Nationwide Small Cap Index Fund SOI D3 - Nationwide Financial

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Statement of Investments January 31, 2017 (Unaudited)

Nationwide Small Cap Index Fund Common Stocks 96.3%

Common Stocks (continued) Market Value

Shares Aerospace & Defense 1.5% AAR Corp. Aerojet Rocketdyne Holdings, Inc. * Aerovironment, Inc. * Astronics Corp. * Cubic Corp. Curtiss-Wright Corp. DigitalGlobe, Inc. * Ducommun, Inc. * Engility Holdings, Inc. * Esterline Technologies Corp. * KEYW Holding Corp. (The) * (a) KLX, Inc. * Kratos Defense & Security Solutions, Inc. * Mercury Systems, Inc. * Moog, Inc., Class A * National Presto Industries, Inc. (a) Sparton Corp. * TASER International, Inc. * Teledyne Technologies, Inc. * Triumph Group, Inc. Vectrus, Inc. *

10,013 18,089 6,389 5,956 7,654 13,439 19,162 3,034 5,285 8,969 10,915 16,001

$

320,316 327,592 167,328 195,416 363,948 1,317,828 537,494 89,897 155,009 768,195 109,259 783,889

17,696 11,802 9,695 1,481 2,791 15,847 10,381 14,902 3,148

145,815 397,963 638,610 157,578 60,509 395,858 1,275,514 398,629 70,956 8,677,603

Air Freight & Logistics 0.5% Air Transport Services Group, Inc. * Atlas Air Worldwide Holdings, Inc. * Echo Global Logistics, Inc. * Forward Air Corp. Hub Group, Inc., Class A * Park-Ohio Holdings Corp. Radiant Logistics, Inc. * XPO Logistics, Inc. *

14,794 7,438 8,681 9,028 10,171 2,595 11,369 29,716

238,627 392,354 206,174 435,059 451,084 116,386 41,724 1,329,494 3,210,902

Airlines 0.3% Allegiant Travel Co. Hawaiian Holdings, Inc. * SkyWest, Inc.

4,006 16,007 15,237

689,032 815,556 539,390 2,043,978

Auto Components 1.2% American Axle & Manufacturing Holdings, Inc. * Cooper Tire & Rubber Co. Cooper-Standard Holding, Inc. * Dana, Inc. Dorman Products, Inc. * Fox Factory Holding Corp. * Gentherm, Inc. * Horizon Global Corp. * LCI Industries Metaldyne Performance Group, Inc. Modine Manufacturing Co. * Motorcar Parts of America, Inc. * Spartan Motors, Inc. Standard Motor Products, Inc. Stoneridge, Inc. * Strattec Security Corp. Superior Industries International, Inc. Tenneco, Inc. * Tower International, Inc. Unique Fabricating, Inc.

23,272 16,770 4,484 45,195 8,014 6,950 11,020 5,725 7,194 4,420 14,583 5,549 10,073 6,478 8,434 1,128 7,440 17,089 6,208 2,179

474,749 607,912 472,076 910,227 553,126 180,005 390,108 112,038 789,542 104,312 198,329 145,550 79,577 323,058 138,402 34,742 171,492 1,152,653 162,650 28,371

Market Value

Shares Auto Components (continued) Workhorse Group, Inc. * (a)

3,981

Automobiles 0.0%† Winnebago Industries, Inc.

8,110

254,654

4,847 2,664 1,673 3,351 2,495 10,322 2,667 3,455 5,265 14,805 2,420

218,648 71,076 50,190 108,740 88,572 465,522 86,144 121,961 100,561 233,919 228,327

9,170 13,912 26,268 1,796 3,186 26,900 1,662 9,086 3,098 10,103 7,449 12,308 24,822 5,534 21,000 4,923 2,479 873 4,530 7,375 3,224 9,520 3,145 9,641 22,504 14,061 9,205 2,399 902 19,982 1,041 3,362 4,420 4,186 11,527 2,370 17,591 13,053 4,533 8,475 1,534 5,058 7,397

249,424 83,333 780,160 120,691 104,788 1,476,003 48,713 509,906 134,236 357,646 141,531 433,857 409,563 200,054 330,750 197,166 68,792 37,845 187,904 290,575 66,705 298,547 94,193 76,839 820,046 342,948 288,393 48,532 54,391 987,710 35,592 79,881 287,698 98,204 201,953 60,838 699,418 761,773 209,651 209,332 41,878 183,352 254,901

Banks 11.2% 1st Source Corp. Access National Corp. (a) ACNB Corp. Allegiance Bancshares, Inc. * American National Bankshares, Inc. Ameris Bancorp Ames National Corp. Arrow Financial Corp. Atlantic Capital Bancshares, Inc. * Banc of California, Inc. (a) BancFirst Corp. Banco Latinoamericano de Comercio Exterior SA, Class E Bancorp, Inc. (The) * BancorpSouth, Inc. Bank of Marin Bancorp Bank of NT Butterfield & Son Ltd. (The) Bank of the Ozarks, Inc. Bankwell Financial Group, Inc. Banner Corp. Bar Harbor Bankshares Berkshire Hills Bancorp, Inc. Blue Hills Bancorp, Inc. BNC Bancorp Boston Private Financial Holdings, Inc. Bridge Bancorp, Inc. Brookline Bancorp, Inc. Bryn Mawr Bank Corp. BSB Bancorp, Inc. * C&F Financial Corp. Camden National Corp. Capital Bank Financial Corp., Class A Capital City Bank Group, Inc. Cardinal Financial Corp. Carolina Financial Corp. Cascade Bancorp * Cathay General Bancorp CenterState Banks, Inc. Central Pacific Financial Corp. Central Valley Community Bancorp Century Bancorp, Inc., Class A Chemical Financial Corp. Chemung Financial Corp. Citizens & Northern Corp. City Holding Co. CNB Financial Corp. CoBiz Financial, Inc. Codorus Valley Bancorp, Inc. Columbia Banking System, Inc. Community Bank System, Inc. Community Trust Bancorp, Inc. ConnectOne Bancorp, Inc. County Bancorp, Inc. CU Bancorp * Customers Bancorp, Inc. *

$

12,898 7,041,817

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.

1

Statement of Investments (Continued) January 31, 2017 (Unaudited) Nationwide Small Cap Index Fund (Continued) Common Stocks (continued)

Common Stocks (continued) Market Value

Shares Banks (continued) CVB Financial Corp. Eagle Bancorp, Inc. * Enterprise Bancorp, Inc. Enterprise Financial Services Corp. Equity Bancshares, Inc., Class A * Farmers Capital Bank Corp. Farmers National Banc Corp. FCB Financial Holdings, Inc., Class A * Fidelity Southern Corp. Financial Institutions, Inc. First Bancorp First BanCorp, Puerto Rico * First Bancorp, Inc. First Busey Corp. First Business Financial Services, Inc. First Citizens BancShares, Inc., Class A First Commonwealth Financial Corp. First Community Bancshares, Inc. First Community Financial Partners, Inc. * (a) First Connecticut Bancorp, Inc. First Financial Bancorp First Financial Bankshares, Inc. (a) First Financial Corp. First Financial Northwest, Inc. First Foundation, Inc. * First Internet Bancorp First Interstate BancSystem, Inc., Class A First Merchants Corp. First Mid-Illinois Bancshares, Inc. First Midwest Bancorp, Inc. First NBC Bank Holding Co. * (a) First Northwest Bancorp * First of Long Island Corp. (The) Flushing Financial Corp. FNB Corp. Franklin Financial Network, Inc. * Fulton Financial Corp. German American Bancorp, Inc. Glacier Bancorp, Inc. Great Southern Bancorp, Inc. Great Western Bancorp, Inc. Green Bancorp, Inc. * Guaranty Bancorp Hancock Holding Co. Hanmi Financial Corp. HarborOne Bancorp, Inc. * Heartland Financial USA, Inc. Heritage Commerce Corp. Heritage Financial Corp. Heritage Oaks Bancorp Hilltop Holdings, Inc. Home BancShares, Inc. HomeTrust Bancshares, Inc. * Hope Bancorp, Inc. Horizon Bancorp IBERIABANK Corp. Independent Bank Corp. Independent Bank Group, Inc. International Bancshares Corp. Investors Bancorp, Inc. Lakeland Bancorp, Inc. Lakeland Financial Corp. LCNB Corp.

30,670 9,273 2,725 5,823 1,422 2,241 7,591 9,092 6,313 4,240 5,992 36,159 3,123 9,366 2,297 2,300 26,888 4,762 4,409 4,281 18,573 19,344 3,072 1,952 8,134 1,485 5,962 12,343 1,877 24,390 5,648 3,140 6,681 8,439 63,779 3,523 52,171 4,269 23,103 3,263 17,918 6,300 5,510 23,468 9,511 4,362 7,074 7,942 8,821 7,298 22,767 36,707 5,011 38,920 5,968 13,477 14,056 3,335 16,598 90,266 11,688 7,298 2,804

$

Market Value

Shares Banks (continued) LegacyTexas Financial Group, Inc. Live Oak Bancshares, Inc. (a) Macatawa Bank Corp. MainSource Financial Group, Inc. MB Financial, Inc. MBT Financial Corp. Mercantile Bank Corp. Merchants Bancshares, Inc. Middleburg Financial Corp. Midland States Bancorp, Inc. MidWestOne Financial Group, Inc. MutualFirst Financial, Inc. National Bank Holdings Corp., Class A National Bankshares, Inc. National Commerce Corp. * NBT Bancorp, Inc. Nicolet Bankshares, Inc. * Northrim BanCorp, Inc. OFG Bancorp (a) Old Line Bancshares, Inc. Old National Bancorp Old Second Bancorp, Inc. Opus Bank Orrstown Financial Services, Inc. Pacific Continental Corp. Pacific Mercantile Bancorp * Pacific Premier Bancorp, Inc. * Park National Corp. Park Sterling Corp. Peapack Gladstone Financial Corp. Penns Woods Bancorp, Inc. Peoples Bancorp, Inc. Peoples Financial Services Corp. People's Utah Bancorp Pinnacle Financial Partners, Inc. Preferred Bank Premier Financial Bancorp, Inc. PrivateBancorp, Inc. Prosperity Bancshares, Inc. QCR Holdings, Inc. Renasant Corp. Republic Bancorp, Inc., Class A Republic First Bancorp, Inc. * S&T Bancorp, Inc. Sandy Spring Bancorp, Inc. Seacoast Banking Corp. of Florida * ServisFirst Bancshares, Inc. Shore Bancshares, Inc. Sierra Bancorp Simmons First National Corp., Class A South State Corp. Southern First Bancshares, Inc. * Southern National Bancorp of Virginia, Inc. Southside Bancshares, Inc. Southwest Bancorp, Inc. State Bank Financial Corp. Sterling Bancorp (a) Stock Yards Bancorp, Inc. Stonegate Bank Suffolk Bancorp Summit Financial Group, Inc. (a) Sun Bancorp, Inc. Texas Capital Bancshares, Inc. *

691,302 567,971 91,587 242,528 46,443 83,253 95,647 426,869 146,777 139,708 175,386 242,988 84,321 273,955 55,656 843,502 379,659 138,574 52,467 96,965 511,686 825,022 148,531 40,504 117,943 46,258 245,336 473,107 59,144 592,189 22,592 46,503 181,055 229,541 952,858 135,812 949,512 204,869 820,850 163,313 765,994 108,045 133,342 1,076,008 315,290 81,220 331,063 111,506 224,935 98,815 623,360 988,887 124,022 813,817 152,960 1,107,136 619,319 207,270 615,786 1,295,317 216,812 324,177 63,090

13,458 5,934 8,053 6,981 22,987 5,296 4,836 1,714 1,321 978 2,519 1,737 7,157 2,077 2,587 12,843 2,331 1,957 13,274 2,453 40,288 8,925 5,270 2,355 6,430 5,140 8,254 4,024 16,071 4,788 1,247 4,962 2,093 3,980 13,069 3,690 3,157 23,830 20,305 3,644 12,367 2,948 14,615 10,335 7,129 8,896 13,981 3,582 3,539 8,871 7,161 1,718

$

3,732 7,939 5,515 10,547 38,461 6,439 3,710 3,340 2,456 3,433 15,096

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.

2

556,085 121,350 82,302 229,396 1,023,611 57,197 156,203 87,414 45,363 33,115 88,946 54,281 232,603 90,453 97,013 523,224 112,984 55,285 175,881 65,765 715,112 96,390 107,245 51,692 159,464 36,751 324,795 445,819 188,031 144,622 57,611 154,070 89,999 100,495 873,663 204,463 57,836 1,302,548 1,474,752 152,866 492,207 102,148 110,343 388,803 292,075 193,755 559,799 57,634 94,704 533,591 640,193 60,817 59,824 271,196 152,766 278,863 917,295 288,467 168,842 138,343 64,224 85,825 1,245,420

Statement of Investments (Continued) January 31, 2017 (Unaudited) Nationwide Small Cap Index Fund (Continued) Common Stocks (continued)

Common Stocks (continued) Market Value

Shares Banks (continued) Tompkins Financial Corp. Towne Bank TriCo Bancshares TriState Capital Holdings, Inc. * Triumph Bancorp, Inc. * Trustmark Corp. UMB Financial Corp. Umpqua Holdings Corp. Union Bankshares Corp. Union Bankshares, Inc. (a) United Bankshares, Inc. (a) United Community Banks, Inc. Univest Corp. of Pennsylvania Valley National Bancorp Veritex Holdings, Inc. * Washington Trust Bancorp, Inc. WashingtonFirst Bankshares, Inc. Webster Financial Corp. WesBanco, Inc. West Bancorporation, Inc. Westamerica Bancorp (a) Wintrust Financial Corp. Xenith Bankshares, Inc. * Yadkin Financial Corp. Beverages 0.2% Boston Beer Co., Inc. (The), Class A * Coca-Cola Bottling Co. Consolidated Craft Brew Alliance, Inc. * MGP Ingredients, Inc. (a) National Beverage Corp. Primo Water Corp. *

4,396 16,945 6,269 6,857 4,713 20,436 13,611 66,995 13,139 1,295 19,899 21,277 7,421 75,177 2,401 4,510 2,575 27,848 12,162 4,769 7,470 15,611 2,354 15,133

