2051
300,000
315,566
Pool#
BT3244
2.50%,
7/1/2051
299,939
314,668
Pool#
BT0846
2.50%,
7/1/2051
199,758
209,568
Pool#
FM7900
2.50%,
7/1/2051
199,730
210,226
Pool#
BT3270
2.50%,
8/1/2051
200,000
209,930
Pool#
BT3290
2.50%,
8/1/2051
100,000
104,911
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
BT3303
2.50%,
8/1/2051
100,000
105,034
FNMA/FHLMC
UMBS,
15
Year,
Single
Family
TBA
2.00%,
8/25/2036
1,200,000
1,245,328
GNMA
I
Pool
Pool#
783669
,
3.00%,
9/15/2042
73,113
78,875
GNMA
II
Pool
Pool#
784106
3.50%,
1/20/2046
132,112
141,185
Pool#
MA4511
4.00%,
6/20/2047
288,217
308,960
Pool#
MA4654
4.50%,
8/20/2047
255,537
275,325
Pool#
MA5193
4.50%,
5/20/2048
402,952
428,436
Pool#
784985
3.50%,
9/20/2048
90,886
96,223
Pool#
MA6342
5.00%,
12/20/2049
677,741
728,691
Pool#
BS1728
4.00%,
1/20/2050
75,794
82,388
Pool#
MA6413
5.00%,
1/20/2050
422,426
454,113
Pool#
BM7534
3.50%,
2/20/2050
132,087
139,544
Pool#
BS1742
4.00%,
2/20/2050
68,376
73,964
Pool#
BS1757
4.00%,
3/20/2050
69,458
75,758
Pool#
BS8420
4.00%,
4/20/2050
301,054
325,693
Pool#
MA6603
5.00%,
4/20/2050
385,608
415,015
Pool#
785218
2.00%,
12/20/2050
292,582
299,821
Pool#
785219
2.00%,
12/20/2050
290,029
297,290
Pool#
785221
2.00%,
12/20/2050
288,260
295,478
Pool#
785220
2.00%,
12/20/2050
195,328
200,455
Pool#
BT1888
2.50%,
12/20/2050
292,274
304,116
Pool#
BS8546
2.50%,
12/20/2050
196,431
207,143
GNMA
TBA
2.00%,
8/15/2051
1,700,000
1,741,105
2.50%,
8/15/2051
2,100,000
2,183,262
4.50%,
8/15/2051
300,000
318,891
Total
Mortgage-Backed
Securities
(cost
$49,302,797)
49,471,009
Nationwide
Multi-Cap
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
73
Purchased
Options
0.0%
†
Number
of
Contracts
Value
($)
Put
Options
0.0%
†
Exchange-Traded
Fund
0.0%
†
SPDR
S&P
500
ETF
Trust
8/9/2021
at
USD
430.00,
European
Style,
Notional
Amount:
USD
10,578,000
Exchange
Traded*
10,578,000
36,734
Future
Interest
Rate
Options
0.0%
†
U.S.
Treasury
10
Year
Note
8/27/2021
at
USD
135.00,
Amercian
Style,
Notional
Amount:
USD
3,400,000
Exchange
Traded*
34
32,406
69,140
Total
Purchased
Options
(cost
$132,598)
69,140
Rights
0.0%
†
Number
of
Rights
Biotechnology
0.0%
†
Achillion
Pharmaceuticals,
Inc.,
CVR*∞
5,788
2,662
Alder
Biopharmaceuticals,
Inc.,
CVR*^∞
3,287
0
CONTRA
ADURO
BIOTECH
I,
CVR*^∞
429
0
Oncternal
Therapeutics,
Inc.,
CVR*∞
31
32
Progenics
Pharmaceuticals,
Inc.,
CVR*^∞
3,700
0
2,694
Pharmaceuticals
0.0%
†
Dova
Pharmaceuticals,
Inc.,
CVR*^∞
375
0
Elanco
Animal
Health,
Inc.,
CVR*^∞
2,818
0
0
Total
Rights
(cost
$12,863)
2,694
U.S.
Government
Agency
Security
0.1%
Principal
Amount
($)
FNMA,
0.38%,
8/25/2025
2,710,000
2,685,819
Total
U.S.
Government
Agency
Security
(cost
$2,699,652)
2,685,819
U.S.
Treasury
Obligations
5.1%
U.S.
Treasury
Bonds
1.13%,
8/15/2040
5,550,000
4,941,668
1.38%,
11/15/2040
4,960,000
4,607,375
1.88%,
2/15/2041
3,300,000
3,337,125
2.25%,
5/15/2041
5,930,000
6,370,117
3.00%,
2/15/2049
280,000
347,058
0.00%,
5/15/2049
4,350,000
2,528,137
2.00%,
2/15/2050
5,500,000
5,611,289
U.S.
Treasury
Obligations
Principal
Amount
($)
Value
($)
U.S.
Treasury
Bonds
1.25%,
5/15/2050
15,630,000
13,304,427
1.38%,
8/15/2050
15,260,000
13,403,168
1.63%,
11/15/2050
7,830,000
7,319,827
1.88%,
2/15/2051
22,080,000
21,924,750
2.38%,
5/15/2051
2,140,000
2,374,062
U.S.
Treasury
Inflation
Linked
Bonds
1.38%,
2/15/2044
(g)(h)
1,420,000
2,332,823
0.75%,
2/15/2045
(h)
80,000
116,625
U.S.
Treasury
Notes
1.75%,
7/15/2022
70,000
71,113
0.25%,
7/31/2025
210,000
207,523
2.13%,
5/31/2026
1,730,000
1,849,208
0.63%,
11/30/2027
7,630,000
7,493,793
1.25%,
3/31/2028
130,000
132,422
1.25%,
4/30/2028
7,880,000
8,025,595
1.25%,
6/30/2028
1,320,000
1,342,481
1.00%,
7/31/2028
7,720,000
7,717,587
0.63%,
5/15/2030
8,050,000
7,683,348
Total
U.S.
Treasury
Obligations
(cost
$123,917,883)
123,041,521
Preferred
Stock
0.0%
†
Shares
Real
Estate
Management
&
Development
0.0%
†
Brookfield
Property
Preferred
LP,
6.25%,
7/26/2081*(i)
2
59
Total
Preferred
Stock
(cost
$58)
59
Short-Term
Investments
6.4%
Principal
Amount
($)
Commercial
Paper
6.1%
Arabella
Finance
LLC
0.30%,
8/6/2021(a)
4,000,000
3,999,774
0.30%,
8/10/2021
5,000,000
4,999,557
Aviation
Capital
Group
LLC,
0.28%,
8/16/2021(a)
12,000,000
11,999,450
Brookfield
Infrastructure
Holdings
Canada,
Inc.,
0.26%,
8/18/2021
20,000,000
19,997,752
CNPC
Finance
(HK)
Ltd.
0.24%,
8/12/2021(a)
5,000,000
4,999,856
0.33%,
8/18/2021
7,000,000
6,999,693
Edison
International
0.27%,
8/4/2021
500,000
499,986
0.40%,
8/6/2021
10,550,000
10,549,569
74
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Multi-Cap
Portfolio
Short-Term
Investments
Principal
Amount
($)
Value
($)
Commercial
Paper
General
Motors
Financial
Co.,
Inc.,
0.30%,
8/18/2021
5,000,000
4,999,045
Harley-Davidson
Financial
Services,
Inc.,
0.27%,
8/4/2021(a)
4,350,000
4,349,861
Humana,
Inc.,
0.21%,
9/28/2021
15,000,000
14,992,250
Intesa
Sanpaolo
Funding
LLC,
0.17%,
8/16/2021
12,000,000
11,997,274
Oglethorpe
Power
Corp.,
0.17%,
8/10/2021
4,500,000
4,499,821
Romulus
Funding
Corp.
0.31%,
8/2/2021(a)
9,600,000
9,599,568
0.25%,
8/9/2021
2,000,000
1,999,700
Smithfield
Foods,
Inc.,
0.30%,
8/5/2021
10,000,000
9,999,652
Viatris,
Inc.,
0.37%,
8/27/2021(a)
15,000,000
14,995,718
VW
Credit,
Inc.,
0.18%,
8/25/2021(a)
4,000,000
3,999,575
WGL
Holdings,
Inc.,
0.30%,
8/23/2021
3,000,000
2,999,728
148,477,829
Shares
Money
Market
Funds
0.3%
Fidelity
Investments
Money
Market
Government
Portfolio
—
Institutional
Class,0.01%(j)(k)
6,206,065
6,206,065
Total
Short-Term
Investments
(cost
$154,687,125)
154,683,894
Total
Investments
(cost
$1,889,220,678)
—
97.6%
2,368,483,801
Other
assets
in
excess
of
liabilities
—
2.4%
57,012,984
NET
ASSETS
—
100.0%
$
2,425,496,785
*
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,
2021
was
$392,142,378
which
represents
16.17%
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,
2021.
(c)
Step
Bond.
Coupon
rate
is
set
for
an
initial
period
and
then
increases
to
a
higher
coupon
rate
at
a
specific
date.
The
rate
shown
is
the
rate
as
of
July
31,
2021.
(d)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2021.
The
total
value
of
securities
on
loan
as
of
July
31,
2021
was
$5,918,801,
which
was
collateralized
by
cash
used
to
purchase
a
money
market
fund
with
a
value
of
$6,206,065.
(e)
Variable
or
floating
rate
security,
linked
to
the
referenced
benchmark.
The
interest
rate
shown
was
the
current
rate
as
of
July
31,
2021.
(f)
Security
in
default.
(g)
Security
or
a
portion
of
the
security
was
used
to
cover
the
margin
requirement
for
swaps
contracts.
(h)
Principal
amounts
are
not
adjusted
for
inflation.
(i)
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,
2021.
(j)
Represents
7-day
effective
yield
as
of
July
31,
2021.
(k)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2021
was
$6,206,065.
Nationwide
Multi-Cap
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
75
V1
ADR
American
Depositary
Receipt
CH
Switzerland
CLO
Collateralized
Loan
Obligations
CVR
Contingent
Value
Rights
ETF
Exchange
Traded
Fund
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
FTSE
Financial
Times
Stock
Exchange
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
GP
General
Partnership
ICE
Intercontinental
Exchange
IO
Interest
only
LIBOR
London
Interbank
Offered
Rate
NL
Netherlands
Reg.
S
Regulation
S
-
Security
was
purchased
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933,
which
exempts
from
registration
securities
offered
and
sold
outside
of
the
United
States.
Such
security
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933
or
pursuant
to
an
exemption
from
registration.
Currently
there
is
no
restriction
on
trading
this
security.
REIT
Real
Estate
Investment
Trust
REMICS
Real
Estate
Mortgage
Investment
Conduits
SOFR
Secured
Overnight
Financing
Rate
TBA
To
Be
Announced;
Security
is
subject
to
delayed
delivery
UMBS
Uniform
Mortgage-Backed
Securities
Currency:
RUB
Russia
Ruble
USD
United
States
Dollar
Centrally
Cleared
Credit
default
swap
contracts
outstanding
-
sell
protection
as
of
July
31,
2021
1
:
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
(%)
Payment
Frequency
Maturity
Date
Implied
Credit
Spread
(%)
2
Notional
Amount
3
Upfront
Payments
(Receipts)
($)
4
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
Markit
CDX
North
American
High
Yield
Index
Series
36-V1
5.00
Quarterly
6/20/2026
2.92
USD
15,675,000
1,248,035
280,990
1,529,025
1,248,035
280,990
1,529,025
76
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Multi-Cap
Portfolio
1
The
Fund,
as
a
seller
of
credit
protection,
receives
periodic
payments
and
any
upfront
premium
from
the
protection
buyer,
and
the
Fund
is
obligated
to
make
a
contingent
payment,
upon
occurrence
of
a
credit
event
with
respect
to
an
underlying
reference
obligation,
as
defined
under
the
terms
of
each
individual
swap
contract.
2
Implied
credit
spreads
are
an
indication
of
the
seller’s
performance
risk,
related
to
the
likelihood
of
a
credit
event
occurring
that
would
require
a
seller
to
make
a
payment
to
a
buyer.
Implied
credit
spreads
are
used
to
determine
the
value
of
swap
contracts
and
reflect
the
cost
of
buying/selling
protection,
which
may
include
upfront
payments
made
to
enter
into
the
contract.
Therefore,
higher
spreads
would
indicate
a
greater
likelihood
that
a
seller
will
be
obligated
to
perform
(i.e.,
make
payment)
under
the
swap
contract.
Increasing
values,
in
absolute
terms
and
relative
notional
amounts,
are
also
indicative
of
greater
performance
risk.
Implied
credit
spreads
for
credit
default
swaps
on
credit
indices
are
linked
to
the
weighted
average
spread
across
the
underlying
reference
obligations
included
in
a
particular
index.
3
The
notional
amount
is
the
maximum
amount
that
a
seller
of
credit
protection
would
be
obligated
to
pay
and
a
buyer
of
credit
protection
would
receive,
upon
occurrence
of
a
credit
event.
4
Upfront
premiums
generally
related
to
payments
received
or
paid
at
the
initiation
of
the
swap
agreement
to
compensate
for
differences
between
the
stated
terms
of
the
swap
agreement
and
current
market
conditions
(credit
spreads,
interest
rates
and
other
relevant
factors).
Currency:
USD
United
States
dollar
Centrally
Cleared
Interest
rate
swap
contracts
outstanding
as
of
July
31,
2021
:
Floating
Rate
Index
Fixed
Rate
Pay/
Receive
Floating
Rate
Maturity
Date
Notional
Amount
Upfront
Payment
(Receipts)
($)
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
3
Month
LIBOR
quarterly
0.19%
semi-annually
Pay
6/15/2022
USD
13,515,000
(29)
6,288
6,259
3
Month
LIBOR
quarterly
0.45%
semi-annually
Rec
5/15/2027
USD
26,862,000
(98,054)
766,112
668,058
3
Month
LIBOR
quarterly
0.82%
semi-annually
Pay
6/4/2024
USD
100,448,000
–
16,840
16,840
3
Month
LIBOR
quarterly
0.90%
semi-annually
Rec
3/17/2050
USD
2,254,000
(65)
398,114
398,049
3
Month
LIBOR
quarterly
1.20%
semi-annually
Rec
10/7/2050
USD
1,661,000
(707)
177,031
176,324
3
Month
LIBOR
quarterly
1.20%
semi-annually
Rec
2/15/2047
USD
3,964,000
21,225
337,721
358,946
3
Month
LIBOR
quarterly
1.23%
semi-annually
Rec
2/15/2047
USD
1,991,000
1,512
167,662
169,174
3
Month
LIBOR
quarterly
1.60%
semi-annually
Rec
2/15/2047
USD
2,631,000
15,163
(6,761)
8,402
3
Month
LIBOR
quarterly
1.63%
semi-annually
Rec
2/15/2047
USD
5,250,000
56,870
(35,255)
21,615
(4,085)
1,827,752
1,823,667
1
Day
SOFR
annually
1.73%
annually
Rec
2/15/2047
USD
11,120,000
–
(888,555)
(888,555)
3
Month
LIBOR
quarterly
1.25%
semi-annually
Rec
2/15/2028
USD
13,082,000
12,689
(250,974)
(238,285)
3
Month
LIBOR
quarterly
1.35%
semi-annually
Rec
2/15/2028
USD
68,014,000
2,461
(1,683,996)
(1,681,535)
3
Month
LIBOR
quarterly
2.00%
semi-annually
Rec
2/15/2047
USD
25,746,000
(23,105)
(2,059,104)
(2,082,209)
(7,955)
(4,882,629)
(4,890,584)
(12,040)
(3,054,877)
(3,066,917)
–
–
–
Currency:
USD
United
States
dollar
Nationwide
Multi-Cap
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
77
OTC
Total
return
swap
contracts
outstanding
as
of
July
31,
2021
:
Reference
Entity
Payments
Made
by
Fund
Payments
Received
by
Fund
Frequency
of
Payments
Made/
Received
Counterparty
Maturity
Date
Notional
Amount
Upfront
Payments
(Receipts)
($)
*
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
Apollo
Global
Management,
Inc.
Decreases
in
total
return
of
reference
entity
1
month
USD
LIBOR
+
0.30%
and
increases
in
total
return
of
reference
entity
Monthly
Morgan
Stanley
Capital
Services,
Inc.
4/19/2022
USD
28,095
—
16,188
16,188
Cloudera,
Inc.
1
month
USD
LIBOR
+
0.25%
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
Morgan
Stanley
Capital
Services,
Inc.
4/21/2022
USD
39,653
—
5,883
5,883
Covanta
Holding
Corp.
1
month
USD
LIBOR
+
0.25%
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
Morgan
Stanley
Capital
Services,
Inc.
4/21/2022
USD
27,553
—
476
476
Five9,
Inc.
1
month
USD
LIBOR
+
0.30%
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/21/2022
USD
3,560
—
32,371
32,371
IHS
Markit
Ltd.
1
month
USD
LIBOR
+
0.25%
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
Morgan
Stanley
Capital
Services,
Inc.
4/19/2022
USD
15,976
—
59,243
59,243
II-VI,
Inc.
Decreases
in
total
return
of
reference
entity
1
month
USD
LIBOR
+
0.30%
and
increases
in
total
return
of
reference
entity
Monthly
Morgan
Stanley
Capital
Services,
Inc.
4/19/2022
USD
4,682
—
2,741
2,741
Maxim
Integrated
Products,
Inc.
1
month
USD
LIBOR
+
0.25%
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
Morgan
Stanley
Capital
Services,
Inc.
4/19/2022
USD
7,203
—
7,994
7,994
Nuance
1
month
USD
LIBOR
+
0.25%
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
Morgan
Stanley
Capital
Services,
Inc.
4/19/2022
USD
23,708
—
814
814
PPD,
Inc.
1
month
USD
LIBOR
+
0.25%
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
Morgan
Stanley
Capital
Services,
Inc.
4/19/2022
USD
39,988
—
9,407
9,407
78
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Multi-Cap
Portfolio
Reference
Entity
Payments
Made
by
Fund
Payments
Received
by
Fund
Frequency
of
Payments
Made/
Received
Counterparty
Maturity
Date
Notional
Amount
Upfront
Payments
(Receipts)
($)*
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
Proofpoint,
Inc.
1
month
USD
LIBOR
+
0.25%
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
Morgan
Stanley
Capital
Services,
Inc.
4/19/2022
USD
5,891
—
2,014
2,014
Russell
3000
Index
1
month
USD
LIBOR
+
0.29%
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
Bank
of
America
NA
8/25/2021
USD
165,449,653
—
2,747,561
2,747,561
Russell
3000
Index
1
month
USD
LIBOR
+
0.35%
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
Bank
of
America
NA
6/10/2022
USD
523,565,542
—
8,185,130
8,185,130
Russell
3000
Index
1
month
USD
LIBOR
+
0.33%
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
Citigroup
Global
Markets
Ltd.
12/10/2021
USD
501,167,544
—
7,841,237
7,841,237
S&P
Global,
Inc.
Decreases
in
total
return
of
reference
entity
1
month
USD
LIBOR
+
0.32%
and
increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
8/25/2021
USD
35,042,007
—
124,875
124,875
SPDR
S&P
Biotech
ETF
Decreases
in
total
return
of
reference
entity
1
month
USD
LIBOR
+
0.75%
and
increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/19/2022
USD
3,812
—
9,547
9,547
Xilinx,
Inc.
1
month
USD
LIBOR
+
0.25%
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
Morgan
Stanley
Capital
Services,
Inc.
4/19/2022
USD
1,467
—
29,511
29,511
—
19,074,992
19,074,992
Athene
Holding
Ltd.
1
month
USD
LIBOR
+
0.25%
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
Morgan
Stanley
Capital
Services,
Inc.
4/19/2022
USD
24,452
—
(13,369)
(13,369)
Change
Healthcare,
Inc.
1
month
USD
LIBOR
+
0.25%
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
Morgan
Stanley
Capital
Services,
Inc.
4/19/2022
USD
50,763
—
(23,975)
(23,975)
Nationwide
Multi-Cap
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
79
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)
($)
Value
($)
Coherent,
Inc.
1
month
USD
LIBOR
+
0.25%
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
Morgan
Stanley
Capital
Services,
Inc.
4/19/2022
USD
5,145
—
(53,027)
(53,027)
Columbia
Property
Trust,
Inc.
1
month
USD
LIBOR
+
0.25%
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
Morgan
Stanley
Capital
Services,
Inc.
4/19/2022
USD
37,056
—
(33,047)
(33,047)
Kindred
Biosciences,
Inc.
1
month
USD
LIBOR
+
0.30%
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/21/2022
USD
37,439
—
(2,115)
(2,115)
Russell
3000
Index
1
month
USD
LIBOR
+
0.32%
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
8/25/2021
USD
34,820,248
—
(110,698)
(110,698)
S&P
Global,
Inc.
Decreases
in
total
return
of
reference
entity
1
month
USD
LIBOR
+
0.30%
and
increases
in
total
return
of
reference
entity
Monthly
Morgan
Stanley
Capital
Services,
Inc.
4/19/2022
USD
4,534
—
(78,105)
(78,105)
State
Auto
Financial
Corp.
1
month
USD
LIBOR
+
0.29%
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/21/2022
USD
4,442
—
(1,432)
(1,432)
Willis
Towers
Watson
plc
1
month
USD
LIBOR
+
0.25%
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
Morgan
Stanley
Capital
Services,
Inc.
4/19/2022
USD
2,965
—
(47,004)
(47,004)
Zoom
Video
Decreases
in
total
return
of
reference
entity
1
month
USD
LIBOR
+
0.30%
and
increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/21/2022
USD
1,969
—
(35,432)
(35,432)
—
(398,204)
(398,204)
—
18,676,788
18,676,788
*
There
are
no
upfront
payments
(receipts)
on
the
swap
contracts
listed
above.
At
July
31,
2021,
the
Fund
had
$10,832,725
segregated
as
collateral
for
swap
contracts.
LIBOR
London
Interbank
Offered
Rate
Currency:
USD
United
States
dollar
80
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Multi-Cap
Portfolio
Forward
Foreign
Currency
Contracts
outstanding
as
of
July
31,
2021:
Currenc
y
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
($)
BRL
16,870,000
USD
3,177,862
Citibank
NA
**
10/19/2021
26,830
CAD
3,824,252
USD
3,044,724
Citibank
NA
10/19/2021
20,424
JPY
1,042,809,809
USD
9,501,623
JPMorgan
Chase
Bank
10/19/2021
9,966
RUB
503,096,114
USD
6,669,134
Goldman
Sachs
Bank
USA
**
10/19/2021
117,675
Total
unrealized
appreciation
174,895
CAD
2,240,000
USD
1,804,513
Goldman
Sachs
Bank
USA
10/19/2021
(9,147)
Total
unrealized
depreciation
(9,147)
Net
unrealized
appreciation
165,748
**
Non-deliverable
forward.
Currency:
BRL
Brazilian
real
CAD
Canadian
dollar
JPY
Japanese
yen
RUB
Russian
ruble
USD
United
States
dollar
Futures
contracts
outstanding
as
of
July
31,
2021:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
MSCI
Emerging
Markets
E-Mini
Index
6
9/2021
USD
383,310
(25,813)
NASDAQ
100
E-Mini
Index
31
9/2021
USD
9,272,565
391,857
NASDAQ
100
Micro
E-Mini
Equity
Index
67
9/2021
USD
2,004,071
83,624
Russell
2000
E-Mini
Index
13
9/2021
USD
1,444,040
(22,777)
S&P
500
E-Mini
Index
60
9/2021
USD
13,168,500
393,912
S&P
500
Micro
E-Mini
Index
296
9/2021
USD
6,496,460
(34,748)
TOPIX
Index
23
9/2021
JPY
3,993,893
(114,142)
U.S.
Treasury
10
Year
Note
81
9/2021
USD
10,890,703
140,574
U.S.
Treasury
10
Year
Note
531
9/2021
USD
71,394,609
1,068,390
U.S.
Treasury
Ultra
Bond
24
9/2021
USD
4,788,750
135,365
U.S.
Treasury
Ultra
Bond
199
9/2021
USD
39,706,719
2,627,117
3
Month
Eurodollar
207
6/2023
USD
51,442,088
84,354
3
Month
Eurodollar
563
12/2023
USD
139,476,213
285,927
5,013,640
Short
Contracts
EURO
STOXX
50
Index
(7)
9/2021
EUR
(339,457)
3,421
Russell
2000
E-Mini
Index
(24)
9/2021
USD
(2,665,920)
(16,815)
Russell
2000
Micro
E-Mini
Index
(34)
9/2021
USD
(377,672)
10,432
S&P
500
Micro
E-Mini
Index
(114)
9/2021
USD
(2,502,015)
(56,265)
U.S.
Treasury
2
Year
Note
(954)
9/2021
USD
(210,506,063)
(30,347)
U.S.
Treasury
5
Year
Note
(2,668)
9/2021
USD
(332,020,094)
(1,481,365)
U.S.
Treasury
5
Year
Note
(46)
9/2021
USD
(5,724,484)
(15,140)
U.S.
Treasury
10
Year
Ultra
Note
(74)
9/2021
USD
(11,118,500)
(465,586)
U.S.
Treasury
Long
Bond
(911)
9/2021
USD
(150,058,781)
(6,902,173)
3
Month
Eurodollar
(975)
12/2021
USD
(243,323,438)
(230,083)
(9,183,921)
(4,170,281)
As
of
July
31,
2021,
the
Fund
had
$7,876,721
segregated
as
collateral
with
the
broker
for
open
futures
contracts.
Currency:
EUR
Euro
JPY
Japanese
Yen
USD
United
States
Dollar
Nationwide
Multi-Cap
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
81
Written
Call
Options
Contracts
as
of
July
31,
2021
:
D
escription
Counterparty
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Value
($)
U.S.
Treasury
10
Year
Note
Exchange
Traded
58
USD
5,800,000
USD
133.50
8/27/2021
(73,406)
U.S.
Treasury
10
Year
Note
Exchange
Traded
48
USD
4,800,000
USD
134.00
8/27/2021
(44,250)
U.S.
Treasury
10
Year
Note
Exchange
Traded
58
USD
5,800,000
USD
134.50
8/27/2021
(36,250)
U.S.
Treasury
10
Year
Note
Exchange
Traded
38
USD
3,800,000
USD
135.00
8/27/2021
(15,438)
U.S.
Treasury
30
Year
Bond
Exchange
Traded
45
USD
4,500,000
USD
163.00
8/27/2021
(122,344)
U.S.
Treasury
30
Year
Bond
Exchange
Traded
36
USD
3,600,000
USD
166.00
8/27/2021
(42,187)
U.S.
Treasury
5
Year
Note
Exchange
Traded
56
USD
5,600,000
USD
125.00
8/27/2021
(6,563)
(340,438)
Written
Put
Options
Contracts
as
of
July
31,
2021
:
D
escription
Counterparty
Number
of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Value
($)
SPDR
S&P
500
ETF
Trust
Goldman
Sachs
&
Co.
10,086,000
USD
10,086,000
USD
410.00
8/9/2021
(9,288)
U.S.
Treasury
10
Year
Note
Exchange
Traded
39
USD
3,900,000
USD
133.00
8/27/2021
(7,922)
U.S.
Treasury
10
Year
Note
Exchange
Traded
27
USD
2,700,000
USD
133.00
9/24/2021
(15,609)
U.S.
Treasury
10
Year
Note
Exchange
Traded
69
USD
6,900,000
USD
134.00
8/27/2021
(32,344)
U.S.
Treasury
30
Year
Bond
Exchange
Traded
28
USD
2,800,000
USD
161.00
8/27/2021
(13,125)
U.S.
Treasury
30
Year
Bond
Exchange
Traded
38
USD
3,800,000
USD
162.00
8/27/2021
(26,125)
U.S.
Treasury
30
Year
Bond
Exchange
Traded
11
USD
1,100,000
USD
163.00
8/27/2021
(11,000)
U.S.
Treasury
5
Year
Note
Exchange
Traded
62
USD
6,200,000
USD
124.00
8/27/2021
(11,141)
(126,554)
Total
Written
Options
Contracts
(Premiums
Received
($472,199))
(466,992)
Currency:
USD
United
States
dollar
82
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Multi-Cap
Portfolio
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
Nationwide
Multi-Cap
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
83
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Asset-Backed
Securities
$
–
$
166,971,802
$
–
$
166,971,802
Collateralized
Mortgage
Obligations
–
57,662,809
–
57,662,809
Commercial
Mortgage-Backed
Securities
–
70,772,890
–
70,772,890
Common
Stocks
Aerospace
&
Defense
17,659,615
–
–
17,659,615
Air
Freight
&
Logistics
6,932,594
–
–
6,932,594
Airlines
3,403,461
–
–
3,403,461
Auto
Components
3,079,263
–
–
3,079,263
Automobiles
18,809,623
–
–
18,809,623
Banks
50,545,931
–
–
50,545,931
Beverages
15,291,691
–
–
15,291,691
Biotechnology
31,675,617
141,412
–
31,817,029
Building
Products
7,733,380
–
–
7,733,380
Capital
Markets
35,800,850
–
–
35,800,850
Chemicals
16,645,144
–
–
16,645,144
Commercial
Services
&
Supplies
6,447,841
–
–
6,447,841
Communications
Equipment
9,714,809
–
–
9,714,809
Construction
&
Engineering
1,925,526
–
–
1,925,526
Construction
Materials
1,560,423
–
–
1,560,423
Consumer
Finance
8,458,125
–
–
8,458,125
Containers
&
Packaging
4,583,422
–
–
4,583,422
Distributors
1,395,021
–
–
1,395,021
Diversified
Consumer
Services
1,996,873
–
–
1,996,873
Diversified
Financial
Services
14,557,873
–
–
14,557,873
Diversified
Telecommunication
Services
12,315,318
–
–
12,315,318
Electric
Utilities
17,603,332
–
–
17,603,332
Electrical
Equipment
8,462,106
–
–
8,462,106
Electronic
Equipment,
Instruments
&
Components
8,338,630
–
–
8,338,630
Energy
Equipment
&
Services
2,738,788
–
–
2,738,788
Entertainment
24,477,479
–
–
24,477,479
Equity
Real
Estate
Investment
Trusts
(REITs)
40,133,985
–
–
40,133,985
Food
&
Staples
Retailing
14,515,629
–
–
14,515,629
Food
Products
11,272,550
–
–
11,272,550
Gas
Utilities
1,331,450
–
–
1,331,450
Health
Care
Equipment
&
Supplies
42,925,409
–
–
42,925,409
Health
Care
Providers
&
Services
30,261,689
–
–
30,261,689
Health
Care
Technology
3,671,693
–
–
3,671,693
Hotels,
Restaurants
&
Leisure
27,012,834
–
–
27,012,834
Household
Durables
6,498,434
–
–
6,498,434
Household
Products
13,758,237
–
–
13,758,237
Independent
Power
and
Renewable
Electricity
Producers
1,028,995
–
–
1,028,995
Industrial
Conglomerates
11,988,970
–
–
11,988,970
Insurance
23,454,084
–
–
23,454,084
Interactive
Media
&
Services
70,419,770
–
–
70,419,770
Internet
&
Direct
Marketing
Retail
41,887,750
–
–
41,887,750
IT
Services
62,709,001
1,876
–
62,710,877
Leisure
Products
2,402,408
–
–
2,402,408
Life
Sciences
Tools
&
Services
17,311,339
–
–
17,311,339
Machinery
22,548,473
–
–
22,548,473
Marine
185,439
–
–
185,439
Media
15,627,869
–
–
15,627,869
Metals
&
Mining
6,221,832
–
–
6,221,832
Mortgage
Real
Estate
Investment
Trusts
(REITs)
1,690,245
–
–
1,690,245
Multiline
Retail
6,378,934
–
–
6,378,934
Multi-Utilities
8,177,104
–
–
8,177,104
84
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Multi-Cap
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,
2021.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using
options,
swap
contracts, forward
foreign
currency
contracts, and financial
futures
contracts.
Level
1
Level
2
Level
3
Total
Assets:
Oil,
Gas
&
Consumable
Fuels
$
27,547,465
$
–
$
–
$
27,547,465
Paper
&
Forest
Products
358,659
–
–
358,659
Personal
Products
2,668,949
–
–
2,668,949
Pharmaceuticals
39,391,811
–
–
39,391,811
Professional
Services
8,577,008
–
–
8,577,008
Real
Estate
Management
&
Development
1,994,478
–
–
1,994,478
Road
&
Rail
12,788,721
–
–
12,788,721
Semiconductors
&
Semiconductor
Equipment
59,203,374
–
–
59,203,374
Software
118,011,581
–
–
118,011,581
Specialty
Retail
27,468,212
–
–
27,468,212
Technology
Hardware,
Storage
&
Peripherals
65,596,990
–
–
65,596,990
Textiles,
Apparel
&
Luxury
Goods
9,897,383
–
–
9,897,383
Thrifts
&
Mortgage
Finance
1,547,897
–
–
1,547,897
Tobacco
6,822,346
–
–
6,822,346
Trading
Companies
&
Distributors
3,976,000
–
–
3,976,000
Transportation
Infrastructure
62,687
–
–
62,687
Water
Utilities
1,570,984
–
–
1,570,984
Wireless
Telecommunication
Services
2,514,361
–
–
2,514,361
Total
Common
Stocks
$
1,205,565,764
$
143,288
$
–
$
1,205,709,052
Convertible
Bond
–
484,800
–
484,800
Corporate
Bonds
–
484,112,411
–
484,112,411
Credit
Default
Swaps*
–
280,990
–
280,990
Exchange
Traded
Funds
16,234,817
–
–
16,234,817
Foreign
Government
Securities
–
36,581,084
–
36,581,084
Forward
Foreign
Currency
Contracts
–
174,895
–
174,895
Futures
Contracts
5,224,973
–
–
5,224,973
Interest
Rate
Swaps*
–
1,869,768
–
1,869,768
Mortgage-Backed
Securities
–
49,471,009
–
49,471,009
Preferred
Stock
59
–
–
59
Purchased
Options
32,406
36,734
–
69,140
Rights
–
2,694
–
2,694
Short-Term
Investments
6,206,065
148,477,829
–
154,683,894
Total
Return
Swaps*
–
19,074,992
–
19,074,992
U.S.
Government
Agency
Security
–
2,685,819
–
2,685,819
U.S.
Treasury
Obligations
–
123,041,521
–
123,041,521
Total
Assets
$
1,233,264,084
$
1,161,845,335
$
–
$
2,395,109,419
$
–
$
–
$
–
$
–
Liabilities:
Forward
Foreign
Currency
Contracts
$
–
$
(9,147)
$
–
$
(9,147)
Futures
Contracts
(9,395,254)
–
–
(9,395,254)
Interest
Rate
Swaps*
–
(4,924,645)
–
(4,924,645)
Total
Return
Swaps*
–
(398,204)
–
(398,204)
Options
Written
(457,704)
(9,288)
–
(466,992)
Total
Liabilities
$
(9,852,958)
$
(5,341,284)
$
–
$
(15,194,242)
Total
$
1,223,411,126
$
1,156,504,051
$
–
$
2,379,915,177
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
*
Swap
contracts
are
included
in
the
table
at
value,
with
the
exception
of
centrally
cleared
swap
contracts
which
are
included
in
the
table
at
unrealized
appreciation/(depreciation).
During
the
period
ended
July
31,
2021,
the
Fund
held
five
rights
investments
that
were
categorized
as
Level
3
investments
which
were
each
valued
at
$0.
Nationwide
Multi-Cap
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
85
(a)
Options
The
Fund
purchased
and/or
wrote
options
on
futures
contracts,
single
stocks,
ETFs,
and/or
indexes.
Such
option
investments
are
utilized
to
manage
currency
exposures
and/or
hedge
against
movements
in
the
values
of
the
foreign
currencies
in
which
the
portfolio
securities
are
denominated,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
to
capitalize
on
the
return-generating
features
of
selling
options
(short
volatility)
while
simultaneously
benefiting
from
the
risk-control
attributes
associated
with
buying
options
(long
volatility),
and/
or
to
generate
consistent
outperformance,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
The
purchase
of
put
options
serves
as
a
short
hedge
and
the
purchase
of
call
options
serves
as
a
long
hedge.
Writing
put
options
serves
as
a
limited
long
hedge
because
increases
in
the
value
of
the
hedged
investment
would
be
offset
to
the
extent
of
the
premium
received
for
writing
the
option.
However,
if
the
security
depreciates
to
a
price
lower
than
the
strike
price
of
the
put
option,
it
can
be
expected
that
the
put
option
will
be
exercised,
and
the
Fund
will
be
obligated
to
purchase
the
security
at
more
than
its
market
value.
The
Fund
segregates
liquid
assets
to
cover
its
obligations
under
its
option
contracts.
Writing
call
options
serves
as
a
limited
short
hedge
because
declines
in
the
value
of
the
hedged
investment
would
be
offset
to
the
extent
of
the
premium
received
for
writing
the
option.
However,
if
the
security
appreciates
to
a
price
higher
than
the
exercise
price
of
the
call
option,
it
can
be
expected
that
the
call
option
will
be
exercised,
and
a
Fund
will
be
obligated
to
sell
the
security
at
less
than
its
market
value
or
will
be
obligated
to
purchase
the
security
at
a
price
greater
than
that
at
which
the
security
must
be
sold
under
the
option.
When the
Fund
writes
an
option,
an
amount
equal
to
the
premium
received
is
recorded
as
a
liability
and
subsequently
marked-to-market
to
reflect
the
current
value
of
the
option
written.
Premiums
received
from
writing
options
which
expire
unexercised
are
treated
as
realized
gains.
Premiums
received
from
writing
options
which
are
exercised
or
closed
are
added
to
the
proceeds
from
or
offset
against
amounts
paid
on
the
underlying
transaction
to
determine
the
realized
gain
or
loss
on
such
underlying
transaction.
When the
Fund
writes
an
option,
it
has
no
control
over
whether
the
option
will
be
exercised,
and
as
a
result
bears
the
risk
of
an
unfavorable
change
in
the
price
of
the
instrument
underlying
the
written
option.
Writing
options
entails
the
risk
that the
Fund
may
not
be
able
to
enter
into
a
closing
transaction
because
of
an
illiquid
market.
Options
traded
on
an
exchange
are
valued
at
the
settlement
price
provided
by
an
independent
pricing
service
as
approved
by
the
Board.
If
a
settlement
price
is
not
available,
such
options
are
valued
at
the
last
quoted
sale
price,
if
available,
and
otherwise
at
the
average
bid/ask
price.
Exchange
traded
options
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
Options
traded
in
the
over-the-counter
(“OTC”)
market,
and
which
are
not
quoted
by
NASDAQ,
are
valued
at
the
last
quoted
bid
price,
and
are
generally
categorized
as
Level
2
investments
within
the
hierarchy.
The
value
of
an
option
position
reflects,
among
other
things,
the
implied
price
volatility
of
the
underlying
investment,
the
current
market
value
of
the
underlying
investment,
the
time
remaining
until
expiration
of
the
option,
the
relationship
of
the
strike
price
to
the
market
price
of
the
underlying
investment,
and
general
market
conditions.
Options
that
expire
unexercised
have
no
value.
American-style
options
can
be
exercised
at
any
time
prior
to
the
expiration
date
of
the
option.
European-style
options
can
only
be
exercised
at
expiration
of
the
option.
The Fund
effectively
terminates
its
right
or
obligation
under
an
option
by
entering
into
a
closing
transaction.
Closing
transactions
permit the
Fund
to
realize
the
profit
or
limit
the
loss
on
an
option
position
prior
to
its
exercise
or
expiration.
If the
Fund
is
unable
to
affect
a
closing
transaction
for
an
option
it
purchased,
it
would
have
to
exercise
the
option
to
realize
any
profit.
The
inability
to
enter
into
a
closing
purchase
transaction
for
a
covered
call
option
written
by the
Fund
could
cause
material
losses
because the
Fund
would
be
unable
to
sell
the
investment
used
as
a
cover
for
the
written
option
until
the
option
expires
or
is
exercised.
The
writing
and
purchasing
of
options
is
a
highly
specialized
activity
that
involves
investment
techniques
and
risks
different
from
those
associated
with
ordinary
portfolio
securities
transactions.
Imperfect
correlation
between
options
and
the
securities
markets
may
detract
from
the
effectiveness
of
attempted
hedging.
Transactions
using
OTC
options
(other
than
options
purchased
by the
Fund)
expose the
Fund
to
counterparty
risk.
To
the
extent
required
by
Securities
and
Exchange
Commission
(“SEC”)
guidelines, the
Fund
will
not
enter
into
any
options
transactions
unless
it
owns
either
(i)
an
offsetting
(“covered”)
position
in
securities,
other
options,
or
futures
or
(ii)
cash
and
liquid
obligations
with
a
value
sufficient
at
all
times
to
cover
its
potential
obligations
to
the
extent
not
covered
as
provided
in
(i)
above.
A
Fund
will
also
earmark
or
set
aside
cash
and/or
appropriate
liquid
assets
in
a
segregated
custodial
account
as
required
by
SEC
and
U.S.
Commodity
Futures
Trading
Commission
regulations.
Assets
used
as
cover
or
held
in
a
segregated
account
cannot
be
sold
while
the
position
in
the
corresponding
option
or
futures
contract
is
open,
unless
they
are
replaced
with
similar
assets.
As
a
result,
the
commitment
of
a
large
portion
of the
Fund’s
assets
to
earmarking
or
segregated
accounts
as
a
cover
could
impede
portfolio
management
or the
Fund’s
ability
to
meet
redemption
requests
or
other
current
obligations.
86
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Multi-Cap
Portfolio
(b)
Swap
Contracts
Total
Return
Swap
Contracts
—
The
Fund
entered
into
total
return
swap
contracts
to
take
long
and
short
positions
in
equities,
to
obtain
exposure
to
a
foreign
market
and/or
foreign
index
without
owning
such
securities
or
investing
directly
in
that
foreign
market
and/or
foreign
index,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Total
return
swap
contracts
are
agreements
in
which
the
Fund
and
the
counterparty
each
agree
to
pay
the
other
party
the
difference
between
the
relative
investment
performance
that
would
have
been
achieved
if
the
notional
amount
of
the
total
return
swap
contract
had
been
invested
in
the
particular
foreign
market
and/or
foreign
indices
and
the
return
for
payments
equal
to
the
fixed
or
floating
rate
of
interest.
The
counterparty
to
a
total
return
swap
contract
is
a
financial
institution.
The
Fund
has
segregated
liquid
assets
to
cover
its
obligations
under
the
total
return
swap
contract.
The
Fund
entered
into
total
return
swap
contracts
on
a
net
basis,
which
means
that
the
two
payment
streams
are
netted
out,
with
the
Fund
receiving
or
paying,
as
the
case
may
be,
only
the
net
amount
of
the
two
payments.
Payments
are
made
at
the
conclusion
of
a
total
return
swap
contract
or
periodically
during
its
term.
Total
return
swap
contracts
normally
do
not
involve
the
delivery
of
securities
or
other
underlying
assets.
Accordingly,
the
risk
of
loss
with
respect
to
total
return
swap
contracts
is
normally
limited
to
the
net
amount
of
payments
that
the
Fund
is
contractually
obligated
to
make.
If
the
counterparty
to
a
total
return
swap
defaults,
the
Fund’s
risk
of
loss
consists
of
the
net
amount
of
payments
that
the
Fund
is
contractually
entitled
to
receive,
if
any.
Total
return
swap
contracts
are
marked-to-
market
daily
based
on
valuations
from
an
independent
pricing
service.
An
independent
pricing
service
can
utilize
daily
swap
curves
and
models
that
incorporate
a
number
of
market
data
factors,
such
as,
but
not
limited
to,
discounted
cash
flows,
trades,
and
values
of
the
underlying
reference
instruments,
such
as
the
foreign
market
and
/or
foreign
index.
Total
return
swap
contracts
are
generally
categorized
as
Level
2
investments
within
the
hierarchy.
Interest
Rate
Swap
Contracts
—
The
Fund
entered
into
interest
rate
swap
contracts
to
hedge
against
investment
risks,
to
manage
portfolio
duration,
to
obtain
exposure
to
the
investment
characteristics
of
certain
bonds
or
groups
of
bonds,
and/or
to
otherwise
increase
returns,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Interest
rate
swap
contracts
are
swaps
contracts
in
which
the
parties
exchange
their
rights
to
receive
payments
on
a
security
or
other
reference
rate.
For
example,
the
parties
might
swap
the
right
to
receive
floating
rate
payments
for
the
right
to
receive
fixed
rate
payments.
The
Fund
has
segregated
liquid
assets
to
cover
its
obligations
under
the
interest
rate
swap
contract.
Interest
rate
swap
contracts
are
valued
daily
and
unrealized
appreciation
(depreciation)
is
recorded.
Certain
interest
rate
swap
contracts
may
accrue
periodic
interest
on
a
daily
basis
as
a
component
of
unrealized
appreciation
(depreciation);
the
Fund
will
realize
a
gain
or
loss
upon
the
payment
or
receipt
of
accrued
interest.
The
Fund
will
realize
a
gain
or
a
loss
when
the
interest
rate
swap
is
terminated.
The
use
of
interest
rate
swap
contracts
involves
the
risk
that
the
investment
adviser
will
not
accurately
predict
anticipated
changes
in
interest
rates,
which
may
result
in
losses
to
the
Fund.
Interest
rate
swap
contracts
also
involve
the
possible
failure
of
a
counterparty
to
perform
in
accordance
with
the
terms
of
the
swap
agreement.
If
a
counterparty
defaults
on
its
obligations
under
a
swap
agreement,
the
Fund
may
lose
any
amount
it
expected
to
receive
from
the
counterparty,
potentially
including
amounts
in
excess
of
the
Fund’s
initial
investment.
Interest
rate
swap
contracts
are
marked-to-market
daily
based
on
valuations
from
an
independent
pricing
service.
Interest
rate
swap
contracts
are
generally
categorized
as
Level
2
investments
within
the
hierarchy.
(c)
Forward
Foreign
Currency
Contracts
The
Fund
entered
into
forward
foreign
currency
contracts
in
connection
with
planned
purchases
or
sales
of
securities
denominated
in
a
foreign
currency
and/or
to
hedge
the
U.S.
dollar
value
of
portfolio
securities
denominated
in
a
foreign
currency,
to
express
a
view
on
a
foreign
currency
vs.
the
U.S.
dollar
or
other
foreign
currency
and/or
to
hedge
the
U.S.
dollar
value
of
portfolio
securities
denominated
in
a
foreign
currency,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
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
Nationwide
Multi-Cap
Portfolio
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
87
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
reducing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/
or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
price
of
the
futures
contracts
and
the
underlying
assets. The
Fund’s
investments
in
futures
contracts
entail
limited
counterparty
credit
risk
because the
Fund
invests
only
in
exchange
traded
futures
contracts,
which
are
settled
through
the
exchange
and
whose
fulfillment
is
guaranteed
by
the
credit
of
the
exchange.
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2021:
Fair
Values
of
Derivatives
not
Accounted
for
as
Hedging
Instruments
as
of
July
31,
2021:
88
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Multi-Cap
Portfolio
Assets:
Fair
Value
Purchased
Options
Equity
risk
Investment
securities,
at
value
$
36,734
Interest
rate
risk
Investment
securities,
at
value
32,406
Swap
Contracts(a)
Credit
risk
Receivable/payable
for
variation
margin
on
centrally
cleared
swap
contracts
280,990
Equity
risk
Unrealized
appreciation
on
centrally
clear
swap
contracts
19,074,992
Interest
rate
risk
Receivable/payable
for
variation
margin
on
centrally
cleared
swap
contracts
1,869,768
Forward
Foreign
Currency
Contracts
Currency
risk
Unrealized
appreciation
on
forward
foreign
currency
contracts
174,895
Futures
Contracts
Equity
risk
Unrealized
appreciation
from
futures
contracts
883,246
Interest
rate
risk
Unrealized
appreciation
from
futures
contracts
4,341,727
Total
$
26,694,758
Liabilities:
Written
Options
Equity
risk
Written
options,
at
value
$
(9,288)
Interest
rate
risk
Written
options,
at
value
(457,704)
Swap
Contracts(a)
Equity
risk
Unrealized
depreciation
on
centrally
clear
swap
contracts
(398,204)
Interest
rate
risk
Receivable/payable
for
variation
margin
on
centrally
cleared
swap
contracts
(4,924,645)
Forward
Foreign
Currency
Contracts
Currency
risk
Unrealized
depreciation
on
forward
foreign
currency
contracts
(9,147)
Futures
Contracts
Equity
risk
Unrealized
depreciation
from
futures
contracts
(270,559)
Interest
rate
risk
Unrealized
depreciation
from
futures
contracts
(9,124,695)
Total
$
(15,194,242)
(a)
Swap
contracts
are
included
in
the
table
at
value,
with
the
exception
of
centrally
cleared
swap
contracts
which
are
included
in
the
table
at
unrealized
appreciation/(depreciation).
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
Nationwide
Geneva
Small
Cap
Growth
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
1
Common
Stocks
97.2%
Shares
Value
($)
Airlines
1.5%
Allegiant
Travel
Co.*
136,928
26,032,751
Auto
Components
5.1%
Dorman
Products,
Inc.*
193,308
19,553,104
Fox
Factory
Holding
Corp.*
423,122
68,351,128
87,904,232
Banks
1.6%
Pacific
Premier
Bancorp,
Inc.
434,003
16,483,434
Texas
Capital
Bancshares,
Inc.*
165,571
10,427,662
26,911,096
Building
Products
3.8%
AAON,
Inc.
365,583
22,720,983
Trex
Co.,
Inc.*
432,017
41,948,851
64,669,834
Chemicals
2.0%
Balchem
Corp.
247,991
33,451,506
Construction
&
Engineering
0.4%
Construction
Partners,
Inc.,
Class
A*
199,703
6,706,027
Diversified
Consumer
Services
1.9%
Bright
Horizons
Family
Solutions,
Inc.*
220,181
32,917,060
Electronic
Equipment,
Instruments
&
Components
4.1%
ePlus
,
Inc.*
224,166
20,726,389
Novanta
,
Inc.*
204,020
28,646,448
Rogers
Corp.*
108,252
20,632,831
70,005,668
Food
Products
1.5%
J
&
J
Snack
Foods
Corp.
159,470
26,213,679
Health
Care
Equipment
&
Supplies
11.6%
BioLife
Solutions,
Inc.*
382,502
17,939,344
Globus
Medical,
Inc.,
Class
A*
470,040
39,093,227
LeMaitre
Vascular,
Inc.
336,476
18,324,483
Masimo
Corp.*
133,649
36,404,651
Neogen
Corp.*
612,960
26,700,537
STAAR
Surgical
Co.*
259,778
33,230,802
Tactile
Systems
Technology,
Inc.*
541,340
26,514,833
198,207,877
Health
Care
Providers
&
Services
4.8%
HealthEquity
,
Inc.*
302,549
22,382,575
LHC
Group,
Inc.*
192,670
41,458,730
PetIQ
,
Inc.*(a)
490,424
17,341,393
81,182,698
Health
Care
Technology
5.5%
Omnicell
,
Inc.*
323,764
47,431,426
Tabula
Rasa
HealthCare,
Inc.*(a)
400,946
17,224,640
Vocera
Communications,
Inc.*
719,319
30,182,626
94,838,692
Hotels,
Restaurants
&
Leisure
1.6%
Texas
Roadhouse,
Inc.
301,631
27,801,329
Household
Products
1.0%
WD-40
Co.
67,173
16,322,367
Common
Stocks
Shares
Value
($)
Insurance
3.2%
Kinsale
Capital
Group,
Inc.
251,832
44,988,528
Palomar
Holdings,
Inc.*
129,108
10,513,264
55,501,792
IT
Services
5.6%
Evo
Payments,
Inc.,
Class
A*
724,852
21,165,678
ExlService
Holdings,
Inc.*
287,018
32,496,178
I3
Verticals,
Inc.,
Class
A*
694,801
22,178,048
Perficient
,
Inc.*
210,830
19,879,161
95,719,065
Life
Sciences
Tools
&
Services
3.6%
Bio-
Techne
Corp.
126,413
60,961,405
Machinery
6.8%
Barnes
Group,
Inc.
245,164
12,422,460
Donaldson
Co.,
Inc.
268,574
17,776,913
ESCO
Technologies,
Inc.
325,298
30,698,372
Evoqua
Water
Technologies
Corp.*
344,427
11,369,536
RBC
Bearings,
Inc.*
189,048
44,426,280
116,693,561
Multiline
Retail
1.9%
Ollie's
Bargain
Outlet
Holdings,
Inc.*
344,762
32,097,342
Professional
Services
2.9%
Exponent,
Inc.
469,898
50,321,377
Road
&
Rail
1.1%
Marten
Transport
Ltd.
1,231,638
19,484,513
Semiconductors
&
Semiconductor
Equipment
4.6%
Brooks
Automation,
Inc.
281,485
25,054,980
Monolithic
Power
Systems,
Inc.
73,918
33,208,401
Onto
Innovation,
Inc.*
278,945
19,548,465
77,811,846
Software
18.2%
Alarm.com
Holdings,
Inc.*
436,841
36,353,908
Blackbaud
,
Inc.*
204,445
14,583,062
Blackline,
Inc.*
315,677
36,110,292
Bottomline
Technologies
DE,
Inc.*
382,502
15,437,781
Cerence
,
Inc.*(a)
169,402
18,212,409
Descartes
Systems
Group,
Inc.
(The)*
490,754
35,658,186
Envestnet
,
Inc.*
401,797
30,227,188
Fair
Isaac
Corp.*
97,895
51,288,169
Q2
Holdings,
Inc.*
251,023
25,933,186
QAD,
Inc.,
Class
A
243,570
21,129,697
Tyler
Technologies,
Inc.*
53,204
26,210,419
311,144,297
Thrifts
&
Mortgage
Finance
1.0%
Axos
Financial,
Inc.*
357,878
17,124,462
Trading
Companies
&
Distributors
1.9%
SiteOne
Landscape
Supply,
Inc.*
189,123
33,054,918
Total
Common
Stocks
(cost
$870,514,068)
1,663,079,394
2
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Geneva
Small
Cap
Growth
Fund
Short-Term
Investment
1.4%
Shares
Value
($)
Money
Market
Fund
1.4%
Fidelity
Investments
Money
Market
Government
Portfolio
—
Institutional
Class,
0.01%(b)(c)
23,204,079
23,204,079
Total
Short-Term
Investment
(cost
$23,204,079)
23,204,079
Total
Investments
(cost
$893,718,147)
—
98.6%
1,686,283,473
Other
assets
in
excess
of
liabilities
—
1.4%
23,652,346
NET
ASSETS
—
100.0%
$
1,709,935,819
*
Denotes
a
non-income
producing
security.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2021.
The
total
value
of
securities
on
loan
as
of
July
31,
2021
was
$21,770,955,
which
was
collateralized
by
cash
used
to
purchase
a
money
market
fund
with
a
value
of
$23,204,079.
(b)
Represents
7-day
effective
yield
as
of
July
31,
2021.
(c)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2021
was
$23,204,079.
Nationwide
Geneva
Small
Cap
Growth
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
3
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
1,663,079,394
$
–
$
–
$
1,663,079,394
Short-Term
Investment
23,204,079
–
–
23,204,079
Total
$
1,686,283,473
$
–
$
–
$
1,686,283,473
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
Nationwide
AllianzGI
International
Growth
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
1
Common
Stocks
99.3%
Shares
Value
($)
ARGENTINA
4.4%
Internet
&
Direct
Marketing
Retail
4.4%
MercadoLibre
,
Inc.
*
8,619
13,520,625
AUSTRALIA
3.8%
Biotechnology
0.7%
CSL
Ltd.
9,497
2,016,115
Hotels,
Restaurants
&
Leisure
3.1%
Domino's
Pizza
Enterprises
Ltd.
111,305
9,576,331
11,592,446
BRAZIL
3.0%
IT
Services
3.0%
StoneCo
Ltd.,
Class
A
*
157,929
9,292,542
CANADA
6.0%
Food
&
Staples
Retailing
1.7%
Alimentation
Couche-Tard,
Inc.,
Class
B
128,423
5,176,653
IT
Services
2.2%
Shopify,
Inc.,
Class
A
*
4,353
6,529,196
Software
2.1%
Constellation
Software,
Inc.
4,075
6,527,414
18,233,263
CHINA
10.1%
Entertainment
1.3%
Tencent
Music
Entertainment
Group,
ADR
*
365,211
3,860,280
Interactive
Media
&
Services
3.7%
Tencent
Holdings
Ltd.
184,537
11,388,026
Internet
&
Direct
Marketing
Retail
5.1%
Alibaba
Group
Holding
Ltd.,
ADR
*
57,514
11,226,159
Prosus
NV
*
51,791
4,595,599
15,821,758
31,070,064
DENMARK
13.8%
Air
Freight
&
Logistics
3.6%
DSV
PANALPINA
A/S
45,339
11,044,421
Health
Care
Equipment
&
Supplies
4.8%
Ambu
A/S,
Class
B
400,285
14,809,518
Pharmaceuticals
1.2%
Novo
Nordisk
A/S,
Class
B
38,590
3,574,517
Software
4.2%
Netcompany
Group
A/S
Reg.
S
(a)
104,087
12,880,058
42,308,514
GERMANY
8.8%
Diversified
Financial
Services
0.4%
GRENKE
AG
31,249
1,361,449
Internet
&
Direct
Marketing
Retail
1.5%
Zalando
SE
Reg.
S
*(a)
41,811
4,650,797
IT
Services
1.7%
Bechtle
AG
25,035
5,174,437
Common
Stocks
Shares
Value
($)
GERMANY
Semiconductors
&
Semiconductor
Equipment
3.6%
Infineon
Technologies
AG
287,289
10,954,082
Software
0.7%
SAP
SE
14,583
2,091,581
Textiles,
Apparel
&
Luxury
Goods
0.9%
adidas
AG
7,421
2,695,809
26,928,155
HONG
KONG
2.3%
Insurance
2.3%
AIA
Group
Ltd.
581,005
6,969,366
INDIA
3.6%
Banks
3.6%
HDFC
Bank
Ltd.,
ADR
155,741
10,990,642
IRELAND
1.6%
Building
Products
1.6%
Kingspan
Group
plc
45,210
4,916,383
ISRAEL
6.6%
IT
Services
6.6%
Wix.com
Ltd.
*
67,699
20,217,629
JAPAN
1.6%
Electronic
Equipment,
Instruments
&
Components
0.6%
Keyence
Corp.
3,057
1,702,212
IT
Services
0.3%
BASE,
Inc.
*(b)
88,700
929,115
Trading
Companies
&
Distributors
0.7%
MonotaRO
Co.
Ltd.
92,336
2,128,925
4,760,252
NETHERLANDS
9.0%
IT
Services
3.0%
Adyen
NV
Reg.
S
*(a)
3,430
9,339,274
Semiconductors
&
Semiconductor
Equipment
5.8%
ASML
Holding
NV
23,366
17,767,489
Software
0.2%
Topicus.com,
Inc.
*
7,577
570,887
27,677,650
NEW
ZEALAND
1.9%
Air
Freight
&
Logistics
1.9%
Mainfreight
Ltd.
104,031
5,944,554
SOUTH
AFRICA
0.9%
Banks
0.9%
Capitec
Bank
Holdings
Ltd.
24,687
2,741,722
SWEDEN
8.4%
Building
Products
0.5%
Assa
Abloy
AB,
Class
B
51,602
1,654,559
Chemicals
2.3%
Hexpol
AB
505,419
6,878,378
Electronic
Equipment,
Instruments
&
Components
1.4%
Hexagon
AB,
Class
B
262,422
4,350,236
Machinery
2.4%
Atlas
Copco
AB,
Class
A
64,426
4,361,274
2
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
AllianzGI
International
Growth
Fund
Common
Stocks
Shares
Value
($)
SWEDEN
Machinery
Epiroc
AB,
Class
A
119,411
2,791,145
7,152,419
Trading
Companies
&
Distributors
1.8%
AddTech
AB,
Class
B
271,629
5,647,027
25,682,619
SWITZERLAND
4.0%
Capital
Markets
1.3%
Partners
Group
Holding
AG
2,384
4,075,788
Chemicals
1.6%
Sika
AG
(Registered)
13,140
4,627,648
Machinery
1.1%
VAT
Group
AG
Reg.
S
(a)
8,869
3,481,916
12,185,352
TAIWAN
8.4%
Entertainment
7.0%
Sea
Ltd.,
ADR
*
77,850
21,499,056
Semiconductors
&
Semiconductor
Equipment
1.4%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
36,617
4,271,007
25,770,063
UNITED
KINGDOM
1.1%
Industrial
Conglomerates
1.1%
DCC
plc
38,759
3,245,011
Total
Common
Stocks
(cost
$173,497,826)
304,046,852
Short-Term
Investment
0.0%
†
Money
Market
Fund
0.0%
†
Fidelity
Investments
Money
Market
Government
Portfolio
—
Institutional
Class,
0.01%,
(c)(d)
112,742
112,742
Total
Short-Term
Investment
(cost
$112,742)
112,742
Total
Investments
(cost
$173,610,568)
—
99.3%
304,159,594
Other
assets
in
excess
of
liabilities
—
0.7%
2,214,495
NET
ASSETS
—
100.0%
$
306,374,089
*
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,
2021
was
$30,352,045
which
represents
9.91%
of
net
assets.
(b)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2021.
The
total
value
of
securities
on
loan
as
of
July
31,
2021
was
$81,840,
which
was
collateralized
by
cash
used
to
purchase
a
money
market
fund
with
a
value
of
$112,742.
(c)
Represents
7-day
effective
yield
as
of
July
31,
2021.
(d)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2021
was
$112,742.
ADR
American
Depositary
Receipt
Reg.
S
Regulation
S
-
Security
was
purchased
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933,
which
exempts
from
registration
securities
offered
and
sold
outside
of
the
United
States.
Such
security
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933
or
pursuant
to
an
exemption
from
registration.
Currently
there
is
no
restriction
on
trading
this
security.
Nationwide
AllianzGI
International
Growth
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
3
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
4
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
AllianzGI
International
Growth
Fund
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
Air
Freight
&
Logistics
$
–
$
16,988,975
$
–
$
16,988,975
Banks
10,990,642
2,741,722
–
13,732,364
Biotechnology
–
2,016,115
–
2,016,115
Building
Products
–
6,570,942
–
6,570,942
Capital
Markets
–
4,075,788
–
4,075,788
Chemicals
–
11,506,026
–
11,506,026
Diversified
Financial
Services
–
1,361,449
–
1,361,449
Electronic
Equipment,
Instruments
&
Components
–
6,052,448
–
6,052,448
Entertainment
25,359,336
–
–
25,359,336
Food
&
Staples
Retailing
5,176,653
–
–
5,176,653
Health
Care
Equipment
&
Supplies
–
14,809,518
–
14,809,518
Hotels,
Restaurants
&
Leisure
–
9,576,331
–
9,576,331
Industrial
Conglomerates
–
3,245,011
–
3,245,011
Insurance
–
6,969,366
–
6,969,366
Interactive
Media
&
Services
–
11,388,026
–
11,388,026
Internet
&
Direct
Marketing
Retail
24,746,784
9,246,396
–
33,993,180
IT
Services
36,039,367
15,442,826
–
51,482,193
Machinery
–
10,634,335
–
10,634,335
Pharmaceuticals
–
3,574,517
–
3,574,517
Semiconductors
&
Semiconductor
Equipment
4,271,007
28,721,571
–
32,992,578
Software
7,098,301
14,971,639
–
22,069,940
Textiles,
Apparel
&
Luxury
Goods
–
2,695,809
–
2,695,809
Trading
Companies
&
Distributors
–
7,775,952
–
7,775,952
Total
Common
Stocks
$
113,682,090
$
190,364,762
$
–
$
304,046,852
Short-Term
Investment
112,742
–
–
112,742
Total
$
113,794,832
$
190,364,762
$
–
$
304,159,594
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
Nationwide
Amundi
Global
High
Yield
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
5
Corporate
Bonds
88.5%
Principal
Amount
($)
Value
($)
ARGENTINA
1.2%
Construction
&
Engineering
0.3%
Stoneway
Capital
Corp.,
10.00%,
3/1/2027(a)(b)
1,625,045
438,762
Electric
Utilities
0.9%
Pampa
Energia
SA,
7.50%,
1/24/2027(b)
1,230,000
1,097,775
1,536,537
BRAZIL
4.1%
Airlines
1.0%
Gol
Finance
SA
7.00%,
1/31/2025(b)
700,000
649,667
8.00%,
6/30/2026(b)
605,000
601,975
1,251,642
Commercial
Services
&
Supplies
0.8%
Atento
Luxco
1
SA,
8.00%,
2/10/2026(b)
903,000
995,854
Electric
Utilities
0.6%
Light
Servicos
de
Eletricidade
SA,
4.38%,
6/18/2026(b)
730,000
741,534
Food
Products
0.4%
Minerva
Luxembourg
SA,
4.38%,
3/18/2031(b)
510,000
501,075
Marine
0.2%
Hidrovias
International
Finance
SARL,
4.95%,
2/8/2031(b)
245,000
248,675
Oil,
Gas
&
Consumable
Fuels
0.6%
MC
Brazil
Downstream
Trading
SARL,
7.25%,
6/30/2031(b)
650,000
674,310
Road
&
Rail
0.5%
Simpar
Europe
SA,
5.20%,
1/26/2031(b)
570,000
581,400
4,994,490
BURKINA
FASO
0.4%
Metals
&
Mining
0.4%
IAMGOLD
Corp.,
5.75%,
10/15/2028(b)
427,000
438,743
CANADA
4.2%
Aerospace
&
Defense
0.2%
Bombardier,
Inc.,
7.13%,
6/15/2026(b)
285,000
296,394
Airlines
0.1%
Air
Canada,
3.88%,
8/15/2026(b)
85,000
85,204
Commercial
Services
&
Supplies
0.7%
Garda
World
Security
Corp.
4.63%,
2/15/2027(b)
50,000
50,186
9.50%,
11/1/2027(b)
216,000
235,440
Corporate
Bonds
Principal
Amount
($)
Value
($)
CANADA
Commercial
Services
&
Supplies
6.00%,
6/1/2029(b)
580,000
567,675
853,301
Containers
&
Packaging
0.3%
Intertape
Polymer
Group,
Inc.,
4.38%,
6/15/2029(b)
335,000
342,385
Energy
Equipment
&
Services
0.6%
Precision
Drilling
Corp.,
6.88%,
1/15/2029(b)
325,000
333,938
Tervita
Corp.,
11.00%,
12/1/2025(b)
328,000
375,560
709,498
Metals
&
Mining
0.2%
Hudbay
Minerals,
Inc.,
6.13%,
4/1/2029(b)
223,000
240,283
Oil,
Gas
&
Consumable
Fuels
2.1%
Baytex
Energy
Corp.,
8.75%,
4/1/2027(b)
900,000
900,000
MEG
Energy
Corp.
7.13%,
2/1/2027(b)
250,000
262,318
5.88%,
2/1/2029(b)
470,000
485,275
Strathcona
Resources
Ltd.,
6.88%,
8/1/2026(b)
1,010,000
999,769
2,647,362
5,174,427
CAYMAN
ISLANDS
0.5%
Consumer
Finance
0.5%
Global
Aircraft
Leasing
Co.
Ltd.,
6.50%,
9/15/2024(b)(c)
585,228
571,772
COLOMBIA
0.6%
Oil,
Gas
&
Consumable
Fuels
0.6%
SierraCol
Energy
Andina
LLC,
6.00%,
6/15/2028(b)
685,000
685,856
CYPRUS
0.7%
Consumer
Finance
0.7%
ASG
Finance
Designated
Activity
Co.,
7.88%,
12/3/2024(b)
860,000
829,900
FINLAND
0.2%
Paper
&
Forest
Products
0.2%
SpA
Holdings
3
Oy,
3.63%,
2/4/2028(b)
EUR
175,000
210,022
FRANCE
1.4%
Diversified
Telecommunication
Services
0.7%
Altice
France
SA
2.13%,
2/15/2025(b)
EUR
235,000
271,799
5.13%,
1/15/2029(b)
200,000
201,500
5.13%,
7/15/2029(b)
375,000
377,779
851,078
6
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Amundi
Global
High
Yield
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
FRANCE
Food
&
Staples
Retailing
0.3%
Quatrim
SASU,
5.88%,
1/15/2024(b)
EUR
270,000
330,697
Specialty
Retail
0.4%
Mobilux
Finance
SAS,
4.25%,
7/15/2028(b)
EUR
410,000
487,116
1,668,891
GERMANY
1.7%
Commercial
Services
&
Supplies
0.3%
APCOA
Parking
Holdings
GmbH,
4.63%,
1/15/2027(b)
EUR
275,000
328,258
Paper
&
Forest
Products
0.7%
Mercer
International,
Inc.,
5.13%,
2/1/2029
860,000
876,125
Pharmaceuticals
0.7%
Gruenenthal
GmbH,
4.13%,
5/15/2028(b)
EUR
235,000
286,463
Nidda
BondCo
GmbH,
5.00%,
9/30/2025(b)
EUR
300,000
355,906
Nidda
Healthcare
Holding
GmbH,
3.50%,
9/30/2024(b)
EUR
249,000
295,332
937,701
2,142,084
GHANA
0.5%
Oil,
Gas
&
Consumable
Fuels
0.5%
Tullow
Oil
plc,
10.25%,
5/15/2026(b)
620,000
646,350
GREECE
0.4%
Marine
0.4%
Danaos
Corp.,
8.50%,
3/1/2028(b)
421,000
453,628
HONG
KONG
0.6%
Marine
0.6%
Seaspan
Corp.
Reg.
S,
6.50%,
4/29/2026(b)
500,000
536,239
5.50%,
8/1/2029(b)
220,000
219,386
755,625
ISRAEL
0.8%
Pharmaceuticals
0.8%
Teva
Pharmaceutical
Finance
Netherlands
III
BV,
2.80%,
7/21/2023
940,000
929,190
ITALY
1.5%
Containers
&
Packaging
0.7%
Guala
Closures
SpA
,
3.25%,
6/15/2028(b)
EUR
690,000
821,705
Hotels,
Restaurants
&
Leisure
0.4%
Gamma
Bidco
SpA
,
5.13%,
7/15/2025(b)
EUR
400,000
486,363
Corporate
Bonds
Principal
Amount
($)
Value
($)
ITALY
Household
Durables
0.4%
International
Design
Group
SpA
,
6.50%,
11/15/2025(b)
EUR
380,000
469,933
1,778,001
LUXEMBOURG
1.7%
Biotechnology
0.5%
Cidron
Aida
Finco
Sarl
5.00%,
4/1/2028(b)
EUR
399,000
476,863
6.25%,
4/1/2028(b)
GBP
110,000
155,079
631,942
Diversified
Financial
Services
0.5%
Garfunkelux
Holdco
3
SA
6.75%,
11/1/2025(b)
EUR
160,000
196,909
7.75%,
11/1/2025(b)
GBP
270,000
389,424
586,333
Diversified
Telecommunication
Services
0.3%
Altice
France
Holding
SA,
6.00%,
2/15/2028(b)
400,000
394,500
Food
Products
0.4%
FAGE
International
SA,
5.63%,
8/15/2026(b)
510,000
524,759
2,137,534
MEXICO
2.8%
Airlines
0.2%
Aerovias
de
Mexico
SA
de
CV,
7.00%,
2/5/2025(a)
(b)
315,000
263,025
Banks
0.5%
Banco
Mercantil
del
Norte
SA,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
7.76%),
8.38%,
10/14/2030(b)(d)(e)
475,000
573,092
Consumer
Finance
1.4%
Credito
Real
SAB
de
CV
SOFOM
ER,
8.00%,
1/21/2028(b)(f)
704,000
604,877
Unifin
Financiera
SAB
de
CV,
8.38%,
1/27/2028(b)
(f)
1,180,000
1,106,250
1,711,127
Diversified
Telecommunication
Services
0.4%
Total
Play
Telecomunicaciones
SA
de
CV,
7.50%,
11/12/2025(b)
520,000
555,412
Hotels,
Restaurants
&
Leisure
0.1%
Grupo
Posadas
SAB
de
CV,
7.88%,
6/30/2022(a)
(b)
246,000
176,215
Nationwide
Amundi
Global
High
Yield
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
7
Corporate
Bonds
Principal
Amount
($)
Value
($)
MEXICO
Oil,
Gas
&
Consumable
Fuels
0.2%
Petroleos
Mexicanos
,
6.88%,
10/16/2025(b)
260,000
286,309
3,565,180
MOLDOVA,
REPUBLIC
OF
0.3%
Food
Products
0.3%
Aragvi
Finance
International
DAC,
8.45%,
4/29/2026(b)
360,000
373,406
NETHERLANDS
0.8%
Chemicals
0.4%
OCI
NV,
4.63%,
10/15/2025(b)
470,000
485,862
Media
0.4%
Ziggo
Bond
Co.
BV,
3.38%,
2/28/2030(b)
EUR
455,000
536,967
1,022,829
PARAGUAY
0.6%
Food
Products
0.6%
Frigorifico
Concepcion
SA,
7.70%,
7/21/2028(b)
745,000
773,869
PERU
0.4%
Health
Care
Providers
&
Services
0.4%
Auna
SAA,
6.50%,
11/20/2025(b)
455,000
467,512
PORTUGAL
0.5%
Airlines
0.5%
Transportes
Aereos
Portugueses
SA
5.63%,
12/2/2024(b)
EUR
600,000
580,788
RUSSIA
0.3%
Banks
0.3%
Sovcombank
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
6.38%),
7.75%,
5/06/2025(b)(d)(e)
325,000
335,498
SINGAPORE
0.9%
Consumer
Finance
0.9%
Avation
Capital
SA,
8.25%,
10/31/2026(b)(c)
1,399,843
1,133,289
SOUTH
AFRICA
0.4%
Chemicals
0.4%
Sasol
Financing
USA
LLC,
5.50%,
3/18/2031
445,000
463,913
SPAIN
1.4%
Auto
Components
0.5%
Grupo
Antolin-Irausa
SA,
3.50%,
4/30/2028(b)
EUR
470,000
550,869
Electric
Utilities
0.4%
ContourGlobal
Power
Holdings
SA
2.75%,
1/1/2026(b)
EUR
290,000
351,409
Corporate
Bonds
Principal
Amount
($)
Value
($)
SPAIN
Electric
Utilities
3.13%,
1/1/2028(b)
EUR
150,000
181,284
532,693
Hotels,
Restaurants
&
Leisure
0.2%
NH
Hotel
Group
SA,
4.00%,
7/2/2026(b)
EUR
220,000
260,486
Household
Durables
0.1%
Neinor
Homes
SA,
4.50%,
10/15/2026(b)
EUR
140,000
169,604
Real
Estate
Management
&
Development
0.2%
Aedas
Homes
Opco
SLU,
4.00%,
8/15/2026(b)
EUR
200,000
242,330
1,755,982
SWEDEN
0.3%
Commercial
Services
&
Supplies
0.3%
Verisure
Holding
AB,
3.25%,
2/15/2027(b)
EUR
310,000
369,049
SWITZERLAND
0.6%
Consumer
Finance
0.6%
VistaJet
Malta
Finance
plc,
10.50%,
6/1/2024(b)
646,000
701,427
TURKEY
1.6%
Airlines
1.1%
Pegasus
Hava
Tasimaciligi
A/S,
9.25%,
4/30/2026(b)
1,230,000
1,299,935
Banks
0.5%
Akbank
T.A.S.,
6.80%,
2/6/2026(b)
655,000
693,612
1,993,547
UKRAINE
0.8%
Metals
&
Mining
0.8%
Metinvest
BV,
7.75%,
10/17/2029(b)
865,000
951,500
UNITED
ARAB
EMIRATES
0.5%
Energy
Equipment
&
Services
0.5%
Shelf
Drilling
Holdings
Ltd.
8.88%,
11/15/2024(b)
310,000
317,750
8.25%,
2/15/2025(b)
371,000
279,114
596,864
UNITED
KINGDOM
3.0%
Diversified
Consumer
Services
0.2%
PeopleCert
Wisdom
Issuer
plc,
5.75%,
9/15/2026(b)
EUR
220,000
260,975
Food
Products
0.3%
Boparan
Finance
plc,
7.63%,
11/30/2025(b)
GBP
255,000
313,759
Hotels,
Restaurants
&
Leisure
0.5%
Deuce
Finco
plc,
5.50%,
6/15/2027(b)
GBP
275,000
381,089
Pinnacle
Bidco
plc,
5.50%,
2/15/2025(b)
EUR
130,000
157,880
8
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Amundi
Global
High
Yield
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
KINGDOM
Hotels,
Restaurants
&
Leisure
Wheel
Bidco
Ltd.,
6.75%,
7/15/2026(b)
GBP
100,000
139,188
678,157
Insurance
0.3%
Galaxy
Bidco
Ltd.,
6.50%,
7/31/2026(b)
GBP
225,000
328,838
Media
0.3%
Virgin
Media
Vendor
Financing
Notes
III
DAC
4.88%,
7/15/2028(b)
GBP
220,000
311,029
Oil,
Gas
&
Consumable
Fuels
0.4%
Neptune
Energy
Bondco
plc,
6.63%,
5/15/2025(b)
505,000
513,206
Specialty
Retail
0.5%
Constellation
Automotive
Financing
plc,
4.88%,
7/15/2027(b)
GBP
450,000
625,625
Thrifts
&
Mortgage
Finance
0.5%
Jerrold
Finco
plc,
5.25%,
1/15/2027(b)
GBP
400,000
579,084
3,610,673
UNITED
STATES
52.4%
Air
Freight
&
Logistics
0.8%
Western
Global
Airlines
LLC,
10.38%,
8/15/2025(b)
820,000
923,394
Airlines
0.3%
American
Airlines,
Inc.
5.50%,
4/20/2026(b)
180,000
188,325
5.75%,
4/20/2029(b)
150,000
161,802
350,127
Auto
Components
2.0%
American
Axle
&
Manufacturing,
Inc.,
6.25%,
3/15/2026
578,000
597,297
Dealer
Tire
LLC,
8.00%,
2/1/2028(b)
543,000
584,463
JB
Poindexter
&
Co.,
Inc.,
7.13%,
4/15/2026(b)
730,000
769,237
Patrick
Industries,
Inc.,
7.50%,
10/15/2027(b)
439,000
477,413
2,428,410
Biotechnology
0.2%
HCRX
Investments
Holdco
LP,
4.50%,
8/1/2029(b)
225,000
229,500
Building
Products
0.3%
Builders
FirstSource
,
Inc.,
4.25%,
2/1/2032(b)
405,000
414,112
Chemicals
2.0%
Hexion
,
Inc.,
7.88%,
7/15/2027(b)
281,000
302,075
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Chemicals
Koppers
,
Inc.,
6.00%,
2/15/2025(b)
599,000
613,975
Kraton
Polymers
LLC,
4.25%,
12/15/2025(b)
145,000
148,625
Rain
CII
Carbon
LLC,
7.25%,
4/1/2025(b)
331,000
340,930
Trinseo
Materials
Operating
SCA,
5.13%,
4/1/2029(b)
410,000
417,175
Tronox
,
Inc.,
4.63%,
3/15/2029(b)
595,000
604,669
2,427,449
Commercial
Services
&
Supplies
3.1%
Allied
Universal
Holdco
LLC
6.63%,
7/15/2026(b)
260,000
275,275
9.75%,
7/15/2027(b)
585,000
641,218
3.63%,
6/1/2028(b)
EUR
175,000
206,397
6.00%,
6/1/2029(b)
200,000
200,250
APX
Group,
Inc.
6.75%,
2/15/2027(b)
295,000
312,700
5.75%,
7/15/2029(b)
875,000
878,517
Nielsen
Finance
LLC
4.50%,
7/15/2029(b)
145,000
146,087
4.75%,
7/15/2031(b)
150,000
151,286
Prime
Security
Services
Borrower
LLC,
6.25%,
1/15/2028(b)
870,000
907,976
3,719,706
Communications
Equipment
0.6%
CommScope
,
Inc.,
6.00%,
3/1/2026(b)
363,000
378,428
Plantronics,
Inc.,
4.75%,
3/1/2029(b)
400,000
390,000
768,428
Construction
&
Engineering
1.3%
Dycom
Industries,
Inc.,
4.50%,
4/15/2029(b)
486,000
492,075
PowerTeam
Services
LLC,
9.03%,
12/4/2025(b)
960,000
1,057,286
1,549,361
Consumer
Finance
2.2%
Ford
Motor
Credit
Co.
LLC
4.54%,
8/1/2026
255,000
276,967
4.13%,
8/17/2027
920,000
984,400
3.82%,
11/2/2027
575,000
603,750
3.63%,
6/17/2031
500,000
518,125
OneMain
Finance
Corp.,
3.50%,
1/15/2027
365,000
371,387
2,754,629
Containers
&
Packaging
0.4%
Ardagh
Packaging
Finance
plc,
2.13%,
8/15/2026(b)
EUR
110,000
130,683
Nationwide
Amundi
Global
High
Yield
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
9
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Containers
&
Packaging
Greif,
Inc.,
6.50%,
3/1/2027(b)
323,000
339,958
470,641
Diversified
Consumer
Services
0.3%
Sotheby's,
7.38%,
10/15/2027(b)(f)
375,000
400,556
Diversified
Financial
Services
0.3%
Jefferies
Finance
LLC,
5.00%,
8/15/2028(b)
330,000
337,507
Diversified
Telecommunication
Services
1.1%
Lumen
Technologies,
Inc.,
4.50%,
1/15/2029(b)
570,000
559,626
Switch
Ltd.,
4.13%,
6/15/2029(b)
200,000
206,050
Windstream
Escrow
LLC,
7.75%,
8/15/2028(b)
500,000
510,000
1,275,676
Electric
Utilities
0.8%
Leeward
Renewable
Energy
Operations
LLC,
4.25%,
7/1/2029(b)
170,000
173,400
Vistra
Operations
Co.
LLC
5.63%,
2/15/2027(b)
565,000
586,188
4.38%,
5/1/2029(b)
180,000
184,500
944,088
Electrical
Equipment
0.6%
Atkore
,
Inc.,
4.25%,
6/1/2031(b)
175,000
178,938
Energizer
Gamma
Acquisition
BV,
3.50%,
6/30/2029(b)
EUR
340,000
403,829
Sensata
Technologies
BV,
4.00%,
4/15/2029(b)
185,000
189,856
772,623
Electronic
Equipment,
Instruments
&
Components
1.1%
Belden,
Inc.
3.38%,
7/15/2027(b)
EUR
486,000
590,758
3.38%,
7/15/2031(b)
EUR
600,000
716,376
1,307,134
Energy
Equipment
&
Services
1.1%
Archrock
Partners
LP,
6.88%,
4/1/2027(b)
615,000
645,750
Exterran
Energy
Solutions
LP,
8.13%,
5/1/2025
733,000
645,040
Transocean
Sentry
Ltd.,
5.38%,
5/15/2023(b)
66,166
62,361
1,353,151
Entertainment
0.3%
AMC
Entertainment
Holdings,
Inc.
10.50%,
4/24/2026(b)
261,000
276,986
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Entertainment
12.00%,
6/15/2026(b)(c)
143,820
126,106
403,092
Equity
Real
Estate
Investment
Trusts
(REITs)
1.5%
HAT
Holdings
I
LLC,
3.38%,
6/15/2026(b)
500,000
506,690
iStar
,
Inc.,
4.25%,
8/1/2025
730,000
756,871
Uniti
Group
LP
7.88%,
2/15/2025(b)
111,000
118,215
6.50%,
2/15/2029(b)
405,000
410,492
1,792,268
Food
&
Staples
Retailing
0.3%
US
Foods,
Inc.,
4.75%,
2/15/2029(b)
345,000
351,900
Food
Products
0.5%
Simmons
Foods,
Inc.,
4.63%,
3/1/2029(b)
586,000
591,626
Health
Care
Providers
&
Services
1.8%
LifePoint
Health,
Inc.,
5.38%,
1/15/2029(b)
100,000
99,500
Prime
Healthcare
Services,
Inc.,
7.25%,
11/1/2025(b)
360,000
386,410
Surgery
Center
Holdings,
Inc.
6.75%,
7/1/2025(b)
735,000
747,862
10.00%,
4/15/2027(b)
273,000
297,570
US
Acute
Care
Solutions
LLC,
6.38%,
3/1/2026(b)
130,000
135,200
US
Renal
Care,
Inc.,
10.63%,
7/15/2027(b)
456,000
495,148
2,161,690
Hotels,
Restaurants
&
Leisure
4.0%
Caesars
Entertainment,
Inc.,
8.13%,
7/1/2027(b)
440,000
483,859
Carnival
Corp.,
10.50%,
2/1/2026(b)
95,000
108,773
Hilton
Grand
Vacations
Borrower
Escrow
LLC,
5.00%,
6/1/2029(b)
330,000
332,977
International
Game
Technology
plc
4.13%,
4/15/2026(b)
200,000
208,304
2.38%,
4/15/2028(b)
EUR
269,000
311,530
Mohegan
Gaming
&
Entertainment,
8.00%,
2/1/2026(b)
580,000
603,873
NCL
Corp.
Ltd.,
5.88%,
3/15/2026(b)
395,000
397,962
NCL
Finance
Ltd.,
6.13%,
3/15/2028(b)
110,000
111,100
Royal
Caribbean
Cruises
Ltd.
11.50%,
6/1/2025(b)
208,000
238,160
5.50%,
4/1/2028(b)
195,000
198,841
10
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Amundi
Global
High
Yield
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Hotels,
Restaurants
&
Leisure
Scientific
Games
International,
Inc.
3.38%,
2/15/2026(b)
EUR
474,000
563,126
7.25%,
11/15/2029(b)
330,000
370,055
Viking
Cruises
Ltd.,
5.88%,
9/15/2027(b)
498,000
473,100
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
2/15/2029(b)
80,000
80,000
VOC
Escrow
Ltd.,
5.00%,
2/15/2028(b)
285,000
282,863
4,764,523
Household
Durables
2.0%
Beazer
Homes
USA,
Inc.,
7.25%,
10/15/2029
775,000
847,695
KB
Home,
4.00%,
6/15/2031
470,000
488,800
M/I
Homes,
Inc.,
4.95%,
2/1/2028
455,000
476,840
Taylor
Morrison
Communities,
Inc.,
5.88%,
6/15/2027(b)
513,000
578,921
2,392,256
Independent
Power
and
Renewable
Electricity
Producers
1.0%
Calpine
Corp.,
5.13%,
3/15/2028(b)
260,000
263,250
Clearway
Energy
Operating
LLC,
3.75%,
2/15/2031(b)
310,000
310,000
Talen
Energy
Supply
LLC
10.50%,
1/15/2026(b)
302,000
200,830
7.63%,
6/1/2028(b)
470,000
428,790
1,202,870
Insurance
0.4%
Liberty
Mutual
Group,
Inc.,
(EUR
Swap
Annual
5
Year
+
3.70%),
3.63%,
5/23/2059(b)(e)
EUR
410,000
506,819
IT
Services
0.5%
Alliance
Data
Systems
Corp.,
7.00%,
1/15/2026(b)
584,000
629,260
Media
4.0%
Clear
Channel
Outdoor
Holdings,
Inc.
