Nationwide
Destination
2030
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
1
Investment
Companies
87
.1
%
Shares
Value
($)
Alternative
Assets
4.1%
Nationwide
Strategic
Income
Fund,
Class
R6(a)
794,347
8,062,620
Total
Alternative
Assets
(cost
$7,693,221)
8,062,620
Equity
Funds
46.6%
Nationwide
Fundamental
All
Cap
Equity
Portfolio,
Class
R6(a)
3,075,873
41,555,045
Nationwide
International
Equity
Portfolio,
Class
R6(a)
1,137,019
14,042,181
Nationwide
International
Index
Fund,
Class
R6(a)
1,623,689
16,171,945
Nationwide
Mid
Cap
Market
Index
Fund,
Class
R6(a)
13,408
222,703
Nationwide
Small
Cap
Index
Fund,
Class
R6(a)
177,717
2,152,156
Nationwide
U.S.
130/30
Equity
Portfolio,
Class
R6(a)
1,338,978
17,821,791
Total
Equity
Funds
(cost
$72,687,961)
91,965,821
Fixed
Income
Funds
36.4%
Nationwide
Bond
Portfolio,
Class
R6(a)
7,638,767
65,311,460
Nationwide
Inflation-Protected
Securities
Fund,
Class
R6(a)
710,563
6,430,595
Total
Fixed
Income
Funds
(cost
$73,798,284)
71,742,055
Total
Investment
Companies
(cost
$154,179,466)
171,770,496
Exchange
Traded
Funds
9
.4
%
Equity
Funds
7.4%
iShares
Core
MSCI
Emerging
Markets
ETF
76,646
4,624,053
Exchange
Traded
Funds
Shares
Value
($)
iShares
Core
S&P
500
ETF
9,422
5,982,028
JPMorgan
Equity
Premium
Income
ETF
69,500
3,925,360
Total
Equity
Funds
(cost
$12,652,678)
14,531,441
Fixed
Income
Fund
2.0%
iShares
20+
Year
Treasury
Bond
ETF
45,245
3,932,696
Total
Fixed
Income
Funds
(cost  $4,176,273)
3,932,696
Total
Exchange
Traded
Funds
(cost
$16,828,951)
18,464,137
Short-Term
Investment
3
.5
%
Money
Market
Fund
3.5%
Fidelity
Investments
Money
Market
Government
Portfolio
-
Institutional
Class,
4.26%
(b)
6,942,267
6,942,267
Total
Short-Term
Investment
(cost
$6,942,267)
6,942,267
Total
Investments
(cost
$177,950,684)
—
100.0%
197,176,900
Liabilities
in
excess
of
other
assets
—
0.0%
†
(
70,036
)
NET
ASSETS
—
100.0%
$
197,106,864
†
Amount
rounds
to
less
than
0.1%.
(a)
Investment
in
affiliate.
(b)
Represents
7-day
effective
yield
as
of
July
31,
2025.
ETF
Exchange
Traded
Fund
2
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Destination
2030
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Nationwide
Destination
2030
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
3
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2025.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
18,464,137
$
–
$
–
$
18,464,137
Investment
Companies
171,770,496
–
–
171,770,496
Short-Term
Investment
6,942,267
–
–
6,942,267
Total
$
197,176,900
$
–
$
–
$
197,176,900
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
4
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Destination
2035
Fund
Investment
Companies
88
.7
%
Shares
Value
($)
Alternative
Assets
3.0%
Nationwide
Strategic
Income
Fund,
Class
R6(a)
575,426
5,840,576
Total
Alternative
Assets
(cost
$5,633,601)
5,840,576
Equity
Funds
57.1%
Nationwide
Fundamental
All
Cap
Equity
Portfolio,
Class
R6(a)
3,645,526
49,251,056
Nationwide
International
Equity
Portfolio,
Class
R6(a)
1,279,152
15,797,524
Nationwide
International
Index
Fund,
Class
R6(a)
1,898,287
18,906,936
Nationwide
Mid
Cap
Market
Index
Fund,
Class
R6(a)
137,224
2,279,284
Nationwide
Small
Cap
Index
Fund,
Class
R6(a)
392,066
4,747,918
Nationwide
U.S.
130/30
Equity
Portfolio,
Class
R6(a)
1,605,373
21,367,514
Total
Equity
Funds
(cost
$89,018,468)
112,350,232
Fixed
Income
Funds
28.6%
Nationwide
Bond
Portfolio,
Class
R6(a)
6,274,155
53,644,027
Nationwide
Inflation-Protected
Securities
Fund,
Class
R6(a)
305,766
2,767,178
Total
Fixed
Income
Funds
(cost
$57,243,604)
56,411,205
Total
Investment
Companies
(cost
$151,895,673)
174,602,013
Exchange
Traded
Funds
9
.7
%
Equity
Funds
8.2%
iShares
Core
MSCI
Emerging
Markets
ETF
104,962
6,332,357
Exchange
Traded
Funds
Shares
Value
($)
iShares
Core
S&P
500
ETF
9,424
5,983,298
JPMorgan
Equity
Premium
Income
ETF
68,858
3,889,100
Total
Equity
Funds
(cost
$14,065,464)
16,204,755
Fixed
Income
Fund
1.5%
iShares
20+
Year
Treasury
Bond
ETF
32,542
2,828,551
Total
Fixed
Income
Funds
(cost  $3,036,125)
2,828,551
Total
Exchange
Traded
Funds
(cost
$17,101,589)
19,033,306
Short-Term
Investment
1
.6
%
Money
Market
Fund
1.6%
Fidelity
Investments
Money
Market
Government
Portfolio
-
Institutional
Class,
4.26%
(b)
3,241,496
3,241,496
Total
Short-Term
Investment
(cost
$3,241,496)
3,241,496
Total
Investments
(cost
$172,238,758)
—
100.0%
196,876,815
Liabilities
in
excess
of
other
assets
—
0.0%
†
(
63,279
)
NET
ASSETS
—
100.0%
$
196,813,536
†
Amount
rounds
to
less
than
0.1%.
(a)
Investment
in
affiliate.
(b)
Represents
7-day
effective
yield
as
of
July
31,
2025.
ETF
Exchange
Traded
Fund
Nationwide
Destination
2035
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
5
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
6
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Destination
2035
Fund
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2025.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
19,033,306
$
–
$
–
$
19,033,306
Investment
Companies
174,602,013
–
–
174,602,013
Short-Term
Investment
3,241,496
–
–
3,241,496
Total
$
196,876,815
$
–
$
–
$
196,876,815
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,
2025
(Unaudited)
-
Statement
of
Investments
-
7
Investment
Companies
89
.4
%
Shares
Value
($)
Alternative
Assets
2.1%
Nationwide
Strategic
Income
Fund,
Class
R6(a)
404,663
4,107,329
Total
Alternative
Assets
(cost
$3,918,985)
4,107,329
Equity
Funds
67.0%
Nationwide
Fundamental
All
Cap
Equity
Portfolio,
Class
R6(a)
4,135,143
55,865,780
Nationwide
International
Equity
Portfolio,
Class
R6(a)
1,353,016
16,709,753
Nationwide
International
Index
Fund,
Class
R6(a)
2,108,559
21,001,244
Nationwide
Mid
Cap
Market
Index
Fund,
Class
R6(a)
269,222
4,471,769
Nationwide
Small
Cap
Index
Fund,
Class
R6(a)
426,744
5,167,873
Nationwide
U.S.
130/30
Equity
Portfolio,
Class
R6(a)
1,759,554
23,419,665
Total
Equity
Funds
(cost
$100,854,131)
126,636,084
Fixed
Income
Funds
20.3%
Nationwide
Bond
Portfolio,
Class
R6(a)
4,373,145
37,390,389
Nationwide
Inflation-Protected
Securities
Fund,
Class
R6(a)
104,365
944,504
Total
Fixed
Income
Funds
(cost
$38,384,143)
38,334,893
Total
Investment
Companies
(cost
$143,157,259)
169,078,306
Exchange
Traded
Funds
10
.1
%
Equity
Funds
8.9%
iShares
Core
MSCI
Emerging
Markets
ETF
121,361
7,321,709
iShares
Core
S&P
500
ETF(b)
9,061
5,752,829
JPMorgan
Equity
Premium
Income
ETF(b)
66,316
3,745,528
Total
Equity
Funds
(cost
$14,536,775)
16,820,066
Fixed
Income
Fund
1.2%
iShares
20+
Year
Treasury
Bond
ETF
24,614
2,139,449
Total
Fixed
Income
Funds
(cost  $2,325,437)
2,139,449
Total
Exchange
Traded
Funds
(cost
$16,862,212)
18,959,515
Short-Term
Investment
0
.6
%
Shares
Value
($)
Money
Market
Fund
0.6%
Fidelity
Investments
Money
Market
Government
Portfolio
-
Institutional
Class,
4.26%
(c)
1,121,172
1,121,172
Total
Short-Term
Investment
(cost
$1,121,172)
1,121,172
Repurchase
Agreement
1
.0
%
Principal
Amount
($)
CF
Secured,
LLC,
4.34%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$1,931,633,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.00%,
maturing
8/31/2025
-
2/15/2053;
total
market
value
$1,970,266.(d)
1,931,400
1,931,400
Total
Repurchase
Agreement
(cost
$1,931,400)
1,931,400
Total
Investments
(cost
$163,072,043)
—
101.1%
191,090,393
Liabilities
in
excess
of
other
assets
—
(1.1)%
(
2,002,903
)
NET
ASSETS
—
100.0%
$
189,087,490
(a)
Investment
in
affiliate.
(b)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2025.
The
total
value
of
securities
on
loan
as
of
July
31,
2025
was
$3,595,014,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$1,931,400
and
by
$1,758,064
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
4.88%,
and
maturity
dates
ranging
from
8/12/2025
-
11/15/2054,
a
total
value
of
$3,689,464.
(c)
Represents
7-day
effective
yield
as
of
July
31,
2025.
(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,
2025
was
$1,931,400.
ETF
Exchange
Traded
Fund
8
-
Statement
of
Investments
-
July
31,
2025
(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.
Nationwide
Destination
2040
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
9
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2025.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
18,959,515
$
–
$
–
$
18,959,515
Investment
Companies
169,078,306
–
–
169,078,306
Repurchase
Agreement
–
1,931,400
–
1,931,400
Short-Term
Investment
1,121,172
–
–
1,121,172
Total
$
189,158,993
$
1,931,400
$
–
$
191,090,393
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
10
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Destination
2045
Fund
Investment
Companies
89
.7
%
Shares
Value
($)
Alternative
Assets
1.2%
Nationwide
Strategic
Income
Fund,
Class
R6(a)
190,496
1,933,530
Total
Alternative
Assets
(cost
$1,860,413)
1,933,530
Equity
Funds
73.9%
Nationwide
Fundamental
All
Cap
Equity
Portfolio,
Class
R6(a)
3,907,481
52,790,067
Nationwide
International
Equity
Portfolio,
Class
R6(a)
1,287,207
15,897,010
Nationwide
International
Index
Fund,
Class
R6(a)
2,073,990
20,656,944
Nationwide
Mid
Cap
Market
Index
Fund,
Class
R6(a)
321,839
5,345,742
Nationwide
Small
Cap
Index
Fund,
Class
R6(a)
381,827
4,623,927
Nationwide
U.S.
130/30
Equity
Portfolio,
Class
R6(a)
1,693,782
22,544,232
Total
Equity
Funds
(cost
$96,619,089)
121,857,922
Fixed
Income
Funds
14.6%
Nationwide
Bond
Portfolio,
Class
R6(a)
2,798,732
23,929,159
Nationwide
Inflation-Protected
Securities
Fund,
Class
R6(a)
7,320
66,243
Total
Fixed
Income
Funds
(cost
$23,935,328)
23,995,402
Total
Investment
Companies
(cost
$122,414,830)
147,786,854
Exchange
Traded
Funds
9
.8
%
Equity
Funds
9.2%
iShares
Core
MSCI
Emerging
Markets
ETF
113,112
6,824,047
Exchange
Traded
Funds
Shares
Value
($)
iShares
Core
S&P
500
ETF
7,895
5,012,535
JPMorgan
Equity
Premium
Income
ETF
58,516
3,304,984
Total
Equity
Funds
(cost
$13,040,097)
15,141,566
Fixed
Income
Fund
0.6%
iShares
20+
Year
Treasury
Bond
ETF
12,520
1,088,239
Total
Fixed
Income
Funds
(cost  $1,273,382)
1,088,239
Total
Exchange
Traded
Funds
(cost
$14,313,479)
16,229,805
Short-Term
Investment
0
.5
%
Money
Market
Fund
0.5%
Fidelity
Investments
Money
Market
Government
Portfolio
-
Institutional
Class,
4.26%
(b)
885,084
885,084
Total
Short-Term
Investment
(cost
$885,084)
885,084
Total
Investments
(cost
$137,613,393)
—
100.0%
164,901,743
Liabilities
in
excess
of
other
assets
—
0.0%
†
(
67,611
)
NET
ASSETS
—
100.0%
$
164,834,132
†
Amount
rounds
to
less
than
0.1%.
(a)
Investment
in
affiliate.
(b)
Represents
7-day
effective
yield
as
of
July
31,
2025.
ETF
Exchange
Traded
Fund
Nationwide
Destination
2045
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
11
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
12
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Destination
2045
Fund
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2025.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
16,229,805
$
–
$
–
$
16,229,805
Investment
Companies
147,786,854
–
–
147,786,854
Short-Term
Investment
885,084
–
–
885,084
Total
$
164,901,743
$
–
$
–
$
164,901,743
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
2050
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
13
Investment
Companies
89
.8
%
Shares
Value
($)
Alternative
Assets
0.3%
Nationwide
Strategic
Income
Fund,
Class
R6(a)
58,000
588,699
Total
Alternative
Assets
(cost
$567,003)
588,699
Equity
Funds
78.4%
Nationwide
Fundamental
All
Cap
Equity
Portfolio,
Class
R6(a)
4,321,566
58,384,357
Nationwide
International
Equity
Portfolio,
Class
R6(a)
1,517,167
18,737,011
Nationwide
International
Index
Fund,
Class
R6(a)
2,257,582
22,485,516
Nationwide
Mid
Cap
Market
Index
Fund,
Class
R6(a)
415,524
6,901,852
Nationwide
Small
Cap
Index
Fund,
Class
R6(a)
424,542
5,141,209
Nationwide
U.S.
130/30
Equity
Portfolio,
Class
R6(a)
1,919,947
25,554,495
Total
Equity
Funds
(cost
$110,407,468)
137,204,440
Fixed
Income
Fund
11.1%
Nationwide
Bond
Portfolio,
Class
R6(a)
2,263,552
19,353,371
Total
Fixed
Income
Funds
(cost
$19,210,376)
19,353,371
Total
Investment
Companies
(cost
$130,184,847)
157,146,510
Exchange
Traded
Funds
10
.2
%
Equity
Funds
9.6%
iShares
Core
MSCI
Emerging
Markets
ETF
131,739
7,947,814
Exchange
Traded
Funds
Shares
Value
($)
iShares
Core
S&P
500
ETF
8,401
5,333,795
JPMorgan
Equity
Premium
Income
ETF
61,159
3,454,260
Total
Equity
Funds
(cost
$14,340,893)
16,735,869
Fixed
Income
Fund
0.6%
iShares
20+
Year
Treasury
Bond
ETF
12,278
1,067,204
Total
Fixed
Income
Funds
(cost  $1,233,575)
1,067,204
Total
Exchange
Traded
Funds
(cost
$15,574,468)
17,803,073
Short-Term
Investment
0
.0
%
†
Money
Market
Fund
0.0%
†
Fidelity
Investments
Money
Market
Government
Portfolio
-
Institutional
Class,
4.26%
(b)
77,257
77,257
Total
Short-Term
Investment
(cost
$77,257)
77,257
Total
Investments
(cost
$145,836,572)
—
100.0%
175,026,840
Liabilities
in
excess
of
other
assets
—
0.0%
†
(
81,857
)
NET
ASSETS
—
100.0%
$
174,944,983
†
Amount
rounds
to
less
than
0.1%.
(a)
Investment
in
affiliate.
(b)
Represents
7-day
effective
yield
as
of
July
31,
2025.
ETF
Exchange
Traded
Fund
14
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Destination
2050
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Nationwide
Destination
2050
Fund
-
July
31,
2025
(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,
2025.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
17,803,073
$
–
$
–
$
17,803,073
Investment
Companies
157,146,510
–
–
157,146,510
Short-Term
Investment
77,257
–
–
77,257
Total
$
175,026,840
$
–
$
–
$
175,026,840
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
16
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Destination
2055
Fund
Investment
Companies
89
.7
%
Shares
Value
($)
Alternative
Assets
0.0%
†
Nationwide
Strategic
Income
Fund,
Class
R6(a)
3,266
33,150
Total
Alternative
Assets
(cost
$32,672)
33,150
Equity
Funds
80.2%
Nationwide
Fundamental
All
Cap
Equity
Portfolio,
Class
R6(a)
2,778,731
37,540,654
Nationwide
International
Equity
Portfolio,
Class
R6(a)
1,008,955
12,460,595
Nationwide
International
Index
Fund,
Class
R6(a)
1,529,615
15,234,961
Nationwide
Mid
Cap
Market
Index
Fund,
Class
R6(a)
287,463
4,774,753
Nationwide
Small
Cap
Index
Fund,
Class
R6(a)
271,860
3,292,219
Nationwide
U.S.
130/30
Equity
Portfolio,
Class
R6(a)
1,255,262
16,707,541
Total
Equity
Funds
(cost
$72,339,191)
90,010,723
Fixed
Income
Fund
9.5%
Nationwide
Bond
Portfolio,
Class
R6(a)
1,254,911
10,729,487
Total
Fixed
Income
Funds
(cost
$10,631,898)
10,729,487
Total
Investment
Companies
(cost
$83,003,761)
100,773,360
Exchange
Traded
Funds
10
.3
%
Shares
Value
($)
Equity
Funds
9.6%
iShares
Core
MSCI
Emerging
Markets
ETF
85,932
5,184,278
iShares
Core
S&P
500
ETF
5,375
3,412,587
JPMorgan
Equity
Premium
Income
ETF
38,978
2,201,477
Total
Equity
Funds
(cost
$9,248,330)
10,798,342
Fixed
Income
Fund
0.7%
iShares
20+
Year
Treasury
Bond
ETF
8,638
750,815
Total
Fixed
Income
Funds
(cost  $814,525)
750,815
Total
Exchange
Traded
Funds
(cost
$10,062,855)
11,549,157
Total
Investments
(cost
$93,066,616)
—
100.0%
112,322,517
Liabilities
in
excess
of
other
assets
—
0.0%
†
(
44,756
)
NET
ASSETS
—
100.0%
$
112,277,761
†
Amount
rounds
to
less
than
0.1%.
(a)
Investment
in
affiliate.
ETF
Exchange
Traded
Fund
Nationwide
Destination
2055
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
17
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
18
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Destination
2055
Fund
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2025.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
11,549,157
$
–
$
–
$
11,549,157
Investment
Companies
100,773,360
–
–
100,773,360
Total
$
112,322,517
$
–
$
–
$
112,322,517
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,
2025
(Unaudited)
-
Statement
of
Investments
-
19
Investment
Companies
89
.8
%
Shares
Value
($)
Equity
Funds
81.1%
Nationwide
Fundamental
All
Cap
Equity
Portfolio,
Class
R6(a)
1,531,031
20,684,225
Nationwide
International
Equity
Portfolio,
Class
R6(a)
557,281
6,882,423
Nationwide
International
Index
Fund,
Class
R6(a)
843,758
8,403,832
Nationwide
Mid
Cap
Market
Index
Fund,
Class
R6(a)
172,987
2,873,319
Nationwide
Small
Cap
Index
Fund,
Class
R6(a)
156,173
1,891,257
Nationwide
U.S.
130/30
Equity
Portfolio,
Class
R6(a)
699,925
9,316,006
Total
Equity
Funds
(cost
$40,808,489)
50,051,062
Fixed
Income
Fund
8.7%
Nationwide
Bond
Portfolio,
Class
R6(a)
627,713
5,366,948
Total
Fixed
Income
Funds
(cost
$5,295,358)
5,366,948
Total
Investment
Companies
(cost
$46,103,847)
55,418,010
Exchange
Traded
Funds
10
.2
%
Equity
Funds
9.7%
iShares
Core
MSCI
Emerging
Markets
ETF
48,047
2,898,675
Exchange
Traded
Funds
Shares
Value
($)
iShares
Core
S&P
500
ETF
2,933
1,862,162
JPMorgan
Equity
Premium
Income
ETF(b)
21,239
1,199,579
Total
Equity
Funds
(cost
$5,094,991)
5,960,416
Fixed
Income
Fund
0.5%
iShares
20+
Year
Treasury
Bond
ETF
3,665
318,562
Total
Fixed
Income
Funds
(cost  $339,187)
318,562
Total
Exchange
Traded
Funds
(cost
$5,434,178)
6,278,978
Total
Investments
(cost
$51,538,025)
—
100.0%
61,696,988
Liabilities
in
excess
of
other
assets
—
0.0%
†
(
23,109
)
NET
ASSETS
—
100.0%
$
61,673,879
†
Amount
rounds
to
less
than
0.1%.
(a)
Investment
in
affiliate.
(b)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2025.
The
total
value
of
securities
on
loan
as
of
July
31,
2025
was
$357,970,
which
was
collateralized
by
$407,603
in
the
form
of
U.S
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
4.63%,
and
maturity
dates
ranging
from
8/7/2025
-
2/15/2051.
ETF
Exchange
Traded
Fund
20
-
Statement
of
Investments
-
July
31,
2025
(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.
Nationwide
Destination
2060
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
21
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2025.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
6,278,978
$
–
$
–
$
6,278,978
Investment
Companies
55,418,010
–
–
55,418,010
Total
$
61,696,988
$
–
$
–
$
61,696,988
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,
2025
(Unaudited)
-
Nationwide
Destination
2065
Fund
Investment
Companies
89
.9
%
Shares
Value
($)
Equity
Funds
81.2%
Nationwide
Fundamental
All
Cap
Equity
Portfolio,
Class
R6(a)
320,928
4,335,740
Nationwide
International
Equity
Portfolio,
Class
R6(a)
119,628
1,477,403
Nationwide
International
Index
Fund,
Class
R6(a)
181,291
1,805,658
Nationwide
Mid
Cap
Market
Index
Fund,
Class
R6(a)
38,241
635,187
Nationwide
Small
Cap
Index
Fund,
Class
R6(a)
34,093
412,863
Nationwide
U.S.
130/30
Equity
Portfolio,
Class
R6(a)
146,710
1,952,715
Total
Equity
Funds
(cost
$8,958,556)
10,619,566
Fixed
Income
Fund
8.7%
Nationwide
Bond
Portfolio,
Class
R6(a)
132,602
1,133,743
Total
Fixed
Income
Funds
(cost
$1,111,896)
1,133,743
Total
Investment
Companies
(cost
$10,070,452)
11,753,309
Exchange
Traded
Funds
9
.9
%
Shares
Value
($)
Equity
Funds
9.5%
iShares
Core
MSCI
Emerging
Markets
ETF
10,037
605,532
iShares
Core
S&P
500
ETF
609
386,654
JPMorgan
Equity
Premium
Income
ETF
4,498
254,047
Total
Equity
Funds
(cost
$1,080,263)
1,246,233
Fixed
Income
Fund
0.4%
iShares
20+
Year
Treasury
Bond
ETF
553
48,067
Total
Fixed
Income
Funds
(cost  $49,306)
48,067
Total
Exchange
Traded
Funds
(cost
$1,129,569)
1,294,300
Total
Investments
(cost
$11,200,021)
—
99.8%
13,047,609
Other
assets
in
excess
of
liabilities
—
0.2%
25,710
NET
ASSETS
—
100.0%
$
13,073,319
(a)
Investment
in
affiliate.
ETF
Exchange
Traded
Fund
Nationwide
Destination
2065
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
23
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
24
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Destination
2065
Fund
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2025.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
1,294,300
$
–
$
–
$
1,294,300
Investment
Companies
11,753,309
–
–
11,753,309
Total
$
13,047,609
$
–
$
–
$
13,047,609
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
Destination
Retirement
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
25
Investment
Companies
84
.8
%
Shares
Value
($)
Alternative
Assets
5.5%
Nationwide
Strategic
Income
Fund,
Class
R6(a)
1,200,890
12,189,034
Total
Alternative
Assets
(cost
$11,012,225)
12,189,034
Equity
Funds
32.1%
Nationwide
Fundamental
All
Cap
Equity
Portfolio,
Class
R6(a)
2,405,472
32,497,924
Nationwide
International
Equity
Portfolio,
Class
R6(a)
903,388
11,156,839
Nationwide
International
Index
Fund,
Class
R6(a)
1,290,863
12,856,993
Nationwide
U.S.
130/30
Equity
Portfolio,
Class
R6(a)
1,069,689
14,237,563
Total
Equity
Funds
(cost
$55,885,939)
70,749,319
Fixed
Income
Funds
47.2%
Nationwide
Bond
Portfolio,
Class
R6(a)
10,530,872
90,038,958
Nationwide
Inflation-Protected
Securities
Fund,
Class
R6(a)
1,575,771
14,260,725
Total
Fixed
Income
Funds
(cost
$109,121,723)
104,299,683
Total
Investment
Companies
(cost
$176,019,887)
187,238,036
Exchange
Traded
Funds
10
.4
%
Equity
Funds
6.6%
iShares
Core
MSCI
Emerging
Markets
ETF
58,540
3,531,718
Exchange
Traded
Funds
Shares
Value
($)
iShares
Core
S&P
500
ETF
10,463
6,642,959
JPMorgan
Equity
Premium
Income
ETF
77,564
4,380,815
Total
Equity
Funds
(cost
$12,699,523)
14,555,492
Fixed
Income
Fund
3.8%
iShares
20+
Year
Treasury
Bond
ETF
98,036
8,521,289
Total
Fixed
Income
Funds
(cost  $8,957,550)
8,521,289
Total
Exchange
Traded
Funds
(cost
$21,657,073)
23,076,781
Short-Term
Investment
4
.8
%
Money
Market
Fund
4.8%
Fidelity
Investments
Money
Market
Government
Portfolio
-
Institutional
Class,
4.26%
(b)
10,564,747
10,564,747
Total
Short-Term
Investment
(cost
$10,564,747)
10,564,747
Total
Investments
(cost
$208,241,707)
—
100.0%
220,879,564
Liabilities
in
excess
of
other
assets
—
0.0%
†
(
45,192
)
NET
ASSETS
—
100.0%
$
220,834,372
†
Amount
rounds
to
less
than
0.1%.
(a)
Investment
in
affiliate.
(b)
Represents
7-day
effective
yield
as
of
July
31,
2025.
ETF
Exchange
Traded
Fund
26
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Destination
Retirement
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Nationwide
Destination
Retirement
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
27
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2025.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
23,076,781
$
–
$
–
$
23,076,781
Investment
Companies
187,238,036
–
–
187,238,036
Short-Term
Investment
10,564,747
–
–
10,564,747
Total
$
220,879,564
$
–
$
–
$
220,879,564
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
28
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Destination
2070
Fund
Investment
Companies
89
.9
%
Shares
Value
($)
Equity
Funds
81.4%
Nationwide
Fundamental
All
Cap
Equity
Portfolio,
Class
R6(a)
26,804
362,122
Nationwide
International
Equity
Portfolio,
Class
R6(a)
9,662
119,326
Nationwide
International
Index
Fund,
Class
R6(a)
14,359
143,018
Nationwide
Mid
Cap
Market
Index
Fund,
Class
R6(a)
3,368
55,939
Nationwide
Small
Cap
Index
Fund,
Class
R6(a)
2,863
34,665
Nationwide
U.S.
130/30
Equity
Portfolio,
Class
R6(a)
12,475
166,043
Total
Equity
Funds
(cost
$812,985)
881,113
Fixed
Income
Fund
8.5%
Nationwide
Bond
Portfolio,
Class
R6(a)
10,713
91,600
Total
Fixed
Income
Funds
(cost
$90,224)
91,600
Total
Investment
Companies
(cost
$903,209)
972,713
Exchange
Traded
Funds
10
.1
%
Shares
Value
($)
Equity
Funds
9.7%
iShares
Core
MSCI
Emerging
Markets
ETF
848
51,160
iShares
Core
S&P
500
ETF
52
33,015
JPMorgan
Equity
Premium
Income
ETF
375
21,180
Total
Equity
Funds
(cost
$95,896)
105,355
Fixed
Income
Fund
0.4%
iShares
20+
Year
Treasury
Bond
ETF
46
3,998
Total
Fixed
Income
Funds
(cost  $4,100)
3,998
Total
Exchange
Traded
Funds
(cost
$99,996)
109,353
Total
Investments
(cost
$1,003,205)
—
100.0%
1,082,066
Other
assets
in
excess
of
liabilities
—
0.0%
†
448
NET
ASSETS
—
100.0%
$
1,082,514
†
Amount
rounds
to
less
than
0.1%.
(a)
Investment
in
affiliate.
ETF
Exchange
Traded
Fund
Nationwide
Destination
2070
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
29
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
30
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Destination
2070
Fund
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2025.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
109,353
$
–
$
–
$
109,353
Investment
Companies
972,713
–
–
972,713
Total
$
1,082,066
$
–
$
–
$
1,082,066
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,
2025
(Unaudited)
-
Statement
of
Investments
-
1
Investment
Companies
84.7%
Shares
Value
($)
Equity
Funds
77.0%
Nationwide
Fundamental
All
Cap
Equity
Portfolio,
Class
R6(a)
12,758,313
172,364,815
Nationwide
GQG
US
Quality
Equity
Fund,
Class
R6(a)
885,215
12,658,571
Nationwide
International
Equity
Portfolio,
Class
R6(a)
6,256,494
77,267,699
Nationwide
International
Index
Fund,
Class
R6(a)
6,593,380
65,670,060
Nationwide
Mid
Cap
Market
Index
Fund,
Class
R6(a)
4,602,054
76,440,114
Nationwide
U.S.
130/30
Equity
Portfolio,
Class
R6(a)
6,826,522
90,861,008
Total
Equity
Funds
(cost
$393,518,321)
495,262,267
Fixed
Income
Funds
7.7%
Nationwide
Bond
Portfolio,
Class
R6(a)
5,032,446
43,027,416
Nationwide
Loomis
Core
Bond
Fund,
Class
R6(a)
690,410
6,517,471
Total
Fixed
Income
Funds
(cost
$50,472,973)
49,544,887
Total
Investment
Companies
(cost
$443,991,294)
544,807,154
Exchange
Traded
Funds
15.4%
Equity
Funds
15.4%
iShares
Core
MSCI
Emerging
Markets
ETF
886,604
53,488,819
iShares
Core
S&P
500
ETF
31,393
19,931,416
iShares
Core
S&P
Small-Cap
ETF(b)
118,138
13,028,259
Exchange
Traded
Funds
Shares
Value
($)
JPMorgan
Equity
Premium
Income
ETF(b)
230,710
13,030,501
Total
Exchange
Traded
Funds
(cost
$90,362,077)
99,478,995
Repurchase
Agreement
1.3%
Principal
Amount
($)
CF
Secured,
LLC,
4.34%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$8,222,991,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.00%,
maturing
8/31/2025
-
2/15/2053;
total
market
value
$8,387,453.(c)
8,222,000
8,222,000
Total
Repurchase
Agreement
(cost
$8,222,000)
8,222,000
Total
Investments
(cost
$542,575,371)
—
101.4%
652,508,149
Liabilities
in
excess
of
other
assets
—
(1.4)%
(9,025,548)
NET
ASSETS
—
100.0%
$
643,482,601
(a)
Investment
in
affiliate.
(b)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2025.
The
total
value
of
securities
on
loan
as
of
July
31,
2025
was
$10,518,262,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$8,222,000
and
by
$2,865,826
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
4.63%,
and
maturity
dates
ranging
from
8/7/2025
-
2/15/2051,
a
total
value
of
$11,087,826.
(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,
2025
was
$8,222,000.
ETF
Exchange
Traded
Fund
2
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Investor
Destinations
Aggressive
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Nationwide
Investor
Destinations
Aggressive
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
3
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2025.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
99,478,995
$
–
$
–
$
99,478,995
Investment
Companies
544,807,154
–
–
544,807,154
Repurchase
Agreement
–
8,222,000
–
8,222,000
Total
$
644,286,149
$
8,222,000
$
–
$
652,508,149
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
4
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Investor
Destinations
Conservative
Fund
Investment
Companies
70
.5
%
Shares
Value
($)
Alternative
Assets
1.5%
Nationwide
Strategic
Income
Fund,
Class
R6(a)
382,090
3,878,210
Total
Alternative
Assets
(cost
$3,521,091)
3,878,210
Equity
Funds
12.6%
Nationwide
Fundamental
All
Cap
Equity
Portfolio,
Class
R6(a)
661,251
8,933,501
Nationwide
International
Equity
Portfolio,
Class
R6(a)
564,135
6,967,063
Nationwide
International
Index
Fund,
Class
R6(a)
500,890
4,988,864
Nationwide
Mid
Cap
Market
Index
Fund,
Class
R6(a)
282,197
4,687,296
Nationwide
U.S.
130/30
Equity
Portfolio,
Class
R6(a)
508,814
6,772,318
Total
Equity
Funds
(cost
$23,804,297)
32,349,042
Fixed
Income
Funds
56.4%
Nationwide
Bond
Portfolio,
Class
R6(a)
8,787,921
75,136,728
Nationwide
Inflation-Protected
Securities
Fund,
Class
R6(a)
1,420,998
12,860,035
Nationwide
Loomis
Core
Bond
Fund,
Class
R6(a)
2,604,689
24,588,265
Nationwide
Loomis
Short
Term
Bond
Fund,
Class
R6(a)
3,225,730
32,257,305
Total
Fixed
Income
Funds
(cost
$149,394,935)
144,842,333
Total
Investment
Companies
(cost
$176,720,323)
181,069,585
Exchange
Traded
Funds
21
.5
%
Equity
Funds
7.9%
iShares
Core
MSCI
Emerging
Markets
ETF
72,796
4,391,783
iShares
Core
S&P
500
ETF
12,085
7,672,766
iShares
Core
S&P
Small-Cap
ETF
5,736
632,566
JPMorgan
Equity
Premium
Income
ETF
135,433
7,649,256
Total
Equity
Funds
(cost
$18,323,118)
20,346,371
Fixed
Income
Funds
13.6%
iShares
Core
International
Aggregate
Bond
ETF
354,349
18,085,973
Exchange
Traded
Funds
Shares
Value
($)
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF(b)
97,901
9,092,066
iShares
U.S.
Treasury
Bond
ETF
341,993
7,804,280
Total
Fixed
Income
Funds
(cost
$35,360,809)
34,982,319
Total
Exchange
Traded
Funds
(cost
$53,683,927)
55,328,690
Short-Term
Investment
8
.0
%
Money
Market
Fund
8.0%
Fidelity
Investments
Money
Market
Government
Portfolio
-
Institutional
Class,
4.26%
(c)
20,630,769
20,630,769
Total
Short-Term
Investment
(cost
$20,630,769)
20,630,769
Repurchase
Agreement
3
.6
%
Principal
Amount
($)
CF
Secured,
LLC,
4.34%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$9,277,143,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.00%,
maturing
8/31/2025
-
2/15/2053;
total
market
value
$9,462,688.(d)
9,276,025
9,276,025
Total
Repurchase
Agreement
(cost
$9,276,025)
9,276,025
Total
Investments
(cost
$260,311,044)
—
103.6%
266,305,069
Liabilities
in
excess
of
other
assets
—
(3.6)%
(
9,349,123
)
NET
ASSETS
—
100.0%
$
256,955,946
(a)
Investment
in
affiliate.
(b)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2025.
The
total
value
of
securities
on
loan
as
of
July
31,
2025
was
$9,091,973,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$9,276,025.
(c)
Represents
7-day
effective
yield
as
of
July
31,
2025.
(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,
2025
was
$9,276,025.
ETF
Exchange
Traded
Fund
Nationwide
Investor
Destinations
Conservative
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
5
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
6
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Investor
Destinations
Conservative
Fund
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2025.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
55,328,690
$
–
$
–
$
55,328,690
Investment
Companies
181,069,585
–
–
181,069,585
Repurchase
Agreement
–
9,276,025
–
9,276,025
Short-Term
Investment
20,630,769
–
–
20,630,769
Total
$
257,029,044
$
9,276,025
$
–
$
266,305,069
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
Nationwide
Investor
Destinations
Moderate
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
7
Investment
Companies
77.4%
Shares
Value
($)
Alternative
Assets
0.8%
Nationwide
Strategic
Income
Fund,
Class
R6(a)
481,624
4,888,483
Total
Alternative
Assets
(cost
$4,441,679)
4,888,483
Equity
Funds
45.6%
Nationwide
Fundamental
All
Cap
Equity
Portfolio,
Class
R6(a)
7,230,704
97,686,808
Nationwide
GQG
US
Quality
Equity
Fund,
Class
R6(a)
419,577
5,999,952
Nationwide
International
Equity
Portfolio,
Class
R6(a)
4,799,343
59,271,892
Nationwide
International
Index
Fund,
Class
R6(a)
4,671,405
46,527,196
Nationwide
Mid
Cap
Market
Index
Fund,
Class
R6(a)
1,828,442
30,370,420
Nationwide
U.S.
130/30
Equity
Portfolio,
Class
R6(a)
3,870,458
51,515,793
Total
Equity
Funds
(cost
$230,925,174)
291,372,061
Fixed
Income
Funds
31.0%
Nationwide
Bond
Portfolio,
Class
R6(a)
15,845,677
135,480,534
Nationwide
Inflation-Protected
Securities
Fund,
Class
R6(a)
719,107
6,507,919
Nationwide
Loomis
Core
Bond
Fund,
Class
R6(a)
3,417,359
32,259,871
Nationwide
Loomis
Short
Term
Bond
Fund,
Class
R6(a)
2,414,064
24,140,639
Total
Fixed
Income
Funds
(cost
$204,849,430)
198,388,963
Total
Investment
Companies
(cost
$440,216,283)
494,649,507
Exchange
Traded
Funds
19.2%
Equity
Funds
12.9%
iShares
Core
MSCI
Emerging
Markets
ETF
565,898
34,140,626
iShares
Core
S&P
500
ETF
31,011
19,688,884
iShares
Core
S&P
Small-Cap
ETF
142,587
15,724,495
JPMorgan
Equity
Premium
Income
ETF
230,215
13,002,543
Total
Equity
Funds
(cost
$76,517,539)
82,556,548
Fixed
Income
Funds
6.3%
iShares
20+
Year
Treasury
Bond
ETF(b)
55,912
4,859,871
iShares
7-10
Year
Treasury
Bond
ETF
202,807
19,246,384
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
70,567
6,553,557
iShares
U.S.
Treasury
Bond
ETF
424,524
9,687,638
Total
Fixed
Income
Funds
(cost
$42,140,970)
40,347,450
Total
Exchange
Traded
Funds
(cost
$118,658,509)
122,903,998
Short-Term
Investment
3.5%
Shares
Value
($)
Money
Market
Fund
3.5%
Fidelity
Investments
Money
Market
Government
Portfolio
-
Institutional
Class,
4.26%
(c)
22,534,038
22,534,038
Total
Short-Term
Investment
(cost
$22,534,038)
22,534,038
Repurchase
Agreement
0.1%
Principal
Amount
($)
CF
Secured,
LLC,
4.34%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$390,547,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.00%,
maturing
8/31/2025
-
2/15/2053;
total
market
value
$398,358.(d)
390,500
390,500
Total
Repurchase
Agreement
(cost
$390,500)
390,500
Total
Investments
(cost
$581,799,330)
—
100.2%
640,478,043
Liabilities
in
excess
of
other
assets
—
(0.2)%
(1,067,094)
NET
ASSETS
—
100.0%
$
639,410,949
(a)
Investment
in
affiliate.
(b)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2025.
The
total
value
of
securities
on
loan
as
of
July
31,
2025
was
$382,448,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$390,500.
(c)
Represents
7-day
effective
yield
as
of
July
31,
2025.
(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,
2025
was
$390,500.
ETF
Exchange
Traded
Fund
8
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Investor
Destinations
Moderate
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Nationwide
Investor
Destinations
Moderate
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
9
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2025.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
122,903,998
$
–
$
–
$
122,903,998
Investment
Companies
494,649,507
–
–
494,649,507
Repurchase
Agreement
–
390,500
–
390,500
Short-Term
Investment
22,534,038
–
–
22,534,038
Total
$
640,087,543
$
390,500
$
–
$
640,478,043
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
10
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Investor
Destinations
Moderately
Aggressive
Fund
Investment
Companies
86.1%
Shares
Value
($)
Alternative
Assets
0.8%
Nationwide
Strategic
Income
Fund,
Class
R6(a)
667,657
6,776,715
Total
Alternative
Assets
(cost
$6,135,204)
6,776,715
Equity
Funds
64.0%
Nationwide
Fundamental
All
Cap
Equity
Portfolio,
Class
R6(a)
14,724,759
198,931,493
Nationwide
GQG
US
Quality
Equity
Fund,
Class
R6(a)
918,378
13,132,798
Nationwide
International
Equity
Portfolio,
Class
R6(a)
7,859,367
97,063,178
Nationwide
International
Index
Fund,
Class
R6(a)
7,852,086
78,206,775
Nationwide
Mid
Cap
Market
Index
Fund,
Class
R6(a)
4,187,580
69,555,699
Nationwide
U.S.
130/30
Equity
Portfolio,
Class
R6(a)
8,497,510
113,101,861
Total
Equity
Funds
(cost
$453,825,112)
569,991,804
Fixed
Income
Funds
21.3%
Nationwide
Bond
Portfolio,
Class
R6(a)
20,059,503
171,508,747
Nationwide
Loomis
Core
Bond
Fund,
Class
R6(a)
1,910,131
18,031,637
Total
Fixed
Income
Funds
(cost
$193,665,925)
189,540,384
Total
Investment
Companies
(cost
$653,626,241)
766,308,903
Exchange
Traded
Funds
14.0%
Equity
Funds
14.0%
iShares
Core
MSCI
Emerging
Markets
ETF
1,013,984
61,173,655
iShares
Core
S&P
500
ETF(b)
43,055
27,335,619
iShares
Core
S&P
Small-Cap
ETF
160,732
17,725,525
JPMorgan
Equity
Premium
Income
ETF(b)
319,139
18,024,971
Total
Exchange
Traded
Funds
(cost
$112,753,243)
124,259,770
Repurchase
Agreements
2.1%
Principal
Amount
($)
Value
($)
CF
Secured,
LLC,
4.34%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$14,562,019,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.00%,
maturing
8/31/2025
-
2/15/2053;
total
market
value
$14,853,262.(c)
14,560,264
14,560,264
Santander
US
Capital
Markets,
4.36%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$4,000,484,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
0.01%
-
5.45%,
maturing
5/25/2030
-
8/25/2055;
total
market
value
$4,080,494.(c)
4,000,000
4,000,000
Total
Repurchase
Agreements
(cost
$18,560,264)
18,560,264
Total
Investments
(cost
$784,939,748)
—
102.2%
909,128,937
Liabilities
in
excess
of
other
assets
—
(2.2)%
(19,174,659)
NET
ASSETS
—
100.0%
$
889,954,278
(a)
Investment
in
affiliate.
(b)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2025.
The
total
value
of
securities
on
loan
as
of
July
31,
2025
was
$18,074,002,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$18,560,264.
(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,
2025
was
$18,560,264.
ETF
Exchange
Traded
Fund
Nationwide
Investor
Destinations
Moderately
Aggressive
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
11
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
12
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Investor
Destinations
Moderately
Aggressive
Fund
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2025.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
124,259,770
$
–
$
–
$
124,259,770
Investment
Companies
766,308,903
–
–
766,308,903
Repurchase
Agreements
–
18,560,264
–
18,560,264
Total
$
890,568,673
$
18,560,264
$
–
$
909,128,937
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,
2025
(Unaudited)
-
Statement
of
Investments
-
13
Investment
Companies
71.4%
Shares
Value
($)
Alternative
Assets
0.7%
Nationwide
Strategic
Income
Fund,
Class
R6(a)
162,283
1,647,177
Total
Alternative
Assets
(cost
$1,508,487)
1,647,177
Equity
Funds
29.7%
Nationwide
Fundamental
All
Cap
Equity
Portfolio,
Class
R6(a)
1,524,908
20,601,503
Nationwide
International
Equity
Portfolio,
Class
R6(a)
1,238,139
15,291,016
Nationwide
International
Index
Fund,
Class
R6(a)
949,782
9,459,829
Nationwide
Mid
Cap
Market
Index
Fund,
Class
R6(a)
395,666
6,572,016
Nationwide
U.S.
130/30
Equity
Portfolio,
Class
R6(a)
923,180
12,287,528
Total
Equity
Funds
(cost
$49,560,415)
64,211,892
Fixed
Income
Funds
41.0%
Nationwide
Bond
Portfolio,
Class
R6(a)
6,162,974
52,693,428
Nationwide
Inflation-Protected
Securities
Fund,
Class
R6(a)
720,936
6,524,469
Nationwide
Loomis
Core
Bond
Fund,
Class
R6(a)
1,385,776
13,081,724
Nationwide
Loomis
Short
Term
Bond
Fund,
Class
R6(a)
1,633,894
16,338,940
Total
Fixed
Income
Funds
(cost
$90,654,942)
88,638,561
Total
Investment
Companies
(cost
$141,723,844)
154,497,630
Exchange
Traded
Funds
24.3%
Equity
Funds
10.0%
iShares
Core
MSCI
Emerging
Markets
ETF
133,644
8,062,743
iShares
Core
S&P
500
ETF
10,322
6,553,438
iShares
Core
S&P
Small-Cap
ETF
24,171
2,665,578
JPMorgan
Equity
Premium
Income
ETF
76,992
4,348,508
Total
Equity
Funds
(cost
$19,583,157)
21,630,267
Fixed
Income
Funds
14.3%
iShares
20+
Year
Treasury
Bond
ETF
37,253
3,238,031
iShares
7-10
Year
Treasury
Bond
ETF(b)
57,696
5,475,350
iShares
Core
International
Aggregate
Bond
ETF
171,507
8,753,717
Exchange
Traded
Funds
Shares
Value
($)
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF(b)
47,450
4,406,682
iShares
U.S.
Treasury
Bond
ETF
406,381
9,273,614
Total
Fixed
Income
Funds
(cost
$32,010,964)
31,147,394
Total
Exchange
Traded
Funds
(cost
$51,594,121)
52,777,661
Short-Term
Investment
4.3%
Money
Market
Fund
4.3%
Fidelity
Investments
Money
Market
Government
Portfolio
-
Institutional
Class,
4.26%
(c)
9,204,716
9,204,716
Total
Short-Term
Investment
(cost
$9,204,716)
9,204,716
Repurchase
Agreement
3.3%
Principal
Amount
($)
CF
Secured,
LLC,
4.34%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$7,055,681,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.00%,
maturing
8/31/2025
-
2/15/2053;
total
market
value
$7,196,796.(d)
7,054,830
7,054,830
Total
Repurchase
Agreement
(cost
$7,054,830)
7,054,830
Total
Investments
(cost
$209,577,511)
—
103.3%
223,534,837
Liabilities
in
excess
of
other
assets
—
(3.3)%
(7,218,785)
NET
ASSETS
—
100.0%
$
216,316,052
(a)
Investment
in
affiliate.
(b)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2025.
The
total
value
of
securities
on
loan
as
of
July
31,
2025
was
$9,881,844,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$7,054,830
and
by
$3,025,968
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
4.88%,
and
maturity
dates
ranging
from
8/12/2025
-
11/15/2054,
a
total
value
of
$10,080,798.
(c)
Represents
7-day
effective
yield
as
of
July
31,
2025.
(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,
2025
was
$7,054,830.
ETF
Exchange
Traded
Fund
14
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Investor
Destinations
Moderately
Conservative
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Nationwide
Investor
Destinations
Moderately
Conservative
Fund
-
July
31,
2025
(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,
2025.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Exchange
Traded
Funds
$
52,777,661
$
–
$
–
$
52,777,661
Investment
Companies
154,497,630
–
–
154,497,630
Repurchase
Agreement
–
7,054,830
–
7,054,830
Short-Term
Investment
9,204,716
–
–
9,204,716
Total
$
216,480,007
$
7,054,830
$
–
$
223,534,837
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
Invesco
Core
Plus
Bond
Fund
(formerly,
Nationwide
BNY
Mellon
Core
Plus
Bond
Fund)
-
July
31,
2025
(Unaudited)
-
State-
ment
of
Investments
-
1
Asset-Backed
Securities
10.4%
Principal
Amount
($)
Value
($)
Airlines
0.0%
†
United
Airlines
Pass-Through
Trust,
Series
2016-1,
Class
B,
3.65%,
1/7/2026
33,976
33,631
Automobiles
0.8%
Bayview
Opportunity
Master
Fund
VII
Trust,
Series
2024-SN1,
Class
C,
5.83%,
12/15/2028(a)
336,000
339,380
Enterprise
Fleet
Financing
LLC,
Series
2025-2,
Class
A3,
4.41%,
6/20/2029(a)
50,000
50,014
Exeter
Automobile
Receivables
Trust,
Series
2025-1A,
Class
C,
5.09%,
5/15/2031
114,000
114,585
Hertz
Vehicle
Financing
III
LP,
Series
2021-2A,
Class
A,
1.68%,
12/27/2027(a)
100,000
96,424
Huntington
Bank
Auto
Credit-
Linked
Notes,
Series
2024-2,
Class
B1,
5.44%,
10/20/2032(a)
175,989
177,119
Merchants
Fleet
Funding
LLC,
Series
2024-1A,
Class
D,
6.85%,
4/20/2037(a)
176,000
177,544
Santander
Drive
Auto
Receivables
Trust,
Series
2025-1,
Class
C,
5.04%,
3/17/2031
43,000
43,353
US
Bank
NA,
Series
2023-
1,
Class
B,
6.79%,
8/25/2032(a)
82,693
83,572
Westlake
Automobile
Receivables
Trust,
Series
2025-1A,
Class
C,
5.14%,
10/15/2030(a)
25,000
25,223
1,107,214
Home
Equity
1.0%
RCKT
Mortgage
Trust
Series
2025-CES6,
Class
A1A,
5.47%,
6/25/2055(a)
(b)
1,023,382
1,027,844
Series
2025-CES7,
Class
A1A,
5.38%,
7/25/2055(a)
(b)
395,000
395,711
1,423,555
Other
8.5%
Bain
Capital
Credit
CLO
Ltd.
Series
2021-3A,
Class
AR,
5.38%,
7/24/2034(a)(c)
710,000
711,102
Series
2021-4A,
Class
A1R,
5.53%,
10/20/2034(a)(c)
710,000
711,271
Series
2019-3A,
Class
ARR,
5.36%,
10/21/2034(a)(c)
710,000
710,660
Series
2021-6A,
Class
A1R,
5.42%,
10/21/2034(a)(c)
710,000
711,232
Series
2021-5A,
Class
A1R,
5.47%,
10/23/2034(a)(c)
710,000
711,315
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Other
Series
2019-4A,
Class
A1RR,
5.31%,
4/23/2035(a)
(c)
710,000
710,488
Benefit
Street
Partners
CLO
XXIII
Ltd.,
Series
2021-
23A,
Class
A1R,
5.42%,
4/25/2034(a)(c)
1,000,000
1,000,471
Carlyle
Global
Market
Strategies
CLO
Ltd.,
Series
2016-1A,
Class
A1R3,
5.42%,
4/20/2034(a)(c)
300,000
300,349
CyrusOne
Data
Centers
Issuer
I
LLC,
Series
2025-
1A,
Class
A2,
5.91%,
2/20/2050(a)
45,000
45,867
DB
Master
Finance
LLC
Series
2019-1A,
Class
A23,
4.35%,
5/20/2049(a)
98,963
96,716
Series
2021-1A,
Class
A2II,
2.49%,
11/20/2051(a)
343,540
317,498
Domino's
Pizza
Master
Issuer
LLC,
Series
2021-1A,
Class
A2I,
2.66%,
4/25/2051(a)
92,388
86,157
Elmwood
CLO
15
Ltd.,
Series
2022-2A,
Class
A1R,
5.41%,
4/22/2035(a)(c)
250,000
249,990
Fort
Greene
Park
CLO
LLC,
Series
2025-2A,
Class
AR,
5.28%,
4/22/2034(a)(c)
300,000
299,423
Fortress
Credit
Opportunities
XXXI
CLO
Ltd.,
Series
2025-31A,
Class
A1,
5.82%,
7/20/2033(a)(c)
150,000
150,320
Frontier
Issuer
LLC,
Series
2023-1,
Class
A2,
6.60%,
8/20/2053(a)
95,000
96,195
GoldenTree
Loan
Management
US
CLO
11
Ltd.,
Series
2021-
11A,
Class
AR,
5.41%,
10/20/2034(a)(c)
300,000
299,864
GreenSky
Home
Improvement
Issuer
Trust,
Series
2024-2,
Class
A4,
5.15%,
10/27/2059(a)
205,109
206,542
Jersey
Mike's
Funding,
Series
2025-1A,
Class
A2,
5.61%,
8/16/2055(a)
600,000
603,281
Neuberger
Berman
Loan
Advisers
CLO
38
Ltd.,
Series
2020-38A,
Class
AR2,
5.29%,
10/20/2036(a)
(c)
710,000
709,991
Palmer
Square
Loan
Funding
Ltd.,
Series
2025-2A,
Class
A1,
0.00%,
7/15/2033(a)(c)
250,000
250,027
Pikes
Peak
CLO
6,
Series
2020-6A,
Class
ARR,
5.26%,
5/18/2034(a)(c)
250,000
249,938
2
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Invesco
Core
Plus
Bond
Fund
(formerly,
Nationwide
BNY
Mellon
Core
Plus
Bond
Fund)
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Other
Rockford
Tower
CLO
Ltd.,
Series
2025-1A,
Class
A1,
5.47%,
3/31/2038(a)(c)
250,000
250,206
Sonic
Capital
LLC,
Series
2020-1A,
Class
A2I,
3.85%,
1/20/2050(a)
731,191
714,868
Subway
Funding
LLC
Series
2024-3A,
Class
A23,
5.91%,
7/30/2054(a)
92,303
90,154
Series
2024-1A,
Class
A2II,
6.27%,
7/30/2054(a)
94,288
95,932
Series
2024-1A,
Class
A23,
6.51%,
7/30/2054(a)
94,288
95,751
Symphony
CLO
XXIII
Ltd.,
Series
2020-23A,
Class
AR2,
5.22%,
1/15/2034(a)
(c)
315,279
314,932
Symphony
CLO
XXIV
Ltd.,
Series
2020-24A,
Class
AR,
5.52%,
1/23/2032(a)(c)
527,835
527,776
Zayo
Issuer
LLC,
Series
2025-2A,
Class
A2,
5.95%,
6/20/2055(a)
694,311
708,764
12,027,080
Student
Loan
0.1%
Navient
Refinance
Loan
Trust,
Series
2025-A,
Class
A,
5.15%,
2/16/2055(a)
93,209
93,754
Total
Asset-Backed
Securities
(cost
$14,682,987)
14,685,234
Collateralized
Mortgage
Obligations
5.8%
Angel
Oak
Mortgage
Trust
Series
2024-3,
Class
A2,
4.80%,
11/26/2068(a)(b)
107,567
105,861
Series
2024-2,
Class
A1,
5.99%,
1/25/2069(a)(b)
760,415
762,405
BRAVO
Residential
Funding
Trust,
Series
2023-
NQM5,
Class
A2,
6.86%,
6/25/2063(a)(b)
64,678
65,052
COLT
Mortgage
Loan
Trust
Series
2023-3,
Class
A2,
7.43%,
9/25/2068(a)(b)
65,186
65,957
Series
2025-8,
Class
A1,
5.48%,
8/25/2070(a)(b)
610,000
609,393
Connecticut
Avenue
Securities
Trust,
Series
2025-
R04,
Class
1A1,
5.35%,
5/25/2045(a)(c)
75,590
75,591
Cross
Mortgage
Trust
Series
2024-H2,
Class
A1,
6.09%,
4/25/2069(a)(b)
71,879
72,283
Series
2024-H2,
Class
A3,
6.52%,
4/25/2069(a)(b)
71,879
72,162
Series
2024-H8,
Class
A1,
5.55%,
12/25/2069(a)(c)
251,153
251,394
Collateralized
Mortgage
Obligations
Principal
Amount
($)
Value
($)
Series
2025-H2,
Class
A2,
5.46%,
3/25/2070(a)(b)
94,987
94,652
EFMT,
Series
2025-
NQM2,
Class
A1,
5.60%,
6/25/2070(a)(b)
205,400
205,465
FHLMC
STACR
REMIC
Trust,
Series
2023-DNA1,
Class
M1A,
6.45%,
3/25/2043(a)
(c)
1,167,682
1,186,295
GCAT
Trust
Series
2025-NQM2,
Class
A1,
5.60%,
4/25/2070(a)(b)
203,971
204,377
Series
2025-NQM4,
Class
A1A,
5.53%,
6/25/2070(a)
(b)
705,000
705,184
GS
Mortgage-Backed
Securities
Trust,
Series
2025-HE1,
Class
A1,
6.09%,
10/25/2055∞(a)(c)
330,000
329,989
J.P.
Morgan
Mortgage
Trust,
Series
2025-NQM3,
Class
A1,
5.50%,
11/25/2065(a)(c)
835,000
833,452
Morgan
Stanley
Residential
Mortgage
Loan
Trust,
Series
2025-NQM1,
Class
A1,
5.74%,
11/25/2069(a)(c)
1,419,715
1,422,903
NEW
Residential
Mortgage
Loan
Trust,
Series
2025-
NQM2,
Class
A1,
5.57%,
4/25/2065(a)(b)
1,027,850
1,031,368
RATE
Mortgage
Trust,
Series
2025-J2,
Class
A5,
5.50%,
7/25/2055(a)(c)
160,395
160,368
Total
Collateralized
Mortgage
Obligations
(cost
$8,259,868)
8,254,151
Commercial
Mortgage-Backed
Securities
4.7%
ALA
Trust,
Series
2025-
OANA,
Class
B,
6.18%,
6/15/2040(a)(c)
844,000
848,747
BSTN
Commercial
Mortgage
Trust,
Series
2025-
1C,
Class
A,
5.37%,
6/15/2044(a)(c)
1,000,000
1,013,470
BX
Commercial
Mortgage
Trust
Series
2021-VOLT,
Class
C,
5.56%,
9/15/2036(a)(c)
145,324
144,734
Series
2024-VLT5,
Class
A,
5.41%,
11/13/2046(a)(c)
115,000
115,137
IP
Mortgage
Trust
Series
2025-IP,
Class
A,
5.25%,
6/10/2042(a)(c)
843,000
848,986
Series
2025-IP,
Class
B,
5.54%,
6/10/2042(a)(c)
100,000
100,619
MILE
Trust
Series
2025-STNE,
Class
A,
5.84%,
7/15/2042(a)(c)
730,000
731,139
Series
2025-STNE,
Class
B,
6.04%,
7/15/2042(a)(c)
100,000
100,031
Nationwide
Invesco
Core
Plus
Bond
Fund
(formerly,
Nationwide
BNY
Mellon
Core
Plus
Bond
Fund)
-
July
31,
2025
(Unaudited)
-
State-
ment
of
Investments
-
3
Commercial
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
Series
2025-STNE,
Class
C,
6.44%,
7/15/2042(a)(c)
100,000
100,031
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2025-5C1,
Class
A2,
4.91%,
3/15/2058
58,000
58,307
VDCM
Commercial
Mortgage
Trust
Series
2025-AZ,
Class
A,
5.23%,
7/13/2044(a)(c)
995,000
992,491
Series
2025-AZ,
Class
B,
5.48%,
7/13/2044(a)(c)
105,000
104,514
Series
2025-AZ,
Class
C,
6.03%,
7/13/2044(a)(c)
200,000
201,179
Series
2025-AZ,
Class
D,
6.43%,
7/13/2044(a)(c)
200,000
199,914
WEST
Trust,
Series
2025-
ROSE,
Class
A,
5.28%,
4/10/2035(a)(c)
1,050,000
1,064,210
Total
Commercial
Mortgage-Backed
Securities
(cost
$6,646,604)
6,623,509
Corporate
Bonds
42.0%
Aerospace
&
Defense
0.7%
Boeing
Co.
(The)
,
6.86%,
5/1/2054
132,000
145,090
Lockheed
Martin
Corp.
,
4.15%,
8/15/2028
134,000
133,656
4.40%,
8/15/2030
111,000
110,623
5.00%,
8/15/2035
171,000
171,002
TransDigm
,
Inc.
,
6.38%,
5/31/2033(a)
365,000
367,318
927,689
Automobile
Components
0.0%
†
Clarios
Global
LP
,
6.75%,
2/15/2030(a)
54,000
55,676
Automobiles
0.5%
Honda
Motor
Co.
Ltd.
,
4.44%,
7/8/2028
233,000
232,596
5.34%,
7/8/2035
233,000
232,978
Hyundai
Capital
America
,
4.88%,
6/23/2027(a)
214,000
214,687
680,261
Banks
7.9%
Bank
of
America
Corp.
,
Series
FIX,
(SOFR
+
0.83%),
4.98%,
1/24/2029(d)
556,000
562,903
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%),
6.63%,
5/01/2030(d)(e)
179,000
183,305
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.35%),
6.25%,
7/26/2030(d)(e)
312,000
310,927
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
Bank
of
America
Corp.,
(SOFR
+
1.91%),
5.29%,
4/25/2034(d)
450,000
458,428
Banque
Federative
du
Credit
Mutuel
SA
,
4.59%,
10/16/2028(a)
347,000
347,876
BNP
Paribas
SA
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.13%),
7.45%,
6/27/2035(a)(d)(e)
200,000
203,750
Citigroup,
Inc.
,
Series
W,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.60%),
4.00%,
12/10/2025(d)(e)
88,000
87,412
(SOFR
+
1.14%),
4.64%,
5/7/2028(d)
382,000
382,388
Series
Z,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.21%),
7.38%,
5/15/2028(d)(e)
349,000
362,562
Series
GG,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.89%),
6.87%,
8/15/2030(d)(e)
409,000
412,477
(SOFR
+
1.46%),
4.95%,
5/7/2031(d)
179,000
180,700
(SOFR
+
1.83%),
6.02%,
1/24/2036(d)
103,000
105,558
Citizens
Financial
Group,
Inc.
,
(SOFR
+
2.01%),
5.84%,
1/23/2030(d)
74,000
76,413
(SOFR
+
1.91%),
5.72%,
7/23/2032(d)
96,000
99,046
(SOFR
+
2.33%),
6.65%,
4/25/2035(d)
91,000
98,482
HSBC
Holdings
plc
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.99%),
0.00%,
6/05/2030(d)(e)
587,000
598,078
JPMorgan
Chase
&
Co.
,
(SOFR
+
1.44%),
5.10%,
4/22/2031(d)
556,000
568,607
(SOFR
+
2.58%),
5.72%,
9/14/2033(d)
340,000
354,292
(SOFR
+
1.64%),
5.58%,
7/23/2036(d)
139,000
140,801
Mitsubishi
UFJ
Financial
Group,
Inc.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.27%),
5.61%,
4/24/2036(d)
640,000
661,079
4
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Invesco
Core
Plus
Bond
Fund
(formerly,
Nationwide
BNY
Mellon
Core
Plus
Bond
Fund)
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
Mizuho
Financial
Group,
Inc.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.92%),
4.71%,
7/8/2031(d)
587,000
585,746
(SOFR
+
1.25%),
5.54%,
7/8/2031(d)
587,000
590,598
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.07%),
5.32%,
7/8/2036(d)
599,000
602,134
Morgan
Stanley
Private
Bank
NA
,
(SOFR
+
0.77%),
4.47%,
7/6/2028(d)
250,000
249,733
(SOFR
+
1.08%),
4.73%,
7/18/2031(d)
250,000
251,127
PNC
Financial
Services
Group,
Inc.
(The)
,
(SOFR
+
1.42%),
5.37%,
7/21/2036(d)
132,000
133,368
Royal
Bank
of
Canada
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.82%),
6.75%,
8/24/2085(d)
587,000
593,457
Santander
Holdings
USA,
Inc.
,
(SOFR
+
2.36%),
6.50%,
3/9/2029(d)
74,000
77,043
Truist
Bank
,
(SOFR
+
0.77%),
4.42%,
7/24/2028(d)
268,000
267,612
(SOFR
+
0.77%),
5.13%,
7/24/2028(d)
369,000
369,630
Truist
Financial
Corp.
,
(SOFR
+
2.45%),
7.16%,
10/30/2029(d)
80,000
86,355
(SOFR
+
2.36%),
5.87%,
6/8/2034(d)
231,000
241,521
US
Bancorp
,
(SOFR
+
2.26%),
5.84%,
6/12/2034(d)
85,000
89,144
Wells
Fargo
&
Co.
,
Series
BB,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.45%),
3.90%,
3/15/2026(d)(e)
70,000
69,347
(SOFR
+
1.50%),
5.15%,
4/23/2031(d)
179,000
182,658
(SOFR
+
2.02%),
5.39%,
4/24/2034(d)
261,000
267,044
(SOFR
+
1.74%),
5.60%,
4/23/2036(d)
179,000
184,362
Westpac
Banking
Corp.
,
(SOFR
+
0.82%),
5.20%,
7/1/2030(d)
132,000
132,873
11,168,836
Corporate
Bonds
Principal
Amount
($)
Value
($)
Beverages
1.2%
Anheuser-Busch
Cos.
LLC
,
4.70%,
2/1/2036
200,000
193,932
PepsiCo,
Inc.
,
4.10%,
1/15/2029
304,000
302,529
4.60%,
2/7/2030
668,000
677,536
4.30%,
7/23/2030
111,000
110,479
4.65%,
7/23/2032
128,000
127,896
5.00%,
7/23/2035
264,000
264,537
1,676,909
Biotechnology
0.1%
Amgen,
Inc.
,
5.38%,
5/15/2043
156,000
143,675
Broadline
Retail
0.1%
Macy's
Retail
Holdings
LLC
,
7.38%,
8/1/2033(a)
89,000
89,339
Building
Products
0.2%
Carrier
Global
Corp.
,
6.20%,
3/15/2054
12,000
12,823
JH
North
America
Holdings,
Inc.
,
5.88%,
1/31/2031(a)
149,000
149,510
6.13%,
7/31/2032(a)
98,000
99,016
261,349
Capital
Markets
3.3%
Apollo
Debt
Solutions
BDC
,
5.88%,
8/30/2030(a)
107,000
107,128
Ares
Capital
Corp.
,
5.50%,
9/1/2030
113,000
112,798
Ares
Strategic
Income
Fund
,
5.45%,
9/9/2028(a)
57,000
56,906
Bank
of
New
York
Mellon
Corp.
(The)
,
(United
States
SOFR
Compounded
Index
+
0.68%),
5.07%,
6/9/2028(d)
145,000
145,660
(SOFR
+
1.35%),
5.32%,
6/6/2036(d)
55,000
56,051
Goldman
Sachs
Group,
Inc.
(The)
,
(SOFR
+
1.51%),
4.39%,
6/15/2027(d)
335,000
334,172
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.46%),
6.85%,
2/10/2030(d)(e)
347,000
354,377
(SOFR
+
1.27%),
5.73%,
4/25/2030(d)
225,000
233,620
(SOFR
+
1.38%),
5.54%,
1/28/2036(d)
179,000
183,004
6.75%,
10/1/2037
179,000
196,588
Golub
Capital
Private
Credit
Fund
,
5.45%,
8/15/2028(a)
64,000
63,756
Jane
Street
Group
,
6.75%,
5/1/2033(a)
282,000
288,593
LPL
Holdings,
Inc.
,
5.15%,
6/15/2030
538,000
544,177
Nationwide
Invesco
Core
Plus
Bond
Fund
(formerly,
Nationwide
BNY
Mellon
Core
Plus
Bond
Fund)
-
July
31,
2025
(Unaudited)
-
State-
ment
of
Investments
-
5
Corporate
Bonds
Principal
Amount
($)
Value
($)
Capital
Markets
Morgan
Stanley
,
(SOFR
+
1.76%),
5.66%,
4/17/2036(d)
179,000
184,617
(SOFR
+
1.36%),
2.48%,
9/16/2036(d)
516,000
439,833
Nasdaq,
Inc.
,
5.35%,
6/28/2028
69,000
70,852
5.95%,
8/15/2053
16,000
16,262
Nomura
Holdings,
Inc.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.08%),
7.00%,
7/15/2030(d)(e)
200,000
202,511
5.49%,
6/29/2035
587,000
591,684
State
Street
Corp.
,
Series
I,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.61%),
6.70%,
3/15/2029(d)(e)
96,000
98,976
UBS
Group
AG
,
(ICE
IBA
-
USD
SOFR
ICE
Swap
Rate
5
Year
+
3.12%),
0.00%,
8/05/2030(a)(d)(e)
200,000
200,000
(ICE
IBA
-
USD
SOFR
ICE
Swap
Rate
5
Year
+
3.30%),
7.00%,
2/05/2035(a)(d)(e)
200,000
200,000
4,681,565
Chemicals
0.5%
Sherwin-Williams
Co.
(The)
,
4.30%,
8/15/2028
245,000
244,528
4.50%,
8/15/2030
212,000
211,242
5.15%,
8/15/2035
190,000
189,534
645,304
Construction
&
Engineering
0.2%
AECOM
,
6.00%,
8/1/2033(a)
297,000
299,415
Consumer
Finance
1.7%
Aircastle
Ltd.
,
5.00%,
9/15/2030(a)
150,000
149,728
American
Express
Co.
,
(SOFR
+
1.26%),
4.73%,
4/25/2029(d)
556,000
560,870
(SOFR
+
0.81%),
4.35%,
7/20/2029(d)
261,000
260,486
(SOFR
+
0.81%),
5.17%,
7/20/2029(d)
389,000
389,411
(SOFR
+
1.22%),
4.92%,
7/20/2033(d)
178,000
178,573
Capital
One
Financial
Corp.
,
(SOFR
+
2.04%),
6.18%,
1/30/2036(d)
41,000
42,091
FirstCash
,
Inc.
,
6.88%,
3/1/2032(a)
278,000
284,979
John
Deere
Capital
Corp.
,
4.38%,
10/15/2030
124,000
123,523
OneMain
Finance
Corp.
,
7.13%,
9/15/2032
285,000
293,734
Corporate
Bonds
Principal
Amount
($)
Value
($)
Consumer
Finance
Synchrony
Financial
,
(SOFR
+
1.40%),
5.02%,
7/29/2029(d)
28,000
27,984
(SOFR
+
2.07%),
6.00%,
7/29/2036(d)
42,000
42,126
2,353,505
Consumer
Staples
Distribution
&
Retail
0.1%
Boots
Group
Finco
LP
,
Series
144*,
7.38%,
8/31/2032(a)
GBP
100,000
134,541
Containers
&
Packaging
0.3%
Amcor
Flexibles
North
America,
Inc.
,
5.10%,
3/17/2030(a)
81,000
82,156
Crown
Americas
LLC
,
5.88%,
6/1/2033(a)
365,000
365,678
447,834
Distributors
0.5%
Genuine
Parts
Co.
,
4.95%,
8/15/2029
668,000
676,327
Diversified
REITs
0.0%
†
VICI
Properties
LP
,
4.75%,
4/1/2028
47,000
47,266
Diversified
Telecommunication
Services
2.0%
AT&T,
Inc.
,
2.55%,
12/1/2033
476,000
396,881
3.55%,
9/15/2055
956,000
640,963
6.05%,
8/15/2056
147,000
149,018
Bell
Canada
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.39%),
6.88%,
9/15/2055(d)
141,000
143,455
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.36%),
7.00%,
9/15/2055(d)
142,000
144,115
CCO
Holdings
LLC
,
4.50%,
5/1/2032
172,000
156,067
4.50%,
5/1/2032(a)
143,000
129,753
TELUS
Corp.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.77%),
6.63%,
10/15/2055(d)
220,000
222,786
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.71%),
7.00%,
10/15/2055(d)
219,000
221,719
Verizon
Communications,
Inc.
,
5.25%,
4/2/2035
668,000
670,688
2,875,445
Electric
Utilities
1.2%
Exelon
Corp.
,
5.45%,
3/15/2034
61,000
62,504
6
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Invesco
Core
Plus
Bond
Fund
(formerly,
Nationwide
BNY
Mellon
Core
Plus
Bond
Fund)
Corporate
Bonds
Principal
Amount
($)
Value
($)
Electric
Utilities
Exelon
Corp.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.98%),
6.50%,
3/15/2055(d)
47,000
48,026
Indiana
Michigan
Power
Co.
,
5.63%,
4/1/2053
21,000
20,598
New
England
Power
Co.
,
5.94%,
11/25/2052(a)
121,000
121,672
NextEra
Energy
Capital
Holdings,
Inc.
,
5.45%,
3/15/2035
668,000
679,611
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.98%),
6.50%,
8/15/2055(d)
61,000
62,956
Niagara
Mohawk
Power
Corp.
,
4.65%,
10/3/2030(a)
163,000
161,874
5.66%,
1/17/2054(a)
68,000
65,165
6.00%,
7/3/2055(a)
162,000
161,960
Southern
Co.
(The)
,
Series
2025,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.07%),
6.38%,
3/15/2055(d)
128,000
132,443
Union
Electric
Co.
,
5.25%,
4/15/2035
222,000
225,227
1,742,036
Electrical
Equipment
0.4%
EnerSys
,
4.38%,
12/15/2027(a)
100,000
98,229
Molex
Electronic
Technologies
LLC
,
4.75%,
4/30/2028(a)
222,000
222,203
5.25%,
4/30/2032(a)
222,000
222,708
543,140
Entertainment
0.5%
Warnermedia
Holdings,
Inc.
,
5.05%,
3/15/2042
1,046,000
699,199
Financial
Services
1.2%
Corebridge
Financial,
Inc.
,
4.40%,
4/5/2052
74,000
59,230
Fiserv,
Inc.
,
5.60%,
3/2/2033
81,000
83,257
Global
Payments,
Inc.
,
5.40%,
8/15/2032
125,000
126,625
Jefferson
Capital
Holdings
LLC
,
8.25%,
5/15/2030(a)
280,000
292,136
National
Rural
Utilities
Cooperative
Finance
Corp.
,
5.00%,
8/15/2034
668,000
668,104
NTT
Finance
Corp.
,
5.50%,
7/16/2035(a)
211,000
214,270
Rocket
Cos.,
Inc.
,
6.13%,
8/1/2030(a)
145,000
147,023
6.38%,
8/1/2033(a)
144,000
146,878
Corporate
Bonds
Principal
Amount
($)
Value
($)
Financial
Services
Woodside
Finance
Ltd.
,
5.70%,
5/19/2032
12,000
12,231
1,749,754
Food
Products
1.4%
Bimbo
Bakeries
USA,
Inc.
,
5.38%,
1/9/2036(a)
207,000
205,037
Bunge
Ltd.
Finance
Corp.
,
4.55%,
8/4/2030
249,000
248,423
5.15%,
8/4/2035
154,000
153,501
J
M
Smucker
Co.
(The)
,
6.50%,
11/15/2053
68,000
72,752
JBS
USA
Holding
Lux
Sarl
,
5.50%,
1/15/2036(a)
516,000
513,900
6.25%,
3/1/2056(a)
440,000
436,264
6.38%,
4/15/2066(a)
142,000
139,957
Mars,
Inc.
,
5.70%,
5/1/2055(a)
222,000
219,057
1,988,891
Gas
Utilities
0.2%
Atmos
Energy
Corp.
,
5.20%,
8/15/2035
235,000
236,686
Southern
Natural
Gas
Co.
LLC
,
5.45%,
8/1/2035(a)
56,000
56,097
292,783
Ground
Transportation
0.3%
Burlington
Northern
Santa
Fe
LLC
,
5.80%,
3/15/2056
178,000
180,911
Ryder
System,
Inc.
,
4.85%,
6/15/2030
200,000
201,282
382,193
Health
Care
Equipment
&
Supplies
0.2%
DENTSPLY
SIRONA,
Inc.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.38%),
8.38%,
9/12/2055(d)
158,000
159,296
GE
HealthCare
Technologies,
Inc.
,
4.80%,
1/15/2031
61,000
61,315
220,611
Health
Care
Providers
&
Services
1.2%
CVS
Health
Corp.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.89%),
7.00%,
3/10/2055(d)
281,000
289,104
HCA,
Inc.
,
3.13%,
3/15/2027
87,000
85,052
5.45%,
9/15/2034
115,000
115,466
Horizon
Mutual
Holdings,
Inc.
,
6.20%,
11/15/2034(a)
538,000
522,639
McKesson
Corp.
,
4.65%,
5/30/2030
394,000
396,278
4.95%,
5/30/2032
204,000
205,645
Nationwide
Invesco
Core
Plus
Bond
Fund
(formerly,
Nationwide
BNY
Mellon
Core
Plus
Bond
Fund)
-
July
31,
2025
(Unaudited)
-
State-
ment
of
Investments
-
7
Corporate
Bonds
Principal
Amount
($)
Value
($)
Health
Care
Providers
&
Services
McKesson
Corp.,
5.25%,
5/30/2035
142,000
143,617
1,757,801
Health
Care
REITs
0.2%
Alexandria
Real
Estate
Equities,
Inc.
,
4.75%,
4/15/2035
65,000
62,115
Omega
Healthcare
Investors,
Inc.
,
5.25%,
1/15/2026
80,000
79,939
5.20%,
7/1/2030
152,000
152,483
294,537
Hotels,
Restaurants
&
Leisure
1.2%
Carnival
Corp.
,
5.88%,
6/15/2031(a)
100,000
101,500
5.75%,
8/1/2032(a)
326,000
328,207
Flutter
Treasury
DAC
,
5.88%,
6/4/2031(a)
599,000
602,950
Hilton
Domestic
Operating
Co.,
Inc.
,
5.75%,
9/15/2033(a)
361,000
361,343
Las
Vegas
Sands
Corp.
,
5.63%,
6/15/2028
84,000
85,337
NCL
Corp.
Ltd.
,
6.75%,
2/1/2032(a)
55,000
56,492
Raising
Cane's
Restaurants
LLC
,
9.38%,
5/1/2029(a)
100,000
105,512
Vail
Resorts,
Inc.
,
5.63%,
7/15/2030(a)
39,000
39,214
1,680,555
Household
Durables
0.1%
Toll
Brothers
Finance
Corp.
,
5.60%,
6/15/2035
132,000
132,634
Whirlpool
Corp.
,
6.13%,
6/15/2030
8,000
7,981
6.50%,
6/15/2033
15,000
14,781
155,396
Independent
Power
and
Renewable
Electricity
Producers
0.5%
AES
Corp.
(The)
,
2.45%,
1/15/2031
478,000
422,536
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.89%),
6.95%,
7/15/2055(d)
50,000
48,176
PSEG
Power
LLC
,
5.20%,
5/15/2030(a)
55,000
56,197
5.75%,
5/15/2035(a)
217,000
223,487
750,396
Industrial
Conglomerates
0.4%
Siemens
Funding
BV
,
4.90%,
5/28/2032(a)
587,000
596,760
Corporate
Bonds
Principal
Amount
($)
Value
($)
Industrial
REITs
0.1%
Americold
Realty
Operating
Partnership
LP
,
5.60%,
5/15/2032
83,000
83,073
Insurance
1.4%
American
International
Group,
Inc.
,
4.85%,
5/7/2030
12,000
12,158
American
National
Group,
Inc.
,
6.00%,
7/15/2035
73,000
73,435
Athene
Holding
Ltd.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.58%),
6.88%,
6/28/2055(d)
203,000
200,408
Equitable
America
Global
Funding
,
4.65%,
6/9/2028(a)
154,000
154,421
Global
Atlantic
Fin
Co.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.61%),
7.95%,
10/15/2054(a)(d)
208,000
217,361
Jackson
National
Life
Global
Funding
,
4.70%,
6/5/2028(a)
440,000
440,812
Lincoln
Financial
Global
Funding
,
4.63%,
5/28/2028(a)
155,000
155,312
Nippon
Life
Insurance
Co.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.19%),
6.50%,
4/30/2055(a)(d)
587,000
614,313
Symetra
Life
Insurance
Co.
,
6.55%,
10/1/2055(a)
56,000
57,168
Travelers
Cos.,
Inc.
(The)
,
5.05%,
7/24/2035
40,000
40,099
5.70%,
7/24/2055
66,000
66,450
2,031,937
Interactive
Media
&
Services
0.2%
Alphabet,
Inc.
,
5.30%,
5/15/2065
222,000
215,565
IT
Services
0.3%
CoreWeave
,
Inc.
,
9.25%,
6/1/2030(a)
357,000
358,803
9.00%,
2/1/2031(a)
110,000
109,531
468,334
Machinery
0.4%
Enpro
,
Inc.
,
6.13%,
6/1/2033(a)
94,000
94,834
Westinghouse
Air
Brake
Technologies
Corp.
,
4.90%,
5/29/2030
30,000
30,368
5.50%,
5/29/2035
489,000
498,498
623,700
8
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Invesco
Core
Plus
Bond
Fund
(formerly,
Nationwide
BNY
Mellon
Core
Plus
Bond
Fund)
Corporate
Bonds
Principal
Amount
($)
Value
($)
Media
0.3%
Clear
Channel
Outdoor
Holdings,
Inc.
,
5.13%,
8/15/2027(a)
45,000
44,939
Paramount
Global
,
5.85%,
9/1/2043
115,000
102,102
Sirius
XM
Radio
LLC
,
4.00%,
7/15/2028(a)
302,000
287,440
Univision
Communications,
Inc.
,
9.38%,
8/1/2032(a)
20,000
20,752
455,233
Metals
&
Mining
0.7%
Boroo
Investments
Pte.
Ltd.
,
9.50%,
8/7/2032
233,000
230,094
Cleveland-Cliffs,
Inc.
,
7.00%,
3/15/2032(a)
82,000
80,000
Glencore
Funding
LLC
,
5.19%,
4/1/2030(a)
113,000
114,797
Rio
Tinto
Finance
USA
plc
,
5.25%,
3/14/2035
222,000
225,265
5.75%,
3/14/2055
222,000
222,071
Steel
Dynamics,
Inc.
,
5.75%,
5/15/2055
51,000
49,636
Vale
Overseas
Ltd.
,
6.40%,
6/28/2054
40,000
39,282
961,145
Multi-Utilities
0.4%
New
York
State
Electric
&
Gas
Corp.
,
5.85%,
8/15/2033(a)
124,000
130,046
NiSource,
Inc.
,
5.25%,
3/30/2028
30,000
30,607
5.35%,
4/1/2034
142,000
144,201
Public
Service
Enterprise
Group,
Inc.
,
6.13%,
10/15/2033
125,000
133,247
5.45%,
4/1/2034
155,000
158,189
596,290
Office
REITs
0.4%
Boston
Properties
LP
,
5.75%,
1/15/2035
106,000
106,625
Brandywine
Operating
Partnership
LP
,
8.88%,
4/12/2029
134,000
143,680
Cousins
Properties
LP
,
5.25%,
7/15/2030
282,000
286,491
5.38%,
2/15/2032
80,000
80,759
617,555
Oil,
Gas
&
Consumable
Fuels
4.1%
Aethon
United
BR
LP
,
7.50%,
10/1/2029(a)
138,000
144,588
CVR
Energy,
Inc.
,
5.75%,
2/15/2028(a)
100,000
95,888
Enbridge,
Inc.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.12%),
7.38%,
3/15/2055(d)
233,000
242,569
Corporate
Bonds
Principal
Amount
($)
Value
($)
Oil,
Gas
&
Consumable
Fuels
Energy
Transfer
LP
,
6.25%,
4/15/2049
44,000
43,403
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.83%),
7.13%,
10/1/2054(d)
355,000
364,022
Enterprise
Products
Operating
LLC
,
4.30%,
6/20/2028
109,000
108,882
5.20%,
1/15/2036
113,000
113,192
EOG
Resources,
Inc.
,
4.40%,
7/15/2028
46,000
46,131
5.35%,
1/15/2036
101,000
101,753
5.95%,
7/15/2055
153,000
154,463
Florida
Gas
Transmission
Co.
LLC
,
5.75%,
7/15/2035(a)
426,000
434,684
Global
Partners
LP
,
6.88%,
1/15/2029
30,000
30,308
8.25%,
1/15/2032(a)
65,000
68,153
Gulfstream
Natural
Gas
System
LLC
,
5.60%,
7/23/2035(a)
200,000
201,146
Hess
Midstream
Operations
LP
,
5.50%,
10/15/2030(a)
34,000
34,148
Howard
Midstream
Energy
Partners
LLC
,
8.88%,
7/15/2028(a)
43,000
44,836
7.38%,
7/15/2032(a)
21,000
21,712
Kinder
Morgan,
Inc.
,
5.15%,
6/1/2030
44,000
44,898
Marathon
Petroleum
Corp.
,
5.70%,
3/1/2035
178,000
180,599
Petroleos
Mexicanos
,
8.75%,
6/2/2029
162,000
170,725
6.63%,
6/15/2035
269,000
239,782
Plains
All
American
Pipeline
LP
,
5.95%,
6/15/2035
128,000
131,363
4.90%,
2/15/2045
100,000
85,012
Saudi
Arabian
Oil
Co.
,
4.75%,
6/2/2030(a)
200,000
201,353
5.38%,
6/2/2035(a)
200,000
202,714
6.38%,
6/2/2055(a)
200,000
202,840
South
Bow
Canadian
Infrastructure
Holdings
Ltd.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.95%),
7.63%,
3/1/2055(a)(d)
138,000
142,525
Sunoco
LP
,
6.25%,
7/1/2033(a)
14,000
14,179
Tecpetrol
SA
,
7.63%,
1/22/2033(a)
70,000
71,939
Venture
Global
LNG,
Inc.
,
8.13%,
6/1/2028(a)
30,000
31,059
9.88%,
2/1/2032(a)
197,000
212,552
Venture
Global
Plaquemines
LNG
LLC
,
7.50%,
5/1/2033(a)
135,000
145,792
Nationwide
Invesco
Core
Plus
Bond
Fund
(formerly,
Nationwide
BNY
Mellon
Core
Plus
Bond
Fund)
-
July
31,
2025
(Unaudited)
-
State-
ment
of
Investments
-
9
Corporate
Bonds
Principal
Amount
($)
Value
($)
Oil,
Gas
&
Consumable
Fuels
Venture
Global
Plaquemines
LNG
LLC,
6.50%,
1/15/2034(a)
42,000
43,208
7.75%,
5/1/2035(a)
134,000
146,927
6.75%,
1/15/2036(a)
16,000
16,459
Western
Midstream
Operating
LP
,
5.30%,
3/1/2048
668,000
561,510
Williams
Cos.,
Inc.
(The)
,
6.00%,
3/15/2055
668,000
667,019
YPF
SA
,
8.75%,
9/11/2031(a)
20,000
20,810
5,783,143
Paper
&
Forest
Products
0.1%
Georgia-Pacific
LLC
,
4.40%,
6/30/2028(a)
27,000
27,042
4.95%,
6/30/2032(a)
61,000
61,417
Suzano
Austria
GmbH
,
3.75%,
1/15/2031
59,000
54,894
143,353
Passenger
Airlines
0.3%
Delta
Air
Lines,
Inc.
,
4.95%,
7/10/2028
201,000
201,892
5.25%,
7/10/2030
128,000
129,206
United
Airlines,
Inc.
,
4.63%,
4/15/2029(a)
51,000
49,802
380,900
Pharmaceuticals
1.0%
Takeda
US
Financing,
Inc.
,
5.20%,
7/7/2035
587,000
584,798
5.90%,
7/7/2055
587,000
586,279
Teva
Pharmaceutical
Finance
Netherlands
IV
BV
,
5.75%,
12/1/2030
300,000
304,376
1,475,453
Professional
Services
0.0%
†
CACI
International,
Inc.
,
6.38%,
6/15/2033(a)
53,000
54,195
Residential
REITs
0.1%
ERP
Operating
LP
,
4.95%,
6/15/2032
179,000
180,462
Retail
REITs
0.4%
Brixmor
Operating
Partnership
LP
,
5.20%,
4/1/2032
101,000
102,105
Kimco
Realty
OP
LLC
,
5.30%,
2/1/2036
203,000
203,396
Kite
Realty
Group
LP
,
4.00%,
10/1/2026
77,000
76,288
4.95%,
12/15/2031
114,000
114,050
5.50%,
3/1/2034
19,000
19,364
Phillips
Edison
Grocery
Center
Operating
Partnership
I
LP
,
5.25%,
8/15/2032
105,000
105,609
620,812
Corporate
Bonds
Principal
Amount
($)
Value
($)
Semiconductors
&
Semiconductor
Equipment
1.4%
Broadcom,
Inc.
,
5.15%,
11/15/2031
668,000
684,513
5.20%,
7/15/2035
169,000
169,800
Intel
Corp.
,
5.20%,
2/10/2033
38,000
38,000
5.70%,
2/10/2053
21,000
18,907
5.60%,
2/21/2054
175,000
154,635
Kioxia
Holdings
Corp.
,
6.25%,
7/24/2030(a)
54,000
53,800
6.63%,
7/24/2033(a)
53,000
52,445
Micron
Technology,
Inc.
,
2.70%,
4/15/2032
476,000
412,737
5.65%,
11/1/2032
222,000
229,484
NXP
BV
,
3.40%,
5/1/2030
157,000
148,493
1,962,814
Software
0.5%
Autodesk,
Inc.
,
5.30%,
6/15/2035
47,000
47,619
Fair
Isaac
Corp.
,
6.00%,
5/15/2033(a)
361,000
362,695
Oracle
Corp.
,
5.55%,
2/6/2053
53,000
48,965
5.38%,
9/27/2054
264,000
237,789
697,068
Specialized
REITs
0.2%
CubeSmart
LP
,
3.00%,
2/15/2030
139,000
129,154
EPR
Properties
,
4.75%,
12/15/2026
80,000
79,738
208,892
Specialty
Retail
0.1%
Advance
Auto
Parts,
Inc.
,
7.00%,
8/1/2030(a)
64,000
64,326
7.38%,
8/1/2033(a)
84,000
84,450
Asbury
Automotive
Group,
Inc.
,
5.00%,
2/15/2032(a)
50,000
47,295
196,071
Technology
Hardware,
Storage
&
Peripherals
0.1%
Dell
International
LLC
,
3.45%,
12/15/2051
196,000
134,041
Tobacco
0.6%
BAT
Capital
Corp.
,
6.34%,
8/2/2030
130,000
139,366
7.08%,
8/2/2053
47,000
52,404
Philip
Morris
International,
Inc.
,
5.63%,
11/17/2029
394,000
411,151
2.10%,
5/1/2030
213,000
190,998
793,919
10
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Invesco
Core
Plus
Bond
Fund
(formerly,
Nationwide
BNY
Mellon
Core
Plus
Bond
Fund)
Corporate
Bonds
Principal
Amount
($)
Value
($)
Trading
Companies
&
Distributors
0.4%
Air
Lease
Corp.
,
Series
B,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.08%),
4.65%,
6/15/2026(d)(e)
370,000
365,493
Aviation
Capital
Group
LLC
,
4.80%,
10/24/2030(a)
258,000
255,421
620,914
Wireless
Telecommunication
Services
0.2%
Rogers
Communications,
Inc.
,
Series
NC5,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.65%),
7.00%,
4/15/2055(d)
281,000
287,286
Total
Corporate
Bonds
(cost
$59,356,892)
59,611,143
Foreign
Government
Securities
2.0%
BARBADOS
0.0%
†
Barbados
Government
Bond
,
8.00%,
6/26/2035(a)
49,000
48,859
DOMINICAN
REPUBLIC
0.1%
Dominican
Republic
Government
Bond
,
6.95%,
3/15/2037(a)
150,000
153,675
GUATEMALA
0.3%
Republic
of
Guatemala
,
6.25%,
8/15/2036(a)
200,000
201,012
6.88%,
8/15/2055(a)
200,000
198,452
399,464
MEXICO
0.9%
Eagle
Funding
Luxco
Sarl
,
5.50%,
8/17/2030(a)
1,108,000
1,112,986
United
Mexican
States
,
5.85%,
7/2/2032
200,000
201,200
1,314,186
ROMANIA
0.5%
Romania
Government
Bond
,
5.75%,
9/16/2030(a)
334,000
335,495
6.63%,
5/16/2036(a)
334,000
333,582
669,077
TRINIDAD
AND
TOBAGO
0.2%
Republic
of
Trinidad
and
Tobago
,
6.40%,
6/26/2034(a)
200,000
193,932
Total
Foreign
Government
Securities
(cost
$2,757,618)
2,779,193
Mortgage-Backed
Securities
29.3%
Principal
Amount
($)
Value
($)
FHLMC
Gold
Pool
Pool#
J14732
4.00%,
3/1/2026
1
1
Pool#
G08721
3.00%,
9/1/2046
289,733
255,850
Pool#
G08726
3.00%,
10/1/2046
292,161
257,662
FHLMC
UMBS
Pool
Pool#
SD0040
3.00%,
7/1/2049
288,370
249,932
Pool#
QC0345
2.00%,
3/1/2051
339,170
270,786
Pool#
SD8146
2.00%,
5/1/2051
2,849,129
2,242,386
Pool#
QD3229
2.00%,
12/1/2051
2,761,848
2,167,038
Pool#
SD3771
2.50%,
3/1/2052
584,783
483,741
Pool#
SD8212
2.50%,
5/1/2052
6,684,785
5,497,424
Pool#
SD8235
3.00%,
8/1/2052
3,750,164
3,214,694
Pool#
SD1716
5.00%,
9/1/2052
518,283
512,327
Pool#
SD8255
3.50%,
10/1/2052
129,093
115,522
Pool#
SD1663
4.00%,
10/1/2052
2,869,493
2,668,419
Pool#
SD6877
3.00%,
11/1/2052
683,003
585,286
Pool#
SD1853
5.50%,
11/1/2052
323,334
327,708
Pool#
SD3354
5.00%,
6/1/2053
3,092,431
3,021,167
Pool#
RJ1975
6.00%,
7/1/2054
577,490
586,580
Pool#
RJ2623
5.50%,
10/1/2054
2,569,824
2,577,557
Pool#
SD7097
5.00%,
11/1/2054
271,916
267,070
Pool#
RJ3255
5.50%,
1/1/2055
1,408,516
1,407,690
Pool#
SL0526
5.50%,
3/1/2055
58,374
58,898
Pool#
RJ4165
6.00%,
5/1/2055
1,088,902
1,106,753
Pool#
RJ4585
6.00%,
8/1/2055
2,450,000
2,487,820
FNMA
UMBS
Pool
Pool#
MA2124
3.00%,
12/1/2029
195,482
190,788
Pool#
AJ9278
3.50%,
12/1/2041
256,874
238,946
Pool#
AU2592
3.50%,
8/1/2043
255,613
236,951
Pool#
CA7972
3.00%,
9/1/2050
109,246
94,515
Pool#
BT4370
2.00%,
7/1/2051
187,351
147,315
Pool#
FS1376
3.00%,
12/1/2051
290,631
251,575
Pool#
FS5928
2.50%,
1/1/2052
657,031
541,474
Nationwide
Invesco
Core
Plus
Bond
Fund
(formerly,
Nationwide
BNY
Mellon
Core
Plus
Bond
Fund)
-
July
31,
2025
(Unaudited)
-
State-
ment
of
Investments
-
11
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
MA4548
2.50%,
2/1/2052
1,467,973
1,206,761
Pool#
MA4579
3.00%,
4/1/2052
1,440,352
1,234,992
Pool#
CB3770
3.50%,
6/1/2052
2,942,502
2,633,505
Pool#
CB3851
4.00%,
6/1/2052
30,910
28,936
Pool#
CB4130
4.50%,
7/1/2052
344,882
327,821
Pool#
FS2257
4.50%,
7/1/2052
282,287
270,366
Pool#
CB6862
5.00%,
8/1/2053
997,194
974,588
Pool#
CB7344
6.00%,
10/1/2053
967,379
983,238
Pool#
FS7577
2.50%,
1/1/2054
332,007
272,436
Pool#
FS8585
5.50%,
7/1/2054
377,580
379,654
Pool#
CB8858
6.00%,
7/1/2054
187,531
190,936
Pool#
FS9801
5.50%,
11/1/2054
1,044,415
1,039,755
Total
Mortgage-Backed
Securities
(cost
$41,851,778)
41,606,863
U.S.
Treasury
Obligations
6.2%
U.S.
Treasury
Bonds
5.00%,
5/15/2045
754,300
765,379
4.63%,
2/15/2055
1,819,000
1,742,545
U.S.
Treasury
Notes
3.75%,
6/30/2027
2,164,900
2,156,782
3.88%,
7/15/2028
459,300
459,156
3.88%,
6/30/2030
1,670,500
1,664,497
4.00%,
6/30/2032
701,400
695,701
4.25%,
5/15/2035
1,356,800
1,344,928
Total
U.S.
Treasury
Obligations
(cost
$8,784,993)
8,828,988
Short-Term
Investment
0.4%
Principal
Amount
($)
Value
($)
U.S.
Treasury
Obligation
0.4%
U.S.
Treasury
Bills,
4.07%,
5/14/2026
648,000
627,315
Total
Short-Term
Investment
(cost
$627,729)
627,315
Total
Investments
(cost
$142,968,469)
—
100.8%
143,016,396
Liabilities
in
excess
of
other
assets
—
(0.8)%
(1,191,438)
NET
ASSETS
—
100.0%
$
141,824,958
∞
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,
2025
was
$48,690,476
which
represents
34.33%
of
net
assets.
(b)
Step
Bond.
Coupon
rate
is
set
for
an
initial
period
and
then
increases
to
a
higher
coupon
rate
at
a
specific
date.
The
rate
shown
is
the
rate
as
of
July
31,
2025.
(c)
Variable
or
floating
rate
security,
the
interest
rate
of
which
adjusts
periodically
based
on
changes
in
current
interest
rates
and
prepayments
on
the
underlying
pool
of
assets.  The
interest
rate
shown
was
the
current
rate
as
of
July
31,
2025.
(d)
Variable
or
floating
rate
security,
linked
to
the
referenced
benchmark.
The
interest
rate
shown
was
the
current
rate
as
of
July
31,
2025.
(e)
Perpetual
Bond
Security.
The
rate
reflected
in
the
Statement
of
Investments
is
the
rate
in
effect
on
July
31,
2025.
The
maturity
date
reflects
the
next
call
date.
CLO
Collateralized
Loan
Obligations
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
ICE
Intercontinental
Exchange
REIT
Real
Estate
Investment
Trust
SOFR
Secured
Overnight
Financing
Rate
UMBS
Uniform
Mortgage-Backed
Securities
Currency:
GBP
British
Pound
USD
United
States
Dollar
12
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Invesco
Core
Plus
Bond
Fund
(formerly,
Nationwide
BNY
Mellon
Core
Plus
Bond
Fund)
Futures
contracts
outstanding
as
of
July
31,
2025:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
U.S.
Treasury
2
Year
Note
116
9/2025
USD
24,010,188
(74,041)
U.S.
Treasury
5
Year
Note
7
9/2025
USD
757,203
(227)
U.S.
Treasury
10
Year
Note
6
9/2025
USD
666,375
(87)
U.S.
Treasury
Long
Bond
30
9/2025
USD
3,425,625
17,768
U.S.
Treasury
Ultra
Bond
47
9/2025
USD
5,513,687
22,434
Total
long
contracts
(34,153)
Short
Contracts
U.S.
Treasury
10
Year
Ultra
Note
(47)
9/2025
USD
(5,314,672)
(2,088)
Total
short
contracts
(2,088)
Net
contracts
(36,241)
Currency:
USD
United
States
Dollar
Nationwide
Invesco
Core
Plus
Bond
Fund
(formerly,
Nationwide
BNY
Mellon
Core
Plus
Bond
Fund)
-
July
31,
2025
(Unaudited)
-
State-
ment
of
Investments
-
13
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
14
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Invesco
Core
Plus
Bond
Fund
(formerly,
Nationwide
BNY
Mellon
Core
Plus
Bond
Fund)
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2025.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using
financial
futures
contracts.
(a)
Swap
Contracts             
Credit
Default
Swap
Contracts
— The
Fund entered
into
credit
default
swap
contracts.
Credit
default
swap
contracts
are
either
privately
negotiated
agreements
between
the
Fund
and
a
counterparty
or
traded
through
a
futures
commission
merchant
and
cleared
through
a
clearinghouse
that
serves
as
a
central
counterparty. 
Investments
in
credit
default
swap
contracts
are
utilized
to
expose
the
Fund’s
cash
holdings
to
the
investment
characteristics
and
performance
of
the
high-yield
bond
market
or
selected
credit
markets while
maintaining
liquidity
to
satisfy
shareholder
activity,
to
manage
broad
credit
market
spread
exposure
and/or
to
create
synthetic
long
and
short
exposure
to
select
credit
and sovereign
debt
securities,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
The
Fund
segregates
liquid
assets
to
cover
its
obligations
under
its
credit
default
swap
contracts.
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.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2025.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Asset-Backed
Securities
$
–
$
14,685,234
$
–
$
14,685,234
Collateralized
Mortgage
Obligations
–
8,254,151
–
8,254,151
Commercial
Mortgage-Backed
Securities
–
6,623,509
–
6,623,509
Corporate
Bonds
–
59,611,143
–
59,611,143
Foreign
Government
Securities
–
2,779,193
–
2,779,193
Futures
Contracts
40,202
–
–
40,202
Mortgage-Backed
Securities
–
41,606,863
–
41,606,863
Short-Term
Investment
–
627,315
–
627,315
U.S.
Treasury
Obligations
–
8,828,988
–
8,828,988
Total
Assets
$
40,202
$
143,016,396
$
–
$
143,056,598
Liabilities:
Futures
Contracts
$
(76,443)
$
–
$
–
$
(76,443)
Total
Liabilities
$
(76,443)
$
–
$
–
$
(76,443)
Total
$
(36,241)
$
143,016,396
$
–
$
142,980,155
Nationwide
Invesco
Core
Plus
Bond
Fund
(formerly,
Nationwide
BNY
Mellon
Core
Plus
Bond
Fund)
-
July
31,
2025
(Unaudited)
-
State-
ment
of
Investments
-
15
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,
2025
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.
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.
As
of July
31,
2025,
the
Fund
had
no
open swap
contracts. 
16
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Invesco
Core
Plus
Bond
Fund
(formerly,
Nationwide
BNY
Mellon
Core
Plus
Bond
Fund)
(b)
Forward
Foreign
Currency
Contracts          
The
Fund
entered
into
forward
foreign
currency
contracts
in
connection
with
planned
purchases
or
sales
of
securities
denominated
in
a
foreign
currency
and/or
to
hedge
the
U.S.
dollar
value
of
portfolio
securities
denominated
in
a
foreign
currency,
to
express
a
view
on
a
foreign
currency
vs.
the
U.S.
dollar
or
other
foreign
currency,
to
hedge
the
U.S.
dollar
value
of
portfolio
securities
denominated
in
a
foreign
currency,
and/or
to
seek
to
protect
against
anticipated
changes
in
future
foreign
currency
exchange
rate,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
A
forward
foreign
currency
contract
involves
an
obligation
to
purchase
or
sell
a
specific
currency
at
a
future
date,
which
may
be
any
fixed
number
of
days
from
the
date
of
the
contract
agreed
upon
by
the
parties,
at
a
price
set
at
the
time
of
the
contract.
Forward
foreign
currency
contracts
are
generally
valued
at
the
mean
of
the
last
quoted
bid
and
ask
prices,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
2
investments
within
the
hierarchy.
The
market
value
of
a
forward
foreign
currency
contract
fluctuates
with
changes
in
foreign
currency
exchange
rates.
All
commitments
are
marked-to-market
daily
at
the
applicable
exchange
rates
and
any
resulting
unrealized
appreciation
or
depreciation
is
recorded.
Realized
gains
or
losses
are
recorded
at
the
time
the
forward
foreign
currency
contract
matures
or
at
the
time
of
delivery
of
the
currency.
Forward
foreign
currency
contracts
entail
the
risk
of
unanticipated
movements
in
the
value
of
the
foreign
currency
relative
to
the
U.S.
dollar,
and
the
risk
that
the
counterparties
to
the
contracts
may
be
unable
to
meet
their
obligations
under
the
contract.
As
of
July
31,
2025,
the
Fund
had
no
open
forward
foreign
currency
contracts.
(c)
Futures
Contracts  
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
managing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
price
of
the
futures
contracts
and
the
underlying
assets. The
Fund’s
investments
in
futures
contracts
entail
limited
counterparty
credit
risk
because the
Fund
invests
only
in
exchange
traded
futures
contracts,
which
are
settled
through
the
exchange
and
whose
fulfillment
is
guaranteed
by
the
credit
of
the
exchange.
Nationwide
Invesco
Core
Plus
Bond
Fund
(formerly,
Nationwide
BNY
Mellon
Core
Plus
Bond
Fund)
-
July
31,
2025
(Unaudited)
-
State-
ment
of
Investments
-
17
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2025:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
July
31,
2025:
Assets:
Fair
Value
Futures
Contracts
Interest
rate
risk
Unrealized
appreciation
from
futures
contracts
$
40,202
Total
$
40,202
Liabilities:
Futures
Contracts
Interest
rate
risk
Unrealized
depreciation
from
futures
contracts
$
(76,443)
Total
$
(76,443)
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
18
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Inflation-Protected
Securities
Fund
Asset-Backed
Securities
6
.3
%
Principal
Amount
($)
Value
($)
Automobiles
0
.4
%
Chesapeake
Funding
II
LLC,
Series
2023-2A,
Class
A1,
6.16%,
10/15/2035(a)
480,554
485,997
Westlake
Automobile
Receivables
Trust,
Series
2023-4A,
Class
A2,
6.23%,
1/15/2027(a)
65,003
65,042
551,039
Equipment
Loans
&
Leases
0
.6
%
CCG
Receivables
Trust,
Series
2023-2,
Class
A2,
6.28%,
4/14/2032(a)
508,255
513,199
Dell
Equipment
Finance
Trust,
Series
2023-3,
Class
A3,
5.93%,
4/23/2029(a)
428,477
430,674
943,873
Other
5
.3
%
Alterna
Funding
III
LLC,
Series
2024-1A,
Class
A,
6.26%,
5/16/2039(a)
407,986
410,419
Cedar
Funding
VIII
CLO
Ltd.,
Series
2017-8A,
Class
XRR,
5.27%,
1/17/2038(a)(b)
450,000
448,212
Cedar
Funding
X
CLO
Ltd.,
Series
2019-10A,
Class
XR2,
5.23%,
10/20/2037(a)
(b)
600,000
599,371
Cedar
Funding
XIV
CLO
Ltd.,
Series
2021-14A,
Class
X,
5.37%,
10/15/2037(a)(b)
928,571
927,899
FCI
Funding
LLC,
Series
2024-1A,
Class
A,
5.44%,
8/15/2036(a)
352,265
351,463
FirstKey
Homes
Trust,
Series
2020-SFR2,
Class
C,
1.67%,
10/19/2037(a)
1,000,000
989,316
FNA
LLC,
Series
2025-
1,
Class
A,
5.62%,
3/15/2045(a)(b)
726,286
726,488
Goodgreen,
Series
2022-
1A,
Class
A,
3.84%,
10/15/2056(a)
332,129
280,238
HTS
Fund
II
LLC,
Series
2025-1,
Class
A,
5.35%,
6/23/2045(a)
800,000
800,297
Magnetite
XXIX
Ltd.,
Series
2021-29A,
Class
X,
5.32%,
7/15/2037(a)(b)
812,500
813,046
Reach
ABS
Trust
Series
2025-1A,
Class
A,
4.96%,
8/16/2032(a)
331,228
331,246
Series
2025-2A,
Class
A,
4.93%,
8/18/2032(a)
264,000
264,145
SPS
Servicer
Advance
Receivables
Trust,
Series
2020-T2,
Class
A,
1.83%,
11/15/2055(a)
1,290,000
1,277,576
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Other
Tricon
Residential
Trust,
Series
2024-SFR1,
Class
B,
4.75%,
4/17/2041(a)
200,000
197,477
8,417,193
Total
Asset-Backed
Securities
(cost
$9,908,786)
9,912,105
Collateralized
Mortgage
Obligations
0
.7
%
FHLMC
REMICS,
Series
2296,
Class
H,
6.50%,
3/15/2031
8
8
FNMA
REMICS,
Series
2013-59,
Class
MX,
2.50%,
9/25/2042
551,457
524,391
GCAT
Trust,
Series
2022-
HX1,
Class
A1,
2.89%,
12/27/2066(a)(b)
630,063
584,690
Reach
ABS
Trust,
Series
2024-1A,
Class
A,
6.30%,
2/18/2031(a)
38,538
38,627
Total
Collateralized
Mortgage
Obligations
(cost
$1,226,056)
1,147,716
Mortgage-Backed
Securities
0
.9
%
FNMA
Pool
Pool#
874982
6.81%,
11/1/2025
1,190,436
1,186,336
Pool#
773298
6.50%,
4/1/2035(b)
191,218
197,107
Pool#
745769
6.48%,
7/1/2036(b)
69,750
71,045
Total
Mortgage-Backed
Securities
(cost
$1,452,953)
1,454,488
U.S.
Government
Agency
Security
4
.5
%
Tennessee
Valley
Authority,
4.88%,
5/15/2035
7,000,000
7,101,401
Total
U.S.
Government
Agency
Security
(cost
$6,955,931)
7,101,401
U.S.
Treasury
Obligations
85
.5
%
U.S.
Treasury
Inflation
Linked
Bonds
1.75%,
1/15/2028
7,365,456
7,447,744
3.63%,
4/15/2028
(c)
9,937,700
10,542,041
2.50%,
1/15/2029
3,743,200
3,891,114
3.88%,
4/15/2029
6,453,018
7,033,263
0.63%,
2/15/2043
9,577,738
7,060,882
1.38%,
2/15/2044
4,482,823
3,734,322
0.75%,
2/15/2045
4,095,420
2,960,653
1.00%,
2/15/2046
2,883,009
2,159,967
Nationwide
Inflation-Protected
Securities
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
19
g
U.S.
Treasury
Obligations
Principal
Amount
($)
Value
($)
U.S.
Treasury
Inflation
Linked
Bonds
0.88%,
2/15/2047
6,658,550
4,766,996
1.00%,
2/15/2048
1,955,415
1,419,718
1.00%,
2/15/2049
1,596,875
1,142,147
U.S.
Treasury
Inflation
Linked
Notes
0.38%,
7/15/2027
12,484,425
12,318,040
1.63%,
10/15/2027
8,681,520
8,777,148
0.50%,
1/15/2028
13,684,020
13,424,983
0.88%,
1/15/2029
3,182,800
3,134,588
2.13%,
4/15/2029
3,897,375
4,000,836
0.25%,
7/15/2029
(c)
2,513,480
2,415,998
0.13%,
1/15/2030
7,496,760
7,083,294
0.13%,
7/15/2030
4,388,335
4,126,869
0.13%,
7/15/2031
9,595,200
8,836,871
0.63%,
7/15/2032
6,638,460
6,186,946
1.13%,
1/15/2033
3,237,570
3,088,767
1.38%,
7/15/2033
4,233,880
4,101,892
1.75%,
1/15/2034
2,614,475
2,585,037
2.13%,
1/15/2035
3,055,890
3,094,572
Total
U.S.
Treasury
Obligations
(cost
$143,549,671)
135,334,688
Total
Investments
(cost
$163,093,397)
—
97.9%
154,950,398
Other
assets
in
excess
of
liabilities
—
2.1%
3,322,151
NET
ASSETS
—
100.0%
$
158,272,549
(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,
2025
was
$10,535,422
which
represents
6.66%
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,
2025.
(c)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2025.
The
total
value
of
securities
on
loan
as
of
July
31,
2025
was
$331,641,
which
was
collateralized
by
$341,082
in
the
form
of
U.S
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
2.13%,
and
maturity
dates
ranging
from
10/15/2025
-
2/15/2043.
CLO
Collateralized
Loan
Obligations
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
REMICS
Real
Estate
Mortgage
Investment
Conduits
Futures
contracts
outstanding
as
of
July
31,
2025:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
U.S.
Treasury
5
Year
Note
94
9/2025
USD
10,168,156
49,717
Net
contracts
49,717
Currency:
USD
United
States
Dollar
20
-
Statement
of
Investments
-
July
31,
2025
(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,
2025
(Unaudited)
-
Statement
of
Investments
-
21
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2025.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using
financial
futures
contracts.
(a)
Futures
Contracts  
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
managing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
price
of
the
futures
contracts
and
the
underlying
assets. The
Fund’s
investments
in
futures
contracts
entail
limited
counterparty
credit
risk
because the
Fund
invests
only
in
exchange
traded
futures
contracts,
which
are
settled
through
the
exchange
and
whose
fulfillment
is
guaranteed
by
the
credit
of
the
exchange.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2025.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Asset-Backed
Securities
$
–
$
9,912,105
$
–
$
9,912,105
Collateralized
Mortgage
Obligations
–
1,147,716
–
1,147,716
Futures
Contracts
49,717
–
–
49,717
Mortgage-Backed
Securities
–
1,454,488
–
1,454,488
U.S.
Government
Agency
Security
–
7,101,401
–
7,101,401
U.S.
Treasury
Obligations
–
135,334,688
–
135,334,688
Total
$
49,717
$
154,950,398
$
–
$
155,000,115
22
-
Statement
of
Investments
-
July
31,
2025
(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,
2025:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
July
31,
2025:
Assets:
Fair
Value
Futures
Contracts
Interest
rate
risk
Unrealized
appreciation
from
futures
contracts
$
49,717
Total
$
49,717
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,
2025
(Unaudited)
-
Statement
of
Investments
-
23
Asset-Backed
Securities
10.7%
Principal
Amount
($)
Value
($)
Airlines
0.2%
AASET,
Series
2025-
1A,
Class
A,
5.94%,
2/16/2050(a)
392,517
398,268
British
Airways
Pass-Through
Trust,
Series
2021-1,
Class
B,
3.90%,
9/15/2031(a)
591,922
561,624
United
Airlines
Pass-Through
Trust
Series
2020-1,
Class
A,
5.88%,
10/15/2027
626,921
638,856
Series
2024-1,
Class
AA,
5.45%,
2/15/2037
289,459
293,053
Series
2024-1,
Class
A,
5.88%,
2/15/2037
495,649
496,673
2,388,474
Automobiles
6.8%
American
Credit
Acceptance
Receivables
Trust
Series
2023-4,
Class
B,
6.63%,
2/14/2028(a)
80,743
80,795
Series
2023-3,
Class
C,
6.44%,
10/12/2029(a)
397,174
399,759
Series
2025-2,
Class
C,
5.11%,
3/12/2031(a)
730,000
733,163
Americredit
Automobile
Receivables
Trust,
Series
2023-1,
Class
B,
5.57%,
3/20/2028
735,000
740,166
AmeriCredit
Automobile
Receivables
Trust
Series
2021-3,
Class
C,
1.41%,
8/18/2027
830,000
817,100
Series
2022-2,
Class
A3,
4.38%,
4/18/2028
26,930
26,926
Series
2024-1,
Class
A3,
5.43%,
1/18/2029
605,000
609,665
AutoNation
Finance
Trust,
Series
2025-1A,
Class
A3,
4.62%,
11/13/2029(a)
515,000
516,900
Avis
Budget
Rental
Car
Funding
AESOP
LLC
Series
2023-3A,
Class
A,
5.44%,
2/22/2028(a)
1,300,000
1,311,934
Series
2024-1A,
Class
A,
5.36%,
6/20/2030(a)
700,000
716,290
Series
2025-2A,
Class
A,
5.12%,
8/20/2031(a)
385,000
390,659
BMW
Vehicle
Lease
Trust
Series
2024-2,
Class
A3,
4.18%,
10/25/2027
580,000
578,422
Series
2025-1,
Class
A3,
4.43%,
6/26/2028
400,000
400,796
BofA
Auto
Trust,
Series
2025-1A,
Class
A3,
4.35%,
11/20/2029(a)
355,000
355,469
Bridgecrest
Lending
Auto
Securitization
Trust
Series
2023-1,
Class
A3,
6.51%,
11/15/2027
215,724
216,144
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Automobiles
Series
2024-2,
Class
A3,
5.84%,
6/15/2028
1,221,847
1,227,170
Series
2024-3,
Class
B,
5.37%,
10/16/2028
280,000
281,464
Series
2025-2,
Class
A3,
4.78%,
12/15/2028
965,000
965,826
CarMax
Auto
Owner
Trust
Series
2023-2,
Class
A3,
5.05%,
1/18/2028
649,933
651,952
Series
2024-4,
Class
A3,
4.60%,
10/15/2029
1,480,000
1,486,789
Series
2025-2,
Class
A3,
4.48%,
3/15/2030
680,000
682,055
CarMax
Select
Receivables
Trust
Series
2024-A,
Class
A3,
5.40%,
11/15/2028
250,000
252,183
Series
2025-A,
Class
A3,
4.77%,
9/17/2029
1,070,000
1,073,845
Carvana
Auto
Receivables
Trust
Series
2023-P1,
Class
A3,
5.98%,
12/10/2027(a)
525,650
527,616
Series
2024-P2,
Class
A3,
5.33%,
7/10/2029
365,000
367,830
Series
2024-P4,
Class
A3,
4.64%,
1/10/2030
235,000
235,355
Series
2025-P2,
Class
A4,
4.75%,
6/10/2031
1,460,000
1,470,820
Chesapeake
Funding
II
LLC
Series
2023-1A,
Class
A1,
5.65%,
5/15/2035(a)
285,437
286,928
Series
2024-1A,
Class
A1,
5.52%,
5/15/2036(a)
219,062
221,111
Citizens
Auto
Receivables
Trust,
Series
2024-1,
Class
A3,
5.11%,
4/17/2028(a)
235,000
235,942
Credit
Acceptance
Auto
Loan
Trust
Series
2023-1A,
Class
A,
6.48%,
3/15/2033(a)
310,626
311,793
Series
2023-3A,
Class
C,
7.62%,
12/15/2033(a)
100,000
103,459
Series
2024-2A,
Class
A,
5.95%,
6/15/2034(a)
1,200,000
1,220,959
Series
2025-1A,
Class
A,
5.02%,
3/15/2035(a)
1,630,000
1,640,729
Drive
Auto
Receivables
Trust,
Series
2024-2,
Class
B,
4.52%,
7/16/2029
815,000
813,461
DT
Auto
Owner
Trust,
Series
2023-2A,
Class
B,
5.41%,
2/15/2029(a)
174,319
174,390
Enterprise
Fleet
Financing
LLC
Series
2025-1,
Class
A3,
4.82%,
2/20/2029(a)
330,000
333,210
Series
2022-3,
Class
A2,
4.38%,
7/20/2029(a)
41,857
41,806
Series
2025-3,
Class
A3,
4.46%,
9/20/2029(a)
1,365,000
1,368,573
24
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Loomis
Core
Bond
Fund
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Automobiles
Series
2023-2,
Class
A2,
5.56%,
4/22/2030(a)
246,590
247,886
Series
2024-1,
Class
A3,
5.16%,
9/20/2030(a)
240,000
243,578
Series
2024-3,
Class
A4,
5.06%,
3/20/2031(a)
460,000
467,057
Exeter
Automobile
Receivables
Trust
Series
2023-2A,
Class
B,
5.61%,
9/15/2027
20,213
20,218
Series
2024-3A,
Class
A3,
5.65%,
12/15/2027
467,054
467,896
Series
2025-2A,
Class
A3,
4.74%,
1/16/2029
1,780,000
1,783,435
Series
2024-4A,
Class
C,
5.48%,
8/15/2030
435,000
438,190
Exeter
Select
Automobile
Receivables
Trust,
Series
2025-1,
Class
A3,
4.69%,
4/15/2030
295,000
295,245
Flagship
Credit
Auto
Trust
Series
2022-4,
Class
A3,
6.32%,
6/15/2027(a)
85,967
86,010
Series
2023-2,
Class
C,
5.81%,
5/15/2029(a)
650,000
654,151
Ford
Credit
Auto
Lease
Trust,
Series
2025-A,
Class
A3,
4.72%,
6/15/2028
415,000
416,964
Ford
Credit
Auto
Owner
Trust,
Series
2021-1,
Class
A,
1.37%,
10/17/2033(a)
980,000
958,171
GECU
Auto
Receivables
Trust,
Series
2023-
1A,
Class
A3,
5.63%,
8/15/2028(a)
443,893
446,027
GLS
Auto
Receivables
Issuer
Trust
Series
2024-4A,
Class
A3,
4.75%,
7/17/2028(a)
270,000
270,233
Series
2024-2A,
Class
B,
5.77%,
11/15/2028(a)
660,000
665,425
Series
2024-3A,
Class
B,
5.08%,
1/16/2029(a)
395,000
396,400
Series
2025-2A,
Class
C,
5.11%,
1/15/2031(a)
435,000
437,429
GLS
Auto
Select
Receivables
Trust
Series
2024-3A,
Class
A2,
5.59%,
10/15/2029(a)
446,308
449,735
Series
2024-4A,
Class
A2,
4.43%,
12/17/2029(a)
336,608
335,809
Series
2025-1A,
Class
A2,
4.71%,
4/15/2030(a)
423,233
423,334
Series
2024-2A,
Class
A2,
5.58%,
6/17/2030(a)
114,879
115,771
Series
2025-3A,
Class
A2,
4.46%,
10/15/2030(a)
530,000
529,456
GM
Financial
Automobile
Leasing
Trust
Series
2024-2,
Class
A3,
5.39%,
7/20/2027
300,000
301,961
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Automobiles
Series
2025-1,
Class
A3,
4.66%,
2/21/2028
560,000
562,338
Harley-Davidson
Motorcycle
Trust,
Series
2023-A,
Class
A3,
5.05%,
12/15/2027
537,666
538,520
Hertz
Vehicle
Financing
III
LLC
Series
2023-3A,
Class
A,
5.94%,
2/25/2028(a)
845,000
856,860
Series
2024-1A,
Class
A,
5.44%,
1/25/2029(a)
855,000
864,992
Hertz
Vehicle
Financing
LLC,
Series
2022-2A,
Class
A,
2.33%,
6/26/2028(a)
870,000
834,498
Huntington
Auto
Trust,
Series
2024-1A,
Class
A3,
5.23%,
1/16/2029(a)
435,000
438,041
Hyundai
Auto
Receivables
Trust,
Series
2025-B,
Class
A3,
4.36%,
12/17/2029
510,000
511,220
LAD
Auto
Receivables
Trust
Series
2024-2A,
Class
A3,
5.61%,
8/15/2028(a)
440,000
442,616
Series
2024-1A,
Class
A4,
5.17%,
9/15/2028(a)
195,000
196,191
Series
2023-4A,
Class
B,
6.39%,
10/16/2028(a)
260,000
265,158
Series
2024-3A,
Class
A3,
4.52%,
3/15/2029(a)
345,000
344,921
Series
2025-1A,
Class
A3,
4.69%,
7/16/2029(a)
905,000
908,118
M&T
Bank
Auto
Receivables
Trust,
Series
2025-
1A,
Class
A3,
4.73%,
6/17/2030(a)
290,000
292,046
Octane
Receivables
Trust,
Series
2024-2A,
Class
A2,
5.80%,
7/20/2032(a)
554,403
558,609
PenFed
Auto
Receivables
Owner
Trust,
Series
2024-A,
Class
A3,
4.70%,
6/15/2029(a)
365,000
365,742
Porsche
Innovative
Lease
Owner
Trust,
Series
2024-
2A,
Class
A3,
4.35%,
10/20/2027(a)
500,000
499,688
Prestige
Auto
Receivables
Trust
Series
2021-1A,
Class
C,
1.53%,
2/15/2028(a)
144,870
144,154
Series
2023-1A,
Class
C,
5.65%,
2/15/2028(a)
495,000
495,985
Santander
Drive
Auto
Receivables
Trust
Series
2022-4,
Class
B,
4.42%,
11/15/2027
177,551
177,416
Series
2025-3,
Class
A2,
4.63%,
10/16/2028
1,135,000
1,135,628
Series
2024-5,
Class
A3,
4.62%,
11/15/2028
500,000
500,046
Nationwide
Loomis
Core
Bond
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
25
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Automobiles
Series
2023-4,
Class
B,
5.77%,
12/15/2028
435,000
439,724
Series
2024-4,
Class
A3,
4.85%,
1/16/2029
575,000
576,041
Series
2024-3,
Class
A3,
5.63%,
1/16/2029
1,180,000
1,185,431
Series
2025-2,
Class
A3,
4.67%,
8/15/2029
1,230,000
1,233,316
Series
2023-5,
Class
B,
6.16%,
12/17/2029
670,000
680,648
Series
2023-1,
Class
C,
5.09%,
5/15/2030
1,255,000
1,259,476
Series
2023-3,
Class
C,
5.77%,
11/15/2030
475,000
482,651
SBNA
Auto
Lease
Trust
Series
2024-A,
Class
A3,
5.39%,
11/20/2026(a)
227,331
227,766
Series
2024-B,
Class
A3,
5.56%,
11/22/2027(a)
845,000
849,282
Series
2024-C,
Class
A3,
4.56%,
2/22/2028(a)
205,000
205,056
SFS
Auto
Receivables
Securitization
Trust
Series
2023-1A,
Class
A3,
5.47%,
10/20/2028(a)
462,447
464,955
Series
2024-3A,
Class
A3,
4.55%,
6/20/2030(a)
280,000
280,668
Series
2025-1A,
Class
A3,
4.75%,
7/22/2030(a)
280,000
281,570
Series
2025-2A,
Class
A3,
4.44%,
12/20/2030(a)
1,450,000
1,454,434
USB
Auto
Owner
Trust,
Series
2025-1A,
Class
A3,
4.49%,
6/17/2030(a)
210,000
209,977
VStrong
Auto
Receivables
Trust,
Series
2024-A,
Class
B,
5.77%,
7/15/2030(a)
79,000
79,913
Westlake
Automobile
Receivables
Trust
Series
2023-4A,
Class
A3,
6.24%,
7/15/2027(a)
500,000
502,242
Series
2024-2A,
Class
A3,
5.56%,
2/15/2028(a)
380,000
382,740
Series
2024-3A,
Class
A3,
4.71%,
4/17/2028(a)
1,515,000
1,517,795
Series
2025-1A,
Class
A3,
4.75%,
8/15/2028(a)
990,000
992,192
Series
2023-3A,
Class
C,
6.02%,
9/15/2028(a)
820,000
830,112
Series
2025-2A,
Class
A3,
4.51%,
5/15/2029(a)
450,000
450,360
Wheels
Fleet
Lease
Funding
1
LLC
Series
2023-1A,
Class
A,
5.80%,
4/18/2038(a)
525,402
528,281
Series
2024-1A,
Class
A1,
5.49%,
2/18/2039(a)
363,640
366,614
Series
2024-3A,
Class
A1,
4.80%,
9/19/2039(a)
465,000
467,318
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Automobiles
Wheels
Fleet
Lease
Funding
LLC,
Series
2024-2A,
Class
A1,
4.87%,
6/21/2039(a)
461,944
464,047
World
Omni
Auto
Receivables
Trust,
Series
2024-C,
Class
A3,
4.43%,
12/17/2029
535,000
535,659
World
Omni
Select
Auto
Trust,
Series
2024-A,
Class
A3,
4.98%,
2/15/2030
250,000
250,786
62,451,676
Consumer
Finance
0.1%
Bridgecrest
Lending
Auto
Securitization
Trust,
Series
2025-3,
Class
A3,
4.83%,
1/15/2029
645,000
644,766
Credit
Card
0.4%
BA
Credit
Card
Trust,
Series
2023-A1,
Class
A1,
4.79%,
5/15/2028
500,000
501,425
Capital
One
Multi-Asset
Execution
Trust,
Series
2023-A1,
Class
A,
4.42%,
5/15/2028
1,000,000
1,000,240
Chase
Issuance
Trust,
Series
2023-A1,
Class
A,
5.16%,
9/15/2028
1,500,000
1,513,699
Discover
Card
Execution
Note
Trust,
Series
2023-A1,
Class
A,
4.31%,
3/15/2028
500,000
499,475
3,514,839
Equipment
Loans
&
Leases
0.6%
Auxilior
Term
Funding
LLC,
Series
2023-1A,
Class
A2,
6.18%,
12/15/2028(a)
91,101
91,682
Dell
Equipment
Finance
Trust,
Series
2023-3,
Class
A3,
5.93%,
4/23/2029(a)
715,557
719,225
Dllad
LLC
Series
2024-1A,
Class
A2,
5.50%,
8/20/2027(a)
96,727
97,098
Series
2024-1A,
Class
A3,
5.30%,
7/20/2029(a)
200,000
203,071
DLLMT
LLC,
Series
2023-
1A,
Class
A3,
5.34%,
3/22/2027(a)
589,054
591,096
M&T
Equipment
Notes,
Series
2023-1A,
Class
A3,
5.74%,
7/15/2030(a)
331,853
333,619
OWN
Equipment
Fund
II
LLC,
Series
2025-1M,
Class
A,
5.48%,
9/26/2033(a)
617,813
617,433
Post
Road
Equipment
Finance
LLC,
Series
2024-1A,
Class
A2,
5.59%,
11/15/2029(a)
104,457
104,880
SCF
Equipment
Leasing
LLC
Series
2022-1A,
Class
A3,
2.92%,
7/20/2029(a)
78,486
78,298
26
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Loomis
Core
Bond
Fund
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Equipment
Loans
&
Leases
Series
2024-1A,
Class
A3,
5.52%,
1/20/2032(a)
355,000
362,385
SCF
Equipment
Trust
LLC,
Series
2025-1A,
Class
A3,
5.11%,
11/21/2033(a)
615,000
625,793
Ziply
Fiber
Issuer
LLC,
Series
2024-1A,
Class
A2,
6.64%,
4/20/2054(a)
1,440,000
1,472,449
5,297,029
Financial
Services
0.2%
BHG
Securitization
Trust,
Series
2025-2CON,
Class
A,
4.84%,
9/17/2036(a)
805,000
804,921
MetroNet
Infrastructure
Issuer
LLC,
Series
2025-2A,
Class
A2,
5.40%,
8/20/2055(a)
690,000
689,942
1,494,863
Other
2.4%
720
East
CLO
V
Ltd.,
Series
2024-2A,
Class
A1,
5.86%,
7/20/2037(a)(b)
1,400,000
1,403,808
Affirm
Master
Trust,
Series
2025-2A,
Class
A,
4.67%,
7/15/2033(a)
1,625,000
1,624,633
Applebee's
Funding
LLC,
Series
2025-1A,
Class
A2,
6.72%,
6/7/2055(a)
2,865,000
2,856,830
Aqua
Finance
Trust,
Series
2021-A,
Class
A,
1.54%,
7/17/2046(a)
234,622
215,192
Ares
XXXIX
CLO
Ltd.,
Series
2016-39A,
Class
AR3,
5.75%,
7/18/2037(a)(b)
2,250,000
2,259,684
BHG
Securitization
Trust,
Series
2024-1CON,
Class
A,
5.81%,
4/17/2035(a)
102,214
104,332
Compass
Datacenters
Issuer
III
LLC,
Series
2025-
1A,
Class
A2,
5.66%,
2/25/2050(a)
405,000
409,047
CVS
Pass-Through
Trust,
6.94%,
1/10/2030
854,562
876,806
CyrusOne
Data
Centers
Issuer
I
LLC,
Series
2025-
1A,
Class
A2,
5.91%,
2/20/2050(a)
670,000
682,901
Frontier
Issuer
LLC
Series
2023-1,
Class
A2,
6.60%,
8/20/2053(a)
810,000
820,188
Series
2024-1,
Class
A2,
6.19%,
6/20/2054(a)
510,000
523,746
Hilton
Grand
Vacations
Trust,
Series
2022-2A,
Class
C,
5.57%,
1/25/2037(a)
37,669
37,598
Magnetite
XVII
Ltd.,
Series
2016-17A,
Class
AR2,
5.83%,
4/20/2037(a)(b)
1,400,000
1,408,252
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Other
Marathon
CLO
Ltd.,
Series
2020-15A,
Class
A1R3,
5.78%,
8/15/2037(a)(b)
1,500,000
1,502,082
MVW
LLC,
Series
2024-
1A,
Class
A,
5.32%,
2/20/2043(a)
170,414
172,759
New
Economy
Assets
Phase
1
Sponsor
LLC,
Series
2021-1,
Class
A1,
1.91%,
10/20/2061(a)
1,355,000
1,111,441
OneMain
Financial
Issuance
Trust,
Series
2022-
S1,
Class
A,
4.13%,
5/14/2035(a)
912,368
909,213
Reach
ABS
Trust,
Series
2024-2A,
Class
A,
5.88%,
7/15/2031(a)
192,749
193,562
Regional
Management
Issuance
Trust,
Series
2024-1,
Class
A,
5.83%,
7/15/2036(a)
280,000
284,920
SEB
Funding
LLC,
Series
2024-1A,
Class
A2,
7.39%,
4/30/2054(a)
395,000
402,032
Sierra
Timeshare
Receivables
Funding
LLC,
Series
2024-2A,
Class
A,
5.14%,
6/20/2041(a)
419,153
421,392
SoFi
Consumer
Loan
Program
Trust,
Series
2025-2,
Class
A,
4.82%,
6/25/2034(a)
545,000
544,992
Wise
CLO
Ltd.,
Series
2024-2A,
Class
A,
5.78%,
7/15/2037(a)(b)
1,500,000
1,502,605
Zayo
Issuer
LLC,
Series
2025-2A,
Class
A2,
5.95%,
6/20/2055(a)
1,835,000
1,873,197
22,141,212
Student
Loan
0.0%
†
Navient
Private
Education
Refi
Loan
Trust
Series
2020-BA,
Class
A2,
2.12%,
1/15/2069(a)
144,865
137,409
Series
2020-GA,
Class
A,
1.17%,
9/16/2069(a)
52,090
48,332
SoFi
Professional
Loan
Program
LLC,
Series
2018-A,
Class
A2B,
2.95%,
2/25/2042(a)
8,679
8,655
194,396
Total
Asset-Backed
Securities
(cost
$97,940,533)
98,127,255
Nationwide
Loomis
Core
Bond
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
27
Collateralized
Mortgage
Obligations
1.1%
Principal
Amount
($)
Value
($)
American
Home
Mortgage
Investment
Trust,
Series
2004-3,
Class
6A1,
5.32%,
10/25/2034(c)
1,188
1,170
FHLMC
REMIC
Series
5065,
Class
HI,
IO,
4.75%,
4/15/2042(b)
1,392,237
215,905
Series
5065,
Class
EI,
IO,
5.35%,
11/25/2044(b)
298,964
55,716
Series
5094,
Class
,
IO,
1.41%,
12/15/2048(b)
783,705
51,759
Series
5214,
Class
BI,
IO,
0.89%,
4/25/2052(b)
95,470
3,570
FNMA
REMIC
Series
2004-29,
Class
PS,
IO,
3.14%,
5/25/2034(b)
724,159
83,837
Series
2016-32,
Class
SA,
IO,
1.64%,
10/25/2034(b)
3,205,836
269,826
Series
2020-85,
Class
LI,
IO,
3.00%,
2/25/2035
2,579,400
246,564
Series
2010-57,
Class
SA,
IO,
1.99%,
6/25/2040(b)
1,010,496
100,373
Series
2010-63,
Class
SA,
IO,
2.04%,
6/25/2040(b)
856,919
83,974
Series
2010-118,
Class
SN,
IO,
2.14%,
10/25/2040(b)
4,534,030
637,241
Series
2015-55,
Class
IN,
IO,
4.50%,
8/25/2045
237,618
31,953
Series
2017-26,
Class
ID,
IO,
3.50%,
4/25/2047
187,461
29,530
Series
2021-24,
Class
,
IO,
1.09%,
3/25/2059(b)
3,566,390
200,049
GNMA
REMIC
Series
2019-21,
Class
,
IO,
4.50%,
2/20/2049
3,129,188
461,029
Series
2019-117,
Class
LI,
IO,
3.50%,
9/20/2049
380,234
25,117
Series
2019-132,
Class
LI,
IO,
3.50%,
10/20/2049
135,428
12,909
Series
2012-H20,
Class
PT,
4.76%,
7/20/2062(b)
29,658
29,613
Series
2018-H02,
Class
ZJ,
4.30%,
10/20/2064(b)
426,029
415,524
Series
2017-H12,
Class
EZ,
5.48%,
6/20/2066(b)
69,090
69,016
Series
2017-H13,
Class
JZ,
5.09%,
5/20/2067(b)
114,256
113,739
Series
2017-H22,
Class
FD,
4.64%,
11/20/2067(b)
11,116
11,042
Series
2017-H25,
Class
FD,
4.59%,
12/20/2067(b)
17,224
17,037
Series
2021-H08,
Class
IA,
IO,
0.01%,
1/20/2068(b)
327,334
1,714
Series
2019-H01,
Class
FT,
4.84%,
10/20/2068(b)
373,261
372,790
Series
2019-H07,
Class
BZ,
4.27%,
1/20/2069(b)
4,838,752
4,362,315
Series
2019-H05,
Class
FT,
4.57%,
4/20/2069(b)
272,864
273,364
Series
2019-H13,
Class
FT,
4.59%,
8/20/2069(b)
37,819
37,826
Collateralized
Mortgage
Obligations
Principal
Amount
($)
Value
($)
Series
2019-H18,
Class
DF,
4.84%,
10/20/2069(b)
141,258
141,315
Series
2021-H03,
Class
,
IO,
0.00%,
4/20/2070(b)
2,651,345
10,675
Series
2022-H09,
Class
GF,
5.05%,
4/20/2072(b)
1,536,015
1,534,790
Series
2022-H22,
Class
FE,
5.39%,
9/20/2072(b)
580,346
579,986
Total
Collateralized
Mortgage
Obligations
(cost
$10,640,634)
10,481,268
Commercial
Mortgage-Backed
Securities
3.5%
ALA
Trust,
Series
2025-
OANA,
Class
A,
6.08%,
6/15/2040(a)(b)
435,000
437,447
Aventura
Mall
Trust,
Series
2018-AVM,
Class
A,
4.11%,
7/5/2040(a)(b)
700,000
685,516
BANK
Series
2020-BN25,
Class
A5,
2.65%,
1/15/2063
1,030,000
935,107
Series
2020-BN26,
Class
A4,
2.40%,
3/15/2063
2,050,000
1,839,142
Series
2021-BN37,
Class
A5,
2.62%,
11/15/2064(b)
1,480,000
1,291,567
BANK5,
Series
2023-
5YR4,
Class
A3,
6.50%,
12/15/2056
233,716
245,022
BANK5
Trust,
Series
2024-
5YR6,
Class
A3,
6.23%,
5/15/2057
1,235,000
1,293,766
BBCMS
Mortgage
Trust
Series
2020-BID,
Class
A,
6.60%,
10/15/2037(a)(b)
1,095,000
1,094,658
Series
2021-C12,
Class
A5,
2.69%,
11/15/2054
1,470,000
1,287,203
Benchmark
Mortgage
Trust,
Series
2024-V7,
Class
A3,
6.23%,
5/15/2056(b)
570,000
596,940
BPR
Trust,
Series
2021-
NRD,
Class
A,
5.87%,
12/15/2038(a)(b)
815,000
808,969
BX
Trust
Series
2024-VLT4,
Class
A,
5.83%,
7/15/2029(a)(b)
785,000
785,491
Series
2025-VLT7,
Class
A,
6.00%,
7/15/2044(a)(b)
2,935,000
2,945,085
Citigroup
Commercial
Mortgage
Trust,
Series
2019-C7,
Class
A4,
3.10%,
12/15/2072
910,000
850,732
COMM
Mortgage
Trust,
Series
2024-CBM,
Class
A2,
5.87%,
12/10/2041(a)(b)
185,000
186,837
Commercial
Mortgage
Pass-
Through
Certificates,
Series
2012-LTRT,
Class
A2,
3.40%,
10/5/2030(a)
67,669
64,947
28
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Loomis
Core
Bond
Fund
Commercial
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
CSAIL
Commercial
Mortgage
Trust,
Series
2019-
C18,
Class
A4,
2.97%,
12/15/2052
765,000
709,056
CSMC
OA
LLC
Series
2014-USA,
Class
A1,
3.30%,
9/15/2037(a)
334,917
306,452
Series
2014-USA,
Class
A2,
3.95%,
9/15/2037(a)
1,030,000
942,450
DC
Commercial
Mortgage
Trust,
Series
2023-
DC,
Class
A,
6.31%,
9/12/2040(a)
390,000
405,885
FHLMC
Multifamily
Structured
Pass-Through
Certificates
REMIC
Series
K107,
Class
X1,
IO,
1.59%,
1/25/2030(b)
472,347
27,755
Series
K142,
Class
X1,
IO,
0.30%,
3/25/2032(b)
5,755,877
101,151
Series
K145,
Class
X1,
IO,
0.32%,
5/25/2032(b)
1,473,844
29,171
Series
K146,
Class
X1,
IO,
0.23%,
6/25/2032(b)
4,993,859
77,736
Series
K147,
Class
X1,
IO,
0.36%,
6/25/2032(b)
3,855,942
89,612
Series
K149,
Class
X1,
IO,
0.26%,
8/25/2032(b)
6,226,674
114,918
Series
K-150,
Class
X1,
IO,
0.31%,
9/25/2032(b)
5,417,731
114,449
Series
K157,
Class
X1,
IO,
0.01%,
8/25/2033(b)
8,917,088
32,375
Series
K-1513,
Class
X1,
IO,
0.85%,
8/25/2034(b)
954,295
49,398
Series
K-1521,
Class
X1,
IO,
0.98%,
8/25/2036(b)
2,779,433
208,434
Series
K143,
Class
X1,
IO,
0.34%,
4/25/2055(b)
2,593,066
54,002
FNMA
ACES
REMIC
Series
2020-M33,
Class
X,
IO,
2.00%,
6/25/2028(b)
669,816
14,714
Series
2020-M37,
Class
X,
IO,
0.98%,
4/25/2032(b)
1,111,724
41,164
Series
2020-M43,
Class
X1,
IO,
1.88%,
8/25/2034(b)
4,654,278
263,138
Series
2020-M36,
Class
X1,
IO,
1.30%,
9/25/2034(b)
735,395
42,846
GNMA
REMIC
Series
2018-82,
Class
,
IO,
0.46%,
5/16/2058(b)
8,717,090
254,720
Series
2021-145,
Class
,
IO,
0.77%,
7/16/2061(b)
781,324
45,359
Series
2020-108,
Class
,
IO,
0.85%,
6/16/2062(b)
2,704,657
154,766
Series
2021-20,
Class
,
IO,
1.14%,
8/16/2062(b)
2,500,172
198,701
Series
2020-179,
Class
,
IO,
1.01%,
9/16/2062(b)
2,606,088
183,756
Series
2021-33,
Class
,
IO,
0.84%,
10/16/2062(b)
2,395,650
152,266
Series
2020-128,
Class
,
IO,
0.92%,
10/16/2062(b)
1,368,893
90,664
Commercial
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
Series
2021-40,
Class
,
IO,
0.82%,
2/16/2063(b)
2,089,256
127,478
Series
2021-12,
Class
,
IO,
0.96%,
3/16/2063(b)
2,877,881
197,596
Series
2021-52,
Class
,
IO,
0.72%,
4/16/2063(b)
3,195,283
163,712
Series
2021-106,
Class
,
IO,
0.86%,
4/16/2063(b)
2,893,005
189,127
Series
2021-151,
Class
,
IO,
0.91%,
4/16/2063(b)
3,242,294
222,831
Series
2021-132,
Class
BI,
IO,
0.92%,
4/16/2063(b)
3,765,835
254,733
Series
2021-10,
Class
,
IO,
0.99%,
5/16/2063(b)
649,288
47,521
Series
2021-133,
Class
,
IO,
0.88%,
7/16/2063(b)
3,665,484
240,915
Series
2021-163,
Class
,
IO,
0.80%,
3/16/2064(b)
3,516,860
201,585
Series
2022-17,
Class
,
IO,
0.80%,
6/16/2064(b)
1,981,146
113,898
Series
2022-132,
Class
,
IO,
0.54%,
10/16/2064(b)
3,399,368
146,396
GS
Mortgage
Securities
Corp.
Trust
Series
2013-PEMB,
Class
A,
3.55%,
3/5/2033(a)(b)
410,000
356,700
Series
2012-BWTR,
Class
A,
2.95%,
11/5/2034(a)
995,385
864,456
GS
Mortgage
Securities
Trust,
Series
2020-GC45,
Class
A5,
2.91%,
2/13/2053
415,000
384,178
Hudsons
Bay
Simon
JV
Trust,
Series
2015-HB10,
Class
A10,
4.15%,
8/5/2034(a)
2,015,000
2,012,564
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2025-BMS,
Class
A,
5.94%,
1/15/2042(a)(b)
605,000
602,353
SCOTT
Trust,
Series
2023-
SFS,
Class
A,
5.91%,
3/10/2040(a)
755,000
771,903
SPGN
Mortgage
Trust,
Series
2022-TFLM,
Class
A,
5.89%,
2/15/2039(a)(b)
1,495,000
1,491,276
Starwood
Retail
Property
Trust,
Series
2014-
STAR,
Class
A,
7.50%,
11/15/2027(a)(b)
566,085
342,085
TCO
Commercial
Mortgage
Trust,
Series
2024-
DPM,
Class
A,
5.58%,
12/15/2039(a)(b)
525,000
525,492
Wells
Fargo
Commercial
Mortgage
Trust
Series
2021-C61,
Class
A4,
2.66%,
11/15/2054
2,165,000
1,896,552
Nationwide
Loomis
Core
Bond
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
29
Commercial
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
Series
2022-C62,
Class
A4,
4.00%,
4/15/2055(b)
1,405,000
1,320,200
Total
Commercial
Mortgage-Backed
Securities
(cost
$34,049,013)
32,526,918
Corporate
Bonds
37.3%
Aerospace
&
Defense
0.6%
Boeing
Co.
(The)
,
2.95%,
2/1/2030(d)
550,000
510,767
3.25%,
2/1/2035(d)
500,000
422,720
GE
Capital
Funding
LLC
,
4.55%,
5/15/2032
322,000
320,275
General
Electric
Co.
,
4.30%,
7/29/2030(d)
660,000
656,851
Lockheed
Martin
Corp.
,
4.40%,
8/15/2030
1,415,000
1,410,194
4.07%,
12/15/2042(d)
150,000
125,074
Northrop
Grumman
Corp.
,
4.65%,
7/15/2030(d)
540,000
543,333
RTX
Corp.
,
4.13%,
11/16/2028(d)
1,150,000
1,141,888
5,131,102
Automobile
Components
0.1%
Denso
Corp.
,
1.24%,
9/16/2026(a)
1,115,000
1,074,576
Automobiles
1.4%
General
Motors
Co.
,
5.63%,
4/15/2030(d)
1,560,000
1,600,215
Honda
Motor
Co.
Ltd.
,
4.69%,
7/8/2030
2,940,000
2,941,846
Hyundai
Capital
America
,
2.38%,
10/15/2027(a)
385,000
366,151
1.80%,
1/10/2028(a)
140,000
130,928
5.15%,
3/27/2030(a)(d)
1,050,000
1,061,938
5.40%,
6/23/2032(a)
705,000
715,772
Mercedes-Benz
Finance
North
America
LLC
,
4.65%,
4/1/2027(a)
2,930,000
2,936,733
Nissan
Motor
Acceptance
Co.
LLC
,
5.55%,
9/13/2029(a)
705,000
687,413
Stellantis
Finance
US,
Inc.
,
6.45%,
3/18/2035(a)(d)
940,000
940,786
Volkswagen
Group
of
America
Finance
LLC
,
5.25%,
3/22/2029(a)
1,100,000
1,111,933
12,493,715
Banks
9.0%
ABN
AMRO
Bank
NV
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.65%),
6.34%,
9/18/2027(a)(e)
500,000
509,095
ANZ
New
Zealand
International
Ltd.
,
5.36%,
8/14/2028(a)
700,000
719,297
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
Bank
of
America
Corp.
,
(CME
Term
SOFR
3
Month
+
1.47%),
3.97%,
2/7/2030(e)
990,000
973,845
(SOFR
+
1.84%),
5.87%,
9/15/2034(e)
400,000
421,389
(SOFR
+
1.91%),
5.43%,
8/15/2035(e)
425,000
425,766
Bank
of
America
NA
,
5.53%,
8/18/2026
1,010,000
1,020,656
Bank
of
Montreal
,
(United
States
SOFR
Compounded
Index
+
0.67%),
5.00%,
1/27/2029(d)(e)
575,000
582,720
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.40%),
3.09%,
1/10/2037(e)
1,250,000
1,088,453
Banque
Federative
du
Credit
Mutuel
SA
,
5.19%,
2/16/2028(a)
540,000
549,290
Barclays
plc
,
(SOFR
+
1.23%),
5.37%,
2/25/2031(e)
925,000
944,976
BNP
Paribas
SA
,
(SOFR
+
1.28%),
5.28%,
11/19/2030(a)(e)
200,000
203,741
(SOFR
+
1.68%),
5.09%,
5/9/2031(a)(e)
1,900,000
1,918,355
CaixaBank
SA
,
(SOFR
+
1.36%),
4.88%,
7/3/2031(a)(e)
1,225,000
1,227,741
Canadian
Imperial
Bank
of
Commerce
,
5.24%,
6/28/2027(d)
635,000
644,569
(SOFR
+
1.03%),
4.86%,
3/30/2029(d)(e)
2,100,000
2,116,852
Citibank
NA
,
(SOFR
+
0.71%),
4.88%,
11/19/2027(e)
1,450,000
1,455,921
4.91%,
5/29/2030
610,000
619,570
Citigroup,
Inc.
,
(SOFR
+
1.14%),
4.64%,
5/7/2028(d)(e)
2,925,000
2,927,972
Citizens
Financial
Group,
Inc.
,
(SOFR
+
1.26%),
5.25%,
3/5/2031(e)
865,000
876,131
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.75%),
5.64%,
5/21/2037(e)
395,000
390,844
Comerica,
Inc.
,
(SOFR
+
2.16%),
5.98%,
1/30/2030(d)(e)
295,000
303,336
Commonwealth
Bank
of
Australia
,
4.42%,
3/14/2028(d)
835,000
839,802
3.78%,
3/14/2032(a)
550,000
510,296
30
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Loomis
Core
Bond
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
Cooperatieve
Rabobank
UA
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.92%),
4.99%,
5/27/2031(a)(e)
2,250,000
2,273,134
Credit
Agricole
SA
,
(SOFR
+
1.13%),
5.23%,
1/9/2029(a)(e)
1,315,000
1,332,284
Danske
Bank
A/S
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.18%),
6.26%,
9/22/2026(a)(e)
270,000
270,477
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.93%),
5.02%,
3/4/2031(a)(d)(e)
1,435,000
1,449,021
DNB
Bank
ASA
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.85%),
1.13%,
9/16/2026(a)(e)
1,115,000
1,109,738
(SOFR
+
1.05%),
4.85%,
11/5/2030(a)(e)
445,000
450,273
Federation
des
Caisses
Desjardins
du
Quebec
,
5.70%,
3/14/2028(a)
400,000
413,188
Fifth
Third
Bank
NA
,
(SOFR
+
0.81%),
4.97%,
1/28/2028(e)
430,000
432,590
HSBC
Holdings
plc
,
(SOFR
+
1.04%),
5.13%,
11/19/2028(e)
585,000
591,150
(SOFR
+
1.57%),
5.24%,
5/13/2031(e)
1,465,000
1,491,812
HSBC
USA,
Inc.
,
4.65%,
6/3/2028
750,000
753,685
Huntington
Bancshares,
Inc.
,
(SOFR
+
2.02%),
6.21%,
8/21/2029(e)
475,000
496,961
(SOFR
+
1.28%),
5.27%,
1/15/2031(d)(e)
295,000
301,150
Huntington
National
Bank
(The)
,
5.65%,
1/10/2030
1,000,000
1,035,809
ING
Groep
NV
,
(SOFR
+
1.01%),
4.86%,
3/25/2029(d)(e)
425,000
428,674
JPMorgan
Chase
&
Co.
,
(SOFR
+
1.34%),
4.95%,
10/22/2035(e)
1,300,000
1,285,612
(SOFR
+
1.64%),
5.58%,
7/23/2036(d)(e)
1,620,000
1,640,987
KBC
Group
NV
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.07%),
4.93%,
10/16/2030(a)(e)
455,000
458,316
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
Lloyds
Banking
Group
plc
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.83%),
4.82%,
6/13/2029(e)
1,370,000
1,378,076
M&T
Bank
Corp.
,
(SOFR
+
1.40%),
5.18%,
7/8/2031(e)
860,000
869,844
(SOFR
+
1.61%),
5.39%,
1/16/2036(e)
915,000
911,678
Mizuho
Financial
Group,
Inc.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.82%),
5.10%,
5/13/2031(e)
920,000
934,479
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.92%),
4.71%,
7/8/2031(e)
2,090,000
2,085,535
Morgan
Stanley
Private
Bank
NA
,
(SOFR
+
1.08%),
4.73%,
7/18/2031(e)
1,805,000
1,813,137
National
Bank
of
Canada
,
4.50%,
10/10/2029
990,000
985,998
NatWest
Group
plc
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.05%),
5.11%,
5/23/2031(e)
2,070,000
2,101,323
NatWest
Markets
plc
,
4.79%,
3/21/2028(a)(d)
1,495,000
1,507,923
Royal
Bank
of
Canada
,
(SOFR
+
0.89%),
0.00%,
8/6/2029(e)
4,205,000
4,207,755
(SOFR
+
1.10%),
4.97%,
8/2/2030(d)(e)
15,000
15,217
(SOFR
+
1.03%),
5.15%,
2/4/2031(e)
1,975,000
2,014,175
Santander
UK
Group
Holdings
plc
,
(United
States
SOFR
Compounded
Index
+
1.52%),
5.69%,
4/15/2031(e)
935,000
967,663
Societe
Generale
SA
,
5.25%,
2/19/2027(a)
305,000
307,283
(SOFR
+
1.65%),
5.51%,
5/22/2031(a)(e)
2,595,000
2,646,636
Standard
Chartered
plc
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.35%),
5.24%,
5/13/2031(a)(d)(e)
1,915,000
1,944,545
Sumitomo
Mitsui
Financial
Group,
Inc.
,
(SOFR
+
1.19%),
4.66%,
7/8/2031(e)
1,995,000
1,994,316
Sumitomo
Mitsui
Trust
Bank
Ltd.
,
5.20%,
3/7/2027(a)(d)
675,000
683,163
Nationwide
Loomis
Core
Bond
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
31
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
Svenska
Handelsbanken
AB
,
4.38%,
5/23/2028(a)
1,495,000
1,500,734
Swedbank
AB
,
6.14%,
9/12/2026(a)
510,000
518,840
5.41%,
3/14/2029(a)
725,000
744,842
Toronto-Dominion
Bank
(The)
,
4.57%,
6/2/2028(d)
3,625,000
3,639,870
Truist
Bank
,
(SOFR
+
0.77%),
4.42%,
7/24/2028(e)
1,905,000
1,902,239
Truist
Financial
Corp.
,
(SOFR
+
2.45%),
7.16%,
10/30/2029(d)(e)
90,000
97,149
(SOFR
+
1.31%),
5.07%,
5/20/2031(e)
1,790,000
1,814,609
UniCredit
SpA
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.30%),
2.57%,
9/22/2026(a)(e)
1,090,000
1,086,106
US
Bank
NA
,
(SOFR
+
0.69%),
4.51%,
10/22/2027(d)(e)
1,470,000
1,469,376
Wells
Fargo
&
Co.
,
3.00%,
4/22/2026
700,000
692,805
(SOFR
+
1.50%),
3.35%,
3/2/2033(e)
750,000
686,573
(SOFR
+
1.74%),
5.60%,
4/23/2036(d)(e)
920,000
947,558
Westpac
Banking
Corp.
,
4.35%,
7/1/2030
1,370,000
1,369,616
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.53%),
3.02%,
11/18/2036(e)
1,250,000
1,095,546
82,420,087
Beverages
0.5%
Bacardi
Ltd.
,
5.90%,
6/15/2043(a)
150,000
144,047
5.30%,
5/15/2048(a)
160,000
141,340
Bacardi-Martini
BV
,
5.55%,
2/1/2030(a)(d)
1,610,000
1,653,716
PepsiCo,
Inc.
,
5.00%,
7/23/2035
2,110,000
2,114,292
Suntory
Holdings
Ltd.
,
5.12%,
6/11/2029(a)(d)
400,000
407,173
4,460,568
Biotechnology
0.2%
Amgen,
Inc.
,
4.05%,
8/18/2029(d)
325,000
320,313
Biogen,
Inc.
,
6.45%,
5/15/2055
1,205,000
1,233,090
CSL
Finance
plc
,
4.25%,
4/27/2032(a)(d)
540,000
525,605
2,079,008
Capital
Markets
4.2%
Antares
Holdings
LP
,
3.75%,
7/15/2027(a)(d)
655,000
628,885
6.35%,
10/23/2029(a)
440,000
443,547
Corporate
Bonds
Principal
Amount
($)
Value
($)
Capital
Markets
Apollo
Debt
Solutions
BDC
,
5.88%,
8/30/2030(a)
710,000
710,848
6.55%,
3/15/2032(a)
545,000
558,929
Ares
Capital
Corp.
,
5.80%,
3/8/2032
570,000
569,031
Ares
Strategic
Income
Fund
,
5.70%,
3/15/2028
580,000
583,044
Bain
Capital
Specialty
Finance,
Inc.
,
2.55%,
10/13/2026
615,000
596,530
5.95%,
3/15/2030
205,000
203,790
Bank
of
New
York
Mellon
(The)
,
(SOFR
+
1.14%),
4.73%,
4/20/2029(e)
805,000
813,494
Bank
of
New
York
Mellon
Corp.
(The)
,
(SOFR
+
1.03%),
4.95%,
4/26/2027(d)(e)
640,000
641,970
(SOFR
+
0.89%),
4.94%,
2/11/2031(e)
1,415,000
1,441,108
BGC
Group,
Inc.
,
6.15%,
4/2/2030(a)
430,000
435,056
Blackstone
Secured
Lending
Fund
,
5.35%,
4/13/2028
175,000
176,403
Blue
Owl
Capital
Corp.
II
,
8.45%,
11/15/2026
305,000
315,737
Blue
Owl
Credit
Income
Corp.
,
7.95%,
6/13/2028
560,000
592,851
Blue
Owl
Technology
Finance
Corp.
,
6.75%,
4/4/2029(d)
645,000
660,535
Brookfield
Finance,
Inc.
,
4.35%,
4/15/2030(d)
600,000
592,944
Cantor
Fitzgerald
LP
,
7.20%,
12/12/2028(a)
445,000
472,704
Citadel
Securities
Global
Holdings
LLC
,
5.50%,
6/18/2030(a)
390,000
393,405
Deutsche
Bank
AG
,
(SOFR
+
1.72%),
5.30%,
5/9/2031(e)
1,775,000
1,804,548
(SOFR
+
1.30%),
0.00%,
8/4/2031(e)
1,010,000
1,011,672
FMR
LLC
,
4.95%,
2/1/2033(a)
925,000
917,218
FS
KKR
Capital
Corp.
,
7.88%,
1/15/2029
345,000
365,416
6.13%,
1/15/2030(d)
565,000
566,952
Goldman
Sachs
Bank
USA
,
(SOFR
+
0.75%),
5.41%,
5/21/2027(d)(e)
1,055,000
1,061,193
Goldman
Sachs
Group,
Inc.
(The)
,
(SOFR
+
1.08%),
5.80%,
8/10/2026(e)
1,300,000
1,300,257
(SOFR
+
0.80%),
1.43%,
3/9/2027(e)
750,000
735,375
(SOFR
+
0.82%),
1.54%,
9/10/2027(e)
150,000
144,958
32
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Loomis
Core
Bond
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Capital
Markets
Goldman
Sachs
Group,
Inc.
(The),
(SOFR
+
1.21%),
5.05%,
7/23/2030(d)(e)
880,000
894,159
(SOFR
+
1.58%),
5.22%,
4/23/2031(e)
820,000
838,477
Golub
Capital
BDC,
Inc.
,
2.50%,
8/24/2026
695,000
676,864
6.00%,
7/15/2029(d)
210,000
213,228
Golub
Capital
Private
Credit
Fund
,
5.45%,
8/15/2028(a)
300,000
298,855
Hercules
Capital,
Inc.
,
3.38%,
1/20/2027
820,000
796,850
6.00%,
6/16/2030
345,000
345,015
HPS
Corporate
Lending
Fund
,
5.45%,
1/14/2028
815,000
816,737
6.25%,
9/30/2029
40,000
40,886
Jefferies
Financial
Group,
Inc.
,
5.88%,
7/21/2028(d)
670,000
693,177
Lehman
Brothers
Holdings,
Inc.
,
5.63%,
1/24/2013(f)
4,000,000
2,400
LPL
Holdings,
Inc.
,
5.15%,
6/15/2030
1,210,000
1,223,893
Main
Street
Capital
Corp.