2,685 1,431 3,744 3,759 3,442 6,470

$

Market Value

Shares Biotechnology (continued) BioCryst Pharmaceuticals, Inc. * BioSpecifics Technologies Corp. * BioTime, Inc. * (a) Bluebird Bio, Inc. * Blueprint Medicines Corp. * (a) Cara Therapeutics, Inc. * (a) Celldex Therapeutics, Inc. * (a) Cellular Biomedicine Group, Inc. * (a) ChemoCentryx, Inc. * Chimerix, Inc. * Cidara Therapeutics, Inc. * (a) Clovis Oncology, Inc. * (a) Coherus Biosciences, Inc. * Concert Pharmaceuticals, Inc. * Corvus Pharmaceuticals, Inc. * Curis, Inc. * Cytokinetics, Inc. * (a) CytomX Therapeutics, Inc. * CytRx Corp. * (a) Dimension Therapeutics, Inc. * Dynavax Technologies Corp. * (a) Eagle Pharmaceuticals, Inc. * (a) Edge Therapeutics, Inc. * Editas Medicine, Inc. * (a) Eiger BioPharmaceuticals, Inc. * (a) Emergent BioSolutions, Inc. * Enanta Pharmaceuticals, Inc. * (a) Epizyme, Inc. * Esperion Therapeutics, Inc. * (a) Exact Sciences Corp. * (a) Exelixis, Inc. * FibroGen, Inc. * Five Prime Therapeutics, Inc. * Flexion Therapeutics, Inc. * Fortress Biotech, Inc. * (a) Foundation Medicine, Inc. * (a) Galena Biopharma, Inc. * (a) Genomic Health, Inc. * Geron Corp. * (a) Global Blood Therapeutics, Inc. * (a) GlycoMimetics, Inc. * Halozyme Therapeutics, Inc. * (a) Heron Therapeutics, Inc. * (a) Idera Pharmaceuticals, Inc. * (a) Ignyta, Inc. * Immune Design Corp. * (a) ImmunoGen, Inc. * (a) Immunomedics, Inc. * Infinity Pharmaceuticals, Inc. * Inotek Pharmaceuticals Corp. * (a) Inovio Pharmaceuticals, Inc. * (a) Insmed, Inc. * Insys Therapeutics, Inc. * (a) Intellia Therapeutics, Inc. * (a) Invitae Corp. * (a) Ironwood Pharmaceuticals, Inc. * Karyopharm Therapeutics, Inc. * Keryx Biopharmaceuticals, Inc. * Kite Pharma, Inc. * (a) La Jolla Pharmaceutical Co. * (a) Lexicon Pharmaceuticals, Inc. * (a) Ligand Pharmaceuticals, Inc. * (a) Lion Biotechnologies, Inc. * Loxo Oncology, Inc. * (a)

398,058 545,629 231,138 152,225 127,487 687,058 1,049,953 1,226,678 482,990 53,743 891,475 598,522 208,901 910,393 65,211 245,795 71,714 1,462,577 504,723 108,733 423,923 1,117,748 61,298 484,256 66,113,783 412,685 241,610 56,909 159,344 172,754 83,592 1,126,894

22,656 1,655 20,096 12,339 6,065 5,945 28,900 3,749 6,652 12,523 3,762 11,088 8,866 4,981 1,109 33,942 10,278 6,220 23,158 4,265 11,249 2,658 4,891 1,962 1,180 9,865 4,843 12,199 4,275 32,051 68,943 15,865 8,188 8,029 11,698 4,075 3,325 5,685 45,781 5,003 3,488 33,039 9,583 34,908 8,595 4,474 25,420 29,302 17,934 6,323 20,094 18,538 7,135 1,762 8,079 39,206 8,022 23,872 11,876 4,215 13,115 5,776 17,121 4,042

$

Biotechnology 4.5% Acceleron Pharma, Inc. * 8,497 206,307 Achillion Pharmaceuticals, Inc. * 35,648 148,652 Acorda Therapeutics, Inc. * 12,905 264,553 Adamas Pharmaceuticals, Inc. * (a) 4,951 78,572 Aduro Biotech, Inc. * (a) 10,752 127,411 Advaxis, Inc. * (a) 10,338 92,629 Adverum Biotechnologies, Inc. * 7,778 22,556 Aevi Genomic Medicine, Inc. * (a) 9,627 45,825 Agenus, Inc. * 21,749 86,996 Aimmune Therapeutics, Inc. * (a) 7,970 145,692 Akebia Therapeutics, Inc. * 10,433 104,643 Alder Biopharmaceuticals, Inc. * 14,193 291,666 AMAG Pharmaceuticals, Inc. * 10,593 255,291 Amicus Therapeutics, Inc. * (a) 42,690 234,795 Anavex Life Sciences Corp. * (a) 9,509 42,791 Anthera Pharmaceuticals, Inc. * (a) 15,387 8,341 Applied Genetic Technologies Corp. * 3,463 25,107 Aptevo Therapeutics, Inc. * 6,136 12,211 Ardelyx, Inc. * 9,599 115,188 Arena Pharmaceuticals, Inc. * 72,479 111,618 Argos Therapeutics, Inc. * 4,401 20,025 ARIAD Pharmaceuticals, Inc. * 53,645 1,277,824 Array BioPharma, Inc. * 50,762 551,783 Arrowhead Pharmaceuticals, Inc. * (a) 23,240 45,086 Asterias Biotherapeutics, Inc. * (a) 8,032 34,136 Atara Biotherapeutics, Inc. * (a) 7,028 94,527 Athersys, Inc. * (a) 19,828 21,613 Avexis, Inc. * (a) 1,800 100,404 Axovant Sciences Ltd. * (a) 7,162 87,735 Bellicum Pharmaceuticals, Inc. * (a) 6,152 82,314 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.

3

142,733 84,885 62,901 919,256 206,695 91,077 94,214 46,488 48,360 68,125 37,244 718,502 247,361 44,082 15,659 97,414 107,405 72,276 9,604 8,317 46,121 183,960 47,100 34,178 14,396 298,614 160,424 128,090 51,813 607,366 1,249,247 359,342 375,092 155,763 28,660 79,666 5,486 156,224 95,224 80,798 19,847 381,600 124,579 48,871 42,116 25,278 59,483 131,859 37,123 10,117 132,620 273,806 73,062 22,765 67,621 563,782 83,028 119,121 605,320 81,982 187,938 612,314 124,127 158,568

Statement of Investments (Continued) January 31, 2017 (Unaudited) Nationwide Small Cap Index Fund (Continued) Common Stocks (continued)

Common Stocks (continued) Market Value

Shares Biotechnology (continued) MacroGenics, Inc. * MannKind Corp. * MediciNova, Inc. * Merrimack Pharmaceuticals, Inc. * (a) MiMedx Group, Inc. * (a) Minerva Neurosciences, Inc. * (a) Mirati Therapeutics, Inc. * Momenta Pharmaceuticals, Inc. * Myriad Genetics, Inc. * (a) NantKwest, Inc. * (a) Natera, Inc. * NewLink Genetics Corp. * (a) Novavax, Inc. * (a) OncoMed Pharmaceuticals, Inc. * (a) Ophthotech Corp. * Organovo Holdings, Inc. * (a) Osiris Therapeutics, Inc. * (a) Otonomy, Inc. * OvaScience, Inc. * (a) PDL BioPharma, Inc. Pfenex, Inc. * PharmAthene, Inc. * Portola Pharmaceuticals, Inc. * Progenics Pharmaceuticals, Inc. * (a) Protagonist Therapeutics, Inc. * Proteostasis Therapeutics, Inc. * Prothena Corp. plc * (a) PTC Therapeutics, Inc. * Puma Biotechnology, Inc. * Radius Health, Inc. * REGENXBIO, Inc. * Regulus Therapeutics, Inc. * Repligen Corp. * Retrophin, Inc. * Rigel Pharmaceuticals, Inc. * Sage Therapeutics, Inc. * Sangamo Therapeutics, Inc. * Sarepta Therapeutics, Inc. * Seres Therapeutics, Inc. * (a) Sorrento Therapeutics, Inc. * (a) Spark Therapeutics, Inc. * Spectrum Pharmaceuticals, Inc. * Stemline Therapeutics, Inc. * Syndax Pharmaceuticals, Inc. * Synergy Pharmaceuticals, Inc. * Synthetic Biologics, Inc. * T2 Biosystems, Inc. * (a) TESARO, Inc. * TG Therapeutics, Inc. * (a) Tokai Pharmaceuticals, Inc. * (a) Trevena, Inc. * Trovagene, Inc. * (a) Ultragenyx Pharmaceutical, Inc. * Vanda Pharmaceuticals, Inc. * Veracyte, Inc. * (a) Versartis, Inc. * (a) Vital Therapies, Inc. * (a) Voyager Therapeutics, Inc. * (a) vTv Therapeutics, Inc., Class A * XBiotech, Inc. * (a) Xencor, Inc. * Zafgen, Inc. * ZIOPHARM Oncology, Inc. * (a)

9,889 97,948 8,941 37,915 31,093 6,256 4,290 19,622 20,462 5,920 7,792 6,546 81,570 6,358 9,114 29,999 5,244 7,269 11,481 50,459 5,184 19,224 14,905 21,531 2,244 2,231 10,527 10,074 8,479 9,565 6,179 9,590 10,250 10,745 29,973 9,136 21,000 15,205 5,387 7,351 5,792 23,523 5,114 1,620 55,002 27,269 5,131 8,674 10,029 3,748 12,990 6,569 10,919 11,489 5,285 9,303 7,709 3,298 3,134 5,325 10,958 6,542 36,860

$

Market Value

Shares Building Products 1.1% AAON, Inc. Advanced Drainage Systems, Inc. American Woodmark Corp. * Apogee Enterprises, Inc. Armstrong Flooring, Inc. * Builders FirstSource, Inc. * Caesarstone Ltd. * Continental Building Products, Inc. * CSW Industrials, Inc. * Gibraltar Industries, Inc. * Griffon Corp. Insteel Industries, Inc. Masonite International Corp. * NCI Building Systems, Inc. * Patrick Industries, Inc. * PGT Innovations, Inc. * Ply Gem Holdings, Inc. * Quanex Building Products Corp. Simpson Manufacturing Co., Inc. Trex Co., Inc. * Universal Forest Products, Inc.

182,650 68,955 49,712 117,916 251,231 66,314 21,879 370,856 331,075 31,731 69,816 79,665 106,857 52,517 43,383 110,696 29,471 106,491 18,140 111,010 41,368 59,594 406,161 192,057 40,482 32,907 515,402 131,969 274,720 416,269 114,312 11,508 307,910 210,817 62,344 438,345 73,500 472,267 53,277 39,695 365,244 109,617 52,163 12,312 388,864 23,124 27,707 1,412,474 48,139 3,528 90,670 13,138 819,034 162,569 39,003 133,033 38,160 39,312 17,989 60,705 261,129 27,542 218,211 26,482,316

Capital Markets 1.4% Actua Corp. * Arlington Asset Investment Corp., Class A (a) Associated Capital Group, Inc., Class A B. Riley Financial, Inc. BGC Partners, Inc., Class A Calamos Asset Management, Inc., Class A Cohen & Steers, Inc. Cowen Group, Inc., Class A * Diamond Hill Investment Group, Inc. Evercore Partners, Inc., Class A FBR & Co. Fifth Street Asset Management, Inc. Financial Engines, Inc. GAIN Capital Holdings, Inc. GAMCO Investors, Inc., Class A Greenhill & Co., Inc. Hennessy Advisors, Inc. Houlihan Lokey, Inc. INTL. FCStone, Inc. * Investment Technology Group, Inc. Janus Capital Group, Inc. KCG Holdings, Inc., Class A * Ladenburg Thalmann Financial Services, Inc. * Manning & Napier, Inc. Medley Management, Inc., Class A Moelis & Co., Class A OM Asset Management plc Oppenheimer Holdings, Inc., Class A Piper Jaffray Cos. * PJT Partners, Inc., Class A Pzena Investment Management, Inc., Class A Safeguard Scientifics, Inc. * Silvercrest Asset Management Group, Inc., Class A Stifel Financial Corp. * Virtu Financial, Inc., Class A Virtus Investment Partners, Inc. (a)

12,249 10,278 4,184 8,595 7,104 25,441 7,135 10,621 4,370 9,542 9,032 5,263 9,209 8,256 4,404 14,088 6,695 10,183 12,576 8,950 6,005

$

10,894

155,784

6,847 1,342 3,056 66,047

102,500 47,238 57,606 731,140

5,293 6,321 7,755 915 11,841 2,032 2,465 16,204 11,035 1,385 8,286 1,041 3,681 4,462 9,991 43,843 16,228

44,567 220,540 116,325 185,013 917,085 29,058 18,857 624,664 82,873 40,442 244,851 28,950 114,479 164,559 201,019 548,037 226,705

30,915 5,097 1,529 5,560 12,556 2,976 4,395 5,429

71,104 35,424 14,449 189,596 177,040 50,890 309,847 172,371

4,591 6,092

45,864 73,409

2,243 19,456 7,623 1,328

31,178 979,220 133,784 144,752

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

415,854 247,700 297,901 490,603 149,397 273,745 216,547 246,938 159,723 418,894 229,864 194,942 613,319 132,096 360,027 162,012 108,124 201,114 547,308 606,183 610,769 6,683,060

Statement of Investments (Continued) January 31, 2017 (Unaudited) Nationwide Small Cap Index Fund (Continued) Common Stocks (continued)

Common Stocks (continued) Market Value

Shares Capital Markets (continued) Waddell & Reed Financial, Inc., Class A (a) Walter Investment Management Corp. * (a) Westwood Holdings Group, Inc. WisdomTree Investments, Inc. (a)

24,070

$

434,463

7,107 2,317 34,850

27,007 129,567 358,955 8,281,212

Chemicals 2.5% A Schulman, Inc. AgroFresh Solutions, Inc. * (a) American Vanguard Corp. Balchem Corp. Calgon Carbon Corp. Chase Corp. Chemours Co. (The) Chemtura Corp. * Codexis, Inc. * Ferro Corp. * Flotek Industries, Inc. * (a) FutureFuel Corp. GCP Applied Technologies, Inc. * Hawkins, Inc. HB Fuller Co. Ingevity Corp. * Innophos Holdings, Inc. Innospec, Inc. KMG Chemicals, Inc. Koppers Holdings, Inc. * Kraton Corp. * Kronos Worldwide, Inc. LSB Industries, Inc. * (a) Minerals Technologies, Inc. Olin Corp. OMNOVA Solutions, Inc. * PolyOne Corp. Quaker Chemical Corp. Rayonier Advanced Materials, Inc. Sensient Technologies Corp. Stepan Co. TerraVia Holdings, Inc. * (a) Trecora Resources * Tredegar Corp. Trinseo SA Tronox Ltd., Class A Valhi, Inc.

8,656 7,600 8,897 9,537 15,267 2,191 55,576 19,321 9,659 25,244 16,752 7,422 21,499 2,960 15,183 12,913 5,845 7,147 2,648 6,141 8,988 7,033 6,241 10,514 50,240 12,916 25,433 3,914 13,076 13,500 5,944 21,988 6,136 7,763 8,266 19,867 6,575

298,632 19,988 153,028 812,934 241,982 192,808 1,468,318 639,525 45,880 356,950 177,069 96,412 579,398 158,804 749,585 717,834 284,301 509,938 97,605 248,403 241,418 92,976 53,111 842,697 1,316,790 117,536 867,520 502,949 177,441 1,036,125 464,286 21,331 76,086 172,727 535,223 248,735 20,448 14,636,793

Commercial Services & Supplies 2.3% ABM Industries, Inc. ACCO Brands Corp. * Advanced Disposal Services, Inc. * Aqua Metals, Inc. * (a) ARC Document Solutions, Inc. * Brady Corp., Class A Brink's Co. (The) Casella Waste Systems, Inc., Class A * CECO Environmental Corp. Deluxe Corp. Ennis, Inc. Essendant, Inc. G&K Services, Inc., Class A Healthcare Services Group, Inc. Heritage-Crystal Clean, Inc. * Herman Miller, Inc. HNI Corp.