7.75%,
4/15/2028(b)
275,000
286,776
7.50%,
6/1/2029(b)
440,000
456,746
CSC
Holdings
LLC
4.63%,
12/1/2030(b)
600,000
591,000
5.00%,
11/15/2031(b)
245,000
246,629
Diamond
Sports
Group
LLC,
6.63%,
8/15/2027(b)
325,000
128,781
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Media
Mav
Acquisition
Corp.,
8.00%,
8/1/2029(b)
1,040,000
1,017,739
MDC
Partners,
Inc.,
7.50%,
5/1/2024(b)(g)
1,160,000
1,181,228
News
Corp.,
3.88%,
5/15/2029(b)
215,000
218,864
Outfront
Media
Capital
LLC,
4.25%,
1/15/2029(b)
185,000
185,329
Summer
BC
Bidco
B
LLC,
5.50%,
10/31/2026(b)
485,000
492,275
4,805,367
Metals
&
Mining
3.2%
Cleveland-Cliffs,
Inc.,
6.75%,
3/15/2026(b)
449,000
484,359
Coeur
Mining,
Inc.,
5.13%,
2/15/2029(b)
380,000
368,847
Commercial
Metals
Co.,
3.88%,
2/15/2031
340,000
342,550
Constellium
SE,
3.13%,
7/15/2029(b)
EUR
640,000
754,455
Joseph
T
Ryerson
&
Son,
Inc.,
8.50%,
8/1/2028(b)
190,000
209,950
Novelis
Corp.
3.25%,
11/15/2026(b)
75,000
76,125
4.75%,
1/30/2030(b)
445,000
473,840
3.88%,
8/15/2031(b)
100,000
101,125
SunCoke
Energy,
Inc.,
4.88%,
6/30/2029(b)
455,000
458,412
TMS
International
Corp.,
6.25%,
4/15/2029(b)
560,000
587,202
3,856,865
Oil,
Gas
&
Consumable
Fuels
6.4%
Aethon
United
BR
LP,
8.25%,
2/15/2026(b)
450,000
481,368
Ascent
Resources
Utica
Holdings
LLC,
5.88%,
6/30/2029(b)
325,000
320,125
Colgate
Energy
Partners
III
LLC,
7.75%,
2/15/2026(b)
545,000
584,534
CQP
Holdco
LP,
5.50%,
6/15/2031(b)
1,115,000
1,156,812
Delek
Logistics
Partners
LP,
7.13%,
6/1/2028(b)
525,000
545,800
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)
600,000
620,250
EnLink
Midstream
Partners
LP,
5.45%,
6/1/2047
377,000
365,690
Genesis
Energy
LP,
8.00%,
1/15/2027
240,000
247,452
Nationwide
Amundi
Global
High
Yield
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
11
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Oil,
Gas
&
Consumable
Fuels
Harvest
Midstream
I
LP,
7.50%,
9/1/2028(b)
531,000
567,788
Occidental
Petroleum
Corp.
5.50%,
12/1/2025
105,000
115,500
4.40%,
4/15/2046
615,000
603,358
PBF
Holding
Co.
LLC
9.25%,
5/15/2025(b)
155,000
141,825
7.25%,
6/15/2025
605,000
363,000
6.00%,
2/15/2028
200,000
104,440
Renewable
Energy
Group,
Inc.,
5.88%,
6/1/2028(b)
470,000
489,975
Venture
Global
Calcasieu
Pass
LLC
3.88%,
8/15/2029(b)
110,000
112,338
4.13%,
8/15/2031(b)
160,000
165,672
Vine
Energy
Holdings
LLC,
6.75%,
4/15/2029(b)
615,000
641,138
7,627,065
Paper
&
Forest
Products
0.9%
Clearwater
Paper
Corp.,
4.75%,
8/15/2028(b)
241,000
243,699
Schweitzer-Mauduit
International,
Inc.,
6.88%,
10/1/2026(b)
851,000
902,588
1,146,287
Pharmaceuticals
0.8%
P&L
Development
LLC,
7.75%,
11/15/2025(b)
315,000
329,175
Par
Pharmaceutical,
Inc.,
7.50%,
4/1/2027(b)
585,000
596,700
925,875
Professional
Services
0.9%
CoreLogic
,
Inc.,
4.50%,
5/1/2028(b)
720,000
717,300
KBR,
Inc.,
4.75%,
9/30/2028(b)
395,000
398,950
1,116,250
Software
0.5%
LogMeIn,
Inc.,
5.50%,
9/1/2027(b)
570,000
590,891
Specialty
Retail
1.5%
Asbury
Automotive
Group,
Inc.
4.50%,
3/1/2028
273,000
282,896
4.75%,
3/1/2030
100,000
105,875
Ken
Garff
Automotive
LLC,
4.88%,
9/15/2028(b)
165,000
169,331
L
Brands,
Inc.,
6.63%,
10/1/2030(b)
175,000
201,688
Party
City
Holdings,
Inc.,
8.75%,
2/15/2026(b)
272,000
287,972
Penske
Automotive
Group,
Inc.,
3.75%,
6/15/2029
470,000
476,463
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Specialty
Retail
Staples,
Inc.,
7.50%,
4/15/2026(b)
246,000
249,690
1,773,915
Technology
Hardware,
Storage
&
Peripherals
1.0%
Diebold
Nixdorf,
Inc.
8.50%,
4/15/2024(f)
555,000
565,609
9.38%,
7/15/2025(b)
55,000
60,431
NCR
Corp.
5.00%,
10/1/2028(b)
490,000
504,590
5.25%,
10/1/2030(b)
120,000
126,300
1,256,930
Thrifts
&
Mortgage
Finance
1.4%
Freedom
Mortgage
Corp.
8.13%,
11/15/2024(b)
454,000
464,215
6.63%,
1/15/2027(b)
265,000
257,340
Provident
Funding
Associates
LP,
6.38%,
6/15/2025(b)
665,000
678,300
United
Wholesale
Mortgage
LLC,
5.50%,
4/15/2029(b)
375,000
372,188
1,772,043
Trading
Companies
&
Distributors
0.6%
Beacon
Roofing
Supply,
Inc.,
4.13%,
5/15/2029(b)
345,000
344,138
Fortress
Transportation
and
Infrastructure
Investors
LLC,
9.75%,
8/1/2027(b)
225,000
256,500
United
Rentals
North
America,
Inc.,
3.75%,
1/15/2032
110,000
110,000
710,638
Wireless
Telecommunication
Services
0.4%
T-Mobile
USA,
Inc.,
3.50%,
4/15/2031(b)
440,000
461,475
63,266,397
ZAMBIA
0.4%
Metals
&
Mining
0.4%
First
Quantum
Minerals
Ltd.
7.50%,
4/1/2025(b)
200,000
207,280
6.88%,
10/15/2027(b)
300,000
325,125
532,405
Total
Corporate
Bonds
(cost
$106,369,429)
107,447,178
12
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Amundi
Global
High
Yield
Fund
Common
Stocks
0.4%
Shares
Value
($)
UNITED
STATES
0.4%
Energy
Equipment
&
Services
0.4%
FTS
International,
Inc.,
Class A
*
15,138
295,796
Superior
Energy
Services
LLC
*^∞
5,103
200,293
496,089
Total
Common
Stocks
(cost
$451,199)
496,089
Loan
Participations
3.0%
Principal
Amount
($)
UNITED
STATES
3.0%
Airlines
0.5%
Grupo
Aeromexico
SAB
de
CV,
Term
Loan,
(ICE
LIBOR
USD
1
Month
+
8.00%),
9.00%,
12/31/2021
∞(e)
533,069
534,038
Auto
Components
0.7%
First
Brands
Group,
LLC,
First
Lien
Term
Loan
B,
(ICE
LIBOR
USD
3
Month
+
5.00%),
6.00%,
3/30/2027
(e)
876,398
884,890
Hotels,
Restaurants
&
Leisure
1.8%
Enterprise
Development
Authority,
Term
Loan,
(ICE
LIBOR
USD
1
Month
+
4.25%),
5.00%,
2/28/2028
(e)
819,625
819,625
Spectacle
Gary
Holdings,
LLC,
Term
Loan,
(ICE
LIBOR
USD
1
Month
+
9.00%),
11.00%,
12/23/2025
(e)
1,185,000
1,288,687
Spectacle
Gary,
Delayed
Draw
Term
Loan,
(ICE
LIBOR
USD
1
Month
+
9.00%),
11.00%,
12/23/2025
(e)
85,000
92,438
2,200,750
0
Total
Loan
Participations
(cost
$3,453,689)
3,619,678
Convertible
Bonds
3.2%
Airlines
1.1%
Air
Canada,
4.00%,
07/01/25
266,000
405,773
GOL
Equity
Finance
SA,
3.75%,
07/15/24
(b)
428,000
379,850
Spirit
Airlines,
Inc.,
1.00%,
05/15/26
546,000
510,838
1,296,461
Convertible
Bonds
Principal
Amount
($)
Value
($)
Biotechnology
0.1%
Insmed
,
Inc.,
0.75%,
06/01/28
135,000
137,025
Entertainment
0.2%
IMAX
Corp.,
0.50%,
04/01/26
(b)
259,000
239,912
Equity
Real
Estate
Investment
Trusts
(REITs)
0.1%
Summit
Hotel
Properties,
Inc.,
1.50%,
02/15/26
178,000
181,115
Hotels,
Restaurants
&
Leisure
0.3%
DraftKings
,
Inc.,
–%,
03/15/28
(b)
370,000
324,305
Metals
&
Mining
0.2%
Ivanhoe
Mines
Ltd.,
2.50%,
04/15/26
(b)
195,000
243,838
Semiconductors
&
Semiconductor
Equipment
0.4%
Enphase
Energy,
Inc.,
–%,
03/01/28
(b)
478,000
483,258
Software
0.8%
Bentley
Systems,
Inc.,
0.38%,
07/01/27
(b)
410,000
410,410
Ceridian
HCM
Holding,
Inc.,
0.25%,
03/15/26
(b)
237,000
240,958
Verint
Systems,
Inc.,
0.25%,
04/15/26
(b)
275,000
264,979
916,347
Total
Convertible
Bond
(cost $3,729,705)
3,822,261
Short-Term
Investment
1.4%
Shares
Money
Market
Fund
1.4%
Fidelity
Investments
Money
Market
Government
Portfolio
—
Institutional
Class,0.01%
(h)(
i
)
1,720,496
1,720,496
Total
Short-Term
Investment
(cost
$1,720,496)
1,720,496
Total
Investments
(cost
$115,724,518)
—
96.5%
117,105,702
Other
assets
in
excess
of
liabilities
—
3.5%
4,280,840
NET
ASSETS
—
100.0%
$
121,386,542
Nationwide
Amundi
Global
High
Yield
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
13
*
Denotes
a
non-income
producing
security.
^
Value
determined
using
significant
unobservable
inputs.
∞
Fair
valued
security.
(a)
Security
in
default.
(b)
Rule
144A,
Section
4(2),
or
other
security
which
is
restricted
as
to
sale
to
institutional
investors.
These
securities
were
deemed
liquid
pursuant
to
procedures
approved
by
the
Board
of
Trustees.
The
liquidity
determination
is
unaudited.
The
aggregate
value
of
these
securities
as
of
July
31,
2021
was
$96,895,205
which
represents
79.82%
of
net
assets.
(c)
PIK-Payment-in-kind
security.
Income
may
be
in
cash
or
additional
notes,
at
the
discretion
of
the
issuer.
The
rate
disclosed
is
the
PIK
rate.
(d)
Perpetual
Bond
Security.
The
rate
reflected
in
the
Statement
of
Investments
is
the
rate
in
effect
on
July
31,
2021.
The
maturity
date
reflects
the
next
call
date.
(e)
Variable
or
floating
rate
security,
linked
to
the
referenced
benchmark.
The
interest
rate
shown
was
the
current
rate
as
of
July
31,
2021.
(f)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2021.
The
total
value
of
securities
on
loan
as
of
July
31,
2021
was
$1,646,915,
which
was
collateralized
by
cash
used
to
purchase
a
money
market
fund
with
a
value
of
$1,720,496.
(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,
2021.
(h)
Represents
7-day
effective
yield
as
of
July
31,
2021.
(
i
)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2021
was
$1,720,496.
ICE
Intercontinental
Exchange
LIBOR
London
Interbank
Offered
Rate
Reg.
S
Regulation
S
-
Security
was
purchased
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933,
which
exempts
from
registration
securities
offered
and
sold
outside
of
the
United
States.
Such
security
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933
or
pursuant
to
an
exemption
from
registration.
Currently
there
is
no
restriction
on
trading
this
security.
REIT
Real
Estate
Investment
Trust
Currency:
EUR
Euro
GBP
British
Pound
USD
United
States
Dollar
Centrally
Cleared
Credit
default
swap
contracts
outstanding
-
buy
protection
as
of
July
31,
2021
1
:
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
(%)
Payment
Frequency
Maturity
Date
Implied
Credit
Spread
(%)
2
Notional
Amount
3
Upfront
Payments
(Receipts)
($)
4
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
Markit
CDX
North
American
High
Yield
Index
Series
36-V1
5.00
Quarterly
6/20/2026
2.92
USD
18,000,000
(1,430,804)
(325,015)
(1,755,819)
(1,430,804)
(325,015)
(1,755,819)
As
of
July
31,
2021,
the
Fund
had
$958,444
segregated
as
collateral
for
credit
default
swap
contracts.
1
The
Fund,
as
a
buyer
of
credit
protection,
pays
periodic
payments
and
any
upfront
premium
to
the
protection
seller,
and
is
obligated
to
receive
a
contingent
payment,
upon
occurrence
of
a
credit
event
with
respect
to
an
underlying
reference
obligation,
as
defined
under
the
terms
of
each
individual
swap
contract.
2
Implied
credit
spreads
are
an
indication
of
the
seller’s
performance
risk,
related
to
the
likelihood
of
a
credit
event
occurring
that
would
require
a
seller
to
make
a
payment
to
a
buyer.
Implied
credit
spreads
are
used
to
determine
the
value
of
swap
contracts
and
reflect
the
cost
of
buying/selling
protection,
which
may
include
upfront
payments
made
to
enter
into
the
contract.
Therefore,
higher
spreads
would
indicate
a
greater
likelihood
that
a
seller
will
be
obligated
to
perform
(i.e.,
make
payment)
under
the
swap
contract.
Increasing
values,
in
absolute
terms
and
relative
notional
amounts,
are
also
indicative
of
greater
performance
risk.
Implied
credit
spreads
for
credit
default
swaps
on
credit
indices
are
linked
to
the
weighted
average
spread
across
the
underlying
reference
obligations
included
in
a
particular
index.
3
The
notional
amount
is
the
maximum
amount
that
a
seller
of
credit
protection
would
be
obligated
to
pay
and
a
buyer
of
credit
protection
would
receive,
upon
occurrence
of
a
credit
event.
4
Upfront
premiums
generally
related
to
payments
received
or
paid
at
the
initiation
of
the
swap
agreement
to
compensate
for
differences
between
the
stated
terms
of
the
swap
agreement
and
current
market
conditions
(credit
spreads,
interest
rates
and
other
relevant
factors).
Currency:
USD
United
States
dollar
14
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Amundi
Global
High
Yield
Fund
Forward
Foreign
Currency
Contracts
outstanding
as
of
July
31,
2021:
Currenc
y
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
($)
USD
12,176,150
EUR
10,318,193
BROWN
BROS
HARRIMAN
8/16/2021
(66,938)
USD
708,715
EUR
600,000
Morgan
Stanley
Co.,
Inc.
8/16/2021
(3,217)
USD
3,164,445
GBP
2,291,440
JPMorgan
Chase
Bank
8/16/2021
(20,750)
Total
unrealized
depreciation
(90,905)
Net
unrealized
depreciation
(90,905)
Currency:
EUR
Euro
GBP
British
pound
USD
United
States
dollar
Nationwide
Amundi
Global
High
Yield
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
15
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
16
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Amundi
Global
High
Yield
Fund
The
following
is
a
reconciliation
of
assets
for
which
Level
3
inputs
were
used
in
determining
fair
value:
The
FVC
continues
to
evaluate
any
information
that
could
cause
an
adjustment
to
the
fair
value
for
these
investments,
such
as
market
news,
the
progress
of
judicial
and
regulatory
proceedings,
and
subadviser
recommendations.
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2021.
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
during
the
nine
months
ended
July
31,
2021
.
Credit
default
swap
contracts
are
either
privately
negotiated
agreements
between
the
Fund
and
a
counterparty
or
traded
through
a
futures
commission
merchant
and
cleared
through
a
clearinghouse
that
serves
as
a
central
counterparty.
Investments
in
credit
default
swap
contracts
are
utilized
to
expose
the
Fund’s
cash
holdings
to
the
investment
characteristics
and
performance
of
the
high-yield
bond
market
while
maintaining
liquidity
to
satisfy
shareholder
activity,
to
manage
broad
credit
market
spread
exposure
and/or
to
create
synthetic
long
and
short
exposure
to
sovereign
debt
securities,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
The
Fund
segregates
liquid
assets
to
cover
its
obligations
under
its
credit
default
swap
contracts.
The
upfront
premiums
are
amortized
and
accreted
daily
and
are
recorded
as
realized
gains
or
losses
upon
maturity
or
termination
of
the
credit
default
swap
contract.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
Energy
Equipment
&
Services
$
295,796
$
–
$
200,293
$
496,089
Total
Common
Stocks
$
295,796
$
–
$
200,293
$
496,089
Convertible
Bonds
–
3,822,261
–
3,822,261
Corporate
Bonds
–
107,447,178
–
107,447,178
Loan
Participations
–
3,619,678
–
3,619,678
Short-Term
Investment
1,720,496
–
–
1,720,496
Total
Assets
$
2,016,292
$
114,889,117
$
200,293
$
117,105,702
$
–
$
–
$
–
$
–
Liabilities:
Credit
Default
Swaps*
$
–
$
(325,015)
$
–
$
(325,015)
Forward
Foreign
Currency
Contracts
–
(90,905)
–
(90,905)
Total
Liabilities
$
–
$
(415,920)
$
–
$
(415,920)
Total
$
2,016,292
$
114,473,197
$
200,293
$
116,689,782
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
*
Swap
contracts
are
included
in
the
table
at
value,
with
the
exception
of
centrally
cleared
swap
contracts
which
are
included
in
the
table
at
unrealized
appreciation/(depreciation).
Common
Stocks
Rights
Total
Balance
as
of
10/31/2020
$
—
$
—
$—
Accrued
Accretion/(Amortization)
—
—
—
Realized
Gains
(Losses)
—
—
—
Purchases
*
165,848
—
165,848
Sales
—
—
—
Change
in
Unrealized
Appreciation/Depreciation
34,445
—
34,445
Transfers
into
Level
3
—
—
—
Transfers
out
of
Level
3
—
—
—
Balance
as
of
7/31/2021
$
200,293
$
—
$200,293
Change
in
Unrealized
Appreciation/Depreciation
for
Investments
Still
held
as
of
7/31/2021
$
34,445
$
—
$34,445
Amounts
designated
as
"−"
are
zero
or
have
been
rounded
to
zero.
*
Purchases
include
all
purchases
of
securities
and
securities
received
in
corporate
actions.
Nationwide
Amundi
Global
High
Yield
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
17
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,
2021
are
disclosed
in
the
Statement
of
Investments.
The
implied
credit
spread
of
a
particular
referenced
entity
reflects
the
cost
of
selling
protection
on
such
entity’s
debt,
and
may
include
upfront
payments
required
to
be
made
to
enter
into
the
agreement.
For
credit
default
swap
agreements
on
credit
indices,
the
quoted
market
prices
and
resulting
value
serve
as
the
indicator
of
the
current
status
of
the
payment/performance
risk.
Wider
credit
spreads
represent
a
deterioration
of
the
referenced
entity’s
credit
soundness
and
a
greater
likelihood
or
risk
of
default
or
other
credit
event
occurring
as
defined
under
the
terms
of
the
agreement.
Certain
clearinghouses
currently
offer
clearing
for
limited
types
of
derivatives
transactions,
such
as
credit
derivatives.
In
a
centrally
cleared
credit
default
swap
contract,
immediately
following
execution
of
the
swap
agreement,
the
swap
agreement
is
novated
to
a
central
counterparty
(the
“CCP”)
and
the
Fund’s
counterparty
on
the
swap
agreement
becomes
the
CCP.
The
Fund
is
required
to
interface
with
the
CCP
through
a
broker.
Upon
entering
into
a
centrally
cleared
swap
contract,
the
Fund
is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
the
size
and
risk
profile
of
the
particular
swap.
Securities
deposited
as
initial
margin
and
cash
pledged
as
collateral
are
designated
on
the
Statement
of
Investments,
as
applicable.
The
daily
change
in
valuation
of
centrally
cleared
credit
default
swap
contracts
is
recorded
as
a
receivable
or
payable
for
variation
margin
on
centrally
cleared
credit
default
swap
contracts.
Payments
received
from
(paid
to)
the
counterparty,
including
at
termination,
are
recorded
as
realized
gains
(losses).
(b)
Forward
Foreign
Currency
Contracts
The
Fund
entered
into
forward
foreign
currency
contracts
in
connection
with
planned
purchases
or
sales
of
securities
denominated
in
a
foreign
currency
and/or
to
hedge
the
U.S.
dollar
value
of
portfolio
securities
denominated
in
a
foreign
currency,
to
express
a
view
on
a
foreign
currency
vs.
the
U.S.
dollar
or
other
foreign
currency
and/or
to
hedge
the
U.S.
dollar
value
of
portfolio
securities
denominated
in
a
foreign
currency,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
A
forward
foreign
currency
contract
involves
an
obligation
to
purchase
or
sell
a
specific
currency
at
a
future
date,
which
may
be
any
fixed
number
of
days
from
the
date
of
the
contract
agreed
upon
by
the
parties,
at
a
price
set
at
the
time
of
the
contract.
Forward
foreign
currency
contracts
are
generally
valued
at
the
mean
of
the
last
quoted
bid
and
ask
prices,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
2
investments
within
the
hierarchy.
The
market
value
of
a
forward
foreign
currency
contract
fluctuates
with
changes
in
foreign
currency
exchange
rates.
All
commitments
are
marked-to-
market
daily
at
the
applicable
exchange
rates
and
any
resulting
unrealized
appreciation
or
depreciation
is
recorded.
Realized
gains
or
losses
are
recorded
at
the
time
the
forward
foreign
currency
contract
matures
or
at
the
time
of
delivery
of
the
currency.
Forward
foreign
currency
contracts
entail
the
risk
of
unanticipated
movements
in
the
value
of
the
foreign
currency
relative
to
the
U.S.
dollar,
and
the
risk
that
the
counterparties
to
the
contracts
may
be
unable
to
meet
their
obligations
under
the
contract.
18
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Amundi
Global
High
Yield
Fund
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2021:
Fair
Values
of
Derivatives
not
Accounted
for
as
Hedging
Instruments
as
of
July
31,
2021:
Liabilities:
Fair
Value
Swap
Contracts(a)
Credit
risk
Unrealized
depreciation
on
centrally
cleared
swap
contracts
$
(325,015)
Forward
Foreign
Currency
Contracts
Currency
risk
Unrealized
depreciation
on
forward
foreign
currency
contracts
(90,905)
Total
$
(415,920)
(a)
Swap
contracts
are
included
in
the
ta
ble
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,
2021
(Unaudited)
-
Statement
of
Investments
-
19
Asset-Backed
Securities
6.3%
Principal
Amount
($)
Value
($)
CANADA
0.5%
Airlines
0.5%
Air
Canada
Pass-Through
Trust,
Series
2020-
2,
Class
A,
5.25%,
4/1/2029(a)
660,690
717,597
CAYMAN
ISLANDS
0.8%
Other
0.8%
Race
Point
VIII
CLO
Ltd.,
Series
2013-8A,
Class
CR2,
2.21%,
2/20/2030(a)(b)
350,000
350,039
Symphony
CLO
XXII
Ltd.,
Series
2020-22A,
Class
C,
2.28%,
4/18/2033(a)
(b)
250,000
248,746
York
CLO-4
Ltd.,
Series
2016-2A,
Class
CR,
2.28%,
4/20/2032(a)(b)
600,000
600,161
1,198,946
UNITED
KINGDOM
0.1%
Airlines
0.1%
British
Airways
Pass-
Through
Trust,
Series
2020-1,
Class
B,
8.38%,
11/15/2028(a)
109,345
127,607
UNITED
STATES
4.9%
Airlines
0.5%
Alaska
Airlines
Pass-
Through
Trust,
Series
2020-1,
Class
A,
4.80%,
8/15/2027(a)
470,795
522,756
United
Airlines
Pass-
Through
Trust,
Series
2020-1,
Class
B,
4.88%,
1/15/2026
185,916
195,026
717,782
Automobiles
0.9%
Foursight
Capital
Automobile
Receivables
Trust
Series
2021-2,
Class
E,
3.35%,
10/15/2027(a)
290,000
291,177
Series
2021-2,
Class
F,
4.19%,
2/15/2029(a)
240,000
240,982
JPMorgan
Chase
Bank
NA-CACLN,
Series
2021-2,
Class
F,
4.39%,
12/26/2028(a)
770,000
772,312
1,304,471
Credit
Card
0.5%
Continental
Credit
Card
ABS
LLC,
Series
2019-
1A,
Class
C,
6.16%,
8/15/2026(a)
725,000
756,986
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Other
3.0%
BCC
Funding
XIV
LLC,
Series
2018-1A,
Class
E,
6.00%,
4/21/2025(a)
750,000
751,304
Blackbird
Capital
Aircraft,
Series
2021-1A,
Class
B,
3.45%,
7/15/2046(a)
1,200,000
1,223,985
Progress
Residential
Trust
Series
2020-SFR2,
Class
E,
5.12%,
6/17/2037(a)
420,000
447,479
Series
2021-SFR7,
Class
F,
3.83%,
8/17/2040(a)
840,000
840,152
Tricon
American
Homes,
Series
2020-SFR1,
Class
F,
4.88%,
7/17/2038(a)
570,000
606,377
Tricon
American
Homes
Trust
Series
2017-SFR2,
Class
E,
4.22%,
1/17/2036(a)
475,000
486,166
Series
2017-SFR2,
Class
F,
5.10%,
1/17/2036(a)
140,000
144,280
4,499,743
7,278,982
Total
Asset-Backed
Securities
(cost $9,040,206)
9,323,132
Collateralized
Mortgage
Obligations
14.1%
BERMUDA
3.6%
Bellemeade
Re
Ltd.,
Series
2020-4A,
Class
B1,
5.09%,
6/25/2030(a)(b)
160,000
160,000
Eagle
RE
Ltd.,
Series
2020-2,
Class
B1,
7.09%,
10/25/2030(a)(b)
760,000
782,556
Home
RE
Ltd.
Series
2020-1,
Class
M2,
5.34%,
10/25/2030(a)(b)
650,000
662,429
Series
2020-1,
Class
B1,
7.09%,
10/25/2030(a)(b)
160,000
163,118
Series
2021-2,
Class
M2,
0.00%,
1/25/2034(a)
(b)
730,000
729,997
Oaktown
Re
III
Ltd.,
Series
2019-1A,
Class
B1B,
4.44%,
7/25/2029(a)(b)
1,520,000
1,543,278
Radnor
RE
Ltd.,
Series
2021-1,
Class
M2,
3.20%,
12/27/2033(a)(b)
1,230,000
1,229,999
20
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Amundi
Strategic
Income
Fund
Collateralized
Mortgage
Obligations
Principal
Amount
($)
Value
($)
BERMUDA
Home
RE
Ltd.
(continued)
Traingle
Re
Ltd.,
Series
2020-1,
Class
B1,
7.84%,
10/25/2030(a)(b)
150,000
157,976
5,429,353
0
UNITED
STATES
10.5%
FHLMC
REMICS
Series
4395,
Class
TI,
IO,
4.00%,
5/15/2026
66,835
3,158
Series
3927,
Class
AI,
IO,
4.50%,
8/15/2026
157,368
5,695
Series
4097,
Class
CI,
IO,
3.00%,
8/15/2027
322,921
18,957
Series
4123,
Class
DI,
IO,
3.00%,
10/15/2027
851,413
51,777
Series
4244,
Class
AI,
IO,
4.50%,
8/15/2028
132,171
6,358
FHLMC
STACR
REMIC
Trust
Series
2021-HQA1,
Class
B2,
5.05%,
8/25/2033(a)(b)
1,120,000
1,134,641
Series
2021-DNA5,
Class
B1,
3.10%,
1/25/2034(a)(b)
765,000
778,418
Series
2021-DNA5,
Class
B2,
5.55%,
1/25/2034(a)(b)
1,030,000
1,071,232
Series
2020-HQA4,
Class
B1,
5.34%,
9/25/2050(a)(b)
160,000
168,743
Series
2020-DNA5,
Class
B2,
11.55%,
10/25/2050(a)(b)
390,000
514,051
Series
2020-DNA6,
Class
B2,
5.70%,
12/25/2050(a)(b)
790,000
854,154
Series
2021-DNA1,
Class
B2,
4.80%,
1/25/2051(a)(b)
1,015,000
1,024,524
FHLMC
STACR
Trust
Series
2018-HQA2,
Class
B2,
11.09%,
10/25/2048(a)(b)
1,090,000
1,295,932
Series
2019-HRP1,
Class
B1,
4.14%,
2/25/2049(a)(b)
1,100,000
1,122,646
FHLMC
Structured
Agency
Credit
Risk
Debt
Notes
Series
2015-HQ1,
Class
B,
10.84%,
3/25/2025(b)
298,896
297,911
Series
2020-HQA5,
Class
B2,
7.45%,
11/25/2050(a)(b)
630,000
739,541
Flagstar
Mortgage
Trust,
Series
2021-4,
Class
AX1,
IO,
0.22%,
6/1/2051(a)(b)
49,717,631
418,091
Collateralized
Mortgage
Obligations
Principal
Amount
($)
Value
($)
UNITED
STATES
FNMA
REMICS
Series
2012-130,
Class
UI,
IO,
3.00%,
12/25/2027
396,184
23,647
Series
2012-150,
Class
BI,
IO,
3.00%,
1/25/2028
391,725
23,181
Series
2013-5,
Class
YI,
IO,
3.00%,
2/25/2028
424,314
23,366
Series
2009-31,
Class
PI,
IO,
5.00%,
11/25/2038
93,356
7,853
GNMA
REMICS
Series
2013-84,
Class
SC,
IO,
6.51%,
3/16/2040(b)
79,522
11,887
Series
2011-135,
Class
QI,
IO,
4.50%,
6/16/2041
103,381
12,941
Series
2012-140,
Class
IC,
IO,
3.50%,
11/20/2042
139,749
21,311
Series
2016-5,
Class
CS,
IO,
6.07%,
1/20/2046(b)
161,711
40,213
Series
2016-20,
Class
SB,
IO,
6.02%,
2/20/2046(b)
160,615
31,712
Series
2016-17,
Class
JS,
IO,
6.02%,
2/20/2046(b)
139,821
26,891
Series
2016-81,
Class
,
IO,
4.00%,
6/20/2046
95,839
14,398
Series
2016-88,
Class
SM,
IO,
6.02%,
7/20/2046(b)
165,491
30,342
Series
2016-108,
Class
QI,
IO,
4.00%,
8/20/2046
119,612
26,996
Series
2016-118,
Class
DS,
IO,
6.02%,
9/20/2046(b)
191,275
43,669
Series
2016-145,
Class
UI,
IO,
3.50%,
10/20/2046
104,718
15,843
Series
2019-159,
Class
HI,
IO,
3.50%,
12/20/2049
1,711,465
238,065
Series
2019-159,
Class
CI,
IO,
3.50%,
12/20/2049
649,936
82,608
Hundred
Acre
Wood
Trust,
Series
2021-INV1,
Class
AX1,
IO,
0.24%,
7/25/2051(a)(b)
19,474,000
195,311
JP
Morgan
Mortgage
Trust
Series
2021-10,
Class
AX1,
IO,
0.14%,
12/25/2051(a)(b)
35,000,000
158,592
Nationwide
Amundi
Strategic
Income
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
21
Collateralized
Mortgage
Obligations
Principal
Amount
($)
Value
($)
UNITED
STATES
JP
Morgan
Mortgage
Trust
(continued)
Series
2021-8,
Class
AX1,
IO,
0.14%,
12/25/2051(a)(b)
32,663,754
161,757
STACR
Trust
Series
2018-HRP2,
Class
B1,
4.29%,
2/25/2047(a)(b)
1,310,000
1,384,693
Series
2018-HRP2,
Class
B2,
10.59%,
2/25/2047(a)(b)
1,380,000
1,574,525
Verus
Securitization
Trust
Series
2019-INV2,
Class
B1,
4.45%,
7/25/2059(a)
(b)
430,000
438,528
Series
2020-INV1,
Class
B1,
5.75%,
3/25/2060(a)
(b)
100,000
104,894
Series
2020-INV1,
Class
B2,
6.00%,
3/25/2060(a)
(b)
100,000
104,020
Series
2020-2,
Class
M1,
5.36%,
5/25/2060(a)
(b)
410,000
433,506
Series
2020-2,
Class
B1,
5.36%,
5/25/2060(a)
(b)
200,000
208,147
Vista
Point
Securitization
Trust,
Series
2020-
1,
Class
B1,
5.38%,
3/25/2065(a)(b)
580,000
607,431
15,552,156
0
Total
Collateralized
Mortgage
Obligations
(cost
$19,857,860)
20,981,509
Commercial
Mortgage-Backed
Securities
6.0%
UNITED
STATES
6.0%
COMM
Mortgage
Trust
Series
2015-CR26,
Class
D,
3.48%,
10/10/2048(b)
1,350,000
1,349,759
Series
2019-GC44,
Class
D,
2.50%,
8/15/2057(a)
1,280,000
1,177,277
CSAIL
Commercial
Mortgage
Trust
,
Series
2015-C4,
Class
D,
3.56%,
11/15/2048(b)
250,000
254,495
FHLMC
Multifamily
Structured
Credit
Risk
REMICS,
Series
2021-
MN1,
Class
M2,
3.80%,
1/25/2051(a)(b)
700,000
738,736
Commercial
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
UNITED
STATES
GS
Mortgage
Securities
Trust
,
Series
2016-
GS4,
Class
D,
3.23%,
11/10/2049(a)(b)
1,340,000
1,157,981
Morgan
Stanley
Capital
I
Trust
,
Series
2016-
UBS9,
Class
D,
3.00%,
3/15/2049(a)
785,000
756,246
Multifamily
Connecticut
Avenue
Securities
Trust
,
Series
2019-
01,
Class
M10,
3.34%,
10/15/2049(a)(b)
500,000
504,698
SLG
Office
Trust
,
Series
2021-OVA,
Class
E,
2.85%,
7/15/2041(a)
1,975,000
1,966,957
UBS
Commercial
Mortgage
Trust
,
Series
2017-C4,
Class
C,
4.45%,
10/15/2050(b)
810,000
863,589
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2016-NXS5,
Class
D,
4.98%,
1/15/2059(b)
125,000
135,129
Total
Commercial
Mortgage-Backed
Securities
(cost
$8,307,725)
8,904,867
Corporate
Bonds
56.8%
ARGENTINA
0.3%
Construction
&
Engineering
0.3%
Stoneway
Capital
Corp.,
10.00%,
3/1/2027(a)(c)
1,381,510
373,008
AUSTRALIA
0.5%
Metals
&
Mining
0.5%
FMG
Resources
August
2006
Pty.
Ltd.,
4.38%,
4/1/2031(a)
630,000
685,125
BRAZIL
4.0%
Airlines
1.2%
Gol
Finance
SA,
8.00%,
6/30/2026(a)
1,825,000
1,815,875
Auto
Components
0.5%
Iochpe-Maxion
Austria
GmbH,
5.00%,
5/7/2028(a)
735,000
748,230
Electric
Utilities
0.7%
Light
Servicos
de
Eletricidade
SA,
4.38%,
6/18/2026(a)
995,000
1,010,721
Food
Products
0.8%
Minerva
Luxembourg
SA,
4.38%,
3/18/2031(a)
1,210,000
1,188,825
22
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Amundi
Strategic
Income
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
BRAZIL
Oil,
Gas
&
Consumable
Fuels
0.8%
MC
Brazil
Downstream
Trading
SARL,
7.25%,
6/30/2031(a)
1,080,000
1,120,392
5,884,043
CANADA
2.7%
Chemicals
0.5%
NOVA
Chemicals
Corp.,
5.25%,
6/1/2027(a)
635,000
684,212
Energy
Equipment
&
Services
0.3%
Precision
Drilling
Corp.,
6.88%,
1/15/2029(a)
435,000
446,962
Oil,
Gas
&
Consumable
Fuels
1.9%
Baytex
Energy
Corp.,
8.75%,
4/1/2027(a)
950,000
950,000
MEG
Energy
Corp.,
7.13%,
2/1/2027(a)
575,000
603,330
Strathcona
Resources
Ltd.,
6.88%,
8/1/2026(a)
1,285,000
1,271,983
2,825,313
3,956,487
CYPRUS
0.4%
Consumer
Finance
0.4%
ASG
Finance
Designated
Activity
Co.,
7.88%,
12/3/2024(a)
645,000
622,425
FRANCE
1.1%
Banks
0.5%
Societe
Generale
SA,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.51%),
5.38%,
11/18/2030(a)(d)(e)
625,000
675,000
Diversified
Telecommunication
Services
0.6%
Altice
France
SA,
5.13%,
7/15/2029(a)
930,000
936,891
1,611,891
GERMANY
1.8%
Paper
&
Forest
Products
0.8%
Mercer
International,
Inc.,
5.13%,
2/1/2029
1,105,000
1,125,719
Pharmaceuticals
1.0%
Gruenenthal
GmbH
3.63%,
11/15/2026(a)
EUR
875,000
1,065,112
4.13%,
5/15/2028(a)
EUR
315,000
383,982
1,449,094
2,574,813
GHANA
0.6%
Oil,
Gas
&
Consumable
Fuels
0.6%
Tullow
Oil
plc,
10.25%,
5/15/2026(a)
855,000
891,338
Corporate
Bonds
Principal
Amount
($)
Value
($)
GREECE
0.4%
Marine
0.4%
Danaos
Corp.,
8.50%,
3/1/2028(a)
532,000
573,230
HONG
KONG
0.8%
Marine
0.8%
Seaspan
Corp.
Reg.
S,
6.50%,
4/29/2026(a)
900,000
965,230
5.50%,
8/1/2029(a)
185,000
184,484
1,149,714
ISRAEL
0.8%
Pharmaceuticals
0.8%
Teva
Pharmaceutical
Finance
Netherlands
II
BV,
6.00%,
1/31/2025
EUR
300,000
387,853
Teva
Pharmaceutical
Finance
Netherlands
III
BV,
3.15%,
10/1/2026
810,000
777,276
1,165,129
ITALY
1.4%
Banks
0.9%
UniCredit
SpA
,
(USD
ICE
Swap
Rate
5
Year
+
3.70%),
5.86%,
6/19/2032(a)(e)
1,260,000
1,402,507
Household
Durables
0.5%
International
Design
Group
SpA
,
6.50%,
11/15/2025(a)
EUR
585,000
723,449
2,125,956
LUXEMBOURG
0.8%
Biotechnology
0.8%
Cidron
Aida
Finco
Sarl
5.00%,
4/1/2028(a)
EUR
1,027,000
1,227,416
MEXICO
1.4%
Airlines
0.2%
Aerovias
de
Mexico
SA
de
CV,
7.00%,
2/5/2025(a)
(c)
350,000
292,250
Hotels,
Restaurants
&
Leisure
0.2%
Grupo
Posadas
SAB
de
CV,
7.88%,
6/30/2022(a)
(c)
434,000
310,883
Oil,
Gas
&
Consumable
Fuels
1.0%
Petroleos
Mexicanos
6.88%,
10/16/2025(a)
435,000
479,018
6.84%,
1/23/2030
925,000
964,960
1,443,978
2,047,111
SINGAPORE
0.7%
Consumer
Finance
0.7%
Avation
Capital
SA,
8.25%,
10/31/2026(a)(f)
1,209,184
978,935
Nationwide
Amundi
Strategic
Income
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
23
Corporate
Bonds
Principal
Amount
($)
Value
($)
SPAIN
0.1%
Independent
Power
and
Renewable
Electricity
Producers
0.1%
Atlantica
Sustainable
Infrastructure
plc,
4.13%,
6/15/2028(a)
200,000
207,500
SWEDEN
0.5%
Commercial
Services
&
Supplies
0.5%
Verisure
Holding
AB,
3.25%,
2/15/2027(a)
EUR
395,000
470,240
Verisure
Midholding
AB,
5.25%,
2/15/2029(a)
EUR
255,000
311,750
781,990
SWITZERLAND
1.3%
Capital
Markets
0.5%
Credit
Suisse
Group
AG,
(USD
Swap
Semi
5
Year
+
4.60%),
7.50%,
7/17/2023(a)(d)(e)
675,000
730,687
Consumer
Finance
0.8%
VistaJet
Malta
Finance
plc,
10.50%,
6/1/2024(a)
1,103,000
1,197,637
1,928,324
UKRAINE
0.5%
Metals
&
Mining
0.5%
Metinvest
BV,
7.75%,
10/17/2029(a)
700,000
770,000
UNITED
ARAB
EMIRATES
0.5%
Energy
Equipment
&
Services
0.5%
Shelf
Drilling
Holdings
Ltd.
8.88%,
11/15/2024(a)
380,000
389,500
8.25%,
2/15/2025(a)
490,000
368,642
758,142
UNITED
KINGDOM
2.4%
Banks
1.3%
Barclays
plc,
(USD
Swap
Semi
5
Year
+
4.84%),
7.75%,
9/15/2023(d)(e)
800,000
877,000
Natwest
Group
plc,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.35%),
3.03%,
11/28/2035(e)
1,030,000
1,039,118
1,916,118
Hotels,
Restaurants
&
Leisure
0.4%
Deuce
Finco
plc,
5.50%,
6/15/2027(a)
GBP
370,000
512,739
Media
0.1%
Clear
Channel
International
BV,
6.63%,
8/1/2025(a)
200,000
209,750
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
KINGDOM
Oil,
Gas
&
Consumable
Fuels
0.6%
Neptune
Energy
Bondco
plc,
6.63%,
5/15/2025(a)
890,000
904,462
3,543,069
UNITED
STATES
33.8%
Aerospace
&
Defense
0.5%
Boeing
Co.
(The),
5.81%,
5/1/2050
590,000
804,751
Air
Freight
&
Logistics
0.7%
Western
Global
Airlines
LLC,
10.38%,
8/15/2025(a)
880,000
990,959
Airlines
1.2%
American
Airlines,
Inc.
5.50%,
4/20/2026(a)
225,000
235,406
5.75%,
4/20/2029(a)
190,000
204,949
Delta
Air
Lines,
Inc.,
4.75%,
10/20/2028(a)
345,000
385,538
Mileage
Plus
Holdings
LLC,
6.50%,
6/20/2027(a)
805,000
876,444
1,702,337
Auto
Components
0.5%
Dealer
Tire
LLC,
8.00%,
2/1/2028(a)
757,000
814,805
Banks
1.1%
Citigroup,
Inc.,
Series
V,
(SOFR
+
3.23%),
4.70%,
1/30/2025(d)(e)
925,000
958,022
JPMorgan
Chase
&
Co.,
Series
HH,
(SOFR
+
3.13%),
4.60%,
2/01/2025(d)(e)
650,000
672,750
1,630,772
Biotechnology
0.2%
HCRX
Investments
Holdco
LP,
4.50%,
8/1/2029(a)
290,000
295,800
Building
Products
0.5%
Standard
Industries,
Inc.,
4.38%,
7/15/2030(a)
720,000
741,600
Capital
Markets
0.7%
LPL
Holdings,
Inc.,
4.00%,
3/15/2029(a)
1,010,000
1,025,150
Chemicals
0.3%
Trinseo
Materials
Operating
SCA,
5.13%,
4/1/2029(a)
505,000
513,838
Commercial
Services
&
Supplies
1.0%
Allied
Universal
Holdco
LLC
3.63%,
6/1/2028(a)
EUR
480,000
566,117
4.63%,
6/1/2028(a)
225,000
225,000
6.00%,
6/1/2029(a)
310,000
310,387
24
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Amundi
Strategic
Income
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Commercial
Services
&
Supplies
Nielsen
Finance
LLC
4.50%,
7/15/2029(a)
205,000
206,536
4.75%,
7/15/2031(a)
205,000
206,758
1,514,798
Construction
&
Engineering
1.3%
Dycom
Industries,
Inc.,
4.50%,
4/15/2029(a)
633,000
640,913
PowerTeam
Services
LLC,
9.03%,
12/4/2025(a)
1,175,000
1,294,074
1,934,987
Consumer
Finance
2.9%
Capital
One
Financial
Corp.,
Series
M,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.16%),
3.95%,
9/01/2026(d)(e)
855,000
880,650
Ford
Motor
Credit
Co.
LLC
2.33%,
11/25/2025
EUR
1,110,000
1,379,546
3.63%,
6/17/2031
1,500,000
1,554,375
OneMain
Finance
Corp.,
3.50%,
1/15/2027
500,000
508,750
4,323,321
Diversified
Telecommunication
Services
0.5%
Windstream
Escrow
LLC,
7.75%,
8/15/2028(a)
650,000
663,000
Electric
Utilities
0.3%
Vistra
Operations
Co.
LLC,
4.38%,
5/1/2029(a)
490,000
502,250
Electrical
Equipment
0.5%
Energizer
Gamma
Acquisition
BV,
3.50%,
6/30/2029(a)
EUR
610,000
724,517
Electronic
Equipment,
Instruments
&
Components
1.5%
Belden,
Inc.
3.88%,
3/15/2028(a)
EUR
905,000
1,113,896
3.38%,
7/15/2031(a)
EUR
950,000
1,134,263
2,248,159
Energy
Equipment
&
Services
0.5%
Transocean
Sentry
Ltd.,
5.38%,
5/15/2023(a)
721,393
679,913
Equity
Real
Estate
Investment
Trusts
(REITs)
2.3%
HAT
Holdings
I
LLC,
3.38%,
6/15/2026(a)
680,000
689,099
iStar
,
Inc.,
4.25%,
8/1/2025
1,225,000
1,270,092
MPT
Operating
Partnership
LP
4.63%,
8/1/2029
505,000
543,632
3.50%,
3/15/2031
825,000
846,434
3,349,257
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Health
Care
Providers
&
Services
0.2%
AHP
Health
Partners,
Inc.,
5.75%,
7/15/2029(a)
325,000
328,656
Hotels,
Restaurants
&
Leisure
2.6%
Boyd
Gaming
Corp.,
4.75%,
6/15/2031(a)
365,000
377,631
Caesars
Entertainment,
Inc.,
8.13%,
7/1/2027(a)
688,000
756,580
Expedia
Group,
Inc.,
3.25%,
2/15/2030
455,000
477,567
Genting
New
York
LLC,
3.30%,
2/15/2026(a)
340,000
341,918
Hilton
Domestic
Operating
Co.,
Inc.,
3.63%,
2/15/2032(a)
1,335,000
1,331,662
Scientific
Games
International,
Inc.,
3.38%,
2/15/2026(a)
EUR
135,000
160,384
Viking
Ocean
Cruises
Ship
VII
Ltd.,
5.63%,
2/15/2029(a)
505,000
505,000
3,950,742
Independent
Power
and
Renewable
Electricity
Producers
0.3%
Clearway
Energy
Operating
LLC,
3.75%,
2/15/2031(a)
380,000
380,000
Insurance
2.2%
Farmers
Exchange
Capital
III,
(ICE
LIBOR
USD
3
Month
+
3.45%),
5.45%,
10/15/2054(a)(e)
1,070,000
1,357,297
Liberty
Mutual
Group,
Inc.,
(EUR
Swap
Annual
5
Year
+
3.70%),
3.63%,
5/23/2059(a)(e)
EUR
950,000
1,174,336
Liberty
Mutual
Insurance
Co.,
7.70%,
10/15/2097(a)
420,000
675,874
3,207,507
Machinery
0.5%
Hillenbrand,
Inc.,
3.75%,
3/1/2031
375,000
381,559
Terex
Corp.,
5.00%,
5/15/2029(a)
365,000
378,231
759,790
Media
1.8%
Clear
Channel
Outdoor
Holdings,
Inc.,
7.50%,
6/1/2029(a)
795,000
825,258
CSC
Holdings
LLC,
4.63%,
12/1/2030(a)
800,000
788,000
Diamond
Sports
Group
LLC,
6.63%,
8/15/2027(a)
322,000
127,592
Nationwide
Amundi
Strategic
Income
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
25
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Media
Sirius
XM
Radio,
Inc.,
4.00%,
7/15/2028(a)
855,000
882,082
2,622,932
Metals
&
Mining
1.4%
Coeur
Mining,
Inc.,
5.13%,
2/15/2029(a)
460,000
446,499
Joseph
T
Ryerson
&
Son,
Inc.,
8.50%,
8/1/2028(a)
170,000
187,850
Kaiser
Aluminum
Corp.,
4.50%,
6/1/2031(a)
300,000
312,000
Novelis
Corp.
3.25%,
11/15/2026(a)
135,000
137,025
3.88%,
8/15/2031(a)
205,000
207,306
TMS
International
Corp.,
6.25%,
4/15/2029(a)
750,000
786,431
2,077,111
Oil,
Gas
&
Consumable
Fuels
4.1%
Delek
Logistics
Partners
LP,
7.13%,
6/1/2028(a)
725,000
753,725
Energy
Transfer
LP,
Series
G,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%),
7.13%,
5/15/2030(d)(e)
1,370,000
1,416,237
EnLink
Midstream
LLC,
5.38%,
6/1/2029
871,000
906,005
Hess
Midstream
Operations
LP,
5.13%,
6/15/2028(a)
520,000
544,700
Indigo
Natural
Resources
LLC,
5.38%,
2/1/2029(a)
680,000
708,900
Midwest
Connector
Capital
Co.
LLC,
4.63%,
4/1/2029(a)
587,000
630,747
PBF
Holding
Co.
LLC
9.25%,
5/15/2025(a)
410,000
375,150
6.00%,
2/15/2028
1,100,000
574,420
Venture
Global
Calcasieu
Pass
LLC
3.88%,
8/15/2029(a)
135,000
137,869
4.13%,
8/15/2031(a)
200,000
207,090
6,254,843
Pharmaceuticals
0.7%
Jazz
Securities
DAC,
4.38%,
1/15/2029(a)
400,000
416,912
Organon
&
Co.
2.88%,
4/30/2028(a)
EUR
315,000
380,769
4.13%,
4/30/2028(a)
225,000
230,717
1,028,398
Professional
Services
0.6%
CoreLogic
,
Inc.,
4.50%,
5/1/2028(a)
945,000
941,456
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Software
0.4%
Citrix
Systems,
Inc.,
3.30%,
3/1/2030
610,000
649,430
Specialty
Retail
1.2%
LCM
Investments
Holdings
II
LLC,
4.88%,
5/1/2029(a)
550,000
562,831
Penske
Automotive
Group,
Inc.,
3.75%,
6/15/2029
930,000
942,788
Victoria's
Secret
&
Co.,
4.63%,
7/15/2029(a)
235,000
235,320
1,740,939
Thrifts
&
Mortgage
Finance
0.9%
Nationstar
Mortgage
Holdings,
Inc.
6.00%,
1/15/2027(a)
405,000
422,212
5.50%,
8/15/2028(a)
500,000
508,125
United
Wholesale
Mortgage
LLC,
5.50%,
4/15/2029(a)
485,000
481,363
1,411,700
Trading
Companies
&
Distributors
0.4%
Beacon
Roofing
Supply,
Inc.,
4.13%,
5/15/2029(a)
455,000
453,863
United
Rentals
North
America,
Inc.,
3.75%,
1/15/2032
135,000
135,000
588,863
50,402,581
Total
Corporate
Bonds
(cost
$82,995,142)
84,258,227
Foreign
Government
Securities
3.1%
MEXICO
1.3%
United
Mexican
States,
4.28%,
8/14/2041
1,815,000
1,926,822
QATAR
1.0%
State
of
Qatar,
4.82%,
3/14/2049
(a)
1,135,000
1,476,690
UNITED
ARAB
EMIRATES
0.8%
United
Arab
Emirates
Government
Bond,
3.88%,
4/16/2050
(a)
1,000,000
1,163,730
Total
Foreign
Government
Securities
(cost
$4,064,940)
4,567,242
26
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Amundi
Strategic
Income
Fund
Common
Stock
0.2%
Shares
Value
($)
UNITED
STATES
0.2%
Energy
Equipment
&
Services
0.2%
FTS
International,
Inc.,
Class A
*
18,426
360,044
Total
Common
Stock
(cost
$347,330)
360,044
Loan
Participations
2.8%
Principal
Amount
($)
UNITED
STATES
2.8%
Airlines
0.6%
Grupo
Aeromexico
SAB
de
CV,
Term
Loan,
(ICE
LIBOR
USD
1
Month
+
8.00%),
9.00%,
12/31/2021
∞(e)
955,000
960,969
Hotels,
Restaurants
&
Leisure
1.9%
Enterprise
Development
Authority,
Term
Loan,
(ICE
LIBOR
USD
1
Month
+
4.25%),
5.00%,
2/28/2028
(e)
997,375
997,375
Spectacle
Gary
Holdings,
LLC,
Term
Loan,
(ICE
LIBOR
USD
1
Month
+
9.00%),
11.00%,
12/23/2025
(e)
1,535,800
1,670,182
Spectacle
Gary,
Delayed
Draw
Term
Loan,
(ICE
LIBOR
USD
1
Month
+
9.00%),
11.00%,
12/23/2025
(e)
111,300
121,039
2,788,596
0
Specialty
Retail
0.3%
Petco
Health
&
Wellness
Co.,
Inc.,
(ICE
LIBOR
USD
3
Month
+
3.25%),
4.00%,
3/3/2028
(e)
458,850
456,698
Total
Loan
Participations
(cost
$4,013,882)
4,206,263
Convertible
Bonds
2.8%
Airlines
1.3%
Air
Canada,
4.00%,
07/01/25
803,000
1,224,946
Spirit
Airlines,
Inc.,
1.00%,
05/15/26
733,000
685,795
1,910,741
Equity
Real
Estate
Investment
Trusts
(REITs)
0.1%
Summit
Hotel
Properties,
Inc.,
1.50%,
02/15/26
115,000
117,012
Hotels,
Restaurants
&
Leisure
0.6%
DraftKings
,
Inc.,
–%,
03/15/28
(a)
1,019,000
893,154
Convertible
Bonds
Principal
Amount
($)
Value
($)
Pharmaceuticals
0.2%
Tricida
,
Inc.,
3.50%,
05/15/27
715,000
270,914
Semiconductors
&
Semiconductor
Equipment
0.6%
Enphase
Energy,
Inc.,
–%,
03/01/28
(a)
927,000
937,197
Total
Convertible
Bond
(cost $4,261,127)
4,129,018
Convertible
Preferred
Stock
1.1%
Banks
1.1%
Wells
Fargo
&
Co.,
7.50%,
1,068
1,615,361
Total
Convertible
Preferred
Stock
(cost $1,533,999)
1,615,361
Total
Investments
(cost
$134,422,211)
—
93.2%
138,345,663
Other
assets
in
excess
of
liabilities
—
6.8%
10,112,541
NET
ASSETS
—
100.0%
$
148,458,204
*
Denotes
a
non-income
producing
security.
∞
Fair
valued
security.
(a)
Rule
144A,
Section
4(2),
or
other
security
which
is
restricted
as
to
sale
to
institutional
investors.
These
securities
were
deemed
liquid
pursuant
to
procedures
approved
by
the
Board
of
Trustees.
The
liquidity
determination
is
unaudited.
The
aggregate
value
of
these
securities
as
of
July
31,
2021
was
$104,007,795
which
represents
70.06%
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,
2021.
(c)
Security
in
default.
(d)
Perpetual
Bond
Security.
The
rate
reflected
in
the
Statement
of
Investments
is
the
rate
in
effect
on
July
31,
2021.
The
maturity
date
reflects
the
next
call
date.
(e)
Variable
or
floating
rate
security,
linked
to
the
referenced
benchmark.
The
interest
rate
shown
was
the
current
rate
as
of
July
31,
2021.
(f)
PIK-Payment-in-kind
security.
Income
may
be
in
cash
or
additional
notes,
at
the
discretion
of
the
issuer.
The
rate
disclosed
is
the
PIK
rate.
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
Nationwide
Amundi
Strategic
Income
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
27
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
28
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Amundi
Strategic
Income
Fund
Centrally
Cleared
Credit
default
swap
contracts
outstanding
-
buy
protection
as
of
July
31,
2021
1
:
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
(%)
Payment
Frequency
Maturity
Date
Implied
Credit
Spread
(%)
2
Notional
Amount
3
Upfront
Payments
(Receipts)
($)
4
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
Markit
CDX
North
American
High
Yield
Index
Series
36-V1
5.00
Quarterly
6/20/2026
2.92
USD
55,000,000
(5,015,808)
(349,194)
(5,365,002)
Markit
CDX
North
American
Investment
Grade
Index
Series
36-V1
1.00
Quarterly
6/20/2026
0.50
USD
30,000,000
(690,467)
(63,391)
(753,858)
(5,706,275)
(412,585)
(6,118,860)
As
of
July
31,
2021,
the
Fund
had
$3,307,561
segregated
as
collateral
for
credit
default
swap
contracts.
1
The
Fund,
as
a
buyer
of
credit
protection,
pays
periodic
payments
and
any
upfront
premium
to
the
protection
seller,
and
is
obligated
to
receive
a
contingent
payment,
upon
occurrence
of
a
credit
event
with
respect
to
an
underlying
reference
obligation,
as
defined
under
the
terms
of
each
individual
swap
contract.
2
Implied
credit
spreads
are
an
indication
of
the
seller’s
performance
risk,
related
to
the
likelihood
of
a
credit
event
occurring
that
would
require
a
seller
to
make
a
payment
to
a
buyer.
Implied
credit
spreads
are
used
to
determine
the
value
of
swap
contracts
and
reflect
the
cost
of
buying/selling
protection,
which
may
include
upfront
payments
made
to
enter
into
the
contract.
Therefore,
higher
spreads
would
indicate
a
greater
likelihood
that
a
seller
will
be
obligated
to
perform
(i.e.,
make
payment)
under
the
swap
contract.
Increasing
values,
in
absolute
terms
and
relative
notional
amounts,
are
also
indicative
of
greater
performance
risk.
Implied
credit
spreads
for
credit
default
swaps
on
credit
indices
are
linked
to
the
weighted
average
spread
across
the
underlying
reference
obligations
included
in
a
particular
index.
3
The
notional
amount
is
the
maximum
amount
that
a
seller
of
credit
protection
would
be
obligated
to
pay
and
a
buyer
of
credit
protection
would
receive,
upon
occurrence
of
a
credit
event.
4
Upfront
premiums
generally
related
to
payments
received
or
paid
at
the
initiation
of
the
swap
agreement
to
compensate
for
differences
between
the
stated
terms
of
the
swap
agreement
and
current
market
conditions
(credit
spreads,
interest
rates
and
other
relevant
factors).
Currency:
USD
United
States
dollar
Forward
Foreign
Currency
Contracts
outstanding
as
of
July
31,
2021:
Currenc
y
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
($)
USD
10,001,017
EUR
8,474,985
Brown
Brothers
Harriman
Co.
8/16/2021
(55,007)
USD
1,122,132
EUR
950,000
Morgan
Stanley
Co.,
Inc.
8/16/2021
(5,094)
USD
510,880
GBP
370,000
JPMorgan
Chase
Bank
8/16/2021
(3,435)
Total
unrealized
depreciation
(63,536)
Net
unrealized
depreciation
(63,536)
Currency:
EUR
Euro
GBP
British
pound
USD
United
States
dollar
Nationwide
Amundi
Strategic
Income
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
29
Futures
contracts
outstanding
as
of
July
31,
2021:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
U.S.
Treasury
10
Year
Note
34
9/2021
USD
4,571,406
74,015
74,015
Short
Contracts
Euro-
Bobl
(10)
9/2021
EUR
(1,605,708)
(16,515)
Euro-Bund
(23)
9/2021
EUR
(4,817,492)
(137,082)
U.S.
Treasury
2
Year
Note
(30)
9/2021
USD
(6,619,687)
(779)
U.S.
Treasury
5
Year
Note
(105)
9/2021
USD
(13,066,758)
(92,827)
U.S.
Treasury
10
Year
Ultra
Note
(111)
9/2021
USD
(16,677,750)
(610,241)
U.S.
Treasury
Long
Bond
(9)
9/2021
USD
(1,482,469)
(78,490)
U.S.
Treasury
Ultra
Bond
(59)
9/2021
USD
(11,772,344)
(758,828)
USD
10
Year
Interest
Rate
Swap
(27)
9/2021
USD
(2,620,687)
(69,044)
(1,763,806)
(1,689,791)
As
of
July
31,
2021,
the
Fund
had
$874,296
segregated
as
collateral
with
the
broker
for
open
futures
contracts.
Currency:
EUR
Euro
USD
United
States
Dollar
30
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Amundi
Strategic
Income
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Nationwide
Amundi
Strategic
Income
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
31
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2021.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using swap
contracts, forward
foreign
currency
contracts, and financial
futures
contracts.
(a)
Swap
Contracts
Credit
Default
Swap
Contracts
— The
Fund entered
into
credit
default
swap
contracts
during
the
nine
months
ended
July
31,
2021
.
Credit
default
swap
contracts
are
either
privately
negotiated
agreements
between
the
Fund
and
a
counterparty
or
traded
through
a
futures
commission
merchant
and
cleared
through
a
clearinghouse
that
serves
as
a
central
counterparty.
Investments
in
credit
default
swap
contracts
are
utilized
to
expose
the
Fund’s
cash
holdings
to
the
investment
characteristics
and
performance
of
the
high-yield
bond
market
while
maintaining
liquidity
to
satisfy
shareholder
activity,
to
manage
broad
credit
market
spread
exposure
and/or
to
create
synthetic
long
and
short
exposure
to
sovereign
debt
securities,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
The
Fund
segregates
liquid
assets
to
cover
its
obligations
under
its
credit
default
swap
contracts.
The
upfront
premiums
are
amortized
and
accreted
daily
and
are
recorded
as
realized
gains
or
losses
upon
maturity
or
termination
of
the
credit
default
swap
contract.
As
the
protection
purchaser
in
a
credit
default
swap
contract,
the
Fund
pays
the
counterparty
a
periodic
stream
of
payments
over
the
term
of
the
contract,
provided
that
no
credit
event
or
default
(or
similar
event)
occurs.
However,
the
Fund
is
required
to
receive
the
par
(or
other
agreed-upon)
value
of
a
referenced
debt
obligation
from
the
counterparty
in
the
event
of
a
default
(or
similar
event)
by
a
third
party,
such
as
a
U.S.
or
foreign
issuer,
on
the
debt
obligation.
If
a
credit
event
or
default
(or
similar
event)
occurs,
the
Fund
either
(i)
receives
from
the
counterparty
an
amount
equal
to
the
notional
amount
of
the
swap
and
the
counterparty
takes
delivery
of
the
referenced
obligation,
other
deliverable
obligations
or
underlying
securities
comprising
the
referenced
index,
or
(ii)
receives
from
the
counterparty
a
net
settlement
amount
in
the
form
of
cash
or
securities
to
the
notional
amount
of
the
swap
and
the
recovery
value
of
the
referenced
obligation
or
underlying
securities
comprising
the
referenced
index.
As
the
purchaser
in
a
credit
default
swap
contract,
the
Fund’s
investment
would
generate
income
only
in
the
event
of
an
actual
default
(or
similar
event)
by
the
issuer
of
the
underlying
obligation.
Credit
default
swap
contracts
are
marked-to-market
daily
based
on
valuations
from
independent
pricing
services.
Credit
default
swap
contracts
are
generally
categorized
as
Level
2
investments
within
the
hierarchy.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Asset-Backed
Securities
$
–
$
9,323,132
$
–
$
9,323,132
Collateralized
Mortgage
Obligations
–
20,981,509
–
20,981,509
Commercial
Mortgage-Backed
Securities
–
8,904,867
–
8,904,867
Common
Stock
360,044
–
–
360,044
Convertible
Bonds
–
4,129,018
–
4,129,018
Convertible
Preferred
Stock
1,615,361
–
–
1,615,361
Corporate
Bonds
–
84,258,227
–
84,258,227
Foreign
Government
Securities
–
4,567,242
–
4,567,242
Futures
Contracts
74,015
–
–
74,015
Loan
Participations
–
4,206,263
–
4,206,263
Total
Assets
$
2,049,420
$
136,370,258
$
–
$
138,419,678
$
–
$
–
$
–
$
–
Liabilities:
Credit
Default
Swaps*
$
–
$
(412,585)
$
–
$
(412,585)
Forward
Foreign
Currency
Contracts
–
(63,536)
–
(63,536)
Futures
Contracts
(1,763,806)
–
–
(1,763,806)
Total
Liabilities
$
(1,763,806)
$
(476,121)
$
–
$
(2,239,927)
Total
$
285,614
$
135,894,137
$
–
$
136,179,751
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
*
Swap
contracts
are
included
in
the
table
at
value,
with
the
exception
of
centrally
cleared
swap
contracts
which
are
included
in
the
table
at
unrealized
appreciation/(depreciation).
32
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Amundi
Strategic
Income
Fund
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,
2021
are
disclosed
in
the
Statement
of
Investments.
The
implied
credit
spread
of
a
particular
referenced
entity
reflects
the
cost
of
selling
protection
on
such
entity’s
debt,
and
may
include
upfront
payments
required
to
be
made
to
enter
into
the
agreement.
For
credit
default
swap
agreements
on
credit
indices,
the
quoted
market
prices
and
resulting
value
serve
as
the
indicator
of
the
current
status
of
the
payment/performance
risk.
Wider
credit
spreads
represent
a
deterioration
of
the
referenced
entity’s
credit
soundness
and
a
greater
likelihood
or
risk
of
default
or
other
credit
event
occurring
as
defined
under
the
terms
of
the
agreement.
Certain
clearinghouses
currently
offer
clearing
for
limited
types
of
derivatives
transactions,
such
as
credit
derivatives.
In
a
centrally
cleared
credit
default
swap
contract,
immediately
following
execution
of
the
swap
agreement,
the
swap
agreement
is
novated
to
a
central
counterparty
(the
“CCP”)
and
the
Fund’s
counterparty
on
the
swap
agreement
becomes
the
CCP.
The
Fund
is
required
to
interface
with
the
CCP
through
a
broker.
Upon
entering
into
a
centrally
cleared
swap
contract,
the
Fund
is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
the
size
and
risk
profile
of
the
particular
swap.
Securities
deposited
as
initial
margin
and
cash
pledged
as
collateral
are
designated
on
the
Statement
of
Investments,
as
applicable.
The
daily
change
in
valuation
of
centrally
cleared
credit
default
swap
contracts
is
recorded
as
a
receivable
or
payable
for
variation
margin
on
centrally
cleared
credit
default
swap
contracts.
Payments
received
from
(paid
to)
the
counterparty,
including
at
termination,
are
recorded
as
realized
gains
(losses).
(b)
Forward
Foreign
Currency
Contracts
The
Fund
entered
into
forward
foreign
currency
contracts
in
connection
with
planned
purchases
or
sales
of
securities
denominated
in
a
foreign
currency
and/or
to
hedge
the
U.S.
dollar
value
of
portfolio
securities
denominated
in
a
foreign
currency,
to
express
a
view
on
a
foreign
currency
vs.
the
U.S.
dollar
or
other
foreign
currency
and/or
to
hedge
the
U.S.
dollar
value
of
portfolio
securities
denominated
in
a
foreign
currency,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
A
forward
foreign
currency
contract
involves
an
obligation
to
purchase
or
sell
a
specific
currency
at
a
future
date,
which
may
be
any
fixed
number
of
days
from
the
date
of
the
contract
agreed
upon
by
the
parties,
at
a
price
set
at
the
time
of
the
contract.
Forward
foreign
currency
contracts
are
generally
valued
at
the
mean
of
the
last
quoted
bid
and
ask
prices,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
2
investments
within
the
hierarchy.
The
market
value
of
a
forward
foreign
currency
contract
fluctuates
with
changes
in
foreign
currency
exchange
rates.
All
commitments
are
marked-to-
market
daily
at
the
applicable
exchange
rates
and
any
resulting
unrealized
appreciation
or
depreciation
is
recorded.
Realized
gains
or
losses
are
recorded
at
the
time
the
forward
foreign
currency
contract
matures
or
at
the
time
of
delivery
of
the
currency.
Forward
foreign
currency
contracts
entail
the
risk
of
unanticipated
movements
in
the
value
of
the
foreign
currency
relative
to
the
U.S.
dollar,
and
the
risk
that
the
counterparties
to
the
contracts
may
be
unable
to
meet
their
obligations
under
the
contract.
(c)
Futures
Contracts
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
reducing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/
or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
Nationwide
Amundi
Strategic
Income
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
33
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,
2021:
Fair
Values
of
Derivatives
not
Accounted
for
as
Hedging
Instruments
as
of
July
31,
2021:
Assets:
Fair
Value
Futures
Contracts
Interest
rate
risk
Unrealized
appreciation
from
futures
contracts
$
74,015
Total
$
74,015
Liabilities:
Swap
Contracts(a)
Credit
risk
Unrealized
depreciation
on
centrally
cleared
swap
contracts
(412,585)
Forward
Foreign
Currency
Contracts
Currency
risk
Unrealized
depreciation
on
forward
foreign
currency
contracts
$
(63,536)
Futures
Contracts
Interest
rate
risk
Unrealized
depreciation
from
futures
contracts
$
(1,763,806)
Total
$
(2,239,927)
(a)
Swap
contracts
are
included
in
the
table
at
value,
with
the
exception
of
centrally
cleared
swap
contracts
which
are
included
in
the
table
at
unrealized
appreciation/(depreciation).
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
34
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bailard
International
Equities
Fund
Common
Stocks
98.1%
Shares
Value
($)
ARGENTINA
0.4%
Internet
&
Direct
Marketing
Retail
0.4%
MercadoLibre
,
Inc.
*
500
784,350
AUSTRALIA
5.1%
Banks
0.4%
National
Australia
Bank
Ltd.
40,000
761,659
Biotechnology
0.4%
CSL
Ltd.
4,000
849,159
Commercial
Services
&
Supplies
0.5%
Brambles
Ltd.
120,000
1,025,328
Food
&
Staples
Retailing
0.4%
Woolworths
Group
Ltd.
33,000
943,021
Metals
&
Mining
2.8%
BHP
Group
Ltd.
65,000
2,547,292
BHP
Group
plc
50,000
1,623,810
Rio
Tinto
plc
20,000
1,704,458
5,875,560
Multiline
Retail
0.6%
Wesfarmers
Ltd.
30,000
1,348,004
10,802,731
BRAZIL
0.4%
Metals
&
Mining
0.4%
Vale
SA,
ADR
40,000
840,800
CANADA
2.1%
Auto
Components
0.6%
Magna
International,
Inc.
15,000
1,257,615
Banks
0.4%
Canadian
Imperial
Bank
of
Commerce
8,000
930,234
Chemicals
0.3%
Nutrien
Ltd.
10,000
594,582
Diversified
Telecommunication
Services
0.5%
BCE,
Inc.
22,000
1,098,060
Insurance
0.3%
Sun
Life
Financial,
Inc.
12,000
625,008
4,505,499
CHINA
3.8%
Automobiles
0.3%
BYD
Co.
Ltd.,
Class
H
(a)
23,000
708,483
Banks
0.4%
China
Construction
Bank
Corp.,
Class
H
1,100,000
767,953
Food
Products
0.8%
Tingyi
Cayman
Islands
Holding
Corp.
300,000
542,293
Wilmar
International
Ltd.
378,736
1,216,954
1,759,247
Gas
Utilities
0.4%
ENN
Energy
Holdings
Ltd.
40,000
838,044
Interactive
Media
&
Services
0.8%
Baidu,
Inc.,
ADR
*
4,000
656,040
Tencent
Holdings
Ltd.
17,500
1,079,948
1,735,988
Common
Stocks
Shares
Value
($)
CHINA
Internet
&
Direct
Marketing
Retail
0.6%
Alibaba
Group
Holding
Ltd.,
ADR
*
6,000
1,171,140
Semiconductors
&
Semiconductor
Equipment
0.5%
NXP
Semiconductors
NV
5,000
1,031,950
8,012,805
COLOMBIA
0.1%
Banks
0.1%
Grupo
Aval
Acciones
y
Valores
SA,
ADR
60,000
313,200
DENMARK
2.4%
Air
Freight
&
Logistics
0.6%
DSV
PANALPINA
A/S
5,000
1,217,982
Electric
Utilities
0.4%
Orsted
A/S
Reg.
S
(b)
6,000
892,354
Marine
0.7%
AP
Moller
-
Maersk
A/S,
Class
B
500
1,387,763
Pharmaceuticals
0.7%
Novo
Nordisk
A/S,
Class
B
17,000
1,574,677
5,072,776
FINLAND
0.8%
Machinery
0.5%
Kone
OYJ,
Class
B
12,000
993,726
Multiline
Retail
0.3%
Tokmanni
Group
Corp.
25,000
722,266
1,715,992
FRANCE
8.9%
Banks
0.9%
BNP
Paribas
SA
15,000
912,581
Credit
Agricole
SA
75,000
1,043,205
1,955,786
Chemicals
1.1%
Air
Liquide
SA
13,000
2,259,895
Construction
&
Engineering
0.5%
Bouygues
SA
30,000
1,157,067
Food
&
Staples
Retailing
0.3%
Carrefour
SA
38,000
706,303
Oil,
Gas
&
Consumable
Fuels
0.6%
TotalEnergies
SE
30,000
1,308,164
Personal
Products
1.3%
L'Oreal
SA
6,000
2,748,395
Pharmaceuticals
0.5%
Sanofi
10,000
1,030,481
Professional
Services
0.5%
Teleperformance
2,500
1,054,915
Textiles,
Apparel
&
Luxury
Goods
3.2%
Hermes
International
900
1,377,165
Kering
SA
2,000
1,795,816
Nationwide
Bailard
International
Equities
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
35
Common
Stocks
Shares
Value
($)
FRANCE
Textiles,
Apparel
&
Luxury
Goods
LVMH
Moet
Hennessy
Louis
Vuitton
SE
4,500
3,601,164
6,774,145
18,995,151
GERMANY
7.5%
Air
Freight
&
Logistics
1.1%
Deutsche
Post
AG
(Registered)
33,000
2,234,907
Automobiles
1.1%
Daimler
AG
(Registered)
12,000
1,072,006
Porsche
Automobil
Holding
SE
(Preference)
13,000
1,407,517
2,479,523
Chemicals
0.8%
BASF
SE
23,000
1,807,236
Construction
Materials
0.6%
HeidelbergCement
AG
15,000
1,330,996
Industrial
Conglomerates
0.7%
Siemens
AG
(Registered)
9,000
1,405,153
Insurance
0.4%
Allianz
SE
(Registered)
3,000
747,131
Internet
&
Direct
Marketing
Retail
0.5%
Zalando
SE
Reg.
S
*(b)
10,000
1,112,338
Multi-Utilities
0.9%
E.ON
SE
150,000
1,845,378
Pharmaceuticals
0.5%
Merck
KGaA
5,000
1,024,400
Software
0.9%
SAP
SE
13,000
1,864,538
15,851,600
HONG
KONG
3.5%
Capital
Markets
0.7%
Hong
Kong
Exchanges
&
Clearing
Ltd.
22,000
1,405,690
Diversified
Telecommunication
Services
0.5%
HKT
Trust
&
HKT
Ltd.
750,000
1,019,349
Food
Products
0.4%
WH
Group
Ltd.
Reg.
S
(b)
1,100,000
912,528
Industrial
Conglomerates
0.6%
Jardine
Matheson
Holdings
Ltd.
20,000
1,188,455
Insurance
0.7%
AIA
Group
Ltd.
130,000
1,559,397
Real
Estate
Management
&
Development
0.6%
CK
Asset
Holdings
Ltd.
200,000
1,363,777
7,449,196
HUNGARY
0.8%
Banks
0.5%
OTP
Bank
Nyrt
.
*
20,000
1,078,545
Common
Stocks
Shares
Value
($)
HUNGARY
Pharmaceuticals
0.3%
Richter
Gedeon
Nyrt
.
26,000
713,884
1,792,429
INDIA
1.6%
Banks
0.3%
ICICI
Bank
Ltd.,
ADR
30,000
557,700
IT
Services
1.3%
Infosys
Ltd.,
ADR
75,000
1,659,000
Wipro
Ltd.,
ADR
130,000
1,082,900
2,741,900
3,299,600
IRELAND
0.4%
Construction
Materials
0.4%
CRH
plc
18,000
897,064
ISRAEL
0.5%
Software
0.5%
Check
Point
Software
Technologies
Ltd.
*
8,000
1,016,800
ITALY
1.6%
Banks
0.3%
Intesa
Sanpaolo
SpA
200,000
552,318
Electric
Utilities
0.8%
Enel
SpA
200,000
1,846,757
Electrical
Equipment
0.5%
Prysmian
SpA
28,000
1,004,658
3,403,733
JAPAN
20.7%
Auto
Components
0.4%
Bridgestone
Corp.
20,900
919,892
Automobiles
2.4%
Honda
Motor
Co.
Ltd.
35,000
1,119,626
Suzuki
Motor
Corp.
25,000
1,017,461
Toyota
Motor
Corp.
20,000
1,796,149
Yamaha
Motor
Co.
Ltd.
35,000
875,747
4,808,983
Banks
0.9%
Mitsubishi
UFJ
Financial
Group,
Inc.
200,000
1,059,652
Sumitomo
Mitsui
Financial
Group,
Inc.
25,000
842,699
1,902,351
Building
Products
0.5%
Daikin
Industries
Ltd.
5,000
1,039,370
Chemicals
0.9%
Mitsui
Chemicals,
Inc.
35,000
1,117,808
Shin-Etsu
Chemical
Co.
Ltd.
5,000
815,853
1,933,661
Construction
&
Engineering
0.2%
Obayashi
Corp.
60,000
493,366
Diversified
Telecommunication
Services
0.5%
Nippon
Telegraph
&
Telephone
Corp.
40,000
1,024,848
36
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bailard
International
Equities
Fund
Common
Stocks
Shares
Value
($)
JAPAN
Electric
Utilities
0.2%
Kansai
Electric
Power
Co.,
Inc.
(The)
50,000
473,132
Electrical
Equipment
1.0%
Mitsubishi
Electric
Corp.
110,000
1,489,041
Nidec
Corp.
5,000
561,809
2,050,850
Electronic
Equipment,
Instruments
&
Components
1.0%
Keyence
Corp.
1,500
835,236
Murata
Manufacturing
Co.
Ltd.
15,000
1,243,825
2,079,061
Entertainment
0.6%
Nintendo
Co.
Ltd.
2,500
1,288,089
Food
&
Staples
Retailing
0.6%
Seven
&
i
Holdings
Co.
Ltd.
27,000
1,203,345
Health
Care
Equipment
&
Supplies
1.1%
Hoya
Corp.
9,000
1,270,720
Olympus
Corp.
55,000
1,132,558
2,403,278
Health
Care
Technology
0.2%
M3,
Inc.
8,000
524,042
Household
Durables
1.7%
Panasonic
Corp.
110,000
1,317,556
Sekisui
Chemical
Co.
Ltd.
40,000
690,190
Sony
Group
Corp.
13,000
1,356,955
3,364,701
Household
Products
0.2%
Unicharm
Corp.
12,000
481,277
Industrial
Conglomerates
0.5%
Hitachi
Ltd.
20,000
1,148,613
Insurance
0.3%
Tokio
Marine
Holdings,
Inc.
13,000
620,205
IT
Services
1.2%
Fujitsu
Ltd.
7,000
1,189,117
NEC
Corp.
25,000
1,271,155
2,460,272
Machinery
0.4%
Komatsu
Ltd.
33,000
860,397
Personal
Products
0.4%
Kao
Corp.
15,000
901,819
Pharmaceuticals
1.0%
Astellas
Pharma,
Inc.
70,000
1,114,924
Takeda
Pharmaceutical
Co.
Ltd.
33,000
1,096,980
2,211,904
Professional
Services
0.9%
Recruit
Holdings
Co.
Ltd.
35,000
1,809,986
Semiconductors
&
Semiconductor
Equipment
0.9%
Advantest
Corp.
11,000
976,055
Tokyo
Electron
Ltd.
2,500
1,030,038
2,006,093
Specialty
Retail
0.5%
Fast
Retailing
Co.
Ltd.
1,700
1,153,405
Common
Stocks
Shares
Value
($)
JAPAN
Tobacco
0.2%
Japan
Tobacco,
Inc.
25,000
488,897
Trading
Companies
&
Distributors
0.6%
ITOCHU
Corp.
40,000
1,191,714
Wireless
Telecommunication
Services
1.4%
KDDI
Corp.
27,000
823,989
SoftBank
Corp.
63,000
823,158
SoftBank
Group
Corp.
20,000
1,256,904
2,904,051
43,747,602
NETHERLANDS
7.8%
Banks
0.8%
ING
Groep
NV
140,000
1,792,775
Capital
Markets
0.5%
Euronext
NV
Reg.
S
(b)
10,000
1,111,961
Chemicals
0.8%
Akzo
Nobel
NV
13,000
1,607,596
Food
&
Staples
Retailing
0.8%
Koninklijke
Ahold
Delhaize
NV
55,000
1,710,104
Health
Care
Equipment
&
Supplies
0.3%
Koninklijke
Philips
NV
13,263
611,708
IT
Services
0.4%
Adyen
NV
Reg.
S
*(b)
300
816,846
Oil,
Gas
&
Consumable
Fuels
0.3%
Royal
Dutch
Shell
plc,
Class
B
30,000
592,106
Professional
Services
1.6%
Randstad
NV
15,000
1,089,061
Wolters
Kluwer
NV
20,000
2,281,322
3,370,383
Semiconductors
&
Semiconductor
Equipment
2.3%
ASML
Holding
NV
(Registered),
NYRS
6,500
4,983,811
16,597,290
NORWAY
0.6%
Metals
&
Mining
0.6%
Norsk
Hydro
ASA
200,000
1,330,509
PERU
0.2%
Metals
&
Mining
0.2%
Southern
Copper
Corp.
8,000
525,120
RUSSIA
1.2%
Banks
0.4%
Sberbank
of
Russia
PJSC,
ADR
55,000
915,537
Metals
&
Mining
0.3%
Severstal
PAO,
GDR
Reg.
S
30,000
738,624
Oil,
Gas
&
Consumable
Fuels
0.5%
LUKOIL
PJSC,
ADR
11,000
942,760
2,596,921
SINGAPORE
1.7%
Banks
1.3%
DBS
Group
Holdings
Ltd.
65,000
1,458,707
Nationwide
Bailard
International
Equities
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
37
Common
Stocks
Shares
Value
($)
SINGAPORE
Banks
Oversea-Chinese
Banking
Corp.
Ltd.
150,000
1,357,197
2,815,904
Real
Estate
Management
&
Development
0.4%
CapitaLand
Ltd.
*
300,000
892,701
3,708,605
SOUTH
AFRICA
0.9%
Metals
&
Mining
0.9%
Anglo
American
plc
45,000
1,993,546
SOUTH
KOREA
2.4%
Banks
0.4%
KB
Financial
Group,
Inc.
20,000
888,463
Chemicals
0.3%
LG
Chem
Ltd.
800
586,707
Interactive
Media
&
Services
0.5%
NAVER
Corp.
3,000
1,132,775
Technology
Hardware,
Storage
&
Peripherals
0.8%
Samsung
Electronics
Co.
Ltd.
25,000
1,709,602
Wireless
Telecommunication
Services
0.4%
SK
Telecom
Co.
Ltd.
3,000
785,179
5,102,726
SPAIN
1.7%
Banks
1.1%
Banco
Bilbao
Vizcaya
Argentaria
SA
160,000
1,026,262
Banco
Santander
SA
350,000
1,280,440
2,306,702
Diversified
Telecommunication
Services
0.6%
Telefonica
SA
280,000
1,284,435
3,591,137
SWEDEN
3.2%
Communications
Equipment
0.8%
Telefonaktiebolaget
LM
Ericsson,
Class
B
150,000
1,729,463
Diversified
Financial
Services
0.3%
Investor
AB,
Class
B
30,000
743,194
Household
Durables
0.7%
Husqvarna
AB,
Class
B
100,000
1,398,329
Machinery
1.4%
Alfa
Laval
AB
40,000
1,671,966
Volvo
AB,
Class
B
50,000
1,179,210
2,851,176
6,722,162
SWITZERLAND
5.3%
Capital
Markets
0.5%
UBS
Group
AG
(Registered)
60,000
989,323
Construction
Materials
0.4%
Holcim
Ltd.
*
16,000
937,999
Food
Products
1.2%
Nestle
SA
(Registered)
20,000
2,534,271
Common
Stocks
Shares
Value
($)
SWITZERLAND
Insurance
0.5%
Swiss
Life
Holding
AG
(Registered)
2,000
1,033,024
Pharmaceuticals
1.6%
Novartis
AG
(Registered)
8,000
739,967
Roche
Holding
AG
7,000
2,706,917
3,446,884
Semiconductors
&
Semiconductor
Equipment
0.4%
STMicroelectronics
NV
20,000
819,122
Technology
Hardware,
Storage
&
Peripherals
0.7%
Logitech
International
SA
(Registered)
14,000
1,530,443
11,291,066
TAIWAN
2.3%
Electronic
Equipment,
Instruments
&
Components
0.5%
Delta
Electronics,
Inc.
100,000
1,029,219
Entertainment
0.5%
Sea
Ltd.,
ADR
*
3,500
966,560
Semiconductors
&
Semiconductor
Equipment
1.3%
MediaTek
,
Inc.
18,000
585,292
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
20,000
2,332,800
2,918,092
4,913,871
UNITED
KINGDOM
7.3%
Banks
0.7%
Barclays
plc
400,000
969,431
Standard
Chartered
plc
100,000
599,051
1,568,482
Beverages
0.5%
Diageo
plc
22,000
1,091,436
Household
Durables
0.4%
Persimmon
plc
20,000
806,779
Industrial
Conglomerates
0.7%
CK
Hutchison
Holdings
Ltd.
200,000
1,462,671
Insurance
1.0%
Direct
Line
Insurance
Group
plc
220,000
908,401
Phoenix
Group
Holdings
plc
70,000
660,675
Prudential
plc
30,000
563,895
2,132,971
Oil,
Gas
&
Consumable
Fuels
0.9%
BP
plc
500,000
2,004,654
Personal
Products
1.1%
Unilever
plc
40,000
2,303,377
Pharmaceuticals
1.3%
AstraZeneca
plc,
ADR
(a)
27,000
1,545,481
GlaxoSmithKline
plc
55,000
1,086,830
2,632,311
Professional
Services
0.7%
RELX
plc
50,000
1,468,692
15,471,373
38
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bailard
International
Equities
Fund
Common
Stocks
Shares
Value
($)
UNITED
STATES
2.9%
Automobiles
0.9%
Stellantis
NV
104,519
2,006,527
Electrical
Equipment
0.9%
Schneider
Electric
SE
11,000
1,843,206
IT
Services
0.3%
Globant
SA
*
3,000
717,480
Trading
Companies
&
Distributors
0.8%
Ferguson
plc
12,000
1,682,194
6,249,407
Total
Common
Stocks
(cost
$158,187,764)
208,595,061
Exchange
Traded
Fund
0.6%
UNITED
STATES
0.6%
VanEck
Vectors
Vietnam
ETF
(a)
70,000
1,368,500
Total
Exchange
Traded
Fund
(cost
$1,268,749)
1,368,500
Short-Term
Investment
0.7%
Money
Market
Fund
0.7%
Fidelity
Investments
Money
Market
Government
Portfolio
—
Institutional
Class,
0.01%,
(c)(d)
1,438,552
1,438,552
Total
Short-Term
Investment
(cost
$1,438,552)
1,438,552
Total
Investments
(cost
$160,895,065)
—
99.4%
211,402,113
Other
assets
in
excess
of
liabilities
—
0.6%
1,271,865
NET
ASSETS
—
100.0%
$
212,673,978
*
Denotes
a
non-income
producing
security.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2021.
