Nationwide Small Company Growth Fund NCSR Certified annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-08495

NATIONWIDE MUTUAL FUNDS

(Exact name of registrant as specified in charter)

1000 CONTINENTAL DRIVE, SUITE 400, KING OF PRUSSIA, PENNSYLVANIA 19406-2850
(Address of principal executive offices) (Zip code)

Eric E. Miller, Esq.
1000 Continental Drive
Suite 400
King of Prussia, Pennsylvania 19406-2850
(Name and address of agent for service)

Registrant’s telephone number, including area code: (610) 230-2839

Date of fiscal year end: October 31, 2009

Date of reporting period: November 1, 2008 through October 31, 2009

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than ten (10) days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR § 270.30e-1). The Commission may use the information provided on Form N-CSR in the Commission’s regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, D.C. 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

Nationwide Mutual Funds

AnnualReport

October 31, 2009

Equity Funds

Nationwide International Value Fund

Nationwide Large Cap Value Fund

Nationwide U.S. Small Cap Value Fund

Nationwide Value Fund

Fixed-Income Funds

Nationwide Bond Fund

Nationwide Enhanced Income Fund

Nationwide Government Bond Fund

Nationwide Short Duration Bond Fund

AnnualReport

October 31, 2009


			Contents

1			Message to Shareholders

			Equity Funds
6			Nationwide International Value Fund
21			Nationwide Large Cap Value Fund
33			Nationwide U.S. Small Cap Value Fund
54			Nationwide Value Fund

			Fixed-Income Funds
66			Nationwide Bond Fund
81			Nationwide Enhanced Income Fund
95			Nationwide Government Bond Fund
110			Nationwide Short Duration Bond Fund

123			Notes to Financial Statements

141			Report of Independent Registered Public Accounting Firm

142			Supplemental Information

143			Management Information

Commentary provided by Nationwide Fund Advisors, investment adviser to Nationwide Funds. All opinions and estimates included in this report constitute the Adviser’s judgment as of the date of this report and are subject to change without notice. Portfolio composition is accurate as of the date of this report and is subject to change at any time.

Statement Regarding Availability of Quarterly Portfolio Schedule.

The Nationwide Funds file complete schedules of portfolio holdings for each Fund with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at http://www.sec.gov. The Funds’ Forms N-Q may be reviewed and copied at the Commission’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330; and the Funds make the information on Form N-Q available to shareholders on nationwide.com/mutualfunds or upon request without charge.

Statement Regarding Availability of Proxy Voting Record.

Information regarding how the Fund voted proxies relating to portfolio securities held during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800-848-0920, and on the Commission’s website at http://www.sec.gov.

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Message to Shareholders

October 31, 2009

Dear Shareholder,

During the past year, investors have experienced tumultuous markets, the most severe economic recession in our generation and a job market that has stressed many of us to our financial and emotional limits.

The severe crisis has been met with equally aggressive action. In an effort to reverse the seizure of the credit markets and prevent a systemic collapse, the U.S. Treasury and the Federal Reserve System have lent unprecedented support to the financial system. This aid, in the form of access to capital, bailouts and nonrecourse loans, was granted to many of the institutions who arguably exploited the system in the buildup to the crisis. The federal government also has endeavored to boost economic activity through the economic stimulus package, which has added significantly to the federal deficit.

The actions of many financial institutions and the remedies employed by the federal government, while exhibiting well-meaning intent during a period of intense crisis, have resulted in widespread distrust of the financial system. The current easy access to capital and the potential longer-term issue of unprecedented deficits have caused the once over-leveraged private economy to be replaced by public financing. While we believe the worst of the crisis is over, some uncertainty lingers. Inflation fears remain in check, but the fundamentals of economic growth and job creation appear to be weak, and threats still may imperil financial market stability.

On April 30, 2009, I wrote to you “...the market has shown some signs of cautious rebounding.” In fact, the stock market run has outstripped the expectations of all market prognosticators. From March 9, 2009, through October 31, 2009, the Standard & Poor’s 500^® (S&P 500) Index rose more than 34%. Overselling during the fourth quarter of 2008 and first quarter of 2009 provided a portion of the catalyst for the double-digit positive stock market gains. Better-than-expected corporate earnings, inexpensive capital and an accommodating monetary policy may provide additional explanation for the current exuberance. These current events, however, do not appear quite so positive when examined more closely. Corporate earnings have largely been driven by (a) reductions in inventory achieved through reductions in capacity and (b) productivity gains accomplished by worker reductions and layoffs.

Our opinion is that amid the recent good news, there is cause for caution. First and foremost, cheap capital has led the markets straight back to risk-taking behavior. As a society, we haven’t displayed greater financial literacy and don’t appear to have learned any financial lessons well. The dichotomy of the very recent stock market euphoria versus the financial stress and uncertainty endured by individual investors is unsettling.

We exist to serve the long-term interests of our investors. At no time in our collective memories has the future direction of the economy and the financial markets been so unclear. Our reaction to this environment is to remain vigilant against anticipated and unanticipated risks, stay focused on the long term, and continue to select and monitor investment managers of the highest quality. We remain committed to the underlying investing principles of prudent asset allocation and diversification that provide optimal risk-adjusted returns over the long term.

Thank you for entrusting your investments to Nationwide Mutual Funds.

Sincerely,

Michael S. Spangler
President & CEO
Nationwide Mutual Funds

2009 Annual Report 1

Important Disclosures

Investors should carefully consider a fund’s investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other information on Nationwide Funds, please call 1-800-848-0920 to request a prospectus, or download a prospectus at nationwide.com/mutualfunds. Please read it carefully before investing any money.

This report and the holdings provided are for informational purposes only, and are not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future or other derivatives in such securities. Portfolio composition is accurate as of the date of this report and is subject to change at any time and without notice. There is no assurance that any specific securities mentioned in this report will remain in the fund’s portfolio. A more recent listing of each fund’s portfolio holdings can be found on the Trust’s Internet site, nationwide.com/mutualfunds.

The Funds’ adviser, one of its affiliated advisers, or its employees may have a position in the securities named in this report. Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

Investing in mutual funds involves risk, including the possible loss of principal. There is no assurance that the investment objective of any fund will be achieved.

Small-company stocks have higher risks than the stocks of larger, more established companies and have significant short-term price volatility. A portfolio that targets its investments to companies of different sizes within a broad small-capitalization range may fail to produce the returns and/or diversification benefits of the overall U.S. small-capitalization market.

Value stocks can react differently to issuer, political, market and economic developments than the market overall and other types of stocks. This can cause a Fund that employs a value style of investing to underperform other funds that use different investing styles.

International investing involves additional risks, including currency fluctuations, differences in accounting standards, economic and political instability, illiquidity and higher trading costs, and differences in foreign regulations, all of which are magnified in emerging markets.

While the Nationwide Government Bond Fund invests primarily in securities of the U.S. government and its agencies, the Fund’s value is not guaranteed by these entities.

The Nationwide Bond Fund, the Nationwide Enhanced Income Fund and the Nationwide Short Duration Bond Fund may purchase securities in derivatives, which can be very volatile and carry high transaction costs. These Funds also may purchase mortgage-backed and asset-backed securities, which are sensitive to fluctuations in interest rates. In addition, these securities are subject to prepayment, which may cause a Fund to reinvest in securities with lower interest rates.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Performance shown is for Class A shares at NAV. Performance returns assume the reinvestment of all distributions. Returns for periods less than one year are not annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown, please call 1-800-848-0920 or go to nationwide.com/mutualfunds.

Lipper Analytical Services, Inc. is an industry research firm whose rankings are based on total return performance and do not reflect the effect of sales charges. Each fund is ranked within a universe of funds similar in investment objective as determined by Lipper.

Market Indexes

Market index performance is provided by a third-party source Nationwide Funds Group deems to be reliable. Indexes are unmanaged and have been provided for comparison purposes only. No fees or expenses have been reflected. Individuals cannot invest directly in an index.

Barclays Capital (BARCAP) U.S. Aggregate Bond Index: An unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more)

2 Annual Report 2009

that is generally representative of the bond market as a whole.

Merrill Lynch (ML) 1-3 Year Treasury Index: An unmanaged index that tracks short-term U.S. Treasury notes and bonds with maturities of one to three years.

Merrill Lynch (ML) 1-Year Treasury Bill (T-Bill) Index: An unmanaged index that measures the returns of 12-month Treasury bills. Comprises a single issue purchased at the beginning of a month and held for the full month. At the end of that month, that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding T-Bill with the longest maturity. At times, it is possible for the longest T-Bill (and therefore the selected issue) to have slightly longer than one year remaining to maturity. Also, in the event that the new 1-Year T-Bill has not settled by month-end, the prior T-Bill could be held for a second month, and the maturity of the Index could be as short as 10 months at the next rebalancing.

Merrill Lynch (ML) 6-Month Treasury Bill (T-Bill) Index: An unmanaged index that measures the returns of six-month Treasury bills. Comprises a single issue purchased at the beginning of a month and held for the full month. At the end of that month, that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding T-Bill that matures closest to, but not beyond, six months from the rebalancing date. While the index will often hold the T-Bill issued at the most recent or prior 6-month auction, it is also possible for a seasoned 1-year T-Bill to be selected.

Merrill Lynch (ML) Government Master Index: An unmanaged index that gives a broad look at how U.S. government bonds have performed.

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Russell 1000^® Index: An unmanaged index that measures the performance of the stocks of the 1,000 largest companies in the Russell 3000^® Index and represents approximately 90% of the U.S. market.

Russell 1000^® Value Index: An unmanaged index that measures the performance of the stocks of U.S. companies in the Russell 1000^® Index (the largest 1,000 U.S. companies, based on market capitalization) with lower price-to-book ratios and lower forecasted growth values.

Russell 2000^® Value Index: An unmanaged index that measures the performance of the stocks of U.S. companies in the Russell 2000^® Index (the smallest 2,000 U.S. companies, based on market capitalization) with lower price-to-book ratios and lower forecasted growth values.

Sales Charge and Fee Information


•	Nationwide International Value Fund

•	Nationwide Large Cap Value Fund

•	Nationwide U.S. Small Cap Value Fund

•	Nationwide Value Fund


	Class A shares have up to a 5.75% front-end sales charge and a 0.25% 12b-1 fee. Total returns reflect a waiver of part of the Fund’s fees for certain periods since inception, without which returns would have been lower.


•	Nationwide Bond Fund

•	Nationwide Government Bond Fund


	Class A shares have up to a 4.25% front-end sales charge and a 0.25% 12b-1 fee. Total returns reflect a waiver of part of the Fund’s fees for certain periods since inception, without which returns would have been lower.


•	Nationwide Enhanced Income Fund

•	Nationwide Short Duration Bond Fund


	Class A shares have up to a 2.25% front-end sales charge and a 0.25% 12b-1 fee. Total returns reflect a waiver of part of the Fund’s fees for certain periods since inception, without which returns would have been lower.

Based in King of Prussia, Pa., a suburb of Philadelphia, Nationwide’s Investment Management Group (IMG) is the investment arm of Nationwide Financial Services, Inc. (NFS). IMG comprises Nationwide Funds Group (NFG) and Nationwide Investment Advisors, LLC (NIA).

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services,

2009 Annual Report 3

Important Disclosures (Continued)

respectively, to Nationwide Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (NFD), Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406. NFD is not affiliated with any of the subadvisers listed in this report, except Nationwide Asset Management, LLC.

4 Annual Report 2009

Summary of Market Environment

The following is a commentary from Nationwide Funds Group on market conditions for the year ended October 31, 2009.

At the beginning of the annual reporting period, U.S. equity markets seemed to be entering one of the worst declines since the Great Depression. The recessionary environment was fueled by the recent failures of several prominent U.S. financial institutions. Further eroding confidence in the equity markets were the U.S. government’s takeover of Fannie Mae and Freddie Mac (the government-sponsored enterprises representing a large portion of the U.S. residential mortgage market) and the implementation of government-sponsored bailout programs. This resulted in double-digit declines in nearly all segments of the investment market as well as increased volatility throughout the first four months of the reporting period.

After hitting a low point on March 9, 2009, the stock market began a steady climb with the Standard & Poor’s 500^® (S&P 500) Index and the Russell 2000^® Index rising 55% and 66%, respectively, through the end of the reporting period. Leading the recovery were the economically sensitive sectors — consumer discretionary, energy and materials. Money market fund flows decreased and flows into equity mutual funds increased during the period as investors seemed to embrace a renewed appetite for risk. In the fixed-income markets, the lower-quality sectors also rallied during the reporting period. CCC-rated bonds, as measured by the Merrill Lynch U.S. High Yield Index, rose more than 73% during the reporting period, while U.S. Treasuries, as measured by the Merrill Lynch U.S. Treasury Master Index, rose only 6%.

Large-capitalization U.S. equities, as measured by the large-cap S&P 500 Index, rose 9.80% for the reporting period as markets rallied in the second half, reversing the downswings that occurred at the beginning of the period. Mid-cap U.S. equities, the best-performing segment, as measured by the Standard & Poor’s MidCap 400 (S&P 400) Index, rose 18.18%, and small-cap U.S. equities, as measured by the Russell 2000 Index, increased 6.46%.

In general, international stocks outperformed U.S. equities. International developed market stocks, as measured by the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index, gained more than 27% for the reporting period. Emerging market stocks, as measured by the Morgan Stanley Capital International Emerging Markets (MSCI EM) Index^sm, increased more than 64% for the reporting period, with this positive return coming after the March 9 market low.

As mentioned above, returns were mixed for fixed-income investors. The broad-based Barclays Capital (BARCAP) U.S. Aggregate Bond Index (formerly Lehman Brothers U.S. Aggregate Index) gained nearly 14%. As liquidity improved in the credit markets, spread sectors (i.e., non-Treasuries) outperformed Treasuries, which were the top performers during the prior annual reporting period. Investment-grade corporates, as measured by the Merrill Lynch U.S. Corporate A-Aaa Index were up slightly more than 26%, and mortgages securities, as measured by the Merrill Lynch Mortgage Master Index were up 12%.

2009 Annual Report 5


Nationwide International Value Fund

How did the Fund perform during the reporting period in relation to its benchmark and its peer group?

For the annual period ended October 31, 2009, the Nationwide International Value Fund (Class A at NAV) returned 25.25% versus 27.71% for its benchmark, the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index. For broader comparison, the average return for the Fund’s Lipper peer category of International Large-Cap Value Funds (consisting of 133 funds as of October 31, 2009) was 24.35% for the same time period.

What areas of investment provided the most positive relative returns for the Fund?

An overweight to the financials sector, along with several Fund holdings in that sector, contributed to Fund performance. This included the Fund’s position in Deutsche Bank AG, which benefited from Deutsche Bank’s own restructuring efforts as well as government action to revive bank lending. Other contributors to Fund performance included Japan’s Nippon Mining Holdings, Inc. and Swedish paper manufacturer Svenska Cellulosa Aktiebolaget SCA.

What areas of investment detracted from Fund performance?

The Fund’s positions in financial firms The Royal Bank of Scotland Group plc (RBS) and ORIX Corp. detracted from the Fund’s portfolio performance. RBS fell sharply in January after requiring additional capital and as investors questioned the adequacy of the U.K. government’s financial rescue package, fearing that additional capital would be required. Tire maker Compagnie Générale des Établissements Michelin also detracted from Fund performance due to lower demand from car and truck makers.

What is your outlook for the near term?

Despite the improvement in sentiment, investors remain anxious. While risk aversion and volatility are down materially from their peaks, an unusually wide divergence of opinion exists about the outlook for corporate earnings, indicating a persistently high level of uncertainty among investors. Moreover, discounts on the most attractive stocks are still pricing above their long-term averages across most sectors.

Given the uncertain outlook regarding corporate earnings, we still expect to see some businesses demonstrate a degree of improvement in their earnings going forward. We do not expect to see business conditions to improve overnight, however, and, for the short term, we foresee a continuation of volatility in the international markets.

Subadviser:
AllianceBernstein L.P.

Portfolio Managers:
Henry S. D’Auria; Sharon E. Fay; Eric Franco; and Kevin F. Simms

6 Annual Report 2009


Fund Performance	Nationwide International Value Fund

Average Annual Total Return
(For periods ended October 31, 2009)


		1 Yr.		Inception¹

Class A	w/o SC²		25.25%		-22.43%
	w/SC³		18.10%		-24.85%


Class C	w/o SC²		24.24%		-22.93%
	w/SC⁴		23.24%		-22.93%


Institutional Service Class⁵			25.21%		-22.33%


Institutional Class⁵			25.49%		-22.15%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.


¹		Fund commenced operations on December 21, 2007.

²		These returns do not reflect the effects of sales charges (SC).

³		A 5.75% front-end sales charge was deducted.

⁴		A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁵		Not subject to any sales charges.

Expense Ratios


	Gross		Net
	Expense		Expense
	Ratio*		Ratio*

Class A		1.36%		1.25%


Class C		2.11%		2.00%


Institutional Service Class		1.30%		1.19%


Institutional Class		1.11%		1.00%


*		Current effective prospectus. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2010. Please see the Fund’s most recent prospectus for details.

Performance of a $10,000 Investment

Investment return and principal value will fluctuate, and when redeemed, shares may be worth more or less than original cost. Past performance is no guarantee of future results and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Investing in mutual funds involves market risk, including loss of principal. Performance returns assume the reinvestment of all distributions.

Comparative performance of $10,000 invested in Class A shares of the Nationwide International Value Fund, Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE)(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.


(a)		The MSCI EAFE — an unmanaged index of companies whose securities are listed on the stock exchanges of the U.S., Europe, Canada, Australia and the Far East — gives a broad look at how the stock prices of these companies have performed.

(b)		Calculated by the U.S. Department of Labor’s Bureau of Labor Statistics, the CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2009 Annual Report 7


Shareholder	Nationwide International Value Fund

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) paid on purchase payments and redemption fees; and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. These examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. Per Securities and Exchange Commission (“SEC”) requirements, the examples assume that you had a $1,000 investment in the Class at the beginning of the reporting period and continued to hold your shares at the end of the reporting period.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Expenses for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
October 31, 2009


			Beginning		Ending		Expenses Paid		Expense Ratio
			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Nationwide International Value Fund			05/01/09		10/31/09		05/01/09 - 10/31/09 ^a		05/01/09 - 10/31/09 ^a

Class A Shares	Actual			1,000.00		1,310.80		7.28		1.25
	Hypothetical	^b		1,000.00		1,018.90		6.36		1.25


Class C Shares	Actual			1,000.00		1,305.70		11.57		2.00
	Hypothetical	^b		1,000.00		1,015.17		10.11		2.00


Institutional Service Class	Actual			1,000.00		1,310.10		7.28		1.26
Shares	Hypothetical	^b		1,000.00		1,018.90		6.36		1.26


Institutional Class Shares	Actual			1,000.00		1,314.30		5.77		1.00
	Hypothetical	^b		1,000.00		1,020.21		5.04		1.00


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

^b		Represents the hypothetical 5% return before expenses.

8 Annual Report 2009


Portfolio Summary	Nationwide International Value Fund

October 31, 2009


Asset Allocation

Common Stocks	97	.8%
Repurchase Agreement	3	.4%
Mutual Fund	0	.8%
Right	0	.0%
Preferred Stock	0	.0%
Liabilities in excess of other assets	(2	.0%)

	100	.0%


Top Industries†

Commercial Banks	18	.1%
Oil, Gas & Consumable Fuels	11	.3%
Pharmaceuticals	8	.9%
Diversified Telecommunication Services	8	.2%
Insurance	4	.6%
Electric Utilities	4	.5%
Wireless Telecommunication Services	3	.3%
Food & Staples Retailing	3	.2%
Media	2	.5%
Computers & Peripherals	2	.4%
Other Industries *	33	.0%

	100	.0%


†		Percentages indicated are based upon total investments as of October 31, 2009.


Top Holdings†

BP PLC	2	.7%
Royal Dutch Shell PLC, Class A	2	.7%
Vodafone Group PLC	2	.5%
Banco Santander SA	2	.2%
GlaxoSmithKline PLC	2	.0%
BNP Paribas	2	.0%
Societe Generale	1	.9%
Credit Agricole SA	1	.9%
Sanofi-Aventis SA	1	.8%
Telefonica SA	1	.8%
Other Holdings *	78	.5%

	100	.0%


Top Countries†

United Kingdom	17	.1%
France	13	.7%
Germany	13	.1%
Japan	11	.4%
Italy	6	.1%
Australia	5	.7%
Netherlands	4	.7%
Canada	4	.4%
Spain	4	.0%
Sweden	3	.0%
Other Countries*	16	.8%

	100	.0%


*		For purposes of listing top industries, top holdings and top countries, the repurchase agreement is included as part of Other.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 9

Statement of Investments

October 31, 2009

Nationwide International Value Fund



Common Stocks 97.8%

	Shares		Market Value


AUSTRALIA 5.8%
Airlines 0.8%
Qantas Airways Ltd. (a)	455,836	$	1,133,437

Capital Markets 0.4%
Macquarie Group Ltd. (a)	13,400		586,865

Commercial Banks 2.7%
Australia & New Zealand Banking Group Ltd. (a)	84,300		1,719,399
National Australia Bank Ltd. (a)	68,600		1,812,531

			3,531,930

Containers & Packaging 0.7%
Amcor Ltd.(a)	171,020		880,673

Metals & Mining 0.6%
BHP Billiton Ltd. (a)	23,000		754,325

Real Estate Management & Development 0.3%
Lend Lease Corp. Ltd. (a)	49,400		409,484

Transportation Infrastructure 0.3%
Macquarie Infrastructure Group (a)	347,534		444,737

			7,741,451



AUSTRIA 0.7%

Oil, Gas & Consumable Fuels 0.7%
OMV AG	21,700		894,233



BELGIUM 0.2%

Food & Staples Retailing 0.2%
Delhaize Group SA (a)	3,600		244,555



CANADA 4.5%

Aerospace & Defense 0.5%
Bombardier, Inc., Class B (b)	164,400		666,989

Commercial Banks 1.1%
National Bank of Canada	13,300		693,117
Toronto-Dominion Bank	14,700		837,943

			1,531,060

Diversified Telecommunication Services 0.5%
TELUS Corp., Class A	21,300		634,837

Insurance 0.9%
Fairfax Financial Holdings Ltd.	628		224,647
Industrial Alliance Isurance	22,000		564,817
Intact Financial Corp.	2,900		88,175
Sun Life Financial, Inc.	12,500		345,756

			1,223,395

Oil, Gas & Consumable Fuels 1.5%
Nexen, Inc.	23,349		502,347
Suncor Energy, Inc.	43,008		1,427,704

			1,930,051


			5,986,332

CHINA 0.0%

Diversified Telecommunication Services 0.0%
China Telecom Corp., Ltd., H Shares (a)	6,000		2,652



DENMARK 0.7%

Commercial Banks 0.7%
Danske Bank AS* (a)	39,100		897,994



FINLAND 0.9%

Communications Equipment 0.9%
Nokia OYJ (a)	88,800		1,121,653



FRANCE 14.0%

Automobiles 0.8%
Renault SA* (a)	23,200		1,038,218

Commercial Banks 5.9%
BNP Paribas (a)	35,926		2,706,457
Credit Agricole SA (a)	130,282		2,495,574
Societe Generale(a) (b)	39,397		2,616,743

			7,818,774

Diversified Telecommunication Services 1.2%
France Telecom SA (a)	63,600		1,575,930

Electric Utilities 1.0%
Electricite de France (EDF) (a)	22,900		1,276,346

Food & Staples Retailing 0.6%
Casino Guichard Perrachon SA (a)	9,900		786,669

Media 1.8%
Lagardere SCA (a)	32,700		1,477,366
Vivendi (a)	35,630		988,460

			2,465,826

Pharmaceuticals 1.9%
Sanofi-Aventis SA (a)	33,950		2,488,609

Real Estate Investment Trusts (REITs) 0.8%
Unibail-Rodamco SE (a)	4,800		1,062,939

			18,513,311



GERMANY 13.4%

Air Freight & Logistics 1.0%
Deutsche Post AG (a)	81,300		1,375,385

Capital Markets 1.5%
Deutsche Bank AG (a)	27,505		1,998,278

Chemicals 1.5%
BASF SE (a)	38,100		2,039,493

Diversified Telecommunication Services 1.2%
Deutsche Telekom AG (a)	113,300		1,548,289

Electric Utilities 1.7%
E.ON AG (a)	57,960		2,221,312

10 Annual Report 2009


Common Stocks (continued)
	Shares		Market Value



Food & Staples Retailing 0.7%
Metro AG (a)	16,900	$	938,016

Health Care Providers & Services 0.3%
Celesio AG (a)	13,700		339,857

Insurance 2.8%
Allianz SE (a)	17,170		1,968,092
Muenchener Rueckversicherungs AG (a)	11,060		1,749,836

			3,717,928

Multi-Utilities 1.3%
RWE AG (a)	18,980		1,664,790

Pharmaceuticals 1.4%
Bayer AG (a)	27,700		1,921,838

			17,765,186



HONG KONG 1.1%
Diversified Financial Services 0.0%
Guoco Group, Ltd.* (a)	2,000		22,433

Real Estate Management & Development 0.4%
New World Development Ltd. (a)	241,000		518,739

Textiles, Apparel & Luxury Goods 0.7%
Yue Yuen Industrial Holdings Ltd. (a)	322,000		897,267

			1,438,439



ISRAEL 0.4%
Diversified Telecommunication Services 0.4%
Bezeq Israeli Telecommunication Corp. Ltd. (a)	229,100		511,287



ITALY 6.3%

Commercial Banks 2.0%
Intesa Sanpaolo SpA* (a)	221,600		932,600
UniCredit SpA* (a)	485,300		1,625,856

			2,558,456

Diversified Telecommunication Services 1.5%
Telecom Italia SpA (a)	817,800		1,299,185
Telecom Italia SpA — RSP (a)	640,300		704,643

			2,003,828

Electric Utilities 1.2%
Enel SpA (a)	271,800		1,617,294

Oil, Gas & Consumable Fuels 1.6%
ENI SpA (a)	85,700		2,122,514

			8,302,092



JAPAN 11.7%
Automobiles 1.3%
Nissan Motor Co., Ltd.* (a)	233,700		1,691,087

Chemicals 0.0%
Mitsubishi Chemical Holdings Corp. (a)	15,000		55,701

Commercial Banks 1.3%
Mitsubishi UFJ Financial Group, Inc. (a)	89,300		475,648
Sumitomo Mitsui Financial Group, Inc. (a)	35,000		1,189,654

			1,665,302

Computers & Peripherals 1.7%
Toshiba Corp.* (a)	385,000		2,200,408

Consumer Finance 0.8%
ORIX Corp.	16,720		1,080,026

Diversified Telecommunication Services 1.2%
Nippon Telegraph & Telephone Corp. (a)	38,800		1,600,980

Electric Utilities 0.8%
Tokyo Electric Power Co., Inc. (The) (a)	44,600		1,096,314

Food & Staples Retailing 0.6%
AEON Co., Ltd. (a)	95,000		847,345

Household Durables 0.7%
Sharp Corp. (a)	82,000		874,890

Leisure Equipment & Products 0.3%
Namco Bandai Holdings, Inc. (a)	43,700		446,826

Marine 0.5%
Nippon Yusen KK (a)	190,000		701,352

Pharmaceuticals 0.4%
Mitsubishi Tanabe Pharma Corp. (a)	42,000		536,204

Real Estate Management & Development 1.3%
Mitsui Fudosan Co., Ltd. (a)	51,000		825,180
Sumitomo Realty & Development Co., Ltd. (a)	44,000		834,302

			1,659,482

Wireless Telecommunication Services 0.8%
KDDI Corp. (a)	192		1,019,037

			15,474,954



NETHERLANDS 4.8%
Chemicals 0.2%
Koninklijke DSM NV	5,300		232,215

Food & Staples Retailing 1.1%
Koninklijke Ahold NV (a)	120,500		1,517,840

Oil, Gas & Consumable Fuels 2.8%
Royal Dutch Shell PLC, Class A(a) (b)	124,300		3,685,331

Professional Services 0.7%
Randstad Holding NV* (a)	23,500		891,647

			6,327,033



NEW ZEALAND 0.0%
Diversified Telecommunication Services 0.0%
Telecom Corp. of New Zealand Ltd. (a)	13,903		25,286

2009 Annual Report 11

Statement of Investments (Continued)

October 31, 2009

Nationwide International Value Fund (Continued)


Common Stocks (continued)
	Shares		Market Value



NORWAY 1.3%
Oil, Gas & Consumable Fuels 1.3%
StatoilHydro ASA (a)	74,350	$	1,751,998



RUSSIA 0.4%
Metals & Mining 0.4%
MMC Norilsk Nickel ADR* (a)	44,247		581,252



SOUTH AFRICA 1.2%
Commercial Banks 0.9%
ABSA Group Ltd. (a)	37,400		592,040
Standard Bank Group Ltd. (a)	47,700		595,343

			1,187,383

Industrial Conglomerates 0.3%
Bidvest Group Ltd. (a)	26,556		415,839

			1,603,222



SPAIN 4.1%
Commercial Banks 2.3%
Banco Santander SA (a)	187,026		3,009,673

Diversified Telecommunication Services 1.8%
Telefonica SA (a)	87,800		2,451,948

			5,461,621



SWEDEN 3.1%
Communications Equipment 1.2%
Telefonaktiebolaget LM Ericsson, Class B (a)	148,000		1,546,280

Household Durables 0.8%
Electrolux AB, Series B* (a)	43,300		1,037,855

Paper & Forest Products 1.1%
Svenska Cellulosa AB, Class B (a)	107,400		1,475,789

			4,059,924



SWITZERLAND 2.7%
Metals & Mining 0.5%
Xstrata PLC*	42,440		611,285

Pharmaceuticals 1.8%
Novartis AG (a)	46,620		2,427,697

Professional Services 0.4%
Adecco SA (a)	13,100		585,366

			3,624,348



TAIWAN 1.3%
Computers & Peripherals 0.8%
Compal Electronics, Inc. GDR	173,391		1,104,500

Electronic Equipment, Instruments & Components 0.5%
AU Optronics Corp. ADR	74,572		658,471

			1,762,971

THAILAND 0.4%
Oil, Gas & Consumable Fuels 0.4%
PTT PCL (a)	73,400		519,550



UNITED KINGDOM 17.4%
Aerospace & Defense 1.0%
Rolls-Royce Group PLC* (a)	179,300		1,322,303
Rolls-Royce Group PLC, Class C* (a)	10,758,000		17,657

			1,339,960

Commercial Banks 0.9%
Barclays PLC* (a)	223,600		1,171,903

Diversified Telecommunication Services 0.5%
BT Group PLC, Class A (a)	307,120		658,143

Food Products 0.8%
Associated British Foods PLC (a)	77,600		1,050,790

Hotels, Restaurants & Leisure 0.9%
Thomas Cook Group PLC (a)	127,800		427,962
Tui Travel PLC (a)	203,700		776,151

			1,204,113

Independent Power Producers & Energy Traders 0.3%
Drax Group PLC (a)	54,100		411,604

Insurance 0.9%
Aviva PLC (a)	151,000		944,226
Old Mutual PLC (a)	120,200		208,621

			1,152,847

Media 0.8%
WPP PLC (a)	113,400		1,016,278

Multi-Utilities 0.5%
Centrica PLC (a)	171,200		695,496

Oil, Gas & Consumable Fuels 2.8%
BP PLC (a)	394,600		3,697,499

Pharmaceuticals 3.6%
AstraZeneca PLC (a)	45,200		2,029,094
GlaxoSmithKline PLC (a)	135,100		2,771,262

			4,800,356

Semiconductors & Semiconductor Equipment 1.1%
Samsung Electronics Co. Ltd. GDR (a)(c)	4,750		1,440,513

Trading Companies & Distributors 0.8%
Wolseley PLC* (a)	56,000		1,132,767

Wireless Telecommunication Services 2.5%
Vodafone Group PLC (a)	1,519,300		3,348,275

			23,120,544



UNITED STATES 1.4%
Commercial Banks 0.8%
KB Financial Group, Inc. ADR*	22,523		1,068,491

12 Annual Report 2009


Common Stocks (continued)
		Shares		Market Value


UNITED STATES (continued)

Oil, Gas & Consumable Fuels 0.6%
LUKOIL Holdings ADR		14,660	$	838,699

				1,907,190


Total Common Stocks (cost $139,319,936)				129,639,078



Preferred Stock 0.0%


SOUTH KOREA 0.0%
Semiconductors & Semiconductor Equipment 0.0%
Samsung Electronics Co., Ltd. GDR (a)(c)		100		20,014


Total Preferred Stock (cost $23,087)				20,014



Right 0.0%

		Number of Rights


BELGIUM 0.0%
Commercial Banks 0.0%
Fortis 12/31/2049* (a)		67,100		0


Total Right (cost $–)				0



Mutual Fund 0.8%

		Shares




Money Market Fund 0.8%
Invesco AIM Liquid Assets Portfolio, 0.21% (d)		1,112,734		1,112,734


Total Mutual Fund (cost $1,112,734)				1,112,734



Repurchase Agreement 3.4%

		Principal Amount		Market Value


Morgan Stanley, 0.08%, dated 10/31/09, due 11/02/09, repurchase price $4,540,538, collateralized by U.S. Government Agency Mortgage securities, 3.165% - 6.50%, maturing 08/01/2017 - 11/01/2039; total market value of $ 4,631,352 (e)	$	4,540,508		4,540,508


Total Repurchase Agreement (cost $4,540,508)				4,540,508


Total Investments (cost $144,996,265) (f) — 102.0%				135,312,334

Liabilities in excess of other assets — (2.0)%				(2,643,254	)


NET ASSETS — 100.0%			$	132,669,080


*		Denotes a non-income producing security.

(a)		Fair Valued Security.

(b)		The security or a portion of this security is on loan at October 31, 2009. The total value of securities on loan at October 31, 2009 was $4,222,070.

(c)		Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The aggregate value of these securities at October 31, 2009 was $1,460,527 which represents 1.10% of net assets.

(d)		Represents 7-day effective yield as of October 31, 2009.

(e)		The security was purchased with cash collateral held from securities on loan (See Note 2.) The total value of this security as of October 31, 2009 was $4,540,508.

(f)		See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.


AB		Stock Company

ADR		American Depositary Receipt

AG		Stock Corporation

AS		Stock Corporation

ASA		Stock Corporation

GDR		Global Depositary Receipt

KK		Joint Stock Company

Ltd.		Limited

NV		Public Traded Company

OYJ		Public Traded Company

2009 Annual Report 13

Statement of Investments (Continued)

October 31, 2009

Nationwide International Value Fund (Continued)


PCL		Public Company Limited

PLC		Public Limited Company

REIT		Real Estate Investment Trust

RSP		Savings Shares

SA		Stock Company

SCA		Limited partnership with share capital

SE		Sweden

SpA		Limited Share Company

At October 31, 2009, the Fund’s open forward foreign currency exchange contracts against the United States Dollar were as follows (Note 2):


		Currency									Unrealized
	Delivery	Received/			Contract			Market			Appreciation/
Currency	Date	(Delivered)			Value			Value			(Depreciation)

Short Contracts:
Australian Dollar	1/15/10		(414,000	)	$	(374,297	)	$	(369,924	)	$	4,373
British Pound	1/15/10		(6,126,000	)		(9,784,509	)		(10,050,439	)		(265,930	)
British Pound	1/15/10		(1,541,000	)		(2,449,497	)		(2,528,196	)		(78,699	)
Canadian Dollar	1/15/10		(6,800,000	)		(6,416,608	)		(6,284,368	)		132,240
Euro	1/15/10		(1,664,000	)		(2,442,685	)		(2,448,348	)		(5,663	)
Euro	1/15/10		(733,000	)		(1,069,037	)		(1,078,510	)		(9,473	)
Euro	1/15/10		(4,944,000	)		(7,416,890	)		(7,274,420	)		142,470
Japanese Yen	11/02/09		(36,800,000	)		(404,089	)		(408,821	)		(4,732	)
Japanese Yen	1/15/10		(128,296,000	)		(1,396,820	)		(1,425,925	)		(29,105	)
Japanese Yen	1/15/10		(672,566,000	)		(7,563,805	)		(7,475,125	)		88,680
Norwegian Krone	1/15/10		(1,951,000	)		(343,468	)		(339,743	)		3,725
Swiss Franc	1/15/10		(402,000	)		(389,535	)		(392,037	)		(2,502	)

Total Short Contracts					$	(40,051,240	)	$	(40,075,856	)	$	(24,616	)

Long Contracts:
Australian Dollar	1/15/10		15,353,000		$	13,531,366		$	13,718,468		$	187,102
British Pound	1/15/10		5,137,000			8,389,080			8,427,865			38,785
Canadian Dollar	1/15/10		1,820,000			1,694,932			1,681,993			(12,939	)
New Zealand Dollar	1/15/10		8,518,000			6,203,063			6,079,666			(123,397	)
Norwegian Krone	1/15/10		34,197,000			5,961,665			5,954,995			(6,670	)
Swedish Krona	1/15/10		34,693,000			4,941,882			4,893,584			(48,298	)

Total Long Contracts					$	40,721,988		$	40,756,571		$	34,583

The accompanying notes are an integral part of these financial statements.

14 Annual Report 2009

Statement of Assets and Liabilities

October 31, 2009



	Nationwide
	International
	Value Fund

Assets:
Investments, at value (cost $140,455,757)^*	$	130,771,826
Repurchase agreements, at value and cost		4,540,508

Total Investments		135,312,334

Foreign currencies, at value (cost $1,124,121)		1,125,231
Interest and dividends receivable		190,123
Security lending income receivable		1,618
Receivable for investments sold		2,872,841
Receivable for capital shares issued		307,837
Reclaims receivable		44,864
Unrealized appreciation on forward foreign currency exchange contracts (Note 2)		597,375
Prepaid expenses and other assets		44,712

Total Assets		140,496,935

Liabilities:
Payable for investments purchased		2,573,728
Unrealized depreciation on forward foreign currency exchange contracts (Note 2)		587,408
Payable upon return of securities loaned (Note 2)		4,540,508
Accrued expenses and other payables:
Investment advisory fees		90,305
Fund administration fees		14,393
Distribution fees		87
Administrative servicing fees		53
Accounting and transfer agent fees		3,907
Trustee fees		2,358
Custodian fees		921
Compliance program costs (Note 3)		915
Professional fees		10,351
Other		2,921

Total Liabilities		7,827,855

Net Assets	$	132,669,080

Represented by:
Capital	$	188,649,700
Accumulated undistributed net investment income		1,801,341
Accumulated net realized losses from investment transactions		(48,106,190	)
Net unrealized appreciation/(depreciation) from investments		(9,683,931	)
Net unrealized appreciation/(depreciation) from forward foreign currency exchange contracts (Note 2)		9,967
Net unrealized appreciation/(depreciation) from translation of assets and liabilities denominated in foreign currencies		(1,807	)

Net Assets	$	132,669,080

Net Assets:
Class A Shares	$	384,923
Class C Shares		6,154
Institutional Service Class Shares		132,254,218
Institutional Class Shares		23,785

Total	$	132,669,080

* Includes value of securities on loan of $4,222,070 (Note 2)

The accompanying notes are an integral part these to financial statements.

2009 Annual Report 15

Statement of Assets and Liabilities (Continued)



	Nationwide
	International
	Value Fund

Shares outstanding (unlimited number of shares authorized):
Class A Shares		62,064
Class C Shares		1,001
Institutional Service Class Shares		21,302,487
Institutional Class Shares		3,820

Total		21,369,372

Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	6.20
Class C Shares (a)	$	6.15
Institutional Service Class Shares	$	6.21
Institutional Class Shares	$	6.23
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	6.58

Maximum Sales Charge:
Class A Shares		5.75	%


(a)		For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.

The accompanying notes are an integral part these to financial statements.

16 Annual Report 2009

Statement of Operations

For the Year Ended October 31, 2009



	Nationwide
	International
	Value Fund

INVESTMENT INCOME:
Interest income	$	1,481
Dividend income		4,076,250
Income from securities lending (Note 2)		159,824
Foreign tax withholding		(368,227	)

Total Income		3,869,328

Expenses:
Investment advisory fees		954,767
Fund administration fees		142,199
Distribution fees Class A		263
Distribution fees Class C		54
Administrative servicing fees Class A		5
Administrative servicing fees Institutional Service Class		280,616
Registration and filing fees		64,203
Professional fees		23,640
Printing fees		17,864
Trustee fees		8,981
Custodian fees		6,088
Accounting and transfer agent fees		25,622
Compliance program costs (Note 3)		1,718
Other		7,006

Total expenses before earnings credit and reimbursed expenses		1,533,026
Earnings credit (Note 5)		(990	)
Expenses reimbursed by adviser		(127,478	)

Net Expenses		1,404,558

Net Investment Income		2,464,770

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(40,537,518	)
Net realized losses from foreign currency transactions		(5,291,702	)

Net realized losses from investment and foreign currency transactions		(45,829,220	)

Net change in unrealized appreciation/(depreciation) from investments		65,211,073
Net change in unrealized appreciation/(depreciation) from foreign currency contracts (Note 2)		4,642,224
Net change in unrealized appreciation/(depreciation) from translation of assets and liabilities denominated in foreign currencies		31,815

Net change in unrealized appreciation/(depreciation) from investments and foreign currency transactions		69,885,112

Net realized/unrealized gains from investments and foreign currency transactions		24,055,892

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	26,520,662

The accompanying notes are an integral part these to financial statements.

2009 Annual Report 17

Statements of Changes in Net Assets


	Nationwide International Value Fund

				Period from
				December 21, 2007*
	Year Ended			to
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	2,464,770		$	687,492
Net realized losses from investment and foreign currency transactions		(45,829,220	)		(10,746,150	)
Net change in unrealized appreciation/(depreciation) from investments and foreign currency transactions		69,885,112			(79,560,883	)

Change in net assets resulting from operations		26,520,662			(89,619,541	)


Distributions to Shareholders From:
Net investment income:
Institutional Service Class		(3,964	)		–
Institutional Class		(20	)		–
Return of capital:
Class A		–			(249	)
Class C		–			(7	)
Institutional Service Class		–			(21,383	)
Institutional Class		–			(24,752	)

Change in net assets from shareholder distributions		(3,984	)		(46,391	)

Change in net assets from capital transactions		(6,730,904	)		202,549,238

Change in net assets		19,785,774			112,883,306


Net Assets:
Beginning of period		112,883,306			–

End of period	$	132,669,080		$	112,883,306

Accumulated undistributed net investment income at end of period	$	1,801,341		$	4,632,257


CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	328,630		$	100,580
Dividends reinvested		–			249
Cost of shares redeemed (a)		(10,676	)		(20,005	)

Total Class A		317,954			80,824

Class C Shares
Proceeds from shares issued		–			14,183
Dividends reinvested		–			7
Cost of shares redeemed (a)		(1,649	)		(2,000	)

Total Class C		(1,649	)		12,190

Institutional Service Class Shares
Proceeds from shares issued		6,159,404			216,913,134
Dividends reinvested		3,941			21,383
Cost of shares redeemed		(13,210,574	)		(15,112,050	)

Total Institutional Service Class		(7,047,229	)		201,822,467

Amounts designated as “–” are zero or have been rounded to zero.


*	Commencement of operations


(a)	Includes redemption fees. See Note 4 to Financial Statements.

The accompanying notes are an integral part these to financial statements.

18 Annual Report 2009


	Nationwide International Value Fund

				Period from
				December 21, 2007*
	Year Ended			to
	October 31, 2009			October 31, 2008

CAPITAL TRANSACTIONS: (continued)
Institutional Class Shares
Proceeds from shares issued	$	–		$	4,968,846
Dividends reinvested		20			24,751
Cost of shares redeemed		–			(4,359,840	)

Total Institutional Class		20			633,757

Change in net assets from capital transactions:	$	(6,730,904	)	$	202,549,238


SHARE TRANSACTIONS:
Class A Shares
Issued		54,996			11,563
Reinvested		–			28
Redeemed		(2,138	)		(2,385	)

Total Class A Shares		52,858			9,206

Class C Shares
Issued		–			1,839
Reinvested		–			1
Redeemed		(364	)		(475	)

Total Class C Shares		(364	)		1,365

Institutional Service Class Shares
Issued		1,214,191			24,845,599
Reinvested		824			2,433
Redeemed		(2,659,315	)		(2,101,245	)

Total Institutional Service Class Shares		(1,444,300	)		22,746,787

Institutional Class Shares
Issued		–			497,000
Reinvested		4			2,816
Redeemed		–			496,000

Total Institutional Class Shares		4			3,816

Total change in shares:		(1,391,802	)		22,761,174

Amounts designated as “–” are zero or have been rounded to zero.


*		Commencement of operations

The accompanying notes are an integral part these to financial statements.

2009 Annual Report 19

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide International Value Fund


	Operations												Distributions																		Ratios / Supplemental Data

							Net Realized																													Ratio of Net			Ratio of
							and																													Investment			Expenses
	Net Asset			Net			Unrealized																										Ratio of			Income			(Prior to
	Value,			Investment			Gains			Total			Net			Return									Net Asset						Net Assets		Expenses			to Average			Reimbursements)
	Beginning			Income			(Losses) from			from			Investment			of			Total			Redemption			Value, End			Total			at End		to Average			Net			to Average			Portfolio
	of Period			(Loss)			Investments			Operations			Income			Capital			Distributions			Fees			of Period			Return (a)(b)			of Period		Net Assets (c)			Assets(c)			Net Assets (c)(d)			Turnover (e)
Class A Shares
Year Ended October 31, 2009 (f)	$	4	.95		0	.07		1	.18		1	.25		–			–			–			–		$	6	.20		25	.25%	$	384,923		1	.25%		1	.31%		1	.34%		54	.37%
Period Ended October 31, 2008 (f)(g)	$	10	.00		0	.13		(5	.23)		(5	.10)		–			(0	.04)		(0	.04)		0	.09	$	4	.95		(50	.26)%	$	45,597		1	.38%		1	.95%		1	.98%		24	.23%

Class C Shares
Year Ended October 31, 2009 (f)	$	4	.95		0	.07		1	.13		1	.20		–			–			–			–		$	6	.15		24	.24%	$	6,154		2	.00%		1	.36%		2	.12%		54	.37%
Period Ended October 31, 2008 (f)(g)	$	10	.00		0	.13		(5	.21)		(5	.08)		–			(0	.01)		(0	.01)		0	.04	$	4	.95		(50	.46)%	$	6,752		2	.01%		1	.90%		3	.03%		24	.23%

Institutional Service Class Shares
Year Ended October 31, 2009 (f)	$	4	.96		0	.11		1	.14		1	.25		–			–			–			–		$	6	.21		25	.21%	$	132,254,218		1	.25%		2	.19%		1	.36%		54	.37%
Period Ended October 31, 2008 (f)(g)	$	10	.00		0	.06		(5	.05)		(4	.99)		–			(0	.05)		(0	.05)		–		$	4	.96		(50	.12)%	$	112,812,006		1	.16%		0	.97%		1	.21%		24	.23%

Institutional Class Shares
Year Ended October 31, 2009 (f)	$	4	.97		0	.12		1	.15		1	.27		(0	.01)		–			(0	.01)		–		$	6	.23		25	.49%	$	23,785		1	.00%		2	.44%		1	.11%		54	.37%
Period Ended October 31, 2008 (f)(g)	$	10	.00		0	.32		(5	.30)		(4	.98)		–			(0	.05)		(0	.05)		–		$	4	.97		(50	.02)%	$	18,951		0	.99%		4	.09%		2	.62%		24	.23%

Amounts designated as “–” are zero or have been rounded to zero


(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	Per share calculations were performed using average shares method.
(g)	For the period from December 21, 2007 (commencement of operations) through October 31, 2008.

The accompanying notes are an integral part of these financial statements.

20 Annual Report 2009


Nationwide Large Cap Value Fund

How did the Fund perform during the reporting period in relation to its benchmark and its peer group?

For the annual period ended October 31, 2009, the Nationwide Large Cap Value Fund (Class A at NAV) returned 2.59% versus 4.78% for its benchmark, the Russell 1000^® Value Index. For broader comparison, the average return for the Fund’s closest Lipper peer category of Large-Cap Value Funds (consisting of 534 funds as of October 31, 2009) was 8.59% for the same time period.

What areas of investment provided the most positive relative returns for the Fund?

The financials sector provided the most positive relative returns for the Fund during the reporting period. The Fund’s financials holdings returned 3.02% for the reporting period, which compares favorably to the benchmark sector return of -8.04%. The Goldman Sachs Group, Inc. and SL Green Realty Corp. were standout performers for the Fund during the reporting period. Goldman Sachs, a leading investment bank, weathered the tumultuous period and produced significant earnings and solid profitability during the first three quarters of 2009. SL Green Realty, a commercial office and retail real estate investment trust, witnessed dramatic share price improvement as the market rally propelled its shares higher when fears about liquidity and the commercial real estate segment greatly abated.

What areas of investment detracted from Fund performance?

Fund performance was hurt most by holdings across several industries within the consumer discretionary sector. As the markets stabilized and the rally commenced in early March 2009, consumer discretionary shares that had been overly depressed due to viability concerns returned staggering share price improvement. Unfortunately, the Fund was not invested in many of the leading consumer discretionary securities because they did not fit the Fund’s investment criteria; thus, the Fund did not fully participate in the rally that occurred with those securities in the sector.

What is your outlook for the near term?

As we enter the last quarter of 2009, we find ourselves optimistic that the U.S. economy is beginning to recover. While this recovery most likely will be slow, we believe we will see a steady building of earnings momentum by blue chip companies. It is anticipated that investors will seek a return to value as opposed to highly speculative equity instruments.

While we are optimistic about the coming months, we do acknowledge that the financial markets still show an affinity for volatility and we expect that there are still some pitfalls ahead.

Subadviser:
NorthPointe Capital^® LLC

Portfolio Managers:
Peter J. Cahill, CFA; Mary C. Champagne, CFA; and Jeffrey C. Petherick, CFA

2009 Annual Report 21


Fund Performance	Nationwide Large Cap Value Fund

Average Annual Total Return

(For periods ended October 31, 2009)


		1 Yr.		5 Yr.		10 Yr.

Class A	w/o SC¹		2.59%		0.05%		2.33%
	w/SC²		-3.36%		-1.13%		1.73%


Class B	w/o SC¹		2.04%		-0.58%		1.67%
	w/SC³		-2.96%		-0.87%		1.67%


Class C⁴	w/o SC¹		1.88%		-0.58%		1.69%
	w/SC⁵		0.88%		-0.58%		1.69%


Class R2^6,7,8			2.49%		-0.06%		1.99%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.


¹		These returns do not reflect the effects of sales charges (SC).

²		A 5.75% front-end sales charge was deducted.

³		A 5.00% maximum contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years and is not deducted from returns after 6 years.

⁴		These returns until the creation of Class C shares (3/1/01) include the performance of the Fund’s Class B shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is substantially similar to what Class C shares would have produced because Class C shares invest in the same portfolio of securities as Class B shares and have the same expenses after any fee waivers or reimbursements. For Class C shares returns with sales charges, these returns have been restated for the applicable sales charges.

⁵		A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁶		Not subject to any sales charges.

⁷		These returns until the creation of Class R2 shares (10/1/03) include the performance of the Fund’s Class B shares. The returns have been adjusted for the fact that Class R2 shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Class R2 shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class R2 shares would have produced because Class R2 shares invest in the same portfolio of securities as Class B shares.

⁸		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

Expense Ratios


	Gross		Net
	Expense		Expense
	Ratio*		Ratio*

Class A		1.55%		1.52%


Class B		2.18%		2.15%


Class C		2.18%		2.15%


Class R2^a		1.88%		1.85%


*		Current effective prospectus. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2010. Please see the Fund’s most recent prospectus for details.

^a		Effective February 28, 2009, Class R Shares were renamed R2 Shares.

Performance of a $10,000 Investment

Comparative performance of $10,000 invested in Class A shares of the Nationwide Large Cap Value Fund, the Russell 1000^® Value Index (Russell 1000 Value)(a), and the Consumer Price Index (CPI)(b) over a 10 year period ended 4/30/09. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.


(a)		The Russell 1000 Value is an unmanaged index of large capitalization value securities of U.S. companies included in the Russel 1000^® Index. The Russell 1000 Value offers investors access to the large-cap value segment of the U.S. equity universe. The Russell 1000 Value is constructed to provide a comprehensive and unbiased barometer of the large-cap value market.

(b)		Calculated by the U.S. Department of Labor’s Bureau of Labor Statistics, the CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

22 Annual Report 2009


Shareholder	Nationwide Large Cap Value Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
October 31, 2009


			Beginning		Ending		Expenses Paid		Expense Ratio
			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Nationwide Large Cap Value Fund			05/01/09		10/31/09		05/01/09 - 10/31/09^a		05/01/09 - 10/31/09^a

Class A Shares	Actual			1,000.00		1,205.60		8.62		1.64
	Hypothetical	^b		1,000.00		1,017.39		7.88		1.64


Class B Shares	Actual			1,000.00		1,203.30		12.33		2.15
	Hypothetical	^b		1,000.00		1,014.01		11.27		2.15


Class C Shares	Actual			1,000.00		1,202.60		11.94		2.15
	Hypothetical	^b		1,000.00		1,014.37		10.92		2.15


Class R2 Shares^c	Actual			1,000.00		1,207.70		9.18		1.65
	Hypothetical	^b		1,000.00		1,016.89		8.39		1.65


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

^b		Represents the hypothetical 5% return before expenses.

^c		Effective February 28, 2009, Class R Shares were renamed R2 Shares.

2009 Annual Report 23


Portfolio Summary	Nationwide Large Cap Value Fund

October 31, 2009


Asset Allocation

Common Stocks	98	.2%
Mutual Fund	1	.8%
Liabilities in excess of other assets‡	0	.0%

	100	.0%


‡		Liabilities in excess of other assets rounds to less than 0.1%.


Top Industries†

Oil, Gas & Consumable Fuels	16	.7%
Diversified Financial Services	7	.5%
Diversified Telecommunication Services	5	.6%
Pharmaceuticals	5	.1%
Commercial Banks	5	.0%
Insurance	4	.6%
Media	4	.4%
Capital Markets	3	.5%
Electric Utilities	3	.4%
Industrial Conglomerates	3	.2%
Other Industries	41	.0%

	100	.0%


†		Percentages indicated are based upon total investments as of October 31, 2009.


Top Holdings†

Chevron Corp.	4	.6%
Exxon Mobil Corp.	4	.2%
JPMorgan Chase & Co.	3	.9%
AT&T, Inc.	3	.8%
Pfizer, Inc.	3	.3%
Wells Fargo & Co.	3	.2%
General Electric Co.	3	.2%
Goldman Sachs Group, Inc. (The)	2	.9%
Verizon Communications, Inc.	1	.8%
Merck & Co., Inc.	1	.8%
Other Holdings	67	.3%

	100	.0%

The accompanying notes are an integral part of these financial statements.

24 Annual Report 2009

Statement of Investments

October 31, 2009

Nationwide Large Cap Value Fund



Common Stocks 98.2%

	Shares		Market Value


Aerospace & Defense 2.2%
General Dynamics Corp.	2,500	$	156,750
L-3 Communications Holdings, Inc.	1,400		101,206
Northrop Grumman Corp.	1,900		95,247

			353,203



Air Freight & Logistics 0.7%
FedEx Corp.	1,600		116,304



Airlines 0.6%
Southwest Airlines Co.	11,700		98,280



Biotechnology 0.5%
Amgen, Inc.*	1,400		75,222



Building Products 0.8%
Armstrong World Industries, Inc.*	3,400		126,650



Capital Markets 3.5%
Goldman Sachs Group, Inc. (The)	2,800		476,476
State Street Corp.	2,300		96,554

			573,030



Chemicals 1.9%
Ashland, Inc.	3,000		103,620
Cabot Corp.	4,800		105,264
Cytec Industries, Inc.	3,000		99,510

			308,394



Commercial Banks 5.0%
U.S. Bancorp	12,300		285,606
Wells Fargo & Co.	19,000		522,880

			808,486



Commercial Services & Supplies 0.7%
Brink’s Co. (The)	5,100		121,023



Computers & Peripherals 1.8%
International Business Machines Corp.	1,300		156,793
Western Digital Corp.*	3,900		131,352

			288,145



Containers & Packaging 0.6%
AptarGroup, Inc.	3,000		105,930



Diversified Financial Services 7.5%
Bank of America Corp.	18,318		267,076
Citigroup, Inc.	46,700		191,003
JPMorgan Chase & Co.	15,328		640,251
MSCI, Inc., Class A*	3,900		118,560

			1,216,890



Diversified Telecommunication Services 5.6%
AT&T, Inc.	23,952		614,848
Verizon Communications, Inc.	9,900		292,941

			907,789

Electric Utilities 3.4%
American Electric Power Co., Inc.	6,300		190,386
Entergy Corp.	1,700		130,424
FPL Group, Inc.	2,200		108,020
Southern Co.	4,200		130,998

			559,828



Energy Equipment & Services 2.7%
ENSCO International, Inc.	3,000		137,370
National Oilwell Varco, Inc.*	3,000		122,970
Rowan Cos., Inc.	7,600		176,700

			437,040



Food & Staples Retailing 1.1%
Kroger Co. (The)	3,700		85,581
Wal-Mart Stores, Inc.	1,800		89,424

			175,005



Food Products 2.2%
Archer-Daniels-Midland Co.	4,000		120,480
Campbell Soup Co.	4,300		136,525
ConAgra Foods, Inc.	4,800		100,800

			357,805



Gas Utilities 0.6%
Oneok, Inc.	2,900		105,009



Health Care Equipment & Supplies 0.6%
Kinetic Concepts, Inc.*	2,800		92,932



Health Care Providers & Services 2.1%
CIGNA Corp.	4,900		136,416
UnitedHealth Group, Inc.	4,900		127,155
WellPoint, Inc.*	1,800		84,168

			347,739



Hotels, Restaurants & Leisure 0.6%
McDonald’s Corp.	1,700		99,637



Household Durables 1.1%
Whirlpool Corp.	2,500		178,975



Household Products 0.9%
Procter & Gamble Co. (The)	2,500		145,000



Independent Power Producers & Energy Traders 0.6%
Mirant Corp.*	7,400		103,452



Industrial Conglomerates 3.2%
General Electric Co.	36,100		514,786



Information Technology Services 0.7%
Computer Sciences Corp.*	2,300		116,633



Insurance 4.6%
Brown & Brown, Inc.	8,300		152,471

2009 Annual Report 25

Statement of Investments (Continued)

October 31, 2009

Nationwide Large Cap Value Fund (Continued)


Common Stocks (continued)
	Shares		Market Value


Insurance (continued)

Chubb Corp.	4,100	$	198,932
Travelers Cos., Inc. (The)	5,100		253,929
Unum Group	7,500		149,625

			754,957



Leisure Equipment & Products 0.8%
Mattel, Inc.	6,900		130,617



Machinery 2.0%
Bucyrus International, Inc.	5,100		226,542
Snap-on, Inc.	2,900		105,937

			332,479



Media 4.4%
Comcast Corp., Class A	15,500		224,750
McGraw-Hill Cos., Inc. (The)	4,000		115,120
Meredith Corp.	2,700		73,062
Viacom, Inc., Class B*	3,900		107,601
Walt Disney Co. (The)	6,900		188,853

			709,386



Metals & Mining 0.5%
Alcoa, Inc.	7,200		89,424



Multiline Retail 0.5%
Family Dollar Stores, Inc.	3,000		84,900



Multi-Utilities 2.3%
CMS Energy Corp.	8,700		115,710
Dominion Resources, Inc.	4,500		153,405
Sempra Energy	1,900		97,755

			366,870



Oil, Gas & Consumable Fuels 16.7%
Chevron Corp.	9,700		742,438
ConocoPhillips	5,700		286,026
Exxon Mobil Corp.	9,600		688,032
Marathon Oil Corp.	6,700		214,199
Occidental Petroleum Corp.	2,300		174,524
Pioneer Natural Resources Co.	4,300		176,773
Tesoro Corp.	8,200		115,948
Valero Energy Corp.	9,200		166,520
XTO Energy, Inc.	3,700		153,772

			2,718,232



Paper & Forest Products 0.9%
MeadWestvaco Corp.	6,100		139,263



Personal Products 0.5%
NBTY, Inc.*	2,100		76,461

Pharmaceuticals 5.1%
Merck & Co., Inc.	9,400		290,742
Pfizer, Inc.	31,952		544,142

			834,884



Real Estate Investment Trusts (REITs) 2.8%
Duke Realty Corp.	10,200		114,648
Hospitality Properties Trust	8,800		169,928
SL Green Realty Corp.	4,600		178,296

			462,872



Road & Rail 1.0%
Norfolk Southern Corp.	3,600		167,832



Semiconductors & Semiconductor Equipment 2.4%
Intel Corp.	13,200		252,252
Texas Instruments, Inc.	6,100		143,045

			395,297



Specialty Retail 1.5%
Best Buy Co., Inc.	1,700		64,906
Lowe’s Cos., Inc.	3,900		76,323
RadioShack Corp.	6,300		106,407

			247,636



Tobacco 1.0%
Altria Group, Inc.	8,700		157,557


Total Common Stocks (cost $15,474,813)			16,001,854



Mutual Fund 1.8%


Money Market Fund 1.8%
Invesco AIM Liquid Assets Portfolio, 0.21% (a)	285,311		285,311


Total Mutual Fund (cost $285,311)			285,311


Total Investments (cost $15,760,124)(b) — 100.0%			16,287,165

Liabilities in excess of other assets — 0.0%			(6,105	)


NET ASSETS — 100.0%		$	16,281,060


*		Denotes a non-income producing security.

(a)		Represents 7-day effective yield as of October 31, 2009.

(b)		See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.


REIT		Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.

26 Annual Report 2009

Statement of Assets and Liabilities

October 31, 2009



	Nationwide
	Large Cap
	Value Fund

Assets:
Investments, at value (cost $15,760,124)	$	16,287,165
Cash		766
Interest and dividends receivable		26,367
Receivable for capital shares issued		1,606
Prepaid expenses and other assets		9,687

Total Assets		16,325,591

Liabilities:
Payable for capital shares redeemed		10,870
Accrued expenses and other payables:
Investment advisory fees		5,691
Fund administration fees		1,750
Distribution fees		5,207
Administrative servicing fees		7,349
Accounting and transfer agent fees		4,795
Trustee fees		286
Custodian fees		410
Compliance program costs (Note 3)		111
Professional fees		1,254
Other		6,808

Total Liabilities		44,531

Net Assets	$	16,281,060

Represented by:
Capital	$	23,971,335
Accumulated undistributed net investment income		16,549
Accumulated net realized losses from investment transactions		(8,233,865	)
Net unrealized appreciation/(depreciation) from investments		527,041

Net Assets	$	16,281,060

Net Assets:
Class A Shares	$	13,770,844
Class B Shares		641,118
Class C Shares		1,814,499
Class R2 Shares (a)		54,599

Total	$	16,281,060

Shares Outstanding (unlimited number of shares authorized):
Class A Shares		1,680,593
Class B Shares		79,996
Class C Shares		227,553
Class R2 Shares (a)		6,820

Total		1,994,962


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 27

Statement of Assets and Liabilities (Continued)

October 31, 2009



	Nationwide
	Large Cap
	Value Fund

Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	8.19
Class B Shares (b)	$	8.01
Class C Shares (c)	$	7.97
Class R2 Shares (a)	$	8.01
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	8.69

Maximum Sales Charge:
Class A Shares		5.75	%


(a)		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

(b)		For Class B shares, the redemption price per share varies by the length of time shares are held.

(c)		For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

28 Annual Report 2009

Statement of Operations

For the Year Ended October 31, 2009



	Nationwide
	Large Cap
	Value Fund

INVESTMENT INCOME:
Interest income	$	60
Dividend income		444,376

Total Income		444,436

EXPENSES:
Investment advisory fees		108,845
Fund administration fees		17,523
Distribution fees Class A		29,871
Distribution fees Class B		6,347
Distribution fees Class C		18,859
Distribution fees Class R2 (a)		218
Administrative servicing fees Class A		18,376
Administrative servicing fees Class R2 (a)		2
Registration and filing fees		59,954
Professional fees		2,993
Printing fees		15,985
Trustee fees		1,069
Custodian fees		2,505
Accounting and transfer agent fees		19,273
Compliance program costs (Note 3)		394
Other		3,351

Total expenses before earnings credit and reimbursed expenses		305,565
Earnings credit (Note 5)		(527	)
Expenses reimbursed by adviser		(64,076	)

Net Expenses		240,962

NET INVESTMENT INCOME		203,474

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(5,811,199	)
Net change in unrealized appreciation/(depreciation) from investments		5,433,692

Net realized/unrealized losses from investments		(377,507	)

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	(174,033	)


(a)		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 29

Statements of Changes in Net Assets


	Nationwide Large Cap Value Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	203,474		$	310,351
Net realized losses from investment transactions		(5,811,199	)		(2,353,586	)
Net change in unrealized appreciation/(depreciation) from investments		5,433,692			(7,971,346	)

Change in net assets resulting from operations		(174,033	)		(10,014,581	)


Distributions to Shareholders From:
Net investment income:
Class A		(176,232	)		(249,388	)
Class B		(7,624	)		(7,605	)
Class C		(22,848	)		(24,880	)
Class R2 (a)		(674	)		(1,633	)
Net realized gains:
Class A		–			(3,004,510	)
Class B		–			(176,185	)
Class C		–			(673,857	)
Class R2 (a)		–			(17,357	)

Change in net assets from shareholder distributions		(207,378	)		(4,155,415	)

Change in net assets from capital transactions		602,481			(8,273,011	)

Change in net assets		221,070			(22,443,007	)


Net Assets:
Beginning of year		16,059,990			38,502,997

End of year	$	16,281,060		$	16,059,990

Accumulated undistributed net investment income at end of year	$	16,549		$	29,882


CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	5,630,868		$	3,276,935
Dividends reinvested		153,757			2,767,953
Cost of shares redeemed		(4,510,416	)		(11,369,445	)

Total Class A		1,274,209			(5,324,557	)

Class B Shares
Proceeds from shares issued		79,581			69,443
Dividends reinvested		5,486			131,601
Cost of shares redeemed		(211,088	)		(431,573	)

Total Class B		(126,021	)		(230,529	)

Class C Shares
Proceeds from shares issued		203,340			841,726
Dividends reinvested		6,750			188,786
Cost of shares redeemed		(793,964	)		(3,680,070	)

Total Class C		(583,874	)		(2,649,558	)

Amounts designated as “–” are zero or have been rounded to zero.


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

30 Annual Report 2009


	Nationwide Large Cap Value Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

CAPITAL TRANSACTIONS: (continued)
Class R2 Shares (a)
Proceeds from shares issued	$	37,493		$	23,614
Dividends reinvested		674			18,990
Cost of shares redeemed		–			(110,971	)

Total Class R2		38,167			(68,367	)

Change in net assets from capital transactions:	$	602,481		$	(8,273,011	)


SHARE TRANSACTIONS:
Class A Shares
Issued		779,437			301,855
Reinvested		22,994			238,557
Redeemed		(697,183	)		(1,039,083	)

Total Class A Shares		105,248			(498,671	)

Class B Shares
Issued		12,516			6,205
Reinvested		857			11,531
Redeemed		(29,451	)		(40,254	)

Total Class B Shares		(16,078	)		(22,518	)

Class C Shares
Issued		28,785			72,860
Reinvested		1,064			16,623
Redeemed		(114,945	)		(331,146	)

Total Class C Shares		(85,096	)		(241,663	)

Class R2 Shares (a)
Issued		4,618			2,211
Reinvested		103			1,674
Redeemed		–			(13,027	)

Total Class R2 Shares		4,721			(9,142	)

Total change in shares:		8,795			(771,994	)

Amounts designated as “–” are zero or have been rounded to zero.


(a)		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 31

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Large Cap Value Fund


				Operations									Distributions														Ratios / Supplemental Data

							Net Realized																															Ratio of
							and																												Ratio of Net			Expenses
	Net Asset						Unrealized																									Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net								Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Total			Redemption		Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			Fees		of Period			Return (a)			Period		Net Assets			Net Assets			Net Assets (b)			Turnover (c)
Class A Shares
Year Ended October 31, 2009 (d)	$	8	.12		0	.11		0	.07		0	.18		(0	.11)		–			(0	.11)		–	$	8	.19		2	.59%	$	13,770,844		1	.56%		1	.50%		2	.00%		102	.14%
Year Ended October 31, 2008 (d)	$	14	.03		0	.15		(4	.40)		(4	.25)		(0	.14)		(1	.52)		(1	.66)		–	$	8	.12		(33	.74%)	$	12,802,001		1	.49%		1	.39%		1	.52%		116	.40%
Year Ended October 31, 2007 (d)	$	15	.02		0	.13		1	.05		1	.18		(0	.16)		(2	.01)		(2	.17)		–	$	14	.03		8	.38%	$	29,106,081		1	.42%		0	.90%		1	.43%		88	.20%
Year Ended October 31, 2006	$	13	.14		0	.17		2	.46		2	.63		(0	.15)		(0	.60)		(0	.75)		–	$	15	.02		20	.81%	$	23,752,997		1	.44%		1	.14%		1	.44%		95	.14%
Year Ended October 31, 2005	$	11	.79		0	.15		1	.34		1	.49		(0	.14)		–			(0	.14)		–	$	13	.14		12	.63%	$	28,231,989		1	.44%		1	.09%		1	.47%		67	.00%

Class B Shares
Year Ended October 31, 2009 (d)	$	7	.95		0	.06		0	.08		0	.14		(0	.08)		–			(0	.08)		–	$	8	.01		2	.04%	$	641,118		2	.22%		0	.85%		2	.60%		102	.14%
Year Ended October 31, 2008 (d)	$	13	.79		0	.08		(4	.33)		(4	.25)		(0	.07)		(1	.52)		(1	.59)		–	$	7	.95		(34	.25%)	$	765,344		2	.15%		0	.72%		2	.19%		116	.40%
Year Ended October 31, 2007 (d)	$	14	.80		0	.04		1	.04		1	.08		(0	.08)		(2	.01)		(2	.09)		–	$	13	.79		7	.68%	$	1,635,907		2	.06%		0	.27%		2	.07%		88	.20%
Year Ended October 31, 2006	$	12	.96		0	.07		2	.43		2	.50		(0	.06)		(0	.60)		(0	.66)		–	$	14	.80		20	.06%	$	1,587,540		2	.05%		0	.52%		2	.06%		95	.14%
Year Ended October 31, 2005	$	11	.63		0	.06		1	.33		1	.39		(0	.06)		–			(0	.06)		–	$	12	.96		11	.97%	$	1,342,270		2	.06%		0	.46%		2	.08%		67	.00%

Class C Shares
Year Ended October 31, 2009 (d)	$	7	.92		0	.07		0	.06		0	.13		(0	.08)		–			(0	.08)		–	$	7	.97		1	.88%	$	1,814,499		2	.15%		0	.98%		2	.60%		102	.14%
Year Ended October 31, 2008 (d)	$	13	.72		0	.08		(4	.30)		(4	.22)		(0	.06)		(1	.52)		(1	.58)		–	$	7	.92		(34	.15%)	$	2,475,957		2	.15%		0	.74%		2	.19%		116	.40%
Year Ended October 31, 2007 (d)	$	14	.75		0	.03		1	.03		1	.06		(0	.08)		(2	.01)		(2	.09)		–	$	13	.72		7	.63%	$	7,606,296		2	.07%		0	.25%		2	.07%		88	.20%
Year Ended October 31, 2006	$	12	.91		0	.07		2	.43		2	.50		(0	.06)		(0	.60)		(0	.66)		–	$	14	.75		20	.11%	$	5,966,114		2	.06%		0	.52%		2	.06%		95	.14%
Year Ended October 31, 2005	$	11	.60		0	.06		1	.33		1	.39		(0	.08)		–			(0	.08)		–	$	12	.91		11	.98%	$	4,888,490		2	.06%		0	.34%		2	.07%		67	.00%

Class R2 Shares(e)
Year Ended October 31, 2009 (d)	$	7	.95		0	.09		0	.08		0	.17		(0	.11)		–			(0	.11)		–	$	8	.01		2	.49%	$	54,599		1	.66%		1	.30%		2	.10%		102	.14%
Year Ended October 31, 2008 (d)	$	13	.76		0	.13		(4	.29)		(4	.16)		(0	.13)		(1	.52)		(1	.65)		–	$	7	.95		(33	.73%)	$	16,688		1	.65%		1	.21%		1	.72%		116	.40%
Year Ended October 31, 2007 (d)	$	14	.81		0	.07		1	.03		1	.10		(0	.14)		(2	.01)		(2	.15)		–	$	13	.76		7	.91%	$	154,713		1	.70%		0	.51%		1	.71%		88	.20%
Year Ended October 31, 2006	$	12	.97		0	.14		2	.44		2	.58		(0	.14)		(0	.60)		(0	.74)		–	$	14	.81		20	.69%	$	1,608		1	.57%		1	.00%		1	.59%		95	.14%
Year Ended October 31, 2005	$	11	.64		0	.15		1	.33		1	.48		(0	.15)		–			(0	.15)		–	$	12	.97		12	.73%	$	1,333		1	.33%		1	.18%		1	.38%		67	.00%

Amounts designated as “–” are zero or have been rounded to zero.


(a)	Excludes sales charge.
(b)	During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(c)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d)	Per share calculations were performed using average shares method.
(e)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

32 Annual Report 2009


Nationwide U.S. Small Cap Value Fund

How did the Fund perform during the reporting period in relation to its benchmark and its peer group?

For the annual period ended October 31, 2009, the Nationwide U.S. Small Cap Value Fund (Class A at NAV) returned 8.99% versus 1.96% for its benchmark, the Russell 2000^® Value Index. For broader comparison, the average return for the Fund’s closest Lipper peer category of Small-Cap Value Funds (consisting of 303 funds as of October 31, 2009) was 12.35% for the same time period.

What areas of investment provided the most positive relative returns for the Fund?

The Fund’s greater exposure to deep-value stocks than its benchmark (the Russell 2000^® Value Index [Index]) had a large positive impact on relative Fund performance. Other factors that influenced the Fund’s positive returns included the composition differences within the various market-capitalization segments in relation to the makeup of the Index, especially among mid-cap stocks, as well as the portfolio’s greater allocation than that of the Index to the consumer discretionary sector, which outperformed relative to most other sectors. Several other allocation differences across industries and composition differences within those sectors (especially in the financials sector) also had a positive impact on relative Fund performance.

What areas of investment detracted from Fund performance?

The Fund’s greater exposure than that of the Index to mid-cap stocks and other differences in allocation across the market-capitalization segments had a negative impact on relative Fund performance, because mid-cap stocks underperformed small-cap stocks. The Fund also was hurt by its exclusion of REITs and by the poor relative performance of the Fund’s holdings in the consumer discretionary and materials sectors.

What is your outlook for the near term?

Dimensional Fund Advisors does not make economic or financial forecasts. The investment approach of the U.S. Small Cap Value Fund’s strategy is based on scientific research into the sources of risk and return in equity markets, and does not involve macroeconomic forecasts or tactical allocations.

Subadviser:
Dimensional Fund Advisors LP

Portfolio Manager:
Stephen A. Clark

2009 Annual Report 33


Fund Performance	Nationwide U.S. Small Cap Value Fund

Average Annual Total Return
(For periods ended October 31, 2009)


		1 Yr.		Inception¹

Class A	w/o SC²		8.99%		-12.47%
	w/SC³		2.67%		-15.20%


Class C	w/o SC²		8.48%		-12.94%
	w/SC⁴		7.48%		-12.94%


Institutional Service Class⁵			9.27%		-12.25%


Institutional Class⁵			9.58%		-12.04%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.


¹		Fund commenced operations on December 21, 2007.

²		These returns do not reflect the effects of sales charges (SC).

³		A 5.75% front-end sales charge was deducted.

⁴		A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁵		Not subject to any sales charges.

Expense Ratios


	Gross		Net
	Expense		Expense
	Ratio*		Ratio*

Class A		1.62%		1.34%


Class C		2.37%		2.09%


Institutional Service Class		1.55%		1.27%


Institutional Class		1.37%		1.09%


*		Current effective prospectus. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2010. Please see the Fund’s most recent prospectus for details.

Performance of a $10,000 Investment

Comparative performance of $10,000 invested in Class A shares of the Nationwide U.S. Small Cap Value Fund, Russell 2000^® Value Index (Russell 2000 Value)(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.


(a)		The Russell 2000 Value is an unmanaged index of approximately 2,000 companies with small market capitalizations relative to the market capitalizations of other U.S. companies.

(b)		Calculated by the U.S. Department of Labor’s Bureau of Labor Statistics, the CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

34 Annual Report 2009


Shareholder	Nationwide U.S. Small Cap Value Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
October 31, 2009


			Beginning		Ending		Expenses Paid		Expense Ratio
			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Nationwide U.S. Small Cap Value Fund			05/01/09		10/31/09		05/01/09 - 10/31/09 ^a		05/01/09 - 10/31/09 ^a

Class A Shares	Actual			1,000.00		1,218.50		7.49		1.34
	Hypothetical	^b		1,000.00		1,018.45		6.82		1.34


Class C Shares	Actual			1,000.00		1,185.60		11.46		2.09
	Hypothetical	^b		1,000.00		1,014.72		10.56		2.09


Institutional Service	Actual			1,000.00		1,189.70		7.40		1.35
Class Shares	Hypothetical	^b		1,000.00		1,018.45		6.82		1.35


Institutional Class	Actual			1,000.00		1,191.00		6.02		1.09
Shares	Hypothetical	^b		1,000.00		1,019.71		5.55		1.09


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

^b		Represents the hypothetical 5% return before expenses.

2009 Annual Report 35


Portfolio Summary	Nationwide U.S. Small Cap Value Fund

October 31, 2009


Asset Allocation

Common Stocks	98	.8%
Mutual Fund	1	.1%
Other assets in excess of liabilities	0	.1%

	100	.0%


Top Industries†

Insurance	10	.6%
Commercial Banks	7	.8%
Specialty Retail	5	.7%
Electronic Equipment, Instruments & Components	5	.6%
Oil, Gas & Consumable Fuels	3	.7%
Household Durables	3	.7%
Health Care Providers & Services	3	.6%
Semiconductors & Semiconductor Equipment	3	.6%
Chemicals	3	.5%
Communications Equipment	2	.9%
Other Industries	49	.3%

	100	.0%


†		Percentages indicated are based upon total investments as of October 31, 2009.


Top Holdings†

Invesco AIM Liquid Assets Portfolio	1	.1%
MeadWestvaco Corp.	0	.9%
Jarden Corp.	0	.8%
Perot Systems Corp., Class A	0	.8%
Transatlantic Holdings, Inc.	0	.7%
AutoNation, Inc.	0	.7%
Wyndham Worldwide Corp.	0	.7%
Mohawk Industries, Inc.	0	.6%
Ingram Micro, Inc., Class A	0	.6%
HCC Insurance Holdings, Inc.	0	.6%
Other Holdings	92	.5%

	100	.0%

The accompanying notes are an integral part of these financial statements.

36 Annual Report 2009

Statement of Investments

October 31, 2009

Nationwide U.S. Small Cap Value Fund



Common Stocks 98.8%

	Shares		Market Value


Aerospace & Defense 1.0%
Allied Defense Group, Inc. (The)*	400	$	2,520
Argon ST, Inc.*	1,200		22,320
Ceradyne, Inc.*	2,600		41,912
Ducommun, Inc.	1,300		22,126
Esterline Technologies Corp.*	2,300		96,853
Ladish Co., Inc.*	2,000		25,920
Sparton Corp.*	400		1,660
Triumph Group, Inc.	1,000		46,810

			260,121



Air Freight & Logistics 0.1%
Atlas Air Worldwide Holdings, Inc.*	700		18,403



Airlines 0.6%
Alaska Air Group, Inc.*	2,300		59,156
JetBlue Airways Corp.*	12,500		62,000
Pinnacle Airlines Corp.*	100		603
SkyWest, Inc.	3,200		44,704

			166,463



Auto Components 1.0%
Drew Industries, Inc.*	2,000		38,280
Federal Mogul Corp.*	2,200		24,530
Modine Manufacturing Co.	2,900		29,870
Shiloh Industries, Inc.*	1,577		7,096
Spartan Motors, Inc.	1,800		8,982
Standard Motor Products, Inc.	1,600		13,376
Stoneridge, Inc.*	1,400		10,290
Superior Industries International, Inc.	3,100		41,168
TRW Automotive Holdings Corp.*	5,700		89,205

			262,797



Beverages 0.7%
Constellation Brands, Inc., Class A*	8,400		132,888
MGP Ingredients, Inc.*	1,600		6,944
PepsiAmericas, Inc.	1,200		35,088

			174,920



Biotechnology 0.2%
Celera Corp.*	6,100		37,759
Facet Biotech Corp.*	500		8,565
Lexicon Pharmaceuticals, Inc.*	7,400		9,694
MediciNova, Inc.*	570		3,374

			59,392



Building Products 1.0%
American Woodmark Corp.	1,300		25,571
Ameron International Corp.	1,000		58,980
Apogee Enterprises, Inc.	900		11,916
Gibraltar Industries, Inc.	2,600		28,132
Insteel Industries, Inc.	2,300		25,576
Simpson Manufacturing Co., Inc.	1,500		35,085
Universal Forest Products, Inc.	1,500		53,520
US Home Systems, Inc.*	700		1,652
USG Corp.*	500		6,570

			247,002



Capital Markets 1.1%
American Capital Ltd.*	800		2,144
Capital Southwest Corp.	350		25,991
Cowen Group, Inc.*	1,600		12,080
ETrade Financial Corp.	35,800		52,268
FirstCity Financial Corp.*	1,000		6,750
Harris & Harris Group, Inc.*	2,900		12,441
Knight Capital Group, Inc., Class A*	4,800		80,880
MCG Capital Corp.*	1,500		5,985
Penson Worldwide, Inc.*	3,200		31,200
Sanders Morris Harris Group Inc.	2,800		16,268
SWS Group, Inc.	1,400		18,732
Thomas Weisel Partners Group, Inc.*	3,048		13,807

			278,546



Chemicals 3.5%
American Pacific Corp.*	600		4,248
Ashland, Inc.	3,400		117,436
Cabot Corp.	5,300		116,229
Cytec Industries, Inc.	2,600		86,242
Ferro Corp.	1,800		11,034
Huntsman Corp.	2,500		19,875
ICO, Inc.*	3,200		12,288
Kronos Worldwide, Inc.	900		12,033
Minerals Technologies, Inc.	1,000		49,260
OM Group, Inc.*	1,800		48,636
Penford Corp.	1,000		5,900
PolyOne Corp.*	7,100		39,618
Quaker Chemical Corp.	1,000		20,600
Rockwood Holdings, Inc.*	700		13,916
Sensient Technologies Corp.	1,800		45,522
Spartech Corp.	3,200		30,624
Valspar Corp.	5,900		149,683
Westlake Chemical Corp.	5,000		121,450

			904,594



Commercial Banks 7.8%
1st Source Corp.	1,400		20,748
Ameris Bancorp	1,713		10,090
AmeriServ Financial, Inc.	1,800		3,150
Associated Banc-Corp.	2,600		33,306
Bancorp, Inc.*	1,600		8,160
BancTrust Financial Group, Inc.	1,900		6,099
Bank of Florida Corp.*	1,000		1,460
Bank of Granite Corp.*	1,200		624
Banner Corp.	1,900		5,833
Boston Private Financial Holdings, Inc.	8,101		48,201
Cadence Financial Corp.	1,000		1,650
Capital City Bank Group, Inc.	1,500		17,610

2009 Annual Report 37

Statement of Investments (Continued)

October 31, 2009

Nationwide U.S. Small Cap Value Fund (Continued)


Common Stocks (continued)
	Shares		Market Value


Commercial Banks (continued)

Capitol Bancorp Ltd.	800	$	1,800
Cardinal Financial Corp.	1,900		15,485
Cascade Financial Corp.	747		1,479
Cathay General Bancorp	2,400		21,192
Center Financial Corp.	1,700		7,157
Central Jersey Bancorp*	700		3,395
Central Pacific Financial Corp.	3,200		4,512
Chemical Financial Corp.	1,300		28,535
City National Corp.	500		18,835
CoBiz Financial, Inc.	1,300		6,201
Columbia Banking System, Inc.	1,600		23,520
Comerica, Inc.	2,014		55,888
Community Bank System, Inc.	1,200		22,332
Community Trust Bancorp, Inc.	800		19,696
Crescent Financial Corp.*	300		1,221
East West Bancorp, Inc.	4,200		37,926
Enterprise Financial Services Corp.	963		8,214
Financial Institutions, Inc.	300		3,168
First Bancorp, North Carolina	1,500		20,340
First Bancorp, Puerto Rico	100		189
First Busey Corp.	3,200		12,384
First Community Bancshares, Inc.	300		3,492
First Financial Bancorp	3,200		40,576
First Horizon National Corp.*	11,971		141,617
First Midwest Bancorp, Inc.	2,300		23,920
First Security Group, Inc.	900		2,430
First South Bancorp, Inc.	700		7,413
FirstMerit Corp.	1,826		34,603
FNB United Corp.	1,000		1,650
Fulton Financial Corp.	9,400		77,644
German American Bancorp, Inc.	1,000		15,040
Great Southern Bancorp, Inc.	1,000		22,920
Green Bankshares, Inc.	1,710		7,079
Guaranty Bancorp*	5,200		6,812
Hampton Roads Bankshares, Inc.	670		1,374
Harleysville National Corp.	2,630		15,149
Heartland Financial USA, Inc.	1,400		17,976
Heritage Commerce Corp.	1,300		3,432
Huntington Bancshares, Inc.	6,100		23,241
IBERIABANK Corp.	1,000		43,310
Independent Bank Corp.	1,200		25,524
Independent Bank Corp., Michigan	1,100		1,298
Integra Bank Corp.	900		774
Investors Bancorp, Inc.*	565		6,125
Lakeland Bancorp, Inc.	1,828		11,114
Macatawa Bank Corp.*	1,045		2,006
MainSource Financial Group, Inc.	1,600		9,328
MB Financial, Inc.	2,700		48,276
MBT Financial Corp.	700		1,421
Mercantile Bank Corp.	1,100		3,927
Nara Bancorp, Inc.	2,300		16,928
National Penn Bancshares, Inc.	6,100		34,282
NewBridge Bancorp*	1,500		3,600
North Valley Bancorp	390		1,080
Old National Bancorp	3,500		36,295
Old Second Bancorp, Inc.	1,000		5,350
Oriental Financial Group, Inc.	1,200		12,780
Pacific Capital Bancorp NA	1,800		2,322
Pacific Mercantile Bancorp*	1,000		2,970
PacWest Bancorp	1,500		25,470
Peoples Bancorp, Inc.	1,000		10,740
Pinnacle Financial Partners, Inc.*	500		6,350
Preferred Bank, Los Angeles	1,620		4,099
PrivateBancorp, Inc.	700		6,391
Prosperity Bancshares, Inc.	257		9,198
Renasant Corp.	1,800		26,352
S&T Bancorp, Inc.	1,300		20,475
Sandy Spring Bancorp, Inc.	2,100		24,276
SCBT Financial Corp.	600		15,522
Seacoast Banking Corp of Florida	1,800		2,682
Simmons First National Corp., Class A	800		23,408
Smithtown Bancorp, Inc.	700		7,245
Somerset Hills Bancorp	400		3,120
South Financial Group, Inc. (The)	9,300		7,440
Southern Community Financial Corp.	1,400		3,262
Southwest Bancorp, Inc.	1,700		16,728
State Bancorp, Inc.	1,000		7,640
StellarOne Corp.	2,000		21,220
Sterling Bancshares, Inc.	8,500		47,345
Sterling Financial Corp.*	1,300		1,040
Sun Bancorp, Inc.*	364		1,478
Superior Bancorp*	100		212
Susquehanna Bancshares, Inc.	3,700		20,387
Synovus Financial Corp.	16,200		35,964
Taylor Capital Group, Inc.*	1,000		5,700
Texas Capital Bancshares, Inc.*	600		8,742
TIB Financial Corp.*	1,166		1,236
Trustmark Corp.	300		5,685
UCBH Holdings, Inc.	10,900		10,682
Umpqua Holdings Corp.	4,700		46,577
Union Bankshares Corp.	1,500		18,480
United Bankshares, Inc.	200		3,570
United Community Banks, Inc.*	1,849		7,507
Univest Corp of Pennsylvania	1,100		21,153
Virginia Commerce Bancorp*	2,435		9,789
Washington Banking Co.	443		4,173
Washington Trust Bancorp, Inc.	300		4,506
Webster Financial Corp.	3,500		39,585
WesBanco, Inc.	2,300		32,545
Western Alliance Bancorp*	4,500		19,575
Whitney Holding Corp.	8,069		64,794
Wilshire Bancorp, Inc.	1,600		11,264
Wintrust Financial Corp.	3,000		84,630
Yadkin Valley Financial Corp.	900		3,312
Zions Bancorporation	6,400		90,624

			2,027,651

38 Annual Report 2009


Common Stocks (continued)
	Shares		Market Value



Commercial Services & Supplies 1.9%
ABM Industries, Inc.	2,700	$	50,706
ATC Technology Corp.*	600		12,540
Bowne & Co., Inc.	1,555		10,154
Casella Waste Systems, Inc., Class A*	800		2,232
Cornell Cos., Inc.*	800		18,272
Ennis, Inc.	3,000		45,450
G&K Services, Inc., Class A	1,100		24,365
Geo Group, Inc. (The)*	1,000		21,150
ICT Group, Inc.*	700		11,095
Intersections, Inc.*	1,600		9,120
Kimball International, Inc., Class B	1,630		12,225
M&F Worldwide Corp.*	900		19,152
McGrath Rentcorp	1,400		27,650
Mobile Mini, Inc.*	3,800		55,100
North American Galvanizing & Coating, Inc.*	300		1,506
RR Donnelley & Sons Co.	1,300		26,104
Schawk, Inc.	2,400		23,568
Steelcase, Inc., Class A	3,000		17,310
Sunair Services Corp.*	1,100		2,937
Superior Uniform Group, Inc.	300		2,640
United Stationers, Inc.*	500		23,570
Viad Corp.	1,600		28,000
Virco Manufacturing	900		2,502
Waste Services, Inc.*	6,015		39,459
WCA Waste Corp.*	114		457

			487,264



Communications Equipment 2.9%
3Com Corp.*	6,300		32,382
Arris Group, Inc.*	9,200		94,392
Avocent Corp.*	3,400		84,558
Aware, Inc.*	1,300		3,042
Bel Fuse, Inc., Class B	900		16,290
CommScope, Inc.*	800		21,616
Communications Systems, Inc.	700		7,686
Digi International, Inc.*	2,600		20,670
EMS Technologies, Inc.*	1,200		20,916
Emulex Corp.*	2,100		21,210
EndWave Corp.*	800		1,864
Extreme Networks*	2,700		5,373
Globecomm Systems, Inc.*	2,300		15,548
Harris Stratex Networks, Inc., Class A*	3,000		18,900
Ixia*	1,600		10,640
JDS Uniphase Corp.*	2,400		13,416
KVH Industries, Inc.*	1,000		10,500
Network Equipment Technologies, Inc.*	1,500		4,950
Occam Networks, Inc.*	2,100		6,258
Oplink Communications, Inc.*	1,810		26,843
Opnext, Inc.*	5,731		14,098
Optical Cable Corp.*	300		906
Orbcomm, Inc.*	2,300		5,451
PC-Tel, Inc.*	1,200		7,032
Performance Technologies, Inc.*	1,121		3,150
Plantronics, Inc.	1,600		38,576
SCM Microsystems, Inc.*	700		1,764
Seachange International, Inc.*	2,300		15,571
Sycamore Networks, Inc.*	22,200		63,270
Symmetricom, Inc.*	1,500		7,185
Tellabs, Inc.*	22,200		133,644
Tollgrade Communications, Inc.*	1,200		7,140
UTStarcom, Inc.*	12,400		22,444

			757,285



Computers & Peripherals 0.7%
ActivIdentity Corp.*	2,500		5,675
Adaptec, Inc.*	10,700		34,133
Avid Technology, Inc.*	1,300		16,419
Concurrent Computer Corp.*	500		1,920
Datalink Corp.*	1,100		4,378
Electronics for Imaging, Inc.*	4,000		46,640
Hutchinson Technology, Inc.*	800		4,656
Imation Corp.	2,900		25,578
Intevac, Inc.*	1,900		19,380
Presstek, Inc.*	2,000		3,400
Silicon Graphics International Corp.*	1,800		10,728

			172,907



Construction & Engineering 1.0%
Comfort Systems USA, Inc.	2,200		23,980
Dycom Industries, Inc.*	4,000		39,520
EMCOR Group, Inc.*	3,000		70,860
Great Lakes Dredge & Dock Corp.	4,900		30,037
Insituform Technologies, Inc., Class A*	2,400		50,880
Integrated Electrical Services, Inc.*	800		5,264
Layne Christensen Co.*	500		12,950
Pike Electric Corp.*	1,800		22,590
Sterling Construction Co., Inc.*	500		8,065
Tutor Perini Corp.*	200		3,530

			267,676



Construction Materials 0.2%
Headwaters, Inc.*	4,700		19,364
Texas Industries, Inc.	900		29,961
U.S. Concrete, Inc.*	3,500		5,635

			54,960



Consumer Finance 1.1%
AmeriCredit Corp.*	8,800		155,320
Cash America International, Inc.	700		21,182
CompuCredit Holdings Corp.*	6,100		20,008
First Marblehead Corp. (The)*	1,892		3,708
Nelnet, Inc., Class A*	3,300		46,299
Rewards Network, Inc.	466		5,014
Student Loan Corp. (The)	500		21,025
United PanAm Financial Corp.*	1,200		3,600

			276,156

2009 Annual Report 39

Statement of Investments (Continued)

October 31, 2009

Nationwide U.S. Small Cap Value Fund (Continued)


Common Stocks (continued)
	Shares		Market Value



Containers & Packaging 0.7%
Bemis Co., Inc.	3,600	$	92,988
Bway Holding Co.*	1,400		24,878
Graphic Packaging Holding Co.*	15,800		36,182
Myers Industries, Inc.	2,800		24,556
Temple-Inland, Inc.	1,000		15,450

			194,054



Distributors 0.1%
Core-Mark Holding Co., Inc.*	1,400		38,318



Diversified Consumer Services 0.6%
Carriage Services, Inc.*	1,570		5,966
Collectors Universe*	627		4,690
Mac-Gray Corp.*	100		813
Regis Corp.	3,400		55,216
Service Corp. International	12,000		82,440
Stewart Enterprises, Inc., Class A	2,300		10,534

			159,659



Diversified Financial Services 0.9%
Asset Acceptance Capital Corp.*	1,700		12,359
Asta Funding, Inc.	1,200		7,836
Compass Diversified Holdings	497		5,084
Encore Capital Group, Inc.*	2,700		40,419
Financial Federal Corp.	1,000		20,420
Marlin Business Services Corp.*	1,056		7,086
Medallion Financial Corp.	1,852		14,538
NewStar Financial, Inc.*	4,300		10,793
PHH Corp.*	4,100		66,256
Pico Holdings, Inc.*	500		16,970
Portfolio Recovery Associates, Inc.*	500		23,070

			224,831



Diversified Telecommunication Services 0.2%
Arbinet Corp.*	1,400		3,066
D&E Communications, Inc.	1,000		11,200
General Communication, Inc., Class A*	4,400		27,060
iBasis, Inc.*	2,700		6,075
SureWest Communications*	900		7,938

			55,339



Electrical Equipment 1.3%
A.O. Smith Corp.	1,700		67,371
Baldor Electric Co.	1,500		38,775
BTU International, Inc.*	700		3,556
Encore Wire Corp.	2,300		47,725
EnerSys*	2,400		53,040
LSI Industries, Inc.	1,600		11,184
Magnetek, Inc.*	600		750
Ocean Power Technologies, Inc.*	900		5,454
PowerSecure International, Inc.*	600		4,992
Regal-Beloit Corp.	800		37,504
Thomas & Betts Corp.*	2,200		75,262

			345,613



Electronic Equipment, Instruments & Components 5.6%
Arrow Electronics, Inc.*	5,100		129,234
AVX Corp.	9,300		105,276
Benchmark Electronics, Inc.*	5,200		87,360
Checkpoint Systems, Inc.*	3,400		46,138
Cognex Corp.	2,300		37,007
CPI International, Inc.*	1,301		12,880
CyberOptics Corp.*	400		2,412
DDi Corp.*	1,100		4,455
Electro Rent Corp.	2,300		24,633
FARO Technologies, Inc.*	900		13,914
Frequency Electronics, Inc.*	1,000		4,400
Gerber Scientific, Inc.*	1,400		6,468
GTSI Corp.*	1,000		7,450
ID Systems, Inc.*	729		2,661
Ingram Micro, Inc., Class A*	9,300		164,145
Jabil Circuit, Inc.	7,600		101,688
Keithley Instruments, Inc.	1,200		3,912
L-1 Identity Solutions, Inc.*	5,900		34,869
Littelfuse, Inc.*	1,200		33,072
LoJack Corp.*	1,300		5,486
Measurement Specialties, Inc.*	500		3,855
Mercury Computer Systems, Inc.*	1,200		12,840
Methode Electronics, Inc.	4,500		32,625
Multi-Fineline Electronix, Inc.*	1,400		38,150
NAPCO Security Technologies, Inc.*	1,700		3,264
NU Horizons Electronics Corp.*	1,000		3,890
OSI Systems, Inc.*	1,500		29,445
PAR Technology Corp.*	1,300		7,085
Park Electrochemical Corp.	500		11,240
PC Connection, Inc.*	300		1,764
PC Mall, Inc.*	1,300		9,217
Perceptron, Inc.*	700		2,359
Plexus Corp.*	2,000		50,600
RadiSys Corp.*	2,700		22,977
Richardson Electronics, Ltd.	1,400		7,910
Rogers Corp.*	500		12,975
ScanSource, Inc.*	600		15,234
Spectrum Control, Inc.*	1,400		11,830
SYNNEX Corp.*	2,500		64,325
Tech Data Corp.*	3,600		138,348
Technitrol, Inc.	1,925		14,996
Tessco Technologies, Inc.	400		6,780
TTM Technologies, Inc.*	4,200		42,714
Vicon Industries, Inc.*	371		2,504
Vishay Intertechnology, Inc.*	9,600		59,808
X-Rite, Inc.*	1,600		3,200
Zygo Corp.*	1,600		11,056

			1,448,451

40 Annual Report 2009


Common Stocks (continued)
	Shares		Market Value



Energy Equipment & Services 2.3%
Allis-Chalmers Energy, Inc.*	3,000	$	10,440
Bristow Group, Inc.*	2,300		67,045
Bronco Drilling Co., Inc.*	1,800		11,376
Cal Dive International, Inc.*	1,400		10,752
Complete Production Services, Inc.*	500		4,765
Dawson Geophysical Co.*	100		2,415
Exterran Holdings, Inc.*	500		10,215
Geokinetics, Inc.*	800		12,864
Global Industries Ltd.*	4,300		31,347
Gulf Island Fabrication, Inc.	1,000		19,120
Gulfmark Offshore, Inc.*	1,500		41,505
Hornbeck Offshore Services, Inc.*	1,400		34,034
Mitcham Industries, Inc.*	700		5,075
Natural Gas Services Group, Inc.*	1,400		23,618
Newpark Resources, Inc.*	2,000		6,020
OMNI Energy Services Corp.*	1,400		1,988
Parker Drilling Co.*	1,500		7,800
Patterson-UTI Energy, Inc.	579		9,021
PHI, Inc., Non-Voting Shares*	1,000		17,180
Pioneer Drilling Co.*	3,000		20,070
Rowan Cos., Inc.	3,000		69,750
SEACOR Holdings, Inc.*	1,300		105,651
Superior Well Services, Inc.*	1,900		20,159
TGC Industries, Inc.*	800		3,480
Trico Marine Services, Inc.*	1,000		6,100
Union Drilling, Inc.*	1,200		9,168
Unit Corp.*	1,300		50,804

			611,762



Food & Staples Retailing 0.9%
Andersons, Inc. (The)	1,600		49,648
Great Atlantic & Pacific Tea Co.*	1,000		9,910
Ingles Markets, Inc., Class A	200		3,076
Ruddick Corp.	1,800		48,096
Susser Holdings Corp.*	1,000		11,890
Weis Markets, Inc.	2,100		74,340
Winn-Dixie Stores, Inc.*	4,100		45,469

			242,429



Food Products 2.1%
B&G Foods, Inc., Class A	4,700		36,707
Chiquita Brands International, Inc.*	3,300		53,427
Corn Products International, Inc.	1,300		36,634
Del Monte Foods Co.	10,900		117,720
Farmer Bros Co.	1,300		24,570
Hain Celestial Group, Inc. (The)*	2,100		36,834
Imperial Sugar Co.	1,000		12,490
John B. Sanfilippo & Son, Inc.*	300		4,116
Smart Balance, Inc.*	4,700		24,816
Smithfield Foods, Inc.*	7,700		102,718
Tasty Baking Co.	700		4,487
TreeHouse Foods, Inc.*	2,400		89,760

			544,279

Health Care Equipment & Supplies 2.1%
Alphatec Holdings, Inc.*	745		3,561
Analogic Corp.	500		18,670
AngioDynamics, Inc.*	2,400		36,240
Anika Therapeutics, Inc.*	100		732
Cantel Medical Corp.*	1,000		16,060
Cardiac Science Corp.*	1,200		4,200
CONMED Corp.*	2,200		46,618
Cooper Cos., Inc. (The)	3,500		98,035
Cynosure, Inc., Class A*	200		2,004
ev3, Inc.*	8,800		103,664
Greatbatch, Inc.*	1,700		33,439
HealthTronics, Inc.*	3,450		7,901
Home Diagnostics, Inc.*	1,200		7,500
Invacare Corp.	2,100		47,103
Inverness Medical Innovations, Inc.*	1,600		60,816
Misonix, Inc.*	600		1,524
Osteotech, Inc.*	1,400		6,048
RTI Biologics, Inc.*	4,100		16,072
Spectranetics Corp.*	600		3,420
Theragenics Corp.*	3,000		4,050
TomoTherapy, Inc.*	5,200		17,264
Young Innovations, Inc.	700		16,555

			551,476



Health Care Providers & Services 3.6%
Allied Healthcare International, Inc.*	4,000		10,640
Allion Healthcare, Inc.*	2,811		18,103
American Dental Partners, Inc.*	1,500		17,835
AMN Healthcare Services, Inc.*	2,800		23,296
Amsurg Corp.*	1,300		27,391
Assisted Living Concepts, Inc., Class A*	1,160		24,035
BioScrip, Inc.*	2,450		18,473
Brookdale Senior Living, Inc.*	3,000		50,520
Capital Senior Living Corp.*	2,400		12,696
Community Health Systems, Inc.*	2,200		68,816
Continucare Corp.*	6,000		15,720
Coventry Health Care, Inc.*	400		7,932
Dynacq Healthcare, Inc.*	256		824
Emeritus Corp.*	800		14,928
Five Star Quality Care, Inc.*	2,200		7,590
Gentiva Health Services, Inc.*	2,200		52,800
Hanger Orthopedic Group, Inc.*	1,300		17,992
Health Net, Inc.*	700		10,437
Healthspring, Inc.*	4,500		64,485
Healthways, Inc.*	1,100		17,688
Integramed America, Inc.*	1,000		8,410
inVentiv Health, Inc.*	2,800		47,544
LCA-Vision, Inc.*	2,000		9,000
LifePoint Hospitals, Inc.*	2,000		56,660
Medcath Corp.*	2,200		18,062
Molina Healthcare, Inc.*	1,500		28,080
Nighthawk Radiology Holdings, Inc.*	3,300		19,767
NovaMed, Inc.*	2,200		8,866

2009 Annual Report 41

Statement of Investments (Continued)

October 31, 2009

Nationwide U.S. Small Cap Value Fund (Continued)


Common Stocks (continued)
	Shares		Market Value


Health Care Providers & Services (continued)

Odyssey HealthCare, Inc.*	1,800	$	25,092
Omnicare, Inc.	5,300		114,851
PDI, Inc.*	800		4,016
RehabCare Group, Inc.*	1,800		33,750
Res-Care, Inc.*	2,200		26,466
Skilled Healthcare Group, Inc., Class A*	1,500		12,060
Sun Healthcare Group, Inc.*	800		7,264
Universal American Corp.*	4,602		46,020

			948,109



Health Care Technology 0.1%
AMICAS, Inc.*	3,800		11,970
Vital Images, Inc.*	1,300		14,833

			26,803



Hotels, Restaurants & Leisure 2.3%
Bluegreen Corp.*	1,500		4,305
Bob Evans Farms, Inc.	1,900		49,913
Boyd Gaming Corp.*	900		6,624
California Pizza Kitchen, Inc.*	1,400		18,186
Churchill Downs, Inc.	1,000		31,380
DineEquity, Inc.*	1,400		29,624
Dover Motorsports, Inc.	1,000		1,390
FortuNet, Inc.	400		544
Gaylord Entertainment Co.*	1,200		18,036
Isle of Capri Casinos, Inc.*	1,700		13,175
J Alexander’s Corp.*	500		2,120
Lakes Entertainment, Inc.*	1,900		4,674
Luby’s, Inc.*	3,100		11,067
Marcus Corp.	1,800		21,060
McCormick & Schmick’s Seafood Restaurants, Inc.*	1,900		11,438
Morton’s Restaurant Group, Inc.*	2,300		8,602
MTR Gaming Group, Inc.*	2,160		4,687
Multimedia Games, Inc.*	2,201		10,807
Orient-Express Hotels Ltd., Class A*	2,000		17,200
Red Lion Hotels Corp.*	1,000		4,770
Rick’s Cabaret International, Inc.*	800		5,848
Rubio’s Restaurants, Inc.*	1,000		7,290
Ruby Tuesday, Inc.*	5,200		34,632
Speedway Motorsports, Inc.	3,500		47,390
Steak N Shake Co. (The)*	2,600		30,290
Vail Resorts, Inc.*	1,000		34,440
VCG Holding Corp.*	1,100		2,068
Wyndham Worldwide Corp.	10,000		170,500

			602,060



Household Durables 3.7%
Acme United Corp.	200		1,680
Bassett Furniture Industries, Inc.	1,000		3,860
Blyth, Inc.	451		15,979
Brookfield Homes Corp.*	2,300		12,949
Cavco Industries, Inc.*	500		15,200
Craftmade International, Inc.*	300		792
CSS Industries, Inc.	1,000		20,300
Ethan Allen Interiors, Inc.	800		9,968
Furniture Brands International, Inc.*	3,700		15,725
Helen of Troy Ltd.*	2,700		61,668
Jarden Corp.	7,700		210,903
La-Z-Boy, Inc.	6,000		42,600
Leggett & Platt, Inc.	5,700		110,181
Lennar Corp., Class A	3,400		42,840
Lifetime Brands, Inc.	808		4,904
M.D.C. Holdings, Inc.	400		13,048
M/I Homes, Inc.*	1,400		15,638
Meritage Homes Corp.*	2,700		49,248
Mohawk Industries, Inc.*	3,900		167,037
Orleans Homebuilders, Inc.*	1,500		3,270
Palm Harbor Homes, Inc.*	1,200		2,652
Pulte Homes, Inc.	4,387		39,527
Ryland Group, Inc.	1,200		22,260
Skyline Corp.	800		13,992
Standard Pacific Corp.*	6,400		19,200
Stanley Furniture Co., Inc.	1,300		10,218
Whirlpool Corp.	400		28,636

			954,275



Household Products 0.2%
Central Garden and Pet Co., Class A*	4,200		39,732
Central Garden and Pet Co.*	2,100		20,832

			60,564



Independent Power Producers & Energy Traders 0.2%
Mirant Corp.*	2,100		29,358
RRI Energy, Inc.*	5,100		26,877

			56,235



Industrial Conglomerates 0.1%
Standex International Corp.	1,100		19,338



Information Technology Services 1.8%
Acorn Energy, Inc.*	400		2,796
Acxiom Corp.*	1,500		17,220
CACI International, Inc., Class A*	1,600		76,192
Convergys Corp.*	6,900		74,865
Edgewater Technology, Inc.*	400		1,140
Euronet Worldwide, Inc.*	1,700		40,205
Hackett Group, Inc. (The)*	1,600		4,992
infoGROUP, Inc.*	4,200		27,552
Perot Systems Corp., Class A*	6,700		200,598
SRA International, Inc., Class A*	900		16,884
StarTek, Inc.*	1,500		8,700
TechTeam Global, Inc.*	1,000		7,830

			478,974

42 Annual Report 2009


Common Stocks (continued)
	Shares		Market Value



Insurance 10.6%
21st Century Holding Co.	900	$	4,131
Affirmative Insurance Holdings, Inc.*	700		2,800
Allied World Assurance Co. Holdings Ltd.	500		22,380
American Equity Investment Life Holding Co.	2,900		19,053
American Financial Group, Inc.	6,400		157,440
American National Insurance Co.	500		41,745
AMERISAFE, Inc.*	1,700		31,518
Argo Group International Holdings Ltd.*	1,200		40,752
Aspen Insurance Holdings Ltd.	800		20,640
CNA Surety Corp.*	2,400		34,704
Conseco, Inc.*	10,400		54,184
Delphi Financial Group, Inc., Class A	3,200		69,440
Donegal Group, Inc., Class A	1,800		26,280
Eastern Insurance Holdings, Inc.	1,000		7,060
Endurance Specialty Holdings Ltd.	1,300		46,787
FBL Financial Group, Inc., Class A	1,800		36,270
Fidelity National Financial, Inc., Class A	800		10,856
First Acceptance Corp.*	3,404		7,489
First American Corp.	5,200		158,028
First Mercury Financial Corp.	1,800		22,860
Flagstone Reinsurance Holdings Ltd.	900		9,855
FPIC Insurance Group, Inc.*	1,000		33,830
Genworth Financial, Inc., Class A*	6,800		72,216
Hallmark Financial Services*	2,700		20,709
Hanover Insurance Group, Inc. (The)	2,800		117,796
HCC Insurance Holdings, Inc.	6,100		160,979
Hilltop Holdings, Inc.*	4,800		56,832
Horace Mann Educators Corp.	700		8,701
Independence Holding Co.	1,400		7,770
MBIA, Inc.*	15,000		60,900
Meadowbrook Insurance Group, Inc.	3,845		25,877
Mercer Insurance Group, Inc.	500		9,290
Mercury General Corp.	2,400		87,504
Montpelier Re Holdings Ltd.	800		12,928
National Financial Partners Corp.*	2,500		20,375
Navigators Group, Inc.*	1,000		53,070
NYMAGIC, Inc.	192		2,743
Old Republic International Corp.	13,000		138,840
OneBeacon Insurance Group Ltd., Class A	1,500		17,880
Phoenix Cos., Inc. (The)*	1,900		6,042
Platinum Underwriters Holdings Ltd.	500		17,885
PMA Capital Corp., Class A*	900		4,302
ProAssurance Corp.*	2,500		125,700
Protective Life Corp.	3,800		73,150
Reinsurance Group of America, Inc.	3,300		152,130
Safety Insurance Group, Inc.	1,000		33,470
SeaBright Insurance Holdings, Inc.*	2,400		26,832
Specialty Underwriters’ Alliance, Inc.*	700		4,774
State Auto Financial Corp.	2,200		35,772
Stewart Information Services Corp.	1,700		15,198
Transatlantic Holdings, Inc.	3,764		190,082
United America Indemnity Ltd., Class A*	673		4,718
United Fire & Casualty Co.	1,100		19,228
Unitrin, Inc.	7,900		154,840
Validus Holdings Ltd.	1,700		43,010
W.R. Berkley Corp.	2,400		59,328
White Mountains Insurance Group Ltd.	100		30,941
Zenith National Insurance Corp.	1,500		42,795

			2,772,709



Internet & Catalog Retail 0.0%
1-800-FLOWERS.COM, Inc., Class A*	1,300		4,992
dELiAs, Inc.	1,700		3,604
Hollywood Media Corp.*	2,600		3,900

			12,496



Internet Software & Services 1.5%
IAC/InterActiveCorp*	5,400		102,276
InfoSpace, Inc.*	3,400		29,138
Internap Network Services Corp.*	6,500		20,800
Internet Brands, Inc., Class A*	3,849		28,637
Internet Capital Group, Inc.*	3,800		27,626
iPass, Inc.*	3,400		4,420
Keynote Systems, Inc.*	800		8,176
Knot, Inc. (The)*	1,800		19,206
Looksmart Ltd.*	1,300		1,703
Marchex, Inc., Class B	2,000		9,060
ModusLink Global Solutions, Inc.*	3,800		31,236
Perficient, Inc.*	600		4,884
RealNetworks, Inc.*	10,800		38,556
Soundbite Communications, Inc.*	1,400		4,200
support.com, Inc.*	3,300		7,920
TechTarget, Inc.*	1,484		9,349
TheStreet.com, Inc.	3,700		9,213
United Online, Inc.	1,800		14,400
Web.com Group, Inc.*	2,400		16,896

			387,696



Leisure Equipment & Products 0.3%
Aldila, Inc.*	200		592
Arctic Cat, Inc.	1,200		7,128
Callaway Golf Co.	2,700		18,468
Cybex International, Inc.*	1,400		1,918
Nautilus, Inc.*	2,800		5,012
RC2 Corp.*	1,971		25,741
Sport Supply Group, Inc.	1,000		10,320
Steinway Musical Instruments*	800		9,376

			78,555



Life Sciences Tools & Services 0.1%
Cambrex Corp.*	1,400		8,400
Harvard Bioscience, Inc.*	2,000		7,240

			15,640

2009 Annual Report 43

Statement of Investments (Continued)

October 31, 2009

Nationwide U.S. Small Cap Value Fund (Continued)


Common Stocks (continued)
	Shares		Market Value



Machinery 2.8%
Alamo Group, Inc.	289	$	3,959
Albany International Corp., Class A	2,000		33,320
American Railcar Industries, Inc.	2,800		28,000
Astec Industries, Inc.*	500		11,500
Barnes Group, Inc.	1,500		23,775
Briggs & Stratton Corp.	2,300		43,010
CIRCOR International, Inc.	1,400		38,150
Columbus Mckinnon Corp.*	2,400		39,720
EnPro Industries, Inc.*	500		11,290
Flanders Corp.*	1,800		9,072
FreightCar America, Inc.	700		16,506
Gardner Denver, Inc.*	2,000		71,820
Gencor Industries, Inc.*	499		3,743
Greenbrier Cos., Inc.	1,200		10,656
Hardinge, Inc.	900		4,725
Hurco Cos., Inc.*	600		9,540
Kadant, Inc.*	600		7,734
Mfri, Inc.*	400		2,688
Miller Industries, Inc.*	1,500		15,075
Mueller Industries, Inc.	1,700		40,222
Mueller Water Products, Inc., Class A	8,800		39,424
NACCO Industries, Inc., Class A	600		35,760
Portec Rail Products, Inc.	1,000		8,710
Tecumseh Products Co., Class A*	1,100		11,495
Timken Co.	5,500		121,165
Titan International, Inc.	1,100		9,240
Trinity Industries, Inc.	400		6,752
Twin Disc, Inc.	602		5,653
Wabash National Corp.*	3,000		5,880
Watts Water Technologies, Inc., Class A	2,300		64,975

			733,559



Marine 0.3%
Alexander & Baldwin, Inc.	2,400		69,192
Genco Shipping & Trading Ltd.	1,000		19,890

			89,082



Media 1.9%
AH Belo Corp., Class A*	80		328
Alloy, Inc.*	1,382		9,094
Ballantyne Strong, Inc.*	825		2,805
Belo Corp., Class A	400		1,880
Cinemark Holdings, Inc.	8,200		95,038
E.W. Scripps Co. (The), Class A*	2,500		15,900
Fisher Communications, Inc.*	1,000		19,490
Lee Enterprises, Inc.*	1,000		3,050
Liberty Media Corp. — Capital*	7,000		144,830
Live Nation, Inc.*	5,800		38,628
Media General, Inc., Class A	2,200		18,238
Meredith Corp.	4,600		124,476
New Frontier Media, Inc.*	1,900		3,686
Orchard Enterprises, Inc.*	500		525
Outdoor Channel Holdings, Inc.*	2,200		15,224
Saga Communications, Inc., Class A*	400		5,100

			498,292



Metals & Mining 1.5%
AM Castle & Co.	3,000		33,810
Brush Engineered Materials, Inc.*	500		9,225
Coeur d’Alene Mines Corp.*	800		16,064
Friedman Industries	300		1,731
Haynes International, Inc.*	400		11,328
Horsehead Holding Corp.*	3,600		34,308
Kaiser Aluminum Corp.	2,500		99,875
Olympic Steel, Inc.	800		20,240
RTI International Metals, Inc.*	700		14,497
Stillwater Mining Co.*	5,928		36,754
Synalloy Corp.	400		3,616
Universal Stainless & Alloy*	900		13,581
US Gold Corp.*	1,281		3,459
Worthington Industries, Inc.	9,451		104,433

			402,921



Multiline Retail 0.5%
99 Cents Only Stores*	4,400		50,028
Dillard’s, Inc., Class A	200		2,724
Fred’s, Inc., Class A	3,500		41,440
Saks, Inc.*	5,700		31,977

			126,169



Oil, Gas & Consumable Fuels 3.7%
Alon USA Energy, Inc.	2,000		16,800
Approach Resources, Inc.*	600		4,656
ATP Oil & Gas Corp.*	3,100		53,661
Berry Petroleum Co., Class A	1,600		40,576
Cimarex Energy Co.	3,200		125,312
Comstock Resources, Inc.*	1,800		73,962
Crosstex Energy, Inc.	3,200		17,984
Delek US Holdings, Inc.	3,500		23,625
Double Eagle Petroleum Co.*	800		3,784
Encore Acquisition Co.*	900		33,363
GeoMet, Inc.*	3,500		6,580
Harvest Natural Resources, Inc.*	3,100		17,019
HKN, Inc.*	1,000		3,300
Mariner Energy, Inc.*	4,700		59,878
Overseas Shipholding Group, Inc.	1,800		70,650
Penn Virginia Corp.	1,600		32,400
Petroleum Development Corp.*	1,000		16,700
Rex Energy Corp.*	2,500		20,225
Rosetta Resources, Inc.*	2,000		27,060
Stone Energy Corp.*	2,094		32,101
Swift Energy Co.*	1,800		38,124
Tesoro Corp.	4,100		57,974
USEC, Inc.*	8,800		33,968

44 Annual Report 2009


Common Stocks (continued)
	Shares		Market Value


Oil, Gas & Consumable Fuels (continued)

Western Refining, Inc.*	3,000	$	16,830
Whiting Petroleum Corp.*	2,300		129,720

			956,252



Paper & Forest Products 1.7%
Buckeye Technologies, Inc.*	3,900		34,944
Glatfelter	3,500		36,995
KapStone Paper and Packaging Corp.*	200		1,388
Louisiana-Pacific Corp.*	7,900		41,475
MeadWestvaco Corp.	9,800		223,734
Mercer International, Inc.*	1,100		2,354
Schweitzer-Mauduit International, Inc.	1,700		87,805
Wausau Paper Corp.	700		6,139

			434,834



Personal Products 0.4%
CCA Industries, Inc.	400		1,816
Elizabeth Arden, Inc.*	1,600		17,040
Inter Parfums, Inc.	1,700		20,876
Mannatech, Inc.	1,800		6,120
Nutraceutical International Corp.*	1,400		15,232
Parlux Fragrances, Inc.*	1,100		2,123
Physicians Formula Holdings, Inc.*	1,300		2,847
Prestige Brands Holdings, Inc.*	3,800		25,688

			91,742



Pharmaceuticals 0.9%
Hi-Tech Pharmacal Co., Inc.*	1,000		18,240
King Pharmaceuticals, Inc.*	9,906		100,348
Lannett Co., Inc.*	1,100		7,392
Medicis Pharmaceutical Corp., Class A	1,100		23,287
Par Pharmaceutical Cos., Inc.*	2,200		46,134
Watson Pharmaceuticals, Inc.*	800		27,536

			222,937



Professional Services 0.9%
Barrett Business Services, Inc.	500		5,800
CDI Corp.	1,300		15,834
CRA International, Inc.*	600		14,850
Franklin Covey Co.*	700		3,654
GP Strategies Corp.*	1,877		13,214
Heidrick & Struggles International, Inc.	1,000		27,360
Hudson Highland Group, Inc.*	2,200		7,128
Kelly Services, Inc., Class A	3,206		35,522
Kforce, Inc.*	2,800		32,844
Korn/Ferry International*	352		5,618
LECG Corp.*	2,910		10,040
National Technical Systems, Inc.	400		2,272
On Assignment, Inc.*	2,700		16,308
RCM Technologies, Inc.*	400		908
School Specialty, Inc.*	1,100		24,475
Volt Information Sciences, Inc.*	1,900		15,409

			231,236

Real Estate Management & Development 0.2%
Avatar Holdings, Inc.*	800		13,040
Forest City Enterprises, Inc., Class A	4,800		41,856
ZipRealty, Inc.*	1,900		7,125

			62,021



Road & Rail 2.2%
Amerco, Inc.*	2,300		97,221
Arkansas Best Corp.	2,000		51,640
Celadon Group, Inc.*	1,900		18,544
Hertz Global Holdings, Inc.*	9,100		84,721
Kansas City Southern*	1,000		24,230
Marten Transport Ltd.*	1,900		33,326
PAM Transportation Services, Inc.*	572		4,439
Ryder System, Inc.	3,300		133,815
USA Truck, Inc.*	1,300		14,599
Werner Enterprises, Inc.	5,400		101,250
YRC Worldwide, Inc.*	2,900		10,585

			574,370



Semiconductors & Semiconductor Equipment 3.6%
Actel Corp.*	2,500		29,800
Advanced Analogic Technologies, Inc.*	1,000		3,150
Advanced Energy Industries, Inc.*	1,362		16,630
Amtech Systems, Inc.*	415		2,241
Anadigics, Inc.*	1,100		3,531
AuthenTec, Inc.*	100		247
AXT, Inc.*	2,200		5,082
Cabot Microelectronics Corp.*	900		28,782
California Micro Devices Corp.*	800		2,392
Cascade Microtech, Inc.*	1,000		5,400
Ceva, Inc.*	500		5,065
Cohu, Inc.	2,600		29,588
DSP Group, Inc.*	600		3,468
Exar Corp.*	2,100		14,490
Fairchild Semiconductor International, Inc.*	9,500		71,060
FEI Co.*	700		16,667
FormFactor, Inc.*	500		8,495
GSI Technology, Inc.*	1,200		4,332
Ikanos Communications, Inc.*	1,600		2,768
Integrated Device Technology, Inc.*	16,600		97,608
Integrated Silicon Solution, Inc.*	2,500		8,750
International Rectifier Corp.*	3,900		71,292
Intersil Corp., Class A	6,683		83,871
IXYS Corp.*	1,400		9,380
Kopin Corp.*	3,700		16,428
Lattice Semiconductor Corp.*	6,200		11,842
Mattson Technology, Inc.*	2,800		5,936
Nanometrics, Inc.*	1,580		12,956
Novellus Systems, Inc.*	800		16,464
OmniVision Technologies, Inc.*	4,200		51,492
PDF Solutions, Inc.*	1,600		5,664
Pericom Semiconductor Corp.*	1,000		9,410
Photronics, Inc.*	2,200		9,196

2009 Annual Report 45

Statement of Investments (Continued)

October 31, 2009

Nationwide U.S. Small Cap Value Fund (Continued)


Common Stocks (continued)
	Shares		Market Value


Semiconductors & Semiconductor Equipment (continued)

PLX Technology, Inc.*	2,700	$	8,478
Rudolph Technologies, Inc.*	3,000		19,020
Semitool, Inc.*	1,800		12,708
Silicon Image, Inc.*	4,000		8,440
Skyworks Solutions, Inc.*	3,300		34,419
Standard Microsystems Corp.*	2,453		47,245
TriQuint Semiconductor, Inc.*	9,900		53,361
Ultra Clean Holdings, Inc.*	1,200		6,612
Ultratech, Inc.*	1,300		16,796
Veeco Instruments, Inc.*	1,700		41,395
Virage Logic Corp.*	1,800		10,620
Zoran Corp.*	2,800		24,836

			947,407



Software 0.9%
Dynamics Research Corp.*	1,100		14,091
ePlus, Inc.*	460		6,918
JDA Software Group, Inc.*	1,200		23,808
Kenexa Corp.*	1,300		16,380
Lawson Software, Inc.*	3,400		21,454
Mentor Graphics Corp.*	1,300		9,490
Opnet Technologies, Inc.	500		5,450
Progress Software Corp.*	600		13,860
Rovi Corp.*	300		8,265
S1 Corp.*	1,100		6,600
Smith Micro Software, Inc.*	2,700		24,516
SonicWALL, Inc.*	4,775		37,914
THQ, Inc.*	2,400		12,552
TIBCO Software, Inc.*	2,787		24,386

			225,684



Specialty Retail 5.7%
Aaron’s, Inc.	1,000		25,050
AC Moore Arts & Crafts, Inc.*	410		1,960
America’s Car-Mart, Inc.*	900		18,657
AnnTaylor Stores Corp.*	3,400		44,098
AutoNation, Inc.*	10,100		174,124
Barnes & Noble, Inc.	4,200		69,762
Bebe Stores, Inc.	2,300		14,398
Brown Shoe Co., Inc.	3,200		33,184
Build-A-Bear Workshop, Inc.*	2,300		11,914
Cabela’s, Inc.*	5,400		67,878
Cache, Inc.*	1,100		5,291
Charming Shoppes, Inc.*	3,000		13,590
Christopher & Banks Corp.	2,310		14,068
Coldwater Creek, Inc.*	4,900		28,175
Collective Brands, Inc.*	2,700		50,085
Conn’s, Inc.*	1,900		11,989
Cost Plus, Inc.*	900		1,971
Destination Maternity Corp.*	300		6,015
Dress Barn, Inc.*	1,500		27,075
DSW, Inc., Class A*	1,300		24,960
Finish Line, Inc. (The), Class A	5,600		56,784
Foot Locker, Inc.	8,700		91,176
Gander Mountain Co.*	800		3,992
Genesco, Inc.*	600		15,642
Group 1 Automotive, Inc.	2,600		66,092
Haverty Furniture Cos., Inc.*	1,700		20,587
HOT Topic, Inc.*	4,300		33,110
Jo-Ann Stores, Inc.*	2,000		53,240
Lithia Motors, Inc., Class A*	500		4,170
MarineMax, Inc.*	1,300		8,853
Men’s Wearhouse, Inc. (The)	1,500		34,755
New York & Co., Inc.*	3,200		14,080
Office Depot, Inc.*	15,400		93,170
Pacific Sunwear Of California*	4,300		25,972
Penske Auto Group, Inc.	7,300		114,318
PEP Boys-Manny Moe & Jack	5,800		50,866
Rent-A-Center, Inc.*	1,700		31,212
Shoe Carnival, Inc.*	1,423		21,359
Stage Stores, Inc.	2,200		25,960
Stein Mart, Inc.*	3,227		30,656
Systemax, Inc.*	1,000		13,480
Tandy Leather Factory, Inc.*	200		658
West Marine, Inc.*	1,600		12,192
Zale Corp.*	3,300		15,609

			1,482,177



Textiles, Apparel & Luxury Goods 1.8%
Columbia Sportswear Co.	2,700		102,735
Culp, Inc.*	1,000		5,770
Delta Apparel, Inc.*	158		1,397
G-III Apparel Group Ltd.*	1,800		28,818
Heelys, Inc.	2,200		4,884
Iconix Brand Group, Inc.*	3,300		38,478
Jones Apparel Group, Inc.	3,200		57,248
Kenneth Cole Productions, Inc., Class A	1,000		9,510
K-Swiss, Inc., Class A	2,300		18,768
Lakeland Industries, Inc.*	200		1,472
Lazare Kaplan International, Inc.* (a)	300		750
Liz Claiborne, Inc.	2,600		14,924
Movado Group, Inc.	1,600		16,768
Oxford Industries, Inc.	1,400		27,090
Perry Ellis International, Inc.*	1,400		19,138
Quiksilver, Inc.*	3,200		6,368
RG Barry Corp.	400		3,424
Rocky Brands, Inc.*	400		3,324
Skechers U.S.A., Inc., Class A*	2,600		56,732
Timberland Co. (The), Class A*	1,200		19,416
Unifi, Inc.*	5,800		16,124
UniFirst Corp.	500		21,035

			474,173



Thrifts & Mortgage Finance 2.0%
Abington Bancorp, Inc.	2,400		16,464
Atlantic Coast Federal Corp.	1,200		1,740

46 Annual Report 2009


Common Stocks (continued)
	Shares		Market Value


Thrifts & Mortgage Finance (continued)

Bank Mutual Corp.	1,100	$	7,722
BankAtlantic Bancorp, Inc., Class A	4,897		7,199
BankFinancial Corp.	2,714		25,620
Berkshire Hills Bancorp, Inc.	1,300		26,715
BofI Holding, Inc.*	700		5,838
Dime Community Bancshares	1,800		19,782
Doral Financial Corp.*	100		284
ESSA Bancorp, Inc.	1,500		17,955
First Defiance Financial Corp.	900		12,978
First Financial Holdings, Inc.	400		5,396
First Financial Northwest, Inc.	2,500		14,800
First Place Financial Corp.	367		1,116
Flushing Financial Corp.	1,100		12,353
Home Federal Bancorp, Inc.	2,300		26,565
HopFed Bancorp, Inc.	300		3,042
Legacy Bancorp, Inc.	700		6,692
Louisiana Bancorp, Inc.*	600		8,568
NewAlliance Bancshares, Inc.	3,900		43,212
Northeast Community Bancorp, Inc.	300		2,010
OceanFirst Financial Corp.	1,000		9,500
PMI Group, Inc. (The)	2,100		5,082
Provident Financial Holdings, Inc.	600		4,200
Provident Financial Services, Inc.	2,000		21,500
Radian Group, Inc.	10,300		59,637
Riverview Bancorp, Inc.*	589		1,891
Rome Bancorp, Inc.	700		5,740
SI Financial Group, Inc.	1,100		4,785
TierOne Corp.*	222		442
Tree.com, Inc.*	300		2,343
United Community Financial Corp.*	763		1,144
United Financial Bancorp, Inc.	1,400		17,990
United Western Bancorp, Inc.	472		1,732
Washington Federal, Inc.	5,000		85,750
Waterstone Financial, Inc.*	1,700		5,797
Westfield Financial, Inc.	3,100		24,955

			518,539



Tobacco 0.4%
Alliance One International, Inc.*	4,900		21,609
Universal Corp.	2,100		87,339

			108,948



Trading Companies & Distributors 0.9%
Applied Industrial Technologies, Inc.	1,400		28,322
Empire Resources, Inc.	300		465
GATX Corp.	2,600		70,668
H&E Equipment Services, Inc.*	1,366		14,480
Interline Brands, Inc.*	4,100		59,860
TAL International Group, Inc.	1,000		11,860
United Rentals, Inc.*	4,900		46,501

			232,156

Water Utilities 0.1%
Middlesex Water Co.	800		12,312
Pennichuck Corp.	200		4,534
SJW Corp.	600		13,062

			29,908



Wireless Telecommunication Services 0.3%
Telephone & Data Systems, Inc.	1,800		49,680
United States Cellular Corp.*	800		29,288

			78,968


Total Common Stocks (cost $31,563,090)			25,767,177



Mutual Fund 1.1%


Money Market Fund 1.1%
Invesco AIM Liquid Assets Portfolio, 0.21% (b)	273,858		273,858


Total Mutual Fund (cost $273,858)			273,858


Total Investments (cost $31,836,948) (c) — 99.9%			26,041,035

Other assets in excess of liabilities — 0.1%			13,327


NET ASSETS — 100.0%		$	26,054,362


*		Denotes a non-income producing security.

(a)		Fair Valued Security.

(b)		Represents 7-day effective yield as of October 31, 2009.

(c)		See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.


CDI		Clearing House Electronic Subregister System (CHESS) Depository Interest

Ltd.		Limited

NA		National Association

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 47

Statement of Assets and Liabilities

October 31, 2009



	Nationwide
	U.S. Small
	Cap Value Fund

Assets:
Investments, at value (cost $31,836,948)	$	26,041,035
Interest and dividends receivable		7,283
Receivable for investments sold		1,932
Receivable for capital shares issued		16,614
Prepaid expenses and other assets		19,248

Total Assets		26,086,112

Liabilities:
Accrued expenses and other payables:
Investment advisory fees		16,686
Fund administration fees		2,907
Distribution fees		21
Administrative servicing fees		5,923
Accounting and transfer agent fees		2,496
Trustee fees		480
Custodian fees		232
Compliance program costs (Note 3)		187
Professional fees		2,124
Other		694

Total Liabilities		31,750

Net Assets	$	26,054,362

Represented by:
Capital	$	33,167,357
Accumulated net realized losses from investment transactions		(1,317,082	)
Net unrealized appreciation/(depreciation) from investments		(5,795,913	)

Net Assets	$	26,054,362

Net Assets:
Class A Shares	$	71,532
Class C Shares		7,720
Institutional Service Class Shares		25,941,166
Institutional Class Shares		33,944

Total	$	26,054,362

Shares Outstanding (unlimited number of shares authorized):
Class A Shares		9,363
Class C Shares		1,016
Institutional Service Class Shares		3,393,125
Institutional Class Shares		4,428

Total		3,407,932

The accompanying notes are an integral part of these financial statements.

48 Annual Report 2009



	Nationwide
	U.S. Small
	Cap Value Fund

Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	7.64
Class C Shares (a)	$	7.60
Institutional Service Class Shares	$	7.65
Institutional Class Shares	$	7.67
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	8.11

Maximum Sales Charge:
Class A Shares		5.75	%


(a)		For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.

The accompanying notes are an integral part these to financial statements.

2009 Annual Report 49

Statement of Operations

For the Year Ended October 31, 2009



	Nationwide
	U.S. Small
	Cap Value Fund

INVESTMENT INCOME:
Interest income	$	155
Dividend income		353,293

Total Income		353,448

EXPENSES:
Investment advisory fees		217,762
Fund administration fees		27,650
Distribution fees Class A		72
Distribution fees Class C		110
Administrative servicing fees Class A		1
Administrative servicing fees Institutional Service Class		68,139
Registration and filing fees		50,040
Professional fees		5,535
Printing fees		10,048
Trustee fees		1,842
Custodian fees		1,010
Accounting and transfer agent fees		16,329
Compliance program costs (Note 3)		403
Other		3,239

Total expenses before earnings credit and waived/reimbursed expenses		402,180
Earnings credit (Note 5)		(31	)
Administrative servicing fees voluntarily waived — Institutional Service Class		(11,000	)
Expenses reimbursed by adviser		(83,922	)

Net Expenses		307,227

NET INVESTMENT INCOME		46,221

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(1,321,736	)
Net change in unrealized appreciation/(depreciation) from investments		3,534,314

Net realized/unrealized gains from investments		2,212,578

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,258,799

The accompanying notes are an integral part of these financial statements.

50 Annual Report 2009

Statements of Changes in Net Assets


	Nationwide U.S. Small Cap
	Value Fund

				Period from
	Year Ended			*December 21, 2007 to**
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	46,221		$	66,697
Net realized gains (losses) from investment transactions		(1,321,736	)		353,054
Net change in unrealized appreciation/(depreciation) from investments		3,534,314			(9,330,227	)

Change in net assets resulting from operations		2,258,799			(8,910,476	)


Distributions to Shareholders From:
Net investment income:
Class A		(27	)		(12	)
Class C		–			(1	)
Institutional Service Class		(131,450	)		(17	)
Institutional Class		(208	)		(30,138	)
Net realized gains:
Class A		(127	)		–
Class C		(233	)		–
Institutional Service Class		(352,250	)		–
Institutional Class		(446	)		–

Change in net assets from shareholder distributions		(484,741	)		(30,168	)

Change in net assets from capital transactions		61,431			33,159,517

Change in net assets		1,835,489			24,218,873


Net Assets:
Beginning of period		24,218,873			–

End of period	$	26,054,362		$	24,218,873

Accumulated undistributed net investment income at end of period	$	–		$	50,764


CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	66,375		$	11,427
Dividends reinvested		154			12
Cost of shares redeemed		(7,468	)		–

Total Class A		59,061			11,439

Class C Shares
Proceeds from shares issued		2,000			22,386
Dividends reinvested		233			1
Cost of shares redeemed		(9,300	)		–

Total Class C		(7,067	)		22,387


Institutional Service Class Shares
Proceeds from shares issued		2,754,549			34,277,395
Dividends reinvested		483,700			17
Cost of shares redeemed		(3,232,101	)		(1,882,273	)

Total Institutional Service Class		6,148			32,395,139

Amounts designated as “–” are zero or have been rounded to zero.


*	Commencement of operations

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 51

Statements of Changes in Net Assets (Continued)


	Nationwide U.S. Small Cap
	Value Fund

				Period from
	Year Ended			*December 21, 2007 to**
	October 31, 2009			October 31, 2008

CAPITAL TRANSACTIONS: (continued)
Institutional Class Shares
Proceeds from shares issued	$	32,234		$	14,972,256
Dividends reinvested		654			30,138
Cost of shares redeemed		(29,599	)		(14,271,842	)

Total Institutional Class		3,289			730,552

Change in net assets from capital transactions:	$	61,431		$	33,159,517


SHARE TRANSACTIONS:
Class A Shares
Issued		9,367			1,142
Reinvested		24			1
Redeemed		(1,171	)		–

Total Class A Shares		8,220			1,143

Class C Shares
Issued		302			2,262
Reinvested		37			–
Redeemed		(1,585	)		–

Total Class C Shares		(1,246	)		2,262

Institutional Service Class Shares
Issued		437,493			3,592,623
Reinvested		77,547			2
Redeemed		(497,883	)		(216,657	)

Total Institutional Service Class Shares		17,157			3,375,968

Institutional Class Shares
Issued		5,174			1,497,000
Reinvested		105			3,323
Redeemed		(5,174	)		(1,496,000	)

Total Institutional Class Shares		105			4,323

Total change in shares:		24,236			3,383,696

Amounts designated as “–” are zero or have been rounded to zero.


*		Commencement of operations

The accompanying notes are an integral part of these financial statements.

52 Annual Report 2009

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide U.S. Small Cap Value Fund


				Operations									Distributions																		Ratios / Supplemental Data

							Net Realized																													Ratio of Net			Ratio of
							and																													Investment			Expenses
	Net Asset			Net			Unrealized																										Ratio of			Income			(Prior to
	Value,			Investment			Gains			Total			Net			Net									Net Asset						Net Assets		Expenses			(Loss)			Reimbursements)
	Beginning			Income			(Losses) from			from			Investment			Realized			Total			Redemption			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			(Loss)			Investments			Operations			Income			Gains			Distributions			Fees			of Period			Return (a)(b)			Period		Net Assets (c)			Net Assets (c)			Net Assets (c)(d)			Turnover (e)
Class A Shares
Year Ended October 31, 2009 (f)	$	7	.15		(0	.01)		0	.62		0	.61		(0	.02)		(0	.10)		(0	.12)		–		$	7	.64		8	.99%	$	71,532		1	.34%		(0	.11%)		1	.65%		22	.58%
Period Ended October 31, 2008 (f)(g)	$	10	.00		0	.01		(2	.85)		(2	.84)		(0	.01)		–			(0	.01)		–		$	7	.15		(28	.40%)	$	8,172		1	.47%		0	.09%		1	.86%		16	.44%

Class C Shares
Year Ended October 31, 2009 (f)	$	7	.12		(0	.02)			.59			.57		–			(0	.10)		(0	.10)		0	.01	$	7	.60		8	.48%	$	7,720		2	.09%		(0	.37%)		2	.48%		22	.58%
Period Ended October 31, 2008 (f)(g)	$	10	.00		(0	.04)		(2	.84)		(2	.88)		–			–			–			–		$	7	.12		(28	.79%)	$	16,104		2	.08%		(0	.48%)		2	.35%		16	.44%

Institutional Service Class Shares
Year Ended October 31, 2009 (f)	$	7	.16		0	.01		0	.62		0	.63		(0	.04)		(0	.10)		(0	.14)		–		$	7	.65		9	.27%	$	25,941,166		1	.34%		0	.20%		1	.75%		22	.58%
Period Ended October 31, 2008 (f)(g)	$	10	.00		0	.02		(2	.84)		(2	.82)		(0	.02)		–			(0	.02)		–		$	7	.16		(28	.27%)	$	24,163,614		1	.23%		0	.31%		1	.32%		16	.44%

Institutional Class Shares
Year Ended October 31, 2009 (f)	$	7	.17		0	.03		0	.62		0	.65		(0	.05)		(0	.10)		(0	.15)		–		$	7	.67		9	.58%	$	33,944		1	.09%		0	.48%		1	.46%		22	.58%
Period Ended October 31, 2008 (f)(g)	$	10	.00		0	.04		(2	.85)		(2	.81)		(0	.02)		–			(0	.02)		–		$	7	.17		(28	.14%)	$	30,983		1	.07%		0	.48%		1	.64%		16	.44%

Amounts designated as “–” are zero or have been rounded to zero.


(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	Per share calculations were performed using average shares method.
(g)	For the period from December 21, 2007 (commencement of operations) through October 31, 2008.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 53


Nationwide Value Fund

How did the Fund perform during the reporting period in relation to its benchmark and its peer group?

For the annual period ended October 31, 2009, the Nationwide Value Fund (Class A at NAV) returned 9.59% versus 11.20% for its benchmark, the Russell 1000^® Index. For broader comparison, the average return for the Fund’s closest Lipper peer category of Large-Cap Core Funds (consisting of 907 funds as of October 31, 2009) was 10.82% for the same time period.

What areas of investment provided the most positive relative returns for the Fund?

The energy and industrials sectors provided the largest positive returns for the Fund on a relative basis. The Fund’s overweight in energy names Anadarko Petroleum Corp., Occidental Petroleum Corp. and Apache Corp. provided positive returns for the Fund as commodity prices stabilized and increased in response to an improving demand outlook. The Fund’s overweight in industrial names Illinois Tool Works Inc. and Parker Hannifin Corp. provided positive returns as investors focused on the anticipation of improved earnings with economic recovery.

What areas of investment detracted from Fund performance?

The materials and financial services sectors proved to be the largest detractors from Fund performance. The Fund’s holdings in materials companies such as International Paper Co. and The Dow Chemical Co. proved to be the largest detractors from Fund performance. International Paper decreased in value due to worries in paper supply and demand fundamentals. Dow Chemical Co. decreased in value due to Kuwait’s top energy body withdrawing from its joint venture and its deal with Rohm and Hass Co. The Fund’s holdings in financial services companies Synovus Financial Corp. and Huntington Bancshares Inc. detracted from Fund performance; these companies suffered due to investors’ worries about their exposure to the credit markets and their capital ratios.

What is your outlook for the near term?

The continued improvement in credit markets remains a positive sign for the stock market as access to credit for many businesses has continued to improve. With markets up more than 50% since the March 2009 lows, investors appear to be more focused on the future strength of the economy and company earnings. This is a concern because there is a risk that earnings may not support current valuations. Already, the Fund’s holdings have been adjusted during the past several months in an attempt to reduce this risk, by putting an emphasis on more stable areas such as healthcare, and a reducing the Fund’s exposure to cyclical stocks.