,
3.00%,
7/14/2026
345,000
338,508
6.50%,
6/4/2027
540,000
550,896
Marex
Group
plc
,
5.83%,
5/8/2028
1,105,000
1,116,554
6.40%,
11/4/2029
650,000
666,563
Morgan
Stanley
,
(SOFR
+
1.10%),
4.65%,
10/18/2030(e)
1,445,000
1,447,888
(SOFR
+
1.11%),
5.23%,
1/15/2031(e)
1,695,000
1,736,305
(SOFR
+
2.62%),
5.30%,
4/20/2037(d)(e)
600,000
600,077
Morgan
Stanley
Direct
Lending
Fund
,
6.00%,
5/19/2030
575,000
578,525
MSD
Investment
Corp.
,
6.25%,
5/31/2030(a)
380,000
379,810
New
Mountain
Finance
Corp.
,
6.20%,
10/15/2027
350,000
354,290
6.88%,
2/1/2029
245,000
250,859
Oaktree
Strategic
Credit
Fund
,
6.19%,
7/15/2030(a)
300,000
301,697
S&P
Global,
Inc.
,
2.90%,
3/1/2032
400,000
361,486
Sixth
Street
Lending
Partners
,
6.50%,
3/11/2029
575,000
592,607
UBS
AG
,
5.00%,
7/9/2027
415,000
419,947
UBS
Group
AG
,
4.13%,
9/24/2025(a)
1,000,000
999,041
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.75%),
4.75%,
5/12/2028(a)(e)
2,000,000
2,006,599
38,280,593
Corporate
Bonds
Principal
Amount
($)
Value
($)
Chemicals
0.4%
Cabot
Corp.
,
4.00%,
7/1/2029
415,000
405,889
Eastman
Chemical
Co.
,
5.00%,
8/1/2029
470,000
475,285
LYB
International
Finance
III
LLC
,
5.50%,
3/1/2034(d)
865,000
855,990
Sherwin-Williams
Co.
(The)
,
5.15%,
8/15/2035
1,720,000
1,715,780
Syensqo
Finance
America
LLC
,
5.85%,
6/4/2034(a)
600,000
614,699
4,067,643
Commercial
Services
&
Supplies
0.1%
Element
Fleet
Management
Corp.
,
5.04%,
3/25/2030(a)
1,020,000
1,028,776
Communications
Equipment
0.1%
Motorola
Solutions,
Inc.
,
4.85%,
8/15/2030
460,000
463,120
Consumer
Finance
1.5%
AerCap
Ireland
Capital
DAC
,
5.38%,
12/15/2031
255,000
259,981
Ally
Financial,
Inc.
,
(United
States
SOFR
Compounded
Index
+
1.96%),
5.74%,
5/15/2029(d)(e)
690,000
702,729
(SOFR
+
1.78%),
5.55%,
7/31/2033(e)
2,840,000
2,843,938
American
Express
Co.
,
(SOFR
+
1.22%),
4.92%,
7/20/2033(e)
1,230,000
1,233,963
Avolon
Holdings
Funding
Ltd.
,
4.95%,
1/15/2028(a)
1,030,000
1,034,633
Capital
One
Financial
Corp.
,
(SOFR
+
2.44%),
7.15%,
10/29/2027(d)(e)
685,000
705,540
(SOFR
+
2.64%),
6.31%,
6/8/2029(e)
180,000
188,045
Ford
Motor
Credit
Co.
LLC
,
6.53%,
3/19/2032
650,000
661,724
General
Motors
Financial
Co.,
Inc.
,
6.05%,
10/10/2025
520,000
521,169
5.05%,
4/4/2028(d)
825,000
833,137
5.45%,
7/15/2030(d)
730,000
742,578
Macquarie
Airfinance
Holdings
Ltd.
,
5.20%,
3/27/2028(a)
855,000
862,977
Mitsubishi
HC
Finance
America
LLC
,
5.15%,
10/24/2029(a)
1,125,000
1,141,499
Synchrony
Financial
,
(United
States
SOFR
Compounded
Index
+
2.13%),
5.94%,
8/2/2030(d)
(e)
545,000
560,142
Nationwide
Loomis
Core
Bond
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
33
Corporate
Bonds
Principal
Amount
($)
Value
($)
Consumer
Finance
Synchrony
Financial,
(SOFR
+
1.68%),
5.45%,
3/6/2031(e)
520,000
523,617
(SOFR
+
2.07%),
6.00%,
7/29/2036(e)
195,000
195,587
Toyota
Motor
Credit
Corp.
,
4.80%,
5/15/2030
620,000
628,890
13,640,149
Consumer
Staples
Distribution
&
Retail
0.2%
CVS
Pass-Through
Trust
,
7.51%,
1/10/2032(a)
459,675
487,622
Target
Corp.
,
5.00%,
4/15/2035
1,735,000
1,732,646
2,220,268
Containers
&
Packaging
0.4%
Amcor
Flexibles
North
America,
Inc.
,
4.80%,
3/17/2028(a)
205,000
206,202
Amcor
Group
Finance
plc
,
5.45%,
5/23/2029(d)
2,115,000
2,174,770
Sonoco
Products
Co.
,
4.60%,
9/1/2029
1,150,000
1,144,324
3,525,296
Distributors
0.1%
Genuine
Parts
Co.
,
4.95%,
8/15/2029(d)
840,000
850,471
LKQ
Corp.
,
5.75%,
6/15/2028
510,000
522,094
1,372,565
Diversified
REITs
0.1%
VICI
Properties
LP
,
4.75%,
4/1/2028(d)
630,000
633,563
WP
Carey,
Inc.
,
4.65%,
7/15/2030
730,000
725,604
1,359,167
Diversified
Telecommunication
Services
0.2%
AT&T,
Inc.
,
2.55%,
12/1/2033(d)
174,000
145,078
Sitios
Latinoamerica
SAB
de
CV
,
6.00%,
11/25/2029(a)(d)
675,000
691,065
Verizon
Communications,
Inc.
,
2.55%,
3/21/2031
974,000
872,352
1,708,495
Electric
Utilities
2.3%
Alliant
Energy
Finance
LLC
,
5.40%,
6/6/2027(a)
525,000
529,460
4.25%,
6/15/2028(a)(d)
2,000,000
1,969,235
American
Electric
Power
Co.,
Inc.
,
5.70%,
8/15/2025
750,000
750,119
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.68%),
3.88%,
2/15/2062(e)
765,000
737,692
Corporate
Bonds
Principal
Amount
($)
Value
($)
Electric
Utilities
Capital
Power
US
Holdings,
Inc.
,
5.26%,
6/1/2028(a)
550,000
555,814
DTE
Electric
Co.
,
5.20%,
4/1/2033(d)
825,000
847,291
Duke
Energy
Ohio,
Inc.
,
5.25%,
4/1/2033(d)
865,000
882,249
Edison
International
,
4.70%,
8/15/2025
840,000
839,871
Entergy
Corp.
,
0.90%,
9/15/2025
555,000
552,459
Evergy,
Inc.
,
2.90%,
9/15/2029(d)
1,020,000
954,604
Fells
Point
Funding
Trust
,
3.05%,
1/31/2027(a)
2,625,000
2,565,451
FirstEnergy
Pennsylvania
Electric
Co.
,
4.30%,
1/15/2029(a)
1,000,000
986,606
Indiana
Michigan
Power
Co.
,
3.85%,
5/15/2028
250,000
246,617
Jersey
Central
Power
&
Light
Co.
,
2.75%,
3/1/2032(a)
170,000
149,056
Kentucky
Utilities
Co.
,
Series
KENT,
5.45%,
4/15/2033
325,000
335,590
NextEra
Energy
Capital
Holdings,
Inc.
,
4.69%,
9/1/2027
1,090,000
1,095,349
NSTAR
Electric
Co.
,
4.85%,
3/1/2030(d)
535,000
542,664
Pacific
Gas
and
Electric
Co.
,
5.00%,
6/4/2028
440,000
442,474
6.15%,
3/1/2055
1,280,000
1,225,829
PPL
Capital
Funding,
Inc.
,
4.13%,
4/15/2030(d)
15,000
14,678
Public
Service
Co.
of
Colorado
,
5.85%,
5/15/2055
980,000
975,078
Public
Service
Co.
of
New
Hampshire
,
4.40%,
7/1/2028
845,000
846,962
Southern
California
Edison
Co.
,
5.85%,
11/1/2027
400,000
408,844
Southwestern
Public
Service
Co.
,
5.30%,
5/15/2035
980,000
982,770
Vistra
Operations
Co.
LLC
,
5.50%,
9/1/2026(a)
200,000
199,892
5.00%,
7/31/2027(a)
85,000
84,545
4.30%,
7/15/2029(a)(d)
1,000,000
984,369
Wisconsin
Public
Service
Corp.
,
4.55%,
12/1/2029
345,000
347,882
Xcel
Energy,
Inc.
,
4.75%,
3/21/2028
355,000
357,131
21,410,581
Electronic
Equipment,
Instruments
&
Components
0.5%
Amphenol
Corp.
,
4.38%,
6/12/2028
1,610,000
1,613,760
34
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Loomis
Core
Bond
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Electronic
Equipment,
Instruments
&
Components
Arrow
Electronics,
Inc.
,
5.15%,
8/21/2029(d)
840,000
851,639
CDW
LLC
,
3.28%,
12/1/2028
665,000
634,921
Flex
Ltd.
,
6.00%,
1/15/2028
570,000
586,061
Tyco
Electronics
Group
SA
,
4.63%,
2/1/2030(d)
1,040,000
1,048,759
4,735,140
Energy
Equipment
&
Services
0.1%
Helmerich
&
Payne,
Inc.
,
5.50%,
12/1/2034(d)
890,000
820,982
Entertainment
0.1%
Take-Two
Interactive
Software,
Inc.
,
4.95%,
3/28/2028(d)
685,000
694,081
Warnermedia
Holdings,
Inc.
,
4.28%,
3/15/2032
291,000
244,364
938,445
Financial
Services
0.7%
Atlas
Warehouse
Lending
Co.
LP
,
6.25%,
1/15/2030(a)
465,000
469,099
Enact
Holdings,
Inc.
,
6.25%,
5/28/2029
1,050,000
1,084,868
Nationwide
Building
Society
,
(SOFR
+
1.06%),
4.65%,
7/14/2029(a)(e)
1,635,000
1,635,505
5.13%,
7/29/2029(a)(d)
1,175,000
1,199,819
NTT
Finance
Corp.
,
5.50%,
7/16/2035(a)
1,185,000
1,203,365
Synchrony
Bank
,
5.40%,
8/22/2025
890,000
889,833
Western
Union
Co.
(The)
,
1.35%,
3/15/2026
235,000
230,088
6,712,577
Food
Products
0.5%
General
Mills,
Inc.
,
4.88%,
1/30/2030(d)
545,000
551,668
JBS
USA
Holding
Lux
Sarl
,
3.63%,
1/15/2032
111,000
101,516
5.75%,
4/1/2033(d)
610,000
625,539
6.25%,
3/1/2056(a)
2,945,000
2,919,997
4,198,720
Gas
Utilities
0.1%
Atmos
Energy
Corp.
,
5.20%,
8/15/2035(d)
920,000
926,602
Ground
Transportation
0.3%
Ashtead
Capital,
Inc.
,
4.00%,
5/1/2028(a)(d)
1,600,000
1,569,169
JB
Hunt
Transport
Services,
Inc.
,
4.90%,
3/15/2030(d)
1,155,000
1,170,991
Ryder
System,
Inc.
,
5.00%,
3/15/2030
420,000
425,425
3,165,585
Corporate
Bonds
Principal
Amount
($)
Value
($)
Health
Care
Providers
&
Services
0.5%
Cardinal
Health,
Inc.
,
5.00%,
11/15/2029(d)
1,595,000
1,620,725
CVS
Health
Corp.
,
5.00%,
2/20/2026
1,000,000
1,000,864
McKesson
Corp.
,
5.25%,
5/30/2035
1,225,000
1,238,946
UnitedHealth
Group,
Inc.
,
5.95%,
6/15/2055(d)
545,000
545,070
Universal
Health
Services,
Inc.
,
4.63%,
10/15/2029(d)
445,000
438,779
4,844,384
Health
Care
REITs
0.4%
Healthpeak
OP
LLC
,
3.25%,
7/15/2026
175,000
172,920
Omega
Healthcare
Investors,
Inc.
,
5.20%,
7/1/2030
1,515,000
1,519,811
Welltower
OP
LLC
,
5.13%,
7/1/2035
1,595,000
1,589,482
3,282,213
Health
Care
Technology
0.0%
†
IQVIA,
Inc.
,
5.70%,
5/15/2028
430,000
440,105
Hotel
&
Resort
REITs
0.2%
Host
Hotels
&
Resorts
LP
,
5.70%,
6/15/2032
1,790,000
1,815,780
Hotels,
Restaurants
&
Leisure
0.2%
Hyatt
Hotels
Corp.
,
5.25%,
6/30/2029
670,000
681,708
Las
Vegas
Sands
Corp.
,
5.63%,
6/15/2028
1,515,000
1,539,110
2,220,818
Household
Durables
0.3%
Lennar
Corp.
,
5.20%,
7/30/2030(d)
1,085,000
1,105,339
MDC
Holdings,
Inc.
,
3.97%,
8/6/2061
600,000
427,854
Toll
Brothers
Finance
Corp.
,
5.60%,
6/15/2035
935,000
939,493
2,472,686
Independent
Power
and
Renewable
Electricity
Producers
0.2%
Alexander
Funding
Trust
II
,
7.47%,
7/31/2028(a)
280,000
297,473
Calpine
Corp.
,
4.50%,
2/15/2028(a)
85,000
84,076
PSEG
Power
LLC
,
5.20%,
5/15/2030(a)(d)
980,000
1,001,319
1,382,868
Industrial
Conglomerates
0.1%
3M
Co.
,
4.80%,
3/15/2030
1,235,000
1,248,992
Nationwide
Loomis
Core
Bond
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
35
Corporate
Bonds
Principal
Amount
($)
Value
($)
Industrial
REITs
0.1%
LXP
Industrial
Trust
,
6.75%,
11/15/2028
900,000
949,526
Insurance
4.3%
American
National
Global
Funding
,
5.55%,
1/28/2030(a)
870,000
885,262
5.25%,
6/3/2030(a)(d)
1,180,000
1,186,555
American
National
Group,
Inc.
,
6.00%,
7/15/2035
1,560,000
1,569,304
Arthur
J
Gallagher
&
Co.
,
3.05%,
3/9/2052
725,000
449,960
Athene
Global
Funding
,
4.83%,
5/9/2028(a)
2,280,000
2,289,536
5.38%,
1/7/2030(a)(d)
630,000
642,054
Belrose
Funding
Trust
II
,
6.79%,
5/15/2055(a)
1,255,000
1,284,036
Brighthouse
Financial
Global
Funding
,
5.55%,
4/9/2027(a)
1,005,000
1,016,345
5.65%,
6/10/2029(a)
700,000
708,005
Corebridge
Global
Funding
,
0.90%,
9/22/2025(a)
665,000
661,334
5.20%,
6/24/2029(a)
800,000
815,410
4.85%,
6/6/2030(a)(d)
600,000
602,776
Equitable
America
Global
Funding
,
4.95%,
6/9/2030(a)
1,580,000
1,592,574
F&G
Global
Funding
,
5.88%,
6/10/2027(a)
555,000
566,723
Fortitude
Group
Holdings
LLC
,
6.25%,
4/1/2030(a)
480,000
492,122
GA
Global
Funding
Trust
,
2.25%,
1/6/2027(a)
985,000
951,496
4.40%,
9/23/2027(a)
180,000
179,342
5.50%,
4/1/2032(a)(d)
1,295,000
1,312,665
Jackson
National
Life
Global
Funding
,
4.70%,
6/5/2028(a)
1,660,000
1,663,064
Lincoln
Financial
Global
Funding
,
4.63%,
5/28/2028(a)
1,145,000
1,147,304
MassMutual
Global
Funding
II
,
5.15%,
5/30/2029(a)
750,000
767,071
4.95%,
1/10/2030(a)
1,430,000
1,453,691
4.55%,
5/7/2030(a)
658,000
658,275
Mutual
of
Omaha
Cos.
Global
Funding
,
5.00%,
4/1/2030(a)
365,000
369,662
New
York
Life
Global
Funding
,
4.15%,
7/25/2028(a)
560,000
558,371
5.00%,
6/6/2029(a)
955,000
975,938
4.55%,
1/28/2033(a)(d)
750,000
736,962
NLG
Global
Funding
,
5.40%,
1/23/2030(a)(d)
1,335,000
1,372,381
Northwestern
Mutual
Global
Funding
,
4.90%,
6/12/2028(a)
1,095,000
1,112,944
Pacific
Life
Global
Funding
II
,
4.85%,
2/10/2030(a)
1,425,000
1,437,543
Corporate
Bonds
Principal
Amount
($)
Value
($)
Insurance
Pine
Street
Trust
III
,
6.22%,
5/15/2054(a)(d)
405,000
402,201
Principal
Life
Global
Funding
II
,
4.60%,
8/19/2027(a)
520,000
521,028
Protective
Life
Global
Funding
,
4.80%,
6/5/2030(a)
1,095,000
1,102,780
Sammons
Financial
Group
Global
Funding
,
4.95%,
6/12/2030(a)
1,990,000
2,001,670
Sammons
Financial
Group,
Inc.
,
6.88%,
4/15/2034(a)
675,000
724,480
SBL
Holdings,
Inc.
,
7.20%,
10/30/2034(a)(d)
875,000
852,696
SiriusPoint
Ltd.
,
7.00%,
4/5/2029
690,000
723,769
Travelers
Cos.,
Inc.
(The)
,
5.70%,
7/24/2055
880,000
886,002
Trustage
Financial
Group,
Inc.
,
4.63%,
4/15/2032(a)
560,000
527,722
Western-Southern
Global
Funding
,
4.50%,
7/16/2028(a)
1,890,000
1,890,853
4.90%,
5/1/2030(a)(d)
400,000
402,819
39,494,725
Interactive
Media
&
Services
0.0%
†
Blue
Owl
Technology
Finance
Corp.
,
4.75%,
12/15/2025(a)
250,000
249,044
IT
Services
0.3%
CGI,
Inc.
,
4.95%,
3/14/2030(a)
1,835,000
1,857,140
DXC
Technology
Co.
,
2.38%,
9/15/2028(d)
1,160,000
1,078,840
2,935,980
Life
Sciences
Tools
&
Services
0.1%
Illumina,
Inc.
,
4.65%,
9/9/2026(d)
620,000
619,685
Machinery
0.6%
CNH
Industrial
Capital
LLC
,
4.75%,
3/21/2028
720,000
723,419
Cummins,
Inc.
,
5.30%,
5/9/2035
2,090,000
2,116,021
Daimler
Truck
Finance
North
America
LLC
,
5.63%,
1/13/2035(a)
1,540,000
1,568,283
Weir
Group,
Inc.
,
5.35%,
5/6/2030(a)
930,000
942,078
5,349,801
Media
0.2%
Charter
Communications
Operating
LLC
,
6.10%,
6/1/2029
655,000
683,269
Comcast
Corp.
,
2.94%,
11/1/2056
208,000
120,165
36
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Loomis
Core
Bond
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Media
Cox
Communications,
Inc.
,
5.95%,
9/1/2054(a)
1,490,000
1,358,922
2,162,356
Metals
&
Mining
0.2%
Glencore
Funding
LLC
,
5.19%,
4/1/2030(a)
720,000
731,448
Vale
Overseas
Ltd.
,
6.40%,
6/28/2054(d)
855,000
839,641
1,571,089
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.1%
Ladder
Capital
Finance
Holdings
LLLP
,
5.50%,
8/1/2030(d)
655,000
655,946
Multi-Utilities
0.6%
Ameren
Corp.
,
5.00%,
1/15/2029(d)
310,000
315,123
Black
Hills
Corp.
,
3.05%,
10/15/2029
675,000
630,892
CenterPoint
Energy,
Inc.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.59%),
6.70%,
5/15/2055(e)
840,000
850,914
Dominion
Energy,
Inc.
,
4.60%,
5/15/2028
1,215,000
1,219,785
DTE
Energy
Co.
,
4.95%,
7/1/2027(d)
595,000
600,377
NiSource,
Inc.
,
5.85%,
4/1/2055
1,965,000
1,938,397
Southern
Co.
Gas
Capital
Corp.
,
3.88%,
11/15/2025
275,000
274,072
5,829,560
Office
REITs
0.1%
Cousins
Properties
LP
,
5.25%,
7/15/2030(d)
645,000
655,271
Oil,
Gas
&
Consumable
Fuels
1.7%
APA
Corp.
,
6.75%,
2/15/2055(a)
855,000
803,745
Boardwalk
Pipelines
LP
,
5.95%,
6/1/2026(d)
263,000
264,791
Chevron
USA,
Inc.
,
4.69%,
4/15/2030
1,330,000
1,349,069
Enbridge,
Inc.
,
4.90%,
6/20/2030(d)
665,000
670,835
Energy
Transfer
LP
,
4.75%,
1/15/2026(d)
500,000
499,972
5.50%,
6/1/2027(d)
1,000,000
1,014,120
Enterprise
Products
Operating
LLC
,
4.60%,
1/15/2031(d)
1,315,000
1,313,913
EOG
Resources,
Inc.
,
5.00%,
7/15/2032
1,165,000
1,173,756
Marathon
Petroleum
Corp.
,
5.15%,
3/1/2030(d)
1,005,000
1,023,554
MPLX
LP
,
1.75%,
3/1/2026
696,000
684,271
Corporate
Bonds
Principal
Amount
($)
Value
($)
Oil,
Gas
&
Consumable
Fuels
NGPL
PipeCo
LLC
,
3.25%,
7/15/2031(a)(d)
650,000
576,593
ONEOK,
Inc.
,
5.85%,
1/15/2026
458,000
460,331
Raizen
Fuels
Finance
SA
,
6.25%,
7/8/2032(a)
1,300,000
1,278,550
6.95%,
3/5/2054(a)(d)
235,000
219,489
Saudi
Arabian
Oil
Co.
,
6.38%,
6/2/2055(a)
1,695,000
1,719,067
Targa
Resources
Corp.
,
6.13%,
5/15/2055
1,670,000
1,631,547
Var
Energi
ASA
,
5.00%,
5/18/2027(a)
1,092,245
1,096,200
Viper
Energy
Partners
LLC
,
5.70%,
8/1/2035
260,000
258,414
16,038,217
Passenger
Airlines
0.1%
Air
Canada
,
3.88%,
8/15/2026(a)
420,000
415,493
Delta
Air
Lines,
Inc.
,
5.25%,
7/10/2030
595,000
600,607
1,016,100
Pharmaceuticals
0.1%
Bayer
US
Finance
LLC
,
6.25%,
1/21/2029(a)
350,000
366,703
Eli
Lilly
&
Co.
,
4.75%,
2/12/2030(d)
555,000
565,429
932,132
Professional
Services
0.2%
Automatic
Data
Processing,
Inc.
,
4.75%,
5/8/2032
1,475,000
1,489,226
Equifax,
Inc.
,
5.10%,
6/1/2028
580,000
589,250
2,078,476
Residential
REITs
0.2%
AvalonBay
Communities,
Inc.
,
5.00%,
8/1/2035
1,505,000
1,485,772
Retail
REITs
0.1%
Kite
Realty
Group
Trust
,
4.75%,
9/15/2030
549,000
544,623
Semiconductors
&
Semiconductor
Equipment
1.0%
Analog
Devices,
Inc.
,
4.25%,
6/15/2028
1,675,000
1,674,972
Broadcom,
Inc.
,
4.90%,
7/15/2032
3,220,000
3,229,928
3.42%,
4/15/2033(a)
400,000
361,847
Microchip
Technology,
Inc.
,
5.05%,
2/15/2030(d)
630,000
637,582
Micron
Technology,
Inc.
,
6.75%,
11/1/2029(d)
445,000
478,787
5.80%,
1/15/2035
955,000
979,201
QUALCOMM,
Inc.
,
5.00%,
5/20/2035
1,815,000
1,818,170
9,180,487
Nationwide
Loomis
Core
Bond
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
37
Corporate
Bonds
Principal
Amount
($)
Value
($)
Software
0.0%
†
Microsoft
Corp.
,
2.92%,
3/17/2052
200,000
131,951
Specialized
REITs
0.4%
Crown
Castle,
Inc.
,
4.45%,
2/15/2026
70,000
69,906
3.70%,
6/15/2026
630,000
624,806
CubeSmart
LP
,
4.00%,
11/15/2025
126,000
125,643
3.13%,
9/1/2026
450,000
442,452
Extra
Space
Storage
LP
,
5.70%,
4/1/2028
260,000
267,227
2.20%,
10/15/2030(d)
850,000
752,204
Public
Storage
Operating
Co.
,
4.38%,
7/1/2030
1,650,000
1,639,830
3,922,068
Specialty
Retail
0.1%
AutoNation,
Inc.
,
4.50%,
10/1/2025
675,000
674,178
Textiles,
Apparel
&
Luxury
Goods
0.3%
PVH
Corp.
,
5.50%,
6/13/2030
1,855,000
1,868,519
Ralph
Lauren
Corp.
,
5.00%,
6/15/2032
1,105,000
1,119,237
2,987,756
Tobacco
0.3%
BAT
Capital
Corp.
,
3.46%,
9/6/2029
1,010,000
968,409
Imperial
Brands
Finance
plc
,
4.50%,
6/30/2028(a)
1,460,000
1,456,889
Philip
Morris
International,
Inc.
,
5.38%,
2/15/2033(d)
250,000
256,561
2,681,859
Trading
Companies
&
Distributors
0.3%
Aircastle
Ltd.
,
2.85%,
1/26/2028(a)
885,000
844,540
6.50%,
7/18/2028(a)
155,000
161,938
Aviation
Capital
Group
LLC
,
5.13%,
4/10/2030(a)
885,000
891,293
GATX
Corp.
,
5.40%,
3/15/2027
325,000
328,599
Mitsubishi
Corp.
,
5.00%,
7/2/2029(a)
575,000
586,358
2,812,728
Water
Utilities
0.1%
Essential
Utilities,
Inc.
,
4.80%,
8/15/2027(d)
580,000
584,135
Wireless
Telecommunication
Services
0.2%
SoftBank
Corp.
,
4.70%,
7/9/2030(a)
1,380,000
1,375,996
Corporate
Bonds
Principal
Amount
($)
Value
($)
Wireless
Telecommunication
Services
T-Mobile
USA,
Inc.
,
3.30%,
2/15/2051(d)
500,000
331,722
1,707,718
Total
Corporate
Bonds
(cost
$346,263,170)
343,192,789
Foreign
Government
Security
0.2%
MEXICO
0.2%
United
Mexican
States
,
5.85%,
7/2/2032
1,740,000
1,750,440
Total
Foreign
Government
Security
(cost
$1,739,121)
1,750,440
Mortgage-Backed
Securities
18.3%
FHLMC
UMBS
Pool
Pool#
SD8199
2.00%,
3/1/2052
1,156,722
908,150
Pool#
SD8200
2.50%,
3/1/2052
1,822,058
1,499,579
Pool#
SD8205
2.50%,
4/1/2052
16,613,811
13,672,760
Pool#
QE0012
2.50%,
4/1/2052
1,559,472
1,282,674
Pool#
QE0764
3.00%,
4/1/2052
4,639,037
3,973,928
Pool#
QE2352
2.50%,
5/1/2052
1,201,889
985,406
Pool#
SD8219
2.50%,
6/1/2052
964,925
793,062
Pool#
QE4044
2.50%,
6/1/2052
547,824
450,056
Pool#
SD2088
3.50%,
6/1/2052
8,892,742
7,955,525
Pool#
SD2254
3.50%,
7/1/2052
843,463
758,614
Pool#
RA7672
4.50%,
7/1/2052
2,954,905
2,808,735
Pool#
SD8234
2.50%,
8/1/2052
5,079,557
4,167,901
Pool#
SD8237
4.00%,
8/1/2052
2,923,072
2,701,635
Pool#
SD8271
2.50%,
10/1/2052
867,237
711,611
Pool#
SD8255
3.50%,
10/1/2052
854,109
764,320
Pool#
QF1212
4.00%,
10/1/2052
3,844,623
3,552,435
Pool#
SD8288
5.00%,
1/1/2053
3,371,863
3,297,517
Pool#
SD8302
6.50%,
2/1/2053
300,213
310,862
Pool#
SD8309
6.00%,
3/1/2053
371,243
376,778
Pool#
SD2921
4.50%,
5/1/2053
469,298
448,460
38
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Loomis
Core
Bond
Fund
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FHLMC
UMBS
Pool
Pool#
SD6706
4.50%,
1/1/2054
5,647,786
5,365,155
Pool#
SD8409
6.00%,
3/1/2054
6,000,000
6,083,834
Pool#
SD8461
5.00%,
9/1/2054
1,917,868
1,869,045
Pool#
SD8491
5.00%,
12/1/2054
3,946,018
3,841,796
Pool#
QX2607
5.50%,
1/1/2055
2,891,690
2,890,445
Pool#
SL1788
5.50%,
6/1/2055
5,000,000
4,988,038
Pool#
SL1790
6.00%,
6/1/2055
3,000,000
3,093,420
FNMA
Pool
Pool#
BS6952
5.34%,
10/1/2032
1,141,502
1,184,931
Pool#
AN8477
3.40%,
2/1/2033
1,927,903
1,787,540
Pool#
AN9700
3.67%,
7/1/2033
5,000,000
4,694,199
Pool#
310240
3.50%,
11/1/2043
4,647,990
4,281,263
Pool#
BF0673
2.50%,
6/1/2062
2,931,250
2,298,295
FNMA
UMBS
Pool
Pool#
CA4488
2.50%,
7/1/2034
878,450
817,274
Pool#
FM1776
3.00%,
10/1/2034
255,902
246,554
Pool#
FS1360
3.00%,
4/1/2037
910,994
862,586
Pool#
BC0180
4.00%,
1/1/2046
584,409
549,655
Pool#
BC9003
3.00%,
11/1/2046
86,165
75,892
Pool#
AS8483
3.00%,
12/1/2046
68,062
59,642
Pool#
MA2863
3.00%,
1/1/2047
368,666
324,292
Pool#
BM2003
4.00%,
10/1/2047
349,184
328,090
Pool#
MA3209
3.00%,
12/1/2047
1,154,543
1,009,351
Pool#
MA3275
3.00%,
2/1/2048
1,012,251
883,748
Pool#
CA2208
4.50%,
8/1/2048
1,117,845
1,074,199
Pool#
CA2469
4.00%,
10/1/2048
83,010
77,840
Pool#
BN0906
4.00%,
11/1/2048
903,644
847,462
Pool#
CA3866
3.50%,
7/1/2049
1,533,600
1,386,135
Pool#
BP5783
3.00%,
5/1/2050
4,240,171
3,671,953
Pool#
MA4210
2.50%,
12/1/2050
816,801
674,516
Pool#
MA4491
1.50%,
12/1/2051
1,255,188
931,938
Pool#
MA4562
2.00%,
3/1/2052
1,905,126
1,495,729
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
FS2122
3.00%,
3/1/2052
1,182,174
1,015,866
Pool#
BU8944
3.00%,
4/1/2052
4,156,087
3,563,098
Pool#
CB3496
3.00%,
5/1/2052
4,917,690
4,217,091
Pool#
MA4623
2.50%,
6/1/2052
549,292
451,299
Pool#
BU8730
2.50%,
6/1/2052
317,263
261,031
Pool#
MA4624
3.00%,
6/1/2052
1,012,385
867,944
Pool#
FS5493
2.50%,
7/1/2052
3,693,726
3,033,673
Pool#
MA4652
2.50%,
7/1/2052
355,153
291,804
Pool#
MA4653
3.00%,
7/1/2052
4,704,801
4,033,061
Pool#
MA4743
2.50%,
8/1/2052
345,587
283,340
Pool#
FS3497
3.50%,
8/1/2052
4,521,144
4,053,128
Pool#
MA4732
4.00%,
9/1/2052
6,247,274
5,773,682
Pool#
MA4733
4.50%,
9/1/2052
1,621,027
1,540,524
Pool#
MA4782
3.50%,
10/1/2052
4,289,182
3,838,078
Pool#
MA4805
4.50%,
11/1/2052
1,336,326
1,270,059
Pool#
MA4980
6.00%,
4/1/2053
546,118
555,482
Pool#
DA1019
6.50%,
9/1/2053
96,037
99,535
Pool#
MA5248
6.50%,
1/1/2054
1,839,281
1,897,286
Pool#
CB8422
6.00%,
2/1/2054
1,846,271
1,873,067
Pool#
MA5273
6.50%,
2/1/2054
759,463
783,247
Pool#
MA5552
5.00%,
12/1/2054
2,000,000
1,947,176
FNMA/FHLMC
UMBS,
30
Year,
Single
Family
TBA
5.50%,
8/25/2055
2,300,000
2,287,823
GNMA
I
Pool
Pool#
442138
8.00%,
11/15/2026
2,175
2,181
Pool#
399109
7.50%,
2/15/2027
1,118
1,120
Pool#
445661
7.50%,
7/15/2027
930
934
Pool#
443887
7.50%,
8/15/2027
1,624
1,632
Pool#
455381
7.50%,
8/15/2027
332
334
Pool#
450591
7.50%,
8/15/2027
20
20
Pool#
446699
6.00%,
8/15/2028
2,459
2,488
Pool#
482748
6.00%,
9/15/2028
13,843
13,974
Nationwide
Loomis
Core
Bond
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
39
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
GNMA
I
Pool
Pool#
781029
6.50%,
5/15/2029
16,296
16,679
GNMA
II
Pool
Pool#
MA8043
3.00%,
5/20/2052
4,564,782
3,990,303
Pool#
MA8098
3.00%,
6/20/2052
4,322,005
3,778,086
Pool#
MA8099
3.50%,
6/20/2052
1,442,438
1,300,684
Pool#
MA8429
5.50%,
11/20/2052
580,589
584,442
Pool#
MA8647
5.00%,
2/20/2053
400,984
393,050
Pool#
MA8726
5.50%,
3/20/2053
1,822,085
1,826,456
Pool#
MA8727
6.00%,
3/20/2053
410,222
418,543
Pool#
MA8801
5.50%,
4/20/2053
2,440,453
2,448,468
Total
Mortgage-Backed
Securities
(cost
$174,590,582)
167,831,513
Municipal
Bonds
0.1%
District
of
Columbia
0.1
%
Metropolitan
Washington
Airports
Authority,
RB,
Series
D,
7.46%,
10/1/2046
600,000
703,324
Massachusetts
0.0
%
†
Massachusetts
Educational
Financing
Authority,
RB,
Series
A,
3.85%,
5/25/2033
141,594
139,721
Total
Municipal
Bonds
(cost
$834,906)
843,045
U.S.
Government
Agency
Security
0.5%
FHLB,
4.75%,
3/10/2034
4,400,000
4,449,173
Total
U.S.
Government
Agency
Security
(cost
$4,423,298)
4,449,173
U.S.
Treasury
Obligations
25.4%
U.S.
Treasury
Bonds
2.00%,
11/15/2041
13,365,000
9,112,737
2.38%,
2/15/2042
6,000,000
4,320,937
3.25%,
5/15/2042
3,500,000
2,864,668
3.38%,
8/15/2042
1,495,000
1,241,376
3.88%,
2/15/2043
3,670,000
3,249,814
3.88%,
5/15/2043
5,420,000
4,786,749
4.38%,
8/15/2043
10,030,000
9,454,450
4.75%,
11/15/2043
9,430,000
9,310,652
4.50%,
2/15/2044
3,795,000
3,625,114
4.63%,
5/15/2044
2,590,000
2,511,693
4.13%,
8/15/2044
3,895,000
3,526,801
4.63%,
11/15/2044
5,125,000
4,957,637
U.S.
Treasury
Obligations
Principal
Amount
($)
Value
($)
U.S.
Treasury
Bonds
4.75%,
2/15/2045
5,085,000
4,998,396
5.00%,
5/15/2045
14,000,000
14,205,625
2.25%,
8/15/2046
2,100,000
1,359,668
2.25%,
8/15/2049
9,000,000
5,568,750
2.25%,
2/15/2052
9,500,000
5,716,328
2.88%,
5/15/2052
1,750,000
1,213,516
4.25%,
8/15/2054
3,155,000
2,837,528
4.50%,
11/15/2054
4,230,000
3,968,269
4.63%,
2/15/2055
(d)
8,270,000
7,922,401
4.75%,
5/15/2055
11,710,000
11,453,844
U.S.
Treasury
Notes
3.88%,
5/31/2027
30,010,000
29,958,420
3.75%,
6/30/2027
6,490,000
6,465,663
4.88%,
10/31/2028
3,990,000
4,107,674
4.00%,
5/31/2030
2,275,000
2,280,510
4.38%,
1/31/2032
37,255,000
37,816,735
4.25%,
5/15/2035
34,490,000
34,188,212
Total
U.S.
Treasury
Obligations
(cost
$244,913,879)
233,024,167
Short-Term
Investments
2.0%
U.S.
Treasury
Obligations
2.0%
U.S.
Treasury
Bills
4.26%,
8/7/2025(d)
6,779,000
6,774,177
4.15%,
1/22/2026(d)
12,000,000
11,760,006
Total
U.S.
Treasury
Obligations
(cost
$18,538,937)
18,534,183
Total
Short-Term
Investments
(cost
$18,538,937)
18,534,183
Repurchase
Agreements
4.6%
CF
Secured,
LLC
4.34%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$6,746,111,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.00%,
maturing
8/31/2025
-
2/15/2053;
total
market
value
$6,881,034.
(g)
6,745,298
6,745,298
Santander
US
Capital
Markets
4.35%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$1,000,121,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.01%
-
5.45%,
maturing
5/25/2030
-
8/25/2055;
total
market
value
$1,020,124.
(g)
1,000,000
1,000,000
40
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Loomis
Core
Bond
Fund
Repurchase
Agreements
Principal
Amount
($)
Value
($)
Santander
US
Capital
Markets
4.36%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$18,002,180,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
0.01%
-
5.45%,
maturing
5/25/2030
-
8/25/2055;
total
market
value
$18,362,224.
(g)
18,000,000
18,000,000
Societe
Generale
4.35%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$17,002,054,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
1.63%
-
4.50%,
maturing
2/15/2038
-
2/15/2052;
total
market
value
$17,340,002.
(g)
17,000,000
17,000,000
Total
Repurchase
Agreements
(cost
$42,745,298)
42,745,298
Total
Investments
(cost
$976,679,371)
—
103.7%
953,506,049
Liabilities
in
excess
of
other
assets
—
(3.7)%
(34,333,943)
NET
ASSETS
—
100.0%
$
919,172,106
†
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,
2025
was
$204,580,102
which
represents
22.26%
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,
2025.
(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,
2025.
(d)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2025.
The
total
value
of
securities
on
loan
as
of
July
31,
2025
was
$60,396,906,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$42,745,298
and
by
$19,478,394
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.25%,
and
maturity
dates
ranging
from
8/31/2025
-
2/15/2055,
a
total
value
of
$62,223,692.
(e)
Variable
or
floating
rate
security,
linked
to
the
referenced
benchmark.
The
interest
rate
shown
was
the
current
rate
as
of
July
31,
2025.
(f)
Security
in
default.
(g)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2025
was
$42,745,298.
ACES
Alternative
Credit
Enhancement
Services
CLO
Collateralized
Loan
Obligations
FHLB
Federal
Home
Loan
Bank
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
GNMA
Government
National
Mortgage
Association
IO
Interest
only
RB
Revenue
Bond
REIT
Real
Estate
Investment
Trust
REMICS
Real
Estate
Mortgage
Investment
Conduits
SOFR
Secured
Overnight
Financing
Rate
TBA
To
Be
Announced;
Security
is
subject
to
delayed
delivery
UMBS
Uniform
Mortgage-Backed
Securities
Nationwide
Loomis
Core
Bond
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
41
Futures
contracts
outstanding
as
of
July
31,
2025:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
U.S.
Treasury
5
Year
Note
29
9/2025
USD
3,136,984
5,829
U.S.
Treasury
10
Year
Note
64
9/2025
USD
7,108,000
(66,112)
U.S.
Treasury
Long
Bond
104
9/2025
USD
11,875,500
219,587
U.S.
Treasury
Ultra
Bond
99
9/2025
USD
11,613,938
182,907
Total
long
contracts
342,211
Short
Contracts
U.S.
Treasury
10
Year
Ultra
Note
(57)
9/2025
USD
(6,445,453)
(42,627)
Total
short
contracts
(42,627)
Net
contracts
299,584
Currency:
USD
United
States
Dollar
42
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Loomis
Core
Bond
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Nationwide
Loomis
Core
Bond
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
43
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2025.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using
financial
futures
contracts.
(a)
Futures
Contracts  
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
managing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
managing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2025.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Asset-Backed
Securities
$
–
$
98,127,255
$
–
$
98,127,255
Collateralized
Mortgage
Obligations
–
10,481,268
–
10,481,268
Commercial
Mortgage-Backed
Securities
–
32,526,918
–
32,526,918
Corporate
Bonds
–
343,192,789
–
343,192,789
Foreign
Government
Security
–
1,750,440
–
1,750,440
Futures
Contracts
408,323
–
–
408,323
Mortgage-Backed
Securities
–
167,831,513
–
167,831,513
Municipal
Bonds
–
843,045
–
843,045
Repurchase
Agreements
–
42,745,298
–
42,745,298
Short-Term
Investments
–
18,534,183
–
18,534,183
U.S.
Government
Agency
Security
–
4,449,173
–
4,449,173
U.S.
Treasury
Obligations
–
233,024,167
–
233,024,167
Total
Assets
$
408,323
$
953,506,049
$
–
$
953,914,372
Liabilities:
Futures
Contracts
$
(108,739)
$
–
$
–
$
(108,739)
Total
Liabilities
$
(108,739)
$
–
$
–
$
(108,739)
Total
$
299,584
$
953,506,049
$
–
$
953,805,633
44
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Loomis
Core
Bond
Fund
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,
2025:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
July
31,
2025:
Assets:
Fair
Value
Futures
Contracts
Interest
rate
risk
Unrealized
appreciation
from
futures
contracts
$
408,323
Total
$
408,323
Liabilities:
Futures
Contracts
Interest
rate
risk
Unrealized
depreciation
from
futures
contracts
$
(108,739)
Total
$
(108,739)
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,
2025
(Unaudited)
-
Statement
of
Investments
-
45
Asset-Backed
Securities
24.5%
Principal
Amount
($)
Value
($)
Automobiles
16.6%
Ally
Auto
Receivables
Trust,
Series
2022-3,
Class
A3,
5.07%,
4/15/2027
33,805
33,838
American
Credit
Acceptance
Receivables
Trust
Series
2024-3,
Class
A,
5.76%,
11/12/2027(a)
27,645
27,680
Series
2023-4,
Class
B,
6.63%,
2/14/2028(a)
57,077
57,114
Series
2023-3,
Class
C,
6.44%,
10/12/2029(a)
274,050
275,833
Series
2025-2,
Class
C,
5.11%,
3/12/2031(a)
80,000
80,347
AmeriCredit
Automobile
Receivables
Trust
Series
2021-3,
Class
C,
1.41%,
8/18/2027
265,000
260,881
Series
2022-2,
Class
A3,
4.38%,
4/18/2028
9,063
9,062
Series
2024-1,
Class
A3,
5.43%,
1/18/2029
305,000
307,352
ARI
Fleet
Lease
Trust,
Series
2024-A,
Class
A2,
5.30%,
11/15/2032(a)
62,216
62,459
AutoNation
Finance
Trust,
Series
2025-1A,
Class
A2,
4.72%,
4/10/2028(a)
120,000
120,108
Avis
Budget
Rental
Car
Funding
AESOP
LLC,
Series
2025-1A,
Class
A,
4.80%,
8/20/2029(a)
100,000
100,528
BMW
Vehicle
Lease
Trust,
Series
2025-1,
Class
A3,
4.43%,
6/26/2028
85,000
85,169
BMW
Vehicle
Owner
Trust,
Series
2023-A,
Class
A3,
5.47%,
2/25/2028
100,625
101,203
BofA
Auto
Trust,
Series
2025-1A,
Class
A3,
4.35%,
11/20/2029(a)
80,000
80,106
Bridgecrest
Lending
Auto
Securitization
Trust
Series
2023-1,
Class
A3,
6.51%,
11/15/2027
64,717
64,843
Series
2024-2,
Class
A3,
5.84%,
6/15/2028
248,511
249,594
Series
2024-3,
Class
B,
5.37%,
10/16/2028
45,000
45,235
Series
2025-2,
Class
A3,
4.78%,
12/15/2028
45,000
45,039
CarMax
Auto
Owner
Trust
Series
2023-2,
Class
A3,
5.05%,
1/18/2028
381,245
382,429
Series
2025-2,
Class
A2A,
4.59%,
7/17/2028
135,000
135,278
CarMax
Select
Receivables
Trust,
Series
2025-A,
Class
A3,
4.77%,
9/17/2029
235,000
235,844
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Automobiles
Carvana
Auto
Receivables
Trust
Series
2023-P1,
Class
A3,
5.98%,
12/10/2027(a)
9,222
9,256
Series
2024-P2,
Class
A3,
5.33%,
7/10/2029
155,000
156,202
Series
2024-P4,
Class
A3,
4.64%,
1/10/2030
75,000
75,113
Series
2025-P2,
Class
A3,
4.55%,
8/12/2030
135,000
135,371
Chase
Auto
Owner
Trust
Series
2024-3A,
Class
A3,
5.22%,
7/25/2029(a)
315,000
318,116
Series
2024-5A,
Class
A3,
4.18%,
8/27/2029(a)
145,000
144,425
Chesapeake
Funding
II
LLC
Series
2023-1A,
Class
A1,
5.65%,
5/15/2035(a)
167,131
168,004
Series
2024-1A,
Class
A1,
5.52%,
5/15/2036(a)
98,419
99,340
Citizens
Auto
Receivables
Trust,
Series
2024-1,
Class
A3,
5.11%,
4/17/2028(a)
120,000
120,481
Credit
Acceptance
Auto
Loan
Trust
Series
2023-2A,
Class
B,
6.61%,
7/15/2033(a)
130,000
131,558
Series
2024-3A,
Class
A,
4.68%,
9/15/2034(a)
240,000
240,005
Series
2025-1A,
Class
A,
5.02%,
3/15/2035(a)
140,000
140,921
Drive
Auto
Receivables
Trust,
Series
2024-2,
Class
B,
4.52%,
7/16/2029
135,000
134,745
DT
Auto
Owner
Trust,
Series
2023-2A,
Class
B,
5.41%,
2/15/2029(a)
76,818
76,850
Enterprise
Fleet
Financing
LLC
Series
2025-1,
Class
A2,
4.65%,
10/20/2027(a)
60,000
60,070
Series
2025-3,
Class
A2,
4.50%,
4/20/2028(a)
115,000
115,106
Series
2024-2,
Class
A3,
5.61%,
4/20/2028(a)
165,000
167,541
Series
2022-3,
Class
A2,
4.38%,
7/20/2029(a)
20,207
20,183
Series
2024-1,
Class
A2,
5.23%,
3/20/2030(a)
143,759
144,616
Exeter
Automobile
Receivables
Trust
Series
2025-2A,
Class
A3,
4.74%,
1/16/2029
195,000
195,376
Series
2024-4A,
Class
C,
5.48%,
8/15/2030
65,000
65,477
Exeter
Select
Automobile
Receivables
Trust,
Series
2025-1,
Class
A2,
4.83%,
10/16/2028
55,000
54,995
46
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Loomis
Short
Term
Bond
Fund
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Automobiles
Fifth
Third
Auto
Trust,
Series
2023-1,
Class
A3,
5.53%,
8/15/2028
375,275
377,914
First
Investors
Auto
Owner
Trust,
Series
2022-
1A,
Class
C,
3.13%,
5/15/2028(a)
332,101
329,985
Flagship
Credit
Auto
Trust,
Series
2023-1,
Class
A3,
5.01%,
8/16/2027(a)
71,413
71,411
Ford
Credit
Auto
Lease
Trust,
Series
2025-A,
Class
A3,
4.72%,
6/15/2028
145,000
145,686
GECU
Auto
Receivables
Trust,
Series
2023-
1A,
Class
A3,
5.63%,
8/15/2028(a)
305,793
307,263
GLS
Auto
Receivables
Issuer
Trust
Series
2024-1A,
Class
A3,
5.40%,
9/15/2027(a)
53,932
53,973
Series
2024-4A,
Class
A3,
4.75%,
7/17/2028(a)
45,000
45,039
Series
2024-3A,
Class
B,
5.08%,
1/16/2029(a)
135,000
135,478
Series
2025-2A,
Class
C,
5.11%,
1/15/2031(a)
50,000
50,279
GLS
Auto
Select
Receivables
Trust
Series
2024-3A,
Class
A2,
5.59%,
10/15/2029(a)
188,683
190,132
Series
2024-4A,
Class
A2,
4.43%,
12/17/2029(a)
81,110
80,918
Series
2025-1A,
Class
A2,
4.71%,
4/15/2030(a)
142,663
142,697
Series
2024-2A,
Class
A2,
5.58%,
6/17/2030(a)
57,440
57,885
Series
2025-3A,
Class
A2,
4.46%,
10/15/2030(a)
75,000
74,923
GM
Financial
Automobile
Leasing
Trust
Series
2024-3,
Class
A3,
4.21%,
10/20/2027
125,000
124,726
Series
2025-1,
Class
A3,
4.66%,
2/21/2028
185,000
185,772
Harley-Davidson
Motorcycle
Trust
Series
2024-A,
Class
A3,
5.37%,
3/15/2029
335,000
338,007
Series
2023-B,
Class
A4,
5.78%,
4/15/2031
170,000
173,562
Hertz
Vehicle
Financing
III
LLC
Series
2023-3A,
Class
A,
5.94%,
2/25/2028(a)
295,000
299,141
Series
2024-1A,
Class
A,
5.44%,
1/25/2029(a)
130,000
131,519
Honda
Auto
Receivables
Owner
Trust,
Series
2023-3,
Class
A3,
5.41%,
2/18/2028
346,706
348,758
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Automobiles
Huntington
Auto
Trust,
Series
2024-1A,
Class
A3,
5.23%,
1/16/2029(a)
220,000
221,538
Hyundai
Auto
Receivables
Trust,
Series
2025-B,
Class
A3,
4.36%,
12/17/2029
110,000
110,263
LAD
Auto
Receivables
Trust
Series
2024-1A,
Class
A3,
5.23%,
1/18/2028(a)
112,536
112,730
Series
2024-2A,
Class
A3,
5.61%,
8/15/2028(a)
185,000
186,100
Series
2023-4A,
Class
B,
6.39%,
10/16/2028(a)
90,000
91,785
Series
2024-3A,
Class
A3,
4.52%,
3/15/2029(a)
85,000
84,981
Series
2025-1A,
Class
A3,
4.69%,
7/16/2029(a)
150,000
150,517
Merchants
Fleet
Funding
LLC,
Series
2023-1A,
Class
A,
7.21%,
5/20/2036(a)
280,875
282,738
NextGear
Floorplan
Master
Owner
Trust,
Series
2024-
1A,
Class
A2,
5.12%,
3/15/2029(a)
210,000
212,147
Nissan
Auto
Lease
Trust,
Series
2023-B,
Class
A3,
5.69%,
7/15/2026
42,038
42,063
Octane
Receivables
Trust,
Series
2024-2A,
Class
A2,
5.80%,
7/20/2032(a)
233,101
234,870
PenFed
Auto
Receivables
Owner
Trust
Series
2022-A,
Class
A4,
4.18%,
12/15/2028(a)
48,897
48,843
Series
2024-A,
Class
A3,
4.70%,
6/15/2029(a)
125,000
125,254
Prestige
Auto
Receivables
Trust
Series
2025-1A,
Class
A2,
4.87%,
12/15/2027(a)
135,000
135,032
Series
2021-1A,
Class
C,
1.53%,
2/15/2028(a)
45,804
45,578
Series
2023-1A,
Class
C,
5.65%,
2/15/2028(a)
500,000
500,994
Santander
Drive
Auto
Receivables
Trust
Series
2024-3,
Class
A3,
5.63%,
1/16/2029
285,000
286,312
Series
2023-5,
Class
B,
6.16%,
12/17/2029
460,000
467,311
Series
2023-1,
Class
C,
5.09%,
5/15/2030
115,000
115,410
Series
2023-3,
Class
C,
5.77%,
11/15/2030
135,000
137,174
SBNA
Auto
Lease
Trust
Series
2024-A,
Class
A3,
5.39%,
11/20/2026(a)
113,665
113,883
Series
2024-B,
Class
A3,
5.56%,
11/22/2027(a)
155,000
155,786
Series
2024-C,
Class
A3,
4.56%,
2/22/2028(a)
70,000
70,019
Nationwide
Loomis
Short
Term
Bond
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
47
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Automobiles
SBNA
Auto
Receivables
Trust,
Series
2024-A,
Class
A3,
5.32%,
12/15/2028(a)
50,265
50,413
SFS
Auto
Receivables
Securitization
Trust
Series
2023-1A,
Class
A3,
5.47%,
10/20/2028(a)
441,616
444,011
Series
2024-3A,
Class
A3,
4.55%,
6/20/2030(a)
95,000
95,227
Series
2025-1A,
Class
A3,
4.75%,
7/22/2030(a)
95,000
95,533
Series
2025-2A,
Class
A3,
4.44%,
12/20/2030(a)
155,000
155,474
Toyota
Auto
Receivables
Owner
Trust
Series
2023-C,
Class
A3,
5.16%,
4/17/2028
136,864
137,495
Series
2024-D,
Class
A3,
4.40%,
6/15/2029
100,000
100,074
Toyota
Lease
Owner
Trust,
Series
2024-B,
Class
A3,
4.21%,
9/20/2027(a)
300,000
299,491
USB
Auto
Owner
Trust,
Series
2025-1A,
Class
A3,
4.49%,
6/17/2030(a)
45,000
44,995
Volkswagen
Auto
Loan
Enhanced
Trust,
Series
2024-1,
Class
A2A,
4.65%,
11/22/2027
280,550
280,791
VStrong
Auto
Receivables
Trust
Series
2023-A,
Class
A3,
6.87%,
11/15/2027(a)
265,417
265,749
Series
2024-A,
Class
B,
5.77%,
7/15/2030(a)
40,000
40,462
Westlake
Automobile
Receivables
Trust
Series
2024-2A,
Class
A3,
5.56%,
2/15/2028(a)
165,000
166,190
Series
2024-3A,
Class
A3,
4.71%,
4/17/2028(a)
170,000
170,313
Series
2023-3A,
Class
C,
6.02%,
9/15/2028(a)
560,000
566,906
Series
2025-2A,
Class
A3,
4.51%,
5/15/2029(a)
25,000
25,020
Wheels
Fleet
Lease
Funding
1
LLC
Series
2023-1A,
Class
A,
5.80%,
4/18/2038(a)
317,576
319,317
Series
2024-1A,
Class
A1,
5.49%,
2/18/2039(a)
175,955
177,394
World
Omni
Auto
Receivables
Trust,
Series
2024-C,
Class
A3,
4.43%,
12/17/2029
180,000
180,222
World
Omni
Select
Auto
Trust,
Series
2024-A,
Class
A3,
4.98%,
2/15/2030
110,000
110,346
16,855,512
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Consumer
Finance
0.0%
†
Bridgecrest
Lending
Auto
Securitization
Trust,
Series
2025-3,
Class
A3,
4.83%,
1/15/2029
35,000
34,987
Credit
Card
1.5%
Brex
Commercial
Charge
Card
Master
Trust,
Series
2024-1,
Class
A1,
6.05%,
7/15/2027(a)
610,000
613,745
Citibank
Credit
Card
Issuance
Trust,
Series
2025-A1,
Class
A,
4.30%,
6/21/2030
415,000
415,297
Mercury
Financial
Credit
Card
Master
Trust,
Series
2024-2A,
Class
A,
6.56%,
7/20/2029(a)
145,000
145,930
Mission
Lane
Credit
Card
Master
Trust,
Series
2024-B,
Class
A,
5.88%,
1/15/2030(a)
105,000
105,544
Synchrony
Card
Funding
LLC,
Series
2023-A1,
Class
A,
5.54%,
7/15/2029
125,000
126,246
World
Financial
Network
Credit
Card
Master
Trust,
Series
2024-A,
Class
A,
5.47%,
2/15/2031
65,000
66,113
1,472,875
Equipment
Loans
&
Leases
2.3%
Auxilior
Term
Funding
LLC,
Series
2023-1A,
Class
A2,
6.18%,
12/15/2028(a)
46,520
46,816
CCG
Receivables
Trust,
Series
2023-1,
Class
A2,
5.82%,
9/16/2030(a)
64,007
64,289
Crockett
Partners
Equipment
Co.
IIA
LLC,
Series
2024-
1C,
Class
A,
6.05%,
1/20/2031(a)
187,957
189,016
DLLMT
LLC,
Series
2023-
1A,
Class
A3,
5.34%,
3/22/2027(a)
592,581
594,636
GreatAmerica
Leasing
Receivables
Funding
LLC,
Series
2023-1,
Class
A3,
5.15%,
7/15/2027(a)
740,000
743,050
John
Deere
Owner
Trust,
Series
2023-A,
Class
A3,
5.01%,
11/15/2027
96,758
96,984
M&T
Equipment
Notes,
Series
2023-1A,
Class
A3,
5.74%,
7/15/2030(a)
232,728
233,967
OWN
Equipment
Fund
I
LLC,
Series
2024-2M,
Class
A,
5.70%,
12/20/2032(a)
98,399
99,236
SCF
Equipment
Leasing
LLC
Series
2022-1A,
Class
A3,
2.92%,
7/20/2029(a)
51,107
50,985
48
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Loomis
Short
Term
Bond
Fund
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Equipment
Loans
&
Leases
Series
2024-1A,
Class
A2,
5.88%,
11/20/2029(a)
74,420
74,796
Ziply
Fiber
Issuer
LLC,
Series
2024-1A,
Class
A2,
6.64%,
4/20/2054(a)
170,000
173,831
2,367,606
Other
3.8%
ACHV
ABS
TRUST
Series
2024-1PL,
Class
A,
5.90%,
4/25/2031(a)
25,932
26,126
Series
2024-2PL,
Class
A,
5.07%,
10/27/2031(a)
42,049
42,125
Affirm
Asset
Securitization
Trust
Series
2023-B,
Class
A,
6.82%,
9/15/2028(a)
245,000
245,466
Series
2024-A,
Class
1A,
5.61%,
2/15/2029(a)
545,000
546,858
Series
2024-X1,
Class
A,
6.27%,
5/15/2029(a)
3,058
3,059
Aqua
Finance
Trust,
Series
2021-A,
Class
A,
1.54%,
7/17/2046(a)
75,232
69,002
BHG
Securitization
Trust
Series
2024-1CON,
Class
A,
5.81%,
4/17/2035(a)
48,319
49,321
Series
2023-B,
Class
A,
6.92%,
12/17/2036(a)
107,745
111,308
CyrusOne
Data
Centers
Issuer
I
LLC,
Series
2025-
1A,
Class
A2,
5.91%,
2/20/2050(a)
105,000
107,022
GreenSky
Home
Improvement
Issuer
Trust,
Series
2024-2,
Class
A2,
5.25%,
10/27/2059(a)
151,849
152,058
Hilton
Grand
Vacations
Trust
Series
2023-1A,
Class
A,
5.72%,
1/25/2038(a)
89,806
91,193
Series
2024-1B,
Class
A,
5.75%,
9/15/2039(a)
100,573
101,728
MVW
LLC,
Series
2024-
1A,
Class
A,
5.32%,
2/20/2043(a)
85,207
86,379
New
Economy
Assets
Phase
1
Sponsor
LLC,
Series
2021-1,
Class
A1,
1.91%,
10/20/2061(a)
450,000
369,113
OneMain
Financial
Issuance
Trust,
Series
2022-
S1,
Class
A,
4.13%,
5/14/2035(a)
305,428
304,372
Reach
ABS
Trust,
Series
2024-2A,
Class
A,
5.88%,
7/15/2031(a)
52,042
52,262
Regional
Management
Issuance
Trust,
Series
2024-1,
Class
A,
5.83%,
7/15/2036(a)
120,000
122,108
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Other
Republic
Finance
Issuance
Trust,
Series
2024-A,
Class
A,
5.91%,
8/20/2032(a)
100,000
101,136
Sierra
Timeshare
Receivables
Funding
LLC,
Series
2024-2A,
Class
A,
5.14%,
6/20/2041(a)
179,637
180,597
SoFi
Consumer
Loan
Program
Trust
Series
2025-1,
Class
A,
4.80%,
2/27/2034(a)
111,392
111,491
Series
2025-2,
Class
A,
4.82%,
6/25/2034(a)
115,000
114,998
Trafigura
Securitisation
Finance
plc,
Series
2024-
1A,
Class
A2,
5.98%,
11/15/2027(a)
265,000
268,371
Verizon
Master
Trust
Series
2024-4,
Class
A1A,
5.21%,
6/20/2029
575,000
578,656
Series
2024-8,
Class
A1A,
4.62%,
11/20/2030
25,000
25,198
3,859,947
Student
Loan
0.3%
Navient
Private
Education
Refi
Loan
Trust
Series
2021-A,
Class
A,
0.84%,
5/15/2069(a)
61,602
56,047
Series
2020-GA,
Class
A,
1.17%,
9/16/2069(a)
20,671
19,179
Series
2021-CA,
Class
A,
1.06%,
10/15/2069(a)
206,003
186,565
261,791
Total
Asset-Backed
Securities
(cost
$24,829,757)
24,852,718
Collateralized
Mortgage
Obligations
0.2%
FHLMC
REMIC,
Series
3721,
Class
PE,
3.50%,
9/15/2040
30,068
29,276
FNMA
REMIC
Series
2012-100,
Class
WA,
1.50%,
9/25/2027
26,460
25,749
Series
2012-93,
Class
DP,
1.50%,
9/25/2027
18,936
18,440
GNMA
REMIC
Series
2011-39,
Class
NE,
3.50%,
9/16/2039
26,863
26,093
Series
2010-H22,
Class
FE,
4.79%,
5/20/2059(b)
6,085
6,059
Series
2011-H11,
Class
FA,
4.94%,
3/20/2061(b)
33,506
33,560
Series
2012-H18,
Class
NA,
4.96%,
8/20/2062(b)
12,301
12,318
Series
2016-H13,
Class
FT,
5.02%,
5/20/2066(b)
1,685
1,691
Series
2017-H25,
Class
FD,
4.59%,
12/20/2067(b)
13,209
13,066
Nationwide
Loomis
Short
Term
Bond
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
49
Collateralized
Mortgage
Obligations
Principal
Amount
($)
Value
($)
Series
2019-H01,
Class
FT,
4.84%,
10/20/2068(b)
18,514
18,490
Series
2019-H13,
Class
FT,
4.59%,
8/20/2069(b)
30,758
30,763
Total
Collateralized
Mortgage
Obligations
(cost
$220,489)
215,505
Commercial
Mortgage-Backed
Securities
6.1%
ALA
Trust,
Series
2025-
OANA,
Class
A,
6.08%,
6/15/2040(a)(b)
60,000
60,337
AOA
Mortgage
Trust,
Series
2021-1177,
Class
A,
5.33%,
10/15/2038(a)(b)
430,000
422,042
BANK5
Series
2023-5YR3,
Class
A3,
6.72%,
9/15/2056(b)
175,000
184,527
Series
2023-5YR4,
Class
A3,
6.50%,
12/15/2056
60,593
63,524
BBCMS
Mortgage
Trust,
Series
2020-BID,
Class
A,
6.60%,
10/15/2037(a)(b)
425,000
424,867
Benchmark
Mortgage
Trust,
Series
2023-V2,
Class
A3,
5.81%,
5/15/2055(b)
320,000
328,807
BPR
Trust
Series
2021-NRD,
Class
A,
5.87%,
12/15/2038(a)(b)
350,000
347,410
Series
2022-SSP,
Class
A,
7.34%,
5/15/2039(a)(b)
300,000
299,813
BX
Trust
Series
2024-VLT4,
Class
A,
5.83%,
7/15/2029(a)(b)
100,000
100,063
Series
2025-VLT7,
Class
A,
6.00%,
7/15/2044(a)(b)
360,000
361,237
CFCRE
Commercial
Mortgage
Trust
REMICS,
Series
2016-C7,
Class
A3,
3.84%,
12/10/2054
340,000
334,003
Citigroup
Commercial
Mortgage
Trust,
Series
2021-PRM2,
Class
A,
5.41%,
10/15/2038(a)(b)
245,000
244,081
CSMC
OA
LLC,
Series
2014-
USA,
Class
A2,
3.95%,
9/15/2037(a)
395,000
361,425
DC
Commercial
Mortgage
Trust,
Series
2023-
DC,
Class
A,
6.31%,
9/12/2040(a)
140,000
145,702
DROP
Mortgage
Trust,
Series
2021-FILE,
Class
A,
5.61%,
10/15/2043(a)(b)
315,000
304,763
FHLMC
Multifamily
Structured
Pass-Through
Certificates
REMIC,
Series
K531,
Class
AS,
4.85%,
9/25/2029(b)
619,724
620,172
Commercial
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
GS
Mortgage
Securities
Corp.
Trust
Series
2013-PEMB,
Class
A,
3.55%,
3/5/2033(a)(b)
100,000
87,000
Series
2012-BWTR,
Class
A,
2.95%,
11/5/2034(a)
336,604
292,328
Series
2023-SHIP,
Class
A,
4.32%,
9/10/2038(a)(b)
215,000
213,636
Hudsons
Bay
Simon
JV
Trust,
Series
2015-HB7,
Class
A7,
3.91%,
8/5/2034(a)
15,812
15,796
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2025-BMS,
Class
A,
5.94%,
1/15/2042(a)(b)
100,000
99,563
MSBAM
Commercial
Mortgage
Securities
Trust,
Series
2012-CKSV,
Class
A2,
3.28%,
10/15/2030(a)
379,841
359,899
SCOTT
Trust,
Series
2023-
SFS,
Class
A,
5.91%,
3/10/2040(a)
230,000
235,149
Starwood
Retail
Property
Trust,
Series
2014-
STAR,
Class
A,
7.50%,
11/15/2027(a)(b)
290,692
175,665
TCO
Commercial
Mortgage
Trust,
Series
2024-
DPM,
Class
A,
5.58%,
12/15/2039(a)(b)
100,000
100,094
Total
Commercial
Mortgage-Backed
Securities
(cost
$6,388,350)
6,181,903
Corporate
Bonds
49.1%
Aerospace
&
Defense
0.8%
Boeing
Co.
(The)
,
6.30%,
5/1/2029
195,000
205,876
General
Electric
Co.
,
4.30%,
7/29/2030
75,000
74,642
Lockheed
Martin
Corp.
,
4.15%,
8/15/2028
505,000
503,705
784,223
Automobiles
1.6%
General
Motors
Co.
,
5.63%,
4/15/2030(c)
245,000
251,316
Honda
Motor
Co.
Ltd.
,
4.44%,
7/8/2028
520,000
519,100
Hyundai
Capital
America
,
4.88%,
11/1/2027(a)
70,000
70,181
5.15%,
3/27/2030(a)(c)
175,000
176,990
Mercedes-Benz
Finance
North
America
LLC
,
4.65%,
4/1/2027(a)
215,000
215,494
Nissan
Motor
Acceptance
Co.
LLC
,
5.30%,
9/13/2027(a)
185,000
183,612
50
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Loomis
Short
Term
Bond
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Automobiles
Stellantis
Finance
US,
Inc.
,
5.75%,
3/18/2030(a)
255,000
255,491
1,672,184
Banks
12.8%
ABN
AMRO
Bank
NV
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.65%),
6.34%,
9/18/2027(a)(d)
200,000
203,638
Bank
of
Ireland
Group
plc
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.65%),
6.25%,
9/16/2026(a)(d)
200,000
200,352
Bank
of
Montreal
,
(United
States
SOFR
Compounded
Index
+
0.67%),
5.00%,
1/27/2029(d)
95,000
96,276
Banque
Federative
du
Credit
Mutuel
SA
,
5.19%,
2/16/2028(a)
380,000
386,537
BNP
Paribas
SA
,
(SOFR
+
1.45%),
4.79%,
5/9/2029(a)(d)
455,000
456,685
CaixaBank
SA
,
(SOFR
+
1.14%),
4.63%,
7/3/2029(a)(d)
520,000
519,205
Canadian
Imperial
Bank
of
Commerce
,
5.24%,
6/28/2027
190,000
192,863
(SOFR
+
1.03%),
4.86%,
3/30/2029(d)
235,000
236,886
Citibank
NA
,
(SOFR
+
0.71%),
4.88%,
11/19/2027(d)
490,000
492,001
Citigroup,
Inc.
,
(SOFR
+
1.14%),
4.64%,
5/7/2028(d)
320,000
320,325
Citizens
Financial
Group,
Inc.
,
(SOFR
+
1.26%),
5.25%,
3/5/2031(d)
100,000
101,287
Danske
Bank
A/S
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.18%),
6.26%,
9/22/2026(a)(d)
330,000
330,583
Fifth
Third
Bank
NA
,
(SOFR
+
0.81%),
4.97%,
1/28/2028(d)
250,000
251,506
HSBC
Holdings
plc
,
(SOFR
+
1.04%),
5.13%,
11/19/2028(d)
350,000
353,680
Huntington
Bancshares,
Inc.
,
(SOFR
+
2.02%),
6.21%,
8/21/2029(d)
185,000
193,553
Huntington
National
Bank
(The)
,
(SOFR
+
0.72%),
4.87%,
4/12/2028(c)(d)
255,000
256,301
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
Intesa
Sanpaolo
SpA
,
7.00%,
11/21/2025(a)
280,000
281,730
JPMorgan
Chase
&
Co.
,
(SOFR
+
0.86%),
4.51%,
10/22/2028(d)
235,000
235,276
(SOFR
+
1.01%),
5.14%,
1/24/2031(d)
215,000
219,724
M&T
Bank
Corp.
,
(SOFR
+
1.40%),
5.18%,
7/8/2031(d)
95,000
96,087
Mizuho
Financial
Group,
Inc.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.92%),
4.71%,
7/8/2031(d)
370,000
369,210
Morgan
Stanley
Bank
NA
,
(SOFR
+
0.87%),
5.50%,
5/26/2028(d)
400,000
407,166
Morgan
Stanley
Private
Bank
NA
,
(SOFR
+
1.08%),
4.73%,
7/18/2031(d)
250,000
251,127
National
Australia
Bank
Ltd.
,
4.31%,
6/13/2028
325,000
325,749
National
Bank
of
Canada
,
(SOFR
+
1.04%),
5.60%,
7/2/2027(d)
435,000
438,627
NatWest
Markets
plc
,
4.79%,
3/21/2028(a)
205,000
206,772
PNC
Bank
NA
,
(SOFR
+
0.73%),
4.43%,
7/21/2028(d)
445,000
444,920
Royal
Bank
of
Canada
,
(United
States
SOFR
Compounded
Index
+
0.86%),
4.52%,
10/18/2028(c)(d)
235,000
235,081
(SOFR
+
0.89%),
0.00%,
8/6/2029(d)
465,000
465,305
Societe
Generale
SA
,
5.25%,
2/19/2027(a)
405,000
408,031
Standard
Chartered
plc
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.35%),
5.24%,
5/13/2031(a)(d)
215,000
218,317
Sumitomo
Mitsui
Financial
Group,
Inc.
,
(SOFR
+
1.19%),
4.66%,
7/8/2031(d)
355,000
354,878
Svenska
Handelsbanken
AB
,
5.13%,
5/28/2027(a)
310,000
314,469
4.38%,
5/23/2028(a)
330,000
331,266
Swedbank
AB
,
6.14%,
9/12/2026(a)
285,000
289,940
Toronto-Dominion
Bank
(The)
,
4.57%,
6/2/2028
400,000
401,641
Truist
Bank
,
(SOFR
+
0.77%),
4.42%,
7/24/2028(d)
435,000
434,370
Nationwide
Loomis
Short
Term
Bond
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
51
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
UniCredit
SpA
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.30%),
2.57%,
9/22/2026(a)(d)
455,000
453,374
US
Bank
NA
,
(SOFR
+
0.69%),
4.51%,
10/22/2027(d)
495,000
494,790
Wells
Fargo
&
Co.
,
(SOFR
+
1.07%),
5.71%,
4/22/2028(d)
190,000
193,705
(SOFR
+
1.50%),
5.15%,
4/23/2031(d)
225,000
229,599
Westpac
New
Zealand
Ltd.
,
5.13%,
2/26/2027(a)(c)
305,000
308,317
13,001,149
Beverages
0.4%
Bacardi-Martini
BV
,
5.55%,
2/1/2030(a)(c)
280,000
287,603
PepsiCo,
Inc.
,
4.30%,
7/23/2030
165,000
164,225
451,828
Biotechnology
0.3%
AbbVie,
Inc.
,
4.65%,
3/15/2028(c)
335,000
338,063
Broadline
Retail
0.4%
Prosus
NV
,
3.26%,
1/19/2027(a)
370,000
361,721
Capital
Markets
4.1%
Antares
Holdings
LP
,
3.75%,
7/15/2027(a)
390,000
374,450
Apollo
Debt
Solutions
BDC
,
5.88%,
8/30/2030(a)
70,000
70,084
6.55%,
3/15/2032(a)
90,000
92,300
Ares
Capital
Corp.
,
5.80%,
3/8/2032
95,000
94,839
Ares
Strategic
Income
Fund
,
5.70%,
3/15/2028
95,000
95,499
Bain
Capital
Specialty
Finance,
Inc.
,
5.95%,
3/15/2030
60,000
59,646
BGC
Group,
Inc.
,
6.15%,
4/2/2030(a)
50,000
50,588
Blue
Owl
Capital
Corp.
II
,
8.45%,
11/15/2026
95,000
98,344
Blue
Owl
Credit
Income
Corp.
,
6.60%,
9/15/2029
5,000
5,142
Blue
Owl
Technology
Finance
Corp.
,
6.75%,
4/4/2029(c)
110,000
112,649
Cantor
Fitzgerald
LP
,
7.20%,
12/12/2028(a)
110,000
116,848
Deutsche
Bank
AG
,
(SOFR
+
1.21%),
5.37%,
1/10/2029(d)
345,000
350,747
FS
KKR
Capital
Corp.
,
6.13%,
1/15/2030(c)
95,000
95,328
Corporate
Bonds
Principal
Amount
($)
Value
($)
Capital
Markets
Goldman
Sachs
Bank
USA
,
(SOFR
+
0.75%),
5.41%,
5/21/2027(d)
365,000
367,142
Golub
Capital
BDC,
Inc.
,
2.50%,
8/24/2026
95,000
92,521
Golub
Capital
Private
Credit
Fund
,
5.45%,
8/15/2028(a)
35,000
34,866
Hercules
Capital,
Inc.
,
3.38%,
1/20/2027
95,000
92,318
6.00%,
6/16/2030
35,000
35,002
HPS
Corporate
Lending
Fund
,
5.45%,
1/14/2028
95,000
95,203
6.25%,
9/30/2029
45,000
45,997
Jefferies
Financial
Group,
Inc.
,
5.88%,
7/21/2028(c)
115,000
118,978
Lehman
Brothers
Holdings,
Inc.
,
5.63%,
1/24/2013(e)
500,000
300
Main
Street
Capital
Corp.
,
3.00%,
7/14/2026
130,000
127,553
6.50%,
6/4/2027
20,000
20,404
Marex
Group
plc
,
5.83%,
5/8/2028
100,000
101,046
6.40%,
11/4/2029
110,000
112,803
Morgan
Stanley
,
(SOFR
+
1.11%),
5.23%,
1/15/2031(d)
195,000
199,752
(SOFR
+
1.51%),
5.19%,
4/17/2031(d)
105,000
107,258
Morgan
Stanley
Direct
Lending
Fund
,
6.00%,
5/19/2030
60,000
60,368
MSD
Investment
Corp.
,
6.25%,
5/31/2030(a)
45,000
44,977
New
Mountain
Finance
Corp.
,
6.20%,
10/15/2027
40,000
40,490
6.88%,
2/1/2029
60,000
61,435
Oaktree
Strategic
Credit
Fund
,
6.19%,
7/15/2030(a)
35,000
35,198
Sixth
Street
Lending
Partners
,
6.50%,
3/11/2029
140,000
144,287
UBS
AG
,
5.00%,
7/9/2027
350,000
354,172
USAA
Capital
Corp.
,
4.38%,
6/1/2028(a)
250,000
250,511
4,159,045
Chemicals
1.2%
Celanese
US
Holdings
LLC
,
6.67%,
7/15/2027(f)
58,000
59,440
Eastman
Chemical
Co.
,
5.00%,
8/1/2029
80,000
80,900
Methanex
US
Operations,
Inc.
,
6.25%,
3/15/2032(a)(c)
115,000
113,993
Orbia
Advance
Corp.
SAB
de
CV
,
6.80%,
5/13/2030(a)
200,000
203,975
Sherwin-Williams
Co.
(The)
,
4.30%,
8/15/2028
505,000
504,028
52
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Loomis
Short
Term
Bond
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Chemicals
Syensqo
Finance
America
LLC
,
5.65%,
6/4/2029(a)
200,000
205,933
1,168,269
Commercial
Services
&
Supplies
0.5%
Element
Fleet
Management
Corp.
,
5.64%,
3/13/2027(a)
345,000
349,800
5.04%,
3/25/2030(a)
110,000
110,947
460,747
Consumer
Finance
2.8%
AerCap
Ireland
Capital
DAC
,
4.88%,
4/1/2028(c)
330,000
332,450
Ally
Financial,
Inc.
,
(United
States
SOFR
Compounded
Index
+
1.96%),
5.74%,
5/15/2029(c)(d)
75,000
76,383
American
Express
Co.
,
(SOFR
+
1.26%),
4.73%,
4/25/2029(c)(d)
225,000
226,971
(SOFR
+
0.81%),
4.35%,
7/20/2029(d)
275,000
274,458
Avolon
Holdings
Funding
Ltd.
,
5.50%,
1/15/2026(a)
345,000
345,755
4.95%,
1/15/2028(a)
170,000
170,765
Capital
One
Financial
Corp.
,
(SOFR
+
2.44%),
7.15%,
10/29/2027(d)
100,000
102,999
Caterpillar
Financial
Services
Corp.
,
4.60%,
11/15/2027(c)
345,000
348,054
General
Motors
Financial
Co.,
Inc.
,
6.05%,
10/10/2025(c)
235,000
235,528
5.05%,
4/4/2028
85,000
85,839
Macquarie
Airfinance
Holdings
Ltd.
,
5.20%,
3/27/2028(a)
95,000
95,886
Navient
Corp.
,
7.88%,
6/15/2032(c)
100,000
104,122
OneMain
Finance
Corp.
,
6.63%,
5/15/2029
45,000
45,958
6.13%,
5/15/2030
150,000
150,252
6.75%,
3/15/2032
150,000
152,204
Synchrony
Financial
,
(SOFR
+
1.68%),
5.45%,
3/6/2031(d)
60,000
60,417
(SOFR
+
2.07%),
6.00%,
7/29/2036(d)
15,000
15,045
2,823,086
Containers
&
Packaging
0.1%
Amcor
Flexibles
North
America,
Inc.
,
4.80%,
3/17/2028(a)
135,000
135,792
Diversified
REITs
0.1%
VICI
Properties
LP
,
4.75%,
4/1/2028
50,000
50,283
Corporate
Bonds
Principal
Amount
($)
Value
($)
Diversified
REITs
WP
Carey,
Inc.
,
4.65%,
7/15/2030
85,000
84,488
134,771
Diversified
Telecommunication
Services
0.2%
Sitios
Latinoamerica
SAB
de
CV
,
6.00%,
11/25/2029(a)
200,000
204,760
Electric
Utilities
2.6%
Alliant
Energy
Finance
LLC
,
5.40%,
6/6/2027(a)
250,000
252,124
American
Electric
Power
Co.,
Inc.
,
5.70%,
8/15/2025
150,000
150,024
Capital
Power
US
Holdings,
Inc.
,
5.26%,
6/1/2028(a)
45,000
45,476
Duke
Energy
Corp.
,
4.85%,
1/5/2027(c)
295,000
296,889
Edison
International
,
4.70%,
8/15/2025
70,000
69,989
FirstEnergy
Pennsylvania
Electric
Co.
,
5.15%,
3/30/2026(a)
100,000
100,220
ITC
Holdings
Corp.
,
4.95%,
9/22/2027(a)(c)
335,000
337,181
NextEra
Energy
Capital
Holdings,
Inc.
,
5.75%,
9/1/2025
5,000
5,003
4.69%,
9/1/2027
170,000
170,834
4.85%,
2/4/2028
335,000
338,525
Pacific
Gas
and
Electric
Co.
,
5.00%,
6/4/2028
35,000
35,197
Pinnacle
West
Capital
Corp.
,
4.90%,
5/15/2028
360,000
363,199
Public
Service
Co.
of
New
Hampshire
,
4.40%,
7/1/2028
210,000
210,488
Xcel
Energy,
Inc.
,
4.75%,
3/21/2028(c)
30,000
30,180
XPLR
Infrastructure
Operating
Partners
LP
,
8.38%,
1/15/2031(a)
205,000
215,024
2,620,353
Electrical
Equipment
0.2%
Molex
Electronic
Technologies
LLC
,
4.75%,
4/30/2028(a)
200,000
200,183
Electronic
Equipment,
Instruments
&
Components
0.5%
Amphenol
Corp.
,
4.38%,
6/12/2028
350,000
350,817
Flex
Ltd.
,
6.00%,
1/15/2028(c)
180,000
185,072
535,889
Energy
Equipment
&
Services
0.2%
Helmerich
&
Payne,
Inc.
,
4.85%,
12/1/2029(c)
245,000
236,700
Nationwide
Loomis
Short
Term
Bond
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
53
Corporate
Bonds
Principal
Amount
($)
Value
($)
Entertainment
0.2%
Take-Two
Interactive
Software,
Inc.
,
5.40%,
6/12/2029
75,000
77,113
Warnermedia
Holdings,
Inc.
,
3.76%,
3/15/2027
91,000
89,226
166,339
Financial
Services
2.0%
Atlas
Warehouse
Lending
Co.
LP
,
6.05%,
1/15/2028(a)
250,000
252,835
Enact
Holdings,
Inc.
,
6.25%,
5/28/2029
250,000
258,302
Essent
Group
Ltd.
,
6.25%,
7/1/2029
90,000
93,252
Nationstar
Mortgage
Holdings,
Inc.
,
6.50%,
8/1/2029(a)
130,000
132,965
Nationwide
Building
Society
,
(SOFR
+
1.91%),
6.56%,
10/18/2027(a)(d)
375,000
383,015
NTT
Finance
Corp.
,
4.88%,
7/16/2030(a)
320,000
321,811
Rocket
Cos.,
Inc.
,
6.13%,
8/1/2030(a)
240,000
243,349
Synchrony
Bank
,
5.40%,
8/22/2025
305,000
304,943
1,990,472
Food
Products
0.5%
Conagra
Brands,
Inc.
,
5.30%,
10/1/2026(c)
330,000
332,172
General
Mills,
Inc.
,
4.70%,
1/30/2027(c)
155,000
155,370
487,542
Gas
Utilities
0.3%
Spire,
Inc.
,
5.30%,
3/1/2026
290,000
290,808
Ground
Transportation
0.1%
Ryder
System,
Inc.
,
5.00%,
3/15/2030
70,000
70,904
Health
Care
Equipment
&
Supplies
0.6%
Smith
&
Nephew
plc
,
5.15%,
3/20/2027(c)
295,000
297,982
Solventum
Corp.
,
5.45%,
2/25/2027
290,000
294,497
592,479
Health
Care
Providers
&
Services
0.8%
McKesson
Corp.
,
4.65%,
5/30/2030(c)
225,000
226,301
UnitedHealth
Group,
Inc.
,
4.40%,
6/15/2028
520,000
520,306
Universal
Health
Services,
Inc.
,
4.63%,
10/15/2029(c)
105,000
103,532
850,139
Corporate
Bonds
Principal
Amount
($)
Value
($)
Health
Care
REITs
0.7%
Omega
Healthcare
Investors,
Inc.
,
5.20%,
7/1/2030
165,000
165,524
Welltower
OP
LLC
,
4.50%,
7/1/2030
505,000
503,697
669,221
Health
Care
Technology
0.1%
IQVIA,
Inc.
,
6.25%,
2/1/2029
135,000
141,069
Hotels,
Restaurants
&
Leisure
1.2%
Carnival
Corp.
,
5.75%,
3/15/2030(a)(c)
335,000
339,793
Darden
Restaurants,
Inc.
,
4.35%,
10/15/2027(c)
245,000
244,509
Hilton
Domestic
Operating
Co.,
Inc.
,
5.75%,
9/15/2033(a)
190,000
190,181
Hyatt
Hotels
Corp.
,
5.75%,
1/30/2027
105,000
106,730
5.25%,
6/30/2029(c)
125,000
127,184
Las
Vegas
Sands
Corp.
,
5.63%,
6/15/2028
165,000
167,626
1,176,023
Household
Durables
0.2%
Lennar
Corp.
,
5.20%,
7/30/2030(c)
120,000
122,249
Toll
Brothers
Finance
Corp.
,
5.60%,
6/15/2035
70,000
70,336
Whirlpool
Corp.
,
6.13%,
6/15/2030
35,000
34,917
227,502
Insurance
4.2%
American
National
Global
Funding
,
5.25%,
6/3/2030(a)
225,000
226,250
Athene
Global
Funding
,
4.83%,
5/9/2028(a)
365,000
366,527
Brighthouse
Financial
Global
Funding
,
5.55%,
4/9/2027(a)
195,000
197,201
Brown
&
Brown,
Inc.
,
4.70%,
6/23/2028
150,000
150,456
CNO
Global
Funding
,
5.88%,
6/4/2027(a)
300,000
306,942
Corebridge
Global
Funding
,
4.65%,
8/20/2027(a)
245,000
246,078
Equitable
America
Global
Funding
,
4.65%,
6/9/2028(a)
350,000
350,957
Fortitude
Group
Holdings
LLC
,
6.25%,
4/1/2030(a)
50,000
51,263
GA
Global
Funding
Trust
,
4.40%,
9/23/2027(a)(c)
200,000
199,269
Jackson
National
Life
Global
Funding
,
4.70%,
6/5/2028(a)
215,000
215,397
Lincoln
Financial
Global
Funding
,
4.63%,
5/28/2028(a)
255,000
255,513
54
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Loomis
Short
Term
Bond
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Insurance
Mutual
of
Omaha
Cos.
Global
Funding
,
5.35%,
4/9/2027(a)
325,000
329,140
New
York
Life
Global
Funding
,
4.15%,
7/25/2028(a)
255,000
254,258
Principal
Life
Global
Funding
II
,
4.80%,
1/9/2028(a)
345,000
347,870
Sammons
Financial
Group
Global
Funding
,
5.05%,
1/10/2028(a)(c)
165,000
166,827
SiriusPoint
Ltd.
,
7.00%,
4/5/2029
170,000
178,320
Western-Southern
Global
Funding
,
4.50%,
7/16/2028(a)
425,000
425,192
4,267,460
Interactive
Media
&
Services
0.0%
†
Blue
Owl
Technology
Finance
Corp.
,
4.75%,
12/15/2025(a)
40,000
39,847
IT
Services
0.2%
CGI,
Inc.
,
4.95%,
3/14/2030(a)
200,000
202,413
Life
Sciences
Tools
&
Services
0.2%
Illumina,
Inc.
,
4.65%,
9/9/2026
210,000
209,893
Machinery
1.0%
CNH
Industrial
Capital
LLC
,
5.45%,
10/14/2025
170,000
170,260
4.50%,
10/8/2027(c)
230,000
229,664
4.75%,
3/21/2028
110,000
110,522
Cummins,
Inc.
,
4.25%,
5/9/2028
190,000
190,199
Daimler
Truck
Finance
North
America
LLC
,
5.25%,
1/13/2030(a)
335,000
342,267
1,042,912
Media
0.1%
Charter
Communications
Operating
LLC
,
6.10%,
6/1/2029(c)
110,000
114,747
Metals
&
Mining
0.3%
Cleveland-Cliffs,
Inc.
,
6.88%,
11/1/2029(a)(c)
85,000
85,040
Mineral
Resources
Ltd.
,
9.25%,
10/1/2028(a)(c)
175,000
182,902
267,942
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.1%
Ladder
Capital
Finance
Holdings
LLLP
,
5.50%,
8/1/2030(c)
80,000
80,116
Multi-Utilities
0.9%
Ameren
Corp.
,
5.70%,
12/1/2026
280,000
283,786
Corporate
Bonds
Principal
Amount
($)
Value
($)
Multi-Utilities
Dominion
Energy,
Inc.
,
4.60%,
5/15/2028
265,000
266,044
DTE
Energy
Co.
,
4.95%,
7/1/2027(c)
205,000
206,853
WEC
Energy
Group,
Inc.
,
5.60%,
9/12/2026
113,000
114,171
870,854
Oil,
Gas
&
Consumable
Fuels
3.3%
APA
Corp.
,
6.10%,
2/15/2035(a)
145,000
142,036
California
Resources
Corp.
,
8.25%,
6/15/2029(a)
130,000
133,541
Canadian
Natural
Resources
Ltd.
,
5.00%,
12/15/2029(a)
350,000
352,314
Civitas
Resources,
Inc.
,
9.63%,
6/15/2033(a)(c)
135,000
138,858
Crescent
Energy
Finance
LLC
,
7.63%,
4/1/2032(a)
70,000
68,405
8.38%,
1/15/2034(a)
65,000
64,334
Enbridge,
Inc.
,
4.60%,
6/20/2028
520,000
522,146
EOG
Resources,
Inc.
,
4.40%,
7/15/2028(c)
340,000
340,966
Gray
Oak
Pipeline
LLC
,
2.60%,
10/15/2025(a)
75,000
74,594
Hess
Midstream
Operations
LP
,
5.88%,
3/1/2028(a)
290,000
294,774
Kinetik
Holdings
LP
,
6.63%,
12/15/2028(a)
260,000
265,905
Marathon
Petroleum
Corp.
,
5.15%,
3/1/2030(c)
140,000
142,585
Occidental
Petroleum
Corp.
,
5.20%,
8/1/2029
240,000
240,584
Venture
Global
Plaquemines
LNG
LLC
,
7.75%,
5/1/2035(a)
65,000
71,270
Viper
Energy
Partners
LLC
,
4.90%,
8/1/2030(c)
195,000
194,177
Williams
Cos.,
Inc.
(The)
,
5.40%,
3/2/2026(c)
300,000
301,378
3,347,867
Paper
&
Forest
Products
0.2%
Georgia-Pacific
LLC
,
4.40%,
6/30/2028(a)(c)
215,000
215,332
Passenger
Airlines
0.2%
Delta
Air
Lines,
Inc.
,
5.25%,
7/10/2030(c)
65,000
65,613
United
Airlines,
Inc.
,
4.38%,
4/15/2026(a)
120,000
119,287
184,900
Semiconductors
&
Semiconductor
Equipment
0.5%
Analog
Devices,
Inc.
,
4.25%,
6/15/2028
180,000
179,997
Nationwide
Loomis
Short
Term
Bond
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
55
Corporate
Bonds
Principal
Amount
($)
Value
($)
Semiconductors
&
Semiconductor
Equipment
Microchip
Technology,
Inc.
,
4.90%,
3/15/2028
340,000
342,821
522,818
Specialized
REITs
0.1%
Extra
Space
Storage
LP
,
5.70%,
4/1/2028
85,000
87,363
Specialty
Retail
0.6%
Advance
Auto
Parts,
Inc.
,
5.90%,
3/9/2026
140,000
140,700
7.00%,
8/1/2030(a)
90,000
90,458
Lowe's
Cos.,
Inc.
,
4.40%,
9/8/2025
400,000
399,835
630,993
Technology
Hardware,
Storage
&
Peripherals
0.5%
Dell
International
LLC
,
4.75%,
4/1/2028
315,000
317,516
Hewlett
Packard
Enterprise
Co.
,
4.55%,
10/15/2029
235,000
233,623
551,139
Textiles,
Apparel
&
Luxury
Goods
0.2%
PVH
Corp.
,
5.50%,
6/13/2030
200,000
201,458
Trading
Companies
&
Distributors
0.8%
Aircastle
Ltd.
,
2.85%,
1/26/2028(a)
210,000
200,399
GATX
Corp.
,
5.40%,
3/15/2027
160,000
161,772
TTX
Co.
,
5.50%,
9/25/2026(a)
435,000
439,345
801,516
Water
Utilities
0.2%
Essential
Utilities,
Inc.
,
4.80%,
8/15/2027(c)
200,000
201,426
Total
Corporate
Bonds
(cost
$49,819,420)
49,792,257
Mortgage-Backed
Securities
0.3%
FHLMC
Gold
Pool
Pool#
J19197
3.00%,
5/1/2027
25,011
24,689
Pool#
C00748
6.00%,
4/1/2029
1,948
1,991
Pool#
C01418
5.50%,
10/1/2032
17,172
17,680
Pool#
G01740
5.50%,
12/1/2034
10,929
11,187
Pool#
G04342
6.00%,
4/1/2038
14,781
15,474
FHLMC
Non
Gold
Pool
Pool#
972136
6.43%,
1/1/2034(b)
12,951
13,251
Pool#
848191
6.70%,
12/1/2034(b)
58,238
59,402
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
Pool#
815323
,
6.11%,
1/1/2035
(b)
15,795
16,177
FNMA
UMBS
Pool
Pool#
AB2518
4.00%,
3/1/2026
2,181
2,170
Pool#
AB4998
3.00%,
4/1/2027
45,873
45,254
Pool#
190307
8.00%,
6/1/2030
153
159
Pool#
253516
8.00%,
11/1/2030
112
116
Pool#
725773
5.50%,
9/1/2034
24,439
24,921
Pool#
811773
5.50%,
1/1/2035
25,596
26,284
GNMA
Pool#
5080
,
4.00%,
6/20/2026
3,204
3,189
Total
Mortgage-Backed
Securities
(cost
$262,899)
261,944
Municipal
Bond
0.1%
Massachusetts
0.1
%
Massachusetts
Educational
Financing
Authority,
RB,
Series
A,
3.85%,
5/25/2033
93,899
92,657
Total
Municipal
Bond
(cost
$93,362)
92,657
U.S.
Treasury
Obligations
18.4%
U.S.
Treasury
Notes
3.75%,
4/30/2027
1,890,000
1,882,544
3.88%,
5/31/2027
13,000,000
12,977,656
3.75%,
6/30/2027
3,860,000
3,845,525
Total
U.S.
Treasury
Obligations
(cost
$18,720,777)
18,705,725
Repurchase
Agreements
4.1%
CF
Secured,
LLC
4.34%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$2,202,335,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.00%,
maturing
8/31/2025
-
2/15/2053;
total
market
value
$2,246,383.
(g)
2,202,070
2,202,070
56
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Loomis
Short
Term
Bond
Fund
Repurchase
Agreements
Principal
Amount
($)
Value
($)
Santander
US
Capital
Markets
4.36%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$2,000,242,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
0.01%
-
5.45%,
maturing
5/25/2030
-
8/25/2055;
total
market
value
$2,040,247.
(g)
2,000,000
2,000,000
Total
Repurchase
Agreements
(cost
$4,202,070)
4,202,070
Total
Investments
(cost
$104,537,124)
—
102.8%
104,304,779
Liabilities
in
excess
of
other
assets
—
(2.8)%
(2,818,247)
NET
ASSETS
—
100.0%
$
101,486,532
†
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,
2025
was
$41,669,073
which
represents
41.06%
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,
2025.
(c)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2025.
The
total
value
of
securities
on
loan
as
of
July
31,
2025
was
$5,709,962,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$4,202,070
and
by
$1,708,860
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.13%
-
4.88%,
and
maturity
dates
ranging
from
8/31/2025
-
5/15/2052,
a
total
value
of
$5,910,930.
(d)
Variable
or
floating
rate
security,
linked
to
the
referenced
benchmark.
The
interest
rate
shown
was
the
current
rate
as
of
July
31,
2025.
(e)
Security
in
default.
(f)
Step
Bond.
Coupon
rate
is
set
for
an
initial
period
and
then
increases
to
a
higher
coupon
rate
at
a
specific
date.
The
rate
shown
is
the
rate
as
of
July
31,
2025.
(g)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2025
was
$4,202,070.
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
GNMA
Government
National
Mortgage
Association
RB
Revenue
Bond
REIT
Real
Estate
Investment
Trust
REMICS
Real
Estate
Mortgage
Investment
Conduits
SOFR
Secured
Overnight
Financing
Rate
UMBS
Uniform
Mortgage-Backed
Securities
Futures
contracts
outstanding
as
of
July
31,
2025:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
U.S.
Treasury
2
Year
Note
4
9/2025
USD
827,937
25
Total
long
contracts
25
Short
Contracts
U.S.
Treasury
10
Year
Note
(10)
9/2025
USD
(1,110,625)
827
U.S.
Treasury
10
Year
Ultra
Note
(2)
9/2025
USD
(226,156)
(535)
Total
short
contracts
292
Net
contracts
317
Currency:
USD
United
States
Dollar
Nationwide
Loomis
Short
Term
Bond
Fund
-
July
31,
2025
(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.
58
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Loomis
Short
Term
Bond
Fund
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2025.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using
financial
futures
contracts.
(a)
Futures
Contracts  
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
managing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
price
of
the
futures
contracts
and
the
underlying
assets. The
Fund’s
investments
in
futures
contracts
entail
limited
counterparty
credit
risk
because the
Fund
invests
only
in
exchange
traded
futures
contracts,
which
are
settled
through
the
exchange
and
whose
fulfillment
is
guaranteed
by
the
credit
of
the
exchange.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2025.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Asset-Backed
Securities
$
–
$
24,852,718
$
–
$
24,852,718
Collateralized
Mortgage
Obligations
–
215,505
–
215,505
Commercial
Mortgage-Backed
Securities
–
6,181,903
–
6,181,903
Corporate
Bonds
–
49,792,257
–
49,792,257
Futures
Contracts
852
–
–
852
Mortgage-Backed
Securities
–
261,944
–
261,944
Municipal
Bond
–
92,657
–
92,657
Repurchase
Agreements
–
4,202,070
–
4,202,070
U.S.
Treasury
Obligations
–
18,705,725
–
18,705,725
Total
Assets
$
852
$
104,304,779
$
–
$
104,305,631
Liabilities:
Futures
Contracts
$
(535)
$
–
$
–
$
(535)
Total
Liabilities
$
(535)
$
–
$
–
$
(535)
Total
$
317
$
104,304,779
$
–
$
104,305,096
Nationwide
Loomis
Short
Term
Bond
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
59
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2025:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
July
31,
2025:
Assets:
Fair
Value
Futures
Contracts
Interest
rate
risk
Unrealized
appreciation
from
futures
contracts
$
852
Total
$
852
Liabilities:
Futures
Contracts
Interest
rate
risk
Unrealized
depreciation
from
futures
contracts
$
(535)
Total
$
(535)
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,
2025
(Unaudited)
-
Statement
of
Investments
-
1
Common
Stocks
98.9%
Shares
Value
($)
Air
Freight
&
Logistics
0.2%
Radiant
Logistics,
Inc.*
40,974
242,156
Automobile
Components
1.8%
BorgWarner,
Inc.
14,800
544,640
Dana,
Inc.
25,600
407,552
Goodyear
Tire
&
Rubber
Co.
(The)*
38,700
397,836
Motorcar
Parts
of
America,
Inc.*
22,600
234,362
Strattec
Security
Corp.*(a)
4,000
253,840
1,838,230
Banks
17.9%
1st
Source
Corp.
7,700
460,614
Amalgamated
Financial
Corp.
(a)
13,103
379,856
Associated
Banc-Corp.
19,064
471,643
Bar
Harbor
Bankshares
8,221
238,738
Byline
Bancorp,
Inc.
27,700
728,510
Cadence
Bank
12,841
447,509
Capitol
Federal
Financial,
Inc.
18,600
111,972
Central
Pacific
Financial
Corp.
(a)
26,736
712,782
Civista
Bancshares,
Inc.
23,326
454,157
Colony
Bankcorp
,
Inc.
30,903
506,500
Enterprise
Financial
Services
Corp.
8,300
458,077
Farmers
National
Banc
Corp.
3,000
40,620
First
Bank
4,500
67,050
First
Busey
Corp.
7,000
156,240
First
Financial
Bancorp
26,662
646,287
First
Financial
Corp.(a)
13,303
712,376
First
Merchants
Corp.
12,100
461,252
First
Mid
Bancshares,
Inc.
4,400
167,068
Hanmi
Financial
Corp.
35,623
812,560
Home
BancShares
,
Inc.
10,600
298,496
Hope
Bancorp,
Inc.(a)
36,600
365,634
Independent
Bank
Corp.
22,360
683,098
International
Bancshares
Corp.
11,400
777,252
Mercantile
Bank
Corp.
16,101
735,655
OceanFirst
Financial
Corp.
16,900
283,582
Old
Second
Bancorp,
Inc.
41,250
700,012
Popular,
Inc.
2,700
309,366
Renasant
Corp.
3,000
109,920
Shore
Bancshares,
Inc.
48,900
758,439
Simmons
First
National
Corp.,
Class
A
31,100
596,187
SmartFinancial
,
Inc.
20,500
702,330
Tompkins
Financial
Corp.
7,900
510,972
Towne
Bank
18,800
658,564
UMB
Financial
Corp.
1,800
197,982
United
Community
Banks,
Inc.
26,800
817,400
Univest
Financial
Corp.
11,100
320,124
Webster
Financial
Corp.
10,900
628,385
WesBanco
,
Inc.
12,659
381,416
Zions
Bancorp
NA
3,200
171,584
18,040,209
Biotechnology
2.1%
Alkermes
plc*
4,562
120,847
Astria
Therapeutics,
Inc.*
26,500
183,380
Aurinia
Pharmaceuticals,
Inc.*
11,700
108,166
Common
Stocks
Shares
Value
($)
Biotechnology
Black
Diamond
Therapeutics,
Inc.*
31,600
84,056
Halozyme
Therapeutics,
Inc.*
2,000
119,940
iTeos
Therapeutics,
Inc.*
15,200
154,128
Janux
Therapeutics,
Inc.*
6,500
156,098
Kiniksa
Pharmaceuticals
International
plc,
Class
A*
5,854
177,142
Korro
Bio,
Inc.*(a)
7,600
113,696
Monte
Rosa
Therapeutics,
Inc.*
22,500
111,375
OnKure
Therapeutics,
Inc.,
Class
A*
6,800
15,028
Organogenesis
Holdings,
Inc.,
Class
A*
42,913
198,258
Protara
Therapeutics,
Inc.*
29,769
92,284
Sagimet
Biosciences,
Inc.,
Class
A*(a)
29,029
252,262
Vanda
Pharmaceuticals,
Inc.*
26,100
111,186
Veracyte
,
Inc.*(a)
4,900
115,199
2,113,045
Broadline
Retail
0.3%
Ollie's
Bargain
Outlet
Holdings,
Inc.*
2,500
341,575
Building
Products
2.0%
Apogee
Enterprises,
Inc.
15,700
659,243
Griffon
Corp.
5,617
456,494
Resideo
Technologies,
Inc.*
31,900
870,870
1,986,607
Capital
Markets
0.6%
Diamond
Hill
Investment
Group,
Inc.(a)
1,700
230,469
DigitalBridge
Group,
Inc.
10,100
108,474
Silvercrest
Asset
Management
Group,
Inc.,
Class
A
16,969
277,613
616,556
Chemicals
1.0%
Avient
Corp.(a)
6,400
202,048
Axalta
Coating
Systems
Ltd.*
3,500
99,120
Core
Molding
Technologies,
Inc.*
19,152
318,689
Flotek
Industries,
Inc.*(a)
8,400
101,220
Koppers
Holdings,
Inc.
8,000
262,880
983,957
Commercial
Services
&
Supplies
1.3%
BrightView
Holdings,
Inc.*
17,000
271,150
Deluxe
Corp.
9,600
154,560
Ennis,
Inc.
5,800
103,240
Healthcare
Services
Group,
Inc.*
15,500
201,655
Liquidity
Services,
Inc.*
10,300
245,964
Steelcase,
Inc.,
Class
A
14,700
151,851
UniFirst
Corp.
1,200
205,236
1,333,656
Communications
Equipment
1.2%
Digi
International,
Inc.*
7,900
257,619
Harmonic,
Inc.*
45,800
389,758
Ribbon
Communications,
Inc.*(a)
66,700
250,792
2
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Bailard
Cognitive
Value
Fund
Common
Stocks
Shares
Value
($)
Communications
Equipment
Viavi
Solutions,
Inc.*
25,700
258,285
1,156,454
Construction
&
Engineering
0.6%
Dycom
Industries,
Inc.*
900
241,929
Great
Lakes
Dredge
&
Dock
Corp.*
7,477
82,845
Tutor
Perini
Corp.*
6,300
303,345
628,119
Construction
Materials
0.1%
Knife
River
Corp.*(a)
1,300
107,224
Consumer
Finance
0.3%
NerdWallet,
Inc.,
Class
A*
25,400
268,986
Consumer
Staples
Distribution
&
Retail
0.5%
United
Natural
Foods,
Inc.*(a)
12,000
331,680
Village
Super
Market,
Inc.,
Class
A
5,700
196,080
527,760
Containers
&
Packaging
0.6%
Greif,
Inc.,
Class
A
5,600
355,208
Myers
Industries,
Inc.
19,818
290,334
645,542
Diversified
Consumer
Services
2.1%
ADT,
Inc.
48,500
404,975
American
Public
Education,
Inc.*(a)
11,995
354,092
Graham
Holdings
Co.,
Class
B
453
432,244
Laureate
Education,
Inc.*
22,229
502,375
Regis
Corp.*
1,800
33,660
Strategic
Education,
Inc.
5,400
400,383
2,127,729
Diversified
REITs
2.0%
Alexander
&
Baldwin,
Inc.
27,600
496,248
American
Assets
Trust,
Inc.
38,600
734,558
Essential
Properties
Realty
Trust,
Inc.
25,173
767,525
1,998,331
Diversified
Telecommunication
Services
0.6%
ATN
International,
Inc.
14,200
243,530
Bandwidth,
Inc.,
Class
A*(a)
17,300
240,643
IDT
Corp.,
Class
B
1,800
106,038
590,211
Electric
Utilities
0.5%
Genie
Energy
Ltd.,
Class
B
16,739
340,136
Oklo
,
Inc.,
Class
A*(a)
2,600
199,134
539,270
Electrical
Equipment
1.1%
Allient
,
Inc.
6,600
266,046
EnerSys
3,600
332,532
LSI
Industries,
Inc.
15,800
289,140
Powell
Industries,
Inc.(a)
1,061
251,563
1,139,281
Electronic
Equipment,
Instruments
&
Components
2.9%
Bel
Fuse,
Inc.,
Class
B
800
104,032
Belden,
Inc.
1,700
210,205
Benchmark
Electronics,
Inc.
1,600
61,600
Climb
Global
Solutions,
Inc.
500
59,000
CTS
Corp.
4,900
192,031
Common
Stocks
Shares
Value
($)
Electronic
Equipment,
Instruments
&
Components
ePlus
,
Inc.*
6,100
395,158
Mirion
Technologies,
Inc.,
Class
A*(a)
10,100
225,735
PC
Connection,
Inc.
3,800
234,042
Plexus
Corp.*
2,200
280,500
Richardson
Electronics
Ltd.
8,000
80,640
Sanmina
Corp.*(a)
5,400
626,616
ScanSource,
Inc.*
6,200
240,808
Vishay
Intertechnology
,
Inc.(a)
12,000
196,680
2,907,047
Energy
Equipment
&
Services
2.3%
Energy
Services
of
America
Corp.(a)
26,800
292,924
Forum
Energy
Technologies,
Inc.*
13,100
258,201
Gulf
Island
Fabrication,
Inc.*
35,700
239,904
NCS
Multistage
Holdings,
Inc.*
8,787
267,564
Oil
States
International,
Inc.*
51,200
255,488
Patterson-UTI
Energy,
Inc.(a)
70,400
416,064
Ranger
Energy
Services,
Inc.,
Class
A
23,100
309,309
Solaris
Energy
Infrastructure,
Inc.,
Class
A
8,952
292,462
2,331,916
Entertainment
0.3%
Cineverse
Corp.*
37,397
188,481
Marcus
Corp.
(The)
8,600
140,782
329,263
Financial
Services
3.1%
Cass
Information
Systems,
Inc.
2,600
104,026
Enact
Holdings,
Inc.(a)
11,188
388,895
Essent
Group
Ltd.
3,900
218,361
HA
Sustainable
Infrastructure
Capital,
Inc.(a)
5,400
140,238
MGIC
Investment
Corp.
21,440
555,296
Mr.
Cooper
Group,
Inc.*
2,400
373,728
NewtekOne
,
Inc.
13,000
148,720
NMI
Holdings,
Inc.,
Class
A*
5,700
212,724
Onity
Group,
Inc.*
3,500
132,020
Payoneer
Global,
Inc.*
64,000
420,480
Radian
Group,
Inc.
8,200
267,402
Usio
,
Inc.*
88,350
151,078
3,112,968
Food
Products
1.7%
Dole
plc
10,900
155,216
Fresh
Del
Monte
Produce,
Inc.
15,300
575,127
Freshpet
,
Inc.*
1,400
95,648
Ingredion,
Inc.
2,589
340,557
Seneca
Foods
Corp.,
Class
A*(a)
2,496
261,406
SunOpta,
Inc.*
39,900
232,617
1,660,571
Gas
Utilities
1.8%
MDU
Resources
Group,
Inc.
27,788
479,343
National
Fuel
Gas
Co.
9,037
784,321
New
Jersey
Resources
Corp.
(a)
2,200
101,002
RGC
Resources,
Inc.
7,400
149,036
Nationwide
Bailard
Cognitive
Value
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
3
Common
Stocks
Shares
Value
($)
Gas
Utilities
Southwest
Gas
Holdings,
Inc.
4,300
336,002
1,849,704
Ground
Transportation
0.3%
Covenant
Logistics
Group,
Inc.,
Class
A
6,200
149,730
Saia,
Inc.*
400
120,896
270,626
Health
Care
Equipment
&
Supplies
0.8%
Bioventus,
Inc.,
Class
A*
40,500
264,060
LivaNova
plc*
13,200
556,908
820,968
Health
Care
Providers
&
Services
2.1%
AdaptHealth
Corp.,
Class
A*(a)
45,458
407,758
Addus
HomeCare
Corp.*(a)
2,100
224,238
LifeStance
Health
Group,
Inc.*
45,900
182,682
Option
Care
Health,
Inc.*
16,700
490,145
Pediatrix
Medical
Group,
Inc.*(a)
16,300
199,675
Performant
Healthcare,
Inc.*
36,400
129,220
RadNet
,
Inc.*
1,700
93,041
Select
Medical
Holdings
Corp.
29,100
430,389
2,157,148
Health
Care
REITs
2.4%
CareTrust
REIT,
Inc.
26,100
829,980
National
Health
Investors,
Inc.
11,100
775,446
Sabra
Health
Care
REIT,
Inc.
42,800
771,684
2,377,110
Health
Care
Technology
0.5%
CareCloud
,
Inc.*
110,025
261,860
HealthStream,
Inc.
9,600
251,136
512,996
Hotels,
Restaurants
&
Leisure
0.7%
El
Pollo
Loco
Holdings,
Inc.*(a)
23,700
244,110
First
Watch
Restaurant
Group,
Inc.*(a)
12,800
221,312
Marriott
Vacations
Worldwide
Corp.(a)
2,800
208,516
673,938
Household
Durables
2.5%
Flexsteel
Industries,
Inc.
7,100
241,471
Hamilton
Beach
Brands
Holding
Co.,
Class
A
7,000
108,990
Live
Ventures,
Inc.*
6,450
98,814
M/I
Homes,
Inc.*
5,900
709,121
Taylor
Morrison
Home
Corp.,
Class
A*
11,200
663,936
Tri
Pointe
Homes,
Inc.*
21,633
666,296
2,488,628
Household
Products
0.4%
Central
Garden
&
Pet
Co.,
Class
A*
9,800
348,096
Independent
Power
and
Renewable
Electricity
Producers
0.9%
Clearway
Energy,
Inc.,
Class
A
16,900
520,182
Ormat
Technologies,
Inc.(a)
4,400
393,404
913,586
Common
Stocks
Shares
Value
($)
Industrial
REITs
1.4%
First
Industrial
Realty
Trust,
Inc.
15,800
769,776
Industrial
Logistics
Properties
Trust
114,183
607,454
1,377,230
Insurance
2.8%
CNO
Financial
Group,
Inc.
19,800
729,432
Greenlight
Capital
Re
Ltd.,
Class
A*
10,200
132,600
Hamilton
Insurance
Group
Ltd.,
Class
B*(a)
13,882
298,324
Hanover
Insurance
Group,
Inc.
(The)
2,200
377,586
Heritage
Insurance
Holdings,
Inc.*
18,679
393,940
Horace
Mann
Educators
Corp.
3,500
148,855
Tiptree,
Inc.,
Class
A
4,400
91,432
United
Fire
Group,
Inc.
9,500
252,225
Universal
Insurance
Holdings,
Inc.(a)
14,500
342,780
2,767,174
Interactive
Media
&
Services
0.1%
QuinStreet
,
Inc.*
6,000
98,460
IT
Services
0.3%
Information
Services
Group,
Inc.
59,963
258,441
Leisure
Products
0.1%
Johnson
Outdoors,
Inc.,
Class
A
3,800
126,160
Life
Sciences
Tools
&
Services
0.2%
Charles
River
Laboratories
International,
Inc.*
700
118,748
Cytek
Biosciences,
Inc.*
29,300
105,480
224,228
Machinery
4.0%
Chart
Industries,
Inc.*
1,200
238,596
Eastern
Co.
(The)
6,700
154,435
Flowserve
Corp.
9,511
532,996
Greenbrier
Cos.,
Inc.
(The)
5,400
245,700
JBT
Marel
Corp.
1,900
261,820
Kennametal,
Inc.
6,400
158,464
Luxfer
Holdings
plc
21,581
259,404
Manitowoc
Co.,
Inc.
(The)*
24,000
306,000
Mayville
Engineering
Co.,
Inc.*
17,800
298,506
Proto
Labs,
Inc.*
16,200
698,544
Tennant
Co.
8,100
668,574
Twin
Disc,
Inc.
29,018
251,006
4,074,045
Marine
Transportation
0.6%
Costamare
,
Inc.
44,747
451,497
Matson,
Inc.
1,000
106,780
558,277
Media
1.9%
EW
Scripps
Co.
(The),
Class
A*
89,600
267,904
Gray
Media,
Inc.(a)
107,400
484,374
Nexxen
International
Ltd.*
26,400
271,392
Scholastic
Corp.
10,800
266,436
4
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Bailard
Cognitive
Value
Fund
Common
Stocks
Shares
Value
($)
Media
TEGNA,
Inc.
39,300
656,310
1,946,416
Metals
&
Mining
2.0%
Coeur
Mining,
Inc.*
22,800
198,132
Commercial
Metals
Co.
7,100
368,206
Constellium
SE,
Class
A*
49,100
673,161
Ryerson
Holding
Corp.
23,600
486,160
Tredegar
Corp.*
30,931
269,409
1,995,068
Mortgage
Real
Estate
Investment
Trusts
(REITs)
2.2%
ACRES
Commercial
Realty
Corp.*
11,700
230,256
AG
Mortgage
Investment
Trust,
Inc.
25,500
192,780
Apollo
Commercial
Real
Estate
Finance,
Inc.
21,100
202,982
MFA
Financial,
Inc.
72,436
658,443
Seven
Hills
Realty
Trust
29,500
303,555
TPG
RE
Finance
Trust,
Inc.
74,061
644,331
2,232,347
Multi-Utilities
2.1%
Avista
Corp.(a)
17,800
663,940
Black
Hills
Corp.
10,000
577,800
Northwestern
Energy
Group,
Inc.
10,100
542,370
Unitil
Corp.
5,600
288,848
2,072,958
Office
REITs
1.0%
COPT
Defense
Properties
17,400
474,672
Cousins
Properties,
Inc.
15,172
411,161
Kilroy
Realty
Corp.
2,600
95,836
981,669
Oil,
Gas
&
Consumable
Fuels
4.0%
DHT
Holdings,
Inc.
55,600
616,604
Diversified
Energy
Co.
plc
Reg.
S
17,000
256,020
Energy
Fuels,
Inc.*
41,701
379,062
Excelerate
Energy,
Inc.,
Class
A
25,100
644,066
Gulfport
Energy
Corp.*
3,885
676,495
Magnolia
Oil
&
Gas
Corp.,
Class
A(a)
8,500
202,470
PrimeEnergy
Resources
Corp.*
1,600
269,712
SM
Energy
Co.
11,600
320,044
Uranium
Energy
Corp.*
37,600
325,992
Ur-Energy,
Inc.*(a)
298,200
360,822
4,051,287
Passenger
Airlines
0.7%
SkyWest,
Inc.*
6,000
695,760
Personal
Care
Products
0.2%
Nature's
Sunshine
Products,
Inc.*
17,100
239,571
Pharmaceuticals
1.9%
Amneal
Pharmaceuticals,
Inc.*
7,700
60,214
Amphastar
Pharmaceuticals,
Inc.*(a)
4,700
98,465
ANI
Pharmaceuticals,
Inc.*(a)
2,000
126,700
Common
Stocks
Shares
Value
($)
Pharmaceuticals
Collegium
Pharmaceutical,
Inc.*
3,988
119,082
Corcept
Therapeutics,
Inc.*
2,200
147,774
Fulcrum
Therapeutics,
Inc.*
26,881
180,909
Harmony
Biosciences
Holdings,
Inc.*
3,500
123,130
Innoviva
,
Inc.*
5,800
105,386
Jazz
Pharmaceuticals
plc*(a)
900
103,167
Ligand
Pharmaceuticals,
Inc.*
1,400
184,212
Mind
Medicine
MindMed
,
Inc.*(a)
5,000
45,450
Pacira
BioSciences
,
Inc.*(a)
4,700
99,123
Perrigo
Co.
plc(a)
5,400
144,018
SIGA
Technologies,
Inc.
14,200
93,862
Supernus
Pharmaceuticals,
Inc.*
3,700
129,870
Ventyx
Biosciences,
Inc.*
41,300
115,640
1,877,002
Professional
Services
0.8%
Genpact
Ltd.
2,300
101,315
Kelly
Services,
Inc.,
Class
A
21,000
257,250
Mastech
Digital,
Inc.*
10,400
75,088
Maximus,
Inc.
1,200
88,632
TrueBlue,
Inc.*
43,480
313,926
836,211
Real
Estate
Management
&
Development
0.7%
Newmark
Group,
Inc.,
Class
A
49,201
746,379
Retail
REITs
0.9%
Kite
Realty
Group
Trust
7,474
164,279
NNN
REIT,
Inc.
18,200
750,932
915,211
Semiconductors
&
Semiconductor
Equipment
2.2%
ACM
Research,
Inc.,
Class
A*
19,800
601,128
Ambarella,
Inc.*
4,200
277,578
Cirrus
Logic,
Inc.*
4,100
412,911
indie
Semiconductor,
Inc.,
Class
A*(a)
13,300
52,003
PDF
Solutions,
Inc.*
5,700
126,711
Penguin
Solutions,
Inc.*(a)
13,900
327,623
Ultra
Clean
Holdings,
Inc.*
12,200
274,744
Veeco
Instruments,
Inc.*(a)
5,000
103,900
2,176,598
Software
2.9%
8x8,
Inc.*
130,500
253,170
Adeia
,
Inc.
49,800
644,910
CCC
Intelligent
Solutions
Holdings,
Inc.*
21,900
211,773
Dolby
Laboratories,
Inc.,
Class
A
3,100
233,554
LiveRamp
Holdings,
Inc.*
21,100
692,502
MARA
Holdings,
Inc.*(a)
5,400
86,832
OneSpan
,
Inc.
17,000
250,750
Ooma
,
Inc.*
8,700
99,006
SentinelOne
,
Inc.,
Class
A*
11,100
203,574
Viant
Technology,
Inc.,
Class
A*(a)
19,972
289,594
2,965,665
Specialized
REITs
0.8%
EPR
Properties
4,800
264,192
Nationwide
Bailard
Cognitive
Value
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
5
Common
Stocks
Shares
Value
($)
Specialized
REITs
Outfront
Media,
Inc.
23,052
404,102
Safehold,
Inc.
6,800
95,132
763,426
Specialty
Retail
2.0%
Citi
Trends,
Inc.*
7,100
216,692
Designer
Brands,
Inc.,
Class
A(a)
18,900
53,298
Envela
Corp.*
11,200
60,704
Gap,
Inc.
(The)
12,600
245,196
Genesco,
Inc.*
7,500
180,450
Lands'
End,
Inc.*(a)
13,500
158,355
Revolve
Group,
Inc.,
Class
A*
2,600
53,950
Sally
Beauty
Holdings,
Inc.*
69,400
675,956
Signet
Jewelers
Ltd.
2,000
158,200
Winmark
Corp.
671
253,249
2,056,050
Technology
Hardware,
Storage
&
Peripherals
0.6%
Diebold
Nixdorf,
Inc.*
11,400
641,706
Textiles,
Apparel
&
Luxury
Goods
0.7%
G-III
Apparel
Group
Ltd.*
4,400
103,840
PVH
Corp.
4,500
330,390
Rocky
Brands,
Inc.
11,700
306,072
740,302
Trading
Companies
&
Distributors
2.3%
Boise
Cascade
Co.
2,400
201,144
EVI
Industries,
Inc.
8,000
178,320
Karat
Packaging,
Inc.
7,000
190,610
MRC
Global,
Inc.*
15,400
226,072
Rush
Enterprises,
Inc.,
Class
A(a)
12,600
682,164
WESCO
International,
Inc.
3,835
793,692
2,272,002
Total
Common
Stocks
(cost
$85,012,841)
99,669,106
Exchange
Traded
Fund
0.7%
Equity
Fund
0.7%
Vanguard
Small-Cap
Value
ETF(a)
3,556
705,048
Total
Exchange
Traded
Fund
(cost
$626,843)
705,048
Rights
0.0%
†
Number
of
Rights
Biotechnology
0.0%
†
Akouos
,
Inc.,
CVR*^∞(a)
21,302
0
Chinook
Therapeutics,
Inc.,
CVR*^∞
1,992
0
Verve
Therapeutics,
Inc.,
CVR*∞
22,800
0
0
Total
Rights
(cost
$16,829)
0
Repurchase
Agreements
6.9%
Principal
Amount
($)
Value
($)
CF
Secured,
LLC,
4.34%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$4,998,389,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.00%,
maturing
8/31/2025
-
2/15/2053;
total
market
value
$5,098,358.(b)
4,997,787
4,997,787
Santander
US
Capital
Markets,
4.36%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$2,000,242,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
0.01%
-
5.45%,
maturing
5/25/2030
-
8/25/2055;
total
market
value
$2,040,247.(b)
2,000,000
2,000,000
Total
Repurchase
Agreements
(cost
$6,997,787)
6,997,787
Total
Investments
(cost
$92,654,300)
—
106.5%
107,371,941
Liabilities
in
excess
of
other
assets
—
(6.5)%
(6,521,441)
NET
ASSETS
—
100.0%
$
100,850,500
*
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,
2025.
The
total
value
of
securities
on
loan
as
of
July
31,
2025
was
$9,038,953,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$6,997,787
and
by
$2,449,122
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.25%,
and
maturity
dates
ranging
from
8/7/2025
-
2/15/2055,
a
total
value
of
$9,446,909.
(b)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2025
was
$6,997,787.
6
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Bailard
Cognitive
Value
Fund
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
Bailard
Cognitive
Value
Fund
-
July
31,
2025
(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.
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.
8
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Bailard
Cognitive
Value
Fund
The
following
is
a
reconciliation
of
assets
for
which
Level
3
inputs
were
used
in
determining
fair
value:
The
FVC
continues
to
evaluate
any
information
that
could
cause
an
adjustment
to
the
fair
value
for
these
investments,
such
as
market
news,
the
progress
of
judicial
and
regulatory
proceedings,
and
subadviser
recommendations. 
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2025.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
99,669,106
$
–
$
–
$
99,669,106
Exchange
Traded
Fund
705,048
–
–
705,048
Repurchase
Agreements
–
6,997,787
–
6,997,787
Rights  
–
–
–
–
Total
$
100,374,154
$
6,997,787
$
–
$
107,371,941
As
of
July
31,
2025,
the
Fund
held
two
rights
investments
that
were
categorized
as
Level
3
investments
which
were
each
valued
at
$0.
Rights
Total
Balance
as
of
10/31/2024
$
—
$
—
Accrued
Accretion/(Amortization)
—
—
Realized
Gains
(Losses)
3,984
3,984
Purchases
—
—
Sales
(3,984)
(3,984)
Change
in
Unrealized
Appreciation/Depreciation
—
—
Transfers
into
Level
3
—
—
Transfers
out
of
Level
3
—
—
Balance
as
of
7/31/2025
$
—
$
—
Change
in
Unrealized
Appreciation/Depreciation
for
Investments
Still
Held
as
of
7/31/2025
$
—
$
—
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,
2025
(Unaudited)
-
Statement
of
Investments
-
9
Common
Stocks
99
.1
%
Shares
Value
($)
Broadline
Retail
3
.7
%
Amazon.com,
Inc.*
30,737
7,195,839
Communications
Equipment
1
.5
%
Arista
Networks,
Inc.*
23,238
2,863,386
Consumer
Staples
Distribution
&
Retail
1
.1
%
Maplebear,
Inc.*
47,346
2,271,188
Electronic
Equipment,
Instruments
&
Components
2
.8
%
Insight
Enterprises,
Inc.*
22,868
2,711,687
TE
Connectivity
plc
13,588
2,795,731
5,507,418
Entertainment
3
.2
%
Spotify
Technology
SA*
8,349
5,230,983
Take-Two
Interactive
Software,
Inc.*
4,391
978,007
6,208,990
Financial
Services
2
.4
%
Fiserv,
Inc.*
13,100
1,820,114
Visa,
Inc.,
Class
A
8,234
2,844,600
4,664,714
Ground
Transportation
2
.2
%
Uber
Technologies,
Inc.*
50,136
4,399,434
Health
Care
Technology
0
.9
%
Waystar
Holding
Corp.*
45,844
1,695,311
Hotels,
Restaurants
&
Leisure
1
.4
%
DoorDash,
Inc.,
Class
A*
11,065
2,769,016
Interactive
Media
&
Services
9
.4
%
Alphabet,
Inc.,
Class
A
10,768
2,066,379
Meta
Platforms,
Inc.,
Class
A
21,045
16,277,045
18,343,424
IT
Services
2
.4
%
Shopify,
Inc.,
Class
A*
37,856
4,626,382
Media
0
.9
%
Trade
Desk,
Inc.
(The),
Class
A*
20,782
1,807,203
Professional
Services
0
.7
%
Booz
Allen
Hamilton
Holding
Corp.,
Class
A(a)
13,348
1,432,641
Semiconductors
&
Semiconductor
Equipment
30
.8
%
Broadcom,
Inc.
8,222
2,414,801
KLA
Corp.
9,056
7,960,496
Lam
Research
Corp.
58,020
5,502,617
Microchip
Technology,
Inc.
26,277
1,776,063
Micron
Technology,
Inc.
31,243
3,409,861
NVIDIA
Corp.
143,176
25,466,715
QUALCOMM,
Inc.
23,946
3,514,315
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR-TW
33,863
8,181,978
Texas
Instruments,
Inc.
11,772
2,131,438
60,358,284
Software
31
.4
%
Adobe,
Inc.*
4,474
1,600,305
AppLovin
Corp.,
Class
A*
8,333
3,255,703
Atlassian
Corp.,
Class
A*
13,414
2,572,537
Cadence
Design
Systems,
Inc.*
13,663
4,981,120
Common
Stocks
Shares
Value
($)
Software
Crowdstrike
Holdings,
Inc.,
Class
A*
5,182
2,355,582
CyberArk
Software
Ltd.*
6,936
2,853,956
Datadog,
Inc.,
Class
A*
30,667
4,292,766
HubSpot,
Inc.*
6,888
3,579,349
Intuit,
Inc.
6,508
5,109,626
Microsoft
Corp.
32,070
17,109,345
Nutanix,
Inc.,
Class
A*
39,160
2,943,657
Palo
Alto
Networks,
Inc.*
27,148
4,712,893
ServiceNow,
Inc.*
3,990
3,763,049
Varonis
Systems,
Inc.,
Class
B*
44,094
2,461,768
61,591,656
Technology
Hardware,
Storage
&
Peripherals
4
.3
%
Apple,
Inc.
22,509
4,672,193
Pure
Storage,
Inc.,
Class
A*
64,117
3,816,244
8,488,437
Total
Common
Stocks
(cost
$59,121,170)
194,223,323
Repurchase
Agreement
0
.6
%
Principal
Amount
($)
CF
Secured,
LLC,
4.34%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$1,251,301,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.00%,
maturing
8/31/2025
-
2/15/2053;
total
market
value
$1,276,327.(b)
1,251,150
1,251,150
Total
Repurchase
Agreement
(cost
$1,251,150)
1,251,150
Total
Investments
(cost
$60,372,320)
—
99.7%
195,474,473
Other
assets
in
excess
of
liabilities
—
0.3%
490,831
NET
ASSETS
—
100.0%
$
195,965,304
*
Denotes
a
non-income
producing
security.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2025.
The
total
value
of
securities
on
loan
as
of
July
31,
2025
was
$1,223,562,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$1,251,150.
(b)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2025
was
$1,251,150.
ADR
American
Depositary
Receipt
TW
Taiwan
10
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Bailard
Technology
&
Science
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
Technology
&
Science
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
11
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2025.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
194,223,323
$
–
$
–
$
194,223,323
Repurchase
Agreement
–
1,251,150
–
1,251,150
Total
$
194,223,323
$
1,251,150
$
–
$
195,474,473
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,
2025
(Unaudited)
-
Nationwide
BNY
Mellon
Dynamic
U.S.
Core
Fund
Common
Stocks
92.9%
Shares
Value
($)
Aerospace
&
Defense
2.1%
Axon
Enterprise,
Inc.*
1,939
1,464,895
Boeing
Co.
(The)*
19,771
4,385,999
GE
Aerospace
27,962
7,579,939
General
Dynamics
Corp.
6,605
2,058,184
Howmet
Aerospace,
Inc.
10,585
1,902,865
Huntington
Ingalls
Industries,
Inc.
1,002
279,418
L3Harris
Technologies,
Inc.
4,902
1,347,168
Lockheed
Martin
Corp.
5,468
2,301,919
Northrop
Grumman
Corp.
3,548
2,045,812
RTX
Corp.
35,030
5,519,677
Textron,
Inc.
4,674
363,497
TransDigm
Group,
Inc.
1,473
2,369,261
31,618,634
Air
Freight
&
Logistics
0.2%
CH
Robinson
Worldwide,
Inc.
3,247
374,444
Expeditors
International
of
Washington,
Inc.
3,474
403,818
FedEx
Corp.
5,780
1,291,772
United
Parcel
Service,
Inc.,
Class
B
19,239
1,657,632
3,727,666
Automobile
Components
0.0%
†
Aptiv
plc*
5,927
406,829
Automobiles
1.7%
Ford
Motor
Co.
102,775
1,137,719
General
Motors
Co.
25,210
1,344,702
Tesla,
Inc.*
73,478
22,651,063
25,133,484
Banks
3.3%
Bank
of
America
Corp.
171,821
8,121,979
Citigroup,
Inc.
48,974
4,588,864
Citizens
Financial
Group,
Inc.
11,096
529,501
Fifth
Third
Bancorp
17,502
727,558
Huntington
Bancshares,
Inc.
36,912
606,464
JPMorgan
Chase
&
Co.
72,871
21,587,305
KeyCorp
24,805
444,506
M&T
Bank
Corp.
4,209
794,238
PNC
Financial
Services
Group,
Inc.
(The)
10,372
1,973,480
Regions
Financial
Corp.
24,418
618,508
Truist
Financial
Corp.
34,338
1,500,914
US
Bancorp
40,853
1,836,751
Wells
Fargo
&
Co.
85,329
6,880,077
50,210,145
Beverages
1.0%
Brown-Forman
Corp.,
Class
B
5,240
151,174
Coca-Cola
Co.
(The)
101,571
6,895,655
Constellation
Brands,
Inc.,
Class
A
4,048
676,178
Keurig
Dr
Pepper,
Inc.
35,976
1,174,617
Molson
Coors
Beverage
Co.,
Class
B
4,881
237,802
Monster
Beverage
Corp.*
18,431
1,082,821
PepsiCo,
Inc.
35,951
4,958,362
15,176,609
Biotechnology
1.5%
AbbVie,
Inc.
46,317
8,754,839
Amgen,
Inc.
14,099
4,160,615
Common
Stocks
Shares
Value
($)
Biotechnology
Biogen,
Inc.*
3,730
477,440
Gilead
Sciences,
Inc.
32,617
3,662,563
Incyte
Corp.*
4,169
312,216
Moderna,
Inc.*(a)
9,473
280,022
Regeneron
Pharmaceuticals,
Inc.
2,723
1,485,288
Vertex
Pharmaceuticals,
Inc.*
6,734
3,076,563
22,209,546
Broadline
Retail
3.9%
Amazon.com,
Inc.*
247,753
58,001,455
eBay,
Inc.
12,091
1,109,349
59,110,804
Building
Products
0.5%
A
O
Smith
Corp.
2,827
200,123
Allegion
plc
2,170
360,046
Builders
FirstSource
,
Inc.*
2,909
369,821
Carrier
Global
Corp.
20,906
1,434,570
Johnson
Controls
International
plc
17,255
1,811,775
Lennox
International,
Inc.(a)
858
522,522
Masco
Corp.
5,443
370,832
Trane
Technologies
plc
5,848
2,561,892
7,631,581
Capital
Markets
3.2%
Ameriprise
Financial,
Inc.
2,497
1,293,920
Bank
of
New
York
Mellon
Corp.
(The)
18,635
1,890,521
Blackrock,
Inc.
3,819
4,223,852
Blackstone,
Inc.
19,132
3,309,071
Cboe
Global
Markets,
Inc.
2,764
666,235
Charles
Schwab
Corp.
(The)
44,785
4,376,838
CME
Group,
Inc.
9,449
2,629,468
Coinbase
Global,
Inc.,
Class
A*
5,543
2,093,924
FactSet
Research
Systems,
Inc.
964
388,396
Franklin
Resources,
Inc.
7,739
185,736
Goldman
Sachs
Group,
Inc.
(The)
8,046
5,822,005
Intercontinental
Exchange,
Inc.
15,041
2,780,028
Invesco
Ltd.
13,031
273,781
KKR
&
Co.,
Inc.
17,749
2,601,648
MarketAxess
Holdings,
Inc.
930
191,115
Moody's
Corp.
4,057
2,092,317
Morgan
Stanley
32,392
4,614,564
MSCI,
Inc.,
Class
A
2,029
1,138,999
Nasdaq,
Inc.
10,839
1,042,929
Northern
Trust
Corp.
5,192
674,960
Raymond
James
Financial,
Inc.(a)
4,794
801,221
S&P
Global,
Inc.
8,231
4,536,104
State
Street
Corp.
7,325
818,569
T.
Rowe
Price
Group,
Inc.
5,653
573,497
49,019,698
Chemicals
1.1%
Air
Products
&
Chemicals,
Inc.
5,835
1,679,780
Albemarle
Corp.(a)
3,234
219,427
CF
Industries
Holdings,
Inc.
4,432
411,422
Corteva,
Inc.
17,887
1,290,189
Dow,
Inc.
17,874
416,285
Nationwide
BNY
Mellon
Dynamic
U.S.
Core
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
13
Common
Stocks
Shares
Value
($)
Chemicals
DuPont
de
Nemours,
Inc.
10,974
789,031
Eastman
Chemical
Co.
3,008
218,411
Ecolab,
Inc.
6,616
1,731,804
International
Flavors
&
Fragrances,
Inc.
6,931
492,309
Linde
plc
12,343
5,680,989
LyondellBasell
Industries
NV,
Class
A
6,960
403,193
Mosaic
Co.
(The)
8,258
297,371
PPG
Industries,
Inc.
6,028
635,954
Sherwin-Williams
Co.
(The)
6,045
2,000,170
16,266,335
Commercial
Services
&
Supplies
0.5%
Cintas
Corp.
9,000
2,002,950
Copart,
Inc.*
23,052
1,044,947
Republic
Services,
Inc.,
Class
A
5,326
1,228,442
Rollins,
Inc.
7,238
414,520
Veralto
Corp.
6,320
662,526
Waste
Management,
Inc.
9,602
2,200,394
7,553,779
Communications
Equipment
0.8%
Arista
Networks,
Inc.*
27,004
3,327,433
Cisco
Systems,
Inc.
104,316
7,101,833
F5,
Inc.*
1,471
461,041
Motorola
Solutions,
Inc.
4,377
1,921,415
12,811,722
Construction
&
Engineering
0.1%
Quanta
Services,
Inc.
3,886
1,578,221
Construction
Materials
0.1%
Martin
Marietta
Materials,
Inc.
1,586
911,760
Vulcan
Materials
Co.
3,355
921,518
1,833,278
Consumer
Finance
0.6%
American
Express
Co.
14,513
4,343,886
Capital
One
Financial
Corp.
16,772
3,605,980
Synchrony
Financial
10,224
712,306
8,662,172
Consumer
Staples
Distribution
&
Retail
1.8%
Costco
Wholesale
Corp.
11,634
10,931,772
Dollar
General
Corp.
5,767
604,958
Dollar
Tree,
Inc.*
5,032
571,384
Kroger
Co.
(The)
16,148
1,131,975
Sysco
Corp.
12,711
1,011,796
Target
Corp.
11,914
1,197,357
Walgreens
Boots
Alliance,
Inc.
18,063
210,253
Walmart,
Inc.
113,288
11,099,958
26,759,453
Containers
&
Packaging
0.2%
Amcor
plc
58,976
551,426
Avery
Dennison
Corp.
1,961
328,997
Ball
Corp.
7,238
414,448
International
Paper
Co.
13,842
646,975
Packaging
Corp.
of
America
2,440
472,750
Smurfit
WestRock
plc
12,696
563,448
2,978,044
Distributors
0.1%
Genuine
Parts
Co.
3,761
484,718
Common
Stocks
Shares
Value
($)
Distributors
LKQ
Corp.
6,281
185,101
Pool
Corp.(a)
1,047
322,622
992,441
Diversified
Telecommunication
Services
0.7%
AT&T,
Inc.
188,678
5,171,664
Verizon
Communications,
Inc.
110,549
4,727,075
9,898,739
Electric
Utilities
1.5%
Alliant
Energy
Corp.
6,949
451,755
American
Electric
Power
Co.,
Inc.
14,007
1,584,752
Constellation
Energy
Corp.
8,218
2,858,549
Duke
Energy
Corp.
20,381
2,479,145
Edison
International
10,110
526,933
Entergy
Corp.(a)
11,703
1,058,302
Evergy
,
Inc.
5,833
412,976
Eversource
Energy
9,357
618,498
Exelon
Corp.
26,495
1,190,685
FirstEnergy
Corp.
13,038
556,853
NextEra
Energy,
Inc.
53,980
3,835,819
NRG
Energy,
Inc.
5,142
859,742
PG&E
Corp.
58,642
822,161
Pinnacle
West
Capital
Corp.
2,930
265,517
PPL
Corp.
18,748
669,116
Southern
Co.
(The)
28,819
2,722,819
Xcel
Energy,
Inc.(a)
15,198
1,116,141
22,029,763
Electrical
Equipment
0.9%
AMETEK,
Inc.
6,054
1,119,082
Eaton
Corp.
plc
10,260
3,947,227
Emerson
Electric
Co.
14,749
2,146,127
GE
Vernova
,
Inc.
7,157
4,725,696
Generac
Holdings,
Inc.*
1,678
326,690
Hubbell,
Inc.,
Class
B
1,438
629,096
Rockwell
Automation,
Inc.
2,996
1,053,723
13,947,641
Electronic
Equipment,
Instruments
&
Components
0.6%
Amphenol
Corp.,
Class
A
31,717
3,378,178
CDW
Corp.
3,468
604,750
Corning,
Inc.
20,363
1,287,756
Jabil,
Inc.
2,875
641,614
Keysight
Technologies,
Inc.*
4,399
721,040
TE
Connectivity
plc
7,776
1,599,912
Teledyne
Technologies,
Inc.*
1,204
663,428
Trimble,
Inc.*
6,426
539,077
Zebra
Technologies
Corp.,
Class
A*
1,266
429,199
9,864,954
Energy
Equipment
&
Services
0.2%
Baker
Hughes
Co.,
Class
A
25,979
1,170,354
Halliburton
Co.
22,040
493,696
Schlumberger
NV
35,665
1,205,477
2,869,527
Entertainment
1.5%
Electronic
Arts,
Inc.
5,984
912,500
Live
Nation
Entertainment,
Inc.*(a)
4,253
628,168
Netflix,
Inc.*
11,159
12,937,745
14
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
BNY
Mellon
Dynamic
U.S.
Core
Fund
Common
Stocks
Shares
Value
($)
Entertainment
Take-Two
Interactive
Software,
Inc.*
4,450
991,149
TKO
Group
Holdings,
Inc.,
Class
A
1,713
287,801
Walt
Disney
Co.
(The)
47,139
5,614,726
Warner
Bros
Discovery,
Inc.*(a)
60,277
793,848
22,165,937
Financial
Services
3.9%
Apollo
Global
Management,
Inc.
11,838
1,720,298
Berkshire
Hathaway,
Inc.,
Class
B*
48,083
22,689,406
Block,
Inc.,
Class
A*
13,603
1,050,968
Corpay
,
Inc.*
1,848
596,996
Fidelity
National
Information
Services,
Inc.
13,777
1,094,032
Fiserv,
Inc.*
14,538
2,019,910
Global
Payments,
Inc.
6,477
517,836
Jack
Henry
&
Associates,
Inc.
1,993
338,441
Mastercard,
Inc.,
Class
A
21,269
12,048,250
PayPal
Holdings,
Inc.*
25,501
1,753,449
Visa,
Inc.,
Class
A(a)
44,864
15,499,166
59,328,752
Food
Products
0.5%
Archer-Daniels-Midland
Co.
12,149
658,233
Bunge
Global
SA
3,739
298,223
Campbell's
Co.
(The)
4,815
153,695
Conagra
Brands,
Inc.
11,848
216,344
General
Mills,
Inc.
14,003
685,867
Hershey
Co.
(The)
3,750
697,987
Hormel
Foods
Corp.
8,252
231,799
J
M
Smucker
Co.
(The)
2,653
284,773
Kellanova
7,223
576,612
Kraft
Heinz
Co.
(The)
22,150
608,239
Lamb
Weston
Holdings,
Inc.
3,483
198,775
McCormick
&
Co.,
Inc.
(Non-Voting)
6,766
477,883
Mondelez
International,
Inc.,
Class
A
33,952
2,196,355
Tyson
Foods,
Inc.,
Class
A
7,261
379,750
7,664,535
Gas
Utilities
0.0%
†
Atmos
Energy
Corp.(a)
4,031
628,514
Ground
Transportation
0.8%
CSX
Corp.
49,258
1,750,629
JB
Hunt
Transport
Services,
Inc.
1,979
285,075
Norfolk
Southern
Corp.
5,911
1,643,258
Old
Dominion
Freight
Line,
Inc.
4,881
728,489
Uber
Technologies,
Inc.*
54,833
4,811,596
Union
Pacific
Corp.
15,667
3,477,604
12,696,651
Health
Care
Equipment
&
Supplies
2.0%
Abbott
Laboratories
45,621
5,756,914
Align
Technology,
Inc.*
1,743
224,864
Baxter
International,
Inc.
13,132
285,752
Becton
Dickinson
&
Co.(a)
7,515
1,339,549
Boston
Scientific
Corp.*
38,793
4,070,162
Common
Stocks
Shares
Value
($)
Health
Care
Equipment
&
Supplies
Cooper
Cos.,
Inc.
(The)*
5,497
388,583
Dexcom,
Inc.*
10,282
830,477
Edwards
Lifesciences
Corp.*
15,381
1,219,867
GE
HealthCare
Technologies,
Inc.
12,006
856,268
Hologic,
Inc.*
6,072
405,731
IDEXX
Laboratories,
Inc.*
2,057
1,099,076
Insulet
Corp.*
1,912
551,421
Intuitive
Surgical,
Inc.*
9,398
4,521,284
Medtronic
plc
33,630
3,034,771
ResMed,
Inc.
3,892
1,058,391
Solventum
Corp.*
3,626
258,751
STERIS
plc
2,504
567,131
Stryker
Corp.
9,019
3,542,032
Zimmer
Biomet
Holdings,
Inc.
5,054
463,199
30,474,223
Health
Care
Providers
&
Services
1.4%
Cardinal
Health,
Inc.
6,258
971,367
Cencora
,
Inc.
4,523
1,293,940
Centene
Corp.*
13,048
340,161
Cigna
Group
(The)
7,005
1,872,997
CVS
Health
Corp.
33,170
2,059,857
DaVita,
Inc.*(a)
1,048
147,108
Elevance
Health,
Inc.
5,924
1,676,966
HCA
Healthcare,
Inc.
4,542
1,607,822
Henry
Schein,
Inc.*
2,944
199,162
Humana,
Inc.
3,233
807,830
Labcorp
Holdings,
Inc.
2,197
571,396
McKesson
Corp.
3,281
2,275,505
Molina
Healthcare,
Inc.*
1,360
214,703
Quest
Diagnostics,
Inc.
2,852
477,453
UnitedHealth
Group,
Inc.
23,786
5,936,034
Universal
Health
Services,
Inc.,
Class
B
1,439
239,521
20,691,822
Health
Care
REITs
0.3%
Alexandria
Real
Estate
Equities,
Inc.
4,307
329,184
Healthpeak
Properties,
Inc.
17,562
297,500
Ventas,
Inc.
11,497
772,369
Welltower,
Inc.
16,290
2,688,990
4,088,043
Hotel
&
Resort
REITs
0.0%
†
Host
Hotels
&
Resorts,
Inc.
19,737
310,266
Hotels,
Restaurants
&
Leisure
1.9%
Airbnb,
Inc.,
Class
A*
11,317
1,498,484
Booking
Holdings,
Inc.
853
4,694,963
Caesars
Entertainment,
Inc.*
5,146
137,295
Carnival
Corp.*
26,603
791,971
Chipotle
Mexican
Grill,
Inc.,
Class
A*
35,330
1,514,950
Darden
Restaurants,
Inc.
3,093
623,765
Domino's
Pizza,
Inc.
876
405,772
DoorDash
,
Inc.,
Class
A*
8,990
2,249,748
Expedia
Group,
Inc.
3,280
591,122
Hilton
Worldwide
Holdings,
Inc.
6,233
1,670,943
Las
Vegas
Sands
Corp.
8,407
440,527
Marriott
International,
Inc.,
Class
A
5,961
1,572,691
Nationwide
BNY
Mellon
Dynamic
U.S.
Core
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
15
Common
Stocks
Shares
Value
($)
Hotels,
Restaurants
&
Leisure
McDonald's
Corp.
18,749
5,626,012
MGM
Resorts
International*
5,144
187,499
Norwegian
Cruise
Line
Holdings
Ltd.*
11,075
283,077
Royal
Caribbean
Cruises
Ltd.
6,551
2,082,366
Starbucks
Corp.
29,798
2,656,790
Wynn
Resorts
Ltd.
2,131
232,343
Yum!
Brands,
Inc.
7,289
1,050,709
28,311,027
Household
Durables
0.3%
DR
Horton,
Inc.
7,320
1,045,589
Garmin
Ltd.
4,039
883,572
Lennar
Corp.,
Class
A
5,929
665,115
Mohawk
Industries,
Inc.*
1,348
154,359
NVR,
Inc.*
79
596,410
PulteGroup,
Inc.
5,282
596,443
3,941,488
Household
Products
0.9%
Church
&
Dwight
Co.,
Inc.
6,676
626,008
Clorox
Co.
(The)
3,135
393,631
Colgate-Palmolive
Co.
21,250
1,781,812
Kimberly-Clark
Corp.
8,701
1,084,319
Procter
&
Gamble
Co.
(The)
61,477
9,250,444
13,136,214
Independent
Power
and
Renewable
Electricity
Producers
0.1%
AES
Corp.
(The)
18,941
249,074
Vistra
Corp.
8,898
1,855,589
2,104,663
Industrial
Conglomerates
0.4%
3M
Co.
14,112
2,105,793
Honeywell
International,
Inc.
16,852
3,747,042
5,852,835
Industrial
REITs
0.2%
Prologis,
Inc.
24,331
2,598,064
Insurance
1.8%
Aflac,
Inc.
12,759
1,267,734
Allstate
Corp.
(The)
6,944
1,411,368
American
International
Group,
Inc.
14,775
1,146,983
Aon
plc,
Class
A
5,662
2,014,030
Arch
Capital
Group
Ltd.
9,786
842,183
Arthur
J
Gallagher
&
Co.
6,715
1,928,884
Assurant,
Inc.
1,417
265,404
Brown
&
Brown,
Inc.
7,393
675,498
Chubb
Ltd.
9,772
2,599,743
Cincinnati
Financial
Corp.
4,162
613,937
Erie
Indemnity
Co.,
Class
A
645
229,775
Everest
Group
Ltd.
1,106
371,395
Globe
Life,
Inc.
2,103
295,408
Hartford
Insurance
Group,
Inc.
(The)
7,450
926,705
Loews
Corp.
4,650
421,011
Marsh
&
McLennan
Cos.,
Inc.
12,920
2,573,664
MetLife,
Inc.
14,786
1,122,997
Principal
Financial
Group,
Inc.
5,526
430,089
Progressive
Corp.
(The)
15,372
3,720,639
Prudential
Financial,
Inc.
9,282
961,429
Travelers
Cos.,
Inc.
(The)
5,941
1,546,086
Common
Stocks
Shares
Value
($)
Insurance
W
R
Berkley
Corp.
7,996
550,205
Willis
Towers
Watson
plc
2,600
821,106
26,736,273
Interactive
Media
&
Services
6.4%
Alphabet,
Inc.,
Class
A
152,608
29,285,475
Alphabet,
Inc.,
Class
C
123,102
23,741,452
Match
Group,
Inc.
6,222
213,228
Meta
Platforms,
Inc.,
Class
A
56,930
44,031,939
97,272,094
IT
Services
0.9%
Accenture
plc,
Class
A
16,415
4,384,446
Akamai
Technologies,
Inc.*
3,853
294,022
Cognizant
Technology
Solutions
Corp.,
Class
A
12,926
927,570
EPAM
Systems,
Inc.*
1,412
222,687
Gartner,
Inc.*
2,018
683,396
GoDaddy,
Inc.,
Class
A*
3,815
616,428
International
Business
Machines
Corp.
24,370
6,169,265
VeriSign,
Inc.
2,138
574,844
13,872,658
Leisure
Products
0.0%
†
Hasbro,
Inc.
3,710
278,844
Life
Sciences
Tools
&
Services
0.8%
Agilent
Technologies,
Inc.
7,598
872,326
Bio-Techne
Corp.(a)
3,925
214,815
Charles
River
Laboratories
International,
Inc.*
1,353
229,523
Danaher
Corp.
16,702
3,292,966
IQVIA
Holdings,
Inc.*
4,351
808,677
Mettler-Toledo
International,
Inc.*
545
672,356
Revvity
,
Inc.
2,945
258,865
Thermo
Fisher
Scientific,
Inc.
9,898
4,629,097
Waters
Corp.*
1,625
469,235
West
Pharmaceutical
Services,
Inc.
1,968
470,864
11,918,724
Machinery
1.5%
Caterpillar,
Inc.
12,332
5,401,663
Cummins,
Inc.
3,612
1,327,843
Deere
&
Co.
6,619
3,470,805
Dover
Corp.
3,484
631,092
Fortive
Corp.
8,666
415,361
IDEX
Corp.
1,925
314,757
Illinois
Tool
Works,
Inc.
6,991
1,789,486
Ingersoll
Rand,
Inc.
10,579
895,301
Nordson
Corp.
1,361
291,540
Otis
Worldwide
Corp.
10,349
886,806
PACCAR,
Inc.
13,765
1,359,431
Parker-Hannifin
Corp.
3,350
2,451,865
Pentair
plc
4,465
456,323
Snap-on,
Inc.
1,329
426,862
Stanley
Black
&
Decker,
Inc.
(a)
4,188
283,318
Westinghouse
Air
Brake
Technologies
Corp.
4,487
861,728
Xylem,
Inc.
6,494
939,162
22,203,343
16
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
BNY
Mellon
Dynamic
U.S.
Core
Fund
Common
Stocks
Shares
Value
($)
Media
0.4%
Charter
Communications,
Inc.,
Class
A*
2,503
674,208
Comcast
Corp.,
Class
A
97,655
3,245,076
Fox
Corp.,
Class
A
5,480
305,565
Fox
Corp.,
Class
B
3,080
157,511
Interpublic
Group
of
Cos.,
Inc.
(The)
9,157
225,262
News
Corp.,
Class
A
10,222
299,709
News
Corp.,
Class
B
3,040
101,597
Omnicom
Group,
Inc.
5,348
385,323
Paramount
Global,
Class
B
14,878
187,017
Trade
Desk,
Inc.
(The),
Class
A*
10,879
946,038
6,527,306
Metals
&
Mining
0.3%
Freeport-McMoRan,
Inc.
37,659
1,515,398
Newmont
Corp.
29,184
1,812,327
Nucor
Corp.
6,072
868,721
Steel
Dynamics,
Inc.
3,727
475,416
4,671,862
Multi-Utilities
0.6%
Ameren
Corp.
7,281
736,328
CenterPoint
Energy,
Inc.
17,332
672,828
CMS
Energy
Corp.(a)
7,578
559,256
Consolidated
Edison,
Inc.
9,447
977,765
Dominion
Energy,
Inc.(a)
22,361
1,307,000
DTE
Energy
Co.
5,441
753,089
NiSource,
Inc.
12,552
532,832
Public
Service
Enterprise
Group,
Inc.
13,139
1,179,751
Sempra
17,101
1,396,810
WEC
Energy
Group,
Inc.
8,466
923,471
9,039,130
Office
REITs
0.0%
†
BXP,
Inc.
3,582
234,370
Oil,
Gas
&
Consumable
Fuels
2.6%
APA
Corp.
8,779
169,347
Chevron
Corp.
50,038
7,587,762
ConocoPhillips
33,102
3,155,945
Coterra
Energy,
Inc.
20,536
500,873
Devon
Energy
Corp.
17,288
574,307
Diamondback
Energy,
Inc.
4,903
728,880
EOG
Resources,
Inc.(a)
14,368
1,724,447
EQT
Corp.
15,869
852,959
Expand
Energy
Corp.
5,554
581,948
Exxon
Mobil
Corp.
113,014
12,616,883
Kinder
Morgan,
Inc.
50,690
1,422,361
Marathon
Petroleum
Corp.
8,056
1,371,051
Occidental
Petroleum
Corp.
18,057
793,425
ONEOK,
Inc.
16,379
1,344,880
Phillips
66
10,684
1,320,329
Targa
Resources
Corp.
5,688
946,540
Texas
Pacific
Land
Corp.
496
480,192
Valero
Energy
Corp.(a)
8,213
1,127,727
Williams
Cos.,
Inc.
(The)
32,016
1,919,359
39,219,215
Passenger
Airlines
0.1%
Delta
Air
Lines,
Inc.
17,201
915,265
Southwest
Airlines
Co.(a)
15,548
480,900
Common
Stocks
Shares
Value
($)
Passenger
Airlines
United
Airlines
Holdings,
Inc.*
8,652
764,058
2,160,223
Personal
Care
Products
0.1%
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
6,087
568,161
Kenvue
,
Inc.
50,342
1,079,332
1,647,493
Pharmaceuticals
2.5%
Bristol-Myers
Squibb
Co.
53,362
2,311,108
Eli
Lilly
&
Co.
20,626
15,264,684
Johnson
&
Johnson
63,090
10,393,447
Merck
&
Co.,
Inc.
65,842
5,143,577
Pfizer,
Inc.
149,077
3,472,003
Viatris
,
Inc.
29,821
260,636
Zoetis,
Inc.,
Class
A
11,674
1,701,952
38,547,407
Professional
Services
0.6%
Automatic
Data
Processing,
Inc.
10,644
3,294,318
Broadridge
Financial
Solutions,
Inc.
3,080
762,331
Dayforce,
Inc.*
4,276
246,597
Equifax,
Inc.
3,313
795,882
Jacobs
Solutions,
Inc.
3,294
467,320
Leidos
Holdings,
Inc.
3,329
531,475
Paychex,
Inc.
8,406
1,213,238
Paycom
Software,
Inc.
1,272
294,519
Verisk
Analytics,
Inc.,
Class
A
3,668
1,022,308
8,627,988
Real
Estate
Management
&
Development
0.1%
CBRE
Group,
Inc.,
Class
A*
7,700
1,199,198
CoStar
Group,
Inc.*
11,062
1,052,992
2,252,190
Residential
REITs
0.2%
AvalonBay
Communities,
Inc.
3,728
694,452
Camden
Property
Trust
2,948
321,922
Equity
Residential
9,291
587,191
Essex
Property
Trust,
Inc.
1,631
424,353
Invitation
Homes,
Inc.
14,462
443,260
Mid-America
Apartment
Communities,
Inc.
3,034
432,133
UDR,
Inc.
7,748
304,419
3,207,730
Retail
REITs
0.2%
Federal
Realty
Investment
Trust
1,931
177,961
Kimco
Realty
Corp.
16,940
359,636
Realty
Income
Corp.
23,680
1,329,159
Regency
Centers
Corp.
4,292
306,449
Simon
Property
Group,
Inc.
8,046
1,317,854
3,491,059
Semiconductors
&
Semiconductor
Equipment
12.5%
Advanced
Micro
Devices,
Inc.*
42,515
7,495,820
Analog
Devices,
Inc.
13,005
2,921,313
Applied
Materials,
Inc.
21,303
3,835,818
Broadcom,
Inc.
123,291
36,210,567
Enphase
Energy,
Inc.*
3,244
104,976
First
Solar,
Inc.*
2,779
485,575
Intel
Corp.
114,377
2,264,664
Nationwide
BNY
Mellon
Dynamic
U.S.
Core
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
17
Common
Stocks
Shares
Value
($)
Semiconductors
&
Semiconductor
Equipment
KLA
Corp.
3,468
3,048,476
Lam
Research
Corp.
33,540
3,180,934
Microchip
Technology,
Inc.
14,227
961,603
Micron
Technology,
Inc.
29,304
3,198,238
Monolithic
Power
Systems,
Inc.
1,275
906,831
NVIDIA
Corp.
639,472
113,742,885
NXP
Semiconductors
NV
6,624
1,416,012
ON
Semiconductor
Corp.*
10,991
619,453
QUALCOMM,
Inc.
28,770
4,222,285
Skyworks
Solutions,
Inc.
4,100
281,014
Teradyne,
Inc.
4,319
463,990
Texas
Instruments,
Inc.
23,821
4,313,030
189,673,484
Software
11.0%
Adobe,
Inc.*
11,175
3,997,186
Autodesk,
Inc.*
5,610
1,700,447
Cadence
Design
Systems,
Inc.*
7,160
2,610,321
Crowdstrike
Holdings,
Inc.,
Class
A*
6,531
2,968,797
Datadog,
Inc.,
Class
A*
7,921
1,108,782
Fair
Isaac
Corp.*
638
916,627
Fortinet,
Inc.*
16,658
1,664,134
Gen
Digital,
Inc.
14,984
441,878
Intuit,
Inc.
7,330
5,755,003
Microsoft
Corp.
194,891
103,974,348
Oracle
Corp.
42,648
10,822,783
Palantir
Technologies,
Inc.,
Class
A*
55,776
8,832,130
Palo
Alto
Networks,
Inc.*
17,361
3,013,870
PTC,
Inc.*
3,054
656,030
Roper
Technologies,
Inc.
2,819
1,551,578
Salesforce,
Inc.
25,159
6,499,324
ServiceNow,
Inc.*
5,428
5,119,255
Synopsys,
Inc.*
4,849
3,071,696
Tyler
Technologies,
Inc.*
1,157
676,336
Workday,
Inc.,
Class
A*
5,680
1,302,878
166,683,403
Specialized
REITs
0.8%
American
Tower
Corp.
12,275
2,557,987
Crown
Castle,
Inc.
11,418
1,199,918
Digital
Realty
Trust,
Inc.
8,301
1,464,628
Equinix,
Inc.
2,565
2,013,961
Extra
Space
Storage,
Inc.
5,665
761,149
Iron
Mountain,
Inc.
7,862
765,444
Public
Storage
4,140
1,125,832
SBA
Communications
Corp.,
Class
A
2,818
633,261
VICI
Properties,
Inc.,
Class
A
28,033
913,876
Weyerhaeuser
Co.
19,576
490,379
11,926,435
Specialty
Retail
1.6%
AutoZone,
Inc.*
439
1,654,319
Best
Buy
Co.,
Inc.
5,223
339,809
CarMax,
Inc.*
3,787
214,382
Home
Depot,
Inc.
(The)
26,062
9,578,046
Lowe's
Cos.,
Inc.
14,676
3,281,113
O'Reilly
Automotive,
Inc.*
22,415
2,203,843
Ross
Stores,
Inc.
8,622
1,177,248
Common
Stocks
Shares
Value
($)
Specialty
Retail
TJX
Cos.,
Inc.