The
total
value
of
securities
on
loan
as
of
July
31,
2021
was
$2,675,702,
which
was
collateralized
by
cash
used
to
purchase
a
money
market
fund
with
a
total
value
of
$1,438,552
and
by
$1,359,555
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.25%,
and
maturity
dates
ranging
from
9/30/2021
–
11/15/2049;
a
total
value
of
$2,798,107.
(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,
2021
was
$4,846,027
which
represents
2.28%
of
net
assets.
(c)
Represents
7-day
effective
yield
as
of
July
31,
2021.
(d)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2021
was
$1,438,552.
ADR
American
Depositary
Receipt
ETF
Exchange
Traded
Fund
GDR
Global
Depositary
Receipt
NYRS
New
York
Registry
Shares
Preference
A
special
type
of
equity
investment
that
shares
in
the
earnings
of
the
company,
has
limited
voting
rights,
and
may
have
a
dividend
preference.
Preference
shares
may
also
have
liquidation
preference.
Reg.
S
Regulation
S
-
Security
was
purchased
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933,
which
exempts
from
registration
securities
offered
and
sold
outside
of
the
United
States.
Such
security
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933
or
pursuant
to
an
exemption
from
registration.
Currently
there
is
no
restriction
on
trading
this
security.
Nationwide
Bailard
International
Equities
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
39
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
40
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bailard
International
Equities
Fund
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
Air
Freight
&
Logistics
$
–
$
3,452,889
$
–
$
3,452,889
Auto
Components
1,257,615
919,892
–
2,177,507
Automobiles
–
10,003,516
–
10,003,516
Banks
1,801,134
17,306,475
–
19,107,609
Beverages
–
1,091,436
–
1,091,436
Biotechnology
–
849,159
–
849,159
Building
Products
–
1,039,370
–
1,039,370
Capital
Markets
–
3,506,974
–
3,506,974
Chemicals
594,582
8,195,095
–
8,789,677
Commercial
Services
&
Supplies
–
1,025,328
–
1,025,328
Communications
Equipment
–
1,729,463
–
1,729,463
Construction
&
Engineering
–
1,650,433
–
1,650,433
Construction
Materials
–
3,166,059
–
3,166,059
Diversified
Financial
Services
–
743,194
–
743,194
Diversified
Telecommunication
Services
1,098,060
3,328,632
–
4,426,692
Electric
Utilities
–
3,212,243
–
3,212,243
Electrical
Equipment
–
4,898,714
–
4,898,714
Electronic
Equipment,
Instruments
&
Components
–
3,108,280
–
3,108,280
Entertainment
966,560
1,288,089
–
2,254,649
Food
&
Staples
Retailing
–
4,562,773
–
4,562,773
Food
Products
–
5,206,046
–
5,206,046
Gas
Utilities
–
838,044
–
838,044
Health
Care
Equipment
&
Supplies
–
3,014,986
–
3,014,986
Health
Care
Technology
–
524,042
–
524,042
Household
Durables
–
5,569,809
–
5,569,809
Household
Products
–
481,277
–
481,277
Industrial
Conglomerates
–
5,204,892
–
5,204,892
Insurance
625,008
6,092,728
–
6,717,736
Interactive
Media
&
Services
656,040
2,212,723
–
2,868,763
Internet
&
Direct
Marketing
Retail
1,955,490
1,112,338
–
3,067,828
IT
Services
3,459,380
3,277,118
–
6,736,498
Machinery
–
4,705,299
–
4,705,299
Marine
–
1,387,763
–
1,387,763
Metals
&
Mining
1,365,920
9,938,239
–
11,304,159
Multiline
Retail
–
2,070,270
–
2,070,270
Multi-Utilities
–
1,845,378
–
1,845,378
Oil,
Gas
&
Consumable
Fuels
–
4,847,684
–
4,847,684
Personal
Products
–
5,953,591
–
5,953,591
Pharmaceuticals
1,545,481
11,089,060
–
12,634,541
Professional
Services
–
7,703,976
–
7,703,976
Real
Estate
Management
&
Development
–
2,256,478
–
2,256,478
Semiconductors
&
Semiconductor
Equipment
8,348,561
3,410,507
–
11,759,068
Software
1,016,800
1,864,538
–
2,881,338
Specialty
Retail
–
1,153,405
–
1,153,405
Technology
Hardware,
Storage
&
Peripherals
–
3,240,045
–
3,240,045
Textiles,
Apparel
&
Luxury
Goods
–
6,774,145
–
6,774,145
Tobacco
–
488,897
–
488,897
Trading
Companies
&
Distributors
–
2,873,908
–
2,873,908
Wireless
Telecommunication
Services
–
3,689,230
–
3,689,230
Total
Common
Stocks
$
24,690,631
$
183,904,430
$
–
$
208,595,061
Exchange
Traded
Fund
1,368,500
–
–
1,368,500
Short-Term
Investment
1,438,552
–
–
1,438,552
Total
$
27,497,683
$
183,904,430
$
–
$
211,402,113
Amounts
design
ated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
Nationwide
Bailard
International
Equities
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
41
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
42
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Emerging
Markets
Debt
Fund
Corporate
Bonds
31.0%
Principal
Amount
($)
Value
($)
BRAZIL
3.2%
Chemicals
0.6%
Braskem
Netherlands
Finance
BV,
4.50%,
1/31/2030(a)
420,000
443,100
Energy
Equipment
&
Services
0.3%
Guara
Norte
Sarl
,
5.20%,
6/15/2034(a)
245,573
252,866
Health
Care
Providers
&
Services
0.4%
Rede
D'or
Finance
Sarl
,
4.50%,
1/22/2030(a)
296,000
301,553
Internet
&
Direct
Marketing
Retail
0.3%
B2W
Digital
Lux
Sarl
,
4.38%,
12/20/2030(a)
200,000
200,252
Marine
0.5%
Hidrovias
International
Finance
SARL,
4.95%,
2/8/2031(a)
200,000
203,000
MV24
Capital
BV,
Reg.
S,
6.75%,
6/1/2034
186,754
202,464
405,464
Oil,
Gas
&
Consumable
Fuels
0.5%
Petrobras
Global
Finance
BV,
5.60%,
1/3/2031
340,000
378,420
Paper
&
Forest
Products
0.6%
Suzano
Austria
GmbH,
5.00%,
1/15/2030
383,000
433,747
2,415,402
CHILE
0.3%
Construction
&
Engineering
0.3%
ATP
Tower
Holdings
LLC,
4.05%,
4/27/2026(a)
210,000
215,670
CHINA
2.5%
Automobiles
1.0%
Geely
Automobile
Holdings
Ltd.,
Reg.
S,
3.63%,
1/25/2023
700,000
719,394
Internet
&
Direct
Marketing
Retail
0.2%
Prosus
NV,
4.03%,
8/3/2050(a)
200,000
192,335
Real
Estate
Management
&
Development
1.3%
China
Aoyuan
Group
Ltd.,
Reg.
S,
6.35%,
2/8/2024
350,000
318,671
CIFI
Holdings
Group
Co.
Ltd.,
Reg.
S,
6.55%,
3/28/2024
350,000
360,668
Sunac
China
Holdings
Ltd.,
Reg.
S,
6.50%,
1/26/2026
309,000
271,939
951,278
1,863,007
Corporate
Bonds
Principal
Amount
($)
Value
($)
COLOMBIA
1.2%
Banks
0.6%
Grupo
Aval
Ltd.,
4.38%,
2/4/2030(a)
440,000
434,929
Oil,
Gas
&
Consumable
Fuels
0.6%
Transportadora
de
Gas
Internacional
SA
ESP,
5.55%,
11/1/2028(a)
400,000
448,004
882,933
DOMINICAN
REPUBLIC
0.3%
Electric
Utilities
0.3%
AES
Andres
BV,
5.70%,
5/4/2028(a)
211,000
217,857
ECUADOR
0.5%
Construction
&
Engineering
0.5%
International
Airport
Finance
SA,
12.00%,
3/15/2033(a)
356,173
386,448
GEORGIA
1.3%
Banks
0.5%
Bank
of
Georgia
JSC,
Reg.
S,
6.00%,
7/26/2023
351,000
370,305
Capital
Markets
0.3%
Georgia
Capital
JSC,
6.13%,
3/9/2024(a)
243,000
245,430
Electric
Utilities
0.5%
Georgia
Global
Utilities
JSC,
7.75%,
7/30/2025(a)
340,000
361,979
977,714
GUATEMALA
0.2%
Banks
0.2%
Banco
Industrial
SA,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.44%),
4.88%,
1/29/2031(a)(b)
164,000
169,740
INDIA
1.3%
Diversified
Financial
Services
0.7%
REC
Ltd.,
Reg.
S,
4.63%,
3/22/2028
493,000
537,862
Electric
Utilities
0.6%
Adani
Electricity
Mumbai
Ltd.,
3.95%,
2/12/2030(a)
281,000
282,857
India
Green
Power
Holdings,
4.00%,
2/22/2027(a)
220,000
219,450
502,307
1,040,169
Nationwide
Emerging
Markets
Debt
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
43
Corporate
Bonds
Principal
Amount
($)
Value
($)
INDONESIA
1.9%
Banks
0.4%
Bank
Mandiri
Persero
Tbk
.
PT,
Reg.
S,
3.75%,
4/11/2024
337,000
356,803
Diversified
Telecommunication
Services
0.5%
Tower
Bersama
Infrastructure
Tbk
.
PT,
Reg.
S,
2.75%,
1/20/2026
354,000
356,655
Electric
Utilities
0.4%
Perusahaan
Perseroan
Persero
PT
Perusahaan
Listrik
Negara,
6.25%,
1/25/2049(a)
265,000
335,888
Oil,
Gas
&
Consumable
Fuels
0.6%
Medco
Oak
Tree
Pte.
Ltd.,
Reg.
S,
7.38%,
5/14/2026
461,000
488,660
1,538,006
ISRAEL
1.3%
Oil,
Gas
&
Consumable
Fuels
0.4%
Energean
Israel
Finance
Ltd.,
Reg.
S,
4.88%,
3/30/2026(a)
297,000
303,594
Pharmaceuticals
0.9%
Teva
Pharmaceutical
Finance
Netherlands
III
BV,
6.00%,
4/15/2024
656,000
688,301
991,895
KAZAKHSTAN
1.2%
Banks
0.7%
Development
Bank
of
Kazakhstan
JSC,
10.95%,
5/6/2026(a)
KZT
223,000,000
521,319
Oil,
Gas
&
Consumable
Fuels
0.5%
KazMunayGas
National
Co.
JSC,
Reg.
S,
4.75%,
4/19/2027
330,000
375,606
896,925
KUWAIT
0.3%
Chemicals
0.3%
MEGlobal
Canada
ULC,
Reg.
S,
5.00%,
5/18/2025
220,000
245,894
MEXICO
6.2%
Banks
0.6%
BBVA
Bancomer
SA,
Reg.
S,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.65%),
5.13%,
1/18/2033(b)
420,000
434,196
Corporate
Bonds
Principal
Amount
($)
Value
($)
MEXICO
Chemicals
0.3%
Orbia
Advance
Corp.
SAB
de
CV,
Reg.
S,
5.88%,
9/17/2044
200,000
247,130
Construction
Materials
0.3%
Cemex
SAB
de
CV,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.53%),
5.13%,
6/08/2026(a)(b)(c)
200,000
209,962
Consumer
Finance
0.3%
Unifin
Financiera
SAB
de
CV,
9.88%,
1/28/2029(a)
227,000
224,162
Equity
Real
Estate
Investment
Trusts
(REITs)
0.6%
Trust
Fibra
Uno,
Reg.
S,
6.95%,
1/30/2044
375,000
462,975
Oil,
Gas
&
Consumable
Fuels
3.6%
Petroleos
Mexicanos
Reg.
S,
7.19%,
9/12/2024
MXN
11,891,200
568,578
6.75%,
9/21/2047
965,000
862,613
6.35%,
2/12/2048
1,012,000
864,987
Petroleos
Mexicanos
,
Series
14-2,
7.47%,
11/12/2026
MXN
9,600,000
431,623
2,727,801
Wireless
Telecommunication
Services
0.5%
Sixsigma
Networks
Mexico
SA
de
CV,
7.50%,
5/2/2025(a)
377,000
354,418
4,660,644
MOROCCO
0.2%
Specialty
Retail
0.2%
Vivo
Energy
Investments
BV,
5.13%,
9/24/2027(a)
176,000
187,000
NIGERIA
1.4%
Banks
0.6%
First
Bank
of
Nigeria
Ltd.,
8.63%,
10/27/2025(a)
400,000
433,109
Construction
&
Engineering
0.8%
IHS
Netherlands
Holdco
BV,
7.13%,
3/18/2025(a)
580,000
600,300
1,033,409
PANAMA
0.7%
Media
0.4%
Cable
Onda
SA,
4.50%,
1/30/2030(a)
283,000
298,423
Oil,
Gas
&
Consumable
Fuels
0.3%
UEP
Penonome
II
SA,
6.50%,
10/1/2038(a)
197,194
203,603
502,026
44
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Emerging
Markets
Debt
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
PERU
0.8%
Oil,
Gas
&
Consumable
Fuels
0.3%
Petroleos
del
Peru
SA,
5.63%,
6/19/2047(a)
200,000
206,500
Specialty
Retail
0.5%
InRetail
Consumer,
3.25%,
3/22/2028(a)
360,000
351,767
558,267
RUSSIA
1.3%
Banks
0.5%
Sovcombank
,
Reg.
S,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
6.38%),
7.75%,
5/06/2025(b)(c)
400,000
412,920
Consumer
Finance
0.8%
GTLK
Europe
DAC,
Reg.
S,
5.13%,
5/31/2024
540,000
575,100
988,020
SAUDI
ARABIA
0.4%
Real
Estate
Management
&
Development
0.4%
Dar
Al-
Arkan
Sukuk
Co.
Ltd.,
Reg.
S,
6.75%,
2/15/2025
290,000
300,521
SINGAPORE
0.5%
Oil,
Gas
&
Consumable
Fuels
0.5%
Puma
International
Financing
SA,
5.00%,
1/24/2026(a)
404,000
404,000
SOUTH
AFRICA
1.0%
Diversified
Telecommunication
Services
0.7%
Liquid
Telecommunications
Financing
plc,
5.50%,
9/4/2026(a)
565,000
583,023
Electric
Utilities
0.3%
Eskom
Holdings
SOC
Ltd.,
Reg.
S,
7.13%,
2/11/2025
200,000
210,024
793,047
TANZANIA,
UNITED
REPUBLIC
OF
0.4%
Machinery
0.4%
HTA
Group
Ltd.,
7.00%,
12/18/2025(a)
273,000
288,698
TUNISIA
1.1%
Banks
1.1%
Banque
Centrale
de
Tunisie
International
Bond
6.75%,
10/31/2023(a)
EUR
708,000
742,105
Reg.
S,
5.63%,
2/17/2024
EUR
100,000
101,429
843,534
Corporate
Bonds
Principal
Amount
($)
Value
($)
UKRAINE
0.5%
Metals
&
Mining
0.5%
Metinvest
BV,
8.50%,
4/23/2026(a)
338,000
382,577
UNITED
ARAB
EMIRATES
1.0%
Diversified
Financial
Services
0.5%
ICD
Sukuk
Co.
Ltd.,
Reg.
S,
5.00%,
2/1/2027
370,000
408,631
Oil,
Gas
&
Consumable
Fuels
0.5%
Galaxy
Pipeline
Assets
Bidco
Ltd.,
2.63%,
3/31/2036(a)
364,000
360,506
769,137
VENEZUELA,
BOLIVARIAN
REPUBLIC
OF
0.0%
†
Oil,
Gas
&
Consumable
Fuels
0.0%
†
Petroleos
de
Venezuela
SA,
Reg.
S,
5.50%,
4/12/2037(d)
560,000
23,800
Total
Corporate
Bonds
(cost
$22,788,611)
23,576,340
Foreign
Government
Securities
65.9%
ANGOLA
0.9%
Republic
of
Angola
Reg.
S,
9.50%,
11/12/2025
300,000
330,748
Reg.
S,
9.38%,
5/8/2048
318,000
333,105
663,853
ARGENTINA
2.0%
Argentine
Republic
1.00%,
7/9/2029
154,204
59,137
0.50%,
7/9/2030
(e)
758,991
275,893
1.13%,
7/9/2035
(e)
1,390,528
448,459
2.00%,
1/9/2038
(e)
192,079
76,064
1.13%,
7/9/2046
(e)
2,045,730
685,524
1,545,077
ARMENIA
1.0%
Republic
of
Armenia
Reg.
S,
7.15%,
3/26/2025
248,000
281,480
3.95%,
9/26/2029
(a)
470,000
465,300
746,780
BAHAMAS
1.8%
Commonwealth
of
the
Bahamas
6.00%,
11/21/2028
(a)
1,000,000
978,510
8.95%,
10/15/2032
(a)
350,000
384,020
1,362,530
BAHRAIN
0.5%
Kingdom
of
Bahrain,
Reg.
S,
7.00%,
1/26/2026
330,000
369,816
Nationwide
Emerging
Markets
Debt
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
45
Foreign
Government
Securities
Principal
Amount
($)
Value
($)
BARBADOS
0.1%
Barbados
Government
Bond,
Reg.
S,
6.50%,
10/1/2029
90,200
90,651
BELARUS
0.8%
Republic
of
Belarus
Ministry
of
Finance,
5.88%,
2/24/2026
(a)
650,000
603,622
BELIZE
0.3%
Belize
Government
Bond,
Reg.
S,
4.94%,
2/20/2034
(e)
465,852
190,068
BENIN
1.1%
Benin
Government
Bond
4.88%,
1/19/2032
(a)
EUR
634,000
743,912
6.88%,
1/19/2052
(a)
100,000
121,828
865,740
BRAZIL
5.3%
Notas
do
Tesouro
Nacional
10.00%,
1/1/2029
BRL
13,981,000
2,780,996
10.00%,
1/1/2031
6,431,000
1,267,630
4,048,626
CAMEROON
0.5%
Republic
of
Cameroon,
5.95%,
7/7/2032
(a)
EUR
320,000
374,018
CHILE
1.6%
Bonos
de
la
Tesoreria
de
la
Republica
en
pesos,
Reg.
S,
4.70%,
9/1/2030
(a)
CLP
440,000,000
592,004
BTU
Co.,
Inc.,
1.90%,
9/1/2030
491,016,900
662,538
1,254,542
COLOMBIA
1.6%
Titulos
de
Tesoreria
7.50%,
8/26/2026
COP
716,500,000
196,400
7.00%,
6/30/2032
4,119,900,000
1,037,964
1,234,364
CZECH
REPUBLIC
0.9%
Czech
Republic
Reg.
S,
1.00%,
6/26/2026
CZK
6,820,000
308,462
1.50%,
4/24/2040
8,240,000
347,785
656,247
DOMINICAN
REPUBLIC
1.1%
Dominican
Republic
Government
Bond
Reg.
S,
5.95%,
1/25/2027
544,000
611,189
5.30%,
1/21/2041
(a)
211,000
213,954
825,143
ECUADOR
0.6%
Republic
of
Ecuador
0.00%,
7/31/2030
(a)
106,139
58,643
0.50%,
7/31/2030
(a)(e)
357,333
311,777
Foreign
Government
Securities
Principal
Amount
($)
Value
($)
ECUADOR
Republic
of
Ecuador
Reg.
S,
0.50%,
7/31/2030
(e)
34,000
29,665
0.50%,
7/31/2035
(a)(e)
113,689
78,731
478,816
EGYPT
2.8%
Arab
Republic
of
Egypt
5.75%,
5/29/2024
(a)
600,000
637,763
7.60%,
3/1/2029
(a)
489,000
530,467
5.63%,
4/16/2030
(a)
EUR
513,000
601,791
Reg.
S,
8.88%,
5/29/2050
350,000
372,439
2,142,460
EL
SALVADOR
1.5%
Republic
of
El
Salvador
Reg.
S,
5.88%,
1/30/2025
535,000
479,098
Reg.
S,
8.63%,
2/28/2029
737,000
691,682
1,170,780
GEORGIA
0.4%
Georgia
Government
Bond,
2.75%,
4/22/2026
(a)
319,000
324,685
GHANA
1.6%
Republic
of
Ghana
7.75%,
4/7/2029
(a)
562,000
565,996
8.63%,
4/7/2034
(a)
423,000
427,223
8.63%,
6/16/2049
(a)
267,000
253,110
1,246,329
INDONESIA
2.9%
Republic
of
Indonesia
6.13%,
5/15/2028
IDR
6,096,000,000
426,785
7.00%,
9/15/2030
12,516,000,000
908,681
6.50%,
2/15/2031
12,205,000,000
856,059
2,191,525
IRAQ
1.2%
Republic
of
Iraq
Reg.
S,
6.75%,
3/9/2023
460,000
466,610
Reg.
S,
5.80%,
1/15/2028
439,563
419,782
886,392
IVORY
COAST
1.1%
Republic
of
Cote
d'Ivoire
Reg.
S,
5.88%,
10/17/2031
EUR
291,000
372,514
4.88%,
1/30/2032
(a)
120,000
143,717
Reg.
S,
6.88%,
10/17/2040
250,000
327,220
843,451
JORDAN
0.4%
Hashemite
Kingdom
of
Jordan,
Reg.
S,
7.38%,
10/10/2047
283,000
296,641
46
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Emerging
Markets
Debt
Fund
Foreign
Government
Securities
Principal
Amount
($)
Value
($)
MALAYSIA
1.5%
Malaysia
Government
Bond
3.91%,
7/15/2026
MYR
2,314,000
579,035
3.76%,
5/22/2040
2,325,000
534,056
1,113,091
MEXICO
3.3%
Mex
Bonos
Desarr
Fix
Rt
,
5.75%,
3/5/2026
MXN
50,671,800
2,472,949
MOROCCO
0.5%
Kingdom
of
Morocco,
1.50%,
11/27/2031
(a)
EUR
341,000
381,100
NIGERIA
1.0%
Federal
Republic
of
Nigeria
Reg.
S,
7.63%,
11/21/2025
375,000
421,238
7.14%,
2/23/2030
(a)
297,000
311,901
733,139
PAKISTAN
0.9%
Islamic
Republic
of
Pakistan
7.38%,
4/8/2031
(a)
246,000
247,112
Reg.
S,
7.38%,
4/8/2031
200,000
200,904
8.88%,
4/8/2051
(a)
200,000
206,000
654,016
PERU
0.5%
Bonos
de
la
Tesoreria
,
5.40%,
8/12/2034
PEN
1,790,000
374,347
QATAR
3.5%
State
of
Qatar
Reg.
S,
4.00%,
3/14/2029
950,000
1,096,063
Reg.
S,
4.82%,
3/14/2049
1,230,000
1,600,289
2,696,352
ROMANIA
1.6%
Romania
Government
Bond
4.75%,
10/11/2034
RON
385,000
98,253
Reg.
S,
2.75%,
4/14/2041
EUR
320,000
372,692
Reg.
S,
3.38%,
1/28/2050
607,000
754,230
1,225,175
RUSSIA
3.9%
Russian
Federation
7.75%,
9/16/2026
RUB
125,973,000
1,802,627
6.90%,
5/23/2029
83,459,000
1,153,247
2,955,874
SAUDI
ARABIA
0.4%
Kingdom
of
Saudi
Arabia,
Reg.
S,
4.63%,
10/4/2047
270,000
322,784
Foreign
Government
Securities
Principal
Amount
($)
Value
($)
SERBIA
1.0%
Republic
of
Serbia
1.50%,
6/26/2029
(a)
EUR
358,000
429,035
1.65%,
3/3/2033
(a)
300,000
349,818
778,853
SOUTH
AFRICA
5.1%
Republic
of
South
Africa
8.25%,
3/31/2032
ZAR
27,346,000
1,703,640
9.00%,
1/31/2040
35,915,000
2,147,171
3,850,811
THAILAND
2.1%
Kingdom
of
Thailand
Reg.
S,
1.25%,
3/12/2028
(f)
THB
41,563,825
1,248,756
3.78%,
6/25/2032
10,456,000
383,565
1,632,321
TURKEY
1.0%
Republic
of
Turkey
6.13%,
10/24/2028
330,000
339,009
7.63%,
4/26/2029
400,000
440,420
779,429
UKRAINE
2.2%
Ukraine
Government
Bond
Reg.
S,
7.75%,
9/1/2023
1,098,000
1,176,331
Reg.
S,
7.38%,
9/25/2032
466,000
484,640
1,660,971
UNITED
ARAB
EMIRATES
1.4%
Sharjah
Sukuk
Program
Ltd.,
Reg.
S,
3.23%,
10/23/2029
680,000
692,277
United
Arab
Emirates
Government
Bond,
3.13%,
4/16/2030
(a)
349,000
382,183
1,074,460
URUGUAY
2.3%
Oriental
Republic
of
Uruguay
Reg.
S,
8.50%,
3/15/2028
UYU
14,175,000
336,240
4.38%,
12/15/2028
(f)
53,052,103
1,442,459
1,778,699
UZBEKISTAN
1.6%
Republic
of
Uzbekistan
Reg.
S,
4.75%,
2/20/2024
287,000
303,503
3.70%,
11/25/2030
(a)
325,000
320,634
Reg.
S,
3.70%,
11/25/2030
200,000
197,314
3.90%,
10/19/2031
(a)
400,000
398,300
1,219,751
Nationwide
Emerging
Markets
Debt
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
47
Foreign
Government
Securities
Principal
Amount
($)
Value
($)
VENEZUELA,
BOLIVARIAN
REPUBLIC
OF
0.1%
Bolivarian
Republic
of
Venezuela,
Reg.
S,
11.75%,
10/21/2026
(d)
445,000
46,280
Total
Foreign
Government
Securities
(cost
$50,313,463)
50,162,558
Total
Investments
(cost
$73,102,074)
—
96.9%
73,738,898
Other
assets
in
excess
of
liabilities
—
3.1%
2,360,176
NET
ASSETS
—
100.0%
$
76,099,074
†
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,
2021
was
$23,003,578
which
represents
30.23%
of
net
assets.
(b)
Variable
or
floating
rate
security,
linked
to
the
referenced
benchmark.
The
interest
rate
shown
was
the
current
rate
as
of
July
31,
2021.
(c)
Perpetual
Bond
Security.
The
rate
reflected
in
the
Statement
of
Investments
is
the
rate
in
effect
on
July
31,
2021.
The
maturity
date
reflects
the
next
call
date.
(d)
Security
in
default.
(e)
Step
Bond.
Coupon
rate
is
set
for
an
initial
period
and
then
increases
to
a
higher
coupon
rate
at
a
specific
date.
The
rate
shown
is
the
rate
as
of
July
31,
2021.
(f)
Principal
amounts
are
not
adjusted
for
inflation.
Reg.
S
Regulation
S
-
Security
was
purchased
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933,
which
exempts
from
registration
securities
offered
and
sold
outside
of
the
United
States.
Such
security
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933
or
pursuant
to
an
exemption
from
registration.
Currently
there
is
no
restriction
on
trading
this
security.
REIT
Real
Estate
Investment
Trust
Currency:
BRL
Brazilian
Real
CLP
Chilean
Peso
COP
Colombian
Peso
CZK
Czech
Republic
Koruna
EUR
Euro
IDR
Indonesian
Rupiah
KZT
Kazakhstan
Tenge
MXN
Mexican
Peso
MYR
Malaysia
Ringgit
PEN
Peru
Nuevo
Sol
RON
Romanian
Leu
RUB
Russia
Ruble
THB
Thailand
Baht
UYU
Uruguay
Peso
Uruguayo
ZAR
South
Africa
Rand
48
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Emerging
Markets
Debt
Fund
Forward
Foreign
Currency
Contracts
outstanding
as
of
July
31,
2021:
Currenc
y
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
($)
CNH
11,441,000
USD
1,760,927
Credit
Lyonnais
**
9/15/2021
2,267
IDR
14,000,000,000
USD
953,717
Deutsche
Bank
Securities,
Inc.
**
9/15/2021
11,275
INR
110,740,000
USD
1,474,567
Barclays
Bank
plc
**
9/15/2021
7,176
MXN
27,600,000
USD
1,369,923
JPMorgan
Chase
Bank
9/15/2021
8,335
USD
627,422
BRL
3,157,000
Deutsche
Bank
Securities,
Inc.
**
9/15/2021
24,846
USD
1,095,290
COP
4,120,000,000
Deutsche
Bank
Securities,
Inc.
**
9/15/2021
35,404
USD
4,557,009
EUR
3,826,592
Credit
Agricole
Securities
USA,
Inc.
9/15/2021
13,753
USD
1,604,825
MXN
32,130,000
JPMorgan
Chase
Bank
9/15/2021
353
USD
97,890
PEN
385,000
Barclays
Bank
plc
**
9/15/2021
3,096
USD
1,323,256
PEN
5,109,000
Deutsche
Bank
Securities,
Inc.
**
9/15/2021
65,336
USD
1,744,832
PLN
6,630,000
Credit
Agricole
Securities
USA,
Inc.
9/15/2021
23,617
USD
2,752,358
ZAR
39,793,000
JPMorgan
Chase
Bank
9/15/2021
51,501
Total
unrealized
appreciation
246,959
CZK
64,867,057
USD
3,025,607
Barclays
Bank
plc
9/15/2021
(10,168)
EUR
156,500
USD
186,072
Deutsche
Bank
Securities,
Inc.
9/15/2021
(262)
HUF
297,000,000
USD
1,002,992
Barclays
Bank
plc
9/15/2021
(21,716)
MXN
9,900,000
USD
496,607
Credit
Agricole
Securities
USA,
Inc.
9/15/2021
(2,232)
THB
17,350,000
USD
539,351
Credit
Agricole
Securities
USA,
Inc.
9/15/2021
(11,598)
USD
302,612
CZK
6,600,000
JPMorgan
Chase
Bank
9/15/2021
(4,199)
USD
454,867
EUR
385,000
Credit
Agricole
Securities
USA,
Inc.
9/15/2021
(2,237)
USD
236,730
EUR
200,000
Deutsche
Bank
Securities,
Inc.
9/15/2021
(727)
USD
840,415
IDR
12,342,085,000
Barclays
Bank
plc
**
9/15/2021
(10,300)
USD
492,849
RUB
36,500,000
Deutsche
Bank
Securities,
Inc.
**
9/15/2021
(2,439)
USD
810,889
EUR
685,000
JPMorgan
Chase
Bank
10/25/2021
(3,054)
Total
unrealized
depreciation
(68,932)
Net
unrealized
appreciation
178,027
**
Non-deliverable
forward.
Currency:
BRL
Brazilian
real
CNH
Chinese
Yuan
Renminbi
COP
Colombian
peso
CZK
Czech
koruna
EUR
Euro
HUF
Hungarian
forint
IDR
Indonesian
rupiah
INR
Indian
rupee
MXN
Mexican
peso
PEN
Peruvian
nuevo
sol
PLN
Polish
zloty
RUB
Russian
ruble
THB
Thai
baht
USD
United
States
dollar
ZAR
South
African
rand
Nationwide
Emerging
Markets
Debt
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
49
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Corporate
Bonds
$
–
$
23,576,340
$
–
$
23,576,340
Foreign
Government
Securities
–
50,162,558
–
50,162,558
Forward
Foreign
Currency
Contracts
–
246,959
–
246,959
Total
Assets
$
–
$
73,985,857
$
–
$
73,985,857
$
–
$
–
$
–
$
–
Liabilities:
Forward
Foreign
Currency
Contracts
$
–
$
(68,932)
$
–
$
(68,932)
Total
Liabilities
$
–
$
(68,932)
$
–
$
(68,932)
Total
$
–
$
73,916,925
$
–
$
73,916,925
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
50
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Emerging
Markets
Debt
Fund
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2021.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using
forward
foreign
currency
contracts.
(a)
Forward
Foreign
Currency
Contracts
The
Fund
entered
into
forward
foreign
currency
contracts
in
connection
with
planned
purchases
or
sales
of
securities
denominated
in
a
foreign
currency
and/or
to
hedge
the
U.S.
dollar
value
of
portfolio
securities
denominated
in
a
foreign
currency,
to
express
a
view
on
a
foreign
currency
vs.
the
U.S.
dollar
or
other
foreign
currency
and/or
to
hedge
the
U.S.
dollar
value
of
portfolio
securities
denominated
in
a
foreign
currency,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
A
forward
foreign
currency
contract
involves
an
obligation
to
purchase
or
sell
a
specific
currency
at
a
future
date,
which
may
be
any
fixed
number
of
days
from
the
date
of
the
contract
agreed
upon
by
the
parties,
at
a
price
set
at
the
time
of
the
contract.
Forward
foreign
currency
contracts
are
generally
valued
at
the
mean
of
the
last
quoted
bid
and
ask
prices,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
2
investments
within
the
hierarchy.
The
market
value
of
a
forward
foreign
currency
contract
fluctuates
with
changes
in
foreign
currency
exchange
rates.
All
commitments
are
marked-to-
market
daily
at
the
applicable
exchange
rates
and
any
resulting
unrealized
appreciation
or
depreciation
is
recorded.
Realized
gains
or
losses
are
recorded
at
the
time
the
forward
foreign
currency
contract
matures
or
at
the
time
of
delivery
of
the
currency.
Forward
foreign
currency
contracts
entail
the
risk
of
unanticipated
movements
in
the
value
of
the
foreign
currency
relative
to
the
U.S.
dollar,
and
the
risk
that
the
counterparties
to
the
contracts
may
be
unable
to
meet
their
obligations
under
the
contract.
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2021:
Fair
Values
of
Derivatives
not
Accounted
for
as
Hedging
Instruments
as
of
July
31,
2021:
Assets:
Fair
Value
Forward
Foreign
Currency
Contracts
Currency
risk
Unrealized
appreciation
on
forward
foreign
currency
contracts
$
246,959
Total
$
246,959
Liabilities:
Forward
Foreign
Currency
Contracts
Currency
risk
Unrealized
depreciation
on
forward
foreign
currency
contracts
$
(68,932)
Total
$
(68,932)
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
Nationwide
Global
Sustainable
Equity
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
51
Common
Stocks
99.8%
Shares
Value
($)
AUSTRIA
1.6%
Banks
1.0%
Erste
Group
Bank
AG
16,047
622,240
Paper
&
Forest
Products
0.6%
Mondi
plc
13,928
386,159
1,008,399
BELGIUM
1.0%
Banks
1.0%
KBC
Group
NV
8,093
650,215
CHINA
4.1%
Automobiles
0.8%
Li
Auto,
Inc.,
ADR
*(a)
15,750
525,893
Chemicals
0.0%
†
Tianhe
Chemicals
Group
Ltd.
*^∞
2,702,000
0
Insurance
0.8%
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
H
57,000
500,327
Interactive
Media
&
Services
1.3%
Tencent
Holdings
Ltd.
12,500
771,392
Semiconductors
&
Semiconductor
Equipment
1.2%
NXP
Semiconductors
NV
3,678
759,102
2,556,714
DENMARK
1.3%
Biotechnology
1.3%
Genmab
A/S
*
1,785
805,185
FINLAND
1.0%
Oil,
Gas
&
Consumable
Fuels
1.0%
Neste
OYJ
10,070
619,608
FRANCE
3.7%
Auto
Components
1.4%
Cie
Generale
des
Etablissements
Michelin
SCA
5,338
871,711
Banks
1.2%
Societe
Generale
SA
26,064
763,601
Insurance
1.1%
AXA
SA
26,719
691,608
2,326,920
GERMANY
0.6%
Machinery
0.6%
Knorr-
Bremse
AG
3,395
385,118
INDIA
1.6%
Banks
1.6%
Axis
Bank
Ltd.,
GDR
Reg.
S
*
20,704
984,070
INDONESIA
1.1%
Banks
1.1%
Bank
Mandiri
Persero
Tbk
.
PT
1,721,800
680,273
ITALY
1.1%
Electrical
Equipment
1.1%
Prysmian
SpA
19,577
702,435
Common
Stocks
Shares
Value
($)
JAPAN
5.5%
Diversified
Telecommunication
Services
0.6%
Nippon
Telegraph
&
Telephone
Corp.
13,600
348,448
Entertainment
0.7%
Nintendo
Co.
Ltd.
900
463,712
Household
Durables
2.2%
Sony
Group
Corp.
13,200
1,377,833
Pharmaceuticals
1.1%
Takeda
Pharmaceutical
Co.
Ltd.
20,459
680,094
Professional
Services
0.9%
TechnoPro
Holdings,
Inc.
23,514
587,239
3,457,326
NETHERLANDS
0.6%
Food
&
Staples
Retailing
0.6%
Koninklijke
Ahold
Delhaize
NV
12,343
383,779
NORWAY
1.4%
Oil,
Gas
&
Consumable
Fuels
1.4%
Equinor
ASA
44,284
866,323
SWITZERLAND
1.0%
Health
Care
Equipment
&
Supplies
1.0%
Alcon,
Inc.
8,498
618,696
UNITED
KINGDOM
11.0%
Chemicals
2.2%
Linde
plc
4,525
1,390,939
Diversified
Telecommunication
Services
1.2%
BT
Group
plc
*
310,424
748,845
Electronic
Equipment,
Instruments
&
Components
1.4%
Spectris
plc
17,747
880,053
Personal
Products
1.2%
Unilever
plc
13,428
773,242
Pharmaceuticals
1.8%
AstraZeneca
plc
9,717
1,115,979
Software
1.4%
Sage
Group
plc
(The)
90,909
886,289
Trading
Companies
&
Distributors
1.8%
Ashtead
Group
plc
14,695
1,100,838
6,896,185
UNITED
STATES
63.2%
Airlines
1.7%
Southwest
Airlines
Co.
*
21,643
1,093,404
Auto
Components
2.6%
Aptiv
plc
*
9,652
1,610,436
Banks
1.6%
Wells
Fargo
&
Co.
21,695
996,668
Biotechnology
2.7%
AbbVie,
Inc.
5,329
619,763
BioMarin
Pharmaceutical,
Inc.
*
4,369
335,233
Mirati
Therapeutics,
Inc.
*
1,483
237,369
52
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Global
Sustainable
Equity
Fund
Common
Stocks
Shares
Value
($)
UNITED
STATES
Biotechnology
Vertex
Pharmaceuticals,
Inc.
*
2,397
483,187
1,675,552
Capital
Markets
3.6%
Ameriprise
Financial,
Inc.
4,098
1,055,481
T.
Rowe
Price
Group,
Inc.
5,795
1,183,107
2,238,588
Chemicals
1.6%
Ecolab,
Inc.
4,624
1,021,118
Commercial
Services
&
Supplies
2.1%
Montrose
Environmental
Group,
Inc.
*
13,164
706,775
MSA
Safety,
Inc.
3,915
643,939
1,350,714
Communications
Equipment
1.0%
Ciena
Corp.
*
11,115
646,226
Electrical
Equipment
0.8%
Shoals
Technologies
Group,
Inc.,
Class
A
*
17,856
519,431
Electronic
Equipment,
Instruments
&
Components
2.8%
Keysight
Technologies,
Inc.
*
3,433
564,900
National
Instruments
Corp.
13,096
577,665
Trimble,
Inc.
*
7,400
632,700
1,775,265
Entertainment
1.1%
Electronic
Arts,
Inc.
4,968
715,193
Equity
Real
Estate
Investment
Trusts
(REITs)
1.3%
AvalonBay
Communities,
Inc.
3,700
842,971
Food
&
Staples
Retailing
1.5%
Costco
Wholesale
Corp.
2,257
969,878
Health
Care
Equipment
&
Supplies
1.9%
Hill-Rom
Holdings,
Inc.
4,435
614,070
Medtronic
plc
4,400
577,764
1,191,834
Health
Care
Providers
&
Services
2.9%
Laboratory
Corp.
of
America
Holdings
*
1,918
568,016
UnitedHealth
Group,
Inc.
3,053
1,258,507
1,826,523
Hotels,
Restaurants
&
Leisure
1.4%
Vail
Resorts,
Inc.
*
2,974
907,665
Household
Products
0.9%
Procter
&
Gamble
Co.
(The)
3,993
567,924
Insurance
1.3%
Marsh
&
McLennan
Cos.,
Inc.
5,545
816,335
Interactive
Media
&
Services
1.1%
Twitter,
Inc.
*
10,058
701,546
Internet
&
Direct
Marketing
Retail
3.3%
Amazon.com,
Inc.
*
620
2,063,106
IT
Services
4.3%
Akamai
Technologies,
Inc.
*
14,345
1,720,253
Visa,
Inc.,
Class
A
3,767
928,151
2,648,404
Common
Stocks
Shares
Value
($)
UNITED
STATES
Life
Sciences
Tools
&
Services
1.9%
Bio-Rad
Laboratories,
Inc.,
Class
A
*
1,604
1,186,174
Machinery
3.1%
AGCO
Corp.
6,511
860,168
Ingersoll
Rand,
Inc.
*
21,787
1,064,731
1,924,899
Oil,
Gas
&
Consumable
Fuels
1.3%
Hess
Corp.
10,347
790,925
Pharmaceuticals
1.0%
Eli
Lilly
&
Co.
2,646
644,301
Road
&
Rail
0.9%
Lyft,
Inc.,
Class
A
*(a)
10,030
554,860
Semiconductors
&
Semiconductor
Equipment
2.0%
Micron
Technology,
Inc.
*
9,689
751,672
Xilinx,
Inc.
3,526
528,336
1,280,008
Software
8.6%
Cadence
Design
Systems,
Inc.
*
7,785
1,149,456
Microsoft
Corp.
8,520
2,427,434
PTC,
Inc.
*
2,531
342,824
salesforce.com,
Inc.
*
2,979
720,709
VMware,
Inc.,
Class
A
*(a)
4,704
723,193
5,363,616
Specialty
Retail
1.8%
TJX
Cos.,
Inc.
(The)
16,638
1,144,861
Technology
Hardware,
Storage
&
Peripherals
1.1%
Western
Digital
Corp.
*
10,256
665,922
39,734,347
Total
Common
Stocks
(cost
$40,069,962)
62,675,593
Short-Term
Investment
2.0%
Money
Market
Fund
2.0%
Fidelity
Investments
Money
Market
Government
Portfolio
—
Institutional
Class,
0.01%,
(b)(c)
1,271,672
1,271,672
Total
Short-Term
Investment
(cost
$1,271,672)
1,271,672
Total
Investments
(cost
$41,341,634)
—
101.8%
63,947,265
Liabilities
in
excess
of
other
assets
—
(1.8)%
(1,112,954)
NET
ASSETS
—
100.0%
$
62,834,311
Nationwide
Global
Sustainable
Equity
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
53
*
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,
2021.
The
total
value
of
securities
on
loan
as
of
July
31,
2021
was
$1,283,141,
which
was
collateralized
by
cash
used
to
purchase
a
money
market
fund
with
a
value
of
$1,271,672.
(b)
Represents
7-day
effective
yield
as
of
July
31,
2021.
(c)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2021
was
$1,271,672.
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
54
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Global
Sustainable
Equity
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
Nationwide
Global
Sustainable
Equity
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
55
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,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
Airlines
$
1,093,404
$
–
$
–
$
1,093,404
Auto
Components
1,610,436
871,711
–
2,482,147
Automobiles
525,893
–
–
525,893
Banks
996,668
3,700,399
–
4,697,067
Biotechnology
1,675,552
805,185
–
2,480,737
Capital
Markets
2,238,588
–
–
2,238,588
Chemicals
2,412,057
–
–
2,412,057
Commercial
Services
&
Supplies
1,350,714
–
–
1,350,714
Communications
Equipment
646,226
–
–
646,226
Diversified
Telecommunication
Services
–
1,097,293
–
1,097,293
Electrical
Equipment
519,431
702,435
–
1,221,866
Electronic
Equipment,
Instruments
&
Components
1,775,265
880,053
–
2,655,318
Entertainment
715,193
463,712
–
1,178,905
Equity
Real
Estate
Investment
Trusts
(REITs)
842,971
–
–
842,971
Food
&
Staples
Retailing
969,878
383,779
–
1,353,657
Health
Care
Equipment
&
Supplies
1,191,834
618,696
–
1,810,530
Health
Care
Providers
&
Services
1,826,523
–
–
1,826,523
Hotels,
Restaurants
&
Leisure
907,665
–
–
907,665
Household
Durables
–
1,377,833
–
1,377,833
Household
Products
567,924
–
–
567,924
Insurance
816,335
1,191,935
–
2,008,270
Interactive
Media
&
Services
701,546
771,392
–
1,472,938
Internet
&
Direct
Marketing
Retail
2,063,106
–
–
2,063,106
IT
Services
2,648,404
–
–
2,648,404
Life
Sciences
Tools
&
Services
1,186,174
–
–
1,186,174
Machinery
1,924,899
385,118
–
2,310,017
Oil,
Gas
&
Consumable
Fuels
790,925
1,485,931
–
2,276,856
Paper
&
Forest
Products
–
386,159
–
386,159
Personal
Products
–
773,242
–
773,242
Pharmaceuticals
644,301
1,796,073
–
2,440,374
Professional
Services
–
587,239
–
587,239
Road
&
Rail
554,860
–
–
554,860
Semiconductors
&
Semiconductor
Equipment
2,039,110
–
–
2,039,110
Software
5,363,616
886,289
–
6,249,905
Specialty
Retail
1,144,861
–
–
1,144,861
Technology
Hardware,
Storage
&
Peripherals
665,922
–
–
665,922
Trading
Companies
&
Distributors
–
1,100,838
–
1,100,838
Total
Common
Stocks
$
42,410,281
$
20,265,312
$
–
$
62,675,593
Short-Term
Investment
1,271,672
–
–
1,271,672
Total
$
43,681,953
$
20,265,312
$
–
$
63,947,265
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
During
the
period
ended
July
31,
2021,
the
Fund
held
one
common
stock
investment
that
was
categorized
as
Level
3
investment
which
was
valued
at
$0.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
56
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
International
Small
Cap
Fund
Common
Stocks
98.6%
Shares
Value
($)
AUSTRALIA
4.5%
Chemicals
0.2%
Nufarm
Ltd.
*
340,956
1,080,381
Containers
&
Packaging
0.4%
Orora
Ltd.
1,087,938
2,883,438
Energy
Equipment
&
Services
0.1%
Worley
Ltd.
64,808
532,312
Equity
Real
Estate
Investment
Trusts
(REITs)
1.0%
Charter
Hall
Group
305,482
3,660,017
Ingenia
Communities
Group
798,257
3,395,830
7,055,847
Hotels,
Restaurants
&
Leisure
0.1%
Domino's
Pizza
Enterprises
Ltd.
11,985
1,031,152
Insurance
0.4%
AUB
Group
Ltd.
178,810
3,043,521
IT
Services
0.4%
Tyro
Payments
Ltd.
*
1,158,492
2,957,328
Metals
&
Mining
1.5%
Alumina
Ltd.
496,656
611,283
Bellevue
Gold
Ltd.
*(a)
832,484
609,885
IGO
Ltd.
136,343
940,309
Lynas
Rare
Earths
Ltd.
*
164,911
900,122
Mineral
Resources
Ltd.
73,122
3,400,225
Northern
Star
Resources
Ltd.
180,161
1,356,572
OZ
Minerals
Ltd.
61,577
1,052,731
Pilbara
Minerals
Ltd.
*∞
865,784
1,124,579
9,995,706
Oil,
Gas
&
Consumable
Fuels
0.1%
Beach
Energy
Ltd.
374,212
328,184
Whitehaven
Coal
Ltd.
*
331,210
542,474
870,658
Software
0.0%
†
Altium
Ltd.
13,289
331,742
Trading
Companies
&
Distributors
0.3%
Seven
Group
Holdings
Ltd.
(a)
115,204
1,968,209
31,750,294
AUSTRIA
1.5%
Banks
1.0%
Addiko
Bank
AG
170,220
2,877,395
BAWAG
Group
AG
Reg.
S
(b)
77,204
4,390,927
7,268,322
Construction
Materials
0.2%
Wienerberger
AG
33,862
1,383,844
Electronic
Equipment,
Instruments
&
Components
0.3%
AT&S
Austria
Technologie
&
Systemtechnik
AG
42,019
1,922,512
10,574,678
BELGIUM
1.0%
Air
Freight
&
Logistics
0.4%
bpost
SA
*
275,708
3,096,802
Diversified
Financial
Services
0.6%
KBC
Ancora
88,219
3,896,795
6,993,597
Common
Stocks
Shares
Value
($)
BRAZIL
1.4%
IT
Services
0.7%
Locaweb
Servicos
de
Internet
SA
Reg.
S
*(b)
1,127,000
5,390,212
Road
&
Rail
0.2%
Rumo
SA
*
334,400
1,326,492
Software
0.5%
TOTVS
SA
476,700
3,236,425
9,953,129
CANADA
3.2%
Chemicals
0.4%
EcoSynthetix,
Inc.
*
532,422
2,496,528
Entertainment
0.5%
Boat
Rocker
Media,
Inc.
*
499,029
3,355,926
IT
Services
1.3%
Nuvei
Corp.
Reg.
S
*(b)
117,578
9,641,397
Software
1.0%
Lightspeed
POS,
Inc.
*
89,151
7,630,339
23,124,190
CAYMAN
ISLANDS
0.2%
Capital
Markets
0.2%
Patria
Investments
Ltd.,
Class
A
83,974
1,314,193
CHINA
4.3%
Auto
Components
0.7%
Minth
Group
Ltd.
438,906
1,857,280
Ningbo
Joyson
Electronic
Corp.,
Class
A
717,552
2,818,051
4,675,331
Automobiles
0.2%
Niu
Technologies,
ADR
*(a)
62,410
1,597,696
Biotechnology
0.8%
Gracell
Biotechnologies,
Inc.,
ADR
*
20,186
250,912
Zai
Lab
Ltd.,
ADR
*
36,342
5,255,417
5,506,329
Electronic
Equipment,
Instruments
&
Components
0.6%
Kingboard
Holdings
Ltd.
823,794
4,320,302
Independent
Power
and
Renewable
Electricity
Producers
0.9%
China
Longyuan
Power
Group
Corp.
Ltd.,
Class
H
3,279,245
6,135,503
Internet
&
Direct
Marketing
Retail
0.0%
†
Tongcheng-Elong
Holdings
Ltd.
Reg.
S
*
143,200
323,239
Machinery
0.9%
Airtac
International
Group
64,822
2,091,489
Estun
Automation
Co.
Ltd.,
Class
A
*
461,400
2,789,795
Precision
Tsugami
China
Corp.
Ltd.
Reg.
S
1,547,738
2,176,775
7,058,059
Software
0.2%
Venustech
Group,
Inc.,
Class
A
163,300
801,439
Nationwide
International
Small
Cap
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
57
Common
Stocks
Shares
Value
($)
CHINA
Software
Weimob,
Inc.
Reg.
S
*(a)(b)
241,000
326,318
1,127,757
30,744,216
COLOMBIA
0.1%
Oil,
Gas
&
Consumable
Fuels
0.1%
Canacol
Energy
Ltd.
218,825
559,516
CZECH
REPUBLIC
0.2%
Banks
0.2%
Komercni
banka
A/S
*
32,107
1,193,090
DENMARK
2.0%
Beverages
0.3%
Royal
Unibrew
A/S
17,878
2,424,603
Biotechnology
0.8%
Ascendis
Pharma
A/S,
ADR
*
34,647
4,094,929
Zealand
Pharma
A/S
*
48,972
1,484,592
5,579,521
Marine
0.3%
Dfds
A/S
*
38,900
2,148,202
Software
0.6%
Netcompany
Group
A/S
Reg.
S
(b)
33,395
4,132,404
14,284,730
EGYPT
0.1%
Metals
&
Mining
0.1%
Centamin
plc
687,939
1,024,983
FAROE
ISLANDS
0.2%
Food
Products
0.2%
Bakkafrost
P/F
15,702
1,333,603
FINLAND
1.6%
Chemicals
0.2%
Kemira
OYJ
80,418
1,355,636
Machinery
0.7%
Cargotec
OYJ,
Class
B
(a)
62,585
3,358,756
Wartsila
OYJ
Abp
102,443
1,543,683
4,902,439
Real
Estate
Management
&
Development
0.7%
Kojamo
OYJ
218,635
5,383,892
11,641,967
FRANCE
6.3%
Auto
Components
0.3%
Faurecia
SE
41,290
1,844,974
Capital
Markets
0.3%
Rothschild
&
Co.
57,576
2,154,469
Construction
Materials
0.3%
Imerys
SA
13,488
624,447
Vicat
SA
24,665
1,245,031
1,869,478
Equity
Real
Estate
Investment
Trusts
(REITs)
0.3%
Mercialys
SA
173,157
2,098,784
Gas
Utilities
0.5%
Rubis
SCA
80,182
3,216,054
Common
Stocks
Shares
Value
($)
FRANCE
Hotels,
Restaurants
&
Leisure
0.7%
Elior
Group
SA
Reg.
S
*(b)
682,392
4,669,400
Household
Durables
0.4%
Kaufman
&
Broad
SA
71,902
3,189,048
Media
1.5%
Criteo
SA,
ADR
*
126,636
4,912,210
JCDecaux
SA
*
248,208
6,770,616
11,682,826
Real
Estate
Management
&
Development
0.8%
Nexity
SA
(a)
106,448
5,362,932
Semiconductors
&
Semiconductor
Equipment
0.4%
SOITEC
*
13,239
3,171,233
Specialty
Retail
0.8%
Maisons
du
Monde
SA
Reg.
S
(a)(b)
247,068
5,652,281
44,911,479
GERMANY
1.9%
Health
Care
Equipment
&
Supplies
0.4%
STRATEC
SE
17,120
2,657,813
Industrial
Conglomerates
0.3%
Rheinmetall
AG
21,860
2,098,604
Life
Sciences
Tools
&
Services
0.4%
Gerresheimer
AG
(a)
35,136
3,671,160
Metals
&
Mining
0.4%
Aurubis
AG
19,951
2,019,668
thyssenkrupp
AG
*
58,442
582,815
2,602,483
Professional
Services
0.4%
Bertrandt
AG
42,508
2,515,947
Transportation
Infrastructure
0.0%
†
Hamburger
Hafen
und
Logistik
AG
10,699
253,991
13,799,998
GHANA
0.1%
Oil,
Gas
&
Consumable
Fuels
0.1%
Kosmos
Energy
Ltd.
*
154,355
356,560
GREECE
0.7%
Diversified
Telecommunication
Services
0.7%
Hellenic
Telecommunications
Organization
SA
269,822
4,920,116
HONG
KONG
2.3%
Banks
0.7%
Dah
Sing
Financial
Holdings
Ltd.
1,498,000
4,725,138
Diversified
Telecommunication
Services
0.3%
HKBN
Ltd.
2,055,500
2,394,446
Hotels,
Restaurants
&
Leisure
0.4%
Mandarin
Oriental
International
Ltd.
*
1,497,100
2,981,052
IT
Services
0.4%
SUNeVision
Holdings
Ltd.
2,703,611
2,847,266
58
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
International
Small
Cap
Fund
Common
Stocks
Shares
Value
($)
HONG
KONG
Pharmaceuticals
0.1%
Hutchmed
China
Ltd.,
ADR
*
16,340
687,097
Real
Estate
Management
&
Development
0.4%
Kerry
Properties
Ltd.
906,500
2,671,629
16,306,628
IRELAND
1.5%
Banks
0.5%
AIB
Group
plc
*
852,132
2,085,359
Bank
of
Ireland
Group
plc
*
263,326
1,397,575
3,482,934
Trading
Companies
&
Distributors
1.0%
AerCap
Holdings
NV
*
133,416
7,071,048
10,553,982
ISRAEL
0.6%
Real
Estate
Management
&
Development
0.6%
Melisron
Ltd.
*
55,377
4,085,964
ITALY
4.0%
Capital
Markets
0.6%
Banca
Generali
SpA
*
101,086
4,201,358
Construction
Materials
0.3%
Buzzi
Unicem
SpA
76,729
2,031,081
Energy
Equipment
&
Services
0.1%
Saipem
SpA
*(a)
225,382
517,873
Gas
Utilities
0.6%
Italgas
SpA
613,606
4,161,431
Life
Sciences
Tools
&
Services
0.2%
Stevanato
Group
SpA
*(a)
63,800
1,288,122
Machinery
0.6%
Interpump
Group
SpA
75,258
4,704,558
Textiles,
Apparel
&
Luxury
Goods
1.4%
Brunello
Cucinelli
SpA
*(a)
33,847
2,101,779
OVS
SpA
Reg.
S
*(a)(b)
2,434,107
5,019,347
Salvatore
Ferragamo
SpA
*(a)
162,529
3,250,305
10,371,431
Transportation
Infrastructure
0.2%
Enav
SpA
Reg.
S
*(a)(b)
236,651
1,095,563
28,371,417
JAPAN
18.8%
Air
Freight
&
Logistics
0.3%
Kintetsu
World
Express,
Inc.
90,700
2,231,414
Auto
Components
0.7%
Ichikoh
Industries
Ltd.
57,900
387,467
Musashi
Seimitsu
Industry
Co.
Ltd.
182,300
3,762,470
Nifco,
Inc.
27,300
906,617
5,056,554
Banks
0.9%
Bank
of
Kyoto
Ltd.
(The)
68,016
2,931,638
Fukuoka
Financial
Group,
Inc.
208,900
3,524,603
6,456,241
Beverages
0.2%
Ito
En
Ltd.
30,000
1,777,547
Common
Stocks
Shares
Value
($)
JAPAN
Chemicals
0.6%
JSR
Corp.
33,600
1,124,958
Tokyo
Ohka
Kogyo
Co.
Ltd.
44,230
2,865,047
3,990,005
Diversified
Financial
Services
0.4%
Zenkoku
Hosho
Co.
Ltd.
55,100
2,500,295
Electrical
Equipment
0.3%
Ushio,
Inc.
130,300
2,334,189
Electronic
Equipment,
Instruments
&
Components
0.6%
Ibiden
Co.
Ltd.
33,000
1,748,195
Taiyo
Yuden
Co.
Ltd.
54,080
2,770,925
4,519,120
Entertainment
0.1%
Square
Enix
Holdings
Co.
Ltd.
18,700
970,182
Equity
Real
Estate
Investment
Trusts
(REITs)
1.0%
Comforia
Residential
REIT,
Inc.
1,263
4,037,197
Frontier
Real
Estate
Investment
Corp.
669
3,106,127
7,143,324
Food
&
Staples
Retailing
0.8%
Kobe
Bussan
Co.
Ltd.
67,800
2,290,863
Sundrug
Co.
Ltd.
110,300
3,580,536
5,871,399
Food
Products
0.6%
Itoham
Yonekyu
Holdings,
Inc.
216,900
1,441,785
Kagome
Co.
Ltd.
22,200
570,452
Nichirei
Corp.
89,200
2,445,439
4,457,676
Health
Care
Equipment
&
Supplies
1.1%
Asahi
Intecc
Co.
Ltd.
162,500
4,403,068
Jeol
Ltd.
20,800
1,352,231
Mani,
Inc.
95,500
2,039,137
7,794,436
Household
Durables
0.6%
Open
House
Co.
Ltd.
80,200
4,051,566
Insurance
0.4%
Lifenet
Insurance
Co.
*(a)
255,600
2,643,035
Interactive
Media
&
Services
0.7%
Coconala,
Inc.
*
16,200
254,685
Dip
Corp.
171,500
5,007,312
5,261,997
IT
Services
0.6%
Comture
Corp.
35,912
772,684
GMO
internet,
Inc.
45,400
1,197,172
Hennge
KK
*(a)
19,300
579,010
NET
One
Systems
Co.
Ltd.
42,110
1,439,483
TechMatrix
Corp.
37,700
595,631
4,583,980
Machinery
1.9%
Amada
Co.
Ltd.
295,300
3,051,864
Hino
Motors
Ltd.
177,300
1,550,884
MINEBEA
MITSUMI,
Inc.
128,800
3,475,532
Nippon
Thompson
Co.
Ltd.
400,700
2,442,220
THK
Co.
Ltd.
104,700
2,997,036
13,517,536
Nationwide
International
Small
Cap
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
59
Common
Stocks
Shares
Value
($)
JAPAN
Media
0.8%
CyberAgent,
Inc.
16,672
300,140
Hakuhodo
DY
Holdings,
Inc.
352,554
5,380,960
5,681,100
Metals
&
Mining
0.1%
Mitsubishi
Materials
Corp.
27,700
577,777
Multiline
Retail
0.5%
Ryohin
Keikaku
Co.
Ltd.
174,400
3,563,936
Oil,
Gas
&
Consumable
Fuels
0.1%
Japan
Petroleum
Exploration
Co.
Ltd.
29,900
495,377
Personal
Products
0.3%
Fancl
Corp.
62,800
1,996,184
Professional
Services
0.0%
†
BayCurrent
Consulting,
Inc.
500
199,063
Real
Estate
Management
&
Development
2.1%
Heiwa
Real
Estate
Co.
Ltd.
87,700
3,166,331
Nomura
Real
Estate
Holdings,
Inc.
137,200
3,400,346
SRE
Holdings
Corp.
*
56,900
3,393,787
Tokyo
Tatemono
Co.
Ltd.
265,800
3,997,926
13,958,390
Road
&
Rail
0.5%
Fukuyama
Transporting
Co.
Ltd.
27,600
1,041,769
Hitachi
Transport
System
Ltd.
39,400
1,583,969
Nikkon
Holdings
Co.
Ltd.
39,500
875,977
3,501,715
Semiconductors
&
Semiconductor
Equipment
0.7%
Shinko
Electric
Industries
Co.
Ltd.
53,940
1,833,210
SUMCO
Corp.
123,300
2,863,869
4,697,079
Software
0.9%
Chatwork
Co.
Ltd.
*(a)
57,100
528,013
Freee
KK
*
35,900
3,108,609
Money
Forward,
Inc.
*
19,240
1,192,085
Sansan,
Inc.
*
18,169
1,494,502
6,323,209
Textiles,
Apparel
&
Luxury
Goods
0.8%
Asics
Corp.
253,600
5,622,139
Transportation
Infrastructure
0.2%
Japan
Airport
Terminal
Co.
Ltd.
38,800
1,676,352
133,452,817
JERSEY
0.8%
Capital
Markets
0.8%
Sanne
Group
plc
485,994
5,700,284
LUXEMBOURG
0.0%
†
Automobiles
0.0%
†
Arrival
SA
*
26,667
343,204
MALAYSIA
0.1%
Electronic
Equipment,
Instruments
&
Components
0.1%
Inari
Amertron
Bhd.
1,320,200
1,041,717
Common
Stocks
Shares
Value
($)
MEXICO
0.5%
Real
Estate
Management
&
Development
0.5%
Corp.
Inmobiliaria
Vesta
SAB
de
CV
1,741,400
3,420,470
NETHERLANDS
2.9%
Biotechnology
0.3%
Merus
NV
*
97,576
1,678,307
ProQR
Therapeutics
NV
*(a)
121,536
635,633
2,313,940
Chemicals
0.3%
Corbion
NV
41,212
2,257,324
Construction
&
Engineering
0.3%
Boskalis
Westminster
60,325
1,899,713
Energy
Equipment
&
Services
0.1%
SBM
Offshore
NV
32,186
467,520
Hotels,
Restaurants
&
Leisure
0.3%
DP
Eurasia
NV
Reg.
S
*(b)
2,218,775
2,285,114
Semiconductors
&
Semiconductor
Equipment
0.4%
BE
Semiconductor
Industries
NV
(a)
34,271
3,013,311
Trading
Companies
&
Distributors
1.2%
IMCD
NV
47,601
8,247,971
20,484,893
NEW
ZEALAND
0.1%
Construction
Materials
0.1%
Fletcher
Building
Ltd.
163,586
871,081
NORWAY
0.8%
Aerospace
&
Defense
0.2%
Kongsberg
Gruppen
ASA
44,796
1,282,209
Banks
0.1%
Sparebanken
More
23,028
999,136
Energy
Equipment
&
Services
0.2%
Aker
Solutions
ASA
Reg.
S
*
591,664
1,125,675
Food
Products
0.3%
Salmar
ASA
35,526
2,357,087
5,764,107
PHILIPPINES
0.1%
Hotels,
Restaurants
&
Leisure
0.1%
Bloomberry
Resorts
Corp.
*
7,745,800
880,478
RUSSIA
0.1%
Internet
&
Direct
Marketing
Retail
0.1%
Ozon
Holdings
plc,
ADR
*(a)
10,943
571,334
SOUTH
KOREA
0.6%
Auto
Components
0.2%
SNT
Motiv
Co.
Ltd.
27,019
1,445,505
Semiconductors
&
Semiconductor
Equipment
0.3%
Koh
Young
Technology,
Inc.
96,540
2,054,182
Software
0.1%
Douzone
Bizon
Co.
Ltd.
13,129
957,108
4,456,795
60
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
International
Small
Cap
Fund
Common
Stocks
Shares
Value
($)
SPAIN
2.3%
Banks
0.6%
Bankinter
SA
746,938
4,072,655
Electric
Utilities
0.6%
Acciona
SA
(a)
26,897
4,122,823
Equity
Real
Estate
Investment
Trusts
(REITs)
0.2%
Arima
Real
Estate
SOCIMI
SA
*
139,401
1,604,282
Food
Products
0.6%
Ebro
Foods
SA
(a)
93,897
1,903,790
Viscofan
SA
36,137
2,509,618
4,413,408
Hotels,
Restaurants
&
Leisure
0.3%
Melia
Hotels
International
SA
*
286,658
1,977,996
16,191,164
SWEDEN
5.2%
Aerospace
&
Defense
0.2%
Saab
AB,
Class
B
42,372
1,286,915
Construction
&
Engineering
0.2%
Peab
AB,
Class
B
62,450
728,955
Sweco
AB,
Class
B
63,851
1,021,258
1,750,213
Containers
&
Packaging
0.6%
BillerudKorsnas
AB
196,783
4,255,717
Health
Care
Equipment
&
Supplies
0.4%
Cellavision
AB
38,762
2,041,438
Surgical
Science
Sweden
AB
*
29,006
926,652
2,968,090
Hotels,
Restaurants
&
Leisure
0.2%
SkiStar
AB
*
94,860
1,773,041
Industrial
Conglomerates
0.1%
Nolato
AB,
Class
B
72,177
802,434
Leisure
Products
0.4%
Thule
Group
AB
Reg.
S
(b)
60,038
3,033,496
Machinery
1.7%
Indutrade
AB
70,684
2,305,077
Trelleborg
AB,
Class
B
364,453
9,002,763
11,307,840
Metals
&
Mining
0.2%
SSAB
AB,
Class
A
*
199,672
1,141,992
Real
Estate
Management
&
Development
0.8%
Catena
AB
91,949
5,521,167
Trading
Companies
&
Distributors
0.4%
AddTech
AB,
Class
B
75,875
1,577,402
Beijer
Ref
AB
(a)
63,512
1,341,661
2,919,063
36,759,968
SWITZERLAND
3.2%
Construction
&
Engineering
0.1%
Implenia
AG
(Registered)
*(a)
19,046
505,904
Life
Sciences
Tools
&
Services
1.7%
Siegfried
Holding
AG
(Registered)
*
5,896
5,965,493
Common
Stocks
Shares
Value
($)
SWITZERLAND
Life
Sciences
Tools
&
Services
Tecan
Group
AG
(Registered)
10,800
6,230,286
12,195,779
Machinery
0.8%
VAT
Group
AG
Reg.
S
(b)
13,937
5,471,583
Specialty
Retail
0.6%
Dufry
AG
(Registered)
*(a)
81,674
4,328,698
22,501,964
TAIWAN
3.2%
Communications
Equipment
0.2%
Accton
Technology
Corp.
*
145,853
1,699,324
Electronic
Equipment,
Instruments
&
Components
0.2%
Chroma
ATE,
Inc.
190,209
1,338,932
Machinery
0.3%
Hiwin
Technologies
Corp.
176,427
2,024,113
Semiconductors
&
Semiconductor
Equipment
2.5%
Advanced
Wireless
Semiconductor
Co.
236,543
1,395,146
ASPEED
Technology,
Inc.
17,500
1,404,342
Chang
Wah
Technology
Co.
Ltd.
594,000
2,164,754
Formosa
Sumco
Technology
Corp.
705,801
4,741,896
Realtek
Semiconductor
Corp.
*
189,229
3,987,428
Sino-American
Silicon
Products,
Inc.
602,000
4,093,380
17,786,946
22,849,315
TURKEY
0.1%
Internet
&
Direct
Marketing
Retail
0.1%
D-MARKET
Elektronik
Hizmetler
ve
Ticaret
A/S,
ADR
*
55,529
731,317
UKRAINE
0.1%
Metals
&
Mining
0.1%
Ferrexpo
plc
143,453
962,031
UNITED
ARAB
EMIRATES
0.6%
IT
Services
0.6%
Network
International
Holdings
plc
Reg.
S
*(b)
967,010
4,579,821
UNITED
KINGDOM
20.5%
Aerospace
&
Defense
0.5%
Meggitt
plc
*
223,975
1,459,482
QinetiQ
Group
plc
197,600
903,835
Ultra
Electronics
Holdings
plc
24,760
1,090,691
3,454,008
Airlines
0.5%
easyJet
plc
*
285,526
3,353,052
Beverages
0.1%
Britvic
plc
56,196
760,833
Biotechnology
0.7%
Abcam
plc
*
240,386
4,543,046
Freeline
Therapeutics
Holdings
plc,
ADR
*
6,160
29,322
Nationwide
International
Small
Cap
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
61
Common
Stocks
Shares
Value
($)
UNITED
KINGDOM
Biotechnology
Immunocore
Holdings
plc,
ADR
*(a)
4,000
130,880
4,703,248
Building
Products
0.1%
Genuit
Group
plc
67,658
600,722
Capital
Markets
3.2%
AJ
Bell
plc
654,481
3,825,836
Allfunds
Group
plc
*
56,286
990,039
Bridgepoint
Group
Ltd.
Reg.
S
*(b)
170,900
1,152,122
Intermediate
Capital
Group
plc
454,538
13,696,740
Ninety
One
plc
925,940
2,928,222
22,592,959
Chemicals
0.4%
Synthomer
plc
384,166
2,826,053
Commercial
Services
&
Supplies
0.4%
Smart
Metering
Systems
plc
251,598
3,156,862
Construction
&
Engineering
0.3%
Balfour
Beatty
plc
272,455
1,146,972
John
Laing
Group
plc
Reg.
S
(b)
166,053
926,153
2,073,125
Construction
Materials
0.1%
Marshalls
plc
73,645
749,282
Electronic
Equipment,
Instruments
&
Components
1.0%
Spectris
plc
144,767
7,178,823
Energy
Equipment
&
Services
0.0%
†
Subsea
7
SA
41,291
331,336
Equity
Real
Estate
Investment
Trusts
(REITs)
2.6%
Safestore
Holdings
plc
365,148
5,352,167
UNITE
Group
plc
(The)
403,932
6,496,104
Workspace
Group
plc
531,514
6,376,246
18,224,517
Food
Products
0.8%
Cranswick
plc
51,674
2,907,731
Tate
&
Lyle
plc
251,314
2,580,370
5,488,101
Health
Care
Equipment
&
Supplies
0.7%
ConvaTec
Group
plc
Reg.
S
(b)
1,414,294
4,656,468
Hotels,
Restaurants
&
Leisure
2.4%
Domino's
Pizza
Group
plc
115,569
672,675
Greggs
plc
*
50,583
1,936,142
Restaurant
Group
plc
(The)
*
4,047,302
6,467,455
SSP
Group
plc
*
1,437,245
5,215,416
Trainline
plc
Reg.
S
*(b)
647,100
3,044,503
17,336,191
Insurance
1.1%
Beazley
plc
*
844,568
4,600,479
Lancashire
Holdings
Ltd.
384,591
3,411,565
8,012,044
IT
Services
0.8%
Softcat
plc
202,943
5,451,326
Machinery
2.1%
IMI
plc
308,259
7,522,116
Common
Stocks
Shares
Value
($)
UNITED
KINGDOM
Machinery
Rotork
plc
1,471,366
7,371,756
14,893,872
Media
0.4%
Hyve
Group
plc
*
1,653,289
3,019,701
Multiline
Retail
0.4%
B&M
European
Value
Retail
SA
373,594
2,870,671
Oil,
Gas
&
Consumable
Fuels
0.1%
Cairn
Energy
plc
220,393
390,990
Real
Estate
Management
&
Development
0.9%
Savills
plc
413,819
6,601,933
Road
&
Rail
0.2%
National
Express
Group
plc
*
462,705
1,748,191
Trading
Companies
&
Distributors
0.3%
Grafton
Group
plc
44,554
795,282
Travis
Perkins
plc
*
63,393
1,499,646
2,294,928
Water
Utilities
0.4%
Pennon
Group
plc
178,586
3,171,793
145,941,029
UNITED
STATES
0.9%
Biotechnology
0.1%
UroGen
Pharma
Ltd.
*(a)
53,284
825,902
Building
Products
0.5%
Caesarstone
Ltd.
116,721
1,548,888
Reliance
Worldwide
Corp.
Ltd.
419,759
1,711,265
3,260,153
Semiconductors
&
Semiconductor
Equipment
0.3%
Parade
Technologies
Ltd.
34,000
2,087,383
6,173,438
Total
Common
Stocks
(cost
$531,044,779)
701,475,557
Exchange
Traded
Fund
0.6%
UNITED
STATES
0.6%
iShares
MSCI
EAFE
Small-
Cap
ETF
56,698
4,277,297
Total
Exchange
Traded
Fund
(cost
$4,262,975)
4,277,297
Rights
0.0%
†
Number
of
Rights
FRANCE
0.0%
†
Biotechnology
0.0%
†
Clementia
Pharmaceuticals,
Inc.,
CVR*^∞
16,268
0
Total
Rights
(cost
$–)
0
62
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
International
Small
Cap
Fund
Short-Term
Investment
1.3%
Shares
Value
($)
Money
Market
Fund
1.3%
Fidelity
Investments
Money
Market
Government
Portfolio
—
Institutional
Class,
0.01%,
(c)(d)
9,286,198
9,286,198
Total
Short-Term
Investment
(cost
$9,286,198)
9,286,198
Total
Investments
(cost
$544,593,952)
—
100.5%
715,039,052
Liabilities
in
excess
of
other
assets
—
(0.5)%
(3,321,123)
NET
ASSETS
—
100.0%
$
711,717,929
*
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,
2021.
The
total
value
of
securities
on
loan
as
of
July
31,
2021
was
$16,977,229,
which
was
collateralized
by
cash
used
to
purchase
a
money
market
fund
with
a
total
value
of
$9,286,198
and
by
$10,277,938
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.25%,
and
maturity
dates
ranging
from
9/30/2021
–
11/15/2049;
a
total
value
of
$19,564,136.
(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,
2021
was
$65,467,109
which
represents
9.20%
of
net
assets.
(c)
Represents
7-day
effective
yield
as
of
July
31,
2021.
(d)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2021
was
$9,286,198.
ADR
American
Depositary
Receipt
CVR
Contingent
Value
Rights
ETF
Exchange
Traded
Fund
Reg.
S
Regulation
S
-
Security
was
purchased
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933,
which
exempts
from
registration
securities
offered
and
sold
outside
of
the
United
States.
Such
security
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933
or
pursuant
to
an
exemption
from
registration.
Currently
there
is
no
restriction
on
trading
this
security.
REIT
Real
Estate
Investment
Trust
Nationwide
International
Small
Cap
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
63
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
64
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
International
Small
Cap
Fund
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
Aerospace
&
Defense
$
–
$
6,023,132
$
–
$
6,023,132
Air
Freight
&
Logistics
–
5,328,216
–
5,328,216
Airlines
–
3,353,052
–
3,353,052
Auto
Components
–
13,022,364
–
13,022,364
Automobiles
1,940,900
–
–
1,940,900
Banks
–
28,197,516
–
28,197,516
Beverages
–
4,962,983
–
4,962,983
Biotechnology
12,901,302
6,027,638
–
18,928,940
Building
Products
1,548,888
2,311,987
–
3,860,875
Capital
Markets
2,466,315
33,496,948
–
35,963,263
Chemicals
2,496,528
11,509,399
–
14,005,927
Commercial
Services
&
Supplies
–
3,156,862
–
3,156,862
Communications
Equipment
–
1,699,324
–
1,699,324
Construction
&
Engineering
–
6,228,955
–
6,228,955
Construction
Materials
–
6,904,766
–
6,904,766
Containers
&
Packaging
–
7,139,155
–
7,139,155
Diversified
Financial
Services
–
6,397,090
–
6,397,090
Diversified
Telecommunication
Services
–
7,314,562
–
7,314,562
Electric
Utilities
–
4,122,823
–
4,122,823
Electrical
Equipment
–
2,334,189
–
2,334,189
Electronic
Equipment,
Instruments
&
Components
–
20,321,406
–
20,321,406
Energy
Equipment
&
Services
–
2,974,716
–
2,974,716
Entertainment
3,355,926
970,182
–
4,326,108
Equity
Real
Estate
Investment
Trusts
(REITs)
–
36,126,754
–
36,126,754
Food
&
Staples
Retailing
–
5,871,399
–
5,871,399
Food
Products
–
18,049,875
–
18,049,875
Gas
Utilities
–
7,377,485
–
7,377,485
Health
Care
Equipment
&
Supplies
–
18,076,807
–
18,076,807
Hotels,
Restaurants
&
Leisure
–
32,934,424
–
32,934,424
Household
Durables
–
7,240,614
–
7,240,614
Independent
Power
and
Renewable
Electricity
Producers
–
6,135,503
–
6,135,503
Industrial
Conglomerates
–
2,901,038
–
2,901,038
Insurance
–
13,698,600
–
13,698,600
Interactive
Media
&
Services
–
5,261,997
–
5,261,997
Internet
&
Direct
Marketing
Retail
1,302,651
323,239
–
1,625,890
IT
Services
15,031,609
20,419,721
–
35,451,330
Leisure
Products
–
3,033,496
–
3,033,496
Life
Sciences
Tools
&
Services
1,288,122
15,866,939
–
17,155,061
Machinery
–
63,880,000
–
63,880,000
Marine
–
2,148,202
–
2,148,202
Media
4,912,210
15,471,417
–
20,383,627
Metals
&
Mining
–
16,304,972
–
16,304,972
Multiline
Retail
–
6,434,607
–
6,434,607
Oil,
Gas
&
Consumable
Fuels
916,076
1,757,025
–
2,673,101
Personal
Products
–
1,996,184
–
1,996,184
Pharmaceuticals
687,097
–
–
687,097
Professional
Services
–
2,715,010
–
2,715,010
Real
Estate
Management
&
Development
3,420,470
43,585,907
–
47,006,377
Road
&
Rail
1,326,492
5,249,906
–
6,576,398
Semiconductors
&
Semiconductor
Equipment
–
32,810,134
–
32,810,134
Software
10,866,764
12,872,220
–
23,738,984
Specialty
Retail
–
9,980,979
–
9,980,979
Textiles,
Apparel
&
Luxury
Goods
–
15,993,570
–
15,993,570
Trading
Companies
&
Distributors
7,071,048
15,430,171
–
22,501,219
Nationwide
International
Small
Cap
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
65
The
FVC
continues
to
evaluate
any
information
that
could
cause
an
adjustment
to
the
fair
value
for
these
investments,
such
as
market
news,
the
progress
of
judicial
and
regulatory
proceedings,
and
subadviser
recommendations.
Level
1
Level
2
Level
3
Total
Assets:
Transportation
Infrastructure
$
–
$
3,025,906
$
–
$
3,025,906
Water
Utilities
–
3,171,793
–
3,171,793
Total
Common
Stocks
$
71,532,398
$
629,943,159
$
–
$
701,475,557
Exchange
Traded
Fund
4,277,297
–
–
4,277,297
Rights
–
–
–
–
Short-Term
Investment
9,286,198
–
–
9,286,198
Total
$
85,095,893
$
629,943,159
$
–
$
715,039,052
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
During
the
period
ended
July
31,
2021,
the
Fund
held
one
right
investment
that
was
categorized
as
Level
3
investment
which
was
valued
at
$0.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
Nationwide
NYSE
Arca
Tech
100
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
1
Common
Stocks
99.7%
Shares
Value
($)
Aerospace
&
Defense
7.0%
Boeing
Co.
(The)*
50,707
11,484,121
General
Dynamics
Corp.
50,707
9,940,093
L3Harris
Technologies,
Inc.
50,707
11,497,305
Lockheed
Martin
Corp.
50,707
18,846,271
Raytheon
Technologies
Corp.
50,707
4,408,974
56,176,764
Biotechnology
4.2%
Amgen,
Inc.
50,707
12,247,769
Biogen,
Inc.*
50,707
16,567,498
Gilead
Sciences,
Inc.
50,707
3,462,781
Myriad
Genetics,
Inc.*
50,707
1,603,862
33,881,910
Chemicals
0.5%
DuPont
de
Nemours,
Inc.
50,707
3,805,560
Communications
Equipment
5.7%
Ciena
Corp.*
50,707
2,948,105
Cisco
Systems,
Inc.
50,707
2,807,647
F5
Networks,
Inc.*
50,707
10,471,503
Juniper
Networks,
Inc.
50,707
1,426,895
Motorola
Solutions,
Inc.
50,707
11,354,311
Nokia
OYJ,
ADR-FI*
50,707
308,298
Ubiquiti,
Inc.
50,707
15,876,362
Viavi
Solutions,
Inc.*
50,707
846,300
46,039,421
Diversified
Telecommunication
Services
0.2%
AT&T,
Inc.
50,707
1,422,331
Electrical
Equipment
0.4%
Sensata
Technologies
Holding
plc*
50,707
2,972,444
Electronic
Equipment,
Instruments
&
Components
0.8%
Amphenol
Corp.,
Class
A
50,707
3,675,750
Corning,
Inc.
50,707
2,122,595
LG
Display
Co.
Ltd.,
ADR-KR(a)
50,707
483,238
6,281,583
Energy
Equipment
&
Services
0.4%
Halliburton
Co.
50,707
1,048,621
NOV,
Inc.*
50,707
700,263
Schlumberger
NV
50,707
1,461,883
3,210,767
Entertainment
0.5%
Activision
Blizzard,
Inc.
50,707
4,240,119
Health
Care
Equipment
&
Supplies
3.5%
Baxter
International,
Inc.
50,707
3,922,187
Boston
Scientific
Corp.*
50,707
2,312,239
Danaher
Corp.
50,707
15,084,825
Medtronic
plc
50,707
6,658,336
27,977,587
Health
Care
Technology
2.6%
Cerner
Corp.
50,707
4,076,336
Veeva
Systems,
Inc.,
Class
A*
50,707
16,870,726
20,947,062
Household
Durables
1.5%
Garmin
Ltd.
50,707
7,971,140
Common
Stocks
Shares
Value
($)
Household
Durables
iRobot
Corp.*
50,707
4,436,863
12,408,003
Industrial
Conglomerates
1.5%
Honeywell
International,
Inc.
50,707
11,854,790
Interactive
Media
&
Services
2.7%
Facebook,
Inc.,
Class
A*
50,707
18,066,904
Twitter,
Inc.*
50,707
3,536,813
21,603,717
Internet
&
Direct
Marketing
Retail
2.1%
Alibaba
Group
Holding
Ltd.,
ADR-CN*
50,707
9,897,499
eBay,
Inc.
50,707
3,458,725
JD.com,
Inc.,
ADR-CN*
50,707
3,594,112
16,950,336
IT
Services
9.3%
Akamai
Technologies,
Inc.*
50,707
6,080,783
Amdocs
Ltd.
50,707
3,910,017
Automatic
Data
Processing,
Inc.
50,707
10,629,708
DXC
Technology
Co.*
50,707
2,027,266
International
Business
Machines
Corp.
50,707
7,147,659
LiveRamp
Holdings,
Inc.*
50,707
2,028,787
Mastercard
,
Inc.,
Class
A
50,707
19,569,859
VeriSign,
Inc.*
50,707
10,971,474
Visa,
Inc.,
Class
A
50,707
12,493,698
74,859,251
Life
Sciences
Tools
&
Services
7.5%
Agilent
Technologies,
Inc.
50,707
7,769,834
Illumina,
Inc.*
50,707
25,137,995
Thermo
Fisher
Scientific,
Inc.
50,707
27,382,287
60,290,116
Pharmaceuticals
1.6%
AstraZeneca
plc,
ADR-UK(a)
50,707
2,902,468
Bausch
Health
Cos.,
Inc.*
50,707
1,483,180
Bristol-Myers
Squibb
Co.
50,707
3,441,484
Novartis
AG,
ADR-CH
50,707
4,684,820
12,511,952
Semiconductors
&
Semiconductor
Equipment
25.3%
Advanced
Micro
Devices,
Inc.*
50,707
5,384,576
Analog
Devices,
Inc.
50,707
8,489,366
Applied
Materials,
Inc.
50,707
7,095,431
ASML
Holding
NV
(Registered),
NYRS-NL
50,707
38,879,085
Broadcom,
Inc.
50,707
24,613,178
FormFactor
,
Inc.*
50,707
1,889,343
Intel
Corp.
50,707
2,723,980
KLA
Corp.
50,707
17,654,149
Lam
Research
Corp.
50,707
32,321,149
Microchip
Technology,
Inc.
50,707
7,257,186
Micron
Technology,
Inc.*
50,707
3,933,849
NVIDIA
Corp.
50,708
9,887,553
NXP
Semiconductors
NV
50,707
10,465,418
ON
Semiconductor
Corp.*
50,707
1,980,615
QUALCOMM,
Inc.
50,707
7,595,909
Teradyne,
Inc.
50,707
6,439,789
Texas
Instruments,
Inc.
50,707
9,665,768
2
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
NYSE
Arca
Tech
100
Index
Fund
Common
Stocks
Shares
Value
($)
Semiconductors
&
Semiconductor
Equipment
Xilinx,
Inc.
50,707
7,597,937
203,874,281
Software
19.6%
Adobe,
Inc.*
50,707
31,520,993
Check
Point
Software
Technologies
Ltd.*
50,707
6,444,860
Citrix
Systems,
Inc.
50,707
5,108,730
InterDigital
,
Inc.
50,707
3,341,084
Intuit,
Inc.
50,707
26,873,189
J2
Global,
Inc.*
50,707
7,163,378
Microsoft
Corp.
50,707
14,446,931
NortonLifeLock
,
Inc.
50,707
1,258,548
Open
Text
Corp.
50,707
2,632,200
Oracle
Corp.
50,707
4,418,608
Progress
Software
Corp.
50,707
2,311,732
PTC,
Inc.*
50,707
6,868,263
salesforce.com,
Inc.*
50,707
12,267,545
SAP
SE,
ADR-DE(a)
50,707
7,287,610
Synopsys,
Inc.*
50,707
14,603,109
Teradata
Corp.*
50,707
2,518,110
VMware,
Inc.,
Class
A*(a)
50,707
7,795,694
Xperi
Holding
Corp.
50,707
1,053,184
157,913,768
Technology
Hardware,
Storage
&
Peripherals
2.7%
Apple,
Inc.
50,707
7,396,123
HP,
Inc.
50,707
1,463,911
NetApp,
Inc.
50,707
4,035,770
Seagate
Technology
Holdings
plc
50,707
4,457,145
Western
Digital
Corp.*
50,707
3,292,406
Xerox
Holdings
Corp.
50,707
1,223,560
21,868,915
Wireless
Telecommunication
Services
0.1%
Telephone
&
Data
Systems,
Inc.
50,707
1,133,302
Total
Common
Stocks
(cost
$215,950,182)
802,223,979
Short-Term
Investment
1.8%
Money
Market
Fund
1.8%
Fidelity
Investments
Money
Market
Government
Portfolio
—
Institutional
Class,
0.01%(b)(c)
14,575,052
14,575,052
Total
Short-Term
Investment
(cost
$14,575,052)
14,575,052
Total
Investments
(cost
$230,525,234)
—
101.5%
816,799,031
Liabilities
in
excess
of
other
assets
—
(1.5)%
(11,902,493)
NET
ASSETS
—
100.0%
$
804,896,538
*
Denotes
a
non-income
producing
security.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2021.