Our goal heading into 2010 is to maintain a disciplined investment process, stay focused on the long-term, and remain sensitive to the relationship between prices and our estimates of intrinsic value.

Subadviser:
Diamond Hill Capital Management, Inc.

Portfolio Manager:
Charles S. Bath, CFA

54 Annual Report 2009


Fund Performance	Nationwide Value Fund

Average Annual Total Return
(For periods ended October 31, 2009)


		1 Yr.		Inception¹

Class A	w/o SC²		9.59%		-12.59%
	w/SC³		3.32%		-15.62%


Class C	w/o SC²		8.67%		-13.25%
	w/SC⁴		7.67%		-13.25%


Class R2^5,6			9.10%		-12.86%


Institutional Class⁵			9.85%		-12.33%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.


¹		Fund commenced operations on February 28, 2008.

²		These returns do not reflect the effects of sales charges (SC).

³		A 5.75% front-end sales charge was deducted.

⁴		A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁵		Not subject to any sales charges.

⁶		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

Expense Ratios


	Gross		Net
	Expense		Expense
	Ratio*		Ratio*

Class A		5.66%		1.20%


Class C		6.31%		1.85%


Class R2		5.86%		1.40%


Institutional Class		5.31%		0.85%


*		Current effective prospectus. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2010. Please see the Fund’s most recent prospectus for details.

Performance of a $10,000 Investment

Comparative performance of $10,000 invested in Class A shares of the Nationwide Value Fund, Russell 1000^® Index (Russell 1000)(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.


(a)		The Russell 1000 consists of the largest 1000 companies in the Russell^® 3000 Index.

(b)		Calculated by the U.S. Department of Labor’s Bureau of Labor Statistics, the CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2009 Annual Report 55


Shareholder	Nationwide Value Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
October 31, 2009


			Beginning		Ending		Expenses Paid		Expense Ratio
			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Nationwide Value Fund			05/01/09		10/31/09		05/01/09 - 10/31/09 ^a		05/01/09 - 10/31/09 ^a

Class A Shares	Actual			1,000.00		1,220.60		6.21		1.10
	Hypothetical	^b		1,000.00		1,019.61		5.65		1.10


Class C Shares	Actual			1,000.00		1,215.30		10.33		1.85
	Hypothetical	^b		1,000.00		1,015.88		9.40		1.85


Class R2 Shares^c	Actual			1,000.00		1,217.00		7.60		1.35
	Hypothetical	^b		1,000.00		1,018.35		6.92		1.35


Institutional Class	Actual			1,000.00		1,221.60		4.76		0.85
Shares	Hypothetical	^b		1,000.00		1,020.92		4.33		0.85


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

^b		Represents the hypothetical 5% return before expenses.

^c		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

56 Annual Report 2009


Portfolio Summary	Nationwide Value Fund

October 31, 2009


Asset Allocation

Common Stocks	89	.5%
Mutual Fund	9	.5%
Other assets in excess of liabilities	1	.0%

	100	.0%


Top Industries†

Oil, Gas & Consumable Fuels	18	.7%
Pharmaceuticals	10	.1%
Machinery	6	.0%
Health Care Equipment & Supplies	5	.3%
Household Products	4	.8%
Aerospace & Defense	4	.7%
Insurance	4	.2%
Food Products	3	.7%
Food & Staples Retailing	3	.6%
Commercial Banks	3	.4%
Other Industries	35	.5%

	100	.0%


†		Percentages indicated are based upon total investments as of October 31, 2009.


Top Holdings†

Invesco AIM Liquid Assets Portfolio	9	.6%
Apache Corp.	5	.1%
Occidental Petroleum Corp.	4	.1%
Devon Energy Corp.	3	.9%
Anadarko Petroleum Corp.	3	.6%
Medtronic, Inc.	3	.4%
United Technologies Corp.	3	.3%
Abbott Laboratories	3	.2%
Procter & Gamble Co. (The)	3	.0%
Pfizer, Inc.	2	.9%
Other Holdings	57	.9%

	100	.0%

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 57

Statement of Investments

October 31, 2009

Nationwide Value Fund



Common Stocks 89.5%

	Shares		Market Value


Aerospace & Defense 4.7%
Raytheon Co.	555	$	25,130
United Technologies Corp.	970		59,607

			84,737



Airlines 1.3%
Southwest Airlines Co.	2,750		23,100



Beverages 1.9%
PepsiCo, Inc.	585		35,422



Capital Markets 1.1%
Bank of New York Mellon Corp. (The)	730		19,462



Commercial Banks 3.4%
SunTrust Banks, Inc.	1,140		21,786
U.S. Bancorp	665		15,441
Wells Fargo & Co.	900		24,768

			61,995



Commercial Services & Supplies 1.4%
Avery Dennison Corp.	720		25,668



Communications Equipment 1.9%
Cisco Systems, Inc.*	1,525		34,846



Computers & Peripherals 1.5%
Dell, Inc.*	1,915		27,748



Construction & Engineering 0.9%
Fluor Corp.	355		15,769



Consumer Finance 1.8%
American Express Co.	945		32,924



Energy Equipment & Services 1.1%
Transocean Ltd.*	230		19,299



Food & Staples Retailing 3.6%
Sysco Corp.	1,235		32,666
Wal-Mart Stores, Inc.	665		33,037

			65,703



Food Products 3.7%
ConAgra Foods, Inc.	1,510		31,710
General Mills, Inc.	530		34,938

			66,648



Health Care Equipment & Supplies 5.2%
Baxter International, Inc.	620		33,517
Medtronic, Inc.	1,720		61,404

			94,921

Health Care Providers & Services 2.8%
Cardinal Health, Inc.	795		22,530
UnitedHealth Group, Inc.	1,125		29,194

			51,724



Hotels, Restaurants & Leisure 2.0%
McDonald’s Corp.	630		36,924



Household Products 4.8%
Kimberly-Clark Corp.	530		32,415
Procter & Gamble Co. (The)	940		54,520

			86,935



Information Technology Services 0.8%
Alliance Data Systems Corp.*	280		15,394



Insurance 4.1%
Allstate Corp. (The)	615		18,186
Marsh & McLennan Cos., Inc.	1,060		24,868
Travelers Cos., Inc. (The)	650		32,363

			75,417



Machinery 5.9%
Dover Corp.	870		32,782
Illinois Tool Works, Inc.	850		39,032
Parker Hannifin Corp.	690		36,542

			108,356



Multi-Utilities 2.4%
Dominion Resources, Inc.	1,285		43,806



Oil, Gas & Consumable Fuels 18.5%
Anadarko Petroleum Corp.	1,075		65,500
Apache Corp.	980		92,238
Devon Energy Corp.	1,085		70,210
Occidental Petroleum Corp.	972		73,755
XTO Energy, Inc.	855		35,534

			337,237



Pharmaceuticals 10.0%
Abbott Laboratories	1,140		57,650
Johnson & Johnson	635		37,497
Merck & Co., Inc.	1,090		33,713
Pfizer, Inc.	3,105		52,878

			181,738



Semiconductors & Semiconductor Equipment 1.5%
KLA-Tencor Corp.	835		27,146



Software 2.7%
Microsoft Corp.	1,760		48,805

58 Annual Report 2009


Common Stocks (continued)
	Shares		Market Value



Textiles, Apparel & Luxury Goods 0.5%
Hanesbrands, Inc.*	415	$	8,972


Total Common Stocks (cost $1,604,981)			1,630,696



Mutual Fund 9.5%
Money Market Fund 9.5%
Invesco AIM Liquid Assets Portfolio, 0.21%(a)	173,709	$	173,709


Total Mutual Funds (cost $173,709)			173,709


Total Investments (cost $1,778,690)(b) — 99.0%			1,804,405

Other assets in excess of liabilities — 1.0%			17,605


NET ASSETS — 100.0%		$	1,822,010


*		Denotes a non-income producing security.

(a)		Represents 7-day effective yield as of October 31, 2009.

(b)		See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.


Ltd.		Limited

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 59

Statement of Assets and Liabilities

October 31, 2009



	Nationwide
	Value
	Fund

Assets:
Investments, at value (cost $1,778,690)	$	1,804,405
Interest and dividends receivable		2,209
Receivable for capital shares issued		205
Receivable from adviser		6,298
Prepaid expenses and other assets		14,843

Total Assets		1,827,960

Liabilities:
Payable for investments purchased		3,123
Accrued expenses and other payables:
Fund administration fees		189
Distribution fees		245
Administrative servicing fees		377
Accounting and transfer agent fees		753
Trustee fees		31
Custodian fees		58
Compliance program costs (Note 3)		12
Professional fees		135
Other		1,027

Total Liabilities		5,950

Net Assets	$	1,822,010

Represented by:
Capital	$	2,035,445
Accumulated undistributed net investment income		1,925
Accumulated net realized losses from investment transactions		(241,075	)
Net unrealized appreciation/(depreciation) from investments		25,715

Net Assets	$	1,822,010

Net Assets:
Class A Shares	$	995,261
Class C Shares		41,038
Class R2 Shares (a)		7,942
Institutional Class Shares		777,769

Total	$	1,822,010


Shares outstanding (unlimited number of shares authorized):
Class A Shares		127,345
Class C Shares		5,270
Class R2 Shares (a)		1,015
Institutional Class Shares		99,363

Total		232,993


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

60 Annual Report 2009



	Nationwide
	Value
	Fund

Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	7.82
Class C Shares (b)	$	7.79
Class R2 Shares (a)	$	7.82
Institutional Class Shares	$	7.83
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	8.30

Maximum Sales Charge:
Class A Shares		5.75	%


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.


(b)	For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 61

Statement of Operations

For the Year Ended October 31, 2009



	Nationwide
	Value
	Fund

INVESTMENT INCOME:
Interest income	$	80
Dividend income		30,870

Total Income		30,950

EXPENSES:
Investment advisory fees		9,432
Fund administration fees		1,750
Distribution fees Class A		1,818
Distribution fees Class C		486
Distribution fees Class R2(a)		34
Administrative servicing fees Class A		70
Administrative servicing fees Class R2(a)		1
Registration and filing fees		58,371
Professional fees		308
Printing fees		10,266
Custodian fees		398
Accounting and transfer agent fees		4,169
Compliance program costs (Note 3)		22
Other		1,997

Total expenses before earnings credit and reimbursed expenses		89,122
Earnings credit (Note 5)		(80	)
Expenses reimbursed by adviser		(74,288	)

Net Expenses		14,754

NET INVESTMENT INCOME		16,196

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(144,868	)
Net change in unrealized appreciation/(depreciation) from investments		335,152

Net realized/unrealized gains from investments		1 90,284

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	206,480


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

62 Annual Report 2009

Statements of Changes in Net Assets


	Nationwide Value Fund

				Period from
				February 27, 2008*
	Year Ended			to
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	16,196		$	9,547
Net realized losses from investment transactions		(144,868	)		(96,207	)
Net change in unrealized appreciation/(depreciation) from investments		335,152			(309,437	)

Change in net assets resulting from operations		206,480			(396,097	)


Distributions to Shareholders From:
Net investment income:
Class A		(10,772	)		(1,271	)
Class C		(702	)		(7	)
Class R2 (a)		(94	)		(3,953	)
Institutional Class		(12,846	)		–

Change in net assets from shareholder distributions		(24,414	)		(5,231	)

Change in net assets from capital transactions		365,112			1,676,160

Change in net assets		547,178			1,274,832


Net Assets:
Beginning of year		1,274,832			–

End of year	$	1,822,010		$	1,274,832

Accumulated undistributed net investment income at end of year	$	1,925		$	10,143


CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	472,860		$	654,176
Dividends reinvested		10,682			1,261
Cost of shares redeemed		(131,687	)		(3,059	)

Total Class A		351,855			652,378

Class C Shares
Proceeds from shares issued		29,373			39,998
Dividends reinvested		702			–
Cost of shares redeemed		(29,736	)		–

Total Class C		339			39,998

Class R2 Shares (a)
Proceeds from shares issued		–			9,999
Dividends reinvested		94			7
Cost of shares redeemed		–			–

Total Class R2		94			10,006

Amounts designated as “ – ” are zero or have been rounded to zero.


*	Commencement of operations


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 63

Statements of Changes in Net Assets (Continued)


	Nationwide Value Fund

				Period from
				February 27, 2008*
	Year Ended			to
	October 31, 2009			October 31, 2008

CAPITAL TRANSACTIONS: (continued)
Institutional Class Shares
Proceeds from shares issued	$	3		$	969,825
Dividends reinvested		12,846			3,953
Cost of shares redeemed		(25	)		–

Total Institutional Class		12,824			973,778

Change in net assets from capital transactions:	$	365,112		$	1,676,160


SHARE TRANSACTIONS:
Class A Shares
Issued		71,404			72,064
Reinvested		1,615			136
Redeemed		(17,514	)		(360	)

Total Class A Shares		55,505			71,840

Class C Shares
Issued		4,437			5,098
Reinvested		107			–
Redeemed		(4,372	)		–

Total Class C Shares		172			5,098

Class R2 Shares (a)
Issued		–			1,000
Reinvested		14			1
Redeemed		–			–

Total Class R2 Shares		14			1,001

Institutional Class Shares
Issued		–			97,001
Reinvested		1,938			424
Redeemed		–			–

Total Institutional Class Shares		1,938			97,425

Total change in shares:		57,629			175,364

Amounts designated as “ – ” are zero or have been rounded to zero.


*		Commencement of operations

(a)		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

64 Annual Report 2009

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Value Fund


				Operations									Distributions														Ratios / Supplemental Data

							Net Realized																												Ratio of
							and																									Ratio of Net			Expenses
	Net Asset						Unrealized																						Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net								Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Total			Redemption		Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Distributions			Fees		of Period			Return (a)(b)			Period		Net Assets (c)			Net Assets (c)			Net Assets (c)(d)			Turnover (e)

Class A Shares
Year Ended October 31, 2009 (f)	$	7	.26		0	.07		0	.60		0	.67		(0	.11)		(0	.11)		–	$	7	.82		9	.59%	$	995,261		1	.11%		0	.99%		6	.20%		36	.15%
Period Ended October 31, 2008 (f)(g)	$	10	.00		0	.04		(2	.75)		(2	.71)		(0	.03)		(0	.03)		–	$	7	.26		(27	.18%)	$	521,834		1	.20%		0	.93%		6	.99%		31	.13%

Class C Shares
Year Ended October 31, 2009 (f)	$	7	.25		0	.02		0	.59		0	.61		(0	.07)		(0	.07)		–	$	7	.79		8	.67%	$	41,038		1	.85%		0	.36%		7	.14%		36	.15%
Period Ended October 31, 2008 (f)(g)	$	10	.00		–			–			(2	.75)		(2	.75)		–			–	$	7	.25		(27	.50%)	$	36,986		1	.85%		0	.08%		12	.42%		31	.13%

Class R2 Shares(h)
Year Ended October 31, 2009 (f)	$	7	.27		0	.05		0	.59		0	.64		(0	.09)		(0	.09)		–	$	7	.82		9	.10%	$	7,942		1	.36%		0	.79%		6	.50%		36	.15%
Period Ended October 31, 2008 (f)(g)	$	10	.00		0	.04		(2	.76)		(2	.72)		(0	.01)		(0	.01)		–	$	7	.27		(27	.24%)	$	7,274		1	.51%		0	.62%		5	.45%		31	.13%

Institutional Class Shares
Year Ended October 31, 2009 (f)	$	7	.27		0	.09		0	.60		0	.69		(0	.13)		(0	.13)		–	$	7	.83		9	.85%	$	777,769		0	.85%		1	.31%		5	.98%		36	.15%
Period Ended October 31, 2008 (f)(g)	$	10	.00		0	.08		(2	.77)		(2	.69)		(0	.04)		(0	.04)		–	$	7	.27		(26	.98%)	$	708,738		0	.85%		1	.27%		4	.78%		31	.13%

Amounts designated as “–” are zero or have been rounded to zero.


(a)	Excludes sales charge.


(b)	Not annualized for periods less than one year.


(c)	Annualized for periods less than one year.


(d)	During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.


(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.


(f)	Per share calculations were performed using average shares method.


(g)	For the period from February 28, 2008 (commencement of operations) through October 31, 2008.
(h)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 65


Nationwide Bond Fund

How did the Fund perform during the reporting period in relation to its benchmark and its peer group?

For the annual period ended October 31, 2009, the Nationwide Bond Fund (Class A at NAV) returned 16.72% versus 13.79% for its benchmark, the Barclays Capital (BARCAP) U.S. Aggregate Bond Index. For broader comparison, the average return for the Fund’s closest Lipper peer category of Corporate Debt Funds A Rated (consisting of 154 funds as of October 31, 2009) was 18.78% for the same time period.

What areas of investment provided the most positive relative returns for the Fund?

The best-performing Fund holdings during the annual reporting period were corporate bonds. The market rewarded risktakers as lower-rated securities performed the best. Non-investment-grade corporates and commercial mortgage-backed securities also provided positive relative returns for the Fund. Treasury rates were down 50 to 70 basis points across the yield curve (a plotted graph line of the yields [or interest rates] on long-term and short-term maturity bonds), causing longer-maturity bonds to outperform.

What areas of investment detracted from Fund performance?

During the reporting period, U.S. Treasuries were the worst-performing sector and detracted from the Fund performance. Agency mortgage-backed securities lagged other sectors. Non-Agency and other home equity-related securities also performed poorly during the reporting period. The falling interest-rate environment caused shorter-maturity bonds to underperform.

What is your outlook for the near term?

A slowing in the rate of price inflation (disinflation) and the effectiveness of the Federal Reserve System’s policy to increase the amount of money available to banks for lending should sustain the economic recovery through the near-term future. As the expansion matures, positive feedback is likely to nurture and reinforce the burgeoning pickup in demand. Significant downside factors, however continue to persist — the labor market is still weak and the availability of credit is still limited — but these conditions are slowly diminishing as other areas of the economy continue to improve. While risk assets (equity capital, especially capital in troubled companies that may become subordinated to claims of bondholders) are unlikely to continue rallying at the pace seen during the past two quarters, they should remain on a generally upward path as long as the economy continues to heal.

Subadviser:
Nationwide Asset Management, LLC

Portfolio Managers:
Joel S. Buck and Gary S. Davis, CFA

66 Annual Report 2009


Fund Performance	Nationwide Bond Fund

Average Annual Total Return
(For periods ended October 31, 2009)


		1 Yr.		5 Yr.		10 Yr.

Class A	w/o SC¹		16.72%		4.50%		5.76%
	w/SC²		11.71%		3.60%		5.30%


Class B³	w/o SC¹		16.03%		3.82%		5.09%
	w/SC⁴		11.03%		3.48%		5.09%


Class C⁵	w/o SC¹		16.05%		3.82%		5.15%
	w/SC⁶		15.05%		3.82%		5.15%


Class D	w/o SC¹		17.22%		4.80%		6.03%
	w/SC⁷		11.95%		3.84%		5.54%


Class R2^8,9,10			16.38%		4.25%		5.67%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.


¹		These returns do not reflect the effects of sales charges (SC).

²		A 4.25% front-end sales charge was deducted.

³		These returns, for periods prior to the creation of the Fund’s Class B shares on September 4, 2003, include the performance of the Fund’s Class X shares, which are no longer offered by the Fund. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class B shares would have produced during those periods because all classes of the Fund’s shares invest in the same portfolio of securities. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes. If these other fees were reflected, the performance for the Class B shares would have been lower.

⁴		A 5.00% maximum contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years and is not deducted from returns after 6 years.

⁵		These returns, for periods prior to March 1, 2001, include the performance of the Fund’s Class D shares and, for the period from March 1, 2001 to the creation of the Fund’s Class C shares on September 4, 2003, include the performance of the Fund’s Class Y shares, which are no longer offered by the Fund. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class C shares would have produced during those periods because all classes of the Fund’s shares invest in the same portfolio of securities. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes. If these other fees were reflected, the performance for Class C shares would have been lower.

⁶		A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁷		A 4.50% front-end sales charge was deducted.

⁸		Not subject to any sales charges.

⁹		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

¹⁰		These returns, for periods prior to the creation of the classes, include the performance of the Fund’s Class D shares. These returns were achieved prior to the creation of Class R2 shares (10/1/03). Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class R2 shares would have produced during those periods because all classes of the Fund’s shares invest in the same portfolio of securities. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes. If these other fees were reflected, the performance for each of these classes of shares would have been lower.

Expense Ratios


	Gross		Net
	Expense		Expense
	Ratio*		Ratio*

Class A		1.12%		1.09%


Class B		1.78%		1.75%


Class C		1.78%		1.75%


Class D		0.83%		0.80%


Class R2^a		1.48%		1.45%


*		Current effective prospectus. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2010. Please see the Fund’s most recent prospectus for details.

a		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

Performance of a $10,000 Investment

Comparative performance of $10,000 invested in Class D shares of the Nationwide Bond Fund, the Barclays Capital U.S. Aggregate Bond Index(a), and the Consumer Price Index (CPI)(b) over a 10-year period ended 4/30/09. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.


(a)		The Barclays Capital U.S. Aggregate Bond is an unmanaged index comprised of U.S. government securities and corporate debt securities and is generally representative of the bond market as a whole.

(b)		Calculated by the U.S. Department of Labor’s Bureau of Labor Statistics, the CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2009 Annual Report 67


Shareholder	Nationwide Bond Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
October 31, 2009


			Beginning		Ending		Expenses Paid		Expense Ratio
			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Nationwide Bond Fund			05/01/09		10/31/09		05/01/09 - 10/31/09 ^a		05/01/09 - 10/31/09 ^a

Class A Shares	Actual			1,000.00		1,120.30		6.47		1.24
	Hypothetical	^b		1,000.00		1,019.11		6.16		1.24


Class B Shares	Actual			1,000.00		1,117.50		9.55		1.75
	Hypothetical	^b		1,000.00		1,016.18		9.10		1.75


Class C Shares	Actual			1,000.00		1,117.70		9.45		1.69
	Hypothetical	^b		1,000.00		1,016.28		9.00		1.69


Class D Shares	Actual			1,000.00		1,123.70		4.55		0.82
	Hypothetical	^b		1,000.00		1,020.92		4.33		0.82


Class R2 Shares^c	Actual			1,000.00		1,120.10		7.96		1.49
	Hypothetical	^b		1,000.00		1,017.69		7.58		1.49


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

^b		Represents the hypothetical 5% return before expenses.

^c		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

68 Annual Report 2009


Portfolio Summary	Nationwide Bond Fund

October 31, 2009


Asset Allocation

Corporate Bonds	40	.4%
Collateralized Mortgage Obligations	12	.4%
U.S. Treasury Notes	10	.5%
U.S. Government Mortgage Backed Agencies	9	.3%
Mutual Fund	8	.3%
Commercial Mortgage Backed Securities	7	.0%
U.S. Government Sponsored & Agency Obligation	4	.7%
U.S. Treasury Bond	2	.5%
Asset-Backed Securities	1	.9%
Yankee Dollar	1	.1%
Municipal Bonds	0	.8%
Sovereign Bond	0	.6%
Other assets in excess of liabilities	0	.5%

	100	.0%


Top Industries†

Commercial Banks	5	.6%
Energy Equipment & Services	3	.8%
Insurance	3	.2%
Diversified Financial Services	2	.7%
Industrial Conglomerates	2	.7%
Communications Equipment	2	.7%
Beverages	2	.6%
Health Care Providers & Services	2	.5%
Metals & Mining	2	.4%
Airlines	2	.3%
Other Industries	69	.5%

	100	.0%


†		Percentages indicated are based upon total investments as of October 31, 2009.


Top Holdings†

Invesco AIM Liquid Assets Portfolio, 0.21%	8	.3%
U.S. Treasury Note, 4.88%, 08/15/16	5	.9%
U.S. Treasury Note, 3.25%, 05/31/16	4	.7%
Federal Farm Credit Bank, 2.00%, 01/17/12	4	.7%
Fannie Mae Grantor Trust, 7.30%, 05/25/10	3	.6%
Fannie Mae Pool, 4.50%, 05/01/39	3	.4%
Freddie Mac Gold Pool, 3.50%, 07/01/18	2	.5%
United States Treasury Inflation Indexed Bonds, 2.13%, 01/15/19	2	.5%
Fannie Mae REMICS, 5.50%, 05/25/23	2	.5%
Fannie Mae Pool, 6.62%, 06/01/16	2	.3%
Other Holdings	59	.6%

	100	.0%

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 69

Statement of Investments

October 31, 2009

Nationwide Bond Fund



Asset-Backed Securities 1.9%

		Principal Amount		Market Value


Other Asset-Backed Securities 1.9%
Chase Funding Mortgage Loan Asset-Backed Certificates, Series 2001-4, Class 1A6 6.24%, 01/25/13 (a)	$	605,784	$	545,594
Residential Asset Mortgage Products, Inc., Series 2002-RS1, Class AI5 5.91%, 01/25/32		617,402		409,796
Structured Asset Securities Corp., Series 2004-6XS, Class A6 4.63%, 03/25/34 (b)		828,350		729,700


Total Asset-Backed Securities (cost $2,051,509)				1,685,090



Collateralized Mortgage Obligations 12.4%

ABN Amro Mortgage Corp., Series 2003-8, Class A23, 5.50%, 06/25/33		1,000,000		914,117

American Home Mortgage Investment Trust, Series 2004-3, Class 6A1, 4.82%, 10/25/34 (b)		881,766		734,681

Countrywide Alternative Loan Trust, Series 2007-2CB, Class 2A14, 5.75%, 03/25/37		998,974		776,279

Countrywide Home Loan Mortgage Pass Through Trust, Series 2005-15, Class A7, 5.50%, 08/25/35		1,000,000		846,084

Fannie Mae Grantor Trust, Series 2000-T5, Class B, 7.30%, 05/25/10		3,000,000		3,098,555

Fannie Mae REMICS, Series 2003-33, Class LB, 5.50%, 05/25/23		2,000,000		2,128,096

MASTR Alternative Loans Trust, Series 2005-6, Class 1A5, 5.50%, 12/25/35		1,000,000		719,522

Opteum Mortgage Acceptance Corp., Series 2005-5, Class 2AN, 5.68%, 12/25/35 (a)		942,597		612,872

Residential Funding Securities LLC, Series 2003-RM2, Class AI3, 4.50%, 05/25/33		1,000,000		981,674


Total Collateralized Mortgage Obligations (cost $11,776,311)				10,811,880



Commercial Mortgage Backed Securities 7.0%

		Principal Amount		Market Value


Non-Agency 7.0%
Banc of America Commercial Mortgage, Inc., Series 2007-2, Class A3 5.66%, 04/10/49 (a)	$	1,000,000		963,407
Credit Suisse Mortgage Capital Certificates, Series 2007-C5, Class A3 5.69%, 09/15/40 (a)		1,000,000		939,525
CS First Boston Mortgage Securities Corp., Series 2002-CP5, Class A2 4.94%, 12/15/35		955,000		986,997
Enterprise Mortgage Acceptance Co. LLC, Series 1998-1, Class A3 6.63%, 01/15/25		380,166		309,974
Greenwich Capital Commercial Funding Corp., Series 2007-GG11, Class A3 5.72%, 12/10/49		1,000,000		938,219
LB Commercial Conduit Mortgage Trust, Series 2007-C3, Class A3 5.94%, 07/15/44 (a)		1,000,000		943,377
LB-UBS Commercial Mortgage Trust, Series 2005-C7, Class A3 5.47%, 11/15/30 (a)		1,000,000		1,029,227


Total Commercial Mortgage Backed Securities (cost $6,176,232)				6,110,726



Corporate Bonds 40.4%


Airlines 2.3%
Continental Airlines, Inc., Series 974B, 6.90%, 07/02/18		1,145,078		1,076,373
Northwest Airlines, Inc., Series 2001-1, Class C, 7.63%, 04/01/10		264,865		259,567
UAL Pass Through Trust, Series 2001-1, Class B, 6.93%, 03/01/13		665,035		658,385

				1,994,325



Beverages 2.6%
Anheuser-Busch InBev Worldwide, Inc., 7.75%, 01/15/19(c)		1,000,000		1,165,314
SABMiller PLC, 6.50%, 07/15/18(c)		1,000,000		1,112,860

				2,278,174

70 Annual Report 2009


Corporate Bonds (continued)
		Principal Amount		Market Value



Commercial Banks 5.5%
Bank of America NA, 6.10%, 06/15/17	$	1,000,000	$	1,011,973
Citigroup, Inc., 8.13%, 07/15/39		750,000		872,747
HSBC Holdings PLC, 6.80%, 06/01/38		750,000		860,967
JPMorgan Chase & Co. 5.25%, 05/01/15		1,000,000		1,066,150
Series 1, 7.90%, 04/30/18 (d)(e)		1,000,000		1,005,530

				4,817,367



Communications Equipment 2.7%
Comcast Cable Holdings LLC, 9.80%, 02/01/12		1,000,000		1,145,448
Time Warner Cable, Inc., 8.25%, 02/14/14		1,000,000		1,172,829

				2,318,277



Computers & Peripherals 1.1%
Digital Equipment Corp., 7.75%, 04/01/23		825,000		979,414



Diversified Financial Services 2.7%
National Rural Utilities Cooperative Finance Corp., 10.38%, 11/01/18		1,000,000		1,330,210
Textron Financial Corp., 5.13%, 11/01/10		1,000,000		1,000,809

				2,331,019



Diversified Telecommunication Services 2.2%
Qwest Corp., 6.88%, 09/15/33		1,000,000		842,500
Telecom Italia Capital SA, 5.25%, 11/15/13		1,000,000		1,052,213

				1,894,713



Energy Equipment & Services 3.8%
ConocoPhillips, 5.75%, 02/01/19		1,000,000		1,094,375
EOG Resources, Inc., 6.13%, 10/01/13		1,000,000		1,116,793
Weatherford International, Inc., 6.35%, 06/15/17		1,000,000		1,063,888

				3,275,056



Food & Staples Retailing 1.1%
CVS Pass-Through Trust, 6.94%, 01/10/30		964,440		992,707



Gas Utilities 1.2%
Energy Transfer Partners LP, 5.65%, 08/01/12		1,000,000		1,063,838

Health Care Providers & Services 2.5%
Covidien International Finance SA, 6.00%, 10/15/17	$	1,000,000		1,104,042
Quest Diagnostics, Inc., 5.13%, 11/01/10		1,000,000		1,023,333

				2,127,375



Industrial Conglomerates 2.7%
Eaton Corp., 8.88%, 06/15/19		1,000,000		1,263,028
General Electric Co., 5.25%, 12/06/17		1,000,000		1,040,343

				2,303,371



Insurance 3.2%
Liberty Mutual Group, Inc., 7.30%, 06/15/14 (c)		1,000,000		1,004,141
Oil Insurance Ltd., 7.56%, 06/30/11 (c)(d)(e)		1,000,000		706,200
Principal Life Income Funding Trusts, 5.30%, 12/14/12		1,000,000		1,065,453

				2,775,794



Metals & Mining 1.2%
Rio Tinto Finance USA Ltd., 5.88%, 07/15/13		1,000,000		1,077,713



Paper & Forest Products 0.8%
Stora Enso Oyj, 7.25%, 04/15/36 (c)		1,000,000		725,553



Pharmaceuticals 1.2%
Novartis Securities Investment Ltd., 5.13%, 02/10/19		1,000,000		1,064,645



Real Estate Investment Trusts (REITs) 1.0%
Highwoods Realty LP, 5.85%, 03/15/17		1,000,000		901,774



Road & Rail 1.3%
Federal Express Corp. 1993 Pass Through Trust, Series B2, 7.63%, 01/01/15		1,000,000		1,093,130



Wireless Telecommunication Services 1.3%
Verizon Wireless Capital LLC, 7.38%, 11/15/13 (c)		1,000,000		1,155,909


Total Corporate Bonds (cost $32,987,707)				35,170,154

2009 Annual Report 71

Statement of Investments (Continued)

October 31, 2009

Nationwide Bond Fund (Continued)




Municipal Bonds 0.8%

		Principal Amount		Market Value


Louisiana 0.1%
Tobacco Settlement Financing Corp., Series 2001, 6.36%, 05/15/25	$	64,352	$	61,165



Iowa 0.7%
Tobacco Settlement Authority, Series 2005 A, 6.50%, 06/01/23		790,000		607,739


Total Municipal Bonds (cost $854,255)				668,904



U.S. Government Mortgage Backed Agencies 9.3%

Fannie Mae Pool
Pool# 383661 6.62%, 06/01/16		1,777,933		2,020,744
Pool# 386905 5.00%, 04/01/19		916,869		955,328
Pool# AA6943 4.50%, 05/01/39		2,874,655		2,913,779

				5,889,851

Freddie Mac Gold Pool
Pool# E01443, 3.50%, 07/01/18		2,163,760		2,161,473


Total U.S. Government Mortgage Backed Agencies (cost $7,683,260)				8,051,324



Sovereign Bond 0.6%

ISRAEL 0.6%
Israel Government AID Bond, 0.00%, 05/15/24		1,000,000		491,820


Total Sovereign Bond (cost $448,671)				491,820



U.S. Government Sponsored & Agency Obligation 4.7%

Federal Farm Credit Bank 2.00%, 01/17/12		4,000,000		4,064,328


Total U.S. Government Sponsored & Agency Obligation (cost $4,033,570)				4,064,328



U.S. Treasury Bond 2.5%

		Principal Amount		Market Value



United States Treasury Inflation Indexed Bonds, 2.13%, 01/15/19		2,000,000		2,140,147


Total U.S. Treasury Bond (cost $2,108,443)				2,140,147



U.S. Treasury Notes 10.5%

U.S. Treasury Note
3.25%, 05/31/16		4,000,000		4,091,564
4.88%, 08/15/16		4,500,000		5,053,009


Total U.S. Treasury Notes (cost $8,915,747)				9,144,573



Yankee Dollar 1.1%

Metals & Mining 1.1%
Xstrata Canada Corp., 6.00%, 10/15/15		1,000,000		1,005,461


Total Yankee Dollar (cost $883,523)				1,005,461



Mutual Fund 8.3%

Invesco AIM Liquid Assets Portfolio, 0.21% (f)		7,190,296		7,190,296


Total Mutual Fund (cost $7,190,296)				7,190,296


Total Investments (cost $85,109,524)(g) — 99.5%				86,534,703

Other assets in excess of liabilities — 0.5%				414,077


NET ASSETS — 100.0%			$	86,948,780


(a)		Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on October 31, 2009. The maturity date represents the actual maturity date.

(b)		Step Bond. Coupon rate is set for an initial period and then increases to a higher coupon rate at a specific date. The rate shown is the rate at October 31, 2009.

(c)		Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The aggregate

72 Annual Report 2009


		value of these securities at October 31, 2009 was $6,179,951 which represents 7.10% of net assets.

(d)		Perpetual bond security. The maturity date reflects the next call date.

(e)		Variable Rate Security.

(f)		Represents 7-day effective yield as of October 31, 2009.

(g)		See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.


LLC		Limited Liability Company

LP		Limited Partnership

Ltd.		Limited

NA		National Association

PLC		Public Limited Company

REIT		Real Estate Investment Trust

REMICS		Real Estate Mortgage Investment Conduits

SA		Stock Company

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 73

Statement of Assets and Liabilities

October 31, 2009



	Nationwide
	Bond Fund

Assets:
Investments, at value (cost $85,109,524)	$	86,534,703
Cash		15,923
Interest receivable		953,814
Receivable for capital shares issued		284,698
Prepaid expenses and other assets		25,722

Total Assets		87,814,860

Liabilities:
Distributions payable		304,841
Payable for capital shares redeemed		447,519
Accrued expenses and other payables:
Investment advisory fees		36,970
Fund administration fees		9,050
Distribution fees		6,802
Administrative servicing fees		14,492
Accounting and transfer agent fees		12,912
Trustee fees		1,488
Custodian fees		1,712
Compliance program costs (Note 3)		579
Professional fees		6,557
Other		23,158

Total Liabilities		866,080

Net Assets	$	86,948,780

Represented by:
Capital	$	86,064,696
Accumulated undistributed net investment income		20,308
Accumulated net realized losses from investment transactions		(561,403	)
Net unrealized appreciation/(depreciation) from investments		1,425,179

Net Assets	$	86,948,780

Net Assets:
Class A Shares	$	15,594,506
Class B Shares		661,509
Class C Shares		3,334,007
Class D Shares		67,205,223
Class R2 Shares (a)		153,535

Total	$	86,948,780

Shares Outstanding (unlimited number of shares authorized):
Class A Shares		1,619,372
Class B Shares		68,698
Class C Shares		345,988
Class D Shares		6,969,082
Class R2 Shares (a)		15,937

Total		9,019,077


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

74 Annual Report 2009



	Nationwide
	Bond Fund

Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	9.63
Class B Shares (b)	$	9.63
Class C Shares (c)	$	9.64
Class D Shares	$	9.64
Class R2 Shares (a)	$	9.63

Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	10.06

Class D Shares	$	10.09

Maximum Sales Charge — Class A Shares		4.25	%

Maximum Sales Charge — Class D Shares		4.50	%


(a)		Effective February 28, 2009, Class R Shares were converted to Class R2 Shares.

(b)		For Class B Shares, the redemption price per share varies by the length of time shares are held.

(c)		For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.

(d)		The NAV reported above represents the traded NAV at October 31, 2009.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 75

Statement of Operations

For the Year Ended October 31, 2009



	Nationwide
	Bond Fund

INVESTMENT INCOME:
Interest income	$	5,053,436
Dividend income		115,245

Total Income		5,168,681

EXPENSES:
Investment advisory fees		405,543
Fund administration fees		98,010
Distribution fees Class A		35,981
Distribution fees Class B		5,911
Distribution fees Class C		26,710
Distribution fees Class R2 (a)		421
Distribution fees Class X (b)		1,591
Distribution fees Class Y (b)		213
Administrative servicing fees Class A		23,502
Administrative servicing fees Class D		33,225
Administrative servicing fees Class R2 (a)		170
Registration and filing fees		80,085
Professional fees		16,684
Printing fees		49,925
Trustee fees		6,110
Custodian fees		12,524
Accounting and transfer agent fees		55,871
Compliance program costs (Note 3)		1,758
Other		8,552

Total expenses before earnings credit and waived expenses		862,786
Earnings credit (Note 5)		(2,371	)
Investment advisory fees voluntarily waived		(24,286	)
Administrative servicing fees voluntarily waived — Class C		(902	)
Expenses reimbursed by adviser		(58,134	)

Net Expenses		777,093

NET INVESTMENT INCOME		4,391,588

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(564,909	)
Net change in unrealized appreciation/(depreciation) from investments		9,103,338

Net realized/unrealized gains from investments		8,538,429

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	12,930,017


(a)		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

(b)		Effective January 30, 2009, Class X and Class Y Shares were converted to Class A Shares.

The accompanying notes are an integral part of these financial statements.

76 Annual Report 2009

Statements of Changes in Net Assets


	Nationwide Bond Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	4,391,588		$	4,252,343
Net realized gains (losses) from investment transactions		(564,909	)		1,224,885
Net change in unrealized appreciation/(depreciation) from investments		9,103,338			(8,927,186	)

Change in net assets resulting from operations		12,930,017			(3,449,958	)


Distributions to Shareholders From:
Net investment income:
Class A		(746,429	)		(593,004	)
Class B		(27,231	)		(18,932	)
Class C		(123,691	)		(75,130	)
Class D		(3,484,321	)		(3,506,711	)
Class R2 (a)		(4,182	)		(2,801	)
Class X (b)		(8,524	)		(46,411	)
Class Y (b)		(1,142	)		(5,203	)
Net realized gains:
Class A		(8,540	)		–
Class B		(290	)		–
Class C		(1,613	)		–
Class D		(40,367	)		–
Class R2 (a)		(41	)		–
Class X (b)		(484	)		–
Class Y (b)		(65	)		–

Change in net assets from shareholder distributions		(4,446,920	)		(4,248,192	)

Change in net assets from capital transactions		(1,175,867	)		(3,288,055	)

Change in net assets		7,307,230			(10,986,205	)


Net Assets:
Beginning of year		79,641,550			90,627,755

End of year	$	86,948,780		$	79,641,550

Accumulated undistributed net investment income at end of year	$	20,308		$	9,644


CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	3,952,810		$	6,971,744
Proceeds from shares issued in class conversion (b)		800,752			–
Dividends reinvested		621,050			530,344
Cost of shares redeemed (c)		(4,198,147	)		(5,601,610	)

Total Class A		1,176,465			1,900,478

Class B Shares
Proceeds from shares issued		337,363			292,868
Dividends reinvested		7,530			9,039
Cost of shares redeemed		(158,092	)		(222,535	)

Total Class B		186,801			79,372

Amounts designated as “ – ” are zero or have been rounded to zero.


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.


(b)	Effective January 30, 2009, Class X and Class Y Shares were converted to Class A Shares.


(c)	Includes redemption fees - See Note 4 to Financial Statements.

The accompanying notes are an integral part these to financial statements.

2009 Annual Report 77

Statements of Changes in Net Assets (Continued)


	Nationwide Bond Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
CAPITAL TRANSACTIONS: (continued)
Class C Shares
Proceeds from shares issued	$	1,645,024		$	2,080,856
Dividends reinvested		39,839			17,337
Cost of shares redeemed (c)		(905,886	)		(1,052,228	)

Total Class C		778,977			1,045,965

Class D Shares
Proceeds from shares issued		6,220,580			6,830,549
Dividends reinvested		3,165,321			3,051,144
Cost of shares redeemed (c)		(11,874,750	)		(15,615,227	)

Total Class D		(2,488,849	)		(5,733,534	)

Class R2 Shares (a)
Proceeds from shares issued		108,322			304,443
Dividends reinvested		445			177
Cost of shares redeemed		(32,351	)		(232,884	)

Total Class R2		76,416			71,736

Class X Shares (b)
Proceeds from shares issued		6,723			23,063
Dividends reinvested		8,152			37,763
Cost of shares redeemed in class conversion		(705,020	)		–
Cost of shares redeemed		(114,843	)		(678,135	)

Total Class X		(804,988	)		(617,309	)

Class Y Shares (b)
Proceeds from shares issued		4,794			651
Dividends reinvested		789			3,895
Cost of shares redeemed in class conversion		(95,732	)		–
Cost of shares redeemed		(10,540	)		(39,309	)

Total Class Y		(100,689	)		(34,763	)

Change in net assets from capital transactions:	$	(1,175,867	)	$	(3,288,055	)


SHARE TRANSACTIONS:
Class A Shares
Issued		440,774			735,301
Issued in class conversion (b)		91,514			–
Reinvested		68,932			56,521
Redeemed		(462,471	)		(590,285	)

Total Class A Shares		138,749			201,537

Amounts designated as “ – ” are zero or have been rounded to zero.


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.


(b)	Effective January 30, 2009, Class X and Class Y Shares were converted to Class A Shares.


(c)	Includes redemption fees - See Note 4 to Financial Statements.

The accompanying notes are an integral part these to financial statements.

78 Annual Report 2009


	Nationwide Bond Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

SHARE TRANSACTIONS: (continued)
Class B Shares
Issued		38,325			30,472
Reinvested		764			959
Redeemed		(17,133	)		(23,711	)

Total Class B Shares		21,956			7,720

Class C Shares
Issued		182,362			220,942
Reinvested		4,170			1,855
Redeemed		(101,598	)		(111,872	)

Total Class C Shares		84,934			110,925

Class D Shares
Issued		720,056			717,195
Reinvested		320,036			323,958
Redeemed		(1,325,158	)		(1,655,300	)

Total Class D Shares		(285,066	)		(614,147	)

Class R2 Shares (a)
Issued		11,856			32,002
Reinvested		47			20
Redeemed		(3,717	)		(24,422	)

Total Class R2 Shares		8,186			7,600

Class X Shares (b)
Issued		773			2,438
Reinvested		938			4,003
Redeemed		(13,162	)		(71,246	)
Redeemed in class conversion		(80,572	)		–

Total Class X Shares		(92,023	)		(64,805	)

Class Y Shares (b)
Issued		550			94
Reinvested		91			412
Redeemed		(1,204	)		(4,181	)
Redeemed in class conversion		(10,928	)		–

Total Class Y Shares		(11,491	)		(3,675	)

Total change in shares:		(134,755	)		(354,845	)

Amounts designated as “–” are zero or have been rounded to zero.


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.


(b)	Effective January 30, 2009, Class X and Class Y Shares were converted to Class A Shares.

The accompanying notes are an integral part these to financial statements.

2009 Annual Report 79

Financial Highlights

(Selected data for each share of capital outstanding throughout the periods indicated)

Nationwide Bond Fund


				Operations										Distributions																	Ratios / Supplemental Data

								Net Realized																															Ratio of
								and																												Ratio of Net			Expenses
	Net Asset							Unrealized																									Ratio of			Investment			(Prior to
	Value,			Net				Gains			Total			Net			Net								Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment				(Losses) from			from			Investment			Realized			Total			Redemption		Value, End			Total			at End		to Average			to Average			to Average			Portfolio
	of Period			Income				Investments			Operations			Income			Gains			Distributions			Fees		of Period			Return (a)			of Period		Net Assets			Net Assets			Net Assets (b)			Turnover (c)

Class A Shares
Year Ended October 31, 2009 (e)	$	8	.69		0	.47			0	.94		1	.41		(0	.46)		(0	.01)		(0	.47)		–	$	9	.63		16	.72%	$	15,594,506		1	.22%		5	.18%		1	.32%		61	.11%
Year Ended October 31, 2008	$	9	.52		0	.43			(0	.83)		(0	.40)		(0	.43)		–			(0	.43)		–	$	8	.69		(4	.44%)	$	12,867,795		1	.11%		4	.58%		1	.11%		68	.51%
Year Ended October 31, 2007	$	9	.58		0	.47			(0	.07)		0	.40		(0	.46)		–			(0	.46)		–	$	9	.52		4	.23%	$	12,177,566		1	.07%		4	.89%		1	.08%		39	.35%
Year Ended October 31, 2006	$	9	.53		0	.44			0	.04		0	.48		(0	.43)		–			(0	.43)		–	$	9	.58		5	.22%	$	11,434,384		1	.08%		4	.76%		1	.08%		36	.06%
Year Ended October 31, 2005	$	9	.75		0	.40			(0	.22)		0	.18		(0	.40)		–			(0	.40)		–	$	9	.53		1	.87%	$	10,212,294		1	.10%		4	.15%		1	.10%(d)		34	.08%

Class B Shares
Year Ended October 31, 2009 (e)	$	8	.69		0	.41			0	.95		1	.36		(0	.41)		(0	.01)		(0	.42)		–	$	9	.63		16	.03%	$	661,509		1	.79%		4	.59%		1	.90%		61	.11%
Year Ended October 31, 2008	$	9	.52		0	.37			(0	.83)		(0	.46)		(0	.37)		–			(0	.37)		–	$	8	.69		(5	.08%)	$	406,247		1	.80%		3	.89%		1	.80%		68	.51%
Year Ended October 31, 2007	$	9	.57		0	.40			(0	.06)		0	.34		(0	.39)		–			(0	.39)		–	$	9	.52		3	.67%	$	371,480		1	.72%		4	.24%		1	.73%		39	.35%
Year Ended October 31, 2006	$	9	.53		0	.39			0	.02		0	.41		(0	.37)		–			(0	.37)		–	$	9	.57		4	.41%	$	268,065		1	.75%		4	.12%		1	.75%		36	.06%
Year Ended October 31, 2005	$	9	.75		0	.34			(0	.22)		0	.12		(0	.34)		–			(0	.34)		–	$	9	.53		1	.18%	$	223,027		1	.78%		3	.46%		1	.78%(d)		34	.08%

Class C Shares
Year Ended October 31, 2009 (e)	$	8	.70		0	.42	��		0	.94		1	.36		(0	.41)		(0	.01)		(0	.42)		–	$	9	.64		16	.05%	$	3,334,007		1	.77%		4	.61%		1	.91%		61	.11%
Year Ended October 31, 2008	$	9	.53		0	.37			(0	.83)		(0	.46)		(0	.37)		–			(0	.37)		–	$	8	.70		(5	.07%)	$	2,270,713		1	.78%		3	.93%		1	.78%		68	.51%
Year Ended October 31, 2007	$	9	.58		0	.40			(0	.06)		0	.34		(0	.39)		–			(0	.39)		–	$	9	.53		3	.66%	$	1,430,376		1	.72%		4	.24%		1	.73%		39	.35%
Year Ended October 31, 2006	$	9	.54		0	.39			0	.02		0	.41		(0	.37)		–			(0	.37)		–	$	9	.58		4	.40%	$	1,305,823		1	.74%		4	.15%		1	.74%		36	.06%
Year Ended October 31, 2005	$	9	.76		0	.34			(0	.22)		0	.12		(0	.34)		–			(0	.34)		–	$	9	.54		1	.18%	$	696,206		1	.78%		3	.45%		1	.78%(d)		34	.08%

Class D Shares
Year Ended October 31, 2009 (e)	$	8	.70		0	.50			0	.95		1	.45		(0	.50)		(0	.01)		(0	.51)		–	$	9	.64		17	.22%	$	67,205,223		0	.86%		5	.51%		0	.96%		61	.11%
Year Ended October 31, 2008	$	9	.53		0	.46			(0	.83)		(0	.37)		(0	.46)		–			(0	.46)		–	$	8	.70		(4	.16%)	$	63,129,602		0	.82%		4	.85%		0	.82%		68	.51%
Year Ended October 31, 2007	$	9	.59		0	.49			(0	.07)		0	.42		(0	.48)		–			(0	.48)		–	$	9	.53		4	.54%	$	75,009,099		0	.77%		5	.17%		0	.77%		39	.35%
Year Ended October 31, 2006	$	9	.55		0	.48			0	.02		0	.50		(0	.46)		–			(0	.46)		–	$	9	.59		5	.39%	$	83,878,254		0	.80%		5	.00%		0	.80%		36	.06%
Year Ended October 31, 2005	$	9	.77		0	.43			(0	.22)		0	.21		(0	.43)		–			(0	.43)		–	$	9	.55		2	.15%	$	99,133,387		0	.83%		4	.41%		0	.83%(d)		34	.08%

Class R2 Shares (f)
Year Ended October 31, 2009 (e)	$	8	.70		0	.45			0	.93		1	.38		(0	.44)		(0	.01)		(0	.45)		–	$	9	.63		16	.38%	$	153,535		1	.49%		4	.92%		1	.61%		61	.11%
Year Ended October 31, 2008	$	9	.53		0	.42			(0	.83)		(0	.41)		(0	.42)		–			(0	.42)		–	$	8	.70		(4	.60%)	$	67,400		1	.31%		4	.38%		1	.31%		68	.51%
Year Ended October 31, 2007	$	9	.59		0	.42			(0	.06)		0	.36		(0	.42)		–			(0	.42)		–	$	9	.53		3	.88%	$	1,440		1	.44%		4	.51%		1	.44%		39	.35%
Year Ended October 31, 2006	$	9	.55		0	.42			0	.03		0	.45		(0	.41)		–			(0	.41)		–	$	9	.59		4	.88%	$	1,112		1	.30%		4	.53%		1	.30%		36	.06%
Year Ended October 31, 2005	$	9	.77		0	.40			(0	.22)		0	.18		(0	.40)		–			(0	.40)		–	$	9	.55		1	.81%	$	1,060		1	.14%		4	.08%		1	.14%(d)		34	.08%

Amounts designated as “–” are zero or have been rounded to zero.


(a)	Excludes sales charge.


(b)	During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.


(c)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.


(d)	There were no fee reductions during the period.


(e)	Per share calculations were performed using average shares method.


(f)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

80 Annual Report 2009


Nationwide Enhanced Income Fund

How did the Fund perform during the reporting period in relation to its benchmark and its peer group?

For the annual period ended October 31, 2009, the Nationwide Enhanced Income Fund (Class A at NAV) returned 3.53% versus 1.46% for its composite benchmark, 50% Merrill Lynch (ML) 6-Month Treasury Bill (T-Bill) Index and 50% ML 1-Year T-Bill Index. For broader comparison, the average return for the Fund’s closest Lipper peer category of Ultra-Short Obligations Funds (consisting of 64 funds as of October 31, 2009) was 3.53% for the same time period.

What areas of investment provided the most positive relative returns for the Fund?

The Fund’s allocations to all spread sectors (i.e., non-Treasuries) were positive for relative returns for the Fund during the annual reporting period. During the period , allocations to commercial mortgage-backed securities, asset-backed securities, credits, mortgage-backed securities and Agency debt were significant sources of positive relative performance for the Fund. Each of these sectors posted significant excess returns versus U.S. Treasuries.

The Fund’s bias toward a steepening of the yield curve (a plotted graph line of the yields [or interest rates] on long-term and short-term maturity bonds) also contributed to the Fund’s relative returns; efforts by the Federal Reserve Board to keep interest rates low for the near future did in fact steepen the yield curve during the reporting period. The Federal Reserve lowered the federal funds target interest rate from 2.00% to 0.25% during the reporting period.

Lowered interest rates and a substantial U.S. government stimulus initiative enacted in the spring of 2009 bolstered economic growth during the reporting period. Programs such as the Term Asset-Backed Securities Loan Facility (TALF) and the Public-Private Investment Program (PPIP) helped to thaw credit markets. These efforts narrowed risk premiums in all asset classes and aided Fund performance during the reporting period.

What areas of investment detracted from Fund performance?

The Fund’s exposure to U.S. Treasuries detracted from the Fund’s performance. The Fund’s holdings in that asset class hurt relative returns, because U.S. Treasuries constituted the lowest-performing fixed-income asset class during the reporting period.

What is your outlook for the near term?

Our best-case scenario calls for tepid economic growth with estimated gross domestic product (GDP) in the 1% to 3% range. Modestly higher interest rates are expected within the next 12 months that could flatten the yield curve. Swap spreads and risk premiums should continue to narrow, yet at a much more modest pace than was seen during the past six months. Volatility should remain high, particularly in the near term.

The Federal Reserve appears likely to keep monetary policy accommodative and forgo rate hikes for the near future as high unemployment and tentative economic activity outweigh inflationary prospects. Concerns linger over the temporary nature of the stimulus enacted earlier this year and its ability to propel future growth. With unemployment having reached the 10% range, it is unclear whether or not consumer spending will be sustainable. Rising household savings rates also will pressure future consumption.

After some distancing from the crisis environment of late 2008 and early 2009, financial markets and economic activity have rebounded. Risk premiums have narrowed significantly, yet uncertainty, volatility and downside risks remain.

Subadviser:
Morley Capital Management, Inc.

Portfolio Managers:
Perpetua M. Phillips and Paul Rocheleau

2009 Annual Report 81


Fund Performance	Nationwide Enhanced Income Fund

Average Annual Total Return
(For periods ended October 31, 2009)


		1 Yr.		5 Yr.		Inception¹

Class A	w/o SC²		3.53%		3.29%		2.76%
	w/SC³		1.18%		2.83%		2.52%


Class R2^4,5,6			3.28%		3.14%		2.67%


Institutional Service Class⁴			3.60%		3.42%		2.90%


Institutional Class⁴			3.80%		3.60%		3.11%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.


¹		Fund commenced operations on December 21, 2007.
²		These returns do not reflect the effects of sales charges (SC).
³		A 2.25% front-end sales charge was deducted.
⁴		Not subject to any sales charges.
⁵		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.
⁶		These returns until the creation of Class R2 shares (10/1/03) include the performance of the Fund’s Class A shares. Excluding the effects of any fee waivers or reimbursements, such prior performance is similar to what Class R2 shares would have produced because Class R2 shares invest in the same portfolio of securities as Class A shares. The performance for these classes has been restated to reflect the fact that Class R2 shares do not have any applicable sales charges, but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to Class R2 shares; if these fees were reflected, the performance for Class R2 shares would have been lower.

Expense Ratios


	Gross		Net
	Expense		Expense
	Ratio*		Ratio*

Class A		0.82%		0.76%


Class R2^a		1.21%		1.15%


Institutional Service Class		0.51%		0.45%


Institutional Class		0.51%		0.45%


*		Current effective prospectus. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2010. Please see the Fund’s most recent prospectus for details.

^a		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

Performance of a $10,000 Investment

Comparative performance of $10,000 invested in Class A shares of the Nationwide Enhanced Income Fund, Composite Index(a), the Merrill Lynch 6-Month Treasury Bill (T-Bill) Index (b), the Merrill Lynch 1-Year Treasury Bill (T-Bill) Index(c), and the Consumer Price Index (CPI)(d) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.


(a)		The Composite Index is composed of 50% Merrill Lynch (ML) 6-Month Treasury Bill (T-Bill) Index and 50% Merrill Lynch 1-Year Treasury Bill (T-Bill) Index.

(b)		The Merrill Lynch 6-Month Treasury Bill (T-Bill) Index comprises a single issue purchased at the beginning of a month and held for a full month. At the end of that month, that issue is sold and rolled into a newly selected issue. The issue selected at each month-end re-balancing is the outstanding T-Bill that matures closest to, but not beyond, six months from the re-balancing date.

(c)		The Merrill Lynch 1-Year Treasury Bill (T-Bill) Index comprises a single issue purchased at the beginning of a month and held for a full month. At the end of that month, that issue is sold and rolled into a newly selected issue. The issue selected at each month-end re-balancing is the outstanding T-Bill with the longest maturity.

(d)		Calculated by the U.S. Department of Labor’s Bureau of Labor Statistics, the CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

82 Annual Report 2009


Shareholder	Nationwide Enhanced Income Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
October 31, 2009


			Beginning		Ending		Expenses Paid		Expense Ratio
			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Nationwide Enhanced Income Fund			05/01/09		10/31/09		05/01/09 - 10/31/09 ^a		05/01/09 - 10/31/09 ^a

Class A Shares	Actual			1,000.00		1,010.50		4.36		0.91
	Hypothetical	^b		1,000.00		1,020.87		4.38		0.91


Class R2 Shares^c	Actual			1,000.00		1,010.30		4.86		0.96
	Hypothetical	^b		1,000.00		1,020.37		4.89		0.96


Institutional Service	Actual			1,000.00		1,010.40		3.29		0.72
Class Shares	Hypothetical	^b		1,000.00		1,021.93		3.31		0.72


Institutional Class	Actual			1,000.00		1,011.60		2.38		0.48
Shares	Hypothetical	^b		1,000.00		1,022.84		2.40		0.48


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

^b		Represents the hypothetical 5% return before expenses.

^c		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

2009 Annual Report 83


Portfolio Summary	Nationwide Enhanced Income Fund

October 31, 2009


Asset Allocation

Corporate Bonds	30	.2%
Collateralized Mortgage Obligations	22	.0%
Asset-Backed Securities	16	.6%
U.S. Treasury Notes	9	.0%
U.S. Government Sponsored & Agency Obligations	8	.8%
Commercial Mortgage Backed Securities	5	.5%
Mutual Fund	4	.2%
U.S. Government Mortgage Backed Agencies	1	.4%
Sovereign Bonds	1	.3%
Yankee Dollar	0	.3%
Other assets in excess of liabilities	0	.7%

	100	.0%


Top Industries†

Diversified Financial Services	10	.2%
U.S. Treasury Notes	9	.1%
Commercial Banks	8	.1%
Supranational	2	.3%
Industrial Conglomerates	2	.2%
Diversified Telecommunication Services	2	.0%
Pharmaceuticals	1	.9%
Consumer Finance	1	.7%
Food Products	1	.0%
Communications Equipment	1	.0%
Other Industries	60	.5%

	100	.0%


Top Holdings†

Invesco AIM Liquid Assets Portfolio, 0.21%	4	.2%
U.S. Treasury Note, 3.25%, 12/31/09	2	.9%
U.S. Treasury Note, 2.13%, 01/31/10	2	.4%
U.S. Treasury Note, 2.00%, 02/28/10	1	.9%
U.S. Treasury Note, 1.00%, 09/30/11	1	.9%
Capital Auto Receivables Asset Trust, 5.01%, 04/16/12	1	.3%
Freddie Mac REMICS, 3.50%, 01/15/18	1	.2%
Honeywell International, Inc., 7.50%, 03/01/10	1	.2%
Freddie Mac REMICS, 3.00%, 11/15/17	1	.2%
Freddie Mac REMICS, 1.85%, 08/15/14	1	.2%
Other Holdings	80	.6%

	100	.0%


†		Percentages indicated are based upon total investments as of October 31, 2009.

The accompanying notes are an integral part of these financial statements.

84 Annual Report 2009

Statement of Investments

October 31, 2009

Nationwide Enhanced Income Fund



Asset-Backed Securities 16.6%

		Principal Amount		Market Value


Automobile Asset-Backed Securities 6.8%
BMW Vehicle Owner Trust, Series 2006-A, Class A4 5.07%, 08/25/11	$	1,447,388	$	1,464,933
Capital Auto Receivables Asset Trust
Series 2006-2, Class A3A, 4.98%, 05/15/11		484,328		491,054
Series 2007-1, Class A4A, 5.01%, 04/16/12		2,500,000		2,600,381
Daimler Chrysler Auto Trust
Series 2006-D, Class A3, 4.98%, 02/08/11		269,380		270,723
Series 2007-A, Class A2A, 4.94%, 03/08/11		101,055		101,328
Honda Auto Receivables Owner Trust, Series 2009-2, Class A2 2.22%, 08/15/11		2,200,000		2,219,595
Nissan Auto Receivables Owner Trust, Series 2008-A, Class A3 3.89%, 08/15/11		1,598,248		1,621,962
USAA Auto Owner Trust, Series 2008-2, Class A2 3.91%, 01/15/11		111,420		111,581
Volkswagen Auto Loan Enhanced Trust, Series 2008-1, Class A3 4.50%, 07/20/12		2,300,000		2,370,609
World Omni Auto Receivables Trust
Series 2008-B, Class A2, 4.13%, 03/15/11		1,123,224		1,136,292
Series 2009-A, Class A3, 3.33%, 05/15/13		2,000,000		2,058,244

				14,446,702



Credit Card Asset-Backed Securities 6.0%
American Express Credit Account Master Trust, Series 2006-2, Class A 5.35%, 01/15/14		1,000,000		1,063,570
BA Credit Card Trust, Series 2008-A9, Class A9 4.07%, 07/16/12		2,000,000		2,019,908
Chase Issuance Trust
Series 2005-A10, Class A10, 4.65%, 12/17/12		1,230,000		1,275,709
Series 2006-A1, Class A, 0.29%, 04/15/13(a)		1,997,000		1,987,921
Citibank Credit Card Issuance Trust
Series 2005-A7, Class A7, 4.75%, 10/22/12		2,000,000		2,073,493
Series 2007-A5, Class A5, 5.50%, 06/22/12		1,055,000		1,086,693
MBNA Credit Card Master Note Trust
Series 2004-A2, Class A2, 0.40%, 07/15/13(a)		1,696,000		1,684,542
Series 2005-A3, Class A3, 4.10%, 10/15/12		1,440,000		1,466,366

				12,658,202



Other Asset-Backed Securities 3.8%
AEP Texas Central Transition Funding LLC, Series 2002-1, Class A3 5.56%, 01/15/12		1,205,648		1,218,419
Caterpillar Financial Asset Trust, Series 2008-A, Class A2A 4.09%, 12/27/10		331,342		332,431
FPL Recovery Funding LLC, Series 2007-A, Class A1 5.05%, 02/01/13		902,069		923,841
John Deere Owner Trust
Series 2008-A, Class A2, 3.63%, 03/15/11		66,457		66,525
Series 2009-B, Class A3, 1.57%, 10/15/13		800,000		800,152
Oncor Electric Delivery Transition Bond Co., Series 2003-1, Class A2 4.03%, 02/15/12		285,457		288,402
Peco Energy Transition Trust, Series 2001-A, Class A1 6.52%, 12/31/10		2,300,000		2,379,936
PSE&G Transition Funding LLC, Series 2001-1, Class A5 6.45%, 03/15/13		1,715,325		1,790,351
TXU Electric Delivery Transition Bond Co. LLC, Series 2004-1, Class A1 3.52%, 11/15/11		195,728		195,979

				7,996,036


Total Asset-Backed Securities (cost $34,758,905)				35,100,940

85 Annual Report 2009




Collateralized Mortgage Obligations 22.0%

		Principal Amount			Market Value


Fannie Mae REMICS
Series 2003-92, Class PC, 4.50%, 05/25/15	$	846,971		$	856,526
Series 2005-91, Class PB, 4.50%, 06/25/16		914,997			929,432
Series 2002-82, Class XD, 5.00%, 07/25/16		1,191,800			1,223,631
Series 2003-15, Class WC, 4.00%, 12/25/16		1,299,374			1,325,985
Series 2004-61, Class AB, 5.00%, 03/25/17		896,916			911,576
Series 2004-6, Class CA, 4.00%, 06/25/17		1,651,702			1,706,786
Series 2003-67, Class TA, 3.00%, 08/25/17		1,722,588			1,755,032
Series 2004-29, Class L, 4.00%, 09/25/17		1,179,809			1,218,767
Series 2003-49, Class TK, 3.50%, 03/25/18		1,900,435			1,937,213
Series 2003-57, Class NB, 3.00%, 06/25/18		237,954			241,337
Series 2003-75, Class NB, 3.25%, 08/25/18		177,883			180,598
Series 2004-96, Class EW, 4.50%, 06/25/24		1,234,941			1,251,463
Series 2003-14, Class AN, 3.50%, 03/25/33		236,565			237,939

					13,776,285

Freddie Mac REMICS
Series 3483, Class FB, 0.39%, 08/15/11 (a)		1,261,507			1,258,093
Series 3584, Class BL, 1.25%, 10/15/12		2,000,000			1,992,752
Series 3591, Class NA 1.25%, 10/15/12		2,000,000			2,007,310
Series 2651, Class VB, 5.50%, 03/15/14		307,768			308,742
Series 3574, Class AC, 1.85%, 08/15/14		2,428,338			2,432,948
Series 3555, Class JA, 4.00%, 12/15/14		1,849,628			1,915,379
Series 2668, Class AD, 4.00%, 01/15/15		833,687			845,444
Series 2689, Class PC, 4.00%, 09/15/15		1,547,718			1,576,394
Series 2614, Class TD, 3.50%, 05/15/16		1,822,699			1,866,589
Series 2517, Class OD, 5.00%, 05/15/16		941,470			956,932
Series 2628, Class PX, 4.00%, 10/15/16		888,399			901,992
Series 2628, Class PV, 3.75%, 10/15/16		592,266			600,878
Series 2672, Class NF, 4.00%, 12/15/16		2,003,665			2,070,117
Series 2611, Class KC, 3.50%, 01/15/17		220,316			224,475
Series 2625, Class JD, 3.25%, 07/15/17		882,547			903,706
Series 2783, Class AB, 4.00%, 10/15/17		1,120,216			1,158,965
Series 2628, Class DQ, 3.00%, 11/15/17		2,392,279			2,434,483
Series 2664, Class GA, 4.50%, 01/15/18		274,290			283,141
Series 2629, Class AN, 3.50%, 01/15/18		2,499,791			2,566,940
Series 2629, Class AM, 4.00%, 01/15/18		1,285,607			1,333,016
Series 2613, Class PA, 3.25%, 05/15/18		321,560			326,858
Series 2630, Class JA, 3.00%, 06/15/18		190,248	��		192,651
Series 2877, Class GP, 4.00%, 11/15/18		1,360,939			1,406,782

					29,564,587

Government National Mortgage Association
Series 2003-49, Class A, 2.21%, 10/16/17		1,985,478			1,992,983
Series 2004-103, Class A, 3.88%, 12/16/19		1,042,366			1,050,519

					3,043,502

Residential Funding Mortgage Securities I, Series 2003-S11, Class A1, 2.50%, 06/25/18		110,218			109,572


Total Collateralized Mortgage Obligations (cost $46,268,961)					46,493,946



Commercial Mortgage Backed Securities 5.5%


Diversified Financial Services 3.8%
Banc of America Commercial Mortgage, Inc., Series 2005-1, Class A3 4.88%, 11/10/42		1,653,868			1,652,344
Commercial Mortgage Asset Trust, Series 1999-C1, Class A3 6.64%, 01/17/32		520,185			521,908

2009 Annual Report 86


Commercial Mortgage Backed Securities (continued)
		Principal Amount		Market Value


Diversified Financial Services (continued)

GMAC Commercial Mortgage Securities, Inc.
Series 2003-C3, Class A2, 4.22%, 04/10/40	$	812,532	$	820,304
Series 2004-C3, Class A3, 4.21%, 12/10/41		603,151		604,973
Greenwich Capital Commercial Funding Corp., Series 2004-GG1, Class A3 4.34%, 06/10/36		282,669		282,492
JP Morgan Chase Commercial Mortgage Securities Corp., Series 2006-CB16, Class A1 5.34%, 05/12/45		1,028,552		1,052,350
Morgan Stanley Capital I
Series 2004-IQ8, Class A3, 4.50%, 06/15/40		737,055		745,249
Series 2005-HQ5, Class A2, 4.81%, 01/14/42		1,592,891		1,596,910
Wachovia Bank Commercial Mortgage Trust, Series 2005-C16, Class A2 4.38%, 10/15/41		726,257		725,587

				8,002,117



Non-Agency 1.7%
Bear Stearns Commercial Mortgage Securities, Series 2001-TOP2, Class A1 6.08%, 02/15/35		20,313		20,322
GE Capital Commercial Mortgage Corp., Series 2004-C1, Class A2 3.92%, 11/10/38		1,309,832		1,319,405
Greenwich Capital Commercial Funding Corp., Series 2004-GG1, Class A4 4.76%, 06/10/36		740,000		747,231
Wachovia Bank Commercial Mortgage Trust, Series 2005-C17, Class A2 4.78%, 03/15/42		1,550,735		1,552,954

				3,639,912


Total Commercial Mortgage Backed Securities (cost $11,525,803)				11,642,029



Corporate Bonds 30.2%


Aerospace & Defense 0.7%
United Technologies Corp., 4.38%, 05/01/10		1,500,000		1,531,651

Biotechnology 1.0%
Genentech, Inc., 4.40%, 07/15/10		2,000,000		2,049,548



Capital Markets 0.9%
Citigroup Funding, Inc. 0.38%, 07/30/10 (a)		2,000,000		2,000,104



Commercial Banks 7.3%
Bank of New York Mellon Corp. (The), 0.68%, 02/05/10 (a)		1,500,000		1,501,599

Goldman Sachs Group, Inc. (The) 1.63%, 07/15/11		2,000,000		2,024,384

JPMorgan Chase & Co. 2.63%, 12/01/10		2,000,000		2,040,748

State Street Bank and Trust Co. 1.85%, 03/15/11		2,000,000		2,029,126
JPMorgan Chase & Co., 5.60%, 06/01/11		2,020,000		2,149,896
Rabobank Nederland NV, 0.83%, 05/19/10 (a)(b)		1,500,000		1,502,444
Wells Fargo & Co.
4.20%, 01/15/10		2,000,000		2,012,504
3.00%, 12/09/11		2,000,000		2,076,324

				15,337,025



Communications Equipment 1.0%
Cisco Systems, Inc., 5.25%, 02/22/11		2,000,000		2,108,736



Computers & Peripherals 0.9%
Hewlett-Packard Co.
1.43%, 05/27/11 (a)		300,000		304,459
2.25%, 05/27/11		1,500,000		1,529,219

				1,833,678



Consumer Finance 1.7%
John Deere Capital Corp., 5.40%, 04/07/10		2,000,000		2,044,552
Toyota Motor Credit Corp., 4.25%, 03/15/10		1,500,000		1,515,561

				3,560,113



Diversified Financial Services 6.3%
Bank of America Corp., 5.38%, 08/15/11		2,000,000		2,115,476
Bank of America NA 1.70%, 12/23/10		2,000,000		2,022,322

General Electric Capital Corp. 1.80%, 03/11/11		2,000,000		2,028,522

2009 Annual Report 87


Corporate Bonds (continued)
		Principal Amount		Market Value


Diversified Financial Services (continued)

Heller Financial, Inc., 7.38%, 11/01/09	$	1,500,000	$	1,500,000
John Hancock Global Funding II, 7.90%, 07/02/10 (b)		1,500,000		1,560,058

Morgan Stanley 2.90%, 12/01/10		2,000,000		2,046,626
National Rural Utilities Cooperative Finance Corp., 4.38%, 10/01/10		2,000,000		2,063,236

				13,336,240



Diversified Telecommunication Services 1.9%
AT&T Corp., 7.30%, 11/15/11		1,793,000		1,992,518
Verizon Global Funding Corp., 7.25%, 12/01/10		2,000,000		2,123,012

				4,115,530

Energy Equipment & Services 0.7%
Burlington Resources, Inc., 9.88%, 06/15/10		1,500,000		1,584,387



Food Products 1.0%
Unilever Capital Corp., 7.13%, 11/01/10		2,000,000		2,132,088



Industrial Conglomerates 2.2%
3M Co., 5.13%, 11/06/09		2,000,000		2,000,564
Honeywell International, Inc., 7.50%, 03/01/10		2,500,000		2,562,955

				4,563,519



Insurance 0.5%
New York Life Global Funding, 4.63%, 08/16/10 (b)		1,000,000		1,018,046



Pharmaceuticals 1.8%
Abbott Laboratories, 5.60%, 05/15/11		1,735,000		1,853,376
Pfizer, Inc., 2.25%, 03/15/11 (a)		2,000,000		2,054,488

				3,907,864



Specialty Retail 0.4%
Lowe’s Cos., Inc., 8.25%, 06/01/10		885,000		924,259



Supranational 1.8%
African Development Bank, 0.54%, 03/23/11(a)		1,700,000		1,696,496
International Bank for Reconstruction & Development, 0.51%, 03/04/11(a)		2,000,000		2,007,392

				3,703,888


Total Corporate Bonds (cost $63,324,525)				63,706,676



U.S. Government Mortgage Backed Agencies 1.4%

Fannie Mae Pool
Pool# 253845
6.00%, 06/01/16		58,398		63,088
Pool# 254089
6.00%, 12/01/16		92,457		99,881
Pool# 545415
6.00%, 01/01/17		82,373		88,988
Pool# 254195
5.50%, 02/01/17		196,804		211,501
Pool# 625178
5.50%, 02/01/17		164,226		176,490

				639,948

Freddie Mac Gold Pool
Pool# E00678
6.50%, 06/01/14		33,811		35,848
Pool# B17493
4.00%, 12/01/14		2,105,345		2,167,774
Pool# E00991
6.00%, 07/01/16		47,052		50,527

				2,254,149


Total U.S. Government Mortgage Backed Agencies (cost $2,857,932)				2,894,097



Sovereign Bonds 1.3%


GERMANY 0.8%
Kreditanstalt fuer Wiederaufbau, 5.00%, 06/01/10		1,695,000		1,740,160



MULTI-NATIONAL 0.5%
Asian Development Bank/Pasig, 4.13%, 09/15/10		1,000,000		1,030,842


Total Sovereign Bonds (cost $2,737,951)				2,771,002

2009 Annual Report 88




U.S. Government Sponsored & Agency Obligations 8.8%

Federal Farm Credit Bank 4.75%, 05/07/10	$	2,000,000	$	2,045,788

Federal Home Loan Banks 2.75%, 06/18/10		2,000,000		2,030,108

Federal Home Loan Mortgage Corp.
4.88%, 02/09/10		2,000,000		2,024,782
3.13%, 02/12/10		2,000,000		2,015,276
2.88%, 04/30/10		2,000,000		2,025,930

Federal National Mortgage Association
4.63%, 12/15/09		2,300,000		2,311,946
4.13%, 05/15/10		2,000,000		2,040,632
4.38%, 06/21/10		2,000,000		2,049,790
1.75%, 03/23/11		2,000,000		2,028,838


Total U.S. Government Sponsored & Agency Obligations (cost $18,424,212)				18,573,090



U.S. Treasury Notes 9.1%

U.S. Treasury Note
1.00%, 09/30/11		4,000,000		4,011,248
2.00%, 02/28/10		4,000,000		4,024,220
2.13%, 01/31/10		5,000,000		5,024,610
3.25%, 12/31/09		6,000,000		6,029,766


Total U.S. Treasury Notes (cost $19,012,948)				19,089,844



Yankee Dollar 0.3%


Health Care Providers & Services 0.3%
Baxter FinCo BV, 4.75%, 10/15/10		675,000		701,797


Total Yankee Dollar (cost $697,510)				701,797



Mutual Fund 4.2%

		Shares		Market Value


Invesco AIM Liquid Assets Portfolio, 0.21% (c)		8,864,287	$	8,864,287


Total Mutual Fund (cost $8,864,287)				8,864,287


Total Investments (cost $208,473,034) (d) — 99.3%				209,837,708

Other assets in excess of liabilities — 0.7%				1,465,079


NET ASSETS — 100.0%			$	211,302,787


*		Denotes a non-income producing security.

(a)		Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on October 31, 2009. The maturity date represents the actual maturity date.

(b)		Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The aggregate value of these securities at October 31, 2009 was $4,080,548 which represents 1.93% of net assets.

(c)		Represents 7-day effective yield as of October 31, 2009.

(d)		See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.


LLC		Limited Liability Company

NA		National Association

NV		Public Traded Company

REMICS		Real Estate Mortgage Investment Conduits

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 89

Statement of Assets and Liabilities

October 31, 2009



	Nationwide
	Enhanced
	Income Fund

Assets:
Investments, at value (cost $208,473,034)	$	209,837,708
Interest receivable		1,530,327
Receivable for capital shares issued		436,847
Receivable from adviser		28,770
Prepaid expenses and other assets		13,839

Total Assets		211,847,491

Liabilities:
Distributions payable		374,003
Payable for capital shares redeemed		60,952
Accrued expenses and other payables:
Investment advisory fees		62,440
Fund administration fees		20,428
Distribution fees		796
Administrative servicing fees		1,428
Accounting and transfer agent fees		3,869
Trustee fees		1,871
Custodian fees		1,569
Compliance program costs (Note 3)		1,310
Professional fees		11,229
Other		4,809

Total Liabilities		544,704

Net Assets	$	211,302,787

Represented by:
Capital	$	216,522,984
Accumulated undistributed net investment income		439,192
Accumulated net realized losses from investment transactions		(7,024,063	)
Net unrealized appreciation/(depreciation) from investments		1,364,674

Net Assets	$	211,302,787

Net Assets:
Class A Shares	$	3,595,763
Class R2 Shares (a)		57,411
Institutional Service Class Shares		13,257
Institutional Class Shares		207,636,356

Total	$	211,302,787

Shares outstanding (unlimited number of shares authorized):
Class A Shares		392,313
Class R2 Shares (a)		6,259
Institutional Service Class Shares		1,445
Institutional Class Shares		22,658,446

Total		23,058,463

Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	9.17
Class R2 Shares(a)	$	9.17
Institutional Service Class Shares	$	9.17
Institutional Class Shares	$	9.16
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	9.38

Maximum Sales Charge:
Class A Shares		2.25	%


(a)		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 90

Statement of Operations

For the Year Ended October 31, 2009



	Nationwide
	Enhanced
	Income Fund

INVESTMENT INCOME:
Interest income	$	5,566,580

Total Income		5,566,580

EXPENSES:
Investment advisory fees		645,273
Fund administration fees		221,459
Distribution fees Class A		8,079
Distribution fees Class R2(a)		127
Administrative servicing fees Class A		5,032
Administrative servicing fees Institutional Service Class		26
Registration and filing fees		41,823
Professional fees		34,094
Printing fees		19,541
Trustee fees		12,464
Custodian fees		9,312
Accounting and transfer agent fees		19,380
Compliance program costs (Note 3)		4,791
Other		22,473

Total expenses before earnings credit and reimbursed expenses		1,043,874
Earnings credit (Note 5)		(766	)
Expenses reimbursed by adviser		(164,937	)

Net Expenses		878,171

NET INVESTMENT INCOME		4,688,409

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(1,100,516	)
Net change in unrealized appreciation/(depreciation) from investments		3,276,816

Net realized/unrealized gains from investments		2,176,300

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,864,709


(a)		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 91

Statements of Changes in Net Assets


	Nationwide Enhanced
	Income Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	4,688,409		$	6,386,905
Net realized losses from investment transactions		(1,100,516	)		(439,881	)
Net change in unrealized appreciation/(depreciation) from investments		3,276,816			(1,996,157	)

Change in net assets resulting from operations		6,864,709			3,950,867


Distributions to Shareholders From:
Net investment income:
Class A		(70,372	)		(59,456	)
Class R2 (a)		(459	)		(40	)
Institutional Service Class		(318	)		(519	)
Institutional Class		(4,741,069	)		(6,300,502	)

Change in net assets from shareholder distributions		(4,812,218	)		(6,360,517	)

Change in net assets from capital transactions		37,831,350			9,037,417

Change in net assets		39,883,841			6,627,767


Net Assets:
Beginning of year		171,418,946			164,791,179

End of year	$	211,302,787		$	171,418,946

Accumulated undistributed net investment income at end of year	$	439,192		$	79,226


CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	3,772,688		$	2,564,800
Dividends reinvested		46,723			37,974
Cost of shares redeemed		(2,415,328	)		(1,800,035	)

Total Class A		1,404,083			802,739

Class R2 Shares (a)
Proceeds from shares issued		57,557			–
Dividends reinvested		61			40
Cost of shares redeemed		(1,314	)		–

Total Class R2		56,304			40

Institutional Service Class Shares
Proceeds from shares issued		–			–
Dividends reinvested		318			519
Cost of shares redeemed		–			(987	)

Total Institutional Service Class		318			(468	)

Institutional Class Shares
Proceeds from shares issued		61,364,717			34,628,229
Dividends reinvested		4,372,526			6,300,466
Cost of shares redeemed		(29,366,598	)		(32,693,589	)

Total Institutional Class		36,370,645			8,235,106

Change in net assets from capital transactions:	$	37,831,350		$	9,037,417

Amounts designated as “ – ” are zero or have been rounded to zero.


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

92 Annual Report 2009


	Nationwide Enhanced
	Income Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

SHARE TRANSACTIONS:
Class A Shares
Issued		413,252			279,027
Reinvested		5,111			4,136
Redeemed		(264,234	)		(196,369	)

Total Class A Shares		154,129			86,794

Class R2 Shares (a)
Issued		6,271			–
Reinvested		6			4
Redeemed		(143	)		(2	)

Total Class R2 Shares		6,134			2

Institutional Service Class Shares
Issued		2			–
Reinvested		33			57
Redeemed		–			(107	)

Total Institutional Service Class Shares		35			(50	)

Institutional Class Shares
Issued		6,711,439			3,766,128
Reinvested		478,632			685,218
Redeemed		(3,215,618	)		(3,556,760	)

Total Institutional Class Shares		3,974,453			894,586

Total change in shares:		4,134,751			981,332

Amounts designated as “ – ” are zero or have been rounded to zero.


(a)		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 93

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Enhanced Income Fund


	Operations												Distributions												Ratios / Supplemental Data

							Net Realized																										Ratio of
							and																							Ratio of Net			Expenses
	Net Asset						Unrealized												Net								Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net						Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Total			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Distributions			of Period			Return (a)			Period		Net Assets			Net Assets			Net Assets (b)			Turnover (c)

Class A Shares
Year Ended October 31, 2009 (d)	$	9	.06		0	.23		0	.09		0	.32		(0	.21)		(0	.21)	$	9	.17		3	.53%	$	3,595,763		0	.87%		2	.46%		0	.96%		64	.69%
Year Ended October 31, 2008	$	9	.18		0	.34		(0	.12)		0	.22		(0	.34)		(0	.34)	$	9	.06		2	.42%	$	2,157,832		0	.72%		3	.70%		0	.80%		84	.97%
Year Ended October 31, 2007	$	9	.13		0	.40		0	.03		0	.43		(0	.38)		(0	.38)	$	9	.18		4	.75%	$	1,390,488		0	.75%		4	.28%		0	.81%		55	.72%
Year Ended October 31, 2006	$	9	.08		0	.32		0	.05		0	.37		(0	.32)		(0	.32)	$	9	.13		4	.15%	$	1,569,685		0	.72%		3	.51%		0	.76%		77	.44%
Year Ended October 31, 2005	$	9	.16		0	.22		(0	.07)		0	.15		(0	.23)		(0	.23)	$	9	.08		1	.66%	$	1,241,849		0	.80%		2	.36%		0	.85%		60	.80%

Class R2 Shares(e)
Year Ended October 31, 2009 (d)	$	9	.07		0	.14		0	.15		0	.29		(0	.19)		(0	.19)	$	9	.17		3	.28%	$	57,411		0	.96%		1	.51%		1	.06%		64	.69%
Year Ended October 31, 2008	$	9	.19		0	.32		(0	.12)		0	.20		(0	.32)		(0	.32)	$	9	.07		2	.18%	$	1,133		0	.99%		3	.50%		1	.04%		84	.97%
Year Ended October 31, 2007	$	9	.14		0	.37		0	.03		0	.40		(0	.35)		(0	.35)	$	9	.19		4	.44%	$	1,110		0	.99%		3	.99%		1	.00%		55	.72%
Year Ended October 31, 2006	$	9	.09		0	.32		0	.05		0	.37		(0	.32)		(0	.32)	$	9	.14		4	.12%	$	1,062		0	.74%		3	.50%		0	.74%		77	.44%
Year Ended October 31, 2005	$	9	.17		0	.22		(0	.07)		0	.15		(0	.23)		(0	.23)	$	9	.09		1	.70%	$	1,021		0	.72%		2	.42%		0	.72%		60	.80%

Institutional Service Class Shares
Year Ended October 31, 2009 (d)	$	9	.07		0	.24		0	.08		0	.32		(0	.22)		(0	.22)	$	9	.17		3	.60%	$	13,257		0	.66%		2	.59%		0	.76%		64	.69%
Year Ended October 31, 2008	$	9	.19		0	.36		(0	.12)		0	.24		(0	.36)		(0	.36)	$	9	.07		2	.67%	$	12,790		0	.49%		3	.98%		0	.55%		84	.97%
Year Ended October 31, 2007	$	9	.14		0	.47		(0	.03)		0	.44		(0	.39)		(0	.39)	$	9	.19		4	.91%	$	13,429		0	.66%		6	.16%		0	.74%		55	.72%
Year Ended October 31, 2006	$	9	.09		0	.32		0	.05		0	.37		(0	.32)		(0	.32)	$	9	.14		4	.17%	$	11,872		0	.70%		3	.47%		0	.73%		77	.44%
Year Ended October 31, 2005	$	9	.17		0	.23		(0	.07)		0	.16		(0	.24)		(0	.24)	$	9	.09		1	.77%	$	5,660,518		0	.70%		2	.47%		0	.75%		60	.80%

Institutional Class Shares
Year Ended October 31, 2009 (d)	$	9	.06		0	.23		0	.11		0	.34		(0	.24)		(0	.24)	$	9	.16		3	.80%	$	207,636,356		0	.47%		2	.54%		0	.56%		64	.69%
Year Ended October 31, 2008	$	9	.18		0	.37		(0	.12)		0	.25		(0	.37)		(0	.37)	$	9	.06		2	.74%	$	169,247,191		0	.43%		4	.03%		0	.50%		84	.97%
Year Ended October 31, 2007	$	9	.13		0	.42		0	.03		0	.45		(0	.40)		(0	.40)	$	9	.18		5	.04%	$	163,386,152		0	.45%		4	.49%		0	.49%		55	.72%
Year Ended October 31, 2006	$	9	.09		0	.34		0	.04		0	.38		(0	.34)		(0	.34)	$	9	.13		4	.31%	$	437,051,902		0	.45%		3	.79%		0	.49%		77	.44%
Year Ended October 31, 2005	$	9	.17		0	.25		(0	.07)		0	.18		(0	.26)		(0	.26)	$	9	.09		2	.13%	$	452,749,327		0	.45%		2	.76%		0	.50%		60	.80%


(a)	Excludes sales charge.
(b)	During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(c)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d)	Per share calculations were performed using average shares method.
(e)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

94 Annual Report 2009


Nationwide Government Bond Fund

How did the Fund perform during the reporting period in relation to its benchmark and its peer group?

For the annual period ended October 31, 2009, the Nationwide Government Bond Fund (Class A at NAV) returned 10.19% versus 7.06% for its benchmark, the Merrill Lynch (ML) Government Master Index. For broader comparison, the average return for the Fund’s closest Lipper peer category of Intermediate U.S. Government Funds (consisting of 73 funds as of October 31, 2009) was 9.37% for the same time period.

What areas of investment provided the most positive relative returns for the Fund?

The Fund’s portfolio experienced positive returns for all positions as interest rates declined during the reporting period. The most favorable returns for the Fund were in Agency mortgage-backed securities, followed by Agency notes and finally Treasury securities. Securities that had underperformed the most during the height of the economic crisis were the best performers for the Fund. Investors’ rush to exit most holdings had left Agency-backed securities too cheap, given the low risk these securities have due to an implicit guarantee. The Fund only holds debt that is either explicitly or implicitly guaranteed by the U.S. government or its Agencies.

What areas of investment detracted from Fund performance?

All sectors added positive performance to the Fund. The one area, however, that could have added more value to the Fund was additional exposure to Treasury Inflation-Protected Securities (TIPS). While some positions in TIPS were added to the Fund, increased TIPS exposure would have positively influenced Fund performance.

What is your outlook for the near term?

Subadviser:
Nationwide Asset Management, LLC

Portfolio Managers:
Joel S. Buck and Gary R. Hunt, CFA

2009 Annual Report 95


Fund Performance	Nationwide Government Bond Fund

Average Annual Total Return
(For periods ended October 31, 2009)


		1 Yr.		5 Yr.		10 Yr.

Class A	w/o SC¹		10.19%		4.90%		5.90%
	w/SC²		5.56%		4.00%		5.44%


Class B³	w/o SC¹		9.62%		4.26%		5.28%
	w/SC⁴		4.62%		3.92%		5.28%


Class C⁵	w/o SC¹		9.62%		4.26%		5.34%
	w/SC⁶		8.62%		4.26%		5.34%


Class D	w/o SC¹		10.59%		5.22%		6.19%
	w/SC⁷		5.64%		4.25%		5.70%


Class R2^8,9,10			9.99%		4.74%		5.90%


Institutional Class^8,10			10.67%		5.31%		6.25%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.


¹		These returns do not reflect the effects of sales charges (SC).
²		A 4.25% front-end sales charge was deducted.
³		These returns, for periods prior to the creation of the Fund’s Class B shares on September 4, 2003, include the performance of the Fund’s Class X shares, which are no longer offered by the Fund. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class B shares would have produced during those periods because all classes of the Fund’s shares invest in the same portfolio of securities. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes. If these other fees were reflected, the performance for the Class B shares would have been lower.
⁴		A 5.00% maximum contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years and is not deducted from returns after 6 years.
⁵		These returns, for periods prior to March 1, 2001, include the performance of the Fund’s Class D shares and, for the period from March 1, 2001 to the creation of the Fund’s Class C shares on September 4, 2003, include the performance of the Fund’s Class Y shares, which are no longer offered by the Fund. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class C shares would have produced during those periods because all classes of the Fund’s shares invest in the same portfolio of securities. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes. If these other fees were reflected, the performance for Class C shares would have been lower.
⁶		A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
⁷		A 4.50% front-end sales charge was deducted.
⁸		Not subject to any sales charges.
⁹		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.
¹⁰		These returns, for periods prior to the creation of the class, include the performance of the Fund’s Class D shares. These returns were achieved prior to the creation of Class R2 shares (10/1/03), and In stitutional Class shares (6/29/04). Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class R2 and Institutional Class shares would have produced during those periods because all classes of the Fund’s shares invest in the same portfolio of securities. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes. If these other fees were reflected, the performance for each of these classes of shares would have been lower.

Expense Ratios


	Expense
	Ratio*

Class A		1.11%


Class B		1.73%


Class C		1.73%


Class D		0.83%


Class R2^a		1.43%


Institutional Class		0.73%


*		Current effective prospectus.

^a		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

Performance of a $10,000 Investment

Comparative performance of $10,000 invested in Class D shares of the Nationwide Government Bond Fund, the Merrill Lynch U.S. Treasury/Agency Master AAA Index (ML USTA)(a), and the Consumer Price Index (CPI)(b) over a 10-year period ended 4/30/09. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.


(a)		The ML USTA gives a broad look at how U.S. government bonds have performed.

(b)		Calculated by the U.S. Department of Labor’s Bureau of Labor Statistics, the CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

96 Annual Report 2009


Shareholder	Nationwide Government Bond Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
October 31, 2009


			Beginning		Ending		Expenses Paid		Expense Ratio
Nationwide Government			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Bond Fund			05/01/09		10/31/09		05/01/09 - 10/31/09 ^a		05/01/09 - 10/31/09 ^a

Class A Shares	Actual			1,000.00		1,027.70		5.93		1.22
	Hypothetical	^b		1,000.00		1,019.36		5.90		1.22


Class B Shares	Actual			1,000.00		1,025.80		9.04		1.78
	Hypothetical	^b		1,000.00		1,016.28		9.00		1.78


Class C Shares	Actual			1,000.00		1,025.80		9.09		1.78
	Hypothetical	^b		1,000.00		1,016.23		9.05		1.78


Class D Shares	Actual			1,000.00		1,029.90		4.50		0.97
	Hypothetical	^b		1,000.00		1,020.77		4.48		0.97


Class R2 Shares^c	Actual			1,000.00		1,026.40		7.41		1.48
	Hypothetical	^b		1,000.00		1,017.90		7.38		1.48


Institutional Class	Actual			1,000.00		1,030.80		4.15		0.67
Shares	Hypothetical	^b		1,000.00		1,021.12		4.13		0.67


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

^b		Represents the hypothetical 5% return before expenses.

^C		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

2009 Annual Report 97


Portfolio Summary	Nationwide Government Bond Fund

October 31, 2009


Asset Allocation

U.S. Government Mortgage Backed Agencies	35	.0%
Collateralized Mortgage Obligations	28	.2%
U.S. Treasury Bonds	13	.6%
Corporate Bonds	11	.3%
U.S. Government Sponsored & Agency Obligations	9	.2%
Mutual Fund	3	.1%
Liabilities in excess of other assets	(0	.4%)

	100	.0%


Top Holdings†

United States Treasury Inflation Indexed Bonds, 3.38%, 04/15/32	9	.5%
GMAC LLC, 2.20%, 12/19/12	8	.3%
Fannie Mae Pool, 5.63%, 06/01/12	7	.4%
Freddie Mac REMICS, 4.50%, 09/15/18	6	.6%
Fannie Mae Grantor Trust, 5.50%, 09/25/11	5	.8%
Fannie Mae Pool, 4.04%, 02/01/15	4	.3%
Federal National Mortgage Association, 8.20%, 03/10/16	4	.1%
Federal Home Loan Bank MTN, 8.02%, 02/13/15	4	.0%
U.S. Treasury Bond, 4.50%, 08/15/39	4	.0%
Invesco AIM Liquid Assets Portfolio, 0.21%, 12/31/49	3	.1%
Other Holdings	42	.9%

	100	.0%


†		Percentages indicated are based upon total investments as of October 31, 2009.

The accompanying notes are an integral part of these financial statements.

98 Annual Report 2009

Statement of Investments

October 31, 2009

Nationwide Government Bond Fund



Collateralized Mortgage Obligations 28.2%

		Principal Amount		Market Value



Fannie Mae Grantor Trust
Series 2001-T2, Class B, 6.02%, 11/25/10	$	3,127,000	$	3,258,879
Series 2001-T11, Class B, 5.50%, 09/25/11		8,585,000		9,170,808

				12,429,687

Fannie Mae REMICS
Series 1988-25, Class B, 9.25%, 10/25/18		8,807		9,638
Series 1990-7, Class B, 8.50%, 01/25/20		24,363		26,617
Series 1993-16, Class Z, 7.50%, 02/25/23		105,357		118,506
Series 1993-226, Class PK, 6.00%, 12/25/23		990,934		1,062,834
Series 2003-66, Class AP, 3.50%, 11/25/32		2,031,213		2,052,940
Series 1998-73, Class MZ, 6.30%, 10/17/38		4,088,732		4,087,271

				7,357,806

Fannie Mae-Aces
Series 2006-M2, Class A1F, 4.85%, 07/25/12(a)		3,837,565		4,041,141
Series 1998-M4, Class D, 6.27%, 02/25/35		716,255		734,882

				4,776,023

Freddie Mac REMICS
Series 2677, Class LE, 4.50%, 09/15/18		10,000,000		10,488,568
Series 2960, Class BL, 5.00%, 02/15/23		3,916,728		4,107,723
Series 1684, Class I, 6.50%, 03/15/24		1,706,266		1,855,466
Series 2644, Class AY, 5.00%, 10/15/28		3,080,000		3,183,802
Series 2296, Class H, 6.50%, 03/15/31		128,743		137,349

				19,772,908


Total Collateralized Mortgage Obligations (cost $42,382,244)				44,336,424



Corporate Bonds 11.3%

		Principal Amount		Market Value



Commercial Banks 8.4%
GMAC LLC,
2.20%, 12/19/12		13,000,000		13,180,999

Energy Equipment & Services 2.9%
Cal Dive I- Title XI, Inc.,
4.93%, 02/01/27		4,418,508		4,590,078


Total Corporate Bonds (cost $17,245,773)				17,771,077



U.S. Government Mortgage Backed Agencies 35.0%

Fannie Mae Pool
Pool# 873942
5.87%, 09/01/11		3,904,871		3,902,782
Pool# 460669
5.63%, 06/01/12		10,810,440		11,693,764
Pool# 381570
6.30%, 04/01/14		938,645		1,038,298
Pool# 463344
4.04%, 02/01/15		6,574,263		6,793,056
Pool# 381190
7.90%, 08/01/15		1,459,684		1,690,868
Pool# 383142
7.11%, 10/01/15		1,824,183		1,923,267
Pool# 380082
6.35%, 03/01/16		3,694,484		3,997,112
Pool# 381995
7.40%, 10/01/17		992,088		1,135,143
Pool# 385012
6.84%, 04/01/20		4,213,610		4,819,651
Pool# 874740
6.32%, 07/01/22		1,747,388		1,984,870
Pool# 874982
6.81%, 11/01/25		1,719,244		2,020,102
Pool# 385258
6.65%, 07/01/27		1,294,822		1,435,888
Pool# 387114
5.62%, 09/01/34		1,170,187		1,249,166
Pool# 773298
4.84%, 04/01/35 (a)		4,515,949		4,733,127
Pool# 813605
3.42%, 07/01/36 (a)		1,989,714		2,012,460
Pool# 745769
3.84%, 07/01/36 (a)		4,520,205		4,689,421


Total U.S. Government Mortgage Backed Agencies (cost $52,909,060)				55,118,975

2009 Annual Report 99

Statement of Investments (Continued)

October 31, 2009

Nationwide Government Bond Fund (Continued)




U.S. Government Sponsored & Agency Obligations 9.2%

		Principal Amount		Market Value




Federal Home Loan Bank 5.99%, 04/15/13	$	1,500,000	$	1,706,577

Federal Home Loan Bank MTN 8.02%, 02/13/15		5,000,000		6,307,330

Federal National Mortgage Association 8.20%, 03/10/16		5,000,000		6,391,760


Total U.S. Government Sponsored & Agency Obligations (cost $13,185,093)				14,405,667



U.S. Treasury Bonds 13.6%

U.S. Treasury Bond, 4.50%, 08/15/39		6,000,000		6,268,128

United States Treasury Inflation Indexed Bonds, 3.38%, 04/15/32		10,000,000		15,045,732


Total U.S. Treasury Bonds (cost $20,970,738)				21,313,860



Mutual Fund 3.1%

		Shares		Market Value


Invesco AIM Liquid Assets Portfolio, 0.21% (b)		4,949,068		4,949,068


Total Mutual Fund (cost $4,949,068)				4,949,068


Total Investments (cost $151,641,976) (c) — 100.4%				157,895,071

Liabilities in excess of other assets — (0.4)%				(611,453	)


NET ASSETS — 100.0%			$	157,283,618


(a)		Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on October 31, 2009. The maturity date represents the actual maturity date.

(b)		Represents 7-day effective yield as of October 31, 2009.

(c)		See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.


LLC		Limited Liability Company

MTN		Medium Term Note

REMICS		Real Estate Mortgage Investment Conduits

The accompanying notes are an integral part of these financial statements.

100 Annual Report 2009

Statement of Assets and Liabilities

October 31, 2009



	Nationwide
	Government
	Bond Fund

Assets:
Investments, at value (cost $151,641,976)	$	157,895,071
Cash		10
Interest receivable		820,593
Receivable for capital shares issued		471,869
Prepaid expenses and other assets		22,055

Total Assets		159,209,598

Liabilities:
Distributions payable		406,479
Payable for capital shares redeemed		1,364,099
Accrued expenses and other payables:
Investment advisory fees		67,447
Fund administration fees		16,519
Distribution fees		15,455
Administrative servicing fees		7,205
Accounting and transfer agent fees		9,496
Trustee fees		2,733
Custodian fees		2,403
Compliance program costs (Note 3)		1,069
Professional fees		12,124
Other		20,951

Total Liabilities		1,925,980

Net Assets	$	157,283,618

Represented by:
Capital	$	148,730,015
Accumulated net investment income		167,132
Accumulated net realized gains from investment transactions		2,133,376
Net unrealized appreciation/(depreciation) from investments		6,253,095

Net Assets	$	157,283,618

Net Assets:
Class A Shares	$	54,052,272
Class B Shares		1,314,664
Class C Shares		2,225,145
Class D Shares		97,806,444
Class R2 Shares (a)		1,883,821
Institutional Class Shares		1,272

Total	$	157,283,618

Shares Outstanding (unlimited number of shares authorized):
Class A Shares		4,972,395
Class B Shares		120,979
Class C Shares		204,750
Class D Shares		8,991,745
Class R2 Shares (a)		173,147
Institutional Class Shares		117

Total		14,463,133


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 101

Statement of Assets and Liabilities (Continued)



	Nationwide
	Government
	Bond Fund

Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	10.87
Class B Shares (b)	$	10.87
Class C Shares (c)	$	10.87
Class D Shares	$	10.88
Class R2 Shares (a)	$	10.88
Institutional Class Shares	$	10.87
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	11.35

Class D Shares	$	11.39

Maximum Sales Charge:
Class A Shares		4.25	%

Class D Shares		4.50	%


(a)		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

(b)		For Class B Shares, the redemption price per share varies by the length of time shares are held.

(c)		For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

102 Annual Report 2009

Statement of Operations

For the Year Ended October 31, 2009



	Nationwide
	Government
	Bond Fund

INVESTMENT INCOME:
Interest income	$	7,069,751
Dividend income		100

Total Income		7,069,851

EXPENSES:
Investment advisory fees		803,711
Fund administration fees		194,501
Distribution fees Class A		133,799
Distribution fees Class B		12,439
Distribution fees Class C		22,188
Distribution fees Class R2 (a)		5,679
Distribution fees Class X (b)		2,373
Distribution fees Class Y (b)		1,493
Administrative servicing fees Class A		71,005
Administrative servicing fees Class D		104,385
Administrative servicing fees Class R2 (a)		1,941
Registration and filing fees		85,791
Professional fees		32,473
Printing fees		44,579
Trustee fees		12,144
Custodian fees		13,387
Accounting and transfer agent fees		42,589
Compliance program costs (Note 3)		2,930
Other		14,468

Total expenses before earnings credit		1,601,875
Earnings credit (Note 5)		(1,967	)

Net Expenses		1,599,908

NET INVESTMENT INCOME		5,469,943

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from investment transactions		2,301,600
Net change in unrealized appreciation/(depreciation) from investments		7,477,476

Net realized/unrealized gains from investments		9,779,076

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	15,249,019


(a)		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

(b)		Effective January 30, 2009, Class X and Class Y Shares were converted to Class A Shares.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 103

Statements of Changes in Net Assets


	Nationwide Government
	Bond Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	5,469,943		$	5,653,959
Net realized gains from investment transactions		2,301,600			1,144,077
Net change in unrealized appreciation/(depreciation) from investments		7,477,476			(2,374,375	)

Change in net assets resulting from operations		15,249,019			4,423,661


Distributions to Shareholders From:
Net investment income:
Class A		(1,727,798	)		(1,493,865	)
Class B		(32,534	)		(22,033	)
Class C		(58,631	)		(100,944	)
Class D		(3,590,839	)		(3,837,331	)
Class R2 (a)		(32,706	)		(8,356	)
Class X (b)		(8,099	)		(46,968	)
Class Y (b)		(5,095	)		(24,004	)
Institutional Class		(45	)		(50	)
Net realized gains:
Class A		(287,124	)		–
Class B		(7,144	)		–
Class C		(17,477	)		–
Class D		(614,665	)		–
Class R2 (a)		(3,422	)		–
Class X (b)		(6,714	)		–
Class Y (b)		(4,313	)		–
Institutional Class		(7	)		–

Change in net assets from shareholder distributions		(6,396,613	)		(5,533,551	)

Change in net assets from capital transactions		4,455,568			25,129,088

Change in net assets		13,307,974			24,019,198


Net Assets:
Beginning of year		143,975,644			119,956,446

End of year	$	157,283,618		$	143,975,644

Accumulated net investment income (loss) at end of year	$	167,132		$	(15,288	)


CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	22,086,286		$	29,272,028
Proceeds from shares issued in class conversion (b)		1,837,026			–
Dividends reinvested		1,832,681			1,446,933
Cost of shares redeemed (c)		(17,334,690	)		(18,581,160	)

Total Class A		8,421,303			12,137,801

Amounts designated as “–” are zero or have been rounded to zero.


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.


(b)	Effective January 30, 2009, Class X and Class Y Shares were converted to Class A Shares.


(c)	Includes redemption fees – See Note 4 to Financial Statements.

The accompanying notes are an integral part of these financial statements.

104 Annual Report 2009


	Nationwide Government
	Bond Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Class B Shares
Proceeds from shares issued	$	575,439		$	875,701
Dividends reinvested		13,404			7,344
Cost of shares redeemed (c)		(395,327	)		(229,063	)

Total Class B		193,516			653,982

Class C Shares
Proceeds from shares issued		2,386,983			5,315,054
Dividends reinvested		16,384			42,607
Cost of shares redeemed		(2,726,069	)		(4,385,557	)

Total Class C		(322,702	)		972,104

Class D Shares
Proceeds from shares issued		20,964,311			33,189,032
Dividends reinvested		3,706,693			3,525,197
Cost of shares redeemed		(27,884,940	)		(25,435,251	)

Total Class D		(3,213,936	)		11,278,978

Class R2 Shares (a)
Proceeds from shares issued		1,544,614			583,287
Dividends reinvested		9,307			4,860
Cost of shares redeemed (c)		(294,884	)		(6,624	)

Total Class R2		1,259,037			581,523

Class X Shares (b)
Proceeds from shares issued		105,937			40,925
Dividends reinvested		14,590			45,223
Cost of shares redeemed in class conversion		(1,131,213	)		–
Cost of shares redeemed		(171,518	)		(466,723	)

Total Class X		(1,182,204	)		(380,575	)

Class Y Shares (b)
Proceeds from shares issued		2,150			9,705
Dividends reinvested		8,065			20,171
Cost of shares redeemed in class conversion		(705,813	)		–
Cost of shares redeemed		(3,900	)		(144,651	)

Total Class Y		(699,498	)		(114,775	)

Institutional Class Shares
Proceeds from shares issued		3			–
Dividends reinvested		49			50
Cost of shares redeemed (c)		–			–

Total Institutional Class		52			50

Change in net assets from capital transactions:	$	4,455,568		$	25,129,088

Amounts designated as “–” are zero or have been rounded to zero.


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.


(b)	Effective January 30, 2009, Class X and Class Y Shares were converted to Class A Shares.


(c)	Includes redemption fees – See Note 4 to Financial Statements.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 105

Statements of Changes in Net Assets (Continued)


	Nationwide Government
	Bond Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

SHARE TRANSACTIONS:
Class A Shares
Issued		2,060,933			2,786,656
Issued in class conversion (b)		172,159			–
Reinvested		170,648			138,223
Redeemed		(1,614,038	)		(1,780,973	)

Total Class A Shares		789,702			1,143,906

Class B Shares
Issued		53,835			83,412
Reinvested		1,247			702
Redeemed		(36,990	)		(21,874	)

Total Class B Shares		18,092			62,240

Class C Shares
Issued		222,009			501,564
Reinvested		1,526			4,043
Redeemed		(253,336	)		(418,502	)

Total Class C Shares		(29,801	)		87,105

Class D Shares
Issued		1,952,791			3,158,779
Reinvested		345,043			336,599
Redeemed		(2,599,769	)		(2,431,327	)

Total Class D Shares		(301,935	)		1,064,051

Class R2 Shares (a)
Issued		144,023			55,702
Reinvested		866			468
Redeemed		(27,464	)		(630	)

Total Class R2 Shares		117,425			55,540

Class X Shares (b)
Issued		9,795			3,900
Reinvested		1,363			4,319
Redeemed		(16,220	)		(44,408	)
Redeemed in class conversion		(106,104	)		–

Total Class X Shares		(111,166	)		(36,189	)

Amounts designated as “–” are zero or have been rounded to zero.


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.


(b)	Effective January 30, 2009, Class X and Class Y Shares were converted to Class A Shares.


(c)	Includes redemption fees – See Note 4 to Financial Statements.

The accompanying notes are an integral part of these financial statements.

106 Annual Report 2009


	Nationwide Government
	Bond Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

SHARE TRANSACTIONS: (continued)
Class Y Shares (b)
Issued		202			926
Reinvested		753			1,927
Redeemed		(368	)		(13,787	)
Redeemed in class conversion		(66,202	)		–

Total Class Y Shares		(65,615	)		(10,934	)

Institutional Class Shares
Issued		–			–
Reinvested		5			5
Redeemed		–			–

Total Institutional Class Shares		5			5

Total change in shares:		416,707			2,365,724

Amounts designated as “–” are zero or have been rounded to zero.


(b)	Effective January 30, 2009, Class X and Class Y Shares were converted to Class A Shares.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 107

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Government Bond Fund


				Operation									Distributions																	Ratios / Supplemental Data

							Net Realized																															Ratio of
							and																												Ratio of Net			Expenses
	Net Asset						Unrealized																									Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net								Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Total			Redemption		Value, End			Total			at End		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			Fees		of Period			Return (a)			of Period		Net Assets			Net Assets			Net Assets (b)			Turnover (c)

Class A Shares
Year Ended October 31, 2009 (f)	$	10	.25		0	.35		0	.69		1	.04		(0	.35)		(0	.07)		(0	.42)		–	$	10	.87		10	.19%	$	54,052,272		1	.16%		3	.23%		1	.16%		77	.90%
Year Ended October 31, 2008	$	10	.27		0	.42		(0	.03)		0	.39		(0	.41)		–			(0	.41)		–	$	10	.25		3	.81%	$	42,857,123		1	.07%		4	.02%		1	.07%		82	.40%
Year Ended October 31, 2007	$	10	.19		0	.41		0	.09		0	.50		(0	.42)		–			(0	.42)		–	$	10	.27		5	.01%	$	31,194,601		1	.10%		4	.09%		1	.10%		90	.18%
Year Ended October 31, 2006	$	10	.17		0	.40		0	.02		0	.42		(0	.39)		(0	.01)		(0	.40)		–	$	10	.19		4	.25%	$	31,585,695		1	.09%		3	.95%		1	.09%		150	.10%
Year Ended October 31, 2005	$	10	.37		0	.35		(0	.20)		0	.15		(0	.35)		–			(0	.35)		–	$	10	.17		1	.46%	$	54,165,868		1	.10%		3	.41%		1	.10%(d)		117	.67%

Class B Shares
Year Ended October 31, 2009 (f)	$	10	.24		0	.28		0	.70		0	.98		(0	.28)		(0	.07)		(0	.35)		–	$	10	.87		9	.62%	$	1,314,664		1	.78%		2	.62%		1	.78%		77	.90%
Year Ended October 31, 2008	$	10	.27		0	.35		(0	.04)		0	.31		(0	.34)		–			(0	.34)		–	$	10	.24		3	.04%	$	1,053,810		1	.73%		3	.33%		1	.73%		82	.40%
Year Ended October 31, 2007	$	10	.19		0	.35		0	.09		0	.44		(0	.36)		–			(0	.36)		–	$	10	.27		4	.39%	$	417,265		1	.71%		3	.48%		1	.71%		90	.18%
Year Ended October 31, 2006	$	10	.17		0	.34		0	.02		0	.36		(0	.33)		(0	.01)		(0	.34)		–	$	10	.19		3	.61%	$	360,941		1	.69%		3	.42%		1	.69%		150	.10%
Year Ended October 31, 2005	$	10	.37		0	.29		(0	.20)		0	.09		(0	.29)		–			(0	.29)		–	$	10	.17		0	.85%	$	152,497		1	.71%		2	.79%		1	.71%(d)		117	.67%

Class C Shares
Year Ended October 31, 2009 (f)	$	10	.24		0	.28		0	.70		0	.98		(0	.28)		(0	.07)		(0	.35)		–	$	10	.87		9	.62%	$	2,225,145		1	.78%		2	.65%		1	.78%		77	.90%
Year Ended October 31, 2008	$	10	.26		0	.35		(0	.03)		0	.32		(0	.34)		–			(0	.34)		–	$	10	.24		3	.14%	$	2,402,430		1	.72%		3	.39%		1	.72%		82	.40%
Year Ended October 31, 2007	$	10	.19		0	.36		0	.07		0	.43		(0	.36)		–			(0	.36)		–	$	10	.26		4	.29%	$	1,513,196		1	.70%		3	.46%		1	.71%		90	.18%
Year Ended October 31, 2006	$	10	.16		0	.34		0	.03		0	.37		(0	.33)		(0	.01)		(0	.34)		–	$	10	.19		3	.69%	$	2,645,133		1	.69%		3	.45%		1	.69%		150	.10%
Year Ended October 31, 2005	$	10	.37		0	.29		(0	.21)		0	.08		(0	.29)		–			(0	.29)		–	$	10	.16		0	.75%	$	330,619		1	.71%		2	.80%		1	.71%(d)		117	.67%

Class D Shares
Year Ended October 31, 2009 (f)	$	10	.25		0	.38		0	.70		1	.08		(0	.38)		(0	.07)		(0	.45)		–	$	10	.88		10	.59%	$	97,806,444		0	.88%		3	.52%		0	.88%		77	.90%
Year Ended October 31, 2008	$	10	.27		0	.45		(0	.03)		0	.42		(0	.44)		–			(0	.44)		–	$	10	.25		4	.09%	$	95,279,876		0	.80%		4	.30%		0	.80%		82	.40%
Year Ended October 31, 2007	$	10	.19		0	.44		0	.09		0	.53		(0	.45)		–			(0	.45)		–	$	10	.27		5	.30%	$	84,531,806		0	.81%		4	.37%		0	.81%		90	.18%
Year Ended October 31, 2006	$	10	.17		0	.43		0	.02		0	.45		(0	.42)		(0	.01)		(0	.43)		–	$	10	.19		4	.55%	$	92,547,417		0	.79%		4	.24%		0	.79%		150	.10%
Year Ended October 31, 2005	$	10	.37		0	.38		(0	.20)		0	.18		(0	.38)		–			(0	.38)		–	$	10	.17		1	.76%	$	105,986,593		0	.81%		3	.70%		0	.81%(d)		117	.67%

Class R2 Shares(e)
Year Ended October 31, 2009 (f)	$	10	.25		0	.31		0	.71		1	.02		(0	.32)		(0	.07)		(0	.39)		–	$	10	.88		9	.99%	$	1,883,821		1	.45%		2	.88%		1	.45%		77	.90%
Year Ended October 31, 2008	$	10	.28		0	.39		(0	.03)		0	.36		(0	.39)		–			(0	.39)		–	$	10	.25		3	.51%	$	571,427		1	.29%		3	.61%		1	.29%		82	.40%
Year Ended October 31, 2007	$	10	.20		0	.38		0	.09		0	.47		(0	.39)		–			(0	.39)		–	$	10	.28		4	.70%	$	1,875		1	.35%		3	.82%		1	.35%		90	.18%
Year Ended October 31, 2006	$	10	.17		0	.40		0	.03		0	.43		(0	.39)		(0	.01)		(0	.40)		–	$	10	.20		4	.35%	$	1,081		1	.08%		3	.96%		1	.08%		150	.10%
Year Ended October 31, 2005	$	10	.38		0	.35		(0	.21)		0	.14		(0	.35)		–			(0	.35)		–	$	10	.17		1	.34%	$	1,037		1	.06%		3	.39%		1	.06%(d)		117	.67%

Amounts designated as “–” are zero or have been rounded to zero.
(a) Excludes sales charge.
(b) During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as
indicated.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d) There were no fee reductions during the period.
(e) Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.
(f) Per share calculations were performed using average shares method.

The accompanying notes are an integral part of these financial statements.

108 Annual Report 2009

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Government Bond Fund (Continued)


				Operation									Distributions																	Ratios / Supplemental Data

							Net Realized																															Ratio of
							and																												Ratio of Net			Expenses
	Net Asset						Unrealized																									Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net								Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Total			Redemption		Value, End			Total			at End		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			Fees		of Period			Return (a)			of Period		Net Assets			Net Assets			Net Assets (b)			Turnover (c)

Institutional Class Shares
Year Ended October 31, 2009 (f)	$	10	.25		0	.40		0	.68		1	.08		(0	.39)		(0	.07)		(0	.46)		–	$	10	.87		10	.67%	$	1,272		0	.74%		3	.67%		0	.74%		77	.90%
Year Ended October 31, 2008	$	10	.27		0	.47		(0	.03)		0	.44		(0	.46)		–			(0	.46)		–	$	10	.25		4	.27%	$	1,146		0	.67%		4	.50%		0	.67%		82	.40%
Year Ended October 31, 2007	$	10	.19		0	.46		0	.08		0	.54		(0	.46)		–			(0	.46)		–	$	10	.27		5	.43%	$	1,099		0	.69%		4	.53%		0	.69%		90	.18%
Year Ended October 31, 2006	$	10	.17		0	.44		0	.02		0	.46		(0	.43)		(0	.01)		(0	.44)		–	$	10	.19		4	.68%	$	1,042		0	.72%		4	.38%		0	.72%		150	.10%
Year Ended October 31, 2005 (e)	$	10	.38		0	.39		(0	.21)		0	.18		(0	.39)		–			(0	.39)		–	$	10	.17		1	.72%	$	996		0	.72%		3	.85%		0	.72%(d)		117	.67%

Amounts designated as “–” are zero or have been rounded to zero.


(a)	Excludes sales charge.
(b)	During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(c)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d)	There were no fee reductions during the period.
(e)	Per share calculations were performed using average shares method.
(f)	Per share calculations were performed using average shares method.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 109


Nationwide Short Duration Bond Fund

How did the Fund perform during the reporting period in relation to its benchmark and its peer group?

For the annual period ended October 31, 2009, the Nationwide Short Duration Bond Fund (Class A at NAV) returned 6.68% versus 2.74% for its benchmark, the Merrill Lynch (ML) 1-3 Year Treasury Index. For broader comparison, the average return for the Fund’s closest Lipper peer category of Short Investment Grade Debt Funds (consisting of 258 funds as of October 31, 2009) was 7.86% for the same time period.

What areas of investment provided the most positive relative returns for the Fund?

The Fund’s allocations to all sectors were positive for relative returns for the Fund during the reporting period. During the period, allocations to commercial mortgage-backed securities, asset-backed securities, credits, mortgage-backed securities and Agency debt were significant sources of positive relative performance for the Fund. Each of these sectors posted significant excess returns versus U.S. Treasuries.

What areas of investment detracted from Fund performance?

The Fund’s duration, which was shorter than that of the benchmark, detracted from Fund performance as yields declined across the yield curve. The Fund’s cash position held during the recent period of significant market volatility, also detracted from Fund performance.

What is your outlook for the near term?

The Federal Reserve appears likely to keep monetary policy accommodative and forgo rate hikes for the near future as high unemployment and tentative economic activity outweigh inflationary prospects. Concerns linger over the temporary nature of the stimulus enacted earlier this year and its ability to propel future growth. With unemployment having reached the 10% range, it is unclear whether consumer spending will be sustainable. Rising household savings rates also will pressure future consumption.

Subadviser:
Morley Capital Management, Inc.

Portfolio Managers:
Perpetua M. Phillips and Paul Rocheleau

110 Annual Report 2009


Fund Performance	Nationwide Short Duration Bond Fund

Average Annual Total Return
(For periods ended October 31, 2009)


		1 Yr.		5 Yr.		10 Yr.

Class A¹	w/o SC²		6.68%		3.71%		3.95%
	w/SC³		4.24%		3.24%		3.71%


Class C⁴	w/o SC²		6.04%		3.24%		3.71%
	w/SC⁵		5.29%		3.24%		3.71%


Institutional Class⁶			6.83%		3.97%		4.28%


Service Class⁶			6.52%		3.61%		3.89%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.


¹		These returns until the creation of Class A shares (7/16/03) include the performance of the Fund’s IRA Class shares, which are no longer offered by the Fund. Excluding the effects of any fee waivers or reimbursements, such performance is substantially similar to what Class A shares would have produced because Class A shares invest in the same portfolio of securities as IRA Class shares and have the same expenses after any fee waivers or reimbursements. For Class A returns including sales charges, these returns have been restated for the applicable sales charges.

²		These returns do not reflect the effects of sales charges (SC).

³		A 2.25% front-end sales charge was deducted.

⁴		These returns until the creation of Class C shares (2/28/05) include the performance of the Fund’s Class A shares. Excluding the effects of any fee waivers or reimbursements, such performance is substantially similar to what Class C shares would have produced because Class C shares invest in the same portfolio of securities as Class A shares. The performance for Class C has been restated to reflect differences in sales charges, but does not reflect the differing levels of other fees (primarily Rule 12b-1 fees) applicable to the classes. If these other fees were reflected, the performance for Class C shares would have been lower.

⁵		A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁶		Not subject to any sales charges.

Expense Ratios


	Net
	Expense
	Ratio*

Class A		0.79%


Class C		1.29%


Institutional Class		0.54%


Service Class		0.92%


*		Current effective prospectus. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2010. Please see the Fund’s most recent prospectus for details.

Performance of a $10,000 Investment

Comparative performance of $10,000 invested in Service Class shares of the Nationwide Short Duration Bond Fund, Merrill Lynch 1-3 Year Treasury Index(a) and the Consumer Price Index (CPI)(b) over a 10-year period ended 4/30/09. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees or expenses. Investors cannot invest directly in market indexes.


(a)		Merrill Lynch 1-3 Year Treasury Index is an unmanaged index comprised of U.S. Treasury securities with maturities ranging from one to three years, which are guaranteed as to the timely payment of principal and interest by the U.S. government.

(b)		Calculated by the U.S. Department of Labor’s Bureau of Labor Statistics, the CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2009 Annual Report 111


Shareholder	Nationwide Short Duration Bond Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
October 31, 2009


			Beginning		Ending		Expenses Paid		Expense Ratio
			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Nationwide Short Duration Bond Fund			05/01/09		10/31/09		5/01/09 - 10/31/09 ^a		5/01/09 - 10/31/09 ^a

Class A Shares	Actual			1,000.00		1,035.40		3.85		0.76
	Hypothetical	^b		1,000.00		1,021.42		3.82		0.76


Class C Shares	Actual			1,000.00		1,031.80		6.45		1.25
	Hypothetical	^b		1,000.00		1,018.85		6.41		1.25


Institutional Class	Actual			1,000.00		1,034.60		4.67		0.91
Shares	Hypothetical	^b		1,000.00		1,020.62		4.63		0.91


Service Class	Actual			1,000.00		1,035.70		2.62		0.50
Shares	Hypothetical	^b		1,000.00		1,022.63		2.60		0.50


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

^b		Represents the hypothetical 5% return before expenses.

112 Annual Report 2009


Portfolio Summary	Nationwide Short Duration Bond Fund

October 31, 2009


Asset Allocation

U.S. Treasury Notes	27	.6%
Asset-Backed Securities	19	.2%
Corporate Bonds	16	.1%
Commercial Mortgage Backed Securities	12	.4%
U.S. Government Sponsored & Agency Obligations	11	.4%
Collateralized Mortgage Obligations	7	.8%
Mutual Fund	5	.3%
Other assets in excess of liabilities	0	.2%

	100	.0%


Top Industries†

Diversified Financial Services	5	.2%
Commercial Banks	3	.0%
Communications Equipment	1	.6%
Insurance	1	.5%
Multiline Retail	1	.5%
Capital Markets	1	.5%
Pharmaceuticals	1	.1%
Biotechnology	0	.8%
Other Industries	88	.0%

	100	.0%


†		Percentages indicated are based upon total investments as of October 31, 2009.


Top Holdings†

U.S. Treasury Note, 1.38%, 05/15/12	13	.4%
U.S. Treasury Note, 4.75%, 02/15/10	7	.5%
Invesco AIM Liquid Assets Portfolio, 0.21%	5	.3%
U.S. Treasury Note, 2.00%, 09/30/10	4	.5%
Federal Home Loan Mortgage Corp., 2.88%, 04/30/10	3	.0%
LB-UBS Commercial Mortgage Trust, 4.89%, 09/15/30	3	.0%
Federal Home Loan Mortgage Corp., 2.88%, 11/23/10	2	.3%
Federal National Mortgage Association, 2.88%, 10/12/10	2	.3%
U.S. Treasury Note, 1.38%, 02/15/12	2	.3%
Wachovia Bank Commercial Mortgage Trust, 5.62%, 07/15/45	2	.0%
Other Holdings	54	.4%

	100	.0%

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 113

Statement of Investments

October 31, 2009

Nationwide Short Duration Bond Fund



Asset-Backed Securities 19.2%

		Principal Amount		Market Value


Automobile Asset-Backed Securities 11.5%
AmeriCredit Automobile Receivables Trust, Series 2005-CF, Class A4 4.63%, 06/06/12	$	654,679	$	659,673
Capital Auto Receivables Asset Trust, Series 2008-1, Class A4A 4.46%, 07/15/14		1,000,000		1,046,480
Daimler Chrysler Auto Trust, Series 2007-A, Class A4 5.28%, 03/08/13		1,000,000		1,049,791
Honda Auto Receivables Owner Trust, Series 2006-3, Class A4 5.11%, 04/15/12		1,140,000		1,162,392
Nissan Auto Receivables Owner Trust, Series 2008-A, Class A4 4.28%, 06/16/14		700,000		731,226
USAA Auto Owner Trust, Series 2008-1, Class A4 4.50%, 10/15/13		1,000,000		1,051,206
Volkswagen Auto Loan Enhanced Trust, Series 2008-1, Class A2 3.71%, 04/20/11		221,372		222,388
World Omni Auto Receivables Trust Series 2008-A, Class A4, 4.74%, 10/15/13		1,000,000		1,050,575
Series 2008-B, Class A3A, 5.13%, 04/15/13		750,000		786,391

				7,760,122



Credit Card Asset-Backed Securities 1.6%
Chase Issuance Trust, Series 2005-A7, Class A7 4.55%, 03/15/13		1,000,000		1,042,825



Home Equity Asset-Backed Securities 2.5%
CitiFinancial Mortgage Securities, Inc., Series 2003-4, Class AF4 4.43%, 10/25/33 (a)		857,250		828,217
Residential Asset Securities Corp., Series 2003-KS10, Class AI4 4.47%, 03/25/32 (b)		980,542		859,666

				1,687,883



Other Asset-Backed Securities 3.6%
MBNA Practice Solutions Owner Trust, Series 2005-2, Class A4 4.47%, 06/15/13 (c)		518,370		525,201
Peco Energy Transition Trust, Series 2001-A, Class A1 6.52%, 12/31/10		1,000,000		1,034,755
PG&E Energy Recovery Funding LLC, Series 2005-2, Class A2 5.03%, 03/25/14		841,286		884,064

				2,444,020


Total Asset-Backed Securities (cost $12,686,901)				12,934,850



Collateralized Mortgage Obligations 7.8%

Fannie Mae REMICS
Series 2004-79, Class VE, 4.50%, 08/25/10		337,917		341,837
Series 2002-82, Class XD, 5.00%, 07/25/16		518,174		532,013
Series 2004-80, Class LG, 4.00%, 10/25/16		1,243,624		1,270,965

				2,144,815

Freddie Mac REMICS
Series 2870, Class BC, 4.50%, 07/15/14		142,322		142,444
Series 2676, Class CV, 4.00%, 05/15/16		663,407		681,556
Series 2625, Class JD, 3.25%, 07/15/17		464,499		475,635
Series 2626, Class UN, 4.00%, 08/15/29		324,357		327,474

				1,627,109

Government National Mortgage Association
Series 2004-76, Class QA, 4.00%, 01/20/34		893,776		917,628
Series 2004-22, Class BK, 3.47%, 04/20/34		561,029		568,659

				1,486,287


Total Collateralized Mortgage Obligations (cost $5,163,573)				5,258,211



Commercial Mortgage Backed Securities 12.4%
Non-Agency 12.4%
Bear Stearns Commercial Mortgage Securities
Series 2001-TOP2, Class A1, 6.08%, 02/15/35		52,859		52,880
Series 2001-TOP4, Class A1, 5.06%, 11/15/16		251,010		255,205
Series 2004-T14, Class A3, 4.80%, 01/12/41		630,934		643,211

114 Annual Report 2009


Commercial Mortgage Backed Securities (continued)
		Principal Amount		Market Value


Non-Agency (continued)

Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A1 4.98%, 12/11/49	$	661,938	$	680,917
GS Mortgage Securities Corp. II, Series 2006-GG6, Class A2 5.51%, 04/10/38 (b)		1,000,000		1,015,478
LB-UBS Commercial Mortgage Trust
Series 2005-C5, Class A2, 4.89%, 09/15/30		2,000,000		2,007,854
Series 2007-C1, Class A1, 5.39%, 02/15/40		562,350		577,464
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-3, Class A1 4.71%, 07/12/46 (b)		760,761		774,413
Wachovia Bank Commercial Mortgage Trust
Series 2005-C17, Class A2, 4.78%, 03/15/42		1,070,007		1,071,538
Series 2006-C27, Class A2, 5.62%, 07/15/45		1,300,000		1,323,095

				8,402,055


Total Commercial Mortgage Backed Securities (cost $8,296,681)				8,402,055



Corporate Bonds 16.1%
Biotechnology 0.8%
Genentech, Inc., 4.40%, 07/15/10		500,000		512,387



Capital Markets 1.5%
Merrill Lynch & Co., Inc., Series C,
Series C, 4.25%, 02/08/10		1,000,000		1,009,379



Commercial Banks 3.0%
State Street Corp. 2.15%, 04/30/12		500,000		508,897

US Bancorp 2.25%, 03/13/12		500,000		512,597

Wells Fargo & Co., Series E,
Series E, 3.98%, 10/29/10		1,000,000		1,029,567

				2,051,061



Communications Equipment 1.6%
Cisco Systems, Inc., 5.25%, 02/22/11		1,000,000		1,054,368



Diversified Financial Services 5.1%
BP Capital Markets PLC, 3.13%, 03/10/12		650,000		672,062
General Electric Capital Corp., Series G 2.20%, 06/08/12		1,000,000		1,017,806

JPMorgan Chase & Co. 2.63%, 12/01/10		750,000		765,280

TIAA Global Markets, Inc., 4.88%, 01/12/11 (c)		1,000,000		1,027,336

				3,482,485



Insurance 1.5%
Metropolitan Life Global Funding I, 4.63%, 08/19/10(c)		1,000,000		1,020,109



Multiline Retail 1.5%
Wal-Mart Stores, Inc., 4.13%, 02/15/11		1,000,000		1,038,813



Pharmaceuticals 1.1%
Eli Lilly & Co., 3.55%, 03/06/12		200,000		209,403
Pfizer, Inc., 2.25%, 03/15/11(b)		500,000		513,622

				723,025


Total Corporate Bonds (cost $10,658,217)				10,891,626



U.S. Government Sponsored & Agency Obligations 11.4%

Federal Farm Credit Bank 3.88%, 08/25/11		750,000		788,721

Federal Home Loan Mortgage Corp.
2.88%, 04/30/10		2,000,000		2,025,930
2.88%, 11/23/10		1,500,000		1,536,512
1.75%, 06/15/12		750,000		756,184

Federal National Mortgage Association
2.88%, 10/12/10		1,500,000		1,533,981
3.63%, 08/15/11		1,000,000		1,048,722


Total U.S. Government Sponsored & Agency Obligations (cost $7,510,120)				7,690,050

2009 Annual Report 115

Statement of Investments (Continued)

October 31, 2009

Nationwide Short Duration Bond Fund (Continued)




U.S. Treasury Notes 27.6%

U.S. Treasury Note, 1.38%, 02/15/12	$	1,500,000	$	1,509,843
1.38%, 05/15/12		9,000,000		9,039,375
2.00%, 09/30/10		3,000,000		3,044,298
4.75%, 02/15/10		5,000,000		5,065,625


Total U.S. Treasury Notes (cost $18,528,636)				18,659,141



Mutual Fund 5.3%

		Shares		Market Value



Invesco AIM Liquid Assets Portfolio, 0.21% (d)		3,593,884	$	3,593,884


Total Mutual Fund (cost $3,593,884)				3,593,884


Total Investments (cost $66,438,012) (e) — 99.8%				67,429,817

Other assets in excess of liabilities — 0.2%				113,019

NET ASSETS — 100.0%			$	67,542,836


(a)		Step Bond. Coupon rate is set for an initial period and then increases to a higher coupon rate at a specific date. The rate shown is the rate at October 31, 2009.

(b)		Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on October 31, 2009. The maturity date represents the actual maturity date.

(c)		Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The aggregate value of these securities at October 31, 2009 was $2,572,646 which represents 3.81% of net assets.

(d)		Represents 7-day effective yield as of October 31, 2009.

(e)		See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.


LLC		Limited Liability Company
PLC		Public Limited Company
REMICS		Real Estate Mortgage Investment Conduits

The accompanying notes are an integral part of these financial statements.

116 Annual Report 2009

Statement of Assets and Liabilities

October 31, 2009



	��	Nationwide
		Short
		Duration
		Bond Fund

Assets:
Investments, at value (cost $66,438,012)		$	67,429,817
Cash			5,190
Interest receivable			334,198
Receivable for capital shares issued			142,120
Prepaid expenses and other assets			19,196

Total Assets			67,930,521

Liabilities:
Distributions payable			134,080
Payable for capital shares redeemed			196,190
Accrued expenses and other payables:
Investment advisory fees			9,215
Fund administration fees			7,099
Distribution fees			14,522
Administrative servicing fees			7,633
Accounting and transfer agent fees			3,809
Trustee fees			1,176
Custodian fees			876
Compliance program costs (Note 3)			461
Professional fees			5,225
Other			7,399

Total Liabilities			387,685

Net Assets		$	67,542,836

Represented by:
Capital		$	69,424,955
Accumulated net investment loss			(8,628	)
Accumulated net realized losses from investment transactions			(2,865,296	)
Net unrealized appreciation/(depreciation) from investments			991,805

Net Assets		$	67,542,836

Net Assets:
Class A Shares		$	15,176,169
Class C Shares			523,771
Institutional Class Shares			917,407
Service Class Shares			50,925,489

Total		$	67,542,836

Shares Outstanding (unlimited number of shares authorized):
Class A Shares			1,486,612
Class C Shares			51,282
Institutional Class Shares			89,812
Service Class Shares			4,988,995

Total			6,616,701

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 117

Statement of Assets and Liabilities (Continued)

October 31, 2009



	Nationwide
	Short
	Duration
	Bond Fund

Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	10.21
Class C Shares (a)	$	10.21
Institutional Class Shares	$	10.21
Service Class Shares	$	10.21

Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	10.45

Maximum Sales Charge:
Class A Shares		2.25	%


(a)	For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

118 Annual Report 2009

Statement of Operations

For the Year Ended October 31, 2009



	Nationwide
	Short
	Duration
	Bond Fund

INVESTMENT INCOME:
Interest income	$	2,601,478
Dividend income		3

Total Income		2,601,481

EXPENSES:
Investment advisory fees		250,479
Fund administration fees		79,709
Distribution fees Class A		25,144
Distribution fees Class C		3,271
Distribution fees IRA Class		7,154
Distribution fees Service Class		143,184
Administrative servicing fees Class A		275
Administrative servicing fees IRA Class (a)		8,403
Administrative servicing fees Service Class		86,737
Registration and filing fees		74,326
Professional fees		14,284
Printing fees		23,144
Trustee fees		5,386
Custodian fees		5,671
Accounting and transfer agent fees		19,329
Compliance program costs (Note 3)		1,492
Other		16,461

Total expenses before earnings credit and reimbursed expenses		764,449
Earnings credit (Note 5)		(680	)
Expenses reimbursed by adviser		(125,533	)

Net Expenses		638,236

NET INVESTMENT INCOME		1,963,245

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from investment transactions		171,015
Net change in unrealized appreciation/(depreciation) from investments		2,365,470

Net realized/unrealized gains from investments		2,536,485

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,499,730


(a)	Effective January 30, 2009, IRA Class Shares were converted to Class A Shares. The accompanying notes are an integral part of these financial statements.

2009 Annual Report 119

Statements of Changes in Net Assets


	Nationwide Short Duration
	Bond Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	1,963,245		$	2,232,504
Net realized gains from investment transactions		171,015			104,186
Net change in unrealized appreciation/(depreciation) from investments		2,365,470			(848,110	)

Change in net assets resulting from operations		4,499,730			1,488,580


Distributions to Shareholders From:
Net investment income:
Class A		(277,857	)		(22,696	)
Class C		(10,140	)		(6,029	)
IRA Class (a)		(84,133	)		(446,254	)
Institutional Class		(28,226	)		(31,196	)
Service Class		(1,574,224	)		(1,964,756	)

Change in net assets from shareholder distributions		(1,974,580	)		(2,470,931	)

Change in net assets from capital transactions		(9,846,350	)		3,008,763

Change in net assets		(7,321,200	)		2,026,412


Net Assets:
Beginning of year		74,864,036			72,837,624

End of year	$	67,542,836		$	74,864,036

Accumulated net investment loss at end of year	$	(8,628	)	$	(39,496	)


CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	5,031,553		$	570,042
Proceeds from shares issued in class conversion (a)		11,191,304			–
Dividends reinvested		225,668			18,949
Cost of shares redeemed (b)		(2,478,691	)		(537,285	)

Total Class A		13,969,834			51,706

Class C Shares
Proceeds from shares issued		496,269			558,955
Dividends reinvested		6,669			3,069
Cost of shares redeemed		(218,715	)		(371,888	)

Total Class C		284,223			190,136

IRA Class Shares (a)
Proceeds from shares issued		62,130			279,021
Dividends reinvested		75,679			404,297
Cost of shares redeemed in class conversion		(11,191,304	)		–
Cost of shares redeemed		(892,577	)		(3,676,248	)

Total IRA Class		(11,946,072	)		(2,992,930	)

Institutional Class Shares
Proceeds from shares issued		225,843			163,908
Dividends reinvested		26,116			31,134
Cost of shares redeemed		(231,238	)		(162,609	)

Total Institutional Class		20,721			32,433

Amounts designated as “–” are zero or have been rounded to zero.


(a)	Effective January 30, 2009, IRA Class Shares were converted to Class A Shares.


(b)	Includes redemption fees – See Note 4 to Financial Statements.

The accompanying notes are an integral part of these financial statements.

120 Annual Report 2009


	Nationwide Short Duration
	Bond Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Service Class Shares
Proceeds from shares issued		11,738,713			20,538,574
Dividends reinvested		1,471,781			1,955,134
Cost of shares redeemed (a)		(25,385,550	)		(16,766,290	)

Total Service Class		(12,175,056	)		5,727,418

Change in net assets from capital transactions:	$	(9,846,350	)	$	3,008,763


SHARE TRANSACTIONS:
Class A Shares
Issued		498,488			56,521
Issued in class conversion (b)		1,127,054			–
Reinvested		22,446			1,887
Redeemed		(246,185	)		(53,484	)

Total Class A Shares		1,401,803			4,924

Class C Shares
Issued		49,755			55,244
Reinvested		664			305
Redeemed		(21,747	)		(36,936	)

Total Class C Shares		28,672			18,613

IRA Class Shares (b)
Issued		6,259			27,647
Reinvested		7,668			40,180
Redeemed		(90,828	)		(365,478	)
Redeemed in class conversion		(1,127,008	)		–

Total IRA Class Shares		(1,203,909	)		(297,651	)

Institutional Class Shares
Issued		22,456			16,219
Reinvested		2,608			3,095
Redeemed		(22,940	)		(16,215	)

Total Institutional Class Shares		2,124			3,099

Service Class Shares
Issued		1,179,382			2,043,528
Reinvested		147,315			194,491
Redeemed		(2,537,084	)		(1,670,134	)

Total Service Class Shares		(1,210,387	)		567,885

Total change in shares:		(981,697	)		296,870

Amounts designated as “–” are zero or have been rounded to zero.


(a)	Includes redemption fees – See Note 4 to Financial Statements.


(b)	Effective January 30, 2009, IRA Class Shares were converted to Class A Shares.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 121

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Short Duration Bond Fund


				Operations									Distributions															Ratios / Supplemental Data

							Net Realized																													Ratio of
							and																										Ratio of Net			Expenses
	Net Asset						Unrealized																							Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net									Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Total			Redemption			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Distributions			Fees			of Period			Return (a)(b)			Period		Net Assets (c)			Net Assets (c)			Net Assets (c)(d)			Turnover (e)

Class A Shares
Year Ended October 31, 2009	$	9	.85		0	.09		0	.56		0	.65		(0	.29)		(0	.29)		–		$	10	.21		6	.68%	$	15,176,169		0	.75%		0	.91%		0	.94%		29	.05%
Year Ended October 31, 2008	$	9	.97		0	.33		(0	.11)		0	.22		(0	.35)		(0	.35)		0	.01	$	9	.85		2	.28%	$	835,647		0	.69%		3	.16%		0	.79%		29	.53%
Year Ended October 31, 2007	$	9	.87		0	.36		0	.11		0	.47		(0	.37)		(0	.37)		–		$	9	.97		4	.86%	$	796,804		0	.70%		3	.59%		0	.80%		37	.81%
Year Ended October 31, 2006	$	9	.83		0	.30		0	.07		0	.37		(0	.33)		(0	.33)		–		$	9	.87		3	.87%	$	958,610		0	.71%		3	.14%		0	.81%		28	.68%
Year Ended October 31, 2005	$	10	.00		0	.25		(0	.15)		0	.10		(0	.27)		(0	.27)		–		$	9	.83		0	.98%	$	1,016,840		0	.78%		2	.40%		0	.88%		292	.03%

Class C Shares
Year Ended October 31, 2009	$	9	.86		0	.23		0	.36		0	.59		(0	.24)		(0	.24)		–		$	10	.21		6	.04%	$	523,771		1	.26%		2	.30%		1	.43%		29	.05%
Year Ended October 31, 2008	$	9	.99		0	.28		(0	.11)		0	.17		(0	.30)		(0	.30)		–		$	9	.86		1	.68%	$	222,875		1	.21%		2	.64%		1	.31%		29	.53%
Year Ended October 31, 2007	$	9	.88		0	.30		0	.13		0	.43		(0	.32)		(0	.32)		–		$	9	.99		4	.47%	$	39,914		1	.21%		3	.12%		1	.31%		37	.81%
Year Ended October 31, 2006	$	9	.83		0	.27		0	.07		0	.34		(0	.29)		(0	.29)		–		$	9	.88		3	.52%	$	141,729		1	.18%		2	.71%		1	.28%		28	.68%
Period Ended October 31, 2005 (f)	$	9	.91		0	.13		(0	.06)		0	.07		(0	.15)		(0	.15)		–		$	9	.83		0	.76%	$	1,009		1	.40%		2	.08%		1	.40%		292	.03%

Institutional Class Shares
Year Ended October 31, 2009	$	9	.86		0	.31		0	.35		0	.66		(0	.31)		(0	.31)		–		$	10	.21		6	.83%	$	917,407		0	.51%		3	.10%		0	.69%		29	.05%
Year Ended October 31, 2008	$	9	.98		0	.34		(0	.09)		0	.25		(0	.37)		(0	.37)		–		$	9	.86		2	.54%	$	864,574		0	.45%		3	.37%		0	.54%		29	.53%
Year Ended October 31, 2007	$	9	.87		0	.35		0	.12		0	.47		(0	.36)		(0	.36)		–		$	9	.98		4	.81%	$	844,382		0	.85%		3	.44%		0	.95%		37	.81%
Year Ended October 31, 2006	$	9	.83		0	.33		0	.07		0	.40		(0	.36)		(0	.36)		–		$	9	.87		4	.13%	$	5,354,369		0	.46%		3	.38%		0	.56%		28	.68%
Year Ended October 31, 2005	$	10	.00		0	.27		(0	.15)		0	.12		(0	.29)		(0	.29)		–		$	9	.83		1	.24%	$	6,741,317		0	.49%		2	.46%		0	.59%		292	.03%

Service Class Shares
Year Ended October 31, 2009	$	9	.85		0	.27		0	.36		0	.63		(0	.27)		(0	.27)		–		$	10	.21		6	.52%	$	50,925,489		0	.91%		2	.73%		1	.09%		29	.05%
Year Ended October 31, 2008	$	9	.98		0	.31		(0	.10)		0	.21		(0	.34)		(0	.34)		–		$	9	.85		2	.06%	$	61,077,709		0	.81%		3	.00%		0	.90%		29	.53%
Year Ended October 31, 2007	$	9	.87		0	.35		0	.16		0	.51		(0	.40)		(0	.40)		–		$	9	.98		5	.22%	$	56,176,559		0	.44%		3	.88%		0	.54%		37	.81%
Year Ended October 31, 2006	$	9	.83		0	.30		0	.07		0	.37		(0	.33)		(0	.33)		–		$	9	.87		3	.78%	$	67,817,068		0	.79%		3	.05%		0	.89%		28	.68%
Year Ended October 31, 2005	$	10	.00		0	.24		(0	.15)		0	.09		(0	.26)		(0	.26)		–		$	9	.83		0	.95%	$	80,817,644		0	.83%		2	.31%		0	.93%		292	.03%

Amounts designated as “–” are zero or have been rounded to zero.