(The)
29,276
3,645,740
Tractor
Supply
Co.
13,903
791,776
Ulta
Beauty,
Inc.*
1,226
631,402
Williams-Sonoma,
Inc.(a)
3,224
603,049
24,120,727
Technology
Hardware,
Storage
&
Peripherals
5.7%
Apple,
Inc.
391,636
81,291,884
Dell
Technologies,
Inc.,
Class
C
7,855
1,042,280
Hewlett
Packard
Enterprise
Co.
33,665
696,529
HP,
Inc.
24,775
614,420
NetApp,
Inc.
5,437
566,155
Seagate
Technology
Holdings
plc
5,418
850,680
Super
Micro
Computer,
Inc.*
13,113
773,274
Western
Digital
Corp.
9,071
713,797
86,549,019
Textiles,
Apparel
&
Luxury
Goods
0.3%
Deckers
Outdoor
Corp.*
3,989
423,512
Lululemon
Athletica,
Inc.*
2,940
589,558
NIKE,
Inc.,
Class
B
30,891
2,307,249
Ralph
Lauren
Corp.,
Class
A
994
296,958
Tapestry,
Inc.
5,632
608,425
4,225,702
Tobacco
0.6%
Altria
Group,
Inc.
44,168
2,735,766
Philip
Morris
International,
Inc.
40,814
6,695,537
9,431,303
Trading
Companies
&
Distributors
0.3%
Fastenal
Co.
30,082
1,387,682
United
Rentals,
Inc.
1,704
1,504,530
WW
Grainger,
Inc.
1,146
1,191,313
4,083,525
Water
Utilities
0.0%
†
American
Water
Works
Co.,
Inc.
5,246
735,699
Wireless
Telecommunication
Services
0.2%
T-Mobile
US,
Inc.
12,505
2,981,317
Total
Common
Stocks
(cost
$635,990,063)
1,408,602,622
Purchased
Options
0.7%
Number
of
Contracts
Call
Options
0.7%
Future
Equity
Index
Options:
0.7%
S&P
500
E-Mini
Index
8/15/2025
at
USD
6,050.00,
European
Style
Notional
Amount:
USD
151,388,438
Exchange
Traded
*
475
7,950,312
18
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
BNY
Mellon
Dynamic
U.S.
Core
Fund
Purchased
Options
Number
of
Contracts
Value
($)
Call
Options
S&P
500
E-Mini
Index
9/19/2025
at
USD
6,375.00,
American
Style
Notional
Amount:
USD
151,388,438
Exchange
Traded
*
475
2,909,375
Total
Purchased
Options
(cost
$3,703,627)
10,859,687
Short-Term
Investment
3.5%
Shares
U.S.
Treasury
Obligation
3.5%
U.S.
Treasury
Bills,
4.25%,
8/7/2025
53,000,000
52,962,297
(cost
$52,962,968)
Total
Short-Term
Investment
(cost
$52,962,968)
52,962,297
Repurchase
Agreement
0.0%
†
Principal
Amount
($)
CF
Secured,
LLC,
4.34%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$396,626,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.00%,
maturing
8/31/2025
-
2/15/2053;
total
market
value
$404,558.(b)
396,578
396,578
Total
Repurchase
Agreement
(cost
$396,578)
396,578
Total
Investments
(cost
$693,053,236)
—
97.1%
1,472,821,184
Other
assets
in
excess
of
liabilities
—
2.9%
44,466,624
NET
ASSETS
—
100.0%
$
1,517,287,808
*
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,
2025.
The
total
value
of
securities
on
loan
as
of
July
31,
2025
was
$12,731,094,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$396,578
and
by
$12,712,282
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.13%,
and
maturity
dates
ranging
from
8/7/2025
-
11/15/2054,
a
total
value
of
$13,108,860.
(b)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2025
was
$396,578.
REIT
Real
Estate
Investment
Trust
Currency:
USD
United
States
Dollar
Nationwide
BNY
Mellon
Dynamic
U.S.
Core
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
19
Futures
contracts
outstanding
as
of
July
31,
2025:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
U.S.
Treasury
Long
Bond
1,399
9/2025
USD
159,748,313
3,839,798
Total
long
contracts
3,839,798
Short
Contracts
S&P
500
E-Mini
Index
(215)
9/2025
USD
(68,523,188)
(451,057)
Total
short
contracts
(451,057)
Net
contracts
3,388,741
Currency:
USD
United
States
Dollar
20
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
BNY
Mellon
Dynamic
U.S.
Core
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
Nationwide
BNY
Mellon
Dynamic
U.S.
Core
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
21
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2025.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using options and financial
futures
contracts.
(a)
Options      
The
Fund
purchased
and/or
wrote
options
on
futures
contracts,
single
stocks,
ETFs,
and/or
indexes.
Such
option
investments
are
utilized
to
manage
currency
exposures
and/or
hedge
against
movements
in
the
values
of
the
foreign
currencies
in
which
the
portfolio
securities
are
denominated,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates
and
equity
movements,
to
capitalize
on
the
return-generating
features
of
selling
options
(short
volatility)
while
simultaneously
benefiting
from
the
risk-control
attributes
associated
with
buying
options
(long
volatility),
and/or
to
generate
consistent
outperformance,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Options
traded
on
an
exchange
are
valued
at
the
settlement
price
provided
by
an
independent
pricing
service
as
approved
by
the
Board.
If
a
settlement
price
is
not
available,
such
options
are
valued
at
the
last
quoted
sale
price,
if
available,
and
otherwise
at
the
average
bid/ask
price.
Exchange
traded
options
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
Options
traded
in
the
over-the-counter
(“OTC”)
market,
and
which
are
not
quoted
by
NASDAQ,
are
valued
at
the
last
quoted
bid
price,
and
are
generally
categorized
as
Level
2
investments
within
the
hierarchy.
The
value
of
an
option
position
reflects,
among
other
things,
the
implied
price
volatility
of
the
underlying
investment,
the
current
market
value
of
the
underlying
investment,
the
time
remaining
until
expiration
of
the
option,
the
relationship
of
the
strike
price
to
the
market
price
of
the
underlying
investment,
and
general
market
conditions.
Options
that
expire
unexercised
have
no
value.
American-style
options
can
be
exercised
at
any
time
prior
to
the
expiration
date
of
the
option.
European-style
options
can
only
be
exercised
at
expiration
of
the
option.
The Fund
effectively
terminates
its
right
or
obligation
under
an
option
by
entering
into
a
closing
transaction.
Closing
transactions
permit the
Fund
to
realize
the
profit
or
limit
the
loss
on
an
option
position
prior
to
its
exercise
or
expiration.
If the
Fund
is
unable
to
affect
a
closing
transaction
for
an
option
it
purchased,
it
would
have
to
exercise
the
option
to
realize
any
profit.
The
inability
to
enter
into
a
closing
purchase
transaction
for
a
covered
call
option
written
by the
Fund
could
cause
material
losses
because the
Fund
would
be
unable
to
sell
the
investment
used
as
a
cover
for
the
written
option
until
the
option
expires
or
is
exercised.
The
writing
and
purchasing
of
options
is
a
highly
specialized
activity
that
involves
investment
techniques
and
risks
different
from
those
associated
with
ordinary
portfolio
securities
transactions.
Imperfect
correlation
between
options
and
the
securities
markets
may
detract
from
the
effectiveness
of
attempted
hedging.
Transactions
using
OTC
options
(other
than
options
purchased
by the
Fund)
expose the
Fund
to
counterparty
risk.
To
the
extent
required
by
Securities
and
Exchange
Commission
(“SEC”)
guidelines, the
Fund
will
not
enter
into
any
options
transactions
unless
it
owns
either
(i)
an
offsetting
(“covered”)
position
in
securities,
other
options,
or
futures
or
(ii)
cash
and
liquid
obligations
with
a
value
sufficient
at
all
times
to
cover
its
potential
obligations
to
the
extent
not
covered
as
provided
in
(i)
above.
A
Fund
will
also
earmark
or
set
aside
cash
and/or
appropriate
liquid
assets
in
a
segregated
custodial
account
as
required
by
SEC
and
U.S.
Commodity
Futures
Trading
Commission
regulations.
Assets
used
as
cover
or
held
in
a
segregated
account
cannot
be
sold
while
the
position
in
the
corresponding
option
or
futures
contract
is
open,
unless
they
are
replaced
with
similar
assets.
As
a
result,
the
commitment
of
a
large
portion
of the
Fund’s
assets
to
earmarking
or
segregated
accounts
as
a
cover
could
impede
portfolio
management
or the
Fund’s
ability
to
meet
redemption
requests
or
other
current
obligations.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2025.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
1,408,602,622
$
–
$
–
$
1,408,602,622
Futures
Contracts
3,839,798
–
–
3,839,798
Purchased
Option
10,859,687
–
–
10,859,687
Repurchase
Agreement
–
396,578
–
396,578
Short-Term
Investment
–
52,962,297
–
52,962,297
Total
Assets
$
1,423,302,107
$
53,358,875
$
–
$
1,476,660,982
Liabilities:
Futures
Contracts
$
(451,057)
$
–
$
–
$
(451,057)
Total
Liabilities
$
(451,057)
$
–
$
–
$
(451,057)
Total
$
1,422,851,050
$
53,358,875
$
–
$
1,476,209,925
22
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
BNY
Mellon
Dynamic
U.S.
Core
Fund
(b)
Futures
Contracts  
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
managing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
price
of
the
futures
contracts
and
the
underlying
assets. The
Fund’s
investments
in
futures
contracts
entail
limited
counterparty
credit
risk
because the
Fund
invests
only
in
exchange
traded
futures
contracts,
which
are
settled
through
the
exchange
and
whose
fulfillment
is
guaranteed
by
the
credit
of
the
exchange.
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2025:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
July
31,
2025:
Assets:
Fair
Value
Purchased
Options
Equity
risk
Investment
securities,
at
value
$
10,859,687
Futures
Contracts
Interest
rate
risk
Unrealized
appreciation
from
futures
contracts
3,839,798
Total
$
14,699,485
Liabilities:
Futures
Contracts
Equity
risk
Unrealized
depreciation
from
futures
contracts
$
(451,057)
Total
$
(451,057)
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
Nationwide
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
23
Common
Stocks
99.4%
Shares
Value
($)
Aerospace
&
Defense
0.9%
Howmet
Aerospace,
Inc.
86,982
15,636,754
Banks
4.0%
Bank
of
America
Corp.
656,283
31,022,498
Wells
Fargo
&
Co.
491,897
39,661,655
70,684,153
Beverages
1.0%
PepsiCo,
Inc.
126,571
17,456,672
Biotechnology
1.7%
AbbVie,
Inc.
161,556
30,537,315
Broadline
Retail
5.9%
Amazon.com,
Inc.*
449,146
105,149,570
Building
Products
0.8%
Trane
Technologies
plc
34,474
15,102,370
Capital
Markets
3.0%
Morgan
Stanley
235,131
33,496,762
S&P
Global,
Inc.
35,254
19,428,480
52,925,242
Chemicals
3.2%
Ecolab,
Inc.
69,814
18,274,513
Linde
plc
64,123
29,513,252
Sherwin-Williams
Co.
(The)
24,721
8,179,684
55,967,449
Commercial
Services
&
Supplies
0.9%
Waste
Connections,
Inc.
82,565
15,412,409
Construction
Materials
1.3%
Martin
Marietta
Materials,
Inc.
38,777
22,292,122
Consumer
Finance
1.3%
American
Express
Co.
76,130
22,786,470
Consumer
Staples
Distribution
&
Retail
1.3%
Costco
Wholesale
Corp.
14,381
13,512,963
Walmart,
Inc.
91,436
8,958,899
22,471,862
Electric
Utilities
2.8%
NextEra
Energy,
Inc.
245,171
17,421,851
Southern
Co.
(The)
348,664
32,941,775
50,363,626
Electrical
Equipment
1.6%
Eaton
Corp.
plc
73,894
28,428,500
Entertainment
1.3%
Walt
Disney
Co.
(The)
199,210
23,727,903
Financial
Services
2.8%
Mastercard,
Inc.,
Class
A
87,388
49,502,680
Food
Products
0.8%
Mondelez
International,
Inc.,
Class
A
210,136
13,593,698
Ground
Transportation
1.7%
Canadian
Pacific
Kansas
City
Ltd.
256,535
18,868,149
Old
Dominion
Freight
Line,
Inc.
72,257
10,784,357
29,652,506
Health
Care
Equipment
&
Supplies
2.8%
Boston
Scientific
Corp.*
284,923
29,894,121
Stryker
Corp.
48,354
18,990,067
48,884,188
Common
Stocks
Shares
Value
($)
Health
Care
Providers
&
Services
1.3%
UnitedHealth
Group,
Inc.
93,791
23,406,482
Hotels,
Restaurants
&
Leisure
5.1%
Booking
Holdings,
Inc.
7,466
41,093,312
Hilton
Worldwide
Holdings,
Inc.
72,657
19,477,889
McDonald's
Corp.
96,921
29,083,084
89,654,285
Insurance
3.0%
Arthur
J
Gallagher
&
Co.
68,240
19,601,940
Progressive
Corp.
(The)
135,636
32,829,337
52,431,277
Interactive
Media
&
Services
8.7%
Alphabet,
Inc.,
Class
C
318,800
61,483,768
Meta
Platforms,
Inc.,
Class
A
118,689
91,798,820
153,282,588
Life
Sciences
Tools
&
Services
0.9%
Thermo
Fisher
Scientific,
Inc.
35,223
16,473,093
Machinery
1.4%
Ingersoll
Rand,
Inc.
81,698
6,914,102
Otis
Worldwide
Corp.
201,927
17,303,124
24,217,226
Oil,
Gas
&
Consumable
Fuels
3.1%
ConocoPhillips
245,171
23,374,603
Exxon
Mobil
Corp.
283,473
31,646,926
55,021,529
Pharmaceuticals
2.9%
Bristol-Myers
Squibb
Co.
375,909
16,280,619
Eli
Lilly
&
Co.
21,397
15,835,278
Johnson
&
Johnson
111,334
18,341,163
50,457,060
Semiconductors
&
Semiconductor
Equipment
15.9%
ASML
Holding
NV
(Registered),
ADR-NL
15,300
10,629,063
Broadcom,
Inc.
131,482
38,616,263
NVIDIA
Corp.
1,009,446
179,550,160
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR-TW
86,748
20,960,052
Texas
Instruments,
Inc.
176,900
32,029,514
281,785,052
Software
11.6%
Cadence
Design
Systems,
Inc.*
36,841
13,431,123
Microsoft
Corp.
315,528
168,334,188
Salesforce,
Inc.
91,786
23,711,078
205,476,389
Specialty
Retail
1.8%
Lowe's
Cos.,
Inc.
78,998
17,661,583
TJX
Cos.,
Inc.
(The)
111,109
13,836,404
31,497,987
24
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Fund
Common
Stocks
Shares
Value
($)
Technology
Hardware,
Storage
&
Peripherals
4.6%
Apple,
Inc.
391,548
81,273,618
Total
Investments
(cost
$1,383,850,772)
—
99.4%
1,755,552,075
Other
assets
in
excess
of
liabilities
—
0.6%
10,714,294
NET
ASSETS
—
100.0%
$
1,766,266,369
*
Denotes
a
non-income
producing
security.
ADR
American
Depositary
Receipt
NL
Netherlands
TW
Taiwan
Nationwide
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
25
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
26
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Fund
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2025.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
1,755,552,075
$
–
$
–
$
1,755,552,075
Total
$
1,755,552,075
$
–
$
–
$
1,755,552,075
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
Nationwide
Geneva
Mid
Cap
Growth
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
27
Common
Stocks
96
.8
%
Shares
Value
($)
Aerospace
&
Defense
8
.7
%
Axon
Enterprise,
Inc.*
17,453
13,185,567
HEICO
Corp.,
Class
A
47,814
12,340,315
25,525,882
Building
Products
2
.2
%
Advanced
Drainage
Systems,
Inc.
47,804
5,485,509
Fortune
Brands
Innovations,
Inc.
19,711
1,075,038
6,560,547
Capital
Markets
4
.1
%
Intercontinental
Exchange,
Inc.
43,081
7,962,661
Raymond
James
Financial,
Inc.
24,144
4,035,187
11,997,848
Commercial
Services
&
Supplies
6
.7
%
Copart,
Inc.*
199,118
9,026,019
Rollins,
Inc.
183,024
10,481,784
19,507,803
Construction
Materials
1
.5
%
Vulcan
Materials
Co.
15,896
4,366,154
Distributors
2
.0
%
Pool
Corp.(a)
18,564
5,720,311
Electrical
Equipment
0
.4
%
Generac
Holdings,
Inc.*
6,352
1,236,671
Electronic
Equipment,
Instruments
&
Components
9
.6
%
Amphenol
Corp.,
Class
A
144,820
15,424,778
Cognex
Corp.
20,447
833,624
Keysight
Technologies,
Inc.*
55,460
9,090,449
Trimble,
Inc.*
31,565
2,647,988
27,996,839
Financial
Services
3
.0
%
Fiserv,
Inc.*
53,649
7,453,992
Global
Payments,
Inc.
16,560
1,323,972
8,777,964
Food
Products
0
.5
%
Freshpet,
Inc.*
22,739
1,553,528
Ground
Transportation
1
.3
%
Old
Dominion
Freight
Line,
Inc.
26,300
3,925,275
Health
Care
Equipment
&
Supplies
7
.4
%
Align
Technology,
Inc.*
9,321
1,202,502
Cooper
Cos.,
Inc.
(The)*
31,668
2,238,611
Dexcom,
Inc.*
46,832
3,782,621
IDEXX
Laboratories,
Inc.*(a)
13,140
7,020,833
STERIS
plc
32,075
7,264,667
21,509,234
Health
Care
Providers
&
Services
1
.3
%
HealthEquity,
Inc.*
38,662
3,750,214
Household
Products
1
.8
%
Church
&
Dwight
Co.,
Inc.
55,697
5,222,708
Insurance
1
.9
%
Ryan
Specialty
Holdings,
Inc.,
Class
A(a)
89,709
5,489,294
IT
Services
3
.6
%
EPAM
Systems,
Inc.*
19,016
2,999,013
Common
Stocks
Shares
Value
($)
IT
Services
Gartner,
Inc.*
21,988
7,446,236
10,445,249
Life
Sciences
Tools
&
Services
1
.4
%
Charles
River
Laboratories
International,
Inc.*
3,893
660,409
Repligen
Corp.*
29,063
3,402,405
4,062,814
Machinery
1
.8
%
IDEX
Corp.
31,346
5,125,384
Professional
Services
6
.5
%
Broadridge
Financial
Solutions,
Inc.
29,086
7,199,076
SS&C
Technologies
Holdings,
Inc.
25,192
2,153,412
Verisk
Analytics,
Inc.,
Class
A
34,146
9,516,832
18,869,320
Real
Estate
Management
&
Development
2
.6
%
CoStar
Group,
Inc.*
78,910
7,511,443
Semiconductors
&
Semiconductor
Equipment
1
.8
%
Monolithic
Power
Systems,
Inc.
7,266
5,167,870
Software
16
.5
%
Bentley
Systems,
Inc.,
Class
B
39,562
2,293,805
BlackLine,
Inc.*
17,730
953,520
Cadence
Design
Systems,
Inc.*
29,907
10,903,195
Datadog,
Inc.,
Class
A*
23,989
3,357,980
HubSpot,
Inc.*
11,754
6,107,966
Intuit,
Inc.
9,325
7,321,337
Roper
Technologies,
Inc.
13,028
7,170,611
Tyler
Technologies,
Inc.*
17,207
10,058,524
48,166,938
Specialty
Retail
7
.9
%
Burlington
Stores,
Inc.*
24,885
6,792,610
O'Reilly
Automotive,
Inc.*
131,151
12,894,766
Ulta
Beauty,
Inc.*
6,377
3,284,219
22,971,595
Textiles,
Apparel
&
Luxury
Goods
0
.3
%
Lululemon
Athletica,
Inc.*
5,093
1,021,299
Trading
Companies
&
Distributors
2
.0
%
Watsco,
Inc.
12,770
5,757,738
Total
Common
Stocks
(cost
$147,242,088)
282,239,922
Rights
0
.0
%
†
Number
of
Rights
Health
Care
Equipment
&
Supplies
0
.0
%
†
ABIOMED,
Inc.,
CVR*^∞
15,020
0
Total
Rights
(cost
$15,321)
0
Total
Investments
(cost
$147,257,409)
—
96.8%
282,239,922
Other
assets
in
excess
of
liabilities
—
3.2%
9,275,158
NET
ASSETS
—
100.0%
$
291,515,080
28
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Geneva
Mid
Cap
Growth
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,
2025.
The
total
value
of
securities
on
loan
as
of
July
31,
2025
was
$7,858,122,
which
was
collateralized
by
$8,181,170
in
the
form
of
U.S
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.13%,
and
maturity
dates
ranging
from
8/7/2025
-
8/15/2054.
CVR
Contingent
Value
Rights
Nationwide
Geneva
Mid
Cap
Growth
Fund
-
July
31,
2025
(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,
2025
(Unaudited)
-
Nationwide
Geneva
Mid
Cap
Growth
Fund
The
FVC
continues
to
evaluate
any
information
that
could
cause
an
adjustment
to
the
fair
value
for
these
investments,
such
as
market
news,
the
progress
of
judicial
and
regulatory
proceedings,
and
subadviser
recommendations. 
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2025.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
282,239,922
$
–
$
–
$
282,239,922
Rights
–
–
–
–
Total
$
282,239,922
$
–
$
–
$
282,239,922
As
of
July
31,
2025,
the
fund
held
one
rights
investment
that
was
categorized
as
a
Level
3
investment
which
was
valued
at
$0.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
Nationwide
GQG
US
Quality
Equity
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
31
Common
Stocks
98
.8
%
Shares
Value
($)
Beverages
2
.8
%
Coca-Cola
Co.
(The)
112,503
7,637,829
Capital
Markets
2
.4
%
CME
Group,
Inc.
23,494
6,537,910
Consumer
Staples
Distribution
&
Retail
2
.2
%
Kroger
Co.
(The)
86,081
6,034,278
Diversified
Telecommunication
Services
12
.1
%
AT&T,
Inc.
656,180
17,985,894
Verizon
Communications,
Inc.
339,258
14,506,672
32,492,566
Electric
Utilities
16
.7
%
American
Electric
Power
Co.,
Inc.(a)
113,873
12,883,591
Duke
Energy
Corp.
66,610
8,102,440
Exelon
Corp.
167,960
7,548,123
NextEra
Energy,
Inc.
96,778
6,877,045
PPL
Corp.
113,923
4,065,912
Xcel
Energy,
Inc.(a)
75,960
5,578,502
45,055,613
Entertainment
2
.6
%
Netflix,
Inc.*
6,075
7,043,355
Financial
Services
2
.1
%
Visa,
Inc.,
Class
A(a)
16,162
5,583,486
Gas
Utilities
1
.0
%
Atmos
Energy
Corp.(a)
16,853
2,627,720
Health
Care
Providers
&
Services
6
.8
%
Cigna
Group
(The)
33,211
8,879,957
Elevance
Health,
Inc.
10,810
3,060,095
McKesson
Corp.
2,943
2,041,088
UnitedHealth
Group,
Inc.
16,801
4,192,858
18,173,998
Insurance
14
.3
%
Allstate
Corp.
(The)
33,542
6,817,411
American
International
Group,
Inc.
146,930
11,406,176
Cincinnati
Financial
Corp.
43,676
6,442,647
Progressive
Corp.
(The)
49,557
11,994,776
Slide
Insurance
Holdings,
Inc.*
104,872
1,971,594
38,632,604
Interactive
Media
&
Services
3
.3
%
Meta
Platforms,
Inc.,
Class
A
11,528
8,916,216
IT
Services
1
.5
%
International
Business
Machines
Corp.
15,913
4,028,376
Multi-Utilities
3
.7
%
CenterPoint
Energy,
Inc.(a)
148,177
5,752,231
DTE
Energy
Co.
29,668
4,106,348
9,858,579
Oil,
Gas
&
Consumable
Fuels
6
.2
%
Enbridge,
Inc.
122,328
5,540,235
Common
Stocks
Shares
Value
($)
Oil,
Gas
&
Consumable
Fuels
Exxon
Mobil
Corp.
101,019
11,277,761
16,817,996
Pharmaceuticals
1
.5
%
Novartis
AG,
ADR
34,674
3,943,821
Software
4
.8
%
Figma,
Inc.,
Class
A*
520
60,060
Microsoft
Corp.
24,055
12,833,342
12,893,402
Tobacco
13
.3
%
Altria
Group,
Inc.
207,978
12,882,157
Philip
Morris
International,
Inc.
140,474
23,044,760
35,926,917
Water
Utilities
1
.5
%
American
Water
Works
Co.,
Inc.
28,578
4,007,779
Total
Common
Stocks
(cost
$254,491,796)
266,212,445
Repurchase
Agreement
0
.4
%
Principal
Amount
($)
CF
Secured,
LLC,
4.34%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$1,041,876,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.00%,
maturing
8/31/2025
-
2/15/2053;
total
market
value
$1,062,713.(b)
1,041,750
1,041,750
Total
Repurchase
Agreement
(cost
$1,041,750)
1,041,750
Total
Investments
(cost
$255,533,546)
—
99.2%
267,254,195
Other
assets
in
excess
of
liabilities
—
0.8%
2,129,102
NET
ASSETS
—
100.0%
$
269,383,297
*
Denotes
a
non-income
producing
security.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2025.
The
total
value
of
securities
on
loan
as
of
July
31,
2025
was
$10,446,001,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$1,041,750
and
by
$9,537,309
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.13%,
and
maturity
dates
ranging
from
8/7/2025
-
8/15/2054,
a
total
value
of
$10,579,059.
(b)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2025
was
$1,041,750.
ADR
American
Depositary
Receipt
32
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
GQG
US
Quality
Equity
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
Nationwide
GQG
US
Quality
Equity
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
33
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2025.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
266,212,445
$
–
$
–
$
266,212,445
Repurchase
Agreement
–
1,041,750
–
1,041,750
Total
$
266,212,445
$
1,041,750
$
–
$
267,254,195
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
34
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Loomis
All
Cap
Growth
Fund
Common
Stocks
99
.5
%
Shares
Value
($)
Aerospace
&
Defense
4
.4
%
Boeing
Co.
(The)*
42,213
9,364,532
Air
Freight
&
Logistics
0
.8
%
Expeditors
International
of
Washington,
Inc.
15,009
1,744,646
Automobile
Components
0
.6
%
Mobileye
Global,
Inc.,
Class
A*
92,287
1,314,167
Automobiles
5
.5
%
Tesla,
Inc.*
38,256
11,793,177
Beverages
3
.3
%
Boston
Beer
Co.,
Inc.
(The),
Class
A*
4,209
871,600
Monster
Beverage
Corp.*
103,651
6,089,496
6,961,096
Biotechnology
5
.4
%
Alnylam
Pharmaceuticals,
Inc.*
17,138
6,722,209
CRISPR
Therapeutics
AG*(a)
19,357
1,089,025
Regeneron
Pharmaceuticals,
Inc.
6,730
3,670,946
11,482,180
Broadline
Retail
6
.1
%
Alibaba
Group
Holding
Ltd.,
ADR-CN(a)
4,094
493,859
Amazon.com,
Inc.*
53,849
12,606,590
13,100,449
Capital
Markets
3
.1
%
FactSet
Research
Systems,
Inc.(a)
4,737
1,908,537
MSCI,
Inc.,
Class
A(a)
3,928
2,205,022
SEI
Investments
Co.
29,572
2,605,885
6,719,444
Entertainment
9
.1
%
Netflix,
Inc.*
12,571
14,574,817
Walt
Disney
Co.
(The)
40,687
4,846,229
19,421,046
Financial
Services
5
.3
%
Block,
Inc.,
Class
A*(a)
22,811
1,762,378
PayPal
Holdings,
Inc.*
21,279
1,463,144
Visa,
Inc.,
Class
A(a)
23,228
8,024,577
11,250,099
Health
Care
Equipment
&
Supplies
1
.0
%
Intuitive
Surgical,
Inc.*
4,469
2,149,991
Health
Care
Technology
4
.0
%
Doximity,
Inc.,
Class
A*(a)
72,432
4,255,380
Veeva
Systems,
Inc.,
Class
A*
14,776
4,199,339
8,454,719
Hotels,
Restaurants
&
Leisure
2
.6
%
Starbucks
Corp.
30,377
2,708,413
Yum
China
Holdings,
Inc.
29,185
1,362,356
Yum!
Brands,
Inc.
10,081
1,453,176
5,523,945
Interactive
Media
&
Services
13
.2
%
Alphabet,
Inc.,
Class
A
53,221
10,213,110
Meta
Platforms,
Inc.,
Class
A
23,257
17,987,894
28,201,004
Common
Stocks
Shares
Value
($)
IT
Services
2
.1
%
Shopify,
Inc.,
Class
A*
37,627
4,598,396
Life
Sciences
Tools
&
Services
0
.6
%
Illumina,
Inc.*
12,847
1,319,515
Machinery
1
.2
%
Deere
&
Co.
4,734
2,482,368
Pharmaceuticals
2
.4
%
Novartis
AG,
ADR
12,025
1,367,723
Novo
Nordisk
A/S,
ADR-DK(a)
49,373
2,323,987
Roche
Holding
AG,
ADR(a)
36,347
1,414,262
5,105,972
Semiconductors
&
Semiconductor
Equipment
13
.8
%
ARM
Holdings
plc,
ADR*(a)
30,788
4,352,653
NVIDIA
Corp.
128,233
22,808,804
QUALCOMM,
Inc.
15,104
2,216,663
29,378,120
Software
14
.6
%
Autodesk,
Inc.*
18,592
5,635,421
Microsoft
Corp.
12,384
6,606,864
Oracle
Corp.
50,445
12,801,428
Salesforce,
Inc.
12,748
3,293,191
Workday,
Inc.,
Class
A*
11,991
2,750,495
31,087,399
Textiles,
Apparel
&
Luxury
Goods
0
.4
%
Under
Armour,
Inc.,
Class
A*
119,979
796,661
Total
Common
Stocks
(cost
$81,531,901)
212,248,926
Repurchase
Agreements
5
.7
%
Principal
Amount
($)
CF
Secured,
LLC,
4.34%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$3,130,841,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.00%,
maturing
8/31/2025
-
2/15/2053;
total
market
value
$3,193,459.(b)
3,130,464
3,130,464
Santander
US
Capital
Markets,
4.36%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$2,000,242,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
0.01%
-
5.45%,
maturing
5/25/2030
-
8/25/2055;
total
market
value
$2,040,247.(b)
2,000,000
2,000,000
Nationwide
Loomis
All
Cap
Growth
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
35
Repurchase
Agreements
Principal
Amount
($)
Value
($)
Societe
Generale,
4.35%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$7,000,846,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
1.63%
-
4.50%,
maturing
2/15/2038
-
2/15/2052;
total
market
value
$7,140,001.(b)
7,000,000
7,000,000
Total
Repurchase
Agreements
(cost
$12,130,464)
12,130,464
Total
Investments
(cost
$93,662,365)
—
105.2%
224,379,390
Liabilities
in
excess
of
other
assets
—
(5.2)%
(
10,990,828
)
NET
ASSETS
—
100.0%
$
213,388,562
*
Denotes
a
non-income
producing
security.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2025.
The
total
value
of
securities
on
loan
as
of
July
31,
2025
was
$12,048,068,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$12,130,464
and
by
$896,567
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.13%,
and
maturity
dates
ranging
from
8/7/2025
-
8/15/2054,
a
total
value
of
$13,027,031.
(b)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2025
was
$12,130,464.
ADR
American
Depositary
Receipt
CN
China
DK
Denmark
36
-
Statement
of
Investments
-
July
31,
2025
(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,
2025
(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,
2025.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
212,248,926
$
–
$
–
$
212,248,926
Repurchase
Agreements
–
12,130,464
–
12,130,464
Total
$
212,248,926
$
12,130,464
$
–
$
224,379,390
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,
2025
(Unaudited)
-
Nationwide
WCM
Focused
Small
Cap
Fund
Common
Stocks
95
.4
%
Shares
Value
($)
Aerospace
&
Defense
3
.2
%
Cadre
Holdings,
Inc.(a)
170,225
5,629,341
Automobile
Components
3
.1
%
Dorman
Products,
Inc.*
45,504
5,488,693
Building
Products
8
.1
%
American
Woodmark
Corp.*
60,950
3,206,580
CSW
Industrials,
Inc.
15,844
4,111,201
Hayward
Holdings,
Inc.*
437,309
6,725,812
14,043,593
Capital
Markets
3
.6
%
Virtus
Investment
Partners,
Inc.
32,217
6,227,868
Chemicals
9
.6
%
Ashland,
Inc.
59,416
3,063,489
Element
Solutions,
Inc.
400,588
9,453,877
Quaker
Chemical
Corp.
36,627
4,190,861
16,708,227
Electronic
Equipment,
Instruments
&
Components
8
.8
%
Cognex
Corp.
83,569
3,407,108
ePlus,
Inc.*
113,889
7,377,730
Insight
Enterprises,
Inc.*
38,054
4,512,443
15,297,281
Ground
Transportation
2
.9
%
Landstar
System,
Inc.
38,246
5,100,869
Health
Care
Equipment
&
Supplies
4
.0
%
ICU
Medical,
Inc.*
55,035
7,067,044
Health
Care
Providers
&
Services
13
.3
%
Addus
HomeCare
Corp.*
116,556
12,445,850
Ensign
Group,
Inc.
(The)
56,035
8,405,250
Pennant
Group,
Inc.
(The)*
102,566
2,273,888
23,124,988
Hotels,
Restaurants
&
Leisure
3
.2
%
Wyndham
Hotels
&
Resorts,
Inc.
64,896
5,581,056
Household
Durables
1
.6
%
Installed
Building
Products,
Inc.
14,212
2,874,946
Insurance
6
.3
%
Skyward
Specialty
Insurance
Group,
Inc.*
116,469
5,891,002
White
Mountains
Insurance
Group
Ltd.
2,899
5,182,832
11,073,834
Leisure
Products
2
.9
%
YETI
Holdings,
Inc.*
139,699
5,132,541
Machinery
3
.5
%
Hillman
Solutions
Corp.*
773,538
6,103,215
Personal
Care
Products
2
.9
%
Interparfums,
Inc.(a)
41,637
5,021,422
Professional
Services
9
.6
%
CBIZ,
Inc.*
36,747
2,245,977
ICF
International,
Inc.
40,715
3,415,581
Verra
Mobility
Corp.,
Class
A*
438,934
11,087,473
16,749,031
Real
Estate
Management
&
Development
4
.3
%
Cushman
&
Wakefield
plc*
609,476
7,429,512
Common
Stocks
Shares
Value
($)
Software
2
.5
%
Meridianlink,
Inc.*(a)
268,294
4,287,338
Specialty
Retail
2
.0
%
America's
Car-Mart,
Inc.*(a)
76,614
3,450,695
Total
Common
Stocks
(cost
$146,103,959)
166,391,494
Repurchase
Agreement
0
.4
%
Principal
Amount
($)
CF
Secured,
LLC,
4.34%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$705,770,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.00%,
maturing
8/31/2025
-
2/15/2053;
total
market
value
$719,885.(b)
705,685
705,685
Total
Repurchase
Agreement
(cost
$705,685)
705,685
Total
Investments
(cost
$146,809,644)
—
95.8%
167,097,179
Other
assets
in
excess
of
liabilities
—
4.2%
7,301,688
NET
ASSETS
—
100.0%
$
174,398,867
*
Denotes
a
non-income
producing
security.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2025.
The
total
value
of
securities
on
loan
as
of
July
31,
2025
was
$7,759,232,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$705,685
and
by
$7,363,522
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
4.88%,
and
maturity
dates
ranging
from
8/7/2025
-
11/15/2054,
a
total
value
of
$8,069,207.
(b)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2025
was
$705,685.
Nationwide
WCM
Focused
Small
Cap
Fund
-
July
31,
2025
(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,
2025
(Unaudited)
-
Nationwide
WCM
Focused
Small
Cap
Fund
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2025.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
166,391,494
$
–
$
–
$
166,391,494
Repurchase
Agreement
–
705,685
–
705,685
Total
$
166,391,494
$
705,685
$
–
$
167,097,179
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.
Equity
Income
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
41
Common
Stocks
89.8%
Shares
Value
($)
Aerospace
&
Defense
3.6%
Howmet
Aerospace,
Inc.
18,669
3,356,126
L3Harris
Technologies,
Inc.
79,611
21,878,695
25,234,821
Air
Freight
&
Logistics
0.4%
FedEx
Corp.
14,036
3,136,906
Automobiles
0.6%
Ford
Motor
Co.
386,720
4,280,990
Banks
10.5%
Bank
of
America
Corp.
351,606
16,620,416
Citigroup,
Inc.
87,577
8,205,965
Columbia
Banking
System,
Inc.
139,395
3,317,601
Comerica,
Inc.
108,695
7,344,521
First
Horizon
Corp.
425,281
9,275,379
JPMorgan
Chase
&
Co.
101,422
30,045,253
74,809,135
Biotechnology
0.5%
Gilead
Sciences,
Inc.
30,638
3,440,341
Building
Products
1.5%
Carlisle
Cos.,
Inc.
20,812
7,382,224
Johnson
Controls
International
plc
31,236
3,279,780
10,662,004
Capital
Markets
4.9%
Charles
Schwab
Corp.
(The)
75,832
7,411,061
CME
Group,
Inc.
12,056
3,354,944
Goldman
Sachs
Group,
Inc.
(The)
18,157
13,138,224
Intercontinental
Exchange,
Inc.
36,307
6,710,623
Morgan
Stanley
30,044
4,280,068
34,894,920
Chemicals
0.5%
Mosaic
Co.
(The)
91,676
3,301,253
Communications
Equipment
3.6%
Cisco
Systems,
Inc.
377,136
25,675,419
Construction
Materials
1.9%
CRH
plc
143,473
13,694,498
Consumer
Finance
2.2%
Capital
One
Financial
Corp.
71,707
15,417,005
Containers
&
Packaging
2.3%
Crown
Holdings,
Inc.
31,526
3,132,423
International
Paper
Co.
282,250
13,192,365
16,324,788
Diversified
Telecommunication
Services
2.9%
AT&T,
Inc.
750,040
20,558,596
Electric
Utilities
0.8%
Constellation
Energy
Corp.
15,839
5,509,438
Electrical
Equipment
2.3%
Emerson
Electric
Co.
23,667
3,443,785
Hubbell,
Inc.,
Class
B(a)
30,149
13,189,585
16,633,370
Electronic
Equipment,
Instruments
&
Components
1.5%
TE
Connectivity
plc
50,429
10,375,767
Entertainment
1.4%
Walt
Disney
Co.
(The)
82,197
9,790,485
Common
Stocks
Shares
Value
($)
Financial
Services
4.1%
Berkshire
Hathaway,
Inc.,
Class
B*
48,022
22,660,621
Voya
Financial,
Inc.
91,587
6,411,090
29,071,711
Ground
Transportation
1.9%
CSX
Corp.
390,122
13,864,936
Health
Care
Equipment
&
Supplies
3.8%
Alcon
AG
CHF
103,741
9,082,525
Medtronic
plc
201,717
18,202,942
27,285,467
Health
Care
Providers
&
Services
2.3%
Labcorp
Holdings,
Inc.
29,212
7,597,457
UnitedHealth
Group,
Inc.
35,838
8,943,731
16,541,188
Hotels,
Restaurants
&
Leisure
2.2%
Las
Vegas
Sands
Corp.
166,828
8,741,787
Royal
Caribbean
Cruises
Ltd.
20,992
6,672,727
15,414,514
Industrial
Conglomerates
0.7%
Honeywell
International,
Inc.
21,039
4,678,022
Insurance
6.1%
American
International
Group,
Inc.
105,341
8,177,622
Aon
plc,
Class
A
37,354
13,287,191
Assurant,
Inc.
85,406
15,996,544
MetLife,
Inc.
14,256
1,082,743
RenaissanceRe
Holdings
Ltd.
19,643
4,787,785
43,331,885
IT
Services
0.9%
International
Business
Machines
Corp.
25,378
6,424,441
Life
Sciences
Tools
&
Services
2.3%
Danaher
Corp.
56,818
11,202,237
Thermo
Fisher
Scientific,
Inc.
10,719
5,013,062
16,215,299
Machinery
1.0%
Caterpillar,
Inc.
15,565
6,817,781
Media
0.7%
Omnicom
Group,
Inc.
70,138
5,053,443
Metals
&
Mining
1.8%
Freeport-McMoRan,
Inc.
193,426
7,783,462
Newmont
Corp.
77,913
4,838,397
12,621,859
Multi-Utilities
0.7%
Dominion
Energy,
Inc.(a)
84,893
4,961,996
Oil,
Gas
&
Consumable
Fuels
8.1%
Chevron
Corp.
45,927
6,964,370
Diamondback
Energy,
Inc.
39,969
5,941,792
EQT
Corp.
115,331
6,199,041
Exxon
Mobil
Corp.
123,533
13,791,224
Marathon
Petroleum
Corp.
55,166
9,388,702
Permian
Resources
Corp.,
Class
A(a)
417,521
5,912,097
Phillips
66
75,337
9,310,147
57,507,373
42
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
BNY
Mellon
Dynamic
U.S.
Equity
Income
Fund
Common
Stocks
Shares
Value
($)
Passenger
Airlines
0.9%
Delta
Air
Lines,
Inc.
114,214
6,077,327
Personal
Care
Products
1.4%
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
79,825
7,450,865
Kenvue,
Inc.
132,150
2,833,296
10,284,161
Pharmaceuticals
4.3%
Bristol-Myers
Squibb
Co.
98,481
4,265,212
Johnson
&
Johnson
158,568
26,122,492
30,387,704
Semiconductors
&
Semiconductor
Equipment
1.1%
Applied
Materials,
Inc.
43,654
7,860,339
Software
1.2%
Dolby
Laboratories,
Inc.,
Class
A
114,647
8,637,505
Specialized
REITs
0.9%
Weyerhaeuser
Co.
261,626
6,553,731
Tobacco
0.9%
Philip
Morris
International,
Inc.
40,144
6,585,623
Trading
Companies
&
Distributors
1.1%
Ferguson
Enterprises,
Inc.
34,085
7,612,203
Total
Common
Stocks
(cost
$510,641,078)
637,528,244
Purchased
Options
0.7%
Number
of
Contracts
Call
Options
0.7%
Future
Equity
Index
Options:
0.7%
S&P
500
E-Mini
Index
8/15/2025
at
USD
6,050.00,
European
Style
Notional
Amount:
USD
71,710,313
Exchange
Traded
*
225
3,765,938
S&P
500
E-Mini
Index
9/19/2025
at
USD
6,375.00,
American
Style
Notional
Amount:
USD
71,710,313
Exchange
Traded
*
225
1,378,125
Total
Purchased
Options
(cost
$1,802,242)
5,144,063
Short-Term
Investment
3.7%
Shares
Value
($)
U.S.
Treasury
Obligation
3.7%
U.S.
Treasury
Bills,
4.25%,
8/7/2025
26,000,000
25,981,504
Total
Short-Term
Investment
(cost
$25,981,901)
25,981,504
Repurchase
Agreement
0.7%
Principal
Amount
($)
CF
Secured,
LLC,
4.34%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$4,759,575,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.00%,
maturing
8/31/2025
-
2/15/2053;
total
market
value
$4,854,767.(b)
4,759,001
4,759,001
Total
Repurchase
Agreement
(cost
$4,759,001)
4,759,001
Total
Investments
(cost
$543,184,222)
—
94.9%
673,412,812
Other
assets
in
excess
of
liabilities
—
5.1%
36,173,516
NET
ASSETS
—
100.0%
$
709,586,328
*
Denotes
a
non-income
producing
security.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2025.
The
total
value
of
securities
on
loan
as
of
July
31,
2025
was
$9,614,220,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$4,759,001
and
by
$5,056,107
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.13%
-
4.50%,
and
maturity
dates
ranging
from
11/15/2025
-
5/15/2052,
a
total
value
of
$9,815,108.
(b)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2025
was
$4,759,001.
REIT
Real
Estate
Investment
Trust
Currency:
CHF
Switzerland
Franc
USD
United
States
Dollar
Nationwide
BNY
Mellon
Dynamic
U.S.
Equity
Income
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
43
Futures
contracts
outstanding
as
of
July
31,
2025:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
Russell
1000
Value
E-Mini
Index
602
9/2025
USD
58,065,910
218,213
U.S.
Treasury
Long
Bond
661
9/2025
USD
75,477,938
1,698,841
Total
long
contracts
1,917,054
Short
Contracts
S&P
500
E-Mini
Index
(283)
9/2025
USD
(90,195,638)
(2,401,079)
Total
short
contracts
(2,401,079)
Net
contracts
(484,025)
Currency:
USD
United
States
Dollar
44
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
BNY
Mellon
Dynamic
U.S.
Equity
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.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
Nationwide
BNY
Mellon
Dynamic
U.S.
Equity
Income
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
45
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2025.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using options and financial
futures
contracts.
(a)
Options      
The
Fund
purchased
and/or
wrote
options
on
futures
contracts,
single
stocks,
ETFs,
and/or
indexes.
Such
option
investments
are
utilized
to
manage
currency
exposures
and/or
hedge
against
movements
in
the
values
of
the
foreign
currencies
in
which
the
portfolio
securities
are
denominated,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates
and
equity
movements,
to
capitalize
on
the
return-generating
features
of
selling
options
(short
volatility)
while
simultaneously
benefiting
from
the
risk-control
attributes
associated
with
buying
options
(long
volatility),
and/or
to
generate
consistent
outperformance,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Options
traded
on
an
exchange
are
valued
at
the
settlement
price
provided
by
an
independent
pricing
service
as
approved
by
the
Board.
If
a
settlement
price
is
not
available,
such
options
are
valued
at
the
last
quoted
sale
price,
if
available,
and
otherwise
at
the
average
bid/ask
price.
Exchange
traded
options
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
Options
traded
in
the
over-the-counter
(“OTC”)
market,
and
which
are
not
quoted
by
NASDAQ,
are
valued
at
the
last
quoted
bid
price,
and
are
generally
categorized
as
Level
2
investments
within
the
hierarchy.
The
value
of
an
option
position
reflects,
among
other
things,
the
implied
price
volatility
of
the
underlying
investment,
the
current
market
value
of
the
underlying
investment,
the
time
remaining
until
expiration
of
the
option,
the
relationship
of
the
strike
price
to
the
market
price
of
the
underlying
investment,
and
general
market
conditions.
Options
that
expire
unexercised
have
no
value.
American-style
options
can
be
exercised
at
any
time
prior
to
the
expiration
date
of
the
option.
European-style
options
can
only
be
exercised
at
expiration
of
the
option.
The Fund
effectively
terminates
its
right
or
obligation
under
an
option
by
entering
into
a
closing
transaction.
Closing
transactions
permit the
Fund
to
realize
the
profit
or
limit
the
loss
on
an
option
position
prior
to
its
exercise
or
expiration.
If the
Fund
is
unable
to
affect
a
closing
transaction
for
an
option
it
purchased,
it
would
have
to
exercise
the
option
to
realize
any
profit.
The
inability
to
enter
into
a
closing
purchase
transaction
for
a
covered
call
option
written
by the
Fund
could
cause
material
losses
because the
Fund
would
be
unable
to
sell
the
investment
used
as
a
cover
for
the
written
option
until
the
option
expires
or
is
exercised.
The
writing
and
purchasing
of
options
is
a
highly
specialized
activity
that
involves
investment
techniques
and
risks
different
from
those
associated
with
ordinary
portfolio
securities
transactions.
Imperfect
correlation
between
options
and
the
securities
markets
may
detract
from
the
effectiveness
of
attempted
hedging.
Transactions
using
OTC
options
(other
than
options
purchased
by the
Fund)
expose the
Fund
to
counterparty
risk.
To
the
extent
required
by
Securities
and
Exchange
Commission
(“SEC”)
guidelines, the
Fund
will
not
enter
into
any
options
transactions
unless
it
owns
either
(i)
an
offsetting
(“covered”)
position
in
securities,
other
options,
or
futures
or
(ii)
cash
and
liquid
obligations
with
a
value
sufficient
at
all
times
to
cover
its
potential
obligations
to
the
extent
not
covered
as
provided
in
(i)
above.
A
Fund
will
also
earmark
or
set
aside
cash
and/or
appropriate
liquid
assets
in
a
segregated
custodial
account
as
required
by
SEC
and
U.S.
Commodity
Futures
Trading
Commission
regulations.
Assets
used
as
cover
or
held
in
a
segregated
account
cannot
be
sold
while
the
position
in
the
corresponding
option
or
futures
contract
is
open,
unless
they
are
replaced
with
similar
assets.
As
a
result,
the
commitment
of
a
large
portion
of the
Fund’s
assets
to
earmarking
or
segregated
accounts
as
a
cover
could
impede
portfolio
management
or the
Fund’s
ability
to
meet
redemption
requests
or
other
current
obligations.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2025.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
637,528,244
$
–
$
–
$
637,528,244
Futures
Contracts
1,917,054
–
–
1,917,054
Purchased
Option
5,144,063
–
–
5,144,063
Repurchase
Agreement
–
4,759,001
–
4,759,001
Short-Term
Investment
–
25,981,504
–
25,981,504
Total
Assets
$
644,589,361
$
30,740,505
$
–
$
675,329,866
Liabilities:
Futures
Contracts
$
(2,401,079)
$
–
$
–
$
(2,401,079)
Total
Liabilities
$
(2,401,079)
$
–
$
–
$
(2,401,079)
Total
$
642,188,282
$
30,740,505
$
–
$
672,928,787
46
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
BNY
Mellon
Dynamic
U.S.
Equity
Income
Fund
(b)
Futures
Contracts  
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
managing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
price
of
the
futures
contracts
and
the
underlying
assets. The
Fund’s
investments
in
futures
contracts
entail
limited
counterparty
credit
risk
because the
Fund
invests
only
in
exchange
traded
futures
contracts,
which
are
settled
through
the
exchange
and
whose
fulfillment
is
guaranteed
by
the
credit
of
the
exchange.
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2025:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
July
31,
2025:
Assets:
Fair
Value
Purchased
Options
Equity
risk
Investment
securities,
at
value
$
5,144,063
Futures
Contracts
Equity
risk
Unrealized
appreciation
from
futures
contracts
218,213
Interest
rate
risk
Unrealized
appreciation
from
futures
contracts
1,698,841
Total
$
7,061,117
Liabilities:
Futures
Contracts
Equity
risk
Unrealized
depreciation
from
futures
contracts
$
(2,401,079)
Total
$
(2,401,079)
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
Nationwide
Geneva
Small
Cap
Growth
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
1
Common
Stocks
96
.7
%
Shares
Value
($)
Automobile
Components
1
.6
%
Dorman
Products,
Inc.*
161,859
19,523,432
Fox
Factory
Holding
Corp.*
202,732
6,156,971
25,680,403
Banks
1
.4
%
Axos
Financial,
Inc.*
259,236
22,385,029
Biotechnology
1
.4
%
Vericel
Corp.*
636,438
22,237,144
Broadline
Retail
3
.0
%
Ollie's
Bargain
Outlet
Holdings,
Inc.*
361,078
49,334,087
Building
Products
5
.5
%
AAON,
Inc.(a)
651,902
54,433,817
Trex
Co.,
Inc.*
551,421
35,423,285
89,857,102
Capital
Markets
0
.9
%
Hamilton
Lane,
Inc.,
Class
A(a)
97,005
14,773,862
Chemicals
2
.7
%
Balchem
Corp.
286,808
43,729,616
Commercial
Services
&
Supplies
2
.6
%
Casella
Waste
Systems,
Inc.,
Class
A*
386,253
41,997,289
Communications
Equipment
1
.2
%
Digi
International,
Inc.*(a)
607,108
19,797,792
Construction
&
Engineering
5
.2
%
Construction
Partners,
Inc.,
Class
A*
757,966
76,440,871
WillScot
Holdings
Corp.
265,771
7,800,379
84,241,250
Diversified
Consumer
Services
1
.5
%
Bright
Horizons
Family
Solutions,
Inc.*
212,914
24,080,573
Electronic
Equipment,
Instruments
&
Components
3
.8
%
ePlus,
Inc.*
324,105
20,995,522
Novanta,
Inc.*
327,041
40,232,584
61,228,106
Food
Products
1
.3
%
J
&
J
Snack
Foods
Corp.(a)
182,445
20,596,216
Ground
Transportation
0
.9
%
Marten
Transport
Ltd.
1,181,811
14,370,822
Health
Care
Equipment
&
Supplies
4
.3
%
Globus
Medical,
Inc.,
Class
A*
697,247
36,696,110
LeMaitre
Vascular,
Inc.(a)
320,505
26,037,826
UFP
Technologies,
Inc.*(a)
29,137
6,596,325
69,330,261
Health
Care
Providers
&
Services
3
.0
%
HealthEquity,
Inc.*
345,965
33,558,605
Option
Care
Health,
Inc.*
489,423
14,364,565
47,923,170
Health
Care
Technology
1
.2
%
Certara,
Inc.*(a)
1,984,979
19,532,193
Hotels,
Restaurants
&
Leisure
3
.9
%
Texas
Roadhouse,
Inc.,
Class
A
344,830
63,838,378
Common
Stocks
Shares
Value
($)
Household
Products
1
.2
%
WD-40
Co.(a)
93,969
20,146,954
Insurance
3
.8
%
Kinsale
Capital
Group,
Inc.
110,742
48,802,892
Palomar
Holdings,
Inc.*
90,950
12,049,965
60,852,857
Life
Sciences
Tools
&
Services
3
.1
%
Azenta,
Inc.*
181,628
5,939,236
BioLife
Solutions,
Inc.*(a)
313,289
6,660,524
Bio-Techne
Corp.(a)
366,493
20,058,162
Mesa
Laboratories,
Inc.(a)
69,847
5,341,898
Repligen
Corp.*(a)
106,744
12,496,520
50,496,340
Machinery
11
.7
%
Donaldson
Co.,
Inc.
257,738
18,549,404
ESCO
Technologies,
Inc.
310,430
60,130,291
RBC
Bearings,
Inc.*
207,118
80,225,086
SPX
Technologies,
Inc.*(a)
168,206
30,679,092
189,583,873
Professional
Services
7
.4
%
CBIZ,
Inc.*
159,027
9,719,730
ExlService
Holdings,
Inc.*
1,603,069
69,621,287
Exponent,
Inc.
597,713
41,218,288
120,559,305
Real
Estate
Management
&
Development
1
.6
%
FirstService
Corp.
135,200
26,664,144
Semiconductors
&
Semiconductor
Equipment
2
.6
%
MACOM
Technology
Solutions
Holdings,
Inc.*
59,772
8,197,132
Onto
Innovation,
Inc.*
366,524
34,728,149
42,925,281
Software
16
.1
%
Agilysys,
Inc.*(a)
290,982
33,195,227
Alarm.com
Holdings,
Inc.*
464,326
25,366,129
Blackbaud,
Inc.*
431,606
29,098,876
BlackLine,
Inc.*(a)
302,941
16,292,167
Descartes
Systems
Group,
Inc.
(The)*
515,750
54,545,720
I3
Verticals,
Inc.,
Class
A*(a)
662,113
18,525,922
SPS
Commerce,
Inc.*
218,118
23,745,416
Tyler
Technologies,
Inc.*
50,641
29,602,703
Vertex,
Inc.,
Class
A*(a)
958,111
31,780,542
262,152,702
Specialty
Retail
1
.5
%
Valvoline,
Inc.*
684,578
24,131,375
Trading
Companies
&
Distributors
2
.3
%
SiteOne
Landscape
Supply,
Inc.*
268,494
37,006,528
Total
Common
Stocks
(cost
$973,114,121)
1,569,452,652
2
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Geneva
Small
Cap
Growth
Fund
Repurchase
Agreements
0
.5
%
Principal
Amount
($)
Value
($)
CF
Secured,
LLC,
4.34%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$1,320,660,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.00%,
maturing
8/31/2025
-
2/15/2053;
total
market
value
$1,347,073.(b)
1,320,501
1,320,501
Santander
US
Capital
Markets,
4.36%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$7,000,848,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
0.01%
-
5.45%,
maturing
5/25/2030
-
8/25/2055;
total
market
value
$7,140,865.(b)
7,000,000
7,000,000
Total
Repurchase
Agreements
(cost
$8,320,501)
8,320,501
Total
Investments
(cost
$981,434,622)
—
97.2%
1,577,773,153
Other
assets
in
excess
of
liabilities
—
2.8%
45,835,679
NET
ASSETS
—
100.0%
$
1,623,608,832
*
Denotes
a
non-income
producing
security.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2025.
The
total
value
of
securities
on
loan
as
of
July
31,
2025
was
$26,745,231,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$8,320,501
and
by
$19,605,219
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.13%,
and
maturity
dates
ranging
from
8/7/2025
-
11/15/2054,
a
total
value
of
$27,925,720.
(b)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2025
was
$8,320,501.
Nationwide
Geneva
Small
Cap
Growth
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
3
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
4
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Geneva
Small
Cap
Growth
Fund
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2025.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
1,569,452,652
$
–
$
–
$
1,569,452,652
Repurchase
Agreements
–
8,320,501
–
8,320,501
Total
$
1,569,452,652
$
8,320,501
$
–
$
1,577,773,153
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,
2025
(Unaudited)
-
Statement
of
Investments
-
1
Asset-Backed
Securities
11.5%
Principal
Amount
($)
Value
($)
CAYMAN
ISLANDS
6.8%
Other
6.8%
AB
BSL
CLO
1
Ltd.,
Series
2020-1A,
Class
A1R,
5.69%,
1/15/2035(a)(b)
635,000
636,526
AGL
CLO
40
Ltd.,
Series
2025-40A,
Class
A1,
5.55%,
7/22/2038(a)(b)
5,200,000
5,211,580
Apidos
CLO
XV,
Series
2013-15A,
Class
A1RR,
5.60%,
4/20/2031(a)(b)
192,962
193,049
Benefit
Street
Partners
CLO
41
Ltd.,
Series
2025-41A,
Class
A,
5.62%,
7/25/2038(a)(b)
4,050,000
4,058,137
Carlyle
US
CLO
Ltd.,
Series
2024-2A,
Class
B,
6.37%,
4/25/2037(a)
(b)
2,600,000
2,611,011
CBAMR
Ltd.,
Series
2017-
4A,
Class
A1R,
5.70%,
3/31/2038(a)(b)
4,500,000
4,518,702
Cedar
Funding
IX
CLO
Ltd.,
Series
2018-9A,
Class
AR,
5.75%,
7/20/2037(a)(b)
2,060,000
2,066,347
CIFC
Funding
Ltd.,
Series
2018-1A,
Class
A1R,
5.65%,
1/18/2038(a)(b)
1,900,000
1,905,605
Diameter
Capital
CLO
4
Ltd.,
Series
2022-4A,
Class
A1R,
6.15%,
1/15/2037(a)(b)
2,000,000
2,007,400
Elmwood
CLO
29
Ltd.,
Series
2024-5A,
Class
AR2,
6.03%,
4/20/2037(a)(b)
1,750,000
1,754,121
Elmwood
CLO
41
Ltd.,
Series
2025-4A,
Class
A,
5.64%,
7/17/2038(a)
(b)
4,700,000
4,718,288
Generate
CLO
22
Ltd.,
Series
2025-22A,
Class
A,
5.65%,
7/20/2038(a)
(b)
4,200,000
4,200,953
Mountain
View
CLO
XV
Ltd.,
Series
2019-2A,
Class
A1R,
5.99%,
7/15/2037(a)(b)
1,725,000
1,732,212
Oaktree
CLO
Ltd.,
Series
2021-1A,
Class
A1R,
5.67%,
1/15/2038(a)(b)
3,500,000
3,517,290
Octagon
Investment
Partners
XXI
Ltd.,
Series
2014-1A,
Class
AAR4,
4.86%,
2/14/2031(a)(b)
2,868,766
2,868,702
Palmer
Square
CLO
Ltd.,
Series
2019-1A,
Class
A1R,
5.72%,
11/14/2034(a)(b)
4,000,000
4,002,236
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Other
Palmer
Square
Loan
Funding
Ltd.,
Series
2022-3A,
Class
A1BR,
5.72%,
4/15/2031(a)(b)
2,075,000
2,079,017
Park
Blue
CLO
Ltd.,
Series
2022-2A,
Class
A1R,
5.75%,
7/20/2037(a)(b)
1,450,000
1,453,045
Regatta
30
Funding
Ltd.,
Series
2024-4A,
Class
A1,
5.64%,
1/25/2038(a)
(b)
2,100,000
2,105,250
RR
26
Ltd.,
Series
2023-
26A,
Class
A1R,
5.44%,
4/15/2038(a)(b)
2,200,000
2,197,111
Sagard-Halseypoint
CLO
8
Ltd.,
Series
2024-
8A,
Class
A1,
5.70%,
1/30/2038(a)(b)
2,700,000
2,711,826
Trinitas
CLO
XXXI
Ltd.,
Series
2024-31A,
Class
A1,
5.68%,
1/22/2038(a)
(b)
3,125,000
3,132,316
Venture
38
CLO
Ltd.,
Series
2019-38A,
Class
ARR,
5.31%,
7/30/2032(a)(b)
4,751,453
4,745,096
64,425,820
IRELAND
0.7%
Other
0.7%
Ares
European
CLO
XXI
DAC,
Series
21A,
Class
B,
4.15%,
4/15/2038(a)
(b)
EUR
680,000
775,914
CVC
Cordatus
Loan
Fund
III
DAC,
Series
3A,
Class
B1R3,
3.94%,
5/26/2038(a)(b)
1,700,000
1,932,131
Penta
CLO
DAC,
Series
2021-2A,
Class
BR,
3.68%,
4/15/2038(a)(b)
1,740,000
1,977,243
Sound
Point
Euro
CLO
14
Funding
DAC,
Series
14A,
Class
B,
3.89%,
4/20/2039(a)(b)
1,400,000
1,579,732
6,265,020
JERSEY
1.0%
Other
1.0%
Halseypoint
CLO
7
Ltd.,
Series
2023-7A,
Class
A1R,
5.78%,
7/20/2038(a)(b)
4,000,000
4,007,976
Hartwick
Park
CLO
Ltd.,
Series
2023-1A,
Class
AR,
5.49%,
1/20/2037(a)
(b)
3,075,000
3,070,655
2
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Bond
Portfolio
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Other
Neuberger
Berman
Loan
Advisers
CLO
50
Ltd.,
Series
2022-50A,
Class
AR,
5.57%,
7/23/2036(a)
(b)
2,450,000
2,455,138
9,533,769
UNITED
STATES
3.0%
Automobiles
1.0%
Exeter
Automobile
Receivables
Trust
Series
2025-1A,
Class
A2,
4.70%,
9/15/2027
790,636
790,461
Series
2025-1A,
Class
A3,
4.67%,
8/15/2028
525,000
524,928
Ford
Credit
Auto
Owner
Trust,
Series
2024-
1,
Class
A,
4.87%,
8/15/2036(b)(c)
2,225,000
2,260,328
GMF
Floorplan
Owner
Revolving
Trust,
Series
2023-1,
Class
A1,
5.34%,
6/15/2028(b)
2,200,000
2,216,400
Hyundai
Auto
Lease
Securitization
Trust,
Series
2024-A,
Class
A2A,
5.15%,
6/15/2026(b)
470,287
470,477
Santander
Drive
Auto
Receivables
Trust
Series
2025-1,
Class
A2,
4.76%,
8/16/2027
517,480
517,514
Series
2021-3,
Class
D,
1.33%,
9/15/2027
183,646
182,918
Series
2025-1,
Class
A3,
4.74%,
1/16/2029
1,900,000
1,903,311
8,866,337
Credit
Card
1.5%
American
Express
Credit
Account
Master
Trust,
Series
2025-3,
Class
A,
4.51%,
4/15/2032
3,025,000
3,051,171
Barclays
Dryrock
Issuance
Trust
Series
2023-2,
Class
A,
5.24%,
8/15/2028(a)
2,350,000
2,352,859
Series
2023-1,
Class
A,
4.72%,
2/15/2029
4,400,000
4,408,517
Capital
One
Multi-Asset
Execution
Trust,
Series
2022-A3,
Class
A,
4.95%,
10/15/2027
2,200,000
2,201,893
Discover
Card
Execution
Note
Trust,
Series
2023-
A1,
Class
A,
4.31%,
3/15/2028
2,300,000
2,297,586
14,312,026
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Home
Equity
0.1%
J.P.
Morgan
Mortgage
Trust,
Series
2023-
HE3,
Class
A1,
5.95%,
5/20/2054(a)(b)
434,140
436,688
Other
0.4%
PPM
CLO
6-R
Ltd.,
Series
2022-6RA,
Class
A1R,
6.28%,
1/20/2037(a)(b)
3,300,000
3,311,913
Sunnova
Hestia
I
Issuer
LLC,
Series
2023-
GRID1,
Class
1A,
5.75%,
12/20/2050(b)
244,095
244,439
3,556,352
27,171,403
Total
Asset-Backed
Securities
(cost  $106,664,429)
107,396,012
Collateralized
Mortgage
Obligations
3.2%
UNITED
STATES
3.2%
Connecticut
Avenue
Securities,
Series
2025-R01,
Class
1M2,
5.85%,
1/25/2045(a)(b)
1,000,000
1,001,249
Connecticut
Avenue
Securities
Trust
Series
2024-R01,
Class
1M2,
6.15%,
1/25/2044(a)(b)
600,000
606,344
Series
2024-R03,
Class
2M2,
6.30%,
3/25/2044(a)(b)
675,000
680,480
Deephaven
Residential
Mortgage
Trust,
Series
2021-4,
Class
A2,
2.09%,
11/25/2066(a)(b)
1,692,130
1,473,495
Ellington
Financial
Mortgage
Trust,
Series
2021-2,
Class
A1,
0.93%,
6/25/2066(a)(b)
2,545,787
2,112,165
FHLMC
REMICS,
Series
5502,
Class
FG,
5.35%,
2/25/2055(a)
1,676,173
1,657,302
FHLMC
STACR
REMIC
Trust,
Series
2024-
DNA2,
Class
M1,
5.55%,
5/25/2044(a)(b)
2,020,253
2,025,342
FHLMC
STACR
Trust,
Series
2019-HQA2,
Class
M2,
6.51%,
4/25/2049(a)(b)
546,458
550,247
FNMA
REMICS,
Series
2025-11,
Class
FB,
5.35%,
3/25/2055(a)
2,431,482
2,419,508
GNMA
REMICS,
Series
2021-135,
Class
A,
2.00%,
8/20/2051
6,550,370
5,284,932
Nationwide
Bond
Portfolio
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
3
Collateralized
Mortgage
Obligations
Principal
Amount
($)
Value
($)
UNITED
STATES
J.P.
Morgan
Mortgage
Trust
Series
2025-2,
Class
A4A,
5.50%,
7/25/2055(a)(b)
1,326,001
1,323,050
Series
2022-DSC1,
Class
A3,
4.75%,
1/25/2063(a)(b)
1,018,724
984,128
Series
2023-DSC1,
Class
A1,
4.62%,
7/25/2063(a)(b)
1,027,991
992,893
Series
2024-VIS2,
Class
A1,
5.85%,
11/25/2064(b)(c)
1,520,641
1,526,589
OBX
Trust,
Series
2025-
NQM11,
Class
A1A,
5.42%,
5/25/2065(b)(c)
2,468,739
2,469,165
Towd
Point
Mortgage
Trust,
Series
2020-1,
Class
A2A,
3.10%,
1/25/2060(a)(b)
770,000
699,149
Verus
Securitization
Trust
Series
2021-7,
Class
A1,
1.83%,
10/25/2066(b)(c)
2,060,525
1,849,782
Series
2024-5,
Class
A1,
6.19%,
6/25/2069(b)(c)
688,265
692,357
Series
2025-INV1,
Class
A1,
5.55%,
2/25/2070(b)
(c)
1,568,679
1,568,898
29,917,075
0
Total
Collateralized
Mortgage
Obligations
(cost
$30,027,994)
29,917,075
Commercial
Mortgage-Backed
Securities
7.1%
UNITED
STATES
7.1%
BANK
Series
2021-BN31,
Class
AS,
2.21%,
2/15/2054(a)
1,924,301
1,636,496
Series
2022-BNK43,
Class
A5,
4.40%,
8/15/2055
1,250,000
1,202,101
Series
2020-BN27,
Class
A5,
2.14%,
4/15/2063
796,000
694,866
Bank
of
America
Merrill
Lynch
Commercial
Mortgage
Trust
,
Series
2016-UB10,
Class
A4,
3.17%,
7/15/2049
735,000
725,863
BANK5
Series
2024-5YR8,
Class
A3,
5.88%,
8/15/2057
875,000
909,813
Series
2024-5YR9,
Class
AS,
6.18%,
8/15/2057(a)
1,400,000
1,451,759
BBCMS
Mortgage
Trust
Commercial
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
UNITED
STATES
Series
2024-C24,
Class
A5,
5.42%,
2/15/2057
1,075,000
1,103,594
Series
2024-C26,
Class
B,
5.94%,
5/15/2057(a)
1,750,000
1,774,489
Series
2025-5C36,
Class
A3,
5.52%,
8/15/2058
1,950,000
2,012,413
Benchmark
Mortgage
Trust
,
Series
2024-
V8,
Class
A3,
6.19%,
7/15/2057(a)
1,050,000
1,102,021
BLP
Commercial
Mortgage
Trust
,
Series
2024-
IND2,
Class
A,
5.68%,
3/15/2041(a)(b)
1,589,286
1,592,458
BMO
Mortgage
Trust
Series
2024-5C4,
Class
A3,
6.53%,
5/15/2057(a)
1,900,000
2,007,234
Series
2024-C9,
Class
A5,
5.76%,
7/15/2057
1,300,000
1,359,439
Series
2024-5C6,
Class
A3,
5.32%,
9/15/2057
800,000
814,114
BX
Commercial
Mortgage
Trust
Series
2024-AIRC,
Class
A,
6.03%,
8/15/2039(a)(b)
983,005
986,303
Series
2024-XL5,
Class
A,
5.73%,
3/15/2041(a)
(b)
1,204,476
1,206,959
BX
Trust
Series
2025-ROIC,
Class
A,
5.49%,
3/15/2030(a)(b)
4,582,129
4,573,536
Series
2024-BIO,
Class
A,
5.98%,
2/15/2041(a)
(b)
1,100,000
1,100,673
Series
2024-PAT,
Class
A,
6.43%,
3/15/2041(a)
(b)
650,000
650,210
Series
2024-PAT,
Class
B,
7.38%,
3/15/2041(a)
(b)
225,000
225,000
Citigroup
Commercial
Mortgage
Trust
,
Series
2019-GC41,
Class
A4,
2.62%,
8/10/2056
500,000
466,036
Durst
Commercial
Mortgage
Trust
,
Series
2025-151,
Class
A,
1.00%,
8/10/2042(a)(b)
2,150,000
2,150,000
FHLMC
Multifamily
Structured
Pass-
Through
Certificates
REMICS
Series
K077,
Class
A2,
3.85%,
5/25/2028(a)
2,000,000
1,978,946
Series
K086,
Class
A2,
3.86%,
11/25/2028(a)
1,000,000
988,175
Series
K126,
Class
A2,
2.07%,
1/25/2031
1,000,000
891,066
4
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Bond
Portfolio
Commercial
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
UNITED
STATES
Series
KF153,
Class
AS,
5.00%,
2/25/2033(a)
612,596
612,974
FNMA
ACES
REMICS,
Series
2022-M1,
Class
A2,
1.67%,
10/25/2031(a)
1,000,000
845,899
FREMF
2025-K544
Mortgage
Trust
REMICS,
Series
K544,
Class
A2,
4.27%,
7/25/2030(a)
5,100,000
5,078,701
Houston
Galleria
Mall
Trust
,
Series
2025-
HGLR,
Class
A,
5.46%,
2/5/2045(a)(b)
1,200,000
1,217,622
IRV
Trust
,
Series
2025-
200P,
Class
A,
5.29%,
3/14/2047(a)(b)
2,100,000
2,110,486
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
Series
2022-NLP,
Class
B,
5.70%,
4/15/2037(a)
(b)
1,464,419
1,442,453
Series
2022-OPO,
Class
A,
3.02%,
1/5/2039(b)
1,841,000
1,675,246
Series
2024-OMNI,
Class
A,
5.80%,
10/5/2039(a)(b)
1,500,000
1,522,285
JPMBB
Commercial
Mortgage
Securities
Trust
Series
2015-C30,
Class
AS,
4.23%,
7/15/2048(a)
500,000
491,975
Series
2015-C31,
Class
A3,
3.80%,
8/15/2048
30,412
30,341
JPMDB
Commercial
Mortgage
Securities
Trust
,
Series
2017-
C7,
Class
A5,
3.41%,
10/15/2050
500,000
483,406
KIND
Commercial
Mortgage
Trust
,
Series
2024-1,
Class
A,
6.23%,
8/15/2041(a)(b)
750,000
750,938
LEX
Mortgage
Trust
,
Series
2024-BBG,
Class
A,
4.87%,
10/13/2033(a)
(b)
1,600,000
1,598,739
Morgan
Stanley
Capital
I
Trust
,
Series
2017-
H1,
Class
AS,
3.77%,
6/15/2050
500,000
486,857
MSWF
Commercial
Mortgage
Trust
Series
2023-1,
Class
A5,
5.75%,
5/15/2056
3,000,000
3,124,999
Series
2023-2,
Class
A2,
6.89%,
12/15/2056
2,050,000
2,152,749
Commercial
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
UNITED
STATES
One
New
York
Plaza
Trust
,
Series
2020-
1NYP,
Class
A,
5.41%,
1/15/2036(a)(b)
1,300,000
1,271,890
ROCK
Trust
Series
2024-CNTR,
Class
A,
5.39%,
11/13/2041(b)
2,700,000
2,749,755
Series
2024-CNTR,
Class
B,
5.93%,
11/13/2041(b)
850,000
873,134
Wells
Fargo
Commercial
Mortgage
Trust
Series
2024-MGP,
Class
A12,
6.03%,
8/15/2041(a)(b)
1,800,000
1,801,389
Series
2024-MGP,
Class
B12,
6.63%,
8/15/2041(a)(b)
800,000
800,584
Series
2019-C52,
Class
A5,
2.89%,
8/15/2052
530,000
491,815
Series
2016-C33,
Class
A4,
3.43%,
3/15/2059
1,225,000
1,214,495
Total
Commercial
Mortgage-Backed
Securities
(cost
$66,804,742)
66,432,296
Corporate
Bonds
21.3%
BELGIUM
0.1%
Beverages
0.1%
Anheuser-Busch
Cos.
LLC,
4.70%,
2/1/2036(d)
715,000
693,306
BERMUDA
0.1%
Beverages
0.1%
Bacardi-Martini
BV,
5.55%,
2/1/2030(b)(d)
1,200,000
1,232,583
CANADA
0.2%
Capital
Markets
0.0%
†
Brookfield
Finance,
Inc.,
4.85%,
3/29/2029(d)
300,000
302,684
Oil,
Gas
&
Consumable
Fuels
0.1%
Enbridge,
Inc.,
2.50%,
8/1/2033(d)
925,000
769,847
Professional
Services
0.0%
†
Thomson
Reuters
Corp.,
3.35%,
5/15/2026
100,000
98,575
Software
0.1%
Constellation
Software,
Inc.,
5.46%,
2/16/2034(b)
622,000
630,140
1,801,246
GERMANY
0.0%
†
Capital
Markets
0.0%
†
Deutsche
Bank
AG,
(SOFR
+
1.22%),
2.31%,
11/16/2027(e)
150,000
145,561
Nationwide
Bond
Portfolio
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
5
Corporate
Bonds
Principal
Amount
($)
Value
($)
IRELAND
0.2%
Consumer
Finance
0.2%
AerCap
Ireland
Capital
DAC
3.30%,
1/30/2032
764,000
691,186
3.40%,
10/29/2033(d)
1,325,000
1,163,632
Avolon
Holdings
Funding
Ltd.,
5.15%,
1/15/2030(b)
328,000
330,487
2,185,305
MALAYSIA
0.1%
Financial
Services
0.1%
Petronas
Capital
Ltd.,
4.95%,
1/3/2031(b)
560,000
569,086
MEXICO
0.4%
Beverages
0.2%
Coca-Cola
Femsa
SAB
de
CV,
2.75%,
1/22/2030(d)
1,852,000
1,718,688
Construction
&
Engineering
0.2%
Mexico
City
Airport
Trust,
Reg.
S,
3.88%,
4/30/2028
2,510,000
2,437,837
4,156,525
NETHERLANDS
0.1%
Banks
0.0%
†
Cooperatieve
Rabobank
UA,
4.38%,
8/4/2025
250,000
249,993
Semiconductors
&
Semiconductor
Equipment
0.1%
NXP
BV
3.15%,
5/1/2027(d)
265,000
258,838
3.40%,
5/1/2030(d)
750,000
709,363
2.50%,
5/11/2031
400,000
353,138
1,321,339
1,571,332
SAUDI
ARABIA
0.3%
Oil,
Gas
&
Consumable
Fuels
0.3%
Saudi
Arabian
Oil
Co.
Reg.
S,
3.50%,
4/16/2029
2,370,000
2,293,501
5.75%,
7/17/2054(b)
200,000
187,957
2,481,458
SOUTH
KOREA
0.0%
†
Metals
&
Mining
0.0%
†
POSCO,
5.75%,
1/17/2028(b)
350,000
358,720
SPAIN
0.4%
Banks
0.3%
Banco
Santander
SA,
6.92%,
8/8/2033
2,400,000
2,613,763
Diversified
Telecommunication
Services
0.1%
Telefonica
Emisiones
SA,
4.67%,
3/6/2038
825,000
740,821
3,354,584
Corporate
Bonds
Principal
Amount
($)
Value
($)
SWITZERLAND
0.3%
Capital
Markets
0.3%
UBS
Group
AG
(SOFR
+
5.02%),
9.02%,
11/15/2033(b)(e)
975,000
1,208,538
(SOFR
+
1.76%),
5.58%,
5/9/2036(b)(e)
1,420,000
1,446,270
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.76%),
9.25%,
11/13/2033(b)(e)(f)
370,000
433,715
3,088,523
UNITED
ARAB
EMIRATES
0.5%
Oil,
Gas
&
Consumable
Fuels
0.3%
Galaxy
Pipeline
Assets
Bidco
Ltd.,
Reg.
S,
2.63%,
3/31/2036
2,770,000
2,377,054
Transportation
Infrastructure
0.2%
DP
World
Crescent
Ltd.,
5.50%,
5/8/2035(b)
1,600,000
1,635,925
4,012,979
UNITED
KINGDOM
1.0%
Banks
0.4%
Barclays
plc,
(SOFR
+
1.59%),
5.79%,
2/25/2036(e)
1,735,000
1,772,976
Lloyds
Banking
Group
plc,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.75%),
4.72%,
8/11/2026(e)
730,000
729,883
NatWest
Group
plc
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.27%),
5.52%,
9/30/2028(e)
275,000
280,218
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.05%),
5.11%,
5/23/2031(e)
565,000
573,550
3,356,627
Consumer
Finance
0.0%
†
Macquarie
Airfinance
Holdings
Ltd.,
6.40%,
3/26/2029(b)
185,000
192,325
Diversified
Telecommunication
Services
0.2%
British
Telecommunications
plc,
9.62%,
12/15/2030(c)
1,470,000
1,796,568
Ground
Transportation
0.1%
Ashtead
Capital,
Inc.,
5.80%,
4/15/2034(b)
952,000
977,503
6
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Bond
Portfolio
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
KINGDOM
Tobacco
0.3%
BAT
Capital
Corp.
3.56%,
8/15/2027(d)
300,000
294,431
2.26%,
3/25/2028
970,000
916,078
7.75%,
10/19/2032(d)
110,000
126,770
6.00%,
2/20/2034
1,134,000
1,194,309
BAT
International
Finance
plc,
4.45%,
3/16/2028(d)
325,000
323,947
2,855,535
9,178,558
UNITED
STATES
17.6%
Aerospace
&
Defense
0.9%
Boeing
Co.
(The)
5.04%,
5/1/2027(d)
200,000
201,159
5.15%,
5/1/2030
840,000
853,332
6.53%,
5/1/2034
1,089,000
1,185,277
3.38%,
6/15/2046
1,800,000
1,224,171
3.85%,
11/1/2048
450,000
320,706
6.86%,
5/1/2054
1,145,000
1,258,542
GE
Capital
International
Funding
Co.
Unlimited
Co.,
4.42%,
11/15/2035(d)
1,025,000
982,083
Howmet
Aerospace,
Inc.,
4.85%,
10/15/2031(d)
650,000
657,375
Huntington
Ingalls
Industries,
Inc.,
3.48%,
12/1/2027(d)
500,000
486,802
RTX
Corp.,
3.95%,
8/16/2025
800,000
799,671
7,969,118
Automobiles
0.0%
†
Hyundai
Capital
America,
6.20%,
9/21/2030(b)
235,000
247,966
Banks
2.5%
Bank
of
America
Corp.
(CME
Term
SOFR
3
Month
+
1.84%),
3.82%,
1/20/2028(e)
500,000
494,629
(SOFR
+
1.63%),
5.20%,
4/25/2029(e)
2,745,000
2,796,176
(SOFR
+
1.06%),
2.09%,
6/14/2029(e)
4,075,000
3,815,138
(SOFR
+
1.31%),
5.51%,
1/24/2036(e)
1,000,000
1,024,723
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.20%),
2.48%,
9/21/2036(e)
1,209,000
1,029,358
6.11%,
1/29/2037
375,000
394,015
Citigroup,
Inc.
4.45%,
9/29/2027
400,000
398,877
(SOFR
+
1.35%),
3.06%,
1/25/2033(e)
2,975,000
2,664,807
(SOFR
+
1.83%),
6.02%,
1/24/2036(e)
825,000
845,486
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Banks
First
Horizon
Corp.,
(SOFR
+
1.77%),
5.51%,
3/7/2031(e)
955,000
971,623
JPMorgan
Chase
&
Co.
(CME
Term
SOFR
3
Month
+
2.52%),
2.96%,
5/13/2031(e)
400,000
370,579
(SOFR
+
1.80%),
4.59%,
4/26/2033(e)
5,075,000
5,014,519
(SOFR
+
1.68%),
5.57%,
4/22/2036(e)
705,000
728,039
M&T
Bank
Corp.
(SOFR
+
2.80%),
7.41%,
10/30/2029(e)
1,135,000
1,228,478
(SOFR
+
1.85%),
5.05%,
1/27/2034(e)
1,280,000
1,261,758
US
Bancorp,
(SOFR
+
2.02%),
5.78%,
6/12/2029(e)
325,000
336,487
Wells
Fargo
&
Co.,
(SOFR
+
2.10%),
4.90%,
7/25/2033(e)
366,000
365,675
23,740,367
Beverages
0.3%
Constellation
Brands,
Inc.,
4.40%,
11/15/2025
800,000
799,130
Keurig
Dr
Pepper,
Inc.
3.95%,
4/15/2029(d)
573,000
561,972
3.20%,
5/1/2030(d)
470,000
441,318
Pernod
Ricard
International
Finance
LLC,
1.63%,
4/1/2031(b)
1,780,000
1,510,964
3,313,384
Biotechnology
0.4%
AbbVie,
Inc.,
4.25%,
11/21/2049
46,000
37,521
Amgen,
Inc.
5.25%,
3/2/2030
1,848,000
1,898,604
5.25%,
3/2/2033(d)
1,882,000
1,919,703
Regeneron
Pharmaceuticals,
Inc.,
1.75%,
9/15/2030
321,000
278,722
4,134,550
Building
Products
0.2%
Carlisle
Cos.,
Inc.,
2.75%,
3/1/2030
371,000
342,338
Carrier
Global
Corp.
2.70%,
2/15/2031(d)
1,150,000
1,043,400
5.90%,
3/15/2034
865,000
916,033
2,301,771
Capital
Markets
1.2%
Ares
Capital
Corp.
2.15%,
7/15/2026
175,000
170,835
2.88%,
6/15/2028
500,000
472,483
Barings
BDC,
Inc.,
3.30%,
11/23/2026
25,000
24,389
Nationwide
Bond
Portfolio
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
7
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Capital
Markets
Blackstone
Private
Credit
Fund,
6.00%,
1/29/2032(d)
400,000
405,141
Blackstone
Secured
Lending
Fund,
5.88%,
11/15/2027
700,000
712,163
Charles
Schwab
Corp.
(The),
2.45%,
3/3/2027
205,000
199,109
FactSet
Research
Systems,
Inc.,
2.90%,
3/1/2027
925,000
903,211
FS
KKR
Capital
Corp.
3.40%,
1/15/2026
200,000
198,508
2.63%,
1/15/2027
500,000
480,488
3.25%,
7/15/2027(d)
225,000
216,117
Golub
Capital
BDC,
Inc.,
2.50%,
8/24/2026
163,000
158,746
LPL
Holdings,
Inc.,
4.00%,
3/15/2029(b)(d)
915,000
887,037
Morgan
Stanley
5.00%,
11/24/2025
300,000
300,174
3.63%,
1/20/2027
1,000,000
990,238
(SOFR
+
1.59%),
5.16%,
4/20/2029(e)
1,205,000
1,224,428
(SOFR
+
1.73%),
5.47%,
1/18/2035(e)
420,000
430,236
(SOFR
+
1.76%),
5.66%,
4/17/2036(e)
895,000
923,088
(SOFR
+
1.36%),
2.48%,
9/16/2036(e)
1,975,000
1,683,469
10,379,860
Chemicals
0.3%
Cabot
Corp.,
4.00%,
7/1/2029
720,000
704,194
Celanese
US
Holdings
LLC
1.40%,
8/5/2026
230,000
221,966
6.83%,
7/15/2029(c)(d)
250,000
259,691
DuPont
de
Nemours,
Inc.,
4.49%,
11/15/2025
150,000
149,832
EIDP,
Inc.,
2.30%,
7/15/2030
395,000
358,470
Huntsman
International
LLC,
4.50%,
5/1/2029
1,020,000
969,460
2,663,613
Commercial
Services
&
Supplies
0.3%
Cintas
Corp.
No.
2,
3.70%,
4/1/2027
4,000
3,960
Republic
Services,
Inc.,
3.95%,
5/15/2028
180,000
178,594
Veralto
Corp.,
5.45%,
9/18/2033
2,100,000
2,156,086
2,338,640
Communications
Equipment
0.1%
Motorola
Solutions,
Inc.,
4.60%,
5/23/2029(d)
708,000
709,898
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Construction
&
Engineering
0.2%
Quanta
Services,
Inc.
2.90%,
10/1/2030(d)
100,000
91,923
2.35%,
1/15/2032
505,000
435,753
5.25%,
8/9/2034(d)
972,000
982,209
1,509,885
Construction
Materials
0.0%
†
Martin
Marietta
Materials,
Inc.,
3.50%,
12/15/2027
300,000
293,384
Consumer
Finance
0.2%
Capital
One
Financial
Corp.,
3.75%,
7/28/2026
550,000
544,881
Ford
Motor
Credit
Co.
LLC,
5.85%,
5/17/2027
558,000
561,823
1,106,704
Consumer
Staples
Distribution
&
Retail
0.2%
Dollar
General
Corp.,
3.88%,
4/15/2027
995,000
984,268
Kroger
Co.
(The),
5.00%,
9/15/2034
1,091,000
1,079,219
2,063,487
Diversified
REITs
0.1%
GLP
Capital
LP,
5.75%,
6/1/2028
510,000
521,027
VICI
Properties
LP,
4.50%,
1/15/2028(b)
250,000
247,459
768,486
Diversified
Telecommunication
Services
0.2%
AT&T,
Inc.
2.75%,
6/1/2031
575,000
519,808
4.85%,
3/1/2039
1,000,000
938,908
Sprint
Capital
Corp.,
8.75%,
3/15/2032
255,000
308,014
1,766,730
Electric
Utilities
0.5%
American
Electric
Power
Co.,
Inc.,
2.30%,
3/1/2030
100,000
90,162
Arizona
Public
Service
Co.,
2.20%,
12/15/2031
210,000
179,431
Commonwealth
Edison
Co.,
2.20%,
3/1/2030
149,000
135,287
Duke
Energy
Corp.,
4.30%,
3/15/2028(d)
90,000
89,844
Entergy
Texas,
Inc.,
4.00%,
3/30/2029
100,000
98,678
Indiana
Michigan
Power
Co.,
3.85%,
5/15/2028(d)
200,000
197,294
Interstate
Power
and
Light
Co.,
4.10%,
9/26/2028
100,000
98,939
Oncor
Electric
Delivery
Co.
LLC
4.15%,
6/1/2032
125,000
120,269
4.55%,
9/15/2032
160,000
157,798
8
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Bond
Portfolio
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Electric
Utilities
Pacific
Gas
and
Electric
Co.,
3.30%,
8/1/2040
550,000
402,273
PacifiCorp,
2.70%,
9/15/2030
100,000
91,111
PPL
Capital
Funding,
Inc.,
3.10%,
5/15/2026
50,000
49,399
Southern
Co.
(The),
Series
21-B,
1.75%,
3/15/2028(d)
550,000
514,444
Southwestern
Electric
Power
Co.,
Series
N,
1.65%,
3/15/2026
250,000
245,559
Tucson
Electric
Power
Co.,
1.50%,
8/1/2030
100,000
85,875
Wisconsin
Power
and
Light
Co.
1.95%,
9/16/2031
35,000
29,957
3.95%,
9/1/2032
155,000
146,341
Xcel
Energy,
Inc.
3.35%,
12/1/2026
775,000
761,667
1.75%,
3/15/2027(d)
850,000
813,225
4,307,553
Electrical
Equipment
0.2%
Regal
Rexnord
Corp.,
6.30%,
2/15/2030
2,061,000
2,157,440
Electronic
Equipment,
Instruments
&
Components
0.1%
Allegion
US
Holding
Co.,
Inc.
3.55%,
10/1/2027
60,000
58,681
5.60%,
5/29/2034
695,000
710,349
CDW
LLC,
3.25%,
2/15/2029
125,000
118,443
887,473
Financial
Services
0.0%
†
Block
Financial
LLC,
2.50%,
7/15/2028
275,000
258,729
Global
Payments,
Inc.,
5.30%,
8/15/2029
365,000
370,053
National
Rural
Utilities
Cooperative
Finance
Corp.
1.00%,
6/15/2026
100,000
97,010
1.35%,
3/15/2031
100,000
83,876
809,668
Food
Products
1.2%
Bunge
Ltd.
Finance
Corp.,
4.20%,
9/17/2029
792,000
780,939
Campbell's
Co.
(The),
5.40%,
3/21/2034(d)
1,802,000
1,819,885
General
Mills,
Inc.,
4.20%,
4/17/2028(d)
250,000
248,876
J
M
Smucker
Co.
(The),
6.20%,
11/15/2033
1,056,000
1,129,130
Mars,
Inc.
4.80%,
3/1/2030(b)
725,000
732,198
5.00%,
3/1/2032(b)
2,250,000
2,270,716
5.20%,
3/1/2035(b)
3,925,000
3,943,790
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Food
Products
McCormick
&
Co.,
Inc.,
0.90%,
2/15/2026
250,000
244,852
11,170,386
Gas
Utilities
0.0%
†
Atmos
Energy
Corp.,
3.00%,
6/15/2027
50,000
48,876
ONE
Gas,
Inc.,
4.25%,
9/1/2032
195,000
188,316
Piedmont
Natural
Gas
Co.,
Inc.,
3.50%,
6/1/2029
100,000
96,554
333,746
Ground
Transportation
0.2%
Penske
Truck
Leasing
Co.
LP,
5.25%,
7/1/2029(b)
(d)
758,000
773,051
Uber
Technologies,
Inc.,
4.80%,
9/15/2034
770,000
756,315
1,529,366
Health
Care
Equipment
&
Supplies
0.5%
Alcon
Finance
Corp.,
3.00%,
9/23/2029(b)
562,000
529,621
Solventum
Corp.
5.40%,
3/1/2029
1,875,000
1,929,076
5.45%,
3/13/2031(d)
1,315,000
1,362,015
5.60%,
3/23/2034
925,000
948,743
4,769,455
Health
Care
Providers
&
Services
1.3%
Adventist
Health
System,
5.76%,
12/1/2034
645,000
644,527
Cardinal
Health,
Inc.
3.75%,
9/15/2025
500,000
499,474
5.35%,
11/15/2034
1,525,000
1,542,990
Cencora,
Inc.,
2.80%,
5/15/2030
100,000
92,554
Cigna
Group
(The),
5.13%,
5/15/2031(d)
1,540,000
1,573,883
CVS
Health
Corp.,
4.78%,
3/25/2038
1,825,000
1,667,656
HCA,
Inc.
5.25%,
6/15/2026
500,000
500,664
4.13%,
6/15/2029
270,000
264,652
5.45%,
4/1/2031
2,115,000
2,173,840
Humana,
Inc.,
5.95%,
3/15/2034
325,000
337,378
Laboratory
Corp.
of
America
Holdings,
4.80%,
10/1/2034(d)
463,000
450,365
UnitedHealth
Group,
Inc.
5.00%,
4/15/2034(d)
1,525,000
1,513,276
3.05%,
5/15/2041
375,000
273,484
5.88%,
2/15/2053
775,000
764,762
5.05%,
4/15/2053(d)
271,000
237,911
12,537,416
Nationwide
Bond
Portfolio
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
9
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Hotels,
Restaurants
&
Leisure
1.0%
Choice
Hotels
International,
Inc.
3.70%,
12/1/2029(d)
465,000
439,943
5.85%,
8/1/2034
713,000
718,269
Expedia
Group,
Inc.,
3.25%,
2/15/2030
496,000
467,504
Hyatt
Hotels
Corp.,
5.50%,
6/30/2034(d)
2,303,000
2,303,257
Las
Vegas
Sands
Corp.
5.63%,
6/15/2028
690,000
700,981
6.00%,
6/14/2030
250,000
257,109
Marriott
International,
Inc.,
4.88%,
5/15/2029(d)
591,000
597,987
Marriott
International,
Inc.,
Series
HH,
2.85%,
4/15/2031
3,550,000
3,218,117
McDonald's
Corp.,
3.50%,
7/1/2027(d)
750,000
739,308
9,442,475
Independent
Power
and
Renewable
Electricity
Producers
0.0%
†
Southern
Power
Co.,
4.15%,
12/1/2025
150,000
149,724
Insurance
0.2%
Aon
Corp.,
2.80%,
5/15/2030(d)
200,000
185,452
Chubb
Corp.
(The),
6.80%,
11/15/2031
1,049,000
1,172,716
Trinity
Acquisition
plc,
4.40%,
3/15/2026(d)
250,000
249,603
Willis
North
America,
Inc.
4.50%,
9/15/2028
250,000
250,363
2.95%,
9/15/2029
200,000
187,549
2,045,683
IT
Services
0.0%
†
International
Business
Machines
Corp.,
4.15%,
7/27/2027(d)
160,000
159,764
Kyndryl
Holdings,
Inc.
2.05%,
10/15/2026
5,000
4,845
2.70%,
10/15/2028(d)
40,000
37,673
202,282
Life
Sciences
Tools
&
Services
0.0%
†
Agilent
Technologies,
Inc.,
2.75%,
9/15/2029(d)
250,000
233,710
Machinery
0.2%
AGCO
Corp.,
5.80%,
3/21/2034(d)
572,000
582,967
IDEX
Corp.,
2.63%,
6/15/2031(d)
275,000
245,133
Ingersoll
Rand,
Inc.,
5.70%,
8/14/2033
710,000
741,767
1,569,867
Media
0.3%
Comcast
Corp.
5.30%,
6/1/2034(d)
981,000
1,001,108
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Media
3.75%,
4/1/2040
750,000
616,868
Time
Warner
Cable
LLC,
5.88%,
11/15/2040
825,000
780,430
2,398,406
Metals
&
Mining
0.2%
Freeport-McMoRan,
Inc.,
4.13%,
3/1/2028
115,000
113,403
Reliance,
Inc.,
2.15%,
8/15/2030
620,000
548,940
Steel
Dynamics,
Inc.,
3.45%,
4/15/2030(d)
730,000
693,659
1,356,002
Multi-Utilities
0.1%
Ameren
Corp.,
3.50%,
1/15/2031
200,000
188,778
CenterPoint
Energy,
Inc.,
2.95%,
3/1/2030
100,000
92,908
Dominion
Energy,
Inc.,
3.90%,
10/1/2025
100,000
99,871
Dominion
Energy,
Inc.,
Series
C,
3.38%,
4/1/2030(d)
100,000
94,960
Sempra
3.25%,
6/15/2027
100,000
97,684
3.70%,
4/1/2029(d)
200,000
193,991
Southern
Co.
Gas
Capital
Corp.,
Series
20-A,
1.75%,
1/15/2031
100,000
85,818
WEC
Energy
Group,
Inc.,
5.15%,
10/1/2027
180,000
182,471
1,036,481
Oil,
Gas
&
Consumable
Fuels
1.3%
Cheniere
Corpus
Christi
Holdings
LLC,
5.13%,
6/30/2027(d)
945,000
951,550
Columbia
Pipelines
Operating
Co.
LLC,
6.04%,
11/15/2033(b)(d)
975,000
1,024,881
Devon
Energy
Corp.
5.88%,
6/15/2028(d)
1,450,000
1,446,669
4.50%,
1/15/2030
389,000
385,194
EQT
Corp.
3.90%,
10/1/2027
650,000
640,969
5.00%,
1/15/2029
810,000
814,951
7.00%,
2/1/2030(c)
100,000
108,160
Kinder
Morgan,
Inc.,
1.75%,
11/15/2026
1,400,000
1,352,208
MPLX
LP
4.80%,
2/15/2029
733,000
738,038
2.65%,
8/15/2030
600,000
543,737
Northwest
Pipeline
LLC,
4.00%,
4/1/2027
275,000
272,521
Occidental
Petroleum
Corp.,
7.88%,
9/15/2031
502,000
561,823
ONEOK,
Inc.
2.20%,
9/15/2025
1,000,000
996,839
4.00%,
7/13/2027
800,000
793,014
10
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Bond
Portfolio
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Oil,
Gas
&
Consumable
Fuels
Ovintiv,
Inc.,
5.38%,
1/1/2026
40,000
40,036
Targa
Resources
Corp.,
4.20%,
2/1/2033
220,000
205,681
Western
Midstream
Operating
LP,
5.45%,
4/1/2044
975,000
848,892
Williams
Cos.,
Inc.
(The),
4.65%,
8/15/2032
1,000,000
980,292
12,705,455
Pharmaceuticals
0.2%
Royalty
Pharma
plc,
5.40%,
9/2/2034(d)
1,243,000
1,253,845
Zoetis,
Inc.,
3.90%,
8/20/2028(d)
465,000
460,296
1,714,141
Residential
REITs
0.1%
Camden
Property
Trust,
3.15%,
7/1/2029(d)
100,000
95,170
Invitation
Homes
Operating
Partnership
LP,
2.00%,
8/15/2031
900,000
763,970
859,140
Semiconductors
&
Semiconductor
Equipment
0.4%
Broadcom,
Inc.
1.95%,
2/15/2028(b)
625,000
589,178
2.60%,
2/15/2033(b)
1,475,000
1,261,717
Intel
Corp.
5.20%,
2/10/2033(d)
900,000
899,994
5.15%,
2/21/2034
426,000
421,369
Xilinx,
Inc.,
2.38%,
6/1/2030(d)
250,000
228,401
3,400,659
Software
1.0%
AppLovin
Corp.,
5.50%,
12/1/2034(d)
2,450,000
2,478,121
Fortinet,
Inc.,
1.00%,
3/15/2026
650,000
635,565
Microsoft
Corp.,
3.40%,
9/15/2026
410,000
406,807
Oracle
Corp.
2.30%,
3/25/2028(d)
600,000
568,142
5.25%,
2/3/2032
1,299,000
1,326,426
4.90%,
2/6/2033
1,244,000
1,239,853
6.90%,
11/9/2052
1,325,000
1,453,442
ServiceNow,
Inc.,
1.40%,
9/1/2030
422,000
364,479
Synopsys,
Inc.
5.00%,
4/1/2032(d)
948,000
957,760
5.15%,
4/1/2035
659,000
661,340
VMware
LLC,
4.70%,
5/15/2030
35,000
35,009
10,126,944
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Specialized
REITs
0.3%
American
Tower
Corp.
1.45%,
9/15/2026
210,000
202,833
2.75%,
1/15/2027
300,000
292,499
Crown
Castle,
Inc.,
2.90%,
3/15/2027
100,000
97,229
Extra
Space
Storage
LP
3.88%,
12/15/2027
300,000
295,320
3.90%,
4/1/2029
430,000
420,620
Public
Storage
Operating
Co.
3.39%,
5/1/2029(d)
550,000
531,370
2.30%,
5/1/2031(d)
950,000
841,122
2,680,993
Specialty
Retail
0.2%
AutoNation,
Inc.,
4.75%,
6/1/2030
1,250,000
1,238,938
Lowe's
Cos.,
Inc.,
1.70%,
10/15/2030(d)
925,000
801,283
2,040,221
Technology
Hardware,
Storage
&
Peripherals
0.2%
Hewlett
Packard
Enterprise
Co.,
5.00%,
10/15/2034
856,000
830,403
HP,
Inc.
3.00%,
6/17/2027
35,000
34,114
4.00%,
4/15/2029(d)
979,000
958,380
1,822,897
Tobacco
0.1%
Altria
Group,
Inc.,
4.80%,
2/14/2029
927,000
934,021
Trading
Companies
&
Distributors
0.2%
Air
Lease
Corp.,
5.20%,
7/15/2031
1,650,000
1,680,802
Water
Utilities
0.0%
†
American
Water
Capital
Corp.,
Class
C,
2.95%,
9/1/2027(d)
100,000
97,233
Essential
Utilities,
Inc.,
2.70%,
4/15/2030
50,000
45,861
143,094
Wireless
Telecommunication
Services
0.5%
T-Mobile
USA,
Inc.,
3.50%,
4/15/2031
4,946,000
4,636,604
164,989,947
Total
Corporate
Bonds
(cost
$196,731,340)
199,819,713
Nationwide
Bond
Portfolio
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
11
Municipal
Bonds
0.2%
Principal
Amount
($)
Value
($)
FLORIDA
0.0%
†
State
Board
of
Administration
Finance
Corp.,
RB,
Series
A,2.15%,
7/1/2030
75,000
66,815
MARYLAND
0.2%
Maryland
Economic
Development
Corp.,
RB,
Series
2024,4.97%,
11/30/2032
490,000
499,342
Series
2024,5.02%,
11/30/2033
825,000
839,387
1,338,729
MASSACHUSETTS
0.0%
†
Commonwealth
of
Massachusetts,
GO,
Series
A,4.91%,
5/1/2029
100,000
100,563
Total
Municipal
Bonds
(cost
$1,504,656)
1,506,107
Mortgage-Backed
Securities
31.9%
FHLMC
UMBS
Pool
Pool#
QB2929
2.00%,
9/1/2050
146,871
115,829
Pool#
QB4050
2.00%,
10/1/2050
787,367
620,216
Pool#
QB3891
2.00%,
10/1/2050
107,681
84,955
Pool#
RA3986
2.50%,
11/1/2050
1,283,593
1,061,249
Pool#
SD1384
2.50%,
11/1/2050
293,725
245,331
Pool#
SD8129
2.50%,
2/1/2051
3,147,396
2,600,802
Pool#
SD7536
2.50%,
2/1/2051
1,261,004
1,053,858
Pool#
SD8145
1.50%,
5/1/2051
4,060,804
3,015,014
Pool#
SD7543
2.50%,
8/1/2051
7,906,765
6,603,780
Pool#
QD0652
2.00%,
11/1/2051
329,666
261,532
Pool#
SD7555
3.00%,
8/1/2052
3,160,745
2,749,673
Pool#
SD1501
4.00%,
8/1/2052
981,733
908,173
Pool#
RA7920
4.00%,
9/1/2052
1,322,966
1,222,402
Pool#
RA8213
6.00%,
11/1/2052
1,137,425
1,167,710
Pool#
SD2056
6.00%,
12/1/2052
724,414
743,816
Pool#
RA8419
6.00%,
1/1/2053
1,499,586
1,530,569
Pool#
RA8417
6.00%,
1/1/2053
776,351
796,897
Pool#
SD7563
4.50%,
5/1/2053
8,309,311
8,007,844
Pool#
SD4473
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FHLMC
UMBS
Pool
6.50%,
12/1/2053
799,782
836,896
Pool#
SD7571
6.50%,
6/1/2054
7,903,402
8,275,609
FNMA
UMBS
Pool
Pool#
BM5108
3.00%,
2/1/2033
692,804
669,878
Pool#
MA4106
1.50%,
7/1/2035
642,503
570,640
Pool#
CA9152
2.50%,
2/1/2036
1,706,747
1,593,958
Pool#
BT2234
2.00%,
4/1/2037
3,730,754
3,388,841
Pool#
CB3758
2.00%,
5/1/2037
2,034,121
1,847,149
Pool#
MA4685
1.50%,
6/1/2037
2,337,569
2,065,692
Pool#
FS0146
3.50%,
9/1/2043
1,271,202
1,180,110
Pool#
BE3774
4.00%,
7/1/2047
737,247
694,341
Pool#
BM2007
4.00%,
9/1/2048
203,191
190,780
Pool#
CA2471
4.00%,
10/1/2048
762,793
715,210
Pool#
MA3692
3.50%,
7/1/2049
2,436,862
2,203,810
Pool#
FM2363
3.00%,
1/1/2050
689,300
605,111
Pool#
CA6032
2.50%,
6/1/2050
1,957,855
1,635,585
Pool#
CA6020
3.00%,
6/1/2050
1,684,816
1,455,567
Pool#
MA4158
2.00%,
10/1/2050
9,644,042
7,605,762
Pool#
CA7404
4.00%,
10/1/2050
3,093,114
2,876,935
Pool#
MA4182
2.00%,
11/1/2050
9,445,117
7,451,834
Pool#
FS4481
2.50%,
11/1/2050
2,561,174
2,140,223
Pool#
MA4210
2.50%,
12/1/2050
419,093
346,088
Pool#
FM5525
2.50%,
1/1/2051
3,427,733
2,830,189
Pool#
FS2772
2.50%,
2/1/2051
125,037
104,421
Pool#
FM6554
2.00%,
3/1/2051
1,042,160
827,968
Pool#
BR6352
2.50%,
3/1/2051
594,755
497,075
Pool#
FM6834
2.00%,
4/1/2051
486,003
386,115
Pool#
BR7647
2.00%,
4/1/2051
61,625
48,847
Pool#
MA4356
2.50%,
6/1/2051
3,669,391
3,027,969
Pool#
FM8057
3.00%,
7/1/2051
3,386,303
2,947,884
Pool#
MA4398
2.00%,
8/1/2051
6,132,715
4,820,825
Pool#
MA4400
3.00%,
8/1/2051
3,098,125
2,666,099
12
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Bond
Portfolio
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
FM8779
2.50%,
9/1/2051
738,387
616,127
Pool#
MA4437
2.00%,
10/1/2051
908,594
714,137
Pool#
FM8997
2.50%,
10/1/2051
7,346,519
6,098,532
Pool#
CB1805
2.50%,
10/1/2051
2,925,644
2,438,057
Pool#
FM9450
2.00%,
11/1/2051
142,352
113,091
Pool#
CB2045
2.50%,
11/1/2051
1,711,357
1,424,842
Pool#
FM9492
2.50%,
11/1/2051
1,346,983
1,123,329
Pool#
FM9578
2.00%,
12/1/2051
26,750
21,252
Pool#
CB2809
2.50%,
2/1/2052
2,651,078
2,183,026
Pool#
CB3156
2.00%,
3/1/2052
1,614,407
1,275,029
Pool#
CB3368
3.00%,
4/1/2052
1,603,368
1,374,597
Pool#
CB3769
3.50%,
6/1/2052
1,109,792
997,377
Pool#
CB5087
5.50%,
11/1/2052
11,209,365
11,291,518
Pool#
FS3440
6.00%,
12/1/2052
1,482,703
1,520,700
Pool#
CB6821
5.50%,
8/1/2053
20,401,202
20,342,102
Pool#
CB7143
6.50%,
9/1/2053
1,498,388
1,553,485
Pool#
CB7603
6.00%,
12/1/2053
8,118,500
8,238,427
Pool#
FS8303
6.00%,
6/1/2054
909,963
931,952
FNMA/FHLMC
UMBS,
15
Year,
Single
Family
TBA
2.00%,
8/25/2040
1,000,000
907,714
FNMA/FHLMC
UMBS,
30
Year,
Single
Family
TBA
2.00%,
8/25/2055
2,000,000
1,564,171
2.50%,
8/25/2055
6,000,000
4,915,355
3.50%,
8/25/2055
2,000,000
1,786,457
4.00%,
8/25/2055
2,000,000
1,844,410
5.00%,
8/25/2055
9,000,000
8,758,779
5.50%,
8/25/2055
36,000,000
35,809,407
6.50%,
8/25/2055
1,000,000
1,031,412
GNMA
II
Pool
Pool#
MA0317
3.00%,
8/20/2042
350,597
317,289
Pool#
AC0071
3.50%,
10/20/2042
515,913
473,719
Pool#
MA2600
3.00%,
2/20/2045
378,719
335,564
Pool#
MA2825
3.00%,
5/20/2045
276,483
245,559
Pool#
MA4509
3.00%,
6/20/2047
355,453
314,804
Pool#
MA4718
3.00%,
9/20/2047
331,045
292,773
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
GNMA
II
Pool
Pool#
MA6409
3.00%,
1/20/2050
140,746
123,430
Pool#
785702
2.50%,
10/20/2051
773,524
646,340
Pool#
MA7705
2.50%,
11/20/2051
3,204,174
2,696,008
Pool#
785764
2.50%,
11/20/2051
967,946
813,160
Pool#
MA7707
3.50%,
11/20/2051
2,217,271
2,002,343
Pool#
MA7766
2.00%,
12/20/2051
12,888,779
10,406,909
Pool#
MA7767
2.50%,
12/20/2051
9,059,401
7,622,599
Pool#
785787
2.50%,
12/20/2051
772,946
646,334
Pool#
785788
2.50%,
12/20/2051
561,088
471,362
Pool#
MA8150
4.00%,
7/20/2052
407,681
378,639
Pool#
MA8197
2.50%,
8/20/2052
371,678
313,878
Pool#
MA8198
3.00%,
8/20/2052
1,868,526
1,635,110
Pool#
MA8201
4.50%,
8/20/2052
218,455
209,091
Pool#
MA8427
4.50%,
11/20/2052
15,011,024
14,330,485
Pool#
MA8643
3.00%,
2/20/2053
3,176,064
2,788,208
Pool#
MA8644
3.50%,
2/20/2053
4,044,078
3,656,588
Pool#
MA9668
5.50%,
5/20/2054
11,968,143
11,956,832
GNMA
TBA
2.00%,
8/15/2055
2,000,000
1,614,171
2.50%,
8/15/2055
1,000,000
840,788
4.50%,
8/15/2055
1,000,000
948,881
6.00%,
8/15/2055
13,000,000
13,174,174
7.00%,
8/15/2055
1,000,000
1,032,995
Total
Mortgage-Backed
Securities
(cost
$313,095,144)
298,460,379
Foreign
Government
Securities
1.0%
CANADA
0.0%
†
Province
of
Alberta,
1.30%,
7/22/2030
60,000
52,349
Province
of
British
Columbia,
1.30%,
1/29/2031
25,000
21,410
Province
of
Ontario
0.63%,
1/21/2026
50,000
49,109
2.30%,
6/15/2026
45,000
44,222
1.05%,
5/21/2027
25,000
23,678
2.00%,
10/2/2029
25,000
23,003
1.13%,
10/7/2030
40,000
34,355
Province
of
Quebec
2.50%,
4/20/2026
50,000
49,339
2.75%,
4/12/2027
25,000
24,414
321,879
Nationwide
Bond
Portfolio
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
13
Foreign
Government
Securities
Principal
Amount
($)
Value
($)
CHILE
0.0%
†
Republic
of
Chile,
3.25%,
9/21/2071
860,000
518,614
HUNGARY
0.2%
Hungary
Government
Bond
Reg.
S,
6.13%,
5/22/2028
940,000
971,197
3.13%,
9/21/2051
(b)
1,560,000
933,515
1,904,712
MEXICO
0.6%
Eagle
Funding
Luxco
Sarl,
5.50%,
8/17/2030
(b)
2,840,000
2,852,780
United
Mexican
States
3.50%,
2/12/2034
1,470,000
1,231,125
3.75%,
4/19/2071
2,330,000
1,315,285
5,399,190
PANAMA
0.0%
†
Republic
of
Panama,
3.87%,
7/23/2060
500,000
290,910
PERU
0.1%
Republic
of
Peru
5.38%,
2/8/2035
100,000
99,557
5.50%,
3/30/2036
510,000
507,373
606,930
POLAND
0.1%
Republic
of
Poland,
5.13%,
9/18/2034
780,000
783,528
Total
Foreign
Government
Securities
(cost
$9,932,764)
9,825,763
U.S.
Treasury
Obligations
27.3%
U.S.
Treasury
Bonds
4.38%,
5/15/2040
5,800,000
5,614,219
4.25%,
11/15/2040
7,250,000
6,880,703
4.75%,
2/15/2041
6,830,000
6,851,877
3.38%,
8/15/2042
12,050,000
10,005,736
2.75%,
11/15/2042
3,050,000
2,299,176
4.00%,
11/15/2042
2,550,000
2,301,574
4.50%,
2/15/2044
14,450,000
13,803,137
4.63%,
5/15/2044
14,370,000
13,935,532
4.63%,
11/15/2044
12,500,000
12,091,797
3.00%,
2/15/2047
4,700
3,488
3.00%,
2/15/2048
11,820,000
8,678,466
2.38%,
11/15/2049
3,600,000
2,285,578
1.63%,
11/15/2050
7,000,000
3,634,805
2.25%,
2/15/2052
4,180,000
2,515,185
2.88%,
5/15/2052
2,500,000
1,733,594
3.00%,
8/15/2052
4,521,400
3,214,256
4.00%,
11/15/2052
22,602,800
19,481,671
4.75%,
11/15/2053
12,360,000
12,065,967
U.S.
Treasury
Inflation
Linked
Bonds,
1.50%,
2/15/2053
2,730,661
2,123,140
U.S.
Treasury
Notes
0.63%,
12/31/2027
30,820,000
28,510,908
1.25%,
5/31/2028
31,280,000
29,086,734
4.63%,
4/30/2029
19,280,000
19,752,962
U.S.
Treasury
Obligations
Principal
Amount
($)
Value
($)
U.S.
Treasury
Notes
3.75%,
6/30/2030
1,520,000
1,505,513
3.88%,
7/31/2030
8,050,000
8,021,070
4.63%,
4/30/2031
18,020,000
18,559,896
4.00%,
7/31/2032
8,140,000
8,070,047
3.88%,
8/15/2034
13,700,000
13,253,680
Total
U.S.
Treasury
Obligations
(cost
$264,771,216)
256,280,711
Short-Term
Investments
2.6%
Commercial
Paper
2.4%
Hyundai
Capital
America,0.00%
8/27/2025(b)
4,398,000
4,382,884
PPG
Industries,
Inc.,0.00%
8/15/2025
1,697,000
1,693,765
American
Honda
Finance
Corp.,0.00%
8/18/2025
2,806,000
2,799,612
General
Motors
Financial
Co.,
Inc.,0.00%
1/26/2026
4,697,000
4,591,897
Dominion
Energy,
Inc.,0.00%
8/27/2025(b)
8,633,000
8,603,372
22,071,530
Certificate
of
Deposit
0.2%
National
Bank
of
Kuwait,4.63%
8/28/2025
2,390,000
2,390,326
Total
Short-Term
Investment
(cost
$24,463,639)
24,461,856
Repurchase
Agreements
0.8%
CF
Secured,
LLC
4.34%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$6,481,664,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.00%,
maturing
8/31/2025
-
2/15/2053;
total
market
value
$6,611,298.
(g)
6,480,883
6,480,883
Santander
US
Capital
Markets
4.36%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$1,000,121,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
0.01%
-
5.45%,
maturing
5/25/2030
-
8/25/2055;
total
market
value
$1,020,124.
(g)
1,000,000
1,000,000
Total
Repurchase
Agreements
(cost
$7,480,883)
7,480,883
14
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Bond
Portfolio
Purchased
Swaptions
0.0%
†
Principal
Amount
($)
Value
($)
Call
Option
0.0%
†
Options
purchased
on
interest
rate
swaps
0.0%
†
2-Year
Interest
Rate
Swap
Pay
2.25%
Receive
6
month
EURIBOR,
3/8/2027,
Bank
of
America
NA
9,190,000
78,897
Put
Option
0.0%
†
Options
purchased
on
interest
rate
swaps
0.0%
†
10-Year
Interest
Rate
Swap
Receive
2.45%
Pay
6
month
EURIBOR,
3/24/2026,
JPMorgan
Chase
Bank
US
1,590,000
13,703
2-Year
Interest
Rate
Swap
Receive
1.75%
Pay
6
month
EURIBOR,
1/30/2026,
Barclays
Bank
Plc
9,400,000
42,373
2-Year
Interest
Rate
Swap
Receive
2.25%
Pay
6
month
EURIBOR,
1/30/2026,
Barclays
Bank
Plc
9,400,000
6,436
5-Year
Interest
Rate
Swap
Receive
2.25%
Pay
6
month
EURIBOR,
4/29/2026,
Bank
of
America
NA
2,200,000
13,288
75,800
Total
Purchased
Swaptions
(cost  $148,133)
154,697
Total
Investments
Before
TBA
Sale
Commitments
(cost
$1,021,624,940)
—
106.9%
1,001,735,492
TBA
Sale
Commitments
  (2.5)%
Mortgage-Backed
Security
FNMA/FHLMC
UMBS,
30
Year,
Single
Family
Conventional
Pool
TBA
6.00%,
8/25/2055
(7,000,000)
(7,096,753)
FNMA/FHLMC
UMBS,
30
Year,
Single
Family
TBA
3.00%,
8/25/2055
(1,000,000)
(855,652)
4.50%,
8/25/2055
(8,000,000)
(7,587,950)
GNMA
TBA
3.00%,
8/15/2055
(2,000,000)
(1,747,241)
3.50%,
8/15/2055
(6,000,000)
(5,390,410)
5.50%,
8/15/2055
(1,000,000)
(997,301)
Total
TBA
Sale
Commitment
(cost
$(23,654,570))
(23,675,307)
Total
Investments
(cost
$997,970,370)
—
104.4%
978,060,185
Liabilities
in
excess
of
other
assets
—
(4.4)%
(41,097,633)
NET
ASSETS
—
100.0%
$
936,962,552
†
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,
2025.
(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,
2025
was
$180,014,225
which
represents
19.21%
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,
2025.
(d)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2025.
The
total
value
of
securities
on
loan
as
of
July
31,
2025
was
$14,350,820,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$7,480,883
and
by
$7,353,792
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.13%
-
6.25%,
and
maturity
dates
ranging
from
8/31/2025
-
2/15/2055,
a
total
value
of
$14,834,675.
(e)
Variable
or
floating
rate
security,
linked
to
the
referenced
benchmark.
The
interest
rate
shown
was
the
current
rate
as
of
July
31,
2025.
(f)
Perpetual
Bond
Security.
The
rate
reflected
in
the
Statement
of
Investments
is
the
rate
in
effect
on
July
31,
2025.
The
maturity
date
reflects
the
next
call
date.
(g)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2025
was
$7,480,883.
ACES
Alternative
Credit
Enhancement
Services
CLO
Collateralized
Loan
Obligations
EURIBOR
Euro
Interbank
Offered
Rate
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
RB
Revenue
Bond
Reg.
S
Regulation
S
-
Security
was
purchased
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933,
which
exempts
from
registration
securities
offered
and
sold
outside
of
the
United
States.
Such
security
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933
or
pursuant
to
an
exemption
from
registration.
Currently
there
is
no
restriction
on
trading
this
security.
REIT
Real
Estate
Investment
Trust
REMICS
Real
Estate
Mortgage
Investment
Conduits
SOFR
Secured
Overnight
Financing
Rate
TBA
To
Be
Announced;
Security
is
subject
to
delayed
delivery
UMBS
Uniform
Mortgage-Backed
Securities
Currency:
EUR
Euro
Nationwide
Bond
Portfolio
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
15
Centrally
Cleared
Credit
default
swap
contracts
outstanding
-
sell
protection
as
of
July
31,
2025
1
:
Reference
Obligation/Index
Financing
Rate
Received
by
the
Fund
(%)
Payment
Frequency
Maturity
Date
Implied
Credit
Spread
(%)
2
Notional
Amount
3
Upfront
Payments
(Receipts)
($)
4
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
Markit
CDX
North
American
Investment
Grade
Index
Series
42-V1
1.00
Quarterly
6/20/2029
0.40
USD
40,302,867
632,376
290,391
922,767
Markit
CDX
North
American
Investment
Grade
Index
Series
43-V1
1.00
Quarterly
12/20/2029
0.45
USD
115,325,000
2,389,491
280,610
2,670,101
Total
unrealized
appreciation
3,021,867
571,001
3,592,868
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
16
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Bond
Portfolio
Centrally
Cleared
Interest
rate
swap
contracts
outstanding
as
of
July
31,
2025
:
Floating
Rate
Index
Fixed
Rate
Pay/
Receive
Floating
Rate
Maturity
Date
Notional
Amount
Upfront
Payment
(Receipts)
($)
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
6
Month
NIBOR
semi-annually
4.25%
annually
Pay
9/17/2027
NOK
405,700,000
204,200
27,137
231,337
6
Month
EURIBOR
semi-annually
1.75%
annually
Rec
9/17/2055
EUR
970,000
207,922
37,600
245,522
3
Month
BBR
Quarterly
3.75%
semi-annually
Pay
9/17/2030
NZD
16,240,000
52,367
27,930
80,297
3
Month
BBR
Quarterly
3.75%
Quarterly
Rec
9/17/2027
AUD
50,440,000
(337,867)
40,457
(297,410)
3
Month
EURIBOR
Quarterly
2.14%
At
Termination
Pay
11/20/2027
EUR
133,980,000
(85,457)
112,122
26,665
6
Month
EURIBOR
semi-annually
2.18%
At
Termination
Rec
11/20/2027
EUR
133,980,000
(58,099)
101,303
43,204
6
Month
EURIBOR
semi-annually
2.50%
annually
Rec
9/17/2075
EUR
830,000
13,129
50,624
63,753
6
Month
EURIBOR
semi-annually
2.61%
annually
Rec
3/19/2056
EUR
3,500,000
79,429
120,655
200,084
6
Month
EURIBOR
semi-annually
2.50%
annually
Pay
5/14/2028
EUR
8,475,094
102
52,976
53,078
6
Month
EURIBOR
semi-annually
2.50%
annually
Rec
11/10/2053
EUR
3,131,637
(70,600)
194,220
123,620
6
Month
EURIBOR
semi-annually
3.30%
annually
Pay
7/30/2040
EUR
8,070,000
2,096
5,122
7,218
6
Month
EURIBOR
semi-annually
2.33%
annually
Pay
2/25/2029
EUR
10,123,257
(33,743)
19,636
(14,107)
3
Month
BBR
Quarterly
4.25%
semi-annually
Pay
9/17/2035
NZD
6,560,000
38,974
18,617
57,591
1
Day
SOFR
annually
4.10%
annually
Pay
6/24/2035
USD
15,000,000
(17,708)
16,214
(1,494)
1
Day
TONAR
annually
1.30%
annually
Rec
8/2/2034
JPY
1,160,208,736
(9,064)
93,255
84,191
1
Day
SONIA
annually
3.50%
annually
Pay
9/17/2027
GBP
600,000
(3,651)
1,599
(2,052)
1
Day
SOFR
annually
3.62%
annually
Rec
11/30/2029
USD
24,120,000
(65,743)
5,393
(60,350)
1
Day
SOFR
annually
4.57%
annually
Pay
7/16/2040
USD
17,960,000
(60,749)
80,265
19,516
1
Day
SOFR
annually
3.75%
annually
Rec
9/17/2027
USD
53,330,000
(164,865)
63,565
(101,300)
1
Day
TONAR
annually
0.75%
annually
Rec
9/17/2027
JPY
3,598,000,000
32,659
7,596
40,255
1
Day
SONIA
annually
3.75%
annually
Pay
9/17/2027
GBP
26,950,000
29,658
45,928
75,586
1
Day
SONIA
annually
3.75%
annually
Pay
9/17/2030
GBP
5,910,000
(15,470)
22,837
7,367
1
Day
SARON
annually
0.50%
annually
Rec
9/17/2035
CHF
570,000
(6,753)
9,060
2,307
1
Day
SOFR
annually
3.85%
annually
Pay
5/21/2032
USD
6,030,000
(1,764)
57,774
56,010
1
Day
SOFR
annually
3.50%
annually
Rec
9/17/2027
USD
740,000
695
1,425
2,120
1
Day
TONAR
annually
1.25%
annually
Rec
9/17/2035
JPY
2,663,000,000
108,410
77,750
186,160
1
Day
TONAR
annually
1.00%
annually
Rec
9/17/2030
JPY
5,869,340,000
(83,275)
153,434
70,159
1
Day
SOFR
annually
3.37%
annually
Pay
6/23/2028
USD
58,500,000
826
29,485
30,311
1
Day
SONIA
annually
3.75%
annually
Pay
9/17/2035
GBP
1,230,000
(50,284)
7,671
(42,613)
6
Month
EURIBOR
semi-annually
2.00%
annually
Rec
5/17/2053
EUR
3,036,198
22,858
252,096
274,954
Total
unrealized
appreciation
(271,767)
1,733,746
1,461,979
–
–
–
6
Month
EURIBOR
semi-annually
2.00%
annually
Pay
9/17/2030
EUR
3,860,000
(57,491)
(21,087)
(78,578)
3
Month
STIBOR
Quarterly
2.75%
annually
Pay
9/17/2035
SEK
15,600,000
11,096
(11,563)
(467)
3
Month
STIBOR
Quarterly
2.25%
annually
Pay
9/17/2027
SEK
243,940,000
99,351
(26,425)
72,926
6
Month
NIBOR
semi-annually
4.25%
annually
Rec
9/17/2035
NOK
37,990,000
(75,944)
(19,211)
(95,155)
6
Month
EURIBOR
semi-annually
2.00%
annually
Pay
9/17/2045
EUR
1,620,000
(208,602)
(44,314)
(252,916)
3
Month
BBR
Quarterly
3.25%
semi-annually
Pay
9/17/2027
NZD
14,790,000
14,023
(1,035)
12,988
6
Month
EURIBOR
semi-annually
2.00%
annually
Pay
9/17/2035
EUR
1,690,000
(97,284)
(19,297)
(116,581)
6
Month
EURIBOR
semi-annually
3.00%
annually
Rec
7/30/2045
EUR
19,110,000
40,313
(5,749)
34,564
Nationwide
Bond
Portfolio
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
17
Floating
Rate
Index
Fixed
Rate
Pay/
Receive
Floating
Rate
Maturity
Date
Notional
Amount
Upfront
Payment
(Receipts)
($)
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
6
Month
EURIBOR
semi-annually
2.60%
annually
Pay
7/29/2055
EUR
12,570,000
(11,374)
(4,225)
(15,599)
6
Month
EURIBOR
semi-annually
1.50%
annually
Pay
9/17/2027
EUR
3,340,000
(33,489)
(11,493)
(44,982)
3
Month
BBR
Quarterly
3.50%
Quarterly
Pay
9/17/2027
AUD
5,900,000
20,863
(4,282)
16,581
1
Day
TONAR
annually
2.16%
annually
Pay
8/2/2044
JPY
1,380,600,000
(114,717)
(255,073)
(369,790)
1
Day
SOFR
annually
3.75%
annually
Rec
9/17/2035
USD
3,640,000
50,096
(27,557)
22,539
1
Day
SARON
annually
(0.25)%
annually
Rec
9/17/2027
CHF
15,340,000
69,293
(3,214)
66,079
1
Day
REPO_CORRA
semi-annually
3.00%
semi-annually
Pay
9/17/2035
CAD
2,600,000
(16,437)
(10,527)
(26,964)
1
Day
REPO_CORRA
semi-annually
2.50%
semi-annually
Pay
9/17/2027
CAD
1,190,000
152
(2,867)
(2,715)
1
Day
ESTR
annually
2.00%
annually
Pay
9/17/2027
EUR
26,720,000
91,272
(13,458)
77,814
1
Day
SOFR
annually
3.53%
annually
Rec
7/15/2030
USD
3,140,000
5,922
(9,366)
(3,444)
1
Day
REPO_CORRA
semi-annually
2.75%
semi-annually
Pay
9/17/2030
CAD
8,170,000
(12,292)
(11,392)
(23,684)
1
Day
SOFR
annually
3.60%
annually
Rec
6/23/2030
USD
61,670,000
16,660
(54,298)
(37,638)
1
Day
SOFR
annually
3.85%
annually
Rec
7/17/2055
USD
13,520,000
53,022
(64,769)
(11,747)
1
Day
ESTR
Annually
2.50%
annually
Pay
8/15/2034
EUR
2,260,000
13,413
–
13,413
1
Day
REPO_CORRA
semi-annually
2.75%
semi-annually
Pay
9/17/2027
CAD
39,930,000
64,353
(16,493)
47,860
1
Day
TONAR
annually
1.75%
annually
Pay
9/17/2055
JPY
543,000,000
(404,523)
(127,031)
(531,554)
1
Day
ESTR
annually
2.53%
annually
Pay
3/19/2056
EUR
3,500,000
(80,002)
(94,766)
(174,768)
1
Day
SOFR
annually
4.21%
annually
Rec
5/21/2055
USD
3,480,000
22,794
(14,219)
8,575
Total
unrealized
depreciation
(539,532)
(873,711)
(1,413,243)
Net
unrealized
appreciation
(811,299)
860,035
48,736
Abbreviation
:
BBR
Bank
Bill
Reference
Rate
EURIBOR
Euro
Interbank
Offered
Rate
ESTR
Euro
Short-Term
Rate
NIBOR
Norwegian
Interbank
Offered
Rate
CORRA
Canadian
Overnight
Repo
Rate
Average
SARON
Swiss
Average
Rate
Overnight
SOFR
Secured
Overnight
Financing Rate
SONIA
Sterling
Overnight
Index
Average
STIBOR
Stockholm
Interbank
Offered
Rate
TONAR
Tokyo
Overnight
Average
Rate
Currency:
AUD
Australian
dollar
CAD
Canadian
dollar
CHF
Swiss
franc
EUR
Euro
GBP
British
pound
JPY
Japanese
yen
NOK
Norwegian
krone
NZD
New
Zealand
dollar
SEK
Swedish
krona
USD
United
States
dollar
18
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Bond
Portfolio
Written
Swaptions
Contracts
as
of
July
31,
2025
:
Description
Rate
Paid
by
the
Fund
Rate
Received
by
the
Fund
Counterparty
Expiration
Date
Exercise
Rate
Notional
Amount
Value($)
Call
2-Year
Interest
Rate
Swap
6
Month
EURIBOR
semi-annually
2
Barclays
Bank
Plc
01/30/2026
2.00
%
EUR
18,800,000
(34,557)
30-Year
Interest
Rate
Swap
6
Month
EURIBOR
semi-annually
2.498
JPMorgan
Chase
Bank
US
03/24/2026
2.50
EUR
670,000
(13,307)
30-Year
Interest
Rate
Swap
6
Month
EURIBOR
semi-annually
2.586
Bank
of
America
NA
04/29/2026
2.59
EUR
510,000
(14,531)
30-Year
Interest
Rate
Swap
6
Month
EURIBOR
semi-annually
2.3470
Bank
of
America
NA
03/08/2027
2.35
EUR
860,000
(28,587)
Total
Written
Swaptions
Contracts
(Premiums
Received
($134,839))
(90,982)
Abbreviation:
EURIBOR
Euro
Interbank
Offered
Rate
Currency:
EUR
Euro
Forward
Foreign
Currency
Contracts
outstanding
as
of
July
31,
2025:
Currenc
y
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
($)
USD
947,851
AUD
1,457,116
JPMorgan
Chase
Bank
NA
9/17/2025
10,631
USD
1,373,313
CAD
1,886,740
JPMorgan
Chase
Bank
NA
9/17/2025
8,604
USD
1,224,271
EUR
1,056,125
JPMorgan
Chase
Bank
NA
9/17/2025
15,350
USD
1,096,521
GBP
820,332
JPMorgan
Chase
Bank
NA
9/17/2025
12,665
USD
1,064,584
JPY
156,800,448
JPMorgan
Chase
Bank
NA
9/17/2025
19,461
USD
819,729
NOK
8,342,203
JPMorgan
Chase
Bank
NA
9/17/2025
12,600
USD
926,188
NZD
1,552,613
JPMorgan
Chase
Bank
NA
9/17/2025
10,048
USD
947,480
SEK
9,128,637
JPMorgan
Chase
Bank
NA
9/17/2025
12,200
USD
7,135,926
EUR
6,089,843
JPMorgan
Chase
Bank
NA
9/23/2025
162,091
Total
unrealized
appreciation
263,650
GBP
772,469
USD
1,046,579
JPMorgan
Chase
Bank
NA
8/28/2025
(26,176)
Total
unrealized
depreciation
(26,176)
Net
unrealized
appreciation
237,474
Currency:
AUD
Australian
dollar
CAD
Canadian
dollar
EUR
Euro
GBP
British
pound
JPY
Japanese
yen
NOK
Norwegian
krone
NZD
New
Zealand
dollar
SEK
Swedish
krona
USD
United
States
dollar
Nationwide
Bond
Portfolio
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
19
Futures
contracts
outstanding
as
of
July
31,
2025:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
U.S.
Treasury
2
Year
Note
657
9/2025
USD
135,988,735
(213,499)
U.S.
Treasury
5
Year
Note
56
9/2025
USD
6,057,625
32,458
U.S.
Treasury
10
Year
Note
273
9/2025
USD
30,320,062
276,261
U.S.
Treasury
10
Year
Ultra
Note
37
9/2025
USD
4,183,891
42,731
U.S.
Treasury
Ultra
Bond
68
9/2025
USD
7,977,250
145,595
3
Month
SONIA
75
3/2026
GBP
23,842,272
27,009
3
Month
SONIA
65
3/2027
GBP
20,715,881
191
Total
long
contracts
310,746
Short
Contracts
Euro-Bund
(16)
9/2025
EUR
(2,368,218)
(1,304)
Euro-buxl
(1)
9/2025
EUR
(133,954)
3,433
U.S.
Treasury
Long
Bond
(64)
9/2025
USD
(7,308,000)
8,826
Total
short
contracts
10,955
Net
contracts
321,701
Abbreviation
:
SONIA
Sterling
Overnight
Index
Average
Currency:
EUR
Euro
GBP
British
Pound
USD
United
States
Dollar
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Index
Reference
Rate
6
Month
Euro
Interbank
Offered
Rate
(EURIBOR)
2.08%
1
Day
Secured
Overnight
Financing
Rate
(SOFR)
4.34%
3
Month
Euro
Interbank
Offered
Rate
(EURIBOR)
2.01%
1
Day
Euro
Short-Term
Rate
(ESTR)
1.92%
1
Day
Tokyo
Overnight
Average
Rate
(TONAR)
0.48%
3
Month
Australian
Bank-Bill
Reference
Rate
(BBR)
3.68%
1
Day
Canadian
Overnight
Repo
Rate
Average
(CORRA)
2.76%
6
Month
Norwegian
Interbank
Offered
Rate
(NIBOR)
4.36%
1
Day
Sterling
Overnight
Index
Average
(SONIA)
4.22%
1
Day
Swiss
Average
Rate
Overnight
(SARON)
(0.03)%
3
Month
Stockholm
Interbank
Offered
Rate
(STIBOR)
2.16%
20
-
Statement
of
Investments
-
July
31,
2025
(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,
2025
(Unaudited)
-
Statement
of
Investments
-
21
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2025.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using
options,
swap
contracts, forward
foreign
currency
contracts, and financial
futures
contracts.
(a)
Swap
Contracts             
Credit
Default
Swap
Contracts
— The
Fund entered
into
credit
default
swap
contracts.
Credit
default
swap
contracts
are
either
privately
negotiated
agreements
between
the
Fund
and
a
counterparty
or
traded
through
a
futures
commission
merchant
and
cleared
through
a
clearinghouse
that
serves
as
a
central
counterparty. 
Investments
in
credit
default
swap
contracts
are
utilized
to
expose
the
Fund’s
cash
holdings
to
the
investment
characteristics
and
performance
of
the
high-yield
bond
market
or
selected
credit
markets while
maintaining
liquidity
to
satisfy
shareholder
activity,
to
manage
broad
credit
market
spread
exposure
and/or
to
create
synthetic
long
and
short
exposure
to
select
credit
and sovereign
debt
securities,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
The
Fund
segregates
liquid
assets
to
cover
its
obligations
under
its
credit
default
swap
contracts.
The
upfront
premiums
are
amortized
and
accreted
daily
and
are
recorded
as
realized
gains
or
losses
upon
maturity
or
termination
of
the
credit
default
swap
contract.
As
the
protection
purchaser
in
a
credit
default
swap
contract,
the
Fund
pays
the
counterparty
a
periodic
stream
of
payments
over
the
term
of
the
contract,
provided
that
no
credit
event
or
default
(or
similar
event)
occurs.
However,
the
Fund
is
required
to
receive
the
par
(or
other
agreed-upon)
value
of
a
referenced
debt
obligation
from
the
counterparty
in
the
event
of
a
default
(or
similar
event)
by
a
third
party,
such
as
a
U.S.
or
foreign
issuer,
on
the
debt
obligation.
If
a
credit
event
or
default
(or
similar
event)
occurs,
the
Fund
either
(i)
receives
from
the
counterparty
an
amount
equal
to
the
notional
amount
of
the
swap
and
the
counterparty
takes
delivery
of
the
referenced
obligation,
other
deliverable
obligations
or
underlying
securities
comprising
the
referenced
index,
or
(ii)
receives
from
the
counterparty
a
net
settlement
amount
in
the
form
of
cash
or
securities
to
the
notional
amount
of
the
swap
and
the
recovery
value
of
the
referenced
obligation
or
underlying
securities
comprising
the
referenced
index.
As
the
purchaser
in
a
credit
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2025.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Asset-Backed
Securities
$
–
$
107,396,012
$
–
$
107,396,012
Collateralized
Mortgage
Obligations
–
29,917,075
–
29,917,075
Commercial
Mortgage-Backed
Securities
–
66,432,296
–
66,432,296
Corporate
Bonds
–
199,819,713
–
199,819,713
Credit
Default
Swaps†
–
571,001
–
571,001
Foreign
Government
Securities
–
9,825,763
–
9,825,763
Forward
Foreign
Currency
Contracts
–
263,650
–
263,650
Futures
Contracts
536,504
–
–
536,504
Interest
Rate
Swaps†
–
1,733,746
–
1,733,746
Mortgage-Backed
Securities
–
298,460,379
–
298,460,379
Municipal
Bonds
–
1,506,107
–
1,506,107
Purchased
Swaptions
–
154,697
–
154,697
Repurchase
Agreements
–
7,480,883
–
7,480,883
Short-Term
Investments
–
24,461,856
–
24,461,856
U.S.
Treasury
Obligations
–
256,280,711
–
256,280,711
Total
Assets
$
536,504
$
1,004,303,889
$
–
$
1,004,840,393
Liabilities:
Forward
Foreign
Currency
Contracts
$
–
$
(26,176)
$
–
$
(26,176)
Futures
Contracts
(214,803)
–
–
(214,803)
Interest
Rate
Swaps†
–
(873,711)
–
(
873,711)
TBA
Sale
Commitments
–
(23,675,307)
–
(23,675,307)
Written
Swaptions
–
(90,982)
–
(90,982)
Total
Liabilities
$
(214,803)
$
(24,666,176)
$
–
$
(24,880,979)
Total
$
321,701
$
979,637,713
$
–
$
979,959,414
†
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,
2025
(Unaudited)
-
Nationwide
Bond
Portfolio
default
swap
contract,
the
Fund’s
investment
would
generate
income
only
in
the
event
of
an
actual
default
(or
similar
event)
by
the
issuer
of
the
underlying
obligation. 
Credit
default
swap
contracts
are
marked-to-market
daily
based
on
valuations
from
independent
pricing
services.
Credit
default
swap
contracts
are
generally
categorized
as
Level
2
investments
within
the
hierarchy.
Implied
credit
spreads
are
utilized
in
determining
the
market
value
of
credit
default
swap
agreements
on
credit
indices
and
serve
as
an
indicator
of
the
current
status
of
the
payment/performance
risk
and
represent
the
likelihood
or
risk
of
default
for
the
credit
derivative.
Implied
credit
spreads
utilized
in
valuing
the
Fund’s
investments
as
of
July
31,
2025
are
disclosed
in
the
Statement
of
Investments.
The
implied
credit
spread
of
a
particular
referenced
entity
reflects
the
cost
of
selling
protection
on
such
entity’s
debt,
and
may
include
upfront
payments
required
to
be
made
to
enter
into
the
agreement.
For
credit
default
swap
agreements
on
credit
indices,
the
quoted
market
prices
and
resulting
value
serve
as
the
indicator
of
the
current
status
of
the
payment/performance
risk.
Wider
credit
spreads
represent
a
deterioration
of
the
referenced
entity’s
credit
soundness
and
a
greater
likelihood
or
risk
of
default
or
other
credit
event
occurring
as
defined
under
the
terms
of
the
agreement.
Certain
clearinghouses
currently
offer
clearing
for
limited
types
of
derivatives
transactions,
such
as
credit
derivatives.
In
a
centrally
cleared
credit
default
swap
contract,
immediately
following
execution
of
the
swap
agreement,
the
swap
agreement
is
novated
to
a
central
counterparty
(the
“CCP”)
and
the
Fund’s
counterparty
on
the
swap
agreement
becomes
the
CCP.
The
Fund
is
required
to
interface
with
the
CCP
through
a
broker.
Upon
entering
into
a
centrally
cleared
swap
contract,
the
Fund
is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
the
size
and
risk
profile
of
the
particular
swap.
Securities
deposited
as
initial
margin
and
cash
pledged
as
collateral
are
designated
on
the
Statement
of
Investments,
as
applicable.
The
daily
change
in
valuation
of
centrally
cleared
credit
default
swap
contracts
is
recorded
as
a
receivable
or
payable
for
variation
margin
on
centrally
cleared
credit
default
swap
contracts.
Payments
received
from
(paid
to)
the
counterparty,
including
at
termination,
are
recorded
as
realized
gains
(losses).
Interest
Rate
Swap
Contracts
—
The
Fund
entered
into
interest
rate
swap
contracts
to
hedge
against
investment
risks,
to
manage
portfolio
duration,
to
obtain
exposure
to
the
investment
characteristics
of
certain
bonds
or
groups
of
bonds,
and/or
to
otherwise
increase
returns,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Interest
rate
swap
contracts
are
swaps
contracts
in
which
the
parties
exchange
their
rights
to
receive
payments
on
a
security
or
other
reference
rate.
For
example,
the
parties
might
swap
the
right
to
receive
floating
rate
payments
for
the
right
to
receive
fixed
rate
payments.
The
Fund
has
segregated
liquid
assets
to
cover
its
obligations
under
the
interest
rate
swap
contract.
Interest
rate
swap
contracts
are
valued
daily
and
unrealized
appreciation
(depreciation)
is
recorded.
Certain
interest
rate
swap
contracts
may
accrue
periodic
interest
on
a
daily
basis
as
a
component
of
unrealized
appreciation
(depreciation);
the
Fund
will
realize
a
gain
or
loss
upon
the
payment
or
receipt
of
accrued
interest.
The
Fund
will
realize
a
gain
or
a
loss
when
the
interest
rate
swap
is
terminated.
The
use
of
interest
rate
swap
contracts
involves
the
risk
that
the
investment
adviser
will
not
accurately
predict
anticipated
changes
in
interest
rates,
which
may
result
in
losses
to
the
Fund.
Interest
rate
swap
contracts
also
involve
the
possible
failure
of
a
counterparty
to
perform
in
accordance
with
the
terms
of
the
swap
agreement.
If
a
counterparty
defaults
on
its
obligations
under
a
swap
agreement,
the
Fund
may
lose
any
amount
it
expected
to
receive
from
the
counterparty,
potentially
including
amounts
in
excess
of
the
Fund’s
initial
investment.
Interest
rate
swap
contracts
are
marked-to-market
daily
based
on
valuations
from
an
independent
pricing
service.
Interest
rate
swap
contracts
are
generally
categorized
as
Level
2
investments
within
the
hierarchy.
(b)
Forward
Foreign
Currency
Contracts          
The
Fund
entered
into
forward
foreign
currency
contracts
in
connection
with
planned
purchases
or
sales
of
securities
denominated
in
a
foreign
currency
and/or
to
hedge
the
U.S.
dollar
value
of
portfolio
securities
denominated
in
a
foreign
currency,
to
express
a
view
on
a
foreign
currency
vs.
the
U.S.
dollar
or
other
foreign
currency,
to
hedge
the
U.S.
dollar
value
of
portfolio
securities
denominated
in
a
foreign
currency,
and/or
to
seek
to
protect
against
anticipated
changes
in
future
foreign
currency
exchange
rate,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
A
forward
foreign
currency
contract
involves
an
obligation
to
purchase
or
sell
a
specific
currency
at
a
future
date,
which
may
be
any
fixed
number
of
days
from
the
date
of
the
contract
agreed
upon
by
the
parties,
at
a
price
set
at
the
time
of
the
contract.
Forward
foreign
currency
contracts
are
generally
valued
at
the
mean
of
the
last
quoted
bid
and
ask
prices,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
2
investments
within
the
hierarchy.
The
market
value
of
a
forward
foreign
currency
contract
fluctuates
with
changes
in
foreign
currency
exchange
rates.
All
commitments
are
marked-to-market
daily
at
the
applicable
exchange
rates
and
any
resulting
unrealized
appreciation
or
depreciation
is
recorded.
Realized
gains
or
losses
are
recorded
at
the
time
the
forward
foreign
currency
contract
matures
or
at
the
time
of
delivery
of
the
currency.
Forward
foreign
currency
contracts
entail
the
risk
of
unanticipated
movements
in
the
value
of
the
foreign
currency
relative
to
the
U.S.
dollar,
and
the
risk
that
the
counterparties
to
the
contracts
may
be
unable
to
meet
their
obligations
under
the
contract.
Nationwide
Bond
Portfolio
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
23
(c)
Futures
Contracts  
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
managing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
price
of
the
futures
contracts
and
the
underlying
assets. The
Fund’s
investments
in
futures
contracts
entail
limited
counterparty
credit
risk
because the
Fund
invests
only
in
exchange
traded
futures
contracts,
which
are
settled
through
the
exchange
and
whose
fulfillment
is
guaranteed
by
the
credit
of
the
exchange.
(d)
Options      
The
Fund
purchased
and/or
wrote
options
on
futures
contracts,
single
stocks,
ETFs,
and/or
indexes.
Such
option
investments
are
utilized
to
manage
currency
exposures
and/or
hedge
against
movements
in
the
values
of
the
foreign
currencies
in
which
the
portfolio
securities
are
denominated,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates
and
equity
movements,
to
capitalize
on
the
return-generating
features
of
selling
options
(short
volatility)
while
simultaneously
benefiting
from
the
risk-control
attributes
associated
with
buying
options
(long
volatility),
and/or
to
generate
consistent
outperformance,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
The
purchase
of
put
options
serves
as
a
short
hedge
and
the
purchase
of
call
options
serves
as
a
long
hedge.
Writing
put
options
serves
as
a
limited
long
hedge
because
increases
in
the
value
of
the
hedged
investment
would
be
offset
to
the
extent
of
the
premium
received
for
writing
the
option.
However,
if
the
security
depreciates
to
a
price
lower
than
the
strike
price
of
the
put
option,
it
can
be
expected
that
the
put
option
will
be
exercised,
and
the
Fund
will
be
obligated
to
purchase
the
security
at
more
than
its
market
value.
The
Fund
segregates
liquid
assets
to
cover
its
obligations
under
its
option
contracts.
Writing
call
options
serves
as
a
limited
short
hedge
because
declines
in
the
value
of
the
hedged
investment
would
be
offset
to
the
extent
of
the
premium
received
for
writing
the
option.
However,
if
the
security
appreciates
to
a
price
higher
than
the
exercise
price
of
the
call
option,
it
can
be
expected
that
the
call
option
will
be
exercised,
and
a
Fund
will
be
obligated
to
sell
the
security
at
less
than
its
market
value
or
will
be
obligated
to
purchase
the
security
at
a
price
greater
than
that
at
which
the
security
must
be
sold
under
the
option.
When the
Fund
writes
an
option,
an
amount
equal
to
the
premium
received
is
recorded
as
a
liability
and
subsequently
marked-
to-market
to
reflect
the
current
value
of
the
option
written.
Premiums
received
from
writing
options
which
expire
unexercised
are
treated
as
realized
gains.
Premiums
received
from
writing
options
which
are
exercised
or
closed
are
added
to
the
proceeds
from
or
offset
against
amounts
paid
on
the
underlying
transaction
to
determine
the
realized
gain
or
loss
on
such
underlying
transaction.
When the
Fund
writes
an
option,
it
has
no
control
over
whether
the
option
will
be
exercised,
and
as
a
result
bears
the
risk
of
an
unfavorable
change
in
the
price
of
the
instrument
underlying
the
written
option.
Writing
options
entails
the
risk
that the
Fund
may
not
be
able
to
enter
into
a
closing
transaction
because
of
an
illiquid
market.
Options
traded
on
an
exchange
are
valued
at
the
settlement
price
provided
by
an
independent
pricing
service
as
approved
by
the
Board.
If
a
settlement
price
is
not
available,
such
options
are
valued
at
the
last
quoted
sale
price,
if
available,
and
otherwise
at
the
average
bid/ask
price.
Exchange
traded
options
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
Options
traded
in
the
over-the-counter
(“OTC”)
market,
and
which
are
not
quoted
by
NASDAQ,
are
valued
at
the
last
quoted
bid
price,
and
24
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Bond
Portfolio
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.
Swaptions
—
The
Fund
may
purchase
and
write
(sell)
options
on
swap
agreements.
The
Fund
entered
into
put
and
call
swaptions
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
An
option
on
a
swap
agreement,
or
a
“swaption,”
is
a
contract
that
gives
a
counterparty
the
right
(but
not
the
obligation)
to
enter
into
a
new
swap
agreement
or
to
shorten,
extend,
cancel
or
otherwise
modify
an
existing
swap
agreement,
at
some
designated
future
time
on
specified
terms.
In
return,
the
purchaser
pays
a
“premium”
to
the
seller
of
the
contract.
The
seller
of
the
contract
receives
the
premium
and
bears
the
risk
of
unfavorable
changes
on
the
underlying
swap.
The
Fund
may
write
(sell)
and
purchase
put
and
call
swaptions.
The
Fund
may
also
enter
into
swaptions
on
either
an
asset-based
or
liability-based
basis,
depending
on
whether
the
Fund
is
hedging
its
assets
or
its
liabilities.
The
Fund
may
write
(sell)
and
purchase
put
and
call
swaptions
to
the
same
extent
it
may
make
use
of
standard
options
on
securities
or
other
instruments.
The
Fund
may
enter
into
these
transactions
primarily
to
preserve
a
return
or
spread
on
a
particular
investment
or
portion
of
its
holdings,
as
a
duration
management
technique,
to
protect
against
an
increase
in
the
price
of
securities
a
Fund
anticipates
purchasing
at
a
later
date,
or
for
any
other
purposes,
such
as
for
speculation
to
increase
returns.
Swaptions
are
generally
subject
to
the
same
risks
involved
in
a
Fund’s
use
of
options.
Depending
on
the
terms
of
the
particular
option
agreement,
a
Fund
will
generally
incur
a
greater
degree
of
risk
when
it
writes
a
swaption
than
it
will
incur
when
it
purchases
a
swaption.
When
a
Fund
purchases
a
swaption,
it
risks
losing
only
the
amount
of
the
premium
it
has
paid
should
it
decide
to
let
the
option
expire
unexercised.
However,
when
a
Fund
writes
a
swaption,
upon
exercise
of
the
option
the
Fund
will
become
obligated
according
to
the
terms
of
the
underlying
agreement.
Nationwide
Bond
Portfolio
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
25
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2025:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
July
31,
2025:
Assets:
Fair
Value
Purchased
Swaptions
Interest
rate
risk
Investment
securities,
at
value
$
154,697
Swap
Contracts†
Credit
risk
Unrealized
appreciation
from
centrally
cleared
swap
contracts
571,001
Interest
rate
risk
Unrealized
appreciation
on
centrally
cleared
swap
contracts
1,733,746
Forward
Foreign
Currency
Contracts
Currency
risk
Unrealized
appreciation
on
forward
foreign
currency
contracts
263,650
Futures
Contracts
Interest
rate
risk
Unrealized
appreciation
from
futures
contracts
536,504
Total
$
3,259,598
Liabilities:
Written
Swaptions
Interest
rate
risk
Written
options,
at
value
$
(90,982)
Swap
Contracts†
Interest
rate
risk
Unrealized
depreciation
on
centrally
cleared
swap
contracts
(873,711)
Forward
Foreign
Currency
Contracts
Currency
risk
Unrealized
depreciation
on
forward
foreign
currency
contracts
(26,176)
Futures
Contracts
Interest
rate
risk
Unrealized
depreciation
from
futures
contracts
(214,803)
Total
$
(1,205,672)
†
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.
26
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
International
Equity
Portfolio
Common
Stocks
98.2%
Shares
Value
($)
Aerospace
&
Defense
2.6%
Elbit
Systems
Ltd.
2,236
1,031,871
Kongsberg
Gruppen
ASA
21,670
649,103
Leonardo
SpA
76,484
4,099,467
MTU
Aero
Engines
AG
17,909
7,703,331
Rheinmetall
AG
1,277
2,510,900
Singapore
Technologies
Engineering
Ltd.
571,400
3,844,176
19,838,848
Air
Freight
&
Logistics
0.2%
InPost
SA*
119,902
1,717,337
Automobile
Components
1.0%
Continental
AG
55,646
4,776,144
Denso
Corp.
58,200
787,314
Sumitomo
Electric
Industries
Ltd.
72,200
1,773,000
7,336,458
Automobiles
2.6%
Ferrari
NV
21,841
9,554,691
Isuzu
Motors
Ltd.
35,900
460,301
Mercedes-Benz
Group
AG
68,114
3,892,878
Stellantis
NV
303,372
2,681,540
Subaru
Corp.
67,800
1,237,215
Suzuki
Motor
Corp.
49,800
546,004
Volkswagen
AG
(Preference)
16,366
1,719,969
20,092,598
Banks
15.4%
Banco
BPM
SpA
353,778
4,511,858
Bank
Hapoalim
BM
376,295
7,062,251
Bank
Leumi
Le-Israel
BM
82,840
1,532,125
BOC
Hong
Kong
Holdings
Ltd.
1,671,000
7,516,681
Commerzbank
AG
117,006
4,276,395
Danske
Bank
A/S
62,530
2,477,656
DBS
Group
Holdings
Ltd.
248,800
9,132,173
DNB
Bank
ASA
10,371
262,937
Erste
Group
Bank
AG
52,021
4,756,659
FinecoBank
Banca
Fineco
SpA
291,896
6,222,388
ING
Groep
NV
101,260
2,352,971
Intesa
Sanpaolo
SpA
2,254,361
13,592,926
Israel
Discount
Bank
Ltd.,
Class
A
199,763
1,911,877
KBC
Group
NV
8,305
869,687
Mitsubishi
UFJ
Financial
Group,
Inc.
723,500
10,021,337
Mizrahi
Tefahot
Bank
Ltd.
113,256
6,993,625
Mizuho
Financial
Group,
Inc.
1,600
46,935
Nordea
Bank
Abp
652,796
9,496,854
Oversea-Chinese
Banking
Corp.
Ltd.
447,700
5,792,049
Resona
Holdings,
Inc.
73,700
669,220
Sumitomo
Mitsui
Financial
Group,
Inc.
76,500
1,932,145
Sumitomo
Mitsui
Trust
Group,
Inc.
168,500
4,398,736
UniCredit
SpA
96,625
7,108,755
United
Overseas
Bank
Ltd.
164,000
4,519,151
117,457,391
Beverages
0.2%
Carlsberg
A/S,
Class
B
7,275
907,860
Common
Stocks
Shares
Value
($)
Beverages
Heineken
NV
2,918
229,395
1,137,255
Biotechnology
1.1%
CSL
Ltd.
11,436
1,980,432
Genmab
A/S*
22,345
4,853,526
Swedish
Orphan
Biovitrum
AB*
42,926
1,176,894
8,010,852
Broadline
Retail
0.8%
Wesfarmers
Ltd.
113,327
6,210,652
Building
Products
1.1%
Assa
Abloy
AB,
Class
B
229,451
7,545,076
Geberit
AG
(Registered)
CHF
1,092
834,496
8,379,572
Capital
Markets
1.3%
Hong
Kong
Exchanges
&
Clearing
Ltd.
31,500
1,714,588
Macquarie
Group
Ltd.
18,076
2,494,641
Partners
Group
Holding
AG
CHF
1,508
2,022,156
Singapore
Exchange
Ltd.
308,400
3,786,939
10,018,324
Chemicals
2.2%
Asahi
Kasei
Corp.
35,600
247,336
Nitto
Denko
Corp.
278,500
5,748,128
Novonesis
Novozymes
B,
Class
B
75,704
4,916,869
Shin-Etsu
Chemical
Co.
Ltd.
25,400
732,768
Sika
AG
(Registered)
CHF
21,039
4,961,785
16,606,886
Commercial
Services
&
Supplies
0.5%
Brambles
Ltd.
183,302
2,803,171
TOPPAN
Holdings,
Inc.
42,200
1,136,752
3,939,923
Communications
Equipment
0.4%
Telefonaktiebolaget
LM
Ericsson,
Class
B
381,175
2,764,915
Construction
&
Engineering
0.8%
Obayashi
Corp.
239,300
3,518,562
Skanska
AB,
Class
B
99,501
2,312,445
5,831,007
Construction
Materials
0.1%
Amrize
Ltd.
CHF*
10,003
505,661
Consumer
Staples
Distribution
&
Retail
1.0%
Jeronimo
Martins
SGPS
SA
56,097
1,367,007
MatsukiyoCocokara
&
Co.
227,500
4,670,296
Seven
&
i
Holdings
Co.
Ltd.
125,300
1,649,601
7,686,904
Diversified
REITs
0.0%
†
CapitaLand
Integrated
Commercial
Trust
71,300
120,465
Diversified
Telecommunication
Services
2.3%
Deutsche
Telekom
AG
(Registered)
366,011
13,118,431
Telenor
ASA
266,282
4,086,002
Nationwide
International
Equity
Portfolio
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
27
Common
Stocks
Shares
Value
($)
Diversified
Telecommunication
Services
Telia
Co.
AB
195,561
689,468
17,893,901
Electric
Utilities
0.4%
CLP
Holdings
Ltd.
191,000
1,658,313
Kansai
Electric
Power
Co.,
Inc.
(The)
88,200
1,060,018
2,718,331
Electrical
Equipment
5.9%
ABB
Ltd.
(Registered)
CHF
244,993
16,031,120
Fuji
Electric
Co.
Ltd.
49,000
2,433,645
Fujikura
Ltd.
5,300
364,045
Mitsubishi
Electric
Corp.
90,500
1,987,350
Nidec
Corp.
388,900
7,425,927
Prysmian
SpA
39,866
3,187,833
Siemens
Energy
AG*
27,843
3,238,000
Vestas
Wind
Systems
A/S
579,945
10,602,403
45,270,323
Electronic
Equipment,
Instruments
&
Components
0.8%
TDK
Corp.
239,600
2,915,121
Yokogawa
Electric
Corp.
127,400
3,375,106
6,290,227
Entertainment
1.9%
Konami
Group
Corp.
52,200
7,063,790
Nexon
Co.
Ltd.
137,400
2,514,780
Nintendo
Co.
Ltd.
63,300
5,283,091
14,861,661
Financial
Services
0.5%
ORIX
Corp.
153,446
3,434,800
Food
Products
1.0%
Ajinomoto
Co.,
Inc.
52,300
1,382,094
Chocoladefabriken
Lindt
&
Spruengli
AG
(Registered)
CHF
29
4,242,739
Lotus
Bakeries
NV
62
524,909
Nestle
SA
(Registered)
CHF
1,226
106,920
Orkla
ASA
148,191
1,561,212
7,817,874
Ground
Transportation
0.4%
Central
Japan
Railway
Co.
123,700
2,869,146
Health
Care
Equipment
&
Supplies
0.0%
†
Terumo
Corp.
21,700
366,894
Health
Care
Providers
&
Services
0.6%
Fresenius
Medical
Care
AG
96,820
4,904,933
Hotels,
Restaurants
&
Leisure
0.9%
Galaxy
Entertainment
Group
Ltd.
963,000
4,713,369
Genting
Singapore
Ltd.
916,100
517,062
Sands
China
Ltd.
522,800
1,268,845
6,499,276
Household
Durables
0.5%
Panasonic
Holdings
Corp.
109,000
1,030,857
Sony
Group
Corp.