16,904 32,269 6,727 3,752 13,495 13,870 13,669 11,858 8,907 14,861 7,752 11,486 5,940 21,324 4,278 18,126 13,737

682,753 411,430 149,407 41,872 63,561 504,174 608,270 137,078 116,860 1,082,624 131,009 239,943 570,596 847,629 63,956 565,531 692,482

Market Value

Shares Commercial Services & Supplies (continued) InnerWorkings, Inc. * Interface, Inc. Kimball International, Inc., Class B Knoll, Inc. Matthews International Corp., Class A McGrath RentCorp Mobile Mini, Inc. MSA Safety, Inc. Multi-Color Corp. NL Industries, Inc. * Quad/Graphics, Inc. SP Plus Corp. * Steelcase, Inc., Class A Team, Inc. * Tetra Tech, Inc. TRC Cos., Inc. * UniFirst Corp. US Ecology, Inc. Viad Corp. VSE Corp. West Corp.

11,749 19,579 11,050 14,555 9,694 7,124 13,416 9,418 4,133 2,997 8,629 5,249 26,077 8,769 17,525 5,564 4,573 6,619 6,155 2,608 13,217

Communications Equipment 1.8% ADTRAN, Inc. Aerohive Networks, Inc. * Applied Optoelectronics, Inc. * Bel Fuse, Inc., Class B Black Box Corp. CalAmp Corp. * Calix, Inc. * Ciena Corp. * Clearfield, Inc. * (a) Comtech Telecommunications Corp. Digi International, Inc. * EMCORE Corp. Extreme Networks, Inc. * Finisar Corp. * Harmonic, Inc. * Infinera Corp. * InterDigital, Inc. Ixia * KVH Industries, Inc. * Lumentum Holdings, Inc. * NETGEAR, Inc. * NetScout Systems, Inc. * Oclaro, Inc. * Plantronics, Inc. ShoreTel, Inc. * Silicom Ltd. Sonus Networks, Inc. * Ubiquiti Networks, Inc. * (a) ViaSat, Inc. * Viavi Solutions, Inc. *

14,858 7,081 4,974 2,735 4,411 10,516 12,291 41,672 3,294 6,738 7,842 7,950 32,184 32,610 23,158 42,588 10,530 19,432 4,446 15,319 9,820 27,175 33,939 10,053 20,372 1,706 14,477 7,867 15,675 71,127

$

Construction & Engineering 1.0% Aegion Corp. * 10,488 Ameresco, Inc., Class A * 6,101 Argan, Inc. 4,064 Comfort Systems USA, Inc. 11,250 Dycom Industries, Inc. * 9,282 EMCOR Group, Inc. 18,378 Granite Construction, Inc. 11,985 Great Lakes Dredge & Dock Corp. * 18,043 HC2 Holdings, Inc. * 10,066 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.

5

112,908 356,338 184,866 380,031 653,860 272,707 436,691 671,974 319,068 17,982 225,994 145,397 438,094 294,638 765,843 51,745 584,887 339,224 269,897 97,226 320,777 13,849,322 325,390 40,574 153,000 86,973 58,887 157,950 88,495 1,014,296 56,657 72,299 102,338 71,550 177,978 964,278 122,737 383,718 983,502 377,952 46,238 581,356 558,758 904,928 332,942 568,799 141,585 62,457 92,363 490,901 1,017,464 636,587 10,672,952 243,951 31,725 299,720 380,812 748,686 1,280,763 672,718 93,824 66,939

Statement of Investments (Continued) January 31, 2017 (Unaudited) Nationwide Small Cap Index Fund (Continued) Common Stocks (continued)

Common Stocks (continued) Market Value

Shares Construction & Engineering (continued) IES Holdings, Inc. * Layne Christensen Co. * (a) MasTec, Inc. * MYR Group, Inc. * NV5 Global, Inc. * Orion Group Holdings, Inc. * Primoris Services Corp. Tutor Perini Corp. *

2,174 5,166 20,100 4,383 2,106 8,235 12,186 11,451

Construction Materials 0.3% Forterra, Inc. * Headwaters, Inc. * Summit Materials, Inc., Class A * United States Lime & Minerals, Inc. US Concrete, Inc. * (a)

4,897 22,102 32,326 616 4,351

Consumer Finance 0.5% Encore Capital Group, Inc. * (a) Enova International, Inc. * EZCORP, Inc., Class A * FirstCash, Inc. Green Dot Corp., Class A * LendingClub Corp. * Nelnet, Inc., Class A PRA Group, Inc. * Regional Management Corp. * World Acceptance Corp. * (a)

$

Diversified Financial Services 0.1% FNFV Group * Marlin Business Services Corp. NewStar Financial, Inc. * On Deck Capital, Inc. * (a) PICO Holdings, Inc. * Tiptree, Inc., Class A

94,218 512,103 811,383 46,816 284,991 1,749,511 223,428 115,465 151,816 615,606 346,363 615,513 300,652 555,847 80,607 90,191 3,095,488

7,757 1,734

446,669 123,461

6,225 6,568 1,738

110,930 90,638 43,363 815,061

Distributors 0.1% Core-Mark Holding Co., Inc. Weyco Group, Inc.

13,839 2,081

483,396 58,643 542,039

Diversified Consumer Services 1.0% American Public Education, Inc. * Apollo Education Group, Inc. * Ascent Capital Group, Inc., Class A * Bridgepoint Education, Inc. * Bright Horizons Family Solutions, Inc. * Cambium Learning Group, Inc. * Capella Education Co. Career Education Corp. * Carriage Services, Inc. Chegg, Inc. * (a) Collectors Universe, Inc. DeVry Education Group, Inc. Grand Canyon Education, Inc. * Houghton Mifflin Harcourt Co. * K12, Inc. * Liberty Tax, Inc., Class A (a) LifeLock, Inc. * Regis Corp. * Sotheby's * (a) Strayer Education, Inc. *

4,694 25,832 3,072 5,693 13,324 4,843 3,431 20,559 4,492 23,818 2,361 18,977 13,643 37,548 10,422 2,264 25,723 11,259 14,999 3,201

114,064 258,062 47,585 60,574 944,139 24,409 293,351 200,861 116,567 171,251 48,802 635,730 804,664 424,292 207,710 30,338 616,323 156,725 595,610 259,281

Containers & Packaging 0.1% Greif, Inc., Class A Greif, Inc., Class B Multi Packaging Solutions International Ltd. * Myers Industries, Inc. UFP Technologies, Inc. *

Diversified Consumer Services (continued) Weight Watchers International, Inc. * (a)

42,393 53,881 748,725 168,614 85,819 86,468 302,457 341,240 5,648,735

7,219 8,189 15,335 14,417 12,924 99,759 6,132 13,966 3,223 1,838

Market Value

Shares 8,367

$

20,044 2,354 6,105 14,467 6,333 6,902

260,572 54,024 54,213 72,769 90,245 45,208 577,031

3,168 12,830 12,577

254,359 294,448 525,719

15,022 6,491 8,088 112,911 1,866 5,265 9,696 11,505 24,935 5,745 20,179 2,971

395,229 120,083 162,731 178,399 46,333 101,088 222,038 41,533 251,844 88,875 164,862 63,282

2,920 58,028 29,712

102,317 411,419 240,073 3,664,632

Electric Utilities 1.0% ALLETE, Inc. El Paso Electric Co. Genie Energy Ltd., Class B * IDACORP, Inc. MGE Energy, Inc. Otter Tail Corp. PNM Resources, Inc. Portland General Electric Co. Spark Energy, Inc., Class A (a)

15,057 12,255 4,876 15,333 10,604 11,497 24,268 27,181 1,469

983,975 562,504 28,135 1,226,947 674,945 435,161 834,819 1,185,363 37,974 5,969,823

Electrical Equipment 0.7% Allied Motion Technologies, Inc. American Superconductor Corp. * (a) Atkore International Group, Inc. * AZZ, Inc. Babcock & Wilcox Enterprises, Inc. * Encore Wire Corp. Energous Corp. * (a) EnerSys FuelCell Energy, Inc. * (a) Generac Holdings, Inc. * General Cable Corp. LSI Industries, Inc. Plug Power, Inc. * (a) Powell Industries, Inc. Power Solutions International, Inc. * (a) Preformed Line Products Co. Sunrun, Inc. * (a) Thermon Group Holdings, Inc. * TPI Composites, Inc. *

1,933 4,095 3,645 7,857 13,582 6,082 4,488 13,221 10,666 19,856 14,651 7,032 54,558 2,602 1,887 688 19,150 9,755 1,586

42,603 28,624 97,394 467,884 226,005 256,965 64,896 1,030,577 15,999 799,403 297,415 66,945 57,831 100,125 13,964 37,565 101,304 202,514 30,784

Diversified Telecommunication Services 0.6% ATN International, Inc. Cincinnati Bell, Inc. * Cogent Communications Holdings, Inc. Consolidated Communications Holdings, Inc. (a) FairPoint Communications, Inc. * General Communication, Inc., Class A * Globalstar, Inc. * (a) Hawaiian Telcom Holdco, Inc. * IDT Corp., Class B Inteliquent, Inc. Intelsat SA * (a) Iridium Communications, Inc. * (a) Lumos Networks Corp. * ORBCOMM, Inc. * pdvWireless, Inc. * (a) Straight Path Communications, Inc., Class B * (a) Vonage Holdings Corp. * Windstream Holdings, Inc. (a)

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

6

104,169 6,114,507

Statement of Investments (Continued) January 31, 2017 (Unaudited) Nationwide Small Cap Index Fund (Continued) Common Stocks (continued)

Common Stocks (continued) Market Value

Shares Electrical Equipment (continued) Vicor Corp. *

5,014

Electronic Equipment, Instruments & Components 2.8% Agilysys, Inc. * 4,943 Anixter International, Inc. * 8,793 AVX Corp. 14,340 Badger Meter, Inc. 8,490 Belden, Inc. 12,722 Benchmark Electronics, Inc. * 14,988 Coherent, Inc. * 7,337 Control4 Corp. * 5,975 CTS Corp. 9,695 Daktronics, Inc. 11,232 Electro Scientific Industries, Inc. * 7,628 ePlus, Inc. * 1,905 Fabrinet * 10,578 FARO Technologies, Inc. * 4,879 Gerber Scientific, Inc. * (b)(c) 11,566 II-VI, Inc. * 18,038 Insight Enterprises, Inc. * 11,123 InvenSense, Inc. * 24,806 Itron, Inc. * 10,129 Kimball Electronics, Inc. * 8,735 Knowles Corp. * (a) 26,732 Littelfuse, Inc. 6,707 Maxwell Technologies, Inc. * (a) 8,927 Mesa Laboratories, Inc. 913 Methode Electronics, Inc. 11,064 MTS Systems Corp. 5,058 Novanta, Inc. * 9,603 OSI Systems, Inc. * 5,302 Park Electrochemical Corp. 5,856 PC Connection, Inc. 3,314 Plexus Corp. * 10,095 Radisys Corp. * 10,632 Rogers Corp. * 5,462 Sanmina Corp. * 22,272 ScanSource, Inc. * 7,592 SYNNEX Corp. 8,889 Systemax, Inc. 3,402 Tech Data Corp. * 10,609 TTM Technologies, Inc. * 21,967 Universal Display Corp. * 12,571 Vishay Intertechnology, Inc. 41,366 Vishay Precision Group, Inc. * 3,683

$

Market Value

Shares Energy Equipment & Services (continued) Oil States International, Inc. * Parker Drilling Co. * PHI, Inc. (Non-Voting) * Pioneer Energy Services Corp. * RigNet, Inc. * (a) SEACOR Holdings, Inc. * Seadrill Ltd. * (a) Smart Sand, Inc. * Tesco Corp. * TETRA Technologies, Inc. * Tidewater, Inc. * (a) Unit Corp. * US Silica Holdings, Inc. Willbros Group, Inc. *

76,714 4,015,511 48,095 751,801 232,308 327,289 972,851 458,633 1,157,265 64,411 208,442 114,117 50,116 213,455 445,651 181,011 0 658,387 412,997 314,044 624,959 149,369 481,711 1,057,761 42,493 108,775 465,241 293,870 214,627 395,900 107,340 90,406 548,159 46,887 436,687 867,494 300,264 1,068,280 28,849 907,706 325,771 829,686 686,676 61,322 16,751,106

15,563 36,573 3,551 22,659 3,844 4,828 114,759 3,057 13,961 27,628 15,395 15,337 22,584 15,145

Equity Real Estate Investment Trusts (REITs) 7.0% Acadia Realty Trust 24,292 Agree Realty Corp. 7,671 Alexander's, Inc. 645 American Assets Trust, Inc. 11,872 Armada Hoffler Properties, Inc. 10,286 Ashford Hospitality Prime, Inc. 7,082 Ashford Hospitality Trust, Inc. 24,233 Bluerock Residential Growth REIT, Inc. 4,725 CareTrust REIT, Inc. 19,507 CatchMark Timber Trust, Inc., Class A 11,769 CBL & Associates Properties, Inc. 51,294 Cedar Realty Trust, Inc. 24,938 Chatham Lodging Trust 11,139 Chesapeake Lodging Trust 18,020 City Office REIT, Inc. 6,599 Colony Starwood Homes 19,731 Community Healthcare Trust, Inc. 3,866 CorEnergy Infrastructure Trust, Inc. 3,727 CoreSite Realty Corp. 10,197 Cousins Properties, Inc. 103,018 DiamondRock Hospitality Co. 61,069 DuPont Fabros Technology, Inc. 22,671 Easterly Government Properties, Inc. 9,831 EastGroup Properties, Inc. 9,605 Education Realty Trust, Inc. 22,333 Farmland Partners, Inc. 4,214 FelCor Lodging Trust, Inc. 41,449 First Industrial Realty Trust, Inc. 35,300 First Potomac Realty Trust 17,217 Four Corners Property Trust, Inc. 18,215 Franklin Street Properties Corp. 31,701 GEO Group, Inc. (The) 22,541 Getty Realty Corp. 8,186 Gladstone Commercial Corp. 7,354 Global Medical REIT, Inc. 4,371 Global Net Lease, Inc. 59,810 Government Properties Income Trust 21,253 Gramercy Property Trust 42,705 Healthcare Realty Trust, Inc. 34,687 Hersha Hospitality Trust 12,646 Hudson Pacific Properties, Inc. 34,632 Independence Realty Trust, Inc. 18,332 InfraREIT, Inc. 12,263 Investors Real Estate Trust 37,493 iStar, Inc. * 20,504 Kite Realty Group Trust 25,045 LaSalle Hotel Properties 32,403 Lexington Realty Trust 69,956

$

Energy Equipment & Services 1.2% Archrock, Inc. 21,105 308,133 Atwood Oceanics, Inc. * 18,500 224,960 Bristow Group, Inc. 10,190 179,955 CARBO Ceramics, Inc. * (a) 7,242 102,836 Dawson Geophysical Co. * 5,678 44,970 Era Group, Inc. * 5,712 89,450 Exterran Corp. * 9,612 298,164 Fairmount Santrol Holdings, Inc. * 27,577 345,264 Forum Energy Technologies, Inc. * 18,240 395,808 Geospace Technologies Corp. * 3,945 92,076 Helix Energy Solutions Group, Inc. * 34,198 289,999 Hornbeck Offshore Services, Inc. * (a) 11,219 81,338 Independence Contract Drilling, Inc. * 8,687 55,076 Matrix Service Co. * 8,249 184,778 McDermott International, Inc. * 73,366 594,265 Natural Gas Services Group, Inc. * 3,785 108,629 Newpark Resources, Inc. * 24,732 186,727 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.