(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	For the period from February 28, 2005 (commencement of operations) through October 31, 2005.

The accompanying notes are an integral part of these financial

122 Annual Report 2009

Notes to Financial Statements

October 31, 2009

1 Organization

Nationwide Mutual Funds (the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust dated October 28, 2004, as amended to date. The Trust, originally created under the laws of Ohio as an Ohio business trust pursuant to a Declaration of Trust dated as of October 30, 1997, as subsequently amended, was redomesticated as a Delaware statutory trust on February 28, 2005. The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust has authorized an unlimited number of shares of beneficial interest (“shares”) without par value. As of October 31, 2009, the Trust operates thirty-one (31) separate series, or mutual funds, each with its own investment objective(s) and strategies. This report contains the financial statements and financial highlights of the eight (8) series listed below (each, a “Fund”; collectively, the “Funds”):


	-	Nationwide International Value Fund (“International Value”)
	-	Nationwide Large Cap Value Fund (“Large Cap Value”)
	-	Nationwide U.S. Small Cap Value Fund (“U.S. Small Cap Value”)
	-	Nationwide Value Fund (“Value”)
	-	Nationwide Bond Fund (“Bond”)
	-	Nationwide Enhanced Income Fund (“Enhanced Income”)
	-	Nationwide Government Bond Fund (“Government Bond”)
	-	Nationwide Short Duration Bond Fund (“Short Duration Bond”)

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. The Funds utilize various methods to measure the fair value of its investments on a recurring basis. All investments in securities are recorded at their estimated fair value as described below in the accompanying notes. Actual results could differ from those estimates and those differences could be material.


(a)	Security Valuation

Securities for which market quotations are readily available are valued at current market value as of “Valuation Time.” Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern time). Equity securities are valued at the last quoted sale price or, if there is no last quoted sales price, the last quoted bid price provided by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Securities traded on NASDAQ are valued at the NASDAQ Official Closing Price. Prices are taken from the primary market or exchange in which each security trades. Investment companies are valued at net asset value (“NAV”) as reported by such company.

Most securities listed on a foreign exchange are valued either at fair value (see description below) or at the last sale price at the close of the exchange on which the security is principally traded. 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.

2009 Annual Report 123

Notes to Financial Statements (Continued)

October 31, 2009

term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

Securities for which market quotations are not readily available, or for which an independent pricing service does not provide a value or provides a value that does not represent fair value in the judgment of the Funds’ investment adviser or designee, are valued at fair value under procedures approved by the Board of Trustees. The fair value of these securities is determined in good faith by taking into account relevant factors and surrounding circumstances. Methods utilized to obtain a fair value may include the following non-exclusive list of acceptable methods: (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 the methods. The Board of Trustees’ Valuation & Operations Committee considers a non-exclusive list of factors to arrive at an appropriate method of determining fair value. For example, fair value determinations may take into account a significant event that materially affects the value of a domestic or foreign security but which occurs after the time of the close of the principal market on which such domestic or foreign security trades and before Valuation Time (i.e., a “subsequent event”). Typically, this will involve an event occurring between the close of a foreign market on which a security trades and the next Valuation Time.

The Funds that hold foreign equity securities (the “Foreign Equity Funds”) value foreign securities at fair value in the circumstances describes below, among others. Generally, trading in foreign securities markets is completed each day at various times prior to Valuation Time. Due to the time differences between the closings of the relevant foreign securities exchanges and Valuation Time for the Foreign Equity Funds, the Foreign Equity Funds fair value their foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Foreign Equity Funds’ foreign investments since the last closing prices of the foreign investments were calculated on their primary securities markets or exchanges. For these purposes, the Board of Trustees has determined that movements in relevant indices or other appropriate market indicators, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. Securities fair valued as of October 31, 2009 are noted on the Statement of Investments.

The Funds are subject to the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification^TM (“ASC”), “Fair Value Measurements and Disclosures” (ASC 820) (formerly known as SFAS 157). This standard defines fair value, sets out a framework for measuring fair value and expands disclosures about fair value measurements. ASC 820 establishes a hierarchy that prioritizes the inputs to valuation techniques, giving 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 under ASC 820 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 Funds’ own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

124 Annual Report 2009

The following is a summary of the inputs used to value the Funds’ net assets as of October 31, 2009:

Nationwide International Value Fund*


Asset Type	Level 1	Level 2			Level 3		Total

Assets:
Common Stocks	$11,408,748	$	118,230,330		$	–	$	129,639,078


Forward Currency Contracts	–		597,375			–		597,375


Mutual Fund	1,112,734		–			–		1,112,734


Preferred Stock	–		20,014			–		20,014


Repurchase Agreement	–		4,540,508			–		4,540,508


Right	–		–			–		–


Total Assets	12,521,482		123,388,227			–		135,909,709


Liabilities:
Forward Currency Contracts	–		(587,408	)		–		(587,408	)


Total Liabilities	–		(587,408	)		–		(587,408	)


Total	$12,521,482	$	122,800,819		$	–	$	135,322,301

Nationwide Large Cap Value Fund*


Asset Type	Level 1	Level 2		Level 3		Total

Assets:
Common Stocks	$16,001,854	$	–	$	–	$	16,001,854


Mutual Fund	285,311		–		–		285,311


Total	$16,287,165	$	–	$	–	$	16,287,165

Nationwide U.S. Small Cap Value Fund*


Asset Type	Level 1	Level 2		Level 3		Total

Assets:
Common Stocks	$25,766,427	$	750	$	–	$	25,767,177


Mutual Fund	273,858		–		–		273,858


Total	$26,040,285	$	750	$	–	$	26,041,035

Nationwide Value Fund*


Asset Type	Level 1		Level 2		Level 3		Total

Assets:
Common Stocks	$	1,630,696	$	–	$	–	$	1,630,696


Mutual Fund		173,709		–		–		173,709


Total	$	1,804,405	$	–	$	–	$	1,804,405

2009 Annual Report 125

Notes to Financial Statements (Continued)

October 31, 2009

Nationwide Bond Fund*


Asset Type	Level 1	Level 2		Level 3		Total

Assets:
Asset-Backed Securities	$ –	$	1,685,090	$	–	$	1,685,090


Collateralized Mortgage Obligations	–		10,811,880		–		10,811,880


Commercial Mortgage Backed Securities	–		6,110,726		–		6,110,726


Corporate Bonds	–		35,170,154		–		35,170,154


Municipal Bonds	–		668,904		–		668,904


Mutual Fund	7,190,296		–		–		7,190,296


Sovereign Bond	–		491,820		–		491,820


U.S. Government Mortgage Backed Agencies	–		8,051,324		–		8,051,324


U.S. Government Sponsored & Agency Obligation	–		4,064,328		–		4,064,328


U.S. Treasury Bond	–		2,140,147		–		2,140,147


U.S. Treasury Notes	–		9,144,573		–		9,144,573


Yankee Dollar	–		1,005,461		–		1,005,461


Total	$7,190,296	$	79,344,407	$	–	$	86,534,703

Nationwide Enhanced Income Fund*


Asset Type	Level 1	Level 2		Level 3		Total

Assets:
Asset-Backed Securities	$ –	$	35,100,940	$	–	$	35,100,940


Collateralized Mortgage Obligations	–		46,493,946		–		46,493,946


Commercial Mortgage Backed Securities	–		11,642,029		–		11,642,029


Corporate Bonds	–		63,706,676		–		63,706,676


Mutual Fund	8,864,287		–		–		8,864,287


Sovereign Bonds	–		2,771,002		–		2,771,002


U.S. Government Mortgage Backed Agencies	–		2,894,097		–		2,894,097


U.S. Government Sponsored & Agency Obligations	–		18,573,090		–		18,573,090


U.S. Treasury Notes	–		19,089,844		–		19,089,844


Yankee Dollar	–		701,797		–		701,797


Total	$8,864,287	$	200,973,421	$	–	$	209,837,708

126 Annual Report 2009

Nationwide Government Bond Fund*


Asset Type	Level 1	Level 2		Level 3		Total

Assets:
Collateralized Mortgage Obligations	$ –	$	44,336,424	$	–	$	44,336,424


Mutual Fund	4,949,068		–		–		4,949,068


U.S. Government Mortgage Backed Agencies	–		55,118,975		–		55,118,975


U.S. Government Sponsored & Agency Obligations	–		32,176,744		–		32,176,744


U.S. Treasury Bonds	–		21,313,860		–		21,313,860


Total	$4,949,068	$	152,946,003	$	–	$	157,895,071

Nationwide Short Duration Bond Fund*


Asset Type	Level 1	Level 2		Level 3		Total

Assets:
Asset-Backed Securities	$ –	$	12,934,850	$	–	$	12,934,850


Collateralized Mortgage Obligations	–		5,258,211		–		5,258,211


Commercial Mortgage Backed Securities	–		8,402,055		–		8,402,055


Corporate Bonds	–		10,891,626		–		10,891,626


Mutual Fund	3,593,884		–		–		3,593,884


U.S. Government Sponsored & Agency Obligations	–		7,690,050		–		7,690,050


U.S. Treasury Notes	–		18,659,141		–		18,659,141


Total	$3,593,884	$	63,835,933	$	–	$	67,429,817

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Nationwide International Value Fund*


	Right

Balance as of 10/31/2008	$	–


Accrued Accretion/(Amortization)		–


Change in Unrealized Appreciation/(Depreciation)		–


Net Purchases/(Sales)		–


Transfers In/(Out) of Level 3		–


Balance as of 10/31/09	$	–

Amounts designated as “-”, which may include fair valued securities, are zero or have been rounded to zero.

* See Statement of Investments for identification of securities by type and industry classification.


(b)	Credit Derivatives

The Funds are subject to the provisions of ASC 815, “Derivatives and Hedging” (formerly known as SFAS 133). In September 2008, the FASB amended ASC 815-10 (formerly known as FSP FAS 133-1). ASC 815-10, which is intended to improve disclosures about credit derivatives by requiring more information about the potential adverse effects of changes in credit risk on the financial position, financial performance, and cash flows of the sellers of credit derivatives, requires financial disclosures by sellers of credit derivatives, including credit derivatives embedded in hybrid instruments and disclosures of the

2009 Annual Report 127

Notes to Financial Statements (Continued)

October 31, 2009

current status of the payment performance risk of a guarantee. Management has concluded that adoption of the amendments did not impact the Funds’ financial statement disclosures.


(c)	Foreign Currency Transactions

The accounting records of the Funds are maintained in U.S. dollars. Funds that engage in foreign currency transactions, translates foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are translated at the prevailing rate of exchange on the respective date of these transactions. A Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates from those resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.


(d)	Forward Foreign Currency Contracts

Certain Funds are subject to foreign currency exchange risk in the normal course of pursuing their objectives. Funds may enter into forward foreign currency contracts in connection with planned purchases or sales of securities denominated in a foreign currency or to hedge the U.S. dollar value of portfolio securities denominated in a foreign currency. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. A forward foreign currency contract is adjusted daily by the exchange rate of the underlying currency, and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. When a Fund enters into a forward foreign currency contract, it is exposed to risks from unanticipated movements in the value of the foreign currency relative to the U.S. dollar, and the risk that the counterparties to the contract may be unable to meet their obligations under the contract.

Forward foreign currency contracts, if any, are disclosed in the Statement of Assets and Liabilities under “Unrealized appreciation/(depreciation) from forward foreign currency contracts,” and in the Statement of Operations under “Net realized gains/losses from foreign currency transactions” and “Net change in unrealized appreciation/(depreciation) from forward foreign currency contracts.”

The Funds are subject to the provisions of FASB ASC, “Derivatives and Hedging” (ASC 815) (formerly known as Statement of Financial Accounting Standards 161). The Standard requires enhanced disclosure about an entity’s derivative and hedging activities. The following is a summary of the Funds’ derivative instruments categorized by risk exposure as of October 31, 2009:

Fair Values of Derivative Instruments as of October 31, 2009

Nationwide International Value Fund

Derivatives not accounted for as hedging instruments under ASC 815


	Statement of Assets and Liabilities Location
Assets:	Asset Derivatives		Fair Value

Foreign exchange contracts		Receivables	$	597,375


Total			$	597,375


Liabilities:		Liability Derivatives


Foreign exchange contracts		Payables	$	(587,408	)


Total			$	(587,408	)

128 Annual Report 2009


	The Effect of Derivative Instruments on the Statement of Operations for the Year Ended October 31, 2009

Nationwide International Value Fund

Realized Gain/(Loss)


	Forward Currency
Risk Exposure	Contracts			Total

Foreign exchange contracts	$	(5,113,482	)	$	(5,113,482	)


Total	$	(5,113,482	)	$	(5,113,482	)

Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Operations for the Year Ended October 31, 2009

Nationwide International Value Fund

Unrealized Appreciation/(Depreciation)


	Forward Currency
Risk Exposure	Contracts		Total

Foreign exchange contracts	$	4,642,224	$	4,642,224


Total	$	4,642,224	$	4,642,224

Information about derivative instruments reflected as of the date of this report is generally indicative of the type and volume of derivative activity for the year ended October 31, 2009.


(e)	Repurchase Agreements

The Funds may enter into repurchase agreements with a member of the Federal Reserve System or a “primary dealer” (as designated by the Federal Reserve Bank of New York) in U.S. government obligations. The repurchase price generally equals the price paid by a Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller under a repurchase agreement is required to maintain the value of the collateral held pursuant to the agreement at a market value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Fund’s custodian or qualified sub-custodian or in the Federal Reserve/Treasury book-entry system. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Fund may be delayed or limited. The Funds may transfer uninvested cash balances into a pooled cash account. These balances are invested in one or more repurchase agreements, which are fully collateralized by U.S. government agency mortgages with the counterparty.


(f)	Security Transactions and Investment Income

Security transactions are accounted for on the date the security is purchased or sold (“trade date”). Securities gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date.


(g)	Securities Lending

2009 Annual Report 129

Notes to Financial Statements (Continued)

October 31, 2009

to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Funds receive payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Funds or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank, N.A. serves as securities lending agent for the securities lending program of the Funds. JPMorgan Chase Bank, N.A. receives a fee based on the value of the collateral received from borrowers. Information on the investment of cash collateral is shown in the Statement of Investments.

As of October 31, 2009, the following Fund had securities with the following values on loan:


	Value of		Value of
Fund	Loaned Securities		Collateral

International Value	$	4,222,070	$	4,540,508


(h)	Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly for International Value, Large Cap Value, U.S. Small Cap Value, and Value and are declared daily and paid monthly for all other Funds. For all Funds, distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

Dividends and distributions to shareholders are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are considered either permanent or temporary. Permanent differences are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. These reclassifications have no effect upon the NAV of the respective Funds. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.


(i)	Federal Income Taxes

It is the policy of each Fund to qualify and to continue to qualify as a “regulated investment company” by complying with the provisions available to certain investment companies under Subchapter M of the U.S. Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.

130 Annual Report 2009

determine the amount of benefits to recognize in the financial statements. Differences result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Each Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. Each Fund’s taxable years 2006 to 2009 remain subject to examination by the Internal Revenue Service.

Management has evaluated the implications of ASC 740-10 and has concluded that there is no impact to the Funds’ current financial statements. ASC 740-10 requires ongoing monitoring and analysis; future conclusions reached by management may be different and result in adjustments to a Fund’s NAV and financial statements. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.


(j)	Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionally among various or all series within the Trust. For each Fund, income, Fund expenses, and realized and unrealized gains or losses are allocated to each class of shares of the Fund based on the fair value of the shares of that class outstanding relative to net assets. Under this method, each class of shares participates based on the total NAV of the class’s shares in proportion to the total net assets of the series. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

The subadviser for each Fund is as follows:


Fund		Subadviser

International Value		AllianceBernstein LP


Large Cap Value		NorthPointe Capital, LLC


U.S. Small Cap Value		Dimensional Fund Advisors LP


Value		Diamond Hill Capital Management, Inc.


Bond		Nationwide Asset Management, LLC (“NWAM”) (a)


Enhanced Income		Morley Capital Management, Inc. (“Morley”)


Government Bond		NWAM


Short Duration Bond		Morley


(a)		Nationwide Asset Management, LLC is an affiliate of NFA.

2009 Annual Report 131

Notes to Financial Statements (Continued)

October 31, 2009

Under the terms of the Investment Advisory Agreement, each Fund pays NFA an investment advisory fee based on that Fund’s average daily net assets. For the year ended October 31, 2009, the Funds paid investment advisory fees to NFA according to the schedule below:


		Total
Fund	Fee Schedule	Fees

International Value	All Assets		0.85	%


Large Cap Value	Up to $100 million		0.75	%
	On $100 million and more		0.70	%


U.S. Small Cap Value	All Assets		0.95	%


Value	All Assets		0.65	%


Bond and Government Bond	Up to $250 million		0.50	%
	$250 million up to $1 billion		0.475	%
	$1 billion up to $2 billion		0.45	%
	$2 billion up to $5 billion		0.425	%
	On $5 billion and more		0.40	%


Enhanced Income and Short Duration Bond	Up to $500 million		0.35	%
	$500 million up to $1 billion		0.34	%
	$1 billion up to $3 billion		0.325	%
	$3 billion up to $5 billion		0.30	%
	$5 billion up to $10 billion		0.285	%
	On $10 billion and more		0.275	%

From these fees, pursuant to the subadvisory agreement, NFA pays fees to the subadvisers. NFA paid the subadvisers $1,240,231, of which $413,652 was paid to affiliated subadvisers, for the year ended October 31, 2009.

The Trust and NFA have entered into a written Expense Limitation Agreement, which limits the Funds’ (except for Government Bond) operating expenses (excluding taxes, interest, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an administrative services plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Funds’ business) from exceeding the amounts listed in the table below until at least February 28, 2010:


Fund	Classes		Amount

International Value		All Classes		1.00	%


Large Cap Value		All Classes		1.15	%


U.S. Small Cap Value		All Classes		1.09	%


Value		All Classes		0.85	%


Bond (a)		All Classes		0.75	%


Enhanced Income		All Classes		0.45	%


Short Duration Bond		All Classes		0.55	%


(a)		The Fund entered into an Expense Limitation Agreement effective March 1, 2009.

NFA may request and receive reimbursement from the Funds for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement.

132 Annual Report 2009

Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA.

As of October 31, 2009, the cumulative potential reimbursements of the following Funds, listed by the year in which NFA waived or reimbursed fees or expenses to a Fund, are:


	Amount		Amount			Amount
	Fiscal Year		Fiscal Year			Fiscal Year
Fund	2007		2008			2009

International Value		N/A	$	70,312	(a)	$	17,085


Large Cap Value	$	638		7,575			64,076


U.S. Small Cap Value		N/A		50,475	(a)		83,922


Value		N/A		36,145	(b)		74,288


Bond(a)		—		—			58,134


Enhanced Income		—		115,330			34,196


Short Duration Bond		—		—			125,533


(a)		For the period December 21, 2007 (commencement of operations) to October 31, 2008.

(b)		For the period February 28, 2008 (commencement of operations) to October 31, 2008.

Amounts designated as “ — ” are zero or have been rounded to zero.

Under the terms of a Fund Administration and Transfer Agency Agreement, Nationwide Fund Management LLC (“NFM”), a wholly-owned subsidiary of NFS Distributors, Inc. (“NFSDI”) (a wholly-owned subsidiary of NFS), provides various administrative and accounting services for the Funds, and serves as Transfer and Dividend Disbursing Agent for the Funds. Fees for the services provided under this agreement are calculated based on the Trust’s average daily net assets according to the fee schedule below. The fees are then allocated proportionally among all series within the Trust in proportion to the average daily net assets of each series and paid to NFM.


		Combined Fee Schedule*

		Up to $1 billion			0.26%


		$1 billion to $3 billion			0.19%


		$3 billion to $4 billion			0.15%


		$4 billion to $5 billion			0.08%


		$5 billion to $10 billion			0.05%


		$10 billion to $12 billion			0.03%


		$12 billion and more			0.02%


*		The assets of the Nationwide Investor Destinations Aggressive, Nationwide Investor Destinations Moderately Aggressive, Nationwide Investor Destinations Moderate, Nationwide Investor Destinations Moderately Conservative and Nationwide Investor Destinations Conservative Funds (collectively, the “Investor Destinations Funds”) and the Nationwide Destination 2010, Nationwide Destination 2015, Nationwide Destination 2020, Nationwide Destination 2025, Nationwide Destination 2030, Nationwide Destination 2035, Nationwide Destination 2040, Nationwide Destination 2045, Nationwide Destination 2050, and Nationwide Retirement Income Funds (collectively, the “Target Destination Funds”) are excluded from the Trust asset level amount in order to calculate this asset based fee. The Investor Destinations Funds and the Target Destination Funds do not pay any part of this fee.

NFM has entered into an agreement with a third party service provider to provide certain sub-administration and sub-transfer agency services to the Funds. The Funds do not pay any additional fee for these services.

2009 Annual Report 133

Notes to Financial Statements (Continued)

October 31, 2009

Under the terms of an Administrative Services Plan, the Funds may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class A, Class D, Class R2 (formerly Class R), and Institutional Service Class shares of each of the Funds (except Short Duration Bond). For Short Duration Bond, these fees are based on an annual rate of up to 0.25% of the average daily net assets for the Fund’s Class A, IRA Class and Service Class shares (IRA Class shares were converted to Class A shares effective January 30, 2009).

For the year ended October 31, 2009, NFS received the following amounts in Administrative Services fees from each Fund:


Fund	Amount

International Value	$	280,567


Large Cap Value		10,529


U.S. Small Cap Value		57,159


Value		—


Bond		41,360


Enhanced Income		1,221


Government Bond		156,988


Short Duration Bond		65,963

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFM and the Trust, the Trust has agreed to reimburse NFM for certain costs related to the Funds’ portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the year ended October 31, 2009, the Funds’ portion of such costs amounted to $13,508.

Under the terms of a Distribution Plan pursuant to Rule 12b-1 of the 1940 Act, Nationwide Fund Distributors LLC (“NFD”), the Funds’ principal underwriter, is compensated by the Funds for expenses associated with the distribution of certain classes of shares of the Funds. NFD is a wholly-owned subsidiary of NFSDI. These fees are based on average daily net assets of the respective class of the Funds at an annual rate not to exceed the following:

Service

Class A

Class B

Class C

Class R2

Class X

Class Y

Class

IRA

Fund

Shares

Shares*

Shares**

Shares

Class**

International Value

0.25%

N/A

1.00%

N/A

Large Cap Value

0.25%

1.00%

0.50%

N/A

U.S. Small Cap Value

0.25%

N/A

1.00%

N/A

Value

0.25%

N/A

1.00%

0.50%

N/A

Bond

0.25%

1.00%

0.50%

0.85%

N/A

Enhanced Income

0.25%

N/A

0.50%

N/A

Government Bond

0.25%

1.00%

0.50%

0.85%

N/A

Short Duration Bond

0.25%

N/A

0.75%

N/A

0.25%


*		Formerly Class R Shares

**		This share class is no longer offered by the Funds. Effective January 20, 2009, all shares of this class were converted to Class A shares.

134 Annual Report 2009

Pursuant to an Underwriting Agreement, NFD serves as principal underwriter of the Funds in the continuous distribution of their shares and receives commissions in the form of a front-end sales charge on Class A shares. These fees are deducted from and are not included in proceeds from sales of Class A and Class D shares of the Funds. From these fees, NFD pays sales commissions, salaries and other expenses in connection with generating new sales of Class A and Class D shares of the Funds. NFD also receives fees for services as principal underwriter for Class B shares of the Funds. These fees are contingent deferred sales charges (“CDSCs”) ranging from 1% to 5% imposed on redemptions of Class B shares, which may cause the current value of a shareholder’s account to fall below the total purchase payments. A CDSC will be imposed on redemptions of Class B shares made within six years of purchase. Class C shares have a CDSC fee of 1% imposed on redemptions made within one year of purchase. For the year ended October 31, 2009, NFD received commissions of $91,899 from front-end sales charges of Class A and Class D shares and from CDSC fees from Class B and Class C shares of the Funds, of which $56,510 was re-allowed to affiliated broker-dealers of the Funds. Class X, Class Y and IRA Class shares were converted to Class A shares effective January 30, 2009.

As of October 31, 2009, the Adviser or affiliates of the Adviser directly held the percentage indicated below of the shares outstanding of the applicable Fund:


	% of Shares
	Outstanding
Fund	Owned

International Value		90.53	%


Large Cap Value		47.51


U.S. Small Cap Value		90.78


Value		43.52


Bond		22.31


Enhanced Income		98.26


Government Bond		35.22


Short Duration Bond		3.30

4. Short-term Trading Fees

The Funds (except for Enhanced Income) assess a 2.00% redemption fee on all classes of shares that are purchased and are sold or exchanged within the minimum holding period: 30 calendar days from the date of purchase for Large Cap Value and Value; 90 calendar days for International Value and U.S. Small Cap Value; and within seven calendar days for Bond, Government Bond, and Short Duration Bond. The redemption fee, if any, is paid directly to the applicable Fund class and is designed to offset brokerage commissions, market impact and other costs associated with short-term trading of Fund shares. For purposes of determining whether the redemption fee applies, the shares that were held the longest will be redeemed first. This redemption fee is in addition to any CDSCs that may be applicable at the time of sale. The redemption fee may not apply in certain circumstances, such as redemptions or exchanges of shares held in certain omnibus accounts or retirement plans that cannot implement the redemption fee. The fee does not apply to shares purchased through reinvested dividends or capital gains.

2009 Annual Report 135

Notes to Financial Statements (Continued)

October 31, 2009

For the year ended October 31, 2009, the Funds had contributions to capital due to the collection of redemption fees in the amounts of:


													Institutional
											Institutional		Service		Service
Fund	Class A		Class B		Class C		Class D		Class R2*		Class		Class		Class

International Value	$	—		N/A	$	—		N/A		N/A	$	—	$	—		N/A


Large Cap Value		541	$	9		7		N/A	$	—		N/A		N/A		N/A


U.S. Small Cap Value		—		N/A		26		N/A		N/A		—		—		N/A


Value		21		N/A		—		N/A		—		—		N/A		N/A


Bond		3		—		360	$	39		—		N/A		N/A		N/A


Government Bond		3		—		116		1		—		—		N/A		N/A


Short Duration Bond		1,080		N/A		—		N/A		N/A		—		N/A	$	8


*		Formerly Class R Shares

For the year ended October 31, 2008, the Funds had contributions to capital due to the collection of redemption fees in the amounts of:


													Institutional
											Institutional		Service		Service
Fund	Class A		Class B		Class C		Class D		Class R2*		Class		Class		Class

International Value(a)	$	398		N/A	$	40		N/A		N/A	$	—	$	—		N/A


Large Cap Value		39	$	1		105		N/A	$	11		N/A		N/A		N/A


U.S. Small Cap Value(a)		—		N/A		—		N/A		N/A		—		—		N/A


Value(b)		—		N/A		—		N/A		—		N/A		N/A		N/A


Bond		—		—		34	$	2		—		N/A		N/A		N/A


Government Bond		20		261		—		807		—		N/A		N/A		N/A


Short Duration Bond		696		N/A		—		N/A		N/A		N/A		N/A		—


*		Formerly Class R Shares

(a)		The Fund commenced operations on December 21, 2007.

(b)		The Fund commenced operations on February 28, 2008.

Amounts designated as “ — ” are zero or have been rounded to zero.

5. Bank Loans and Earnings Credit

The Trust has a credit agreement with JPMorgan Chase Bank, N.A., the Fund’s custodian bank, permitting the Trust to borrow up to $90,000,000. Borrowings under this arrangement bear interest at the greater of (a) the London Interbank Offered Rate or (b) the Federal Funds rate plus 1.25%. Interest costs, if any, would be shown on the Statement of Operations. No compensating balances are required under the terms of the line of credit. The line of credit is renewed annually, with a commitment fee of 0.14% per year on $90,000,000, and expires on July 22, 2010. Three (3) other lenders participate in this arrangement. Advances taken by a Fund under this arrangement would be primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. There were no borrowings under this line of credit during the year ended October 31, 2009.

136 Annual Report 2009

generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the series that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Investment Transactions

For the year ended October 31, 2009, purchases of and sales (excluding short-term securities) were as follows:


Fund	Purchases		Sales

International Value	$	59,897,386	$	65,868,928


Large Cap Value		15,215,610		14,813,944


U.S. Small Cap Value		5,165,010		5,490,331


Value		774,765		469,797


Bond		45,765,248		53,015,551


Enhanced Income		149,467,475		106,859,681


Government Bond		133,411,611		120,390,111


Short Duration Bond		19,797,988		29,098,002

For the year ended October 31, 2009, purchases and sales of U.S. Government Securities were as follows:


Fund	Purchases		Sales

Bond	$	16,615,048	$	12,072,802


Enhanced Income		8,112,219		8,000,000


Government Bond		25,611,250		40,898,242


Short Duration Bond		10,521,563		14,551,250

7. Portfolio Investment Risks

Risks Associated with Foreign Securities and Currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future disruptive political and economic developments and the possible imposition of exchange controls or other unfavorable foreign government laws and restrictions. In addition, investments in certain countries may carry risks of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments that adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers in industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and high price volatility with respect to securities of issuers from developing countries.

8. Indemnifications

Under the Trust’s organizational documents, certain of the Trust’s Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, the Trust has entered into Indemnification Agreements with its Trustees and certain of its Officers. Trust Officers receive no compensation from the Trust for serving as its Officers. In addition, in the normal course of business, the Trust enters into contracts with its vendors and others that provide for general indemnifications. The Trust’s maximum liability under these arrangements is unknown, as this would involve future claims made against the Trust. Based on experience however, the Trust expects the risk of loss to be remote.

2009 Annual Report 137

Notes to Financial Statements (Continued)

October 31, 2009

9. Other

As of October 31, 2009, the Funds had individual shareholder accounts and/or omnibus shareholder accounts (comprised of a group of individual shareholders), which amounted to more than 10% of the total shares outstanding of the Funds as detailed below.


Fund	% of Shares			Number of Accounts

International Value		85.55	%		2


Large Cap Value		39.10			2


U.S. Small Cap Value		86.64			2


Value		42.65			1


Bond		18.27			1


Enhanced Income		98.26			4


Government Bond		57.12			2


Short Duration Bond		55.42			1

10. Federal Tax Information

The tax character of distributions paid during the fiscal year ended October 31, 2009 was as follows:


	Distributions paid from
			Net Long-						Total
			Term		Total Taxable		Return of		Distributions
Fund	Ordinary Income		Capital Gains		Distributions		Capital		Paid

International Value	$	3,984	$	—	$	3,984	$	—	$	3,984


Large Cap Value		207,378		—		207,378		—		207,378


U.S. Small Cap Value		447,421		43		447,464		37,277		484,741


Value		24,414		—		24,414		—		24,414


Bond		4,438,690		8,230		4,446,920		—		4,446,920


Enhanced Income		4,812,218		—		4,812,218		—		4,812,218


Government Bond		6,146,501		250,112		6,396,613		—		6.396,613


Short Duration Bond		1,974,580		—		1,974,580		—		1,974,580

Amounts designated as “ — ” are zero or have been rounded to zero.

138 Annual Report 2009

The tax character of distributions paid during the fiscal year ended October 31, 2008 was as follows:


	Distributions paid from
			Net Long-						Total
			Term		Total Taxable		Return of		Distributions
Fund	Ordinary Income		Capital Gains		Distributions		Capital		Paid

International Value	$	—	$	—	$	—	$	46,391	$	46,391


Large Cap Value		835,866		3,319,549		4,155,415		—		4,155,415


U.S. Small Cap Value		30,168		—		30,168		—		30,168


Value		5,231		—		5,231		—		5,231


Bond		4,248,192		—		4,248,192		—		4,248,192


Enhanced Income		6,360,517		—		6,360,517		—		6,360,517


Government Bond		5,533,551		—		5,533,551		—		5,533,551


Short Duration Bond		2,470,931		—		2,470,931		—		2,470,931

Amounts designated as “ — ” are zero or have been rounded to zero.

As of October 31, 2009, the components of accumulated earnings (deficit) on a tax basis were as follows: (Total distributions paid differ from the Statement of Changes in Net Assets because for tax purposes dividends are recognized when actually paid.)


													Total
	Undistributed		Undistributed						Accumulated		Unrealized		Accumulated
	Ordinary		Long-Term		Accumulated		Distributions		Capital and		Appreciation		Earnings
Fund	Income		Capital Gains		Earnings		Payable		Other Losses		(Depreciation)*		(Deficit)

International Value	$	1,822,870	$	—	$	1,822,870	$	—	$	(47,413,471)	$	(10,390,019)	$	(55,980,620)


Large Cap Value		16,547		—		16,547		—		(7,251,399)		(455,423)		(7,690,275)


U.S. Small Cap Value		—		—		—		—		1,317,082		5,795,913		(7,112,995)


Value		1,925		—		1,925		—		(218,725)		3,365		(213,435)


Bond		325,149		—		325,149		(304,841)		(561,403)		1,425,179		884,084


Enhanced Income		813,194		—		813,194		(374,003)		(7,024,062)		1,364,674		(5,220,197)


Government Bond		1,508,045		1,198,942		2,706,987		(406,479)		—		6,253,095		8,553,603


Short Duration Bond		125,452		—		125,452		(134,080)		(2,865,296)		991,805		(1,882,119)


*		The differences between the book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to tax deferral on wash sales.

Amounts designated as “ — ” are zero or have been rounded to zero.

2009 Annual Report 139

Notes to Financial Statements (Continued)

October 31, 2009

As of October 31, 2009, the tax cost of securities and the breakdown of unrealized appreciation/(depreciation) for each Fund was as follows:


							Net Unrealized
	Tax Cost of		Unrealized		Unrealized		Appreciation/
Fund	Securities		Appreciation		Depreciation		(Depreciation)

International Value	$	145,698,349	$	8,672,167	$	(19,058,182)	$	(10,386,015)


Large Cap Value		16,742,588		981,363		(1,436,786)		(455,423)


U.S. Small Cap Value		31,836,336		2,151,429		(7,946,730)		(5,795,301)


Value		1,801,040		90,614		(87,249)		3,365


Bond		85,109,524		4,023,816		(2,598,637)		1,425,179


Enhanced Income		208,473,034		1,446,107		(81,433)		1,364,674


Government Bond		151,641,976		6,405,147		(152,052)		6,253,095


Short Duration Bond		66,438,012		1,141,775		(149,970)		991,805

As of October 31, 2009, for Federal income tax purposes, the following Funds have capital loss carry forwards available to offset capital gains, if any, to the extent provided by the treasury regulations and in any given year may be limited due to large shareholder redemptions or contributions.


Fund	Amount		Expires

International Value	$	7,287,982		2016


International Value		40,125,489		2017


Large Cap Value		2,162,481		2016


Large Cap Value		5,088,918		2017


U.S. Small Cap Value		1,317,692		2017


Value		78,856		2016


Value		139,869		2017


Bond		561,403		2017


Enhanced Income		1,947,216		2010


Enhanced Income		952,689		2011


Enhanced Income		1,507,694		2012


Enhanced Income		688,792		2014


Enhanced Income		603,783		2016


Enhanced Income		1,323,888		2017


Short Duration Bond		424,455		2012


Short Duration Bond		1,446,234		2013


Short Duration Bond		798,570		2014


Short Duration Bond		60,208		2015


Short Duration Bond		135,829		2016

11. Subsequent Events

The Funds have adopted the provisions of ASC 855, “Subsequent Events” (formerly known as SFAS 165). The Funds have evaluated subsequent events through December 24, 2009, which is the date these financial statements were issued.

140 Annual Report 2009

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of Nationwide Mutual Funds:

In our opinion, the accompanying statements of assets and liabilities, including the statements of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Nationwide International Value Fund, Nationwide Large Cap Value Fund, Nationwide U.S. Small Cap Value Fund, Nationwide Value Fund, Nationwide Bond Fund, Nationwide Enhanced Income Fund, Nationwide Government Bond Fund and Nationwide Short Duration Bond Fund (eight series of Nationwide Mutual Funds, hereafter referred to as the “Funds”) at October 31, 2009, the results of each of their operations for the year then ended and the changes in each of their net assets and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 24, 2009

2009 Annual Report 141

Supplemental Information

(Unaudited)

Other Federal Tax Information

For the year ended October 31, 2009, certain dividends paid by the Funds may be subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Funds intend to designate the maximum amount allowable as taxed at a maximum rate of 15%. Complete information will be reported in conjunction with your 2009 Form 1099-DIV.

For the taxable year ended October 31, 2009, the following percentage of income dividends paid by the Funds qualify for the dividends received deduction available to corporations:


	Dividends
	Received
Fund	Deductions

Large Cap Value		100%


U.S. Small Cap Value		67%


Value		100%

The Funds designate the following amounts, or the maximum amount allowable under the Internal Revenue Code, as long term capital gain distributions qualifying for the maximum 15% income tax rate for individuals:


Fund	Amount

U.S. Small Cap Value	$	43


Bond		8,230


Government Bond		250,112

Certain Funds have derived net income from sources within foreign countries. As of October 31, 2009, the foreign source income for each Fund was as follows:


Fund	Amount

International Value	$	4,086,547

Certain Funds intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. As of October 31, 2009, the foreign tax credit for each Fund was as follows:


Fund	Amount

International Value	$	334,989

142 Annual Report 2009

Management Information

October 31, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust

The address for each Trustee is: c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

and Length of

Principal Occupation(s)

Complex Overseen

Other Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years²

by Trustee

Held by Trustee³

Charles E. Allen
1948

Trustee
since
July 2000

Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).

None

Paula H.J.
Cholmondeley
1947

Trustee
since
July 2000

Ms. Cholmondeley has served as Chief Executive Officer of Sorrel Group (management consulting company) since January 2004. From April 2000 through December 2003, Ms. Cholmondeley was Vice President and General Manager of Sappi Fine Paper North America.

Director of Dentsply International, Inc. (dental products), Ultralife Batteries, Inc., Albany International Corp. (paper industry), Terex Corporation (construction equipment), and Minerals Technology Inc. (specialty chemicals)

C. Brent DeVore
1940

Trustee
since 1990

Dr. DeVore is an interim President of Greensboro College. He served as President of Otterbein College⁴ from July 1984 until July 2009.

None

Kay Dryden
1947

Trustee
since
December 2004

Ms. Dryden was a partner of Mitchell Madison Group LLC, a management consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

Retired. Ms. Hennigar was Executive Vice President of Oppenheimer Funds (an asset management company) from October 1992 until June 2000 and Chairman of Oppenheimer Funds Services from October 1999 until June 2000 and President & CEO from June 1992 until October 1999.

None

2009 Annual Report 143

Management Information (Continued)

October 31, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust (Continued)

The address for each Trustee is: c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

and Length of

Principal Occupation(s)

Complex Overseen

Other Directorships

Name and Year of Birth

Time Served¹

During Past 5 Years²

by Trustee

Held by Trustee³

Barbara I. Jacobs
1950

Trustee
since
December 2004

Ms. Jacobs served as Chairman of the Board of Directors of KICAP Network Fund, a European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association-College Retirement Equities Fund).

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.

David C. Wetmore
1948

Trustee since 1995
and Chairman since
February 2005

Retired. Mr. Wetmore was a Managing Director of Updata Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.

None


¹		Length of time served includes time served with predecessor of the Trust.
²		Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
³		Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
⁴		Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

144 Annual Report 2009

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust (Continued)

The address for each Trustee is: c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

Position(s) Held

Number of

with Fund and

Portfolios in Fund

Length of Time

Principal Occupation(s)

Complex Overseen by

Other Directorships

Name and Year of Birth

Served¹

During Past 5 Years²

Trustee

Held by Trustee⁴

Michael S. Spangler
1966

President and Chief
Executive Officer
since June 2008

Mr. Spangler is President and Chief Executive Officer of Nationwide Funds Group, which includes NFA³, Nationwide Fund Management LLC³ and Nationwide Fund Distributors LLC³, and is a Senior Vice President of NFS³. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.

N/A

Stephen T. Grugeon
1950

Executive Vice
President and Chief
Operating Officer
since June 2008

Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust³ . From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation³, a subsidiary of NWD Investments, from 1999 through 2003.

N/A

Joseph Finelli
1957

Treasurer and Chief
Financial Officer
since September
2007

Mr. Finelli is the Principal Financial Officer and Vice President of Investment Accounting and Operations for Nationwide Funds Group³. From July 2001 until September 2007, he was Assistant Treasurer and Vice President of Investment Accounting and Operations of NWD Investments³.

N/A

2009 Annual Report 145

Management Information (Continued)

October 31, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust (Continued)

The address for each Trustee is: c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

Position(s) Held

Number of

with Fund and

Portfolios in Fund

Length of Time

Principal Occupation(s)

Complex Overseen by

Other Directorships

Name and Year of Birth

Served¹

During Past 5 Years²

Trustee

Held by Trustee⁴

Dorothy Sanders
1955

Chief Compliance
Officer since
October 2007

Ms. Sanders is Senior Vice President and Chief Compliance Officer of NFA. She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments³.

N/A

Doff Meyer
1950

Vice President and
Chief Marketing
Officer since
January 2008

Ms. Meyer is Senior Vice President and Chief Marketing Officer of Nationwide Funds Group (since August 2007)³. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.

N/A

Lynnett Berger
1965

Vice President and
Chief Investment
Officer since April
2009

Ms. Berger is Senior Vice President and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Vice President of Economic Risk Lab (Operational Risk Group) of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
³		These positions are held with an affiliated person or principal underwriter of the Funds.
⁴		Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

Federal law requires the Trust and each of its investment advisers and subadvisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

146 Annual Report 2009

P.O. Box 5354

Cincinnati, OH 45201-5354

nationwide.com/mutualfunds

Nationwide, Nationwide Financial,
the Nationwide Framemark, Nationwide Funds, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

AR-CORE 12/09

Nationwide Mutual Funds

AnnualReport

October 31, 2009

Index Funds

Nationwide Bond Index Fund

Nationwide International Index Fund

Nationwide Mid Cap Market Index Fund

Nationwide S&P 500 Index Fund

Nationwide Small Cap Index Fund

(NATIONWIDE FUNDS LOGO)

AnnualReport

October 31, 2009


			Contents

1			Message to Shareholders

			Index Funds
5			Nationwide Bond Index Fund
39			Nationwide International Index Fund
70			Nationwide Mid Cap Market Index Fund
87			Nationwide S&P 500 Index Fund
107			Nationwide Small Cap Index Fund

140			Notes to Financial Statements

158			Report of Independent Registered Public Accounting Firm

159			Supplemental Information

160			Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

(NATIONWIDE FUNDS LOGO)

This page intentionally left blank


Message to Shareholders

October 31, 2009

Dear Shareholder,

Thank you for entrusting your investments to Nationwide Mutual Funds.

Sincerely,

Michael S. Spangler
President & CEO
Nationwide Mutual Funds

2009 Annual Report 1

Important Disclosures

The Funds’ adviser or its employees may have a position in the securities named in this report. Except where otherwise indicated, the views and opinions expressed herein are those of Nationwide Funds Group as of the date noted, are subject to change at any time, and may not come to pass.

Investing in mutual funds involves risk, including the possible loss of principal. There is no assurance that the investment objective of any Fund will be achieved.

Small- and mid-sized company stocks have higher risks than the stocks of larger, more established companies and have significant short-term price volatility. The Nationwide Mid Cap Market Index Fund may purchase securities in derivatives, which can be very volatile and carry high transaction costs.

The Nationwide S&P 500 Index Fund may purchase securities in derivatives, which can be very volatile and carry high transaction costs.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market Indexes

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index: An unmanaged, free float adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Russell 2000^® Index: An unmanaged index that measures the performance of the stocks of small-capitalization U.S. companies; includes the smallest 2,000 U.S. companies in the Russell 3000^® Index, which measures the performance of the stocks of the largest 3,000 U.S. companies, based on market capitalization.

Standard & Poor’s 500^® (S&P 500) Index: An unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

2 Annual Report 2009

Standard & Poor’s MidCap 400 (S&P 400) Index: An unmanaged index that measures the performance of 400 stocks of medium-sized U.S. companies.

Sales Charge and Fee Information
Nationwide Bond Index Fund
Nationwide International Index Fund
Nationwide Mid Cap Market Index Fund
Nationwide S&P 500 Index Fund
Nationwide Small Cap Index Fund

Class A shares have up to a 5.75% front-end sales charge and a 0.25% 12b-1 fee. Total returns reflect a waiver of part of the Fund’s fees for certain periods since inception, without which returns would have been lower.

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to Nationwide Funds. NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

2009 Annual Report 3


Summary of Market Environment

The following is a commentary from Nationwide Funds Group on market conditions for the year ended October 31, 2009.

After hitting a low point on March 9, 2009, the stock market began a steady climb with the Standard & Poor’s 500^® (S&P 500) Index and the Russell 2000^® Index rising 55% and 66%, respectively, through the end of the reporting period. Leading the recovery were the economically sensitive sectors – consumer discretionary, energy and materials. Money market fund flows decreased and flows into equity mutual funds increased during the period as investors seemed to embrace a renewed appetite for risk. In the fixed-income markets, the lower-quality sectors also rallied during the reporting period. CCC-rated bonds, as measured by the Merrill Lynch U.S. High Yield Index, rose more than 73% during the reporting period, while U.S. Treasuries, as measured by the Merrill Lynch U.S. Treasury Master Index, rose only 6%.

4 Annual Report 2009


Nationwide Bond Index Fund

How did the Fund perform during the reporting period in relation to its benchmark and its peer group?

The Fund seeks to match the performance of the Barclays Capital (BARCAP) U.S. Aggregate Bond Index as closely as possible before the deduction of Fund expenses. For the annual period ended October 31, 2009, the Nationwide Bond Index Fund (Class A at NAV) returned 12.63% versus 13.79% for its benchmark, the BARCAP U.S. Aggregate Bond Index. For broader comparison, the average return for the Fund’s closest Lipper peer category of Intermediate Investment Grade Debt Funds (consisting of 546 funds as of October 31, 2009) was 17.30% for the same time period.

What areas of investment provided the most positive relative returns for the Fund?

The Index sectors that posted the strongest performance for the Fund during the reporting period were non-government-owned and/or backed debt, including corporates, which returned 27.58%; asset-backed securities, with 23.29%; Agency mortgage-backed securities, with 12.05%; and commercial mortgage-backed securities, with 21.99%. In the government sector, U.S. Agency debt, with 9.24%, outperformed Treasuries, which returned 6.33%.

What areas of investment detracted from Fund performance?

The relative underperformance of Treasuries has detracted from Fund portfolio performance. A low-interest-rate environment and continued U.S. government support of the financial markets, factors that have prompted investors to turn to non-government-backed spread sectors in the search for additional yield, have driven this underperformance.

What is your outlook for the near term?

We are now several months past the peak of the worst credit crisis that the world economies have seen in generations, which also resulted in the longest and deepest recession in the post-World War II period. At present, we believe the world markets are beginning to emerge from this recession, but while market conditions have certainly improved during the past several months, a number of uncertainties remain as to the future of the economic environment.

Much of the economic and financial disruption that occurred in 2008 and early 2009 stemmed from the excess credit and liquidity created earlier in the decade and the subsequent government programs enacted to combat the rapid collapse of the credit bubble. As we look ahead, we believe that the outlook for the fixed-income markets depends largely on the degree to which policymakers unwind these programs and their manner of operation.

Despite the present uncertain environment, we believe that non-government spread assets reflect an attractive discount, meaning that these assets are pricing in response to a direr environment than we expect, particularly given that the spread sectors of the market will remain heavily supported by government programs for some time.

Subadviser:
BlackRock Investment Management, LLC

Portfolio Managers:
Scott Amero, Curtis Arledge, Matthew Marra and Andrew Phillips

2009 Annual Report 5


Fund Performance	Nationwide Bond Index Fund

Average Annual Total Return
For periods ended October 31, 2009


		1 Yr.		5 Yr.		10 Yr.

Class A¹	w/o SC²		12.63%		4.37%		5.59%
	w/SC³		6.16%		3.14%		4.97%


Class B⁴	w/o SC²		12.06%		3.74%		5.08%
	w/SC⁵		7.06%		3.39%		5.08%


Class C⁶	w/o SC²		11.97%		3.73%		5.08%
	w/SC⁷		10.97%		3.73%		5.08%


Institutional Class^1,8			13.22%		4.76%		6.02%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.


¹		These returns until the creation of Class A and Institutional shares (12/29/99) include the performance of the Master Aggregate Bond Index Series (the “Series”), which began operations on April 3, 1997. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class A and Institutional Class shares would have produced because these classes of the Fund’s shares invested in the same portfolio of securities as the Series. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees applicable to such classes; if these fees were reflected, the performance for Class A and Institutional Class shares would have been lower.

²		These returns do not reflect the effects of sales charges (SC).

³		A 5.75% front-end sales charge was deducted.

⁴		These returns until the creation of Class B shares (10/12/01) include performance based on the Series for the period through December 28, 1999 and the Fund’s Class A shares for the period from December 29, 1999 to October 11, 2001. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class B shares would have produced because Class B shares invest in the same portfolio of securities as Class A shares. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes; if these fees were reflected, the performance for Class B shares would have been lower.

⁵		A 5.00% maximum contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years and is not deducted from returns after 6 years.

⁶		These returns are based on the previous performance of the Fund for the period through December 28, 1999, the Class A shares from December 29, 1999 until October 11, 2001 and the Class B shares from October 12, 2001 to December 31, 2005. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class C shares would have produced because all classes invest in the same portfolio of securities. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and administrative services fees) applicable to such classes. If these other fees were reflected, the performance for Class C would have been lower.

⁷		A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁸		Not subject to any sales charges.

Expense Ratios


	Gross	Net
	Expense	Expense
	Ratio*	Ratio*

Class A	0.75%		0.70%


Class B	1.37%		1.32%


Class C	1.37%		1.32%


Institutional Class	0.37%		0.32%


*		Current effective prospectus. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2010. Please see the Fund’s most recent prospectus for details.

Performance of a $10,000 Investment

Comparative performance of $10,000 invested in Class A shares of the Nationwide Bond Index Fund versus performance of the Barclays Capital U.S. Aggregate Bond Index (formerly Lehman Brothers U.S. Aggregate Bond Index)(a), and the Consumer Price Index (CPI)(b) over a 10-year period ended 04/30/09. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.


(a)		Barclays Capital U.S. Aggregate Bond Index is an unmanaged index comprised of U.S. government securities and corporate debt securities and is generally representative of the bond market as a whole.

(b)		Calculated by the U.S. Department of Labor’s Bureau of Labor statistics the, CPI represents Changes in prices of a basket of goods and services purchased for consumption by urban households.

6 Annual Report 2009


Shareholder	Nationwide Bond Index Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
October 31, 2009


			Beginning			Ending		Expenses Paid		Expense Ratio
			Account Value ($)			Account Value ($)		During Period ($)		During Period (%)
Nationwide Bond Index Fund			5/01/09			10/31/09		05/01/09 - 10/31/09^a		05/01/09 - 10/31/09^a

Class A Shares	Actual			1,000.00			1,050.80		3.83		0.79
	Hypothetical	^b		1,000.00	��		1,021.48		3.77		0.79


Class B Shares	Actual			1,000.00			1,048.80		6.92		1.36
	Hypothetical	^b		1,000.00			1,018.45		6.82		1.36


Class C Shares	Actual			1,000.00			1,048.00		6.81		1.32
	Hypothetical	^b		1,000.00			1,018.55		6.72		1.32


Institutional Class Shares	Actual			1,000.00			1,053.30		1.66		0.32
	Hypothetical	^b		1,000.00			1,023.59		1.63		0.32


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

^b		Represents the hypothetical 5% return before expenses.

2009 Annual Report 7


Portfolio Summary	Nationwide Bond Index Fund

October 31, 2009


Asset Allocation

U.S. Government Mortgage Backed Agencies	36	.1%
U.S. Treasury Notes	23	.0%
Corporate Bonds	20	.3%
Mutual Fund	10	.3%
U.S. Government Sponsored & Agency Obligations	6	.6%
U.S. Treasury Bonds	3	.6%
Repurchase Agreement	3	.5%
Commercial Mortgage Backed Securities	3	.4%
Sovereign Bonds	1	.5%
Asset-Backed Securities	0	.8%
Yankee Dollars	0	.8%
Municipal Bonds	0	.3%
Liabilities in excess of other assets	(10	.2)%

	100	.0%


Top Industries†

Diversified Financial Services	4	.9%
Commercial Banks	2	.8%
Electric Utilities	1	.4%
Capital Markets	1	.4%
Diversified Telecommunication Services	1	.1%
Pharmaceuticals	0	.9%
Insurance	0	.8%
Supranational	0	.8%
Media	0	.7%
Energy Equipment & Services	0	.6%
Other Industries*	84	.6%

	100	.0%


Top Holdings†

Invesco AIM Liquid Assets Portfolio, 0.21%	9	.4%
Fannie Mae Pool, 6.00%, 09/01/37	3	.5%
Fannie Mae Pool, 5.00%, 05/01/33	2	.2%
U.S. Treasury Note, 3.63%, 08/15/19	2	.1%
Freddie Mac Gold Pool TBA, 5.00%, 12/15/39	2	.0%
Fannie Mae Pool TBA, 5.50%, 11/25/24	2	.0%
U.S. Treasury Note, 1.38%, 09/15/12	1	.7%
U.S. Treasury Note, 4.50%, 09/30/11	1	.5%
Freddie Mac Gold Pool, 5.50%, 06/01/38	1	.3%
U.S. Treasury Note, 2.75%, 02/28/13	1	.2%
Other Holdings*	73	.1%

	100	.0%


*		For purposes of listing top industries and top holdings, the repurchase agreement is included as part of Other.

†		Percentages indicated are based upon total investments as of October 31, 2009.

The accompanying notes are an integral part of these financial statements.

8 Annual Report 2009

Statement of Investments

October 31, 2009

Nationwide Bond Index Fund



Asset-Backed Securities 0.8%

			Principal Amount		Market Value


Automobile Asset-Backed Securities 0.5%
USAA Auto Owner Trust, Series 2008-3, Class A3 4.28%, 10/15/12		$	4,750,000	$	4,905,256



Credit Card Asset-Backed Securities 0.2%
Citibank Credit Card Issuance Trust, Series 2006-A4, Class A4 5.45%, 05/10/13	��		2,330,000		2,480,168



Home Equity Asset-Backed Securities 0.1%
Aegis Asset Backed Securities Trust, Series 2006-1, Class A1 0.32%, 01/25/37 (a)			757,518		739,279


Total Asset-Backed Securities (cost $7,915,977)					8,124,703



Commercial Mortgage Backed Securities 3.4%


Capital Markets 0.5%
GS Mortgage Securities Corp. II, Series 2004-GG2, Class A5 5.28%, 08/10/38 (a)			2,133,000		2,092,783
Morgan Stanley Capital I
Series 2005-T19, Class A2, 4.73%, 06/12/47			2,153,000		2,174,753
Series 2007-IQ14, Class A4, 5.69%, 04/15/49 (a)			1,490,000		1,262,665

					5,530,201



Commercial Banks 1.0%
Commercial Mortgage Pass Through Certificates, Series 2005-LP5, Class A4 4.98%, 05/10/43 (a)			4,180,000		4,127,587
CW Capital Cobalt Ltd., Series 2007-C3, Class A4 5.82%, 05/15/46 (a)			1,490,000		1,323,290
First Union National Bank Commercial Mortgage, Series 2000-C2, Class A2 7.20%, 10/15/32			2,788,385		2,863,669
Wachovia Bank Commercial Mortgage Trust
Series 2002-C1, Class C, 6.55%, 04/15/34			1,189,000		1,233,629
Series 2007-C33, Class A4, 5.90%, 02/15/51 (a)			1,395,000		1,223,374

					10,771,549

Diversified Financial Services 1.9%
Banc of America Commercial Mortgage, Inc.
Series 2006-6, Class A4, 5.36%, 10/10/45			2,830,000		2,506,028
Series 2007-1, Class A4, 5.45%, 01/15/49			1,630,000		1,509,631
Bear Stearns Commercial Mortgage Securities, Inc., Series 2005-PWR8, Class AJ 4.75%, 06/11/41			1,384,000		1,092,455
Citigroup Commercial Mortgage Trust, Series 2008-C7, Class A4 6.10%, 12/10/49 (a)			2,320,000		2,164,871
JPMorgan Chase Commercial Mortgage Securities Corp.
Series 2001-CIB3, Class C, 6.84%, 11/15/35 (a)(b)			1,292,000		1,228,509
Series 2001-CIBC, Class B, 6.45%, 03/15/33			2,604,000		2,699,029
Series 2005-LDP4, Class AM, 5.00%, 10/15/42 (a)			1,546,000		1,328,372
Series 2006-LDP7, Class A4, 5.88%, 04/15/45 (a)			2,321,000		2,270,625
Series 2007-CB18, Class AM, 5.47%, 06/12/47 (a)			300,000		211,983
Series 2007-LD12, Class A2, 5.83%, 02/15/51			1,525,000		1,553,852
LB-UBS Commercial Mortgage Trust
Series 2003-C8, Class A4, 5.12%, 11/15/32 (a)			2,161,000		2,217,372
Series 2007-C1, Class A2, 5.32%, 02/15/40			1,535,000		1,552,777

					20,335,504


Total Commercial Mortgage Backed Securities (cost $35,086,770)					36,637,254



Corporate Bonds 20.3%


Aerospace & Defense 0.4%
Boeing Co., 4.88%, 02/15/20			600,000		614,821
General Dynamics Corp., 4.25%, 05/15/13			175,000		185,807
Goodrich Corp.
6.29%, 07/01/16			171,000		186,743
6.80%, 07/01/36			129,000		140,986
Honeywell International, Inc., 5.30%, 03/01/18			605,000		649,992

2009 Annual Report 9

Statement of Investments (Continued)

October 31, 2009

Nationwide Bond Index Fund (Continued)


Corporate Bonds (continued)
		Principal Amount		Market Value


Aerospace & Defense (continued)

Lockheed Martin Corp.
7.65%, 05/01/16	$	123,000	$	148,906
Series B, 6.15%, 09/01/36		196,000		216,092
McDonnell Douglas Corp., 9.75%, 04/01/12		325,000		379,112
Northrop Grumman Systems Corp.
7.13%, 02/15/11		274,000		292,913
7.75%, 02/15/31		82,000		104,719
Raytheon Co.
6.40%, 12/15/18		144,000		166,477
7.00%, 11/01/28		92,000		110,085
Rockwell Collins, Inc.
4.75%, 12/01/13		205,000		215,922
5.25%, 07/15/19		70,000		74,994
United Technologies Corp.
6.35%, 03/01/11		127,000		135,587
4.88%, 05/01/15		460,000		501,664
6.13%, 07/15/38		400,000		444,539

				4,569,359



Airlines 0.0%
Qantas Airways Ltd., 6.05%, 04/15/16 (b)		123,000		120,960
Southwest Airlines Co., 5.13%, 03/01/17		103,000		97,806

				218,766



Auto Components 0.0%
Johnson Controls, Inc.
5.25%, 01/15/11		123,000		127,329
4.88%, 09/15/13		123,000		125,828

				253,157



Automobiles 0.2%
Daimler Finance North America LLC
5.88%, 03/15/11		1,213,000		1,265,279
7.30%, 01/15/12		271,000		295,151
6.50%, 11/15/13		338,000		367,981

				1,928,411



Beverages 0.3%
Anheuser-Busch Cos., Inc.
4.38%, 01/15/13		21,000		21,572
5.00%, 03/01/19		164,000		162,903
5.75%, 04/01/36		151,000		145,826
6.00%, 11/01/41		103,000		97,956
Bottling Group LLC, 4.63%, 11/15/12		287,000		309,464
Coca-Cola Bottling Co. Consolidated, 5.00%, 11/15/12		62,000		66,062
Coca-Cola Enterprises, Inc.
8.50%, 02/01/12		146,000		167,047
7.38%, 03/03/14		328,000		385,268
6.95%, 11/15/26		103,000		122,681
Diageo Capital PLC, 5.50%, 09/30/16		300,000		323,143
Diageo Finance BV, 5.30%, 10/28/15		451,000		492,000
Miller Brewing Co., 5.50%, 08/15/13 (b)		103,000		110,128
Pepsi Bottling Group, Inc., Series B, 7.00%, 03/01/29		144,000		173,366
PepsiAmericas, Inc., 4.88%, 01/15/15		208,000		224,247
PepsiCo, Inc., 7.90%, 11/01/18		500,000		628,373

				3,430,036



Biotechnology 0.0%
Amgen, Inc., 6.40%, 02/01/39		300,000		342,372
Genentech, Inc., 5.25%, 07/15/35		62,000		61,220

				403,592



Capital Markets 1.0%
Bank of New York Mellon Corp. (The),
5.13%, 08/27/13		300,000		325,152
Credit Suisse Guernsey, 5.86%, 12/31/49 (a)(c)		300,000		247,500
Credit Suisse USA, Inc.
6.13%, 11/15/11		185,000		201,517
6.50%, 01/15/12		246,000		269,449
5.13%, 01/15/14		119,000		127,201
5.85%, 08/16/16		300,000		320,629
7.13%, 07/15/32		395,000		481,709
Goldman Sachs Group, Inc. (The)
6.60%, 01/15/12		72,000		78,407
5.25%, 10/15/13		605,000		647,295
5.13%, 01/15/15		461,000		485,726
5.35%, 01/15/16		453,000		475,257
5.63%, 01/15/17		850,000		870,047
6.13%, 02/15/33		450,000		467,918
6.75%, 10/01/37		700,000		737,283
Jefferies Group, Inc., 6.25%, 01/15/36		123,000		96,318
Morgan Stanley
5.05%, 01/21/11		720,000		746,315
6.60%, 04/01/12		349,000		380,146
5.30%, 03/01/13		461,000		487,634
4.75%, 04/01/14		410,000		411,230
5.45%, 01/09/17		1,345,000		1,356,069
7.30%, 05/13/19		400,000		448,158

10 Annual Report 2009


Corporate Bonds (continued)
		Principal Amount		Market Value


Capital Markets (continued)

UBS AG/Stamford Branch, Series DPNT, 5.88%, 12/20/17	$	250,000	$	256,768
UBS Preferred Funding Trust I, 8.62%, 10/01/10 (a)(c)		350,000		325,500
UBS Preferred Funding Trust V, Series 1, 6.24%, 05/15/16 (a)(c)		225,000		177,525

				10,420,753



Chemicals 0.2%
Albemarle Corp., 5.10%, 02/01/15		82,000		80,044
Cytec Industries, Inc., 6.00%, 10/01/15		113,000		117,067
Dow Chemical Co. (The)
6.00%, 10/01/12		310,000		331,283
8.55%, 05/15/19		415,000		473,774
EI Du Pont de Nemours & Co., 5.25%, 12/15/16		515,000		552,577
Lubrizol Corp.
5.50%, 10/01/14		196,000		210,876
6.50%, 10/01/34		103,000		107,692
Praxair, Inc., 3.95%, 06/01/13		123,000		128,682

				2,001,995



Commercial Banks 2.1%
Bank of Tokyo-Mitsubishi UFJ Ltd., 7.40%, 06/15/11		246,000		267,143
Bank One Corp.
5.25%, 01/30/13		103,000		109,309
8.00%, 04/29/27		202,000		241,935
BB&T Corp., 4.75%, 10/01/12		164,000		171,541
Charter One Bank NA, 6.38%, 05/15/12		500,000		519,327
Comerica, Inc., 4.80%, 05/01/15		123,000		115,385
Deutsche Bank AG, 4.88%, 05/20/13		1,000,000		1,068,124
Deutsche Bank Financial LLC, 5.38%, 03/02/15		123,000		130,203
Eksportfinans ASA, 5.50%, 05/25/16		267,000		288,506
Export-Import Bank of Korea, 5.13%, 02/14/11		246,000		253,587
HSBC Bank USA NA
4.63%, 04/01/14		410,000		428,444
5.88%, 11/01/34		498,000		510,874
5.63%, 08/15/35		250,000		247,862
HSBC Holdings PLC
6.50%, 05/02/36		500,000		548,153
6.50%, 09/15/37		300,000		328,819
KeyBank NA
5.70%, 08/15/12		185,000		189,761
5.80%, 07/01/14		103,000		101,372
Korea Development Bank, 5.75%, 09/10/13		82,000		85,909
Kreditanstalt fuer Wiederaufbau
3.50%, 03/10/14		2,085,000		2,174,853
4.13%, 10/15/14		492,000		524,503
4.38%, 07/21/15 (d)		1,405,000		1,461,307
Landwirtschaftliche Rentenbank
4.88%, 02/14/11		115,000		121,094
5.13%, 02/01/17		600,000		648,226
Manufacturers & Traders Trust Co., 1.79%, 04/01/13 (a)(b)		300,000		266,340
Marshall & Ilsley Bank, 5.25%, 09/04/12		113,000		100,573
Mellon Funding Corp.
6.40%, 05/14/11		185,000		197,127
5.00%, 12/01/14		185,000		198,422
Morgan Stanley, 7.25%, 04/01/32		226,000		257,806
National City Corp., 4.90%, 01/15/15		246,000		253,343
Oesterreichische Kontrollbank AG
4.50%, 03/09/15		164,000		174,487
4.88%, 02/16/16 (d)		250,000		269,124
PNC Funding Corp., 5.25%, 11/15/15		246,000		252,127
Regions Bank, 3.25%, 12/09/11		2,440,000		2,544,164
Sovereign Bank, 5.13%, 03/15/13		200,000		200,207
St. George Bank Ltd., 5.30%, 10/15/15 (b)		164,000		150,313
State Street Bank & Trust Co., 5.30%, 01/15/16		200,000		206,513
SunTrust Bank
5.20%, 01/17/17		123,000		115,508
5.45%, 12/01/17		127,000		120,675
UBS AG/Stamford Branch, 5.88%, 07/15/16		679,000		682,282
UnionBanCal Corp., 5.25%, 12/16/13		144,000		143,826
US Bank NA
6.38%, 08/01/11		249,000		268,810
4.95%, 10/30/14		185,000		198,935
4.80%, 04/15/15		92,000		97,333
USB Capital IX, 6.19%, 04/15/11 (a)(c)		325,000		249,437
Wachovia Bank NA
5.60%, 03/15/16		492,000		495,015
6.60%, 01/15/38		675,000		735,112

2009 Annual Report 11

Statement of Investments (Continued)

October 31, 2009

Nationwide Bond Index Fund (Continued)


Corporate Bonds (continued)
		Principal Amount		Market Value


Commercial Banks (continued)

Wachovia Capital Trust III, 5.80%, 03/15/11 (a)(c)	$	625,000	$	447,187
Wachovia Corp.
5.30%, 10/15/11		935,000		993,883
4.88%, 02/15/14		127,000		129,095
5.50%, 08/01/35		338,000		321,250
Wells Fargo & Co.
5.13%, 09/15/16		144,000		146,114
5.38%, 02/07/35		318,000		306,055
Wells Fargo Capital X, 5.95%, 12/15/36		650,000		561,925
Wells Fargo Capital XIII, 7.70%, 03/26/13 (a)(c)		775,000		720,750

				22,339,975



Commercial Services & Supplies 0.2%
Pitney Bowes, Inc.
4.75%, 01/15/16		205,000		213,617
4.75%, 05/15/18		62,000		62,693
RR Donnelley & Sons Co.
4.95%, 04/01/14		82,000		80,283
6.13%, 01/15/17		400,000		392,103
Science Applications International Corp., 5.50%, 07/01/33		123,000		111,202
TTX Co., 4.90%, 03/01/15 (b)		154,000		144,869
Waste Management, Inc.
6.38%, 11/15/12		144,000		157,748
6.38%, 03/11/15		800,000		890,434
7.00%, 07/15/28		113,000		125,178

				2,178,127



Communications Equipment 0.4%
Cisco Systems, Inc.
5.25%, 02/22/11		205,000		216,145
5.50%, 02/22/16		325,000		357,199
4.95%, 02/15/19		835,000		878,733
Comcast Cable Communications Holdings, Inc.
8.38%, 03/15/13		164,000		190,631
9.46%, 11/15/22		82,000		104,659
Comcast Cable Holdings LLC, 9.80%, 02/01/12		213,000		243,980
Comcast Corp.
5.90%, 03/15/16		287,000		307,822
6.50%, 01/15/17		507,000		553,025
5.70%, 07/01/19		300,000		313,757
6.95%, 08/15/37		205,000		223,607
COX Communications, Inc.
5.45%, 12/15/14		246,000		264,057
5.50%, 10/01/15		667,000		711,146
Motorola, Inc.
7.63%, 11/15/10		111,000		115,984
7.50%, 05/15/25		144,000		132,467

				4,613,212



Computers & Peripherals 0.2%
Dell, Inc., 7.10%, 04/15/28		144,000		157,784
Hewlett-Packard Co.
6.50%, 07/01/12		208,000		232,082
5.50%, 03/01/18		835,000		903,836
International Business Machines Corp.
4.75%, 11/29/12		359,000		389,346
5.88%, 11/29/32		732,000		791,717

				2,474,765



Construction Materials 0.1%
CRH America, Inc., 6.00%, 09/30/16		465,000		481,312
Lafarge SA, 6.50%, 07/15/16		185,000		193,104

				674,416



Consumer Finance 0.4%
American Express Co.
4.88%, 07/15/13		837,000		875,042
8.13%, 05/20/19		600,000		718,036
6.80%, 09/01/66 (a)		210,000		182,700
Boeing Capital Corp., 6.10%, 03/01/11		35,000		37,289
Capital One Bank USA NA, 5.13%, 02/15/14		410,000		432,340
Capital One Capital III, 7.69%, 08/15/36		175,000		150,500
Capital One Capital IV, 6.75%, 02/17/37 (a)		135,000		108,675
Capital One Financial Corp., 5.25%, 02/21/17		211,000		206,336
FIA Card Services NA, 7.13%, 11/15/12		140,000		152,282
HSBC Finance Corp.
7.00%, 05/15/12		264,000		287,364
5.25%, 04/15/15		185,000		195,042
SLM Corp., Series A, 5.38%, 05/15/14		759,000		626,561

				3,972,167



Diversified Financial Services 3.8%
Associates Corp of North America, 6.95%, 11/01/18		236,000		244,435
AXA Financial, Inc., 7.00%, 04/01/28		92,000		89,665

12 Annual Report 2009


Corporate Bonds (continued)
		Principal Amount		Market Value


Diversified Financial Services (continued)

Bank of America Corp.
2.10%, 04/30/12	$	1,675,000	$	1,702,763

4.38%, 12/01/10		410,000		421,496
5.38%, 08/15/11		267,000		282,416
4.88%, 09/15/12		201,000		211,791
4.88%, 01/15/13		451,000		467,608
4.75%, 08/01/15		431,000		433,422
5.25%, 12/01/15		513,000		514,651
5.63%, 10/14/16		440,000		450,597
Bank of America NA
6.00%, 06/15/16		205,000		205,162
5.30%, 03/15/17		500,000		488,418
Bear Stearns Cos. LLC (The)
5.70%, 11/15/14		256,000		278,032
5.30%, 10/30/15		123,000		131,443
4.65%, 07/02/18		246,000		234,499
BP Capital Markets America, Inc., 4.20%, 06/15/18		103,000		97,987
BSKYB Finance UK PLC, 5.63%, 10/15/15 (b)		103,000		112,125
Caterpillar Financial Services Corp.
5.05%, 12/01/10		260,000		270,303
6.13%, 02/17/14		700,000		778,008
5.50%, 03/15/16		205,000		218,783
Citigroup Funding, Inc.
1.25%, 06/03/11		425,000		427,445
2.25%, 12/10/12		800,000		812,377
Citigroup, Inc.
6.50%, 01/18/11		92,000		96,424
5.13%, 02/14/11		62,000		64,129
6.00%, 02/21/12		103,000		109,544
5.25%, 02/27/12		850,000		885,055
5.63%, 08/27/12		205,000		212,383
5.50%, 10/15/14		1,100,000		1,128,112
5.30%, 01/07/16		1,321,000		1,306,324
5.85%, 08/02/16		287,000		287,996
6.63%, 06/15/32		232,000		219,627
5.88%, 02/22/33		82,000		70,326
5.85%, 12/11/34		375,000		341,986
5.88%, 05/29/37		200,000		184,055
EnCana Holdings Finance Corp., 5.80%, 05/01/14		791,000		862,611
General Electric Capital Corp.
1.80%, 03/11/11		4,170,000		4,229,468
5.50%, 04/28/11		287,000		302,882
Series A, 5.88%, 02/15/12		41,000		44,207
Series A, 6.00%, 06/15/12		182,000		197,315
4.88%, 03/04/15		431,000		451,036
5.00%, 01/08/16		205,000		208,949
5.40%, 02/15/17		415,000		421,860
5.63%, 09/15/17		1,150,000		1,188,114
Series A, 6.75%, 03/15/32		867,000		911,228
6.15%, 08/07/37		750,000		736,210
6.38%, 11/15/67 (a)		700,000		607,250
Goldman Sachs Capital I, 6.35%, 02/15/34		900,000		852,556
Goldman Sachs Capital II, 5.79%, 12/31/49 (a)(c)		400,000		297,500
JPMorgan Chase & Co.
2.63%, 12/01/10		4,880,000		4,979,425
4.50%, 11/15/10		328,000		340,379
4.60%, 01/17/11		410,000		421,634
6.63%, 03/15/12		447,000		487,576
3.70%, 01/20/15		605,000		607,808
4.75%, 03/01/15		176,000		184,012
5.15%, 10/01/15		349,000		368,527
JPMorgan Chase Bank NA
Series AI, 5.88%, 06/13/16		308,000		325,999
6.00%, 07/05/17		1,030,000		1,093,659
6.00%, 10/01/17		750,000		798,849
JPMorgan Chase Capital XXV, Series Y, 6.80%, 10/01/37		3,060,000		3,008,684
National Rural Utilities Cooperative Finance Corp.
4.75%, 03/01/14		226,000		240,608
5.45%, 04/10/17		400,000		422,683
Series C, 8.00%, 03/01/32		111,000		130,662
Nissan Motor Acceptance Corp., 4.63%, 03/08/10 (b)		113,000		112,868
Principal Life Global Funding I
6.25%, 02/15/12 (b)		150,000		157,065
5.25%, 01/15/13 (b)		615,000		626,738
State Street Capital Trust III, 8.25%, 03/15/42 (a)		140,000		141,208
TIAA Global Markets, Inc., 4.95%, 07/15/13 (b)		600,000		634,936
UFJ Finance Aruba AEC, 6.75%, 07/15/13		246,000		272,557

				40,446,450



Diversified Telecommunication Services 1.2%
Ameritech Capital Funding Corp., 6.45%, 01/15/18		62,000		67,127
AT&T, Inc.
5.30%, 11/15/10		267,000		278,986
6.25%, 03/15/11		330,000		351,072
5.88%, 08/15/12		295,000		323,991
5.10%, 09/15/14		597,000		643,814
5.63%, 06/15/16		205,000		223,039
5.50%, 02/01/18		505,000		530,121
6.15%, 09/15/34		814,000		820,558
BellSouth Corp.
6.00%, 10/15/11		583,000		631,383
5.20%, 09/15/14		349,000		377,108
6.55%, 06/15/34		123,000		128,611

2009 Annual Report 13

Statement of Investments (Continued)

October 31, 2009

Nationwide Bond Index Fund (Continued)


Corporate Bonds (continued)
		Principal Amount		Market Value


Diversified Telecommunication Services (continued)

British Telecommunications PLC, 9.63%, 12/15/30	$	391,000	$	491,251
Deutsche Telekom International Finance BV
5.25%, 07/22/13		513,000		548,826
5.75%, 03/23/16		273,000		291,089
8.75%, 06/15/30		256,000		330,070
Embarq Corp., 7.08%, 06/01/16		92,000		100,506
France Telecom SA
7.75%, 03/01/11		167,000		180,519
8.50%, 03/01/31		283,000		387,197
GTE Corp.
6.84%, 04/15/18		144,000		155,962
6.94%, 04/15/28		103,000		107,418
Telecom Italia Capital SA
6.20%, 07/18/11		144,000		153,207
4.95%, 09/30/14		205,000		212,766
5.25%, 10/01/15		730,000		756,603
6.00%, 09/30/34		160,000		153,298
Telefonica Emisiones SAU, 6.42%, 06/20/16		1,080,000		1,198,210
Telefonos de Mexico SAB de CV, 5.50%, 01/27/15		164,000		170,171
Verizon Communications, Inc.
4.90%, 09/15/15		410,000		437,062
8.75%, 11/01/18		600,000		749,377
6.35%, 04/01/19		100,000		110,963
5.85%, 09/15/35		82,000		81,928
Verizon Global Funding Corp.
6.88%, 06/15/12		205,000		228,875
7.38%, 09/01/12		363,000		412,986
4.38%, 06/01/13		256,000		270,704
7.75%, 12/01/30		810,000		968,805

				12,873,603



Electric Utilities 1.5%
Alabama Power Co., 5.70%, 02/15/33		276,000		287,396
American Electric Power Co., Inc., 5.25%, 06/01/15		133,000		139,610
Appalachian Power Co., Series L, 5.80%, 10/01/35		144,000		139,567
Arizona Public Service Co., 5.50%, 09/01/35		150,000		133,279
Baltimore Gas & Electric Co., 5.90%, 10/01/16		615,000		652,789
Cleveland Electric Illuminating Co. (The), 5.50%, 08/15/24		200,000		204,624
Commonwealth Edison Co.
Series 98, 6.15%, 03/15/12		82,000		89,299
6.15%, 09/15/17		750,000		828,955
Consolidated Edison Co. of New York, Inc.
Series 02-B, 4.88%, 02/01/13		86,000		91,325
Series 05-C, 5.38%, 12/15/15		123,000		133,552
Series 03-A, 5.88%, 04/01/33		82,000		84,526
Dominion Resources, Inc.
5.70%, 09/17/12		113,000		123,573
5.20%, 08/15/19		100,000		103,544
Series E, 6.30%, 03/15/33		308,000		330,178
Series B, 5.95%, 06/15/35		174,000		180,144
DTE Energy Co., 6.35%, 06/01/16		287,000		299,618
Duke Energy Carolinas LLC, 6.25%, 01/15/12		970,000		1,054,650
Duke Energy Corp., 5.05%, 09/15/19		600,000		604,974
Duke Energy Ohio, Inc.
5.70%, 09/15/12		29,000		31,750
Series A, 5.40%, 06/15/33		51,000		45,763
Entergy Gulf States, Inc., 5.25%, 08/01/15		123,000		122,750
Entergy Mississippi, Inc., 5.15%, 02/01/13		201,000		207,090
Exelon Corp.
4.90%, 06/15/15		287,000		297,829
5.63%, 06/15/35		414,000		391,925
FirstEnergy Corp., Series C, 7.38%, 11/15/31		287,000		318,491
Florida Power & Light Co.
4.85%, 02/01/13		103,000		110,525
5.85%, 02/01/33		70,000		74,753
5.95%, 10/01/33		53,000		57,742
5.40%, 09/01/35		90,000		92,070
5.65%, 02/01/37		200,000		211,326
Florida Power Corp., 5.90%, 03/01/33		247,000		262,027
Georgia Power Co., Series K, 5.13%, 11/15/12		74,000		80,063
Metropolitan Edison Co., 4.88%, 04/01/14		164,000		171,163
MidAmerican Energy Co., 5.80%, 10/15/36		200,000		210,229
Midamerican Energy Holdings Co.
5.88%, 10/01/12		841,000		917,401
5.75%, 04/01/18		750,000		801,886
New York State Electric & Gas Corp., 5.75%, 05/01/23		41,000		39,540
Ohio Power Co.
Series K, 6.00%, 06/01/16		349,000		375,577
Series G, 6.60%, 02/15/33		164,000		174,401
Oncor Electric Delivery Co.
6.38%, 05/01/12		383,000		416,117

14 Annual Report 2009


Corporate Bonds (continued)
		Principal Amount		Market Value


Electric Utilities (continued)

6.38%, 01/15/15	$	308,000	$	340,644
Pacific Gas & Electric Co.
4.80%, 03/01/14		328,000		349,176
5.80%, 03/01/37		150,000		158,819
6.25%, 03/01/39		300,000		337,969
PacifiCorp, 5.25%, 06/15/35		123,000		122,375
Pepco Holdings, Inc.
6.45%, 08/15/12		74,000		79,508
7.45%, 08/15/32		82,000		85,813
Progress Energy, Inc.
7.10%, 03/01/11		85,000		90,232
7.75%, 03/01/31		164,000		203,152
PSEG Power LLC
6.95%, 06/01/12		51,000		56,275
5.50%, 12/01/15		287,000		307,782
Public Service Co. of Colorado, Series 15, 5.50%, 04/01/14		174,000		190,785
Public Service Electric & Gas Co., Series B, 5.13%, 09/01/12		135,000		145,715
Puget Sound Energy, Inc., Series A, 5.48%, 06/01/35		103,000		97,542
SCANA Corp.
6.88%, 05/15/11		359,000		383,552
6.25%, 02/01/12		103,000		109,945
Scottish Power Ltd., 5.81%, 03/15/25		82,000		83,026
Southern California Edison Co.
6.00%, 01/15/34		123,000		135,797
Series 05-B, 5.55%, 01/15/36		164,000		171,282
Southern Power Co., Series B, 6.25%, 07/15/12		174,000		190,861
SPI Electricity & Gas Australia Holdings Pty Ltd., 6.15%, 11/15/13 (b)		131,000		138,198
Virginia Electric and Power Co.
Series A, 5.40%, 01/15/16		103,000		109,146
5.95%, 09/15/17		750,000		825,900
Westar Energy, Inc., 6.00%, 07/01/14		185,000		200,253
Wisconsin Electric Power Co., 5.63%, 05/15/33		41,000		42,576
Xcel Energy, Inc.
5.61%, 04/01/17		173,000		183,979
6.50%, 07/01/36		123,000		133,962

				16,166,285



Energy Equipment & Services 0.5%
Anadarko Finance Co.
Series B, 6.75%, 05/01/11		82,000		87,433
Series B, 7.50%, 05/01/31		207,000		228,487
Anadarko Petroleum Corp., 6.45%, 09/15/36		269,000		279,880
Apache Corp.
6.25%, 04/15/12		160,000		176,055
7.63%, 07/01/19		41,000		50,221
Apache Finance Canada Corp., 4.38%, 05/15/15		238,000		249,258
Conoco Funding Co., 6.35%, 10/15/11		408,000		448,523
ConocoPhillips
4.75%, 10/15/12		270,000		290,324
4.60%, 01/15/15		450,000		482,725
5.90%, 10/15/32		123,000		128,217
6.50%, 02/01/39		300,000		335,784
ConocoPhillips Australia Funding Co., 5.50%, 04/15/13		226,000		246,701
Devon Energy Corp., 7.95%, 04/15/32		250,000		312,936
Devon Financing Corp. ULC, 6.88%, 09/30/11		297,000		323,922
EOG Resources, Inc., 5.63%, 06/01/19		130,000		141,884
Halliburton Co., 6.70%, 09/15/38		325,000		371,235
Hess Corp., 7.30%, 08/15/31		196,000		222,570
Motiva Enterprises LLC, 5.20%, 09/15/12 (b)		51,000		52,727
Nabors Industries, Inc., 5.38%, 08/15/12		29,000		29,541
Transocean, Inc., 7.50%, 04/15/31		123,000		144,428
XTO Energy, Inc.
5.30%, 06/30/15		195,000		207,985
5.65%, 04/01/16		82,000		85,644
6.38%, 06/15/38		390,000		412,065

				5,308,545



Food & Staples Retailing 0.1%
CVS Caremark Corp., 6.25%, 06/01/27		460,000		476,418
Kroger Co. (The)
6.20%, 06/15/12		164,000		178,538
7.50%, 04/01/31		178,000		215,813
Safeway, Inc.
6.50%, 03/01/11		89,000		94,305
5.80%, 08/15/12		144,000		157,480
5.63%, 08/15/14		123,000		133,877
Sysco Corp., 5.38%, 09/21/35		74,000		75,614

				1,332,045

Food Products 0.3%
Archer-Daniels-Midland Co.
5.94%, 10/01/32		140,000		147,119

2009 Annual Report 15

Statement of Investments (Continued)

October 31, 2009

Nationwide Bond Index Fund (Continued)


Corporate Bonds (continued)
		Principal Amount		Market Value


Food Products (continued)

5.38%, 09/15/35	$	103,000	$	101,787
Bunge Ltd. Finance Corp., 5.10%, 07/15/15		62,000		61,826
Cadbury Schweppes US Finance LLC, 5.13%, 10/01/13 (b)		123,000		129,539
Campbell Soup Co., 4.88%, 10/01/13		164,000		178,209
ConAgra Foods, Inc.
6.75%, 09/15/11		7,000		7,632
7.00%, 10/01/28		154,000		166,875
General Mills, Inc., 6.00%, 02/15/12		185,000		201,321
H.J. Heinz Finance Co.
6.00%, 03/15/12		150,000		162,236
6.75%, 03/15/32		62,000		67,678
Kellogg Co., Series B, 7.45%, 04/01/31		103,000		130,212
Kraft Foods, Inc.
5.63%, 11/01/11		326,000		347,889
6.00%, 02/11/13		200,000		215,483
6.13%, 08/23/18		600,000		637,877
6.50%, 11/01/31		131,000		134,410
6.88%, 02/01/38		300,000		324,264
Sara Lee Corp., 6.25%, 09/15/11		174,000		187,833
Unilever Capital Corp.
7.13%, 11/01/10		76,000		81,019
5.90%, 11/15/32		144,000		158,549
Wm. Wrigley Jr Co., 4.65%, 07/15/15		150,000		146,250

				3,588,008



Gas Utilities 0.5%
AGL Capital Corp., 4.45%, 04/15/13		123,000		126,443
Atmos Energy Corp.
5.13%, 01/15/13		92,000		96,086
4.95%, 10/15/14		185,000		195,030
Boardwalk Pipelines LP, 5.20%, 06/01/18		62,000		58,989
CenterPoint Energy Resources Corp., Series B, 7.88%, 04/01/13		246,000		277,424
Colonial Pipeline Co., 7.63%, 04/15/32 (b)		150,000		178,139
Consolidated Natural Gas Co., Series A, 5.00%, 12/01/14		396,000		419,817
Enterprise Products Operating LLC
Series G, 5.60%, 10/15/14		656,000		702,977
6.13%, 10/15/39		215,000		215,431
Kinder Morgan Energy Partners LP
7.50%, 11/01/10		144,000		150,394
6.75%, 03/15/11		64,000		68,154
5.00%, 12/15/13		1,000,000		1,046,427
6.85%, 02/15/20		675,000		747,436
5.80%, 03/15/35		144,000		134,240
Plains All American Pipeline LP, 5.63%, 12/15/13		230,000		239,256
Southern California Gas Co., 4.80%, 10/01/12		267,000		287,545
Spectra Energy Capital LLC, 6.75%, 02/15/32 (d)		123,000		129,368
Texas Eastern Transmission LP, 7.30%, 12/01/10		500,000		522,513
Texas Gas Transmission LLC, 4.60%, 06/01/15		123,000		123,688

				5,719,357



Health Care Providers & Services 0.4%
Aetna, Inc., 6.00%, 06/15/16		650,000		695,796
Baxter International, Inc.
4.63%, 03/15/15		53,000		56,720
5.38%, 06/01/18		835,000		900,643
Covidien International Finance SA, 6.00%, 10/15/17		940,000		1,037,799
Quest Diagnostics, Inc., 5.45%, 11/01/15		376,000		397,379
UnitedHealth Group, Inc.
5.38%, 03/15/16		205,000		209,586
5.80%, 03/15/36		417,000		390,825
WellPoint, Inc.
5.00%, 12/15/14		598,000		630,365
5.25%, 01/15/16		226,000		232,147
5.95%, 12/15/34		82,000		79,502

				4,630,762



Hotels, Restaurants & Leisure 0.1%
McDonald’s Corp., 5.35%, 03/01/18		240,000		262,026
Yum! Brands, Inc.
8.88%, 04/15/11		82,000		89,351
6.88%, 11/15/37		400,000		436,237

				787,614



Household Durables 0.1%
Black & Decker Corp., 4.75%, 11/01/14		160,000		162,544
Emerson Electric Co., 6.00%, 08/15/32		57,000		62,077
Fortune Brands, Inc., 5.38%, 01/15/16		585,000		590,100
MDC Holdings, Inc., 5.50%, 05/15/13		103,000		104,101

16 Annual Report 2009


Corporate Bonds (continued)
		Principal Amount		Market Value


Household Durables (continued)

Stanley Works (The), 4.90%, 11/01/12	$	92,000	$	98,373
Toll Brothers Finance Corp., 6.88%, 11/15/12		5,000		5,277

				1,022,472

Household Products 0.1%
Kimberly-Clark Corp.
5.63%, 02/15/12		205,000		220,286
4.88%, 08/15/15		710,000		772,795

				993,081



Industrial Conglomerates 0.2%
3M Co., 5.70%, 03/15/37		235,000		259,227
Dover Corp., 4.88%, 10/15/15		156,000		171,597
General Electric Co., 5.00%, 02/01/13		946,000		1,007,361
Honeywell International, Inc.
6.13%, 11/01/11		103,000		112,329
5.40%, 03/15/16		440,000		477,900

				2,028,414



Insurance 0.9%
ACE INA Holdings, Inc., 5.88%, 06/15/14		390,000		428,653
AIG Life Holdings US, Inc., 7.50%, 07/15/25		103,000		87,156
AIG SunAmerica Global Financing X, 6.90%, 03/15/32 (b)		287,000		225,925
Allstate Corp. (The)
6.13%, 02/15/12		176,000		187,403
7.50%, 06/15/13		425,000		480,215
6.13%, 12/15/32		82,000		83,952
5.55%, 05/09/35		62,000		61,451
5.95%, 04/01/36		82,000		85,714
6.13%, 05/15/37 (a)		145,000		123,250
6.50%, 05/15/57 (a)		145,000		123,975
American International Group, Inc.
5.05%, 10/01/15		103,000		79,761
5.60%, 10/18/16		290,000		222,405
Berkshire Hathaway Finance Corp., 4.85%, 01/15/15		246,000		266,490
Chubb Corp.
6.00%, 05/11/37		225,000		243,209
6.38%, 03/29/67 (a)		300,000		272,250
Genworth Financial, Inc.
5.75%, 06/15/14		62,000		57,481
6.50%, 06/15/34		144,000		114,313
Hartford Financial Services Group, Inc.
4.75%, 03/01/14		82,000		79,257
6.10%, 10/01/41		41,000		33,364
Infinity Property & Casualty Corp., Series B, 5.50%, 02/18/14		82,000		76,973
Lincoln National Corp., 6.15%, 04/07/36		410,000		374,678
Marsh & McLennan Cos., Inc.
6.25%, 03/15/12		72,000		74,405
5.75%, 09/15/15		327,000		344,460
MetLife, Inc.
6.13%, 12/01/11		445,000		479,475
5.50%, 06/15/14		185,000		199,345
5.70%, 06/15/35		336,000		338,750
6.40%, 12/15/36		350,000		303,188
Metropolitan Life Global Funding I, 5.13%, 06/10/14 (b)		480,000		509,948
Nationwide Financial Services, Inc., 6.75%, 05/15/37		75,000		56,845
Nationwide Mutual Insurance Co., Series 144a, 5.81%, 12/15/24 (a)(b)		205,000		159,917
NLV Financial Corp., 7.50%, 08/15/33 (b)		51,000		38,626
Progressive Corp. (The)
6.25%, 12/01/32		113,000		118,920
6.70%, 06/15/37 (a)		270,000		236,506
Prudential Financial, Inc.
5.10%, 12/14/11		515,000		541,880
Series B, 5.10%, 09/20/14		205,000		211,197
Series B, 5.75%, 07/15/33		103,000		91,886
RLI Corp., 5.95%, 01/15/14		82,000		81,370
Travelers Cos., Inc. (The)
5.75%, 12/15/17		340,000		368,815
6.25%, 03/15/37 (a)		300,000		270,000
Travelers Property Casualty Corp., 6.38%, 03/15/33		133,000		147,747
Western & Southern Financial Group, Inc., 5.75%, 07/15/33 (b)		103,000		80,423
Willis North America, Inc., 5.63%, 07/15/15		123,000		120,872
XL Capital Ltd., 5.25%, 09/15/14		541,000		533,023

				9,015,473



Machinery 0.1%
Caterpillar, Inc.
7.30%, 05/01/31		70,000		86,382
6.05%, 08/15/36		123,000		135,354
Deere & Co.
6.95%, 04/25/14		400,000		469,544
8.10%, 05/15/30		400,000		521,686

				1,212,966

2009 Annual Report 17

Statement of Investments (Continued)

October 31, 2009

Nationwide Bond Index Fund (Continued)


Corporate Bonds (continued)
		Principal Amount		Market Value





Media 0.8%
CBS Corp.
5.63%, 08/15/12	$	310,000	$	321,538
7.88%, 07/30/30		55,000		54,684
5.50%, 05/15/33		82,000		64,449
Comcast Corp.
7.05%, 03/15/33		205,000		222,436
6.50%, 11/15/35		70,000		72,454
Historic TW, Inc., 6.88%, 06/15/18		122,000		135,035
News America Holdings, Inc.
9.25%, 02/01/13		82,000		96,195
8.00%, 10/17/16		82,000		95,896
News America, Inc.
5.30%, 12/15/14		433,000		469,952
7.28%, 06/30/28		53,000		54,656
6.55%, 03/15/33		450,000		452,839
6.20%, 12/15/34		170,000		166,831
Omnicom Group, Inc., 5.90%, 04/15/16		123,000		128,093
Time Warner Cable, Inc.
6.20%, 07/01/13		500,000		547,769
6.75%, 07/01/18		415,000		456,859
8.25%, 04/01/19		900,000		1,082,623
6.75%, 06/15/39		500,000		529,560
Time Warner, Inc.
6.88%, 05/01/12		384,000		422,381
7.63%, 04/15/31		773,000		864,521
7.70%, 05/01/32		648,000		732,080
Viacom, Inc.
6.25%, 04/30/16		351,000		381,286
6.88%, 04/30/36		226,000		238,534
Walt Disney Co. (The)
Series B, 6.38%, 03/01/12		97,000		106,969
Series B, 6.20%, 06/20/14		687,000		780,984

				8,478,624



Metals & Mining 0.3%
Alcoa, Inc., 5.87%, 02/23/22		335,000		309,532
ArcelorMittal, 6.13%, 06/01/18		415,000		409,896
Barrick Gold Finance Co., 4.88%, 11/15/14		1,060,000		1,128,067
BHP Billiton Finance USA Ltd., 5.25%, 12/15/15		225,000		245,526
Newmont Mining Corp., 5.88%, 04/01/35		164,000		153,395
Placer Dome, Inc., 6.38%, 03/01/33		96,000		102,539
Rio Tinto Alcan, Inc.
6.45%, 03/15/11		31,000		32,659
5.00%, 06/01/15		205,000		209,037
5.75%, 06/01/35		144,000		138,587
Vale Overseas Ltd., 6.88%, 11/21/36		556,000		559,392

				3,288,630

Multiline Retail 0.4%
Costco Wholesale Corp., 5.50%, 03/15/17		475,000		518,397
Target Corp.
10.00%, 01/01/11		46,000		49,301
6.00%, 01/15/18		300,000		336,752
7.00%, 07/15/31		121,000		136,242
6.35%, 11/01/32		217,000		235,236
Wal-Mart Stores, Inc.
4.13%, 02/15/11		267,000		277,363
5.00%, 04/05/12		1,300,000		1,404,233
3.20%, 05/15/14		500,000		512,363
7.55%, 02/15/30		82,000		105,533
5.25%, 09/01/35		492,000		488,522

				4,063,942



Oil, Gas & Consumable Fuels 0.4%
Canadian Natural Resources Ltd., 6.25%, 03/15/38		660,000		698,553
Chevron Corp., 3.95%, 03/03/14		415,000		437,097
Marathon Oil Corp., 6.80%, 03/15/32		82,000		86,165
Murphy Oil Corp., 6.38%, 05/01/12		41,000		43,546
Occidental Petroleum Corp.
6.75%, 01/15/12		185,000		204,449
7.00%, 11/01/13		250,000		289,909
Pemex Project Funding Master Trust, 6.63%, 06/15/35		226,000		220,782
PTT PCL, 5.88%, 08/03/35 (b)		123,000		118,704
Shell International Finance BV, 6.38%, 12/15/38		290,000		336,643
Valero Energy Corp.
6.88%, 04/15/12		260,000		283,284
7.50%, 04/15/32		82,000		81,205
6.63%, 06/15/37		320,000		293,757
Williams Cos., Inc. (The), 8.75%, 01/15/20		600,000		687,716
XTO Energy, Inc., 6.50%, 12/15/18		140,000		155,863

				3,937,673



Paper & Forest Products 0.0%
Celulosa Arauco y Constitucion SA, 5.13%, 07/09/13		123,000		125,828

18 Annual Report 2009


Corporate Bonds (continued)
		Principal Amount		Market Value


Paper & Forest Products (continued)

International Paper Co.
5.85%, 10/30/12	$	30,000	$	30,758
5.30%, 04/01/15		144,000		146,589
Inversiones CMPC SA, 4.88%, 06/18/13 (b)		123,000		124,770

				427,945



Personal Products 0.1%
Procter & Gamble Co. (The)
4.85%, 12/15/15		123,000		135,686
5.80%, 08/15/34		405,000		440,384

				576,070



Pharmaceuticals 1.0%
Abbott Laboratories
5.88%, 05/15/16		334,000		374,092
6.00%, 04/01/39		300,000		330,618
AstraZeneca PLC
5.40%, 06/01/14		155,000		170,517
5.90%, 09/15/17		300,000		336,355
6.45%, 09/15/37		140,000		162,478
Bristol-Myers Squibb Co., 5.25%, 08/15/13		825,000		898,635
Eli Lilly & Co.
6.00%, 03/15/12		205,000		226,030
5.20%, 03/15/17		800,000		855,974
7.13%, 06/01/25		82,000		98,001
GlaxoSmithKline Capital, Inc.
4.85%, 05/15/13		1,500,000		1,617,636
5.65%, 05/15/18		940,000		1,034,740
5.38%, 04/15/34		139,000		138,153
Johnson & Johnson, 4.95%, 05/15/33		537,000		537,733
Merck & Co., Inc.
4.75%, 03/01/15		396,000		429,247
6.40%, 03/01/28		51,000		58,389
5.95%, 12/01/28		113,000		124,055
Novartis Securities Investment Ltd., 5.13%, 02/10/19		330,000		351,333
Pfizer, Inc.
4.65%, 03/01/18		185,000		191,841
7.20%, 03/15/39		375,000		471,200
Pharmacia Corp., 6.60%, 12/01/28		123,000		137,298
Schering-Plough Corp., 5.55%, 12/01/13		800,000		879,649
Teva Pharmaceutical Finance LLC, 6.15%, 02/01/36		98,000		102,774
Wyeth
5.50%, 02/01/14		472,000		517,266
5.50%, 02/15/16		241,000		262,223
6.50%, 02/01/34		144,000		166,547

				10,472,784

Real Estate Investment Trusts (REITs) 0.3%
AvalonBay Communities, Inc., 6.63%, 09/15/11		28,000		29,859
Boston Properties LP, 5.00%, 06/01/15		360,000		358,187
Camden Property Trust, 5.00%, 06/15/15		103,000		100,037
ERP Operating LP
5.25%, 09/15/14		278,000		283,517
5.38%, 08/01/16		205,000		203,019
HCP, Inc.
6.45%, 06/25/12		39,000		40,283
6.00%, 01/30/17		328,000		316,847
Health Care REIT, Inc., 6.00%, 11/15/13		123,000		121,554
Hospitality Properties Trust, 6.75%, 02/15/13		525,000		520,376
HRPT Properties Trust, 5.75%, 02/15/14		123,000		120,994
Liberty Property LP, 7.25%, 03/15/11		27,000		27,983
Simon Property Group LP
5.10%, 06/15/15		294,000		295,290
6.10%, 05/01/16		287,000		298,342
Vornado Realty LP, 5.60%, 02/15/11		144,000		146,348
Washington Real Estate Investment Trust, 5.25%, 01/15/14		82,000		78,912
Westfield Capital Corp. Ltd., 5.13%, 11/15/14 (b)		107,000		106,511

				3,048,059



Road & Rail 0.3%
Burlington Northern Santa Fe Corp., 7.95%, 08/15/30		144,000		182,318
CSX Corp.
6.75%, 03/15/11		92,000		97,881
5.50%, 08/01/13		308,000		330,361
Norfolk Southern Corp.
6.75%, 02/15/11		371,000		394,632
5.59%, 05/17/25		59,000		59,453
7.25%, 02/15/31		87,000		104,796
Union Pacific Corp.
5.13%, 02/15/14		1,000,000		1,072,614
5.38%, 06/01/33		43,000		41,782
6.25%, 05/01/34		164,000		177,309

2009 Annual Report 19

Statement of Investments (Continued)

October 31, 2009

Nationwide Bond Index Fund (Continued)


Corporate Bonds (continued)
		Principal Amount		Market Value


Road & Rail (continued)

United Parcel Service of America, Inc.
8.38%, 04/01/20	$	82,000	$	107,850
8.38%, 04/01/30 (e)		123,000		156,921
United Parcel Service, Inc., 6.20%, 01/15/38		205,000		231,174

				2,957,091

Software 0.2%
Microsoft Corp., 2.95%, 06/01/14		300,000		304,368
Oracle Corp.
3.75%, 07/08/14		905,000		940,810
5.25%, 01/15/16		548,000		595,352
5.00%, 07/08/19		100,000		105,407

				1,945,937



Specialty Retail 0.1%
Home Depot, Inc.
5.25%, 12/16/13		200,000		214,174
5.40%, 03/01/16		410,000		432,690
Lowe’s Cos., Inc., 6.50%, 03/15/29		164,000		182,671

				829,535



Supranational 0.4%
Svensk Exportkredit AB, 4.88%, 09/29/11		4,101,000		4,369,123



Thrifts & Mortgage Finance 0.1%
Countrywide Home Loans, Inc., Series L, 4.00%, 03/22/11		494,000		503,562
Golden West Financial Corp., 4.75%, 10/01/12		109,000		114,441

				618,003



Tobacco 0.2%
Altria Group, Inc.
9.70%, 11/10/18		600,000		738,700
9.25%, 08/06/19		400,000		484,962
10.20%, 02/06/39		420,000		559,857
Philip Morris International, Inc.
5.65%, 05/16/18		300,000		322,677
6.38%, 05/16/38		150,000		169,020

				2,275,216



Wireless Telecommunication Services 0.3%
America Movil SAB de CV
5.75%, 01/15/15		155,000		165,142
6.38%, 03/01/35		123,000		125,623
AT&T Mobility LLC, 7.13%, 12/15/31		287,000		328,693
New Cingular Wireless Services, Inc.
8.13%, 05/01/12		31,000		35,421
8.75%, 03/01/31		224,000		295,366
Rogers Communications, Inc., 7.25%, 12/15/12		540,000		612,713
Vodafone Group PLC
5.00%, 12/16/13		461,000		492,954
4.15%, 06/10/14		530,000		548,174
7.88%, 02/15/30		144,000		175,682
6.15%, 02/27/37		75,000		79,898

				2,859,666


Total Corporate Bonds (cost $205,262,452)				214,752,104



Municipal Bonds 0.3%


New Jersey 0.0%
New Jersey State Turnpike Authority, Series F,7.41%, 01/01/40		210,000		250,532



New York 0.1%
Metropolitan Transportation Authority, Series C,7.34%, 11/15/39		105,000		126,394
Port Authority of New York & New Jersey, 6.04%, 12/01/29		460,000		481,459

				607,853



Illinois 0.1%
State of Illinois, Series 2003 ,5.10%, 06/01/33		1,460,000		1,325,957



California 0.0%
State of California, Series 2009 ,7.55%, 04/01/39		420,000		436,351



Texas 0.1%
City of Dallas, 5.50%, 02/15/24 (e)		492,000		492,925


Total Municipal Bonds (cost $3,082,421)				3,113,618



U.S. Government Mortgage Backed Agencies 38.6%

Fannie Mae Pool
Pool# 961563
5.00%, 02/01/23		1,300,000		1,371,616

20 Annual Report 2009


U.S. Government Mortgage Backed Agencies (continued)
		Principal Amount		Market Value



Pool# 969977
5.00%, 05/01/23	$	7,673,208	$	8,095,919
Pool# 990972
6.00%, 09/01/23		768,156		823,915
Pool# AA2549
4.00%, 04/01/24		7,371,121		7,517,432
Pool# 935348
5.50%, 06/01/24		491,727		523,454
Pool# AC1374
4.00%, 08/01/24		800,000		815,879
Pool# AC1529
4.50%, 09/01/24		590,485		614,385
Pool# AC5377
4.50%, 10/01/24		1,400,000		1,456,664
Pool# 560868
7.50%, 02/01/31		2,646		2,997
Pool# 607212
7.50%, 10/01/31		48,674		55,137
Pool# 607559
6.50%, 11/01/31		1,681		1,823
Pool# 607632
6.50%, 11/01/31		305		331
Pool# 661664
7.50%, 09/01/32		53,894		60,873
Pool# 656559
6.50%, 02/01/33		150,753		163,358
Pool# 694846
6.50%, 04/01/33		24,277		26,094
Pool# 555421
5.00%, 05/01/33		24,486,358		25,484,415
Pool# 254767
5.50%, 06/01/33		7,603,375		8,013,364
Pool# 750229
6.50%, 10/01/33		135,383		145,517
Pool# 725424
5.50%, 04/01/34		9,352,351		9,856,649
Pool# 788027
6.50%, 09/01/34		109,168		117,852
Pool# 735141
5.50%, 01/01/35		4,904,986		5,169,473
Pool# 256023
6.00%, 12/01/35		3,877,871		4,124,080
Pool# 888596
6.50%, 07/01/37		9,962,288		10,709,620
Pool# 995050
6.00%, 09/01/37		38,746,030		41,206,055
Pool# 955194
7.00%, 11/01/37		3,389,046		3,703,512
Pool# 889072
6.50%, 12/01/37		1,700,000		1,827,528
Pool# 970320
5.50%, 02/01/38		7,100,000		7,483,959
Pool# AA6013
4.50%, 05/01/39		8,433,552		8,548,332
Pool# 190396
4.50%, 06/01/39		8,914,363		9,035,686
Pool# AA9611
4.00%, 07/01/39		4,495,539		4,440,992
Pool# AA9809
4.50%, 07/01/39		11,022,980		11,173,001
Pool# 994002
4.00%, 08/01/39		3,689,614		3,644,845
Pool# AC1454
4.00%, 08/01/39		4,991,652		4,931,085
Pool# AC3486
4.50%, 08/01/39		5,969,897		6,051,744
Pool# AC2651
4.00%, 10/01/39		1,100,000		1,086,653
5.50%, 11/25/39		4,800,000		5,052,000

				193,336,239

Fannie Mae Pool TBA Pool# 14828, 5.50%, 11/25/24		22,000,000		23,381,864

Freddie Mac Gold Pool
Pool# E00394
7.50%, 09/01/10		3,264		3,360
Pool# M80898
4.50%, 02/01/11		173,603		180,911
Pool# M80904
4.50%, 03/01/11		118,063		121,746
Pool# M80917
4.50%, 05/01/11		28,754		29,271
Pool# M80926
4.50%, 07/01/11		103,103		106,906
Pool# M80934
4.50%, 08/01/11		139,318		143,664
Pool# G10940
6.50%, 11/01/11		2,416		2,485
Pool# G11130
6.00%, 12/01/11		19,137		19,844
Pool# M80981
4.50%, 07/01/12		61,966		63,933
Pool# E00507
7.50%, 09/01/12		908		964
Pool# G10749
6.00%, 10/01/12		21,896		23,490
Pool# M81009
4.50%, 02/01/13		66,523		68,598
Pool# E69050
6.00%, 02/01/13		16,861		18,105
Pool# E72896
7.00%, 10/01/13		5,591		5,951
Pool# G11612
6.00%, 04/01/14		9,942		10,292
Pool# E00677
6.00%, 06/01/14		39,905		42,222

2009 Annual Report 21

Statement of Investments (Continued)

October 31, 2009

Nationwide Bond Index Fund (Continued)


U.S. Government Mortgage Backed Agencies (continued)
		Principal Amount		Market Value



Pool# E00802
7.50%, 02/01/15	$	22,724	$	24,676
Pool# G11001
6.50%, 03/01/15		14,444		15,515
Pool# G11003
7.50%, 04/01/15		1,122		1,218
Pool# G11164
7.00%, 05/01/15		3,597		3,874
Pool# E81396
7.00%, 10/01/15		843		910
Pool# E81394
7.50%, 10/01/15		6,883		7,482
Pool# E84097
6.50%, 12/01/15		2,556		2,745
Pool# E00938
7.00%, 01/01/16		10,527		11,363
Pool# E82132
7.00%, 01/01/16		1,755		1,894
Pool# E82815
6.00%, 03/01/16		6,648		7,151
Pool# E83231
6.00%, 04/01/16		2,096		2,263
Pool# E83233
6.00%, 04/01/16		6,015		6,492
Pool# G11972
6.00%, 04/01/16		118,005		126,928
Pool# E83046
7.00%, 04/01/16		1,175		1,268
Pool# E00975
6.00%, 05/01/16		29,873		32,064
Pool# E83355
6.00%, 05/01/16		7,672		8,280
Pool# E83636
6.00%, 05/01/16		12,727		13,737
Pool# E83933
6.50%, 05/01/16		507		547
Pool# E00985
6.00%, 06/01/16		16,193		17,384
Pool# E00987
6.50%, 06/01/16		14,036		15,078
Pool# E84236
6.50%, 06/01/16		3,894		4,205
Pool# E00996
6.50%, 07/01/16		1,834		1,971
Pool# E84912
6.50%, 08/01/16		7,514		8,113
Pool# E85117
6.50%, 08/01/16		5,002		5,401
Pool# E85387
6.00%, 09/01/16		13,913		15,017
Pool# E85800
6.50%, 10/01/16		3,687		3,981
Pool# E86183
6.00%, 11/01/16		2,623		2,831
Pool# E01083
7.00%, 11/01/16		3,750		4,050
Pool# G11207
7.00%, 11/01/16		9,368		10,114
Pool# E86746
5.50%, 12/01/16		39,427		42,014
Pool# E86533
6.00%, 12/01/16		5,588		6,031
Pool# E01095
6.00%, 01/01/17		6,896		7,414
Pool# E87584
6.00%, 01/01/17		5,345		5,769
Pool# E86995
6.50%, 01/01/17		12,933		13,964
Pool# E87291
6.50%, 01/01/17		21,716		23,447
Pool# E87446
6.50%, 01/01/17		3,654		3,935
Pool# E88076
6.00%, 02/01/17		6,639		7,162
Pool# E01127
6.50%, 02/01/17		11,045		11,920
Pool# E88055
6.50%, 02/01/17		39,120		42,130
Pool# E88106
6.50%, 02/01/17		21,712		23,382
Pool# E01137
6.00%, 03/01/17		10,294		11,073
Pool# E88134
6.00%, 03/01/17		2,076		2,240
Pool# E88474
6.00%, 03/01/17		9,730		10,497
Pool# E88768
6.00%, 03/01/17		22,399		24,177
Pool# E01138
6.50%, 03/01/17		6,041		6,523
Pool# E01139
6.00%, 04/01/17		47,451		51,044
Pool# E88729
6.00%, 04/01/17		8,260		8,910
Pool# E89149
6.00%, 04/01/17		13,479		14,541
Pool# E89151
6.00%, 04/01/17		8,848		9,544
Pool# E89217
6.00%, 04/01/17		7,801		8,415
Pool# E89222
6.00%, 04/01/17		46,206		49,844
Pool# E89347
6.00%, 04/01/17		2,910		3,139
Pool# E89496
6.00%, 04/01/17		8,899		9,600
Pool# E89203
6.50%, 04/01/17		4,890		5,266

22 Annual Report 2009


U.S. Government Mortgage Backed Agencies (continued)
		Principal Amount		Market Value



Pool# E01140
6.00%, 05/01/17	$	40,899	$	43,996
Pool# E89530
6.00%, 05/01/17		30,270		32,653
Pool# E89746
6.00%, 05/01/17		69,620		75,102
Pool# E89788
6.00%, 05/01/17		6,798		7,333
Pool# E89909
6.00%, 05/01/17		10,367		11,183
Pool# G11409
6.00%, 05/01/17		63,832		68,898
Pool# E01156
6.50%, 05/01/17		16,687		18,008
Pool# E89924
6.50%, 05/01/17		36,970		39,814
Pool# B15071
6.00%, 06/01/17		150,637		162,593
Pool# E01157
6.00%, 06/01/17		28,991		31,189
Pool# E90194
6.00%, 06/01/17		7,902		8,525
Pool# E90227
6.00%, 06/01/17		7,100		7,659
Pool# E90313
6.00%, 06/01/17		3,508		3,784
Pool# E90591
5.50%, 07/01/17		42,344		45,692
Pool# E90594
6.00%, 07/01/17		27,258		29,404
Pool# E90645
6.00%, 07/01/17		44,526		48,032
Pool# E90667
6.00%, 07/01/17		8,001		8,631
Pool# E01186
5.50%, 08/01/17		92,199		99,049
Pool# E01205
6.50%, 08/01/17		13,046		14,073
Pool# G11295
5.50%, 09/01/17		61,078		65,906
Pool# G11458
6.00%, 09/01/17		19,112		20,539
Pool# G11434
6.50%, 01/01/18		17,960		19,393
Pool# E01311
5.50%, 02/01/18		1,032,459		1,111,570
Pool# G11399
5.50%, 04/01/18		87,808		94,475
Pool# B10210
5.50%, 10/01/18		186,627		201,263
Pool# B10653
5.50%, 11/01/18		124,022		133,749
Pool# B11548
5.50%, 12/01/18		69,976		74,567
Pool# G11531
5.50%, 02/01/19		41,631		44,896
Pool# B12908
5.50%, 03/01/19		65,901		70,781
Pool# E01604
5.50%, 03/01/19		78,809		83,980
Pool# B13430
5.50%, 04/01/19		63,773		68,495
Pool# B13600
5.50%, 04/01/19		55,498		59,608
Pool# B15396
5.50%, 06/01/19		86,949		93,387
Pool# G18007
6.00%, 07/01/19		37,937		40,818
Pool# G18006
5.50%, 08/01/19		70,906		76,156
Pool# B16087
6.00%, 08/01/19		62,417		67,156
Pool# G18022
5.50%, 11/01/19		153,780		165,168
Pool# B14288
5.50%, 12/01/19		80,837		86,824
Pool# B18437
5.50%, 05/01/20		71,848		76,742
Pool# G18062
6.00%, 06/01/20		65,659		70,624
Pool# J02325
5.50%, 07/01/20		114,674		122,485
Pool# J00718
5.00%, 12/01/20		674,928		718,485
Pool# J00935
5.00%, 12/01/20		78,169		83,214
Pool# J00854
5.00%, 01/01/21		392,333		417,653
Pool# J00871
5.00%, 01/01/21		158,964		169,223
Pool# J01049
5.00%, 01/01/21		1,357,003		1,444,580
Pool# G18096
5.50%, 01/01/21		54,501		58,077
Pool# J00855
5.50%, 01/01/21		159,861		170,750
Pool# J01189
5.00%, 02/01/21		94,692		100,418
Pool# J01279
5.50%, 02/01/21		131,510		140,262
Pool# J01256
5.00%, 03/01/21		82,816		87,825
Pool# J01414
5.00%, 03/01/21		70,727		75,004
Pool# J01576
5.00%, 04/01/21		379,539		402,491
Pool# J01570
5.50%, 04/01/21		90,249		96,170

2009 Annual Report 23

Statement of Investments (Continued)

October 31, 2009

Nationwide Bond Index Fund (Continued)


U.S. Government Mortgage Backed Agencies (continued)
		Principal Amount		Market Value



Pool# J01633
5.50%, 04/01/21	$	377,623	$	402,754
Pool# J01757
5.00%, 05/01/21		158,394		167,972
Pool# J01771
5.00%, 05/01/21		105,561		111,944
Pool# J01833
5.00%, 05/01/21		71,301		75,613
Pool# J01879
5.00%, 05/01/21		111,235		117,961
Pool# J06015
5.00%, 05/01/21		152,686		161,920
Pool# J05950
5.50%, 05/01/21		395,782		422,121
Pool# G18122
5.00%, 06/01/21		118,740		125,920
Pool# G18123
5.50%, 06/01/21		193,921		206,827
Pool# J01980
6.00%, 06/01/21		87,706		94,091
Pool# J03074
5.00%, 07/01/21		114,723		121,661
Pool# J03028
5.50%, 07/01/21		76,031		81,091
Pool# G12245
6.00%, 07/01/21		74,872		80,323
Pool# G12310
5.50%, 08/01/21		56,050		59,780
Pool# G12348
6.00%, 08/01/21		128,990		138,380
Pool# G12412
5.50%, 11/01/21		74,429		79,383
Pool# C00351
8.00%, 07/01/24		1,404		1,599
4.50%, 11/15/24		12,900,000		13,395,850
Pool# D60780
8.00%, 06/01/25		3,430		3,905
Pool# D64617
8.00%, 10/01/25		13,282		15,106
Pool# D82854
7.00%, 10/01/27		3,339		3,691
Pool# C00566
7.50%, 12/01/27		5,492		6,207
Pool# C00678
7.00%, 11/01/28		8,366		9,241
Pool# C18271
7.00%, 11/01/28		4,919		5,433
Pool# C00836
7.00%, 07/01/29		3,210		3,539
Pool# A16201
7.00%, 08/01/29		15,494		17,080
Pool# C31282
7.00%, 09/01/29		707		779
Pool# C31285
7.00%, 09/01/29		8,362		9,217
Pool# A18212
7.00%, 11/01/29		136,107		150,040
Pool# C32914
8.00%, 11/01/29		4,075		4,636
Pool# C37436
8.00%, 01/01/30		5,036		5,729
Pool# C36306
7.00%, 02/01/30		4,030		4,444
Pool# C36429
7.00%, 02/01/30		4,297		4,738
Pool# C00921
7.50%, 02/01/30		4,425		4,988
Pool# G01108
7.00%, 04/01/30		2,678		2,952
Pool# C37703
7.50%, 04/01/30		3,108		3,503
Pool# C41561
8.00%, 08/01/30		1,883		2,142
Pool# C01051
8.00%, 09/01/30		8,310		9,454
Pool# C43550
7.00%, 10/01/30		7,721		8,514
Pool# C44017
7.50%, 10/01/30		700		789
Pool# C43967
8.00%, 10/01/30		34,817		39,612
Pool# C44978
7.00%, 11/01/30		1,519		1,676
Pool# C44957
8.00%, 11/01/30		5,232		5,952
Pool# C01106
7.00%, 12/01/30		41,109		45,334
Pool# C01103
7.50%, 12/01/30		3,774		4,255
Pool# C01116
7.50%, 01/01/31		3,454		3,893
Pool# C46932
7.50%, 01/01/31		6,667		7,515
Pool# C47287
7.50%, 02/01/31		5,353		6,034
Pool# C48851
7.00%, 03/01/31		6,704		7,387
Pool# G01217
7.00%, 03/01/31		37,836		41,724
Pool# C48206
7.50%, 03/01/31		3,976		4,482
Pool# C53324
7.00%, 06/01/31		8,587		9,462
Pool# C01209
8.00%, 06/01/31		2,025		2,303
Pool# C54792
7.00%, 07/01/31		45,765		50,426

24 Annual Report 2009


U.S. Government Mortgage Backed Agencies (continued)
		Principal Amount		Market Value



Pool# C55071
7.50%, 07/01/31	$	601	$	677
Pool# G01309
7.00%, 08/01/31		9,067		9,991
Pool# C01222
7.00%, 09/01/31		6,972		7,682
Pool# G01311
7.00%, 09/01/31		55,913		61,659
Pool# G01315
7.00%, 09/01/31		2,169		2,392
Pool# C58647
7.00%, 10/01/31		2,321		2,557
Pool# C58694
7.00%, 10/01/31		15,641		17,233
Pool# C60012
7.00%, 11/01/31		1,731		1,907
Pool# C61298
8.00%, 11/01/31		5,099		5,801
Pool# C61105
7.00%, 12/01/31		5,531		6,094
Pool# C01305
7.50%, 12/01/31		4,231		4,771
Pool# C62218
7.00%, 01/01/32		9,876		10,882
Pool# C63171
7.00%, 01/01/32		24,012		26,458
Pool# C64121
7.50%, 02/01/32		5,602		6,315
Pool# C01345
7.00%, 04/01/32		30,104		32,907
Pool# C66744
7.00%, 04/01/32		1,773		1,938
Pool# G01391
7.00%, 04/01/32		92,473		101,976
Pool# C65717
7.50%, 04/01/32		7,674		8,653
Pool# C01370
8.00%, 04/01/32		5,630		6,383
Pool# C66916
7.00%, 05/01/32		22,250		24,321
Pool# C67235
7.00%, 05/01/32		52,425		57,306
Pool# C67259
7.00%, 05/01/32		2,890		3,159
Pool# C01381
8.00%, 05/01/32		35,737		40,668
Pool# C68290
7.00%, 06/01/32		9,094		9,940
Pool# C68300
7.00%, 06/01/32		44,162		48,274
Pool# C68307
8.00%, 06/01/32		2,663		3,020
Pool# G01449
7.00%, 07/01/32		65,245		71,951
Pool# C68988
7.50%, 07/01/32		3,129		3,529
Pool# C69908
7.00%, 08/01/32		35,230		38,510
Pool# C70211
7.00%, 08/01/32		31,880		34,848
Pool# C71089
7.50%, 09/01/32		11,170		12,595
Pool# G01536
7.00%, 03/01/33		53,069		57,357
Pool# A16419
6.50%, 11/01/33		33,089		35,752
Pool# A16522
6.50%, 12/01/33		221,513		239,341
Pool# A17177
6.50%, 12/01/33		11,258		12,165
Pool# A17262
6.50%, 12/01/33		48,806		52,734
Pool# C01806
7.00%, 01/01/34		26,931		29,107
Pool# A21356
6.50%, 04/01/34		152,615		164,612
Pool# C01851
6.50%, 04/01/34		125,033		134,862
Pool# A22067
6.50%, 05/01/34		191,467		206,518
Pool# A24301
6.50%, 05/01/34		89,924		96,993
Pool# A24988
6.50%, 07/01/34		102,919		111,010
Pool# G01741
6.50%, 10/01/34		91,829		99,392
Pool# G08023
6.50%, 11/01/34		151,175		163,058
Pool# A33137
6.50%, 01/01/35		42,211		45,530
Pool# A31989
6.50%, 04/01/35		58,294		62,640
Pool# G08064
6.50%, 04/01/35		94,666		101,723
Pool# G01947
7.00%, 05/01/35		78,668		85,992
Pool# G01837
5.00%, 07/01/35		10,225,810		10,623,437
Pool# A37135
5.50%, 09/01/35		2,334,164		2,465,499
Pool# A46935
6.50%, 09/01/35		50,691		54,470
Pool# A38255
5.50%, 10/01/35		1,884,499		1,990,532
Pool# A38531
5.50%, 10/01/35		2,357,354		2,489,993
Pool# G08088
6.50%, 10/01/35		501,751		539,156

2009 Annual Report 25

Statement of Investments (Continued)

October 31, 2009

Nationwide Bond Index Fund (Continued)


U.S. Government Mortgage Backed Agencies (continued)
		Principal Amount		Market Value



Pool# A39759
5.50%, 11/01/35	$	138,178	$	145,953
Pool# A47682
6.50%, 11/01/35		364,126		391,271
Pool# A40376
5.50%, 12/01/35		122,526		129,420
Pool# A42305
5.50%, 01/01/36		862,944		910,285
Pool# A41548
7.00%, 01/01/36		152,112		164,609
Pool# G08111
5.50%, 02/01/36		3,105,332		3,275,690
Pool# A43672
6.50%, 02/01/36		45,536		48,902
Pool# A48303
7.00%, 02/01/36		58,236		63,003
Pool# A43452
5.50%, 03/01/36		80,284		84,688
Pool# A43861
5.50%, 03/01/36		2,403,050		2,534,881
Pool# A43884
5.50%, 03/01/36		1,701,576		1,797,317
Pool# A43885
5.50%, 03/01/36		1,398,061		1,474,758
Pool# A43886
5.50%, 03/01/36		2,224,281		2,346,305
Pool# A48378
5.50%, 03/01/36		1,158,708		1,222,275
Pool# G08116
5.50%, 03/01/36		600,639		633,590
Pool# A43534
6.50%, 03/01/36		153,431		164,773
Pool# A48735
5.50%, 05/01/36		270,602		285,447
Pool# G08136
6.50%, 06/01/36		127,393		136,810
Pool# A49960
7.00%, 06/01/36		22,725		24,586
Pool# A53039
6.50%, 10/01/36		304,114		326,594
Pool# A53219
6.50%, 10/01/36		185,066		198,747
Pool# A57803
6.50%, 02/01/37		593,997		637,907
Pool# A64982
6.50%, 08/01/37		657,911		706,406
Pool# A66192
6.50%, 09/01/37		718,680		771,654
Pool# A72132
6.50%, 01/01/38		469,996		504,640
Pool# A73421
6.50%, 02/01/38		136,280		146,326
Pool# A74187
6.50%, 02/01/38		609,828		654,779
Pool# G04251
6.50%, 04/01/38		136,597		146,666
Pool# G04473
5.50%, 06/01/38		14,194,116		14,960,916
Pool# A79540
6.50%, 07/01/38		138,694		148,917
Pool# G04569
6.50%, 08/01/38		129,175		138,697
Pool# A81341
6.00%, 09/01/38		12,985,362		13,815,177
Pool# A81998
6.50%, 09/01/38		188,634		202,538
Pool# A82297
6.50%, 10/01/38		383,553		411,825
Pool# A83464
6.50%, 11/01/38		137,246		147,362
Pool# G05232
6.50%, 12/01/38		674,013		723,695
Pool# A84168
6.50%, 01/01/39		152,587		163,835
Pool# A84252
6.50%, 01/01/39		166,907		179,193
Pool# A84287
6.50%, 01/01/39		227,241		243,991
Pool# A84584
6.50%, 02/01/39		207,420		222,709
Pool# A85442
5.00%, 03/01/39		10,110,440		10,492,523
Pool# G05459
5.50%, 05/01/39		10,340,159		10,897,725
Pool# A88133
4.50%, 08/01/39		5,382,466		5,447,310
6.00%, 08/01/39		4,899,998		5,213,127

				129,384,091

Freddie Mac Gold Pool TBA
4.50%, 11/15/39		3,500,000		3,537,187
5.00%, 12/15/39		23,000,000		23,733,125

				27,270,312

Ginnie Mae I Pool
Pool# 279461
9.00%, 11/15/19		1,678		1,903
Pool# 376510
7.00%, 05/15/24		4,720		5,201
Pool# 457801
7.00%, 08/15/28		7,441		8,224
Pool# 486936
6.50%, 02/15/29		5,213		5,639
Pool# 502969
6.00%, 03/15/29		17,781		19,079
Pool# 487053
7.00%, 03/15/29		7,968		8,811
Pool# 781014
6.00%, 04/15/29		15,256		16,380

26 Annual Report 2009


U.S. Government Mortgage Backed Agencies (continued)
		Principal Amount		Market Value



Pool# 509099
7.00%, 06/15/29	$	3,311	$	3,661
Pool# 470643
7.00%, 07/15/29		13,116		14,503
Pool# 434505
7.50%, 08/15/29		981		1,114
Pool# 416538
7.00%, 10/15/29		1,222		1,351
Pool# 524269
8.00%, 11/15/29		7,290		8,371
Pool# 781124
7.00%, 12/15/29		28,940		31,993
Pool# 525561
8.00%, 01/15/30		2,720		3,124
Pool# 507396
7.50%, 09/15/30		71,021		80,673
Pool# 531352
7.50%, 09/15/30		6,868		7,802
Pool# 536334
7.50%, 10/15/30		835		948
Pool# 540659
7.00%, 01/15/31		807		892
Pool# 486019
7.50%, 01/15/31		3,165		3,598
Pool# 535388
7.50%, 01/15/31		2,902		3,300
Pool# 537406
7.50%, 02/15/31		1,335		1,518
Pool# 528589
6.50%, 03/15/31		62,942		67,992
Pool# 508473
7.50%, 04/15/31		10,743		12,215
Pool# 544470
8.00%, 04/15/31		3,042		3,496
Pool# 781287
7.00%, 05/15/31		16,153		17,866
Pool# 549742
7.00%, 07/15/31		4,901		5,422
Pool# 781319
7.00%, 07/15/31		5,141		5,687
Pool# 485879
7.00%, 08/15/31		16,234		17,961
Pool# 572554
6.50%, 09/15/31		125,808		135,901
Pool# 555125
7.00%, 09/15/31		2,525		2,794
Pool# 781328
7.00%, 09/15/31		15,193		16,804
Pool# 550991
6.50%, 10/15/31		5,558		6,004
Pool# 571267
7.00%, 10/15/31		2,213		2,448
Pool# 547948
6.50%, 11/15/31		6,745		7,286
Pool# 574837
7.50%, 11/15/31		2,288		2,602
Pool# 555171
6.50%, 12/15/31		2,815		3,041
Pool# 781380
7.50%, 12/15/31		4,588		5,212
Pool# 781481
7.50%, 01/15/32		24,334		27,640
Pool# 580972
6.50%, 02/15/32		3,494		3,765
Pool# 781401
7.50%, 02/15/32		13,047		14,826
Pool# 781916
6.50%, 03/15/32		302,521		326,223
Pool# 552474
7.00%, 03/15/32		10,463		11,514
Pool# 781478
7.50%, 03/15/32		8,028		9,215
Pool# 781429
8.00%, 03/15/32		12,577		14,449
Pool# 781431
7.00%, 04/15/32		57,347		63,419
Pool# 568715
7.00%, 05/15/32		38,583		42,460
Pool# 552616
7.00%, 06/15/32		56,159		61,803
Pool# 570022
7.00%, 07/15/32		83,540		91,934
Pool# 583645
8.00%, 07/15/32		5,300		6,064
Pool# 595077
6.00%, 10/15/32		42,917		46,049
Pool# 596657
7.00%, 10/15/32		4,867		5,356
Pool# 552903
6.50%, 11/15/32		267,248		287,937
Pool# 552952
6.00%, 12/15/32		37,173		39,886
Pool# 588192
6.00%, 02/15/33		22,877		24,533
Pool# 602102
6.00%, 02/15/33		55,674		59,703
Pool# 553144
5.50%, 04/15/33		169,242		179,844
Pool# 604243
6.00%, 04/15/33		89,326		95,791
Pool# 611526
6.00%, 05/15/33		36,971		39,647
Pool# 631924
6.00%, 05/15/33		101,258		108,586
Pool# 553320
6.00%, 06/15/33		89,769		96,266
Pool# 572733
6.00%, 07/15/33		8,223		8,818

2009 Annual Report 27

Statement of Investments (Continued)

October 31, 2009

Nationwide Bond Index Fund (Continued)


U.S. Government Mortgage Backed Agencies (continued)
		Principal Amount		Market Value



Pool# 573916
6.00%, 11/15/33	$	75,764	$	81,247
Pool# 604788
6.50%, 11/15/33		167,754		178,958
Pool# 604875
6.00%, 12/15/33		178,474		191,390
Pool# 781688
6.00%, 12/15/33		177,854		190,821
Pool# 781690
6.00%, 12/15/33		77,063		82,689
Pool# 781699
7.00%, 12/15/33		31,230		34,552
Pool# 621856
6.00%, 01/15/34		65,810		70,408
Pool# 564799
6.00%, 03/15/34		408,468		437,007
Pool# 630038
6.50%, 08/15/34		150,236		160,176
Pool# 781804
6.00%, 09/15/34		267,145		285,654
Pool# 781847
6.00%, 12/15/34		228,343		243,986
Pool# 486921
5.50%, 02/15/35		97,719		103,596
Pool# 781902
6.00%, 02/15/35		212,692		227,154
Pool# 649454
5.50%, 09/15/35		976,380		1,035,100
Pool# 649510
5.50%, 10/15/35		1,556,543		1,650,153
Pool# 649513
5.50%, 10/15/35		2,173,751		2,304,481
Pool# 652207
5.50%, 03/15/36		1,731,721		1,833,432
Pool# 652539
5.00%, 05/15/36		142,903		148,935
Pool# 655519
5.00%, 05/15/36		305,895		318,806
Pool# 606308
5.50%, 05/15/36		289,824		306,846
Pool# 606314
5.50%, 05/15/36		130,507		138,173
Pool# 657912
6.50%, 08/15/36		85,183		90,739
Pool# 704630
5.50%, 07/15/39		390,101		412,342
Pool# 722292
5.00%, 09/15/39		5,200,000		5,414,612
Pool# 16213
5.50%, 12/15/39		2,300,000		2,416,437

				20,564,238

Ginnie Mae I Pool TBA
4.50%, 11/15/39		1,000,000		1,014,062
5.00%, 11/15/39		3,400,000		3,531,750
5.50%, 11/15/39		2,300,000		2,425,782
6.00%, 12/15/39		7,400,000		7,834,750

				14,806,344

Government National Mortgage Association
Pool# 655457
6.00%, 05/15/36		117,310		124,883
Pool# 656666
6.00%, 06/15/36		519,847		553,408

				678,291


Total U.S. Government Mortgage Backed Agencies (cost $402,221,681)				409,421,379



Sovereign Bonds 1.5%


BRAZIL 0.1%
Brazilian Government International Bond, 7.13%, 01/20/37		1,345,000		1,550,113



CANADA 0.3%
Province of British Columbia Canada, 4.30%, 05/30/13		111,000		117,633
Province of Manitoba Canada, 5.00%, 02/15/12		275,000		294,562
Province of Nova Scotia Canada, 5.13%, 01/26/17		615,000		648,460
Province of Ontario Canada
4.38%, 02/15/13		297,000		314,531
4.50%, 02/03/15 (d)		463,000		497,656
4.75%, 01/19/16		205,000		219,686
Province of Quebec Canada
4.60%, 05/26/15		246,000		263,426
7.50%, 09/15/29		402,000		525,418

				2,881,372



CHILE 0.0%
Chile Government International Bond, 5.50%, 01/15/13		123,000		138,055



CHINA 0.0%
China Government International Bond, 4.75%, 10/29/13		205,000		220,066	��



ITALY 0.2%
Italian Republic
4.38%, 06/15/13 (d)		390,000		415,262
4.50%, 01/21/15		652,000		692,088
4.75%, 01/25/16		287,000		298,629

28 Annual Report 2009


Sovereign Bonds (continued)
		Principal Amount		Market Value


ITALY (continued)

6.88%, 09/27/23	$	174,000	$	205,580
5.38%, 06/15/33		584,000		594,893

				2,206,452

MEXICO 0.2%
Mexico Government International Bond
6.38%, 01/16/13		545,000		596,230
6.75%, 09/27/34		1,223,000		1,326,955

				1,923,185



PERU 0.1%
Republic of Peru, 7.13%, 03/30/19 (d)		605,000		686,675



POLAND 0.0%
Poland Government International Bond, 5.00%, 10/19/15		156,000		163,714



SOUTH AFRICA 0.0%
South Africa Government International Bond, 6.50%, 06/02/14		144,000		156,960



SOUTH KOREA 0.1%
Republic of Korea, 4.25%, 06/01/13		492,000		506,139



SUPRANATIONAL 0.5%
Corp. Andina de Fomento, 6.88%, 03/15/12		164,000		177,060
European Investment Bank
3.00%, 04/08/14		905,000		925,029
4.63%, 05/15/14		630,000		685,621
4.63%, 10/20/15		1,675,000		1,827,417
5.13%, 09/13/16		250,000		276,061
Inter-American Development Bank
5.00%, 04/05/11		250,000		264,420
5.13%, 09/13/16 (d)		65,000		71,950
International Bank for Reconstruction & Development, 7.63%, 01/19/23		677,000		897,462

				5,125,020



Total Sovereign Bonds (cost $14,738,119)				15,557,751



U.S. Government Sponsored & Agency Obligations 6.6%

Federal Farm Credit Bank 4.88%, 01/17/17		375,000		408,635
Federal Home Loan Banks
3.63%, 10/18/13		3,500,000		3,701,344
4.88%, 05/17/17		605,000		658,990
5.25%, 06/05/17		4,900,000		5,486,040
Federal Home Loan Mortgage Corp.
2.75%, 04/11/11		13,765,000		14,165,148
1.63%, 04/26/11		2,125,000		2,151,905
3.88%, 06/29/11		3,160,000		3,321,075
5.13%, 07/15/12		4,234,000		4,648,559
4.88%, 11/15/13		5,292,000		5,848,348
3.75%, 03/27/19 (d)		1,475,000		1,475,820
6.75%, 09/15/29		388,000		483,592
6.25%, 07/15/32 (d)		865,000		1,052,440
Federal National Mortgage Association
5.13%, 04/15/11		3,334,000		3,546,946
5.38%, 11/15/11		2,434,000		2,643,845
1.75%, 08/10/12		4,490,000		4,504,152
2.50%, 05/15/14		2,280,000		2,284,437
3.00%, 09/16/14 (d)		715,000		729,291
4.63%, 10/15/14 (d)		1,236,000		1,351,623
5.00%, 04/15/15		1,132,000		1,255,863
4.38%, 10/15/15 (d)		82,000		88,030
5.38%, 06/12/17		5,505,000		6,224,509
6.25%, 05/15/29		750,000		900,407
Financing Corp. (FICO) 9.80%, 11/30/17		12,000		16,583
Tennessee Valley Authority
6.25%, 12/15/17		35,000		40,693
4.50%, 04/01/18		3,365,000		3,495,724


Total U.S. Government Sponsored & Agency Obligations (cost $66,936,141)				70,483,999



U.S. Treasury Bonds 3.6%

U.S. Treasury Bond
3.50%, 02/15/39		515,000		451,429
4.25%, 05/15/39		3,095,000		3,102,255
4.50%, 02/15/36		2,610,000		2,725,002
4.50%, 05/15/38		2,370,000		2,475,539
4.50%, 08/15/39		1,285,000		1,342,424
5.00%, 05/15/37		215,000		242,110
5.38%, 02/15/31 (d)		1,038,000		1,206,188
6.25%, 08/15/23		5,869,000		7,278,476
6.38%, 08/15/27		8,070,000		10,311,943
6.88%, 08/15/25		633,000		839,219
8.00%, 11/15/21		2,655,000		3,740,645

2009 Annual Report 29

Statement of Investments (Continued)

October 31, 2009

Nationwide Bond Index Fund (Continued)


U.S. Treasury Bonds (continued)
		Principal Amount		Market Value



8.13%, 08/15/19	$	1,500,000	$	2,083,593
8.50%, 02/15/20		1,700,000		2,428,875


Total U.S. Treasury Bonds (cost $37,308,156)				38,227,698



U.S. Treasury Notes 23.0%
U.S. Treasury Note
.88%, 03/31/11		3,760,000		3,776,743
.88%, 04/30/11		4,420,000		4,438,303
1.00%, 09/30/11 (d)		5,010,000		5,024,088
1.13%, 06/30/11		2,280,000		2,296,655
1.25%, 11/30/10		5,125,000		5,169,644
1.38%, 05/15/12 (d)		5,500,000		5,524,063
1.38%, 09/15/12 (d)		19,585,000		19,586,528
1.50%, 12/31/13		7,000,000		6,867,112
1.75%, 08/15/12 (d)		9,756,000		9,869,570
1.75%, 03/31/14		3,345,000		3,298,224
1.88%, 06/15/12 (d)		6,005,000		6,103,050
1.88%, 02/28/14		4,000,000		3,971,876
1.88%, 04/30/14 (d)		7,475,000		7,394,995
2.25%, 05/31/14 (d)		8,490,000		8,526,482
2.38%, 08/31/14		5,570,000		5,598,284
2.38%, 09/30/14 (d)		9,535,000		9,572,949
2.63%, 04/30/16		3,055,000		3,014,427
2.75%, 02/28/13		13,955,000		14,479,401
2.75%, 02/15/19 (d)		5,305,000		5,041,405
3.00%, 09/30/16		1,325,000		1,328,519
3.13%, 05/15/19 (d)		14,635,000		14,321,723
3.63%, 12/31/12 (d)		2,960,000		3,156,100
3.63%, 08/15/19		23,645,000		24,099,433
3.88%, 10/31/12		3,365,000		3,610,803
4.00%, 02/15/15 (d)		1,400,000		1,511,343
4.00%, 08/15/18		4,425,000		4,653,511
4.13%, 05/15/15		1,533,000		1,661,748
4.25%, 01/15/11 (d)		5,500,000		5,750,080
4.25%, 09/30/12		2,585,000		2,799,677
4.25%, 11/15/17 (d)		12,415,000		13,343,220
4.50%, 09/30/11 (d)		16,030,000		17,136,439
4.50%, 05/15/17		3,595,000		3,938,491
4.63%, 02/29/12 (d)		7,134,000		7,714,750
4.63%, 02/15/17		3,060,000		3,382,255
4.75%, 05/31/12 (d)		3,535,000		3,854,532
4.88%, 08/15/16 (d)		1,833,000		2,058,259

Total U.S. Treasury Notes (cost $240,054,853)				243,874,682

Yankee Dollars 0.8%

		Principal Amount		Market Value


Chemicals 0.1%
Potash Corp of Saskatchewan, Inc.
7.75%, 05/31/11		29,000		31,762
4.88%, 03/01/13		115,000		121,812
5.88%, 12/01/36		375,000		382,102



Commercial Banks 0.0%
Westpac Banking Corp., 4.63%, 06/01/18		103,000		98,995



Diversified Financial Services 0.1%
ConocoPhillips Canada Funding Co. I, 5.63%, 10/15/16		760,000		836,323



Electric Utilities 0.0%
Hydro Quebec
8.40%, 01/15/22		153,000		203,525
8.88%, 03/01/26*		109,000		147,055



Energy Equipment & Services 0.1%
Burlington Resources Finance Co.
6.40%, 08/15/11		86,000		93,647
6.50%, 12/01/11		144,000		158,031
EnCana Corp.
4.75%, 10/15/13		236,000		248,126
6.50%, 08/15/34		250,000		268,150
Weatherford International Ltd., 5.50%, 02/15/16		51,000		52,289

				820,243



Gas Utilities 0.1%
Enbridge, Inc., 5.60%, 04/01/17		750,000		799,411
TransCanada Pipelines Ltd., 5.85%, 03/15/36		500,000		520,179

				1,319,590



Insurance 0.0%
Montpelier Re Holdings Ltd., 6.13%, 08/15/13		51,000		50,108



Metals & Mining 0.1%
BHP Billiton Finance USA Ltd., 6.42%, 03/01/26		55,000		62,096
Rio Tinto Alcan, Inc., 4.50%, 05/15/13		158,000		163,445
Vale Inco Ltd., 7.75%, 05/15/12		123,000		133,661
Xstrata Canada Corp., 6.20%, 06/15/35		123,000		110,193

				469,395

30 Annual Report 2009


Yankee Dollars (continued)
		Principal Amount			Market Value



Oil, Gas & Consumable Fuels 0.2%
Canadian Natural Resources Ltd., 4.90%, 12/01/14	$	195,000		$	206,760
Nexen, Inc.
5.05%, 11/20/13		105,000			109,519
5.20%, 03/10/15		250,000			263,213
5.88%, 03/10/35		92,000			85,365
6.40%, 05/15/37		250,000			247,250
Petro-Canada, 5.95%, 05/15/35		189,000			185,446
Statoil ASA, 6.80%, 01/15/28		425,000			494,112
Suncor Energy, Inc., 6.10%, 06/01/18		605,000			646,485
Talisman Energy, Inc.
7.25%, 10/15/27		92,000			100,934
5.75%, 05/15/35		250,000			236,399

					2,575,483



Road & Rail 0.1%
Canadian National Railway Co.
4.40%, 03/15/13		515,000			544,847
6.90%, 07/15/28		168,000			199,271
6.20%, 06/01/36		164,000			184,247



Supranational 0.0%
Inter-American Development Bank, 6.80%, 10/15/25		287,000			346,225


Total Yankee Dollars (cost $7,895,001)					8,330,983

Mutual Fund 10.3%

		Shares



Invesco AIM Liquid Assets Portfolio, 0.21% (f)		109,668,523			109,668,523


Total Mutual Fund (cost $109,668,523)					109,668,523


Repurchase Agreement 3.5%

		Principal Amount			Market Value


Morgan Stanley, 0.08%, dated 10/30/09, due 11/02/09, repurchase price $36,595,132, collateralized by U.S. Government Agency Mortgages ranging 0.00%-7.00%, maturing 08/01/17-11/01/39; total market value of $37,327,060. (g)		36,594,888			36,594,888


Total Repurchase Agreement (cost $36,594,888)					36,594,888


Total Investments Before TBA Sale Commitments (cost $1,166,764,982) — 112.7%					1,194,787,582



TBA Sale Commitments -2.5%

U.S. Government TBA’s
Fannie Mae Pool TBA
5.00%, 11/25/39		(16,300,000	)		(16,895,961	)
6.00%, 11/25/39		(8,700,000	)		(9,241,035	)


Total TBA Sale Commitments (cost $(25,931,953))					(26,136,996	)


Total Investments (cost $1,140,833,029) (h) — 110.2%					1,168,650,586

Liabilities in excess of other assets — (10.2)%					(108,612,164	)


NET ASSETS — 100.0%				$	1,060,038,422


*		Denotes a non-income producing security.