111,100
2,688,698
3,719,555
Independent
Power
and
Renewable
Electricity
Producers
0.4%
EDP
Renovaveis
SA
263,165
3,081,727
Common
Stocks
Shares
Value
($)
Industrial
Conglomerates
1.8%
Hitachi
Ltd.
348,900
10,718,654
Sekisui
Chemical
Co.
Ltd.
37,000
641,872
Siemens
AG
(Registered)
9,902
2,539,292
13,899,818
Industrial
REITs
0.1%
CapitaLand
Ascendas
REIT
507,500
1,085,210
Insurance
7.6%
Ageas
SA/NV
11,801
797,607
AIA
Group
Ltd.
612,400
5,729,909
Allianz
SE
(Registered)
2,925
1,158,434
ASR
Nederland
NV
22,967
1,524,440
Dai-ichi
Life
Holdings,
Inc.
298,800
2,355,380
Gjensidige
Forsikring
ASA
16,777
440,419
Hannover
Rueck
SE
21,646
6,584,435
Insurance
Australia
Group
Ltd.
660,539
3,699,732
MS&AD
Insurance
Group
Holdings,
Inc.
130,700
2,784,222
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen
(Registered)
1,848
1,214,082
NN
Group
NV
30,894
2,078,202
Swiss
Re
AG
CHF
24,113
4,303,678
T&D
Holdings,
Inc.
207,100
5,046,774
Talanx
AG
53,843
7,159,818
Tokio
Marine
Holdings,
Inc.
201,500
8,096,634
Zurich
Insurance
Group
AG
CHF
7,710
5,245,323
58,219,089
Interactive
Media
&
Services
1.1%
CAR
Group
Ltd.
4,866
118,306
LY
Corp.
1,717,700
6,281,940
REA
Group
Ltd.
9,530
1,455,143
Scout24
SE
Reg.
S(a)
5,816
779,030
8,634,419
IT
Services
0.7%
Otsuka
Corp.
161,900
3,070,808
SCSK
Corp.
80,300
2,498,795
5,569,603
Leisure
Products
0.2%
Bandai
Namco
Holdings,
Inc.
49,700
1,605,469
Life
Sciences
Tools
&
Services
0.3%
Sartorius
AG
(Preference)
12,293
2,625,713
Machinery
5.7%
Alfa
Laval
AB
122,293
5,302,490
Daifuku
Co.
Ltd.
129,900
3,318,793
Daimler
Truck
Holding
AG
85,774
4,190,339
GEA
Group
AG
22,858
1,646,736
Hoshizaki
Corp.
7,400
254,595
Knorr-Bremse
AG
890
89,219
Komatsu
Ltd.
155,400
4,968,512
Makita
Corp.
95,400
2,945,495
MINEBEA
MITSUMI,
Inc.
151,900
2,391,856
Rational
AG
740
573,905
Schindler
Holding
AG
CHF
1,255
454,222
Techtronic
Industries
Co.
Ltd.
124,500
1,496,458
Volvo
AB,
Class
B
227,651
6,521,230
Wartsila
OYJ
Abp
181,571
5,001,717
28
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
International
Equity
Portfolio
Common
Stocks
Shares
Value
($)
Machinery
Yangzijiang
Shipbuilding
Holdings
Ltd.
2,065,400
4,052,059
43,207,626
Marine
Transportation
1.4%
AP
Moller
-
Maersk
A/S,
Class
B
511
1,007,919
Nippon
Yusen
KK
171,100
5,977,246
SITC
International
Holdings
Co.
Ltd.
1,121,000
3,636,276
10,621,441
Media
0.3%
Dentsu
Group,
Inc.
118,000
2,317,426
Metals
&
Mining
2.9%
ArcelorMittal
SA
89,720
2,838,122
Boliden
AB*
35,238
1,075,193
Evolution
Mining
Ltd.
397,612
1,807,545
Fortescue
Ltd.
282,911
3,222,542
Norsk
Hydro
ASA
853,313
5,067,775
Northern
Star
Resources
Ltd.
777,107
7,752,336
21,763,513
Office
REITs
0.2%
Nippon
Building
Fund,
Inc.
1,807
1,659,893
Oil,
Gas
&
Consumable
Fuels
0.9%
Neste
OYJ
173,639
2,742,520
Woodside
Energy
Group
Ltd.
253,633
4,288,567
7,031,087
Passenger
Airlines
1.2%
ANA
Holdings,
Inc.
117,000
2,166,185
Japan
Airlines
Co.
Ltd.
120,100
2,384,733
Qantas
Airways
Ltd.
578,482
3,998,855
Singapore
Airlines
Ltd.
54,600
284,958
8,834,731
Personal
Care
Products
0.1%
Kao
Corp.
22,000
991,570
Pharmaceuticals
9.1%
Astellas
Pharma,
Inc.
843,500
8,778,246
Daiichi
Sankyo
Co.
Ltd.
545,100
13,360,369
Novartis
AG
(Registered)
CHF
107,490
12,167,466
Novo
Nordisk
A/S,
Class
B
160,967
7,429,956
Orion
OYJ,
Class
B
90,395
7,227,535
Otsuka
Holdings
Co.
Ltd.
67,600
3,255,900
Recordati
Industria
Chimica
e
Farmaceutica
SpA
48,383
2,779,364
Roche
Holding
AG
CHF
27,610
8,663,293
UCB
SA
27,237
5,813,650
69,475,779
Professional
Services
1.3%
Computershare
Ltd.
286,304
7,690,761
Recruit
Holdings
Co.
Ltd.
30,900
1,833,309
9,524,070
Real
Estate
Management
&
Development
3.0%
Daito
Trust
Construction
Co.
Ltd.
43,100
4,424,392
Hulic
Co.
Ltd.
42,700
407,956
LEG
Immobilien
SE
53,108
4,231,796
Vonovia
SE
375,787
11,696,192
Wharf
Holdings
Ltd.
(The)
157,000
445,735
Common
Stocks
Shares
Value
($)
Real
Estate
Management
&
Development
Wharf
Real
Estate
Investment
Co.
Ltd.
583,000
1,846,999
23,053,070
Retail
REITs
0.2%
Link
REIT
258,800
1,439,792
Semiconductors
&
Semiconductor
Equipment
4.9%
Advantest
Corp.
33,000
2,211,439
ASM
International
NV
18,450
8,929,892
ASML
Holding
NV
7,106
4,930,895
Disco
Corp.
18,900
5,630,641
Lasertec
Corp.
36,300
3,695,567
SCREEN
Holdings
Co.
Ltd.
52,000
4,089,373
Tokyo
Electron
Ltd.
44,000
7,879,720
37,367,527
Software
3.3%
Nice
Ltd.*
1,370
214,310
Oracle
Corp.
Japan
21,300
2,308,298
SAP
SE
50,980
14,593,223
Trend
Micro,
Inc.
70,200
4,274,941
WiseTech
Global
Ltd.
6,345
480,668
Xero
Ltd.*
27,674
3,187,021
25,058,461
Specialty
Retail
0.7%
Fast
Retailing
Co.
Ltd.
11,900
3,637,459
Sanrio
Co.
Ltd.
44,400
1,807,213
5,444,672
Technology
Hardware,
Storage
&
Peripherals
0.3%
Canon,
Inc.
56,300
1,592,975
Logitech
International
SA
(Registered)
CHF
3,308
307,119
1,900,094
Textiles,
Apparel
&
Luxury
Goods
0.1%
adidas
AG
906
173,686
Asics
Corp.
34,100
795,015
968,701
Tobacco
0.4%
Japan
Tobacco,
Inc.
95,300
2,719,295
Trading
Companies
&
Distributors
0.8%
AddTech
AB,
Class
B
72,181
2,426,399
ITOCHU
Corp.
10,700
563,527
Sumitomo
Corp.
46,800
1,187,679
Toyota
Tsusho
Corp.
86,800
1,979,710
6,157,315
Wireless
Telecommunication
Services
2.7%
KDDI
Corp.
484,600
7,954,220
SoftBank
Corp.
803,300
1,160,199
SoftBank
Group
Corp.
120,400
9,313,046
Tele2
AB,
Class
B
117,042
1,806,887
20,234,352
Total
Investments
(cost
$675,890,061)
—
98.2%
748,793,432
Other
assets
in
excess
of
liabilities
—
1.8%
13,883,509
NET
ASSETS
—
100.0%
$
762,676,941
Nationwide
International
Equity
Portfolio
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
29
a
*
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,
2025
was
$779,030
which
represents
0.10%
of
net
assets.
Currency:
USD
United
States
dollar
OTC
Total
return
swap
contracts
outstanding
as
of
July
31,
2025
:
Reference
Entity
Payments
Made
by
Fund
Payments
Received
by
Fund
Frequency
of
Payments
Made/
Received
Counterparty
Maturity
Date
Notional
Amount
Upfront
Payments
(Receipts)
($)
*
Unrealized
Appreciation    
(Depreciation)
($)
Value
($)
Morgan
Stanley
NWLSP1
Index
Decrease
in
total
return
of
reference
entity
Increase
in
total
return
of
reference
entity
Quarterly
Morgan
Stanley
11/30/2026
USD
455,910,996
—
11,008,470
11,008,470
Total
unrealized
appreciation
—
11,008,470
11,008,470
Net
unrealized
appreciation
—
11,008,470
11,008,470
*
There
are
no
upfront
payments
(receipts)
on
the
swap
contracts
listed
above.
Currency:
USD
United
States
dollar
30
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
International
Equity
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
International
Equity
Portfolio
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
31
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2025.
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
$
–
$
19,838,848
$
–
$
19,838,848
Air
Freight
&
Logistics
–
1,717,337
–
1,717,337
Automobile
Components
–
7,336,458
–
7,336,458
Automobiles
–
20,092,598
–
20,092,598
Banks
–
117,457,391
–
117,457,391
Beverages
–
1,137,255
–
1,137,255
Biotechnology
–
8,010,852
–
8,010,852
Broadline
Retail
–
6,210,652
–
6,210,652
Building
Products
–
8,379,572
–
8,379,572
Capital
Markets
–
10,018,324
–
10,018,324
Chemicals
–
16,606,886
–
16,606,886
Commercial
Services
&
Supplies
–
3,939,923
–
3,939,923
Communications
Equipment
–
2,764,915
–
2,764,915
Construction
&
Engineering
–
5,831,007
–
5,831,007
Construction
Materials
505,661
–
–
505,661
Consumer
Staples
Distribution
&
Retail
–
7,686,904
–
7,686,904
Diversified
REITs
–
120,465
–
120,465
Diversified
Telecommunication
Services
–
17,893,901
–
17,893,901
Electric
Utilities
–
2,718,331
–
2,718,331
Electrical
Equipment
–
45,270,323
–
45,270,323
Electronic
Equipment,
Instruments
&
Components
–
6,290,227
–
6,290,227
Entertainment
–
14,861,661
–
14,861,661
Financial
Services
–
3,434,800
–
3,434,800
Food
Products
–
7,817,874
–
7,817,874
Ground
Transportation
–
2,869,146
–
2,869,146
Health
Care
Equipment
&
Supplies
–
366,894
–
366,894
Health
Care
Providers
&
Services
–
4,904,933
–
4,904,933
Hotels,
Restaurants
&
Leisure
–
6,499,276
–
6,499,276
Household
Durables
–
3,719,555
–
3,719,555
Independent
Power
and
Renewable
Electricity
Producers
–
3,081,727
–
3,081,727
Industrial
Conglomerates
–
13,899,818
–
13,899,818
Industrial
REITs
–
1,085,210
–
1,085,210
Insurance
–
58,219,089
–
58,219,089
Interactive
Media
&
Services
–
8,634,419
–
8,634,419
IT
Services
–
5,569,603
–
5,569,603
Leisure
Products
–
1,605,469
–
1,605,469
Life
Sciences
Tools
&
Services
–
2,625,713
–
2,625,713
Machinery
–
43,207,626
–
43,207,626
Marine
Transportation
–
10,621,441
–
10,621,441
Media
–
2,317,426
–
2,317,426
Metals
&
Mining
–
21,763,513
–
21,763,513
Office
REITs
–
1,659,893
–
1,659,893
Oil,
Gas
&
Consumable
Fuels
–
7,031,087
–
7,031,087
Passenger
Airlines
–
8,834,731
–
8,834,731
Personal
Care
Products
–
991,570
–
991,570
Pharmaceuticals
–
69,475,779
–
69,475,779
Professional
Services
–
9,524,070
–
9,524,070
Real
Estate
Management
&
Development
–
23,053,070
–
23,053,070
Retail
REITs
–
1,439,792
–
1,439,792
Semiconductors
&
Semiconductor
Equipment
–
37,367,527
–
37,367,527
Software
–
25,058,461
–
25,058,461
Specialty
Retail
–
5,444,672
–
5,444,672
Technology
Hardware,
Storage
&
Peripherals
–
1,900,094
–
1,900,094
Textiles,
Apparel
&
Luxury
Goods
–
968,701
–
968,701
Tobacco
–
2,719,295
–
2,719,295
Trading
Companies
&
Distributors
–
6,157,315
–
6,157,315
32
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
International
Equity
Portfolio
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2025.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using swap
contracts.
(a)
Swap
Contracts             
Total
Return
Swap
Contracts
— Certain
Funds
entered
into
total
return
swap
contracts
to
take
long
and
short
positions
in
equities
or
to
obtain
exposure
to
a
domestic
or
foreign
market
and/or
foreign
index
without
owning
such
securities
or
investing
directly
in
that
market
and/or
index,
as
applicable,
to
meet
each
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Total
return
swap
contracts
are
agreements
in
which
the
Fund
and
the
counterparty
each
agree
to
pay
the
other
party
the
difference
between
the
relative
investment
performance
that
would
have
been
achieved
if
the
notional
amount
of
the
total
return
swap
contract
had
been
invested
in
the
particular
foreign
market
and/or
foreign
indices
and
the
return
for
payments
equal
to
the
fixed
or
floating
rate
of
interest.
The
counterparty
to
a
total
return
swap
contract
is
a
financial
institution.
Each
Fund
has
segregated
liquid
assets
to
cover
its
obligations
under
the
total
return
swap
contract.
Total
return
swaps
are
designed
to
function
as
a
portfolio
of
direct
investments
in
long
and
short
equity
positions.
This
means
that
a
Fund
has
the
ability
to
trade
in
and
out
of
these
long
and
short
positions
within
the
swap
and
will
receive
the
economic
benefits
and
risks
equivalent
to
direct
investment
in
these
positions,
subject
to
certain
adjustments
due
to
events
related
to
the
counterparty.
Benefits
and
risks
include
capital
appreciation
(depreciation),
corporate
actions
and
dividends
received
and
paid,
all
of
which
are
reflected
in
the
swap’s
market
value.
The
market
value
may
also
include
interest
charges
and
credits
(“financing
fees”)
related
to
the
notional
values
of
the
long
and
short
positions
and
cash
balances
within
the
swap.
These
interest
charges
and
credits
are
based
on
a
specified
benchmark
rate
plus
or
minus
a
specified
spread
determined
based
upon
the
country
and/or
currency
of
the
positions
in
the
portfolio.
Positions
within
the
swap
and
financing
fees
are
reset
periodically.
During
a
reset,
any
unrealized
appreciation
(depreciation)
on
positions
and
accrued
financing
fees
become
available
for
cash
settlement
between
a
Fund
and
the
counterparty.
Cash
settlement
in
and
out
of
the
swap
may
occur
at
a
reset
date
or
any
other
date,
at
the
discretion
of
a
Fund
and
the
counterparty,
over
the
life
of
the
agreement.
Certain
swaps
have
no
stated
expiration
and
can
be
terminated
by
either
party
at
any
time.
Certain
Funds
entered
into
total
return
swap
contracts
on
a
net
basis,
which
means
that
the
two
payment
streams
are
netted
out,
with
a
Fund
receiving
or
paying,
as
the
case
may
be,
only
the
net
amount
of
the
two
payments.
Payments
are
made
at
the
conclusion
of
a
total
return
swap
contract
or
periodically
during
its
term.
Total
return
swap
contracts
normally
do
not
involve
the
delivery
of
securities
or
other
underlying
assets.
Accordingly,
the
risk
of
loss
with
respect
to
total
return
swap
contracts
is
normally
limited
to
the
net
amount
of
payments
that
a
Fund
is
contractually
obligated
to
make.
If
the
counterparty
to
a
total
return
swap
defaults,
a
Fund’s
risk
of
loss
consists
of
the
net
amount
of
payments
that
a
Fund
is
contractually
entitled
to
receive,
if
any.
Total
return
swap
contracts
are
marked-to-market
daily
based
on
valuations
from
an
independent
pricing
service.
An
independent
pricing
service
can
utilize
daily
swap
curves
and
models
that
incorporate
a
number
of
market
data
factors,
such
as,
but
not
limited
to,
discounted
cash
flows,
trades,
and
values
of
the
underlying
reference
instruments,
such
as
the
foreign
market
and
/or
foreign
index.
Total
return
swap
contracts
are
generally
categorized
as
Level
2
investments
within
the
hierarchy.
Level
1
Level
2
Level
3
Total
Assets:
Wireless
Telecommunication
Services
$
–
$
20,234,352
$
–
$
20,234,352
Total
Common
Stocks
$
505,661
$
748,287,771
$
–
$
748,793,432
Total
Return
Swaps†
–
11,008,470
–
11,008,470
Total
$
505,661
$
759,296,241
$
–
$
759,801,902
†
Swap
contracts
are
included
in
the
table
at
value,
with
the
exception
of
centrally
cleared
swap
contracts
which
are
included
in
the
table
at
unrealized
appreciation/(depreciation).
Nationwide
International
Equity
Portfolio
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
33
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2025:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
July
31,
2025:
Assets:
Fair
Value
Swap
Contracts†
Equity
risk
Swap
contracts,
at
value
$
11,008,470
Total
$
11,008,470
†
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,
2025
(Unaudited)
-
Nationwide
U.S.
130/30
Equity
Portfolio
Common
Stocks
97.7%
Shares
Value
($)
Aerospace
&
Defense
1.3%
Huntington
Ingalls
Industries,
Inc.
19,693
5,491,590
Air
Freight
&
Logistics
0.1%
Expeditors
International
of
Washington,
Inc.
5,160
599,798
Automobile
Components
0.2%
Lear
Corp.
7,680
724,147
Automobiles
2.8%
Ford
Motor
Co.
516,115
5,713,393
General
Motors
Co.
114,144
6,088,441
11,801,834
Banks
0.1%
BOK
Financial
Corp.
5,528
561,258
Beverages
0.6%
Monster
Beverage
Corp.*
41,769
2,453,929
Biotechnology
2.1%
Halozyme
Therapeutics,
Inc.*
29,315
1,758,020
Incyte
Corp.*
50,590
3,788,685
Moderna,
Inc.*
37,630
1,112,343
Regeneron
Pharmaceuticals,
Inc.
3,173
1,730,745
Ultragenyx
Pharmaceutical,
Inc.*
16,400
448,048
8,837,841
Broadline
Retail
2.3%
Amazon.com,
Inc.*
38,262
8,957,517
Coupang,
Inc.*
29,368
864,300
9,821,817
Building
Products
1.1%
Lennox
International,
Inc.
7,920
4,823,280
Capital
Markets
2.3%
Bank
of
New
York
Mellon
Corp.
(The)
18,376
1,864,245
Interactive
Brokers
Group,
Inc.,
Class
A
75,456
4,946,896
Northern
Trust
Corp.
24,367
3,167,710
9,978,851
Chemicals
1.9%
Celanese
Corp.,
Class
A
48,086
2,511,532
Huntsman
Corp.
155,896
1,512,191
Scotts
Miracle-Gro
Co.
(The)
35,360
2,215,657
Westlake
Corp.
21,112
1,674,182
7,913,562
Commercial
Services
&
Supplies
0.3%
Rollins,
Inc.
22,180
1,270,249
Communications
Equipment
2.1%
Arista
Networks,
Inc.*
74,574
9,189,008
Construction
&
Engineering
1.0%
Comfort
Systems
USA,
Inc.
500
351,650
EMCOR
Group,
Inc.
2,712
1,701,753
MasTec,
Inc.*
11,303
2,138,641
4,192,044
Consumer
Finance
0.8%
Ally
Financial,
Inc.
94,814
3,588,710
Common
Stocks
Shares
Value
($)
Consumer
Staples
Distribution
&
Retail
1.4%
Dollar
General
Corp.
4,273
448,238
Target
Corp.
55,455
5,573,227
6,021,465
Containers
&
Packaging
0.7%
Crown
Holdings,
Inc.
28,717
2,853,321
Electric
Utilities
0.3%
Pinnacle
West
Capital
Corp.
14,556
1,319,065
Electronic
Equipment,
Instruments
&
Components
1.0%
Jabil,
Inc.
18,717
4,177,073
Entertainment
3.4%
Electronic
Arts,
Inc.
34,854
5,314,887
Live
Nation
Entertainment,
Inc.*
42,850
6,328,945
ROBLOX
Corp.,
Class
A*
10,127
1,395,399
Roku,
Inc.,
Class
A*
16,063
1,512,492
14,551,723
Financial
Services
1.3%
Corebridge
Financial,
Inc.
155,831
5,541,350
Food
Products
0.8%
Pilgrim's
Pride
Corp.
3,712
175,912
Smithfield
Foods,
Inc.
15,660
377,719
Tyson
Foods,
Inc.,
Class
A
57,025
2,982,407
3,536,038
Ground
Transportation
1.5%
JB
Hunt
Transport
Services,
Inc.
13,873
1,998,405
Landstar
System,
Inc.
22,843
3,046,571
Ryder
System,
Inc.
7,359
1,307,768
6,352,744
Health
Care
Equipment
&
Supplies
3.8%
Align
Technology,
Inc.*
15,635
2,017,071
Dentsply
Sirona,
Inc.
90,100
1,289,331
Dexcom,
Inc.*
55,296
4,466,258
Edwards
Lifesciences
Corp.*
60,967
4,835,293
GE
HealthCare
Technologies,
Inc.
53,635
3,825,248
16,433,201
Health
Care
Providers
&
Services
0.8%
McKesson
Corp.
2,688
1,864,236
Molina
Healthcare,
Inc.*
10,262
1,620,062
3,484,298
Hotels,
Restaurants
&
Leisure
4.2%
Airbnb,
Inc.,
Class
A*
3,135
415,105
Booking
Holdings,
Inc.
1,597
8,789,984
Domino's
Pizza,
Inc.
11,666
5,403,808
Wingstop,
Inc.
8,623
3,253,803
17,862,700
Household
Durables
1.0%
Garmin
Ltd.
13,220
2,892,007
Lennar
Corp.,
Class
A
13,066
1,465,744
4,357,751
Household
Products
1.2%
Church
&
Dwight
Co.,
Inc.
32,365
3,034,866
Clorox
Co.
(The)
15,332
1,925,086
4,959,952
Nationwide
U.S.
130/30
Equity
Portfolio
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
35
Common
Stocks
Shares
Value
($)
Insurance
5.2%
CNA
Financial
Corp.
25,931
1,149,521
Everest
Group
Ltd.
2,108
707,867
Globe
Life,
Inc.
53,077
7,455,726
Hanover
Insurance
Group,
Inc.
(The)
5,502
944,308
Reinsurance
Group
of
America,
Inc.
18,392
3,539,540
Travelers
Cos.,
Inc.
(The)
26,931
7,008,524
W
R
Berkley
Corp.
17,822
1,226,332
22,031,818
Interactive
Media
&
Services
6.2%
Alphabet,
Inc.,
Class
C
39,226
7,565,126
Match
Group,
Inc.
151,995
5,208,869
Meta
Platforms,
Inc.,
Class
A
16,915
13,082,738
Snap,
Inc.,
Class
A*
91,522
863,052
26,719,785
IT
Services
1.5%
VeriSign,
Inc.
24,611
6,617,160
Life
Sciences
Tools
&
Services
1.3%
Illumina,
Inc.*
32,078
3,294,731
West
Pharmaceutical
Services,
Inc.
9,831
2,352,165
5,646,896
Machinery
1.8%
Graco,
Inc.
32,987
2,770,248
Otis
Worldwide
Corp.
55,305
4,739,086
7,509,334
Media
0.4%
Trade
Desk,
Inc.
(The),
Class
A*
18,335
1,594,412
Metals
&
Mining
1.2%
Commercial
Metals
Co.
40,936
2,122,941
Reliance,
Inc.
4
1,160
Southern
Copper
Corp.
30,562
2,877,718
5,001,819
Oil,
Gas
&
Consumable
Fuels
1.9%
Comstock
Resources,
Inc.*
30,238
540,353
Phillips
66
31,918
3,944,427
Valero
Energy
Corp.
26,984
3,705,173
8,189,953
Paper
&
Forest
Products
1.1%
Louisiana-Pacific
Corp.
52,970
4,789,018
Passenger
Airlines
0.7%
Southwest
Airlines
Co.
92,106
2,848,839
Professional
Services
0.4%
FTI
Consulting,
Inc.*
9,975
1,659,341
KBR,
Inc.
3,075
143,726
Robert
Half,
Inc.
500
18,455
1,821,522
Residential
REITs
2.0%
Camden
Property
Trust
31,174
3,404,201
Essex
Property
Trust,
Inc.
19,019
4,948,363
8,352,564
Semiconductors
&
Semiconductor
Equipment
8.1%
Amkor
Technology,
Inc.
96,302
2,172,573
Broadcom,
Inc.
8,232
2,417,738
NVIDIA
Corp.
125,932
22,399,525
Common
Stocks
Shares
Value
($)
Semiconductors
&
Semiconductor
Equipment
QUALCOMM,
Inc.
52,384
7,687,876
34,677,712
Software
13.4%
Adobe,
Inc.*
20,043
7,169,181
Dropbox,
Inc.,
Class
A*
81,983
2,227,478
Fortinet,
Inc.*
64,937
6,487,206
Manhattan
Associates,
Inc.*
20,558
4,515,770
Microsoft
Corp.
42,295
22,564,382
Pegasystems,
Inc.
72,504
4,256,710
RingCentral,
Inc.,
Class
A*
23,647
602,762
Salesforce,
Inc.
29,436
7,604,202
Teradata
Corp.*
48,720
1,019,710
UiPath,
Inc.,
Class
A*
89,367
1,050,062
57,497,463
Specialized
REITs
0.1%
Millrose
Properties,
Inc.
7,341
220,157
Specialty
Retail
2.6%
O'Reilly
Automotive,
Inc.*
79,286
7,795,399
Williams-Sonoma,
Inc.
18,655
3,489,418
11,284,817
Technology
Hardware,
Storage
&
Peripherals
7.5%
Apple,
Inc.
137,445
28,529,458
NetApp,
Inc.
35,637
3,710,881
32,240,339
Textiles,
Apparel
&
Luxury
Goods
1.3%
Deckers
Outdoor
Corp.*
54,295
5,764,500
Trading
Companies
&
Distributors
0.6%
Fastenal
Co.
51,502
2,375,787
Total
Investments
(cost
$342,545,759)
—
97.7%
417,882,494
Other
assets
in
excess
of
liabilities
—
2.3%
9,689,849
NET
ASSETS
—
100.0%
$
427,572,343
*
Denotes
a
non-income
producing
security.
REIT
Real
Estate
Investment
Trust
36
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
U.S.
130/30
Equity
Portfolio
OTC
Total
return
swap
contracts
outstanding
as
of
July
31,
2025
:
Reference
Entity
Payments
Made
by
Fund
Payments
Received
by
Fund
Frequency
of
Payments
Made/
Received
Counterparty
Maturity
Date
Quantity
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
Acadia
Healthcare
Co.,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
8/31/2026
95,961
65,253
65,253
Advanced
Micro
Devices,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
11/28/2025
14,870
47,584
47,584
AeroVironment,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
7/31/2026
6,465
1,034
1,034
Agree
Realty
Corp.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
2/27/2026
13,984
9,621
9,621
Alcoa
Corp.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
5/29/2026
35,552
5,333
5,333
Analog
Devices,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
12/31/2025
6,369
41,271
41,271
Caesars
Entertainment,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
8/31/2026
76,824
92,957
92,957
Capital
One
Financial
Corp.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
7/31/2026
10,425
2,398
2,398
Casey's
General
Stores,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
8/31/2026
4,278
21,347
21,347
CCC
Intelligent
Solutions
Holdings,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
6/30/2026
222,606
24,487
24,487
Chord
Energy
Corp.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
6/30/2026
13,901
21,825
21,825
Civitas
Resources,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
5/29/2026
20,621
20,415
20,415
Clearwater
Analytics
Holdings,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
8/31/2026
101,773
60,046
60,046
Coeur
Mining,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
7/31/2026
80,510
4,831
4,831
Comfort
Systems
USA,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
3/31/2026
8,359
2,758
2,758
Concentrix
Corp.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
5/29/2026
39,563
118,976
118,976
Corebridge
Financial,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
10/31/2025
1,134
737
737
Crane
NXT
Co.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
6/30/2026
4,744
3,131
3,131
Crown
Holdings,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
11/28/2025
31,308
313
313
Nationwide
U.S.
130/30
Equity
Portfolio
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
37
Reference
Entity
Payments
Made
by
Fund
Payments
Received
by
Fund
Frequency
of
Payments
Made/
Received
Counterparty
Maturity
Date
Quantity
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
Dutch
Bros,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
11/28/2025
28,504
22,803
22,803
Elanco
Animal
Health,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
7/31/2026
147,548
64,921
64,921
Eli
Lilly
&
Co.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
8/31/2026
1,988
39,780
39,780
Emerson
Electric
Co.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
6/30/2026
17,064
9,385
9,385
Entegris,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
6/30/2026
26,467
20,644
20,644
Expeditors
International
of
Washington,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2026
27,445
133,657
133,657
GE
Vernova,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
5/29/2026
13,950
77,750
77,750
Gen
Digital,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
7/31/2026
92,318
32,311
32,311
Graco,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2026
5,461
4,505
4,505
Graphic
Packaging
Holding
Co.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
2/27/2026
84,272
1,685
1,685
GXO
Logistics,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
5/29/2026
56,673
3,967
3,967
Hanover
Insurance
Group,
Inc.
(The)
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
11/28/2025
802
5,125
5,125
HealthEquity,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
8/31/2026
17,187
30,937
30,937
Huntington
Ingalls
Industries,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
1/30/2026
9,039
183,853
183,853
Huntsman
Corp.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
7/31/2026
21,571
863
863
International
Paper
Co.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
8/31/2026
3,499
24,108
24,108
IonQ,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.46%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
7/31/2026
4,864
49
49
JB
Hunt
Transport
Services,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
6/30/2026
19,986
3,597
3,597
Joby
Aviation,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.58%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2026
157,223
25,156
25,156
38
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
U.S.
130/30
Equity
Portfolio
Reference
Entity
Payments
Made
by
Fund
Payments
Received
by
Fund
Frequency
of
Payments
Made/
Received
Counterparty
Maturity
Date
Quantity
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
Kenvue,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
8/31/2026
103,720
24,893
24,893
Labcorp
Holdings,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
8/31/2026
8,688
33,275
33,275
Lam
Research
Corp.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
9/30/2026
57,046
43,418
43,418
Lattice
Semiconductor
Corp.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
5/29/2026
31,806
95,736
95,736
Lazard,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2026
21,159
24,333
24,333
Lear
Corp.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
3/31/2026
970
29
29
Lennar
Corp.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
3/31/2026
6,148
1,906
1,906
MARA
Holdings,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.46%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
6/30/2026
14,276
6,710
6,710
MDU
Resources
Group,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2026
2,240
784
784
Medpace
Holdings,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
9/30/2026
1,394
5,758
5,758
Microsoft
Corp.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
8/29/2025
1,365
27,655
27,655
Millrose
Properties,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
3/31/2026
6,535
915
915
nCino,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
5/29/2026
22,097
30,825
30,825
NuScale
Power
Corp.
Increases
in
total
return
of
reference
entity
OBFR
-
0.58%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
8/31/2026
25,020
7,506
7,506
Nuvalent,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
5/29/2026
6,600
7,854
7,854
Old
National
Bancorp
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
5/29/2026
123,395
16,041
16,041
Planet
Fitness,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2026
19,521
35,919
35,919
Primo
Brands
Corp.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
7/31/2026
54,658
20,223
20,223
Quest
Diagnostics,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
7/31/2026
11,955
6,217
6,217
Nationwide
U.S.
130/30
Equity
Portfolio
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
39
Reference
Entity
Payments
Made
by
Fund
Payments
Received
by
Fund
Frequency
of
Payments
Made/
Received
Counterparty
Maturity
Date
Quantity
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
Reinsurance
Group
of
America,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
12/31/2025
565
1,096
1,096
Roku,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
12/31/2025
11,970
25,855
25,855
Scotts
Miracle-Gro
Co.
(The)
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
6/30/2026
4,101
2,338
2,338
Shift4
Payments,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.46%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2026
18,919
20,243
20,243
Snap,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
5/29/2026
108,687
11,956
11,956
Somnigroup
International,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2026
33,304
12,989
12,989
Southwest
Airlines
Co.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
9/30/2025
25,109
10,044
10,044
Tapestry,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2026
27,601
4,692
4,692
Trade
Desk,
Inc.
(The)
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
5/29/2026
3,643
1,967
1,967
Ultragenyx
Pharmaceutical,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
9/30/2026
30,265
3,777
3,777
Under
Armour,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.46%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
5/29/2026
208,273
24,993
24,993
Warner
Bros
Discovery,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
5/29/2026
85,416
7,687
7,687
Wendy's
Co.
(The)
Increases
in
total
return
of
reference
entity
OBFR
-
0.46%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2026
623
156
156
ZoomInfo
Technologies,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2026
1,653
99
99
–
–
Total
unrealized
appreciation
1,747,302
1,747,302
–
–
AGNC
Investment
Corp.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
5/29/2026
254,423
(17,810)
(17,810)
Align
Technology,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
7/31/2026
8,392
(625,708)
(625,708)
Ally
Financial,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
11/28/2025
58,672
(24,056)
(24,056)
Alphabet,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
8/29/2025
483
(2,212)
(2,212)
Amkor
Technology,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
5/29/2026
17,243
(23,795)
(23,795)
40
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
U.S.
130/30
Equity
Portfolio
Reference
Entity
Payments
Made
by
Fund
Payments
Received
by
Fund
Frequency
of
Payments
Made/
Received
Counterparty
Maturity
Date
Quantity
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
Aon
plc
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
8/31/2026
5,448
(2,016)
(2,016)
APA
Corp.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
8/31/2026
114,324
(6,859)
(6,859)
Axsome
Therapeutics,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2026
6,595
(791)
(791)
Bank
of
New
York
Mellon
Corp.
(The)
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
7/31/2026
51,349
(16,432)
(16,432)
Blackstone
Secured
Lending
Fund
Increases
in
total
return
of
reference
entity
OBFR
-
0.46%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
8/31/2026
14,719
(1,867)
(1,867)
BOK
Financial
Corp.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
8/31/2026
5,613
(12,124)
(12,124)
Bridgebio
Pharma,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2026
15,043
(24,821)
(24,821)
Camden
Property
Trust
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
5/29/2026
16,745
(31,313)
(31,313)
CareTrust
REIT,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
8/31/2026
39,528
(17,198)
(17,198)
Casella
Waste
Systems,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
8/31/2026
21,910
(7,888)
(7,888)
Cleveland-Cliffs,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
8/31/2026
123,606
(3,708)
(3,708)
Clorox
Co.
(The)
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2026
5,063
(3,139)
(3,139)
Coherent
Corp.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
8/31/2026
25,528
(9,445)
(9,445)
Commercial
Metals
Co.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2026
2,484
(373)
(373)
Constellation
Energy
Corp.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
6/30/2026
8,261
(21,231)
(21,231)
Deckers
Outdoor
Corp.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
10/31/2025
402
(1,781)
(1,781)
DENTSPLY
SIRONA,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
8/31/2026
45,319
(52,570)
(52,570)
Dexcom,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
5/29/2026
7,562
(62,689)
(62,689)
Dropbox,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
7/31/2026
118,066
(44,865)
(44,865)
Nationwide
U.S.
130/30
Equity
Portfolio
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
41
Reference
Entity
Payments
Made
by
Fund
Payments
Received
by
Fund
Frequency
of
Payments
Made/
Received
Counterparty
Maturity
Date
Quantity
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
Edwards
Lifesciences
Corp.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
12/31/2025
26,560
(49,136)
(49,136)
EMCOR
Group,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
7/31/2026
5,785
(67,048)
(67,048)
Encompass
Health
Corp.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
8/31/2026
2,705
(406)
(406)
EQT
Corp.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2026
41,223
(16,077)
(16,077)
Expand
Energy
Corp.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
8/31/2026
22,405
(12,771)
(12,771)
FTI
Consulting,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2026
9,858
(45,840)
(45,840)
GE
HealthCare
Technologies,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
6/30/2026
21,829
(6,221)
(6,221)
Houlihan
Lokey,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2026
14,493
(10,580)
(10,580)
Incyte
Corp.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
3/31/2026
26,024
(69,224)
(69,224)
Insmed,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
9/30/2025
9,575
(20,107)
(20,107)
Interactive
Brokers
Group,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
7/31/2026
34,541
(22,797)
(22,797)
IPG
Photonics
Corp.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2026
772
(1,660)
(1,660)
Jabil,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
11/28/2025
15,080
(49,010)
(49,010)
JBT
Marel
Corp.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
5/29/2026
20,016
(10,408)
(10,408)
Kratos
Defense
&
Security
Solutions,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
8/31/2026
26,165
(18,054)
(18,054)
Lennox
International,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
2/27/2026
1,695
(8,933)
(8,933)
Lithia
Motors,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
8/31/2026
4,511
(8,796)
(8,796)
Loar
Holdings,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2026
23,601
(38,706)
(38,706)
Louisiana-Pacific
Corp.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
12/31/2025
6,847
(2,807)
(2,807)
42
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
U.S.
130/30
Equity
Portfolio
Reference
Entity
Payments
Made
by
Fund
Payments
Received
by
Fund
Frequency
of
Payments
Made/
Received
Counterparty
Maturity
Date
Quantity
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
Lumentum
Holdings,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2026
25,995
(5,979)
(5,979)
Manhattan
Associates,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
5/29/2026
5,469
(45,283)
(45,283)
ManpowerGroup,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
1/30/2026
18,656
(22,760)
(22,760)
McKesson
Corp.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
5/29/2026
7,345
(151,821)
(151,821)
Medical
Properties
Trust,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
1.21%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2026
34,678
(2,427)
(2,427)
Moderna,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
5/29/2026
15,833
(41,007)
(41,007)
Molina
Healthcare,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
5/29/2026
8,649
(18,163)
(18,163)
Monster
Beverage
Corp.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
7/31/2026
61,777
(141,469)
(141,469)
NetApp,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
7/31/2026
15,136
(757)
(757)
NVIDIA
Corp.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
8/31/2026
110,057
(152,934)
(152,934)
NVR,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2026
299
(25,089)
(25,089)
Oracle
Corp.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
5/29/2026
12,369
(45,394)
(45,394)
Pegasystems,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
7/31/2026
26,776
(28,115)
(28,115)
Phillips
66
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
5/29/2026
19,705
(16,158)
(16,158)
Pilgrim's
Pride
Corp.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
11/28/2025
82,047
(25,435)
(25,435)
RBC
Bearings,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
5/29/2026
6,926
(17,107)
(17,107)
Revolution
Medicines,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
5/29/2026
47,958
(12,229)
(12,229)
RingCentral,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
5/29/2026
56,458
(53,071)
(53,071)
RLI
Corp.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2026
14,106
(1,128)
(1,128)
Nationwide
U.S.
130/30
Equity
Portfolio
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
43
Reference
Entity
Payments
Made
by
Fund
Payments
Received
by
Fund
Frequency
of
Payments
Made/
Received
Counterparty
Maturity
Date
Quantity
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
Rollins,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
6/30/2026
29,733
(11,001)
(11,001)
Ryder
System,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
5/29/2026
3,823
(3,288)
(3,288)
Smithfield
Foods,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
8/31/2026
2,713
(570)
(570)
Teradata
Corp.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
5/29/2026
18,145
(13,064)
(13,064)
Tyson
Foods,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
12/31/2025
38,387
(23,800)
(23,800)
Ubiquiti,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
8/31/2026
2,536
(17,828)
(17,828)
UGI
Corp.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
8/31/2026
75,787
(61,766)
(61,766)
UiPath,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
11/28/2025
154,641
(40,207)
(40,207)
Unity
Software,
Inc.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
5/29/2026
44,256
(17,260)
(17,260)
UWM
Holdings
Corp.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
9/30/2026
298,395
(19,729)
(19,729)
Valero
Energy
Corp.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2026
12,172
(11,320)
(11,320)
West
Pharmaceutical
Services,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
7/31/2026
7,542
(73,459)
(73,459)
Westlake
Corp.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
6/30/2026
27,745
(9,711)
(9,711)
Williams-Sonoma,
Inc.
OBFR
+
0.30%
and
decreases
in
total
return
of
reference
entity
Increases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
4/30/2026
7,030
(19,825)
(19,825)
Zurn
Elkay
Water
Solutions
Corp.
Increases
in
total
return
of
reference
entity
OBFR
-
0.25%
and
decreases
in
total
return
of
reference
entity
Monthly
JPMorgan
Chase
Bank
NA
8/31/2026
49,813
(65,255)
(65,255)
–
–
Total
unrealized
depreciation
(2,667,681)
(2,667,681)
–
–
Net
unrealized
depreciation
(920,379)
(920,379)
Financing
Costs
of
Swap
Contracts
(108,274)
(108,274)
Total
Unrealized
Appreciation
(Depreciation)
including
Financing
Costs
of
Swap
Contracts
(1,028,653)
(1,028,653)
OBFR
Overnight
Bank
Funding
Rate
The
following
reference
rates,
and
their
values
as
of
period
end,
are
used
for
security
descriptions:
Index
Reference
Rate
Overnight
Bank
Funding
Rate
(OBFR)
4.33%
44
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
U.S.
130/30
Equity
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
U.S.
130/30
Equity
Portfolio
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
45
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2025.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using swap
contracts.
(a)
Swap
Contracts             
Total
Return
Swap
Contracts
— The
Fund
entered
into
total
return
swap
contracts
to
take
long
and
short
positions
in
equities
or to
obtain
exposure
to
a
foreign
market
and/or
foreign
index
without
owning
such
securities
or
investing
directly
in
that
foreign
market
and/or
foreign
index,
as
applicable,
to
meet the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Total
return
swap
contracts
are
agreements
in
which
the
Fund
and
the
counterparty
each
agree
to
pay
the
other
party
the
difference
between
the
relative
investment
performance
that
would
have
been
achieved
if
the
notional
amount
of
the
total
return
swap
contract
had
been
invested
in
the
particular
foreign
market
and/or
foreign
indices
and
the
return
for
payments
equal
to
the
fixed
or
floating
rate
of
interest.
The
counterparty
to
a
total
return
swap
contract
is
a
financial
institution. The
Fund
has
segregated
liquid
assets
to
cover
its
obligations
under
the
total
return
swap
contract.
Total
return
swaps
are
designed
to
function
as
a
portfolio
of
direct
investments
in
long
and
short
equity
positions.
This
means
that the
Fund
has
the
ability
to
trade
in
and
out
of
these
long
and
short
positions
within
the
swap
and
will
receive
the
economic
benefits
and
risks
equivalent
to
direct
investment
in
these
positions,
subject
to
certain
adjustments
due
to
events
related
to
the
counterparty.
Benefits
and
risks
include
capital
appreciation
(depreciation),
corporate
actions
and
dividends
received
and
paid,
all
of
which
are
reflected
in
the
swap’s
market
value.
The
market
value
also
includes
interest
charges
and
credits
(“financing
fees”)
related
to
the
notional
values
of
the
long
and
short
positions
and
cash
balances
within
the
swap.
These
interest
charges
and
credits
are
based
on
a
specified
benchmark
rate
plus
or
minus
a
specified
spread
determined
based
upon
the
country
and/or
currency
of
the
positions
in
the
portfolio.
Positions
within
the
swap
and
financing
fees
are
reset
periodically.
During
a
reset,
any
unrealized
appreciation
(depreciation)
on
positions
and
accrued
financing
fees
become
available
for
cash
settlement
between the
Fund
and
the
counterparty.
Cash
settlement
in
and
out
of
the
swap
may
occur
at
a
reset
date
or
any
other
date,
at
the
discretion
of
the
Fund
and
the
counterparty,
over
the
life
of
the
agreement.
Certain
swaps
have
no
stated
expiration
and
can
be
terminated
by
either
party
at
any
time.
Total
return
swap
contracts
are
marked-to-market
daily
based
on
valuations
from
an
independent
pricing
service.
An
independent
pricing
service
can
utilize
daily
swap
curves
and
models
that
incorporate
a
number
of
market
data
factors,
such
as,
but
not
limited
to,
discounted
cash
flows,
trades,
and
values
of
the
underlying
reference
instruments,
such
as
the
foreign
market
and/or
foreign
index.
Total
return
swap
contracts
are
generally
categorized
as
Level
2
investments
within
the
hierarchy.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2025.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
417,882,494
$
–
$
–
$
417,882,494
Total
Return
Swaps†
–
1,747,302
–
1,747,302
Total
Assets
$
417,882,494
$
1,747,302
$
–
$
419,629,796
Liabilities:
Total
Return
Swaps†
$
–
$
(2,775,955)
$
–
$
(2,775,955)
Total
Liabilities
$
–
$
(2,775,955)
$
–
$
(2,775,955)
Total
$
417,882,494
$
(1,028,653)
$
–
$
416,853,841
†
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).
46
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
U.S.
130/30
Equity
Portfolio
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2025:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
July
31,
2025:
Assets:
Fair
Value
Swap
Contracts†
Equity
risk
Swap
contracts,
at
value
$
1,747,302
Total
$
1,747,302
Liabilities:
Swap
Contracts†
Equity
risk
Swap
contracts,
at
value
$
(2,775,955)
Total
$
(2,775,955)
†
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
Fundamental
All
Cap
Equity
Portfolio
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
47
Common
Stocks
97.3%
Shares
Value
($)
Aerospace
&
Defense
2.1%
AAR
Corp.*
694
51,849
AeroVironment,
Inc.*
930
248,905
Archer
Aviation,
Inc.,
Class
A*
16,751
168,013
Astronics
Corp.*
486
17,554
Boeing
Co.
(The)*
37,414
8,299,922
Byrna
Technologies,
Inc.*
154
3,420
Cadre
Holdings,
Inc.
298
9,855
Ducommun,
Inc.*
398
36,210
Eve
Holding,
Inc.*
2,348
15,262
GE
Aerospace
51,019
13,830,230
Howmet
Aerospace,
Inc.
48,298
8,682,531
Intuitive
Machines,
Inc.*
5,649
63,043
Kratos
Defense
&
Security
Solutions,
Inc.*
4,385
257,399
L3Harris
Technologies,
Inc.
30,132
8,280,876
Mercury
Systems,
Inc.*
1,264
66,474
Moog,
Inc.,
Class
A
969
187,579
National
Presto
Industries,
Inc.
204
19,676
Park
Aerospace
Corp.
3,049
54,943
Redwire
Corp.*
2,798
39,983
RTX
Corp.
59,863
9,432,613
Satellogic,
Inc.,
Class
A*
4,349
14,265
V2X,
Inc.*
254
12,035
Woodward,
Inc.
24,482
6,293,833
56,086,470
Air
Freight
&
Logistics
0.0%
†
Forward
Air
Corp.*
2,080
63,211
Hub
Group,
Inc.,
Class
A
1,050
36,771
99,982
Automobile
Components
0.2%
Adient
plc*
1,700
36,448
American
Axle
&
Manufacturing
Holdings,
Inc.*
3,628
16,145
Aptiv
plc*
62,799
4,310,523
Cooper-Standard
Holdings,
Inc.*
692
16,677
Dana,
Inc.
5,039
80,221
Dorman
Products,
Inc.*
1,015
122,429
Fox
Factory
Holding
Corp.*
458
13,909
Garrett
Motion,
Inc.
6,772
88,307
Gentherm,
Inc.*
300
9,612
Goodyear
Tire
&
Rubber
Co.
(The)*
5,986
61,536
Holley,
Inc.*
6,896
14,344
LCI
Industries
501
47,595
Mobileye
Global,
Inc.,
Class
A*
41,859
596,072
Modine
Manufacturing
Co.*
1,864
250,820
Motorcar
Parts
of
America,
Inc.*
1,377
14,280
Patrick
Industries,
Inc.
1,254
121,939
Phinia,
Inc.
1,860
94,302
Solid
Power,
Inc.*
10,861
34,647
Visteon
Corp.*
369
41,014
XPEL,
Inc.
Reg.
S*
354
11,572
5,982,392
Automobiles
1.4%
Faraday
Future
Intelligent
Electric,
Inc.*
6,572
13,998
General
Motors
Co.
67,346
3,592,236
Common
Stocks
Shares
Value
($)
Automobiles
Livewire
Group,
Inc.*
4,899
18,371
Tesla,
Inc.*
109,665
33,806,430
37,431,035
Banks
4.1%
1st
Source
Corp.
885
52,941
Amalgamated
Financial
Corp.
1,047
30,353
Ameris
Bancorp
1,814
123,987
Associated
Banc-Corp.
3,942
97,525
Atlantic
Union
Bankshares
Corp.
2,588
82,040
Axos
Financial,
Inc.*
1,616
139,542
Banc
of
California,
Inc.
2,155
31,291
BancFirst
Corp.
237
29,511
Bancorp,
Inc.
(The)*
1,885
119,057
Bank
First
Corp.
341
40,518
Bank
of
America
Corp.
519,532
24,558,278
Bank
of
Hawaii
Corp.
1,042
64,479
Bank
of
NT
Butterfield
&
Son
Ltd.
(The)
2,416
109,952
BankUnited,
Inc.
2,438
88,914
Banner
Corp.
1,268
78,711
BayCom
Corp.
1,454
39,273
Berkshire
Hills
Bancorp,
Inc.
2,187
53,888
Brookline
Bancorp,
Inc.
2,338
24,128
Burke
&
Herbert
Financial
Services
Corp.
75
4,349
BV
Financial,
Inc.*
1,020
15,953
Byline
Bancorp,
Inc.
789
20,751
C&F
Financial
Corp.
484
30,903
Cadence
Bank
5,317
185,297
Camden
National
Corp.
795
29,979
Capital
Bancorp,
Inc.
694
21,847
Capital
City
Bank
Group,
Inc.
758
30,009
Capitol
Federal
Financial,
Inc.
6,191
37,270
Cathay
General
Bancorp
2,260
102,197
Central
Pacific
Financial
Corp.
2,258
60,198
Citigroup,
Inc.
95,916
8,987,329
Citizens
Community
Bancorp,
Inc.
1,062
15,654
Citizens
Financial
Group,
Inc.
67,521
3,222,102
Citizens
Financial
Services,
Inc.
275
14,765
City
Holding
Co.
667
81,441
CNB
Financial
Corp.
703
16,134
Community
Financial
System,
Inc.
1,737
91,540
Community
Trust
Bancorp,
Inc.
1,077
58,136
ConnectOne
Bancorp,
Inc.
2,205
50,781
Customers
Bancorp,
Inc.*
1,254
79,943
CVB
Financial
Corp.
3,518
65,751
Dime
Community
Bancshares,
Inc.
579
16,044
Eagle
Bancorp
Montana,
Inc.
920
14,830
Eagle
Bancorp,
Inc.
744
11,971
Eastern
Bankshares,
Inc.
4,079
63,021
ECB
Bancorp,
Inc.*
979
15,243
Enterprise
Financial
Services
Corp.
1,132
62,475
Farmers
National
Banc
Corp.
1,865
25,252
FB
Financial
Corp.
796
38,813
First
Bancorp
6,996
161,732
48
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Fundamental
All
Cap
Equity
Portfolio
Common
Stocks
Shares
Value
($)
Banks
First
Busey
Corp.
3,655
81,580
First
Business
Financial
Services,
Inc.
385
18,334
First
Commonwealth
Financial
Corp.
3,484
57,521
First
Community
Bankshares,
Inc.
866
31,609
First
Financial
Bancorp
2,475
59,994
First
Financial
Bankshares,
Inc.
3,657
126,605
First
Financial
Corp.
1,154
61,797
First
Foundation,
Inc.*
3,016
14,688
First
Internet
Bancorp
573
12,566
First
Interstate
BancSystem,
Inc.,
Class
A
1,621
46,669
First
Merchants
Corp.
2,578
98,273
First
Mid
Bancshares,
Inc.
454
17,238
First
United
Corp.
926
30,438
Flagstar
Financial,
Inc.
9,038
102,039
Fulton
Financial
Corp.
6,718
120,588
German
American
Bancorp,
Inc.
1,000
38,420
Glacier
Bancorp,
Inc.
2,493
109,268
Great
Southern
Bancorp,
Inc.
479
27,274
Guaranty
Bancshares,
Inc.
391
17,052
Hancock
Whitney
Corp.
3,173
189,492
Hanmi
Financial
Corp.
2,328
53,102
HBT
Financial,
Inc.
1,534
38,151
Heritage
Commerce
Corp.
2,686
24,845
Heritage
Financial
Corp.
2,255
50,828
Hilltop
Holdings,
Inc.
679
20,098
Home
Bancorp,
Inc.
300
15,687
Home
BancShares,
Inc.
6,113
172,142
Hope
Bancorp,
Inc.
2,434
24,316
Horizon
Bancorp,
Inc.
875
13,554
Huntington
Bancshares,
Inc.
131,970
2,168,267
Independent
Bank
Corp.
3,024
136,405
International
Bancshares
Corp.
2,386
162,677
JPMorgan
Chase
&
Co.
151,705
44,941,089
Kearny
Financial
Corp.
3,488
20,684
Lakeland
Financial
Corp.
875
55,449
Live
Oak
Bancshares,
Inc.
792
25,035
M&T
Bank
Corp.
32,709
6,172,188
Mercantile
Bank
Corp.
1,180
53,914
Metropolitan
Bank
Holding
Corp.
507
35,764
Midland
States
Bancorp,
Inc.
1,766
29,951
National
Bank
Holdings
Corp.,
Class
A
1,074
39,802
National
Bankshares,
Inc.
548
15,212
NB
Bancorp,
Inc.*
2,556
44,040
NBT
Bancorp,
Inc.
978
40,470
Nicolet
Bankshares,
Inc.
85
10,965
Northeast
Community
Bancorp,
Inc.
2,180
45,039
Northfield
Bancorp,
Inc.
3,398
36,189
Northrim
Bancorp,
Inc.
563
47,027
Northwest
Bancshares,
Inc.
4,105
48,028
OceanFirst
Financial
Corp.
2,687
45,088
OFG
Bancorp
2,194
93,508
Old
National
Bancorp
8,727
184,227
Common
Stocks
Shares
Value
($)
Banks
OP
Bancorp
1,180
15,104
Orange
County
Bancorp,
Inc.
528
13,195
Pacific
Premier
Bancorp,
Inc.
2,525
54,717
Park
National
Corp.
434
70,252
Parke
Bancorp,
Inc.
1,465
30,252
Pathward
Financial,
Inc.
1,114
84,246
Patriot
National
Bancorp,
Inc.*
11,023
17,196
PCB
Bancorp
1,563
31,948
Peapack-Gladstone
Financial
Corp.
207
5,274
Peoples
Bancorp
of
North
Carolina,
Inc.
1,040
29,858
Peoples
Bancorp,
Inc.
1,285
36,802
PNC
Financial
Services
Group,
Inc.
(The)
19,727
3,753,456
Preferred
Bank
820
74,472
Princeton
Bancorp,
Inc.
547
16,514
Provident
Financial
Services,
Inc.
5,246
95,582
QCR
Holdings,
Inc.
622
44,162
RBB
Bancorp
1,158
20,971
Red
River
Bancshares,
Inc.
570
34,297
Renasant
Corp.
2,520
92,333
Republic
Bancorp,
Inc.,
Class
A
842
57,980
Richmond
Mutual
BanCorp,
Inc.
1,177
16,290
S&T
Bancorp,
Inc.
1,609
58,954
Seacoast
Banking
Corp.
of
Florida
1,582
44,597
ServisFirst
Bancshares,
Inc.
1,188
93,436
Sierra
Bancorp
1,627
47,704
Simmons
First
National
Corp.,
Class
A
3,342
64,066
South
Plains
Financial,
Inc.
1,102
40,895
Southside
Bancshares,
Inc.
1,441
42,423
SR
Bancorp,
Inc.
1,090
15,173
Stock
Yards
Bancorp,
Inc.
735
54,949
Texas
Capital
Bancshares,
Inc.*
1,253
105,214
Timberland
Bancorp,
Inc.
1,132
35,420
Tompkins
Financial
Corp.
89
5,757
Towne
Bank
2,208
77,346
TriCo
Bancshares
1,250
51,400
Triumph
Financial,
Inc.*
916
51,956
Truist
Financial
Corp.
74,828
3,270,732
TrustCo
Bank
Corp.
1,326
44,501
Trustmark
Corp.
1,573
58,594
UMB
Financial
Corp.
1,577
173,454
United
Bankshares,
Inc.
3,814
135,473
United
Community
Banks,
Inc.
2,589
78,965
Unity
Bancorp,
Inc.
986
48,422
Univest
Financial
Corp.
1,343
38,732
Valley
National
Bancorp
12,786
118,526
Veritex
Holdings,
Inc.
1,726
54,749
WaFd,
Inc.
2,383
69,357
Wells
Fargo
&
Co.
88,434
7,130,433
WesBanco,
Inc.
2,349
70,775
Westamerica
Bancorp
1,049
50,247
WSFS
Financial
Corp.
1,544
84,673
112,333,108
Nationwide
Fundamental
All
Cap
Equity
Portfolio
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
49
Common
Stocks
Shares
Value
($)
Beverages
1.0%
Coca-Cola
Co.
(The)
163,262
11,083,857
Coca-Cola
Europacific
Partners
plc(a)
54,470
5,279,232
MGP
Ingredients,
Inc.
1,402
39,649
Molson
Coors
Beverage
Co.,
Class
B
54,959
2,677,602
PepsiCo,
Inc.
59,863
8,256,305
Vita
Coco
Co.,
Inc.
(The)*
1,310
46,191
27,382,836
Biotechnology
1.2%
89bio,
Inc.*
5,432
51,604
AbbVie,
Inc.
63,835
12,066,092
Absci
Corp.*
8,870
25,102
ACADIA
Pharmaceuticals,
Inc.*
3,411
81,284
ADMA
Biologics,
Inc.*
7,041
131,667
Agios
Pharmaceuticals,
Inc.*
1,443
53,708
Akebia
Therapeutics,
Inc.*
3,293
12,135
Akero
Therapeutics,
Inc.*
2,031
99,214
Aldeyra
Therapeutics,
Inc.*
2,798
13,962
Alector,
Inc.*
22,556
33,608
Alkermes
plc*
6,010
159,205
Altimmune,
Inc.*
10,701
39,487
Amicus
Therapeutics,
Inc.*
7,992
47,872
AnaptysBio,
Inc.*
454
11,146
Anavex
Life
Sciences
Corp.*
2,752
31,098
Anika
Therapeutics,
Inc.*
547
4,515
Annexon,
Inc.*
2,251
5,402
Apogee
Therapeutics,
Inc.*
1,170
44,764
Arcellx,
Inc.*
1,348
96,234
Arcus
Biosciences,
Inc.*
3,084
28,157
Arcutis
Biotherapeutics,
Inc.*
3,808
55,521
Ardelyx,
Inc.*
6,676
28,306
ArriVent
Biopharma,
Inc.*
546
10,652
Arrowhead
Pharmaceuticals,
Inc.*
5,247
82,903
ARS
Pharmaceuticals,
Inc.*
1,251
22,118
Astria
Therapeutics,
Inc.*
1,792
12,401
Aura
Biosciences,
Inc.*
3,125
21,531
Aurinia
Pharmaceuticals,
Inc.*
6,114
56,524
Avidity
Biosciences,
Inc.*
3,582
131,495
Avita
Medical,
Inc.*
2,228
11,808
Beam
Therapeutics,
Inc.*
2,409
47,481
Bicara
Therapeutics,
Inc.*
2,310
25,664
BioCryst
Pharmaceuticals,
Inc.*
6,509
52,983
Biohaven
Ltd.*
2,693
40,664
BioMarin
Pharmaceutical,
Inc.*
12,753
737,761
BioNTech
SE,
ADR-DE*(a)
30,604
3,289,930
Bridgebio
Pharma,
Inc.*
4,488
212,148
Candel
Therapeutics,
Inc.*
891
5,742
Capricor
Therapeutics,
Inc.*
758
6,200
Cardiff
Oncology,
Inc.*
3,442
8,158
CareDx,
Inc.*
1,974
24,251
Cargo
Therapeutics,
Inc.*
1,324
5,918
Catalyst
Pharmaceuticals,
Inc.*
4,390
93,639
Celcuity,
Inc.*
864
33,839
Celldex
Therapeutics,
Inc.*
1,908
41,938
CG
oncology,
Inc.*
1,193
31,841
Cogent
Biosciences,
Inc.*
2,760
31,519
Common
Stocks
Shares
Value
($)
Biotechnology
Compass
Therapeutics,
Inc.*
6,434
19,109
CRISPR
Therapeutics
AG*
2,016
113,420
Cullinan
Therapeutics,
Inc.*
1,058
8,221
Cytokinetics,
Inc.*
3,040
114,426
Denali
Therapeutics,
Inc.*
3,427
47,395
Design
Therapeutics,
Inc.*
5,569
21,552
Dianthus
Therapeutics,
Inc.*
503
10,397
Disc
Medicine,
Inc.*
578
34,541
Dynavax
Technologies
Corp.*
2,418
26,550
Dyne
Therapeutics,
Inc.*
2,216
21,828
Editas
Medicine,
Inc.*
15,426
38,719
Emergent
BioSolutions,
Inc.*
6,651
39,108
Enanta
Pharmaceuticals,
Inc.*
1,202
9,111
Entrada
Therapeutics,
Inc.*
957
5,627
Erasca,
Inc.*
13,158
18,619
Fate
Therapeutics,
Inc.*
3,780
4,158
Foghorn
Therapeutics,
Inc.*
1,178
6,184
Geron
Corp.*
5,039
5,795
Gossamer
Bio,
Inc.*
9,309
18,990
GRAIL,
Inc.*
1,335
45,670
Greenwich
Lifesciences,
Inc.*
797
8,719
Humacyte,
Inc.*
6,754
16,210
Ideaya
Biosciences,
Inc.*
2,125
51,744
ImmunityBio,
Inc.*
5,018
12,344
Immunome,
Inc.*
2,435
25,616
Immunovant,
Inc.*
766
12,317
Inhibikase
Therapeutics,
Inc.*
8,454
13,357
Inmune
Bio,
Inc.*
1,757
4,797
Intellia
Therapeutics,
Inc.*
3,471
40,402
Ionis
Pharmaceuticals,
Inc.*
42,176
1,812,724
Iovance
Biotherapeutics,
Inc.*
7,878
20,246
Ironwood
Pharmaceuticals,
Inc.,
Class
A*
9,209
7,036
iTeos
Therapeutics,
Inc.*
987
10,008
Janux
Therapeutics,
Inc.*
696
16,714
KalVista
Pharmaceuticals,
Inc.*
1,064
14,502
Keros
Therapeutics,
Inc.*
1,056
15,122
Kodiak
Sciences,
Inc.*
6,781
44,585
Korro
Bio,
Inc.*
1,249
18,685
Krystal
Biotech,
Inc.*
742
114,172
Kura
Oncology,
Inc.*
3,630
21,962
Kymera
Therapeutics,
Inc.*
1,531
66,981
Madrigal
Pharmaceuticals,
Inc.*
524
158,515
MannKind
Corp.*
10,865
41,070
MeiraGTx
Holdings
plc*
2,599
19,882
Metsera,
Inc.*
501
16,528
MiMedx
Group,
Inc.*
5,442
39,128
Mineralys
Therapeutics,
Inc.*
1,223
17,305
Mirum
Pharmaceuticals,
Inc.*
746
38,553
Monte
Rosa
Therapeutics,
Inc.*
3,589
17,766
Myriad
Genetics,
Inc.*
2,770
10,637
Neurocrine
Biosciences,
Inc.*
24,139
3,095,344
Neurogene,
Inc.*
1,790
38,968
Nkarta,
Inc.*
2,233
4,846
Novavax,
Inc.*
3,715
24,705
Nurix
Therapeutics,
Inc.*
1,902
21,417
Nuvalent,
Inc.,
Class
A*
848
66,441
Olema
Pharmaceuticals,
Inc.*
1,347
6,924
50
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Fundamental
All
Cap
Equity
Portfolio
Common
Stocks
Shares
Value
($)
Biotechnology
Organogenesis
Holdings,
Inc.,
Class
A*
2,952
13,638
ORIC
Pharmaceuticals,
Inc.*
1,582
15,773
Perspective
Therapeutics,
Inc.*
9,591
36,829
Praxis
Precision
Medicines,
Inc.*
358
19,411
Prime
Medicine,
Inc.*
9,777
36,566
Protagonist
Therapeutics,
Inc.*
1,739
93,663
Prothena
Corp.
plc*
532
3,655
PTC
Therapeutics,
Inc.*
2,755
143,563
Recursion
Pharmaceuticals,
Inc.,
Class
A*
15,925
94,754
Regeneron
Pharmaceuticals,
Inc.
4,082
2,226,568
REGENXBIO,
Inc.*
5,570
47,401
Relay
Therapeutics,
Inc.*
1,876
6,604
Replimune
Group,
Inc.*
1,663
11,691
Rhythm
Pharmaceuticals,
Inc.*
1,857
158,272
Rigel
Pharmaceuticals,
Inc.*
1,078
22,703
Rocket
Pharmaceuticals,
Inc.*
1,904
5,807
Sana
Biotechnology,
Inc.*
2,607
10,584
Scholar
Rock
Holding
Corp.*
1,621
60,058
Soleno
Therapeutics,
Inc.*
1,071
92,609
Solid
Biosciences,
Inc.*
6,698
45,814
Spyre
Therapeutics,
Inc.*
694
11,777
Stoke
Therapeutics,
Inc.*
2,780
35,723
Syndax
Pharmaceuticals,
Inc.*
1,804
17,896
Tango
Therapeutics,
Inc.*
2,331
14,079
Taysha
Gene
Therapies,
Inc.*
3,169
8,651
Tectonic
Therapeutic,
Inc.*
1,394
30,933
TG
Therapeutics,
Inc.*
3,937
139,764
Tonix
Pharmaceuticals
Holding
Corp.*
659
24,831
Tourmaline
Bio,
Inc.*
521
11,530
Travere
Therapeutics,
Inc.*
2,386
36,864
Twist
Bioscience
Corp.*
2,131
71,538
Tyra
Biosciences,
Inc.*
1,087
11,881
UroGen
Pharma
Ltd.*
1,057
20,146
Vaxcyte,
Inc.*
3,360
114,072
Vera
Therapeutics,
Inc.,
Class
A*
1,083
22,516
Veracyte,
Inc.*
3,206
75,373
Verastem,
Inc.*
907
5,596
Vericel
Corp.*
1,577
55,100
Vertex
Pharmaceuticals,
Inc.*
10,204
4,661,901
Vir
Biotechnology,
Inc.*
4,713
23,895
Viridian
Therapeutics,
Inc.*
1,632
28,593
Xencor,
Inc.*
1,796
14,943
Xenon
Pharmaceuticals,
Inc.*
496
15,148
Y-mAbs
Therapeutics,
Inc.*
1,096
4,899
Zymeworks,
Inc.*
2,402
30,169
33,368,664
Broadline
Retail
3.7%
Amazon.com,
Inc.*
433,524
101,492,304
Groupon,
Inc.,
Class
A*
756
23,315
Kohl's
Corp.
1,657
17,962
Savers
Value
Village,
Inc.*
1,559
16,229
101,549,810
Common
Stocks
Shares
Value
($)
Building
Products
0.4%
Advanced
Drainage
Systems,
Inc.
24,073
2,762,377
American
Woodmark
Corp.*
180
9,470
Apogee
Enterprises,
Inc.
544
22,843
AZZ,
Inc.
1,099
120,340
Builders
FirstSource,
Inc.*
9,705
1,233,797
CSW
Industrials,
Inc.
454
117,804
Gibraltar
Industries,
Inc.*
637
42,061
Griffon
Corp.
1,878
152,625
Insteel
Industries,
Inc.
427
15,415
Janus
International
Group,
Inc.*
3,083
26,421
Masterbrand,
Inc.*
1,849
20,394
Resideo
Technologies,
Inc.*
3,648
99,590
Tecnoglass,
Inc.
992
77,406
Trane
Technologies
plc
14,346
6,284,696
UFP
Industries,
Inc.
2,266
222,068
Zurn
Elkay
Water
Solutions
Corp.
5,040
223,020
11,430,327
Capital
Markets
2.9%
Acadian
Asset
Management,
Inc.
1,497
62,560
Ares
Management
Corp.,
Class
A
6,858
1,272,365
Artisan
Partners
Asset
Management,
Inc.,
Class
A
2,588
117,107
Bakkt
Holdings,
Inc.,
Class
A*
706
6,989
BGC
Group,
Inc.,
Class
A
11,040
102,341
Blackrock,
Inc.
4,762
5,266,820
Brookfield
Corp.
16,296
1,092,647
Charles
Schwab
Corp.
(The)
64,424
6,296,158
Cohen
&
Steers,
Inc.
502
36,927
Diamond
Hill
Investment
Group,
Inc.
315
42,705
DigitalBridge
Group,
Inc.
1,999
21,469
Donnelley
Financial
Solutions,
Inc.*
742
39,296
GCM
Grosvenor,
Inc.,
Class
A
1,110
13,087
Intercontinental
Exchange,
Inc.
57,822
10,687,240
KKR
&
Co.,
Inc.
54,421
7,977,030
Marex
Group
plc
408
15,741
Moelis
&
Co.,
Class
A
2,376
166,653
Moody's
Corp.
6,832
3,523,467
Morgan
Stanley
38,094
5,426,871
MSCI,
Inc.,
Class
A
15,245
8,557,933
Nasdaq,
Inc.
84,543
8,134,727
Patria
Investments
Ltd.,
Class
A
2,869
40,023
Perella
Weinberg
Partners,
Class
A
1,494
29,790
Piper
Sandler
Cos.
649
204,643
PJT
Partners,
Inc.,
Class
A
919
164,152
Raymond
James
Financial,
Inc.
38,764
6,478,627
S&P
Global,
Inc.
20,964
11,553,260
Silvercrest
Asset
Management
Group,
Inc.,
Class
A
814
13,317
StepStone
Group,
Inc.,
Class
A
859
50,990
StoneX
Group,
Inc.*
646
62,817
Nationwide
Fundamental
All
Cap
Equity
Portfolio
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
51
Common
Stocks
Shares
Value
($)
Capital
Markets
Tradeweb
Markets,
Inc.,
Class
A
13,979
1,936,790
Victory
Capital
Holdings,
Inc.,
Class
A
1,885
129,895
Virtus
Investment
Partners,
Inc.
189
36,536
WisdomTree,
Inc.
5,788
76,807
79,637,780
Chemicals
1.3%
ASP
Isotopes,
Inc.*
1,315
11,927
Aspen
Aerogels,
Inc.*
2,415
18,499
Avient
Corp.
2,532
79,935
Balchem
Corp.
1,196
182,354
Cabot
Corp.
2,017
145,587
Chemours
Co.
(The)
1,172
14,041
Ecolab,
Inc.
9,012
2,358,981
Element
Solutions,
Inc.
38,472
907,939
Hawkins,
Inc.
730
119,194
HB
Fuller
Co.
1,361
76,488
Ingevity
Corp.*
1,287
53,784
Innospec,
Inc.
523
41,788
Intrepid
Potash,
Inc.*
404
13,445
Koppers
Holdings,
Inc.
509
16,726
Linde
plc
21,662
9,970,152
Mativ
Holdings,
Inc.
4,626
30,624
Minerals
Technologies,
Inc.
1,426
82,922
Orion
SA
940
9,118
Perimeter
Solutions,
Inc.*
3,886
62,681
PureCycle
Technologies,
Inc.*
4,847
64,998
Quaker
Chemical
Corp.
536
61,329
Rayonier
Advanced
Materials,
Inc.*
2,489
9,558
RPM
International,
Inc.
49,266
5,784,321
Sensient
Technologies
Corp.
1,634
183,482
Sherwin-Williams
Co.
(The)
35,413
11,717,453
Stepan
Co.
244
12,388
Tronox
Holdings
plc
4,134
13,188
Westlake
Corp.
46,106
3,656,206
35,699,108
Commercial
Services
&
Supplies
0.3%
ABM
Industries,
Inc.
1,774
81,835
ACCO
Brands
Corp.
7,136
26,760
ACV
Auctions,
Inc.,
Class
A*
2,417
34,346
Brink's
Co.
(The)
1,399
122,189
Casella
Waste
Systems,
Inc.,
Class
A*
1,397
151,896
Cimpress
plc*
837
46,294
CompX
International,
Inc.
464
10,811
CoreCivic,
Inc.*
3,712
74,388
Deluxe
Corp.
2,989
48,123
Ennis,
Inc.
2,869
51,068
GEO
Group,
Inc.
(The)*
4,292
111,249
Healthcare
Services
Group,
Inc.*
2,422
31,510
HNI
Corp.
2,043
105,092
Interface,
Inc.,
Class
A
3,612
74,479
MillerKnoll,
Inc.
2,635
50,012
Montrose
Environmental
Group,
Inc.*
671
15,225
OPENLANE,
Inc.*
4,608
113,541
Pitney
Bowes,
Inc.
7,996
90,835
Common
Stocks
Shares
Value
($)
Commercial
Services
&
Supplies
Quad/Graphics,
Inc.
1,629
8,683
Republic
Services,
Inc.,
Class
A
14,843
3,423,538
Steelcase,
Inc.,
Class
A
1,959
20,236
UniFirst
Corp.
535
91,501
Vestis
Corp.
2,544
15,417
VSE
Corp.
356
55,728
Waste
Connections,
Inc.
19,258
3,594,891
8,449,647
Communications
Equipment
0.4%
ADTRAN
Holdings,
Inc.*
2,898
26,922
Applied
Optoelectronics,
Inc.*
2,613
59,759
Calix,
Inc.*
1,266
71,770
CommScope
Holding
Co.,
Inc.*
6,354
52,103
Digi
International,
Inc.*
2,208
72,003
Extreme
Networks,
Inc.*
3,316
58,561
Harmonic,
Inc.*
1,180
10,042
Motorola
Solutions,
Inc.
20,860
9,157,123
NETGEAR,
Inc.*
964
22,413
NetScout
Systems,
Inc.*
3,528
75,570
Viasat,
Inc.*
3,245
53,315
Viavi
Solutions,
Inc.*
7,148
71,837
9,731,418
Construction
&
Engineering
0.1%
Arcosa,
Inc.
1,358
116,625
Argan,
Inc.
447
109,506
Concrete
Pumping
Holdings,
Inc.
2,185
14,924
Construction
Partners,
Inc.,
Class
A*
1,092
110,128
Dycom
Industries,
Inc.*
790
212,360
Fluor
Corp.*
4,720
267,954
Granite
Construction,
Inc.
1,752
165,512
IES
Holdings,
Inc.*
306
108,039
Limbach
Holdings,
Inc.*
252
34,524
MYR
Group,
Inc.*
488
94,428
NWPX
Infrastructure,
Inc.*
1,189
49,677
Primoris
Services
Corp.
2,107
198,416
Sterling
Infrastructure,
Inc.*
1,078
288,462
Tutor
Perini
Corp.*
1,068
51,424
1,821,979
Construction
Materials
0.2%
Knife
River
Corp.*
1,635
134,855
Martin
Marietta
Materials,
Inc.
7,483
4,301,827
United
States
Lime
&
Minerals,
Inc.
471
46,902
4,483,584
Consumer
Finance
0.7%
American
Express
Co.
29,881
8,943,682
Bread
Financial
Holdings,
Inc.
1,621
99,367
Capital
One
Financial
Corp.
36,526
7,853,090
Dave,
Inc.*
271
63,902
Enova
International,
Inc.*
851
88,981
FirstCash
Holdings,
Inc.
1,453
193,670
LendingClub
Corp.*
2,283
35,592
LendingTree,
Inc.*
334
15,591
Navient
Corp.
4,651
60,184
Nelnet,
Inc.,
Class
A
767
95,699
PROG
Holdings,
Inc.
1,602
51,008
52
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Fundamental
All
Cap
Equity
Portfolio
Common
Stocks
Shares
Value
($)
Consumer
Finance
Upstart
Holdings,
Inc.*
2,400
196,176
World
Acceptance
Corp.*
135
21,238
17,718,180
Consumer
Staples
Distribution
&
Retail
1.7%
Andersons,
Inc.
(The)
874
31,394
Chefs'
Warehouse,
Inc.
(The)*
867
59,441
Costco
Wholesale
Corp.
31,034
29,160,788
Dollar
Tree,
Inc.*
34,065
3,868,081
Natural
Grocers
by
Vitamin
Cottage,
Inc.
280
10,609
PriceSmart,
Inc.
1,103
118,572
SpartanNash
Co.
1,442
38,271
United
Natural
Foods,
Inc.*
1,412
39,028
Village
Super
Market,
Inc.,
Class
A
1,140
39,216
Walmart,
Inc.
134,361
13,164,691
Weis
Markets,
Inc.
885
64,083
46,594,174
Containers
&
Packaging
0.2%
Avery
Dennison
Corp.
23,129
3,880,352
Ball
Corp.
27,302
1,563,313
Greif,
Inc.,
Class
A
648
41,103
Greif,
Inc.,
Class
B
245
16,084
Myers
Industries,
Inc.
2,277
33,358
O-I
Glass,
Inc.*
5,128
66,715
TriMas
Corp.
1,025
36,623
5,637,548
Distributors
0.0%
†
GigaCloud
Technology,
Inc.,
Class
A*
931
20,733
Weyco
Group,
Inc.
477
13,871
34,604
Diversified
Consumer
Services
0.0%
†
Adtalem
Global
Education,
Inc.*
1,564
178,718
American
Public
Education,
Inc.*
742
21,904
Carriage
Services,
Inc.,
Class
A
927
41,641
Coursera,
Inc.*
2,035
25,722
Frontdoor,
Inc.*
2,530
148,005
Graham
Holdings
Co.,
Class
B
138
131,677
Laureate
Education,
Inc.*
5,349
120,887
OneSpaWorld
Holdings
Ltd.
3,149
69,656
Perdoceo
Education
Corp.
1,810
52,092
Strategic
Education,
Inc.
494
36,628
Stride,
Inc.*
963
123,486
Udemy,
Inc.*
958
7,290
Universal
Technical
Institute,
Inc.*
1,668
53,743
1,011,449
Diversified
REITs
0.0%
†
Alexander
&
Baldwin,
Inc.
4,293
77,188
Alpine
Income
Property
Trust,
Inc.
924
12,982
American
Assets
Trust,
Inc.
2,174
41,372
Broadstone
Net
Lease,
Inc.
7,817
126,948
Essential
Properties
Realty
Trust,
Inc.
6,488
197,819
Common
Stocks
Shares
Value
($)
Diversified
REITs
One
Liberty
Properties,
Inc.
1,119
25,043
481,352
Diversified
Telecommunication
Services
0.3%
AT&T,
Inc.
265,171
7,268,337
Cogent
Communications
Holdings,
Inc.
1,136
51,790
Globalstar,
Inc.*
1,363
32,017
IDT
Corp.,
Class
B
1,313
77,349
Liberty
Latin
America
Ltd.,
Class
A*
3,134
22,094
Liberty
Latin
America
Ltd.,
Class
C*
3,134
22,377
Lumen
Technologies,
Inc.*
30,650
136,393
7,610,357
Electric
Utilities
1.3%
ALLETE,
Inc.
1,896
125,003
Alliant
Energy
Corp.
40,899
2,658,844
American
Electric
Power
Co.,
Inc.
29,251
3,309,458
Constellation
Energy
Corp.
11,614
4,039,814
Duke
Energy
Corp.
23,129
2,813,412
Entergy
Corp.
19,459
1,759,677
FirstEnergy
Corp.
38,775
1,656,080
Genie
Energy
Ltd.,
Class
B
2,390
48,565
Hawaiian
Electric
Industries,
Inc.*
5,414
58,038
MGE
Energy,
Inc.
990
84,091
NextEra
Energy,
Inc.
60,543
4,302,186
Oklo,
Inc.,
Class
A*
3,103
237,659
Otter
Tail
Corp.
1,376
106,200
PG&E
Corp.
432,027
6,057,019
Portland
General
Electric
Co.
2,770
113,902
PPL
Corp.
168,073
5,998,525
TXNM
Energy,
Inc.
27,774
1,577,285
34,945,758
Electrical
Equipment
1.6%
American
Superconductor
Corp.*
752
42,751
AMETEK,
Inc.
39,165
7,239,650
Amprius
Technologies,
Inc.*
4,084
28,302
Array
Technologies,
Inc.*
5,696
37,024
Atkore,
Inc.
1,437
110,678
Bloom
Energy
Corp.,
Class
A*
5,654
211,403
Eaton
Corp.
plc
27,210
10,468,231
EnerSys
1,437
132,736
Enovix
Corp.*
6,274
84,072
Eos
Energy
Enterprises,
Inc.*
6,330
36,081
GE
Vernova,
Inc.
14,470
9,554,396
NANO
Nuclear
Energy,
Inc.*
1,369
48,504
NEXTracker,
Inc.,
Class
A*
4,177
243,352
NuScale
Power
Corp.,
Class
A*
4,478
224,841
nVent
Electric
plc
74,465
5,839,545
Plug
Power,
Inc.*
27,676
41,514
Powell
Industries,
Inc.
270
64,017
Power
Solutions
International,
Inc.*
572
53,625
Rockwell
Automation,
Inc.
22,748
8,000,699
Shoals
Technologies
Group,
Inc.,
Class
A*
3,613
19,474
Nationwide
Fundamental
All
Cap
Equity
Portfolio
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
53
Common
Stocks
Shares
Value
($)
Electrical
Equipment
SunPower
Corp.*∞
21,848
2
Sunrun,
Inc.*
6,258
64,207
T1
Energy,
Inc.*
34,038
40,505
Vicor
Corp.*
281
12,488
42,598,097
Electronic
Equipment,
Instruments
&
Components
0.6%
Advanced
Energy
Industries,
Inc.
1,203
167,121
Aeva
Technologies,
Inc.*
2,080
38,771
Amphenol
Corp.,
Class
A
79,986
8,519,309
Arlo
Technologies,
Inc.*
1,025
16,605
Badger
Meter,
Inc.
1,026
193,668
Bel
Fuse,
Inc.,
Class
A
503
57,609
Belden,
Inc.
1,616
199,818
Benchmark
Electronics,
Inc.
1,358
52,283
CDW
Corp.
12,489
2,177,832
Climb
Global
Solutions,
Inc.
123
14,514
CTS
Corp.
1,784
69,915
Daktronics,
Inc.*
1,077
17,469
ePlus,
Inc.*
946
61,282
Evolv
Technologies
Holdings,
Inc.*
1,522
9,977
Fabrinet*
1,135
367,434
Insight
Enterprises,
Inc.*
855
101,386
Itron,
Inc.*
1,383
172,239
Jabil,
Inc.
14,332
3,198,472
Kimball
Electronics,
Inc.*
1,733
32,511
Knowles
Corp.*
3,338
67,795
MicroVision,
Inc.*
11,061
12,278
Mirion
Technologies,
Inc.,
Class
A*
4,852
108,442
Napco
Security
Technologies,
Inc.
1,587
48,451
Novanta,
Inc.*
971
119,452
OSI
Systems,
Inc.*
398
87,962
Ouster,
Inc.*
1,321
30,885
PAR
Technology
Corp.*
458
27,837
PC
Connection,
Inc.
885
54,507
Plexus
Corp.*
999
127,373
Red
Cat
Holdings,
Inc.*
2,641
21,867
Rogers
Corp.*
587
38,495
Sanmina
Corp.*
1,555
180,442
ScanSource,
Inc.*
1,290
50,104
TTM
Technologies,
Inc.*
1,884
89,019
Vishay
Intertechnology,
Inc.
4,242
69,526
16,602,650
Energy
Equipment
&
Services
0.1%
Archrock,
Inc.
5,027
117,431
Aris
Water
Solutions,
Inc.,
Class
A
570
12,124
Atlas
Energy
Solutions,
Inc.,
Class
A
702
9,126
Baker
Hughes
Co.,
Class
A
51,920
2,338,996
Borr
Drilling
Ltd.
4,237
8,601
Cactus,
Inc.,
Class
A
2,115
89,486
Core
Laboratories,
Inc.
2,167
23,707
Energy
Services
of
America
Corp.
1,636
17,881
Expro
Group
Holdings
NV*
834
8,990
Forum
Energy
Technologies,
Inc.*
997
19,651
Common
Stocks
Shares
Value
($)
Energy
Equipment
&
Services
Helix
Energy
Solutions
Group,
Inc.*
3,129
18,555
Helmerich
&
Payne,
Inc.
3,183
51,596
Innovex
International,
Inc.*
380
6,240
Kodiak
Gas
Services,
Inc.
1,322
42,740
Liberty
Energy,
Inc.,
Class
A
8,125
100,262
Nabors
Industries
Ltd.*
1,497
52,066
Noble
Corp.
plc
3,542
94,961
Oceaneering
International,
Inc.*
3,484
75,603
Oil
States
International,
Inc.*
6,111
30,494
Patterson-UTI
Energy,
Inc.
16,993
100,429
ProPetro
Holding
Corp.*
8,302
44,499
Ranger
Energy
Services,
Inc.,
Class
A
2,726
36,501
RPC,
Inc.
4,760
22,134
Seadrill
Ltd.*
1,321
38,520
Select
Water
Solutions,
Inc.,
Class
A
1,270
12,230
Solaris
Energy
Infrastructure,
Inc.,
Class
A
928
30,318
Tidewater,
Inc.*
1,308
65,413
Transocean
Ltd.*
23,474
68,544
Valaris
Ltd.*
1,383
67,255
3,604,353
Entertainment
2.5%
AMC
Entertainment
Holdings,
Inc.,
Class
A*
7,587
22,002
Atlanta
Braves
Holdings,
Inc.,
Class
C*
929
41,396
Cinemark
Holdings,
Inc.
4,493
120,727
Electronic
Arts,
Inc.
29,251
4,460,485
IMAX
Corp.*
2,495
64,346
Lionsgate
Studios
Corp.*
3,498
20,708
Live
Nation
Entertainment,
Inc.*
40,980
6,052,746
Madison
Square
Garden
Entertainment
Corp.,
Class
A*
1,784
67,417
Marcus
Corp.
(The)
1,446
23,671
Netflix,
Inc.*
29,533
34,240,560
Playstudios,
Inc.*
13,617
15,660
Playtika
Holding
Corp.
3,469
15,455
Starz
Entertainment
Corp.
233
3,390
TKO
Group
Holdings,
Inc.,
Class
A
17,006
2,857,178
Walt
Disney
Co.
(The)
88,434
10,533,374
Warner
Bros
Discovery,
Inc.*
681,619
8,976,922
67,516,037
Financial
Services
4.0%
Apollo
Global
Management,
Inc.
19,410
2,820,661
AvidXchange
Holdings,
Inc.*
1,551
15,293
Banco
Latinoamericano
de
Comercio
Exterior
SA,
Class
E
233
9,311
Berkshire
Hathaway,
Inc.,
Class
B*
34,432
16,247,772
Burford
Capital
Ltd.
5,658
72,705
Cannae
Holdings,
Inc.
1,538
32,882
54
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Fundamental
All
Cap
Equity
Portfolio
Common
Stocks
Shares
Value
($)
Financial
Services
Cass
Information
Systems,
Inc.
358
14,324
Corpay,
Inc.*
18,909
6,108,552
Enact
Holdings,
Inc.
2,213
76,924
Equitable
Holdings,
Inc.
107,479
5,519,047
Essent
Group
Ltd.
4,023
225,248
EVERTEC,
Inc.
2,798
101,148
Federal
Agricultural
Mortgage
Corp.,
Class
C
310
53,404
Fiserv,
Inc.*
77,498
10,767,572
Flywire
Corp.*
4,139
45,074
HA
Sustainable
Infrastructure
Capital,
Inc.
2,605
67,652
International
Money
Express,
Inc.*
1,019
9,161
Jackson
Financial,
Inc.,
Class
A
2,559
224,066
Marqeta,
Inc.,
Class
A*
16,553
94,352
Mastercard,
Inc.,
Class
A
67,116
38,019,200
NCR
Atleos
Corp.*
1,941
59,395
NMI
Holdings,
Inc.,
Class
A*
3,698
138,009
Pagseguro
Digital
Ltd.,
Class
A
7,373
57,731
Payoneer
Global,
Inc.*
4,613
30,307
PennyMac
Financial
Services,
Inc.
541
50,389
Radian
Group,
Inc.
5,854
190,899
Remitly
Global,
Inc.*
3,477
57,370
Repay
Holdings
Corp.,
Class
A*
3,157
15,532
Sezzle,
Inc.*
396
61,317
StoneCo
Ltd.,
Class
A*
8,432
107,761
Triller
Group,
Inc.*
24,805
13,372
Visa,
Inc.,
Class
A(a)
76,407
26,396,326
Walker
&
Dunlop,
Inc.
792
59,408
Waterstone
Financial,
Inc.
1,087
14,468
107,776,632
Food
Products
0.3%
B&G
Foods,
Inc.
2,047
8,393
Beyond
Meat,
Inc.*
2,471
7,512
Calavo
Growers,
Inc.
566
14,886
Cal-Maine
Foods,
Inc.
1,668
185,382
Dole
plc
4,690
66,786
Fresh
Del
Monte
Produce,
Inc.
2,285
85,893
Hain
Celestial
Group,
Inc.
(The)*
5,149
8,084
J
&
J
Snack
Foods
Corp.
315
35,560
John
B
Sanfilippo
&
Son,
Inc.
198
12,535
Marzetti
Co.
(The)
661
117,499
Mission
Produce,
Inc.*
1,348
16,634
Nestle
SA,
ADR
52,380
4,556,013
Seneca
Foods
Corp.,
Class
A*
415
43,463
Simply
Good
Foods
Co.
(The)*
2,079
63,326
Tootsie
Roll
Industries,
Inc.
1,270
48,171
TreeHouse
Foods,
Inc.*
591
11,359
Utz
Brands,
Inc.
172,295
2,245,004
Vital
Farms,
Inc.*
911
33,889
WK
Kellogg
Co.
985
22,704
7,583,093
Gas
Utilities
0.2%
Brookfield
Infrastructure
Corp.,
Class
A
4,275
166,896
Common
Stocks
Shares
Value
($)
Gas
Utilities
Chesapeake
Utilities
Corp.
532
63,776
New
Jersey
Resources
Corp.
3,352
153,890
Northwest
Natural
Holding
Co.
678
27,066
ONE
Gas,
Inc.
1,275
92,693
Southwest
Gas
Holdings,
Inc.
2,297
179,488
Spire,
Inc.
2,049
152,589
UGI
Corp.
134,097
4,851,629
5,688,027
Ground
Transportation
0.8%
ArcBest
Corp.
971
71,009
Canadian
Pacific
Kansas
City
Ltd.
35,899
2,640,372
Covenant
Logistics
Group,
Inc.,
Class
A
560
13,524
FTAI
Infrastructure,
Inc.
6,074
38,084
Heartland
Express,
Inc.
1,642
12,840
Hertz
Global
Holdings,
Inc.*
2,589
16,596
Old
Dominion
Freight
Line,
Inc.
60,446
9,021,566
RXO,
Inc.*
3,836
59,266
Uber
Technologies,
Inc.*
75,831
6,654,170
Union
Pacific
Corp.
18,689
4,148,397
Werner
Enterprises,
Inc.
2,364
65,530
22,741,354
Health
Care
Equipment
&
Supplies
2.4%
Abbott
Laboratories
167,818
21,176,953
Accuray,
Inc.*
20,426
26,758
Align
Technology,
Inc.*
38,426
4,957,338
Alphatec
Holdings,
Inc.*
2,784
29,455
AngioDynamics,
Inc.*
733
6,494
Anteris
Technologies
Global
Corp.*
5,055
16,227
Artivion,
Inc.*
1,029
31,806
AtriCure,
Inc.*
1,274
44,717
Avanos
Medical,
Inc.*
2,622
29,288
Axogen,
Inc.*
871
11,401
Bioventus,
Inc.,
Class
A*
672
4,382
Boston
Scientific
Corp.*
162,434
17,042,575
Butterfly
Network,
Inc.*
16,886
28,875
Cerus
Corp.*
6,758
8,650
ClearPoint
Neuro,
Inc.*
2,814
29,266
CONMED
Corp.
1,377
70,434
Cooper
Cos.,
Inc.
(The)*
55,781
3,943,159
Dexcom,
Inc.*
34,013
2,747,230
Electromed,
Inc.*
1,714
31,212
Embecta
Corp.
2,602
26,436
Enovis
Corp.*
1,051
28,167
Glaukos
Corp.*
1,207
103,911
Haemonetics
Corp.*
1,312
97,141
ICU
Medical,
Inc.*
724
92,969
Integer
Holdings
Corp.*
956
103,736
Integra
LifeSciences
Holdings
Corp.*
1,615
21,221
iRadimed
Corp.
773
45,097
iRhythm
Technologies,
Inc.*
923
129,386
Lantheus
Holdings,
Inc.*
2,186
155,621
LeMaitre
Vascular,
Inc.
1,020
82,865
LivaNova
plc*
1,882
79,402
Medtronic
plc
104,760
9,453,542
Merit
Medical
Systems,
Inc.*
2,000
169,720
Neogen
Corp.*
4,611
21,441
NeuroPace,
Inc.*
428
3,642
Nationwide
Fundamental
All
Cap
Equity
Portfolio
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
55
Common
Stocks
Shares
Value
($)
Health
Care
Equipment
&
Supplies
Novocure
Ltd.*
2,871
33,218
Omnicell,
Inc.*
1,069
33,150
OraSure
Technologies,
Inc.*
791
2,515
Orthofix
Medical,
Inc.*
910
10,046
Outset
Medical,
Inc.*
1,767
28,378
PROCEPT
BioRobotics
Corp.*
1,232
59,764
QuidelOrtho
Corp.*
1,171
26,956
Semler
Scientific,
Inc.*
893
32,014
SI-BONE,
Inc.*
906
15,429
Tactile
Systems
Technology,
Inc.*
2,451
24,461
Tandem
Diabetes
Care,
Inc.*
1,837
28,621
TransMedics
Group,
Inc.*
971
115,520
Treace
Medical
Concepts,
Inc.*
1,594
8,560
UFP
Technologies,
Inc.*
280
63,389
Utah
Medical
Products,
Inc.
570
31,692
Varex
Imaging
Corp.*
5,403
39,334
Zimmer
Biomet
Holdings,
Inc.
53,060
4,862,949
66,266,513
Health
Care
Providers
&
Services
1.3%
AdaptHealth
Corp.,
Class
A*
3,182
28,543
Addus
HomeCare
Corp.*
516
55,099
AirSculpt
Technologies,
Inc.*
2,819
18,634
Alignment
Healthcare,
Inc.*
1,359
18,727
AMN
Healthcare
Services,
Inc.*
1,817
33,324
Astrana
Health,
Inc.*
907
21,641
Aveanna
Healthcare
Holdings,
Inc.*
6,784
26,933
BrightSpring
Health
Services,
Inc.*
1,251
25,833
Brookdale
Senior
Living,
Inc.*
3,566
27,637
Cencora,
Inc.
17,430
4,986,374
Cigna
Group
(The)
10,204
2,728,346
Clover
Health
Investments
Corp.,
Class
A*
5,187
14,990
Community
Health
Systems,
Inc.*
3,449
8,967
Concentra
Group
Holdings
Parent,
Inc.
4,117
82,217
CorVel
Corp.*
1,063
94,182
CVS
Health
Corp.
33,252
2,064,949
DocGo,
Inc.*
4,297
5,844
Encompass
Health
Corp.
5,323
586,116
Enhabit,
Inc.*
1,246
8,373
Ensign
Group,
Inc.
(The)
1,865
279,750
GeneDx
Holdings
Corp.,
Class
A*
399
40,678
Guardant
Health,
Inc.*
3,433
140,684
HealthEquity,
Inc.*
2,639
255,983
Hims
&
Hers
Health,
Inc.*
6,364
421,170
LifeStance
Health
Group,
Inc.*
2,177
8,664
McKesson
Corp.
5,465
3,790,196
National
HealthCare
Corp.
675
64,820
National
Research
Corp.
1,944
24,300
NeoGenomics,
Inc.*
2,616
12,661
Nutex
Health,
Inc.*
448
37,995
Oncology
Institute,
Inc.
(The)*
4,373
16,049
Option
Care
Health,
Inc.*
6,284
184,435
Owens
&
Minor,
Inc.*
3,366
23,326
Common
Stocks
Shares
Value
($)
Health
Care
Providers
&
Services
Pediatrix
Medical
Group,
Inc.*
2,792
34,202
Pennant
Group,
Inc.
(The)*
842
18,667
Premier,
Inc.,
Class
A
4,551
97,755
Privia
Health
Group,
Inc.*
2,549
49,757
Progyny,
Inc.*
2,122
49,888
Quest
Diagnostics,
Inc.
14,285
2,391,452
RadNet,
Inc.*
12,321
674,328
Select
Medical
Holdings
Corp.
5,250
77,648
Surgery
Partners,
Inc.*
2,080
45,656
Talkspace,
Inc.*
10,396
25,262
Tenet
Healthcare
Corp.*
13,252
2,137,283
UnitedHealth
Group,
Inc.
52,833
13,185,003
US
Physical
Therapy,
Inc.
522
38,184
34,962,525
Health
Care
REITs
0.4%
American
Healthcare
REIT,
Inc.
3,109
120,132
CareTrust
REIT,
Inc.
6,045
192,231
Diversified
Healthcare
Trust
2,951
9,650
LTC
Properties,
Inc.
2,183
74,309
National
Health
Investors,
Inc.
1,712
119,600
Sabra
Health
Care
REIT,
Inc.
8,622
155,455
Sila
Realty
Trust,
Inc.
1,299
31,747
Strawberry
Fields
REIT,
Inc.
1,433
14,703
Universal
Health
Realty
Income
Trust
1,143
44,337
Ventas,
Inc.
160,813
10,803,417
11,565,581
Health
Care
Technology
0.1%
Claritev
Corp.*
361
14,393
Definitive
Healthcare
Corp.,
Class
A*
5,164
20,140
Doximity,
Inc.,
Class
A*
15,736
924,490
Evolent
Health,
Inc.,
Class
A*
1,375
13,819
HealthStream,
Inc.
1,744
45,623
OptimizeRx
Corp.*
1,457
18,387
Phreesia,
Inc.*
1,411
38,041
Schrodinger,
Inc.*
1,485
30,190
Teladoc
Health,
Inc.*
6,101
43,988
Waystar
Holding
Corp.*
26,829
992,136
2,141,207
Hotel
&
Resort
REITs
0.0%
†
Apple
Hospitality
REIT,
Inc.
9,030
106,103
Braemar
Hotels
&
Resorts,
Inc.
5,716
12,575
DiamondRock
Hospitality
Co.
8,815
68,052
RLJ
Lodging
Trust
6,357
47,042
Ryman
Hospitality
Properties,
Inc.
2,240
212,934
Service
Properties
Trust
10,111
26,592
Xenia
Hotels
&
Resorts,
Inc.
1,495
19,001
492,299
Hotels,
Restaurants
&
Leisure
2.4%
Accel
Entertainment,
Inc.,
Class
A*
3,457
44,457
BJ's
Restaurants,
Inc.*
829
29,372
Bloomin'
Brands,
Inc.
4,086
37,223
Booking
Holdings,
Inc.
1,361
7,491,026
Brightstar
Lottery
plc
1,526
22,646
Brinker
International,
Inc.*
1,344
211,814
Carnival
Corp.*
192,513
5,731,112
56
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Fundamental
All
Cap
Equity
Portfolio
Common
Stocks
Shares
Value
($)
Hotels,
Restaurants
&
Leisure
Cheesecake
Factory,
Inc.
(The)
2,325
148,591
Cracker
Barrel
Old
Country
Store,
Inc.
549
34,038
Darden
Restaurants,
Inc.
17,687
3,566,937
Dave
&
Buster's
Entertainment,
Inc.*
637
18,626
Dine
Brands
Global,
Inc.
171
3,866
Domino's
Pizza,
Inc.
11,596
5,371,383
DraftKings,
Inc.,
Class
A*
95,041
4,280,647
El
Pollo
Loco
Holdings,
Inc.*
1,447
14,904
Genius
Sports
Ltd.*
5,801
65,261
Hilton
Grand
Vacations,
Inc.*
1,686
75,567
Kura
Sushi
USA,
Inc.,
Class
A*
422
37,026
Las
Vegas
Sands
Corp.
41,583
2,178,949
Life
Time
Group
Holdings,
Inc.*
4,921
141,331
Lindblad
Expeditions
Holdings,
Inc.*
2,855
34,117
McDonald's
Corp.
62,273
18,686,259
Monarch
Casino
&
Resort,
Inc.
734
75,573
Nathan's
Famous,
Inc.
320
30,400
Papa
John's
International,
Inc.
353
14,971
Portillo's,
Inc.,
Class
A*
2,468
24,581
Potbelly
Corp.*
1,468
17,660
Red
Rock
Resorts,
Inc.,
Class
A
1,458
89,448
Rush
Street
Interactive,
Inc.*
2,325
46,872
Sabre
Corp.*
13,758
41,687
Serve
Robotics,
Inc.*
3,929
40,037
Shake
Shack,
Inc.,
Class
A*
1,441
173,410
Six
Flags
Entertainment
Corp.*
2,112
63,276
Starbucks
Corp.
47,809
4,262,650
Super
Group
SGHC
Ltd.
6,617
71,133
Sweetgreen,
Inc.,
Class
A*
4,496
57,909
Target
Hospitality
Corp.*
1,673
12,698
Texas
Roadhouse,
Inc.,
Class
A
32,342
5,987,474
United
Parks
&
Resorts,
Inc.*
425
20,115
Wynn
Resorts
Ltd.
55,101
6,007,662
65,262,708
Household
Durables
0.4%
Bassett
Furniture
Industries,
Inc.
865
13,684
Cavco
Industries,
Inc.*
327
132,000
Century
Communities,
Inc.
605
34,055
Champion
Homes,
Inc.*
1,576
95,978
DR
Horton,
Inc.
45,056
6,435,799
Ethan
Allen
Interiors,
Inc.
546
16,254
Flexsteel
Industries,
Inc.
305
10,373
Green
Brick
Partners,
Inc.*
1,091
67,577
Hamilton
Beach
Brands
Holding
Co.,
Class
A
210
3,270
Helen
of
Troy
Ltd.*
96
2,110
Hovnanian
Enterprises,
Inc.,
Class
A*
194
23,177
Installed
Building
Products,
Inc.
770
155,763
KB
Home
2,050
113,283
La-Z-Boy,
Inc.
1,232
44,315
Lennar
Corp.,
Class
A
11,564
1,297,250
Common
Stocks
Shares
Value
($)
Household
Durables
LGI
Homes,
Inc.*
138
7,351
Lovesac
Co.
(The)*
2,363
42,558
M/I
Homes,
Inc.*
952
114,421
Meritage
Homes
Corp.
1,655
111,448
Sonos,
Inc.*
4,492
48,559
Taylor
Morrison
Home
Corp.,
Class
A*
3,580
212,222
Toll
Brothers,
Inc.
14,623
1,730,778
Tri
Pointe
Homes,
Inc.*
3,582
110,326
10,822,551
Household
Products
0.6%
Central
Garden
&
Pet
Co.,
Class
A*
1,272
45,181
Colgate-Palmolive
Co.
143,216
12,008,662
Energizer
Holdings,
Inc.
3,308
74,496
Oil-Dri
Corp.
of
America
589
33,220
Procter
&
Gamble
Co.
(The)
28,628
4,307,655
WD-40
Co.
528
113,203
16,582,417
Independent
Power
and
Renewable
Electricity
Producers
0.5%
Montauk
Renewables,
Inc.*
16,112
34,963
Ormat
Technologies,
Inc.
1,569
140,284
Sunnova
Energy
International,
Inc.*
7,682
8
Talen
Energy
Corp.*
2,721
1,027,368
Vistra
Corp.
57,071
11,901,586
13,104,209
Industrial
Conglomerates
0.7%
3M
Co.
60,543
9,034,227
Brookfield
Business
Corp.,
Class
A
938
28,853
Honeywell
International,
Inc.
39,935
8,879,547
17,942,627
Industrial
REITs
0.2%
Americold
Realty
Trust,
Inc.
136,790
2,199,583
Industrial
Logistics
Properties
Trust
4,847
25,786
Innovative
Industrial
Properties,
Inc.
1,216
62,867
LXP
Industrial
Trust
9,566
74,232
Plymouth
Industrial
REIT,
Inc.
1,444
20,967
Prologis,
Inc.
30,059
3,209,700
Terreno
Realty
Corp.
2,171
120,469
5,713,604
Insurance
2.9%
Allstate
Corp.
(The)
61,332
12,465,729
American
International
Group,
Inc.
134,011
10,403,274
AMERISAFE,
Inc.
244
10,926
Aon
plc,
Class
A
59,863
21,293,868
Baldwin
Insurance
Group,
Inc.
(The),
Class
A*
1,109
40,856
CNO
Financial
Group,
Inc.
4,511
166,185
Donegal
Group,
Inc.,
Class
A
1,722
29,532
Employers
Holdings,
Inc.
1,684
69,516
Fidelis
Insurance
Holdings
Ltd.
2,626
39,679
Genworth
Financial,
Inc.,
Class
A*
10,715
84,220
Nationwide
Fundamental
All
Cap
Equity
Portfolio
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
57
Common
Stocks
Shares
Value
($)
Insurance
Globe
Life,
Inc.
23,970
3,367,066
Goosehead
Insurance,
Inc.,
Class
A
611
55,546
Greenlight
Capital
Re
Ltd.,
Class
A*
3,391
44,083
Hamilton
Insurance
Group
Ltd.,
Class
B*
2,496
53,639
HCI
Group,
Inc.
326
45,653
Heritage
Insurance
Holdings,
Inc.*
358
7,550
Hippo
Holdings,
Inc.*
282
7,287
Horace
Mann
Educators
Corp.
2,028
86,251
Investors
Title
Co.
175
36,963
Lemonade,
Inc.*
1,434
54,033
Marsh
&
McLennan
Cos.,
Inc.
31,923
6,359,062
Mercury
General
Corp.
1,219
84,416
MetLife,
Inc.
43,537
3,306,635
Oscar
Health,
Inc.,
Class
A*
5,963
83,780
Palomar
Holdings,
Inc.*
678
89,828
Root,
Inc.,
Class
A*
371
44,902
Safety
Insurance
Group,
Inc.
582
40,944
Selective
Insurance
Group,
Inc.
1,696
132,237
SiriusPoint
Ltd.*
1,533
30,062
Skyward
Specialty
Insurance
Group,
Inc.*
1,150
58,167
Stewart
Information
Services
Corp.
830
53,892
Tiptree,
Inc.,
Class
A
584
12,136
Travelers
Cos.,
Inc.
(The)
27,352
7,118,084
Trupanion,
Inc.*
660
31,291
United
Fire
Group,
Inc.
527
13,992
Universal
Insurance
Holdings,
Inc.
2,033
48,060
Unum
Group
171,425
12,310,029
78,179,373
Interactive
Media
&
Services
6.8%
Alphabet,
Inc.,
Class
A
334,432
64,177,501
Alphabet,
Inc.,
Class
C
187,156
36,094,906
Arena
Group
Holdings,
Inc.
(The)*
2,931
17,908
Bumble,
Inc.,
Class
A*
5,489
42,704
Cargurus,
Inc.,
Class
A*
3,320
108,962
Cars.com,
Inc.*
2,994
38,533
EverQuote,
Inc.,
Class
A*
575
14,139
fuboTV,
Inc.*
6,974
27,757
Grindr,
Inc.*
2,403
42,004
Match
Group,
Inc.
55,781
1,911,615
MediaAlpha,
Inc.,
Class
A*
1,523
15,260
Meta
Platforms,
Inc.,
Class
A
105,891
81,900,335
Shutterstock,
Inc.
855
16,382
Teads
Holding
Co.*
3,434
8,688
Travelzoo*
1,217
12,158
TripAdvisor,
Inc.*
891
15,584
Vimeo,
Inc.*
3,045
11,541
Yelp,
Inc.,
Class
A*
2,735
94,166
Ziff
Davis,
Inc.*
1,647
51,255
ZipRecruiter,
Inc.,
Class
A*
764
3,209
184,604,607
IT
Services
0.5%
Applied
Digital
Corp.*
5,273
69,287
Common
Stocks
Shares
Value
($)
IT
Services
ASGN,
Inc.*
2,022
101,383
BigBear.ai
Holdings,
Inc.*
8,686
55,156
DigitalOcean
Holdings,
Inc.*
1,846
51,430
Fastly,
Inc.,
Class
A*
1,414
9,601
Gartner,
Inc.*
13,836
4,685,561
Hackett
Group,
Inc.
(The)
1,789
41,845
Information
Services
Group,
Inc.
8,003
34,493
Snowflake,
Inc.,
Class
A*
31,108
6,952,638
TSS,
Inc.*
723
19,666
Unisys
Corp.*
3,433
14,178
VTEX,
Class
A*
2,369
14,143
Wix.com
Ltd.*
6,932
942,960
12,992,341
Leisure
Products
0.0%
†
Acushnet
Holdings
Corp.
1,072
85,353
Escalade,
Inc.
758
9,316
Funko,
Inc.,
Class
A*
7,655
29,395
JAKKS
Pacific,
Inc.
566
10,024
Latham
Group,
Inc.*
1,171
7,939
Peloton
Interactive,
Inc.,
Class
A*
10,376
74,085
Polaris,
Inc.
1,026
54,286
Sturm
Ruger
&
Co.,
Inc.
889
30,368
Topgolf
Callaway
Brands
Corp.*
5,025
46,481
347,247
Life
Sciences
Tools
&
Services
0.9%
10X
Genomics,
Inc.,
Class
A*
5,118
68,837
Adaptive
Biotechnologies
Corp.*
3,803
38,943
Agilent
Technologies,
Inc.
14,966
1,718,246
Avantor,
Inc.*
36,581
491,649
Azenta,
Inc.*
493
16,121
BioLife
Solutions,
Inc.*
976
20,750
Codexis,
Inc.*
5,502
14,745
Cytek
Biosciences,
Inc.*
1,665
5,994
Danaher
Corp.
24,489
4,828,251
Fortrea
Holdings,
Inc.*
9,457
54,283
Ginkgo
Bioworks
Holdings,
Inc.*
3,273
43,007
IQVIA
Holdings,
Inc.*
9,524
1,770,131
Mesa
Laboratories,
Inc.
350
26,768
Mettler-Toledo
International,
Inc.*
3,739
4,612,730
Niagen
Bioscience,
Inc.*
297
2,777
Quanterix
Corp.*
5,694
33,822
Quantum-Si,
Inc.*
17,975
26,603
Thermo
Fisher
Scientific,
Inc.
12,925
6,044,764
West
Pharmaceutical
Services,
Inc.
18,634
4,458,371
24,276,792
Machinery
1.9%
3D
Systems
Corp.*
7,430
12,111
Alamo
Group,
Inc.
281
62,545
Albany
International
Corp.,
Class
A
1,251
67,792
Astec
Industries,
Inc.
728
28,873
Atmus
Filtration
Technologies,
Inc.
2,057
80,038
58
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Fundamental
All
Cap
Equity
Portfolio
Common
Stocks
Shares
Value
($)
Machinery
Blue
Bird
Corp.*
1,317
58,988
Caterpillar,
Inc.
33,698
14,760,398
Chart
Industries,
Inc.*
1,300
258,479
Columbus
McKinnon
Corp.
2,348
34,398
Deere
&
Co.
10,884
5,707,243
Eastern
Co.
(The)
474
10,926
Enerpac
Tool
Group
Corp.,
Class
A
2,461
94,773
Enpro,
Inc.
563
119,587
ESCO
Technologies,
Inc.
637
123,387
Federal
Signal
Corp.
2,153
272,505
Franklin
Electric
Co.,
Inc.
1,683
158,118
Gorman-Rupp
Co.
(The)
1,406
57,871
Greenbrier
Cos.,
Inc.
(The)
739
33,625
Helios
Technologies,
Inc.
225
8,255
Hillenbrand,
Inc.
2,733
56,600
Hillman
Solutions
Corp.*
2,387
18,833
IDEX
Corp.
30,279
4,950,919
Ingersoll
Rand,
Inc.
29,931
2,533,061
ITT,
Inc.
39,863
6,775,116
JBT
Marel
Corp.
1,105
152,269
Kadant,
Inc.
359
119,464
Kennametal,
Inc.
3,709
91,835
Lindsay
Corp.
366
49,963
Luxfer
Holdings
plc
2,508
30,146
Microvast
Holdings,
Inc.*
5,031
15,948
Mueller
Water
Products,
Inc.,
Class
A
5,792
143,410
Omega
Flex,
Inc.
440
14,036
Palladyne
AI
Corp.*
1,317
10,773
Parker-Hannifin
Corp.
11,564
8,463,692
Proto
Labs,
Inc.*
540
23,285
REV
Group,
Inc.
2,451
121,447
Richtech
Robotics,
Inc.,
Class
B*
15,600
29,640
SPX
Technologies,
Inc.*
1,170
213,396
Standex
International
Corp.
324
53,376
Stanley
Black
&
Decker,
Inc.
(a)
78,731
5,326,152
Tennant
Co.
554
45,727
Terex
Corp.
1,991
101,262
Trinity
Industries,
Inc.
2,028
47,252
Wabash
National
Corp.
1,708
17,012
Watts
Water
Technologies,
Inc.,
Class
A
995
261,008
Worthington
Enterprises,
Inc.
504
31,233
51,646,767
Marine
Transportation
0.0%
†
Costamare,
Inc.
2,989
30,159
Golden
Ocean
Group
Ltd.
1,752
14,297
Matson,
Inc.
1,244
132,834
177,290
Media
0.3%
AMC
Networks,
Inc.,
Class
A*
619
3,708
Cable
One,
Inc.
245
31,355
EchoStar
Corp.,
Class
A*
3,167
103,213
EW
Scripps
Co.
(The),
Class
A*
2,039
6,097
Gambling.com
Group
Ltd.*
1,113
11,764
Gray
Media,
Inc.
6,034
27,213
Ibotta,
Inc.,
Class
A*
243
8,833
Common
Stocks
Shares
Value
($)
Media
iHeartMedia,
Inc.,
Class
A*
13,037
24,379
John
Wiley
&
Sons,
Inc.,
Class
A
2,156
83,222
Magnite,
Inc.*
3,395
78,119
National
CineMedia,
Inc.
6,472
31,130
New
York
Times
Co.
(The),
Class
A
55,527
2,881,296
Nexxen
International
Ltd.*
3,189
32,783
Omnicom
Group,
Inc.
71,470
5,149,414
PubMatic,
Inc.,
Class
A*
731
8,779
Scholastic
Corp.
1,128
27,828
TEGNA,
Inc.
8,229
137,424
Thryv
Holdings,
Inc.*
746
9,817
Townsquare
Media,
Inc.,
Class
A
3,050
21,015
8,677,389
Metals
&
Mining
0.5%
Agnico
Eagle
Mines
Ltd.
22,182
2,758,554
Alpha
Metallurgical
Resources,
Inc.*
385
45,457
Ascent
Industries
Co.*
1,230
15,781
Caledonia
Mining
Corp.
plc
2,151
42,353
Century
Aluminum
Co.*
2,001
42,381
Coeur
Mining,
Inc.*
19,984
173,661
Commercial
Metals
Co.
4,498
233,266
Compass
Minerals
International,
Inc.*
1,090
21,724
Constellium
SE,
Class
A*
2,833
38,840
Contango
ORE,
Inc.*
809
15,080
Critical
Metals
Corp.*
3,871
14,594
Freeport-McMoRan,
Inc.
79,590
3,202,702
Hecla
Mining
Co.
19,406
111,390
Idaho
Strategic
Resources,
Inc.*
799
13,104
Ivanhoe
Electric,
Inc.*
2,324
22,217
Kaiser
Aluminum
Corp.
142
10,978
Materion
Corp.
470
49,491
Metallus,
Inc.*
348
5,498
Novagold
Resources,
Inc.*
7,846
40,721
Nucor
Corp.
16,530
2,364,947
Perpetua
Resources
Corp.*
1,365
20,611
Ramaco
Resources,
Inc.,
Class
A
1,278
26,007
Ryerson
Holding
Corp.
852
17,551
SSR
Mining,
Inc.*
6,666
79,659
Steel
Dynamics,
Inc.(a)
39,245
5,006,092
SunCoke
Energy,
Inc.
4,456
32,930
United
States
Antimony
Corp.*
4,465
13,663
Vox
Royalty
Corp.
5,015
15,898
Warrior
Met
Coal,
Inc.
1,402
72,035
Worthington
Steel,
Inc.
747
22,798
14,529,983
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0.1%
Advanced
Flower
Capital,
Inc.
1,539
6,787
Apollo
Commercial
Real
Estate
Finance,
Inc.
7,161
68,889
Arbor
Realty
Trust,
Inc.
7,099
79,225
Ares
Commercial
Real
Estate
Corp.
3,717
16,615
ARMOUR
Residential
REIT,
Inc.
1,923
31,364
Nationwide
Fundamental
All
Cap
Equity
Portfolio
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
59
Common
Stocks
Shares
Value
($)
Mortgage
Real
Estate
Investment
Trusts
(REITs)
Blackstone
Mortgage
Trust,
Inc.,
Class
A
4,930
91,106
BrightSpire
Capital,
Inc.,
Class
A
5,538
28,687
Chicago
Atlantic
Real
Estate
Finance,
Inc.
1,715
22,278
Chimera
Investment
Corp.
1,936
25,884
Claros
Mortgage
Trust,
Inc.
3,154
8,989
Dynex
Capital,
Inc.
2,528
31,448
Franklin
BSP
Realty
Trust,
Inc.
3,424
34,582
KKR
Real
Estate
Finance
Trust,
Inc.
4,246
38,384
Ladder
Capital
Corp.,
Class
A
5,715
62,408
Lument
Finance
Trust,
Inc.
7,452
16,096
MFA
Financial,
Inc.
1,240
11,272
Ready
Capital
Corp.
11,581
48,756
Seven
Hills
Realty
Trust
2,340
24,079
Starwood
Property
Trust,
Inc.
144,895
2,819,657
TPG
RE
Finance
Trust,
Inc.
4,659
40,533
Two
Harbors
Investment
Corp.
2,932
28,587
3,535,626
Multi-Utilities
0.5%
Avista
Corp.
3,200
119,360
Black
Hills
Corp.
2,504
144,681
CenterPoint
Energy,
Inc.
77,638
3,013,907
CMS
Energy
Corp.
78,116
5,764,961
Northwestern
Energy
Group,
Inc.
1,335
71,690
Public
Service
Enterprise
Group,
Inc.
17,006
1,526,969
Sempra
29,931
2,444,764
Unitil
Corp.
387
19,961
13,106,293
Office
REITs
0.0%
†
Brandywine
Realty
Trust
5,289
21,156
COPT
Defense
Properties
5,021
136,973
Douglas
Emmett,
Inc.
4,216
63,915
Easterly
Government
Properties,
Inc.,
Class
A
1,336
29,392
Empire
State
Realty
Trust,
Inc.,
Class
A
4,975
36,019
Hudson
Pacific
Properties,
Inc.*
12,552
30,752
JBG
SMITH
Properties
1,449
30,690
NET
Lease
Office
Properties*
1,597
53,004
Paramount
Group,
Inc.*
4,964
30,380
Peakstone
Realty
Trust
2,572
34,979
Piedmont
Realty
Trust,
Inc.,
Class
A
7,421
56,103
Postal
Realty
Trust,
Inc.,
Class
A
3,257
44,653
568,016
Oil,
Gas
&
Consumable
Fuels
3.0%
Ardmore
Shipping
Corp.
2,703
29,409
Berry
Corp.
5,389
16,275
California
Resources
Corp.
2,516
121,221
Calumet,
Inc.*
990
15,781
Centrus
Energy
Corp.,
Class
A*
426
91,760
Cheniere
Energy,
Inc.
6,832
1,611,532
Common
Stocks
Shares
Value
($)
Oil,
Gas
&
Consumable
Fuels
Chevron
Corp.
102,575
15,554,473
Clean
Energy
Fuels
Corp.*
6,091
12,365
CNX
Resources
Corp.*
4,948
149,974
Comstock
Resources,
Inc.*
1,153
20,604
ConocoPhillips
94,652
9,024,122
Crescent
Energy
Co.,
Class
A
2,211
20,430
CVR
Energy,
Inc.
540
14,461
Delek
US
Holdings,
Inc.
2,426
54,270
DHT
Holdings,
Inc.
6,792
75,323
Diamondback
Energy,
Inc.
12,245
1,820,342
Diversified
Energy
Co.
plc
Reg.
S
1,040
15,662
Dorian
LPG
Ltd.
1,549
44,596
DT
Midstream,
Inc.
10,359
1,064,180
Energy
Fuels,
Inc.*
5,343
48,568
EOG
Resources,
Inc.
27,891
3,347,478
EQT
Corp.
40,899
2,198,321
Excelerate
Energy,
Inc.,
Class
A
1,284
32,947
Exxon
Mobil
Corp.
241,688
26,982,048
FLEX
LNG
Ltd.
2,173
54,477
Golar
LNG
Ltd.
2,677
110,185
Green
Plains,
Inc.*
1,020
8,435
Gulfport
Energy
Corp.*
435
75,747
Hess
Midstream
LP,
Class
A
17,687
769,915
International
Seaways,
Inc.
1,807
72,099
Kinetik
Holdings,
Inc.,
Class
A
974
42,252
Kosmos
Energy
Ltd.*
12,123
26,064
Lightbridge
Corp.*
1,112
14,990
Magnolia
Oil
&
Gas
Corp.,
Class
A
6,917
164,763
Murphy
Oil
Corp.
5,156
127,920
Navigator
Holdings
Ltd.
2,049
32,313
New
Fortress
Energy,
Inc.*
10,859
29,591
NextDecade
Corp.*
4,254
48,325
Nordic
American
Tankers
Ltd.
3,700
10,323
Northern
Oil
&
Gas,
Inc.
1,972
55,532
Ovintiv,
Inc.
69,827
2,875,476
Par
Pacific
Holdings,
Inc.*
1,665
52,248
PBF
Energy,
Inc.,
Class
A
2,830
63,958
Phillips
66
72,540
8,964,493
PrimeEnergy
Resources
Corp.*
176
29,668
REX
American
Resources
Corp.*
118
6,169
Riley
Exploration
Permian,
Inc.
1,096
28,759
Sable
Offshore
Corp.*
2,257
69,222
SandRidge
Energy,
Inc.
1,103
11,460
Scorpio
Tankers,
Inc.
2,150
97,201
SFL
Corp.
Ltd.
2,019
18,534
Shell
plc,
ADR
13,023
940,391
Sitio
Royalties
Corp.,
Class
A
2,077
37,739
SM
Energy
Co.
3,867
106,691
Talos
Energy,
Inc.*
2,247
19,212
Targa
Resources
Corp.
6,989
1,163,039
Teekay
Corp.
Ltd.
6,945
50,004
Teekay
Tankers
Ltd.,
Class
A
1,083
45,865
Uranium
Energy
Corp.*
11,790
102,219
VAALCO
Energy,
Inc.
8,641
32,145
Vital
Energy,
Inc.*
985
18,410
Vitesse
Energy,
Inc.
1,687
40,370
W&T
Offshore,
Inc.
10,395
18,399
60
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Fundamental
All
Cap
Equity
Portfolio
Common
Stocks
Shares
Value
($)
Oil,
Gas
&
Consumable
Fuels
Williams
Cos.,
Inc.
(The)
38,819
2,327,199
World
Kinect
Corp.
2,002
54,595
81,182,539
Paper
&
Forest
Products
0.0%
†
Sylvamo
Corp.
1,607
74,034
Passenger
Airlines
0.3%
Allegiant
Travel
Co.*
426
21,999
Delta
Air
Lines,
Inc.
41,026
2,182,994
JetBlue
Airways
Corp.*
7,476
33,193
Joby
Aviation,
Inc.*
14,335
238,821
SkyWest,
Inc.*
1,493
173,128
Sun
Country
Airlines
Holdings,
Inc.*
1,939
22,473
United
Airlines
Holdings,
Inc.*
77,003
6,800,135
9,472,743
Personal
Care
Products
0.4%
BellRing
Brands,
Inc.*
34,348
1,874,714
Edgewell
Personal
Care
Co.
2,174
54,850
Herbalife
Ltd.*
2,423
22,292
Interparfums,
Inc.
599
72,239
Kenvue,
Inc.
241,317
5,173,836
Lifevantage
Corp.
1,198
15,035
Nu
Skin
Enterprises,
Inc.,
Class
A
4,144
34,727
Unilever
plc,
ADR-UK
63,264
3,696,515
10,944,208
Pharmaceuticals
2.3%
Amneal
Pharmaceuticals,
Inc.*
8,124
63,530
Amphastar
Pharmaceuticals,
Inc.*
1,006
21,076
ANI
Pharmaceuticals,
Inc.*
279
17,675
AstraZeneca
plc,
ADR-UK
109,670
8,015,780
Axsome
Therapeutics,
Inc.*
1,159
117,499
Biote
Corp.,
Class
A*
2,676
10,891
Bristol-Myers
Squibb
Co.
66,335
2,872,969
Collegium
Pharmaceutical,
Inc.*
1,838
54,883
CorMedix,
Inc.*
710
8,286
Crinetics
Pharmaceuticals,
Inc.*
2,163
61,840
Edgewise
Therapeutics,
Inc.*
3,406
48,570
Eli
Lilly
&
Co.
40,132
29,700,489
Esperion
Therapeutics,
Inc.*
12,356
17,546
Evolus,
Inc.*
2,720
24,262
Fulcrum
Therapeutics,
Inc.*
1,788
12,033
Harmony
Biosciences
Holdings,
Inc.*
1,428
50,237
Harrow,
Inc.*
1,221
38,779
Indivior
plc*
3,996
80,719
Innoviva,
Inc.*
3,730
67,774
Johnson
&
Johnson
90,032
14,831,872
LENZ
Therapeutics,
Inc.*
578
17,207
Ligand
Pharmaceuticals,
Inc.*
476
62,632
Liquidia
Corp.*
1,853
34,633
MBX
Biosciences,
Inc.*
1,671
22,141
Merck
&
Co.,
Inc.
68,026
5,314,191
Mind
Medicine
MindMed,
Inc.*
2,326
21,143
Novo
Nordisk
A/S,
ADR-DK
7,085
333,491
Nuvation
Bio,
Inc.*
4,822
11,380
Ocular
Therapeutix,
Inc.*
3,498
40,507
Common
Stocks
Shares
Value
($)
Pharmaceuticals
Omeros
Corp.*
2,727
10,553
Pacira
BioSciences,
Inc.*
1,320
27,839
Phathom
Pharmaceuticals,
Inc.*
1,881
16,064
Phibro
Animal
Health
Corp.,
Class
A
1,677
44,440
Prestige
Consumer
Healthcare,
Inc.*
2,123
156,996
SIGA
Technologies,
Inc.
3,132
20,703
Supernus
Pharmaceuticals,
Inc.*
2,410
84,591
Tarsus
Pharmaceuticals,
Inc.*
925
35,908
Terns
Pharmaceuticals,
Inc.*
7,937
46,273
Trevi
Therapeutics,
Inc.*
542
4,013
WaVe
Life
Sciences
Ltd.*
2,683
21,732
Xeris
Biopharma
Holdings,
Inc.*
3,023
15,387
62,458,534
Professional
Services
0.8%
Alight,
Inc.,
Class
A
7,300
39,128
Barrett
Business
Services,
Inc.
1,257
57,784
BlackSky
Technology,
Inc.*
877
16,873
Booz
Allen
Hamilton
Holding
Corp.,
Class
A
52,736
5,660,155
CACI
International,
Inc.,
Class
A*
7,515
3,461,184
CBIZ,
Inc.*
930
56,842
CRA
International,
Inc.
383
67,661
CSG
Systems
International,
Inc.
1,366
85,320
Exponent,
Inc.
1,171
80,752
Heidrick
&
Struggles
International,
Inc.
1,303
58,023
Huron
Consulting
Group,
Inc.*
814
107,513
IBEX
Holdings
Ltd.*
1,614
47,726
ICF
International,
Inc.
797
66,860
Innodata,
Inc.*
1,113
61,104
Insperity,
Inc.
747
44,506
Jacobs
Solutions,
Inc.
22,544
3,198,317
Kforce,
Inc.
997
34,745
Korn
Ferry
2,160
153,079
Legalzoom.com,
Inc.*
1,747
15,706
Maximus,
Inc.
2,264
167,219
Planet
Labs
PBC*
5,867
36,669
Resolute
Holdings
Management,
Inc.*
381
15,442
Skillsoft
Corp.*
1,029
14,674
Spire
Global,
Inc.*
1,132
11,354
TransUnion
47,331
4,505,438
TriNet
Group,
Inc.
636
43,127
TTEC
Holdings,
Inc.*
1,395
6,947
Upwork,
Inc.*
2,519
30,127
Verisk
Analytics,
Inc.,
Class
A
8,843
2,464,633
Verra
Mobility
Corp.,
Class
A*
5,394
136,252
Willdan
Group,
Inc.*
197
16,804
WNS
Holdings
Ltd.*
1,318
98,573
20,860,537
Real
Estate
Management
&
Development
0.0%
†
Anywhere
Real
Estate,
Inc.*
9,365
43,266
Compass,
Inc.,
Class
A*
9,622
76,399
Cushman
&
Wakefield
plc*
8,401
102,408
Nationwide
Fundamental
All
Cap
Equity
Portfolio
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
61
Common
Stocks
Shares
Value
($)
Real
Estate
Management
&
Development
eXp
World
Holdings,
Inc.
3,001
32,351
Newmark
Group,
Inc.,
Class
A
6,147
93,250
RE/MAX
Holdings,
Inc.,
Class
A*
5,321
40,918
Real
Brokerage,
Inc.
(The)*
3,285
12,976
RMR
Group,
Inc.
(The),
Class
A
2,183
35,059
St
Joe
Co.
(The)
1,049
52,975
489,602
Residential
REITs
0.7%
Apartment
Investment
and
Management
Co.,
Class
A
5,796
48,744
AvalonBay
Communities,
Inc.
27,295
5,084,513
Camden
Property
Trust
44,524
4,862,021
Centerspace
460
25,038
Elme
Communities
3,788
57,123
Equity
LifeStyle
Properties,
Inc.
110,204
6,603,424
Equity
Residential
17,713
1,119,462
Independence
Realty
Trust,
Inc.
6,426
107,764
Invitation
Homes,
Inc.
43,927
1,346,362
NexPoint
Residential
Trust,
Inc.
1,497
46,676
Veris
Residential,
Inc.
1,904
26,808
19,327,935
Retail
REITs
0.0%
†
Acadia
Realty
Trust
1,270
23,775
Alexander's,
Inc.
210
52,750
CBL
&
Associates
Properties,
Inc.
2,536
68,624
Curbline
Properties
Corp.
1,321
29,194
Getty
Realty
Corp.
2,542
70,642
InvenTrust
Properties
Corp.
2,619
72,206
Kite
Realty
Group
Trust
5,255
115,505
Macerich
Co.
(The)
6,840
114,296
NETSTREIT
Corp.
1,857
33,853
Phillips
Edison
&
Co.,
Inc.
3,507
118,502
Tanger,
Inc.
4,766
143,075
Urban
Edge
Properties
4,081
80,477
Whitestone
REIT
3,967
48,358
971,257
Semiconductors
&
Semiconductor
Equipment
11.6%
ACM
Research,
Inc.,
Class
A*
2,039
61,904
Alpha
&
Omega
Semiconductor
Ltd.*
1,406
35,811
Ambarella,
Inc.*
921
60,869
Analog
Devices,
Inc.
38,589
8,668,247
ASML
Holding
NV
(Registered),
ADR-NL
2,482
1,724,270
Axcelis
Technologies,
Inc.*
1,171
79,265
Broadcom,
Inc.
217,003
63,733,781
Cohu,
Inc.*
668
11,931
Credo
Technology
Group
Holding
Ltd.*
4,515
503,648
Diodes,
Inc.*
1,133
55,936
FormFactor,
Inc.*
2,627
74,633
Ichor
Holdings
Ltd.*
1,366
27,033
Impinj,
Inc.*
666
102,950
Common
Stocks
Shares
Value
($)
Semiconductors
&
Semiconductor
Equipment
indie
Semiconductor,
Inc.,
Class
A*
3,162
12,363
KLA
Corp.
11,169
9,817,886
Kulicke
&
Soffa
Industries,
Inc.
2,323
76,102
Lam
Research
Corp.
74,311
7,047,655
Marvell
Technology,
Inc.
64,375
5,173,819
MaxLinear,
Inc.,
Class
A*
2,286
36,165
Micron
Technology,
Inc.
44,827
4,892,419
Navitas
Semiconductor
Corp.,
Class
A*
5,077
37,214
NVE
Corp.
519
32,868
NVIDIA
Corp.
1,083,211
192,670,741
PDF
Solutions,
Inc.*
329
7,314
Penguin
Solutions,
Inc.*
1,656
39,032
Photronics,
Inc.*
2,993
60,938
Power
Integrations,
Inc.
2,132
103,445
QUALCOMM,
Inc.
35,524
5,213,502
Rambus,
Inc.*
3,908
288,918
Rigetti
Computing,
Inc.*
8,798
127,571
Semtech
Corp.*
2,664
136,130
Silicon
Laboratories,
Inc.*
946
124,654
SiTime
Corp.*
580
117,653
Synaptics,
Inc.*
863
54,110
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR-TW
26,938
6,508,760
Texas
Instruments,
Inc.
51,700
9,360,802
Ultra
Clean
Holdings,
Inc.*
1,072
24,141
Veeco
Instruments,
Inc.*
768
15,959
317,120,439
Software
11.8%
8x8,
Inc.*
5,855
11,359
A10
Networks,
Inc.
4,289
79,003
ACI
Worldwide,
Inc.*
3,872
164,792
Adeia,
Inc.
5,405
69,995
Agilysys,
Inc.*
713
81,339
Alarm.com
Holdings,
Inc.*
1,665
90,959
Alkami
Technology,
Inc.*
1,313
29,267
Appian
Corp.,
Class
A*
704
19,437
AppLovin
Corp.,
Class
A*
16,499
6,446,159
Arteris,
Inc.*
1,972
19,444
Asana,
Inc.,
Class
A*
2,599
38,153
Atlassian
Corp.,
Class
A*
26,874
5,153,896
AudioEye,
Inc.*
1,146
14,680
Autodesk,
Inc.*
23,809
7,216,746
AvePoint,
Inc.*
3,389
64,662
Bit
Digital,
Inc.*
8,126
23,647
Bitdeer
Technologies
Group,
Class
A*
4,710
60,712
Blackbaud,
Inc.*
1,694
114,209
BlackLine,
Inc.*
1,597
85,887
Blend
Labs,
Inc.,
Class
A*
3,339
11,052
Box,
Inc.,
Class
A*
5,238
168,140
Braze,
Inc.,
Class
A*
748
20,847
C3.ai,
Inc.,
Class
A*
2,784
65,591
Cerence,
Inc.*
3,371
28,991
Check
Point
Software
Technologies
Ltd.*
21,768
4,053,202
Cipher
Mining,
Inc.*
12,850
70,161
Cleanspark,
Inc.*
9,304
105,786
Clear
Secure,
Inc.,
Class
A
4,092
120,346
62
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Fundamental
All
Cap
Equity
Portfolio
Common
Stocks
Shares
Value
($)
Software
Clearwater
Analytics
Holdings,
Inc.,
Class
A*
5,432
110,052
Commvault
Systems,
Inc.*
1,508
286,445
Consensus
Cloud
Solutions,
Inc.*
1,802
36,364
Core
Scientific,
Inc.*
5,578
75,526
Crowdstrike
Holdings,
Inc.,
Class
A*
15,646
7,112,202
Daily
Journal
Corp.*
34
13,586
Datadog,
Inc.,
Class
A*(a)
46,483
6,506,690
Digital
Turbine,
Inc.*
1,268
6,911
D-Wave
Quantum,
Inc.*
8,377
144,001
Dynatrace,
Inc.*
100,211
5,272,101
Fair
Isaac
Corp.*
2,519
3,619,098
Freshworks,
Inc.,
Class
A*
4,555
59,169
Hut
8
Corp.*
4,063
86,258
I3
Verticals,
Inc.,
Class
A*
599
16,760
Intapp,
Inc.*
1,061
42,493
InterDigital,
Inc.
1,065
274,983
Intuit,
Inc.
21,553
16,921,907
Jamf
Holding
Corp.*
581
4,613
Life360,
Inc.*
238
18,228
LiveRamp
Holdings,
Inc.*
2,979
97,771
MARA
Holdings,
Inc.*
11,276
181,318
Meridianlink,
Inc.*
351
5,609
Microsoft
Corp.
353,648
188,671,208
Mitek
Systems,
Inc.*
1,671
15,072
Monday.com
Ltd.*
21,171
5,552,942
N-able,
Inc.*
950
7,676
NCR
Voyix
Corp.*
2,215
30,168
NextNav,
Inc.*
1,959
28,974
Olo,
Inc.,
Class
A*
1,640
17,187
OneSpan,
Inc.
3,397
50,106
Ooma,
Inc.*
1,323
15,056
Oracle
Corp.
62,424
15,841,338
Pagaya
Technologies
Ltd.,
Class
A*
2,021
60,731
PagerDuty,
Inc.*
1,754
28,274
Porch
Group,
Inc.*
2,644
33,367
Progress
Software
Corp.
1,927
92,650
Q2
Holdings,
Inc.*
1,482
120,338
Qualys,
Inc.*
1,287
171,261
Rapid7,
Inc.*
1,249
26,379
Red
Violet,
Inc.
1,022
45,305
ReposiTrak,
Inc.
1,793
29,549
Rezolve
AI
plc*
5,644
16,537
Riot
Platforms,
Inc.*
11,512
154,376
Salesforce,
Inc.
80,728
20,854,464
Sapiens
International
Corp.
NV
2,010
55,094
SEMrush
Holdings,
Inc.,
Class
A*
1,039
9,309
ServiceNow,
Inc.*
10,204
9,623,596
SoundHound
AI,
Inc.,
Class
A*
11,633
120,169
Sprout
Social,
Inc.,
Class
A*
587
10,067
SPS
Commerce,
Inc.*
1,231
134,013
Synopsys,
Inc.*
13,043
8,262,349
Tenable
Holdings,
Inc.*
2,675
83,754
Terawulf,
Inc.*
15,020
77,503
Tyler
Technologies,
Inc.*
10,329
6,037,920
Common
Stocks
Shares
Value
($)
Software
Varonis
Systems,
Inc.,
Class
B*
2,643
147,559
Verint
Systems,
Inc.*
2,591
55,137
Vertex,
Inc.,
Class
A*
1,115
36,985
Viant
Technology,
Inc.,
Class
A*
915
13,268
Workiva,
Inc.,
Class
A*
1,071
68,362
Yext,
Inc.*
5,846
47,470
Zeta
Global
Holdings
Corp.,
Class
A*
5,452
85,324
322,051,384
Specialized
REITs
0.4%
Farmland
Partners,
Inc.
1,403
14,689
Four
Corners
Property
Trust,
Inc.
70,629
1,782,676
Outfront
Media,
Inc.
5,922
103,813
PotlatchDeltic
Corp.
2,149
87,873
Smartstop
Self
Storage
REIT,
Inc.
889
30,119
Uniti
Group,
Inc.*
6,239
33,191
VICI
Properties,
Inc.,
Class
A
208,153
6,785,788
Weyerhaeuser
Co.
48,585
1,217,054
10,055,203
Specialty
Retail
2.5%
Abercrombie
&
Fitch
Co.,
Class
A*
1,352
129,819
Academy
Sports
&
Outdoors,
Inc.
1,677
85,175
Advance
Auto
Parts,
Inc.
1,812
96,163
American
Eagle
Outfitters,
Inc.
6,152
66,442
Asbury
Automotive
Group,
Inc.*
616
136,826
Beyond,
Inc.*
5,621
50,308
Boot
Barn
Holdings,
Inc.*
1,073
184,449
Buckle,
Inc.
(The)
1,691
83,485
Build-A-Bear
Workshop,
Inc.
917
46,501
Caleres,
Inc.
1,168
16,037
Camping
World
Holdings,
Inc.,
Class
A
545
7,543
Citi
Trends,
Inc.*
694
21,181
Designer
Brands,
Inc.,
Class
A
8,846
24,946
EVgo,
Inc.,
Class
A*
4,180
14,086
Foot
Locker,
Inc.*
1,736
43,469
Genesco,
Inc.*
1,062
25,552
Group
1
Automotive,
Inc.
438
180,522
Home
Depot,
Inc.
(The)
74,185
27,263,729
Lands'
End,
Inc.*
432
5,067
Lowe's
Cos.,
Inc.
38,227
8,546,410
National
Vision
Holdings,
Inc.*
2,347
56,938
O'Reilly
Automotive,
Inc.*
74,148
7,290,231
RealReal,
Inc.
(The)*
3,796
19,967
Revolve
Group,
Inc.,
Class
A*
915
18,986
Sally
Beauty
Holdings,
Inc.*
3,783
36,846
Signet
Jewelers
Ltd.
1,527
120,786
Sleep
Number
Corp.*
5,418
39,714
Sonic
Automotive,
Inc.,
Class
A
446
32,268
TJX
Cos.,
Inc.
(The)
122,098
15,204,864
Torrid
Holdings,
Inc.*
5,793
14,424
Ulta
Beauty,
Inc.*
7,483
3,853,820
Urban
Outfitters,
Inc.*
2,335
175,779
Nationwide
Fundamental
All
Cap
Equity
Portfolio
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
63
Common
Stocks
Shares
Value
($)
Specialty
Retail
Valvoline,
Inc.*
63,969
2,254,907
Victoria's
Secret
&
Co.*
1,725
32,430
Warby
Parker,
Inc.,
Class
A*
85,382
2,044,899
Winmark
Corp.
55
20,758
Zumiez,
Inc.*
363
4,977
68,250,304
Technology
Hardware,
Storage
&
Peripherals
5.1%
Apple,
Inc.
653,485
135,643,882
CompoSecure,
Inc.,
Class
A*
1,063
15,105
CPI
Card
Group,
Inc.*
393
7,628
Dell
Technologies,
Inc.,
Class
C
28,572
3,791,219
Diebold
Nixdorf,
Inc.*
1,403
78,975
IonQ,
Inc.*
6,083
242,529
Quantum
Computing,
Inc.*
3,245
48,156
Xerox
Holdings
Corp.
7,684
31,120
139,858,614
Textiles,
Apparel
&
Luxury
Goods
0.2%
Capri
Holdings
Ltd.*
3,307
60,154
Carter's,
Inc.
1,048
25,404
Figs,
Inc.,
Class
A*
2,354
15,301
G-III
Apparel
Group
Ltd.*
1,481
34,952
Hanesbrands,
Inc.*
7,658
31,321
Kontoor
Brands,
Inc.
1,803
100,355
Movado
Group,
Inc.
974
15,107
NIKE,
Inc.,
Class
B
56,461
4,217,072
Steven
Madden
Ltd.
2,847
68,342
Superior
Group
of
Cos.,
Inc.
1,464
14,128
Wolverine
World
Wide,
Inc.
3,285
74,175
4,656,311
Tobacco
0.4%
Philip
Morris
International,
Inc.
57,822
9,485,699
Turning
Point
Brands,
Inc.
723
59,966
Universal
Corp.
555
30,231
9,575,896
Trading
Companies
&
Distributors
0.5%
Alta
Equipment
Group,
Inc.
2,122
16,467
Boise
Cascade
Co.
1,544
129,403
DNOW,
Inc.*
3,567
55,503
DXP
Enterprises,
Inc.*
333
37,716
Fastenal
Co.
151,206
6,975,133
GATX
Corp.
960
146,582
GMS,
Inc.*
1,410
154,592
Herc
Holdings,
Inc.
991
115,759
Karat
Packaging,
Inc.
763
20,776
McGrath
RentCorp
979
122,169
MRC
Global,
Inc.*
3,715
54,536
NPK
International,
Inc.*
1,564
14,107
Rush
Enterprises,
Inc.,
Class
A
1,840
99,618
Rush
Enterprises,
Inc.,
Class
B
1,055
57,297
United
Rentals,
Inc.
4,762
4,204,560
Xometry,
Inc.,
Class
A*
776
25,096
12,229,314
Water
Utilities
0.0%
†
American
States
Water
Co.
1,002
73,737
Cadiz,
Inc.*
5,122
16,288
California
Water
Service
Group
1,479
67,250
Common
Stocks
Shares
Value
($)
Water
Utilities
Consolidated
Water
Co.
Ltd.
774
22,516
H2O
America
514
24,821
Middlesex
Water
Co.
837
43,189
Pure
Cycle
Corp.*
1,329
13,024
York
Water
Co.
(The)
599
18,126
278,951
Wireless
Telecommunication
Services
0.3%
Gogo,
Inc.*
1,604
25,439
Spok
Holdings,
Inc.
2,162
39,651
Telephone
&
Data
Systems,
Inc.
2,501
97,639
Tingo
Group,
Inc.*
1,247
30
T-Mobile
US,
Inc.
31,292
7,460,326
7,623,085
Total
Common
Stocks
(cost
$2,169,131,755)
2,648,610,660
Exchange
Traded
Funds
2.5%
Equity
Funds  2.5%
iShares
Russell
1000
ETF
40,104
13,930,525
iShares
Russell
2000
ETF(a)
249,184
54,668,478
68,599,003
Total
Exchange
Traded
Funds
(cost
$61,389,380)
68,599,003
Rights
0.0%
†
Number
of
Rights
Biotechnology
0.0%
†
Bluebird
Bio,
Inc.,
CVR*∞
1,787
0
Chinook
Therapeutics,
Inc.,
CVR*^∞
485
0
Icosavax,
Inc.,
CVR*^∞
284
0
Inhibrx,
Inc.,
CVR*^∞
457
0
Poseida
Therapeutics,
Inc.,
CVR*∞
3,119
0
Verve
Therapeutics,
Inc.,
CVR*∞
2,006
0
0
Health
Care
Equipment
&
Supplies
0.0%
†
Paragon
28,
Inc.,
CVR*∞
679
0
Total
Rights
(cost
$0)
0
Warrants
0.0%
†
Number
of
Warrants
Electrical
Equipment
0.0%
†
Enovix
Corp.,
expiring
10/1/2026*
749
3,498
Total
Warrants
(cost
$0)
3,498
64
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Fundamental
All
Cap
Equity
Portfolio
Repurchase
Agreement
1.2%
Principal
Amount
($)
Value
($)
CF
Secured,
LLC,
4.34%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$33,416,062,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.00%,
maturing
8/31/2025
-
2/15/2053;
total
market
value
$34,084,390.(b)
33,412,034
33,412,034
Total
Repurchase
Agreement
(cost
$33,412,034)
33,412,034
Total
Investments
(cost
$2,263,933,169)
—
101.0%
2,750,625,195
Liabilities
in
excess
of
other
assets
—
(1.0)%
(28,227,154)
NET
ASSETS
—
100.0%
$
2,722,398,041
*
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,
2025.
The
total
value
of
securities
on
loan
as
of
July
31,
2025
was
$74,786,882,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$33,412,034
and
by
$46,765,581
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.13%,
and
maturity
dates
ranging
from
8/7/2025
-
8/15/2054,
a
total
value
of
$80,177,615.
(b)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2025
was
$33,412,034.
ADR
American
Depositary
Receipt
CVR
Contingent
Value
Rights
DE
Germany
DK
Denmark
ETF
Exchange
Traded
Fund
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
TW
Taiwan
UK
United
Kingdom
Nationwide
Fundamental
All
Cap
Equity
Portfolio
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
65
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
66
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Fundamental
All
Cap
Equity
Portfolio
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2025.
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
$
56,086,470
$
–
$
–
$
56,086,470
Air
Freight
&
Logistics
99,982
–
–
99,982
Automobile
Components
5,982,392
–
–
5,982,392
Automobiles
37,431,035
–
–
37,431,035
Banks
112,333,108
–
–
112,333,108
Beverages
27,382,836
–
–
27,382,836
Biotechnology
33,368,664
–
–
33,368,664
Broadline
Retail
101,549,810
–
–
101,549,810
Building
Products
11,430,327
–
–
11,430,327
Capital
Markets
79,637,780
–
–
79,637,780
Chemicals
35,699,108
–
–
35,699,108
Commercial
Services
&
Supplies
8,449,647
–
–
8,449,647
Communications
Equipment
9,731,418
–
–
9,731,418
Construction
&
Engineering
1,821,979
–
–
1,821,979
Construction
Materials
4,483,584
–
–
4,483,584
Consumer
Finance
17,718,180
–
–
17,718,180
Consumer
Staples
Distribution
&
Retail
46,594,174
–
–
46,594,174
Containers
&
Packaging
5,637,548
–
–
5,637,548
Distributors
34,605
–
–
34,605
Diversified
Consumer
Services
1,011,449
–
–
1,011,449
Diversified
REITs
481,352
–
–
481,352
Diversified
Telecommunication
Services
7,610,357
–
–
7,610,357
Electric
Utilities
34,945,758
–
–
34,945,758
Electrical
Equipment
42,598,095
2
–
42,598,097
Electronic
Equipment,
Instruments
&
Components
16,602,650
–
–
16,602,650
Energy
Equipment
&
Services
3,604,354
–
–
3,604,354
Entertainment
67,516,037
–
–
67,516,037
Financial
Services
107,776,632
–
–
107,776,632
Food
Products
7,583,093
–
–
7,583,093
Gas
Utilities
5,688,027
–
–
5,688,027
Ground
Transportation
22,741,354
–
–
22,741,354
Health
Care
Equipment
&
Supplies
66,266,513
–
–
66,266,513
Health
Care
Providers
&
Services
34,962,525
–
–
34,962,525
Health
Care
REITs
11,565,581
–
–
11,565,581
Health
Care
Technology
2,141,207
–
–
2,141,207
Hotel
&
Resort
REITs
492,299
–
–
492,299
Hotels,
Restaurants
&
Leisure
65,262,708
–
–
65,262,708
Household
Durables
10,822,551
–
–
10,822,551
Household
Products
16,582,417
–
–
16,582,417
Independent
Power
and
Renewable
Electricity
Producers
13,104,209
–
–
13,104,209
Industrial
Conglomerates
17,942,627
–
–
17,942,627
Industrial
REITs
5,713,604
–
–
5,713,604
Insurance
78,179,373
–
–
78,179,373
Interactive
Media
&
Services
184,604,607
–
–
184,604,607
IT
Services
12,992,341
–
–
12,992,341
Leisure
Products
347,247
–
–
347,247
Life
Sciences
Tools
&
Services
24,276,792
–
–
24,276,792
Machinery
51,646,767
–
–
51,646,767
Marine
Transportation
177,290
–
–
177,290
Media
8,677,389
–
–
8,677,389
Metals
&
Mining
14,529,983
–
–
14,529,983
Mortgage
Real
Estate
Investment
Trusts
(REITs)
3,535,626
–
–
3,535,626
Multi-Utilities
13,106,293
–
–
13,106,293
Office
REITs
568,016
–
–
568,016
Oil,
Gas
&
Consumable
Fuels
81,182,539
–
–
81,182,539
Paper
&
Forest
Products
74,034
–
–
74,034
Nationwide
Fundamental
All
Cap
Equity
Portfolio
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
67
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. 
Level
1
Level
2
Level
3
Total
Assets:
Passenger
Airlines
$
9,472,743
$
–
$
–
$
9,472,743
Personal
Care
Products
10,944,208
–
–
10,944,208
Pharmaceuticals
62,458,534
–
–
62,458,534
Professional
Services
20,860,537
–
–
20,860,537
Real
Estate
Management
&
Development
489,602
–
–
489,602
Residential
REITs
19,327,935
–
–
19,327,935
Retail
REITs
971,257
–
–
971,257
Semiconductors
&
Semiconductor
Equipment
317,120,438
–
–
317,120,438
Software
322,051,383
–
–
322,051,383
Specialized
REITs
10,055,203
–
–
10,055,203
Specialty
Retail
68,250,304
–
–
68,250,304
Technology
Hardware,
Storage
&
Peripherals
139,858,614
–
–
139,858,614
Textiles,
Apparel
&
Luxury
Goods
4,656,311
–
–
4,656,311
Tobacco
9,575,896
–
–
9,575,896
Trading
Companies
&
Distributors
12,229,314
–
–
12,229,314
Water
Utilities
278,951
–
–
278,951
Wireless
Telecommunication
Services
7,623,085
–
–
7,623,085
Total
Common
Stocks
$
2,648,610,658
$
2
$
–
$
2,648,610,660
Exchange
Traded
Funds
68,599,003
–
–
68,599,003
Repurchase
Agreement
–
33,412,034
–
33,412,034
Rights  
–
–
–
–
Warrants
3,498
–
–
3,498
Total
$
2,717,213,159
$
33,412,036
$
–
$
2,750,625,195
As
of
July
31,
2025,
the
Fund
held
three
rights
investments
that
were
categorized
as
Level
3
investments
which
were
each
valued
at
$0.
Common
Stocks
Total
Balance
as
of
10/31/2024
$
—
$
—
Accrued
Accretion/(Amortization)
—
—
Realized
Gains
(Losses)
970
970
Purchases
—
—
Sales
(970)
(970)
Change
in
Unrealized
Appreciation/Depreciation
—
—
Transfers
into
Level
3
—
—
Transfers
out
of
Level
3
—
—
Balance
as
of
7/31/2025
$
—
$
—
Change
in
Unrealized
Appreciation/Depreciation
for
Investments
Still
Held
as
of
7/31/2025
$
—
$
—
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
Strategic
Income
Fund
(formerly,
Nationwide
Amundi
Strategic
Income
Fund)
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
1
Asset-Backed
Securities
14.7%
Principal
Amount
($)
Value
($)
CAYMAN
ISLANDS
1.9%
Other
1.9%
ACREC
Ltd.,
Series
2021-
FL1,
Class
A,
5.61%,
10/16/2036(a)(b)
774,550
774,494
Arbor
Realty
Collateralized
Loan
Obligation
Ltd.,
Series
2025-BTR1,
Class
B,
7.54%,
1/20/2041(a)(b)
4,890,000
4,877,778
FS
Rialto,
Series
2021-
FL3,
Class
A,
5.70%,
11/16/2036(a)(b)
1,307,914
1,307,945
Greystone
CRE
Notes
LLC,
Series
2025-
FL4,
Class
C,
7.23%,
1/15/2043(a)(b)
2,877,000
2,891,379
HGI
CRE
CLO
Ltd.,
Series
2021-FL2,
Class
A,
5.45%,
9/17/2036(a)(b)
306,795
305,896
LoanCore
Issuer
Ltd.,
Series
2022-CRE7,
Class
A,
5.89%,
1/17/2037(a)(b)
1,333,623
1,334,041
MF1,
Series
2024-FL16,
Class
A,
5.89%,
11/18/2039(a)(b)
5,150,000
5,166,086
MF1
Ltd.
Series
2021-FL7,
Class
A,
5.54%,
10/16/2036(a)
(b)
1,520,090
1,518,221
Series
2022-FL8,
Class
A,
5.70%,
2/19/2037(a)
(b)
1,902,283
1,902,328
Sound
Point
CLO
V-R
Ltd.,
Series
2014-1RA,
Class
B,
6.34%,
7/18/2031(a)
(b)
1,350,000
1,354,751
TRTX
Issuer
Ltd.,
Series
2022-FL5,
Class
A,
5.99%,
2/15/2039(a)(b)
2,028,173
2,027,664
23,460,583
UNITED
STATES
12.8%
Airlines
0.1%
Blackbird
Capital
II
Aircraft
Lease
Ltd.,
Series
2021-
1A,
Class
B,
3.45%,
7/15/2046(b)
963,530
909,167
Automobiles
6.0%
Ally
Bank
Auto
Credit-
Linked
Notes
Series
2024-A,
Class
E,
7.92%,
5/17/2032(b)
324,874
331,553
Series
2024-B,
Class
F,
8.04%,
9/15/2032(b)
858,782
866,122
American
Credit
Acceptance
Receivables
Trust,
Series
2025-
2,
Class
D,
5.50%,
7/14/2031(b)
2,280,000
2,304,303
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Automobiles
Arivo
Acceptance
Auto
Loan
Receivables
Trust,
Series
2024-1A,
Class
B,
6.87%,
6/17/2030(b)
2,410,000
2,460,879
Avis
Budget
Rental
Car
Funding
AESOP
LLC,
Series
2024-1A,
Class
C,
6.48%,
6/20/2030(b)
610,000
627,946
Carvana
Auto
Receivables
Trust,
Series
2024-
N3,
Class
E,
7.66%,
4/12/2032(b)
3,614,000
3,660,663
Exeter
Automobile
Receivables
Trust
Series
2024-4A,
Class
E,
7.65%,
2/17/2032(b)
5,270,000
5,495,516
Series
2025-1A,
Class
E,
7.48%,
9/15/2032(b)
7,440,000
7,660,407
Series
2025-2A,
Class
E,
7.81%,
10/15/2032(b)
1,830,000
1,893,682
Series
2025-3A,
Class
E,
7.52%,
12/15/2032(b)
2,300,000
2,353,929
FHF
Issuer
Trust
Series
2024-3A,
Class
C,
5.43%,
3/17/2031(b)
1,250,000
1,240,126
Series
2024-3A,
Class
D,
6.01%,
12/15/2031(b)
710,000
711,505
Ford
Credit
Auto
Lease
Trust,
Series
2023-
B,
Class
C,
6.43%,
4/15/2027
1,420,000
1,433,896
GLS
Auto
Receivables
Issuer
Trust
Series
2021-4A,
Class
E,
4.43%,
10/16/2028(b)
2,360,000
2,311,431
Series
2025-2A,
Class
D,
5.59%,
1/15/2031(b)
920,000
934,374
Series
2024-3A,
Class
C,
5.21%,
2/18/2031(b)
2,560,000
2,579,053
Series
2024-3A,
Class
D,
5.53%,
2/18/2031(b)
3,050,000
3,080,415
Series
2024-2A,
Class
E,
7.98%,
5/15/2031(b)
1,453,000
1,521,724
Series
2025-1A,
Class
E,
7.19%,
3/15/2032(b)
2,100,000
2,148,140
Series
2025-2A,
Class
E,
7.73%,
6/15/2032(b)
1,510,000
1,573,132
GLS
Auto
Select
Receivables
Trust,
Series
2024-1A,
Class
D,
6.43%,
1/15/2031(b)
2,060,000
2,130,777
Huntington
Bank
Auto
Credit-Linked
Notes,
Series
2024-1,
Class
D,
9.60%,
5/20/2032(a)(b)
269,196
275,472
JPMorgan
Chase
Bank
NA-CACLN,
Series
2021-3,
Class
F,
3.69%,
2/26/2029(b)
115,188
115,046
2
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Strategic
Income
Fund
(formerly,
Nationwide
Amundi
Strate-
gic
Income
Fund)
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Automobiles
Kinetic
Advantage
Master
Owner
Trust,
Series
2024-1A,
Class
A,
6.99%,
11/15/2027(a)(b)
2,550,000
2,556,439
Octane
Receivables
Trust
Series
2022-2A,
Class
D,
7.70%,
2/20/2030(b)
1,275,000
1,311,370
Series
2023-1A,
Class
D,
7.76%,
3/20/2030(b)
1,500,000
1,562,724
Prestige
Auto
Receivables
Trust
Series
2023-2A,
Class
D,
7.71%,
8/15/2029(b)
1,020,000
1,061,713
Series
2023-2A,
Class
E,
9.90%,
11/15/2030(b)
4,740,000
5,127,318
Santander
Bank
Auto
Credit-Linked
Notes
Series
2022-A,
Class
D,
9.97%,
5/15/2032(b)
535,328
536,839
Series
2024-A,
Class
F,
10.17%,
6/15/2032(b)
1,104,344
1,119,107
Santander
Drive
Auto
Receivables
Trust
Series
2024-1,
Class
C,
5.45%,
3/15/2030
830,000
840,058
Series
2024-4,
Class
D,
5.32%,
12/15/2031
2,270,000
2,282,635
Series
2024-5,
Class
D,
5.14%,
2/17/2032
2,760,000
2,768,210
Veros
Auto
Receivables
Trust,
Series
2025-
1,
Class
D,
8.79%,
5/17/2032(b)
2,230,000
2,318,288
Westlake
Automobile
Receivables
Trust,
Series
2024-2A,
Class
D,
5.91%,
4/15/2030(b)
2,320,000
2,351,480
71,546,272
Credit
Card
0.1%
Continental
Finance
Credit
Card
ABS
Master
Trust,
Series
2024-A,
Class
A,
5.78%,
12/15/2032(b)
740,000
745,727
Equipment
Loans
&
Leases
0.7%
Equify
ABS
LLC,
Series
2024-1A,
Class
A,
5.43%,
4/18/2033(b)
1,057,536
1,056,777
NMEF
Funding
LLC
Series
2024-A,
Class
C,
6.33%,
12/15/2031(b)
1,330,000
1,343,691
Series
2024-A,
Class
D,
8.75%,
12/15/2031(b)
1,570,000
1,604,310
Series
2025-A,
Class
D,
8.07%,
7/15/2032(b)
3,180,000
3,206,883
SCF
Equipment
Leasing
LLC,
Series
2022-
1A,
Class
E,
5.26%,
7/20/2032(b)
1,600,000
1,574,712
8,786,373
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Home
Equity
1.0%
FIGRE
Trust
Series
2023-HE3,
Class
A,
6.44%,
11/25/2053(a)
(b)
895,177
912,168
Series
2024-HE3,
Class
A,
5.94%,
7/25/2054(a)
(b)
1,974,869
1,995,631
RCKT
Mortgage
Trust,
Series
2025-CES6,
Class
A1A,
5.47%,
6/25/2055(b)(c)
5,833,773
5,859,208
Saluda
Grade
Alternative
Mortgage
Trust,
Series
2023-FIG4,
Class
A,
6.72%,
11/25/2053(a)(b)
2,027,626
2,080,632
Vista
Point
Securitization
Trust,
Series
2024-
CES1,
Class
A1,
6.68%,
5/25/2054(b)(c)
1,159,994
1,171,521
12,019,160
Manufactured
Housing
0.2%
Cascade
MH
Asset
Trust,
Series
2022-MH1,
Class
B1,
8.00%,
8/25/2054(a)
(b)
3,090,074
2,698,330
Other
3.9%
ACRES
LLC,
Series
2025-
FL3,
Class
A,
5.94%,
8/18/2040(a)(b)
2,840,000
2,843,538
Arbor
Realty
Commercial
Real
Estate
Notes
Ltd.