The
total
value
of
securities
on
loan
as
of
July
31,
2021
was
$17,784,713,
which
was
collateralized
by
cash
used
to
purchase
a
money
market
fund
with
a
total
value
of
$14,575,052
and
by
$3,873,245
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.25%,
and
maturity
dates
ranging
from
9/30/2021
–
11/15/2049;
a
total
value
of
$18,448,297.
(b)
Represents
7-day
effective
yield
as
of
July
31,
2021.
(c)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2021
was
$14,575,052.
ADR
American
Depositary
Receipt
CH
Switzerland
CN
China
DE
Germany
FI
Finland
KR
South
Korea
NL
Netherlands
NYRS
New
York
Registry
Shares
UK
United
Kingdom
Nationwide
NYSE
Arca
Tech
100
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
3
Futures
contracts
outstanding
as
of
July
31,
2021:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
NASDAQ
100
E-Mini
Index
11
9/2021
USD
3,290,265
66,056
66,056
As
of
July
31,
2021,
the
Fund
had
$217,000
segregated
as
collateral
with
the
broker
for
open
futures
contracts.
Currency:
USD
United
States
Dollar
4
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
NYSE
Arca
Tech
100
Index
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
Nationwide
NYSE
Arca
Tech
100
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
5
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2021.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using
financial
futures
contracts.
(a)
Futures
Contracts
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
reducing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/
or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
price
of
the
futures
contracts
and
the
underlying
assets. The
Fund’s
investments
in
futures
contracts
entail
limited
counterparty
credit
risk
because the
Fund
invests
only
in
exchange
traded
futures
contracts,
which
are
settled
through
the
exchange
and
whose
fulfillment
is
guaranteed
by
the
credit
of
the
exchange.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
802,223,979
$
–
$
–
$
802,223,979
Futures
Contracts
66,056
–
–
66,056
Short-Term
Investment
14,575,052
–
–
14,575,052
Total
$
816,865,087
$
–
$
–
$
816,865,087
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
6
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
NYSE
Arca
Tech
100
Index
Fund
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2021:
Fair
Values
of
Derivatives
not
Accounted
for
as
Hedging
Instruments
as
of
July
31,
2021:
Assets:
Fair
Value
Futures
Contracts
Equity
risk
Unrealized
appreciation
from
futures
contracts
$
66,056
Total
$
66,056
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,
2021
(Unaudited)
-
Statement
of
Investments
-
7
Asset-Backed
Securities
0.4%
Principal
Amount
($)
Value
($)
Airlines
0.0%
†
United
Airlines
Pass-Through
Trust,
Series
2013-1,
Class
A,
4.30%,
8/15/2025
169,471
183,985
Automobiles
0.3%
Carmax
Auto
Owner
Trust,
Series
2021-1,
Class
A3,
0.34%,
12/15/2025
900,000
899,625
World
Omni
Select
Auto
Trust,
Series
2020-A,
Class
A3,
0.55%,
7/15/2025
760,000
762,087
1,661,712
Credit
Card
0.1%
BA
Credit
Card
Trust,
Series
2021-A1,
Class
A1,
0.44%,
9/15/2026
50,000
50,006
Chase
Issuance
Trust,
Series
2012-A7,
Class
A7,
2.16%,
9/15/2024
625,000
639,137
689,143
Total
Asset-Backed
Securities
(cost
$2,493,979)
2,534,840
Commercial
Mortgage-Backed
Securities
2.2%
BBCMS
Mortgage
Trust
Series
2017-C1,
Class
A4,
3.67%,
2/15/2050
450,000
503,520
Series
2020-C7,
Class
A5,
2.04%,
4/15/2053
670,000
682,238
Citigroup
Commercial
Mortgage
Trust
Series
2013-GC17,
Class
A4,
4.13%,
11/10/2046
650,000
697,097
Series
2014-GC25,
Class
A4,
3.64%,
10/10/2047
500,000
540,859
FHLMC
Multifamily
Structured
Pass-Through
Certificates
REMICS
Series
K026,
Class
A2,
2.51%,
11/25/2022
200,000
204,986
Series
K031,
Class
A2,
3.30%,
4/25/2023(a)
100,000
104,762
Series
K033,
Class
A2,
3.06%,
7/25/2023(a)
100,000
104,689
Series
K037,
Class
A2,
3.49%,
1/25/2024
200,000
213,408
Series
K066,
Class
A2,
3.12%,
6/25/2027
750,000
834,524
Series
K739,
Class
A2,
1.34%,
9/25/2027
620,000
631,379
Series
K115,
Class
A2,
1.38%,
6/25/2030
960,000
962,973
Series
K-1510,
Class
A3,
3.79%,
1/25/2034
200,000
242,641
Commercial
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
ACES
REMICS,
Series
2020-M5,
Class
A2,
2.21%,
1/25/2030
1,200,000
1,275,229
GS
Mortgage
Securities
Trust
,
Series
2015-GC30,
Class
A4,
3.38%,
5/10/2050
750,000
812,714
JPMCC
Commercial
Mortgage
Securities
Trust
,
Series
2017-JP7,
Class
A5,
3.45%,
9/15/2050
750,000
834,058
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust
Series
2013-C7,
Class
A4,
2.92%,
2/15/2046
300,000
308,188
Series
2013-C10,
Class
A5,
4.08%,
7/15/2046(a)
250,000
264,933
Series
2014-C17,
Class
A5,
3.74%,
8/15/2047
500,000
539,509
Morgan
Stanley
Capital
I
Trust
Series
2016-UBS9,
Class
A4,
3.59%,
3/15/2049
450,000
492,965
Series
2017-H1,
Class
A5,
3.53%,
6/15/2050
750,000
832,290
Series
2019-H6,
Class
A4,
3.42%,
6/15/2052
150,000
167,073
Wells
Fargo
Commercial
Mortgage
Trust
,
Series
2015-SG1,
Class
A4,
3.79%,
9/15/2048
697,608
757,798
Total
Commercial
Mortgage-Backed
Securities
(cost
$11,492,744)
12,007,833
Corporate
Bonds
26.8%
Aerospace
&
Defense
0.7%
Boeing
Co.
(The)
,
4.51%,
5/1/2023
200,000
212,504
1.43%,
2/4/2024
250,000
250,663
3.10%,
5/1/2026
200,000
213,627
3.20%,
3/1/2029
150,000
158,333
5.15%,
5/1/2030
250,000
297,697
5.71%,
5/1/2040
200,000
259,871
3.75%,
2/1/2050
250,000
259,836
General
Dynamics
Corp.
,
4.25%,
4/1/2040
100,000
124,991
L3Harris
Technologies,
Inc.
,
3.83%,
4/27/2025
250,000
274,986
4.85%,
4/27/2035
55,000
70,399
Leidos,
Inc.
,
2.30%,
2/15/2031
50,000
49,573
Lockheed
Martin
Corp.
,
2.90%,
3/1/2025
300,000
322,665
1.85%,
6/15/2030
200,000
203,221
4.09%,
9/15/2052
100,000
127,444
Northrop
Grumman
Corp.
,
4.75%,
6/1/2043
150,000
196,613
Raytheon
Technologies
Corp.
,
4.13%,
11/16/2028
300,000
348,033
8
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Aerospace
&
Defense
Raytheon
Technologies
Corp.,
4.50%,
6/1/2042
300,000
382,467
Textron,
Inc.
,
4.30%,
3/1/2024
250,000
270,247
4,023,170
Air
Freight
&
Logistics
0.1%
FedEx
Corp.
,
4.25%,
5/15/2030
100,000
118,149
4.55%,
4/1/2046
150,000
184,974
United
Parcel
Service,
Inc.
,
2.20%,
9/1/2024
250,000
262,379
5.30%,
4/1/2050
100,000
149,540
715,042
Airlines
0.0%
†
Southwest
Airlines
Co.
,
2.63%,
2/10/2030
200,000
206,957
Auto
Components
0.0%
†
Aptiv
plc
,
5.40%,
3/15/2049
50,000
69,684
BorgWarner,
Inc.
,
3.38%,
3/15/2025
70,000
75,778
2.65%,
7/1/2027
25,000
26,704
172,166
Automobiles
0.1%
Daimler
Finance
North
America
LLC
,
8.50%,
1/18/2031
100,000
153,726
General
Motors
Co.
,
4.20%,
10/1/2027
250,000
281,579
6.25%,
10/2/2043
150,000
208,979
644,284
Banks
4.7%
Australia
&
New
Zealand
Banking
Group
Ltd.
,
2.63%,
11/9/2022
500,000
515,125
Banco
Santander
SA
,
2.71%,
6/27/2024
200,000
210,886
4.25%,
4/11/2027
200,000
226,786
Bank
of
America
Corp.
,
4.10%,
7/24/2023
250,000
268,127
4.25%,
10/22/2026
145,000
164,325
3.25%,
10/21/2027
250,000
272,432
(ICE
LIBOR
USD
3
Month
+
1.04%),
3.42%,
12/20/2028(b)
281,000
308,762
(ICE
LIBOR
USD
3
Month
+
1.07%),
3.97%,
3/5/2029(b)
250,000
283,439
(SOFR
+
2.15%),
2.59%,
4/29/2031(b)
200,000
207,289
(SOFR
+
1.32%),
2.69%,
4/22/2032(b)
200,000
208,706
(SOFR
+
1.93%),
2.68%,
6/19/2041(b)
50,000
49,351
5.88%,
2/7/2042
25,000
36,479
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
Bank
of
America
Corp.,
(ICE
LIBOR
USD
3
Month
+
1.99%),
4.44%,
1/20/2048(b)
250,000
314,273
(ICE
LIBOR
USD
3
Month
+
1.52%),
4.33%,
3/15/2050(b)
300,000
374,513
(ICE
LIBOR
USD
3
Month
+
3.15%),
4.08%,
3/20/2051(b)
100,000
120,985
Bank
of
Nova
Scotia
(The)
,
2.38%,
1/18/2023
350,000
360,674
2.70%,
8/3/2026
250,000
267,899
Barclays
plc
,
4.34%,
1/10/2028
250,000
282,601
4.84%,
5/9/2028
200,000
226,843
(ICE
LIBOR
USD
3
Month
+
1.90%),
4.97%,
5/16/2029(b)
250,000
295,002
BBVA
USA
,
3.88%,
4/10/2025
250,000
276,963
BNP
Paribas
SA
,
4.25%,
10/15/2024
250,000
275,792
Citibank
NA
,
3.65%,
1/23/2024
250,000
268,828
Citigroup,
Inc.
,
3.75%,
6/16/2024
300,000
325,501
3.70%,
1/12/2026
250,000
277,599
3.40%,
5/1/2026
200,000
220,129
(ICE
LIBOR
USD
3
Month
+
1.56%),
3.89%,
1/10/2028(b)
200,000
223,800
(ICE
LIBOR
USD
3
Month
+
1.39%),
3.67%,
7/24/2028(b)
250,000
277,282
(ICE
LIBOR
USD
3
Month
+
1.15%),
3.52%,
10/27/2028(b)
100,000
110,154
(ICE
LIBOR
USD
3
Month
+
1.34%),
3.98%,
3/20/2030(b)
150,000
170,878
(SOFR
+
2.11%),
2.57%,
6/3/2031(b)
200,000
207,118
6.63%,
6/15/2032
182,000
250,529
4.65%,
7/23/2048
200,000
264,868
Citizens
Financial
Group,
Inc.
,
2.85%,
7/27/2026
250,000
268,290
Comerica,
Inc.
,
4.00%,
2/1/2029
100,000
116,179
Cooperatieve
Rabobank
UA
,
3.38%,
5/21/2025
250,000
274,390
5.25%,
5/24/2041
125,000
175,829
Credit
Suisse
Group
Funding
Guernsey
Ltd.
,
3.80%,
9/15/2022
250,000
259,588
Discover
Bank
,
4.20%,
8/8/2023
250,000
268,671
Fifth
Third
Bancorp
,
3.95%,
3/14/2028
150,000
174,277
Nationwide
Bond
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
9
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
HSBC
Holdings
plc
,
4.25%,
3/14/2024
250,000
270,249
4.38%,
11/23/2026
200,000
226,326
(ICE
LIBOR
USD
3
Month
+
1.53%),
4.58%,
6/19/2029(b)
200,000
232,714
4.95%,
3/31/2030
200,000
243,316
5.25%,
3/14/2044
200,000
264,457
ING
Groep
NV
,
3.55%,
4/9/2024
400,000
430,763
JPMorgan
Chase
&
Co.
,
(ICE
LIBOR
USD
3
Month
+
0.73%),
3.56%,
4/23/2024(b)
250,000
262,890
3.63%,
5/13/2024
350,000
379,762
(ICE
LIBOR
USD
3
Month
+
1.00%),
4.02%,
12/5/2024(b)
200,000
215,579
3.13%,
1/23/2025
250,000
268,682
(SOFR
+
1.16%),
2.30%,
10/15/2025(b)
250,000
260,900
3.30%,
4/1/2026
250,000
274,167
4.13%,
12/15/2026
250,000
284,345
8.00%,
4/29/2027
202,000
272,328
(ICE
LIBOR
USD
3
Month
+
1.33%),
4.45%,
12/5/2029(b)
25,000
29,389
(SOFR
+
1.51%),
2.74%,
10/15/2030(b)
100,000
105,676
(SOFR
+
3.79%),
4.49%,
3/24/2031(b)
200,000
239,204
(SOFR
+
2.04%),
2.52%,
4/22/2031(b)
125,000
129,997
(SOFR
+
1.51%),
2.53%,
11/19/2041(b)
200,000
195,608
(ICE
LIBOR
USD
3
Month
+
1.58%),
4.26%,
2/22/2048(b)
250,000
308,590
(ICE
LIBOR
USD
3
Month
+
1.38%),
3.96%,
11/15/2048(b)
150,000
177,490
(SOFR
+
2.44%),
3.11%,
4/22/2051(b)
200,000
208,524
Kreditanstalt
fuer
Wiederaufbau
,
1.63%,
2/15/2023
500,000
511,105
0.25%,
10/19/2023
1,000,000
999,670
0.63%,
1/22/2026
100,000
99,826
2.88%,
4/3/2028
200,000
224,022
1.75%,
9/14/2029
100,000
104,711
Landwirtschaftliche
Rentenbank
,
3.13%,
11/14/2023
500,000
531,805
Lloyds
Banking
Group
plc
,
4.05%,
8/16/2023
500,000
534,768
4.50%,
11/4/2024
250,000
277,316
Mitsubishi
UFJ
Financial
Group,
Inc.
,
3.75%,
7/18/2039
200,000
230,892
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
Mizuho
Financial
Group,
Inc.
,
3.17%,
9/11/2027
250,000
273,737
MUFG
Americas
Holdings
Corp.
,
3.00%,
2/10/2025
200,000
213,843
National
Australia
Bank
Ltd.
,
3.38%,
1/14/2026
250,000
277,026
Natwest
Group
plc
,
(ICE
LIBOR
USD
3
Month
+
1.91%),
5.08%,
1/27/2030(b)
250,000
299,526
PNC
Bank
NA
,
2.95%,
1/30/2023
350,000
362,658
PNC
Financial
Services
Group,
Inc.
(The)
,
2.55%,
1/22/2030
200,000
212,010
Royal
Bank
of
Canada
,
0.65%,
7/29/2024
200,000
200,204
2.25%,
11/1/2024
250,000
262,203
Santander
Holdings
USA,
Inc.
,
4.40%,
7/13/2027
200,000
226,026
Santander
UK
Group
Holdings
plc
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.25%),
1.53%,
8/21/2026(b)
250,000
251,772
Sumitomo
Mitsui
Financial
Group,
Inc.
,
2.45%,
9/27/2024
250,000
262,914
3.78%,
3/9/2026
250,000
279,773
3.20%,
9/17/2029
250,000
268,765
Toronto-Dominion
Bank
(The)
,
0.75%,
6/12/2023
500,000
503,686
0.55%,
3/4/2024
250,000
250,142
2.65%,
6/12/2024
200,000
211,751
Truist
Bank
,
2.25%,
3/11/2030
250,000
259,021
US
Bancorp
,
3.38%,
2/5/2024
250,000
267,692
2.40%,
7/30/2024
250,000
263,266
Series
X,
3.15%,
4/27/2027
250,000
276,751
Wells
Fargo
&
Co.
,
3.75%,
1/24/2024
750,000
806,378
(SOFR
+
1.26%),
2.57%,
2/11/2031(b)
250,000
260,923
5.61%,
1/15/2044
333,000
465,648
(SOFR
+
4.50%),
5.01%,
4/4/2051(b)
200,000
278,515
Westpac
Banking
Corp.
,
3.30%,
2/26/2024
150,000
160,899
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.00%),
4.11%,
7/24/2034(b)
200,000
222,687
26,094,049
Beverages
0.6%
Anheuser-Busch
Cos.
LLC
,
4.90%,
2/1/2046
415,000
531,972
10
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Beverages
Anheuser-Busch
InBev
Worldwide,
Inc.
,
4.60%,
4/15/2048
150,000
186,884
4.50%,
6/1/2050
200,000
248,510
4.75%,
4/15/2058
100,000
127,864
Coca-Cola
Co.
(The)
,
1.75%,
9/6/2024
250,000
259,924
2.90%,
5/25/2027
100,000
110,244
2.50%,
6/1/2040
200,000
203,172
2.60%,
6/1/2050
100,000
99,774
Constellation
Brands,
Inc.
,
5.25%,
11/15/2048
100,000
137,559
Diageo
Capital
plc
,
2.38%,
10/24/2029
200,000
210,105
Keurig
Dr
Pepper,
Inc.
,
4.60%,
5/25/2028
200,000
237,025
Molson
Coors
Beverage
Co.
,
4.20%,
7/15/2046
100,000
113,542
PepsiCo,
Inc.
,
2.25%,
3/19/2025
100,000
105,491
2.85%,
2/24/2026
175,000
189,863
2.75%,
3/19/2030
100,000
108,906
4.45%,
4/14/2046
200,000
263,020
3.45%,
10/6/2046
100,000
114,767
3,248,622
Biotechnology
0.6%
AbbVie,
Inc.
,
3.25%,
10/1/2022
200,000
205,364
2.90%,
11/6/2022
500,000
515,619
2.30%,
11/21/2022
100,000
102,530
2.60%,
11/21/2024
300,000
317,377
4.50%,
5/14/2035
135,000
165,881
4.30%,
5/14/2036
100,000
120,657
4.70%,
5/14/2045
50,000
63,364
4.25%,
11/21/2049
325,000
397,587
Amgen,
Inc.
,
4.66%,
6/15/2051
279,000
368,760
Baxalta,
Inc.
,
4.00%,
6/23/2025
30,000
33,187
Biogen,
Inc.
,
4.05%,
9/15/2025
95,000
106,171
2.25%,
5/1/2030
200,000
203,713
Gilead
Sciences,
Inc.
,
3.70%,
4/1/2024
400,000
429,990
4.75%,
3/1/2046
200,000
260,186
3,290,386
Building
Products
0.2%
Allegion
plc
,
3.50%,
10/1/2029
100,000
110,571
Carrier
Global
Corp.
,
2.24%,
2/15/2025
250,000
261,639
2.49%,
2/15/2027
250,000
264,402
Fortune
Brands
Home
&
Security,
Inc.
,
3.25%,
9/15/2029
50,000
54,549
Johnson
Controls
International
plc
,
4.50%,
2/15/2047
100,000
127,776
Corporate
Bonds
Principal
Amount
($)
Value
($)
Building
Products
Masco
Corp.
,
3.50%,
11/15/2027
100,000
110,688
3.13%,
2/15/2051
30,000
30,511
Owens
Corning
,
4.30%,
7/15/2047
50,000
59,342
1,019,478
Capital
Markets
1.3%
Ameriprise
Financial,
Inc.
,
4.00%,
10/15/2023
250,000
269,490
Ares
Capital
Corp.
,
3.88%,
1/15/2026
200,000
215,865
Bank
of
New
York
Mellon
Corp.
(The)
,
1.95%,
8/23/2022
250,000
254,488
Brookfield
Finance,
Inc.
,
4.25%,
6/2/2026
250,000
283,218
4.85%,
3/29/2029
60,000
72,039
Charles
Schwab
Corp.
(The)
,
0.90%,
3/11/2026
100,000
99,959
CME
Group,
Inc.
,
5.30%,
9/15/2043
100,000
146,802
Credit
Suisse
USA,
Inc.
,
7.13%,
7/15/2032
195,000
283,513
Franklin
Resources,
Inc.
,
2.80%,
9/15/2022
250,000
256,929
Goldman
Sachs
Group,
Inc.
(The)
,
3.85%,
7/8/2024
300,000
325,663
3.50%,
4/1/2025
300,000
325,711
(ICE
LIBOR
USD
3
Month
+
1.30%),
4.22%,
5/1/2029(b)
350,000
402,564
6.75%,
10/1/2037
100,000
147,999
(ICE
LIBOR
USD
3
Month
+
1.43%),
4.41%,
4/23/2039(b)
250,000
308,531
6.25%,
2/1/2041
250,000
373,870
Intercontinental
Exchange,
Inc.
,
3.75%,
9/21/2028
200,000
226,583
2.10%,
6/15/2030
100,000
100,442
3.00%,
9/15/2060
100,000
100,827
Jefferies
Group
LLC
,
4.15%,
1/23/2030
100,000
114,282
Moody's
Corp.
,
4.50%,
9/1/2022
100,000
103,389
2.55%,
8/18/2060
50,000
45,941
Morgan
Stanley
,
3.70%,
10/23/2024
300,000
327,612
3.13%,
7/27/2026
250,000
271,944
4.35%,
9/8/2026
250,000
284,717
3.63%,
1/20/2027
250,000
279,255
3.95%,
4/23/2027
250,000
281,534
(ICE
LIBOR
USD
3
Month
+
1.63%),
4.43%,
1/23/2030(b)
200,000
235,021
(SOFR
+
1.03%),
1.79%,
2/13/2032(b)
250,000
243,051
4.38%,
1/22/2047
250,000
318,343
Nationwide
Bond
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
11
Corporate
Bonds
Principal
Amount
($)
Value
($)
Capital
Markets
Nomura
Holdings,
Inc.
,
3.10%,
1/16/2030
200,000
212,204
Northern
Trust
Corp.
,
3.65%,
8/3/2028
50,000
57,124
Raymond
James
Financial,
Inc.
,
4.65%,
4/1/2030
200,000
242,769
State
Street
Corp.
,
3.30%,
12/16/2024
155,000
168,712
7,380,391
Chemicals
0.4%
Air
Products
and
Chemicals,
Inc.
,
2.05%,
5/15/2030
200,000
206,811
Cabot
Corp.
,
4.00%,
7/1/2029
100,000
109,972
Dow
Chemical
Co.
(The)
,
4.25%,
10/1/2034
100,000
118,577
3.60%,
11/15/2050
100,000
111,349
DuPont
de
Nemours,
Inc.
,
4.73%,
11/15/2028
150,000
180,064
Eastman
Chemical
Co.
,
4.65%,
10/15/2044
100,000
125,061
International
Flavors
&
Fragrances,
Inc.
,
5.00%,
9/26/2048
50,000
66,760
Linde,
Inc.
,
3.20%,
1/30/2026
250,000
274,756
Lubrizol
Corp.
(The)
,
6.50%,
10/1/2034
103,000
153,135
LYB
International
Finance
III
LLC
,
2.88%,
5/1/2025
100,000
106,694
LyondellBasell
Industries
NV
,
4.63%,
2/26/2055
100,000
127,468
Mosaic
Co.
(The)
,
5.45%,
11/15/2033
50,000
63,997
Nutrien
Ltd.
,
6.13%,
1/15/2041
100,000
145,972
PPG
Industries,
Inc.
,
2.80%,
8/15/2029
100,000
107,281
Sherwin-Williams
Co.
(The)
,
4.50%,
6/1/2047
150,000
190,248
Westlake
Chemical
Corp.
,
4.38%,
11/15/2047
100,000
119,609
2,207,754
Commercial
Services
&
Supplies
0.1%
Republic
Services,
Inc.
,
3.20%,
3/15/2025
100,000
107,240
1.45%,
2/15/2031
55,000
53,013
3.05%,
3/1/2050
50,000
52,581
Waste
Management,
Inc.
,
4.15%,
7/15/2049
50,000
63,037
275,871
Communications
Equipment
0.1%
Cisco
Systems,
Inc.
,
2.50%,
9/20/2026
150,000
161,449
Corporate
Bonds
Principal
Amount
($)
Value
($)
Communications
Equipment
Juniper
Networks,
Inc.
,
3.75%,
8/15/2029
100,000
112,174
Motorola
Solutions,
Inc.
,
4.00%,
9/1/2024
150,000
164,268
2.30%,
11/15/2030
100,000
99,980
537,871
Construction
Materials
0.0%
†
Martin
Marietta
Materials,
Inc.
,
4.25%,
12/15/2047
50,000
59,518
Vulcan
Materials
Co.
,
3.90%,
4/1/2027
100,000
113,891
173,409
Consumer
Finance
0.7%
AerCap
Ireland
Capital
DAC
,
4.50%,
9/15/2023
200,000
214,009
Ally
Financial,
Inc.
,
8.00%,
11/1/2031
100,000
145,432
American
Express
Co.
,
3.63%,
12/5/2024
150,000
164,521
3.13%,
5/20/2026
300,000
328,967
American
Honda
Finance
Corp.
,
0.88%,
7/7/2023
300,000
302,968
3.45%,
7/14/2023
100,000
106,025
Capital
One
Financial
Corp.
,
3.50%,
6/15/2023
350,000
369,565
3.75%,
4/24/2024
100,000
107,922
3.75%,
3/9/2027
250,000
280,255
Discover
Financial
Services
,
4.50%,
1/30/2026
100,000
113,700
General
Motors
Financial
Co.,
Inc.
,
5.25%,
3/1/2026
350,000
405,753
4.00%,
10/6/2026
250,000
277,366
John
Deere
Capital
Corp.
,
2.70%,
1/6/2023
200,000
206,877
0.70%,
1/15/2026
100,000
99,436
PACCAR
Financial
Corp.
,
1.80%,
2/6/2025
200,000
207,700
Synchrony
Financial
,
4.50%,
7/23/2025
190,000
212,237
Toyota
Motor
Credit
Corp.
,
3.65%,
1/8/2029
250,000
287,913
3,830,646
Containers
&
Packaging
0.0%
†
International
Paper
Co.
,
4.40%,
8/15/2047
25,000
31,749
WRKCo,
Inc.
,
4.20%,
6/1/2032
100,000
117,600
149,349
Diversified
Consumer
Services
0.1%
Northwestern
University
,
Series
2017,
3.66%,
12/1/2057
12,000
15,076
12
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Diversified
Consumer
Services
President
and
Fellows
of
Harvard
College
,
3.15%,
7/15/2046
50,000
57,169
3.30%,
7/15/2056
100,000
119,176
University
of
Notre
Dame
du
Lac
,
Series
2017,
3.39%,
2/15/2048
30,000
35,626
Yale
University
,
Series
2020,
2.40%,
4/15/2050
26,000
25,763
252,810
Diversified
Financial
Services
0.3%
Berkshire
Hathaway,
Inc.
,
2.75%,
3/15/2023
200,000
207,276
Equitable
Holdings,
Inc.
,
7.00%,
4/1/2028
92,000
119,623
5.00%,
4/20/2048
50,000
64,917
GE
Capital
International
Funding
Co.
Unlimited
Co.
,
4.42%,
11/15/2035
282,000
346,006
National
Rural
Utilities
Cooperative
Finance
Corp.
,
3.40%,
2/7/2028
50,000
55,546
Shell
International
Finance
BV
,
6.38%,
12/15/2038
250,000
372,748
3.25%,
4/6/2050
200,000
217,381
Voya
Financial,
Inc.
,
3.65%,
6/15/2026
100,000
111,361
1,494,858
Diversified
Telecommunication
Services
1.0%
AT&T,
Inc.
,
4.05%,
12/15/2023(c)
200,000
216,375
4.30%,
2/15/2030
300,000
349,720
2.75%,
6/1/2031
200,000
210,514
2.55%,
12/1/2033(d)
807,000
814,129
4.65%,
6/1/2044
150,000
181,718
3.30%,
2/1/2052
200,000
199,766
3.55%,
9/15/2055(d)
100,000
103,295
3.65%,
9/15/2059(d)
518,000
534,669
Bell
Telephone
Co.
of
Canada
,
4.30%,
7/29/2049
100,000
122,706
Deutsche
Telekom
International
Finance
BV
,
8.75%,
6/15/2030(c)
106,000
160,188
Orange
SA
,
5.50%,
2/6/2044
100,000
141,246
Telefonica
Emisiones
SA
,
4.57%,
4/27/2023
200,000
213,434
5.52%,
3/1/2049
150,000
197,758
Verizon
Communications,
Inc.
,
4.33%,
9/21/2028
254,000
297,912
4.02%,
12/3/2029
300,000
347,262
2.55%,
3/21/2031
250,000
259,927
4.40%,
11/1/2034
300,000
363,865
3.85%,
11/1/2042
175,000
202,758
4.86%,
8/21/2046
200,000
263,181
Corporate
Bonds
Principal
Amount
($)
Value
($)
Diversified
Telecommunication
Services
Verizon
Communications,
Inc.,
3.55%,
3/22/2051
100,000
108,802
2.99%,
10/30/2056
453,000
440,519
5,729,744
Electric
Utilities
1.4%
Appalachian
Power
Co.
,
Series
Y,
4.50%,
3/1/2049
150,000
189,156
Arizona
Public
Service
Co.
,
3.50%,
12/1/2049
100,000
112,203
CenterPoint
Energy
Houston
Electric
LLC
,
3.95%,
3/1/2048
150,000
182,996
Cleveland
Electric
Illuminating
Co.
(The)
,
5.50%,
8/15/2024
200,000
227,981
DTE
Electric
Co.
,
3.65%,
3/15/2024
250,000
268,270
3.70%,
3/15/2045
80,000
93,121
Duke
Energy
Corp.
,
3.95%,
10/15/2023
200,000
213,541
3.75%,
4/15/2024
150,000
161,516
4.20%,
6/15/2049
150,000
173,784
Duke
Energy
Indiana
LLC
,
3.75%,
5/15/2046
250,000
288,380
Duke
Energy
Ohio,
Inc.
,
3.70%,
6/15/2046
100,000
114,930
Emera
US
Finance
LP
,
3.55%,
6/15/2026
250,000
274,769
Entergy
Arkansas
LLC
,
3.50%,
4/1/2026
100,000
110,680
4.20%,
4/1/2049
150,000
188,620
Evergy
Metro,
Inc.
,
Series
2019,
4.13%,
4/1/2049
100,000
123,832
Eversource
Energy
,
Series
H,
3.15%,
1/15/2025
125,000
133,871
3.45%,
1/15/2050
100,000
108,977
Exelon
Corp.
,
4.05%,
4/15/2030
300,000
346,712
5.63%,
6/15/2035
250,000
336,176
Florida
Power
&
Light
Co.
,
4.13%,
6/1/2048
150,000
192,118
Fortis,
Inc.
,
3.06%,
10/4/2026
100,000
108,416
Iberdrola
International
BV
,
5.81%,
3/15/2025
82,000
95,446
Kentucky
Utilities
Co.
,
5.13%,
11/1/2040
150,000
200,656
NextEra
Energy
Capital
Holdings,
Inc.
,
2.75%,
11/1/2029
300,000
320,003
Ohio
Power
Co.
,
4.15%,
4/1/2048
150,000
184,769
Oncor
Electric
Delivery
Co.
LLC
,
5.30%,
6/1/2042
150,000
211,527
Pacific
Gas
and
Electric
Co.
,
4.55%,
7/1/2030
100,000
106,716
2.50%,
2/1/2031
300,000
282,824
Nationwide
Bond
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
13
Corporate
Bonds
Principal
Amount
($)
Value
($)
Electric
Utilities
Pacific
Gas
and
Electric
Co.,
4.50%,
7/1/2040
200,000
201,905
Public
Service
Co.
of
Colorado
,
Series
34,
3.20%,
3/1/2050
200,000
222,618
Public
Service
Electric
and
Gas
Co.
,
3.95%,
5/1/2042
200,000
242,501
Southern
California
Edison
Co.
,
4.00%,
4/1/2047
100,000
105,851
Series
B,
4.88%,
3/1/2049
100,000
120,083
Southern
Co.
(The)
,
3.25%,
7/1/2026
210,000
229,470
4.40%,
7/1/2046
250,000
301,106
Tampa
Electric
Co.
,
3.63%,
6/15/2050
100,000
116,456
Union
Electric
Co.
,
2.63%,
3/15/2051
100,000
98,197
Virginia
Electric
and
Power
Co.
,
4.45%,
2/15/2044
150,000
190,633
Wisconsin
Power
and
Light
Co.
,
3.00%,
7/1/2029
250,000
274,719
Xcel
Energy,
Inc.
,
6.50%,
7/1/2036
123,000
182,256
7,637,785
Electrical
Equipment
0.0%
†
Eaton
Corp.
,
4.00%,
11/2/2032
150,000
178,226
Electronic
Equipment,
Instruments
&
Components
0.1%
Amphenol
Corp.
,
2.80%,
2/15/2030
100,000
107,142
Arrow
Electronics,
Inc.
,
4.50%,
3/1/2023
100,000
104,900
Corning,
Inc.
,
5.35%,
11/15/2048
100,000
138,431
Flex
Ltd.
,
3.75%,
2/1/2026
200,000
219,371
569,844
Energy
Equipment
&
Services
0.1%
Baker
Hughes
a
GE
Co.
LLC
,
4.08%,
12/15/2047
100,000
115,150
Halliburton
Co.
,
5.00%,
11/15/2045
150,000
183,424
NOV,
Inc.
,
3.95%,
12/1/2042
50,000
49,851
348,425
Entertainment
0.1%
Activision
Blizzard,
Inc.
,
2.50%,
9/15/2050
100,000
91,298
TWDC
Enterprises
18
Corp.
,
3.70%,
12/1/2042
100,000
116,067
3.00%,
7/30/2046
60,000
62,948
Walt
Disney
Co.
(The)
,
2.00%,
9/1/2029
100,000
102,517
Corporate
Bonds
Principal
Amount
($)
Value
($)
Entertainment
Walt
Disney
Co.
(The),
2.75%,
9/1/2049
100,000
99,504
4.70%,
3/23/2050
50,000
68,218
3.80%,
5/13/2060
200,000
241,468
782,020
Equity
Real
Estate
Investment
Trusts
(REITs)
1.0%
Alexandria
Real
Estate
Equities,
Inc.
,
4.00%,
2/1/2050
100,000
118,702
American
Tower
Corp.
,
3.38%,
5/15/2024
500,000
534,869
3.70%,
10/15/2049
100,000
111,171
AvalonBay
Communities,
Inc.
,
3.45%,
6/1/2025
100,000
109,495
2.30%,
3/1/2030
200,000
207,732
Boston
Properties
LP
,
2.75%,
10/1/2026
150,000
160,928
2.90%,
3/15/2030
100,000
106,012
Brixmor
Operating
Partnership
LP
,
4.13%,
5/15/2029
100,000
114,149
Camden
Property
Trust
,
3.35%,
11/1/2049
100,000
113,024
Crown
Castle
International
Corp.
,
2.25%,
1/15/2031
300,000
300,833
4.00%,
11/15/2049
60,000
68,449
CubeSmart
LP
,
3.00%,
2/15/2030
100,000
107,050
Digital
Realty
Trust
LP
,
4.45%,
7/15/2028
100,000
117,394
Duke
Realty
LP
,
2.88%,
11/15/2029
40,000
42,803
Equinix,
Inc.
,
2.63%,
11/18/2024
30,000
31,622
3.20%,
11/18/2029
35,000
38,107
2.15%,
7/15/2030
100,000
100,595
ERP
Operating
LP
,
2.85%,
11/1/2026
250,000
269,059
3.00%,
7/1/2029
100,000
109,039
Essex
Portfolio
LP
,
3.00%,
1/15/2030
150,000
160,519
Federal
Realty
Investment
Trust
,
3.20%,
6/15/2029
100,000
108,619
GLP
Capital
LP
,
5.38%,
4/15/2026
200,000
231,476
Healthcare
Trust
of
America
Holdings
LP
,
3.10%,
2/15/2030
100,000
107,973
Healthpeak
Properties,
Inc.
,
3.40%,
2/1/2025
19,000
20,467
2.88%,
1/15/2031
50,000
53,360
Host
Hotels
&
Resorts
LP
,
Series
D,
3.75%,
10/15/2023
100,000
105,453
Series
H,
3.38%,
12/15/2029
50,000
52,738
14
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Equity
Real
Estate
Investment
Trusts
(REITs)
Kilroy
Realty
LP
,
3.05%,
2/15/2030
100,000
106,997
Kimco
Realty
Corp.
,
4.45%,
9/1/2047
50,000
61,551
Omega
Healthcare
Investors,
Inc.
,
4.50%,
4/1/2027
100,000
112,716
Prologis
LP
,
1.25%,
10/15/2030
100,000
95,843
Realty
Income
Corp.
,
0.75%,
3/15/2026
100,000
98,933
3.25%,
6/15/2029
150,000
164,905
Simon
Property
Group
LP
,
2.00%,
9/13/2024
250,000
259,775
2.45%,
9/13/2029
100,000
104,120
4.75%,
3/15/2042
100,000
126,120
Spirit
Realty
LP
,
4.00%,
7/15/2029
85,000
95,684
UDR,
Inc.
,
3.20%,
1/15/2030
150,000
164,124
Welltower,
Inc.
,
4.13%,
3/15/2029
250,000
287,911
Weyerhaeuser
Co.
,
7.38%,
3/15/2032
100,000
145,611
WP
Carey,
Inc.
,
3.85%,
7/15/2029
50,000
56,293
5,482,221
Food
&
Staples
Retailing
0.4%
Costco
Wholesale
Corp.
,
2.75%,
5/18/2024
200,000
212,204
Kroger
Co.
(The)
,
7.50%,
4/1/2031
178,000
256,511
Sysco
Corp.
,
3.55%,
3/15/2025
200,000
217,886
6.60%,
4/1/2050
50,000
79,791
Walmart,
Inc.
,
2.85%,
7/8/2024
250,000
266,827
3.70%,
6/26/2028
300,000
344,566
3.25%,
7/8/2029
300,000
339,173
5.25%,
9/1/2035
92,000
127,524
6.20%,
4/15/2038
198,000
297,909
2,142,391
Food
Products
0.4%
Archer-Daniels-Midland
Co.
,
2.50%,
8/11/2026
100,000
106,959
4.50%,
3/15/2049
100,000
135,350
Campbell
Soup
Co.
,
4.15%,
3/15/2028
50,000
57,268
4.80%,
3/15/2048
50,000
63,315
Conagra
Brands,
Inc.
,
7.00%,
10/1/2028
154,000
206,060
5.40%,
11/1/2048
50,000
68,638
General
Mills,
Inc.
,
2.88%,
4/15/2030
100,000
107,620
Hershey
Co.
(The)
,
2.45%,
11/15/2029
150,000
160,300
3.13%,
11/15/2049
50,000
54,344
Corporate
Bonds
Principal
Amount
($)
Value
($)
Food
Products
J
M
Smucker
Co.
(The)
,
4.25%,
3/15/2035
100,000
119,596
Kellogg
Co.
,
3.25%,
4/1/2026
40,000
43,890
4.30%,
5/15/2028
250,000
293,040
Mead
Johnson
Nutrition
Co.
,
4.13%,
11/15/2025
110,000
124,226
Mondelez
International,
Inc.
,
2.63%,
9/4/2050
100,000
95,995
Tyson
Foods,
Inc.
,
5.10%,
9/28/2048
100,000
134,787
Unilever
Capital
Corp.
,
2.00%,
7/28/2026
250,000
262,292
2.13%,
9/6/2029
100,000
104,223
5.90%,
11/15/2032
50,000
69,773
2,207,676
Gas
Utilities
0.2%
Atmos
Energy
Corp.
,
4.13%,
10/15/2044
100,000
120,932
National
Fuel
Gas
Co.
,
3.75%,
3/1/2023
250,000
260,181
ONE
Gas,
Inc.
,
2.00%,
5/15/2030
200,000
201,323
Piedmont
Natural
Gas
Co.,
Inc.
,
3.50%,
6/1/2029
200,000
222,153
Washington
Gas
Light
Co.
,
3.65%,
9/15/2049
50,000
57,789
862,378
Health
Care
Equipment
&
Supplies
0.3%
Abbott
Laboratories
,
3.88%,
9/15/2025
45,000
50,299
3.75%,
11/30/2026
226,000
257,323
4.90%,
11/30/2046
100,000
140,242
Baxter
International,
Inc.
,
2.60%,
8/15/2026
100,000
106,965
Becton
Dickinson
and
Co.
,
4.69%,
12/15/2044
100,000
127,410
Boston
Scientific
Corp.
,
4.70%,
3/1/2049
100,000
131,146
Danaher
Corp.
,
2.60%,
10/1/2050
75,000
73,873
DH
Europe
Finance
II
Sarl
,
2.60%,
11/15/2029
45,000
47,783
3.25%,
11/15/2039
50,000
54,665
Koninklijke
Philips
NV
,
5.00%,
3/15/2042
100,000
135,463
Medtronic,
Inc.
,
4.63%,
3/15/2045
100,000
134,263
Stryker
Corp.
,
2.90%,
6/15/2050
100,000
103,214
Zimmer
Biomet
Holdings,
Inc.
,
3.55%,
3/20/2030
200,000
222,828
1,585,474
Nationwide
Bond
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
15
Corporate
Bonds
Principal
Amount
($)
Value
($)
Health
Care
Providers
&
Services
1.0%
Advocate
Health
&
Hospitals
Corp.
,
4.27%,
8/15/2048
21,000
27,184
Aetna,
Inc.
,
3.88%,
8/15/2047
100,000
113,864
AmerisourceBergen
Corp.
,
4.25%,
3/1/2045
100,000
118,011
Anthem,
Inc.
,
3.50%,
8/15/2024
100,000
107,865
4.10%,
3/1/2028
200,000
230,485
4.65%,
8/15/2044
250,000
318,890
Cardinal
Health,
Inc.
,
4.37%,
6/15/2047
50,000
57,929
Cigna
Corp.
,
4.13%,
11/15/2025
200,000
224,999
4.90%,
12/15/2048
100,000
132,547
3.40%,
3/15/2050
175,000
188,624
CommonSpirit
Health
,
2.78%,
10/1/2030
62,000
65,560
4.35%,
11/1/2042
50,000
59,771
4.19%,
10/1/2049
25,000
29,549
CVS
Health
Corp.
,
3.70%,
3/9/2023
435,000
456,983
4.30%,
3/25/2028
152,000
175,996
3.75%,
4/1/2030
100,000
113,757
5.05%,
3/25/2048
300,000
399,702
HCA,
Inc.
,
5.00%,
3/15/2024
200,000
221,256
4.50%,
2/15/2027
250,000
285,479
Humana,
Inc.
,
3.95%,
8/15/2049
100,000
117,173
Kaiser
Foundation
Hospitals
,
4.15%,
5/1/2047
150,000
190,597
Laboratory
Corp.
of
America
Holdings
,
2.95%,
12/1/2029
200,000
213,315
McKesson
Corp.
,
3.95%,
2/16/2028
100,000
114,352
Memorial
Sloan-Kettering
Cancer
Center
,
Series
2020,
2.96%,
1/1/2050
29,000
30,453
New
York
and
Presbyterian
Hospital
(The)
,
2.61%,
8/1/2060
100,000
95,396
Northwell
Healthcare,
Inc.
,
4.26%,
11/1/2047
20,000
24,395
Providence
St
Joseph
Health
Obligated
Group
,
Series
A,
3.93%,
10/1/2048
15,000
17,928
Quest
Diagnostics,
Inc.
,
4.20%,
6/30/2029
50,000
58,364
Stanford
Health
Care
,
Series
2018,
3.80%,
11/15/2048
12,000
14,490
Sutter
Health
,
Series
2018,
4.09%,
8/15/2048
36,000
44,613
UnitedHealth
Group,
Inc.
,
3.38%,
4/15/2027
250,000
279,601
Corporate
Bonds
Principal
Amount
($)
Value
($)
Health
Care
Providers
&
Services
UnitedHealth
Group,
Inc.,
3.88%,
12/15/2028
200,000
232,358
5.80%,
3/15/2036
200,000
286,345
3.88%,
8/15/2059
150,000
184,216
3.13%,
5/15/2060
50,000
53,513
5,285,560
Hotels,
Restaurants
&
Leisure
0.3%
Booking
Holdings,
Inc.
,
4.63%,
4/13/2030
200,000
240,478
Expedia
Group,
Inc.
,
3.80%,
2/15/2028
50,000
54,806
3.25%,
2/15/2030
65,000
68,224
Las
Vegas
Sands
Corp.
,
3.20%,
8/8/2024
100,000
104,419
Marriott
International,
Inc.
,
Series
EE,
5.75%,
5/1/2025
100,000
115,391
Series
R,
3.13%,
6/15/2026
200,000
213,883
McDonald's
Corp.
,
3.50%,
7/1/2027
100,000
111,723
4.88%,
12/9/2045
250,000
330,209
Sands
China
Ltd.
,
5.40%,
8/8/2028
200,000
233,484
Starbucks
Corp.
,
3.80%,
8/15/2025
100,000
111,099
3.50%,
11/15/2050
100,000
110,826
1,694,542
Household
Durables
0.1%
DR
Horton,
Inc.
,
2.50%,
10/15/2024
85,000
89,089
Lennar
Corp.
,
5.88%,
11/15/2024
300,000
340,039
PulteGroup,
Inc.
,
5.00%,
1/15/2027
200,000
234,500
Whirlpool
Corp.
,
3.70%,
5/1/2025
100,000
110,002
773,630
Household
Products
0.1%
Colgate-Palmolive
Co.
,
3.70%,
8/1/2047
100,000
124,497
Kimberly-Clark
Corp.
,
3.20%,
7/30/2046
85,000
94,094
2.88%,
2/7/2050
50,000
52,968
Procter
&
Gamble
Co.
(The)
,
3.00%,
3/25/2030
200,000
223,112
3.50%,
10/25/2047
50,000
60,502
555,173
Independent
Power
and
Renewable
Electricity
Producers
0.0%
†
Exelon
Generation
Co.
LLC
,
5.60%,
6/15/2042
50,000
60,148
Oglethorpe
Power
Corp.
,
5.05%,
10/1/2048
75,000
95,904
156,052
Industrial
Conglomerates
0.2%
3M
Co.
,
5.70%,
3/15/2037
50,000
70,550
16
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Industrial
Conglomerates
3M
Co.,
3.25%,
8/26/2049
125,000
138,955
General
Electric
Co.
,
3.38%,
3/11/2024
150,000
160,538
6.75%,
3/15/2032
106,000
147,658
6.88%,
1/10/2039
100,000
152,099
Honeywell
International,
Inc.
,
3.81%,
11/21/2047
100,000
121,379
Roper
Technologies,
Inc.
,
1.00%,
9/15/2025
60,000
59,999
1.75%,
2/15/2031
100,000
97,870
Trane
Technologies
Global
Holding
Co.
Ltd.
,
5.75%,
6/15/2043
50,000
73,291
Trane
Technologies
Luxembourg
Finance
SA
,
3.55%,
11/1/2024
250,000
270,180
1,292,519
Insurance
0.8%
Aflac,
Inc.
,
3.63%,
11/15/2024
250,000
274,007
3.60%,
4/1/2030
110,000
125,460
American
International
Group,
Inc.
,
4.80%,
7/10/2045
100,000
128,367
4.75%,
4/1/2048
150,000
196,171
Aon
plc
,
4.75%,
5/15/2045
100,000
131,596
Arch
Capital
Finance
LLC
,
4.01%,
12/15/2026
250,000
283,877
Athene
Holding
Ltd.
,
4.13%,
1/12/2028
200,000
226,575
Berkshire
Hathaway
Finance
Corp.
,
4.40%,
5/15/2042
150,000
191,501
4.25%,
1/15/2049
100,000
127,120
Brighthouse
Financial,
Inc.
,
3.70%,
6/22/2027
141,000
155,738
Chubb
INA
Holdings,
Inc.
,
2.70%,
3/13/2023
250,000
259,335
3.35%,
5/3/2026
45,000
49,606
4.35%,
11/3/2045
100,000
128,597
CNA
Financial
Corp.
,
3.90%,
5/1/2029
50,000
57,039
Globe
Life,
Inc.
,
2.15%,
8/15/2030
100,000
100,552
Hartford
Financial
Services
Group,
Inc.
(The)
,
6.10%,
10/1/2041
50,000
72,910
Lincoln
National
Corp.
,
4.35%,
3/1/2048
100,000
122,334
Manulife
Financial
Corp.
,
4.15%,
3/4/2026
100,000
113,216
Markel
Corp.
,
5.00%,
5/20/2049
50,000
66,564
Marsh
&
McLennan
Cos.,
Inc.
,
4.90%,
3/15/2049
100,000
137,601
MetLife,
Inc.
,
5.70%,
6/15/2035
86,000
120,634
Corporate
Bonds
Principal
Amount
($)
Value
($)
Insurance
MetLife,
Inc.,
4.13%,
8/13/2042
200,000
245,147
Principal
Financial
Group,
Inc.
,
3.70%,
5/15/2029
50,000
56,713
Progressive
Corp.
(The)
,
6.25%,
12/1/2032
113,000
159,170
Prudential
Financial,
Inc.
,
6.63%,
6/21/2040
100,000
154,186
3.70%,
3/13/2051
100,000
116,870
Travelers
Cos.,
Inc.
(The)
,
4.00%,
5/30/2047
100,000
123,916
Travelers
Property
Casualty
Corp.
,
6.38%,
3/15/2033
133,000
192,698
Willis
North
America,
Inc.
,
2.95%,
9/15/2029
30,000
31,791
XLIT
Ltd.
,
4.45%,
3/31/2025
150,000
168,801
4,318,092
Interactive
Media
&
Services
0.1%
Alphabet,
Inc.
,
2.05%,
8/15/2050
200,000
181,184
Baidu,
Inc.
,
4.38%,
5/14/2024
200,000
217,370
398,554
Internet
&
Direct
Marketing
Retail
0.2%
Alibaba
Group
Holding
Ltd.
,
4.20%,
12/6/2047
250,000
292,871
Amazon.com,
Inc.
,
3.15%,
8/22/2027
350,000
388,385
2.50%,
6/3/2050
200,000
192,505
4.25%,
8/22/2057
200,000
261,234
eBay,
Inc.
,
4.00%,
7/15/2042
100,000
114,531
1,249,526
IT
Services
0.4%
Automatic
Data
Processing,
Inc.
,
1.25%,
9/1/2030
100,000
96,686
Broadridge
Financial
Solutions,
Inc.
,
3.40%,
6/27/2026
80,000
88,445
Fiserv,
Inc.
,
2.75%,
7/1/2024
200,000
211,748
3.50%,
7/1/2029
400,000
446,768
Global
Payments,
Inc.
,
4.15%,
8/15/2049
50,000
58,898
International
Business
Machines
Corp.
,
5.88%,
11/29/2032
250,000
344,665
4.25%,
5/15/2049
100,000
125,729
Mastercard,
Inc.
,
3.95%,
2/26/2048
150,000
183,728
PayPal
Holdings,
Inc.
,
2.40%,
10/1/2024
35,000
36,883
2.30%,
6/1/2030
250,000
262,877
Nationwide
Bond
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
17
Corporate
Bonds
Principal
Amount
($)
Value
($)
IT
Services
Visa,
Inc.
,
4.15%,
12/14/2035
150,000
187,547
4.30%,
12/14/2045
100,000
129,560
2,173,534
Leisure
Products
0.0%
†
Hasbro,
Inc.
,
3.55%,
11/19/2026
100,000
110,302
3.90%,
11/19/2029
50,000
56,322
166,624
Life
Sciences
Tools
&
Services
0.1%
Agilent
Technologies,
Inc.
,
2.75%,
9/15/2029
100,000
105,971
PerkinElmer,
Inc.
,
3.30%,
9/15/2029
50,000
54,651
Thermo
Fisher
Scientific,
Inc.
,
3.20%,
8/15/2027
250,000
275,973
2.60%,
10/1/2029
65,000
69,208
505,803
Machinery
0.2%
Caterpillar,
Inc.
,
2.60%,
9/19/2029
200,000
215,513
3.25%,
9/19/2049
100,000
112,863
Deere
&
Co.
,
3.90%,
6/9/2042
100,000
123,833
Dover
Corp.
,
5.38%,
3/1/2041
50,000
66,830
Illinois
Tool
Works,
Inc.
,
4.88%,
9/15/2041
100,000
136,362
Otis
Worldwide
Corp.
,
3.11%,
2/15/2040
100,000
105,309
Snap-on,
Inc.
,
3.10%,
5/1/2050
50,000
54,235
Stanley
Black
&
Decker,
Inc.
,
2.30%,
3/15/2030
100,000
104,933
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.66%),
4.00%,
3/15/2060(b)
50,000
53,500
Westinghouse
Air
Brake
Technologies
Corp.
,
4.95%,
9/15/2028(c)
100,000
117,272
1,090,650
Media
0.8%
Charter
Communications
Operating
LLC
,
4.50%,
2/1/2024
300,000
326,433
3.75%,
2/15/2028
250,000
278,076
6.48%,
10/23/2045
100,000
140,676
4.80%,
3/1/2050
150,000
175,945
3.70%,
4/1/2051
200,000
202,273
Comcast
Corp.
,
3.40%,
4/1/2030
100,000
111,588
7.05%,
3/15/2033
105,000
155,453
3.97%,
11/1/2047
296,000
352,097
4.70%,
10/15/2048
450,000
590,339
4.95%,
10/15/2058
25,000
35,335
Corporate
Bonds
Principal
Amount
($)
Value
($)
Media
Discovery
Communications
LLC
,
3.63%,
5/15/2030
100,000
110,256
5.30%,
5/15/2049
125,000
160,762
Fox
Corp.
,
5.48%,
1/25/2039
100,000
130,854
Omnicom
Group,
Inc.
,
3.60%,
4/15/2026
250,000
277,710
Time
Warner
Cable
LLC
,
6.75%,
6/15/2039
50,000
71,048
5.50%,
9/1/2041
100,000
126,457
ViacomCBS,
Inc.
,
3.70%,
8/15/2024
250,000
269,991
5.50%,
5/15/2033
82,000
106,066
4.38%,
3/15/2043
200,000
236,358
WPP
Finance
2010
,
3.75%,
9/19/2024
250,000
272,456
4,130,173
Metals
&
Mining
0.2%
BHP
Billiton
Finance
USA
Ltd.
,
5.00%,
9/30/2043
150,000
209,749
Newmont
Corp.
,
5.88%,
4/1/2035
64,000
87,280
Nucor
Corp.
,
4.00%,
8/1/2023
250,000
265,765
Rio
Tinto
Alcan,
Inc.
,
5.75%,
6/1/2035
144,000
203,260
Southern
Copper
Corp.
,
6.75%,
4/16/2040
100,000
139,000
Teck
Resources
Ltd.
,
5.20%,
3/1/2042
50,000
59,727
Vale
Overseas
Ltd.
,
6.25%,
8/10/2026
150,000
180,060
6.88%,
11/10/2039
100,000
141,251
1,286,092
Multiline
Retail
0.1%
Target
Corp.
,
2.50%,
4/15/2026
250,000
269,021
3.90%,
11/15/2047
100,000
126,570
395,591
Multi-Utilities
0.7%
Ameren
Illinois
Co.
,
2.70%,
9/1/2022
350,000
357,200
Berkshire
Hathaway
Energy
Co.
,
3.50%,
2/1/2025
250,000
271,232
4.25%,
10/15/2050
100,000
124,949
2.85%,
5/15/2051
200,000
199,574
Black
Hills
Corp.
,
3.05%,
10/15/2029
125,000
135,468
CenterPoint
Energy,
Inc.
,
2.50%,
9/1/2022
100,000
102,135
CMS
Energy
Corp.
,
3.00%,
5/15/2026
100,000
108,055
Consolidated
Edison
Co.
of
New
York,
Inc.
,
5.70%,
6/15/2040
150,000
209,375
18
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Multi-Utilities
Consolidated
Edison
Co.
of
New
York,
Inc.,
3.95%,
3/1/2043
100,000
115,906
3.70%,
11/15/2059
100,000
109,560
Consumers
Energy
Co.
,
3.75%,
2/15/2050
150,000
182,609
Dominion
Energy,
Inc.
,
4.25%,
6/1/2028
250,000
290,736
Series
B,
5.95%,
6/15/2035
174,000
240,284
DTE
Energy
Co.
,
2.95%,
3/1/2030
100,000
107,568
NiSource,
Inc.
,
1.70%,
2/15/2031
50,000
48,150
4.38%,
5/15/2047
100,000
122,314
Puget
Sound
Energy,
Inc.
,
3.25%,
9/15/2049
100,000
108,585
Sempra
Energy
,
4.05%,
12/1/2023
200,000
214,455
4.00%,
2/1/2048
150,000
172,277
Southern
Co.
Gas
Capital
Corp.
,
Series
20-A,
1.75%,
1/15/2031
150,000
146,178
WEC
Energy
Group,
Inc.
,
1.80%,
10/15/2030
200,000
195,828
3,562,438
Oil,
Gas
&
Consumable
Fuels
2.0%
BP
Capital
Markets
America,
Inc.
,
3.41%,
2/11/2026
250,000
274,716
4.23%,
11/6/2028
150,000
174,839
3.63%,
4/6/2030
200,000
226,612
1.75%,
8/10/2030
200,000
198,071
BP
Capital
Markets
plc
,
3.51%,
3/17/2025
250,000
273,161
Canadian
Natural
Resources
Ltd.
,
6.25%,
3/15/2038
85,000
115,591
Cenovus
Energy,
Inc.
,
4.25%,
4/15/2027
300,000
335,815
Cheniere
Corpus
Christi
Holdings
LLC
,
5.13%,
6/30/2027
100,000
117,136
3.70%,
11/15/2029
65,000
71,716
Chevron
Corp.
,
2.36%,
12/5/2022
250,000
255,910
2.95%,
5/16/2026
250,000
272,105
Chevron
USA,
Inc.
,
3.90%,
11/15/2024
250,000
274,643
6.00%,
3/1/2041
150,000
224,899
CNOOC
Finance
2014
ULC
,
4.25%,
4/30/2024
200,000
216,355
CNOOC
Finance
2015
USA
LLC
,
4.38%,
5/2/2028
200,000
227,678
CNOOC
Petroleum
North
America
ULC
,
6.40%,
5/15/2037
100,000
131,905
Corporate
Bonds
Principal
Amount
($)
Value
($)
Oil,
Gas
&
Consumable
Fuels
ConocoPhillips
,
6.50%,
2/1/2039
200,000
298,509
Devon
Energy
Corp.
,
5.00%,
6/15/2045
100,000
117,985
Enable
Midstream
Partners
LP
,
5.00%,
5/15/2044(c)
50,000
55,181
Enbridge
Energy
Partners
LP
,
7.38%,
10/15/2045
100,000
160,972
Energy
Transfer
LP
,
4.25%,
3/15/2023
250,000
261,758
4.75%,
1/15/2026
100,000
112,764
5.50%,
6/1/2027
200,000
237,440
5.25%,
4/15/2029
100,000
119,166
3.75%,
5/15/2030
200,000
218,192
6.50%,
2/1/2042
150,000
197,182
5.00%,
5/15/2050
100,000
117,515
Enterprise
Products
Operating
LLC
,
6.13%,
10/15/2039
90,000
127,904
4.80%,
2/1/2049
75,000
94,864
4.95%,
10/15/2054
200,000
258,617
Equinor
ASA
,
3.25%,
11/18/2049
100,000
108,033
3.70%,
4/6/2050
100,000
117,725
Exxon
Mobil
Corp.
,
1.57%,
4/15/2023
100,000
102,128
3.18%,
3/15/2024
200,000
213,195
2.71%,
3/6/2025
250,000
266,531
2.99%,
3/19/2025
200,000
214,726
3.48%,
3/19/2030
200,000
227,306
4.23%,
3/19/2040
200,000
244,159
4.11%,
3/1/2046
100,000
121,806
Hess
Corp.
,
4.30%,
4/1/2027
100,000
111,755
7.30%,
8/15/2031
127,000
173,756
Kinder
Morgan
Energy
Partners
LP
,
5.80%,
3/15/2035
144,000
189,244
Kinder
Morgan,
Inc.
,
5.05%,
2/15/2046
150,000
186,257
Magellan
Midstream
Partners
LP
,
4.25%,
9/15/2046
100,000
114,947
Marathon
Oil
Corp.
,
6.80%,
3/15/2032
82,000
108,125
Marathon
Petroleum
Corp.
,
6.50%,
3/1/2041
100,000
140,334
MPLX
LP
,
4.50%,
7/15/2023
150,000
160,037
2.65%,
8/15/2030
100,000
102,663
4.70%,
4/15/2048
150,000
176,082
ONEOK,
Inc.
,
3.10%,
3/15/2030
100,000
105,813
4.95%,
7/13/2047
150,000
179,697
Phillips
66
,
5.88%,
5/1/2042
100,000
139,865
Plains
All
American
Pipeline
LP
,
4.70%,
6/15/2044
100,000
107,265
Nationwide
Bond
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
19
Corporate
Bonds
Principal
Amount
($)
Value
($)
Oil,
Gas
&
Consumable
Fuels
Sabine
Pass
Liquefaction
LLC
,
5.00%,
3/15/2027
250,000
291,418
Suncor
Energy,
Inc.
,
5.95%,
5/15/2035
89,000
118,858
4.00%,
11/15/2047
100,000
114,259
TotalEnergies
Capital
International
SA
,
3.70%,
1/15/2024
500,000
538,474
3.46%,
2/19/2029
100,000
112,690
3.46%,
7/12/2049
100,000
110,285
TransCanada
PipeLines
Ltd.
,
4.10%,
4/15/2030
150,000
173,736
5.10%,
3/15/2049
150,000
200,535
Valero
Energy
Corp.
,
6.63%,
6/15/2037
100,000
138,744
Williams
Cos.,
Inc.
(The)
,
5.40%,
3/4/2044
100,000
128,405
11,308,054
Paper
&
Forest
Products
0.0%
†
Georgia-Pacific
LLC
,
8.88%,
5/15/2031
50,000
80,275
Personal
Products
0.1%
Estee
Lauder
Cos.,
Inc.
(The)
,
2.00%,
12/1/2024
250,000
261,181
3.13%,
12/1/2049
100,000
110,806
371,987
Pharmaceuticals
1.0%
AstraZeneca
plc
,
3.38%,
11/16/2025
250,000
275,438
4.38%,
8/17/2048
150,000
197,918
Bristol-Myers
Squibb
Co.
,
2.90%,
7/26/2024
319,000
340,792
3.20%,
6/15/2026
200,000
220,252
5.00%,
8/15/2045
190,000
264,846
4.25%,
10/26/2049
100,000
129,085
Eli
Lilly
&
Co.
,
2.25%,
5/15/2050
200,000
186,240
GlaxoSmithKline
Capital
plc
,
3.38%,
6/1/2029
250,000
282,010
GlaxoSmithKline
Capital,
Inc.
,
5.38%,
4/15/2034
139,000
189,934
Johnson
&
Johnson
,
4.95%,
5/15/2033
287,000
384,697
3.63%,
3/3/2037
250,000
296,523
3.75%,
3/3/2047
100,000
123,373
Merck
&
Co.,
Inc.
,
3.40%,
3/7/2029
100,000
113,199
4.15%,
5/18/2043
100,000
126,424
4.00%,
3/7/2049
100,000
124,221
Mylan,
Inc.
,
4.55%,
4/15/2028
150,000
174,053
Novartis
Capital
Corp.
,
2.20%,
8/14/2030
100,000
105,102
4.00%,
11/20/2045
100,000
124,816
2.75%,
8/14/2050
50,000
52,315
Corporate
Bonds
Principal
Amount
($)
Value
($)
Pharmaceuticals
Pfizer,
Inc.
,
3.00%,
12/15/2026
250,000
276,534
4.13%,
12/15/2046
200,000
252,659
Pharmacia
LLC
,
6.60%,
12/1/2028(c)
123,000
166,217
Royalty
Pharma
plc
,
3.55%,
9/2/2050(d)
100,000
101,474
Sanofi
,
3.63%,
6/19/2028
250,000
287,426
Takeda
Pharmaceutical
Co.
Ltd.
,
3.18%,
7/9/2050
200,000
208,315
Viatris,
Inc.
,
3.85%,
6/22/2040(d)
200,000
218,037
Zoetis,
Inc.
,
3.25%,
2/1/2023
250,000
258,865
4.50%,
11/13/2025
115,000
131,052
4.70%,
2/1/2043
100,000
131,467
5,743,284
Professional
Services
0.0%
†
Thomson
Reuters
Corp.
,
3.35%,
5/15/2026
140,000
153,266
Road
&
Rail
0.5%
Burlington
Northern
Santa
Fe
LLC
,
3.00%,
4/1/2025
300,000
323,004
5.05%,
3/1/2041
300,000
406,514
Canadian
National
Railway
Co.
,
6.90%,
7/15/2028
118,000
158,372
6.20%,
6/1/2036
64,000
92,931
Canadian
Pacific
Railway
Co.
,
4.80%,
8/1/2045
150,000
196,604
CSX
Corp.
,
5.50%,
4/15/2041
100,000
138,687
3.95%,
5/1/2050
150,000
179,935
Kansas
City
Southern
,
4.20%,
11/15/2069
50,000
58,665
Norfolk
Southern
Corp.
,
2.90%,
2/15/2023
92,000
94,680
2.55%,
11/1/2029
50,000
53,116
4.45%,
6/15/2045
50,000
62,597
4.05%,
8/15/2052
132,000
161,313
Ryder
System,
Inc.
,
2.50%,
9/1/2024
45,000
47,258
2.90%,
12/1/2026
90,000
97,076
Union
Pacific
Corp.
,
3.60%,
9/15/2037
100,000
114,830
3.25%,
2/5/2050
200,000
215,050
3.95%,
8/15/2059
100,000
119,389
3.84%,
3/20/2060
25,000
29,368
2,549,389
Semiconductors
&
Semiconductor
Equipment
0.6%
Applied
Materials,
Inc.
,
5.85%,
6/15/2041
50,000
75,054
Broadcom,
Inc.
,
4.15%,
11/15/2030
300,000
340,046
20
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Semiconductors
&
Semiconductor
Equipment
Broadcom,
Inc.,
3.47%,
4/15/2034(d)
350,000
372,657
Intel
Corp.
,
3.70%,
7/29/2025
150,000
165,738
3.75%,
3/25/2027
100,000
113,305
2.45%,
11/15/2029
100,000
105,393
3.90%,
3/25/2030
200,000
233,292
4.10%,
5/11/2047
100,000
121,476
4.75%,
3/25/2050
150,000
200,596
KLA
Corp.
,
4.65%,
11/1/2024
215,000
240,113
3.30%,
3/1/2050
50,000
54,211
Lam
Research
Corp.
,
3.80%,
3/15/2025
145,000
159,893
1.90%,
6/15/2030
60,000
61,065
2.88%,
6/15/2050
55,000
57,044
Micron
Technology,
Inc.
,
4.19%,
2/15/2027
250,000
283,147
NVIDIA
Corp.
,
3.50%,
4/1/2050
100,000
115,457
NXP
BV
,
4.30%,
6/18/2029(d)
150,000
174,214
QUALCOMM,
Inc.
,
1.65%,
5/20/2032
100,000
97,554
4.65%,
5/20/2035
250,000
323,507
Texas
Instruments,
Inc.
,
4.15%,
5/15/2048
100,000
129,503
Xilinx,
Inc.
,
2.95%,
6/1/2024
100,000
105,932
3,529,197
Software
0.7%
Adobe,
Inc.
,
3.25%,
2/1/2025
70,000
75,800
Microsoft
Corp.
,
2.00%,
8/8/2023
250,000
258,152
2.40%,
8/8/2026
465,000
497,701
3.50%,
2/12/2035
65,000
77,159
3.45%,
8/8/2036
120,000
141,925
2.92%,
3/17/2052
330,000
355,593
2.68%,
6/1/2060
191,000
192,588
Oracle
Corp.
,
2.40%,
9/15/2023
350,000
363,193
2.95%,
5/15/2025
150,000
160,087
2.65%,
7/15/2026
145,000
153,896
2.80%,
4/1/2027
400,000
427,736
2.95%,
4/1/2030
200,000
213,871
4.30%,
7/8/2034
150,000
177,519
3.60%,
4/1/2040
300,000
320,997
3.60%,
4/1/2050
275,000
287,168
3.85%,
4/1/2060
150,000
160,630
ServiceNow,
Inc.
,
1.40%,
9/1/2030
75,000
71,753
3,935,768
Specialty
Retail
0.2%
AutoNation,
Inc.
,
2.40%,
8/1/2031
25,000
25,140
AutoZone,
Inc.
,
3.13%,
4/18/2024
250,000
266,136
Corporate
Bonds
Principal
Amount
($)
Value
($)
Specialty
Retail
Home
Depot,
Inc.
(The)
,
5.88%,
12/16/2036
25,000
36,268
4.40%,
3/15/2045
200,000
258,284
4.50%,
12/6/2048
100,000
133,632
3.13%,
12/15/2049
100,000
108,644
Lowe's
Cos.,
Inc.
,
3.65%,
4/5/2029
200,000
226,370
3.00%,
10/15/2050
150,000
151,531
TJX
Cos.,
Inc.
(The)
,
3.88%,
4/15/2030
100,000
115,951
1,321,956
Technology
Hardware,
Storage
&
Peripherals
0.5%
Apple,
Inc.
,
0.75%,
5/11/2023
500,000
504,315
3.45%,
5/6/2024
300,000
324,067
2.50%,
2/9/2025
170,000
180,175
2.45%,
8/4/2026
190,000
202,746
3.00%,
11/13/2027
100,000
109,936
1.65%,
5/11/2030
25,000
25,091
3.85%,
5/4/2043
250,000
300,471
4.38%,
5/13/2045
145,000
185,510
4.65%,
2/23/2046
230,000
308,952
3.85%,
8/4/2046
75,000
90,299
Dell
International
LLC
,
8.35%,
7/15/2046
150,000
245,542
Hewlett
Packard
Enterprise
Co.
,
6.35%,
10/15/2045(c)
50,000
69,262
HP,
Inc.
,
6.00%,
9/15/2041
50,000
65,636
2,612,002
Textiles,
Apparel
&
Luxury
Goods
0.0%
†
NIKE,
Inc.
,
2.85%,
3/27/2030
100,000
109,824
3.38%,
11/1/2046
100,000
114,885
224,709
Thrifts
&
Mortgage
Finance
0.1%
BPCE
SA
,
4.00%,
4/15/2024
250,000
272,919
Tobacco
0.3%
Altria
Group,
Inc.
,
3.40%,
5/6/2030
200,000
215,325
4.25%,
8/9/2042
100,000
106,558
3.88%,
9/16/2046
200,000
202,553
BAT
Capital
Corp.
,
3.22%,
8/15/2024
150,000
159,373
3.56%,
8/15/2027
200,000
216,462
4.39%,
8/15/2037
100,000
109,924
4.76%,
9/6/2049
50,000
55,252
3.98%,
9/25/2050
100,000
99,481
Philip
Morris
International,
Inc.
,
4.13%,
3/4/2043
200,000
231,693
Reynolds
American,
Inc.
,
4.45%,
6/12/2025
100,000
111,145
Nationwide
Bond
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
21
Corporate
Bonds
Principal
Amount
($)
Value
($)
Tobacco
Reynolds
American,
Inc.,
5.70%,
8/15/2035
75,000
92,677
1,600,443
Trading
Companies
&
Distributors
0.2%
Air
Lease
Corp.
,
2.25%,
1/15/2023
250,000
256,270
3.63%,
12/1/2027
250,000
272,060
Aircastle
Ltd.
,
5.00%,
4/1/2023
50,000
53,423
4.13%,
5/1/2024
100,000
107,000
GATX
Corp.
,
4.00%,
6/30/2030
200,000
228,664
917,417
Water
Utilities
0.0%
†
American
Water
Capital
Corp.
,
4.30%,
9/1/2045
150,000
185,688
Wireless
Telecommunication
Services
0.3%
America
Movil
SAB
de
CV
,
2.88%,
5/7/2030
200,000
212,268
6.38%,
3/1/2035
123,000
177,150
Rogers
Communications,
Inc.
,
5.00%,
3/15/2044
150,000
190,198
T-Mobile
USA,
Inc.