(a)		Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on October 31, 2009. The maturity date represents the actual maturity date.

(b)		Rule 144A, Section 4(2), or other security which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The aggregate value of these securities at October 31, 2009 was $5,528,278 which represents 0.52% of net assets.

(c)		Perpetual bond security. The maturity date reflects the next call date.

(d)		The security or a portion of this security is on loan at October 31, 2009. The total value of securities on loan at October 31, 2009 was $130,789,702.

2009 Annual Report 31

Statement of Investments (Continued)

October 31, 2009

Nationwide Bond Index Fund (Continued)


(e)		Step Bond. Coupon rate is set for an initial period and then increases to a higher coupon rate at a specific date. The rate shown is the rate at October 31, 2009.

(f)		Represents 7-day effective yield as of October 31, 2009.

(g)		The security was purchased with cash collateral held from securities on loan (See Note 2.) The total value of this security as of October 31, 2009 was $36,594,888.

(h)		See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.


AB		Stock Company

AG		Stock Corporation

ASA		Stock Corporation

FICO		Fair Isaac Corporation

LLC		Limited Liability Company

LP		Limited Partnership

Ltd.		Limited

NA		National Association

PCL		Public Company Limited

PLC		Public Limited Company

SA		Stock Company

TBA		To Be Announced

UK		United Kingdom

ULC		Unlimited Liability Company

32 Annual Report 2009

Statement of Assets and Liabilities

October 31, 2009



	Nationwide
	Bond Index Fund

Assets:
Investments, at value* (cost $1,130,170,094)	$	1,158,192,694
Repurchase agreements, at value and cost		36,594,888

Total Investments		1,194,787,582

Interest receivable		7,999,207
Security lending income receivable		4,761
Receivable for investments sold		59,924,531
Receivable for capital shares issued		3,404,774
Reclaims receivable		1,882
Prepaid expenses and other assets		10,503

Total Assets		1,266,133,240

Liabilities:
Payable for investments purchased		133,903,173
Distributions payable		3,096,632
Payable for capital shares redeemed		917,900
Cash overdraft		4,984,892
TBA Sale Commitments (proceeds $25,931,953)		26,136,996
Payable for interest income on TBA Sale Commitments		40,853
Payable upon return of securities loaned (Note 2)		36,594,888
Accrued expenses and other payables:
Investment advisory fees		123,674
Fund administration fees		102,123
Distribution fees		28,902
Administrative servicing fees		30,434
Accounting and transfer agent fees		31,164
Trustee fees		9,157
Custodian fees		7,496
Compliance program costs (Note 3)		6,410
Professional fees		55,410
Other		24,714

Total Liabilities		206,094,818

Net Assets	$	1,060,038,422

Represented by:
Capital	$	1,037,260,511
Accumulated undistributed net investment income		3,844,413
Accumulated net realized losses from investment transactions		(8,884,059	)
Net unrealized appreciation/(depreciation) from investments		27,817,557

Net Assets	$	1,060,038,422

Net Assets:
Class A Shares	$	135,482,548
Class B Shares		504,801
Class C Shares		194,428
Institutional Class Shares		923,856,645

Total	$	1,060,038,422


^*	Includes value of securities on loan of $130,789,702 (Note 2)

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 33

Statement of Assets and Liabilities (Continued)



	Nationwide
	Bond Index Fund


Shares Outstanding (unlimited number of shares authorized):
Class A Shares		12,092,822
Class B Shares		45,070
Class C Shares		17,354
Institutional Class Shares		82,549,749

Total		94,704,995

Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	11.20
Class B Shares (a)	$	11.20
Class C Shares (b)	$	11.20
Institutional Class Shares	$	11.19
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	11.88

Maximum Sales Charge —
Class A Shares		5.75	%


(a)	For Class B Shares, the redemption price per share varies by the length of time shares are held.


(b)	For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

34 Annual Report 2009

Statement of Operations

For the Year Ended October 31, 2009



	Nationwide
	Bond Index Fund

INVESTMENT INCOME:
Interest income	$	41,183,696
Income from securities lending (Note 2)		24,058
Foreign tax withholding		(85	)

Total Income		41,207,669

EXPENSES:
Investment advisory fees		1,962,939
Fund administration fees		1,071,773
Distribution fees Class A		280,670
Distribution fees Class B		5,084
Distribution fees Class C		1,791
Administrative servicing fees Class A		182,740
Registration and filing fees		56,137
Professional fees		164,131
Printing fees		47,188
Trustee fees		60,368
Custodian fees		30,767
Accounting and transfer agent fees		169,262
Compliance program costs (Note 3)		24,554
Other		62,304

Total expenses before earnings credit and reimbursed expenses		4,119,708
Earnings credit (Note 5)		(887	)
Expenses reimbursed by adviser		(785,022	)

Net Expenses		3,333,799

NET INVESTMENT INCOME		37,873,870

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains from investment transactions		3,109,918
Net change in unrealized appreciation/(depreciation) from investments		71,647,555

Net realized/unrealized gains from investments		74,757,473

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	112,631,343

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 35

Statements of Changes in Net Assets


	Nationwide Bond Index Fund

	Year Ended				Year Ended
	October 31, 2009				October 31, 2008
Operations:
Net investment income	$	37,873,870			$	46,636,692
Net realized gains from investment transactions		3,109,918				761,099
Net change in unrealized appreciation/(depreciation) from investments		71,647,555				(42,918,960	)

Change in net assets resulting from operations		112,631,343				4,478,831


Distributions to Shareholders From:
Net investment income:
Class A		(4,264,237	)			(3,625,235	)
Class B		(16,327	)			(10,633	)
Class C		(5,782	)			(5,488	)
Institutional Class		(32,985,803	)			(42,907,686	)

Change in net assets from shareholder distributions		(37,272,149	)			(46,549,042	)

Change in net assets from capital transactions		113,083,347				(200,685,497	)

Change in net assets		188,442,541		��		(242,755,708	)


Net Assets:
Beginning of year		871,595,881				1,114,351,589

End of year	$	1,060,038,422			$	871,595,881

Accumulated undistributed net investment income at end of year	$	3,844,413			$	1,666,211


CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	58,017,095			$	58,816,595
Dividends reinvested		3,668,633				3,371,787
Cost of shares redeemed (a)		(29,436,255	)			(29,167,456	)

Total Class A		32,249,473				33,020,926

Class B Shares
Proceeds from shares issued		209,775				182,200
Dividends reinvested		6,688				7,899
Cost of shares redeemed (a)		(119,440	)			(53,959	)

Total Class B		97,023				136,140

Class C Shares
Proceeds from shares issued		29,257				222,346
Dividends reinvested		302				471
Cost of shares redeemed		(8,875	)			(117,132	)

Total Class C		20,684				105,685

Institutional Class Shares
Proceeds from shares issued		238,626,084				106,935,656
Dividends reinvested		30,239,584				42,907,686
Cost of shares redeemed (a)	$	(188,149,501	)		$	(383,791,590	)

Total Institutional Class		80,716,167				(233,948,248	)

Change in net assets from capital transactions:	$	113,083,347			$	(200,685,497	)


(a)	Includes redemption fees — See Note 4 to Financial Statements

The accompanying notes are an integral part of these financial statements.

36 Annual Report 2009


	Nationwide Bond Index Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

SHARE TRANSACTIONS:
Class A Shares
Issued		5,316,898			5,401,773
Reinvested		336,371			311,445
Redeemed		(2,715,385	)		(2,675,279	)

Total Class A Shares		2,937,884			3,037,939

Class B Shares
Issued		19,522			16,806
Reinvested		614			727
Redeemed		(11,051	)		(4,917	)

Total Class B Shares		9,085			12,616

Class C Shares
Issued		2,683			20,453
Reinvested		28			44
Redeemed		(813	)		(10,847	)

Total Class C Shares		1,898			9,650

Institutional Class Shares
Issued		21,697,034			9,838,186
Reinvested		2,776,269			3,955,515
Redeemed		(17,209,550	)		(35,444,042	)

Total Institutional Class Shares		7,263,753			(21,650,341	)

Total change in shares:		10,212,620			(18,590,136	)

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 37

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Bond Index Fund


				Operations									Distributions															Ratios / Supplemental Data

							Net Realized																																Ratio of
							and																													Ratio of Net			Expenses
	Net Asset						Unrealized																										Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net									Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Total			Redemption			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			Fees			of Period			Return (a)(b)			Period		Net Assets (c)			Net Assets (c)			Net Assets (c)(d)			Turnover (e)
Class A Shares
Year Ended October 31, 2009 (f)	$	10	.33		0	.42		0	.87		1	.29		(0	.42)		–			(0	.42)		–		$	11	.20		12	.63%	$	135,482,548		0	.74%		3	.87%		0	.82%		338	.41% (h)
Year Ended October 31, 2008 (f)	$	10	.82		0	.48		(0	.49)		(0	.01)		(0	.48)		–			(0	.48)		–		$	10	.33		(0	.23%)	$	94,526,053		0	.66%		4	.41%		0	.73%		123	.88%
Year Ended October 31, 2007 (f)	$	10	.81		0	.49		0	.01		0	.50		(0	.49)		–			(0	.49)		–		$	10	.82		4	.77%	$	66,184,484		0	.73%		4	.60%		0	.77%		164	.97%
Year Ended October 31, 2006	$	10	.77		0	.44		0	.04		0	.48		(0	.44)		–			(0	.44)		–		$	10	.81		4	.59%	$	44,444,115		0	.71%		4	.15%		0	.75%		113	.91%
Year Ended October 31, 2005	$	11	.13		0	.41		(0	.34)		0	.07		(0	.42)		(0	.01)		(0	.43)		–		$	10	.77		0	.56%	$	42,125,615		0	.71%		3	.74%		0	.77%		153	.31%

Class B Shares
Year Ended October 31, 2009 (f)	$	10	.32		0	.36		0	.86		1	.22		(0	.35)		–			(0	.35)		0	.01	$	11	.20		12	.06%	$	504,801		1	.34%		3	.27%		1	.41%		338	.41% (h)
Year Ended October 31, 2008 (f)	$	10	.82		0	.41		(0	.50)		(0	.09)		(0	.41)		–			(0	.41)		–		$	10	.32		(0	.94%)	$	371,489		1	.29%		3	.80%		1	.37%		123	.88%
Year Ended October 31, 2007 (f)	$	10	.81		0	.43		0	.01		0	.44		(0	.43)		–			(0	.43)		–		$	10	.82		4	.15%	$	252,812		1	.33%		4	.01%		1	.37%		164	.97%
Year Ended October 31, 2006	$	10	.77		0	.38		0	.04		0	.42		(0	.38)		–			(0	.38)		–		$	10	.81		3	.96%	$	181,099		1	.32%		3	.56%		1	.36%		113	.91%
Year Ended October 31, 2005	$	11	.13		0	.33		(0	.33)		–			(0	.35)		(0	.01)		(0	.36)		–		$	10	.77		(0	.04%)	$	217,526		1	.31%		3	.18%		1	.37%		153	.31%

Class C Shares
Year Ended October 31, 2009 (f)	$	10	.33		0	.36		0	.86		1	.22		(0	.35)		–			(0	.35)		–		$	11	.20		11	.97%	$	194,428		1	.32%		3	.29%		1	.41%		338	.41% (h)
Year Ended October 31, 2008 (f)	$	10	.82		0	.41		(0	.49)		(0	.08)		(0	.41)		–			(0	.41)		–		$	10	.33		(0	.87%)	$	159,582		1	.30%		3	.77%		1	.37%		123	.88%
Year Ended October 31, 2007 (f)	$	10	.81		0	.41		0	.02		0	.43		(0	.42)		–			(0	.42)		–		$	10	.82		4	.11%	$	62,803		1	.33%		3	.99%		1	.38%		164	.97%
Period Ended October 31, 2006 (g)	$	10	.68		0	.23		0	.13		0	.36		(0	.23)		–			(0	.23)		–		$	10	.81		3	.43%	$	5,172		1	.31%		3	.73%		1	.38%		113	.91%

Institutional Class Shares
Year Ended October 31, 2009 (f)	$	10	.31		0	.47		0	.87		1	.34		(0	.46)		–			(0	.46)		–		$	11	.19		13	.22%	$	923,856,645		0	.32%		4	.29%		0	.41%		338	.41% (h)
Year Ended October 31, 2008 (f)	$	10	.81		0	.52		(0	.50)		0	.02		(0	.52)		–			(0	.52)		–		$	10	.31		0	.03%	$	776,538,757		0	.32%		4	.78%		0	.37%		123	.88%
Year Ended October 31, 2007 (f)	$	10	.80		0	.55		–			0	.55		(0	.54)		–			(0	.54)		–		$	10	.81		5	.19%	$	1,047,851,490		0	.32%		4	.99%		0	.35%		164	.97%
Year Ended October 31, 2006	$	10	.77		0	.48		0	.03		0	.51		(0	.48)		–			(0	.48)		–		$	10	.80		4	.91%	$	2,036,325,317		0	.32%		4	.57%		0	.36%		113	.91%
Year Ended October 31, 2005	$	11	.13		0	.45		(0	.34)		0	.11		(0	.46)		(0	.01)		(0	.47)		–		$	10	.77		0	.97%	$	1,470,683,458		0	.31%		4	.14%		0	.37%		153	.31%

Amounts designated as “–“ are zero or have been rounded to zero.


(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	Per share calculations were performed using average shares method.
(g)	For the period from March 29, 2006 (commencement of operations) through October 31, 2006.
(h)	The amount shown includes the effect of mortgage dollar roll transactions while the prior year amounts did not include the effect of mortgage dollar roll transactions. In the prior years, had mortgage dollar roll transactions been included, the portfolio turnover would have increased.

The accompanying notes are an integral part of these financial statements.

38 Annual Report 2009


Nationwide International Index Fund

How did the Fund perform during the reporting period in relation to its benchmark and its peer group?

The Fund seeks to match the performance of the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index as closely as possible before the deduction of Fund expenses. For the annual period ended October 31, 2009, the Nationwide International Index Fund (Class A at NAV) returned 24.50% versus 27.71% for its benchmark, the MSCI EAFE Index. For broader comparison, the average return for the Fund’s closest Lipper peer category of International Large-Cap Core Funds (consisting of 388 funds as of October 31, 2009) was 23.97% for the same time period.

Volatility in the financial markets can cause some variance between the performance of the Nationwide International Index Fund and its benchmark, the MSCI EAFE Index. This variance over the past 12 months may have been affected by the Fund’s use of the “fair value” methodology to price its securities when calculating performance. “Fair value” is the price that a fund might reasonably expect to receive if it could sell that security at a time after its primary market closed.

This methodology is employed extensively in our industry as a means of deriving a price for each security that is believed to be a more accurate reflection of its value at the close of markets in the U.S. (normally 4:00 pm Eastern time).

NFA engages an independent pricing service to determine “fair value” for each security in the Fund’s portfolio on a daily basis. Since the benchmark simply relies on the security closing prices on the primary foreign securities markets or exchanges to calculate performance, a variance can sometimes occur in the relative performance of the Fund compared to its benchmark.

What areas of investment provided the most positive relative returns for the Fund?

Overall, the sectors and countries represented in the MSCI EAFE Index posted strong results for the Fund for the annual reporting period, with all 10 sectors within the Index recording positive returns. Materials led the way, advancing 47.27%, followed by industrials, with 37.47%; financials, with 32.32%; and telecommunications services, with 29.55%. Fund holdings materials firms Fresnillo plc and Kazakhmys PLC as well as financials firm Fortis Bank SA/ NV were the strongest performers among individual stocks within the Index.

What areas of investment detracted from Fund performance?

By contrast, the utilities and health-care sectors posted comparatively weaker results for the Fund, returning 5.43% and 12.67%, respectively. Among individual stocks within the Index held by the Fund, financials firms Promise Co., Ltd. and Acom Co. Ltd. along with consumer discretionary name Volkswagen AG posted the lowest returns.

What is your outlook for the near term?

We believe the world economies are now three or four months into their recovery from what some have been calling the “Great Recession.” Monetary and fiscal stimulus efforts clearly have taken hold, and the resulting initial growth spurt has been sharp and rapid. We maintain our belief that after this quick run-up in growth, the economies of the developed world will transition into a period of lower long-term growth, because ongoing deleveraging will continue to act as a headwind for the economy.

In such an environment, equity markets should be able to continue to gain, at least until global policymakers shift into tightening cycles. From our perspective, we believe the markets are at least several months away from that scenario.

Beyond that point, the outlook is less clear. The market rally appears to have evolved from one driven by liquidity influxes and policy measures into one based more on recovering corporate profits. At some point, we believe the markets will require clearer evidence that corporate revenue growth is sustainable, and unless or until that occurs, we should see some continued back-and-forth action in the markets.

Subadviser:
BlackRock Investment Management, LLC

Portfolio Manager:
Debra L. Jelilian

2009 Annual Report 39


Fund Performance	Nationwide International Index Fund

Average Annual Total Return
For periods ended October 31, 2009


		1 Yr.		5 Yr.		Inception¹

Class A	w/o SC²		24.50%		4.41%		0.05%
	w/SC³		17.28%		3.16%		-0.55%


Class B	w/o SC²		23.79%		3.74%		-0.62%
	w/SC⁴		18.79%		3.44%		-0.62%


Class C⁵	w/o SC²		23.69%		3.49%		-0.74%
	w/SC⁶		22.69%		3.49%		-0.74%


Class R2^7,8,9			24.36%		4.35%		0.02%


Institutional Class⁷			24.93%		4.80%		0.43%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.


¹		Fund commenced operations on December 29, 1999.

²		These returns do not reflect the effects of sales charges (SC).

³		A 5.75% front-end sales charge was deducted.

⁴		A 5.00% maximum contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years and is not deducted from returns after 6 years.

⁵		These returns until the creation of Class C shares (2/14/05) include the performance of the Fund’s Class B shares, which began operations on December 29, 1999 prior to the creation of the Class C. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class C would have produced because Class C invests in the same portfolio of securities as Class B shares. The performance for Class C has been restated for sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes.

⁶		A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁷		Not subject to any sales charges.

⁸		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

⁹		These returns until the creation of Class R2 shares (3/9/07) include the previous performance of the Fund’s Class A shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class R2 shares would have produced because both classes invest in the same portfolio of securities. The performance of Class R2 shares has been restated to reflect differences in sales charges, but does not reflect the higher level of other fees applicable to such class; if these fees were reflected, the performance for Class R2 shares would have been lower.

Expense Ratios


	Gross	Net
	Expense	Expense
	Ratio*	Ratio*

Class A	0.82%		0.77%


Class B	1.42%		1.37%


Class C	1.42%		1.37%


Class R2	1.12%		1.07%


Institutional Class	0.42%		0.37%


*		Current effective prospectus. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2010. Please see the Fund’s most recent prospectus for details.

Performance of a $10,000 Investment

Comparative performance of $10,000 invested in Class A shares of the Nationwide International Index Fund, the Morgan Stanley Capital International Europe, Australasia, and Far East Index (MSCI EAFE^®)(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.


(a)		The MSCI EAFE^® Index is an unmanaged free float-adjusted, market capitalization-weighted index that is designed to measure stocks of developed markets outside of the United States and Canada. The Index gives a broad look at how the stock prices of these companies have performed.


(b)	Calculated by the U.S. Department of Labor’s Bureau of Labor Statistics, the CPI represents change in prices of a basket of goods and services purchased for consumption by urban households.

40 Annual Report 2009


Shareholder	Nationwide International Index Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
October 31, 2009


			Beginning		Ending		Expenses Paid		Expense Ratio
			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Nationwide International Index Fund			5/01/09		10/31/09		05/01/09 - 10/31/09^a		05/01/09 - 10/31/09^a

Class A Shares	Actual			1,000.00		1,303.20		4.59		0.80
	Hypothetical	^b		1,000.00		1,021.22		4.02		0.80


Class B Shares	Actual			1,000.00		1,299.50		8.40		1.37
	Hypothetical	^b		1,000.00		1,017.90		7.38		1.37


Class C Shares	Actual			1,000.00		1,297.50		7.93		1.37
	Hypothetical	^b		1,000.00		1,018.30		6.97		1.37


Class R2 Shares (c)	Actual			1,000.00		1,299.90		5.10		0.87
	Hypothetical	^b		1,000.00		1,020.77		4.48		0.87


Institutional Class Shares	Actual			1,000.00		1,306.10		2.15		0.51
	Hypothetical	^b		1,000.00		1,023.34		1.89		0.51


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

^b		Represents the hypothetical 5% return before expenses.

^c		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

2009 Annual Report 41


Portfolio Summary	Nationwide International Index Fund

October 31, 2009


Asset Allocation

Common Stocks	97	.5%
Repurchase Agreement	1	.9%
Preferred Stocks	0	.4%
Mutual Fund	0	.3%
Exchange Traded Fund	0	.2%
Warrants	0	.0%
Rights	0	.0%
Liabilities in excess of other assets	(0	.3)%

	100	.0%


Top Industries†

Commercial Banks	14	.6%
Oil, Gas & Consumable Fuels	7	.8%
Pharmaceuticals	6	.9%
Metals & Mining	5	.2%
Insurance	4	.4%
Diversified Telecommunication Services	4	.1%
Food Products	3	.6%
Automobiles	3	.3%
Electric Utilities	3	.2%
Chemicals	3	.0%
Other Industries*	43	.9%

	100	.0%


Top Holdings†

HSBC Holdings PLC	1	.9%
BP PLC	1	.7%
Nestle SA	1	.7%
Banco Santander SA	1	.3%
Total SA	1	.3%
Telefonica SA	1	.2%
Roche Holding AG	1	.2%
Vodafone Group PLC	1	.2%
Novartis AG	1	.1%
BHP Billiton Ltd.	1	.1%
Other Holdings*	86	.3%

	100	.0%


Top Countries†

Japan	20	.4%
United Kingdom	20	.2%
France	10	.1%
Switzerland	8	.1%
Australia	7	.9%
Germany	7	.8%
Spain	4	.7%
Italy	3	.4%
Netherlands	2	.7%
Sweden	2	.5%
Other Countries*	12	.2%

	100	.0%


^†		Percentages indicated are based upon total investments as of October 31, 2009.

^*		For purposes of listing top industries, top holdings and top countries, the repurchase agreement is included as part of Other.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 42

Statement of Investments

October 31, 2009

Nationwide International Index Fund



Common Stocks 97.5%

	Shares		Market Value


AUSTRALIA 7.9%
Air Freight & Logistics 0.1%
Toll Holdings Ltd. (a)	92,478	$	700,998

Airlines 0.0%
Qantas Airways Ltd. (a)	158,487		394,078

Beverages 0.2%
Coca-Cola Amatil Ltd. (a)	81,838		778,061
Foster’s Group Ltd. (a)	282,929		1,387,568

			2,165,629

Biotechnology 0.2%
CSL Ltd. (a)	88,592		2,487,463

Capital Markets 0.1%
Macquarie Group Ltd. (a)(b)	44,597		1,953,165
Perpetual Ltd. (a)	3,903		130,062

			2,083,227

Chemicals 0.1%
Incitec Pivot Ltd. (a)	237,048		552,957
Nufarm Ltd. (a)	22,143		226,336
Orica Ltd. (a)	52,722		1,118,388

			1,897,681

Commercial Banks 2.4%
Australia & New Zealand Banking Group Ltd. (a)	342,194		6,979,454
Bendigo and Adelaide Bank Ltd. (a)	46,300		375,227
Commonwealth Bank of Australia (a)	222,941		10,302,460
National Australia Bank Ltd. (a)	281,400		7,435,076
Westpac Banking Corp. (a)	427,219		9,985,248

			35,077,465

Commercial Services & Supplies 0.1%
Brambles Ltd. (a)	205,817		1,297,552

Construction & Engineering 0.1%
Leighton Holdings Ltd. (a)	21,883		694,914

Construction Materials 0.0%
Boral Ltd. (a)	86,986		443,691

Containers & Packaging 0.1%
Amcor Ltd. (a)	175,034		901,343

Diversified Financial Services 0.1%
ASX Ltd. (a)	25,124		757,407

Diversified Telecommunication Services 0.1%
Telstra Corp. Ltd. (a)	621,761		1,847,645

Electric Utilities 0.0%
SP AusNet (a)	170,043		133,629

Energy Equipment & Services 0.0%
WorleyParsons Ltd. (a)	23,912		551,666

Food & Staples Retailing 0.7%
Metcash Ltd. (a)	112,250		471,943
Wesfarmers Ltd. (a)	172,844		4,315,664
Woolworths Ltd. (a)	180,395		4,617,385

			9,404,992

Food Products 0.0%
Goodman Fielder Ltd. (a)	150,467		215,839

Health Care Equipment & Supplies 0.0%
Cochlear Ltd. (a)	8,229		471,553

Health Care Providers & Services 0.1%
Sonic Healthcare Ltd. (a)	53,463		667,465

Hotels, Restaurants & Leisure 0.1%
Aristocrat Leisure Ltd. (a)	58,082		231,875
Crown Ltd. (a)	71,892		523,309
TABCORP Holdings Ltd. (a)	83,193		530,696
Tatts Group Ltd. (a)	159,428		353,009

			1,638,889

Industrial Conglomerates 0.0%
CSR Ltd. (a)	178,935		304,336

Information Technology Services 0.0%
Computershare Ltd. (a)	65,247		633,448

Insurance 0.5%
AMP Ltd. (a)	295,554		1,557,307
AXA Asia Pacific Holdings Ltd. (a)	149,639		560,149
Insurance Australia Group Ltd. (a)	303,999		1,022,623
QBE Insurance Group Ltd. (a)	147,185		2,964,138
Suncorp-Metway Ltd. (a)	184,565		1,443,649

			7,547,866

Media 0.0%
Fairfax Media Ltd. (a)	310,922		440,627

Metals & Mining 1.7%
Alumina Ltd.* (a)	360,290		528,723
BHP Billiton Ltd. (a)	492,624		16,156,467
BlueScope Steel Ltd. (a)	259,450		687,584
Fortescue Metals Group Ltd.* (a)(b)	177,071		592,879
Newcrest Mining Ltd. (a)	71,018		2,041,397
OneSteel Ltd. (a)	194,481		528,008
OZ Minerals Ltd.* (a)	458,145		479,069
Rio Tinto Ltd. (a)	63,966		3,545,696
Sims Metal Management Ltd. (a)	21,392		377,148

			24,936,971

Multiline Retail 0.0%
Harvey Norman Holdings Ltd. (a)	57,604		204,076

Multi-Utilities 0.1%
AGL Energy Ltd. (a)	65,699		814,352

Oil, Gas & Consumable Fuels 0.5%
Arrow Energy Ltd.* (a)	85,139		307,695
Caltex Australia Ltd.* (a)	14,655		132,872

2009 Annual Report 43

Statement of Investments (Continued)

October 31, 2009

Nationwide International Index Fund (Continued)


Common Stocks (continued)
	Shares		Market Value


AUSTRALIA (continued)
Oil, Gas & Consumable Fuels (continued)

Energy Resources of Australia Ltd. (a)	12,216	$	252,290
Origin Energy Ltd. (a)	128,329		1,840,095
Paladin Energy Ltd.* (a)	94,851		343,162
Santos Ltd. (a)	120,203		1,602,290
Woodside Petroleum Ltd. (a)	73,003		3,062,157

			7,540,561

Real Estate Investment Trusts (REITs) 0.5%
CFS Retail Property Trust (a)	251,960		432,941
Dexus Property Group (a)	689,982		487,485
Goodman Group (a)	877,434		470,489
GPT Group (a)	1,257,890		641,942
Mirvac Group (a)	342,898		448,963
Stockland (a)	334,911		1,112,552
Westfield Group (a)	300,593		3,256,648

			6,851,020

Real Estate Management & Development 0.0%
Lend Lease Corp. Ltd. (a)	63,890		529,594

Road & Rail 0.0%
Asciano Group* (a)	394,679		528,477

Textiles, Apparel & Luxury Goods 0.0%
Billabong International Ltd. (a)(b)	29,397		272,002

Transportation Infrastructure 0.1%
Macquarie Infrastructure Group (a)	331,745		424,531
MAp Group (a)	98,369		250,219
Transurban Group (a)	177,656		720,810

			1,395,560



AUSTRIA 0.3%
Commercial Banks 0.1%
Erste Group Bank AG (a)(b)	26,290		1,056,936
Raiffeisen International Bank Holding AG (a)(b)	9,366		549,237

			1,606,173

Diversified Telecommunication Services 0.1%
Telekom Austria AG (a)	48,553		795,349

Electric Utilities 0.0%
Verbund — Oesterreichische Elektrizitaetswirtschafts AG, Class A (a)	13,392		601,186

Insurance 0.0%
Vienna Insurance Group (a)(b)	4,535		255,530

Metals & Mining 0.0%
Voestalpine AG (a)(b)	16,507		564,441

Oil, Gas & Consumable Fuels 0.1%
OMV AG (a)	22,618		932,062

BELGIUM 1.0%
Beverages 0.3%
Anheuser-Busch InBev NV (a)	106,366		4,993,907

Chemicals 0.1%
Solvay SA (a)	8,926		876,509
Umicore (a)	14,858		451,288

			1,327,797

Commercial Banks 0.1%
Dexia SA* (a)	78,139		649,489
KBC Groep NV* (a)	24,251		1,038,110

			1,687,599

Diversified Financial Services 0.1%
Cie Nationale a Portefeuille (a)	6,148		321,282
Groupe Bruxelles Lambert SA (a)	12,148		1,070,638

			1,391,920

Diversified Telecommunication Services 0.1%
Belgacom SA (a)	22,892		857,391

Food & Staples Retailing 0.1%
Colruyt SA (a)	2,262		538,265
Delhaize Group SA (a)	15,227		1,034,399

			1,572,664

Insurance 0.1%
Fortis* (a)	339,126		1,466,221

Pharmaceuticals 0.1%
UCB SA (a)	15,174		647,786

Wireless Telecommunication Services 0.0%
Mobistar SA (a)	3,542		243,327



CHINA 0.0%
Electronic Equipment, Instruments & Components 0.0%
Foxconn International Holdings Ltd.* (a)	363,604		319,345

CYPRUS 0.0%
Commercial Banks 0.0%
Bank of Cyprus Public Co. Ltd. (a)	80,451		636,444



DENMARK 0.9%
Beverages 0.1%
Carlsberg AS, Class B (a)	16,182		1,134,515

Chemicals 0.1%
Novozymes AS, Class B (a)	7,905		723,088

Commercial Banks 0.1%
Danske Bank AS* (a)	68,488		1,572,937

Electrical Equipment 0.2%
Vestas Wind Systems AS* (a)	30,703		2,153,401

Health Care Equipment & Supplies 0.0%
Coloplast AS, Class B (a)	3,350		273,531

44 Annual Report 2009


Common Stocks (continued)
	Shares		Market Value


DENMARK (continued)
Health Care Equipment & Supplies (continued)

William Demant Holding* (a)	2,884	$	205,063

			478,594

Insurance 0.0%
Topdanmark AS* (a)	2,758		397,672
TrygVesta AS (a)	3,580		257,958

			655,630

Marine 0.1%
A P Moller — Maersk AS, Class A (a)	85		565,164
A P Moller — Maersk AS, Class B (a)	165		1,126,626

			1,691,790

Pharmaceuticals 0.3%
H. Lundbeck AS (a)	11,600		224,667
Novo Nordisk AS, Class B (a)	67,461		4,191,097

			4,415,764

Road & Rail 0.0%
DSV AS* (a)	29,249		454,619



FINLAND 1.1%
Auto Components 0.0%
Nokian Renkaat OYJ (a)	17,130		365,521

Communications Equipment 0.5%
Nokia OYJ (a)	552,055		6,973,136

Diversified Financial Services 0.0%
Pohjola Bank PLC (a)	25,227		280,329

Diversified Telecommunication Services 0.1%
Elisa OYJ (a)	19,993		387,189

Electric Utilities 0.1%
Fortum OYJ (a)	66,831		1,581,813

Food & Staples Retailing 0.0%
Kesko OYJ, Class B (a)(b)	9,936		330,661

Insurance 0.1%
Sampo OYJ, Class A (a)	63,306		1,515,247

Machinery 0.1%
Kone OYJ, Class B (a)	23,148		864,253
Metso OYJ (a)	17,556		490,245
Wartsila OYJ (a)(b)	12,843		464,926

			1,819,424

Media 0.0%
Sanoma OYJ (a)(b)	8,770		161,894

Metals & Mining 0.1%
Outokumpu OYJ (a)	15,877		262,537
Rautaruukki OYJ (a)	12,646		257,777

			520,314

Oil, Gas & Consumable Fuels 0.0%
Neste Oil OYJ (a)(b)	19,274		340,899

Paper & Forest Products 0.1%
Stora Enso OYJ, Class R* (a)	87,648		663,407
Upm-Kymmene OYJ (a)	77,408		929,004

			1,592,411

Pharmaceuticals 0.0%
Orion OYJ, Class B (a)	10,919		207,493



FRANCE 10.1%
Aerospace & Defense 0.1%
Safran SA (a)	28,297		456,509
Thales SA (a)	13,484		653,334

			1,109,843

Airlines 0.0%
Air France-KLM* (a)	16,210		248,530

Auto Components 0.1%
Compagnie Generale des Etablissements Michelin, Class B (a)	21,863		1,619,546

Automobiles 0.1%
Peugeot Citroen* (a)	22,123		720,638
Renault SA* (a)	27,579		1,234,182

			1,954,820

Beverages 0.2%
Pernod-Ricard SA (a)(b)	29,242		2,436,068

Building Products 0.2%
Cie de Saint-Gobain (a)	54,113		2,636,914

Chemicals 0.3%
Air Liquide SA (a)	36,817		3,965,219

Commercial Banks 1.3%
BNP Paribas (a)	135,516		10,208,989
Credit Agricole SA (a)(b)	130,834		2,506,148
Natixis* (a)	131,551		738,993
Societe Generale (a)(b)	83,203		5,526,332

			18,980,462

Commercial Services & Supplies 0.0%
Societe BIC SA (a)	3,030		210,294

Communications Equipment 0.1%
Alcatel-Lucent* (a)	349,525		1,308,952

Construction & Engineering 0.4%
Bouygues SA (a)	33,647		1,584,513
Eiffage SA (a)(b)	6,456		351,690
Vinci SA (a)	62,049		3,238,218

			5,174,421

2009 Annual Report 45

Statement of Investments (Continued)

October 31, 2009

Nationwide International Index Fund (Continued)


Common Stocks (continued)
	Shares		Market Value


FRANCE (continued)

Construction Materials 0.2%
Imerys SA (a)	3,868	$	212,014
Lafarge SA (a)	30,118		2,444,674

			2,656,688

Diversified Financial Services 0.0%
Eurazeo (a)	3,976		250,037

Diversified Telecommunication Services 0.5%
France Telecom SA (a)	269,376		6,674,807
Iliad SA (a)	2,469		267,341

			6,942,148

Electric Utilities 0.1%
Electricite de France (EDF) (a)(b)	35,718		1,990,765

Electrical Equipment 0.4%
Alstom SA (a)	29,817		2,065,964
Legrand SA (a)(b)	14,732		399,632
Schneider Electric SA (a)	34,355		3,572,538

			6,038,134

Energy Equipment & Services 0.1%
Cie Generale de Geophysique-Veritas* (a)	21,625		428,290
Technip SA (a)	15,659		982,416

			1,410,706

Food & Staples Retailing 0.3%
Carrefour SA (a)	93,672		4,020,656
Casino Guichard Perrachon SA (a)	8,314		660,643

			4,681,299

Food Products 0.3%
Danone SA (a)	80,924		4,861,453

Health Care Equipment & Supplies 0.1%
BioMerieux (a)	2,212		245,518
Cie Generale d’Optique Essilor International SA (a)	30,228		1,692,502

			1,938,020

Hotels, Restaurants & Leisure 0.1%
Accor SA (a)	21,131		1,011,964
Sodexo (a)	14,216		811,830

			1,823,794

Information Technology Services 0.1%
Atos Origin SA* (a)	8,153		381,696
Cap Gemini SA (a)	22,008		1,019,553

			1,401,249

Insurance 0.5%
AXA SA (a)	230,815		5,740,411
CNP Assurances (a)	5,599		541,045
SCOR SE (a)	24,990		636,018

			6,917,474

Machinery 0.1%
Vallourec SA (a)	8,111		1,277,067

Media 0.5%
Eutelsat Communications (a)	14,841		471,717
JC Decaux SA* (a)	6,800		137,484
Lagardere SCA (a)	17,796		804,012
M6-Metropole Television (a)	7,154		172,319
PagesJaunes Groupe (a)	25,881		317,119
Publicis Groupe (a)	17,320		658,117
Societe Television Francaise 1 (a)	17,699		277,887
Vivendi (a)	172,524		4,786,222

			7,624,877

Metals & Mining 0.0%
Eramet (a)(b)	892		277,774

Multiline Retail 0.1%
PPR (a)	11,450		1,247,860

Multi-Utilities 0.7%
GDF Suez (a)	177,583		7,424,295
Suez Environnement Co. (a)	40,612		902,502
Veolia Environnement (a)	57,006		1,862,354

			10,189,151

Office Electronics 0.0%
Neopost SA (a)	4,701		411,403

Oil, Gas & Consumable Fuels 1.3%
Total SA (a)	314,625		18,827,261

Personal Products 0.3%
L’Oreal SA (a)	35,317		3,611,042

Pharmaceuticals 0.8%
Ipsen SA (a)	4,045		206,099
Sanofi-Aventis SA (a)	155,215		11,377,598

			11,583,697

Professional Services 0.0%
Bureau Veritas SA (a)	7,445		409,933

Real Estate Investment Trusts (REITs) 0.3%
Fonciere Des Regions (a)	3,512		387,098
Gecina SA (a)	2,687		285,848
ICADE (a)	3,600		379,008
Klepierre (a)	13,281		550,502
Unibail-Rodamco SE (a)	12,294		2,722,454

			4,324,910

Software 0.1%
Dassault Systemes SA (a)	11,079		639,357

Textiles, Apparel & Luxury Goods 0.4%
Christian Dior SA (a)	10,019		999,175
Hermes International (a)	8,454		1,175,663

46 Annual Report 2009


Common Stocks (continued)
	Shares		Market Value


FRANCE (continued)
Textiles, Apparel & Luxury Goods (continued)

LVMH Moet Hennessy Louis Vuitton SA (a)	36,097	$	3,737,889

			5,912,727

Transportation Infrastructure 0.0%
Aeroports de Paris (a)	4,976		377,701
Societe Des Autoroutes Paris-Rhin-Rhone (a)(b)	2,657		199,556

			577,257



GERMANY 7.5%
Air Freight & Logistics 0.1%
Deutsche Post AG (a)	127,577		2,158,272

Airlines 0.0%
Deutsche Lufthansa AG (a)	30,545		471,660

Automobiles 0.8%
Bayerische Motoren Werke AG (a)	49,924		2,442,201
Daimler AG (a)	133,070		6,463,613
Volkswagen AG (a)(b)	13,166		2,140,864

			11,046,678

Capital Markets 0.4%
Deutsche Bank AG (a)	87,259		6,339,493

Chemicals 0.8%
BASF SE (a)	136,192		7,290,359
K+S AG (a)	22,391		1,222,248
Linde AG (a)	22,864		2,399,732
Wacker Chemie AG (a)	2,359		338,925

			11,251,264

Commercial Banks 0.1%
Commerzbank AG* (a)	106,872		1,113,100
Deutsche Postbank AG* (a)	13,196		408,640

			1,521,740

Construction & Engineering 0.0%
Hochtief AG (a)	6,332		477,879

Construction Materials 0.1%
HeidelbergCement AG	21,300		1,274,057

Diversified Financial Services 0.2%
Deutsche Boerse AG (a)	28,766		2,329,836

Diversified Telecommunication Services 0.4%
Deutsche Telekom AG (a)	417,725		5,708,378

Electric Utilities 0.7%
E.ON AG (a)	280,099		10,734,770

Electrical Equipment 0.0%
Solarworld AG (a)(b)	12,435		269,121

Food & Staples Retailing 0.1%
Metro AG (a)	17,104		949,339

Food Products 0.0%
Suedzucker AG (a)	10,710		221,381

Health Care Equipment & Supplies 0.0%
Fresenius SE (a)	4,202		209,332

Health Care Providers & Services 0.1%
Celesio AG (a)	14,561		361,215
Fresenius Medical Care AG & Co. KGaA (a)	28,807		1,398,045

			1,759,260

Hotels, Restaurants & Leisure 0.0%
TUI AG* (a)(b)	20,871		144,708

Household Products 0.1%
Henkel AG & Co. KGaA (a)	20,725		800,854

Industrial Conglomerates 0.8%
Siemens AG (a)	121,395		10,970,097

Insurance 0.9%
Allianz SE (a)	66,835		7,660,887
Hannover Rueckversicherung AG* (a)	9,091		409,842
Muenchener Rueckversicherungs AG (a)	30,478		4,822,015

			12,892,744

Internet Software & Services 0.0%
United Internet AG* (a)(b)	19,578		254,914

Machinery 0.1%
GEA Group AG (a)	23,555		444,499
MAN SE (a)	15,942		1,312,771

			1,757,270

Metals & Mining 0.1%
Salzgitter AG (a)	5,702		512,611
ThyssenKrupp AG (a)	50,425		1,624,280

			2,136,891

Multi-Utilities 0.4%
RWE AG (a)	61,787		5,419,515

Personal Products 0.1%
Beiersdorf AG (a)	13,298		819,135

Pharmaceuticals 0.6%
Bayer AG (a)	112,551		7,808,836
Merck KGaA (a)	9,439		887,346

			8,696,182

Semiconductors & Semiconductor Equipment 0.1%
Infineon Technologies AG* (a)	163,293		735,300

Software 0.4%
SAP AG (a)	126,481		5,728,977

Textiles, Apparel & Luxury Goods 0.1%
Adidas AG (a)	29,249		1,354,245

2009 Annual Report 47

Statement of Investments (Continued)

October 31, 2009

Nationwide International Index Fund (Continued)


Common Stocks (continued)
	Shares		Market Value


GERMANY (continued)
Textiles, Apparel & Luxury Goods (continued)

Puma AG Rudolf Dassler Sport (a)	796	$	243,886

			1,598,131

Transportation Infrastructure 0.0%
Fraport AG Frankfurt Airport Services Worldwide (a)	5,672		267,047
Hamburger Hafen und Logistik AG (a)	3,912		152,414

			419,461



GREECE 0.6%
Beverages 0.1%
Coca Cola Hellenic Bottling Co. SA (a)	29,073		757,724

Capital Markets 0.0%
Marfin Investment Group SA* (a)	106,920		426,013

Commercial Banks 0.4%
Alpha Bank AE* (a)	54,056		1,042,201
EFG Eurobank Ergasias SA* (a)	48,706		771,519
National Bank of Greece SA* (a)	91,530		3,346,370
Piraeus Bank SA* (a)	45,673		787,432

			5,947,522

Construction Materials 0.0%
Titan Cement Co. SA (a)	7,253		250,676

Diversified Telecommunication Services 0.0%
Hellenic Telecommunications Organization SA (a)	36,954		621,597

Electric Utilities 0.0%
Public Power Corp. SA* (a)	17,491		356,766

Hotels, Restaurants & Leisure 0.1%
OPAP SA (a)	33,670		857,062

Oil, Gas & Consumable Fuels 0.0%
Hellenic Petroleum SA (a)	14,352		173,967



HONG KONG 2.4%
Airlines 0.0%
Cathay Pacific Airways Ltd.* (a)	176,000		285,168

Commercial Banks 0.3%
Bank of East Asia Ltd. (a)	211,350		741,387
BOC Hong Kong Holdings Ltd. (a)	559,100		1,286,983
Hang Seng Bank Ltd. (a)	114,500		1,617,555
Wing Hang Bank Ltd. (a)	29,000		281,351

			3,927,276

Distributors 0.1%
Li & Fung Ltd. (a)	337,600		1,404,064

Diversified Financial Services 0.2%
Hong Kong Exchanges and Clearing Ltd. (a)	153,500		2,702,000

Diversified Telecommunication Services 0.0%
PCCW Ltd. (a)	845,000		207,538

Electric Utilities 0.2%
Cheung Kong Infrastructure Holdings Ltd. (a)	77,500		275,559
CLP Holdings Ltd. (a)	307,000		2,057,524
Hongkong Electric Holdings Ltd. (a)	210,300		1,124,658

			3,457,741

Gas Utilities 0.1%
Hong Kong & China Gas Co. Ltd. (a)	593,336		1,427,490

Hotels, Restaurants & Leisure 0.1%
Genting Singapore PLC* (a)(b)	639,217		488,343
Shangri-La Asia Ltd. (a)	184,000		353,916

			842,259

Industrial Conglomerates 0.2%
Hutchison Whampoa Ltd. (a)	319,500		2,242,534
NWS Holdings Ltd. (a)	125,000		237,350

			2,479,884

Marine 0.0%
Orient Overseas International Ltd. (a)	34,438		168,024

Media 0.0%
Television Broadcasts Ltd. (a)	32,000		151,229

Multiline Retail 0.0%
Lifestyle International Holdings Ltd. (a)	69,193		111,194

Oil, Gas & Consumable Fuels 0.0%
Mongolia Energy Co., Ltd.* (a)	320,951		134,888

Real Estate Investment Trusts (REITs) 0.0%
Link REIT (The) (a)	318,551		717,375

Real Estate Management & Development 1.0%
Cheung Kong Holdings Ltd. (a)	209,000		2,652,481
Chinese Estates Holdings Ltd. (a)	140,000		240,016
Hang Lung Group Ltd. (a)	138,000		691,753
Hang Lung Properties Ltd. (a)	310,000		1,171,543
Henderson Land Development Co. Ltd. (a)	160,800		1,136,806
Hopewell Holdings Ltd. (a)	90,569		284,931
Hysan Development Co., Ltd. (a)	76,673		226,447
Kerry Properties Ltd. (a)	107,000		596,605
New World Development Ltd. (a)	361,679		778,494
Sino Land Co., Ltd. (a)	234,000		445,061
Sun Hung Kai Properties Ltd. (a)	211,700		3,207,362
Swire Pacific Ltd., Class A (a)	115,000		1,401,444

48 Annual Report 2009


Common Stocks (continued)
	Shares		Market Value


HONG KONG (continued)

Wharf Holdings Ltd. (a)	206,337	$	1,114,863
Wheelock & Co., Ltd. (a)	142,000		456,212

			14,404,018

Road & Rail 0.1%
MTR Corp. (a)	212,214		751,619

Semiconductors & Semiconductor Equipment 0.0%
ASM Pacific Technology Ltd. (a)	27,300		212,234

Specialty Retail 0.1%
Esprit Holdings Ltd. (a)	168,200		1,119,698

Textiles, Apparel & Luxury Goods 0.0%
Yue Yuen Industrial Holdings Ltd. (a)	114,500		319,059

Trading Companies & Distributors 0.0%
Noble Group Ltd. (a)	168,363		307,692

Transportation Infrastructure 0.0%
Hong Kong Aircraft Engineering Co. Ltd. (a)	6,800		80,285



IRELAND 0.3%
Airlines 0.0%
Ryanair Holdings PLC* (a)	42,663		185,818

Commercial Banks 0.0%
Anglo Irish Bank Corp., Ltd.* (a)	122,522		0

Construction Materials 0.2%
CRH PLC (a)	102,066		2,502,742

Food Products 0.0%
Kerry Group PLC, Class A (a)	22,694		672,606

Pharmaceuticals 0.0%
Elan Corp. PLC* (a)	76,306		399,891

Professional Services 0.1%
Experian PLC (a)	150,233		1,372,876



ITALY 3.5%
Aerospace & Defense 0.1%
Finmeccanica SpA (a)	61,020		1,023,945

Auto Components 0.0%
Pirelli & C SpA* (a)	394,325		221,561

Automobiles 0.1%
Fiat SpA* (a)	115,284		1,716,320

Capital Markets 0.1%
Mediobanca SpA (a)	71,578		913,019

Commercial Banks 1.1%
Banca Carige SpA (a)	126,043		355,320
Banca Monte dei Paschi di Siena SpA (a)	331,229		629,367
Banca Popolare di Milano Scarl (a)	59,436		442,225
Banco Popolare Societa Cooperativa* (a)	94,348		819,616
Intesa Sanpaolo SpA* (a)	1,282,798		5,254,514
UniCredit SpA* (a)	2,095,282		7,019,631
Unione di Banche Italiane SCPA (a)	86,722		1,238,726

			15,759,399

Construction Materials 0.0%
Italcementi SpA (a)	5,588		80,435

Diversified Financial Services 0.0%
Exor SpA (a)	12,779		251,816

Diversified Telecommunication Services 0.2%
Telecom Italia SpA (a)	1,479,807		2,350,872
Telecom Italia SpA — RSP (a)	908,511		999,806

			3,350,678

Electric Utilities 0.4%
Enel SpA (a)	971,666		5,781,713
Terna Rete Elettrica Nazionale SpA (a)	185,901		737,058

			6,518,771

Electrical Equipment 0.0%
Prysmian SpA (a)	14,988		263,534

Energy Equipment & Services 0.1%
Saipem SpA (a)	39,796		1,174,177

Food Products 0.1%
Parmalat SpA (a)	245,493		680,388

Gas Utilities 0.1%
Snam Rete Gas SpA (a)	223,622		1,084,615

Hotels, Restaurants & Leisure 0.0%
Autogrill SpA* (a)	15,333		172,428
Lottomatica SpA (a)(b)	7,225		153,943

			326,371

Insurance 0.3%
Assicurazioni Generali SpA (a)	176,637		4,447,591
Fondiaria-Sai SpA (a)	9,382		170,995
Mediolanum SpA (a)	35,536		225,524
Unipol Gruppo Finanziario SpA* (a)	99,995		144,983

			4,989,093

Media 0.1%
Mediaset SpA (a)	106,858		693,900

Multi-Utilities 0.0%
A2A SpA (a)	132,571		244,391
ACEA SpA (a)	14,531		169,986

			414,377

Oil, Gas & Consumable Fuels 0.7%
ENI SpA (a)	384,584		9,524,912

2009 Annual Report 49

Statement of Investments (Continued)

October 31, 2009

Nationwide International Index Fund (Continued)


Common Stocks (continued)
	Shares		Market Value


ITALY (continued)

Saras SpA (a)	38,683	$	125,604

			9,650,516

Textiles, Apparel & Luxury Goods 0.0%
Luxottica Group SpA* (a)	17,465		425,131

Transportation Infrastructure 0.1%
Atlantia SpA (a)	38,836		918,337

JAPAN 20.5%
Air Freight & Logistics 0.1%
Yamato Holdings Co., Ltd. (a)	55,000		811,356

Airlines 0.0%
All Nippon Airways Co., Ltd. (a)	87,000		242,744
Japan Airlines Corp.* (a)(b)	166,000		214,990

			457,734

Auto Components 0.5%
Aisin Seiki Co., Ltd. (a)	28,300		719,545
Bridgestone Corp. (a)	90,000		1,484,164
Denso Corp. (a)	71,800		1,961,809
NGK Spark Plug Co., Ltd. (a)	29,000		328,667
NHK Spring Co., Ltd. (a)	27,000		210,816
NOK Corp. (a)	14,600		193,716
Stanley Electric Co., Ltd. (a)	20,800		407,275
Sumitomo Rubber Industries, Ltd. (a)	19,000		175,148
Toyoda Gosei Co., Ltd. (a)	8,200		229,877
Toyota Boshoku Corp. (a)	8,300		173,041
Toyota Industries Corp. (a)	26,500		717,735

			6,601,793

Automobiles 2.1%
Daihatsu Motor Co., Ltd. (a)	29,000		296,677
Fuji Heavy Industries Ltd.* (a)	83,000		324,347
Honda Motor Co., Ltd. (a)	243,400		7,517,819
Isuzu Motors Ltd. (a)	176,000		372,126
Mazda Motor Corp.* (a)(b)	221,300		499,444
Mitsubishi Motors Corp.* (a)(b)	528,000		781,083
Nissan Motor Co., Ltd.* (a)	366,400		2,651,323
Suzuki Motor Corp. (a)	51,900		1,255,780
Toyota Motor Corp.	407,400		16,082,910
Yamaha Motor Co., Ltd. (a)	31,600		376,301

			30,157,810

Beverages 0.2%
Asahi Breweries Ltd. (a)	55,500		981,166
Coca-Cola West Co., Ltd. (a)	10,800		200,615
Ito En Ltd. (a)(b)	9,700		163,145
Kirin Holdings Co., Ltd. (a)	123,000		2,007,739
Sapporo Holdings Ltd. (a)(b)	52,000		271,512

			3,624,177

Building Products 0.2%
Asahi Glass Co., Ltd. (a)	148,600		1,251,928
Daikin Industries Ltd. (a)	34,600		1,172,793
JS Group Corp. (a)	36,900		602,227
Nippon Sheet Glass Co., Ltd. (a)	82,000		241,623
TOTO Ltd. (a)(b)	30,200		178,955

			3,447,526

Capital Markets 0.4%
Daiwa Securities Group, Inc. (a)	239,200		1,258,987
JAFCO Co. Ltd. (a)	3,700		99,472
Matsui Securities Co., Ltd. (a)	12,900		92,849
Mizuho Securities Co., Ltd. (a)	66,700		230,189
Nomura Holdings, Inc. (a)	528,200		3,722,872
SBI Holdings, Inc. (a)	2,474		454,591

			5,858,960

Chemicals 0.9%
Asahi Kasei Corp. (a)	186,200		922,642
Daicel Chemical Industries Ltd. (a)	30,000		181,162
Denki Kagaku Kogyo kK (a)	54,000		198,114
DIC Corp. (a)	69,000		112,932
Hitachi Chemical Co., Ltd. (a)	12,600		250,144
JSR Corp. (a)	26,400		514,890
Kaneka Corp. (a)	43,500		283,192
Kansai Paint Co., Ltd. (a)	30,000		253,853
Kuraray Co., Ltd. (a)	51,000		526,494
Mitsubishi Chemical Holdings Corp. (a)	198,000		735,254
Mitsubishi Gas Chemical Co., Inc. (a)	51,000		235,245
Mitsubishi Rayon Co., Ltd. (a)	95,100		328,498
Mitsui Chemicals, Inc. (a)	105,100		360,948
Nissan Chemical Industries Ltd. (a)	20,000		257,759
Nitto Denko Corp. (a)	24,310		734,157
Shin-Etsu Chemical Co., Ltd. (a)	60,700		3,219,000
Showa Denko KK (a)	143,000		275,246
Sumitomo Chemical Co., Ltd. (a)	232,200		925,145
Taiyo Nippon Sanso Corp. (a)	37,000		410,907
Teijin Ltd. (a)	124,800		366,788
Tokuyama Corp. (a)	38,000		238,777
Toray Industries, Inc. (a)	196,300		1,118,281
Tosoh Corp. (a)	59,000		158,637
Ube Industries Ltd. (a)	133,000		342,740

			12,950,805

Commercial Banks 1.8%
77 Bank Ltd. (The) (a)	45,300		260,701
Aozora Bank Ltd.* (a)	97,000		114,688
Bank of Kyoto Ltd. (The) (a)	49,000		444,642
Bank of Yokohama Ltd. (The) (a)	180,000		883,879
Chiba Bank Ltd. (The) (a)	112,300		692,543
Chugoku Bank Ltd. (The) (a)	25,000		337,575
Chuo Mitsui Trust Holdings, Inc. (a)	145,400		530,990
Fukuoka Financial Group, Inc. (a)	113,600		415,365
Gunma Bank Ltd. (The) (a)	75,000		390,735

50 Annual Report 2009


Common Stocks (continued)
	Shares		Market Value


JAPAN (continued)
Commercial Banks (continued)

Hachijuni Bank Ltd. (The) (a)	60,000	$	354,967
Hiroshima Bank Ltd. (The) (a)	65,000		249,419
Hokuhoku Financial Group, Inc. (a)	168,900		365,998
Iyo Bank Ltd. (The) (a)	40,000		360,687
Joyo Bank Ltd. (The) (a)	103,000		453,124
Mitsubishi UFJ Financial Group, Inc. (a)	1,366,984		7,281,108
Mizuho Financial Group, Inc. (a)	1,849,010		3,647,047
Mizuho Trust & Banking Co., Ltd.* (a)	230,000		219,161
Nishi-Nippon City Bank Ltd. (The) (a)	102,000		252,330
Resona Holdings, Inc. (a)	71,001		845,387
Sapporo Hokuyo Holdings, Inc. (a)	34,000		114,770
Seven Bank Ltd. (a)	58		141,690
Shinsei Bank Ltd.* (a)(b)	179,000		233,520
Shizuoka Bank Ltd. (The) (a)	89,000		884,301
Sumitomo Mitsui Financial Group, Inc. (a)	133,385		4,533,772
Sumitomo Trust & Banking Co., Ltd. (The) (a)	209,000		1,088,889
Suruga Bank Ltd. (a)	31,000		280,078
Yamaguchi Financial Group, Inc. (a)	32,000		305,732

			25,683,098

Commercial Services & Supplies 0.2%
Dai Nippon Printing Co., Ltd. (a)	82,700		1,036,181
Secom Co., Ltd. (a)	31,000		1,446,386
Toppan Printing Co., Ltd. (a)	82,000		732,869

			3,215,436

Computers & Peripherals 0.4%
Fujitsu Ltd. (a)	274,100		1,614,120
NEC Corp.* (a)(b)	287,000		815,754
Seiko Epson Corp. (a)	20,200		312,266
Toshiba Corp.* (a)	579,700		3,313,186

			6,055,326

Construction & Engineering 0.1%
JGC Corp. (a)	31,000		592,577
Kajima Corp. (a)	124,800		292,191
Kinden Corp. (a)	25,000		203,037
Obayashi Corp. (a)	89,500		337,972
Shimizu Corp. (a)	87,000		333,605
Taisei Corp. (a)	144,000		282,600

			2,041,982

Construction Materials 0.0%
Taiheiyo Cement Corp.* (a)	102,000		118,424

Consumer Finance 0.1%
Acom Co., Ltd. (a)(b)	7,940		101,463
Aeon Credit Service Co., Ltd. (a)	17,000		163,678
Credit Saison Co., Ltd. (a)	23,100		258,235
ORIX Corp. (a)	15,400		994,760
Promise Co., Ltd.* (a)(b)	11,000		69,921

			1,588,057

Containers & Packaging 0.0%
Toyo Seikan Kaisha Ltd. (a)	22,300		374,638

Distributors 0.0%
Canon Marketing Japan, Inc. (a)	10,300		166,875

Diversified Consumer Services 0.0%
Benesse Holdings, Inc. (a)	9,800		432,113

Diversified Financial Services 0.0%
Mitsubishi UFJ Lease & Finance Co., Ltd. (a)	7,890		235,010

Diversified Telecommunication Services 0.2%
Nippon Telegraph & Telephone Corp. (a)	75,354		3,109,285

Electric Utilities 1.0%
Chubu Electric Power Co., Inc. (a)	97,600		2,179,026
Chugoku Electric Power Co., Inc. (The) (a)	45,100		912,709
Hokkaido Electric Power Co., Inc. (a)	26,900		517,931
Hokuriku Electric Power Co. (a)	28,300		645,200
Kansai Electric Power Co., Inc. (The) (a)	112,400		2,428,590
Kyushu Electric Power Co., Inc. (a)	56,300		1,149,537
Shikoku Electric Power Co., Inc. (a)	26,200		737,238
Tohoku Electric Power Co., Inc. (a)	62,800		1,289,670
Tokyo Electric Power Co., Inc. (The) (a)	179,500		4,412,294

			14,272,195

Electrical Equipment 0.4%
Fuji Electric Holdings Co., Ltd. (a)	60,200		111,866
Furukawa Electric Co., Ltd. (a)	87,300		331,085
GS Yuasa Corp. (a)(b)	51,000		439,273
Mitsubishi Electric Corp.* (a)	285,600		2,172,527
Panasonic Electric Works Co., Ltd. (a)	55,284		697,844
Sumitomo Electric Industries Ltd. (a)	111,400		1,351,813
Ushio, Inc. (a)	14,700		231,093

			5,335,501

Electronic Equipment, Instruments & Components 1.1%
Citizen Holdings Co., Ltd. (a)	55,800		313,976
FUJIFILM Holdings Corp. (a)	72,100		2,049,751
Hirose Electric Co., Ltd. (a)	4,400		453,527
Hitachi High-Technologies Corp. (a)	7,800		129,198
Hitachi Ltd.* (a)	496,800		1,604,095
HOYA Corp. (a)	60,800		1,338,042

2009 Annual Report 51

Statement of Investments (Continued)

October 31, 2009

Nationwide International Index Fund (Continued)


Common Stocks (continued)
	Shares		Market Value


JAPAN (continued)
Electronic Equipment, Instruments & Components (continued)

Ibiden Co., Ltd. (a)	19,000	$	680,248
Keyence Corp. (a)	6,108		1,212,588
Kyocera Corp. (a)	23,900		2,004,834
Mabuchi Motor Co., Ltd. (a)	4,100		196,195
Mitsumi Electric Co., Ltd. (a)	12,300		248,119
Murata Manufacturing Co., Ltd. (a)	31,500		1,536,936
Nidec Corp. (a)	16,100		1,359,367
Nippon Electric Glass Co., Ltd. (a)	51,000		549,160
Omron Corp. (a)	29,800		501,796
Shimadzu Corp. (a)	38,000		263,158
TDK Corp. (a)	17,100		983,179
Yaskawa Electric Corp. (a)	30,000		235,980
Yokogawa Electric Corp. (a)	40,900		331,487

			15,991,636

Food & Staples Retailing 0.3%
AEON Co., Ltd. (a)	93,800		836,642
FamilyMart Co., Ltd. (a)	6,700		199,567
Lawson, Inc. (a)	8,400		375,541
Seven & I Holdings Co., Ltd. (a)	113,600		2,486,960
UNY Co., Ltd. (a)(b)	22,000		163,412

			4,062,122

Food Products 0.2%
Ajinomoto Co., Inc. (a)	98,000		919,792
Kikkoman Corp. (a)	32,000		370,364
MEIJI Holdings Co., Ltd.* (a)	9,399		382,812
Nippon Meat Packers, Inc. (a)	27,000		316,571
Nisshin Seifun Group, Inc. (a)	27,900		372,178
Nissin Food Holdings Co., Ltd. (a)	10,300		363,465
Toyo Suisan Kaisha Ltd. (a)	10,400		272,136
Yakult Honsha Co., Ltd. (a)	14,900		388,021
Yamazaki Baking Co., Ltd. (a)	15,100		185,284

			3,570,623

Gas Utilities 0.2%
Osaka Gas Co., Ltd. (a)	285,900		956,917
Toho Gas Co., Ltd. (a)	73,000		378,557
Tokyo Gas Co., Ltd. (a)	343,400		1,360,356

			2,695,830

Health Care Equipment & Supplies 0.2%
Olympus Corp. (a)	31,000		967,609
Terumo Corp. (a)	24,900		1,310,606

			2,278,215

Health Care Providers & Services 0.1%
Alfresa Holdings Corp. (a)	3,900		168,618
Mediceo Paltac Holdings Co., Ltd. (a)	18,200		254,162
Suzuken Co., Ltd. (a)	9,800		346,812

			769,592

Hotels, Restaurants & Leisure 0.1%
McDonald’s Holdings Co., (Japan) Ltd. (a)	13,124		265,302
Oriental Land Co., Ltd. (a)	7,300		494,808

			760,110

Household Durables 0.9%
Casio Computer Co., Ltd. (a)(b)	35,000		256,826
Makita Corp. (a)	16,500		546,811
Panasonic Corp. (a)	288,502		4,072,216
Rinnai Corp. (a)	6,200		272,440
Sanyo Electric Co., Ltd.* (a)(b)	246,200		610,239
Sekisui Chemical Co., Ltd. (a)	57,000		344,767
Sekisui House Ltd. (a)	72,300		625,231
Sharp Corp. (a)	147,900		1,578,003
Sony Corp. (a)	148,000		4,370,263

			12,676,796

Household Products 0.2%
Kao Corp. (a)	80,200		1,786,362
Unicharm Corp. (a)	5,400		517,505

			2,303,867

Independent Power Producers & Energy Traders 0.0%
Electric Power Development Co., Ltd. (a)	19,600		604,325

Industrial Conglomerates 0.0%
Hankyu Hanshin Holdings, Inc. (a)	168,000		748,399

Information Technology Services 0.1%
Itochu Techno-Solutions Corp. (a)	2,900		79,716
Nomura Research Institute Ltd. (a)	18,600		402,208
NTT Data Corp. (a)	186		535,198
Obic Co. Ltd. (a)	940		158,943
Otsuka Corp. (a)	1,500		79,103

			1,255,168

Insurance 0.5%
Aioi Insurance Co., Ltd. (a)	69,000		303,765
Mitsui Sumitomo Insurance Group Holdings, Inc. (a)	61,980		1,442,773
Nipponkoa Insurance Co., Ltd. (a)	109,000		593,466
Nissay Dowa General Insurance Co., Ltd. (a)	15,000		66,578
Sompo Japan Insurance, Inc. (a)	130,800		764,901
Sony Financial Holdings, Inc. (a)	146		418,965
T&D Holdings, Inc. (a)	34,150		882,254
Tokio Marine Holdings, Inc. (a)	106,400		2,720,689

			7,193,391

Internet & Catalog Retail 0.1%
Dena Co., Ltd. (a)(b)	53		183,236
Rakuten, Inc. (a)	1,066		730,052

			913,288

52 Annual Report 2009


Common Stocks (continued)

JAPAN (continued)
Internet Software & Services 0.0%
Yahoo! Japan Corp. (a)	2,170	$	665,129

Leisure Equipment & Products 0.2%
Namco Bandai Holdings, Inc. (a)	29,349		300,089
Nikon Corp. (a)	47,000		875,969
Sankyo Co., Ltd. (a)	7,900		451,247
Sega Sammy Holdings, Inc. (a)	27,000		383,358
Shimano, Inc. (a)	9,100		347,974
Yamaha Corp. (a)	30,500		315,094

			2,673,731

Machinery 1.0%
Amada Co., Ltd. (a)	47,000		287,537
Fanuc Ltd. (a)	28,300		2,350,632
Hino Motors Ltd. (a)	57,000		210,715
Hitachi Construction Machinery Co., Ltd. (a)(b)	15,900		370,568
IHI Corp.* (a)	187,000		356,613
Japan Steel Works Ltd. (The) (a)	49,000		540,389
JTEKT Corp. (a)	25,300		267,266
Kawasaki Heavy Industries Ltd. (a)(b)	197,200		492,761
Komatsu Ltd. (a)	140,000		2,729,292
Kubota Corp. (a)	162,100		1,259,643
Kurita Water Industries Ltd. (a)	16,600		507,692
Minebea Co., Ltd. (a)	67,000		280,821
Mitsubishi Heavy Industries Ltd. (a)	446,200		1,577,799
Mitsui Engineering & Shipbuilding Co., Ltd. (a)	110,000		284,828
NGK Insulators Ltd. (a)	37,000		829,909
NSK Ltd. (a)	66,400		385,768
NTN Corp. (a)	59,600		225,045
SMC Corp. (a)	7,900		902,216
Sumitomo Heavy Industries Ltd.* (a)	85,000		385,651
THK Co., Ltd. (a)	17,700		305,853

			14,550,998

Marine 0.1%
Kawasaki Kisen Kaisha Ltd.* (a)	81,000		295,141
Mitsui OSK Lines Ltd. (a)	169,000		981,298
Nippon Yusen KK (a)	157,400		581,015

			1,857,454

Media 0.1%
Dentsu, Inc. (a)	24,461		524,054
Fuji Media Holdings, Inc. (a)	74		108,732
Hakuhodo DY Holdings, Inc. (a)	2,450		123,056
Jupiter Telecommunications Co., Ltd. (a)	333		304,374
Toho Co., Ltd. (a)	14,900		223,944
Tokyo Broadcasting System Holdings, Inc. (a)	4,800		71,596

			1,355,756

Metals & Mining 0.7%
Daido Steel Co., Ltd. (a)	58,000		197,408
Dowa Holdings Co., Ltd. (a)	37,800		220,688
Hitachi Metals Ltd. (a)	25,000		238,518
JFE Holdings, Inc. (a)	72,300		2,355,157
Kobe Steel Ltd.* (a)	366,000		665,130
Maruichi Steel Tube Ltd. (a)(b)	5,600		104,503
Mitsubishi Materials Corp.* (a)	147,000		387,623
Mitsui Mining & Smelting Co., Ltd.* (a)	94,100		242,473
Nippon Steel Corp. (a)	752,000		2,868,900
Nisshin Steel Co., Ltd. (a)	107,900		180,070
OSAKA Titanium Technologies Co. (a)(b)	4,500		119,295
Sumitomo Metal Industries Ltd. (a)	495,000		1,264,620
Sumitomo Metal Mining Co., Ltd. (a)	77,000		1,217,726
Tokyo Steel Manufacturing Co., Ltd. (a)	11,300		148,001
Yamato Kogyo Co., Ltd. (a)	4,700		141,047

			10,351,159

Multiline Retail 0.1%
Isetan Mitsukoshi Holdings Ltd. (a)	51,278		491,440
J. Front Retailing Co., Ltd. (a)	69,200		328,016
Marui Group Co., Ltd. (a)	24,500		140,739
Takashimaya Co., Ltd. (a)	44,000		296,671

			1,256,866

Office Electronics 0.6%
Brother Industries Ltd. (a)	32,600		371,172
Canon, Inc. (a)	157,100		5,923,117
Konica Minolta Holdings, Inc. (a)	70,400		661,318
Ricoh Co., Ltd. (a)	98,200		1,334,562

			8,290,169

Oil, Gas & Consumable Fuels 0.3%
Cosmo Oil Co., Ltd. (a)	81,000		212,777
Idemitsu Kosan Co., Ltd. (a)	3,900		285,999
INPEX Corp. (a)	121		988,124
Japan Petroleum Exploration Co. (a)	5,100		254,643
Nippon Mining Holdings, Inc. (a)	127,900		570,590
Nippon Oil Corp. (a)	182,400		898,822
Showa Shell Sekiyu KK (a)	22,500		221,601
TonenGeneral Sekiyu KK (a)	41,000		374,150

			3,806,706

Paper & Forest Products 0.1%
Nippon Paper Group, Inc. (a)	11,537		306,164

2009 Annual Report 53

Statement of Investments (Continued)

October 31, 2009

Nationwide International Index Fund (Continued)


Common Stocks (continued)
	Shares		Market Value


JAPAN (continued)
Paper & Forest Products (continued)

OJI Paper Co., Ltd. (a)	136,000	$	591,840

			898,004

Personal Products 0.1%
Shiseido Co., Ltd. (a)	51,700		943,894

Pharmaceuticals 1.0%
Astellas Pharma, Inc. (a)	66,900		2,463,516
Chugai Pharmaceutical Co., Ltd. (a)	33,000		645,590
Daiichi Sankyo Co., Ltd. (a)	99,500		1,943,809
Dainippon Sumitomo Pharma Co., Ltd. (a)	23,000		239,055
Eisai Co., Ltd. (a)	37,200		1,320,983
Hisamitsu Pharmaceutical Co., Inc. (a)	10,100		347,230
Kyowa Hakko Kirin Co., Ltd. (a)	41,000		473,919
Mitsubishi Tanabe Pharma Corp. (a)	38,000		485,137
Ono Pharmaceutical Co., Ltd. (a)	12,700		602,967
Santen Pharmaceutical Co., Ltd. (a)	10,900		373,986
Shionogi & Co., Ltd. (a)	44,400		957,777
Taisho Pharmaceutical Co., Ltd. (a)	18,900		344,487
Takeda Pharmaceutical Co., Ltd. (a)	110,700		4,427,285
Tsumura & Co. (a)	8,900		306,262

			14,932,003

Real Estate Investment Trusts (REITs) 0.1%
Japan Prime Realty Investment Corp. (a)	114		248,271
Japan Real Estate Investment Corp. (a)	67		534,601
Japan Retail Fund Investment Corp. (a)	52		244,469
Nippon Building Fund, Inc. (a)	78		639,367
Nomura Real Estate Office Fund, Inc. (a)	55		339,830

			2,006,538

Real Estate Management & Development 0.5%
Aeon Mall Co., Ltd. (a)	9,700		203,257
Daito Trust Construction Co., Ltd. (a)	11,500		478,014
Daiwa House Industry Co., Ltd. (a)	75,000		801,267
Leopalace21 Corp. (a)	20,575		111,333
Mitsubishi Estate Co., Ltd. (a)	173,600		2,622,213
Mitsui Fudosan Co., Ltd. (a)	123,700		2,001,467
Nomura Real Estate Holdings, Inc. (a)	11,600		184,672
NTT Urban Development Corp. (a)	130		104,434
Sumitomo Realty & Development Co., Ltd. (a)	56,000		1,061,839
Tokyo Tatemono Co., Ltd. (a)	35,000		166,888
Tokyu Land Corp. (a)	58,000		233,865

			7,969,249

Road & Rail 0.7%
Central Japan Railway Co. (a)	222		1,479,024
East Japan Railway Co. (a)	50,053		3,205,334
Keihin Electric Express Railway Co., Ltd. (a)	63,000		501,495
Keio Corp. (a)	86,400		544,026
Keisei Electric Railway Co., Ltd. (a)	54,000		303,631
Kintetsu Corp. (a)	239,500		851,743
Nippon Express Co., Ltd. (a)	125,500		513,880
Odakyu Electric Railway Co., Ltd. (a)	103,100		839,831
Tobu Railway Co., Ltd. (a)	120,000		656,250
Tokyu Corp. (a)	167,900		733,737
West Japan Railway Co. (a)(b)	245		868,221

			10,497,172

Semiconductors & Semiconductor Equipment 0.2%
Advantest Corp. (a)	22,400		494,737
Elpida Memory, Inc.* (a)	15,000		195,976
Rohm Co., Ltd. (a)	14,500		961,596
Shinko Electric Industries Co., Ltd. (a)	10,000		148,938
Sumco Corp. (a)	17,100		326,325
Tokyo Electron Ltd. (a)	25,400		1,428,913

			3,556,485

Software 0.3%
Konami Corp. (a)	13,700		249,261
Nintendo Co., Ltd. (a)	14,600		3,662,040
Oracle Corp. Japan (a)(b)	4,600		202,703
Square Enix Holdings Co., Ltd. (a)	7,300		181,716
Trend Micro, Inc. (a)	15,500		536,489

			4,832,209

Specialty Retail 0.2%
ABC-Mart, Inc. (a)	3,000		86,950
Fast Retailing Co., Ltd. (a)	7,100		1,168,613
Hikari Tsushin, Inc. (a)	3,200		60,034
Nitori Co., Ltd. (a)	4,750		386,295
Shimamura Co., Ltd. (a)	3,000		286,764
USS Co., Ltd. (a)	5,000		302,464
Yamada Denki Co., Ltd. (a)	12,680		772,676

			3,063,796

Textiles, Apparel & Luxury Goods 0.0%
Asics Corp. (a)	19,000		169,364
Nisshinbo Holdings, Inc. (a)	19,100		187,726
Onward Holdings Co., Ltd. (a)	28,400		176,299

			533,389

Tobacco 0.1%
Japan Tobacco, Inc. (a)	662		1,857,244

Trading Companies & Distributors 0.9%
ITOCHU Corp. (a)	222,000		1,403,214
Marubeni Corp. (a)	245,000		1,212,157

54 Annual Report 2009


Common Stocks (continued)
	Shares		Market Value


JAPAN (continued)
Trading Companies & Distributors (continued)

Mitsubishi Corp. (a)	199,700	$	4,233,710
Mitsui & Co., Ltd. (a)	256,000		3,362,035
Sojitz Corp. (a)	171,267		316,188
Sumitomo Corp. (a)	165,800		1,609,539
Toyota Tsusho Corp. (a)	31,500		450,389

			12,587,232

Transportation Infrastructure 0.0%
Kamigumi Co., Ltd. (a)	33,000		247,882
Mitsubishi Logistics Corp. (a)	23,400		254,591

			502,473

Wireless Telecommunication Services 0.6%
KDDI Corp. (a)	430		2,282,218
NTT DoCoMo, Inc. (a)	2,257		3,273,245
Softbank Corp. (a)	111,500		2,627,370

			8,182,833



JERSEY 0.1%
Metals & Mining 0.1%
Randgold Resources Ltd. (a)	11,786		776,954



LUXEMBOURG 0.5%
Energy Equipment & Services 0.1%
Tenaris SA (a)	71,193		1,266,973

Media 0.1%
SES SA (a)	42,678		924,737

Metals & Mining 0.3%
ArcelorMittal (a)	126,436		4,278,919

Wireless Telecommunication Services 0.0%
Millicom International Cellular SA* (a)	12,252		786,779



MEXICO 0.0%
Metals & Mining 0.0%
Fresnillo PLC (a)	26,109		316,390



NETHERLANDS 2.7%
Aerospace & Defense 0.1%
European Aeronautic Defence and Space Co. NV (a)	61,428		1,150,270

Air Freight & Logistics 0.1%
TNT NV (a)	55,643		1,475,635

Beverages 0.2%
Heineken Holding NV (a)	18,745		729,289
Heineken NV (a)	36,940		1,632,913

			2,362,202

Chemicals 0.2%
Akzo Nobel NV (a)(b)	34,932		2,062,539
Koninklijke DSM NV (a)	22,372		980,208

			3,042,747

Construction & Engineering 0.0%
Koninklijke Boskalis Westminster NV (a)	8,409		295,139

Construction Materials 0.0%
James Hardie Industries NV* (a)	63,452		402,156

Diversified Financial Services 0.3%
ING Groep NVCVA* (a)	288,754		3,757,741

Diversified Telecommunication Services 0.3%
Koninklijke KPN NV (a)	258,500		4,688,864

Energy Equipment & Services 0.1%
Fugro NVCVA (a)	9,649		537,436
SBM Offshore NV (a)	22,600		432,802

			970,238

Food & Staples Retailing 0.2%
Koninklijke Ahold NV (a)	179,720		2,263,787

Food Products 0.5%
Unilever NVCVA (a)	240,562		7,412,450

Industrial Conglomerates 0.2%
Koninklijke Philips Electronics NV (a)	143,453		3,603,660

Insurance 0.1%
Aegon NV* (a)	230,548		1,638,606

Life Sciences Tools & Services 0.1%
QIAGEN NV* (a)	36,396		754,757

Media 0.2%
Reed Elsevier NV (a)	109,118		1,271,600
Wolters Kluwer NV (a)	39,620		883,255

			2,154,855

Professional Services 0.0%
Randstad Holding NV* (a)	14,821		562,345

Real Estate Investment Trusts (REITs) 0.0%
Corio NV (a)	7,486		507,614

Semiconductors & Semiconductor Equipment 0.1%
ASML Holding NV (a)	65,031		1,753,720



NEW ZEALAND 0.1%
Construction Materials 0.1%
Fletcher Building Ltd. (a)	90,609		535,232

Diversified Telecommunication Services 0.0%
Telecom Corp of New Zealand Ltd. (a)	278,776		503,402

2009 Annual Report 55

Statement of Investments (Continued)

October 31, 2009

Nationwide International Index Fund (Continued)


Common Stocks (continued)
	Shares		Market Value


NEW ZEALAND (continued)

Electric Utilities 0.0%
Contact Energy Ltd.* (a)	33,428	$	148,869

Hotels, Restaurants & Leisure 0.0%
Sky City Entertainment Group Ltd. (a)	106,546		263,191

Transportation Infrastructure 0.0%
Auckland International Airport Ltd. (a)	125,454		180,470



NORWAY 0.7%
Chemicals 0.1%
Yara International ASA (a)	28,564		944,242

Commercial Banks 0.1%
DnB NOR ASA* (a)	110,489		1,265,711

Diversified Telecommunication Services 0.1%
Telenor ASA* (a)	126,654		1,633,070

Electrical Equipment 0.0%
Renewable Energy Corp. AS* (a)(b)	46,103		274,587

Energy Equipment & Services 0.0%
Seadrill Ltd.* (a)	41,088		853,259

Industrial Conglomerates 0.1%
Orkla ASA (a)	116,362		1,075,737

Metals & Mining 0.0%
Norsk Hydro ASA* (a)	95,722		627,359

Oil, Gas & Consumable Fuels 0.3%
StatoilHydro ASA (a)	169,356		3,990,737



PORTUGAL 0.3%
Commercial Banks 0.1%
Banco Comercial Portugues SA, Class R (a)	312,775		445,888
Banco Espirito Santo SA (a)	85,089		628,003

			1,073,891

Construction Materials 0.0%
Cimpor Cimentos de Portugal SGPS SA (a)	41,410		322,735

Diversified Telecommunication Services 0.1%
Portugal Telecom SGPS SA (a)	85,775		980,453

Electric Utilities 0.1%
EDP — Energias de Portugal SA (a)	275,675		1,219,189

Food & Staples Retailing 0.0%
Jeronimo Martins SGPS SA (a)	33,211		295,855

Oil, Gas & Consumable Fuels 0.0%
Galp Energia SGPS SA, Class B (a)(b)	23,256		391,703

Transportation Infrastructure 0.0%
Brisa Auto-Estradas de Portugal SA (a)(b)	36,281		358,360



SINGAPORE 1.3%
Aerospace & Defense 0.0%
Singapore Technologies Engineering Ltd. (a)	232,000		467,401

Airlines 0.1%
Singapore Airlines Ltd. (a)	80,613		773,058

Commercial Banks 0.5%
DBS Group Holdings Ltd. (a)	258,050		2,363,112
Oversea-Chinese Banking Corp., Ltd. (a)	376,600		2,029,452
United Overseas Bank Ltd. (a)	183,500		2,199,589

			6,592,153

Distributors 0.0%
Jardine Cycle & Carriage Ltd. (a)	18,604		305,518

Diversified Financial Services 0.1%
Singapore Exchange Ltd. (a)	124,900		707,785

Diversified Telecommunication Services 0.2%
Singapore Telecommunications Ltd. (a)	1,201,003		2,490,559

Food & Staples Retailing 0.0%
Olam International Ltd. (a)(b)	180,500		346,487

Food Products 0.1%
Golden Agri-Resources Ltd.* (a)	893,360		268,859
Wilmar International Ltd. (a)	192,158		847,217

			1,116,076

Industrial Conglomerates 0.1%
Fraser and Neave Ltd. (a)	167,369		455,688
Keppel Corp. Ltd. (a)	192,000		1,103,441
SembCorp Industries Ltd. (a)	138,243		325,717

			1,884,846

Machinery 0.0%
Cosco Corp. Singapore Ltd. (a)	102,066		80,760
SembCorp Marine Ltd. (a)	151,200		368,799

			449,559

Marine 0.0%
Neptune Orient Lines Ltd. (a)	89,649		99,776

Media 0.1%
Singapore Press Holdings Ltd. (a)	239,500		655,863

Real Estate Investment Trusts (REITs) 0.0%
Ascendas Real Estate Investment Trust (a)	152,306		197,965
CapitaMall Trust (a)	335,800		377,197

			575,162

56 Annual Report 2009


Common Stocks (continued)
	Shares		Market Value


SINGAPORE (continued)

Real Estate Management & Development 0.1%
CapitaLand Ltd. (a)	387,345	$	1,123,256
City Developments Ltd. (a)	75,099		526,162
UOL Group Ltd. (a)	119,120		284,186

			1,933,604

Road & Rail 0.0%
ComfortDelgro Corp., Ltd. (a)	280,620		304,927

Wireless Telecommunication Services 0.0%
StarHub Ltd. (a)	138,181		185,034



SPAIN 4.7%
Airlines 0.0%
Iberia Lineas Aereas de Espana* (a)	71,773		197,939

Biotechnology 0.0%
Grifols SA (a)	17,268		278,991

Commercial Banks 2.2%
Banco Bilbao Vizcaya Argentaria SA (a)	524,521		9,375,824
Banco de Sabadell SA (a)(b)	135,614		915,520
Banco de Valencia SA (a)	28,456		241,151
Banco Popular Espanol SA (a)	132,050		1,176,251
Banco Santander SA (a)	1,202,809		19,355,924
Bankinter SA (a)	47,862		504,408

			31,569,078

Construction & Engineering 0.1%
ACS Actividades de Construccion y Servicios SA (a)	21,629		1,038,550
Fomento de Construcciones y Contratas SA (a)(b)	5,751		233,942
Grupo Ferrovial SA (a)	8,450		350,051
Sacyr Vallehermoso SA* (a)	13,066		197,672

			1,820,215

Diversified Financial Services 0.1%
Criteria Caixacorp SA (a)	143,853		701,257

Diversified Telecommunication Services 1.2%
Telefonica SA (a)	624,944		17,452,509

Electric Utilities 0.4%
Acciona SA (a)	3,829		466,434
Iberdrola SA (a)	541,496		4,905,187
Red Electrica Corp. SA (a)	16,306		842,202

			6,213,823

Electrical Equipment 0.1%
Gamesa Corp. Tecnologica SA (a)	26,325		481,037

Gas Utilities 0.1%
Enagas (a)	24,868		511,516
Gas Natural SDG SA (a)	33,732		677,702

			1,189,218

Independent Power Producers & Energy Traders 0.1%
EDP Renovaveis SA* (a)	37,892		377,672
Iberdrola Renovables SA (a)	127,285		565,801

			943,473

Information Technology Services 0.0%
Indra Sistemas SA (a)	14,845		349,108

Insurance 0.0%
Mapfre SA (a)	107,880		462,306

Machinery 0.0%
Zardoya Otis SA (a)	19,618		393,771

Media 0.0%
Gestevision Telecinco SA (a)	14,857		153,555

Metals & Mining 0.0%
Acerinox SA (a)(b)	21,083		419,281

Oil, Gas & Consumable Fuels 0.2%
Repsol YPF SA (a)	107,855		2,871,242

Specialty Retail 0.1%
Inditex SA (a)(b)	32,893		1,930,794

Transportation Infrastructure 0.1%
Abertis Infraestructuras SA (a)(b)	42,420		901,976
Cintra Concesiones de Infraestructuras de Transporte SA (a)	29,958		308,222

			1,210,198



SWEDEN 2.5%
Building Products 0.1%
Assa Abloy AB, Class B (a)	45,448		794,191

Commercial Banks 0.6%
Nordea Bank AB (a)	468,735		5,031,129
Skandinaviska Enskilda Banken AB, Class A* (a)	219,172		1,327,575
Svenska Handelsbanken AB, Class A (a)	70,982		1,834,310
Swedbank AB* (a)	71,100		612,496

			8,805,510

Commercial Services & Supplies 0.0%
Securitas AB, Class B (a)	45,885		428,126

Communications Equipment 0.3%
Telefonaktiebolaget LM Ericsson, Class B (a)	436,124		4,556,553

Construction & Engineering 0.1%
Skanska AB, Class B (a)(b)	58,256		854,903

Diversified Financial Services 0.1%
Investor AB, Class B (a)	66,600		1,178,349

Diversified Telecommunication Services 0.2%
Tele2 AB, Class B (a)	44,899		654,438

2009 Annual Report 57

Statement of Investments (Continued)

October 31, 2009

Nationwide International Index Fund (Continued)


Common Stocks (continued)
	Shares		Market Value


SWEDEN (continued)
Diversified Telecommunication Services (continued)

TeliaSonera AB (a)	317,999	$	2,107,678

			2,762,116

Health Care Equipment & Supplies 0.0%
Getinge AB, Class B (a)	29,071		541,718

Household Durables 0.1%
Electrolux AB* (a)	33,824		810,726
Husqvarna AB, Class B* (a)	61,391		386,580

			1,197,306

Machinery 0.5%
Alfa Laval AB (a)	46,689		570,247
Atlas Copco AB, Class A (a)	97,392		1,305,934
Atlas Copco AB, Class B (a)	64,865		772,855
Sandvik AB (a)	146,649		1,619,936
Scania AB, Class B (a)	46,407		595,338
SKF AB, Class B (a)	54,232		858,764
Volvo AB, Class A (a)	65,399		603,967
Volvo AB, Class B (a)	157,406		1,490,685

			7,817,726

Metals & Mining 0.0%
SSAB AB, Class A (a)	22,381		341,171
Ssab Svenskt Stal AG (a)	8,917		124,684

			465,855

Oil, Gas & Consumable Fuels 0.0%
Lundin Petroleum AB* (a)	32,091		271,824

Paper & Forest Products 0.1%
Holmen AB, Class B (a)	7,619		205,624
Svenska Cellulosa AB, Class B (a)	82,876		1,138,803

			1,344,427

Specialty Retail 0.3%
Hennes & Mauritz AB, Class B (a)	73,765		4,189,975

Tobacco 0.1%
Swedish Match AB (a)	35,028		718,902



SWITZERLAND 8.1%
Biotechnology 0.1%
Actelion Ltd.* (a)	15,078		831,144

Building Products 0.1%
Geberit AG (a)	6,159		1,018,869

Capital Markets 1.3%
Credit Suisse Group AG (a)	169,681		9,070,668
GAM Holding Ltd. (a)	31,816		388,158
UBS AG* (a)	536,458		8,945,299

			18,404,125

Chemicals 0.3%
Givaudan SA (a)	1,103		818,799
Syngenta AG (a)	14,612		3,459,848

			4,278,647

Commercial Banks 0.1%
Julius Baer Group Ltd.	31,816		1,197,713

Computers & Peripherals 0.0%
Logitech International SA* (a)	27,443		468,453

Construction Materials 0.2%
Holcim Ltd.* (a)	36,988		2,354,093

Diversified Financial Services 0.0%
Pargesa Holding SA (a)	4,636		371,091

Diversified Telecommunication Services 0.1%
Swisscom AG (a)	3,625		1,308,328

Electric Utilities 0.0%
BKW FMB Energie AG (a)	1,904		156,620

Electrical Equipment 0.4%
ABB Ltd.* (a)	332,706		6,188,785

Food Products 1.8%
Aryzta AG* (a)(b)	13,844		543,440
Lindt & Spruengli AG (a)(b)	116		616,766
Nestle SA (a)	548,580		25,509,833

			26,670,039

Health Care Equipment & Supplies 0.1%
Nobel Biocare Holding AG (a)	18,741		531,698
Sonova Holding AG (a)	6,990		719,443
Straumann Holding AG (a)	1,000		241,375

			1,492,516

Insurance 0.6%
Baloise Holding AG (a)	7,537		645,332
Swiss Life Holding AG* (a)	4,495		538,425
Swiss Reinsurance Co., Ltd. (a)	52,068		2,120,240
Zurich Financial Services AG (a)	22,152		5,072,644

			8,376,641

Life Sciences Tools & Services 0.0%
Lonza Group AG (a)(b)	6,529		507,706

Machinery 0.0%
Schindler Holding AG (a)	11,989		823,965

Marine 0.0%
Kuehne + Nagel International AG (a)	8,140		737,514

Metals & Mining 0.3%
Xstrata PLC* (a)	278,049		4,004,884

Pharmaceuticals 2.3%
Novartis AG (a)	318,869		16,604,834
Roche Holding AG (a)	105,926		16,965,420

			33,570,254

58 Annual Report 2009


Common Stocks (continued)
	Shares		Market Value


SWITZERLAND (continued)

Professional Services 0.1%
Adecco SA (a)	17,948	$	801,996
SGS SA (a)	708		945,743

			1,747,739

Semiconductors & Semiconductor Equipment 0.1%
STMicroelectronics NV (a)	102,946		826,168

Textiles, Apparel & Luxury Goods 0.2%
Compagnie Financiere Richemont SA (a)	78,707		2,203,313
Swatch Group AG, (The) (a)	11,099		1,374,974

			3,578,287



UNITED KINGDOM 20.3%
Aerospace & Defense 0.4%
BAE Systems PLC (a)	517,677		2,661,932
Cobham PLC (a)	167,466		601,754
Rolls-Royce Group PLC, Class C* (a)	16,282,860		26,724
Rolls-Royce Group PLC* (a)	271,381		2,001,383

			5,291,793

Airlines 0.0%
British Airways PLC* (a)	82,024		243,587

Beverages 0.7%
Diageo PLC (a)	366,049		5,962,212
SABMiller PLC (a)	136,922		3,588,944

			9,551,156

Capital Markets 0.2%
3I Group PLC (a)	155,338		668,600
ICAP PLC (a)	76,023		505,267
Investec PLC (a)	54,626		389,926
Man Group PLC (a)	250,180		1,265,204
Schroders PLC (a)	14,441		259,659

			3,088,656

Chemicals 0.1%
Johnson Matthey PLC (a)	33,945		781,728

Commercial Banks 3.3%
Barclays PLC* (a)	1,616,311		8,471,195
HSBC Holdings PLC (a)	2,536,687		28,030,632
Lloyds Banking Group PLC* (a)	2,390,782		3,370,923
Royal Bank of Scotland Group PLC* (a)	2,476,485		1,689,402
Standard Chartered PLC (a)	294,416		7,222,609

			48,784,761

Commercial Services & Supplies 0.1%
G4S PLC (a)	185,050		765,046
Serco Group PLC (a)	71,383		590,520

			1,355,566

Construction & Engineering 0.0%
Balfour Beatty PLC (a)	102,981		447,693

Containers & Packaging 0.0%
Rexam PLC (a)	128,431		581,562

Diversified Financial Services 0.0%
London Stock Exchange Group PLC (a)	21,555		299,839

Diversified Telecommunication Services 0.2%
BT Group PLC, Class A (a)	1,134,493		2,431,163
Cable & Wireless PLC (a)	371,694		881,913

			3,313,076

Electric Utilities 0.2%
Scottish & Southern Energy PLC (a)	134,824		2,379,607

Energy Equipment & Services 0.1%
Amec PLC (a)	48,731		641,809
Petrofac Ltd. (a)	25,628		394,438

			1,036,247

Food & Staples Retailing 0.7%
J Sainsbury PLC (a)	170,226		918,646
Tesco PLC (a)	1,157,271		7,716,324
WM Morrison Supermarkets PLC (a)	305,906		1,402,025

			10,036,995

Food Products 0.6%
Associated British Foods PLC (a)	52,012		704,300
Cadbury PLC (a)	207,062		2,617,800
Unilever PLC (a)	187,993		5,616,436

			8,938,536

Health Care Equipment & Supplies 0.1%
Smith & Nephew PLC (a)	129,484		1,144,618

Hotels, Restaurants & Leisure 0.3%
Carnival PLC (a)	23,542		729,832
Compass Group PLC (a)	270,511		1,715,581
Intercontinental Hotels Group PLC (a)	37,541		479,889
Ladbrokes PLC (a)	135,993		270,907
Thomas Cook Group PLC (a)	61,013		204,313
Tui Travel PLC (a)	81,883		311,996
Whitbread PLC (a)	25,542		531,350

			4,243,868

Household Durables 0.0%
Berkeley Group Holdings PLC* (a)	13,921		194,303

Household Products 0.3%
Reckitt Benckiser Group PLC (a)	88,321		4,387,328

Independent Power Producers & Energy Traders 0.1%
Drax Group PLC (a)	55,054		418,862
International Power PLC (a)	222,865		925,263

			1,344,125

2009 Annual Report 59

Statement of Investments (Continued)

October 31, 2009

Nationwide International Index Fund (Continued)


Common Stocks (continued)
	Shares		Market Value


UNITED KINGDOM (continued)

Industrial Conglomerates 0.1%
Smiths Group PLC (a)	56,989	$	831,806
Tomkins PLC (a)	132,879		364,540

			1,196,346

Insurance 0.8%
Admiral Group PLC (a)	24,949		419,387
Aviva PLC (a)	401,196		2,508,740
Friends Provident Group PLC (a)	363,418		484,524
Legal & General Group PLC (a)	858,608		1,101,713
Old Mutual PLC (a)	772,743		1,341,185
Prudential PLC (a)	369,669		3,357,844
RSA Insurance Group PLC (a)	488,085		967,201
Standard Life PLC (a)	324,155		1,155,538

			11,336,132

Internet & Catalog Retail 0.0%
Home Retail Group PLC (a)	128,535		611,783

Machinery 0.0%
Invensys PLC (a)	117,422		542,760

Media 0.4%
British Sky Broadcasting Group PLC (a)	166,134		1,448,541
Pearson PLC (a)	118,649		1,612,766
Reed Elsevier PLC (a)	177,553		1,344,286
WPP PLC (a)	183,505		1,644,551

			6,050,144

Metals & Mining 1.9%
Anglo American PLC* (a)	192,796		6,975,937
Antofagasta PLC (a)	57,763		727,777
BHP Billiton PLC (a)	323,278		8,710,690
Eurasian Natural Resources Corp. (a)	37,171		505,826
Kazakhmys PLC* (a)	31,349		557,906
Lonmin PLC* (a)	22,443		536,889
Rio Tinto PLC (a)	200,114		8,846,998
Vedanta Resources PLC (a)	20,254		693,017

			27,555,040

Multiline Retail 0.2%
Marks & Spencer Group PLC (a)	231,171		1,294,755
Next PLC (a)	28,868		846,907

			2,141,662

Multi-Utilities 0.5%
Centrica PLC (a)	749,689		3,045,593
National Grid PLC (a)	356,292		3,529,376
United Utilities Group PLC (a)	99,851		719,864

			7,294,833

Oil, Gas & Consumable Fuels 4.4%
BG Group PLC (a)	492,102		8,470,686
BP PLC (a)	2,744,231		25,714,123
Cairn Energy PLC* (a)	20,167		869,800
Royal Dutch Shell PLC, Class B (a)	394,786		11,364,880
Royal Dutch Shell PLC, Class A	519,354		15,333,183
Tullow Oil PLC (a)	117,412		2,274,498

			64,027,170

Pharmaceuticals 1.8%
AstraZeneca PLC (a)	212,027		9,518,202
GlaxoSmithKline PLC (a)	759,759		15,584,687
Shire PLC (a)	82,073		1,451,514

			26,554,403

Professional Services 0.1%
Capita Group PLC (The) (a)	91,114		1,137,978

Real Estate Investment Trusts (REITs) 0.3%
British Land Co. PLC (a)	124,826		964,106
Hammerson PLC (a)	101,892		675,847
Land Securities Group PLC (a)	110,739		1,198,203
Liberty International PLC (a)	65,588		484,149
Segro plc (a)	106,329		612,732

			3,935,037

Road & Rail 0.0%
Firstgroup PLC (a)	72,664		446,887

Software 0.1%
Autonomy Corp. PLC* (a)	31,364		689,590
Sage Group PLC (The) (a)	192,029		670,539

			1,360,129

Specialty Retail 0.1%
Carphone Warehouse Group PLC (a)	53,270		160,658
Kingfisher PLC (a)	345,892		1,264,273

			1,424,931

Textiles, Apparel & Luxury Goods 0.0%
Burberry Group PLC (a)	63,436		559,418

Tobacco 0.9%
British American Tobacco PLC (a)	292,415		9,318,083
Imperial Tobacco Group PLC (a)	148,888		4,387,628

			13,705,711

Trading Companies & Distributors 0.1%
Bunzl PLC (a)	47,925		521,022
Wolseley PLC* (a)	41,582		841,120

			1,362,142

Water Utilities 0.0%
Severn Trent PLC (a)	34,630		539,445

Wireless Telecommunication Services 1.2%
Vodafone Group PLC (a)	7,687,618		16,942,186

60 Annual Report 2009


Common Stocks (continued)
	Shares		Market Value



UNITED STATES 0.1%
Health Care Equipment & Supplies 0.1%
Synthes, Inc. (a)	8,950	$	1,061,750


Total Common Stocks (cost $1,506,316,720)			1,425,063,134



Preferred Stocks 0.4%
GERMANY 0.4%
Automobiles 0.2%
Bayerische Motoren Werke AG (a)	8,063		264,997
Porsche Automobil Holding SE (a)	13,193		1,009,161
Volkswagen AG (a)	15,868		1,580,895

			2,855,053

Health Care Equipment & Supplies 0.1%
Fresenius SE (a)	12,148		705,738

Household Products 0.1%
Henkel AG & Co. KGaA (a)	26,862		1,223,424

Multi-Utilities 0.0%
RWE AG (a)	6,674		523,710

			5,307,925


Total Preferred Stocks (cost $5,318,612)			5,307,925



Rights 0.0%

	Number of Rights


AUSTRALIA 0.0%
Diversified Manufacturing 0.0%
CSR ORD NPV 12/4/2009* (a)	31,313		0



BELGIUM 0.0%
Beverages 0.0%
Anheuser-Busch InBev NV 12/31/2049* (a)	47,992		353

Commercial Banks 0.0%
Fortis 12/31/2049* (a)	368,527		0

			353

GERMANY 0.0%
Hotels, Restaurants & Leisure 0.0%
TUI AG NPV 11/11/2009* (a)	20,871		0


Total Rights (cost $–)			353



Warrants 0.0%

	Number of Warrants		Market Value


ITALY 0.0%
Capital Markets 0.0%
Mediobanca SPA 3/18/2011* (a)	71,477		0

Equity 0.0%
UBI Banca SCPA 6/30/2011*	107,687		10,142

			10,142

JAPAN 0.0%
Metals & Mining 0.0%
Dowa Holdings Co., Ltd. 1/29/2010* (a)	67,800		0


Total Warrants (cost $–)			10,142



Exchange Traded Fund 0.2%

	Shares


UNITED STATES 0.2%
Mutual Funds 0.2%
iShares MSCI EAFE Index Fund	48,360		2,577,588


Total Exchange Traded Fund (cost $2,680,668)			2,577,588



Mutual Fund 0.3%

	Shares


Money Market Fund 0.3%
Invesco AIM Liquid Assets Portfolio, 0.21% (c)	4,977,410		4,977,410


Total Mutual Fund (cost $4,977,410)			4,977,410

2009 Annual Report 61

Statement of Investments (Continued)

October 31, 2009

Nationwide International Index Fund (Continued)




Repurchase Agreement 1.9%

		Principal Amount		Market Value


Morgan Stanley, Morgan Stanley 0.08%, dated 10/30/09, due 11/02/09, repurchase price $27,413,405, collateralized by U.S. Government Agency Securities 4.00% - 6.50%, maturing 08/01/17 - 11/01/39; total market value of $27,961,691 (d)	$	27,413,222		27,413,222


Total Repurchase Agreement (cost $27,413,222)				27,413,222


Total Investments (cost $1,546,706,632) (e) — 100.3%				1,465,349,774

Liabilities in excess of other assets — (0.3)%				(4,106,626	)


NET ASSETS — 100.0%			$	1,461,243,148


*		Denotes a non-income producing security.

(a)		Fair Valued Security.

(b)		The security or a portion of this security is on loan at October 31, 2009. The total value of securities on loan at October 31, 2009 was $25,648,497.

(c)		Represents 7-day effective yield as of October 31, 2009.

(d)		The security was purchased with cash collateral held from securities on loan (See Note 2.) The total value of this security as of October 31, 2009 was $27,413,222.

(e)		See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.


AB		Stock Company

AE		Limited Company

AG		Stock Corporation

AS		Stock Corporation

ASA		Stock Corporation

CVA		Dutch Certificate

KGaA		Limited Partnership with shares

KK		Joint Stock Company

Ltd.		Limited

NV		Public Traded Company

OYJ		Public Traded Company

PLC		Public Limited Company

REIT		Real Estate Investment Trust

RSP		Savings Shares

SA		Stock Company

SCA		Limited partnership with share capital

SCPA		Italian consortium joint-stock company

SE		Sweden

SGPS		Holding Enterprise

SP		Spain

SpA		Limited Share Company

At October 31, 2009, the Fund’s open forward foreign currency exchange contracts against the United States Dollar were as follows (Note 2):


		Currency									Unrealized
	Delivery	Received/			Contract			Market			Appreciation/
Currency	Date	(Delivered)			Value			Value			(Depreciation)

Short Contracts:
Australian Dollar	11/12/09		(195,000	)	$	(161,004	)	$	(175,383	)	$	(14,379	)
Australian Dollar	11/12/09		(500,000	)		(418,298	)		(449,700	)		(31,402	)
Australian Dollar	11/12/09		(10,000	)		(8,290	)		(8,994	)		(704	)
British Pound	9/28/09		(44,500	)		(706,864	)		(706,864	)		–
British Pound	11/12/09		(150,000	)		(244,839	)		(246,174	)		(1,335	)
British Pound	11/12/09		(75,000	)		(121,103	)		(123,087	)		(1,984	)
British Pound	11/12/09		(720,000	)		(1,151,951	)		(1,181,635	)		(29,684	)
British Pound	11/12/09		(585,000	)		(962,375	)		(960,078	)		2,297
British Pound	11/12/09		(130,000	)		(211,424	)		(213,351	)		(1,927	)
British Pound	11/12/09		(395,000	)		(651,279	)		(648,258	)		3,021
British Pound	11/12/09		(150,000	)		(239,168	)		(246,174	)		(7,006	)
British Pound	11/12/09		(475,000	)		(775,943	)		(779,551	)		(3,608	)
British Pound	11/12/09		(130,000	)		(209,382	)		(213,350	)		(3,968	)
British Pound	11/12/09		(60,000	)		(95,331	)		(98,470	)		(3,139	)
Euro	11/12/09		(285,000	)		(406,267	)		(419,412	)		(13,145	)
Euro	11/12/09		(200,000	)		(290,786	)		(294,324	)		(3,538	)
Euro	11/12/09		(101,000	)		(144,942	)		(148,634	)		(3,692	)
Euro	11/12/09		(220,000	)		(325,517	)		(323,756	)		1,761
Euro	11/12/09		(1,195,000	)		(1,697,723	)		(1,758,585	)		(60,862	)
Euro	11/12/09		(200,000	)		(296,648	)		(294,325	)		2,323
Euro	11/12/09		(1,160,000	)		(1,698,648	)		(1,707,079	)		(8,431	)
Euro	11/12/09		(165,000	)		(247,973	)		(242,818	)		5,155
Japanese Yen	11/12/09		(9,915,000	)		(110,531	)		(110,153	)		378
Japanese Yen	11/12/09		(30,290,000	)		(343,022	)		(336,515	)		6,507
Japanese Yen	11/12/09		(15,000,000	)		(167,889	)		(166,647	)		1,242

Total Short Contracts					$	(11,687,197	)	$	(11,853,317	)	$	(166,120	)

Amounts designated as “—” are zero or have been rounded to zero.

The accompanying notes are an integral part of these financial statements.

62 Annual Report 2009


		Currency						Unrealized
	Delivery	Received/		Contract		Market		Appreciation/
Currency	Date	(Delivered)		Value		Value		(Depreciation)

Long Contracts:
Australian Dollar	11/12/09		455,000	$	379,384	$	409,227	$	29,843
Australian Dollar	11/12/09		150,000		124,989		134,910		9,921
Australian Dollar	11/12/09		100,000		82,770		89,940		7,170
British Pound	11/12/09		445,000		706,864		730,316		23,452
British Pound	11/12/09		100,000		164,961		164,116		(845	)
British Pound	11/12/09		250,000		419,256		410,290		(8,966	)
British Pound	11/12/09		125,000		205,504		205,145		(359	)
British Pound	11/12/09		1,930,900		3,284,083		3,168,916		(115,167	)
British Pound	11/12/09		450,000		717,220		738,522		21,302
British Pound	11/12/09		95,000		154,040		155,910		1,870
British Pound	11/12/09		35,000		57,165		57,441		276
British Pound	11/12/09		50,000		81,997		82,058		61
British Pound	11/12/09		600,000		954,267		984,696		30,429
British Pound	11/12/09		44,500		706,864		706,864		–
Euro	11/12/09		375,000		550,907		551,857		950
Euro	11/12/09		425,000		598,538		625,438		26,900
Euro	11/12/09		75,000		107,339		110,371		3,032
Euro	11/12/09		200,000		282,215		294,325		12,110
Euro	11/12/09		300,000		437,560		441,486		3,926
Euro	11/12/09		775,000		1,135,587		1,140,506		4,919
Euro	11/12/09		189,000		267,612		278,136		10,524
Euro	11/12/09		345,000		513,689		507,709		(5,980	)
Euro	11/12/09		850,000		1,246,376		1,250,877		4,501
Euro	11/12/09		250,000		359,005		367,905		8,900
Euro	11/12/09		2,269,000		3,270,734		3,339,106		68,372
Euro	11/12/09		660,000		991,099		971,269		(19,830	)
Japanese Yen	11/12/09		59,685,000		657,056		663,087		6,031
Japanese Yen	11/12/09		45,085,000		504,246		500,884		(3,362	)
Japanese Yen	11/12/09		15,000,000		163,105		166,647		3,542

Total Long Contracts				$	19,124,432	$	19,247,954	$	123,522

Amounts designated as “—” are zero or have been rounded to zero.

At October 31, 2009, the Fund’s open futures contracts were as follows (Note 2):


				Notional Value		Unrealized
Number of				Covered by		Appreciation
Contracts	Long Contracts	Expiration		Contracts		(Depreciation)

160	DJ Euro STOXX 50		12/18/09	$	6,410,694	$	(313,338	)
109	FTSE 100 Index		12/18/09		8,865,982		(207,461	)
3	Hang Seng Index		11/27/09		418,640		(7,179	)
112	OMXS30 Index		11/20/09		1,528,827		45,114
38	SPI 200 Index		12/17/09		3,829,801		(37,994	)
81	Topix Index		12/10/09		7,943,232		(231,092	)

				$	28,997,176	$	(751,950	)

2009 Annual Report 63

Statement of Assets and Liabilities

October 31, 2009



	Nationwide
	International
	Index Fund

Assets:
Investments, at value (cost $1,519,293,410)*	$	1,437,936,552
Repurchase agreements, at value and cost		27,413,222

Total Investments		1,465,349,774

Cash		321,659
Foreign currencies, at value (cost $20,161,524)		20,350,391
Deposits with broker for futures		2,309,000
Interest and dividends receivable		2,717,251
Security lending income receivable		18,692
Receivable for capital shares issued		236,034
Reclaims receivable		914,111
Unrealized appreciation on forward foreign currency exchange contracts (Note 2)		300,715
Prepaid expenses and other assets		21,551

Total Assets		1,492,539,178

Liabilities:
Payable for investments purchased		828,091
Payable for capital shares redeemed		1,763,197
Payable for variation margin on futures contracts		210,129
Unrealized depreciation on forward foreign currency exchange contracts (Note 2)		343,313
Payable upon return of securities loaned (Note 2)		27,413,222
Accrued expenses and other payables:
Investment advisory fees		270,808
Fund administration fees		146,506
Distribution fees		77,112
Administrative servicing fees		51,514
Accounting and transfer agent fees		11,316
Trustee fees		15,172
Custodian fees		18,192
Compliance program costs (Note 3)		10,620
Professional fees		93,302
Other		43,536

Total Liabilities		31,296,030

Net Assets	$	1,461,243,148

Represented by:
Capital	$	1,554,877,945
Accumulated undistributed net investment income		11,067,578
Accumulated net realized losses from investment, futures, and foreign currency transactions		(22,850,023	)
Net unrealized appreciation/(depreciation) from investments		(81,356,858	)
Net unrealized appreciation/(depreciation) from futures (Note 2)		(751,950	)
Net unrealized appreciation/(depreciation) from forward foreign currency exchange contracts (Note 2)		(42,598	)
Net unrealized appreciation/(depreciation) from translation of assets and liabilities denominated in foreign currencies		299,054

Net Assets	$	1,461,243,148


*	Includes value of securities on loan of $25,648,497 (Note 2)

The accompanying notes are an integral part of these financial statements.

64 Annual Report 2009



	Nationwide
	International
	Index Fund

Net Assets:
Class A Shares	$	349,861,598
Class B Shares		401,295
Class C Shares		645,429
Class R2 Shares (a)		5,427
Institutional Class Shares		1,110,329,399

Total	$	1,461,243,148

Shares Outstanding (unlimited number of shares authorized):
Class A Shares		51,106,166
Class B Shares		59,916
Class C Shares		98,408
Class R2 Shares (a)		794
Institutional Class Shares		161,678,752

Total		212,944,036

Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	6.85
Class B Shares (b)	$	6.70
Class C Shares (c)	$	6.56
Class R2 Shares (a)	$	6.84
Institutional Class Shares	$	6.87
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	7.27

Maximum Sales Charge:
Class A Shares		5.75	%


(a)		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

(b)		For Class B Shares, the redemption price per share varies by the length of time shares are held.

(c)		For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 65

Statement of Operations

For the Year Ended October 31, 2009



	Nationwide
	International
	Index Fund

INVESTMENT INCOME:
Dividend income	$	47,857,539
Income from securities lending (Note 2)		1,854,376
Foreign tax withholding		(4,426,335	)

Total Income		45,285,580

EXPENSES:
Investment advisory fees		3,619,233
Fund administration fees		1,607,214
Distribution fees Class A		708,659
Distribution fees Class B		3,440
Distribution fees Class C		5,744
Distribution fees Class R2		27
Administrative servicing fees Class A		472,106
Registration and filing fees		57,401
Professional fees		253,176
Printing fees		65,408
Trustee fees		88,426
Custodian fees		50,866
Accounting and transfer agent fees		142,642
Compliance program costs (Note 3)		33,109
Other		126,849

Total expenses before earnings credit and reimbursed expenses		7,234,300
Earnings credit (Note 5)		(720	)
Expenses reimbursed by adviser		(1,076,868	)

Net Expenses		6,156,712

NET INVESTMENT INCOME		39,128,868

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(18,148,639	)
Net realized gains from futures transactions (Note 2)		4,557,750
Net realized gains from foreign currency transactions		5,125,553

Net realized losses from investment, futures and foreign currency transactions		(8,465,336	)

Net change in unrealized appreciation/(depreciation) from investments		303,160,685
Net change in unrealized appreciation/(depreciation) from futures (Note 2)		(219,114	)
Net change in unrealized appreciation/(depreciation) from forward foreign currency exchange contracts (Note 2)		377,987
Net change in unrealized appreciation/(depreciation) from translation of assets and liabilities denominated in foreign currencies		554,002

Net change in unrealized appreciation/(depreciation) from investments, futures and foreign currency transactions		303,873,560

Net realized/unrealized gains from investments and futures		295,408,224

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	334,537,092


(a)		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

66 Annual Report 2009

Statements of Changes in Net Assets


	Nationwide International Index Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	39,128,868		$	64,297,419
Net realized gains (losses) from investment, futures and foreign currency transactions		(8,465,336	)		128,242,943
Net change in unrealized appreciation/(depreciation) from investments, futures, and foreign currency transactions		303,873,560			(1,332,266,109	)

Change in net assets resulting from operations		334,537,092			(1,139,725,747	)


Distributions to Shareholders From:
Net investment income:
Class A		(8,787,908	)		(8,067,405	)
Class B		(9,396	)		(15,885	)
Class C		(16,301	)		(37,988	)
Class R2 (a)		(160	)		(83	)
Institutional Class		(38,890,142	)		(66,046,009	)
Net realized gains:
Class A		(26,827,471	)		(5,912,646	)
Class B		(37,356	)		(18,506	)
Class C		(69,280	)		(45,457	)
Class R2 (a)		(596	)		(30	)
Institutional Class		(101,652,007	)		(59,206,432	)

Change in net assets from shareholder distributions		(176,290,617	)		(139,350,441	)

Change in net assets from capital transactions		14,514,027			(92,847,795	)

Change in net assets		172,760,502			(1,371,923,983	)


Net Assets:
Beginning of year		1,288,482,646			2,660,406,629

End of year	$	1,461,243,148		$	1,288,482,646

Accumulated undistributed net investment income at end of year	$	11,067,578		$	11,705,792


CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	65,921,482		$	270,373,904
Dividends reinvested		35,390,835			13,862,259
Cost of shares redeemed (b)		(41,816,685	)		(59,576,624	)

Total Class A		59,495,632			224,659,539

Class B Shares
Proceeds from shares issued		65,522			21,163
Dividends reinvested		38,003			28,362
Cost of shares redeemed		(89,389	)		(41,457	)

Total Class B		14,136			8,068

Class C Shares
Proceeds from shares issued		165,829			259,018
Dividends reinvested		45,208			51,518
Cost of shares redeemed (b)		(300,697	)		(429,039	)

Total Class C		(89,660	)		(118,503	)


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

(b)	Includes redemption fees – See Notes 4 to Financial Statements.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 67

Statements of Changes in Net Assets (Continued)


	Nationwide International Index Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

CAPITAL TRANSACTIONS: (continued)
Class R2 Shares(a)
Proceeds from shares issued	$	–		$	8,000
Dividends reinvested		756			113
Cost of shares redeemed		(1,800	)		–

Total Class R2		(1,044	)		8,113

Institutional Class Shares
Proceeds from shares issued		176,627,522			272,570,136
Dividends reinvested		140,539,034			125,250,333
Cost of shares redeemed (b)		(362,071,593	)		(715,225,481	)

Total Institutional Class		(44,905,037	)		(317,405,012	)

Change in net assets from capital transactions:	$	14,514,027		$	(92,847,795	)


SHARE TRANSACTIONS:
Class A Shares
Issued		11,340,751			26,530,083
Reinvested		6,409,728			1,330,513
Redeemed		(7,081,685	)		(5,910,974	)

Total Class A Shares		10,668,794			21,949,622

Class B Shares
Issued		10,675			2,117
Reinvested		7,059			2,685
Redeemed		(15,132	)		(5,104	)

Total Class B Shares		2,602			(302	)

Class C Shares
Issued		29,266			25,543
Reinvested		8,561			4,950
Redeemed		(58,075	)		(48,673	)

Total Class C Shares		(20,248	)		(18,180	)

Class R2 Shares(a)
Issued		–			850
Reinvested		138			12
Redeemed		(298	)		–

Total Class R2 Shares		(160	)		862

Institutional Class Shares
Issued		33,095,502			29,672,868
Reinvested		25,314,809			11,716,850
Redeemed		(59,142,801	)		(70,889,053	)

Total Institutional Class Shares		(732,490	)		(29,499,335	)

Total change in shares:		9,918,498			(7,567,333	)

Amounts designated as “–” are zero or have been rounded to zero.


(a)		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.


(b)	Includes redemption fees – See Notes 4 to Financial Statements.

The accompanying notes are an integral part of these financial statements.

68 Annual Report 2009

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide International Index Fund


				Operations									Distributions															Ratios / Supplemental Data

							Net Realized
							and																																Ratio of
							Unrealized																													Ratio of Net			Expenses
	Net Asset						Gains																										Ratio of			Investment			(Prior to
	Value,			Net			(Losses)			Total			Net			Net									Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			from			from			Investment			Realized			Total				Redemption		Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions				Fees		of Period			Return (a)(b)			Period		Net Assets (c)			Net Assets (c)			Net Assets (c)(d)			Turnover (e)
Class A Shares
Year Ended October 31, 2009 (f)	$	6	.33		0	.15		1	.19		1	.34		(0	.19)		(0	.63)		(0	.82)			–	$	6	.85		24	.50%	$	349,861,598		0	.79%		2	.52%		0	.87%		11	.22%
Year Ended October 31, 2008 (f)	$	12	.60		0	.24		(5	.86)		(5	.62)		(0	.33)		(0	.32)		(0	.65)			–	$	6	.33		(46	.65%)	$	256,105,481		0	.73%		2	.53%		0	.79%		12	.76%
Year Ended October 31, 2007 (f)	$	10	.59		0	.24		2	.32		2	.56		(0	.25)		(0	.30)		(0	.55)			–	$	12	.60		24	.91%	$	232,958,284		0	.79%		2	.27%		0	.81%		6	.15%
Year Ended October 31, 2006	$	8	.69		0	.16		2	.11		2	.27		(0	.12)		(0	.25)		(0	.37)			–	$	10	.59		26	.89%	$	103,403,038		0	.76%		1	.95%		0	.80%		8	.66%
Year Ended October 31, 2005	$	7	.63		0	.16		1	.18		1	.34		(0	.20)		(0	.08)		(0	.28)			–	$	8	.69		17	.83%	$	40,558,775		0	.76%		1	.81%		0	.83%		12	.24%
																						��
Class B Shares
Year Ended October 31, 2009 (f)	$	6	.22		0	.11		1	.16		1	.27		(0	.16)		(0	.63)		(0	.79)			–	$	6	.70		23	.79%	$	401,295		1	.37%		1	.93%		1	.45%		11	.22%
Year Ended October 31, 2008 (f)	$	12	.39		0	.23		(5	.81)		(5	.58)		(0	.27)		(0	.32)		(0	.59)			–	$	6	.22		(46	.95%)	$	356,467		1	.37%		2	.18%		1	.42%		12	.76%
Year Ended October 31, 2007 (f)	$	10	.42		0	.18		2	.27		2	.45		(0	.18)		(0	.30)		(0	.48)			–	$	12	.39		24	.18%	$	713,940		1	.37%		1	.62%		1	.39%		6	.15%
Year Ended October 31, 2006	$	8	.57		0	.13		2	.05		2	.18		(0	.08)		(0	.25)		(0	.33)			–	$	10	.42		25	.98%	$	604,517		1	.37%		1	.41%		1	.41%		8	.66%
Year Ended October 31, 2005	$	7	.54		0	.08		1	.19		1	.27		(0	.16)		(0	.08)		(0	.24)			–	$	8	.57		17	.17%	$	395,925		1	.36%		1	.14%		1	.43%		12	.24%

Class C Shares
Year Ended October 31, 2009 (f)	$	6	.10		0	.10		1	.15		1	.25		(0	.16)		(0	.63)		(0	.79)			–	$	6	.56		23	.69%	$	645,429		1	.37%		1	.83%		1	.45%		11	.22%
Year Ended October 31, 2008 (f)	$	12	.17		0	.21		(5	.69)		(5	.48)		(0	.27)		(0	.32)		(0	.59)			–	$	6	.10		(46	.98%)	$	724,073		1	.37%		2	.17%		1	.42%		12	.76%
Year Ended October 31, 2007 (f)	$	10	.25		0	.16		2	.25		2	.41		(0	.19)		(0	.30)		(0	.49)			–	$	12	.17		24	.22%	$	1,665,407		1	.37%		1	.69%		1	.39%		6	.15%
Year Ended October 31, 2006	$	8	.44		0	.11		2	.04		2	.15		(0	.09)		(0	.25)		(0	.34)			–	$	10	.25		26	.06%	$	639,287		1	.37%		1	.36%		1	.41%		8	.66%
Period Ended October 31, 2005 (g)	$	8	.27		0	.09		0	.19		0	.28		(0	.11)		–			(0	.11)			–	$	8	.44		3	.63%	$	151,484		1	.36%		1	.57%		1	.43%		12	.24%

Class R2 Shares
Year Ended October 31, 2009 (f)	$	6	.33		0	.15		1	.17		1	.32		(0	.18)		(0	.63)		(0	.81)			–	$	6	.84		24	.36%	$	5,427		0	.87%		2	.63%		0	.95%		11	.22%
Year Ended October 31, 2008 (f)	$	12	.60		0	.20		(5	.83)		(5	.63)		(0	.32)		(0	.32)		(0	.64)			–	$	6	.33		(46	.67%)	$	6,038		0	.85%		2	.20%		0	.88%		12	.76%
Period Ended October 31, 2007 (f)(h)	$	10	.96		0	.21		1	.57		1	.78		(0	.14)		–			(0	.14)			–	$	12	.60		16	.39%	$	1,164		0	.76%		2	.82%		0	.77%		6	.15%

Institutional Class Shares
Year Ended October 31, 2009 (f)	$	6	.35		0	.18		1	.19		1	.37		(0	.22)		(0	.63)		(0	.85)			–	$	6	.87		24	.93%	$	1,110,329,399		0	.37%		3	.02%		0	.45%		11	.22%
Year Ended October 31, 2008 (f)	$	12	.64		0	.33		(5	.93)		(5	.60)		(0	.37)		(0	.32)		(0	.69)			–	$	6	.35		(46	.44%)	$	1,031,290,587		0	.37%		3	.21%		0	.42%		12	.76%
Year Ended October 31, 2007 (f)	$	10	.61		0	.30		2	.32		2	.62		(0	.29)		(0	.30)		(0	.59)			–	$	12	.64		25	.49%	$	2,425,067,834		0	.37%		2	.62%		0	.39%		6	.15%
Year Ended October 31, 2006	$	8	.70		0	.22		2	.09		2	.31		(0	.15)		(0	.25)		(0	.40)			–	$	10	.61		27	.32%	$	1,900,802,330		0	.37%		2	.34%		0	.41%		8	.66%
Year Ended October 31, 2005	$	7	.64		0	.18		1	.19		1	.37		(0	.23)		(0	.08)		(0	.31)			–	$	8	.70		18	.26%	$	1,320,671,391		0	.36%		2	.17%		0	.43%		12	.24%

Amounts designated as “–” are zero or have been rounded to zero.


(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	Per share calculations were performed using average shares method.
(g)	For the period from February 14, 2005 (commencement of operations) through October 31, 2005.
(h)	For the period from March 9, 2007 (commencement of operations) through October 31, 2007.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 69


Nationwide Mid Cap Market Index Fund

How did the Fund perform during the reporting period in relation to its benchmark and its peer group?

The Fund seeks to match the performance of the Standard & Poor’s MidCap 400 (S&P 400) Index as closely as possible before the deduction of Fund expenses. For the annual period ended October 31, 2009, the Nationwide Mid Cap Market Index Fund (Class A at NAV) returned 17.23% versus 18.18% for its benchmark, the S&P 400 Index. For broader comparison, the average return for the Fund’s closest Lipper peer category of Mid-Cap Core Funds (consisting of 369 funds as of October 31, 2009) was 17.54% for the same time period.

What areas of investment provided the most positive relative returns for the Fund?

All 10 sectors represented in the S&P 400 Index recorded positive returns for the Fund for the annual reporting period. Cyclical sectors outperformed, led by information technology and consumer discretionary, which advanced an impressive 33.32% and 30.54%, respectively. Materials, with 24.90%, and energy, with 19.34%, evidenced solid gains. Fund holdings industrials Oshkosh Corp., consumer discretionary Chico’s FAS, Inc. and financials AmeriCredit Corp. were the strongest performers among individual stocks within the Index.

What areas of investment detracted from Fund performance?

Financials posted comparatively weak results, with a gain of just 1.05% for the reporting period. Among individual stocks within the Index, fund holdings financials Wilmington Trust Corp., Cathay General Bancorp and Synovus Financial Corp. posted the lowest returns.

What is your outlook for the near term?

Subadviser:
BlackRock Investment Management, LLC

Portfolio Manager:
Debra L. Jelilian

70 Annual Report 2009


Fund Performance	Nationwide Mid Cap Market Index Fund

Average Annual Total Return
For periods ended October 31, 2009


		1 Yr.		5 Yr.		Inception¹

Class A	w/o SC²		17.23%		2.51%		4.76%
	w/SC³		10.52%		1.30%		4.13%


Class B⁴	w/o SC²		16.73%		1.90%		4.19%
	w/SC⁵		11.73%		1.59%		4.19%


Class C⁶	w/o SC²		16.63%		1.89%		4.18%
	w/SC⁷		15.63%		1.89%		4.18%


Class R2^8,9,10			17.09%		2.50%		4.75%


Institutional Class⁸			17.77%		2.94%		5.21%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.


¹		Fund commenced operations on December 29, 1999.

²		These returns do not reflect the effects of sales charges (SC).

³		A 5.75% front-end sales charge was deducted.

⁴		These returns until the creation of Class B shares (5/25/01) include performance based on the Fund’s Class A shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class B shares would have produced because Class B shares invest in the same portfolio of securities as Class A shares. The performance for this class has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes; if these fees were reflected, the performance for Class B shares would have been lower.

⁵		A 5.00% maximum contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years and is not deducted from returns after 6 years.

⁶		These returns until the creation of Class C shares (10/22/03) include the performance of the Fund’s Class A shares for the period through May 24, 2001 and the Fund’s Class B shares for the period from May 25, 2001 to October 21, 2003. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class C shares would have produced because Class C shares invest in the same portfolio of securities as the Fund’s other classes. The performance for the Class C shares has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes; if these fees were reflected, the performance for Class C shares would have been lower.

⁷		A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁸		Not subject to any sales charges.

⁹		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

¹⁰		These returns until the creation of Class R2 shares (3/9/07) include the previous performance of the Fund’s Class A shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class R2 shares would have produced because both classes invest in the same portfolio of securities. The performance of Class R2 shares has been restated to reflect differences in sales charges, but does not reflect the higher level of other fees applicable to such class; if these fees were reflected, the performance for Class R2 shares would have been lower.

Expense Ratios


	Gross	Net
	Expense	Expense
	Ratio*	Ratio*

Class A	0.77%		0.72%


Class B	1.37%		1.32%


Class C	1.37%		1.32%


Class R2	1.07%		1.02%


Institutional Class	0.37%		0.32%


*		Current effective prospectus. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2010. Please see the Fund’s most recent prospectus for details.

Performance of a $10,000 Investment

Comparative performance of $10,000 invested in Class A shares of the Nationwide Mid Cap Market Index Fund, the S&P MidCap 400^® Index(a), and the Consumer Price Index (CPI)(b) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.


(a)		The S&P MidCap 400 Index is an unmanaged index that measures the performance of 400 stocks of medium-sized U.S. companies.

(b)		Calculated by the U.S. Department of Labor’s Bureau of Labor Statistics, the CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2009 Annual Report 71


Shareholder	Nationwide Mid Cap Market Index Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
October 31, 2009


			Beginning		Ending		Expenses Paid		Expense Ratio
Nationwide Mid Cap			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Market Index Fund			5/01/09		10/31/09		05/01/09 - 10/31/09^a		05/01/09 - 10/31/09^a

Class A Shares	Actual			1,000.00		1,178.80		4.01		0.80
	Hypothetical	^b		1,000.00		1,021.53		3.72		0.80


Class B Shares	Actual			1,000.00		1,177.50		7.24		1.32
	Hypothetical	^b		1,000.00		1,018.55		6.72		1.32


Class C Shares	Actual			1,000.00		1,176.30		7.24		1.32
	Hypothetical	^b		1,000.00		1,018.55		6.72		1.32


Class R2 Shares (c)	Actual			1,000.00		1,179.20		4.72		0.91
	Hypothetica	^b		1,000.00		1,020.87		4.38		0.91


Institutional Class Shares	Actual			1,000.00		1,182.50		1.76		0.32
	Hypothetical	^b		1,000.00		1,023.59		1.63		0.32


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

^b		Represents the hypothetical 5% return before expenses.

^c		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

72 Annual Report 2009


Portfolio Summary	Nationwide Mid Cap Market Index Fund

October 31, 2009


Asset Allocation

Common Stocks	97	.2%
Mutual Fund	2	.7%
Repurchase Agreement	2	.5%
Liabilities in excess of other assets	(2	.4)%

	100	.0%


Top Industries†

Real Estate Investment Trusts	6	.3%
Specialty Retail	5	.1%
Machinery	5	.1%
Insurance	4	.4%
Health Care Equipment & Supplies	3	.7%
Oil, Gas & Consumable Fuels	3	.6%
Software	3	.6%
Information Technology Services	3	.2%
Commercial Banks	3	.1%
Health Care Providers & Services	3	.0%
Other Industries*	58	.9%

	100	.0%


Top Holdings†

Invesco AIM Liquid Assets Portfolio	2	.7%
priceline.com, Inc.	0	.7%
Vertex Pharmaceuticals, Inc.	0	.7%
Ross Stores, Inc.	0	.6%
Newfield Exploration Co.	0	.6%
Everest Re Group Ltd.	0	.6%
Joy Global, Inc.	0	.6%
Pride International, Inc.	0	.6%
Cerner Corp.	0	.6%
Henry Schein, Inc.	0	.6%
Other Holdings*	91	.7%

	100	.0%


^†		Percentages indicated are based upon total investments as of October 31, 2009.