Series
2021-FL4,
Class
A,
5.81%,
11/15/2036(a)
(b)
926,073
926,085
Series
2021-FL4,
Class
B,
6.46%,
11/15/2036(a)
(b)
920,000
918,870
Series
2022-FL1,
Class
A,
5.79%,
1/15/2037(a)
(b)
1,220,981
1,221,362
BDS
LLC,
Series
2024-
FL13,
Class
A,
5.93%,
9/19/2039(a)(b)
1,370,000
1,376,847
BHG
Securitization
Trust
Series
2024-1CON,
Class
C,
6.86%,
4/17/2035(b)
1,130,000
1,156,055
Series
2023-B,
Class
C,
8.15%,
12/17/2036(b)
1,440,000
1,492,792
BSPRT
Issuer
LLC,
Series
2024-FL11,
Class
A,
5.98%,
7/15/2039(a)(b)
1,930,000
1,931,207
BSPRT
Issuer
Ltd.,
Series
2022-FL8,
Class
A,
5.84%,
2/15/2037(a)(b)
160,775
160,775
Dwight
Issuer
LLC,
Series
2025-FL1,
Class
B,
6.99%,
9/18/2042(a)(b)
5,080,000
5,086,350
FS
Rialto
Issuer
LLC
Nationwide
Strategic
Income
Fund
(formerly,
Nationwide
Amundi
Strategic
Income
Fund)
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
3
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Other
Series
2022-FL4,
Class
A,
6.25%,
1/19/2039(a)
(b)
571,272
571,722
Series
2024-FL9,
Class
A,
5.98%,
10/19/2039(a)
(b)
3,320,000
3,326,224
Harvest
SBA
Loan
Trust,
Series
2024-1,
Class
A,
6.68%,
12/25/2051(a)(b)
1,500,485
1,508,504
Home
Partners
of
America
Trust,
Series
2019-
1,
Class
F,
4.10%,
9/17/2039(b)
778,187
734,765
KREF
Ltd.,
Series
2022-
FL3,
Class
A,
5.80%,
2/17/2039(a)(b)
1,827,424
1,826,282
Lending
Funding
Trust,
Series
2020-2A,
Class
D,
6.77%,
4/21/2031(b)
3,435,000
3,436,870
MF1,
Series
2024-FL15,
Class
A,
6.04%,
8/18/2041(a)(b)
1,800,000
1,805,621
MF1
LLC
Series
2024-FL14,
Class
A,
6.09%,
3/19/2039(a)
(b)
2,175,000
2,184,511
Series
2025-FL19,
Class
C,
7.19%,
5/18/2042(a)
(b)
1,340,000
1,341,676
Progress
Residential
Trust
Series
2021-SFR8,
Class
G,
4.01%,
10/17/2038(b)
1,020,000
992,386
Series
2021-SFR7,
Class
F,
3.83%,
8/17/2040(b)
840,000
778,808
Series
2021-SFR9,
Class
F,
4.05%,
11/17/2040(b)
390,000
370,921
Ready
Capital
Mortgage
Financing
LLC
Series
2021-FL7,
Class
B,
6.27%,
11/25/2036(a)
(b)
1,150,000
1,144,670
Series
2023-FL11,
Class
B,
7.88%,
10/25/2039(a)
(b)
1,440,000
1,442,249
Tricon
American
Homes,
Series
2020-SFR1,
Class
F,
4.88%,
7/17/2038(b)
570,000
564,554
Tricon
Residential
Trust
Series
2022-SFR2,
Class
E,
7.51%,
7/17/2040(b)
345,000
348,131
Series
2025-SFR1,
Class
D,
6.34%,
3/17/2042(a)(b)
2,100,000
2,110,553
Asset-Backed
Securities
Principal
Amount
($)
Value
($)
Other
Upstart
Securitization
Trust,
Series
2025-
2,
Class
C,
6.02%,
6/20/2035(b)
4,044,000
4,050,697
45,653,025
Student
Loan
0.8%
Ascent
Career
Funding
Trust,
Series
2024-
1A,
Class
A,
6.77%,
10/25/2032(b)
2,236,492
2,246,441
Bayview
Opportunity
Master
Fund
VII
LLC,
Series
2024-EDU1,
Class
D,
7.10%,
6/25/2047(a)(b)
759,010
773,453
MPOWER
Education
Trust
Series
2025-A,
Class
B,
8.47%,
7/21/2042(b)
4,330,000
4,376,342
Series
2025-A,
Class
C,
10.84%,
7/21/2042(b)
2,240,000
2,282,108
9,678,344
152,036,398
Total
Asset-Backed
Securities
(cost  $173,698,297)
175,496,981
Collateralized
Mortgage
Obligations
12.4%
BERMUDA
0.6%
Bellemeade
Re
Ltd.,
Series
2024-1,
Class
M1B,
7.55%,
8/25/2034(a)(b)
1,320,000
1,333,971
Bellemeade
RE
Ltd.,
Series
2021-3A,
Class
B1,
8.20%,
9/25/2031(a)(b)
1,380,000
1,419,188
Eagle
RE
Ltd.,
Series
2021-2,
Class
M2,
8.60%,
4/25/2034(a)(b)
1,370,000
1,413,548
Home
RE
Ltd.,
Series
2023-1,
Class
M1B,
8.95%,
10/25/2033(a)(b)
497,056
510,198
Oaktown
Re
VI
Ltd.,
Series
2021-1A,
Class
B1,
9.85%,
10/25/2033(a)(b)
350,000
359,091
Oaktown
Re
VII
Ltd.,
Series
2021-2,
Class
B1,
8.75%,
4/25/2034(a)(b)
1,050,000
1,072,656
Radnor
RE
Ltd.,
Series
2021-1,
Class
M2,
7.50%,
12/27/2033(a)(b)
1,214,541
1,224,337
7,332,989
0
GERMANY
0.1%
Radnor
RE
Ltd.
Series
2023-1,
Class
M1A,
7.05%,
7/25/2033(a)(b)
633,574
636,462
4
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Strategic
Income
Fund
(formerly,
Nationwide
Amundi
Strate-
gic
Income
Fund)
Collateralized
Mortgage
Obligations
Principal
Amount
($)
Value
($)
GERMANY
Radnor
RE
Ltd.
Series
2023-1,
Class
M1B,
8.70%,
7/25/2033(a)(b)
330,000
340,305
UNITED
STATES
11.7%
A&D
Mortgage
Trust
Series
2023-NQM3,
Class
B1,
8.15%,
7/25/2068(a)(b)
2,880,000
2,895,563
Series
2023-NQM4,
Class
B1,
8.06%,
9/25/2068(a)(b)
1,570,000
1,578,435
Series
2024-NQM5,
Class
B1A,
7.71%,
11/25/2069(a)(b)
1,756,000
1,796,432
BRAVO
Residential
Funding
Trust
Series
2023-NQM7,
Class
B1,
7.93%,
9/25/2063(a)(b)
2,535,000
2,542,719
Series
2024-NQM2,
Class
B1,
7.91%,
2/25/2064(b)
1,960,000
1,990,571
CFMT
LLC,
Series
2024-HB14,
Class
M3,
3.00%,
6/25/2034(a)(b)
1,660,000
1,563,978
COLT
Mortgage
Loan
Trust
Series
2024-3,
Class
B1,
7.91%,
6/25/2069(a)
(b)
4,100,000
4,181,896
Series
2024-4,
Class
B1,
7.85%,
7/25/2069(a)
(b)
2,080,000
2,123,194
Series
2024-5,
Class
B1,
7.30%,
8/25/2069(a)
(b)
3,792,000
3,836,911
Series
2024-6,
Class
B1,
7.49%,
11/25/2069(a)(b)
2,337,000
2,377,407
Series
2025-5,
Class
B1,
7.44%,
5/25/2070(a)
(b)
2,200,000
2,234,526
Connecticut
Avenue
Securities
Trust
Series
2020-R02,
Class
2B1,
7.46%,
1/25/2040(a)(b)
2,445,000
2,495,440
Series
2021-R01,
Class
1B2,
10.35%,
10/25/2041(a)(b)
3,401,143
3,549,477
Series
2021-R03,
Class
1B2,
9.85%,
12/25/2041(a)(b)
2,470,000
2,574,611
Series
2022-R02,
Class
2M2,
7.35%,
1/25/2042(a)(b)
330,000
338,006
Series
2022-R02,
Class
2B2,
12.00%,
1/25/2042(a)(b)
3,990,000
4,273,368
Collateralized
Mortgage
Obligations
Principal
Amount
($)
Value
($)
UNITED
STATES
Connecticut
Avenue
Securities
Trust
Series
2023-R03,
Class
2M1,
6.85%,
4/25/2043(a)(b)
607,776
616,133
Series
2023-R06,
Class
1M1,
6.05%,
7/25/2043(a)(b)
339,010
341,008
Series
2024-R02,
Class
1B1,
6.85%,
2/25/2044(a)(b)
1,720,000
1,760,331
Series
2024-R03,
Class
2M2,
6.30%,
3/25/2044(a)(b)
1,090,000
1,098,849
Series
2024-R04,
Class
1A1,
5.35%,
5/25/2044(a)(b)
2,035,939
2,036,571
Series
2024-R05,
Class
2B1,
6.35%,
7/25/2044(a)(b)
1,260,000
1,264,670
Series
2024-R06,
Class
1M1,
5.40%,
9/25/2044(a)(b)
346,216
346,108
Series
2024-R06,
Class
1M2,
5.95%,
9/25/2044(a)(b)
1,990,000
1,998,518
DataBank
Issuer,
Series
2024-1A,
Class
A2,
5.30%,
1/26/2054(b)
495,000
490,434
Eagle
RE
Ltd.,
Series
2023-1,
Class
M1B,
8.30%,
9/26/2033(a)(b)
2,060,000
2,116,501
FARM
Mortgage
Trust,
Series
2021-1,
Class
B,
3.23%,
7/25/2051(a)(b)
275,684
209,482
FHLMC
REMICS
Series
4395,
Class
TI,
IO,
4.00%,
5/15/2026
43
0
Series
4097,
Class
CI,
IO,
3.00%,
8/15/2027
49,396
979
Series
4123,
Class
DI,
IO,
3.00%,
10/15/2027
128,367
2,751
FHLMC
Seasoned
Credit
Risk
Transfer
Trust
Series
2017-1,
Class
M2,
4.00%,
1/25/2056(a)
(b)
1,307,361
1,258,087
Series
2020-1,
Class
M,
4.25%,
8/25/2059(a)(b)
150,000
143,223
Series
2020-2,
Class
M,
4.25%,
11/25/2059(a)(b)
506,911
486,233
FHLMC
STACR
Debt
Notes,
Series
2017-
HRP1,
Class
B1D,
6.96%,
12/25/2042(a)
1,560,000
1,612,985
FHLMC
STACR
REMIC
Trust
Series
2022-DNA1,
Class
M2,
6.85%,
1/25/2042(a)(b)
180,000
183,302
Nationwide
Strategic
Income
Fund
(formerly,
Nationwide
Amundi
Strategic
Income
Fund)
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
5
Collateralized
Mortgage
Obligations
Principal
Amount
($)
Value
($)
UNITED
STATES
FHLMC
STACR
REMIC
Trust
Series
2023-DNA1,
Class
M1A,
6.45%,
3/25/2043(a)(b)
1,290,289
1,310,856
Series
2023-DNA2,
Class
M1A,
6.45%,
4/25/2043(a)(b)
1,404,285
1,427,989
Series
2025-HQA1,
Class
M2,
6.00%,
2/25/2045(a)(b)
1,240,000
1,244,898
Series
2020-HQA5,
Class
B2,
11.75%,
11/25/2050(a)(b)
630,000
755,286
Series
2020-DNA6,
Class
B2,
10.00%,
12/25/2050(a)(b)
790,000
899,812
FHLMC
STACR
Trust
Series
2019-FTR3,
Class
B2,
9.26%,
9/25/2047(a)(b)
4,089,000
4,433,942
Series
2019-FTR4,
Class
B2,
9.46%,
11/25/2047(a)(b)
1,280,000
1,396,767
Series
2019-FTR1,
Class
B2,
12.81%,
1/25/2048(a)(b)
3,516,000
4,168,482
Series
2018-HQA2,
Class
B2,
15.46%,
10/25/2048(a)(b)
2,050,000
2,565,886
Series
2019-DNA3,
Class
B2,
12.61%,
7/25/2049(a)(b)
720,000
820,259
Flagstar
Mortgage
Trust,
Series
2021-4,
Class
AX1,
IO,
0.21%,
6/1/2051(a)(b)
38,817,488
494,733
FNMA
REMICS
Series
2012-130,
Class
UI,
IO,
3.00%,
12/25/2027
52,901
943
Series
2012-150,
Class
BI,
IO,
3.00%,
1/25/2028
69,524
1,614
Series
2013-5,
Class
YI,
IO,
3.00%,
2/25/2028
62,037
1,216
Series
2009-31,
Class
PI,
IO,
5.00%,
11/25/2038
7,589
97
Series
2018-42,
Class
SB,
IO,
1.74%,
6/25/2048(a)
5,247,040
620,686
GCAT
Trust
Series
2024-NQM1,
Class
B1,
7.89%,
1/25/2059(a)(b)
595,000
604,089
Series
2021-CM1,
Class
M1,
3.28%,
4/25/2065(a)
(b)
530,000
457,660
Collateralized
Mortgage
Obligations
Principal
Amount
($)
Value
($)
UNITED
STATES
GNMA
REMICS
Series
2013-84,
Class
SC,
IO,
2.15%,
3/16/2040(a)
25,091
1,123
Series
2011-135,
Class
QI,
IO,
4.50%,
6/16/2041
35,112
2,685
Series
2012-140,
Class
IC,
IO,
3.50%,
11/20/2042
80,474
13,042
Series
2016-5,
Class
CS,
IO,
1.68%,
1/20/2046(a)
87,248
9,572
Series
2016-20,
Class
SB,
IO,
1.63%,
2/20/2046(a)
82,629
9,557
Series
2016-17,
Class
JS,
IO,
1.63%,
2/20/2046(a)
68,670
7,749
Series
2016-81,
Class
,
IO,
4.00%,
6/20/2046
48,822
9,087
Series
2016-88,
Class
SM,
IO,
1.63%,
7/20/2046(a)
87,682
10,600
Series
2016-108,
Class
QI,
IO,
4.00%,
8/20/2046
91,468
17,403
Series
2016-118,
Class
DS,
IO,
1.63%,
9/20/2046(a)
102,530
12,147
Series
2016-145,
Class
UI,
IO,
3.50%,
10/20/2046
52,296
9,057
Series
2019-159,
Class
HI,
IO,
3.50%,
12/20/2049
949,038
157,700
Series
2019-159,
Class
CI,
IO,
3.50%,
12/20/2049
326,049
55,037
Homeward
Opportunities
Fund
I
Trust,
Series
2020-2,
Class
M1,
3.90%,
5/25/2065(a)(b)
170,000
163,801
Hundred
Acre
Wood
Trust,
Series
2021-INV1,
Class
AX1,
IO,
0.23%,
7/25/2051(a)(b)
13,833,149
183,354
Imperial
Fund
Mortgage
Trust
Series
2022-NQM5,
Class
B1,
6.25%,
8/25/2067(b)(c)
3,106,000
3,054,139
Series
2023-NQM1,
Class
B1,
8.05%,
2/25/2068(a)(b)
2,270,000
2,273,709
J.P.
Morgan
Mortgage
Trust
Series
2021-8,
Class
AX1,
IO,
0.11%,
12/25/2051(a)(b)
23,950,870
150,921
6
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Strategic
Income
Fund
(formerly,
Nationwide
Amundi
Strate-
gic
Income
Fund)
Collateralized
Mortgage
Obligations
Principal
Amount
($)
Value
($)
UNITED
STATES
J.P.
Morgan
Mortgage
Trust
Series
2021-10,
Class
AX1,
IO,
0.11%,
12/25/2051(a)(b)
26,801,414
172,789
MFA
Trust
Series
2023-RTL2,
Class
A1,
8.50%,
11/25/2028(b)(c)
1,826,000
1,847,521
Series
2024-NQM2,
Class
B1A,
6.78%,
8/25/2069(a)(b)
1,664,000
1,658,060
Morgan
Stanley
Residential
Mortgage
Loan
Trust
Series
2023-NQM1,
Class
B2,
7.39%,
9/25/2068(a)(b)
3,264,000
3,249,168
Series
2023-NQM1,
Class
B1,
7.39%,
9/25/2068(a)(b)
3,130,000
3,144,592
PRKCM
Trust,
Series
2023-AFC3,
Class
B1,
7.77%,
9/25/2058(a)(b)
870,000
875,142
PRPM,
Series
2024-
NQM3,
Class
B1,
7.43%,
8/25/2069(a)(b)
2,610,000
2,652,109
PRPM
Trust
Series
2023-NQM2,
Class
B1,
6.92%,
8/25/2068(a)(b)
1,240,000
1,238,573
Series
2025-NQM1,
Class
B1,
7.78%,
11/25/2069(a)(b)
3,094,000
3,124,687
Radnor
Re
Ltd.
Series
2024-1,
Class
M1A,
6.35%,
9/25/2034(a)(b)
631,220
631,795
Series
2024-1,
Class
M1B,
7.25%,
9/25/2034(a)(b)
1,620,000
1,633,360
Saluda
Grade
Alternative
Mortgage
Trust
Series
2024-RTL4,
Class
A1,
7.50%,
2/25/2030(b)(c)
1,210,000
1,215,767
Series
2024-RTL5,
Class
A1,
7.76%,
4/25/2030(b)(c)
1,190,000
1,200,663
Series
2025-LOC4,
Class
A1A,
6.10%,
6/25/2055(a)(b)
4,363,728
4,363,709
STACR
Trust,
Series
2018-HRP2,
Class
B2,
14.96%,
2/25/2047(a)(b)
1,380,000
1,712,983
Towd
Point
Mortgage
Trust,
Series
2022-
SJ1,
Class
B1,
5.25%,
3/25/2062(a)(b)
1,820,000
1,676,677
Collateralized
Mortgage
Obligations
Principal
Amount
($)
Value
($)
UNITED
STATES
Saluda
Grade
Alternative
Mortgage
Trust
Triangle
Re
Ltd.,
Series
2023-1,
Class
M1B,
9.60%,
11/25/2033(a)(b)
1,640,000
1,721,868
Verus
Securitization
Trust
Series
2023-3,
Class
B2,
7.75%,
3/25/2068(a)
(b)
5,590,000
5,576,580
Series
2023-4,
Class
B1,
8.07%,
5/25/2068(a)
(b)
2,530,000
2,540,120
Series
2023-5,
Class
B2,
8.00%,
6/25/2068(a)
(b)
1,240,000
1,232,116
Series
2023-6,
Class
B1,
7.79%,
9/25/2068(a)
(b)
1,529,000
1,537,355
Series
2023-7,
Class
B1,
7.89%,
10/25/2068(a)(b)
1,090,000
1,097,806
Series
2023-INV3,
Class
B2,
8.19%,
11/25/2068(a)(b)
2,210,000
2,225,056
Series
2023-INV3,
Class
B1,
8.19%,
11/25/2068(a)(b)
1,955,000
1,982,782
Series
2024-1,
Class
B1,
7.91%,
1/25/2069(a)
(b)
655,000
664,385
Series
2024-2,
Class
B1,
7.86%,
2/25/2069(a)
(b)
3,340,000
3,386,004
Series
2024-3,
Class
B1,
8.03%,
4/25/2069(a)
(b)
2,125,000
2,170,925
Vista
Point
Securitization
Trust,
Series
2020-
2,
Class
M1,
3.40%,
4/25/2065(a)(b)
1,325,000
1,250,017
139,447,206
0
Total
Collateralized
Mortgage
Obligations
(cost
$144,505,217)
147,756,962
Commercial
Mortgage-Backed
Securities
3.2%
CAYMAN
ISLANDS
0.1%
AREIT
Ltd.
,
Series
2024-
CRE9,
Class
A,
6.03%,
5/17/2041(a)(b)
1,331,193
1,331,193
UNITED
STATES
3.1%
BAMLL
Commercial
Mortgage
Securities
Trust
,
Series
2024-
NASH,
Class
B,
7.09%,
5/15/2039(a)(b)
2,130,000
2,137,240
BX
Trust
Series
2021-ARIA,
Class
D,
6.35%,
10/15/2036(a)(b)
2,118,000
2,118,000
Nationwide
Strategic
Income
Fund
(formerly,
Nationwide
Amundi
Strategic
Income
Fund)
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
7
Commercial
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
UNITED
STATES
Series
2021-ARIA,
Class
G,
7.60%,
10/15/2036(a)(b)
2,070,000
2,062,237
Commercial
Mortgage
Trust
,
Series
2015-
CR26,
Class
D,
3.53%,
10/10/2048(a)
1,350,000
1,093,180
CSAIL
Commercial
Mortgage
Trust
,
Series
2015-C4,
Class
D,
3.74%,
11/15/2048(a)
250,000
243,762
Extended
Stay
America
Trust
,
Series
2021-
ESH,
Class
F,
8.16%,
7/15/2038(a)(b)
3,971,279
3,971,279
FHLMC
Multifamily
Structured
Credit
Risk
REMICS
Series
2021-MN1,
Class
M2,
8.10%,
1/25/2051(a)
(b)
700,000
722,759
Series
2021-MN3,
Class
M2,
8.35%,
11/25/2051(a)(b)
815,000
843,540
GS
Mortgage
Securities
Corp.
Trust
Series
2021-IP,
Class
D,
6.56%,
10/15/2036(a)(b)
350,000
348,262
Series
2021-IP,
Class
E,
8.01%,
10/15/2036(a)(b)
150,000
147,768
GS
Mortgage
Securities
Trust
,
Series
2016-
GS4,
Class
D,
3.23%,
11/10/2049(a)(b)
1,340,000
1,101,975
Hilton
Commercial
Mortgage
Trust
,
Series
2024-ORL,
Class
D,
7.53%,
5/15/2037(a)(b)
540,000
539,326
HTL
Commercial
Mortgage
Trust
Series
2024-T53,
Class
C,
7.09%,
5/10/2039(a)
(b)
1,590,000
1,614,261
Series
2024-T53,
Class
D,
8.20%,
5/10/2039(a)
(b)
2,880,000
2,953,522
J.P.
Morgan
Chase
Commercial
Mortgage
Securities
Trust
,
Series
2024-OMNI,
Class
D,
5.80%,
10/5/2039(a)(b)
260,000
257,566
MCR
Mortgage
Trust
Series
2024-TWA,
Class
D,
7.40%,
6/12/2039(b)
2,600,000
2,613,481
Series
2024-TWA,
Class
F,
10.38%,
6/12/2039(b)
1,960,000
1,994,853
Morgan
Stanley
Capital
I
Trust
,
Series
2016-
UBS9,
Class
D,
3.00%,
3/15/2049(b)
420,000
325,503
Commercial
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
UNITED
STATES
Multifamily
Connecticut
Avenue
Securities
Trust
,
Series
2019-
01,
Class
M10,
7.71%,
10/25/2049(a)(b)
805,537
817,615
PRM
Trust
Series
2025-PRM6,
Class
E,
6.58%,
7/5/2033(a)(b)
3,430,000
3,403,556
Series
2025-PRM6,
Class
F,
7.06%,
7/5/2033(a)(b)
1,820,000
1,789,589
SLG
Office
Trust
,
Series
2021-OVA,
Class
E,
2.85%,
7/15/2041(b)
1,975,000
1,638,256
THPT
Mortgage
Trust
,
Series
2023-THL,
Class
C,
8.53%,
12/10/2034(a)
(b)
700,000
706,152
UBS
Commercial
Mortgage
Trust
,
Series
2017-C4,
Class
C,
4.53%,
10/15/2050(a)
810,000
747,658
Velocity
Commercial
Capital
Loan
Trust
Series
2024-6,
Class
A,
5.81%,
12/25/2054(a)(b)
1,153,109
1,154,358
Series
2025-1,
Class
A,
6.03%,
2/25/2055(a)(b)
1,658,998
1,668,220
Total
Commercial
Mortgage-Backed
Securities
(cost
$38,607,856)
38,345,111
Corporate
Bonds
59.2%
AUSTRALIA
0.8%
Banks
0.5%
Commonwealth
Bank
of
Australia
(SOFR
+
0.81%),
5.19%,
3/14/2030(b)(d)
(e)
4,670,000
4,699,913
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.32%),
5.93%,
3/14/2046(b)(d)
1,740,000
1,730,159
6,430,072
Financial
Services
0.3%
Woodside
Finance
Ltd.,
6.00%,
5/19/2035
3,750,000
3,828,444
10,258,516
BERMUDA
5.0%
Financial
Services
0.6%
2001
Cat
RE
Ltd.,
Series
A,
(3
Month
Treasury
Bill
Rate
+
13.04%),
17.37%,
1/8/2027(b)(d)
1,000,000
1,044,700
8
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Strategic
Income
Fund
(formerly,
Nationwide
Amundi
Strate-
gic
Income
Fund)
Corporate
Bonds
Principal
Amount
($)
Value
($)
BERMUDA
Financial
Services
Acorn
Re
Ltd.,
Series
B,
(1
Month
Treasury
Bill
Rate
+
3.10%),
7.43%,
11/7/2025(b)(d)
250,000
250,225
Acorn
Re
Ltd.,
Series
A,
(1
Month
Treasury
Bill
Rate
+
3.10%),
7.43%,
11/5/2027(b)(d)
500,000
501,450
Alamo
Re
Ltd.
Series
A,
(1
Month
Treasury
Bill
Rate
+
9.08%),
13.41%,
6/7/2026(b)(d)
500,000
512,750
Series
A,
(1
Month
Treasury
Bill
Rate
+
6.54%),
10.87%,
6/7/2027(b)(d)
500,000
518,800
Alamo
Re
Ltd.,
Series
B,
(1
Month
Treasury
Bill
Rate
+
8.43%),
12.76%,
6/7/2027(b)(d)
250,000
260,475
Aquila
Re
I
Ltd.
Series
A-1,
(3
Month
Treasury
Bill
Rate
+
5.34%),
9.67%,
6/8/2026(b)(d)
250,000
251,350
Series
A-1,
(BRMMUSDF
+
5.39%),
9.69%,
6/7/2027(b)(d)
250,000
253,325
Aquila
Re
I
Ltd.,
Series
C-1,
(3
Month
Treasury
Bill
Rate
+
8.83%),
13.16%,
6/8/2026(b)(d)
250,000
256,025
Easton
Re
Ltd.,
Series
A,
(3
Month
Treasury
Bill
Rate
+
7.50%),
11.83%,
1/8/2027(b)(d)
500,000
509,300
High
Point
Re
Ltd.,
Series
A,
(BRMMUSDF
+
5.75%),
9.94%,
1/6/2027(b)(d)
250,000
253,300
Hypatia
Ltd.,
Series
A,
(3
Month
Treasury
Bill
Rate
+
10.50%),
14.83%,
4/8/2026(b)(d)
250,000
260,950
Locke
Tavern
Re
Ltd.,
Series
A,
(3
Month
Treasury
Bill
Rate
+
4.78%),
9.11%,
4/9/2026(b)(d)
500,000
508,500
Merna
Re
Companywide
Ltd.,
Series
A..,
(3
Month
Treasury
Bill
Rate
+
7.00%),
11.29%,
7/7/2028(b)(d)
500,000
513,850
Merna
Re
Enterprise
Ltd.,
Series
A.,
(3
Month
Treasury
Bill
Rate
+
7.75%),
12.08%,
7/7/2028(b)(d)
500,000
500,550
Corporate
Bonds
Principal
Amount
($)
Value
($)
BERMUDA
Financial
Services
Mona
Lisa
Re
Ltd.,
Series
B,
(3
Month
Treasury
Bill
Rate
+
12.50%),
16.83%,
1/8/2026(b)(d)
250,000
254,250
Ramble
RE
Ltd.,
Series
A,
(3
Month
Treasury
Bill
Rate
+
6.25%),
10.58%,
3/5/2027(b)(d)
500,000
500,550
Topanga
Re
Ltd.,
Series
A,
(3
Month
Treasury
Bill
Rate
+
4.77%),
4.77%,
1/8/2026(b)(d)
400,000
383,520
Veraison
Re
Ltd.
Series
A,
(3
Month
Treasury
Bill
Rate
+
4.74%),
9.07%,
3/8/2027(b)(d)
500,000
509,450
Series
A,
(1
Month
Treasury
Bill
Rate
+
3.50%),
7.83%,
3/8/2028(b)(d)
250,000
249,000
Veraison
Re
Ltd.,
Series
B,
(1
Month
Treasury
Bill
Rate
+
5.00%),
9.33%,
3/8/2028(b)(d)
250,000
252,850
8,545,170
Insurance
4.2%
Armor
RE
II
Ltd.,
Series
A,
(3
Month
Treasury
Bill
Rate
+
8.50%),
12.83%,
1/7/2028(b)(d)
500,000
505,150
Baldwin
Re
Ltd.,
Series
A,
(3
Month
Treasury
Bill
Rate
+
3.75%),
8.08%,
7/9/2029(b)(d)
1,250,000
1,268,625
Blue
Ridge
Re
Ltd.,
Series
A,
(3
Month
Treasury
Bill
Rate
+
5.25%),
9.58%,
1/8/2027(b)(d)
250,000
255,925
Blue
Ridge
Re
Ltd.,
Series
B,
(FHMMUSTF
+
7.99%),
12.05%,
1/8/2027(b)(d)
250,000
256,475
Bluebonnet
RE
Ltd.
Series
A,
(1
Month
Treasury
Bill
Rate
+
12.00%),
16.33%,
6/7/2027(b)(d)
250,000
257,075
Series
A,
(1
Month
Treasury
Bill
Rate
+
5.75%),
10.08%,
6/7/2028(b)(d)
500,000
518,500
Bluebonnet
RE
Ltd.,
Series
B,
(1
Month
Treasury
Bill
Rate
+
8.50%),
12.83%,
6/7/2028(b)(d)
250,000
257,925
Nationwide
Strategic
Income
Fund
(formerly,
Nationwide
Amundi
Strategic
Income
Fund)
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
9
Corporate
Bonds
Principal
Amount
($)
Value
($)
BERMUDA
Insurance
Bluebonnet
RE
Ltd.,
Series
C,
(1
Month
Treasury
Bill
Rate
+
11.75%),
16.08%,
6/7/2028(b)(d)
250,000
258,575
Bonanza
RE
Ltd.,
Series
A,
(3
Month
Treasury
Bill
Rate
+
8.45%),
12.80%,
1/8/2026(b)(d)
250,000
249,375
Bonanza
RE
Ltd.,
Series
B,
(MSMMUSTF
+
3.75%),
7.88%,
12/19/2027(b)(d)
250,000
245,450
Bonanza
RE
Ltd.,
Series
C,
(MSMMUSTF
+
5.50%),
9.63%,
12/19/2027(b)(d)
500,000
497,300
Bridge
Street
Re
Ltd.,
Series
A,
(JMMMUSTF
+
4.00%),
8.16%,
1/7/2028(b)(d)
1,000,000
1,007,500
Cape
Lookout
Re
Ltd.
Series
A,
(1
Month
Treasury
Bill
Rate
+
7.20%),
11.53%,
4/28/2026(b)(d)
1,000,000
1,025,100
Series
A,
(1
Month
Treasury
Bill
Rate
+
6.90%),
11.23%,
3/13/2028(b)(d)
500,000
514,250
Chartwell
RE
Ltd.,
Series
A,
(3
Month
Treasury
Bill
Rate
+
6.00%),
10.33%,
6/7/2028(b)(d)
500,000
511,550
Chartwell
RE
Ltd.,
Series
B,
(3
Month
Treasury
Bill
Rate
+
7.00%),
11.33%,
6/7/2028(b)(d)
250,000
249,875
Citrus
Re
Ltd.
Series
A,
(3
Month
Treasury
Bill
Rate
+
6.59%),
10.92%,
6/7/2026(b)(d)
250,000
255,075
Series
A,
(3
Month
Treasury
Bill
Rate
+
9.19%),
13.57%,
6/7/2027(b)(d)
250,000
254,725
Series
A,
(3
Month
Treasury
Bill
Rate
+
7.75%),
12.08%,
6/7/2028(b)(d)
500,000
492,700
Commonwealth
RE
Ltd.,
Series
A,
(T-BILL
+
3.75%),
8.09%,
7/10/2028(b)(d)
500,000
503,200
Finca
RE
Ltd.,
Series
A,
(3
Month
Treasury
Bill
Rate
+
5.25%),
9.58%,
6/7/2028(b)(d)
500,000
508,250
Corporate
Bonds
Principal
Amount
($)
Value
($)
BERMUDA
Insurance
First
Coast
Re
IV
Ltd.
Series
A,
(3
Month
Treasury
Bill
Rate
+
9.94%),
9.94%,
4/7/2026(b)(d)
250,000
251,825
Series
A,
(3
Month
Treasury
Bill
Rate
+
6.50%),
10.83%,
3/10/2028(b)(d)
500,000
504,250
First
Coast
Re
IV
Ltd.,
Series
B,
(3
Month
Treasury
Bill
Rate
+
7.50%),
11.83%,
3/10/2028(b)(d)
250,000
248,700
FloodSmart
Re
Ltd.
Series
A,
(1
Month
Treasury
Bill
Rate
+
17.15%),
21.48%,
3/11/2026(b)(d)
500,000
518,500
Series
A,
(3
Month
Treasury
Bill
Rate
+
14.36%),
18.69%,
3/12/2027(b)(d)
1,000,000
1,034,300
Four
Lakes
Re
Ltd.
Series
A,
(3
Month
Treasury
Bill
Rate
+
6.81%),
11.14%,
1/7/2026(b)(d)
250,000
250,150
Series
A,
(3
Month
Treasury
Bill
Rate
+
5.80%),
10.13%,
1/7/2027(b)(d)
750,000
756,600
Series
A,
(3
Month
Treasury
Bill
Rate
+
5.50%),
9.83%,
1/7/2028(b)(d)
500,000
498,750
Four
Lakes
Re
Ltd.
Series
B,
(3
Month
Treasury
Bill
Rate
+
8.92%),
13.25%,
1/7/2027(b)(d)
250,000
251,550
Series
B,
(3
Month
Treasury
Bill
Rate
+
8.25%),
12.58%,
1/7/2028(b)(d)
500,000
496,600
Fuchsia
-
London
Bridge
2
PCC
Ltd.,
Series
A,
(3
Month
Treasury
Bill
Rate
+
5.14%),
9.47%,
4/6/2028(b)(d)
500,000
505,150
Genesee
Street
Re
Ltd.,
Series
2025,
(1
Month
Treasury
Bill
Rate
+
3.25%),
7.58%,
4/7/2028(b)(d)
500,000
500,750
Herbie
Re
Ltd.
Series
A,
(JMMMUSTF
+
6.90%),
11.06%,
1/7/2028(b)(d)
500,000
490,900
10
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Strategic
Income
Fund
(formerly,
Nationwide
Amundi
Strate-
gic
Income
Fund)
Corporate
Bonds
Principal
Amount
($)
Value
($)
BERMUDA
Insurance
Series
A,
(3
Month
Treasury
Bill
Rate
+
7.25%),
11.58%,
1/8/2029(b)(d)
500,000
503,850
Herbie
Re
Ltd.,
Series
B,
(3
Month
Treasury
Bill
Rate
+
9.90%),
14.23%,
1/8/2028(b)(d)
250,000
246,975
Integrity
RE
III
Ltd.,
Series
A-2,
(1
Month
Treasury
Bill
Rate
+
8.00%),
12.33%,
6/6/2028(b)(d)
500,000
501,550
Integrity
RE
III
Ltd.,
Series
B-2,
(1
Month
Treasury
Bill
Rate
+
9.75%),
14.08%,
6/6/2028(b)(d)
500,000
501,750
Integrity
Re
Ltd.,
Series
B,
(1
Month
Treasury
Bill
Rate
+
13.32%),
17.66%,
6/6/2026(b)(d)
250,000
252,200
Kendall
Re
Ltd.,
Series
A,
(3
Month
Treasury
Bill
Rate
+
6.25%),
10.58%,
4/30/2027(b)(d)
500,000
525,000
Kendall
Re
Ltd.,
Series
B,
(GSMMUSTI
+
7.75%),
11.89%,
4/30/2027(b)(d)
250,000
258,225
Kilimanjaro
II
Re
Ltd.,
Series
A,
(3
Month
Treasury
Bill
Rate
+
6.25%),
10.59%,
6/30/2028(b)(d)
500,000
521,250
Kilimanjaro
II
Re
Ltd.,
Series
B,
(3
Month
Treasury
Bill
Rate
+
7.25%),
11.58%,
6/30/2028(b)(d)
500,000
527,350
Kilimanjaro
II
Re
Ltd.,
Series
C-1,
(3
Month
Treasury
Bill
Rate
+
4.00%),
8.34%,
7/9/2029(b)(d)
1,000,000
1,010,000
Kilimanjaro
II
Re
Ltd.,
Series
D-1,
(3
Month
Treasury
Bill
Rate
+
6.50%),
10.83%,
7/9/2029(b)(d)
1,000,000
1,022,200
Kilimanjaro
II
Re
Ltd.,
Series
C-2,
(3
Month
Treasury
Bill
Rate
+
4.00%),
8.33%,
7/8/2030(b)(d)
1,250,000
1,265,000
Kilimanjaro
II
Re
Ltd.,
Series
D-2,
(3
Month
Treasury
Bill
Rate
+
6.50%),
10.83%,
7/8/2030(b)(d)
1,250,000
1,283,750
Corporate
Bonds
Principal
Amount
($)
Value
($)
BERMUDA
Insurance
Longleaf
Pine
Re
Ltd.,
Series
1,
(1
Month
Treasury
Bill
Rate
+
17.50%),
21.84%,
5/25/2027(b)(d)
500,000
528,350
Marlon
Ltd.,
Series
A,
(3
Month
Treasury
Bill
Rate
+
7.00%),
11.33%,
6/7/2027(b)(d)
250,000
261,200
Mayflower
Re
Ltd.,
Series
B,
(1
Month
Treasury
Bill
Rate
+
6.02%),
10.34%,
7/8/2026(b)(d)
500,000
513,750
Mayflower
Re
Ltd.
Series
A,
(1
Month
Treasury
Bill
Rate
+
4.50%,
1.56%
Cap,
0.56%
Floor),
8.83%,
7/8/2027(b)(d)
500,000
509,200
Series
A,
(T-BILL
+
3.50%),
7.83%,
7/7/2028(b)(d)
750,000
753,600
Merna
Reinsurance
II
Ltd.
Series
A,
(3
Month
Treasury
Bill
Rate
+
7.75%),
12.08%,
7/7/2026(b)(d)
250,000
254,425
Series
A,
(3
Month
Treasury
Bill
Rate
+
7.25%),
11.58%,
7/7/2027(b)(d)
250,000
257,175
Series
A,
(3
Month
Treasury
Bill
Rate
+
8.75%),
13.08%,
7/7/2028(b)(d)
500,000
500,800
Merna
Reinsurance
II
Ltd.
Series
B,
(3
Month
Treasury
Bill
Rate
+
10.25%),
14.58%,
7/7/2026(b)(d)
250,000
257,475
Series
B,
(3
Month
Treasury
Bill
Rate
+
8.75%),
13.08%,
7/7/2027(b)(d)
250,000
255,600
Merna
Reinsurance
II
Ltd.,
Series
C,
(3
Month
Treasury
Bill
Rate
+
8.50%),
12.83%,
7/7/2027(b)(d)
500,000
501,500
MetroCat
Re
Ltd.,
Series
A,
(3
Month
Treasury
Bill
Rate
+
5.75%),
5.75%,
5/8/2026(b)(d)
750,000
748,350
Montoya
Re
Ltd.,
Series
A,
(1
Month
Treasury
Bill
Rate
+
5.75%),
10.08%,
4/7/2028(b)(d)
500,000
498,700
Nationwide
Strategic
Income
Fund
(formerly,
Nationwide
Amundi
Strategic
Income
Fund)
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
11
Corporate
Bonds
Principal
Amount
($)
Value
($)
BERMUDA
Insurance
Mystic
Re
IV
Ltd.
Series
A,
(3
Month
Treasury
Bill
Rate
+
8.93%),
13.27%,
1/8/2026(b)(d)
250,000
256,875
Series
A,
(3
Month
Treasury
Bill
Rate
+
12.00%),
16.33%,
1/8/2027(b)(d)
750,000
784,125
Series
A,
(3
Month
Treasury
Bill
Rate
+
4.00%),
8.33%,
1/10/2028(b)(d)
250,000
248,575
Northshore
Re
II
Ltd.,
Series
A,
(3
Month
Treasury
Bill
Rate
+
5.00%),
9.34%,
4/7/2028(b)(d)
1,000,000
1,001,000
Oceanside
RE
Ltd.,
Series
A,
(3
Month
Treasury
Bill
Rate
+
6.00%),
10.33%,
5/15/2028(b)(d)
250,000
251,025
Ocelot
Re
Ltd.,
Series
A,
(3
Month
Treasury
Bill
Rate
+
4.50%),
8.83%,
2/26/2029(b)(d)
750,000
755,325
Palm
RE
Ltd.
Series
A,
(1
Month
Treasury
Bill
Rate
+
9.50%),
13.83%,
6/7/2027(b)(d)
250,000
255,150
Series
A,
(1
Month
Treasury
Bill
Rate
+
7.75%),
12.09%,
6/7/2028(b)(d)
500,000
498,950
Purple
Re
Ltd.
Series
A,
(1
Month
Treasury
Bill
Rate
+
9.00%),
13.33%,
6/7/2027(b)(d)
500,000
508,800
Series
A,
(1
Month
Treasury
Bill
Rate
+
7.25%),
11.58%,
6/7/2028(b)(d)
250,000
256,800
Sakura
RE
Ltd.,
Series
A,
(3
Month
Treasury
Bill
Rate
+
2.75%),
7.08%,
4/5/2029(b)(d)
250,000
247,600
Sanders
RE
II
Ltd.,
Series
A-1,
(3
Month
Treasury
Bill
Rate
+
4.00%),
8.29%,
4/7/2028(b)(d)
400,000
404,240
Sanders
RE
II
Ltd.,
Series
B-1,
(3
Month
Treasury
Bill
Rate
+
4.50%),
8.79%,
4/7/2028(b)(d)
400,000
401,760
Sanders
RE
II
Ltd.,
Series
A,
(JMMMUSTF
+
4.00%),
8.16%,
4/7/2029(b)(d)
2,250,000
2,225,025
Corporate
Bonds
Principal
Amount
($)
Value
($)
BERMUDA
Insurance
Sanders
RE
II
Ltd.,
Series
B,
(JMMMUSTF
+
5.25%),
9.41%,
4/7/2029(b)(d)
2,250,000
2,260,350
Sanders
RE
II
Ltd.,
Series
A-2,
(3
Month
Treasury
Bill
Rate
+
4.25%),
8.58%,
4/8/2030(b)(d)
400,000
411,960
Sanders
RE
II
Ltd.,
Series
B-2,
(3
Month
Treasury
Bill
Rate
+
4.75%),
9.04%,
4/8/2030(b)(d)
400,000
408,880
Sanders
Re
III
Ltd.
Series
A,
(3
Month
Treasury
Bill
Rate
+
3.41%),
7.75%,
4/7/2026(b)(d)
500,000
492,100
Series
A,
(3
Month
Treasury
Bill
Rate
+
8.14%),
12.47%,
6/5/2026(b)(d)
500,000
510,450
Series
A,
(3
Month
Treasury
Bill
Rate
+
5.75%),
10.08%,
4/7/2028(b)(d)
1,250,000
1,294,500
Sanders
Re
III
Ltd.,
(3
Month
Treasury
Bill
Rate
+
5.55%),
9.88%,
4/7/2027(b)(d)
250,000
254,400
Solomon
Re
Ltd.,
Series
A,
(3
Month
Treasury
Bill
Rate
+
5.52%),
9.85%,
6/8/2026(b)(d)
500,000
509,750
Sutter
Re
Ltd.,
Series
B,
(3
Month
Treasury
Bill
Rate
+
6.75%),
11.08%,
6/19/2026(b)(d)
250,000
256,150
Titania
RE
Ltd.,
Series
A,
(1
Month
Treasury
Bill
Rate
+
13.13%),
17.47%,
2/27/2026(b)(d)
250,000
255,050
Torrey
Pines
Re
Ltd.
Series
A,
(3
Month
Treasury
Bill
Rate
+
5.22%),
9.55%,
6/5/2026(b)(d)
250,000
254,200
Series
A,
(1
Month
Treasury
Bill
Rate
+
6.00%),
10.33%,
6/7/2027(b)(d)
250,000
260,000
Series
A,
(3
Month
Treasury
Bill
Rate
+
3.75%),
8.08%,
6/7/2028(b)(d)
500,000
504,800
Torrey
Pines
Re
Ltd.
Series
B,
(1
Month
Treasury
Bill
Rate
+
7.25%),
11.58%,
6/7/2027(b)(d)
250,000
259,225
12
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Strategic
Income
Fund
(formerly,
Nationwide
Amundi
Strate-
gic
Income
Fund)
Corporate
Bonds
Principal
Amount
($)
Value
($)
BERMUDA
Insurance
Series
B,
(1
Month
Treasury
Bill
Rate
+
4.50%),
8.83%,
6/7/2028(b)(d)
250,000
251,300
Ursa
Re
Ltd.,
Series
Aa,
(3
Month
Treasury
Bill
Rate
+
5.50%),
9.83%,
12/6/2025(b)(d)
250,000
252,375
Ursa
Re
Ltd.,
Series
E,
(3
Month
Treasury
Bill
Rate
+
9.25%),
13.58%,
12/7/2026(b)(d)
250,000
260,650
Ursa
Re
Ltd.,
Series
F,
(3
Month
Treasury
Bill
Rate
+
7.50%),
11.83%,
2/22/2028(b)(d)
500,000
503,900
Winston
RE
Ltd.
Series
A,
(3
Month
Treasury
Bill
Rate
+
10.25%),
14.58%,
2/26/2027(b)(d)
250,000
262,725
Series
A,
(3
Month
Treasury
Bill
Rate
+
6.50%),
10.83%,
2/21/2028(b)(d)
500,000
505,450
Winston
RE
Ltd.,
Series
B,
(3
Month
Treasury
Bill
Rate
+
11.75%),
16.08%,
2/26/2027(b)(d)
250,000
261,300
48,784,615
Metals
&
Mining
0.2%
Galileo
Re
Ltd.,
Series
B,
(3
Month
Treasury
Bill
Rate
+
7.00%),
11.33%,
1/8/2026(b)(d)
250,000
251,850
Galileo
Re
Ltd.,
Series
A,
(3
Month
Treasury
Bill
Rate
+
7.00%),
11.33%,
1/7/2028(b)(d)
1,500,000
1,558,350
1,810,200
59,139,985
BRAZIL
0.4%
Electric
Utilities
0.0%
†
Light
Energia
SA,
4.38%,
6/18/2026
360,727
336,378
Light
Servicos
de
Eletricidade
SA,
2.26%,
12/19/2037(f)
704,614
179,536
515,914
Food
Products
0.3%
Minerva
Luxembourg
SA,
4.38%,
3/18/2031(b)
3,725,000
3,331,708
Corporate
Bonds
Principal
Amount
($)
Value
($)
BRAZIL
Oil,
Gas
&
Consumable
Fuels
0.1%
MC
Brazil
Downstream
Trading
SARL,
7.25%,
6/30/2031(b)
985,186
802,631
4,650,253
CAMEROON
0.0%
†
Oil,
Gas
&
Consumable
Fuels
0.0%
†
Golar
LNG
Ltd.,
7.00%,
10/20/2025(b)
346,055
344,447
CANADA
1.7%
Commercial
Services
&
Supplies
1.3%
Element
Fleet
Management
Corp.
5.64%,
3/13/2027(b)(e)
1,500,000
1,520,871
6.32%,
12/4/2028(b)
1,605,000
1,685,812
5.04%,
3/25/2030(b)
5,705,000
5,754,083
Garda
World
Security
Corp.,
8.38%,
11/15/2032(b)(e)
5,820,000
5,995,071
14,955,837
Multi-Utilities
0.1%
Algonquin
Power
&
Utilities
Corp.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.25%),
4.75%,
1/18/2082(d)
705,000
684,372
Oil,
Gas
&
Consumable
Fuels
0.3%
Enbridge,
Inc.
5.63%,
4/5/2034
730,000
747,028
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.97%),
7.20%,
6/27/2054(d)(e)
490,000
504,742
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.12%),
7.38%,
3/15/2055(d)(e)
490,000
510,124
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
4.43%),
8.50%,
1/15/2084(d)(e)
928,000
1,045,174
South
Bow
Canadian
Infrastructure
Holdings
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.67%),
7.50%,
3/1/2055(b)(d)(e)
805,000
836,345
3,643,413
19,283,622
Nationwide
Strategic
Income
Fund
(formerly,
Nationwide
Amundi
Strategic
Income
Fund)
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
13
Corporate
Bonds
Principal
Amount
($)
Value
($)
CAYMAN
ISLANDS
0.5%
Consumer
Finance
0.2%
Global
Aircraft
Leasing
Co.
Ltd.,
8.75%,
9/1/2027(b)
(e)
2,465,000
2,545,452
Financial
Services
0.0%
†
Long
Point
Re
IV
Ltd.,
Series
2022,
(3
Month
Treasury
Bill
Rate
+
4.25%),
8.59%,
6/1/2026(b)(d)
250,000
252,375
Insurance
0.3%
Residential
Reinsurance
2004
Ltd.,
Series
4,
(3
Month
Treasury
Bill
Rate
+
5.38%),
9.71%,
12/6/2028(b)(d)
750,000
767,250
Residential
Reinsurance
2004
Ltd.,
Series
3,
(3
Month
Treasury
Bill
Rate
+
6.94%),
11.27%,
12/6/2028(b)(d)
750,000
757,575
Residential
Reinsurance
2021
Ltd.,
Series
3,
(3
Month
Treasury
Bill
Rate
+
5.78%),
10.11%,
12/6/2025(b)(d)
500,000
485,700
Vitality
Re
XIII
Ltd.,
Series
A,
(3
Month
Treasury
Bill
Rate
+
2.00%),
6.33%,
1/6/2026(b)(d)
250,000
250,325
Vitality
Re
XIII
Ltd.,
Series
B,
(3
Month
Treasury
Bill
Rate
+
2.75%),
7.08%,
1/6/2026(b)(d)
300,000
300,750
Vitality
Re
XIV
Ltd.,
Series
A,
(3
Month
Treasury
Bill
Rate
+
3.50%),
7.83%,
1/5/2027(b)(d)
500,000
511,200
3,072,800
5,870,627
CHILE
0.0%
†
Wireless
Telecommunication
Services
0.0%
†
WOM
Mobile
SA,
11.00%,
4/1/2031(b)(d)(f)
328,809
305,016
COLOMBIA
1.0%
Food
Products
0.4%
Grupo
Nutresa
SA,
9.00%,
5/12/2035(b)
4,610,000
5,041,303
Passenger
Airlines
0.6%
ABRA
Global
Finance,
6.00%,
10/22/2029(b)(f)
8,985,031
6,787,193
11,828,496
CZECH
REPUBLIC
0.2%
Aerospace
&
Defense
0.2%
Czechoslovak
Group
A/S,
5.25%,
1/10/2031(b)
EUR
1,735,000
2,034,637
Corporate
Bonds
Principal
Amount
($)
Value
($)
FINLAND
0.1%
Banks
0.1%
Nordea
Bank
Abp,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.60%),
3.75%,
3/01/2029(b)(d)(g)
1,840,000
1,682,611
FRANCE
3.0%
Banks
3.0%
BNP
Paribas
SA
(SOFR
+
1.68%),
5.09%,
5/9/2031(b)(d)(e)
9,500,000
9,591,773
(SOFR
+
1.62%),
5.79%,
1/13/2033(b)(d)
3,170,000
3,289,393
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.13%),
7.45%,
6/27/2035(b)(d)(g)
5,715,000
5,822,156
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.54%),
7.38%,
9/10/2034(b)(d)(g)
682,000
701,121
BPCE
SA
(SOFR
+
1.85%),
5.94%,
5/30/2035(b)(d)
1,375,000
1,410,639
(SOFR
+
2.04%),
6.29%,
1/14/2036(b)(d)
5,895,000
6,198,755
Societe
Generale
SA
5.25%,
2/19/2027(b)
4,600,000
4,634,428
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.60%),
6.10%,
4/13/2033(b)(d)(e)
2,935,000
3,058,777
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
3.20%),
6.22%,
6/15/2033(b)(d)
1,400,000
1,450,667
36,157,709
GERMANY
1.3%
Automobiles
1.0%
Mercedes-Benz
Finance
North
America
LLC
5.05%,
8/3/2033(b)
1,610,000
1,611,488
5.45%,
4/1/2035(b)
6,755,000
6,824,269
Volkswagen
Group
of
America
Finance
LLC,
5.80%,
3/27/2035(b)
3,930,000
3,941,477
12,377,234
14
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Strategic
Income
Fund
(formerly,
Nationwide
Amundi
Strate-
gic
Income
Fund)
Corporate
Bonds
Principal
Amount
($)
Value
($)
GERMANY
Insurance
0.3%
Allianz
SE,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.77%),
5.60%,
9/3/2054(b)(d)(e)
3,600,000
3,611,160
15,988,394
GHANA
0.4%
Oil,
Gas
&
Consumable
Fuels
0.4%
Kosmos
Energy
Ltd.,
7.75%,
5/1/2027(b)
5,000,000
4,727,800
IRELAND
1.1%
Consumer
Finance
0.6%
Avolon
Holdings
Funding
Ltd.
6.38%,
5/4/2028(b)
2,025,000
2,107,817
5.15%,
1/15/2030(b)
3,500,000
3,526,538
5.38%,
5/30/2030(b)
1,650,000
1,678,800
7,313,155
Financial
Services
0.3%
Atlas
Capital
DAC,
Series
A,
(SOFR
+
7.57%),
11.92%,
6/5/2026(b)(d)
250,000
255,625
Atlas
Capital
DAC,
Series
2024,
(SOFR
+
12.22%),
16.61%,
6/8/2027(b)(d)
500,000
548,550
Atlas
Capital
DAC,
Series
2025,
(SOFR
+
7.25%),
11.59%,
6/7/2028(b)(d)
500,000
506,700
Queen
Street
2023
RE
DAC,
Series
A,
(3
Month
Treasury
Bill
Rate
+
7.50%),
11.84%,
12/8/2025(b)(d)
750,000
751,500
2,062,375
Hotels,
Restaurants
&
Leisure
0.2%
Flutter
Treasury
DAC,
5.88%,
6/4/2031(b)
2,330,000
2,345,366
11,720,896
ISRAEL
0.4%
Pharmaceuticals
0.4%
Teva
Pharmaceutical
Finance
Netherlands
II
BV,
4.38%,
5/9/2030(e)
EUR
4,007,000
4,688,926
ITALY
0.7%
Banks
0.2%
UniCredit
SpA,
(USD
ICE
Swap
Rate
5
Year
+
3.70%),
5.86%,
6/19/2032(b)(d)
2,260,000
2,277,366
Electric
Utilities
0.1%
Enel
Finance
International
NV,
5.00%,
6/15/2032(b)
(e)
1,915,000
1,919,572
Corporate
Bonds
Principal
Amount
($)
Value
($)
ITALY
Hotels,
Restaurants
&
Leisure
0.4%
Lottomatica
Group
Spa,
4.88%,
1/31/2031(b)
EUR
4,355,000
5,139,578
9,336,516
JAPAN
2.9%
Banks
0.8%
Mizuho
Financial
Group,
Inc.
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.30%),
5.58%,
5/26/2035(d)
1,010,000
1,033,294
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
0.98%),
5.42%,
5/13/2036(d)(e)
8,390,000
8,502,934
9,536,228
Capital
Markets
0.1%
Nomura
Holdings,
Inc.,
5.78%,
7/3/2034
1,335,000
1,385,808
Financial
Services
0.2%
NTT
Finance
Corp.,
4.09%,
7/16/2037(b)
EUR
2,150,000
2,514,130
Insurance
1.8%
Dai-ichi
Life
Insurance
Co.
Ltd.
(The),
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.52%),
6.20%,
1/16/2035(b)(d)(g)
9,760,000
9,929,697
Meiji
Yasuda
Life
Insurance
Co.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.91%),
6.10%,
6/11/2055(b)(d)
9,025,000
9,121,026
Nippon
Life
Insurance
Co.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.19%),
6.50%,
4/30/2055(b)(d)(e)
2,565,000
2,684,347
21,735,070
35,171,236
LUXEMBOURG
0.1%
Hotels,
Restaurants
&
Leisure
0.1%
Cruise
Yacht
Upper
HoldCo
Ltd.,
11.88%,
7/5/2028
1,200,000
885,624
Nationwide
Strategic
Income
Fund
(formerly,
Nationwide
Amundi
Strategic
Income
Fund)
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
15
Corporate
Bonds
Principal
Amount
($)
Value
($)
MEXICO
2.0%
Diversified
Telecommunication
Services
0.9%
Total
Play
Telecomunicaciones
SA
de
CV,
11.13%,
12/31/2032(b)
11,681,750
11,242,809
Energy
Equipment
&
Services
0.5%
Borr
IHC
Ltd.
10.00%,
11/15/2028(b)
(e)
342,744
327,712
10.38%,
11/15/2030(b)
(e)
6,175,976
5,819,568
6,147,280
Passenger
Airlines
0.6%
Grupo
Aeromexico
SAB
de
CV
8.25%,
11/15/2029(b)
1,275,000
1,254,600
8.63%,
11/15/2031(b)
6,400,000
6,240,000
7,494,600
24,884,689
NETHERLANDS
0.1%
Banks
0.1%
ING
Groep
NV,
Series
NC10,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.86%),
4.25%,
5/16/2031(d)(g)
1,960,000
1,692,675
NORWAY
0.7%
Oil,
Gas
&
Consumable
Fuels
0.7%
Aker
BP
ASA
6.00%,
6/13/2033(b)(e)
1,235,000
1,270,249
5.13%,
10/1/2034(b)
5,720,000
5,491,875
Var
Energi
ASA,
6.50%,
5/22/2035(b)
1,400,000
1,450,823
8,212,947
SAUDI
ARABIA
0.8%
Oil,
Gas
&
Consumable
Fuels
0.8%
Saudi
Arabian
Oil
Co.,
6.38%,
6/2/2055(b)
9,220,000
9,350,915
SINGAPORE
0.1%
Insurance
0.1%
Nakama
Re
Pte.
Ltd.,
Series
1,
(3
Month
Treasury
Bill
Rate
+
2.35%),
6.68%,
4/4/2029(b)(d)
750,000
749,775
SOUTH
KOREA
0.2%
Insurance
0.2%
Hanwha
Life
Insurance
Co.
Ltd.,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.29%),
6.30%,
6/24/2055(b)(d)
2,483,000
2,556,127
Corporate
Bonds
Principal
Amount
($)
Value
($)
SPAIN
1.0%
Banks
1.0%
Banco
Santander
SA,
5.44%,
7/15/2031
6,200,000
6,428,369
CaixaBank
SA
(SOFR
+
2.77%),
6.84%,
9/13/2034(b)(d)
(e)
1,015,000
1,115,842
(SOFR
+
2.26%),
6.04%,
6/15/2035(b)(d)
540,000
565,726
(SOFR
+
1.79%),
5.58%,
7/3/2036(b)(d)
2,105,000
2,116,887
Reg.
S,
(EUR
Swap
Annual
5
Year
+
3.86%),
3.63%,
9/14/2028(d)(e)
(g)
EUR
2,000,000
2,188,863
12,415,687
SWITZERLAND
0.7%
Capital
Markets
0.7%
UBS
Group
AG
(ICE
IBA
-
USD
SOFR
ICE
Swap
Rate
5
Year
+
3.08%),
7.00%,
2/10/2030(b)(d)(g)
440,000
448,816
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.20%),
5.96%,
1/12/2034(b)(d)
1,110,000
1,166,446
(ICE
IBA
-
USD
SOFR
ICE
Swap
Rate
5
Year
+
3.18%),
7.13%,
8/10/2034(b)(d)(g)
430,000
435,518
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.00%),
6.30%,
9/22/2034(b)(d)
365,000
391,450
(ICE
IBA
-
USD
SOFR
ICE
Swap
Rate
5
Year
+
3.30%),
7.00%,
2/05/2035(b)(d)(g)
1,155,000
1,155,000
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.77%),
5.70%,
2/8/2035(b)(d)
1,310,000
1,357,570
(SOFR
+
1.76%),
5.58%,
5/9/2036(b)(d)
2,270,000
2,311,996
(ICE
IBA
-
USD
SOFR
ICE
Swap
Rate
5
Year
+
4.16%),
7.75%,
4/12/2031(b)(d)(g)
1,500,000
1,598,916
8,865,712
16
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Strategic
Income
Fund
(formerly,
Nationwide
Amundi
Strate-
gic
Income
Fund)
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
KINGDOM
1.4%
Banks
1.1%
Barclays
plc,
(ICE
IBA
-
USD
SOFR
ICE
Swap
Rate
5
Year
+
3.69%),
7.63%,
3/15/2035(d)(e)
(g)
1,040,000
1,059,414
HSBC
Holdings
plc,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.64%),
6.95%,
8/27/2031(d)(g)
4,985,000
5,096,091
NatWest
Group
plc
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.20%),
6.48%,
6/1/2034(d)
1,355,000
1,414,833
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
3.75%),
8.13%,
11/10/2033(d)(e)(g)
925,000
1,013,422
Standard
Chartered
plc
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
2.10%),
6.10%,
1/11/2035(b)(d)
2,000,000
2,121,285
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.43%),
6.23%,
1/21/2036(b)(d)
2,550,000
2,704,258
13,409,303
Financial
Services
0.3%
Nationwide
Building
Society,
5.13%,
7/29/2029(b)(e)
3,405,000
3,476,923
Insurance
0.0%
†
Lapis
London
Bridge
2
PCC
Ltd.,
Series
A,
(3
Month
Treasury
Bill
Rate
+
7.50%),
11.83%,
1/9/2029(b)(d)
250,000
253,600
17,139,826
UNITED
STATES
32.6%
Aerospace
&
Defense
0.6%
Boeing
Co.
(The)
6.86%,
5/1/2054(e)
4,780,000
5,254,002
7.01%,
5/1/2064
620,000
684,177
Goat
Holdco
LLC,
6.75%,
2/1/2032(b)
1,470,000
1,481,858
7,420,037
Automobiles
1.1%
Ford
Motor
Co.,
6.10%,
8/19/2032(e)
210,000
210,347
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Automobiles
Hyundai
Capital
America
5.68%,
6/26/2028(b)
515,000
527,655
6.50%,
1/16/2029(b)
695,000
732,449
5.35%,
3/19/2029(b)
2,500,000
2,545,376
5.30%,
1/8/2030(b)
4,780,000
4,875,008
6.20%,
9/21/2030(b)
995,000
1,049,900
5.40%,
6/23/2032(b)
3,260,000
3,309,811
13,250,546
Banks
5.7%
Bank
of
America
Corp.,
(SOFR
+
1.70%),
5.74%,
2/12/2036(d)
4,065,000
4,135,384
Citigroup,
Inc.,
Series
GG,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.89%),
6.87%,
8/15/2030(d)(g)
4,720,000
4,760,120
Citigroup,
Inc.
(SOFR
+
2.66%),
6.17%,
5/25/2034(d)(e)
690,000
721,575
(SOFR
+
1.83%),
6.02%,
1/24/2036(d)
7,250,000
7,430,032
Citizens
Financial
Group,
Inc.
(SOFR
+
2.01%),
5.84%,
1/23/2030(d)
445,000
459,509
(SOFR
+
1.26%),
5.25%,
3/5/2031(d)
2,185,000
2,213,117
Comerica
Bank,
(SOFR
+
2.61%),
5.33%,
8/25/2033(d)
1,610,000
1,567,379
JPMorgan
Chase
&
Co.
(SOFR
+
1.44%),
5.10%,
4/22/2031(d)
3,075,000
3,144,726
(SOFR
+
1.64%),
5.58%,
7/23/2036(d)(e)
2,185,000
2,213,307
KeyCorp,
(United
States
SOFR
Compounded
Index
+
1.23%),
5.12%,
4/4/2031(d)(e)
4,365,000
4,411,878
Morgan
Stanley
Private
Bank
NA,
(SOFR
+
1.08%),
4.73%,
7/18/2031(d)
5,000,000
5,022,539
PNC
Financial
Services
Group,
Inc.
(The),
(SOFR
+
1.39%),
5.58%,
1/29/2036(d)(e)
3,085,000
3,163,611
Regions
Financial
Corp.,
(SOFR
+
2.06%),
5.50%,
9/6/2035(d)(e)
1,780,000
1,792,845
Santander
Holdings
USA,
Inc.,
(SOFR
+
2.14%),
6.34%,
5/31/2035(d)(e)
5,160,000
5,424,968
Truist
Bank,
(SOFR
+
0.77%),
4.42%,
7/24/2028(d)
17,470,000
17,444,683
Nationwide
Strategic
Income
Fund
(formerly,
Nationwide
Amundi
Strategic
Income
Fund)
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
17
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Banks
Truist
Financial
Corp.,
(SOFR
+
2.24%),
4.92%,
7/28/2033(d)(e)
2,255,000
2,211,500
66,117,173
Capital
Markets
2.4%
Citadel
Securities
Global
Holdings
LLC
5.50%,
6/18/2030(b)(e)
7,459,000
7,524,131
6.20%,
6/18/2035(b)
2,211,000
2,254,503
Goldman
Sachs
Group,
Inc.
(The)
(SOFR
+
1.08%),
5.21%,
1/28/2031(d)
4,690,000
4,789,359
(SOFR
+
1.58%),
5.22%,
4/23/2031(d)
1,775,000
1,814,996
Jane
Street
Group,
6.75%,
5/1/2033(b)(e)
5,477,000
5,605,058
Jefferies
Financial
Group,
Inc.,
6.20%,
4/14/2034(e)
1,815,000
1,896,091
Morgan
Stanley
(SOFR
+
2.62%),
5.30%,
4/20/2037(d)(e)
1,690,000
1,690,217
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.43%),
5.95%,
1/19/2038(d)
740,000
763,432
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.80%),
5.94%,
2/7/2039(d)(e)
1,110,000
1,146,131
27,483,918
Chemicals
1.1%
Celanese
US
Holdings
LLC,
7.20%,
11/15/2033(c)(e)
7,300,000
7,621,251
Methanex
US
Operations,
Inc.,
6.25%,
3/15/2032(b)(e)
4,948,000
4,904,678
12,525,929
Consumer
Finance
3.5%
Ally
Financial,
Inc.
(SOFR
+
3.26%),
6.99%,
6/13/2029(d)
640,000
672,962
(SOFR
+
2.82%),
6.85%,
1/3/2030(d)
445,000
469,150
(United
States
SOFR
Compounded
Index
+
1.73%),
5.54%,
1/17/2031(d)
2,335,000
2,365,890
(SOFR
+
2.29%),
6.18%,
7/26/2035(d)(e)
1,455,000
1,488,895
American
Express
Co.,
(SOFR
+
1.22%),
4.92%,
7/20/2033(d)
2,535,000
2,543,169
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Consumer
Finance
American
Honda
Finance
Corp.
5.05%,
7/10/2031(e)
3,065,000
3,112,237
4.85%,
10/23/2031
5,575,000
5,584,023
Ford
Motor
Credit
Co.
LLC
5.85%,
5/17/2027(e)
1,215,000
1,223,325
5.88%,
11/7/2029
3,125,000
3,133,826
7.35%,
3/6/2030
200,000
211,277
3.63%,
6/17/2031
1,500,000
1,332,803
6.05%,
11/5/2031
3,875,000
3,877,220
6.50%,
2/7/2035(e)
2,470,000
2,463,251
General
Motors
Financial
Co.,
Inc.
5.60%,
6/18/2031
1,300,000
1,326,529
6.40%,
1/9/2033(e)
1,365,000
1,436,818
6.10%,
1/7/2034(e)
1,455,000
1,501,262
5.90%,
1/7/2035
6,510,000
6,571,289
OneMain
Finance
Corp.,
6.13%,
5/15/2030
2,250,000
2,253,780
41,567,706
Containers
&
Packaging
0.4%
Ball
Corp.,
4.25%,
7/1/2032
EUR
4,060,000
4,732,035
Diversified
Consumer
Services
0.5%
Champions
Financing,
Inc.,
8.75%,
2/15/2029(b)(e)
6,485,000
6,004,550
Diversified
REITs
0.8%
Uniti
Group
LP
6.00%,
1/15/2030(b)
7,400,000
7,002,626
8.63%,
6/15/2032(b)(e)
1,920,000
1,947,408
8,950,034
Diversified
Telecommunication
Services
0.5%
Level
3
Financing,
Inc.,
6.88%,
6/30/2033(b)
5,310,000
5,380,912
Electric
Utilities
1.2%
Duke
Energy
Corp.,
5.00%,
8/15/2052(e)
1,105,000
964,262
ITC
Holdings
Corp.,
5.65%,
5/9/2034(b)
1,010,000
1,037,774
NextEra
Energy
Capital
Holdings,
Inc.,
4.69%,
9/1/2027
5,605,000
5,632,507
Virginia
Electric
and
Power
Co.,
5.15%,
3/15/2035(e)
5,915,000
5,935,604
13,570,147
Energy
Equipment
&
Services
0.4%
Transocean
Titan
Financing
Ltd.,
8.38%,
2/1/2028(b)
108,571
111,269
Transocean,
Inc.
8.75%,
2/15/2030(b)
284,000
294,443
6.80%,
3/15/2038(e)
6,200,000
4,651,953
5,057,665
18
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Strategic
Income
Fund
(formerly,
Nationwide
Amundi
Strate-
gic
Income
Fund)
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Financial
Services
0.9%
Freedom
Mortgage
Holdings
LLC
9.25%,
2/1/2029(b)(e)
1,395,000
1,453,990
9.13%,
5/15/2031(b)
5,180,000
5,384,688
8.38%,
4/1/2032(b)(e)
2,474,000
2,530,345
Lightning
Re,
Series
2023-
1,
(3
Month
Treasury
Bill
Rate
+
11.00%),
15.33%,
3/31/2026(b)(d)
1,000,000
1,020,900
10,389,923
Food
Products
0.3%
Darling
Global
Finance
BV,
4.50%,
7/15/2032(b)
EUR
3,435,000
3,979,753
Gas
Utilities
0.1%
KeySpan
Gas
East
Corp.,
5.99%,
3/6/2033(b)
1,035,000
1,072,444
Health
Care
Providers
&
Services
1.2%
CVS
Health
Corp.,
5.55%,
6/1/2031(e)
6,060,000
6,277,494
US
Acute
Care
Solutions
LLC,
9.75%,
5/15/2029(b)(e)
8,205,000
8,383,221
14,660,715
Health
Care
REITs
0.2%
Ventas
Realty
LP,
5.10%,
7/15/2032(e)
2,750,000
2,779,297
Hotels,
Restaurants
&
Leisure
1.4%
Carnival
Corp.
6.00%,
5/1/2029(b)(e)
2,595,000
2,618,012
5.75%,
1/15/2030(b)
EUR
1,530,000
1,894,327
Darden
Restaurants,
Inc.,
6.30%,
10/10/2033
2,610,000
2,782,051
Genting
New
York
LLC,
7.25%,
10/1/2029(b)(e)
3,280,000
3,376,987
Resorts
World
Las
Vegas
LLC
8.45%,
7/27/2030(b)
4,400,000
4,380,523
4.63%,
4/6/2031(b)
1,400,000
1,159,844
16,211,744
Insurance
1.2%
3264
re
Ltd.
Series
A,
(3
Month
Treasury
Bill
Rate
+
7.00%),
11.33%,
7/8/2027(b)(d)
250,000
263,175
Series
A,
(3
Month
Treasury
Bill
Rate
+
7.50%),
11.79%,
6/8/2028(b)(d)
500,000
514,000
CNO
Financial
Group,
Inc.,
6.45%,
6/15/2034
2,640,000
2,750,409
Equitable
America
Global
Funding,
4.95%,
6/9/2030(b)
5,040,000
5,080,111
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Insurance
Farmers
Exchange
Capital
III,
(CME
Term
SOFR
3
Month
+
3.45%),
5.45%,
10/15/2054(b)(d)
3,270,000
2,954,239
Farmers
Insurance
Exchange,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
10
Year
+
3.86%),
7.00%,
10/15/2064(b)(d)
1,300,000
1,325,733
Gateway
Re
Ltd.
Series
AA,
(BRMMUSDF
+
0.00%),
4.19%,
12/22/2025(b)(d)
250,000
239,500
Series
AA,
(1
Month
Treasury
Bill
Rate
+
5.90%),
10.24%,
7/8/2027(b)(d)
250,000
252,650
Gateway
Re
Ltd.
Series
A,
(1
Month
Treasury
Bill
Rate
+
0.00%),
4.33%,
12/22/2025(b)(d)
250,000
234,125
Series
A,
(1
Month
Treasury
Bill
Rate
+
13.94%),
18.27%,
2/24/2026(b)(d)
250,000
257,800
Series
A,
(BRMMUSDF
+
10.88%),
15.07%,
7/8/2026(b)(d)
500,000
495,650
Gateway
Re
Ltd.,
Series
AAA,
(1
Month
Treasury
Bill
Rate
+
4.25%),
8.58%,
7/7/2028(b)(d)
500,000
492,450
Liberty
Mutual
Insurance
Co.,
7.70%,
10/15/2097(b)
420,000
457,925
Residential
Reinsurance
2023
Ltd.,
Series
5,
(3
Month
Treasury
Bill
Rate
+
5.97%),
10.30%,
12/6/2027(b)(d)
250,000
260,950
Residential
Reinsurance
2023
Ltd.,
Series
3,
(1
Month
Treasury
Bill
Rate
+
8.70%),
13.03%,
12/6/2027(b)(d)
250,000
259,125
15,837,842
IT
Services
0.8%
Acuris
Finance
US,
Inc.,
9.00%,
8/1/2029(b)
3,905,000
3,972,937
CoreWeave,
Inc.,
9.00%,
2/1/2031(b)(e)
5,725,000
5,700,591
9,673,528
Media
0.3%
CSC
Holdings
LLC,
11.75%,
1/31/2029(b)(e)
4,300,000
4,022,173
Nationwide
Strategic
Income
Fund
(formerly,
Nationwide
Amundi
Strategic
Income
Fund)
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
19
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Multi-Utilities
0.4%
Sempra,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
2.14%),
6.55%,
4/1/2055(d)
5,480,000
5,287,594
Office
REITs
0.1%
COPT
Defense
Properties
LP,
2.90%,
12/1/2033(e)
1,850,000
1,531,821
Oil,
Gas
&
Consumable
Fuels
4.9%
APA
Corp.,
6.75%,
2/15/2055(b)(e)
12,221,000
11,488,380
BP
Capital
Markets
plc,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.92%),
6.13%,
3/18/2035(d)(e)(g)
7,605,000
7,627,126
Delek
Logistics
Partners
LP,
8.63%,
3/15/2029(b)
5,840,000
6,077,741
Energy
Transfer
LP
6.55%,
12/1/2033
1,240,000
1,337,939
5.60%,
9/1/2034(e)
1,005,000
1,016,337
Energy
Transfer
LP,
Series
G,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
5.31%),
7.13%,
5/15/2030(d)(g)
859,000
879,473
Hilcorp
Energy
I
LP
6.88%,
5/15/2034(b)
3,145,000
3,028,293
7.25%,
2/15/2035(b)
4,895,000
4,770,503
Phillips
66
Co.,
5.25%,
6/15/2031(e)
3,530,000
3,622,157
Summit
Midstream
Holdings
LLC,
8.63%,
10/31/2029(b)
4,395,000
4,476,401
Venture
Global
Plaquemines
LNG
LLC
6.50%,
1/15/2034(b)(e)
2,680,000
2,757,053
6.75%,
1/15/2036(b)
4,940,000
5,081,805
Wildfire
Intermediate
Holdings
LLC,
7.50%,
10/15/2029(b)
6,970,000
6,935,435
59,098,643
Passenger
Airlines
0.5%
American
Airlines,
Inc.,
5.75%,
4/20/2029(b)(e)
190,000
189,933
Avianca
Midco
2
plc,
9.63%,
2/14/2030(b)
6,450,000
5,998,500
6,188,433
Pharmaceuticals
0.5%
1261229
BC
Ltd.,
10.00%,
4/15/2032(b)
5,345,000
5,441,685
Tricida,
Inc.
3.50%,
5/15/2027^∞
1,430,000
0
5,441,685
Corporate
Bonds
Principal
Amount
($)
Value
($)
UNITED
STATES
Semiconductors
&
Semiconductor
Equipment
0.5%
Foundry
JV
Holdco
LLC
6.15%,
1/25/2032(b)
1,225,000
1,281,565
5.88%,
1/25/2034(b)(e)
1,321,000
1,333,849
6.40%,
1/25/2038(b)
450,000
467,968
6.30%,
1/25/2039(b)
2,470,000
2,542,274
5,625,656
Software
0.1%
Autodesk,
Inc.,
5.30%,
6/15/2035(e)
1,590,000
1,610,928
Specialty
Retail
0.5%
AutoNation,
Inc.,
5.89%,
3/15/2035
5,740,000
5,814,941
Wireless
Telecommunication
Services
0.5%
T-Mobile
USA,
Inc.,
3.50%,
2/11/2037
EUR
5,440,000
5,992,117
387,279,889
Total
Corporate
Bonds
(cost
$698,624,817)
707,223,553
Mortgage-Backed
Securities
17.4%
FNMA/FHLMC
UMBS,
15
Year,
Single
Family
TBA
5.50%,
8/25/2040
20,000,000
20,336,565
FNMA/FHLMC
UMBS,
30
Year,
Single
Family
TBA
3.50%,
8/25/2055
23,000,000
20,544,250
4.00%,
8/25/2055
23,000,000
21,210,719
4.50%,
8/25/2055
33,000,000
31,300,294
5.00%,
8/25/2055
32,000,000
31,142,326
5.50%,
8/25/2055
42,000,000
41,777,641
6.50%,
8/25/2055
10,000,000
10,314,123
FNMA/FHLMC
UMBS,
30
Year,
Single
Family
Conventional
Pool
TBA
6.00%,
8/25/2055
11,000,000
11,152,040
GNMA
TBA
6.00%,
8/15/2055
10,000,000
10,133,980
6.50%,
8/15/2055
10,000,000
10,264,016
Total
Mortgage-Backed
Securities
(cost
$207,763,191)
208,175,954
Foreign
Government
Securities
3.7%
CHILE
0.2%
Republic
of
Chile,
3.75%,
1/14/2032
EUR
1,870,000
2,177,138
COLOMBIA
0.4%
Republic
of
Colombia,
8.50%,
4/25/2035
4,000,000
4,234,000
IVORY
COAST
0.7%
Republic
of
Cote
d'Ivoire,
4.88%,
1/30/2032
(b)
7,761,000
8,177,497
20
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Strategic
Income
Fund
(formerly,
Nationwide
Amundi
Strate-
gic
Income
Fund)
Foreign
Government
Securities
Principal
Amount
($)
Value
($)
MEXICO
1.0%
United
Mexican
States
5.13%,
5/4/2037
EUR
6,420,000
7,255,433
6.88%,
5/13/2037
2,250,000
2,322,000
6.63%,
1/29/2038
3,000,000
3,015,000
12,592,433
PERU
0.7%
Republic
of
Peru,
5.50%,
3/30/2036
8,230,000
8,187,616
SAUDI
ARABIA
0.7%
Kingdom
of
Saudi
Arabia
3.38%,
3/5/2032
(b)
3,455,000
3,949,001
5.63%,
1/13/2035
(b)
4,785,000
4,998,222
8,947,223
Total
Foreign
Government
Securities
(cost
$42,314,919)
44,315,907
Supranational
0.1%
International
Bank
for
Reconstruction
&
Development
(SOFR
+
7.19%),
,
11.58%,
12/29/2027(b)
(d)
250,000
253,200
(SOFR
+
4.22%),
,
8.61%,
4/24/2028(b)(d)
250,000
256,850
(SOFR
+
12.22%),
,
16.52%,
4/24/2028(b)(d)
250,000
262,750
(SOFR
+
13.72%),
,
18.02%,
4/24/2028(b)(d)
250,000
255,625
Total
Supranational
(cost
$992,427)
1,028,425
Common
Stocks
0.0%
†
Shares
CHILE
0.0%
†
Wireless
Telecommunication
Services
0.0%
†
WOM
Mobile
SA
*^∞
1,018
25,450
MEXICO
0.0%
†
Passenger
Airlines
0.0%
†
Grupo
Aeromexico
SAB
de
CV
*^∞
21,107
335,653
UNITED
STATES
0.0%
†
Media
0.0%
†
Diamond
Sports
Group
LLC
*∞
79
1,060
Total
Common
Stocks
(cost
$379,310)
362,163
Warrants
0.0%
†
Number
of
Warrants
Value
($)
SINGAPORE
0.0%
†
Trading
Companies
&
Distributors
0.0%
†
Avation
plc,
expiring
10/31/2026*
21,088
11,140
Total
Warrants
(cost
$0)
11,140
Loan
Participations
2.2%
Principal
Amount
($)
UNITED
STATES
2.2%
Diversified
Consumer
Services
0.3%
Champions
Financing,
Inc.,
First
Lien
Term
Loan,
(CME
Term
SOFR
3
Month
+
4.75%),
9.08%,
2/6/2029
(d)
3,366,000
3,115,839
Electric
Utilities
0.1%
Alpha
Generation
LLC,
First
Lien
Term
Loan
B,
(CME
Term
SOFR
1
Month
+
2.00%),
6.36%,
9/30/2031
(d)
1,568,150
1,565,218
Health
Care
Equipment
&
Supplies
0.1%
Sotera
Health
Holdings
LLC,
First
Lien
Term
Loan,
(CME
Term
SOFR
3
Month
+
3.25%),
7.55%,
5/30/2031
(d)
785,939
787,417
Insurance
1.1%
River
Rock
Entertainment,
First
Lien
Term
Loan,
(CME
Term
SOFR
3
Month
+
9.00%),
10.00%,
6/25/2031
(d)
13,815,000
13,400,550
Media
0.0%
†
DIRECTV
Financing
LLC,
First
Lien
Term
Loan
B,
(CME
Term
SOFR
3
Month
+
5.25%),
9.82%,
8/2/2029
(d)
458,450
454,131
Pharmaceuticals
0.5%
1261229
BC
Ltd.,
First
Lien
Term
Loan,
(CME
Term
SOFR
1
Month
+
6.25%),
10.61%,
10/8/2030
(d)
6,435,000
6,296,261
Professional
Services
0.1%
Amentum
Holdings,
Inc.,
First
Lien
Term
Loan,
(CME
Term
SOFR
1
Month
+
2.25%),
6.61%,
9/29/2031
(d)
921,375
920,914
Total
Loan
Participations
(cost
$26,721,015)
26,540,330
Nationwide
Strategic
Income
Fund
(formerly,
Nationwide
Amundi
Strategic
Income
Fund)
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
21
Convertible
Bond
0.1%
Principal
Amount
($)
Value
($)
Wireless
Telecommunication
Services
0.1%
WOM
Chile
Holdco
SpA,
5.00%,
4/1/2032
(b)(f)
629,927
608,257
Total
Convertible
Bond
(cost  $629,665)
608,257
Short-Term
Investment
2.9%
U.S.
Treasury
Obligation
2.9%
U.S.
Treasury
Bills,0.00%
8/5/2025
35,000,000
34,983,213
Total
Short-Term
Investment
(cost
$34,983,406)
34,983,213
Repurchase
Agreements
5.5%
CF
Secured,
LLC
4.34%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$21,500,487,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.00%,
maturing
8/31/2025
-
2/15/2053;
total
market
value
$21,930,500.
(h)
21,497,895
21,497,895
Santander
US
Capital
Markets
4.36%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$9,001,090,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
0.01%
-
5.45%,
maturing
5/25/2030
-
8/25/2055;
total
market
value
$9,181,112.
(h)
9,000,000
9,000,000
Repurchase
Agreements
Principal
Amount
($)
Value
($)
Societe
Generale
4.35%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$35,004,229,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
1.63%
-
4.50%,
maturing
2/15/2038
-
2/15/2052;
total
market
value
$35,700,003.
(h)
35,000,000
35,000,000
Total
Repurchase
Agreements
(cost
$65,497,895)
65,497,895
Total
Investments
(cost
$1,434,718,015)
—
121.4%
1,450,345,891
Liabilities
in
excess
of
other
assets
—
(21.4)%
(255,712,520)
NET
ASSETS
—
100.0%
$
1,194,633,371
22
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Strategic
Income
Fund
(formerly,
Nationwide
Amundi
Strate-
gic
Income
Fund)
*
Denotes
a
non-income
producing
security.
^
Value
determined
using
significant
unobservable
inputs.
∞
Fair
valued
security.
†
Amount
rounds
to
less
than
0.1%.
(a)
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,
2025.
(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,
2025
was
$827,611,602
which
represents
69.28%
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,
2025.
(d)
Variable
or
floating
rate
security,
linked
to
the
referenced
benchmark.
The
interest
rate
shown
was
the
current
rate
as
of
July
31,
2025.
(e)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2025.
The
total
value
of
securities
on
loan
as
of
July
31,
2025
was
$65,612,525,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$65,497,895
and
by
$2,507,300
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.13%
-
4.88%,
and
maturity
dates
ranging
from
8/31/2025
-
5/15/2052,
a
total
value
of
$68,005,195.
(f)
PIK-Payment-in-kind
security.
Income
may
be
in
cash
or
additional
notes,
at
the
discretion
of
the
issuer.
The
rate
disclosed
is
the
cash
rate.
(g)
Perpetual
Bond
Security.
The
rate
reflected
in
the
Statement
of
Investments
is
the
rate
in
effect
on
July
31,
2025.
The
maturity
date
reflects
the
next
call
date.
(h)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2025
was
$65,497,895.
BRMMUSDF
BlackRock
Money
Market
US
Treasury
Fund
Index
CLO
Collateralized
Loan
Obligations
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FHMMUSTF
Federated
Hermes
Money
Market
US
Treasury
Fund
Index
FNMA
Federal
National
Mortgage
Association
GNMA
Government
National
Mortgage
Association
GSMMUSTI
Goldman
Sachs
Money
Market
US
Treasury
Instrument
Index
ICE
Intercontinental
Exchange
IO
Interest
only
JMMMUSTF
JP
Morgan
Money
Market
US
Treasury
Fund
Index
MSMMUSTF
MSILF
Money
Market
US
Treasury
Fund
Index
Reg.
S
Regulation
S
-
Security
was
purchased
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933,
which
exempts
from
registration
securities
offered
and
sold
outside
of
the
United
States.
Such
security
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933
or
pursuant
to
an
exemption
from
registration.
Currently
there
is
no
restriction
on
trading
this
security.
REIT
Real
Estate
Investment
Trust
REMICS
Real
Estate
Mortgage
Investment
Conduits
SOFR
Secured
Overnight
Financing
Rate
TBA
To
Be
Announced;
Security
is
subject
to
delayed
delivery
UMBS
Uniform
Mortgage-Backed
Securities
Currency:
EUR
Euro
USD
United
States
Dollar
Nationwide
Strategic
Income
Fund
(formerly,
Nationwide
Amundi
Strategic
Income
Fund)
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
23
Centrally
Cleared
Credit
default
swap
contracts
outstanding
-
buy
protection
as
of
July
31,
2025
1
:
Reference
Obligation/Index
Financing
Rate
Paid
by
the
Fund
(%)
Payment
Frequency
Maturity
Date
Implied
Credit
Spread
(%)
2
Notional
Amount
3
Upfront
Payments
(Receipts)
($)
4
Unrealized
Appreciation
(Depreciation)
($)
Value
($)
Darden
Restaurants,
Inc.
1.00
Quarterly
6/20/2029
0.35
USD
462,712
(8,074)
(3,308)
(11,382)
Markit
CDX
North
American
High
Yield
Index
Series
44-V1
5.00
Quarterly
6/20/2030
3.22
USD
247,700,000
(12,261,980)
(7,107,420)
(19,369,400)
(12,270,054)
(7,110,728)
(19,380,782)
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,
2025:
Currenc
y
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
($)
USD
56,200,557
EUR
47,870,314
Morgan
Stanley
Co.,
Inc.
8/20/2025
1,511,646
Total
unrealized
appreciation
1,511,646
USD
354,370
MXN
6,772,959
Goldman
Sachs
International
9/25/2025
(2,564)
Total
unrealized
depreciation
(2,564)
Net
unrealized
appreciation
1,509,082
Currency:
EUR
Euro
MXN
Mexican
peso
USD
United
States
dollar
24
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Strategic
Income
Fund
(formerly,
Nationwide
Amundi
Strate-
gic
Income
Fund)
Futures
contracts
outstanding
as
of
July
31,
2025:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
U.S.
Treasury
2
Year
Note
57
9/2025
USD
11,798,109
(13,951)
Total
long
contracts
(13,951)
Short
Contracts
Euro-Bobl
(7)
9/2025
EUR
(936,800)
7,748
Euro-Bund
(21)
9/2025
EUR
(3,108,286)
35,097
U.S.
Treasury
5
Year
Note
(1,664)
9/2025
USD
(179,998,000)
(152,122)
U.S.
Treasury
10
Year
Note
(530)
9/2025
USD
(58,863,125)
(325,368)
U.S.
Treasury
10
Year
Ultra
Note
(2,084)
9/2025
USD
(235,654,813)
(1,651,847)
U.S.
Treasury
Long
Bond
(375)
9/2025
USD
(42,820,312)
(757,142)
U.S.
Treasury
Ultra
Bond
(277)
9/2025
USD
(32,495,562)
(602,187)
Total
short
contracts
(3,445,821)
Net
contracts
(3,459,772)
Currency:
EUR
Euro
USD
United
States
Dollar
Nationwide
Strategic
Income
Fund
(formerly,
Nationwide
Amundi
Strategic
Income
Fund)
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
25
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2025.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Asset-Backed
Securities
$
–
$
175,496,981
$
–
$
175,496,981
Collateralized
Mortgage
Obligations
–
147,756,962
–
147,756,962
Commercial
Mortgage-Backed
Securities
–
38,345,111
–
38,345,111
Common
Stocks
Media
–
1,060
–
1,060
Passenger
Airlines
–
–
335,653
335,653
Wireless
Telecommunication
Services
–
–
25,450
25,450
Total
Common
Stocks
$
–
$
1,060
$
361,103
$
362,163
Convertible
Bond
–
608,257
–
608,257
26
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Strategic
Income
Fund
(formerly,
Nationwide
Amundi
Strate-
gic
Income
Fund)
Level
1
Level
2
Level
3
Total
Assets:
Corporate
Bonds
Aerospace
&
Defense
$
–
$
9,454,674
$
–
$
9,454,674
Automobiles
–
25,627,780
–
25,627,780
Banks
–
149,718,824
–
149,718,824
Capital
Markets
–
37,735,438
–
37,735,438
Chemicals
–
12,525,929
–
12,525,929
Commercial
Services
&
Supplies
–
14,955,837
–
14,955,837
Consumer
Finance
–
51,426,313
–
51,426,313
Containers
&
Packaging
–
4,732,035
–
4,732,035
Diversified
Consumer
Services
–
6,004,550
–
6,004,550
Diversified
REITs
–
8,950,034
–
8,950,034
Diversified
Telecommunication
Services
–
16,623,721
–
16,623,721
Electric
Utilities
–
16,005,633
–
16,005,633
Energy
Equipment
&
Services
–
11,204,945
–
11,204,945
Financial
Services
–
31,069,340
–
31,069,340
Food
Products
–
12,352,764
–
12,352,764
Gas
Utilities
–
1,072,444
–
1,072,444
Health
Care
Providers
&
Services
–
14,660,715
–
14,660,715
Health
Care
REITs
–
2,779,297
–
2,779,297
Hotels,
Restaurants
&
Leisure
–
24,582,312
–
24,582,312
Insurance
–
96,600,989
–
96,600,989
IT
Services
–
9,673,528
–
9,673,528
Media
–
4,022,173
–
4,022,173
Metals
&
Mining
–
1,810,200
–
1,810,200
Multi-Utilities
–
5,971,966
–
5,971,966
Office
REITs
–
1,531,821
–
1,531,821
Oil,
Gas
&
Consumable
Fuels
–
86,180,796
–
86,180,796
Passenger
Airlines
–
20,470,226
–
20,470,226
Pharmaceuticals
–
10,130,611
–
10,130,611
Semiconductors
&
Semiconductor
Equipment
–
5,625,656
–
5,625,656
Software
–
1,610,928
–
1,610,928
Specialty
Retail
–
5,814,941
–
5,814,941
Wireless
Telecommunication
Services
–
6,297,133
–
6,297,133
Total
Corporate
Bonds
$
–
$
707,223,553
$
–
$
707,223,553
Foreign
Government
Securities
–
44,315,907
–
44,315,907
Forward
Foreign
Currency
Contracts
–
1,511,646
–
1,511,646
Futures
Contracts
42,845
–
–
42,845
Loan
Participations
–
26,540,330
–
26,540,330
Mortgage-Backed
Securities
–
208,175,954
–
208,175,954
Repurchase
Agreements
–
65,497,895
–
65,497,895
Short-Term
Investment
–
34,983,213
–
34,983,213
Supranational
–
1,028,425
–
1,028,425
Warrants
11,140
–
–
11,140
Total
Assets
$
53,985
$
1,451,485,294
$
361,103
$
1,451,900,382
Liabilities:
Credit
Default
Swaps†
$
–
$
(7,110,728)
$
–
$
(7,110,728)
Forward
Foreign
Currency
Contracts
–
(2,564)
–
(2,564)
Futures
Contracts
(3,502,617)
–
–
(3,502,617)
Total
Liabilities
$
(3,502,617)
$
(7,113,292)
$
–
$
(10,615,909)
Total
$
(3,448,632)
$
1,444,372,002
$
361,103
$
1,441,284,473
†
Swap
contracts
are
included
in
the
table
at
value,
with
the
exception
of
centrally
cleared
swap
contracts
which
are
included
in
the
table
at
unrealized
appreciation/(depreciation).
As
of
July
31,
2025,
the
fund
held
one
corporate
bond
investment
that
was
categorized
as
a
Level
3
investment
which
was
valued
at
$0.
Nationwide
Strategic
Income
Fund
(formerly,
Nationwide
Amundi
Strategic
Income
Fund)
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
27
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,
2025.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using swap
contracts, forward
foreign
currency
contracts, and financial
futures
contracts.
(a)
Swap
Contracts             
Credit
Default
Swap
Contracts
— The
Fund entered
into
credit
default
swap
contracts.
Credit
default
swap
contracts
are
either
privately
negotiated
agreements
between
the
Fund
and
a
counterparty
or
traded
through
a
futures
commission
merchant
and
cleared
through
a
clearinghouse
that
serves
as
a
central
counterparty. 
Investments
in
credit
default
swap
contracts
are
utilized
to
expose
the
Fund’s
cash
holdings
to
the
investment
characteristics
and
performance
of
the
high-yield
bond
market
or
selected
credit
markets while
maintaining
liquidity
to
satisfy
shareholder
activity,
to
manage
broad
credit
market
spread
exposure
and/or
to
create
synthetic
long
and
short
exposure
to
select
credit
and sovereign
debt
securities,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
The
Fund
segregates
liquid
assets
to
cover
its
obligations
under
its
credit
default
swap
contracts.
The
upfront
premiums
are
amortized
and
accreted
daily
and
are
recorded
as
realized
gains
or
losses
upon
maturity
or
termination
of
the
credit
default
swap
contract.
As
the
protection
purchaser
in
a
credit
default
swap
contract,
the
Fund
pays
the
counterparty
a
periodic
stream
of
payments
over
the
term
of
the
contract,
provided
that
no
credit
event
or
default
(or
similar
event)
occurs.
However,
the
Fund
is
required
to
receive
the
par
(or
other
agreed-upon)
value
of
a
referenced
debt
obligation
from
the
counterparty
in
the
event
of
a
default
(or
similar
event)
by
a
third
party,
such
as
a
U.S.
or
foreign
issuer,
on
the
debt
obligation.
If
a
credit
event
or
default
(or
similar
event)
occurs,
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,
2025
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.
Common
Stocks
Total
Balance
as
of
10/31/2024
$
421,940
$
421,940
Accrued
Accretion/(Amortization)
—
—
Realized
Gains
(Losses)
—
—
Purchases
*
33,084
33,084
Sales
—
—
Change
in
Unrealized
Appreciation/Depreciation
(93,921)
(93,921)
Transfers
into
Level
3
—
—
Transfers
out
of
Level
3
—
—
Balance
as
of
7/31/2025
$
361,103
$
361,103
Change
in
Unrealized
Appreciation/Depreciation
for
Investments
Still
Held
as
of
7/31/2025
$
(93,921)
$
(93,921)
28
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Strategic
Income
Fund
(formerly,
Nationwide
Amundi
Strate-
gic
Income
Fund)
Certain
clearinghouses
currently
offer
clearing
for
limited
types
of
derivatives
transactions,
such
as
credit
derivatives.
In
a
centrally
cleared
credit
default
swap
contract,
immediately
following
execution
of
the
swap
agreement,
the
swap
agreement
is
novated
to
a
central
counterparty
(the
“CCP”)
and
the
Fund’s
counterparty
on
the
swap
agreement
becomes
the
CCP.
The
Fund
is
required
to
interface
with
the
CCP
through
a
broker.
Upon
entering
into
a
centrally
cleared
swap
contract,
the
Fund
is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
the
size
and
risk
profile
of
the
particular
swap.
Securities
deposited
as
initial
margin
and
cash
pledged
as
collateral
are
designated
on
the
Statement
of
Investments,
as
applicable.
The
daily
change
in
valuation
of
centrally
cleared
credit
default
swap
contracts
is
recorded
as
a
receivable
or
payable
for
variation
margin
on
centrally
cleared
credit
default
swap
contracts.
Payments
received
from
(paid
to)
the
counterparty,
including
at
termination,
are
recorded
as
realized
gains
(losses).
(b)
Forward
Foreign
Currency
Contracts          
The
Fund
entered
into
forward
foreign
currency
contracts
in
connection
with
planned
purchases
or
sales
of
securities
denominated
in
a
foreign
currency
and/or
to
hedge
the
U.S.
dollar
value
of
portfolio
securities
denominated
in
a
foreign
currency,
to
express
a
view
on
a
foreign
currency
vs.
the
U.S.
dollar
or
other
foreign
currency,
to
hedge
the
U.S.
dollar
value
of
portfolio
securities
denominated
in
a
foreign
currency,
and/or
to
seek
to
protect
against
anticipated
changes
in
future
foreign
currency
exchange
rate,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
A
forward
foreign
currency
contract
involves
an
obligation
to
purchase
or
sell
a
specific
currency
at
a
future
date,
which
may
be
any
fixed
number
of
days
from
the
date
of
the
contract
agreed
upon
by
the
parties,
at
a
price
set
at
the
time
of
the
contract.
Forward
foreign
currency
contracts
are
generally
valued
at
the
mean
of
the
last
quoted
bid
and
ask
prices,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
2
investments
within
the
hierarchy.
The
market
value
of
a
forward
foreign
currency
contract
fluctuates
with
changes
in
foreign
currency
exchange
rates.
All
commitments
are
marked-to-market
daily
at
the
applicable
exchange
rates
and
any
resulting
unrealized
appreciation
or
depreciation
is
recorded.
Realized
gains
or
losses
are
recorded
at
the
time
the
forward
foreign
currency
contract
matures
or
at
the
time
of
delivery
of
the
currency.
Forward
foreign
currency
contracts
entail
the
risk
of
unanticipated
movements
in
the
value
of
the
foreign
currency
relative
to
the
U.S.
dollar,
and
the
risk
that
the
counterparties
to
the
contracts
may
be
unable
to
meet
their
obligations
under
the
contract.
(c)
Futures
Contracts  
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
managing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
price
of
the
futures
contracts
and
the
underlying
assets. The
Fund’s
investments
in
futures
contracts
entail
limited
counterparty
credit
risk
because the
Fund
invests
only
in
exchange
traded
futures
contracts,
which
are
settled
through
the
exchange
and
whose
fulfillment
is
guaranteed
by
the
credit
of
the
exchange.
Nationwide
Strategic
Income
Fund
(formerly,
Nationwide
Amundi
Strategic
Income
Fund)
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
29
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2025:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
July
31,
2025:
Assets:
Fair
Value
Forward
Foreign
Currency
Contracts
Currency
risk
Unrealized
appreciation
on
forward
foreign
currency
contracts
$
1,511,646
Futures
Contracts
Interest
rate
risk
Unrealized
appreciation
from
futures
contracts
42,845
Total
$
1,554,491
Liabilities:
Swap
Contracts†
Credit
risk
Unrealized
depreciation
on
centrally
cleared
swap
contracts
$
(7,110,728)
Forward
Foreign
Currency
Contracts
Currency
risk
Unrealized
depreciation
on
forward
foreign
currency
contracts
(2,564)
Futures
Contracts
Interest
rate
risk
Unrealized
depreciation
from
futures
contracts
(3,502,617)
Total
$
(10,615,909)
†
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.
30
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Bailard
International
Equities
Fund
Common
Stocks
98
.3
%
Shares
Value
($)
AUSTRALIA
3
.3
%
Banks
0
.2
%
National
Australia
Bank
Ltd.
21,000
521,333
Broadline
Retail
0
.7
%
Wesfarmers
Ltd.
32,000
1,753,694
Capital
Markets
0
.3
%
Macquarie
Group
Ltd.
5,000
690,042
Commercial
Services
&
Supplies
0
.4
%
Brambles
Ltd.
65,000
994,021
Consumer
Staples
Distribution
&
Retail
0
.9
%
Coles
Group
Ltd.
70,000
932,600
Woolworths
Group
Ltd.
50,000
1,012,178
1,944,778
Metals
&
Mining
0
.8
%
BHP
Group
Ltd.
40,000
1,014,394
Rio
Tinto
plc
13,000
771,949
1,786,343
7,690,211
AUSTRIA
0
.4
%
Banks
0
.4
%
Erste
Group
Bank
AG
10,000
914,373
BELGIUM
0
.4
%
Banks
0
.4
%
KBC
Group
NV
10,000
1,047,185
BRAZIL
0
.8
%
Banks
0
.5
%
Itau
Unibanco
Holding
SA,
ADR
180,000
1,128,600
Chemicals
0
.3
%
Yara
International
ASA
20,000
738,890
1,867,490
CANADA
2
.1
%
Banks
0
.7
%
Canadian
Imperial
Bank
of
Commerce
24,000
1,715,301
Consumer
Staples
Distribution
&
Retail
0
.5
%
Loblaw
Cos.
Ltd.
7,000
1,131,993
Insurance
0
.5
%
Manulife
Financial
Corp.
35,000
1,082,888
Metals
&
Mining
0
.4
%
Kinross
Gold
Corp.
65,000
1,040,000
4,970,182
CHINA
2
.6
%
Automobiles
0
.4
%
BYD
Co.
Ltd.,
Class
H
(a)
60,000
882,643
Banks
0
.6
%
BOC
Hong
Kong
Holdings
Ltd.
290,000
1,304,511
Broadline
Retail
0
.7
%
Alibaba
Group
Holding
Ltd.,
ADR
10,500
1,266,615
PDD
Holdings,
Inc.,
ADR
*
5,000
567,250
1,833,865
Hotels,
Restaurants
&
Leisure
0
.3
%
Meituan,
Class
B
Reg.
S
*(b)
40,000
619,962
Interactive
Media
&
Services
0
.6
%
Tencent
Holdings
Ltd.
20,000
1,402,008
6,042,989
Common
Stocks
Shares
Value
($)
DENMARK
0
.9
%
Banks
0
.4
%
Danske
Bank
A/S
23,000
911,340
Pharmaceuticals
0
.5
%
Novo
Nordisk
A/S,
Class
B
25,000
1,153,956
2,065,296
FINLAND
0
.3
%
Machinery
0
.3
%
Kone
OYJ,
Class
B
12,000
737,114
FRANCE
8
.3
%
Aerospace
&
Defense
1
.3
%
Airbus
SE
6,000
1,201,448
Safran
SA
6,000
1,975,838
3,177,286
Banks
0
.7
%
BNP
Paribas
SA
19,000
1,730,875
Building
Products
0
.6
%
Cie
de
Saint-Gobain
SA
12,000
1,368,733
Chemicals
0
.6
%
Air
Liquide
SA
7,000
1,377,857
Construction
&
Engineering
0
.5
%
Eiffage
SA
9,000
1,206,327
Diversified
Telecommunication
Services
0
.3
%
Orange
SA
50,000
760,244
Food
Products
0
.8
%
Danone
SA
22,000
1,804,610
Health
Care
Equipment
&
Supplies
0
.4
%
EssilorLuxottica
SA
3,000
889,893
Insurance
0
.5
%
AXA
SA
25,000
1,214,990
IT
Services
0
.2
%
Capgemini
SE
3,000
446,924
Media
0
.3
%
Publicis
Groupe
SA
6,500
589,523
Oil,
Gas
&
Consumable
Fuels
1
.0
%
TotalEnergies
SE
40,000
2,376,848
Textiles,
Apparel
&
Luxury
Goods
1
.1
%
Hermes
International
SCA
400
977,214
LVMH
Moet
Hennessy
Louis
Vuitton
SE
3,000
1,613,049
2,590,263
19,534,373
GERMANY
12
.7
%
Aerospace
&
Defense
0
.9
%
Rheinmetall
AG
1,100
2,162,874
Air
Freight
&
Logistics
0
.4
%
Deutsche
Post
AG
20,000
899,732
Capital
Markets
0
.5
%
Deutsche
Boerse
AG
4,300
1,245,018
Construction
Materials
0
.8
%
Heidelberg
Materials
AG
8,000
1,848,178
Diversified
Telecommunication
Services
1
.1
%
Deutsche
Telekom
AG
(Registered)
75,000
2,688,122
Nationwide
Bailard
International
Equities
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
31
Common
Stocks
Shares
Value
($)
GERMANY
Electrical
Equipment
1
.0
%
Siemens
Energy
AG
*
20,000
2,325,899
Household
Products
0
.3
%
Henkel
AG
&
Co.
KGaA
(Preference)
(a)
10,000
771,420
Industrial
Conglomerates
1
.3
%
Siemens
AG
(Registered)
11,500
2,949,087
Insurance
1
.9
%
Allianz
SE
(Registered)
4,500
1,782,207
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen
(Registered)
4,000
2,627,882
4,410,089
Machinery
0
.4
%
GEA
Group
AG
12,000
864,504
Multi-Utilities
0
.6
%
E.ON
SE
80,000
1,457,237
Pharmaceuticals
0
.3
%
Bayer
AG
(Registered)
25,000
778,854
Semiconductors
&
Semiconductor
Equipment
0
.6
%
Infineon
Technologies
AG
33,000
1,303,721
Software
2
.1
%
SAP
SE
17,000
4,866,316
Textiles,
Apparel
&
Luxury
Goods
0
.5
%
adidas
AG
6,000
1,150,239
29,721,290
HONG
KONG
1
.3
%
Food
Products
0
.5
%
WH
Group
Ltd.
Reg.
S
(b)
1,100,000
1,108,758
Insurance
0
.8
%
AIA
Group
Ltd.
130,000
1,216,342
Prudential
plc
50,000
632,850
1,849,192
2,957,950
IRELAND
0
.5
%
Banks
0
.5
%
AIB
Group
plc
140,000
1,100,195
ISRAEL
1
.4
%
Banks
0
.7
%
Bank
Hapoalim
BM
85,000
1,595,268
Pharmaceuticals
0
.2
%
Teva
Pharmaceutical
Industries
Ltd.,
ADR
*
30,000
463,500
Software
0
.5
%
Check
Point
Software
Technologies
Ltd.
*
6,000
1,117,200
3,175,968
ITALY
4
.6
%
Automobiles
0
.6
%
Ferrari
NV
3,400
1,487,384
Banks
1
.7
%
Intesa
Sanpaolo
SpA
400,000
2,411,846
UniCredit
SpA
20,000
1,471,411
3,883,257
Common
Stocks
Shares
Value
($)
ITALY
Electric
Utilities
0
.9
%
Enel
SpA
250,000
2,204,036
Electrical
Equipment
0
.9
%
Prysmian
SpA
25,000
1,999,092
Insurance
0
.5
%
Generali
30,000
1,118,561
10,692,330
JAPAN
17
.1
%
Automobiles
1
.1
%
Honda
Motor
Co.
Ltd.
(a)
75,000
774,335
Suzuki
Motor
Corp.
60,000
657,837
Toyota
Motor
Corp.
60,000
1,071,820
2,503,992
Banks
1
.3
%
Mitsubishi
UFJ
Financial
Group,
Inc.
90,000
1,246,607
Sumitomo
Mitsui
Financial
Group,
Inc.
55,000
1,389,124
Sumitomo
Mitsui
Trust
Group,
Inc.
25,000
652,632
3,288,363
Beverages
1
.0
%
Asahi
Group
Holdings
Ltd.
125,000
1,583,501
Kirin
Holdings
Co.
Ltd.
65,000
859,374
2,442,875
Chemicals
1
.1
%
Mitsubishi
Chemical
Group
Corp.
100,000
544,465
Nitto
Denko
Corp.
55,000
1,135,178
Shin-Etsu
Chemical
Co.
Ltd.
30,000
865,474
2,545,117
Consumer
Staples
Distribution
&
Retail
0
.3
%
Seven
&
i
Holdings
Co.
Ltd.
50,000
658,260
Electrical
Equipment
0
.6
%
Mitsubishi
Electric
Corp.
65,000
1,427,378
Entertainment
0
.4
%
Nintendo
Co.
Ltd.
12,000
1,001,534
Financial
Services
0
.5
%
ORIX
Corp.
50,000
1,119,221
Health
Care
Equipment
&
Supplies
0
.7
%
Hoya
Corp.
5,000
631,982
Olympus
Corp.
80,000
954,460
1,586,442
Household
Durables
1
.3
%
Panasonic
Holdings
Corp.
100,000
945,741
Sony
Group
Corp.
85,000
2,057,060
3,002,801
Industrial
Conglomerates
0
.6
%
Hitachi
Ltd.
45,000
1,382,457
Insurance
0
.3
%
MS&AD
Insurance
Group
Holdings,
Inc.
35,000
745,584
IT
Services
0
.6
%
NEC
Corp.
45,000
1,295,950
Machinery
1
.0
%
Komatsu
Ltd.
45,000
1,438,758
Kubota
Corp.
75,000
833,081
2,271,839
32
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Bailard
International
Equities
Fund
Common
Stocks
Shares
Value
($)
JAPAN
Metals
&
Mining
0
.2
%
Nippon
Steel
Corp.
(a)
30,000
577,659
Personal
Care
Products
0
.3
%
Kao
Corp.
16,000
721,142
Pharmaceuticals
1
.0
%
Shionogi
&
Co.
Ltd.
80,000
1,332,603
Takeda
Pharmaceutical
Co.
Ltd.
35,000
962,004
2,294,607
Professional
Services
0
.4
%
Recruit
Holdings
Co.
Ltd.
16,000
949,286
Real
Estate
Management
&
Development
0
.4
%
Daito
Trust
Construction
Co.
Ltd.
8,000
821,233
Semiconductors
&
Semiconductor
Equipment
1
.3
%
Advantest
Corp.
12,100
810,861
Renesas
Electronics
Corp.
65,000
802,061
Tokyo
Electron
Ltd.
8,500
1,522,219
3,135,141
Specialty
Retail
0
.3
%
Fast
Retailing
Co.
Ltd.
2,500
764,172
Technology
Hardware,
Storage
&
Peripherals
0
.5
%
Canon,
Inc.
(a)
40,000
1,131,776
Trading
Companies
&
Distributors
1
.1
%
Mitsui
&
Co.
Ltd.
60,000
1,223,938
Sumitomo
Corp.
50,000
1,268,888
2,492,826
Wireless
Telecommunication
Services
0
.8
%
KDDI
Corp.
43,000
705,802
SoftBank
Corp.
750,000
1,083,218
1,789,020
39,948,675
NETHERLANDS
2
.5
%
Banks
0
.3
%
ING
Groep
NV
35,000
813,292
Consumer
Staples
Distribution
&
Retail
0
.5
%
Koninklijke
Ahold
Delhaize
NV
30,000
1,183,879
Professional
Services
0
.3
%
Wolters
Kluwer
NV
5,000
777,853
Semiconductors
&
Semiconductor
Equipment
1
.4
%
ASML
Holding
NV
(Registered),
ADR
4,500
3,126,195
5,901,219
NORWAY
1
.3
%
Diversified
Telecommunication
Services
0
.5
%
Telenor
ASA
80,000
1,227,571
Food
Products
0
.3
%
Orkla
ASA
75,000
790,135
Oil,
Gas
&
Consumable
Fuels
0
.5
%
Equinor
ASA
43,000
1,104,893
3,122,599
SINGAPORE
3
.3
%
Aerospace
&
Defense
0
.2
%
Singapore
Technologies
Engineering
Ltd.
80,000
538,212
Banks
1
.2
%
DBS
Group
Holdings
Ltd.
35,000
1,284,670
Common
Stocks
Shares
Value
($)
SINGAPORE
Banks
United
Overseas
Bank
Ltd.
55,000
1,515,568
2,800,238
Capital
Markets
0
.7
%
Singapore
Exchange
Ltd.
125,000
1,534,914
Diversified
Telecommunication
Services
0
.3
%
Singapore
Telecommunications
Ltd.
250,000
745,401
Entertainment
0
.9
%
Sea
Ltd.,
ADR
*
14,000
2,193,100
7,811,865
SOUTH
KOREA
2
.0
%
Automobiles
0
.7
%
Kia
Corp.
20,000
1,468,395
Banks
0
.3
%
KB
Financial
Group,
Inc.
10,000
795,289
Machinery
0
.3
%
HD
Hyundai
Heavy
Industries
Co.
Ltd.
2,000
703,702
Semiconductors
&
Semiconductor
Equipment
0
.3
%
SK
Hynix,
Inc.
4,000
775,708
Technology
Hardware,
Storage
&
Peripherals
0
.4
%
Samsung
Electronics
Co.
Ltd.
20,000
1,022,443
4,765,537
SPAIN
5
.5
%
Banks
2
.0
%
Banco
Bilbao
Vizcaya
Argentaria
SA
175,000
2,921,120
CaixaBank
SA
180,000
1,693,084
4,614,204
Construction
&
Engineering
0
.7
%
ACS
Actividades
de
Construccion
y
Servicios
SA
(a)
22,722
1,565,100
Diversified
Telecommunication
Services
0
.4
%
Telefonica
SA
(a)
200,000
1,034,323
Electric
Utilities
1
.2
%
Endesa
SA
37,000
1,069,921
Iberdrola
SA
(a)
102,133
1,792,685
2,862,606
Specialty
Retail
0
.6
%
Industria
de
Diseno
Textil
SA
30,000
1,434,234
Transportation
Infrastructure
0
.6
%
Aena
SME
SA
Reg.
S
(b)
50,000
1,345,689
12,856,156
SWEDEN
2
.4
%
Banks
0
.5
%
Skandinaviska
Enskilda
Banken
AB,
Class
A
70,000
1,222,284
Commercial
Services
&
Supplies
0
.5
%
Securitas
AB,
Class
B
(a)
80,000
1,184,260
Communications
Equipment
0
.5
%
Telefonaktiebolaget
LM
Ericsson,
Class
B
150,000
1,088,049
Nationwide
Bailard
International
Equities
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
33
Common
Stocks
Shares
Value
($)
SWEDEN
Diversified
Telecommunication
Services
0
.5
%
Telia
Co.
AB
(a)
350,000
1,233,957
Machinery
0
.4
%
Volvo
AB,
Class
B
30,000
859,372
5,587,922
SWITZERLAND
2
.7
%
Building
Products
0
.3
%
Geberit
AG
(Registered)
1,000
764,191
Capital
Markets
0
.3
%
UBS
Group
AG
(Registered)
17,000
631,726
Electrical
Equipment
0
.6
%
ABB
Ltd.
(Registered)
23,000
1,505,005
Insurance
0
.9
%
Zurich
Insurance
Group
AG
2,700
1,836,884
Textiles,
Apparel
&
Luxury
Goods
0
.6
%
Cie
Financiere
Richemont
SA
(Registered)
9,000
1,464,593
6,202,399
TAIWAN
1
.7
%
Semiconductors
&
Semiconductor
Equipment
1
.7
%
Alchip
Technologies
Ltd.
4,000
516,607
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR
14,000
3,382,680
3,899,287
UNITED
KINGDOM
11
.2
%
Aerospace
&
Defense
0
.9
%
BAE
Systems
plc
28,000
666,457
Rolls-Royce
Holdings
plc
100,000
1,410,537
2,076,994
Banks
2
.2
%
Barclays
plc
450,000
2,192,059
HSBC
Holdings
plc
115,000
1,397,603
NatWest
Group
plc
230,000
1,596,538
5,186,200
Beverages
0
.2
%
Diageo
plc
18,000
439,547
Broadline
Retail
0
.4
%
Next
plc
6,000
973,863
Capital
Markets
0
.9
%
3i
Group
plc
40,000
2,187,053
Diversified
Consumer
Services
0
.5
%
Pearson
plc
75,000
1,061,094
Hotels,
Restaurants
&
Leisure
1
.0
%
Compass
Group
plc
35,000
1,230,119
InterContinental
Hotels
Group
plc
10,000
1,152,241
2,382,360
Household
Products
0
.6
%
Reckitt
Benckiser
Group
plc
20,000
1,494,361
Multi-Utilities
0
.6
%
Centrica
plc
615,000
1,334,178
Personal
Care
Products
1
.2
%
Unilever
plc
49,000
2,849,948
Pharmaceuticals
1
.6
%
AstraZeneca
plc,
ADR
50,000
3,654,500
Common
Stocks
Shares
Value
($)
UNITED
KINGDOM
Professional
Services
1
.1
%
Intertek
Group
plc
17,000
1,105,278
RELX
plc
30,000
1,554,973
2,660,251
26,300,349
UNITED
STATES
9
.0
%
Construction
Materials
0
.5
%
Holcim
AG
15,000
1,189,291
Electrical
Equipment
1
.2
%
Schneider
Electric
SE
11,000
2,870,245
Entertainment
0
.7
%
Spotify
Technology
SA
*
2,700
1,691,658
Food
Products
0
.7
%
Nestle
SA
(Registered)
19,000
1,656,991
Insurance
0
.5
%
Swiss
Re
AG
7,000
1,249,357
Oil,
Gas
&
Consumable
Fuels
1
.4
%
BP
plc
216,000
1,157,397
Shell
plc
62,000
2,224,703
3,382,100
Pharmaceuticals
4
.0
%
GSK
plc
90,000
1,657,582
Novartis
AG
(Registered)
30,000
3,395,888
Roche
Holding
AG
10,000
3,137,737
Sanofi
SA
10,000
908,697
9,099,904
21,139,546
Total
Common
Stocks
(cost
$167,442,994)
230,052,500
Repurchase
Agreement
2
.3
%
Principal
Amount
($)
CF
Secured,
LLC,
4.34%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$5,413,864,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.00%,
maturing
8/31/2025
-
2/15/2053;
total
market
value
$5,522,142.(c)
5,413,211
5,413,211
Total
Repurchase
Agreement
(cost
$5,413,211)
5,413,211
Total
Investments
(cost
$172,856,205)
—
100.6%
235,465,711
Liabilities
in
excess
of
other
assets
—
(0.6)%
(
1,488,885
)
NET
ASSETS
—
100.0%
$233,976,826
34
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Bailard
International
Equities
Fund
*
Denotes
a
non-income
producing
security.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2025.
The
total
value
of
securities
on
loan
as
of
July
31,
2025
was
$6,054,050,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$5,413,211
and
by
$1,109,309
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
4.63%,
and
maturity
dates
ranging
from
8/7/2025
-
8/15/2054,
a
total
value
of
$6,522,520.
(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,
2025
was
$3,074,409
which
represents
1.31%
of
net
assets.
(c)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2025
was
$5,413,211.
ADR
American
Depositary
Receipt
Preference
A
special
type
of
equity
investment
that
shares
in
the
earnings
of
the
company,
has
limited
voting
rights,
and
may
have
a
dividend
preference.
Preference
shares
may
also
have
liquidation
preference.
Reg.
S
Regulation
S
-
Security
was
purchased
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933,
which
exempts
from
registration
securities
offered
and
sold
outside
of
the
United
States.
Such
security
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933
or
pursuant
to
an
exemption
from
registration.
Currently
there
is
no
restriction
on
trading
this
security.
Nationwide
Bailard
International
Equities
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
35
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
36
-
Statement
of
Investments
-
July
31,
2025
(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,
2025.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
Aerospace
&
Defense
$
–
$
7,955,365
$
–
$
7,955,365
Air
Freight
&
Logistics
–
899,732
–
899,732
Automobiles
–
6,342,414
–
6,342,414
Banks
2,843,900
31,728,210
–
34,572,110
Beverages
–
2,882,421
–
2,882,421
Broadline
Retail
1,833,865
2,727,557
–
4,561,422
Building
Products
–
2,132,924
–
2,132,924
Capital
Markets
–
6,288,754
–
6,288,754
Chemicals
–
4,661,863
–
4,661,863
Commercial
Services
&
Supplies
–
2,178,282
–
2,178,282
Communications
Equipment
–
1,088,049
–
1,088,049
Construction
&
Engineering
–
2,771,427
–
2,771,427
Construction
Materials
–
3,037,469
–
3,037,469
Consumer
Staples
Distribution
&
Retail
1,131,993
3,786,916
–
4,918,909
Diversified
Consumer
Services
–
1,061,094
–
1,061,094
Diversified
Telecommunication
Services
–
7,689,619
–
7,689,619
Electric
Utilities
–
5,066,642
–
5,066,642
Electrical
Equipment
–
10,127,620
–
10,127,620
Entertainment
3,884,758
1,001,534
–
4,886,292
Financial
Services
–
1,119,221
–
1,119,221
Food
Products
–
5,360,494
–
5,360,494
Health
Care
Equipment
&
Supplies
–
2,476,335
–
2,476,335
Hotels,
Restaurants
&
Leisure
–
3,002,321
–
3,002,321
Household
Durables
–
3,002,800
–
3,002,800
Household
Products
–
2,265,781
–
2,265,781
Industrial
Conglomerates
–
4,331,544
–
4,331,544
Insurance
1,082,888
12,424,657
–
13,507,545
Interactive
Media
&
Services
–
1,402,008
–
1,402,008
IT
Services
–
1,742,874
–
1,742,874
Machinery
–
5,436,531
–
5,436,531
Media
–
589,523
–
589,523
Metals
&
Mining
1,040,000
2,364,003
–
3,404,003
Multi-Utilities
–
2,791,414
–
2,791,414
Oil,
Gas
&
Consumable
Fuels
–
6,863,841
–
6,863,841
Personal
Care
Products
–
3,571,090
–
3,571,090
Pharmaceuticals
4,118,001
13,327,321
–
17,445,322
Professional
Services
–
4,387,390
–
4,387,390
Real
Estate
Management
&
Development
–
821,233
–
821,233
Semiconductors
&
Semiconductor
Equipment
6,508,874
5,731,177
–
12,240,051
Software
1,117,200
4,866,316
–
5,983,516
Specialty
Retail
–
2,198,406
–
2,198,406
Technology
Hardware,
Storage
&
Peripherals
–
2,154,219
–
2,154,219
Textiles,
Apparel
&
Luxury
Goods
–
5,205,095
–
5,205,095
Trading
Companies
&
Distributors
–
2,492,826
–
2,492,826
Transportation
Infrastructure
–
1,345,689
–
1,345,689
Wireless
Telecommunication
Services
–
1,789,020
–
1,789,020
Total
Common
Stocks
$
23,561,479
$
206,491,021
$
–
$
230,052,500
Repurchase
Agreement
–
5,413,211
–
5,413,211
Total
$
23,561,479
$
211,904,232
$
–
$
235,465,711
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
Nationwide
Global
Sustainable
Equity
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
37
Common
Stocks
99
.2
%
Shares
Value
($)
BRAZIL
1
.4
%
Broadline
Retail
1
.4
%
MercadoLibre,
Inc.
*
1,321
3,135,909
CANADA
0
.8
%
Ground
Transportation
0
.8
%
Canadian
Pacific
Kansas
City
Ltd.
26,010
1,913,036
CHINA
0
.0
%
†
Chemicals
0
.0
%
†
Tianhe
Chemicals
Group
Ltd.
*^∞
2,702,000
0
FRANCE
3
.6
%
Food
Products
1
.8
%
Danone
SA
49,945
4,096,876
Insurance
1
.8
%
AXA
SA
82,160
3,992,943
8,089,819
GERMANY
1
.4
%
Machinery
1
.4
%
Knorr-Bremse
AG
30,800
3,087,583
IRELAND
2
.8
%
Banks
2
.8
%
Bank
of
Ireland
Group
plc
470,473
6,298,745
ITALY
1
.0
%
Electrical
Equipment
1
.0
%
Prysmian
SpA
26,983
2,157,660
JAPAN
2
.8
%
Electronic
Equipment,
Instruments
&
Components
0
.9
%
Keyence
Corp.
5,700
2,060,840
Household
Durables
1
.9
%
Sony
Group
Corp.
173,100
4,189,141
6,249,981
JERSEY
1
.0
%
Automobile
Components
1
.0
%
Aptiv
plc
*
32,783
2,250,225
NETHERLANDS
4
.2
%
Entertainment
1
.2
%
Universal
Music
Group
NV
(a)
94,470
2,718,272
Health
Care
Equipment
&
Supplies
1
.4
%
Koninklijke
Philips
NV
124,182
3,247,472
Semiconductors
&
Semiconductor
Equipment
1
.6
%
ASML
Holding
NV
5,065
3,514,633
9,480,377
NORWAY
1
.4
%
Oil,
Gas
&
Consumable
Fuels
1
.4
%
Equinor
ASA
122,948
3,159,171
SPAIN
2
.1
%
Banks
2
.1
%
Banco
Bilbao
Vizcaya
Argentaria
SA
289,793
4,837,258
UNITED
KINGDOM
4
.8
%
Electronic
Equipment,
Instruments
&
Components
2
.0
%
Spectris
plc
85,118
4,466,378
Personal
Care
Products
1
.4
%
Unilever
plc
53,781
3,136,775
Common
Stocks
Shares
Value
($)
UNITED
KINGDOM
Pharmaceuticals
1
.4
%
AstraZeneca
plc
22,249
3,245,068
10,848,221
UNITED
STATES
71
.9
%
Automobiles
0
.7
%
Rivian
Automotive,
Inc.,
Class
A
*(a)
131,054
1,686,665
Banks
2
.4
%
First
Horizon
Corp.
245,457
5,353,417
Broadline
Retail
3
.9
%
Amazon.com,
Inc.
*
37,473
8,772,804
Building
Products
1
.8
%
Advanced
Drainage
Systems,
Inc.
25,331
2,906,733
Masco
Corp.
17,719
1,207,195
4,113,928
Chemicals
0
.6
%
Linde
plc
2,951
1,358,227
Commercial
Services
&
Supplies
1
.2
%
Montrose
Environmental
Group,
Inc.
*
70,959
1,610,060
MSA
Safety,
Inc.
6,578
1,170,029
2,780,089
Construction
&
Engineering
2
.0
%
AECOM
39,672
4,472,621
Consumer
Finance
2
.1
%
Capital
One
Financial
Corp.
21,642
4,653,030
Electrical
Equipment
2
.4
%
GE
Vernova,
Inc.
5,438
3,590,657
Regal
Rexnord
Corp.
12,276
1,876,755
5,467,412
Energy
Equipment
&
Services
0
.9
%
Schlumberger
NV
62,007
2,095,837
Entertainment
3
.5
%
Take-Two
Interactive
Software,
Inc.
*
12,562
2,797,934
Walt
Disney
Co.
(The)
42,196
5,025,966
7,823,900
Financial
Services
2
.8
%
Apollo
Global
Management,
Inc.
20,029
2,910,614
Visa,
Inc.,
Class
A
(a)
9,644
3,331,713
6,242,327
Health
Care
Equipment
&
Supplies
1
.7
%
Alcon
AG
(a)
43,870
3,848,007
Health
Care
Providers
&
Services
1
.1
%
UnitedHealth
Group,
Inc.
9,922
2,476,134
Insurance
2
.4
%
Marsh
&
McLennan
Cos.,
Inc.
15,671
3,121,663
Progressive
Corp.
(The)
9,817
2,376,107
5,497,770
Interactive
Media
&
Services
4
.7
%
Alphabet,
Inc.,
Class
A
42,449
8,145,963
Pinterest,
Inc.,
Class
A
*
63,821
2,463,491
10,609,454
IT
Services
1
.8
%
MongoDB,
Inc.,
Class
A
*
17,339
4,124,775
38
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Global
Sustainable
Equity
Fund
Common
Stocks
Shares
Value
($)
UNITED
STATES
Life
Sciences
Tools
&
Services
1
.1
%
Bio-Rad
Laboratories,
Inc.,
Class
A
*
9,876
2,389,498
Machinery
2
.2
%
Ingersoll
Rand,
Inc.
33,389
2,825,711
Parker-Hannifin
Corp.
2,988
2,186,917
5,012,628
Multi-Utilities
0
.7
%
CMS
Energy
Corp.
20,292
1,497,550
Oil,
Gas
&
Consumable
Fuels
2
.5
%
Devon
Energy
Corp.
53,845
1,788,731
Expand
Energy
Corp.
37,018
3,878,746
5,667,477
Pharmaceuticals
3
.9
%
Eli
Lilly
&
Co.
7,663
5,671,156
Haleon
plc
686,275
3,232,223
8,903,379
Semiconductors
&
Semiconductor
Equipment
10
.0
%
Advanced
Micro
Devices,
Inc.
*
14,384
2,536,043
Broadcom,
Inc.
29,873
8,773,700
Intel
Corp.
87,376
1,730,045
Micron
Technology,
Inc.
33,275
3,631,634
NVIDIA
Corp.
33,581
5,973,052
22,644,474
Software
12
.2
%
Autodesk,
Inc.
*
9,094
2,756,482
Cadence
Design
Systems,
Inc.
*
15,597
5,686,198
Dynatrace,
Inc.
*
35,182
1,850,925
Microsoft
Corp.
25,248
13,469,807
ServiceNow,
Inc.
*
3,621
3,415,038
27,178,450
Specialty
Retail
1
.5
%
TJX
Cos.,
Inc.
(The)
27,047
3,368,163
Wireless
Telecommunication
Services
1
.8
%
T-Mobile
US,
Inc.
17,223
4,106,135
162,144,151
Total
Common
Stocks
(cost
$169,756,706)
223,652,136
Repurchase
Agreement
0
.5
%
Principal
Amount
($)
CF
Secured,
LLC,
4.34%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$1,211,882,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.00%,
maturing
8/31/2025
-
2/15/2053;
total
market
value
$1,236,120.(b)
1,211,736
1,211,736
Total
Repurchase
Agreement
(cost
$1,211,736)
1,211,736
Total
Investments
(cost
$170,968,442)
—
99.7%
224,863,872
Other
assets
in
excess
of
liabilities
—
0.3%
575,820
NET
ASSETS
—
100.0%
$225,439,692
*
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,
2025.
The
total
value
of
securities
on
loan
as
of
July
31,
2025
was
$2,778,428,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$1,211,736
and
by
$1,715,214
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.13%,
and
maturity
dates
ranging
from
8/7/2025
-
8/15/2054,
a
total
value
of
$2,926,950.
(b)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2025
was
$1,211,736.
Nationwide
Global
Sustainable
Equity
Fund
-
July
31,
2025
(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,
2025
(Unaudited)
-
Nationwide
Global
Sustainable
Equity
Fund
The
FVC
continues
to
evaluate
any
information
that
could
cause
an
adjustment
to
the
fair
value
for
these
investments,
such
as
market
news,
the
progress
of
judicial
and
regulatory
proceedings,
and
subadviser
recommendations. 
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2025.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
Automobile
Components
$
2,250,225
$
–
$
–
$
2,250,225
Automobiles
1,686,665
–
–
1,686,665
Banks
5,353,417
11,136,003
–
16,489,420
Broadline
Retail
11,908,713
–
–
11,908,713
Building
Products
4,113,928
–
–
4,113,928
Chemicals
1,358,227
–
–
1,358,227
Commercial
Services
&
Supplies
2,780,089
–
–
2,780,089
Construction
&
Engineering
4,472,621
–
–
4,472,621
Consumer
Finance
4,653,030
–
–
4,653,030
Electrical
Equipment
5,467,412
2,157,660
–
7,625,072
Electronic
Equipment,
Instruments
&
Components
–
6,527,218
–
6,527,218
Energy
Equipment
&
Services
2,095,837
–
–
2,095,837
Entertainment
7,823,900
2,718,272
–
10,542,172
Financial
Services
6,242,327
–
–
6,242,327
Food
Products
–
4,096,875
–
4,096,875
Ground
Transportation
1,913,036
–
–
1,913,036
Health
Care
Equipment
&
Supplies
–
7,095,479
–
7,095,479
Health
Care
Providers
&
Services
2,476,134
–
–
2,476,134
Household
Durables
–
4,189,142
–
4,189,142
Insurance
5,497,770
3,992,943
–
9,490,713
Interactive
Media
&
Services
10,609,454
–
–
10,609,454
IT
Services
4,124,775
–
–
4,124,775
Life
Sciences
Tools
&
Services
2,389,498
–
–
2,389,498
Machinery
5,012,628
3,087,583
–
8,100,211
Multi-Utilities
1,497,550
–
–
1,497,550
Oil,
Gas
&
Consumable
Fuels
5,667,477
3,159,171
–
8,826,648
Personal
Care
Products
–
3,136,775
–
3,136,775
Pharmaceuticals
5,671,157
6,477,291
–
12,148,448
Semiconductors
&
Semiconductor
Equipment
22,644,473
3,514,633
–
26,159,106
Software
27,178,450
–
–
27,178,450
Specialty
Retail
3,368,163
–
–
3,368,163
Wireless
Telecommunication
Services
4,106,135
–
–
4,106,135
Total
Common
Stocks
$
162,363,091
$
61,289,045
$
–
$
223,652,136
Repurchase
Agreement
–
1,211,736
–
1,211,736
Total
$
162,363,091
$
62,500,781
$
–
$
224,863,872
As
of
July
31,
2025,
the
Fund
held
one
common
stock
investment
that
was
categorized
as
a
Level
3
investment
which
was
valued
at
$0.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
Nationwide
International
Small
Cap
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
41
Common
Stocks
95
.5
%
Shares
Value
($)
AUSTRALIA
5
.5
%
Banks
0
.3
%
Judo
Capital
Holdings
Ltd.
*
693,916
668,223
Chemicals
0
.1
%
Nufarm
Ltd.
*
110,531
182,669
Containers
&
Packaging
0
.2
%
Orora
Ltd.
389,106
516,737
Diversified
REITs
1
.6
%
Charter
Hall
Group
125,014
1,609,182
Stockland
562,810
1,994,377
3,603,559
Financial
Services
1
.0
%
Challenger
Ltd.
288,323
1,526,088
Liberty
Financial
Group
Ltd.
Reg.
S
290,670
719,566
2,245,654
Metals
&
Mining
2
.1
%
Evolution
Mining
Ltd.
236,936
1,077,112
FireFly
Metals
Ltd.
*
682,327
477,668
Genesis
Minerals
Ltd.
*
323,261
763,201
Lynas
Rare
Earths
Ltd.
*
6,576
43,763
MAC
Copper
Ltd.
CRDI
*
134,992
1,593,964
Sandfire
Resources
Ltd.
*
50,397
340,560
4,296,268
Software
0
.2
%
SiteMinder
Ltd.
*
126,890
421,005
11,934,115
AUSTRIA
2
.8
%
Banks
2
.2
%
Addiko
Bank
AG
*
13,552
338,924
BAWAG
Group
AG
Reg.
S
(a)
34,621
4,355,789
4,694,713
Construction
Materials
0
.6
%
Wienerberger
AG
41,947
1,406,577
6,101,290
BELGIUM
2
.1
%
Banks
0
.7
%
KBC
Ancora
20,389
1,478,670
Electric
Utilities
0
.6
%
Elia
Group
SA/NV
(b)
11,722
1,342,960
Health
Care
REITs
0
.2
%
Aedifica
SA
5,932
434,772
Industrial
REITs
0
.1
%
Warehouses
De
Pauw
CVA
10,693
248,032
Real
Estate
Management
&
Development
0
.5
%
VGP
NV
10,585
1,113,276
4,617,710
BRAZIL
2
.7
%
Ground
Transportation
1
.0
%
Rumo
SA
736,499
2,175,477
Health
Care
Providers
&
Services
0
.1
%
Hapvida
Participacoes
e
Investimentos
S/A
Reg.
S
*(a)
36,424
215,114
Software
1
.0
%
TOTVS
SA
286,300
2,229,740
Common
Stocks
Shares
Value
($)
BRAZIL
Wireless
Telecommunication
Services
0
.6
%
TIM
SA
347,955
1,286,916
5,907,247
CANADA
2
.9
%
Metals
&
Mining
1
.7
%
Faraday
Copper
Corp.
*(b)
785,801
629,503
Montage
Gold
Corp.
*
359,765
1,121,669
NGEx
Minerals
Ltd.
*
141,318
1,995,954
3,747,126
Oil,
Gas
&
Consumable
Fuels
1
.1
%
Birchcliff
Energy
Ltd.
100,619
490,169
MEG
Energy
Corp.
16,868
332,466
NuVista
Energy
Ltd.
*(b)
62,461
659,951
Peyto
Exploration
&
Development
Corp.
(b)
36,145
507,115
PrairieSky
Royalty
Ltd.
15,084
259,420
Topaz
Energy
Corp.
(b)
11,840
220,035
2,469,156
Textiles,
Apparel
&
Luxury
Goods
0
.1
%
Canada
Goose
Holdings,
Inc.
*(b)
17,717
193,716
6,409,998
CHILE
0
.5
%
Metals
&
Mining
0
.5
%
Lundin
Mining
Corp.
(b)
55,383
565,582
Marimaca
Copper
Corp.
*(b)
76,687
547,922
1,113,504
CHINA
2
.3
%
Automobile
Components
0
.2
%
Minth
Group
Ltd.
105,763
349,799
Biotechnology
0
.6
%
Kanzhun
Ltd.,
ADR
*
22,730
430,961
Zai
Lab
Ltd.,
ADR
*(b)
24,657
932,035
1,362,996
Gas
Utilities
0
.4
%
ENN
Energy
Holdings
Ltd.
118,263
965,244
Health
Care
Equipment
&
Supplies
0
.3
%
Shandong
Weigao
Group
Medical
Polymer
Co.
Ltd.,
Class
H
732,674
645,217
Life
Sciences
Tools
&
Services
0
.3
%
Hangzhou
Tigermed
Consulting
Co.
Ltd.,
Class
H
Reg.
S
(a)(b)
84,630
601,493
Software
0
.1
%
Pony
AI,
Inc.,
ADR
*
14,653
196,936
Specialty
Retail
0
.1
%
Zhongsheng
Group
Holdings
Ltd.
(b)
167,882
283,363
Trading
Companies
&
Distributors
0
.3
%
BOC
Aviation
Ltd.
Reg.
S
(a)
61,293
558,837
4,963,885
CYPRUS
0
.4
%
Banks
0
.4
%
Bank
of
Cyprus
Holdings
plc
(b)
108,300
810,861
DENMARK
2
.5
%
Beverages
0
.5
%
Royal
Unibrew
A/S
14,377
1,075,838
42
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
International
Small
Cap
Fund
Common
Stocks
Shares
Value
($)
DENMARK
Biotechnology
0
.4
%
Ascendis
Pharma
A/S,
ADR
*
4,827
837,485
Ground
Transportation
0
.1
%
NTG
Nordic
Transport
Group
A/S
*
9,246
275,676
Machinery
0
.8
%
FLSmidth
&
Co.
A/S
29,517
1,742,086
Marine
Transportation
0
.3
%
Dfds
A/S
*
33,814
606,278
Pharmaceuticals
0
.4
%
ALK-Abello
A/S,
Class
B
*
28,712
835,015
5,372,378
FINLAND
1
.3
%
Chemicals
0
.5
%
Kemira
OYJ
47,125
1,001,527
Machinery
0
.8
%
Konecranes
OYJ
22,615
1,882,022
2,883,549
FRANCE
2
.7
%
Automobile
Components
0
.2
%
Valeo
SE
48,192
526,412
Financial
Services
0
.1
%
Wendel
SE
1,209
113,390
Ground
Transportation
0
.6
%
Ayvens
SA
Reg.
S
(a)
114,385
1,231,441
Household
Durables
0
.2
%
Kaufman
&
Broad
SA
15,218
542,952
Media
0
.8
%
JCDecaux
SE
90,665
1,489,053
Oil,
Gas
&
Consumable
Fuels
0
.2
%
Gaztransport
Et
Technigaz
SA
2,570
481,591
Pharmaceuticals
0
.2
%
Medincell
SA
*(b)
26,672
514,849
Retail
REITs
0
.4
%
Carmila
SA
48,976
963,701
5,863,389
GERMANY
1
.0
%
Biotechnology
0
.2
%
Immatics
NV
*(b)
77,887
502,371
Diversified
Telecommunication
Services
0
.6
%
United
Internet
AG
(Registered)
50,753
1,457,446
Financial
Services
0
.1
%
Hypoport
SE
*
583
124,579
Professional
Services
0
.1
%
Bertrandt
AG
(b)
9,171
202,765
2,287,161
GREECE
0
.8
%
Banks
0
.4
%
Alpha
Bank
SA
215,991
811,629
Common
Stocks
Shares
Value
($)
GREECE
Diversified
Telecommunication
Services
0
.4
%
Hellenic
Telecommunications
Organization
SA
54,232
983,206
1,794,835
HONG
KONG
1
.4
%
Banks
0
.3
%
Dah
Sing
Financial
Holdings
Ltd.
258,279
961,195
IT
Services
0
.4
%
SUNeVision
Holdings
Ltd.
886,445
873,376
Retail
REITs
0
.3
%
Fortune
REIT
878,777
565,514
Textiles,
Apparel
&
Luxury
Goods
0
.4
%
Stella
International
Holdings
Ltd.
(b)
390,461
769,181
3,169,266
INDIA
0
.1
%
Machinery
0
.1
%
Ashok
Leyland
Ltd.
128,356
176,289
IRELAND
0
.2
%
Residential
REITs
0
.2
%
Irish
Residential
Properties
REIT
plc
349,318
388,650
ISRAEL
4
.7
%
Banks
0
.5
%
First
International
Bank
of
Israel
Ltd.
(The)
16,930
1,177,359
Insurance
0
.6
%
Phoenix
Financial
Ltd.
35,330
1,204,418
Real
Estate
Management
&
Development
0
.7
%
Melisron
Ltd.
13,407
1,544,289
Semiconductors
&
Semiconductor
Equipment
1
.6
%
Camtek
Ltd.
*(b)
12,284
1,156,539
Nova
Ltd.
*
5,301
1,391,990
Tower
Semiconductor
Ltd.
*
22,343
1,022,192
3,570,721
Software
1
.3
%
Sapiens
International
Corp.
NV
(b)
61,676
1,690,539
SimilarWeb
Ltd.
*(b)
129,648
1,083,857
2,774,396
10,271,183
ITALY
2
.9
%
Capital
Markets
0
.1
%
Azimut
Holding
SpA
9,030
307,058
Electrical
Equipment
0
.1
%
Eurogroup
Laminations
SpA
(b)
52,458
213,674
Energy
Equipment
&
Services
0
.3
%
Saipem
SpA
(b)
243,242
649,384
Financial
Services
0
.6
%
BFF
Bank
SpA
Reg.
S
*(a)
107,979
1,283,326
Gas
Utilities
1
.0
%
Italgas
SpA
(b)
261,303
2,164,509
Health
Care
Equipment
&
Supplies
0
.1
%
DiaSorin
SpA
1,561
152,223
Nationwide
International
Small
Cap
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
43
Common
Stocks
Shares
Value
($)
ITALY
Household
Durables
0
.4
%
De'
Longhi
SpA
28,555
938,849
Textiles,
Apparel
&
Luxury
Goods
0
.3
%
Brunello
Cucinelli
SpA
5,902
663,582
6,372,605
JAPAN
28
.3
%
Automobile
Components
0
.6
%
Koito
Manufacturing
Co.
Ltd.
28,397
362,104
Nifco,
Inc.
24,898
606,500
Sumitomo
Rubber
Industries
Ltd.
25,086
285,703
1,254,307
Banks
2
.4
%
Hachijuni
Bank
Ltd.
(The)
60,200
541,249
Mebuki
Financial
Group,
Inc.
525,848
2,838,072
Rakuten
Bank
Ltd.
*(b)
45,329
2,103,328
Tochigi
Bank
Ltd.
(The)
6,706
19,677
5,502,326
Broadline
Retail
0
.5
%
ASKUL
Corp.
98,995
992,740
Building
Products
0
.3
%
Nichias
Corp.
17,950
690,922
Chemicals
2
.7
%
Air
Water,
Inc.
66,936
990,445
Kansai
Paint
Co.
Ltd.
(b)
45,753
650,438
KH
Neochem
Co.
Ltd.
16,700
315,160
MEC
Co.
Ltd.
14,800
274,204
Mitsubishi
Gas
Chemical
Co.,
Inc.
74,486
1,284,454
Nissan
Chemical
Corp.
40,523
1,320,007
Resonac
Holdings
Corp.
52,467
1,262,568
6,097,276
Construction
&
Engineering
0
.5
%
Penta-Ocean
Construction
Co.
Ltd.
174,076
1,127,408
Consumer
Finance
0
.7
%
Marui
Group
Co.
Ltd.
(b)
74,543
1,517,453
Containers
&
Packaging
0
.2
%
FP
Corp.
26,201
471,006
Distributors
0
.5
%
PALTAC
Corp.
36,132
1,030,438
Electric
Utilities
1
.1
%
Kyushu
Electric
Power
Co.,
Inc.
264,351
2,332,655
Electrical
Equipment
0
.5
%
Sinfonia
Technology
Co.
Ltd.
(b)
16,688
1,050,259
Electronic
Equipment,
Instruments
&
Components
1
.9
%
Canon
Marketing
Japan,
Inc.
43,720
1,581,838
Ibiden
Co.
Ltd.
(b)
28,012
1,183,471
Maruwa
Co.
Ltd.
(b)
4,550
1,366,434
4,131,743
Financial
Services
0
.9
%
eGuarantee,
Inc.
116,491
1,152,726
GMO
Payment
Gateway,
Inc.
13,836
778,037
1,930,763
Food
Products
0
.3
%
Toyo
Suisan
Kaisha
Ltd.
9,712
619,762
Health
Care
Equipment
&
Supplies
0
.3
%
Asahi
Intecc
Co.
Ltd.
46,446
724,556
Common
Stocks
Shares
Value
($)
JAPAN
Health
Care
Technology
0
.5
%
M3,
Inc.
84,586
1,047,771
Hotels,
Restaurants
&
Leisure
1
.1
%
Resorttrust,
Inc.
156,300
1,938,177
Tokyotokeiba
Co.
Ltd.
13,413
462,622
2,400,799
Leisure
Products
1
.2
%
Sega
Sammy
Holdings,
Inc.
123,856
2,531,719
Machinery
3
.6
%
DMG
Mori
Co.
Ltd.
(b)
68,534
1,564,985
Japan
Steel
Works
Ltd.
(The)
13,876
866,835
Kawasaki
Heavy
Industries
Ltd.
13,526
980,694
MISUMI
Group,
Inc.
128,104
1,846,099
Nabtesco
Corp.
69,580
1,283,004
OKUMA
Corp.
(b)
21,400
579,694
THK
Co.
Ltd.
35,821
1,003,778
8,125,089
Media
0
.2
%
Hakuhodo
DY
Holdings,
Inc.
56,896
448,264
Office
REITs
0
.4
%
Japan
Real
Estate
Investment
Corp.
1,180
960,214
Personal
Care
Products
0
.1
%
Rohto
Pharmaceutical
Co.
Ltd.
11,263
161,835
Pharmaceuticals
0
.2
%
Nxera
Pharma
Co.
Ltd.
*(b)
83,443
504,770
Professional
Services
1
.7
%
BayCurrent,
Inc.
6,771
386,793
en
Japan,
Inc.
55,431
643,535
Persol
Holdings
Co.
Ltd.
405,490
776,067
TechnoPro
Holdings,
Inc.
37,151
1,185,335
Visional,
Inc.
*
7,951
622,830
3,614,560
Real
Estate
Management
&
Development
1
.4
%
Katitas
Co.
Ltd.
(b)
43,627
734,243
Starts
Corp.,
Inc.
13,921
420,246
Tokyu
Fudosan
Holdings
Corp.
258,179
1,818,469
2,972,958
Semiconductors
&
Semiconductor
Equipment
1
.5
%
Socionext,
Inc.
(b)
94,599
1,799,248
Tokyo
Seimitsu
Co.
Ltd.
23,253
1,455,592
3,254,840
Software
0
.4
%
OBIC
Business
Consultants
Co.
Ltd.
7,692
446,325
Sansan,
Inc.
*
35,605
452,588
898,913
Specialty
Retail
2
.3
%
ABC-Mart,
Inc.
80,611
1,512,034
Adastria
Co.
Ltd.
63,051
1,248,382
Shimamura
Co.
Ltd.
33,574
2,445,345
5,205,761
Transportation
Infrastructure
0
.3
%
Japan
Airport
Terminal
Co.
Ltd.
19,424
588,598
62,189,705
44
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
International
Small
Cap
Fund
Common
Stocks
Shares
Value
($)
MEXICO
0
.3
%
Ground
Transportation
0
.1
%
Grupo
Traxion
SAB
de
CV,
Class
A
Reg.
S
*(a)
202,998
178,303
Transportation
Infrastructure
0
.2
%
Grupo
Aeroportuario
del
Sureste
SAB
de
CV,
Class
B
16,500
500,151
678,454
NETHERLANDS
2
.8
%
Biotechnology
0
.6
%
Merus
NV
*
21,340
1,413,562
Machinery
0
.5
%
Aalberts
NV
30,954
988,712
Oil,
Gas
&
Consumable
Fuels
0
.8
%
Koninklijke
Vopak
NV
34,607
1,650,666
Pharmaceuticals
0
.2
%
Pharvaris
NV
*
19,600
389,648
Professional
Services
0
.7
%
Arcadis
NV
32,741
1,636,110
6,078,698
NORWAY
1
.1
%
Broadline
Retail
0
.5
%
Europris
ASA
Reg.
S
(a)
127,945
1,201,263
Energy
Equipment
&
Services
0
.2
%
DOF
Group
ASA
38,278
348,627
Insurance
0
.4
%
Storebrand
ASA
60,891
861,176
2,411,066
POLAND
0
.3
%
Banks
0
.3
%
Alior
Bank
SA
20,927
562,024
SINGAPORE
0
.5
%
Specialized
REITs
0
.5
%
Keppel
DC
REIT
612,922
1,113,497
SLOVENIA
0
.6
%
Banks
0
.6
%
Nova
Ljubljanska
Banka
dd,
GDR
Reg.
S
34,042
1,257,838
SOUTH
AFRICA
0
.2
%
Metals
&
Mining
0
.2
%
Sibanye
Stillwater
Ltd.,
ADR
*
63,960
534,706
SPAIN
1
.2
%
Air
Freight
&
Logistics
0
.4
%
Logista
Integral
SA
(b)
26,861
850,577
Banks
0
.1
%
Unicaja
Banco
SA
Reg.
S
(a)
122,362
321,737
Insurance
0
.3
%
Linea
Directa
Aseguradora
SA
Cia
de
Seguros
y
Reaseguros
(b)
362,978
559,897
Pharmaceuticals
0
.4
%
Almirall
SA
(b)
75,100
906,319
2,638,530
Common
Stocks
Shares
Value
($)
SWEDEN
1
.9
%
Containers
&
Packaging
0
.3
%
Billerud
Aktiebolag
80,431
682,507
Leisure
Products
0
.4
%
Thule
Group
AB
Reg.
S
(a)
33,981
960,880
Real
Estate
Management
&
Development
0
.8
%
Cibus
Nordic
Real
Estate
AB
publ
(b)
88,313
1,561,366
Specialty
Retail
0
.4
%
Haypp
Group
AB
*(b)
57,500
898,494
4,103,247
SWITZERLAND
2
.3
%
Life
Sciences
Tools
&
Services
0
.9
%
Siegfried
Holding
AG
(Registered)
*
11,440
1,280,142
Tecan
Group
AG
(Registered)
3,631
719,723
1,999,865
Machinery
0
.8
%
Sulzer
AG
(Registered)
REG
9,291
1,781,345
Real
Estate
Management
&
Development
0
.6
%
PSP
Swiss
Property
AG
(Registered)
7,670
1,301,247
5,082,457
TAIWAN
1
.7
%
Electronic
Equipment,
Instruments
&
Components
0
.9
%
Chroma
ATE,
Inc.
129,052
1,852,008
Semiconductors
&
Semiconductor
Equipment
0
.8
%
ASPEED
Technology,
Inc.
11,959
1,816,278
3,668,286
UNITED
KINGDOM
16
.3
%
Aerospace
&
Defense
1
.1
%
Babcock
International
Group
plc
78,740
1,077,309
QinetiQ
Group
plc
191,305
1,251,844
2,329,153
Biotechnology
0
.9
%
Autolus
Therapeutics
plc,
ADR
*(b)
288,170
691,608
Genus
plc
25,561
839,478
Immunocore
Holdings
plc,
ADR
*
13,587
445,246
1,976,332
Building
Products
0
.4
%
Genuit
Group
plc
176,811
907,490
Capital
Markets
0
.8
%
Allfunds
Group
plc
(b)
132,961
920,811
BP
Marsh
&
Partners
plc
(b)
23,610
216,451
ICG
plc
21,303
610,208
1,747,470
Chemicals
0
.4
%
Elementis
plc
380,179
870,995
Synthomer
plc
*
93,430
100,811
971,806
Construction
Materials
1
.2
%
Marshalls
plc
316,172
862,459
SigmaRoc
plc
*
1,214,528
1,845,361
2,707,820
Consumer
Staples
Distribution
&
Retail
0
.5
%
Marks
&
Spencer
Group
plc
248,849
1,142,483
Nationwide
International
Small
Cap
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
45
Common
Stocks
Shares
Value
($)
UNITED
KINGDOM
Distributors
0
.4
%
Inchcape
plc
98,512
911,453
Energy
Equipment
&
Services
0
.1
%
Subsea
7
SA
(b)
14,198
274,531
Food
Products
0
.6
%
Tate
&
Lyle
plc
172,164
1,215,686
Hotels,
Restaurants
&
Leisure
0
.8
%
Trainline
plc
Reg.
S
*(a)
459,098
1,656,337
Household
Durables
0
.4
%
Bellway
plc
29,963
982,655
Insurance
0
.9
%
Beazley
plc
88,485
1,042,564
Hiscox
Ltd.
49,123
835,695
1,878,259
IT
Services
0
.8
%
Softcat
plc
86,024
1,850,863
Leisure
Products
0
.2
%
Games
Workshop
Group
plc
2,150
461,335
Machinery
1
.5
%
IMI
plc
50,183
1,468,323
Rotork
plc
423,882
1,817,908
3,286,231
Passenger
Airlines
0
.8
%
easyJet
plc
212,288
1,381,521
JET2
plc
22,313
478,268
1,859,789
Pharmaceuticals
0
.7
%
Verona
Pharma
plc,
ADR
*
14,625
1,536,941
Retail
REITs
1
.3
%
Hammerson
plc
706,691
2,756,245
Specialty
Retail
1
.9
%
Currys
plc
*
1,525,266
2,270,964
WH
Smith
plc
116,723
1,575,397
3,846,361
Trading
Companies
&
Distributors
0
.3
%
Diploma
plc
9,542
676,225
Water
Utilities
0
.3
%
Pennon
Group
plc
112,471
738,389
35,713,854
UNITED
STATES
1
.2
%
Entertainment
0
.4
%
IMAX
Corp.
*
31,825
820,767
Professional
Services
0
.8
%
Fiverr
International
Ltd.
*
83,917
1,852,887
2,673,654
Total
Common
Stocks
(cost
$171,665,307)
209,143,931
Exchange
Traded
Fund
1
.5
%
UNITED
STATES
1
.5
%
iShares
MSCI
EAFE
Small-Cap
ETF
45,247
3,276,335
Total
Exchange
Traded
Fund
(cost
$3,283,086)
3,276,335
Rights
0
.0
%
†
Number
of
Rights
Value
($)
FRANCE
0
.0
%
†
Biotechnology
0
.0
%
†
Clementia
Pharmaceuticals,
Inc.,
CVR*^∞
16,268
0
Total
Rights
(cost
$0)
0
Repurchase
Agreements
5
.3
%
Principal
Amount
($)
CF
Secured,
LLC,
4.34%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$3,566,573,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.00%,
maturing
8/31/2025
-
2/15/2053;
total
market
value
$3,637,906.(c)
3,566,144
3,566,144
Santander
US
Capital
Markets,
4.36%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$2,000,242,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
0.01%
-
5.45%,
maturing
5/25/2030
-
8/25/2055;
total
market
value
$2,040,247.(c)
2,000,000
2,000,000
Societe
Generale,
4.35%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$6,000,725,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
1.63%
-
4.50%,
maturing
2/15/2038
-
2/15/2052;
total
market
value
$6,120,001.(c)
6,000,000
6,000,000
Total
Repurchase
Agreements
(cost
$11,566,144)
11,566,144
Total
Investments
(cost
$186,514,537)
—
102.3%
223,986,410
Liabilities
in
excess
of
other
assets
—
(2.3)%
(
5,110,806
)
NET
ASSETS
—
100.0%
$218,875,604
46
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
International
Small
Cap
Fund
*
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,
2025
was
$12,564,520
which
represents
5.74%
of
net
assets.
(b)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2025.
The
total
value
of
securities
on
loan
as
of
July
31,
2025
was
$20,997,075,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$11,566,144
and
by
$12,052,557
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
4.88%,
and
maturity
dates
ranging
from
8/7/2025
-
2/15/2055,
a
total
value
of
$23,618,701.
(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,
2025
was
$11,566,144.
ADR
American
Depositary
Receipt
CVR
Contingent
Value
Rights
ETF
Exchange
Traded
Fund
GDR
Global
Depositary
Receipt
Reg.
S
Regulation
S
-
Security
was
purchased
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933,
which
exempts
from
registration
securities
offered
and
sold
outside
of
the
United
States.
Such
security
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933
or
pursuant
to
an
exemption
from
registration.
Currently
there
is
no
restriction
on
trading
this
security.
REIT
Real
Estate
Investment
Trust
Nationwide
International
Small
Cap
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
47
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
48
-
Statement
of
Investments
-
July
31,
2025
(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,
2025.