7

614,738 93,261 56,283 142,752 75,919 355,196 214,599 53,192 120,065 137,035 33,869 398,762 1,335,618 45,889 7,259,606 773,457 359,770 272,712 509,665 141,741 95,182 184,171 61,803 295,726 121,103 556,540 149,877 224,339 461,312 83,081 620,540 83,390 133,799 878,268 875,653 688,248 1,076,419 193,671 679,746 898,010 47,871 319,157 912,505 176,302 397,269 404,188 935,902 211,117 144,433 38,683 463,527 409,333 1,124,850 1,047,894 252,794 1,226,319 169,204 202,094 241,455 230,055 601,581 977,598 749,928

Statement of Investments (Continued) January 31, 2017 (Unaudited) Nationwide Small Cap Index Fund (Continued) Common Stocks (continued)

Common Stocks (continued) Shares

Equity Real Estate Investment Trusts (REITs) (continued) LTC Properties, Inc. 11,454 $ Mack-Cali Realty Corp. 27,112 MedEquities Realty Trust, Inc. 6,353 Medical Properties Trust, Inc. 89,528 Monmouth Real Estate Investment Corp. 20,336 Monogram Residential Trust, Inc. 51,280 National Health Investors, Inc. 11,330 National Storage Affiliates Trust 10,776 New Senior Investment Group, Inc. 23,698 NexPoint Residential Trust, Inc. 5,591 NorthStar Realty Europe Corp. 16,475 One Liberty Properties, Inc. 3,802 Parkway, Inc. * 12,855 Pebblebrook Hotel Trust 21,714 Pennsylvania Real Estate Investment Trust 20,707 Physicians Realty Trust 41,070 Potlatch Corp. 12,330 Preferred Apartment Communities, Inc., Class A 7,250 PS Business Parks, Inc. 5,992 QTS Realty Trust, Inc., Class A 14,228 RAIT Financial Trust 24,297 Ramco-Gershenson Properties Trust 23,902 Retail Opportunity Investments Corp. 32,670 Rexford Industrial Realty, Inc. 19,940 RLJ Lodging Trust 37,028 Ryman Hospitality Properties, Inc. 13,204 Sabra Health Care REIT, Inc. 19,587 Saul Centers, Inc. 2,920 Select Income REIT 19,221 Seritage Growth Properties, Class A 7,566 Silver Bay Realty Trust Corp. 9,940 STAG Industrial, Inc. 23,126 Summit Hotel Properties, Inc. 26,351 Sunstone Hotel Investors, Inc. 66,056 Terreno Realty Corp. 13,704 Tier REIT, Inc. 14,736 UMH Properties, Inc. 7,860 Universal Health Realty Income Trust 3,789 Urban Edge Properties 27,304 Urstadt Biddle Properties, Inc., Class A 9,218 Washington Prime Group, Inc. 56,403 22,313 Washington Real Estate Investment Trust Whitestone REIT 8,161 Xenia Hotels & Resorts, Inc. 31,380

Market Value

Market Value

Shares

534,558 759,678 69,248 1,141,482 296,906 521,518 838,307 239,766 237,217 129,208 197,865 88,054 273,683 649,466 370,862 761,848 507,996 98,165 671,344 716,949 84,068 388,647 692,604 452,837 859,420 807,821 497,510 185,391 480,717 308,693 167,489 535,136 417,136 972,344 372,612 268,343 115,149 235,373 763,693 206,944 544,289 701,744 113,519 575,823 41,553,704

Food Products (continued) Alico, Inc. Amplify Snack Brands, Inc. * (a) B&G Foods, Inc. Calavo Growers, Inc. Cal-Maine Foods, Inc. (a) Darling Ingredients, Inc. * Dean Foods Co. Farmer Brothers Co. * Fresh Del Monte Produce, Inc. Freshpet, Inc. * (a) Inventure Foods, Inc. * J&J Snack Foods Corp. John B Sanfilippo & Son, Inc. Lancaster Colony Corp. Landec Corp. * Lifeway Foods, Inc. * Limoneira Co. Omega Protein Corp. * Sanderson Farms, Inc. Seaboard Corp. * Seneca Foods Corp., Class A * Snyder's-Lance, Inc. Tootsie Roll Industries, Inc. (a)

1,037 8,556 19,962 4,698 9,392 49,897 27,813 2,429 9,818 6,835 6,321 4,555 2,507 5,700 7,997 1,982 3,391 6,462 6,077 81 1,894 24,428 5,286

Gas Utilities 1.2% Chesapeake Utilities Corp. Delta Natural Gas Co., Inc. New Jersey Resources Corp. Northwest Natural Gas Co. ONE Gas, Inc. South Jersey Industries, Inc. Southwest Gas Holdings, Inc. Spire, Inc. WGL Holdings, Inc.

4,728 2,174 26,032 8,222 15,800 24,233 14,367 13,555 15,318

$

Health Care Equipment & Supplies 3.0% Abaxis, Inc. 6,633 Accuray, Inc. * 24,154 Analogic Corp. 3,764 AngioDynamics, Inc. * 8,122 Anika Therapeutics, Inc. * 4,291 AtriCure, Inc. * 9,781 Atrion Corp. 421 Avinger, Inc. * (a) 6,536 AxoGen, Inc. * 7,559 Cantel Medical Corp. 10,865 Cardiovascular Systems, Inc. * 9,550 Food & Staples Retailing 0.5% Cerus Corp. * (a) 30,735 Andersons, Inc. (The) 8,127 306,794 ConforMIS, Inc. * (a) 10,496 Chefs' Warehouse, Inc. (The) * 5,659 94,505 CONMED Corp. 8,341 Ingles Markets, Inc., Class A 4,315 195,254 Corindus Vascular Robotics, Inc. * (a) 17,407 Natural Grocers by Vitamin Cottage, Inc. CryoLife, Inc. * 9,792 * (a) 2,367 29,919 Cutera, Inc. * 3,328 Performance Food Group Co. * 11,343 251,248 Cynosure, Inc., Class A * 7,185 PriceSmart, Inc. 6,051 512,520 Endologix, Inc. * 24,631 Smart & Final Stores, Inc. * (a) 7,078 101,569 Entellus Medical, Inc. * (a) 2,215 SpartanNash Co. 11,200 424,032 Exactech, Inc. * 3,192 SUPERVALU, Inc. * 80,873 317,022 GenMark Diagnostics, Inc. * 13,133 United Natural Foods, Inc. * 15,043 687,465 Glaukos Corp. * 4,932 Village Super Market, Inc., Class A 2,052 62,155 Globus Medical, Inc., Class A * 21,264 Weis Markets, Inc. 2,891 171,841 Haemonetics Corp. * 15,514 3,154,324 Halyard Health, Inc. * 14,168 Food Products 1.3% ICU Medical, Inc. * 4,458 AdvancePierre Foods Holdings, Inc. 6,473 179,367 Inogen, Inc. * 4,947 The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

8

27,947 82,394 885,315 259,799 391,646 598,764 552,366 84,529 562,081 76,210 37,863 581,081 164,936 746,985 100,762 21,346 57,647 161,227 553,007 311,850 67,900 937,547 197,961 7,640,530 309,211 57,220 981,406 484,276 1,020,996 799,689 1,157,549 881,075 1,255,157 6,946,579 337,984 138,885 292,275 130,724 216,867 159,137 205,701 16,994 82,393 841,060 235,885 130,931 87,117 371,925 9,405 186,048 61,568 383,679 168,969 37,899 78,683 159,303 203,297 560,519 618,388 545,043 611,192 318,438

Statement of Investments (Continued) January 31, 2017 (Unaudited) Nationwide Small Cap Index Fund (Continued) Common Stocks (continued)

Common Stocks (continued) Market Value

Shares Health Care Equipment & Supplies (continued) Insulet Corp. * Integer Holdings Corp. * Integra LifeSciences Holdings Corp. * Invacare Corp. InVivo Therapeutics Holdings Corp. * (a) iRadimed Corp. * (a) iRhythm Technologies, Inc. * IRIDEX Corp. * K2M Group Holdings, Inc. * LeMaitre Vascular, Inc. Masimo Corp. * Meridian Bioscience, Inc. Merit Medical Systems, Inc. * Natus Medical, Inc. * Neogen Corp. * Nevro Corp. * Novocure Ltd. * (a) NuVasive, Inc. * NxStage Medical, Inc. * OraSure Technologies, Inc. * Orthofix International NV * Oxford Immunotec Global plc * Penumbra, Inc. * (a) Quidel Corp. * Rockwell Medical, Inc. * (a) RTI Surgical, Inc. * Second Sight Medical Products, Inc. * (a) Senseonics Holdings, Inc. * Spectranetics Corp. (The) * STAAR Surgical Co. * Surmodics, Inc. * Tandem Diabetes Care, Inc. * (a) TransEnterix, Inc. * (a) Utah Medical Products, Inc. Vascular Solutions, Inc. * Wright Medical Group NV * (a) Zeltiq Aesthetics, Inc. * Health Care Providers & Services 2.0% AAC Holdings, Inc. * (a) Aceto Corp. Addus HomeCare Corp. * Adeptus Health, Inc., Class A * (a) Air Methods Corp. * Almost Family, Inc. * Amedisys, Inc. * American Renal Associates Holdings, Inc. * (a) AMN Healthcare Services, Inc. * BioScrip, Inc. * (a) BioTelemetry, Inc. * Capital Senior Living Corp. * Chemed Corp. Civitas Solutions, Inc. * Community Health Systems, Inc. * CorVel Corp. * Cross Country Healthcare, Inc. * Diplomat Pharmacy, Inc. * (a) Ensign Group, Inc. (The) Genesis Healthcare, Inc. * HealthEquity, Inc. * HealthSouth Corp. Kindred Healthcare, Inc.

17,480 9,268 18,334 9,458

$

727,168 300,283 765,078 108,767

10,114 1,085 1,751 2,686 7,823 4,024 12,392 12,340 13,043 9,854 11,040 7,287 15,293 15,024 19,292 16,700 5,265 6,755 7,718 8,409 14,559 18,775 5,498 9,843 12,953 12,258 3,890 6,974 20,414 1,040 5,113 31,238 10,751

48,041 9,928 57,135 37,470 158,963 91,385 911,803 161,654 331,292 384,799 729,082 634,115 97,110 1,063,248 518,955 147,294 189,224 91,260 552,223 159,603 84,588 61,019 7,862 27,363 334,835 121,354 94,138 16,389 30,009 64,688 286,072 786,573 476,699 17,857,778

3,165 8,805 2,251 4,000 10,221 2,451 8,454

25,162 168,087 76,872 28,680 364,890 115,810 387,362

2,661 14,375 43,721 8,012 8,819 4,904 4,598 33,317 2,981 9,900 13,657 14,440 11,340 13,085 26,883 26,129

51,144 515,344 59,898 184,677 147,013 814,505 84,143 213,229 114,321 143,253 187,647 293,710 46,607 605,181 1,043,598 173,758

Market Value

Shares Health Care Providers & Services (continued) Landauer, Inc. LHC Group, Inc. * Magellan Health, Inc. * Molina Healthcare, Inc. * National HealthCare Corp. National Research Corp., Class A Nobilis Health Corp. * (a) Owens & Minor, Inc. PharMerica Corp. * Providence Service Corp. (The) * Quorum Health Corp. * RadNet, Inc. * Select Medical Holdings Corp. * Surgery Partners, Inc. * Surgical Care Affiliates, Inc. * Team Health Holdings, Inc. * Teladoc, Inc. * Tivity Health, Inc. * Triple-S Management Corp., Class B * Universal American Corp. * US Physical Therapy, Inc.

2,899 4,515 7,061 13,115 3,361 2,556 15,487 18,899 8,947 3,933 9,008 11,445 32,372 5,655 8,127 20,599 6,325 10,224 7,110 12,735 3,667

Health Care Technology 0.4% Castlight Health, Inc., Class B * (a) Computer Programs & Systems, Inc. (a) Cotiviti Holdings, Inc. * Evolent Health, Inc., Class A * (a) HealthStream, Inc. * HMS Holdings Corp. * Medidata Solutions, Inc. * Omnicell, Inc. * Quality Systems, Inc. * Vocera Communications, Inc. *

13,313 3,298 3,878 4,916 7,690 25,528 16,677 10,793 15,211 7,572

41,270 74,535 131,309 89,471 176,562 463,589 826,179 387,469 228,317 157,119 2,575,820

25,425 300 7,069 31,577 6,014 3,219 25,091 5,739 14,278 17,063 10,702 7,308 13,770 4,095 5,061 19,472

352,136 132,960 251,303 540,282 339,370 63,736 509,849 866,589 214,170 152,714 153,574 51,521 829,780 587,018 148,793 321,288

5,819 11,499 7,176 6,794 23,040 5,336 6,162 8,686 833 7,924 1,654 2,823

919,751 626,236 125,580 92,670 280,397 365,943 76,717 134,633 18,909 208,401 22,825 31,109

Hotels, Restaurants & Leisure 2.9% Belmond Ltd., Class A * Biglari Holdings, Inc. * BJ's Restaurants, Inc. * Bloomin' Brands, Inc. Bob Evans Farms, Inc. Bojangles', Inc. * Boyd Gaming Corp. * Buffalo Wild Wings, Inc. * Caesars Acquisition Co., Class A * Caesars Entertainment Corp. * (a) Carrols Restaurant Group, Inc. * Century Casinos, Inc. * Cheesecake Factory, Inc. (The) Churchill Downs, Inc. Chuy's Holdings, Inc. * ClubCorp Holdings, Inc. Cracker Barrel Old Country Store, Inc. (a) Dave & Buster's Entertainment, Inc. * Del Frisco's Restaurant Group, Inc. * Del Taco Restaurants, Inc. * Denny's Corp. * DineEquity, Inc. El Pollo Loco Holdings, Inc. * (a) Eldorado Resorts, Inc. * (a) Empire Resorts, Inc. * (a) Fiesta Restaurant Group, Inc. * Fogo De Chao, Inc. * (a) Golden Entertainment, Inc.

$

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.