^*		For purposes of listing top industries and top holdings, the repurchase agreement is included as part of Other.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 73

Statement of Investments

October 31, 2009

Nationwide Mid Cap Market Index Fund



Common Stocks 97.2%

	Shares		Market Value


Aerospace & Defense 0.5%
Alliant Techsystems, Inc.*	27,500	$	2,138,950
BE Aerospace, Inc.*	85,744		1,520,241

			3,659,191



Airlines 0.3%
AirTran Holdings, Inc.*	109,760		464,285
Alaska Air Group, Inc.*	29,800		766,456
JetBlue Airways Corp.*	178,025		883,004

			2,113,745



Auto Components 0.7%
BorgWarner, Inc.	98,840		2,996,829
Gentex Corp.	116,780		1,869,648

			4,866,477



Automobiles 0.1%
Thor Industries, Inc.	30,100		789,222



Beverages 0.5%
Hansen Natural Corp.*	61,500		2,223,225
PepsiAmericas, Inc.	49,400		1,444,456

			3,667,681



Biotechnology 1.2%
OSI Pharmaceuticals, Inc.*	49,200		1,585,224
United Therapeutics Corp.*	39,700		1,688,838
Vertex Pharmaceuticals, Inc.*	153,190		5,141,056

			8,415,118



Building Products 0.2%
Lennox International, Inc.	40,700		1,370,369



Capital Markets 2.1%
Affiliated Managers Group, Inc.*	35,381		2,246,340
Apollo Investment Corp.	138,806		1,249,254
Eaton Vance Corp.	99,600		2,827,644
Jefferies Group, Inc.*	103,900		2,711,790
Raymond James Financial, Inc.	83,780		1,978,046
SEI Investments Co.	110,180		1,924,844
Waddell & Reed Financial, Inc., Class A	72,800		2,042,768

			14,980,686



Chemicals 3.1%
Albemarle Corp.	77,600		2,450,608
Ashland, Inc.	63,100		2,179,474
Cabot Corp.	55,400		1,214,922
Cytec Industries, Inc.	41,000		1,359,970
Lubrizol Corp.	57,380		3,819,213
Minerals Technologies, Inc.	16,440		809,835
Olin Corp.	66,360		1,013,317
RPM International, Inc.	109,300		1,925,866
Scotts Miracle-Gro Co. (The), Class A	37,920		1,540,310
Sensient Technologies Corp.	42,280		1,069,261
Terra Industries, Inc.	85,750		2,724,278
Valspar Corp.	85,500		2,169,135

			22,276,189



Commercial Banks 3.2%
Associated Banc-Corp.	108,421		1,388,873
BancorpSouth, Inc.	62,200		1,404,476
Bank of Hawaii Corp.	40,600		1,802,640
Cathay General Bancorp (a)	48,200		425,606
City National Corp.	36,700		1,382,489
Commerce Bancshares, Inc.	58,085		2,228,140
Cullen/Frost Bankers, Inc.	50,630		2,368,978
FirstMerit Corp.	71,717		1,359,037
Fulton Financial Corp.	152,400		1,258,824
International Bancshares Corp.	44,000		653,400
PacWest Bancorp	23,540		399,709
SVB Financial Group*	28,099		1,159,084
Synovus Financial Corp.	403,400		895,548
TCF Financial Corp.	93,600		1,107,288
Trustmark Corp.	42,400		803,480
Valley National Bancorp (a)	121,270		1,610,466
Webster Financial Corp.	55,600		628,836
Westamerica Bancorp	24,720		1,181,616
Wilmington Trust Corp.	58,800		708,540

			22,767,030



Commercial Services & Supplies 1.7%
Brink’s Co. (The)	37,380		887,028
Clean Harbors, Inc.*	19,300		1,089,485
Copart, Inc.*	56,200		1,807,954
Corrections Corp of America*	97,630		2,337,262
Deluxe Corp.	45,473		647,081
Herman Miller, Inc.	47,200		729,240
HNI Corp. (a)	38,970		1,025,690
Mine Safety Appliances Co.	26,100		665,289
Rollins, Inc.	34,247		619,186
Waste Connections, Inc.*	67,900		2,134,097

			11,942,312



Communications Equipment 1.9%
3Com Corp.*	331,505		1,703,936
ADC Telecommunications, Inc.*	81,925		531,693
ADTRAN, Inc.	47,359		1,091,152
Avocent Corp.*	37,606		935,261
CommScope, Inc.*	79,409		2,145,631
F5 Networks, Inc.*	66,524		2,986,262
Palm, Inc.* (a)	134,900		1,566,189
Plantronics, Inc.	42,800		1,031,908
Polycom, Inc.*	71,302		1,530,854

			13,522,886

74 Annual Report 2009


Common Stocks (continued)
	Shares
			Market Value



Computers & Peripherals 0.5%
Diebold, Inc.	56,133	$	1,697,462
Imation Corp.	26,533		234,021
NCR Corp.*	134,760		1,367,814

			3,299,297



Construction & Engineering 1.5%
Aecom Technology Corp.*	93,400		2,357,416
Dycom Industries, Inc.*	34,700		342,836
Granite Construction, Inc.	28,560		815,673
KBR, Inc.	136,010		2,784,125
Shaw Group, Inc. (The)*	70,865		1,818,396
URS Corp.*	71,500		2,778,490

			10,896,936



Construction Materials 0.4%
Martin Marietta Materials, Inc.	37,764		3,146,496



Consumer Finance 0.2%
AmeriCredit Corp.*	81,320		1,435,298



Containers & Packaging 1.2%
AptarGroup, Inc.	58,900		2,079,759
Greif, Inc., Class A	29,000		1,552,080
Packaging Corp. of America	87,260		1,595,113
Sonoco Products Co.	84,700		2,265,725
Temple-Inland, Inc.	90,310		1,395,289

			8,887,966



Distributors 0.3%
LKQ Corp.*	121,700		2,101,759



Diversified Consumer Services 1.7%
Brink’s Home Security Holdings, Inc.*	37,780		1,170,424
Career Education Corp.*	58,449		1,218,077
Corinthian Colleges, Inc.*	73,880		1,171,737
ITT Educational Services, Inc.*	26,640		2,406,924
Matthews International Corp., Class A	26,910		988,404
Regis Corp.	48,020		779,845
Service Corp. International	219,500		1,507,965
Sotheby’s	56,700		899,262
Strayer Education, Inc.	11,840		2,403,165

			12,545,803



Diversified Telecommunication Services 0.1%
Cincinnati Bell, Inc.*	177,300		546,084



Electric Utilities 1.8%
Cleco Corp.	53,700		1,329,075
DPL, Inc.	97,257		2,464,492
Great Plains Energy, Inc.	113,958		1,971,474
Hawaiian Electric Industries, Inc.	77,600		1,385,160
IDACORP, Inc.	40,100		1,126,409
NV Energy, Inc.	198,920		2,279,623
PNM Resources, Inc.	73,450		787,384
Westar Energy, Inc.	92,250		1,766,588

			13,110,205



Electrical Equipment 1.6%
Ametek, Inc.	91,150		3,180,224
Hubbell, Inc., Class B	49,000		2,083,970
Roper Industries, Inc.	77,050		3,894,877
Thomas & Betts Corp.*	44,848		1,534,250
Woodward Governor Co.	47,800		1,123,778

			11,817,099



Electronic Equipment, Instruments & Components 2.3%
Arrow Electronics, Inc.*	101,433		2,570,312
Avnet, Inc.*	128,078		3,173,773
Ingram Micro, Inc., Class A*	138,200		2,439,230
Itron, Inc.*	33,900		2,035,356
National Instruments Corp.	48,530		1,295,751
Tech Data Corp.*	42,043		1,615,712
Trimble Navigation Ltd.*	103,500		2,170,395
Vishay Intertechnology, Inc.*	162,930		1,015,054

			16,315,583



Energy Equipment & Services 2.6%
Exterran Holdings, Inc.*	52,985		1,082,483
Helix Energy Solutions Group, Inc.*	77,200		1,059,956
Helmerich & Payne, Inc.	89,400		3,398,988
Oceaneering International, Inc.*	46,500		2,376,150
Patterson-UTI Energy, Inc.	128,740		2,005,769
Pride International, Inc.*	147,228		4,352,060
Superior Energy Services, Inc.*	66,290		1,432,527
Tidewater, Inc.	43,077		1,795,019
Unit Corp.*	34,200		1,336,536

			18,839,488



Food & Staples Retailing 0.4%
BJ’s Wholesale Club, Inc.*	46,257		1,620,383
Ruddick Corp.	34,400		919,168

			2,539,551



Food Products 1.2%
Corn Products International, Inc.	63,290		1,783,512
Flowers Foods, Inc.	65,700		1,534,752
Lancaster Colony Corp.	16,400		796,712
Ralcorp Holdings, Inc.*	47,600		2,556,120
Smithfield Foods, Inc.*	118,310		1,578,255
Tootsie Roll Industries, Inc.	21,933		544,158

			8,793,509



Gas Utilities 2.4%
AGL Resources, Inc.	65,540		2,291,278
Atmos Energy Corp.	78,200		2,177,870
Energen Corp.	60,800		2,667,904

2009 Annual Report 75

Statement of Investments (Continued)

October 31, 2009

Nationwide Mid Cap Market Index Fund (Continued)


Common Stocks (continued)
	Shares
			Market Value


Gas Utilities (continued)

National Fuel Gas Co.	68,000	$	3,083,120
Oneok, Inc.	89,356		3,235,581
UGI Corp.	91,900		2,194,572
WGL Holdings, Inc.	42,500		1,405,050

			17,055,375



Health Care Equipment & Supplies 3.8%
Beckman Coulter, Inc.	58,160		3,741,433
Edwards Lifesciences Corp.*	47,800		3,677,732
Gen-Probe, Inc.*	42,700		1,781,444
Hill-Rom Holdings, Inc.	54,965		1,076,764
Hologic, Inc.*	217,598		3,216,098
IDEXX Laboratories, Inc.* (a)	50,000		2,556,000
Immucor, Inc.*	60,700		1,085,316
Kinetic Concepts, Inc.*	51,800		1,719,242
Masimo Corp.*	43,000		1,142,510
ResMed, Inc.*	64,000		3,149,440
STERIS Corp.	49,680		1,453,637
Teleflex, Inc.	33,720		1,677,570
Thoratec Corp.*	48,000		1,260,480

			27,537,666



Health Care Providers & Services 3.1%
Community Health Systems, Inc.*	78,577		2,457,889
Health Management Associates, Inc., Class A*	209,100		1,275,510
Health Net, Inc.*	88,042		1,312,706
Henry Schein, Inc.*	76,474		4,040,121
Kindred Healthcare, Inc.*	31,320		460,404
LifePoint Hospitals, Inc.*	45,556		1,290,601
Lincare Holdings, Inc.*	57,563		1,808,054
Omnicare, Inc.	100,500		2,177,835
Owens & Minor, Inc.	35,400		1,447,506
Psychiatric Solutions, Inc.*	47,700		984,528
Universal Health Services, Inc., Class B	41,355		2,301,406
VCA Antech, Inc.*	72,027		1,715,683
WellCare Health Plans, Inc.*	35,750		934,148

			22,206,391



Health Care Technology 0.6%
Cerner Corp.*	57,040		4,337,322



Hotels, Restaurants & Leisure 1.7%
Bob Evans Farms, Inc.	27,029		710,052
Boyd Gaming Corp.*	46,700		343,712
Brinker International, Inc.	85,330		1,078,571
Cheesecake Factory, Inc. (The)*	51,050		928,089
Chipotle Mexican Grill, Inc., Class A* (a)	26,830		2,186,377
International Speedway Corp., Class A	24,400		622,444
Life Time Fitness, Inc.*	34,170		736,363
Panera Bread Co., Class A*	26,100		1,565,478
Scientific Games Corp., Class A*	55,000		773,850
Wendy’s/Arby’s Group, Inc., Class A	311,375		1,229,931
WMS Industries, Inc.*	44,700		1,787,106

			11,961,973



Household Durables 1.7%
American Greetings Corp., Class A	34,014		691,845
Blyth, Inc.	4,460		158,018
M.D.C. Holdings, Inc.	31,900		1,040,578
Mohawk Industries, Inc.*	47,540		2,036,138
NVR, Inc.*	4,925		3,261,680
Ryland Group, Inc.	37,167		689,448
Toll Brothers, Inc.*	115,718		2,004,236
Tupperware Brands Corp.	53,433		2,405,553

			12,287,496



Household Products 1.0%
Church & Dwight Co., Inc.	59,600		3,390,048
Energizer Holdings, Inc.*	58,878		3,583,904

			6,973,952



Industrial Conglomerates 0.2%
Carlisle Cos., Inc.	51,880		1,610,355



Information Technology Services 3.2%
Acxiom Corp.*	63,984		734,536
Alliance Data Systems Corp.* (a)	45,000		2,474,100
Broadridge Financial Solutions, Inc.	118,110		2,457,869
DST Systems, Inc.*	33,260		1,387,275
Gartner, Inc.*	52,080		969,730
Global Payments, Inc.	68,270		3,360,932
Hewitt Associates, Inc., Class A*	70,200		2,493,504
Lender Processing Services, Inc.	81,400		3,239,720
Mantech International Corp., Class A*	18,200		798,252
NeuStar, Inc., Class A*	63,050		1,456,455
SAIC, Inc.*	177,900		3,150,609
SRA International, Inc., Class A*	37,000		694,120

			23,217,102



Insurance 4.5%
American Financial Group, Inc.	65,500		1,611,300
Arthur J Gallagher & Co.	85,000		1,896,350
Brown & Brown, Inc.	99,520		1,828,182
Everest Re Group Ltd.	51,600		4,514,484
Fidelity National Financial, Inc., Class A	195,553		2,653,654
First American Corp.	79,153		2,405,460
Hanover Insurance Group, Inc. (The)	43,100		1,813,217
HCC Insurance Holdings, Inc.	95,190		2,512,064
Horace Mann Educators Corp.	34,400		427,592
Mercury General Corp.	31,000		1,130,260
Old Republic International Corp.	203,987		2,178,581
Protective Life Corp.	71,900		1,384,075
Reinsurance Group of America, Inc.	61,700		2,844,370

76 Annual Report 2009


Common Stocks (continued)
	Shares
			Market Value


Insurance (continued)

StanCorp Financial Group, Inc.	41,700	$	1,530,807
Unitrin, Inc.	42,800		838,880
W.R. Berkley Corp.	113,166		2,797,464

			32,366,740



Internet & Catalog Retail 1.1%
Netflix, Inc.* (a)	37,930		2,027,359
priceline.com, Inc.*	35,800		5,648,882

			7,676,241



Internet Software & Services 0.6%
Digital River, Inc.*	32,370		739,007
Equinix, Inc.*	32,700		2,789,964
ValueClick, Inc.*	73,850		726,684

			4,255,655



Leisure Equipment & Products 0.1%
Callaway Golf Co.	56,100		383,724



Life Sciences Tools & Services 2.1%
Affymetrix, Inc.*	61,710		322,743
Bio-Rad Laboratories, Inc., Class A*	16,800		1,501,752
Charles River Laboratories International, Inc.*	55,882		2,040,811
Covance, Inc.*	54,280		2,805,190
Mettler-Toledo International, Inc.*	28,600		2,788,500
Pharmaceutical Product Development, Inc.	99,400		2,142,070
Techne Corp.	32,535		2,033,763
Varian, Inc.*	25,360		1,298,432

			14,933,261



Machinery 5.2%
AGCO Corp.*	78,400		2,203,824
Bucyrus International, Inc.	63,700		2,829,554
Crane Co.	41,566		1,157,613
Donaldson Co., Inc.	65,480		2,335,671
Federal Signal Corp.	41,700		256,038
Graco, Inc.	50,770		1,398,206
Harsco Corp.	68,100		2,144,469
IDEX Corp.	68,380		1,944,043
Joy Global, Inc.	86,732		4,372,160
Kennametal, Inc.	68,900		1,623,284
Lincoln Electric Holdings, Inc.	37,000		1,755,280
Nordson Corp.	29,200		1,540,884
Oshkosh Corp.	75,800		2,369,508
Pentair, Inc.	83,360		2,425,776
SPX Corp.	41,320		2,180,870
Terex Corp.*	90,700		1,833,954
Timken Co.	67,300		1,482,619
Trinity Industries, Inc.	67,250		1,135,180
Valmont Industries, Inc.	16,600		1,199,682
Wabtec Corp.	40,280		1,480,693

			37,669,308



Marine 0.4%
Alexander & Baldwin, Inc.	36,201		1,043,675
Kirby Corp.*	45,600		1,541,280

			2,584,955



Media 1.0%
DreamWorks Animation SKG, Inc., Class A*	64,000		2,048,000
Harte-Hanks, Inc.	33,440		392,585
John Wiley & Sons, Inc., Class A	37,700		1,327,794
Lamar Advertising Co., Class A* (a)	45,100		1,095,930
Marvel Entertainment, Inc.*	42,200		2,108,734
Scholastic Corp.	23,255		578,352

			7,551,395



Metals & Mining 1.5%
Carpenter Technology Corp.	37,360		785,681
Cliffs Natural Resources, Inc.	111,080		3,951,116
Commercial Metals Co.	95,400		1,415,736
Reliance Steel & Aluminum Co.	54,200		1,977,216
Steel Dynamics, Inc.	182,400		2,442,336
Worthington Industries, Inc.	51,587		570,036

			11,142,121



Multiline Retail 0.6%
99 Cents Only Stores*	40,433		459,723
Dollar Tree, Inc.*	75,828		3,422,118
Saks, Inc.* (a)	135,900		762,399

			4,644,240



Multi-Utilities 1.9%
Alliant Energy Corp.	92,800		2,464,768
Black Hills Corp.	33,600		818,832
MDU Resources Group, Inc.	156,025		3,237,519
NSTAR	90,520		2,801,594
OGE Energy Corp.	81,600		2,710,752
Vectren Corp.	70,460		1,588,168

			13,621,633



Office Electronics 0.2%
Zebra Technologies Corp., Class A*	52,442		1,311,050



Oil, Gas & Consumable Fuels 3.7%
Arch Coal, Inc.	137,794		2,984,618
Bill Barrett Corp.*	32,200		997,556
Cimarex Energy Co.	70,730		2,769,787
Comstock Resources, Inc.*	39,500		1,623,055
Encore Acquisition Co.*	47,110		1,746,368
Forest Oil Corp.*	95,160		1,865,136

2009 Annual Report 77

Statement of Investments (Continued)

October 31, 2009

Nationwide Mid Cap Market Index Fund (Continued)


Common Stocks (continued)
	Shares
			Market Value


Oil, Gas & Consumable Fuels (continued)

Frontier Oil Corp.	88,730	$	1,229,798
Mariner Energy, Inc.*	86,300		1,099,462
Newfield Exploration Co.*	112,484		4,614,094
Overseas Shipholding Group, Inc.	19,830		778,327
Patriot Coal Corp.* (a)	61,500		694,950
Plains Exploration & Production Co.*	118,018		3,127,477
Quicksilver Resources, Inc.* (a)	99,022		1,208,068
Southern Union Co.	105,200		2,058,764

			26,797,460



Paper & Forest Products 0.1%
Louisiana-Pacific Corp.*	99,960		524,790



Personal Products 0.5%
Alberto-Culver Co.	72,360		1,940,695
NBTY, Inc.*	52,200		1,900,602

			3,841,297



Pharmaceuticals 1.0%
Endo Pharmaceuticals Holdings, Inc.*	98,700		2,210,880
Medicis Pharmaceutical Corp., Class A	48,700		1,030,979
Perrigo Co.	67,300		2,502,887
Valeant Pharmaceuticals International*	57,200		1,681,680

			7,426,426



Professional Services 1.4%
Corporate Executive Board Co. (The)	29,900		717,899
FTI Consulting, Inc.*	43,900		1,791,559
Kelly Services, Inc., Class A	21,675		240,159
Korn/Ferry International*	39,400		628,824
Manpower, Inc.	66,460		3,150,868
MPS Group, Inc.*	81,140		1,097,013
Navigant Consulting, Inc.*	41,120		585,549
Watson Wyatt Worldwide, Inc., Class A	36,200		1,577,596

			9,789,467



Real Estate Investment Trusts (REITs) 6.4%
Alexandria Real Estate Equities, Inc.	36,780		1,992,373
AMB Property Corp.	123,467		2,713,805
BRE Properties, Inc.	44,500		1,211,735
Camden Property Trust	53,700		1,946,625
Corporate Office Properties Trust SBI MD	49,200		1,632,948
Cousins Properties, Inc.	74,875		548,085
Duke Realty Corp.	189,860		2,134,026
Equity One, Inc.(a)	31,600		471,472
Essex Property Trust, Inc.	23,500		1,766,730
Federal Realty Investment Trust	51,900		3,063,657
Highwoods Properties, Inc.	60,060		1,652,851
Hospitality Properties Trust	103,520		1,998,971
Liberty Property Trust	94,696		2,781,222
Macerich Co. (The) (a)	78,511		2,339,628
Mack-Cali Realty Corp.	66,450		2,056,627
Nationwide Health Properties, Inc.	89,780		2,895,405
Omega Healthcare Investors, Inc.	70,600		1,070,296
Potlatch Corp.	33,656		939,339
Rayonier, Inc.	66,580		2,568,656
Realty Income Corp. (a)	88,400		2,049,112
Regency Centers Corp.	67,600		2,267,980
SL Green Realty Corp.	65,100		2,523,276
UDR, Inc.	127,618		1,835,147
Weingarten Realty Investors	88,400		1,635,400

			46,095,366



Real Estate Management & Development 0.2%
Jones Lang LaSalle, Inc.	35,460		1,661,301



Road & Rail 1.1%
Con-way, Inc.	41,040		1,353,910
J.B. Hunt Transport Services, Inc.	73,500		2,209,410
Kansas City Southern*	80,000		1,938,400
Landstar System, Inc.	43,500		1,532,940
Werner Enterprises, Inc.	37,148		696,525

			7,731,185



Semiconductors & Semiconductor Equipment 2.2%
Atmel Corp.*	382,400		1,422,528
Cree, Inc.*	85,125		3,583,762
Fairchild Semiconductor International, Inc.*	105,020		785,550
Integrated Device Technology, Inc.*	140,387		825,476
International Rectifier Corp.*	60,400		1,104,112
Intersil Corp., Class A	101,402		1,272,595
Lam Research Corp.*	107,315		3,618,662
RF Micro Devices, Inc.*	226,325		900,773
Semtech Corp.*	52,530		812,639
Silicon Laboratories, Inc.*	37,340		1,564,546

			15,890,643



Software 3.7%
ACI Worldwide, Inc.*	30,700		493,963
Advent Software, Inc.* (a)	13,669		522,429
ANSYS, Inc.*	74,700		3,031,326
Cadence Design Systems, Inc.*	225,891		1,380,194
FactSet Research Systems, Inc.	35,600		2,280,180
Fair Isaac Corp.	42,607		866,200
Informatica Corp.*	74,900		1,590,127
Jack Henry & Associates, Inc.	71,400		1,647,198
Mentor Graphics Corp.*	81,200		592,760
MICROS Systems, Inc.*	67,800		1,825,176
Parametric Technology Corp.*	98,460		1,468,039
Quest Software, Inc.*	51,600		865,332
Rovi Corp.*	85,920		2,367,096
Solera Holdings, Inc.	62,500		2,013,750

78 Annual Report 2009


Common Stocks (continued)
		Shares
				Market Value


Software (continued)

Sybase, Inc.*		67,974	$	2,689,052
Synopsys, Inc.*		122,481		2,694,582

				26,327,404



Specialty Retail 5.2%
Aaron’s, Inc.		46,000		1,152,300
Advance Auto Parts, Inc.		80,800		3,010,608
Aeropostale, Inc.*		56,759		2,130,165
American Eagle Outfitters, Inc.		175,561		3,070,562
AnnTaylor Stores Corp.*		49,689		644,466
Barnes & Noble, Inc. (a)		32,173		534,394
CarMax, Inc.*		186,800		3,674,356
Chico’s FAS, Inc.*		150,743		1,801,379
Coldwater Creek, Inc.*		45,200		259,900
Collective Brands, Inc.*		54,295		1,007,172
Dick’s Sporting Goods, Inc.*		73,960		1,678,153
Foot Locker, Inc.		132,600		1,389,648
Guess?, Inc.		49,100		1,794,605
J Crew Group, Inc.*		46,800		1,908,504
PetSmart, Inc.		105,976		2,493,615
Rent-A-Center, Inc.*		55,947		1,027,187
Ross Stores, Inc.		106,054		4,667,437
Urban Outfitters, Inc.*		109,916		3,449,164
Williams-Sonoma, Inc.		88,840		1,668,415

				37,362,030



Textiles, Apparel & Luxury Goods 1.1%
Fossil, Inc.*		40,300		1,077,219
Hanesbrands, Inc.*		80,682		1,744,345
Phillips-Van Heusen Corp.		43,780		1,757,767
Timberland Co. (The), Class A*		40,500		655,290
Under Armour, Inc., Class A* (a)		31,700		851,145
Warnaco Group, Inc. (The)*		38,520		1,561,215

				7,646,981



Thrifts & Mortgage Finance 1.2%
Astoria Financial Corp.		69,120		689,818
First Niagara Financial Group, Inc.		155,300		1,994,052
New York Community Bancorp, Inc.		296,664		3,201,004
NewAlliance Bancshares, Inc.		90,500		1,002,740
Washington Federal, Inc.		89,812		1,540,276

				8,427,890



Tobacco 0.1%
Universal Corp.		21,040		875,054



Trading Companies & Distributors 0.4%
GATX Corp.		39,000		1,060,020
MSC Industrial Direct Co., Class A		37,200		1,601,460
United Rentals, Inc.*		51,915		492,673

				3,154,153

Water Utilities 0.2%
Aqua America, Inc.		115,226		1,780,242



Wireless Telecommunication Services 0.5%
Syniverse Holdings, Inc.*		56,800		972,984
Telephone & Data Systems, Inc.		80,500		2,374,714

				3,347,698


Total Common Stocks (cost $825,934,923)				698,653,322



Mutual Fund 2.7%


Money Market Fund 2.7%
Invesco AIM Liquid Assets Portfolio, 0.21% (b)		19,678,236		19,678,236


Total Mutual Fund (cost $19,678,236)				19,678,236



Repurchase Agreement 2.5%

		Principal Amount		Market Value


Morgan Stanley, 0.08%, dated 10/30/09, due 11/02/09, repurchase price $18,239,761, collateralized by U.S. Government Agency Mortgages 3.17% - 6.50%, maturing 08/01/17 - 11/01/39; total market value of $18,604,568 (c)	$	18,239,639	$	18,239,639


Total Repurchase Agreement (cost $18,239,639)				18,239,639


Total Investments (cost $863,852,798) (d) — 102.4%				736,571,197

Liabilities in excess of other assets — (2.4%)				(17,501,111	)


NET ASSETS — 100.0%			$	719,070,086


*		Denotes a non-income producing security.

(a)		The security or a portion of this security is on loan at October 31, 2009. The total value of securities on loan at October 31, 2009 was $17,208,790.

(b)		Represents 7-day effective yield as of October 31, 2009.

(c)		The security was purchased with cash collateral held from securities on loan (See Note 2.) The total value of this security as of October 31, 2009 was $18,239,639.

(d)		See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

2009 Annual Report 79

Statement of Investments (Continued)

October 31, 2009

Nationwide Mid Cap Market Index Fund (Continued)


Ltd.		Limited

REIT		Real Estate Investment Trust

SA		Stock Company

At October 31, 2009, the Fund’s open futures contracts were as follows (Note 2):

Market Value

Number of

Covered by

Unrealized

Contracts

Long Contracts

Expiration

Contracts

Depreciation

324

S&P Mid Cap
EMI 400 Futures

12/18/09

21,299,760

(1,039,524

)

The accompanying notes are an integral part of these financial statements.

80 Annual Report 2009

Statement of Assets and Liabilities

October 31, 2009



	Nationwide Mid Cap Market Index Fund

Assets:
Investments, at value (cost $845,613,159)*	$	718,331,558
Repurchase agreements, at value and cost		18,239,639

Total Investments		736,571,197

Deposits with broker for futures		2,017,600
Interest and dividends receivable		342,705
Security lending income receivable		19,708
Receivable for capital shares issued		125,741
Prepaid expenses and other assets		3,033

Total Assets		739,079,984

Liabilities:
Payable for capital shares redeemed		870,751
Payable for variation margin on futures contracts		557,261
Payable upon return of securities loaned (Note 2)		18,239,639
Accrued expenses and other payables:
Investment advisory fees		65,781
Fund administration fees		73,241
Distribution fees		34,153
Administrative servicing fees		48,680
Accounting and transfer agent fees		10,430
Trustee fees		7,454
Custodian fees		5,819
Compliance program costs (Note 3)		5,218
Professional fees		45,961
Other		45,510

Total Liabilities		20,009,898

Net Assets	$	719,070,086

Represented by:
Capital	$	863,620,487
Accumulated undistributed net investment income		1,557,178
Accumulated net realized losses from investment and futures transactions		(17,786,454	)
Net unrealized appreciation/(depreciation) from investments		(127,281,601	)
Net unrealized appreciation/(depreciation) from futures (Note 2)		(1,039,524	)

Net Assets	$	719,070,086

Net Assets:
Class A Shares	$	147,301,010
Class B Shares		534,484
Class C Shares		886,523
Class R2 Shares (a)		811
Institutional Class Shares		570,347,258

Total	$	719,070,086


*	Includes value of securities on loan of $17,208,790 (Note 2)

(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 81

Statement of Assets and Liabilities (Continued)



	Nationwide Mid Cap Market Index Fund


Shares Outstanding (unlimited number of shares authorized):
Class A Shares		13,597,486
Class B Shares		50,288
Class C Shares		83,950
Class R2 Shares (a)		75
Institutional Class Shares		52,246,140

Total		65,977,939

Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	10.83
Class B Shares (b)	$	10.63
Class C Shares (c)	$	10.56
Class R2 Shares (a)	$	10.81
Institutional Class Shares	$	10.92

Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	11.49

Maximum Sales Charge:
Class A Shares		5.75	%


(a)		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

(b)		For Class B Shares, the redemption price per share varies by the length of time shares are held.

(c)		For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

82 Annual Report 2009

Statement of Operations

For the Year Ended October 31, 2009



	Nationwide Mid Cap Market Index Fund

INVESTMENT INCOME:
Interest income	$	4,089
Dividend income		10,281,704
Income from securities lending (Note 2)		369,103

Total Income		10,654,896

EXPENSES:
Investment advisory fees		1,361,191
Fund administration fees		740,987
Distribution fees Class A		311,212
Distribution fees Class B		5,074
Distribution fees Class C		8,372
Distribution fees Class R2 (a)		4
Administrative servicing fees Class A		205,768
Registration and filing fees		73,984
Professional fees		118,514
Printing fees		38,214
Trustee fees		41,411
Custodian fees		25,243
Accounting and transfer agent fees		54,841
Compliance program costs (Note 3)		17,075
Other		117,597

Total expenses before earnings credit and reimbursed expenses		3,119,487
Earnings credit (Note 5)		(2,286	)
Expenses reimbursed by adviser		(605,689	)

Net Expenses		2,511,512

NET INVESTMENT INCOME		8,143,385

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(22,759,206	)
Net realized gains from futures transactions (Note 2)		6,850,244

Net realized losses from investment and futures transactions		(15,908,962	)

Net change in unrealized appreciation/(depreciation) from investments		127,300,293
Net change in unrealized appreciation/(depreciation) from futures (Note 2)		836,729

Net change in unrealized appreciation/(depreciation) from investments and futures		128,137,022

Net realized/unrealized gains from investments and futures		112,228,060

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	120,371,445


(a)		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 83

Statements of Changes in Net Assets


	Nationwide Mid Cap Market Index Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	8,143,385		$	7,829,684
Net realized gains (losses) from investment and futures transactions		(15,908,962	)		31,513,557
Net change in unrealized appreciation/(depreciation) from investments and futures		128,137,022			(367,491,161	)

Change in net assets resulting from operations		120,371,445			(328,147,920	)


Distributions to Shareholders From:
Net investment income:
Class A		(987,853	)		(1,036,665	)
Class B		(2,428	)		(1,001	)
Class C		(4,034	)		(1,655	)
Class R2 (a)		(6	)		(6	)
Institutional Class		(6,170,930	)		(5,954,461	)
Net realized gains:
Class A		(6,428,829	)		(8,307,848	)
Class B		(30,363	)		(38,273	)
Class C		(49,316	)		(53,796	)
Class R2 (a)		(36	)		(42	)
Institutional Class		(23,071,238	)		(25,633,488	)

Change in net assets from shareholder distributions		(36,745,033	)		(41,027,235	)

Change in net assets from capital transactions		70,954,141			(12,455,845	)

Change in net assets		154,580,553			(381,631,000	)


Net Assets:
Beginning of year		564,489,533			946,120,533

End of year	$	719,070,086		$	564,489,533

Accumulated undistributed net investment income at end of year	$	1,557,178		$	941,085


CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	25,061,961		$	20,631,612
Dividends reinvested		7,287,508			9,165,065
Cost of shares redeemed (b)		(23,377,980	)		(39,773,394	)

Total Class A		8,971,489			(9,976,717	)

Class B Shares
Proceeds from shares issued		51,776			41,801
Dividends reinvested		26,982			34,376
Cost of shares redeemed		(161,506	)		(102,705	)

Total Class B		(82,748	)		(26,528	)

Class C Shares
Proceeds from shares issued		150,762			374,648
Dividends reinvested		33,834			32,405
Cost of shares redeemed		(227,469	)		(225,347	)

Total Class C		(42,873	)		181,706


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.


(b)	Includes redemption fees — See Note 4 to Financial Statements

The accompanying notes are an integral part of these financial statements.

84 Annual Report 2009


	Nationwide Mid Cap Market Index Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

CAPITAL TRANSACTIONS: (continued)
Class R2 Shares (a)
Proceeds from shares issued	$	–		$	–
Dividends reinvested		42			48
Cost of shares redeemed		–			–

Total Class R2		42			48

Institutional Class Shares
Proceeds from shares issued		125,807,296			122,549,070
Dividends reinvested		29,242,127			31,587,862
Cost of shares redeemed		(92,941,192	)		(156,771,286	)

Total Institutional Class		62,108,231			(2,634,354	)

Change in net assets from capital transactions:	$	70,954,141		$	(12,455,845	)


SHARE TRANSACTIONS:
Class A Shares
Issued		2,752,621			1,494,978
Reinvested		852,655			612,377
Redeemed		(2,566,385	)		(2,896,769	)

Total Class A Shares		1,038,891			(789,414	)

Class B Shares
Issued		5,261			3,018
Reinvested		3,215			2,319
Redeemed		(17,559	)		(7,827	)

Total Class B Shares		(9,083	)		(2,490	)

Class C Shares
Issued		17,210			27,053
Reinvested		4,054			2,200
Redeemed		(25,523	)		(17,492	)

Total Class C Shares		(4,259	)		11,761

Class R2 Shares(a)
Issued		–			–
Reinvested		5			3
Redeemed		–			–

Total Class R2 Shares		5			3

Institutional Class Shares
Issued		14,061,279			8,935,502
Reinvested		3,372,575			2,103,014
Redeemed		(9,289,348	)		(10,781,477	)

Total Institutional Class Shares		8,144,506			257,039

Total change in shares:		9,170,060			(523,101	)

Amounts designated as “–” are zero or have been rounded to zero.


(a)		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

2009 Annual Report 85

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Mid Cap Market Index Fund


				Operations									Distributions																	Ratios / Supplemental Data

							Net Realized																															Ratio of
							and																												Ratio of Net			Expenses
	Net Asset						Unrealized																									Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net								Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Total			Redemption		Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			Fees		of Period			Return (a)(b)			Period		Net Assets (c)			Net Assets (c)			Net Assets (c)(d)			Turnover(e)
Class A Shares
Year Ended October 31, 2009 (h)	$	9	.88		0	.09		1	.45		1	.54		(0	.08)		(0	.51)		(0	.59)		–	$	10	.83		17	.23%	$	147,301,010		0	.73%		1	.01%		0	.83%		19	.20%
Year Ended October 31, 2008	$	16	.40		0	.10		(5	.91)		(5	.81)		(0	.08)		(0	.63)		(0	.71)		–	$	9	.88		(36	.87)%	$	124,032,623		0	.69%		0	.71%		0	.74%		29	.96%
Year Ended October 31, 2007	$	15	.64		0	.17		2	.22		2	.39		(0	.21)		(1	.42)		(1	.63)		–	$	16	.40		16	.20%	$	218,928,364		0	.74%		1	.05%		0	.77%		21	.52%
Year Ended October 31, 2006	$	14	.68		0	.17		1	.63		1	.80		(0	.18)		(0	.66)		(0	.84)		–	$	15	.64		12	.57%	$	192,273,970		0	.71%		1	.09%		0	.76%		15	.59%
Year Ended October 31, 2005	$	12	.89		0	.12		2	.04		2	.16		(0	.11)		(0	.26)		(0	.37)		–	$	14	.68		16	.94%	$	150,304,580		0	.70%		0	.90%		0	.77%		18	.44%

Class B Shares
Year Ended October 31, 2009 (h)	$	9	.72		0	.05		1	.41		1	.46		(0	.04)		(0	.51)		(0	.55)		–	$	10	.63		16	.73%	$	534,484		1	.32%		0	.51%		1	.42%		19	.20%
Year Ended October 31, 2008	$	16	.18		0	.03		(5	.84)		(5	.81)		(0	.02)		(0	.63)		(0	.65)		–	$	9	.72		(37	.29)%	$	576,888		1	.32%		0	.08%		1	.38%		29	.96%
Year Ended October 31, 2007	$	15	.45		0	.08		2	.19		2	.27		(0	.12)		(1	.42)		(1	.54)		–	$	16	.18		15	.52%	$	1,000,821		1	.32%		0	.49%		1	.36%		21	.52%
Year Ended October 31, 2006	$	14	.50		0	.07		1	.63		1	.70		(0	.09)		(0	.66)		(0	.75)		–	$	15	.45		11	.98%	$	935,088		1	.32%		0	.49%		1	.37%		15	.59%
Year Ended October 31, 2005	$	12	.75		0	.03		2	.01		2	.04		(0	.03)		(0	.26)		(0	.29)		–	$	14	.50		16	.15%	$	884,018		1	.31%		0	.27%		1	.38%		18	.44%

Class C Shares
Year Ended October 31, 2009 (h)	$	9	.66		0	.04		1	.41		1	.45		(0	.04)		(0	.51)		(0	.55)		–	$	10	.56		16	.63%	$	886,523		1	.32%		0	.46%		1	.42%		19	.20%
Year Ended October 31, 2008	$	16	.09		0	.01		(5	.79)		(5	.78)		(0	.02)		(0	.63)		(0	.65)		–	$	9	.66		(37	.31)%	$	852,181		1	.32%		0	.05%		1	.37%		29	.96%
Year Ended October 31, 2007	$	15	.38		0	.08		2	.18		2	.26		(0	.13)		(1	.42)		(1	.55)		–	$	16	.09		15	.52%	$	1,230,151		1	.32%		0	.40%		1	.36%		21	.52%
Year Ended October 31, 2006	$	14	.46		0	.07		1	.62		1	.69		(0	.11)		(0	.66)		(0	.77)		–	$	15	.38		11	.96%	$	794,122		1	.32%		0	.42%		1	.37%		15	.59%
Year Ended October 31, 2005	$	12	.74		0	.02		2	.01		2	.03		(0	.05)		(0	.26)		(0	.31)		–	$	14	.46		16	.13%	$	224,692		1	.31%		0	.28%		1	.39%		18	.44%

Class R2 Shares (f)
Year Ended October 31, 2009 (h)	$	9	.88		0	.08		1	.44		1	.52		(0	.08)		(0	.51)		(0	.59)		–	$	10	.81		17	.09%	$	811		0	.91%		0	.84%		1	.01%		19	.20%
Year Ended October 31, 2008	$	16	.39		0	.11		(5	.91)		(5	.80)		(0	.08)		(0	.63)		(0	.71)		–	$	9	.88		(36	.84)%	$	691		0	.66%		0	.74%		0	.69%		29	.96%
Period Ended October 31, 2007 (g)	$	15	.72		0	.09		1	.35		1	.44		(0	.18)		(0	.59)		(0	.77)		–	$	16	.39		9	.40%	$	1,094		0	.73%		0	.74%		0	.75%		21	.52%

Institutional Class Shares
Year Ended October 31, 2009 (h)	$	9	.95		0	.13		1	.47		1	.60		(0	.12)		(0	.51)		(0	.63)		–	$	10	.92		17	.77%	$	570,347,258		0	.32%		1	.39%		0	.42%		19	.20%
Year Ended October 31, 2008	$	16	.53		0	.15		(5	.96)		(5	.81)		(0	.14)		(0	.63)		(0	.77)		–	$	9	.95		(36	.69)%	$	439,027,150		0	.32%		1	.09%		0	.37%		29	.96%
Year Ended October 31, 2007	$	15	.75		0	.23		2	.24		2	.47		(0	.27)		(1	.42)		(1	.69)		–	$	16	.53		16	.66%	$	724,960,103		0	.32%		1	.67%		0	.35%		21	.52%
Year Ended October 31, 2006	$	14	.77		0	.22		1	.65		1	.87		(0	.23)		(0	.66)		(0	.89)		–	$	15	.75		13	.06%	$	1,108,038,965		0	.32%		1	.47%		0	.37%		15	.59%
Year Ended October 31, 2005	$	12	.96		0	.17		2	.06		2	.23		(0	.16)		(0	.26)		(0	.42)		–	$	14	.77		17	.41%	$	857,474,583		0	.31%		1	.27%		0	.38%		18	.44%


(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.
(g)	For the period from March 9, 2007 (commencement of operations) through October 31, 2007.
(h)	Per Share calculations were performed using the average Shares method.

The accompanying notes are an integral part of these financial statements.

86 Annual Report 2009


Nationwide S&P 500 Index Fund

How did the Fund perform during the reporting period in relation to its benchmark and its peer group?

The Fund seeks to match the performance of the Standard & Poor’s 500^® (S&P 500) Index as closely as possible before the deduction of Fund expenses. For the annual period ended October 31, 2009, the Nationwide S&P 500 Index Fund (Class A at NAV) returned 9.32% versus 9.80% for its benchmark, the S&P 500 Index. For broader comparison, the average return for the Fund’s closest Lipper peer category of S&P 500 Index Objective Funds (consisting of 170 funds as of October 31, 2009) was 9.34% for the same time period.

What areas of investment provided the most positive relative returns for the Fund?

Within the S&P 500 Index, nine of the 10 sectors recorded positive returns for the reporting period. Information technology led the way, advancing 31.50%, followed by consumer discretionary, with 20.70%, and materials, with 16.43%. Fund-holding Consumer discretionary Ford Motor Co., consumer staples Whole Foods Market, Inc. and materials Freeport-McMoRan Copper & Gold Inc. were the strongest performers among individual stocks within the Index.

What areas of investment detracted from Fund performance?

The financials sector posted the weakest results, registering -7.24% for the reporting period. Among individual stocks within the Index which were held by the fund, financials companies Zions Bancorp, Marshall & Ilsley Corp. and Citigroup Inc. posted the lowest returns.

What is your outlook for the near term?

We believe the world economies are now three or four months into their recovery from what some have been calling the “Great Recession.” Monetary and fiscal stimulus efforts clearly have taken hold, and the resulting initial growth spurt has been sharp and rapid. We maintain our belief that after this quick run-up in growth, the economies of the developed world will transition into a period of lower long-term growth, because ongoing unwinding of debt or deleveraging will continue to act as a headwind for the economy.

In such an environment, equity markets should be able to continue to gain, at least until global policymakers shift into tightening cycles. From our perspective, however, we believe the markets are at least several months away from that scenario.

Subadviser:
BlackRock Investment Management, LLC

Portfolio Manager:
Debra L. Jelilian

2009 Annual Report 87


Fund Performance	Nationwide S&P 500 Index Fund

Average Annual Total Return
For periods ended October 31, 2009


		1 Yr.		5 Yr.		10 Yr.

Class A¹	w/o SC²		9.32%		-0.15%		-1.43%
	w/SC³		3.08%		-1.32%		-2.01%


Class B¹	w/o SC²		8.53%		-0.87%		-2.11%
	w/SC⁴		3.53%		-1.24%		-2.11%


Class C⁵	w/o SC²		8.62%		-0.86%		-2.11%
	w/SC⁶		7.62%		-0.86%		-2.11%


Class R2^7,8,9			8.95%		-0.31%		-1.51%


Institutional Service Class^1,7			9.42%		-0.10%		-1.41%


Institutional Class^7,10			9.55%		0.12%		-1.14%


Service Class^1,7			9.27%		-0.28%		-1.57%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.


¹		These returns for the period prior to the creation of a particular class include the performance of the Fund’s Local Fund Shares which are no longer offered by the Fund. These returns were achieved prior to the creation of Class A and Class B shares (12/29/99) and Service Class and Institutional Service Class shares (11/2/98). Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class A, Class B, Service Class and Institutional Service Class shares would have produced because all classes of the Fund’s shares invest in the same portfolio of securities. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes; if these fees were reflected, the performance for Class A, Class B, Service Class and Institutional Service Class would have been lower.

²		These returns do not reflect the effects of sales charges (SC).

³		A 5.75% front-end sales charge was deducted.

⁴		A 5.00% maximum contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years and is not deducted from returns after 6 years.

⁵		These returns until the creation of Class C shares (10/22/03) include the performance of the Fund’s Local Fund Shares which are no longer offered by the Fund for the period through December 28, 1999 and the Fund’s Class B shares for the period from December 29, 1999 to October 21, 2003. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class C shares would have produced because Class C shares invest in the same portfolio of securities as the Fund’s other classes. The performance for the Class C shares has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes; if these fees were reflected, the performance for Class C shares would have been lower.

⁶		A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁷		Not subject to any sales charges.

⁸		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

⁹		Class R2 shares commenced operations on January 30, 2007. The returns shown in the table are based on the performance of the Fund’s Local Fund shares which are no longer offered by the Fund. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class R2 shares would have produced because both classes invest in the same portfolio of securities. The performance of Class R2 shares has been restated to reflect differences in sales charges, if any, but does not reflect the higher level of other fees applicable to such class; if these fees were reflected, the performance for Class R2 shares would have been lower.

¹⁰		These returns until the creation of the Institutional Class shares (12/29/99) include the performance of the Fund’s Local Fund shares which are no longer offered by the Fund. The returns have not been adjusted for the lower expenses applicable to Institutional Class shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Institutional Class shares would have produced because Institutional Class shares invest in the same portfolio of securities as Local Fund Shares.

Expense Ratios


	Gross	Net
	Expense	Expense
	Ratio*	Ratio*

Class A	0.68%		0.64%


Class B	1.27%		1.23%


Class C	1.27%		1.23%


Class R2	0.97%		0.93%


Institutional Service Class	0.52%		0.48%


Institutional Class	0.27%		0.23%


Service Class	0.67%		0.63%


*		Current effective prospectus. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2010. Please see the Fund’s most recent prospectus for details.

Performance of a $10,000 Investment

Comparative performance of $10,000 invested in Service Class Shares of the Nationwide S&P 500 Index Fund, the S&P 500^® Index(a), and the Consumer Price Index (CPI)(b) over a 10-year period ended 04/30/09. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.


(a)		The S&P 500 Index is an unmanaged index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.
(b)		Calculated by the U.S. Department of Labor’s Bureau of Labor Statistics, the CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

88 Annual Report 2009


Shareholder	Nationwide S&P 500 Index Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
October 31, 2009


			Beginning		Ending		Expenses Paid		Expense Ratio
			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Nationwide S&P 500 Index Fund			5/01/09		10/31/09		05/01/09 - 10/31/09^a		05/01/09 - 10/31/09^a

Class A Shares	Actual			1,000.00		1,198.70		2.83		0.54
	Hypothetical	^b		1,000.00		1,022.63		2.60		0.54


Class B Shares	Actual			1,000.00		1,193.70		6.80		1.23
	Hypothetical	^b		1,000.00		1,019.00		6.26		1.23


Class C Shares	Actual			1,000.00		1,193.40		6.80		1.23
	Hypothetical	^b		1,000.00		1,019.00		6.26		1.23


Class R2 Shares (c)	Actual			1,000.00		1,194.40		4.98		1.00
	Hypothetical	^b		1,000.00		1,020.67		4.58		1.00


Institutional Service Class Shares	Actual			1,000.00		1,199.20		2.66		0.49
	Hypothetical	^b		1,000.00		1,022.79		2.45		0.49


Institutional Class Shares	Actual			1,000.00		1,199.10		1.27		0.23
	Hypothetical	^b		1,000.00		1,024.05		1.17		0.23


Service Class	Actual			1,000.00		1,197.80		3.49		0.62
	Hypothetical	^b		1,000.00		1,022.03		3.21		0.62


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

^b		Represents the hypothetical 5% return before expenses.

^c		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

2009 Annual Report 89


Portfolio Summary	Nationwide S&P 500 Index Fund

October 31, 2009


Asset Allocation

Common Stocks	97	.5%
Mutual Fund	3	.3%
Repurchase Agreement	0	.5%
Liabilities in excess of other assets	(1	.3)%

	100	.0%


Top Industries†

Oil, Gas & Consumable Fuels	10	.0%
Pharmaceuticals	6	.4%
Computers & Peripherals	5	.6%
Software	4	.1%
Diversified Financial Services	4	.1%
Capital Markets	2	.8%
Food & Staples Retailing	2	.8%
Commercial Banks	2	.7%
Diversified Telecommunication Services	2	.7%
Beverages	2	.7%
Other Industries*	56	.1%

	100	.0%


Top Holdings†

Exxon Mobil Corp.	3	.6%
Invesco AIM Liquid Assets Portfolio	3	.2%
Microsoft Corp.	2	.3%
Procter & Gamble Co. (The)	1	.8%
Apple, Inc.	1	.8%
JPMorgan Chase & Co.	1	.7%
Johnson & Johnson	1	.7%
International Business Machines Corp.	1	.7%
Chevron Corp.	1	.6%
General Electric Co.	1	.6%
Other Holdings*	79	.0%

	100	.0%


^†		Percentages indicated are based upon total investments as of October 31, 2009.

^*		For purposes of listing top industries and top holdings, the repurchase agreement is included as part of Other.

The accompanying notes are an integral part of these financial statements.

90 Annual Report 2009

Statement of Investments

October 31, 2009

Nationwide S&P 500 Index Fund



Common Stocks 97.5%

	Shares		Market Value


UNITED STATES 97.5%
Aerospace & Defense 2.6%
Boeing Co. (The)	158,771	$	7,589,254
General Dynamics Corp.	84,462		5,295,767
Goodrich Corp.	27,151		1,475,657
Honeywell International, Inc.	160,969		5,777,178
ITT Corp.	39,860		2,020,902
L-3 Communications Holdings, Inc.	26,038		1,882,287
Lockheed Martin Corp.	68,822		4,734,265
Northrop Grumman Corp.	71,376		3,578,079
Precision Castparts Corp.	30,700		2,932,771
Raytheon Co.	87,087		3,943,299
Rockwell Collins, Inc.	34,441		1,735,138
United Technologies Corp.	204,956		12,594,546

			53,559,143

Air Freight & Logistics 1.0%
CH Robinson Worldwide, Inc.	37,400		2,061,114
Expeditors International of Washington, Inc.	46,400		1,495,008
FedEx Corp.	68,102		4,950,334
United Parcel Service, Inc., Class B	217,516		11,676,259

			20,182,715

Airlines 0.1%
Southwest Airlines Co.	160,476		1,347,998

Auto Components 0.2%
Goodyear Tire & Rubber Co. (The)*	52,621		677,759
Johnson Controls, Inc.	146,658		3,508,059

			4,185,818

Automobiles 0.3%
Ford Motor Co.*	694,600		4,862,200
Harley-Davidson, Inc.	51,227		1,276,577

			6,138,777

Beverages 2.7%
Brown-Forman Corp., Class B	21,963		1,072,014
Coca-Cola Co. (The)	504,517		26,895,801
Coca-Cola Enterprises, Inc.	68,857		1,313,103
Constellation Brands, Inc., Class A*	42,300		669,186
Dr. Pepper Snapple Group, Inc.*	55,100		1,502,026
Molson Coors Brewing Co., Class B	32,840		1,608,175
Pepsi Bottling Group, Inc.	29,321		1,097,778
PepsiCo, Inc.	340,574		20,621,756

			54,779,839

Biotechnology 1.6%
Amgen, Inc.*	221,048		11,876,909
Biogen Idec, Inc.*	64,772		2,728,844
Celgene Corp.*	100,600		5,135,630
Cephalon, Inc.*	15,100		824,158
Genzyme Corp.*	59,351		3,003,161
Gilead Sciences, Inc.*	196,900		8,378,095

			31,946,797

Building Products 0.0%
Masco Corp.	79,927		939,142

Capital Markets 2.9%
Ameriprise Financial, Inc.	56,551		1,960,623
Bank of New York Mellon Corp. (The)	258,811		6,899,901
Charles Schwab Corp. (The)	205,087		3,556,209
ETrade Financial Corp.	355,922		519,646
Federated Investors, Inc., Class B	19,511		512,164
Franklin Resources, Inc.	33,171		3,470,682
Goldman Sachs Group, Inc. (The)	111,302		18,940,261
Invesco Ltd.	89,900		1,901,385
Janus Capital Group, Inc.	36,531		479,287
Legg Mason, Inc.	35,800		1,042,138
Morgan Stanley	295,842		9,502,445
Northern Trust Corp.	52,536		2,639,934
State Street Corp.	106,677		4,478,300
T. Rowe Price Group, Inc.	55,982		2,728,003

			58,630,978

Chemicals 1.9%
Air Products & Chemicals, Inc.	45,866		3,537,645
Airgas, Inc.	18,500		820,660
CF Industries Holdings, Inc.	10,400		865,800
Dow Chemical Co. (The)	248,290		5,829,849
E.I. du Pont de Nemours & Co.	197,350		6,279,677
Eastman Chemical Co.	15,760		827,558
Ecolab, Inc.	49,211		2,163,315
FMC Corp.	16,900		863,590
International Flavors & Fragrances, Inc.	15,340		584,301
Monsanto Co.	118,880		7,986,358
PPG Industries, Inc.	36,106		2,037,462
Praxair, Inc.	67,232		5,340,910
Sigma-Aldrich Corp.	27,250		1,415,092

			38,552,217

Commercial Banks 2.8%
BB&T Corp.	148,573		3,552,380
Comerica, Inc.	33,526		930,347
Fifth Third Bancorp	166,704		1,490,334
First Horizon National Corp.*	47,698		564,267
Huntington Bancshares, Inc.	159,720		608,533
KeyCorp	193,372		1,042,275
M&T Bank Corp. (a)	16,961		1,065,999
Marshall & Ilsley Corp.	107,266		570,655
PNC Financial Services Group, Inc.	100,455		4,916,268
Regions Financial Corp.	262,185		1,268,975
SunTrust Banks, Inc.	111,426		2,129,351
U.S. Bancorp	417,303		9,689,776
Wells Fargo & Co.	1,017,035		27,988,803
Zions Bancorporation	26,120		369,859

			56,187,822

2009 Annual Report 91

Statement of Investments (Continued)

October 31, 2009

Nationwide S&P 500 Index Fund (Continued)


Common Stocks (continued)
	Shares		Market Value


UNITED STATES (continued)

Commercial Services & Supplies 0.5%
Avery Dennison Corp.	22,216	$	792,000
Cintas Corp.	28,501		789,193
Iron Mountain, Inc.*	39,000		952,770
Pitney Bowes, Inc.	44,796		1,097,502
Republic Services, Inc.	69,699		1,805,901
RR Donnelley & Sons Co.	44,606		895,689
Stericycle, Inc.*	18,600		974,082
Waste Management, Inc.	107,613		3,215,476

			10,522,613

Communications Equipment 2.6%
Ciena Corp.*	21,358		250,529
Cisco Systems, Inc.*	1,255,609		28,690,666
Harris Corp.	29,200		1,218,224
JDS Uniphase Corp.*	45,694		255,429
Juniper Networks, Inc.*	114,300		2,915,793
Motorola, Inc.	491,728		4,214,109
QUALCOMM, Inc.	361,878		14,985,368
Tellabs, Inc.*	84,452		508,401

			53,038,519

Computers & Peripherals 5.7%
Apple, Inc.*	195,074		36,771,449
Dell, Inc.*	370,558		5,369,385
EMC Corp.*	434,887		7,162,589
Hewlett-Packard Co.	516,190		24,498,377
International Business Machines Corp. (b)	285,410		34,423,300
Lexmark International, Inc., Class A*	18,501		471,776
NetApp, Inc.*	72,284		1,955,282
QLogic Corp.*	28,190		494,453
SanDisk Corp.*	49,600		1,015,808
Sun Microsystems, Inc.*	160,620		1,313,872
Teradata Corp.*	37,600		1,048,288
Western Digital Corp.*	50,700		1,707,576

			116,232,155

Construction & Engineering 0.2%
Fluor Corp.	39,770		1,766,583
Jacobs Engineering Group, Inc.*	26,900		1,137,601
Quanta Services, Inc.*	45,200		958,240

			3,862,424

Construction Materials 0.1%
Vulcan Materials Co.	26,676		1,227,896

Consumer Finance 0.8%
American Express Co.	258,957		9,022,062
Capital One Financial Corp.	100,186		3,666,808
Discover Financial Services	116,621		1,649,021
SLM Corp.*	101,422		983,793

			15,321,684

Containers & Packaging 0.2%
Ball Corp.	20,630		1,017,678
Bemis Co., Inc.	21,696		560,408
Owens-Illinois, Inc.*	36,400		1,160,432
Pactiv Corp.*	28,836		665,823
Sealed Air Corp.	31,594		607,552

			4,011,893

Distributors 0.1%
Genuine Parts Co.	34,816		1,218,212

Diversified Consumer Services 0.2%
Apollo Group, Inc., Class A*	26,426		1,508,925
DeVry, Inc.	14,200		785,118
H&R Block, Inc.	73,472		1,347,476

			3,641,519

Diversified Financial Services 4.1%
Bank of America Corp.	1,883,348		27,459,214
Citigroup, Inc.	2,839,188		11,612,279
CME Group, Inc.	14,226		4,304,930
IntercontinentalExchange, Inc.*	15,400		1,542,926
JPMorgan Chase & Co.	856,109		35,759,673
Leucadia National Corp.*	38,400		862,848
Moody’s Corp.	42,202		999,343
NASDAQ OMX Group, Inc. (The)*	30,100		543,606
NYSE Euronext	57,400		1,483,790

			84,568,609

Diversified Telecommunication Services 2.7%
AT&T, Inc.	1,284,413		32,970,882
CenturyTel, Inc.	63,105		2,048,388
Frontier Communications Corp.	69,036		494,988
Qwest Communications International, Inc.	323,530		1,161,473
Verizon Communications, Inc.	618,380		18,297,864
Windstream Corp.	97,882		943,583

			55,917,178

Electric Utilities 2.0%
Allegheny Energy, Inc.	36,796		839,685
American Electric Power Co., Inc.	102,297		3,091,415
Duke Energy Corp.	280,481		4,437,210
Edison International	71,332		2,269,784
Entergy Corp.	41,576		3,189,711
Exelon Corp.	143,998		6,762,146
FirstEnergy Corp.	66,100		2,860,808
FPL Group, Inc.	89,332		4,386,201
Northeast Utilities	34,995		806,635
Pepco Holdings, Inc.	55,000		821,150
Pinnacle West Capital Corp.	22,625		708,615
PPL Corp.	81,262		2,392,353
Progress Energy, Inc.	60,251		2,261,220
Southern Co.	170,149		5,306,947

			40,133,880

92 Annual Report 2009


Common Stocks (continued)
	Shares		Market Value


UNITED STATES (continued)

Electrical Equipment 0.4%
Emerson Electric Co.	166,264	$	6,276,466
First Solar, Inc.* (a)	10,900		1,329,037
Rockwell Automation, Inc.	30,776		1,260,277

			8,865,780

Electronic Equipment, Instruments & Components 0.5%
Agilent Technologies, Inc.*	75,976		1,879,646
Amphenol Corp., Class A	38,200		1,532,584
Corning, Inc.	340,322		4,972,104
FLIR Systems, Inc.*	32,400		901,044
Jabil Circuit, Inc.	38,641		517,017
Molex, Inc.	28,921		539,955

			10,342,350

Energy Equipment & Services 1.9%
Baker Hughes, Inc.	67,647		2,845,909
BJ Services Co.	63,992		1,228,646
Cameron International Corp.*	47,700		1,763,469
Diamond Offshore Drilling, Inc. (a)	15,100		1,438,275
ENSCO International, Inc.	31,200		1,428,648
FMC Technologies, Inc.*	28,200		1,483,320
Halliburton Co.	192,724		5,629,468
Nabors Industries Ltd.*	61,954		1,290,502
National Oilwell Varco, Inc.*	91,388		3,745,994
Rowan Cos., Inc.	25,386		590,225
Schlumberger Ltd.	260,736		16,217,779
Smith International, Inc.	48,000		1,331,040

			38,993,275

Food & Staples Retailing 2.9%
Costco Wholesale Corp.	94,857		5,392,620
CVS Caremark Corp.	314,199		11,091,225
Kroger Co. (The)	142,609		3,298,546
Safeway, Inc.	92,982		2,076,288
SUPERVALU, Inc.	45,979		729,687
Sysco Corp.	129,633		3,428,793
Walgreen Co.	215,925		8,168,443
Wal-Mart Stores, Inc.	470,182		23,358,642
Whole Foods Market, Inc.* (a)	31,000		993,860

			58,538,104

Food Products 1.7%
Archer-Daniels-Midland Co.	140,343		4,227,131
Campbell Soup Co.	44,732		1,420,241
ConAgra Foods, Inc.	97,028		2,037,588
Dean Foods Co.*	39,100		712,793
General Mills, Inc.	72,262		4,763,511
H.J. Heinz Co.	68,857		2,770,806
Hershey Co. (The)	36,022		1,361,271
Hormel Foods Corp.	15,700		572,422
JM Smucker Co. (The)	25,700		1,355,161
Kellogg Co.	55,242		2,847,173
Kraft Foods, Inc., Class A	321,167		8,838,516
McCormick & Co., Inc., Non-Voting Shares	25,846		904,868
Sara Lee Corp.	153,399		1,731,875
Tyson Foods, Inc., Class A	65,700		822,564

			34,365,920

Gas Utilities 0.2%
EQT Corp.	28,400		1,188,824
Nicor, Inc.	9,805		363,569
Questar Corp.	37,700		1,501,968

			3,054,361

Health Care Equipment & Supplies 1.9%
Baxter International, Inc.	133,073		7,193,926
Becton, Dickinson and Co.	52,686		3,601,615
Boston Scientific Corp.*	328,618		2,668,378
C.R. Bard, Inc.	21,786		1,635,475
CareFusion Corp.*	38,598		863,437
DENTSPLY International, Inc.	32,400		1,067,904
Hospira, Inc.*	33,146		1,479,638
Intuitive Surgical, Inc.*	8,527		2,100,627
Medtronic, Inc.	243,906		8,707,444
St. Jude Medical, Inc.*	75,822		2,584,014
Stryker Corp.	59,177		2,722,142
Varian Medical Systems, Inc.*	27,000		1,106,460
Zimmer Holdings, Inc.*	48,346		2,541,549

			38,272,609

Health Care Providers & Services 2.0%
Aetna, Inc.	97,484		2,537,509
AmerisourceBergen Corp.	67,704		1,499,644
Cardinal Health, Inc.	77,997		2,210,435
CIGNA Corp.	59,583		1,658,791
Coventry Health Care, Inc.*	31,200		618,696
DaVita, Inc.*	22,500		1,193,175
Express Scripts, Inc.*	59,440		4,750,445
Humana, Inc.*	37,061		1,392,752
Laboratory Corp of America Holdings*	23,400		1,612,026
McKesson Corp.	59,347		3,485,449
Medco Health Solutions, Inc.*	104,852		5,884,294
Patterson Cos., Inc.*	21,200		541,236
Quest Diagnostics, Inc.	34,372		1,922,426
Tenet Healthcare Corp.*	88,887		455,101
UnitedHealth Group, Inc.	253,018		6,565,817
WellPoint, Inc.*	104,502		4,886,514

			41,214,310

Health Care Technology 0.0%
IMS Health, Inc.	37,374		612,560

Hotels, Restaurants & Leisure 1.4%
Carnival Corp.	95,763		2,788,619
Darden Restaurants, Inc.	30,176		914,635

2009 Annual Report 93

Statement of Investments (Continued)

October 31, 2009

Nationwide S&P 500 Index Fund (Continued)


Common Stocks (continued)
	Shares		Market Value


UNITED STATES (continued)
Hotels, Restaurants & Leisure (continued)

International Game Technology	64,032	$	1,142,331
Marriott International, Inc., Class A	57,829		1,449,195
McDonald’s Corp.	237,541		13,922,278
Starbucks Corp.*	160,724		3,050,541
Starwood Hotels & Resorts Worldwide, Inc.	40,524		1,177,627
Wyndham Worldwide Corp.	41,329		704,659
Wynn Resorts Ltd.* (a)	14,100		764,502
Yum! Brands, Inc.	100,662		3,316,813

			29,231,200

Household Durables 0.3%
Black & Decker Corp.	13,165		621,651
D.R. Horton, Inc.	60,400		661,984
Fortune Brands, Inc.	32,886		1,280,910
Harman International Industries, Inc.	12,900		485,169
KB Home	16,530		234,395
Leggett & Platt, Inc.	34,701		670,770
Lennar Corp., Class A	31,967		402,784
Newell Rubbermaid, Inc.	60,242		874,112
Pulte Homes, Inc.	73,970		666,470
Whirlpool Corp.	16,417		1,175,293

			7,073,538

Household Products 2.6%
Clorox Co.	30,486		1,805,686
Colgate-Palmolive Co.	109,608		8,618,477
Kimberly-Clark Corp.	90,487		5,534,185
Procter & Gamble Co. (The)	635,403		36,853,374

			52,811,722

Independent Power Producers & Energy Traders 0.2%
AES Corp. (The)*	146,093		1,909,436
Constellation Energy Group, Inc.	43,186		1,335,311
Dynegy, Inc., Class A*	137,003		274,006

			3,518,753

Industrial Conglomerates 2.2%
3M Co.	151,989		11,181,831
General Electric Co.	2,313,432		32,989,540
Textron, Inc.	55,392		984,870

			45,156,241

Information Technology Services 1.1%
Affiliated Computer Services, Inc., Class A*	21,141		1,101,235
Automatic Data Processing, Inc.	110,378		4,393,044
Cognizant Technology Solutions Corp., Class A*	64,000		2,473,600
Computer Sciences Corp.*	32,881		1,667,396
Convergys Corp.*	26,282		285,160
Fidelity National Information Services, Inc.	68,300		1,486,208
Fiserv, Inc.*	34,766		1,594,716
MasterCard, Inc., Class A	20,549		4,500,642
Paychex, Inc.	70,252		1,995,859
Total System Services, Inc.	40,000		638,800
Western Union Co. (The)	155,452		2,824,563

			22,961,223

Insurance 2.5%
Aflac, Inc.	102,313		4,244,966
Allstate Corp. (The)	117,314		3,468,975
American International Group, Inc.* (a)	29,531		992,832
Aon Corp.	59,827		2,303,938
Assurant, Inc.	25,600		766,208
Chubb Corp.	77,062		3,739,048
Cincinnati Financial Corp.	35,389		897,465
Genworth Financial, Inc., Class A*	100,800		1,070,496
Hartford Financial Services Group, Inc.	85,671		2,100,653
Lincoln National Corp.	63,256		1,507,390
Loews Corp.	79,113		2,618,640
Marsh & McLennan Cos., Inc.	112,893		2,648,470
MBIA, Inc.*	41,276		167,581
MetLife, Inc.	178,979		6,090,655
Principal Financial Group, Inc.	68,907		1,725,431
Progressive Corp. (The)*	148,100		2,369,600
Prudential Financial, Inc.	100,443		4,543,037
Torchmark Corp.	18,531		752,359
Travelers Cos., Inc. (The)	125,915		6,269,308
Unum Group	72,449		1,445,358
XL Capital Ltd., Class A	72,146		1,183,916

			50,906,326

Internet & Catalog Retail 0.5%
Amazon.com, Inc.*	71,550		8,500,856
Expedia, Inc.*	45,500		1,031,485

			9,532,341

Internet Software & Services 1.9%
Akamai Technologies, Inc.*	37,400		822,800
eBay, Inc.*	241,376		5,375,443
Google, Inc., Class A*	52,380		28,081,966
VeriSign, Inc.*	42,200		962,582
Yahoo!, Inc.*	255,748		4,066,393

			39,309,184

Leisure Equipment & Products 0.1%
Eastman Kodak Co.* (a)	59,546		223,298
Hasbro, Inc.	27,421		747,771
Mattel, Inc.	77,823		1,473,189

			2,444,258

Life Sciences Tools & Services 0.4%
Life Technologies Corp.*	38,102		1,797,271

94 Annual Report 2009


Common Stocks (continued)
	Shares		Market Value


UNITED STATES (continued)
Life Sciences Tools & Services (continued)

Millipore Corp.*	12,025	$	805,795
PerkinElmer, Inc.	25,696		478,203
Thermo Fisher Scientific, Inc.*	90,876		4,089,420
Waters Corp.*	21,371		1,227,337

			8,398,026

Machinery 1.6%
Caterpillar, Inc.	133,764		7,365,046
Cummins, Inc.	44,000		1,894,640
Danaher Corp.	55,747		3,803,618
Deere & Co.	92,392		4,208,456
Dover Corp.	40,356		1,520,614
Eaton Corp.	36,336		2,196,511
Flowserve Corp.	12,300		1,207,983
Illinois Tool Works, Inc.	85,294		3,916,701
PACCAR, Inc.	79,391		2,970,017
Pall Corp.	25,691		815,432
Parker Hannifin Corp.	35,334		1,871,289
Snap-on, Inc.	11,270		411,693
Stanley Works (The)	17,080		772,528

			32,954,528

Media 2.6%
CBS Corp. Non-Voting, Class B	147,537		1,736,510
Comcast Corp., Class A	624,762		9,059,049
DIRECTV Group, Inc. (The)* (a)	101,700		2,674,710
Gannett Co., Inc.	49,776		488,800
Interpublic Group of Cos., Inc.*	103,778		624,743
McGraw-Hill Cos., Inc. (The)	68,802		1,980,122
Meredith Corp.	8,235		222,839
New York Times Co. (The), Class A(a)	28,106		224,005
News Corp., Class A	495,900		5,712,768
Omnicom Group, Inc.	68,082		2,333,851
Scripps Networks Interactive, Inc., Class A	18,500		698,560
Time Warner Cable, Inc.	79,091		3,119,349
Time Warner, Inc.	259,347		7,811,532
Viacom, Inc., Class B*	133,237		3,676,009
Walt Disney Co. (The)	405,940		11,110,578
Washington Post Co. (The), Class B	1,285		555,120

			52,028,545

Metals & Mining 0.9%
AK Steel Holding Corp.	25,500		404,685
Alcoa, Inc.	207,826		2,581,199
Allegheny Technologies, Inc.	21,375		659,632
Freeport-McMoRan Copper & Gold, Inc.*	88,714		6,508,059
Newmont Mining Corp.	104,232		4,529,923
Nucor Corp.	68,660		2,736,101
Titanium Metals Corp.	18,500		159,100
United States Steel Corp.	29,731		1,025,422

			18,604,121

Multiline Retail 0.9%
Big Lots, Inc.*	18,351		459,693
Family Dollar Stores, Inc.	30,606		866,150
J.C. Penney Co., Inc.	51,781		1,715,504
Kohl’s Corp.*	66,697		3,816,402
Macy’s, Inc.	92,052		1,617,354
Nordstrom, Inc.	35,092		1,115,224
Sears Holdings Corp.* (a)	11,961		811,673
Target Corp.	161,590		7,825,804

			18,227,804

Multi-Utilities 1.3%
Ameren Corp.	50,456		1,228,099
CenterPoint Energy, Inc.	75,242		948,049
CMS Energy Corp.	50,856		676,385
Consolidated Edison, Inc.	59,426		2,417,450
Dominion Resources, Inc.	126,288		4,305,158
DTE Energy Co.	35,491		1,312,457
Integrys Energy Group, Inc.	17,109		591,971
NiSource, Inc.	61,658		796,621
PG&E Corp.	80,072		3,274,144
Public Service Enterprise Group, Inc.	110,922		3,305,476
SCANA Corp.	25,500		862,920
Sempra Energy	52,881		2,720,727
TECO Energy, Inc.	47,681		683,746
Wisconsin Energy Corp.	25,500		1,113,585
Xcel Energy, Inc.	97,487		1,838,605

			26,075,393

Office Electronics 0.1%
Xerox Corp.	187,854		1,412,662

Oil, Gas & Consumable Fuels 10.1%
Anadarko Petroleum Corp.	105,076		6,402,281
Apache Corp.	71,924		6,769,487
Cabot Oil & Gas Corp.	22,600		869,422
Chesapeake Energy Corp.	136,600		3,346,700
Chevron Corp.	436,543		33,413,001
ConocoPhillips	322,756		16,195,896
CONSOL Energy, Inc.	39,600		1,695,276
Denbury Resources, Inc.*	56,800		829,280
Devon Energy Corp.	97,108		6,283,859
El Paso Corp.	152,313		1,494,191
EOG Resources, Inc.	54,582		4,457,166
Exxon Mobil Corp.	1,046,161		74,978,359
Hess Corp.	62,160		3,402,638
Marathon Oil Corp.	154,824		4,949,723
Massey Energy Co.	19,500		567,255
Murphy Oil Corp.	41,800		2,555,652
Noble Energy, Inc.	37,900		2,487,377

2009 Annual Report 95

Statement of Investments (Continued)

October 31, 2009

Nationwide S&P 500 Index Fund (Continued)


Common Stocks (continued)
	Shares		Market Value


UNITED STATES (continued)
Oil, Gas & Consumable Fuels (continued)

Occidental Petroleum Corp.	176,554	$	13,396,918
Peabody Energy Corp.	58,500		2,316,015
Pioneer Natural Resources Co.	25,600		1,052,416
Range Resources Corp.	34,200		1,711,710
Southwestern Energy Co.*	73,100		3,185,698
Spectra Energy Corp.	136,340		2,606,821
Sunoco, Inc.	25,620		789,096
Tesoro Corp.	30,300		428,442
Valero Energy Corp.	121,884		2,206,100
Williams Cos., Inc. (The)	126,838		2,390,896
XTO Energy, Inc.	126,223		5,245,828

			206,027,503

Paper & Forest Products 0.2%
International Paper Co.	93,758		2,091,741
MeadWestvaco Corp.	35,547		811,538
Weyerhaeuser Co.	46,201		1,678,944

			4,582,223

Personal Products 0.2%
Avon Products, Inc.	93,317		2,990,810
Estee Lauder Cos., Inc. (The), Class A	25,100		1,066,750

			4,057,560

Pharmaceuticals 6.5%
Abbott Laboratories	336,563		17,019,991
Allergan, Inc.	67,332		3,787,425
Bristol-Myers Squibb Co.	432,840		9,435,912
Eli Lilly & Co.	221,191		7,522,706
Forest Laboratories, Inc.*	65,432		1,810,504
Johnson & Johnson	599,925		35,425,571
King Pharmaceuticals, Inc.*	53,623		543,201
Merck & Co., Inc.	461,076		14,261,081
Mylan, Inc.*	66,751		1,084,036
Pfizer, Inc.	1,762,555		30,016,310
Schering-Plough Corp.	355,827		10,034,321
Watson Pharmaceuticals, Inc.*	22,706		781,541

			131,722,599

Professional Services 0.1%
Dun & Bradstreet Corp.	11,700		895,752
Equifax, Inc.	27,451		751,609
Monster Worldwide, Inc.*	24,931		361,998
Robert Half International, Inc.	33,806		784,299

			2,793,658

Real Estate Investment Trusts (REITs) 1.1%
Apartment Investment & Management Co., Class A	27,716		342,292
AvalonBay Communities, Inc.	17,596		1,210,253
Boston Properties, Inc.	30,100		1,829,177
Equity Residential	59,711		1,724,454
HCP, Inc.	63,600		1,881,924
Health Care REIT, Inc.	24,400		1,082,628
Host Hotels & Resorts, Inc.	130,500		1,319,355
Kimco Realty Corp.	77,400		978,336
Plum Creek Timber Co., Inc. (a)	36,261		1,134,607
ProLogis	95,351		1,080,327
Public Storage	28,000		2,060,800
Simon Property Group, Inc.	60,848		4,130,971
Ventas, Inc.	32,100		1,288,173
Vornado Realty Trust	34,590		2,060,180

			22,123,477

Real Estate Management & Development 0.0%
CB Richard Ellis Group, Inc., Class A*	48,700		504,045

Road & Rail 0.9%
Burlington Northern Santa Fe Corp.	58,352		4,395,073
CSX Corp.	87,212		3,678,602
Norfolk Southern Corp.	80,237		3,740,649
Ryder System, Inc.	12,505		507,078
Union Pacific Corp.	110,032		6,067,164

			18,388,566

Semiconductors & Semiconductor Equipment 2.4%
Advanced Micro Devices, Inc.*	132,542		609,693
Altera Corp.	64,682		1,280,057
Analog Devices, Inc.	63,757		1,634,092
Applied Materials, Inc.	282,119		3,441,852
Broadcom Corp., Class A*	94,996		2,527,844
Intel Corp.	1,218,738		23,290,083
KLA-Tencor Corp.	37,321		1,213,306
Linear Technology Corp.	49,067		1,269,854
LSI Corp.*	131,282		672,164
MEMC Electronic Materials, Inc.*	49,100		609,822
Microchip Technology, Inc.	39,900		956,004
Micron Technology, Inc.*	175,768		1,193,465
National Semiconductor Corp.	45,177		584,590
Novellus Systems, Inc.*	21,521		442,902
NVIDIA Corp.*	117,633		1,406,891
Teradyne, Inc.*	37,101		310,535
Texas Instruments, Inc.	269,959		6,330,538
Xilinx, Inc.	60,022		1,305,478

			49,079,170

Software 4.2%
Adobe Systems, Inc.*	115,142		3,792,777
Autodesk, Inc.*	49,662		1,238,074
BMC Software, Inc.*	40,656		1,510,777
CA, Inc.	86,238		1,804,099
Citrix Systems, Inc.*	39,471		1,450,954
Compuware Corp.*	54,907		387,643
Electronic Arts, Inc.*	70,407		1,284,224
Intuit, Inc.*	70,262		2,042,516
McAfee, Inc.*	33,800		1,415,544

96 Annual Report 2009


Common Stocks (continued)
		Shares		Market Value


UNITED STATES (continued)
Software (continued)

Microsoft Corp.		1,687,689	$	46,799,616
Novell, Inc.*		69,872		285,777
Oracle Corp.		850,238		17,940,022
Red Hat, Inc.*		43,700		1,127,897
Salesforce.com, Inc.*		23,100		1,310,925
Symantec Corp.*		181,174		3,185,039

				85,575,884

Specialty Retail 1.8%
Abercrombie & Fitch Co., Class A		19,100		626,862
AutoNation, Inc.* (a)		24,180		416,863
AutoZone, Inc.*		7,710		1,043,240
Bed Bath & Beyond, Inc.*		56,802		1,999,998
Best Buy Co., Inc.		74,115		2,829,711
GameStop Corp., Class A*		36,000		874,440
Gap, Inc. (The)		102,140		2,179,668
Home Depot, Inc.		371,067		9,310,071
Limited Brands, Inc.		61,328		1,079,373
Lowe’s Cos., Inc.		320,598		6,274,103
Office Depot, Inc.*		55,662		336,755
O’Reilly Automotive, Inc.*		30,500		1,137,040
RadioShack Corp.		29,971		506,210
Sherwin-Williams Co. (The)		21,586		1,231,266
Staples, Inc.		156,072		3,386,762
Tiffany & Co.		26,886		1,056,351
TJX Cos., Inc.		91,068		3,401,390

				37,690,103

Textiles, Apparel & Luxury Goods 0.5%
Coach, Inc.		70,800		2,334,276
NIKE, Inc., Class B		83,672		5,202,725
Polo Ralph Lauren Corp.		12,400		922,808
VF Corp.		19,106		1,357,290

				9,817,099

Thrifts & Mortgage Finance 0.1%
Hudson City Bancorp, Inc.		109,700		1,441,458
People’s United Financial, Inc.		76,300		1,223,089

				2,664,547

Tobacco 1.6%
Altria Group, Inc.		444,743		8,054,296
Lorillard, Inc.		36,900		2,867,868
Philip Morris International, Inc.		421,243		19,950,068
Reynolds American, Inc.		36,790		1,783,579

				32,655,811

Trading Companies & Distributors 0.1%
Fastenal Co. (a)		28,300		976,350
W.W. Grainger, Inc.		14,025		1,314,563

				2,290,913

Wireless Telecommunication Services 0.3%
American Tower Corp., Class A*		86,800		3,195,976
MetroPCS Communications, Inc.*		58,700		365,701
Sprint Nextel Corp.*		619,914		1,834,945

				5,396,622


Total Common Stocks (cost $2,266,282,514)				1,986,422,742



Mutual Fund 3.3%


Money Market Fund 3.3%
Invesco AIM Liquid Assets Portfolio, 0.21% (c)		66,761,494		66,761,494


Total Mutual Fund (cost $66,761,494)				66,761,494



Repurchase Agreement 0.5%

		Principal Amount		Market Value


Morgan Stanley, 0.08%, dated 10/30/09, due 11/02/09, repurchase price $10,774,439, collateralized by U.S. Government Agency Mortgages ranging from 3.17% to 7.00%, maturing 08/01/17 - total market value of $10,989,935. (d)	$	10,774,367		10,774,367


Total Repurchase Agreement (Cost $10,774,367)				10,774,367


Total Investments (Cost $2,343,818,375) (e) — 101.3%				2,063,958,603

Liabilities in excess of other assets — (1.3)%				(25,505,933	)


NET ASSETS — 100.0%			$	2,038,452,670


*		Denotes a non-income producing security.

(a)		The security or a portion of this security is on loan at October 31, 2009. The total value of securities on loan at October 31, 2009 was $10,235,244.

(b)		A security or a portion of a security was used to cover the margin requirement for futures contracts.

(c)		Represents 7-day effective yield as of October 31, 2009.

(d)		The security was purchased with cash collateral held from securities on loan (See Note 2.) The total value of this security as of October 31, 2009 was $10,774,367.

2009 Annual Report 97

Statement of Investments (Continued)

October 31, 2009

Nationwide S&P 500 Index Fund (Continued)


(e)		See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.


Ltd.		Limited

REIT		Real Estate Investment Trust

SA		Stock Company

At October 31, 2009, the Fund’s open futures contracts were as follows (Note 2):

Notional Value

Number of

Covered by

Unrealized

Contracts

Long Contracts

Expiration

Contracts

Depreciation

223

S & P 500 Index

12/17/09

57,589,750

(1,182,559

)

The accompanying notes are an integral part of these financial statements.

98 Annual Report 2009

Statement of Assets and Liabilities

October 31, 2009



	Nationwide
	S&P 500
	Index Fund

Assets:
Investments, at value (cost $2,333,044,008)^*	$	2,053,184,236
Repurchase agreements, at value and cost		10,774,367

Total Investments		2,063,958,603

Cash		63,929
Interest and dividends receivable		2,423,087
Security lending income receivable		14,507
Receivable for capital shares issued		445,192
Prepaid expenses and other assets		115,303

Total Assets		2,067,020,621

Liabilities:
Payable for investments purchased		9,841,738
Payable for capital shares redeemed		5,734,263
Payable for variation margin on futures contracts		1,588,387
Payable upon return of securities loaned (Note 2)		10,774,367
Accrued expenses and other payables:
Investment advisory fees		88,566
Fund administration fees		204,583
Distribution fees		82,073
Accounting and transfer agent fees		24,013
Trustee fees		20,053
Custodian fees		16,450
Compliance program costs (Note 3)		14,037
Professional fees		122,732
Other		56,689

Total Liabilities		28,567,951

Net Assets	$	2,038,452,670

Represented by:
Capital	$	2,359,591,175
Accumulated undistributed net investment income		3,916,284
Accumulated net realized losses from investment and futures transactions		(44,012,458	)
Net unrealized appreciation/(depreciation) from investments		(279,859,772	)
Net unrealized appreciation/(depreciation) from futures (Note 2)		(1,182,559	)

Net Assets	$	2,038,452,670

Net Assets:
Class A Shares	$	91,782,717
Class B Shares		9,974,577
Class C Shares		3,011,534
Class R2 Shares (a)		388,693
Institutional Service Class Shares		69,764,415
Institutional Class Shares		1,482,444,134
Service Class Shares		381,086,600

Total	$	2,038,452,670


*	Includes value of securities on loan of $10,235,244 (Note 2)


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 99

Statement of Assets and Liabilities (Continued)



	Nationwide
	S&P 500
	Index Fund


Shares Outstanding (unlimited number of shares authorized):
Class A Shares		10,602,254
Class B Shares		1,157,476
Class C Shares		351,454
Class R2 Shares (a)		44,945
Institutional Service Class Shares		8,024,072
Institutional Class Shares		170,308,049
Service Class Shares		43,991,758

Total		234,480,008

Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	8.66
Class B Shares (b)	$	8.62
Class C Shares (c)	$	8.57
Class R2 Shares (a)	$	8.65
Institutional Service Class Shares	$	8.69
Institutional Class Shares	$	8.70
Service Class Shares	$	8.66
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	9.19

Maximum Sales Charge:
Class A Shares		5.75	%


(a)		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

(b)		For Class B Shares, the redemption price per share varies by the length of time shares are held.

(c)		For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

100 Annual Report 2009

Statement of Operations

For the Year Ended October 31, 2009



	Nationwide
	S&P 500
	Index Fund

INVESTMENT INCOME:
Interest income	$	44,267
Dividend income		42,902,912
Income from securities lending (Note 2)		902,995

Total Income		43,850,174

EXPENSES:
Investment advisory fees		2,242,946
Fund administration fees		2,091,768
Distribution fees Class A		183,127
Distribution fees Class B		88,123
Distribution fees Class C		25,598
Distribution fees Class R2 (a)		1,520
Distribution fees Local Shares		17
Distribution fees Service Class		527,160
Administrative servicing fees Class A		26,151
Administrative servicing fees Class R2 (a)		520
Administrative servicing fees Institutional Service Class		152,192
Administrative servicing fees Service Class		899,525
Registration and filing fees		104,379
Professional fees		347,302
Printing fees		110,947
Trustee fees		117,397
Custodian fees		69,361
Accounting and transfer agent fees		109,291
Compliance program costs (Note 3)		46,597
Other		210,248

Total expenses before earnings credit and waived/reimbursed expenses		7,354,169
Earnings credit (Note 5)		(4,756	)
Administrative servicing fees voluntarily waived — Service		(10,000	)
Expenses reimbursed by adviser		(1,433,334	)

Net Expenses		5,906,079

NET INVESTMENT INCOME		37,944,095

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(17,432,080	)
Net realized gains from futures transactions (Note 2)		16,637,821

Net realized losses from investment and futures transactions		(794,259	)

Net change in unrealized appreciation/(depreciation) from investments		161,785,399
Net change in unrealized appreciation/(depreciation) from futures (Note 2)		2,158,640

Net change in unrealized appreciation/(depreciation) from investments and futures		163,944,039

Net realized/unrealized gains from investments and futures		163,149,780

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	201,093,875


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 101

Statements of Changes in Net Assets


	Nationwide S&P 500 Index Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	37,944,095		$	41,246,030
Net realized losses from investment and futures transactions		(794,259	)		(11,392,248	)
Net change in unrealized appreciation/(depreciation) from investments and futures		163,944,039			(988,517,590	)

Change in net assets resulting from operations		201,093,875			(958,663,808	)



Distributions to Shareholders From:
Net investment income:
Class A		(1,470,934	)		(1,362,509	)
Class B		(111,448	)		(103,029	)
Class C		(33,336	)		(25,993	)
Class R2 (a)		(4,852	)		(2,973	)
Institutional Service Class		(1,241,356	)		(1,377,208	)
Local Shares (b)		(737	)		(2,566	)
Institutional Class		(28,168,273	)		(28,813,725	)
Service Class		(6,632,079	)		(8,117,001	)
Net realized gains:
Class A		–			(1,246,235	)
Class B		–			(169,165	)
Class C		–			(41,591	)
Class R2 (a)		–			(3,095	)
Institutional Service Class		–			(1,383,994	)
Local Shares (b)		–			(2,280	)
Institutional Class		–			(23,761,476	)
Service Class		–			(9,213,280	)

Change in net assets from shareholder distributions		(37,663,015	)		(75,626,120	)

Change in net assets from capital transactions		170,078,134			38,913,732

Change in net assets		333,508,994			(995,376,196	)


Net Assets:
Beginning of year		1,704,943,676			2,700,319,872

End of year	$	2,038,452,670		$	1,704,943,676

Accumulated undistributed net investment income at end of year	$	3,916,284		$	3,881,810

CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	36,742,591		$	34,549,043
Dividends reinvested		1,320,442			2,296,921
Cost of shares redeemed (c)		(19,539,520	)		(18,792,722	)

Total Class A		18,523,513			18,053,242

Class B Shares
Proceeds from shares issued		2,702,593			3,616,798
Dividends reinvested		27,931			89,841
Cost of shares redeemed (c)		(2,303,620	)		(1,899,648	)

Total Class B		426,904			1,806,991

Amounts designated as “ – ” are zero or have been rounded to zero.


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

(b)	Effective January 30, 2009, Local Shares were liquidated.

(c)	Includes redemption fees — See Note 4 to Financial Statements.

The accompanying notes are an integral part of these financial statements.

102 Annual Report 2009


	Nationwide S&P 500 Index Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

CAPITAL TRANSACTIONS: (continued)
Class C Shares
Proceeds from shares issued	$	1,002,646		$	1,309,599
Dividends reinvested		10,321			24,030
Cost of shares redeemed		(606,492	)		(954,832	)

Total Class C		406,475			378,797

Class R2 Shares(a)
Proceeds from shares issued		194,911			138,624
Dividends reinvested		4,852			6,067
Cost of shares redeemed		(69,536	)		(62,556	)

Total Class R2		130,227			82,135

Institutional Service Class Shares
Proceeds from shares issued		14,671,266			9,866,611
Dividends reinvested		1,241,340			2,761,185
Cost of shares redeemed		(13,367,948	)		(12,396,189	)

Total Institutional Service Class		2,544,658			231,607

Local Shares Shares(b)
Proceeds from shares issued		2			502
Dividends reinvested		698			4,599
Cost of shares redeemed		(88,653	)		–

Total Local Shares		(87,953	)		5,101

Institutional Class Shares
Proceeds from shares issued		273,988,070			365,062,461
Dividends reinvested		28,094,784			52,373,108
Cost of shares redeemed(c)		(130,473,874	)		(352,934,526	)

Total Institutional Class		171,608,980			64,501,043

Service Class Shares
Proceeds from shares issued		32,797,491			40,235,869
Dividends reinvested		6,631,986			17,330,218
Cost of shares redeemed(c)		(62,904,147	)		(103,711,271	)

Total Service		(23,474,670	)		(46,145,184	)

Change in net assets from capital transactions:	$	170,078,134		$	38,913,732


SHARE TRANSACTIONS:
Class A Shares
Issued		4,938,480			3,181,707
Reinvested		177,559			195,918
Redeemed		(2,599,365	)		(1,750,553	)

Total Class A Shares		2,516,674			1,627,072

Amounts designated as “ – ” are zero or have been rounded to zero.


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

(b)	Effective January 30, 2009, Local Shares were liquidated.

(c)	Includes redemption fees — See Note 4 to Financial Statements.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 103

Statements of Changes in Net Assets (Continued)


	Nationwide S&P 500 Index Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

SHARE TRANSACTIONS: (continued)
Class B Shares
Issued		368,771			338,059
Reinvested		3,847			7,571
Redeemed		(303,994	)		(178,064	)

Total Class B Shares		68,624			167,566

Class C Shares
Issued		138,967			122,274
Reinvested		1,427			2,034
Redeemed		(77,739	)		(82,342	)

Total Class C Shares		62,655			41,966

Class R2 Shares(a)
Issued		26,502			13,708
Reinvested		667			517
Redeemed		(9,171	)		(5,247	)

Total Class R2 Shares		17,998			8,978

Institutional Service Class Shares
Issued		2,051,933			969,875
Reinvested		167,215			233,631
Redeemed		(1,766,031	)		(1,121,178	)

Total Institutional Service Class Shares		453,117			82,328

Local Shares Shares(b)
Issued		–			44
Reinvested		94			390
Redeemed		(12,781	)		–

Total Local Shares Shares		(12,687	)		434

Institutional Class Shares
Issued		37,341,312			33,135,124
Reinvested		3,753,225			4,455,874
Redeemed		(17,005,455	)		(30,453,631	)

Total Institutional Class Shares		24,089,082			7,137,367

Service Class Shares
Issued		4,886,701			3,785,208
Reinvested		897,397			1,465,964
Redeemed		(8,595,543	)		(9,216,829	)

Total Service Shares		(2,811,445	)		(3,965,657	)

Total change in shares:		24,384,018			5,100,054

Amounts designated as “ – ” are zero or have been rounded to zero.


(a)		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

(b)		Effective January 30, 2009, Local Shares were liquidated.

The accompanying notes are an integral part of these financial statements.

104 Annual Report 2009

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide S&P 500 Index Fund


				Operations									Distributions																	Ratios / Supplemental Data

							Net Realized																															Ratio of
							And																												Ratio of Net			Expenses
	Net Asset			Net			Unrealized																									Ratio of			Investment			(Prior to
	Value,			Investment			Gains (Losses)			Total			Net			Net								Net Asset						Net Assets		Expenses			Income (Loss)			Reimbursements)
	Beginning			Income			from			from			Investment			Realized			Total			Redemption		Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			(Loss)			Investments			Operations			Income			Gains			Distributions			Fees		of Period			Return (a)(b)			Period		Net Assets (c)			Net Assets (c)			Net Assets (c)(d)			Turnover (e)
Class A Shares
Year Ended October 31, 2009 (h)	$	8	.09		0	.15		0	.58		0	.73		(0	.16)		–			(0	.16)		–	$	8	.66		9	.32%	$	91,782,717		0	.52%		1	.97%		0	.60%		4	.24%
Year Ended October 31, 2008	$	13	.13		0	.19		(4	.85)		(4	.66)		(0	.19)		(0	.19)		(0	.38)			$	8	.09		(36	.42%)	$	65,378,521		0	.49%		1	.71%		0	.53%		10	.51%
Year Ended October 31, 2007	$	11	.75		0	.19		1	.44		1	.63		(0	.20)		(0	.05)		(0	.25)		–	$	13	.13		13	.98%	$	84,794,405		0	.49%		1	.48%		0	.51%		3	.56%
Year Ended October 31, 2006	$	10	.36		0	.16		1	.47		1	.63		(0	.16)		(0	.08)		(0	.24)		–	$	11	.75		15	.90%	$	42,670,253		0	.49%		1	.46%		0	.52%		2	.63%
Year Ended October 31, 2005	$	9	.74		0	.15		0	.64		0	.79		(0	.17)		–			(0	.17)		–	$	10	.36		8	.11%	$	24,805,311		0	.50%		1	.49%		0	.56%		5	.28%

Class B Shares
Year Ended October 31, 2009 (h)	$	8	.05		0	.10		0	.57		0	.67		(0	.10)		–			(0	.10)		–	$	8	.62		8	.53%	$	9,974,577		1	.23%		1	.29%		1	.31%		4	.24%
Year Ended October 31, 2008	$	13	.07		0	.10		(4	.83)		(4	.73)		(0	.10)		(0	.19)		(0	.29)		–	$	8	.05		(36	.89%)	$	8,760,072		1	.23%		0	.96%		1	.28%		10	.51%
Year Ended October 31, 2007	$	11	.71		0	.09		1	.43		1	.52		(0	.11)		(0	.05)		(0	.16)		–	$	13	.07		13	.09%	$	12,040,325		1	.23%		0	.75%		1	.25%		3	.56%
Year Ended October 31, 2006	$	10	.33		0	.08		1	.46		1	.54		(0	.08)		(0	.08)		(0	.16)		–	$	11	.71		15	.01%	$	6,296,167		1	.23%		0	.75%		1	.26%		2	.63%
Year Ended October 31, 2005	$	9	.70		0	.09		0	.63		0	.72		(0	.09)		–			(0	.09)		–	$	10	.33		7	.45%	$	5,707,020		1	.23%		0	.90%		1	.28%		5	.28%

Class C Shares
Year Ended October 31, 2009 (h)	$	8	.00		(0	.02)		0	.69		0	.67		(0	.10)		–			(0	.10)		–	$	8	.57		8	.62%	$	3,011,534		1	.23%		(0	.23%)		1	.31%		4	.24%
Year Ended October 31, 2008	$	13	.00		0	.10		(4	.81)		(4	.71)		(0	.10)		(0	.19)		(0	.29)		–	$	8	.00		(36	.95%)	$	2,311,273		1	.23%		0	.96%		1	.28%		10	.51%
Year Ended October 31, 2007	$	11	.65		0	.10		1	.42		1	.52		(0	.12)		(0	.05)		(0	.17)		–	$	13	.00		13	.11%	$	3,208,449		1	.23%		0	.74%		1	.25%		3	.56%
Year Ended October 31, 2006	$	10	.28		0	.08		1	.46		1	.54		(0	.09)		(0	.08)		(0	.17)		–	$	11	.65		15	.06%	$	1,422,512		1	.23%		0	.72%		1	.26%		2	.63%
Year Ended October 31, 2005	$	9	.67		0	.08		0	.64		0	.72		(0	.11)		–			(0	.11)		–	$	10	.28		7	.44%	$	831,234		1	.23%		0	.71%		1	.28%		5	.28%

Class R2 Shares(f)
Year Ended October 31, 2009 (h)	$	8	.08		0	.12		0	.58		0	.70		(0	.13)		–			(0	.13)		–	$	8	.65		8	.95%	$	388,693		0	.90%		1	.56%		0	.98%		4	.24%
Year Ended October 31, 2008	$	13	.12		0	.16		(4	.85)		(4	.69)		(0	.16)		(0	.19)		(0	.35)		–	$	8	.08		(36	.62%)	$	217,723		0	.76%		1	.42%		0	.80%		10	.51%
Period Ended October 31, 2007 (g)	$	12	.13		0	.10		1	.03		1	.13		(0	.14)		–			(0	.14)		–	$	13	.12		9	.34%	$	235,763		0	.74%		1	.12%		0	.76%		3	.56%

Institutional Service Class Shares
Year Ended October 31, 2009 (h)	$	8	.12		0	.20		0	.53		0	.73		(0	.16)		–			(0	.16)		–	$	8	.69		9	.42%	$	69,764,415		0	.48%		2	.57%		0	.56%		4	.24%
Year Ended October 31, 2008	$	13	.18		0	.20		(4	.88)		(4	.68)		(0	.19)		(0	.19)		(0	.38)		–	$	8	.12		(36	.43%)	$	61,463,544		0	.47%		1	.74%		0	.51%		10	.51%
Year Ended October 31, 2007	$	11	.79		0	.20		1	.44		1	.64		(0	.20)		(0	.05)		(0	.25)		–	$	13	.18		14	.01%	$	98,678,663		0	.48%		1	.52%		0	.49%		3	.56%
Year Ended October 31, 2006	$	10	.40		0	.17		1	.46		1	.63		(0	.16)		(0	.08)		(0	.24)		–	$	11	.79		15	.85%	$	82,442,558		0	.48%		1	.49%		0	.51%		2	.63%
Year Ended October 31, 2005	$	9	.77		0	.18		0	.62		0	.80		(0	.17)		–			(0	.17)		–	$	10	.40		8	.29%	$	69,995,616		0	.48%		1	.68%		0	.52%		5	.28%

Amounts designated as “ – “ are zero or have been rounded to zero.


(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.
(g)	For the period from January 30, 2007 (commencement of operations) through October 31, 2007.
(h)	Per share calculations were performed using the average shares method.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 105

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide S&P 500 Index Fund (Continued)


				Operations									Distributions																	Ratios / Supplemental Data

							Net Realized																															Ratio of
							And																												Ratio of Net			Expenses
	Net Asset			Net			Unrealized																									Ratio of			Investment			(Prior to
	Value,			Investment			Gains (Losses)			Total			Net			Net								Net Asset						Net Assets		Expenses			Income (Loss)			Reimbursements)
	Beginning			Income			from			from			Investment			Realized			Total			Redemption		Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			(Loss)			Investments			Operations			Income			Gains			Distributions			Fees		of Period			Return (a)			Period		Net Assets			Net Assets			Net Assets (b)			Turnover (c)

Institutional Class Shares
Year Ended October 31, 2009 (d)	$	8	.13		0	.17		0	.58		0	.75		(0	.18)		–			(0	.18)		–	$	8	.70		9	.55%	$	1,482,444,134		0	.23%		2	.25%		0	.31%		4	.24%
Year Ended October 31, 2008	$	13	.19		0	.22		(4	.88)		(4	.66)		(0	.21)		(0	.19)		(0	.40)		–	$	8	.13		(36	.25%)	$	1,188,316,958		0	.23%		1	.99%		0	.27%		10	.51%
Year Ended October 31, 2007	$	11	.80		0	.23		1	.44		1	.67		(0	.23)		(0	.05)		(0	.28)		–	$	13	.19		14	.26%	$	1,834,779,809		0	.23%		1	.82%		0	.24%		3	.56%
Year Ended October 31, 2006	$	10	.41		0	.19		1	.47		1	.66		(0	.19)		(0	.08)		(0	.27)		–	$	11	.80		16	.12%	$	2,689,367,610		0	.23%		1	.73%		0	.26%		2	.63%
Year Ended October 31, 2005	$	9	.77		0	.19		0	.64		0	.83		(0	.19)		–			(0	.19)		–	$	10	.41		8	.55%	$	2,007,289,506		0	.23%		1	.86%		0	.28%		5	.28%

Service Class Shares
Year Ended October 31, 2009 (d)	$	8	.08		0	.15		0	.57		0	.72		(0	.14)		–			(0	.14)		–	$	8	.66		9	.27%	$	381,086,600		0	.63%		1	.92%		0	.72%		4	.24%
Year Ended October 31, 2008	$	13	.13		0	.17		(4	.86)		(4	.69)		(0	.17)		(0	.19)		(0	.36)		–	$	8	.08		(36	.60%)	$	378,392,267		0	.64%		1	.53%		0	.68%		10	.51%
Year Ended October 31, 2007	$	11	.75		0	.18		1	.43		1	.61		(0	.18)		(0	.05)		(0	.23)		–	$	13	.13		13	.79%	$	666,420,484		0	.63%		1	.37%		0	.65%		3	.56%
Year Ended October 31, 2006	$	10	.36		0	.15		1	.46		1	.61		(0	.14)		(0	.08)		(0	.22)		–	$	11	.75		15	.74%	$	628,020,675		0	.63%		1	.35%		0	.66%		2	.63%
Year Ended October 31, 2005	$	9	.73		0	.16		0	.62		0	.78		(0	.15)		–			(0	.15)		–	$	10	.36		8	.06%	$	578,102,425		0	.63%		1	.51%		0	.67%		5	.28%

Amounts designated as “ – “ are zero or have been rounded to zero.


(a)	Excludes sales charge.


(b)	During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.


(c)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d)	Per share calculations were performed using the average shares method.

The accompanying notes are an integral part of these financial statements.

106 Annual Report 2009


Nationwide Small Cap Index Fund

How did the Fund perform during the reporting period in relation to its benchmark and its peer group?

The Fund seeks to match the performance of the Russell 2000^® Index as closely as possible before the deduction of Fund expenses. For the annual period ended October 31, 2009, the Nationwide Small Cap Index Fund (Class A at NAV) returned 5.94% versus 6.46% for its benchmark, the Russell 2000^® Index. For broader comparison, the average return for the Fund’s closest Lipper peer category of Small-Cap Core Funds (consisting of 754 funds as of October 31, 2009) was 11.82% for the same time period.

What areas of investment provided the most positive relative returns for the Fund?

The sectors represented in the Russell 2000 Index posted mixed results, with six of the 10 sectors recording positive returns for the reporting period. Information technology led the way, advancing 29.32%, followed by consumer discretionary, with 28.42%, and materials, with 28.03%. Fund-holdings Dollar Thrifty Automotive Group, Inc.; The Providence Service Corp. and Boise Inc. were the strongest performers among individual stocks within the Index.

What areas of investment detracted from Fund performance?

By contrast, the financials sector posted the weakest results, registering -13.48% for the reporting period. Other laggards were energy, with -5.59%; industrials, with -1.63%; and utilities, with -0.80%. Among individual stocks within the Index which were held by the Fund, Apex Silver Mines Corp., LandAmerica Financial Group, Inc. and FirstFed Financial Corp. posted the lowest returns.

What is your outlook for the near term?

We believe the world economies are now three or four months into their recovery from what some have been calling the “Great Recession.” Monetary and fiscal stimulus efforts clearly have taken hold, and the resulting initial growth spurt has been sharp and rapid. We maintain our belief that after this quick run-up in growth, the economies of the developed world will transition into a period of lower long-term growth, because ongoing unwinding of debt or deleveraging will continue to act as a headwind for the economy.

Subadviser:
BlackRock Investment Management, LLC

Portfolio Manager:
Debra L. Jelilian

2009 Annual Report 107


Fund Performance	Nationwide Small Cap Index Fund

Average Annual Total Return
For periods ended October 31, 2009


		1 Yr.		5 Yr.		10 Yr.

Class A¹	w/o SC²		5.94%		-0.04%		3.27%
	w/SC³		-0.11%		-1.21%		2.65%


Class B⁴	w/o SC²		5.54%		-0.65%		2.75%
	w/SC⁵		0.54%		-0.96%		2.75%


Class C⁶	w/o SC²		5.46%		-0.61%		2.78%
	w/SC⁷		4.46%		-0.61%		2.78%


Class R2^8,9,10			5.94%		-0.06%		3.26%


Institutional Class^1,8			6.51%		0.36%		3.71%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.


¹		These returns prior to the creation of Class A and Institutional shares (12/29/99) include the performance of the Master Small Cap Series (the “Series”), which began operations on April 9, 1997. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class A and Institutional Class shares would have produced because these classes of the Fund’s shares invested in the same portfolio of securities as the Series. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees applicable to such classes; if these fees were reflected, the performance for Class A and Institutional Class shares would have been lower.

²		These returns do not reflect the effects of sales charges (SC).

³		A 5.75% front-end sales charge was deducted.

⁴		These returns until the creation of Class B shares (11/29/01) include performance based on the Series for the period through December 28, 1999 and the Fund’s Class A shares for the period from December 29, 1999 to November 28, 2001. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class B shares would have produced because Class B shares invest in the same portfolio of securities as Class A shares. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes; if these fees were reflected, the performance for Class B shares would have been lower.

⁵		A 5.00% maximum contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years and is not deducted from returns after 6 years.

⁶		These returns until the creation of Class C shares (10/22/03) include the performance of the Series for the period through December 28, 1999 and the Fund’s Class A shares for the period from December 29, 1999 to November 28, 2001 and the Fund’s Class B shares for the period from November 29, 2001 to October 21, 2003. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class C shares would have produced because Class C shares invest in the same portfolio of securities as the Fund’s other classes. The performance for the Class C shares has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes; if these fees were reflected, the performance for Class C shares would have been lower.

⁷		A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁸		Not subject to any sales charges.

⁹		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

¹⁰		These returns until the creation of Class R2 shares (3/9/07) include the previous performance of the Fund’s Class A shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class R2 shares would have produced because both classes invest in the same portfolio of securities. The performance of Class R2 shares has been restated to reflect differences in sales charges, but does not reflect the higher level of other fees applicable to such class; if these fees were reflected, the performance for Class R2 shares would have been lower.

Expense Ratios


	Gross	Net
	Expense	Expense
	Ratio*	Ratio*

Class A	0.76%		0.70%


Class B	1.36%		1.30%


Class C	1.36%		1.30%


Class R2	1.06%		1.00%


Institutional Class	0.36%		0.30%


*		Current effective prospectus. The difference between gross and net operating expenses reflects contractual waivers in place through February 28, 2010. Please see the Fund’s most recent prospectus for details.

Performance of a $10,000 Investment

Comparative performance of $10,000 invested in Class A shares of the Nationwide Small Cap Index Fund, versus performance of the Russell 2000^® Index(a) and the Consumer Price Index (CPI)(b) over a 10-year period ended 04/30/09. Unlike the Fund, the performance for these unmanaged indexes does not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.


(a)		The Russell 2000^® Index is an unmanaged index of approximately 2000 Small-Capitalization U.S. Companies that gives a broad look at how the stock prices of those Companies have performed.

(b)		Calculated by the U.S. Department of Labor’s Bureau of Labor Statistics, the CPI represents changes in price of a basket of goods and services purchased for consumption by urban households.

108 Annual Report 2009


Shareholder	Nationwide Small Cap Index Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
October 31, 2009


			Beginning		Ending		Expenses Paid		Expense Ratio
			Account Value($)		Account Value($)		During Period ($)		During Period (%)
Nationwide Small Cap Index Fund			5/01/09		10/31/09		05/01/09 - 10/31/09^a		05/01/09 - 10/31/09^a

Class A Shares	Actual			1,000.00		1,160.10		3.92		0.75
	Hypothetical	^b		1,000.00		1,021.58		3.67		0.75


Class B Shares	Actual			1,000.00		1,156.30		7.07		1.30
	Hypothetical	^b		1,000.00		1,018.65		6.61		1.30


Class C Shares	Actual			1,000.00		1,156.70		7.07		1.30
	Hypothetical	^b		1,000.00		1,018.65		6.61		1.30


Class R2 Shares (c)	Actual			1,000.00		1,159.90		5.01		0.96
	Hypothetical	^b		1,000.00		1,020.57		4.69		0.96


Institutional Class Shares	Actual			1,000.00		1,162.40		1.64		0.30
	Hypothetical	^b		1,000.00		1,023.69		1.53		0.30


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

^b		Represents the hypothetical 5% return before expenses.

^c		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

2009 Annual Report 109


Portfolio Summary	Nationwide Small Cap Index Fund

October 31, 2009


Asset Allocation

Common Stocks	95	.9%
Repurchase Agreement	5	.5%
Mutual Fund	3	.9%
Rights	0	.0%
Warrants	0	.0%
Exchange Traded Fund	0	.0%
Liabilities in excess of other assets	(5	.3)%

	100	.0%


Top Industries†

Real Estate Investment Trusts	5	.7%
Commercial Banks	5	.4%
Software	4	.2%
Health Care Equipment & Supplies	3	.4%
Biotechnology	3	.4%
Health Care Providers & Services	3	.2%
Semiconductors & Semiconductor Equipment	3	.1%
Specialty Retail	3	.0%
Insurance	3	.0%
Communications Equipment	3	.0%
Other Industries*	62	.6%

	100	.0%


Top Holdings†

Invesco AIM Liquid Assets Portfolio	3	.7%
Human Genome Sciences, Inc.	0	.3%
Tupperware Brands Corp.	0	.3%
Perot Systems Corp., Class A	0	.3%
Solera Holdings, Inc.	0	.3%
Bally Technologies, Inc.	0	.2%
E*Trade Financial Corp.	0	.2%
MFA Financial, Inc.	0	.2%
J Crew Group, Inc.	0	.2%
Highwoods Properties, Inc.	0	.2%
Other Holdings*	94	.1%

	100	.0%


†		Percentages indicated are based upon total investments as of October 31, 2009.

*		For purposes of listing top industries and top holdings, the repurchase agreement is included as part of Other.

The accompanying notes are an integral part of these financial statements.

110 Annual Report 2009

Statement of Investments

October 31, 2009

Nationwide Small Cap Index Fund



Common Stocks 95.9%

	Shares		Market Value


Aerospace & Defense 1.7%
AAR Corp.*	16,468	$	322,938
Aerovironment, Inc.*	5,200		138,632
American Science & Engineering, Inc.	3,530		233,404
Applied Signal Technology, Inc.	4,700		96,303
Argon ST, Inc.*	5,940		110,484
Ascent Solar Technologies, Inc.*	6,400		32,320
Astronics Corp.*	3,800		31,502
Ceradyne, Inc.*	11,040		177,965
Cubic Corp.	6,546		227,212
Curtiss-Wright Corp.	19,048		568,011
DigitalGlobe, Inc.*	6,300		140,679
Ducommun, Inc.	4,500		76,590
DynCorp International, Inc., Class A*	10,400		176,800
Esterline Technologies Corp.*	12,661		533,155
GenCorp, Inc.*	21,474		159,767
GeoEye, Inc.*	7,100		180,127
HEICO Corp.	9,548		363,110
Herley Industries, Inc.*	5,900		66,729
Hexcel Corp.*	41,175		452,925
Ladish Co., Inc.*	7,000		90,720
LMI Aerospace, Inc.*	3,600		38,772
Moog, Inc., Class A*	18,663		466,015
Orbital Sciences Corp.*	23,722		305,539
Stanley, Inc.*	4,800		135,600
Taser International, Inc.*	26,416		108,041
Teledyne Technologies, Inc.*	15,363		524,800
Todd Shipyards Corp.	2,500		41,700
Triumph Group, Inc.	6,605		309,180

			6,109,020



Air Freight & Logistics 0.3%
Air Transport Services Group, Inc.*	24,400		63,196
Atlas Air Worldwide Holdings, Inc.*	6,900		181,401
Dynamex, Inc.*	3,860		71,526
Forward Air Corp.	12,291		262,290
HUB Group, Inc., Class A*	16,315		405,591
Pacer International, Inc.	12,124		34,674

			1,018,678



Airlines 0.7%
AirTran Holdings, Inc.*	53,919		228,078
Alaska Air Group, Inc.*	15,488		398,351
Allegiant Travel Co.*(a)	6,200		233,802
Hawaiian Holdings, Inc.*	22,000		155,980
JetBlue Airways Corp.*	104,800		519,808
Republic Airways Holdings, Inc.*	13,600		108,936
SkyWest, Inc.	24,158		337,487
UAL Corp.*	68,400		445,284
US Airways Group, Inc.*	65,700		201,042

			2,628,768

Auto Components 0.7%
American Axle & Manufacturing Holdings, Inc. (a)	16,545		99,104
Amerigon, Inc.*	9,100		58,513
ArvinMeritor, Inc.	32,279		252,099
China Automotive Systems, Inc.* (a)	2,800		29,008
Cooper Tire & Rubber Co.	24,168		368,804
Dana Holding Corp.*	56,600		320,356
Dorman Products, Inc.*	4,700		68,714
Drew Industries, Inc.*	8,098		154,996
Exide Technologies*	20,600		126,072
Fuel Systems Solutions, Inc.*	5,500		180,070
Hawk Corp., Class A*	2,600		36,192
Modine Manufacturing Co.	18,440		189,932
Raser Technologies, Inc.* (a)	22,300		26,314
Spartan Motors, Inc.	13,800		68,862
Standard Motor Products, Inc.	6,700		56,012
Stoneridge, Inc.*	6,500		47,775
Superior Industries International, Inc.	10,085		133,929
Tenneco, Inc.*	20,670		281,525
Wonder Auto Technology, Inc.*	6,400		82,816

			2,581,093



Automobiles 0.0%
Winnebago Industries*	12,353		142,060



Beverages 0.1%
Boston Beer Co., Inc., Class A*	3,355		127,490
Coca-Cola Bottling Co. Consolidated	1,800		80,838
Heckmann Corp.*	36,500		155,490
National Beverage Corp.*	4,432		48,530

			412,348



Biotechnology 3.6%
Acorda Therapeutics, Inc.*	16,500		358,545
Affymax, Inc.*	5,500		110,770
Alkermes, Inc.*	40,257		320,848
Allos Therapeutics, Inc.*	28,000		158,200
Alnylam Pharmaceuticals, Inc.* (a)	15,800		269,232
AMAG Pharmaceuticals, Inc.*	6,960		262,949
Amicus Therapeutics, Inc.*	6,600		25,344
Arena Pharmaceuticals, Inc.* (a)	36,400		128,492
ARIAD Pharmaceuticals, Inc.*	41,714		75,085
Arqule, Inc.*	17,000		56,950
Array BioPharma, Inc.*	20,800		37,232
AVI BioPharma, Inc.* (a)	37,300		54,831
BioCryst Pharmaceuticals, Inc.* (a)	9,100		81,263
Biospecifics Technologies Corp.*	1,500		45,750
Cardium Therapeutics, Inc.* (a)	19,900		13,731
Celera Corp.*	34,873		215,864
Cell Therapeutics, Inc.* (a)	226,000		214,700
Celldex Therapeutics, Inc.* (a)	10,400		45,344
Cepheid, Inc.*	24,690		327,636

2009 Annual Report 111

Statement of Investments (Continued)

October 31, 2009

Nationwide Small Cap Index Fund (Continued)


Common Stocks (continued)
	Shares		Market Value


Biotechnology (continued)

Chelsea Therapeutics International, Ltd.*	9,900	$	27,324
Clinical Data, Inc.* (a)	5,100		80,478
Cubist Pharmaceuticals, Inc.*	24,220		410,287
Curis, Inc.*	25,500		50,745
Cytokinetics, Inc.*	17,400		55,506
Cytori Therapeutics, Inc.* (a)	11,900		39,151
Dyax Corp.*	26,600		83,524
Emergent Biosolutions, Inc.*	6,900		99,498
Enzon Pharmaceuticals, Inc.*	19,005		159,452
Exelixis, Inc.*	47,240		287,219
Facet Biotech Corp.*	9,860		168,902
Genomic Health, Inc.*	6,100		113,277
Geron Corp.* (a)	37,917		231,673
GTx, Inc.* (a)	8,000		71,840
Halozyme Therapeutics, Inc.*	28,000		169,680
Hemispherx Biopharma, Inc.* (a)	50,100		72,645
Human Genome Sciences, Inc.*	69,065		1,290,825
Idenix Pharmaceuticals, Inc.*	10,915		24,231
Idera Pharmaceuticals, Inc.* (a)	9,400		50,196
ImmunoGen, Inc.*	22,700		151,863
Immunomedics, Inc.*	27,700		98,612
Incyte Corp Ltd.*	34,529		203,376
Infinity Pharmaceuticals, Inc.*	7,200		40,176
Insmed, Inc.*	53,500		37,450
InterMune, Inc.*	16,483		199,115
Isis Pharmaceuticals, Inc.*	39,680		502,746
Lexicon Pharmaceuticals, Inc.*	36,600		47,946
Ligand Pharmaceuticals, Inc., Class B*	48,300		82,110
MannKind Corp.* (a)	23,500		122,670
Martek Biosciences Corp.*	13,905		249,734
Maxygen, Inc.*	10,609		59,198
Medivation, Inc.* (a)	12,500		319,000
Metabolix, Inc.*	8,200		83,148
Micromet, Inc.* (a)	23,000		117,530
Molecular Insight Pharmaceuticals, Inc.* (a)	7,500		36,000
Momenta Pharmaceuticals, Inc.*	15,300		139,536
Myriad Pharmaceuticals, Inc.*	8,447		46,627
Nabi Biopharmaceuticals*	22,551		73,291
Nanosphere, Inc.*	4,600		30,728
Neurocrine Biosciences, Inc.*	16,635		36,930
NeurogesX, Inc.*	5,400		42,606
Novavax, Inc.* (a)	25,300		97,152
NPS Pharmaceuticals, Inc.*	20,900		66,253
OncoGenex Pharmaceutical, Inc.*	1,900		55,309
Onyx Pharmaceuticals, Inc.*	25,910		689,206
Opko Health, Inc.*	20,300		44,051
Orexigen Therapeutics, Inc.*	10,100		65,246
Osiris Therapeutics, Inc.* (a)	7,100		45,085
OXiGENE, Inc.* (a)	14,400		16,272
PDL BioPharma, Inc.	48,100		404,521
Pharmasset, Inc.*	8,800		165,264
Poniard Pharmaceuticals, Inc.* (a)	11,300		74,015
Progenics Pharmaceuticals, Inc.*	11,800		49,442
Protalix BioTherapeutics, Inc.*	15,750		149,310
Regeneron Pharmaceuticals, Inc.*	27,377		429,819
Repligen Corp.*	13,200		64,416
Rigel Pharmaceuticals, Inc.*	20,574		131,879
Sangamo BioSciences, Inc.* (a)	17,500		93,100
Savient Pharmaceuticals, Inc.*	27,052		340,855
SciClone Pharmaceuticals, Inc.*	15,200		37,392
Seattle Genetics, Inc.*	34,800		315,984
SIGA Technologies, Inc.* (a)	11,000		70,180
Spectrum Pharmaceuticals, Inc.* (a)	16,500		68,475
StemCells, Inc.* (a)	43,300		49,362
Synta Pharmaceuticals Corp.*	7,200		19,800
Theravance, Inc.*	23,400		326,898
Vanda Pharmaceuticals, Inc.* (a)	11,400		116,280
Vical, Inc.*	15,900		48,972
Zymogenetics, Inc.*	16,154		75,116

			13,119,265



Building Products 0.5%
AAON, Inc.	4,550		81,946
American Woodmark Corp.	4,435		87,236
Ameron International Corp.	3,600		212,328
Apogee Enterprises, Inc.	11,850		156,894
Builders FirstSource, Inc.* (a)	6,900		26,841
Gibraltar Industries, Inc.	11,878		128,520
Griffon Corp.*	18,324		160,702
Insteel Industries, Inc.	7,400		82,288
NCI Building Systems, Inc.*	31,994		62,708
Quanex Building Products Corp.	16,075		239,035
Simpson Manufacturing Co., Inc.	16,218		379,339
Trex Co., Inc.* (a)	6,600		105,006
Universal Forest Products, Inc.	8,106		289,222

			2,012,065



Capital Markets 2.4%
Allied Capital Corp.	78,800		245,856
American Capital Ltd.* (a)	119,300		319,724
Apollo Investment Corp.	67,182		604,638
Ares Capital Corp.	41,349		431,684
BGC Partners, Inc., Class A	20,711		100,034
BlackRock Kelso Capital Corp.	5,486		40,103
Broadpoint Gleacher Securities, Inc.*	20,700		131,859
Calamos Asset Management, Inc., Class A	8,400		89,040
Capital Southwest Corp.	1,315		97,652
Cohen & Steers, Inc. (a)	7,550		145,941
Diamond Hill Investment Group, Inc.*	900		47,214
Duff & Phelps Corp., Class A	7,400		127,206
ETrade Financial Corp.	612,200		893,812
Epoch Holding Corp.	4,800		44,592
Evercore Partners, Inc., Class A	4,400		143,616

112 Annual Report 2009


Common Stocks (continued)
	Shares		Market Value


Capital Markets (continued)

FBR Capital Markets Corp.*	6,400	$	39,040
Fifth Street Finance Corp.	12,200		119,926
GAMCO Investors, Inc., Class A	3,168		133,658
GFI Group, Inc.	28,540		146,981
Gladstone Capital Corp.	9,028		74,120
Gladstone Investment Corp.	9,300		46,965
Harris & Harris Group, Inc.*	11,100		47,619
Hercules Technology Growth Capital, Inc.	15,039		141,066
International Assets Holding Corp.*	5,424		97,569
JMP Group, Inc.	7,200		60,624
KBW, Inc.*	15,200		425,600
Knight Capital Group, Inc., Class A*	38,375		646,619
Kohlberg Capital Corp.	7,600		40,356
LaBranche & Co., Inc.*	23,506		64,876
Main Street Capital Corp. (a)	3,500		46,515
MCG Capital Corp.*	30,398		121,288
MF Global Ltd.*	42,500		302,600
MVC Capital, Inc.	9,500		87,210
NGP Capital Resources Co.	9,263		66,323
Oppenheimer Holdings, Inc., Class A	4,400		112,200
optionsXpress Holdings, Inc.	18,500		289,155
PennantPark Investment Corp.	9,019		69,717
Penson Worldwide, Inc.*	9,100		88,725
Piper Jaffray Cos.*	8,379		388,702
Prospect Capital Corp. (a)	21,200		210,516
Pzena Investment Management, Inc., Class A*	2,300		16,974
Riskmetrics Group, Inc.*	9,200		135,148
Safeguard Scientifics, Inc.*	7,883		76,780
Sanders Morris Harris Group Inc.	8,153		47,369
Stifel Financial Corp.*	12,349		641,654
SWS Group, Inc.	10,525		140,824
Teton Advisors, Inc*	46		332
Thomas Weisel Partners Group, Inc.*	8,630		39,094
TICC Capital Corp.	11,300		55,596
TradeStation Group, Inc.*	14,200		109,624
Triangle Capital Corp. (a)	3,800		45,562
US Global Investors, Inc., Class A (a)	5,500		54,945
Virtus Investment Partners, Inc.*	2,483		36,401
Westwood Holdings Group, Inc.	2,200		77,638

			8,808,882



Chemicals 2.0%
A. Schulman, Inc.	9,808		170,365
American Vanguard Corp.	8,133		67,504
Ampal American Israel, Class A*	8,400		19,320
Arch Chemicals, Inc.	11,150		308,744
Balchem Corp.	8,065		222,513
Calgon Carbon Corp.*	22,848		361,912
China Green Agriculture, Inc.* (a)	3,200		35,264
Ferro Corp.	19,117		117,187
H.B. Fuller Co.	20,500		391,755
Hawkins, Inc.	2,900		60,958
ICO, Inc.*	11,700		44,928
Innophos Holdings, Inc.	7,300		141,255
Innospec, Inc.	10,344		122,266
Koppers Holdings, Inc.	8,600		224,632
Landec Corp.*	11,700		76,518
LSB Industries, Inc.*	7,300		90,520
Minerals Technologies, Inc.	7,935		390,878
NewMarket Corp.	4,075		381,013
NL Industries, Inc.	2,928		18,154
Olin Corp.	31,998		488,609
OM Group, Inc.*	12,500		337,750
Omnova Solutions, Inc.*	17,100		109,611
PolyOne Corp.*	40,588		226,481
Quaker Chemical Corp.	4,700		96,820
Rockwood Holdings, Inc.*	21,400		425,432
Sensient Technologies Corp.	20,454		517,282
ShengdaTech, Inc.* (a)	12,400		75,020
Solutia, Inc.*	49,800		547,800
Spartech Corp.	13,388		128,123
Stepan Co.	3,100		177,444
W.R. Grace & Co.*	29,900		654,511
Westlake Chemical Corp.	8,400		204,036
Zep, Inc.	9,413		160,962
Zoltek Cos., Inc.* (a)	11,800		105,138

			7,500,705



Commercial Banks 5.7%
1st Source Corp.	6,340		93,959
Alliance Financial Corp.	1,700		44,268
American National Bankshares, Inc.	2,600		55,718
Ameris Bancorp	5,872		34,586
Ames National Corp. (a)	2,700		56,700
Arrow Financial Corp.	4,120		104,772
Auburn National Bancorp, Inc.	1,300		25,428
Bancfirst Corp.	2,600		93,886
Banco Latinoamericano de Comercio Exterior SA, Class E	11,700		165,087
Bancorp Rhode Island, Inc.	1,600		40,832
Bancorp, Inc.*	6,700		34,170
Bank of Kentucky Financial Corp. (The)	1,600		34,624
Bank of Marin Bancorp	2,500		82,525
Bank of the Ozarks, Inc.	5,516		125,489
Banner Corp. (a)	6,887		21,143
Bar Harbor Bankshares	1,500		42,600
Boston Private Financial Holdings, Inc.	30,465		181,267
Bridge Bancorp, Inc. (a)	3,000		63,660
Bryn Mawr Bank Corp.	2,900		46,400
Camden National Corp.	3,300		101,409
Cape Bancorp, Inc.*	4,800		34,080
Capital City Bank Group, Inc. (a)	5,137		60,308
Cardinal Financial Corp.	12,400		101,060

2009 Annual Report 113

Statement of Investments (Continued)

October 31, 2009

Nationwide Small Cap Index Fund (Continued)


Common Stocks (continued)
	Shares		Market Value


Commercial Banks (continued)

Cathay General Bancorp	21,313	$	188,194
Center Bancorp, Inc.	5,047		39,266
Centerstate Banks, Inc.	6,400		48,192
Central Pacific Financial Corp.	12,205		17,209
Century Bancorp, Inc., Class A	1,500		36,495
Chemical Financial Corp.	8,871		194,718
Chicopee Bancorp, Inc.*	2,500		31,450
Citizens & Northern Corp.	4,000		48,720
Citizens Holding Co.	1,600		35,360
Citizens Republic Bancorp, Inc.*	50,701		30,522
City Holding Co.	6,762		206,714
CNB Financial Corp.	3,500		55,370
CoBiz Financial, Inc.	10,174		48,530
Columbia Banking System, Inc.	11,209		164,772
Community Bank System, Inc.	13,909		258,846
Community Trust Bancorp, Inc.	6,711		165,225
CVB Financial Corp. (a)	35,240		282,272
Eagle Bancorp, Inc.*	4,700		43,945
East West Bancorp, Inc.	39,300		354,879
Enterprise Bancorp, Inc.	1,900		20,273
Enterprise Financial Services Corp. (a)	4,800		40,944
Farmers Capital Bank Corp.	2,800		31,136
Financial Institutions, Inc.	4,800		50,688
First Bancorp, Inc.	3,800		59,318
First Bancorp, North Carolina	6,064		82,228
First Bancorp, Puerto Rico	36,410		68,815
First Busey Corp.	14,050		54,373
First California Financial Group, Inc.*	3,200		13,280
First Commonwealth Financial Corp.	36,266		190,397
First Community Bancshares, Inc.	5,220		60,761
First Financial Bancorp	20,446		259,255
First Financial Bankshares, Inc.	8,818		427,232
First Financial Corp.	5,494		152,349
First Merchants Corp.	9,255		56,641
First Midwest Bancorp, Inc.	21,652		225,181
First of Long Island Corp. (The)	2,200		53,174
First South Bancorp, Inc. (a)	3,360		35,582
FirstMerit Corp.	33,810		640,700
FNB Corp.	47,823		338,587
German American Bancorp, Inc. (a)	5,500		82,720
Glacier Bancorp, Inc.	26,163		342,474
Great Southern Bancorp, Inc. (a)	4,700		107,724
Guaranty Bancorp*	22,900		29,999
Hampton Roads Bankshares, Inc. (a)	7,900		16,195
Hancock Holding Co.	11,392		413,188
Harleysville National Corp.	18,975		109,296
Heartland Financial USA, Inc. (a)	5,550		71,262
Heritage Financial Corp.	2,600		32,526
Home Bancorp, Inc.*	3,600		43,236
Home Bancshares, Inc.	6,456		139,643
IBERIABANK Corp.	8,525		369,218
Independent Bank Corp.	8,910		189,516
International Bancshares Corp.	22,220		329,967
Investors Bancorp, Inc.*	19,800		214,632
Lakeland Bancorp, Inc.	8,436		51,291
Lakeland Financial Corp.	5,200		106,964
MainSource Financial Group, Inc.	8,602		50,150
MB Financial, Inc.	20,481		366,200
Merchants Bancshares, Inc.	1,900		42,978
Metro Bancorp, Inc.*	3,000		35,490
MidSouth Bancorp, Inc. (a)	2,300		33,235
Nara Bancorp, Inc.	12,354		90,925
National Bankshares, Inc. (a)	3,000		81,330
National Penn Bancshares, Inc.	50,871		285,895
NBT Bancorp, Inc.	14,974		326,433
Northfield Bancorp, Inc.	8,200		101,926
Northrim BanCorp, Inc.	2,500		37,600
Norwood Financial Corp.	1,100		31,350
Ohio Valley Banc Corp. (a)	1,600		35,440
Old National Bancorp	35,140		364,402
Old Point Financial Corp. (a)	1,300		19,539
Old Second Bancorp, Inc. (a)	5,984		32,014
Oriental Financial Group, Inc.	10,304		109,738
Orrstown Financial Services, Inc. (a)	2,400		76,680
Pacific Capital Bancorp NA (a)	15,611		20,138
Pacific Continental Corp.	6,000		65,400
PacWest Bancorp	10,317		175,183
Park National Corp. (a)	4,841		281,165
Peapack Gladstone Financial Corp.	3,880		51,138
Penns Woods Bancorp, Inc.	1,900		58,273
Peoples Bancorp, Inc.	4,535		48,706
Peoples Financial Corp.	1,600		27,792
Pinnacle Financial Partners, Inc.*	13,600		172,720
Porter Bancorp, Inc.	900		14,328
PremierWest Bancorp (a)	8,805		16,818
PrivateBancorp, Inc.	14,902		136,055
Prosperity Bancshares, Inc.	19,670		703,989
Renasant Corp.	9,193		134,586
Republic Bancorp, Inc., Class A	4,068		74,811
Republic First Bancorp, Inc.*	4,000		17,600
S&T Bancorp, Inc.	10,301		162,241
Sandy Spring Bancorp, Inc. (a)	7,156		82,723
Santander BanCorp*	1,842		21,183
SCBT Financial Corp.	4,949		128,031
Shore Bancshares, Inc.	3,500		57,085
Sierra Bancorp (a)	3,200		27,936
Signature Bank*	16,913		533,774
Simmons First National Corp., Class A	6,043		176,818
Smithtown Bancorp, Inc.	6,238		64,563
South Financial Group, Inc. (The)	66,900		53,520
Southside Bancshares, Inc.	5,487		114,075
Southwest Bancorp, Inc.	6,200		61,008
State Bancorp, Inc.	6,100		46,604
StellarOne Corp.	9,900		105,039
Sterling Bancorp, Class N	7,726		51,996
Sterling Bancshares, Inc.	36,242		201,868

114 Annual Report 2009


Common Stocks (continued)
	Shares		Market Value


Commercial Banks (continued)

Sterling Financial Corp.* (a)	22,324	$	17,859
Suffolk Bancorp	4,283		119,753
Sun Bancorp, Inc.*	6,091		24,729
Susquehanna Bancshares, Inc.	36,733		202,399
SVB Financial Group*	13,545		558,731
SY Bancorp, Inc.	4,730		105,715
Texas Capital Bancshares, Inc.*	16,120		234,868
Tompkins Financial Corp.	3,862		167,495
Tower Bancorp, Inc.	1,400		31,584
TowneBank (a)	9,200		106,168
Trico Bancshares	6,024		88,071
Trustmark Corp.	24,420		462,759
UCBH Holdings, Inc. (a)	62,075		60,834
UMB Financial Corp.	13,870		551,610
Umpqua Holdings Corp.	35,678		353,569
Union Bankshares Corp.	6,595		81,250
United Bankshares, Inc. (a)	16,965		302,825
United Community Banks, Inc.*	37,277		151,345
United Security Bancshares, Inc. (a)	3,000		62,100
Univest Corp of Pennsylvania	6,280		120,764
Washington Banking Co.	5,000		47,100
Washington Trust Bancorp, Inc.	6,140		92,223
Webster Financial Corp.	28,500		322,335
WesBanco, Inc.	9,600		135,840
West Bancorp, Inc.	7,300		32,120
Westamerica Bancorp.	12,412		593,294
Western Alliance Bancorp*	21,000		91,350
Wilber Corporation. (The)	3,200		21,504
Wilshire Bancorp, Inc.	8,096		56,996
Wintrust Financial Corp.	10,197		287,657
Yadkin Valley Financial Corp.	7,100		26,128

			20,924,881



Commercial Services & Supplies 2.4%
ABM Industries, Inc.	20,078		377,065
ACCO Brands Corp.*	23,700		143,622
American Ecology Corp.	7,700		127,974
American Reprographics Co.*	16,000		96,000
Amrep Corp.*	600		7,302
APAC Customer Services, Inc.*	10,600		68,370
ATC Technology Corp.*	8,936		186,762
Bowne & Co., Inc.	14,895		97,264
Cenveo, Inc.*	21,250		150,450
Clean Harbors, Inc.*	9,000		508,050
Consolidated Graphics, Inc.*	4,214		84,533
Cornell Cos., Inc.*	4,600		105,064
Courier Corp.	4,450		65,994
Deluxe Corp.	21,800		310,214
EnergySolutions, Inc.	33,100		276,054
EnerNOC, Inc.*	5,600		160,888
Ennis, Inc.	11,000		166,650
Fuel Tech, Inc.* (a)	7,500		86,775
G&K Services, Inc., Class A	7,922		175,472
Geo Group, Inc. (The)*	21,544		455,656
Healthcare Services Group, Inc.	18,250		360,437
Heritage-Crystal Clean, Inc.*	800		10,000
Herman Miller, Inc.	22,900		353,805
HNI Corp. (a)	19,500		513,240
ICT Group, Inc.*	3,800		60,230
Innerworkings, Inc.*	10,000		51,500
Interface, Inc., Class A	20,655		160,283
Kimball International, Inc., Class B	13,648		102,360
Knoll, Inc.	20,900		204,820
M&F Worldwide Corp.*	5,100		108,528
McGrath Rentcorp	10,406		205,519
Metalico, Inc.*	11,900		48,076
Mine Safety Appliances Co.	11,487		292,804
Mobile Mini, Inc.*	15,129		219,371
Multi-Color Corp.	4,550		60,378
North American Galvanizing & Coating, Inc.*	5,000		25,100
Perma-Fix Environmental Services, Inc.*	25,900		61,124
Rollins, Inc.	19,291		348,781
Schawk, Inc.	6,345		62,308
Standard Parking Corp.*	3,200		56,320
Standard Register Co. (The)	7,251		34,587
Steelcase, Inc., Class A	30,700		177,139
SYKES Enterprises, Inc.*	14,567		345,821
Team, Inc.*	8,000		129,840
Tetra Tech, Inc.*	24,707		635,711
United Stationers, Inc.*	10,401		490,303
Viad Corp.	8,985		157,237
Waste Services, Inc.*	6,699		43,945

			8,969,726



Communications Equipment 3.2%
3Com Corp.*	160,990		827,489
Acme Packet, Inc.*	17,600		172,304
ADC Telecommunications, Inc.*	40,500		262,845
ADTRAN, Inc.	22,505		518,515
Airvana, Inc.*	9,100		55,601
Anaren, Inc.*	5,193		75,922
Arris Group, Inc.*	52,775		541,472
Aruba Networks, Inc.*	25,100		196,282
Avocent Corp.*	18,900		470,043
Bel Fuse, Inc., Class B	4,349		78,717
BigBand Networks, Inc.*	14,400		53,280
Black Box Corp.	7,377		195,564
Blue Coat Systems, Inc.*	16,590		369,625
Cogo Group, Inc.*	9,783		54,883
Communications Systems, Inc.	2,300		25,254
Comtech Telecommunications Corp.*	11,370		365,204
DG FastChannel, Inc.*	8,100		169,857
Digi International, Inc.*	10,400		82,680
Emcore Corp.* (a)	32,200		32,844

2009 Annual Report 115

Statement of Investments (Continued)

October 31, 2009

Nationwide Small Cap Index Fund (Continued)


Common Stocks (continued)
	Shares			Market Value


Communications Equipment (continued)

EMS Technologies, Inc.*	6,400		$	111,552
Emulex Corp.*	33,940			342,794
Extreme Networks*	38,962			77,534
Globecomm Systems, Inc.*	8,900			60,164
Harmonic, Inc.*	40,784			214,116
Harris Stratex Networks, Inc., Class A*	23,150			145,845
Hughes Communications, Inc.*	3,800			88,616
Infinera Corp.*	36,200			268,966
InterDigital, Inc.*	17,850			366,996
Ixia*	12,736			84,694
KVH Industries, Inc.*	5,700			59,850
Loral Space & Communications, Inc.*	4,797			126,737
Netgear, Inc.*	14,430			263,059
Network Equipment Technologies, Inc.*	12,000			39,600
Oplink Communications, Inc.*	8,656			128,369
Opnext, Inc.*	11,800			29,028
Palm, Inc.* (a)	69,185			803,238
Parkervision, Inc.* (a)	12,500			34,625
PC-Tel, Inc.*	8,000			46,880
Plantronics, Inc.	20,841			502,477
Polycom, Inc.*	34,700			745,009
Powerwave Technologies, Inc.*	54,305			67,881
Riverbed Technology, Inc.*	23,000			471,270
Seachange International, Inc.*	13,400			90,718
ShoreTel, Inc.*	18,200			119,574
Sonus Networks, Inc.*	90,650			174,048
Starent Networks Corp.*	16,000			539,840
Sycamore Networks, Inc.*	86,918			247,716
Symmetricom, Inc.*	19,385			92,854
Tekelec*	28,010			420,710
UTStarcom, Inc.*	47,325			85,658
ViaSat, Inc.*	10,923			318,405

				11,717,204



Computers & Peripherals 0.8%
3PAR, Inc.*	11,500			108,215
ActivIdentity Corp.*	18,700			42,449
Adaptec, Inc.*	51,930			165,657
Avid Technology, Inc.*	12,900			162,927
Compellent Technologies, Inc.*	7,100			130,214
Cray, Inc.*	14,300			106,678
Electronics for Imaging, Inc.*	22,233			259,237
Imation Corp.	12,700			112,014
Immersion Corp.*	12,200			44,774
Intermec, Inc.*	27,291			336,225
Intevac, Inc.*	9,600			97,920
Isilon Systems, Inc.*	10,700			56,175
Netezza Corp.*	20,100			185,724
Novatel Wireless, Inc.*	11,804			105,292
Quantum Corp.*	85,202			157,624
Rimage Corp.*	3,900			71,760
Silicon Graphics International Corp.*	12,745			75,960
STEC, Inc.* (a)	10,000			213,200
Stratasys, Inc.*	8,600			135,708
Super Micro Computer, Inc.*	9,900			79,794
Synaptics, Inc.* (a)	13,935			313,537
		��
				2,961,084



Construction & Engineering 0.9%
Argan, Inc.*	2,900			35,815
Comfort Systems USA, Inc.	16,475			179,578
Dycom Industries, Inc.*	17,296			170,884
EMCOR Group, Inc.*	28,420			671,280
Furmanite Corp.*	15,800			56,564
Granite Construction, Inc.	13,805			394,271
Great Lakes Dredge & Dock Corp.	16,800			102,984
Insituform Technologies, Inc., Class A*	17,082			362,138
Integrated Electrical Services, Inc.*	3,200			21,056
Layne Christensen Co.*	8,240			213,416
MasTec, Inc.*	22,146			261,323
Michael Baker Corp.*	3,300			117,810
MYR Group, Inc.*	7,200			123,696
Northwest Pipe Co.*	3,800			114,380
Orion Marine Group, Inc.*	11,000			209,440
Pike Electric Corp.*	7,300			91,615
Primoris Services Corp. (a)	3,000			21,990
Sterling Construction Co., Inc.*	5,600			90,328
Tutor Perini Corp.*	10,983			193,850

				3,432,418



Construction Materials 0.1%
Headwaters, Inc.*	19,044			78,461
Texas Industries, Inc. (a)	9,658			321,515
U.S. Concrete, Inc.*	14,600			23,506
United States Lime & Minerals, Inc.*	700			24,549

				448,031



Consumer Finance 0.4%
Advance America Cash Advance Centers, Inc.	18,480			91,291
Cardtronics, Inc.*	5,700			56,715
Cash America International, Inc.	11,954			361,728
CompuCredit Holdings Corp.* (a)	7,151			23,456
Credit Acceptance Corp.*	2,468			84,825
Dollar Financial Corp.*	10,400			195,208
EZCORP, Inc., Class A*	19,000			246,430
First Cash Financial Services, Inc.*	9,705			166,732
First Marblehead Corp. (The)*	27,200			53,312
Nelnet, Inc., Class A*	8,900			124,867
QC Holdings, Inc.	2,400			12,480
Rewards Network, Inc.	2,700			29,052
World Acceptance Corp.* (a)	6,334			158,920

				1,605,016

116 Annual Report 2009


Common Stocks (continued)

Consumer Finance (continued)
Containers & Packaging 0.5%
AEP Industries, Inc.*	2,200	$	76,736
Boise, Inc.*	12,300		58,794
Bway Holding Co.*	3,300		58,641
Graphic Packaging Holding Co.*	46,200		105,798
Myers Industries, Inc.	14,500		127,165
Rock-Tenn Co., Class A	16,133		706,625
Silgan Holdings, Inc.	11,196		601,785

			1,735,544



Distributors 0.0%
Audiovox Corp., Class A*	7,588		49,018
Core-Mark Holding Co., Inc.*	4,100		112,217

			161,235



Diversified Consumer Services 1.1%
American Public Education, Inc.*	7,100		226,490
Bridgepoint Education, Inc.*	6,500		92,170
Capella Education Co.*	5,800		399,620
ChinaCast Education Corp.*	12,400		77,128
Coinstar, Inc.*	12,238		388,434
Corinthian Colleges, Inc.*	32,900		521,794
CPI Corp.	2,100		23,856
Grand Canyon Education, Inc.*	6,700		108,674
Jackson Hewitt Tax Service, Inc.	9,900		48,609
K12, Inc.* (a)	9,200		147,568
Learning Tree International, Inc.*	3,600		39,168
Lincoln Educational Services Corp.*	3,300		65,406
Mac-Gray Corp.*	4,800		39,024
Matthews International Corp., Class A	12,832		471,320
Nobel Learning Communities, Inc.*	1,500		12,525
Pre-Paid Legal Services, Inc.*	3,050		120,597
Princeton Review, Inc.*	6,400		29,312
Regis Corp.	23,975		389,354
Sotheby’s	28,498		451,978
Steiner Leisure Ltd.*	6,100		225,456
Stewart Enterprises, Inc., Class A	36,072		165,210
Universal Technical Institute, Inc.*	9,168		164,932

			4,208,625



Diversified Financial Services 0.5%
Asset Acceptance Capital Corp.*	6,545		47,582
California First National Bancorp	500		6,045
Compass Diversified Holdings	10,200		104,346
Encore Capital Group, Inc.*	5,900		88,323
Financial Federal Corp.	11,723		239,384
Life Partners Holdings, Inc. (a)	2,800		47,572
MarketAxess Holdings, Inc.*	14,000		166,320
Medallion Financial Corp.	6,400		50,240
NewStar Financial, Inc.*	10,400		26,104
PHH Corp.*	23,220		375,235
Pico Holdings, Inc.*	9,300		315,642
Portfolio Recovery Associates, Inc.* (a)	6,522		300,925
Primus Guaranty Ltd.*	9,100		31,031
Resource America, Inc., Class A	4,505		17,389

			1,816,138



Diversified Telecommunication Services 0.7%
AboveNet, Inc.*	5,200		251,680
Alaska Communications Systems Group, Inc.	18,800		146,264
Atlantic Tele-Network, Inc.	3,800		174,192
Cbeyond, Inc.*	9,675		129,161
Cincinnati Bell, Inc.*	90,579		278,983
Cogent Communications Group, Inc.*	18,900		191,457
Consolidated Communications Holdings, Inc.	9,898		136,791
D&E Communications, Inc.	6,000		67,200
General Communication, Inc., Class A*	19,548		120,220
Global Crossing Ltd.*	12,800		145,920
HickoryTech Corp.	5,300		47,753
iBasis, Inc.*	11,100		24,975
inContact, Inc.*	13,900		33,499
Iowa Telecommunications Services, Inc.	12,200		143,594
Neutral Tandem, Inc.*	13,200		278,388
PAETEC Holding Corp.*	53,500		173,340
Premiere Global Services, Inc.*	26,675		199,262
SureWest Communications*	5,900		52,038

			2,594,717



Electric Utilities 1.2%
Allete, Inc.	12,060		408,231
Central Vermont Public Service Corp.	5,000		96,950
Cleco Corp.	25,432		629,442
El Paso Electric Co.*	18,931		354,956
Empire District Electric Co. (The)	14,376		259,631
IDACORP, Inc.	19,814		556,575
MGE Energy, Inc.	9,723		340,500
PNM Resources, Inc.	36,400		390,208
Portland General Electric Co.	31,000		576,290
UIL Holdings Corp.	12,513		321,334
Unisource Energy Corp.	14,364		414,832
Unitil Corp.	4,400		91,036

			4,439,985



Electrical Equipment 2.2%
A.O. Smith Corp.	8,709		345,138
Acuity Brands, Inc.	18,151		574,661
Advanced Battery Technologies, Inc.* (a)	20,700		69,552
American Superconductor Corp.* (a)	17,936		601,215
AZZ, Inc.*	5,100		174,726
Baldor Electric Co.	20,079		519,042
Belden, Inc.	20,252		464,783

2009 Annual Report 117

Statement of Investments (Continued)

October 31, 2009

Nationwide Small Cap Index Fund (Continued)


Common Stocks (continued)
	Shares		Market Value


Electrical Equipment (continued)

Brady Corp., Class A	20,189	$	546,718
Broadwind Energy, Inc.* (a)	14,400		84,096
Chase Corp.	2,300		27,600
China BAK Battery, Inc.* (a)	16,500		54,285
Encore Wire Corp.	7,646		158,655
Ener1, Inc.* (a)	20,400		101,796
Energy Conversion Devices, Inc.* (a)	18,285		196,929
EnerSys*	16,985		375,369
Evergreen Solar, Inc.* (a)	80,110		116,160
Franklin Electric Co., Inc.	9,891		269,826
FuelCell Energy, Inc.* (a)	28,043		93,383
Fushi Copperweld, Inc.*	6,600		45,606
GrafTech International Ltd.*	51,216		691,416
GT Solar International, Inc.* (a)	13,200		69,300
Harbin Electric, Inc.*	5,700		90,801
II-VI, Inc.*	11,084		293,393
LaBarge, Inc.*	5,200		57,720
LSI Industries, Inc.	8,175		57,143
Microvision, Inc.* (a)	30,500		113,155
Orion Energy Systems, Inc.*	9,100		34,671
Polypore International, Inc.*	9,600		105,216
Powell Industries, Inc.*	3,283		120,749
Power-One, Inc.* (a)	32,900		90,475
PowerSecure International, Inc.*	7,400		61,568
Preformed Line Products Co.	1,000		38,500
Regal-Beloit Corp.	15,036		704,888
Satcon Technology Corp.* (a)	24,700		50,388
Ultralife Corp.*	5,100		18,666
Valence Technology, Inc.* (a)	22,600		29,154
Vicor Corp.*	8,188		55,842
Woodward Governor Co.	26,100		613,611