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
$
–
$
2,329,153
$
–
$
2,329,153
Air
Freight
&
Logistics
–
850,577
–
850,577
Automobile
Components
–
2,130,518
–
2,130,518
Banks
–
18,246,572
–
18,246,572
Beverages
–
1,075,838
–
1,075,838
Biotechnology
5,253,267
839,478
–
6,092,745
Broadline
Retail
–
2,194,003
–
2,194,003
Building
Products
–
1,598,412
–
1,598,412
Capital
Markets
–
2,054,528
–
2,054,528
Chemicals
–
8,253,278
–
8,253,278
Construction
&
Engineering
–
1,127,408
–
1,127,408
Construction
Materials
–
4,114,398
–
4,114,398
Consumer
Finance
–
1,517,453
–
1,517,453
Consumer
Staples
Distribution
&
Retail
–
1,142,483
–
1,142,483
Containers
&
Packaging
–
1,670,250
–
1,670,250
Distributors
–
1,941,891
–
1,941,891
Diversified
REITs
–
3,603,559
–
3,603,559
Diversified
Telecommunication
Services
–
2,440,653
–
2,440,653
Electric
Utilities
–
3,675,615
–
3,675,615
Electrical
Equipment
–
1,263,934
–
1,263,934
Electronic
Equipment,
Instruments
&
Components
–
5,983,752
–
5,983,752
Energy
Equipment
&
Services
–
1,272,542
–
1,272,542
Entertainment
820,767
–
–
820,767
Financial
Services
–
5,697,712
–
5,697,712
Food
Products
–
1,835,447
–
1,835,447
Gas
Utilities
–
3,129,752
–
3,129,752
Ground
Transportation
2,353,780
1,507,117
–
3,860,897
Health
Care
Equipment
&
Supplies
–
1,521,996
–
1,521,996
Health
Care
Providers
&
Services
215,114
–
–
215,114
Health
Care
REITs
–
434,772
–
434,772
Health
Care
Technology
–
1,047,771
–
1,047,771
Hotels,
Restaurants
&
Leisure
–
4,057,136
–
4,057,136
Household
Durables
–
2,464,456
–
2,464,456
Industrial
REITs
–
248,032
–
248,032
Insurance
–
4,503,749
–
4,503,749
IT
Services
–
2,724,239
–
2,724,239
Leisure
Products
–
3,953,934
–
3,953,934
Life
Sciences
Tools
&
Services
–
2,601,358
–
2,601,358
Machinery
–
17,981,775
–
17,981,775
Marine
Transportation
–
606,278
–
606,278
Media
–
1,937,316
–
1,937,316
Metals
&
Mining
5,873,003
3,818,600
–
9,691,603
Office
REITs
–
960,214
–
960,214
Oil,
Gas
&
Consumable
Fuels
2,469,156
2,132,258
–
4,601,414
Passenger
Airlines
–
1,859,789
–
1,859,789
Personal
Care
Products
–
161,835
–
161,835
Pharmaceuticals
1,926,590
2,760,954
–
4,687,544
Professional
Services
1,852,887
5,453,435
–
7,306,322
Real
Estate
Management
&
Development
–
8,493,136
–
8,493,136
Residential
REITs
–
388,650
–
388,650
Retail
REITs
–
4,285,460
–
4,285,460
Semiconductors
&
Semiconductor
Equipment
3,570,721
5,071,117
–
8,641,838
Software
5,201,072
1,319,919
–
6,520,991
Specialized
REITs
–
1,113,497
–
1,113,497
Specialty
Retail
–
10,233,978
–
10,233,978
Textiles,
Apparel
&
Luxury
Goods
193,716
1,432,763
–
1,626,479
Trading
Companies
&
Distributors
–
1,235,063
–
1,235,063
Nationwide
International
Small
Cap
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
49
The
FVC
continues
to
evaluate
any
information
that
could
cause
an
adjustment
to
the
fair
value
for
these
investments,
such
as
market
news,
the
progress
of
judicial
and
regulatory
proceedings,
and
subadviser
recommendations. 
Level
1
Level
2
Level
3
Total
Assets:
Transportation
Infrastructure
$
500,152
$
588,598
$
–
$
1,088,750
Water
Utilities
–
738,389
–
738,389
Wireless
Telecommunication
Services
1,286,916
–
–
1,286,916
Total
Common
Stocks
$
31,517,141
$
177,626,790
$
–
$
209,143,931
Exchange
Traded
Fund
3,276,335
–
–
3,276,335
Repurchase
Agreements
–
11,566,144
–
11,566,144
Rights
–
–
–
–
Total
$
34,793,476
$
189,192,934
$
–
$
223,986,410
As
of
July
31,
2025,
the
Fund
held
one
rights
investment
that
was
categorized
as
a
Level
3
investment
which
was
valued
at
$0.
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
50
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Janus
Henderson
Overseas
Fund
Common
Stocks
96
.6
%
Shares
Value
($)
AUSTRIA
3
.3
%
Banks
3
.3
%
Erste
Group
Bank
AG
8,406
768,622
BRAZIL
1
.6
%
Broadline
Retail
1
.6
%
MercadoLibre,
Inc.
*
158
375,075
CANADA
4
.7
%
Metals
&
Mining
2
.5
%
Teck
Resources
Ltd.,
Class
B
18,123
587,663
Oil,
Gas
&
Consumable
Fuels
2
.2
%
Canadian
Natural
Resources
Ltd.
15,741
498,990
1,086,653
CHINA
4
.9
%
Automobiles
0
.5
%
BYD
Co.
Ltd.,
Class
H
8,000
117,686
Biotechnology
0
.5
%
Zai
Lab
Ltd.
*
22,990
86,836
Zai
Lab
Ltd.,
ADR
*
552
20,866
107,702
Electrical
Equipment
0
.5
%
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
3,091
113,014
Hotels,
Restaurants
&
Leisure
0
.8
%
Trip.com
Group
Ltd.
1,579
99,026
Trip.com
Group
Ltd.,
ADR
1,578
97,757
196,783
Interactive
Media
&
Services
2
.6
%
Tencent
Holdings
Ltd.
8,700
609,873
1,145,058
DENMARK
0
.9
%
Biotechnology
0
.9
%
Ascendis
Pharma
A/S,
ADR
*
1,174
203,689
FRANCE
4
.6
%
Machinery
1
.5
%
Alstom
SA
*
14,692
344,968
Oil,
Gas
&
Consumable
Fuels
1
.5
%
TotalEnergies
SE
5,712
339,414
Textiles,
Apparel
&
Luxury
Goods
1
.6
%
LVMH
Moet
Hennessy
Louis
Vuitton
SE
707
380,142
1,064,524
GERMANY
7
.0
%
Aerospace
&
Defense
1
.5
%
Rheinmetall
AG
171
336,229
Diversified
Telecommunication
Services
3
.6
%
Deutsche
Telekom
AG
(Registered)
23,548
843,999
Software
1
.9
%
SAP
SE
1,561
446,842
1,627,070
HONG
KONG
3
.2
%
Insurance
3
.2
%
AIA
Group
Ltd.
79,675
745,478
Common
Stocks
Shares
Value
($)
INDIA
3
.4
%
Banks
3
.4
%
HDFC
Bank
Ltd.
34,714
797,269
ITALY
4
.1
%
Banks
1
.1
%
UniCredit
SpA
3,596
264,560
Beverages
1
.8
%
Davide
Campari-Milano
NV
58,828
406,386
Passenger
Airlines
1
.2
%
Ryanair
Holdings
plc
9,552
280,688
951,634
JAPAN
11
.4
%
Banks
3
.3
%
Resona
Holdings,
Inc.
83,100
754,574
Chemicals
2
.4
%
Nippon
Sanso
Holdings
Corp.
6,100
216,142
Shin-Etsu
Chemical
Co.
Ltd.
11,800
340,419
556,561
Insurance
3
.2
%
Dai-ichi
Life
Holdings,
Inc.
94,608
745,776
IT
Services
1
.5
%
Fujitsu
Ltd.
16,500
358,747
Professional
Services
1
.0
%
Recruit
Holdings
Co.
Ltd.
4,000
237,322
2,652,980
NETHERLANDS
7
.3
%
Beverages
2
.9
%
Heineken
NV
8,755
688,262
Biotechnology
1
.8
%
Argenx
SE,
ADR
*
607
406,890
Semiconductors
&
Semiconductor
Equipment
2
.6
%
ASML
Holding
NV
876
607,862
1,703,014
SPAIN
3
.2
%
Banks
3
.2
%
Banco
Bilbao
Vizcaya
Argentaria
SA
44,371
740,646
SWEDEN
2
.7
%
Electronic
Equipment,
Instruments
&
Components
2
.7
%
Hexagon
AB,
Class
B
57,071
627,369
TAIWAN
7
.0
%
Semiconductors
&
Semiconductor
Equipment
7
.0
%
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
42,000
1,622,385
UNITED
KINGDOM
14
.8
%
Aerospace
&
Defense
4
.7
%
BAE
Systems
plc
45,228
1,076,517
Banks
2
.9
%
NatWest
Group
plc
95,011
659,516
Commercial
Services
&
Supplies
1
.9
%
Rentokil
Initial
plc
86,934
432,046
Personal
Care
Products
2
.5
%
Unilever
plc
9,972
579,994
Nationwide
Janus
Henderson
Overseas
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
51
Common
Stocks
Shares
Value
($)
UNITED
KINGDOM
Pharmaceuticals
2
.8
%
AstraZeneca
plc
4,515
658,523
3,406,596
UNITED
STATES
12
.5
%
Entertainment
6
.5
%
Liberty
Media
Corp-Liberty
Formula
One,
Class
C
*
9,001
903,251
Spotify
Technology
SA
*
948
593,960
1,497,211
Insurance
1
.5
%
Aon
plc,
Class
A
964
342,904
Pharmaceuticals
2
.7
%
Sanofi
SA
6,834
621,003
Textiles,
Apparel
&
Luxury
Goods
1
.8
%
Samsonite
Group
SA
Reg.
S
(a)
203,523
412,922
2,874,040
Total
Common
Stocks
(cost
$15,970,533)
22,392,102
Total
Investments
(cost
$15,970,533)
—
96.6%
22,392,102
Other
assets
in
excess
of
liabilities
—
3.4%
795,403
NET
ASSETS
—
100.0%
$23,187,505
*
Denotes
a
non-income
producing
security.
(a)
Rule
144A,
Section
4(2),
or
other
security
which
is
restricted
as
to
sale
to
institutional
investors.
These
securities
were
deemed
liquid
pursuant
to
procedures
approved
by
the
Board
of
Trustees.
The
liquidity
determination
is
unaudited.
The
aggregate
value
of
these
securities
as
of
July
31,
2025
was
$412,922
which
represents
1.78%
of
net
assets.
ADR
American
Depositary
Receipt
Reg.
S
Regulation
S
-
Security
was
purchased
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933,
which
exempts
from
registration
securities
offered
and
sold
outside
of
the
United
States.
Such
security
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933
or
pursuant
to
an
exemption
from
registration.
Currently
there
is
no
restriction
on
trading
this
security.
52
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Janus
Henderson
Overseas
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
Janus
Henderson
Overseas
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
53
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2025.
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
$
–
$
1,412,747
$
–
$
1,412,747
Automobiles
–
117,686
–
117,686
Banks
–
3,985,186
–
3,985,186
Beverages
–
1,094,648
–
1,094,648
Biotechnology
631,445
86,836
–
718,281
Broadline
Retail
375,075
–
–
375,075
Chemicals
–
556,561
–
556,561
Commercial
Services
&
Supplies
–
432,046
–
432,046
Diversified
Telecommunication
Services
–
843,999
–
843,999
Electrical
Equipment
–
113,014
–
113,014
Electronic
Equipment,
Instruments
&
Components
–
627,369
–
627,369
Entertainment
1,497,210
–
–
1,497,210
Hotels,
Restaurants
&
Leisure
97,757
99,026
–
196,783
Insurance
342,904
1,491,254
–
1,834,158
Interactive
Media
&
Services
–
609,874
–
609,874
IT
Services
–
358,747
–
358,747
Machinery
–
344,968
–
344,968
Metals
&
Mining
587,663
–
–
587,663
Oil,
Gas
&
Consumable
Fuels
498,990
339,414
–
838,404
Passenger
Airlines
–
280,688
–
280,688
Personal
Care
Products
–
579,994
–
579,994
Pharmaceuticals
–
1,279,527
–
1,279,527
Professional
Services
–
237,322
–
237,322
Semiconductors
&
Semiconductor
Equipment
–
2,230,246
–
2,230,246
Software
–
446,842
–
446,842
Textiles,
Apparel
&
Luxury
Goods
–
793,064
–
793,064
Total
$
4,031,044
$
18,361,058
$
–
$
22,392,102
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,
2025
(Unaudited)
-
Statement
of
Investments
-
1
Asset-Backed
Securities
0
.4
%
Principal
Amount
($)
Value
($)
Airlines
0
.0
%
†
United
Airlines
Pass-Through
Trust,
Series
2023-1,
Class
A,
5.80%,
1/15/2036
18,659
19,024
Automobiles
0
.1
%
Santander
Drive
Auto
Receivables
Trust,
Series
2024-1,
Class
B,
5.23%,
12/15/2028
90,000
90,431
World
Omni
Auto
Receivables
Trust,
Series
2024-A,
Class
B,
5.09%,
12/17/2029
200,000
201,923
292,354
Credit
Card
0
.3
%
American
Express
Credit
Account
Master
Trust
Series
2024-3,
Class
A,
4.65%,
7/15/2029
200,000
201,543
Series
2023-4,
Class
A,
5.15%,
9/15/2030
500,000
514,682
716,225
Total
Asset-Backed
Securities
(cost
$1,021,088)
1,027,603
Commercial
Mortgage-Backed
Securities
1
.5
%
BANK5,
Series
2023-
5YR4,
Class
A3,
6.50%,
12/15/2056
216,403
226,872
BBCMS
Mortgage
Trust,
Series
2017-C1,
Class
A4,
3.67%,
2/15/2050
450,000
440,304
FHLMC
Multifamily
Structured
Pass-Through
Certificates
REMICS
Series
K739,
Class
A2,
1.34%,
9/25/2027
611,126
578,481
Series
K-152,
Class
A2,
3.78%,
11/25/2032(a)
500,000
476,305
Series
K-1510,
Class
A3,
3.79%,
1/25/2034
200,000
186,283
FNMA
ACES
REMICS,
Series
2020-M5,
Class
A2,
2.21%,
1/25/2030
1,027,638
942,004
JPMCC
Commercial
Mortgage
Securities
Trust,
Series
2017-JP7,
Class
A5,
3.45%,
9/15/2050
750,000
728,407
Morgan
Stanley
Capital
I
Trust,
Series
2020-L4,
Class
A2,
2.45%,
2/15/2053
500,000
457,434
Total
Commercial
Mortgage-Backed
Securities
(cost
$4,262,802)
4,036,090
Corporate
Bonds
24
.0
%
Principal
Amount
($)
Value
($)
Aerospace
&
Defense
0
.5
%
Boeing
Co.
(The)
,
5.04%,
5/1/2027
25,000
25,145
3.20%,
3/1/2029(b)
100,000
95,254
5.15%,
5/1/2030
50,000
50,794
6.13%,
2/15/2033
25,000
26,411
3.60%,
5/1/2034
15,000
13,248
6.53%,
5/1/2034(b)
20,000
21,768
5.71%,
5/1/2040
140,000
139,082
5.81%,
5/1/2050
25,000
24,127
6.86%,
5/1/2054
40,000
43,966
General
Dynamics
Corp.
,
4.25%,
4/1/2040
50,000
44,707
General
Electric
Co.
,
Series
A,
6.75%,
3/15/2032
100,000
112,734
L3Harris
Technologies,
Inc.
,
5.40%,
7/31/2033
30,000
30,790
4.85%,
4/27/2035
55,000
53,762
Leidos,
Inc.
,
2.30%,
2/15/2031
50,000
43,782
Lockheed
Martin
Corp.
,
4.50%,
2/15/2029
30,000
30,192
3.60%,
3/1/2035
25,000
22,497
4.09%,
9/15/2052
70,000
54,640
4.15%,
6/15/2053
10,000
7,851
5.70%,
11/15/2054
25,000
24,975
4.30%,
6/15/2062
10,000
7,768
Northrop
Grumman
Corp.
,
3.25%,
1/15/2028
40,000
38,984
4.75%,
6/1/2043
70,000
63,000
RTX
Corp.
,
4.13%,
11/16/2028(b)
200,000
198,589
6.10%,
3/15/2034
50,000
53,915
4.50%,
6/1/2042
50,000
44,156
3.75%,
11/1/2046
50,000
38,013
3.03%,
3/15/2052
50,000
31,823
1,341,973
Air
Freight
&
Logistics
0
.1
%
FedEx
Corp.
,
4.25%,
5/15/2030
20,000
19,553
4.55%,
4/1/2046
70,000
56,687
United
Parcel
Service,
Inc.
,
4.45%,
4/1/2030
25,000
25,163
6.20%,
1/15/2038
40,000
43,205
5.30%,
4/1/2050
50,000
46,738
191,346
Automobile
Components
0
.1
%
Aptiv
Swiss
Holdings
Ltd.
,
5.40%,
3/15/2049
25,000
21,470
BorgWarner,
Inc.
,
2.65%,
7/1/2027
25,000
24,142
Lear
Corp.
,
3.80%,
9/15/2027
123,000
121,111
166,723
Automobiles
0
.2
%
Ford
Motor
Co.
,
7.45%,
7/16/2031
30,000
32,608
3.25%,
2/12/2032
50,000
42,361
4.75%,
1/15/2043
65,000
50,376
5.29%,
12/8/2046
25,000
20,406
2
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Automobiles
General
Motors
Co.
,
4.20%,
10/1/2027(b)
40,000
39,634
6.25%,
10/2/2043
70,000
69,351
5.20%,
4/1/2045
30,000
26,092
Honda
Motor
Co.
Ltd.
,
2.53%,
3/10/2027(b)
40,000
38,824
2.97%,
3/10/2032(b)
20,000
17,885
Mercedes-Benz
Finance
North
America
LLC
,
8.50%,
1/18/2031
50,000
59,256
396,793
Banks
4
.5
%
Banco
Santander
SA
,
4.25%,
4/11/2027
200,000
198,955
6.61%,
11/7/2028
200,000
212,498
Bank
of
America
Corp.
,
4.25%,
10/22/2026
100,000
99,620
(SOFR
+
1.05%),
2.55%,
2/4/2028(c)
100,000
97,162
(CME
Term
SOFR
3
Month
+
1.30%),
3.42%,
12/20/2028(c)
191,000
186,511
Series
FIX,
(SOFR
+
0.83%),
4.98%,
1/24/2029(c)
25,000
25,310
(CME
Term
SOFR
3
Month
+
1.33%),
3.97%,
3/5/2029(c)
50,000
49,394
(SOFR
+
1.11%),
4.62%,
5/9/2029(c)
25,000
25,105
(CME
Term
SOFR
3
Month
+
1.47%),
3.97%,
2/7/2030(c)
100,000
98,368
Series
FIX,
(SOFR
+
1.00%),
5.16%,
1/24/2031(b)(c)
50,000
51,155
(SOFR
+
2.15%),
2.59%,
4/29/2031(c)
100,000
91,412
(SOFR
+
1.32%),
2.69%,
4/22/2032(c)
200,000
179,337
(SOFR
+
1.33%),
2.97%,
2/4/2033(c)
95,000
85,047
(SOFR
+
1.83%),
4.57%,
4/27/2033(b)(c)
40,000
39,380
(SOFR
+
2.16%),
5.02%,
7/22/2033(c)
45,000
45,470
(SOFR
+
1.91%),
5.29%,
4/25/2034(c)
50,000
50,937
(SOFR
+
1.84%),
5.87%,
9/15/2034(b)(c)
40,000
42,139
(SOFR
+
1.65%),
5.47%,
1/23/2035(c)
50,000
51,313
(SOFR
+
1.91%),
5.43%,
8/15/2035(c)
25,000
25,045
(SOFR
+
1.74%),
5.52%,
10/25/2035(c)
25,000
25,024
(SOFR
+
1.31%),
5.51%,
1/24/2036(c)
40,000
40,989
(SOFR
+
1.70%),
5.74%,
2/12/2036(c)
25,000
25,433
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
Bank
of
America
Corp.,
(SOFR
+
1.64%),
5.46%,
5/9/2036(c)
25,000
25,581
(CME
Term
SOFR
3
Month
+
2.08%),
4.24%,
4/24/2038(c)
95,000
86,226
(SOFR
+
1.93%),
2.68%,
6/19/2041(c)
100,000
71,303
5.88%,
2/7/2042(b)
25,000
26,076
(CME
Term
SOFR
3
Month
+
2.25%),
4.44%,
1/20/2048(c)
50,000
42,674
(CME
Term
SOFR
3
Month
+
3.41%),
4.08%,
3/20/2051(c)
30,000
23,765
Series
N,
(SOFR
+
1.65%),
3.48%,
3/13/2052(c)
25,000
17,798
(SOFR
+
1.56%),
2.97%,
7/21/2052(c)
10,000
6,455
Bank
of
Montreal
,
5.20%,
2/1/2028
50,000
51,008
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.40%),
3.09%,
1/10/2037(c)
25,000
21,769
Bank
of
Nova
Scotia
(The)
,
2.70%,
8/3/2026
150,000
147,411
4.85%,
2/1/2030
60,000
60,858
(SOFR
+
1.07%),
5.13%,
2/14/2031(c)
25,000
25,433
5.65%,
2/1/2034
10,000
10,480
Barclays
plc
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
3.30%),
7.39%,
11/2/2028(c)
200,000
211,515
+
1.90%),
4.97%,
5/16/2029(c)
250,000
252,327
(SOFR
+
2.22%),
6.49%,
9/13/2029(c)
200,000
210,706
Canadian
Imperial
Bank
of
Commerce
,
5.26%,
4/8/2029
20,000
20,520
(SOFR
+
1.34%),
4.63%,
9/11/2030(c)
25,000
24,999
3.60%,
4/7/2032(b)
30,000
27,885
Citigroup,
Inc.
,
(SOFR
+
1.28%),
3.07%,
2/24/2028(c)
10,000
9,764
(SOFR
+
1.14%),
4.64%,
5/7/2028(c)
25,000
25,025
(CME
Term
SOFR
3
Month
+
1.41%),
3.52%,
10/27/2028(c)
100,000
97,820
(SOFR
+
0.87%),
4.79%,
3/4/2029(c)
25,000
25,132
(CME
Term
SOFR
3
Month
+
1.60%),
3.98%,
3/20/2030(c)
100,000
97,872
(SOFR
+
1.34%),
4.54%,
9/19/2030(c)
25,000
24,899
Nationwide
Bond
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
3
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
Citigroup,
Inc.,
(SOFR
+
1.42%),
2.98%,
11/5/2030(c)
50,000
46,687
(SOFR
+
1.46%),
4.95%,
5/7/2031(b)(c)
25,000
25,237
(SOFR
+
1.17%),
2.56%,
5/1/2032(c)
80,000
70,828
6.63%,
6/15/2032
142,000
154,576
(SOFR
+
2.66%),
6.17%,
5/25/2034(c)
35,000
36,602
(SOFR
+
2.06%),
5.83%,
2/13/2035(c)
20,000
20,338
(SOFR
+
1.45%),
5.45%,
6/11/2035(c)
25,000
25,508
(SOFR
+
1.83%),
6.02%,
1/24/2036(c)
45,000
46,117
(SOFR
+
1.47%),
5.33%,
3/27/2036(c)
25,000
25,117
8.13%,
7/15/2039(b)
40,000
50,021
(SOFR
+
1.38%),
2.90%,
11/3/2042(c)
60,000
42,475
(CME
Term
SOFR
3
Month
+
2.10%),
4.28%,
4/24/2048(c)
90,000
73,795
4.65%,
7/23/2048(b)
30,000
25,888
(SOFR
+
1.75%),
5.61%,
3/4/2056(c)
25,000
24,392
Citizens
Financial
Group,
Inc.
,
(SOFR
+
1.26%),
5.25%,
3/5/2031(c)
25,000
25,322
(SOFR
+
1.91%),
5.72%,
7/23/2032(c)
25,000
25,793
(SOFR
+
2.33%),
6.65%,
4/25/2035(c)
10,000
10,822
Comerica,
Inc.
,
4.00%,
2/1/2029
15,000
14,655
Fifth
Third
Bancorp
,
2.55%,
5/5/2027
30,000
29,071
3.95%,
3/14/2028
70,000
69,142
(SOFR
+
2.34%),
6.34%,
7/27/2029(c)
25,000
26,275
(SOFR
+
1.49%),
4.90%,
9/6/2030(c)
25,000
25,219
(SOFR
+
1.66%),
4.34%,
4/25/2033(c)
20,000
19,134
HSBC
Holdings
plc
,
(SOFR
+
2.11%),
4.76%,
6/9/2028(c)
200,000
200,491
(SOFR
+
3.35%),
7.39%,
11/3/2028(c)
200,000
211,584
(SOFR
+
1.97%),
6.16%,
3/9/2029(c)
200,000
207,436
(CME
Term
SOFR
3
Month
+
1.80%),
4.58%,
6/19/2029(c)
200,000
199,747
4.95%,
3/31/2030
200,000
203,190
6.50%,
9/15/2037
100,000
105,626
Huntington
Bancshares,
Inc.
,
(SOFR
+
2.02%),
6.21%,
8/21/2029(c)
25,000
26,156
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
Huntington
Bancshares,
Inc.,
(United
States
SOFR
Compounded
Index
+
1.87%),
5.71%,
2/2/2035(c)
15,000
15,344
ING
Groep
NV
,
(SOFR
+
1.83%),
4.02%,
3/28/2028(c)
200,000
198,395
JPMorgan
Chase
&
Co.
,
4.25%,
10/1/2027
70,000
70,039
(SOFR
+
1.56%),
4.32%,
4/26/2028(c)
60,000
59,831
(SOFR
+
1.99%),
4.85%,
7/25/2028(c)
150,000
151,208
(SOFR
+
0.80%),
4.92%,
1/24/2029(c)
25,000
25,272
(SOFR
+
1.57%),
6.09%,
10/23/2029(c)
150,000
157,127
(CME
Term
SOFR
3
Month
+
1.59%),
4.45%,
12/5/2029(c)
25,000
24,976
(CME
Term
SOFR
3
Month
+
1.42%),
3.70%,
5/6/2030(c)
80,000
77,791
(SOFR
+
1.13%),
5.00%,
7/22/2030(c)
25,000
25,424
(CME
Term
SOFR
3
Month
+
1.51%),
2.74%,
10/15/2030(c)
20,000
18,630
(SOFR
+
1.04%),
4.60%,
10/22/2030(c)
25,000
25,055
(SOFR
+
2.04%),
2.52%,
4/22/2031(c)
125,000
114,212
(CME
Term
SOFR
3
Month
+
1.25%),
2.58%,
4/22/2032(c)
100,000
89,267
(SOFR
+
1.26%),
2.96%,
1/25/2033(c)
35,000
31,446
(SOFR
+
2.08%),
4.91%,
7/25/2033(c)
50,000
50,302
(SOFR
+
2.58%),
5.72%,
9/14/2033(c)
50,000
52,102
(SOFR
+
1.85%),
5.35%,
6/1/2034(c)
100,000
102,581
(SOFR
+
1.49%),
5.77%,
4/22/2035(c)
50,000
52,439
(SOFR
+
1.46%),
5.29%,
7/22/2035(c)
70,000
70,924
(SOFR
+
1.32%),
5.50%,
1/24/2036(c)
25,000
25,649
6.40%,
5/15/2038
120,000
133,325
5.60%,
7/15/2041
40,000
40,930
(CME
Term
SOFR
3
Month
+
1.46%),
3.16%,
4/22/2042(c)
50,000
37,754
(SOFR
+
1.55%),
5.53%,
11/29/2045(c)
25,000
25,008
(CME
Term
SOFR
3
Month
+
1.64%),
3.96%,
11/15/2048(c)
80,000
63,622
(SOFR
+
2.44%),
3.11%,
4/22/2051(c)
30,000
20,139
4
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
KeyCorp
,
4.10%,
4/30/2028
80,000
79,307
2.55%,
10/1/2029(b)
50,000
46,178
(United
States
SOFR
Compounded
Index
+
2.42%),
6.40%,
3/6/2035(c)
15,000
16,032
Korea
Development
Bank
(The)
,
4.38%,
2/15/2028
200,000
200,626
Kreditanstalt
fuer
Wiederaufbau
,
3.75%,
2/15/2028
50,000
49,842
2.88%,
4/3/2028
80,000
77,975
1.75%,
9/14/2029
100,000
91,756
Landwirtschaftliche
Rentenbank
,
5.00%,
10/24/2033
110,000
115,053
Lloyds
Banking
Group
plc
,
+
1.21%),
3.57%,
11/7/2028(c)
200,000
195,442
M&T
Bank
Corp.
,
(SOFR
+
1.61%),
5.39%,
1/16/2036(c)
40,000
39,855
Mitsubishi
UFJ
Financial
Group,
Inc.
,
3.75%,
7/18/2039
200,000
171,619
Mizuho
Financial
Group,
Inc.
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.65%),
5.78%,
7/6/2029(c)
200,000
206,780
NatWest
Group
plc
,
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
1
Year
+
1.22%),
4.96%,
8/15/2030(c)
200,000
202,148
PNC
Financial
Services
Group,
Inc.
(The)
,
(SOFR
+
1.84%),
5.58%,
6/12/2029(b)(c)
70,000
72,177
2.55%,
1/22/2030
20,000
18,487
(SOFR
+
1.20%),
5.49%,
5/14/2030(c)
25,000
25,876
(SOFR
+
1.93%),
5.07%,
1/24/2034(c)
40,000
40,122
(SOFR
+
2.28%),
6.88%,
10/20/2034(c)
35,000
39,096
(SOFR
+
1.90%),
5.68%,
1/22/2035(c)
50,000
51,878
(SOFR
+
1.60%),
5.40%,
7/23/2035(c)
25,000
25,400
(SOFR
+
1.39%),
5.58%,
1/29/2036(c)
25,000
25,637
Royal
Bank
of
Canada
,
2.05%,
1/21/2027
50,000
48,423
(United
States
SOFR
Compounded
Index
+
0.72%),
4.51%,
10/18/2027(c)
25,000
24,972
(SOFR
+
0.83%),
4.97%,
1/24/2029(c)
25,000
25,289
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
Royal
Bank
of
Canada,
(SOFR
+
1.10%),
4.97%,
8/2/2030(b)(c)
50,000
50,725
(SOFR
+
1.03%),
5.15%,
2/4/2031(c)
25,000
25,496
5.00%,
2/1/2033
70,000
71,153
5.15%,
2/1/2034
15,000
15,349
Santander
Holdings
USA,
Inc.
,
4.40%,
7/13/2027
100,000
99,863
(SOFR
+
2.14%),
6.34%,
5/31/2035(c)
25,000
26,284
Sumitomo
Mitsui
Financial
Group,
Inc.
,
3.35%,
10/18/2027
80,000
78,310
4.31%,
10/16/2028
75,000
74,787
2.14%,
9/23/2030
75,000
66,353
2.93%,
9/17/2041
70,000
50,130
Toronto-Dominion
Bank
(The)
,
4.11%,
6/8/2027(b)
150,000
149,330
4.81%,
6/3/2030
25,000
25,221
4.46%,
6/8/2032
60,000
58,846
Truist
Financial
Corp.
,
(SOFR
+
1.44%),
4.87%,
1/26/2029(b)(c)
25,000
25,228
1.95%,
6/5/2030
50,000
44,369
(SOFR
+
2.24%),
4.92%,
7/28/2033(b)(c)
10,000
9,807
(SOFR
+
2.30%),
6.12%,
10/28/2033(c)
40,000
42,476
(SOFR
+
1.85%),
5.12%,
1/26/2034(c)
40,000
40,013
(SOFR
+
1.92%),
5.71%,
1/24/2035(c)
40,000
41,389
US
Bancorp
,
Series
X,
3.15%,
4/27/2027
150,000
147,163
(SOFR
+
2.11%),
4.97%,
7/22/2033(c)
25,000
24,650
(SOFR
+
2.26%),
5.84%,
6/12/2034(c)
60,000
62,925
(SOFR
+
1.86%),
5.68%,
1/23/2035(c)
25,000
25,907
(SOFR
+
1.41%),
5.42%,
2/12/2036(c)
25,000
25,447
Wachovia
Corp.
,
5.50%,
8/1/2035
25,000
25,436
Wells
Fargo
&
Co.
,
3.00%,
10/23/2026
75,000
73,731
(SOFR
+
1.51%),
3.53%,
3/24/2028(c)
50,000
49,208
(SOFR
+
2.10%),
2.39%,
6/2/2028(c)
100,000
96,279
(SOFR
+
1.37%),
4.97%,
4/23/2029(c)
25,000
25,293
(CME
Term
SOFR
3
Month
+
1.43%),
2.88%,
10/30/2030(c)
100,000
93,414
(SOFR
+
1.50%),
5.15%,
4/23/2031(c)
25,000
25,511
(SOFR
+
1.50%),
3.35%,
3/2/2033(b)(c)
50,000
45,771
Nationwide
Bond
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
5
Corporate
Bonds
Principal
Amount
($)
Value
($)
Banks
Wells
Fargo
&
Co.,
(SOFR
+
2.10%),
4.90%,
7/25/2033(c)
90,000
89,920
(SOFR
+
1.99%),
5.56%,
7/25/2034(c)
130,000
134,149
(SOFR
+
2.06%),
6.49%,
10/23/2034(c)
60,000
65,599
(SOFR
+
1.38%),
5.21%,
12/3/2035(c)
25,000
25,068
5.61%,
1/15/2044
200,000
194,502
(CME
Term
SOFR
3
Month
+
4.50%),
5.01%,
4/4/2051(c)
35,000
31,717
Westpac
Banking
Corp.
,
5.46%,
11/18/2027
130,000
133,450
(US
Treasury
Yield
Curve
Rate
T
Note
Constant
Maturity
5
Year
+
1.75%),
2.67%,
11/15/2035(c)
30,000
26,496
3.13%,
11/18/2041
65,000
47,525
11,571,201
Beverages
0
.4
%
Anheuser-Busch
Cos.
LLC
,
4.90%,
2/1/2046
140,000
127,995
Anheuser-Busch
InBev
Worldwide,
Inc.
,
4.75%,
1/23/2029
75,000
76,105
5.45%,
1/23/2039
80,000
81,010
5.55%,
1/23/2049(b)
70,000
68,816
5.80%,
1/23/2059
20,000
20,280
Brown-Forman
Corp.
,
4.75%,
4/15/2033
20,000
19,988
Coca-Cola
Co.
(The)
,
2.90%,
5/25/2027
25,000
24,483
1.65%,
6/1/2030
40,000
35,405
2.60%,
6/1/2050
75,000
46,187
5.40%,
5/13/2064
50,000
48,313
Constellation
Brands,
Inc.
,
5.25%,
11/15/2048
50,000
45,601
Diageo
Capital
plc
,
2.38%,
10/24/2029
200,000
185,134
Keurig
Dr
Pepper,
Inc.
,
4.42%,
12/15/2046
20,000
16,402
4.50%,
4/15/2052
30,000
24,611
Molson
Coors
Beverage
Co.
,
4.20%,
7/15/2046
50,000
39,642
Pepsico
Singapore
Financing
I
Pte.
Ltd.
,
4.65%,
2/16/2027
40,000
40,286
PepsiCo,
Inc.
,
4.45%,
5/15/2028
25,000
25,237
5.00%,
2/7/2035(b)
25,000
25,233
3.45%,
10/6/2046
75,000
55,860
2.75%,
10/21/2051
25,000
15,523
1,022,111
Biotechnology
0
.4
%
AbbVie,
Inc.
,
4.25%,
11/14/2028
50,000
50,020
3.20%,
11/21/2029
60,000
57,199
4.88%,
3/15/2030(b)
25,000
25,505
Corporate
Bonds
Principal
Amount
($)
Value
($)
Biotechnology
AbbVie,
Inc.,
5.05%,
3/15/2034
40,000
40,505
4.30%,
5/14/2036
50,000
46,926
4.70%,
5/14/2045
50,000
44,649
4.25%,
11/21/2049
125,000
101,959
5.40%,
3/15/2054
50,000
48,181
5.50%,
3/15/2064
20,000
19,253
Amgen,
Inc.
,
2.20%,
2/21/2027
40,000
38,686
5.15%,
3/2/2028
70,000
71,283
5.25%,
3/2/2033
80,000
81,603
5.60%,
3/2/2043
60,000
59,269
4.66%,
6/15/2051
170,000
143,855
5.75%,
3/2/2063
35,000
33,579
Biogen,
Inc.
,
3.15%,
5/1/2050
30,000
18,724
Gilead
Sciences,
Inc.
,
4.75%,
3/1/2046
90,000
80,214
5.60%,
11/15/2064
50,000
48,732
1,010,142
Broadline
Retail
0
.2
%
Alibaba
Group
Holding
Ltd.
,
2.13%,
2/9/2031(b)
200,000
177,173
Amazon.com,
Inc.
,
1.20%,
6/3/2027
70,000
66,405
1.65%,
5/12/2028
50,000
46,814
3.60%,
4/13/2032
25,000
23,858
4.70%,
12/1/2032(b)
25,000
25,384
2.50%,
6/3/2050
50,000
29,888
3.95%,
4/13/2052
25,000
19,644
4.25%,
8/22/2057
150,000
122,577
eBay,
Inc.
,
4.00%,
7/15/2042
50,000
40,451
552,194
Building
Products
0
.1
%
Carrier
Global
Corp.
,
2.49%,
2/15/2027
23,000
22,367
2.72%,
2/15/2030
100,000
92,786
5.90%,
3/15/2034
48,000
50,832
Fortune
Brands
Innovations,
Inc.
,
3.25%,
9/15/2029
50,000
47,283
Johnson
Controls
International
plc
,
4.90%,
12/1/2032
100,000
100,356
Masco
Corp.
,
3.13%,
2/15/2051
15,000
9,299
Owens
Corning
,
4.30%,
7/15/2047
10,000
8,051
Trane
Technologies
Global
Holding
Co.
Ltd.
,
5.75%,
6/15/2043
20,000
20,486
351,460
Capital
Markets
1
.9
%
Ameriprise
Financial,
Inc.
,
5.20%,
4/15/2035
25,000
25,056
Apollo
Debt
Solutions
BDC
,
Series
WI*,
6.70%,
7/29/2031(b)
15,000
15,620
6
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Capital
Markets
Ares
Capital
Corp.
,
2.88%,
6/15/2028(b)
30,000
28,349
5.88%,
3/1/2029(b)
20,000
20,425
3.20%,
11/15/2031
20,000
17,489
Ares
Strategic
Income
Fund
,
5.70%,
3/15/2028
25,000
25,131
5.60%,
2/15/2030
25,000
24,910
Bank
of
New
York
Mellon
Corp.
(The)
,
2.05%,
1/26/2027
70,000
67,819
Series
J,
1.90%,
1/25/2029
25,000
23,094
(United
States
SOFR
Compounded
Index
+
2.07%),
5.83%,
10/25/2033(c)
20,000
21,194
(SOFR
+
1.85%),
6.47%,
10/25/2034(b)(c)
40,000
44,062
(SOFR
+
1.42%),
5.19%,
3/14/2035(c)
15,000
15,193
(SOFR
+
1.35%),
5.32%,
6/6/2036(c)
25,000
25,478
Blackstone
Private
Credit
Fund
,
4.00%,
1/15/2029
50,000
48,276
5.60%,
11/22/2029
25,000
25,186
6.00%,
11/22/2034
20,000
19,870
Blackstone
Reg
Finance
Co.
LLC
,
5.00%,
12/6/2034
15,000
14,833
Blackstone
Secured
Lending
Fund
,
2.85%,
9/30/2028
20,000
18,727
5.30%,
6/30/2030
25,000
24,873
Blue
Owl
Capital
Corp.
,
2.88%,
6/11/2028
20,000
18,654
Blue
Owl
Credit
Income
Corp.
,
7.75%,
1/15/2029
45,000
47,832
6.65%,
3/15/2031
10,000
10,282
Brookfield
Asset
Management
Ltd.
,
5.80%,
4/24/2035
25,000
25,566
Brookfield
Finance
I
UK
plc
,
2.34%,
1/30/2032
100,000
85,762
Brookfield
Finance,
Inc.
,
4.85%,
3/29/2029(b)
60,000
60,537
3.50%,
3/30/2051
20,000
13,861
Charles
Schwab
Corp.
(The)
,
(SOFR
+
2.21%),
5.64%,
5/19/2029(c)
50,000
51,679
1.65%,
3/11/2031
30,000
25,650
1.95%,
12/1/2031
50,000
42,612
(SOFR
+
2.01%),
6.14%,
8/24/2034(c)
35,000
37,771
CME
Group,
Inc.
,
5.30%,
9/15/2043
50,000
49,723
Deutsche
Bank
AG
,
(SOFR
+
1.32%),
2.55%,
1/7/2028(c)
200,000
194,004
(SOFR
+
2.51%),
6.82%,
11/20/2029(c)
150,000
159,657
Corporate
Bonds
Principal
Amount
($)
Value
($)
Capital
Markets
Goldman
Sachs
Group,
Inc.
(The)
,
(SOFR
+
0.91%),
1.95%,
10/21/2027(c)
200,000
193,678
(SOFR
+
1.11%),
2.64%,
2/24/2028(c)
125,000
121,322
(SOFR
+
1.77%),
6.48%,
10/24/2029(b)(c)
100,000
105,720
(SOFR
+
1.21%),
5.05%,
7/23/2030(c)
25,000
25,402
(SOFR
+
1.08%),
5.21%,
1/28/2031(c)
25,000
25,530
(SOFR
+
1.58%),
5.22%,
4/23/2031(c)
25,000
25,563
(SOFR
+
1.95%),
6.56%,
10/24/2034(b)(c)
30,000
33,147
(SOFR
+
1.55%),
5.85%,
4/25/2035(c)
30,000
31,435
(SOFR
+
1.55%),
5.33%,
7/23/2035(c)
25,000
25,255
(SOFR
+
1.42%),
5.02%,
10/23/2035(c)
25,000
24,658
(SOFR
+
1.38%),
5.54%,
1/28/2036(c)
50,000
51,119
(CME
Term
SOFR
3
Month
+
1.69%),
4.41%,
4/23/2039(c)
250,000
225,326
6.25%,
2/1/2041
80,000
85,552
(SOFR
+
1.70%),
5.73%,
1/28/2056(b)(c)
35,000
35,147
Intercontinental
Exchange,
Inc.
,
4.35%,
6/15/2029
20,000
20,010
4.60%,
3/15/2033
20,000
19,761
2.65%,
9/15/2040
20,000
14,334
4.95%,
6/15/2052
20,000
17,976
3.00%,
9/15/2060
25,000
15,010
5.20%,
6/15/2062(b)
20,000
18,602
Jefferies
Financial
Group,
Inc.
,
4.15%,
1/23/2030
50,000
48,835
6.20%,
4/14/2034(b)
15,000
15,670
Moody's
Corp.
,
3.75%,
2/25/2052
40,000
29,444
Morgan
Stanley
,
4.35%,
9/8/2026
150,000
149,609
(SOFR
+
1.00%),
2.48%,
1/21/2028(c)
130,000
126,177
(SOFR
+
2.24%),
6.30%,
10/18/2028(c)
80,000
83,044
(SOFR
+
1.59%),
5.16%,
4/20/2029(c)
110,000
111,774
(CME
Term
SOFR
3
Month
+
1.89%),
4.43%,
1/23/2030(b)(c)
50,000
49,844
(SOFR
+
1.26%),
5.66%,
4/18/2030(c)
80,000
82,899
(SOFR
+
1.10%),
4.65%,
10/18/2030(c)
25,000
25,050
(SOFR
+
1.14%),
2.70%,
1/22/2031(c)
40,000
36,863
Nationwide
Bond
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
7
Corporate
Bonds
Principal
Amount
($)
Value
($)
Capital
Markets
Morgan
Stanley,
(SOFR
+
1.51%),
5.19%,
4/17/2031(c)
25,000
25,538
7.25%,
4/1/2032
100,000
114,734
(SOFR
+
1.18%),
2.24%,
7/21/2032(c)
85,000
73,656
(SOFR
+
1.29%),
2.94%,
1/21/2033(c)
50,000
44,681
(SOFR
+
2.56%),
6.34%,
10/18/2033(c)
80,000
86,691
(SOFR
+
1.87%),
5.25%,
4/21/2034(c)
20,000
20,323
(SOFR
+
1.88%),
5.42%,
7/21/2034(b)(c)
100,000
102,411
(SOFR
+
1.73%),
5.47%,
1/18/2035(c)
50,000
51,219
(SOFR
+
1.58%),
5.83%,
4/19/2035(c)
30,000
31,448
(SOFR
+
1.56%),
5.32%,
7/19/2035(c)
45,000
45,566
(SOFR
+
1.42%),
5.59%,
1/18/2036(c)
50,000
51,318
4.38%,
1/22/2047
110,000
93,783
Nasdaq,
Inc.
,
5.55%,
2/15/2034
88,000
91,301
6.10%,
6/28/2063
10,000
10,207
Nomura
Holdings,
Inc.
,
2.33%,
1/22/2027
200,000
193,433
Northern
Trust
Corp.
,
3.65%,
8/3/2028
50,000
49,177
1.95%,
5/1/2030
50,000
44,914
S&P
Global,
Inc.
,
2.45%,
3/1/2027
25,000
24,303
2.70%,
3/1/2029
10,000
9,456
2.90%,
3/1/2032
50,000
45,186
3.90%,
3/1/2062
25,000
18,731
Sixth
Street
Lending
Partners
,
6.13%,
7/15/2030(d)
15,000
15,283
State
Street
Corp.
,
(SOFR
+
1.02%),
4.53%,
2/20/2029(c)
40,000
40,170
2.20%,
3/3/2031
25,000
22,021
(SOFR
+
1.57%),
4.82%,
1/26/2034(c)
40,000
39,799
(SOFR
+
1.22%),
5.15%,
2/28/2036(c)
25,000
25,159
UBS
AG
,
5.65%,
9/11/2028
200,000
207,644
4,781,083
Chemicals
0
.3
%
Air
Products
and
Chemicals,
Inc.
,
2.80%,
5/15/2050
15,000
9,395
Cabot
Corp.
,
4.00%,
7/1/2029
30,000
29,341
CF
Industries,
Inc.
,
5.15%,
3/15/2034
60,000
59,556
Dow
Chemical
Co.
(The)
,
4.25%,
10/1/2034
86,000
77,408
6.90%,
5/15/2053
25,000
26,168
Corporate
Bonds
Principal
Amount
($)
Value
($)
Chemicals
DuPont
de
Nemours,
Inc.
,
5.32%,
11/15/2038
18,000
18,467
5.42%,
11/15/2048
25,000
24,989
Eastman
Chemical
Co.
,
4.65%,
10/15/2044
25,000
21,123
Ecolab,
Inc.
,
2.13%,
2/1/2032
100,000
86,197
FMC
Corp.
,
6.38%,
5/18/2053(b)
15,000
14,396
International
Flavors
&
Fragrances,
Inc.
,
5.00%,
9/26/2048
20,000
17,076
Lubrizol
Corp.
(The)
,
6.50%,
10/1/2034
13,000
14,533
LyondellBasell
Industries
NV
,
4.63%,
2/26/2055(b)
60,000
46,218
Mosaic
Co.
(The)
,
5.45%,
11/15/2033(b)
50,000
50,948
Nutrien
Ltd.
,
5.88%,
12/1/2036
50,000
51,531
5.00%,
4/1/2049
20,000
17,690
PPG
Industries,
Inc.
,
2.80%,
8/15/2029
100,000
93,819
Sherwin-Williams
Co.
(The)
,
4.50%,
6/1/2047
50,000
41,788
Westlake
Corp.
,
4.38%,
11/15/2047
40,000
31,087
731,730
Commercial
Services
&
Supplies
0
.1
%
Republic
Services,
Inc.
,
1.45%,
2/15/2031
55,000
46,791
3.05%,
3/1/2050
50,000
33,591
Waste
Connections,
Inc.
,
4.20%,
1/15/2033
60,000
57,795
Waste
Management,
Inc.
,
4.63%,
2/15/2030
40,000
40,384
4.15%,
7/15/2049
50,000
40,636
5.35%,
10/15/2054(b)
55,000
53,166
272,363
Communications
Equipment
0
.1
%
Cisco
Systems,
Inc.
,
2.50%,
9/20/2026
30,000
29,443
5.10%,
2/24/2035
25,000
25,416
5.90%,
2/15/2039
40,000
42,776
5.30%,
2/26/2054(b)
25,000
24,088
5.35%,
2/26/2064(b)
20,000
19,255
Juniper
Networks,
Inc.
,
3.75%,
8/15/2029
50,000
48,420
Motorola
Solutions,
Inc.
,
2.30%,
11/15/2030
35,000
31,092
220,490
Construction
&
Engineering
0
.0
%
†
Quanta
Services,
Inc.
,
2.90%,
10/1/2030
50,000
45,961
Construction
Materials
0
.1
%
Martin
Marietta
Materials,
Inc.
,
4.25%,
12/15/2047
50,000
40,353
Vulcan
Materials
Co.
,
3.90%,
4/1/2027
100,000
99,253
8
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Construction
Materials
Vulcan
Materials
Co.,
5.70%,
12/1/2054
25,000
24,724
164,330
Consumer
Finance
0
.7
%
AerCap
Ireland
Capital
DAC
,
3.65%,
7/21/2027(b)
150,000
147,461
3.00%,
10/29/2028
200,000
190,337
Ally
Financial,
Inc.
,
(United
States
SOFR
Compounded
Index
+
1.73%),
5.54%,
1/17/2031(c)
20,000
20,264
8.00%,
11/1/2031
30,000
33,892
American
Express
Co.
,
(SOFR
+
1.84%),
5.04%,
5/1/2034(c)
100,000
100,775
(SOFR
+
1.63%),
5.92%,
4/25/2035(c)
15,000
15,596
(SOFR
+
1.42%),
5.28%,
7/26/2035(c)
25,000
25,337
American
Honda
Finance
Corp.
,
2.25%,
1/12/2029
50,000
46,447
1.80%,
1/13/2031
20,000
17,204
4.90%,
1/10/2034
30,000
29,636
Capital
One
Financial
Corp.
,
3.75%,
3/9/2027
50,000
49,474
(SOFR
+
2.06%),
4.93%,
5/10/2028(c)
45,000
45,251
(SOFR
+
2.64%),
6.31%,
6/8/2029(c)
50,000
52,235
(SOFR
+
3.07%),
7.62%,
10/30/2031(c)
20,000
22,521
(SOFR
+
2.60%),
5.82%,
2/1/2034(c)
25,000
25,860
(SOFR
+
2.86%),
6.38%,
6/8/2034(c)
45,000
48,033
(United
States
SOFR
Compounded
Index
+
3.37%),
7.96%,
11/2/2034(c)
10,000
11,650
(SOFR
+
1.99%),
5.88%,
7/26/2035(c)
20,000
20,652
Caterpillar
Financial
Services
Corp.
,
5.00%,
5/14/2027(b)
100,000
101,305
Ford
Motor
Credit
Co.
LLC
,
7.35%,
11/4/2027(b)
200,000
207,182
General
Motors
Financial
Co.,
Inc.
,
2.35%,
2/26/2027
50,000
48,302
4.30%,
4/6/2029(b)
25,000
24,548
5.85%,
4/6/2030
75,000
77,508
5.95%,
4/4/2034
30,000
30,492
5.90%,
1/7/2035
25,000
25,235
John
Deere
Capital
Corp.
,
5.15%,
9/8/2026
80,000
80,742
1.75%,
3/9/2027
50,000
48,113
PACCAR
Financial
Corp.
,
Series
R,
4.50%,
11/25/2026
30,000
30,104
Corporate
Bonds
Principal
Amount
($)
Value
($)
Consumer
Finance
Synchrony
Financial
,
(SOFR
+
1.68%),
5.45%,
3/6/2031(c)
25,000
25,174
2.88%,
10/28/2031
25,000
21,784
Toyota
Motor
Credit
Corp.
,
5.00%,
8/14/2026
50,000
50,294
3.05%,
3/22/2027(b)
40,000
39,204
4.35%,
10/8/2027
40,000
40,048
3.65%,
1/8/2029
40,000
39,150
4.45%,
6/29/2029
50,000
50,130
3.38%,
4/1/2030
25,000
23,887
4.80%,
1/5/2034(b)
40,000
39,928
1,905,755
Consumer
Staples
Distribution
&
Retail
0
.2
%
Costco
Wholesale
Corp.
,
1.60%,
4/20/2030
75,000
66,669
Dollar
General
Corp.
,
4.13%,
4/3/2050
30,000
22,734
Dollar
Tree,
Inc.
,
2.65%,
12/1/2031
25,000
22,007
3.38%,
12/1/2051
25,000
15,924
Kroger
Co.
(The)
,
7.50%,
4/1/2031
90,000
102,459
4.65%,
1/15/2048
25,000
21,011
5.65%,
9/15/2064(b)
25,000
23,578
Sysco
Corp.
,
6.60%,
4/1/2050
50,000
54,232
Target
Corp.
,
2.65%,
9/15/2030
75,000
69,248
3.90%,
11/15/2047
25,000
19,446
4.80%,
1/15/2053(b)
30,000
26,538
Walmart,
Inc.
,
1.80%,
9/22/2031
100,000
86,655
2.65%,
9/22/2051
100,000
61,848
4.50%,
9/9/2052
20,000
17,379
609,728
Containers
&
Packaging
0
.1
%
International
Paper
Co.
,
4.40%,
8/15/2047
25,000
20,144
Sonoco
Products
Co.
,
2.25%,
2/1/2027
45,000
43,433
2.85%,
2/1/2032
50,000
43,942
WRKCo,
Inc.
,
4.20%,
6/1/2032
40,000
38,312
145,831
Diversified
Consumer
Services
0
.1
%
California
Institute
of
Technology
,
3.65%,
9/1/2119
20,000
12,523
Massachusetts
Institute
of
Technology
,
Series
G,
2.29%,
7/1/2051
100,000
55,835
Northwestern
University
,
Series
2017,
3.66%,
12/1/2057
12,000
8,568
President
and
Fellows
of
Harvard
College
,
3.15%,
7/15/2046
50,000
35,588
Nationwide
Bond
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
9
Corporate
Bonds
Principal
Amount
($)
Value
($)
Diversified
Consumer
Services
University
of
Notre
Dame
du
Lac
,
Series
2017,
3.39%,
2/15/2048
30,000
21,937
Yale
University
,
Series
2020,
2.40%,
4/15/2050
26,000
15,372
149,823
Diversified
REITs
0
.1
%
Digital
Realty
Trust
LP
,
4.45%,
7/15/2028
100,000
100,046
GLP
Capital
LP
,
5.63%,
9/15/2034
25,000
24,967
Simon
Property
Group
LP
,
2.65%,
2/1/2032(b)
100,000
88,188
4.75%,
3/15/2042
60,000
53,827
VICI
Properties
LP
,
4.75%,
2/15/2028
10,000
10,040
5.13%,
5/15/2032
10,000
9,976
5.63%,
5/15/2052
20,000
18,345
WP
Carey,
Inc.
,
3.85%,
7/15/2029
50,000
48,599
353,988
Diversified
Telecommunication
Services
0
.6
%
AT&T,
Inc.
,
2.30%,
6/1/2027
60,000
57,760
1.65%,
2/1/2028
20,000
18,723
4.30%,
2/15/2030
50,000
49,620
2.75%,
6/1/2031
80,000
72,321
2.25%,
2/1/2032
100,000
85,822
2.55%,
12/1/2033
152,000
126,735
3.50%,
6/1/2041
70,000
54,742
3.65%,
6/1/2051
30,000
21,140
3.50%,
9/15/2053
80,000
53,895
3.55%,
9/15/2055
25,000
16,762
3.65%,
9/15/2059
228,000
151,643
Bell
Canada
,
4.30%,
7/29/2049
50,000
38,578
British
Telecommunications
plc
,
9.62%,
12/15/2030(e)
35,000
42,775
Deutsche
Telekom
International
Finance
BV
,
8.75%,
6/15/2030(e)
50,000
58,655
Orange
SA
,
5.50%,
2/6/2044
50,000
49,174
Sprint
Capital
Corp.
,
6.88%,
11/15/2028
100,000
106,910
Telefonica
Emisiones
SA
,
7.05%,
6/20/2036
100,000
110,790
Verizon
Communications,
Inc.
,
4.33%,
9/21/2028
40,000
39,962
1.75%,
1/20/2031
100,000
86,078
4.50%,
8/10/2033
80,000
77,372
4.78%,
2/15/2035
30,000
29,079
5.25%,
4/2/2035
25,000
25,101
3.85%,
11/1/2042
135,000
107,419
2.88%,
11/20/2050
100,000
61,977
Corporate
Bonds
Principal
Amount
($)
Value
($)
Diversified
Telecommunication
Services
Verizon
Communications,
Inc.,
2.99%,
10/30/2056
210,000
125,936
1,668,969
Electric
Utilities
1
.7
%
AEP
Transmission
Co.
LLC
,
3.75%,
12/1/2047
10,000
7,555
Series
O,
4.50%,
6/15/2052
50,000
41,827
American
Electric
Power
Co.,
Inc.
,
5.63%,
3/1/2033
40,000
41,483
Appalachian
Power
Co.
,
Series
Y,
4.50%,
3/1/2049
15,000
12,134
Arizona
Public
Service
Co.
,
2.20%,
12/15/2031
100,000
85,443
CenterPoint
Energy
Houston
Electric
LLC
,
3.95%,
3/1/2048
100,000
77,881
Commonwealth
Edison
Co.
,
5.30%,
2/1/2053
90,000
84,870
Connecticut
Light
and
Power
Co.
(The)
,
5.25%,
1/15/2053
25,000
23,329
Dominion
Energy
South
Carolina,
Inc.
,
Series
2025,
5.30%,
1/15/2035
25,000
25,473
DTE
Electric
Co.
,
Series
A,
3.00%,
3/1/2032
10,000
9,108
3.70%,
3/15/2045
80,000
61,813
Series
B,
3.65%,
3/1/2052
10,000
7,301
Duke
Energy
Corp.
,
5.75%,
9/15/2033
25,000
26,208
5.45%,
6/15/2034
35,000
35,878
3.30%,
6/15/2041
50,000
37,406
4.20%,
6/15/2049
70,000
54,279
5.00%,
8/15/2052
50,000
43,632
5.80%,
6/15/2054
50,000
48,866
Duke
Energy
Florida
LLC
,
3.20%,
1/15/2027
40,000
39,371
Duke
Energy
Ohio,
Inc.
,
3.70%,
6/15/2046(b)
75,000
55,989
Duke
Energy
Progress
LLC
,
5.25%,
3/15/2033(b)
50,000
51,292
5.05%,
3/15/2035
25,000
25,033
Entergy
Arkansas
LLC
,
5.30%,
9/15/2033
50,000
51,223
4.20%,
4/1/2049
50,000
39,466
Entergy
Louisiana
LLC
,
4.00%,
3/15/2033
50,000
46,961
Entergy
Mississippi
LLC
,
5.80%,
4/15/2055
25,000
24,975
Entergy
Texas,
Inc.
,
5.00%,
9/15/2052
25,000
21,890
Evergy
Metro,
Inc.
,
Series
2019,
4.13%,
4/1/2049
50,000
39,444
Eversource
Energy
,
5.95%,
7/15/2034
25,000
26,140
3.45%,
1/15/2050
45,000
31,404
Exelon
Corp.
,
4.05%,
4/15/2030
100,000
98,102
10
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Electric
Utilities
Exelon
Corp.,
5.45%,
3/15/2034
20,000
20,493
5.63%,
6/15/2035
100,000
102,385
5.88%,
3/15/2055
25,000
24,810
FirstEnergy
Corp.
,
Series
B,
2.25%,
9/1/2030
30,000
26,577
Series
C,
3.40%,
3/1/2050
15,000
10,118
Florida
Power
&
Light
Co.
,
5.25%,
2/1/2041
45,000
44,123
4.13%,
6/1/2048
40,000
32,192
Fortis,
Inc.
,
3.06%,
10/4/2026
100,000
98,059
Georgia
Power
Co.
,
4.65%,
5/16/2028(b)
100,000
100,854
4.95%,
5/17/2033
100,000
100,456
4.30%,
3/15/2042
50,000
42,919
Idaho
Power
Co.
,
5.80%,
4/1/2054
25,000
24,906
Kentucky
Utilities
Co.
,
5.13%,
11/1/2040
50,000
48,731
NextEra
Energy
Capital
Holdings,
Inc.
,
1.88%,
1/15/2027
45,000
43,370
4.63%,
7/15/2027
25,000
25,087
2.75%,
11/1/2029
100,000
93,228
2.44%,
1/15/2032
25,000
21,631
5.05%,
2/28/2033
40,000
40,196
5.25%,
3/15/2034
30,000
30,271
5.45%,
3/15/2035(b)
50,000
50,869
5.55%,
3/15/2054
50,000
47,567
Northern
States
Power
Co.
,
4.13%,
5/15/2044
50,000
41,400
5.10%,
5/15/2053
25,000
23,178
Ohio
Power
Co.
,
5.00%,
6/1/2033
100,000
99,432
4.15%,
4/1/2048
50,000
38,518
Oklahoma
Gas
and
Electric
Co.
,
5.40%,
1/15/2033
30,000
30,874
Oncor
Electric
Delivery
Co.
LLC
,
4.30%,
5/15/2028
20,000
19,966
5.30%,
6/1/2042
50,000
48,023
4.60%,
6/1/2052
25,000
20,904
Pacific
Gas
and
Electric
Co.
,
4.20%,
3/1/2029
40,000
39,069
2.50%,
2/1/2031
250,000
218,263
5.80%,
5/15/2034
20,000
20,296
4.50%,
7/1/2040
50,000
42,226
4.95%,
7/1/2050
50,000
41,321
6.75%,
1/15/2053
20,000
20,760
PacifiCorp
,
5.45%,
2/15/2034
20,000
20,162
6.00%,
1/15/2039
25,000
25,755
5.50%,
5/15/2054
25,000
22,851
5.80%,
1/15/2055
25,000
23,772
PG&E
Recovery
Funding
LLC
,
Series
A-2,
5.23%,
6/1/2042
50,000
49,121
Public
Service
Co.
of
Oklahoma
,
5.20%,
1/15/2035
25,000
24,944
Corporate
Bonds
Principal
Amount
($)
Value
($)
Electric
Utilities
Public
Service
Electric
and
Gas
Co.
,
3.95%,
5/1/2042
100,000
82,073
5.45%,
8/1/2053
25,000
24,414
Southern
California
Edison
Co.
,
5.30%,
3/1/2028
50,000
50,541
5.45%,
3/1/2035
25,000
24,902
Series
08-A,
5.95%,
2/1/2038
30,000
29,857
4.00%,
4/1/2047
25,000
18,190
Series
B,
4.88%,
3/1/2049
50,000
41,079
5.88%,
12/1/2053
40,000
37,411
Southern
Co.
(The)
,
4.85%,
3/15/2035
25,000
24,338
4.40%,
7/1/2046
80,000
66,442
Tampa
Electric
Co.
,
3.63%,
6/15/2050
40,000
28,442
Union
Electric
Co.
,
2.63%,
3/15/2051
100,000
59,166
Virginia
Electric
and
Power
Co.
,
Series
A,
3.50%,
3/15/2027(b)
40,000
39,518
Series
B,
3.75%,
5/15/2027
75,000
74,261
2.30%,
11/15/2031
50,000
43,607
5.30%,
8/15/2033
100,000
102,320
5.05%,
8/15/2034
25,000
25,032
Series
A,
6.00%,
5/15/2037
35,000
36,870
4.45%,
2/15/2044
10,000
8,501
Series
C,
4.63%,
5/15/2052
25,000
21,109
5.45%,
4/1/2053
25,000
23,822
5.35%,
1/15/2054
20,000
18,771
Wisconsin
Power
and
Light
Co.
,
3.00%,
7/1/2029
100,000
94,761
Xcel
Energy,
Inc.
,
6.50%,
7/1/2036
123,000
131,791
4,282,671
Electrical
Equipment
0
.1
%
Eaton
Corp.
,
4.00%,
11/2/2032
100,000
96,203
Emerson
Electric
Co.
,
2.00%,
12/21/2028
40,000
37,189
Regal
Rexnord
Corp.
,
6.30%,
2/15/2030
50,000
52,340
Rockwell
Automation,
Inc.
,
2.80%,
8/15/2061
5,000
2,872
188,604
Electronic
Equipment,
Instruments
&
Components
0
.1
%
Amphenol
Corp.
,
2.80%,
2/15/2030
100,000
93,524
CDW
LLC
,
3.57%,
12/1/2031
30,000
27,622
Corning,
Inc.
,
5.35%,
11/15/2048
40,000
37,384
158,530
Nationwide
Bond
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
11
Corporate
Bonds
Principal
Amount
($)
Value
($)
Energy
Equipment
&
Services
0
.1
%
Baker
Hughes
Holdings
LLC
,
2.06%,
12/15/2026
35,000
33,874
4.08%,
12/15/2047
50,000
38,912
Halliburton
Co.
,
5.00%,
11/15/2045(b)
60,000
52,631
Helmerich
&
Payne,
Inc.
,
4.85%,
12/1/2029
15,000
14,492
NOV,
Inc.
,
3.95%,
12/1/2042
15,000
11,260
151,169
Entertainment
0
.1
%
Netflix,
Inc.
,
4.88%,
4/15/2028
25,000
25,395
Take-Two
Interactive
Software,
Inc.
,
4.00%,
4/14/2032
10,000
9,470
TWDC
Enterprises
18
Corp.
,
2.95%,
6/15/2027
100,000
97,985
3.00%,
7/30/2046
35,000
23,323
Walt
Disney
Co.
(The)
,
2.00%,
9/1/2029
100,000
91,515
2.65%,
1/13/2031
50,000
45,844
3.50%,
5/13/2040(b)
60,000
49,042
2.75%,
9/1/2049
25,000
15,624
358,198
Financial
Services
0
.4
%
Apollo
Global
Management,
Inc.
,
5.80%,
5/21/2054
45,000
44,668
Corebridge
Financial,
Inc.
,
3.85%,
4/5/2029
50,000
48,848
3.90%,
4/5/2032(b)
25,000
23,496
4.35%,
4/5/2042
20,000
16,739
Equitable
Holdings,
Inc.
,
5.00%,
4/20/2048(b)
20,000
17,568
Fidelity
National
Information
Services,
Inc.
,
3.10%,
3/1/2041
30,000
21,936
Fiserv,
Inc.
,
3.50%,
7/1/2029
50,000
47,975
2.65%,
6/1/2030
80,000
72,939
4.40%,
7/1/2049
25,000
19,968
Global
Payments,
Inc.
,
2.15%,
1/15/2027
25,000
24,150
4.15%,
8/15/2049
30,000
22,007
Mastercard,
Inc.
,
2.95%,
6/1/2029
50,000
47,851
2.00%,
11/18/2031
50,000
43,282
4.55%,
1/15/2035
25,000
24,422
3.95%,
2/26/2048
25,000
19,892
National
Rural
Utilities
Cooperative
Finance
Corp.
,
3.40%,
2/7/2028
50,000
48,844
5.80%,
1/15/2033
50,000
52,970
PayPal
Holdings,
Inc.
,
4.40%,
6/1/2032
20,000
19,701
5.25%,
6/1/2062
25,000
22,940
Shell
International
Finance
BV
,
6.38%,
12/15/2038
150,000
165,591
Corporate
Bonds
Principal
Amount
($)
Value
($)
Financial
Services
Visa,
Inc.
,
2.05%,
4/15/2030
50,000
45,334
4.30%,
12/14/2045
70,000
60,202
Voya
Financial,
Inc.
,
5.00%,
9/20/2034
15,000
14,650
925,973
Food
Products
0
.3
%
Archer-Daniels-Midland
Co.
,
2.50%,
8/11/2026
100,000
98,087
2.90%,
3/1/2032
25,000
22,530
Campbell's
Co.
(The)
,
4.15%,
3/15/2028
50,000
49,661
4.75%,
3/23/2035
25,000
23,899
4.80%,
3/15/2048
10,000
8,637
Conagra
Brands,
Inc.
,
4.85%,
11/1/2028
75,000
75,314
5.40%,
11/1/2048
15,000
13,219
General
Mills,
Inc.
,
2.88%,
4/15/2030
100,000
92,713
Hershey
Co.
(The)
,
3.13%,
11/15/2049
25,000
16,831
J
M
Smucker
Co.
(The)
,
4.25%,
3/15/2035
40,000
37,069
6.50%,
11/15/2053(b)
25,000
26,747
JBS
USA
Holding
Lux
Sarl
,
3.00%,
5/15/2032
30,000
26,265
5.75%,
4/1/2033
37,000
37,943
6.75%,
3/15/2034
28,000
30,478
6.50%,
12/1/2052
15,000
15,331
Kraft
Heinz
Foods
Co.
,
4.88%,
10/1/2049(b)
90,000
75,244
Mondelez
International,
Inc.
,
2.63%,
9/4/2050
50,000
29,388
Pilgrim's
Pride
Corp.
,
6.25%,
7/1/2033(b)
30,000
31,532
Tyson
Foods,
Inc.
,
5.10%,
9/28/2048
50,000
44,706
Unilever
Capital
Corp.
,
5.90%,
11/15/2032
50,000
54,243
809,837
Gas
Utilities
0
.1
%
Atmos
Energy
Corp.
,
4.13%,
10/15/2044
50,000
41,274
2.85%,
2/15/2052
20,000
12,244
ONE
Gas,
Inc.
,
2.00%,
5/15/2030
20,000
17,867
Piedmont
Natural
Gas
Co.,
Inc.
,
3.50%,
6/1/2029
50,000
48,277
3.35%,
6/1/2050
30,000
19,982
Southern
California
Gas
Co.
,
6.35%,
11/15/2052
40,000
42,852
Southwest
Gas
Corp.
,
3.18%,
8/15/2051
25,000
16,341
Washington
Gas
Light
Co.
,
3.65%,
9/15/2049
10,000
7,112
205,949
12
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Ground
Transportation
0
.4
%
Burlington
Northern
Santa
Fe
LLC
,
5.05%,
3/1/2041
60,000
57,027
4.90%,
4/1/2044
70,000
65,024
2.88%,
6/15/2052
25,000
15,506
Canadian
National
Railway
Co.
,
6.90%,
7/15/2028
118,000
126,295
6.20%,
6/1/2036
30,000
32,936
Canadian
Pacific
Railway
Co.
,
2.45%,
12/2/2031
50,000
43,734
3.10%,
12/2/2051
35,000
22,859
4.20%,
11/15/2069
25,000
18,728
6.13%,
9/15/2115
10,000
10,150
CSX
Corp.
,
5.50%,
4/15/2041
50,000
49,602
3.95%,
5/1/2050
100,000
77,202
Norfolk
Southern
Corp.
,
2.30%,
5/15/2031
100,000
88,457
4.45%,
6/15/2045
50,000
42,638
5.35%,
8/1/2054(b)
30,000
28,563
4.10%,
5/15/2121
30,000
20,716
Ryder
System,
Inc.
,
2.90%,
12/1/2026
90,000
87,977
Uber
Technologies,
Inc.
,
4.80%,
9/15/2034(b)
30,000
29,467
Union
Pacific
Corp.
,
3.60%,
9/15/2037
20,000
17,254
3.25%,
2/5/2050
80,000
54,646
3.84%,
3/20/2060
90,000
64,500
5.15%,
1/20/2063
25,000
22,700
975,981
Health
Care
Equipment
&
Supplies
0
.3
%
Abbott
Laboratories
,
4.90%,
11/30/2046
70,000
65,308
Baxter
International,
Inc.
,
2.60%,
8/15/2026
100,000
98,010
1.92%,
2/1/2027
70,000
67,375
2.27%,
12/1/2028
50,000
46,514
Becton
Dickinson
&
Co.
,
4.69%,
12/15/2044(b)
44,000
38,293
Boston
Scientific
Corp.
,
4.70%,
3/1/2049
34,000
30,311
DH
Europe
Finance
II
Sarl
,
2.60%,
11/15/2029
45,000
41,909
GE
HealthCare
Technologies,
Inc.
,
5.91%,
11/22/2032(b)
100,000
106,198
Koninklijke
Philips
NV
,
5.00%,
3/15/2042
20,000
18,062
Medtronic,
Inc.
,
4.63%,
3/15/2045
50,000
44,753
Solventum
Corp.
,
5.45%,
2/25/2027
15,000
15,232
5.60%,
3/23/2034
25,000
25,642
5.90%,
4/30/2054
20,000
19,831
Stryker
Corp.
,
2.90%,
6/15/2050
50,000
32,485
649,923
Corporate
Bonds
Principal
Amount
($)
Value
($)
Health
Care
Providers
&
Services
1
.1
%
Advocate
Health
&
Hospitals
Corp.
,
4.27%,
8/15/2048
21,000
17,127
Aetna,
Inc.
,
4.75%,
3/15/2044
15,000
12,601
Ascension
Health
,
Series
B,
3.11%,
11/15/2039
40,000
30,904
Baylor
Scott
&
White
Holdings
,
Series
2021,
2.84%,
11/15/2050
20,000
12,473
Cardinal
Health,
Inc.
,
4.37%,
6/15/2047
50,000
40,634
Cencora,
Inc.
,
4.25%,
3/1/2045
30,000
24,368
Centene
Corp.
,
3.00%,
10/15/2030
80,000
69,677
2.50%,
3/1/2031
40,000
33,580
Children's
Health
System
of
Texas
,
2.51%,
8/15/2050
10,000
5,752
Cigna
Group
(The)
,
3.05%,
10/15/2027
30,000
29,142
4.38%,
10/15/2028
50,000
49,822
2.38%,
3/15/2031
25,000
22,149
4.80%,
8/15/2038
50,000
46,401
3.40%,
3/15/2050
95,000
63,812
CommonSpirit
Health
,
2.78%,
10/1/2030
62,000
56,533
4.19%,
10/1/2049
25,000
19,382
CVS
Health
Corp.
,
3.63%,
4/1/2027
50,000
49,286
4.30%,
3/25/2028
59,000
58,606
5.40%,
6/1/2029
25,000
25,662
3.75%,
4/1/2030
50,000
47,896
5.55%,
6/1/2031
25,000
25,897
2.13%,
9/15/2031
90,000
76,779
5.70%,
6/1/2034
25,000
25,601
4.78%,
3/25/2038
75,000
68,534
6.00%,
6/1/2044
25,000
24,623
5.05%,
3/25/2048
75,000
64,533
5.88%,
6/1/2053
20,000
18,963
6.05%,
6/1/2054
25,000
24,435
Elevance
Health,
Inc.
,
4.75%,
2/15/2033
60,000
59,123
5.20%,
2/15/2035
25,000
24,981
4.65%,
8/15/2044
115,000
98,696
5.13%,
2/15/2053
30,000
26,461
5.70%,
2/15/2055
30,000
28,645
HCA,
Inc.
,
4.50%,
2/15/2027
250,000
249,444
3.63%,
3/15/2032
100,000
92,035
5.60%,
4/1/2034
25,000
25,478
5.45%,
9/15/2034
25,000
25,101
5.50%,
6/15/2047
20,000
18,507
4.63%,
3/15/2052
70,000
55,947
6.00%,
4/1/2054
20,000
19,420
6.10%,
4/1/2064
25,000
24,224
Humana,
Inc.
,
3.95%,
8/15/2049
50,000
35,743
5.75%,
4/15/2054(b)
15,000
13,937
Kaiser
Foundation
Hospitals
,
4.15%,
5/1/2047
50,000
40,835
Nationwide
Bond
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
13
Corporate
Bonds
Principal
Amount
($)
Value
($)
Health
Care
Providers
&
Services
Kaiser
Foundation
Hospitals,
Series
2021,
3.00%,
6/1/2051
15,000
9,633
Laboratory
Corp.
of
America
Holdings
,
2.95%,
12/1/2029
50,000
46,841
McKesson
Corp.
,
1.30%,
8/15/2026
100,000
96,824
3.95%,
2/16/2028
100,000
99,056
Memorial
Sloan-Kettering
Cancer
Center
,
Series
2020,
2.96%,
1/1/2050
29,000
18,703
Northwell
Healthcare,
Inc.
,
4.26%,
11/1/2047
20,000
15,927
NYU
Langone
Hospitals
,
4.78%,
7/1/2044
30,000
26,653
Piedmont
Healthcare,
Inc.
,
Series
2032,
2.04%,
1/1/2032
100,000
84,427
Providence
St
Joseph
Health
Obligated
Group
,
Series
A,
3.93%,
10/1/2048
15,000
11,251
Quest
Diagnostics,
Inc.
,
4.20%,
6/30/2029
50,000
49,618
Stanford
Health
Care
,
Series
2018,
3.80%,
11/15/2048
12,000
9,124
Sutter
Health
,
Series
2018,
4.09%,
8/15/2048
36,000
28,429
UnitedHealth
Group,
Inc.
,
3.88%,
12/15/2028
100,000
98,192
4.80%,
1/15/2030
25,000
25,264
4.95%,
1/15/2032(b)
25,000
25,182
4.50%,
4/15/2033
75,000
72,667
5.15%,
7/15/2034(b)
25,000
25,072
2.75%,
5/15/2040
60,000
42,898
3.05%,
5/15/2041
50,000
36,465
5.50%,
7/15/2044
25,000
24,133
4.25%,
4/15/2047
60,000
47,844
3.25%,
5/15/2051
100,000
65,259
5.88%,
2/15/2053
20,000
19,736
5.63%,
7/15/2054
25,000
23,815
3.13%,
5/15/2060
25,000
14,638
5.20%,
4/15/2063
30,000
26,151
5.75%,
7/15/2064
25,000
23,791
2,951,342
Health
Care
REITs
0
.2
%
Alexandria
Real
Estate
Equities,
Inc.
,
1.88%,
2/1/2033
40,000
32,163
4.00%,
2/1/2050
50,000
37,183
Healthcare
Realty
Holdings
LP
,
3.10%,
2/15/2030
50,000
46,454
Healthpeak
OP
LLC
,
2.88%,
1/15/2031
50,000
45,410
Omega
Healthcare
Investors,
Inc.
,
4.50%,
4/1/2027
50,000
49,937
Corporate
Bonds
Principal
Amount
($)
Value
($)
Health
Care
REITs
Ventas
Realty
LP
,
3.00%,
1/15/2030
70,000
65,471
Welltower
OP
LLC
,
3.10%,
1/15/2030
100,000
94,453
2.75%,
1/15/2032
25,000
22,267
393,338
Hotel
&
Resort
REITs
0
.0
%
†
Host
Hotels
&
Resorts
LP
,
Series
H,
3.38%,
12/15/2029
50,000
46,886
Hotels,
Restaurants
&
Leisure
0
.1
%
Booking
Holdings,
Inc.
,
4.63%,
4/13/2030
50,000
50,384
Expedia
Group,
Inc.
,
3.80%,
2/15/2028
25,000
24,568
3.25%,
2/15/2030(b)
15,000
14,138
Marriott
International,
Inc.
,
5.30%,
5/15/2034(b)
20,000
20,168
McDonald's
Corp.
,
3.50%,
7/1/2027
100,000
98,574
4.95%,
3/3/2035
25,000
24,920
3.70%,
2/15/2042
40,000
31,525
4.88%,
12/9/2045
50,000
44,929
3.63%,
9/1/2049
10,000
7,250
Starbucks
Corp.
,
3.50%,
11/15/2050
100,000
68,938
385,394
Household
Durables
0
.1
%
MDC
Holdings,
Inc.
,
2.50%,
1/15/2031
50,000
43,580
PulteGroup,
Inc.
,
5.00%,
1/15/2027
100,000
100,437
144,017
Household
Products
0
.1
%
Church
&
Dwight
Co.,
Inc.
,
5.00%,
6/15/2052
10,000
8,952
Colgate-Palmolive
Co.
,
3.70%,
8/1/2047
50,000
38,631
Kimberly-Clark
Corp.
,
2.88%,
2/7/2050
25,000
16,186
Procter
&
Gamble
Co.
(The)
,
3.00%,
3/25/2030
100,000
94,875
158,644
Independent
Power
and
Renewable
Electricity
Producers
0
.0
%
†
AES
Corp.
(The)
,
2.45%,
1/15/2031
40,000
35,359
Constellation
Energy
Generation
LLC
,
5.60%,
6/15/2042
25,000
24,533
5.75%,
3/15/2054(b)
20,000
19,631
Oglethorpe
Power
Corp.
,
5.05%,
10/1/2048
25,000
22,054
101,577
Industrial
Conglomerates
0
.1
%
3M
Co.
,
3.63%,
10/15/2047
30,000
22,065
14
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Industrial
Conglomerates
3M
Co.,
4.00%,
9/14/2048
40,000
31,457
Honeywell
International,
Inc.
,
1.10%,
3/1/2027
30,000
28,535
2.70%,
8/15/2029
50,000
47,060
3.81%,
11/21/2047
50,000
38,431
5.25%,
3/1/2054
30,000
28,230
Pentair
Finance
Sarl
,
5.90%,
7/15/2032
30,000
31,339
227,117
Industrial
REITs
0
.1
%
Prologis
LP
,
2.88%,
11/15/2029
40,000
37,580
1.25%,
10/15/2030
60,000
51,137
5.13%,
1/15/2034(b)
30,000
30,325
2.13%,
10/15/2050
30,000
15,820
134,862
Insurance
0
.7
%
Aflac,
Inc.
,
3.60%,
4/1/2030
25,000
24,197
Alleghany
Corp.
,
3.63%,
5/15/2030
25,000
24,152
Allstate
Corp.
(The)
,
5.55%,
5/9/2035
75,000
77,444
4.20%,
12/15/2046
10,000
8,142
American
International
Group,
Inc.
,
5.13%,
3/27/2033
100,000
101,225
4.75%,
4/1/2048
10,000
8,813
Aon
Global
Ltd.
,
4.75%,
5/15/2045
50,000
43,582
Aon
North
America,
Inc.
,
5.75%,
3/1/2054
35,000
34,094
Arch
Capital
Group
Ltd.
,
3.64%,
6/30/2050
50,000
36,260
Arthur
J
Gallagher
&
Co.
,
5.45%,
7/15/2034
30,000
30,558
5.75%,
3/2/2053
20,000
19,375
5.55%,
2/15/2055
25,000
23,584
Athene
Holding
Ltd.
,
4.13%,
1/12/2028(b)
100,000
99,125
6.15%,
4/3/2030
25,000
26,481
Berkshire
Hathaway
Finance
Corp.
,
2.88%,
3/15/2032
100,000
91,723
4.40%,
5/15/2042
90,000
81,822
Brighthouse
Financial,
Inc.
,
5.63%,
5/15/2030
50,000
50,094
Brown
&
Brown,
Inc.
,
4.90%,
6/23/2030
30,000
30,121
5.55%,
6/23/2035
25,000
25,272
Chubb
INA
Holdings
LLC
,
4.35%,
11/3/2045(b)
100,000
85,773
CNA
Financial
Corp.
,
3.90%,
5/1/2029
50,000
48,815
Enstar
Group
Ltd.
,
3.10%,
9/1/2031
40,000
35,168
Everest
Reinsurance
Holdings,
Inc.
,
3.50%,
10/15/2050
25,000
16,970
Corporate
Bonds
Principal
Amount
($)
Value
($)
Insurance
Fairfax
Financial
Holdings
Ltd.
,
6.35%,
3/22/2054
10,000
10,082
Globe
Life,
Inc.
,
2.15%,
8/15/2030
50,000
44,192
Hartford
Insurance
Group,
Inc.
(The)
,
6.10%,
10/1/2041
30,000
31,082
Lincoln
National
Corp.
,
4.35%,
3/1/2048
17,000
13,527
Markel
Group,
Inc.
,
5.00%,
5/20/2049
50,000
43,398
Marsh
&
McLennan
Cos.,
Inc.
,
5.40%,
9/15/2033
75,000
77,493
5.00%,
3/15/2035
25,000
24,941
4.90%,
3/15/2049
50,000
44,720
5.40%,
3/15/2055
30,000
28,619
MetLife,
Inc.
,
5.70%,
6/15/2035(b)
86,000
90,304
4.13%,
8/13/2042
50,000
41,773
5.00%,
7/15/2052(b)
25,000
22,483
Principal
Financial
Group,
Inc.
,
3.70%,
5/15/2029
50,000
48,602
Progressive
Corp.
(The)
,
3.95%,
3/26/2050
50,000
38,968
Prudential
Financial,
Inc.
,
5.75%,
7/15/2033
10,000
10,609
5.20%,
3/14/2035
20,000
20,142
6.63%,
6/21/2040
70,000
77,835
3.70%,
3/13/2051
30,000
21,907
Travelers
Cos.,
Inc.
(The)
,
5.35%,
11/1/2040
15,000
14,954
4.00%,
5/30/2047
15,000
11,970
Travelers
Property
Casualty
Corp.
,
6.38%,
3/15/2033
30,000
33,253
Unum
Group
,
6.00%,
6/15/2054
10,000
9,740
Willis
North
America,
Inc.
,
4.65%,
6/15/2027
50,000
50,241
2.95%,
9/15/2029
30,000
28,132
5.90%,
3/5/2054(b)
25,000
24,633
1,886,390
Interactive
Media
&
Services
0
.1
%
Alphabet,
Inc.
,
4.50%,
5/15/2035(b)
25,000
24,532
2.05%,
8/15/2050
25,000
13,801
Meta
Platforms,
Inc.
,
3.85%,
8/15/2032
100,000
95,601
4.75%,
8/15/2034(b)
25,000
24,904
4.45%,
8/15/2052
15,000
12,613
5.60%,
5/15/2053
35,000
34,715
5.40%,
8/15/2054
25,000
24,158
4.65%,
8/15/2062
25,000
20,973
5.55%,
8/15/2064
25,000
24,254
275,551
IT
Services
0
.2
%
Accenture
Capital,
Inc.
,
4.25%,
10/4/2031
40,000
39,390
4.50%,
10/4/2034
25,000
24,193
Nationwide
Bond
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
15
Corporate
Bonds
Principal
Amount
($)
Value
($)
IT
Services
IBM
International
Capital
Pte.
Ltd.
,
4.60%,
2/5/2027
100,000
100,326
International
Business
Machines
Corp.
,
4.50%,
2/6/2028
100,000
100,472
3.50%,
5/15/2029
100,000
96,938
1.95%,
5/15/2030
100,000
89,056
4.25%,
5/15/2049(b)
100,000
80,272
530,647
Leisure
Products
0
.0
%
†
Hasbro,
Inc.
,
3.55%,
11/19/2026
20,000
19,729
3.90%,
11/19/2029
50,000
48,204
67,933
Life
Sciences
Tools
&
Services
0
.1
%
Agilent
Technologies,
Inc.
,
2.75%,
9/15/2029
20,000
18,697
Danaher
Corp.
,
2.60%,
10/1/2050
45,000
27,066
Revvity,
Inc.
,
3.30%,
9/15/2029
50,000
47,242
Thermo
Fisher
Scientific,
Inc.
,
1.75%,
10/15/2028(b)
40,000
37,005
2.60%,
10/1/2029
65,000
60,887
2.80%,
10/15/2041
30,000
21,547
212,444
Machinery
0
.2
%
Caterpillar,
Inc.
,
3.25%,
9/19/2049
25,000
17,436
Cummins,
Inc.
,
5.45%,
2/20/2054
20,000
19,369
Deere
&
Co.
,
3.10%,
4/15/2030
25,000
23,676
3.90%,
6/9/2042(b)
100,000
84,743
Illinois
Tool
Works,
Inc.
,
4.88%,
9/15/2041
50,000
46,759
Ingersoll
Rand,
Inc.
,
5.70%,
6/15/2054
10,000
9,892
nVent
Finance
Sarl
,
5.65%,
5/15/2033
50,000
51,099
Otis
Worldwide
Corp.
,
3.11%,
2/15/2040
50,000
38,015
Parker-Hannifin
Corp.
,
3.25%,
6/14/2029
100,000
95,919
Snap-on,
Inc.
,
3.10%,
5/1/2050
25,000
16,845
Stanley
Black
&
Decker,
Inc.
,
3.00%,
5/15/2032
10,000
8,812
Westinghouse
Air
Brake
Technologies
Corp.
,
4.70%,
9/15/2028(e)
20,000
20,105
432,670
Media
0
.5
%
Charter
Communications
Operating
LLC
,
3.75%,
2/15/2028
50,000
48,874
2.25%,
1/15/2029
25,000
22,975
Corporate
Bonds
Principal
Amount
($)
Value
($)
Media
Charter
Communications
Operating
LLC,
2.80%,
4/1/2031(b)
150,000
132,886
3.50%,
3/1/2042
50,000
35,178
5.75%,
4/1/2048
20,000
17,700
4.80%,
3/1/2050
30,000
23,262
3.70%,
4/1/2051
70,000
45,188
5.25%,
4/1/2053
50,000
41,226
3.85%,
4/1/2061
25,000
15,371
4.40%,
12/1/2061
25,000
16,983
Comcast
Corp.
,
4.15%,
10/15/2028
30,000
29,812
3.40%,
4/1/2030
20,000
19,126
1.50%,
2/15/2031
100,000
85,037
4.80%,
5/15/2033
60,000
59,574
3.75%,
4/1/2040
90,000
74,024
3.97%,
11/1/2047
96,000
73,293
4.70%,
10/15/2048
45,000
38,239
2.89%,
11/1/2051
100,000
60,079
5.35%,
5/15/2053
25,000
22,945
2.94%,
11/1/2056
60,000
34,663
4.95%,
10/15/2058
12,000
10,233
2.99%,
11/1/2063
44,000
24,526
Fox
Corp.
,
5.48%,
1/25/2039
50,000
48,681
Grupo
Televisa
SAB
,
8.50%,
3/11/2032
30,000
33,728
Paramount
Global
,
5.50%,
5/15/2033
55,000
53,609
4.38%,
3/15/2043
50,000
37,844
Time
Warner
Cable
LLC
,
6.75%,
6/15/2039
90,000
92,242
1,197,298
Metals
&
Mining
0
.2
%
ArcelorMittal
SA
,
6.55%,
11/29/2027
25,000
25,987
6.80%,
11/29/2032(b)
25,000
27,409
Barrick
North
America
Finance
LLC
,
5.70%,
5/30/2041
40,000
39,923
BHP
Billiton
Finance
USA
Ltd.
,
5.10%,
9/8/2028
30,000
30,677
5.00%,
9/30/2043
50,000
47,250
Freeport-McMoRan,
Inc.
,
5.45%,
3/15/2043
25,000
23,556
Newmont
Corp.
,
2.60%,
7/15/2032
60,000
53,147
Nucor
Corp.
,
3.85%,
4/1/2052
40,000
30,027
Rio
Tinto
Alcan,
Inc.
,
5.75%,
6/1/2035
80,000
84,364
Rio
Tinto
Finance
USA
plc
,
5.25%,
3/14/2035
25,000
25,368
5.88%,
3/14/2065
35,000
35,194
Southern
Copper
Corp.
,
6.75%,
4/16/2040
50,000
54,481
Vale
Overseas
Ltd.
,
6.40%,
6/28/2054(b)
25,000
24,551
501,934
16
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Multi-Utilities
0
.3
%
Ameren
Corp.
,
5.00%,
1/15/2029
20,000
20,331
Berkshire
Hathaway
Energy
Co.
,
6.13%,
4/1/2036(b)
20,000
21,366
4.45%,
1/15/2049
50,000
41,417
4.25%,
10/15/2050
100,000
79,673
4.60%,
5/1/2053
20,000
16,758
Black
Hills
Corp.
,
3.05%,
10/15/2029
25,000
23,366
Consolidated
Edison
Co.
of
New
York,
Inc.
,
6.15%,
11/15/2052
45,000
47,077
3.70%,
11/15/2059
100,000
69,099
Consumers
Energy
Co.
,
3.75%,
2/15/2050
50,000
37,465
2.50%,
5/1/2060
25,000
13,694
DTE
Energy
Co.
,
4.88%,
6/1/2028
50,000
50,525
NiSource,
Inc.
,
4.38%,
5/15/2047
50,000
41,018
5.00%,
6/15/2052
30,000
26,463
Puget
Sound
Energy,
Inc.
,
3.25%,
9/15/2049
50,000
33,123
San
Diego
Gas
&
Electric
Co.
,
6.00%,
6/1/2039
30,000
31,499
Sempra
,
3.70%,
4/1/2029
40,000
38,798
4.00%,
2/1/2048
50,000
37,091
Southern
Co.
Gas
Capital
Corp.
,
Series
20-A,
1.75%,
1/15/2031
50,000
42,909
WEC
Energy
Group,
Inc.
,
1.80%,
10/15/2030
35,000
30,438
702,110
Office
REITs
0
.1
%
Boston
Properties
LP
,
2.75%,
10/1/2026
60,000
58,694
2.45%,
10/1/2033
30,000
24,062
5.75%,
1/15/2035
25,000
25,147
Kilroy
Realty
LP
,
3.05%,
2/15/2030
50,000
45,198
153,101
Oil,
Gas
&
Consumable
Fuels
1
.6
%
APA
Corp.
,
6.10%,
2/15/2035(d)
25,000
24,489
BP
Capital
Markets
America,
Inc.
,
4.23%,
11/6/2028
75,000
74,763
1.75%,
8/10/2030
200,000
175,648
2.72%,
1/12/2032
100,000
89,059
4.89%,
9/11/2033(b)
30,000
29,946
2.77%,
11/10/2050
60,000
36,206
BP
Capital
Markets
plc
,
3.28%,
9/19/2027
60,000
58,817
Canadian
Natural
Resources
Ltd.
,
6.25%,
3/15/2038
35,000
36,147
Corporate
Bonds
Principal
Amount
($)
Value
($)
Oil,
Gas
&
Consumable
Fuels
Cenovus
Energy,
Inc.
,
6.75%,
11/15/2039(b)
5,000
5,344
3.75%,
2/15/2052
35,000
23,698
Cheniere
Corpus
Christi
Holdings
LLC
,
5.13%,
6/30/2027
100,000
100,693
2.74%,
12/31/2039
25,000
20,563
Cheniere
Energy
Partners
LP
,
4.00%,
3/1/2031
50,000
47,758
Chevron
Corp.
,
2.00%,
5/11/2027(b)
75,000
72,325
ConocoPhillips
Co.
,
5.00%,
1/15/2035(b)
25,000
24,851
3.76%,
3/15/2042
30,000
23,911
5.30%,
5/15/2053(b)
25,000
23,033
4.03%,
3/15/2062
60,000
43,064
Coterra
Energy,
Inc.
,
5.60%,
3/15/2034
25,000
25,131
Devon
Energy
Corp.
,
4.50%,
1/15/2030
50,000
49,511
5.00%,
6/15/2045
25,000
20,870
5.75%,
9/15/2054
25,000
22,394
Diamondback
Energy,
Inc.
,
5.40%,
4/18/2034(b)
15,000
15,036
5.55%,
4/1/2035
25,000
25,159
4.25%,
3/15/2052
25,000
18,900
5.75%,
4/18/2054
15,000
13,932
5.90%,
4/18/2064
10,000
9,235
Eastern
Gas
Transmission
&
Storage,
Inc.
,
4.60%,
12/15/2044
25,000
21,063
Enbridge
Energy
Partners
LP
,
7.38%,
10/15/2045
50,000
57,675
Enbridge,
Inc.
,
5.70%,
3/8/2033
40,000
41,434
6.70%,
11/15/2053
35,000
37,781
Energy
Transfer
LP
,
4.20%,
4/15/2027
40,000
39,758
5.55%,
2/15/2028
50,000
51,235
5.25%,
4/15/2029(b)
100,000
102,012
3.75%,
5/15/2030
150,000
143,746
5.60%,
9/1/2034(b)
40,000
40,451
5.30%,
4/15/2047
25,000
22,015
5.40%,
10/1/2047
25,000
22,250
5.00%,
5/15/2050
100,000
83,577
Enterprise
Products
Operating
LLC
,
2.80%,
1/31/2030
30,000
28,009
4.95%,
2/15/2035
25,000
24,779
4.45%,
2/15/2043
45,000
38,530
4.95%,
10/15/2054
130,000
112,626
EOG
Resources,
Inc.
,
5.65%,
12/1/2054
25,000
24,306
Equinor
ASA
,
3.70%,
4/6/2050
100,000
75,632
Exxon
Mobil
Corp.
,
3.00%,
8/16/2039
50,000
38,745
4.11%,
3/1/2046
70,000
57,065
Hess
Corp.
,
4.30%,
4/1/2027
100,000
99,960
5.60%,
2/15/2041(b)
25,000
25,303
Nationwide
Bond
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
17
Corporate
Bonds
Principal
Amount
($)
Value
($)
Oil,
Gas
&
Consumable
Fuels
Kinder
Morgan
Energy
Partners
LP
,
5.80%,
3/15/2035
30,000
30,796
5.00%,
3/1/2043(b)
40,000
35,731
Kinder
Morgan,
Inc.
,
4.80%,
2/1/2033
50,000
49,171
5.40%,
2/1/2034
35,000
35,357
5.55%,
6/1/2045
50,000
46,926
5.45%,
8/1/2052
25,000
22,797
Marathon
Petroleum
Corp.
,
3.80%,
4/1/2028
50,000
49,129
4.50%,
4/1/2048
30,000
23,282
MPLX
LP
,
4.00%,
3/15/2028
75,000
73,977
5.40%,
4/1/2035
25,000
24,721
4.50%,
4/15/2038
25,000
22,070
5.20%,
12/1/2047
30,000
26,005
4.70%,
4/15/2048
50,000
40,428
4.95%,
3/14/2052
10,000
8,254
Occidental
Petroleum
Corp.
,
6.63%,
9/1/2030(b)
50,000
52,779
6.45%,
9/15/2036
50,000
50,887
6.60%,
3/15/2046
20,000
19,760
ONEOK,
Inc.
,
5.80%,
11/1/2030
75,000
78,260
6.05%,
9/1/2033
30,000
31,481
5.05%,
11/1/2034
20,000
19,440
4.25%,
9/15/2046
30,000
22,692
5.20%,
7/15/2048
30,000
25,937
6.63%,
9/1/2053
20,000
20,684
5.70%,
11/1/2054
20,000
18,367
5.85%,
11/1/2064(b)
20,000
18,444
Ovintiv,
Inc.
,
6.50%,
2/1/2038
30,000
30,602
Phillips
66
,
5.88%,
5/1/2042
60,000
59,637
3.30%,
3/15/2052
30,000
19,309
Plains
All
American
Pipeline
LP
,
4.70%,
6/15/2044
50,000
41,333
Sabine
Pass
Liquefaction
LLC
,
5.00%,
3/15/2027
250,000
250,924
Shell
Finance
US,
Inc.
,
4.38%,
5/11/2045
25,000
21,057
South
Bow
USA
Infrastructure
Holdings
LLC
,
5.58%,
10/1/2034(d)
15,000
14,807
Suncor
Energy,
Inc.
,
4.00%,
11/15/2047
10,000
7,360
3.75%,
3/4/2051
25,000
17,406
Targa
Resources
Corp.
,
5.20%,
7/1/2027
25,000
25,290
6.13%,
3/15/2033
30,000
31,550
6.25%,
7/1/2052
25,000
24,638
TotalEnergies
Capital
International
SA
,
3.46%,
2/19/2029(b)
100,000
97,653
3.46%,
7/12/2049
25,000
17,630
TotalEnergies
Capital
SA
,
5.64%,
4/5/2064
30,000
28,767
Corporate
Bonds
Principal
Amount
($)
Value
($)
Oil,
Gas
&
Consumable
Fuels
TransCanada
PipeLines
Ltd.
,
6.20%,
10/15/2037
50,000
52,227
5.10%,
3/15/2049
35,000
31,486
Valero
Energy
Corp.
,
6.63%,
6/15/2037
50,000
53,895
Western
Midstream
Operating
LP
,
4.05%,
2/1/2030(e)
30,000
28,814
5.25%,
2/1/2050(e)
20,000
16,780
Williams
Cos.,
Inc.
(The)
,
5.30%,
8/15/2028
75,000
76,797
2.60%,
3/15/2031
25,000
22,339
6.30%,
4/15/2040
25,000
26,338
5.40%,
3/4/2044
50,000
46,852
5.80%,
11/15/2054
25,000
24,296
4,213,597
Paper
&
Forest
Products
0
.0
%
†
Georgia-Pacific
LLC
,
8.88%,
5/15/2031
50,000
60,462
Suzano
Austria
GmbH
,
3.75%,
1/15/2031
70,000
65,129
125,591
Passenger
Airlines
0
.0
%
†
Southwest
Airlines
Co.
,
2.63%,
2/10/2030
25,000
22,740
Personal
Care
Products
0
.0
%
†
Estee
Lauder
Cos.,
Inc.
(The)
,
3.13%,
12/1/2049
15,000
9,674
Kenvue,
Inc.
,
4.90%,
3/22/2033(b)
100,000
101,100
110,774
Pharmaceuticals
0
.9
%
AstraZeneca
plc
,
3.13%,
6/12/2027
30,000
29,440
1.38%,
8/6/2030(b)
75,000
64,927
4.38%,
8/17/2048(b)
70,000
60,136
Bristol-Myers
Squibb
Co.
,
1.13%,
11/13/2027
40,000
37,420
3.90%,
2/20/2028
75,000
74,418
3.40%,
7/26/2029
30,000
28,947
5.20%,
2/22/2034
40,000
40,856
4.13%,
6/15/2039
40,000
35,297
3.55%,
3/15/2042(b)
50,000
39,274
6.25%,
11/15/2053
20,000
21,288
5.55%,
2/22/2054
50,000
48,363
3.90%,
3/15/2062
45,000
31,954
Eli
Lilly
&
Co.
,
4.50%,
2/9/2027
20,000
20,098
4.20%,
8/14/2029
40,000
39,986
4.70%,
2/9/2034(b)
30,000
29,882
5.10%,
2/12/2035
40,000
40,669
2.25%,
5/15/2050
35,000
19,795
5.00%,
2/9/2054
15,000
13,847
5.05%,
8/14/2054
25,000
23,296
4.95%,
2/27/2063
30,000
26,912
5.10%,
2/9/2064
15,000
13,773
GlaxoSmithKline
Capital,
Inc.
,
5.38%,
4/15/2034
90,000
93,198
18
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Pharmaceuticals
Johnson
&
Johnson
,
4.95%,
5/15/2033
287,000
296,127
3.63%,
3/3/2037
70,000
62,002
3.70%,
3/1/2046
50,000
39,918
Merck
&
Co.,
Inc.
,
4.30%,
5/17/2030(b)
100,000
100,052
4.15%,
5/18/2043
100,000
84,418
4.00%,
3/7/2049
70,000
55,222
Novartis
Capital
Corp.
,
2.20%,
8/14/2030
100,000
90,629
2.75%,
8/14/2050
20,000
12,566
Pfizer
Investment
Enterprises
Pte.
Ltd.
,
4.45%,
5/19/2028
70,000
70,273
4.65%,
5/19/2030
100,000
100,822
4.75%,
5/19/2033(b)
65,000
64,609
5.30%,
5/19/2053
80,000
74,700
5.34%,
5/19/2063
40,000
36,617
Pfizer,
Inc.
,
1.75%,
8/18/2031
100,000
85,985
3.90%,
3/15/2039
60,000
51,895
4.13%,
12/15/2046
50,000
40,615
Royalty
Pharma
plc
,
3.55%,
9/2/2050
40,000
27,105
Sanofi
SA
,
3.63%,
6/19/2028
25,000
24,642
Takeda
Pharmaceutical
Co.
Ltd.
,
5.30%,
7/5/2034
200,000
202,472
Utah
Acquisition
Sub,
Inc.
,
5.25%,
6/15/2046
20,000
16,152
Viatris,
Inc.
,
4.00%,
6/22/2050
50,000
32,855
Zoetis,
Inc.
,
4.70%,
2/1/2043
50,000
45,408
2,448,860
Professional
Services
0
.0
%
†
Automatic
Data
Processing,
Inc.
,
1.25%,
9/1/2030
100,000
86,320
Concentrix
Corp.
,
6.85%,
8/2/2033
20,000
20,878
Jacobs
Engineering
Group,
Inc.
,
6.35%,
8/18/2028
25,000
26,183
133,381
Residential
REITs
0
.2
%
American
Homes
4
Rent
LP
,
5.50%,
2/1/2034(b)
25,000
25,415
AvalonBay
Communities,
Inc.
,
5.35%,
6/1/2034
10,000
10,242
3.90%,
10/15/2046
15,000
11,670
Camden
Property
Trust
,
3.35%,
11/1/2049
10,000
7,015
ERP
Operating
LP
,
2.85%,
11/1/2026
200,000
196,043
Essex
Portfolio
LP
,
3.00%,
1/15/2030
50,000
46,688
Corporate
Bonds
Principal
Amount
($)
Value
($)
Residential
REITs
Invitation
Homes
Operating
Partnership
LP
,
5.50%,
8/15/2033
40,000
40,646
Mid-America
Apartments
LP
,
4.95%,
3/1/2035
25,000
24,747
Store
Capital
LLC
,
2.70%,
12/1/2031
50,000
42,564
UDR,
Inc.
,
3.20%,
1/15/2030
50,000
47,293
452,323
Retail
REITs
0
.1
%
Brixmor
Operating
Partnership
LP
,
4.13%,
5/15/2029
50,000
49,110
Federal
Realty
OP
LP
,
3.20%,
6/15/2029
20,000
18,985
Kimco
Realty
OP
LLC
,
4.45%,
9/1/2047
50,000
41,639
NNN
REIT,
Inc.
,
3.50%,
4/15/2051
25,000
17,067
Realty
Income
Corp.
,
3.25%,
6/15/2029
90,000
86,201
4.00%,
7/15/2029
25,000
24,558
5.13%,
2/15/2034(b)
15,000
15,169
5.13%,
4/15/2035
25,000
25,025
Regency
Centers
LP
,
2.95%,
9/15/2029
25,000
23,553
301,307
Semiconductors
&
Semiconductor
Equipment
0
.6
%
Analog
Devices,
Inc.
,
2.10%,
10/1/2031
65,000
56,667
Applied
Materials,
Inc.
,
5.85%,
6/15/2041
50,000
52,704
Broadcom
Corp.
,
3.88%,
1/15/2027
100,000
99,142
Broadcom,
Inc.
,
5.05%,
7/12/2027
40,000
40,476
4.15%,
11/15/2030
128,000
125,354
3.47%,
4/15/2034(d)
35,000
31,107
4.93%,
5/15/2037(d)
100,000
96,637
3.50%,
2/15/2041(b)(d)
50,000
39,567
3.75%,
2/15/2051(d)
50,000
37,401
Intel
Corp.
,
3.75%,
3/25/2027
50,000
49,328
4.88%,
2/10/2028
35,000
35,251
5.13%,
2/10/2030(b)
50,000
50,741
5.20%,
2/10/2033(b)
50,000
50,000
2.80%,
8/12/2041
45,000
29,584
3.73%,
12/8/2047
30,000
20,531
3.05%,
8/12/2051
75,000
43,358
5.70%,
2/10/2053
20,000
18,006
3.10%,
2/15/2060
35,000
18,826
5.90%,
2/10/2063
25,000
22,666
KLA
Corp.
,
3.30%,
3/1/2050
50,000
34,622
Lam
Research
Corp.
,
2.88%,
6/15/2050
35,000
22,453
Micron
Technology,
Inc.
,
5.88%,
9/15/2033(b)
50,000
52,146
Nationwide
Bond
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
19
Corporate
Bonds
Principal
Amount
($)
Value
($)
Semiconductors
&
Semiconductor
Equipment
NVIDIA
Corp.
,
3.50%,
4/1/2050(b)
40,000
29,948
NXP
BV
,
4.30%,
6/18/2029
50,000
49,486
5.00%,
1/15/2033
50,000
49,851
QUALCOMM,
Inc.
,
1.65%,
5/20/2032
100,000
83,138
4.65%,
5/20/2035(b)
100,000
98,740
Texas
Instruments,
Inc.
,
4.15%,
5/15/2048
45,000
36,723
5.00%,
3/14/2053(b)
35,000
32,052
TSMC
Arizona
Corp.
,
2.50%,
10/25/2031
200,000
179,227
1,585,732
Software
0
.5
%
Adobe,
Inc.
,
4.80%,
4/4/2029
30,000
30,629
Intuit,
Inc.
,
5.50%,
9/15/2053
15,000
14,852
Microsoft
Corp.
,
3.50%,
2/12/2035
65,000
60,373
3.45%,
8/8/2036
30,000
26,784
3.70%,
8/8/2046
30,000
24,033
2.50%,
9/15/2050
50,000
30,193
2.92%,
3/17/2052
200,000
131,951
Oracle
Corp.
,
3.25%,
11/15/2027
50,000
48,648
4.20%,
9/27/2029
25,000
24,703
4.65%,
5/6/2030
80,000
80,315
2.88%,
3/25/2031
50,000
45,324
6.25%,
11/9/2032
20,000
21,529
4.30%,
7/8/2034
100,000
94,003
4.70%,
9/27/2034
25,000
24,020
3.60%,
4/1/2040
100,000
78,927
3.60%,
4/1/2050
25,000
17,167
6.90%,
11/9/2052
20,000
21,939
5.55%,
2/6/2053
70,000
64,671
5.38%,
9/27/2054
50,000
45,036
3.85%,
4/1/2060
100,000
67,414
5.50%,
9/27/2064
25,000
22,337
Roper
Technologies,
Inc.
,
1.75%,
2/15/2031
20,000
17,108
Salesforce,
Inc.
,
2.90%,
7/15/2051
50,000
31,836
ServiceNow,
Inc.
,
1.40%,
9/1/2030
75,000
64,777
Synopsys,
Inc.
,
4.55%,
4/1/2027
25,000
25,039
4.85%,
4/1/2030(b)
25,000
25,282
5.00%,
4/1/2032(b)
25,000
25,258
VMware
LLC
,
4.65%,
5/15/2027(b)
30,000
30,094
3.90%,
8/21/2027
25,000
24,712
2.20%,
8/15/2031
100,000
86,577
Workday,
Inc.
,
3.80%,
4/1/2032(b)
30,000
28,184
1,333,715
Specialized
REITs
0
.3
%
American
Tower
Corp.
,
3.38%,
10/15/2026
100,000
98,653
Corporate
Bonds
Principal
Amount
($)
Value
($)
Specialized
REITs
American
Tower
Corp.,
5.80%,
11/15/2028
50,000
51,906
3.70%,
10/15/2049
30,000
21,766
2.95%,
1/15/2051
30,000
18,871
Crown
Castle,
Inc.
,
5.00%,
1/11/2028
90,000
90,754
2.25%,
1/15/2031
30,000
26,220
4.00%,
11/15/2049
60,000
44,705
CubeSmart
LP
,
2.25%,
12/15/2028
40,000
37,179
2.50%,
2/15/2032
45,000
38,906
Equinix,
Inc.
,
3.20%,
11/18/2029
35,000
33,041
2.15%,
7/15/2030
100,000
88,950
Extra
Space
Storage
LP
,
5.50%,
7/1/2030
30,000
31,019
5.40%,
2/1/2034
25,000
25,323
Public
Storage
Operating
Co.
,
1.50%,
11/9/2026
25,000
24,126
2.25%,
11/9/2031
50,000
43,583
675,002
Specialty
Retail
0
.3
%
AutoNation,
Inc.
,
2.40%,
8/1/2031
25,000
21,463
AutoZone,
Inc.
,
4.75%,
2/1/2033
35,000
34,521
Home
Depot,
Inc.
(The)
,
1.50%,
9/15/2028
30,000
27,687
2.95%,
6/15/2029
40,000
38,157
2.70%,
4/15/2030
100,000
93,036
3.25%,
4/15/2032
25,000
23,064
5.88%,
12/16/2036
25,000
26,699
4.40%,
3/15/2045
50,000
42,839
4.50%,
12/6/2048
70,000
59,739
2.38%,
3/15/2051
20,000
11,248
5.30%,
6/25/2054
60,000
57,159
Lowe's
Cos.,
Inc.
,
3.65%,
4/5/2029(b)
50,000
48,697
3.75%,
4/1/2032
85,000
79,830
5.00%,
4/15/2040
30,000
27,923
4.05%,
5/3/2047
40,000
30,887
3.00%,
10/15/2050
80,000
49,589
4.25%,
4/1/2052
35,000
27,149
5.85%,
4/1/2063
25,000
24,147
TJX
Cos.,
Inc.
(The)
,
3.88%,
4/15/2030
100,000
97,943
821,777
Technology
Hardware,
Storage
&
Peripherals
0
.3
%
Apple,
Inc.
,
2.45%,
8/4/2026
100,000
98,254
3.00%,
11/13/2027(b)
100,000
97,886
1.65%,
5/11/2030
25,000
22,226
1.65%,
2/8/2031
200,000
174,102
3.85%,
5/4/2043
50,000
41,605
4.38%,
5/13/2045
145,000
127,649
2.65%,
2/8/2051
100,000
61,719
2.80%,
2/8/2061
15,000
8,826
Dell
International
LLC
,
4.90%,
10/1/2026
60,000
60,160
4.85%,
2/1/2035
25,000
24,157
20
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Bond
Index
Fund
Corporate
Bonds
Principal
Amount
($)
Value
($)
Technology
Hardware,
Storage
&
Peripherals
Dell
International
LLC,
3.38%,
12/15/2041
25,000
18,747
8.35%,
7/15/2046
13,000
16,533
3.45%,
12/15/2051
25,000
17,097
Hewlett
Packard
Enterprise
Co.
,
4.40%,
9/25/2027(b)
30,000
29,990
5.00%,
10/15/2034
20,000
19,402
6.35%,
10/15/2045(b)(e)
25,000
25,706
5.60%,
10/15/2054
15,000
13,785
HP,
Inc.
,
4.00%,
4/15/2029
10,000
9,789
6.00%,
9/15/2041
25,000
25,192
892,825
Textiles,
Apparel
&
Luxury
Goods
0
.0
%
†
NIKE,
Inc.
,
2.85%,
3/27/2030
50,000
46,952
3.38%,
11/1/2046
30,000
21,685
68,637
Tobacco
0
.2
%
Altria
Group,
Inc.
,
2.45%,
2/4/2032
50,000
43,057
5.63%,
2/6/2035(b)
25,000
25,430
3.88%,
9/16/2046
65,000
47,841
3.70%,
2/4/2051
30,000
20,677
BAT
Capital
Corp.
,
4.39%,
8/15/2037
100,000
89,306
4.76%,
9/6/2049
25,000
20,567
BAT
International
Finance
plc
,
5.93%,
2/2/2029(b)
50,000
52,234
Philip
Morris
International,
Inc.
,
5.13%,
11/17/2027
20,000
20,306
5.63%,
11/17/2029
20,000
20,871
5.13%,
2/15/2030(b)
75,000
76,795
5.38%,
2/15/2033
50,000
51,312
5.25%,
2/13/2034(b)
30,000
30,374
4.13%,
3/4/2043
70,000
58,210
Reynolds
American,
Inc.
,
5.70%,
8/15/2035
75,000
76,456
633,436
Trading
Companies
&
Distributors
0
.1
%
Air
Lease
Corp.
,
3.63%,
12/1/2027
150,000
147,004
3.13%,
12/1/2030
50,000
46,122
2.88%,
1/15/2032(b)
30,000
26,589
GATX
Corp.
,
4.00%,
6/30/2030
100,000
97,221
3.10%,
6/1/2051
15,000
9,333
326,269
Water
Utilities
0
.0
%
†
American
Water
Capital
Corp.
,
4.30%,
9/1/2045
50,000
41,958
5.45%,
3/1/2054
45,000
43,364
Essential
Utilities,
Inc.
,
3.35%,
4/15/2050
25,000
16,273
101,595
Corporate
Bonds
Principal
Amount
($)
Value
($)
Wireless
Telecommunication
Services
0
.3
%
America
Movil
SAB
de
CV
,
6.38%,
3/1/2035
83,000
90,022
Rogers
Communications,
Inc.
,
3.20%,
3/15/2027
10,000
9,791
5.00%,
3/15/2044
100,000
89,990
T-Mobile
USA,
Inc.
,
3.75%,
4/15/2027
50,000
49,408
4.80%,
7/15/2028
20,000
20,241
3.38%,
4/15/2029
50,000
48,004
3.88%,
4/15/2030
100,000
96,923
2.55%,
2/15/2031(b)
30,000
26,800
5.05%,
7/15/2033
20,000
20,031
4.70%,
1/15/2035
25,000
24,189
4.38%,
4/15/2040
50,000
44,173
4.50%,
4/15/2050
100,000
82,132
5.65%,
1/15/2053(b)
30,000
28,888
5.75%,
1/15/2054(b)
10,000
9,770
5.80%,
9/15/2062
25,000
24,410
Vodafone
Group
plc
,
6.15%,
2/27/2037
15,000
16,014
4.25%,
9/17/2050
45,000
35,216
5.88%,
6/28/2064
20,000
19,250
735,252
Total
Corporate
Bonds
(cost
$66,061,166)
61,846,897
Foreign
Government
Securities
1
.5
%
CANADA
0
.2
%
Canada
Government
Bond
,
4.00%,
3/18/2030
50,000
50,049
Province
of
Alberta
,
3.30%,
3/15/2028
50,000
49,062
Province
of
British
Columbia
,
4.80%,
11/15/2028
50,000
51,112
Province
of
New
Brunswick
,
3.63%,
2/24/2028
50,000
49,395
Province
of
Ontario
,
3.70%,
9/17/2029
60,000
59,114
1.13%,
10/7/2030
200,000
171,773
Province
of
Quebec
,
3.63%,
4/13/2028
25,000
24,738
7.50%,
9/15/2029
50,000
56,289
511,532
CHILE
0
.0
%
†
Republic
of
Chile
,
3.10%,
1/22/2061
200,000
119,700
HUNGARY
0
.0
%
†
Hungary
Government
Bond
,
7.63%,
3/29/2041
26,000
29,694
INDONESIA
0
.1
%
Republic
of
Indonesia
,
1.85%,
3/12/2031
200,000
172,950
3.55%,
3/31/2032
200,000
185,994
358,944
Nationwide
Bond
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
21
Foreign
Government
Securities
Principal
Amount
($)
Value
($)
ISRAEL
0
.2
%
State
of
Israel
Government
Bond
,
5.38%,
3/12/2029
200,000
203,896
4.50%,
1/17/2033
200,000
191,661
395,557
ITALY
0
.1
%
Italian
Republic
Government
Bond
,
2.88%,
10/17/2029
200,000
187,991
MEXICO
0
.3
%
United
Mexican
States
,
3.75%,
1/11/2028
200,000
195,900
2.66%,
5/24/2031(b)
200,000
172,264
3.50%,
2/12/2034
200,000
167,500
6.05%,
1/11/2040
36,000
34,218
5.00%,
4/27/2051
300,000
231,750
801,632
PANAMA
0
.1
%
Republic
of
Panama
,
3.16%,
1/23/2030
200,000
180,130
6.70%,
1/26/2036
135,000
135,408
315,538
PERU
0
.1
%
Republic
of
Peru
,
3.00%,
1/15/2034
120,000
101,105
3.30%,
3/11/2041
120,000
89,513
190,618
PHILIPPINES
0
.1
%
Republic
of
Philippines
,
6.38%,
10/23/2034
250,000
275,168
POLAND
0
.1
%
Republic
of
Poland
,
4.88%,
10/4/2033
50,000
49,851
5.38%,
2/12/2035
50,000
50,974
5.50%,
3/18/2054
60,000
56,089
156,914
SOUTH
KOREA
0
.1
%
Export-Import
Bank
of
Korea
,
4.50%,
1/11/2029
200,000
201,525
SWEDEN
0
.1
%
Svensk
Exportkredit
AB
,
2.25%,
3/22/2027
200,000
194,152
URUGUAY
0
.0
%
†
Oriental
Republic
of
Uruguay
,
5.10%,
6/18/2050
100,000
91,631
4.98%,
4/20/2055
25,000
21,959
113,590
Total
Foreign
Government
Securities
(cost
$4,096,190)
3,852,555
Mortgage-Backed
Securities
24
.3
%
Principal
Amount
($)
Value
($)
FHLMC
Gold
Pool
Pool#
G30267
5.00%,
8/1/2025
63
63
Pool#
J18127
3.00%,
3/1/2027
10,954
10,821
Pool#
J18702
3.00%,
3/1/2027
9,865
9,747
Pool#
J19106
3.00%,
5/1/2027
5,030
4,963
Pool#
C00566
7.50%,
12/1/2027
77
78
Pool#
C18271
7.00%,
11/1/2028
450
473
Pool#
C00678
7.00%,
11/1/2028
87
91
Pool#
C00836
7.00%,
7/1/2029
87
92
Pool#
C31285
7.00%,
9/1/2029
155
163
Pool#
C37436
8.00%,
1/1/2030
272
284
Pool#
C36429
7.00%,
2/1/2030
240
253
Pool#
C36306
7.00%,
2/1/2030
158
167
Pool#
C00921
7.50%,
2/1/2030
229
237
Pool#
G01108
7.00%,
4/1/2030
77
81
Pool#
J32255
3.00%,
7/1/2030
8,740
8,513
Pool#
C41561
8.00%,
8/1/2030
800
807
Pool#
C01051
8.00%,
9/1/2030
354
368
Pool#
C43550
7.00%,
10/1/2030
548
577
Pool#
C44017
7.50%,
10/1/2030
184
184
Pool#
C44957
8.00%,
11/1/2030
359
360
Pool#
C01106
7.00%,
12/1/2030
1,551
1,631
Pool#
C01103
7.50%,
12/1/2030
136
141
Pool#
C46932
7.50%,
1/1/2031
277
278
Pool#
C01116
7.50%,
1/1/2031
127
131
Pool#
G01217
7.00%,
3/1/2031
1,540
1,620
Pool#
C48206
7.50%,
3/1/2031
734
734
Pool#
C91366
4.50%,
4/1/2031
22,254
22,249
Pool#
G18605
3.00%,
6/1/2031
3,774
3,664
Pool#
C91377
4.50%,
6/1/2031
11,527
11,526
Pool#
C53324
7.00%,
6/1/2031
683
718
Pool#
C54792
7.00%,
7/1/2031
384
404
22
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Bond
Index
Fund
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FHLMC
Gold
Pool
Pool#
J35107
2.50%,
8/1/2031
10,539
10,105
Pool#
G01309
7.00%,
8/1/2031
227
239
Pool#
G01311
7.00%,
9/1/2031
1,485
1,562
Pool#
C01222
7.00%,
9/1/2031
224
236
Pool#
G01315
7.00%,
9/1/2031
56
59
Pool#
J35522
2.50%,
10/1/2031
49,365
47,296
Pool#
C58694
7.00%,
10/1/2031
1,931
2,031
Pool#
C60012
7.00%,
11/1/2031
240
253
Pool#
C61298
8.00%,
11/1/2031
984
987
Pool#
J35957
2.50%,
12/1/2031
94,314
90,387
Pool#
C61105
7.00%,
12/1/2031
2,289
2,408
Pool#
C63171
7.00%,
1/1/2032
1,248
1,312
Pool#
V61548
2.50%,
2/1/2032
104,402
99,906
Pool#
G01391
7.00%,
4/1/2032
2,669
2,808
Pool#
C01345
7.00%,
4/1/2032
1,148
1,208
Pool#
C01370
8.00%,
4/1/2032
297
300
Pool#
G16285
3.50%,
5/1/2032
7,282
7,149
Pool#
C01381
8.00%,
5/1/2032
4,354
4,568
Pool#
C68290
7.00%,
6/1/2032
1,099
1,156
Pool#
C68300
7.00%,
6/1/2032
338
355
Pool#
G01449
7.00%,
7/1/2032
1,742
1,832
Pool#
C69908
7.00%,
8/1/2032
8,427
8,864
Pool#
C91558
3.50%,
9/1/2032
28,688
27,974
Pool#
G16407
2.50%,
1/1/2033
36,715
35,094
Pool#
G01536
7.00%,
3/1/2033
2,460
2,588
Pool#
G30646
3.00%,
5/1/2033
51,998
49,910
Pool#
G30642
3.00%,
5/1/2033
25,811
24,746
Pool#
K90535
3.00%,
5/1/2033
10,652
10,201
Pool#
A16419
6.50%,
11/1/2033
7,419
7,659
Pool#
A16522
6.50%,
12/1/2033
3,697
3,817
Pool#
A21356
6.50%,
4/1/2034
9,624
9,936
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FHLMC
Gold
Pool
Pool#
C01851
6.50%,
4/1/2034
8,866
9,154
Pool#
A24301
6.50%,
5/1/2034
14,335
14,962
Pool#
A22067
6.50%,
5/1/2034
5,636
5,819
Pool#
A24988
6.50%,
7/1/2034
5,654
5,892
Pool#
G01741
6.50%,
10/1/2034
2,449
2,547
Pool#
G08023
6.50%,
11/1/2034
6,237
6,591
Pool#
G08064
6.50%,
4/1/2035
3,398
3,583
Pool#
G01947
7.00%,
5/1/2035
2,370
2,493
Pool#
A39759
5.50%,
11/1/2035
2,285
2,342
Pool#
A40376
5.50%,
12/1/2035
985
1,009
Pool#
A42305
5.50%,
1/1/2036
3,061
3,156
Pool#
A41548
7.00%,
1/1/2036
3,618
3,806
Pool#
G08111
5.50%,
2/1/2036
6,307
6,485
Pool#
A43861
5.50%,
3/1/2036
18,897
19,346
Pool#
G08116
5.50%,
3/1/2036
7,680
7,896
Pool#
A43534
6.50%,
3/1/2036
1,019
1,052
Pool#
A48735
5.50%,
5/1/2036
3,891
3,982
Pool#
G08136
6.50%,
6/1/2036
3,375
3,547
Pool#
A53039
6.50%,
10/1/2036
25,372
26,425
Pool#
C91982
3.50%,
3/1/2038
30,188
28,837
Pool#
G04251
6.50%,
4/1/2038
1,505
1,591
Pool#
G04569
6.50%,
8/1/2038
1,972
2,065
Pool#
A84252
6.50%,
1/1/2039
10,011
10,581
Pool#
A84287
6.50%,
1/1/2039
5,809
6,139
Pool#
G60342
4.50%,
5/1/2042
44,451
43,942
Pool#
G07158
3.50%,
10/1/2042
50,354
46,753
Pool#
Q12051
3.50%,
10/1/2042
47,441
44,073
Pool#
G07163
3.50%,
10/1/2042
41,145
38,240
Pool#
Q11532
3.50%,
10/1/2042
37,573
34,882
Pool#
Q12052
3.50%,
10/1/2042
20,060
18,627
Pool#
C09020
3.50%,
11/1/2042
174,137
161,664
Nationwide
Bond
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
23
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FHLMC
Gold
Pool
Pool#
G07264
3.50%,
12/1/2042
76,912
71,395
Pool#
Q14292
3.50%,
1/1/2043
21,397
19,873
Pool#
Q14881
3.50%,
1/1/2043
17,175
15,940
Pool#
V80002
2.50%,
4/1/2043
128,830
112,586
Pool#
Q16915
3.00%,
4/1/2043
221,933
198,973
Pool#
Q17675
3.50%,
4/1/2043
100,775
93,725
Pool#
G07410
3.50%,
7/1/2043
38,438
35,733
Pool#
Q20332
3.50%,
7/1/2043
7,447
6,907
Pool#
G07946
4.00%,
7/1/2044
36,277
34,564
Pool#
Q28607
3.50%,
9/1/2044
35,353
32,776
Pool#
G61231
3.50%,
9/1/2044
5,923
5,496
Pool#
G08609
3.50%,
10/1/2044
14,837
13,724
Pool#
Q30833
4.00%,
1/1/2045
3,266
3,079
Pool#
V81873
4.00%,
8/1/2045
7,265
6,849
Pool#
G08669
4.00%,
9/1/2045
37,099
34,961
Pool#
Q38357
4.00%,
1/1/2046
2,752
2,592
Pool#
G61365
4.50%,
1/1/2046
33,204
32,291
Pool#
G08697
3.00%,
3/1/2046
59,588
52,642
Pool#
Q39440
4.00%,
3/1/2046
2,426
2,284
Pool#
G08704
4.50%,
4/1/2046
5,123
4,982
Pool#
Q40097
4.50%,
4/1/2046
1,180
1,148
Pool#
Q40718
3.50%,
5/1/2046
10,807
9,918
Pool#
G08707
4.00%,
5/1/2046
46,366
43,651
Pool#
G08708
4.50%,
5/1/2046
4,216
4,100
Pool#
Q41548
3.00%,
7/1/2046
11,338
10,018
Pool#
Q41903
3.50%,
7/1/2046
60,991
56,078
Pool#
Q41491
3.50%,
7/1/2046
6,965
6,385
Pool#
Q41935
3.50%,
7/1/2046
5,427
4,983
Pool#
G61791
4.00%,
7/1/2046
7,439
7,024
Pool#
Q41947
4.50%,
7/1/2046
989
962
Pool#
G08715
3.00%,
8/1/2046
83,623
73,848
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FHLMC
Gold
Pool
Pool#
Q42596
3.50%,
8/1/2046
53,088
48,879
Pool#
Q42203
3.50%,
8/1/2046
10,077
9,282
Pool#
Q42393
3.50%,
8/1/2046
8,912
8,159
Pool#
G61323
3.00%,
9/1/2046
106,024
94,841
Pool#
G08721
3.00%,
9/1/2046
61,765
54,542
Pool#
V82617
3.50%,
9/1/2046
39,632
36,276
Pool#
G08722
3.50%,
9/1/2046
8,543
7,863
Pool#
G60733
4.50%,
9/1/2046
16,982
16,515
Pool#
G60722
3.00%,
10/1/2046
160,564
141,796
Pool#
Q44035
3.00%,
10/1/2046
77,317
68,143
Pool#
G61815
4.00%,
10/1/2046
4,232
3,988
Pool#
G61257
3.00%,
11/1/2046
154,067
135,781
Pool#
Q44452
3.00%,
11/1/2046
35,159
30,974
Pool#
G08732
3.00%,
11/1/2046
10,080
8,884
Pool#
Q44473
3.50%,
11/1/2046
8,761
8,019
Pool#
Q44223
3.50%,
11/1/2046
5,633
5,142
Pool#
G08734
4.00%,
11/1/2046
74,386
70,006
Pool#
G08737
3.00%,
12/1/2046
442,846
389,218
Pool#
G60989
3.00%,
12/1/2046
63,798
56,341
Pool#
Q45878
3.00%,
12/1/2046
11,379
9,996
Pool#
G61862
3.50%,
12/1/2046
9,796
9,011
Pool#
G08741
3.00%,
1/1/2047
90,403
79,620
Pool#
G08747
3.00%,
2/1/2047
153,520
135,129
Pool#
G08748
3.50%,
2/1/2047
14,102
12,880
Pool#
Q47484
3.50%,
4/1/2047
15,198
14,005
Pool#
G60988
3.00%,
5/1/2047
353,308
312,045
Pool#
Q48098
3.50%,
5/1/2047
50,626
46,286
Pool#
G61390
3.00%,
6/1/2047
146,132
128,718
Pool#
G61339
3.00%,
8/1/2047
33,727
29,746
Pool#
Q53085
3.00%,
9/1/2047
25,454
22,491
Pool#
G61622
3.00%,
10/1/2047
82,612
72,954
24
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Bond
Index
Fund
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FHLMC
Gold
Pool
Pool#
G08785
4.00%,
10/1/2047
3,229
3,027
Pool#
Q52075
4.00%,
11/1/2047
54,581
51,472
Pool#
T65458
3.50%,
2/1/2048
55,198
49,680
Pool#
G08800
3.50%,
2/1/2048
7,441
6,772
Pool#
G08801
4.00%,
2/1/2048
21,659
20,363
Pool#
Q54727
3.50%,
3/1/2048
19,983
18,188
Pool#
Q55401
5.00%,
4/1/2048
4,086
4,064
Pool#
G08817
4.00%,
6/1/2048
4,522
4,252
Pool#
G08827
4.50%,
7/1/2048
34,361
33,185
Pool#
Q57401
4.50%,
7/1/2048
10,248
9,899
Pool#
Q57402
4.50%,
7/1/2048
3,511
3,419
Pool#
G08831
4.00%,
8/1/2048
37,350
35,104
Pool#
G67716
4.50%,
10/1/2048
42,464
41,155
Pool#
G61846
4.00%,
1/1/2049
64
60
Pool#
V85279
3.50%,
4/1/2049
15,301
13,958
FHLMC
Non
Gold
Pool
Pool#
1B8478
7.63%,
7/1/2041(a)
6,769
6,987
Pool#
2B0108
6.77%,
1/1/2042(a)
67
69
FHLMC
UMBS
Pool
Pool#
SB0383
2.50%,
4/1/2032
201,762
193,033
Pool#
SB8500
2.50%,
7/1/2035
166,256
155,150
Pool#
SB0479
2.50%,
10/1/2035
40,510
37,759
Pool#
RC1826
2.00%,
2/1/2036
179,053
162,987
Pool#
SB8092
1.50%,
3/1/2036
44,320
39,251
Pool#
RC1887
2.00%,
3/1/2036
279,721
255,487
Pool#
RC2045
2.00%,
6/1/2036
14,564
13,257
Pool#
QN8913
2.00%,
12/1/2036
49,345
45,022
Pool#
RC2402
2.00%,
1/1/2037
64,678
59,071
Pool#
RC2399
2.00%,
1/1/2037
48,649
44,565
Pool#
SB8140
1.50%,
2/1/2037
123,074
108,761
Pool#
SB8144
1.50%,
3/1/2037
142,656
125,983
Pool#
QN9700
1.50%,
3/1/2037
27,162
23,988
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FHLMC
UMBS
Pool
Pool#
SB8148
2.00%,
4/1/2037
53,275
48,368
Pool#
SB8158
2.00%,
6/1/2037
55,167
50,086
Pool#
SB0725
4.00%,
8/1/2037
2,789
2,708
Pool#
SB1009
4.00%,
2/1/2038
3,010
2,926
Pool#
SB8346
4.00%,
12/1/2039
43,395
42,126
Pool#
ZM2339
3.50%,
1/1/2047
47,804
43,709
Pool#
RA3022
2.50%,
6/1/2050
181,734
150,579
Pool#
SD7521
2.50%,
7/1/2050
447,117
372,944
Pool#
SD8074
3.00%,
7/1/2050
31,661
27,217
Pool#
SD7523
2.50%,
8/1/2050
213,352
178,233
Pool#
SD1143
4.50%,
9/1/2050
74,758
72,014
Pool#
SD0514
2.00%,
10/1/2050
175,278
139,038
Pool#
RA3723
2.00%,
10/1/2050
95,023
75,322
Pool#
RA3932
2.50%,
11/1/2050
211,985
176,595
Pool#
RA3987
2.50%,
11/1/2050
108,803
89,977
Pool#
RA4351
2.50%,
1/1/2051
248,781
204,912
Pool#
RA4652
2.00%,
2/1/2051
1,103,828
874,959
Pool#
RA4493
2.00%,
2/1/2051
701,168
551,549
Pool#
QB9104
2.00%,
2/1/2051
296,357
233,059
Pool#
RA4737
2.00%,
3/1/2051
855,296
676,164
Pool#
RA4718
2.00%,
3/1/2051
493,582
391,242
Pool#
RA4727
2.00%,
3/1/2051
288,406
226,771
Pool#
SD7537
2.00%,
3/1/2051
125,390
99,619
Pool#
SD8140
2.00%,
4/1/2051
1,252,849
985,255
Pool#
SD0576
2.50%,
4/1/2051
61,083
50,083
Pool#
SD8145
1.50%,
5/1/2051
804,499
597,314
Pool#
QC2070
2.00%,
5/1/2051
54,506
43,247
Pool#
RA5436
2.00%,
6/1/2051
166,795
131,157
Pool#
RA5398
2.00%,
7/1/2051
207,956
164,939
Pool#
RA6091
2.00%,
10/1/2051
170,803
135,449
Pool#
RA6236
2.00%,
11/1/2051
196,034
155,738
Nationwide
Bond
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
25
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FHLMC
UMBS
Pool
Pool#
SD8182
2.00%,
12/1/2051
790,801
621,425
Pool#
RA6959
2.50%,
3/1/2052
36,723
30,478
Pool#
QE0374
2.50%,
4/1/2052
230,555
189,741
Pool#
RA7154
4.00%,
4/1/2052
40,797
37,708
Pool#
SD8212
2.50%,
5/1/2052
215,584
177,292
Pool#
RA7779
4.50%,
8/1/2052
6,134
5,860
Pool#
RA7933
5.00%,
9/1/2052
59,911
58,903
Pool#
SD1926
5.50%,
11/1/2052
162,166
162,845
Pool#
SD7557
4.50%,
12/1/2052
130,676
125,417
Pool#
SD2248
5.00%,
1/1/2053
68,046
66,612
Pool#
QF5629
6.00%,
1/1/2053
14,269
14,739
Pool#
RA8554
6.00%,
2/1/2053
107,261
109,052
Pool#
SD2660
5.00%,
4/1/2053
127,340
124,552
Pool#
SD2661
5.50%,
4/1/2053
54,526
54,374
Pool#
SD8324
5.50%,
5/1/2053
126,619
126,169
Pool#
SD2890
5.50%,
5/1/2053
31,685
31,846
Pool#
SD2905
5.50%,
5/1/2053
30,864
30,825
Pool#
SD3148
5.00%,
6/1/2053
136,240
133,685
Pool#
SD3085
5.50%,
6/1/2053
19,941
19,975
Pool#
SD3260
6.00%,
6/1/2053
40,820
41,732
Pool#
SD3565
4.50%,
8/1/2053
12,825
12,220
Pool#
SD3603
6.00%,
8/1/2053
49,659
50,922
Pool#
RJ0007
6.50%,
10/1/2053
43,632
45,462
Pool#
SD4350
6.50%,
10/1/2053
14,779
15,300
Pool#
SD4340
5.50%,
11/1/2053
296,383
297,360
Pool#
SD4630
6.00%,
12/1/2053
57,139
58,380
Pool#
RJ0530
6.50%,
12/1/2053
92,331
95,525
Pool#
RJ0527
6.50%,
12/1/2053
11,350
11,757
Pool#
RJ0717
6.50%,
1/1/2054
7,896
8,206
Pool#
RJ0841
6.00%,
2/1/2054
61,102
62,485
Pool#
RJ0858
6.50%,
2/1/2054
57,509
59,563
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FHLMC
UMBS
Pool
Pool#
SD4870
6.50%,
2/1/2054
27,753
28,760
Pool#
SD5616
6.00%,
5/1/2054
433,083
441,528
Pool#
RJ1437
6.50%,
5/1/2054
52,842
55,222
Pool#
SD6025
6.00%,
8/1/2054
160,241
162,567
Pool#
RJ2746
5.50%,
11/1/2054
264,748
264,074
Pool#
SD8491
5.00%,
12/1/2054
146,660
142,787
Pool#
RJ3311
6.50%,
1/1/2055
80,000
83,141
Pool#
SL0425
6.00%,
2/1/2055
77,398
79,568
Pool#
SL0844
6.50%,
4/1/2055
270,444
279,669
Pool#
RJ4130
6.00%,
5/1/2055
79,247
80,770
Pool#
RQ0028
6.00%,
7/1/2055
397,402
402,954
FNMA
Pool
Pool#
AC9890
6.61%,
4/1/2040(a)
54,962
56,205
Pool#
AJ1249
7.31%,
9/1/2041(a)
16,999
17,627
Pool#
AL1437
6.71%,
1/1/2042(a)
4,247
4,379
Pool#
AK0714
6.71%,
2/1/2042(a)
1,072
1,106
Pool#
AP1961
6.32%,
8/1/2042(a)
9,768
10,097
Pool#
BF0206
4.00%,
2/1/2047
25,496
24,422
Pool#
BF0200
3.50%,
11/1/2051
154,329
141,395
FNMA
UMBS
Pool
Pool#
AH1361
3.50%,
12/1/2025
1,599
1,592
Pool#
AH1518
3.50%,
12/1/2025
570
568
Pool#
AE6384
4.00%,
1/1/2026
199
198
Pool#
AP4746
3.00%,
8/1/2027
7,312
7,204
Pool#
AP4640
3.00%,
9/1/2027
6,185
6,088
Pool#
AQ5096
3.00%,
11/1/2027
12,688
12,484
Pool#
AQ4532
3.00%,
11/1/2027
12,161
11,954
Pool#
AQ3758
3.00%,
11/1/2027
9,151
8,991
Pool#
AB6886
3.00%,
11/1/2027
5,359
5,270
Pool#
AS0487
2.50%,
9/1/2028
34,682
33,814
Pool#
930998
4.50%,
4/1/2029
880
876
Pool#
MA0243
5.00%,
11/1/2029
3,083
3,105
26
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Bond
Index
Fund
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
AL8077
3.50%,
12/1/2029
3,329
3,282
Pool#
MA0268
5.00%,
12/1/2029
2,953
2,974
Pool#
AD5655
5.00%,
5/1/2030
8,519
8,547
Pool#
MA0443
5.00%,
5/1/2030
4,069
4,094
Pool#
AB1038
5.00%,
5/1/2030
3,610
3,622
Pool#
AS5420
3.00%,
7/1/2030
17,607
17,132
Pool#
MA0559
5.00%,
9/1/2030
1,181
1,185
Pool#
AZ9234
3.50%,
10/1/2030
3,134
3,072
Pool#
AH1515
4.00%,
12/1/2030
71,591
70,745
Pool#
AD0716
6.50%,
12/1/2030
36,346
37,484
Pool#
MA0641
4.00%,
2/1/2031
66,073
65,288
Pool#
560868
7.50%,
2/1/2031
131
130
Pool#
BC5968
2.50%,
4/1/2031
15,714
15,074
Pool#
BC4430
3.00%,
4/1/2031
5,841
5,673
Pool#
AL8566
3.00%,
6/1/2031
18,329
17,781
Pool#
AL8565
3.00%,
6/1/2031
16,441
15,937
Pool#
AS8028
2.50%,
9/1/2031
53,136
50,877
Pool#
607212
7.50%,
10/1/2031
1,447
1,446
Pool#
BM3814
2.50%,
12/1/2031
28,024
26,861
Pool#
AS8609
3.00%,
1/1/2032
26,023
25,160
Pool#
AL9585
3.50%,
1/1/2032
6,201
6,086
Pool#
AS8767
3.00%,
2/1/2032
20,477
19,816
Pool#
BM4624
3.00%,
2/1/2032
19,523
18,948
Pool#
AL9871
3.00%,
2/1/2032
7,984
7,742
Pool#
BM3269
2.50%,
4/1/2032
50,032
47,824
Pool#
BM4088
3.00%,
6/1/2032
17,662
17,142
Pool#
MA1107
3.50%,
7/1/2032
18,670
18,192
Pool#
BH6610
3.50%,
7/1/2032
5,838
5,723
Pool#
BM1669
3.00%,
8/1/2032
9,928
9,593
Pool#
BM5167
3.50%,
9/1/2032
3,754
3,684
Pool#
BH9391
3.50%,
10/1/2032
4,586
4,496
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
BM3977
3.00%,
12/1/2032
38,630
37,363
Pool#
CA0951
3.00%,
12/1/2032
26,706
25,802
Pool#
FM1661
2.50%,
1/1/2033
91,266
88,151
Pool#
BM4338
2.50%,
1/1/2033
47,809
45,844
Pool#
656559
6.50%,
2/1/2033
7,328
7,558
Pool#
694846
6.50%,
4/1/2033
1,091
1,140
Pool#
AB9402
3.00%,
5/1/2033
68,730
65,938
Pool#
AB9403
3.00%,
5/1/2033
26,696
25,554
Pool#
MA1527
3.00%,
8/1/2033
116,979
111,929
Pool#
750229
6.50%,
10/1/2033
8,818
9,094
Pool#
725228
6.00%,
3/1/2034
155,570
159,624
Pool#
788027
6.50%,
9/1/2034
12,185
12,648
Pool#
FM4900
2.00%,
12/1/2035
42,222
38,566
Pool#
CA8789
2.00%,
2/1/2036
258,158
234,995
Pool#
CA9145
2.00%,
2/1/2036
214,164
194,949
Pool#
FM5571
2.00%,
2/1/2036
112,635
102,727
Pool#
CA9475
2.00%,
3/1/2036
69,040
62,845
Pool#
CB0262
2.00%,
4/1/2036
1,408,983
1,281,238
Pool#
FM8538
2.00%,
8/1/2036
15,560
14,197
Pool#
AL4260
5.50%,
9/1/2036
12,626
12,751
Pool#
MA4441
1.50%,
10/1/2036
33,571
29,680
Pool#
FS0180
2.00%,
12/1/2036
106,830
97,042
Pool#
FS0155
2.00%,
12/1/2036
48,906
44,621
Pool#
BU1381
2.00%,
12/1/2036
33,021
30,113
Pool#
CB2709
2.00%,
1/1/2037
80,468
73,419
Pool#
MA4535
1.50%,
2/1/2037
231,960
204,849
Pool#
MA4566
1.50%,
3/1/2037
394,610
348,488
Pool#
MA4581
1.50%,
4/1/2037
60,824
53,715
Pool#
CB3441
2.50%,
4/1/2037
26,508
24,609
Pool#
FS2497
1.50%,
8/1/2037
32,933
29,103
Pool#
MA4726
4.00%,
9/1/2037
4,350
4,228
Nationwide
Bond
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
27
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
MA4797
4.00%,
11/1/2037
5,377
5,225
Pool#
955194
7.00%,
11/1/2037
46,465
49,235
Pool#
MA5223
4.00%,
11/1/2038
1,489
1,446
Pool#
AB1735
3.50%,
11/1/2040
4,283
3,996
Pool#
AB2067
3.50%,
1/1/2041
109,544
102,330
Pool#
AB2068
3.50%,
1/1/2041
65,951
61,581
Pool#
932888
3.50%,
1/1/2041
46,380
43,311
Pool#
932891
3.50%,
1/1/2041
8,892
8,265
Pool#
AI9920
4.00%,
9/1/2041
3,956
3,782
Pool#
AI9851
4.50%,
9/1/2041
18,231
17,928
Pool#
AJ5431
4.50%,
10/1/2041
45,041
43,968
Pool#
AJ4861
4.00%,
12/1/2041
55,337
52,943
Pool#
AX5316
4.50%,
1/1/2042
6,067
5,981
Pool#
AL2499
4.50%,
1/1/2042
1,859
1,830
Pool#
AW8167
3.50%,
2/1/2042
136,831
127,279
Pool#
AB5185
3.50%,
5/1/2042
113,461
105,271
Pool#
AO3575
4.50%,
5/1/2042
41,431
40,444
Pool#
AP2092
4.50%,
8/1/2042
10,467
10,163
Pool#
AP7489
4.00%,
9/1/2042
185,525
177,343
Pool#
AL2782
4.50%,
9/1/2042
23,964
23,496
Pool#
AL2677
3.50%,
11/1/2042
61,478
57,066
Pool#
MA1273
3.50%,
12/1/2042
78,877
73,142
Pool#
AR8213
3.50%,
4/1/2043
68,291
63,546
Pool#
AB9238
3.00%,
5/1/2043
255,964
228,762
Pool#
AB9237
3.00%,
5/1/2043
209,341
187,093
Pool#
AB9236
3.00%,
5/1/2043
45,485
40,651
Pool#
AB9362
3.50%,
5/1/2043
177,742
164,747
Pool#
AT4145
3.00%,
6/1/2043
101,835
90,991
Pool#
AB9814
3.00%,
7/1/2043
253,639
226,684
Pool#
AS0255
4.50%,
8/1/2043
75,601
73,769
Pool#
AS0516
3.00%,
9/1/2043
98,463
87,876
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
BM4222
3.00%,
1/1/2044
135,055
120,655
Pool#
AW1006
4.00%,
5/1/2044
49,491
47,263
Pool#
AL7767
4.50%,
6/1/2044
3,184
3,134
Pool#
AS3946
4.00%,
12/1/2044
156,355
147,865
Pool#
BM3611
4.00%,
1/1/2045
25,603
24,472
Pool#
BM3804
3.50%,
2/1/2045
14,428
13,370
Pool#
AL9555
4.00%,
2/1/2045
367,424
351,874
Pool#
AL6889
4.50%,
2/1/2045
26,019
25,345
Pool#
BM3931
3.00%,
3/1/2045
29,559
26,432
Pool#
BM3664
3.00%,
5/1/2045
135,822
121,397
Pool#
AS4921
3.50%,
5/1/2045
185,323
171,056
Pool#
BM5562
4.00%,
6/1/2045
42,713
40,751
Pool#
AL7207
4.50%,
8/1/2045
33,416
32,537
Pool#
AS6362
4.50%,
12/1/2045
6,230
6,051
Pool#
AS6474
3.50%,
1/1/2046
53,291
49,102
Pool#
AS6539
3.50%,
1/1/2046
48,088
44,309
Pool#
AL9849
3.50%,
1/1/2046
39,545
36,653
Pool#
AL9781
4.50%,
2/1/2046
49,358
48,551
Pool#
BM4621
3.50%,
3/1/2046
31,288
29,023
Pool#
BC0823
3.50%,
4/1/2046
31,539
28,948
Pool#
AL8833
4.00%,
6/1/2046
53,230
50,492
Pool#
AS7545
3.50%,
7/1/2046
48,083
44,024
Pool#
MA2705
3.00%,
8/1/2046
119,208
105,143
Pool#
BC1489
3.00%,
8/1/2046
17,496
15,474
Pool#
AS7760
4.00%,
8/1/2046
49,557
46,589
Pool#
AS7770
4.50%,
8/1/2046
4,169
4,050
Pool#
AL8947
3.50%,
9/1/2046
9,729
8,934
Pool#
AL9263
3.00%,
10/1/2046
33,526
29,553
Pool#
BM3932
3.50%,
10/1/2046
39,692
36,448
Pool#
FM1871
4.00%,
10/1/2046
33,121
31,689
Pool#
BC4766
4.50%,
10/1/2046
9,230
8,964
28
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Bond
Index
Fund
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
AS8154
4.50%,
10/1/2046
2,489
2,417
Pool#
FM1368
3.00%,
11/1/2046
323,636
285,844
Pool#
BC9003
3.00%,
11/1/2046
37,886
33,369
Pool#
BE5067
3.50%,
11/1/2046
108,126
99,669
Pool#
BC9067
3.00%,
12/1/2046
51,898
45,710
Pool#
AS8417
3.50%,
12/1/2046
44,657
40,841
Pool#
AS8650
3.00%,
1/1/2047
258,072
226,072
Pool#
AS8692
3.50%,
1/1/2047
46,102
42,179
Pool#
BD2440
3.50%,
1/1/2047
16,263
14,877
Pool#
BE7115
4.50%,
1/1/2047
1,886
1,827
Pool#
BD5046
3.50%,
2/1/2047
15,825
14,483
Pool#
AS8979
4.50%,
3/1/2047
10,539
10,236
Pool#
BM3707
2.50%,
4/1/2047
34,153
28,834
Pool#
AS9467
4.00%,
4/1/2047
4,375
4,111
Pool#
AS9470
4.50%,
4/1/2047
34,908
33,904
Pool#
BH0304
4.50%,
4/1/2047
2,607
2,531
Pool#
AS9562
3.00%,
5/1/2047
21,125
18,498
Pool#
BM3237
3.50%,
5/1/2047
75,273
69,307
Pool#
AS9577
3.50%,
5/1/2047
63,001
56,979
Pool#
AS9586
4.00%,
5/1/2047
287,473
270,138
Pool#
BM1268
4.00%,
5/1/2047
93,445
87,815
Pool#
AS9794
3.50%,
6/1/2047
56,348
51,718
Pool#
BE3702
4.00%,
6/1/2047
26,618
25,009
Pool#
BM1295
4.50%,
6/1/2047
33,439
32,477
Pool#
BE9624
4.50%,
6/1/2047
15,767
15,090
Pool#
BM3801
3.00%,
7/1/2047
83,971
73,916
Pool#
AS9909
3.50%,
7/1/2047
49,862
45,653
Pool#
BM3556
4.00%,
9/1/2047
16,567
15,675
Pool#
CA0623
4.50%,
10/1/2047
6,511
6,315
Pool#
BM3379
3.00%,
12/1/2047
144,459
127,414
Pool#
BJ1699
4.00%,
12/1/2047
52,307
49,385
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
MA3238
3.50%,
1/1/2048
85,659
77,922
Pool#
MA3277
4.00%,
2/1/2048
60,731
57,028
Pool#
BK1972
4.50%,
3/1/2048
11,523
11,183
Pool#
MA3332
3.50%,
4/1/2048
65,873
59,791
Pool#
CA1531
3.50%,
4/1/2048
19,506
17,950
Pool#
CA1510
3.50%,
4/1/2048
18,616
16,935
Pool#
CA1560
4.50%,
4/1/2048
19,319
18,656
Pool#
CA1898
4.50%,
6/1/2048
37,045
35,847
Pool#
CA1951
4.00%,
7/1/2048
16,614
15,600
Pool#
BK6577
4.50%,
7/1/2048
3,471
3,346
Pool#
CA2376
4.00%,
9/1/2048
25,734
24,137
Pool#
MA3495
4.00%,
10/1/2048
50,311
47,204
Pool#
BM4664
4.50%,
10/1/2048
25,519
24,649
Pool#
FM1001
3.50%,
11/1/2048
9,740
8,887
Pool#
MA3521
4.00%,
11/1/2048
40,143
37,655
Pool#
MA3536
4.00%,
12/1/2048
40,477
37,953
Pool#
BN0340
4.50%,
12/1/2048
53,992
52,078
Pool#
CA2779
4.50%,
12/1/2048
28,905
27,913
Pool#
MA3563
4.00%,
1/1/2049
160,093
150,140
Pool#
BN3944
4.00%,
1/1/2049
15,699
14,723
Pool#
CA3387
4.00%,
4/1/2049
57,196
53,694
Pool#
CA3489
4.00%,
5/1/2049
35,020
32,876
Pool#
MA3665
4.50%,
5/1/2049
50,056
48,224
Pool#
CA3669
4.00%,
6/1/2049
69,397
65,014
Pool#
CA3825
4.00%,
7/1/2049
20,685
19,491
Pool#
FM2887
3.00%,
3/1/2050
77,688
67,322
Pool#
FM0077
3.00%,
3/1/2050
37,058
32,096
Pool#
CA5510
3.00%,
4/1/2050
114,305
99,047
Pool#
MA4048
3.00%,
6/1/2050
38,104
33,014
Pool#
MA4077
2.00%,
7/1/2050
81,425
64,185
Pool#
CA6598
2.50%,
8/1/2050
255,699
213,065
Nationwide
Bond
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
29
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
MA4097
3.00%,
8/1/2050
8,440
7,307
Pool#
BQ4909
2.00%,
9/1/2050
721,154
571,070
Pool#
CA6985
2.00%,
9/1/2050
438,268
347,705
Pool#
FM4222
2.50%,
9/1/2050
501,956
419,386
Pool#
CA7572
2.50%,
10/1/2050
415,424
344,077
Pool#
CA7368
2.50%,
10/1/2050
324,337
268,854
Pool#
CA7369
2.50%,
10/1/2050
228,773
189,483
Pool#
MA4181
1.50%,
11/1/2050
398,167
296,034
Pool#
FM4808
2.50%,
11/1/2050
232,854
193,021
Pool#
MA4210
2.50%,
12/1/2050
59,412
49,062
Pool#
CA8442
2.00%,
1/1/2051
867,214
688,086
Pool#
FM6031
2.00%,
2/1/2051
1,197,956
939,318
Pool#
CA8893
2.00%,
2/1/2051
351,832
277,883
Pool#
BQ9747
2.00%,
2/1/2051
299,632
235,635
Pool#
CA8823
2.00%,
2/1/2051
187,370
148,128
Pool#
FM6554
2.00%,
3/1/2051
462,024
367,066
Pool#
FM7677
2.50%,
3/1/2051
490,132
407,298
Pool#
CB0149
2.00%,
4/1/2051
181,697
144,025
Pool#
CB0400
2.00%,
5/1/2051
72,446
57,988
Pool#
CB0684
2.00%,
6/1/2051
282,671
223,406
Pool#
FM8630
1.50%,
7/1/2051
36,016
26,800
Pool#
CB1110
2.00%,
7/1/2051
76,840
60,884
Pool#
FM8160
2.50%,
7/1/2051
139,673
116,728
Pool#
FM8007
2.50%,
7/1/2051
85,384
70,687
Pool#
FM8011
2.50%,
8/1/2051
275,211
228,696
Pool#
FM8441
2.50%,
8/1/2051
108,471
90,159
Pool#
CB1330
2.50%,
8/1/2051
91,363
75,644
Pool#
MA4399
2.50%,
8/1/2051
75,083
61,736
Pool#
FM8794
2.50%,
9/1/2051
265,401
219,129
Pool#
FM9082
2.00%,
10/1/2051
95,670
75,867
Pool#
CB1871
2.50%,
10/1/2051
329,036
273,058
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
MA4464
1.50%,
11/1/2051
47,049
34,932
Pool#
FM9450
2.00%,
11/1/2051
96,087
76,336
Pool#
FM9543
2.50%,
12/1/2051
394,321
327,069
Pool#
CB2410
2.50%,
12/1/2051
96,333
79,371
Pool#
FM9806
2.50%,
12/1/2051
82,468
68,403
Pool#
MA4512
2.50%,
1/1/2052
722,858
594,904
Pool#
BU8176
2.50%,
1/1/2052
392,266
322,610
Pool#
FS2639
2.50%,
1/1/2052
289,143
237,964
Pool#
BU9929
2.00%,
2/1/2052
225,843
176,914
Pool#
MA4578
2.50%,
4/1/2052
327,306
268,910
Pool#
CB3351
2.50%,
4/1/2052
60,477
50,202
Pool#
MA4653
3.00%,
7/1/2052
161,502
138,443
Pool#
MA4700
4.00%,
8/1/2052
64,031
59,177
Pool#
FS2972
4.50%,
10/1/2052
41,811
39,809
Pool#
MA4785
5.00%,
10/1/2052
508,128
496,977
Pool#
MA4805
4.50%,
11/1/2052
53,453
50,802
Pool#
CB5084
5.00%,
11/1/2052
42,536
41,814
Pool#
CB5268
4.50%,
12/1/2052
305,578
290,404
Pool#
FS3416
5.00%,
12/1/2052
80,126
78,774
Pool#
CB5535
5.00%,
1/1/2053
217,099
212,693
Pool#
BW5089
5.00%,
1/1/2053
59,994
58,687
Pool#
CB5642
5.50%,
2/1/2053
63,742
63,794
Pool#
CB5836
5.00%,
3/1/2053
39,804
39,271
Pool#
CB5908
5.50%,
3/1/2053
67,615
67,970
Pool#
FS4070
5.50%,
3/1/2053
40,699
40,915
Pool#
CB6004
5.50%,
4/1/2053
278,668
280,663
Pool#
CB6182
5.00%,
5/1/2053
133,033
130,017
Pool#
FS7303
5.00%,
7/1/2053
85,703
83,760
Pool#
MA5073
6.00%,
7/1/2053
41,669
42,312
Pool#
FS5424
4.50%,
8/1/2053
37,601
35,827
Pool#
CB6921
6.00%,
8/1/2053
28,367
29,192
30
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Bond
Index
Fund
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
FNMA
UMBS
Pool
Pool#
FS5886
6.00%,
9/1/2053
95,151
96,621
Pool#
CB7115
6.00%,
9/1/2053
45,253
46,451
Pool#
CB7484
6.50%,
11/1/2053
137,808
142,126
Pool#
FS6294
6.50%,
11/1/2053
17,836
18,455
Pool#
CB7650
6.50%,
12/1/2053
266,100
279,033
Pool#
FS6529
6.50%,
12/1/2053
114,937
119,845
Pool#
CB7803
6.50%,
1/1/2054
63,258
65,759
Pool#
CB7865
6.50%,
1/1/2054
16,295
16,926
Pool#
CB8024
6.50%,
2/1/2054
109,916
115,983
Pool#
CB8342
6.00%,
4/1/2054
132,402
134,410
Pool#
CB8823
6.50%,
7/1/2054
78,896
82,163
Pool#
MA5445
6.00%,
8/1/2054
399,479
405,159
Pool#
CB9010
6.00%,
8/1/2054
84,864
86,134
Pool#
FS8674
6.50%,
8/1/2054
70,101
72,673
Pool#
MA5496
5.00%,
10/1/2054
269,754
262,608
Pool#
CB9738
5.00%,
1/1/2055
208,496
203,248
Pool#
CC0750
6.50%,
7/1/2055
5,984
6,200
FNMA/FHLMC
UMBS,
15
Year,
Single
Family
TBA
3.50%,
8/25/2040
50,000
47,898
4.00%,
8/25/2040
150,000
145,586
FNMA/FHLMC
UMBS,
30
Year,
Single
Family
Conventional
Pool
TBA
6.00%,
8/25/2055
1,225,000
1,241,932
FNMA/FHLMC
UMBS,
30
Year,
Single
Family
TBA
2.00%,
8/25/2055
125,000
97,760
4.00%,
8/25/2055
150,000
138,331
4.50%,
8/25/2055
524,000
497,011
5.00%,
8/25/2055
476,000
463,242
5.50%,
8/25/2055
2,396,000
2,383,315
6.50%,
8/25/2055
25,000
25,785
GNMA
I
Pool
Pool#
457801
7.00%,
8/15/2028
357
360
Pool#
486936
6.50%,
2/15/2029
144
148
Pool#
502969
6.00%,
3/15/2029
673
689
Pool#
487053
7.00%,
3/15/2029
231
232
Pool#
781014
6.00%,
4/15/2029
380
386
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
GNMA
I
Pool
Pool#
509099
7.00%,
6/15/2029
1,091
1,095
Pool#
434505
7.50%,
8/15/2029
19
19
Pool#
781124
7.00%,
12/15/2029
1,504
1,545
Pool#
507396
7.50%,
9/15/2030
11,893
11,934
Pool#
531352
7.50%,
9/15/2030
867
870
Pool#
536334
7.50%,
10/15/2030
71
71
Pool#
486019
7.50%,
1/15/2031
324
325
Pool#
535388
7.50%,
1/15/2031
231
231
Pool#
528589
6.50%,
3/15/2031
4,074
4,129
Pool#
508473
7.50%,
4/15/2031
1,173
1,178
Pool#
544470
8.00%,
4/15/2031
214
214
Pool#
781287
7.00%,
5/15/2031
731
754
Pool#
781319
7.00%,
7/15/2031
242
252
Pool#
485879
7.00%,
8/15/2031
687
690
Pool#
572554
6.50%,
9/15/2031
9,071
9,212
Pool#
781328
7.00%,
9/15/2031
687
709
Pool#
550991
6.50%,
10/15/2031
227
234
Pool#
571267
7.00%,
10/15/2031
90
90
Pool#
555171
6.50%,
12/15/2031
559
577
Pool#
781380
7.50%,
12/15/2031
235
246
Pool#
781481
7.50%,
1/15/2032
1,063
1,109
Pool#
580972
6.50%,
2/15/2032
69
70
Pool#
781401
7.50%,
2/15/2032
858
912
Pool#
781916
6.50%,
3/15/2032
6,293
6,436
Pool#
552474
7.00%,
3/15/2032
1,725
1,779
Pool#
781478
7.50%,
3/15/2032
457
479
Pool#
781429
8.00%,
3/15/2032
834
877
Pool#
781431
7.00%,
4/15/2032
3,121
3,256
Pool#
552616
7.00%,
6/15/2032
13,233
13,541
Pool#
570022
7.00%,
7/15/2032
5,718
5,908
Pool#
595077
6.00%,
10/15/2032
1,638
1,716
Nationwide
Bond
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
31
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
GNMA
I
Pool
Pool#
552903
6.50%,
11/15/2032
22,615
23,461
Pool#
552952
6.00%,
12/15/2032
1,228
1,255
Pool#
602102
6.00%,
2/15/2033
7,053
7,101
Pool#
588192
6.00%,
2/15/2033
1,451
1,467
Pool#
553144
5.50%,
4/15/2033
3,611
3,656
Pool#
604243
6.00%,
4/15/2033
2,445
2,491
Pool#
611526
6.00%,
5/15/2033
3,917
3,922
Pool#
553320
6.00%,
6/15/2033
7,504
7,662
Pool#
604788
6.50%,
11/15/2033
21,001
21,576
Pool#
781688
6.00%,
12/15/2033
8,735
8,999
Pool#
604875
6.00%,
12/15/2033
7,512
7,682
Pool#
781690
6.00%,
12/15/2033
3,218
3,314
Pool#
781699
7.00%,
12/15/2033
894
898
Pool#
621856
6.00%,
1/15/2034
4,605
4,731
Pool#
564799
6.00%,
3/15/2034
3,242
3,290
Pool#
630038
6.50%,
8/15/2034
16,534
17,404
Pool#
781804
6.00%,
9/15/2034
8,757
9,186
Pool#
781847
6.00%,
12/15/2034
6,903
7,241
Pool#
486921
5.50%,
2/15/2035
1,943
1,987
Pool#
781902
6.00%,
2/15/2035
9,580
10,049
Pool#
649510
5.50%,
10/15/2035
20,947
21,341
Pool#
652207
5.50%,
3/15/2036
23,140
23,690
Pool#
655519
5.00%,
5/15/2036
10,816
10,876
Pool#
652539
5.00%,
5/15/2036
3,694
3,681
Pool#
606308
5.50%,
5/15/2036
3,708
3,802
Pool#
656666
6.00%,
6/15/2036
5,723
5,929
Pool#
657912
6.50%,
8/15/2036
1,817
1,889
Pool#
704630
5.50%,
7/15/2039
9,402
9,643
Pool#
757038
4.00%,
12/15/2040
86,169
81,274
Pool#
757039
4.00%,
12/15/2040
85,630
80,342
Pool#
755656
4.00%,
12/15/2040
29,956
28,283
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
GNMA
I
Pool
Pool#
757044
4.00%,
12/15/2040
23,527
22,213
Pool#
742235
4.00%,
12/15/2040
23,222
21,902
Pool#
755655
4.00%,
12/15/2040
18,852
17,800
Pool#
757043
4.00%,
12/15/2040
13,185
12,436
Pool#
756631
4.00%,
12/15/2040
10,263
9,690
Pool#
755959
4.00%,
1/15/2041
68,746
64,908
Pool#
742244
4.00%,
1/15/2041
54,129
51,054
Pool#
753826
4.00%,
1/15/2041
28,526
26,906
Pool#
690662
4.00%,
1/15/2041
17,682
16,677
Pool#
719486
4.00%,
1/15/2041
6,321
5,931
Pool#
757555
4.00%,
2/15/2041
13,054
12,325
Pool#
757557
4.00%,
2/15/2041
6,721
6,356
Pool#
AD6012
3.50%,
4/15/2043
176,055
162,257
Pool#
AA6307
3.50%,
4/15/2043
53,394
49,126
Pool#
AA6403
3.00%,
5/15/2043
240,394
215,377
Pool#
783781
3.50%,
6/15/2043
57,952
53,173
Pool#
784015
3.00%,
7/15/2043
13,580
12,167
Pool#
784714
3.00%,
1/15/2044
74,446
66,700
GNMA
II
Pool
Pool#
3851
5.50%,
5/20/2036
49,382
50,226
Pool#
4559
5.00%,
10/20/2039
70,592
71,270
Pool#
737727
4.00%,
12/20/2040
281,798
265,590
Pool#
737730
4.00%,
12/20/2040
82,852
77,567
Pool#
4923
4.50%,
1/20/2041
48,670
47,893
Pool#
4978
4.50%,
3/20/2041
6,793
6,684
Pool#
5017
4.50%,
4/20/2041
69,554
68,443
Pool#
5082
4.50%,
6/20/2041
126,067
123,357
Pool#
675523
3.50%,
3/20/2042
109,175
98,632
Pool#
MA0462
3.50%,
10/20/2042
183,471
169,711
Pool#
MA0625
3.50%,
12/20/2042
139,611
129,126
Pool#
MA0698
3.00%,
1/20/2043
118,310
106,510
32
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Bond
Index
Fund
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
GNMA
II
Pool
Pool#
AF1001
3.50%,
6/20/2043
92,274
83,476
Pool#
AJ9335
3.50%,
10/20/2044
6,750
6,066
Pool#
MA2754
3.50%,
4/20/2045
67,518
62,019
Pool#
MA2824
2.50%,
5/20/2045
103,011
88,727
Pool#
MA2825
3.00%,
5/20/2045
139,856
124,214
Pool#
MA2891
3.00%,
6/20/2045
368,383
327,065
Pool#
MA2892
3.50%,
6/20/2045
30,812
28,348
Pool#
MA2960
3.00%,
7/20/2045
121,729
108,070
Pool#
MA3172
3.00%,
10/20/2045
43,457
38,576
Pool#
MA3173
3.50%,
10/20/2045
2,653
2,421
Pool#
MA3243
3.00%,
11/20/2045
39,087
34,695
Pool#
MA3244
3.50%,
11/20/2045
50,578
46,533
Pool#
784098
3.00%,
12/20/2045
204,157
181,194
Pool#
784119
3.00%,
2/20/2046
161,996
143,767
Pool#
MA3520
3.00%,
3/20/2046
135,350
120,119
Pool#
MA3521
3.50%,
3/20/2046
114,001
104,604
Pool#
MA3735
3.00%,
6/20/2046
129,835
115,183
Pool#
MA3876
4.50%,
8/20/2046
4,415
4,285
Pool#
MA3939
4.50%,
9/20/2046
2,607
2,541
Pool#
MA4125
2.50%,
12/20/2046
38,413
33,084
Pool#
MA4126
3.00%,
12/20/2046
453,447
401,754
Pool#
MA4194
2.50%,
1/20/2047
97,558
84,026
Pool#
MA4196
3.50%,
1/20/2047
13,170
12,062
Pool#
MA4264
4.50%,
2/20/2047
4,848
4,694
Pool#
MA4321
3.50%,
3/20/2047
169,414
155,164
Pool#
AZ1974
3.50%,
4/20/2047
68,121
61,830
Pool#
MA4384
4.50%,
4/20/2047
3,992
3,864
Pool#
MA4512
4.50%,
6/20/2047
11,804
11,427
Pool#
MA4652
3.50%,
8/20/2047
47,235
43,144
Pool#
MA4836
3.00%,
11/20/2047
72,824
64,405
Pool#
784421
3.50%,
12/20/2047
169,043
155,375
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
GNMA
II
Pool
Pool#
MA4900
3.50%,
12/20/2047
103,110
94,542
Pool#
MA4962
3.50%,
1/20/2048
3,244
2,961
Pool#
784480
3.50%,
4/20/2048
38,733
35,307
Pool#
784481
3.50%,
4/20/2048
7,672
6,972
Pool#
MA5331
4.50%,
7/20/2048
31,064
30,018
Pool#
MA5465
3.50%,
9/20/2048
11,950
10,895
Pool#
BK2856
4.50%,
12/20/2048
4,121
3,892
Pool#
MA5818
4.50%,
3/20/2049
591,510
572,785
Pool#
MA6092
4.50%,
8/20/2049
18,235
17,468
Pool#
MA6764
2.00%,
7/20/2050
47,951
38,820
Pool#
BW4732
2.50%,
8/20/2050
307,846
254,076
Pool#
BW6206
2.50%,
8/20/2050
288,524
238,129
Pool#
BW4741
2.50%,
9/20/2050
314,351
259,445
Pool#
MA7051
2.00%,
12/20/2050
300,912
242,980
Pool#
MA7311
2.00%,
4/20/2051
1,346,765
1,087,680
Pool#
MA7472
2.50%,
7/20/2051
523,971
440,875
Pool#
MA7936
2.50%,
3/20/2052
1,047,166
881,088
Pool#
MA8197
2.50%,
8/20/2052
520,349
439,429
Pool#
MA8201
4.50%,
8/20/2052
59,519
56,968
Pool#
MA8491
5.50%,
12/20/2052
91,650
92,168
Pool#
MA8800
5.00%,
4/20/2053
388,442
381,293
Pool#
MA8801
5.50%,
4/20/2053
56,667
56,853
Pool#
MA8879
5.50%,
5/20/2053
73,654
73,809
Pool#
MA8948
5.50%,
6/20/2053
155,057
155,384
Pool#
786798
5.50%,
7/20/2053
55,843
56,183
Pool#
MA9172
6.00%,
9/20/2053
88,275
89,943
Pool#
MA9242
6.00%,
10/20/2053
137,640
140,210
Pool#
MA9243
6.50%,
10/20/2053
20,988
21,595
Pool#
MA9852
6.00%,
8/20/2054
88,313
89,633
Pool#
MA9965
5.50%,
10/20/2054
472,127
471,289
Pool#
MB0207
6.50%,
2/20/2055
50,183
51,554
Nationwide
Bond
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
33
Mortgage-Backed
Securities
Principal
Amount
($)
Value
($)
GNMA
TBA
4.00%,
8/15/2055
100,000
92,078
4.50%,
8/15/2055
100,000
94,888
5.00%,
8/15/2055
1,050,000
1,024,638
5.50%,
8/15/2055
575,000
573,448
6.00%,
8/15/2055
575,000
582,704
6.50%,
8/15/2055
325,000
333,581
Total
Mortgage-Backed
Securities
(cost
$70,127,722)
62,688,059
Municipal
Bonds
0
.6
%
California
0
.1
%
Bay
Area
Toll
Authority,
RB,
Series
S-3,
6.91%,
10/1/2050
25,000
28,089
Los
Angeles
Department
of
Water
&
Power,
RB,
Series
D,
6.57%,
7/1/2045
50,000
52,197
Regents
of
the
University
of
California
Medical
Center,
RB,
Series
N,
3.01%,
5/15/2050
115,000
73,419
State
of
California,
GO,
7.63%,
3/1/2040
100,000
118,739
272,444
Georgia
0
.0
%
†
Municipal
Electric
Authority
of
Georgia,
RB,
Series
A,
6.66%,
4/1/2057
43,000
46,075
Illinois
0
.0
%
†
Chicago
O'Hare
International
Airport,
RB,
Series
C,
4.57%,
1/1/2054
35,000
29,934
State
of
Illinois,
GO,
5.10%,
6/1/2033
74,167
75,773
105,707
Louisiana
0
.0
%
†
Louisiana
Local
Government
Environmental
Facilities
&
Community
Development
Authority,
RB,
5.20%,
12/1/2039
60,000
60,344
Nebraska
0
.0
%
†
University
of
Nebraska
Facilities
Corp.