9

148,864 226,337 529,222 743,883 251,571 44,602 33,297 678,096 221,886 152,010 79,180 66,381 403,031 104,617 459,176 895,233 126,500 262,246 135,872 126,586 257,240 11,790,721

Statement of Investments (Continued) January 31, 2017 (Unaudited) Nationwide Small Cap Index Fund (Continued) Common Stocks (continued)

Common Stocks (continued) Market Value

Shares Hotels, Restaurants & Leisure (continued) Habit Restaurants, Inc. (The), Class A * (a) ILG, Inc. International Speedway Corp., Class A Intrawest Resorts Holdings, Inc. * Isle of Capri Casinos, Inc. * J Alexander's Holdings, Inc. * Jack in the Box, Inc. Jamba, Inc. * (a) Kona Grill, Inc. * (a) La Quinta Holdings, Inc. * Lindblad Expeditions Holdings, Inc. * Luby's, Inc. * Marcus Corp. (The) Marriott Vacations Worldwide Corp. Monarch Casino & Resort, Inc. * Nathan's Famous, Inc. * Noodles & Co. * (a) Papa John's International, Inc. Penn National Gaming, Inc. * Pinnacle Entertainment, Inc. * Planet Fitness, Inc., Class A Popeyes Louisiana Kitchen, Inc. * Potbelly Corp. * Red Lion Hotels Corp. * Red Robin Gourmet Burgers, Inc. * Red Rock Resorts, Inc., Class A Ruby Tuesday, Inc. * Ruth's Hospitality Group, Inc. Scientific Games Corp., Class A * SeaWorld Entertainment, Inc. Shake Shack, Inc., Class A * (a) Sonic Corp. Speedway Motorsports, Inc. Texas Roadhouse, Inc. Wingstop, Inc. Zoe's Kitchen, Inc. * (a)

3,792 34,268 8,268 4,690 7,500 4,218 9,904 3,653 2,053 25,778 3,994 6,695 5,768 6,810 3,032 884 4,312 8,245 22,697 16,248 7,717 6,231 6,831 4,561 3,901 9,126 18,856 9,661 15,452 20,272 4,930 13,443 3,461 20,084 4,790 5,943

Household Durables 1.2% Bassett Furniture Industries, Inc. Beazer Homes USA, Inc. * Cavco Industries, Inc. * Century Communities, Inc. * CSS Industries, Inc. Ethan Allen Interiors, Inc. Flexsteel Industries, Inc. GoPro, Inc., Class A * (a) Green Brick Partners, Inc. * Helen of Troy Ltd. * Hooker Furniture Corp. Hovnanian Enterprises, Inc., Class A * Installed Building Products, Inc. * iRobot Corp. * KB Home (a) La-Z-Boy, Inc. LGI Homes, Inc. * (a) Libbey, Inc. Lifetime Brands, Inc. M/I Homes, Inc. * MDC Holdings, Inc. Meritage Homes Corp. * NACCO Industries, Inc., Class A New Home Co., Inc. (The) * Taylor Morrison Home Corp., Class A *

3,077 9,692 2,563 4,654 2,570 7,499 1,965 30,645 6,760 8,490 3,562 37,214 6,024 8,134 25,369 14,879 4,709 6,671 3,682 7,205 12,599 11,610 1,238 3,776 9,393

$

Market Value

Shares

54,984 649,379 303,022 96,661 178,575 42,180 1,068,840 33,242 18,785 364,243 35,906 24,571 171,021 588,929 72,040 55,250 18,973 702,639 312,765 250,219 162,366 393,737 88,803 36,488 185,493 214,279 36,958 165,686 262,684 367,126 174,078 334,731 74,377 936,718 136,371 129,736 17,160,109 86,771 138,208 251,815 105,878 63,273 218,221 99,940 329,434 64,896 792,117 118,258 88,197 246,382 492,595 415,544 425,539 146,262 114,141 55,046 181,134 340,677 426,667 91,302 39,421 182,224

Household Durables (continued) TopBuild Corp. * TRI Pointe Group, Inc. * UCP, Inc., Class A * Universal Electronics, Inc. * WCI Communities, Inc. * William Lyon Homes, Class A * (a) ZAGG, Inc. *

11,694 45,210 2,510 4,291 6,610 7,301 8,971

Household Products 0.3% Central Garden & Pet Co. * Central Garden & Pet Co., Class A * HRG Group, Inc. * Oil-Dri Corp. of America Orchids Paper Products Co. (a) WD-40 Co.

3,050 10,153 35,953 1,450 2,734 4,252

$

Independent Power and Renewable Electricity Producers 0.5% Atlantic Power Corp. * 31,471 Atlantica Yield plc 17,744 Dynegy, Inc. * 35,386 NRG Yield, Inc., Class A 10,318 NRG Yield, Inc., Class C 19,252 Ormat Technologies, Inc. 11,792 Pattern Energy Group, Inc. 20,000 TerraForm Global, Inc., Class A * (a) 28,494 TerraForm Power, Inc., Class A * 26,485 Vivint Solar, Inc. * (a) 8,385 Industrial Conglomerates 0.1% Raven Industries, Inc. Insurance 2.3% Ambac Financial Group, Inc. * American Equity Investment Life Holding Co. AMERISAFE, Inc. Argo Group International Holdings Ltd. Atlas Financial Holdings, Inc. * Baldwin & Lyons, Inc., Class B Blue Capital Reinsurance Holdings Ltd. Citizens, Inc. * (a) CNO Financial Group, Inc. Crawford & Co., Class B Donegal Group, Inc., Class A eHealth, Inc. * EMC Insurance Group, Inc. Employers Holdings, Inc. Enstar Group Ltd. * FBL Financial Group, Inc., Class A Federated National Holding Co. Fidelity & Guaranty Life Genworth Financial, Inc., Class A * Global Indemnity Ltd. * Greenlight Capital Re Ltd., Class A * Hallmark Financial Services, Inc. * HCI Group, Inc. (a) Heritage Insurance Holdings, Inc. Horace Mann Educators Corp. Independence Holding Co. Infinity Property & Casualty Corp. Investors Title Co. James River Group Holdings Ltd. Kemper Corp. Kinsale Capital Group, Inc.

100,193 312,509 605,089 48,792 74,666 447,098 1,588,347 73,957 379,722 337,936 167,668 326,321 633,230 394,800 125,374 314,377 25,574 2,778,959

10,981

275,074

13,746

287,566

26,051 5,755 8,749 3,077 2,506 1,955 14,465 54,459 3,750 2,407 5,472 2,418 9,753 3,462 2,918 3,859 3,434 152,662 2,533 8,661 4,672 2,735 8,117 12,318 1,937 3,267 411 4,231 12,033 2,051

614,804 362,853 559,499 52,309 60,144 37,243 133,946 1,029,820 45,450 39,643 67,087 70,485 355,497 670,416 203,676 70,774 82,244 512,944 100,079 195,739 51,112 113,120 115,099 509,349 38,546 283,739 49,945 167,759 519,826 60,197

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

433,964 554,727 28,489 255,315 154,674 128,863 60,106 7,130,080

Statement of Investments (Continued) January 31, 2017 (Unaudited) Nationwide Small Cap Index Fund (Continued) Common Stocks (continued)

Common Stocks (continued) Market Value

Shares Insurance (continued) Maiden Holdings Ltd. MBIA, Inc. * National General Holdings Corp. National Western Life Group, Inc., Class A Navigators Group, Inc. (The) OneBeacon Insurance Group Ltd., Class A Patriot National, Inc. * (a) Primerica, Inc. RLI Corp. Safety Insurance Group, Inc. Selective Insurance Group, Inc. State Auto Financial Corp. State National Cos., Inc. Stewart Information Services Corp. Third Point Reinsurance Ltd. * Trupanion, Inc. * (a) United Fire Group, Inc. United Insurance Holdings Corp. Universal Insurance Holdings, Inc. WMIH Corp. * Internet & Direct Marketing Retail 0.5% 1-800-Flowers.com, Inc., Class A * Blue Nile, Inc. Duluth Holdings, Inc., Class B * Etsy, Inc. * FTD Cos., Inc. * Gaia, Inc. * HSN, Inc. Lands' End, Inc. * (a) Liberty TripAdvisor Holdings, Inc., Series A * Nutrisystem, Inc. Overstock.com, Inc. * PetMed Express, Inc. (a) Shutterfly, Inc. * Wayfair, Inc., Class A * Internet Software & Services 2.3% 2U, Inc. * Alarm.com Holdings, Inc. * Amber Road, Inc. * Angie's List, Inc. * Appfolio, Inc., Class A * (a) Autobytel, Inc. * Bankrate, Inc. * Bazaarvoice, Inc. * Benefitfocus, Inc. * Blucora, Inc. * Box, Inc., Class A * (a) Brightcove, Inc. * Carbonite, Inc. * Care.com, Inc. * ChannelAdvisor Corp. * Cimpress NV * (a) comScore, Inc. * Cornerstone OnDemand, Inc. * Coupa Software, Inc. * (a) DHI Group, Inc. * EarthLink Holdings Corp. Endurance International Group Holdings, Inc. *

21,123 39,957 14,719

$

Market Value

Shares

374,933 407,561 360,468

687 6,816

201,394 382,718

5,596 3,645 14,265 11,544 4,645 17,251 4,741 9,306 6,927 19,708 4,416 6,552 5,054 9,965 61,088

90,823 15,601 1,076,294 685,944 333,046 719,367 119,758 128,051 302,571 225,657 70,612 309,254 69,088 260,585 94,686 13,689,321

7,977 3,405 2,927 31,839 5,275 2,160 9,472 4,510

71,793 138,618 66,209 401,490 121,219 18,792 333,888 69,228

21,982 8,837 3,671 6,033 10,476 9,567

394,577 292,063 60,939 127,839 537,733 397,604 3,031,992

11,122 2,975 5,414 11,815 2,243 3,090 14,826 24,929 3,897 11,672 14,774 8,672 5,463 3,793 7,070 7,633 14,463 15,265 2,354 14,641 32,608

378,593 80,593 47,914 74,080 50,804 42,487 161,603 117,166 117,884 176,247 252,192 62,438 94,237 32,013 97,919 644,149 485,234 621,133 61,180 83,454 209,017

18,208

140,202

Internet Software & Services (continued) Envestnet, Inc. * Five9, Inc. * Global Sources Ltd. * Gogo, Inc. * (a) GrubHub, Inc. * GTT Communications, Inc. * Hortonworks, Inc. * (a) Instructure, Inc. * (a) j2 Global, Inc. Limelight Networks, Inc. * Liquidity Services, Inc. * LivePerson, Inc. * LogMeIn, Inc. Marchex, Inc., Class B * MeetMe, Inc. * MINDBODY, Inc., Class A * (a) New Relic, Inc. * NIC, Inc. Numerex Corp., Class A * Q2 Holdings, Inc. * QuinStreet, Inc. * Quotient Technology, Inc. * RealNetworks, Inc. * Reis, Inc. RetailMeNot, Inc. * Rightside Group Ltd. * Shutterstock, Inc. * SPS Commerce, Inc. * Stamps.com, Inc. * (a) TechTarget, Inc. * TrueCar, Inc. * (a) Web.com Group, Inc. * WebMD Health Corp. * Xactly Corp. * XO Group, Inc. *

12,594 10,042 2,774 17,455 24,509 7,991 12,801 3,181 14,278 23,558 7,137 16,214 15,711 9,394 12,662 4,334 6,570 19,239 4,505 7,564 11,247 19,826 6,488 2,804 11,650 3,964 5,755 5,019 4,910 4,233 16,398 12,895 11,325 6,607 7,963

IT Services 1.9% Acxiom Corp. * ALJ Regional Holdings, Inc. * Blackhawk Network Holdings, Inc. * CACI International, Inc., Class A * Cardtronics plc, Class A * Cass Information Systems, Inc. Convergys Corp. CSG Systems International, Inc. EPAM Systems, Inc. * EVERTEC, Inc. ExlService Holdings, Inc. * Forrester Research, Inc. Hackett Group, Inc. (The) Information Services Group, Inc. * Lionbridge Technologies, Inc. * ManTech International Corp., Class A MAXIMUS, Inc. MoneyGram International, Inc. * NCI, Inc., Class A NeuStar, Inc., Class A * Perficient, Inc. * PFSweb, Inc. * Planet Payment, Inc. * Science Applications International Corp. ServiceSource International, Inc. * Sykes Enterprises, Inc. * Syntel, Inc.

23,596 6,971 16,715 7,383 13,717 3,334 27,087 9,770 14,632 19,238 9,918 3,087 6,982 11,397 17,655 7,478 19,519 8,983 2,149 10,319 10,569 4,699 13,101 12,836 18,589 11,820 9,782

$

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.

11

476,053 155,249 25,521 159,713 1,018,349 225,746 124,170 69,346 1,196,639 51,592 69,586 118,362 1,698,359 25,458 62,297 105,533 237,834 463,660 26,489 240,157 39,365 211,147 34,711 56,080 105,433 33,456 309,619 346,311 596,811 37,293 215,634 244,360 565,004 80,275 149,943 13,606,094 615,856 27,814 596,726 906,632 748,674 219,277 672,299 472,868 941,716 328,008 455,732 125,950 113,458 37,610 100,987 291,193 1,076,278 114,084 27,292 342,591 187,388 35,289 55,286 1,045,107 98,522 330,133 206,009

Statement of Investments (Continued) January 31, 2017 (Unaudited) Nationwide Small Cap Index Fund (Continued) Common Stocks (continued)

Common Stocks (continued) Market Value

Shares IT Services (continued) TeleTech Holdings, Inc. Travelport Worldwide Ltd. Unisys Corp. * (a) Virtusa Corp. *

5,127 35,268 14,900 8,431

Leisure Products 0.3% Acushnet Holdings Corp. * American Outdoor Brands Corp. * (a) Arctic Cat, Inc. * (a) Callaway Golf Co. Escalade, Inc. JAKKS Pacific, Inc. * (a) Johnson Outdoors, Inc., Class A Malibu Boats, Inc., Class A * Marine Products Corp. MCBC Holdings, Inc. Nautilus, Inc. * Sturm Ruger & Co., Inc. (a)

6,414 19,083 4,331 28,500 3,051 5,441 1,402 5,461 2,613 2,469 9,316 5,646

118,980 406,468 81,423 322,905 40,273 27,749 48,341 101,356 29,814 34,443 161,633 297,826 1,671,211

6,983 7,976 9,668 10,548 12,157 9,763 12,553 11,989 2,452 4,667 16,443

146,294 146,758 507,087 29,323 81,209 61,800 665,309 242,417 85,550 84,193 132,531

24,277 15,949 7,333

117,015 1,130,625 429,640 3,859,751

17,819 2,860 8,644 7,641 2,358 5,855 15,243 1,860 12,893 9,257 5,001 14,437 5,982 4,020 6,581 10,469 6,544 7,694 3,094 18,162 13,977 3,646 2,659 6,316 5,482 3,094

465,967 216,302 410,158 285,009 105,025 409,733 733,646 31,341 279,262 359,079 311,462 1,195,528 164,445 64,119 222,438 107,203 444,403 447,791 30,476 282,238 563,972 52,685 41,613 209,375 177,946 68,749

Life Sciences Tools & Services 0.7% Accelerate Diagnostics, Inc. * Albany Molecular Research, Inc. * (a) Cambrex Corp. * ChromaDex Corp. * Enzo Biochem, Inc. * Fluidigm Corp. * INC Research Holdings, Inc., Class A * Luminex Corp. * Medpace Holdings, Inc. * (a) NanoString Technologies, Inc. * NeoGenomics, Inc. * Pacific Biosciences of California, Inc. * (a) PAREXEL International Corp. * PRA Health Sciences, Inc. * Machinery 3.5% Actuant Corp., Class A Alamo Group, Inc. Albany International Corp., Class A Altra Industrial Motion Corp. American Railcar Industries, Inc. (a) Astec Industries, Inc. Barnes Group, Inc. Blue Bird Corp. * (a) Briggs & Stratton Corp. Chart Industries, Inc. * CIRCOR International, Inc. CLARCOR, Inc. Columbus McKinnon Corp. DMC Global, Inc. Douglas Dynamics, Inc. Energy Recovery, Inc. * EnPro Industries, Inc. ESCO Technologies, Inc. ExOne Co. (The) * (a) Federal Signal Corp. Franklin Electric Co., Inc. FreightCar America, Inc. Gencor Industries, Inc. * Global Brass & Copper Holdings, Inc. Gorman-Rupp Co. (The) Graham Corp.