			8,116,196



Electronic Equipment, Instruments & Components 2.0%
Agilysys, Inc.	5,685		26,776
Anixter International, Inc.*	12,115		507,013
Benchmark Electronics, Inc.*	27,765		466,452
Brightpoint, Inc.*	21,360		157,423
Checkpoint Systems, Inc.*	17,108		232,156
China Security & Surveillance Technology, Inc.* (a)	16,300		85,249
Cogent, Inc.*	18,500		178,525
Cognex Corp.	17,379		279,628
Coherent, Inc.*	9,200		231,196
Comverge, Inc.* (a)	7,900		90,139
CPI International, Inc.*	3,200		31,680
CTS Corp.	14,337		128,459
Daktronics, Inc. (a)	14,672		110,333
DDi Corp.*	5,500		22,275
DTS, Inc.*	7,412		209,389
Echelon Corp.* (a)	13,787		188,193
Electro Rent Corp.	7,900		84,609
Electro Scientific Industries, Inc.*	12,054		131,871
FARO Technologies, Inc.*	7,200		111,312
ICx Technologies, Inc.*	5,100		25,755
Insight Enterprises, Inc.*	20,262		213,156
IPG Photonics Corp.*	10,600		144,796
L-1 Identity Solutions, Inc.*	33,448		197,678
Littelfuse, Inc.*	9,566		263,639
Maxwell Technologies, Inc.*	9,600		172,128
Measurement Specialties, Inc.*	6,331		48,812
Mercury Computer Systems, Inc.*	9,953		106,497
Methode Electronics, Inc.	16,600		120,350
MTS Systems Corp.	7,156		189,634
Multi-Fineline Electronix, Inc.*	4,100		111,725
Newport Corp.*	15,845		117,887
OSI Systems, Inc.*	6,676		131,050
PAR Technology Corp.*	4,300		23,435
Park Electrochemical Corp.	8,963		201,488
PC Connection, Inc.*	4,100		24,108
PC Mall, Inc.*	4,800		34,032
Plexus Corp.*	16,804		425,141
RadiSys Corp.*	10,260		87,313
RAE Systems, Inc.*	22,000		17,160
Rofin-Sinar Technologies, Inc.*	12,784		274,217
Rogers Corp.*	6,653		172,645
ScanSource, Inc.*	11,120		282,337
Smart Modular Technologies WWH, Inc.*	15,600		63,336
Spectrum Control, Inc.*	5,100		43,095
SYNNEX Corp.*	8,100		208,413
Technitrol, Inc.	17,731		138,124
TTM Technologies, Inc.*	18,971		192,935
Universal Display Corp.* (a)	12,500		142,000
X-Rite, Inc.*	14,400		28,800
Zygo Corp.*	5,900		40,769

			7,515,133



Energy Equipment & Services 1.7%
Allis-Chalmers Energy, Inc.*	22,300		77,604
Basic Energy Services, Inc.*	9,200		64,400
Bolt Technology Corp.*	3,700		37,629
Boots & Coots, Inc.*	33,400		46,426
Bristow Group, Inc.*	12,309		358,807
Bronco Drilling Co., Inc.*	8,200		51,824
Cal Dive International, Inc.*	19,112		146,780
CARBO Ceramics, Inc.	7,799		455,384
Complete Production Services, Inc.*	24,900		237,297
Dawson Geophysical Co.*	2,800		67,620
Dril-Quip, Inc.*	12,196		592,604
ENGlobal Corp.*	7,200		21,240
Geokinetics, Inc.*	1,900		30,552
Global Industries Ltd.*	42,500		309,825
Gulf Island Fabrication, Inc.	5,187		99,176
Gulfmark Offshore, Inc.*	9,540		263,972

118 Annual Report 2009


Common Stocks (continued)
	Shares		Market Value


Energy Equipment & Services (continued)

Hercules Offshore, Inc.*	46,100	$	236,493
Hornbeck Offshore Services, Inc.*	9,110		221,464
ION Geophysical Corp.*	41,786		160,040
Key Energy Services, Inc.*	52,700		385,237
Lufkin Industries, Inc.	6,164		351,656
Matrix Service Co.*	11,100		98,457
NATCO Group, Inc., Class A*	8,700		380,016
Natural Gas Services Group, Inc.*	5,200		87,724
Newpark Resources, Inc.*	38,984		117,342
OYO Geospace Corp.*	1,700		44,625
Parker Drilling Co.*	51,212		266,302
PHI, Inc., Non-Voting Shares*	6,000		103,080
Pioneer Drilling Co.*	17,845		119,383
RPC, Inc.	12,551		117,352
SulphCo, Inc.* (a)	21,400		21,400
Superior Well Services, Inc.*	5,900		62,599
T-3 Energy Services, Inc.*	5,300		106,106
TETRA Technologies, Inc.*	32,100		303,666
TGC Industries, Inc.*	5,200		22,620
Union Drilling, Inc.*	4,600		35,144
Vantage Drilling Co.*	22,200		36,630
Willbros Group, Inc.*	16,800		220,752

			6,359,228



Food & Staples Retailing 0.9%
Andersons, Inc. (The)	7,430		230,553
Arden Group, Inc., Class A	368		41,499
Casey’s General Stores, Inc.	20,880		658,347
Diedrich Coffee, Inc.* (a)	1,100		23,980
Great Atlantic & Pacific Tea Co.*	14,356		142,268
Ingles Markets, Inc., Class A	5,452		83,852
Nash Finch Co.	5,435		157,506
Pantry, Inc. (The)*	8,675		122,404
PriceSmart, Inc.	7,400		142,820
Ruddick Corp.	17,853		477,032
Spartan Stores, Inc.	9,400		133,104
Susser Holdings Corp.*	3,300		39,237
United Natural Foods, Inc.*	18,272		440,538
Village Super Market, Inc., Class A	2,600		78,000
Weis Markets, Inc.	4,883		172,858
Winn-Dixie Stores, Inc.*	23,200		257,288

			3,201,286



Food Products 1.3%
AgFeed Industries, Inc.* (a)	13,000		57,330
Alico, Inc. (a)	1,400		40,712
American Dairy, Inc.*	3,700		107,078
American Italian Pasta Co., Class A*	8,800		239,096
B&G Foods, Inc., Class A	10,600		82,786
Calavo Growers, Inc.	4,400		78,540
Cal-Maine Foods, Inc. (a)	5,600		152,040
Chiquita Brands International, Inc.*	18,975		307,205
Darling International, Inc.*	35,000		243,250
Diamond Foods, Inc.	6,900		208,035
Farmer Bros Co.	2,700		51,030
Fresh Del Monte Produce, Inc.*	17,200		373,412
Griffin Land & Nurseries, Inc.	1,300		38,597
Hain Celestial Group, Inc. (The)*	16,293		285,779
HQ Sustainable Maritime Industries, Inc.*	3,600		27,252
Imperial Sugar Co.	4,900		61,201
J&J Snack Foods Corp.	6,184		242,227
Lancaster Colony Corp.	7,902		383,879
Lance, Inc.	11,716		282,590
Lifeway Foods, Inc.* (a)	2,000		24,080
Omega Protein Corp.*	8,000		33,280
Overhill Farms, Inc.*	6,700		36,582
Sanderson Farms, Inc.	8,359		305,856
Seneca Foods Corp., Class A*	3,500		96,915
Smart Balance, Inc.*	27,600		145,728
Synutra International, Inc.* (a)	8,500		102,850
Tootsie Roll Industries, Inc.	10,576		262,391
TreeHouse Foods, Inc.*	13,120		490,688
Zapata Corp.*	3,500		23,905
Zhongpin, Inc.*	9,200		122,452

			4,906,766



Gas Utilities 1.2%
Chesapeake Utilities Corp.	3,872		122,665
Laclede Group, Inc.(The)	9,000		276,390
New Jersey Resources Corp.	17,737		624,342
Nicor, Inc.	18,987		704,038
Northwest Natural Gas Co.	11,116		464,760
Piedmont Natural Gas Co., Inc.	30,900		719,352
South Jersey Industries, Inc.	12,504		441,266
Southwest Gas Corp.	18,786		469,462
WGL Holdings, Inc.	21,095		697,401

			4,519,676



Health Care Equipment & Supplies 3.6%
Abaxis, Inc.*	9,000		205,380
ABIOMED, Inc.* (a)	13,211		119,560
Accuray, Inc.*	16,900		97,513
Align Technology, Inc.*	25,292		397,590
Alphatec Holdings, Inc.*	11,800		56,404
American Medical Systems Holdings, Inc.*	31,416		484,435
Analogic Corp.	5,684		212,241
AngioDynamics, Inc.*	10,600		160,060
Aspect Medical Systems, Inc.*	8,300		99,434
Atrion Corp.	600		71,046
ATS Medical, Inc.*	19,800		53,262
Bovie Medical Corp.* (a)	8,200		65,682
Cantel Medical Corp.*	5,300		85,118
Cardiac Science Corp.*	8,200		28,700
Cardiovascular Systems, Inc.*	4,800		23,472

2009 Annual Report 119

Statement of Investments (Continued)

October 31, 2009

Nationwide Small Cap Index Fund (Continued)


Common Stocks (continued)
	Shares		Market Value


Health Care Equipment & Supplies (continued)

Conceptus, Inc.*	13,000	$	228,020
CONMED Corp.*	12,329		261,252
CryoLife, Inc.*	10,600		63,600
Cutera, Inc.*	5,500		49,555
Cyberonics, Inc.*	11,639		168,300
Cynosure, Inc., Class A*	4,200		42,084
Delcath Systems, Inc.* (a)	9,700		44,814
DexCom, Inc.*	19,600		134,456
Electro-Optical Sciences, Inc.* (a)	7,500		75,450
Endologix, Inc.*	20,600		98,056
EnteroMedics, Inc.*	5,800		3,277
ev3, Inc.*	31,148		366,923
Exactech, Inc.*	3,300		49,500
Greatbatch, Inc.*	9,720		191,192
Haemonetics Corp.*	10,479		539,669
Hansen Medical, Inc.* (a)	10,800		27,648
HeartWare International, Inc.*	2,300		74,520
Home Diagnostics, Inc.*	4,600		28,750
ICU Medical, Inc.*	4,950		173,250
I-Flow Corp.*	9,369		118,237
Immucor, Inc.*	29,846		533,647
Insulet Corp.*	11,100		123,210
Integra LifeSciences Holdings Corp.*	7,880		240,655
Invacare Corp.	12,149		272,502
IRIS International, Inc.*	7,600		77,064
Kensey Nash Corp.*	3,482		83,255
MAKO Surgical Corp.* (a)	6,400		57,920
Masimo Corp.*	21,600		573,912
Medical Action Industries, Inc.*	6,000		65,640
Meridian Bioscience, Inc.	17,075		378,894
Merit Medical Systems, Inc.*	11,732		199,209
Micrus Endovascular Corp.*	6,600		78,012
Natus Medical, Inc.*	11,900		165,291
Neogen Corp.*	5,600		177,520
NuVasive, Inc.*	15,300		555,237
NxStage Medical, Inc.*	10,100		56,358
OraSure Technologies, Inc.*	19,573		63,808
Orthofix International NV*	7,200		230,400
Orthovita, Inc.*	27,900		97,650
Palomar Medical Technologies, Inc.*	7,735		78,588
Quidel Corp.*	10,800		154,440
Rochester Medical Corp.*	4,200		42,462
Rockwell Medical Technologies, Inc.* (a)	7,000		47,250
RTI Biologics, Inc.*	23,300		91,336
Sirona Dental Systems, Inc.*	7,500		201,825
Somanetics Corp.*	5,100		76,245
SonoSite, Inc.*	7,190		178,240
Spectranetics Corp.*	14,000		79,800
Stereotaxis, Inc.* (a)	11,500		41,515
STERIS Corp.	24,590		719,503
SurModics, Inc.* (a)	6,458		165,389
Symmetry Medical, Inc.*	15,300		121,941
Synovis Life Technologies, Inc.*	3,800		45,828
Thoratec Corp.*	23,267		610,991
TomoTherapy, Inc.*	17,700		58,764
TranS1, Inc.*	5,400		21,438
Utah Medical Products, Inc.	1,400		40,936
Vascular Solutions, Inc.*	7,800		60,216
Volcano Corp.*	20,600		295,610
West Pharmaceutical Services, Inc.	13,692		540,423
Wright Medical Group, Inc.*	15,652		254,345
Young Innovations, Inc.	2,700		63,855
Zoll Medical Corp.*	9,012		175,013

			13,094,587



Health Care Providers & Services 3.4%
Air Methods Corp.*	4,300		131,322
Alliance HealthCare Services, Inc.*	11,000		59,840
Allied Healthcare International, Inc.*	22,400		59,584
Allion Healthcare, Inc.*	8,100		52,164
Almost Family, Inc.* (a)	2,600		78,910
Amedisys, Inc.* (a)	11,155		443,857
America Service Group, Inc.	3,500		45,920
American Caresource Holdings, Inc.*	6,000		16,020
American Dental Partners, Inc.*	5,600		66,584
AMERIGROUP Corp.*	21,500		474,075
AMN Healthcare Services, Inc.*	13,866		115,365
Amsurg Corp.*	13,078		275,553
Assisted Living Concepts, Inc., Class A*	4,300		89,096
Bio-Reference Labs, Inc.*	4,400		142,252
BioScrip, Inc.*	16,500		124,410
Capital Senior Living Corp.*	9,500		50,255
CardioNet, Inc.*	8,300		49,053
Catalyst Health Solutions, Inc.*	15,453		484,761
Centene Corp.*	18,034		321,546
Chemed Corp.	9,545		432,579
Chindex International, Inc.*	5,700		79,458
Clarient, Inc.*	12,700		41,148
Continucare Corp.*	11,500		30,130
CorVel Corp.*	3,350		95,475
Cross Country Healthcare, Inc.*	13,585		112,212
Emergency Medical Services Corp., Class A*	3,800		182,476
Emeritus Corp.*	8,500		158,610
Ensign Group, Inc. (The)	5,200		76,856
Genoptix, Inc.*	6,600		229,614
Gentiva Health Services, Inc.*	12,349		296,376
Hanger Orthopedic Group, Inc.*	10,600		146,704
Health Grades, Inc.*	10,100		43,834
HealthSouth Corp.*	37,100		542,031
Healthspring, Inc.*	21,500		308,095
Healthways, Inc.*	14,346		230,684
HMS Holdings Corp.*	10,400		446,472
inVentiv Health, Inc.*	14,700		249,606

120 Annual Report 2009


Common Stocks (continued)
	Shares		Market Value


Health Care Providers & Services (continued)

IPC The Hospitalist Co., Inc.*	6,900	$	209,070
Kindred Healthcare, Inc.*	16,621		244,329
Landauer, Inc.	4,137		214,255
LCA-Vision, Inc.*	7,000		31,500
LHC Group, Inc.*	5,900		164,669
Magellan Health Services, Inc.*	14,660		471,026
Medcath Corp.*	6,375		52,339
Metropolitan Health Networks, Inc.*	16,100		32,844
Molina Healthcare, Inc.*	5,534		103,596
MWI Veterinary Supply, Inc.*	4,800		169,920
National HealthCare Corp.	3,300		118,701
National Research Corp. (a)	500		11,535
Nighthawk Radiology Holdings, Inc.*	9,000		53,910
NovaMed, Inc.* (a)	10,200		41,106
Odyssey HealthCare, Inc.*	14,323		199,663
Owens & Minor, Inc.	17,518		716,311
PharMerica Corp.*	12,809		197,643
Providence Service Corp. (The)*	4,475		55,759
PSS World Medical, Inc.*	24,191		489,142
Psychiatric Solutions, Inc.*	23,944		494,204
RadNet, Inc.*	12,100		29,403
RehabCare Group, Inc.*	7,760		145,500
Res-Care, Inc.*	11,045		132,871
Skilled Healthcare Group, Inc., Class A*	7,800		62,712
Sun Healthcare Group, Inc.*	18,500		167,980
Sunrise Senior Living, Inc.*	19,273		80,176
Triple-S Management Corp., Class B*	8,600		143,620
U.S. Physical Therapy, Inc.*	4,900		68,796
Universal American Corp.*	11,290		112,900
Virtual Radiologic Corp.*	2,700		34,695
WellCare Health Plans, Inc.*	18,000		470,340

			12,303,442



Health Care Technology 0.7%
AMICAS, Inc.*	14,200		44,730
athenahealth, Inc.*	14,100		530,301
Computer Programs & Systems, Inc.	3,595		151,853
Eclipsys Corp.*	23,937		448,819
MedAssets, Inc.*	16,800		368,592
Medidata Solutions, Inc.*	2,800		44,240
MedQuist, Inc.	3,300		19,074
Merge Healthcare, Inc.*	12,600		45,108
Omnicell, Inc.*	13,300		130,872
Phase Forward, Inc.*	18,400		241,224
Quality Systems, Inc.	9,654		589,087
Transcend Services, Inc.*	2,500		45,625
Vital Images, Inc.*	6,165		70,342

			2,729,867



Hotels, Restaurants & Leisure 2.4%
AFC Enterprises, Inc.*	10,575		84,917
Ambassadors Group, Inc.	8,200		104,222
Ameristar Casinos, Inc.	11,292		166,218
Bally Technologies, Inc.*	22,857		900,337
Benihana, Inc., Class A*	5,200		25,168
BJ’s Restaurants, Inc.*	8,200		130,872
Bluegreen Corp.*	6,200		17,794
Bob Evans Farms, Inc.	13,159		345,687
Buffalo Wild Wings, Inc.*	7,130		292,401
California Pizza Kitchen, Inc.*	8,220		106,778
Caribou Coffee Co., Inc.*	3,900		31,941
Carrols Restaurant Group, Inc.*	4,500		29,205
CEC Entertainment, Inc.*	9,848		287,660
Cheesecake Factory, Inc. (The)*	24,500		445,410
Churchill Downs, Inc.	4,200		131,796
CKE Restaurants, Inc.	20,797		181,974
Cracker Barrel Old Country Store, Inc.	9,100		301,665
Denny’s Corp.*	42,300		93,060
DineEquity, Inc.* (a)	7,460		157,854
Domino’s Pizza, Inc.*	16,860		123,752
Dover Downs Gaming & Entertainment, Inc.	6,043		28,704
Einstein Noah Restaurant Group, Inc.*	2,100		27,342
Frisch’s Restaurants, Inc.	800		18,760
Gaylord Entertainment Co.* (a)	15,836		238,015
Great Wolf Resorts, Inc.*	11,900		39,746
Interval Leisure Group, Inc.*	17,800		198,648
Isle of Capri Casinos, Inc.*	6,651		51,545
Jack in the Box, Inc.*	24,040		450,990
Krispy Kreme Doughnuts, Inc.*	25,663		86,998
Lakes Entertainment, Inc.*	9,800		24,108
Landry’s Restaurants, Inc.*	2,614		28,493
Life Time Fitness, Inc.*	17,100		368,505
Luby’s, Inc.*	8,900		31,773
Marcus Corp.	8,734		102,188
McCormick & Schmick’s Seafood Restaurants, Inc.*	6,000		36,120
Monarch Casino & Resort, Inc.*	3,930		27,274
Morgans Hotel Group Co.*	10,100		33,532
Multimedia Games, Inc.*	12,900		63,339
O’Charleys, Inc.*	7,425		52,049
Orient-Express Hotels Ltd., Class A*	31,900		274,340
P.F. Chang’s China Bistro, Inc.* (a)	9,385		273,948
Papa John’s International, Inc.*	9,224		207,540
Peet’s Coffee & Tea, Inc.*	4,482		152,388
Pinnacle Entertainment, Inc.*	26,496		223,891
Red Lion Hotels Corp.*	7,000		33,390
Red Robin Gourmet Burgers, Inc.*	6,059		101,246
Ruby Tuesday, Inc.*	26,960		179,554
Ruth’s Hospitality Group, Inc.*	8,700		27,057
Shuffle Master, Inc.*	22,865		178,576
Sonic Corp.*	25,910		242,259
Speedway Motorsports, Inc.	5,745		77,787
Steak N Shake Co. (The)*	10,072		117,339
Texas Roadhouse, Inc., Class A*	21,275		201,474

2009 Annual Report 121

Statement of Investments (Continued)

October 31, 2009

Nationwide Small Cap Index Fund (Continued)


Common Stocks (continued)
	Shares		Market Value


Hotels, Restaurants & Leisure (continued)

Town Sports International Holdings, Inc.*	7,500	$	22,275
Universal Travel Group*	3,900		45,552
Vail Resorts, Inc.*	12,408		427,332
Youbet.com, Inc.*	14,900		34,419

			8,687,207



Household Durables 1.2%
American Greetings Corp., Class A	16,500		335,610
Beazer Homes USA, Inc.* (a)	14,500		63,655
Blyth, Inc.	2,530		89,638
Brookfield Homes Corp.* (a)	4,247		23,911
Cavco Industries, Inc.*	2,700		82,080
CSS Industries, Inc.	3,205		65,061
Ethan Allen Interiors, Inc.	9,500		118,370
Furniture Brands International, Inc.*	18,235		77,499
Helen of Troy Ltd.*	13,100		299,204
Hooker Furniture Corp.	4,475		57,325
Hovnanian Enterprises, Inc., Class A* (a)	20,300		79,373
iRobot Corp.*	8,300		110,971
La-Z-Boy, Inc.	21,900		155,490
M/I Homes, Inc.*	7,192		80,335
Meritage Homes Corp.*	13,000		237,120
National Presto Industries, Inc.	1,981		172,208
NIVS IntelliMedia Technology Group, Inc.*	2,400		5,760
Ryland Group, Inc.	17,400		322,770
Sealy Corp.*	19,200		55,680
Skyline Corp.	2,918		51,036
Standard Pacific Corp.*	43,000		129,000
Stanley Furniture Co., Inc.	4,300		33,798
Tempur-Pedic International, Inc.*	30,900		598,533
Tupperware Brands Corp.	26,338		1,185,737
Universal Electronics, Inc.*	5,756		118,573

			4,548,737



Household Products 0.1%
Central Garden and Pet Co., Class A*	27,212		257,426
Oil-Dri Corp of America	2,200		33,638
Orchids Paper Products Co.*	1,900		34,010
WD-40 Co.	6,927		218,131

			543,205



Independent Power Producers & Energy Traders 0.0%
US Geothermal, Inc.*	27,300		42,042



Industrial Conglomerates 0.3%
Otter Tail Corp.	15,740		366,113
Raven Industries, Inc.	7,080		174,876
Seaboard Corp.	146		197,246
Standex International Corp.	5,454		95,881
Tredegar Corp.	13,506		184,087
United Capital Corp.*	700		12,712

			1,030,915



Information Technology Services 2.5%
Acxiom Corp.*	28,900		331,772
CACI International, Inc., Class A*	12,200		580,964
Cass Information Systems, Inc.	3,570		106,136
China Information Security Technology, Inc.* (a)	11,500		73,600
CIBER, Inc.*	29,254		94,198
Computer Task Group, Inc.*	6,400		44,608
CSG Systems International, Inc.*	14,787		241,620
CyberSource Corp.*	29,446		482,325
eLoyalty Corp.*	3,500		27,300
Euronet Worldwide, Inc.*	20,708		489,744
ExlService Holdings, Inc.*	6,600		89,826
Forrester Research, Inc.*	6,681		169,230
Gartner, Inc.*	25,926		482,742
Global Cash Access Holdings, Inc.*	17,300		109,509
Hackett Group, Inc. (The)*	16,400		51,168
Heartland Payment Systems, Inc.	16,000		196,640
iGate Corp.	9,300		82,119
infoGROUP, Inc.*	14,400		94,464
Information Services Group, Inc.*	9,500		34,200
Integral Systems, Inc.*	5,502		46,217
Lionbridge Technologies, Inc.*	28,300		59,147
Mantech International Corp., Class A*	9,096		398,950
MAXIMUS, Inc.	6,922		320,212
MoneyGram International, Inc.*	34,200		102,258
NCI, Inc., Class A*	2,600		69,966
Ness Technologies, Inc.*	16,475		108,570
Online Resources Corp.*	10,800		56,700
Perot Systems Corp., Class A*	37,548		1,124,187
RightNow Technologies, Inc.*	9,100		138,866
Sapient Corp.*	37,562		305,755
SRA International, Inc., Class A*	17,800		333,928
StarTek, Inc.*	5,100		29,580
Syntel, Inc.	5,440		194,915
TeleTech Holdings, Inc.*	13,811		247,079
Tier Technologies, Inc., Class B*	7,200		58,896
TNS, Inc.*	10,600		299,556
Unisys Corp.*	17,390		506,745
VeriFone Holdings, Inc.*	30,700		408,310
Virtusa Corp.*	6,500		58,370
Wright Express Corp.*	16,675		465,399

			9,115,771



Insurance 3.2%
Ambac Financial Group, Inc. (a)	114,700		131,905
American Equity Investment Life Holding Co.	23,585		154,953
American Physicians Capital, Inc.	4,100		115,948

122 Annual Report 2009


Common Stocks (continued)
	Shares		Market Value


Insurance (continued)

American Physicians Service Group, Inc.	2,700	$	64,989
American Safety Insurance Holdings Ltd.*	3,800		56,316
AMERISAFE, Inc.*	7,900		146,466
Amtrust Financial Services, Inc.	9,600		108,288
Argo Group International Holdings Ltd.*	12,962		440,189
Assured Guaranty Ltd.	44,600		739,468
Baldwin & Lyons, Inc., Class B	3,581		81,683
Citizens, Inc.* (a)	13,700		82,611
CNA Surety Corp.*	7,200		104,112
Conseco, Inc.*	77,600		404,296
Crawford & Co., Class B*	10,120		50,398
Delphi Financial Group, Inc., Class A	19,259		417,920
Donegal Group, Inc., Class A	4,988		72,825
Eastern Insurance Holdings, Inc.	4,000		28,240
eHealth, Inc.*	10,500		149,415
EMC Insurance Group, Inc.	2,170		44,659
Employers Holdings, Inc.	19,660		291,361
Enstar Group Ltd.*	3,000		183,000
FBL Financial Group, Inc., Class A	5,647		113,787
First Acceptance Corp.*	7,400		16,280
First Mercury Financial Corp.	6,100		77,470
Flagstone Reinsurance Holdings Ltd.	17,900		196,005
FPIC Insurance Group, Inc.*	2,950		99,798
Greenlight Capital Re Ltd., Class A*	200		3,732
Greenlight Capital Re, Ltd., Class A*	11,600		216,456
Hallmark Financial Services*	3,600		27,612
Harleysville Group, Inc.	5,858		183,531
Hilltop Holdings, Inc.*	16,662		197,278
Horace Mann Educators Corp.	16,659		207,071
Independence Holding Co.	1,360		7,548
Infinity Property & Casualty Corp.	5,785		223,706
Kansas City Life Insurance Co.	1,800		48,312
Maiden Holdings Ltd.	21,000		145,530
Max Capital Group Ltd.	19,400		400,610
Meadowbrook Insurance Group, Inc.	25,335		170,505
Mercer Insurance Group, Inc.	2,400		44,592
Montpelier Re Holdings Ltd.	35,400		572,064
National Financial Partners Corp.*	17,401		141,818
National Interstate Corp.	2,600		47,086
National Western Life Insurance Co., Class A (a)	976		171,932
Navigators Group, Inc.*	5,292		280,846
NYMAGIC, Inc.	2,000		28,580
Phoenix Cos., Inc. (The)*	50,876		161,786
Platinum Underwriters Holdings Ltd.	21,100		754,747
PMA Capital Corp., Class A*	13,623		65,118
Presidential Life Corp.	9,081		84,726
ProAssurance Corp.*	13,917		699,747
RLI Corp.	7,814		390,700
Safety Insurance Group, Inc.	5,005		167,517
SeaBright Insurance Holdings, Inc.*	9,100		101,738
Selective Insurance Group	23,168		354,934
State Auto Financial Corp.	6,200		100,812
Stewart Information Services Corp.	7,502		67,068
Tower Group, Inc.	17,005		417,983
United America Indemnity Ltd., Class A*	15,220		106,692
United Fire & Casualty Co.	9,717		169,853
Universal Insurance Holdings, Inc.	5,600		29,736
Zenith National Insurance Corp.	15,152		432,287

			11,596,635



Internet & Catalog Retail 0.5%
1-800-FLOWERS.COM, Inc., Class A*	11,446		43,952
Blue Nile, Inc.* (a)	5,403		324,450
Drugstore.Com, Inc.*	37,600		104,152
Gaiam, Inc., Class A*	7,800		50,934
HSN, Inc.*	17,500		261,450
NutriSystem, Inc. (a)	13,100		281,912
Orbitz Worldwide, Inc.*	15,400		80,542
Overstock.com, Inc.* (a)	6,900		96,600
PetMed Express, Inc.	9,800		153,762
Shutterfly, Inc.*	8,800		124,080
Stamps.com, Inc.*	4,616		46,345
Ticketmaster Entertainment, Inc.*	16,100		155,365
US Auto Parts Network, Inc.*	5,800		31,030

			1,754,574



Internet Software & Services 1.8%
Art Technology Group, Inc.*	53,900		222,068
comScore, Inc.*	9,200		141,036
Constant Contact, Inc.*	10,200		169,014
DealerTrack Holdings, Inc.*	16,000		263,680
Dice Holdings, Inc.*	6,700		40,267
Digital River, Inc.*	15,688		358,157
DivX, Inc.*	13,600		65,416
EarthLink, Inc.	42,385		343,318
GSI Commerce, Inc.*	11,323		214,797
Imergent, Inc.	4,200		27,930
InfoSpace, Inc.*	14,709		126,056
Innodata Isogen, Inc.*	7,400		47,952
Internap Network Services Corp.*	22,250		71,200
Internet Brands, Inc., Class A*	11,600		86,304
Internet Capital Group, Inc.*	16,100		117,047
iPass, Inc.*	21,600		28,080
j2 Global Communications, Inc.*	18,780		384,051
Keynote Systems, Inc.*	5,200		53,144
Knot, Inc. (The)*	13,000		138,710
Limelight Networks, Inc.*	12,500		43,625
Liquidity Services, Inc.*	6,435		61,905
LivePerson, Inc.*	17,100		86,013
LogMeIn, Inc.*	2,900		58,290
LoopNet, Inc.*	8,100		70,713

2009 Annual Report 123

Statement of Investments (Continued)

October 31, 2009

Nationwide Small Cap Index Fund (Continued)


Common Stocks (continued)
	Shares		Market Value


Internet Software & Services (continued)

Marchex, Inc., Class B	8,600	$	38,958
MercadoLibre, Inc.*	11,000		393,690
ModusLink Global Solutions, Inc.*	19,424		159,665
Move, Inc.*	66,239		135,790
NIC, Inc.	21,200		185,712
OpenTable, Inc.* (a)	1,500		36,990
Openwave Systems, Inc.*	38,800		88,076
Perficient, Inc.*	12,600		102,564
Rackspace Hosting, Inc.*	28,300		474,025
RealNetworks, Inc.*	36,928		131,833
Saba Software, Inc.* (a)	9,800		42,042
SAVVIS, Inc.*	15,930		235,605
support.com, Inc.*	19,800		47,520
Switch & Data Facilities Co., Inc.*	8,800		147,224
TechTarget, Inc.*	5,100		32,130
Terremark Worldwide, Inc.*	23,590		150,740
Travelzoo, Inc.*	2,100		29,022
United Online, Inc.	35,563		284,504
ValueClick, Inc.*	35,734		351,623
Vocus, Inc.*	7,100		128,510
Web.com Group, Inc.*	11,200		78,848
Zix Corp.* (a)	25,600		46,848

			6,540,692



Leisure Equipment & Products 0.7%
Brunswick Corp.	38,300		363,084
Callaway Golf Co.	26,269		179,680
Eastman Kodak Co.* (a)	114,300		428,625
JAKKS Pacific, Inc.*	11,937		169,863
Leapfrog Enterprises, Inc.*	14,440		47,652
Marine Products Corp.	4,426		21,466
Polaris Industries, Inc.	12,900		542,703
Pool Corp.	20,400		399,432
RC2 Corp.*	8,465		110,553
Smith & Wesson Holding Corp.*	22,800		97,356
Sport Supply Group, Inc.	3,600		37,152
Steinway Musical Instruments*	2,900		33,988
Sturm Ruger & Co., Inc. (a)	7,000		74,340

			2,505,894



Life Sciences Tools & Services 0.8%
Accelrys, Inc.*	11,300		61,359
Affymetrix, Inc.*	30,100		157,423
Albany Molecular Research, Inc.*	10,285		83,720
BioDelivery Sciences International, Inc.* (a)	4,300		17,114
Bruker Corp.*	21,713		235,369
Cambrex Corp.*	12,424		74,544
Dionex Corp.*	7,445		505,366
Enzo Biochem, Inc.*	13,964		76,942
eResearchTechnology, Inc.*	18,089		133,859
Harvard Bioscience, Inc.*	10,500		38,010
Kendle International, Inc.*	5,500		92,840
Life Sciences Research, Inc.*	3,900		32,877
Luminex Corp.*	17,660		259,955
Parexel International Corp.*	24,502		306,765
Sequenom, Inc.* (a)	22,300		61,548
Varian, Inc.*	12,169		623,053

			2,760,744



Machinery 2.7%
3D Systems Corp.*	7,500		66,150
Actuant Corp., Class A	28,560		445,822
Alamo Group, Inc.	2,600		35,620
Albany International Corp., Class A	11,567		192,706
Altra Holdings, Inc.*	11,400		99,978
American Railcar Industries, Inc.	3,900		39,000
Ampco-Pittsburgh Corp.	3,600		96,840
Astec Industries, Inc.*	7,759		178,457
Badger Meter, Inc.	5,800		216,166
Barnes Group, Inc.	19,814		314,052
Blount International, Inc.*	16,800		151,872
Briggs & Stratton Corp.	20,980		392,326
Cascade Corp.	4,046		100,503
Chart Industries, Inc.*	12,100		239,217
China Fire & Security Group, Inc.* (a)	6,200		88,164
CIRCOR International, Inc.	7,185		195,791
CLARCOR, Inc.	21,394		629,625
Colfax Corp.*	10,400		113,152
Columbus Mckinnon Corp.*	8,100		134,055
Dynamic Materials Corp.	5,430		104,690
Eastern Co. (The)	2,800		44,716
Energy Recovery, Inc.* (a)	14,300		79,794
EnPro Industries, Inc.*	8,500		191,930
ESCO Technologies, Inc.*	11,553		453,802
Federal Signal Corp.	21,443		131,660
Flanders Corp.*	6,800		34,272
Flow International Corp.*	16,000		38,560
Force Protection, Inc.*	29,800		131,120
FreightCar America, Inc.	5,130		120,965
Gorman-Rupp Co. (The) (a)	6,297		155,473
Graham Corp.	4,300		60,931
Greenbrier Cos., Inc.	7,390		65,623
Hurco Cos., Inc.*	2,700		42,930
John Bean Technologies Corp.	11,600		190,472
Kadant, Inc.*	5,603		72,223
Kaydon Corp.	13,948		488,041
K-Tron International, Inc.*	1,100		104,555
LB Foster Co., Class A*	4,300		120,744
Lindsay Corp.	4,828		158,503
Met-Pro Corp.	6,200		57,040
Middleby Corp.*	7,092		321,339
Miller Industries, Inc.*	4,300		43,215
Mueller Industries, Inc.	16,425		388,615
Mueller Water Products, Inc., Class A	62,770		281,210
NACCO Industries, Inc., Class A	2,322		138,391

124 Annual Report 2009


Common Stocks (continued)
	Shares		Market Value


Machinery (continued)

Nordson Corp.	14,097	$	743,899
Omega Flex, Inc.	1,000		15,550
PMFG, Inc.* (a)	5,600		81,032
Portec Rail Products, Inc.	3,300		28,743
RBC Bearings, Inc.*	9,500		204,345
Robbins & Myers, Inc.	11,146		258,587
Sauer-Danfoss, Inc.	4,938		35,554
SmartHeat, Inc.*	2,800		25,032
Sun Hydraulics Corp.	5,150		98,159
Tecumseh Products Co., Class A*	7,901		82,565
Tennant Co.	8,324		221,918
Titan International, Inc.	13,850		116,340
Trimas Corp.*	6,500		29,250
Twin Disc, Inc.	3,600		33,804
Watts Water Technologies, Inc., Class A	11,730		331,372

			10,056,460



Marine 0.2%
American Commercial Lines, Inc.*	3,875		83,119
Eagle Bulk Shipping, Inc. (a)	24,500		116,130
Genco Shipping & Trading Ltd. (a)	10,300		204,867
Horizon Lines, Inc., Class A	12,900		67,725
International Shipholding Corp.	2,200		72,930
TBS International Ltd., Class A* (a)	5,500		45,265
Ultrapetrol Bahamas Ltd.*	9,200		45,080

			635,116



Media 1.0%
Arbitron, Inc.	10,453		226,621
Ascent Media Corp., Class A*	6,200		143,778
Belo Corp., Class A	38,000		178,600
Carmike Cinemas, Inc.*	4,400		43,252
Cinemark Holdings, Inc.	13,900		161,101
CKX, Inc.*	26,300		168,320
Crown Media Holdings, Inc., Class A* (a)	4,858		7,481
Dolan Media Co.*	12,900		154,026
E.W. Scripps Co. (The), Class A*	10,800		68,688
Fisher Communications, Inc.*	2,500		48,725
Global Sources Ltd.*	7,104		43,974
Harte-Hanks, Inc.	16,100		189,014
Journal Communications, Inc., Class A	17,820		63,439
Knology, Inc.*	12,300		123,615
LIN TV Corp., Class A*	11,900		46,648
Live Nation, Inc.*	36,800		245,088
LodgeNet Interactive Corp.*	10,000		48,500
Martha Stewart Living Omnimedia, Class A*	11,308		58,576
Mediacom Communications Corp., Class A*	17,341		82,890
National CineMedia, Inc.	18,420		294,720
Outdoor Channel Holdings, Inc.*	6,500		44,980
Playboy Enterprises, Inc., Class B*	9,334		28,656
Primedia, Inc.	10,666		26,772
RCN Corp.*	16,030		133,690
Reading International, Inc., Class A*	7,200		28,512
Rentrak Corp.*	4,000		61,480
Scholastic Corp.	10,022		249,247
Sinclair Broadcast Group, Inc., Class A	21,135		83,272
Valassis Communications, Inc.*	20,900		381,007
Value Line, Inc.	274		8,428
World Wrestling Entertainment, Inc., Class A	9,169		121,764

			3,564,864



Metals & Mining 1.0%
Allied Nevada Gold Corp.*	22,000		210,100
AM Castle & Co.	7,200		81,144
AMCOL International Corp.	10,050		261,702
Brush Engineered Materials, Inc.*	8,636		159,334
Century Aluminum Co.*	19,100		165,597
China Precision Steel, Inc.*	13,200		29,304
Coeur d’Alene Mines Corp.*	31,335		629,207
General Moly, Inc.*	27,438		60,364
General Steel Holdings, Inc.* (a)	5,900		21,948
Haynes International, Inc.*	5,300		150,096
Hecla Mining Co.* (a)	96,238		395,538
Horsehead Holding Corp.*	17,300		164,869
Kaiser Aluminum Corp.	6,500		259,675
Olympic Steel, Inc.	3,400		86,020
Paramount Gold and Silver Corp.* (a)	27,100		30,352
RTI International Metals, Inc.*	12,110		250,798
Stillwater Mining Co.*	17,735		109,957
Sutor Technology Group Ltd.*	3,300		9,537
Universal Stainless & Alloy*	2,700		40,743
US Gold Corp.*	33,700		90,990
Worthington Industries, Inc.	25,675		283,709

			3,490,984



Multiline Retail 0.3%
99 Cents Only Stores*	19,716		224,171
Dillard’s, Inc., Class A	21,800		296,916
Fred’s, Inc., Class A	17,060		201,990
Retail Ventures, Inc.*	10,905		69,901
Saks, Inc.* (a)	51,000		286,110
Tuesday Morning Corp.*	13,242		42,772

			1,121,860



Multi-Utilities 0.4%
Avista Corp.	22,961		435,340
Black Hills Corp.	16,280		396,744
CH Energy Group, Inc.	6,663		275,915
NorthWestern Corp.	15,100		364,665

			1,472,664

2009 Annual Report 125

Statement of Investments (Continued)

October 31, 2009

Nationwide Small Cap Index Fund (Continued)


Common Stocks (continued)
	Shares		Market Value



Oil, Gas & Consumable Fuels 3.0%
Alon USA Energy, Inc. (a)	3,100	$	26,040
Apco Oil and Gas International, Inc.	4,400		93,500
Approach Resources, Inc.*	6,100		47,336
Arena Resources, Inc.*	16,100		599,886
Atlas Energy, Inc.	14,297		374,296
ATP Oil & Gas Corp.* (a)	16,000		276,960
Berry Petroleum Co., Class A	18,280		463,581
Bill Barrett Corp.*	16,100		498,778
BPZ Resources, Inc.* (a)	38,800		244,440
Brigham Exploration Co.*	33,702		320,169
Carrizo Oil & Gas, Inc.*	11,840		274,451
Cheniere Energy, Inc.*	23,100		53,823
Clayton Williams Energy, Inc.*	2,500		65,500
Clean Energy Fuels Corp.*	14,300		165,880
Contango Oil & Gas Co.*	5,100		243,015
CREDO Petroleum Corp.*	3,700		36,038
Crosstex Energy, Inc.	15,000		84,300
Cubic Energy, Inc.*	15,600		15,444
CVR Energy, Inc.*	9,900		104,148
Delek US Holdings, Inc.	5,600		37,800
Delta Petroleum Corp.* (a)	75,880		98,644
DHT Maritime, Inc.	17,300		59,166
Endeavour International Corp.*	50,100		52,605
Evergreen Energy, Inc.* (a)	54,960		20,005
FX Energy, Inc.*	17,200		45,752
General Maritime Corp.*	20,824		143,477
GeoResources, Inc.*	3,100		34,379
GMX Resources, Inc.* (a)	12,300		156,579
Golar LNG Ltd.	14,900		179,694
Goodrich Petroleum Corp.* (a)	10,395		266,840
Gran Tierra Energy, Inc.*	87,600		416,976
Green Plains Renewable Energy, Inc.*	5,100		37,587
Gulfport Energy Corp.*	11,500		87,745
Harvest Natural Resources, Inc.*	14,065		77,217
International Coal Group, Inc.*	38,000		155,420
Isramco, Inc.* (a)	400		33,136
James River Coal Co.*	11,000		208,890
Knightsbridge Tankers Ltd.	7,200		91,008
McMoRan Exploration Co.*	31,407		241,520
Nordic American Tanker Shipping (a)	17,700		500,910
Northern Oil And Gas, Inc.*	12,700		115,824
Oilsands Quest, Inc.* (a)	83,900		100,680
Panhandle Oil and Gas, Inc., Class A	3,000		58,980
Patriot Coal Corp.* (a)	30,200		341,260
Penn Virginia Corp.	18,499		374,605
Petrocorp, Inc.(b)	1,500		0
Petroleum Development Corp.*	7,456		124,515
PetroQuest Energy, Inc.*	19,700		120,761
PrimeEnergy Corp.*	200		6,170
Rex Energy Corp.*	10,600		85,754
Rosetta Resources, Inc.*	23,005		311,258
Ship Finance International Ltd. (a)	19,700		223,989
Stone Energy Corp.*	16,849		258,295
Swift Energy Co.*	15,520		328,714
Syntroleum Corp.*	30,400		67,792
Teekay Tankers Ltd., Class A (a)	4,000		32,400
Toreador Resources Corp.*	9,200		78,476
Uranerz Energy Corp.*	23,200		35,496
Uranium Energy Corp.*	22,100		59,670
USEC, Inc.*	44,813		172,978
VAALCO Energy, Inc.*	24,800		105,648
Venoco, Inc.*	7,900		99,540
W&T Offshore, Inc.	14,600		170,090
Warren Resources, Inc.*	25,940		56,030
Western Refining, Inc.*	15,300		85,833
Westmoreland Coal Co.*	4,300		28,337
World Fuel Services Corp.	12,420		631,557
Zion Oil & Gas, Inc.* (a)	5,200		34,996

			11,042,583



Paper & Forest Products 0.7%
Buckeye Technologies, Inc.*	16,990		152,231
Clearwater Paper Corp.*	4,611		208,740
Deltic Timber Corp.	4,656		197,880
Domtar Corp.*	17,800		745,642
Glatfelter	20,010		211,506
KapStone Paper and Packaging Corp.*	8,300		57,602
Louisiana-Pacific Corp.*	50,600		265,650
Neenah Paper, Inc.	6,500		67,275
Schweitzer-Mauduit International, Inc.	6,142		317,234
Wausau Paper Corp.	19,147		167,919

			2,391,679



Personal Products 0.6%
American Oriental Bioengineering, Inc.* (a)	26,300		104,148
Bare Escentuals, Inc.*	28,200		356,166
Chattem, Inc.*	8,126		514,945
China Sky One Medical, Inc.* (a)	4,400		52,228
China-Biotics, Inc.*	3,700		42,920
Elizabeth Arden, Inc.*	10,307		109,770
Female Health Co. (The)*	6,200		28,706
Inter Parfums, Inc.	6,150		75,522
Mannatech, Inc.	6,700		22,780
Medifast, Inc.*	4,900		107,898
Nu Skin Enterprises, Inc., Class A	20,798		473,362
Nutraceutical International Corp.*	4,500		48,960
Prestige Brands Holdings, Inc.*	14,400		97,344
Revlon, Inc., Class A*	7,900		66,597
Schiff Nutrition International, Inc.	4,600		26,542
USANA Health Sciences, Inc.*	2,810		80,984

			2,208,872



Pharmaceuticals 1.4%
Acura Pharmaceuticals, Inc.* (a)	3,500		14,490

126 Annual Report 2009


Common Stocks (continued)
	Shares		Market Value


Pharmaceuticals (continued)

Adolor Corp.*	19,800	$	28,710
Akorn, Inc.*	24,000		34,800
Ardea Biosciences, Inc.* (a)	6,100		82,350
ARYx Therapeutics, Inc.*	10,300		25,750
Auxilium Pharmaceuticals, Inc.*	19,000		597,740
AVANIR Pharmaceuticals, Inc., Class A* (a)	25,900		47,397
Biodel, Inc.*	6,900		28,842
BioMimetic Therapeutics, Inc.*	5,459		63,707
BMP Sunstone Corp.* (a)	15,400		56,056
Cadence Pharmaceuticals, Inc.* (a)	10,400		93,912
Caraco Pharmaceutical Laboratories Ltd.*	4,600		16,928
Cornerstone Therapeutics, Inc.*	2,500		14,000
Cumberland Pharmaceuticals, Inc.*	3,200		38,080
Cypress Bioscience, Inc.*	16,220		99,591
Depomed, Inc.*	21,800		67,798
Discovery Laboratories, Inc.* (a)	39,700		36,921
Durect Corp.*	35,000		73,850
Hi-Tech Pharmacal Co., Inc.*	3,000		54,720
Impax Laboratories, Inc.*	25,800		229,104
Inspire Pharmaceuticals, Inc.*	24,600		109,962
ISTA Pharmaceuticals, Inc.*	15,900		58,194
Javelin Pharmaceuticals, Inc.* (a)	22,100		29,172
KV Pharmaceutical Co., Class A* (a)	14,423		54,808
Lannett Co., Inc.*	3,900		26,208
MAP Pharmaceuticals, Inc.*	3,200		26,304
Matrixx Initiatives, Inc.* (a)	1,900		8,550
Medicines Co. (The)*	22,479		161,624
Medicis Pharmaceutical Corp., Class A	24,060		509,350
MiddleBrook Pharmaceuticals, Inc.* (a)	16,000		15,680
Nektar Therapeutics*	39,395		319,887
Obagi Medical Products, Inc.*	7,400		75,628
Optimer Pharmaceuticals, Inc.* (a)	12,600		145,656
Pain Therapeutics, Inc.*	15,310		77,622
Par Pharmaceutical Cos., Inc.*	14,395		301,863
Pozen, Inc.*	11,405		64,780
Questcor Pharmaceuticals, Inc.*	24,500		111,230
Repros Therapeutics, Inc.* (a)	3,600		3,348
Salix Pharmaceuticals Ltd.*	20,170		370,926
Santarus, Inc.*	21,600		66,744
Sucampo Pharmaceuticals, Inc., Class A*	4,200		18,354
SuperGen, Inc.*	24,200		56,628
ViroPharma, Inc.*	33,000		248,820
Vivus, Inc.*	32,700		258,330
XenoPort, Inc.*	12,500		208,875

			5,033,289



Professional Services 1.6%
Acacia Research — Acacia Technologies*	14,800		112,480
Administaff, Inc.	9,019		223,852
Advisory Board Co. (The)*	6,900		170,016
Barrett Business Services, Inc.	3,000		34,800
CBIZ, Inc.*	19,343		136,175
CDI Corp.	5,221		63,592
COMSYS IT Partners, Inc.*	6,290		43,086
Corporate Executive Board Co. (The)	14,100		338,541
CoStar Group, Inc.*	8,365		324,729
CRA International, Inc.*	4,131		102,242
Diamond Management & Technology Consultants, Inc.	11,900		70,448
Exponent, Inc.*	5,800		150,858
First Advantage Corp., Class A*	4,436		78,074
Franklin Covey Co.*	5,100		26,622
GP Strategies Corp.*	6,200		43,648
Heidrick & Struggles International, Inc.	6,555		179,345
Hill International, Inc.*	10,900		73,248
Huron Consulting Group, Inc.*	8,600		199,520
ICF International, Inc.*	3,700		106,005
Kelly Services, Inc., Class A	11,540		127,863
Kforce, Inc.*	13,075		153,370
Korn/Ferry International*	18,779		299,713
MPS Group, Inc.*	40,026		541,151
Navigant Consulting, Inc.*	20,469		291,478
Odyssey Marine Exploration, Inc.* (a)	22,100		33,150
On Assignment, Inc.*	15,400		93,016
Resources Connection, Inc.*	19,155		330,807
School Specialty, Inc.*	8,008		178,178
Spherion Corp.*	22,367		110,717
TrueBlue, Inc.*	18,669		225,895
Volt Information Sciences, Inc.*	5,257		42,634
VSE Corp.	1,700		74,443
Watson Wyatt Worldwide, Inc., Class A	17,885		779,428

			5,759,124



Real Estate Investment Trusts (REITs) 6.0%
Acadia Realty Trust	16,919		269,012
Agree Realty Corp.	3,000		69,990
Alexander’s, Inc.*	900		238,428
American Campus Communities, Inc.	22,204		599,952
American Capital Agency Corp.	4,700		122,200
Anthracite Capital, Inc.* (a)	33,251		23,941
Anworth Mortgage Asset Corp.	45,900		327,267
Ashford Hospitality Trust, Inc.*	27,910		107,174
Associated Estates Realty Corp.	6,400		58,368
BioMed Realty Trust, Inc.	41,803		567,267
CapLease, Inc.	19,500		66,885
Capstead Mortgage Corp.	25,400		334,264
Care Investment Trust, Inc.	5,400		43,254
CBL & Associates Properties, Inc.	58,300		475,728
Cedar Shopping Centers, Inc.	17,100		103,797

2009 Annual Report 127

Statement of Investments (Continued)

October 31, 2009

Nationwide Small Cap Index Fund (Continued)


Common Stocks (continued)
	Shares		Market Value


Real Estate Investment Trusts (continued)

Cogdell Spencer, Inc.	13,500	$	62,640
Colonial Properties Trust	26,400		277,992
Cousins Properties, Inc.	29,012		212,368
Cypress Sharpridge Investments, Inc.	6,700		89,445
DCT Industrial Trust, Inc.	84,770		384,008
Developers Diversified Realty Corp.	60,900		523,131
DiamondRock Hospitality Co.*	47,260		359,648
DuPont Fabros Technology, Inc.*	12,200		183,976
Dynex Capital, Inc.	4,800		38,928
EastGroup Properties, Inc.	10,710		394,235
Education Realty Trust, Inc.	21,900		109,719
Entertainment Properties Trust	14,914		507,374
Equity Lifestyle Properties, Inc.	10,536		489,397
Equity One, Inc. (a)	13,725		204,777
Extra Space Storage, Inc.	36,840		352,559
FelCor Lodging Trust, Inc.*	28,200		88,830
First Industrial Realty Trust, Inc.	19,602		85,269
First Potomac Realty Trust	11,700		132,795
Franklin Street Properties Corp.	26,700		287,826
Getty Realty Corp.	7,435		182,232
Gladstone Commercial Corp.	4,200		53,886
Glimcher Realty Trust	21,878		59,071
Government Properties Income Trust	4,700		109,416
Gramercy Capital Corp.*	18,108		56,859
Hatteras Financial Corp.	14,700		413,070
Healthcare Realty Trust, Inc.	24,700		514,501
Hersha Hospitality Trust	18,800		48,128
Highwoods Properties, Inc.	30,164		830,113
Home Properties, Inc.	13,990		548,128
Inland Real Estate Corp.	29,670		254,569
Invesco Mortgage Capital, Inc.	3,500		69,790
Investors Real Estate Trust	28,397		237,683
iStar Financial, Inc.* (a)	47,300		98,857
Kilroy Realty Corp.	17,900		494,398
Kite Realty Group Trust	16,969		62,955
LaSalle Hotel Properties	27,006		463,423
Lexington Realty Trust	39,672		166,226
LTC Properties, Inc.	9,840		233,700
Medical Properties Trust, Inc.	34,110		272,880
MFA Financial, Inc.	118,774		881,303
Mid-America Apartment Communities, Inc.	11,992		525,489
Mission West Properties, Inc.	6,700		44,555
Monmouth Real Estate Investment Corp., Class A	8,600		58,394
National Health Investors, Inc.	11,337		340,110
National Retail Properties, Inc.	34,040		659,695
NorthStar Realty Finance Corp.	25,223		89,037
Omega Healthcare Investors, Inc.	35,100		532,116
Parkway Properties, Inc.	9,482		167,357
Pennsylvania Real Estate Investment Trust (a)	15,767		115,572
Pennymac Mortgage Investment Trust*	6,000		110,460
Post Properties, Inc.	19,176		316,212
Potlatch Corp.	16,941		472,823
PS Business Parks, Inc.	7,345		359,685
RAIT Financial Trust* (a)	24,243		44,849
Ramco-Gershenson Properties Trust	9,439		83,441
Redwood Trust, Inc.	33,820		471,451
Resource Capital Corp.	8,900		43,076
Saul Centers, Inc.	2,545		78,284
Sovran Self Storage, Inc.	10,901		328,120
Starwood Property Trust, Inc.	16,900		340,197
Strategic Hotels & Resorts, Inc.*	28,332		50,148
Sun Communities, Inc.	7,210		125,742
Sunstone Hotel Investors, Inc.*	39,800		300,490
Tanger Factory Outlet Centers	16,897		643,269
Transcontinental Realty Investors, Inc.*	300		3,261
UMH Properties, Inc.	4,800		36,192
Universal Health Realty Income Trust	5,173		164,243
Urstadt Biddle Properties, Inc., Class A	8,980		132,635
U-Store-It Trust	32,610		185,877
Walter Investment Management Corp.	8,500		110,670
Washington Real Estate Investment Trust	24,784		661,733
Winthrop Realty Trust	4,960		44,442

			21,883,257



Real Estate Management & Development 0.1%
American Realty Investors, Inc.*	800		7,904
Avatar Holdings, Inc.*	2,592		42,250
China Housing & Land Development, Inc.* (a)	12,500		38,500
Consolidated-Tomoka Land Co.	2,380		81,872
Forestar Group, Inc.*	15,300		225,828
Tejon Ranch Co.*	4,843		126,208

			522,562



Road & Rail 0.9%
Amerco, Inc.*	4,004		169,249
Arkansas Best Corp.	10,025		258,845
Avis Budget Group, Inc.*	42,700		358,680
Celadon Group, Inc.*	9,700		94,672
Dollar Thrifty Automotive Group, Inc.*	8,700		161,037
Genesee & Wyoming, Inc., Class A*	15,480		449,075
Heartland Express, Inc.	21,246		288,946
Knight Transportation, Inc.	24,020		385,281
Marten Transport Ltd.*	6,445		113,045
Old Dominion Freight Line, Inc.*	11,479		298,339
Patriot Transportation Holding, Inc.*	600		52,800
Saia, Inc.*	5,755		84,368
Universal Truckload Services, Inc.	2,400		39,456

128 Annual Report 2009


Common Stocks (continued)
	Shares		Market Value


Road & Rail (continued)

USA Truck, Inc.*	3,200	$	35,936
Werner Enterprises, Inc.	16,862		316,163
YRC Worldwide, Inc.* (a)	22,500		82,125

			3,188,017

Semiconductors & Semiconductor Equipment 3.3%
Actel Corp.*	11,509		137,187
Advanced Analogic Technologies, Inc.*	18,900		59,535
Advanced Energy Industries, Inc.*	14,045		171,489
Amkor Technology, Inc.*	46,600		256,766
Anadigics, Inc.*	26,900		86,349
Applied Micro Circuits Corp.*	28,117		219,875
Atheros Communications, Inc.*	25,165		619,562
ATMI, Inc.*	13,357		202,359
Brooks Automation, Inc.*	28,278		194,553
Cabot Microelectronics Corp.*	9,832		314,427
Cavium Networks, Inc.*	15,200		288,192
Ceva, Inc.*	8,300		84,079
Cirrus Logic, Inc.*	27,797		134,538
Cohu, Inc.	10,245		116,588
Cymer, Inc.*	12,138		415,605
Diodes, Inc.*	14,240		233,251
DSP Group, Inc.*	9,948		57,499
Entegris, Inc.*	52,454		197,227
Entropic Communications, Inc.*	25,300		66,539
Exar Corp.*	16,164		111,532
FEI Co.*	15,768		375,436
FormFactor, Inc.*	21,037		357,419
GSI Technology, Inc.*	7,100		25,631
Hittite Microwave Corp.*	9,000		331,200
Intellon Corp.*	9,100		62,517
IXYS Corp.*	10,102		67,683
Kopin Corp.*	28,700		127,428
Kulicke & Soffa Industries, Inc.*	27,368		127,261
Lattice Semiconductor Corp.*	50,075		95,643
MEMSIC, Inc.*	5,800		19,720
Micrel, Inc.	19,258		143,857
Microsemi Corp.*	33,808		449,985
Microtune, Inc.*	22,850		39,074
MIPS Technologies, Inc.*	19,174		75,737
MKS Instruments, Inc.*	21,623		338,184
Monolithic Power Systems, Inc.*	14,400		287,856
Netlogic Microsystems, Inc.*	7,400		281,274
NVE Corp.*	1,700		63,580
OmniVision Technologies, Inc.*	20,228		247,995
Pericom Semiconductor Corp.*	11,900		111,979
Photronics, Inc.*	19,892		83,149
PLX Technology, Inc.*	12,800		40,192
Power Integrations, Inc.	9,700		302,640
RF Micro Devices, Inc.*	113,260		450,775
Rubicon Technology, Inc.* (a)	5,500		83,160
Rudolph Technologies, Inc.*	13,587		86,142
Semitool, Inc.*	9,618		67,903
Semtech Corp.*	25,635		396,573
Sigma Designs, Inc.* (a)	10,300		123,703
Silicon Image, Inc.*	31,806		67,111
Silicon Storage Technology, Inc.*	34,984		71,018
Skyworks Solutions, Inc.*	69,237		722,142
Standard Microsystems Corp.*	9,361		180,293
Supertex, Inc.*	3,980		96,515
Techwell, Inc.*	6,500		67,470
Tessera Technologies, Inc.*	20,428		451,663
Trident Microsystems, Inc.*	26,773		50,333
TriQuint Semiconductor, Inc.*	61,939		333,851
Ultratech, Inc.*	8,750		113,050
Veeco Instruments, Inc.*	13,642		332,183
Virage Logic Corp.*	6,300		37,170
Volterra Semiconductor Corp.*	9,500		131,575
White Electronic Designs Corp.*	9,300		40,827
Zoran Corp.*	21,959		194,776

			12,120,825



Software 4.4%
ACI Worldwide, Inc.*	15,396		247,722
Actuate Corp.*	19,700		98,697
Advent Software, Inc.* (a)	6,893		263,451
American Software, Inc., Class A	9,500		61,750
ArcSight, Inc.*	7,200		177,984
Ariba, Inc.*	37,275		440,591
AsiaInfo Holdings, Inc.*	12,300		271,338
Blackbaud, Inc.	18,694		414,820
Blackboard, Inc.*	13,300		471,751
Bottomline Technologies, Inc.*	11,500		168,820
Callidus Software, Inc.*	12,800		39,040
China TransInfo Technology Corp.* (a)	5,000		34,850
Chordiant Software, Inc.*	13,140		45,727
Commvault Systems, Inc.*	17,500		344,750
Concur Technologies, Inc.*	16,900		602,316
Deltek, Inc.*	6,241		44,623
DemandTec, Inc.*	8,800		77,352
Double-Take Software, Inc.*	7,300		67,671
Dynamics Research Corp.*	3,400		43,554
Ebix, Inc.*	2,600		160,160
Epicor Software Corp.*	19,789		152,771
EPIQ Systems, Inc.*	13,575		171,181
ePlus, Inc.*	1,400		21,056
Fair Isaac Corp.	20,400		414,732
FalconStor Software, Inc.*	15,599		51,945
GSE Systems, Inc.*	6,800		40,936
i2 Technologies, Inc.*	6,800		107,032
Informatica Corp.*	35,953		763,282
Interactive Intelligence, Inc.*	5,400		90,558
Jack Henry & Associates, Inc.	34,535		796,723
JDA Software Group, Inc.*	11,229		222,783
Kenexa Corp.*	9,900		124,740
Lawson Software, Inc.*	60,440		381,376

2009 Annual Report 129

Statement of Investments (Continued)

October 31, 2009

Nationwide Small Cap Index Fund (Continued)


Common Stocks (continued)
		Shares		Market Value


Software (continued)

Manhattan Associates, Inc.*		9,640	$	221,238
Mentor Graphics Corp.*		41,200		300,760
MicroStrategy, Inc., Class A*		3,586		312,950
Monotype Imaging Holdings, Inc.*		10,372		77,997
Net 1 UEPS Technologies, Inc.*		13,800		241,362
Netscout Systems, Inc.*		10,200		125,358
NetSuite, Inc.* (a)		7,800		108,966
OpenTV Corp., Class A*		36,200		55,748
Opnet Technologies, Inc.		5,600		61,040
Parametric Technology Corp.*		49,340		735,659
Pegasystems, Inc.		6,000		172,020
Pervasive Software, Inc.*		6,200		30,380
Phoenix Technologies Ltd.*		12,800		29,952
Progress Software Corp.*		16,735		386,579
PROS Holdings, Inc.*		9,000		80,910
QAD, Inc.		5,400		24,624
Quest Software, Inc.*		24,662		413,582
Radiant Systems, Inc.*		11,935		117,440
Renaissance Learning, Inc.		2,065		18,750
Rosetta Stone, Inc.* (a)		2,600		53,950
S1 Corp.*		22,178		133,068
Smith Micro Software, Inc.*		12,000		108,960
SolarWinds, Inc.*		5,100		90,780
Solera Holdings, Inc.		29,200		940,824
SonicWALL, Inc.*		22,951		182,231
Sourcefire, Inc.*		9,400		190,820
SRS Labs, Inc.*		4,600		29,854
SuccessFactors, Inc.*		18,500		282,865
Symyx Technologies, Inc.*		14,959		87,809
Synchronoss Technologies, Inc.*		8,700		99,267
Take-Two Interactive Software, Inc.*		32,700		358,719
Taleo Corp., Class A*		13,300		289,142
TeleCommunication Systems, Inc., Class A*		16,300		145,722
THQ, Inc.*		26,841		140,378
TIBCO Software, Inc.*		72,260		632,275
TiVo, Inc.*		45,179		491,548
Tyler Technologies, Inc.*		12,300		233,946
Ultimate Software Group, Inc.*		10,700		272,957
Unica Corp.*		6,000		41,760
VASCO Data Security International, Inc.*		11,800		71,744
Websense, Inc.*		18,850		302,731

				16,112,747



Specialty Retail 3.1%
America’s Car-Mart, Inc.*		4,200		87,066
AnnTaylor Stores Corp.*		24,000		311,280
Asbury Automotive Group, Inc.*		13,860		134,996
Bebe Stores, Inc.		9,600		60,096
Big 5 Sporting Goods Corp.		9,400		138,650
Books-A-Million, Inc., Class A		2,500		21,650
Borders Group, Inc.*		19,800		38,412
Brown Shoe Co., Inc.		17,754		184,109
Buckle, Inc. (The) (a)		10,357		310,814
Build-A-Bear Workshop, Inc.*		7,200		37,296
Cabela’s, Inc.* (a)		16,805		211,239
Cato Corp. (The), Class A		11,191		220,575
Charming Shoppes, Inc.*		50,410		228,357
Childrens Place Retail Stores, Inc. (The)*		8,911		280,251
Christopher & Banks Corp.		15,739		95,851
Citi Trends, Inc.*		6,300		165,879
Coldwater Creek, Inc.*		24,300		139,725
Collective Brands, Inc.*		27,314		506,675
Conn’s, Inc.* (a)		4,200		26,502
Destination Maternity Corp.*		2,400		48,120
Dress Barn, Inc.*		19,729		356,108
DSW, Inc., Class A*		4,665		89,568
Finish Line, Inc. (The), Class A		18,056		183,088
Gander Mountain Co.* (a)		3,100		15,469
Genesco, Inc.*		9,020		235,151
Group 1 Automotive, Inc.		9,608		244,235
Gymboree Corp.*		12,002		510,925
Haverty Furniture Cos., Inc.*		7,675		92,944
hhgregg, Inc.*		5,000		82,450
Hibbett Sports, Inc.*		11,459		214,742
HOT Topic, Inc.*		16,638		128,113
J Crew Group, Inc.*		21,190		864,128
Jo-Ann Stores, Inc.*		11,083		295,029
Jos. A. Bank Clothiers, Inc.*		7,355		301,408
Kirkland’s, Inc.*		4,500		56,610
Lithia Motors, Inc., Class A*		7,400		61,716
Lumber Liquidators, Inc.*		5,600		119,000
Men’s Wearhouse, Inc. (The)		22,200		514,374
Midas, Inc.*		6,000		48,360
Monro Muffler Brake, Inc.		6,475		200,660
New York & Co., Inc.*		10,000		44,000
OfficeMax, Inc.*		31,300		357,759
Pacific Sunwear Of California*		27,960		168,878
PEP Boys-Manny Moe & Jack		20,783		182,267
Pier 1 Imports, Inc.*		35,800		126,016
Rent-A-Center, Inc.*		26,850		492,966
Rex Stores Corp.*		3,100		38,285
Sally Beauty Holdings, Inc.*		40,500		273,375
Shoe Carnival, Inc.*		3,800		57,038
Sonic Automotive, Inc., Class A (a)		11,852		105,957
Stage Stores, Inc.		16,701		197,072
Stein Mart, Inc.*	��	10,933		103,864
Syms Corp.*		2,700		18,981
Systemax, Inc.*		4,500		60,660
Talbots, Inc.		10,300		93,421
Tractor Supply Co.*		15,000		670,500
Tween Brands, Inc.*		10,807		91,643
Ulta Salon Cosmetics & Fragrance, Inc.*		11,800		178,652

130 Annual Report 2009


Common Stocks (continued)
	Shares		Market Value


Specialty Retail (continued)

West Marine, Inc.*	6,900	$	52,578
Wet Seal, Inc. (The), Class A*	41,305		131,763
Zale Corp.*	8,802		41,634
Zumiez, Inc.*	8,500		114,495

			11,463,425

Textiles, Apparel & Luxury Goods 2.2%
American Apparel, Inc.*	14,700		45,129
Carter’s, Inc.*	23,808		561,869
Cherokee, Inc.	3,200		60,576
Columbia Sportswear Co.	4,800		182,640
CROCS, Inc.*	35,700		217,056
Deckers Outdoor Corp.*	5,378		482,245
FGX International Holdings Ltd.*	5,800		76,502
Fossil, Inc.*	19,945		533,130
Fuqi International, Inc.* (a)	4,800		98,352
G-III Apparel Group Ltd.*	5,800		92,858
Iconix Brand Group, Inc.*	30,400		354,464
Jones Apparel Group, Inc.	36,400		651,196
Kenneth Cole Productions, Inc., Class A	3,270		31,098
K-Swiss, Inc., Class A	11,481		93,685
Liz Claiborne, Inc.	40,500		232,470
Lululemon Athletica, Inc.*	17,300		434,576
Maidenform Brands, Inc.*	7,800		109,512
Movado Group, Inc.	6,937		72,700
Oxford Industries, Inc.	5,357		103,658
Perry Ellis International, Inc.*	3,282		44,865
Quiksilver, Inc.*	56,300		112,037
Skechers U.S.A., Inc., Class A*	14,085		307,335
Steven Madden Ltd.*	6,698		271,269
Timberland Co. (The), Class A*	18,600		300,948
True Religion Apparel, Inc.*	10,700		275,739
Under Armour, Inc., Class A* (a)	14,130		379,390
Unifi, Inc.*	19,300		53,654
UniFirst Corp.	5,943		250,022
Volcom, Inc.*	7,900		131,219
Warnaco Group, Inc. (The)*	18,923		766,949
Weyco Group, Inc.	2,800		62,440
Wolverine World Wide, Inc.	20,646		528,124

			7,917,707



Thrifts & Mortgage Finance 1.3%
Abington Bancorp, Inc.	9,300		63,798
Astoria Financial Corp.	35,600		355,288
Bank Mutual Corp.	20,760		145,735
BankFinancial Corp.	8,700		82,128
Beneficial Mutual Bancorp, Inc.*	14,100		130,425
Berkshire Hills Bancorp, Inc.	5,940		122,067
Brookline Bancorp, Inc.	25,185		246,561
Brooklyn Federal Bancorp, Inc.	1,700		20,366
Cheviot Financial Corp.	2,000		15,440
Clifton Savings Bancorp, Inc.	4,100		37,802
Danvers Bancorp, Inc.	7,800		107,094
Dime Community Bancshares	10,964		120,494
Doral Financial Corp.* (a)	2,300		6,532
ESB Financial Corp.	3,800		44,308
ESSA Bancorp, Inc.	6,700		80,199
First Defiance Financial Corp.	3,400		49,028
First Financial Holdings, Inc.	5,700		76,893
First Financial Northwest, Inc.	7,800		46,176
First Financial Service Corp.	1,600		14,656
Flagstar Bancorp, Inc.* (a)	28,995		26,095
Flushing Financial Corp.	11,250		126,338
Fox Chase Bancorp, Inc.*	2,300		22,793
Heritage Financial Group	500		4,055
Home Federal Bancorp, Inc.	8,000		92,400
Kearny Financial Corp.	7,500		73,875
Kentucky First Federal Bancorp	1,600		16,816
K-Fed Bancorp (a)	1,400		12,502
Legacy Bancorp, Inc.	2,900		27,724
Meridian Interstate Bancorp, Inc.*	4,300		36,980
MGIC Investment Corp.* (a)	53,300		229,723
NASB Financial, Inc. (a)	1,400		34,440
NewAlliance Bancshares, Inc.	44,920		497,714
Northeast Community Bancorp, Inc.	2,200		14,740
Northwest Bancorp, Inc.	7,390		162,580
OceanFirst Financial Corp.	4,000		38,000
Ocwen Financial Corp.*	23,160		253,139
Oritani Financial Corp.	3,900		49,959
PMI Group, Inc. (The)	28,100		68,002
Provident Financial Services, Inc.	26,306		282,789
Provident New York Bancorp	14,175		120,913
Prudential Bancorp, Inc. of Pennsylvania	2,400		23,544
Radian Group, Inc.	34,200		198,018
Rockville Financial, Inc.	3,600		37,260
Roma Financial Corp. (a)	3,600		44,604
Territorial Bancorp, Inc.*	4,900		80,801
Tree.com, Inc.*	3,000		23,430
Trustco Bank Corp.	33,308		198,183
United Financial Bancorp, Inc.	7,000		89,950
ViewPoint Financial Group	4,500		60,300
Waterstone Financial, Inc.*	2,660		9,071
Westfield Financial, Inc.	13,728		110,512
WSFS Financial Corp.	2,609		72,008

			4,904,248



Tobacco 0.2%
Alliance One International, Inc.*	34,611		152,634
Star Scientific, Inc.* (a)	31,600		26,544
Universal Corp.	10,132		421,390
Vector Group Ltd.	16,508		239,531

			840,099



Trading Companies & Distributors 0.8%
Aceto Corp.	10,600		58,724

2009 Annual Report 131

Statement of Investments (Continued)

October 31, 2009

Nationwide Small Cap Index Fund (Continued)


Common Stocks (continued)
	Shares		Market Value


Trading Companies & Distributors (continued)

Aircastle Ltd.	20,600	$	163,152
Applied Industrial Technologies, Inc.	17,812		360,337
Beacon Roofing Supply, Inc.*	19,870		285,333
BlueLinx Holdings, Inc.*	6,800		19,924
DXP Enterprises, Inc.*	3,300		37,884
H&E Equipment Services, Inc.*	11,600		122,960
Houston Wire & Cable Co.	7,500		90,675
Interline Brands, Inc.*	14,300		208,780
Kaman Corp.	11,308		233,624
Lawson Products, Inc.	1,724		26,808
RSC Holdings, Inc.*	20,700		139,518
Rush Enterprises, Inc., Class A*	14,550		158,886
TAL International Group, Inc.	6,300		74,718
Textainer Group Holdings Ltd.	4,100		61,746
Titan Machinery, Inc.*	5,500		59,015
United Rentals, Inc.*	25,600		242,944
Watsco, Inc.	11,133		570,232
Willis Lease Finance Corp.*	1,800		22,914

			2,938,174



Transportation Infrastructure 0.0%
CAI International, Inc.*	4,000		30,000



Water Utilities 0.3%
American States Water Co.	7,746		256,780
Artesian Resources Corp., Class A	2,600		42,146
Cadiz, Inc.*	5,100		54,519
California Water Service Group	8,297		303,421
Connecticut Water Service, Inc.	3,700		82,510
Consolidated Water Co., Inc.	6,300		92,988
Middlesex Water Co.	5,900		90,801
Pennichuck Corp.	1,800		40,806
SJW Corp.	5,745		125,069
Southwest Water Co.	10,525		58,624
York Water Co. (The)	5,700		79,743

			1,227,407



Wireless Telecommunication Services 0.4%
Centennial Communications Corp.*	36,900		312,174
iPCS, Inc.*	7,500		179,025
NTELOS Holdings Corp.	12,860		194,186
Shenandoah Telecommunications Co.	10,383		173,292
Syniverse Holdings, Inc.*	28,800		493,344
USA Mobility, Inc.	9,624		104,902
Virgin Mobile USA, Inc., Class A*	14,300		57,200

			1,514,123


Total Common Stocks (cost $428,780,840)			352,660,171

Rights 0.0%

	Number of Rights		Market Value


Enterprise Bancorp, Inc. 11/19/2009* (b)	1,900		0
Winthrop Realty Trust 11/19/2009* (b)	1,417		0
Zion Oil & Gas Inc. 12/31/2049* (b)	1,196		2,069

			2,069


Total Rights (cost $ — )			2,069



Warrants 0.0%

	Number of Warrants		Market Value



Hotels, Restaurants & Leisure 0.0%
Krispy Kreme Doughnuts, Inc., expiring 3/2/2012* (b)	301		21



Oil, Gas & Consumable Fuels 0.0%
GreenHunter Energy, Inc., expiring 9/16/2011* (b)	120		0


Total Warrants (cost $ — )			21



Exchange Traded Fund 0.0%

	Shares		Market Value


Kayne Anderson Energy Development Co.	4,300		53,707


Total Exchange Traded Fund (cost $94,280)			53,707



Mutual Fund 3.9%


Money Market Fund 3.9%
Invesco AIM Liquid Assets Portfolio, 0.21%(c)	14,199,517		14,199,517


Total Mutual Fund (cost $14,199,517)			14,199,517

132 Annual Report 2009




Repurchase Agreement 5.5%

		Principal Amount		Market Value


Morgan Stanley, 0.08%, dated 10/30/09, due 11/02/09, repurchase price $20,122,697, collateralized by U.S. Government Agency Mortgages ranging 3.17% - 7.00%, maturing 08/01/17 - 11/01/39; total market value of $20,525,164 (d)	$	20,122,563	$	20,122,563


Total Repurchase Agreement (cost $20,122,563)				20,122,563


Total Investments (cost $463,197,200) (e) — 105.3%				387,038,048

Liabilities in excess of other assets — (5.3%)				(19,582,217	)


NET ASSETS — 100.0%			$	367,455,831


*		Denotes a non-income producing security.

(a)		The security or a portion of this security is on loan at October 31, 2009. The total value of securities on loan at October 31, 2009 was $18,475,464.

(b)		Fair Valued Security.

(c)		Represents 7-day effective yield as of October 31, 2009.

(d)		The security was purchased with cash collateral held from securities on loan (See Note 2.) The total value of this security as of October 31, 2009 was $20,122,563.

(e)		See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.


Ltd.		Limited

NA		National Association

NV		Public Traded Company

REIT		Real Estate Investment Trust

SA		Stock Company

At October 31, 2009, the Fund’s open futures contracts were as follows (Note 2):

Notional Value

Number of

Covered by

Unrealized

Contracts

Long Contracts

Expiration

Contracts

Depreciation

271

Russell 2000 Mini Futures

12/18/09

15,224,780

(1,003,839

)

2009 Annual Report 133

Statement of Assets and Liabilities

October 31, 2009



	Nationwide
	Small Cap
	Index Fund

Assets:
Investments, at value (cost $443,074,637)*	$	366,915,485
Repurchase agreements, at value and cost		20,122,563

Total Investments		387,038,048

Cash		3,024
Deposits with broker for futures		1,258,000
Interest and dividends receivable		189,755
Security lending income receivable		49,631
Receivable for investments sold		1,186,513
Receivable for capital shares issued		104,887
Prepaid expenses and other assets		3,876

Total Assets		389,833,734

Liabilities:
Payable for investments purchased		1,152,869
Payable for capital shares redeemed		525,148
Payable for variation margin on futures contracts		399,022
Payable upon return of securities loaned (Note 2)		20,122,563
Accrued expenses and other payables:
Investment advisory fees		33,676
Fund administration fees		38,036
Distribution fees		28,280
Administrative servicing fees		20,505
Accounting and transfer agent fees		11,304
Trustee fees		3,848
Custodian fees		2,969
Compliance program costs (Note 3)		2,693
Professional fees		23,732
Other		13,258

Total Liabilities		22,377,903

Net Assets	$	367,455,831

Represented by:
Capital	$	470,015,811
Accumulated undistributed net investment income		869,274
Accumulated net realized losses from investment and futures transactions		(26,266,263	)
Net unrealized appreciation/(depreciation) from investments		(76,159,152	)
Net unrealized appreciation/(depreciation) from futures (Note 2)		(1,003,839	)

Net Assets	$	367,455,831

Net Assets:
Class A Shares	$	122,390,936
Class B Shares		188,301
Class C Shares		623,587
Class R2 Shares (a)		734
Institutional Class Shares		244,252,273

Total	$	367,455,831


*	Includes value of securities on loan of $18,475,464 (Note 2)


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

134 Annual Report 2009



	Nationwide
	Small Cap
	Index Fund


Shares Outstanding (unlimited number of shares authorized):
Class A Shares		14,324,380
Class B Shares		22,306
Class C Shares		74,088
Class R2 Shares (a)		86
Institutional Class Shares		28,311,486

Total		42,732,346

Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	8.54
Class B Shares (b)	$	8.44
Class C Shares (c)	$	8.42
Class R2 Shares (a)	$	8.53
Institutional Class Shares	$	8.63
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	9.06

Maximum Sales Charge
Class A Shares		5.75	%


(a)		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

(b)		For Class B Shares, the redemption price per share varies by the length of time shares are held.

(c)		For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 135

Statement of Operations

For the Year Ended October 31, 2009



	Nationwide
	Small Cap
	Index Fund

INVESTMENT INCOME:
Interest income	$	10,898
Dividend income		4,521,360
Income from securities lending (Note 2)		426,856
Foreign tax withholding		(182	)

Total Income		4,958,932

EXPENSES:
Investment advisory fees		632,073
Fund administration fees		378,314
Distribution fees Class A		255,931
Distribution fees Class B		2,075
Distribution fees Class C		5,076
Distribution fees Class R2 (a)		4
Administrative servicing fees Class A		172,236
Registration and filing fees		64,641
Professional fees		59,509
Printing fees		24,404
Trustee fees		21,530
Custodian fees		12,201
Accounting and transfer agent fees		60,863
Compliance program costs (Note 3)		7,747
Other		21,538

Total expenses before earnings credit and reimbursed expenses		1,718,142

Earnings credit (Note 5)		(1,779	)
Expenses reimbursed by adviser		(332,402	)

Net Expenses		1,383,961

NET INVESTMENT INCOME		3,574,971

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(27,466,103	)
Net realized losses from futures transactions (Note 2)		(78,458	)

Net realized losses from investment and futures transactions		(27,544,561	))

Net change in unrealized appreciation/(depreciation) from investments		55,432,710
Net change in unrealized appreciation/(depreciation) from futures (Note 2)		2,119,794

Net change in unrealized appreciation/(depreciation) from investments and futures		57,552,504

Net realized/unrealized gains from investments and futures		30,007,943

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	33,582,914


(a)		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

136 Annual Report 2009

Statements of Changes in Net Assets


	Nationwide Small Cap
	Index Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	3,574,971		$	3,718,806
Net realized gains (losses) from investment and futures transactions		(27,544,561	)		8,021,216
Net change in unrealized appreciation/(depreciation) from investments and futures		57,552,504			(165,931,044	)

Change in net assets resulting from operations		33,582,914			(154,191,022	)


Distributions to Shareholders From:
Net investment income:
Class A		(640,145	)		(567,435	)
Class B		(570	)		(308	)
Class C		(1,059	)		(260	)
Class R2 (a)		(4	)		(4	)
Institutional Class		(2,277,928	)		(2,418,812	)
Net realized gains:
Class A		(1,521,340	)		(3,375,848	)
Class B		(4,009	)		(13,116	)
Class C		(5,771	)		(21,384	)
Class R2 (a)		(10	)		(31	)
Institutional Class		(2,839,142	)		(8,641,752	)

Change in net assets from shareholder distributions		(7,289,978	)		(15,038,950	)

Change in net assets from capital transactions		52,743,802			12,051,436

Change in net assets		79,036,738			(157,178,536	)


Net Assets:
Beginning of year		288,419,093			445,597,629

End of year	$	367,455,831		$	288,419,093

Accumulated undistributed net investment income at end of year	$	869,274		$	593,307


CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	34,020,005		$	53,368,760
Dividends reinvested		2,104,473			3,829,930
Cost of shares redeemed (b)		(16,709,961	)		(32,807,583	)

Total Class A		19,414,517			24,391,107

Class B Shares

Proceeds from shares issued		9,165			39,627
Dividends reinvested		3,971			12,389
Cost of shares redeemed		(100,450	)		(39,671	)

Total Class B		(87,314	)		12,345

Class C Shares
Proceeds from shares issued		289,689			266,109
Dividends reinvested		4,033			11,055
Cost of shares redeemed		(103,708	)		(254,095	)

Total Class C		190,014			23,069


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.


(b)	Includes redemption fees — See Note 4 to Financial Statements

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 137

Statements of Changes in Net Assets (Continued)


	Nationwide Small Cap
	Index Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

CAPITAL TRANSACTIONS: (continued)
Class R2 Shares (a)
Proceeds from shares issued	$	–		$	–
Dividends reinvested		14			35
Cost of shares redeemed		–			–

Total Class R2		14			35

Institutional Class Shares
Proceeds from shares issued		64,894,869			57,244,248
Dividends reinvested		5,117,013			11,060,523
Cost of shares redeemed (b)		(36,785,311	)		(80,679,891	)

Total Institutional Class		33,226,571			(12,375,120	)

Change in net assets from capital transactions:	$	52,743,802		$	12,051,436


SHARE TRANSACTIONS:		��
Class A Shares
Issued		4,627,859			4,809,026
Reinvested		289,889			322,044
Redeemed		(2,208,438	)		(3,006,040	)

Total Class A Shares		2,709,310			2,125,030

Class B Shares
Issued		1,095			3,385
Reinvested		549			1,043
Redeemed		(14,513	)		(3,842	)

Total Class B Shares		(12,869	)		586

Class C Shares
Issued		39,331			24,827
Reinvested		563			930
Redeemed		(15,520	)		(25,488	)

Total Class C Shares		24,374			269

Class R2 Shares(a)
Issued		–			–
Reinvested		2			4
Redeemed		–			–

Total Class R2 Shares		2			4

Institutional Class Shares
Issued		9,084,930			5,161,621
Reinvested		691,754			924,436
Redeemed		(4,506,773	)		(7,279,613	)

Total Institutional Class Shares		5,269,911			(1,193,556	)

Total change in shares:		7,990,728			932,332


(a)		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

(b)		Includes redemption fees — See Note 4 to Financial Statements

Amounts designated as “–” are zero or have been rounded to zero.

The accompanying notes are an integral part of these financial statements.

138 Annual Report 2009

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Small Cap Index Fund


				Operations									Distributions																	Ratios / Supplemental Data

							Net Realized																															Ratio of
							and																												Ratio of Net			Expenses
	Net Asset						Unrealized																									Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net								Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Total			Redemption		Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			Fees		of Period			Return (a)(b)			Period		Net Assets (c)			Net Assets (c)			Net Assets (c)(d)			Turnover (e)
Class A Shares
Year Ended October 31, 2009(h)	$	8	.25		0	.07		0	.39		0	.46		(0	.05)		(0	.12)		(0	.17)		–	$	8	.54		5	.94%	$	122,390,936		0	.72%		0	.86%		0	.82%		22	.56%
Year Ended October 31, 2008	$	13	.09		0	.07		(4	.47)		(4	.40)		(0	.06)		(0	.38)		(0	.44)		–	$	8	.25		(34	.65)%	$	95,789,525		0	.65%		0	.75%		0	.71%		37	.88%
Year Ended October 31, 2007	$	13	.47		0	.14		0	.94		1	.08		(0	.18)		(1	.28)		(1	.46)		–	$	13	.09		8	.36%	$	124,188,723		0	.71%		1	.03%		0	.75%		19	.60%
Year Ended October 31, 2006	$	11	.90		0	.15		2	.06		2	.21		(0	.15)		(0	.49)		(0	.64)		–	$	13	.47		19	.14%	$	114,280,835		0	.70%		1	.21%		0	.75%		31	.51%
Year Ended October 31, 2005	$	11	.15		0	.10		1	.20		1	.30		(0	.10)		(0	.45)		(0	.55)		–	$	11	.90		11	.67%	$	65,750,869		0	.69%		0	.90%		0	.77%		24	.14%

Class B Shares
Year Ended October 31, 2009(h)	$	8	.16		0	.03		0	.39		0	.42		(0	.02)		(0	.12)		(0	.14)		–	$	8	.44		5	.54%	$	188,301		1	.30%		0	.42%		1	.41%		22	.56%
Year Ended October 31, 2008	$	12	.98		0	.02		(4	.45)		(4	.43)		(0	.01)		(0	.38)		(0	.39)		–	$	8	.16		(35	.08)%	$	286,977		1	.30%		0	.10%		1	.36%		37	.88%
Year Ended October 31, 2007	$	13	.36		0	.06		0	.93		0	.99		(0	.09)		(1	.28)		(1	.37)		–	$	12	.98		7	.68%	$	448,885		1	.30%		0	.45%		1	.34%		19	.60%
Year Ended October 31, 2006	$	11	.82		0	.08		2	.02		2	.10		(0	.07)		(0	.49)		(0	.56)		–	$	13	.36		18	.38%	$	482,293		1	.30%		0	.62%		1	.35%		31	.51%
Year Ended October 31, 2005	$	11	.08		0	.03		1	.19		1	.22		(0	.03)		(0	.45)		(0	.48)		–	$	11	.82		10	.98%	$	444,173		1	.29%		0	.28%		1	.37%		24	.14%

Class C Shares
Year Ended October 31, 2009(h)	$	8	.14		0	.02		0	.40		0	.42		(0	.02)		(0	.12)		(0	.14)		–	$	8	.42		5	.46%	$	623,587		1	.30%		0	.24%		1	.40%		22	.56%
Year Ended October 31, 2008	$	12	.94		–			(4	.42)		(4	.42)		–			(0	.38)		(0	.38)		–	$	8	.14		(35	.06)%	$	404,580		1	.30%		0	.13%		1	.36%		37	.88%
Year Ended October 31, 2007	$	13	.33		0	.06		0	.93		0	.99		(0	.10)		(1	.28)		(1	.38)		–	$	12	.94		7	.74%	$	639,822		1	.30%		0	.42%		1	.34%		19	.60%
Year Ended October 31, 2006	$	11	.80		0	.06		2	.05		2	.11		(0	.09)		(0	.49)		(0	.58)		–	$	13	.33		18	.40%	$	534,348		1	.30%		0	.53%		1	.35%		31	.51%
Year Ended October 31, 2005	$	11	.08		0	.03		1	.19		1	.22		(0	.05)		(0	.45)		(0	.50)		–	$	11	.80		10	.99%	$	199,527		1	.29%		0	.23%		1	.37%		24	.14%

Class R2 Shares(f)
Year Ended October 31, 2009(h)	$	8	.24		0	.04		0	.42		0	.46		(0	.05)		(0	.12)		(0	.17)		–	$	8	.53		5	.94%	$	734		0	.89%		0	.49%		0	.92%		22	.56%
Year Ended October 31, 2008	$	13	.08		0	.07		(4	.48)		(4	.41)		(0	.05)		(0	.38)		(0	.43)		–	$	8	.24		(34	.72)%	$	690		0	.71%		0	.67%		0	.79%		37	.88%
Period Ended October 31, 2007(g)	$	12	.75		0	.07		0	.64		0	.71		(0	.15)		(0	.23)		(0	.38)		–	$	13	.08		5	.64%	$	1,056		0	.68%		0	.84%		0	.70%		19	.60%

Institutional Class Shares
Year Ended October 31, 2009(h)	$	8	.33		0	.10		0	.41		0	.51		(0	.09)		(0	.12)		(0	.21)		–	$	8	.63		6	.51%	$	244,252,273		0	.30%		1	.26%		0	.41%		22	.56%
Year Ended October 31, 2008	$	13	.22		0	.12		(4	.53)		(4	.41)		(0	.10)		(0	.38)		(0	.48)		–	$	8	.33		(34	.45)%	$	191,937,321		0	.30%		1	.13%		0	.36%		37	.88%
Year Ended October 31, 2007	$	13	.59		0	.20		0	.94		1	.14		(0	.23)		(1	.28)		(1	.51)		–	$	13	.22		8	.76%	$	320,319,143		0	.30%		1	.53%		0	.33%		19	.60%
Year Ended October 31, 2006	$	12	.00		0	.20		2	.07		2	.27		(0	.19)		(0	.49)		(0	.68)		–	$	13	.59		19	.60%	$	518,238,957		0	.30%		1	.61%		0	.35%		31	.51%
Year Ended October 31, 2005	$	11	.24		0	.15		1	.21		1	.36		(0	.15)		(0	.45)		(0	.60)		–	$	12	.00		12	.11%	$	348,509,477		0	.29%		1	.28%		0	.37%		24	.14%

Amounts designated as “–” are zero or have been rounded to zero


(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.
(g)	For the period from March 9, 2007 (commencement of operations) through October 31, 2007.
(h)	Per Share calculations were performed using the average Shares method.

The accompanying notes are an integral part of these financial statements

2009 Annual Report 139

Notes to Financial Statements

October 31, 2009

1. Organization

Nationwide Mutual Funds (the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust dated October 28, 2004, as amended to date. The Trust, originally created under the laws of Ohio as an Ohio business trust pursuant to a Declaration of Trust dated as of October 30, 1997, as subsequently amended, was redomesticated as a Delaware statutory trust on February 28, 2005. The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust has authorized an unlimited number of shares of beneficial interest (“shares”) without par value. As of October 31, 2009, the Trust operates thirty-one (31) separate series, or mutual funds, each with its own investment objective(s) and strategies. This report contains the financial statements and financial highlights of the five (5) series listed below (each, a “Fund”; collectively, the “Funds”):


	-	Nationwide Bond Index Fund (“Bond Index”)
	-	Nationwide International Index Fund (“International Index”)
	-	Nationwide Mid Cap Market Index Fund (“Mid Cap Market Index”)
	-	Nationwide S&P 500 Index Fund (“S&P 500 Index”)
	-	Nationwide Small Cap Index Fund (“Small Cap Index”)

2. Summary of Significant Accounting Policies


(a)	Security Valuation

Debt and other fixed-income securities (other than short-term obligations) are valued at the last quoted bid price and/or by using a combination of daily quotes and matrix evaluations provided by an independent pricing service (which reflect such factors as security prices, yields, maturities, ratings, and dealer and exchange quotations), the use of which has been approved by the Board of Trustees. Short-term debt securities, such as commercial paper and U.S. Treasury Bills having a remaining maturity of 60 days or less at the time of purchase, are valued at amortized cost, which approximates market value.

140 Annual Report 2009


	•	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 Funds’ own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

2009 Annual Report 141

Notes to Financial Statements (Continued)

October 31, 2009

The following is a summary of the inputs used to value the Funds’ net assets as of October 31, 2009:

Nationwide Bond Index Fund*


Asset Type	Level 1		Level 2			Level 3		Total

Assets:
Asset-Backed Securities	$	—	$	8,124,703		$	—	$	8,124,703
Commercial Mortgage Backed Securities		—		36,637,254			—		36,637,254
Corporate Bonds		—		214,752,104			—		214,752,104
Municipal Bonds		—		3,113,618			—		3,113,618
Mutual Fund		109,668,523		—			—		109,668,523
Repurchase Agreement		—		36,594,888			—		36,594,888
Sovereign Bonds		—		15,557,751			—		15,557,751
U.S. Government Mortgage Backed Agencies		—		409,421,379			—		409,421,379
U.S. Government Sponsored & Agency Obligations		—		70,483,999			—		70,483,999
U.S. Treasury Bonds		—		38,227,698			—		38,227,698
U.S. Treasury Notes		—		243,874,682			—		243,874,682
Yankee Dollars		—		8,330,983			—		8,330,983


Total Assets		109,668,523		1,085,119,054			—		1,194,787,582


Liabilities:
U.S. Government Mortgage Backed Agencies		—		(26,136,996	)		—		(26,136,996	)


Total Liabilities		—		(26,136,996	)		—		(26,136,996	)


Total	$	109,668,523	$	1,058,982,093		$	—	$	1,168,650,586

Nationwide International Index Fund*


Asset Type	Level 1			Level 2			Level 3		Total

Assets:
Common Stocks	$	2,471,770		$	1,422,591,364		$	—	$	1,425,063,134
Exchange Traded Fund		2,577,588			—			—		2,577,588
Forward Currency Contracts		—			300,715			—		300,715
Futures Contracts		45,114			—			—		45,114
Mutual Fund		4,977,410			—			—		4,977,410
Preferred Stocks		—			5,307,925			—		5,307,925
Repurchase Agreement		—			27,413,222			—		27,413,222
Rights		—			353			—		353
Warrants		—			10,142			—		10,142


Total Assets		10,071,882			1,455,623,721			—		1,465,695,603


Liabilities:
Forward Currency Contracts		—			(343,313	)		—		(343,313	)
Futures Contracts		(797,064	)		—			—		(797,064	)


Total Liabilities		(797,064	)		(343,313	)		—		(1,140,377	)


Total	$	9,274,818		$	1,455,280,408		$	—	$	1,464,555,226

142 Annual Report 2009


Nationwide Mid Cap Market Index Fund*
Asset Type	Level 1			Level 2		Level 3		Total

Assets:
Common Stocks	$	698,653,322		$	—	$	—	$	698,653,322
Mutual Fund		19,678,236			—		—		19,678,236
Repurchase Agreement		—			18,239,639		—		18,239,639


Total Assets		718,331,558			18,239,639		—		736,571,197


Liabilities:
Futures Contracts		(1,039,524	)		—		—		(1,039,524	)


Total Liabilities		(1,039,524	)		—		—		(1,039,524	)


Total	$	717,292,034		$	18,239,639	$	—	$	735,531,673




Nationwide S&P 500 Index Fund*
Asset Type	Level 1			Level 2		Level 3		Total

Common Stocks	$	1,986,422,742		$	—	$	—	$	1,986,422,742
Mutual Fund		66,761,494			—		—		66,761,494
Repurchase Agreement		—			10,774,367		—		10,774,367


Total Assets		2,053,184,236			10,774,367		—		2,063,958,603


Liabilities:
Futures Contracts		(1,182,559	)		—		—		(1,182,559	)


Total Liabilities		(1,182,559	)		—		—		(1,182,559	)


Total	$	2,052,001,677		$	10,774,367	$	—	$	2,062,776,044




Nationwide Small Cap Index Fund*
Asset Type	Level 1			Level 2		Level 3		Total

Common Stocks	$	352,660,171		$	—	$	—	$	352,660,171
Exchange Traded Fund		53,707			—		—		53,707
Mutual Fund		14,199,517			—		—		14,199,517
Repurchase Agreement		—			20,122,563		—		20,122,563
Rights		—			2,069		—		2,069
Warrants		21			—		—		21


Total Assets		366,913,416			20,124,632		—		387,038,048


Liabilities:
Futures Contracts		(1,003,839	)		—		—		(1,003,839	)


Total Liabilities		(1,003,839	)		—		—		(1,003,839	)


Total	$	365,909,577		$	20,124,632	$	—	$	386,034,209

2009 Annual Report 143

Notes to Financial Statements (Continued)

October 31, 2009

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

Nationwide International Index Fund

Common Stocks

Rights

Warrants

Balance as of 10/31/2008

—

Accrued Accretion/(Amortization)

—

Change in Unrealized Appreciation/(Depreciation)

—

Net Purchases/(Sales)

—

Transfers In/(Out) of Level 3

—

Balance as of 10/31/09

—

Nationwide Small Cap Index Fund


	Common Stocks		Warrants

Balance as of 10/31/2008	$	—	$	—
Accrued Accretion/(Amortization)		—		—
Change in Unrealized Appreciation/(Depreciation)		—		—
Net Purchases/(Sales)		—		—
Transfers In/(Out) of Level 3		—		—


Balance as of 10/31/09	$	—	$	—

Amounts designated as “—”, which may include fair valued securities, are zero or have been rounded to zero.

* See Statement of Investment for identification of securities by type and industry classification.


(b)	Credit Derivatives


(c)	Foreign Currency Transactions

The accounting records of the Funds are maintained in U.S. dollars. International Index and S&P 500 Index, which may engage in foreign currency transactions, translates foreign currency amounts into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, receipts of income, and payments of expenses are translated at the prevailing rate of exchange on the respective date of such transactions. A Fund does not isolate that portion of the results of operations resulting from fluctuations in foreign exchange rates from those resulting from fluctuations in market prices of securities. Both fluctuations are included in the net realized and unrealized gain or loss from investments and foreign currencies.


(d)	Forward Foreign Currency Contracts

International Index and S&P 500 Index are subject to foreign currency exchange risk in the normal course of pursuing their objectives. The Funds may enter into forward foreign currency contracts in connection with planned purchases or sales of securities denominated in a foreign currency or to hedge the

144 Annual Report 2009

U.S. dollar value of portfolio securities denominated in a foreign currency. Forward foreign currency contracts are valued at the current cost of covering these contracts, as provided by an independent pricing service approved by the Board of Trustees. A forward foreign currency contract is adjusted daily by the exchange rate of the underlying currency, and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. When a Fund enters into a forward foreign currency contract, it is exposed to risks from unanticipated movements in the value of the foreign currency relative to the U.S. dollar, and the risk that the counterparties to the contract may be unable to meet their obligations under the contract.


(e)	Futures Contracts

Certain Funds are subject to equity price risk, credit risk, interest rate risk and foreign currency exchange rate risk in the normal course of pursuing their investment objectives. The Funds may enter into financial futures contracts (“futures contracts”) to gain exposure to, or hedge against changes in, the value of equities, the value of fixed income securities, interest rates or foreign currencies. The Funds may also enter into futures contracts for non-hedging purposes. If a Fund does so, the aggregate initial margin and premiums required to enter into and maintain futures contracts may not exceed 5% of the value of the Fund’s net assets after taking into account unrealized profits and unrealized losses on such futures contracts.

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, a Fund is required to pledge to the broker 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, a Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the futures contract. Subsequent receipts or payments, know as “variation margin” receipts or payments, are made each day, depending on the fluctuation in the fair value/market value of the futures contract, and are recognized by a Fund as unrealized gains or losses. Futures contracts are valued daily at their last quoted sale price.

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, a 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 the value at the time it was closed.

Should market conditions change unexpectedly, a 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. Futures contracts involve minimal counterparty credit risk to a Fund because futures contracts are exchange-traded, and the exchange’s clearinghouse, as counterparty to all exchange-traded futures contracts, guarantees futures contacts against defaults.

Futures contracts, if any, are disclosed in the Statement of Assets and Liabilities under “Net unrealized appreciation/(depreciation) from futures,” and in the Statement of Operations under “Net realized gains/losses from futures transactions” and “Net change in unrealized appreciation/(depreciation) from futures.”

2009 Annual Report 145

Notes to Financial Statements (Continued)

October 31, 2009

The Funds are subject to the provisions of FASB ASC, “Derivatives and Hedging” (ASC 815) (formerly known as Statement of Financial Accounting Standards 161). The standard requires enhanced disclosure about an entity’s derivative and hedging activities. The following is a summary of the Funds’ derivative instruments categorized by risk exposure as of October 31, 2009.

Fair Values of Derivative Instruments as of October 31, 2009

Nationwide International Index Fund

Derivatives not accounted for as hedging instruments under ASC 815


	Statement of Assets and Liabilities Location
Assets:	Asset Derivatives	Fair Value

Foreign exchange contracts	Receivables	$	300,715
Equity contracts	Net Assets — Unrealized appreciation		45,114

Total		$	345,829


Liabilities:	Liability Derivatives

Foreign exchange contracts	Payables	$	(343,313	)
Equity contracts	Net Assets — Unrealized depreciation		(797,064	)

Total		$	(1,140,377	)

Nationwide Mid Cap Market Index Fund

Derivatives not accounted for as hedging instruments under ASC 815


	Statement of Assets and Liabilities Location
Liabilities:	Liability Derivatives	Fair Value

Equity contracts	Net Assets — Unrealized depreciation	$	(1,039,524	)

Total		$	(1,039,524	)

Nationwide S&P 500 Index Fund

Derivatives not accounted for as hedging instruments under ASC 815


	Statement of Assets and Liabilities Location
Liabilities:	Liability Derivatives	Fair Value

Equity contracts	Net Assets — Unrealized depreciation	$	(1,182,559	)

Total		$	(1,182,559	)

Nationwide Small Cap Index Fund

Derivatives not accounted for as hedging instruments under ASC 815


	Statement of Assets and Liabilities Location
Liabilities:	Liability Derivatives	Fair Value

Equity contracts	Net Assets — Unrealized depreciation	$	(1,003,839	)

Total		$	(1,003,839	)

146 Annual Report 2009

The Effect of Derivative Instruments on the Statement of Operations for the Year Ended October 31, 2009

Nationwide International Index Fund

Realized Gain/(Loss)


			Foreign Exchange
Risk Exposure	Futures		Contracts		Total

Foreign exchange contracts	$	—	$	1,068,059	$	1,068,059
Equity contracts		4,557,750		—		4,557,750


Total	$	4,557,750	$	1,068,059	$	5,625,809

Nationwide Mid Cap Market Index Fund

Realized Gain/(Loss)


Risk Exposure	Futures		Total

Equity contracts	$	6,850,244	$	6,850,244


Total	$	6,850,244	$	6,850,244

Nationwide S&P 500 Index Fund

Realized Gain/(Loss)


Risk Exposure	Futures		Total

Equity contracts	$	16,637,821	$	16,637,821


Total	$	16,637,821	$	16,637,821

Nationwide Small Cap Index Fund

Realized Gain/(Loss)


Risk Exposure	Futures			Total

Equity contracts	$	(78,458	)	$	(78,458	)


Total	$	(78,458	)	$	(78,458	)

Amounts designated as “–” are zero or have been rounded to zero.

Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Operations for the Year Ended October 31, 2009

Nationwide International Index Fund

Unrealized Appreciation/(Depreciation)


				Foreign Exchange
Risk Exposure	Futures			Contracts		Total

Foreign exchange contracts	$	—		$	377,987	$	377,987
Equity contracts		(219,114	)		—		(219,114	)


Total	$	(219,114	)	$	377,987	$	158,873

2009 Annual Report 147

Notes to Financial Statements (Continued)

October 31, 2009

Nationwide Mid Cap Market Index Fund

Unrealized Appreciation/(Depreciation)


Risk Exposure	Futures		Total

Equity contracts	$	836,729	$	836,729


Total	$	836,729	$	836,729

Nationwide S&P 500 Index Fund

Unrealized Appreciation/(Depreciation)


Risk Exposure	Futures		Total

Equity contracts	$	2,158,640	$	2,158,640


Total	$	2,158,640	$	2,158,640

Nationwide Small Cap Index Fund

Unrealized Appreciation/(Depreciation)


Risk Exposure	Futures		Total

Equity contracts	$	2,119,794	$	2,119,794


Total	$	2,119,794	$	2,119,794

Amounts designated as “—” are zero or have been rounded to zero.

Information about derivative instruments reflected as of the date of this report is generally indicative of the type and volume of derivative activity for the year ended October 31, 2009.


(f)	Repurchase Agreements


(g)	Mortgage Dollar Rolls

Bond Index may enter into mortgage dollar rolls, in which a Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. Mortgage dollar rolls may be implemented in the “to be announced” (“TBA”) market and are referred to as TBAs on the Statement of Investments of the Fund. During the roll period, the Fund foregoes principal and interest paid on the mortgage-backed securities. Each mortgage dollar roll is treated as a purchase and sale transaction; therefore, any gain or loss is considered unrealized until the roll reaches completion. Mortgage dollar roll investments entail risks related to the potential inability of counterparties to complete the transaction, which may be heightened because of the delayed payment date. Income is generated as consideration for entering into mortgage dollar rolls and is included in interest income on the Statement of Operations.

148 Annual Report 2009


(h)	Security Transactions and Investment Income


(i)	Securities Lending

To generate additional income, each Fund may lend its portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions. The Funds’ securities lending standards and guidelines require that (1) the borrower deliver cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Funds receive payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Funds or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank, N.A. serves as securities lending agent for the securities lending program of the Funds. JPMorgan Chase Bank, N.A. receives a fee based on the value of the collateral received from borrowers. Information on the investment of cash collateral is shown in the Statement of Investments.

As of October 31, 2009, the Funds had securities with the following values on loan:


	Value of		Value of
Fund	Loaned Securities		Collateral

Bond Index	$	130,789,702	$	132,659,518	*


International Index		25,648,497		27,413,222


Mid Cap Market Index		17,208,790		18,239,639


S&P 500 Index		10,235,244		10,744,367


Small Cap Index		18,475,464		20,122,563


*		Includes $96,064,630 of collateral in the form of U.S. Government Sponsored & Agency Obligations securities, interest rates ranging from 0.0% to 8.0% and maturity dates ranging from 01/27/10 to 01/01/48.


(j)	Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly for International Index, Mid Cap Market Index, S&P 500 Index and Small Cap Index and are declared daily and paid monthly for Bond Index. For all Funds, distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.

2009 Annual Report 149

Notes to Financial Statements (Continued)

October 31, 2009

These reclassifications have no effect upon the NAV of the respective Funds. Distributions in excess of current and accumulated earnings and profits for federal income tax purposes are reported as distributions of paid-in-capital.


(k)	Federal Income Taxes

The Funds are subject to the provisions of ASC 740, “Income Taxes” (formerly known as SFAS 109). In July 2006, the FASB amended ASC 740-10 (formerly known as FIN 48). ASC 740-10 provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in financial statements. ASC 740-10 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the Fund could incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefits to recognize in the financial statements. Differences result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Each Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. Each Fund’s taxable years 2006 to 2009 remain subject to examination by the Internal Revenue Service.


(l)	Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionally among various or all series within the Trust. For each Fund, except Bond Index, income, Fund expenses, and realized and unrealized gains or losses are allocated to each class of shares of the Fund based on the fair value of the shares of that class outstanding relative to net assets. Under this method, each class of shares participates based on the total NAV of the class’s shares in proportion to the total net assets of the series. For the Bond Index, income, Fund expenses, and realized and unrealized gains or losses are allocated to each class of shares based on the fair value of settled shares of each class outstanding. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that class.

3. Transactions with Affiliates

150 Annual Report 2009


		Total
Fund	Fee Schedule	Fees

Bond Index	Up to $1.5 billion		0.22	%
	$1.5 billion up to $3 billion		0.21	%
	On $3 billion and more		0.20	%


International Index	Up to $1.5 billion		0.27	%
	$1.5 billion up to $3 billion		0.26	%
	On $3 billion and more		0.25	%


Mid Cap Market Index	Up to $1.5 billion		0.22	%
	$1.5 billion up to $3 billion		0.21	%
	On $3 billion and more		0.20	%


S&P 500 Index	Up to $1.5 billion		0.13	%
	$1.5 billion up to $3 billion		0.12	%
	$3 billion up to $4.5 billion		0.11	%
	On $4.5 billion and more		0.10	%


Small Cap Index	Up to $1.5 billion		0.20	%
	$1.5 billion up to $3 billion		0.19	%
	On $3 billion and more		0.18	%

From these fees, pursuant to the subadvisory agreement, NFA pays fees to the subadviser. NFA paid the subadviser $3,207,634 for the year ended October 31, 2009.

The Trust and NFA have entered into a written Expense Limitation Agreement, which limits the Funds’ operating expenses (excluding taxes, interest, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an administrative services plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Funds’ business) from exceeding the amounts listed in the table below until at least February 28, 2010:


Fund	Classes		Amount

Bond Index(a)		All Classes		0.32	%


International Index(a)		All Classes		0.37	%


Mid Cap Market Index		All Classes		0.32	%


S&P 500 Index		All Classes		0.23	%


Small Cap Index(a)		All Classes		0.30	%


(a)		The Expense Limitation Agreement also states that for this Fund, the expense ratio for Class A, Class B, Class C, and Institutional Class shares will not exceed 4.00% through March 1, 2011.

2009 Annual Report 151

Notes to Financial Statements (Continued)

October 31, 2009

As of October 31, 2009, the cumulative potential reimbursements of the following Funds, listed by the year in which NFA waived or reimbursed fees or expenses to a Fund, are:


	Amount		Amount		Amount
	Fiscal Year		Fiscal Year		Fiscal Year
Fund	2007		2008		2009

Bond Index	$	439,605	$	527,490	$	785,022


International Index		386,490		1,015,839		1,076,868


Mid Cap Market Index		319,532		404,937		605,689


S&P 500 Index		375,580		947,881		1,433,334


Small Cap Index		164,560		217,602		332,402


		Combined Fee Schedule*

		Up to $1 billion			0.26%


		$1 billion to $3 billion			0.19%


		$3 billion to $4 billion			0.15%


		$4 billion to $5 billion			0.08%


		$5 billion to $10 billion			0.05%


		$10 billion to $12 billion			0.03%


		$12 billion and more			0.02%


*		The assets of the Nationwide Investor Destinations Aggressive, Nationwide Investor Destinations Moderately Aggressive, Nationwide Investor Destinations Moderate, Nationwide Investor Destinations Moderately Conservative and Nationwide Investor Destinations Conservative Funds (collectively, the “Investor Destinations Funds”) and the Nationwide Destination 2010, Nationwide Destination 2015, Nationwide Destination 2020, Nationwide Destination 2025, Nationwide Destination 2030, Nationwide Destination 2035, Nationwide Destination 2040, Nationwide Destination 2045, Nationwide Destination 2050, and Nationwide Retirement Income Funds (collectively, the “Target Destination Funds”) are excluded from the Trust asset level amount in order to calculate this asset based fee. The Investor Destinations Funds and the Target Destination Funds do not pay any part of this fee.

Under the terms of an Administrative Services Plan, the Funds may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class A, Class R2, Service Class and Institutional Service Class shares of S&P 500 Index and up to 0.25% of the average daily net assets of Class A and Class R2 (formerly Class R) shares of Bond Index, International Index, Mid Cap Market Index and Small Cap Index.

152 Annual Report 2009

For the year ended October 31, 2009, NFS received the following amounts in Administrative Services fees from each Fund:


Fund	Amount

Bond Index	$	152,410


International Index		418,258


Mid Cap Market Index		174,924


S&P 500 Index		1,029,263


Small Cap Index		145,012


	Class A			Class B			Class C			Class R2			Service Class
Fund	Shares			Shares			Shares			Shares*			Shares

Bond Index		0.25	%		1.00	%		1.00	%		0.50	%		N/A


International Index		0.25	%		1.00	%		1.00	%		0.50	%		N/A


Mid Cap Market Index		0.25	%		1.00	%		1.00	%		0.50	%		N/A


S&P 500 Index		0.25	%		1.00	%		1.00	%		0.50	%		0.15	%


Small Cap Index		0.25	%		1.00	%		1.00	%		0.50	%		N/A


*		Formerly Class R Shares

Pursuant to an Underwriting Agreement, NFD serves as principal underwriter of the Funds in the continuous distribution of their shares and receives commissions in the form of a front-end sales charge on Class A shares. These fees are deducted from and are not included in proceeds from sales of Class A shares of the Funds. From these fees, NFD pays sales commissions, salaries and other expenses in connection with generating new sales of Class A shares of the Funds. NFD also receives fees for services as principal underwriter for Class B shares of the Funds. These fees are contingent deferred sales charges (“CDSCs”) ranging from 1% to 5% imposed on redemptions of Class B shares, which may cause the current value of a shareholder’s account to fall below the total purchase payments. A CDSC will be imposed on redemptions of Class B shares made within six years of purchase. Class C shares have a CDSC fee of 1% imposed on redemptions made within one year of purchase. For the year ended October 31, 2009, NFD received commissions of $99,518 from front-end sales charges of Class A shares and from CDSC fees from Class B and Class C shares of the Funds, of which $22,404 was re-allowed to affiliated broker-dealers of the Funds.

2009 Annual Report 153

Notes to Financial Statements (Continued)

October 31, 2009

4. Short-term Trading Fees

The Funds assess a 2.00% redemption fee on all classes of shares that are purchased and are sold or exchanged within seven calendar days of purchase. The redemption fee, if any, is paid directly to the applicable Fund class and is designed to offset brokerage commissions, market impact and other costs associated with short-term trading of Fund shares. For purposes of determining whether the redemption fee applies, the shares that were held the longest will be redeemed first. This redemption fee is in addition to any CDSCs that may be applicable at the time of sale. The redemption fee may not apply in certain circumstances, such as redemptions or exchanges of shares held in certain omnibus accounts or retirement plans that cannot implement the redemption fee. The fee does not apply to shares purchased through reinvested dividends or capital gains.

For the year ended October 31, 2009, the Funds had contributions to capital due to the collection of redemption fees in the amounts of:


									Institutional		Service		Institutional
Fund	Class A		Class B		Class C		Class R2*		Service Class		Class		Class

Bond Index	$	2	$	506	$	—		N/A		N/A		N/A	$	11


International Index		9		—		2	$	—		N/A		N/A		—


Mid Cap Market Index		—		—		—		—		N/A		N/A		—


S&P 500 Index		—		6		—		—	$	—	$	—		18


Small Cap Index		60		—		—		—		N/A		N/A		3


*		Formerly Class R Shares

For the year ended October 31, 2008, the Funds had contributions to capital due to the collection of redemption fees in the amounts of:


									Institutional		Service		Institutional
Fund	Class A		Class B		Class C		Class R2*		Service Class		Class		Class

Bond Index	$	646	$	—	$	—		N/A		N/A		N/A	$	—


International Index		9		—		—	$	—		N/A		N/A		8


Mid Cap Market Index		220		—		—		—		N/A		N/A		—


S&P 500 Index		1,135		—		—		—	$	—	$	—		236


Small Cap Index		97		—		—		—		N/A		N/A		444


*		Formerly Class R Shares

Amounts designated as “—” are zero or have been rounded to zero.

5. Bank Loans and Earnings Credit

154 Annual Report 2009

offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earning credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the series that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

6. Investment Transactions

For the year ended October 31, 2009, purchases of and sales (excluding short-term securities) were as follows:


Fund	Purchases		Sales

Bond Index	$	3,126,291,721	$	2,966,392,709


International Index		146,280,808		262,709,432


Mid Cap Market Index		161,961,664		114,688,206


S&P 500 Index		238,786,181		71,394,078


Small Cap Index		119,396,798		67,579,165

For the year ended October 31, 2009, purchases and sales of U.S. Government Securities were as follows:


Fund	Purchases		Sales

Bond Index	$	284,462,658	$	196,293,144

7. Portfolio Investment Risks

8. Indemnifications

2009 Annual Report 155

Notes to Financial Statements (Continued)

October 31, 2009

9. Other


Fund	% of Shares		Number of Accounts

Bond Index		78.09%		4


International Index		66.25		4


Mid Cap Market Index		64.21		3


S&P 500 Index		74.93		4


Small Cap Index		78.81		5

10. Federal Tax Information

The tax character of distributions paid during the fiscal year ended October 31, 2009 was as follows:


	Distributions paid from
	Ordinary		Net Long- Term		Total Taxable		Total Distributions
Fund	Income		Capital Gains		Distributions		Paid

Bond Index	$	37,272,149	$	—	$	37,272,149	$	37,272,149


International Index		47,718,826		128,571,791		176,290,617		176,290,617


Mid Cap Market Index		7,170,866		29,574,167		36,745,033		36,745,033


S&P 500 Index		37,663,015		—		37,663,015		37,663,015


Small Cap Index		2,920,451		4,369,527		7,289,978		7,289,978

Amounts designated as “-” are zero or have been rounded to zero.

The tax character of distributions paid during the fiscal year ended October 31, 2008 was as follows:


	Distributions paid from
	Ordinary		Net Long- Term		Total Taxable		Total Distributions
Fund	Income		Capital Gains		Distributions		Paid

Bond Index	$	46,549,042	$	—	$	46,549,043	$	46,549,042


International Index		84,192,400		55,158,041		139,350,441		139,350,441


Mid Cap Market Index		10,390,861		30,636,374		41,027,235		41,027,235


S&P 500 Index		45,063,871		30,562,249		75,626,120		75,626,120


Small Cap Index		6,778,773		8,260,177		15,038,950		15,038,950

Amounts designated as “-” are zero or have been rounded to zero.

156 Annual Report 2009


																Total
	Undistributed		Undistributed							Accumulated			Unrealized			Accumulated
	Ordinary		Long-Term		Accumulated		Distributions			Capital and			Appreciation			Earnings
Fund	Income		Capital Gains		Earnings		Payable			Other Losses			(Depreciation)*			(Deficit)

Bond Index	$	6,941,045	$	—	$	6,941,045	$	(3,096,632	)	$	(8,588,683	)	$	27,522,181		$	22,777,911


International Index		14,042,875		—		14,042,875		—			(8,835,761	)		(98,841,911	)		(93,634,797	)


Mid Cap Market Index		1,557,178		—		1,557,178		—			(14,826,045	)		(131,281,534	)		(144,550,401	)


S&P 500 Index		3,916,284		—		3,916,284		—			(9,110,987	)		(315,943,802	)		(321,138,505	)


Small Cap Index		848,667		—		848,667		—			(23,082,159	)		(80,326,488	)		(102,559,980	)


*		The differences between the book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to tax deferral on wash sales.

Amounts designated as “-” are zero or have been rounded to zero.

As of October 31, 2009, the tax cost of securities and the breakdown of unrealized appreciation/(depreciation) for each Fund was as follows:


							Net
							Unrealized
			Unrealized		Unrealized		Appreciation /
Fund	Tax Cost of Securities		Appreciation		Depreciation		(Depreciation)

Bond Index	$	1,167,060,358	$	31,478,962	$	(3,751,738)	$	27,727,224


International Index		1,563,738,790		162,288,588		(260,677,604)		(98,389,016)


Mid Cap Market Index		867,852,731		47,264,271		(178,545,805)		(131,281,534)


S&P 500 Index		2,379,902,405		181,250,689		(497,194,491)		(315,943,802)


Small Cap Index		467,364,536		23,726,338		(104,052,826)		(80,326,488)


Fund	Amount		Expires

Bond Index	$	8,588,683		2014


International Index		8,835,761		2017


Mid Cap Market Index		14,826,045		2017


S&P 500 Index		9,110,987		2016


Small Cap Index		23,082,159		2017

11. Subsequent Events

2009 Annual Report 157

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of Nationwide Mutual Funds:

In our opinion, the accompanying statements of assets and liabilities, including the statements of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Nationwide Bond Index Fund, Nationwide International Index Fund, Nationwide Mid Cap Market Index Fund, Nationwide S&P 500 Index Fund and Nationwide Small Cap Index Fund (five series of Nationwide Mutual Funds, hereafter referred to as the “Funds”) at October 31, 2009, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 24, 2009

158 Annual Report 2009

Supplemental Information

(Unaudited)

Other Federal Tax Information

For the taxable year ended October 31, 2009, the following percentage of income dividends paid by the Funds qualify for the dividends received deduction available to corporations:


	Dividends
	Received
Fund	Deductions

Mid Cap Market Index		100	%


S&P 500 Index		100	%


Small Cap Index		100	%


Fund	Amount

International Index	$	128,571,791


Mid Cap Market Index		29,574,167


Small Cap Index		4,369,527

Certain Funds have derived net income from sources within foreign countries. As of October 31, 2009, the foreign source income for each Fund was as follows:


Fund	Amount

International Index	$	45,673,855

Certain Funds intend to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. As of October 31, 2009, the foreign tax credit for each Fund was as follows:


Fund	Amount

International Index	$	4,166,340

2009 Annual Report 159

Management Information

October 31, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust

The address for each Trustee is: c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

Number of

Portfolios in the

Position(s) Held

Nationwide Fund

with the Trust

Complex

Other

Name and

and Length of

Principal Occupation(s)

Overseen

Directorships

Year of Birth

Time Served¹

During Past 5 Years²

by Trustee

Held by Trustee³

Charles E. Allen
1948

Trustee
since
July 2000

Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).

None

Paula H.J.
Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore
1940

Trustee
since
1990

Dr. DeVore is an interim President of Greensboro College. He served as President of Otterbein College⁴ from July 1984 until July 2009.

None

Kay Dryden
1947

Trustee
since
December 2004

Ms. Dryden was a partner of Mitchell Madison Group LLC, a management
consulting company from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

160 Annual Report 2009

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust (Continued)

The address for each Trustee is: c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

Number of

Portfolios in the

Position(s) Held

Nationwide Fund

with the Trust

Complex

Other

Name and

and Length of

Principal Occupation(s)

Overseen

Directorships

Year of Birth

Time Served¹

During Past 5 Years²

by Trustee

Held by Trustee³

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

Mr. Kridler has been a Board Member of Compete Columbus (economic development group for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.

None

David C. Wetmore
1948

Trustee
since
1995
and Chairman since
February 2005

None


¹		Length of time served includes time served with predecessor of the Trust.
²		Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
³		Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
⁴		Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

2009 Annual Report 161

Management Information (Continued)

October 31, 2009 (Unaudited)

Officers of the Trust

The address for each Officer is: c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

Position(s) Held

Number of

with Fund

Portfolios in

Other

Name and

and Length of

Principal Occupation(s)

Fund Complex Overseen

Directorships

Year of Birth

TimeServed¹

During Past 5 Years²

by Trustee

Held by Trustee⁴

Michael S. Spangler
1966

President and Chief
Executive Officer
since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice
President and Chief
Operating Officer
since
June 2008

Mr. Grugeon is Executive Vice
President and Chief OperatingOfficer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust³. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation³, a subsidiary of NWD Investments, from 1999 through 2003.

N/A

Joseph Finelli
1957

Treasurer and Chief
Financial Officer
since September
2007

N/A

162 Annual Report 2009

Officers of the Trust (Continued)

The address for each Officer is: c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

Position(s) Held

Number of

with Fund

Portfolios in

Other

Name and

and Length of

Principal Occupation(s)

Fund Complex Overseen

Directorships

Year of Birth

TimeServed¹

During Past 5 Years²

by Trustee

Held by Trustee⁴

Dorothy Sanders
1955

Chief Compliance
Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments³.

N/A

Doff Meyer
1950

Vice President and
Chief Marketing
Officer since
January 2008

N/A

Lynnett Berger
1965

Vice President and
Chief Investment Officer since April 2009

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
³		These positions are held with an affiliated person or principal underwriter of the Funds.
⁴		Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

		Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

		Federal law requires the Trust and each of its investment advisers and subadvisers to adopt procedures for voting proxies (“Proxy Voting Guidelines”) and to provide a summary of those Proxy Voting Guidelines used to vote the securities held by the Fund. The Fund’s proxy voting policies and procedures are available without charge (i) upon request, by calling 800-848-0920, (ii) on the Trust’s website at www.nationwide.com/mutualfunds, and (iii) on the Securities and Exchange Commission’s website at www.sec.gov.

2009 Annual Report 163

(Logo)

P.O. Box 5354

Cincinnati, OH 45201-5354

nationwide.com/mutualfunds

Nationwide, Nationwide Financial, the Nationwide Framemark, Nationwide Funds, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

AR-IDX 12/09

Nationwide Mutual Funds

AnnualReport

October 31, 2009

Investor Destinations Funds

Nationwide Investor Destinations Aggressive Fund

Nationwide Investor Destinations Moderately Aggressive Fund

Nationwide Investor Destinations Moderate Fund

Nationwide Investor Destinations Moderately Conservative Fund

Nationwide Investor Destinations Conservative Fund

AnnualReport

October 31, 2009


			Contents

1			Message to Shareholders

			Investor Destinations Funds
5			Nationwide Investor Destinations Aggressive Fund
19			Nationwide Investor Destinations Moderately Aggressive Fund
33			Nationwide Investor Destinations Moderate Fund
47			Nationwide Investor Destinations Moderately Conservative Fund
61			Nationwide Investor Destinations Conservative Fund

75			Notes to Financial Statements

84			Report of Independent Registered Public Accounting Firm

85			Supplemental Information

86			Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

This page intentionally left blank


Message to Shareholders

October 31, 2009

Dear Shareholder,

Thank you for entrusting your investments to Nationwide Mutual Funds.

Sincerely,

Michael S. Spangler
President & CEO
Nationwide Mutual Funds

2009 Annual Report 1

Important Disclosures

Investors should carefully consider a fund’s (and each of its underlying funds’) investment objectives, risks, fees, charges and expenses before investing any money. To obtain this and other information on Nationwide Funds, please call 1-800-848-0920 to request a prospectus, or download a prospectus at nationwide.com/mutualfunds. Please read it carefully before investing any money.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the money market.

The Nationwide Investor Destinations Funds are designed to provide diversification and asset allocation across several types of investments and asset classes, primarily by investing in underlying funds. Therefore, in addition to the expenses of the Nationwide Investor Destinations Funds, each investor is indirectly paying a proportionate share of the applicable fees and expenses of the underlying funds.

Asset allocation is the process of spreading assets across several different investment styles and asset classes. The purpose is to potentially reduce long-term risk and capture potential profits across various asset classes.

There is no assurance that the investment objective of any fund (or that of any underlying fund) will be achieved nor that a diversified portfolio will produce better results than a nondiversified portfolio. Diversification does not guarantee returns or insulate an investor from potential losses, including the possible loss of principal.

Each Fund is subject to different levels of risk, based on the types and sizes of its underlying asset class allocations and its allocation strategy. In addition, each Fund’s underlying funds may be subject to specific investment risks such as those associated with: (i) bonds and short-term instruments, (ii) small companies, (iii) mid-sized companies, (iv) international securities, (v) real estate investment trusts (REITs), and (vi) initial public offerings (IPOs). Please see the Funds’ prospectus for information about the specific risks of this type of an investment.

Day-to-day market activity will likely cause a Fund’s asset allocations to fluctuate from the stated target. Under ordinary circumstances, the Adviser will periodically rebalance the assets of each Fund in order to conform its actual allocations to those stated in the then-current prospectus. The asset class target allocations are subject to change at any time and without notice.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Market Indexes

2 Annual Report 2009

The Nationwide Investor Destinations Aggressive Fund benchmark consists of 95% Standard & Poor’s 500^® (S&P 500) Index and 5% Barclays Capital (BARCAP) U.S. Aggregate Bond Index.

The Nationwide Investor Destinations Moderately Aggressive Fund benchmark consists of 80% Standard & Poor’s 500^® (S&P 500) Index, 15% Barclays Capital (BARCAP) U.S. Aggregate Bond Index and 5% Citigroup 3-Month Treasury Bill (T-Bill) Index.

The Nationwide Investor Destinations Moderate Fund benchmark consists of 60% Standard & Poor’s 500^® (S&P 500) Index, 25% Barclays Capital (BARCAP) U.S. Aggregate Bond Index and 15% Citigroup 3-Month Treasury Bill (T-Bill) Index.

The Nationwide Investor Destinations Moderately Conservative Fund benchmark consists of 40% Standard & Poor’s 500^® (S&P 500) Index, 35% Barclays Capital (BARCAP) U.S. Aggregate Bond Index and 25% Citigroup 3-Month Treasury Bill (T-Bill) Index.

The Nationwide Investor Destinations Conservative Fund benchmark consists of 45% Citigroup 3-Month Treasury Bill (T-Bill) Index, 35% Barclays Capital (BARCAP) U.S. Aggregate Bond Index and 20% Standard & Poor’s 500^® (S&P 500) Index.

Citigroup 3-Month Treasury Bill (T-Bill) Index: An unmanaged index that is generally representative of 3-month Treasury bills; consists of an average of the last 3-month Treasury bill issues (excluding the current month-end bill).

Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^{^®}) Index: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of stocks in developed markets outside the United States and Canada.

Russell 2000^® Index: An unmanaged index that measures the performance of the stocks of small-capitalization U.S. companies; includes the smallest 2,000 companies in the Russell 3000^® Index, which measures the performance of the stocks of the largest 3,000 U.S. companies, based on market capitalization.

Sales Charge and Fee Information


•	Nationwide Investor Destinations Aggressive Fund
•	Nationwide Investor Destinations Moderately Aggressive Fund
•	Nationwide Investor Destinations Moderate Fund
•	Nationwide Investor Destinations Moderately Conservative Fund
•	Nationwide Investor Destinations Conservative Fund

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to Nationwide Funds. Nationwide Fund Advisors (NFA) is the investment adviser to Nationwide Funds. NFA is a wholly owned subsidiary of Nationwide Financial Services, Inc. (NFS). NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (NFD), Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406. NFD is affiliated with Nationwide Asset Management, LLC.

2009 Annual Report 3

Summary of Market Environment

The following is a commentary from Nationwide Funds Group on market conditions for the year ended October 31, 2009.

After hitting a low point on March 9, 2009, the stock market began a steady climb with the Standard & Poor’s 500^® (S&P 500) Index and the Russell 2000^® Index rising 55% and 66%, respectively, through the end of the reporting period. Leading the recovery were the economically sensitive sectors – consumer discretionary, energy and materials. Money market fund flows decreased and flows into equity mutual funds increased during the period as investors seemed to embrace a renewed appetite for risk. In the fixed-income markets, the lower-quality sectors also rallied during the reporting period. CCC-rated bonds, as measured by the Merrill Lynch U.S. High Yield Index, rose more than 73% during the reporting period, while U.S. Treasuries, as measured by the Merrill Lynch U.S. Treasury Master Index, rose only 6%.

4 Annual Report 2009


Nationwide Investor Destinations Aggressive Fund

How did the Fund perform during the reporting period in relation to its benchmark and its peer group?

For the annual period ended October 31, 2009, the Nationwide Investor Destinations Aggressive Fund (Class A at NAV) returned 14.98% versus 10.29% for its composite benchmark, 95% Standard & Poor’s 500^® (S&P 500) Index and 5% Barclays Capital (BARCAP) U.S. Aggregate Bond Index. For broader comparison, the average return for the Fund’s closest Lipper peer category of Global Multi-Cap Core Funds (consisting of 122 funds as of October 31, 2009) was 19.21% for the same time period.

What areas of investment provided the most positive relative returns for the Fund?

The Nationwide International Index Fund and the Nationwide S&P 500 Index Fund (underlying funds with allocations within the Fund of approximately 30% and 40%, respectively) provided the most positive relative returns for the Fund, gaining 24.93% and 9.55%, respectively, during the reporting period. A strong rebound in international developed market stocks propelled the Nationwide International Index Fund to a respectable gain as all but one of the 21 country markets tracked by the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index produced gains during the reporting period. Sweden led the way, returning 69.27%. Nine of the 10 sectors within the S&P 500 Index recorded positive returns during the reporting period; information technology led with a return of 31.50%.

What areas of investment detracted from Fund performance?

The Nationwide Small Cap Index Fund returned 6.51% and the Nationwide Bond Index Fund returned 13.22% (with allocations to the Fund of approximately 10% and 5%, respectively) and provided the smallest relative contributions. The sectors represented within the Russell 2000^® Index (small-capitalization stocks) posted mixed results; six of the 10 sectors posted positive returns, led by information technology with 29.32%. Most sectors within the BARCAP U.S. Aggregate Bond Index posted positive returns; corporate bonds led with 27.58%.

What is your outlook for the near term?

In considering the markets ahead of us, we think a look back is instructive. We witnessed two very different market environments during the 12-month period covered by this annual report. The first part, lasting from November 2008 into early March 2009, was characterized by deteriorating financial and economic conditions on a global scale. Virtually all equity markets declined dramatically and investor selling was largely indiscriminate as investors fled from nearly all asset classes, with the exception of US Treasury bonds. Since March 2009, global equity markets have rallied on the back of new initiatives from the US Government, improving economic data and strengthening corporate earnings. Market volatility levels have subsided, liquidity has increased in the credit markets and investor confidence has improved.

The events of the past year should serve to reinforce the advantages of investing in a broadly diversified portfolio of investments. We believe our Nationwide Investor Destinations Funds, by combining underlying investments in up to seven distinct asset classes that behave differently under most market conditions, are well positioned to deliver strong risk-adjusted returns over the long-term.

2009 Annual Report 5

The table below lists the target allocation for each of the Fund’s underlying investments as of October 31, 2009, and how each underlying fund performed during the reporting period. These allocations are subject to change at any time and without notice.

Nationwide Investor Destinations Aggressive Fund
Performance of Underlying Investments for the 12 Months Ended October 31, 2009


		Target			12-Month
Asset Classes	Underlying Investments	Allocation*			Return

Large-Cap Stocks	Nationwide S&P 500 Index Fund		40	%		9.55	%


International Stocks	Nationwide International Index Fund		30	%		24.93	%


Mid-Cap Stocks	Nationwide Mid Cap Market Index Fund		15	%		17.77	%


Small-Cap Stocks	Nationwide Small Cap Index Fund		10	%		6.51	%


Intermediate-Term Bonds	Nationwide Bond Index Fund		5	%		13.22	%


*		Fund target allocations are as of October 31, 2009

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Performance shown in the table above is for Institutional Class shares for each underlying investment. Performance returns assume the reinvestment of all distributions. Returns for periods less than one year are not annualized. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown, please call 1-800-848-0920 or go to nationwide.com/mutualfunds.

Portfolio Manager:
Thomas R. Hickey Jr., Nationwide Fund Advisors

6 Annual Report 2009


Fund Performance	Nationwide Investor Destinations Aggressive Fund

Average Annual Total Return
(For periods ended October 31, 2009)


		1 Yr.		5 Yr.		Inception¹

Class A	w/o SC²		14.98%		1.94%		-0.09%
	w/SC³		8.34%		0.73%		-0.70%


Class B	w/o SC²		14.11%		1.20%		-0.79%
	w/SC⁴		9.11%		0.88%		-0.79%


Class C⁵	w/o SC²		14.15%		1.18%		-0.80%
	w/SC⁶		13.15%		1.18%		-0.80%


Class R2^7,8,9			14.53%		1.67%		-0.49%


Institutional Class^7,10			15.23%		2.27%		0.07%


Service Class⁷			14.91%		1.83%		-0.16%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.


¹		Fund commenced operations on March 31, 2000.
²		These returns do not reflect the effects of sales charges (SC).
³		A 5.75% front-end sales charge was deducted.
⁴		A 5.00% maximum contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years and is not deducted from returns after 6 years.
⁵		These returns until the creation of Class C shares (3/1/01) include the performance of the Fund’s Class B shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is substantially similar to what Class C shares would have produced because Class C shares invest in the same portfolio of securities as Class B shares and have the same expenses after any fee waivers or reimbursements. For Class C shares returns with sales charges, these returns have been restated for the applicable sales charges.
⁶		A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
⁷		Not subject to any sales charges.
⁸		These returns until the creation of Class R2 shares (10/1/03) include the performance of the Fund’s Class B shares. The returns have been adjusted for the fact that Class R2 shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Class R2 shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class R2 shares would have produced because Class R2 shares invest in the same portfolio of securities as Class B shares.
⁹		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.
¹⁰		These returns until the creation of Institutional Class shares (12/29/04) include the performance of the Fund’s Class B shares. The returns have been adjusted for the fact that Institutional Class shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Institutional Class shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Institutional Class shares would have produced because the Institutional Class shares invest in the same portfolio of securities as Class B shares.

Expense Ratios


	Expense
	Ratio*

Class A		0.80%


Class B		1.50%


Class C		1.50%


Class R2^a		1.13%


Institutional Class		0.50%


Service Class		0.91%


*		Current effective prospectus. Expenses also include indirect underlying fund expenses. Please see the Fund’s most recent prospectus for details.
a		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

Performance of a $10,000 Investment

Comparative performance of $10,000 invested in Class A shares of the Nationwide Investor Destinations Aggressive Fund versus performance of the Barclays Capital U.S. Aggregate Bond Index (formerly Lehman Brothers U.S. Aggregate Bond Index) (a), S&P 500^® Index (b), the Aggressive Fund Composite Index(c), and the Consumer Price Index (CPI) (d) since inception. Unlike the Fund, the performance for these unmanaged indexes does not reflect any fees, expenses, or sales charges. One cannot invest directly in a market index.


(a)		Barclays Capital U.S. Aggregate Bond Index is an unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

(b)		The S&P 500 Index is an unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

(c)		The Aggressive Fund Composite Index is an unmanaged, hypothetical representation of the performance of each of the Fund’s asset classes according to their respective weightings. The Aggressive Fund Composite is a combination of the S&P 500 Index (95%) and the Barclays Capital U.S. Aggregate Bond Index (5%).

(d)		Calculated by the U.S. Department of Labor’s Bureau of Labor Statistics, the CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2009 Annual Report 7


Shareholder	Nationwide Investor Destinations Aggressive Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
October 31, 2009


			Beginning		Ending		Expenses Paid		Expense Ratio
Nationwide Investor Destinations			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Aggressive Fund			5/01/09		10/31/09		05/01/09 - 10/31/09^a,b		05/01/09 - 10/31/09^a,b

Class A Shares	Actual			1,000.00		1,215.00		3.07		0.54
	Hypothetical	^c		1,000.00		1,022.43		2.80		0.54


Class B Shares	Actual			1,000.00		1,211.00		6.80		1.21
	Hypothetical	^c		1,000.00		1,019.06		6.21		1.21


Class C Shares	Actual			1,000.00		1,209.80		6.80		1.21
	Hypothetical	^c		1,000.00		1,019.06		6.21		1.21


Class R2 Shares^d	Actual			1,000.00		1,212.70		4.85		0.84
	Hypothetical	^c		1,000.00		1,020.82		4.43		0.84


Institutional Class Shares	Actual			1,000.00		1,216.80		1.23		0.21
	Hypothetical	^c		1,000.00		1,024.10		1.12		0.21


Service Class Shares	Actual			1,000.00		1,215.50		3.52		0.67
	Hypothetical	^c		1,000.00		1,022.03		3.21		0.67


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
^b		Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.
^c		Represents the hypothetical 5% return before expenses.
^d		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

8 Annual Report 2009


Portfolio Summary	Nationwide Investor Destinations Aggressive Fund

October 31, 2009


Asset Allocation

Equity Funds	94	.8%
Fixed Income Fund	5	.3%
Liabilities in excess of other assets	(0	.1%)

	100	.0%


Top Holdings†

Nationwide S&P 500 Index Fund, Institutional Class	40	.4%
Nationwide International Index Fund, Institutional Class	30	.1%
Nationwide Mid Cap Market Index Fund, Institutional Class	14	.7%
Nationwide Small Cap Index Fund, Institutional Class	9	.5%
Nationwide Bond Index Fund, Institutional Class	5	.3%

	100	.0%


†		Percentages indicated are based upon total investments as of October 31, 2009.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 9

Statement of Investments

October 31, 2009

Nationwide Investor Destinations Aggressive Fund



Mutual Funds 100.1%

	Shares		Market Value


Equity Funds 94.8%
Nationwide International Index Fund, Institutional Class (a)	38,137,884	$	262,007,263
Nationwide Mid Cap Market Index Fund, Institutional Class (a)	11,694,601		127,705,046
Nationwide S&P 500 Index Fund, Institutional Class (a)	40,438,854		351,818,033
Nationwide Small Cap Index Fund, Institutional Class (a)	9,556,466		82,472,304


Total Equity Funds (cost $1,019,693,044)			824,002,646



Fixed Income Fund 5.3%
Nationwide Bond Index Fund, Institutional Class (a) (cost $44,810,104)	4,133,825		46,257,501


Total Mutual Funds (cost $1,064,503,148)			870,260,147


Total Investments (cost $1,064,503,148) (b) — 100.1%			870,260,147

Liabilities in excess of other assets — (0.1)%			(695,592	)


NET ASSETS — 100.0%		$	869,564,555


(a)		Investment in affiliate.

(b)		See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

The accompanying notes are an integral part of these financial statements.

10 Annual Report 2009

Statement of Assets and Liabilities

October 31, 2009



	Nationwide Investor
	Destinations
	Aggressive Fund

Assets:
Investments in affiliates, at value (cost $1,064,503,148)	$	870,260,147
Receivable for investments sold		2,379,790
Receivable for capital shares issued		873,286
Prepaid expenses and other assets		11,877

Total Assets		873,525,100

Liabilities:
Payable for capital shares redeemed		3,266,630
Accrued expenses and other payables:
Investment advisory fees		99,602
Distribution fees		250,960
Administrative servicing fees		160,800
Accounting and transfer agent fees		47,758
Trustee fees		15,358
Custodian fees		8,293
Compliance program costs (Note 3)		5,960
Professional fees		67,422
Other		37,762

Total Liabilities		3,960,545

Net Assets	$	869,564,555

Represented by:
Capital	$	1,062,427,537
Accumulated net realized gains from investment transactions		1,380,019
Net unrealized appreciation/(depreciation) from investments in affiliates		(194,243,001	)

Net Assets	$	869,564,555

Net Assets:
Class A Shares	$	39,797,434
Class B Shares		12,280,157
Class C Shares		70,213,439
Class R2 Shares (a)		64,237,573
Institutional Class Shares		42,570,681
Service Class Shares		640,465,271

Total	$	869,564,555


Shares outstanding (unlimited number of shares authorized):
Class A Shares		5,451,795
Class B Shares		1,707,527
Class C Shares		9,788,535
Class R2 Shares (a)		8,907,801
Institutional Class Shares		5,781,315
Service Class Shares		87,539,222

Total		119,176,195


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 11

Statement of Assets and Liabilities (Continued)



	Nationwide Investor
	Destinations
	Aggressive Fund

Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	7.30
Class B Shares (b)	$	7.19
Class C Shares (c)	$	7.17
Class R2 Shares (a)	$	7.21
Institutional Class Shares	$	7.36
Service Class Shares	$	7.32
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	7.75

Maximum Sales Charge:
Class A Shares		5.75	%


(a)		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

(b)		For Class B Shares, the redemption price per share varies by the length of time shares are held.