(The),
RB,
Series
A,
3.04%,
10/1/2049
55,000
38,623
New
Jersey
0
.1
%
New
Jersey
Economic
Development
Authority,
RB,
7.43%,
2/15/2029
150,000
157,657
New
Jersey
Turnpike
Authority,
RB,
Series
F,
7.41%,
1/1/2040
115,000
136,438
294,095
Municipal
Bonds
Principal
Amount
($)
Value
($)
New
York
0
.1
%
New
York
City
Municipal
Water
Finance
Authority,
RB,
Series
CC,
5.88%,
6/15/2044
25,000
25,267
Port
Authority
of
New
York
&
New
Jersey,
RB,
Series
159,
6.04%,
12/1/2029
100,000
106,647
131,914
Ohio
0
.1
%
JobsOhio
Beverage
System,
RB,
Series
B,
4.53%,
1/1/2035
100,000
99,283
Ohio
State
University
(The),
RB,
Series
C,
4.91%,
6/1/2040
100,000
96,799
196,082
Texas
0
.2
%
Dallas
Fort
Worth
International
Airport,
RB,
Series
A,
2.99%,
11/1/2038
50,000
42,458
Dallas
Independent
School
District,
GO,
Series
C,
6.45%,
2/15/2035
150,000
150,004
Grand
Parkway
Transportation
Corp.,
RB,
Series
B,
3.24%,
10/1/2052
25,000
16,880
State
of
Texas,
GO,
Series
A,
5.52%,
4/1/2039
50,000
51,038
Texas
Department
of
Transportation
State
Highway
Fund,
RB,
5.18%,
4/1/2030
100,000
101,611
Texas
Natural
Gas
Securitization
Finance
Corp.
Series
A-1,
5.10%,
4/1/2035
13,240
13,494
Series
A-2,
5.17%,
4/1/2041
15,000
15,196
390,681
Wisconsin
0
.0
%
†
State
of
Wisconsin,
RB,
Series
C,
3.15%,
5/1/2027
20,000
19,650
Total
Municipal
Bonds
(cost
$1,677,703)
1,555,615
Supranational
1
.3
%
African
Development
Bank
4.63%,
1/4/2027
100,000
100,702
4.38%,
3/14/2028
200,000
202,160
Asian
Development
Bank
2.50%,
11/2/2027
250,000
242,100
2.75%,
1/19/2028
200,000
194,533
4.50%,
8/25/2028
210,000
213,418
3.13%,
9/26/2028
75,000
73,191
4.38%,
3/22/2035
25,000
24,981
34
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Bond
Index
Fund
Supranational
Principal
Amount
($)
Value
($)
Asian
Development
Bank
Asian
Infrastructure
Investment
Bank
(The),
4.00%,
1/18/2028
100,000
100,160
Corp.
Andina
de
Fomento,
5.00%,
1/24/2029
50,000
51,043
European
Bank
for
Reconstruction
&
Development,
4.13%,
1/25/2029(b)
150,000
150,751
European
Investment
Bank
4.50%,
10/16/2028
50,000
50,862
4.00%,
2/15/2029
50,000
50,097
3.75%,
11/15/2029
50,000
49,585
3.63%,
7/15/2030(b)
80,000
78,715
3.75%,
2/14/2033(b)
200,000
194,032
4.13%,
2/13/2034
100,000
98,735
Inter-American
Development
Bank
4.00%,
1/12/2028
300,000
300,399
1.13%,
1/13/2031
50,000
42,873
3.50%,
4/12/2033
200,000
189,940
4.38%,
7/16/2035
25,000
24,914
Inter-American
Investment
Corp.,
4.25%,
2/14/2029
80,000
80,446
International
Bank
for
Reconstruction
&
Development
0.75%,
11/24/2027
80,000
74,330
4.63%,
8/1/2028
210,000
214,018
1.75%,
10/23/2029
250,000
228,351
4.13%,
3/20/2030
40,000
40,257
4.00%,
7/25/2030
50,000
50,007
4.00%,
1/10/2031
75,000
74,784
3.88%,
8/28/2034
75,000
72,277
Total
Supranational
(cost
$3,309,550)
3,267,661
U.S.
Government
Agency
Securities
0
.4
%
FHLB,
5.50%,
7/15/2036
200,000
213,731
FHLMC
6.75%,
3/15/2031
200,000
227,440
6.25%,
7/15/2032(b)
165,000
185,971
FNMA
6.25%,
5/15/2029
100,000
108,142
7.25%,
5/15/2030
200,000
228,473
0.88%,
8/5/2030
80,000
68,904
Tennessee
Valley
Authority,
4.88%,
1/15/2048
100,000
93,486
Total
U.S.
Government
Agency
Securities
(cost
$1,162,936)
1,126,147
U.S.
Treasury
Obligations
43
.7
%
U.S.
Treasury
Bonds
5.25%,
11/15/2028
100,000
104,086
4.50%,
2/15/2036
(b)
80,000
81,181
4.75%,
2/15/2037
200,000
206,109
4.50%,
8/15/2039
185,000
182,478
U.S.
Treasury
Obligations
Principal
Amount
($)
Value
($)
U.S.
Treasury
Bonds
4.38%,
11/15/2039
480,000
465,956
1.13%,
5/15/2040
500,000
308,691
1.13%,
8/15/2040
260,000
159,006
1.38%,
11/15/2040
200,000
126,695
1.88%,
2/15/2041
500,000
341,641
2.25%,
5/15/2041
490,000
352,857
1.75%,
8/15/2041
500,000
329,238
3.75%,
8/15/2041
150,000
133,055
2.00%,
11/15/2041
550,000
375,010
3.13%,
11/15/2041
70,000
56,798
2.38%,
2/15/2042
950,000
684,148
3.13%,
2/15/2042
80,000
64,669
3.25%,
5/15/2042
300,000
245,543
2.75%,
8/15/2042
140,000
106,028
3.38%,
8/15/2042
300,000
249,106
2.75%,
11/15/2042
250,000
188,457
4.00%,
11/15/2042
200,000
180,516
3.13%,
2/15/2043
650,000
517,080
3.88%,
2/15/2043
692,000
612,771
2.88%,
5/15/2043
700,000
534,105
3.88%,
5/15/2043
400,000
353,266
3.63%,
8/15/2043
500,000
425,352
4.38%,
8/15/2043
200,000
188,523
3.75%,
11/15/2043
250,000
215,889
4.75%,
11/15/2043
200,000
197,469
3.63%,
2/15/2044
300,000
253,863
4.50%,
2/15/2044
45,000
42,986
4.63%,
5/15/2044
150,000
145,465
3.13%,
8/15/2044
400,000
311,766
4.13%,
8/15/2044
43,000
38,935
3.00%,
11/15/2044
260,000
197,895
4.63%,
11/15/2044
250,000
241,836
4.75%,
2/15/2045
247,000
242,793
3.00%,
5/15/2045
400,000
302,766
5.00%,
5/15/2045
60,000
60,881
2.50%,
2/15/2046
400,000
274,094
2.50%,
5/15/2046
400,000
273,078
2.25%,
8/15/2046
300,000
194,238
2.88%,
11/15/2046
275,000
200,159
3.00%,
2/15/2047
400,000
296,875
3.00%,
5/15/2047
400,000
296,109
2.75%,
8/15/2047
350,000
246,449
3.00%,
2/15/2048
500,000
367,109
3.13%,
5/15/2048
200,000
149,906
3.00%,
8/15/2048
350,000
255,787
3.38%,
11/15/2048
500,000
390,684
2.88%,
5/15/2049
400,000
283,297
2.25%,
8/15/2049
300,000
185,625
2.38%,
11/15/2049
350,000
222,209
2.00%,
2/15/2050
500,000
289,785
1.63%,
11/15/2050
250,000
129,814
1.88%,
2/15/2051
550,000
304,520
2.38%,
5/15/2051
664,000
414,974
2.00%,
8/15/2051
700,000
397,633
1.88%,
11/15/2051
630,000
345,122
2.25%,
2/15/2052
800,000
481,375
2.88%,
5/15/2052
640,000
443,800
3.00%,
8/15/2052
600,000
426,539
4.00%,
11/15/2052
750,000
646,436
3.63%,
2/15/2053
950,000
764,416
3.63%,
5/15/2053
510,000
409,932
4.13%,
8/15/2053
700,000
616,137
Nationwide
Bond
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
35
U.S.
Treasury
Obligations
Principal
Amount
($)
Value
($)
U.S.
Treasury
Bonds
4.75%,
11/15/2053
700,000
683,348
4.25%,
2/15/2054
600,000
539,391
4.63%,
5/15/2054
750,000
717,803
4.25%,
8/15/2054
674,000
606,179
4.50%,
11/15/2054
320,000
300,200
4.63%,
2/15/2055
(b)
421,000
403,305
4.75%,
5/15/2055
426,000
416,681
U.S.
Treasury
Notes
4.63%,
10/15/2026
3,000
3,017
4.25%,
11/30/2026
2,000,000
2,003,828
1.25%,
12/31/2026
700,000
673,121
4.25%,
12/31/2026
1,563,000
1,566,724
4.00%,
1/15/2027
1,000,000
999,219
1.50%,
1/31/2027
800,000
770,656
4.13%,
1/31/2027
1,283,000
1,284,303
2.25%,
2/15/2027
400,000
389,453
4.13%,
2/15/2027
500,000
500,684
1.13%,
2/28/2027
(b)
200,000
191,258
1.88%,
2/28/2027
700,000
677,250
0.63%,
3/31/2027
(b)
500,000
473,145
2.50%,
3/31/2027
600,000
585,609
3.88%,
3/31/2027
472,000
471,060
4.50%,
4/15/2027
(b)
400,000
403,313
0.50%,
4/30/2027
300,000
282,551
2.75%,
4/30/2027
450,000
440,701
3.75%,
4/30/2027
1,114,000
1,109,605
2.38%,
5/15/2027
500,000
486,250
2.63%,
5/31/2027
700,000
683,430
3.88%,
5/31/2027
1,222,000
1,219,900
3.75%,
6/30/2027
726,000
723,278
2.75%,
7/31/2027
300,000
293,145
2.25%,
8/15/2027
500,000
483,555
0.50%,
8/31/2027
500,000
466,055
3.13%,
8/31/2027
700,000
688,816
3.38%,
9/15/2027
1,538,000
1,521,058
0.38%,
9/30/2027
500,000
463,594
3.88%,
10/15/2027
500,000
499,492
0.50%,
10/31/2027
500,000
463,594
2.25%,
11/15/2027
870,000
838,496
4.13%,
11/15/2027
800,000
803,500
0.63%,
11/30/2027
250,000
231,875
3.88%,
11/30/2027
430,000
429,614
0.63%,
12/31/2027
500,000
462,539
3.88%,
12/31/2027
800,000
799,469
4.25%,
1/15/2028
758,000
763,863
0.75%,
1/31/2028
500,000
462,793
3.50%,
1/31/2028
1,300,000
1,287,762
2.75%,
2/15/2028
800,000
777,813
4.25%,
2/15/2028
201,000
202,672
1.13%,
2/29/2028
700,000
652,723
4.00%,
2/29/2028
300,000
300,762
3.88%,
3/15/2028
631,000
630,852
1.25%,
3/31/2028
500,000
466,816
3.63%,
3/31/2028
600,000
596,039
3.75%,
4/15/2028
400,000
398,500
1.25%,
4/30/2028
700,000
652,285
3.50%,
4/30/2028
417,000
412,732
2.88%,
5/15/2028
1,000,000
973,359
3.75%,
5/15/2028
393,000
391,588
1.25%,
5/31/2028
700,000
650,918
3.63%,
5/31/2028
350,000
347,525
3.88%,
6/15/2028
173,000
172,973
U.S.
Treasury
Obligations
Principal
Amount
($)
Value
($)
U.S.
Treasury
Notes
1.25%,
6/30/2028
700,000
649,660
4.00%,
6/30/2028
750,000
752,432
1.00%,
7/31/2028
1,000,000
919,102
4.13%,
7/31/2028
700,000
704,730
1.13%,
8/31/2028
1,040,000
957,247
4.38%,
8/31/2028
400,000
405,547
1.25%,
9/30/2028
500,000
461,016
4.63%,
9/30/2028
500,000
510,781
1.38%,
10/31/2028
500,000
461,973
4.88%,
10/31/2028
300,000
308,848
1.50%,
11/30/2028
500,000
462,910
3.75%,
12/31/2028
700,000
696,582
1.75%,
1/31/2029
500,000
465,195
4.00%,
1/31/2029
400,000
401,187
2.63%,
2/15/2029
457,000
437,970
4.25%,
2/28/2029
25,000
25,285
2.38%,
3/31/2029
400,000
379,188
4.13%,
3/31/2029
800,000
805,781
2.88%,
4/30/2029
350,000
337,518
4.63%,
4/30/2029
400,000
409,813
2.38%,
5/15/2029
100,000
94,652
2.75%,
5/31/2029
300,000
287,695
4.50%,
5/31/2029
500,000
510,254
3.25%,
6/30/2029
400,000
390,406
4.25%,
6/30/2029
600,000
607,125
2.63%,
7/31/2029
300,000
285,832
4.00%,
7/31/2029
600,000
601,734
1.63%,
8/15/2029
200,000
183,391
3.13%,
8/31/2029
400,000
388,109
3.63%,
8/31/2029
1,220,000
1,206,323
3.50%,
9/30/2029
840,000
826,284
3.88%,
9/30/2029
300,000
299,449
4.00%,
10/31/2029
1,300,000
1,303,605
4.13%,
10/31/2029
211,000
212,566
3.88%,
11/30/2029
250,000
249,443
4.13%,
11/30/2029
250,000
251,895
3.88%,
12/31/2029
700,000
698,359
4.38%,
12/31/2029
483,000
491,471
3.50%,
1/31/2030
650,000
638,295
4.25%,
1/31/2030
1,248,000
1,263,697
1.50%,
2/15/2030
700,000
630,000
4.00%,
2/28/2030
1,082,000
1,084,916
3.63%,
3/31/2030
400,000
394,453
4.00%,
3/31/2030
1,160,000
1,162,673
3.50%,
4/30/2030
50,000
49,029
3.88%,
4/30/2030
635,000
633,065
0.63%,
5/15/2030
700,000
599,293
3.75%,
5/31/2030
300,000
297,281
4.00%,
5/31/2030
575,000
576,393
3.88%,
6/30/2030
(b)
560,000
557,988
4.00%,
7/31/2030
550,000
550,816
0.63%,
8/15/2030
950,000
806,313
4.13%,
8/31/2030
400,000
402,859
4.63%,
9/30/2030
500,000
514,961
4.88%,
10/31/2030
550,000
572,924
0.88%,
11/15/2030
800,000
682,469
4.38%,
11/30/2030
200,000
203,648
3.75%,
12/31/2030
400,000
395,078
1.13%,
2/15/2031
800,000
687,938
4.25%,
2/28/2031
600,000
607,008
4.13%,
3/31/2031
500,000
502,441
4.63%,
4/30/2031
400,000
411,984
36
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Bond
Index
Fund
U.S.
Treasury
Obligations
Principal
Amount
($)
Value
($)
U.S.
Treasury
Notes
1.63%,
5/15/2031
900,000
788,801
4.63%,
5/31/2031
300,000
308,941
4.25%,
6/30/2031
400,000
404,063
4.13%,
7/31/2031
500,000
501,738
1.25%,
8/15/2031
900,000
765,316
3.75%,
8/31/2031
400,000
393,203
3.63%,
9/30/2031
500,000
487,852
4.13%,
10/31/2031
460,000
461,006
1.38%,
11/15/2031
1,000,000
850,352
4.13%,
11/30/2031
600,000
601,055
4.38%,
1/31/2032
263,000
266,966
1.88%,
2/15/2032
800,000
697,969
4.13%,
2/29/2032
352,000
352,261
4.13%,
3/31/2032
365,000
365,157
2.88%,
5/15/2032
1,000,000
926,055
4.13%,
5/31/2032
329,000
328,846
4.00%,
6/30/2032
336,000
333,270
2.75%,
8/15/2032
850,000
777,982
4.13%,
11/15/2032
500,000
498,887
3.50%,
2/15/2033
730,000
697,777
3.38%,
5/15/2033
1,000,000
944,883
3.88%,
8/15/2033
900,000
878,379
4.50%,
11/15/2033
1,608,000
1,636,517
4.00%,
2/15/2034
1,797,000
1,762,253
4.38%,
5/15/2034
1,300,000
1,307,871
3.88%,
8/15/2034
1,250,000
1,209,277
4.25%,
11/15/2034
1,000,000
993,750
4.63%,
2/15/2035
988,000
1,009,458
4.25%,
5/15/2035
1,309,000
1,297,546
Total
U.S.
Treasury
Obligations
(cost
$119,722,821)
112,837,361
Repurchase
Agreements
2
.2
%
CF
Secured,
LLC
4.34%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$3,646,829,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.00%,
maturing
8/31/2025
-
2/15/2053;
total
market
value
$3,719,766.
(f)
3,646,390
3,646,390
Repurchase
Agreements
Principal
Amount
($)
Value
($)
Santander
US
Capital
Markets
4.36%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$2,000,242,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
0.01%
-
5.45%,
maturing
5/25/2030
-
8/25/2055;
total
market
value
$2,040,247.
(f)
2,000,000
2,000,000
Total
Repurchase
Agreements
(cost
$5,646,390)
5,646,390
Total
Investments
(cost
$277,088,368)
—
99.9%
257,884,378
Other
assets
in
excess
of
liabilities
—
0.1%
169,558
NET
ASSETS
—
100.0%
$
258,053,936
†
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,
2025.
(b)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2025.
The
total
value
of
securities
on
loan
as
of
July
31,
2025
was
$7,474,338,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$5,646,390
and
by
$2,059,333
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
4.50%,
and
maturity
dates
ranging
from
10/15/2025
-
5/15/2052,
a
total
value
of
$7,705,723.
(c)
Variable
or
floating
rate
security,
linked
to
the
referenced
benchmark.
The
interest
rate
shown
was
the
current
rate
as
of
July
31,
2025.
(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,
2025
was
$259,291
which
represents
0.10%
of
net
assets.
(e)
Step
Bond.
Coupon
rate
is
set
for
an
initial
period
and
then
increases
to
a
higher
coupon
rate
at
a
specific
date.
The
rate
shown
is
the
rate
as
of
July
31,
2025.
(f)
Security
or
a
portion
of
the
security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2025
was
$5,646,390.
Nationwide
Bond
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
37
ACES
Alternative
Credit
Enhancement
Services
FHLB
Federal
Home
Loan
Bank
FHLMC
Federal
Home
Loan
Mortgage
Corp.
FNMA
Federal
National
Mortgage
Association
GNMA
Government
National
Mortgage
Association
GO
General
Obligation
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
38
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Bond
Index
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Nationwide
Bond
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
39
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2025.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Asset-Backed
Securities
$
–
$
1,027,603
$
–
$
1,027,603
Commercial
Mortgage-Backed
Securities
–
4,036,090
–
4,036,090
Corporate
Bonds
–
61,846,897
–
61,846,897
Foreign
Government
Securities
–
3,852,555
–
3,852,555
Mortgage-Backed
Securities
–
62,688,059
–
62,688,059
Municipal
Bonds
–
1,555,615
–
1,555,615
Repurchase
Agreements
–
5,646,390
–
5,646,390
Supranational
–
3,267,661
–
3,267,661
U.S.
Government
Agency
Securities
–
1,126,147
–
1,126,147
U.S.
Treasury
Obligations
–
112,837,361
–
112,837,361
Total
$
–
$
257,884,378
$
–
$
257,884,378
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
40
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
International
Index
Fund
Common
Stocks
98.1%
Shares
Value
($)
AUSTRALIA
6.8%
Banks
2.1%
ANZ
Group
Holdings
Ltd.
123,867
2,428,202
Commonwealth
Bank
of
Australia
70,107
7,964,016
National
Australia
Bank
Ltd.
127,666
3,169,356
Westpac
Banking
Corp.
144,499
3,118,100
16,679,674
Broadline
Retail
0.3%
Wesfarmers
Ltd.
47,305
2,592,453
Capital
Markets
0.3%
ASX
Ltd.
8,144
365,032
Macquarie
Group
Ltd.
15,357
2,119,396
2,484,428
Commercial
Services
&
Supplies
0.1%
Brambles
Ltd.
56,395
862,428
Consumer
Staples
Distribution
&
Retail
0.2%
Coles
Group
Ltd.
56,782
756,498
Woolworths
Group
Ltd.
50,924
1,030,882
1,787,380
Diversified
REITs
0.0%
†
Stockland
98,811
350,147
Diversified
Telecommunication
Services
0.1%
Telstra
Group
Ltd.
163,160
520,259
Electric
Utilities
0.1%
Origin
Energy
Ltd.
71,080
528,888
Financial
Services
0.0%
†
Washington
H
Soul
Pattinson
&
Co.
Ltd.(a)
10,279
267,306
Gas
Utilities
0.0%
†
APA
Group
56,561
303,928
Health
Care
Equipment
&
Supplies
0.1%
Cochlear
Ltd.
2,722
554,192
Health
Care
Providers
&
Services
0.1%
Sigma
Healthcare
Ltd.
199,600
369,800
Sonic
Healthcare
Ltd.
18,831
332,633
702,433
Health
Care
Technology
0.1%
Pro
Medicus
Ltd.
2,373
483,848
Hotels,
Restaurants
&
Leisure
0.2%
Aristocrat
Leisure
Ltd.
23,467
1,046,614
Lottery
Corp.
Ltd.
(The)
90,465
314,109
1,360,723
Industrial
REITs
0.2%
Goodman
Group
84,672
1,886,754
Insurance
0.3%
Insurance
Australia
Group
Ltd.
99,004
554,529
Medibank
Pvt
Ltd.
111,863
365,175
QBE
Insurance
Group
Ltd.
64,889
957,335
Suncorp
Group
Ltd.
45,885
614,486
2,491,525
Interactive
Media
&
Services
0.1%
CAR
Group
Ltd.
15,106
367,268
REA
Group
Ltd.
2,202
336,225
703,493
Metals
&
Mining
1.7%
BHP
Group
Ltd.
213,175
5,406,090
BlueScope
Steel
Ltd.
19,415
293,832
Common
Stocks
Shares
Value
($)
AUSTRALIA
Metals
&
Mining
Evolution
Mining
Ltd.
86,557
393,488
Fortescue
Ltd.
72,063
820,845
Glencore
plc
427,436
1,714,983
Northern
Star
Resources
Ltd.
55,356
552,226
Rio
Tinto
Ltd.
15,362
1,094,399
Rio
Tinto
plc
47,047
2,793,683
South32
Ltd.
193,301
363,901
13,433,447
Oil,
Gas
&
Consumable
Fuels
0.3%
Santos
Ltd.
135,389
682,357
Woodside
Energy
Group
Ltd.
79,153
1,338,363
2,020,720
Passenger
Airlines
0.0%
†
Qantas
Airways
Ltd.
33,977
234,872
Professional
Services
0.1%
Computershare
Ltd.
22,318
599,511
Retail
REITs
0.1%
Scentre
Group
216,254
520,301
Vicinity
Ltd.
169,267
266,404
786,705
Software
0.1%
WiseTech
Global
Ltd.
8,266
626,194
Trading
Companies
&
Distributors
0.1%
Reece
Ltd.
9,851
85,308
SGH
Ltd.
9,104
296,651
381,959
Transportation
Infrastructure
0.1%
Transurban
Group
129,578
1,149,624
53,792,891
AUSTRIA
0.2%
Banks
0.2%
Erste
Group
Bank
AG
13,075
1,195,543
Electric
Utilities
0.0%
†
Verbund
AG
2,598
193,370
Oil,
Gas
&
Consumable
Fuels
0.0%
†
OMV
AG
6,179
314,308
Paper
&
Forest
Products
0.0%
†
Mondi
plc
17,726
240,035
1,943,256
BELGIUM
0.8%
Banks
0.1%
KBC
Group
NV
9,752
1,021,215
Beverages
0.3%
Anheuser-Busch
InBev
SA/
NV
41,206
2,384,421
Chemicals
0.0%
†
Syensqo
SA
3,138
248,547
Distributors
0.0%
†
D'ieteren
Group(a)
828
163,321
Electric
Utilities
0.0%
†
Elia
Group
SA/NV(a)
2,122
243,112
Financial
Services
0.1%
Groupe
Bruxelles
Lambert
NV
3,561
295,721
Nationwide
International
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
41
Common
Stocks
Shares
Value
($)
BELGIUM
Financial
Services
Sofina
SA(a)
565
171,747
467,468
Food
Products
0.0%
†
Lotus
Bakeries
NV
19
160,859
Insurance
0.1%
Ageas
SA/NV
6,056
409,313
Pharmaceuticals
0.2%
UCB
SA
5,357
1,143,434
6,241,690
BRAZIL
0.0%
†
Chemicals
0.0%
†
Yara
International
ASA
7,071
261,234
CHILE
0.1%
Metals
&
Mining
0.1%
Antofagasta
plc
16,717
413,063
CHINA
0.6%
Banks
0.1%
BOC
Hong
Kong
Holdings
Ltd.
154,100
693,190
Broadline
Retail
0.4%
Prosus
NV
54,544
3,120,452
Food
Products
0.0%
†
Wilmar
International
Ltd.
76,958
174,306
Machinery
0.1%
Yangzijiang
Shipbuilding
Holdings
Ltd.
111,700
219,142
Marine
Transportation
0.0%
†
SITC
International
Holdings
Co.
Ltd.
56,000
181,652
Real
Estate
Management
&
Development
0.0%
†
Wharf
Holdings
Ltd.
(The)(a)
48,644
138,104
4,526,846
DENMARK
1.9%
Air
Freight
&
Logistics
0.2%
DSV
A/S
8,520
1,895,154
Banks
0.1%
Danske
Bank
A/S
28,571
1,132,083
Beverages
0.1%
Carlsberg
A/S,
Class
B
3,938
491,430
Biotechnology
0.1%
Genmab
A/S*
2,605
565,828
Building
Products
0.0%
†
ROCKWOOL
A/S,
Class
B
3,800
165,584
Chemicals
0.1%
Novonesis
Novozymes
B,
Class
B
14,547
944,807
Electrical
Equipment
0.1%
Vestas
Wind
Systems
A/S
42,098
769,625
Health
Care
Equipment
&
Supplies
0.1%
Coloplast
A/S,
Class
B
5,463
496,662
Demant
A/S*
3,222
122,680
619,342
Common
Stocks
Shares
Value
($)
DENMARK
Independent
Power
and
Renewable
Electricity
Producers
0.0%
†
Orsted
A/S
Reg.
S*(b)
7,428
346,421
Insurance
0.1%
Tryg
A/S
15,075
362,858
Marine
Transportation
0.1%
AP
Moller
-
Maersk
A/S,
Class
A
132
258,222
AP
Moller
-
Maersk
A/S,
Class
B
182
358,985
617,207
Pharmaceuticals
0.8%
Novo
Nordisk
A/S,
Class
B
134,922
6,227,764
Textiles,
Apparel
&
Luxury
Goods
0.1%
Pandora
A/S
3,418
564,207
14,702,310
FINLAND
1.0%
Banks
0.3%
Nordea
Bank
Abp
130,971
1,905,362
Communications
Equipment
0.1%
Nokia
OYJ
220,601
898,433
Consumer
Staples
Distribution
&
Retail
0.0%
†
Kesko
OYJ,
Class
B(a)
11,768
255,684
Diversified
Telecommunication
Services
0.0%
†
Elisa
OYJ
6,035
310,353
Electric
Utilities
0.1%
Fortum
OYJ
18,965
346,946
Insurance
0.1%
Sampo
OYJ,
Class
A
99,832
1,070,223
Machinery
0.2%
Kone
OYJ,
Class
B
14,425
886,073
Metso
Oyj(a)
24,424
306,930
Wartsila
OYJ
Abp
21,613
595,371
1,788,374
Oil,
Gas
&
Consumable
Fuels
0.0%
†
Neste
OYJ(a)
17,284
272,990
Paper
&
Forest
Products
0.1%
Stora
Enso
OYJ,
Class
R(a)
25,776
264,567
UPM-Kymmene
OYJ
22,235
575,542
840,109
Pharmaceuticals
0.1%
Orion
OYJ,
Class
B(a)
4,256
340,289
8,028,763
FRANCE
9.4%
Aerospace
&
Defense
1.4%
Airbus
SE
24,959
4,997,823
Dassault
Aviation
SA
802
248,978
Safran
SA
15,011
4,943,217
Thales
SA
3,803
1,019,256
11,209,274
Automobile
Components
0.1%
Cie
Generale
des
Etablissements
Michelin
SCA
28,421
1,011,973
42
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
International
Index
Fund
Common
Stocks
Shares
Value
($)
FRANCE
Automobiles
0.0%
†
Renault
SA
8,318
303,134
Banks
0.9%
BNP
Paribas
SA
42,426
3,864,953
Credit
Agricole
SA
45,156
830,846
Societe
Generale
SA
30,567
1,946,092
6,641,891
Beverages
0.1%
Pernod
Ricard
SA
8,570
881,178
Building
Products
0.3%
Cie
de
Saint-Gobain
SA
18,724
2,135,679
Capital
Markets
0.0%
†
Amundi
SA
Reg.
S(b)
2,800
207,318
Chemicals
0.6%
Air
Liquide
SA
24,304
4,783,919
Arkema
SA
2,247
153,173
4,937,092
Construction
&
Engineering
0.5%
Bouygues
SA
8,257
340,249
Eiffage
SA
2,931
392,860
Vinci
SA
20,637
2,858,202
3,591,311
Consumer
Staples
Distribution
&
Retail
0.0%
†
Carrefour
SA
22,475
322,132
Diversified
REITs
0.0%
†
Covivio
SA
1,992
129,225
Diversified
Telecommunication
Services
0.2%
Orange
SA
79,074
1,202,311
Electrical
Equipment
0.2%
Legrand
SA
10,932
1,620,102
Entertainment
0.0%
†
Bollore
SE
28,719
165,788
Financial
Services
0.1%
Edenred
SE
10,568
301,759
Eurazeo
SE
1,766
103,768
405,527
Food
Products
0.3%
Danone
SA
26,912
2,207,530
Health
Care
Equipment
&
Supplies
0.5%
BioMerieux
1,821
261,086
EssilorLuxottica
SA(a)
12,397
3,677,333
3,938,419
Hotels,
Restaurants
&
Leisure
0.1%
Accor
SA
8,405
427,154
FDJ
UNITED
Reg.
S(b)
4,692
146,110
Sodexo
SA
3,918
233,509
806,773
Insurance
0.5%
AXA
SA
74,671
3,628,981
IT
Services
0.1%
Capgemini
SE
6,819
1,015,858
Life
Sciences
Tools
&
Services
0.0%
†
Sartorius
Stedim
Biotech
1,129
226,127
Machinery
0.1%
Alstom
SA*(a)
14,196
333,322
Common
Stocks
Shares
Value
($)
FRANCE
Media
0.1%
Publicis
Groupe
SA
9,739
883,287
Multi-Utilities
0.3%
Engie
SA
77,681
1,745,338
Veolia
Environnement
SA
26,092
882,777
2,628,115
Office
REITs
0.0%
†
Gecina
SA
1,804
177,249
Oil,
Gas
&
Consumable
Fuels
0.7%
TotalEnergies
SE
85,803
5,098,518
Personal
Care
Products
0.6%
L'Oreal
SA
10,023
4,440,758
Pharmaceuticals
0.0%
†
Ipsen
SA
1,433
169,084
Professional
Services
0.1%
Bureau
Veritas
SA
13,857
425,798
Teleperformance
SE
2,416
235,906
661,704
Retail
REITs
0.1%
Klepierre
SA
8,550
326,026
Unibail-Rodamco-Westfield
5,111
495,994
822,020
Software
0.1%
Dassault
Systemes
SE
28,419
934,918
Textiles,
Apparel
&
Luxury
Goods
1.3%
Hermes
International
SCA
1,334
3,259,008
Kering
SA
3,082
758,841
LVMH
Moet
Hennessy
Louis
Vuitton
SE
11,537
6,203,250
10,221,099
Trading
Companies
&
Distributors
0.0%
†
Rexel
SA
8,811
265,372
Transportation
Infrastructure
0.1%
Aeroports
de
Paris
SA
1,427
172,634
Getlink
SE
12,846
232,777
405,411
73,628,480
GERMANY
10.1%
Aerospace
&
Defense
0.6%
MTU
Aero
Engines
AG
2,283
982,004
Rheinmetall
AG
1,883
3,702,447
4,684,451
Air
Freight
&
Logistics
0.2%
Deutsche
Post
AG
40,768
1,834,015
Automobile
Components
0.1%
Continental
AG
4,583
393,363
Automobiles
0.6%
Bayerische
Motoren
Werke
AG
11,920
1,141,529
Bayerische
Motoren
Werke
AG
(Preference)
2,420
212,376
Dr
Ing
hc
F
Porsche
AG
(Preference)
Reg.
S(b)
4,415
224,883
Mercedes-Benz
Group
AG
30,610
1,749,435
Porsche
Automobil
Holding
SE
(Preference)
6,439
259,102
Volkswagen
AG
(Preference)
8,765
921,149
4,508,474
Nationwide
International
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
43
Common
Stocks
Shares
Value
($)
GERMANY
Banks
0.2%
Commerzbank
AG
37,039
1,353,720
Capital
Markets
0.6%
Deutsche
Bank
AG
(Registered)
77,155
2,547,844
Deutsche
Boerse
AG
7,850
2,272,881
4,820,725
Chemicals
0.4%
BASF
SE
37,206
1,829,758
Covestro
AG*
7,404
501,819
Evonik
Industries
AG
10,245
204,171
Symrise
AG,
Class
A(a)
5,543
502,797
3,038,545
Construction
Materials
0.2%
Heidelberg
Materials
AG
5,579
1,288,873
Diversified
Telecommunication
Services
0.7%
Deutsche
Telekom
AG
(Registered)
146,589
5,253,989
Electrical
Equipment
0.4%
Siemens
Energy
AG*
28,323
3,293,822
Entertainment
0.0%
†
CTS
Eventim
AG
&
Co.
KGaA
2,760
312,009
Health
Care
Equipment
&
Supplies
0.1%
Siemens
Healthineers
AG
Reg.
S(b)
13,914
750,457
Health
Care
Providers
&
Services
0.2%
Fresenius
Medical
Care
AG
8,896
450,674
Fresenius
SE
&
Co.
KGaA
17,610
841,402
1,292,076
Household
Products
0.1%
Henkel
AG
&
Co.
KGaA
4,262
303,185
Henkel
AG
&
Co.
KGaA
(Preference)(a)
6,987
538,992
842,177
Independent
Power
and
Renewable
Electricity
Producers
0.1%
RWE
AG
26,054
1,068,867
Industrial
Conglomerates
1.0%
Siemens
AG
(Registered)
31,839
8,164,868
Insurance
1.4%
Allianz
SE
(Registered)
16,194
6,413,568
Hannover
Rueck
SE(a)
2,514
764,727
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen
(Registered)
5,635
3,702,029
Talanx
AG
2,747
365,285
11,245,609
Interactive
Media
&
Services
0.1%
Scout24
SE
Reg.
S(b)
3,125
418,581
Life
Sciences
Tools
&
Services
0.0%
†
Sartorius
AG
(Preference)
1,122
239,653
Machinery
0.2%
Daimler
Truck
Holding
AG
20,078
980,876
GEA
Group
AG
6,051
435,926
Knorr-Bremse
AG
3,192
319,986
Common
Stocks
Shares
Value
($)
GERMANY
Machinery
Rational
AG
234
181,478
1,918,266
Multi-Utilities
0.2%
E.ON
SE
93,592
1,704,821
Passenger
Airlines
0.0%
†
Deutsche
Lufthansa
AG
(Registered)(a)
24,950
214,731
Personal
Care
Products
0.1%
Beiersdorf
AG
4,098
509,131
Pharmaceuticals
0.3%
Bayer
AG
(Registered)
40,954
1,275,887
Merck
KGaA(a)
5,422
681,962
1,957,849
Real
Estate
Management
&
Development
0.2%
LEG
Immobilien
SE
3,226
257,057
Vonovia
SE
31,685
986,180
1,243,237
Semiconductors
&
Semiconductor
Equipment
0.3%
Infineon
Technologies
AG
54,440
2,150,744
Software
1.6%
Nemetschek
SE
2,476
370,176
SAP
SE
43,746
12,522,462
12,892,638
Specialty
Retail
0.0%
†
Zalando
SE
Reg.
S*(b)
9,273
272,191
Textiles,
Apparel
&
Luxury
Goods
0.2%
adidas
AG
7,128
1,366,484
Trading
Companies
&
Distributors
0.0%
†
Brenntag
SE
5,434
337,912
79,372,278
HONG
KONG
2.0%
Banks
0.1%
Hang
Seng
Bank
Ltd.
32,700
476,507
Capital
Markets
0.4%
Futu
Holdings
Ltd.,
ADR
2,497
383,739
Hong
Kong
Exchanges
&
Clearing
Ltd.
50,200
2,732,454
3,116,193
Diversified
Telecommunication
Services
0.0%
†
HKT
Trust
&
HKT
Ltd.
159,420
251,023
Electric
Utilities
0.2%
CK
Infrastructure
Holdings
Ltd.
28,500
200,981
CLP
Holdings
Ltd.
68,500
594,735
Power
Assets
Holdings
Ltd.
58,800
387,310
1,183,026
Food
Products
0.0%
†
WH
Group
Ltd.
Reg.
S(b)
333,743
336,400
Gas
Utilities
0.1%
Hong
Kong
&
China
Gas
Co.
Ltd.
457,565
408,691
Ground
Transportation
0.0%
†
MTR
Corp.
Ltd.(a)
66,714
240,138
44
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
International
Index
Fund
Common
Stocks
Shares
Value
($)
HONG
KONG
Industrial
Conglomerates
0.1%
Jardine
Matheson
Holdings
Ltd.
7,100
385,306
Swire
Pacific
Ltd.,
Class
A
14,000
126,748
512,054
Insurance
0.7%
AIA
Group
Ltd.
445,800
4,171,119
Prudential
plc
108,771
1,376,714
5,547,833
Machinery
0.1%
Techtronic
Industries
Co.
Ltd.
62,000
745,224
Real
Estate
Management
&
Development
0.2%
CK
Asset
Holdings
Ltd.
79,386
362,982
Henderson
Land
Development
Co.
Ltd.
58,352
203,770
Hongkong
Land
Holdings
Ltd.
42,800
257,547
Sino
Land
Co.
Ltd.
142,200
163,716
Sun
Hung
Kai
Properties
Ltd.
61,200
727,230
Wharf
Real
Estate
Investment
Co.
Ltd.
69,270
219,454
1,934,699
Retail
REITs
0.1%
Link
REIT
112,601
626,438
15,378,226
IRELAND
0.4%
Banks
0.1%
AIB
Group
plc
87,568
688,157
Bank
of
Ireland
Group
plc
41,316
553,143
1,241,300
Building
Products
0.1%
Kingspan
Group
plc
6,358
523,536
Food
Products
0.1%
Kerry
Group
plc,
Class
A
7,135
659,918
Trading
Companies
&
Distributors
0.1%
AerCap
Holdings
NV
7,628
818,103
3,242,857
ISRAEL
0.8%
Aerospace
&
Defense
0.1%
Elbit
Systems
Ltd.
1,105
509,936
Banks
0.4%
Bank
Hapoalim
BM
52,310
981,747
Bank
Leumi
Le-Israel
BM
62,516
1,156,233
Israel
Discount
Bank
Ltd.,
Class
A
51,253
490,528
Mizrahi
Tefahot
Bank
Ltd.
6,881
424,906
3,053,414
Chemicals
0.0%
†
ICL
Group
Ltd.
31,608
197,347
IT
Services
0.1%
Wix.com
Ltd.*
2,147
292,056
Pharmaceuticals
0.1%
Teva
Pharmaceutical
Industries
Ltd.,
ADR*
48,300
746,235
Real
Estate
Management
&
Development
0.0%
†
Azrieli
Group
Ltd.
1,994
196,112
Common
Stocks
Shares
Value
($)
ISRAEL
Software
0.1%
Check
Point
Software
Technologies
Ltd.*
3,556
662,127
Nice
Ltd.*
2,627
410,944
1,073,071
6,068,171
ITALY
3.2%
Aerospace
&
Defense
0.1%
Leonardo
SpA
17,187
921,206
Automobiles
0.3%
Ferrari
NV
5,255
2,298,883
Banks
1.3%
Banco
BPM
SpA
48,850
623,002
BPER
Banca
SpA
61,231
602,071
FinecoBank
Banca
Fineco
SpA
25,268
538,641
Intesa
Sanpaolo
SpA
630,850
3,803,782
Mediobanca
Banca
di
Credito
Finanziario
SpA(a)
21,232
467,543
UniCredit
SpA
59,015
4,341,766
10,376,805
Beverages
0.1%
Coca-Cola
HBC
AG
9,154
476,170
Davide
Campari-Milano
NV(a)
23,347
161,282
637,452
Diversified
Telecommunication
Services
0.0%
†
Infrastrutture
Wireless
Italiane
SpA
Reg.
S(a)(b)
13,058
154,234
Telecom
Italia
SpA*(a)
472,678
217,407
371,641
Electric
Utilities
0.5%
Enel
SpA
343,226
3,025,930
Terna
-
Rete
Elettrica
Nazionale(a)
58,345
561,968
3,587,898
Electrical
Equipment
0.1%
Prysmian
SpA
11,812
944,531
Financial
Services
0.0%
†
Banca
Mediolanum
SpA
9,666
170,588
Nexi
SpA
Reg.
S(a)(b)
18,762
107,021
277,609
Gas
Utilities
0.1%
Snam
SpA(a)
85,634
495,417
Health
Care
Equipment
&
Supplies
0.0%
†
DiaSorin
SpA
792
77,233
Insurance
0.3%
Generali(a)
35,983
1,341,639
Poste
Italiane
SpA
Reg.
S(b)
18,420
398,189
Unipol
Assicurazioni
SpA
14,816
297,185
2,037,013
Oil,
Gas
&
Consumable
Fuels
0.2%
Eni
SpA
93,038
1,578,119
Passenger
Airlines
0.1%
Ryanair
Holdings
plc
35,328
1,038,123
Pharmaceuticals
0.0%
†
Recordati
Industria
Chimica
e
Farmaceutica
SpA
4,875
280,045
Nationwide
International
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
45
Common
Stocks
Shares
Value
($)
ITALY
Textiles,
Apparel
&
Luxury
Goods
0.1%
Moncler
SpA
9,746
518,773
25,440,748
JAPAN
21.3%
Air
Freight
&
Logistics
0.0%
†
SG
Holdings
Co.
Ltd.(a)
14,900
165,539
Automobile
Components
0.4%
Aisin
Corp.
20,700
285,259
Bridgestone
Corp.
23,600
953,785
Denso
Corp.
78,900
1,067,339
Sumitomo
Electric
Industries
Ltd.
29,900
734,248
3,040,631
Automobiles
1.4%
Honda
Motor
Co.
Ltd.(a)
176,100
1,818,139
Isuzu
Motors
Ltd.
21,400
274,386
Nissan
Motor
Co.
Ltd.*(a)
91,400
194,463
Subaru
Corp.
23,800
434,302
Suzuki
Motor
Corp.
67,400
738,970
Toyota
Motor
Corp.
397,500
7,100,808
Yamaha
Motor
Co.
Ltd.
37,800
271,509
10,832,577
Banks
2.1%
Chiba
Bank
Ltd.
(The)(a)
25,900
241,502
Concordia
Financial
Group
Ltd.
40,600
269,024
Japan
Post
Bank
Co.
Ltd.
73,900
820,258
Mitsubishi
UFJ
Financial
Group,
Inc.
480,884
6,660,817
Mizuho
Financial
Group,
Inc.
99,551
2,920,256
Resona
Holdings,
Inc.
84,801
770,020
Sumitomo
Mitsui
Financial
Group,
Inc.
155,515
3,927,810
Sumitomo
Mitsui
Trust
Group,
Inc.
27,652
721,863
16,331,550
Beverages
0.2%
Asahi
Group
Holdings
Ltd.
61,900
784,150
Kirin
Holdings
Co.
Ltd.
33,900
448,196
Suntory
Beverage
&
Food
Ltd.
5,500
166,028
1,398,374
Broadline
Retail
0.1%
Pan
Pacific
International
Holdings
Corp.
16,500
552,791
Rakuten
Group,
Inc.*
60,600
306,455
859,246
Building
Products
0.2%
AGC,
Inc.
8,820
264,338
Daikin
Industries
Ltd.
11,100
1,374,949
1,639,287
Capital
Markets
0.3%
Daiwa
Securities
Group,
Inc.
54,000
373,754
Japan
Exchange
Group,
Inc.
40,200
391,131
Nomura
Holdings,
Inc.
128,400
845,734
SBI
Holdings,
Inc.
10,970
406,297
2,016,916
Chemicals
0.6%
Asahi
Kasei
Corp.
50,300
349,467
Mitsubishi
Chemical
Group
Corp.
54,200
295,100
Common
Stocks
Shares
Value
($)
JAPAN
Chemicals
Nippon
Paint
Holdings
Co.
Ltd.(a)
37,900
321,379
Nippon
Sanso
Holdings
Corp.(a)
7,500
265,748
Nitto
Denko
Corp.
29,450
607,836
Shin-Etsu
Chemical
Co.
Ltd.
75,100
2,166,569
Toray
Industries,
Inc.
59,300
405,080
4,411,179
Commercial
Services
&
Supplies
0.1%
Dai
Nippon
Printing
Co.
Ltd.
17,500
268,817
Secom
Co.
Ltd.
17,900
640,566
TOPPAN
Holdings,
Inc.
9,300
250,517
1,159,900
Construction
&
Engineering
0.2%
Kajima
Corp.
18,000
450,412
Obayashi
Corp.
27,300
401,407
Taisei
Corp.
6,700
401,223
1,253,042
Consumer
Staples
Distribution
&
Retail
0.3%
Aeon
Co.
Ltd.
30,900
988,295
Kobe
Bussan
Co.
Ltd.
6,100
164,948
MatsukiyoCocokara
&
Co.
14,500
297,667
Seven
&
i
Holdings
Co.
Ltd.
92,300
1,215,149
2,666,059
Diversified
Telecommunication
Services
0.2%
NTT,
Inc.
1,245,700
1,258,145
Electric
Utilities
0.1%
Chubu
Electric
Power
Co.,
Inc.
25,600
311,677
Kansai
Electric
Power
Co.,
Inc.
(The)
40,300
484,339
796,016
Electrical
Equipment
0.4%
Fuji
Electric
Co.
Ltd.
5,240
260,251
Fujikura
Ltd.
10,600
728,089
Mitsubishi
Electric
Corp.
79,300
1,741,402
Nidec
Corp.
35,400
675,952
3,405,694
Electronic
Equipment,
Instruments
&
Components
0.8%
Keyence
Corp.
8,272
2,990,749
Kyocera
Corp.
55,100
658,951
Murata
Manufacturing
Co.
Ltd.(a)
69,600
1,033,258
Omron
Corp.
7,700
198,258
Shimadzu
Corp.
10,600
234,614
TDK
Corp.
79,900
972,112
Yokogawa
Electric
Corp.
9,600
254,325
6,342,267
Entertainment
0.7%
Capcom
Co.
Ltd.
14,300
365,551
Konami
Group
Corp.
4,100
554,819
Nexon
Co.
Ltd.
14,500
265,388
Nintendo
Co.
Ltd.
46,500
3,880,944
Toho
Co.
Ltd.(a)
4,700
295,967
5,362,669
Financial
Services
0.2%
Mitsubishi
HC
Capital,
Inc.
38,500
283,862
ORIX
Corp.
48,300
1,081,168
1,365,030
46
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
International
Index
Fund
Common
Stocks
Shares
Value
($)
JAPAN
Food
Products
0.2%
Ajinomoto
Co.,
Inc.
38,000
1,004,199
Kikkoman
Corp.(a)
26,500
231,555
MEIJI
Holdings
Co.
Ltd.
9,396
190,626
Nissin
Foods
Holdings
Co.
Ltd.(a)
8,300
157,584
Yakult
Honsha
Co.
Ltd.(a)
11,000
176,961
1,760,925
Gas
Utilities
0.1%
Osaka
Gas
Co.
Ltd.
15,380
387,145
Tokyo
Gas
Co.
Ltd.
14,180
473,960
861,105
Ground
Transportation
0.3%
Central
Japan
Railway
Co.
31,500
730,623
East
Japan
Railway
Co.
38,770
825,176
Hankyu
Hanshin
Holdings,
Inc.
8,900
231,683
Tokyo
Metro
Co.
Ltd.(a)
13,100
141,049
Tokyu
Corp.
22,350
251,866
West
Japan
Railway
Co.(a)
18,200
399,155
2,579,552
Health
Care
Equipment
&
Supplies
0.5%
Hoya
Corp.
14,700
1,858,026
Olympus
Corp.
46,900
559,552
Sysmex
Corp.
21,500
350,314
Terumo
Corp.
55,500
938,369
3,706,261
Health
Care
Technology
0.0%
†
M3,
Inc.(a)
19,700
244,025
Hotels,
Restaurants
&
Leisure
0.1%
Oriental
Land
Co.
Ltd.
45,000
927,096
Zensho
Holdings
Co.
Ltd.
4,100
216,776
1,143,872
Household
Durables
1.0%
Panasonic
Holdings
Corp.
97,202
919,279
Sekisui
House
Ltd.(a)
24,800
521,870
Sony
Group
Corp.
258,000
6,243,781
7,684,930
Household
Products
0.0%
†
Unicharm
Corp.(a)
45,100
315,137
Industrial
Conglomerates
0.8%
Hikari
Tsushin,
Inc.
800
214,966
Hitachi
Ltd.
192,300
5,907,702
Sekisui
Chemical
Co.
Ltd.
16,600
287,975
6,410,643
Insurance
1.0%
Dai-ichi
Life
Holdings,
Inc.
146,300
1,153,253
Japan
Post
Holdings
Co.
Ltd.
72,900
672,218
Japan
Post
Insurance
Co.
Ltd.
8,800
224,468
MS&AD
Insurance
Group
Holdings,
Inc.
53,665
1,143,193
Sompo
Holdings,
Inc.
37,175
1,089,458
T&D
Holdings,
Inc.
21,000
511,744
Tokio
Marine
Holdings,
Inc.
77,600
3,118,108
7,912,442
Interactive
Media
&
Services
0.1%
LY
Corp.
117,600
430,085
IT
Services
0.7%
Fujitsu
Ltd.
74,600
1,621,972
NEC
Corp.
51,200
1,474,503
Common
Stocks
Shares
Value
($)
JAPAN
IT
Services
Nomura
Research
Institute
Ltd.
15,754
624,198
NTT
Data
Group
Corp.
12,220
316,560
Obic
Co.
Ltd.
13,800
494,508
Otsuka
Corp.
9,300
176,396
SCSK
Corp.
6,800
211,604
TIS,
Inc.
8,900
284,544
5,204,285
Leisure
Products
0.1%
Bandai
Namco
Holdings,
Inc.
24,247
783,256
Shimano,
Inc.
3,300
360,803
1,144,059
Machinery
1.2%
Daifuku
Co.
Ltd.(a)
13,100
334,690
FANUC
Corp.
39,400
1,103,833
Hoshizaki
Corp.(a)
4,700
161,702
IHI
Corp.
6,000
669,524
Komatsu
Ltd.
37,700
1,205,360
Kubota
Corp.
42,200
468,747
Makita
Corp.
9,400
290,227
MINEBEA
MITSUMI,
Inc.
16,000
251,940
Mitsubishi
Heavy
Industries
Ltd.
133,600
3,181,329
SMC
Corp.
2,400
846,132
Toyota
Industries
Corp.
6,800
725,708
9,239,192
Marine
Transportation
0.2%
Kawasaki
Kisen
Kaisha
Ltd.
(a)
14,600
205,494
Mitsui
OSK
Lines
Ltd.(a)
14,300
478,896
Nippon
Yusen
KK
18,220
636,501
1,320,891
Media
0.0%
†
Dentsu
Group,
Inc.(a)
8,961
175,987
Metals
&
Mining
0.2%
JFE
Holdings,
Inc.
22,400
258,366
Nippon
Steel
Corp.
39,706
764,551
Sumitomo
Metal
Mining
Co.
Ltd.(a)
10,900
239,815
1,262,732
Office
REITs
0.0%
†
Nippon
Building
Fund,
Inc.
303
278,333
Oil,
Gas
&
Consumable
Fuels
0.2%
ENEOS
Holdings,
Inc.
112,517
585,731
Idemitsu
Kosan
Co.
Ltd.
31,420
200,339
Inpex
Corp.
36,300
513,095
1,299,165
Passenger
Airlines
0.0%
†
ANA
Holdings,
Inc.
7,400
137,006
Japan
Airlines
Co.
Ltd.
5,574
110,679
247,685
Personal
Care
Products
0.1%
Kao
Corp.
20,000
901,427
Shiseido
Co.
Ltd.(a)
15,800
255,364
1,156,791
Pharmaceuticals
1.0%
Astellas
Pharma,
Inc.
77,400
805,497
Chugai
Pharmaceutical
Co.
Ltd.
28,400
1,383,961
Daiichi
Sankyo
Co.
Ltd.
71,600
1,754,912
Nationwide
International
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
47
Common
Stocks
Shares
Value
($)
JAPAN
Pharmaceuticals
Eisai
Co.
Ltd.
11,400
321,402
Kyowa
Kirin
Co.
Ltd.(a)
8,900
151,649
Ono
Pharmaceutical
Co.
Ltd.
15,700
174,599
Otsuka
Holdings
Co.
Ltd.
18,400
886,221
Shionogi
&
Co.
Ltd.
32,800
546,367
Takeda
Pharmaceutical
Co.
Ltd.
67,597
1,857,959
7,882,567
Professional
Services
0.4%
Recruit
Holdings
Co.
Ltd.
58,700
3,482,694
Real
Estate
Management
&
Development
0.4%
Daito
Trust
Construction
Co.
Ltd.
2,600
266,900
Daiwa
House
Industry
Co.
Ltd.
22,900
756,057
Hulic
Co.
Ltd.
19,100
182,482
Mitsubishi
Estate
Co.
Ltd.
43,700
817,278
Mitsui
Fudosan
Co.
Ltd.
111,300
998,031
Sumitomo
Realty
&
Development
Co.
Ltd.
12,600
460,920
3,481,668
Semiconductors
&
Semiconductor
Equipment
1.0%
Advantest
Corp.
32,500
2,177,932
Disco
Corp.
3,900
1,161,878
Lasertec
Corp.(a)
3,300
335,961
Renesas
Electronics
Corp.
69,700
860,056
SCREEN
Holdings
Co.
Ltd.
(a)
3,600
283,110
Tokyo
Electron
Ltd.
18,700
3,348,881
8,167,818
Software
0.1%
Oracle
Corp.
Japan
1,700
184,231
Trend
Micro,
Inc.
5,200
316,662
500,893
Specialty
Retail
0.4%
Fast
Retailing
Co.
Ltd.
8,000
2,445,350
Nitori
Holdings
Co.
Ltd.(a)
3,300
283,498
Sanrio
Co.
Ltd.
7,700
313,413
ZOZO,
Inc.
16,500
163,795
3,206,056
Technology
Hardware,
Storage
&
Peripherals
0.3%
Canon,
Inc.
38,900
1,100,652
FUJIFILM
Holdings
Corp.(a)
46,700
970,212
Ricoh
Co.
Ltd.(a)
24,400
213,578
2,284,442
Textiles,
Apparel
&
Luxury
Goods
0.1%
Asics
Corp.
27,100
631,816
Tobacco
0.2%
Japan
Tobacco,
Inc.
50,600
1,443,823
Trading
Companies
&
Distributors
1.4%
ITOCHU
Corp.
49,600
2,612,234
Marubeni
Corp.(a)
58,800
1,202,689
Mitsubishi
Corp.
142,500
2,802,605
Mitsui
&
Co.
Ltd.
102,900
2,099,054
MonotaRO
Co.
Ltd.
11,400
203,776
Sumitomo
Corp.
45,400
1,152,150
Toyota
Tsusho
Corp.
26,200
597,562
10,670,070
Wireless
Telecommunication
Services
0.9%
KDDI
Corp.
127,900
2,099,349
Common
Stocks
Shares
Value
($)
JAPAN
Wireless
Telecommunication
Services
SoftBank
Corp.
1,193,400
1,723,617
SoftBank
Group
Corp.
40,400
3,124,976
6,947,942
167,382,007
LUXEMBOURG
0.1%
Capital
Markets
0.0%
†
CVC
Capital
Partners
plc
Reg.
S(b)
8,940
171,243
Life
Sciences
Tools
&
Services
0.0%
†
Eurofins
Scientific
SE
5,118
392,338
Metals
&
Mining
0.1%
ArcelorMittal
SA
19,497
616,751
1,180,332
MACAU
0.1%
Hotels,
Restaurants
&
Leisure
0.1%
Galaxy
Entertainment
Group
Ltd.
91,000
445,396
Sands
China
Ltd.
106,700
258,963
704,359
NETHERLANDS
3.9%
Banks
0.4%
ABN
AMRO
Bank
NV,
CVA
Reg.
S(b)
18,750
539,914
ING
Groep
NV
131,204
3,048,777
3,588,691
Beverages
0.2%
Heineken
Holding
NV
5,232
353,831
Heineken
NV
12,230
961,444
1,315,275
Biotechnology
0.2%
Argenx
SE*
2,564
1,715,077
Capital
Markets
0.1%
Euronext
NV
Reg.
S(b)
3,224
519,428
Chemicals
0.1%
Akzo
Nobel
NV
7,469
466,779
Consumer
Staples
Distribution
&
Retail
0.2%
Koninklijke
Ahold
Delhaize
NV
38,057
1,501,829
Diversified
Telecommunication
Services
0.1%
Koninklijke
KPN
NV
163,813
732,222
Entertainment
0.2%
Universal
Music
Group
NV(a)
46,323
1,332,894
Financial
Services
0.3%
Adyen
NV
Reg.
S*(b)
1,050
1,798,264
EXOR
NV
3,783
364,238
2,162,502
Food
Products
0.0%
†
JDE
Peet's
NV
6,631
196,942
Health
Care
Equipment
&
Supplies
0.1%
Koninklijke
Philips
NV
35,378
925,167
Insurance
0.2%
Aegon
Ltd.
56,151
400,173
ASR
Nederland
NV
6,394
424,403
NN
Group
NV
11,347
763,299
1,587,875
48
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
International
Index
Fund
Common
Stocks
Shares
Value
($)
NETHERLANDS
Professional
Services
0.2%
Randstad
NV(a)
4,364
207,117
Wolters
Kluwer
NV
9,896
1,539,526
1,746,643
Semiconductors
&
Semiconductor
Equipment
1.6%
ASM
International
NV
1,991
963,654
ASML
Holding
NV
16,499
11,448,752
BE
Semiconductor
Industries
NV
3,369
453,875
12,866,281
Trading
Companies
&
Distributors
0.0%
†
IMCD
NV
2,382
260,611
30,918,216
NEW
ZEALAND
0.3%
Electric
Utilities
0.0%
†
Contact
Energy
Ltd.
37,423
201,066
Financial
Services
0.0%
†
Infratil
Ltd.
39,419
269,026
Health
Care
Equipment
&
Supplies
0.1%
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
24,257
523,464
Independent
Power
and
Renewable
Electricity
Producers
0.0%
†
Meridian
Energy
Ltd.
59,543
199,601
Software
0.1%
Xero
Ltd.*
6,661
767,101
Transportation
Infrastructure
0.1%
Auckland
International
Airport
Ltd.
68,275
302,252
2,262,510
NORWAY
0.6%
Aerospace
&
Defense
0.1%
Kongsberg
Gruppen
ASA
18,334
549,176
Banks
0.1%
DNB
Bank
ASA
36,806
933,145
Diversified
Telecommunication
Services
0.1%
Telenor
ASA
25,613
393,022
Food
Products
0.1%
Mowi
ASA
19,401
361,223
Orkla
ASA
31,041
327,021
Salmar
ASA
3,347
135,896
824,140
Insurance
0.0%
†
Gjensidige
Forsikring
ASA
7,583
199,064
Metals
&
Mining
0.0%
†
Norsk
Hydro
ASA
58,343
346,496
Oil,
Gas
&
Consumable
Fuels
0.2%
Aker
BP
ASA
13,033
312,994
Equinor
ASA
35,535
913,078
1,226,072
4,471,115
POLAND
0.0%
†
Air
Freight
&
Logistics
0.0%
†
InPost
SA*
9,497
136,024
Common
Stocks
Shares
Value
($)
PORTUGAL
0.2%
Consumer
Staples
Distribution
&
Retail
0.0%
†
Jeronimo
Martins
SGPS
SA
11,882
289,548
Electric
Utilities
0.1%
EDP
SA
135,347
583,113
Oil,
Gas
&
Consumable
Fuels
0.1%
Galp
Energia
SGPS
SA
16,559
314,759
1,187,420
SINGAPORE
1.8%
Aerospace
&
Defense
0.1%
Singapore
Technologies
Engineering
Ltd.
68,100
458,153
Banks
0.8%
DBS
Group
Holdings
Ltd.
88,825
3,260,311
Oversea-Chinese
Banking
Corp.
Ltd.
141,189
1,826,611
United
Overseas
Bank
Ltd.
52,662
1,451,143
6,538,065
Capital
Markets
0.1%
Singapore
Exchange
Ltd.
35,000
429,776
Diversified
REITs
0.1%
CapitaLand
Integrated
Commercial
Trust
240,037
405,553
Diversified
Telecommunication
Services
0.1%
Singapore
Telecommunications
Ltd.
305,303
910,292
Entertainment
0.3%
Sea
Ltd.,
ADR*
16,210
2,539,297
Ground
Transportation
0.1%
Grab
Holdings
Ltd.,
Class
A*
96,793
473,318
Hotels,
Restaurants
&
Leisure
0.0%
†
Genting
Singapore
Ltd.
262,717
148,282
Industrial
Conglomerates
0.1%
Keppel
Ltd.
60,100
389,923
Industrial
REITs
0.0%
†
CapitaLand
Ascendas
REIT
151,813
324,629
Multi-Utilities
0.0%
†
Sembcorp
Industries
Ltd.
37,500
222,830
Passenger
Airlines
0.0%
†
Singapore
Airlines
Ltd.
60,182
314,090
Real
Estate
Management
&
Development
0.0%
†
CapitaLand
Investment
Ltd.
99,345
211,337
Semiconductors
&
Semiconductor
Equipment
0.1%
STMicroelectronics
NV
28,753
731,382
14,096,927
SOUTH
AFRICA
0.2%
Metals
&
Mining
0.2%
Anglo
American
plc
47,398
1,339,807
SOUTH
KOREA
0.0%
†
Hotels,
Restaurants
&
Leisure
0.0%
†
Delivery
Hero
SE
Reg.
S*(b)
8,194
245,194
SPAIN
3.2%
Banks
1.6%
Banco
Bilbao
Vizcaya
Argentaria
SA
240,253
4,010,330
Nationwide
International
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
49
Common
Stocks
Shares
Value
($)
SPAIN
Banks
Banco
de
Sabadell
SA
228,357
843,826
Banco
Santander
SA
636,203
5,466,234
Bankinter
SA
28,950
412,608
CaixaBank
SA
167,582
1,576,280
12,309,278
Biotechnology
0.0%
†
Grifols
SA*
12,552
187,812
Construction
&
Engineering
0.0%
†
ACS
Actividades
de
Construccion
y
Servicios
SA(a)
7,485
515,570
Diversified
Telecommunication
Services
0.2%
Cellnex
Telecom
SA
Reg.
S(b)
20,615
723,328
Telefonica
SA(a)
152,058
786,386
1,509,714
Electric
Utilities
0.7%
Acciona
SA(a)
921
176,656
Endesa
SA
12,856
371,754
Iberdrola
SA
265,778
4,665,058
Redeia
Corp.
SA
16,266
315,166
5,528,634
Hotels,
Restaurants
&
Leisure
0.2%
Amadeus
IT
Group
SA
19,131
1,535,747
Independent
Power
and
Renewable
Electricity
Producers
0.0%
†
EDP
Renovaveis
SA(a)
11,993
140,441
Oil,
Gas
&
Consumable
Fuels
0.1%
Repsol
SA
49,151
744,524
Specialty
Retail
0.3%
Industria
de
Diseno
Textil
SA
45,473
2,173,964
Transportation
Infrastructure
0.1%
Aena
SME
SA
Reg.
S(b)
31,750
854,512
25,500,196
SWEDEN
3.0%
Aerospace
&
Defense
0.1%
Saab
AB,
Class
B
13,664
742,864
Banks
0.4%
Skandinaviska
Enskilda
Banken
AB,
Class
A
65,657
1,146,450
Svenska
Handelsbanken
AB,
Class
A
61,627
751,901
Swedbank
AB,
Class
A
36,113
961,051
2,859,402
Biotechnology
0.0%
†
Swedish
Orphan
Biovitrum
AB*
8,231
225,668
Building
Products
0.2%
Assa
Abloy
AB,
Class
B
41,783
1,373,957
Nibe
Industrier
AB,
Class
B(a)
65,808
300,938
1,674,895
Capital
Markets
0.1%
EQT
AB(a)
15,147
503,930
Commercial
Services
&
Supplies
0.0%
†
Securitas
AB,
Class
B
21,541
318,877
Common
Stocks
Shares
Value
($)
SWEDEN
Communications
Equipment
0.1%
Telefonaktiebolaget
LM
Ericsson,
Class
B
118,315
858,217
Construction
&
Engineering
0.0%
†
Skanska
AB,
Class
B
13,407
311,584
Diversified
Telecommunication
Services
0.0%
†
Telia
Co.
AB(a)
98,756
348,173
Electronic
Equipment,
Instruments
&
Components
0.1%
Hexagon
AB,
Class
B
87,915
966,430
Financial
Services
0.3%
Industrivarden
AB,
Class
A
5,019
185,726
Industrivarden
AB,
Class
C(a)
5,985
221,102
Investor
AB,
Class
B
72,153
2,090,986
L
E
Lundbergforetagen
AB,
Class
B
3,496
170,540
2,668,354
Hotels,
Restaurants
&
Leisure
0.1%
Evolution
AB
Reg.
S(b)
5,883
522,692
Household
Products
0.1%
Essity
AB,
Class
B
25,584
630,022
Industrial
Conglomerates
0.1%
Investment
AB
Latour,
Class
B
6,259
159,691
Lifco
AB,
Class
B
9,339
332,646
492,337
Machinery
1.0%
Alfa
Laval
AB
11,894
515,711
Atlas
Copco
AB,
Class
A
111,973
1,696,724
Atlas
Copco
AB,
Class
B
66,357
893,009
Epiroc
AB,
Class
A
27,395
554,985
Epiroc
AB,
Class
B
15,611
278,750
Indutrade
AB
12,099
292,755
Sandvik
AB
45,344
1,104,456
SKF
AB,
Class
B(a)
13,322
310,299
Trelleborg
AB,
Class
B(a)
8,830
318,888
Volvo
AB,
Class
B
67,338
1,928,946
7,894,523
Metals
&
Mining
0.1%
Boliden
AB*
11,598
353,882
Paper
&
Forest
Products
0.1%
Holmen
AB,
Class
B(a)
3,240
120,270
Svenska
Cellulosa
AB
SCA,
Class
B(a)
25,377
317,954
438,224
Real
Estate
Management
&
Development
0.1%
Fastighets
AB
Balder,
Class
B*
31,261
210,570
Sagax
AB,
Class
B(a)
9,425
199,180
409,750
Specialty
Retail
0.0%
†
H
&
M
Hennes
&
Mauritz
AB,
Class
B(a)
23,367
314,606
Trading
Companies
&
Distributors
0.1%
AddTech
AB,
Class
B
10,775
362,207
Beijer
Ref
AB,
Class
B(a)
17,044
285,412
647,619
50
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
International
Index
Fund
Common
Stocks
Shares
Value
($)
SWEDEN
Wireless
Telecommunication
Services
0.0%
†
Tele2
AB,
Class
B
22,697
350,395
23,532,444
SWITZERLAND
4.9%
Banks
0.0%
†
Banque
Cantonale
Vaudoise
(Registered)(a)
1,290
149,017
Building
Products
0.1%
Geberit
AG
(Registered)
1,374
1,049,998
Capital
Markets
0.9%
Julius
Baer
Group
Ltd.
8,523
573,328
Partners
Group
Holding
AG(a)
972
1,303,406
UBS
Group
AG
(Registered)
138,226
5,136,530
7,013,264
Chemicals
0.5%
DSM-Firmenich
AG
7,869
757,208
EMS-Chemie
Holding
AG
(Registered)
282
222,144
Givaudan
SA
(Registered)
393
1,642,350
Sika
AG
(Registered)
6,355
1,498,747
4,120,449
Containers
&
Packaging
0.0%
†
SIG
Group
AG(a)
13,457
217,361
Diversified
Telecommunication
Services
0.1%
Swisscom
AG
(Registered)
(a)
1,080
751,399
Electric
Utilities
0.0%
†
BKW
AG
927
206,135
Electrical
Equipment
0.6%
ABB
Ltd.
(Registered)
66,594
4,357,579
Food
Products
0.2%
Barry
Callebaut
AG
(Registered)(a)
149
182,470
Chocoladefabriken
Lindt
&
Spruengli
AG
39
574,330
Chocoladefabriken
Lindt
&
Spruengli
AG
(Registered)
5
731,507
1,488,307
Health
Care
Equipment
&
Supplies
0.1%
Sonova
Holding
AG
(Registered)
2,117
575,799
Straumann
Holding
AG
(Registered)(a)
4,641
561,568
1,137,367
Insurance
0.8%
Baloise
Holding
AG
(Registered)
1,655
395,210
Helvetia
Holding
AG
(Registered)
1,503
360,757
Swiss
Life
Holding
AG
(Registered)(a)
1,193
1,233,253
Zurich
Insurance
Group
AG
6,102
4,151,357
6,140,577
Life
Sciences
Tools
&
Services
0.3%
Lonza
Group
AG
(Registered)
3,011
2,104,300
Common
Stocks
Shares
Value
($)
SWITZERLAND
Machinery
0.2%
Schindler
Holding
AG(a)
1,694
613,110
Schindler
Holding
AG
(Registered)
951
334,028
VAT
Group
AG
Reg.
S(b)
1,184
414,890
1,362,028
Marine
Transportation
0.1%
Kuehne
+
Nagel
International
AG
(Registered)(a)
1,963
398,455
Pharmaceuticals
0.2%
Galderma
Group
AG
5,487
852,051
Sandoz
Group
AG
17,394
991,916
1,843,967
Professional
Services
0.1%
SGS
SA
(Registered)
6,713
680,723
Real
Estate
Management
&
Development
0.1%
Swiss
Prime
Site
AG
(Registered)
3,317
458,653
Software
0.0%
†
Temenos
AG
(Registered)
2,491
223,295
Specialty
Retail
0.0%
†
Avolta
AG
3,845
200,098
Technology
Hardware,
Storage
&
Peripherals
0.1%
Logitech
International
SA
(Registered)
6,196
575,246
Textiles,
Apparel
&
Luxury
Goods
0.5%
Cie
Financiere
Richemont
SA
(Registered)
22,410
3,646,837
Swatch
Group
AG
(The)(a)
1,281
226,773
3,873,610
38,351,828
UNITED
KINGDOM
11.4%
Aerospace
&
Defense
1.1%
BAE
Systems
plc
125,577
2,988,988
Melrose
Industries
plc
51,528
347,219
Rolls-Royce
Holdings
plc
356,408
5,027,266
8,363,473
Banks
2.3%
Barclays
plc
603,197
2,938,320
HSBC
Holdings
plc
740,381
8,997,899
Lloyds
Banking
Group
plc
2,537,327
2,599,511
NatWest
Group
plc
336,748
2,337,527
Standard
Chartered
plc
84,154
1,507,251
18,380,508
Beverages
0.4%
Coca-Cola
Europacific
Partners
plc(a)
9,548
925,392
Diageo
plc
92,764
2,265,228
3,190,620
Broadline
Retail
0.1%
Next
plc
5,000
811,552
Capital
Markets
0.6%
3i
Group
plc
40,578
2,218,656
London
Stock
Exchange
Group
plc
20,135
2,456,018
Schroders
plc
33,652
173,262
4,847,936
Nationwide
International
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
51
Common
Stocks
Shares
Value
($)
UNITED
KINGDOM
Chemicals
0.0%
†
Croda
International
plc
5,837
200,916
Commercial
Services
&
Supplies
0.1%
Rentokil
Initial
plc
103,895
516,339
Consumer
Staples
Distribution
&
Retail
0.3%
J
Sainsbury
plc
70,398
281,876
Marks
&
Spencer
Group
plc
86,740
398,229
Tesco
plc
280,487
1,574,459
2,254,564
Diversified
Consumer
Services
0.0%
†
Pearson
plc
26,179
370,378
Diversified
REITs
0.0%
†
Land
Securities
Group
plc
30,986
235,715
Diversified
Telecommunication
Services
0.1%
BT
Group
plc
256,068
699,011
Electric
Utilities
0.1%
SSE
plc
46,118
1,123,729
Electronic
Equipment,
Instruments
&
Components
0.1%
Halma
plc
15,851
678,820
Financial
Services
0.1%
M&G
plc
89,106
306,828
Wise
plc,
Class
A*
28,293
378,330
685,158
Food
Products
0.1%
Associated
British
Foods
plc
14,082
408,107
Health
Care
Equipment
&
Supplies
0.1%
Smith
&
Nephew
plc
35,927
550,160
Hotels,
Restaurants
&
Leisure
0.5%
Compass
Group
plc
70,760
2,486,949
Entain
plc
26,668
358,191
InterContinental
Hotels
Group
plc
6,041
696,068
Whitbread
plc
7,132
286,922
3,828,130
Household
Durables
0.0%
†
Barratt
Redrow
plc
57,160
281,658
Household
Products
0.3%
Reckitt
Benckiser
Group
plc
28,425
2,123,861
Industrial
Conglomerates
0.2%
CK
Hutchison
Holdings
Ltd.
114,886
752,553
DCC
plc
3,846
241,124
Smiths
Group
plc
14,402
446,056
1,439,733
Industrial
REITs
0.1%
Segro
plc
52,826
450,364
Insurance
0.3%
Admiral
Group
plc
11,140
502,364
Aviva
plc
127,292
1,087,101
Legal
&
General
Group
plc
249,255
842,957
Phoenix
Group
Holdings
plc
29,590
258,747
2,691,169
Interactive
Media
&
Services
0.1%
Auto
Trader
Group
plc
Reg.
S(b)
37,663
415,684
Machinery
0.0%
†
Spirax
Group
plc
2,887
241,226
Common
Stocks
Shares
Value
($)
UNITED
KINGDOM
Media
0.1%
Informa
plc
55,305
631,956
WPP
plc
47,604
257,322
889,278
Multi-Utilities
0.4%
Centrica
plc
206,334
447,620
National
Grid
plc
204,145
2,867,777
3,315,397
Passenger
Airlines
0.0%
†
International
Consolidated
Airlines
Group
SA
53,726
269,797
Personal
Care
Products
0.8%
Unilever
plc
104,927
6,102,786
Pharmaceuticals
1.2%
AstraZeneca
plc
64,960
9,474,567
Hikma
Pharmaceuticals
plc
7,547
195,273
9,669,840
Professional
Services
0.6%
Intertek
Group
plc
6,441
418,770
RELX
plc
77,741
4,029,505
4,448,275
Software
0.1%
Sage
Group
plc
(The)
42,016
674,772
Specialty
Retail
0.1%
JD
Sports
Fashion
plc
115,121
129,724
Kingfisher
plc
70,523
251,274
380,998
Tobacco
0.7%
British
American
Tobacco
plc
82,580
4,420,526
Imperial
Brands
plc
32,610
1,271,252
5,691,778
Trading
Companies
&
Distributors
0.2%
Ashtead
Group
plc
17,886
1,196,458
Bunzl
plc
13,734
408,091
1,604,549
Water
Utilities
0.1%
Severn
Trent
plc
11,465
401,870
United
Utilities
Group
plc
28,601
426,813
828,683
Wireless
Telecommunication
Services
0.1%
Vodafone
Group
plc
824,092
892,783
89,557,747
UNITED
STATES
9.8%
Automobiles
0.1%
Stellantis
NV
85,042
751,696
Biotechnology
0.5%
CSL
Ltd.
20,430
3,537,969
Construction
&
Engineering
0.1%
Ferrovial
SE
21,289
1,090,199
Construction
Materials
0.4%
Amrize
Ltd.*
22,234
1,123,949
Holcim
AG
22,234
1,762,847
James
Hardie
Industries
plc
CHDI*
24,040
633,427
3,520,223
Electrical
Equipment
0.8%
Schneider
Electric
SE
22,796
5,948,191
52
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
International
Index
Fund
Common
Stocks
Shares
Value
($)
UNITED
STATES
Energy
Equipment
&
Services
0.0%
†
Tenaris
SA
18,021
317,059
Entertainment
0.5%
Spotify
Technology
SA*
6,400
4,009,856
Food
Products
1.2%
Nestle
SA
(Registered)
109,760
9,572,175
Health
Care
Equipment
&
Supplies
0.2%
Alcon
AG(a)
20,831
1,827,167
Insurance
0.3%
Swiss
Re
AG
12,574
2,244,202
Life
Sciences
Tools
&
Services
0.1%
QIAGEN
NV
9,226
461,717
Oil,
Gas
&
Consumable
Fuels
1.6%
BP
plc
675,248
3,618,195
Shell
plc
250,772
8,998,277
12,616,472
Pharmaceuticals
3.5%
GSK
plc
171,594
3,160,347
Haleon
plc
376,207
1,771,862
Novartis
AG
(Registered)
79,646
9,015,629
Roche
Holding
AG
30,732
9,667,729
Sanofi
SA
46,281
4,205,540
27,821,107
Professional
Services
0.3%
Experian
plc
38,276
2,017,301
Software
0.2%
CyberArk
Software
Ltd.*
1,989
818,414
Monday.com
Ltd.*
1,702
446,417
1,264,831
77,000,165
Total
Common
Stocks
(cost
$357,901,340)
770,907,104
Repurchase
Agreements
3.0%  
Principal
Amount
($)
CF
Secured,
LLC,
4.34%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$1,323,915,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.00%,
maturing
8/31/2025
-
2/15/2053;
total
market
value
$1,350,393.(c)
1,323,755
1,323,755
Repurchase
Agreements
Principal
Amount
($)
Value
($)
Santander
US
Capital
Markets,
4.35%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$13,001,571,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.01%
-
5.45%,
maturing
5/25/2030
-
8/25/2055;
total
market
value
$13,261,609.(c)
13,000,000
13,000,000
Santander
US
Capital
Markets,
4.36%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$8,000,969,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
0.01%
-
5.45%,
maturing
5/25/2030
-
8/25/2055;
total
market
value
$8,160,988.(c)
8,000,000
8,000,000
Societe
Generale,
4.35%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$1,000,121,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
1.63%
-
4.50%,
maturing
2/15/2038
-
2/15/2052;
total
market
value
$1,020,000.(c)
1,000,000
1,000,000
Total
Repurchase
Agreements
(cost
$23,323,755)
23,323,755
Total
Investments
(cost
$381,225,095)
—
101.1%
794,230,859
Liabilities
in
excess
of
other
assets
—
(1.1)%
(8,891,424)
NET
ASSETS
—
100.0%
$
785,339,435
Nationwide
International
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
53
*
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,
2025.
The
total
value
of
securities
on
loan
as
of
July
31,
2025
was
$27,162,808,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$23,323,755
and
by
$6,352,136
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.13%,
and
maturity
dates
ranging
from
8/7/2025
-
11/15/2054,
a
total
value
of
$29,675,891.
(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,
2025
was
$9,566,954
which
represents
1.22%
of
net
assets.
(c)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2025
was
$23,323,755.
ADR
American
Depositary
Receipt
CHDI
Clearing
House
Electronic
Subregister
System
(CHESS)
Depository
Interest
CVA
Dutch
Certification
Preference
A
special
type
of
equity
investment
that
shares
in
the
earnings
of
the
company,
has
limited
voting
rights,
and
may
have
a
dividend
preference.
Preference
shares
may
also
have
liquidation
preference.
Reg.
S
Regulation
S
-
Security
was
purchased
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933,
which
exempts
from
registration
securities
offered
and
sold
outside
of
the
United
States.
Such
security
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933
or
pursuant
to
an
exemption
from
registration.
Currently
there
is
no
restriction
on
trading
this
security.
REIT
Real
Estate
Investment
Trust
Futures
contracts
outstanding
as
of
July
31,
2025:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
EURO
STOXX
50
Index
52
9/2025
EUR
3,168,884
(2,574)
FTSE
100
Index
14
9/2025
GBP
1,686,946
29,408
Nikkei
225
Index
10
9/2025
JPY
1,365,219
46,862
SPI
200
Index
7
9/2025
AUD
978,772
11,716
Net
contracts
85,412
Currency:
AUD
Australian
Dollar
EUR
Euro
GBP
British
Pound
JPY
Japanese
Yen
54
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
International
Index
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
Nationwide
International
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
55
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2025.
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
$
–
$
27,438,533
$
–
$
27,438,533
Air
Freight
&
Logistics
–
4,030,731
–
4,030,731
Automobile
Components
–
4,445,967
–
4,445,967
Automobiles
–
18,694,764
–
18,694,764
Banks
–
106,860,360
–
106,860,360
Beverages
925,392
9,373,358
–
10,298,750
Biotechnology
–
6,232,354
–
6,232,354
Broadline
Retail
–
7,383,703
–
7,383,703
Building
Products
–
7,188,979
–
7,188,979
Capital
Markets
383,739
25,747,416
–
26,131,155
Chemicals
–
18,826,896
–
18,826,896
Commercial
Services
&
Supplies
–
2,857,544
–
2,857,544
Communications
Equipment
–
1,756,650
–
1,756,650
Construction
&
Engineering
–
6,761,705
–
6,761,705
Construction
Materials
1,123,950
3,685,145
–
4,809,095
Consumer
Staples
Distribution
&
Retail
–
9,077,196
–
9,077,196
Containers
&
Packaging
–
217,361
–
217,361
Distributors
–
163,321
–
163,321
Diversified
Consumer
Services
–
370,378
–
370,378
Diversified
REITs
–
1,120,641
–
1,120,641
Diversified
Telecommunication
Services
–
14,511,555
–
14,511,555
Electric
Utilities
–
14,521,933
–
14,521,933
Electrical
Equipment
–
20,339,544
–
20,339,544
Electronic
Equipment,
Instruments
&
Components
–
7,987,517
–
7,987,517
Energy
Equipment
&
Services
–
317,059
–
317,059
Entertainment
6,549,152
7,173,360
–
13,722,512
Financial
Services
–
8,567,980
–
8,567,980
Food
Products
–
17,789,608
–
17,789,608
Gas
Utilities
–
2,069,142
–
2,069,142
Ground
Transportation
473,318
2,819,690
–
3,293,008
Health
Care
Equipment
&
Supplies
–
14,609,230
–
14,609,230
Health
Care
Providers
&
Services
–
1,994,508
–
1,994,508
Health
Care
Technology
–
727,872
–
727,872
Hotels,
Restaurants
&
Leisure
–
10,295,774
–
10,295,774
Household
Durables
–
7,966,588
–
7,966,588
Household
Products
–
3,911,196
–
3,911,196
Independent
Power
and
Renewable
Electricity
Producers
–
1,755,330
–
1,755,330
Industrial
Conglomerates
–
17,409,558
–
17,409,558
Industrial
REITs
–
2,661,747
–
2,661,747
Insurance
–
47,568,685
–
47,568,685
Interactive
Media
&
Services
–
1,967,843
–
1,967,843
IT
Services
292,056
6,220,144
–
6,512,200
Leisure
Products
–
1,144,059
–
1,144,059
Life
Sciences
Tools
&
Services
–
3,424,134
–
3,424,134
Machinery
–
23,741,297
–
23,741,297
Marine
Transportation
–
2,518,205
–
2,518,205
Media
–
1,948,552
–
1,948,552
Metals
&
Mining
–
17,766,178
–
17,766,178
Multi-Utilities
–
7,871,163
–
7,871,163
Office
REITs
–
455,582
–
455,582
Oil,
Gas
&
Consumable
Fuels
–
25,485,646
–
25,485,646
Paper
&
Forest
Products
–
1,518,369
–
1,518,369
Passenger
Airlines
–
2,319,299
–
2,319,299
Personal
Care
Products
–
12,209,467
–
12,209,467
Pharmaceuticals
746,235
57,335,947
–
58,082,182
Professional
Services
–
13,636,851
–
13,636,851
Real
Estate
Management
&
Development
–
8,073,560
–
8,073,560
56
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
International
Index
Fund
E
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2025.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using
financial
futures
contracts.
(a)
Futures
Contracts  
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
managing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
price
of
the
futures
contracts
and
the
underlying
assets. The
Fund’s
investments
in
futures
contracts
entail
limited
counterparty
credit
risk
because the
Fund
invests
only
in
exchange
traded
futures
contracts,
which
are
settled
through
the
exchange
and
whose
fulfillment
is
guaranteed
by
the
credit
of
the
exchange.
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2025:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
July
31,
2025:
Level
1
Level
2
Level
3
Total
Assets:
Retail
REITs
$
–
$
2,235,162
$
–
$
2,235,162
Semiconductors
&
Semiconductor
Equipment
–
23,916,226
–
23,916,226
Software
1,926,959
17,030,753
–
18,957,712
Specialty
Retail
–
6,547,914
–
6,547,914
Technology
Hardware,
Storage
&
Peripherals
–
2,859,688
–
2,859,688
Textiles,
Apparel
&
Luxury
Goods
–
17,175,988
–
17,175,988
Tobacco
–
7,135,601
–
7,135,601
Trading
Companies
&
Distributors
818,103
14,168,093
–
14,986,196
Transportation
Infrastructure
–
2,711,799
–
2,711,799
Water
Utilities
–
828,683
–
828,683
Wireless
Telecommunication
Services
–
8,191,119
–
8,191,119
Total
Common
Stocks
$
13,238,904
$
757,668,200
$
–
$
770,907,104
Futures
Contracts
87,986
–
–
87,986
Repurchase
Agreements
–
23,323,755
–
23,323,755
Total
Assets
$
13,326,890
$
780,991,955
$
–
$
794,318,845
Liabilities:
Futures
Contracts
$
(2,574)
$
–
$
–
$
(2,574)
Total
Liabilities
$
(2,574)
$
–
$
–
$
(2,574)
Total
$
13,324,316
$
780,991,955
$
–
$
794,316,271
Nationwide
International
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
57
Assets:
Fair
Value
Futures
Contracts
Equity
risk
Unrealized
appreciation
from
futures
contracts
$
87,986
Total
$
87,986
Liabilities:
Futures
Contracts
Equity
risk
Unrealized
depreciation
from
futures
contracts
$
(2,574)
Total
$
(2,574)
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.
58
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Mid
Cap
Market
Index
Fund
Common
Stocks
99
.6
%
Shares
Value
($)
Aerospace
&
Defense
2
.4
%
AeroVironment,
Inc.*
5,675
1,518,857
ATI,
Inc.*
24,985
1,922,346
BWX
Technologies,
Inc.
16,182
2,458,531
Curtiss-Wright
Corp.
6,685
3,277,121
Hexcel
Corp.
13,983
837,721
Woodward,
Inc.
10,559
2,714,508
12,729,084
Air
Freight
&
Logistics
0
.2
%
GXO
Logistics,
Inc.*
20,142
1,001,259
Automobile
Components
0
.8
%
Autoliv,
Inc.
12,656
1,411,777
Gentex
Corp.
40,187
1,061,740
Goodyear
Tire
&
Rubber
Co.
(The)*
50,850
522,738
Lear
Corp.
9,306
877,463
Visteon
Corp.*
4,867
540,967
4,414,685
Automobiles
0
.3
%
Harley-Davidson,
Inc.
19,517
474,849
Thor
Industries,
Inc.
9,452
860,037
1,334,886
Banks
6
.5
%
Associated
Banc-Corp.
29,069
719,167
Bank
OZK
18,970
935,221
Cadence
Bank
32,305
1,125,829
Columbia
Banking
System,
Inc.
37,805
899,759
Comerica,
Inc.
23,007
1,554,583
Commerce
Bancshares,
Inc.
(a)
21,558
1,319,350
Cullen/Frost
Bankers,
Inc.(a)
11,318
1,442,026
East
West
Bancorp,
Inc.(a)
24,602
2,466,350
First
Financial
Bankshares,
Inc.
23,090
799,376
First
Horizon
Corp.
90,541
1,974,699
Flagstar
Financial,
Inc.
54,055
610,281
FNB
Corp.(a)
64,225
983,927
Glacier
Bancorp,
Inc.
20,866
914,557
Hancock
Whitney
Corp.
15,286
912,880
Home
BancShares,
Inc.
32,794
923,479
International
Bancshares
Corp.
9,539
650,369
Old
National
Bancorp
58,501
1,234,956
Pinnacle
Financial
Partners,
Inc.
13,764
1,209,718
Prosperity
Bancshares,
Inc.
16,769
1,117,151
SouthState
Corp.
17,310
1,630,083
Synovus
Financial
Corp.
24,343
1,149,963
Texas
Capital
Bancshares,
Inc.*
8,066
677,302
UMB
Financial
Corp.
12,546
1,379,934
United
Bankshares,
Inc.
25,417
902,812
Valley
National
Bancorp
85,018
788,117
Webster
Financial
Corp.
29,461
1,698,427
Western
Alliance
Bancorp(a)
19,160
1,486,050
Wintrust
Financial
Corp.
11,953
1,529,745
Zions
Bancorp
NA
25,564
1,370,742
34,406,853
Beverages
0
.5
%
Boston
Beer
Co.,
Inc.
(The),
Class
A*
1,456
301,509
Common
Stocks
Shares
Value
($)
Beverages
Celsius
Holdings,
Inc.*
27,807
1,260,769
Coca-Cola
Consolidated,
Inc.
10,517
1,175,275
2,737,553
Biotechnology
2
.2
%
BioMarin
Pharmaceutical,
Inc.*
33,861
1,958,859
Cytokinetics,
Inc.*
21,283
801,092
Exelixis,
Inc.*
48,317
1,750,042
Halozyme
Therapeutics,
Inc.*
21,898
1,313,223
Neurocrine
Biosciences,
Inc.*
17,540
2,249,154
Roivant
Sciences
Ltd.*
75,147
853,670
Sarepta
Therapeutics,
Inc.*(a)
17,019
279,452
United
Therapeutics
Corp.*
7,996
2,196,501
11,401,993
Broadline
Retail
0
.4
%
Macy's,
Inc.
49,486
625,008
Ollie's
Bargain
Outlet
Holdings,
Inc.*
10,880
1,486,535
2,111,543
Building
Products
2
.3
%
AAON,
Inc.
12,091
1,009,598
Advanced
Drainage
Systems,
Inc.
12,388
1,421,523
Carlisle
Cos.,
Inc.
7,636
2,708,566
Fortune
Brands
Innovations,
Inc.
21,402
1,167,265
Owens
Corning
14,972
2,087,546
Simpson
Manufacturing
Co.,
Inc.(a)
7,484
1,342,854
Trex
Co.,
Inc.*
19,086
1,226,085
UFP
Industries,
Inc.
10,787
1,057,126
12,020,563
Capital
Markets
4
.1
%
Affiliated
Managers
Group,
Inc.
5,075
1,065,090
Carlyle
Group,
Inc.
(The)
37,616
2,281,787
Evercore,
Inc.,
Class
A(a)
6,396
1,926,091
Federated
Hermes,
Inc.,
Class
B(a)
13,423
665,378
Hamilton
Lane,
Inc.,
Class
A
7,705
1,173,472
Houlihan
Lokey,
Inc.,
Class
A
9,495
1,810,317
Interactive
Brokers
Group,
Inc.,
Class
A
77,286
5,066,870
Janus
Henderson
Group
plc
22,666
981,438
Jefferies
Financial
Group,
Inc.
29,014
1,672,947
Morningstar,
Inc.
4,751
1,313,461
SEI
Investments
Co.
16,707
1,472,221
Stifel
Financial
Corp.
18,085
2,063,860
21,492,932
Chemicals
1
.5
%
Ashland,
Inc.
8,263
426,040
Avient
Corp.(a)
15,907
502,184
Axalta
Coating
Systems
Ltd.*
38,888
1,101,308
Cabot
Corp.
9,580
691,484
NewMarket
Corp.
1,345
924,015
Olin
Corp.
20,474
387,778
RPM
International,
Inc.
22,617
2,655,462
Scotts
Miracle-Gro
Co.
(The)
7,478
468,572
Westlake
Corp.
5,908
468,504
7,625,347
Nationwide
Mid
Cap
Market
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
59
Common
Stocks
Shares
Value
($)
Commercial
Services
&
Supplies
1
.8
%
Brink's
Co.
(The)
7,595
663,347
Clean
Harbors,
Inc.*
8,879
2,093,757
MSA
Safety,
Inc.
7,027
1,249,893
RB
Global,
Inc.
32,762
3,546,814
Tetra
Tech,
Inc.
47,035
1,728,066
9,281,877
Communications
Equipment
0
.7
%
Ciena
Corp.*(a)
25,149
2,334,833
Lumentum
Holdings,
Inc.*(a)
12,342
1,358,608
3,693,441
Construction
&
Engineering
3
.7
%
AECOM
23,404
2,638,567
API
Group
Corp.*
64,750
2,335,532
Comfort
Systems
USA,
Inc.
6,246
4,392,812
EMCOR
Group,
Inc.
7,943
4,984,153
Fluor
Corp.*
29,128
1,653,597
MasTec,
Inc.*(a)
10,834
2,049,901
Valmont
Industries,
Inc.
3,574
1,300,757
19,355,319
Construction
Materials
0
.4
%
Eagle
Materials,
Inc.(a)
5,925
1,328,918
Knife
River
Corp.*
10,080
831,399
2,160,317
Consumer
Finance
0
.8
%
Ally
Financial,
Inc.
49,255
1,864,302
FirstCash
Holdings,
Inc.
6,890
918,368
SLM
Corp.(a)
37,538
1,193,708
3,976,378
Consumer
Staples
Distribution
&
Retail
3
.3
%
Albertsons
Cos.,
Inc.,
Class
A
71,802
1,380,035
BJ's
Wholesale
Club
Holdings,
Inc.*(a)
23,299
2,467,364
Casey's
General
Stores,
Inc.
6,595
3,430,257
Maplebear,
Inc.*(a)
29,272
1,404,178
Performance
Food
Group
Co.*
27,628
2,773,851
Sprouts
Farmers
Market,
Inc.*
17,360
2,630,734
US
Foods
Holding
Corp.*
40,936
3,411,197
17,497,616
Containers
&
Packaging
1
.3
%
AptarGroup,
Inc.
11,663
1,832,724
Crown
Holdings,
Inc.
20,342
2,021,181
Graphic
Packaging
Holding
Co.(a)
54,202
1,211,957
Greif,
Inc.,
Class
A
4,777
303,005
Silgan
Holdings,
Inc.
14,365
668,403
Sonoco
Products
Co.
17,613
793,818
6,831,088
Diversified
Consumer
Services
1
.3
%
Duolingo,
Inc.,
Class
A*
6,954
2,409,909
Graham
Holdings
Co.,
Class
B
606
578,233
Grand
Canyon
Education,
Inc.*
4,990
841,464
H&R
Block,
Inc.
23,557
1,280,087
Service
Corp.
International
25,121
1,916,983
7,026,676
Diversified
REITs
0
.5
%
WP
Carey,
Inc.
38,604
2,476,833
Common
Stocks
Shares
Value
($)
Diversified
Telecommunication
Services
0
.4
%
Frontier
Communications
Parent,
Inc.*
39,289
1,443,478
Iridium
Communications,
Inc.
19,075
466,574
1,910,052
Electric
Utilities
1
.0
%
ALLETE,
Inc.
9,921
654,092
IDACORP,
Inc.(a)
9,547
1,196,525
OGE
Energy
Corp.(a)
35,937
1,632,259
Portland
General
Electric
Co.
19,500
801,840
TXNM
Energy,
Inc.
16,305
925,961
5,210,677
Electrical
Equipment
1
.7
%
Acuity,
Inc.
5,457
1,699,037
EnerSys
6,999
646,498
NEXTracker,
Inc.,
Class
A*
25,626
1,492,971
nVent
Electric
plc
29,020
2,275,748
Regal
Rexnord
Corp.
11,697
1,788,237
Sensata
Technologies
Holding
plc
25,533
785,395
8,687,886
Electronic
Equipment,
Instruments
&
Components
3
.4
%
Arrow
Electronics,
Inc.*(a)
9,126
1,058,616
Avnet,
Inc.(a)
14,920
789,865
Belden,
Inc.
7,042
870,743
Cognex
Corp.
29,957
1,221,347
Coherent
Corp.*
27,403
2,948,563
Crane
NXT
Co.(a)
8,857
525,574
Fabrinet*
6,339
2,052,124
Flex
Ltd.*
67,863
3,384,328
IPG
Photonics
Corp.*
4,839
362,393
Littelfuse,
Inc.
4,390
1,129,679
Novanta,
Inc.*
6,374
784,129
TD
SYNNEX
Corp.
13,174
1,902,194
Vontier
Corp.
26,400
1,094,808
18,124,363
Energy
Equipment
&
Services
0
.4
%
NOV,
Inc.
67,069
843,728
Valaris
Ltd.*
11,699
568,922
Weatherford
International
plc
12,896
729,269
2,141,919
Entertainment
0
.1
%
Warner
Music
Group
Corp.,
Class
A
26,222
767,256
Financial
Services
1
.8
%
Equitable
Holdings,
Inc.
53,130
2,728,226
Essent
Group
Ltd.
17,879
1,001,045
Euronet
Worldwide,
Inc.*
7,256
705,138
MGIC
Investment
Corp.
42,383
1,097,720
Shift4
Payments,
Inc.,
Class
A*(a)
11,994
1,235,382
Voya
Financial,
Inc.
16,886
1,182,020
Western
Union
Co.
(The)(a)
58,846
473,710
WEX,
Inc.*(a)
6,113
1,037,254
9,460,495
Food
Products
0
.9
%
Darling
Ingredients,
Inc.*
28,177
912,371
Flowers
Foods,
Inc.
35,050
555,543
Ingredion,
Inc.
11,291
1,485,218
Marzetti
Co.
(The)
3,441
611,672
60
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Mid
Cap
Market
Index
Fund
Common
Stocks
Shares
Value
($)
Food
Products
Pilgrim's
Pride
Corp.
7,274
344,715
Post
Holdings,
Inc.*
7,961
842,353
4,751,872
Gas
Utilities
1
.1
%
National
Fuel
Gas
Co.
16,054
1,393,327
New
Jersey
Resources
Corp.
18,117
831,751
ONE
Gas,
Inc.
10,746
781,234
Southwest
Gas
Holdings,
Inc.
10,749
839,927
Spire,
Inc.
10,535
784,541
UGI
Corp.
38,310
1,386,056
6,016,836
Ground
Transportation
1
.5
%
Avis
Budget
Group,
Inc.*
3,019
513,954
Knight-Swift
Transportation
Holdings,
Inc.,
Class
A
28,384
1,206,320
Landstar
System,
Inc.
6,238
831,962
Ryder
System,
Inc.(a)
7,401
1,315,232
Saia,
Inc.*
4,754
1,436,849
XPO,
Inc.*
20,854
2,508,528
7,812,845
Health
Care
Equipment
&
Supplies
1
.3
%
Dentsply
Sirona,
Inc.
36,289
519,296
Envista
Holdings
Corp.*
30,362
573,538
Globus
Medical,
Inc.,
Class
A*
19,871
1,045,811
Haemonetics
Corp.*
8,822
653,181
Lantheus
Holdings,
Inc.*
12,350
879,196
LivaNova
plc*
9,666
407,809
Masimo
Corp.*
7,972
1,226,014
Penumbra,
Inc.*
6,905
1,741,924
7,046,769
Health
Care
Providers
&
Services
2
.4
%
Acadia
Healthcare
Co.,
Inc.*
16,698
363,516
Amedisys,
Inc.*
5,772
569,119
Chemed
Corp.
2,607
1,074,866
Encompass
Health
Corp.
17,755
1,955,003
Ensign
Group,
Inc.
(The)
10,229
1,534,350
HealthEquity,
Inc.*
15,428
1,496,516
Hims
&
Hers
Health,
Inc.*(a)
34,969
2,314,248
Option
Care
Health,
Inc.*
29,052
852,676
Tenet
Healthcare
Corp.*(a)
16,414
2,647,250
12,807,544
Health
Care
REITs
0
.7
%
Healthcare
Realty
Trust,
Inc.,
Class
A
62,729
963,517
Omega
Healthcare
Investors,
Inc.
51,315
1,996,154
Sabra
Health
Care
REIT,
Inc.
42,448
765,337
3,725,008
Health
Care
Technology
0
.3
%
Doximity,
Inc.,
Class
A*
23,567
1,384,561
Hotel
&
Resort
REITs
0
.1
%
Park
Hotels
&
Resorts,
Inc.
35,681
380,360
Hotels,
Restaurants
&
Leisure
3
.5
%
Aramark
46,386
1,974,188
Boyd
Gaming
Corp.
10,683
906,987
Cava
Group,
Inc.*(a)
14,484
1,274,737
Choice
Hotels
International,
Inc.(a)
3,946
503,944
Common
Stocks
Shares
Value
($)
Hotels,
Restaurants
&
Leisure
Churchill
Downs,
Inc.
12,893
1,380,067
Hilton
Grand
Vacations,
Inc.*(a)
10,308
462,005
Hyatt
Hotels
Corp.,
Class
A
7,251
1,022,173
Light
&
Wonder,
Inc.*
15,036
1,448,268
Marriott
Vacations
Worldwide
Corp.
5,534
412,117
Planet
Fitness,
Inc.,
Class
A*
14,938
1,631,080
Texas
Roadhouse,
Inc.,
Class
A
11,756
2,176,388
Travel
+
Leisure
Co.
11,949
707,978
Vail
Resorts,
Inc.
6,531
981,348
Wendy's
Co.
(The)
28,792
283,601
Wingstop,
Inc.(a)
4,974
1,876,889
Wyndham
Hotels
&
Resorts,
Inc.
13,684
1,176,824
18,218,594
Household
Durables
1
.7
%
KB
Home
12,358
682,903
Somnigroup
International,
Inc.
36,388
2,633,763
Taylor
Morrison
Home
Corp.,
Class
A*
17,916
1,062,061
Toll
Brothers,
Inc.
17,750
2,100,890
TopBuild
Corp.*
5,018
1,858,818
Whirlpool
Corp.(a)
9,930
824,587
9,163,022
Independent
Power
and
Renewable
Electricity
Producers
0
.2
%
Ormat
Technologies,
Inc.(a)
10,161
908,495
Industrial
REITs
1
.0
%
EastGroup
Properties,
Inc.
9,342
1,524,988
First
Industrial
Realty
Trust,
Inc.
23,229
1,131,717
Rexford
Industrial
Realty,
Inc.
41,263
1,507,337
STAG
Industrial,
Inc.
33,311
1,143,567
5,307,609
Insurance
4
.2
%
American
Financial
Group,
Inc.
12,726
1,589,477
Brighthouse
Financial,
Inc.*
10,478
501,372
CNO
Financial
Group,
Inc.
17,600
648,384
Fidelity
National
Financial,
Inc.
46,230
2,608,759
First
American
Financial
Corp.
(a)
18,354
1,102,158
Hanover
Insurance
Group,
Inc.
(The)
6,395
1,097,574
Kemper
Corp.
10,721
660,306
Kinsale
Capital
Group,
Inc.
3,953
1,742,048
Old
Republic
International
Corp.
40,589
1,468,104
Primerica,
Inc.
5,865
1,557,920
Reinsurance
Group
of
America,
Inc.
11,674
2,246,661
RenaissanceRe
Holdings
Ltd.
(a)
8,609
2,098,358
RLI
Corp.
14,727
971,835
Ryan
Specialty
Holdings,
Inc.,
Class
A(a)
19,006
1,162,977
Selective
Insurance
Group,
Inc.
10,858
846,598
Nationwide
Mid
Cap
Market
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
61
Common
Stocks
Shares
Value
($)
Insurance
Unum
Group(a)
28,311
2,033,013
22,335,544
Interactive
Media
&
Services
0
.1
%
ZoomInfo
Technologies,
Inc.,
Class
A*
46,381
502,306
IT
Services
0
.9
%
ASGN,
Inc.*
7,646
383,370
Kyndryl
Holdings,
Inc.*
41,536
1,568,815
Okta,
Inc.,
Class
A*
29,586
2,893,511
4,845,696
Leisure
Products
0
.5
%
Brunswick
Corp.
11,642
678,612
Mattel,
Inc.*
57,555
979,011
Polaris,
Inc.(a)
9,432
499,047
YETI
Holdings,
Inc.*
14,907
547,683
2,704,353
Life
Sciences
Tools
&
Services
1
.8
%
Avantor,
Inc.*
121,297
1,630,232
Bio-Rad
Laboratories,
Inc.,
Class
A*
3,302
798,919
Bruker
Corp.
19,822
761,760
Illumina,
Inc.*
27,995
2,875,366
Medpace
Holdings,
Inc.*
4,172
1,782,278
Repligen
Corp.*
9,229
1,080,439
Sotera
Health
Co.*
27,313
313,826
9,242,820
Machinery
5
.5
%
AGCO
Corp.
10,870
1,282,334
Chart
Industries,
Inc.*
7,899
1,570,558
CNH
Industrial
NV
156,117
2,023,276
Crane
Co.
8,662
1,695,760
Donaldson
Co.,
Inc.
20,924
1,505,900
Esab
Corp.
10,223
1,371,620
Flowserve
Corp.
22,966
1,287,015
Graco,
Inc.
29,549
2,481,525
ITT,
Inc.
13,882
2,359,385
Lincoln
Electric
Holdings,
Inc.
9,965
2,426,478
Middleby
Corp.
(The)*
9,502
1,379,690
Mueller
Industries,
Inc.
19,518
1,666,252
Oshkosh
Corp.
11,376
1,439,405
RBC
Bearings,
Inc.*
5,595
2,167,167
Terex
Corp.
11,676
593,841
Timken
Co.
(The)(a)
11,282
858,447
Toro
Co.
(The)
17,528
1,301,454
Watts
Water
Technologies,
Inc.,
Class
A
4,874
1,278,548
28,688,655
Marine
Transportation
0
.2
%
Kirby
Corp.*
9,861
939,852
Media
0
.6
%
EchoStar
Corp.,
Class
A*
24,029
783,105
New
York
Times
Co.
(The),
Class
A
28,542
1,481,045
Nexstar
Media
Group,
Inc.,
Class
A(a)
5,055
945,841
3,209,991
Metals
&
Mining
1
.9
%
Alcoa
Corp.
46,160
1,383,415
Common
Stocks
Shares
Value
($)
Metals
&
Mining
Carpenter
Technology
Corp.
8,826
2,201,116
Cleveland-Cliffs,
Inc.*
86,530
910,296
Commercial
Metals
Co.
19,778
1,025,687
Reliance,
Inc.(a)
9,334
2,708,074
Royal
Gold,
Inc.
11,643
1,762,983
9,991,571
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0
.6
%
Annaly
Capital
Management,
Inc.
107,916
2,193,932
Starwood
Property
Trust,
Inc.
61,808
1,202,784
3,396,716
Multi-Utilities
0
.2
%
Black
Hills
Corp.
12,489
721,614
Northwestern
Energy
Group,
Inc.
10,697
574,429
1,296,043
Office
REITs
0
.6
%
COPT
Defense
Properties
20,406
556,676
Cousins
Properties,
Inc.
30,127
816,442
Kilroy
Realty
Corp.
18,776
692,083
Vornado
Realty
Trust
29,710
1,141,458
3,206,659
Oil,
Gas
&
Consumable
Fuels
3
.1
%
Antero
Midstream
Corp.
59,878
1,098,761
Antero
Resources
Corp.*
51,573
1,801,445
Chord
Energy
Corp.
10,309
1,137,392
Civitas
Resources,
Inc.
15,137
459,560
CNX
Resources
Corp.*
25,645
777,300
DT
Midstream,
Inc.
17,961
1,845,134
HF
Sinclair
Corp.
28,264
1,241,920
Matador
Resources
Co.
20,168
1,005,980
Murphy
Oil
Corp.
24,026
596,085
Ovintiv,
Inc.
45,646
1,879,702
PBF
Energy,
Inc.,
Class
A(a)
17,795
402,167
Permian
Resources
Corp.,
Class
A
113,838
1,611,946
Range
Resources
Corp.
42,242
1,551,126
Viper
Energy,
Inc.,
Class
A
23,485
884,445
16,292,963
Paper
&
Forest
Products
0
.2
%
Louisiana-Pacific
Corp.
10,918
987,096
Passenger
Airlines
0
.5
%
Alaska
Air
Group,
Inc.*
21,600
1,143,936
American
Airlines
Group,
Inc.*
117,707
1,352,453
2,496,389
Personal
Care
Products
0
.5
%
BellRing
Brands,
Inc.*
22,431
1,224,284
Coty,
Inc.,
Class
A*
65,396
317,171
elf
Beauty,
Inc.*
10,040
1,216,747
2,758,202
Pharmaceuticals
0
.4
%
Jazz
Pharmaceuticals
plc*(a)
10,907
1,250,270
Perrigo
Co.
plc
24,651
657,442
1,907,712
Professional
Services
2
.2
%
CACI
International,
Inc.,
Class
A*(a)
3,888
1,790,696
Concentrix
Corp.(a)
8,240
428,233
62
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Mid
Cap
Market
Index
Fund
Common
Stocks
Shares
Value
($)
Professional
Services
ExlService
Holdings,
Inc.*
28,638
1,243,748
Exponent,
Inc.
9,060
624,778
FTI
Consulting,
Inc.*
5,908
982,796
Genpact
Ltd.(a)
28,702
1,264,323
Insperity,
Inc.
6,236
371,541
KBR,
Inc.
22,821
1,066,653
ManpowerGroup,
Inc.
8,387
345,964
Maximus,
Inc.
9,862
728,407
Parsons
Corp.*
8,448
626,842
Paylocity
Holding
Corp.*
7,680
1,419,878
Science
Applications
International
Corp.(a)
8,419
938,550
11,832,409
Real
Estate
Management
&
Development
0
.4
%
Jones
Lang
LaSalle,
Inc.*
8,375
2,264,265
Residential
REITs
0
.9
%
American
Homes
4
Rent,
Class
A
56,225
1,950,445
Equity
LifeStyle
Properties,
Inc.
33,541
2,009,777
Independence
Realty
Trust,
Inc.
41,487
695,737
4,655,959
Retail
REITs
1
.0
%
Agree
Realty
Corp.
19,249
1,380,154
Brixmor
Property
Group,
Inc.
54,768
1,431,088
Kite
Realty
Group
Trust
38,949
856,099
NNN
REIT,
Inc.
33,455
1,380,353
5,047,694
Semiconductors
&
Semiconductor
Equipment
2
.5
%
Allegro
MicroSystems,
Inc.*
23,094
725,383
Amkor
Technology,
Inc.
20,727
467,601
Cirrus
Logic,
Inc.*
9,303
936,905
Entegris,
Inc.
26,626
2,089,076
Lattice
Semiconductor
Corp.*
24,545
1,223,077
MACOM
Technology
Solutions
Holdings,
Inc.*
10,623
1,456,838
MKS,
Inc.
11,972
1,139,495
Onto
Innovation,
Inc.*
8,716
825,841
Power
Integrations,
Inc.
10,080
489,082
Rambus,
Inc.*
19,173
1,417,460
Silicon
Laboratories,
Inc.*
5,842
769,800
Synaptics,
Inc.*
6,797
426,172
Universal
Display
Corp.
7,853
1,133,973
13,100,703
Software
3
.5
%
Appfolio,
Inc.,
Class
A*
4,073
1,089,039
BILL
Holdings,
Inc.*
16,894
723,908
Blackbaud,
Inc.*
6,845
461,490
Commvault
Systems,
Inc.*
7,832
1,487,688
Docusign,
Inc.,
Class
A*
35,805
2,708,290
Dolby
Laboratories,
Inc.,
Class
A
10,863
818,418
Dropbox,
Inc.,
Class
A*(a)
34,700
942,799
Dynatrace,
Inc.*
52,956
2,786,015
Guidewire
Software,
Inc.*(a)
14,861
3,361,855
Manhattan
Associates,
Inc.*
10,757
2,362,883
Pegasystems,
Inc.
15,833
929,556
Common
Stocks
Shares
Value
($)
Software
Qualys,
Inc.*
6,517
867,217
18,539,158
Specialized
REITs
1
.5
%
CubeSmart
39,934
1,553,832
EPR
Properties
13,435
739,462
Gaming
and
Leisure
Properties,
Inc.
48,567
2,213,684
Lamar
Advertising
Co.,
Class
A
15,700
1,919,325
National
Storage
Affiliates
Trust
12,395
365,157
PotlatchDeltic
Corp.
12,721
520,162
Rayonier,
Inc.
24,937
581,281
7,892,903
Specialty
Retail
3
.6
%
Abercrombie
&
Fitch
Co.,
Class
A*
8,482
814,442
AutoNation,
Inc.*
4,421
851,661
Bath
&
Body
Works,
Inc.
38,022
1,101,117
Burlington
Stores,
Inc.*
11,134
3,039,136
Chewy,
Inc.,
Class
A*
39,174
1,437,686
Dick's
Sporting
Goods,
Inc.
9,962
2,107,062
Five
Below,
Inc.*
9,811
1,339,398
Floor
&
Decor
Holdings,
Inc.,
Class
A*
18,937
1,451,332
GameStop
Corp.,
Class
A*(a)
72,658
1,631,172
Gap,
Inc.
(The)
39,732
773,185
Lithia
Motors,
Inc.,
Class
A
4,643
1,337,184
Murphy
USA,
Inc.(a)
3,210
1,163,561
Penske
Automotive
Group,
Inc.
3,298
552,118
RH*
2,706
556,408
Valvoline,
Inc.*
22,836
804,969
18,960,431
Technology
Hardware,
Storage
&
Peripherals
0
.6
%
Pure
Storage,
Inc.,
Class
A*
54,919
3,268,779
Textiles,
Apparel
&
Luxury
Goods
0
.9
%
Capri
Holdings
Ltd.*(a)
20,813
378,589
Columbia
Sportswear
Co.
5,385
304,629
Crocs,
Inc.*
9,973
994,607
PVH
Corp.
8,396
616,434
Skechers
USA,
Inc.,
Class
A*
22,842
1,444,757
Under
Armour,
Inc.,
Class
A*
33,932
225,308
Under
Armour,
Inc.,
Class
C*
22,863
144,037
VF
Corp.
59,473
697,024
4,805,385
Trading
Companies
&
Distributors
1
.9
%
Applied
Industrial
Technologies,
Inc.
6,728
1,826,652
Core
&
Main,
Inc.,
Class
A*
33,507
2,132,385
GATX
Corp.
6,365
971,872
MSC
Industrial
Direct
Co.,
Inc.,
Class
A
7,915
685,597
Watsco,
Inc.
6,186
2,789,144
WESCO
International,
Inc.
7,798
1,613,874
10,019,524
Water
Utilities
0
.3
%
Essential
Utilities,
Inc.
46,037
1,694,162
Total
Common
Stocks
(cost
$341,445,323)
524,286,346
Nationwide
Mid
Cap
Market
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
63
Repurchase
Agreements
6
.2
%
Principal
Amount
($)
Value
($)
CF
Secured,
LLC,
4.34%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$5,652,305,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.00%,
maturing
8/31/2025
-
2/15/2053;
total
market
value
$5,765,352.(b)
5,651,624
5,651,624
Santander
US
Capital
Markets,
4.35%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$2,000,242,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.01%
-
5.45%,
maturing
5/25/2030
-
8/25/2055;
total
market
value
$2,040,248.(b)
2,000,000
2,000,000
Santander
US
Capital
Markets,
4.36%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$25,003,028,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
0.01%
-
5.45%,
maturing
5/25/2030
-
8/25/2055;
total
market
value
$25,503,088.(b)
25,000,000
25,000,000
Total
Repurchase
Agreements
(cost
$32,651,624)
32,651,624
Total
Investments
(cost
$374,096,947)
—
105.8%
556,937,970
Liabilities
in
excess
of
other
assets
—
(5.8)%
(
30,764,623
)
NET
ASSETS
—
100.0%
$
526,173,347
*
Denotes
a
non-income
producing
security.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2025.
The
total
value
of
securities
on
loan
as
of
July
31,
2025
was
$45,421,738,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$32,651,624
and
by
$14,411,524
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.25%,
and
maturity
dates
ranging
from
8/7/2025
-
2/15/2055,
a
total
value
of
$47,063,148.
(b)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2025
was
$32,651,624.
REIT
Real
Estate
Investment
Trust
Futures
contracts
outstanding
as
of
July
31,
2025:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
S&P
Midcap
400
E-Mini
Index
12
9/2025
USD
3,798,120
(55,321)
Net
contracts
(55,321)
Currency:
USD
United
States
Dollar
64
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Mid
Cap
Market
Index
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
Nationwide
Mid
Cap
Market
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
65
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2025.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using
financial
futures
contracts.
(a)
Futures
Contracts  
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
managing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
price
of
the
futures
contracts
and
the
underlying
assets. The
Fund’s
investments
in
futures
contracts
entail
limited
counterparty
credit
risk
because the
Fund
invests
only
in
exchange
traded
futures
contracts,
which
are
settled
through
the
exchange
and
whose
fulfillment
is
guaranteed
by
the
credit
of
the
exchange.
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2025:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
July
31,
2025:
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2025.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
524,286,346
$
–
$
–
$
524,286,346
Repurchase
Agreements
–
32,651,624
–
32,651,624
Total
Assets
$
524,286,346
$
32,651,624
$
–
$
556,937,970
Liabilities:
Futures
Contracts
$
(
55,321
)
$
–
$
–
$
(
55,321
)
Total
Liabilities
$
(
55,321
)
$
–
$
–
$
(
55,321
)
Total
$
524,231,025
$
32,651,624
$
–
$
556,882,649
Liabilities:
Fair
Value
Futures
Contracts
Equity
risk
Unrealized
depreciation
from
futures
contracts
$
(
55,321
)
Total
$
(
55,321
)
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
66
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
S&P
500
Index
Fund
Common
Stocks
100.1%
Shares
Value
($)
Aerospace
&
Defense
2.2%
Axon
Enterprise,
Inc.*
2,250
1,699,853
Boeing
Co.
(The)*
23,311
5,171,312
GE
Aerospace
32,969
8,937,237
General
Dynamics
Corp.
7,796
2,429,312
Howmet
Aerospace,
Inc.
12,385
2,226,451
Huntington
Ingalls
Industries,
Inc.
1,131
315,391
L3Harris
Technologies,
Inc.
5,802
1,594,506
Lockheed
Martin
Corp.
6,504
2,738,054
Northrop
Grumman
Corp.
4,136
2,384,859
RTX
Corp.
41,297
6,507,168
Textron,
Inc.
5,720
444,844
TransDigm
Group,
Inc.
1,751
2,816,413
37,265,400
Air
Freight
&
Logistics
0.3%
CH
Robinson
Worldwide,
Inc.
3,677
424,032
Expeditors
International
of
Washington,
Inc.
4,443
516,454
FedEx
Corp.
6,746
1,507,663
United
Parcel
Service,
Inc.,
Class
B
22,754
1,960,485
4,408,634
Automobile
Components
0.0%
†
Aptiv
plc*
6,588
452,200
Automobiles
1.8%
Ford
Motor
Co.
120,378
1,332,584
General
Motors
Co.
29,943
1,597,160
Tesla,
Inc.*
86,634
26,706,663
29,636,407
Banks
3.6%
Bank
of
America
Corp.
202,585
9,576,193
Citigroup,
Inc.
58,044
5,438,723
Citizens
Financial
Group,
Inc.
13,615
649,708
Fifth
Third
Bancorp
20,305
844,079
Huntington
Bancshares,
Inc.
44,480
730,806
JPMorgan
Chase
&
Co.
85,919
25,452,644
KeyCorp
29,076
521,042
M&T
Bank
Corp.
4,991
941,802
PNC
Financial
Services
Group,
Inc.
(The)
12,267
2,334,042
Regions
Financial
Corp.
27,205
689,103
Truist
Financial
Corp.
40,696
1,778,822
US
Bancorp
48,276
2,170,489
Wells
Fargo
&
Co.
100,607
8,111,942
59,239,395
Beverages
1.1%
Brown-Forman
Corp.,
Class
B(a)
6,148
177,370
Coca-Cola
Co.
(The)
119,757
8,130,303
Constellation
Brands,
Inc.,
Class
A
4,805
802,627
Keurig
Dr
Pepper,
Inc.
41,214
1,345,637
Molson
Coors
Beverage
Co.,
Class
B
5,419
264,014
Monster
Beverage
Corp.*
22,110
1,298,962
PepsiCo,
Inc.
42,389
5,846,291
17,865,204
Biotechnology
1.6%
AbbVie,
Inc.
54,610
10,322,382
Common
Stocks
Shares
Value
($)
Biotechnology
Amgen,
Inc.
16,621
4,904,857
Biogen,
Inc.*
4,614
590,592
Gilead
Sciences,
Inc.
38,293
4,299,921
Incyte
Corp.*
4,659
348,913
Moderna,
Inc.*(a)
11,099
328,086
Regeneron
Pharmaceuticals,
Inc.
3,172
1,730,199
Vertex
Pharmaceuticals,
Inc.*
7,980
3,645,823
26,170,773
Broadline
Retail
4.2%
Amazon.com,
Inc.*
292,113
68,386,574
eBay,
Inc.
14,074
1,291,290
69,677,864
Building
Products
0.5%
A
O
Smith
Corp.
3,430
242,810
Allegion
plc
2,654
440,352
Builders
FirstSource,
Inc.*
3,528
448,515
Carrier
Global
Corp.
24,784
1,700,678
Johnson
Controls
International
plc
20,228
2,123,940
Lennox
International,
Inc.
1,026
624,834
Masco
Corp.
6,325
430,922
Trane
Technologies
plc
6,895
3,020,561
9,032,612
Capital
Markets
3.5%
Ameriprise
Financial,
Inc.
2,927
1,516,742
Bank
of
New
York
Mellon
Corp.
(The)
21,847
2,216,378
Blackrock,
Inc.
4,525
5,004,695
Blackstone,
Inc.
22,642
3,916,160
Cboe
Global
Markets,
Inc.
3,260
785,790
Charles
Schwab
Corp.
(The)
52,988
5,178,517
CME
Group,
Inc.
11,187
3,113,118
Coinbase
Global,
Inc.,
Class
A*
6,493
2,452,796
FactSet
Research
Systems,
Inc.
1,162
468,170
Franklin
Resources,
Inc.
10,279
246,696
Goldman
Sachs
Group,
Inc.
(The)
9,486
6,863,975
Intercontinental
Exchange,
Inc.
17,624
3,257,444
Invesco
Ltd.
12,397
260,461
KKR
&
Co.,
Inc.
21,072
3,088,734
MarketAxess
Holdings,
Inc.
1,217
250,094
Moody's
Corp.
4,738
2,443,529
Morgan
Stanley
38,192
5,440,832
MSCI,
Inc.,
Class
A
2,387
1,339,966
Nasdaq,
Inc.
12,951
1,246,145
Northern
Trust
Corp.
5,893
766,090
Raymond
James
Financial,
Inc.(a)
5,750
960,998
S&P
Global,
Inc.
9,748
5,372,123
State
Street
Corp.
8,691
971,219
T.
Rowe
Price
Group,
Inc.
6,598
669,367
57,830,039
Chemicals
1.2%
Air
Products
&
Chemicals,
Inc.
6,878
1,980,039
Albemarle
Corp.(a)
3,914
265,565
CF
Industries
Holdings,
Inc.
4,934
458,023
Corteva,
Inc.
20,989
1,513,937
Nationwide
S&P
500
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
67
Common
Stocks
Shares
Value
($)
Chemicals
Dow,
Inc.
21,977
511,844
DuPont
de
Nemours,
Inc.
12,652
909,679
Eastman
Chemical
Co.
3,768
273,594
Ecolab,
Inc.
7,826
2,048,534
International
Flavors
&
Fragrances,
Inc.
7,675
545,155
Linde
plc
14,552
6,697,704
LyondellBasell
Industries
NV,
Class
A
7,916
458,574
Mosaic
Co.
(The)
9,146
329,347
PPG
Industries,
Inc.
7,209
760,550
Sherwin-Williams
Co.
(The)
7,089
2,345,608
19,098,153
Commercial
Services
&
Supplies
0.5%
Cintas
Corp.
10,556
2,349,238
Copart,
Inc.*
27,247
1,235,107
Republic
Services,
Inc.,
Class
A
6,230
1,436,949
Rollins,
Inc.
9,004
515,659
Veralto
Corp.
7,678
804,885
Waste
Management,
Inc.
11,225
2,572,321
8,914,159
Communications
Equipment
0.9%
Arista
Networks,
Inc.*
31,824
3,921,353
Cisco
Systems,
Inc.
122,991
8,373,227
F5,
Inc.*
1,825
571,992
Motorola
Solutions,
Inc.
5,134
2,253,723
15,120,295
Construction
&
Engineering
0.1%
Quanta
Services,
Inc.
4,536
1,842,206
Construction
Materials
0.1%
Martin
Marietta
Materials,
Inc.
1,883
1,082,499
Vulcan
Materials
Co.
4,087
1,122,576
2,205,075
Consumer
Finance
0.6%
American
Express
Co.
17,179
5,141,846
Capital
One
Financial
Corp.
19,677
4,230,555
Synchrony
Financial
11,540
803,992
10,176,393
Consumer
Staples
Distribution
&
Retail
1.9%
Costco
Wholesale
Corp.
13,717
12,889,042
Dollar
General
Corp.
6,785
711,746
Dollar
Tree,
Inc.*
5,916
671,762
Kroger
Co.
(The)
19,078
1,337,368
Sysco
Corp.
14,755
1,174,498
Target
Corp.
14,147
1,421,773
Walgreens
Boots
Alliance,
Inc.
24,244
282,200
Walmart,
Inc.
133,573
13,087,483
31,575,872
Containers
&
Packaging
0.2%
Amcor
plc
69,705
651,742
Avery
Dennison
Corp.
2,348
393,924
Ball
Corp.
8,535
488,714
International
Paper
Co.
16,564
774,201
Packaging
Corp.
of
America
2,833
548,894
Smurfit
WestRock
plc
15,049
667,875
3,525,350
Common
Stocks
Shares
Value
($)
Distributors
0.1%
Genuine
Parts
Co.
4,242
546,709
LKQ
Corp.
8,428
248,373
Pool
Corp.(a)
1,087
334,948
1,130,030
Diversified
Telecommunication
Services
0.7%
AT&T,
Inc.
222,461
6,097,656
Verizon
Communications,
Inc.
130,178
5,566,411
11,664,067
Electric
Utilities
1.6%
Alliant
Energy
Corp.
7,569
492,061
American
Electric
Power
Co.,
Inc.
16,586
1,876,540
Constellation
Energy
Corp.
9,629
3,349,351
Duke
Energy
Corp.
24,004
2,919,846
Edison
International
12,273
639,669
Entergy
Corp.(a)
13,662
1,235,455
Evergy,
Inc.
6,791
480,803
Eversource
Energy
11,060
731,066
Exelon
Corp.
31,019
1,393,994
FirstEnergy
Corp.
15,961
681,694
NextEra
Energy,
Inc.
63,593
4,518,919
NRG
Energy,
Inc.
6,196
1,035,971
PG&E
Corp.
68,335
958,057
Pinnacle
West
Capital
Corp.
3,789
343,359
PPL
Corp.
22,733
811,341
Southern
Co.
(The)
34,174
3,228,759
Xcel
Energy,
Inc.(a)
17,756
1,304,001
26,000,886
Electrical
Equipment
1.0%
AMETEK,
Inc.
7,260
1,342,011
Eaton
Corp.
plc
12,051
4,636,261
Emerson
Electric
Co.
17,328
2,521,397
GE
Vernova,
Inc.
8,402
5,547,756
Generac
Holdings,
Inc.*
1,675
326,106
Hubbell,
Inc.,
Class
B
1,704
745,466
Rockwell
Automation,
Inc.
3,548
1,247,867
16,366,864
Electronic
Equipment,
Instruments
&
Components
0.7%
Amphenol
Corp.,
Class
A
37,618
4,006,693
CDW
Corp.
3,919
683,395
Corning,
Inc.
23,863
1,509,096
Jabil,
Inc.
3,277
731,328
Keysight
Technologies,
Inc.*
5,289
866,920
TE
Connectivity
plc
9,145
1,881,584
Teledyne
Technologies,
Inc.*
1,462
805,591
Trimble,
Inc.*
7,121
597,381
Zebra
Technologies
Corp.,
Class
A*
1,630
552,603
11,634,591
Energy
Equipment
&
Services
0.2%
Baker
Hughes
Co.,
Class
A
30,315
1,365,691
Halliburton
Co.
26,984
604,441
Schlumberger
NV
46,740
1,579,812
3,549,944
Entertainment
1.6%
Electronic
Arts,
Inc.
7,073
1,078,562
Live
Nation
Entertainment,
Inc.*(a)
4,805
709,698
Netflix,
Inc.*
13,157
15,254,226
68
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
S&P
500
Index
Fund
Common
Stocks
Shares
Value
($)
Entertainment
Take-Two
Interactive
Software,
Inc.*
5,240
1,167,105
TKO
Group
Holdings,
Inc.,
Class
A
2,099
352,653
Walt
Disney
Co.
(The)
55,578
6,619,896
Warner
Bros
Discovery,
Inc.*(a)
70,984
934,859
26,116,999
Financial
Services
4.2%
Apollo
Global
Management,
Inc.
13,870
2,015,589
Berkshire
Hathaway,
Inc.,
Class
B*
56,692
26,751,821
Block,
Inc.,
Class
A*
17,163
1,326,013
Corpay,
Inc.*
2,145
692,942
Fidelity
National
Information
Services,
Inc.
16,269
1,291,921
Fiserv,
Inc.*
17,267
2,399,077
Global
Payments,
Inc.
7,805
624,010
Jack
Henry
&
Associates,
Inc.
2,225
377,838
Mastercard,
Inc.,
Class
A
25,077
14,205,368
PayPal
Holdings,
Inc.*
30,289
2,082,672
Visa,
Inc.,
Class
A(a)
52,897
18,274,327
70,041,578
Food
Products
0.6%
Archer-Daniels-Midland
Co.
14,866
805,440
Bunge
Global
SA
4,197
334,753
Campbell's
Co.
(The)
5,805
185,295
Conagra
Brands,
Inc.
14,318
261,447
General
Mills,
Inc.
17,225
843,680
Hershey
Co.
(The)
4,709
876,486
Hormel
Foods
Corp.
8,257
231,939
J
M
Smucker
Co.
(The)
3,352
359,804
Kellanova
8,284
661,312
Kraft
Heinz
Co.
(The)
25,781
707,946
Lamb
Weston
Holdings,
Inc.
4,799
273,879
McCormick
&
Co.,
Inc.
(Non-Voting)
8,090
571,397
Mondelez
International,
Inc.,
Class
A
40,065
2,591,805
Tyson
Foods,
Inc.,
Class
A
9,097
475,773
9,180,956
Gas
Utilities
0.0%
†
Atmos
Energy
Corp.(a)
5,000
779,600
Ground
Transportation
0.9%
CSX
Corp.
58,505
2,079,268
JB
Hunt
Transport
Services,
Inc.
2,532
364,734
Norfolk
Southern
Corp.
6,948
1,931,544
Old
Dominion
Freight
Line,
Inc.
5,655
844,009
Uber
Technologies,
Inc.*
64,651
5,673,125
Union
Pacific
Corp.
18,395
4,083,138
14,975,818
Health
Care
Equipment
&
Supplies
2.2%
Abbott
Laboratories
53,789
6,787,634
Align
Technology,
Inc.*
2,223
286,789
Baxter
International,
Inc.
15,398
335,060
Becton
Dickinson
&
Co.(a)
9,003
1,604,785
Boston
Scientific
Corp.*
45,561
4,780,260
Common
Stocks
Shares
Value
($)
Health
Care
Equipment
&
Supplies
Cooper
Cos.,
Inc.
(The)*
6,416
453,547
Dexcom,
Inc.*
12,006
969,725
Edwards
Lifesciences
Corp.*
18,442
1,462,635
GE
HealthCare
Technologies,
Inc.
14,213
1,013,671
Hologic,
Inc.*
6,527
436,134
IDEXX
Laboratories,
Inc.*
2,494
1,332,569
Insulet
Corp.*
2,213
638,229
Intuitive
Surgical,
Inc.*
11,049
5,315,563
Medtronic
plc
39,519
3,566,195
ResMed,
Inc.
4,465
1,214,212
Solventum
Corp.*
4,080
291,149
STERIS
plc
3,022
684,453
Stryker
Corp.
10,688
4,197,498
Zimmer
Biomet
Holdings,
Inc.
6,192
567,497
35,937,605
Health
Care
Providers
&
Services
1.5%
Cardinal
Health,
Inc.
7,462
1,158,252
Cencora,
Inc.
5,267
1,506,783
Centene
Corp.*
15,691
409,064
Cigna
Group
(The)
8,320
2,224,602
CVS
Health
Corp.
38,741
2,405,816
DaVita,
Inc.*(a)
1,358
190,622
Elevance
Health,
Inc.
7,037
1,992,034
HCA
Healthcare,
Inc.
5,395
1,909,776
Henry
Schein,
Inc.*
3,736
252,740
Humana,
Inc.
3,654
913,025
Labcorp
Holdings,
Inc.
2,482
645,519
McKesson
Corp.
3,885
2,694,403
Molina
Healthcare,
Inc.*
1,610
254,171
Quest
Diagnostics,
Inc.
3,558
595,645
UnitedHealth
Group,
Inc.
28,045
6,998,910
Universal
Health
Services,
Inc.,
Class
B
1,643
273,477
24,424,839
Health
Care
REITs
0.3%
Alexandria
Real
Estate
Equities,
Inc.
4,492
343,324
Healthpeak
Properties,
Inc.
21,590
365,735
Ventas,
Inc.
12,962
870,787
Welltower,
Inc.
19,205
3,170,169
4,750,015
Hotel
&
Resort
REITs
0.0%
†
Host
Hotels
&
Resorts,
Inc.
22,199
348,968
Hotels,
Restaurants
&
Leisure
2.0%
Airbnb,
Inc.,
Class
A*
13,289
1,759,596
Booking
Holdings,
Inc.
1,004
5,526,076
Caesars
Entertainment,
Inc.*
6,912
184,412
Carnival
Corp.*
31,842
947,936
Chipotle
Mexican
Grill,
Inc.,
Class
A*
41,429
1,776,475
Darden
Restaurants,
Inc.
3,656
737,306
Domino's
Pizza,
Inc.
1,038
480,812
DoorDash,
Inc.,
Class
A*
10,694
2,676,173
Expedia
Group,
Inc.
3,836
691,324
Hilton
Worldwide
Holdings,
Inc.
7,345
1,969,048
Las
Vegas
Sands
Corp.
10,168
532,803
Marriott
International,
Inc.,
Class
A
6,959
1,835,993
Nationwide
S&P
500
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
69
Common
Stocks
Shares
Value
($)
Hotels,
Restaurants
&
Leisure
McDonald's
Corp.
22,066
6,621,345
MGM
Resorts
International*
6,393
233,025
Norwegian
Cruise
Line
Holdings
Ltd.*
13,986
357,482
Royal
Caribbean
Cruises
Ltd.
7,672
2,438,699
Starbucks
Corp.
34,922
3,113,646
Wynn
Resorts
Ltd.
2,502
272,793
Yum!
Brands,
Inc.
8,759
1,262,610
33,417,554
Household
Durables
0.3%
DR
Horton,
Inc.
8,674
1,238,994
Garmin
Ltd.
4,719
1,032,328
Lennar
Corp.,
Class
A
7,282
816,895
Mohawk
Industries,
Inc.*
1,661
190,201
NVR,
Inc.*
91
687,004
PulteGroup,
Inc.
6,279
709,025
4,674,447
Household
Products
0.9%
Church
&
Dwight
Co.,
Inc.
7,572
710,026
Clorox
Co.
(The)
3,613
453,648
Colgate-Palmolive
Co.
25,321
2,123,166
Kimberly-Clark
Corp.
10,431
1,299,911
Procter
&
Gamble
Co.
(The)
72,484
10,906,668
15,493,419
Independent
Power
and
Renewable
Electricity
Producers
0.2%
AES
Corp.
(The)
22,264
292,772
Vistra
Corp.
10,576
2,205,519
2,498,291
Industrial
Conglomerates
0.4%
3M
Co.
16,613
2,478,992
Honeywell
International,
Inc.
19,808
4,404,309
6,883,301
Industrial
REITs
0.2%
Prologis,
Inc.
28,794
3,074,623
Insurance
1.9%
Aflac,
Inc.
14,786
1,469,137
Allstate
Corp.
(The)
8,294
1,685,756
American
International
Group,
Inc.
17,949
1,393,381
Aon
plc,
Class
A
6,687
2,378,633
Arch
Capital
Group
Ltd.
11,469
987,022
Arthur
J
Gallagher
&
Co.
7,861
2,258,072
Assurant,
Inc.
1,564
292,937
Brown
&
Brown,
Inc.
8,811
805,061
Chubb
Ltd.
11,553
3,073,560
Cincinnati
Financial
Corp.
4,712
695,067
Erie
Indemnity
Co.,
Class
A
822
292,829
Everest
Group
Ltd.
1,234
414,377
Globe
Life,
Inc.
2,389
335,583
Hartford
Insurance
Group,
Inc.
(The)
8,840
1,099,608
Loews
Corp.
5,598
506,843
Marsh
&
McLennan
Cos.,
Inc.
15,347
3,057,123
MetLife,
Inc.
17,555
1,333,302
Principal
Financial
Group,
Inc.
6,075
472,817
Progressive
Corp.
(The)
18,106
4,382,376
Prudential
Financial,
Inc.
11,027
1,142,177
Travelers
Cos.,
Inc.
(The)
7,061
1,837,555
Common
Stocks
Shares
Value
($)
Insurance
W
R
Berkley
Corp.
9,116
627,272
Willis
Towers
Watson
plc
3,114
983,432
31,523,920
Interactive
Media
&
Services
6.9%
Alphabet,
Inc.,
Class
A
179,932
34,528,951
Alphabet,
Inc.,
Class
C
145,143
27,992,279
Match
Group,
Inc.
6,960
238,519
Meta
Platforms,
Inc.,
Class
A
67,124
51,916,387
114,676,136
IT
Services
1.0%
Accenture
plc,
Class
A
19,354
5,169,453
Akamai
Technologies,
Inc.*
4,603
351,255
Cognizant
Technology
Solutions
Corp.,
Class
A
15,442
1,108,118
EPAM
Systems,
Inc.*
1,874
295,548
Gartner,
Inc.*
2,344
793,796
GoDaddy,
Inc.,
Class
A*
4,491
725,656
International
Business
Machines
Corp.
28,718
7,269,962
VeriSign,
Inc.
2,572
691,534
16,405,322
Leisure
Products
0.0%
†
Hasbro,
Inc.
4,174
313,718
Life
Sciences
Tools
&
Services
0.8%
Agilent
Technologies,
Inc.
9,003
1,033,634
Bio-Techne
Corp.
5,266
288,208
Charles
River
Laboratories
International,
Inc.*
1,516
257,174
Danaher
Corp.
19,760
3,895,882
IQVIA
Holdings,
Inc.*
4,910
912,573
Mettler-Toledo
International,
Inc.*
655
808,060
Revvity,
Inc.
3,778
332,086
Thermo
Fisher
Scientific,
Inc.
11,638
5,442,860
Waters
Corp.*
1,867
539,115
West
Pharmaceutical
Services,
Inc.
2,133
510,342
14,019,934
Machinery
1.6%
Caterpillar,
Inc.
14,527
6,363,117
Cummins,
Inc.
4,318
1,587,383
Deere
&
Co.
7,802
4,091,135
Dover
Corp.
4,095
741,768
Fortive
Corp.
10,736
514,576
IDEX
Corp.
2,366
386,865
Illinois
Tool
Works,
Inc.
8,320
2,129,670
Ingersoll
Rand,
Inc.
12,643
1,069,977
Nordson
Corp.
1,649
353,232
Otis
Worldwide
Corp.
12,049
1,032,479
PACCAR,
Inc.
16,326
1,612,356
Parker-Hannifin
Corp.
3,924
2,871,976
Pentair
plc
5,202
531,644
Snap-on,
Inc.
1,606
515,831
Stanley
Black
&
Decker,
Inc.
(a)
5,079
343,594
Westinghouse
Air
Brake
Technologies
Corp.
5,293
1,016,521
Xylem,
Inc.
7,485
1,082,481
26,244,605
70
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
S&P
500
Index
Fund
Common
Stocks
Shares
Value
($)
Media
0.5%
Charter
Communications,
Inc.,
Class
A*
3,013
811,582
Comcast
Corp.,
Class
A
114,557
3,806,729
Fox
Corp.,
Class
A
6,613
368,741
Fox
Corp.,
Class
B
3,814
195,048
Interpublic
Group
of
Cos.,
Inc.
(The)
11,077
272,494
News
Corp.,
Class
A
11,887
348,527
News
Corp.,
Class
B
3,166
105,808
Omnicom
Group,
Inc.
6,292
453,339
Paramount
Global,
Class
B(a)
16,692
209,818
Trade
Desk,
Inc.
(The),
Class
A*
13,947
1,212,831
7,784,917
Metals
&
Mining
0.3%
Freeport-McMoRan,
Inc.
43,998
1,770,480
Newmont
Corp.
34,663
2,152,572
Nucor
Corp.
7,292
1,043,266
Steel
Dynamics,
Inc.
4,312
550,039
5,516,357
Multi-Utilities
0.6%
Ameren
Corp.
8,587
868,403
CenterPoint
Energy,
Inc.
20,009
776,749
CMS
Energy
Corp.(a)
9,182
677,632
Consolidated
Edison,
Inc.
10,850
1,122,975
Dominion
Energy,
Inc.(a)
26,402
1,543,197
DTE
Energy
Co.
6,509
900,911
NiSource,
Inc.
14,623
620,746
Public
Service
Enterprise
Group,
Inc.
15,186
1,363,551
Sempra
19,613
1,601,990
WEC
Energy
Group,
Inc.
9,976
1,088,182
10,564,336
Office
REITs
0.0%
†
BXP,
Inc.
4,321
282,723
Oil,
Gas
&
Consumable
Fuels
2.8%
APA
Corp.
12,220
235,724
Chevron
Corp.
59,057
8,955,403
ConocoPhillips
39,156
3,733,133
Coterra
Energy,
Inc.
23,597
575,531
Devon
Energy
Corp.
19,376
643,671
Diamondback
Energy,
Inc.
5,855
870,404
EOG
Resources,
Inc.(a)
16,998
2,040,100
EQT
Corp.
18,138
974,917
Expand
Energy
Corp.
6,629
694,587
Exxon
Mobil
Corp.
133,249
14,875,918
Kinder
Morgan,
Inc.
60,681
1,702,709
Marathon
Petroleum
Corp.
9,568
1,628,378
Occidental
Petroleum
Corp.
21,500
944,710
ONEOK,
Inc.
19,438
1,596,054
Phillips
66
12,543
1,550,064
Targa
Resources
Corp.
6,724
1,118,941
Texas
Pacific
Land
Corp.
573
554,738
Valero
Energy
Corp.(a)
9,518
1,306,917
Williams
Cos.,
Inc.
(The)
37,559
2,251,662
46,253,561
Passenger
Airlines
0.2%
Delta
Air
Lines,
Inc.
19,792
1,053,133
Southwest
Airlines
Co.(a)
17,010
526,119
Common
Stocks
Shares
Value
($)
Passenger
Airlines
United
Airlines
Holdings,
Inc.*
10,352
914,185
2,493,437
Personal
Care
Products
0.1%
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
7,096
662,340
Kenvue,
Inc.
58,447
1,253,104
1,915,444
Pharmaceuticals
2.7%
Bristol-Myers
Squibb
Co.
62,659
2,713,761
Eli
Lilly
&
Co.
24,319
17,997,762
Johnson
&
Johnson
74,387
12,254,514
Merck
&
Co.,
Inc.
77,606
6,062,581
Pfizer,
Inc.
176,731
4,116,065
Viatris,
Inc.
37,393
326,815
Zoetis,
Inc.,
Class
A
13,763
2,006,508
45,478,006
Professional
Services
0.6%
Automatic
Data
Processing,
Inc.
12,636
3,910,842
Broadridge
Financial
Solutions,
Inc.
3,596
890,046
Dayforce,
Inc.*
5,099
294,059
Equifax,
Inc.
3,801
913,114
Jacobs
Solutions,
Inc.
3,693
523,926
Leidos
Holdings,
Inc.
4,108
655,842
Paychex,
Inc.
9,819
1,417,176
Paycom
Software,
Inc.
1,410
326,472
Verisk
Analytics,
Inc.,
Class
A
4,246
1,183,403
10,114,880
Real
Estate
Management
&
Development
0.2%
CBRE
Group,
Inc.,
Class
A*
9,226
1,436,857
CoStar
Group,
Inc.*
13,001
1,237,565
2,674,422
Residential
REITs
0.2%
AvalonBay
Communities,
Inc.
4,327
806,034
Camden
Property
Trust
3,299
360,251
Equity
Residential
10,892
688,374
Essex
Property
Trust,
Inc.
2,056
534,930
Invitation
Homes,
Inc.
18,206
558,014
Mid-America
Apartment
Communities,
Inc.
3,623
516,024
UDR,
Inc.
9,581
376,437
3,840,064
Retail
REITs
0.2%
Federal
Realty
Investment
Trust
2,215
204,135
Kimco
Realty
Corp.
20,938
444,514
Realty
Income
Corp.
27,154
1,524,154
Regency
Centers
Corp.
5,396
385,274
Simon
Property
Group,
Inc.
9,571
1,567,634
4,125,711
Semiconductors
&
Semiconductor
Equipment
13.5%
Advanced
Micro
Devices,
Inc.*
50,128
8,838,068
Analog
Devices,
Inc.
15,334
3,444,476
Applied
Materials,
Inc.
25,078
4,515,545
Broadcom,
Inc.
145,366
42,693,994
Enphase
Energy,
Inc.*
3,670
118,761
First
Solar,
Inc.*
3,381
590,762
Intel
Corp.
134,505
2,663,199
Nationwide
S&P
500
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
71
Common
Stocks
Shares
Value
($)
Semiconductors
&
Semiconductor
Equipment
KLA
Corp.
4,066
3,574,136
Lam
Research
Corp.
39,753
3,770,175
Microchip
Technology,
Inc.
16,649
1,125,306
Micron
Technology,
Inc.
34,759
3,793,597
Monolithic
Power
Systems,
Inc.
1,476
1,049,790
NVIDIA
Corp.
753,970
134,108,644
NXP
Semiconductors
NV
7,896
1,687,928
ON
Semiconductor
Corp.*
13,283
748,630
QUALCOMM,
Inc.
33,851
4,967,973
Skyworks
Solutions,
Inc.
4,574
313,502
Teradyne,
Inc.
5,198
558,421
Texas
Instruments,
Inc.
28,202
5,106,254
223,669,161
Software
11.8%
Adobe,
Inc.*
13,137
4,698,974
Autodesk,
Inc.*
6,560
1,988,402
Cadence
Design
Systems,
Inc.*
8,413
3,067,127
Crowdstrike
Holdings,
Inc.,
Class
A*
7,656
3,480,188
Datadog,
Inc.,
Class
A*
9,944
1,391,961
Fair
Isaac
Corp.*
757
1,087,597
Fortinet,
Inc.*
19,740
1,972,026
Gen
Digital,
Inc.
17,683
521,472
Intuit,
Inc.
8,618
6,766,250
Microsoft
Corp.
229,786
122,590,831
Oracle
Corp.
50,284
12,760,571
Palantir
Technologies,
Inc.,
Class
A*
65,763
10,413,571
Palo
Alto
Networks,
Inc.*(a)
20,380
3,537,968
PTC,
Inc.*
3,796
815,419
Roper
Technologies,
Inc.
3,357
1,847,693
Salesforce,
Inc.
29,663
7,662,843
ServiceNow,
Inc.*
6,386
6,022,764
Synopsys,
Inc.*
5,739
3,635,484
Tyler
Technologies,
Inc.*
1,342
784,479
Workday,
Inc.,
Class
A*
6,766
1,551,985
196,597,605
Specialized
REITs
0.8%
American
Tower
Corp.
14,394
2,999,566
Crown
Castle,
Inc.
13,322
1,400,009
Digital
Realty
Trust,
Inc.
9,885
1,744,110
Equinix,
Inc.
3,059
2,401,835
Extra
Space
Storage,
Inc.
6,559
881,267
Iron
Mountain,
Inc.