$

Market Value

Shares

151,759 506,448 191,465 214,822 11,237,273

Machinery (continued) Greenbrier Cos., Inc. (The) (a) Hardinge, Inc. Harsco Corp. * Hillenbrand, Inc. Hurco Cos., Inc. Hyster-Yale Materials Handling, Inc. John Bean Technologies Corp. Joy Global, Inc. Kadant, Inc. Kennametal, Inc. Lindsay Corp. (a) Lydall, Inc. * Manitowoc Co., Inc. (The) * Meritor, Inc. * Milacron Holdings Corp. * Miller Industries, Inc. Mueller Industries, Inc. Mueller Water Products, Inc., Class A Navistar International Corp. * NN, Inc. Omega Flex, Inc. Proto Labs, Inc. * (a) RBC Bearings, Inc. * Rexnord Corp. * SPX Corp. * SPX FLOW, Inc. * Standex International Corp. Sun Hydraulics Corp. Supreme Industries, Inc., Class A Tennant Co. Titan International, Inc. TriMas Corp. * Wabash National Corp. Watts Water Technologies, Inc., Class A Woodward, Inc.

8,239 3,940 24,423 17,898 1,943 2,853 8,841 29,911 3,247 23,954 3,212 5,036 37,619 25,004 4,167 3,295 17,144 47,341 15,000 8,237 797 7,483 6,875 25,158 10,282 12,342 3,847 7,041 3,944 5,305 12,936 13,650 19,559 8,423 16,059

Marine 0.1% Costamare, Inc. Matson, Inc. Scorpio Bulkers, Inc. * (a)

9,425 13,125 16,833

50,047 468,037 120,356 638,440

8,922

301,118

23,090 330

60,034 71,412

Media 1.5% AMC Entertainment Holdings, Inc., Class A Central European Media Enterprises Ltd., Class A * Daily Journal Corp. * Entercom Communications Corp., Class A Entravision Communications Corp., Class A Eros International plc * (a) EW Scripps Co. (The), Class A * Gannett Co., Inc. Global Eagle Entertainment, Inc. * Gray Television, Inc. * Hemisphere Media Group, Inc. * IMAX Corp. * Liberty Media Corp.-Liberty Braves, Series A * Liberty Media Corp.-Liberty Formula One, Series C * Loral Space & Communications, Inc. * MDC Partners, Inc., Class A

$

7,849

111,456

19,775 9,003 17,999 35,665 13,701 19,424 1,533 17,857

106,785 107,136 350,621 343,097 84,398 230,174 17,170 582,138

12,016

239,997

21,072 3,976 15,587

607,304 162,022 99,757

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

12

360,456 41,764 326,047 654,172 59,456 175,517 763,420 841,097 200,015 856,116 241,992 307,196 256,938 360,808 68,922 87,318 690,217 637,210 409,050 159,386 37,802 392,858 636,831 555,740 256,536 430,612 335,458 275,866 72,412 367,371 171,919 290,745 345,216 555,918 1,118,349 21,020,695

Statement of Investments (Continued) January 31, 2017 (Unaudited) Nationwide Small Cap Index Fund (Continued) Common Stocks (continued)

Common Stocks (continued) Market Value

Shares Media (continued) Meredith Corp. MSG Networks, Inc., Class A * National CineMedia, Inc. New Media Investment Group, Inc. New York Times Co. (The), Class A Nexstar Media Group, Inc., Class A Radio One, Inc., Class D * Reading International, Inc., Class A * Saga Communications, Inc., Class A Salem Media Group, Inc. Scholastic Corp. Sinclair Broadcast Group, Inc., Class A Time, Inc. Townsquare Media, Inc., Class A * tronc, Inc. * (a) World Wrestling Entertainment, Inc., Class A (a) Metals & Mining 1.4% AK Steel Holding Corp. * Allegheny Technologies, Inc. (a) Ampco-Pittsburgh Corp. Carpenter Technology Corp. Century Aluminum Co. * Cliffs Natural Resources, Inc. * Coeur Mining, Inc. * Commercial Metals Co. Ferroglobe plc Gold Resource Corp. Handy & Harman Ltd. * Haynes International, Inc. Hecla Mining Co. Kaiser Aluminum Corp. Materion Corp. Olympic Steel, Inc. Ryerson Holding Corp. * Schnitzer Steel Industries, Inc., Class A Stillwater Mining Co. * SunCoke Energy, Inc. * TimkenSteel Corp. * Worthington Industries, Inc.

11,373 18,102 18,841 13,944 37,823 13,172 8,554 5,123 1,024 3,791 8,193 20,040 31,104 2,836 8,218

$

Shares

697,165 419,966 276,209 212,507 510,611 861,474 25,662 83,761 51,507 23,125 375,076 676,350 598,752 30,288 108,971

10,966

214,714 8,640,757

94,540 32,856 2,925 13,997 15,102 67,008 54,535 34,826 19,762 15,161 1,081 3,794 115,768 5,340 5,917 2,951 4,131 7,729 37,082 19,632 11,933 13,659

763,883 713,961 44,021 560,160 232,571 587,660 635,333 711,495 207,699 81,566 30,484 155,971 745,546 418,976 232,538 66,398 43,789 182,791 630,394 173,154 201,190 652,764 8,072,344

Mortgage Real Estate Investment Trusts (REITs) 0.9% AG Mortgage Investment Trust, Inc. 8,473 Altisource Residential Corp. 15,511 Anworth Mortgage Asset Corp. 29,389 Apollo Commercial Real Estate Finance, Inc. 21,974 Ares Commercial Real Estate Corp. 7,975 ARMOUR Residential REIT, Inc. 10,963 Capstead Mortgage Corp. 29,147 CYS Investments, Inc. 46,330 Dynex Capital, Inc. 13,063 Great Ajax Corp. 4,632 Hannon Armstrong Sustainable Infrastructure Capital, Inc. 13,267 Invesco Mortgage Capital, Inc. 34,217 Ladder Capital Corp. 11,366 MTGE Investment Corp. 13,764 New Residential Investment Corp. 73,892 New York Mortgage Trust, Inc. 33,601 Orchid Island Capital, Inc. 7,198 Owens Realty Mortgage, Inc. 2,848 PennyMac Mortgage Investment Trust 20,679

148,447 188,304 150,766 382,567 107,503 230,442 310,998 350,718 87,261 60,262 242,521 498,542 154,123 218,848 1,119,464 215,382 85,152 48,245 350,509

Mortgage Real Estate Investment Trusts (REITs) (continued) Redwood Trust, Inc. 23,171 $ Resource Capital Corp. 8,620 Western Asset Mortgage Capital Corp. 12,598

359,151 70,856 127,114 5,507,175

Multiline Retail 0.2% Big Lots, Inc. Fred's, Inc., Class A (a) Ollie's Bargain Outlet Holdings, Inc. * Sears Holdings Corp. * (a) Tuesday Morning Corp. *

13,540 10,223 6,033 4,057 13,646

677,000 148,949 184,308 28,318 58,678 1,097,253

Multi-Utilities 0.5% Avista Corp. Black Hills Corp. NorthWestern Corp. Unitil Corp.

19,205 15,659 14,764 4,318

742,081 979,470 843,172 197,635 2,762,358

37,363 575 9,354 8,641 14,873 9,452 56,162 18,735 1,838 28,174 123,185 6,509 4,646 18,698 106,597 27,837 6,983 418 18,845 11,014 5,413 8,027 39,573 19,537 12,207 11,663 29,136 10,962 4,490 256 16,445 25,181 24,707 29,948 14,140 70,761

92,287 22,281 105,326 63,511 97,418 202,462 858,155 662,470 267,337 72,971 120,820 52,723 103,188 418,835 357,100 130,556 78,978 5,442 46,359 57,713 18,945 69,835 26,478 135,587 203,857 58,898 753,457 246,645 78,036 32,051 73,180 663,016 45,955 258,751 50,904 1,000,561

11,087 8,714 4,626 9,299 16,984 1,500 11,215 1,722

54,437 61,869 101,772 135,114 1,255,797 0 97,571 142,978

Oil, Gas & Consumable Fuels 2.4% Abraxas Petroleum Corp. * Adams Resources & Energy, Inc. Alon USA Energy, Inc. Ardmore Shipping Corp. (a) Bill Barrett Corp. * California Resources Corp. * (a) Callon Petroleum Co. * Carrizo Oil & Gas, Inc. * Clayton Williams Energy, Inc. * (a) Clean Energy Fuels Corp. * (a) Cobalt International Energy, Inc. * Contango Oil & Gas Co. * CVR Energy, Inc. (a) Delek US Holdings, Inc. Denbury Resources, Inc. * DHT Holdings, Inc. Dorian LPG Ltd. * Earthstone Energy, Inc. * Eclipse Resources Corp. * EP Energy Corp., Class A * (a) Erin Energy Corp. * (a) Evolution Petroleum Corp. EXCO Resources, Inc. * Frontline Ltd. (a) GasLog Ltd. (a) Gener8 Maritime, Inc. * Golar LNG Ltd. Green Plains, Inc. International Seaways, Inc. * Isramco, Inc. * Jones Energy, Inc., Class A * (a) Matador Resources Co. * Navios Maritime Acquisition Corp. Nordic American Tankers Ltd. (a) Northern Oil and Gas, Inc. * (a) Oasis Petroleum, Inc. * Overseas Shipholding Group, Inc., Class A Pacific Ethanol, Inc. * Panhandle Oil and Gas, Inc., Class A Par Pacific Holdings, Inc. * (a) PDC Energy, Inc. * Petrocorp, Inc. * (b)(c) Renewable Energy Group, Inc. * REX American Resources Corp. *

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.

13

Market Value

Statement of Investments (Continued) January 31, 2017 (Unaudited) Nationwide Small Cap Index Fund (Continued) Common Stocks (continued)

Common Stocks (continued) Market Value

Shares Oil, Gas & Consumable Fuels (continued) Ring Energy, Inc. * RSP Permian, Inc. * Sanchez Energy Corp. * Scorpio Tankers, Inc. SemGroup Corp., Class A Ship Finance International Ltd. (a) Synergy Resources Corp. * Teekay Corp. (a) Teekay Tankers Ltd., Class A W&T Offshore, Inc. * (a) Western Refining, Inc. Westmoreland Coal Co. *

12,706 29,818 16,978 50,787 20,076 18,211 56,455 14,881 33,898 9,778 24,504 5,565

Paper & Forest Products 0.6% Boise Cascade Co. * Clearwater Paper Corp. * Deltic Timber Corp. KapStone Paper and Packaging Corp. Louisiana-Pacific Corp. * Neenah Paper, Inc. PH Glatfelter Co. Schweitzer-Mauduit International, Inc.

11,841 5,144 3,218 26,195 43,750 5,030 13,169 9,171

293,657 323,558 244,471 628,156 836,938 413,215 321,455 406,550 3,468,000

133,612 2,589 5,327 3,537 3,268 2,432 2,980 2,512 3,514 6,240 3,154

784,302 64,621 181,651 25,537 137,812 60,995 37,995 84,152 117,543 36,192 196,494 1,727,294

12,719 3,271 8,742 4,033 10,655 15,734 2,404 9,771 3,616 29,809 30,225 15,020 3,078 4,940 22,705 18,517 7,366 35,334 7,508 11,132 3,783 1,854 48,917 22,167 24,514 7,698

33,705 86,780 383,774 9,276 167,816 15,419 145,322 78,070 17,718 28,316 808,821 47,313 22,931 83,091 161,433 334,973 216,855 37,454 36,714 24,602 16,494 147,616 800,771 291,496 259,848 103,923

Personal Products 0.3% Avon Products, Inc. * elf Beauty, Inc. * (a) Inter Parfums, Inc. Lifevantage Corp. * Medifast, Inc. Natural Health Trends Corp. (a) Nature's Sunshine Products, Inc. Nutraceutical International Corp. Revlon, Inc., Class A * Synutra International, Inc. * USANA Health Sciences, Inc. * Pharmaceuticals 1.6% AcelRx Pharmaceuticals, Inc. * Aclaris Therapeutics, Inc. * (a) Aerie Pharmaceuticals, Inc. * Agile Therapeutics, Inc. * Amphastar Pharmaceuticals, Inc. * Ampio Pharmaceuticals, Inc. * ANI Pharmaceuticals, Inc. * Aratana Therapeutics, Inc. * Axsome Therapeutics, Inc. * Bio-Path Holdings, Inc. * Catalent, Inc. * Cempra, Inc. * (a) Clearside Biomedical, Inc. * Collegium Pharmaceutical, Inc. * (a) Corcept Therapeutics, Inc. * Depomed, Inc. * Dermira, Inc. * Durect Corp. * Egalet Corp. * (a) Endocyte, Inc. * Flex Pharma, Inc. * (a) Heska Corp. * Horizon Pharma plc * Impax Laboratories, Inc. * Innoviva, Inc. * (a) Intersect ENT, Inc. *

$

Market Value

Shares

167,719 1,269,054 225,128 194,514 797,017 273,165 486,078 149,554 83,050 28,356 857,885 101,005 14,014,151

Pharmaceuticals (continued) Intra-Cellular Therapies, Inc. * Lannett Co., Inc. * (a) Lipocine, Inc. * (a) Medicines Co. (The) * (a) MyoKardia, Inc. * (a) Nektar Therapeutics * Neos Therapeutics, Inc. * (a) Ocular Therapeutix, Inc. * (a) Omeros Corp. * (a) Pacira Pharmaceuticals, Inc. * Paratek Pharmaceuticals, Inc. * Phibro Animal Health Corp., Class A Prestige Brands Holdings, Inc. * Reata Pharmaceuticals, Inc., Class A * (a) Revance Therapeutics, Inc. * (a) SciClone Pharmaceuticals, Inc. * Sucampo Pharmaceuticals, Inc., Class A * (a) Supernus Pharmaceuticals, Inc. * Teligent, Inc. * (a) Tetraphase Pharmaceuticals, Inc. * TherapeuticsMD, Inc. * (a) Theravance Biopharma, Inc. * (a) Titan Pharmaceuticals, Inc. * WaVe Life Sciences Ltd. * (a) Zogenix, Inc. * (a)