,
3.88%,
4/15/2030
200,000
225,818
2.55%,
2/15/2031
300,000
307,095
4.50%,
4/15/2050
100,000
122,331
Vodafone
Group
plc
,
4.88%,
6/19/2049
100,000
127,540
4.25%,
9/17/2050
140,000
165,486
1,527,886
Total
Corporate
Bonds
(cost
$135,408,412)
148,612,090
Foreign
Government
Securities
1.8%
CANADA
0.3%
Export
Development
Canada
,
2.50%,
1/24/2023
500,000
517,117
Province
of
Alberta
,
2.95%,
1/23/2024
250,000
265,701
3.30%,
3/15/2028
100,000
113,282
Province
of
New
Brunswick
,
3.63%,
2/24/2028
100,000
115,806
Province
of
Ontario
,
1.13%,
10/7/2030
500,000
485,151
Province
of
Quebec
,
7.50%,
9/15/2029
200,000
291,957
1,789,014
CHILE
0.0%
†
Republic
of
Chile
,
3.10%,
1/22/2061
200,000
192,258
Foreign
Government
Securities
Principal
Amount
($)
Value
($)
GERMANY
0.1%
FMS
Wertmanagement
AoeR
,
2.75%,
1/30/2024
400,000
423,711
HUNGARY
0.1%
Hungary
Government
Bond
,
5.75%,
11/22/2023
200,000
223,895
5.38%,
3/25/2024
500,000
562,256
786,151
INDONESIA
0.1%
Republic
of
Indonesia
,
3.85%,
10/15/2030
200,000
224,142
4.35%,
1/11/2048
250,000
285,692
509,834
ISRAEL
0.1%
State
of
Israel
Government
Bond
,
3.15%,
6/30/2023
250,000
262,899
4.13%,
1/17/2048
200,000
245,904
508,803
ITALY
0.1%
Italian
Republic
Government
Bond
,
6.88%,
9/27/2023
200,000
226,077
2.38%,
10/17/2024
200,000
208,622
2.88%,
10/17/2029
200,000
212,233
646,932
JAPAN
0.3%
Japan
Bank
for
International
Cooperation
,
3.38%,
10/31/2023
1,000,000
1,066,780
2.00%,
10/17/2029
500,000
526,597
1,593,377
MEXICO
0.1%
United
Mexican
States
,
5.55%,
1/21/2045
200,000
243,902
5.00%,
4/27/2051
300,000
343,530
5.75%,
10/12/2110
200,000
240,460
827,892
PANAMA
0.1%
Republic
of
Panama
,
6.70%,
1/26/2036
250,000
341,253
PERU
0.1%
Republic
of
Peru
,
3.30%,
3/11/2041
200,000
195,000
2.78%,
12/1/2060
200,000
171,800
366,800
PHILIPPINES
0.2%
Republic
of
Philippines
,
7.75%,
1/14/2031
350,000
515,852
6.38%,
10/23/2034
250,000
352,779
868,631
22
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bond
Index
Fund
Foreign
Government
Securities
Principal
Amount
($)
Value
($)
POLAND
0.0%
†
Republic
of
Poland
,
4.00%,
1/22/2024
250,000
271,510
SOUTH
KOREA
0.2%
Export-Import
Bank
of
Korea
,
2.88%,
1/21/2025
350,000
374,208
Republic
of
Korea
,
5.63%,
11/3/2025
200,000
239,398
2.50%,
6/19/2029
200,000
216,098
829,704
URUGUAY
0.0%
†
Oriental
Republic
of
Uruguay
,
5.10%,
6/18/2050
200,000
261,972
Total
Foreign
Government
Securities
(cost
$9,552,545)
10,217,842
Mortgage-Backed
Securities
27.1%
FHLMC
Gold
Pool
Pool#
C00351
8.00%,
7/1/2024
94
100
Pool#
D60780
8.00%,
6/1/2025
328
338
Pool#
G30267
5.00%,
8/1/2025
49,247
53,806
Pool#
J18127
3.00%,
3/1/2027
83,403
88,360
Pool#
J18702
3.00%,
3/1/2027
77,692
82,296
Pool#
J19106
3.00%,
5/1/2027
35,518
37,640
Pool#
J20471
3.00%,
9/1/2027
154,988
164,251
Pool#
D82854
7.00%,
10/1/2027
80
81
Pool#
G14609
3.00%,
11/1/2027
215,929
228,781
Pool#
C00566
7.50%,
12/1/2027
379
432
Pool#
G15100
2.50%,
7/1/2028
71,748
75,596
Pool#
C18271
7.00%,
11/1/2028
1,246
1,378
Pool#
C00678
7.00%,
11/1/2028
433
495
Pool#
C00836
7.00%,
7/1/2029
292
337
Pool#
C31285
7.00%,
9/1/2029
468
514
Pool#
C31282
7.00%,
9/1/2029
40
41
Pool#
C37436
8.00%,
1/1/2030
768
902
Pool#
C36429
7.00%,
2/1/2030
392
404
Pool#
C36306
7.00%,
2/1/2030
386
401
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FHLMC
Gold
Pool
Pool#
C00921
7.50%,
2/1/2030
531
623
Pool#
G01108
7.00%,
4/1/2030
194
222
Pool#
C37703
7.50%,
4/1/2030
424
446
Pool#
G18552
3.00%,
5/1/2030
359,119
380,574
Pool#
J32257
3.00%,
7/1/2030
25,283
26,794
Pool#
J32255
3.00%,
7/1/2030
21,557
22,852
Pool#
C41561
8.00%,
8/1/2030
1,225
1,277
Pool#
C01051
8.00%,
9/1/2030
883
1,050
Pool#
C43550
7.00%,
10/1/2030
907
937
Pool#
C44017
7.50%,
10/1/2030
286
290
Pool#
C43967
8.00%,
10/1/2030
2,026
2,034
Pool#
C44957
8.00%,
11/1/2030
557
569
Pool#
C01106
7.00%,
12/1/2030
3,719
4,255
Pool#
C01103
7.50%,
12/1/2030
443
530
Pool#
C46932
7.50%,
1/1/2031
417
433
Pool#
C01116
7.50%,
1/1/2031
362
427
Pool#
G01217
7.00%,
3/1/2031
4,221
4,877
Pool#
C48206
7.50%,
3/1/2031
1,105
1,109
Pool#
C91366
4.50%,
4/1/2031
59,402
64,893
Pool#
G18601
3.00%,
5/1/2031
19,950
21,127
Pool#
G18605
3.00%,
6/1/2031
10,560
11,190
Pool#
C91377
4.50%,
6/1/2031
32,285
35,274
Pool#
C53324
7.00%,
6/1/2031
1,015
1,083
Pool#
C01209
8.00%,
6/1/2031
214
217
Pool#
C54792
7.00%,
7/1/2031
1,203
1,243
Pool#
J35107
2.50%,
8/1/2031
28,998
30,590
Pool#
G01309
7.00%,
8/1/2031
535
611
Pool#
G01311
7.00%,
9/1/2031
4,567
5,241
Pool#
C01222
7.00%,
9/1/2031
545
642
Pool#
G01315
7.00%,
9/1/2031
151
174
Nationwide
Bond
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
23
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FHLMC
Gold
Pool
Pool#
J35522
2.50%,
10/1/2031
127,681
134,410
Pool#
C58694
7.00%,
10/1/2031
2,807
3,076
Pool#
C60012
7.00%,
11/1/2031
453
468
Pool#
C61298
8.00%,
11/1/2031
1,615
1,658
Pool#
J35957
2.50%,
12/1/2031
227,083
239,049
Pool#
C61105
7.00%,
12/1/2031
3,466
3,750
Pool#
C01305
7.50%,
12/1/2031
455
513
Pool#
C63171
7.00%,
1/1/2032
3,330
3,798
Pool#
V61548
2.50%,
2/1/2032
249,763
263,504
Pool#
G01391
7.00%,
4/1/2032
7,497
8,674
Pool#
C01345
7.00%,
4/1/2032
2,368
2,800
Pool#
C01370
8.00%,
4/1/2032
660
756
Pool#
G16285
3.50%,
5/1/2032
18,493
20,020
Pool#
C01381
8.00%,
5/1/2032
7,604
8,937
Pool#
C68290
7.00%,
6/1/2032
1,527
1,670
Pool#
C68300
7.00%,
6/1/2032
639
641
Pool#
G01449
7.00%,
7/1/2032
4,789
5,516
Pool#
C69908
7.00%,
8/1/2032
15,842
17,999
Pool#
C91558
3.50%,
9/1/2032
68,423
73,456
Pool#
G16407
2.50%,
1/1/2033
93,402
99,010
Pool#
G16408
2.50%,
1/1/2033
52,326
55,340
Pool#
G01536
7.00%,
3/1/2033
6,414
7,512
Pool#
G30646
3.00%,
5/1/2033
111,757
119,528
Pool#
G30642
3.00%,
5/1/2033
56,561
60,471
Pool#
K90535
3.00%,
5/1/2033
23,672
25,311
Pool#
A16419
6.50%,
11/1/2033
10,060
11,314
Pool#
A16522
6.50%,
12/1/2033
13,513
15,914
Pool#
C01806
7.00%,
1/1/2034
8,049
8,566
Pool#
A21356
6.50%,
4/1/2034
31,839
36,818
Pool#
C01851
6.50%,
4/1/2034
16,269
19,067
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FHLMC
Gold
Pool
Pool#
A24301
6.50%,
5/1/2034
18,604
20,924
Pool#
A22067
6.50%,
5/1/2034
14,940
17,533
Pool#
A24988
6.50%,
7/1/2034
7,424
8,350
Pool#
G01741
6.50%,
10/1/2034
5,394
6,182
Pool#
G08023
6.50%,
11/1/2034
11,588
13,802
Pool#
A33137
6.50%,
1/1/2035
2,531
2,847
Pool#
G08064
6.50%,
4/1/2035
5,911
7,010
Pool#
G01947
7.00%,
5/1/2035
5,548
6,442
Pool#
G08088
6.50%,
10/1/2035
56,238
67,023
Pool#
A39759
5.50%,
11/1/2035
4,117
4,742
Pool#
A40376
5.50%,
12/1/2035
2,690
3,094
Pool#
A42305
5.50%,
1/1/2036
5,791
6,557
Pool#
A41548
7.00%,
1/1/2036
7,925
8,310
Pool#
G08111
5.50%,
2/1/2036
13,798
16,017
Pool#
A43886
5.50%,
3/1/2036
211,163
243,103
Pool#
A43861
5.50%,
3/1/2036
32,727
36,661
Pool#
G08116
5.50%,
3/1/2036
15,591
18,099
Pool#
A43534
6.50%,
3/1/2036
1,437
1,617
Pool#
A48735
5.50%,
5/1/2036
4,805
5,365
Pool#
G08136
6.50%,
6/1/2036
6,346
7,500
Pool#
A53039
6.50%,
10/1/2036
30,882
34,733
Pool#
C91982
3.50%,
3/1/2038
63,246
67,488
Pool#
G04251
6.50%,
4/1/2038
3,468
4,062
Pool#
G04569
6.50%,
8/1/2038
4,184
4,768
Pool#
C92013
3.50%,
9/1/2038
110,524
117,589
Pool#
A84252
6.50%,
1/1/2039
14,790
17,000
Pool#
A84287
6.50%,
1/1/2039
7,696
9,008
Pool#
G05535
4.50%,
7/1/2039
404,305
450,312
Pool#
G60342
4.50%,
5/1/2042
87,581
97,412
Pool#
G60195
4.00%,
6/1/2042
219,076
241,619
24
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bond
Index
Fund
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FHLMC
Gold
Pool
Pool#
G07158
3.50%,
10/1/2042
103,744
112,525
Pool#
Q12051
3.50%,
10/1/2042
81,889
88,848
Pool#
G07163
3.50%,
10/1/2042
77,248
84,272
Pool#
Q11532
3.50%,
10/1/2042
65,295
71,220
Pool#
Q12052
3.50%,
10/1/2042
36,776
40,014
Pool#
C09020
3.50%,
11/1/2042
309,623
336,887
Pool#
G07264
3.50%,
12/1/2042
128,500
139,421
Pool#
Q14292
3.50%,
1/1/2043
33,942
37,029
Pool#
Q14881
3.50%,
1/1/2043
31,668
34,445
Pool#
V80002
2.50%,
4/1/2043
201,672
212,139
Pool#
Q16915
3.00%,
4/1/2043
376,523
406,050
Pool#
Q17675
3.50%,
4/1/2043
173,362
189,112
Pool#
Q18523
3.50%,
5/1/2043
301,703
328,251
Pool#
Q18751
3.50%,
6/1/2043
467,912
508,809
Pool#
G07410
3.50%,
7/1/2043
68,351
75,178
Pool#
Q20332
3.50%,
7/1/2043
12,876
14,009
Pool#
G07459
3.50%,
8/1/2043
267,529
291,068
Pool#
Q26869
4.00%,
6/1/2044
397,431
438,395
Pool#
G07946
4.00%,
7/1/2044
71,838
79,258
Pool#
Q28607
3.50%,
9/1/2044
70,999
77,480
Pool#
G61231
3.50%,
9/1/2044
12,362
13,443
Pool#
G08609
3.50%,
10/1/2044
29,007
31,294
Pool#
Q30833
4.00%,
1/1/2045
6,843
7,543
Pool#
G60400
4.50%,
1/1/2045
64,451
71,641
Pool#
Q34165
4.00%,
6/1/2045
167,035
184,196
Pool#
V81873
4.00%,
8/1/2045
14,768
16,087
Pool#
G08669
4.00%,
9/1/2045
79,916
86,996
Pool#
Q38357
4.00%,
1/1/2046
6,667
7,286
Pool#
G61365
4.50%,
1/1/2046
65,360
71,892
Pool#
G08697
3.00%,
3/1/2046
110,012
116,500
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FHLMC
Gold
Pool
Pool#
Q39440
4.00%,
3/1/2046
4,907
5,319
Pool#
G08704
4.50%,
4/1/2046
12,274
13,413
Pool#
Q40097
4.50%,
4/1/2046
1,311
1,418
Pool#
G60582
3.50%,
5/1/2046
81,234
88,624
Pool#
Q40718
3.50%,
5/1/2046
21,288
22,873
Pool#
G08707
4.00%,
5/1/2046
99,638
107,968
Pool#
G08708
4.50%,
5/1/2046
8,829
9,648
Pool#
Q40728
4.50%,
5/1/2046
1,190
1,287
Pool#
Q41548
3.00%,
7/1/2046
19,996
21,248
Pool#
Q41903
3.50%,
7/1/2046
128,199
137,883
Pool#
Q41491
3.50%,
7/1/2046
11,805
12,632
Pool#
Q41935
3.50%,
7/1/2046
9,714
10,617
Pool#
G61791
4.00%,
7/1/2046
11,831
12,917
Pool#
Q41947
4.50%,
7/1/2046
4,103
4,480
Pool#
G08715
3.00%,
8/1/2046
152,599
161,535
Pool#
Q42596
3.50%,
8/1/2046
104,389
112,300
Pool#
Q42393
3.50%,
8/1/2046
19,174
20,484
Pool#
Q42203
3.50%,
8/1/2046
14,770
15,839
Pool#
G61323
3.00%,
9/1/2046
181,944
194,417
Pool#
G08721
3.00%,
9/1/2046
114,401
121,082
Pool#
V82617
3.50%,
9/1/2046
79,769
86,541
Pool#
G08722
3.50%,
9/1/2046
17,303
18,604
Pool#
G60733
4.50%,
9/1/2046
30,053
33,383
Pool#
G60722
3.00%,
10/1/2046
286,511
307,657
Pool#
Q44035
3.00%,
10/1/2046
150,228
158,966
Pool#
G61815
4.00%,
10/1/2046
9,037
9,829
Pool#
G61257
3.00%,
11/1/2046
291,695
307,871
Pool#
Q44452
3.00%,
11/1/2046
62,788
66,324
Pool#
G08732
3.00%,
11/1/2046
18,434
19,617
Pool#
Q44473
3.50%,
11/1/2046
15,728
16,783
Nationwide
Bond
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
25
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FHLMC
Gold
Pool
Pool#
Q44223
3.50%,
11/1/2046
9,373
9,987
Pool#
G08734
4.00%,
11/1/2046
160,411
173,665
Pool#
G08737
3.00%,
12/1/2046
784,777
830,198
Pool#
G60989
3.00%,
12/1/2046
111,773
119,333
Pool#
Q45878
3.00%,
12/1/2046
22,063
23,306
Pool#
Q45024
3.50%,
12/1/2046
48,536
53,204
Pool#
G61862
3.50%,
12/1/2046
19,364
20,831
Pool#
G08741
3.00%,
1/1/2047
160,744
170,889
Pool#
G08747
3.00%,
2/1/2047
268,648
286,041
Pool#
G08748
3.50%,
2/1/2047
27,627
29,550
Pool#
G08749
4.00%,
2/1/2047
224,672
242,288
Pool#
G08751
3.50%,
3/1/2047
117,586
125,548
Pool#
Q47592
3.50%,
4/1/2047
43,975
46,854
Pool#
Q47484
3.50%,
4/1/2047
27,593
29,750
Pool#
G60988
3.00%,
5/1/2047
621,920
668,172
Pool#
Q48098
3.50%,
5/1/2047
105,991
114,272
Pool#
G61390
3.00%,
6/1/2047
215,350
228,391
Pool#
V83270
3.50%,
7/1/2047
40,017
42,669
Pool#
G08770
3.50%,
7/1/2047
34,154
36,487
Pool#
G61339
3.00%,
8/1/2047
59,037
62,416
Pool#
G08774
3.50%,
8/1/2047
55,958
59,593
Pool#
Q49917
3.50%,
8/1/2047
31,676
33,760
Pool#
Q53085
3.00%,
9/1/2047
43,954
46,668
Pool#
G61295
3.50%,
9/1/2047
115,874
126,727
Pool#
G08779
3.50%,
9/1/2047
94,749
100,880
Pool#
G61622
3.00%,
10/1/2047
142,556
151,289
Pool#
G08785
4.00%,
10/1/2047
6,872
7,353
Pool#
Q52075
4.00%,
11/1/2047
124,129
133,402
Pool#
V83598
3.50%,
12/1/2047
34,235
36,440
Pool#
G67707
3.50%,
1/1/2048
138,580
153,217
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FHLMC
Gold
Pool
Pool#
G61311
3.50%,
2/1/2048
161,981
172,557
Pool#
T65458
3.50%,
2/1/2048
127,028
132,667
Pool#
G08800
3.50%,
2/1/2048
15,832
16,861
Pool#
Q54460
4.00%,
2/1/2048
95,299
104,823
Pool#
G08801
4.00%,
2/1/2048
47,679
51,094
Pool#
G61298
4.00%,
2/1/2048
12,170
13,327
Pool#
G61929
3.50%,
3/1/2048
43,925
46,814
Pool#
Q54727
3.50%,
3/1/2048
40,065
42,692
Pool#
Q55401
5.00%,
4/1/2048
11,152
12,285
Pool#
V84237
3.50%,
5/1/2048
132,820
141,069
Pool#
G08820
4.50%,
5/1/2048
154,899
167,664
Pool#
G67713
4.00%,
6/1/2048
20,704
22,671
Pool#
G67712
4.00%,
6/1/2048
13,692
15,209
Pool#
G08817
4.00%,
6/1/2048
10,437
11,153
Pool#
G08827
4.50%,
7/1/2048
85,931
92,793
Pool#
Q57401
4.50%,
7/1/2048
28,536
31,368
Pool#
Q57402
4.50%,
7/1/2048
11,409
12,501
Pool#
G08831
4.00%,
8/1/2048
88,906
95,054
Pool#
G67716
4.50%,
10/1/2048
85,304
94,579
Pool#
G08843
4.50%,
10/1/2048
23,125
24,992
Pool#
V85044
4.00%,
12/1/2048
38,916
42,165
Pool#
G61846
4.00%,
1/1/2049
179
192
Pool#
V85139
4.50%,
1/1/2049
11,389
12,277
Pool#
V85279
3.50%,
4/1/2049
33,281
35,987
FHLMC
Non
Gold
Pool
Pool#
1B8478
2.43%,
7/1/2041(a)
34,170
36,182
Pool#
2B0108
2.34%,
1/1/2042(a)
1,556
1,575
FHLMC
UMBS
Pool
Pool#
SB0383
2.50%,
4/1/2032
516,298
546,014
Pool#
SB0218
3.00%,
10/1/2033
60,355
63,712
Pool#
SB0095
3.50%,
7/1/2034
87,801
94,245
26
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bond
Index
Fund
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FHLMC
UMBS
Pool
Pool#
SB8500
2.50%,
7/1/2035
336,933
357,636
Pool#
SB0479
2.50%,
10/1/2035
73,181
76,950
Pool#
RC1826
2.00%,
2/1/2036
316,020
328,161
Pool#
RC1887
2.00%,
3/1/2036
482,852
502,895
Pool#
RC2049
2.00%,
6/1/2036
764,047
793,541
Pool#
RC2045
2.00%,
6/1/2036
25,717
26,705
Pool#
QA2226
3.00%,
7/1/2046
349,553
370,154
Pool#
ZS4688
3.00%,
11/1/2046
135,629
144,292
Pool#
ZS4693
3.00%,
12/1/2046
513,281
542,825
Pool#
ZM2339
3.50%,
1/1/2047
82,372
87,721
Pool#
ZS4746
3.00%,
12/1/2047
407,540
428,561
Pool#
ZA6139
4.50%,
12/1/2048
80,573
86,814
Pool#
ZA6536
4.00%,
3/1/2049
19,422
20,742
Pool#
ZA6380
4.00%,
3/1/2049
18,747
20,016
Pool#
RA1859
3.00%,
12/1/2049
290,437
304,315
Pool#
QA8965
3.00%,
4/1/2050
314,324
330,007
Pool#
RA2579
3.00%,
5/1/2050
117,600
123,524
Pool#
RA2621
4.00%,
5/1/2050
86,579
92,328
Pool#
RA3022
2.50%,
6/1/2050
263,587
274,867
Pool#
SD7521
2.50%,
7/1/2050
706,689
744,649
Pool#
SD7523
2.50%,
8/1/2050
335,869
353,465
Pool#
RA3382
3.00%,
8/1/2050
253,424
269,894
Pool#
SD0514
2.00%,
10/1/2050
263,490
269,846
Pool#
RA3723
2.00%,
10/1/2050
143,074
145,995
Pool#
RA3935
2.50%,
11/1/2050
551,536
574,942
Pool#
RA3932
2.50%,
11/1/2050
294,076
308,714
Pool#
RA3987
2.50%,
11/1/2050
185,253
193,115
Pool#
RA3934
2.50%,
11/1/2050
161,745
168,899
Pool#
RA4411
2.50%,
1/1/2051
917,978
957,246
Pool#
RA4351
2.50%,
1/1/2051
336,545
350,828
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FHLMC
UMBS
Pool
Pool#
RA4410
2.50%,
1/1/2051
268,365
280,714
Pool#
RA4652
2.00%,
2/1/2051
1,568,524
1,601,547
Pool#
RA4493
2.00%,
2/1/2051
951,183
970,619
Pool#
QB9104
2.00%,
2/1/2051
417,078
425,600
Pool#
RA4737
2.00%,
3/1/2051
1,218,639
1,243,918
Pool#
RA4718
2.00%,
3/1/2051
706,681
721,128
Pool#
RA4727
2.00%,
3/1/2051
366,344
374,057
Pool#
SD7537
2.00%,
3/1/2051
174,111
177,996
Pool#
SD8140
2.00%,
4/1/2051
1,700,167
1,734,907
Pool#
SD8146
2.00%,
5/1/2051
3,759,452
3,836,273
Pool#
QC2070
2.00%,
5/1/2051
74,167
75,958
Pool#
RA5436
2.00%,
6/1/2051
223,711
228,282
Pool#
RA5373
2.00%,
6/1/2051
100,727
103,160
Pool#
RA5398
2.00%,
7/1/2051
275,000
281,642
FNMA
Pool
Pool#
AC9890
1.96%,
4/1/2040(a)
197,790
208,129
Pool#
AJ1249
2.32%,
9/1/2041(a)
42,114
44,446
Pool#
AL1437
2.15%,
1/1/2042(a)
10,882
11,468
Pool#
AK0714
2.18%,
2/1/2042(a)
2,121
2,170
Pool#
AP1961
1.95%,
8/1/2042(a)
23,379
24,588
Pool#
BF0203
3.00%,
2/1/2047
255,831
273,879
Pool#
BF0206
4.00%,
2/1/2047
50,832
55,958
Pool#
BF0200
3.50%,
11/1/2051
269,853
295,079
FNMA
UMBS
Pool
Pool#
969977
5.00%,
5/1/2023
15,832
16,481
Pool#
AA2549
4.00%,
4/1/2024
16,474
17,498
Pool#
935348
5.50%,
6/1/2024
4,764
4,801
Pool#
AC1374
4.00%,
8/1/2024
22,166
23,543
Pool#
AC1529
4.50%,
9/1/2024
12,031
12,646
Pool#
AD0244
4.50%,
10/1/2024
8,921
9,373
Pool#
AD4089
4.50%,
5/1/2025
117,291
124,609
Nationwide
Bond
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
27
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
890216
4.50%,
7/1/2025
15,952
16,814
Pool#
AH1361
3.50%,
12/1/2025
60,704
64,872
Pool#
AH1518
3.50%,
12/1/2025
29,112
31,111
Pool#
AE6384
4.00%,
1/1/2026
5,358
5,705
Pool#
AL0298
4.00%,
5/1/2026
95,730
101,989
Pool#
AP4746
3.00%,
8/1/2027
54,274
57,533
Pool#
AP4640
3.00%,
9/1/2027
42,898
45,468
Pool#
AQ5096
3.00%,
11/1/2027
76,287
80,830
Pool#
AB6887
3.00%,
11/1/2027
57,475
60,847
Pool#
AQ4532
3.00%,
11/1/2027
56,833
60,241
Pool#
AQ3758
3.00%,
11/1/2027
40,042
42,428
Pool#
AQ7406
3.00%,
11/1/2027
37,943
40,203
Pool#
AB6886
3.00%,
11/1/2027
29,676
31,470
Pool#
AQ2884
3.00%,
12/1/2027
34,342
36,401
Pool#
AS0487
2.50%,
9/1/2028
153,718
162,114
Pool#
930998
4.50%,
4/1/2029
11,907
12,821
Pool#
MA0243
5.00%,
11/1/2029
10,219
11,274
Pool#
BM1507
2.50%,
12/1/2029
54,257
57,032
Pool#
AL8077
3.50%,
12/1/2029
11,624
12,474
Pool#
MA0268
5.00%,
12/1/2029
9,590
10,584
Pool#
AX7727
2.50%,
3/1/2030
204,024
214,472
Pool#
AD5655
5.00%,
5/1/2030
22,014
24,293
Pool#
MA0443
5.00%,
5/1/2030
12,487
13,782
Pool#
AB1038
5.00%,
5/1/2030
9,056
9,990
Pool#
AS5412
2.50%,
7/1/2030
32,371
34,064
Pool#
AS5420
3.00%,
7/1/2030
49,192
52,117
Pool#
AS5702
2.50%,
8/1/2030
237,887
250,315
Pool#
AY8448
3.00%,
8/1/2030
168,743
178,746
Pool#
AZ2953
3.00%,
9/1/2030
188,675
199,829
Pool#
AZ5718
3.00%,
9/1/2030
143,767
151,920
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
MA0559
5.00%,
9/1/2030
4,466
4,924
Pool#
AS6060
3.00%,
10/1/2030
190,828
201,992
Pool#
AZ9234
3.50%,
10/1/2030
11,123
11,915
Pool#
AS6272
2.50%,
12/1/2030
44,853
47,174
Pool#
AH1515
4.00%,
12/1/2030
190,861
205,775
Pool#
AD0716
6.50%,
12/1/2030
132,772
150,784
Pool#
BA6532
2.50%,
1/1/2031
38,144
40,119
Pool#
BM5016
3.00%,
1/1/2031
154,570
163,849
Pool#
MA0641
4.00%,
2/1/2031
187,375
202,027
Pool#
560868
7.50%,
2/1/2031
420
426
Pool#
BC0774
3.00%,
3/1/2031
38,797
41,125
Pool#
AS6919
3.50%,
3/1/2031
32,031
34,390
Pool#
BC5968
2.50%,
4/1/2031
46,556
48,969
Pool#
BC4430
3.00%,
4/1/2031
14,065
14,885
Pool#
AL8566
3.00%,
6/1/2031
50,147
53,220
Pool#
AL8565
3.00%,
6/1/2031
43,796
46,555
Pool#
AL8561
3.50%,
6/1/2031
31,907
34,681
Pool#
AS8028
2.50%,
9/1/2031
139,716
147,032
Pool#
MA2775
2.50%,
10/1/2031
283,777
298,642
Pool#
AS8038
2.50%,
10/1/2031
152,882
160,884
Pool#
BC4777
2.50%,
10/1/2031
102,807
108,194
Pool#
AS8612
3.00%,
10/1/2031
50,935
53,949
Pool#
607212
7.50%,
10/1/2031
2,264
2,329
Pool#
607632
6.50%,
11/1/2031
29
33
Pool#
MA2830
2.50%,
12/1/2031
110,529
116,321
Pool#
BM3814
2.50%,
12/1/2031
74,798
78,752
Pool#
AS8609
3.00%,
1/1/2032
64,638
68,488
Pool#
AL9786
3.00%,
1/1/2032
43,776
46,506
Pool#
AL9585
3.50%,
1/1/2032
16,401
17,832
Pool#
BM4624
3.00%,
2/1/2032
55,377
58,919
28
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bond
Index
Fund
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
AS8767
3.00%,
2/1/2032
49,744
52,868
Pool#
AL9740
3.00%,
2/1/2032
27,494
29,282
Pool#
AL9871
3.00%,
2/1/2032
22,063
23,520
Pool#
BM1007
2.50%,
3/1/2032
130,942
137,718
Pool#
AL9899
3.00%,
3/1/2032
85,905
91,306
Pool#
BM3269
2.50%,
4/1/2032
120,269
126,414
Pool#
MA1029
3.50%,
4/1/2032
157,662
171,212
Pool#
AS9695
3.50%,
5/1/2032
66,808
72,245
Pool#
BM4088
3.00%,
6/1/2032
48,607
51,472
Pool#
890786
3.50%,
6/1/2032
57,009
62,054
Pool#
MA1107
3.50%,
7/1/2032
45,595
48,935
Pool#
BH6610
3.50%,
7/1/2032
15,891
17,061
Pool#
BM1669
3.00%,
8/1/2032
27,101
28,985
Pool#
BH5355
3.50%,
8/1/2032
17,091
18,299
Pool#
MA1166
3.50%,
9/1/2032
247,088
265,194
Pool#
BM5167
3.50%,
9/1/2032
12,373
13,260
Pool#
CA0586
2.50%,
10/1/2032
12,106
12,815
Pool#
BH9391
3.50%,
10/1/2032
13,093
14,132
Pool#
BM3389
3.00%,
11/1/2032
55,954
59,806
Pool#
BM3977
3.00%,
12/1/2032
105,161
111,602
Pool#
CA0951
3.00%,
12/1/2032
67,346
71,279
Pool#
FM1661
2.50%,
1/1/2033
305,221
320,775
Pool#
BM4338
2.50%,
1/1/2033
121,596
127,846
Pool#
BM3919
3.00%,
2/1/2033
26,281
28,103
Pool#
656559
6.50%,
2/1/2033
10,038
11,285
Pool#
694846
6.50%,
4/1/2033
4,733
5,326
Pool#
AB9402
3.00%,
5/1/2033
134,481
143,789
Pool#
AB9403
3.00%,
5/1/2033
54,304
58,044
Pool#
AB9300
3.00%,
5/1/2033
49,738
53,180
Pool#
MA3372
4.00%,
5/1/2033
22,264
23,732
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
254767
5.50%,
6/1/2033
324,067
374,333
Pool#
MA1527
3.00%,
8/1/2033
257,830
275,651
Pool#
750229
6.50%,
10/1/2033
15,152
17,034
Pool#
725228
6.00%,
3/1/2034
347,888
407,601
Pool#
788027
6.50%,
9/1/2034
15,526
17,455
Pool#
735141
5.50%,
1/1/2035
190,391
220,864
Pool#
735227
5.50%,
2/1/2035
203,644
236,210
Pool#
FM5474
2.50%,
10/1/2035
437,172
459,007
Pool#
FM4900
2.00%,
12/1/2035
77,733
80,807
Pool#
CA8789
2.00%,
2/1/2036
455,298
472,789
Pool#
CA9141
2.00%,
2/1/2036
433,824
452,021
Pool#
CA9145
2.00%,
2/1/2036
394,624
409,784
Pool#
FM5571
2.00%,
2/1/2036
238,976
248,955
Pool#
CA9475
2.00%,
3/1/2036
116,299
120,767
Pool#
CB0262
2.00%,
4/1/2036
2,388,895
2,480,671
Pool#
FM7259
2.50%,
5/1/2036
266,425
280,180
Pool#
MA4360
2.00%,
6/1/2036
542,196
563,026
Pool#
AL4260
5.50%,
9/1/2036
27,813
32,081
Pool#
310104
5.50%,
8/1/2037
202,477
234,307
Pool#
955194
7.00%,
11/1/2037
83,059
98,892
Pool#
MA3464
3.50%,
9/1/2038
62,053
66,144
Pool#
AB1735
3.50%,
11/1/2040
5,134
5,446
Pool#
AB2067
3.50%,
1/1/2041
214,395
234,045
Pool#
AB2068
3.50%,
1/1/2041
119,360
130,133
Pool#
932888
3.50%,
1/1/2041
88,779
98,426
Pool#
932891
3.50%,
1/1/2041
16,302
17,954
Pool#
AL6521
5.00%,
4/1/2041
483,292
551,977
Pool#
AL5863
4.50%,
6/1/2041
309,002
340,333
Pool#
AI9920
4.00%,
9/1/2041
7,805
8,368
Pool#
AI9851
4.50%,
9/1/2041
29,649
33,016
Nationwide
Bond
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
29
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
AL0761
5.00%,
9/1/2041
342,177
388,323
Pool#
AJ5431
4.50%,
10/1/2041
76,542
83,659
Pool#
AL0933
5.00%,
10/1/2041
61,030
69,261
Pool#
AJ4861
4.00%,
12/1/2041
116,956
128,387
Pool#
AX5316
4.50%,
1/1/2042
10,806
12,021
Pool#
AL2499
4.50%,
1/1/2042
4,338
4,795
Pool#
AX5297
5.00%,
1/1/2042
15,065
17,206
Pool#
AW8167
3.50%,
2/1/2042
250,364
271,468
Pool#
AB5185
3.50%,
5/1/2042
200,196
218,367
Pool#
AO3575
4.50%,
5/1/2042
47,328
51,396
Pool#
890621
5.00%,
5/1/2042
39,946
45,333
Pool#
AO4647
3.50%,
6/1/2042
384,838
419,773
Pool#
AP2092
4.50%,
8/1/2042
11,883
12,802
Pool#
AP6579
3.50%,
9/1/2042
407,087
442,516
Pool#
AP7489
4.00%,
9/1/2042
296,532
327,079
Pool#
AP6756
4.00%,
9/1/2042
5,100
5,454
Pool#
AL2782
4.50%,
9/1/2042
43,774
48,444
Pool#
AB6786
3.50%,
11/1/2042
176,892
191,863
Pool#
AL2677
3.50%,
11/1/2042
111,215
121,308
Pool#
MA1273
3.50%,
12/1/2042
151,301
164,105
Pool#
AR4210
3.50%,
1/1/2043
134,207
146,352
Pool#
AR8213
3.50%,
4/1/2043
146,921
160,223
Pool#
AB9238
3.00%,
5/1/2043
437,750
471,923
Pool#
AB9237
3.00%,
5/1/2043
336,078
363,226
Pool#
AB9236
3.00%,
5/1/2043
75,602
81,956
Pool#
AB9362
3.50%,
5/1/2043
313,829
343,411
Pool#
AT4145
3.00%,
6/1/2043
167,588
180,673
Pool#
AB9814
3.00%,
7/1/2043
422,283
455,250
Pool#
AS0203
3.00%,
8/1/2043
198,688
214,200
Pool#
AS0255
4.50%,
8/1/2043
112,567
124,578
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
AS0516
3.00%,
9/1/2043
163,621
175,037
Pool#
AL6951
3.50%,
10/1/2043
225,142
244,686
Pool#
BM4222
3.00%,
1/1/2044
229,578
245,141
Pool#
AW1006
4.00%,
5/1/2044
90,428
100,730
Pool#
AL7767
4.50%,
6/1/2044
6,261
6,959
Pool#
AS3161
4.00%,
8/1/2044
213,725
234,507
Pool#
BM4650
3.00%,
10/1/2044
416,430
444,814
Pool#
CA0688
3.50%,
10/1/2044
122,565
132,870
Pool#
BC5090
4.00%,
10/1/2044
24,715
26,997
Pool#
AS3946
4.00%,
12/1/2044
312,525
345,015
Pool#
AL8303
3.00%,
1/1/2045
74,292
79,339
Pool#
BM4384
4.00%,
1/1/2045
81,558
89,463
Pool#
BM3611
4.00%,
1/1/2045
46,937
51,246
Pool#
BM3804
3.50%,
2/1/2045
25,367
27,564
Pool#
AL9555
4.00%,
2/1/2045
671,793
735,193
Pool#
AX9524
4.00%,
2/1/2045
278,867
310,621
Pool#
AS4418
4.00%,
2/1/2045
193,290
215,297
Pool#
AS4375
4.00%,
2/1/2045
138,618
154,402
Pool#
AL6889
4.50%,
2/1/2045
51,040
56,728
Pool#
BM3931
3.00%,
3/1/2045
50,720
54,178
Pool#
AY1312
3.50%,
3/1/2045
520,537
570,108
Pool#
AS4578
4.00%,
3/1/2045
91,028
101,393
Pool#
BM3664
3.00%,
5/1/2045
233,249
249,109
Pool#
AS4921
3.50%,
5/1/2045
335,723
366,274
Pool#
AS5012
4.00%,
5/1/2045
367,795
409,674
Pool#
BM5562
4.00%,
6/1/2045
77,266
84,754
Pool#
AL7207
4.50%,
8/1/2045
62,330
69,371
Pool#
AZ2947
4.00%,
9/1/2045
153,090
167,480
Pool#
BA2164
3.00%,
11/1/2045
42,266
44,600
Pool#
AS6213
4.00%,
11/1/2045
9,940
10,785
30
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bond
Index
Fund
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
AS6311
3.50%,
12/1/2045
318,277
342,494
Pool#
BC0326
3.50%,
12/1/2045
76,689
82,553
Pool#
AS6362
4.50%,
12/1/2045
11,540
12,738
Pool#
AS6474
3.50%,
1/1/2046
92,471
102,049
Pool#
AS6539
3.50%,
1/1/2046
84,221
92,957
Pool#
AL9849
3.50%,
1/1/2046
74,449
80,921
Pool#
AS6527
4.00%,
1/1/2046
53,142
57,692
Pool#
BC2667
4.00%,
2/1/2046
13,971
15,128
Pool#
AL9781
4.50%,
2/1/2046
98,482
109,122
Pool#
BM4621
3.50%,
3/1/2046
56,322
61,028
Pool#
BA6972
4.00%,
3/1/2046
19,049
20,647
Pool#
BC0823
3.50%,
4/1/2046
66,711
71,575
Pool#
AS7026
4.00%,
4/1/2046
66,053
71,597
Pool#
AS7251
4.00%,
5/1/2046
115,133
124,667
Pool#
AL8833
4.00%,
6/1/2046
98,072
109,143
Pool#
AS7545
3.50%,
7/1/2046
106,477
114,097
Pool#
AL8824
3.50%,
7/1/2046
58,550
64,624
Pool#
BC1452
4.00%,
7/1/2046
421,035
456,130
Pool#
MA2705
3.00%,
8/1/2046
222,229
234,647
Pool#
BC1489
3.00%,
8/1/2046
29,693
32,003
Pool#
BD4890
3.50%,
8/1/2046
265,291
284,058
Pool#
AS7760
4.00%,
8/1/2046
97,197
105,767
Pool#
AS7795
4.00%,
8/1/2046
40,198
43,466
Pool#
AS7648
4.00%,
8/1/2046
39,891
43,065
Pool#
BD3911
4.00%,
8/1/2046
10,869
11,795
Pool#
BD3923
4.00%,
8/1/2046
8,877
9,603
Pool#
AS7770
4.50%,
8/1/2046
8,355
9,116
Pool#
AL8947
3.50%,
9/1/2046
16,901
18,452
Pool#
AS8185
3.00%,
10/1/2046
392,588
414,824
Pool#
AL9263
3.00%,
10/1/2046
59,073
63,344
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
BM3932
3.50%,
10/1/2046
83,232
89,304
Pool#
AL9234
3.50%,
10/1/2046
33,701
37,066
Pool#
FM1871
4.00%,
10/1/2046
63,929
70,014
Pool#
BC4766
4.50%,
10/1/2046
16,662
18,299
Pool#
AS8154
4.50%,
10/1/2046
7,627
8,312
Pool#
FM1368
3.00%,
11/1/2046
630,862
667,106
Pool#
BC9003
3.00%,
11/1/2046
66,688
70,985
Pool#
MA2806
3.00%,
11/1/2046
49,815
52,961
Pool#
AS8369
3.50%,
11/1/2046
299,263
325,000
Pool#
BE5067
3.50%,
11/1/2046
193,255
208,163
Pool#
BE5038
4.00%,
11/1/2046
16,233
18,222
Pool#
AS8483
3.00%,
12/1/2046
320,310
340,096
Pool#
AS8488
3.00%,
12/1/2046
87,237
93,698
Pool#
BC9067
3.00%,
12/1/2046
84,106
89,049
Pool#
AS8509
3.00%,
12/1/2046
18,807
20,315
Pool#
BM1121
3.50%,
12/1/2046
290,092
318,200
Pool#
AS8572
3.50%,
12/1/2046
195,077
208,368
Pool#
AS8417
3.50%,
12/1/2046
76,533
81,667
Pool#
AS8492
3.50%,
12/1/2046
73,923
81,782
Pool#
AS8650
3.00%,
1/1/2047
445,718
471,672
Pool#
AL9697
3.00%,
1/1/2047
221,176
237,699
Pool#
AS8647
3.00%,
1/1/2047
160,709
172,605
Pool#
BE5775
3.00%,
1/1/2047
119,334
126,586
Pool#
BM3204
3.50%,
1/1/2047
127,232
140,584
Pool#
AS8692
3.50%,
1/1/2047
93,026
99,292
Pool#
AL9774
3.50%,
1/1/2047
47,799
53,253
Pool#
BD2440
3.50%,
1/1/2047
29,658
31,670
Pool#
BE7115
4.50%,
1/1/2047
5,230
5,732
Pool#
BM3688
3.50%,
2/1/2047
173,890
186,738
Pool#
BD5046
3.50%,
2/1/2047
28,319
30,211
Nationwide
Bond
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
31
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
AL9859
3.00%,
3/1/2047
269,573
285,463
Pool#
AL9848
3.00%,
3/1/2047
163,144
172,388
Pool#
AS8966
4.00%,
3/1/2047
16,571
17,837
Pool#
AS8979
4.50%,
3/1/2047
23,105
25,555
Pool#
BM3707
2.50%,
4/1/2047
54,752
57,301
Pool#
AS9463
3.50%,
4/1/2047
193,548
211,976
Pool#
AS9451
3.50%,
4/1/2047
90,110
95,880
Pool#
BD7122
4.00%,
4/1/2047
179,078
192,849
Pool#
AS9467
4.00%,
4/1/2047
8,432
9,186
Pool#
AS9470
4.50%,
4/1/2047
74,712
82,309
Pool#
BH0304
4.50%,
4/1/2047
5,204
5,652
Pool#
AS9562
3.00%,
5/1/2047
33,662
35,601
Pool#
BM3237
3.50%,
5/1/2047
132,999
145,462
Pool#
AS9577
3.50%,
5/1/2047
113,028
123,473
Pool#
AS9586
4.00%,
5/1/2047
536,062
587,083
Pool#
BM1268
4.00%,
5/1/2047
162,748
178,176
Pool#
BE3670
3.50%,
6/1/2047
148,024
157,653
Pool#
AS9794
3.50%,
6/1/2047
102,080
112,115
Pool#
BM3549
4.00%,
6/1/2047
116,013
125,518
Pool#
BE3702
4.00%,
6/1/2047
55,388
59,480
Pool#
BM1295
4.50%,
6/1/2047
77,841
85,302
Pool#
BE9624
4.50%,
6/1/2047
36,484
39,639
Pool#
BM3801
3.00%,
7/1/2047
145,835
154,054
Pool#
BM1551
3.50%,
7/1/2047
154,441
169,435
Pool#
AS9909
3.50%,
7/1/2047
77,093
84,290
Pool#
AS9973
4.00%,
7/1/2047
5,800
6,214
Pool#
890673
3.00%,
8/1/2047
123,097
130,218
Pool#
MA3087
3.50%,
8/1/2047
158,283
168,502
Pool#
BM1658
3.50%,
8/1/2047
132,548
144,396
Pool#
CA0240
3.50%,
8/1/2047
80,704
85,894
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
BH7375
3.50%,
8/1/2047
49,656
52,968
Pool#
CA0123
4.00%,
8/1/2047
174,052
191,148
Pool#
BH2597
4.00%,
8/1/2047
77,721
83,497
Pool#
CA0133
4.00%,
8/1/2047
25,103
26,966
Pool#
CA0407
3.50%,
9/1/2047
124,727
132,694
Pool#
MA3120
3.50%,
9/1/2047
106,741
113,711
Pool#
CA0265
4.00%,
9/1/2047
184,998
198,912
Pool#
BH4004
4.00%,
9/1/2047
77,583
83,342
Pool#
BM3556
4.00%,
9/1/2047
31,052
34,752
Pool#
CA0392
4.00%,
9/1/2047
30,534
32,713
Pool#
BM1959
3.50%,
10/1/2047
173,304
191,654
Pool#
CA0493
4.00%,
10/1/2047
158,668
170,267
Pool#
CA0549
4.00%,
10/1/2047
39,335
42,092
Pool#
CA0496
4.50%,
10/1/2047
97,646
108,546
Pool#
CA0623
4.50%,
10/1/2047
16,760
18,231
Pool#
CA0693
3.50%,
11/1/2047
214,218
228,044
Pool#
BM3358
3.50%,
11/1/2047
44,712
49,418
Pool#
CA0696
4.00%,
11/1/2047
144,451
154,569
Pool#
CA0808
4.00%,
11/1/2047
47,020
50,559
Pool#
BM3191
4.00%,
11/1/2047
23,256
25,117
Pool#
BM3379
3.00%,
12/1/2047
255,104
273,739
Pool#
BJ1699
4.00%,
12/1/2047
110,997
123,186
Pool#
MA3238
3.50%,
1/1/2048
168,432
179,431
Pool#
CA1015
4.00%,
1/1/2048
110,367
118,561
Pool#
CA1242
3.50%,
2/1/2048
78,009
86,741
Pool#
MA3277
4.00%,
2/1/2048
136,454
146,221
Pool#
CA4341
3.00%,
3/1/2048
91,505
96,264
Pool#
BK1972
4.50%,
3/1/2048
26,842
29,586
Pool#
MA3332
3.50%,
4/1/2048
133,995
142,560
Pool#
CA1510
3.50%,
4/1/2048
49,669
52,850
32
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bond
Index
Fund
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
CA1531
3.50%,
4/1/2048
33,091
36,746
Pool#
CA1560
4.50%,
4/1/2048
46,335
50,909
Pool#
BJ2681
5.00%,
4/1/2048
13,403
14,739
Pool#
BM4024
3.50%,
5/1/2048
17,342
19,283
Pool#
MA3358
4.50%,
5/1/2048
158,107
171,149
Pool#
CA1898
4.50%,
6/1/2048
81,352
90,285
Pool#
CA1951
4.00%,
7/1/2048
39,958
42,757
Pool#
CA1988
4.50%,
7/1/2048
43,625
47,157
Pool#
BK6577
4.50%,
7/1/2048
11,703
12,650
Pool#
CA2065
5.00%,
7/1/2048
38,891
42,709
Pool#
BK4766
4.50%,
8/1/2048
191,729
211,227
Pool#
CA2216
5.00%,
8/1/2048
47,947
52,679
Pool#
CA2376
4.00%,
9/1/2048
73,547
78,623
Pool#
MA3495
4.00%,
10/1/2048
122,020
130,367
Pool#
CA2493
4.50%,
10/1/2048
89,248
96,390
Pool#
BM4664
4.50%,
10/1/2048
63,117
69,814
Pool#
FM1001
3.50%,
11/1/2048
19,710
20,924
Pool#
MA3521
4.00%,
11/1/2048
92,591
98,893
Pool#
MA3536
4.00%,
12/1/2048
94,123
100,611
Pool#
BN0340
4.50%,
12/1/2048
139,198
150,108
Pool#
CA2779
4.50%,
12/1/2048
59,608
65,673
Pool#
BN3944
4.00%,
1/1/2049
32,764
35,506
Pool#
BN3960
4.50%,
1/1/2049
172,926
186,651
Pool#
BN6135
4.00%,
2/1/2049
47,313
50,552
Pool#
CA3387
4.00%,
4/1/2049
115,047
126,301
Pool#
CA3382
5.00%,
4/1/2049
24,386
26,909
Pool#
CA3489
4.00%,
5/1/2049
70,042
76,893
Pool#
MA3665
4.50%,
5/1/2049
130,145
140,394
Pool#
FM1051
4.50%,
5/1/2049
69,206
74,571
Pool#
CA3669
4.00%,
6/1/2049
135,174
147,581
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
CA3825
4.00%,
7/1/2049
39,803
43,689
Pool#
CA4035
4.50%,
8/1/2049
93,268
100,633
Pool#
BO2258
3.00%,
10/1/2049
557,782
585,548
Pool#
BO5494
3.00%,
11/1/2049
91,642
97,080
Pool#
BO6225
3.00%,
12/1/2049
503,963
529,214
Pool#
BO5380
3.00%,
12/1/2049
99,683
105,849
Pool#
CA5152
3.00%,
2/1/2050
151,847
159,486
Pool#
FM2887
3.00%,
3/1/2050
142,351
150,111
Pool#
FM0077
3.00%,
3/1/2050
69,502
74,060
Pool#
CA5510
3.00%,
4/1/2050
231,895
245,698
Pool#
CA6317
3.00%,
7/1/2050
470,179
499,931
Pool#
CA6598
2.50%,
8/1/2050
424,201
445,584
Pool#
BQ4909
2.00%,
9/1/2050
997,775
1,018,150
Pool#
CA6985
2.00%,
9/1/2050
644,898
659,657
Pool#
FM4222
2.50%,
9/1/2050
779,454
824,032
Pool#
CA7029
2.50%,
9/1/2050
727,311
769,311
Pool#
CA7572
2.50%,
10/1/2050
708,820
745,604
Pool#
CA7368
2.50%,
10/1/2050
528,195
550,729
Pool#
CA7369
2.50%,
10/1/2050
429,719
448,044
Pool#
FM4808
2.50%,
11/1/2050
342,531
357,157
Pool#
CA8442
2.00%,
1/1/2051
1,187,941
1,216,598
Pool#
FM5531
3.00%,
1/1/2051
181,550
194,009
Pool#
FM6031
2.00%,
2/1/2051
1,580,317
1,613,119
Pool#
CA8893
2.00%,
2/1/2051
487,966
498,087
Pool#
BQ9747
2.00%,
2/1/2051
413,785
422,240
Pool#
CA8823
2.00%,
2/1/2051
263,521
268,988
Pool#
FM6135
2.00%,
2/1/2051
170,422
174,195
Pool#
MA4256
2.50%,
2/1/2051
534,116
556,782
Pool#
CA8866
2.50%,
2/1/2051
362,008
378,052
Pool#
FM6554
2.00%,
3/1/2051
647,962
662,809
Nationwide
Bond
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
33
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
FM6569
2.50%,
3/1/2051
769,858
802,528
Pool#
FM7677
2.50%,
3/1/2051
745,318
779,552
Pool#
FM6834
2.00%,
4/1/2051
797,841
816,121
Pool#
CB0235
2.00%,
4/1/2051
371,997
380,175
Pool#
CB0149
2.00%,
4/1/2051
245,857
251,033
Pool#
BR7647
2.00%,
4/1/2051
147,250
150,261
Pool#
CB0400
2.00%,
5/1/2051
99,716
102,711
Pool#
MA4326
2.50%,
5/1/2051
321,054
334,678
Pool#
CB0819
2.00%,
6/1/2051
498,728
509,693
Pool#
CB0684
2.00%,
6/1/2051
378,489
386,622
Pool#
FM7719
2.00%,
6/1/2051
224,088
229,223
Pool#
MA4356
2.50%,
6/1/2051
504,823
526,246
Pool#
MA4378
2.00%,
7/1/2051
703,255
717,626
Pool#
CB1110
2.00%,
7/1/2051
99,871
101,913
Pool#
FM8007
2.50%,
7/1/2051
125,000
130,463
Pool#
FM8011
2.50%,
8/1/2051
375,000
394,819
FNMA/FHLMC
UMBS,
15
Year,
Single
Family
TBA
1.50%,
8/25/2036
3,675,000
3,745,198
2.00%,
8/25/2036
756,000
784,557
FNMA/FHLMC
UMBS,
30
Year,
Single
Family
TBA
1.50%,
8/25/2051
825,000
816,653
2.00%,
8/25/2051
2,319,000
2,365,289
2.50%,
8/25/2051
1,424,000
1,483,352
1.50%,
9/25/2051
250,000
246,983
2.00%,
9/25/2051
300,000
305,332
2.50%,
9/25/2051
975,000
1,013,505
GNMA
I
Pool
Pool#
376510
7.00%,
5/15/2024
234
245
Pool#
457801
7.00%,
8/15/2028
1,220
1,324
Pool#
486936
6.50%,
2/15/2029
490
552
Pool#
502969
6.00%,
3/15/2029
1,789
2,008
Pool#
487053
7.00%,
3/15/2029
569
624
Pool#
781014
6.00%,
4/15/2029
1,249
1,404
Pool#
509099
7.00%,
6/15/2029
1,920
1,975
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
GNMA
I
Pool
Pool#
470643
7.00%,
7/15/2029
5,042
5,188
Pool#
434505
7.50%,
8/15/2029
33
33
Pool#
416538
7.00%,
10/15/2029
18
18
Pool#
781124
7.00%,
12/15/2029
4,173
4,848
Pool#
507396
7.50%,
9/15/2030
24,443
25,527
Pool#
531352
7.50%,
9/15/2030
1,556
1,608
Pool#
536334
7.50%,
10/15/2030
111
114
Pool#
540659
7.00%,
1/15/2031
515
521
Pool#
486019
7.50%,
1/15/2031
570
594
Pool#
535388
7.50%,
1/15/2031
353
359
Pool#
528589
6.50%,
3/15/2031
12,470
13,941
Pool#
508473
7.50%,
4/15/2031
2,386
2,563
Pool#
544470
8.00%,
4/15/2031
1,340
1,345
Pool#
781287
7.00%,
5/15/2031
1,925
2,259
Pool#
781319
7.00%,
7/15/2031
593
706
Pool#
485879
7.00%,
8/15/2031
4,596
5,160
Pool#
572554
6.50%,
9/15/2031
27,277
30,496
Pool#
781328
7.00%,
9/15/2031
1,882
2,197
Pool#
550991
6.50%,
10/15/2031
330
369
Pool#
571267
7.00%,
10/15/2031
329
360
Pool#
555171
6.50%,
12/15/2031
815
911
Pool#
781380
7.50%,
12/15/2031
619
739
Pool#
781481
7.50%,
1/15/2032
2,714
3,257
Pool#
580972
6.50%,
2/15/2032
116
130
Pool#
781401
7.50%,
2/15/2032
1,808
2,160
Pool#
781916
6.50%,
3/15/2032
26,782
30,667
Pool#
552474
7.00%,
3/15/2032
3,025
3,481
Pool#
781478
7.50%,
3/15/2032
1,103
1,300
Pool#
781429
8.00%,
3/15/2032
1,927
2,263
Pool#
781431
7.00%,
4/15/2032
7,286
8,694
34
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bond
Index
Fund
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
GNMA
I
Pool
Pool#
552616
7.00%,
6/15/2032
24,567
28,047
Pool#
570022
7.00%,
7/15/2032
9,253
10,811
Pool#
595077
6.00%,
10/15/2032
3,465
4,091
Pool#
552903
6.50%,
11/15/2032
55,306
63,775
Pool#
552952
6.00%,
12/15/2032
3,343
3,828
Pool#
602102
6.00%,
2/15/2033
9,733
10,919
Pool#
588192
6.00%,
2/15/2033
2,690
3,032
Pool#
553144
5.50%,
4/15/2033
10,666
12,420
Pool#
604243
6.00%,
4/15/2033
4,621
5,446
Pool#
611526
6.00%,
5/15/2033
5,453
6,111
Pool#
553320
6.00%,
6/15/2033
13,472
16,000
Pool#
573916
6.00%,
11/15/2033
15,577
17,454
Pool#
604788
6.50%,
11/15/2033
35,769
40,091
Pool#
781688
6.00%,
12/15/2033
18,019
21,403
Pool#
604875
6.00%,
12/15/2033
15,790
18,781
Pool#
781690
6.00%,
12/15/2033
7,157
8,511
Pool#
781699
7.00%,
12/15/2033
2,569
2,922
Pool#
621856
6.00%,
1/15/2034
6,060
6,789
Pool#
564799
6.00%,
3/15/2034
10,487
11,758
Pool#
630038
6.50%,
8/15/2034
21,118
23,609
Pool#
781804
6.00%,
9/15/2034
19,459
22,979
Pool#
781847
6.00%,
12/15/2034
13,504
15,947
Pool#
486921
5.50%,
2/15/2035
5,820
6,805
Pool#
781902
6.00%,
2/15/2035
18,208
21,564
Pool#
649513
5.50%,
10/15/2035
154,075
176,672
Pool#
649510
5.50%,
10/15/2035
61,066
70,657
Pool#
652207
5.50%,
3/15/2036
28,897
32,359
Pool#
655519
5.00%,
5/15/2036
13,467
15,126
Pool#
652539
5.00%,
5/15/2036
4,691
5,267
Pool#
606308
5.50%,
5/15/2036
6,586
7,484
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
GNMA
I
Pool
Pool#
606314
5.50%,
5/15/2036
4,774
5,342
Pool#
656666
6.00%,
6/15/2036
11,059
12,526
Pool#
657912
6.50%,
8/15/2036
3,032
3,390
Pool#
704630
5.50%,
7/15/2039
21,179
24,451
Pool#
757039
4.00%,
12/15/2040
162,176
180,051
Pool#
757038
4.00%,
12/15/2040
148,643
165,708
Pool#
757044
4.00%,
12/15/2040
53,500
59,109
Pool#
755656
4.00%,
12/15/2040
50,156
55,874
Pool#
742235
4.00%,
12/15/2040
47,357
52,583
Pool#
755655
4.00%,
12/15/2040
32,828
36,456
Pool#
757043
4.00%,
12/15/2040
25,306
28,078
Pool#
756631
4.00%,
12/15/2040
15,344
17,088
Pool#
755959
4.00%,
1/15/2041
110,706
123,287
Pool#
742244
4.00%,
1/15/2041
100,570
111,735
Pool#
753826
4.00%,
1/15/2041
61,122
67,901
Pool#
690662
4.00%,
1/15/2041
39,831
43,921
Pool#
719486
4.00%,
1/15/2041
14,143
15,226
Pool#
757555
4.00%,
2/15/2041
23,191
25,247
Pool#
757557
4.00%,
2/15/2041
22,177
24,115
Pool#
AD6012
3.50%,
4/15/2043
280,878
302,884
Pool#
AA6307
3.50%,
4/15/2043
137,240
147,998
Pool#
AD7471
3.50%,
4/15/2043
126,689
135,442
Pool#
AD9472
3.50%,
4/15/2043
99,331
107,527
Pool#
AD7472
3.50%,
4/15/2043
73,693
78,835
Pool#
AB3946
3.50%,
4/15/2043
73,083
78,506
Pool#
AA6403
3.00%,
5/15/2043
429,575
459,006
Pool#
783781
3.50%,
6/15/2043
79,294
85,292
Pool#
784015
3.00%,
7/15/2043
22,762
24,174
Pool#
784714
3.00%,
1/15/2044
108,088
114,810
Pool#
784459
3.00%,
12/15/2046
48,611
51,224
Nationwide
Bond
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
35
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
GNMA
I
Pool
Pool#
784355
4.00%,
12/15/2046
39,640
43,694
Pool#
784500
3.00%,
2/15/2047
106,242
111,671
Pool#
784713
3.00%,
2/15/2047
22,615
24,051
Pool#
784458
3.50%,
12/15/2047
217,981
239,495
Pool#
784747
4.00%,
5/15/2048
57,083
61,424
Pool#
785073
4.00%,
9/15/2049
45,198
48,787
GNMA
II
Pool
Pool#
3851
5.50%,
5/20/2036
98,462
113,424
Pool#
4559
5.00%,
10/20/2039
134,505
151,866
Pool#
4715
5.00%,
6/20/2040
136,673
154,412
Pool#
4747
5.00%,
7/20/2040
72,774
81,953
Pool#
4771
4.50%,
8/20/2040
209,276
231,037
Pool#
4834
4.50%,
10/20/2040
602,625
666,394
Pool#
737727
4.00%,
12/20/2040
500,300
548,576
Pool#
737730
4.00%,
12/20/2040
165,766
181,753
Pool#
4923
4.50%,
1/20/2041
89,362
99,831
Pool#
4978
4.50%,
3/20/2041
12,606
13,998
Pool#
5017
4.50%,
4/20/2041
132,078
146,662
Pool#
5082
4.50%,
6/20/2041
230,817
256,940
Pool#
5175
4.50%,
9/20/2041
180,163
200,719
Pool#
675523
3.50%,
3/20/2042
201,727
217,269
Pool#
MA0462
3.50%,
10/20/2042
335,844
361,629
Pool#
MA0625
3.50%,
12/20/2042
256,218
275,877
Pool#
MA0698
3.00%,
1/20/2043
211,157
225,948
Pool#
MA0852
3.50%,
3/20/2043
397,065
427,508
Pool#
MA0934
3.50%,
4/20/2043
459,435
494,705
Pool#
AF1001
3.50%,
6/20/2043
160,256
173,703
Pool#
MA1376
4.00%,
10/20/2043
347,386
374,653
Pool#
AJ9335
3.50%,
10/20/2044
13,042
14,045
Pool#
MA2754
3.50%,
4/20/2045
138,707
147,930
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
GNMA
II
Pool
Pool#
MA2824
2.50%,
5/20/2045
195,124
204,370
Pool#
MA2825
3.00%,
5/20/2045
284,389
301,909
Pool#
MA2891
3.00%,
6/20/2045
743,939
790,615
Pool#
MA2960
3.00%,
7/20/2045
241,462
256,693
Pool#
784156
4.00%,
8/20/2045
80,627
87,232
Pool#
AO1103
3.50%,
9/20/2045
292,504
315,003
Pool#
AO1099
3.50%,
9/20/2045
12,278
13,222
Pool#
MA3106
4.00%,
9/20/2045
42,859
46,106
Pool#
MA3172
3.00%,
10/20/2045
85,475
90,718
Pool#
MA3173
3.50%,
10/20/2045
5,419
5,776
Pool#
MA3174
4.00%,
10/20/2045
8,246
8,951
Pool#
MA3243
3.00%,
11/20/2045
75,607
80,269
Pool#
MA3244
3.50%,
11/20/2045
101,703
108,611
Pool#
784098
3.00%,
12/20/2045
396,886
421,755
Pool#
MA3309
3.00%,
12/20/2045
147,511
156,686
Pool#
MA3310
3.50%,
12/20/2045
42,270
45,081
Pool#
784111
3.00%,
1/20/2046
214,058
227,683
Pool#
MA3377
4.00%,
1/20/2046
23,195
25,148
Pool#
784119
3.00%,
2/20/2046
318,548
338,509
Pool#
784115
3.00%,
2/20/2046
17,224
18,303
Pool#
MA3520
3.00%,
3/20/2046
280,238
296,958
Pool#
MA3521
3.50%,
3/20/2046
238,755
254,465
Pool#
MA3522
4.00%,
3/20/2046
242,837
263,473
Pool#
MA3596
3.00%,
4/20/2046
125,781
132,868
Pool#
MA3597
3.50%,
4/20/2046
43,104
45,916
Pool#
MA3735
3.00%,
6/20/2046
269,521
285,093
Pool#
MA3736
3.50%,
6/20/2046
811,257
863,588
Pool#
MA3804
4.00%,
7/20/2046
21,431
22,978
Pool#
MA3876
4.50%,
8/20/2046
9,074
10,054
Pool#
MA3936
3.00%,
9/20/2046
904,059
956,321
36
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bond
Index
Fund
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
GNMA
II
Pool
Pool#
MA3939
4.50%,
9/20/2046
5,122
5,693
Pool#
MA4068
3.00%,
11/20/2046
128,434
135,862
Pool#
MA4125
2.50%,
12/20/2046
74,166
77,498
Pool#
MA4126
3.00%,
12/20/2046
924,343
977,819
Pool#
MA4127
3.50%,
12/20/2046
220,417
235,059
Pool#
MA4194
2.50%,
1/20/2047
187,213
195,390
Pool#
MA4196
3.50%,
1/20/2047
27,685
29,511
Pool#
MA4261
3.00%,
2/20/2047
225,987
238,155
Pool#
MA4264
4.50%,
2/20/2047
10,313
11,233
Pool#
MA4321
3.50%,
3/20/2047
364,775
387,501
Pool#
MA4382
3.50%,
4/20/2047
192,856
204,389
Pool#
AZ1974
3.50%,
4/20/2047
129,083
139,005
Pool#
MA4384
4.50%,
4/20/2047
9,475
10,207
Pool#
MA4509
3.00%,
6/20/2047
100,512
106,944
Pool#
MA4511
4.00%,
6/20/2047
353,024
378,431
Pool#
MA4512
4.50%,
6/20/2047
27,106
29,232
Pool#
MA4585
3.00%,
7/20/2047
15,658
16,649
Pool#
MA4587
4.00%,
7/20/2047
387,897
415,376
Pool#
BC1888
3.50%,
8/20/2047
175,997
189,510
Pool#
784471
3.50%,
8/20/2047
168,225
179,231
Pool#
MA4652
3.50%,
8/20/2047
104,441
110,783
Pool#
MA4653
4.00%,
8/20/2047
14,481
15,501
Pool#
784408
3.50%,
10/20/2047
110,289
117,580
Pool#
MA4836
3.00%,
11/20/2047
156,872
165,434
Pool#
MA4837
3.50%,
11/20/2047
307,422
326,069
Pool#
MA4899
3.00%,
12/20/2047
337,839
357,413
Pool#
MA4900
3.50%,
12/20/2047
234,727
248,603
Pool#
784421
3.50%,
12/20/2047
215,101
236,655
Pool#
MA4961
3.00%,
1/20/2048
314,507
331,512
Pool#
MA4962
3.50%,
1/20/2048
219,826
233,384
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
GNMA
II
Pool
Pool#
MA5018
3.00%,
2/20/2048
73,293
76,830
Pool#
MA5078
4.00%,
3/20/2048
315,346
336,082
Pool#
784480
3.50%,
4/20/2048
72,129
79,927
Pool#
784479
3.50%,
4/20/2048
49,126
54,650
Pool#
784481
3.50%,
4/20/2048
14,592
15,659
Pool#
MA5137
4.00%,
4/20/2048
145,996
155,485
Pool#
BD4034
4.00%,
4/20/2048
25,807
27,753
Pool#
MA5139
5.00%,
4/20/2048
37,811
40,732
Pool#
MA5194
5.00%,
5/20/2048
17,202
18,577
Pool#
MA5331
4.50%,
7/20/2048
83,033
89,176
Pool#
MA5398
4.00%,
8/20/2048
273,145
290,792
Pool#
MA5466
4.00%,
9/20/2048
166,229
177,342
Pool#
MA5595
4.00%,
11/20/2048
59,036
62,358
Pool#
BJ2692
4.00%,
11/20/2048
15,518
16,501
Pool#
MA5597
5.00%,
11/20/2048
19,254
20,747
Pool#
BK2856
4.50%,
12/20/2048
7,847
8,388
Pool#
MA5653
5.00%,
12/20/2048
31,049
33,453
Pool#
MA5818
4.50%,
3/20/2049
53,554
56,969
Pool#
MA5878
5.00%,
4/20/2049
18,878
20,317
Pool#
MA5933
5.00%,
5/20/2049
15,829
17,015
Pool#
MA6041
4.50%,
7/20/2049
148,886
158,273
Pool#
MA6092
4.50%,
8/20/2049
50,209
53,402
Pool#
MA6409
3.00%,
1/20/2050
387,952
407,983
Pool#
BW4732
2.50%,
8/20/2050
587,128
610,614
Pool#
BW6206
2.50%,
8/20/2050
505,377
525,612
Pool#
BW4741
2.50%,
9/20/2050
548,422
570,331
Pool#
BY0776
2.50%,
9/20/2050
509,407
529,789
Pool#
BY0805
2.50%,
9/20/2050
504,040
524,225
Pool#
MA7193
2.50%,
2/20/2051
1,403,342
1,461,215
Pool#
MA7311
2.00%,
4/20/2051
2,049,239
2,100,271
Nationwide
Bond
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
37
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
GNMA
II
Pool
Pool#
MA7472
2.50%,
7/20/2051
530,000
551,245
GNMA
TBA
2.00%,
8/15/2051
2,725,000
2,790,890
2.50%,
8/15/2051
1,094,000
1,137,375
Total
Mortgage-Backed
Securities
(cost
$146,062,886)
150,492,570
Municipal
Bonds
0.7%
California
0.2
%
Bay
Area
Toll
Authority,
RB,
6.91%,
10/1/2050
100,000
179,473
California
State,
GO,
7.60%,
11/1/2040
100,000
177,885
Los
Angeles
Unified
School
District,
GO,
Series
RY,
6.76%,
7/1/2034
100,000
145,903
Los
Angeles,
Department
of
Water
&
Power,
RB,
Series
D,
6.57%,
7/1/2045
100,000
166,373
Santa
Clara
Valley
Transportation
Authority,
RB,
Series
A,
5.88%,
4/1/2032
100,000
126,810
State
of
California,
GO,
7.63%,
3/1/2040
100,000
171,284
University
of
California,
RB
3.06%,
7/1/2025
50,000
54,344
Series
R,
5.77%,
5/15/2043
50,000
71,909
4.86%,
5/15/2112
100,000
148,252
1,242,233
Connecticut
0.0
%
†
State
of
Connecticut,
GO,
Series
D,
5.09%,
10/1/2030
200,000
238,679
Georgia
0.0
%
†
Municipal
Electric
Authority
of
Georgia,
Refunding,
RB,
Series
A,
6.66%,
4/1/2057
145,000
228,721
Illinois
0.1
%
Chicago
O'Hare
International
Airport,
RB,
Series
C,
4.57%,
1/1/2054
35,000
48,289
State
of
Illinois,
GO,
5.10%,
6/1/2033
185,000
221,893
270,182
Nebraska
0.0
%
†
University
of
Nebraska
Facilities
Corp,
RB,
Series
A,
3.04%,
10/1/2049
55,000
59,736
Municipal
Bonds
Principal
Amount
($)
Value
($)
New
Jersey
0.1
%
New
Jersey
Economic
Development
Authority,
RB,
NATL-RE
Insured,
Series
A,
7.43%,
2/15/2029
150,000
196,060
New
Jersey
State
Turnpike
Authority,
RB,
Series
F,
7.41%,
1/1/2040
115,000
192,697
388,757
New
York
0.2
%
Metropolitan
Transportation
Authority,
RB,
5.18%,
11/15/2049
100,000
135,129
New
York
City
Transitional
Finance
Authority,
Future
Tax
Secured,
RB,
Series
B,
5.57%,
11/1/2038
100,000
134,671
New
York
City
Transitional
Finance
Authority,
RB,
Series
CC,
5.88%,
6/15/2044
100,000
156,969
New
York
State
Dormitory
Authority,
RB,
Series
F,
3.11%,
2/15/2039
100,000
111,735
New
York
State
Thruway
Authority,
RB,
2.90%,
1/1/2035
50,000
54,501
Port
Authority
of
New
York
&
New
Jersey,
RB
6.04%,
12/1/2029
100,000
134,009
4.46%,
10/1/2062
100,000
137,402
864,416
Ohio
0.0
%
†
JobsOhio
Beverage
System,
RB,
Series
B,
4.53%,
1/1/2035
100,000
125,139
Ohio
State
University
(The),
RB,
Series
C,
4.91%,
6/1/2040
100,000
136,258
261,397
Texas
0.1
%
Dallas
Independent
School
District,
Texas
School
Building,
GO,
PSF-GTD,
Series
C,
6.45%,
2/15/2035
150,000
157,215
Dallas/Fort
Worth
International
Airport,
RB,
Series
A,
2.99%,
11/1/2038
50,000
53,924
Grand
Parkway
Transportation
Corp.,
RB,
Series
B,
3.24%,
10/1/2052
25,000
25,744
Texas
State
Taxable
Build
America
Bond,
GO,
Series
A,
5.52%,
4/1/2039
50,000
73,418
38
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bond
Index
Fund
Municipal
Bonds
Principal
Amount
($)
Value
($)
Texas
Texas
Transportation
Commission,
RB,
Series
B,
5.18%,
4/1/2030
100,000
124,994
435,295
Wisconsin
0.0
%
†
State
of
Wisconsin
Bond,
RB,
Series
C,
3.15%,
5/1/2027
20,000
22,262
Total
Municipal
Bonds
(cost
$3,303,733)
4,011,678
Supranational
1.4%
Asian
Development
Bank
1.50%,
10/18/2024
500,000
516,493
0.63%,
4/29/2025
500,000
499,704
2.50%,
11/2/2027
250,000
273,420
2.75%,
1/19/2028
200,000
222,362
3.13%,
9/26/2028
75,000
85,703
European
Bank
for
Reconstruction
&
Development,
0.25%,
7/10/2023
300,000
299,944
European
Investment
Bank
2.63%,
3/15/2024
500,000
529,811
1.63%,
3/14/2025
500,000
518,635
0.38%,
12/15/2025
500,000
493,852
0.38%,
3/26/2026
100,000
98,414
Inter-American
Development
Bank
0.50%,
5/24/2023
500,000
502,715
1.13%,
1/13/2031
50,000
49,293
4.38%,
1/24/2044
200,000
282,440
International
Bank
for
Reconstruction
&
Development
7.63%,
1/19/2023
677,000
750,631
2.50%,
3/19/2024
500,000
528,136
2.50%,
11/25/2024
500,000
533,245
0.63%,
4/22/2025
500,000
501,039
2.50%,
7/29/2025
250,000
268,410
1.75%,
10/23/2029
250,000
261,698
International
Finance
Corp.,
1.38%,
10/16/2024
250,000
257,218
Nordic
Investment
Bank,
2.25%,
5/21/2024
200,000
210,417
Total
Supranational
(cost
$7,520,064)
7,683,580
U.S.
Government
Agency
Securities
1.7%
FFCB,
2.85%,
9/20/2021
745,000
747,773
FHLB
3.13%,
6/13/2025
1,075,000
1,177,372
5.50%,
7/15/2036
300,000
451,314
U.S.
Government
Agency
Securities
Principal
Amount
($)
Value
($)
FHLMC
0.13%,
7/25/2022
185,000
185,084
0.25%,
6/26/2023
700,000
700,906
0.25%,
8/24/2023
605,000
605,537
0.25%,
12/4/2023
205,000
205,176
0.38%,
7/21/2025
65,000
64,548
6.75%,
3/15/2031
400,000
595,571
6.25%,
7/15/2032
365,000
545,949
FNMA
2.63%,
1/11/2022
355,000
359,018
2.63%,
9/6/2024
500,000
535,543
0.50%,
6/17/2025
500,000
499,353
6.25%,
5/15/2029
500,000
689,717
7.25%,
5/15/2030
500,000
750,447
0.88%,
8/5/2030
880,000
848,333
Tennessee
Valley
Authority,
4.88%,
1/15/2048
300,000
443,908
Total
U.S.
Government
Agency
Securities
(cost
$8,691,568)
9,405,549
U.S.
Treasury
Obligations
37.5%
U.S.
Treasury
Bonds
7.13%,
2/15/2023
1,000,000
1,107,656
6.25%,
8/15/2023
869,000
975,758
6.00%,
2/15/2026
444,500
551,718
5.50%,
8/15/2028
1,300,000
1,701,629
5.25%,
11/15/2028
1,000,000
1,299,531
4.50%,
2/15/2036
1,300,000
1,825,891
4.75%,
2/15/2037
900,000
1,307,672
4.50%,
5/15/2038
500,000
716,582
4.50%,
8/15/2039
185,000
267,809
4.38%,
11/15/2039
830,000
1,186,122
1.13%,
5/15/2040
500,000
446,738
3.88%,
8/15/2040
900,000
1,216,230
1.38%,
11/15/2040
800,000
743,125
4.25%,
11/15/2040
400,000
566,875
3.75%,
8/15/2041
1,250,000
1,670,557
3.13%,
11/15/2041
2,100,000
2,578,980
3.13%,
2/15/2042
1,650,000
2,028,727
2.75%,
11/15/2042
800,000
929,500
3.13%,
2/15/2043
1,750,000
2,154,824
2.88%,
5/15/2043
900,000
1,067,168
3.63%,
8/15/2043
1,000,000
1,325,703
3.75%,
11/15/2043
850,000
1,149,393
3.63%,
2/15/2044
800,000
1,065,125
3.38%,
5/15/2044
1,700,000
2,185,496
3.13%,
8/15/2044
400,000
495,281
3.00%,
11/15/2044
2,250,000
2,732,871
3.00%,
5/15/2045
400,000
487,234
2.50%,
5/15/2046
1,200,000
1,346,344
2.25%,
8/15/2046
900,000
964,406
2.88%,
11/15/2046
275,000
330,279
3.00%,
2/15/2047
400,000
491,516
3.00%,
5/15/2047
600,000
738,117
2.75%,
8/15/2047
1,000,000
1,177,813
3.00%,
8/15/2048
1,750,000
2,162,754
2.88%,
5/15/2049
1,400,000
1,698,430
2.25%,
8/15/2049
2,500,000
2,688,086
Nationwide
Bond
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
39
U.S.
Treasury
Obligations
Principal
Amount
($)
Value
($)
U.S.
Treasury
Bonds
2.38%,
11/15/2049
1,050,000
1,159,922
2.00%,
2/15/2050
500,000
510,117
1.25%,
5/15/2050
1,800,000
1,532,180
1.38%,
8/15/2050
900,000
790,488
1.63%,
11/15/2050
250,000
233,711
1.88%,
2/15/2051
1,450,000
1,439,805
2.38%,
5/15/2051
800,000
887,500
U.S.
Treasury
Notes
1.63%,
8/15/2022
200,000
203,156
0.13%,
8/31/2022
2,800,000
2,800,875
1.63%,
8/31/2022
1,750,000
1,778,848
1.88%,
8/31/2022
3,500,000
3,567,266
1.75%,
9/30/2022
2,000,000
2,038,281
1.88%,
9/30/2022
500,000
510,312
1.38%,
10/15/2022
3,500,000
3,553,457
0.13%,
10/31/2022
9,000,000
9,002,109
1.63%,
11/15/2022
2,000,000
2,039,141
2.00%,
11/30/2022
1,400,000
1,435,109
2.38%,
1/31/2023
1,750,000
1,808,447
1.50%,
2/28/2023
1,000,000
1,021,484
2.63%,
2/28/2023
1,500,000
1,558,652
1.38%,
6/30/2023
700,000
715,996
2.50%,
8/15/2023
800,000
837,438
1.38%,
8/31/2023
1,700,000
1,741,437
2.75%,
8/31/2023
2,000,000
2,105,781
2.13%,
11/30/2023
2,900,000
3,027,102
2.25%,
12/31/2023
1,500,000
1,572,012
2.25%,
1/31/2024
1,800,000
1,888,945
2.50%,
1/31/2024
2,000,000
2,111,172
0.13%,
2/15/2024
1,000,000
996,523
2.75%,
2/15/2024
500,000
531,406
2.13%,
3/31/2024
1,000,000
1,048,555
2.00%,
4/30/2024
1,000,000
1,046,328
2.25%,
4/30/2024
2,700,000
2,843,121
2.50%,
5/15/2024
1,700,000
1,803,727
2.00%,
5/31/2024
1,000,000
1,047,227
2.00%,
6/30/2024
500,000
524,082
2.13%,
7/31/2024
1,500,000
1,579,336
2.38%,
8/15/2024
250,000
265,225
1.88%,
8/31/2024
1,000,000
1,046,055
1.50%,
9/30/2024
2,500,000
2,587,695
2.13%,
9/30/2024
500,000
527,383
2.25%,
10/31/2024
1,000,000
1,059,727
2.25%,
11/15/2024
2,160,000
2,289,516
2.13%,
11/30/2024
1,200,000
1,267,687
1.38%,
1/31/2025
1,300,000
1,341,539
2.50%,
1/31/2025
1,500,000
1,606,875
2.00%,
2/15/2025
1,500,000
1,580,859
0.50%,
3/31/2025
2,700,000
2,701,371
2.63%,
3/31/2025
3,200,000
3,449,625
0.38%,
4/30/2025
2,500,000
2,488,281
2.13%,
5/15/2025
1,600,000
1,696,812
0.25%,
5/31/2025
1,000,000
989,766
0.25%,
6/30/2025
1,000,000
989,023
2.75%,
6/30/2025
1,750,000
1,900,254
2.88%,
7/31/2025
1,750,000
1,911,260
2.00%,
8/15/2025
2,000,000
2,115,391
0.25%,
8/31/2025
2,000,000
1,974,375
3.00%,
10/31/2025
1,800,000
1,982,461
2.25%,
11/15/2025
1,500,000
1,605,469
U.S.
Treasury
Obligations
Principal
Amount
($)
Value
($)
U.S.
Treasury
Notes
0.38%,
11/30/2025
1,500,000
1,485,645
0.38%,
12/31/2025
1,200,000
1,187,437
0.38%,
1/31/2026
1,000,000
988,672
2.63%,
1/31/2026
750,000
816,416
1.63%,
2/15/2026
400,000
417,656
0.75%,
3/31/2026
500,000
502,246
1.50%,
8/15/2026
1,400,000
1,454,687
1.38%,
8/31/2026
2,500,000
2,582,422
1.63%,
9/30/2026
2,500,000
2,614,160
1.63%,
10/31/2026
4,000,000
4,182,500
2.00%,
11/15/2026
1,000,000
1,064,805
1.50%,
1/31/2027
2,300,000
2,389,934
2.25%,
2/15/2027
3,800,000
4,101,477
1.13%,
2/28/2027
2,000,000
2,037,031
0.63%,
3/31/2027
1,500,000
1,485,820
0.50%,
4/30/2027
2,000,000
1,964,141
0.50%,
8/31/2027
1,500,000
1,466,777
0.38%,
9/30/2027
2,000,000
1,938,594
2.25%,
11/15/2027
1,870,000
2,025,079
0.63%,
11/30/2027
1,250,000
1,227,686
0.63%,
12/31/2027
2,000,000
1,962,344
2.75%,
2/15/2028
1,000,000
1,115,430
1.13%,
2/29/2028
1,000,000
1,011,680
1.25%,
3/31/2028
1,500,000
1,527,949
1.25%,
4/30/2028
1,200,000
1,222,172
2.88%,
5/15/2028
1,000,000
1,125,859
1.25%,
5/31/2028
1,500,000
1,526,719
1.25%,
6/30/2028
700,000
711,922
1.00%,
7/31/2028
1,500,000
1,499,531
2.88%,
8/15/2028
1,000,000
1,127,812
2.63%,
2/15/2029
1,657,000
1,845,290
2.38%,
5/15/2029
100,000
109,664
1.63%,
8/15/2029
1,000,000
1,040,898
1.75%,
11/15/2029
500,000
525,371
1.50%,
2/15/2030
1,000,000
1,028,789
0.63%,
8/15/2030
1,200,000
1,141,969
0.88%,
11/15/2030
1,800,000
1,747,687
1.13%,
2/15/2031
2,600,000
2,577,250
1.63%,
5/15/2031
3,200,000
3,317,500
Total
U.S.
Treasury
Obligations
(cost
$198,240,482)
208,148,658
(cost
$522,766,413)
—
99.6%
553,114,640
Other
assets
in
excess
of
liabilities
—
0.4%
2,194,402
NET
ASSETS
—
100.0%
$
555,309,042
40
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Bond
Index
Fund
†
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,
2021.
(b)
Variable
or
floating
rate
security,
linked
to
the
referenced
benchmark.
The
interest
rate
shown
was
the
current
rate
as
of
July
31,
2021.
(c)
Step
Bond.
Coupon
rate
is
set
for
an
initial
period
and
then
increases
to
a
higher
coupon
rate
at
a
specific
date.
The
rate
shown
is
the
rate
as
of
July
31,
2021.
(d)
Rule
144A,
Section
4(2),
or
other
security
which
is
restricted
as
to
sale
to
institutional
investors.
These
securities
were
deemed
liquid
pursuant
to
procedures
approved
by
the
Board
of
Trustees.
The
liquidity
determination
is
unaudited.
The
aggregate
value
of
these
securities
as
of
July
31,
2021
was
$2,318,475
which
represents
0.42%
of
net
assets.
ACES
Alternative
Credit
Enhancement
Services
FFCB
Federal
Farm
Credit
Bank
FHLB
Federal
Home
Loan
Bank
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
ICE
Intercontinental
Exchange
LIBOR
London
Interbank
Offered
Rate
NATL
National
Public
Finance
Guarantee
Corp.
PSF-GTD
Permanent
School
Fund
Guaranteed
RB
Revenue
Bond
RE
Reinsured
REIT
Real
Estate
Investment
Trust
REMICS
Real
Estate
Mortgage
Investment
Conduits
SOFR
Secured
Overnight
Financing
Rate
TBA
To
Be
Announced;
Security
is
subject
to
delayed
delivery
UMBS
Uniform
Mortgage-Backed
Securities
Currency:
USD
United
States
Dollar
Nationwide
Bond
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
41
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
42
-
Statement
of
Investments
-
July
31,
2021
(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,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Asset-Backed
Securities
$
–
$
2,534,840
$
–
$
2,534,840
Commercial
Mortgage-Backed
Securities
–
12,007,833
–
12,007,833
Corporate
Bonds
–
148,612,090
–
148,612,090
Foreign
Government
Securities
–
10,217,842
–
10,217,842
Mortgage-Backed
Securities
–
150,492,570
–
150,492,570
Municipal
Bonds
–
4,011,678
–
4,011,678
Supranational
–
7,683,580
–
7,683,580
U.S.
Government
Agency
Securities
–
9,405,549
–
9,405,549
U.S.
Treasury
Obligations
–
208,148,658
–
208,148,658
Total
$
–
$
553,114,640
$
–
$
553,114,640
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
Nationwide
International
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
43
Common
Stocks
99.0%
Shares
Value
($)
AUSTRALIA
8.0%
Airlines
0.0%
†
Qantas
Airways
Ltd.*
66,807
225,315
Banks
1.8%
Australia
&
New
Zealand
Banking
Group
Ltd.
196,419
4,000,212
Commonwealth
Bank
of
Australia
122,618
8,970,002
National
Australia
Bank
Ltd.
227,930
4,340,125
Westpac
Banking
Corp.
255,086
4,571,979
21,882,318
Beverages
0.0%
†
Treasury
Wine
Estates
Ltd.
50,957
446,404
Biotechnology
0.6%
CSL
Ltd.
31,597
6,707,717
Capital
Markets
0.3%
ASX
Ltd.
13,784
779,845
Macquarie
Group
Ltd.
23,954
2,764,094
Magellan
Financial
Group
Ltd.
8,941
321,752
3,865,691
Chemicals
0.0%
†
Orica
Ltd.
29,622
270,468
Commercial
Services
&
Supplies
0.1%
Brambles
Ltd.
104,105
889,515
Diversified
Telecommunication
Services
0.1%
Telstra
Corp.
Ltd.
296,380
823,284
Electric
Utilities
0.1%
AusNet
Services
Ltd.
106,068
141,836
Origin
Energy
Ltd.
125,398
379,763
521,599
Equity
Real
Estate
Investment
Trusts
(REITs)
0.4%
Dexus
74,271
560,299
Goodman
Group
114,617
1,907,771
GPT
Group
(The)
137,886
473,349
Mirvac
Group
280,353
589,307
Scentre
Group
369,554
708,333
Stockland
161,552
522,902
Vicinity
Centres
240,986
275,962
5,037,923
Food
&
Staples
Retailing
0.4%
Coles
Group
Ltd.
90,323
1,161,349
Endeavour
Group
Ltd.*
97,986
476,743
Woolworths
Group
Ltd.
87,995
2,514,581
4,152,673
Gas
Utilities
0.1%
APA
Group
80,764
564,775
Health
Care
Equipment
&
Supplies
0.1%
Cochlear
Ltd.
4,681
844,483
Health
Care
Providers
&
Services
0.1%
Ramsay
Health
Care
Ltd.
12,738
599,730
Sonic
Healthcare
Ltd.
31,903
938,936
1,538,666
Hotels,
Restaurants
&
Leisure
0.2%
Aristocrat
Leisure
Ltd.
39,085
1,199,107
Crown
Resorts
Ltd.*
27,274
172,522
Domino's
Pizza
Enterprises
Ltd.
3,792
326,251
Common
Stocks
Shares
Value
($)
AUSTRALIA
Hotels,
Restaurants
&
Leisure
Tabcorp
Holdings
Ltd.
157,860
575,538
2,273,418
Insurance
0.2%
Insurance
Australia
Group
Ltd.
170,064
607,186
Medibank
Pvt
Ltd.
196,084
477,010
QBE
Insurance
Group
Ltd.
97,632
784,713
Suncorp
Group
Ltd.
91,179
773,279
2,642,188
Interactive
Media
&
Services
0.1%
REA
Group
Ltd.
3,763
447,924
SEEK
Ltd.
22,917
493,002
940,926
IT
Services
0.1%
Afterpay
Ltd.*
14,790
1,057,286
Computershare
Ltd.
38,233
439,118
1,496,404
Metals
&
Mining
2.6%
BHP
Group
Ltd.
204,711
8,022,440
BHP
Group
plc
145,935
4,739,414
BlueScope
Steel
Ltd.
33,991
611,022
Evolution
Mining
Ltd.
115,457
355,760
Fortescue
Metals
Group
Ltd.
117,159
2,151,510
Glencore
plc*
697,767
3,136,574
Newcrest
Mining
Ltd.
58,139
1,133,372
Northern
Star
Resources
Ltd.
74,324
559,643
Rio
Tinto
Ltd.
25,793
2,538,597
Rio
Tinto
plc
77,893
6,638,269
South32
Ltd.
340,389
745,298
30,631,899
Multiline
Retail
0.3%
Wesfarmers
Ltd.
78,013
3,505,394
Multi-Utilities
0.0%
†
AGL
Energy
Ltd.
44,006
232,883
Oil,
Gas
&
Consumable
Fuels
0.2%
Ampol
Ltd.
16,491
342,392
Oil
Search
Ltd.
132,533
369,842
Santos
Ltd.
133,482
628,397
Washington
H
Soul
Pattinson
&
Co.
Ltd.(a)
6,567
157,929
Woodside
Petroleum
Ltd.
68,510
1,102,669
2,601,229
Real
Estate
Management
&
Development
0.0%
†
Lendlease
Corp.
Ltd.
48,413
434,622
Road
&
Rail
0.0%
†
Aurizon
Holdings
Ltd.
129,780
368,718
Software
0.0%
†
WiseTech
Global
Ltd.
10,322
234,050
Trading
Companies
&
Distributors
0.0%
†
Reece
Ltd.
21,206
366,525
Transportation
Infrastructure
0.2%
Sydney
Airport*
86,128
494,668
Transurban
Group
189,484
1,993,675
2,488,343
95,987,430
44
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
International
Index
Fund
Common
Stocks
Shares
Value
($)
AUSTRIA
0.3%
Banks
0.1%
Erste
Group
Bank
AG
19,891
771,295
Raiffeisen
Bank
International
AG
9,563
225,744
997,039
Electric
Utilities
0.0%
†
Verbund
AG
4,821
444,033
Metals
&
Mining
0.0%
†
voestalpine
AG
7,174
316,341
Oil,
Gas
&
Consumable
Fuels
0.1%
OMV
AG
9,977
538,410
Paper
&
Forest
Products
0.1%
Mondi
plc
34,571
958,495
3,254,318
BELGIUM
0.8%
Banks
0.1%
KBC
Group
NV
17,023
1,367,676
Beverages
0.3%
Anheuser-Busch
InBev
SA/
NV
52,565
3,312,618
Chemicals
0.1%
Solvay
SA
5,250
700,420
Umicore
SA
14,035
871,593
1,572,013
Diversified
Financial
Services
0.1%
Groupe
Bruxelles
Lambert
SA
4,550
529,344
Groupe
Bruxelles
Lambert
SA
3,442
398,878
Sofina
SA
1,097
514,176
1,442,398
Diversified
Telecommunication
Services
0.0%
†
Proximus
SADP
11,004
226,078
Electric
Utilities
0.0%
†
Elia
Group
SA/NV
2,279
269,641
Food
&
Staples
Retailing
0.0%
†
Etablissements
Franz
Colruyt
NV
3,289
186,954
Insurance
0.1%
Ageas
SA/NV
11,409
602,032
Pharmaceuticals
0.1%
UCB
SA
9,002
973,662
9,953,072
BRAZIL
0.1%
Chemicals
0.1%
Yara
International
ASA
12,324
649,040
CHILE
0.1%
Metals
&
Mining
0.1%
Antofagasta
plc
27,532
571,642
CHINA
0.5%
Banks
0.1%
BOC
Hong
Kong
Holdings
Ltd.
246,100
791,657
Common
Stocks
Shares
Value
($)
CHINA
Beverages
0.0%
†
Budweiser
Brewing
Co.
APAC
Ltd.
Reg.
S(a)(b)
117,300
327,894
Capital
Markets
0.0%
†
Futu
Holdings
Ltd.,
ADR*(a)
3,461
354,614
Food
Products
0.0%
†
Wilmar
International
Ltd.
142,158
456,782
Internet
&
Direct
Marketing
Retail
0.3%
Prosus
NV*
33,472
2,970,089
Real
Estate
Management
&
Development
0.1%
ESR
Cayman
Ltd.
Reg.
S*(b)
141,600
497,981
Specialty
Retail
0.0%
†
Chow
Tai
Fook
Jewellery
Group
Ltd.
138,600
290,396
5,689,413
DENMARK
2.7%
Air
Freight
&
Logistics
0.3%
DSV
PANALPINA
A/S
14,486
3,528,739
Banks
0.1%
Danske
Bank
A/S
45,711
800,169
Beverages
0.1%
Carlsberg
A/S,
Class
B
7,016
1,298,382
Biotechnology
0.2%
Genmab
A/S*
4,524
2,040,705
Building
Products
0.0%
†
ROCKWOOL
International
A/S,
Class
B
538
285,819
Chemicals
0.2%
Chr
Hansen
Holding
A/S
7,431
668,352
Novozymes
A/S,
Class
B
14,819
1,164,824
1,833,176
Electric
Utilities
0.2%
Orsted
A/S
Reg.
S(b)
13,049
1,940,720
Electrical
Equipment
0.2%
Vestas
Wind
Systems
A/S
70,300
2,592,135
Health
Care
Equipment
&
Supplies
0.3%
Ambu
A/S,
Class
B(a)
11,325
418,996
Coloplast
A/S,
Class
B
8,120
1,484,713
Demant
A/S*(a)
7,671
468,888
GN
Store
Nord
A/S
9,117
799,062
3,171,659
Insurance
0.0%
†
Tryg
A/S
24,318
601,287
Marine
0.1%
AP
Moller
-
Maersk
A/S,
Class
A
212
566,642
AP
Moller
-
Maersk
A/S,
Class
B
437
1,212,904
1,779,546
Pharmaceuticals
0.9%
Novo
Nordisk
A/S,
Class
B
119,132
11,034,966
Nationwide
International
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
45
Common
Stocks
Shares
Value
($)
DENMARK
Textiles,
Apparel
&
Luxury
Goods
0.1%
Pandora
A/S
7,120
923,068
31,830,371
FINLAND
1.3%
Banks
0.2%
Nordea
Bank
Abp
221,720
2,594,578
Communications
Equipment
0.2%
Nokia
OYJ*
377,651
2,315,652
Diversified
Telecommunication
Services
0.0%
†
Elisa
OYJ
9,692
622,989
Electric
Utilities
0.1%
Fortum
OYJ
31,109
858,718
Food
&
Staples
Retailing
0.1%
Kesko
OYJ,
Class
B
18,929
811,607
Insurance
0.1%
Sampo
OYJ,
Class
A
34,933
1,684,450
Machinery
0.2%
Kone
OYJ,
Class
B
23,807
1,971,471
Wartsila
OYJ
Abp
32,934
496,273
2,467,744
Oil,
Gas
&
Consumable
Fuels
0.2%
Neste
OYJ
29,633
1,823,320
Paper
&
Forest
Products
0.2%
Stora
Enso
OYJ,
Class
R
40,747
805,988
UPM-
Kymmene
OYJ
37,385
1,528,611
2,334,599
Pharmaceuticals
0.0%
†
Orion
OYJ,
Class
B
7,007
298,295
15,811,952
FRANCE
10.6%
Aerospace
&
Defense
0.8%
Airbus
SE*
40,743
5,589,363
Dassault
Aviation
SA
154
183,554
Safran
SA
23,936
3,135,538
Thales
SA
7,596
797,248
9,705,703
Auto
Components
0.2%
Cie
Generale
des
Etablissements
Michelin
SCA
11,692
1,909,339
Faurecia
SE
7,907
354,553
Valeo
SA
15,529
448,911
2,712,803
Automobiles
0.1%
Renault
SA*
14,013
533,104
Banks
0.6%
BNP
Paribas
SA
77,847
4,736,112
Credit
Agricole
SA
83,067
1,155,412
Societe
Generale
SA
55,706
1,632,027
7,523,551
Beverages
0.3%
Pernod
Ricard
SA
14,647
3,232,770
Remy
Cointreau
SA*
1,588
349,010
3,581,780
Common
Stocks
Shares
Value
($)
FRANCE
Building
Products
0.2%
Cie
de
Saint-Gobain
35,121
2,512,510
Capital
Markets
0.0%
†
Amundi
SA
Reg.
S(b)
4,157
384,427
Chemicals
0.5%
Air
Liquide
SA
32,843
5,709,364
Arkema
SA
4,275
544,099
6,253,463
Construction
&
Engineering
0.4%
Bouygues
SA
15,737
606,958
Eiffage
SA
5,814
592,361
Vinci
SA
36,731
3,883,686
5,083,005
Diversified
Financial
Services
0.0%
†
Eurazeo
SE
2,234
216,077
Wendel
SE
1,475
207,312
423,389
Diversified
Telecommunication
Services
0.2%
Iliad
SA
913
196,421
Orange
SA
136,828
1,524,751
1,721,172
Electric
Utilities
0.0%
†
Electricite
de
France
SA
30,994
375,170
Electrical
Equipment
0.2%
Legrand
SA
18,481
2,082,084
Entertainment
0.2%
Bollore
SA
56,502
315,737
Ubisoft
Entertainment
SA*
6,416
407,616
Vivendi
SE
48,889
1,651,403
2,374,756
Equity
Real
Estate
Investment
Trusts
(REITs)
0.2%
Covivio
3,469
326,010
Gecina
SA
3,056
485,136
Klepierre
SA
14,695
356,291
Unibail
-
Rodamco
-Westfield*
8,679
721,731
1,889,168
Food
&
Staples
Retailing
0.1%
Carrefour
SA
43,661
811,524
Food
Products
0.3%
Danone
SA
45,561
3,353,761
Health
Care
Equipment
&
Supplies
0.0%
†
BioMerieux
2,614
311,633
Health
Care
Providers
&
Services
0.0%
†
Orpea
SA
3,681
467,336
Hotels,
Restaurants
&
Leisure
0.1%
Accor
SA*
11,944
422,933
La
Francaise
des
Jeux
SAEM
Reg.
S(b)
6,838
365,939
Sodexo
SA*
5,973
509,072
1,297,944
Household
Durables
0.0%
†
SEB
SA
2,052
341,095
Insurance
0.3%
AXA
SA
135,435
3,505,667
CNP
Assurances
11,940
202,749
46
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
International
Index
Fund
Common
Stocks
Shares
Value
($)
FRANCE
Insurance
SCOR
SE(a)
10,351
289,556
3,997,972
Interactive
Media
&
Services
0.0%
†
Adevinta
ASA*
17,486
336,152
IT
Services
0.5%
Atos
SE
6,883
329,352
Capgemini
SE
11,105
2,402,422
Edenred
17,557
1,019,868
Worldline
SA
Reg.
S*(b)
16,291
1,524,540
5,276,182
Life
Sciences
Tools
&
Services
0.1%
Sartorius
Stedim
Biotech
1,969
1,123,645
Machinery
0.1%
Alstom
SA*(a)
19,822
822,583
Media
0.1%
Publicis
Groupe
SA
15,876
1,001,996
Multi-Utilities
0.3%
Engie
SA
125,763
1,678,254
Suez
SA
23,518
549,032
Veolia
Environnement
SA
38,370
1,260,692
3,487,978
Oil,
Gas
&
Consumable
Fuels
0.6%
TotalEnergies
SE
173,704
7,574,444
Personal
Products
0.7%
L'Oreal
SA
17,516
8,023,483
Pharmaceuticals
0.7%
Ipsen
SA
2,358
252,142
Sanofi
78,803
8,120,500
8,372,642
Professional
Services
0.2%
Bureau
Veritas
SA
19,947
658,418
Teleperformance
4,037
1,703,477
2,361,895
Software
0.2%
Dassault
Systemes
SE
45,825
2,528,170
Textiles,
Apparel
&
Luxury
Goods
2.3%
EssilorLuxottica
SA
19,660
3,716,784
Hermes
International
2,214
3,387,826
Kering
SA
5,187
4,657,448
LVMH
Moet
Hennessy
Louis
Vuitton
SE
19,237
15,394,580
27,156,638
Transportation
Infrastructure
0.1%
Aeroports
de
Paris*
2,138
259,392
Getlink
SE
31,328
501,597
760,989
126,564,147
GERMANY
9.1%
Aerospace
&
Defense
0.1%
MTU
Aero
Engines
AG
3,798
950,912
Air
Freight
&
Logistics
0.4%
Deutsche
Post
AG
(Registered)
68,564
4,643,459
Common
Stocks
Shares
Value
($)
GERMANY
Airlines
0.0%
†
Deutsche
Lufthansa
AG
(Registered)*(a)
22,205
251,596
Auto
Components
0.1%
Continental
AG*
7,832
1,064,447
Automobiles
1.1%
Bayerische
Motoren
Werke
AG
23,030
2,290,973
Bayerische
Motoren
Werke
AG
(Preference)
3,748
321,972
Daimler
AG
(Registered)
59,290
5,296,604
Porsche
Automobil
Holding
SE
(Preference)
10,370
1,122,765
Volkswagen
AG
2,311
768,614
Volkswagen
AG
(Preference)
12,984
3,168,411
12,969,339
Banks
0.0%
†
Commerzbank
AG*
67,039
432,860
Capital
Markets
0.3%
Deutsche
Bank
AG
(Registered)*
142,576
1,802,189
Deutsche
Boerse
AG
13,187
2,202,254
4,004,443
Chemicals
0.7%
BASF
SE
63,590
4,996,614
Covestro
AG
Reg.