9,216
897,270
Public
Storage
4,928
1,340,120
SBA
Communications
Corp.,
Class
A
3,255
731,464
VICI
Properties,
Inc.,
Class
A
32,267
1,051,904
Weyerhaeuser
Co.
23,048
577,352
14,024,897
Specialty
Retail
1.7%
AutoZone,
Inc.*
517
1,948,252
Best
Buy
Co.,
Inc.
6,181
402,136
CarMax,
Inc.*
4,772
270,143
Home
Depot,
Inc.
(The)
30,728
11,292,847
Lowe's
Cos.,
Inc.
17,375
3,884,529
O'Reilly
Automotive,
Inc.*
26,428
2,598,401
Ross
Stores,
Inc.
10,286
1,404,450
Common
Stocks
Shares
Value
($)
Specialty
Retail
TJX
Cos.,
Inc.
(The)
34,743
4,326,546
Tractor
Supply
Co.
15,867
903,626
Ulta
Beauty,
Inc.*
1,413
727,709
Williams-Sonoma,
Inc.(a)
3,880
725,754
28,484,393
Technology
Hardware,
Storage
&
Peripherals
6.2%
Apple,
Inc.
461,759
95,847,316
Dell
Technologies,
Inc.,
Class
C
9,120
1,210,133
Hewlett
Packard
Enterprise
Co.
39,786
823,172
HP,
Inc.
29,421
729,641
NetApp,
Inc.
6,510
677,886
Seagate
Technology
Holdings
plc
6,545
1,027,630
Super
Micro
Computer,
Inc.*
15,537
916,217
Western
Digital
Corp.
10,746
845,603
102,077,598
Textiles,
Apparel
&
Luxury
Goods
0.3%
Deckers
Outdoor
Corp.*
4,887
518,853
Lululemon
Athletica,
Inc.*
3,548
711,480
NIKE,
Inc.,
Class
B
36,437
2,721,480
Ralph
Lauren
Corp.,
Class
A
1,213
362,384
Tapestry,
Inc.
6,511
703,383
5,017,580
Tobacco
0.7%
Altria
Group,
Inc.
52,259
3,236,923
Philip
Morris
International,
Inc.
48,122
7,894,414
11,131,337
Trading
Companies
&
Distributors
0.3%
Fastenal
Co.
34,970
1,613,166
United
Rentals,
Inc.
1,981
1,749,104
WW
Grainger,
Inc.
1,330
1,382,588
4,744,858
Water
Utilities
0.1%
American
Water
Works
Co.,
Inc.
6,033
846,068
Wireless
Telecommunication
Services
0.2%
T-Mobile
US,
Inc.
14,704
3,505,581
Total
Common
Stocks
(cost
$615,472,423)
1,661,306,997
72
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
S&P
500
Index
Fund
Repurchase
Agreement
0.1%
Principal
Amount
($)
Value
($)
CF
Secured,
LLC,
4.34%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$1,671,190,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.00%,
maturing
8/31/2025
-
2/15/2053;
total
market
value
$1,704,614.(b)
1,670,988
1,670,988
Total
Repurchase
Agreement
(cost
$1,670,988)
1,670,988
Total
Investments
(cost
$617,143,411)
—
100.2%
1,662,977,985
Liabilities
in
excess
of
other
assets
—
(0.2)%
(3,022,342)
NET
ASSETS
—
100.0%
$
1,659,955,643
*
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,
2025.
The
total
value
of
securities
on
loan
as
of
July
31,
2025
was
$14,045,204,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$1,670,988
and
by
$12,839,781
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.13%,
and
maturity
dates
ranging
from
8/7/2025
-
8/15/2054,
a
total
value
of
$14,510,769.
(b)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2025
was
$1,670,988.
REIT
Real
Estate
Investment
Trust
Futures
contracts
outstanding
as
of
July
31,
2025:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
S&P
500
E-Mini
Index
23
9/2025
USD
7,330,388
2,233
Net
contracts
2,233
Currency:
USD
United
States
Dollar
Nationwide
S&P
500
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
73
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.
74
-
Statement
of
Investments
-
July
31,
2025
(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,
2025.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using
financial
futures
contracts.
(a)
Futures
Contracts  
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
managing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
price
of
the
futures
contracts
and
the
underlying
assets. The
Fund’s
investments
in
futures
contracts
entail
limited
counterparty
credit
risk
because the
Fund
invests
only
in
exchange
traded
futures
contracts,
which
are
settled
through
the
exchange
and
whose
fulfillment
is
guaranteed
by
the
credit
of
the
exchange.
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2025:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
July
31,
2025:
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2025.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
1,661,306,997
$
–
$
–
$
1,661,306,997
Futures
Contracts
2,233
–
–
2,233
Repurchase
Agreement
–
1,670,988
–
1,670,988
Total
$
1,661,309,230
$
1,670,988
$
–
$
1,662,980,218
Assets:
Fair
Value
Futures
Contracts
Equity
risk
Unrealized
appreciation
from
futures
contracts
$
2,233
Total
$
2,233
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
Nationwide
Small
Cap
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
75
Closed
End
Fund
0
.0
%
†
Principal
Amount
($)
Value
($)
Diversified
REITs
0
.0
%
†
NexPoint
Diversified
Real
Estate
Trust
3,370
14,794
Total
Closed
End
Fund
(cost  $33,493)
14,794
Common
Stocks
99
.8
%
Shares
Aerospace
&
Defense
1
.7
%
AAR
Corp.*
3,141
234,664
AeroVironment,
Inc.*
2,789
746,448
AerSale
Corp.*
2,815
17,003
Archer
Aviation,
Inc.,
Class
A*(a)
47,848
479,915
Astronics
Corp.*
2,617
94,526
Byrna
Technologies,
Inc.*(a)
1,601
35,558
Cadre
Holdings,
Inc.(a)
2,499
82,642
Ducommun,
Inc.*
1,224
111,360
Eve
Holding,
Inc.*(a)
4,262
27,703
Intuitive
Machines,
Inc.*(a)
9,618
107,337
Kratos
Defense
&
Security
Solutions,
Inc.*
14,455
848,508
Mercury
Systems,
Inc.*(a)
4,514
237,391
Moog,
Inc.,
Class
A(a)
2,475
479,111
National
Presto
Industries,
Inc.
469
45,235
Park
Aerospace
Corp.
1,559
28,093
Redwire
Corp.*(a)
2,969
42,427
Satellogic,
Inc.,
Class
A*
6,038
19,805
V2X,
Inc.*
1,568
74,292
3,712,018
Air
Freight
&
Logistics
0
.1
%
Forward
Air
Corp.*
2,272
69,046
Hub
Group,
Inc.,
Class
A
5,238
183,435
Radiant
Logistics,
Inc.*
3,719
21,979
274,460
Automobile
Components
1
.4
%
Adient
plc*
7,396
158,570
American
Axle
&
Manufacturing
Holdings,
Inc.*(a)
10,514
46,787
Cooper-Standard
Holdings,
Inc.*(a)
1,496
36,054
Dana,
Inc.
11,636
185,245
Dorman
Products,
Inc.*
2,411
290,815
Fox
Factory
Holding
Corp.*
3,792
115,163
Garrett
Motion,
Inc.
11,075
144,418
Gentherm,
Inc.*
2,729
87,437
Goodyear
Tire
&
Rubber
Co.
(The)*
22,949
235,916
Holley,
Inc.*(a)
4,418
9,190
LCI
Industries(a)
2,160
205,200
Luminar
Technologies,
Inc.,
Class
A*(a)
4,521
13,427
Modine
Manufacturing
Co.*
4,597
618,572
Motorcar
Parts
of
America,
Inc.*
1,569
16,271
Patrick
Industries,
Inc.(a)
2,842
276,356
Phinia,
Inc.
3,456
175,219
Solid
Power,
Inc.*(a)
13,746
43,850
Standard
Motor
Products,
Inc.
1,843
55,954
Common
Stocks
Shares
Value
($)
Automobile
Components
Strattec
Security
Corp.*(a)
335
21,259
Visteon
Corp.*
2,433
270,428
XPEL,
Inc.
Reg.
S*
2,147
70,185
3,076,316
Automobiles
0
.0
%
†
Faraday
Future
Intelligent
Electric,
Inc.*(a)
7,685
16,369
Livewire
Group,
Inc.*(a)
3,189
11,959
Winnebago
Industries,
Inc.
2,483
73,795
102,123
Banks
10
.6
%
1st
Source
Corp.
1,704
101,933
ACNB
Corp.
904
38,058
Amalgamated
Financial
Corp.
(a)
2,131
61,778
Amerant
Bancorp,
Inc.,
Class
A
3,082
59,483
Ameris
Bancorp
5,729
391,577
Ames
National
Corp.
815
14,711
Arrow
Financial
Corp.
1,331
35,671
Associated
Banc-Corp.
14,836
367,043
Atlantic
Union
Bankshares
Corp.(a)
12,494
396,060
Axos
Financial,
Inc.*
4,609
397,987
Banc
of
California,
Inc.
11,742
170,494
BancFirst
Corp.
1,849
230,237
Bancorp,
Inc.
(The)*(a)
3,949
249,419
Bank
First
Corp.
835
99,215
Bank
of
Hawaii
Corp.(a)
3,487
215,776
Bank
of
Marin
Bancorp
1,276
28,901
Bank
of
NT
Butterfield
&
Son
Ltd.
(The)
3,814
173,575
Bank7
Corp.
353
15,634
BankFinancial
Corp.
809
8,996
BankUnited,
Inc.
6,556
239,097
Bankwell
Financial
Group,
Inc.
684
27,292
Banner
Corp.
2,948
182,997
Bar
Harbor
Bankshares
1,296
37,636
BayCom
Corp.
972
26,254
BCB
Bancorp,
Inc.
973
8,134
Berkshire
Hills
Bancorp,
Inc.
3,916
96,490
Blue
Foundry
Bancorp*
1,650
14,107
Blue
Ridge
Bankshares,
Inc.*
5,551
20,372
Bridgewater
Bancshares,
Inc.*
1,966
30,591
Brookline
Bancorp,
Inc.
7,431
76,688
Burke
&
Herbert
Financial
Services
Corp.
1,205
69,878
Business
First
Bancshares,
Inc.
2,559
60,776
BV
Financial,
Inc.*
722
11,292
Byline
Bancorp,
Inc.
2,657
69,879
C&F
Financial
Corp.(a)
266
16,984
Cadence
Bank
15,354
535,087
California
BanCorp*
2,163
32,423
Camden
National
Corp.(a)
1,574
59,356
Capital
Bancorp,
Inc.(a)
1,054
33,180
Capital
City
Bank
Group,
Inc.
1,220
48,300
Capitol
Federal
Financial,
Inc.
11,176
67,280
Carter
Bankshares,
Inc.*
2,015
35,021
Cathay
General
Bancorp
5,951
269,104
CB
Financial
Services,
Inc.
385
12,187
76
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Small
Cap
Index
Fund
Common
Stocks
Shares
Value
($)
Banks
Central
Pacific
Financial
Corp.
2,361
62,944
CF
Bankshares,
Inc.
310
7,316
Chain
Bridge
Bancorp,
Inc.,
Class
A*
266
7,033
Chemung
Financial
Corp.
331
16,749
ChoiceOne
Financial
Services,
Inc.(a)
1,274
37,456
Citizens
&
Northern
Corp.
1,303
24,783
Citizens
Community
Bancorp,
Inc.
769
11,335
Citizens
Financial
Services,
Inc.
363
19,489
City
Holding
Co.(a)
1,291
157,631
Civista
Bancshares,
Inc.
1,468
28,582
CNB
Financial
Corp.
2,640
60,588
Coastal
Financial
Corp.*
1,107
106,493
Colony
Bankcorp,
Inc.
1,315
21,553
Columbia
Financial,
Inc.*(a)
2,245
32,306
Community
Financial
System,
Inc.(a)
4,553
239,943
Community
Trust
Bancorp,
Inc.
1,373
74,115
Community
West
Bancshares
1,284
24,717
ConnectOne
Bancorp,
Inc.
4,256
98,016
Customers
Bancorp,
Inc.*
2,598
165,623
CVB
Financial
Corp.
11,578
216,393
Dime
Community
Bancshares,
Inc.(a)
3,422
94,824
Eagle
Bancorp
Montana,
Inc.
625
10,075
Eagle
Bancorp,
Inc.
2,522
40,579
Eagle
Financial
Services,
Inc.
348
11,487
Eastern
Bankshares,
Inc.
17,567
271,410
ECB
Bancorp,
Inc.*(a)
562
8,750
Enterprise
Financial
Services
Corp.
3,293
181,741
Equity
Bancshares,
Inc.,
Class
A
1,395
52,424
Esquire
Financial
Holdings,
Inc.(a)
669
64,144
Farmers
&
Merchants
Bancorp,
Inc.
1,241
29,796
Farmers
National
Banc
Corp.
3,247
43,964
FB
Bancorp,
Inc.*
1,655
19,314
FB
Financial
Corp.
3,786
184,605
Fidelity
D&D
Bancorp,
Inc.
441
17,834
Financial
Institutions,
Inc.
1,865
47,539
Finward
Bancorp
256
7,099
Finwise
Bancorp*
766
13,688
First
Bancorp(a)
17,893
476,409
First
Bancorp,
Inc.
(The)
1,016
25,613
First
Bank
1,741
25,941
First
Busey
Corp.
7,619
170,056
First
Business
Financial
Services,
Inc.
696
33,144
First
Capital,
Inc.(a)
272
9,661
First
Commonwealth
Financial
Corp.
9,219
152,206
First
Community
Bankshares,
Inc.
1,444
52,706
First
Community
Corp.
624
15,460
First
Financial
Bancorp
8,218
199,204
Common
Stocks
Shares
Value
($)
Banks
First
Financial
Bankshares,
Inc.
11,835
409,728
First
Financial
Corp.
1,069
57,245
First
Foundation,
Inc.*
5,542
26,990
First
Internet
Bancorp
778
17,062
First
Interstate
BancSystem,
Inc.,
Class
A
7,920
228,017
First
Merchants
Corp.
5,107
194,679
First
Mid
Bancshares,
Inc.
1,845
70,055
First
National
Corp.
659
14,234
First
Savings
Financial
Group,
Inc.
464
11,869
First
United
Corp.
523
17,191
First
Western
Financial,
Inc.*
827
17,900
Firstsun
Capital
Bancorp*
1,089
38,714
Five
Star
Bancorp(a)
1,376
41,404
Flagstar
Financial,
Inc.
26,684
301,262
Flushing
Financial
Corp.
2,601
31,186
Franklin
Financial
Services
Corp.
352
14,150
FS
Bancorp,
Inc.
627
24,509
Fulton
Financial
Corp.
15,780
283,251
FVCBankcorp,
Inc.
1,611
20,637
GBank
Financial
Holdings,
Inc.*
792
29,728
German
American
Bancorp,
Inc.(a)
3,209
123,290
Glacier
Bancorp,
Inc.
10,116
443,384
Great
Southern
Bancorp,
Inc.
783
44,584
Greene
County
Bancorp,
Inc.
583
13,811
Guaranty
Bancshares,
Inc.
791
34,496
Hancock
Whitney
Corp.(a)
7,735
461,934
Hanmi
Financial
Corp.
2,619
59,739
Hanover
Bancorp,
Inc.(a)
381
7,929
HarborOne
Bancorp,
Inc.
3,418
40,435
Hawthorn
Bancshares,
Inc.
497
14,174
HBT
Financial,
Inc.
1,117
27,780
Heritage
Commerce
Corp.
4,949
45,778
Heritage
Financial
Corp.
2,981
67,192
Hilltop
Holdings,
Inc.
4,004
118,518
Hingham
Institution
for
Savings(a)
139
34,038
Home
Bancorp,
Inc.
584
30,537
Home
BancShares,
Inc.
16,712
470,610
HomeStreet,
Inc.*
1,670
21,844
HomeTrust
Bancshares,
Inc.
1,349
52,422
Hope
Bancorp,
Inc.
10,499
104,885
Horizon
Bancorp,
Inc.
4,076
63,137
Independent
Bank
Corp.
5,884
317,729
International
Bancshares
Corp.
4,844
330,264
Investar
Holding
Corp.
920
19,964
John
Marshall
Bancorp,
Inc.
1,161
21,374
Kearny
Financial
Corp.
4,981
29,537
Lakeland
Financial
Corp.(a)
2,165
137,196
Landmark
Bancorp,
Inc.(a)
357
8,672
LCNB
Corp.
1,001
14,775
LINKBANCORP,
Inc.
1,888
12,989
Live
Oak
Bancshares,
Inc.
3,235
102,258
MainStreet
Bancshares,
Inc.
590
11,918
Mercantile
Bank
Corp.
1,338
61,133
Meridian
Corp.
787
11,593
Metrocity
Bankshares,
Inc.
1,755
48,438
Nationwide
Small
Cap
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
77
Common
Stocks
Shares
Value
($)
Banks
Metropolitan
Bank
Holding
Corp.
935
65,955
Mid
Penn
Bancorp,
Inc.
1,834
50,343
Middlefield
Banc
Corp.
500
13,925
Midland
States
Bancorp,
Inc.
1,730
29,341
MidWestOne
Financial
Group,
Inc.
1,872
51,555
MVB
Financial
Corp.
976
22,194
National
Bank
Holdings
Corp.,
Class
A
3,331
123,447
National
Bankshares,
Inc.
547
15,185
NB
Bancorp,
Inc.*
3,219
55,463
NBT
Bancorp,
Inc.
4,498
186,127
Nicolet
Bankshares,
Inc.
1,180
152,220
Northeast
Bank
653
64,758
Northeast
Community
Bancorp,
Inc.
1,005
20,763
Northfield
Bancorp,
Inc.
3,377
35,965
Northpointe
Bancshares,
Inc.
983
14,430
Northrim
Bancorp,
Inc.
513
42,851
Northwest
Bancshares,
Inc.
12,695
148,532
Norwood
Financial
Corp.
698
16,920
Oak
Valley
Bancorp
637
16,976
OceanFirst
Financial
Corp.
4,998
83,866
OFG
Bancorp
3,914
166,815
Ohio
Valley
Banc
Corp.
315
10,156
Old
National
Bancorp
28,301
597,434
Old
Point
Financial
Corp.
348
13,972
Old
Second
Bancorp,
Inc.
3,721
63,145
OP
Bancorp
1,055
13,504
Orange
County
Bancorp,
Inc.
966
24,140
Origin
Bancorp,
Inc.
2,685
98,137
Orrstown
Financial
Services,
Inc.
1,607
52,806
Pacific
Premier
Bancorp,
Inc.
8,169
177,022
Park
National
Corp.
1,317
213,183
Parke
Bancorp,
Inc.
1,095
22,612
Pathward
Financial,
Inc.
2,160
163,350
Patriot
National
Bancorp,
Inc.*(a)
5,495
8,572
PCB
Bancorp
1,142
23,342
Peapack-Gladstone
Financial
Corp.(a)
1,466
37,354
Peoples
Bancorp
of
North
Carolina,
Inc.
438
12,575
Peoples
Bancorp,
Inc.
3,004
86,035
Peoples
Financial
Services
Corp.
843
41,063
Pioneer
Bancorp,
Inc.*
658
8,074
Plumas
Bancorp
518
21,373
Ponce
Financial
Group,
Inc.*
1,452
20,401
Preferred
Bank(a)
816
74,109
Primis
Financial
Corp.
1,688
18,889
Princeton
Bancorp,
Inc.
481
14,521
Provident
Bancorp,
Inc.*
1,076
13,138
Provident
Financial
Services,
Inc.
10,814
197,031
QCR
Holdings,
Inc.
1,427
101,317
RBB
Bancorp
1,287
23,308
Red
River
Bancshares,
Inc.
432
25,993
Renasant
Corp.
8,279
303,343
Common
Stocks
Shares
Value
($)
Banks
Republic
Bancorp,
Inc.,
Class
A
725
49,923
Rhinebeck
Bancorp,
Inc.*
555
7,043
Richmond
Mutual
BanCorp,
Inc.
714
9,882
Riverview
Bancorp,
Inc.
1,693
8,346
S&T
Bancorp,
Inc.
3,300
120,912
SB
Financial
Group,
Inc.
499
9,386
Seacoast
Banking
Corp.
of
Florida
7,352
207,253
ServisFirst
Bancshares,
Inc.(a)
4,530
356,285
Shore
Bancshares,
Inc.
2,830
43,893
Sierra
Bancorp
1,149
33,689
Simmons
First
National
Corp.,
Class
A
12,340
236,558
SmartFinancial,
Inc.
1,292
44,264
Sound
Financial
Bancorp,
Inc.
158
7,276
South
Plains
Financial,
Inc.
1,038
38,520
Southern
First
Bancshares,
Inc.*
712
29,591
Southern
Missouri
Bancorp,
Inc.
837
45,273
Southside
Bancshares,
Inc.
2,523
74,277
SR
Bancorp,
Inc.
633
8,811
Stellar
Bancorp,
Inc.
4,356
128,633
Sterling
Bancorp,
Inc.∞(a)
1,601
0
Stock
Yards
Bancorp,
Inc.
2,336
174,639
Texas
Capital
Bancshares,
Inc.*
3,988
334,872
Third
Coast
Bancshares,
Inc.*
1,216
45,782
Timberland
Bancorp,
Inc.
714
22,341
Tompkins
Financial
Corp.
1,226
79,298
Towne
Bank
6,355
222,616
TriCo
Bancshares
2,794
114,889
Triumph
Financial,
Inc.*
1,948
110,491
TrustCo
Bank
Corp.
1,701
57,086
Trustmark
Corp.
5,296
197,276
UMB
Financial
Corp.
6,406
704,596
Union
Bankshares,
Inc.
291
7,918
United
Bankshares,
Inc.
12,427
441,407
United
Community
Banks,
Inc.
10,259
312,899
United
Security
Bancshares
1,031
8,815
Unity
Bancorp,
Inc.
717
35,212
Univest
Financial
Corp.
2,494
71,927
USCB
Financial
Holdings,
Inc.
(a)
771
12,829
Valley
National
Bancorp
42,852
397,238
Veritex
Holdings,
Inc.
4,657
147,720
Virginia
National
Bankshares
Corp.
447
16,481
WaFd,
Inc.
7,060
205,481
Washington
Trust
Bancorp,
Inc.(a)
1,786
48,115
WesBanco,
Inc.
8,421
253,725
West
Bancorp,
Inc.(a)
1,268
22,811
Westamerica
Bancorp
2,158
103,368
Western
New
England
Bancorp,
Inc.
1,601
17,051
WSFS
Financial
Corp.
5,018
275,187
23,827,274
78
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Small
Cap
Index
Fund
Common
Stocks
Shares
Value
($)
Beverages
0
.1
%
MGP
Ingredients,
Inc.
1,315
37,188
National
Beverage
Corp.*(a)
2,084
95,489
Vita
Coco
Co.,
Inc.
(The)*
3,579
126,195
Zevia
PBC,
Class
A*
2,796
8,668
267,540
Biotechnology
6
.9
%
4D
Molecular
Therapeutics,
Inc.*
2,942
13,239
89bio,
Inc.*
10,967
104,187
Abeona
Therapeutics,
Inc.*
3,834
24,423
Absci
Corp.*(a)
9,805
27,748
ACADIA
Pharmaceuticals,
Inc.*
10,922
260,271
Actuate
Therapeutics,
Inc.*(a)
985
7,141
ADC
Therapeutics
SA*
6,467
17,914
ADMA
Biologics,
Inc.*
20,335
380,264
Agios
Pharmaceuticals,
Inc.*
4,961
184,648
Akebia
Therapeutics,
Inc.*
21,981
81,000
Akero
Therapeutics,
Inc.*
6,136
299,744
Aldeyra
Therapeutics,
Inc.*
4,407
21,991
Alector,
Inc.*
7,991
11,907
Alkermes
plc*
14,280
378,277
Allogene
Therapeutics,
Inc.*
15,586
19,171
Altimmune,
Inc.*(a)
6,512
24,029
Amicus
Therapeutics,
Inc.*(a)
24,146
144,635
AnaptysBio,
Inc.*
1,750
42,962
Anavex
Life
Sciences
Corp.*(a)
7,353
83,089
Anika
Therapeutics,
Inc.*
974
8,040
Annexon,
Inc.*(a)
7,633
18,319
Apogee
Therapeutics,
Inc.*
2,809
107,472
Arbutus
Biopharma
Corp.*(a)
13,026
42,725
Arcellx,
Inc.*
3,221
229,947
Arcturus
Therapeutics
Holdings,
Inc.*(a)
2,240
27,350
Arcus
Biosciences,
Inc.*
6,094
55,638
Arcutis
Biotherapeutics,
Inc.*
9,262
135,040
Ardelyx,
Inc.*
20,093
85,194
ArriVent
Biopharma,
Inc.*(a)
2,044
39,878
Arrowhead
Pharmaceuticals,
Inc.*
10,480
165,584
ARS
Pharmaceuticals,
Inc.*(a)
4,814
85,112
Astria
Therapeutics,
Inc.*
4,320
29,894
aTyr
Pharma,
Inc.*(a)
7,642
36,070
Aura
Biosciences,
Inc.*(a)
3,194
22,007
Aurinia
Pharmaceuticals,
Inc.*
10,471
96,804
Avidity
Biosciences,
Inc.*
10,044
368,715
Avita
Medical,
Inc.*(a)
2,379
12,609
Beam
Therapeutics,
Inc.*(a)
8,407
165,702
Benitec
Biopharma,
Inc.*
1,249
13,652
Bicara
Therapeutics,
Inc.*(a)
2,999
33,319
BioCryst
Pharmaceuticals,
Inc.*
18,188
148,050
Biohaven
Ltd.*
7,958
120,166
Bridgebio
Pharma,
Inc.*
13,717
648,403
Bright
Minds
Biosciences,
Inc.*(a)
396
13,373
Candel
Therapeutics,
Inc.*(a)
3,479
22,422
Capricor
Therapeutics,
Inc.*(a)
3,173
25,955
Cardiff
Oncology,
Inc.*(a)
5,330
12,632
CareDx,
Inc.*
4,644
57,052
Common
Stocks
Shares
Value
($)
Biotechnology
Cargo
Therapeutics,
Inc.*
3,066
13,705
Cartesian
Therapeutics,
Inc.*
660
8,455
Catalyst
Pharmaceuticals,
Inc.*
10,167
216,862
Celcuity,
Inc.*(a)
2,744
107,469
Celldex
Therapeutics,
Inc.*(a)
5,661
124,429
CG
oncology,
Inc.*(a)
4,912
131,101
Cidara
Therapeutics,
Inc.*(a)
902
57,106
Cogent
Biosciences,
Inc.*
9,344
106,708
Coherus
Oncology,
Inc.*(a)
9,257
8,703
Compass
Therapeutics,
Inc.*(a)
8,635
25,646
Corvus
Pharmaceuticals,
Inc.*(a)
4,610
19,224
CRISPR
Therapeutics
AG*(a)
7,266
408,785
Cullinan
Therapeutics,
Inc.*
4,634
36,006
Cytokinetics,
Inc.*
10,250
385,810
Day
One
Biopharmaceuticals,
Inc.*
6,352
42,622
Denali
Therapeutics,
Inc.*
11,653
161,161
Design
Therapeutics,
Inc.*(a)
2,040
7,895
DiaMedica
Therapeutics,
Inc.*
2,253
9,508
Dianthus
Therapeutics,
Inc.*
1,737
35,904
Disc
Medicine,
Inc.*(a)
2,164
129,321
Dynavax
Technologies
Corp.*
9,334
102,487
Dyne
Therapeutics,
Inc.*
8,256
81,322
Editas
Medicine,
Inc.*
7,650
19,201
Eledon
Pharmaceuticals,
Inc.*
5,070
15,970
Emergent
BioSolutions,
Inc.*(a)
4,762
28,001
Enanta
Pharmaceuticals,
Inc.*
2,036
15,433
Entrada
Therapeutics,
Inc.*(a)
2,081
12,236
Erasca,
Inc.*
15,422
21,822
Fate
Therapeutics,
Inc.*
9,564
10,520
Fennec
Pharmaceuticals,
Inc.*
1,717
14,045
Foghorn
Therapeutics,
Inc.*
3,344
17,556
Geron
Corp.*
51,181
58,858
Gossamer
Bio,
Inc.*(a)
16,540
33,742
GRAIL,
Inc.*
2,678
91,614
Greenwich
Lifesciences,
Inc.*(a)
536
5,864
Gyre
Therapeutics,
Inc.*(a)
1,550
10,927
Heron
Therapeutics,
Inc.*(a)
13,461
23,288
Humacyte,
Inc.*(a)
11,065
26,556
Ideaya
Biosciences,
Inc.*
7,290
177,511
ImmunityBio,
Inc.*(a)
20,242
49,795
Immunome,
Inc.*
6,597
69,400
Immunovant,
Inc.*
6,053
97,332
Inhibikase
Therapeutics,
Inc.*(a)
5,161
8,154
Inhibrx
Biosciences,
Inc.*(a)
795
17,426
Inmune
Bio,
Inc.*
1,145
3,126
Intellia
Therapeutics,
Inc.*
8,929
103,934
Iovance
Biotherapeutics,
Inc.*(a)
23,849
61,292
Ironwood
Pharmaceuticals,
Inc.,
Class
A*(a)
12,031
9,192
iTeos
Therapeutics,
Inc.*
2,365
23,981
Jade
Biosciences,
Inc.(a)
2,838
20,405
Janux
Therapeutics,
Inc.*
3,459
83,068
KalVista
Pharmaceuticals,
Inc.*
3,200
43,616
Nationwide
Small
Cap
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
79
Common
Stocks
Shares
Value
($)
Biotechnology
Keros
Therapeutics,
Inc.*
3,081
44,120
Kodiak
Sciences,
Inc.*(a)
3,213
21,125
Korro
Bio,
Inc.*
565
8,452
Krystal
Biotech,
Inc.*(a)
2,177
334,975
Kura
Oncology,
Inc.*
7,362
44,540
Kymera
Therapeutics,
Inc.*
4,098
179,288
Larimar
Therapeutics,
Inc.*(a)
3,885
13,442
Lexeo
Therapeutics,
Inc.*
2,138
10,113
Madrigal
Pharmaceuticals,
Inc.*
1,481
448,017
MannKind
Corp.*
26,534
100,299
MeiraGTx
Holdings
plc*
4,144
31,702
Metsera,
Inc.*(a)
1,561
51,497
MiMedx
Group,
Inc.*
10,346
74,388
Mineralys
Therapeutics,
Inc.*
3,434
48,591
Mirum
Pharmaceuticals,
Inc.*
3,817
197,263
Monopar
Therapeutics,
Inc.*
353
14,537
Monte
Rosa
Therapeutics,
Inc.*(a)
3,951
19,557
Myriad
Genetics,
Inc.*
7,814
30,006
Neurogene,
Inc.*(a)
949
20,660
Nkarta,
Inc.*(a)
4,901
10,635
Novavax,
Inc.*(a)
13,050
86,782
Nurix
Therapeutics,
Inc.*(a)
6,565
73,922
Nuvalent,
Inc.,
Class
A*
3,773
295,615
Nuvectis
Pharma,
Inc.*(a)
1,095
7,621
Olema
Pharmaceuticals,
Inc.*
5,250
26,985
Organogenesis
Holdings,
Inc.,
Class
A*
6,549
30,256
ORIC
Pharmaceuticals,
Inc.*
3,995
39,830
Oruka
Therapeutics,
Inc.(a)
2,369
32,195
Palvella
Therapeutics,
Inc.*(a)
598
21,875
Perspective
Therapeutics,
Inc.*(a)
4,866
18,685
Praxis
Precision
Medicines,
Inc.*
1,500
81,330
Precigen,
Inc.*(a)
13,044
22,305
Prime
Medicine,
Inc.*(a)
5,272
19,717
Protagonist
Therapeutics,
Inc.*
5,146
277,164
Protalix
BioTherapeutics,
Inc.*(a)
5,979
8,729
Protara
Therapeutics,
Inc.*
2,831
8,776
Prothena
Corp.
plc*
3,480
23,908
PTC
Therapeutics,
Inc.*(a)
6,817
355,234
Puma
Biotechnology,
Inc.*
3,854
11,986
Recursion
Pharmaceuticals,
Inc.,
Class
A*(a)
29,826
177,465
REGENXBIO,
Inc.*(a)
4,260
36,253
Relay
Therapeutics,
Inc.*
10,702
37,671
Replimune
Group,
Inc.*(a)
5,945
41,793
Rezolute,
Inc.*(a)
5,845
34,778
Rhythm
Pharmaceuticals,
Inc.*(a)
4,800
409,104
Rigel
Pharmaceuticals,
Inc.*(a)
1,513
31,864
Rocket
Pharmaceuticals,
Inc.*
6,333
19,316
Sana
Biotechnology,
Inc.*(a)
12,252
49,743
Savara,
Inc.*(a)
12,132
31,422
Scholar
Rock
Holding
Corp.*
7,143
264,648
SELLAS
Life
Sciences
Group,
Inc.*(a)
8,313
13,218
Sionna
Therapeutics,
Inc.*(a)
1,070
17,933
Soleno
Therapeutics,
Inc.*
3,526
304,893
Common
Stocks
Shares
Value
($)
Biotechnology
Solid
Biosciences,
Inc.*
5,840
39,946
Spyre
Therapeutics,
Inc.*
4,387
74,447
Stoke
Therapeutics,
Inc.*
3,872
49,755
Syndax
Pharmaceuticals,
Inc.*
7,150
70,928
Tango
Therapeutics,
Inc.*(a)
6,766
40,867
Taysha
Gene
Therapies,
Inc.*
14,753
40,276
Tectonic
Therapeutic,
Inc.*(a)
964
21,391
Tevogen
Bio
Holdings,
Inc.*(a)
5,635
5,575
TG
Therapeutics,
Inc.*(a)
12,740
452,270
Tonix
Pharmaceuticals
Holding
Corp.*(a)
670
25,246
Tourmaline
Bio,
Inc.*
1,697
37,555
Travere
Therapeutics,
Inc.*
7,750
119,737
TriSalus
Life
Sciences,
Inc.*
1,271
5,376
TuHURA
Biosciences,
Inc.*
2,829
7,016
Twist
Bioscience
Corp.*(a)
5,259
176,545
Tyra
Biosciences,
Inc.*(a)
1,877
20,516
Upstream
Bio,
Inc.*(a)
3,054
46,757
UroGen
Pharma
Ltd.*
3,161
60,249
Vanda
Pharmaceuticals,
Inc.*
4,561
19,430
Vaxcyte,
Inc.*
11,038
374,740
Vera
Therapeutics,
Inc.,
Class
A*
4,523
94,033
Veracyte,
Inc.*(a)
6,969
163,841
Verastem,
Inc.*
3,492
21,546
Vericel
Corp.*(a)
4,428
154,714
Vir
Biotechnology,
Inc.*
7,397
37,503
Viridian
Therapeutics,
Inc.*
6,337
111,024
Voyager
Therapeutics,
Inc.*(a)
3,762
12,001
Xencor,
Inc.*
5,838
48,572
Xenon
Pharmaceuticals,
Inc.*
6,655
203,244
XOMA
Royalty
Corp.*
692
17,217
Y-mAbs
Therapeutics,
Inc.*(a)
3,311
14,800
Zenas
Biopharma,
Inc.*(a)
1,221
19,182
Zymeworks,
Inc.*
4,616
57,977
15,608,357
Broadline
Retail
0
.1
%
Groupon,
Inc.,
Class
A*
2,127
65,597
Kohl's
Corp.(a)
9,660
104,714
Savers
Value
Village,
Inc.*
2,213
23,037
193,348
Building
Products
1
.5
%
American
Woodmark
Corp.*
1,280
67,341
Apogee
Enterprises,
Inc.
1,902
79,865
AZZ,
Inc.
2,628
287,766
CSW
Industrials,
Inc.
1,428
370,538
Gibraltar
Industries,
Inc.*
2,653
175,178
Griffon
Corp.
3,468
281,844
Insteel
Industries,
Inc.
1,680
60,648
Janus
International
Group,
Inc.*
12,080
103,526
JELD-WEN
Holding,
Inc.*
7,362
33,129
Masterbrand,
Inc.*(a)
10,942
120,690
Quanex
Building
Products
Corp.
4,282
83,413
Resideo
Technologies,
Inc.*
13,201
360,387
Tecnoglass,
Inc.(a)
2,140
166,984
UFP
Industries,
Inc.
5,294
518,812
80
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Small
Cap
Index
Fund
Common
Stocks
Shares
Value
($)
Building
Products
Zurn
Elkay
Water
Solutions
Corp.(a)
13,119
580,516
3,290,637
Capital
Markets
1
.8
%
Acadian
Asset
Management,
Inc.
2,356
98,457
AlTi
Global,
Inc.*(a)
3,349
13,697
Artisan
Partners
Asset
Management,
Inc.,
Class
A(a)
5,453
246,748
Bakkt
Holdings,
Inc.,
Class
A*(a)
505
5,000
BGC
Group,
Inc.,
Class
A
31,490
291,912
Cohen
&
Steers,
Inc.
2,461
181,031
Diamond
Hill
Investment
Group,
Inc.
247
33,486
DigitalBridge
Group,
Inc.
15,091
162,077
Donnelley
Financial
Solutions,
Inc.*(a)
2,401
127,157
Forge
Global
Holdings,
Inc.*
1,054
23,104
GCM
Grosvenor,
Inc.,
Class
A
4,036
47,584
Marex
Group
plc
2,807
108,294
MarketWise,
Inc.
149
2,742
Moelis
&
Co.,
Class
A
5,946
417,052
Open
Lending
Corp.*
8,514
18,646
P10,
Inc.,
Class
A(a)
3,607
44,366
Patria
Investments
Ltd.,
Class
A
5,154
71,898
Perella
Weinberg
Partners,
Class
A(a)
5,429
108,254
Piper
Sandler
Cos.(a)
1,545
487,169
PJT
Partners,
Inc.,
Class
A
2,033
363,134
Siebert
Financial
Corp.*
1,528
6,219
Silvercrest
Asset
Management
Group,
Inc.,
Class
A
750
12,270
StepStone
Group,
Inc.,
Class
A
5,538
328,736
StoneX
Group,
Inc.*
3,982
387,210
Victory
Capital
Holdings,
Inc.,
Class
A(a)
3,916
269,852
Virtus
Investment
Partners,
Inc.
587
113,473
Westwood
Holdings
Group,
Inc.
624
10,908
WisdomTree,
Inc.(a)
10,750
142,653
4,123,129
Chemicals
1
.7
%
AdvanSix,
Inc.
2,176
43,781
American
Vanguard
Corp.*
2,482
9,581
Arq,
Inc.*
2,258
12,080
ASP
Isotopes,
Inc.*(a)
4,680
42,448
Aspen
Aerogels,
Inc.*(a)
5,435
41,632
Avient
Corp.
8,117
256,254
Balchem
Corp.
2,862
436,369
Cabot
Corp.
4,770
344,299
Chemours
Co.
(The)
13,283
159,130
Core
Molding
Technologies,
Inc.*
718
11,947
Ecovyst,
Inc.*
9,683
83,371
Flotek
Industries,
Inc.*(a)
1,261
15,195
Hawkins,
Inc.(a)
1,727
281,985
Common
Stocks
Shares
Value
($)
Chemicals
HB
Fuller
Co.
4,758
267,400
Ingevity
Corp.*
3,204
133,895
Innospec,
Inc.
2,207
176,339
Intrepid
Potash,
Inc.*
920
30,618
Koppers
Holdings,
Inc.
1,702
55,928
Kronos
Worldwide,
Inc.(a)
2,146
11,481
LSB
Industries,
Inc.*
4,406
34,058
Mativ
Holdings,
Inc.
4,895
32,405
Minerals
Technologies,
Inc.
2,847
165,553
Orion
SA
4,911
47,637
Perimeter
Solutions,
Inc.*(a)
12,234
197,334
PureCycle
Technologies,
Inc.*(a)
11,488
154,054
Quaker
Chemical
Corp.(a)
1,239
141,766
Rayonier
Advanced
Materials,
Inc.*
5,855
22,483
Sensient
Technologies
Corp.
3,706
416,147
Solesence,
Inc.*(a)
1,599
5,485
Stepan
Co.
1,877
95,295
Trinseo
plc(a)
2,988
7,978
Tronox
Holdings
plc(a)
10,313
32,898
Valhi,
Inc.(a)
254
3,988
3,770,814
Commercial
Services
&
Supplies
1
.8
%
ABM
Industries,
Inc.(a)
5,378
248,087
ACCO
Brands
Corp.
7,954
29,828
Acme
United
Corp.
282
11,331
ACV
Auctions,
Inc.,
Class
A*
14,761
209,754
BrightView
Holdings,
Inc.*
5,098
81,313
Brink's
Co.
(The)
3,805
332,329
Casella
Waste
Systems,
Inc.,
Class
A*
5,484
596,275
CECO
Environmental
Corp.*
2,503
112,510
Cimpress
plc*(a)
1,430
79,093
CompX
International,
Inc.(a)
283
6,594
CoreCivic,
Inc.*
9,387
188,115
Deluxe
Corp.
3,872
62,339
Driven
Brands
Holdings,
Inc.*(a)
5,073
85,734
Ennis,
Inc.
2,069
36,828
Enviri
Corp.*(a)
6,574
59,166
GEO
Group,
Inc.
(The)*(a)
12,007
311,221
Healthcare
Services
Group,
Inc.*
6,472
84,201
HNI
Corp.(a)
4,143
213,116
Interface,
Inc.,
Class
A
5,086
104,873
Liquidity
Services,
Inc.*(a)
2,106
50,291
MillerKnoll,
Inc.(a)
5,975
113,405
Mobile
Infrastructure
Corp.,
Class
A*(a)
1,626
5,984
Montrose
Environmental
Group,
Inc.*
2,894
65,665
NL
Industries,
Inc.
865
5,337
OPENLANE,
Inc.*(a)
9,337
230,064
Perma-Fix
Environmental
Services,
Inc.*
1,787
20,586
Pitney
Bowes,
Inc.(a)
12,266
139,342
Quad/Graphics,
Inc.
3,174
16,917
Steelcase,
Inc.,
Class
A
7,619
78,704
UniFirst
Corp.
1,335
228,325
Vestis
Corp.
10,160
61,570
Nationwide
Small
Cap
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
81
Common
Stocks
Shares
Value
($)
Commercial
Services
&
Supplies
Virco
Mfg.
Corp.
959
7,423
VSE
Corp.
1,785
279,424
4,155,744
Communications
Equipment
0
.7
%
ADTRAN
Holdings,
Inc.*(a)
6,665
61,918
Applied
Optoelectronics,
Inc.*(a)
4,729
108,152
Aviat
Networks,
Inc.*
956
20,650
BK
Technologies
Corp.*
239
9,283
Calix,
Inc.*
5,155
292,237
Clearfield,
Inc.*(a)
1,048
45,913
CommScope
Holding
Co.,
Inc.*
18,743
153,693
Digi
International,
Inc.*
3,104
101,221
Extreme
Networks,
Inc.*
11,624
205,280
Harmonic,
Inc.*
9,984
84,964
Inseego
Corp.*
1,103
7,302
NETGEAR,
Inc.*
2,462
57,241
NetScout
Systems,
Inc.*
6,118
131,047
Ribbon
Communications,
Inc.*
7,451
28,016
Viasat,
Inc.*
9,995
164,218
Viavi
Solutions,
Inc.*
19,608
197,060
1,668,195
Construction
&
Engineering
2
.3
%
Ameresco,
Inc.,
Class
A*
2,685
45,430
Arcosa,
Inc.
4,253
365,248
Argan,
Inc.
1,164
285,157
Bowman
Consulting
Group
Ltd.,
Class
A*(a)
1,213
42,067
Centuri
Holdings,
Inc.*
1,605
34,989
Concrete
Pumping
Holdings,
Inc.
1,916
13,086
Construction
Partners,
Inc.,
Class
A*(a)
4,115
414,998
Dycom
Industries,
Inc.*
2,468
663,423
Fluor
Corp.*
14,719
835,598
Granite
Construction,
Inc.(a)
3,836
362,387
Great
Lakes
Dredge
&
Dock
Corp.*
6,040
66,923
IES
Holdings,
Inc.*(a)
793
279,984
Limbach
Holdings,
Inc.*
938
128,506
Matrix
Service
Co.*
2,443
37,329
MYR
Group,
Inc.*
1,357
262,579
NWPX
Infrastructure,
Inc.*
760
31,753
Orion
Group
Holdings,
Inc.*
3,548
26,291
Primoris
Services
Corp.
4,755
447,778
Southland
Holdings,
Inc.*
1,856
7,981
Sterling
Infrastructure,
Inc.*
2,624
702,156
Tutor
Perini
Corp.*
3,913
188,411
5,242,074
Construction
Materials
0
.2
%
Knife
River
Corp.*(a)
5,018
413,884
Smith-Midland
Corp.*
191
6,641
Titan
America
SA(a)
2,080
29,848
United
States
Lime
&
Minerals,
Inc.
977
97,290
547,663
Consumer
Finance
1
.2
%
Atlanticus
Holdings
Corp.*
437
21,688
Bread
Financial
Holdings,
Inc.
2,564
157,173
Common
Stocks
Shares
Value
($)
Consumer
Finance
Consumer
Portfolio
Services,
Inc.*
1,046
8,263
Dave,
Inc.*
816
192,413
Encore
Capital
Group,
Inc.*(a)
2,065
76,157
Enova
International,
Inc.*
2,162
226,059
FirstCash
Holdings,
Inc.
3,476
463,316
Green
Dot
Corp.,
Class
A*
4,930
49,892
LendingClub
Corp.*
9,762
152,190
LendingTree,
Inc.*
1,012
47,240
Medallion
Financial
Corp.
1,885
19,246
Navient
Corp.(a)
6,472
83,748
Nelnet,
Inc.,
Class
A
1,224
152,718
NerdWallet,
Inc.,
Class
A*
3,690
39,077
Oportun
Financial
Corp.*
2,976
18,243
OppFi,
Inc.
2,144
22,812
PRA
Group,
Inc.*
3,444
52,349
PROG
Holdings,
Inc.
3,655
116,375
Regional
Management
Corp.
706
23,467
Upstart
Holdings,
Inc.*(a)
7,394
604,386
Vroom,
Inc.*
235
5,903
World
Acceptance
Corp.*
322
50,657
2,583,372
Consumer
Staples
Distribution
&
Retail
0
.5
%
Andersons,
Inc.
(The)
2,869
103,054
Chefs'
Warehouse,
Inc.
(The)*(a)
3,203
219,598
Grocery
Outlet
Holding
Corp.*
8,298
109,285
Guardian
Pharmacy
Services,
Inc.,
Class
A*
1,103
23,053
HF
Foods
Group,
Inc.*
3,603
9,764
Ingles
Markets,
Inc.,
Class
A
1,250
78,663
Natural
Grocers
by
Vitamin
Cottage,
Inc.
1,126
42,664
PriceSmart,
Inc.(a)
2,235
240,263
SpartanNash
Co.
3,041
80,708
United
Natural
Foods,
Inc.*(a)
5,182
143,230
Village
Super
Market,
Inc.,
Class
A
846
29,102
Weis
Markets,
Inc.(a)
1,415
102,460
1,181,844
Containers
&
Packaging
0
.3
%
Ardagh
Metal
Packaging
SA
13,235
52,411
Greif,
Inc.,
Class
A(a)
2,233
141,639
Greif,
Inc.,
Class
B
419
27,508
Myers
Industries,
Inc.
3,210
47,026
O-I
Glass,
Inc.*
13,525
175,960
Ranpak
Holdings
Corp.,
Class
A*
3,991
14,567
TriMas
Corp.
2,932
104,760
563,871
Distributors
0
.0
%
†
A-Mark
Precious
Metals,
Inc.
(a)
1,532
32,601
GigaCloud
Technology,
Inc.,
Class
A*(a)
2,165
48,215
Weyco
Group,
Inc.
466
13,551
94,367
Diversified
Consumer
Services
1
.3
%
Adtalem
Global
Education,
Inc.*
3,241
370,349
82
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Small
Cap
Index
Fund
Common
Stocks
Shares
Value
($)
Diversified
Consumer
Services
American
Public
Education,
Inc.*(a)
1,439
42,479
Carriage
Services,
Inc.,
Class
A
1,147
51,523
Coursera,
Inc.*
11,660
147,382
European
Wax
Center,
Inc.,
Class
A*
2,336
10,933
Frontdoor,
Inc.*
6,532
382,122
Graham
Holdings
Co.,
Class
B
279
266,216
KinderCare
Learning
Cos.,
Inc.*
2,971
28,551
Laureate
Education,
Inc.*
11,312
255,651
Lincoln
Educational
Services
Corp.*(a)
2,612
59,737
Matthews
International
Corp.,
Class
A(a)
2,696
63,329
Mister
Car
Wash,
Inc.*
8,540
49,319
Nerdy,
Inc.*(a)
6,145
9,279
OneSpaWorld
Holdings
Ltd.
8,339
184,459
Perdoceo
Education
Corp.
5,416
155,873
Strategic
Education,
Inc.
2,117
156,965
Stride,
Inc.*
3,749
480,734
Udemy,
Inc.*
8,651
65,834
Universal
Technical
Institute,
Inc.*
4,029
129,814
2,910,549
Diversified
REITs
0
.6
%
Alexander
&
Baldwin,
Inc.
6,309
113,436
Alpine
Income
Property
Trust,
Inc.
1,233
17,323
American
Assets
Trust,
Inc.
4,715
89,726
Armada
Hoffler
Properties,
Inc.
7,312
49,941
Broadstone
Net
Lease,
Inc.
16,916
274,716
CTO
Realty
Growth,
Inc.
2,572
42,464
Essential
Properties
Realty
Trust,
Inc.
17,430
531,441
Gladstone
Commercial
Corp.
4,119
54,165
Global
Net
Lease,
Inc.
17,079
119,382
Modiv
Industrial,
Inc.,
Class
C
826
11,853
One
Liberty
Properties,
Inc.
1,527
34,174
1,338,621
Diversified
Telecommunication
Services
0
.4
%
Anterix,
Inc.*
1,126
25,009
ATN
International,
Inc.
914
15,675
Bandwidth,
Inc.,
Class
A*(a)
2,273
31,617
Cogent
Communications
Holdings,
Inc.(a)
3,950
180,081
Globalstar,
Inc.*(a)
4,279
100,514
IDT
Corp.,
Class
B
1,431
84,300
Liberty
Latin
America
Ltd.,
Class
A*
2,442
17,216
Liberty
Latin
America
Ltd.,
Class
C*
11,703
83,560
Lumen
Technologies,
Inc.*
83,834
373,061
Shenandoah
Telecommunications
Co.
4,155
60,995
972,028
Electric
Utilities
1
.2
%
ALLETE,
Inc.
5,171
340,924
Genie
Energy
Ltd.,
Class
B
1,870
37,999
Common
Stocks
Shares
Value
($)
Electric
Utilities
Hawaiian
Electric
Industries,
Inc.*(a)
15,077
161,626
MGE
Energy,
Inc.
3,198
271,638
Oklo,
Inc.,
Class
A*(a)
9,014
690,382
Otter
Tail
Corp.(a)
3,407
262,952
Portland
General
Electric
Co.
9,727
399,974
TXNM
Energy,
Inc.
8,141
462,327
2,627,822
Electrical
Equipment
1
.9
%
Allient,
Inc.
1,253
50,508
American
Superconductor
Corp.*
3,355
190,732
Amprius
Technologies,
Inc.*(a)
8,177
56,667
Array
Technologies,
Inc.*
13,577
88,250
Atkore,
Inc.
3,071
236,528
Bloom
Energy
Corp.,
Class
A*(a)
17,974
672,048
Complete
Solaria,
Inc.*(a)
4,986
7,828
EnerSys
3,453
318,954
Enovix
Corp.*
14,563
195,144
Eos
Energy
Enterprises,
Inc.*(a)
19,493
111,110
Fluence
Energy,
Inc.*(a)
6,697
54,380
Hyliion
Holdings
Corp.*(a)
11,060
16,590
KULR
Technology
Group,
Inc.*(a)
2,885
15,839
LSI
Industries,
Inc.
2,476
45,311
NANO
Nuclear
Energy,
Inc.*(a)
2,351
83,296
Net
Power,
Inc.*(a)
1,885
5,429
NEXTracker,
Inc.,
Class
A*
12,439
724,696
NuScale
Power
Corp.,
Class
A*(a)
11,124
558,536
Plug
Power,
Inc.*(a)
80,285
120,427
Powell
Industries,
Inc.(a)
819
194,185
Power
Solutions
International,
Inc.*(a)
573
53,719
Preformed
Line
Products
Co.
208
32,101
Shoals
Technologies
Group,
Inc.,
Class
A*
14,229
76,694
SKYX
Platforms
Corp.*(a)
5,541
5,541
Sunrun,
Inc.*(a)
18,089
185,593
T1
Energy,
Inc.*
10,194
12,131
Thermon
Group
Holdings,
Inc.*
2,897
81,927
Vicor
Corp.*
1,975
87,769
4,281,933
Electronic
Equipment,
Instruments
&
Components
3
.5
%
908
Devices,
Inc.*
2,661
17,430
Advanced
Energy
Industries,
Inc.(a)
3,307
459,408
Aeva
Technologies,
Inc.*(a)
2,702
50,365
Arlo
Technologies,
Inc.*
8,673
140,503
Badger
Meter,
Inc.
2,600
490,776
Bel
Fuse,
Inc.,
Class
A
123
14,087
Bel
Fuse,
Inc.,
Class
B
901
117,166
Belden,
Inc.
3,490
431,538
Benchmark
Electronics,
Inc.
3,145
121,082
Climb
Global
Solutions,
Inc.
338
39,884
CTS
Corp.
2,558
100,248
Daktronics,
Inc.*(a)
3,549
57,565
ePlus,
Inc.*
2,376
153,917
Nationwide
Small
Cap
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
83
Common
Stocks
Shares
Value
($)
Electronic
Equipment,
Instruments
&
Components
Evolv
Technologies
Holdings,
Inc.*(a)
10,138
66,455
Fabrinet*(a)
3,171
1,026,548
Frequency
Electronics,
Inc.
561
14,923
Insight
Enterprises,
Inc.*
2,444
289,810
Itron,
Inc.*
3,985
496,292
Kimball
Electronics,
Inc.*
2,288
42,923
Knowles
Corp.*
7,381
149,908
Methode
Electronics,
Inc.
3,138
20,585
MicroVision,
Inc.*(a)
23,007
25,538
Mirion
Technologies,
Inc.,
Class
A*
18,452
412,402
Motomova,
Inc.*^∞
1,500
0
M-Tron
Industries,
Inc.*
211
9,280
Napco
Security
Technologies,
Inc.
3,039
92,781
Neonode,
Inc.*(a)
925
18,657
nLight,
Inc.*
4,132
86,813
Novanta,
Inc.*
3,136
385,791
OSI
Systems,
Inc.*
1,419
313,613
Ouster,
Inc.*
4,472
104,555
PAR
Technology
Corp.*
3,523
214,128
PC
Connection,
Inc.
1,026
63,191
Plexus
Corp.*
2,361
301,027
Powerfleet,
Inc.
NJ*(a)
10,961
44,502
Red
Cat
Holdings,
Inc.*(a)
6,605
54,689
Richardson
Electronics
Ltd.(a)
1,133
11,421
Rogers
Corp.*
1,608
105,453
Sanmina
Corp.*(a)
4,622
536,337
ScanSource,
Inc.*
1,913
74,301
TTM
Technologies,
Inc.*
8,863
418,777
Vishay
Intertechnology,
Inc.
10,797
176,963
Vishay
Precision
Group,
Inc.*(a)
1,158
30,710
Vuzix
Corp.*(a)
5,691
11,439
7,793,781
Energy
Equipment
&
Services
1
.6
%
Archrock,
Inc.
14,442
337,365
Aris
Water
Solutions,
Inc.,
Class
A
2,722
57,897
Atlas
Energy
Solutions,
Inc.,
Class
A(a)
6,842
88,946
Borr
Drilling
Ltd.(a)
19,880
40,356
Bristow
Group,
Inc.,
Class
A*(a)
2,491
86,114
Cactus,
Inc.,
Class
A
6,013
254,410
Core
Laboratories,
Inc.(a)
4,048
44,285
DMC
Global,
Inc.*
1,761
14,246
Energy
Services
of
America
Corp.
1,029
11,247
Expro
Group
Holdings
NV*
9,087
97,958
Flowco
Holdings,
Inc.,
Class
A
1,530
28,611
Forum
Energy
Technologies,
Inc.*(a)
928
18,291
Helix
Energy
Solutions
Group,
Inc.*
12,287
72,862
Helmerich
&
Payne,
Inc.
8,436
136,748
Innovex
International,
Inc.*
3,548
58,258
Kodiak
Gas
Services,
Inc.(a)
4,722
152,662
Liberty
Energy,
Inc.,
Class
A
13,711
169,194
Common
Stocks
Shares
Value
($)
Energy
Equipment
&
Services
Mammoth
Energy
Services,
Inc.*
2,127
5,530
Nabors
Industries
Ltd.*(a)
1,251
43,510
National
Energy
Services
Reunited
Corp.*
5,248
35,004
Natural
Gas
Services
Group,
Inc.*
968
23,319
Noble
Corp.
plc
11,113
297,940
Oceaneering
International,
Inc.*
8,337
180,913
Oil
States
International,
Inc.*
4,481
22,360
Patterson-UTI
Energy,
Inc.(a)
31,456
185,905
ProFrac
Holding
Corp.,
Class
A*(a)
1,129
7,926
ProPetro
Holding
Corp.*
7,551
40,473
Ranger
Energy
Services,
Inc.,
Class
A
1,477
19,777
RPC,
Inc.(a)
7,602
35,349
SEACOR
Marine
Holdings,
Inc.*
2,282
11,410
Seadrill
Ltd.*(a)
5,569
162,392
Select
Water
Solutions,
Inc.,
Class
A(a)
7,895
76,029
Solaris
Energy
Infrastructure,
Inc.,
Class
A
3,201
104,577
TETRA
Technologies,
Inc.*
11,629
47,679
Tidewater,
Inc.*
4,444
222,244
Transocean
Ltd.*
65,582
191,499
Valaris
Ltd.*
5,606
272,620
3,655,906
Entertainment
0
.5
%
AMC
Entertainment
Holdings,
Inc.,
Class
A*(a)
38,248
110,919
Atlanta
Braves
Holdings,
Inc.,
Class
A*
659
31,039
Atlanta
Braves
Holdings,
Inc.,
Class
C*
3,988
177,705
Cinemark
Holdings,
Inc.
9,500
255,265
CuriosityStream,
Inc.
2,829
13,721
Eventbrite,
Inc.,
Class
A*
7,312
17,841
Gaia,
Inc.,
Class
A*
1,433
6,018
IMAX
Corp.*
3,733
96,274
Lionsgate
Studios
Corp.*
16,606
98,307
Madison
Square
Garden
Entertainment
Corp.,
Class
A*(a)
3,472
131,207
Marcus
Corp.
(The)
1,981
32,429
Playstudios,
Inc.*
8,493
9,767
Playtika
Holding
Corp.
4,982
22,195
Reservoir
Media,
Inc.*(a)
1,940
15,404
Sphere
Entertainment
Co.*(a)
2,452
105,559
Starz
Entertainment
Corp.*
1,106
16,092
Vivid
Seats,
Inc.,
Class
A*
6,094
9,446
1,149,188
Financial
Services
2
.4
%
Acacia
Research
Corp.*
3,597
12,733
Alerus
Financial
Corp.
1,924
40,673
AvidXchange
Holdings,
Inc.*
15,328
151,134
Banco
Latinoamericano
de
Comercio
Exterior
SA,
Class
E
2,571
102,737
84
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Small
Cap
Index
Fund
Common
Stocks
Shares
Value
($)
Financial
Services
Better
Home
&
Finance
Holding
Co.*
539
6,975
Burford
Capital
Ltd.
16,773
215,533
Cannae
Holdings,
Inc.
4,965
106,152
Cantaloupe,
Inc.*
4,853
53,723
Cass
Information
Systems,
Inc.
1,090
43,611
Compass
Diversified
Holdings
5,852
37,394
Enact
Holdings,
Inc.
2,617
90,967
Essent
Group
Ltd.
8,734
489,017
EVERTEC,
Inc.(a)
5,681
205,368
Federal
Agricultural
Mortgage
Corp.,
Class
C
841
144,879
Finance
of
America
Cos.,
Inc.,
Class
A*
402
8,655
Flywire
Corp.*
10,062
109,575
HA
Sustainable
Infrastructure
Capital,
Inc.(a)
10,778
279,905
International
Money
Express,
Inc.*
2,593
23,311
Jackson
Financial,
Inc.,
Class
A
6,348
555,831
loanDepot,
Inc.,
Class
A*(a)
7,270
11,559
Marqeta,
Inc.,
Class
A*
33,948
193,504
Merchants
Bancorp
2,293
67,185
NCR
Atleos
Corp.*
6,467
197,890
NewtekOne,
Inc.
2,215
25,340
NMI
Holdings,
Inc.,
Class
A*
6,872
256,463
Onity
Group,
Inc.*
608
22,934
Pagseguro
Digital
Ltd.,
Class
A(a)
15,759
123,393
Payoneer
Global,
Inc.*
24,462
160,715
Paysafe
Ltd.*(a)
2,891
35,126
Paysign,
Inc.*
2,604
19,374
PennyMac
Financial
Services,
Inc.
2,571
239,463
Priority
Technology
Holdings,
Inc.*
1,943
13,309
Radian
Group,
Inc.
12,453
406,092
Remitly
Global,
Inc.*
13,654
225,291
Repay
Holdings
Corp.,
Class
A*
7,502
36,910
Rocket
Cos.,
Inc.,
Class
A
1
15
Security
National
Financial
Corp.,
Class
A*
1,346
11,414
Sezzle,
Inc.*(a)
1,299
201,137
StoneCo
Ltd.,
Class
A*
21,331
272,610
SWK
Holdings
Corp.
383
5,703
Triller
Group,
Inc.*(a)
9,682
5,220
Velocity
Financial,
Inc.*
1,032
17,131
Walker
&
Dunlop,
Inc.
2,916
218,729
Waterstone
Financial,
Inc.
1,406
18,714
5,463,394
Food
Products
1
.0
%
Alico,
Inc.
432
13,945
B&G
Foods,
Inc.(a)
6,446
26,429
Beyond
Meat,
Inc.*(a)
5,414
16,459
BRC,
Inc.,
Class
A*(a)
4,734
8,048
Calavo
Growers,
Inc.
1,382
36,347
Cal-Maine
Foods,
Inc.(a)
4,031
448,005
Dole
plc
5,942
84,614
Common
Stocks
Shares
Value
($)
Food
Products
Forafric
Global
plc*(a)
591
4,604
Fresh
Del
Monte
Produce,
Inc.
3,010
113,146
Hain
Celestial
Group,
Inc.
(The)*
7,273
11,419
J
&
J
Snack
Foods
Corp.
1,372
154,885
John
B
Sanfilippo
&
Son,
Inc.
665
42,101
Lifeway
Foods,
Inc.*
375
9,457
Limoneira
Co.
1,384
20,317
Mama's
Creations,
Inc.*(a)
2,957
24,425
Marzetti
Co.
(The)
1,758
312,502
Mission
Produce,
Inc.*(a)
4,226
52,149
Seneca
Foods
Corp.,
Class
A*
413
43,253
Simply
Good
Foods
Co.
(The)*
8,289
252,483
SunOpta,
Inc.*
8,535
49,759
Tootsie
Roll
Industries,
Inc.(a)
1,492
56,592
TreeHouse
Foods,
Inc.*
4,447
85,471
Utz
Brands,
Inc.
6,342
82,636
Vital
Farms,
Inc.*
3,041
113,125
Westrock
Coffee
Co.*(a)
2,688
17,875
WK
Kellogg
Co.
5,676
130,832
2,210,878
Gas
Utilities
1
.1
%
Brookfield
Infrastructure
Corp.,
Class
A
10,604
413,980
Chesapeake
Utilities
Corp.
2,008
240,719
New
Jersey
Resources
Corp.
8,885
407,910
Northwest
Natural
Holding
Co.(a)
3,622
144,590
ONE
Gas,
Inc.
5,282
384,002
RGC
Resources,
Inc.
758
15,266
Southwest
Gas
Holdings,
Inc.
5,690
444,617
Spire,
Inc.
5,094
379,350
2,430,434
Ground
Transportation
0
.4
%
ArcBest
Corp.
2,074
151,672
Covenant
Logistics
Group,
Inc.,
Class
A
1,354
32,699
FTAI
Infrastructure,
Inc.(a)
8,364
52,442
Heartland
Express,
Inc.
4,265
33,352
Hertz
Global
Holdings,
Inc.*(a)
10,875
69,709
Marten
Transport
Ltd.
4,996
60,751
PAMT
Corp.*
683
7,739
Proficient
Auto
Logistics,
Inc.*(a)
1,731
11,961
RXO,
Inc.*
14,145
218,540
Universal
Logistics
Holdings,
Inc.(a)
544
13,018
Werner
Enterprises,
Inc.
5,354
148,413
800,296
Health
Care
Equipment
&
Supplies
2
.7
%
Accuray,
Inc.*
8,369
10,963
Alphatec
Holdings,
Inc.*(a)
10,200
107,916
AngioDynamics,
Inc.*
3,507
31,072
Anteris
Technologies
Global
Corp.*
1,042
3,345
Artivion,
Inc.*
3,427
105,929
AtriCure,
Inc.*
4,260
149,526
Avanos
Medical,
Inc.*
3,864
43,161
Axogen,
Inc.*
3,771
49,362
Beta
Bionics,
Inc.*(a)
1,038
17,428
Nationwide
Small
Cap
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
85
Common
Stocks
Shares
Value
($)
Health
Care
Equipment
&
Supplies
Bioventus,
Inc.,
Class
A*
4,330
28,232
Butterfly
Network,
Inc.*(a)
16,941
28,969
Ceribell,
Inc.*(a)
2,187
31,493
Cerus
Corp.*(a)
15,938
20,401
ClearPoint
Neuro,
Inc.*
2,296
23,878
CONMED
Corp.
2,701
138,156
CVRx,
Inc.*
1,052
8,374
Delcath
Systems,
Inc.*
2,652
28,509
Electromed,
Inc.*
603
10,981
Embecta
Corp.
5,181
52,639
Enovis
Corp.*
5,047
135,260
Glaukos
Corp.*
4,910
422,702
Haemonetics
Corp.*
4,429
327,923
ICU
Medical,
Inc.*
2,125
272,871
Inogen,
Inc.*(a)
1,698
10,714
Integer
Holdings
Corp.*
3,030
328,785
Integra
LifeSciences
Holdings
Corp.*
5,699
74,885
iRadimed
Corp.
750
43,755
iRhythm
Technologies,
Inc.*(a)
2,800
392,504
Kestra
Medical
Technologies
Ltd.*(a)
1,128
18,612
KORU
Medical
Systems,
Inc.*
3,650
12,629
Lantheus
Holdings,
Inc.*
5,922
421,587
LeMaitre
Vascular,
Inc.
1,850
150,294
LENSAR,
Inc.*
839
10,815
LivaNova
plc*
4,809
202,892
Lucid
Diagnostics,
Inc.*
5,923
5,796
Merit
Medical
Systems,
Inc.*
5,128
435,162
Myomo,
Inc.*
2,875
5,549
Neogen
Corp.*
18,873
87,759
Neuronetics,
Inc.*(a)
3,203
14,061
NeuroPace,
Inc.*
2,127
18,101
Novocure
Ltd.*
8,939
103,424
Omnicell,
Inc.*
3,979
123,389
OraSure
Technologies,
Inc.*
5,892
18,737
Orthofix
Medical,
Inc.*
3,440
37,978
OrthoPediatrics
Corp.*
1,492
30,914
Outset
Medical,
Inc.*
1,565
25,134
PROCEPT
BioRobotics
Corp.*(a)
4,613
223,777
Pro-Dex,
Inc.*(a)
184
9,209
Pulmonx
Corp.*(a)
3,424
6,300
Pulse
Biosciences,
Inc.*(a)
1,693
25,429
QuidelOrtho
Corp.*
5,963
137,268
RxSight,
Inc.*
3,080
23,962
Sanara
Medtech,
Inc.*
359
8,677
SANUWAVE
Health,
Inc.*
616
23,698
Semler
Scientific,
Inc.*(a)
741
26,565
SI-BONE,
Inc.*
3,267
55,637
Sight
Sciences,
Inc.*
3,207
10,679
STAAR
Surgical
Co.*(a)
4,325
77,482
Stereotaxis,
Inc.*(a)
4,929
11,189
Surmodics,
Inc.*
1,095
39,310
Tactile
Systems
Technology,
Inc.*
2,210
22,056
Tandem
Diabetes
Care,
Inc.*(a)
6,019
93,776
TransMedics
Group,
Inc.*
2,918
347,154
Treace
Medical
Concepts,
Inc.*
3,965
21,292
UFP
Technologies,
Inc.*
669
151,455
Common
Stocks
Shares
Value
($)
Health
Care
Equipment
&
Supplies
Utah
Medical
Products,
Inc.
183
10,175
Varex
Imaging
Corp.*
3,332
24,257
Zimvie,
Inc.*
2,445
45,942
6,017,855
Health
Care
Providers
&
Services
3
.2
%
AdaptHealth
Corp.,
Class
A*
8,633
77,438
Addus
HomeCare
Corp.*(a)
1,592
169,994
agilon
health,
Inc.*
26,238
46,966
AirSculpt
Technologies,
Inc.*(a)
886
5,856
Alignment
Healthcare,
Inc.*
11,189
154,184
AMN
Healthcare
Services,
Inc.*
3,240
59,422
Ardent
Health,
Inc.*
1,941
20,575
Astrana
Health,
Inc.*
3,683
87,876
Aveanna
Healthcare
Holdings,
Inc.*
4,474
17,762
BrightSpring
Health
Services,
Inc.*
7,435
153,533
Brookdale
Senior
Living,
Inc.*
20,155
156,201
Castle
Biosciences,
Inc.*
2,508
37,996
Clover
Health
Investments
Corp.,
Class
A*(a)
35,395
102,292
Community
Health
Systems,
Inc.*(a)
11,011
28,629
Concentra
Group
Holdings
Parent,
Inc.
10,270
205,092
CorVel
Corp.*
2,544
225,398
Cross
Country
Healthcare,
Inc.*
2,559
34,419
DocGo,
Inc.*
9,341
12,704
Enhabit,
Inc.*
3,970
26,678
Ensign
Group,
Inc.
(The)
4,922
738,300
Fulgent
Genetics,
Inc.*
1,746
29,996
GeneDx
Holdings
Corp.,
Class
A*
1,650
168,218
Guardant
Health,
Inc.*
10,482
429,552
HealthEquity,
Inc.*
7,485
726,045
Hims
&
Hers
Health,
Inc.*(a)
16,683
1,104,081
Innovage
Holding
Corp.*
1,617
5,368
Joint
Corp.
(The)*
1,371
15,136
LifeStance
Health
Group,
Inc.*
12,281
48,878
Nano-X
Imaging
Ltd.*(a)
5,153
24,271
National
HealthCare
Corp.
1,105
106,113
National
Research
Corp.
1,073
13,413
NeoGenomics,
Inc.*
10,979
53,138
Nutex
Health,
Inc.*(a)
302
25,613
Oncology
Institute,
Inc.
(The)*(a)
5,166
18,959
OPKO
Health,
Inc.*(a)
29,016
37,140
Option
Care
Health,
Inc.*
14,463
424,489
Owens
&
Minor,
Inc.*(a)
6,380
44,213
PACS
Group,
Inc.*
3,891
43,034
Pediatrix
Medical
Group,
Inc.*
7,279
89,168
Pennant
Group,
Inc.
(The)*
3,068
68,018
Performant
Healthcare,
Inc.*
6,368
22,606
Premier,
Inc.,
Class
A
8,041
172,721
Privia
Health
Group,
Inc.*
10,103
197,211
Progyny,
Inc.*
6,033
141,836
RadNet,
Inc.*(a)
5,792
316,996
Select
Medical
Holdings
Corp.
9,848
145,652
86
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Small
Cap
Index
Fund
Common
Stocks
Shares
Value
($)
Health
Care
Providers
&
Services
Sonida
Senior
Living,
Inc.*
577
14,090
Surgery
Partners,
Inc.*(a)
6,685
146,736
Talkspace,
Inc.*
11,294
27,444
US
Physical
Therapy,
Inc.
1,288
94,217
Viemed
Healthcare,
Inc.*
3,230
19,671
7,135,338
Health
Care
REITs
1
.0
%
American
Healthcare
REIT,
Inc.
14,021
541,772
CareTrust
REIT,
Inc.
16,568
526,862
Community
Healthcare
Trust,
Inc.
2,417
37,149
Diversified
Healthcare
Trust
19,982
65,341
Global
Medical
REIT,
Inc.
5,727
38,256
LTC
Properties,
Inc.
4,022
136,909
National
Health
Investors,
Inc.
4,075
284,680
Sabra
Health
Care
REIT,
Inc.
20,957
377,855
Sila
Realty
Trust,
Inc.
4,879
119,243
Strawberry
Fields
REIT,
Inc.
638
6,546
Universal
Health
Realty
Income
Trust
1,075
41,699
2,176,312
Health
Care
Technology
0
.4
%
Claritev
Corp.*
685
27,311
Definitive
Healthcare
Corp.,
Class
A*
3,273
12,765
Evolent
Health,
Inc.,
Class
A*(a)
10,326
103,776
Health
Catalyst,
Inc.*(a)
5,112
18,659
HealthStream,
Inc.
2,210
57,814
LifeMD,
Inc.*
3,316
34,519
OptimizeRx
Corp.*
1,329
16,772
Phreesia,
Inc.*
5,030
135,609
Schrodinger,
Inc.*
4,788
97,340
Simulations
Plus,
Inc.(a)
1,445
18,814
Teladoc
Health,
Inc.*
15,056
108,554
TruBridge,
Inc.*
887
18,467
Waystar
Holding
Corp.*
8,047
297,578
947,978
Hotel
&
Resort
REITs
0
.7
%
Apple
Hospitality
REIT,
Inc.
19,669
231,111
Braemar
Hotels
&
Resorts,
Inc.
4,771
10,496
Chatham
Lodging
Trust
4,365
29,769
DiamondRock
Hospitality
Co.
18,319
141,423
Pebblebrook
Hotel
Trust
10,506
105,375
RLJ
Lodging
Trust
13,324
98,597
Ryman
Hospitality
Properties,
Inc.
5,184
492,791
Service
Properties
Trust
13,436
35,337
Summit
Hotel
Properties,
Inc.
9,803
51,172
Sunstone
Hotel
Investors,
Inc.
17,240
150,850
Xenia
Hotels
&
Resorts,
Inc.
8,899
113,106
1,460,027
Hotels,
Restaurants
&
Leisure
2
.2
%
Accel
Entertainment,
Inc.,
Class
A*
4,877
62,718
Bally's
Corp.*(a)
665
6,171
Biglari
Holdings,
Inc.,
Class
B*
64
19,732
BJ's
Restaurants,
Inc.*
1,879
66,573
Bloomin'
Brands,
Inc.
7,562
68,890
Common
Stocks
Shares
Value
($)
Hotels,
Restaurants
&
Leisure
Brightstar
Lottery
plc(a)
9,975
148,029
Brinker
International,
Inc.*
3,885
612,276
Cheesecake
Factory,
Inc.
(The)(a)
4,072
260,242
Cracker
Barrel
Old
Country
Store,
Inc.
1,946
120,652
Dave
&
Buster's
Entertainment,
Inc.*(a)
2,397
70,088
Denny's
Corp.*
4,714
17,536
Dine
Brands
Global,
Inc.(a)
1,273
28,783
El
Pollo
Loco
Holdings,
Inc.*
2,178
22,433
First
Watch
Restaurant
Group,
Inc.*
3,661
63,299
Genius
Sports
Ltd.*(a)
19,449
218,801
Global
Business
Travel
Group
I*
8,478
54,514
Golden
Entertainment,
Inc.(a)
1,779
50,025
Hilton
Grand
Vacations,
Inc.*
5,377
240,997
Inspired
Entertainment,
Inc.*
1,870
16,849
Jack
in
the
Box,
Inc.(a)
1,659
32,682
Krispy
Kreme,
Inc.(a)
7,178
25,984
Kura
Sushi
USA,
Inc.,
Class
A*(a)
528
46,327
Life
Time
Group
Holdings,
Inc.*
11,900
341,768
Lindblad
Expeditions
Holdings,
Inc.*
3,515
42,004
Marriott
Vacations
Worldwide
Corp.(a)
2,820
210,005
Monarch
Casino
&
Resort,
Inc.
1,131
116,448
Nathan's
Famous,
Inc.
248
23,560
Papa
John's
International,
Inc.
2,882
122,226
Portillo's,
Inc.,
Class
A*(a)
4,980
49,601
Potbelly
Corp.*
2,317
27,874
Pursuit
Attractions
and
Hospitality,
Inc.*(a)
1,748
52,860
RCI
Hospitality
Holdings,
Inc.
762
27,302
Red
Rock
Resorts,
Inc.,
Class
A
4,264
261,596
Rush
Street
Interactive,
Inc.*
7,754
156,321
Sabre
Corp.*
32,628
98,863
Serve
Robotics,
Inc.*(a)
4,150
42,288
Shake
Shack,
Inc.,
Class
A*
3,410
410,359
Six
Flags
Entertainment
Corp.
8,410
251,964
Super
Group
SGHC
Ltd.
13,982
150,307
Sweetgreen,
Inc.,
Class
A*(a)
9,202
118,522
Target
Hospitality
Corp.*
3,085
23,415
United
Parks
&
Resorts,
Inc.*(a)
2,378
112,551
Xponential
Fitness,
Inc.,
Class
A*
2,683
28,064
4,921,499
Household
Durables
1
.7
%
Bassett
Furniture
Industries,
Inc.
611
9,666
Beazer
Homes
USA,
Inc.*(a)
2,507
58,914
Cavco
Industries,
Inc.*
668
269,652
Century
Communities,
Inc.
2,388
134,421
Champion
Homes,
Inc.*
4,769
290,432
Cricut,
Inc.,
Class
A(a)
4,527
22,182
Nationwide
Small
Cap
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
87
Common
Stocks
Shares
Value
($)
Household
Durables
Dream
Finders
Homes,
Inc.,
Class
A*(a)
2,642
66,895
Ethan
Allen
Interiors,
Inc.
2,061
61,356
Flexsteel
Industries,
Inc.(a)
417
14,182
Green
Brick
Partners,
Inc.*
2,779
172,131
Hamilton
Beach
Brands
Holding
Co.,
Class
A
757
11,786
Helen
of
Troy
Ltd.*(a)
1,951
42,883
Hovnanian
Enterprises,
Inc.,
Class
A*
435
51,969
Installed
Building
Products,
Inc.
2,051
414,897
KB
Home
6,133
338,910
La-Z-Boy,
Inc.(a)
3,650
131,290
Legacy
Housing
Corp.*
602
13,473
Leggett
&
Platt,
Inc.
11,715
111,878
LGI
Homes,
Inc.*
1,806
96,206
Lovesac
Co.
(The)*(a)
1,259
22,675
M/I
Homes,
Inc.*
2,344
281,725
Meritage
Homes
Corp.
6,240
420,202
Sonos,
Inc.*
10,276
111,084
Taylor
Morrison
Home
Corp.,
Class
A*
8,571
508,089
Traeger,
Inc.*
3,767
6,103
Tri
Pointe
Homes,
Inc.*
7,961
245,199
3,908,200
Household
Products
0
.3
%
Central
Garden
&
Pet
Co.*
899
35,079
Central
Garden
&
Pet
Co.,
Class
A*
4,491
159,520
Energizer
Holdings,
Inc.(a)
5,838
131,472
Oil-Dri
Corp.
of
America
804
45,346
Spectrum
Brands
Holdings,
Inc.
2,267
121,307
WD-40
Co.
1,182
253,421
746,145
Independent
Power
and
Renewable
Electricity
Producers
0
.2
%
Hallador
Energy
Co.*
2,721
47,999
Montauk
Renewables,
Inc.*(a)
5,920
12,846
Ormat
Technologies,
Inc.(a)
5,363
479,506
540,351
Industrial
Conglomerates
0
.0
%
†
Brookfield
Business
Corp.,
Class
A
2,269
69,794
Industrial
REITs
0
.4
%
Industrial
Logistics
Properties
Trust
4,555
24,233
Innovative
Industrial
Properties,
Inc.
2,405
124,338
LXP
Industrial
Trust
25,941
201,302
Plymouth
Industrial
REIT,
Inc.
3,803
55,220
Terreno
Realty
Corp.
8,976
498,078
903,171
Insurance
2
.0
%
Ambac
Financial
Group,
Inc.*
4,156
34,910
American
Coastal
Insurance
Corp.
1,957
20,372
AMERISAFE,
Inc.
1,678
75,141
Common
Stocks
Shares
Value
($)
Insurance
Baldwin
Insurance
Group,
Inc.
(The),
Class
A*(a)
6,190
228,040
Bowhead
Specialty
Holdings,
Inc.*
1,335
43,388
Citizens,
Inc.,
Class
A*(a)
3,897
14,887
CNO
Financial
Group,
Inc.
8,993
331,302
Crawford
&
Co.,
Class
A
1,135
10,862
Donegal
Group,
Inc.,
Class
A
1,421
24,370
eHealth,
Inc.*
2,613
8,884
Employers
Holdings,
Inc.
2,066
85,284
F&G
Annuities
&
Life,
Inc.
1,875
59,831
Fidelis
Insurance
Holdings
Ltd.
5,365
81,065
Genworth
Financial,
Inc.,
Class
A*
36,428
286,324
GoHealth,
Inc.,
Class
A*
471
2,887
Goosehead
Insurance,
Inc.,
Class
A
2,100
190,911
Greenlight
Capital
Re
Ltd.,
Class
A*
2,284
29,692
Hamilton
Insurance
Group
Ltd.,
Class
B*
4,128
88,711
HCI
Group,
Inc.
781
109,371
Heritage
Insurance
Holdings,
Inc.*
2,051
43,256
Hippo
Holdings,
Inc.*
1,604
41,447
Horace
Mann
Educators
Corp.
3,537
150,429
Investors
Title
Co.
131
27,670
James
River
Group
Holdings
Ltd.
2,974
16,952
Kestrel
Group
Ltd.*(a)
163
4,430
Kingstone
Cos.,
Inc.*
1,002
16,423
Kingsway
Financial
Services,
Inc.*
1,589
22,214
Lemonade,
Inc.*(a)
4,897
184,519
MBIA,
Inc.*
3,927
20,931
Mercury
General
Corp.
2,369
164,053
NI
Holdings,
Inc.*
413
5,262
Oscar
Health,
Inc.,
Class
A*(a)
16,091
226,079
Palomar
Holdings,
Inc.*
2,324
307,907
ProAssurance
Corp.*
4,492
106,730
Root,
Inc.,
Class
A*
938
113,526
Safety
Insurance
Group,
Inc.
1,327
93,354
Selective
Insurance
Group,
Inc.
5,338
416,204
Selectquote,
Inc.*
11,403
20,069
SiriusPoint
Ltd.*
5,959
116,856
Skyward
Specialty
Insurance
Group,
Inc.*
3,153
159,479
Stewart
Information
Services
Corp.
2,490
161,676
Tiptree,
Inc.,
Class
A
2,204
45,799
Trupanion,
Inc.*
3,266
154,841
United
Fire
Group,
Inc.
1,888
50,126
Universal
Insurance
Holdings,
Inc.
2,328
55,034
4,451,498
Interactive
Media
&
Services
0
.7
%
Angi,
Inc.,
Class
A*
3,820
61,960
Arena
Group
Holdings,
Inc.
(The)*
1,109
6,776
Bumble,
Inc.,
Class
A*
6,818
53,044
88
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Small
Cap
Index
Fund
Common
Stocks
Shares
Value
($)
Interactive
Media
&
Services
Cargurus,
Inc.,
Class
A*
7,273
238,700
Cars.com,
Inc.*
5,178
66,641
EverQuote,
Inc.,
Class
A*
2,404
59,114
fuboTV,
Inc.*(a)
28,388
112,984
Getty
Images
Holdings,
Inc.*(a)
9,139
16,176
Grindr,
Inc.*(a)
2,926
51,147
MediaAlpha,
Inc.,
Class
A*
2,756
27,615
Nextdoor
Holdings,
Inc.*
16,313
28,548
QuinStreet,
Inc.*
4,939
81,049
Rumble,
Inc.*
6,928
58,472
Shutterstock,
Inc.
2,059
39,450
Teads
Holding
Co.*
3,745
9,475
Travelzoo*(a)
553
5,525
TripAdvisor,
Inc.*
10,212
178,608
TrueCar,
Inc.*
6,760
12,371
Vimeo,
Inc.*
12,941
49,046
Webtoon
Entertainment,
Inc.*(a)
1,901
19,086
Yelp,
Inc.,
Class
A*
5,446
187,506
Ziff
Davis,
Inc.*
3,797
118,163
ZipRecruiter,
Inc.,
Class
A*(a)
5,931
24,910
1,506,366
IT
Services
0
.5
%
Applied
Digital
Corp.*
15,587
204,813
ASGN,
Inc.*
3,743
187,674
Backblaze,
Inc.,
Class
A*
4,922
24,561
BigBear.ai
Holdings,
Inc.*(a)
25,475
161,766
Commerce.com,
Inc.,
Series
1*
5,753
27,499
Couchbase,
Inc.*
3,656
88,695
Crexendo,
Inc.*
1,241
6,912
CSP,
Inc.
592
6,074
DigitalOcean
Holdings,
Inc.*(a)
5,701
158,830
Fastly,
Inc.,
Class
A*
12,447
84,515
Grid
Dynamics
Holdings,
Inc.*
5,976
56,712
Hackett
Group,
Inc.
(The)
2,220
51,926
Information
Services
Group,
Inc.
2,880
12,413
Rackspace
Technology,
Inc.*
6,105
7,387
TSS,
Inc.*
1,606
43,683
Tucows,
Inc.,
Class
A*(a)
629
10,838
Unisys
Corp.*
5,312
21,939
VTEX,
Class
A*
5,035
30,059
1,186,296
Leisure
Products
0
.5
%
Acushnet
Holdings
Corp.(a)
2,426
193,158
American
Outdoor
Brands,
Inc.*
1,035
9,739
Clarus
Corp.(a)
2,530
9,108
Escalade,
Inc.
942
11,577
Funko,
Inc.,
Class
A*
2,354
9,039
JAKKS
Pacific,
Inc.(a)
684
12,114
Johnson
Outdoors,
Inc.,
Class
A
496
16,467
Latham
Group,
Inc.*
3,682
24,964
Malibu
Boats,
Inc.,
Class
A*(a)
1,780
59,292
Marine
Products
Corp.(a)
694
5,961
MasterCraft
Boat
Holdings,
Inc.*(a)
1,550
29,977
Outdoor
Holding
Co.*(a)
8,211
9,689
Common
Stocks
Shares
Value
($)
Leisure
Products
Peloton
Interactive,
Inc.,
Class
A*(a)
32,386
231,236
Polaris,
Inc.
4,691
248,201
Smith
&
Wesson
Brands,
Inc.
(a)
3,565
28,342
Sturm
Ruger
&
Co.,
Inc.(a)
1,398
47,756
Topgolf
Callaway
Brands
Corp.*
11,374
105,210
1,051,830
Life
Sciences
Tools
&
Services
0
.4
%
10X
Genomics,
Inc.,
Class
A*
9,313
125,260
Adaptive
Biotechnologies
Corp.*
13,144
134,595
Alpha
Teknova,
Inc.*(a)
1,234
5,578
Azenta,
Inc.*
3,605
117,884
BioLife
Solutions,
Inc.*(a)
3,460
73,560
Codexis,
Inc.*
6,619
17,739
CryoPort,
Inc.*
3,777
27,685
Cytek
Biosciences,
Inc.*
9,764
35,150
Fortrea
Holdings,
Inc.*
8,068
46,310
Ginkgo
Bioworks
Holdings,
Inc.*(a)
3,435
45,136
Lifecore
Biomedical,
Inc.*
2,699
18,893
Maravai
LifeSciences
Holdings,
Inc.,
Class
A*
10,231
23,941
MaxCyte,
Inc.*
9,573
19,720
Mesa
Laboratories,
Inc.(a)
462
35,334
Niagen
Bioscience,
Inc.*(a)
4,492
42,000
OmniAb,
Inc.*
7,732
14,768
OmniAb,
Inc.*^∞
1,082
0
Pacific
Biosciences
of
California,
Inc.*(a)
23,268
32,110
Personalis,
Inc.*
4,432
24,287
Quanterix
Corp.*
3,110
18,473
Quantum-Si,
Inc.*(a)
12,492
18,488
Standard
BioTools,
Inc.*
24,356
32,393
909,304
Machinery
4
.0
%
3D
Systems
Corp.*(a)
12,081
19,692
Aebi
Schmidt
Holding
AG*
2,892
29,788
AirJoule
Technologies
Corp.*
1,755
7,231
Alamo
Group,
Inc.
902
200,767
Albany
International
Corp.,
Class
A
2,623
142,140
Astec
Industries,
Inc.
1,970
78,130
Atmus
Filtration
Technologies,
Inc.(a)
7,337
285,483
Blue
Bird
Corp.*(a)
2,779
124,471
Chart
Industries,
Inc.*
3,972
789,753
Columbus
McKinnon
Corp.
2,433
35,643
Douglas
Dynamics,
Inc.
1,942
55,541
Eastern
Co.
(The)
452
10,419
Energy
Recovery,
Inc.*
4,662
62,704
Enerpac
Tool
Group
Corp.,
Class
A
4,686
180,458
Enpro,
Inc.(a)
1,832
389,135
ESCO
Technologies,
Inc.(a)
2,281
441,830
Federal
Signal
Corp.(a)
5,268
666,771
Franklin
Electric
Co.,
Inc.
3,489
327,791
Gencor
Industries,
Inc.*
997
14,536
Gorman-Rupp
Co.
(The)
1,785
73,471
Nationwide
Small
Cap
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
89
Common
Stocks
Shares
Value
($)
Machinery
Graham
Corp.*
921
52,635
Greenbrier
Cos.,
Inc.
(The)
2,771
126,080
Helios
Technologies,
Inc.
2,916
106,988
Hillenbrand,
Inc.
6,139
127,139
Hillman
Solutions
Corp.*
17,583
138,730
Hyster-Yale,
Inc.
1,059
44,489
JBT
Marel
Corp.
4,580
631,124
Kadant,
Inc.(a)
1,032
343,419
Kennametal,
Inc.(a)
6,701
165,917
L
B
Foster
Co.,
Class
A*(a)
825
19,387
Lindsay
Corp.
942
128,592
Luxfer
Holdings
plc
2,098
25,218
Manitowoc
Co.,
Inc.
(The)*
3,270
41,692
Mayville
Engineering
Co.,
Inc.*
1,045
17,525
Microvast
Holdings,
Inc.*
17,471
55,383
Miller
Industries,
Inc.
909
37,042
Mueller
Water
Products,
Inc.,
Class
A
13,674
338,568
Omega
Flex,
Inc.
351
11,197
Palladyne
AI
Corp.*(a)
2,259
18,479
Park-Ohio
Holdings
Corp.
794
13,022
Proto
Labs,
Inc.*
2,083
89,819
REV
Group,
Inc.(a)
4,475
221,736
Richtech
Robotics,
Inc.,
Class
B*(a)
6,057
11,508
SPX
Technologies,
Inc.*
3,989
727,554
Standex
International
Corp.
1,034
170,341
Tennant
Co.
1,643
135,613
Terex
Corp.
5,684
289,088
Titan
International,
Inc.*
4,014
33,958
Trinity
Industries,
Inc.
7,273
169,461
Wabash
National
Corp.
3,653
36,384
Watts
Water
Technologies,
Inc.,
Class
A
2,401
629,830
Worthington
Enterprises,
Inc.
2,740
169,798
9,063,470
Marine
Transportation
0
.2
%
Costamare
Bulkers
Holdings
Ltd.*
696
6,264
Costamare,
Inc.
3,482
35,133
Genco
Shipping
&
Trading
Ltd.
(a)
3,480
55,436
Golden
Ocean
Group
Ltd.(a)
9,048
73,832
Himalaya
Shipping
Ltd.(a)
2,040
13,913
Matson,
Inc.
2,878
307,313
Pangaea
Logistics
Solutions
Ltd.
2,586
12,594
Safe
Bulkers,
Inc.
5,634
22,141
526,626
Media
0
.8
%
Advantage
Solutions,
Inc.*(a)
9,885
13,542
Altice
USA,
Inc.,
Class
A*(a)
22,939
59,641
AMC
Networks,
Inc.,
Class
A*(a)
2,690
16,113
Boston
Omaha
Corp.,
Class
A*(a)
2,239
30,115
Cable
One,
Inc.(a)
447
57,207
EchoStar
Corp.,
Class
A*(a)
11,900
387,821
Emerald
Holding,
Inc.
1,555
7,728
Entravision
Communications
Corp.,
Class
A
5,926
13,096
Common
Stocks
Shares
Value
($)
Media
EW
Scripps
Co.
(The),
Class
A*
4,952
14,807
Gambling.com
Group
Ltd.*
1,339
14,153
Gannett
Co.,
Inc.*
12,287
46,813
Gray
Media,
Inc.
7,472
33,699
Ibotta,
Inc.,
Class
A*(a)
1,152
41,875
iHeartMedia,
Inc.,
Class
A*
9,650
18,046
Integral
Ad
Science
Holding
Corp.*(a)
6,799
55,752
John
Wiley
&
Sons,
Inc.,
Class
A
3,617
139,616
Magnite,
Inc.*
12,310
283,253
National
CineMedia,
Inc.
6,550
31,506
Newsmax,
Inc.,
Class
B*
657
8,732
Nexxen
International
Ltd.*
3,325
34,181
PubMatic,
Inc.,
Class
A*
3,818
45,854
Scholastic
Corp.(a)
2,012
49,636
Sinclair,
Inc.
3,447
49,844
Stagwell,
Inc.,
Class
A*(a)
10,172
58,286
TechTarget,
Inc.*(a)
2,014
14,581
TEGNA,
Inc.
14,140
236,138
Thryv
Holdings,
Inc.*
3,003
39,519
WideOpenWest,
Inc.*
3,670
12,368
1,813,922
Metals
&
Mining
1
.5
%
Alpha
Metallurgical
Resources,
Inc.*
1,029
121,494
American
Battery
Technology
Co.*(a)
7,002
15,194
Ascent
Industries
Co.*
640
8,211
Caledonia
Mining
Corp.
plc
1,553
30,579
Century
Aluminum
Co.*(a)
4,485
94,992
Coeur
Mining,
Inc.*(a)
56,228
488,621
Commercial
Metals
Co.
9,957
516,370
Compass
Minerals
International,
Inc.*
3,168
63,138
Constellium
SE,
Class
A*
12,548
172,033
Contango
ORE,
Inc.*
704
13,123
Critical
Metals
Corp.*
3,201
12,068
Dakota
Gold
Corp.*
7,613
27,407
Ferroglobe
plc
11,092
46,919
Friedman
Industries,
Inc.(a)
524
7,944
Hecla
Mining
Co.
52,227
299,783
Idaho
Strategic
Resources,
Inc.*
1,105
18,122
Ivanhoe
Electric,
Inc.*(a)
7,692
73,535
Kaiser
Aluminum
Corp.
1,374
106,224
Lifezone
Metals
Ltd.*(a)
1,866
8,229
MAC
Copper
Ltd.,
Class
A*
6,322
76,054
Materion
Corp.
1,839
193,647
Metallus,
Inc.*(a)
3,527
55,727
NioCorp
Developments
Ltd.*
4,575
12,901
Novagold
Resources,
Inc.*
21,937
113,853
Olympic
Steel,
Inc.
906
28,177
Perpetua
Resources
Corp.*
4,068
61,427
Piedmont
Lithium,
Inc.*(a)
1,592
11,622
Ramaco
Resources,
Inc.,
Class
A
3,112
63,329
Ryerson
Holding
Corp.
2,404
49,522
SSR
Mining,
Inc.*
17,594
210,248
SunCoke
Energy,
Inc.
7,369
54,457
90
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Small
Cap
Index
Fund
Common
Stocks
Shares
Value
($)
Metals
&
Mining
Tredegar
Corp.*
2,499
21,766
United
States
Antimony
Corp.*
8,106
24,804
US
Gold
Corp.*(a)
989
10,108
Vox
Royalty
Corp.
3,344
10,600
Warrior
Met
Coal,
Inc.(a)
4,645
238,660
Worthington
Steel,
Inc.
2,805
85,609
3,446,497
Mortgage
Real
Estate
Investment
Trusts
(REITs)
0
.9
%
ACRES
Commercial
Realty
Corp.*
539
10,608
Advanced
Flower
Capital,
Inc.
1,587
6,999
AG
Mortgage
Investment
Trust,
Inc.
2,700
20,412
Angel
Oak
Mortgage
REIT,
Inc.
1,198
11,094
Apollo
Commercial
Real
Estate
Finance,
Inc.
12,228
117,633
Arbor
Realty
Trust,
Inc.
15,526
173,270
Ares
Commercial
Real
Estate
Corp.
4,706
21,036
ARMOUR
Residential
REIT,
Inc.
7,380
120,368
Blackstone
Mortgage
Trust,
Inc.,
Class
A
14,580
269,438
BrightSpire
Capital,
Inc.,
Class
A
11,786
61,051
Chicago
Atlantic
Real
Estate
Finance,
Inc.
1,549
20,122
Chimera
Investment
Corp.
6,971
93,202
Claros
Mortgage
Trust,
Inc.
7,648
21,797
Dynex
Capital,
Inc.
9,498
118,155
Ellington
Financial,
Inc.
8,143
103,335
Franklin
BSP
Realty
Trust,
Inc.
6,840
69,084
Invesco
Mortgage
Capital,
Inc.
5,915
44,658
KKR
Real
Estate
Finance
Trust,
Inc.
4,844
43,790
Ladder
Capital
Corp.,
Class
A
10,310
112,585
Lument
Finance
Trust,
Inc.
3,325
7,182
MFA
Financial,
Inc.
8,926
81,137
New
York
Mortgage
Trust,
Inc.
7,598
48,095
Nexpoint
Real
Estate
Finance,
Inc.
595
8,211
Orchid
Island
Capital,
Inc.
9,590
66,746
PennyMac
Mortgage
Investment
Trust
7,595
89,545
Ready
Capital
Corp.
14,349
60,409
Redwood
Trust,
Inc.
11,244
61,392
Rithm
Property
Trust,
Inc.
3,617
9,404
Seven
Hills
Realty
Trust
1,185
12,194
Sunrise
Realty
Trust,
Inc.
773
7,738
TPG
RE
Finance
Trust,
Inc.
6,164
53,627
Two
Harbors
Investment
Corp.
9,432
91,962
2,036,279
Multi-Utilities
0
.4
%
Avista
Corp.
7,131
265,987
Black
Hills
Corp.
6,449
372,623
Northwestern
Energy
Group,
Inc.
5,450
292,665
Unitil
Corp.
1,359
70,097
1,001,372
Common
Stocks
Shares
Value
($)
Office
REITs
0
.7
%
Brandywine
Realty
Trust
14,522
58,088
City
Office
REIT,
Inc.
3,848
26,705
COPT
Defense
Properties
10,078
274,928
Douglas
Emmett,
Inc.
11,329
171,748
Easterly
Government
Properties,
Inc.,
Class
A
3,510
77,220
Empire
State
Realty
Trust,
Inc.,
Class
A
11,903
86,178
Franklin
Street
Properties
Corp.
8,093
13,353
Hudson
Pacific
Properties,
Inc.
27,790
68,085
JBG
SMITH
Properties
6,494
137,543
NET
Lease
Office
Properties*
1,384
45,935
Paramount
Group,
Inc.
16,016
98,018
Peakstone
Realty
Trust
3,151
42,854
Piedmont
Realty
Trust,
Inc.,
Class
A
10,640
80,438
Postal
Realty
Trust,
Inc.,
Class
A
2,023
27,735
SL
Green
Realty
Corp.
6,354
363,767
1,572,595
Oil,
Gas
&
Consumable
Fuels
3
.2
%
Ardmore
Shipping
Corp.
3,080
33,510
Berry
Corp.
6,941
20,962
BKV
Corp.*
1,455
30,031
California
Resources
Corp.
5,743
276,698
Calumet,
Inc.*
6,043
96,325
Centrus
Energy
Corp.,
Class
A*(a)
1,297
279,374
Clean
Energy
Fuels
Corp.*
13,617
27,642
CNX
Resources
Corp.*
12,521
379,511
Comstock
Resources,
Inc.*
6,515
116,423
Core
Natural
Resources,
Inc.
4,640
342,478
Crescent
Energy
Co.,
Class
A
15,753
145,558
CVR
Energy,
Inc.
2,863
76,671
Delek
US
Holdings,
Inc.
5,518
123,438
DHT
Holdings,
Inc.
11,129
123,421
Diversified
Energy
Co.
plc
Reg.
S
4,817
72,544
Dorian
LPG
Ltd.
3,189
91,811
Empire
Petroleum
Corp.*(a)
1,204
5,442
Encore
Energy
Corp.*(a)
14,810
39,098
Energy
Fuels,
Inc.*(a)
18,226
165,674
Epsilon
Energy
Ltd.
1,412
8,825
Evolution
Petroleum
Corp.(a)
2,985
14,418
Excelerate
Energy,
Inc.,
Class
A
2,062
52,911
FLEX
LNG
Ltd.(a)
2,758
69,143
FutureFuel
Corp.
2,157
8,736
Gevo,
Inc.*(a)
20,036
26,047
Golar
LNG
Ltd.
8,754
360,315
Granite
Ridge
Resources,
Inc.
(a)
4,633
24,045
Green
Plains,
Inc.*
5,212
43,103
Gulfport
Energy
Corp.*
1,331
231,767
HighPeak
Energy,
Inc.(a)
1,512
15,075
Infinity
Natural
Resources,
Inc.,
Class
A*
1,272
18,966
International
Seaways,
Inc.(a)
3,563
142,164
Kinetik
Holdings,
Inc.,
Class
A(a)
3,869
167,837
Nationwide
Small
Cap
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
91
Common
Stocks
Shares
Value
($)
Oil,
Gas
&
Consumable
Fuels
Kolibri
Global
Energy,
Inc.*
3,036
18,641
Kosmos
Energy
Ltd.*(a)
39,786
85,540
Lightbridge
Corp.*(a)
1,654
22,296
Magnolia
Oil
&
Gas
Corp.,
Class
A(a)
16,215
386,241
Murphy
Oil
Corp.
12,005
297,844
NACCO
Industries,
Inc.,
Class
A
402
15,244
Navigator
Holdings
Ltd.
2,774
43,746
New
Fortress
Energy,
Inc.(a)
15,030
40,957
NextDecade
Corp.*
11,725
133,196
NextNRG,
Inc.*(a)
2,209
2,938
Nordic
American
Tankers
Ltd.
18,361
51,227
Northern
Oil
&
Gas,
Inc.(a)
8,321
234,319
OPAL
Fuels,
Inc.,
Class
A*
2,431
5,761
Par
Pacific
Holdings,
Inc.*
4,632
145,352
PBF
Energy,
Inc.,
Class
A(a)
7,398
167,195
Peabody
Energy
Corp.(a)
10,820
174,743
Prairie
Operating
Co.*
1,988
6,143
PrimeEnergy
Resources
Corp.*(a)
68
11,463
REX
American
Resources
Corp.*
1,256
65,664
Riley
Exploration
Permian,
Inc.
(a)
1,050
27,552
Sable
Offshore
Corp.*(a)
5,995
183,867
SandRidge
Energy,
Inc.
2,887
29,996
Scorpio
Tankers,
Inc.
3,854
174,239
SFL
Corp.
Ltd.(a)
10,419
95,646
Sitio
Royalties
Corp.,
Class
A
6,763
122,884
SM
Energy
Co.
10,076
277,997
Summit
Midstream
Corp.*
843
21,480
Talos
Energy,
Inc.*
10,740
91,827
Teekay
Corp.
Ltd.
4,309
31,025
Teekay
Tankers
Ltd.,
Class
A
2,115
89,570
Uranium
Energy
Corp.*
37,319
323,556
VAALCO
Energy,
Inc.
8,787
32,688
Vital
Energy,
Inc.*
2,761
51,603
Vitesse
Energy,
Inc.(a)
2,531
60,567
W&T
Offshore,
Inc.(a)
9,007
15,942
World
Kinect
Corp.(a)
4,964
135,368
7,304,280
Paper
&
Forest
Products
0
.1
%
Clearwater
Paper
Corp.*
1,528
34,472
Magnera
Corp.*(a)
2,924
36,404
Sylvamo
Corp.
3,035
139,822
210,698
Passenger
Airlines
0
.6
%
Allegiant
Travel
Co.*(a)
1,314
67,855
Blade
Air
Mobility,
Inc.*
5,043
20,121
Frontier
Group
Holdings,
Inc.*
7,453
32,644
JetBlue
Airways
Corp.*
28,261
125,479
Joby
Aviation,
Inc.*(a)
40,504
674,797
SkyWest,
Inc.*
3,553
412,006
Spirit
Aviation
Holdings,
Inc.*
1,329
5,436
Sun
Country
Airlines
Holdings,
Inc.*
4,502
52,178
1,390,516
Personal
Care
Products
0
.3
%
Beauty
Health
Co.
(The)*
11,079
17,062
Common
Stocks
Shares
Value
($)
Personal
Care
Products
Edgewell
Personal
Care
Co.
4,071
102,711
FitLife
Brands,
Inc.*(a)
518
6,475
Herbalife
Ltd.*(a)
9,124
83,941
Honest
Co.,
Inc.
(The)*(a)
8,692
40,070
Interparfums,
Inc.(a)
1,585
191,151
Lifevantage
Corp.
924
11,596
Medifast,
Inc.*(a)
929
12,792
Nature's
Sunshine
Products,
Inc.*
1,134
15,887
Nu
Skin
Enterprises,
Inc.,
Class
A
4,502
37,727
Olaplex
Holdings,
Inc.*
12,671
17,613
USANA
Health
Sciences,
Inc.*
1,073
31,535
Waldencast
plc,
Class
A*(a)
2,215
3,943
572,503
Pharmaceuticals
1
.8
%
Aardvark
Therapeutics,
Inc.*(a)
480
5,765
Aclaris
Therapeutics,
Inc.*
7,915
12,110
Alumis,
Inc.*(a)
4,957
20,522
Amneal
Pharmaceuticals,
Inc.*
13,835
108,190
Amphastar
Pharmaceuticals,
Inc.*(a)
3,145
65,888
Amylyx
Pharmaceuticals,
Inc.*
6,083
48,847
ANI
Pharmaceuticals,
Inc.*
1,564
99,079
Aquestive
Therapeutics,
Inc.*(a)
6,819
26,185
Arvinas,
Inc.*
5,642
41,977
Atea
Pharmaceuticals,
Inc.*
7,410
26,972
Avadel
Pharmaceuticals
plc,
ADR*
8,048
84,585
Axsome
Therapeutics,
Inc.*(a)
3,551
360,000
BioAge
Labs,
Inc.*(a)
1,790
7,876
Biote
Corp.,
Class
A*
2,391
9,731
Collegium
Pharmaceutical,
Inc.*
2,787
83,220
CorMedix,
Inc.*(a)
5,847
68,235
Crinetics
Pharmaceuticals,
Inc.*
7,827
223,774
Edgewise
Therapeutics,
Inc.*(a)
6,178
88,098
Enliven
Therapeutics,
Inc.*
2,935
55,207
Esperion
Therapeutics,
Inc.*
17,312
24,583
Eton
Pharmaceuticals,
Inc.*
2,248
31,832
Evolus,
Inc.*(a)
4,971
44,341
EyePoint
Pharmaceuticals,
Inc.*
5,586
54,855
Fulcrum
Therapeutics,
Inc.*
4,440
29,881
Harmony
Biosciences
Holdings,
Inc.*
3,836
134,950
Harrow,
Inc.*
2,660
84,482
Indivior
plc*(a)
10,636
214,847
Innoviva,
Inc.*
5,484
99,644
Journey
Medical
Corp.*
1,020
7,497
LENZ
Therapeutics,
Inc.*(a)
1,566
46,620
Ligand
Pharmaceuticals,
Inc.*
1,675
220,397
Liquidia
Corp.*(a)
5,661
105,804
Maze
Therapeutics,
Inc.*(a)
630
9,293
MBX
Biosciences,
Inc.*(a)
1,526
20,220
MediWound
Ltd.*(a)
728
13,570
92
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Small
Cap
Index
Fund
Common
Stocks
Shares
Value
($)
Pharmaceuticals
Mind
Medicine
MindMed,
Inc.*(a)
6,897
62,694
Nuvation
Bio,
Inc.*(a)
21,884
51,646
Ocular
Therapeutix,
Inc.*
12,366
143,198
Omeros
Corp.*(a)
4,782
18,506
Pacira
BioSciences,
Inc.*
4,092
86,300
Phathom
Pharmaceuticals,
Inc.*(a)
3,717
31,743
Phibro
Animal
Health
Corp.,
Class
A
1,704
45,156
Prestige
Consumer
Healthcare,
Inc.*
4,343
321,165
Rapport
Therapeutics,
Inc.*
1,542
22,143
scPharmaceuticals,
Inc.*
2,733
13,884
Septerna,
Inc.*(a)
1,574
19,533
SIGA
Technologies,
Inc.
4,172
27,577
Supernus
Pharmaceuticals,
Inc.*
4,737
166,269
Tarsus
Pharmaceuticals,
Inc.*
3,417
132,648
Terns
Pharmaceuticals,
Inc.*(a)
6,388
37,242
Theravance
Biopharma,
Inc.*
3,452
38,524
Third
Harmonic
Bio,
Inc.*∞
1,819
9,786
Trevi
Therapeutics,
Inc.*
6,218
46,044
Tvardi
Therapeutics,
Inc.*
296
7,684
WaVe
Life
Sciences
Ltd.*
9,852
79,801
Xeris
Biopharma
Holdings,
Inc.*
13,509
68,761
Zevra
Therapeutics,
Inc.*
4,521
50,228
4,059,609
Professional
Services
2
.0
%
Acuren
Corp.*(a)
9,009
99,910
Alight,
Inc.,
Class
A
37,783
202,517
Asure
Software,
Inc.*
1,830
17,751
Barrett
Business
Services,
Inc.
(a)
2,194
100,858
BlackSky
Technology,
Inc.*(a)
2,523
48,543
CBIZ,
Inc.*
4,589
280,480
Conduent,
Inc.*
14,190
37,746
CRA
International,
Inc.
577
101,933
CSG
Systems
International,
Inc.
2,459
153,589
Exponent,
Inc.
4,450
306,872
First
Advantage
Corp.*
6,944
120,062
Forrester
Research,
Inc.*
1,137
11,074
Franklin
Covey
Co.*
949
18,705
Heidrick
&
Struggles
International,
Inc.
1,800
80,154
HireQuest,
Inc.
507
5,187
Huron
Consulting
Group,
Inc.*
1,502
198,384
IBEX
Holdings
Ltd.*
984
29,097
ICF
International,
Inc.
1,634
137,076
Innodata,
Inc.*(a)
2,669
146,528
Insperity,
Inc.
3,169
188,809
Kelly
Services,
Inc.,
Class
A
2,865
35,096
Kforce,
Inc.(a)
1,613
56,213
Korn
Ferry(a)
4,544
322,033
Legalzoom.com,
Inc.*
9,783
87,949
Maximus,
Inc.
4,974
367,380
Mistras
Group,
Inc.*
1,136
9,020
NV5
Global,
Inc.*
5,154
115,707
Common
Stocks
Shares
Value
($)
Professional
Services
Planet
Labs
PBC*
18,308
114,425
RCM
Technologies,
Inc.*
412
9,933
Resolute
Holdings
Management,
Inc.*(a)
387
15,685
Resources
Connection,
Inc.
2,989
15,124
Skillsoft
Corp.*
439
6,260
Spire
Global,
Inc.*(a)
2,697
27,051
TriNet
Group,
Inc.
2,630
178,340
TrueBlue,
Inc.*
2,364
17,068
TTEC
Holdings,
Inc.*(a)
1,924
9,582
Upwork,
Inc.*
10,835
129,587
Verra
Mobility
Corp.,
Class
A*
14,055
355,029
Willdan
Group,
Inc.*
1,221
104,151
WNS
Holdings
Ltd.*
3,561
266,327
4,527,235
Real
Estate
Management
&
Development
0
.6
%
American
Realty
Investors,
Inc.*(a)
278
3,489
Anywhere
Real
Estate,
Inc.*
9,109
42,084
Compass,
Inc.,
Class
A*
40,077
318,211
Cushman
&
Wakefield
plc*
14,864
181,192
Douglas
Elliman,
Inc.*
6,515
17,916
eXp
World
Holdings,
Inc.(a)
7,001
75,471
Forestar
Group,
Inc.*
1,762
43,698
FRP
Holdings,
Inc.*
1,036
27,350
Kennedy-Wilson
Holdings,
Inc.
10,778
78,895
Marcus
&
Millichap,
Inc.(a)
2,093
65,218
Maui
Land
&
Pineapple
Co.,
Inc.*
714
12,145
Newmark
Group,
Inc.,
Class
A
12,190
184,922
RE/MAX
Holdings,
Inc.,
Class
A*
1,632
12,550
Real
Brokerage,
Inc.
(The)*
8,852
34,965
RMR
Group,
Inc.
(The),
Class
A(a)
1,446
23,223
Seaport
Entertainment
Group,
Inc.*(a)
619
14,280
St
Joe
Co.
(The)(a)
3,373
170,337
Stratus
Properties,
Inc.*
455
7,250
Tejon
Ranch
Co.*(a)
1,989
35,723
Transcontinental
Realty
Investors,
Inc.*
160
6,560
1,355,479
Residential
REITs
0
.4
%
Apartment
Investment
and
Management
Co.,
Class
A
11,585
97,430
BRT
Apartments
Corp.
1,127
16,398
Centerspace
1,489
81,046
Clipper
Realty,
Inc.
1,519
5,286
Elme
Communities
7,582
114,337
Independence
Realty
Trust,
Inc.
20,456
343,047
NexPoint
Residential
Trust,
Inc.
1,954
60,926
UMH
Properties,
Inc.
6,933
112,869
Veris
Residential,
Inc.
7,114
100,165
931,504
Retail
REITs
1
.3
%
Acadia
Realty
Trust
11,774
220,409
Alexander's,
Inc.
192
48,228
Nationwide
Small
Cap
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
93
Common
Stocks
Shares
Value
($)
Retail
REITs
CBL
&
Associates
Properties,
Inc.
1,676
45,353
Curbline
Properties
Corp.
8,589
189,817
FrontView
REIT,
Inc.
1,768
20,809
Getty
Realty
Corp.
4,650
129,224
InvenTrust
Properties
Corp.
7,044
194,203
Kite
Realty
Group
Trust
19,501
428,632
Macerich
Co.
(The)
22,461
375,323
NETSTREIT
Corp.
7,339
133,790
Phillips
Edison
&
Co.,
Inc.
11,114
375,542
Saul
Centers,
Inc.
1,101
35,474
SITE
Centers
Corp.
4,517
48,648
Tanger,
Inc.
9,876
296,478
Urban
Edge
Properties
10,938
215,697
Whitestone
REIT
4,399
53,624
2,811,251
Semiconductors
&
Semiconductor
Equipment
3
.0
%
ACM
Research,
Inc.,
Class
A*
4,419
134,161
Aehr
Test
Systems*(a)
2,448
41,371
Aeluma,
Inc.*(a)
827
18,293
Alpha
&
Omega
Semiconductor
Ltd.*
2,271
57,842
Ambarella,
Inc.*
3,579
236,536
Atomera,
Inc.*
2,562
12,810
Axcelis
Technologies,
Inc.*
2,829
191,495
CEVA,
Inc.*
2,013
43,018
Cohu,
Inc.*
3,939
70,351
Credo
Technology
Group
Holding
Ltd.*
12,860
1,434,533
Diodes,
Inc.*(a)
4,079
201,380
FormFactor,
Inc.*
6,752
191,824
Ichor
Holdings
Ltd.*
3,052
60,399
Impinj,
Inc.*(a)
2,281
352,597
indie
Semiconductor,
Inc.,
Class
A*(a)
17,073
66,755
Kopin
Corp.*
13,071
23,397
Kulicke
&
Soffa
Industries,
Inc.
(a)
4,631
151,712
MaxLinear,
Inc.,
Class
A*
6,931
109,648
Navitas
Semiconductor
Corp.,
Class
A*(a)
11,541
84,596
NVE
Corp.(a)
453
28,689
PDF
Solutions,
Inc.*
2,724
60,555
Penguin
Solutions,
Inc.*(a)
4,804
113,230
Photronics,
Inc.*
5,452
111,003
Power
Integrations,
Inc.
5,019
243,522
Rambus,
Inc.*
9,485
701,226
Rigetti
Computing,
Inc.*(a)
24,842
360,209
Semtech
Corp.*(a)
7,655
391,171
Silicon
Laboratories,
Inc.*
2,835
373,568
SiTime
Corp.*
1,853
375,881
SkyWater
Technology,
Inc.*(a)
2,056
18,401
Synaptics,
Inc.*
3,502
219,575
Ultra
Clean
Holdings,
Inc.*
3,830
86,252
Veeco
Instruments,
Inc.*(a)
5,081
105,583
6,671,583
Software
6
.3
%
8x8,
Inc.*
10,793
20,938
A10
Networks,
Inc.(a)
6,232
114,793
ACI
Worldwide,
Inc.*
9,275
394,744
Adeia,
Inc.
9,661
125,110
Common
Stocks
Shares
Value
($)
Software
Agilysys,
Inc.*(a)
2,271
259,076
Airship
AI
Holdings,
Inc.*(a)
1,445
7,500
Alarm.com
Holdings,
Inc.*
4,169
227,752
Alkami
Technology,
Inc.*(a)
5,989
133,495
Amplitude,
Inc.,
Class
A*
7,655
93,621
Appian
Corp.,
Class
A*(a)
3,576
98,733
Arteris,
Inc.*
2,531
24,956
Asana,
Inc.,
Class
A*(a)
8,209
120,508
AudioEye,
Inc.*
657
8,416
AvePoint,
Inc.*
11,693
223,102
Bit
Digital,
Inc.*(a)
16,098
46,845
Bitdeer
Technologies
Group,
Class
A*(a)
7,909
101,947
Blackbaud,
Inc.*
3,400
229,228
BlackLine,
Inc.*(a)
4,631
249,055
Blend
Labs,
Inc.,
Class
A*
18,576
61,487
Box,
Inc.,
Class
A*
12,377
397,302
Braze,
Inc.,
Class
A*
6,705
186,868
C3.ai,
Inc.,
Class
A*(a)
10,643
250,749
Cerence,
Inc.*(a)
4,150
35,690
Cipher
Mining,
Inc.*(a)
23,380
127,655
Cleanspark,
Inc.*(a)
24,307
276,371
Clear
Secure,
Inc.,
Class
A(a)
7,353
216,252
Clearwater
Analytics
Holdings,
Inc.,
Class
A*
21,626
438,143
Commvault
Systems,
Inc.*
3,881
737,196
Consensus
Cloud
Solutions,
Inc.*
1,633
32,954
Core
Scientific,
Inc.*(a)
24,237
328,169
CoreCard
Corp.*
496
14,359
CS
Disco,
Inc.*
2,032
8,067
Daily
Journal
Corp.*
109
43,554
Digimarc
Corp.*
1,261
15,056
Digital
Turbine,
Inc.*(a)
9,392
51,186
Domo,
Inc.,
Class
B*
3,041
50,055
D-Wave
Quantum,
Inc.*(a)
25,285
434,649
E2open
Parent
Holdings,
Inc.*
15,951
52,638
eGain
Corp.*
1,327
8,201
EverCommerce,
Inc.*
1,629
17,479
Expensify,
Inc.,
Class
A*
5,224
10,605
Five9,
Inc.*(a)
6,725
173,707
Freshworks,
Inc.,
Class
A*
18,160
235,898
Hut
8
Corp.*(a)
8,302
176,251
I3
Verticals,
Inc.,
Class
A*(a)
1,962
54,897
Intapp,
Inc.*(a)
4,874
195,204
InterDigital,
Inc.(a)
2,273
586,889
Jamf
Holding
Corp.*
6,038
47,942
Kaltura,
Inc.*
7,855
14,060
Life360,
Inc.*
1,414
108,298
LiveRamp
Holdings,
Inc.*
5,716
187,599
MARA
Holdings,
Inc.*(a)
30,476
490,054
Mercurity
Fintech
Holding,
Inc.*(a)
2,807
11,565
Meridianlink,
Inc.*
2,870
45,863
Mitek
Systems,
Inc.*
3,799
34,267
N-able,
Inc.*
5,971
48,246
NCR
Voyix
Corp.*(a)
12,626
171,966
NextNav,
Inc.*
7,722
114,208
Olo,
Inc.,
Class
A*
10,154
106,414
ON24,
Inc.*
3,230
16,021
OneSpan,
Inc.
3,216
47,436
Ooma,
Inc.*
2,215
25,207
94
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Small
Cap
Index
Fund
Common
Stocks
Shares
Value
($)
Software
Pagaya
Technologies
Ltd.,
Class
A*
3,710
111,486
PagerDuty,
Inc.*(a)
7,343
118,369
Porch
Group,
Inc.*
7,150
90,233
Progress
Software
Corp.
3,711
178,425
PROS
Holdings,
Inc.*
3,929
61,646
Q2
Holdings,
Inc.*
5,464
443,677
Qualys,
Inc.*
3,231
429,949
Rapid7,
Inc.*
5,704
120,468
Red
Violet,
Inc.
1,045
46,325
ReposiTrak,
Inc.(a)
1,047
17,255
Rezolve
AI
plc*(a)
8,070
23,645
Rimini
Street,
Inc.*
4,202
20,170
Riot
Platforms,
Inc.*
29,061
389,708
Sapiens
International
Corp.
NV(a)
2,728
74,774
SEMrush
Holdings,
Inc.,
Class
A*
4,044
36,234
Silvaco
Group,
Inc.*
1,286
5,723
SoundHound
AI,
Inc.,
Class
A*(a)
32,183
332,450
SoundThinking,
Inc.*
841
9,596
Sprinklr,
Inc.,
Class
A*
10,145
91,406
Sprout
Social,
Inc.,
Class
A*
4,676
80,193
SPS
Commerce,
Inc.*
3,339
363,500
Synchronoss
Technologies,
Inc.*(a)
1,083
7,928
Telos
Corp.*
5,152
13,241
Tenable
Holdings,
Inc.*
10,491
328,473
Terawulf,
Inc.*(a)
23,370
120,589
Varonis
Systems,
Inc.,
Class
B*
9,682
540,546
Verint
Systems,
Inc.*
5,386
114,614
Vertex,
Inc.,
Class
A*
5,702
189,135
Viant
Technology,
Inc.,
Class
A*(a)
1,242
18,009
Weave
Communications,
Inc.*
5,137
37,500
WM
Technology,
Inc.*
7,278
6,498
Workiva,
Inc.,
Class
A*
4,401
280,916
Xperi,
Inc.*(a)
3,978
23,948
Yext,
Inc.*
8,753
71,074
Zeta
Global
Holdings
Corp.,
Class
A*(a)
16,527
258,648
14,222,847
Specialized
REITs
0
.5
%
Farmland
Partners,
Inc.
4,018
42,068
Four
Corners
Property
Trust,
Inc.
8,888
224,333
Gladstone
Land
Corp.
2,630
24,196
Outfront
Media,
Inc.
12,633
221,457
PotlatchDeltic
Corp.
6,996
286,066
Safehold,
Inc.
5,007
70,048
Smartstop
Self
Storage
REIT,
Inc.(a)
2,496
84,565
Uniti
Group,
Inc.
20,568
109,422
1,062,155
Specialty
Retail
2
.3
%
1-800-Flowers.com,
Inc.,
Class
A*(a)
2,125
12,559
Abercrombie
&
Fitch
Co.,
Class
A*
4,142
397,715
Common
Stocks
Shares
Value
($)
Specialty
Retail
Academy
Sports
&
Outdoors,
Inc.
5,864
297,833
Advance
Auto
Parts,
Inc.
5,267
279,520
American
Eagle
Outfitters,
Inc.
(a)
14,393
155,444
America's
Car-Mart,
Inc.*
711
32,023
Arhaus,
Inc.,
Class
A*
4,715
41,303
Arko
Corp.
7,151
29,820
Asbury
Automotive
Group,
Inc.*
1,722
382,491
BARK,
Inc.*
10,452
9,003
Barnes
&
Noble
Education,
Inc.*(a)
1,302
11,497
Beyond,
Inc.*
4,452
39,845
Boot
Barn
Holdings,
Inc.*(a)
2,700
464,130
Buckle,
Inc.
(The)
2,670
131,818
Build-A-Bear
Workshop,
Inc.
(a)
1,129
57,252
Caleres,
Inc.(a)
2,678
36,769
Camping
World
Holdings,
Inc.,
Class
A
5,323
73,670
Citi
Trends,
Inc.*
535
16,328
Designer
Brands,
Inc.,
Class
A(a)
2,199
6,201
EVgo,
Inc.,
Class
A*(a)
10,514
35,432
Foot
Locker,
Inc.*
7,522
188,351
Genesco,
Inc.*(a)
867
20,860
Group
1
Automotive,
Inc.
1,105
455,426
Haverty
Furniture
Cos.,
Inc.(a)
1,344
27,727
J
Jill,
Inc.(a)
431
6,758
Lands'
End,
Inc.*(a)
1,408
16,516
MarineMax,
Inc.*
1,687
38,261
Monro,
Inc.(a)
2,583
36,407
National
Vision
Holdings,
Inc.*
6,919
167,855
ODP
Corp.
(The)*
2,427
43,298
OneWater
Marine,
Inc.,
Class
A*
1,039
15,938
Petco
Health
&
Wellness
Co.,
Inc.,
Class
A*
7,620
22,936
RealReal,
Inc.
(The)*(a)
9,051
47,608
Revolve
Group,
Inc.,
Class
A*
3,450
71,587
Sally
Beauty
Holdings,
Inc.*
9,239
89,988
Shoe
Carnival,
Inc.(a)
1,571
32,143
Signet
Jewelers
Ltd.
3,669
290,218
Sleep
Number
Corp.*(a)
2,022
14,821
Sonic
Automotive,
Inc.,
Class
A
1,297
93,838
Stitch
Fix,
Inc.,
Class
A*
9,342
44,188
ThredUp,
Inc.,
Class
A*
8,029
66,320
Tile
Shop
Holdings,
Inc.*(a)
2,459
15,516
Torrid
Holdings,
Inc.*
1,398
3,481
Upbound
Group,
Inc.(a)
4,707
97,129
Urban
Outfitters,
Inc.*
5,514
415,094
Victoria's
Secret
&
Co.*
6,023
113,232
Warby
Parker,
Inc.,
Class
A*
8,657
207,335
Winmark
Corp.
255
96,242
Zumiez,
Inc.*(a)
1,500
20,565
5,270,291
Technology
Hardware,
Storage
&
Peripherals
0
.6
%
CompoSecure,
Inc.,
Class
A*(a)
3,899
55,405
Nationwide
Small
Cap
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
95
Common
Stocks
Shares
Value
($)
Technology
Hardware,
Storage
&
Peripherals
Corsair
Gaming,
Inc.*
4,289
38,858
CPI
Card
Group,
Inc.*(a)
403
7,822
Diebold
Nixdorf,
Inc.*
2,211
124,457
Eastman
Kodak
Co.*(a)
5,475
36,683
Immersion
Corp.(a)
2,817
19,635
IonQ,
Inc.*(a)
20,818
830,014
Quantum
Computing,
Inc.*(a)
10,124
150,240
Turtle
Beach
Corp.*
1,441
20,952
Xerox
Holdings
Corp.
9,925
40,196
1,324,262
Textiles,
Apparel
&
Luxury
Goods
0
.6
%
Capri
Holdings
Ltd.*
10,237
186,211
Carter's,
Inc.
3,135
75,992
Ermenegildo
Zegna
NV(a)
5,411
43,505
Figs,
Inc.,
Class
A*
7,851
51,032
G-III
Apparel
Group
Ltd.*
3,404
80,334
Hanesbrands,
Inc.*
29,945
122,475
Kontoor
Brands,
Inc.(a)
4,787
266,444
Lakeland
Industries,
Inc.(a)
776
10,794
Movado
Group,
Inc.(a)
1,414
21,931
Oxford
Industries,
Inc.(a)
1,254
47,878
Rocky
Brands,
Inc.
643
16,821
Steven
Madden
Ltd.
6,181
148,375
Superior
Group
of
Cos.,
Inc.(a)
1,210
11,677
Wolverine
World
Wide,
Inc.(a)
6,961
157,179
1,240,648
Tobacco
0
.1
%
Ispire
Technology,
Inc.*
1,515
4,151
Turning
Point
Brands,
Inc.
1,486
123,249
Universal
Corp.(a)
2,091
113,897
241,297
Trading
Companies
&
Distributors
1
.3
%
Alta
Equipment
Group,
Inc.
2,372
18,407
BlueLinx
Holdings,
Inc.*
705
51,655
Boise
Cascade
Co.
3,343
280,177
Custom
Truck
One
Source,
Inc.*(a)
5,828
36,075
Distribution
Solutions
Group,
Inc.*
828
24,815
DNOW,
Inc.*
9,522
148,162
DXP
Enterprises,
Inc.*
1,141
129,230
EVI
Industries,
Inc.
449
10,008
GATX
Corp.
3,138
479,141
Global
Industrial
Co.
1,245
42,405
GMS,
Inc.*
3,400
372,776
Herc
Holdings,
Inc.
2,871
335,362
Hudson
Technologies,
Inc.*
3,949
37,081
Karat
Packaging,
Inc.
555
15,113
McGrath
RentCorp
2,114
263,806
MRC
Global,
Inc.*
7,290
107,017
NPK
International,
Inc.*
7,053
63,618
Rush
Enterprises,
Inc.,
Class
A(a)
5,533
299,557
Rush
Enterprises,
Inc.,
Class
B
732
39,755
Titan
Machinery,
Inc.*
1,946
37,597
Transcat,
Inc.*
789
60,303
Willis
Lease
Finance
Corp.
314
44,456
Xometry,
Inc.,
Class
A*(a)
3,877
125,382
3,021,898
Common
Stocks
Shares
Value
($)
Transportation
Infrastructure
0
.0
%
†
Sky
Harbour
Group
Corp.*(a)
1,814
17,723
Water
Utilities
0
.4
%
American
States
Water
Co.
3,393
249,691
Cadiz,
Inc.*
3,838
12,205
California
Water
Service
Group
5,207
236,762
Consolidated
Water
Co.
Ltd.(a)
1,424
41,424
Global
Water
Resources,
Inc.
791
7,554
H2O
America
2,839
137,095
Middlesex
Water
Co.
1,495
77,142
Pure
Cycle
Corp.*
1,661
16,278
York
Water
Co.
(The)
1,187
35,919
814,070
Wireless
Telecommunication
Services
0
.2
%
Gogo,
Inc.*(a)
6,041
95,810
Spok
Holdings,
Inc.
1,682
30,848
Telephone
&
Data
Systems,
Inc.
8,688
339,180
465,838
Total
Common
Stocks
(cost
$175,168,398)
224,826,388
Rights
0
.0
%
†
Number
of
Rights
Biotechnology
0
.0
%
†
Aduro
Biotech,
Inc.
CVR*^∞
1,489
0
Chinook
Therapeutics,
Inc.,
CVR*^∞
5,489
0
Icosavax,
Inc.,
CVR*^∞
2,263
0
Inhibrx,
Inc.,
CVR*^∞
3,024
0
Oncternal
Therapeutics,
Inc.,
CVR*^∞
95
0
0
Total
Rights
(cost
$3,781)
0
Warrants
0
.0
%
†
Number
of
Warrants
Health
Care
Equipment
&
Supplies
0
.0
%
†
Pulse
Biosciences,
Inc.,
expiring
6/27/2029^∞(a)
164
330
Total
Warrants
(cost
$0)
330
96
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Small
Cap
Index
Fund
Repurchase
Agreements
9
.3
%
Principal
Amount
($)
Value
($)
CF
Secured,
LLC,
4.34%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$7,774,432,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.00%,
maturing
8/31/2025
-
2/15/2053;
total
market
value
$7,929,922.(b)
7,773,495
7,773,495
Santander
US
Capital
Markets,
4.35%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$200,024,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.01%
-
5.45%,
maturing
5/25/2030
-
8/25/2055;
total
market
value
$204,025.(b)
200,000
200,000
Santander
US
Capital
Markets,
4.36%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$8,000,969,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
0.01%
-
5.45%,
maturing
5/25/2030
-
8/25/2055;
total
market
value
$8,160,988.(b)
8,000,000
8,000,000
Societe
Generale,
4.35%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$5,000,604,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
1.63%
-
4.50%,
maturing
2/15/2038
-
2/15/2052;
total
market
value
$5,100,000.(b)
5,000,000
5,000,000
Total
Repurchase
Agreements
(cost
$20,973,495)
20,973,495
Total
Investments
(cost
$196,179,167)
—
109.1%
245,815,007
Liabilities
in
excess
of
other
assets
—
(9.1)%
(
20,553,189
)
NET
ASSETS
—
100.0%
$
225,261,818
*
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,
2025.
The
total
value
of
securities
on
loan
as
of
July
31,
2025
was
$46,832,201,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$20,973,495
and
by
$27,465,962
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.00%
-
6.25%,
and
maturity
dates
ranging
from
8/7/2025
-
2/15/2055,
a
total
value
of
$48,439,457.
(b)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2025
was
$20,973,495.
ADR
American
Depositary
Receipt
CVR
Contingent
Value
Rights
Reg.
S
Regulation
S
-
Security
was
purchased
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933,
which
exempts
from
registration
securities
offered
and
sold
outside
of
the
United
States.
Such
security
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933
or
pursuant
to
an
exemption
from
registration.
Currently
there
is
no
restriction
on
trading
this
security.
REIT
Real
Estate
Investment
Trust
Nationwide
Small
Cap
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
97
Futures
contracts
outstanding
as
of
July
31,
2025:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
Russell
2000
Micro
E-Mini
Index
96
9/2025
USD
1,065,696
(20,167)
Net
contracts
(20,167)
Currency:
USD
United
States
Dollar
98
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Small
Cap
Index
Fund
In
accordance
with
the
authoritative
guidance
on
fair
value
measurements
and
disclosures
under
accounting
principles
generally
accepted
in
the
United
States
of
America,
Nationwide
Mutual
Funds'
(the
“Trust”)
investment
adviser
to
the
Fund,
Nationwide
Fund
Advisors
(“NFA”),
assigns
a
fair
value
to
Fund
investments
in
accordance
with
a
hierarchy
that
prioritizes
the
various
types
of
inputs
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
readily
available
unadjusted
quoted
prices
in
active
markets
for
identical
assets
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements)
when
market
prices
are
not
readily
available
or
reliable.
The
three
levels
of
the
hierarchy
are
summarized
as
follows.
Level
1
—
Quoted
prices
in
active
markets
for
identical
assets
Level
2
—
Other
significant
observable
inputs
(including
quoted
prices
of
similar
securities,
interest
rates,
prepayment
speeds,
credit
risk,
etc.)
Level
3
—
Significant
unobservable
inputs
(including the
Fund’s
own
assumptions
in
determining
the
fair
value
of
investments)
Changes
in
valuation
techniques
may
result
in
transfers
into
or
out
of
an
investment’s
assigned
level
within
the
hierarchy.
An
investment’s
categorization
within
the
hierarchy
is
based
on
the
lowest
level
of
any
input
that
is
significant
to
the
fair
valuation
in
its
entirety.
The
inputs
or
methodology
used
to
value
investments
are
not
intended
to
indicate
the
risk
associated
with
investing
in
those
investments.
The
Trust's
Board
of
Trustees
(the
"Board
of
Trustees")
has
delegated
authority
to
NFA,
and
the
Trust’s
administrator,
Nationwide
Fund
Management
LLC
(“NFM”),
to
assign
a
fair
value
under
certain
circumstances,
as
described
below,
pursuant
to
valuation
procedures
approved
by
the
Board
of
Trustees.
NFA
and
NFM
have
established
a
Fair
Valuation
Committee
(“FVC”)
to
assign
these
fair
valuations.
The
fair
value
of
a
security
may
differ
from
its
quoted
or
published
price.
Fair
valuation
of
portfolio
securities
may
occur
on
a
daily
basis.
Securities
may
be
fair
valued
in
certain
circumstances,
such
as
where
(i)
market-based
quotations
are
not
readily
available;
(ii)
an
independent
pricing
service
does
not
provide
a
value
or
the
value
provided
by
an
independent
pricing
service
is
determined
to
be
unreliable
in
the
judgment
of
NFA/NFM
or
its
designee;
(iii)
a
significant
event
has
occurred
that
affects
the
value
of the
Fund’s
securities
after
trading
has
stopped
(e.g.,
earnings
announcements
or
news
relating
to
natural
disasters
affecting
an
issuer’s
operations);
(iv)
the
securities
are
illiquid;
(v)
the
securities
have
defaulted
or
been
delisted
from
an
exchange
and
are
no
longer
trading;
or
(vi)
any
other
circumstance
in
which
the
FVC
believes
that
market-based
quotations
do
not
accurately
reflect
the
value
of
a
security.
The
FVC
will
assign
a
fair
value
according
to
fair
value
methodologies.
Information
utilized
by
the
FVC
to
obtain
a
fair
value
may
include,
among
others,
the
following:
(i)
a
multiple
of
earnings;
(ii)
the
discount
from
market
value
of
a
similar,
freely
traded
security;
(iii)
the
yield-to-maturity
for
debt
issues;
or
(iv)
a
combination
of
these
and
other
methods.
Fair
valuations
may
also
take
into
account
significant
events
that
occur
before
Valuation
Time
but
after
the
close
of
the
principal
market
on
which
a
security
trades
that
materially
affect
the
value
of
such
security.
To
arrive
at
the
appropriate
methodology,
the
FVC
may
consider
a
non-exclusive
list
of
factors,
which
are
specific
to
the
security,
as
well
as
whether
the
security
is
traded
on
the
domestic
or
foreign
markets.
The
FVC
monitors
the
results
of
fair
valuation
determinations
and
regularly
reports
the
results
to
the
Board
of
Trustees.
The
Fund
attempts
to
establish
a
price
that
it
might
reasonably
expect
to
receive
upon
the
current
sale
of
that
security.
That
said,
there
can
be
no
assurance
that
the
fair
value
assigned
to
a
security
is
the
price
at
which
a
security
could
have
been
sold
during
the
period
in
which
the
particular
fair
value
was
used
to
value
the
security.
To
the
extent
the
significant inputs
used
are
observable,
these
securities
are
classified
as
Level
2
investments;
otherwise,
they
are
classified
as
Level
3
investments
within
the
hierarchy.
Equity
securities
listed
on
a
non-U.S.
exchange
(“non-U.S.
securities”)
are
generally
fair
valued
daily
by
an
independent
fair
value
pricing
service
approved
by
the
Board
of
Trustees.
The
fair
valuations
for
non-U.S.
securities
may
not
be
the
same
as
quoted
or
published
prices
of
the
securities
on
the
exchange
on
which
such
securities
trade.
Such
securities
are
categorized
as
Level
2
investments
within
the
hierarchy.
If
daily
fair
value
prices
from
the
independent
fair
value
pricing
service
are
not
available,
such
non-U.S.
securities
are
generally
valued
at
the
last
quoted
sale
price
at
the
close
of
an
exchange
on
which
the
security
is
traded
and
categorized
as
Level
1
investments
within
the
hierarchy.
Values
of
foreign
securities,
currencies,
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
of
said
currencies
against
the
U.S.
dollar,
as
of
Valuation
Time,
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees.
Nationwide
Small
Cap
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
99
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2025.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Closed
End
Fund
$
14,794
$
–
$
–
$
14,794
Common
Stocks
Aerospace
&
Defense
3,712,018
–
–
3,712,018
Air
Freight
&
Logistics
274,460
–
–
274,460
Automobile
Components
3,076,316
–
–
3,076,316
Automobiles
102,123
–
–
102,123
Banks
23,827,273
–
–
23,827,273
Beverages
267,540
–
–
267,540
Biotechnology
15,608,356
–
–
15,608,356
Broadline
Retail
193,348
–
–
193,348
Building
Products
3,290,637
–
–
3,290,637
Capital
Markets
4,123,129
–
–
4,123,129
Chemicals
3,770,814
–
–
3,770,814
Commercial
Services
&
Supplies
4,155,744
–
–
4,155,744
Communications
Equipment
1,668,195
–
–
1,668,195
Construction
&
Engineering
5,242,074
–
–
5,242,074
Construction
Materials
547,663
–
–
547,663
Consumer
Finance
2,583,372
–
–
2,583,372
Consumer
Staples
Distribution
&
Retail
1,181,844
–
–
1,181,844
Containers
&
Packaging
563,871
–
–
563,871
Distributors
94,367
–
–
94,367
Diversified
Consumer
Services
2,910,549
–
–
2,910,549
Diversified
REITs
1,338,622
–
–
1,338,622
Diversified
Telecommunication
Services
972,028
–
–
972,028
Electric
Utilities
2,627,822
–
–
2,627,822
Electrical
Equipment
4,281,933
–
–
4,281,933
Electronic
Equipment,
Instruments
&
Components
7,793,781
–
–
7,793,781
Energy
Equipment
&
Services
3,655,907
–
–
3,655,907
Entertainment
1,149,188
–
–
1,149,188
Financial
Services
5,463,394
–
–
5,463,394
Food
Products
2,210,878
–
–
2,210,878
Gas
Utilities
2,430,434
–
–
2,430,434
Ground
Transportation
800,296
–
–
800,296
Health
Care
Equipment
&
Supplies
6,017,855
–
–
6,017,855
Health
Care
Providers
&
Services
7,135,338
–
–
7,135,338
Health
Care
REITs
2,176,312
–
–
2,176,312
Health
Care
Technology
947,978
–
–
947,978
Hotel
&
Resort
REITs
1,460,027
–
–
1,460,027
Hotels,
Restaurants
&
Leisure
4,921,499
–
–
4,921,499
Household
Durables
3,908,200
–
–
3,908,200
Household
Products
746,145
–
–
746,145
Independent
Power
and
Renewable
Electricity
Producers
540,351
–
–
540,351
Industrial
Conglomerates
69,794
–
–
69,794
Industrial
REITs
903,171
–
–
903,171
Insurance
4,451,498
–
–
4,451,498
Interactive
Media
&
Services
1,506,366
–
–
1,506,366
IT
Services
1,186,296
–
–
1,186,296
Leisure
Products
1,051,830
–
–
1,051,830
Life
Sciences
Tools
&
Services
909,304
–
–
909,304
Machinery
9,063,470
–
–
9,063,470
Marine
Transportation
526,627
–
–
526,627
Media
1,813,922
–
–
1,813,922
Metals
&
Mining
3,446,497
–
–
3,446,497
Mortgage
Real
Estate
Investment
Trusts
(REITs)
2,036,279
–
–
2,036,279
Multi-Utilities
1,001,372
–
–
1,001,372
Office
REITs
1,572,595
–
–
1,572,595
Oil,
Gas
&
Consumable
Fuels
7,304,280
–
–
7,304,280
100
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
Small
Cap
Index
Fund
The
FVC
continues
to
evaluate
any
information
that
could
cause
an
adjustment
to
the
fair
value
for
these
investments,
such
as
market
news,
the
progress
of
judicial
and
regulatory
proceedings,
and
subadviser
recommendations. 
The
following
is
a
summary
of
the
Fund’s
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2025.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using
financial
futures
contracts.
(a)
Futures
Contracts  
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
managing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
Level
1
Level
2
Level
3
Total
Assets:
Paper
&
Forest
Products
$
210,698
$
–
$
–
$
210,698
Passenger
Airlines
1,390,516
–
–
1,390,516
Personal
Care
Products
572,503
–
–
572,503
Pharmaceuticals
4,049,823
9,786
–
4,059,609
Professional
Services
4,527,235
–
–
4,527,235
Real
Estate
Management
&
Development
1,355,479
–
–
1,355,479
Residential
REITs
931,504
–
–
931,504
Retail
REITs
2,811,251
–
–
2,811,251
Semiconductors
&
Semiconductor
Equipment
6,671,583
–
–
6,671,583
Software
14,222,846
–
–
14,222,846
Specialized
REITs
1,062,155
–
–
1,062,155
Specialty
Retail
5,270,291
–
–
5,270,291
Technology
Hardware,
Storage
&
Peripherals
1,324,262
–
–
1,324,262
Textiles,
Apparel
&
Luxury
Goods
1,240,648
–
–
1,240,648
Tobacco
241,297
–
–
241,297
Trading
Companies
&
Distributors
3,021,898
–
–
3,021,898
Transportation
Infrastructure
17,723
–
–
17,723
Water
Utilities
814,070
–
–
814,070
Wireless
Telecommunication
Services
465,838
–
–
465,838
Total
Common
Stocks
$
224,816,602
$
9,786
$
–
$
224,826,388
Repurchase
Agreements
–
20,973,495
–
20,973,495
Rights
–
–
–
–
Warrants
–
–
330
330
Total
Assets
$
224,831,396
$
20,983,281
$
330
$
245,815,007
Liabilities:
Futures
Contracts
$
(
20,167
)
$
–
$
–
$
(
20,167
)
Total
Liabilities
$
(
20,167
)
$
–
$
–
$
(
20,167
)
Total
$
224,811,229
$
20,983,281
$
330
$
245,794,840
As
of
July
31,
2025,
the
Fund
held
two
common
stock
investments
and
five
rights
investments
that
were
categorized
as
Level
3
investments
which
were
each
valued
at
$0.
Warrants
Total
Balance
as
of
10/31/2024
$
527
$
527
Accrued
Accretion/(Amortization)
—
—
Realized
Gains
(Losses)
10,980
10,980
Purchases
—
—
Sales
(
10,980
)
(
10,980
)
Change
in
Unrealized
Appreciation/Depreciation
(
724
)
(
724
)
Transfers
into
Level
3
527
527
Transfers
out
of
Level
3
—
—
Balance
as
of
7/31/2025
$
330
$
330
Change
in
Unrealized
Appreciation/Depreciation
for
Investments
Still
Held
as
of
7/31/2025
$
(
198
)
$
(
198
)
Nationwide
Small
Cap
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
101
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,
2025:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
July
31,
2025:
A)
Liabilities:
Fair
Value
Futures
Contracts
Equity
risk
Unrealized
depreciation
from
futures
contracts
$
(
20,167
)
Total
$
(
20,167
)
The
Statement
of
Investments
should
be
read
in
conjunction
with
the
financial
statements
and
notes
to
financial
statements
which
are
included
in
the
Fund’s
audited
annual
report
and
unaudited
semi-annual
report.
102
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
NYSE
Arca
Tech
100
Index
Fund
Common
Stocks
99
.8
%
Shares
Value
($)
Aerospace
&
Defense
7
.3
%
Boeing
Co.
(The)*
34,614
7,678,770
General
Dynamics
Corp.
34,598
10,781,083
L3Harris
Technologies,
Inc.
34,595
9,507,398
Lockheed
Martin
Corp.
34,587
14,560,435
RTX
Corp.
34,577
5,448,298
47,975,984
Automobiles
1
.6
%
Tesla,
Inc.*
34,598
10,665,526
Biotechnology
2
.8
%
Amgen,
Inc.
34,597
10,209,574
Biogen,
Inc.*
34,608
4,429,824
Gilead
Sciences,
Inc.
34,586
3,883,662
Myriad
Genetics,
Inc.*
34,708
133,279
18,656,339
Broadline
Retail
2
.5
%
Alibaba
Group
Holding
Ltd.,
ADR-CN
34,565
4,169,576
Amazon.com,
Inc.*
34,590
8,097,865
eBay,
Inc.
34,708
3,184,459
JD.com,
Inc.,
ADR-CN(a)
34,513
1,086,814
16,538,714
Chemicals
0
.4
%
DuPont
de
Nemours,
Inc.(a)
34,708
2,495,505
Communications
Equipment
7
.3
%
Ciena
Corp.*
34,580
3,210,407
Cisco
Systems,
Inc.
34,515
2,349,781
F5,
Inc.*
34,595
10,842,765
Motorola
Solutions,
Inc.
34,604
15,190,464
NETGEAR,
Inc.*
34,500
802,125
Nokia
OYJ,
ADR-FI
34,708
141,609
Ubiquiti,
Inc.(a)
34,597
15,065,956
Viavi
Solutions,
Inc.*
34,708
348,815
47,951,922
Diversified
Telecommunication
Services
0
.1
%
AT&T,
Inc.
34,708
951,346
Electrical
Equipment
0
.2
%
Sensata
Technologies
Holding
plc
34,708
1,067,618
Electronic
Equipment,
Instruments
&
Components
0
.9
%
Amphenol
Corp.,
Class
A
34,580
3,683,116
Corning,
Inc.
34,586
2,187,218
5,870,334
Energy
Equipment
&
Services
0
.4
%
Halliburton
Co.
34,708
777,459
NOV,
Inc.
34,708
436,627
Schlumberger
NV
34,516
1,166,641
2,380,727
Entertainment
0
.8
%
Electronic
Arts,
Inc.
34,570
5,271,579
Financial
Services
4
.8
%
Mastercard,
Inc.,
Class
A
34,597
19,598,163
Visa,
Inc.,
Class
A
34,601
11,953,607
31,551,770
Health
Care
Equipment
&
Supplies
1
.1
%
Baxter
International,
Inc.
34,708
755,246
Boston
Scientific
Corp.*
34,580
3,628,134
Common
Stocks
Shares
Value
($)
Health
Care
Equipment
&
Supplies
Medtronic
plc
34,488
3,112,197
7,495,577
Health
Care
Technology
1
.5
%
Veeva
Systems,
Inc.,
Class
A*
34,597
9,832,467
Household
Durables
1
.2
%
Garmin
Ltd.
34,589
7,566,689
iRobot
Corp.*(a)
34,708
146,121
7,712,810
Industrial
Conglomerates
1
.2
%
Honeywell
International,
Inc.
34,590
7,691,087
Interactive
Media
&
Services
5
.2
%
Alphabet,
Inc.,
Class
A
34,601
6,639,932
Meta
Platforms,
Inc.,
Class
A
34,597
26,758,704
Ziff
Davis,
Inc.*
34,708
1,080,113
34,478,749
IT
Services
3
.6
%
Akamai
Technologies,
Inc.*
34,597
2,640,097
Amdocs
Ltd.
34,558
2,949,871
DXC
Technology
Co.*
34,708
472,376
International
Business
Machines
Corp.
34,615
8,762,787
VeriSign,
Inc.
34,596
9,301,827
24,126,958
Life
Sciences
Tools
&
Services
4
.6
%
Agilent
Technologies,
Inc.
34,598
3,972,196
Danaher
Corp.
34,604
6,822,525
Illumina,
Inc.*
34,641
3,557,977
Thermo
Fisher
Scientific,
Inc.
34,597
16,180,325
30,533,023
Pharmaceuticals
1
.2
%
AstraZeneca
plc,
ADR-UK
34,516
2,522,775
Bausch
Health
Cos.,
Inc.*
34,708
204,430
Bristol-Myers
Squibb
Co.
34,572
1,497,313
Novartis
AG,
ADR(a)
34,653
3,941,432
8,165,950
Professional
Services
1
.6
%
Automatic
Data
Processing,
Inc.
34,598
10,708,081
Semiconductors
&
Semiconductor
Equipment
20
.7
%
Advanced
Micro
Devices,
Inc.*
34,584
6,097,505
Analog
Devices,
Inc.
34,590
7,769,952
Applied
Materials,
Inc.
34,605
6,230,976
ASML
Holding
NV
(Registered),
ADR-NL
34,597
24,034,882
Broadcom,
Inc.
34,613
10,165,838
FormFactor,
Inc.*
34,708
986,054
Intel
Corp.(a)
34,708
687,218
KLA
Corp.
34,597
30,411,801
Lam
Research
Corp.
34,511
3,273,023
Microchip
Technology,
Inc.(a)
34,608
2,339,155
Micron
Technology,
Inc.
34,594
3,775,589
NVIDIA
Corp.
34,590
6,152,523
NXP
Semiconductors
NV
34,590
7,394,304
ON
Semiconductor
Corp.*
34,490
1,943,857
QUALCOMM,
Inc.
34,614
5,079,951
Synaptics,
Inc.*
34,560
2,166,912
Nationwide
NYSE
Arca
Tech
100
Index
Fund
-
July
31,
2025
(Unaudited)
-
Statement
of
Investments
-
103
Common
Stocks
Shares
Value
($)
Semiconductors
&
Semiconductor
Equipment
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.,
ADR-TW
34,592
8,358,119
Teradyne,
Inc.
34,640
3,721,375
Texas
Instruments,
Inc.
34,578
6,260,693
136,849,727
Software
25
.6
%
Adeia,
Inc.
34,708
449,469
Adobe,
Inc.*
34,597
12,375,001
Check
Point
Software
Technologies
Ltd.*
34,618
6,445,872
Gen
Digital,
Inc.
34,708
1,023,539
InterDigital,
Inc.(a)
34,590
8,931,138
Intuit,
Inc.
34,597
27,163,143
LiveRamp
Holdings,
Inc.*
34,708
1,139,116
Microsoft
Corp.
34,594
18,455,899
Open
Text
Corp.
34,708
1,021,456
Oracle
Corp.
34,592
8,778,412
Progress
Software
Corp.
34,432
1,655,490
PTC,
Inc.*
34,602
7,432,856
Salesforce,
Inc.
34,606
8,939,768
SAP
SE,
ADR-DE(a)
34,594
9,918,100
ServiceNow,
Inc.*
34,597
32,629,123
Synopsys,
Inc.*
34,597
21,916,161
Teradata
Corp.*
34,708
726,438
169,000,981
Technology
Hardware,
Storage
&
Peripherals
3
.0
%
Apple,
Inc.
34,613
7,184,621
HP,
Inc.
34,708
860,759
NetApp,
Inc.
34,571
3,599,878
Seagate
Technology
Holdings
plc(a)
34,619
5,435,529
Western
Digital
Corp.
34,416
2,708,195
Xerox
Holdings
Corp.
34,708
140,567
19,929,549
Wireless
Telecommunication
Services
0
.2
%
Telephone
&
Data
Systems,
Inc.
34,536
1,348,285
Total
Common
Stocks
(cost
$161,152,407)
659,250,608
Repurchase
Agreements
2
.8
%
Principal
Amount
($)
CF
Secured,
LLC,
4.34%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$8,200,314,
collateralized
by
U.S.
Government
Treasury
Securities,
ranging
from
0.00%
-
5.00%,
maturing
8/31/2025
-
2/15/2053;
total
market
value
$8,364,322.(b)
8,199,326
8,199,326
Repurchase
Agreements
Principal
Amount
($)
Value
($)
Santander
US
Capital
Markets,
4.36%,
dated
7/31/2025,
due
8/1/2025,
repurchase
price
$10,001,211,
collateralized
by
U.S.
Government
Agency
Securities,
ranging
from
0.01%
-
5.45%,
maturing
5/25/2030
-
8/25/2055;
total
market
value
$10,201,235.(b)
10,000,000
10,000,000
Total
Repurchase
Agreements
(cost
$18,199,326)
18,199,326
Total
Investments
(cost
$179,351,733)
—
102.6%
677,449,934
Liabilities
in
excess
of
other
assets
—
(2.6)%
(
17,278,905
)
NET
ASSETS
—
100.0%
$
660,171,029
*
Denotes
a
non-income
producing
security.
(a)
The
security
or
a
portion
of
this
security
is
on
loan
as
of
July
31,
2025.
The
total
value
of
securities
on
loan
as
of
July
31,
2025
was
$21,079,891,
which
was
collateralized
by
cash
used
to
purchase
repurchase
agreements
with
a
total
value
of
$18,199,326
and
by
$3,210,154
of
collateral
in
the
form
of
U.S.
Government
Treasury
Securities,
interest
rates
ranging
from
0.13%
-
4.88%,
and
maturity
dates
ranging
from
8/31/2025
-
11/15/2040,
a
total
value
of
$21,409,480.
(b)
Security
was
purchased
with
cash
collateral
held
from
securities
on
loan.
The
total
value
of
securities
purchased
with
cash
collateral
as
of
July
31,
2025
was
$18,199,326.
ADR
American
Depositary
Receipt
CN
China
DE
Germany
FI
Finland
NL
Netherlands
TW
Taiwan
UK
United
Kingdom
104
-
Statement
of
Investments
-
July
31,
2025
(Unaudited)
-
Nationwide
NYSE
Arca
Tech
100
Index
Fund
Futures
contracts
outstanding
as
of
July
31,
2025:
Description
Number
of
Contracts
Expiration
Date
Trading
Currency
Notional
Amount
($)
Value
and
Unrealized
Appreciation
(Depreciation)
($)
Long
Contracts
NASDAQ
100
E-Mini
Index
3
9/2025
USD
1,401,900
69,417
Net
contracts
69,417
Currency:
USD
United
States
Dollar
Nationwide
NYSE
Arca
Tech
100
Index
Fund
-
July
31,
2025
(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,
2025
(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,
2025.
Please
see
below
for
information
on
the
Fund’s
policy
regarding
the
objectives
and
strategies
for
using
financial
futures
contracts.
(a)
Futures
Contracts  
The
Fund
is
subject
to
equity
price
and/or
interest
rate
risk
in
the
normal
course
of
pursuing
its
objective.
The Fund
entered
into
financial
futures
contracts
(“futures
contracts”)
to
manage
currency
risk,
to
equitize
cash
balances,
to
more
efficiently
manage
the
portfolio,
to
modify
exposure
to
volatility,
to
increase
or
decrease
the
baseline
equity
exposure,
to
gain
exposure
to
and/or
hedge
against
changes
in
interest
rates,
for
the
purpose
of
managing
active
risk
in
the
portfolio,
to
gain
exposure
to
and/or
hedge
against
the
value
of
equities
and/or
to
gain
exposure
to
foreign
currencies,
as
applicable,
to
meet
the
Fund's
stated
investment
strategies
as
shown
in
the
Fund's
Prospectus.
Futures
contracts
are
contracts
for
delayed
delivery
of
securities
or
currencies
at
a
specific
future
date
and
at
a
specific
price
or
currency
amount.
Upon
entering
into
a
futures
contract, the
Fund
is
required
to
segregate
an
initial
margin
deposit
of
cash
and/or
other
assets
equal
to
a
certain
percentage
of
the
futures
contract’s
notional
value.
Under
a
futures
contract, the
Fund
agrees
to
receive
from
or
pay
to
a
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
value
of
the
futures
contract.
Subsequent
receipts
or
payments,
known
as
“variation
margin”
receipts
or
payments,
are
made
each
day,
depending
on
the
fluctuation
in
the
fair
value
of
the
futures
contract,
and
are
recognized
by the
Fund
as
unrealized
gains
or
losses.
Futures
contracts
are
generally
valued
daily
at
their
settlement
price
as
provided
by
an
independent
pricing
service
approved
by
the
Board
of
Trustees,
and
are
generally
categorized
as
Level
1
investments
within
the
hierarchy.
A
“sale”
of
a
futures
contract
means
a
contractual
obligation
to
deliver
the
securities
or
foreign
currency
called
for
by
the
contract
at
a
fixed
price
or
amount
at
a
specified
time
in
the
future.
A
“purchase”
of
a
futures
contract
means
a
contractual
obligation
to
acquire
the
securities
or
foreign
currency
at
a
fixed
price
at
a
specified
time
in
the
future.
When
a
futures
contract
is
closed, the
Fund
records
a
realized
gain
or
loss
equal
to
the
difference
between
the
value
of
the
futures
contract
at
the
time
it
was
opened
and
its
value
at
the
time
it
was
closed.
Should
market
conditions
change
unexpectedly, the
Fund
may
not
achieve
the
anticipated
benefits
of
futures
contracts
and
may
realize
a
loss.
The
use
of
futures
contracts
for
hedging
purposes
involves
the
risk
of
imperfect
correlation
in
the
movements
in
the
price
of
the
futures
contracts
and
the
underlying
assets. The
Fund’s
investments
in
futures
contracts
entail
limited
counterparty
credit
risk
because the
Fund
invests
only
in
exchange
traded
futures
contracts,
which
are
settled
through
the
exchange
and
whose
fulfillment
is
guaranteed
by
the
credit
of
the
exchange.
The
following
is
a
summary
of
the
Fund's
derivative
instruments
categorized
by
risk
exposure
as
of
July
31,
2025
:
Fair
Values
of
Derivatives
Not
Accounted
for
as
Hedging
Instruments
as
of
July
31,
2025:
The
following
table
provides
a
summary
of
the
inputs
used
to
value
the
Fund’s
net
assets
as
of
July
31,
2025.
Please
refer
to
the
Statement
of
Investments
for
additional
information
on
portfolio
holdings.
Level
1
Level
2
Level
3
Total
Assets:
Common
Stocks
$
659,250,608
$
–
$
–
$
659,250,608
Futures
Contracts
69,417
–
–
69,417
Repurchase
Agreements
–
18,199,326
–
18,199,326
Total
$
659,320,025
$
18,199,326
$
–
$
677,519,351
Assets:
Fair
Value
Futures
Contracts
Equity
risk
Unrealized
appreciation
from
futures
contracts
$
69,417
Total
$
69,417
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.