1,579 6,190 15,542

39,317 123,800 157,751

7,124 14,221 12,628 11,301 45,495 12,154 6,918 2,238 6,987

79,433 384,678 88,396 43,283 264,326 364,134 30,093 64,343 56,245 9,394,607

Professional Services 1.3% Acacia Research Corp. * Advisory Board Co. (The) * Barrett Business Services, Inc. CBIZ, Inc. * CEB, Inc. Cogint, Inc. * CRA International, Inc. Exponent, Inc. Franklin Covey Co. * FTI Consulting, Inc. * GP Strategies Corp. * Heidrick & Struggles International, Inc. Hill International, Inc. * Huron Consulting Group, Inc. * ICF International, Inc. * Insperity, Inc. Kelly Services, Inc., Class A Kforce, Inc. Korn/Ferry International Mistras Group, Inc. * Navigant Consulting, Inc. * On Assignment, Inc. * Resources Connection, Inc. RPX Corp. * TriNet Group, Inc. * TrueBlue, Inc. * WageWorks, Inc. *

15,289 12,444 2,204 15,400 9,773 5,234 2,470 7,793 3,039 12,635 3,901 5,558 10,906 6,604 5,511 4,763 8,968 7,606 17,372 5,218 14,500 15,432 10,932 15,577 12,837 12,769 11,066

89,441 566,202 132,482 201,740 747,146 20,151 82,078 452,384 53,182 532,439 100,256 124,221 58,892 299,161 286,572 340,555 200,794 174,938 504,657 120,431 358,150 698,761 182,564 169,166 326,445 316,033 798,412 7,937,253

Real Estate Management & Development 0.5% Alexander & Baldwin, Inc. Altisource Portfolio Solutions SA * (a) AV Homes, Inc. * Consolidated-Tomoka Land Co. Forestar Group, Inc. * FRP Holdings, Inc. *

14,149 3,490 3,726 1,194 10,444 1,856

629,913 99,465 65,764 65,670 136,294 72,384

10,359 8,608 5,986 20,398 4,087 43,108 4,895 5,714 12,275 11,036 5,503 5,492 16,135

$

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

14

149,584 173,451 21,669 735,348 45,774 522,038 28,636 37,484 118,945 424,334 83,095 146,636 851,283

Statement of Investments (Continued) January 31, 2017 (Unaudited) Nationwide Small Cap Index Fund (Continued) Common Stocks (continued)

Common Stocks (continued) Market Value

Shares Real Estate Management & Development (continued) HFF, Inc., Class A 10,870 Kennedy-Wilson Holdings, Inc. 25,014 Marcus & Millichap, Inc. * 4,422 RE/MAX Holdings, Inc., Class A 5,390 RMR Group, Inc. (The), Class A 2,050 St Joe Co. (The) * 15,329 Stratus Properties, Inc. * 1,764 Tejon Ranch Co. * 4,273 Trinity Place Holdings, Inc. * 6,505 Road & Rail 0.5% ArcBest Corp. Celadon Group, Inc. Covenant Transportation Group, Inc., Class A * Heartland Express, Inc. (a) Knight Transportation, Inc. Marten Transport Ltd. PAM Transportation Services, Inc. * Roadrunner Transportation Systems, Inc. * Saia, Inc. * Swift Transportation Co. * Universal Logistics Holdings, Inc. USA Truck, Inc. * Werner Enterprises, Inc. YRC Worldwide, Inc. *

$

Shares

322,622 511,536 113,955 302,110 97,990 258,294 53,978 100,971 52,495 2,883,441

7,328 8,006

231,565 60,845

3,445 14,009 20,345 7,012 748

74,171 288,585 679,523 160,224 17,436

9,380 7,660 22,729 2,446 2,091 13,577 9,888

74,289 368,063 518,903 35,345 17,669 381,514 147,628 3,055,760

Semiconductors & Semiconductor Equipment 3.8% Acacia Communications, Inc. * (a) 1,582 Advanced Energy Industries, Inc. * 11,980 Advanced Micro Devices, Inc. * 228,147 Alpha & Omega Semiconductor Ltd. * 5,390 Ambarella, Inc. * (a) 9,717 Amkor Technology, Inc. * 30,405 Axcelis Technologies, Inc. * 8,859 Brooks Automation, Inc. 20,572 Cabot Microelectronics Corp. 7,138 Cavium, Inc. * 19,553 CEVA, Inc. * 5,942 Cirrus Logic, Inc. * 19,023 Cohu, Inc. 7,961 Diodes, Inc. * 11,532 DSP Group, Inc. * 6,489 Entegris, Inc. * 42,904 Exar Corp. * 12,471 FormFactor, Inc. * 20,671 GigPeak, Inc. * 17,917 Impinj, Inc. * (a) 1,742 Inphi Corp. * 12,192 Integrated Device Technology, Inc. * 40,885 Intersil Corp., Class A 40,720 IXYS Corp. 7,642 Kopin Corp. * 17,617 Lattice Semiconductor Corp. * 36,383 MACOM Technology Solutions Holdings, Inc. * 9,563 MaxLinear, Inc., Class A * 16,955 Microsemi Corp. * 34,537 MKS Instruments, Inc. 16,140 Monolithic Power Systems, Inc. 11,807 Nanometrics, Inc. * 7,389 NeoPhotonics Corp. * 9,381 NVE Corp. 1,440

92,025 704,903 2,365,884 109,687 482,060 286,111 134,657 358,364 481,886 1,294,604 210,050 1,147,467 105,085 287,031 70,406 804,450 127,828 257,354 46,226 61,336 558,637 1,029,893 913,350 92,468 56,198 261,594 454,699 433,709 1,835,642 1,063,626 1,030,043 189,971 102,722 111,730

Semiconductors & Semiconductor Equipment (continued) PDF Solutions, Inc. * 8,364 $ Photronics, Inc. * 19,319 Power Integrations, Inc. 8,308 Rambus, Inc. * 32,986 Rudolph Technologies, Inc. * 9,095 Semtech Corp. * 19,602 Sigma Designs, Inc. * 11,713 Silicon Laboratories, Inc. * 12,514 Synaptics, Inc. * 10,636 Tessera Holding Corp. 14,929 Ultra Clean Holdings, Inc. * 9,754 Ultratech, Inc. * 6,732 Veeco Instruments, Inc. * 12,042 Xcerra Corp. * 16,096 Software 3.5% 8x8, Inc. * A10 Networks, Inc. * ACI Worldwide, Inc. * American Software, Inc., Class A Aspen Technology, Inc. * Barracuda Networks, Inc. * Blackbaud, Inc. Blackline, Inc. * Bottomline Technologies de, Inc. * BroadSoft, Inc. * Callidus Software, Inc. * CommVault Systems, Inc. * Digimarc Corp. * (a) Ebix, Inc. (a) Ellie Mae, Inc. * EnerNOC, Inc. * Exa Corp. * Fair Isaac Corp. Gigamon, Inc. * Globant SA * (a) Glu Mobile, Inc. * (a) Guidance Software, Inc. * HubSpot, Inc. * Imperva, Inc. * Jive Software, Inc. * Mentor Graphics Corp. (a) MicroStrategy, Inc., Class A * Mitek Systems, Inc. * MobileIron, Inc. * Model N, Inc. * Monotype Imaging Holdings, Inc. Park City Group, Inc. * (a) Paycom Software, Inc. * (a) Paylocity Holding Corp. * Pegasystems, Inc. Progress Software Corp. Proofpoint, Inc. * PROS Holdings, Inc. * QAD, Inc., Class A Qualys, Inc. * Rapid7, Inc. * RealPage, Inc. * RingCentral, Inc., Class A * Rosetta Stone, Inc. * Rubicon Project, Inc. (The) * Sapiens International Corp. NV SecureWorks Corp., Class A * (a) Silver Spring Networks, Inc. *

26,790 13,402 35,001 7,943 23,668 6,646 14,310 2,592 12,177 8,924 18,490 11,741 2,941 7,656 9,955 8,492 4,254 9,403 9,866 7,814 31,196 7,221 8,749 8,699 17,581 32,513 2,882 9,041 15,244 6,751 12,226 3,622 13,357 6,502 10,941 15,196 12,380 7,895 2,872 8,253 6,036 16,397 17,783 5,565 11,001 7,465 2,117 11,539

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.

15

Market Value 188,274 222,168 589,868 428,158 208,730 645,886 71,449 815,913 599,658 674,791 122,218 174,493 310,082 122,008 22,735,392 424,622 106,814 679,019 83,322 1,257,007 156,115 938,879 70,451 313,192 374,808 341,141 576,483 77,642 424,908 823,677 48,404 65,937 1,159,390 327,058 259,034 71,751 52,424 448,824 363,183 66,808 1,200,055 580,147 59,671 66,311 59,409 267,749 45,818 617,628 200,652 424,511 425,792 992,381 176,690 83,001 296,283 75,269 501,748 415,233 48,972 93,178 99,732 21,890 147,468

Statement of Investments (Continued) January 31, 2017 (Unaudited) Nationwide Small Cap Index Fund (Continued) Common Stocks (continued)

Common Stocks (continued) Market Value

Shares Software (continued) Synchronoss Technologies, Inc. * Take-Two Interactive Software, Inc. * Tangoe, Inc. * Telenav, Inc. * TiVo Corp. * Varonis Systems, Inc. * VASCO Data Security International, Inc. * Verint Systems, Inc. * VirnetX Holding Corp. * (a) Workiva, Inc. * (a) Zendesk, Inc. * Zix Corp. * Specialty Retail 2.2% Aaron's, Inc. Abercrombie & Fitch Co., Class A American Eagle Outfitters, Inc. America's Car-Mart, Inc. * Asbury Automotive Group, Inc. * Ascena Retail Group, Inc. * Barnes & Noble Education, Inc. * Barnes & Noble, Inc. Big 5 Sporting Goods Corp. Boot Barn Holdings, Inc. * (a) Buckle, Inc. (The) (a) Build-A-Bear Workshop, Inc. * Caleres, Inc. Camping World Holdings, Inc., Class A Cato Corp. (The), Class A Chico's FAS, Inc. Children's Place, Inc. (The) Citi Trends, Inc. Conn's, Inc. * (a) Container Store Group, Inc. (The) * (a) Destination XL Group, Inc. * DSW, Inc., Class A Express, Inc. * Finish Line, Inc. (The), Class A Five Below, Inc. * Francesca's Holdings Corp. * Genesco, Inc. * GNC Holdings, Inc., Class A (a) Group 1 Automotive, Inc. Guess?, Inc. Haverty Furniture Cos., Inc. Hibbett Sports, Inc. * Kirkland's, Inc. * Lithia Motors, Inc., Class A Lumber Liquidators Holdings, Inc. * MarineMax, Inc. * Monro Muffler Brake, Inc. Office Depot, Inc. Party City Holdco, Inc. * (a) Pier 1 Imports, Inc. Rent-A-Center, Inc. Restoration Hardware Holdings, Inc. * (a) Sears Hometown and Outlet Stores, Inc.* Select Comfort Corp. * Shoe Carnival, Inc. Sonic Automotive, Inc., Class A Sportsman's Warehouse Holdings, Inc. *

12,522 25,253 7,913 9,914 35,547 3,220

$

Market Value

Shares

482,347 1,354,823 57,607 88,235 671,838 96,278

9,425 18,837 12,995 6,584 24,624 16,336

143,260 703,562 33,787 82,958 589,252 77,923 20,792,351

19,975 20,591 50,588 2,402 6,040 52,376 12,171 19,541 5,146 3,733 8,665 4,122 12,986 3,494 7,923 39,595 5,681 4,313 5,700 4,290 11,500 20,415 22,512 12,663 16,256 11,594 6,224 20,659 6,302 18,518 5,699 6,939 4,127 7,190 8,078 7,161 9,515 167,816 8,187 24,646 15,879

618,026 239,062 764,385 100,764 396,224 251,929 122,319 199,318 79,248 40,503 183,265 49,464 399,319 109,991 201,165 534,137 551,057 69,224 60,135 20,892 40,825 431,981 239,303 217,804 647,802 202,199 374,685 183,245 509,139 236,475 124,238 228,987 57,283 741,433 126,501 153,603 569,948 746,781 118,302 179,176 142,276

11,747 3,426 14,049 4,117 8,347 7,938

317,404 12,505 283,509 105,272 195,320 59,059

Specialty Retail (continued) Stage Stores, Inc. (a) Stein Mart, Inc. Tailored Brands, Inc. Tile Shop Holdings, Inc. * Tilly's, Inc., Class A * Vitamin Shoppe, Inc. * West Marine, Inc. * Winmark Corp. Zumiez, Inc. *

7,629 8,777 14,801 9,829 3,649 7,130 6,059 716 5,469

$

Technology Hardware, Storage & Peripherals 0.5% 3D Systems Corp. * (a) 32,538 Avid Technology, Inc. * 9,936 CPI Card Group, Inc. 6,071 Cray, Inc. * 12,079 Diebold Nixdorf, Inc. 20,750 Eastman Kodak Co. * (a) 5,264 Electronics For Imaging, Inc. * 14,263 Immersion Corp. * 8,820 Nimble Storage, Inc. * (a) 19,119 Pure Storage, Inc., Class A * (a) 20,471 Stratasys Ltd. * 14,664 Super Micro Computer, Inc. * 11,726 USA Technologies, Inc. * 10,758 Textiles, Apparel & Luxury Goods 0.7% Columbia Sportswear Co. Crocs, Inc. * Culp, Inc. Deckers Outdoor Corp. * Delta Apparel, Inc. * Fossil Group, Inc. * G-III Apparel Group Ltd. * Iconix Brand Group, Inc. * Movado Group, Inc. Oxford Industries, Inc. Perry Ellis International, Inc. * Sequential Brands Group, Inc. * (a) Steven Madden Ltd. * Superior Uniform Group, Inc. Unifi, Inc. * Vera Bradley, Inc. * Vince Holding Corp. * (a) Wolverine World Wide, Inc. Thrifts & Mortgage Finance 2.3% Astoria Financial Corp. Bank Mutual Corp. BankFinancial Corp. Bear State Financial, Inc. Beneficial Bancorp, Inc. BofI Holding, Inc. * (a) Capitol Federal Financial, Inc. Charter Financial Corp. Clifton Bancorp, Inc. Dime Community Bancshares, Inc. ESSA Bancorp, Inc. Essent Group Ltd. * EverBank Financial Corp. Federal Agricultural Mortgage Corp., Class C First Defiance Financial Corp. Flagstar Bancorp, Inc. *

536,552 53,157 27,623 207,155 564,400 70,537 640,979 90,758 163,850 232,755 289,174 310,153 45,184 3,232,277

8,143 22,252 3,257 9,840 2,007 12,690 13,015 13,101 4,807 4,596 3,784 12,115 18,642 2,793 4,824 5,823 7,602 29,359

442,735 162,440 104,875 566,784 37,611 324,483 341,774 134,809 130,510 252,872 89,265 56,093 656,198 47,537 129,717 66,732 23,186 689,643 4,257,264

27,964 12,419 4,328 5,281 21,267 18,207 38,645 4,015 6,370 9,445 2,595 22,700 31,267

528,799 118,602 58,298 53,180 379,616 537,107 597,065 68,978 98,862 202,123 41,079 784,739 607,518

2,703 2,678 6,356

150,449 129,776 163,794

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

21,361 32,124 314,521 187,734 48,897 154,364 56,167 79,297 109,653 13,239,600

Statement of Investments (Continued) January 31, 2017 (Unaudited) Nationwide Small Cap Index Fund (Continued) Common Stocks (continued)

Common Stocks (continued) Market Value

Shares Thrifts & Mortgage Finance (continued) Greene County Bancorp, Inc. (a) Hingham Institution for Savings Home Bancorp, Inc. HomeStreet, Inc. * Impac Mortgage Holdings, Inc. * Kearny Financial Corp. LendingTree, Inc. * (a) Meridian Bancorp, Inc. Meta Financial Group, Inc. MGIC Investment Corp. * Nationstar Mortgage Holdings, Inc. * (a) NMI Holdings, Inc., Class A * Northfield Bancorp, Inc. Northwest Bancshares, Inc. OceanFirst Financial Corp. Ocwen Financial Corp. * (a) Oritani Financial Corp. PennyMac Financial Services, Inc., Class A* PHH Corp. * Provident Bancorp, Inc. * Provident Financial Holdings, Inc. Provident Financial Services, Inc. Radian Group, Inc. SI Financial Group, Inc. Southern Missouri Bancorp, Inc. Territorial Bancorp, Inc. TrustCo Bank Corp. United Community Financial Corp. United Financial Bancorp, Inc. Walker & Dunlop, Inc. * Washington Federal, Inc. Waterstone Financial, Inc. Western New England Bancorp, Inc. WSFS Financial Corp.