S(b)
13,756
885,193
Evonik
Industries
AG
13,841
481,041
Fuchs
Petrolub
SE
(Preference)
4,106
204,770
LANXESS
AG
5,678
411,410
Symrise
AG
8,737
1,288,558
8,267,586
Construction
Materials
0.1%
HeidelbergCement
AG
10,595
940,127
Diversified
Telecommunication
Services
0.4%
Deutsche
Telekom
AG
(Registered)
230,667
4,792,472
Telefonica
Deutschland
Holding
AG
62,734
169,288
United
Internet
AG
(Registered)
7,294
301,767
5,263,527
Electrical
Equipment
0.1%
Siemens
Energy
AG*
28,455
774,589
Health
Care
Equipment
&
Supplies
0.3%
Carl
Zeiss
Meditec
AG
2,673
595,386
Sartorius
AG
(Preference)
1,858
1,123,888
Siemens
Healthineers
AG
Reg.
S(b)
19,135
1,264,329
2,983,603
Health
Care
Providers
&
Services
0.2%
Fresenius
Medical
Care
AG
&
Co.
KGaA
14,597
1,152,449
Fresenius
SE
&
Co.
KGaA
28,628
1,505,878
2,658,327
Household
Products
0.2%
Henkel
AG
&
Co.
KGaA
7,220
656,380
Nationwide
International
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
47
Common
Stocks
Shares
Value
($)
GERMANY
Household
Products
Henkel
AG
&
Co.
KGaA
(Preference)
12,685
1,286,197
1,942,577
Independent
Power
and
Renewable
Electricity
Producers
0.0%
†
Uniper
SE
6,223
243,336
Industrial
Conglomerates
0.7%
Siemens
AG
(Registered)
53,210
8,307,578
Insurance
0.9%
Allianz
SE
(Registered)
28,644
7,133,609
Hannover
Rueck
SE
4,293
722,567
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen
(Registered)
9,762
2,640,037
10,496,213
Interactive
Media
&
Services
0.0%
†
Scout24
AG
Reg.
S(b)
6,141
526,018
Internet
&
Direct
Marketing
Retail
0.2%
HelloFresh
SE*
11,760
1,102,987
Zalando
SE
Reg.
S*(b)
15,370
1,709,619
2,812,606
IT
Services
0.0%
†
Bechtle
AG
1,878
388,160
Machinery
0.2%
GEA
Group
AG
10,795
478,773
KION
Group
AG
4,875
517,684
Knorr-
Bremse
AG
5,031
570,701
Rational
AG
352
382,730
1,949,888
Multi-Utilities
0.3%
E.ON
SE
154,795
1,904,368
RWE
AG
44,118
1,570,955
3,475,323
Personal
Products
0.1%
Beiersdorf
AG
7,177
852,820
Pharmaceuticals
0.5%
Bayer
AG
(Registered)
67,830
4,045,393
Merck
KGaA
8,889
1,821,178
5,866,571
Real
Estate
Management
&
Development
0.4%
Aroundtown
SA
66,707
523,050
Deutsche
Wohnen
SE
23,362
1,459,199
LEG
Immobilien
SE
5,133
812,185
Vonovia
SE
37,365
2,491,054
5,285,488
Semiconductors
&
Semiconductor
Equipment
0.3%
Infineon
Technologies
AG
89,890
3,427,428
Software
0.9%
Nemetschek
SE
3,690
326,012
SAP
SE
72,252
10,362,816
TeamViewer
AG
Reg.
S*(b)
10,636
358,032
11,046,860
Textiles,
Apparel
&
Luxury
Goods
0.5%
adidas
AG
13,174
4,785,688
Common
Stocks
Shares
Value
($)
GERMANY
Textiles,
Apparel
&
Luxury
Goods
Puma
SE
7,345
901,971
5,687,659
Trading
Companies
&
Distributors
0.1%
Brenntag
SE
10,398
1,038,488
108,551,828
HONG
KONG
2.6%
Banks
0.1%
Bank
of
East
Asia
Ltd.
(The)
75,550
124,498
Hang
Seng
Bank
Ltd.
54,400
1,042,278
1,166,776
Building
Products
0.0%
†
Xinyi
Glass
Holdings
Ltd.
122,000
455,711
Capital
Markets
0.4%
Hong
Kong
Exchanges
&
Clearing
Ltd.
83,400
5,328,844
Diversified
Telecommunication
Services
0.0%
†
HKT
Trust
&
HKT
Ltd.
263,420
358,023
Electric
Utilities
0.2%
CK
Infrastructure
Holdings
Ltd.
50,500
305,389
CLP
Holdings
Ltd.
117,000
1,207,146
HK
Electric
Investments
&
HK
Electric
Investments
Ltd.
Reg.
S
161,000
163,297
Power
Assets
Holdings
Ltd.
97,300
628,934
2,304,766
Equity
Real
Estate
Investment
Trusts
(REITs)
0.1%
Link
REIT
142,151
1,360,082
Food
Products
0.1%
WH
Group
Ltd.
Reg.
S(b)
667,000
553,324
Gas
Utilities
0.1%
Hong
Kong
&
China
Gas
Co.
Ltd.
797,565
1,299,935
Hotels,
Restaurants
&
Leisure
0.0%
†
Melco
Resorts
&
Entertainment
Ltd.,
ADR*
13,373
186,152
Industrial
Conglomerates
0.1%
Jardine
Matheson
Holdings
Ltd.
14,300
857,285
Jardine
Matheson
Holdings
Ltd.
1,100
65,365
Insurance
0.8%
AIA
Group
Ltd.
836,600
10,035,321
Machinery
0.1%
Techtronic
Industries
Co.
Ltd.
94,500
1,691,258
Real
Estate
Management
&
Development
0.5%
CK
Asset
Holdings
Ltd.
142,886
974,323
Hang
Lung
Properties
Ltd.
139,000
359,666
Henderson
Land
Development
Co.
Ltd.
99,352
444,569
Hongkong
Land
Holdings
Ltd.
66,300
286,416
Hongkong
Land
Holdings
Ltd.
8,800
39,953
48
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
International
Index
Fund
Common
Stocks
Shares
Value
($)
HONG
KONG
Real
Estate
Management
&
Development
New
World
Development
Co.
Ltd.
103,707
492,366
Sino
Land
Co.
Ltd.
210,200
321,999
Sun
Hung
Kai
Properties
Ltd.
(a)
92,700
1,328,502
Swire
Pacific
Ltd.,
Class
A
37,500
233,164
Swire
Properties
Ltd.
82,200
233,931
Wharf
Real
Estate
Investment
Co.
Ltd.(a)
116,270
656,964
5,371,853
Road
&
Rail
0.1%
MTR
Corp.
Ltd.
110,214
653,397
31,688,092
IRELAND
0.7%
Building
Products
0.1%
Kingspan
Group
plc
10,991
1,195,210
Construction
Materials
0.2%
CRH
plc
54,723
2,727,224
Containers
&
Packaging
0.1%
Smurfit
Kappa
Group
plc
17,450
984,298
Food
Products
0.1%
Kerry
Group
plc,
Class
A
10,898
1,615,775
Hotels,
Restaurants
&
Leisure
0.2%
Flutter
Entertainment
plc*
11,537
1,966,818
8,489,325
ISRAEL
0.6%
Aerospace
&
Defense
0.0%
†
Elbit
Systems
Ltd.
1,727
228,032
Banks
0.2%
Bank
Hapoalim
BM*
79,535
632,846
Bank
Leumi
Le-Israel
BM*
101,766
778,131
Israel
Discount
Bank
Ltd.,
Class
A*
80,983
380,056
Mizrahi
Tefahot
Bank
Ltd.*
9,725
294,860
2,085,893
Chemicals
0.0%
†
ICL
Group
Ltd.
48,901
355,078
IT
Services
0.1%
Wix.com
Ltd.*
3,757
1,121,991
Pharmaceuticals
0.1%
Teva
Pharmaceutical
Industries
Ltd.,
ADR*
78,071
753,385
Real
Estate
Management
&
Development
0.0%
†
Azrieli
Group
Ltd.
3,141
250,794
Software
0.2%
Check
Point
Software
Technologies
Ltd.*
7,466
948,928
Nice
Ltd.*
4,394
1,224,817
2,173,745
6,968,918
ITALY
2.0%
Automobiles
0.2%
Ferrari
NV
8,683
1,894,604
Common
Stocks
Shares
Value
($)
ITALY
Banks
0.5%
FinecoBank
Banca
Fineco
SpA
*
43,400
777,142
Intesa
Sanpaolo
SpA
1,149,035
3,173,164
Mediobanca
Banca
di
Credito
Finanziario
SpA
*
40,469
473,880
UniCredit
SpA
146,383
1,750,745
6,174,931
Beverages
0.0%
†
Davide
Campari-Milano
NV
37,199
523,621
Diversified
Telecommunication
Services
0.1%
Infrastrutture
Wireless
Italiane
SpA
Reg.
S(b)
20,031
226,738
Telecom
Italia
SpA
1,156,462
520,394
747,132
Electric
Utilities
0.5%
Enel
SpA
563,328
5,201,651
Terna
SpA
100,178
796,470
5,998,121
Electrical
Equipment
0.0%
†
Prysmian
SpA
18,014
646,354
Gas
Utilities
0.1%
Snam
SpA
143,575
869,641
Health
Care
Equipment
&
Supplies
0.0%
†
DiaSorin
SpA
1,592
323,413
Health
Care
Providers
&
Services
0.0%
†
Amplifon
SpA
8,940
442,260
Insurance
0.2%
Assicurazioni
Generali
SpA
75,577
1,509,998
Poste
Italiane
SpA
Reg.
S(b)
37,198
493,108
2,003,106
IT
Services
0.1%
Nexi
SpA
Reg.
S*(b)
30,427
652,962
Oil,
Gas
&
Consumable
Fuels
0.2%
Eni
SpA
174,927
2,066,250
Pharmaceuticals
0.0%
†
Recordati
Industria
Chimica
e
Farmaceutica
SpA
7,414
458,738
Textiles,
Apparel
&
Luxury
Goods
0.1%
Moncler
SpA
13,650
939,978
Transportation
Infrastructure
0.0%
†
Atlantia
SpA
*
34,674
630,024
24,371,135
JAPAN
22.6%
Air
Freight
&
Logistics
0.1%
SG
Holdings
Co.
Ltd.
22,800
615,672
Yamato
Holdings
Co.
Ltd.
20,400
587,299
1,202,971
Airlines
0.0%
†
ANA
Holdings,
Inc.*
11,900
279,648
Japan
Airlines
Co.
Ltd.*
10,174
212,983
492,631
Auto
Components
0.5%
Aisin
Corp.
10,300
416,668
Bridgestone
Corp.
39,400
1,734,150
Nationwide
International
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
49
Common
Stocks
Shares
Value
($)
JAPAN
Auto
Components
Denso
Corp.
30,000
2,059,929
Koito
Manufacturing
Co.
Ltd.
7,000
428,174
Stanley
Electric
Co.
Ltd.
8,200
214,086
Sumitomo
Electric
Industries
Ltd.
53,700
763,258
Toyota
Industries
Corp.
10,200
854,969
6,471,234
Automobiles
1.7%
Honda
Motor
Co.
Ltd.
112,300
3,592,401
Isuzu
Motors
Ltd.
36,000
479,347
Mazda
Motor
Corp.*
37,860
373,054
Nissan
Motor
Co.
Ltd.*
165,300
956,846
Subaru
Corp.
43,800
859,496
Suzuki
Motor
Corp.
26,200
1,066,300
Toyota
Motor
Corp.
146,820
13,185,533
Yamaha
Motor
Co.
Ltd.
18,700
467,899
20,980,876
Banks
1.0%
Chiba
Bank
Ltd.
(The)
34,800
198,908
Concordia
Financial
Group
Ltd.
64,800
232,595
Japan
Post
Bank
Co.
Ltd.
22,900
195,065
Mitsubishi
UFJ
Financial
Group,
Inc.
845,384
4,479,064
Mizuho
Financial
Group,
Inc.
167,551
2,392,227
Resona
Holdings,
Inc.
143,401
540,416
Shizuoka
Bank
Ltd.
(The)
29,000
209,946
Sumitomo
Mitsui
Financial
Group,
Inc.
91,105
3,070,962
Sumitomo
Mitsui
Trust
Holdings,
Inc.
23,276
764,792
12,083,975
Beverages
0.3%
Asahi
Group
Holdings
Ltd.
31,200
1,405,071
Ito
En
Ltd.
3,900
231,081
Kirin
Holdings
Co.
Ltd.
58,600
1,072,374
Suntory
Beverage
&
Food
Ltd.
9,200
323,458
3,031,984
Biotechnology
0.0%
†
PeptiDream
,
Inc.*
7,200
297,079
Building
Products
0.4%
AGC,
Inc.
12,820
550,922
Daikin
Industries
Ltd.
17,300
3,596,221
Lixil
Corp.
18,900
515,565
TOTO
Ltd.
9,600
497,160
5,159,868
Capital
Markets
0.2%
Daiwa
Securities
Group,
Inc.
99,500
522,049
Japan
Exchange
Group,
Inc.
35,000
796,479
Nomura
Holdings,
Inc.
218,700
1,092,977
SBI
Holdings,
Inc.
16,270
390,087
2,801,592
Chemicals
0.9%
Asahi
Kasei
Corp.
89,300
973,711
JSR
Corp.
14,600
488,821
Kansai
Paint
Co.
Ltd.
12,600
309,588
Common
Stocks
Shares
Value
($)
JAPAN
Chemicals
Mitsubishi
Chemical
Holdings
Corp.
91,200
765,968
Mitsubishi
Gas
Chemical
Co.,
Inc.
11,800
246,298
Mitsui
Chemicals,
Inc.
12,720
406,243
Nippon
Paint
Holdings
Co.
Ltd.
50,600
646,761
Nippon
Sanso
Holdings
Corp.
10,700
236,948
Nissan
Chemical
Corp.
8,400
411,871
Nitto
Denko
Corp.
10,710
796,793
Shin-Etsu
Chemical
Co.
Ltd.
24,400
3,981,362
Sumitomo
Chemical
Co.
Ltd.
100,200
522,019
Toray
Industries,
Inc.
95,300
628,099
Tosoh
Corp.
17,800
313,043
10,727,525
Commercial
Services
&
Supplies
0.2%
Dai
Nippon
Printing
Co.
Ltd.
16,550
389,733
Secom
Co.
Ltd.
14,900
1,125,499
Sohgo
Security
Services
Co.
Ltd.
4,900
229,305
Toppan,
Inc.
18,900
320,949
2,065,486
Construction
&
Engineering
0.1%
Kajima
Corp.
31,900
412,530
Obayashi
Corp.
45,700
375,780
Shimizu
Corp.
38,300
281,713
Taisei
Corp.
13,600
460,140
1,530,163
Consumer
Finance
0.0%
†
Acom
Co.
Ltd.
25,400
104,452
Diversified
Financial
Services
0.1%
Mitsubishi
HC
Capital,
Inc.
45,500
248,325
ORIX
Corp.
83,500
1,459,696
Tokyo
Century
Corp.
1,700
93,672
1,801,693
Diversified
Telecommunication
Services
0.2%
Nippon
Telegraph
&
Telephone
Corp.
89,216
2,285,820
Electric
Utilities
0.1%
Chubu
Electric
Power
Co.,
Inc.
43,300
522,132
Kansai
Electric
Power
Co.,
Inc.
(The)
50,600
478,810
Tohoku
Electric
Power
Co.,
Inc.
28,500
216,432
Tokyo
Electric
Power
Co.
Holdings,
Inc.*
102,100
272,971
1,490,345
Electrical
Equipment
0.5%
Fuji
Electric
Co.
Ltd.
8,940
390,683
Mitsubishi
Electric
Corp.
125,900
1,704,275
Nidec
Corp.
31,200
3,505,687
5,600,645
Electronic
Equipment,
Instruments
&
Components
1.4%
Azbil
Corp.
8,600
335,415
Hamamatsu
Photonics
KK
9,700
539,823
Hirose
Electric
Co.
Ltd.
2,265
339,575
50
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
International
Index
Fund
Common
Stocks
Shares
Value
($)
JAPAN
Electronic
Equipment,
Instruments
&
Components
Ibiden
Co.
Ltd.
7,500
397,317
Keyence
Corp.
13,472
7,501,536
Kyocera
Corp.
21,900
1,353,598
Murata
Manufacturing
Co.
Ltd.
40,000
3,316,865
Omron
Corp.
12,400
1,060,838
Shimadzu
Corp.
16,900
681,635
TDK
Corp.
9,200
1,050,948
Yokogawa
Electric
Corp.
17,100
262,689
16,840,239
Entertainment
0.5%
Capcom
Co.
Ltd.
12,100
333,499
Koei
Tecmo
Holdings
Co.
Ltd.
3,410
160,327
Konami
Holdings
Corp.
6,400
354,906
Nexon
Co.
Ltd.
34,700
722,479
Nintendo
Co.
Ltd.
7,800
4,018,837
Square
Enix
Holdings
Co.
Ltd.
6,100
316,476
Toho
Co.
Ltd.
7,900
344,039
6,250,563
Equity
Real
Estate
Investment
Trusts
(REITs)
0.4%
Daiwa
House
REIT
Investment
Corp.
130
386,771
GLP
J-REIT
297
531,977
Japan
Real
Estate
Investment
Corp.
89
558,613
Japan
Retail
Fund
Investment
Corp.
496
519,127
Nippon
Building
Fund,
Inc.
104
672,042
Nippon
Prologis
REIT,
Inc.
150
500,433
Nomura
Real
Estate
Master
Fund,
Inc.
284
451,510
Orix
JREIT,
Inc.
175
334,210
United
Urban
Investment
Corp.
213
313,500
4,268,183
Food
&
Staples
Retailing
0.4%
Aeon
Co.
Ltd.
44,400
1,215,514
Cosmos
Pharmaceutical
Corp.
1,300
220,614
Kobe
Bussan
Co.
Ltd.
9,300
314,233
Lawson,
Inc.(a)
3,100
155,656
Seven
&
i
Holdings
Co.
Ltd.
52,200
2,326,468
Tsuruha
Holdings,
Inc.
2,900
344,262
Welcia
Holdings
Co.
Ltd.
5,900
200,944
4,777,691
Food
Products
0.3%
Ajinomoto
Co.,
Inc.
33,200
846,049
Kikkoman
Corp.
9,900
607,047
MEIJI
Holdings
Co.
Ltd.
8,598
532,511
NH
Foods
Ltd.
5,300
214,227
Nisshin
Seifun
Group,
Inc.
12,052
194,648
Nissin
Foods
Holdings
Co.
Ltd.
4,400
313,247
Toyo
Suisan
Kaisha
Ltd.
5,900
225,499
Yakult
Honsha
Co.
Ltd.
9,100
537,864
3,471,092
Common
Stocks
Shares
Value
($)
JAPAN
Gas
Utilities
0.1%
Osaka
Gas
Co.
Ltd.
26,680
500,027
Toho
Gas
Co.
Ltd.
4,900
239,076
Tokyo
Gas
Co.
Ltd.
24,980
473,859
1,212,962
Health
Care
Equipment
&
Supplies
0.7%
Asahi
Intecc
Co.
Ltd.
13,500
365,793
Hoya
Corp.
26,000
3,670,970
Olympus
Corp.
80,000
1,647,356
Sysmex
Corp.
11,300
1,344,881
Terumo
Corp.
44,500
1,727,705
8,756,705
Health
Care
Providers
&
Services
0.0%
†
Medipal
Holdings
Corp.
12,700
239,302
Health
Care
Technology
0.2%
M3,
Inc.
30,500
1,997,911
Hotels,
Restaurants
&
Leisure
0.2%
McDonald's
Holdings
Co.
Japan
Ltd.
5,824
262,533
Oriental
Land
Co.
Ltd.
13,700
1,875,621
2,138,154
Household
Durables
1.1%
Casio
Computer
Co.
Ltd.
12,400
201,857
Iida
Group
Holdings
Co.
Ltd.
(a)
10,100
243,758
Panasonic
Corp.
152,102
1,821,844
Rinnai
Corp.
2,700
250,238
Sekisui
Chemical
Co.
Ltd.
24,800
427,918
Sekisui
House
Ltd.
43,900
869,744
Sharp
Corp.
16,100
247,090
Sony
Group
Corp.
87,600
9,143,797
13,206,246
Household
Products
0.1%
Lion
Corp.
14,400
249,975
Pigeon
Corp.
7,300
211,304
Unicharm
Corp.
28,700
1,151,053
1,612,332
Industrial
Conglomerates
0.4%
Hitachi
Ltd.
66,760
3,834,070
Toshiba
Corp.
29,170
1,256,271
5,090,341
Insurance
0.6%
Dai-ichi
Life
Holdings,
Inc.
69,200
1,278,546
Japan
Post
Holdings
Co.
Ltd.*
112,100
952,587
Japan
Post
Insurance
Co.
Ltd.
17,100
303,843
MS&AD
Insurance
Group
Holdings,
Inc.
31,455
972,391
Sompo
Holdings,
Inc.
22,625
936,234
T&D
Holdings,
Inc.
39,500
506,269
Tokio
Marine
Holdings,
Inc.
43,600
2,080,072
7,029,942
Interactive
Media
&
Services
0.1%
Kakaku.com,
Inc.
9,700
264,688
Z
Holdings
Corp.
187,200
937,551
1,202,239
Internet
&
Direct
Marketing
Retail
0.1%
Mercari
,
Inc.*
7,400
385,854
Nationwide
International
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
51
Common
Stocks
Shares
Value
($)
JAPAN
Internet
&
Direct
Marketing
Retail
Rakuten
Group,
Inc.
61,600
679,257
ZOZO,
Inc.
8,800
299,653
1,364,764
IT
Services
0.6%
Fujitsu
Ltd.
13,610
2,311,983
GMO
Payment
Gateway,
Inc.
2,900
374,580
Itochu
Techno-Solutions
Corp.
6,100
187,394
NEC
Corp.
17,500
889,809
Nomura
Research
Institute
Ltd.
24,054
774,328
NTT
Data
Corp.
44,900
695,826
Obic
Co.
Ltd.
4,800
845,776
Otsuka
Corp.
7,400
386,621
SCSK
Corp.
3,600
216,931
TIS,
Inc.
15,700
406,917
7,090,165
Leisure
Products
0.2%
Bandai
Namco
Holdings,
Inc.
14,249
922,099
Shimano,
Inc.
5,000
1,278,878
Yamaha
Corp.
9,500
526,232
2,727,209
Machinery
1.3%
Daifuku
Co.
Ltd.
7,100
636,272
FANUC
Corp.
13,400
3,001,091
Harmonic
Drive
Systems,
Inc.
2,000
111,326
Hino
Motors
Ltd.
20,000
174,944
Hitachi
Construction
Machinery
Co.
Ltd.
7,200
203,310
Hoshizaki
Corp.
3,500
294,070
Komatsu
Ltd.
59,900
1,561,750
Kubota
Corp.
73,100
1,527,555
Kurita
Water
Industries
Ltd.
6,500
315,469
Makita
Corp.
15,900
825,028
MINEBEA
MITSUMI,
Inc.
25,100
677,297
MISUMI
Group,
Inc.
19,600
683,610
Mitsubishi
Heavy
Industries
Ltd.
22,220
645,296
Miura
Co.
Ltd.
5,000
220,671
Nabtesco
Corp.
6,600
251,962
NGK
Insulators
Ltd.
16,900
270,107
NSK
Ltd.
27,300
225,592
SMC
Corp.
4,000
2,376,940
THK
Co.
Ltd.
8,400
240,450
Yaskawa
Electric
Corp.(a)
15,800
782,067
15,024,807
Marine
0.1%
Nippon
Yusen
KK
11,540
624,170
Media
0.1%
CyberAgent
,
Inc.
27,100
487,871
Dentsu
Group,
Inc.
15,361
535,046
Hakuhodo
DY
Holdings,
Inc.
17,400
265,573
1,288,490
Metals
&
Mining
0.2%
Hitachi
Metals
Ltd.*
16,400
320,108
JFE
Holdings,
Inc.
34,400
421,453
Nippon
Steel
Corp.
60,906
1,064,586
Common
Stocks
Shares
Value
($)
JAPAN
Metals
&
Mining
Sumitomo
Metal
Mining
Co.
Ltd.
16,900
688,209
2,494,356
Multiline
Retail
0.1%
Pan
Pacific
International
Holdings
Corp.
28,500
594,958
Ryohin
Keikaku
Co.
Ltd.
18,300
373,968
968,926
Oil,
Gas
&
Consumable
Fuels
0.1%
ENEOS
Holdings,
Inc.
217,617
907,483
Idemitsu
Kosan
Co.
Ltd.
13,244
311,351
Inpex
Corp.
71,300
502,703
1,721,537
Paper
&
Forest
Products
0.0%
†
Oji
Holdings
Corp.
51,100
294,962
Personal
Products
0.4%
Kao
Corp.
33,300
2,002,038
Kobayashi
Pharmaceutical
Co.
Ltd.
3,400
270,970
Kose
Corp.(a)
2,400
378,678
Pola
Orbis
Holdings,
Inc.
7,200
172,203
Shiseido
Co.
Ltd.
27,600
1,840,575
4,664,464
Pharmaceuticals
1.3%
Astellas
Pharma,
Inc.
129,200
2,057,831
Chugai
Pharmaceutical
Co.
Ltd.
46,200
1,708,238
Daiichi
Sankyo
Co.
Ltd.
118,400
2,344,560
Eisai
Co.
Ltd.
16,300
1,337,941
Hisamitsu
Pharmaceutical
Co.,
Inc.
4,000
175,210
Kyowa
Kirin
Co.
Ltd.
18,500
601,330
Nippon
Shinyaku
Co.
Ltd.(a)
3,600
270,587
Ono
Pharmaceutical
Co.
Ltd.
25,300
578,635
Otsuka
Holdings
Co.
Ltd.
26,300
1,045,494
Santen
Pharmaceutical
Co.
Ltd.
23,500
318,420
Shionogi
&
Co.
Ltd.
18,900
994,006
Sumitomo
Dainippon
Pharma
Co.
Ltd.
12,900
223,021
Taisho
Pharmaceutical
Holdings
Co.
Ltd.
2,070
115,885
Takeda
Pharmaceutical
Co.
Ltd.
108,597
3,609,961
15,381,119
Professional
Services
0.5%
Nihon
M&A
Center,
Inc.
22,100
615,694
Persol
Holdings
Co.
Ltd.
13,400
270,197
Recruit
Holdings
Co.
Ltd.
93,800
4,850,763
5,736,654
Real
Estate
Management
&
Development
0.5%
Daito
Trust
Construction
Co.
Ltd.
4,300
506,223
Daiwa
House
Industry
Co.
Ltd.
40,300
1,236,476
Hulic
Co.
Ltd.
20,000
228,001
Mitsubishi
Estate
Co.
Ltd.
80,600
1,264,709
Mitsui
Fudosan
Co.
Ltd.
62,800
1,470,514
52
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
International
Index
Fund
Common
Stocks
Shares
Value
($)
JAPAN
Real
Estate
Management
&
Development
Nomura
Real
Estate
Holdings,
Inc.
7,600
188,357
Sumitomo
Realty
&
Development
Co.
Ltd.
22,000
716,683
5,610,963
Road
&
Rail
0.6%
Central
Japan
Railway
Co.
9,900
1,446,172
East
Japan
Railway
Co.
20,590
1,373,413
Hankyu
Hanshin
Holdings,
Inc.
16,300
481,496
Keio
Corp.
6,680
374,073
Keisei
Electric
Railway
Co.
Ltd.
9,700
288,695
Kintetsu
Group
Holdings
Co.
Ltd.*
11,950
403,492
Nippon
Express
Co.
Ltd.
5,750
419,381
Odakyu
Electric
Railway
Co.
Ltd.
19,450
464,062
Tobu
Railway
Co.
Ltd.
12,600
327,425
Tokyu
Corp.
36,050
482,938
West
Japan
Railway
Co.
11,200
607,692
6,668,839
Semiconductors
&
Semiconductor
Equipment
0.8%
Advantest
Corp.
14,200
1,259,998
Disco
Corp.
2,100
600,977
Lasertec
Corp.
5,100
959,598
Renesas
Electronics
Corp.*
89,300
967,111
Rohm
Co.
Ltd.
6,400
623,372
SUMCO
Corp.
18,300
425,051
Tokyo
Electron
Ltd.
10,400
4,284,958
9,121,065
Software
0.1%
Oracle
Corp.
Japan
2,500
186,660
Trend
Micro,
Inc.
9,500
494,400
681,060
Specialty
Retail
0.4%
ABC-Mart,
Inc.
2,500
138,415
Fast
Retailing
Co.
Ltd.
4,000
2,713,895
Hikari
Tsushin,
Inc.
1,500
259,882
Nitori
Holdings
Co.
Ltd.
5,700
1,084,245
USS
Co.
Ltd.
16,500
287,108
Yamada
Holdings
Co.
Ltd.
51,800
244,555
4,728,100
Technology
Hardware,
Storage
&
Peripherals
0.4%
Brother
Industries
Ltd.
17,100
347,581
Canon,
Inc.
68,600
1,575,447
FUJIFILM
Holdings
Corp.
24,700
1,773,906
Ricoh
Co.
Ltd.
46,800
510,711
Seiko
Epson
Corp.
20,000
344,081
4,551,726
Tobacco
0.1%
Japan
Tobacco,
Inc.(a)
82,300
1,609,447
Trading
Companies
&
Distributors
0.9%
ITOCHU
Corp.
82,500
2,457,910
Marubeni
Corp.
111,400
954,466
Mitsubishi
Corp.
87,700
2,472,578
Mitsui
&
Co.
Ltd.
107,300
2,476,254
MonotaRO
Co.
Ltd.
17,200
396,568
Common
Stocks
Shares
Value
($)
JAPAN
Trading
Companies
&
Distributors
Sumitomo
Corp.
75,800
1,030,771
Toyota
Tsusho
Corp.
14,900
704,140
10,492,687
Wireless
Telecommunication
Services
1.0%
KDDI
Corp.
110,900
3,384,459
SoftBank
Corp.
199,900
2,611,893
SoftBank
Group
Corp.
86,900
5,461,252
11,457,604
270,525,355
JORDAN
0.0%
†
Pharmaceuticals
0.0%
†
Hikma
Pharmaceuticals
plc
11,665
428,913
LUXEMBOURG
0.2%
Life
Sciences
Tools
&
Services
0.1%
Eurofins
Scientific
SE
9,019
1,078,839
Metals
&
Mining
0.1%
ArcelorMittal
SA
49,085
1,714,399
2,793,238
MACAU
0.2%
Hotels,
Restaurants
&
Leisure
0.2%
Galaxy
Entertainment
Group
Ltd.*
155,000
1,054,563
Sands
China
Ltd.*(a)
172,700
590,982
SJM
Holdings
Ltd.*
120,000
108,156
Wynn
Macau
Ltd.*
110,800
142,611
1,896,312
MALTA
0.0%
†
Capital
Markets
0.0%
†
BGP
Holdings
plc*^∞
1,554,139
0
NETHERLANDS
5.1%
Banks
0.3%
ABN
AMRO
Bank
NV,
CVA
Reg.
S*(b)
28,690
333,283
ING
Groep
NV
273,158
3,497,934
3,831,217
Beverages
0.3%
Heineken
Holding
NV
8,203
807,970
Heineken
NV(a)
17,968
2,092,594
2,900,564
Biotechnology
0.1%
Argenx
SE*
3,071
935,526
Chemicals
0.3%
Akzo
Nobel
NV
13,096
1,619,468
Koninklijke
DSM
NV
11,952
2,409,183
4,028,651
Diversified
Financial
Services
0.1%
EXOR
NV
7,404
609,829
Diversified
Telecommunication
Services
0.1%
Koninklijke
KPN
NV
239,393
786,677
Food
&
Staples
Retailing
0.2%
Koninklijke
Ahold
Delhaize
NV
72,494
2,254,042
Food
Products
0.0%
†
JDE
Peet's
NV
4,557
153,401
Nationwide
International
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
53
Common
Stocks
Shares
Value
($)
NETHERLANDS
Health
Care
Equipment
&
Supplies
0.3%
Koninklijke
Philips
NV
63,672
2,936,642
Insurance
0.1%
Aegon
NV
119,368
507,489
NN
Group
NV
19,988
992,181
1,499,670
IT
Services
0.3%
Adyen
NV
Reg.
S*(b)
1,380
3,757,492
Oil,
Gas
&
Consumable
Fuels
0.9%
Koninklijke
Vopak
NV
4,534
192,028
Royal
Dutch
Shell
plc,
Class
A
284,294
5,703,559
Royal
Dutch
Shell
plc,
Class
B
256,479
5,062,090
10,957,677
Professional
Services
0.2%
Randstad
NV
8,187
594,410
Wolters
Kluwer
NV
18,454
2,104,975
2,699,385
Semiconductors
&
Semiconductor
Equipment
1.9%
ASM
International
NV
3,186
1,133,307
ASML
Holding
NV
29,082
22,113,930
23,247,237
60,598,010
NEW
ZEALAND
0.3%
Diversified
Telecommunication
Services
0.0%
†
Spark
New
Zealand
Ltd.
119,600
394,845
Electric
Utilities
0.0%
†
Mercury
NZ
Ltd.
39,201
180,750
Food
Products
0.0%
†
a2
Milk
Co.
Ltd.
(The)*
53,196
230,709
Health
Care
Equipment
&
Supplies
0.1%
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
41,036
902,859
Health
Care
Providers
&
Services
0.0%
†
Ryman
Healthcare
Ltd.
28,045
257,850
Independent
Power
and
Renewable
Electricity
Producers
0.0%
†
Meridian
Energy
Ltd.
83,792
304,927
Software
0.1%
Xero
Ltd.*
9,402
974,440
Transportation
Infrastructure
0.1%
Auckland
International
Airport
Ltd.*
88,891
449,197
3,695,577
NORWAY
0.5%
Banks
0.1%
DNB
Bank
ASA
66,231
1,357,268
Diversified
Telecommunication
Services
0.1%
Telenor
ASA
49,821
865,023
Food
Products
0.1%
Mowi
ASA
31,295
797,106
Orkla
ASA
50,541
459,357
1,256,463
Common
Stocks
Shares
Value
($)
NORWAY
Insurance
0.0%
†
Gjensidige
Forsikring
ASA
14,145
323,440
Media
0.0%
†
Schibsted
ASA,
Class
A
4,979
263,955
Schibsted
ASA,
Class
B
6,817
314,641
578,596
Metals
&
Mining
0.1%
Norsk
Hydro
ASA
92,401
614,702
Oil,
Gas
&
Consumable
Fuels
0.1%
Equinor
ASA
66,590
1,302,694
6,298,186
POLAND
0.0%
†
Air
Freight
&
Logistics
0.0%
†
InPost
SA*
13,676
267,900
PORTUGAL
0.1%
Electric
Utilities
0.1%
EDP
-
Energias
de
Portugal
SA
197,649
1,027,268
Food
&
Staples
Retailing
0.0%
†
Jeronimo
Martins
SGPS
SA
18,576
378,285
Oil,
Gas
&
Consumable
Fuels
0.0%
†
Galp
Energia
SGPS
SA
30,396
296,800
1,702,353
RUSSIA
0.1%
Beverages
0.1%
Coca-Cola
HBC
AG*
13,820
522,064
Metals
&
Mining
0.0%
†
Evraz
plc
34,581
295,007
817,071
SAUDI
ARABIA
0.1%
Internet
&
Direct
Marketing
Retail
0.1%
Delivery
Hero
SE
Reg.
S*(b)
10,718
1,605,051
SINGAPORE
1.0%
Aerospace
&
Defense
0.0%
†
Singapore
Technologies
Engineering
Ltd.
100,000
295,764
Airlines
0.0%
†
Singapore
Airlines
Ltd.*
86,982
327,374
Banks
0.6%
DBS
Group
Holdings
Ltd.
125,750
2,822,038
Oversea-Chinese
Banking
Corp.
Ltd.
232,189
2,100,841
United
Overseas
Bank
Ltd.
80,862
1,565,350
6,488,229
Capital
Markets
0.1%
Singapore
Exchange
Ltd.
58,100
509,763
Diversified
Telecommunication
Services
0.1%
Singapore
Telecommunications
Ltd.
639,403
1,071,144
Electronic
Equipment,
Instruments
&
Components
0.0%
†
Venture
Corp.
Ltd.
16,300
228,790
54
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
International
Index
Fund
Common
Stocks
Shares
Value
($)
SINGAPORE
Equity
Real
Estate
Investment
Trusts
(REITs)
0.1%
Ascendas
REIT
219,713
505,901
CapitaLand
Integrated
Commercial
Trust
335,114
531,722
Mapletree
Commercial
Trust
147,400
234,965
Mapletree
Logistics
Trust
225,049
350,240
1,622,828
Hotels,
Restaurants
&
Leisure
0.0%
†
Genting
Singapore
Ltd.
372,017
222,600
Industrial
Conglomerates
0.0%
†
Keppel
Corp.
Ltd.
98,700
399,881
Real
Estate
Management
&
Development
0.1%
CapitaLand
Ltd.*
173,345
515,817
City
Developments
Ltd.
26,499
133,840
UOL
Group
Ltd.
32,113
172,864
822,521
11,988,894
SOUTH
AFRICA
0.3%
Metals
&
Mining
0.3%
Anglo
American
plc
89,228
3,952,892
SPAIN
2.4%
Banks
0.7%
Banco
Bilbao
Vizcaya
Argentaria
SA
463,895
2,975,487
Banco
Santander
SA
1,198,215
4,383,551
CaixaBank
SA
316,511
940,959
8,299,997
Biotechnology
0.1%
Grifols
SA
20,481
520,948
Construction
&
Engineering
0.1%
ACS
Actividades
de
Construccion
y
Servicios
SA
17,331
455,440
Ferrovial
SA
32,216
955,673
1,411,113
Diversified
Telecommunication
Services
0.3%
Cellnex
Telecom
SA
Reg.
S(b)
35,354
2,303,807
Telefonica
SA
358,856
1,646,168
3,949,975
Electric
Utilities
0.5%
Endesa
SA
22,025
535,982
Iberdrola
SA
409,874
4,940,947
Red
Electrica
Corp.
SA
29,340
580,575
6,057,504
Electrical
Equipment
0.0%
†
Siemens
Gamesa
Renewable
Energy
SA*
16,272
453,813
Gas
Utilities
0.1%
Enagas
SA
18,246
419,111
Naturgy
Energy
Group
SA
19,546
505,042
924,153
Independent
Power
and
Renewable
Electricity
Producers
0.0%
†
EDP
Renovaveis
SA
19,195
451,378
IT
Services
0.2%
Amadeus
IT
Group
SA*
31,290
2,048,460
Common
Stocks
Shares
Value
($)
SPAIN
Oil,
Gas
&
Consumable
Fuels
0.1%
Repsol
SA
106,052
1,160,107
Specialty
Retail
0.2%
Industria
de
Diseno
Textil
SA
75,992
2,578,258
Transportation
Infrastructure
0.1%
Aena
SME
SA
Reg.
S*(b)
5,296
843,413
28,699,119
SWEDEN
3.6%
Banks
0.3%
Skandinaviska
Enskilda
Banken
AB,
Class
A
113,996
1,540,198
Svenska
Handelsbanken
AB,
Class
A
102,164
1,153,397
Swedbank
AB,
Class
A
63,431
1,235,881
3,929,476
Building
Products
0.3%
Assa
Abloy
AB,
Class
B
70,204
2,251,011
Nibe
Industrier
AB,
Class
B
99,850
1,193,871
3,444,882
Capital
Markets
0.1%
EQT
AB
16,300
787,156
Commercial
Services
&
Supplies
0.0%
†
Securitas
AB,
Class
B
21,600
380,818
Communications
Equipment
0.2%
Telefonaktiebolaget
LM
Ericsson,
Class
B
199,746
2,303,022
Construction
&
Engineering
0.0%
†
Skanska
AB,
Class
B
23,828
672,430
Diversified
Financial
Services
0.4%
Industrivarden
AB,
Class
A
7,237
289,198
Industrivarden
AB,
Class
C
11,471
439,859
Investor
AB,
Class
B
125,201
3,101,622
Kinnevik
AB,
Class
B*
16,944
738,967
L
E
Lundbergforetagen
AB,
Class
B
5,519
394,263
4,963,909
Diversified
Telecommunication
Services
0.1%
Telia
Co.
AB
183,632
806,032
Electronic
Equipment,
Instruments
&
Components
0.2%
Hexagon
AB,
Class
B
137,991
2,287,512
Entertainment
0.0%
†
Embracer
Group
AB*
17,568
454,270
Food
&
Staples
Retailing
0.0%
†
ICA
Gruppen
AB
6,573
324,966
Hotels,
Restaurants
&
Leisure
0.2%
Evolution
AB
Reg.
S(b)
11,898
2,077,492
Household
Durables
0.1%
Electrolux
AB
Series B
13,976
366,444
Husqvarna
AB,
Class
B
29,291
409,585
776,029
Household
Products
0.1%
Essity
AB,
Class
B
42,627
1,393,659
Nationwide
International
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
55
Common
Stocks
Shares
Value
($)
SWEDEN
Industrial
Conglomerates
0.0%
†
Investment
AB
Latour
,
Class
B
9,850
385,344
Machinery
1.1%
Alfa
Laval
AB
22,035
921,044
Atlas
Copco
AB,
Class
A
47,035
3,184,002
Atlas
Copco
AB,
Class
B
27,332
1,554,297
Epiroc
AB,
Class
A
46,159
1,078,933
Epiroc
AB,
Class
B
28,219
567,676
Sandvik
AB
79,075
2,059,745
SKF
AB,
Class
B
26,730
711,547
Volvo
AB,
Class
A
12,522
304,740
Volvo
AB,
Class
B(a)
97,696
2,304,083
12,686,067
Metals
&
Mining
0.1%
Boliden
AB*
19,158
747,563
Oil,
Gas
&
Consumable
Fuels
0.0%
†
Lundin
Energy
AB
12,761
397,742
Paper
&
Forest
Products
0.1%
Svenska
Cellulosa
AB
SCA,
Class
B
42,437
789,499
Real
Estate
Management
&
Development
0.0%
†
Fastighets
AB
Balder,
Class
B*
7,482
517,354
Software
0.1%
Sinch
AB
Reg.
S*(b)
35,427
716,493
Specialty
Retail
0.1%
H
&
M
Hennes
&
Mauritz
AB,
Class
B*
51,155
1,071,675
Tobacco
0.1%
Swedish
Match
AB
113,610
1,017,152
Wireless
Telecommunication
Services
0.0%
†
Tele2
AB,
Class
B
35,287
518,622
43,449,164
SWITZERLAND
9.9%
Banks
0.0%
†
Banque
Cantonale
Vaudoise
(Registered)
2,063
184,249
Building
Products
0.2%
Geberit
AG
(Registered)
2,558
2,100,594
Capital
Markets
0.8%
Credit
Suisse
Group
AG
(Registered)
168,631
1,694,615
Julius
Baer
Group
Ltd.
15,935
1,054,168
Partners
Group
Holding
AG
1,576
2,694,397
UBS
Group
AG
(Registered)
252,856
4,169,273
9,612,453
Chemicals
0.6%
Clariant
AG
(Registered)*
15,455
321,357
EMS-
Chemie
Holding
AG
(Registered)
472
523,030
Givaudan
SA
(Registered)
644
3,214,280
Sika
AG
(Registered)
9,740
3,430,235
7,488,902
Common
Stocks
Shares
Value
($)
SWITZERLAND
Construction
Materials
0.2%
Holcim
Ltd.*
36,295
2,127,793
Diversified
Telecommunication
Services
0.1%
Swisscom
AG
(Registered)
1,844
1,109,478
Electrical
Equipment
0.4%
ABB
Ltd.
(Registered)
119,827
4,380,757
Food
Products
2.3%
Barry
Callebaut
AG
(Registered)
250
633,139
Chocoladefabriken
Lindt
&
Spruengli
AG
75
841,171
Chocoladefabriken
Lindt
&
Spruengli
AG
(Registered)
7
811,380
Nestle
SA
(Registered)
199,729
25,308,371
27,594,061
Health
Care
Equipment
&
Supplies
0.4%
Alcon,
Inc.
34,724
2,528,077
Sonova
Holding
AG
(Registered)
3,764
1,478,976
Straumann
Holding
AG
(Registered)
736
1,365,125
5,372,178
Insurance
0.5%
Baloise
Holding
AG
(Registered)
3,344
528,173
Swiss
Life
Holding
AG
(Registered)
2,279
1,177,131
Zurich
Insurance
Group
AG
10,393
4,189,502
5,894,806
Life
Sciences
Tools
&
Services
0.3%
Lonza
Group
AG
(Registered)
5,133
3,994,926
Machinery
0.1%
Schindler
Holding
AG
2,899
938,384
Schindler
Holding
AG
(Registered)
1,417
441,466
1,379,850
Marine
0.1%
Kuehne
+
Nagel
International
AG
(Registered)
3,672
1,238,933
Pharmaceuticals
2.9%
Novartis
AG
(Registered)
153,833
14,228,905
Roche
Holding
AG
50,984
19,812,961
Vifor
Pharma
AG
3,362
470,344
34,512,210
Professional
Services
0.2%
Adecco
Group
AG
(Registered)
11,034
660,988
SGS
SA
(Registered)
411
1,331,436
1,992,424
Real
Estate
Management
&
Development
0.0%
†
Swiss
Prime
Site
AG
(Registered)
5,409
576,450
Semiconductors
&
Semiconductor
Equipment
0.1%
STMicroelectronics
NV
46,987
1,924,405
56
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
International
Index
Fund
Common
Stocks
Shares
Value
($)
SWITZERLAND
Software
0.1%
Temenos
AG
(Registered)
4,755
755,810
Technology
Hardware,
Storage
&
Peripherals
0.1%
Logitech
International
SA
(Registered)
11,848
1,295,192
Textiles,
Apparel
&
Luxury
Goods
0.5%
Cie
Financiere
Richemont
SA
(Registered)
36,078
4,620,813
Swatch
Group
AG
(The)
2,021
675,144
Swatch
Group
AG
(The)
(Registered)
3,860
250,714
5,546,671
119,082,142
TAIWAN
0.0%
†
Entertainment
0.0%
†
Sea
Ltd.,
ADR*
944
260,695
UNITED
KINGDOM
11.9%
Aerospace
&
Defense
0.2%
BAE
Systems
plc
221,094
1,769,571
Rolls-Royce
Holdings
plc*
585,291
810,794
2,580,365
Banks
1.3%
Barclays
plc
1,211,321
2,935,731
HSBC
Holdings
plc
1,416,490
7,818,113
Lloyds
Banking
Group
plc
4,953,644
3,138,856
Natwest
Group
plc
346,720
974,759
Standard
Chartered
plc
181,695
1,088,445
15,955,904
Beverages
0.7%
Coca-Cola
Europacific
Partners
plc
14,572
904,338
Diageo
plc
161,432
8,008,762
8,913,100
Capital
Markets
0.5%
3i
Group
plc
65,614
1,166,153
ABRDN
plc
153,120
604,051
Hargreaves
Lansdown
plc
24,790
562,359
London
Stock
Exchange
Group
plc
22,590
2,351,249
Schroders
plc
9,014
457,954
St
James's
Place
plc
38,319
844,752
5,986,518
Chemicals
0.1%
Croda
International
plc
9,390
1,098,689
Johnson
Matthey
plc
13,029
537,989
1,636,678
Commercial
Services
&
Supplies
0.1%
Rentokil
Initial
plc
132,028
1,039,973
Diversified
Financial
Services
0.0%
†
M&G
plc
179,036
560,578
Diversified
Telecommunication
Services
0.1%
BT
Group
plc*
614,189
1,481,625
Electric
Utilities
0.1%
SSE
plc(a)
71,386
1,433,714
Electronic
Equipment,
Instruments
&
Components
0.1%
Halma
plc
25,419
1,020,453
Common
Stocks
Shares
Value
($)
UNITED
KINGDOM
Equity
Real
Estate
Investment
Trusts
(REITs)
0.2%
British
Land
Co.
plc
(The)
60,732
430,730
Land
Securities
Group
plc
49,840
491,279
Segro
plc
80,981
1,370,130
2,292,139
Food
&
Staples
Retailing
0.2%
J
Sainsbury
plc
112,916
444,524
Tesco
plc
531,345
1,720,070
Wm
Morrison
Supermarkets
plc
175,408
652,362
2,816,956
Food
Products
0.1%
Associated
British
Foods
plc
25,365
707,047
Health
Care
Equipment
&
Supplies
0.1%
Smith
&
Nephew
plc
59,697
1,216,860
Hotels,
Restaurants
&
Leisure
0.4%
Compass
Group
plc*
124,208
2,624,060
Entain
plc*
39,328
992,061
InterContinental
Hotels
Group
plc*
12,933
854,406
Whitbread
plc*
13,871
586,810
5,057,337
Household
Durables
0.2%
Barratt
Developments
plc
72,504
708,647
Berkeley
Group
Holdings
plc
8,489
571,403
Persimmon
plc
22,415
904,198
Taylor
Wimpey
plc
243,439
556,552
2,740,800
Household
Products
0.3%
Reckitt
Benckiser
Group
plc
49,259
3,780,631
Industrial
Conglomerates
0.3%
CK
Hutchison
Holdings
Ltd.
184,886
1,352,137
DCC
plc
6,671
558,515
Melrose
Industries
plc
345,907
768,926
Smiths
Group
plc
27,585
596,010
3,275,588
Insurance
0.6%
Admiral
Group
plc
12,765
602,230
Aviva
plc
269,309
1,448,941
Direct
Line
Insurance
Group
plc
98,311
405,935
Legal
&
General
Group
plc
408,424
1,482,869
Phoenix
Group
Holdings
plc
39,102
369,053
Prudential
plc
179,650
3,376,792
7,685,820
Interactive
Media
&
Services
0.1%
Auto
Trader
Group
plc
Reg.
S*(b)
67,459
611,194
Internet
&
Direct
Marketing
Retail
0.2%
Just
Eat
Takeaway.com
NV
Reg.
S*(b)
12,124
1,074,965
Ocado
Group
plc*
34,654
893,211
1,968,176
Machinery
0.2%
CNH
Industrial
NV
69,084
1,154,133
Spirax-Sarco
Engineering
plc
5,250
1,094,999
2,249,132
Nationwide
International
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
57
Common
Stocks
Shares
Value
($)
UNITED
KINGDOM
Media
0.2%
Informa
plc*
106,952
735,412
Pearson
plc
50,637
611,042
WPP
plc
82,875
1,072,912
2,419,366
Multiline
Retail
0.1%
Next
plc*
9,466
1,036,297
Multi-Utilities
0.3%
National
Grid
plc
248,025
3,173,078
Oil,
Gas
&
Consumable
Fuels
0.5%
BP
plc
1,411,574
5,659,434
Personal
Products
0.9%
Unilever
plc
181,942
10,477,010
Pharmaceuticals
1.6%
AstraZeneca
plc
107,290
12,322,063
GlaxoSmithKline
plc
349,370
6,903,744
19,225,807
Professional
Services
0.6%
Experian
plc
63,782
2,807,684
Intertek
Group
plc
11,491
823,320
RELX
plc
133,278
3,946,582
7,577,586
Software
0.1%
AVEVA
Group
plc
7,923
432,445
Sage
Group
plc
(The)
78,050
760,924
1,193,369
Specialty
Retail
0.1%
JD
Sports
Fashion
plc
36,183
450,778
Kingfisher
plc
150,284
769,306
1,220,084
Textiles,
Apparel
&
Luxury
Goods
0.1%
Burberry
Group
plc
28,822
826,136
Tobacco
0.6%
British
American
Tobacco
plc
151,138
5,633,620
Imperial
Brands
plc
64,617
1,384,294
7,017,914
Trading
Companies
&
Distributors
0.3%
Ashtead
Group
plc
31,176
2,335,469
Bunzl
plc
23,995
888,973
3,224,442
Water
Utilities
0.1%
Severn
Trent
plc
17,008
661,876
United
Utilities
Group
plc
48,141
717,828
1,379,704
Wireless
Telecommunication
Services
0.3%
Vodafone
Group
plc
1,876,126
3,008,927
142,449,742
UNITED
STATES
1.3%
Automobiles
0.2%
Stellantis
NV
141,428
2,716,816
Construction
Materials
0.1%
James
Hardie
Industries
plc
CHDI
29,907
1,007,924
Electrical
Equipment
0.5%
Schneider
Electric
SE
37,365
6,261,035
Common
Stocks
Shares
Value
($)
UNITED
STATES
Energy
Equipment
&
Services
0.0%
†
Tenaris
SA(a)
31,474
321,879
Insurance
0.2%
Swiss
Re
AG
20,826
1,885,146
Life
Sciences
Tools
&
Services
0.1%
QIAGEN
NV*
16,435
880,872
Software
0.0%
†
CyberArk
Software
Ltd.*
2,731
387,884
Trading
Companies
&
Distributors
0.2%
Ferguson
plc
15,586
2,184,890
15,646,446
Total
Common
Stocks
(cost
$723,510,271)
1,186,537,743
Short-Term
Investment
0.7%
Money
Market
Fund
0.7%
Fidelity
Investments
Money
Market
Government
Portfolio
—
Institutional
Class,
0.01%
(c)(d)
8,468,380
8,468,380
Total
Short-Term
Investment
(cost
$8,468,380)
8,468,380
Total
Investments
(cost
$731,978,651)
—
99.7%
1,195,006,123
Other
assets
in
excess
of
liabilities
—
0.3%
3,361,558
NET
ASSETS
—
100.0%
$
1,198,367,681
58
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
International
Index
Fund
*
Denotes
a
non-income
producing
security.
^
Value
determined
using
significant
unobservable
inputs.
∞
Fair
valued
security.
†
Amount
rounds
to
less
than
0.1%.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2021.
The
total
value
of
securities
on
loan
as
of
July
31,
2021
was
$6,552,049,
which
was
collateralized
by
cash
used
to
purchase
a
money
market
fund
with
a
total
value
of
$8,468,380
and
by
$1,975,646
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.25%,
and
maturity
dates
ranging
from
9/30/2021
–
11/15/2049;
a
total
value
of
$10,444,026.
(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,
2021
was
$25,034,014
which
represents
2.09%
of
net
assets.
(c)
Represents
7-day
effective
yield
as
of
July
31,
2021.
(d)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2021
was
$8,468,380.
ADR
American
Depositary
Receipt
CHDI
Clearing
House
Electronic
Subregister
System
(CHESS)
Depository
Interest
CVA
Dutch
Certification
Preference
A
special
type
of
equity
investment
that
shares
in
the
earnings
of
the
company,
has
limited
voting
rights,
and
may
have
a
dividend
preference.
Preference
shares
may
also
have
liquidation
preference.
Reg.
S
Regulation
S
-
Security
was
purchased
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933,
which
exempts
from
registration
securities
offered
and
sold
outside
of
the
United
States.
Such
security
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933
or
pursuant
to
an
exemption
from
registration.
Currently
there
is
no
restriction
on
trading
this
security.
REIT
Real
Estate
Investment
Trust
Futures
contracts
outstanding
as
of
July
31,
2021:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
EURO
STOXX
50
Index
68
9/2021
EUR
3,297,585
50,951
FTSE
100
Index
19
9/2021
GBP
1,839,853
9,367
Nikkei
225
Index
16
9/2021
JPY
1,996,992
(70,857)
SPI
200
Index
8
9/2021
AUD
1,071,421
14,736
4,197
As
of
July
31,
2021,
the
Fund
had
$606,578
segregated
in
foreign
currency
as
collateral
with
the
broker
for
open
futures
contracts.
Currency:
AUD
Australian
Dollar
EUR
Euro
GBP
British
Pound
JPY
Japanese
Yen
Nationwide
International
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
59
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
60
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
International
Index
Fund
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
Aerospace
&
Defense
$
–
$
13,760,776
$
–
$
13,760,776
Air
Freight
&
Logistics
–
9,643,069
–
9,643,069
Airlines
–
1,296,916
–
1,296,916
Auto
Components
–
10,248,484
–
10,248,484
Automobiles
–
39,094,739
–
39,094,739
Banks
1,357,268
96,590,495
–
97,947,763
Beverages
904,338
23,954,073
–
24,858,411
Biotechnology
–
10,501,975
–
10,501,975
Building
Products
–
15,154,594
–
15,154,594
Capital
Markets
354,614
33,280,887
–
33,635,501
Chemicals
–
43,082,580
–
43,082,580
Commercial
Services
&
Supplies
–
4,375,792
–
4,375,792
Communications
Equipment
–
4,618,674
–
4,618,674
Construction
&
Engineering
–
8,696,711
–
8,696,711
Construction
Materials
–
6,803,068
–
6,803,068
Consumer
Finance
–
104,452
–
104,452
Containers
&
Packaging
–
984,298
–
984,298
Diversified
Financial
Services
398,878
9,402,918
–
9,801,796
Diversified
Telecommunication
Services
–
22,512,824
–
22,512,824
Electric
Utilities
–
22,902,349
–
22,902,349
Electrical
Equipment
–
22,791,412
–
22,791,412
Electronic
Equipment,
Instruments
&
Components
–
20,376,994
–
20,376,994
Energy
Equipment
&
Services
–
321,879
–
321,879
Entertainment
260,695
9,079,589
–
9,340,284
Equity
Real
Estate
Investment
Trusts
(REITs)
1,592,709
14,877,614
–
16,470,323
Food
&
Staples
Retailing
476,743
16,037,955
–
16,514,698
Food
Products
–
39,392,415
–
39,392,415
Gas
Utilities
–
4,871,466
–
4,871,466
Health
Care
Equipment
&
Supplies
–
26,820,035
–
26,820,035
Health
Care
Providers
&
Services
–
5,603,741
–
5,603,741
Health
Care
Technology
–
1,997,911
–
1,997,911
Hotels,
Restaurants
&
Leisure
186,152
16,930,075
–
17,116,227
Household
Durables
–
17,064,170
–
17,064,170
Household
Products
–
8,729,199
–
8,729,199
Independent
Power
and
Renewable
Electricity
Producers
–
999,641
–
999,641
Industrial
Conglomerates
857,285
17,524,097
–
18,381,382
Insurance
–
56,381,393
–
56,381,393
Interactive
Media
&
Services
–
3,616,529
–
3,616,529
Internet
&
Direct
Marketing
Retail
–
10,720,686
–
10,720,686
IT
Services
1,121,991
20,709,825
–
21,831,816
Leisure
Products
–
2,727,209
–
2,727,209
Life
Sciences
Tools
&
Services
–
7,078,282
–
7,078,282
Machinery
–
38,271,329
–
38,271,329
Marine
–
3,642,649
–
3,642,649
Media
–
5,288,448
–
5,288,448
Metals
&
Mining
–
41,338,801
–
41,338,801
Multiline
Retail
–
5,510,617
–
5,510,617
Multi-Utilities
–
10,369,262
–
10,369,262
Oil,
Gas
&
Consumable
Fuels
–
36,099,644
–
36,099,644
Paper
&
Forest
Products
–
4,377,555
–
4,377,555
Personal
Products
–
24,017,777
–
24,017,777
Pharmaceuticals
753,385
96,552,923
–
97,306,308
Professional
Services
–
20,367,944
–
20,367,944
Real
Estate
Management
&
Development
286,416
19,081,610
–
19,368,026
Road
&
Rail
–
7,690,954
–
7,690,954
Nationwide
International
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
61
The
FVC
continues
to
evaluate
any
information
that
could
cause
an
adjustment
to
the
fair
value
for
these
investments,
such
as
market
news,
the
progress
of
judicial
and
regulatory
proceedings,
and
subadviser
recommendations.
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2021.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using
financial
futures
contracts.
(a)
Futures
Contracts
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
reducing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/
or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Level
1
Level
2
Level
3
Total
Assets:
Semiconductors
&
Semiconductor
Equipment
$
–
$
37,720,135
$
–
$
37,720,135
Software
1,336,812
19,355,069
–
20,691,881
Specialty
Retail
–
9,888,513
–
9,888,513
Technology
Hardware,
Storage
&
Peripherals
–
5,846,918
–
5,846,918
Textiles,
Apparel
&
Luxury
Goods
–
41,080,150
–
41,080,150
Tobacco
–
9,644,513
–
9,644,513
Trading
Companies
&
Distributors
–
17,307,032
–
17,307,032
Transportation
Infrastructure
–
5,171,966
–
5,171,966
Water
Utilities
–
1,379,704
–
1,379,704
Wireless
Telecommunication
Services
–
14,985,153
–
14,985,153
Total
Common
Stocks
$
9,887,286
$
1,176,650,457
$
–
$
1,186,537,743
Futures
Contracts
75,054
–
–
75,054
Short-Term
Investment
8,468,380
–
–
8,468,380
Total
Assets
$
18,430,720
$
1,176,650,457
$
–
$
1,195,081,177
$
–
$
–
$
–
$
–
Liabilities:
Futures
Contracts
$
(70,857)
$
–
$
–
$
(70,857)
Total
Liabilities
$
(70,857)
$
–
$
–
$
(70,857)
Total
$
18,359,863
$
1,176,650,457
$
–
$
1,195,010,320
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
During
the
period
ended
July
31,
2021,
the
Fund
held
one
common
stock
investment
that
was
categorized
as
Level
3
investment
which
was
valued
at
$0.
62
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
International
Index
Fund
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,
2021:
Fair
Values
of
Derivatives
not
Accounted
for
as
Hedging
Instruments
as
of
July
31,
2021:
Assets:
Fair
Value
Futures
Contracts
Equity
risk
Unrealized
appreciation
from
futures
contracts
$
75,054
Total
$
75,054
Liabilities:
Futures
Contracts
Equity
risk
Unrealized
depreciation
from
futures
contracts
$
(70,857)
Total
$
(70,857)
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
Nationwide
Mid
Cap
Market
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
63
Common
Stocks
99.6%
Shares
Value
($)
Aerospace
&
Defense
1.1%
Axon
Enterprise,
Inc.*
23,227
4,320,687
Curtiss-Wright
Corp.
14,876
1,759,831
Hexcel
Corp.*
30,025
1,633,960
Mercury
Systems,
Inc.*
20,062
1,324,092
9,038,570
Air
Freight
&
Logistics
0.6%
XPO
Logistics,
Inc.*
36,463
5,057,053
Airlines
0.2%
JetBlue
Airways
Corp.*
115,039
1,701,427
Auto
Components
1.7%
Adient
plc*
33,550
1,413,461
Dana,
Inc.
52,523
1,268,956
Fox
Factory
Holding
Corp.*
15,000
2,423,100
Gentex
Corp.
86,676
2,949,584
Goodyear
Tire
&
Rubber
Co.
(The)*
99,738
1,566,884
Lear
Corp.
19,628
3,434,507
Visteon
Corp.*
9,952
1,135,026
14,191,518
Automobiles
0.5%
Harley-Davidson,
Inc.
55,103
2,183,181
Thor
Industries,
Inc.
19,832
2,347,315
4,530,496
Banks
6.5%
Associated
Banc-Corp.
53,839
1,066,012
BancorpSouth
Bank
36,207
934,141
Bank
of
Hawaii
Corp.
14,518
1,215,302
Bank
OZK
43,218
1,759,405
Cathay
General
Bancorp
26,602
1,007,418
CIT
Group,
Inc.
35,329
1,704,271
Commerce
Bancshares,
Inc.
37,853
2,677,343
Cullen/Frost
Bankers,
Inc.
20,351
2,184,069
East
West
Bancorp,
Inc.
50,885
3,620,468
First
Financial
Bankshares
,
Inc.
51,226
2,501,878
First
Horizon
Corp.
198,524
3,067,196
FNB
Corp.
113,906
1,305,363
Fulton
Financial
Corp.
58,638
898,334
Glacier
Bancorp,
Inc.
34,163
1,761,444
Hancock
Whitney
Corp.
30,876
1,349,590
Home
BancShares
,
Inc.
53,999
1,143,699
International
Bancshares
Corp.
20,122
786,368
PacWest
Bancorp
41,808
1,664,794
Pinnacle
Financial
Partners,
Inc.
27,313
2,447,518
Prosperity
Bancshares,
Inc.
33,444
2,280,546
Signature
Bank
20,671
4,691,697
Sterling
Bancorp
69,094
1,500,031
Synovus
Financial
Corp.
53,305
2,180,174
Texas
Capital
Bancshares,
Inc.*
18,314
1,153,416
Trustmark
Corp.
22,844
685,777
UMB
Financial
Corp.
15,679
1,467,554
Umpqua
Holdings
Corp.
78,885
1,488,560
United
Bankshares
,
Inc.(a)
47,884
1,653,913
Valley
National
Bancorp
144,731
1,865,582
Webster
Financial
Corp.
32,300
1,553,630
Common
Stocks
Shares
Value
($)
Banks
Wintrust
Financial
Corp.
20,418
1,457,845
55,073,338
Beverages
0.3%
Boston
Beer
Co.,
Inc.
(The),
Class
A*
3,336
2,368,560
Biotechnology
1.7%
Arrowhead
Pharmaceuticals,
Inc.*
37,352
2,588,120
Emergent
BioSolutions
,
Inc.*
16,467
1,085,175
Exelixis
,
Inc.*
111,824
1,884,235
Halozyme
Therapeutics,
Inc.*(a)
47,902
1,979,790
Ligand
Pharmaceuticals,
Inc.*
5,979
678,676
Neurocrine
Biosciences,
Inc.*
33,928
3,162,429
United
Therapeutics
Corp.*
16,055
2,920,886
14,299,311
Building
Products
2.0%
Builders
FirstSource
,
Inc.*
74,308
3,306,706
Lennox
International,
Inc.
12,326
4,060,554
Owens
Corning
37,405
3,596,865
Simpson
Manufacturing
Co.,
Inc.
15,499
1,743,327
Trex
Co.,
Inc.*
41,410
4,020,911
16,728,363
Capital
Markets
2.6%
Affiliated
Managers
Group,
Inc.
14,911
2,362,499
Evercore
,
Inc.,
Class
A
14,647
1,936,333
FactSet
Research
Systems,
Inc.
13,629
4,869,369
Federated
Hermes,
Inc.,
Class
B
33,397
1,083,399
Interactive
Brokers
Group,
Inc.,
Class
A
28,969
1,792,022
Janus
Henderson
Group
plc(a)
61,931
2,591,193
Jefferies
Financial
Group,
Inc.
71,689
2,379,358
SEI
Investments
Co.
42,913
2,609,110
Stifel
Financial
Corp.
37,662
2,506,030
22,129,313
Chemicals
2.6%
Ashland
Global
Holdings,
Inc.
19,610
1,668,223
Avient
Corp.
32,576
1,580,588
Cabot
Corp.
20,228
1,113,754
Chemours
Co.
(The)
59,278
1,970,993
Ingevity
Corp.*
14,388
1,222,117
Minerals
Technologies,
Inc.
11,992
961,998
NewMarket
Corp.
2,663
841,268
Olin
Corp.
51,332
2,414,144
RPM
International,
Inc.
46,467
4,023,578
Scotts
Miracle-
Gro
Co.
(The)
14,578
2,579,723
Sensient
Technologies
Corp.
15,135
1,319,469
Valvoline,
Inc.
65,168
1,999,354
21,695,209
Commercial
Services
&
Supplies
1.9%
Brink's
Co.
(The)
17,910
1,378,354
Clean
Harbors,
Inc.*
18,070
1,716,650
64
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Mid
Cap
Market
Index
Fund
Common
Stocks
Shares
Value
($)
Commercial
Services
&
Supplies
Healthcare
Services
Group,
Inc.
27,009
704,935
Herman
Miller,
Inc.
26,441
1,140,929
IAA,
Inc.*
48,428
2,928,925
KAR
Auction
Services,
Inc.*
45,168
744,369
MSA
Safety,
Inc.
13,068
2,149,425
Stericycle,
Inc.*(a)
32,894
2,320,672
Tetra
Tech,
Inc.
19,503
2,604,040
15,688,299
Communications
Equipment
0.9%
Ciena
Corp.*
56,007
3,256,247
Lumentum
Holdings,
Inc.*
27,195
2,284,108
NetScout
Systems,
Inc.*
26,453
760,788
ViaSat
,
Inc.*
24,476
1,214,989
7,516,132
Construction
&
Engineering
1.3%
AECOM*
52,460
3,302,882
Dycom
Industries,
Inc.*
11,043
766,384
EMCOR
Group,
Inc.
19,506
2,376,026
Fluor
Corp.*
45,302
754,731
MasTec
,
Inc.*
20,224
2,047,276
Valmont
Industries,
Inc.
7,571
1,793,948
11,041,247
Construction
Materials
0.2%
Eagle
Materials,
Inc.
15,218
2,150,608
Consumer
Finance
0.8%
FirstCash
,
Inc.
14,714
1,165,349
LendingTree
,
Inc.*
3,931
767,410
Navient
Corp.
63,689
1,301,166
PROG
Holdings,
Inc.
24,072
1,053,631
SLM
Corp.
115,690
2,178,443
6,465,999
Containers
&
Packaging
0.8%
AptarGroup,
Inc.
23,612
3,044,059
Greif,
Inc.,
Class
A
9,507
576,314
Silgan
Holdings,
Inc.
27,765
1,125,038
Sonoco
Products
Co.
36,214
2,310,091
7,055,502
Diversified
Consumer
Services
1.1%
Graham
Holdings
Co.,
Class
B
1,463
972,398
Grand
Canyon
Education,
Inc.*
16,722
1,544,611
H&R
Block,
Inc.
64,532
1,584,261
Service
Corp.
International
60,337
3,770,459
Strategic
Education,
Inc.
9,025
715,592
WW
International,
Inc.*
16,877
518,799
9,106,120
Diversified
Telecommunication
Services
0.2%
Iridium
Communications,
Inc.*
42,263
1,784,766
Electric
Utilities
1.0%
ALLETE,
Inc.
18,833
1,324,337
Hawaiian
Electric
Industries,
Inc.
38,958
1,688,440
IDACORP,
Inc.
18,150
1,913,917
OGE
Energy
Corp.
72,055
2,431,856
Common
Stocks
Shares
Value
($)
Electric
Utilities
PNM
Resources,
Inc.
30,513
1,474,693
8,833,243
Electrical
Equipment
1.7%
Acuity
Brands,
Inc.
12,793
2,243,636
EnerSys
15,390
1,518,377
Hubbell,
Inc.
19,488
3,906,565
nVent
Electric
plc
60,285
1,905,609
Regal
Beloit
Corp.
14,543
2,141,166
Sunrun
,
Inc.*
57,810
3,062,196
14,777,549
Electronic
Equipment,
Instruments
&
Components
3.3%
Arrow
Electronics,
Inc.*
26,523
3,144,832
Avnet,
Inc.
35,520
1,467,687
Belden,
Inc.
16,165
792,085
Cognex
Corp.
63,487
5,739,860
Coherent,
Inc.*
8,777
2,158,615
II-VI,
Inc.*
37,694
2,631,418
Jabil,
Inc.
48,050
2,860,897
Littelfuse
,
Inc.
8,872
2,359,863
National
Instruments
Corp.
47,403
2,090,946
SYNNEX
Corp.
14,791
1,768,116
Vishay
Intertechnology
,
Inc.
47,392
1,048,785
Vontier
Corp.
60,453
1,955,655
28,018,759
Energy
Equipment
&
Services
0.2%
ChampionX
Corp.*
67,153
1,560,636
Entertainment
0.2%
Cinemark
Holdings,
Inc.*
39,142
607,875
World
Wrestling
Entertainment,
Inc.,
Class
A
16,387
809,190
1,417,065
Equity
Real
Estate
Investment
Trusts
(REITs)
9.5%
American
Campus
Communities,
Inc.
49,402
2,485,415
Apartment
Income
REIT
Corp.
56,247
2,960,842
Brixmor
Property
Group,
Inc.
106,348
2,448,131
Camden
Property
Trust
35,013
5,230,592
CoreSite
Realty
Corp.
15,368
2,124,011
Corporate
Office
Properties
Trust
39,878
1,174,008
Cousins
Properties,
Inc.
53,336
2,118,506
CyrusOne
,
Inc.
43,980
3,134,455
Douglas
Emmett,
Inc.
59,283
1,980,052
EastGroup
Properties,
Inc.
14,380
2,534,044
EPR
Properties
26,674
1,341,702
First
Industrial
Realty
Trust,
Inc.
46,433
2,543,600
Healthcare
Realty
Trust,
Inc.
50,656
1,614,913
Highwoods
Properties,
Inc.
37,350
1,781,221
Hudson
Pacific
Properties,
Inc.
54,018
1,472,531
JBG
SMITH
Properties
39,493
1,288,657
Kilroy
Realty
Corp.
38,137
2,641,750
Lamar
Advertising
Co.,
Class
A
31,092
3,314,407
Life
Storage,
Inc.
27,516
3,229,278
Macerich
Co.
(The)
60,561
987,144
Medical
Properties
Trust,
Inc.
211,064
4,438,676
National
Retail
Properties,
Inc.
62,977
3,077,686
Nationwide
Mid
Cap
Market
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
65
Common
Stocks
Shares
Value
($)
Equity
Real
Estate
Investment
Trusts
(REITs)
National
Storage
Affiliates
Trust
27,866
1,509,501
Omega
Healthcare
Investors,
Inc.
84,395
3,061,851
Park
Hotels
&
Resorts,
Inc.*
84,395
1,561,308
Pebblebrook
Hotel
Trust
47,750
1,073,897
Physicians
Realty
Trust
78,008
1,478,252
PotlatchDeltic
Corp.
23,994
1,246,248
PS
Business
Parks,
Inc.
7,088
1,089,213
Rayonier,
Inc.
49,799
1,877,920
Rexford
Industrial
Realty,
Inc.
48,535
2,985,873
Sabra
Health
Care
REIT,
Inc.
78,175
1,453,273
SL
Green
Realty
Corp.
24,834
1,849,140
Spirit
Realty
Capital,
Inc.
41,116
2,064,846
STORE
Capital
Corp.
87,339
3,160,798
Urban
Edge
Properties
39,637
753,103
Weingarten
Realty
Investors
42,669
1,373,515
80,460,359
Food
&
Staples
Retailing
0.8%
BJ's
Wholesale
Club
Holdings,
Inc.*
49,181
2,490,526
Casey's
General
Stores,
Inc.
13,239
2,617,483
Grocery
Outlet
Holding
Corp.*
31,357
1,038,544
Sprouts
Farmers
Market,
Inc.*
41,852
1,028,722
7,175,275
Food
Products
1.8%
Darling
Ingredients,
Inc.*
58,505
4,040,940
Flowers
Foods,
Inc.
70,514
1,661,310
Hain
Celestial
Group,
Inc.
(The)*
29,093
1,161,102
Ingredion,
Inc.
24,144
2,120,085
Lancaster
Colony
Corp.
7,028
1,390,630
Pilgrim's
Pride
Corp.*
17,212
381,246
Post
Holdings,
Inc.*
21,192
2,168,789
Sanderson
Farms,
Inc.
7,075
1,321,893
Tootsie
Roll
Industries,
Inc.(a)
6,606
227,180
TreeHouse
Foods,
Inc.*
20,284
900,610
15,373,785
Gas
Utilities
1.3%
National
Fuel
Gas
Co.
32,606
1,676,927
New
Jersey
Resources
Corp.
34,296
1,321,082
ONE
Gas,
Inc.
19,009
1,402,484
Southwest
Gas
Holdings,
Inc.
20,712
1,448,390
Spire,
Inc.
18,697
1,326,552
UGI
Corp.
74,848
3,442,259
10,617,694
Health
Care
Equipment
&
Supplies
3.5%
Envista
Holdings
Corp.*
57,644
2,483,304
Globus
Medical,
Inc.,
Class
A*
27,758
2,308,633
Haemonetics
Corp.*
18,399
1,118,475
Hill-Rom
Holdings,
Inc.
23,854
3,302,825
ICU
Medical,
Inc.*
7,050
1,433,195
Integra
LifeSciences
Holdings
Corp.*
25,687
1,859,482
LivaNova
plc*
17,654
1,523,540
Masimo
Corp.*
18,186
4,953,685
Neogen
Corp.*
38,724
1,686,817
NuVasive
,
Inc.*
18,656
1,193,051
Common
Stocks
Shares
Value
($)
Health
Care
Equipment
&
Supplies
Penumbra,
Inc.*
12,175
3,241,350
Quidel
Corp.*(a)
13,980
1,977,751
STAAR
Surgical
Co.*
16,819
2,151,486
29,233,594
Health
Care
Providers
&
Services
3.1%
Acadia
Healthcare
Co.,
Inc.*
32,146
1,984,051
Amedisys
,
Inc.*
11,683
3,044,823
Chemed
Corp.
5,720
2,722,834
Encompass
Health
Corp.
35,651
2,967,946
HealthEquity
,
Inc.*
29,995
2,219,030
LHC
Group,
Inc.*
11,367
2,445,951
Molina
Healthcare,
Inc.*
20,858
5,694,443
Patterson
Cos.,
Inc.
31,558
982,401
Progyny
,
Inc.*
13,430
747,917
R1
RCM,
Inc.*
49,645
1,062,899
Tenet
Healthcare
Corp.*
38,258
2,748,455
26,620,750
Hotels,
Restaurants
&
Leisure
2.7%
Boyd
Gaming
Corp.*
28,717
1,636,869
Choice
Hotels
International,
Inc.
10,337
1,239,406
Churchill
Downs,
Inc.
12,440
2,311,352
Cracker
Barrel
Old
Country
Store,
Inc.
8,452
1,150,993
Jack
in
the
Box,
Inc.
8,047
875,996
Marriott
Vacations
Worldwide
Corp.*
15,299
2,254,614
Papa
John's
International,
Inc.
11,991
1,368,413
Scientific
Games
Corp.*
20,461
1,262,648
Six
Flags
Entertainment
Corp.*
27,528
1,143,788
Texas
Roadhouse,
Inc.
23,491
2,165,166
Travel
+
Leisure
Co.
30,869
1,599,014
Wendy's
Co.
(The)
64,112
1,488,040
Wingstop
,
Inc.
10,638
1,822,396
Wyndham
Hotels
&
Resorts,
Inc.
33,510
2,414,731
22,733,426
Household
Durables
1.6%
Helen
of
Troy
Ltd.*
8,757
1,956,226
KB
Home
32,148
1,364,361
Taylor
Morrison
Home
Corp.*
46,695
1,252,360
Tempur
Sealy
International,
Inc.
65,670
2,841,541
Toll
Brothers,
Inc.
39,980
2,369,615
TopBuild
Corp.*
11,828
2,397,417
TRI
Pointe
Group,
Inc.*
41,846
1,009,326
13,190,846
Household
Products
0.1%
Energizer
Holdings,
Inc.
21,066
902,678
Industrial
Conglomerates
0.4%
Carlisle
Cos.,
Inc.
18,692
3,780,270
Insurance
4.1%
Alleghany
Corp.*
5,000
3,315,500
American
Financial
Group,
Inc.
24,708
3,125,315
Brighthouse
Financial,
Inc.*
31,061
1,337,487
Brown
&
Brown,
Inc.
84,018
4,570,579
CNO
Financial
Group,
Inc.
46,225
1,055,779
66
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Mid
Cap
Market
Index
Fund
Common
Stocks
Shares
Value
($)
Insurance
First
American
Financial
Corp.
39,848
2,682,169
Hanover
Insurance
Group,
Inc.
(The)
12,803
1,739,928
Kemper
Corp.
21,932
1,447,731
Kinsale
Capital
Group,
Inc.
7,795
1,392,538
Mercury
General
Corp.
9,463
575,634
Old
Republic
International
Corp.
101,069
2,492,361
Primerica,
Inc.
14,139
2,067,405
Reinsurance
Group
of
America,
Inc.
24,373
2,685,417
RenaissanceRe
Holdings
Ltd.
17,802
2,718,187
RLI
Corp.
14,401
1,560,780
Selective
Insurance
Group,
Inc.
21,399
1,740,809
34,507,619
Interactive
Media
&
Services
0.3%
TripAdvisor,
Inc.*
35,028
1,329,313
Yelp,
Inc.*
25,081
938,029
2,267,342
IT
Services
1.7%
Alliance
Data
Systems
Corp.
17,804
1,660,223
Concentrix
Corp.*
14,940
2,446,126
Genpact
Ltd.
62,507
3,113,474
LiveRamp
Holdings,
Inc.*
24,464
978,805
MAXIMUS,
Inc.
22,131
1,969,659
Sabre
Corp.*
116,132
1,369,196
WEX,
Inc.*
16,110
3,056,550
14,594,033
Leisure
Products
1.4%
Brunswick
Corp.
27,924
2,915,266
Callaway
Golf
Co.*
42,121
1,334,393
Mattel,
Inc.*
124,872
2,712,220
Polaris,
Inc.
20,653
2,706,989
YETI
Holdings,
Inc.*
26,913
2,592,529
12,261,397
Life
Sciences
Tools
&
Services
1.9%
Bio-
Techne
Corp.
13,948
6,726,284
Medpace
Holdings,
Inc.*
9,998
1,759,048
Repligen
Corp.*
18,341
4,506,384
Syneos
Health,
Inc.*
36,338
3,258,428
16,250,144
Machinery
5.4%
AGCO
Corp.
22,102
2,919,895
Colfax
Corp.*
42,160
1,934,301
Crane
Co.
17,812
1,731,861
Donaldson
Co.,
Inc.
45,278
2,996,951
Flowserve
Corp.
46,788
1,969,307
Graco
,
Inc.
60,804
4,747,576
ITT,
Inc.
30,899
3,025,321
Kennametal,
Inc.
30,208
1,095,040
Lincoln
Electric
Holdings,
Inc.
21,236
2,960,935
Middleby
Corp.
(The)*
19,955
3,821,183
Nordson
Corp.
19,394
4,385,565
Oshkosh
Corp.
24,572
2,937,583
Terex
Corp.
24,896
1,193,016
Timken
Co.
(The)
24,393
1,939,243
Toro
Co.
(The)
38,404
4,368,071
Common
Stocks
Shares
Value
($)
Machinery
Trinity
Industries,
Inc.(a)
28,943
784,645
Woodward,
Inc.
21,053
2,559,203
45,369,696
Marine
0.1%
Kirby
Corp.*
21,452
1,242,285
Media
1.0%
Cable
One,
Inc.
1,950
3,681,581
John
Wiley
&
Sons,
Inc.,
Class
A
15,400
905,212
New
York
Times
Co.
(The),
Class
A
52,016
2,277,260
TEGNA,
Inc.
79,140
1,402,361
8,266,414
Metals
&
Mining
2.5%
Cleveland-Cliffs,
Inc.*(a)
164,868
4,121,700
Commercial
Metals
Co.
43,510
1,427,128
Compass
Minerals
International,
Inc.
12,279
841,848
Reliance
Steel
&
Aluminum
Co.
22,764
3,577,363
Royal
Gold,
Inc.
23,514
2,857,421
Steel
Dynamics,
Inc.
71,759
4,624,868
United
States
Steel
Corp.
96,579
2,557,412
Worthington
Industries,
Inc.
12,423
794,699
20,802,439
Multiline
Retail
0.7%
Kohl's
Corp.
55,965
2,843,022
Nordstrom,
Inc.*
38,760
1,282,956
Ollie's
Bargain
Outlet
Holdings,
Inc.*
20,402
1,899,426
6,025,404
Multi-Utilities
0.6%
Black
Hills
Corp.
22,424
1,516,983
MDU
Resources
Group,
Inc.
72,125
2,287,805
NorthWestern
Corp.
18,225
1,129,768
4,934,556
Oil,
Gas
&
Consumable
Fuels
1.9%
Antero
Midstream
Corp.
104,078
988,741
Cimarex
Energy
Co.
36,772
2,397,535
CNX
Resources
Corp.*
79,620
963,402
DT
Midstream,
Inc.*
35,006
1,484,254
EQT
Corp.*
99,965
1,838,356
Equitrans
Midstream
Corp.
145,602
1,196,849
HollyFrontier
Corp.
54,060
1,589,364
Murphy
Oil
Corp.
51,920
1,127,183
Targa
Resources
Corp.
81,915
3,449,441
World
Fuel
Services
Corp.
22,753
784,068
15,819,193
Paper
&
Forest
Products
0.2%
Louisiana-Pacific
Corp.
36,602
2,029,215
Personal
Products
0.2%
Coty,
Inc.,
Class
A*
102,916
898,457
Nu
Skin
Enterprises,
Inc.,
Class
A
18,045
968,836
1,867,293
Nationwide
Mid
Cap
Market
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
67
Common
Stocks
Shares
Value
($)
Pharmaceuticals
0.6%
Jazz
Pharmaceuticals
plc*
21,522
3,648,410
Nektar
Therapeutics*
66,037
1,042,724
4,691,134
Professional
Services
1.6%
ASGN,
Inc.*
19,317
1,953,528
CACI
International,
Inc.,
Class
A*
8,526
2,276,101
FTI
Consulting,
Inc.*
12,240
1,783,368
Insperity
,
Inc.
12,933
1,281,014
KBR,
Inc.
51,280
1,984,536
ManpowerGroup
,
Inc.
19,528
2,315,630
Science
Applications
International
Corp.
20,987
1,832,165
13,426,342
Real
Estate
Management
&
Development
0.5%
Jones
Lang
LaSalle,
Inc.*
18,391
4,093,285
Road
&
Rail
1.0%
Avis
Budget
Group,
Inc.*
18,429
1,525,369
Knight-Swift
Transportation
Holdings,
Inc.
43,881
2,180,447
Landstar
System,
Inc.
13,727
2,155,139
Ryder
System,
Inc.
19,242
1,465,278
Werner
Enterprises,
Inc.
20,644
943,637
8,269,870
Semiconductors
&
Semiconductor
Equipment
3.9%
Amkor
Technology,
Inc.
38,573
950,439
Brooks
Automation,
Inc.
26,640
2,371,226
Cirrus
Logic,
Inc.*
20,768
1,715,229
CMC
Materials,
Inc.
10,604
1,533,763
Cree,
Inc.*
41,420
3,842,119
First
Solar,
Inc.*(a)
30,489
2,623,273
Lattice
Semiconductor
Corp.*
48,948
2,777,799
MKS
Instruments,
Inc.
19,857
3,106,429
Semtech
Corp.*
23,311
1,443,184
Silicon
Laboratories,
Inc.*
16,037
2,389,353
SolarEdge
Technologies,
Inc.*
18,643
4,837,486
Synaptics
,
Inc.*
12,679
1,926,194
Universal
Display
Corp.
15,462
3,625,684
33,142,178
Software
4.2%
ACI
Worldwide,
Inc.*
42,810
1,468,383
Aspen
Technology,
Inc.*
24,602
3,598,288
Blackbaud
,
Inc.*
17,484
1,247,134
CDK
Global,
Inc.