(c)		For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

12 Annual Report 2009

Statement of Operations

For the Year Ended October 31, 2009



	Nationwide Investor
	Destinations
	Aggressive Fund

INVESTMENT INCOME:
Dividend income from affiliates	$	18,390,292

Total Income		18,390,292

EXPENSES:
Investment advisory fees		954,984
Distribution fees Class A		90,745
Distribution fees Class B		112,055
Distribution fees Class C		633,958
Distribution fees Class R2 (a)		238,687
Distribution fees Service Class		1,366,029
Administrative servicing fees Class A		27,605
Administrative servicing fees Class R2 (a)		71,211
Administrative servicing fees Service Class		888,946
Registration and filing fees		85,739
Professional fees		154,125
Printing fees		61,975
Trustee fees		56,096
Custodian fees		40,788
Accounting and transfer agent fees		214,402
Compliance program costs (Note 3)		16,768
Other		51,299

Total expenses before earnings credit		5,065,412
Earnings credit (Note 4)		(3,552	)

Net Expenses		5,061,860

NET INVESTMENT INCOME		13,328,432

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gain distributions from underlying affiliated funds		27,331,190
Net realized losses from investment transactions with affiliates		(23,227,284	)

Net realized gains from investment transactions with affiliated funds		4,103,906
Net change in unrealized appreciation/(depreciation) from investments in affiliates		95,388,606

Net realized/unrealized gains from affiliated and non-affiliated investments		99,492,512

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	112,820,944


(a)		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 13

Statements of Changes in Net Assets


	Nationwide Investor
	Destinations Aggressive Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	13,328,432		$	16,946,159
Net realized gains from investment transactions		4,103,906			57,583,630
Net change in unrealized appreciation/(depreciation) from investments		95,388,606			(527,246,654	)

Change in net assets resulting from operations		112,820,944			(452,716,865	)


Distributions to Shareholders From:
Net investment income:
Class A		(729,907	)		(1,562,467	)
Class B		(155,545	)		(292,187	)
Class C		(868,158	)		(1,675,049	)
Class R2 (a)		(792,890	)		(745,951	)
Institutional Class		(656,082	)		(871,085	)
Service Class		(10,629,972	)		(16,113,602	)
Net realized gains:
Class A		(2,776,469	)		(2,780,369	)
Class B		(861,874	)		(707,644	)
Class C		(4,746,056	)		(4,059,419	)
Class R2 (a)		(2,841,497	)		(1,076,571	)
Institutional Class		(1,826,127	)		(1,226,204	)
Service Class		(38,778,254	)		(27,644,364	)

Change in net assets from shareholder distributions		(65,662,831	)		(58,754,912	)

Change in net assets from capital transactions		98,976,157			16,736,685

Change in net assets		146,134,270			(494,735,092	)


Net Assets:
Beginning of year		723,430,285			1,218,165,377

End of year	$	869,564,555		$	723,430,285

Accumulated net investment income at end of year	$	–		$	–


CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	8,554,931		$	14,691,880
Dividends reinvested		2,412,676			2,941,567
Cost of shares redeemed		(13,892,501	)		(32,654,807	)

Total Class A		(2,924,894	)		(15,021,360	)

Class B Shares
Proceeds from shares issued		902,881			1,755,554
Dividends reinvested		656,608			646,969
Cost of shares redeemed		(1,910,523	)		(3,171,393	)

Total Class B		(351,034	)		(768,870	)

Amounts designated as “–” are zero or have been rounded to zero.


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

14 Annual Report 2009


	Nationwide Investor
	Destinations Aggressive Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Class C Shares
Proceeds from shares issued		12,470,173			17,475,451
Dividends reinvested		1,829,530			1,687,986
Cost of shares redeemed		(16,515,802	)		(24,918,281	)

Total Class C		(2,216,099	)		(5,754,844	)

Class R2 Shares (a)
Proceeds from shares issued		23,802,629			31,843,428
Dividends reinvested		3,304,761			1,534,572
Cost of shares redeemed		(4,363,354	)		(5,758,580	)

Total Class R2		22,744,036			27,619,420

Institutional Class Shares
Proceeds from shares issued		15,317,902			14,720,387
Dividends reinvested		2,482,209			2,097,279
Cost of shares redeemed		(3,360,067	)		(9,037,065	)

Total Institutional Class		14,440,044			7,780,601

Service Class Shares
Proceeds from shares issued		88,594,654			98,466,004
Dividends reinvested		49,407,322			43,744,423
Cost of shares redeemed		(70,717,872	)		(139,328,689	)

Total Service Class		67,284,104			2,881,738

Change in net assets from capital transactions:	$	98,976,157		$	16,736,685


SHARE TRANSACTIONS:
Class A Shares
Issued		1,367,928			1,480,463
Reinvested		401,814			274,406
Redeemed		(2,299,399	)		(3,287,261	)

Total Class A Shares		(529,657	)		(1,532,392	)

Class B Shares
Issued		145,246			172,759
Reinvested		111,166			60,654
Redeemed		(305,449	)		(332,772	)

Total Class B Shares		(49,037	)		(99,359	)

Class C Shares
Issued		2,049,280			1,748,711
Reinvested		310,740			158,812
Redeemed		(2,642,752	)		(2,628,088	)

Total Class C Shares		(282,732	)		(720,565	)

Class R2 Shares (a)
Issued		3,809,648			3,212,498
Reinvested		556,082			146,606
Redeemed		(676,410	)		(598,867	)

Total Class R2 Shares		3,689,320			2,760,237


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 15

Statements of Changes in Net Assets (Continued)


	Nationwide Investor
	Destinations Aggressive Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

SHARE TRANSACTIONS: (continued)
Institutional Class Shares
Issued		2,311,448			1,420,005
Reinvested		407,977			195,846
Redeemed		(520,330	)		(903,945	)

Total Institutional Class Shares		2,199,095			711,906

Service Class Shares
Issued		14,060,517			9,923,310
Reinvested		8,213,605			4,084,791
Redeemed		(11,178,877	)		(13,708,879	)

Total Service Class Shares		11,095,245			299,222

Total change in shares:		16,122,234			1,419,049

The accompanying notes are an integral part of these financial statements.

16 Annual Report 2009

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated.

Nationwide Investor Destinations Aggressive Fund


				Operations									Distributions															Ratios / Supplemental Data

							Net Realized																													Ratio of
							and																										Ratio of Net			Expenses
	Net Asset						Unrealized																							Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net						Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Total			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			of Period			Return (a)(b)			Period		Net Assets (c)			Net Assets (c)			Net Assets (c)(d)			Turnover (e)
Class A Shares
Year Ended October 31, 2009 (f)	$	7	.02		0	.13		0	.78		0	.91		(0	.13)		(0	.50)		(0	.63)	$	7	.30		14	.98%	$	39,797,434		0	.55%		1	.99%		0	.55%		11	.99%
Year Ended October 31, 2008	$	11	.99		0	.18		(4	.54)		(4	.36)		(0	.23)		(0	.38)		(0	.61)	$	7	.02		(38	.07%)	$	41,992,722		0	.48%		1	.88%		0	.48%		16	.79%
Year Ended October 31, 2007	$	10	.77		0	.20		1	.52		1	.72		(0	.27)		(0	.23)		(0	.50)	$	11	.99		16	.46%	$	90,083,962		0	.45%		1	.67%		0	.45%		3	.92%
Year Ended October 31, 2006	$	9	.48		0	.15		1	.53		1	.68		(0	.20)		(0	.19)		(0	.39)	$	10	.77		18	.13%	$	61,216,843		0	.45%		1	.27%		0	.46%		4	.80%
Year Ended October 31, 2005	$	8	.61		0	.19		0	.87		1	.06		(0	.19)		–			(0	.19)	$	9	.48		12	.36%	$	38,583,404		0	.49%		1	.87%		0	.49%(g)		6	.51%

Class B Shares
Year Ended October 31, 2009 (f)	$	6	.93		0	.08		0	.77		0	.85		(0	.09)		(0	.50)		(0	.59)	$	7	.19		14	.11%	$	12,280,157		1	.22%		1	.32%		1	.22%		11	.99%
Year Ended October 31, 2008	$	11	.84		0	.11		(4	.48)		(4	.37)		(0	.16)		(0	.38)		(0	.54)	$	6	.93		(38	.50%)	$	12,167,277		1	.20%		1	.13%		1	.21%		16	.79%
Year Ended October 31, 2007	$	10	.66		0	.12		1	.50		1	.62		(0	.21)		(0	.23)		(0	.44)	$	11	.84		15	.62%	$	21,966,705		1	.19%		0	.95%		1	.19%		3	.92%
Year Ended October 31, 2006	$	9	.38		0	.08		1	.52		1	.60		(0	.13)		(0	.19)		(0	.32)	$	10	.66		17	.39%	$	16,889,601		1	.19%		0	.64%		1	.19%		4	.80%
Year Ended October 31, 2005	$	8	.53		0	.11		0	.86		0	.97		(0	.12)		–			(0	.12)	$	9	.38		11	.46%	$	11,760,611		1	.21%		1	.18%		1	.21%(g)		6	.51%

Class C Shares
Year Ended October 31, 2009 (f)	$	6	.91		0	.09		0	.76		0	.85		(0	.09)		(0	.50)		(0	.59)	$	7	.17		14	.15%	$	70,213,439		1	.22%		1	.36%		1	.22%		11	.99%
Year Ended October 31, 2008	$	11	.81		0	.11		(4	.47)		(4	.36)		(0	.16)		(0	.38)		(0	.54)	$	6	.91		(38	.51%)	$	69,599,437		1	.20%		1	.13%		1	.21%		16	.79%
Year Ended October 31, 2007	$	10	.64		0	.12		1	.49		1	.61		(0	.21)		(0	.23)		(0	.44)	$	11	.81		15	.55%	$	127,449,809		1	.19%		0	.95%		1	.19%		3	.92%
Year Ended October 31, 2006	$	9	.37		0	.07		1	.52		1	.59		(0	.13)		(0	.19)		(0	.32)	$	10	.64		17	.29%	$	93,557,002		1	.19%		0	.65%		1	.19%		4	.80%
Year Ended October 31, 2005	$	8	.52		0	.12		0	.86		0	.98		(0	.13)		–			(0	.13)	$	9	.37		11	.49%	$	71,231,493		1	.21%		1	.16%		1	.21%(g)		6	.51%

Class R2 Shares(h)
Year Ended October 31, 2009 (f)	$	6	.95		0	.10		0	.77		0	.87		(0	.11)		(0	.50)		(0	.61)	$	7	.21		14	.53%	$	64,237,573		0	.87%		1	.56%		0	.87%		11	.99%
Year Ended October 31, 2008	$	11	.88		0	.17		(4	.52)		(4	.35)		(0	.20)		(0	.38)		(0	.58)	$	6	.95		(38	.27%)	$	36,259,161		0	.83%		1	.47%		0	.83%		16	.79%
Year Ended October 31, 2007	$	10	.69		0	.21		1	.46		1	.67		(0	.25)		(0	.23)		(0	.48)	$	11	.88		16	.11%	$	29,198,877		0	.77%		1	.19%		0	.77%		3	.92%
Year Ended October 31, 2006	$	9	.42		0	.16		1	.49		1	.65		(0	.19)		(0	.19)		(0	.38)	$	10	.69		17	.93%	$	2,083,122		0	.79%		0	.88%		0	.80%		4	.80%
Year Ended October 31, 2005	$	8	.56		0	.18		0	.86		1	.04		(0	.18)		–			(0	.18)	$	9	.42		12	.19%	$	215,578		0	.63%		1	.47%		0	.63%(g)		6	.51%

Institutional Class Shares
Year Ended October 31, 2009 (f)	$	7	.08		0	.14		0	.79		0	.93		(0	.15)		(0	.50)		(0	.65)	$	7	.36		15	.23%	$	42,570,681		0	.22%		2	.17%		0	.22%		11	.99%
Year Ended October 31, 2008	$	12	.08		0	.21		(4	.57)		(4	.36)		(0	.26)		(0	.38)		(0	.64)	$	7	.08		(37	.86%)	$	25,347,433		0	.20%		2	.09%		0	.20%		16	.79%
Year Ended October 31, 2007	$	10	.84		0	.28		1	.48		1	.76		(0	.29)		(0	.23)		(0	.52)	$	12	.08		16	.77%	$	34,670,326		0	.19%		1	.80%		0	.19%		3	.92%
Year Ended October 31, 2006	$	9	.53		0	.22		1	.50		1	.72		(0	.22)		(0	.19)		(0	.41)	$	10	.84		18	.54%	$	1,439,446		0	.18%		1	.74%		0	.19%		4	.80%
Period Ended October 31, 2005(i)	$	9	.31		0	.09		0	.25		0	.34		(0	.12)		–			(0	.12)	$	9	.53		3	.66%	$	1,036		0	.24%		1	.39%		0	.24%(g)		6	.51%

Amounts designated as “–” are zero or have been rounded to zero.


(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	Per share calculations were performed using average shares method.
(g)	There were no fee reductions during the period.
(h)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.
(i)	For the period from December 29, 2004 (commencement of operations) through October 31, 2005.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 17

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated.

Nationwide Investor Destinations Aggressive Fund (Continued)


				Operations									Distributions															Ratios / Supplemental Data

							Net Realized																													Ratio of
							and																										Ratio of Net			Expenses
	Net Asset						Unrealized																							Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net						Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Total			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			of Period			Return (a)(b)			Period		Net Assets (c)			Net Assets (c)			Net Assets (c)(d)			Turnover (e)

Service Class Shares
Year Ended October 31, 2009 (f)	$	7	.04		0	.12		0	.79		0	.91		(0	.13)		(0	.50)		(0	.63)	$	7	.32		14	.91%	$	640,465,271		0	.63%		1	.87%		0	.63%		11	.99%
Year Ended October 31, 2008	$	12	.01		0	.18		(4	.55)		(4	.37)		(0	.22)		(0	.38)		(0	.60)	$	7	.04		(38	.09%)	$	538,064,255		0	.60%		1	.74%		0	.60%		16	.79%
Year Ended October 31, 2007	$	10	.80		0	.19		1	.51		1	.70		(0	.26)		(0	.23)		(0	.49)	$	12	.01		16	.20%	$	914,795,698		0	.59%		1	.55%		0	.59%		3	.92%
Year Ended October 31, 2006	$	9	.50		0	.14		1	.54		1	.68		(0	.19)		(0	.19)		(0	.38)	$	10	.80		18	.04%	$	676,249,456		0	.59%		1	.16%		0	.60%		4	.80%
Year Ended October 31, 2005	$	8	.63		0	.18		0	.87		1	.05		(0	.18)		–			(0	.18)	$	9	.50		12	.18%	$	439,966,300		0	.62%		1	.78%		0	.62%(g)		6	.51%

Amounts designated as “–” are zero or have been rounded to zero.


(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	Per share calculations were performed using average shares method.
(g)	There were no fee reductions during the period.

The accompanying notes are an integral part of these financial statements.

18 Annual Report 2009


Nationwide Investor Destinations Moderately Aggressive Fund

How did the Fund perform during the reporting period in relation to its benchmark and its peer group?

For the annual period ended October 31, 2009, the Nationwide Investor Destinations Moderately Aggressive Fund (Class A at NAV) returned 15.29% versus 10.79% for its composite benchmark, 80% Standard & Poor’s 500^® (S&P 500) Index, 15% Barclays Capital (BARCAP) U.S. Aggregate Bond Index and 5% Citigroup 3-Month Treasury Bill (T-Bill) Index. For broader comparison, the average return for the Fund’s closest Lipper peer category of Mixed-Asset Target Allocation Growth Funds (consisting of 651 funds as of October 31, 2009) was 15.96%.

What areas of investment provided the most positive relative returns for the Fund?

The Nationwide International Index Fund and the Nationwide S&P 500 Index Fund (underlying funds with allocations in the Fund of approximately 25% and 35%, respectively) provided the most positive relative returns for the Fund, gaining 24.93% and 9.55%, respectively, during the reporting period. A strong rebound in international developed market stocks propelled the Nationwide International Index Fund to a respectable gain as all but one of the 21 country markets tracked by the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index produced gains during the reporting period. Sweden led the way with 69.27%. Nine of the 10 sectors within the S&P 500 Index recorded positive returns during the reporting period; information technology led with 31.50%.

What areas of investment detracted from Fund performance?

The Nationwide Enhanced Income Fund returned 3.80% and the Nationwide Contract returned 3.76% (with allocations to the Fund of approximately 2.5% each) and provided the smallest relative contributions. Within the short-term bond category, allocations to mortgage-backed securities, asset-backed securities and government Agency debt were significant sources of positive relative performance as each sector had significant excess returns versus U.S. Treasuries.

What is your outlook for the near term?

The events of the past year should serve to reinforce the critical importance of investing in a broadly diversified portfolio of investments. We believe our Nationwide Investor Destinations Funds by combining underlying investments in up to seven distinct asset classes that behave differently under most market conditions, are well positioned to deliver strong risk-adjusted returns over the long-term.

2009 Annual Report 19

Nationwide Investor Destinations Moderately Aggressive Fund
Performance of Underlying Investments for the 12 Months Ended October 31, 2009


		Target			12-Month
Asset Classes	Underlying Investments	Allocation*			Return

Large-Cap Stocks	Nationwide S&P 500 Index Fund		35	%		9.55	%


International Stocks	Nationwide International Index Fund		25	%		24.93	%


Mid-Cap Stocks	Nationwide Mid Cap Market Index Fund		15	%		17.77	%


Intermediate-Term Bonds	Nationwide Bond Index Fund		15	%		13.22	%


Small-Cap Stocks	Nationwide Small Cap Index Fund		5	%		6.51	%


Short-Term Bonds	Nationwide Enhanced Income Fund		2.5	%		3.80	%


Short-Term Bonds	Nationwide Fixed Contract		2.5	%		3.86	%


*		Fund target allocations are as of October 31, 2009.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Performance shown in the table above is for Institutional Class shares for each underlying investment except the Nationwide Contract. Performance returns assume the reinvestment of all distributions. Returns for periods less than one year are not annualized. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown, please call 1-800-848-0920 or go to nationwide.com/mutualfunds.

Portfolio Manager:
Thomas R. Hickey Jr., Nationwide Fund Advisors

20 Annual Report 2009

Fund Performance Nationwide Investor Destinations Moderately Aggressive Fund

Average Annual Total Return
(For periods ended October 31, 2009)


		1 Yr.		5 Yr.		Inception¹

Class A	w/o SC²		15.29%		2.56%		0.95%
	w/SC³		8.65%		1.34%		0.33%


Class B	w/o SC²		14.57%		1.84%		0.23%
	w/SC⁴		9.57%		1.51%		0.23%


Class C⁵	w/o SC²		14.58%		1.84%		0.25%
	w/SC⁶		13.58%		1.84%		0.25%


Class R2^7,8,9			14.89%		2.30%		0.53%


Institutional Class^7,10			15.63%		2.86%		1.08%


Service Class⁷			15.22%		2.46%		0.87%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.


¹		Fund commenced operations on March 31, 2000.
²		These returns do not reflect the effects of sales charges (SC).
³		A 5.75% front-end sales charge was deducted.
⁴		A 5.00% maximum contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years and is not deducted from returns after 6 years.
⁵		These returns until the creation of Class C shares (3/1/01) include the performance of the Fund’s Class B shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is substantially similar to what Class C shares would have produced because Class C shares invest in the same portfolio of securities as Class B shares and have the same expenses after any fee waivers or reimbursements. For Class C shares returns with sales charges, these returns have been restated for the applicable sales charges.
⁶		A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
⁷		Not subject to any sales charges.
⁸		These returns until the creation of Class R2 shares (10/1/03) include the performance of the Fund’s Class B shares. The returns have been adjusted for the fact that Class R2 shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Class R2 shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class R2 shares would have produced because Class R2 shares invest in the same portfolio of securities as Class B shares.
⁹		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.
¹⁰		These returns until the creation of Institutional Class shares (12/29/04) include the performance of the Fund’s Class B shares. The returns have been adjusted for the fact that Institutional Class shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Institutional Class shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Institutional Class shares would have produced because the Institutional Class shares invest in the same portfolio of securities as Class B shares.

Expense Ratios


	Expense
	Ratio*

Class A		0.78%


Class B		1.50%


Class C		1.50%


Class R2^a		1.14%


Institutional Class		0.50%


Service Class		0.91%


*		Current effective prospectus. Expenses also include indirect underlying fund expenses. Please see the Fund’s most recent prospectus for details.
^a		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

Performance of a $10,000 Investment

Comparative performance of $10,000 invested in Class A shares of the Nationwide Investor Destinations Moderately Aggressive Fund versus performance of the Barclays Capital U.S. Aggregate Bond Index (formerly Lehman Brothers U.S. Aggregate Bond Index) (a), S&P 500^® Index (b), the Citigroup 3-Month T-Bill Index (c), the Moderately Aggressive Fund Composite Index (d), and the Consumer Price Index (CPI) (e) since inception. Unlike the Fund, the performance for these unmanaged indexes does not reflect any fees, expenses, or sales charges. One cannot invest directly in a market index.


(a)		Barclays Capital U.S. Aggregate Bond Index is an unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.
(b)		The S&P 500 Index is an unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.
(c)		The Citigroup 3-Month T-Bill Index is an average of the last 3-month treasury bill issues (excluding the current month-end bill).
(d)		The Moderately Aggressive Fund Composite Index is an unmanaged, hypothetical representation of the performance of each of the Fund’s asset classes according to their respective weightings. The Moderately Aggressive Fund Composite is a combination of the S&P 500 Index (80%), the Barclays Capital U.S. Aggregate Bond Index (15%) and the Citigroup 3-Month T-Bill Index (5%).
(e)		Calculated by the U.S. Department of Labor’s Bureau of Labor Statistics, the CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2009 Annual Report 21


Shareholder	Nationwide Investor Destinations Moderately Aggressive Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
October 31, 2009


			Beginning		Ending		Expenses Paid		Expense Ratio
			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Nationwide Investor Destinations Moderately Aggressive Fund			5/01/09		10/31/09		05/01/09 - 10/31/09^a,b		05/01/09 - 10/31/09^a,b

Class A Shares	Actual			1,000.00		1,188.20		2.81		0.51
	Hypothetical	^c		1,000.00		1,022.63		2.60		0.51


Class B Shares	Actual			1,000.00		1,184.40		6.66		1.20
	Hypothetical	^c		1,000.00		1,019.11		6.16		1.20


Class C Shares	Actual			1,000.00		1,184.40		6.66		1.20
	Hypothetical	^c		1,000.00		1,019.11		6.16		1.20


Class R2 Shares^d	Actual			1,000.00		1,186.50		4.79		0.87
	Hypothetical	^c		1,000.00		1,020.82		4.43		0.87


Institutional Class Shares	Actual			1,000.00		1,190.00		1.16		0.21
	Hypothetical	^c		1,000.00		1,024.15		1.07		0.21


Service Class Shares	Actual			1,000.00		1,187.60		3.47		0.67
	Hypothetical	^c		1,000.00		1,022.03		3.21		0.67


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
^b		Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.
^c		Represents the hypothetical 5% return before expenses.
^d		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

22 Annual Report 2009


Portfolio Summary	Nationwide Investor Destinations Moderately Aggressive Fund

October 31, 2009


Asset Allocation

Equity Funds	79	.1%
Fixed Income Funds	18	.9%
Fixed Contract	2	.1%
Money Market Fund ‡	0	.0%
Liabilities in excess of other assets	(0	.1%)

	100	.0%


‡		Rounds to less than 0.1%


Top Holdings†

Nationwide S&P 500 Index Fund, Institutional Class	35	.0%
Nationwide International Index Fund, Institutional Class	24	.8%
Nationwide Bond Index Fund, Institutional Class	15	.7%
Nationwide Mid Cap Market Index Fund, Institutional Class	14	.6%
Nationwide Small Cap Index Fund, Institutional Class	4	.7%
Nationwide Enhanced Income Fund, Institutional Class	3	.1%
Nationwide Fixed Contract	2	.1%
Nationwide Money Market Fund, Institutional Class ‡	0	.0%

	100	.0%


†		Percentages indicated are based upon total investments as of October 31, 2009.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 23

Statement of Investments

October 31, 2009

Nationwide Investor Destinations Moderately Aggressive Fund



Mutual Funds 98.0%

		Shares		Market Value


Equity Funds 79.1%
Nationwide International Index Fund, Institutional Class (a)		52,960,743	$	363,840,305
Nationwide Mid Cap Market Index Fund, Institutional Class (a)		19,507,393		213,020,735
Nationwide S&P 500 Index Fund, Institutional Class (a)		59,017,776		513,454,653
Nationwide Small Cap Index Fund, Institutional Class (a)		7,972,615		68,803,666

Total Equity Funds (cost $1,402,932,076)				1,159,119,359



Fixed Income Funds 18.9%
Nationwide Bond Index Fund, Institutional Class (a)		20,604,462		230,563,934
Nationwide Enhanced Income Fund, Institutional Class (a)		5,010,988		45,900,649

Total Fixed Income Funds (cost $268,770,463)				276,464,583



Money Market Fund 0.0%
Nationwide Money Market Fund, Institutional Class, 0.00% (a)(b)(c) (cost $–)		0		0


Total Mutual Funds (cost $1,671,702,539)				1,435,583,942



Fixed Contract 2.1%

		Principal Amount		Market Value



Nationwide Fixed Contract, 3.75% (a)(d)	$	30,100,081		30,100,081


Total Fixed Contract (cost $30,100,081)				30,100,081


Total Investments (cost $1,701,802,620) (e) — 100.1%				1,465,684,023

Liabilities in excess of other assets — (0.1)%				(1,275,983	)


NET ASSETS — 100.0%			$	1,464,408,040


(a)		Investment in affiliate.

(b)		Represents 7-day effective yield as of October 31, 2009.

(c)		Amount rounds to less than 1 share and $1.

(d)		The Nationwide Fixed Contract rate changes quarterly. The security is restricted and as the affiliated counterparty is required by contract to redeem within five days upon request, it has been deemed liquid pursuant to procedures approved by the Board of Trustees.

(e)		See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

The accompanying notes are an integral part of these financial statements.

24 Annual Report 2009

Statement of Assets and Liabilities

October 31, 2009



	Nationwide Investor Destinations Moderately
	Aggressive Fund

Assets:
Investments in affiliates, at value (cost $1,701,802,620)	$	1,465,684,023
Cash		60,469
Receivable for investments sold		1,148,903
Receivable for capital shares issued		840,077
Prepaid expenses and other assets		11,144

Total Assets		1,467,744,616

Liabilities:
Payable for capital shares redeemed		2,187,164
Accrued expenses and other payables:
Investment advisory fees		165,983
Distribution fees		432,963
Administrative servicing fees		261,502
Accounting and transfer agent fees		70,728
Trustee fees		25,588
Custodian fees		13,652
Compliance program costs (Note 3)		9,928
Professional fees		112,309
Other		56,759

Total Liabilities		3,336,576

Net Assets	$	1,464,408,040

Represented by:
Capital	$	1,700,729,688
Accumulated net realized losses from investment transactions		(203,051	)
Net unrealized appreciation/(depreciation) from investments		(236,118,597	)

Net Assets	$	1,464,408,040

Net Assets:
Class A Shares	$	76,075,551
Class B Shares		24,958,525
Class C Shares		131,214,546
Class R2 Shares (a)		134,283,065
Institutional Class Shares		85,728,623
Service Class Shares		1,012,147,730

Total	$	1,464,408,040


Shares outstanding (unlimited number of shares authorized):
Class A Shares		9,517,893
Class B Shares		3,176,530
Class C Shares		16,695,685
Class R2 Shares (a)		17,093,027
Institutional Class Shares		10,733,051
Service Class Shares		126,862,667

Total		184,078,853


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 25

Statement of Assets and Liabilities (Continued)



	Nationwide Investor Destinations Moderately
	Aggressive Fund

Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	7.99
Class B Shares (b)	$	7.86
Class C Shares (c)	$	7.86
Class R2 Shares (a)	$	7.86
Institutional Class Shares	$	7.99
Service Class Shares	$	7.98
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	8.48

Maximum Sales Charge:
Class A Shares		5.75	%


(a)		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

(b)		For Class B Shares, the redemption price per share varies by the length of time shares are held.

(c)		For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

26 Annual Report 2009

Statement of Operations

For the Year Ended October 31, 2009



	Nationwide Investor Destinations Moderately
	Aggressive Fund

INVESTMENT INCOME:
Interest income from affiliates	$	1,025,747
Dividend income from affiliates		33,113,928

Total Income		34,139,675

EXPENSES:
Investment advisory fees		1,630,672
Distribution fees Class A		169,473
Distribution fees Class B		234,601
Distribution fees Class C		1,212,383
Distribution fees Class R2 (a)		515,884
Distribution fees Service Class		2,195,467
Administrative servicing fees Class A		30,008
Administrative servicing fees Class R2 (a)		160,212
Administrative servicing fees Service Class		1,449,793
Registration and filing fees		93,282
Professional fees		262,000
Printing fees		93,548
Trustee fees		95,765
Custodian fees		63,757
Accounting and transfer agent fees		317,393
Compliance program costs (Note 3)		27,849
Other		85,974

Total expenses before earnings credit		8,638,061
Earnings credit (Note 4)		(5,148	)

Net Expenses		8,632,913

NET INVESTMENT INCOME		25,506,762

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gain distributions from underlying affiliated funds		38,630,770
Net realized gains from investment transactions with affiliates		(35,228,394	)

Net realized gains from investment transactions with affiliated funds		3,402,376
Net change in unrealized appreciation/(depreciation) from investments		160,665,518

Net realized/unrealized gains from investments		164,067,894

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	189,574,656


(a)		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 27

Statements of Changes in Net Assets


	Nationwide Investor Destinations
	Moderately Aggressive Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	25,506,762		$	32,490,811
Net realized gains from investment transactions		3,402,376			95,483,792
Net change in unrealized appreciation/(depreciation) from investments		160,665,518			(739,797,320	)

Change in net assets resulting from operations		189,574,656			(611,822,717	)


Distributions to Shareholders From:
Net investment income:
Class A		(1,527,971	)		(2,331,952	)
Class B		(370,798	)		(675,565	)
Class C		(1,911,121	)		(3,462,127	)
Class R2 (a)		(1,952,895	)		(1,768,068	)
Institutional Class		(1,482,266	)		(1,874,682	)
Service Class		(18,877,506	)		(27,200,516	)
Net realized gains:
Class A		(5,117,352	)		(2,564,384	)
Class B		(1,878,323	)		(1,054,241	)
Class C		(9,553,996	)		(5,436,823	)
Class R2 (a)		(6,600,125	)		(1,624,440	)
Institutional Class		(3,933,422	)		(1,748,195	)
Service Class		(64,503,068	)		(31,244,256	)

Change in net assets from shareholder distributions		(117,708,843	)		(80,985,249	)

Change in net assets from capital transactions		165,176,859			22,152,655

Change in net assets		237,042,672			(670,655,311	)


Net Assets:
Beginning of year		1,227,365,368			1,898,020,679

End of year	$	1,464,408,040		$	1,227,365,368

Accumulated undistributed net investment income at end of year	$	–		$	591,218


CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	22,311,147		$	18,073,799
Dividends reinvested		3,868,733			2,865,325
Cost of shares redeemed		(19,735,016	)		(26,821,733	)

Total Class A		6,444,864			(5,882,609	)

Class B Shares
Proceeds from shares issued		1,347,714			2,380,286
Dividends reinvested		1,569,358			1,180,772
Cost of shares redeemed		(4,826,391	)		(6,110,838	)

Total Class B		(1,909,319	)		(2,549,780	)

Class C Shares
Proceeds from shares issued		23,410,766			25,560,789
Dividends reinvested		3,342,025			2,325,384
Cost of shares redeemed		(31,904,497	)		(45,407,616	)

Total Class C		(5,151,706	)		(17,521,443	)

Amounts designated as “–” are zero or have been rounded to zero.


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

28 Annual Report 2009


	Nationwide Investor Destinations
	Moderately Aggressive Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Class R2 Shares (a)
Proceeds from shares issued		40,599,268			66,531,114
Dividends reinvested		8,143,620			3,135,494
Cost of shares redeemed		(6,666,994	)		(7,171,591	)

Total Class R2		42,075,894			62,495,017

Institutional Class Shares
Proceeds from shares issued		28,217,584			21,256,138
Dividends reinvested		5,415,689			3,622,871
Cost of shares redeemed		(5,863,691	)		(8,679,307	)

Total Institutional Class		27,769,582			16,199,702

Service Class Shares
Proceeds from shares issued		117,176,153			126,570,824
Dividends reinvested		83,380,449			58,444,538
Cost of shares redeemed		(104,609,058	)		(215,603,594	)

Total Service Class		95,947,544			(30,588,232	)

Change in net assets from capital transactions:	$	165,176,859		$	22,152,655


SHARE TRANSACTIONS:
Class A Shares
Issued		3,171,825			1,753,054
Reinvested		575,001			263,859
Redeemed		(2,823,311	)		(2,646,374	)

Total Class A Shares		923,515			(629,461	)

Class B Shares
Issued		200,737			232,408
Reinvested		237,943			109,284
Redeemed		(714,622	)		(630,768	)

Total Class B Shares		(275,942	)		(289,076	)

Class C Shares
Issued		3,403,931			2,463,899
Reinvested		506,507			215,282
Redeemed		(4,649,872	)		(4,624,457	)

Total Class C Shares		(739,434	)		(1,945,276	)

Class R2 Shares (a)
Issued		5,887,190			6,518,747
Reinvested		1,230,394			296,008
Redeemed		(945,727	)		(729,728	)

Total Class R2 Shares		6,171,857			6,085,027


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 29

Statements of Changes in Net Assets (Continued)


	Nationwide Investor Destinations
	Moderately Aggressive Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

SHARE TRANSACTIONS: (continued)
Institutional Class Shares
Issued		3,861,212			2,016,911
Reinvested		803,319			335,351
Redeemed		(854,120	)		(881,390	)

Total Institutional Class Shares		3,810,411			1,470,872

Service Class Shares
Issued		16,661,947			12,221,881
Reinvested		12,420,424			5,385,691
Redeemed		(15,109,265	)		(20,391,321	)

Total Service Class Shares		13,973,106			(2,783,749	)

Total change in shares:		23,863,513			1,908,337

The accompanying notes are an integral part of these financial statements.

30 Annual Report 2009

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Investor Destinations Moderately Aggressive Fund


				Operations									Distributions															Ratios / Supplemental Data

							Net Realized																													Ratio of
							and																										Ratio of Net			Expenses
	Net Asset						Unrealized																							Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net						Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Total			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			of Period			Return (a)(b)			Period		Net Assets (c)			Net Assets (c)			Net Assets (c)(d)			Turnover (e)
Class A Shares
Year Ended October 31, 2009 (f)	$	7	.69		0	.16		0	.86		1	.02		(0	.16)		(0	.56)		(0	.72)	$	7	.99		15	.29%	$	76,075,551		0	.51%		2	.24%		0	.51%		15	.94%
Year Ended October 31, 2008	$	12	.03		0	.23		(4	.03)		(3	.80)		(0	.26)		(0	.28)		(0	.54)	$	7	.69		(32	.83%)	$	66,098,117		0	.46%		2	.21%		0	.46%		23	.68%
Year Ended October 31, 2007	$	11	.00		0	.25		1	.31		1	.56		(0	.30)		(0	.23)		(0	.53)	$	12	.03		14	.67%	$	110,994,304		0	.44%		2	.09%		0	.44%		2	.80%
Year Ended October 31, 2006	$	9	.84		0	.18		1	.33		1	.51		(0	.22)		(0	.13)		(0	.35)	$	11	.00		15	.66%	$	83,365,165		0	.46%		1	.65%		0	.47%		6	.67%
Year Ended October 31, 2005	$	9	.10		0	.21		0	.74		0	.95		(0	.21)		–			(0	.21)	$	9	.84		10	.47%	$	57,072,820		0	.49%		2	.10%		0	.49%(g)		5	.51%

Class B Shares
Year Ended October 31, 2009 (f)	$	7	.57		0	.11		0	.85		0	.96		(0	.11)		(0	.56)		(0	.67)	$	7	.86		14	.57%	$	24,958,525		1	.21%		1	.55%		1	.21%		15	.94%
Year Ended October 31, 2008	$	11	.86		0	.15		(3	.98)		(3	.83)		(0	.18)		(0	.28)		(0	.46)	$	7	.57		(33	.38%)	$	26,143,633		1	.20%		1	.47%		1	.20%		23	.68%
Year Ended October 31, 2007	$	10	.85		0	.16		1	.31		1	.47		(0	.23)		(0	.23)		(0	.46)	$	11	.86		13	.87%	$	44,365,796		1	.18%		1	.37%		1	.18%		2	.80%
Year Ended October 31, 2006	$	9	.72		0	.11		1	.30		1	.41		(0	.15)		(0	.13)		(0	.28)	$	10	.85		14	.83%	$	39,398,958		1	.19%		1	.03%		1	.20%		6	.67%
Year Ended October 31, 2005	$	8	.99		0	.14		0	.73		0	.87		(0	.14)		–			(0	.14)	$	9	.72		9	.74%	$	30,176,729		1	.21%		1	.40%		1	.21%(g)		5	.51%

Class C Shares
Year Ended October 31, 2009 (f)	$	7	.57		0	.11		0	.85		0	.96		(0	.11)		(0	.56)		(0	.67)	$	7	.86		14	.58%	$	131,214,546		1	.21%		1	.55%		1	.21%		15	.94%
Year Ended October 31, 2008	$	11	.86		0	.15		(3	.98)		(3	.83)		(0	.18)		(0	.28)		(0	.46)	$	7	.57		(33	.38%)	$	132,062,033		1	.20%		1	.47%		1	.20%		23	.68%
Year Ended October 31, 2007	$	10	.86		0	.16		1	.30		1	.46		(0	.23)		(0	.23)		(0	.46)	$	11	.86		13	.87%	$	229,820,512		1	.18%		1	.37%		1	.18%		2	.80%
Year Ended October 31, 2006	$	9	.72		0	.11		1	.31		1	.42		(0	.15)		(0	.13)		(0	.28)	$	10	.86		14	.83%	$	192,829,644		1	.19%		1	.03%		1	.20%		6	.67%
Year Ended October 31, 2005	$	8	.99		0	.14		0	.73		0	.87		(0	.14)		–			(0	.14)	$	9	.72		9	.74%	$	155,315,482		1	.21%		1	.39%		1	.21%(g)		5	.51%

Class R2 Shares (h)
Year Ended October 31, 2009 (f)	$	7	.58		0	.13		0	.85		0	.98		(0	.14)		(0	.56)		(0	.70)	$	7	.86		14	.89%	$	134,283,065		0	.87%		1	.81%		0	.87%		15	.94%
Year Ended October 31, 2008	$	11	.87		0	.21		(3	.99)		(3	.78)		(0	.23)		(0	.28)		(0	.51)	$	7	.58		(33	.06%)	$	82,732,049		0	.84%		1	.81%		0	.84%		23	.68%
Year Ended October 31, 2007	$	10	.87		0	.24		1	.27		1	.51		(0	.28)		(0	.23)		(0	.51)	$	11	.87		14	.25%	$	57,399,585		0	.79%		1	.69%		0	.79%		2	.80%
Year Ended October 31, 2006	$	9	.75		0	.20		1	.27		1	.47		(0	.22)		(0	.13)		(0	.35)	$	10	.87		15	.43%	$	2,847,424		0	.80%		1	.73%		0	.80%		6	.67%
Year Ended October 31, 2005	$	9	.01		0	.20		0	.74		0	.94		(0	.20)		–			(0	.20)	$	9	.75		10	.49%	$	253,440		0	.61%		1	.92%		0	.61%(g)		5	.51%

Institutional Class Shares
Year Ended October 31, 2009 (f)	$	7	.69		0	.17		0	.87		1	.04		(0	.18)		(0	.56)		(0	.74)	$	7	.99		15	.63%	$	85,728,623		0	.21%		2	.42%		0	.21%		15	.94%
Year Ended October 31, 2008	$	12	.03		0	.26		(4	.03)		(3	.77)		(0	.29)		(0	.28)		(0	.57)	$	7	.69		(32	.65%)	$	53,214,335		0	.20%		2	.44%		0	.20%		23	.68%
Year Ended October 31, 2007	$	10	.99		0	.32		1	.28		1	.60		(0	.33)		(0	.23)		(0	.56)	$	12	.03		14	.96%	$	65,583,607		0	.19%		2	.22%		0	.19%		2	.80%
Year Ended October 31, 2006	$	9	.85		0	.25		1	.27		1	.52		(0	.25)		(0	.13)		(0	.38)	$	10	.99		15	.84%	$	3,863,570		0	.19%		2	.07%		0	.20%		6	.67%
Period Ended October 31, 2005 (i)	$	9	.67		0	.12		0	.20		0	.32		(0	.14)		–			(0	.14)	$	9	.85		3	.37%	$	1,033		0	.24%		1	.73%		0	.24%(g)		5	.51%

Amounts designated as “–” are zero or have been rounded to zero.


(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	Per share calculations were performed using average shares method.
(g)	There were no fee reductions during the period.
(h)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.
(i)	For the period from December 29, 2004 (commencement of operations) through October 31, 2005.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 31

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Investor Destinations Moderately Aggressive Fund (Continued)


				Operations									Distributions															Ratios / Supplemental Data

							Net Realized																													Ratio of
							and																										Ratio of Net			Expenses
	Net Asset						Unrealized																							Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net						Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Total			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			of Period			Return (a)(b)			Period		Net Assets (c)			Net Assets (c)			Net Assets (c)(d)			Turnover (e)

Service Class Shares
Year Ended October 31, 2009 (f)	$	7	.68		0	.15		0	.87		1	.02		(0	.16)		(0	.56)		(0	.72)	$	7	.98		15	.22%	$	1,012,147,730		0	.63%		2	.10%		0	.63%		15	.94%
Year Ended October 31, 2008	$	12	.02		0	.21		(4	.03)		(3	.82)		(0	.24)		(0	.28)		(0	.52)	$	7	.68		(32	.96%)	$	867,115,201		0	.60%		2	.07%		0	.60%		23	.68%
Year Ended October 31, 2007	$	10	.98		0	.24		1	.32		1	.56		(0	.29)		(0	.23)		(0	.52)	$	12	.02		14	.55%	$	1,389,856,875		0	.58%		1	.97%		0	.58%		2	.80%
Year Ended October 31, 2006	$	9	.83		0	.17		1	.32		1	.49		(0	.21)		(0	.13)		(0	.34)	$	10	.98		15	.53%	$	1,077,126,226		0	.59%		1	.54%		0	.60%		6	.67%
Year Ended October 31, 2005	$	9	.08		0	.20		0	.75		0	.95		(0	.20)		–			(0	.20)	$	9	.83		10	.48%	$	736,304,452		0	.61%		1	.98%		0	.61%(g)		5	.51%

Amounts designated as “–” are zero or have been rounded to zero.


(a)	Excludes sales charge.


(b)	Not annualized for periods less than one year.


(c)	Annualized for periods less than one year.
(d)	During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	Per share calculations were performed using average shares method.
(g)	There were no fee reductions during the period.

The accompanying notes are an integral part of these financial statements.

32 Annual Report 2009


Nationwide Investor Destinations Moderate Fund

How did the Fund perform during the reporting period in relation to its benchmark and its peer group?

For the annual period ended October 31, 2009, the Nationwide Investor Destinations Moderate Fund (Class A at NAV) returned 13.54% versus 10.57% for its composite benchmark, 60% Standard & Poor’s^® (S&P 500) Index, 25% Barclays Capital (BARCAP) U.S. Aggregate Bond Index and 15% Citigroup 3-Month Treasury Bill (T-Bill) Index. For broader comparison, the average return for the Fund’s closest Lipper peer category of Mixed-Asset Target Allocation Moderate Funds (consisting of 503 funds as of October 31, 2009) was 15.81% for the same time period.

What areas of investment provided the most positive relative returns for the Fund?

The Nationwide International Index Fund and the Nationwide S&P 500 Index Fund (underlying funds with allocations within the Fund of approximately 15% and 30%, respectively) provided the most positive relative returns, gaining 24.93% and 9.55%, respectively, during the reporting period for the Fund. A strong rebound in international developed market stocks propelled the Nationwide International Index Fund to a respectable gain as all but one of the 21 country markets tracked by the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index produced gains during the reporting period. Sweden led the way with 69.27%. Nine of the 10 sectors within the S&P 500 Index recorded positive returns during the reporting period; information technology led with 31.50%.

What areas of investment detracted from Fund performance?

The Nationwide Money Market Fund returned only 0.21% (with an allocation to the Fund of approximately 5%) and provided the smallest relative contribution. Yields on money funds continued to be pressured by the low-interest-rate environment on high quality, ultra short-term investments.

What is your outlook for the near term?

The events of the past year should serve to reinforce advantages of investing in a broadly diversified portfolio of investments. We believe our Nationwide Investor Destinations Funds, by combining underlying investments in up to seven distinct asset classes that behave differently under most market conditions are well positioned to deliver strong risk-adjusted returns over the long-term.

2009 Annual Report 33

The table below lists the target allocations for each of the Fund’s underlying investments as of October 31, 2009, and how each underlying fund performed during the reporting period. These allocations are subject to change at any time and without notice.

Nationwide Investor Destinations Moderate Fund
Performance of Underlying Investments for the 12 Months Ended October 31, 2009


		Target			12-Month
Asset Classes	Underlying Investments	Allocation*			Return

Large-Cap Stocks	Nationwide S&P 500 Index Fund		30	%		9.55	%


Intermediate Term Bonds	Nationwide Bond Index Fund		25	%		13.22	%


International Stocks	Nationwide International Index Fund		15	%		24.93	%


Mid-Cap Stocks	Nationwide Mid Cap Market Index Funds		10	%		17.77	%


Small-Cap Stocks	Nationwide Small Cap Index Fund		5	%		6.51	%


Short-Term Bonds	Nationwide Enhanced Income Fund		5	%		3.80	%


Short-Term Bonds	Nationwide Fixed Contract		5	%		3.86	%


Money Market Investments	Nationwide Money Market Fund		5	%		0.21	%


*		Fund target allocations are as of October 31, 2009.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Portfolio Manager:
Thomas R. Hickey Jr., Nationwide Fund Advisors

34 Annual Report 2009

Fund Performance Nationwide Investor Destinations Moderate Fund

Average Annual Total Return
(For periods ended October 31, 2009)


		1 Yr.		5 Yr.		Inception¹

Class A	w/o SC²		13.54%		2.90%		1.94%
	w/SC³		6.96%		1.68%		1.31%


Class B	w/o SC²		12.66%		2.12%		1.20%
	w/SC⁴		7.66%		1.79%		1.20%


Class C⁵	w/o SC²		12.72%		2.13%		1.19%
	w/SC⁶		11.72%		2.13%		1.19%


Class R2^7,8,9			13.11%		2.58%		1.49%


Institutional Class^7,10			13.87%		3.19%		2.07%


Service Class⁷			13.40%		2.75%		1.85%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.


¹		Fund commenced operations on March 31, 2000.
²		These returns do not reflect the effects of sales charges (SC).
³		A 5.75% front-end sales charge was deducted.
⁴		A 5.00% maximum contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years and is not deducted from returns after 6 years.
⁵		These returns until the creation of Class C shares (3/1/01) include the performance of the Fund’s Class B shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is substantially similar to what Class C shares would have produced because Class C shares invest in the same portfolio of securities as Class B shares and have the same expenses after any fee waivers or reimbursements. For Class C shares returns with sales charges, these returns have been restated for the applicable sales charges.
⁶		A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
⁷		Not subject to any sales charges.
⁸		These returns until the creation of Class R2 shares (10/1/03) include the performance of the Fund’s Class B shares. The returns have been adjusted for the fact that Class R2 shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Class R2 shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class R2 shares would have produced because Class R2 shares invest in the same portfolio of securities as Class B shares.
⁹		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.
¹⁰		These returns until the creation of Institutional Class shares (12/29/04) include the performance of the Fund’s Class B shares. The returns have been adjusted for the fact that Institutional Class shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Institutional Class shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Institutional Class shares would have produced because the Institutional Class shares invest in the same portfolio of securities as Class B shares.

Expense Ratios


	Expense
	Ratio*

Class A		0.77%


Class B		1.49%


Class C		1.49%


Class R2^a		1.14%


Institutional Class		0.49%


Service Class		0.90%


*		Current effective prospectus. Expenses also include indirect underlying fund expenses. Please see the Fund’s most recent prospectus for details.
^a		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

Performance of a $10,000 Investment

Comparative performance of $10,000 invested in Class A shares of the Nationwide Investor Destinations Moderate Fund versus performance of the Barclays Capital U.S. Aggregate Bond Index (formerly Lehman Brothers U.S. Aggregate Bond Index) (a), S&P 500^® Index (b), the Citigroup 3-Month T-Bill Index (c), the Moderate Fund Composite Index (d), and the Consumer Price Index (CPI) (e) since inception. Unlike the Fund, the performance for these unmanaged indexes does not reflect any fees, expenses, or sales charges. One cannot invest directly in a market index.


(a)		Barclays Capital U.S. Aggregate Bond Index is an unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

(b)		The S&P 500 Index is an unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.

(c)		The Citigroup 3-Month T-Bill Index is an average of the last 3-month treasury bill issues (excluding the current month-end bill).

(d)		The Moderate Fund Composite Index is an unmanaged, hypothetical representation of the performance of each of the Fund’s asset classes according to their respective weightings. The Moderate Fund Composite is a combination of the S&P 500 Index (60%), the Barclays Capital U.S. Aggregate Bond Index (25%) and the Citigroup 3-Month T-Bill Index (15%).

(e)		Calculated by the U.S. Department of Labor’s Bureau of Labor Statistics, the CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2009 Annual Report 35


Shareholder	Nationwide Investor Destinations Moderate Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
October 31, 2009


			Beginning		Ending		Expenses Paid		Expense Ratio
Nationwide Investor			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Destinations Moderate Fund			5/01/09		10/31/09		05/01/09 - 10/31/09^a,b		05/01/09 - 10/31/09^a,b

Class A Shares	Actual			1,000.00		1,145.90		2.70		0.52
	Hypothetical	^c		1,000.00		1,022.68		2.55		0.52


Class B Shares	Actual			1,000.00		1,141.70		6.53		1.21
	Hypothetical	^c		1,000.00		1,019.11		6.16		1.21


Class C Shares	Actual			1,000.00		1,142.40		6.53		1.21
	Hypothetical	^c		1,000.00		1,019.11		6.16		1.21


Class R2 Shares^d	Actual			1,000.00		1,143.80		4.70		0.84
	Hypothetical	^c		1,000.00		1,020.82		4.43		0.84


Institutional Class Shares	Actual			1,000.00		1,147.60		1.14		0.21
	Hypothetical	^c		1,000.00		1,024.15		1.07		0.21


Service Class Shares	Actual			1,000.00		1,145.20		3.41		0.68
	Hypothetical	^c		1,000.00		1,022.03		3.21		0.68


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

^b		Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.

^c		Represents the hypothetical 5% return before expenses.

^d		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

36 Annual Report 2009


Portfolio Summary	Nationwide Investor Destinations Moderate Fund

October 31, 2009


Asset Allocation

Equity Funds	58	.7%
Fixed Income Funds	32	.2%
Fixed Contract	6	.1%
Money Market Fund	3	.1%
Liabilities in excess of other assets	(0	.1)%

	100	.0%


Top Holdings†

Nationwide S&P 500 Index Fund, Institutional Class	29	.7%
Nationwide Bond Index Fund, Institutional Class	26	.0%
Nationwide International Index Fund, Institutional Class	14	.7%
Nationwide Mid Cap Market Index Fund, Institutional Class	9	.6%
Nationwide Enhanced Income Fund, Institutional Class	6	.2%
Nationwide Fixed Contract	6	.1%
Nationwide Small Cap Index Fund, Institutional Class	4	.6%
Nationwide Money Market Fund, Institutional Class	3	.1%

	100	.0%


†		Percentages indicated are based upon total investments as of October 31, 2009.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 37

Statement of Investments

October 31, 2009

Nationwide Investor Destinations Moderate Fund



Mutual Funds 94.0%

		Shares		Market Value


Equity Funds 58.7%
Nationwide International Index Fund, Institutional Class (a)		26,996,624	$	185,466,810
Nationwide Mid Cap Market Index Fund, Institutional Class (a)		11,094,064		121,147,180
Nationwide S&P 500 Index Fund, Institutional Class (a)		43,158,980		375,483,125
Nationwide Small Cap Index Fund, Institutional Class (a)		6,803,293		58,712,422

Total Equity Funds (cost $872,943,677)				740,809,537



Fixed Income Funds 32.2%
Nationwide Bond Index Fund, Institutional Class (a)		29,343,926		328,358,533
Nationwide Enhanced Income Fund, Institutional Class (a)		8,545,046		78,272,620

Total Fixed Income Funds (cost $395,449,672)				406,631,153



Money Market Fund 3.1%
Nationwide Money Market Fund, Institutional Class, 0.00% (a)(b) (cost $38,747,491)		38,747,491		38,747,491


Total Mutual Funds (cost $1,307,140,840)				1,186,188,181



Fixed Contract 6.1%

		Principal Amount		Market Value


Nationwide Fixed Contract, 3.75% (a)(c)	$	77,475,726		77,475,726


Total Fixed Contract (cost $77,475,726)				77,475,726


Total Investments (cost $1,384,616,566) (d) — 100.1%				1,263,663,907

Liabilities in excess of other assets — (0.1)%				(752,134	)


NET ASSETS — 100.0%			$	1,262,911,773


(a)		Investment in affiliate.

(b)		Represents 7-day effective yield as of October 31, 2009.

(c)		The Nationwide Fixed Contract rate changes quarterly. The security is restricted and as the affiliated counterparty is required by contract to redeem within five days upon request, it has been deemed liquid pursuant to procedures approved by the Board of Trustees.

(d)		See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

The accompanying notes are an integral part of these financial statements.

38 Annual Report 2009

Statement of Assets and Liabilities

October 31, 2009



	Nationwide Investor Destinations Moderate Fund

Assets:
Investments in affiliates, at value (cost $1,384,616,566)	$	1,263,663,907
Cash		176,556
Receivable for investments sold		1,589,003
Receivable for capital shares issued		957,929
Prepaid expenses and other assets		19,250

Total Assets		1,266,406,645

Liabilities:
Payable for capital shares redeemed		2,508,293
Accrued expenses and other payables:
Investment advisory fees		141,916
Distribution fees		385,366
Administrative servicing fees		207,355
Accounting and transfer agent fees		66,964
Trustee fees		15,574
Custodian fees		11,651
Compliance program costs (Note 3)		8,493
Professional fees		102,396
Other		46,864

Total Liabilities		3,494,872

Net Assets	$	1,262,911,773

Represented by:
Capital	$	1,404,014,862
Accumulated undistributed net investment income		785,471
Accumulated net realized losses from investment transactions		(20,935,901	)
Net unrealized appreciation/(depreciation) from investments in affiliates		(120,952,659	)

Net Assets	$	1,262,911,773

Net Assets:
Class A Shares	$	73,380,653
Class B Shares		22,546,617
Class C Shares		139,055,974
Class R2 Shares (a)		123,534,769
Institutional Class Shares		90,723,665
Service Class Shares		813,670,095

Total	$	1,262,911,773


Shares outstanding (unlimited number of shares authorized):
Class A Shares		8,765,987
Class B Shares		2,711,797
Class C Shares		16,788,928
Class R2 Shares (a)		14,987,155
Institutional Class Shares		10,841,526
Service Class Shares		97,305,766

Total		151,401,159


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 39

Statement of Assets and Liabilities (Continued)



	Nationwide Investor Destinations Moderate Fund

Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	8.37
Class B Shares (b)	$	8.31
Class C Shares (c)	$	8.28
Class R2 Shares (a)	$	8.24
Institutional Class Shares	$	8.37
Service Class Shares	$	8.36
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	8.88

Maximum Sales Charge:
Class A Shares		5.75	%


(a)		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

(b)		For Class B Shares, the redemption price per share varies by the length of time shares are held.

(c)		For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

40 Annual Report 2009

Statement of Operations

For the Year Ended October 31, 2009



	Nationwide Investor Destinations Moderate Fund

INVESTMENT INCOME:
Interest income from affiliates	$	87,280
Dividend income from affiliates		31,741,435

Total Income		31,828,715

EXPENSES:
Investment advisory fees		1,442,804
Distribution fees Class A		160,012
Distribution fees Class B		223,200
Distribution fees Class C		1,294,744
Distribution fees Class R2 (a)		475,775
Distribution fees Service Class		1,818,335
Administrative servicing fees Class A		24,810
Administrative servicing fees Class R2 (a)		151,783
Administrative servicing fees Service Class		1,198,759
Registration and filing fees		86,603
Professional fees		236,596
Printing fees		77,256
Trustee fees		78,152
Custodian fees		55,217
Accounting and transfer agent fees		300,701
Compliance program costs (Note 3)		24,349
Other		74,901

Total expenses before earnings credit		7,723,997
Earnings credit (Note 4)		(3,478	)

Net Expenses		7,720,519

NET INVESTMENT INCOME		24,108,196

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gain distributions from underlying affiliated funds		20,381,843
Net realized losses from investment transactions with affiliates		(37,120,337	)

Net realized losses from investment transactions with affiliated funds		(16,738,494	)
Net change in unrealized appreciation/(depreciation) from investments in affiliates		137,797,114

Net realized/unrealized gains from affiliated investments		121,058,620

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	145,166,816


(a)		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 41

Statements of Changes in Net Assets


	Nationwide Investor
	Destinations Moderate Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	24,108,196		$	31,633,799
Net realized gains (losses) from investment transactions		(16,738,494	)		95,372,446
Net change in unrealized appreciation/(depreciation) from investments		137,797,114			(505,577,722	)

Change in net assets resulting from operations		145,166,816			(378,571,477	)


Distributions to Shareholders From:
Net investment income:
Class A		(1,552,381	)		(2,430,240	)
Class B		(384,280	)		(667,805	)
Class C		(2,212,497	)		(3,710,811	)
Class R2 (a)		(2,247,522	)		(1,869,423	)
Institutional Class		(1,903,311	)		(2,621,457	)
Service Class		(16,533,590	)		(23,920,035	)
Net realized gains:
Class A		(5,646,662	)		(2,160,229	)
Class B		(2,071,873	)		(919,537	)
Class C		(11,252,124	)		(5,113,446	)
Class R2 (a)		(6,907,953	)		(1,492,012	)
Institutional Class		(5,702,093	)		(2,046,104	)
Service Class		(61,743,121	)		(23,366,415	)

Change in net assets from shareholder distributions		(118,157,407	)		(70,317,514	)

Change in net assets from capital transactions		148,452,845			311,248,570

Change in net assets		175,462,254			(760,137,561	)


Net Assets:
Beginning of year		1,087,449,519			1,847,587,080

End of year	$	1,262,911,773		$	1,087,449,519

Accumulated undistributed net investment income at end of year	$	785,471		$	1,510,848


CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	20,420,404		$	21,028,709
Dividends reinvested		4,540,137			2,847,298
Cost of shares redeemed		(17,215,405	)		(21,914,515	)

Total Class A		7,745,136			1,961,492

Class B Shares
Proceeds from shares issued		1,407,617			2,264,500
Dividends reinvested		1,340,998			841,398
Cost of shares redeemed		(5,000,954	)		(6,236,670	)

Total Class B		(2,252,339	)		(3,130,772	)

Class C Shares
Proceeds from shares issued		31,711,577			26,891,187
Dividends reinvested		3,964,429			2,139,413
Cost of shares redeemed		(35,473,487	)		(46,384,378	)

Total Class C		202,519			(17,353,778	)


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

42 Annual Report 2009


	Nationwide Investor
	Destinations Moderate Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

CAPITAL TRANSACTIONS: (continued)
Class R2 Shares (a)
Proceeds from shares issued	$	44,742,885		$	56,759,821
Dividends reinvested		8,319,991			2,849,602
Cost of shares redeemed		(9,320,702	)		(13,214,979	)

Total Class R2		43,742,174			46,394,444

Institutional Class Shares
Proceeds from shares issued		22,607,565			21,079,808
Dividends reinvested		7,605,387			4,667,546
Cost of shares redeemed		(7,769,280	)		(14,834,827	)

Total Institutional Class		22,443,672			10,912,527

Service Class Shares
Proceeds from shares issued		96,750,696			119,090,449
Dividends reinvested		78,276,531			47,286,361
Cost of shares redeemed		(98,455,544	)		(516,409,293	)

Total Service Class		76,571,683			(350,032,483	)

Change in net assets from capital transactions:	$	148,452,845		$	(311,248,570	)


SHARE TRANSACTIONS:
Class A Shares
Issued		2,630,212			2,024,167
Reinvested		620,235			266,624
Redeemed		(2,298,045	)		(2,153,091	)

Total Class A Shares		952,402			137,700

Class B Shares
Issued		192,443			218,557
Reinvested		184,875			78,724
Redeemed		(671,242	)		(621,389	)

Total Class B Shares		(293,924	)		(324,108	)

Class C Shares
Issued		4,279,468			2,602,605
Reinvested		547,578			200,997
Redeemed		(4,708,032	)		(4,613,819	)

Total Class C Shares		119,014			(1,810,217	)

Class R2 Shares (a)
Issued		5,943,406			5,504,333
Reinvested		1,153,201			270,963
Redeemed		(1,238,161	)		(1,317,194	)

Total Class R2 Shares		5,858,446			4,458,102


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 43

Statements of Changes in Net Assets (Continued)


	Nationwide Investor
	Destinations Moderate Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

SHARE TRANSACTIONS: (continued)
Institutional Class Shares
Issued		2,912,298			1,999,547
Reinvested		1,038,161			437,901
Redeemed		(1,044,865	)		(1,462,547	)

Total Institutional Class Shares		2,905,594			974,901

Service Class Shares
Issued		12,690,037			11,447,823
Reinvested		10,712,040			4,430,273
Redeemed		(13,091,250	)		(46,950,349	)

Total Service Class Shares		10,310,827			(31,072,253	)

Total change in shares:		19,852,359			(27,635,875	)

The accompanying notes are an integral part of these financial statements.

44 Annual Report 2009

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Investor Destinations Moderate Fund


				Operations									Distributions															Ratios / Supplemental Data

							Net Realized																										Ratio			Ratio of
							and																										of Net			Expenses
	Net Asset						Unrealized																							Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net						Net Asset						Net Assets		Expenses			Income to			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Total			Value, End			Total			at End of		to Average			Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			of Period			Return (a)(b)			Period		Net Assets (c)			Net Assets (c)			Net Assets (c)(d)			Turnover (e)

Class A Shares
Year Ended October 31, 2009 (f)	$	8	.29		0	.18		0	.80		0	.98		(0	.19)		(0	.71)		(0	.90)	$	8	.37		13	.54%	$	73,380,653		0	.50%		2	.38%		0	.50%		20	.17%
Year Ended October 31, 2008	$	11	.65		0	.27		(3	.04)		(2	.77)		(0	.31)		(0	.28)		(0	.59)	$	8	.29		(24	.88%)	$	64,773,015		0	.46%		2	.56%		0	.46%		21	.57%
Year Ended October 31, 2007	$	10	.97		0	.30		0	.93		1	.23		(0	.34)		(0	.21)		(0	.55)	$	11	.65		11	.56%	$	89,397,222		0	.44%		2	.59%		0	.44%		2	.98%
Year Ended October 31, 2006	$	10	.11		0	.23		1	.00		1	.23		(0	.26)		(0	.11)		(0	.37)	$	10	.97		12	.41%	$	68,921,688		0	.46%		2	.16%		0	.46%		8	.40%
Year Ended October 31, 2005	$	9	.60		0	.23		0	.52		0	.75		(0	.23)		(0	.01)		(0	.24)	$	10	.11		7	.86%	$	57,505,312		0	.48%		2	.35%		0	.48%(g)		5	.91%

Class B Shares
Year Ended October 31, 2009 (f)	$	8	.24		0	.13		0	.78		0	.91		(0	.13)		(0	.71)		(0	.84)	$	8	.31		12	.66%	$	22,546,617		1	.21%		1	.69%		1	.21%		20	.17%
Year Ended October 31, 2008	$	11	.55		0	.19		(3	.01)		(2	.82)		(0	.21)		(0	.28)		(0	.49)	$	8	.24		(25	.37%)	$	24,758,716		1	.21%		1	.82%		1	.21%		21	.57%
Year Ended October 31, 2007	$	10	.89		0	.20		0	.92		1	.12		(0	.25)		(0	.21)		(0	.46)	$	11	.55		10	.64%	$	38,474,634		1	.18%		1	.85%		1	.18%		2	.98%
Year Ended October 31, 2006	$	10	.04		0	.15		0	.99		1	.14		(0	.18)		(0	.11)		(0	.29)	$	10	.89		11	.61%	$	35,436,566		1	.18%		1	.51%		1	.19%		8	.40%
Year Ended October 31, 2005	$	9	.55		0	.16		0	.50		0	.66		(0	.16)		(0	.01)		(0	.17)	$	10	.04		6	.96%	$	28,906,723		1	.20%		1	.66%		1	.20%(g)		5	.91%

Class C Shares
Year Ended October 31, 2009 (f)	$	8	.21		0	.13		0	.78		0	.91		(0	.13)		(0	.71)		(0	.84)	$	8	.28		12	.72%	$	139,055,974		1	.21%		1	.68%		1	.21%		20	.17%
Year Ended October 31, 2008	$	11	.52		0	.19		(3	.01)		(2	.82)		(0	.21)		(0	.28)		(0	.49)	$	8	.21		(25	.44%)	$	136,846,923		1	.21%		1	.82%		1	.21%		21	.57%
Year Ended October 31, 2007	$	10	.86		0	.21		0	.92		1	.13		(0	.26)		(0	.21)		(0	.47)	$	11	.52		10	.69%	$	212,829,000		1	.18%		1	.86%		1	.18%		2	.98%
Year Ended October 31, 2006	$	10	.01		0	.16		0	.99		1	.15		(0	.19)		(0	.11)		(0	.30)	$	10	.86		11	.65%	$	184,788,048		1	.18%		1	.51%		1	.19%		8	.40%
Year Ended October 31, 2005	$	9	.52		0	.16		0	.50		0	.66		(0	.16)		(0	.01)		(0	.17)	$	10	.01		6	.98%	$	150,491,449		1	.20%		1	.66%		1	.20%(g)		5	.91%

Class R2 Shares(h)
Year Ended October 31, 2009 (f)	$	8	.21		0	.15		0	.78		0	.93		(0	.19)		(0	.71)		(0	.90)	$	8	.24		13	.11%	$	123,534,769		0	.87%		1	.94%		0	.87%		20	.17%
Year Ended October 31, 2008	$	11	.55		0	.24		(3	.03)		(2	.79)		(0	.27)		(0	.28)		(0	.55)	$	8	.21		(25	.18%)	$	74,954,889		0	.84%		2	.16%		0	.84%		21	.57%
Year Ended October 31, 2007	$	10	.89		0	.27		0	.91		1	.18		(0	.31)		(0	.21)		(0	.52)	$	11	.55		11	.17%	$	53,929,660		0	.76%		2	.21%		0	.76%		2	.98%
Year Ended October 31, 2006	$	10	.06		0	.22		0	.97		1	.19		(0	.25)		(0	.11)		(0	.36)	$	10	.89		12	.11%	$	4,025,758		0	.79%		1	.88%		0	.79%		8	.40%
Year Ended October 31, 2005	$	9	.56		0	.22		0	.51		0	.73		(0	.22)		(0	.01)		(0	.23)	$	10	.06		7	.68%	$	198,589		0	.61%		2	.09%		0	.61%(g)		5	.91%

Amounts designated as “–” are zero or have been rounded to zero.


(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	Per share calculations were performed using average shares method.
(g)	There were no fee reductions during the period.
(h)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 45

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Investor Destinations Moderate Fund (Continued)


				Operations									Distributions															Ratios / Supplemental Data

							Net Realized																										Ratio			Ratio of
							and																										of Net			Expenses
	Net Asset						Unrealized																							Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net						Net Asset						Net Assets		Expenses			Income to			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Total			Value, End			Total			at End of		to Average			Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			of Period			Return (a)(b)			Period		Net Assets (c)			Net Assets (c)			Net Assets (c)(d)			Turnover (e)

Institutional Class Shares
Year Ended October 31, 2009 (f)	$	8	.29		0	.20		0	.80		1	.00		(0	.21)		(0	.71)		(0	.92)	$	8	.37		13	.87%	$	90,723,665		0	.21%		2	.61%		0	.21%		20	.17%
Year Ended October 31, 2008	$	11	.65		0	.30		(3	.04)		(2	.74)		(0	.34)		(0	.28)		(0	.62)	$	8	.29		(24	.64%)	$	65,760,859		0	.20%		2	.81%		0	.21%		21	.57%
Year Ended October 31, 2007	$	10	.98		0	.33		0	.91		1	.24		(0	.36)		(0	.21)		(0	.57)	$	11	.65		11	.73%	$	81,099,547		0	.19%		2	.78%		0	.19%		2	.98%
Year Ended October 31, 2006	$	10	.12		0	.27		0	.99		1	.26		(0	.29)		(0	.11)		(0	.40)	$	10	.98		12	.69%	$	3,119,086		0	.21%		2	.55%		0	.21%		8	.40%
Period Ended October 31, 2005 (h)	$	10	.02		0	.18		0	.09		0	.27		(0	.17)		–(g)			(0	.17)	$	10	.12		2	.71%	$	1,027		0	.23%		2	.45%		0	.23%(g)		5	.91%

Service Class Shares
Year Ended October 31, 2009 (f)	$	8	.28		0	.17		0	.80		0	.97		(0	.18)		(0	.71)		(0	.89)	$	8	.36		13	.40%	$	813,670,095		0	.63%		2	.24%		0	.63%		20	.17%
Year Ended October 31, 2008	$	11	.62		0	.26		(3	.04)		(2	.78)		(0	.28)		(0	.28)		(0	.56)	$	8	.28		(24	.97%)	$	720,355,117		0	.59%		2	.42%		0	.60%		21	.57%
Year Ended October 31, 2007	$	10	.95		0	.27		0	.93		1	.20		(0	.32)		(0	.21)		(0	.53)	$	11	.62		11	.33%	$	1,371,857,017		0	.58%		2	.45%		0	.58%		2	.98%
Year Ended October 31, 2006	$	10	.09		0	.22		1	.00		1	.22		(0	.25)		(0	.11)		(0	.36)	$	10	.95		12	.30%	$	1,152,756,459		0	.58%		2	.05%		0	.59%		8	.40%
Year Ended October 31, 2005	$	9	.59		0	.22		0	.51		0	.73		(0	.22)		(0	.01)		(0	.23)	$	10	.09		7	.66%	$	934,203,210		0	.60%		2	.24%		0	.60%(g)		5	.91%

Amounts designated as “–” are zero or have been rounded to zero.


(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	Per share calculations were performed using average shares method.
(g)	There were no fee reductions during the period.
(h)	For the period from December 29, 2004 (commencement of operations) through October 31, 2005.

The accompanying notes are an integral part of these financial statements.

46 Annual Report 2009


Nationwide Investor Destinations Moderately Conservative Fund

How did the Fund perform during the reporting period in relation to its benchmark and its peer group?

For the annual period ended October 31, 2009, the Nationwide Investor Destinations Moderately Conservative Fund (Class A at NAV) returned 12.46% versus 9.94% for its composite benchmark, 40% Standard & Poor’s 500^® (S&P 500) Index, 35% Barclays Capital (BARCAP) U.S. Aggregate Bond Index and 25% Citigroup 3-Month Treasury Bill (T-Bill) Index. For broader comparison, the average return for the Fund’s closest Lipper peer category of Mixed-Asset Target Allocation Moderate Funds (consisting of 503 funds as of October 31, 2009) was 15.81% for the same time period.

What areas of investment provided the most positive relative returns for the Fund?

The Nationwide Bond Index Fund and the Nationwide International Index Fund (underlying funds with allocations within the Fund of approximately 35% and 10%, respectively) provided the most positive relative returns for the Fund, gaining 13.22% and 24.93%, respectively, during the reporting period. Most sectors within the BARCAP U.S. Aggregate Bond Index posted positive returns; corporate bonds led with 27.58%. A strong rebound in international developed market stocks propelled the Nationwide International Index Fund to a respectable gain as all but one of the 21 country markets tracked by the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index produced gains during the reporting period. Sweden led the way with 69.27%.

What areas detracted from Fund performance?

The Nationwide Money Market Fund returned only 0.21% (with an allocation to the Fund of approximately 10%) and provided the smallest relative contribution. Yields on money funds continued to be pressured by the low-interest-rate environment on high quality, ultra-short-term investments.

What is your outlook for the near term?

The events of the past year should serve to reinforce the critical importance of investing in a broadly diversified portfolio of investments. We believe our Nationwide Investor Destinations Funds, by combining underlying investments in up to seven distinct asset classes that behave differently under most market conditions, are well positioned to deliver strong risk-adjusted returns over the long-term.

2009 Annual Report 47

The table below lists the target allocation for each of the Fund’s underlying investments as of October 31, 2009 and how each underlying fund performed during the reporting period. These allocations are subject to change at any time and without notice.

Nationwide Investor Destinations Moderately Conservative Fund
Performance of Underlying Investments for the 12 Months Ended October 31, 2009


		Target			12-Month
Asset Classes	Underlying Investments	Allocation*			Return

Intermediate-Term Bonds	Nationwide Bond Index Fund		35	%		13.22	%


Large-Cap Stocks	Nationwide S&P 500 Index		20	%		9.55	%


Mid-Cap Stocks	Nationwide Mid Cap Market Index Fund		10	%		17.77	%


International Stocks	Nationwide International Index Fund		10	%		24.93	%


Money Market Investments	Nationwide Money Market Fund		10	%		0.21	%


Short-Term Bonds	Nationwide Enhanced Income		7.5	%		3.80	%


Short-Term Bonds	Nationwide Fixed Contract		7.5	%		3.86	%


*		Fund target allocations are as of October 31, 2009

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Portfolio Manager: Thomas R. Hickey Jr., Nationwide Fund Advisors

48 Annual Report 2009

Fund Performance Nationwide Investor Destinations Moderately Conservative Fund

Average Annual Total Return
(For periods ended October 31, 2009)


		1 Yr.		5 Yr.		Inception¹

Class A	w/o SC²		12.46%		3.38%		2.84%
	w/SC³		5.96%		2.16%		2.21%


Class B	w/o SC²		11.68%		2.65%		2.16%
	w/SC⁴		6.68%		2.31%		2.16%


Class C⁵	w/o SC²		11.64%		2.64%		2.15%
	w/SC⁶		10.64%		2.64%		2.15%


Class R2^7,8,9			12.09%		3.13%		2.47%


Institutional Class ^7,10			12.83%		3.71%		3.01%


Service Class⁷			12.32%		3.27%		2.79%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.


¹		Fund commenced operations on March 31, 2000.
²		These returns do not reflect the effects of sales charges (SC).
³		A 5.75% front-end sales charge was deducted.
⁴		A 5.00% maximum contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years and is not deducted from returns after 6 years.
⁵		These returns until the creation of Class C shares (3/1/01) include the performance of the Fund’s Class B shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is substantially similar to what Class C shares would have produced because Class C shares invest in the same portfolio of securities as Class B shares and have the same expenses after any fee waivers or reimbursements. For Class C shares returns with sales charges, these returns have been restated for the applicable sales charges.
⁶		A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
⁷		Not subject to any sales charges.
⁸		These returns until the creation of Class R2 shares (10/1/03) include the performance of the Fund’s Class B shares. The returns have been adjusted for the fact that Class R2 shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Class R2 shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class R2 shares would have produced because Class R2 shares invest in the same portfolio of securities as Class B shares.
⁹		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.
¹⁰		These returns until the creation of Institutional Class shares (12/29/04) include the performance of the Fund’s Class B shares. The returns have been adjusted for the fact that Institutional Class shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Institutional Class shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Institutional Class shares would have produced because the Institutional Class shares invest in the same portfolio of securities as Class B shares.

Expense Ratios


		Expense
		Ratio*

Class A		0.79%


Class B		1.50%


Class C		1.50%


Class R2^a		1.16%


Institutional Class		0.50%


Service Class		0.90%


*		Current effective prospectus. Expenses also include indirect underlying fund expenses. Please see the Fund’s most recent prospectus for details.
^a		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

Performance of a $10,000 Investment

Comparative performance of $10,000 invested in Class A shares of the Nationwide Investor Destinations Moderately Conservative Fund versus performance of the Barclays Capital U.S. Aggregate Bond Index (formerly Lehman Brothers U.S. Aggregate Bond Index) (a), S&P 500^® Index (b), the Citigroup 3-Month T-Bill Index (c), the Moderately Conservative Fund Composite Index (d), and the Consumer Price Index (CPI) (e) since inception. Unlike the Fund, the performance for these unmanaged indexes does not reflect any fees, expenses, or sales charges. One cannot invest directly in a market index.


(a)		Barclays Capital U.S. Aggregate Bond Index is an unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.
(b)		The S&P 500 Index is an unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.
(c)		The Citigroup 3-Month T-Bill Index is an average of the last 3-month treasury bill issues (excluding the current month-end bill).
(d)		The Moderately Conservative Fund Composite Index is an unmanaged, hypothetical representation of the performance of each of the Fund’s asset classes according to their respective weightings. The Moderately Conservative Fund Composite is a combination of the S&P 500 Index (40%), the Barclays Capital U.S. Aggregate Bond Index (35%) and the Citigroup 3-Month T-Bill Index (25%).
(e)		Calculated by the U.S. Department of Labor’s Bureau of Labor Statistics, the CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2009 Annual Report 49


Shareholder	Nationwide Investor Destinations Moderately Conservative Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
October 31, 2009


			Beginning		Ending		Expenses Paid		Expense Ratio
			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Nationwide Investor Destinations Moderately Conservative Fund			5/01/09		10/31/09		05/01/09 - 10/31/09^a,b		05/01/09 - 10/31/09^a,b

Class A Shares	Actual			1,000.00		1,108.50		2.76		0.59
	Hypothetical	^c		1,000.00		1,022.58		2.65		0.59


Class B Shares	Actual			1,000.00		1,105.00		6.47		1.22
	Hypothetical	^c		1,000.00		1,019.06		6.21		1.22


Class C Shares	Actual			1,000.00		1,104.30		6.47		1.22
	Hypothetical	^c		1,000.00		1,019.06		6.21		1.22


Class R2 Shares^d	Actual			1,000.00		1,106.90		4.73		0.88
	Hypothetical	^c		1,000.00		1,020.72		4.53		0.88


Service Class Shares	Actual			1,000.00		1,108.70		3.40		0.68
	Hypothetical	^c		1,000.00		1,021.98		3.26		0.68


Institutional Class Shares	Actual			1,000.00		1,110.80		1.17		0.22
	Hypothetical	^c		1,000.00		1,024.10		1.12		0.22


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
^b		Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.
^c		Represents the hypothetical 5% return before expenses.
^d		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

50 Annual Report 2009


Portfolio Summary	Nationwide Investor Destinations Moderately Conservative Fund

October 31, 2009


Asset Allocation

Fixed Income Funds	46	.2%
Equity Funds	38	.7%
Fixed Contract	9	.1%
Money Market Fund	6	.1%
Liabilities in excess of other assets	(0	.1)%

	100	.0%


Top Holdings†

Nationwide Bond Index Fund, Institutional Class	35	.9%
Nationwide S&P 500 Index Fund, Institutional Class	19	.6%
Nationwide Enhanced Income Fund, Institutional Class	10	.2%
Nationwide International Index Fund, Institutional Class	9	.6%
Nationwide Mid Cap Market Index Fund, Institutional Class	9	.5%
Nationwide Fixed Contract	9	.1%
Nationwide Money Market Fund, Institutional Class	6	.1%

	100	.0%


†		Percentages indicated are based upon total investments as of October 31, 2009.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 51

Statement of Investments

October 31, 2009

Nationwide Investor Destinations Moderately Conservative Fund



Mutual Funds 91.0%

		Shares		Market Value


Equity Funds 38.7%
Nationwide International Index Fund, Institutional Class (a)		5,768,281	$	39,628,088
Nationwide Mid Cap Market Index Fund, Institutional Class (a)		3,558,319		38,856,846
Nationwide S&P 500 Index Fund, Institutional Class (a)		9,244,926		80,430,860

Total Equity Funds (cost $177,903,577)				158,915,794



Fixed Income Funds 46.2%
Nationwide Bond Index Fund, Institutional Class (a)		13,185,320		147,543,731
Nationwide Enhanced Income Fund, Institutional Class (a)		4,558,240		41,753,477

Total Fixed Income Funds (cost $184,443,654)				189,297,208



Money Market Fund 6.1%
Nationwide Money Market Fund, Institutional Class, 0.00% (a)(b) (cost $24,988,400)		24,988,400		24,988,400


Total Mutual Funds (cost $387,335,631)				373,201,402



Fixed Contract 9.1%

		Principal Amount		Market Value


Nationwide Fixed Contract, 3.75% (a)(c)	$	37,373,952		37,373,952


Total Fixed Contract (cost $37,373,952)				37,373,952


Total Investments (cost $424,709,583) (d) — 100.1%				410,575,354

Liabilities in excess of other assets — (0.1)%				(312,512	)


NET ASSETS — 100.0%			$	410,262,842


(a)		Investment in affiliate.

(b)		Represents 7-day effective yield as of October 31, 2009.

(c)		The Nationwide Fixed Contract rate changes quarterly. The security is restricted and as the affiliated counterparty is required by contract to redeem within five days upon request, it has been deemed liquid pursuant to procedures approved by the Board of Trustees.

(d)		See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

The accompanying notes are an integral part of these financial statements.

52 Annual Report 2009

Statement of Assets and Liabilities

October 31, 2009



	Nationwide Investor Destinations Moderately
	Conservative Fund

Assets:
Investments in affiliates, at value (cost $424,709,583)	$	410,575,354
Cash		22,418
Receivable for investments sold		201,760
Receivable for capital shares issued		582,303
Prepaid expenses and other assets		17,470

Total Assets		411,399,305

Liabilities:
Payable for capital shares redeemed		828,074
Accrued expenses and other payables:
Investment advisory fees		45,606
Distribution fees		123,722
Administrative servicing fees		69,901
Accounting and transfer agent fees		17,456
Trustee fees		7,037
Custodian fees		3,712
Compliance program costs (Note 3)		2,732
Professional fees		23,441
Other		14,782

Total Liabilities		1,136,463

Net Assets	$	410,262,842

Represented by:
Capital	$	434,758,380
Accumulated undistributed net investment income		505,732
Accumulated net realized losses from investment transactions		(10,867,041	)
Net unrealized appreciation/(depreciation) from investments		(14,134,229	)

Net Assets	$	410,262,842

Net Assets:
Class A Shares	$	27,499,985
Class B Shares		5,867,608
Class C Shares		38,316,174
Class R2 Shares (a)		55,375,781
Institutional Class Shares		20,004,640
Service Class Shares		263,198,654

Total	$	410,262,842

Shares outstanding (unlimited number of shares authorized):
Class A Shares		2,985,574
Class B Shares		637,088
Class C Shares		4,175,936
Class R2 Shares (a)		6,004,644
Institutional Class Shares		2,155,075
Service Class Shares		28,455,031

Total		44,413,348


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 53

Statement of Assets and Liabilities (Continued)



	Nationwide Investor Destinations Moderately
	Conservative Fund

Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	9.21
Class B Shares (b)	$	9.21
Class C Shares (c)	$	9.18
Class R2 Shares (a)	$	9.22
Institutional Class Shares	$	9.28
Service Class Shares	$	9.25
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	9.77

Maximum Sales Charge:
Class A Shares		5.75	%


(a)		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

(b)		For Class B Shares, the redemption price per share varies by the length of time shares are held.

(c)		For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

54 Annual Report 2009

Statement of Operations

For the Year Ended October 31, 2009



	Nationwide Investor Destinations Moderately
	Conservative Fund

INVESTMENT INCOME:
Interest income from affiliates	$	43,801
Dividend income from affiliates		10,816,514

Total Income		10,860,315

EXPENSES:
Investment advisory fees		469,650
Distribution fees Class A		61,247
Distribution fees Class B		56,329
Distribution fees Class C		348,573
Distribution fees Class R2(a)		208,398
Distribution fees Service Class		602,531
Administrative servicing fees Class A		18,527
Administrative servicing fees Class R2 (a)		70,145
Administrative servicing fees Service Class		397,011
Registration and filing fees		69,920
Professional fees		67,528
Printing fees		27,607
Trustee fees		27,598
Custodian fees		17,271
Accounting and transfer agent fees		79,437
Compliance program costs (Note 3)		7,250
Other		27,102

Total expenses before earnings credit		2,556,124
Earnings credit (Note 4)		(934	)

Net Expenses		2,555,190

NET INVESTMENT INCOME		8,305,125

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net gain distributions from underlying affiliated funds		4,520,768
Net realized losses from investment transactions with affiliates		(12,954,501	)

Net realized losses from investment transactions with affiliated funds		(8,433,733	)
Net change in unrealized appreciation/(depreciation) from investments in affiliates		43,833,932

Net realized/unrealized gains from affiliated investments		35,400,199


CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	43,705,324


(a)		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 55

Statements of Changes in Net Assets


	Nationwide Investor Destinations
	Moderately Conservative Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	8,305,125		$	10,585,926
Net realized gains (losses) from investment transactions		(8,433,733	)		8,471,793
Net change in unrealized appreciation/(depreciation) from investments		43,833,932			(89,266,683	)

Change in net assets resulting from operations		43,705,324			(70,208,964	)


Distributions to Shareholders From:
Net investment income:
Class A		(625,699	)		(848,551	)
Class B		(104,260	)		(164,433	)
Class C		(656,403	)		(931,779	)
Class R2 (a)		(896,595	)		(722,476	)
Institutional Class		(372,828	)		(484,092	)
Service Class		(5,912,802	)		(7,974,834	)
Net realized gains:
Class A		(662,773	)		(685,073	)
Class B		(151,799	)		(178,112	)
Class C		(912,449	)		(1,045,495	)
Class R2 (a)		(868,064	)		(510,786	)
Institutional Class		(310,499	)		(345,628	)
Service Class		(6,366,470	)		(6,497,505	)

Change in net assets from shareholder distributions		(17,840,641	)		(20,388,764	)

Change in net assets from capital transactions		47,511,218			16,071,822

Change in net assets		73,375,901			(74,525,906	)


Net Assets:
Beginning of year		336,886,941			411,412,847

End of year	$	410,262,842		$	336,886,941

Accumulated undistributed net investment income at end of year	$	505,732		$	769,194


CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	7,487,896		$	7,539,671
Dividends reinvested		915,945			1,139,017
Cost of shares redeemed		(5,635,420	)		(8,363,411	)

Total Class A		2,768,421			315,277

Class B Shares
Proceeds from shares issued		1,193,885			855,894
Dividends reinvested		156,138			184,724
Cost of shares redeemed		(1,560,356	)		(1,509,949	)

Total Class B		(210,333	)		(469,331	)

Class C Shares
Proceeds from shares issued		11,785,277			8,208,188
Dividends reinvested		523,537			573,501
Cost of shares redeemed		(8,474,753	)		(12,981,807	)

Total Class C		3,834,061			(4,200,118	)


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

56 Annual Report 2009


	Nationwide Investor Destinations
	Moderately Conservative Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

CAPITAL TRANSACTIONS: (continued)
Class R2 Shares (a)
Proceeds from shares issued	$	23,545,694		$	22,348,282
Dividends reinvested		1,687,456			1,153,632
Cost of shares redeemed		(3,365,364	)		(5,096,074	)

Total Class R2		21,867,786			18,405,840

Institutional Class Shares
Proceeds from shares issued		10,568,882			4,568,456
Dividends reinvested		683,327			829,717
Cost of shares redeemed		(4,213,315	)		(4,071,816	)

Total Institutional Class		7,038,894			1,326,357

Service Class Shares
Proceeds from shares issued		46,111,422			60,955,574
Dividends reinvested		12,279,272			14,472,312
Cost of shares redeemed		(46,178,305	)		(74,734,089	)

Total Service Class		12,212,389			693,797

Change in net assets from capital transactions:	$	47,511,218		$	16,071,822

SHARE TRANSACTIONS:
Class A Shares
Issued		872,861			744,885
Reinvested		109,410			110,766
Redeemed		(669,126	)		(829,249	)

Total Class A Shares		313,145			26,402

Class B Shares
Issued		140,659			88,533
Reinvested		18,654			17,892
Redeemed		(182,304	)		(151,518	)

Total Class B Shares		(22,991	)		(45,093	)

Class C Shares
Issued		1,388,850			833,664
Reinvested		62,701			55,734
Redeemed		(997,138	)		(1,288,070	)

Total Class C Shares		454,413			(398,672	)

Class R2 Shares (a)
Issued		2,761,794			2,202,753
Reinvested		200,483			112,504
Redeemed		(386,836	)		(511,947	)

Total Class R2 Shares		2,575,441			1,803,310

Institutional Class Shares
Issued		1,193,000			442,453
Reinvested		80,583			80,259
Redeemed		(489,689	)		(406,300	)

Total Institutional Class Shares		783,894			116,412


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 57

Statements of Changes in Net Assets (Continued)


	Nationwide Investor Destinations
	Moderately Conservative Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

SHARE TRANSACTIONS: (continued)
Service Class Shares
Issued		5,380,790			5,983,972
Reinvested		1,459,811			1,402,625
Redeemed		(5,403,422	)		(7,340,798	)

Total Service Class Shares		1,437,179			45,799

Total change in shares:		5,541,081			1,548,158

The accompanying notes are an integral part of these financial statements.

58 Annual Report 2009

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Investor Destinations Moderately Conservative Fund


				Operations									Distributions															Ratios / Supplemental Data

	Net						Net Realized																													Ratio of
	Asset						and																										Ratio of Net			Expenses
	Value,						Unrealized																							Ratio of			Investment			(Prior to
	Beginning			Net			Gains (Losses)			Total			Net			Net						Net Asset						Net Assets		Expenses			Income			Reimbursements)
	of			Investment			from			from			Investment			Realized			Total			Value, End			Total			at End		to Average			to Average			to Average			Portfolio
	Period			Income			Investments			Operations			Income			Gains			Distributions			of Period			Return (a)			of Period		Net Assets			Net Assets			Net Assets (b)			Turnover (c)

Class A Shares
Year Ended October 31, 2009 (d)	$	8	.64		0	.21		0	.82		1	.03		(0	.22)		(0	.24)		(0	.46)	$	9	.21		12	.46%	$	27,499,985		0	.52%		2	.47%		0	.52%		22	.80%
Year Ended October 31, 2008	$	11	.00		0	.30		(2	.08)		(1	.78)		(0	.32)		(0	.26)		(0	.58)	$	8	.64		(16	.97%)	$	23,093,974		0	.46%		2	.97%		0	.46%		25	.61%
Year Ended October 31, 2007	$	10	.64		0	.32		0	.65		0	.97		(0	.35)		(0	.26)		(0	.61)	$	11	.00		9	.42%	$	29,097,449		0	.46%		3	.06%		0	.46%		12	.07%
Year Ended October 31, 2006	$	10	.18		0	.28		0	.64		0	.92		(0	.29)		(0	.17)		(0	.46)	$	10	.64		9	.24%	$	27,244,214		0	.48%		2	.65%		0	.49%		12	.64%
Year Ended October 31, 2005	$	9	.88		0	.26		0	.31		0	.57		(0	.26)		(0	.01)		(0	.27)	$	10	.18		5	.78%	$	16,923,424		0	.54%		2	.57%		0	.54%		8	.37%

Class B Shares
Year Ended October 31, 2009 (d)	$	8	.64		0	.15		0	.82		0	.97		(0	.16)		(0	.24)		(0	.40)	$	9	.21		11	.68%	$	5,867,608		1	.22%		1	.80%		1	.22%		22	.80%
Year Ended October 31, 2008	$	10	.99		0	.23		(2	.08)		(1	.85)		(0	.24)		(0	.26)		(0	.50)	$	8	.64		(17	.52%)	$	5,702,625		1	.20%		2	.23%		1	.20%		25	.61%
Year Ended October 31, 2007	$	10	.64		0	.24		0	.64		0	.88		(0	.27)		(0	.26)		(0	.53)	$	10	.99		8	.53%	$	7,750,492		1	.20%		2	.30%		1	.20%		12	.07%
Year Ended October 31, 2006	$	10	.18		0	.20		0	.65		0	.85		(0	.22)		(0	.17)		(0	.39)	$	10	.64		8	.49%	$	7,375,951		1	.20%		1	.98%		1	.21%		12	.64%
Year Ended October 31, 2005	$	9	.88		0	.20		0	.31		0	.51		(0	.20)		(0	.01)		(0	.21)	$	10	.18		5	.08%	$	6,001,750		1	.22%		1	.90%		1	.22%		8	.37%

Class C Shares
Year Ended October 31, 2009 (d)	$	8	.61		0	.15		0	.82		0	.97		(0	.16)		(0	.24)		(0	.40)	$	9	.18		11	.64%	$	38,316,174		1	.22%		1	.79%		1	.22%		22	.80%
Year Ended October 31, 2008	$	10	.96		0	.23		(2	.08)		(1	.85)		(0	.24)		(0	.26)		(0	.50)	$	8	.61		(17	.57%)	$	32,042,631		1	.20%		2	.23%		1	.20%		25	.61%
Year Ended October 31, 2007	$	10	.61		0	.24		0	.64		0	.88		(0	.27)		(0	.26)		(0	.53)	$	10	.96		8	.66%	$	45,138,980		1	.20%		2	.30%		1	.20%		12	.07%
Year Ended October 31, 2006	$	10	.14		0	.20		0	.66		0	.86		(0	.22)		(0	.17)		(0	.39)	$	10	.61		8	.50%	$	41,108,220		1	.20%		1	.97%		1	.21%		12	.64%
Year Ended October 31, 2005	$	9	.85		0	.18		0	.31		0	.49		(0	.19)		(0	.01)		(0	.20)	$	10	.14		5	.01%	$	39,545,053		1	.22%		1	.90%		1	.22%		8	.37%

Class R2 Shares(e)
Year Ended October 31, 2009 (d)	$	8	.65		0	.18		0	.82		1	.00		(0	.19)		(0	.24)		(0	.43)	$	9	.22		12	.09%	$	55,375,781		0	.89%		2	.06%		0	.89%		22	.80%
Year Ended October 31, 2008	$	11	.02		0	.26		(2	.08)		(1	.82)		(0	.29)		(0	.26)		(0	.55)	$	8	.65		(17	.31%)	$	29,677,803		0	.84%		2	.57%		0	.84%		25	.61%
Year Ended October 31, 2007	$	10	.69		0	.30		0	.63		0	.93		(0	.34)		(0	.26)		(0	.60)	$	11	.02		9	.04%	$	17,913,023		0	.83%		2	.78%		0	.83%		12	.07%
Year Ended October 31, 2006	$	10	.22		0	.28		0	.65		0	.93		(0	.29)		(0	.17)		(0	.46)	$	10	.69		9	.19%	$	620,222		0	.81%		2	.53%		0	.82%		12	.64%
Year Ended October 31, 2005	$	9	.91		0	.25		0	.31		0	.56		(0	.24)		(0	.01)		(0	.25)	$	10	.22		5	.73%	$	1,141		0	.65%		2	.54%		0	.65%		8	.37%

Institutional Class Shares
Year Ended October 31, 2009 (d)	$	8	.70		0	.24		0	.83		1	.07		(0	.25)		(0	.24)		(0	.49)	$	9	.28		12	.83%	$	20,004,640		0	.22%		2	.73%		0	.22%		22	.80%
Year Ended October 31, 2008	$	11	.07		0	.33		(2	.09)		(1	.76)		(0	.35)		(0	.26)		(0	.61)	$	8	.70		(16	.74%)	$	11,932,939		0	.20%		3	.22%		0	.20%		25	.61%
Year Ended October 31, 2007	$	10	.71		0	.36		0	.64		1	.00		(0	.38)		(0	.26)		(0	.64)	$	11	.07		9	.64%	$	13,889,521		0	.21%		3	.30%		0	.21%		12	.07%
Year Ended October 31, 2006	$	10	.24		0	.31		0	.65		0	.96		(0	.32)		(0	.17)		(0	.49)	$	10	.71		9	.58%	$	905,330		0	.20%		3	.05%		0	.21%		12	.64%
Period Ended October 31, 2005 (f)	$	10	.17		0	.23		0	.04		0	.27		(0	.20)		–			(0	.20)	$	10	.24		3	.70%	$	1,027		0	.29%		3	.17%		0	.29%(g)		8	.37%

Amounts designated as “–” are zero or have been rounded to zero.
(a)

Excludes sales charge.
(b) During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d) Per share calculations were performed using average shares method.
(e) Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.
(f) For the period from December 29, 2004 (commencement of operations) through October 31, 2005.
(g) There were no fee reductions during the period.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 59

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Investor Destinations Moderately Conservative Fund (Continued)


				Operations									Distributions															Ratios / Supplemental Data

	Net						Net Realized																													Ratio of
	Asset						and																										Ratio of Net			Expenses
	Value,						Unrealized																							Ratio of			Investment			(Prior to
	Beginning			Net			Gains (Losses)			Total			Net			Net						Net Asset						Net Assets		Expenses			Income			Reimbursements)
	of			Investment			from			from			Investment			Realized			Total			Value, End			Total			at End		to Average			to Average			to Average			Portfolio
	Period			Income			Investments			Operations			Income			Gains			Distributions			of Period			Return (a)			of Period		Net Assets			Net Assets			Net Assets (b)			Turnover (c)

Service Class Shares
Year Ended October 31, 2009 (d)	$	8	.68		0	.21		0	.81		1	.02		(0	.21)		(0	.24)		(0	.45)	$	9	.25		12	.32%	$	263,198,654		0	.64%		2	.38%		0	.64%		22	.80%
Year Ended October 31, 2008	$	11	.03		0	.29		(2	.08)		(1	.79)		(0	.30)		(0	.26)		(0	.56)	$	8	.68		(16	.96%)	$	234,436,969		0	.59%		2	.83%		0	.59%		25	.61%
Year Ended October 31, 2007	$	10	.68		0	.32		0	.63		0	.95		(0	.34)		(0	.26)		(0	.60)	$	11	.03		9	.15%	$	297,623,382		0	.60%		2	.99%		0	.60%		12	.07%
Year Ended October 31, 2006	$	10	.21		0	.26		0	.66		0	.92		(0	.28)		(0	.17)		(0	.45)	$	10	.68		9	.18%	$	241,726,441		0	.60%		2	.53%		0	.61%		12	.64%
Year Ended October 31, 2005	$	9	.91		0	.25		0	.31		0	.56		(0	.25)		(0	.01)		(0	.26)	$	10	.21		5	.67%	$	195,790,379		0	.62%		2	.49%		0	.62%		8	.37%

Amounts designated as “–” are zero or have been rounded to zero.


(a)	Excludes sales charge.
(b)	During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(c)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d)	Per share calculations were performed using average shares method.

The accompanying notes are an integral part of these financial statements.

60 Annual Report 2009


Nationwide Investor Destinations Conservative Fund

How did the Fund perform during the reporting period in relation to its benchmark and its peer group?

For the annual period ended October 31, 2009, the Nationwide Investor Destinations Conservative Fund (Class A at NAV) returned 9.84% versus 7.53% for its composite benchmark, 20% Standard & Poor’s 500^® (S&P 500) Index, 35% Barclays Capital (BARCAP) U.S. Aggregate Bond Index and 45% Citigroup 3-Month Treasury Bill (T-Bill) Index. For broader comparison, the average return for the Fund’s closest Lipper peer category of Mixed-Asset Target Allocation Conservative Funds (consisting of 445 funds as of October 31, 2009) was 15.55% for the same time period.

What areas of investment provided the most positive relative returns for the Fund?

The Nationwide Bond Index Fund and the Nationwide International Index Fund (underlying funds with allocations within the Fund of approximately 40% and 5%, respectively) provided the most positive relative returns for the Fund, gaining 13.22% and 24.93%, respectively, during the reporting period. Most sectors within the BARCAP U.S. Aggregate Bond Index posted positive returns; corporate bonds led with 27.58%. A strong rebound in international developed market stocks propelled the Nationwide International Index Fund to a respectable gain as all but one of the 21 country markets tracked by the Morgan Stanley Capital International Europe, Australasia and Far East (MSCI EAFE^®) Index produced gains during the reporting period. Sweden led the way with 69.27%.

What areas of investment detracted from Fund performance?

The Nationwide Money Market Fund returned only 0.21% (with an allocation to the Fund of approximately 15%) and provided the smallest relative contribution. Yields on money funds continued to be pressured by the low-interest-rate environment on high quality, ultra-short-term investments.

What is your outlook for the near term?

2009 Annual Report 61

Nationwide Investor Destinations Conservative Fund
Performance of Underlying Investments for the 12 Months Ended October 31, 2009


		Target			12-Month
Asset Classes	Underlying Investments	Allocation*			Return

Intermediate-Term Bonds	Nationwide Bond Index Fund		40	%		13.22	%


Money Market Investments	Nationwide Money Market Fund		15	%		0.21	%


Short-Term Bonds	Nationwide Enhanced Income Fund		12.5	%		3.80	%


Short-Term Bonds	Nationwide Fixed Contract		12.5	%		3.86	%


Large-Cap Stocks	Nationwide S&P 500 Index Fund		10	%		9.55	%


International Stocks	Nationwide International Index Fund		5	%		24.93	%


Mid-Cap Stocks	Nationwide Mid Cap Market Index Fund		5	%		17.77	%


*		Fund target allocations are as of October 31, 2009

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Portfolio Manager: Thomas R. Hickey Jr., Nationwide Fund Advisors

62 Annual Report 2009

Fund Performance Nationwide Investor Destinations Conservative Fund

Average Annual Total Return
(For periods ended October 31, 2009)


		1 Yr.		5 Yr.		Inception¹

Class A	w/o SC²		9.84%		3.56%		3.45%
	w/SC³		3.58%		2.34%		2.81%


Class B	w/o SC²		9.14%		2.85%		2.73%
	w/SC⁴		4.14%		2.50%		2.73%


Class C⁵	w/o SC²		9.13%		2.84%		2.73%
	w/SC⁶		8.13%		2.84%		2.73%


Class R2^7,8,9			9.44%		3.32%		3.05%


Institutional Class^7,10			10.24%		3.92%		3.62%


Service Class⁷			9.85%		3.46%		3.39%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.


¹		Fund commenced operations on March 31, 2000.
²		These returns do not reflect the effects of sales charges (SC).
³		A 5.75% front-end sales charge was deducted.
⁴		A 5.00% maximum contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years and is not deducted from returns after 6 years.
⁵		These returns until the creation of Class C shares (3/1/01) include the performance of the Fund’s Class B shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is substantially similar to what Class C shares would have produced because Class C shares invest in the same portfolio of securities as Class B shares and have the same expenses after any fee waivers or reimbursements. For Class C shares returns with sales charges, these returns have been restated for the applicable sales charges.
⁶		A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.
⁷		Not subject to any sales charges.
⁸		These returns until the creation of Class R2 shares (10/1/03) include the performance of the Fund’s Class B shares. The returns have been adjusted for the fact that Class R2 shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Class R2 shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class R2 shares would have produced because Class R2 shares invest in the same portfolio of securities as Class B shares.
⁹		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.
¹⁰		These returns until the creation of Institutional Class shares (12/29/04) include the performance of the Fund’s Class B shares. The returns have been adjusted for the fact that Institutional Class shares do not have any applicable sales charges but have not been adjusted for the lower expenses applicable to Institutional Class shares. Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Institutional Class shares would have produced because the Institutional Class shares invest in the same portfolio of securities as Class B shares.

Expense Ratios


		Expense
		Ratio*

Class A		0.78%


Class B		1.51%


Class C		1.51%


Class R2^a		1.14%


Institutional Class		0.51%


Service Class		0.91%


*		Current effective prospectus. Expenses also include indirect underlying fund expenses. Please see the Fund’s most recent prospectus for details.
^a		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

Performance of a $10,000 Investment

Comparative performance of $10,000 invested in Class A shares of the Nationwide Investor Destinations Conservative Fund versus performance of the Barclays Capital U.S. Aggregate Bond Index (formerly Lehman Brothers U.S. Aggregate Bond Index) (a), S&P 500^® Index (b), the Citigroup 3-Month T-Bill Index (c), the Conservative Fund Composite Index (d), and the Consumer Price Index (CPI) (e) since inception. Unlike the Fund, the performance for these unmanaged indexes does not reflect any fees, expenses, or sales charges. One cannot invest directly in a market index.


(a)		Barclays Capital U.S. Aggregate Bond Index is an unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.
(b)		The S&P 500 Index is an unmanaged, market capitalization-weighted index of 500 widely held stocks of large-cap U.S. companies that gives a broad look at how the stock prices of those companies have performed.
(c)		The Citigroup 3-Month T-Bill Index is an average of the last 3-month treasury bill issues (excluding the current month-end bill).
(d)		The Conservative Fund Composite Index is an unmanaged, hypothetical representation of the performance of each of the Fund’s asset classes according to their respective weightings. The Conservative Fund Composite is a combination of the S&P 500 Index (20%), the Barclays Capital U.S. Aggregate Bond Index (35%) and the Citigroup 3-Month T-Bill Index (45%).
(e)		Calculated by the U.S. Department of Labor’s Bureau of Labor Statistics, the CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2009 Annual Report 63


Shareholder	Nationwide Investor Destinations Conservative Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
October 31, 2009


			Beginning		Ending		Expenses Paid		Expense Ratio
			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Nationwide Investor Destinations Conservative Fund			5/01/09		10/31/09		05/01/09 - 10/31/09^a,b		05/01/09 - 10/31/09^a,b

Class A Shares	Actual			1,000.00		1,068.40		2.87		0.59
	Hypothetical	^c		1,000.00		1,022.43		2.80		0.59


Class B Shares	Actual			1,000.00		1,064.50		6.40		1.25
	Hypothetical	^c		1,000.00		1,019.00		6.26		1.25


Class C Shares	Actual			1,000.00		1,065.10		6.45		1.25
	Hypothetical	^c		1,000.00		1,018.95		6.31		1.25


Class R2 Shares^d	Actual			1,000.00		1,066.10		4.53		0.88
	Hypothetical	^c		1,000.00		1,020.82		4.43		0.88


Institutional Class Shares	Actual			1,000.00		1,071.00		1.25		0.26
	Hypothetical	^c		1,000.00		1,024.00		1.22		0.26


Service Class Shares	Actual			1,000.00		1,067.50		3.39		0.71
	Hypothetical	^c		1,000.00		1,021.93		3.31		0.71


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
^b		Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.
^c		Represents the hypothetical 5% return before expenses.
^d		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

64 Annual Report 2009

Portfolio Summary Nationwide Investor Destinations Conservative Fund

October 31, 2009


Asset Allocation

Fixed Income Funds	54	.9%
Equity Funds	19	.1%
Fixed Contract	16	.1%
Money Market Fund	10	.0%
Liabilities in excess of other assets	(0	.1)%

	100	.0%


Top Holdings†

Nationwide Bond Index Fund, Institutional Class	40	.8%
Nationwide Fixed Contract	16	.1%
Nationwide Enhanced Income Fund, Institutional Class	14	.1%
Nationwide Money Market Fund, Institutional Class	10	.0%
Nationwide S&P 500 Index Fund, Institutional Class	9	.7%
Nationwide Mid Cap Market Index Fund, Institutional Class	4	.7%
Nationwide International Index Fund, Institutional Class	4	.6%

	100	.0%


†		Percentages indicated are based upon total investments as of October 31, 2009.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 65

Statement of Investments

October 31, 2009

Nationwide Investor Destinations Conservative Fund


Mutual Funds 84.0%

		Shares		Market Value


Equity Funds 19.1%
Nationwide International Index Fund, Institutional Class (a)		2,001,718	$	13,751,804
Nationwide Mid Cap Market Index Fund, Institutional Class (a)		1,267,585		13,842,033
Nationwide S&P 500 Index Fund, Institutional Class (a)		3,296,348		28,678,231

Total Equity Funds (cost $57,672,142)				56,272,068



Fixed Income Funds 54.9%
Nationwide Bond Index Fund, Institutional Class (a)		10,772,884		120,548,572
Nationwide Enhanced Income Fund, Institutional Class (a)		4,542,697		41,611,106

Total Fixed Income Funds (cost $157,861,001)				162,159,678



Money Market Fund 10.0%
Nationwide Money Market Fund, Institutional Class, 0.00% (a)(b) (cost $29,636,719)		29,636,719		29,636,719


Total Mutual Funds (cost $245,169,862)				248,068,465



Fixed Contract 16.1%

		Principal Amount		Market Value





Nationwide Fixed Contract, 3.75% (a)(c)	$	47,573,746		47,573,746


Total Fixed Contract (cost $47,573,746)				47,573,746


Total Investments (cost $292,743,608)(d) — 100.1%				295,642,211

Liabilities in excess of other assets — (0.1)%				(203,877	)



NET ASSETS — 100.0%			$	295,438,334


(a)		Investment in affiliate.

(b)		Represents 7-day effective yield as of October 31, 2009.

(c)		The Nationwide Fixed Contract rate changes quarterly. The security is restricted and as the affiliated counterparty is required by contract to redeem within five days upon request, it has been deemed liquid pursuant to procedures approved by the Board of Trustees.

(d)		See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.

The accompanying notes are an integral part of these financial statements.

66 Annual Report 2009

Statement of Assets and Liabilities

October 31, 2009



	Nationwide Investor
	Destinations Conservative Fund

Assets:
Investments in affiliates, at value (cost $292,743,608)	$	295,642,211
Receivable for capital shares issued		804,727
Prepaid expenses and other assets		19,664

Total Assets		296,466,602

Liabilities:
Payable for investments purchased		303,320
Payable for capital shares redeemed		445,690
Cash overdraft		53,527
Accrued expenses and other payables:
Investment advisory fees		32,607
Distribution fees		90,079
Administrative servicing fees		41,529
Accounting and transfer agent fees		18,798
Trustee fees		5,030
Custodian fees		2,681
Compliance program costs (Note 3)		1,952
Professional fees		22,091
Other		10,964

Total Liabilities		1,028,268

Net Assets	$	295,438,334

Represented by:
Capital	$	299,985,925
Accumulated undistributed net investment income		508,465
Accumulated net realized losses from investment transactions		(7,954,659	)
Net unrealized appreciation/(depreciation) from investments		2,898,603

Net Assets	$	295,438,334

Net Assets:
Class A Shares	$	15,347,604
Class B Shares		2,821,364
Class C Shares		31,268,010
Class R2 Shares (a)		38,324,442
Institutional Class Shares		10,218,039
Service Class Shares		197,458,875

Total	$	295,438,334

Shares outstanding (unlimited number of shares authorized):
Class A Shares		1,570,482
Class B Shares		288,060
Class C Shares		3,211,127
Class R2 Shares (a)		3,932,502
Institutional Class Shares		1,041,785
Service Class Shares		20,173,356

Total		30,217,312


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 67

Statement of Assets and Liabilities (Continued)



	Nationwide Investor
	Destinations Conservative Fund

Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	9.77
Class B Shares (b)	$	9.79
Class C Shares (c)	$	9.74
Class R2 Shares (a)	$	9.75
Institutional Class Shares	$	9.81
Service Class Shares	$	9.79
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	10.37

Maximum Sales Charge:
Class A Shares		5.75	%


(a)		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

(b)		For Class B Shares, the redemption price per share varies by the length of time shares are held.

(c)		For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

68 Annual Report 2009

Statement of Operations

For the Year Ended October 31, 2009



	Nationwide Investor
	Destinations Conservative Fund

INVESTMENT INCOME:
Interest income from affiliates	$	1,185,122
Dividend income from affiliates		6,877,346

Total Income		8,062,468

EXPENSES:
Investment advisory fees		343,014
Distribution fees Class A		35,029
Distribution fees Class B		30,064
Distribution fees Class C		268,020
Distribution fees Class R2 (a)		150,543
Distribution fees Service Class		457,134
Administrative servicing fees Class A		8,789
Administrative servicing fees Class R2 (a)		39,683
Administrative servicing fees Service Class		300,585
Registration and filing fees		65,975
Professional fees		54,646
Printing fees		21,142
Trustee fees		20,147
Custodian fees		12,841
Accounting and transfer agent fees		81,273
Compliance program costs (Note 3)		4,967
Other		20,681

Total expenses before earnings credit		1,914,533
Earnings credit (Note 4)		(499	)

Net Expenses		1,914,034

NET INVESTMENT INCOME		6,148,434

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net gain distributions from underlying affiliated funds		1,576,849
Net realized losses from investment transactions with affiliates		(7,838,154	)

Net realized losses from investment transactions with affiliated funds		(6,261,305	)
Net change in unrealized appreciation/(depreciation) from investments in affiliates		25,296,620

Net realized/unrealized gains from affiliated investments		19,035,315

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	25,183,749


(a)		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 69

Statements of Changes in Net Assets


	Nationwide Investor Destinations Conservative Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	6,148,434		$	7,364,552
Net realized gains (losses) from investment transactions		(6,261,305	)		3,182,190
Net change in unrealized appreciation/(depreciation) from investments		25,296,620			(31,865,536	)

Change in net assets resulting from operations		25,183,749			(21,318,794	)


Distributions to Shareholders From:
Net investment income:
Class A		(362,648	)		(369,927	)
Class B		(55,729	)		(83,681	)
Class C		(504,588	)		(559,736	)
Class R2 (a)		(677,490	)		(432,658	)
Institutional Class		(197,909	)		(216,410	)
Service Class		(4,539,761	)		(5,880,099	)
Net realized gains:
Class A		(180,146	)		(130,464	)
Class B		(45,532	)		(45,046	)
Class C		(341,251	)		(276,498	)
Class R2 (a)		(335,130	)		(125,912	)
Institutional Class		(85,686	)		(66,977	)
Service Class		(2,516,657	)		(2,213,528	)

Change in net assets from shareholder distributions		(9,842,527	)		(10,400,936	)

Change in net assets from capital transactions		40,104,191			23,565,491

Change in net assets		55,445,413			(8,154,239	)


Net Assets:
Beginning of year		239,992,921			248,147,160

End of year	$	295,438,334		$	239,992,921

Accumulated undistributed net investment income at end of year	$	508,465		$	698,149


CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	9,082,291		$	7,646,399
Dividends reinvested		285,871			344,099
Cost of shares redeemed		(6,574,047	)		(14,936,001	)

Total Class A		2,794,115			(6,945,503	)

Class B Shares
Proceeds from shares issued	$	404,295		$	1,201,415
Dividends reinvested		56,228			67,118
Cost of shares redeemed		(1,056,742	)		(1,262,507	)

Total Class B		(596,219	)		6,026

Class C Shares
Proceeds from shares issued		14,934,738			12,739,577
Dividends reinvested		266,444			241,474
Cost of shares redeemed		(9,382,610	)		(7,446,586	)

Total Class C		5,818,572			5,534,465


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

70 Annual Report 2009


	Nationwide Investor Destinations Conservative Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

CAPITAL TRANSACTIONS: (continued)
Class R2 Shares (a)
Proceeds from shares issued	$	22,246,940		$	17,904,729
Dividends reinvested		955,921			507,200
Cost of shares redeemed		(7,047,849	)		(3,936,978	)

Total Class R2		16,155,012			14,474,951

Institutional Class Shares
Proceeds from shares issued		6,508,251			2,846,847
Dividends reinvested		283,595			283,385
Cost of shares redeemed		(2,703,504	)		(1,710,580	)

Total Institutional Class		4,088,342			1,419,652

Service Class Shares
Proceeds from shares issued		46,058,085			53,252,940
Dividends reinvested		7,056,438			8,093,573
Cost of shares redeemed		(41,270,154	)		(52,270,613	)

Total Service Class		11,844,369			9,075,900

Change in net assets from capital transactions:	$	40,104,191		$	23,565,491


SHARE TRANSACTIONS:
Class A Shares
Issued		977,793			760,798
Reinvested		30,881			33,924
Redeemed		(700,307	)		(1,436,187	)

Total Class A Shares		308,367			(641,465	)

Class B Shares
Issued		44,661			121,510
Reinvested		6,074			6,589
Redeemed		(114,440	)		(127,388	)

Total Class B Shares		(63,705	)		711

Class C Shares
Issued		1,610,249			1,280,608
Reinvested		28,888			23,848
Redeemed		(1,009,380	)		(750,845	)

Total Class C Shares		629,757			553,611

Class R2 Shares (a)
Issued		2,384,922			1,783,463
Reinvested		103,341			50,233
Redeemed		(746,227	)		(391,654	)

Total Class R2 Shares		1,742,036			1,442,042


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 71

Statements of Changes in Net Assets (Continued)


	Nationwide Investor Destinations Conservative Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

SHARE TRANSACTIONS: (continued)
Institutional Class Shares
Issued		683,154			283,419
Reinvested		30,452			27,835
Redeemed		(286,160	)		(169,544	)

Total Institutional Class Shares		427,446			141,710

Service Class Shares
Issued		4,926,471			5,272,418
Reinvested		761,641			796,011
Redeemed		(4,420,624	)		(5,134,722	)

Total Service Class Shares		1,267,488			933,707

Total change in shares:		4,311,389			2,430,316

The accompanying notes are an integral part of these financial statements.

72 Annual Report 2009

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated.

Nationwide Investor Destinations Conservative Fund


					Operations									Distributions															Ratios / Supplemental Data

								Net
								Realized
								and																													Ratio of
								Unrealized																										Ratio of Net			Expenses
		Net Asset						Gains																							Ratio of			Investment			(Prior to
		Value,			Net			(Losses)			Total			Net			Net						Net Asset						Net Assets		Expenses			Income			Reimbursements)
		Beginning			Investment			from			from			Investment			Realized			Total			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
		of Period			Income			Investments			Operations			Income			Gains			Distributions			of Period			Return (a)(b)			Period		Net Assets (c)			Net Assets (c)			Net Assets (c)(d)			Turnover (e)

Class A Shares
Year Ended October 31, 2009 (f)		$	9	.26		0	.23		0	.65		0	.88		(0	.24)		(0	.13)		(0	.37)	$	9	.77		9	.84%	$	15,347,604		0	.55%		2	.50%		0	.55%		23	.94%
Year Ended October 31, 2008		$	10	.56		0	.37		(1	.20)		(0	.83)		(0	.34)		(0	.13)		(0	.47)	$	9	.26		(8	.17%)	$	11,682,682		0	.46%		3	.24%		0	.46%		29	.72%
Year Ended October 31, 2007		$	10	.40		0	.37		0	.31		0	.68		(0	.37)		(0	.15)		(0	.52)	$	10	.56		6	.78%	$	20,101,731		0	.47%		3	.54%		0	.47%		10	.69%
Year Ended October 31, 2006		$	10	.17		0	.34		0	.32		0	.66		(0	.31)		(0	.12)		(0	.43)	$	10	.40		6	.68%	$	18,383,603		0	.48%		2	.98%		0	.48%		36	.51%
Year Ended October 31, 2005		$	10	.13		0	.24		0	.12		0	.36		(0	.27)		(0	.05)		(0	.32)	$	10	.17		3	.67%	$	28,965,461		0	.53%		2	.85%		0	.53%		13	.42%

Class B Shares
Year Ended October 31, 2009 (f)		$	9	.27		0	.17		0	.65		0	.82		(0	.17)		(0	.13)		(0	.30)	$	9	.79		9	.14%	$	2,821,364		1	.23%		1	.84%		1	.23%		23	.94%
Year Ended October 31, 2008		$	10	.54		0	.26		(1	.16)		(0	.90)		(0	.24)		(0	.13)		(0	.37)	$	9	.27		(8	.81%)	$	3,261,540		1	.20%		2	.53%		1	.20%		29	.72%
Year Ended October 31, 2007		$	10	.38		0	.29		0	.31		0	.60		(0	.29)		(0	.15)		(0	.44)	$	10	.54		6	.01%	$	3,701,270		1	.20%		2	.81%		1	.21%		10	.69%
Year Ended October 31, 2006		$	10	.16		0	.24		0	.34		0	.58		(0	.24)		(0	.12)		(0	.36)	$	10	.38		5	.89%	$	3,841,442		1	.21%		2	.36%		1	.22%		36	.51%
Year Ended October 31, 2005		$	10	.12		0	.21		0	.08		0	.29		(0	.20)		(0	.05)		(0	.25)	$	10	.16		3	.02%	$	4,010,143		1	.22%		2	.10%		1	.22%		13	.42%

Class C Shares
Year Ended October 31, 2009 (f)		$	9	.23		0	.17		0	.65		0	.82		(0	.18)		(0	.13)		(0	.31)	$	9	.74		9	.13%	$	31,268,010		1	.24%		1	.81%		1	.24%		23	.94%
Year Ended October 31, 2008		$	10	.51		0	.25		(1	.15)		(0	.90)		(0	.25)		(0	.13)		(0	.38)	$	9	.23		(8	.83%)	$	23,815,171		1	.20%		2	.52%		1	.20%		29	.72%
Year Ended October 31, 2007		$	10	.35		0	.29		0	.32		0	.61		(0	.30)		(0	.15)		(0	.45)	$	10	.51		6	.04%	$	21,304,049		1	.21%		2	.81%		1	.21%		10	.69%
Year Ended October 31, 2006		$	10	.13		0	.25		0	.34		0	.59		(0	.25)		(0	.12)		(0	.37)	$	10	.35		5	.92%	$	18,473,790		1	.21%		2	.36%		1	.22%		36	.51%
Year Ended October 31, 2005		$	10	.09		0	.21		0	.08		0	.29		(0	.20)		(0	.05)		(0	.25)	$	10	.13		2	.95%	$	19,105,966		1	.23%		2	.10%		1	.23%		13	.42%

Class R2 Shares (g)	��
Year Ended October 31, 2009 (f)		$	9	.24		0	.20		0	.66		0	.86		(0	.22)		(0	.13)		(0	.35)	$	9	.75		9	.44%	$	38,324,442		0	.87%		2	.14%		0	.87%		23	.94%
Year Ended October 31, 2008		$	10	.55		0	.29		(1	.14)		(0	.85)		(0	.33)		(0	.13)		(0	.46)	$	9	.24		(8	.40%)	$	20,228,887		0	.82%		2	.85%		0	.82%		29	.72%
Year Ended October 31, 2007		$	10	.40		0	.31		0	.34		0	.65		(0	.35)		(0	.15)		(0	.50)	$	10	.55		6	.44%	$	7,900,079		0	.83%		3	.17%		0	.83%		10	.69%
Year Ended October 31, 2006		$	10	.20		0	.26		0	.38		0	.64		(0	.32)		(0	.12)		(0	.44)	$	10	.40		6	.46%	$	502,668		0	.83%		3	.03%		0	.83%		36	.51%
Year Ended October 31, 2005		$	10	.15		0	.22		0	.14		0	.36		(0	.26)		(0	.05)		(0	.31)	$	10	.20		3	.65%	$	3,156		0	.65%		2	.67%		0	.65%		13	.42%


(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	Per share calculations were performed using average shares method.
(g)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 73

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated.

Nationwide Investor Destinations Conservative Fund (Continued)


				Operations									Distributions															Ratios / Supplemental Data

							Net
							Realized
							and																													Ratio of
							Unrealized																										Ratio of Net			Expenses
	Net Asset						Gains																							Ratio of			Investment			(Prior to
	Value,			Net			(Losses)			Total			Net			Net						Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			from			from			Investment			Realized			Total			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			of Period			Return (a)(b)			Period		Net Assets (c)			Net Assets (c)			Net Assets (c)(d)			Turnover (e)

Institutional Class Shares
Year Ended October 31, 2009 (f)	$	9	.29		0	.26		0	.66		0	.92		(0	.27)		(0	.13)		(0	.40)	$	9	.81		10	.24%	$	10,218,039		0	.24%		2	.78%		0	.24%		23	.94%
Year Ended October 31, 2008	$	10	.62		0	.36		(1	.16)		(0	.80)		(0	.40)		(0	.13)		(0	.53)	$	9	.29		(7	.89%)	$	5,705,718		0	.20%		3	.52%		0	.20%		29	.72%
Year Ended October 31, 2007	$	10	.46		0	.38		0	.33		0	.71		(0	.40)		(0	.15)		(0	.55)	$	10	.62		7	.12%	$	5,019,624		0	.22%		3	.77%		0	.22%		10	.69%
Year Ended October 31, 2006	$	10	.23		0	.33		0	.37		0	.70		(0	.35)		(0	.12)		(0	.47)	$	10	.46		6	.91%	$	158,596		0	.22%		3	.68%		0	.23%		36	.51%
Period Ended October 31, 2005 (g)	$	10	.20		0	.27		(0	.02)		0	.25		(0	.22)		–			(0	.22)	$	10	.23		2	.44%	$	1,024		0	.28%		3	.74%		0	.28%		13	.42%

Service Class Shares
Year Ended October 31, 2009 (f)	$	9	.27		0	.23		0	.65		0	.88		(0	.23)		(0	.13)		(0	.36)	$	9	.79		9	.85%	$	197,458,875		0	.65%		2	.41%		0	.65%		23	.94%
Year Ended October 31, 2008	$	10	.58		0	.32		(1	.17)		(0	.85)		(0	.33)		(0	.13)		(0	.46)	$	9	.27		(8	.31%)	$	175,298,923		0	.58%		3	.14%		0	.59%		29	.72%
Year Ended October 31, 2007	$	10	.42		0	.35		0	.32		0	.67		(0	.36)		(0	.15)		(0	.51)	$	10	.58		6	.64%	$	190,120,407		0	.61%		3	.41%		0	.61%		10	.69%
Year Ended October 31, 2006	$	10	.20		0	.31		0	.34		0	.65		(0	.31)		(0	.12)		(0	.43)	$	10	.42		6	.52%	$	167,498,797		0	.61%		2	.95%		0	.62%		36	.51%
Year Ended October 31, 2005	$	10	.15		0	.27		0	.09		0	.36		(0	.26)		(0	.05)		(0	.31)	$	10	.20		3	.62%	$	137,588,864		0	.62%		2	.70%		0	.63%		13	.42%


(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	Per share calculations were performed using average shares method.


(g)	For the period from December 29, 2004 (commencement of operations) through October 31, 2005.

The accompanying notes are an integral part of these financial statements.

74 Annual Report 2009

Notes to Financial Statements

October 31, 2009

1. Organization

Nationwide Mutual Funds (the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust dated October 28, 2004, as amended to date. The Trust, originally created under the laws of Ohio as an Ohio business trust pursuant to a Declaration of Trust dated as of October 30, 1997, as subsequently amended, was redomesticated as a Delaware statutory trust on February 28, 2005. The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust has authorized an unlimited number of shares of beneficial interest (“shares”) without par value. As of October 31, 2009, the Trust operates thirty-one (31) separate series, or mutual funds, each with its own investment objective(s) and strategies. This report contains the financial statements and financial highlights of the five (5) series listed below (each, a “Fund”; collectively, the “Funds”):


	-	Nationwide Investor Destinations Aggressive Fund (“Investor Destinations Aggressive”)
	-	Nationwide Investor Destinations Moderately Aggressive Fund (“Investor Destinations Moderately Aggressive”)
	-	Nationwide Investor Destinations Moderate Fund (“Investor Destinations Moderate”)
	-	Nationwide Investor Destinations Moderately Conservative Fund (“Investor Destinations Moderately Conservative”)
	-	Nationwide Investor Destinations Conservative Fund (“Investor Destinations Conservative”)

Each of the Funds is constructed as a “fund of funds,” which means that each of the Funds pursues its investment objective by allocating its investments primarily among other affiliated and unaffiliated mutual funds (the “Underlying Funds”). The Underlying Funds typically invest, either directly or indirectly, in stocks, bonds, and other securities. Each of the Funds may also invest in a non-registered Fixed Interest Contract (“Fixed Interest Contract”) issued by Nationwide Life Insurance Company “Nationwide Life”).

2. Summary of Significant Accounting Policies


(a)	Security Valuation

Shares of the Underlying Funds in which a Fund invests are valued at their respective net asset value (“NAV”) as reported by the Underlying Funds.

The following are the Valuation policies of the Underlying Funds:

2009 Annual Report 75

Notes to Financial Statements (Continued)

October 31, 2009

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.

Each of the Funds (except Investor Destinations Aggressive) currently invests in the Nationwide Fixed Contract. The Nationwide Fixed Contract is a fixed interest contract issued and guaranteed by Nationwide Life. This contract has a stable principal value and pays the Funds a fixed rate of interest. The fixed interest rate is a minimum of 3.50% (on an annual basis), but may be higher and is currently adjusted on a quarterly basis. During the year ended October 31, 2009, the rate ranged from 3.75% to 4.00%. Because the contract is guaranteed by Nationwide Life, assuming no default, the Funds receive no more or less than the guaranteed amount and will not directly participate in the actual experience of the assets underlying the contract. Although under certain market conditions a Fund’s performance may be hurt by its investment in the Nationwide Fixed Contract, Nationwide Fund Advisors (“NFA”) believes that the relatively stable nature of the Nationwide Fixed Contract should reduce the Fund’s volatility and overall risk, especially when the bond and stock markets decline simultaneously. Under most circumstances, the fixed interest contract is valued at par value each day, which is deemed to be fair value. The par value is calculated each day by the summation of the following factors: prior day’s par value; prior day’s interest accrued (par multiplied by guaranteed fixed rate); and current day net purchase or redemption.


	•	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 Funds’ own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

76 Annual Report 2009

The following is a summary of the inputs used to value the Funds’ net assets as of October 31, 2009:

Nationwide Investor Destinations Aggressive Fund*


Asset Type	Level 1		Level 2		Level 3		Total

Assets:
Mutual Funds	$	870,260,147	$	—	$	—	$	870,260,147


Total	$	870,260,147	$	—	$	—	$	870,260,147

Nationwide Investor Destinations Moderately Aggressive Fund*


Asset Type	Level 1		Level 2		Level 3		Total

Assets:
Fixed Contract	$	—	$	30,100,081	$	—	$	30,100,081


Mutual Funds		1,435,583,942		—		—		1,435,583,942


Total	$	1,435,583,942	$	30,100,081	$	—	$	1,465,684,023

Nationwide Investor Destinations Moderate Fund*


Asset Type	Level 1		Level 2		Level 3		Total

Assets:
Fixed Contract	$	—	$	77,475,726	$	—	$	77,475,726


Mutual Funds		1,186,188,181		—		—		1,186,188,181


Total	$	1,186,188,181	$	77,475,726	$	—	$	1,263,663,907

Nationwide Investor Destinations Moderately Conservative Fund*


Asset Type	Level 1		Level 2		Level 3		Total

Assets:
Fixed Contract	$	—	$	37,373,952	$	—	$	37,373,952


Mutual Funds		373,201,402		—		—		373,201,402


Total	$	373,201,402	$	37,373,952	$	—	$	410,575,354

Nationwide Investor Destinations Conservative Fund*


Asset Type	Level 1		Level 2		Level 3		Total

Assets:
Fixed Contract	$	—	$	47,573,746	$	—	$	47,573,746


Mutual Funds		248,068,465		—		—		248,068,465


Total	$	248,068,465	$	47,573,746	$	—	$	295,642,211

Amounts designated as “— “ are zero or have been rounded to zero.


*		See Statement of Investments for identification of securities by type and industry classification


(b)	Security Transactions and Investment Income

2009 Annual Report 77

Notes to Financial Statements (Continued)

October 31, 2009


(c)	Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly. For all Funds, distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.


(d)	Federal Income Taxes


(k)	Allocation of Expenses, Income, and Gains and Losses

78 Annual Report 2009

3. Transactions with Affiliates

Each Fund pays NFA an investment advisory fee of 0.13% based on the Fund’s average daily net assets.

Fund

Classes

Amount

Investor Destinations Aggressive (a)

All Classes

0.25%

Investor Destinations Moderately Aggressive (a)

All Classes

0.25%

Investor Destinations Moderate (a)

All Classes

0.25%

Investor Destinations Moderately Conservative (a)

All Classes

0.25%

Investor Destinations Conservative (a)

All Classes

0.25%


(a)		The Expense Limitation Agreement also states that the expense ratio for Class A, Class B, and Service Class shares will not exceed 4.00% through March 1, 2011.

2009 Annual Report 79

Notes to Financial Statements (Continued)

October 31, 2009

services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class A, Class R2 (formerly Class R), and Service Class shares of each Fund.

For the year ended October 31, 2009, NFS received the following amounts in Administrative Services fees from each Fund:


Fund	Amount

Investor Destinations Aggressive	$	884,608


Investor Destinations Moderately Aggressive		1,463,699


Investor Destinations Moderate		1,219,924


Investor Destinations Moderately Conservative		421,467


Investor Destinations Conservative		315,720

Under the terms of the Fund Administration and Transfer Agency Agreement and a letter agreement dated September 12, 2006, between NFA and the Trust, the Trust has agreed to reimburse NFA for certain costs related to the Funds’ portion of ongoing administration, monitoring and annual (compliance audit) testing of the Trust’s Rule 38a-1 Compliance Program subject to the pre-approval of the Trust’s Audit Committee. For the year ended October 31, 2009, the Funds’ portion of such costs amounted to $81,183.

Under the terms of a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act, Nationwide Fund Distributors LLC (“NFD”), the Funds’ principal underwriter, is compensated by the Funds for expenses associated with the distribution of certain classes of shares of the Funds. NFD is a wholly-owned subsidiary of NFSDI. These fees are based on average daily net assets of the respective class of the Funds at an annual rate not to exceed 0.25% of Class A shares, 1.00% of Class B shares, 1.00% of Class C shares, 0.50% of Class R2 shares (formerly Class R shares) and 0.25% of Service Class shares. Institutional Service Class shares do not pay a distribution fee.

Pursuant to an Underwriting Agreement, NFD serves as principal underwriter of the Funds in the continuous distribution of their shares and receives commissions in the form of a front-end sales charge on Class A shares. These fees are deducted from and are not included in proceeds from sales of Class A shares of the Funds. From these fees, NFD pays sales commissions, salaries and other expenses in connection with generating new sales of Class A shares of the Funds. NFD also receives fees for services as principal underwriter for Class B shares of the Funds. These fees are contingent deferred sales charges (“CDSCs”) ranging from 1% to 5% imposed on redemptions of Class B shares, which may cause the current value of a shareholder’s account to fall below the total purchase payments. A CDSC will be imposed on redemptions of Class B shares made within six years of purchase. Class C shares have a CDSC fee of 1% imposed on redemptions made within one year of purchase. For the year ended October 31, 2009, NFD received commissions of $664,702 from front-end sales charges of Class A shares and from CDSC fees from Class B and Class C shares of the Funds, of which $65,754 was re-allowed to affiliated broker-dealers of the Funds.

4. Bank Loans and Earnings Credit

80 Annual Report 2009

The Trust’s custodian bank has agreed to provide earnings credits to reduce the bank’s fees when the Funds and other series of the Trust maintain cash on deposit in Demand Deposit Accounts (“DDA”). Bank fees and any offsetting earnings credits are first allocated to the DDAs based on their relative value, and bank fees and earning credits are then allocated within each DDA based on the relative number of open shareholder accounts of each series that uses such DDA. If the earnings credits for a particular month exceed gross service charges generated by the DDAs and overdraft charges, if any, the excess is applied towards custody account charges related to the safeguarding of assets for the series that use the DDAs. Any excess earnings credits that remain unused expire at the end of each calendar year. Earnings credits, if any, are shown as a reduction of total expenses on the Statement of Operations.

5. Investment Transactions

For the year ended October 31, 2009, purchases of and sales (excluding short-term securities) were as follows:


Fund	Purchases		Sales

Investor Destinations Aggressive	$	162,925,225	$	88,763,477


Investor Destinations Moderately Aggressive		318,379,082		197,119,791


Investor Destinations Moderate		292,475,033		211,823,797


Investor Destinations Moderately Conservative		114,422,995		76,335,466


Investor Destinations Conservative		85,535,282		56,235,252

6. Indemnifications

7. Other


Fund	% of Shares			Number of Accounts

Investor Destinations Aggressive		53.81	%		3


Investor Destinations Moderately Aggressive		52.77			3


Investor Destinations Moderate		40.06			2


Investor Destinations Moderately Conservative		47.54			2


Investor Destinations Conservative		53.31			2

2009 Annual Report 81

Notes to Financial Statements (Continued)

October 31, 2009

8. Federal Tax Information

The tax character of distributions paid during the fiscal year ended October 31, 2009 was as follows: (Total distributions paid may differ from the Statement of Changes in Net Assets because for tax purposes dividends are recognized when paid.)


	Distributions paid from
			Net Long-				Total
			Term		Total Taxable		Distributions
Fund	Ordinary Income		Capital Gains		Distributions		Paid

Investor Destinations Aggressive	$	13,328,432	$	52,334,399	$	65,662,831	$	65,662,831


Investor Destinations Moderately Aggressive		26,097,980		91,610,863		117,708,843		117,708,843


Investor Destinations Moderate		24,833,573		93,323,834		118,157,407		118,157,407


Investor Destinations Moderately Conservative		8,568,587		9,272,054		17,840,641		17,840,641


Investor Destinations Conservative		6,338,118		3,504,409		9,842,527		9,842,527

Amounts designated as “— “ are zero or have been rounded to zero.

The tax character of distributions paid during the fiscal year ended October 31, 2008 was as follows:


	Distributions paid from
			Net Long-				Total
			Term		Total Taxable		Distributions
Fund	Ordinary Income		Capital Gains		Distributions		Paid

Investor Destinations Aggressive	$	21,260,341	$	37,494,571	$	58,754,912	$	58,754,912


Investor Destinations Moderately Aggressive		37,312,839		43,672,410		80,985,249		80,985,249


Investor Destinations Moderate		35,219,718		35,097,796		70,317,514		70,317,514


Investor Destinations Moderately Conservative		11,126,144		9,262,620		20,388,764		20,388,764


Investor Destinations Conservative		7,610,724		2,790,212		10,400,936		10,400,936

Amounts designated as “—“ are zero or have been rounded to zero.

As of October 31, 2009, the components of accumulated earnings (deficit) on a tax basis were as follows:


															Total
	Undistributed		Undistributed						Accumulated			Unrealized			Accumulated
	Ordinary		Long-Term		Accumulated		Distributions		Capital and			Appreciation			Earnings
Fund	Income		Capital Gains		Earnings		Payable		Other Losses			(Depreciation)*			(Deficit)

Investor Destinations Aggressive	$	—	$	23,275,450	$	—	$	—	$	—		$	(216,138,432	)	$	(192,862,982	)


Investor Destinations Moderately Aggressive		—		29,255,014		—		—		—			(265,576,662	)		(236,321,648	)


Investor Destinations Moderate		785,471		4,658,543		—		—		—			(146,547,103	)		(141,103,089	)


Investor Destinations Moderately Conservative		505,732		37		—		—		(1,367,337	)		(23,633,970	)		(24,495,538	)


Investor Destinations Conservative		508,465		—		—		—		(2,916,553	)		(2,139,503	)		(4,547,591	)

82 Annual Report 2009


*		The differences between the book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to tax deferral on wash sales.

Amounts designated as “—“ are zero or have been rounded to zero.

As of October 31, 2009, the tax cost of securities and the breakdown of unrealized appreciation/(depreciation) for each Fund was as follows:


								Net
								Unrealized
	Tax Cost of		Unrealized		Unrealized			Appreciation/
Fund	Securities		Appreciation		Depreciation			(Depreciation)

Investor Destinations Aggressive	$	1,086,398,579	$	1,286,639	$	(217,425,071	)	$	(216,138,432	)


Investor Destinations Moderately Aggressive		1,731,260,685		6,792,937		(272,369,599	)		(265,576,662	)


Investor Destinations Moderate		1,410,211,010		9,184,603		(155,731,706	)		(146,547,103	)


Investor Destinations Moderately Conservative		434,209,324		2,919,623		(26,553,593	)		(23,633,970	)


Investor Destinations Conservative		297,781,714		1,544,348		(3,683,851	)		(2,139,503	)

As of October 31, 2009, for Federal income tax purposes, the following Funds have capital loss carry forwards available to offset capital gains, if any, to the extent provided by the treasury regulations and any subsequent year may be limited due to large shareholder redemptions and contributions.


Fund	Amount		Expires

Investor Destinations Moderately Conservative	$	1,367,337		2017


Investor Destinations Conservative	$	2,916,553		2017

9. Subsequent Events

2009 Annual Report 83

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of Nationwide Mutual Funds:

In our opinion, the accompanying statements of assets and liabilities, including the statements of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position Nationwide Investor Destinations Aggressive Fund, Nationwide Investor Destinations Moderately Aggressive Fund, Nationwide Investor Destinations Moderate Fund, Nationwide Investor Destinations Moderately Conservative Fund and Nationwide Investor Destinations Conservative Fund (five series of Nationwide Mutual Funds, hereafter referred to as the “Funds”) at October 31, 2009, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2009 by correspondence with the underlying funds’ transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania
December 24, 2009

84 Annual Report 2009

Supplemental Information

(Unaudited)

Other Federal Tax Information

For the taxable year ended October 31, 2009, the following percentage of income dividends paid by the Funds qualify for the dividends received deduction available to corporations:


	Dividends
	Received
Fund	Deductions

Investor Destinations Aggressive		66%


Investor Destinations Moderately Aggressive		50%


Investor Destinations Moderate		39%


Investor Destinations Moderately Conservative		24%


Investor Destinations Conservative		12%


Fund	Amount

Investor Destinations Aggressive	$	52,334,399


Investor Destinations Moderately Aggressive		91,610,863


Investor Destinations Moderate		93,323,834


Investor Destinations Moderately Conservative		9,272,054


Investor Destinations Conservative		3,504,409

2009 Annual Report 85

Management Information

October 31, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust

The address for each Trustee is: c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Name and Year

and Length of

Principal Occupation(s)

Complex Overseen

Other Directorships

of Birth

Time Served¹

During Past 5 Years²

by Trustee

Held by Trustee³

Charles E. Allen 1948

Trustee
since
July 2000

Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).

None

Paula H.J.
Cholmondeley
1947

Trustee
since
July 2000

C. Brent DeVore
1940

Trustee
since
1990

Dr. DeVore is an interim President of Greensboro College. He served as President of Otterbein College⁴ from July 1984 until July 2009.

None

Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

86 Annual Report 2009

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust (Continued)

The address for each Trustee is: c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

Number of

Position(s) Held

Portfolios in the

with the Trust

Nationwide Fund

Name and Year

and Length of

Principal Occupation(s)

Complex Overseen

Other Directorships

of Birth

Time Served¹

During Past 5 Years²

by Trustee

Held by Trustee³

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and
Chairman
since
February 2005

None


¹		Length of time served includes time served with predecessor of the Trust.
²		Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
³		Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
⁴		Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

2009 Annual Report 87

Management Information (Continued)

October 31, 2009 (Unaudited)

Officers of the Trust

The address for each Officer is: c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

Position(s) Held

Number of

with Fund

Portfolios in Fund

Name and Year

and Length of

Principal Occupation(s)

Complex Overseen

Other Directorships

of Birth

Time Served¹

During Past 5 Years²

by Trustee

Held by Trustee⁴

Michael S. Spangler
1966

President and Chief Executive Officer
since
June 2008

Mr. Spangler is President and Chief
Executive Officer of Nationwide Funds Group, which includes NFA³, Nationwide Fund Management LLC³ and Nationwide Fund Distributors LLC³, and is a Senior Vice President of NFS³. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.