796 408 1,616 7,026 3,450 26,424 1,924 14,636 2,496 103,611 9,809 15,450 12,706 29,102 7,552 31,338 11,437

$

Market Value

Shares

17,512 78,903 57,481 184,081 47,679 402,966 215,296 275,889 219,274 1,103,457 177,935 166,860 229,343 496,771 214,552 165,151 198,432

6,054 16,357 1,397 2,165 18,513 65,401 3,565 1,656 2,114 27,712 14,372 15,221 8,358 27,573 7,754 5,071 8,687

102,313 238,485 27,521 40,117 490,039 1,203,378 53,653 55,741 66,950 232,781 122,306 274,739 262,525 905,773 140,347 49,189 393,521 13,430,945

Tobacco 0.2% Alliance One International, Inc. * Turning Point Brands, Inc. * Universal Corp. Vector Group Ltd.

2,319 2,086 6,736 28,174

38,611 27,702 458,048 621,519 1,145,880

Trading Companies & Distributors 1.1% Aircastle Ltd. Applied Industrial Technologies, Inc. Beacon Roofing Supply, Inc. * BMC Stock Holdings, Inc. * CAI International, Inc. * DXP Enterprises, Inc. * GATX Corp. (a) GMS, Inc. * H&E Equipment Services, Inc. Kaman Corp. Lawson Products, Inc. * MRC Global, Inc. * Neff Corp., Class A * NOW, Inc. * Real Industry, Inc. * Rush Enterprises, Inc., Class A * Rush Enterprises, Inc., Class B * SiteOne Landscape Supply, Inc. * Textainer Group Holdings Ltd. Titan Machinery, Inc. * Triton International Ltd.

14,485 11,014 18,133 16,717 4,624 4,688 12,422 2,167 9,560 8,125 2,125 28,389 2,623 32,406 7,818 8,888 1,898 3,525 7,215 5,095 12,303

323,016 665,796 793,681 312,608 74,631 177,300 718,240 64,663 247,222 410,556 54,931 583,394 41,181 688,952 42,217 291,082 58,364 135,431 103,896 70,362 299,455

Trading Companies & Distributors (continued) Univar, Inc. * Veritiv Corp. * Willis Lease Finance Corp. *

13,021 2,564 1,124

Transportation Infrastructure 0.0%† Wesco Aircraft Holdings, Inc. *

16,827

254,929

Water Utilities 0.3% American States Water Co. AquaVenture Holdings Ltd. * (a) Artesian Resources Corp., Class A California Water Service Group Connecticut Water Service, Inc. Consolidated Water Co. Ltd. Global Water Resources, Inc. (a) Middlesex Water Co. SJW Group York Water Co. (The)

11,071 1,649 2,176 14,572 3,196 4,434 2,654 4,888 4,909 3,921

484,688 31,793 67,521 502,734 172,712 45,670 21,604 184,815 245,941 140,372 1,897,850

Wireless Telecommunication Services 0.1% Boingo Wireless, Inc. * NII Holdings, Inc. * Shenandoah Telecommunications Co. Spok Holdings, Inc.

11,081 15,694 14,017 6,396

129,648 44,335 381,963 131,438 687,384

$

Total Common Stocks (cost $440,909,781)

571,437,019

Rights 0.0%† Number of Rights

Market Value

Biotechnology 0.0%† Dyax Corp. CVR * (b)(c)

57,445

71,806

Wireless Telecommunication Services 0.0%† Leap Wireless International, Inc. CVR* (b)(c)

25,203

80,650

Total Rights (cost $–)

152,456

Investment Company 0.3% Shares Money Market Fund 0.1% Fidelity Investments Money Market Government Portfolio – Institutional Class, 0.47% (d)(e)

1,633,991

Total Investment Company (cost $1,633,991)

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.

17

388,286 143,712 28,640 6,717,616

Market Value

1,633,991 1,633,991

Statement of Investments (Continued) January 31, 2017 (Unaudited) Nationwide Small Cap Index Fund (Continued)

Repurchase Agreement 6.0% Principal Amount BNP Paribas Securities Corp., 0.55%, Dated 01/31/17, due 02/01/17, repurchase price $35,556,469, collateralized by U.S. Treasury Note, 2.13%, maturing 05/15/25; total market value $36,495,139. (e)

$35,555,926

Market Value

$

35,555,926

Total Repurchase Agreement (cost $35,555,926)

35,555,926

Total Investments (cost $478,099,698) (f) — 102.6%

608,779,392

Liabilities in excess of other assets — (2.6%)

(15,600,600)

NET ASSETS — 100.0%

* (a)

(b) (c) (d) (e)

(f)



CVR Ltd. NV plc REIT SA

$

593,178,792

Denotes a non-income producing security. The security or a portion of this security is on loan at January 31, 2017. The total value of securities on loan at January 31, 2017 was $39,350,866, which was collateralized by cash used to purchase a money market fund and a repurchase agreement with a value of $1,633,991 and $35,555,926, respectively, and $2,770,946 of collateral in the form of U.S. Government Treasury Securities, interest rates ranging from 0.00% 6.63%, and maturity dates ranging from 04/13/17 02/15/44; a total value of $39,960,863. Illiquid security. Fair valued security. Represents 7-day effective yield as of January 31, 2017. Security was purchased with cash collateral held from securities on loan. The total value of securities purchased with cash collateral as of January 31, 2017 was $37,189,917. At January 31, 2017, the tax basis cost of the Fund's investments was $492,500,519, tax unrealized appreciation and depreciation were $168,306,515 and $(52,027,642), respectively. Amount rounds to less than 0.1%.POI - Id & Asset Types

Contingent Value Rights Limited Public Traded Company Public Limited Company Real Estate Investment Trust Stock Company

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 (Continued) January 31, 2017 (Unaudited) Nationwide Small Cap Index Fund (Continued) At January 31, 2017, the Fund's open futures contracts were as follows:

Number of Contracts 329

Long Contracts Russell 2000 Mini Future

Expiration 03/17/17

Notional Value Covered by Contracts 22,363,775 $

Unrealized Appreciation/ (Depreciation) (24,466) $

At January 31, 2016, the Fund has $1,135,600 segregated as collateral with the broker for open futures contracts.

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.

19

Statement of Investments (Continued) January 31, 2017 (Unaudited) Nationwide Small Cap Index Fund (Continued) 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 below. • 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 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 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. 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 FVC 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 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 these securities may not be the same as quoted or published prices of the securities on the exchange on which such securities trade. Such securities are categorized as Level 2 investments within the hierarchy. If daily fair value prices from the independent fair value pricing service are not available, such non-U.S. securities are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees. The following table provides a summary of the inputs used to value the Fund’s net assets as of January 31, 2017. Please refer to the Statement of Investments for additional information on portfolio holdings.

Level 1 Assets: Common Stocks Aerospace & Defense Air Freight & Logistics Airlines Auto Components Automobiles Banks Beverages Biotechnology Building Products Capital Markets Chemicals Commercial Services & Supplies Communications Equipment

$

Level 2

8,677,603 3,210,902 2,043,978 7,041,817 254,654 66,113,783 1,126,894 26,482,316 6,683,060 8,281,212 14,636,793 13,849,322 10,672,952

$

Level 3

– – – – – – – – – – – – –

$

Total

– – – – – – – – – – – – –

$

8,677,603 3,210,902 2,043,978 7,041,817 254,654 66,113,783 1,126,894 26,482,316 6,683,060 8,281,212 14,636,793 13,849,322 10,672,952

The Statement of Investments should be read in conjunction with the financial statements and notes to financial statements which are included in the Fund’s audited annual report and unaudited semi-annual report.

20

Statement of Investments (Continued) January 31, 2017 (Unaudited) Nationwide Small Cap Index Fund (Continued) Level 1 Assets: (continued) Common Stocks (continued) Construction & Engineering Construction Materials Consumer Finance Containers & Packaging Distributors Diversified Consumer Services Diversified Financial Services Diversified Telecommunication Services Electric Utilities Electrical Equipment Electronic Equipment, Instruments & Components Energy Equipment & Services Equity Real Estate Investment Trusts (REITs) Food & Staples Retailing Food Products Gas Utilities Health Care Equipment & Supplies Health Care Providers & Services Health Care Technology Hotels, Restaurants & Leisure Household Durables Household Products Independent Power and Renewable Electricity Producers Industrial Conglomerates Insurance Internet & Direct Marketing Retail Internet Software & Services IT Services Leisure Products Life Sciences Tools & Services Machinery Marine Media Metals & Mining Mortgage Real Estate Investment Trusts (REITs) Multiline Retail Multi-Utilities Oil, Gas & Consumable Fuels Paper & Forest Products Personal Products Pharmaceuticals Professional Services Real Estate Management & Development Road & Rail Semiconductors & Semiconductor Equipment Software Specialty Retail Technology Hardware, Storage & Peripherals Textiles, Apparel & Luxury Goods Thrifts & Mortgage Finance Tobacco Trading Companies & Distributors Transportation Infrastructure Water Utilities Wireless Telecommunication Services Total Common Stocks Investment Company Repurchase Agreement Rights Total Assets Liabilities: Futures Contracts Total Liabilities Total

$

Level 2

5,648,735 1,749,511 3,095,488 815,061 542,039 6,114,507 577,031 3,664,632 5,969,823 4,015,511

$

Level 3

– – – – – – – – – –

$

Total

– – – – – – – – – –

$

5,648,735 1,749,511 3,095,488 815,061 542,039 6,114,507 577,031 3,664,632 5,969,823 4,015,511

16,751,106 7,259,606 41,553,704 3,154,324 7,640,530 6,946,579 17,857,778 11,790,721 2,575,820 17,160,109 7,130,080 1,588,347

– – – – – – – – – – – –

– – – – – – – – – – – –

16,751,106 7,259,606 41,553,704 3,154,324 7,640,530 6,946,579 17,857,778 11,790,721 2,575,820 17,160,109 7,130,080 1,588,347

2,778,959 275,074 13,689,321 3,031,992 13,606,094 11,237,273 1,671,211 3,859,751 21,020,695 638,440 8,640,757 8,072,344

– – – – – – – – – – – –

– – – – – – – – – – – –

2,778,959 275,074 13,689,321 3,031,992 13,606,094 11,237,273 1,671,211 3,859,751 21,020,695 638,440 8,640,757 8,072,344

$

5,507,175 1,097,253 2,762,358 14,014,151 3,468,000 1,727,294 9,394,607 7,937,253 2,883,441 3,055,760 22,735,392 20,792,351 13,239,600 3,232,277 4,257,264 13,430,945 1,145,880 6,717,616 254,929 1,897,850 687,384 571,437,019 1,633,991 – – 573,071,010

$

– – – – – – – – – – – – – – – – – – – – – – – 35,555,926 – 35,555,926

$

– – – – – – – – – – – – – – – – – – – – – – – – 152,456 152,456

$

5,507,175 1,097,253 2,762,358 14,014,151 3,468,000 1,727,294 9,394,607 7,937,253 2,883,441 3,055,760 22,735,392 20,792,351 13,239,600 3,232,277 4,257,264 13,430,945 1,145,880 6,717,616 254,929 1,897,850 687,384 571,437,019 1,633,991 35,555,926 152,456 608,779,392

$ $ $

(24,466) (24,466) 573,046,544

$ $ $

– – 35,555,926

$ $ $

– – 152,456

$ $ $

(24,466) (24,466) 608,754,926

$

$

$

$ $

Amounts designated as "–", which may include fair valued securities, are zero or have been rounded to zero. Transfers between levels are recognized as of the beginning of the reporting period. 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.

21

Statement of Investments (Continued) January 31, 2017 (Unaudited) Nationwide Small Cap Index Fund (Continued) During the period ended January 31, 2017, there were no significant transfers into or out of Level 1, Level 2 or Level 3. The following is a reconciliation of assets for which Level 3 inputs were used in determining fair value:

Balance as of 10/31/16 Accrued Accretion/(Amortization) Realized Gain/(Loss) Change in Unrealized Appreciation/(Depreciation) Purchases Sales Transfers Into Level 3 Transfers Out of Level 3 Balance as of 01/31/17 Change in Unrealized Appreciation/(Depreciation) for Investments Still Held as of 01/31/17

$

Common Stocks — — — — — — — — —

$



$

$

Rights 75,609 — — 13,083 — — 63,764 — 152,456

$

13,083

$

$

Total 75,609 — — 13,083 — — 63,764 — 152,456

$

13,083

$

Amounts designated as “—” are zero or have been rounded to zero. The FVC continues to evaluate any information that could cause an adjustment to the fair value for these investments, such as market news, the progress of judicial and regulatory proceedings, and subadviser recommendations. The following is a summary of the Fund’s derivative instruments categorized by risk exposure as of January 31, 2017. Please see below for information on the Fund’s policy regarding the objectives and strategies for using financial futures contracts. Futures Contracts The Fund is subject to equity price risk in the normal course of pursuing its objective(s). The Fund entered into financial futures contracts (“futures contracts”) to gain exposure to the value of equities. 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 tables provide a summary of the Fund’s derivative instruments categorized by risk exposure as of January 31, 2017: Fair Values of Derivatives not Accounted for as Hedging Instruments as of January 31, 2017 Liabilities: Futures Contracts Equity risk Total

Fair Value Unrealized depreciation from futures contracts

$ (24,466) $ (24,466)

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

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Nationwide Small Cap Index Fund SOI D3 - Nationwide Financial

Statement of Investments January 31, 2017 (Unaudited) Nationwide Small Cap Index Fund Common Stocks 96.3% Common Stocks (continued) Market Value Sh...

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