44,087
2,115,735
Cerence
,
Inc.*
13,549
1,456,653
Ceridian
HCM
Holding,
Inc.*
47,284
4,652,746
CommVault
Systems,
Inc.*
16,663
1,259,556
Envestnet
,
Inc.*
11,178
840,921
Fair
Isaac
Corp.*
10,368
5,431,899
J2
Global,
Inc.*
15,305
2,162,137
Manhattan
Associates,
Inc.*
22,858
3,648,822
Paylocity
Holding
Corp.*
13,609
2,823,323
Qualys
,
Inc.*
12,130
1,231,923
SailPoint
Technologies
Holdings,
Inc.*
33,284
1,663,867
Teradata
Corp.*
39,366
1,954,916
35,556,303
Common
Stocks
Shares
Value
($)
Specialty
Retail
3.2%
American
Eagle
Outfitters,
Inc.
(a)
54,076
1,864,000
AutoNation,
Inc.*
19,213
2,331,113
Dick's
Sporting
Goods,
Inc.
23,590
2,456,663
Five
Below,
Inc.*
20,108
3,909,397
Foot
Locker,
Inc.
36,907
2,105,913
Lithia
Motors,
Inc.,
Class
A
10,664
4,022,674
Murphy
USA,
Inc.
9,000
1,327,590
Restoration
Hardware
Holdings,
Inc.*
6,031
4,005,066
Urban
Outfitters,
Inc.*
24,627
915,632
Williams-Sonoma,
Inc.
27,305
4,142,169
27,080,217
Technology
Hardware,
Storage
&
Peripherals
0.4%
NCR
Corp.*
47,058
2,089,375
Xerox
Holdings
Corp.
58,373
1,408,541
3,497,916
Textiles,
Apparel
&
Luxury
Goods
1.8%
Capri
Holdings
Ltd.*
54,292
3,057,183
Carter's,
Inc.
15,770
1,541,360
Columbia
Sportswear
Co.
11,096
1,105,383
Crocs,
Inc.*
23,509
3,192,757
Deckers
Outdoor
Corp.*
9,986
4,102,748
Skechers
USA,
Inc.,
Class
A*
48,070
2,580,398
15,579,829
Thrifts
&
Mortgage
Finance
0.7%
Essent
Group
Ltd.
40,421
1,825,817
MGIC
Investment
Corp.
121,064
1,675,526
New
York
Community
Bancorp,
Inc.
166,627
1,962,866
Washington
Federal,
Inc.
26,213
845,893
6,310,102
Trading
Companies
&
Distributors
0.9%
GATX
Corp.
12,645
1,166,501
MSC
Industrial
Direct
Co.,
Inc.,
Class
A
16,940
1,510,540
Univar
Solutions,
Inc.*
60,650
1,488,351
Watsco
,
Inc.
11,793
3,330,815
7,496,207
Water
Utilities
0.5%
Essential
Utilities,
Inc.
80,125
3,935,740
Wireless
Telecommunication
Services
0.1%
Telephone
&
Data
Systems,
Inc.
36,171
808,422
Total
Common
Stocks
(cost
$528,428,020)
842,442,335
68
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Mid
Cap
Market
Index
Fund
Short-Term
Investment
0.8%
Shares
Value
($)
Money
Market
Fund
0.8%
Fidelity
Investments
Money
Market
Government
Portfolio
—
Institutional
Class,
0.01%(b)(c)
6,748,603
6,748,603
Total
Short-Term
Investment
(cost
$6,748,603)
6,748,603
Total
Investments
(cost
$535,176,623)
—
100.4%
849,190,938
Liabilities
in
excess
of
other
assets
—
(0.4)%
(3,343,043)
NET
ASSETS
—
100.0%
$
845,847,895
*
Denotes
a
non-income
producing
security.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2021.
The
total
value
of
securities
on
loan
as
of
July
31,
2021
was
$9,855,266,
which
was
collateralized
by
cash
used
to
purchase
a
money
market
fund
with
a
total
value
of
$6,748,603
and
by
$3,494,913
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.25%,
and
maturity
dates
ranging
from
9/30/2021
–
11/15/2049;
a
total
value
of
$10,243,516.
(b)
Represents
7-day
effective
yield
as
of
July
31,
2021.
(c)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2021
was
$6,748,603.
REIT
Real
Estate
Investment
Trust
Futures
contracts
outstanding
as
of
July
31,
2021:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
S&P
Midcap
400
E-Mini
Index
12
9/2021
USD
3,238,440
(5,747)
(5,747)
As
of
July
31,
2021,
the
Fund
had
$191,800
segregated
as
collateral
with
the
broker
for
open
futures
contracts.
Currency:
USD
United
States
Dollar
Nationwide
Mid
Cap
Market
Index
Fund
-
July
31,
2021
(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,
2021
(Unaudited)
-
Nationwide
Mid
Cap
Market
Index
Fund
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2021.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using
financial
futures
contracts.
(a)
Futures
Contracts
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
reducing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/
or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
price
of
the
futures
contracts
and
the
underlying
assets. The
Fund’s
investments
in
futures
contracts
entail
limited
counterparty
credit
risk
because the
Fund
invests
only
in
exchange
traded
futures
contracts,
which
are
settled
through
the
exchange
and
whose
fulfillment
is
guaranteed
by
the
credit
of
the
exchange.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
842,442,335
$
–
$
–
$
842,442,335
Short-Term
Investment
6,748,603
–
–
6,748,603
Total
Assets
$
849,190,938
$
–
$
–
$
849,190,938
$
–
$
–
$
–
$
–
Liabilities:
Futures
Contracts
$
(5,747)
$
–
$
–
$
(5,747)
Total
Liabilities
$
(5,747)
$
–
$
–
$
(5,747)
Total
$
849,185,191
$
–
$
–
$
849,185,191
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
Nationwide
Mid
Cap
Market
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
71
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2021:
Fair
Values
of
Derivatives
not
Accounted
for
as
Hedging
Instruments
as
of
July
31,
2021:
Liabilities:
Fair
Value
Futures
Contracts
Equity
risk
Unrealized
depreciation
from
futures
contracts
$
(5,747)
Total
$
(5,747)
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
72
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
S&P
500
Index
Fund
Common
Stocks
99.1%
Shares
Value
($)
Aerospace
&
Defense
1.6%
Boeing
Co.
(The)*
18,797
4,257,145
General
Dynamics
Corp.
7,890
1,546,677
Howmet
Aerospace,
Inc.*
12,841
421,442
Huntington
Ingalls
Industries,
Inc.
1,361
279,182
L3Harris
Technologies,
Inc.
6,992
1,585,366
Lockheed
Martin
Corp.
8,379
3,114,223
Northrop
Grumman
Corp.
5,102
1,852,128
Raytheon
Technologies
Corp.
51,831
4,506,705
Teledyne
Technologies,
Inc.*
1,577
714,018
Textron,
Inc.
7,506
517,989
TransDigm
Group,
Inc.*
1,904
1,220,635
20,015,510
Air
Freight
&
Logistics
0.6%
CH
Robinson
Worldwide,
Inc.
4,434
395,380
Expeditors
International
of
Washington,
Inc.
5,824
746,928
FedEx
Corp.
8,350
2,337,582
United
Parcel
Service,
Inc.,
Class
B
24,739
4,734,055
8,213,945
Airlines
0.2%
Alaska
Air
Group,
Inc.*
4,421
256,551
American
Airlines
Group,
Inc.*(a)
21,197
431,995
Delta
Air
Lines,
Inc.*
21,789
869,381
Southwest
Airlines
Co.*
20,565
1,038,944
United
Airlines
Holdings,
Inc.*
10,881
508,360
3,105,231
Auto
Components
0.2%
Aptiv
plc*
9,150
1,526,677
BorgWarner,
Inc.
8,570
419,759
1,946,436
Automobiles
1.8%
Ford
Motor
Co.*
133,282
1,859,284
General
Motors
Co.*
43,727
2,485,443
Tesla,
Inc.*
26,356
18,111,843
22,456,570
Banks
4.0%
Bank
of
America
Corp.
258,012
9,897,340
Citigroup,
Inc.
70,678
4,779,246
Citizens
Financial
Group,
Inc.
14,768
622,619
Comerica,
Inc.
4,712
323,526
Fifth
Third
Bancorp
23,503
852,924
First
Republic
Bank
6,020
1,174,020
Huntington
Bancshares,
Inc.
51,201
720,910
JPMorgan
Chase
&
Co.
103,551
15,716,971
KeyCorp
33,903
666,533
M&T
Bank
Corp.
4,444
594,829
People's
United
Financial,
Inc.
14,533
228,168
PNC
Financial
Services
Group,
Inc.
(The)
14,544
2,652,971
Regions
Financial
Corp.
31,850
613,113
SVB
Financial
Group*
1,857
1,021,276
Truist
Financial
Corp.
45,969
2,502,093
US
Bancorp
46,364
2,575,057
Wells
Fargo
&
Co.
141,361
6,494,124
Common
Stocks
Shares
Value
($)
Banks
Zions
Bancorp
NA
5,427
283,018
51,718,738
Beverages
1.4%
Brown-Forman
Corp.,
Class
B
6,145
435,803
Coca-Cola
Co.
(The)
132,786
7,572,785
Constellation
Brands,
Inc.,
Class
A
5,755
1,291,077
Molson
Coors
Beverage
Co.,
Class
B*
6,126
299,500
Monster
Beverage
Corp.*
12,777
1,205,127
PepsiCo,
Inc.
47,323
7,427,345
18,231,637
Biotechnology
1.9%
AbbVie,
Inc.
60,398
7,024,287
Amgen,
Inc.
19,675
4,752,300
Biogen,
Inc.*
5,111
1,669,917
Gilead
Sciences,
Inc.
42,964
2,934,012
Incyte
Corp.*
6,374
493,029
Moderna
,
Inc.*
10,422
3,685,219
Regeneron
Pharmaceuticals,
Inc.*
3,599
2,068,021
Vertex
Pharmaceuticals,
Inc.*
8,859
1,785,797
24,412,582
Building
Products
0.5%
A
O
Smith
Corp.
4,600
323,518
Allegion
plc
2,995
409,117
Carrier
Global
Corp.
27,693
1,530,038
Fortune
Brands
Home
&
Security,
Inc.
4,669
455,088
Johnson
Controls
International
plc
24,528
1,751,790
Masco
Corp.
8,830
527,239
Trane
Technologies
plc
8,102
1,649,648
6,646,438
Capital
Markets
3.0%
Ameriprise
Financial,
Inc.
3,921
1,009,893
Bank
of
New
York
Mellon
Corp.
(The)
27,248
1,398,640
BlackRock,
Inc.
4,852
4,207,509
Cboe
Global
Markets,
Inc.
3,513
416,185
Charles
Schwab
Corp.
(The)
51,293
3,485,359
CME
Group,
Inc.
12,281
2,605,168
Franklin
Resources,
Inc.
8,930
263,881
Goldman
Sachs
Group,
Inc.
(The)
11,643
4,364,728
Intercontinental
Exchange,
Inc.
19,235
2,304,930
Invesco
Ltd.
13,175
321,206
MarketAxess
Holdings,
Inc.
1,263
600,140
Moody's
Corp.
5,502
2,068,752
Morgan
Stanley
50,923
4,887,590
MSCI,
Inc.
2,807
1,672,860
Nasdaq,
Inc.
3,963
740,011
Northern
Trust
Corp.
7,266
819,968
Raymond
James
Financial,
Inc.
4,061
525,818
S&P
Global,
Inc.
8,242
3,533,510
State
Street
Corp.
12,198
1,062,934
Nationwide
S&P
500
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
73
Common
Stocks
Shares
Value
($)
Capital
Markets
T.
Rowe
Price
Group,
Inc.
7,741
1,580,403
37,869,485
Chemicals
1.8%
Air
Products
&
Chemicals,
Inc.
7,583
2,206,881
Albemarle
Corp.
3,987
821,481
Celanese
Corp.
3,855
600,493
CF
Industries
Holdings,
Inc.
7,429
351,020
Corteva
,
Inc.
25,101
1,073,821
Dow,
Inc.
25,444
1,581,599
DuPont
de
Nemours,
Inc.
18,299
1,373,340
Eastman
Chemical
Co.
4,591
517,498
Ecolab,
Inc.
8,474
1,871,313
FMC
Corp.
4,401
470,687
International
Flavors
&
Fragrances,
Inc.
8,416
1,267,786
Linde
plc
17,816
5,476,460
LyondellBasell
Industries
NV,
Class
A
8,863
880,362
Mosaic
Co.
(The)
12,088
377,508
PPG
Industries,
Inc.
8,044
1,315,355
Sherwin-Williams
Co.
(The)
8,156
2,373,641
22,559,245
Commercial
Services
&
Supplies
0.4%
Cintas
Corp.
3,065
1,208,162
Copart
,
Inc.*
7,112
1,045,464
Republic
Services,
Inc.
7,320
866,395
Rollins,
Inc.
7,593
291,039
Waste
Management,
Inc.
13,284
1,969,486
5,380,546
Communications
Equipment
0.8%
Arista
Networks,
Inc.*
1,877
713,992
Cisco
Systems,
Inc.
144,260
7,987,676
F5
Networks,
Inc.*
2,045
422,313
Juniper
Networks,
Inc.
11,452
322,259
Motorola
Solutions,
Inc.
5,720
1,280,823
10,727,063
Construction
&
Engineering
0.0%
†
Quanta
Services,
Inc.
4,773
433,866
Construction
Materials
0.1%
Martin
Marietta
Materials,
Inc.
2,167
787,271
Vulcan
Materials
Co.
4,610
829,754
1,617,025
Consumer
Finance
0.7%
American
Express
Co.
22,254
3,794,975
Capital
One
Financial
Corp.
15,442
2,496,971
Discover
Financial
Services
10,337
1,285,096
Synchrony
Financial
18,803
884,117
8,461,159
Containers
&
Packaging
0.3%
Amcor
plc
51,643
596,993
Avery
Dennison
Corp.
2,842
598,753
Ball
Corp.
11,375
920,010
International
Paper
Co.
13,433
775,890
Packaging
Corp.
of
America
3,321
469,921
Sealed
Air
Corp.
5,271
299,129
Common
Stocks
Shares
Value
($)
Containers
&
Packaging
Westrock
Co.
9,133
449,435
4,110,131
Distributors
0.1%
Genuine
Parts
Co.
4,949
628,127
LKQ
Corp.*
9,147
464,210
Pool
Corp.
1,364
651,747
1,744,084
Diversified
Financial
Services
1.4%
Berkshire
Hathaway,
Inc.,
Class
B*
64,839
18,044,045
Diversified
Telecommunication
Services
1.2%
AT&T,
Inc.
244,123
6,847,650
Lumen
Technologies,
Inc.
35,049
437,061
Verizon
Communications,
Inc.
141,610
7,899,006
15,183,717
Electric
Utilities
1.6%
Alliant
Energy
Corp.
8,371
489,955
American
Electric
Power
Co.,
Inc.
16,843
1,484,205
Duke
Energy
Corp.
26,289
2,763,237
Edison
International
12,839
699,726
Entergy
Corp.
6,996
720,028
Evergy
,
Inc.
7,606
496,063
Eversource
Energy
11,931
1,029,287
Exelon
Corp.
33,193
1,553,432
FirstEnergy
Corp.
18,912
724,708
NextEra
Energy,
Inc.
67,058
5,223,818
NRG
Energy,
Inc.
8,520
351,365
Pinnacle
West
Capital
Corp.
3,789
316,571
PPL
Corp.
26,911
763,465
Southern
Co.
(The)
36,120
2,306,984
Xcel
Energy,
Inc.
18,682
1,275,047
20,197,891
Electrical
Equipment
0.6%
AMETEK,
Inc.
8,007
1,113,373
Eaton
Corp.
plc
13,607
2,150,586
Emerson
Electric
Co.
20,469
2,065,118
Generac
Holdings,
Inc.*
2,168
909,173
Rockwell
Automation,
Inc.
3,919
1,204,779
7,443,029
Electronic
Equipment,
Instruments
&
Components
0.6%
Amphenol
Corp.,
Class
A
20,374
1,476,911
CDW
Corp.
4,710
863,579
Corning,
Inc.
26,800
1,121,848
IPG
Photonics
Corp.*
1,225
267,246
Keysight
Technologies,
Inc.*
6,200
1,020,210
TE
Connectivity
Ltd.
11,266
1,661,397
Trimble,
Inc.*
8,759
748,895
Zebra
Technologies
Corp.,
Class
A*
1,834
1,013,248
8,173,334
Energy
Equipment
&
Services
0.2%
Baker
Hughes
Co.
25,199
535,227
Halliburton
Co.
30,908
639,177
NOV,
Inc.*
12,499
172,611
74
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
S&P
500
Index
Fund
Common
Stocks
Shares
Value
($)
Energy
Equipment
&
Services
Schlumberger
NV
47,267
1,362,708
2,709,723
Entertainment
1.8%
Activision
Blizzard,
Inc.
26,564
2,221,282
Electronic
Arts,
Inc.
9,764
1,405,625
Live
Nation
Entertainment,
Inc.*(a)
4,813
379,698
Netflix,
Inc.*
15,165
7,848,949
Take-Two
Interactive
Software,
Inc.*
4,019
696,975
Walt
Disney
Co.
(The)*
62,146
10,938,939
23,491,468
Equity
Real
Estate
Investment
Trusts
(REITs)
2.5%
Alexandria
Real
Estate
Equities,
Inc.
4,770
960,392
American
Tower
Corp.
15,557
4,399,520
AvalonBay
Communities,
Inc.
4,859
1,107,026
Boston
Properties,
Inc.
4,927
578,331
Crown
Castle
International
Corp.
14,789
2,855,608
Digital
Realty
Trust,
Inc.
9,552
1,472,536
Duke
Realty
Corp.
12,624
642,309
Equinix
,
Inc.
3,063
2,512,916
Equity
Residential
11,680
982,638
Essex
Property
Trust,
Inc.
2,207
724,117
Extra
Space
Storage,
Inc.
4,493
782,411
Federal
Realty
Investment
Trust
2,313
271,847
Healthpeak
Properties,
Inc.
18,637
689,010
Host
Hotels
&
Resorts,
Inc.*
25,072
399,397
Iron
Mountain,
Inc.
10,102
442,063
Kimco
Realty
Corp.
14,944
318,756
Mid-America
Apartment
Communities,
Inc.
3,913
755,600
Prologis,
Inc.
25,307
3,240,308
Public
Storage
5,181
1,618,959
Realty
Income
Corp.
12,840
902,524
Regency
Centers
Corp.
5,391
352,625
SBA
Communications
Corp.
3,690
1,258,253
Simon
Property
Group,
Inc.
11,159
1,411,837
UDR,
Inc.
9,699
533,348
Ventas,
Inc.
13,088
782,401
Vornado
Realty
Trust
5,479
238,336
Welltower
,
Inc.
14,123
1,226,724
Weyerhaeuser
Co.
25,755
868,716
32,328,508
Food
&
Staples
Retailing
1.3%
Costco
Wholesale
Corp.
15,135
6,503,812
Kroger
Co.
(The)
25,574
1,040,862
Sysco
Corp.
17,303
1,283,883
Walgreens
Boots
Alliance,
Inc.
24,317
1,146,546
Walmart,
Inc.
46,998
6,699,565
16,674,668
Food
Products
0.9%
Archer-Daniels-Midland
Co.
18,901
1,128,768
Campbell
Soup
Co.
7,028
307,264
Conagra
Brands,
Inc.
16,012
536,242
General
Mills,
Inc.
20,705
1,218,696
Common
Stocks
Shares
Value
($)
Food
Products
Hershey
Co.
(The)
5,045
902,449
Hormel
Foods
Corp.
9,978
462,780
J
M
Smucker
Co.
(The)
3,919
513,820
Kellogg
Co.
8,841
560,166
Kraft
Heinz
Co.
(The)
22,295
857,689
Lamb
Weston
Holdings,
Inc.
5,188
346,403
McCormick
&
Co.,
Inc.
(Non-Voting)
8,698
732,111
Mondelez
International,
Inc.,
Class
A
47,986
3,035,594
Tyson
Foods,
Inc.,
Class
A
9,807
700,808
11,302,790
Gas
Utilities
0.0%
†
Atmos
Energy
Corp.
4,377
431,528
Health
Care
Equipment
&
Supplies
3.8%
Abbott
Laboratories
60,748
7,349,293
ABIOMED,
Inc.*
1,501
491,037
Align
Technology,
Inc.*
2,450
1,704,710
Baxter
International,
Inc.
17,095
1,322,298
Becton
Dickinson
and
Co.
9,939
2,541,899
Boston
Scientific
Corp.*
48,429
2,208,362
Cooper
Cos.,
Inc.
(The)
1,712
722,070
Danaher
Corp.
21,709
6,458,211
Dentsply
Sirona,
Inc.
7,284
481,035
DexCom
,
Inc.*
3,351
1,727,474
Edwards
Lifesciences
Corp.*
21,357
2,397,750
Hologic
,
Inc.*
8,978
673,709
IDEXX
Laboratories,
Inc.*
2,914
1,977,237
Intuitive
Surgical,
Inc.*
4,047
4,012,439
Medtronic
plc
45,941
6,032,513
ResMed
,
Inc.
4,914
1,335,625
STERIS
plc
3,395
739,940
Stryker
Corp.
11,193
3,032,632
Teleflex,
Inc.
1,627
646,619
West
Pharmaceutical
Services,
Inc.
2,584
1,063,910
Zimmer
Biomet
Holdings,
Inc.
6,995
1,143,123
48,061,886
Health
Care
Providers
&
Services
2.6%
AmerisourceBergen
Corp.
5,106
623,800
Anthem,
Inc.
8,367
3,213,012
Cardinal
Health,
Inc.
9,786
581,093
Centene
Corp.*
20,214
1,386,882
Cigna
Corp.
11,730
2,691,918
CVS
Health
Corp.
45,004
3,706,529
DaVita,
Inc.*
2,309
277,657
HCA
Healthcare,
Inc.
9,038
2,243,232
Henry
Schein,
Inc.*
5,039
403,876
Humana,
Inc.
4,407
1,876,765
Laboratory
Corp.
of
America
Holdings*
3,392
1,004,541
McKesson
Corp.
5,523
1,125,753
Quest
Diagnostics,
Inc.
4,353
617,255
UnitedHealth
Group,
Inc.
32,235
13,287,912
Universal
Health
Services,
Inc.,
Class
B
2,761
442,892
33,483,117
Nationwide
S&P
500
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
75
Common
Stocks
Shares
Value
($)
Health
Care
Technology
0.1%
Cerner
Corp.
10,411
836,940
Hotels,
Restaurants
&
Leisure
2.0%
Booking
Holdings,
Inc.*
1,404
3,058,277
Caesars
Entertainment,
Inc.*
7,107
620,867
Carnival
Corp.*
27,750
600,787
Chipotle
Mexican
Grill,
Inc.*
958
1,785,176
Darden
Restaurants,
Inc.
4,464
651,208
Domino's
Pizza,
Inc.
1,326
696,800
Expedia
Group,
Inc.*
4,772
767,672
Hilton
Worldwide
Holdings,
Inc.*
9,620
1,264,549
Las
Vegas
Sands
Corp.*
11,433
484,188
Marriott
International,
Inc.,
Class
A*
8,968
1,309,149
McDonald's
Corp.
25,540
6,198,813
MGM
Resorts
International
13,892
521,367
Norwegian
Cruise
Line
Holdings
Ltd.*(a)
13,068
314,024
Penn
National
Gaming,
Inc.*
5,007
342,379
Royal
Caribbean
Cruises
Ltd.*
7,614
585,288
Starbucks
Corp.
40,322
4,896,300
Wynn
Resorts
Ltd.*
3,426
336,879
Yum!
Brands,
Inc.
10,182
1,337,813
25,771,536
Household
Durables
0.4%
DR
Horton,
Inc.
11,093
1,058,605
Garmin
Ltd.
5,174
813,353
Leggett
&
Platt,
Inc.
4,380
210,371
Lennar
Corp.,
Class
A
9,557
1,004,919
Mohawk
Industries,
Inc.*
1,892
368,751
Newell
Brands,
Inc.
12,542
310,414
NVR,
Inc.*
120
626,712
PulteGroup,
Inc.
8,722
478,576
Whirlpool
Corp.
2,195
486,280
5,357,981
Household
Products
1.4%
Church
&
Dwight
Co.,
Inc.
8,343
722,337
Clorox
Co.
(The)
4,300
777,827
Colgate-Palmolive
Co.
28,684
2,280,378
Kimberly-Clark
Corp.
11,538
1,565,937
Procter
&
Gamble
Co.
(The)
83,711
11,906,216
17,252,695
Independent
Power
and
Renewable
Electricity
Producers
0.0%
†
AES
Corp.
(The)
22,538
534,151
Industrial
Conglomerates
1.2%
3M
Co.
19,821
3,923,369
General
Electric
Co.
300,214
3,887,771
Honeywell
International,
Inc.
23,743
5,550,876
Roper
Technologies,
Inc.
3,578
1,758,015
15,120,031
Insurance
1.8%
Aflac,
Inc.
21,863
1,202,465
Allstate
Corp.
(The)
10,259
1,334,183
American
International
Group,
Inc.
29,430
1,393,511
Aon
plc,
Class
A
7,707
2,004,051
Common
Stocks
Shares
Value
($)
Insurance
Arthur
J
Gallagher
&
Co.
7,119
991,748
Assurant,
Inc.
2,034
320,986
Chubb
Ltd.
15,380
2,595,221
Cincinnati
Financial
Corp.
5,040
594,115
Everest
Re
Group
Ltd.
1,399
353,709
Globe
Life,
Inc.
3,200
297,952
Hartford
Financial
Services
Group,
Inc.
(The)
12,455
792,387
Lincoln
National
Corp.
5,983
368,672
Loews
Corp.
7,790
417,778
Marsh
&
McLennan
Cos.,
Inc.
17,401
2,561,775
MetLife,
Inc.
25,648
1,479,890
Principal
Financial
Group,
Inc.
8,344
518,413
Progressive
Corp.
(The)
20,013
1,904,437
Prudential
Financial,
Inc.
13,556
1,359,396
Travelers
Cos.,
Inc.
(The)
8,534
1,270,883
Unum
Group
6,757
185,142
W
R
Berkley
Corp.
4,932
360,874
Willis
Towers
Watson
plc
4,324
891,090
23,198,678
Interactive
Media
&
Services
6.6%
Alphabet,
Inc.,
Class
A*
10,288
27,721,325
Alphabet,
Inc.,
Class
C*
9,737
26,332,937
Facebook,
Inc.,
Class
A*
81,945
29,197,003
Twitter,
Inc.*
27,249
1,900,618
85,151,883
Internet
&
Direct
Marketing
Retail
4.0%
Amazon.com,
Inc.*
14,661
48,785,797
eBay,
Inc.
22,000
1,500,620
Etsy,
Inc.*
4,396
806,710
51,093,127
IT
Services
5.1%
Accenture
plc,
Class
A
21,746
6,908,269
Akamai
Technologies,
Inc.*
5,637
675,989
Automatic
Data
Processing,
Inc.
14,525
3,044,876
Broadridge
Financial
Solutions,
Inc.
3,986
691,531
Cognizant
Technology
Solutions
Corp.,
Class
A
17,957
1,320,378
DXC
Technology
Co.*
8,638
345,347
Fidelity
National
Information
Services,
Inc.
21,216
3,162,245
Fiserv,
Inc.*
20,282
2,334,661
FleetCor
Technologies,
Inc.*
2,891
746,514
Gartner,
Inc.*
2,892
765,599
Global
Payments,
Inc.
10,092
1,951,894
International
Business
Machines
Corp.
30,562
4,308,019
Jack
Henry
&
Associates,
Inc.
2,523
439,229
Mastercard
,
Inc.,
Class
A
29,915
11,545,395
Paychex,
Inc.
11,128
1,266,589
PayPal
Holdings,
Inc.*
40,177
11,069,969
VeriSign,
Inc.*
3,434
743,015
Visa,
Inc.,
Class
A
57,867
14,257,850
Western
Union
Co.
(The)
14,414
334,549
65,911,918
76
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
S&P
500
Index
Fund
Common
Stocks
Shares
Value
($)
Leisure
Products
0.0%
†
Hasbro,
Inc.
4,545
451,955
Life
Sciences
Tools
&
Services
1.3%
Agilent
Technologies,
Inc.
10,364
1,588,076
Bio-Rad
Laboratories,
Inc.,
Class
A*
713
527,271
Charles
River
Laboratories
International,
Inc.*
1,732
704,785
Illumina,
Inc.*
4,996
2,476,767
IQVIA
Holdings,
Inc.*
6,513
1,613,270
Mettler
-Toledo
International,
Inc.*
790
1,164,231
PerkinElmer,
Inc.
3,857
702,861
Thermo
Fisher
Scientific,
Inc.
13,440
7,257,734
Waters
Corp.*
2,132
831,075
16,866,070
Machinery
1.6%
Caterpillar,
Inc.
18,727
3,871,807
Cummins,
Inc.
5,007
1,162,125
Deere
&
Co.
10,668
3,857,442
Dover
Corp.
5,069
847,131
Fortive
Corp.
11,495
835,227
IDEX
Corp.
2,586
586,220
Illinois
Tool
Works,
Inc.
9,831
2,228,393
Ingersoll
Rand,
Inc.*
12,726
621,920
Otis
Worldwide
Corp.
13,734
1,229,880
PACCAR,
Inc.
11,674
968,825
Parker-Hannifin
Corp.
4,377
1,365,755
Pentair
plc
5,728
421,982
Snap-on,
Inc.
1,923
419,176
Stanley
Black
&
Decker,
Inc.
5,604
1,104,268
Westinghouse
Air
Brake
Technologies
Corp.
6,025
511,342
Xylem,
Inc.
6,290
791,596
20,823,089
Media
1.3%
Charter
Communications,
Inc.,
Class
A*
4,714
3,507,452
Comcast
Corp.,
Class
A
156,946
9,233,133
Discovery,
Inc.,
Class
A*(a)
5,609
162,717
Discovery,
Inc.,
Class
C*
10,614
287,746
DISH
Network
Corp.,
Class
A*
8,381
351,080
Fox
Corp.,
Class
A
10,915
389,229
Fox
Corp.,
Class
B
5,046
167,729
Interpublic
Group
of
Cos.,
Inc.
(The)
13,538
478,704
News
Corp.,
Class
A
13,611
335,239
News
Corp.,
Class
B
4,732
111,249
Omnicom
Group,
Inc.
7,341
534,571
ViacomCBS
,
Inc.
20,460
837,428
16,396,277
Metals
&
Mining
0.4%
Freeport-McMoRan,
Inc.
49,779
1,896,580
Newmont
Corp.
27,285
1,714,044
Nucor
Corp.
10,414
1,083,264
4,693,888
Multiline
Retail
0.6%
Dollar
General
Corp.
8,041
1,870,658
Dollar
Tree,
Inc.*
7,774
775,767
Common
Stocks
Shares
Value
($)
Multiline
Retail
Target
Corp.
16,930
4,419,577
7,066,002
Multi-Utilities
0.7%
Ameren
Corp.
8,683
728,677
CenterPoint
Energy,
Inc.
20,535
522,821
CMS
Energy
Corp.
9,960
615,428
Consolidated
Edison,
Inc.
11,415
842,085
Dominion
Energy,
Inc.
27,532
2,061,321
DTE
Energy
Co.
6,915
811,268
NiSource,
Inc.
13,375
331,299
Public
Service
Enterprise
Group,
Inc.
16,985
1,056,977
Sempra
Energy
10,876
1,420,949
WEC
Energy
Group,
Inc.
10,974
1,033,092
9,423,917
Oil,
Gas
&
Consumable
Fuels
2.3%
APA
Corp.
13,396
251,175
Cabot
Oil
&
Gas
Corp.
13,581
217,296
Chevron
Corp.
66,108
6,730,455
ConocoPhillips
45,896
2,572,930
Devon
Energy
Corp.
20,706
535,043
Diamondback
Energy,
Inc.
6,135
473,193
EOG
Resources,
Inc.
19,902
1,450,060
Exxon
Mobil
Corp.
144,803
8,336,309
Hess
Corp.
9,571
731,607
Kinder
Morgan,
Inc.
66,282
1,151,981
Marathon
Oil
Corp.
27,707
321,124
Marathon
Petroleum
Corp.
21,769
1,202,084
Occidental
Petroleum
Corp.
29,002
756,952
ONEOK,
Inc.
15,531
807,146
Phillips
66
14,816
1,087,939
Pioneer
Natural
Resources
Co.
7,829
1,138,102
Valero
Energy
Corp.
13,781
922,914
Williams
Cos.,
Inc.
(The)
42,144
1,055,707
29,742,017
Personal
Products
0.2%
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
7,929
2,646,938
Pharmaceuticals
3.7%
Bristol-Myers
Squibb
Co.
76,440
5,187,983
Catalent
,
Inc.*
5,685
681,120
Eli
Lilly
&
Co.
27,228
6,630,018
Johnson
&
Johnson
90,075
15,510,915
Merck
&
Co.,
Inc.
86,648
6,660,632
Organon
&
Co.*
8,781
254,737
Perrigo
Co.
plc
4,408
211,716
Pfizer,
Inc.
191,476
8,197,088
Viatris
,
Inc.
41,677
586,395
Zoetis,
Inc.
16,256
3,295,091
47,215,695
Professional
Services
0.4%
Equifax,
Inc.
4,164
1,085,138
IHS
Markit
Ltd.
12,650
1,478,026
Jacobs
Engineering
Group,
Inc.
4,374
591,584
Leidos
Holdings,
Inc.
4,476
476,336
Nielsen
Holdings
plc
12,190
288,781
Nationwide
S&P
500
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
77
Common
Stocks
Shares
Value
($)
Professional
Services
Robert
Half
International,
Inc.
3,944
387,340
Verisk
Analytics,
Inc.
5,451
1,035,363
5,342,568
Real
Estate
Management
&
Development
0.1%
CBRE
Group,
Inc.,
Class
A*
11,699
1,128,486
Road
&
Rail
0.9%
CSX
Corp.
77,285
2,497,851
JB
Hunt
Transport
Services,
Inc.
2,763
465,427
Kansas
City
Southern
3,136
839,821
Norfolk
Southern
Corp.
8,632
2,225,589
Old
Dominion
Freight
Line,
Inc.
3,194
859,665
Union
Pacific
Corp.
22,723
4,970,883
11,859,236
Semiconductors
&
Semiconductor
Equipment
5.5%
Advanced
Micro
Devices,
Inc.*
41,549
4,412,088
Analog
Devices,
Inc.
12,635
2,115,352
Applied
Materials,
Inc.
31,381
4,391,143
Broadcom,
Inc.
13,963
6,777,640
Enphase
Energy,
Inc.*
4,718
894,533
Intel
Corp.
138,098
7,418,625
KLA
Corp.
5,259
1,830,973
Lam
Research
Corp.
4,877
3,108,649
Maxim
Integrated
Products,
Inc.*
9,175
916,674
Microchip
Technology,
Inc.
9,322
1,334,165
Micron
Technology,
Inc.*
38,354
2,975,503
Monolithic
Power
Systems,
Inc.
1,464
657,717
NVIDIA
Corp.
85,224
16,617,828
NXP
Semiconductors
NV
9,463
1,953,069
Qorvo
,
Inc.*
3,750
710,962
QUALCOMM,
Inc.
38,578
5,778,984
Skyworks
Solutions,
Inc.
5,756
1,062,039
Teradyne,
Inc.
5,547
704,469
Texas
Instruments,
Inc.
31,587
6,021,114
Xilinx,
Inc.
8,320
1,246,669
70,928,196
Software
9.1%
Adobe,
Inc.*
16,345
10,160,542
ANSYS,
Inc.*
3,026
1,114,960
Autodesk,
Inc.*
7,515
2,413,292
Cadence
Design
Systems,
Inc.*
9,465
1,397,507
Citrix
Systems,
Inc.
4,259
429,094
Fortinet,
Inc.*
4,568
1,243,592
Intuit,
Inc.
9,342
4,950,980
Microsoft
Corp.
257,554
73,379,710
NortonLifeLock
,
Inc.
19,462
483,047
Oracle
Corp.
62,121
5,413,224
Paycom
Software,
Inc.*
1,714
685,600
PTC,
Inc.*
3,661
495,883
salesforce.com,
Inc.*
33,015
7,987,319
ServiceNow
,
Inc.*
6,751
3,968,845
Synopsys,
Inc.*
5,182
1,492,364
Tyler
Technologies,
Inc.*
1,404
691,667
116,307,626
Common
Stocks
Shares
Value
($)
Specialty
Retail
2.2%
Advance
Auto
Parts,
Inc.
2,280
483,497
AutoZone,
Inc.*
742
1,204,689
Best
Buy
Co.,
Inc.
7,584
852,062
CarMax,
Inc.*
5,635
754,808
Gap,
Inc.
(The)
7,350
214,399
Home
Depot,
Inc.
(The)
36,374
11,937,583
L
Brands,
Inc.
8,180
654,973
Lowe's
Cos.,
Inc.
24,187
4,660,593
O'Reilly
Automotive,
Inc.*
2,383
1,438,951
Ross
Stores,
Inc.
12,404
1,521,847
TJX
Cos.,
Inc.
(The)
41,216
2,836,073
Tractor
Supply
Co.
3,869
700,018
Ulta
Beauty,
Inc.*
1,831
614,850
27,874,343
Technology
Hardware,
Storage
&
Peripherals
6.4%
Apple,
Inc.
536,433
78,244,117
Hewlett
Packard
Enterprise
Co.
44,782
649,339
HP,
Inc.
41,768
1,205,842
NetApp,
Inc.
7,403
589,205
Seagate
Technology
Holdings
plc
6,854
602,467
Western
Digital
Corp.*
10,566
686,050
81,977,020
Textiles,
Apparel
&
Luxury
Goods
0.7%
Hanesbrands,
Inc.
11,688
213,423
NIKE,
Inc.,
Class
B
43,597
7,302,933
PVH
Corp.*
2,271
237,592
Ralph
Lauren
Corp.
1,799
204,223
Tapestry,
Inc.*
9,763
412,975
Under
Armour
,
Inc.,
Class
A*
5,451
111,473
Under
Armour
,
Inc.,
Class
C*
8,137
142,560
VF
Corp.
11,131
892,706
9,517,885
Tobacco
0.7%
Altria
Group,
Inc.
63,052
3,029,018
Philip
Morris
International,
Inc.
53,307
5,335,498
8,364,516
Trading
Companies
&
Distributors
0.2%
Fastenal
Co.
20,026
1,096,824
United
Rentals,
Inc.*
2,518
829,807
WW
Grainger,
Inc.
1,475
655,755
2,582,386
Water
Utilities
0.1%
American
Water
Works
Co.,
Inc.
6,305
1,072,544
Wireless
Telecommunication
Services
0.2%
T-Mobile
US,
Inc.*
20,048
2,887,313
Total
Common
Stocks
(cost
$682,297,943)
1,272,572,302
78
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
S&P
500
Index
Fund
Short-Term
Investment
0.1%
Shares
Value
($)
Money
Market
Fund
0.1%
Fidelity
Investments
Money
Market
Government
Portfolio
—
Institutional
Class,
0.01%(b)(c)
1,053,070
1,053,070
Total
Short-Term
Investment
(cost
$1,053,070)
1,053,070
Total
Investments
(cost
$683,351,013)
—
99.2%
1,273,625,372
Other
assets
in
excess
of
liabilities
—
0.8%
10,248,663
NET
ASSETS
—
100.0%
$
1,283,874,035
*
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,
2021.
The
total
value
of
securities
on
loan
as
of
July
31,
2021
was
$990,152,
which
was
collateralized
by
cash
used
to
purchase
a
money
market
fund
with
a
value
of
$1,053,070.
(b)
Represents
7-day
effective
yield
as
of
July
31,
2021.
(c)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2021
was
$1,053,070.
REIT
Real
Estate
Investment
Trust
Futures
contracts
outstanding
as
of
July
31,
2021:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
S&P
500
E-Mini
Index
42
9/2021
USD
9,217,950
214,073
214,073
As
of
July
31,
2021,
the
Fund
had
$500,200
segregated
as
collateral
with
the
broker
for
open
futures
contracts.
Currency:
USD
United
States
Dollar
Nationwide
S&P
500
Index
Fund
-
July
31,
2021
(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,
2021
(Unaudited)
-
Nationwide
S&P
500
Index
Fund
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2021.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using
financial
futures
contracts.
(a)
Futures
Contracts
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
reducing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/
or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
price
of
the
futures
contracts
and
the
underlying
assets. The
Fund’s
investments
in
futures
contracts
entail
limited
counterparty
credit
risk
because the
Fund
invests
only
in
exchange
traded
futures
contracts,
which
are
settled
through
the
exchange
and
whose
fulfillment
is
guaranteed
by
the
credit
of
the
exchange.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
1,272,572,302
$
–
$
–
$
1,272,572,302
Futures
Contracts
214,073
–
–
214,073
Short-Term
Investment
1,053,070
–
–
1,053,070
Total
$
1,273,839,445
$
–
$
–
$
1,273,839,445
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
Nationwide
S&P
500
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
81
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2021:
Fair
Values
of
Derivatives
not
Accounted
for
as
Hedging
Instruments
as
of
July
31,
2021:
Assets:
Fair
Value
Futures
Contracts
Equity
risk
Unrealized
appreciation
from
futures
contracts
$
214,073
Total
$
214,073
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.
82
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Small
Cap
Index
Fund
Common
Stocks
99.3%
Shares
Value
($)
Aerospace
&
Defense
0.7%
AAR
Corp.*
3,201
114,468
Aerojet
Rocketdyne
Holdings,
Inc.
7,157
337,667
AeroVironment
,
Inc.*
2,139
216,253
AerSale
Corp.*
708
8,057
Astronics
Corp.*
2,468
42,153
Byrna
Technologies,
Inc.*
1,004
24,096
Ducommun,
Inc.*
1,100
59,345
Kaman
Corp.
2,635
116,862
Kratos
Defense
&
Security
Solutions,
Inc.*
11,936
324,659
Maxar
Technologies,
Inc.
7,035
255,160
Moog,
Inc.,
Class
A
2,743
213,597
National
Presto
Industries,
Inc.
485
46,793
PAE,
Inc.*
6,901
61,557
Park
Aerospace
Corp.
2,112
31,469
Parsons
Corp.*
2,321
89,637
Triumph
Group,
Inc.*
4,942
94,145
Vectrus
,
Inc.*
1,092
49,457
2,085,375
Air
Freight
&
Logistics
0.3%
Air
Transport
Services
Group,
Inc.*
5,709
138,158
Atlas
Air
Worldwide
Holdings,
Inc.*
2,728
182,694
Echo
Global
Logistics,
Inc.*
2,497
77,232
Forward
Air
Corp.
2,576
227,822
Hub
Group,
Inc.,
Class
A*
3,137
207,920
Radiant
Logistics,
Inc.*
3,719
23,132
856,958
Airlines
0.3%
Allegiant
Travel
Co.*
1,479
281,188
Frontier
Group
Holdings,
Inc.*
3,299
48,627
Hawaiian
Holdings,
Inc.*
4,614
91,034
Mesa
Air
Group,
Inc.*
3,510
31,309
SkyWest,
Inc.*
4,720
191,113
Spirit
Airlines,
Inc.*
9,617
259,467
Sun
Country
Airlines
Holdings,
Inc.*
1,643
53,381
956,119
Auto
Components
1.4%
Adient
plc*
8,977
378,201
American
Axle
&
Manufacturing
Holdings,
Inc.*
10,778
104,439
Cooper-Standard
Holdings,
Inc.*
1,718
44,754
Dana,
Inc.
13,776
332,828
Dorman
Products,
Inc.*
2,535
256,415
Fox
Factory
Holding
Corp.*
4,072
657,791
Gentherm
,
Inc.*
3,152
261,395
Goodyear
Tire
&
Rubber
Co.
(The)*
26,727
419,881
LCI
Industries
2,408
351,135
Modine
Manufacturing
Co.*
4,740
79,300
Motorcar
Parts
of
America,
Inc.*
2,007
44,636
Patrick
Industries,
Inc.
2,190
180,960
Common
Stocks
Shares
Value
($)
Auto
Components
Standard
Motor
Products,
Inc.
1,981
82,727
Stoneridge,
Inc.*
2,472
71,565
Tenneco,
Inc.,
Class
A*
6,698
116,612
Visteon
Corp.*
2,745
313,067
XL
Fleet
Corp.*
3,634
25,365
XPEL,
Inc.
Reg.
S*
1,739
161,031
3,882,102
Automobiles
0.3%
Arcimoto
,
Inc.*(a)
2,595
42,428
Canoo
,
Inc.*
7,560
61,463
Fisker
,
Inc.*(a)
15,556
250,763
Lordstown
Motors
Corp.*(a)
10,626
66,306
Winnebago
Industries,
Inc.
3,062
220,066
Workhorse
Group,
Inc.*(a)
11,711
135,145
776,171
Banks
7.6%
1st
Source
Corp.
1,620
74,180
Allegiance
Bancshares,
Inc.
1,909
69,621
Altabancorp
1,775
71,692
Amalgamated
Financial
Corp.
1,443
22,164
Amerant
Bancorp,
Inc.*
1,989
44,056
American
National
Bankshares
,
Inc.
1,003
31,685
Ameris
Bancorp
6,302
306,340
Arrow
Financial
Corp.
1,370
49,389
Associated
Banc-Corp.
15,132
299,614
Atlantic
Capital
Bancshares,
Inc.*
2,133
51,192
Atlantic
Union
Bankshares
Corp.
7,544
267,586
Banc
of
California,
Inc.
3,937
67,401
BancFirst
Corp.
1,746
96,868
Bancorp,
Inc.
(The)*
5,273
123,230
BancorpSouth
Bank
9,659
249,202
Bank
First
Corp.
662
46,333
Bank
of
Marin
Bancorp
1,252
43,444
Bank
of
NT
Butterfield
&
Son
Ltd.
(The)
4,821
159,768
BankUnited
,
Inc.
8,828
349,412
Banner
Corp.
3,286
174,289
Bar
Harbor
Bankshares
1,512
43,304
Berkshire
Hills
Bancorp,
Inc.
4,696
126,980
Blue
Ridge
Bankshares
,
Inc.
1,644
28,162
Brookline
Bancorp,
Inc.
7,276
104,556
Bryn
Mawr
Bank
Corp.
1,757
68,751
Business
First
Bancshares,
Inc.
2,027
47,249
Byline
Bancorp,
Inc.
2,437
59,975
Cadence
Bancorp
11,661
221,559
Cambridge
Bancorp
670
57,339
Camden
National
Corp.
1,485
66,483
Capital
Bancorp,
Inc.
850
19,312
Capital
City
Bank
Group,
Inc.
1,391
33,857
Capstar
Financial
Holdings,
Inc.
1,971
41,785
Carter
Bankshares
,
Inc.*
2,406
27,597
Cathay
General
Bancorp
7,748
293,417
CBTX,
Inc.
1,822
47,919
Central
Pacific
Financial
Corp.
2,864
73,318
Nationwide
Small
Cap
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
83
Common
Stocks
Shares
Value
($)
Banks
Century
Bancorp,
Inc.,
Class
A
297
33,971
CIT
Group,
Inc.
9,584
462,332
Citizens
&
Northern
Corp.
1,306
32,258
City
Holding
Co.
1,467
110,993
Civista
Bancshares,
Inc.
1,577
36,098
CNB
Financial
Corp.
1,586
36,573
Coastal
Financial
Corp.*
973
28,431
Columbia
Banking
System,
Inc.
6,820
238,291
Community
Bank
System,
Inc.
5,075
363,573
Community
Trust
Bancorp,
Inc.
1,205
47,911
ConnectOne
Bancorp,
Inc.
3,322
87,369
CrossFirst
Bankshares
,
Inc.*
4,891
67,545
Customers
Bancorp,
Inc.*
2,806
101,633
CVB
Financial
Corp.
12,249
233,466
Dime
Community
Bancshares,
Inc.
3,284
108,438
Eagle
Bancorp,
Inc.
2,998
164,980
Eastern
Bankshares
,
Inc.
16,279
297,092
Enterprise
Bancorp,
Inc.
946
30,934
Enterprise
Financial
Services
Corp.
3,374
150,359
Equity
Bancshares,
Inc.,
Class
A*
1,391
40,979
Farmers
National
Banc
Corp.
2,507
38,482
FB
Financial
Corp.
3,248
122,807
Fidelity
D&D
Bancorp,
Inc.
394
20,094
Financial
Institutions,
Inc.
1,271
37,418
First
Bancorp,
Inc.
(The)
1,016
29,525
First
Bancorp/NC
2,669
106,760
First
Bancorp/PR
20,426
247,767
First
Bancshares,
Inc.
(The)(a)
1,979
76,330
First
Bank
1,760
23,452
First
Busey
Corp.
5,122
120,879
First
Commonwealth
Financial
Corp.
9,045
119,123
First
Community
Bankshares
,
Inc.
1,680
49,056
First
Financial
Bancorp
9,117
205,133
First
Financial
Bankshares
,
Inc.
12,516
611,281
First
Financial
Corp.
1,173
46,979
First
Foundation,
Inc.
3,850
90,745
First
Internet
Bancorp
969
29,341
First
Interstate
BancSystem
,
Inc.,
Class
A
3,956
165,836
First
Merchants
Corp.
5,154
209,922
First
Mid
Bancshares,
Inc.
1,419
57,739
First
Midwest
Bancorp,
Inc.
10,795
193,662
First
of
Long
Island
Corp.
(The)
2,185
47,087
Five
Star
Bancorp
538
13,111
Flushing
Financial
Corp.
2,562
56,492
Fulton
Financial
Corp.
15,127
231,746
German
American
Bancorp,
Inc.
2,338
88,143
Glacier
Bancorp,
Inc.
9,259
477,394
Great
Southern
Bancorp,
Inc.
979
50,937
Great
Western
Bancorp,
Inc.
5,251
161,731
Guaranty
Bancshares,
Inc.
792
26,492
Common
Stocks
Shares
Value
($)
Banks
Hancock
Whitney
Corp.
8,395
366,945
Hanmi
Financial
Corp.
3,124
56,951
HarborOne
Bancorp,
Inc.
4,756
64,729
HBT
Financial,
Inc.
1,085
17,729
Heartland
Financial
USA,
Inc.
4,060
185,217
Heritage
Commerce
Corp.
5,783
62,688
Heritage
Financial
Corp.
3,362
81,327
Hilltop
Holdings,
Inc.
6,121
193,913
Home
BancShares
,
Inc.
14,996
317,615
HomeTrust
Bancshares,
Inc.
1,494
39,337
Hope
Bancorp,
Inc.
11,271
149,341
Horizon
Bancorp,
Inc.
4,101
68,528
Howard
Bancorp,
Inc.*
1,385
27,285
Independent
Bank
Corp.
5,165
263,677
Independent
Bank
Group,
Inc.
3,630
253,011
International
Bancshares
Corp.
5,183
202,552
Investors
Bancorp,
Inc.
21,681
299,631
Lakeland
Bancorp,
Inc.
4,634
75,859
Lakeland
Financial
Corp.
2,353
157,345
Live
Oak
Bancshares,
Inc.
3,043
183,158
Macatawa
Bank
Corp.
2,364
19,668
Mercantile
Bank
Corp.
1,512
47,250
Metrocity
Bankshares
,
Inc.
1,755
35,047
Metropolitan
Bank
Holding
Corp.*
707
50,218
Mid
Penn
Bancorp,
Inc.
696
18,131
Midland
States
Bancorp,
Inc.
2,117
52,099
MidWestOne
Financial
Group,
Inc.
1,433
41,743
MVB
Financial
Corp.
976
40,455
National
Bank
Holdings
Corp.,
Class
A
2,924
103,685
NBT
Bancorp,
Inc.
3,998
139,330
Nicolet
Bankshares
,
Inc.*
803
58,129
Northrim
Bancorp,
Inc.
627
25,594
OceanFirst
Financial
Corp.
5,342
104,169
OFG
Bancorp
4,817
111,273
Old
National
Bancorp
15,662
252,002
Old
Second
Bancorp,
Inc.
1,841
21,319
Origin
Bancorp,
Inc.
2,035
82,784
Orrstown
Financial
Services,
Inc.
1,133
26,116
Pacific
Premier
Bancorp,
Inc.
8,257
313,601
Park
National
Corp.
1,402
159,702
Peapack
-Gladstone
Financial
Corp.
1,903
61,296
Peoples
Bancorp,
Inc.
1,770
52,197
Peoples
Financial
Services
Corp.
731
31,360
Preferred
Bank
1,416
83,516
Premier
Financial
Bancorp,
Inc.
1,319
22,449
Primis
Financial
Corp.
2,286
35,547
QCR
Holdings,
Inc.
1,501
73,684
RBB
Bancorp
1,299
31,085
Red
River
Bancshares,
Inc.
530
27,004
Reliant
Bancorp,
Inc.
1,537
42,729
Renasant
Corp.
5,236
184,202
Republic
Bancorp,
Inc.,
Class
A
1,016
49,540
84
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Small
Cap
Index
Fund
Common
Stocks
Shares
Value
($)
Banks
Republic
First
Bancorp,
Inc.*
5,020
18,524
S&T
Bancorp,
Inc.
3,673
108,170
Sandy
Spring
Bancorp,
Inc.
4,634
192,728
Seacoast
Banking
Corp.
of
Florida
5,332
162,040
ServisFirst
Bancshares,
Inc.
4,825
342,961
Sierra
Bancorp
1,449
34,964
Silvergate
Capital
Corp.,
Class
A*
2,169
222,973
Simmons
First
National
Corp.,
Class
A
10,179
277,072
SmartFinancial
,
Inc.
1,478
36,019
South
Plains
Financial,
Inc.
1,077
24,771
South
State
Corp.
6,845
471,210
Southern
First
Bancshares,
Inc.*
792
39,228
Southside
Bancshares,
Inc.
2,953
106,426
Spirit
of
Texas
Bancshares,
Inc.
1,336
31,102
Stock
Yards
Bancorp,
Inc.
1,924
91,659
Summit
Financial
Group,
Inc.
1,137
26,435
Texas
Capital
Bancshares,
Inc.*
4,940
311,121
Tompkins
Financial
Corp.
1,344
103,152
Towne
Bank
6,292
187,565
TriCo
Bancshares
2,744
108,196
TriState
Capital
Holdings,
Inc.*
2,781
56,482
Triumph
Bancorp,
Inc.*
2,232
171,105
Trustmark
Corp.
6,117
183,632
UMB
Financial
Corp.
4,246
397,426
United
Bankshares
,
Inc.
12,125
418,798
United
Community
Banks,
Inc.
8,063
232,295
Univest
Financial
Corp.
2,741
74,994
Valley
National
Bancorp
37,962
489,330
Veritex
Holdings,
Inc.
4,723
158,457
Washington
Trust
Bancorp,
Inc.
1,572
76,635
WesBanco
,
Inc.
6,294
203,170
West
Bancorp,
Inc.
1,569
46,254
Westamerica
Bancorp
2,578
143,208
21,399,583
Beverages
0.3%
Celsius
Holdings,
Inc.*
4,337
297,648
Coca-Cola
Consolidated,
Inc.
458
182,811
Duckhorn
Portfolio,
Inc.
(The)*
1,912
42,007
MGP
Ingredients,
Inc.(a)
1,343
80,110
National
Beverage
Corp.(a)
2,226
101,016
NewAge
,
Inc.*
13,931
26,608
Primo
Water
Corp.
14,904
246,363
976,563
Biotechnology
9.4%
4D
Molecular
Therapeutics,
Inc.*
1,123
27,929
89bio,
Inc.*
840
13,154
ACADIA
Pharmaceuticals,
Inc.*
11,341
245,306
Adicet
Bio,
Inc.*
1,982
14,667
Adverum
Biotechnologies,
Inc.*
9,200
20,884
Common
Stocks
Shares
Value
($)
Biotechnology
Aeglea
BioTherapeutics
,
Inc.*
4,569
28,008
Affimed
NV*
11,589
77,067
Agenus,
Inc.*
18,679
96,757
Agios
Pharmaceuticals,
Inc.*
5,999
288,492
Akebia
Therapeutics,
Inc.*(a)
14,636
36,151
Akero
Therapeutics,
Inc.*
2,436
52,228
Akouos
,
Inc.*
2,495
27,121
Albireo
Pharma,
Inc.*(a)
1,727
49,409
Aldeyra
Therapeutics,
Inc.*(a)
4,599
40,931
Alector
,
Inc.*
5,459
131,207
Aligos
Therapeutics,
Inc.*
1,778
25,905
Alkermes
plc*
15,200
393,224
Allakos
,
Inc.*
3,412
271,459
Allogene
Therapeutics,
Inc.*
6,443
141,424
Allovir
,
Inc.*
3,034
58,071
Alpine
Immune
Sciences,
Inc.*
1,101
9,733
Altimmune
,
Inc.*
3,079
27,927
ALX
Oncology
Holdings,
Inc.*
1,792
104,940
Amicus
Therapeutics,
Inc.*
25,093
233,114
AnaptysBio
,
Inc.*
1,827
41,984
Anavex
Life
Sciences
Corp.*
6,008
107,844
Anika
Therapeutics,
Inc.*
1,420
56,985
Annexon
,
Inc.*
3,100
65,286
Apellis
Pharmaceuticals,
Inc.*
6,281
401,921
Applied
Molecular
Transport,
Inc.*(a)
2,278
63,852
Applied
Therapeutics,
Inc.*
1,580
27,192
AquaBounty
Technologies,
Inc.*
4,973
24,616
Arbutus
Biopharma
Corp.*
7,400
19,906
Arcturus
Therapeutics
Holdings,
Inc.*(a)
2,082
65,187
Arcus
Biosciences,
Inc.*
4,340
136,319
Arcutis
Biotherapeutics
,
Inc.*
2,707
63,154
Ardelyx
,
Inc.*
7,755
13,494
Arena
Pharmaceuticals,
Inc.*
5,922
366,335
Arrowhead
Pharmaceuticals,
Inc.*
9,762
676,409
Atara
Biotherapeutics
,
Inc.*
8,249
105,175
Athenex
,
Inc.*
7,555
28,482
Athersys
,
Inc.*(a)
18,085
29,479
Atossa
Therapeutics,
Inc.*(a)
11,085
33,144
Atreca
,
Inc.,
Class
A*
2,968
16,294
Avid
Bioservices
,
Inc.*
5,846
149,950
Avidity
Biosciences,
Inc.*
3,126
60,363
Avita
Medical,
Inc.*
2,262
41,915
Avrobio
,
Inc.*
3,637
26,768
Beam
Therapeutics,
Inc.*(a)
4,539
417,588
Beyondspring
,
Inc.*
1,925
18,326
BioAtla
,
Inc.*(a)
1,183
48,491
BioCryst
Pharmaceuticals,
Inc.*
17,322
279,231
Biohaven
Pharmaceutical
Holding
Co.
Ltd.*
5,192
654,244
Biomea
Fusion,
Inc.*
818
10,789
Bioxcel
Therapeutics,
Inc.*
1,253
32,064
Black
Diamond
Therapeutics,
Inc.*
1,875
17,925
Bluebird
Bio,
Inc.*
6,400
162,624
Blueprint
Medicines
Corp.*
5,631
494,796
Nationwide
Small
Cap
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
85
Common
Stocks
Shares
Value
($)
Biotechnology
Bolt
Biotherapeutics
,
Inc.*
1,284
14,317
Bridgebio
Pharma,
Inc.*(a)
10,355
553,475
Brooklyn
ImmunoTherapeutics
,
Inc.*
2,255
25,910
C4
Therapeutics,
Inc.*(a)
3,263
140,766
Cardiff
Oncology,
Inc.*
3,426
18,226
CareDx
,
Inc.*
4,840
406,754
Catalyst
Pharmaceuticals,
Inc.*
10,108
59,031
Celcuity
,
Inc.*
755
14,874
Celldex
Therapeutics,
Inc.*
3,715
162,531
CEL-SCI
Corp.*(a)
3,633
29,173
Cerevel
Therapeutics
Holdings,
Inc.*(a)
3,341
82,322
ChemoCentryx
,
Inc.*
5,134
75,881
Chimerix
,
Inc.*
6,082
40,324
Chinook
Therapeutics,
Inc.*
2,980
38,829
Clene
,
Inc.*(a)
2,168
18,645
Clovis
Oncology,
Inc.*(a)
10,305
49,773
Codiak
Biosciences,
Inc.*
1,488
25,742
Cogent
Biosciences,
Inc.*
3,521
21,126
Coherus
Biosciences,
Inc.*
6,114
79,788
Cortexyme
,
Inc.*(a)
1,890
106,804
Crinetics
Pharmaceuticals,
Inc.*
3,456
62,139
Cue
Biopharma,
Inc.*
3,070
31,989
Cullinan
Oncology,
Inc.*
1,338
30,680
Curis
,
Inc.*
8,206
62,284
Cytokinetics,
Inc.*
7,358
218,385
CytomX
Therapeutics,
Inc.*
6,296
34,061
Deciphera
Pharmaceuticals,
Inc.*
3,640
110,984
Denali
Therapeutics,
Inc.*
8,757
446,870
DermTech
,
Inc.*(a)
2,246
75,600
Design
Therapeutics,
Inc.*
1,277
19,768
Dicerna
Pharmaceuticals,
Inc.*
6,654
249,592
Dynavax
Technologies
Corp.*(a)
10,793
100,807
Dyne
Therapeutics,
Inc.*(a)
2,846
51,427
Eagle
Pharmaceuticals,
Inc.*
1,081
50,267
Editas
Medicine,
Inc.*(a)
6,513
272,634
Eiger
BioPharmaceuticals
,
Inc.*
3,240
25,790
Emergent
BioSolutions
,
Inc.*
4,708
310,257
Enanta
Pharmaceuticals,
Inc.*
1,968
83,148
Epizyme
,
Inc.*
9,234
61,221
Esperion
Therapeutics,
Inc.*(a)
2,674
41,153
Evelo
Biosciences,
Inc.*
2,878
26,506
Fate
Therapeutics,
Inc.*
7,713
638,636
FibroGen
,
Inc.*
8,188
106,444
Finch
Therapeutics
Group,
Inc.*
717
9,443
Flexion
Therapeutics,
Inc.*
4,537
26,904
Foghorn
Therapeutics,
Inc.*
1,853
16,807
Forma
Therapeutics
Holdings,
Inc.*
3,100
70,959
Forte
Biosciences,
Inc.*
1,069
32,027
Fortress
Biotech,
Inc.*
6,511
20,249
Frequency
Therapeutics,
Inc.*
2,592
21,591
G1
Therapeutics,
Inc.*(a)
3,971
68,738
Common
Stocks
Shares
Value
($)
Biotechnology
Gemini
Therapeutics,
Inc.*
2,076
8,449
Generation
Bio
Co.*
4,131
89,808
Geron
Corp.*
29,922
36,505
Global
Blood
Therapeutics,
Inc.*
5,671
154,988
Gossamer
Bio,
Inc.*
5,881
46,225
Greenwich
Lifesciences,
Inc.*(a)
382
15,078
Gritstone
bio,
Inc.*
4,187
27,969
GT
Biopharma,
Inc.*(a)
2,259
22,477
Halozyme
Therapeutics,
Inc.*(a)
13,568
560,765
Harpoon
Therapeutics,
Inc.*
2,126
20,814
Heron
Therapeutics,
Inc.*
9,068
112,080
Homology
Medicines,
Inc.*
3,534
22,476
Hookipa
Pharma,
Inc.*
1,436
11,100
Humanigen
,
Inc.*
4,250
68,510
iBio
,
Inc.*
21,800
27,032
Ideaya
Biosciences,
Inc.*(a)
2,659
65,146
IGM
Biosciences,
Inc.*(a)
768
52,232
Immunic
,
Inc.*
1,470
12,980
ImmunityBio
,
Inc.*(a)
6,337
69,454
ImmunoGen
,
Inc.*
18,412
103,291
Immunovant
,
Inc.*
3,765
39,382
Impel
Neuropharma
,
Inc.*
717
10,081
Infinity
Pharmaceuticals,
Inc.*
8,294
17,583
Inhibrx
,
Inc.*(a)
2,645
75,277
Inovio
Pharmaceuticals,
Inc.*(a)
19,591
164,564
Inozyme
Pharma,
Inc.*
1,204
20,191
Insmed
,
Inc.*
9,865
242,679
Instil
Bio,
Inc.*
1,652
24,863
Intellia
Therapeutics,
Inc.*
6,512
923,727
Intercept
Pharmaceuticals,
Inc.*(a)
2,678
46,276
Invitae
Corp.*(a)
19,325
540,907
Ironwood
Pharmaceuticals,
Inc.*
13,765
182,662
iTeos
Therapeutics,
Inc.*
2,015
48,420
IVERIC
bio,
Inc.*
8,336
71,940
Jounce
Therapeutics,
Inc.*
3,124
15,745
Kadmon
Holdings,
Inc.*
17,863
67,165
KalVista
Pharmaceuticals,
Inc.*
1,953
39,333
Karuna
Therapeutics,
Inc.*
2,104
240,319
Karyopharm
Therapeutics,
Inc.*
7,316
60,942
Keros
Therapeutics,
Inc.*
1,393
51,262
Kezar
Life
Sciences,
Inc.*
3,210
15,633
Kiniksa
Pharmaceuticals
Ltd.,
Class
A*
2,768
42,433
Kinnate
Biopharma,
Inc.*
1,371
29,586
Kodiak
Sciences,
Inc.*
3,227
270,552
Kronos
Bio,
Inc.*(a)
3,678
75,215
Krystal
Biotech,
Inc.*
1,699
99,290
Kura
Oncology,
Inc.*
6,044
114,473
Kymera
Therapeutics,
Inc.*
2,739
164,833
Lexicon
Pharmaceuticals,
Inc.*
4,969
17,590
Ligand
Pharmaceuticals,
Inc.*
1,477
167,654
86
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Small
Cap
Index
Fund
Common
Stocks
Shares
Value
($)
Biotechnology
Lineage
Cell
Therapeutics,
Inc.*
11,490
30,219
MacroGenics
,
Inc.*
5,589
139,501
Madrigal
Pharmaceuticals,
Inc.*
1,076
93,956
Magenta
Therapeutics,
Inc.*
3,265
23,247
MannKind
Corp.*(a)
23,396
95,924
MEI
Pharma,
Inc.*
11,438
30,883
MeiraGTx
Holdings
plc*
2,997
41,928
Mersana
Therapeutics,
Inc.*
6,525
71,775
MiMedx
Group,
Inc.*(a)
10,526
129,049
Mirum
Pharmaceuticals,
Inc.*
622
8,988
Molecular
Templates,
Inc.*
4,003
28,021
Morphic
Holding,
Inc.*
1,965
113,223
Mustang
Bio,
Inc.*
7,934
22,929
Myriad
Genetics,
Inc.*
7,254
229,444
Neoleukin
Therapeutics,
Inc.*
3,487
24,374
NexImmune
,
Inc.*
620
6,622
Nkarta
,
Inc.*
1,337
42,463
Nurix
Therapeutics,
Inc.*(a)
2,968
91,236
Ocugen
,
Inc.*(a)
17,496
117,398
Olema
Pharmaceuticals,
Inc.*
1,230
28,880
Oncocyte
Corp.*
7,251
37,270
Oncorus
,
Inc.*
1,935
24,807
Oncternal
Therapeutics,
Inc.*
4,193
16,353
OPKO
Health,
Inc.*(a)
38,728
133,224
Organogenesis
Holdings,
Inc.*
3,613
55,423
ORIC
Pharmaceuticals,
Inc.*
2,796
46,553
Outlook
Therapeutics,
Inc.*
8,298
18,753
Oyster
Point
Pharma,
Inc.*
1,053
15,005
Passage
Bio,
Inc.*
3,514
41,465
PMV
Pharmaceuticals,
Inc.*
2,485
84,515
Portage
Biotech,
Inc.*
342
5,178
Poseida
Therapeutics,
Inc.*
3,352
27,185
Praxis
Precision
Medicines,
Inc.*
2,311
36,052
Precigen
,
Inc.*(a)
8,987
49,339
Precision
BioSciences
,
Inc.*
4,856
47,880
Prelude
Therapeutics,
Inc.*
1,036
33,193
Prometheus
Biosciences,
Inc.*
1,071
22,459
Protagonist
Therapeutics,
Inc.*
3,917
193,617
Prothena
Corp.
plc*
3,231
161,873
PTC
Therapeutics,
Inc.*
6,581
252,250
Puma
Biotechnology,
Inc.*
3,208
24,124
Radius
Health,
Inc.*
4,734
71,625
RAPT
Therapeutics,
Inc.*
1,703
52,231
Recursion
Pharmaceuticals,
Inc.,
Class
A*(a)
2,002
60,761
REGENXBIO,
Inc.*
3,568
115,318
Relay
Therapeutics,
Inc.*
5,547
179,945
Reneo
Pharmaceuticals,
Inc.*
931
7,625
Replimune
Group,
Inc.*
2,725
89,189
REVOLUTION
Medicines,
Inc.*
5,628
161,186
Rhythm
Pharmaceuticals,
Inc.*
4,341
75,056
Rigel
Pharmaceuticals,
Inc.*
17,735
70,940
Rocket
Pharmaceuticals,
Inc.*
3,842
137,620
Rubius
Therapeutics,
Inc.*
4,272
91,805
Sana
Biotechnology,
Inc.*
2,544
41,442
Sangamo
Therapeutics,
Inc.*
11,062
105,974
Common
Stocks
Shares
Value
($)
Biotechnology
Scholar
Rock
Holding
Corp.*
2,643
82,594
Selecta
Biosciences,
Inc.*
9,533
32,984
Sensei
Biotherapeutics
,
Inc.*
740
5,839
Seres
Therapeutics,
Inc.*
6,594
46,817
Sesen
Bio,
Inc.*(a)
16,198
60,419
Shattuck
Labs,
Inc.*(a)
2,521
55,563
Sigilon
Therapeutics,
Inc.*
761
3,835
Silverback
Therapeutics,
Inc.*
1,292
39,122
Solid
Biosciences,
Inc.*
5,650
15,764
Sorrento
Therapeutics,
Inc.*(a)
25,833
212,089
Spectrum
Pharmaceuticals,
Inc.*
14,946
48,126
Spero
Therapeutics,
Inc.*
2,077
27,707
SpringWorks
Therapeutics,
Inc.*
2,766
237,046
Spruce
Biosciences,
Inc.*
744
6,852
SQZ
Biotechnologies
Co.*
2,157
26,100
Stoke
Therapeutics,
Inc.*
1,809
51,792
Summit
Therapeutics,
Inc.*
2,032
14,895
Surface
Oncology,
Inc.*
3,153
18,950
Sutro
Biopharma,
Inc.*
4,108
69,959
Syndax
Pharmaceuticals,
Inc.*
4,260
62,111
Syros
Pharmaceuticals,
Inc.*
4,855
22,430
Talaris
Therapeutics,
Inc.*
844
11,656
Taysha
Gene
Therapies,
Inc.*(a)
2,109
36,465
TCR2
Therapeutics,
Inc.*
2,976
37,021
TG
Therapeutics,
Inc.*
12,336
431,637
Tonix
Pharmaceuticals
Holding
Corp.*
30,954
22,163
Translate
Bio,
Inc.*
6,597
182,341
Travere
Therapeutics,
Inc.*
5,675
78,031
Trevena,
Inc.*(a)
15,495
20,608
Trillium
Therapeutics,
Inc.*
9,268
60,520
Turning
Point
Therapeutics,
Inc.*
4,480
285,914
Twist
Bioscience
Corp.*
4,544
559,139
UroGen
Pharma
Ltd.*
2,025
31,388
Vanda
Pharmaceuticals,
Inc.*
5,469
89,199
Vaxart
,
Inc.*(a)
11,318
81,376
Vaxcyte
,
Inc.*(a)
3,766
81,647
VBI
Vaccines,
Inc.*(a)
18,498
55,124
Veracyte
,
Inc.*
6,471
288,348
Verastem
,
Inc.*
17,472
56,435
Vericel
Corp.*
4,459
236,059
Viking
Therapeutics,
Inc.*
6,711
41,273
Vincerx
Pharma,
Inc.*
546
7,235
Vir
Biotechnology,
Inc.*
5,918
210,977
Viracta
Therapeutics,
Inc.*
3,435
36,136
VistaGen
Therapeutics,
Inc.*(a)
18,127
48,218
Vor
BioPharma
,
Inc.*
1,157
14,486
Werewolf
Therapeutics,
Inc.*
717
12,490
XBiotech
,
Inc.
1,527
24,737
Xencor
,
Inc.*
5,584
171,876
XOMA
Corp.*
616
19,958
Y-
mAbs
Therapeutics,
Inc.*
3,311
109,594
Zentalis
Pharmaceuticals,
Inc.*
3,150
167,612
Nationwide
Small
Cap
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
87
Common
Stocks
Shares
Value
($)
Biotechnology
ZIOPHARM
Oncology,
Inc.*(a)
21,709
49,279
26,580,078
Building
Products
1.1%
AAON,
Inc.
3,974
246,984
American
Woodmark
Corp.*
1,623
120,508
Apogee
Enterprises,
Inc.
2,436
96,636
Caesarstone
Ltd.
2,304
30,574
Cornerstone
Building
Brands,
Inc.*
5,366
90,256
CSW
Industrials,
Inc.
1,297
153,422
Gibraltar
Industries,
Inc.*
3,224
240,768
Griffon
Corp.
4,404
101,820
Insteel
Industries,
Inc.
1,892
73,466
JELD-WEN
Holding,
Inc.*
8,195
217,004
Masonite
International
Corp.*
2,326
263,210
PGT
Innovations,
Inc.*
5,480
123,738
Quanex
Building
Products
Corp.
3,175
78,867
Resideo
Technologies,
Inc.*
13,995
412,853
Simpson
Manufacturing
Co.,
Inc.
4,129
464,430
UFP
Industries,
Inc.
5,706
423,728
View,
Inc.*(a)
8,030
48,903
3,187,167
Capital
Markets
1.6%
Artisan
Partners
Asset
Management,
Inc.,
Class
A
5,547
266,755
Assetmark
Financial
Holdings,
Inc.*
1,660
43,326
Associated
Capital
Group,
Inc.,
Class
A
190
7,161
B.
Riley
Financial,
Inc.
1,890
127,688
BGC
Partners,
Inc.,
Class
A
31,428
168,140
Blucora
,
Inc.*
4,495
75,786
Brightsphere
Investment
Group,
Inc.
5,496
137,345
Cohen
&
Steers,
Inc.
2,390
198,872
Cowen,
Inc.,
Class
A
2,446
97,791
Diamond
Hill
Investment
Group,
Inc.
288
49,608
Donnelley
Financial
Solutions,
Inc.*
2,803
90,285
Federated
Hermes,
Inc.,
Class
B
8,972
291,052
Focus
Financial
Partners,
Inc.,
Class
A*
5,063
259,884
GAMCO
Investors,
Inc.,
Class
A
512
13,793
GCM
Grosvenor,
Inc.,
Class
A
3,100
30,876
Greenhill
&
Co.,
Inc.
1,513
24,238
Hamilton
Lane,
Inc.,
Class
A
3,330
309,690
Houlihan
Lokey
,
Inc.
4,923
438,639
Moelis
&
Co.,
Class
A
5,940
351,945
Open
Lending
Corp.,
Class
A*
9,881
375,478
Oppenheimer
Holdings,
Inc.,
Class
A
982
44,141
Piper
Sandler
Cos.
1,696
208,082
PJT
Partners,
Inc.,
Class
A
2,286
178,696
Common
Stocks
Shares
Value
($)
Capital
Markets
Pzena
Investment
Management,
Inc.,
Class
A
1,606
18,389
Sculptor
Capital
Management,
Inc.
2,281
52,965
StepStone
Group,
Inc.,
Class
A
3,538
161,014
StoneX
Group,
Inc.*
1,594
102,861
Value
Line,
Inc.
100
3,200
Virtus
Investment
Partners,
Inc.
692
191,082
WisdomTree
Investments,
Inc.
12,971
80,161
4,398,943
Chemicals
1.9%
AdvanSix
,
Inc.*
2,588
86,569
American
Vanguard
Corp.
2,930
48,374
Amyris
,
Inc.*
16,368
238,645
Avient
Corp.
8,894
431,537
Balchem
Corp.
3,056
412,224
Cabot
Corp.
5,318
292,809
Chase
Corp.
705
82,154
Danimer
Scientific,
Inc.*(a)
6,516
108,687
Ferro
Corp.*
7,786
161,949
FutureFuel
Corp.
2,709
23,027
GCP
Applied
Technologies,
Inc.*
4,686
108,950
Hawkins,
Inc.
1,821
66,121
HB
Fuller
Co.
5,136
331,888
Ingevity
Corp.*
3,814
323,961
Innospec
,
Inc.
2,390
211,396
Intrepid
Potash,
Inc.*
998
30,239
Koppers
Holdings,
Inc.*
1,968
60,437
Kraton
Corp.*
3,175
121,253
Kronos
Worldwide,
Inc.
2,146
29,851
Livent
Corp.*
13,932
271,813
Marrone
Bio
Innovations,
Inc.*
9,493
11,866
Minerals
Technologies,
Inc.
3,186
255,581
Orion
Engineered
Carbons
SA*
5,814
105,117
PQ
Group
Holdings,
Inc.
5,063
78,780
PureCycle
Technologies,
Inc.*
3,121
46,222
Quaker
Chemical
Corp.
1,278
321,724
Rayonier
Advanced
Materials,
Inc.*
5,855
40,809
Sensient
Technologies
Corp.
4,157
362,407
Stepan
Co.
2,114
249,346
Tredegar
Corp.
2,721
35,564
Trinseo
SA
3,688
200,480
Tronox
Holdings
plc,
Class
A
11,221
206,803
Valhi,
Inc.
347
8,550
Zymergen
,
Inc.*(a)
1,774
61,717
5,426,850
Commercial
Services
&
Supplies
1.8%
ABM
Industries,
Inc.
6,386
296,885
ACCO
Brands
Corp.
8,832
78,958
Brady
Corp.,
Class
A
4,648
254,153
BrightView
Holdings,
Inc.*
3,880
62,196
Brink's
Co.
(The)
4,612
354,940
Casella
Waste
Systems,
Inc.,
Class
A*
4,816
331,244
88
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Small
Cap
Index
Fund
Common
Stocks
Shares
Value
($)
Commercial
Services
&
Supplies
CECO
Environmental
Corp.*
3,326
23,415
Cimpress
plc*
1,733
177,199
CoreCivic
,
Inc.*
11,497
118,189
Covanta
Holding
Corp.
11,353
228,195
Deluxe
Corp.
4,087
179,419
Ennis,
Inc.
2,418
47,804
Harsco
Corp.*
7,619
153,294
Healthcare
Services
Group,
Inc.
7,104
185,414
Heritage-Crystal
Clean,
Inc.*
1,481
41,735
Herman
Miller,
Inc.
7,155
308,738
HNI
Corp.
4,107
153,191
Interface,
Inc.
5,456
78,676
KAR
Auction
Services,
Inc.*
11,793
194,349
Kimball
International,
Inc.,
Class
B
3,733
46,215
Matthews
International
Corp.,
Class
A
2,932
101,447
Montrose
Environmental
Group,
Inc.*
2,120
113,823
NL
Industries,
Inc.
865
5,216
Pitney
Bowes,
Inc.
16,666
133,328
RR
Donnelley
&
Sons
Co.*
6,714
41,090
SP
Plus
Corp.*
2,192
71,876
Steelcase,
Inc.,
Class
A
8,084
111,155
Team,
Inc.*
2,969
18,319
Tetra
Tech,
Inc.
5,205
694,972
UniFirst
Corp.
1,429
311,193
US
Ecology,
Inc.*(a)
2,985
104,475
Viad
Corp.*(a)
1,911
87,619
VSE
Corp.
1,035
51,802
5,160,524
Communications
Equipment
0.7%
ADTRAN,
Inc.
4,563
102,257
Aviat
Networks,
Inc.*
638
23,785
CalAmp
Corp.*
3,575
43,365
Calix,
Inc.*
5,211
243,770
Cambium
Networks
Corp.*
830
36,561
Casa
Systems,
Inc.*
3,315
24,896
Clearfield,
Inc.*
1,159
50,440
Comtech
Telecommunications
Corp.
2,491
62,200
Digi
International,
Inc.*
3,023
62,516
DZS,
Inc.*
1,462
28,874
EchoStar
Corp.,
Class
A*
3,918
87,371
EMCORE
Corp.*
3,461
30,249
Extreme
Networks,
Inc.*
12,193
134,245
Harmonic,
Inc.*
8,462
74,889
Infinera
Corp.*
17,337
171,810
Inseego
Corp.*(a)
8,190
71,171
KVH
Industries,
Inc.*
1,677
18,984
NETGEAR,
Inc.*
2,880
98,640
NetScout
Systems,
Inc.*
6,843
196,805
Plantronics,
Inc.*
3,354
104,611
Ribbon
Communications,
Inc.*
6,875
47,506
Viavi
Solutions,
Inc.*
21,665
361,589
2,076,534
Construction
&
Engineering
1.4%
Ameresco
,
Inc.,
Class
A*
3,049
208,948
Common
Stocks
Shares
Value
($)
Construction
&
Engineering
API
Group
Corp.
Reg.
S*(b)
17,510
401,329
Arcosa
,
Inc.
4,775
261,479
Argan
,
Inc.
1,414
63,559
Comfort
Systems
USA,
Inc.
3,491
260,952
Concrete
Pumping
Holdings,
Inc.*
2,745
23,881
Construction
Partners,
Inc.,
Class
A*
2,881
96,744
Dycom
Industries,
Inc.*
2,832
196,541
EMCOR
Group,
Inc.
5,242
638,528
Fluor
Corp.*
13,966
232,674
Granite
Construction,
Inc.
4,336
166,589
Great
Lakes
Dredge
&
Dock
Corp.*
6,040
93,016
HC2
Holdings,
Inc.*(a)
4,487
16,512
IES
Holdings,
Inc.*
836
45,487
Infrastructure
and
Energy
Alternatives,
Inc.*
1,981
23,911
Matrix
Service
Co.*
2,636
28,759
MYR
Group,
Inc.*
1,592
152,243
Northwest
Pipe
Co.*
985
27,984
NV5
Global,
Inc.*
1,214
115,330
Primoris
Services
Corp.
5,217
155,988
Sterling
Construction
Co.,
Inc.*
2,870
63,025
Tutor
Perini
Corp.*
4,143
58,292
WillScot
Mobile
Mini
Holdings
Corp.*
18,112
519,996
3,851,767
Construction
Materials
0.2%
Forterra
,
Inc.*
2,978
70,251
Summit
Materials,
Inc.,
Class
A*
11,374
382,166
United
States
Lime
&
Minerals,
Inc.
214
29,746
US
Concrete,
Inc.*
1,554
113,147
595,310
Consumer
Finance
0.9%
Atlanticus
Holdings
Corp.*
493
21,436
Curo
Group
Holdings
Corp.
1,901
29,979
Encore
Capital
Group,
Inc.*
3,034
143,629
Enova
International,
Inc.*
3,581
118,495
EZCORP,
Inc.,
Class
A*
4,554
26,049
FirstCash
,
Inc.
3,924
310,781
Green
Dot
Corp.,
Class
A*
5,068
233,483
LendingClub
Corp.*
9,143
223,089
LendingTree
,
Inc.*
1,144
223,332
Navient
Corp.
17,113
349,618
Nelnet,
Inc.,
Class
A
1,653
124,471
Oportun
Financial
Corp.*
2,015
42,476
PRA
Group,
Inc.*
4,420
171,452
PROG
Holdings,
Inc.
6,362
278,465
Regional
Management
Corp.
873
45,160
World
Acceptance
Corp.*
417
79,051
2,420,966
Containers
&
Packaging
0.2%
Greif,
Inc.,
Class
A
2,547
154,399
Greif,
Inc.,
Class
B
571
34,762
Myers
Industries,
Inc.
3,713
78,641
Nationwide
Small
Cap
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
89
Common
Stocks
Shares
Value
($)
Containers
&
Packaging
O-I
Glass,
Inc.*
15,510
229,393
Pactiv
Evergreen,
Inc.
4,044
58,517
Ranpak
Holdings
Corp.*
3,350
85,827
UFP
Technologies,
Inc.*
737
44,058
685,597
Distributors
0.1%
Core-Mark
Holding
Co.,
Inc.
4,232
182,145
Funko
,
Inc.,
Class
A*(a)
2,512
46,874
Greenlane
Holdings,
Inc.,
Class
A*
1,043
3,713
232,732
Diversified
Consumer
Services
0.7%
2U,
Inc.*
6,798
295,033
Adtalem
Global
Education,
Inc.*
4,839
175,849
American
Public
Education,
Inc.*
1,745
51,687
Carriage
Services,
Inc.
1,686
62,686
Coursera,
Inc.*
1,142
40,644
Graham
Holdings
Co.,
Class
B
367
243,930
Houghton
Mifflin
Harcourt
Co.*
12,047
136,372
Laureate
Education,
Inc.,
Class
A*
10,351
153,298
OneSpaWorld
Holdings
Ltd.*
4,647
45,912
Perdoceo
Education
Corp.*
6,668
79,083
Regis
Corp.*
2,444
19,479
StoneMor
,
Inc.*
2,971
7,873
Strategic
Education,
Inc.
2,314
183,477
Stride,
Inc.*
3,886
119,145
Vivint
Smart
Home,
Inc.*
8,682
106,528
WW
International,
Inc.*
5,088
156,405
1,877,401
Diversified
Financial
Services
0.2%
Alerus
Financial
Corp.
1,429
39,941
A-Mark
Precious
Metals,
Inc.
827
42,127
Banco
Latinoamericano
de
Comercio
Exterior
SA,
Class
E
3,208
52,868
Cannae
Holdings,
Inc.*
8,278
275,243
Marlin
Business
Services
Corp.
769
17,349
427,528
Diversified
Telecommunication
Services
0.7%
Anterix
,
Inc.*
1,055
61,528
ATN
International,
Inc.
1,053
45,332
Bandwidth,
Inc.,
Class
A*
2,225
288,493
Cincinnati
Bell,
Inc.*
4,783
73,371
Cogent
Communications
Holdings,
Inc.
4,152
322,237
Consolidated
Communications
Holdings,
Inc.*
6,909
53,130
Globalstar
,
Inc.*(a)
57,528
79,389
IDT
Corp.,
Class
B*
1,897
94,471
Iridium
Communications,
Inc.*
11,530
486,912
Liberty
Latin
America
Ltd.,
Class
A*
4,063
55,460
Liberty
Latin
America
Ltd.,
Class
C*
14,646
202,554
Common
Stocks
Shares
Value
($)
Diversified
Telecommunication
Services
Ooma
,
Inc.*
2,215
41,088
ORBCOMM,
Inc.*
6,973
78,725
Radius
Global
Infrastructure,
Inc.*
4,168
63,895
1,946,585
Electric
Utilities
0.6%
ALLETE,
Inc.
5,097
358,421
MGE
Energy,
Inc.
3,452
269,670
Otter
Tail
Corp.
3,952
200,722
PNM
Resources,
Inc.
8,114
392,150
Portland
General
Electric
Co.
8,530
417,117
Spark
Energy,
Inc.,
Class
A
1,304
14,513
1,652,593
Electrical
Equipment
1.0%
Advent
Technologies
Holdings,
Inc.*(a)
1,618
12,604
Allied
Motion
Technologies,
Inc.
1,074
35,345
American
Superconductor
Corp.*
2,764
38,834
Array
Technologies,
Inc.*
12,103
163,875
Atkore
,
Inc.*
4,571
343,328
AZZ,
Inc.
2,383
126,275
Babcock
&
Wilcox
Enterprises,
Inc.*
5,260
37,662
Beam
Global*
833
25,465
Bloom
Energy
Corp.,
Class
A*(a)
13,196
287,673
Encore
Wire
Corp.
1,972
154,664
EnerSys
4,167
411,116
Eos
Energy
Enterprises,
Inc.*(a)
1,664
25,825
FTC
Solar,
Inc.*
1,802
18,272
FuelCell
Energy,
Inc.*
31,076
196,711
GrafTech
International
Ltd.
16,154
183,671
Powell
Industries,
Inc.
885
25,745
Preformed
Line
Products
Co.
334
22,886
Romeo
Power,
Inc.*
3,962
27,932
Stem,
Inc.*(a)
6,231
168,922
Thermon
Group
Holdings,
Inc.*
3,123
52,029
TPI
Composites,
Inc.*
3,385
132,489
Vicor
Corp.*
2,026
234,226
2,725,549
Electronic
Equipment,
Instruments
&
Components
2.3%
908
Devices,
Inc.*
728
22,750
Advanced
Energy
Industries,
Inc.
3,741
388,129
Aeva
Technologies,
Inc.*(a)
2,353
20,612
Akoustis
Technologies,
Inc.*
3,721
36,019
Arlo
Technologies,
Inc.*
7,715
47,139
Badger
Meter,
Inc.
2,861
289,047
Belden,
Inc.
4,193
205,457
Benchmark
Electronics,
Inc.
3,484
91,978
CTS
Corp.
3,041
106,405
Daktronics,
Inc.*
3,846
23,499
ePlus
,
Inc.*
1,263
116,777
Fabrinet
*
3,504
331,198
FARO
Technologies,
Inc.*
1,707
124,423
90
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Small
Cap
Index
Fund
Common
Stocks
Shares
Value
($)
Electronic
Equipment,
Instruments
&
Components
Identiv
,
Inc.*
1,958
31,876
II-VI,
Inc.*
10,073
703,196
Insight
Enterprises,
Inc.*
3,423
343,601
Iteris
,
Inc.*
4,393
27,368
Itron
,
Inc.*
4,376
431,561
Kimball
Electronics,
Inc.*
2,503
51,036
Knowles
Corp.*
8,322
166,773
Luna
Innovations,
Inc.*
3,044
37,532
Methode
Electronics,
Inc.
3,592
171,805
MicroVision
,
Inc.*(a)
15,589
214,660
Napco
Security
Technologies,
Inc.*
1,448
51,187
nLight
,
Inc.*
4,132
143,339
Novanta
,
Inc.*
3,389
475,849
OSI
Systems,
Inc.*
1,634
163,482
Ouster,
Inc.*
2,751
25,282
PAR
Technology
Corp.*(a)
2,247
137,179
PC
Connection,
Inc.
1,152
54,789
Plexus
Corp.*
2,780
251,090
Rogers
Corp.*
1,773
337,934
Sanmina
Corp.*
6,087
233,863
ScanSource
,
Inc.*
2,385
65,802
TTM
Technologies,
Inc.*
10,494
146,811
Velodyne
Lidar,
Inc.*(a)
6,699
53,659
Vishay
Intertechnology
,
Inc.
12,636
279,635
Vishay
Precision
Group,
Inc.*
1,184
43,015
6,445,757
Energy
Equipment
&
Services
0.8%
Archrock
,
Inc.(a)
12,502
107,642
Aspen
Aerogels,
Inc.*
2,143
80,684
Bristow
Group,
Inc.*
706
18,342
Cactus,
Inc.,
Class
A
5,172
186,399
ChampionX
Corp.*
19,630
456,201
DMC
Global,
Inc.*
1,761
77,079
Dril
-Quip,
Inc.*
3,363
96,115
Frank's
International
NV*(a)
15,743
43,293
FTS
International,
Inc.,
Class
A*
842
16,453
Helix
Energy
Solutions
Group,
Inc.*
13,563
56,286
Helmerich
&
Payne,
Inc.
9,979
286,098
Liberty
Oilfield
Services,
Inc.,
Class
A*
8,641
88,052
Nabors
Industries
Ltd.*
665
58,194
National
Energy
Services
Reunited
Corp.*
3,009
38,816
Newpark
Resources,
Inc.*
8,796
28,411
NexTier
Oilfield
Solutions,
Inc.*
16,517
63,095
Oceaneering
International,
Inc.*
9,703
128,662
Oil
States
International,
Inc.*
6,072
34,367
Patterson-UTI
Energy,
Inc.
17,898
143,542
ProPetro
Holding
Corp.*
8,602
64,945
RPC,
Inc.*
5,861
24,616
Select
Energy
Services,
Inc.,
Class
A*
5,884
35,010
Solaris
Oilfield
Infrastructure,
Inc.,
Class
A
2,867
24,943
TETRA
Technologies,
Inc.*
11,629
35,934
Common
Stocks
Shares
Value
($)
Energy
Equipment
&
Services
Tidewater,
Inc.*
4,200
47,544
US
Silica
Holdings,
Inc.*
6,960
70,296
2,311,019
Entertainment
0.8%
AMC
Entertainment
Holdings,
Inc.,
Class
A*(a)
39,146
1,449,185
Chicken
Soup
For
The
Soul
Entertainment,
Inc.*(a)
1,090
39,109
Cinemark
Holdings,
Inc.*
10,241
159,043
CuriosityStream
,
Inc.*(a)
2,466
27,101
Eros
STX
Global
Corp.*
30,101
32,810
IMAX
Corp.*
4,722
76,213
Liberty
Media
Corp.-Liberty
Braves,
Class
C*
3,430
90,723
Liberty
Media
Corp-Liberty
Braves,
Class
A*
1,076
28,557
Lions
Gate
Entertainment
Corp.,
Class
A*
5,519
82,951
Lions
Gate
Entertainment
Corp.,
Class
B*
10,920
145,891
LiveXLive
Media,
Inc.*
5,025
17,789
Madison
Square
Garden
Entertainment
Corp.*
2,284
159,789
Marcus
Corp.
(The)*(a)
2,314
37,186
2,346,347
Equity
Real
Estate
Investment
Trusts
(REITs)
6.4%
Acadia
Realty
Trust
8,032
171,885
Agree
Realty
Corp.
6,517
489,752
Alexander
&
Baldwin,
Inc.
6,794
136,016
Alexander's,
Inc.
219
61,066
American
Assets
Trust,
Inc.
4,733
174,790
American
Finance
Trust,
Inc.
9,601
81,320
Apartment
Investment
and
Management
Co.,
Class
A
14,115
98,240
Apple
Hospitality
REIT,
Inc.
19,901
297,520
Armada
Hoffler
Properties,
Inc.
5,989
77,857
Ashford
Hospitality
Trust,
Inc.*
1,039
16,825
Braemar
Hotels
&
Resorts,
Inc.*
4,216
21,502
Brandywine
Realty
Trust
16,082
224,505
Broadstone
Net
Lease,
Inc.
13,486
350,906
BRT
Apartments
Corp.
1,127
19,801
CareTrust
REIT,
Inc.
9,146
220,601
CatchMark
Timber
Trust,
Inc.,
Class
A
4,635
54,183
Centerspace
1,235
111,150
Chatham
Lodging
Trust*
4,758
58,428
City
Office
REIT,
Inc.
4,048
52,098
Clipper
Realty,
Inc.
1,519
12,638
Columbia
Property
Trust,
Inc.
11,237
187,321
Community
Healthcare
Trust,
Inc.
2,343
116,752
CorePoint
Lodging,
Inc.*
4,061
54,580
Corporate
Office
Properties
Trust
10,713
315,391
CTO
Realty
Growth,
Inc.
606
34,051
DiamondRock
Hospitality
Co.*
19,361
166,698
DigitalBridge
Group,
Inc.*
46,526
323,821
Diversified
Healthcare
Trust
22,423
87,450
Nationwide
Small
Cap
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
91
Common
Stocks
Shares
Value
($)
Equity
Real
Estate
Investment
Trusts
(REITs)
Easterly
Government
Properties,
Inc.
7,991
181,396
EastGroup
Properties,
Inc.
3,844
677,390
Empire
State
Realty
Trust,
Inc.,
Class
A
13,552
154,899
Equity
Commonwealth
11,116
292,240
Essential
Properties
Realty
Trust,
Inc.
11,383
339,213
Farmland
Partners,
Inc.
2,680
33,768
Four
Corners
Property
Trust,
Inc.
7,093
203,640
Franklin
Street
Properties
Corp.
10,817
56,465
GEO
Group,
Inc.
(The)
12,173
84,237
Getty
Realty
Corp.
3,776
119,284
Gladstone
Commercial
Corp.
3,638
84,329
Gladstone
Land
Corp.
2,559
59,676
Global
Medical
REIT,
Inc.
5,373
83,604
Global
Net
Lease,
Inc.
9,102
168,114
Healthcare
Realty
Trust,
Inc.
13,708
437,011
Hersha
Hospitality
Trust*
3,477
32,719
Independence
Realty
Trust,
Inc.
9,915
191,161
Indus
Realty
Trust,
Inc.
446
30,127
Industrial
Logistics
Properties
Trust
6,357
172,275
Innovative
Industrial
Properties,
Inc.
2,285
491,252
iStar
,
Inc.
6,707
162,511
Kite
Realty
Group
Trust
8,109
163,477
Lexington
Realty
Trust
26,656
350,526
LTC
Properties,
Inc.
3,749
141,900
Macerich
Co.
(The)
19,231
313,465
Mack-Cali
Realty
Corp.*
8,399
151,182
Monmouth
Real
Estate
Investment
Corp.
9,235
175,834
National
Health
Investors,
Inc.
4,146
282,882
National
Storage
Affiliates
Trust
7,422
402,050
NETSTREIT
Corp.
3,761
97,598
New
Senior
Investment
Group,
Inc.
7,550
69,611
NexPoint
Residential
Trust,
Inc.
2,116
124,738
Office
Properties
Income
Trust
4,572
132,497
One
Liberty
Properties,
Inc.
1,527
46,711
Outfront
Media,
Inc.*
14,212
339,525
Paramount
Group,
Inc.
17,693
172,684
Pebblebrook
Hotel
Trust
12,320
277,077
Physicians
Realty
Trust
21,041
398,727
Piedmont
Office
Realty
Trust,
Inc.,
Class
A
12,260
233,185
Plymouth
Industrial
REIT,
Inc.
2,837
65,478
Postal
Realty
Trust,
Inc.,
Class
A
1,142
21,949
PotlatchDeltic
Corp.
6,259
325,092
Preferred
Apartment
Communities,
Inc.,
Class
A
4,951
52,183
PS
Business
Parks,
Inc.
1,904
292,588
Common
Stocks
Shares
Value
($)
Equity
Real
Estate
Investment
Trusts
(REITs)
QTS
Realty
Trust,
Inc.,
Class
A
6,620
514,440
Retail
Opportunity
Investments
Corp.
11,200
197,904
Retail
Properties
of
America,
Inc.,
Class
A
20,331
256,374
Retail
Value,
Inc.
1,624
39,691
RLJ
Lodging
Trust
15,516
222,655
RPT
Realty
7,641
97,346
Ryman
Hospitality
Properties,
Inc.*
5,204
399,147
Sabra
Health
Care
REIT,
Inc.
20,914
388,791
Safehold
,
Inc.
1,744
157,518
Saul
Centers,
Inc.
1,206
54,994
Seritage
Growth
Properties,
Class
A*
3,544
56,243
Service
Properties
Trust
15,554
173,116
SITE
Centers
Corp.
16,421
260,437
STAG
Industrial,
Inc.
15,500
640,460
Summit
Hotel
Properties,
Inc.*
9,803
88,325
Sunstone
Hotel
Investors,
Inc.*
20,370
235,070
Tanger
Factory
Outlet
Centers,
Inc.
9,646
165,622
Terreno
Realty
Corp.
6,498
444,203
UMH
Properties,
Inc.
3,480
81,014
Uniti
Group,
Inc.
18,431
215,827
Universal
Health
Realty
Income
Trust
1,324
79,109
Urban
Edge
Properties
10,974
208,506
Urstadt
Biddle
Properties,
Inc.,
Class
A
2,993
57,076
Washington
REIT
8,025
194,927
Whitestone
REIT
3,887
34,400
Xenia
Hotels
&
Resorts,
Inc.*
11,090
196,071
18,162,683
Food
&
Staples
Retailing
0.9%
Andersons,
Inc.
(The)
3,169
84,612
BJ's
Wholesale
Club
Holdings,
Inc.*
13,186
667,739
Chefs'
Warehouse,
Inc.
(The)*
3,166
91,561
HF
Foods
Group,
Inc.*
3,603
18,628
Ingles
Markets,
Inc.,
Class
A
1,331
79,541
MedAvail
Holdings,
Inc.*
1,110
9,368
Natural
Grocers
by
Vitamin
Cottage,
Inc.
867
9,693
Performance
Food
Group
Co.*
12,770
585,121
PriceSmart
,
Inc.
2,220
199,223
Rite
Aid
Corp.*(a)
5,286
80,347
SpartanNash
Co.
3,687
71,712
Sprouts
Farmers
Market,
Inc.*
11,250
276,525
United
Natural
Foods,
Inc.*
5,288
175,139
Village
Super
Market,
Inc.,
Class
A
852
19,213
Weis
Markets,
Inc.
1,559
82,081
2,450,503
Food
Products
1.0%
AppHarvest
,
Inc.*(a)
4,543
54,153
B&G
Foods,
Inc.(a)
6,070
174,330
Calavo
Growers,
Inc.
1,573
88,623
Cal-Maine
Foods,
Inc.
3,381
117,963
92
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Small
Cap
Index
Fund
Common
Stocks
Shares
Value
($)
Food
Products
Fresh
Del
Monte
Produce,
Inc.
3,151
97,240
Hostess
Brands,
Inc.*
12,027
193,514
J
&
J
Snack
Foods
Corp.
1,472
241,967
John
B
Sanfilippo
&
Son,
Inc.
905
83,586
Laird
Superfood,
Inc.*
637
17,772
Lancaster
Colony
Corp.
1,851
366,257
Landec
Corp.*
2,718
29,735
Limoneira
Co.
1,661
29,749
Mission
Produce,
Inc.*(a)
3,514
68,066
Sanderson
Farms,
Inc.
1,925
359,667
Seneca
Foods
Corp.,
Class
A*
660
36,128
Simply
Good
Foods
Co.
(The)*
8,068
302,389
Tattooed
Chef,
Inc.*(a)
4,431
87,379
Tootsie
Roll
Industries,
Inc.(a)
1,690
58,119
TreeHouse
Foods,
Inc.*
4,927
218,759
Utz
Brands,
Inc.
5,587
126,490
Vital
Farms,
Inc.*
2,448
42,620
Whole
Earth
Brands,
Inc.*
3,541
45,537
2,840,043
Gas
Utilities
0.8%
Brookfield
Infrastructure
Corp.,
Class
A(a)
3,589
232,424
Chesapeake
Utilities
Corp.
1,633
203,455
New
Jersey
Resources
Corp.
9,419
362,820
Northwest
Natural
Holding
Co.
2,957
154,621
ONE
Gas,
Inc.
5,124
378,049
South
Jersey
Industries,
Inc.
9,763
245,735
Southwest
Gas
Holdings,
Inc.
5,500
384,615
Spire,
Inc.
4,927
349,571
2,311,290
Health
Care
Equipment
&
Supplies
3.7%
Accelerate
Diagnostics,
Inc.*
3,444
25,692
Accuray
,
Inc.*
9,387
38,487
Acutus
Medical,
Inc.*
1,469
22,623
Alphatec
Holdings,
Inc.*
6,694
98,670
AngioDynamics
,
Inc.*
3,507
93,391
Apyx
Medical
Corp.*
3,347
30,123
Asensus
Surgical,
Inc.*(a)
22,171
51,880
Aspira
Women's
Health,
Inc.*(a)
6,888
30,858
AtriCure
,
Inc.*
4,298
363,009
Atrion
Corp.
134
84,278
Avanos
Medical,
Inc.*
4,580
173,765
Axogen
,
Inc.*
3,771
76,815
Axonics
,
Inc.*
3,944
267,995
BioLife
Solutions,
Inc.*
2,313
108,480
Bioventus
,
Inc.,
Class
A*
740
11,537
Butterfly
Network,
Inc.*
3,079
33,068
Cardiovascular
Systems,
Inc.*
3,736
150,523
Cerus
Corp.*
15,938
80,328
ClearPoint
Neuro,
Inc.*
1,783
39,636
CONMED
Corp.
2,802
386,508
CryoLife
,
Inc.*
3,603
97,281
CryoPort
,
Inc.*
3,843
237,190
Cutera
,
Inc.*
1,775
92,211
CytoSorbents
Corp.*
4,346
33,073
DarioHealth
Corp.*
1,277
18,951
Eargo
,
Inc.*
1,829
65,844
Glaukos
Corp.*
4,348
221,748
Common
Stocks
Shares
Value
($)
Health
Care
Equipment
&
Supplies
Haemonetics
Corp.*
4,921
299,148
Heska
Corp.*
908
218,556
Inari
Medical,
Inc.*
3,313
297,474
Inogen
,
Inc.*
1,882
150,127
Integer
Holdings
Corp.*
3,113
304,732
Intersect
ENT,
Inc.*
3,339
77,966
Invacare
Corp.*
3,490
25,233
iRadimed
Corp.*
520
17,503
iRhythm
Technologies,
Inc.*
2,824
144,363
Lantheus
Holdings,
Inc.*
6,395
167,357
LeMaitre
Vascular,
Inc.
1,747
95,142
LivaNova
plc*
4,756
410,443
Meridian
Bioscience,
Inc.*
4,041
82,840
Merit
Medical
Systems,
Inc.*
4,864
340,918
Mesa
Laboratories,
Inc.
445
131,057
Misonix
,
Inc.*
1,203
31,928
Natus
Medical,
Inc.*
3,144
83,945
Neogen
Corp.*
10,395
452,806
Neuronetics
,
Inc.*
2,367
31,386
NeuroPace
,
Inc.*
660
14,058
Nevro
Corp.*
3,341
517,855
NuVasive
,
Inc.*
5,039
322,244
OraSure
Technologies,
Inc.*
7,446
87,788
Ortho
Clinical
Diagnostics
Holdings
plc*
8,632
193,961
Orthofix
Medical,
Inc.*
1,884
74,870
OrthoPediatrics
Corp.*
1,320
82,949
Outset
Medical,
Inc.*
4,335
177,562
PAVmed
,
Inc.*
7,772
53,394
Pulmonx
Corp.*
2,406
95,422
Pulse
Biosciences,
Inc.*(a)
1,452
29,766
Quotient
Ltd.*
7,746
26,414
Retractable
Technologies,
Inc.*
1,297
15,266
SeaSpine
Holdings
Corp.*
3,203
62,747
Senseonics
Holdings,
Inc.*(a)
39,360
120,835
Shockwave
Medical,
Inc.*
3,250
591,500
SI-BONE,
Inc.*
2,966
89,988
Sientra
,
Inc.*
5,294
43,675
Silk
Road
Medical,
Inc.*
3,214
161,279
Soliton,
Inc.*
1,123
24,627
STAAR
Surgical
Co.*
4,523
578,582
Stereotaxis
,
Inc.*
4,636
42,234
Surmodics
,
Inc.*
1,282
70,651
Tactile
Systems
Technology,
Inc.*
1,898
92,964
Talis
Biomedical
Corp.*
1,317
13,565
TransMedics
Group,
Inc.*
2,599
74,123
Treace
Medical
Concepts,
Inc.*
1,036
31,349
Utah
Medical
Products,
Inc.
343
30,664
Vapotherm
,
Inc.*
2,035
52,625
Varex
Imaging
Corp.*
3,650
99,645
ViewRay
,
Inc.*
13,646
90,609
Zynex
,
Inc.*
1,938
26,919
10,287,018
Health
Care
Providers
&
Services
3.2%
1Life
Healthcare,
Inc.*
11,049
298,765
Accolade,
Inc.*
4,939
231,194
AdaptHealth
Corp.*
7,775
174,082
Nationwide
Small
Cap
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
93
Common
Stocks
Shares
Value
($)
Health
Care
Providers
&
Services
Addus
HomeCare
Corp.*
1,524
132,268
Agiliti
,
Inc.*
2,142
41,962
Alignment
Healthcare,
Inc.*(a)
2,496
51,992
AMN
Healthcare
Services,
Inc.*
4,552
457,749
Apollo
Medical
Holdings,
Inc.*(a)
3,437
303,728
Apria,
Inc.*
747
23,553
Aveanna
Healthcare
Holdings,
Inc.*
3,656
37,803
Biodesix
,
Inc.*
1,164
10,930
Brookdale
Senior
Living,
Inc.*
17,843
134,179
Castle
Biosciences,
Inc.*
2,019
141,027
Community
Health
Systems,
Inc.*
11,774
156,830
CorVel
Corp.*
840
118,289
Covetrus
,
Inc.*
9,807
249,686
Cross
Country
Healthcare,
Inc.*
3,635
59,687
Ensign
Group,
Inc.
(The)
5,078
431,985
Exagen
,
Inc.*
1,172
13,970
Fulgent
Genetics,
Inc.*(a)
1,923
177,397
Hanger,
Inc.*
3,555
87,240
HealthEquity
,
Inc.*
7,895
584,072
InfuSystem
Holdings,
Inc.*
1,451
26,481
Innovage
Holding
Corp.*
1,737
29,286
Joint
Corp.
(The)*
1,297
102,450
LHC
Group,
Inc.*
2,940
632,629
Magellan
Health,
Inc.*
2,249
212,126
MEDNAX,
Inc.*
7,311
212,896
ModivCare
,
Inc.*
1,193
202,810
National
HealthCare
Corp.
1,187
92,170
National
Research
Corp.
1,401
73,945
Ontrak
,
Inc.*
799
21,581
Option
Care
Health,
Inc.*
10,690
221,497
Owens
&
Minor,
Inc.
7,048
325,970
Patterson
Cos.,
Inc.
8,398
261,430
Pennant
Group,
Inc.
(The)*
2,429
83,120
PetIQ
,
Inc.*(a)
2,580
91,229
Privia
Health
Group,
Inc.*
1,858
77,107
Progyny
,
Inc.*
5,978
332,915
R1
RCM,
Inc.*
12,729
272,528
RadNet
,
Inc.*
4,241
155,814
Select
Medical
Holdings
Corp.
10,685
421,523
Sharps
Compliance
Corp.*
1,434
14,311
SOC
Telemed
,
Inc.*
3,879
17,805
Surgery
Partners,
Inc.*
3,003
163,844
Tenet
Healthcare
Corp.*
10,212
733,630
Tivity
Health,
Inc.*
4,158
104,283
Triple-S
Management
Corp.,
Class
B*
2,304
56,056
US
Physical
Therapy,
Inc.
1,226
144,864
Viemed
Healthcare,
Inc.*
3,627
25,244
9,027,932
Health
Care
Technology
1.3%
Allscripts
Healthcare
Solutions,
Inc.*
13,262
226,515
American
Well
Corp.,
Class
A*(a)
19,160
223,214
Common
Stocks
Shares
Value
($)
Health
Care
Technology
Castlight
Health,
Inc.,
Class
B*
11,316
26,366
Computer
Programs
&
Systems,
Inc.
1,315
41,515
Evolent
Health,
Inc.,
Class
A*
7,319
167,898
Forian
,
Inc.*
1,720
18,370
Health
Catalyst,
Inc.*
4,236
245,942
HealthStream
,
Inc.*
2,396
69,987
iCAD
,
Inc.*
2,093
30,683
Inovalon
Holdings,
Inc.,
Class
A*
7,412
280,767
Inspire
Medical
Systems,
Inc.*
2,584
473,285
Multiplan
Corp.*(a)
37,818
304,435
NantHealth
,
Inc.*
2,484
4,968
NextGen
Healthcare,
Inc.*
5,322
86,323
Omnicell
,
Inc.*
4,138
606,217
OptimizeRx
Corp.*
1,677
92,688
Phreesia
,
Inc.*
3,612
246,880
Schrodinger,
Inc.*
4,294
290,575
Simulations
Plus,
Inc.(a)
1,449
68,378
Tabula
Rasa
HealthCare,
Inc.*(a)
2,169
93,180
Vocera
Communications,
Inc.*
3,299
138,426
3,736,612
Hotels,
Restaurants
&
Leisure
2.3%
Accel
Entertainment,
Inc.*
5,111
56,528
Bally's
Corp.*
3,094
152,379
Biglari
Holdings,
Inc.,
Class
B*
64
10,525
BJ's
Restaurants,
Inc.*
2,108
85,543
Bloomin
'
Brands,
Inc.*
8,606
216,269
Bluegreen
Vacations
Holding
Corp.*
1,539
26,640
Brinker
International,
Inc.*
4,306
233,988
Carrols
Restaurant
Group,
Inc.*
3,655
17,946
Century
Casinos,
Inc.*
2,834
31,769
Cheesecake
Factory,
Inc.
(The)*
4,173
188,870
Chuy's
Holdings,
Inc.*
2,015
66,495
Cracker
Barrel
Old
Country
Store,
Inc.
2,314
315,120
Dave
&
Buster's
Entertainment,
Inc.*
4,096
136,315
Del
Taco
Restaurants,
Inc.
2,880
24,509
Denny's
Corp.*
5,803
81,648
Dine
Brands
Global,
Inc.*
1,614
125,037
Drive
Shack,
Inc.*
7,828
19,727
El
Pollo
Loco
Holdings,
Inc.*
1,956
36,401
ESC
Co.*^∞
14,066
0
Esports
Technologies,
Inc.*
390
8,869
Everi
Holdings,
Inc.*
7,999
181,497
Fiesta
Restaurant
Group,
Inc.*
1,831
24,517
Full
House
Resorts,
Inc.*
3,100
25,637
GAN
Ltd.*(a)
3,945
60,358
Golden
Entertainment,
Inc.*
1,604
72,998
Golden
Nugget
Online
Gaming,
Inc.*
3,024
34,655
Hall
of
Fame
Resort
&
Entertainment
Co.*(a)
5,210
15,422
Hilton
Grand
Vacations,
Inc.*
8,403
341,750
94
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Small
Cap
Index
Fund
Common
Stocks
Shares
Value
($)
Hotels,
Restaurants
&
Leisure
International
Game
Technology
plc*
9,879
185,231
Jack
in
the
Box,
Inc.
2,178
237,097
Kura
Sushi
USA,
Inc.,
Class
A*
333
16,190
Lindblad
Expeditions
Holdings,
Inc.*
2,680
36,689
Monarch
Casino
&
Resort,
Inc.*
1,231
78,599
Nathan's
Famous,
Inc.
305
19,596
NEOGAMES
SA*
558
26,923
Noodles
&
Co.*
3,955
47,223
ONE
Group
Hospitality,
Inc.
(The)*
1,852
16,946
Papa
John's
International,
Inc.
3,135
357,766
PlayAGS
,
Inc.*
2,786
21,619
RCI
Hospitality
Holdings,
Inc.
859
53,911
Red
Robin
Gourmet
Burgers,
Inc.*
1,590
41,706
Red
Rock
Resorts,
Inc.,
Class
A*
5,842
230,175
Rush
Street
Interactive,
Inc.*
4,959
48,846
Ruth's
Hospitality
Group,
Inc.*
3,349
66,880
Scientific
Games
Corp.*
9,274
572,299
SeaWorld
Entertainment,
Inc.*
5,061
239,942
Shake
Shack,
Inc.,
Class
A*
3,615
363,452
Target
Hospitality
Corp.*
2,500
8,950
Texas
Roadhouse,
Inc.
6,765
623,530
Wingstop
,
Inc.
2,877
492,859
6,377,841
Household
Durables
1.9%
Aterian
,
Inc.*
1,875
16,931
Bassett
Furniture
Industries,
Inc.
882
20,092
Beazer
Homes
USA,
Inc.*
2,931
53,520
Casper
Sleep,
Inc.*
2,775
19,175
Cavco
Industries,
Inc.*
875
205,625
Century
Communities,
Inc.
2,875
199,669
Ethan
Allen
Interiors,
Inc.
2,342
55,669
Flexsteel
Industries,
Inc.
629
21,700
GoPro,
Inc.,
Class
A*
11,926
122,122
Green
Brick
Partners,
Inc.*
2,913
73,029
Hamilton
Beach
Brands
Holding
Co.,
Class
A
704
13,158
Helen
of
Troy
Ltd.*
2,318
517,818
Hooker
Furniture
Corp.
1,149
38,135
Hovnanian
Enterprises,
Inc.,
Class
A*
485
50,629
Installed
Building
Products,
Inc.
2,258
270,960
iRobot
Corp.*
2,651
231,962
KB
Home
8,500
360,740
La-Z-Boy,
Inc.
4,325
145,234
Legacy
Housing
Corp.*
854
15,065
LGI
Homes,
Inc.*
2,153
367,948
Lifetime
Brands,
Inc.
1,270
19,139
Lovesac
Co.
(The)*
1,259
76,421
M/I
Homes,
Inc.*
2,700
174,717
MDC
Holdings,
Inc.
5,419
288,941
Meritage
Homes
Corp.*
3,659
397,294
Common
Stocks
Shares
Value
($)
Household
Durables
Purple
Innovation,
Inc.*
4,759
125,352
Skyline
Champion
Corp.*
4,979
280,816
Sonos
,
Inc.*
11,645
388,710
Taylor
Morrison
Home
Corp.*
11,899
319,131
TRI
Pointe
Group,
Inc.*
11,798
284,568
Tupperware
Brands
Corp.*
4,685
97,870
Universal
Electronics,
Inc.*
1,354
63,286
VOXX
International
Corp.*
1,475
16,845
Vuzix
Corp.*(a)
5,561
82,303
5,414,574
Household
Products
0.3%
Central
Garden
&
Pet
Co.*
924
44,620
Central
Garden
&
Pet
Co.,
Class
A*
3,835
166,094
Energizer
Holdings,
Inc.
6,451
276,425
Oil-
Dri
Corp.
of
America
538
19,136
WD-40
Co.
1,330
323,177
829,452
Independent
Power
and
Renewable
Electricity
Producers
0.3%
Clearway
Energy,
Inc.,
Class
A
3,614
97,397
Clearway
Energy,
Inc.,
Class
C
7,776
223,016
Ormat
Technologies,
Inc.(a)
4,329
301,904
Sunnova
Energy
International,
Inc.*
8,388
319,583
941,900
Industrial
Conglomerates
0.1%
Raven
Industries,
Inc.*
3,521
205,098
Insurance
1.9%
Ambac
Financial
Group,
Inc.*
4,312
62,610
American
Equity
Investment
Life
Holding
Co.
8,091
259,640
American
National
Group,
Inc.
706
116,476
AMERISAFE,
Inc.
1,841
105,305
Argo
Group
International
Holdings
Ltd.
3,004
156,599
BRP
Group,
Inc.,
Class
A*
4,374
119,235
Citizens,
Inc.*(a)
5,129
27,491
CNO
Financial
Group,
Inc.
12,445
284,244
Crawford
&
Co.,
Class
A
1,679
17,747
Donegal
Group,
Inc.,
Class
A
1,195
18,487
eHealth,
Inc.*
2,314
120,351
Employers
Holdings,
Inc.
2,699
112,062
Enstar
Group
Ltd.*
1,336
343,379
Genworth
Financial,
Inc.,
Class
A*
48,050
160,487
Goosehead
Insurance,
Inc.,
Class
A
1,744
209,611
Greenlight
Capital
Re
Ltd.,
Class
A*
2,858
25,150
HCI
Group,
Inc.(a)
537
53,958
Heritage
Insurance
Holdings,
Inc.
2,629
19,297
Horace
Mann
Educators
Corp.
3,954
157,409
Independence
Holding
Co.
452
20,223
Investors
Title
Co.
135
22,482
James
River
Group
Holdings
Ltd.
2,974
108,194
Nationwide
Small
Cap
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
95
Common
Stocks
Shares
Value
($)
Insurance
Kinsale
Capital
Group,
Inc.
2,088
373,011
Maiden
Holdings
Ltd.*
6,587
22,264
MBIA,
Inc.*
4,952
64,624
MetroMile
,
Inc.*(a)
3,479
24,666
National
Western
Life
Group,
Inc.,
Class
A
243
50,517
NI
Holdings,
Inc.*
857
16,943
Palomar
Holdings,
Inc.*
2,329
189,650
ProAssurance
Corp.
5,093
103,286
ProSight
Global,
Inc.*
902
11,510
RLI
Corp.
3,872
419,647
Safety
Insurance
Group,
Inc.
1,372
105,123
Selective
Insurance
Group,
Inc.
5,740
466,949
Selectquote
,
Inc.*
12,915
229,887
SiriusPoint
Ltd.*
8,441
82,722
State
Auto
Financial
Corp.
1,820
91,000
Stewart
Information
Services
Corp.
2,529
149,236
Tiptree,
Inc.
2,044
19,643
Trean
Insurance
Group,
Inc.*
1,839
24,808
Trupanion
,
Inc.*
3,618
416,142
United
Fire
Group,
Inc.
2,154
53,678
United
Insurance
Holdings
Corp.
2,059
9,018
Universal
Insurance
Holdings,
Inc.
2,884
40,837
5,485,598
Interactive
Media
&
Services
0.5%
Cargurus
,
Inc.*
8,917
255,026
Cars.com,
Inc.*
6,985
84,379
Eventbrite,
Inc.,
Class
A*
7,112
126,380
EverQuote
,
Inc.,
Class
A*
1,856
56,014
fuboTV
,
Inc.*(a)
12,775
332,661
Liberty
TripAdvisor
Holdings,
Inc.,
Class
A*
7,531
31,480
MediaAlpha
,
Inc.,
Class
A*
2,082
69,539
QuinStreet
,
Inc.*
4,988
91,480
TrueCar
,
Inc.*
10,595
55,730
Yelp,
Inc.*
7,011
262,211
1,364,900
Internet
&
Direct
Marketing
Retail
0.8%
1-800-Flowers.com,
Inc.,
Class
A*
2,631
80,246
CarParts.com,
Inc.*
4,490
79,069
Duluth
Holdings,
Inc.,
Class
B*
1,128
16,886
Groupon,
Inc.*
2,399
87,252
Lands'
End,
Inc.*
1,408
53,969
Liquidity
Services,
Inc.*
2,705
53,667
Overstock.com,
Inc.*
4,174
290,677
PetMed
Express,
Inc.(a)
1,978
62,089
Porch
Group,
Inc.*
1,504
27,869
Quotient
Technology,
Inc.*
8,964
97,349
RealReal
,
Inc.
(The)*
7,451
123,016
Revolve
Group,
Inc.*
3,403
236,883
Shutterstock
,
Inc.
2,240
243,018
Stamps.com,
Inc.*
1,707
557,779
Common
Stocks
Shares
Value
($)
Internet
&
Direct
Marketing
Retail
Stitch
Fix,
Inc.,
Class
A*
5,599
301,898
2,311,667
IT
Services
1.6%
BigCommerce
Holdings,
Inc.,
Series
1*
4,575
296,277
Brightcove
,
Inc.*
4,060
46,568
Cantaloupe,
Inc.*(a)
5,521
57,087
Cass
Information
Systems,
Inc.
1,488
65,606
Conduent
,
Inc.*
16,082
107,910
CONTRA
BMTECHNOLOGIES*∞
431
4,323
CSG
Systems
International,
Inc.
3,081
139,754
DigitalOcean
Holdings,
Inc.*(a)
1,222
62,933
EVERTEC,
Inc.
5,740
250,838
Evo
Payments,
Inc.,
Class
A*
4,367
127,516
ExlService
Holdings,
Inc.*
3,192
361,398
GreenBox
POS*
1,646
14,534
GreenSky
,
Inc.,
Class
A*
6,473
42,528
Grid
Dynamics
Holdings,
Inc.*
3,159
66,497
Hackett
Group,
Inc.
(The)
2,570
46,054
I3
Verticals,
Inc.,
Class
A*
1,881
60,042
IBEX
Holdings
Ltd.*
552
11,388
International
Money
Express,
Inc.*
2,896
46,886
Limelight
Networks,
Inc.*
12,467
35,032
LiveRamp
Holdings,
Inc.*
6,372
254,944
Marathon
Digital
Holdings,
Inc.*
9,046
249,941
MAXIMUS,
Inc.
5,965
530,885
MoneyGram
International,
Inc.*
7,521
77,767
Paya
Holdings,
Inc.*
7,790
89,507
Perficient
,
Inc.*
3,202
301,917
Priority
Technology
Holdings,
Inc.*
732
4,480
Rackspace
Technology,
Inc.*(a)
5,096
90,454
Repay
Holdings
Corp.*
7,295
181,719
StarTek
,
Inc.*
1,992
13,984
Sykes
Enterprises,
Inc.*
3,653
196,020
TTEC
Holdings,
Inc.
1,752
183,084
Tucows
,
Inc.,
Class
A*(a)
959
74,572
Unisys
Corp.*
6,475
144,716
Verra
Mobility
Corp.*
12,977
198,678
4,435,839
Leisure
Products
0.6%
Acushnet
Holdings
Corp.
3,249
166,446
American
Outdoor
Brands,
Inc.*
1,410
38,042
AMMO,
Inc.*(a)
6,246
42,285
Callaway
Golf
Co.*
11,228
355,703
Clarus
Corp.
2,291
65,339
Escalade,
Inc.
1,062
24,107
Genius
Brands
International,
Inc.*
26,744
41,988
Johnson
Outdoors,
Inc.,
Class
A
496
58,712
96
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Small
Cap
Index
Fund
Common
Stocks
Shares
Value
($)
Leisure
Products
Latham
Group,
Inc.*
2,199
59,989
Malibu
Boats,
Inc.,
Class
A*
2,001
167,404
Marine
Products
Corp.
694
11,354
MasterCraft
Boat
Holdings,
Inc.*
1,895
50,521
Nautilus,
Inc.*(a)
2,823
40,792
Smith
&
Wesson
Brands,
Inc.
5,039
118,165
Sturm
Ruger
&
Co.,
Inc.
1,628
121,058
Vista
Outdoor,
Inc.*
5,539
223,720
1,585,625
Life
Sciences
Tools
&
Services
1.0%
Akoya
Biosciences,
Inc.*
786
13,629
Berkeley
Lights,
Inc.*
4,543
207,070
Bionano
Genomics,
Inc.*(a)
26,653
158,052
ChromaDex
Corp.*
4,369
37,967
Codexis
,
Inc.*
5,840
123,574
Fluidigm
Corp.*
7,727
57,257
Harvard
Bioscience,
Inc.*
3,924
30,960
Inotiv
,
Inc.*
1,227
32,049
Medpace
Holdings,
Inc.*
2,793
491,401
NanoString
Technologies,
Inc.*
4,336
268,572
NeoGenomics
,
Inc.*(a)
10,904
502,675
Pacific
Biosciences
of
California,
Inc.*
18,692
600,948
Personalis
,
Inc.*
3,373
70,799
Quanterix
Corp.*
2,924
155,411
Seer,
Inc.*
1,480
47,271
2,797,635
Machinery
3.9%
AgEagle
Aerial
Systems,
Inc.*(a)
6,324
25,170
Alamo
Group,
Inc.
937
137,523
Albany
International
Corp.,
Class
A
2,916
251,797
Altra
Industrial
Motion
Corp.
6,272
393,129
Astec
Industries,
Inc.
2,172
133,165
Barnes
Group,
Inc.
4,529
229,484
Blue
Bird
Corp.*
1,550
38,750
Chart
Industries,
Inc.*
3,515
546,407
CIRCOR
International,
Inc.*
1,745
53,816
Columbus
McKinnon
Corp.
2,638
122,403
Commercial
Vehicle
Group,
Inc.*
3,037
27,758
Desktop
Metal,
Inc.,
Class
A*
7,922
71,298
Douglas
Dynamics,
Inc.
2,141
85,426
Energy
Recovery,
Inc.*
3,996
84,515
Enerpac
Tool
Group
Corp.
5,770
148,116
EnPro
Industries,
Inc.
1,956
182,143
ESCO
Technologies,
Inc.
2,424
228,753
Evoqua
Water
Technologies
Corp.*
10,967
362,021
ExOne
Co.
(The)*
1,475
24,485
Federal
Signal
Corp.
5,987
237,145
Franklin
Electric
Co.,
Inc.
4,394
359,253
Gorman-Rupp
Co.
(The)
2,152
76,805
Greenbrier
Cos.,
Inc.
(The)
3,145
134,606
Helios
Technologies,
Inc.
3,070
248,210
Hillenbrand,
Inc.
7,289
330,192
Common
Stocks
Shares
Value
($)
Machinery
Hydrofarm
Holdings
Group,
Inc.*
1,142
56,346
Hyliion
Holdings
Corp.*(a)
11,109
107,757
Hyster
-Yale
Materials
Handling,
Inc.
947
67,843
John
Bean
Technologies
Corp.
2,974
435,929
Kadant
,
Inc.
1,118
201,385
Kennametal,
Inc.
8,212
297,685
Lindsay
Corp.
1,033
165,993
Luxfer
Holdings
plc
2,801
58,401
Lydall
,
Inc.*
1,658
101,470
Manitowoc
Co.,
Inc.
(The)*
3,253
75,307
Mayville
Engineering
Co.,
Inc.*
801
14,074
Meritor,
Inc.*
6,768
164,665
Miller
Industries,
Inc.
1,051
39,423
Mueller
Industries,
Inc.
5,325
231,105
Mueller
Water
Products,
Inc.,
Class
A
15,003
222,344
Nikola
Corp.*(a)
19,002
225,554
NN,
Inc.*
4,396
30,069
Omega
Flex,
Inc.
304
47,673
Park-Ohio
Holdings
Corp.
806
23,447
Proto
Labs,
Inc.*
2,734
213,771
RBC
Bearings,
Inc.*
2,392
562,120
REV
Group,
Inc.
2,812
42,489
Rexnord
Corp.
11,552
650,724
Shyft
Group,
Inc.
(The)
3,333
131,454
SPX
Corp.*
4,156
277,039
SPX
FLOW,
Inc.
3,994
328,107
Standex
International
Corp.
1,141
104,972
Tennant
Co.
1,741
137,748
Terex
Corp.
6,669
319,578
Titan
International,
Inc.*
4,784
41,238
TriMas
Corp.*
3,917
128,164
Trinity
Industries,
Inc.
8,222
222,898
Wabash
National
Corp.
4,876
71,385
Watts
Water
Technologies,
Inc.,
Class
A
2,664
401,625
Welbilt
,
Inc.*
12,744
299,357
11,031,509
Marine
0.2%
Costamare
,
Inc.
5,014
54,352
Eagle
Bulk
Shipping,
Inc.*
875
36,488
Genco
Shipping
&
Trading
Ltd.
3,044
53,422
Matson,
Inc.
4,201
281,971
Safe
Bulkers,
Inc.*
5,545
18,520
444,753
Media
1.2%
Advantage
Solutions,
Inc.*
7,239
70,797
AMC
Networks,
Inc.,
Class
A*
2,777
138,961
Boston
Omaha
Corp.,
Class
A*
1,707
55,836
Cardlytics,
Inc.*
3,095
389,846
Clear
Channel
Outdoor
Holdings,
Inc.*
34,415
91,544
comScore,
Inc.*
6,365
25,524
Daily
Journal
Corp.*
126
41,958
Emerald
Holding,
Inc.*
2,575
10,171
Entercom
Communications
Corp.*
12,043
42,994
Nationwide
Small
Cap
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
97
Common
Stocks
Shares
Value
($)
Media
Entravision
Communications
Corp.,
Class
A
5,926
36,445
EW
Scripps
Co.
(The),
Class
A
5,372
102,498
Fluent,
Inc.*
4,414
10,991
Gannett
Co.,
Inc.*
13,690
78,991
Gray
Television,
Inc.
8,098
179,533
Hemisphere
Media
Group,
Inc.*
1,673
21,264
iHeartMedia
,
Inc.,
Class
A*
10,613
274,346
John
Wiley
&
Sons,
Inc.,
Class
A
4,089
240,351
Loral
Space
&
Communications,
Inc.
1,318
46,644
Magnite
,
Inc.*
10,222
309,727
MDC
Partners,
Inc.,
Class
A*
5,922
33,222
Meredith
Corp.*
3,781
165,003
National
CineMedia
,
Inc.
6,183
21,517
Scholastic
Corp.(a)
2,741
92,125
Sinclair
Broadcast
Group,
Inc.,
Class
A
4,229
119,638
TechTarget
,
Inc.*
2,471
180,581
TEGNA,
Inc.
20,960
371,411
Thryv
Holdings,
Inc.*
613
20,364
WideOpenWest
,
Inc.*
4,967
110,466
3,282,748
Metals
&
Mining
1.3%
Allegheny
Technologies,
Inc.*
12,071
247,818
Arconic
Corp.*
10,715
385,097
Carpenter
Technology
Corp.
4,515
172,247
Century
Aluminum
Co.*
5,216
75,945
Coeur
Mining,
Inc.*
22,968
173,179
Commercial
Metals
Co.
11,382
373,330
Compass
Minerals
International,
Inc.
3,370
231,047
Constellium
SE*
11,633
219,515
Gatos
Silver,
Inc.*
3,280
44,739
Haynes
International,
Inc.
1,240
46,785
Hecla
Mining
Co.
51,628
345,391
Kaiser
Aluminum
Corp.
1,498
182,277
Materion
Corp.
1,931
137,796
MP
Materials
Corp.*
6,913
260,067
Novagold
Resources,
Inc.*
22,478
175,778
Olympic
Steel,
Inc.
906
27,289
Perpetua
Resources
Corp.*
2,539
14,447
PolyMet
Mining
Corp.*
2,809
8,652
Ryerson
Holding
Corp.*
1,675
26,348
Schnitzer
Steel
Industries,
Inc.,
Class
A
2,505
131,312
SunCoke
Energy,
Inc.
8,613
66,578
TimkenSteel
Corp.*
4,308
57,426
Warrior
Met
Coal,
Inc.
4,878
91,072
Worthington
Industries,
Inc.
3,282
209,949
3,704,084
Mortgage
Real
Estate
Investment
Trusts
(REITs)
1.3%
AFC
Gamma,
Inc.
687
14,619
Apollo
Commercial
Real
Estate
Finance,
Inc.
13,299
202,411
Arbor
Realty
Trust,
Inc.
12,058
220,420
Common
Stocks
Shares
Value
($)
Mortgage
Real
Estate
Investment
Trusts
(REITs)
Ares
Commercial
Real
Estate
Corp.
3,574
53,896
ARMOUR
Residential
REIT,
Inc.
6,588
68,515
Blackstone
Mortgage
Trust,
Inc.,
Class
A
13,388
434,039
BrightSpire
Capital,
Inc.
8,699
82,727
Broadmark
Realty
Capital,
Inc.
12,412
128,712
Capstead
Mortgage
Corp.
9,039
57,578
Chimera
Investment
Corp.
22,389
329,566
Dynex
Capital,
Inc.
2,595
45,283
Ellington
Financial,
Inc.
3,890
70,720
Granite
Point
Mortgage
Trust,
Inc.
5,570
78,593
Great
Ajax
Corp.
1,992
25,259
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
7,416
421,229
Invesco
Mortgage
Capital,
Inc.
23,854
82,058
KKR
Real
Estate
Finance
Trust,
Inc.
2,916
62,140
Ladder
Capital
Corp.
11,020
125,848
MFA
Financial,
Inc.
41,955
195,930
New
York
Mortgage
Trust,
Inc.
36,726
160,493
Orchid
Island
Capital,
Inc.
8,561
42,377
PennyMac
Mortgage
Investment
Trust
9,572
188,760
Ready
Capital
Corp.
5,564
84,128
Redwood
Trust,
Inc.
10,844
128,718
TPG
RE
Finance
Trust,
Inc.
5,690
74,880
Two
Harbors
Investment
Corp.
29,770
190,826
3,569,725
Multiline
Retail
0.3%
Big
Lots,
Inc.
3,428
197,487
Dillard's,
Inc.,
Class
A(a)
595
109,046
Franchise
Group,
Inc.
2,685
91,182
Macy's,
Inc.*(a)
29,772
506,124
903,839
Multi-Utilities
0.4%
Avista
Corp.
6,572
281,479
Black
Hills
Corp.
6,112
413,477
NorthWestern
Corp.
4,972
308,214
Unitil
Corp.
1,404
74,300
1,077,470
Oil,
Gas
&
Consumable
Fuels
3.0%
Aemetis
,
Inc.*
2,199
19,285
Alto
Ingredients,
Inc.*
6,777
35,918
Altus
Midstream
Co.
309
19,730
Antero
Resources
Corp.*
27,725
377,060
Arch
Resources,
Inc.*
1,433
94,177
Berry
Corp.
7,102
39,416
Bonanza
Creek
Energy,
Inc.
2,924
112,486
Brigham
Minerals,
Inc.,
Class
A
4,320
84,845
California
Resources
Corp.*
7,968
223,980
Callon
Petroleum
Co.*
3,781
148,820
Centennial
Resource
Development,
Inc.,
Class
A*
17,158
89,393
98
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Small
Cap
Index
Fund
Common
Stocks
Shares
Value
($)
Oil,
Gas
&
Consumable
Fuels
Centrus
Energy
Corp.,
Class
A*
895
20,755
Chesapeake
Energy
Corp.
9,555
516,448
Clean
Energy
Fuels
Corp.*(a)
13,663
102,609
CNX
Resources
Corp.*
21,404
258,988
Comstock
Resources,
Inc.*
8,678
52,762
CONSOL
Energy,
Inc.*
3,446
72,400
Contango
Oil
&
Gas
Co.*(a)
14,526
55,489
CVR
Energy,
Inc.
3,643
49,763
Delek
US
Holdings,
Inc.
6,222
108,138
Denbury,
Inc.*
4,781
314,160
DHT
Holdings,
Inc.
13,721
79,582
Dorian
LPG
Ltd.*
2,831
34,255
Earthstone
Energy,
Inc.,
Class
A*
2,380
23,395
Energy
Fuels,
Inc.*(a)
13,695
71,899
Equitrans
Midstream
Corp.
39,773
326,934
Extraction
Oil
&
Gas,
Inc.*
1,481
65,890
Falcon
Minerals
Corp.
3,994
19,051
Frontline
Ltd.(a)
11,319
90,099
Gevo
,
Inc.*(a)
18,495
112,635
Golar
LNG
Ltd.*
9,878
110,238
Green
Plains,
Inc.*
3,466
122,558
International
Seaways,
Inc.
4,013
66,014
Kosmos
Energy
Ltd.*
38,778
89,577
Laredo
Petroleum,
Inc.*
1,192
65,632
Magnolia
Oil
&
Gas
Corp.,
Class
A*
13,194
184,716
Matador
Resources
Co.
10,756
332,360
Meta
Materials,
Inc.*
5,830
20,405
Murphy
Oil
Corp.
13,887
301,487
Nordic
American
Tankers
Ltd.
(a)
15,263
39,836
Northern
Oil
and
Gas,
Inc.
4,533
78,285
Oasis
Petroleum,
Inc.
1,912
175,350
Ovintiv
,
Inc.
25,300
649,198
Par
Pacific
Holdings,
Inc.*
4,184
68,534
PBF
Energy,
Inc.,
Class
A*
9,395
86,152
PDC
Energy,
Inc.
9,704
383,793
Peabody
Energy
Corp.*
6,693
78,375
Penn
Virginia
Corp.*
1,532
28,327
Petrocorp,
Inc.*^∞
1,500
0
Range
Resources
Corp.*
23,200
353,336
Renewable
Energy
Group,
Inc.*
4,260
260,925
REX
American
Resources
Corp.*
542
44,444
Riley
Exploration
Permian,
Inc.
217
4,685
Scorpio
Tankers,
Inc.(a)
4,622
75,570
SFL
Corp.
Ltd.
9,655
66,330
SM
Energy
Co.
11,208
209,590
Southwestern
Energy
Co.*
65,645
309,188
Talos
Energy,
Inc.*
3,494
40,321
Teekay
Corp.*
6,581
19,677
Teekay
Tankers
Ltd.,
Class
A*
2,260
28,589
Tellurian,
Inc.*(a)
30,035
113,232
Uranium
Energy
Corp.*(a)
19,880
43,140
Ur-Energy,
Inc.*
17,145
19,374
Vine
Energy,
Inc.,
Class
A*
1,955
27,390
W&T
Offshore,
Inc.*
9,549
38,673
Common
Stocks
Shares
Value
($)
Oil,
Gas
&
Consumable
Fuels
Whiting
Petroleum
Corp.*
3,733
175,078
World
Fuel
Services
Corp.
5,911
203,693
8,534,434
Paper
&
Forest
Products
0.2%
Clearwater
Paper
Corp.*
1,645
48,511
Domtar
Corp.*
4,887
268,345
Glatfelter
Corp.
4,443
67,667
Neenah,
Inc.
1,517
76,259
Schweitzer-Mauduit
International,
Inc.
2,994
117,754
Verso
Corp.,
Class
A
2,840
54,017
632,553
Personal
Products
0.5%
Beauty
Health
Co.
(The)*(a)
4,399
77,246
BellRing
Brands,
Inc.,
Class
A*
3,815
126,162
Edgewell
Personal
Care
Co.
5,147
211,439
elf
Beauty,
Inc.*
4,328
119,496
Honest
Co.,
Inc.
(The)*
2,353
33,813
Inter
Parfums
,
Inc.
1,708
131,294
Medifast
,
Inc.
1,122
320,342
Nature's
Sunshine
Products,
Inc.
881
15,497
Nu
Skin
Enterprises,
Inc.,
Class
A
4,710
252,880
Revlon,
Inc.,
Class
A*
644
7,020
USANA
Health
Sciences,
Inc.*
1,255
119,564
Veru
,
Inc.*
5,621
38,616
1,453,369
Pharmaceuticals
1.7%
9
Meters
Biopharma,
Inc.*
20,137
21,748
Aclaris
Therapeutics,
Inc.*
4,113
61,407
Aerie
Pharmaceuticals,
Inc.*
4,306
67,949
Amneal
Pharmaceuticals,
Inc.*
10,204
50,306
Amphastar
Pharmaceuticals,
Inc.*(a)
3,708
77,683
Ampio
Pharmaceuticals,
Inc.*
18,023
25,412
Angion
Biomedica
Corp.*
564
5,995
ANI
Pharmaceuticals,
Inc.*
949
32,200
Antares
Pharma,
Inc.*
16,564
72,882
Arvinas
,
Inc.*
4,234
428,057
Atea
Pharmaceuticals,
Inc.*(a)
6,120
153,245
Athira
Pharma,
Inc.*
3,056
29,368
Axsome
Therapeutics,
Inc.*
2,670
129,735
BioDelivery
Sciences
International,
Inc.*
9,337
35,107
Cara
Therapeutics,
Inc.*
4,282
51,256
Cassava
Sciences,
Inc.*(a)
3,625
252,046
Cerecor
,
Inc.*
4,624
12,300
Citius
Pharmaceuticals,
Inc.*
10,759
20,335
Collegium
Pharmaceutical,
Inc.*
3,576
89,007
Corcept
Therapeutics,
Inc.*
9,161
190,274
CorMedix
,
Inc.*
3,326
19,324
Cymabay
Therapeutics,
Inc.*
6,896
27,170
Durect
Corp.*
23,134
32,619
Edgewise
Therapeutics,
Inc.*
1,169
20,469
Endo
International
plc*
21,775
110,182
Evolus
,
Inc.*
3,056
33,066
Nationwide
Small
Cap
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
99
Common
Stocks
Shares
Value
($)
Pharmaceuticals
EyePoint
Pharmaceuticals,
Inc.*
2,002
16,456
Fulcrum
Therapeutics,
Inc.*
1,722
12,588
Harmony
Biosciences
Holdings,
Inc.*
2,118
55,407
Ikena
Oncology,
Inc.*
859
8,513
Innoviva
,
Inc.*
5,996
85,023
Intra-Cellular
Therapies,
Inc.*
6,921
237,598
Kala
Pharmaceuticals,
Inc.*
4,108
14,173
Kaleido
Biosciences,
Inc.*
1,324
7,189
KemPharm
,
Inc.*
2,708
27,324
Landos
Biopharma,
Inc.*
607
6,665
Marinus
Pharmaceuticals,
Inc.*
3,500
51,450
Mind
Medicine
MindMed
,
Inc.*(a)
30,517
93,382
NGM
Biopharmaceuticals,
Inc.*
3,048
62,149
Nuvation
Bio,
Inc.*
3,356
28,996
Ocular
Therapeutix
,
Inc.*
7,507
82,652
Omeros
Corp.*(a)
5,569
80,751
Oramed
Pharmaceuticals,
Inc.*
2,531
35,915
Pacira
BioSciences
,
Inc.*
4,142
244,171
Paratek
Pharmaceuticals,
Inc.*
4,557
23,696
Phathom
Pharmaceuticals,
Inc.*
1,919
61,600
Phibro
Animal
Health
Corp.,
Class
A
2,135
50,535
Pliant
Therapeutics,
Inc.*(a)
2,454
49,571
Prestige
Consumer
Healthcare,
Inc.*
4,779
251,136
Provention
Bio,
Inc.*
5,449
33,075
Rain
Therapeutics,
Inc.*
703
11,705
Reata
Pharmaceuticals,
Inc.,
Class
A*
2,601
325,931
Relmada
Therapeutics,
Inc.*
1,526
39,676
Revance
Therapeutics,
Inc.*
6,651
193,411
Seelos
Therapeutics,
Inc.*
7,183
16,162
SIGA
Technologies,
Inc.*
5,498
35,022
Supernus
Pharmaceuticals,
Inc.*
4,656
122,592
Tarsus
Pharmaceuticals,
Inc.*
657
14,828
Terns
Pharmaceuticals,
Inc.*
862
6,465
TherapeuticsMD
,
Inc.*(a)
34,406
34,406
Theravance
Biopharma,
Inc.*
5,051
65,562
Verrica
Pharmaceuticals,
Inc.*
1,326
14,188
WaVe
Life
Sciences
Ltd.*
3,344
18,425
Zogenix
,
Inc.*
5,150
83,482
4,651,012
Professional
Services
1.6%
Acacia
Research
Corp.*
4,922
27,760
ASGN,
Inc.*
4,925
498,065
Atlas
Technical
Consultants,
Inc.*
1,304
11,723
Barrett
Business
Services,
Inc.
778
56,957
CBIZ,
Inc.*
4,829
156,170
CRA
International,
Inc.
674
57,782
Exponent,
Inc.
4,922
527,097
Forrester
Research,
Inc.*
1,137
53,268
Common
Stocks
Shares
Value
($)
Professional
Services
Franklin
Covey
Co.*
1,259
46,067
GP
Strategies
Corp.*
1,296
26,374
Heidrick
&
Struggles
International,
Inc.
1,971
84,181
HireQuest
,
Inc.
475
8,693
Huron
Consulting
Group,
Inc.*
2,172
106,710
ICF
International,
Inc.
1,744
159,698
Insperity
,
Inc.
3,443
341,029
KBR,
Inc.
13,655
528,448
Kelly
Services,
Inc.,
Class
A*
3,540
77,597
Kforce
,
Inc.
1,892
118,118
Korn
Ferry
5,059
347,756
ManTech
International
Corp.,
Class
A
2,695
235,705
Mistras
Group,
Inc.*
1,957
20,549
Rekor
Systems,
Inc.*
2,973
23,427
Resources
Connection,
Inc.
2,989
46,300
TriNet
Group,
Inc.*
3,841
318,726
TrueBlue
,
Inc.*
3,325
90,407
Upwork
,
Inc.*
11,223
581,239
Willdan
Group,
Inc.*
1,086
44,797
4,594,643
Real
Estate
Management
&
Development
0.8%
Cushman
&
Wakefield
plc*
11,499
214,686
eXp
World
Holdings,
Inc.*
6,104
219,256
Fathom
Holdings,
Inc.*
528
13,358
Forestar
Group,
Inc.*
1,740
35,618
FRP
Holdings,
Inc.*
633
38,062
Kennedy-Wilson
Holdings,
Inc.
11,380
229,762
Marcus
&
Millichap,
Inc.*
2,250
89,528
Newmark
Group,
Inc.,
Class
A
14,233
183,321
Rafael
Holdings,
Inc.,
Class
B*
973
49,244
RE/MAX
Holdings,
Inc.,
Class
A
1,879
64,450
Realogy
Holdings
Corp.*
10,917
193,449
Redfin
Corp.*
9,809
574,513
RMR
Group,
Inc.
(The),
Class
A
1,446
56,741
St
Joe
Co.
(The)
3,232
146,313
Tejon
Ranch
Co.*
2,180
39,741
2,148,042
Road
&
Rail
0.6%
ArcBest
Corp.
2,459
145,351
Avis
Budget
Group,
Inc.*
4,847
401,186
Covenant
Logistics
Group,
Inc.*
1,155
24,267
Daseke
,
Inc.*
3,980
27,502
Heartland
Express,
Inc.
4,521
76,993
HyreCar
,
Inc.*
1,661
29,034
Marten
Transport
Ltd.
5,623
88,956
PAM
Transportation
Services,
Inc.*
192
12,000
Saia,
Inc.*
2,578
582,628
Universal
Logistics
Holdings,
Inc.
692
15,951
US
Xpress
Enterprises,
Inc.,
Class
A*
2,258
19,712
Werner
Enterprises,
Inc.
5,991
273,849
100
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Small
Cap
Index
Fund
Common
Stocks
Shares
Value
($)
Road
&
Rail
Yellow
Corp.*
4,771
24,809
1,722,238
Semiconductors
&
Semiconductor
Equipment
2.8%
Alpha
&
Omega
Semiconductor
Ltd.*
2,177
56,580
Ambarella
,
Inc.*
3,341
329,055
Amkor
Technology,
Inc.
9,907
244,109
Atomera
,
Inc.*(a)
1,863
32,882
Axcelis
Technologies,
Inc.*
3,234
124,671
AXT,
Inc.*
4,177
42,605
CEVA,
Inc.*
2,254
111,889
CMC
Materials,
Inc.
2,769
400,508
Cohu
,
Inc.*
4,542
160,832
Diodes,
Inc.*
4,131
338,742
DSP
Group,
Inc.*
2,365
37,958
FormFactor
,
Inc.*
7,369
274,569
Ichor
Holdings
Ltd.*
2,620
135,113
Impinj
,
Inc.*
1,861
85,606
Kopin
Corp.*(a)
7,353
49,559
Kulicke
&
Soffa
Industries,
Inc.
5,802
315,397
Lattice
Semiconductor
Corp.*
13,073
741,893
MACOM
Technology
Solutions
Holdings,
Inc.*
4,614
284,776
MaxLinear
,
Inc.*
6,756
325,842
NeoPhotonics
Corp.*(a)
5,012
48,616
NVE
Corp.
460
34,532
Onto
Innovation,
Inc.*
4,684
328,255
PDF
Solutions,
Inc.*
2,937
54,951
Photronics
,
Inc.*
5,840
78,081
Power
Integrations,
Inc.
5,722
554,977
Rambus,
Inc.*
10,981
259,811
Semtech
Corp.*
6,129
379,446
Silicon
Laboratories,
Inc.*
4,302
640,955
SiTime
Corp.*
1,246
169,007
SkyWater
Technology,
Inc.*
745
12,859
SMART
Global
Holdings,
Inc.*
1,345
63,000
SunPower
Corp.*(a)
7,865
194,816
Synaptics
,
Inc.*
3,403
516,984
Ultra
Clean
Holdings,
Inc.*
4,222
228,030
Veeco
Instruments,
Inc.*
4,719
109,481
7,766,387
Software
6.1%
8x8,
Inc.*
10,087
257,824
A10
Networks,
Inc.*
6,200
79,174
ACI
Worldwide,
Inc.*
11,331
388,653
Agilysys
,
Inc.*
1,821
101,175
Alarm.com
Holdings,
Inc.*
4,481
372,909
Alkami
Technology,
Inc.*
660
20,651
Altair
Engineering,
Inc.,
Class
A*
4,289
299,201
American
Software,
Inc.,
Class
A
3,164
69,608
Appfolio
,
Inc.,
Class
A*
1,776
251,482
Appian
Corp.*(a)
3,794
441,735
Asana,
Inc.,
Class
A*
7,121
506,018
Avaya
Holdings
Corp.*
8,228
199,282
Benefitfocus
,
Inc.*
2,366
31,137
Blackbaud
,
Inc.*
4,586
327,119
Blackline,
Inc.*
5,183
592,883
Common
Stocks
Shares
Value
($)
Software
Bottomline
Technologies
DE,
Inc.*
4,299
173,508
Box,
Inc.,
Class
A*
14,187
339,353
BTRS
Holdings,
Inc.*
4,493
52,613
Cerence
,
Inc.*
3,664
393,917
ChannelAdvisor
Corp.*
2,883
67,145
Cleanspark
,
Inc.*
3,102
41,877
Cloudera,
Inc.*
22,458
356,408
CommVault
Systems,
Inc.*
4,104
310,221
Cornerstone
OnDemand
,
Inc.*
6,053
290,181
Digimarc
Corp.*
1,247
35,789
Digital
Turbine,
Inc.*
8,138
512,287
Domo,
Inc.,
Class
B*
2,616
231,071
E2open
Parent
Holdings,
Inc.*
3,958
39,778
Ebix
,
Inc.
2,515
76,003
eGain
Corp.*
2,137
24,939
Envestnet
,
Inc.*
5,149
387,359
GTY
Technology
Holdings,
Inc.*
3,050
21,106
Ideanomics
,
Inc.*(a)
38,714
91,752
Intelligent
Systems
Corp.*
769
25,985
InterDigital
,
Inc.
3,023
199,185
J2
Global,
Inc.*
4,177
590,085
JFrog
Ltd.*(a)
4,890
214,280
LivePerson
,
Inc.*
6,156
392,076
MicroStrategy
,
Inc.,
Class
A*(a)
756
473,264
Mimecast
Ltd.*
5,711
317,246
Mitek
Systems,
Inc.*
3,977
87,931
Model
N,
Inc.*
3,337
108,019
Momentive
Global,
Inc.*
12,430
261,030
ON24,
Inc.*
879
32,101
OneSpan
,
Inc.*
3,447
85,037
PagerDuty
,
Inc.*
7,650
310,513
Ping
Identity
Holding
Corp.*
4,250
93,797
Progress
Software
Corp.
4,167
189,974
PROS
Holdings,
Inc.*
3,788
164,475
Q2
Holdings,
Inc.*
5,322
549,816
QAD,
Inc.,
Class
A
1,195
103,666
Qualys
,
Inc.*
3,314
336,570
Rapid7,
Inc.*
5,281
600,714
Rimini
Street,
Inc.*
4,202
36,515
Riot
Blockchain
,
Inc.*(a)
7,989
263,238
SailPoint
Technologies
Holdings,
Inc.*
8,690
434,413
Sapiens
International
Corp.
NV
3,194
80,521
SecureWorks
Corp.,
Class
A*
927
18,596
ShotSpotter,
Inc.*
841
38,434
Smith
Micro
Software,
Inc.*
3,411
19,306
Sprout
Social,
Inc.,
Class
A*
4,186
371,884
SPS
Commerce,
Inc.*
3,419
372,500
Sumo
Logic,
Inc.*
7,731
159,645
Telos
Corp.*
1,676
46,962
Tenable
Holdings,
Inc.*
8,787
376,084
Upland
Software,
Inc.*
2,506
90,216
Varonis
Systems,
Inc.*
10,211
624,913
Verint
Systems,
Inc.*
6,301
268,864
Veritone
,
Inc.*
2,716
56,167
Nationwide
Small
Cap
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
101
Common
Stocks
Shares
Value
($)
Software
Viant
Technology,
Inc.,
Class
A*
1,092
18,881
VirnetX
Holding
Corp.*(a)
6,569
26,933
Vonage
Holdings
Corp.*
23,548
335,794
Workiva
,
Inc.*
4,038
524,011
Xperi
Holding
Corp.
9,947
206,599
Yext
,
Inc.*
10,979
143,056
Zix
Corp.*
5,643
41,815
Zuora
,
Inc.,
Class
A*
9,965
172,295
17,247,564
Specialty
Retail
2.6%
Aaron's
Co.,
Inc.
(The)
3,243
93,625
Abercrombie
&
Fitch
Co.,
Class
A*
5,814
219,827
Academy
Sports
&
Outdoors,
Inc.*
5,860
217,113
American
Eagle
Outfitters,
Inc.
(a)
14,718
507,330
America's
Car-Mart,
Inc.*
575
91,425
Arko
Corp.*
1,946
16,152
Asbury
Automotive
Group,
Inc.*
1,877
385,648
Barnes
&
Noble
Education,
Inc.*
3,641
30,402
Bed
Bath
&
Beyond,
Inc.*(a)
10,684
304,921
Big
5
Sporting
Goods
Corp.
1,973
43,248
Blink
Charging
Co.*(a)
3,460
119,474
Boot
Barn
Holdings,
Inc.*
2,723
235,322
Buckle,
Inc.
(The)
2,956
124,389
Caleres
,
Inc.
3,414
84,462
Camping
World
Holdings,
Inc.,
Class
A
4,045
159,211
CarLotz
,
Inc.*
4,119
18,288
Cato
Corp.
(The),
Class
A
1,875
30,938
Chico's
FAS,
Inc.*
11,400
70,452
Children's
Place,
Inc.
(The)*
1,367
115,279
Citi
Trends,
Inc.*
845
67,389
Conn's,
Inc.*
1,723
38,320
Container
Store
Group,
Inc.
(The)*
3,257
34,264
Designer
Brands,
Inc.,
Class
A*
5,697
83,005
Genesco,
Inc.*
1,389
79,798
Group
1
Automotive,
Inc.
1,666
289,451
GrowGeneration
Corp.*
5,330
216,771
Guess?,
Inc.
3,780
84,370
Haverty
Furniture
Cos.,
Inc.
1,581
56,900
Hibbett,
Inc.
1,585
140,526
JOANN,
Inc.
1,100
17,006
Kirkland's,
Inc.*
1,328
25,843
Lazydays
Holdings,
Inc.*
696
14,526
Lumber
Liquidators
Holdings,
Inc.*
2,943
56,152
MarineMax
,
Inc.*
2,039
109,678
Monro
,
Inc.
3,199
185,542
Murphy
USA,
Inc.
2,387
352,106
National
Vision
Holdings,
Inc.*
7,736
417,589
ODP
Corp.
(The)*
4,639
219,564
Common
Stocks
Shares
Value
($)
Specialty
Retail
OneWater
Marine,
Inc.,
Class
A
1,039
48,812
Party
City
Holdco,
Inc.*
10,472
89,431
Rent-A-Center,
Inc.
6,400
366,208
Sally
Beauty
Holdings,
Inc.*
10,681
202,085
Shift
Technologies,
Inc.*(a)
5,881
49,694
Shoe
Carnival,
Inc.
1,674
56,414
Signet
Jewelers
Ltd.
5,066
325,946
Sleep
Number
Corp.*
2,268
225,008
Sonic
Automotive,
Inc.,
Class
A
2,074
113,137
Sportsman's
Warehouse
Holdings,
Inc.*
4,125
72,889
Tilly's,
Inc.,
Class
A
2,277
33,768
TravelCenters
of
America,
Inc.*
1,183
34,212
Urban
Outfitters,
Inc.*
6,501
241,707
Winmark
Corp.
313
65,987
Zumiez
,
Inc.*
2,131
93,018
7,374,622
Technology
Hardware,
Storage
&
Peripherals
0.3%
3D
Systems
Corp.*
11,505
316,848
Avid
Technology,
Inc.*
3,499
130,828
Corsair
Gaming,
Inc.*(a)
2,548
74,376
Diebold
Nixdorf,
Inc.*
6,615
68,862
Eastman
Kodak
Co.*
4,251
31,372
Quantum
Corp.*
5,655
35,061
Super
Micro
Computer,
Inc.*
4,219
160,491
Turtle
Beach
Corp.*
1,441
44,527
862,365
Textiles,
Apparel
&
Luxury
Goods
0.8%
Crocs,
Inc.*
6,224
845,281
Fossil
Group,
Inc.*
4,469
56,399
G-III
Apparel
Group
Ltd.*
4,265
127,353
Kontoor
Brands,
Inc.
5,065
280,500
Movado
Group,
Inc.
1,489
44,774
Oxford
Industries,
Inc.
1,567
136,219
PLBY
Group,
Inc.*
1,027
28,941
Rocky
Brands,
Inc.
719
39,114
Steven
Madden
Ltd.
8,079
354,103
Superior
Group
of
Cos.,
Inc.
1,108
25,938
Unifi,
Inc.*
1,392
32,837
Vera
Bradley,
Inc.*
2,138
23,539
Wolverine
World
Wide,
Inc.
7,707
258,493
2,253,491
Thrifts
&
Mortgage
Finance
1.6%
Axos
Financial,
Inc.*
5,483
262,362
Bridgewater
Bancshares,
Inc.*
2,343
38,004
Capitol
Federal
Financial,
Inc.
12,315
136,573
Columbia
Financial,
Inc.*
4,185
75,497
Essent
Group
Ltd.
10,684
482,596
Federal
Agricultural
Mortgage
Corp.,
Class
C
862
84,045
Finance
of
America
Cos.,
Inc.,
Class
A*
3,164
20,408
Flagstar
Bancorp,
Inc.
5,010
229,258
FS
Bancorp,
Inc.
722
25,111
102
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Small
Cap
Index
Fund
Common
Stocks
Shares
Value
($)
Thrifts
&
Mortgage
Finance
Hingham
Institution
for
Savings
152
45,448
Home
Bancorp,
Inc.
818
28,728
Home
Point
Capital,
Inc.*
642
3,197
HomeStreet
,
Inc.
1,970
74,289
Kearny
Financial
Corp.
6,509
78,303
Luther
Burbank
Corp.
2,014
26,101
Merchants
Bancorp
894
32,756
Meridian
Bancorp,
Inc.
4,732
90,429
Meta
Financial
Group,
Inc.
3,116
154,865
Mr.
Cooper
Group,
Inc.*
6,962
258,847
NMI
Holdings,
Inc.,
Class
A*
8,042
177,085
Northfield
Bancorp,
Inc.
3,885
63,908
Northwest
Bancshares,
Inc.
12,124
161,371
Ocwen
Financial
Corp.*
774
20,240
PCSB
Financial
Corp.
1,500
27,060
PennyMac
Financial
Services,
Inc.
3,347
210,493
Pioneer
Bancorp,
Inc.*
1,383
16,001
Premier
Financial
Corp.
3,500
93,730
Provident
Bancorp,
Inc.
1,535
24,222
Provident
Financial
Services,
Inc.
6,956
150,250
Radian
Group,
Inc.
18,219
411,385
Southern
Missouri
Bancorp,
Inc.
831
37,295
TrustCo
Bank
Corp.
1,944
65,377
Velocity
Financial,
Inc.*
813
10,285
Walker
&
Dunlop,
Inc.
2,794
289,123
Washington
Federal,
Inc.
7,105
229,278
Waterstone
Financial,
Inc.
2,233
44,057
WSFS
Financial
Corp.
4,455
195,040
4,373,017
Tobacco
0.2%
22nd
Century
Group,
Inc.*
14,307
45,925
Turning
Point
Brands,
Inc.
1,380
73,168
Universal
Corp.
2,362
123,202
Vector
Group
Ltd.
13,799
184,355
426,650
Trading
Companies
&
Distributors
1.3%
Alta
Equipment
Group,
Inc.*
1,843
23,203
Applied
Industrial
Technologies,
Inc.
3,804
341,219
Beacon
Roofing
Supply,
Inc.*
5,382
287,829
BlueLinx
Holdings,
Inc.*
850
36,516
Boise
Cascade
Co.
3,733
190,943
CAI
International,
Inc.
1,542
86,059
Custom
Truck
One
Source,
Inc.*
1,304
10,158
DXP
Enterprises,
Inc.*
1,648
53,807
EVI
Industries,
Inc.*
556
14,979
GATX
Corp.
3,347
308,761
Global
Industrial
Co.
1,316
52,008
GMS,
Inc.*
4,067
199,812
H&E
Equipment
Services,
Inc.
3,027
103,009
Herc
Holdings,
Inc.*
2,399
297,572
Karat
Packaging,
Inc.*
412
9,167
Lawson
Products,
Inc.*
479
25,143
McGrath
RentCorp
2,289
179,503
Common
Stocks
Shares
Value
($)
Trading
Companies
&
Distributors
MRC
Global,
Inc.*
7,907
72,507
NOW,
Inc.*
10,446
103,102
Rush
Enterprises,
Inc.,
Class
A
3,989
187,443
Rush
Enterprises,
Inc.,
Class
B
710
31,155
Textainer
Group
Holdings
Ltd.*
4,542
146,616
Titan
Machinery,
Inc.*
1,946
55,519
Transcat
,
Inc.*
714
45,589
Triton
International
Ltd.
6,495
342,871
Veritiv
Corp.*
1,469
90,020
WESCO
International,
Inc.*
4,220
449,219
Willis
Lease
Finance
Corp.*
294
12,231
3,755,960
Transportation
Infrastructure
0.1%
Macquarie
Infrastructure
Corp.
7,001
276,539
Water
Utilities
0.4%
American
States
Water
Co.
3,496
308,767
Artesian
Resources
Corp.,
Class
A
843
32,944
Cadiz,
Inc.*
1,885
25,542
California
Water
Service
Group
4,893
306,693
Global
Water
Resources,
Inc.
1,383
24,369
Middlesex
Water
Co.
1,626
165,429
Pure
Cycle
Corp.*
2,059
31,832
SJW
Group
2,674
184,319
York
Water
Co.
(The)
1,234
59,553
1,139,448
Wireless
Telecommunication
Services
0.2%
Gogo
,
Inc.*
5,656
58,653
Shenandoah
Telecommunications
Co.
4,580
241,778
Telephone
&
Data
Systems,
Inc.
9,577
214,046
United
States
Cellular
Corp.*
1,449
52,685
567,162
Total
Common
Stocks
(cost
$206,392,706)
279,641,952
Corporate
Bond
Corporate
Bond
0.0%
†
Principal
Amount
($)
Value
($)
Capital
Markets
0.0%
†
GAMCO
Investors,
Inc.,
4.00%,
06/15/23(c)
1,000
1,000
Total
Corporate
Bond
(cost $1,022)
1,000
Rights
0.0%
†
Number
of
Rights
Biotechnology
0.0%
†
CONTRA
ADURO
BIOTECH
I,
CVR*^∞
1,489
0
Nationwide
Small
Cap
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
103
Rights
Number
of
Rights
Value
($)
Biotechnology
Oncternal
Therapeutics,
Inc.,
CVR*∞
95
97
97
Total
Rights
(cost
$4,467)
97
Short-Term
Investment
5.7%
Shares
Money
Market
Fund
5.7%
Fidelity
Investments
Money
Market
Government
Portfolio
—
Institutional
Class,
0.01%(d)(e)
15,945,002
15,945,002
Total
Short-Term
Investment
(cost
$15,945,002)
15,945,002
Total
Investments
(cost
$222,343,197)
—
105.0%
295,588,051
Liabilities
in
excess
of
other
assets
—
(5.0)%
(14,022,168)
NET
ASSETS
—
100.0%
$
281,565,883
*
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,
2021.
The
total
value
of
securities
on
loan
as
of
July
31,
2021
was
$16,393,356,
which
was
collateralized
by
cash
used
to
purchase
a
money
market
fund
with
a
total
value
of
$15,945,002
and
by
$1,454,830
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.25%,
and
maturity
dates
ranging
from
9/30/2021
–
11/15/2049;
a
total
value
of
$17,399,832.
(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,
2021
was
$401,329
which
represents
0.14%
of
net
assets.
(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,
2021.
(d)
Represents
7-day
effective
yield
as
of
July
31,
2021.
(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,
2021
was
$15,945,002.
CVR
Contingent
Value
Rights
Reg.
S
Regulation
S
-
Security
was
purchased
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933,
which
exempts
from
registration
securities
offered
and
sold
outside
of
the
United
States.
Such
security
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933
or
pursuant
to
an
exemption
from
registration.
Currently
there
is
no
restriction
on
trading
this
security.
REIT
Real
Estate
Investment
Trust
104
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Small
Cap
Index
Fund
Futures
contracts
outstanding
as
of
July
31,
2021:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
Russell
2000
E-Mini
Index
21
9/2021
USD
2,332,680
(13,147)
(13,147)
As
of
July
31,
2021,
the
Fund
had
$131,600
segregated
as
collateral
with
the
broker
for
open
futures
contracts.
Currency:
USD
United
States
Dollar
Nationwide
Small
Cap
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
105
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.
106
-
Statement
of
Investments
-
July
31,
2021
(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,
2021.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
Aerospace
&
Defense
$
2,085,375
$
–
$
–
$
2,085,375
Air
Freight
&
Logistics
856,958
–
–
856,958
Airlines
956,119
–
–
956,119
Auto
Components
3,882,102
–
–
3,882,102
Automobiles
776,171
–
–
776,171
Banks
21,399,583
–
–
21,399,583
Beverages
976,563
–
–
976,563
Biotechnology
26,580,078
–
–
26,580,078
Building
Products
3,187,167
–
–
3,187,167
Capital
Markets
4,398,943
–
–
4,398,943
Chemicals
5,426,850
–
–
5,426,850
Commercial
Services
&
Supplies
5,160,524
–
–
5,160,524
Communications
Equipment
2,076,534
–
–
2,076,534
Construction
&
Engineering
3,851,767
–
–
3,851,767
Construction
Materials
595,310
–
–
595,310
Consumer
Finance
2,420,966
–
–
2,420,966
Containers
&
Packaging
685,597
–
–
685,597
Distributors
232,732
–
–
232,732
Diversified
Consumer
Services
1,877,401
–
–
1,877,401
Diversified
Financial
Services
427,528
–
–
427,528
Diversified
Telecommunication
Services
1,946,585
–
–
1,946,585
Electric
Utilities
1,652,593
–
–
1,652,593
Electrical
Equipment
2,725,549
–
–
2,725,549
Electronic
Equipment,
Instruments
&
Components
6,445,757
–
–
6,445,757
Energy
Equipment
&
Services
2,311,019
–
–
2,311,019
Entertainment
2,346,347
–
–
2,346,347
Equity
Real
Estate
Investment
Trusts
(REITs)
18,162,683
–
–
18,162,683
Food
&
Staples
Retailing
2,450,503
–
–
2,450,503
Food
Products
2,840,043
–
–
2,840,043
Gas
Utilities
2,311,290
–
–
2,311,290
Health
Care
Equipment
&
Supplies
10,287,018
–
–
10,287,018
Health
Care
Providers
&
Services
9,027,932
–
–
9,027,932
Health
Care
Technology
3,736,612
–
–
3,736,612
Hotels,
Restaurants
&
Leisure
6,377,841
–
–
6,377,841
Household
Durables
5,414,574
–
–
5,414,574
Household
Products
829,452
–
–
829,452
Independent
Power
and
Renewable
Electricity
Producers
941,900
–
–
941,900
Industrial
Conglomerates
205,098
–
–
205,098
Insurance
5,485,598
–
–
5,485,598
Interactive
Media
&
Services
1,364,900
–
–
1,364,900
Internet
&
Direct
Marketing
Retail
2,311,667
–
–
2,311,667
IT
Services
4,431,516
4,323
–
4,435,839
Leisure
Products
1,585,625
–
–
1,585,625
Life
Sciences
Tools
&
Services
2,797,635
–
–
2,797,635
Machinery
11,031,509
–
–
11,031,509
Marine
444,753
–
–
444,753
Media
3,282,748
–
–
3,282,748
Metals
&
Mining
3,704,084
–
–
3,704,084
Mortgage
Real
Estate
Investment
Trusts
(REITs)
3,569,725
–
–
3,569,725
Multiline
Retail
903,839
–
–
903,839
Multi-Utilities
1,077,470
–
–
1,077,470
Oil,
Gas
&
Consumable
Fuels
8,534,434
–
–
8,534,434
Paper
&
Forest
Products
632,553
–
–
632,553
Personal
Products
1,453,369
–
–
1,453,369
Nationwide
Small
Cap
Index
Fund
-
July
31,
2021
(Unaudited)
-
Statement
of
Investments
-
107
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,
2021.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using
financial
futures
contracts.
Level
1
Level
2
Level
3
Total
Assets:
Pharmaceuticals
$
4,651,012
$
–
$
–
$
4,651,012
Professional
Services
4,594,643
–
–
4,594,643
Real
Estate
Management
&
Development
2,148,042
–
–
2,148,042
Road
&
Rail
1,722,238
–
–
1,722,238
Semiconductors
&
Semiconductor
Equipment
7,766,387
–
–
7,766,387
Software
17,247,564
–
–
17,247,564
Specialty
Retail
7,374,622
–
–
7,374,622
Technology
Hardware,
Storage
&
Peripherals
862,365
–
–
862,365
Textiles,
Apparel
&
Luxury
Goods
2,253,491
–
–
2,253,491
Thrifts
&
Mortgage
Finance
4,373,017
–
–
4,373,017
Tobacco
426,650
–
–
426,650
Trading
Companies
&
Distributors
3,755,960
–
–
3,755,960
Transportation
Infrastructure
276,539
–
–
276,539
Water
Utilities
1,139,448
–
–
1,139,448
Wireless
Telecommunication
Services
567,162
–
–
567,162
Total
Common
Stocks
$
279,637,629
$
4,323
$
–
$
279,641,952
Corporate
Bond
–
1,000
–
1,000
Rights
–
97
–
97
Short-Term
Investment
15,945,002
–
–
15,945,002
Total
Assets
$
295,582,631
$
5,420
$
–
$
295,588,051
$
–
$
–
$
–
$
–
Liabilities:
Futures
Contracts
$
(13,147)
$
–
$
–
$
(13,147)
Total
Liabilities
$
(13,147)
$
–
$
–
$
(13,147)
Total
$
295,569,484
$
5,420
$
–
$
295,574,904
Amounts
designated
as
"—
",
which
may
include
fair
valued
securities,
are
zero
or
have
been
rounded
to
zero.
During
the
period
ended
July
31,
2021,
the
Fund
held
two
common
stocks
and
one
rights
investments
that
were
categorized
as
Level
3
investments
which
were
each
valued
at
$0.
Common
Stocks
Rights
Total
Balance
as
of
10/31/2020
$
—
$
—
$—
Accrued
Accretion/(Amortization)
—
—
—
Realized
Gains
(Losses)
3,576
—
3,576
Purchases
—
—
—
Sales
(3,576)
—
(3,576)
Change
in
Unrealized
Appreciation/Depreciation
—
—
—
Transfers
into
Level
3
—
—
—
Transfers
out
of
Level
3
—
—
—
Balance
as
of
7/31/2021
$
—
$
—
$—
Change
in
Unrealized
Appreciation/Depreciation
for
Investments
Still
held
as
of
7/31/2021
$
—
$
—
$—
Amounts
designated
as
"—"
are
zero
or
have
been
rounded
to
zero.
108
-
Statement
of
Investments
-
July
31,
2021
(Unaudited)
-
Nationwide
Small
Cap
Index
Fund
(a)
Futures
Contracts
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
reducing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/
or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
price
of
the
futures
contracts
and
the
underlying
assets. The
Fund’s
investments
in
futures
contracts
entail
limited
counterparty
credit
risk
because the
Fund
invests
only
in
exchange
traded
futures
contracts,
which
are
settled
through
the
exchange
and
whose
fulfillment
is
guaranteed
by
the
credit
of
the
exchange.
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2021:
Fair
Values
of
Derivatives
not
Accounted
for
as
Hedging
Instruments
as
of
July
31,
2021:
Liabilities:
Fair
Value
Futures
Contracts
Equity
risk
Unrealized
depreciation
from
futures
contracts
$
(13,147)
Total
$
(13,147)
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.