N/A

Stephen T. Grugeon
1950

Executive Vice
President and Chief
Operating Officer
since
June 2008

Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust³. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation³, a subsidiary of NWD Investments, from 1999 through 2003.

N/A

Joseph Finelli
1957

Treasurer and Chief
Financial Officer
since September 2007

N/A

88 Annual Report 2009

Officers of the Trust (Continued)

The address for each Officer is: c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

Position(s) Held

Number of

with Fund

Portfolios in Fund

Name and Year

and Length of

Principal Occupation(s)

Complex Overseen

Other Directorships

of Birth

Time Served¹

During Past 5 Years²

by Trustee

Held by Trustee⁴

Dorothy Sanders
1955

Chief Compliance
Officer
since
October 2007

N/A

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments³.

N/A

Doff Meyer
1950

Vice President and
Chief Marketing
Officer
since
January 2008

N/A

Lynnett Berger
1965

Vice President and
Chief Investment
Officer
since April 2009

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
³		These positions are held with an affiliated person or principal underwriter of the Funds.
⁴		Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

2009 Annual Report 89

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P.O. Box 5354

Cincinnati, OH 45201-5354

nationwide.com/mutualfunds

Nationwide, Nationwide Financial,
the Nationwide Framemark, Nationwide Funds, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

AR-ID 12/09

Nationwide Mutual Funds

AnnualReport

October 31, 2009

Equity Funds

Nationwide Growth Fund

Nationwide Fund

Fixed-Income Fund

Nationwide Money Market Fund

AnnualReport

October 31, 2009


			Contents

1			Message to Shareholders

			Equity Funds
5			Nationwide Growth Fund
20			Nationwide Fund

			Fixed Income Funds
35			Nationwide Money Market Fund

46			Notes to Financial Statements

58			Report of Independent Registered Public Accounting Firm

59			Supplemental Information

60			Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

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Message to Shareholders

October 31, 2009

Dear Shareholder,

Thank you for entrusting your investments to Nationwide Mutual Funds.

Sincerely,

Michael S. Spangler
President & CEO
Nationwide Mutual Funds

2009 Annual Report 1

Important Disclosures

Investing in mutual funds involves risk, including the possible loss of principal. There is no assurance that the investment objective of any fund will be achieved.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

Performance shown is for Class A shares at NAV of the Nationwide Fund and the Nationwide Growth Fund, and Prime Shares of the Nationwide Money Market Fund. Performance returns assume the reinvestment of all distributions. Returns for periods less than one year are not annualized. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown, please call 1-800-848-0920 or go to nationwide.com/mutualfunds.

Market Indexes

iMoneyNet First Tier Retail Index: An unmanaged index that is an average of non-government retail money market mutual funds that do not invest in any second-tier securities. Portfolio holdings of first-tier money market mutual funds include U.S. Treasury, U.S. other, repurchase agreements, time deposits, domestic and foreign bank obligations, first-tier commercial paper, floating-rate notes and asset-backed commercial paper.

Russell 1000^® Growth Index: An unmanaged index that measures the performance of the stocks of U.S. companies in the Russell 1000^® Index (the largest 1,000 U.S. companies, based on market capitalization) with higher price-to-book ratios and higher forecasted growth values.

Sales Charge and Fee Information


•	Nationwide Fund

•	Nationwide Growth Fund

Class A shares have up to a 5.75% front-end sales charge and a 0.25% 12b-1 fee. Total returns reflect a waiver of part of the Fund’s fees for certain periods

2 Annual Report 2009

since inception, without which returns would have been lower.


•	Nationwide Money Market Fund

The Fund has no sales charge or 12b-1 fee. Total returns reflect a waiver of part of the Fund’s fees for certain periods since inception, without which returns would have been lower.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (NFD), Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406. NFD is not affiliated with Aberdeen Asset Management Inc. or Federated Investment Management Co.

2009 Annual Report 3

Summary of Market Environment

The following is a commentary from Nationwide Funds Group on market conditions for the year ended October 31, 2009.

After hitting a low point on March 9, 2009, the stock market began a steady climb with the Standard & Poor’s 500^® (S&P 500) Index and the Russell 2000^® Index rising 55% and 66%, respectively, through the end of the reporting period. Leading the recovery were the economically sensitive sectors – consumer discretionary, energy and materials. Money market fund flows decreased and flows into equity mutual funds increased during the period as investors seemed to embrace a renewed appetite for risk. In the fixed-income markets, the lower-quality sectors also rallied during the reporting period. CCC-rated bonds, as measured by the Merrill Lynch U.S. High Yield Index, rose more than 73% during the reporting period, while U.S. Treasuries, as measured by the Merrill Lynch U.S. Treasury Master Index, rose only 6%.

As mentioned above, returns were mixed for fixed-income investors. The broad-based Barclays Capital (BARCAP) U.S. Aggregate Bond Index (formerly Lehman Brothers U.S. Aggregate Index) gained nearly 14%. As liquidity improved in the credit markets, spread sectors i.e., non-Treasuries outperformed Treasuries, which were the top performers during the prior annual reporting period. Investment-grade corporates, as measured by the Merrill Lynch U.S. Corporate A-Aaa Index were up slightly more than 26%, and mortgages securities, as measured by the Merrill Lynch Mortgage Master Index were up 12%.

4 Annual Report 2009


Nationwide Growth Fund

How did the Fund perform during the reporting period in relation to its benchmark and its peer group?

For the annual period ended October 31, 2009, the Nationwide Growth Fund (Class A at NAV) returned 15.32% versus 17.51% for its benchmark, the Russell 1000^® Growth Index. For broader comparison, the average return for the Fund’s closest Lipper peer category of Large-Cap Growth Funds (consisting of 828 funds as of October 31, 2009) was 14.68% for the same time period.

What areas of investment provided the most positive relative returns for the Fund?

Fund performance was enhanced by positions in the hotels, restaurants and leisure segment of the consumer discretionary sector, as well as by overall security selection in the information technology (IT) and health-care sectors. Holdings by the Fund in semiconductor manufacturer Marvell Technology Group Ltd. was the most notable individual contributor to Fund performance in the IT sector; the company benefited from a very favorable inventory position relative to end-user demand. Darden Restaurants, Inc., a casual-dining restaurant chain, also enhanced Fund performance for the reporting period. Within the health-care sector, biotechnology firm Biogen Idec Inc. was a positive contributor to Fund performance.

What areas of investment detracted from Fund performance?

Stock selection in the materials, industrials and consumer staples sectors had an adverse effect on Fund performance. The most notable individual stock detractor from Fund performance was Baxter International, Inc., a provider of health-care equipment and supplies. Among other individual Fund holdings, the underweight as compared to the benchmark in computers and peripherals manufacturer International Business Machines (IBM) Corp. was a negative contributor to performance, as was industrials holding Raytheon Co.

What is your outlook for the near term?

The U.S. economy appears to be improving from a low base of economic activity. Third-quarter corporate earnings generally exceeded expectations. Gross domestic product expanded for the first time in a year during the third quarter of 2009, growing nearly 3.5%. While the cash-for-clunkers program aided automobile purchasing, gross domestic product (GDP) advanced nearly 2.5% excluding this stimulus. Many companies have benefited during the past year from cost-rationalization, which we would expect to continue in the near term. Nonetheless, as cost cutting slows, corporate earnings growth will rely increasingly on real economic demand, which remains subdued. Markets also have recently been supported by renewed corporate merger-and-acquisition activity, given both the greater confidence of these businesses as well as access to capital markets. The housing market has shown initial signs of life but remains fragile, while unemployment and constrained state budgets will pressure spending.

In terms of the forward outlook for the portfolio, we have been careful to trim Fund holdings in some stocks that have performed well, especially those more reliant on economic cycles. Conversely, we have been adding to some holdings in companies for which business performance may be less dependent on an economic upswing. In our view, further market gains from these current levels will require concrete evidence of a tangible economic recovery, fueling improving sales and earnings at these companies. The technology sector is still yielding investible ideas in segments where companies should be able to grow under most economic circumstances. Likewise, the industrials and energy sectors also are giving us several appealing ideas. The health-care and telecommunications sectors currently are less-attractive areas, either due to pricing pressures or the prospect of increased government oversight.

Subadviser:
Aberdeen Asset Management Inc.

Portfolio Managers:
Christopher Baggini, CFA and Douglas Burtnick, CFA

2009 Annual Report 5


Fund Performance	Nationwide Growth Fund

Average Annual Total Return
(For periods ended October 31, 2009)


		1 Yr.		5 Yr.		10 Yr.

Class A	w/o SC¹		15.32%		1.65%		-5.77%
	w/SC²		8.64%		0.46%		-6.32%


Class B	w/o SC¹		14.59%		1.00%		-6.66%
	w/SC³		9.59%		0.61%		-6.66%


Class C⁴	w/o SC¹		14.59%		0.98%		-6.37%
	w/SC⁵		13.59%		0.98%		-6.37%


Class D	w/o SC¹		15.74%		2.01%		-5.47%
	w/SC⁶		10.45%		1.08%		-5.91%


Class R2^4,7,8			15.24%		1.45%		-5.76%


Institutional Service Class^4,7			15.56%		1.95%		-5.47%


Institutional Class^4,7			15.78%		1.99%		-5.48%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.


¹		These returns do not reflect the effects of sales charges (SC).

²		A 5.75% front-end sales charge was deducted.

³		A 5.00% maximum contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years and is not deducted from returns after 6 years.

⁴		These returns for periods prior to the creation of the class, include the performance of the Fund’s Class D shares. These returns were achieved prior to the creation of Class C shares (3/1/01), Institutional Service Class shares (1/2/02), Class R2 shares (10/1/03), and Institutional Class shares (6/29/04). Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class C, Institutional Service Class, Class R2 shares and Institutional Class shares would have produced during those periods because all classes of the Fund’s shares invest in the same portfolio of securities. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes. If these other fees were reflected, the performance for Class C and Class R2 shares would have been lower.

⁵		A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁶		A 4.50% front-end sales charge was deducted.

⁷		Not subject to any sales charges.

⁸		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

Expense Ratios


	Expense
	Ratio*

Class A		1.10%


Class B		1.81%


Class C		1.81%


Class D		0.82%


Class R2		1.51%


Institutional Service Class		0.81%


Institutional Class		0.81%


*		Current effective prospectus. Please see the Fund’s most recent prospectus for details.

Performance of a $10,000 Investment

Comparative performance of $10,000 invested in Class D shares of the Nationwide Growth Fund, the Russell 1000^® Growth Index (Russell 1000 Growth)(a), and the Consumer Price Index (CPI)(b) over a 10-year period ended 04/30/09. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.


(a)		The Russell 1000 Growth measures the performance of those companies in the Russell 1000^® Index (the largest 1000 companies in the U.S.) with higher price-to-book ratios and higher forecasted growth values.

(b)		Calculated by the U.S. Department of Labor’s Bureau of Labor Statistics, the CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

6 Annual Report 2009


Shareholder	Nationwide Growth Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
October 31, 2009


			Beginning		Ending		Expenses Paid		Expense Ratio
			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Nationwide Growth Fund			5/01/09		10/31/09		05/01/09 - 10/31/09^a		05/01/09 - 10/31/09^a

Class A Shares	Actual			1,000.00		1,145.10		7.84		1.45
	Hypothetical	^b		1,000.00		1,017.90		7.38		1.45


Class B Shares	Actual			1,000.00		1,141.50		11.39		2.09
	Hypothetical	^b		1,000.00		1,014.57		10.71		2.09


Class C Shares	Actual			1,000.00		1,141.50		11.44		2.10
	Hypothetical	^b		1,000.00		1,014.52		10.76		2.10


Class D Shares	Actual			1,000.00		1,147.60		6.06		1.09
	Hypothetical	^b		1,000.00		1,019.56		5.70		1.09


Class R2 Shares (c)	Actual			1,000.00		1,146.30		8.55		1.58
	Hypothetical	^b		1,000.00		1,017.24		8.03		1.58


Institutional Service Class Shares	Actual			1,000.00		1,147.70		6.87		1.05
	Hypothetical	^b		1,000.00		1,018.80		6.46		1.05


Institutional Class Shares	Actual			1,000.00		1,147.90		6.88		1.04
	Hypothetical	^b		1,000.00		1,018.80		6.46		1.04


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
^b		Represents the hypothetical 5% return before expenses.
^c		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

2009 Annual Report 7


Portfolio Summary	Nationwide Growth Fund

October 31, 2009


Asset Allocation

Common Stocks	98	.3%
Mutual Fund	1	.1%
Repurchase Agreement	1	.0%
Liabilities in excess of other assets	(0	.4)%

	100	.0%


Top Industries †

Computers & Peripherals	8	.9%
Software	7	.2%
Communications Equipment	6	.5%
Machinery	5	.7%
Semiconductors & Semiconductor Equipment	5	.0%
Pharmaceuticals	5	.0%
Internet Software & Services	5	.0%
Health Care Equipment & Supplies	3	.9%
Food & Staples Retailing	3	.7%
Oil, Gas & Consumable Fuels	3	.4%
Other Industries*	45	.7%

	100	.0%


Top Holdings †

Microsoft Corp.	3	.6%
Apple, Inc.	3	.5%
Cisco Systems, Inc.	3	.2%
Hewlett-Packard Co.	3	.0%
Google, Inc., Class A	2	.9%
Oracle Corp.	2	.5%
3M Co.	2	.2%
Intel Corp.	2	.1%
Target Corp.	2	.1%
Abbott Laboratories	2	.0%
Other Holdings*	72	.9%

	100	.0%


†		Percentages indicated are based upon total investments as of October 31, 2009.

*		For purposes of listing top industries and top holdings, the repurchase agreement is included as part of Other.

The accompanying notes are an integral part of these financial statements.

8 Annual Report 2009

Statement of Investments

October 31, 2009

Nationwide Growth Fund



Common Stocks 98.3%

	Shares		Market Value


Aerospace & Defense 1.5%
Alliant Techsystems, Inc.*	3,850	$	299,453
Raytheon Co.	22,950		1,039,176
United Technologies Corp.	10,360		636,622

			1,975,251



Airlines 0.6%
JetBlue Airways Corp.*	161,500		801,040



Auto Components 0.1%
WABCO Holdings, Inc.	5,500		130,460



Beverages 1.6%
PepsiCo, Inc.	34,640		2,097,452



Biotechnology 3.0%
Amgen, Inc.*	30,550		1,641,452
Biogen Idec, Inc.*	4,400		185,372
Gilead Sciences, Inc.*	46,290		1,969,639

			3,796,463



Capital Markets 2.2%
BlackRock, Inc.	1,350		292,262
Goldman Sachs Group, Inc. (The)	6,300		1,072,071
Northern Trust Corp.	10,100		507,525
State Street Corp.	15,440		648,171
TD Ameritrade Holding Corp.*	12,900		248,970

			2,768,999



Chemicals 2.4%
E.I. du Pont de Nemours & Co.	8,050		256,151
Lubrizol Corp.	4,800		319,488
Monsanto Co.	9,417		632,634
Praxair, Inc.	22,900		1,819,176

			3,027,449



Communications Equipment 6.5%
Brocade Communications Systems, Inc.*	130,900		1,123,122
Cisco Systems, Inc.*	180,640		4,127,624
F5 Networks, Inc.*	17,400		781,086
QUALCOMM, Inc.	57,120		2,365,339

			8,397,171



Computers & Peripherals 8.9%
Apple, Inc.*	23,860		4,497,610
Dell, Inc.*	18,280		264,877
EMC Corp.*	78,950		1,300,307
Hewlett-Packard Co.	82,340		3,907,856
International Business Machines Corp.	10,470		1,262,787
Western Digital Corp.*	6,300		212,184

			11,445,621

Containers & Packaging 0.1%
Owens-Illinois, Inc.*	5,850		186,498



Diversified Financial Services 1.1%
JPMorgan Chase & Co.	35,200		1,470,304



Electrical Equipment 0.6%
Emerson Electric Co.	20,000		755,000



Electronic Equipment, Instruments & Components 0.2%
Corning, Inc.	14,100		206,001



Energy Equipment & Services 3.2%
Cameron International Corp.*	19,800		732,006
Halliburton Co.	61,150		1,786,192
Schlumberger Ltd.	26,120		1,624,664

			4,142,862



Food & Staples Retailing 3.7%
Costco Wholesale Corp.	6,400		363,840
CVS Caremark Corp.	57,349		2,024,419
Wal-Mart Stores, Inc.	47,160		2,342,909

			4,731,168



Food Products 1.9%
Kellogg Co.	42,750		2,203,335
Sara Lee Corp.	27,100		305,959

			2,509,294



Health Care Equipment & Supplies 4.0%
Baxter International, Inc.	39,850		2,154,291
Hospira, Inc.*	5,900		263,376
Kinetic Concepts, Inc.*	5,400		179,226
Masimo Corp.*	38,550		1,024,273
Medtronic, Inc.	15,500		553,350
St. Jude Medical, Inc.*	27,150		925,272

			5,099,788



Health Care Providers & Services 1.3%
Express Scripts, Inc.*	6,775		541,458
Lincare Holdings, Inc.*	10,150		318,811
Quest Diagnostics, Inc.	15,050		841,747

			1,702,016



Hotels, Restaurants & Leisure 2.5%
International Game Technology	9,700		173,048
McDonald’s Corp.	7,790		456,572
Starwood Hotels & Resorts Worldwide, Inc.	47,000		1,365,820
WMS Industries, Inc.*	29,450		1,177,411

			3,172,851



Household Durables 0.1%
Garmin Ltd.	4,750		143,735

2009 Annual Report 9

Statement of Investments (Continued)

October 31, 2009

Nationwide Growth Fund (Continued)


Common Stocks (continued)
	Shares		Market Value



Household Products 2.2%
Church & Dwight Co., Inc.	9,800	$	557,424
Colgate-Palmolive Co.	18,100		1,423,203
Energizer Holdings, Inc.*	4,500		273,915
Procter & Gamble Co. (The)	10,030		581,740

			2,836,282



Independent Power Producers & Energy Traders 0.2%
AES Corp. (The)*	17,500		228,725



Industrial Conglomerates 2.2%
3M Co.	38,550		2,836,123



Information Technology Services 2.7%
Alliance Data Systems Corp.*(a)	17,800		978,644
Cognizant Technology Solutions Corp., Class A*	22,320		862,668
Visa, Inc., Class A	21,520		1,630,355

			3,471,667



Internet & Catalog Retail 1.2%
Amazon.com, Inc.*	3,700		439,597
Netflix, Inc.*(a)	4,050		216,473
NutriSystem, Inc. (a)	38,500		828,520

			1,484,590



Internet Software & Services 5.0%
eBay, Inc.*	67,450		1,502,112
Google, Inc., Class A*	6,910		3,704,589
Yahoo!, Inc.*	78,600		1,249,740

			6,456,441



Leisure Equipment & Products 0.3%
Hasbro, Inc.	14,700		400,869



Life Sciences Tools & Services 1.4%
Covance, Inc.*	19,250		994,840
Mettler-Toledo International, Inc.*	2,050		199,875
Waters Corp.*	11,000		631,730

			1,826,445



Machinery 5.7%
Cummins, Inc.	38,900		1,675,034
Danaher Corp.	31,520		2,150,610
Deere & Co.	28,750		1,309,563
Harsco Corp.	8,300		261,367
Kennametal, Inc.	33,408		787,092
PACCAR, Inc.	9,100		340,431
Parker Hannifin Corp.	16,500		873,840

			7,397,937



Media 0.8%
Walt Disney Co. (The)	39,750		1,087,957



Metals & Mining 1.0%
Freeport-McMoRan Copper & Gold, Inc.*	6,550		480,508
Steel Dynamics, Inc.	60,100		804,739

			1,285,247



Multiline Retail 2.1%
Target Corp.	54,800		2,653,964



Oil, Gas & Consumable Fuels 3.4%
Apache Corp.	14,980		1,409,918
Berry Petroleum Co., Class A	18,600		471,696
Exxon Mobil Corp.	7,300		523,191
Petrohawk Energy Corp.*	20,300		477,456
Southwestern Energy Co.*	33,700		1,468,646

			4,350,907



Personal Products 0.4%
Mead Johnson Nutrition Co., Class A	13,100		550,724



Pharmaceuticals 5.0%
Abbott Laboratories	51,100		2,584,127
Allergan, Inc.	23,150		1,302,187
Bristol-Myers Squibb Co.	24,000		523,200
Johnson & Johnson	30,120		1,778,586
Schering-Plough Corp.	9,300		262,260

			6,450,360



Real Estate Management & Development 0.3%
Jones Lang LaSalle, Inc.	9,100		426,335



Road & Rail 0.9%
Con-way, Inc.	35,900		1,184,341



Semiconductors & Semiconductor Equipment 5.0%
Analog Devices, Inc.	10,000		256,300
Avago Technologies Ltd.*	32,545		488,175
Intel Corp.	140,230		2,679,795
Marvell Technology Group Ltd.*	109,050		1,496,166
Silicon Laboratories, Inc.*	25,400		1,064,260
Teradyne, Inc.*	56,900		476,253

			6,460,949



Software 7.2%
McAfee, Inc.*	31,600		1,323,408
Microsoft Corp.	169,120		4,689,698
Oracle Corp.	153,790		3,244,969

			9,258,075



Specialty Retail 3.0%
Aeropostale, Inc.*	30,450		1,142,789
Gap, Inc. (The)	16,050		342,507

10 Annual Report 2009


Common Stocks (continued)
		Shares		Market Value


Specialty Retail (continued)

Lowe’s Cos., Inc.		62,800	$	1,228,996
Urban Outfitters, Inc.*		35,300		1,107,714

				3,822,006



Tobacco 2.0%
Philip Morris International, Inc.		53,390		2,528,550



Trading Companies & Distributors 0.7%
W.W. Grainger, Inc.		9,420		882,937



Wireless Telecommunication Services 0.1%
NII Holdings, Inc.*		5,150		138,689


Total Common Stocks (cost $115,588,553)				126,579,543



Mutual Fund 1.1%


Money Market Fund 1.1%
Invesco AIM Liquid Assets Portfolio, 0.21% (b)		1,395,546		1,395,546


Total Mutual Fund (cost $1,395,546)				1,395,546



Repurchase Agreement 1.0%

		Principal Amount		Market Value


Morgan Stanley, 0.08%, dated 10/30/09, due 11/02/09, repurchase price $1,249,044, collateralized by U.S. Government Agency Mortgages ranging from 0.00% – 7.00%, maturing 08/01/17 – 11/01/39; total market value of $1,274,026 (c)	$	1,249,036		1,249,036


Total Repurchase Agreement (cost $1,249,036)				1,249,036


Total Investments (cost $118,233,135) (d) — 100.4%				129,224,125

Liabilities in excess of other assets — (0.4%)				(570,413	)


NET ASSETS — 100.0%			$	128,653,712


*		Denotes a non-income producing security.

(a)		The security or a portion of this security is on loan at October 31, 2009. The total value of securities on loan at October 31, 2009 was $1,197,732.

(b)		Represents 7-day effective yield as of October 31, 2009.

(c)		The security was purchased with cash collateral held from securities on loan (See Note 2). The total value of this security as of October 31, 2009 was $1,249,036.

(d)		See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.


Ltd.		Limited

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 11

Statement of Assets and Liabilities

October 31, 2009



	Nationwide
	Growth Fund

Assets:
Investments, at value (cost $116,984,099)*	$	127,975,089
Repurchase agreement, at value and cost		1,249,036

Total Investments		129,224,125

Cash		2,205
Interest and dividends receivable		83,102
Security lending income receivable		607
Receivable for investments sold		3,585,137
Receivable for capital shares issued		4,323
Prepaid expenses and other assets		3,575

Total Assets		132,903,074

Liabilities:
Payable for investments purchased		2,691,835
Payable for capital shares redeemed		79,288
Payable upon return of securities loaned (Note 2)		1,249,036
Accrued expenses and other payables:
Investment advisory fees		67,829
Fund administration fees		13,835
Distribution fees		4,400
Administrative servicing fees		20,347
Accounting and transfer agent fees		70,069
Trustee fees		2,274
Custodian fees		6,818
Compliance program costs (Note 3)		885
Professional fees		10,019
Other		32,727

Total Liabilities		4,249,362

Net Assets	$	128,653,712

Represented by:
Capital	$	234,847,667
Accumulated undistributed net investment income		90,150
Accumulated net realized losses from investment transactions		(117,275,095	)
Net unrealized appreciation/(depreciation) from investments		10,990,990

Net Assets	$	128,653,712

Net Assets:
Class A Shares	$	10,297,135
Class B Shares		1,837,536
Class C Shares		474,424
Class D Shares		115,852,238
Class R2 Shares (a)		190,238
Institutional Service Class Shares		1,068
Institutional Class Shares		1,073

Total	$	128,653,712


*	Includes value of securities on loan of $1,197,732 (Note 2)


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

12 Annual Report 2009



	Nationwide
	Growth Fund


Shares outstanding (unlimited number of shares authorized):
Class A Shares		1,568,936
Class B Shares		311,931
Class C Shares		80,536
Class D Shares		17,194,487
Class R2 Shares (a)		28,934
Institutional Service Class Shares		158
Institutional Class Shares		159

Total		19,185,141

Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	6.56
Class B Shares (b)	$	5.89
Class C Shares (c)	$	5.89
Class D Shares	$	6.74
Class R2 Shares (a)	$	6.57
Institutional Service Class Shares	$	6.76
Institutional Class Shares	$	6.75
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	6.96

Class D Shares	$	7.06

Maximum Sales Charge:
Class A Shares		5.75	%

Class D Shares		4.50	%


(a)		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

(b)		For Class B Shares, the redemption price per share varies by the length of time shares are held.

(c)		For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 13

Statement of Operations

For the Year Ended October 31, 2009



	Nationwide
	Growth Fund

INVESTMENT INCOME:
Interest income	$	1,111
Dividend income		1,670,281
Income from securities lending (Note 2)		1,389
Foreign tax withholding		(970	)

Total Income		1,671,811

EXPENSES:
Investment advisory fees		702,473
Fund administration fees		141,400
Distribution fees Class A		23,621
Distribution fees Class B		17,778
Distribution fees Class C		7,849
Distribution fees Class R2 (a)		460
Administrative servicing fees Class A		8,253
Administrative servicing fees Class D		6,611
Registration and filing fees		91,135
Professional fees		22,873
Printing fees		70,469
Trustee fees		8,784
Custodian fees		56,343
Accounting and transfer agent fees		202,731
Compliance program costs (Note 3)		2,990
Other		11,763

Total expenses before earnings credit		1,375,533
Earnings credit (Note 5)		(11,564	)

Net Expenses		1,363,969

NET INVESTMENT INCOME		307,842

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(22,813,040	)
Net change in unrealized appreciation/(depreciation) from investments		39,628,459

Net realized/unrealized gains from investments		16,815,419

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	17,123,261


(a)		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

14 Annual Report 2009

Statements of Changes in Net Assets


	Nationwide Growth Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

Operations:
Net investment income	$	307,842		$	439,605
Net realized losses from investment transactions		(22,813,040	)		(20,074,972	)
Net change in unrealized appreciation/(depreciation) from investments		39,628,459			(56,754,191	)

Change in net assets resulting from operations		17,123,261			(76,389,558	)


Distributions to Shareholders From:
Net investment income:
Class A		(2,675	)		(24,178	)
Class B		–			(683	)
Class D		(310,729	)		(339,208	)
Class R2 (a)		–			(1	)
Institutional Service Class		(3	)		(3	)
Institutional Class		(3	)		(3	)

Change in net assets from shareholder distributions		(313,410	)		(364,076	)

Change in net assets from capital transactions		(9,143,972	)		(20,385,421	)

Change in net assets		7,665,879			(97,139,055	)


Net Assets:
Beginning of year		120,987,833			218,126,888

End of year	$	128,653,712		$	120,987,833

Accumulated undistributed net investment income at end of year	$	90,150		$	80,189


CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	1,322,686		$	5,286,231
Dividends reinvested		2,565			19,422
Cost of shares redeemed (b)		(2,323,668	)		(6,938,623	)

Total Class A		(998,417	)		(1,632,970	)

Class B Shares
Proceeds from shares issued		186,500			287,221
Dividends reinvested		–			633
Cost of shares redeemed (b)		(605,858	)		(1,118,646	)

Total Class B		(419,358	)		(830,792	)

Class C Shares
Proceeds from shares issued		2,008,653			768,162
Dividends reinvested		–			–
Cost of shares redeemed (b)		(2,163,299	)		(2,129,882	)

Total Class C		(154,646	)		(1,361,720	)

Class D Shares
Proceeds from shares issued		2,851,464			5,182,808
Dividends reinvested		301,227			328,100
Cost of shares redeemed (b)		(10,891,682	)		(22,070,854	)

Total Class D		(7,738,991	)		(16,559,946	)


		Amounts designated as “ – ” are zero or have been rounded to zero.


(a)		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.
(b)		Includes redemption fees – see Note 4 to Financial Statements.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 15

Statements of Changes in Net Assets (Continued)


	Nationwide Growth Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

Class R2 Shares (a)
Proceeds from shares issued	$	175,282		$	–
Dividends reinvested		–			1
Cost of shares redeemed		(7,848	)		–

Total Class R2		167,434			1

Institutional Service Class Shares
Proceeds from shares issued		–			–
Dividends reinvested		3			3
Cost of shares redeemed		–			–

Total Institutional Service Class		3			3

Institutional Class Shares
Proceeds from shares issued		–			–
Dividends reinvested		3			3
Cost of shares redeemed		–			–

Total Institutional Class		3			3

Change in net assets from capital transactions:	$	(9,143,972	)	$	(20,385,421	)


SHARE TRANSACTIONS:
Class A Shares
Issued		234,079			639,018
Reinvested		378			2,550
Redeemed		(413,977	)		(888,876	)

Total Class A Shares		(179,520	)		(247,308	)

Class B Shares
Issued		36,073			40,064
Reinvested		–			91
Redeemed		(120,680	)		(160,261	)

Total Class B Shares		(84,607	)		(120,106	)

Class C Shares
Issued		420,776			99,100
Reinvested		–			–
Redeemed		(461,469	)		(308,471	)

Total Class C Shares		(40,693	)		(209,371	)

Class D Shares
Issued		487,309			645,162
Reinvested		49,720			42,007
Redeemed		(1,893,943	)		(2,754,933	)

Total Class D Shares		(1,356,914	)		(2,067,764	)


		Amounts designated as “ – ” are zero or have been rounded to zero.


(a)		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

16 Annual Report 2009


	Nationwide Growth Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

Class R2 Shares (a)
Issued		30,003			–
Reinvested		–			–
Redeemed		(1,243	)		–

Total Class R2 Shares		28,760			–

Institutional Service Class Shares
Issued		–			–
Reinvested		–			–
Redeemed		–			–

Total Institutional Service Class Shares		–			–

Institutional Class Shares
Issued		–			–
Reinvested		–			–
Redeemed		–			–
Total Institutional Class Shares		–			–

Total change in shares:		(1,632,974	)		(2,644,549	)


		Amounts designated as “ – ” are zero or have been rounded to zero.


(a)		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 17

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated.

Nationwide Growth Fund


	Operations												Distributions											Ratios / Supplemental Data

							Net Realized																									Ratio of Net			Ratio of
							and																									Investment			Expenses
	Net Asset			Net			Unrealized																						Ratio of			Income			(Prior to
	Value,			Investment			Gains (Losses)			Total			Net								Net Asset						Net Assets		Expenses			(Loss)			Reimbursements)
	Beginning			Income			from			from			Investment			Total			Redemption		Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			(Loss)			Investments			Operations			Income			Distributions			Fees		of Period			Return(a)			Period		Net Assets			Net Assets			Net Assets (b)			Turnover (c)
Class A Shares
Year Ended October 31, 2009 (d)	$	5	.69		–			0	.87		0	.87		–			–			–	$	6	.56		15	.32%	$	10,297,135		1	.46%		(0	.02%)		1	.46%		164	.73%
Year Ended October 31, 2008 (d)	$	9	.14		–			(3	.44)		(3	.44)		(0	.01)		(0	.01)		–	$	5	.69		(37	.65%)	$	9,957,021		1	.12%		–			1	.12%		217	.15%
Year Ended October 31, 2007 (d)	$	7	.20		–			1	.96		1	.96		(0	.02)		(0	.02)		–	$	9	.14		27	.24%	$	18,240,558		1	.12%		(0	.05%)		1	.12%		262	.81%
Year Ended October 31, 2006	$	6	.69		(0	.04)		0	.55		0	.51		–			–			–	$	7	.20		7	.62%	$	12,815,818		1	.15%		(0	.29%)		1	.15%		284	.67%
Year Ended October 31, 2005	$	6	.08		(0	.01)		0	.63		0	.62		(0	.01)		(0	.01)		–	$	6	.69		10	.22%	$	29,467,129		1	.34%		(0	.14%)		1	.34%(e)		281	.51%

Class B Shares
Year Ended October 31, 2009 (d)	$	5	.14		(0	.03)		0	.78		0	.75		–			–			–	$	5	.89		14	.59%	$	1,837,536		2	.12%		(0	.67%)		2	.12%		164	.73%
Year Ended October 31, 2008 (d)	$	8	.30		(0	.05)		(3	.11)		(3	.16)		–			–			–	$	5	.14		(38	.06%)	$	2,039,665		1	.81%		(0	.67%)		1	.81%		217	.15%
Year Ended October 31, 2007 (d)	$	6	.58		(0	.05)		1	.78		1	.73		(0	.01)		(0	.01)		–	$	8	.30		26	.23%	$	4,288,651		1	.81%		(0	.72%)		1	.82%		262	.81%
Year Ended October 31, 2006	$	6	.15		(0	.07)		0	.50		0	.43		–			–			–	$	6	.58		6	.99%	$	4,444,688		1	.80%		(0	.94%)		1	.80%		284	.67%
Year Ended October 31, 2005	$	5	.61		(0	.05)		0	.59		0	.54		–			–			–	$	6	.15		9	.63%	$	5,324,797		1	.98%		(0	.78%)		1	.98%(e)		281	.51%

Class C Shares
Year Ended October 31, 2009 (d)	$	5	.14		(0	.03)		0	.78		0	.75		–			–			–	$	5	.89		14	.59%	$	474,424		2	.12%		(0	.67%)		2	.12%		164	.73%
Year Ended October 31, 2008 (d)	$	8	.30		(0	.05)		(3	.11)		(3	.16)		–			–			–	$	5	.14		(38	.07%)	$	623,431		1	.81%		(0	.67%)		1	.81%		217	.15%
Year Ended October 31, 2007 (d)	$	6	.58		(0	.06)		1	.79		1	.73		(0	.01)		(0	.01)		–	$	8	.30		26	.37%	$	2,743,798		1	.79%		(0	.79%)		1	.79%		262	.81%
Year Ended October 31, 2006	$	6	.16		(0	.05)		0	.47		0	.42		–			–			–	$	6	.58		6	.82%	$	777,448		1	.77%		(0	.93%)		1	.77%		284	.67%
Year Ended October 31, 2005	$	5	.62		(0	.04)		0	.58		0	.54		–			–			–	$	6	.16		9	.61%	$	549,708		2	.03%		(0	.96%)		2	.03%(e)		281	.51%

Class D Shares
Year Ended October 31, 2009 (d)	$	5	.84		0	.02		0	.90		0	.92		(0	.02)		(0	.02)		–	$	6	.74		15	.74%	$	115,852,238		1	.13%		0	.31%		1	.13%		164	.73%
Year Ended October 31, 2008 (d)	$	9	.35		0	.02		(3	.51)		(3	.49)		(0	.02)		(0	.02)		–	$	5	.84		(37	.40%)	$	108,364,868		0	.82%		0	.31%		0	.82%		217	.15%
Year Ended October 31, 2007 (d)	$	7	.35		0	.02		2	.00		2	.02		(0	.02)		(0	.02)		–	$	9	.35		27	.57%	$	192,849,322		0	.81%		0	.27%		0	.82%		262	.81%
Year Ended October 31, 2006	$	6	.81		–			0	.54		0	.54		–			–			–	$	7	.35		7	.93%	$	182,519,298		0	.80%		0	.05%		0	.80%		284	.67%
Year Ended October 31, 2005	$	6	.17		0	.01		0	.65		0	.66		(0	.02)		(0	.02)		–	$	6	.81		10	.74%	$	202,682,030		0	.99%		0	.21%		0	.99%(e)		281	.51%

Class R2 Shares (f)
Year Ended October 31, 2009 (d)	$	5	.71		(0	.02)		0	.88		0	.86		–			–			–	$	6	.57		15	.24%	$	190,238		1	.60%		(0	.30%)		1	.60%		164	.73%
Year Ended October 31, 2008 (d)	$	9	.20		(0	.03)		(3	.45)		(3	.48)		(0	.01)		(0	.01)		–	$	5	.71		(37	.87%)	$	996		1	.48%		(0	.36%)		1	.48%		217	.15%
Year Ended October 31, 2007 (d)	$	7	.27		(0	.04)		1	.98		1	.94		(0	.01)		(0	.01)		–	$	9	.20		26	.76%	$	1,602		1	.48%		(0	.44%)		1	.49%		262	.81%
Year Ended October 31, 2006	$	6	.77		(0	.03)		0	.53		0	.50		–			–			–	$	7	.27		7	.39%	$	1,265		1	.28%		(0	.47%)		1	.28%		284	.67%
Year Ended October 31, 2005	$	6	.15		(0	.01)		0	.64		0	.63		(0	.01)		(0	.01)		–	$	6	.77		10	.28%	$	1,177		1	.29%		(0	.14%)		1	.29%(e)		281	.51%

Amounts designated as “–” are zero or have been rounded to zero.

(a) Excludes sales charge.

(b) During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(d) Per share calculations were performed using average shares method.

(e) There were no fee reductions during the period.

(f) Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

18 Annual Report 2009

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated.

Nationwide Growth Fund (Continued)


	Operations												Distributions											Ratios / Supplemental Data

							Net Realized																									Ratio of Net			Ratio of
							and																									Investment			Expenses
	Net Asset			Net			Unrealized																						Ratio of			Income			(Prior to
	Value,			Investment			Gains (Losses)			Total			Net								Net Asset						Net Assets		Expenses			(Loss)			Reimbursements)
	Beginning			Income			from			from			Investment			Total			Redemption		Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			(Loss)			Investments			Operations			Income			Distributions			Fees		of Period			Return(a)			Period		Net Assets			Net Assets			Net Assets (b)			Turnover (c)

Institutional Service Class Shares
Year Ended October 31, 2009 (d)	$	5	.85		0	.02		0	.91		0	.93		(0	.02)		(0	.02)		–	$	6	.76		15	.56%	$	1,068		1	.16%		0	.28%		1	.16%		164	.73%
Year Ended October 31, 2008 (d)	$	9	.36		0	.03		(3	.52)		(3	.49)		(0	.02)		(0	.02)		–	$	5	.85		(37	.36%)	$	924		0	.74%		0	.37%		0	.74%		217	.15%
Year Ended October 31, 2007 (d)	$	7	.36		0	.02		2	.00		2	.02		(0	.02)		(0	.02)		–	$	9	.36		27	.53%	$	1,475		0	.81%		0	.22%		0	.81%		262	.81%
Year Ended October 31, 2006	$	6	.82		–			0	.54		0	.54		–			–			–	$	7	.36		7	.92%	$	1,157		0	.80%		0	.02%		0	.80%		284	.67%
Year Ended October 31, 2005	$	6	.19		–			0	.65		0	.65		(0	.02)		(0	.02)		–	$	6	.82		10	.55%	$	1,071		1	.04%		0	.11%		1	.04%(e)		281	.51%

Institutional Class Shares
Year Ended October 31, 2009 (d)	$	5	.83		0	.02		0	.92		0	.94		(0	.02)		(0	.02)		–	$	6	.75		15	.78%	$	1,073		1	.15%		0	.27%		1	.15%		164	.73%
Year Ended October 31, 2008 (d)	$	9	.34		0	.03		(3	.52)		(3	.49)		(0	.02)		(0	.02)		–	$	5	.83		(37	.44%)	$	928		0	.74%		0	.37%		0	.74%		217	.15%
Year Ended October 31, 2007 (d)	$	7	.34		0	.02		2	.01		2	.03		(0	.03)		(0	.03)		–	$	9	.34		27	.61%	$	1,482		0	.81%		0	.23%		0	.81%		262	.81%
Year Ended October 31, 2006	$	6	.80		–			0	.54		0	.54		–			–			–	$	7	.34		7	.94%	$	1,162		0	.79%		0	.02%		0	.79%		284	.67%
Year Ended October 31, 2005	$	6	.17		–			0	.65		0	.65		(0	.02)		(0	.02)		–	$	6	.80		10	.59%	$	1,076		1	.04%		0	.11%		1	.04%(e)		281	.51%

Amounts designated as “–” are zero or have been rounded to zero


(a)	Excludes sales charge.
(b)	During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(c)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d)	Per share calculations were performed using average shares method.
(e)	There were no fee reductions during the period.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 19


Nationwide Fund

How did the Fund perform during the reporting period in relation to its benchmark and its peer group?

For the annual period ended October 31, 2009, the Nationwide Fund (Class A at NAV) returned 9.36% versus 9.80% for its benchmark, the Standard & Poor’s 500^® (S&P 500) Index. For broader comparison, the average return for the Fund’s closest Lipper peer category of Large-Cap Core Funds (consisting of 907 funds as of October 31, 2009) was 10.82% for the same time period.

What areas of investment provided the most positive relative returns for the Fund?

Fund performance benefited significantly from stock selection in the financials and industrials sectors. The Fund holdings in Goldman Sachs Group, Inc contributed significantly to the Fund’s performance. Automotive components supplier BorgWarner Inc. also added to performance. Another strong contributor among individual holdings was Cognizant Technology Solutions Corp., a provider of custom information technology consulting and technology services.

What areas of investment detracted from Fund performance?

The most notable individual stock detractor from the Fund’s performance was The Dow Chemical Co. Dow’s stock price fell sharply on the twin concerns that the cyclical downturn would lead to reduced demand for its products, and that Dow’s acquisition of Rohm and Haas Co. was poorly timed and overpriced. The performance weakness for the Fund in health-care stocks was not surprising, given the strength of the recent market rally during the reporting period. Fund holding Gilead Sciences, Inc. did not perform as well as expected, due mainly to concerns about accelerated share loss in Gilead Sciences’ human immunodeficiency virus (HIV) franchise. The Fund’s exposure to Zions Bancorp also was a detractor to Fund performance during the reporting period. Zions’ stock price declined amid continued negative investor sentiment for banks, asset-quality erosion on Zion’s balance sheet and the increasing risk of further credit losses.

What is your outlook for the near term?

The U.S. economy appears to be showing signs of stabilization, and we believe that the U.S. economy is close to reaching a new – albeit lower – equilibrium from which to resume growth. Many companies have benefited during the past year from cost-rationalization, which we would expect to continue in the near term. Nonetheless, as cost cutting slows, corporate earnings growth will rely increasingly on real economic demand, which remains subdued. Markets also have recently been supported by renewed corporate merger-and-acquisition activity, given both the greater confidence of these businesses as well as access to capital markets. The housing market has shown initial signs of life but remains fragile, while unemployment and constrained state budgets will pressure spending.

In our view, further market gains from these current levels will require concrete evidence of a tangible economic recovery, fueling improving sales and earnings at these companies, which would be a very welcome development.

Subadviser:
Aberdeen Asset Management Inc.

Portfolio Managers:
(Fundamental Sleeve)
Paul Atkinson, Francis Radano III, CFA and Shahreza Yusof
(Quantitative Sleeve)
Joseph A. Cerniglia, CFA and Jarett Fisher, CFA

20 Annual Report 2009


Fund Performance	Nationwide Fund

Average Annual Total Return
(For periods ended October 31, 2009)


		1 Yr.		5 Yr.		10 Yr.

Class A	w/o SC¹		9.36%		-0.50%		-1.39%
	w/SC²		3.09%		-1.67%		-1.98%


Class B	w/o SC¹		8.59%		-1.21%		-2.12%
	w/SC³		3.59%		-1.46%		-2.12%


Class C⁴	w/o SC¹		8.69%		-1.21%		-1.97%
	w/SC⁵		7.69%		-1.21%		-1.97%


Class D	w/o SC¹		9.70%		-0.27%		-1.17%
	w/SC⁶		4.73%		-1.19%		-1.62%


Class R2^4,7,8			9.08%		-0.68%		-1.42%


Institutional Class^4,7			9.84%		-0.17%		-1.12%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.


¹		These returns do not reflect the effects of sales charges (SC).

²		A 5.75% front-end sales charge was deducted.

³		A 5.00% maximum contingent deferred sales charge (CDSC) was deducted. The CDSC declines to 0% after 6 years and is not deducted from returns after 6 years.

⁴		These returns for periods prior to the creation of the class, include the performance of the Fund’s Class D shares. These returns were achieved prior to the creation of Class C shares (3/1/01), Class R2 shares (10/1/03), and Institutional Class shares (6/29/04). Excluding the effect of any fee waivers or reimbursements, such prior performance is similar to what Class C, Class R2 shares and Institutional Class shares would have produced during those periods because all classes of the Fund’s shares invest in the same portfolio of securities. The performance for these classes has been restated to reflect differences in sales charges (where applicable), but does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes. If these other fees were reflected, the performance for Class C and Class R2 shares would have been lower.

⁵		A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁶		A 4.50% front-end sales charge was deducted.

⁷		Not subject to any sales charges.

⁸		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

Expense Ratios


	Expense
	Ratio*

Class A		1.04%


Class B		1.73%


Class C		1.73%


Class D		0.78%


Class R2		1.43%


Institutional Class		0.73%


*		Current effective prospectus. Please see the Fund’s most recent prospectus for details.

Performance of a $10,000 Investment

Comparative performance of $10,000 invested in Class D shares of the Nationwide Fund, S&P 500^® Index (S&P 500)(a), and the Consumer Price Index (CPI)(b) over a 10-year period ended 04/30/09. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expense, or sales charges. Investors cannot invest directly in market indexes.


(a)		The S&P 500 is an unmanaged index of 500 widely held stocks of large U.S. companies that gives a broad look at how the stock prices of large U.S. companies have performed.

(b)		Calculated by the U.S. Department of Labor’s Bureau of Labor Statistics, the CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2009 Annual Report 21


Shareholder	Nationwide Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
October 31, 2009


			Beginning		Ending		Expenses Paid		Expense Ratio
			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Nationwide Fund			5/01/09		10/31/09		05/01/09 - 10/31/09^a		05/01/09 - 10/31/09^a

Class A Shares	Actual			1,000.00		1,191.40		6.46		1.16
	Hypothetical	^b		1,000.00		1,019.31		5.96		1.16


Class B Shares	Actual			1,000.00		1,187.70		10.26		1.84
	Hypothetical	^b		1,000.00		1,015.83		9.45		1.84


Class C Shares	Actual			1,000.00		1,187.10		10.25		1.84
	Hypothetical	^b		1,000.00		1,015.83		9.45		1.84


Class D Shares	Actual			1,000.00		1,193.60		5.09		0.91
	Hypothetical	^b		1,000.00		1,020.57		4.69		0.91


Class R2 Shares (c)	Actual			1,000.00		1,190.70		7.45		1.35
	Hypothetical	^b		1,000.00		1,018.40		6.87		1.35


Institutional Class Shares	Actual			1,000.00		1,193.40		5.09		0.77
	Hypothetical	^b		1,000.00		1,020.57		4.69		0.77


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

^b		Represents the hypothetical 5% return before expenses.

^c		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

22 Annual Report 2009


Portfolio Summary	Nationwide Fund

October 31, 2009


Asset Allocation

Common Stocks	98	.8%
Mutual Funds	1	.6%
Repurchase Agreements	0	.9%
Liabilities in excess of other assets	(1	.3)%

	100	.0%


Top Industries †

Oil, Gas & Consumable Fuels	9	.6%
Computers & Peripherals	4	.6%
Food & Staples Retailing	4	.5%
Aerospace & Defense	4	.3%
Pharmaceuticals	4	.2%
Specialty Retail	4	.0%
Communications Equipment	3	.9%
Food Products	3	.8%
Health Care Providers & Services	3	.6%
Software	3	.2%
Other Industries*	54	.3%

	100	.0%


Top Holdings †

Exxon Mobil Corp.	3	.2%
Johnson & Johnson	2	.6%
JP Morgan Chase & Co.	2	.3%
United Technologies Corp.	2	.3%
Cisco Systems, Inc.	2	.1%
CVS Caremark Corp.	2	.0%
Kellogg Co.	2	.0%
Oracle Corp.	1	.9%
Philip Morris International, Inc.	1	.8%
ITT Corp	1	.7%
Other Holdings*	78	.1%

	100	.0%


†		Percentages indicated are based upon total investments as of October 31, 2009.

*		For purposes of listing top industries and top holdings, the repurchase agreements are included as part of Other.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 23

Statement of Investments

October 31, 2009

Nationwide Fund



Common Stocks 98.8%

	Shares		Market Value


Aerospace & Defense 4.4%
Boeing Co. (The)	44,600	$	2,131,880
ITT Corp.	235,500		11,939,850
United Technologies Corp.	261,300		16,056,885

			30,128,615



Air Freight & Logistics 0.5%
FedEx Corp.	45,500		3,307,395



Auto Components 0.5%
Autoliv, Inc.	21,500		721,970
BorgWarner, Inc.	99,500		3,016,840

			3,738,810



Beverages 3.1%
Coca-Cola Co. (The)	62,400		3,326,544
Coca-Cola Enterprises, Inc.	88,100		1,680,067
Pepsi Bottling Group, Inc.	83,000		3,107,520
PepsiAmericas, Inc.	87,700		2,564,348
PepsiCo, Inc.	172,400		10,438,820

			21,117,299



Biotechnology 1.9%
Amgen, Inc.*	44,200		2,374,866
Gilead Sciences, Inc.*	258,300		10,990,665

			13,365,531



Capital Markets 3.0%
Charles Schwab Corp. (The)	301,600		5,229,744
Goldman Sachs Group, Inc. (The)	49,210		8,374,066
Morgan Stanley	57,500		1,846,900
State Street Corp.	122,000		5,121,560

			20,572,270



Chemicals 2.4%
E.I. du Pont de Nemours & Co.	70,200		2,233,764
Monsanto Co.	66,000		4,433,880
PPG Industries, Inc.	59,600		3,363,228
Praxair, Inc.	78,600		6,243,984

			16,274,856



Commercial Banks 2.6%
PNC Financial Services Group, Inc.	45,000		2,202,300
Royal Bank of Canada	139,600		7,069,987
Wells Fargo & Co.	314,800		8,663,296

			17,935,583



Communications Equipment 4.0%
Cisco Systems, Inc.*	633,036		14,464,873
Motorola, Inc.	445,700		3,819,649
QUALCOMM, Inc.	216,800		8,977,688

			27,262,210



Computers & Peripherals 4.6%
Apple, Inc.*	27,100		5,108,350
Dell, Inc.*	168,700		2,444,463
EMC Corp.*	493,500		8,127,945
Hewlett-Packard Co.	148,900		7,066,794
International Business Machines Corp.	61,211		7,382,659
NCR Corp.*	158,600		1,609,790

			31,740,001



Consumer Finance 1.3%
American Express Co.	89,000		3,100,760
Capital One Financial Corp.	157,500		5,764,500

			8,865,260



Distributors 0.1%
Genuine Parts Co.	29,200		1,021,708



Diversified Financial Services 3.2%
Bank of America Corp.	328,384		4,787,839
Citigroup, Inc.	311,300		1,273,217
JPMorgan Chase & Co.	389,430		16,266,491

			22,327,547



Diversified Telecommunication Services 2.0%
AT&T, Inc.	153,200		3,932,644
TELUS Corp.	217,749		6,840,061
Verizon Communications, Inc.	95,000		2,811,050

			13,583,755



Electric Utilities 0.4%
Northeast Utilities	104,960		2,419,328



Electrical Equipment 1.2%
Emerson Electric Co.	211,000		7,965,250



Energy Equipment & Services 2.6%
ENSCO International, Inc.	126,800		5,806,172
Halliburton Co.	95,700		2,795,397
Rowan Cos., Inc.	37,100		862,575
Schlumberger Ltd.	141,500		8,801,300

			18,265,444



Food & Staples Retailing 4.5%
Costco Wholesale Corp.	45,300		2,575,305
CVS Caremark Corp.	404,760		14,288,028
Kroger Co. (The)	111,900		2,588,247
Sysco Corp.	265,700		7,027,765
Wal-Mart Stores, Inc.	91,900		4,565,592

			31,044,937



Food Products 3.8%
Archer-Daniels-Midland Co.	89,300		2,689,716

24 Annual Report 2009


Common Stocks (continued)
	Shares		Market Value


Food Products (continued)

Kellogg Co.	265,500	$	13,683,870
Kraft Foods, Inc., Class A	369,200		10,160,384

			26,533,970



Gas Utilities 0.9%
Atmos Energy Corp.	96,700		2,693,095
UGI Corp.	135,300		3,230,964

			5,924,059



Health Care Equipment & Supplies 2.3%
Baxter International, Inc.	168,400		9,103,704
St. Jude Medical, Inc.*	201,416		6,864,257

			15,967,961



Health Care Providers & Services 3.7%
Aetna, Inc.	206,857		5,384,488
Express Scripts, Inc.*	31,300		2,501,496
Henry Schein, Inc.*	44,500		2,350,935
McKesson Corp.	58,200		3,418,086
Quest Diagnostics, Inc.	161,300		9,021,509
UnitedHealth Group, Inc.	103,700		2,691,015

			25,367,529



Hotels, Restaurants & Leisure 0.5%
Starwood Hotels & Resorts Worldwide, Inc.	122,000		3,545,320



Household Durables 1.2%
Black & Decker Corp.	54,500		2,573,490
Toll Brothers, Inc.*	231,900		4,016,508
Whirlpool Corp.	28,000		2,004,520

			8,594,518



Household Products 1.3%
Procter & Gamble Co. (The)	152,210		8,828,180



Independent Power Producers & Energy Traders 0.3%
AES Corp. (The)*	156,000		2,038,920



Industrial Conglomerates 2.3%
3M Co.	132,800		9,770,096
General Electric Co.	408,850		5,830,201

			15,600,297



Information Technology Services 2.8%
Alliance Data Systems Corp.*(a)	104,700		5,756,406
Cognizant Technology Solutions Corp., Class A*	240,500		9,295,325
Computer Sciences Corp.*	55,800		2,829,618
SAIC, Inc.*	93,100		1,648,801

			19,530,150



Insurance 2.4%
Aflac, Inc.	100,700		4,178,043
American Financial Group, Inc.	59,700		1,468,620
MetLife, Inc.	198,075		6,740,492
Progressive Corp. (The)*	184,700		2,955,200
Prudential Financial, Inc.	25,800		1,166,934

			16,509,289



Internet & Catalog Retail 0.4%
Amazon.com, Inc.*	22,000		2,613,820



Internet Software & Services 1.1%
Google, Inc., Class A*	6,850		3,672,422
Yahoo!, Inc.*	257,800		4,099,020

			7,771,442



Life Sciences Tools & Services 0.4%
Mettler-Toledo International, Inc.*	25,900		2,525,250



Machinery 3.2%
Caterpillar, Inc.	61,100		3,364,166
Cummins, Inc.	63,200		2,721,392
Deere & Co.	158,267		7,209,062
Eaton Corp.	34,800		2,103,660
PACCAR, Inc.	130,400		4,878,264
Trinity Industries, Inc.	108,900		1,838,232

			22,114,776



Media 1.6%
Comcast Corp., Class A	430,400		6,240,800
DISH Network Corp., Class A*	78,800		1,371,120
Walt Disney Co. (The)	115,230		3,153,845

			10,765,765



Metals & Mining 0.2%
Nucor Corp.	38,000		1,514,300



Multiline Retail 0.3%
J.C. Penney Co., Inc.	64,700		2,143,511



Oil, Gas & Consumable Fuels 9.7%
Apache Corp.	118,800		11,181,456
Cabot Oil & Gas Corp.	19,600		754,012
Chevron Corp.	100,282		7,675,584
ConocoPhillips	90,686		4,550,623
EOG Resources, Inc.	71,700		5,855,022
Exxon Mobil Corp.	306,833		21,990,721
Hess Corp.	187,340		10,254,992
Marathon Oil Corp.	30,800		984,676
Murphy Oil Corp.	58,500		3,576,690

			66,823,776



Paper & Forest Products 0.2%
International Paper Co.	65,700		1,465,767

2009 Annual Report 25

Statement of Investments (Continued)

October 31, 2009

Nationwide Fund (Continued)


Common Stocks (continued)
	Shares		Market Value



Pharmaceuticals 4.2%
Bristol-Myers Squibb Co.	107,500	$	2,343,500
Johnson & Johnson	306,610		18,105,321
Pfizer, Inc.	375,803		6,399,925
Schering-Plough Corp.	74,600		2,103,720

			28,952,466



Professional Services 0.9%
FTI Consulting, Inc.*	151,500		6,182,715



Real Estate Investment Trusts (REITs) 0.2%
Plum Creek Timber Co., Inc. (a)	50,000		1,564,500



Road & Rail 0.9%
Canadian National Railway Co.	127,100		6,131,304



Semiconductors & Semiconductor Equipment 2.3%
Intel Corp.	529,015		10,109,477
Marvell Technology Group Ltd.*	272,000		3,731,840
Texas Instruments, Inc.	85,400		2,002,630

			15,843,947



Software 3.3%
Cadence Design Systems, Inc.*	310,500		1,897,155
McAfee, Inc.*	105,600		4,422,528
Microsoft Corp.	117,300		3,252,729
Oracle Corp.	617,400		13,027,140

			22,599,552



Specialty Retail 4.0%
Best Buy Co., Inc.	50,400		1,924,272
Lowe’s Cos., Inc.	106,900		2,092,033
Sherwin-Williams Co. (The)	49,300		2,812,072
Staples, Inc.	373,125		8,096,812
TJX Cos., Inc.	221,100		8,258,085
Urban Outfitters, Inc.*	143,200		4,493,616

			27,676,890



Tobacco 1.8%
Philip Morris International, Inc.	264,200		12,512,512



Wireless Telecommunication Services 0.3%
Telephone & Data Systems, Inc.	65,400		1,937,148


Total Common Stocks (cost $620,112,477)			680,515,433



Mutual Fund 1.6%


Money Market Fund 1.6%
Invesco AIM Liquid Assets Portfolio, 0.21% (b)	11,014,312		11,014,312


Total Mutual Fund (cost $11,014,312)			11,014,312



Repurchase Agreements 0.9%

		Principal Amount		Market Value


Barclays Capital, 0.06%, dated 10/30/09, due 11/02/09, repurchase price $5,000,025, collateralized by U.S. Government Treasury Securities ranging from 0.00% to 4.875%, maturing 01/014/10 – 11/15/21; total market value of $5,100,001(c)	$	5,000,000	$	5,000,000
Morgan Stanley, 0.08%, dated 10/30/09, due 11/02/09, repurchase price $1,339,812, collateralized by U.S. Government Agency ranging from 0.00%-7.00%, maturing 08/01/17 – 10/01/39; total market value of $1,366,609 (c)		1,339,803		1,339,803


Total Repurchase Agreements (cost $6,339,803)				6,339,803


Total Investments (cost $637,466,592) (d) — 101.3%				697,869,548

Liabilities in excess of other assets — (1.3%)				(8,693,328	)


NET ASSETS — 100.0%			$	689,176,220


*		Denotes a non-income producing security.

(a)		The security or a portion of this security is on loan at October 31, 2009. The total value of securities on loan at October 31, 2009 was $6,019,599.

(b)		Represents 7-day effective yield as of October 31, 2009.

(c)		The security was purchased with cash collateral held from securities on loan (See Note 2.) The total value of this security as of October 31, 2009 was $6,339,803.

(d)		See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.


Ltd.		Limited

REIT		Real Estate Investment Trust

26 Annual Report 2009

Statement of Assets and Liabilities

October 31, 2009



	Nationwide
	Fund

Assets:
Investments, at value (cost $631,126,789) ^*	$	691,529,745
Repurchase agreements, at value and cost		6,339,803

Total Investments		697,869,548

Cash		19,825
Interest and dividends receivable		527,987
Security lending income receivable		1,735
Receivable for capital shares issued		135,986
Prepaid expenses and other assets		23,745

Total Assets		698,578,826

Liabilities:
Payable for investments purchased		1,906,392
Payable for capital shares redeemed		157,660
Payable upon return of securities loaned (Note 2)		6,339,803
Accrued expenses and other payables:
Investment advisory fees		352,989
Fund administration fees		76,609
Distribution fees		18,921
Administrative servicing fees		271,931
Accounting and transfer agent fees		114,377
Trustee fees		12,156
Custodian fees		17,474
Compliance program costs (Note 3)		4,732
Professional fees		53,565
Other		75,997

Total Liabilities		9,402,606

Net Assets	$	689,176,220

Represented by:
Capital	$	1,083,716,152
Accumulated undistributed net investment income		709,358
Accumulated net realized losses from investment transactions		(455,650,454	)
Net unrealized appreciation/(depreciation) from investments		60,402,956
Net unrealized appreciation/(depreciation) from translation of assets and liabilities denominated in foreign currencies		(1,792	)

Net Assets	$	689,176,220

Net Assets:
Class A Shares		61,414,353
Class B Shares		5,707,151
Class C Shares		487,402
Class D Shares		621,559,334
Class R2 Shares (a)		7,001
Institutional Class Shares		979

Total	$	689,176,220


*	Includes value of securities on loan of $6,019,599 (Note 2)


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 27

Statement of Assets and Liabilities (Continued)



	Nationwide
	Fund


Shares outstanding (unlimited number of shares authorized):
Class A Shares		5,337,213
Class B Shares		520,178
Class C Shares		44,498
Class D Shares		54,779,123
Class R2 Shares (a)		616
Institutional Class Shares		86

Total		60,681,714

Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	11.51
Class B Shares (b)	$	10.97
Class C Shares (c)	$	10.95
Class D Shares	$	11.35
Class R2 Shares (a)	$	11.37
Institutional Class Shares	$	11.38

Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	12.21

Class D Shares	$	11.88

Maximum Sales Charge:
Class A Shares		5.75	%

Class D Shares		4.50	%


(a)		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

(b)		For Class B Shares, the redemption price per share varies by the length of time shares are held.

(c)		For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

28 Annual Report 2009

Statement of Operations

For the Year Ended October 31, 2009



	Nationwide
	Fund

INVESTMENT INCOME:
Interest income	$	1,812
Dividend income		14,534,730
Income from securities lending (Note 2)		76,424
Foreign tax withholding		(107,695	)

Total Income		14,505,271

EXPENSES:
Investment advisory fees		3,684,235
Fund administration fees		763,273
Distribution fees Class A		138,245
Distribution fees Class B		58,154
Distribution fees Class C		4,770
Distribution fees Class R2 (a)		30
Administrative servicing fees Class A		35,235
Administrative servicing fees Class D		340,945
Registration and filing fees		81,683
Professional fees		121,167
Printing fees		135,059
Trustee fees		47,264
Custodian fees		132,810
Accounting and transfer agent fees		396,522
Compliance program costs (Note 3)		17,387
Other		34,937

Total expenses before earnings credit		5,991,716
Earnings credit (Note 5)		(25,002	)

Net Expenses		5,966,714

NET INVESTMENT INCOME		8,538,557

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized losses from investment transactions		(189,187,110	)
Net realized losses from foreign currency transactions		(956	)

Net realized losses from investment and foreign currency transactions		(189,188,066	)

Net change in unrealized appreciation/(depreciation) from investments		234,037,455
Net change in unrealized appreciation/(depreciation) from translation of assets and liabilities denominated in foreign currencies		(1,792	)

Net change in unrealized appreciation/(depreciation) from investments		234,035,663

Net realized/unrealized gains from investments and foreign currency transactions		44,847,597

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	53,386,154


(a)		Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 29

Statements of Changes in Net Assets


	Nationwide Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

Operations:
Net investment income	$	8,538,557		$	14,228,720
Net realized losses from investment and foreign currency transactions		(189,188,066	)		(250,578,165	)
Net change in unrealized appreciation/(depreciation) from investments		234,035,663			(255,356,694	)

Change in net assets resulting from operations		53,386,154			(491,706,139	)


Distributions to Shareholders From:
Net investment income:
Class A		(835,765	)		(850,752	)
Class B		(59,291	)		(25,191	)
Class C		(4,934	)		(1,249	)
Class D		(10,353,183	)		(10,468,230	)
Class R2 (a)		(78	)		(59	)
Institutional Class		(16	)		(15	)
Net realized gains:
Class A		–			(18,804,898	)
Class B		–			(2,650,192	)
Class C		–			(131,964	)
Class D		–			(180,715,061	)
Class R2 (a)		–			(3,453	)
Institutional Class		–			(231	)

Change in net assets from shareholder distributions		(11,253,267	)		(213,651,295	)

Change in net assets from capital transactions		(54,752,838	)		95,420,536

Change in net assets		(12,619,951	)		(609,936,898	)


Net Assets:
Beginning of year		701,796,171			1,311,733,069

End of year	$	689,176,220		$	701,796,171

Accumulated undistributed net investment income at end of year	$	709,358		$	3,511,352


CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	4,777,854		$	7,010,979
Dividends reinvested		813,225			17,083,583
Cost of shares redeemed (b)		(10,064,648	)		(21,957,162	)

Total Class A		(4,473,569	)		2,137,400

Class B Shares
Proceeds from shares issued		541,406			1,160,482
Dividends reinvested		58,859			2,647,950
Cost of shares redeemed (b)		(2,462,201	)		(5,208,296	)

Total Class B		(1,861,936	)		(1,399,864	)

Class C Shares
Proceeds from shares issued		152,283			142,838
Dividends reinvested		2,187			68,668
Cost of shares redeemed		(149,253	)		(138,977	)

Total Class C		5,217			72,529

Amounts designated as “–” are zero or have been rounded to zero.


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.
(b)	Includes redemption fees – see Note 4 to Financial Statements.

The accompanying notes are an integral part of these financial statements.

30 Annual Report 2009


	Nationwide Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

CAPITAL TRANSACTIONS: (continued)
Class D Shares
Proceeds from shares issued	$	28,334,107		$	46,862,714
Dividends reinvested		9,841,177			182,248,043
Cost of shares redeemed (b)		(86,598,838	)		(134,492,011	)

Total Class D		(48,423,554	)		94,618,746

Class R2 Shares (a)
Proceeds from shares issued		910			9,748
Dividends reinvested		78			270
Cost of shares redeemed		–			(18,538	)

Total Class R2		988			(8,520	)

Institutional Class Shares
Proceeds from shares issued		–			–
Dividends reinvested		16			245
Cost of shares redeemed (b)		–			–

Total Institutional Class		16			245

Change in net assets from capital transactions:	$	(54,752,838	)	$	95,420,536


SHARE TRANSACTIONS:
Class A Shares
Issued		477,079			444,486
Reinvested		84,190			987,920
Redeemed		(1,031,384	)		(1,446,262	)

Total Class A Shares		(470,115	)		(13,856	)

Class B Shares
Issued		57,367			74,662
Reinvested		6,453			159,723
Redeemed		(262,972	)		(346,246	)

Total Class B Shares		(199,152	)		(111,861	)

Class C Shares
Issued		15,680			8,778
Reinvested		244			4,150
Redeemed		(14,839	)		(9,287	)

Total Class C Shares		1,085			3,641

Class D Shares
Issued		2,913,593			2,800,775
Reinvested		1,028,216			10,698,113
Redeemed		(9,101,977	)		(8,816,267	)

Total Class D Shares		(5,160,168	)		4,682,621

Amounts designated as “–” are zero or have been rounded to zero.


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.
(b)	Includes redemption fees – see Note 4 to Financial Statements.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 31

Statements of Changes in Net Assets (Continued)


	Nationwide Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

SHARE TRANSACTIONS: (continued)
Class R2 Shares (a)
Issued		94			616
Reinvested		8			16
Redeemed		–			(1,174	)

Total Class R2 Shares		102			(542	)

Institutional Class Shares
Issued		–			–
Reinvested		1			14
Redeemed		–			–

Total Institutional Class Shares		1			14
Total change in shares:		(5,828,247	)		4,560,017

Amounts designated as “–” are zero or have been rounded to zero.


(a)	Effective February 28, 2009, Class R Shares were renamed Class R2 Shares.

The accompanying notes are an integral part of these financial statements.

32 Annual Report 2009

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Fund


	Operations												Distributions																	Ratios / Supplemental Data

							Net Realized
							and																															Ratio of
							Unrealized																												Ratio of Net			Expenses
	Net Asset						Gains																	Net								Ratio of			Investment			(Prior to
	Value,			Net			(Losses)			Total			Net			Net								Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			from			from			Investment			Realized			Total			Redemption		Value, End			Total			at End		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			Fees		of Period			Return (a)			of Period		Net Assets			Net Assets			Net Assets (b)			Turnover (c)
Class A Shares
Year Ended October 31, 2009 (d)	$	10	.69		0	.11		0	.86		0	.97		(0	.15)		–			(0	.15)		–	$	11	.51		9	.36%	$	61,414,353		1	.17%		1	.13%		1	.17%		145	.13%
Year Ended October 31, 2008 (d)	$	21	.40		0	.18		(7	.48)		(7	.30)		(0	.14)		(3	.27)		(3	.41)		–	$	10	.69		(40	.14%)	$	62,064,995		1	.01%		1	.14%		1	.01%		353	.47%
Year Ended October 31, 2007 (d)	$	20	.75		0	.18		2	.89		3	.07		(0	.17)		(2	.25)		(2	.42)		–	$	21	.40		16	.17%	$	124,572,619		0	.97%		0	.88%		0	.97%		373	.30%
Year Ended October 31, 2006	$	20	.94		0	.18		2	.61		2	.79		(0	.17)		(2	.81)		(2	.98)		–	$	20	.75		14	.65%	$	117,938,002		1	.04%		0	.91%		1	.04%		245	.80%
Year Ended October 31, 2005	$	18	.96		0	.38		1	.86		2	.24		(0	.18)		(0	.08)		(0	.26)		–	$	20	.94		11	.88%	$	119,614,916		1	.14%		1	.64%		1	.14%(e)		145	.66%

Class B Shares
Year Ended October 31, 2009 (d)	$	10	.20		0	.05		0	.81		0	.86		(0	.09)		–			(0	.09)		–	$	10	.97		8	.59%	$	5,707,151		1	.86%		0	.50%		1	.86%		145	.13%
Year Ended October 31, 2008 (d)	$	20	.59		0	.07		(7	.16)		(7	.09)		(0	.03)		(3	.27)		(3	.30)		–	$	10	.20		(40	.58%)	$	7,336,269		1	.73%		0	.42%		1	.73%		353	.47%
Year Ended October 31, 2007 (d)	$	20	.05		0	.03		2	.79		2	.82		(0	.03)		(2	.25)		(2	.28)		–	$	20	.59		15	.32%	$	17,114,110		1	.71%		0	.14%		1	.72%		373	.30%
Year Ended October 31, 2006	$	20	.32		0	.05		2	.52		2	.57		(0	.03)		(2	.81)		(2	.84)		–	$	20	.05		13	.83%	$	20,454,791		1	.76%		0	.21%		1	.76%		245	.80%
Year Ended October 31, 2005	$	18	.46		0	.03		2	.01		2	.04		(0	.10)		(0	.08)		(0	.18)		–	$	20	.32		11	.09%	$	29,959,872		1	.79%		0	.25%		1	.79%(e)		145	.66%

Class C Shares
Year Ended October 31, 2009 (d)	$	10	.18		0	.04		0	.82		0	.86		(0	.09)		–			(0	.09)		–	$	10	.95		8	.69%	$	487,402		1	.86%		0	.43%		1	.86%		145	.13%
Year Ended October 31, 2008 (d)	$	20	.56		0	.07		(7	.15)		(7	.08)		(0	.03)		(3	.27)		(3	.30)		–	$	10	.18		(40	.59%)	$	441,929		1	.73%		0	.43%		1	.73%		353	.47%
Year Ended October 31, 2007 (d)	$	20	.03		0	.03		2	.78		2	.81		(0	.03)		(2	.25)		(2	.28)		–	$	20	.56		15	.27%	$	817,742		1	.71%		0	.15%		1	.72%		373	.30%
Year Ended October 31, 2006	$	20	.30		0	.04		2	.53		2	.57		(0	.03)		(2	.81)		(2	.84)		–	$	20	.03		13	.89%	$	865,856		1	.75%		0	.20%		1	.75%		245	.80%
Year Ended October 31, 2005	$	18	.45		0	.04		1	.99		2	.03		(0	.10)		(0	.08)		(0	.18)		–	$	20	.30		11	.04%	$	965,423		1	.79%		0	.27%		1	.79%(e)		145	.66%

Amounts designated as “ – ” are zero or have been rounded to zero.


(a)	Excludes sales charge.
(b)	During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(c)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d)	Per share calculations were performed using average shares method.
(e)	There were no fee reductions during this period.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 33

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Fund (Continued)


	Operations												Distributions																		Ratios / Supplemental Data

							Net Realized
							and																																Ratio of
							Unrealized																													Ratio of Net			Expenses
	Net Asset						Gains																		Net								Ratio of			Investment			(Prior to
	Value,			Net			(Losses)			Total			Net			Net									Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			from			from			Investment			Realized			Total			Redemption			Value, End			Total			at End		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			Fees			of Period			Return (a)			of Period		Net Assets			Net Assets			Net Assets (b)			Turnover (c)

Class D Shares
Year Ended October 31, 2009 (d)	$	10	.54		0	.14		0	.85		0	.99		(0	.18)		–			(0	.18)		–		$	11	.35		9	.70%	$	621,559,334		0	.92%		1	.39%		0	.92%		145	.13%
Year Ended October 31, 2008 (d)	$	21	.16		0	.21		(7	.39)		(7	.18)		(0	.17)		(3	.27)		(3	.44)		–		$	10	.54		(40	.04%)	$	631,946,652		0	.79%		1	.36%		0	.79%		353	.47%
Year Ended October 31, 2007 (d)	$	20	.55		0	.22		2	.86		3	.08		(0	.22)		(2	.25)		(2	.47)		–		$	21	.16		16	.38%	$	1,169,204,760		0	.76%		1	.08%		0	.76%		373	.30%
Year Ended October 31, 2006	$	20	.76		0	.23		2	.59		2	.82		(0	.22)		(2	.81)		(3	.03)		–		$	20	.55		14	.95%	$	1,137,817,209		0	.80%		1	.14%		0	.80%		245	.80%
Year Ended October 31, 2005	$	18	.83		0	.23		2	.04		2	.27		(0	.26)		(0	.08)		(0	.34)		–		$	20	.76		12	.11%	$	1,132,192,238		0	.85%		1	.17%		0	.85%(e)		145	.66%

Class R2 Shares
Year Ended October 31, 2009 (d)	$	10	.57		0	.09		0	.84		0	.93		(0	.13)		–			(0	.13)		–		$	11	.37		9	.08%	$	7,001		1	.37%		0	.88%		1	.37%		145	.13%
Year Ended October 31, 2008 (d)	$	21	.16		0	.15		(7	.39)		(7	.24)		(0	.08)		(3	.27)		(3	.35)		–		$	10	.57		(40	.25%)	$	5,430		1	.22%		0	.93%		1	.22%		353	.47%
Year Ended October 31, 2007 (d)	$	20	.58		0	.10		2	.82		2	.92		(0	.09)		(2	.25)		(2	.34)		–		$	21	.16		15	.45%	$	22,345		1	.26%		0	.50%		1	.26%		373	.30%
Year Ended October 31, 2006	$	20	.78		0	.18		2	.60		2	.78		(0	.17)		(2	.81)		(2	.98)		–		$	20	.58		14	.71%	$	1,398		0	.96%		0	.93%		0	.96%		245	.80%
Year Ended October 31, 2005	$	18	.83		0	.19		2	.05		2	.24		(0	.21)		(0	.08)		(0	.29)		–		$	20	.78		11	.95%	$	1,219		0	.96%		0	.95%		0	.96%(e)		145	.66%

Institutional Class Shares
Year Ended October 31, 2009 (d)	$	10	.56		0	.15		0	.76		0	.91		(0	.18)		–			(0	.18)		0	.09	$	11	.38		9	.84%	$	979		0	.77%		1	.51%		0	.77%		145	.13%
Year Ended October 31, 2008 (d)	$	21	.18		0	.23		(7	.39)		(7	.16)		(0	.19)		(3	.27)		(3	.46)		–		$	10	.56		(39	.96%)	$	896		0	.64%		1	.48%		0	.64%		353	.47%
Year Ended October 31, 2007 (d)	$	20	.55		0	.41		2	.70		3	.11		(0	.23)		(2	.25)		(2	.48)		–		$	21	.18		16	.52%	$	1,493		0	.71%		1	.98%		0	.71%		373	.30%
Year Ended October 31, 2006	$	20	.76		0	.22		2	.61		2	.83		(0	.23)		(2	.81)		(3	.04)		–		$	20	.55		15	.01%	$	10,225,801		0	.74%		1	.11%		0	.74%		245	.80%
Year Ended October 31, 2005	$	18	.83		0	.24		2	.04		2	.28		(0	.27)		(0	.08)		(0	.35)		–		$	20	.76		12	.19%	$	3,335,277		0	.81%		0	.81%		0	.81%(e)		145	.66%

Amounts designated as “ – ” are zero or have been rounded to zero.


(a)	Excludes sales charge.
(b)	During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(c)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(d)	Per share calculations were performed using average shares method.
(e)	There were no fee reductions during this period.

The accompanying notes are an integral part of these financial statements.

34 Annual Report 2009


Nationwide Money Market Fund

Nationwide Asset Management, LLC resigned from this area of asset management, effective April 1, 2009 and, Nationwide Funds hired Federated Investment Management Company (Federated) as subadviser for the Nationwide Money Market Fund, effective April 2, 2009. The commentary reflects the market conditions since Federated has been managing the Fund.

How did the Fund perform during the reporting period in relation to its benchmark and its peer group?

For the annual period ended October 31, 2009, the Nationwide Money Market Fund (Prime Shares) returned 0.19% versus 0.39% for its benchmark, the iMoneyNet First Tier Retail Index. For broader comparison, the average return for the Fund’s closest Lipper peer category of Money Market Funds (consisting of 295 funds as of October 31, 2009) was 0.36% for the same time period.

What areas of investment provided the most positive relative returns for the Fund?

The Fund’s investments in the banking industry provided the most positive returns for the Fund during the reporting period. Asset-backed commercial paper also was a beneficial area of investment in the Fund’s pursuit of positive relative returns.

What areas of investment detracted from Fund performance?

During the latter half of the reporting period, overnight securities detracted from Fund performance. These securities were generally lower-yielding ones but were required for liquidity.

What is your outlook for the near term?

The liquidity in the marketplace, in terms of both buyers and sellers, is much more stable than it was a year ago at this time and also is demonstrating a more regular flow on a daily basis. The only difference between this year’s liquidity and that of previous years is that the supply of credit is smaller than this supply was before the events of September 2008. This is due in large part to the deep recession that has been affecting the economy for the past year. An economy that is not growing has fewer needs for short-term funding; therefore, the supply is not large. The demand for what is available, however, is strong.

We do not believe that the Federal Reserve Board will begin raising its federal funds target rate until the middle of 2010. Therefore, we expect this low-yield environment to continue through the remainder of 2009. The markets tend to act well in advance of the Federal Reserve, so we could see the yield curve (a plotted graph line of the yields [or interest rates] on long-term and short-term maturity bonds) offer somewhat more value by the end of the year and into early 2010. We do not expect to see a great deal of movement in this area. We believe this recovery will be U-shaped; that is, the yield curve will bounce along at low levels for some time.

Subadviser:
Federated Investment Management Company

2009 Annual Report 35


Fund Performance	Nationwide Money Market Fund

Average Annual Total Return
(For periods ended October 31, 2009)


	1 Yr.		5 Yr.		10 Yr.

Prime Class		0.19%		2.88%		2.69%


Institutional Class¹		0.21%		2.94%		2.74%


Service Class^1,2		0.15%		2.77%		2.58%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.


¹		Not subject to any sales charges.

²		These returns, for periods prior to the creation of the class, include the performance of the Fund’s Prime shares. These returns were achieved prior to the creation of Service Class shares (1/4/99), and Institutional Class shares (12/13/01). Excluding the effects of any fee waivers or reimbursements, such prior performance is similar to what Service Class and Institutional Class shares would have produced during those periods because all classes of the Fund’s shares invest in the same portfolio of securities. The performance does not reflect the differing levels of other fees (primarily Rule 12b-1 and/or administrative services fees) applicable to such classes. If these other fees were reflected, the performance for the Service Class shares would have been lower.

Expense Ratios


	Gross		Net
	Expense		Expense
	Ratio*		Ratio*

Prime		0.67%		0.67%


Institutional Class		0.58%		0.58%


Service Class		0.86%		0.78%


*		Current effective prospectus. Please see the Fund’s most recent prospectus for details.

Performance of a $10,000 Investment

Comparative performance of $10,000 invested in Prime Shares of the Nationwide Money Market Fund, the iMoneyNet-First Tier Retail Index(a), and the Consumer Price Index (CPI)(b) over a 10-year period ended 04/30/09. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees or expenses. Investors cannot invest directly in market indexes.


(a)		The iMoneyNet-First Tier Retail Index is an average of non-government retail money market mutual funds that do not invest in any second tier securities. Portfolio holdings of first tier money market mutual funds include U.S. Treasury, U.S. other, repurchase agreements, time deposits, domestic bank obligations, foreign bank obligations, first tier commercial paper, floating rate notes, and asset-backed commercial paper.

(b)		Calculated by the U.S. Department of Labor’s Bureau of Labor Statistics, the CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

36 Annual Report 2009


Shareholder	Nationwide Money Market Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
October 31, 2009


			Beginning		Ending		Expenses Paid		Expense Ratio
			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Nationwide Money Market Fund			5/01/09		10/31/09		05/01/09 - 10/31/09^a		05/01/09 - 10/31/09^a

Prime Shares	Actual			1,000.00		1,000.00		2.92		0.54
	Hypothetical	^b		1,000.00		1,022.28		2.96		0.54


Institutional Class Shares	Actual			1,000.00		1,000.10		2.82		0.52
	Hypothetical	^b		1,000.00		1,022.38		2.85		0.52


Service Class Shares	Actual			1,000.00		1,000.00		3.18		0.55
	Hypothetical	^b		1,000.00		1,022.03		3.21		0.55


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

^b		Represents the hypothetical 5% return before expenses.

2009 Annual Report 37


Portfolio Summary	Nationwide Money Market Fund

October 31, 2009


Asset Allocation

Commercial Paper	60	.2%
Certificates of Deposit	14	.6%
U.S. Government Mortgage Backed Agencies	14	.2%
Mutual Funds	10	.0%
Medium Term Notes	1	.4%
Liabilities in excess of other assets	(0	.4%)

	100	.0%


Top Industries †

Diversified Financial Services	48	.4%
Commercial Banks	14	.6%
U.S. Government Agencies	14	.1%
Mutual Funds	9	.9%
Chemicals	5	.2%
Personal Products	2	.0%
Food Products	1	.9%
Beverages	1	.4%
Capital Markets	1	.3%
Pharmaceuticals	1	.2%

	100	.0%


Top Holdings †

BlackRock Liquidity Funds TempFund Portfolio, 0.20%	5	.0%
BlackRock Liquidity Funds TempCash Portfolio, 0.19%	4	.9%
FCAR Owner Trust I, 0.85%, 01/11/10	4	.7%
Federal Home Loan Banks, 0.25%, 07/09/10	4	.5%
BASF SE, 0.79%, 11/16/09	3	.5%
Barton Capital LLC, 0.22%, 11/03/09	3	.3%
Calyon NY, 0.28%, 02/01/10	3	.1%
Barclays Bank PLC, 0.80%, 01/19/10	2	.9%
Fairway Finance Corp., 0.27%, 01/06/10	2	.9%
Starbird Funding Corp., 0.20%, 01/21/10	2	.9%
Other Holdings	62	.3%

	100	.0%


†		Percentages indicated are based upon total investments as of October 31, 2009.

The accompanying notes are an integral part of these financial statements.

38 Annual Report 2009

Statement of Investments

October 31, 2009

Nationwide Money Market Fund



Certificates of Deposit 14.6%

		Principal Amount		Market Value


Commercial Banks 14.6%
Banco Bilbao Vizcaya Argentaria SA, 1.06%, 11/02/09	$	25,000,000	$	25,000,007
Barclays Bank PLC, 0.80%, 01/19/10		65,000,000		65,000,000
Branch Banking 0.60%, 01/04/10		50,000,000		50,004,419
0.65%, 01/04/10		8,000,000		8,000,000
Calyon NY, 0.28%, 02/01/10		70,000,000		70,000,000
Canadian Imperial Bank of Commerce - New York, 0.38%, 03/22/10		26,000,000		26,000,000
Security Life of Denver Insurance Co., 2.50%, 11/12/09		20,000,000		20,000,000
Societe Generale - Paris, 0.48%, 02/11/10		10,000,000		10,000,000
Union Bank, N.A., 0.35%, 11/17/09		50,000,000		50,000,000

Total Certificates of Deposit (cost $324,004,426)				324,004,426



Commercial Paper 60.2%


Beverages 1.4%
Coca-Cola Co. (The) 0.30%, 11/02/09 (a)		24,800,000		24,799,793
0.17%, 11/09/09 (a)		5,200,000		5,199,804

				29,999,597




Capital Markets 1.3%
ING US Funding LLC, 0.38%, 03/15/10		30,000,000		29,957,567




Chemicals 5.2%
BASF SE, 0.79%, 11/16/09 (a)		78,000,000		77,974,301
E.I. du Pont de Nemours & Co. 0.12%, 11/10/09 (a)		6,230,000		6,229,813
0.12%, 11/13/09 (a)		31,650,000		31,648,734

				115,852,848



Diversified Financial Services 47.5%
Atlantic Asset Securitization Corp. LLC
0.22%, 11/04/09 (a)		39,000,000		38,999,285
0.23%, 12/04/09 (a)		46,300,000		46,290,156
0.23%, 01/11/10 (a)		28,000,000		27,987,299
Barton Capital LLC
0.22%, 11/03/09 (a)		74,037,000		74,036,114
0.23%, 12/09/09 (a)		20,057,000		20,052,131
Chariot Funding LLC
0.18%, 11/23/09 (a)		22,613,000		22,610,482
0.22%, 01/05/10 (a)		15,000,000		14,994,042
Danske Corp., 0.28%, 11/06/09 (a)		8,800,000		8,799,658
Edison Asset Securitization LLC
0.32%, 11/02/09 (a)		50,000,000		49,999,556
0.60%, 12/11/09 (a)		40,800,000		40,772,800
0.23%, 01/19/10 (a)		20,000,000		19,989,905
Enterprise Funding Co. LLC
0.20%, 11/18/09 (a)		62,309,000		62,303,029
0.24%, 12/17/09 (a)		50,000,000		49,984,666
Fairway Finance Corp., 0.27%, 01/06/10 (a)		65,000,000		64,967,825
Falcon Asset Securitization, 0.22%, 01/14/10 (a)		60,000,000		59,972,867
FCAR Owner Trust I
1.33%, 11/02/09		8,600,000		8,599,682
0.85%, 01/11/10		105,000,000		104,823,979
General Electric Capital Corp., 0.39%, 12/01/09		10,000,000		9,996,750
Grampian Funding LLC, 0.29%, 11/27/09 (a)		46,500,000		46,490,261
Salisbury Receivables Co. LLC
0.19%, 11/17/09 (a)		32,500,000		32,497,255
0.19%, 12/03/09 (a)		7,000,000		6,998,818
0.19%, 12/08/09 (a)		12,400,000		12,397,579
0.22%, 01/05/10 (a)		6,200,000		6,197,591
0.21%, 01/06/10 (a)		53,000,000		52,979,595
Sheffield Receivables Corp.
0.25%, 11/03/09 (a)		20,000,000		19,999,722
0.21%, 01/07/10 (a)		4,200,000		4,198,359
0.21%, 01/08/10 (a)		4,500,000		4,498,215
0.21%, 01/12/10 (a)		9,000,000		8,996,220
Societe Generale North America, Inc.
0.25%, 12/14/09		37,700,000		37,688,742
0.25%, 02/10/10		12,200,000		12,191,443
Starbird Funding Corp.
0.19%, 12/02/09 (a)		6,000,000		5,999,018
0.20%, 12/03/09 (a)		5,000,000		4,999,111
0.20%, 01/21/10 (a)		64,000,000		63,971,200
Surrey Funding Corp., 0.23%, 01/15/10 (a)		5,000,000		4,997,604
Yorktown Capital LLC, 0.10%, 11/02/09 (a)		2,230,000		2,229,994

				1,052,510,953




Food Products 1.9%
Nestle Capital Corp., 0.12%, 02/02/10 (a)		42,000,000		41,986,980




Personal Products 1.7%
Procter & Gamble International Funding SCA
0.18%, 11/05/09 (a)		2,085,000		2,084,958
0.16%, 11/06/09 (a)		14,000,000		13,999,689
0.23%, 01/06/10 (a)		20,800,000		20,791,229

				36,875,876




Pharmaceuticals 1.2%
Merck & Co., Inc., 0.13%, 12/16/09 (a)		26,900,000		26,895,629


Total Commercial Paper (cost $1,334,079,450)				1,334,079,450

2009 Annual Report 39

Statement of Investments (Continued)

October 31, 2009

Nationwide Money Market Fund (Continued)




Medium Term Notes 1.4%

		Principal Amount		Market Value




Diversified Financial Services 1.1%
General Electric Capital Corp.
0.52%, 05/10/10 (b)	$	7,044,000	$	6,939,022
0.38%, 10/21/10 (b)		18,085,000		18,064,579

				25,003,601




Personal Products 0.3%
Procter & Gamble International Funding SCA, 0.71%, 02/08/10 (b)		6,000,000		6,000,000


Total Medium Term Notes (cost $31,003,601)				31,003,601



U.S. Government Mortgage Backed Agencies 14.2%

Federal Farm Credit Banks 1.10%, 11/20/09, Series 1 (b)		15,000,000		15,000,000
Federal Home Loan Banks
0.62%, 11/05/09 (b)		20,000,000		20,000,000
1.05%, 02/23/10, Series 1		20,000,000		19,993,705
0.80%, 06/18/10		29,300,000		29,300,000
0.80%, 06/22/10		10,000,000		10,000,000
0.70%, 06/25/10		20,000,000		20,000,000
0.72%, 06/28/10		35,000,000		35,000,000
0.25%, 07/09/10, Series 1 (b)		100,000,000		100,000,000
0.55%, 08/04/10		25,000,000		24,987,294
0.50%, 10/27/10		20,000,000		20,000,000
Federal Home Loan Mortgage Corp. 4.13%, 11/30/09		20,000,000		20,049,569

Total U.S. Government Mortgage Backed Agencies (cost $314,330,568)				314,330,568



Mutual Funds 10.0%

		Shares		Market Value


Money Market Funds 10.0%
BlackRock Liquidity Funds TempCash Portfolio, 0.19% (c)		110,096,804	$	110,096,804
BlackRock Liquidity Funds TempFund Portfolio, 0.20% (c)		110,693,915		110,693,915


Total Mutual Funds (cost $220,790,719)				220,790,719


Total Investments (cost $2,224,208,764) (d) — 100.4%				2,224,208,764

Liabilities in excess of other assets — (0.4)%				(8,082,787	)

NET ASSETS — 100.0%			$	2,216,125,977


(a)		Rule 144A, Section 4(2), which is restricted as to sale to institutional investors. These securities were deemed liquid pursuant to procedures approved by the Board of Trustees. The aggregate value of these securities at October 31, 2009 was $1,130,821,287 which represents 50.84% of net assets.

(b)		Variable Rate Security. The rate reflected in the Statement of Investments is the rate in effect on October 31, 2009. The maturity date represents the actual maturity date.

(c)		Represents 7-day effective yield as of October 31, 2009.

(d)		See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.


LLC		Limited Liability Company

PLC		Public Limited Company

SA		Stock Company

SCA		Limited partnership with share capital

SE		Sweden

The accompanying notes are an integral part of these financial statements.

40 Annual Report 2009

Statement of Assets and Liabilities

October 31, 2009



	Nationwide Money Market Fund

Assets:
Investments, at value (cost $2,224,208,764)	$	2,224,208,764
Cash		10,865
Interest and dividends receivable		1,445,472
Receivable for capital shares issued		616,695
Prepaid expenses and other assets		473,448

Total Assets		2,226,755,244

Liabilities:
Payable for capital shares redeemed		9,137,771
Accrued expenses and other payables:
Investment advisory fees		739,882
Fund administration fees		232,976
Distribution fees		1,181
Administrative servicing fees		1,486
Accounting and transfer agent fees		145,576
Trustee fees		22,136
Custodian fees		36,400
Compliance program costs (Note 3)		15,495
Professional fees		193,093
Other		103,271

Total Liabilities		10,629,267

Net Assets	$	2,216,125,977

Represented by:
Capital	$	2,217,764,120
Accumulated undistributed net investment income		2,789
Accumulated net realized losses from investment transactions		(1,640,932	)

Net Assets	$	2,216,125,977

Net Assets:
Prime Shares	$	597,178,079
Institutional Class Shares		1,609,662,042
Service Class Shares		9,285,856

Total	$	2,216,125,977


Shares outstanding (unlimited number of shares authorized):
Prime Shares		597,831,822
Institutional Class Shares		1,610,908,992
Service Class Shares		9,292,535

Total		2,218,033,349

Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Prime Shares	$	1.00
Institutional Class Shares	$	1.00
Service Class Shares	$	1.00

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 41

Statement of Operations

For the Year Ended October 31, 2009



	Nationwide Money
	Market Fund

INVESTMENT INCOME:
Interest income	$	19,058,835
Dividend income		590,920

Total Income		19,649,755

EXPENSES:
Investment advisory fees		9,581,451
Fund administration fees		3,020,613
Distribution fees Service Class		15,815
Administrative servicing fees Prime		596,891
Administrative servicing fees Service Class		22,153
Registration and filing fees		57,984
Professional fees		500,036
Printing fees		231,266
Trustee fees		171,414
Custodian fees		174,362
Accounting and transfer agent fees		285,029
Compliance program costs (Note 3)		44,023
Treasury guarantee fees (Note 9)		888,869
Other		196,613

Total expenses before earnings credit and reimbursed/waived expenses		(15,786,519	)
Distribution fees voluntarily waived — Service Class (Note 3)		(13,286	)
Earnings credit (Note 5)		(17,091	)
Investment advisory fees voluntarily waived (Note 3)		(1,106,120	)
Administrative servicing fees voluntarily waived — Prime Class (Note 3)		(467,928	)
Administrative servicing fees voluntarily waived — Service Class (Note 3)		(17,552	)
Expenses reimbursed by adviser		(188	)

Net Expenses		14,164,354

NET INVESTMENT INCOME		5,485,401

REALIZED/UNREALIZED GAINS FROM INVESTMENTS:
Net realized gains from investment transactions		7,072

Net realized/unrealized gains from investments		7,072

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	5,492,473

The accompanying notes are an integral part of these financial statements.

42 Annual Report 2009

Statements of Changes in Net Assets


	Nationwide Money Market Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	5,485,401		$	59,782,374
Net realized gains (losses) from investment transactions		7,072			(1,634,055	)

Change in net assets resulting from operations		5,492,473			58,148,319


Distributions to Shareholders From:
Net investment income:
Prime Class		(1,279,296	)		(15,333,057	)
Institutional Class		(4,185,300	)		(44,205,350	)
Service Class		(18,532	)		(249,109	)

Change in net assets from shareholder distributions		(5,483,128	)		(59,787,516	)

Change in net assets from capital transactions		(405,593,839	)		648,053,627

Change in net assets		(405,584,494	)		646,414,430


Net Assets:
Beginning of year		2,621,710,471			1,975,296,041

End of year		2,216,125,977		$	2,621,710,471

Accumulated undistributed net investment income at end of year	$	2,789		$	516


CAPITAL TRANSACTIONS:
Prime Class Shares
Proceeds from shares issued	$	321,349,097		$	520,543,492
Dividends reinvested		1,260,567			15,022,900
Cost of shares redeemed		(384,612,896	)		(377,327,006	)

Total Prime Class		(62,003,232	)		158,239,386

Institutional Class Shares
Proceeds from shares issued		364,746,188			929,736,576
Dividends reinvested		4,185,230			44,205,350
Cost of shares redeemed		(709,325,251	)		(487,651,922	)

Total Institutional Class		(340,393,833	)		486,290,004

Service Class Shares
Proceeds from shares issued		5,168,737			7,533,395
Dividends reinvested		18,532			248,129
Cost of shares redeemed		(8,384,043	)		(4,257,287	)

Total Service Class		(3,196,774	)		3,524,237

Change in net assets from capital transactions:	$	(405,593,839	)	$	648,053,627


SHARE TRANSACTIONS:
Prime Class Shares
Issued		321,349,097			520,543,492
Reinvested		1,260,567			15,022,900
Redeemed		(384,612,894	)		(377,327,006	)

Total Prime Class Shares		(62,003,230	)		158,239,386

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 43

Statements of Changes in Net Assets (Continued)


	Nationwide Money Market Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

SHARE TRANSACTIONS: (continued)
Institutional Class Shares
Issued		364,746,188			929,736,576
Reinvested		4,185,230			44,205,350
Redeemed		(709,325,251	)		(487,651,922	)

Total Institutional Class Shares		(340,393,833	)		486,290,004

Service Class Shares
Issued		5,168,737			7,533,395
Reinvested		18,532			248,129
Redeemed		(8,384,043	)		(4,257,287	)

Total Service Class Shares		(3,196,774	)		3,524,237

Total change in shares:		(405,593,837	)		648,053,627

The accompanying notes are an integral part of these financial statements.

44 Annual Report 2009

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Money Market Fund


	Operations									Distributions								Ratios / Supplemental Data

																																Ratio of
	Net																									Ratio of			Ratio of Net			Expenses
	Asset																	Net								Expenses			Investment			(Prior to
	Value,															Capital		Asset								to			Income			Reimbursements)
	Beginning			Net			Total			Net						Contributions		Value,						Net Assets		Average			to Average			to Average
	of			Investment			from			Investment			Total			from		End			Total			at End		Net			Net			Net
	Period			Income			Operations			Income			Distributions			Adviser		of Period			Return			of Period		Assets			Assets			Assets (a)

Prime Class Shares
Year Ended October 31, 2009^(b)	$	1	.00		–			–			–			–			–	$	1	.00		0	.19%	$	597,178,079		0	.58%		0	.20%		0	.70%
Year Ended October 31, 2008	$	1	.00		0	.03		0	.03		(0	.03)		(0	.03)		–(c)	$	1	.00		2	.65%(d)	$	659,178,935		0	.63%		2	.56%		0	.63%
Year Ended October 31, 2007	$	1	.00		0	.05		0	.05		(0	.05)		(0	.05)		–	$	1	.00		4	.94%	$	501,377,119		0	.58%		4	.84%		0	.58%
Year Ended October 31, 2006	$	1	.00		0	.04		0	.04		(0	.04)		(0	.04)		–	$	1	.00		4	.35%	$	359,066,782		0	.59%		4	.27%		0	.59%(e)
Year Ended October 31, 2005	$	1	.00		0	.02		0	.02		(0	.02)		(0	.02)		–	$	1	.00		2	.36%	$	334,991,393		0	.60%		2	.31%		0	.60%(e)

Institutional Class Shares
Year Ended October 31, 2009^(b)	$	1	.00		–			–			–			–			–	$	1	.00		0	.21%	$	1,609,662,042		0	.56%		0	.23%		0	.61%
Year Ended October 31, 2008	$	1	.00		0	.03		0	.03		(0	.03)		(0	.03)		–(c)	$	1	.00		2	.73%(d)	$	1,950,048,945		0	.55%		2	.64%		0	.55%
Year Ended October 31, 2007	$	1	.00		0	.05		0	.05		(0	.05)		(0	.05)		–	$	1	.00		5	.01%	$	1,464,958,334		0	.51%		4	.90%		0	.51%
Year Ended October 31, 2006	$	1	.00		0	.04		0	.04		(0	.04)		(0	.04)		–	$	1	.00		4	.40%	$	1,271,826,097		0	.54%		4	.32%		0	.54%(e)
Year Ended October 31, 2005	$	1	.00		0	.02		0	.02		(0	.02)		(0	.02)		–	$	1	.00		2	.41%	$	1,525,486,972		0	.55%		2	.40%		0	.55%(e)

Service Class Shares
Year Ended October 31, 2009^(b)	$	1	.00		–			–			–			–			–	$	1	.00		0	.15%	$	9,285,856		0	.63%		0	.18%		0	.97%
Year Ended October 31, 2008	$	1	.00		0	.03		0	.03		(0	.03)		(0	.03)		–(c)	$	1	.00		2	.57%(d)	$	12,482,591		0	.70%		2	.53%		0	.75%
Year Ended October 31, 2007	$	1	.00		0	.05		0	.05		(0	.05)		(0	.05)		–	$	1	.00		4	.82%	$	8,960,588		0	.74%		4	.67%		0	.79%
Year Ended October 31, 2006	$	1	.00		0	.04		0	.04		(0	.04)		(0	.04)		–	$	1	.00		4	.17%	$	9,900,895		0	.75%		4	.14%		0	.80%
Year Ended October 31, 2005	$	1	.00		0	.02		0	.02		(0	.02)		(0	.02)		–	$	1	.00		2	.21%	$	6,709,751		0	.75%		2	.30%		0	.88%

Amounts designated as “–” are zero or have been rounded to zero.


(a)	During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(b)	Per share calculation were performed using average shares method.
(c)	The amount is less than $0.005 per share.
(d)	Includes payment from the Investment Adviser, which increased total return by 0.26% (Note 3).
(e)	There were no fee reductions during the period.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 45

Notes to Financial Statements

October 31, 2009

1. Organization

Nationwide Mutual Funds (the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust dated October 28, 2004, as amended to date. The Trust, originally created under the laws of Ohio as an Ohio business trust pursuant to a Declaration of Trust dated as of October 30, 1997, as subsequently amended, was redomesticated as a Delaware statutory trust on February 28, 2005. The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust has authorized an unlimited number of shares of beneficial interest (“shares”) without par value. As of October 31, 2009, the Trust operates thirty-one (31) separate series, or mutual funds, each with its own investment objective(s) and strategies. This report contains the financial statements and financial highlights of the three (3) series listed below (each, a “Fund”; collectively, the “Funds”):


	-	Nationwide Growth Fund (“Growth”)
	-	Nationwide Fund (“Nationwide”)
	-	Nationwide Money Market Fund (“Money Market”)

2. Summary of Significant Accounting Policies


(a)	Security Valuation

Investments of Money Market are valued at amortized cost, which approximates market value. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, to the maturity of the security.

46 Annual Report 2009


	•	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 Funds’ own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

2009 Annual Report 47

Notes to Financial Statements (Continued)

October 31, 2009

The following is a summary of the inputs used to value the Funds’ net assets as of October 31, 2009:

Nationwide Growth Fund*


Asset Type	Level 1		Level 2		Level 3		Total

Assets:
Common Stocks	$	126,579,543	$	–	$	–	$	126,579,543


Mutual Fund		1,395,546		–		–		1,395,546


Repurchase Agreement		–		1,249,036		–		1,249,036


Total	$	127,975,089	$	1,249,036	$	–	$	129,224,125

Nationwide Fund*


Asset Type	Level 1		Level 2		Level 3		Total

Assets:
Common Stocks	$	680,515,433	$	–	$	–	$	680,515,433


Mutual Funds		11,014,312		–		–		11,014,312


Repurchase Agreements		–		6,339,803		–		6,339,803


Total	$	691,529,745	$	6,339,803	$	–	$	697,869,548

Nationwide Money Market Fund*


Asset Type	Level 1		Level 2		Level 3		Total

Assets:
Certificates of Deposit	$	–	$	324,004,426	$	–	$	324,004,426


Commercial Paper		–		1,334,079,450		–		1,334,079,450


Medium Term Notes		–		31,003,601		–		31,003,601


Mutual Funds		220,790,719		–		–		220,790,719


U.S. Government Mortgage Backed Agencies		–		314,330,568		–		314,330,568


Total	$	220,790,719	$	2,003,418,045	$	–	$	2,224,208,764

Amounts designated as “–” are zero or have been rounded to zero.

* See Statement of Investments for identification of securities by type and industry classification.


(b)	Repurchase Agreements

48 Annual Report 2009


(c)	Security Transactions and Investment Income


(d)	Securities Lending

To generate additional income, each Fund, with the exception of Money Market, may lend its portfolio securities, up to 331/3% of the total assets of the Fund, to brokers, dealers and other financial institutions. The Funds’ securities lending standards and guidelines require that (1) the borrower deliver cash or U.S. government securities as collateral with respect to each new loan of U.S. securities, equal to at least 102% of the value of the portfolio securities loaned, and with respect to each new loan on non-U.S. securities, collateral of at least 105% of the value of the portfolio securities loaned; and (2) at all times thereafter the borrower to mark-to-market the collateral on a daily basis so that the market value of such collateral does not fall below 100% of the value of securities loaned. The Funds receive payments from borrowers equivalent to the dividends and interest that would have been earned on the securities loaned while simultaneously seeking to earn income on the investment of cash collateral. There may be risks of delay or restrictions in recovery of the securities or disposal of collateral should the borrower of the securities fail financially. Loans will be made, however, only to borrowers deemed by the Fund’s investment adviser to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the adviser, the consideration which can be earned currently from these securities loans justifies the attendant risks. Loans are subject to termination by the Funds or the borrower at any time, and, therefore, are not considered to be illiquid investments. JPMorgan Chase Bank, N.A. serves as securities lending agent for the securities lending program of the Funds. JPMorgan Chase Bank, N.A. receives a fee based on the value of the collateral received from borrowers. Information on the investment of cash collateral is shown in the Statement of Investments.

As of October 31, 2009, the Funds had securities with the following values on loan:


	Value of		Value of
Fund	Loaned Securities		Collateral

Growth	$	1,197,732	$	1,249,036


Nationwide		6,019,599		6,339,803


(e)	Distributions to Shareholders

Distributions from net investment income, if any, are declared and paid quarterly for Growth and Nationwide and are declared daily and paid monthly for Money Market. For all Funds, distributions from net realized capital gains, if any, are declared and distributed at least annually. All distributions are recorded on the ex-dividend date.


(f)	Federal Income Taxes

2009 Annual Report 49

Notes to Financial Statements (Continued)

October 31, 2009

Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve the Fund from all, or substantially all, federal income taxes. Therefore, no federal income tax provision is required.


(g)	Allocation of Expenses, Income, and Gains and Losses

3. Transactions with Affiliates

The subadviser for each Fund is as follows:


Fund		Subadviser

Growth		Aberdeen Asset Management, Inc. (“Aberdeen”)


Nationwide		Aberdeen


Money Market		Nationwide Asset Management, LLC (“NWAM”) (a) Federated Investment Management Company (“Federated”) (b)


(a)		NWAM, an affiliate of NFA, was subadviser to Money Market through April 1, 2009.

(b)		Federated became subadviser to Money Market effective April 2, 2009.

50 Annual Report 2009


		Total
Fund	Fee Schedule	Fees

Growth and Nationwide	Up to $250 million		0.60	%
	$250 million up to $1 billion		0.575	%
	$1 billion up to $2 billion		0.55	%
	$2 billion up to $5 billion		0.525	%
	On $5 billion and more		0.50	%


Money Market	Up to $1 billion		0.40	%
	$1 billion up to $2 billion		0.38	%
	$2 billion up to $5 billion		0.36	%
	On $5 billion and more		0.34	%

From these fees, pursuant to the subadvisory agreement, NFA pays fees to the subadvisers. NFA paid the subadvisers $3,313,796, of which $499,897 was paid to affiliated subadvisers, for the year ended October 31, 2009.

The Trust and NFA have entered into a written Expense Limitation Agreement, which limits Money Market’s operating expenses (excluding taxes, interest, brokerage commissions, Rule 12b-1 fees, fees paid pursuant to an administrative services plan, short sale dividend expenses, other expenditures which are capitalized in accordance with GAAP and other non-routine expenses not incurred in the ordinary course of the Fund’s business) from exceeding the amounts listed in the table below until at least February 28, 2010:


Fund	Classes		Amount

Money Market		Institutional Class		0.59	%


		Service Class (a)		0.59	%


		Prime		0.59	%


(a)		Effective February 28, 2009, the Fund Operating Expenses of this class of Money Market will be limited to 0.75%, including the class’s Rule 12b-1 fees and fees paid pursuant to the Fund’s Administrative Service Plan.

NFA may request and receive reimbursement from Money Market for advisory fees waived and other expenses reimbursed by NFA pursuant to the Expense Limitation Agreement at a date not to exceed three years from the fiscal year in which the corresponding reimbursement to the Fund was made. However, no reimbursement will be made unless: (i) the Fund’s assets exceed $100 million; (ii) the total annual expense ratio of the class making such reimbursement is at or less than the limit set forth above; and (iii) the payment of such reimbursement is approved by the Board of Trustees on a quarterly basis. Reimbursement by the Fund of amounts previously waived or assumed by NFA is not permitted except as provided for in the Expense Limitation Agreement. Potential reimbursements by the Fund expire within three years from the fiscal year in which the corresponding waiver or reimbursement was made by NFA.

As of October 31, 2008, the cumulative potential reimbursements of the following Fund, based on reimbursements which expire within three years from the fiscal year in which the corresponding reimbursements to the Fund were made for expenses reimbursed by NFA, would be:


	Amount
	Fiscal Year
Fund	2009

Money Market	$	188

2009 Annual Report 51

Notes to Financial Statements (Continued)

October 31, 2009


		Combined Fee Schedule*

		Up to $1 billion			0.26%


		$1 billion to $3 billion			0.19%


		$3 billion to $4 billion			0.15%


		$4 billion to $5 billion			0.08%


		$5 billion to $10 billion			0.05%


		$10 billion to $12 billion			0.03%


		$12 billion and more			0.02%


*		The assets of the Nationwide Investor Destinations Aggressive, Nationwide Investor Destinations Moderately Aggressive, Nationwide Investor Destinations Moderate, Nationwide Investor Destinations Moderately Conservative and Nationwide Investor Destinations Conservative Funds (collectively, the “Investor Destinations Funds”) and the Nationwide Destination 2010, Nationwide Destination 2015, Nationwide Destination 2020, Nationwide Destination 2025, Nationwide Destination 2030, Nationwide Destination 2035, Nationwide Destination 2040, Nationwide Destination 2045, Nationwide Destination 2050, and Nationwide Retirement Income Funds (collectively, the “Target Destination Funds”) are excluded from the Trust asset level amount in order to calculate this asset based fee. The Investor Destinations Funds and the Target Destination Funds do not pay any part of this fee.

Under the terms of an Administrative Services Plan, the Funds may pay fees to servicing organizations, such as broker-dealers, including NFS, and financial institutions, which agree to provide administrative support services to the shareholders of certain classes. These services may include, but are not limited to, the following: establishing and maintaining shareholder accounts; processing purchase and redemption transactions; arranging bank wires; performing shareholder sub-accounting; answering inquires regarding the Fund; and other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class A, Class D, Class R2 (formerly Class R), Prime Shares, Service Class, and Institutional Service Class shares of each of the Funds, as applicable.

For the year ended October 31, 2009, NFS received the following amounts in Administrative Services fees from each Fund:


Fund	Amount

Growth	$	11,043


Nationwide		337,552


Money Market		619,044

52 Annual Report 2009

Under the terms of a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act, Nationwide Fund Distributors LLC (“NFD”), the Funds�� principal underwriter, is compensated by the Funds for expenses associated with the distribution of certain classes of shares of the Funds. NFD is a wholly-owned subsidiary of NFSDI. These fees are based on average daily net assets of the respective class of the Funds at an annual rate not to exceed the following:

Class A

Class B

Class C

Class R2

Service Class

Fund

Shares

Shares*

Shares

Growth

0.25%

1.00%

0.50%

N/A

Nationwide

0.25%

1.00%

0.50%

N/A

Money Market

N/A

0.15%


*		Formerly Class R Shares


N/A		– Not Applicable

Pursuant to an Underwriting Agreement, NFD serves as principal underwriter of the Funds in the continuous distribution of their shares and receives commissions in the form of a front-end sales charge on Class A shares. These fees are deducted from and are not included in proceeds from sales of Class A shares of the Funds. From these fees, NFD pays sales commissions, salaries and other expenses in connection with generating new sales of Class A shares of the Funds. NFD also receives fees for services as principal underwriter for Class B shares of the Funds. These fees are contingent deferred sales charges (“CDSCs”) ranging from 1% to 5% imposed on redemptions of Class B shares, which may cause the current value of a shareholder’s account to fall below the total purchase payments. A CDSC will be imposed on redemptions of Class B shares made within six years of purchase. Class C shares have a CDSC fee of 1% imposed on redemptions made within one year of purchase. For the year ended October 31, 2009, NFD received commissions of $151,697 from front-end sales charges of Class A shares and from CDSC fees from Class B and Class C shares of the Funds, of which $136,314 was re-allowed to affiliated broker-dealers of the Funds.

On November 2, 2007, Nationwide Mutual Insurance Company (“NMIC”) purchased several structured investment vehicle notes from Money Market. These notes were purchased at a price equal to the notes’ amortized cost including accrued interest totaling $81,133,320, of which $4,721,166 was a contribution from NMIC representing the amount in excess of the estimated value of the notes determined in good faith.

On October 9, 2008, NWAM made a contribution of $600,000 to the capital of Money Market in connection with a $600,000 realized loss on the sale of securities.

During the year ended October 31, 2009, NFA voluntarily waived investment advisory fees payable by Money Market in an amount equal to $1,106,120. During the same period, NFD voluntarily waived Rule 12b-1 fees payable by Service Class shares of Money Market in an amount equal to $13,286. Also during that period, NFS voluntarily waived fees payable to it pursuant to the Trust’s Administrative Services Plan by Prime shares and Service Class shares of Money Market in an amount equal to $485,480. Each of these fee waivers was made voluntarily, and neither NFA, NFD nor NFS shall be entitled to reimbursement by Money Market of any of the amounts waived. Such waivers may be discontinued at any time, and neither NFA, NFD or NFS represents that any of these voluntary waivers will be continued or repeated.

4. Short-term Trading Fees

The Funds (except for Money Market) assess a 2.00% redemption fee on all classes of shares that are purchased and are sold or exchanged within seven calendar days of purchase. The redemption fee, if any, is paid directly to the applicable Fund class and is designed to offset brokerage commissions, market impact and other costs associated with short-term trading of Fund shares. For purposes of determining whether the redemption fee applies, the shares that were held the longest will be redeemed first. This redemption fee is in addition to any CDSCs that may be applicable at the time of sale. The redemption fee may not apply in certain circumstances, such as redemptions or exchanges of shares held in certain omnibus accounts or retirement plans that cannot implement the redemption fee. The fee does not apply to shares purchased through reinvested dividends or capital gains.

2009 Annual Report 53

Notes to Financial Statements (Continued)

October 31, 2009

For the year ended October 31, 2009, the Funds had contributions to capital due to the collection of redemption fees in the amounts of:


											Institutional
Fund	Class A		Class B		Class C		Class D		Class R2*		Service Class		Institutional Class

Growth	$	427	$	9	$	520	$	436	$	–	$	–	$	–


Nationwide		308		72		–		1,389		–		N/A		8


*		Formerly Class R Shares

For the year ended October 31, 2008, the Funds had contributions to capital due to the collection of redemption fees in the amounts of:


											Institutional
Fund	Class A		Class B		Class C		Class D		Class R2*		Service Class		Institutional Class

Growth	$	1,134	$	16	$	36	$	3,216	$	–	$	–	$	–


Nationwide		1,340		99		–		2,627		–		N/A		–


*		Formerly Class R Shares


N/A		– Not Applicable

Amounts designated as “–” are zero or have been rounded to zero.

5. Bank Loans and Earnings Credit

54 Annual Report 2009

6. Investment Transactions

For the year ended October 31, 2009, purchases of and sales (excluding short-term securities) were as follows:


Fund	Purchases		Sales

Growth	$	191,536,959	$	201,347,146


Nationwide		905,536,454		955,197,676

For the year ended October 31, 2009, purchases and sales of U.S. Government Securities were as follows:

Fund

Purchases

Sales

Money Market

737,959,049

–

Amounts designated as “–” are zero or have been rounded to zero.

7. Indemnifications

8. Other

In response to credit market instability, on September 22, 2008 the United States Department of the Treasury (the “Treasury Department”) made available certain funds from its Exchange Stabilization Fund on a temporary basis to assist money market funds in paying their shareholders $1.00 per share upon redemption of fund shares. The Treasury Department’s Temporary Guarantee for Money Market Funds (the “Program”), which was extended several times and expired on September 19, 2009, was limited to assets in money market funds as of the close of business on September 19, 2008 and to shareholders of record as of that date. Participating money market funds were required to make premium payments to participate in the Program. The guarantee would be triggered if a participating money market fund were to be liquidated within thirty days of its net asset value per share falling below $0.995. Upon such a fund’s liquidation, the Program would make up the difference between the liquidation net asset value per share and $1.00.

Board of Trustees approved the participation of Money Market in the Program’s initial term and in each extension of the Program. During the year ended October 31, 2009, Money Market paid total premiums to participate in the Program equivalent to 0.04% of Money Market’s NAV as of September 19, 2008.

On October 10, 2008, the Securities and Exchange Commission issued a no-action relief letter, which expired on January 12, 2009, to the Investment Company Institute to temporarily allow money market funds to value certain securities at amortized cost for shadow pricing purposes (the process of periodically comparing a fund’s amortized cost valuations to valuations derived by reference to available market quotations) under Rule 2a-7 of the 1940 Act. The relief was limited to first tier securities with maturities of 60 days or less that a money market fund reasonably expects to hold to maturity. On October 22, 2008, the Board approved a new valuation methodology, pursuant to which the new amortized cost valuation was first applied to the assets of Money Market on October 22, 2008, in accordance with this no-action relief. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, on a constant (straight line) basis to the maturity of the security.

2009 Annual Report 55

Notes to Financial Statements (Continued)

October 31, 2009


Fund	% of Shares			Number of Accounts

Nationwide		24.14	%		2


Money Market		67.25			2

9. Federal Tax Information

The tax character of distributions paid during the fiscal year ended October 31, 2009 was as follows:


	Distributions paid from
			Net Long-				Total
			Term		Total Taxable		Distributions
Fund	Ordinary Income		Capital Gains		Distributions		Paid

Growth	$	313,410	$	–	$	313,410	$	313,410


Nationwide		11,253,267		–		11,253,267		11,253,267


Money Market		5,483,128		–		5,483,128		5,483,128

Amounts designated as “–” are zero or have been rounded to zero.

The tax character of distributions paid during the fiscal year ended October 31, 2008 was as follows:


	Distributions paid from
			Net Long-				Total
	Ordinary		Term		Total Taxable		Distributions
Fund	Income		Capital Gains		Distributions		Paid

Growth	$	364,076	$	–	$	364,076	$	364,076


Nationwide		151,311,694		62,339,601		213,651,295		213,651,295


Money Market		59,787,516		–		59,787,516		59,787,516

Amounts designated as “–” are zero or have been rounded to zero.

As of October 31, 2009, the components of accumulated earnings (deficit) on a tax basis were as follows:

Total

Undistributed

Accumulated

Unrealized

Accumulated

Tax Exempt

Ordinary

Long-Term

Accumulated

Distributions

Capital and

Appreciation

Earnings

Fund

Income

Capital Gains

Earnings

Payable

Other Losses

(Depreciation)*

(Deficit)

Growth

–

90,150

–

90,150

–

(111,806,850)

5,522,745

(106,193,955)

Nationwide

–

709,358

–

709,358

–

(420,518,855)

25,269,565

(394,539,932)

Money Market

–

2,789

–

2,789

–

(1,640,932)

–

(1,638,143)


*		The differences between the book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to tax deferral on wash sales.

Amounts designated as “–” are zero or have been rounded to zero.

56 Annual Report 2009

As of October 31, 2009, the tax cost of securities and the breakdown of unrealized appreciation/(depreciation) for each Fund was as follows:


							Net Unrealized
	Tax Cost of		Unrealized		Unrealized		Appreciation /
Fund	Securities		Appreciation		Depreciation		(Depreciation)

Growth	$	123,701,380	$	8,312,995	$	(2,790,250)	$	5,522,745


Nationwide		672,598,191		67,485,227		(42,213,870)		25,271,357


Money Market		2,224,208,764		–		–		–

Amounts designated as “–” are zero or have been rounded to zero.


Fund	Amount		Expires

Growth	$	73,289,564		2010


Growth		16,123,790		2016


Growth		22,393,496		2017


Nationwide		214,082,671		2016


Nationwide		206,436,184		2017


Money Market		922		2010


Money Market		951		2012


Money Market		1,927		2013


Money Market		1,715		2014


Money Market		1,362		2015


Money Market		1,634,055		2016

10. Subsequent Events

2009 Annual Report 57

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of Nationwide Mutual Funds:

In our opinion, the accompanying statements of assets and liabilities, including the statements of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Nationwide Growth Fund, Nationwide Fund and Nationwide Money Market Fund (three series of Nationwide Mutual Funds, hereafter referred to as the “Funds”) at October 31, 2009, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2009 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 24, 2009

58 Annual Report 2009

Supplemental Information

(Unaudited)

Other Federal Tax Information

For the taxable year ended October 31, 2009, the following percentage of income dividends paid by the Funds qualify for the dividends received deduction available to corporations:


	Dividends
	Received
Fund	Deductions

Growth		100%


Nationwide		100%

2009 Annual Report 59

Management Information

October 31, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust

The address for each Trustee is: c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

Number of

Position(s)

Portfolios in the

Held with the

Nationwide Fund

Trust and

Complex

Name and

Length of

Principal Occupation(s)

Overseen

Other Directorships

Year of Birth

Time Served¹

During Past 5 Years²

by Trustee

Held by Trustee³

Charles E. Allen
1948

Trustee
since
July 2000

Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).

None

Paula H.J.
Cholmondeley

1947

Trustee
since
July 2000

C. Brent DeVore
1940

Trustee
since
1990

Dr. DeVore is an interim President of Greensboro College. He served as President of Otterbein College⁴ from July 1984 until July 2009.

None

Kay Dryden
1947

Trustee
since
December 2004

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

60 Annual Report 2009

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust (Continued)

The address for each Trustee is: c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

Number of

Position(s)

Portfolios in the

Held with the

Nationwide Fund

Trust and

Complex

Name and

Length of

Principal Occupation(s)

Overseen

Other Directorships

Year of Birth

Time Served¹

During Past 5 Years²

by Trustee

Held by Trustee³

Barbara I. Jacobs
1950

Trustee
since
December 2004

None

Douglas F. Kridler
1955

Trustee
since
September 1997

None

David C. Wetmore
1948

Trustee
since
1995 and
Chairman
since
February 2005

None


¹		Length of time served includes time served with predecessor of the Trust.
²		Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
³		Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
⁴		Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

2009 Annual Report 61

Management Information (Continued)

October 31, 2009 (Unaudited)

Officers of the Trust

The address for each Officer is: c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

Number of

Position(s) Held

Portfolios in

with Fund and

Fund Complex

Other

Name and

Length of

Principal Occupation(s)

Overseen by

Directorships

Year of Birth

Time Served¹

During Past 5 Years ²

Trustee

Held by Trustee⁴

Michael S. Spangler
1966

President and Chief
Executive Officer
since
June 2008

N/A

Stephen T. Grugeon
1950

Executive Vice
President and Chief
Operating Officer
since
June 2008

Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust³. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation³, a subsidiary of NWD Investments, from 1999 through 2003.

N/A

Joseph Finelli
1957

Treasurer and Chief
Financial Officer
since September 2007

N/A

Dorothy Sanders
1955

Chief Compliance
Officer
since October 2007

N/A

62 Annual Report 2009

Officers of the Trust (Continued)

The address for each Officer is: c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

Number of

Position(s) Held

Portfolios in

with Fund and

Fund Complex

Other

Name and

Length of

Principal Occupation(s)

Overseen by

Directorships

Year of Birth

Time Served¹

During Past 5 Years ²

Trustee

Held by Trustee⁴

Eric E. Miller
1953

Secretary
since
December 2002

Mr. Miller is Senior Vice President, General Counsel, and Assistant Secretary for Nationwide Funds Group and NWD Investments³

N/A

Doff Meyer
1950

Vice President and
Chief Marketing
Officer
since
January 2008

N/A

Lynnett Berger
1965

Vice President and Chief Investment
Officer
since
April 2009

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
³		These positions are held with an affiliated person or principal underwriter of the Funds.
⁴		Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

2009 Annual Report 63

P.O. Box 5354

Cincinnati, OH 45201-5354

nationwide.com/mutualfunds

Nationwide, Nationwide Financial,
the Nationwide Framemark, Nationwide Funds, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

AR-CORE2 12/09

Nationwide Mutual Funds

AnnualReport

October 31, 2009

Target Destination Funds

Nationwide Destination 2010 Fund

Nationwide Destination 2015 Fund

Nationwide Destination 2020 Fund

Nationwide Destination 2025 Fund

Nationwide Destination 2030 Fund

Nationwide Destination 2035 Fund

Nationwide Destination 2040 Fund

Nationwide Destination 2045 Fund

Nationwide Destination 2050 Fund

Nationwide Retirement Income Fund

AnnualReport

October 31, 2009


			Contents

1			Message to Shareholders

			Target Destination Funds
5			Nationwide Destination 2010 Fund
19			Nationwide Destination 2015 Fund
33			Nationwide Destination 2020 Fund
47			Nationwide Destination 2025 Fund
61			Nationwide Destination 2030 Fund
75			Nationwide Destination 2035 Fund
89			Nationwide Destination 2040 Fund
103			Nationwide Destination 2045 Fund
117			Nationwide Destination 2050 Fund
131			Nationwide Retirement Income Fund

144			Notes to Financial Statements

154			Report of Independent Registered Public Accounting Firm

155			Supplemental Information

156			Management Information

Statement Regarding Availability of Quarterly Portfolio Schedule.

Statement Regarding Availability of Proxy Voting Record.

This page intentionally left blank


Message to Shareholders

October 31, 2009

Dear Shareholder,

Thank you for entrusting your investments to Nationwide Mutual Funds.

Sincerely,

Michael S. Spangler
President & CEO
Nationwide Mutual Funds

2009 Annual Report 1

Important Disclosures

This report and the holdings provided are for informational purposes only, and are not intended as an offer or recommendation with respect to the purchase or sale of any security, option, future or other derivatives in such securities. Portfolio composition is accurate as of the date of this report and subject to change at any time and without notice. There is no assurance that any specific securities mentioned in this report will remain in the fund’s portfolio. A more recent listing of each fund’s portfolio holdings can be found on the Trust’s Internet site: nationwide.com/mutualfunds.

An investment in a money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency except as stated below. Although a money market fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the money market.

The Nationwide Target Destination Funds are designed to provide diversification and asset allocation across several types of investments and asset classes, primarily by investing in underlying funds. Therefore, in addition to the expenses of the Nationwide Target Destination Funds, each investor is indirectly paying a proportionate share of the applicable fees and expenses of the underlying funds. In general, a fund with a later target date is expected to be more volatile, and thus riskier, because of its greater allocation to equity securities than a fund with an earlier target date. A fund at its target date through the next 20 years is expected to be less volatile than a fund in its “pre-target-date” stage. The Nationwide Retirement Income Fund, which is the vehicle intended to serve investors who are approximately 20 years beyond a fund’s target date, is expected to be the least volatile of the funds due to the Retirement Income Fund’s further reduced exposure to equity securities.

Asset allocation is the process of spreading assets across several different investment styles and asset classes. The objective is to reduce long-term risk and capture potential profits across various asset classes.

Because a Fund’s allocation may not match a particular investor’s retirement goal and an investor may have different retirement needs than anticipated, there is no guarantee that an investor will have the desired level of retirement assets available. Also, an investor may have different retirement needs than the allocation model anticipates.

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS.

2 Annual Report 2009

redeemed, may be worth more or less than their original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown, please call 1-800-848-0920 or go to nationwide.com/mutualfunds.

Market Indexes

Dow Jones (DJ) Target Date Indexes (through October��1, 2009): This series of unmanaged, portfolio-based, asset-class-weighted indexes consists of composites of subindexes that represent the three major asset classes – stocks, bonds and cash. The indexes measure the performance of balanced and multi-asset-class portfolios. These portfolios typically have five-year-interval target dates, and their allocations in stocks, bonds and cash are adjusted automatically to gradually reduce risk as the target dates approach. The indexes’ asset-class weightings are rebalanced monthly to match predetermined relative levels of potential risk, with a minimum of 4% weighting in each asset class.

Dow Jones-UBS Commodity Index^sm: An unmanaged, rolling commodities index that comprises futures contracts on physical commodities traded on U.S. exchanges; serves as a liquid, diversified benchmark for the commodities asset class.

Morgan Stanley Capital International Emerging Markets (MSCI EM) Index^sm: An unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure the performance of the stocks in emerging-country markets.

Morningstar^® (Mstar) Lifetime Allocation Indexes (as of September 30, 2009): A family of unmanaged, multi-asset-class, target-maturity indexes consisting of 13 target-date indexes, each of which is available in five-year intervals. The index asset allocations adjust over time, reducing equity exposure and shifting toward traditional income-producing investments. The strategic asset allocation of the indexes is based on Ibbotson Associates’ Lifetime Asset Allocation methodology.

Sales Charge and Fee Information


•	Nationwide Destination 2010 Fund
•	Nationwide Destination 2015 Fund
•	Nationwide Destination 2020 Fund
•	Nationwide Destination 2025 Fund
•	Nationwide Destination 2030 Fund
•	Nationwide Destination 2035 Fund
•	Nationwide Destination 2040 Fund
•	Nationwide Destination 2045 Fund
•	Nationwide Destination 2050 Fund
•	Nationwide Retirement Income Fund

Class A shares have up to a 5.75% front-end sales charge and a 0.25% 12b-1 fee. Total returns reflect a waiver of part of each Fund’s fees for certain periods since inception, without which returns would have been lower.

NFG comprises Nationwide Fund Advisors, Nationwide Fund Distributors LLC and Nationwide Fund Management LLC. Together they provide advisory, distribution and administration services, respectively, to Nationwide Funds. Nationwide Fund Advisors (NFA) is the investment adviser to Nationwide Funds. NFA is a wholly owned subsidiary of Nationwide Financial Services, Inc. (NFS). NFS is a wholly owned subsidiary of Nationwide Corporation. All of the common stock of Nationwide Corporation is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), each of which is a mutual company owned by its policyholders.

Nationwide Funds distributed by Nationwide Fund Distributors LLC (NFD), Member FINRA, 1000 Continental Drive, Suite 400, King of Prussia, Pa. 19406.

2009 Annual Report 3

Summary of Market Environment

The following is a commentary from Nationwide Funds Group on market conditions for the year ended October 31, 2009.

After hitting a low point on March 9, 2009, the stock market began a steady climb with the Standard & Poor’s 500^® (S&P 500) Index and the Russell 2000^® Index rising 55% and 66%, respectively, through the end of the reporting period. Leading the recovery were the economically sensitive sectors – consumer discretionary, energy and materials. Money market fund flows decreased and flows into equity mutual funds increased during the period as investors seemed to embrace a renewed appetite for risk. In the fixed-income markets, the lower-quality sectors also rallied during the reporting period. CCC-rated bonds, as measured by the Merrill Lynch U.S. High Yield Index, rose more than 73% during the reporting period, while U.S. Treasuries, as measured by the Merrill Lynch U.S. Treasury Master Index, rose only 6%.

4 Annual Report 2009


Nationwide Destination 2010 Fund

Each Fund seeks to achieve its objective by investing in a professionally selected mix of different asset classes that is tailored for investors that have selected, at the time of investment, an estimated retirement date and plan to retire in, or close to, the target date designated in the Fund’s name (or, in the case of the Nationwide Retirement Income Fund, have reached the approximate age of 85 years). The target date is the approximate date when an investor may choose to retire and/or begin withdrawing from the Fund.

Depending on its proximity to its target date, the Fund employs a combination of investments among different asset classes to emphasize growth, income, and/or preservation of capital. The Fund’s principal value is not guaranteed at any time, including at the target date designated in the Fund’s name. Over time, the Fund’s allocations to different asset classes will become more conservative, with greater emphasis on investments that provide for income and preservation of capital, and less on those offering the potential for growth.

How did the Fund perform during the reporting period in relation to its benchmark and its peer group?

For the annual period ended October 31, 2009, the Nationwide Destination 2010 Fund (Class A at NAV) returned 12.58% versus 17.87% for its new benchmark, the Morningstar^® (Mstar) Lifetime Moderate 2010 Index, and 15.83% for its former benchmark, the Dow Jones (DJ) Target 2010 Index*. For broader comparison, the average return for the Fund’s closest Lipper peer category of Mixed-Asset Target 2010 Funds (consisting of 179 funds as of October 31, 2009) was 16.31% for the same time period.

What areas of investment provided the most positive relative returns for the Fund?

The iShares Barclays TIPS Bond Fund ETF and the Nationwide International Index Fund (underlying funds with allocations within the Fund of approximately 14% and 10%, respectively) provided the most positive relative returns for the Fund, gaining 17.03% and 24.93%, respectively, during the reporting period. Concerns about the potential inflationary impact of U.S. government economic stimulus actions drove up the values of inflation-protected securities, as reflected in the strong performance of the iShares Barclays TIPS Bond Fund ETF. A strong rebound in international developed market stocks propelled the Nationwide International Index Fund to a respectable gain as all but one of the 21 country markets tracked by the Morgan Stanley Capital International (MSCI EAFE^®) Index produced gains during the reporting period. Sweden led the way with 69.27%.

What areas of investment detracted from Fund performance?

The Nationwide Money Market Fund returned only 0.21% and the Credit Suisse Commodity Strategy Return Fund returned 1.02% (with allocations to the Fund of approximately 5% and 3%, respectively). Yields on money funds continued to be microscopic due to the effect of the low- interest-rate environment on high quality, ultra-short-term investments. Commodities, as tracked by the Dow Jones-UBS Commodities Index, barely broke even and Credit Suisse eked out a small gain despite extreme volatility in this asset class during the reporting period.

What is your outlook for the near term?

* The benchmark for the Nationwide Destination 2010 Fund changed from the Dow Jones (DJ) Target 2010 Index to the Morningstar (Mstar) Lifetime Moderate 2010 Index effective as of September 30, 2009.

2009 Annual Report 5

Nationwide Destination 2010 Fund (Continued)

The events of the past year should serve to reinforce the critical importance of investing in a broadly diversified portfolio of investments. We believe our Nationwide Target Destination Funds, by combining underlying investments in up to 14 distinct asset classes that behave differently under most market conditions, are well positioned to deliver strong risk-adjusted returns over the long-term.

Nationwide Destination 2010 Fund
Performance of Underlying Investments for the 12 Months Ended October 31, 2009


		Target		12-Month
Asset Classes	Underlying Investments	Allocation**		Return

Large-Cap Stocks	Nationwide S&P 500 Index Fund		23%		9.55%


Intermediate-Term Bonds	Nationwide Bond Index Fund		15%		13.22%


Inflation-Protected Bonds	iShares Barclays U.S. Treasury Inflation Protected Securities Fund (ETF)		14%		17.03%


International Stocks	Nationwide International Index Fund		10%		24.93%


Short-Term Bonds	Vanguard Short Term Bond Fund (ETF)		9%		8.57%


Mid-Cap Stocks	Nationwide Mid Cap Market Index Fund		7%		17.77%


International Bonds	Oppenheimer International Bond Fund		6%		26.06%


Money Market Investments	Nationwide Money Market Fund		5%		0.21%


Small-Cap Stocks	Nationwide Small Cap Index Fund		3%		6.51%


Commodity Stocks	Credit Suisse Commodity Return Strategy Fund		3%		1.02%


High-Yield Bonds	T. Rowe Price High Yield Bond Fund		2%		34.94%


Emerging Market Stocks	Vanguard Emerging Markets Fund (ETF)		1%		60.06%


Domestic REITs	Vanguard REIT Fund (ETF)		1%		1.83%


International REITs	SPDR Dow Jones Wilshire International Real Estate Fund (ETF)		1%		31.18%


**		Fund target allocations are as of October 31, 2009

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Performance shown in the table above is for Institutional Class shares (or equivalent class, except for exchange-traded funds) for each underlying investment. Performance returns assume the reinvestment of all distributions. Returns for periods less than one year are not annualized. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown, please call 1-800-848-0920 or go to nationwide.com/mutualfunds.

Portfolio Manager:
Thomas R. Hickey Jr., Nationwide Fund Advisors

6 Annual Report 2009


Fund Performance	Nationwide Destination 2010 Fund

Average Annual Total Return
(For periods ended October 31, 2009)


		1 Yr.		Inception¹

Class A	w/o SC²		12.58%		-5.62%
	w/SC³		6.15%		-8.16%


Class C	w/o SC²		11.87%		-6.28%
	w/SC⁴		10.87%		-6.28%


Institutional Service Class⁵			12.92%		-5.51%


Institutional Class⁵			13.04%		-5.29%


Class R1⁵			12.10%		-6.12%


Class R2⁵			12.14%		-5.96%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.


¹		Fund commenced operations on August 30, 2007.

²		These returns do not reflect the effects of sales charges (SC).

³		A 5.75% front-end sales charge was deducted.

⁴		A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁵		Not subject to any sales charges.

Expense Ratios


	Expense
	Ratio*

Class A		1.01%


Class C		1.66%


Class R1		1.43%


Class R2		1.34%


Institutional Service Class		0.84%


Institutional Class		0.66%


*		Current effective prospectus. Expenses also include indirect underlying fund expenses. Please see the Fund’s most recent prospectus for details.

Performance of a $10,000 Investment

Comparative performance of $10,000 invested in the Class A of the Nationwide Destination 2010 Fund, the Dow Jones Target 2010 Index(a), the Barclays Capital U.S. Aggregate Index(b), and the Consumer Price Index (CPI)(c) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.


(a)		The series of unmanaged portfolio-based, asset-class weighted indexes consists of composites of subindexes that represent the three major asset classes — stock, bonds and cash. The indexes measure the performance of balanced and multi-asset-class portfolios. These portfolios typically have five-year-interval target dates, and their allocations in stocks, bonds and cash are adjusted automatically to gradually reduce risk as the target dates approach. The indexes’ asset-class weightings are rebalanced monthly to match predetermined relative levels of potential risk, with a minimum of 4% weighting in each asset class. Dow Jones subindexes represent the stock component of each target date index, and Barclays Capital subindexes represent the bond and cash components. No fees or expenses are reflected. Individuals cannot invest directly in an index.

(b)		The Barclays Capital U.S. Aggregate Index is an unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

(c)		Calculated by the U.S. Department of Labor’s Bureau of Labor Statistics, the CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2009 Annual Report 7


Shareholder	Nationwide Destination 2010 Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

8 Annual Report 2009

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
October 31, 2009


			Beginning		Ending		Expenses Paid		Expense Ratio
Nationwide Destination			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
2010 Fund			05/01/09		10/31/09		05/01/09 - 10/31/09 ^a,b		05/01/09 - 10/31/09 ^a,b

Class A Shares	Actual			1,000.00		1,141.10		4.48		0.85
	Hypothetical	^c		1,000.00		1,021.02		4.23		0.85


Class C Shares	Actual			1,000.00		1,138.40		7.17		1.33
	Hypothetical	^c		1,000.00		1,018.50		6.77		1.33


Class R1 Shares	Actual			1,000.00		1,137.90		6.63		1.31
	Hypothetical	^c		1,000.00		1,019.00		6.26		1.31


Class R2 Shares	Actual			1,000.00		1,138.70		5.82		1.08
	Hypothetical	^c		1,000.00		1,019.76		5.50		1.08


Institutional Service Class	Actual			1,000.00		1,142.50		2.70		0.43
Shares	Hypothetical	^c		1,000.00		1,022.68		2.55		0.43


Institutional Class Shares	Actual			1,000.00		1,143.60		1.78		0.33
	Hypothetical	^c		1,000.00		1,023.54		1.68		0.33


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

^b		Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.

^c		Represents the hypothetical 5% return before expenses.

2009 Annual Report 9


Portfolio Summary	Nationwide Destination 2010 Fund

October 31, 2009


Asset Allocation

Equity Funds	48	.2%
Fixed Income Funds	46	.9%
Money Market Fund	5	.0%
Liabilities in excess of other assets	(0	.1%)

	100	.0%


Top Holdings†

Nationwide S&P 500 Index Fund, Institutional Class	22	.6%
Nationwide Bond Index Fund, Institutional Class	15	.2%
iShares Barclays U.S. Treasury Inflation Protected Securities Fund	14	.4%
Nationwide International Index Fund, Institutional Class	9	.9%
Vanguard Short-Term Bond Fund	9	.1%
Nationwide Mid Cap Market Index Fund, Institutional Class	6	.7%
Oppenheimer International Bond Fund, Class Y	6	.1%
Nationwide Money Market Fund, Institutional Class	5	.0%
Credit Suisse Commodity Return Strategy Fund	3	.2%
Nationwide Small Cap Index Fund, Institutional Class	2	.8%
Other Holdings	5	.0%

	100	.0%


†		Percentages indicated are based upon total investments as of October 31, 2009.

The accompanying notes are an integral part of these financial statements.

10 Annual Report 2009

Statement of Investments

October 31, 2009

Nationwide Destination 2010 Fund



Mutual Funds 73.7%

	Shares		Market Value


Equity Funds 45.3%
Credit Suisse Commodity Return Strategy Fund	82,003	$	708,503
Nationwide International Index Fund, Institutional Class (a)	317,588		2,181,832
Nationwide Mid Cap Market Index Fund, Institutional Class (a)	135,218		1,476,586
Nationwide S&P 500 Index Fund, Institutional Class (a)	574,566		4,998,725
Nationwide Small Cap Index Fund, Institutional Class (a)	71,345		615,704


Total Equity Funds (cost $8,568,119)			9,981,350



Fixed Income Funds 23.4%
Nationwide Bond Index Fund, Institutional Class (a)	300,177		3,358,981
Oppenheimer International Bond Fund, Class Y	206,338		1,349,452
T. Rowe Price High Yield Bond Fund	49,456		451,531


Total Fixed Income Funds (cost $4,865,537)			5,159,964



Money Market Fund 5.0%
Nationwide Money Market Fund, Institutional Class, 0.00% (a)(b) (cost $1,111,855)	1,111,855		1,111,855


Total Mutual Funds (cost $14,545,511)			16,253,169



Exchange Traded Funds 26.4%

	Shares		Market Value


Equity Funds 2.9%
SPDR Dow Jones Wilshire International Real Estate Fund	6,281		216,632
Vanguard Emerging Markets Fund	5,805		218,268
Vanguard REIT Fund	5,322		210,645


Total Equity Funds (cost $461,310)			645,545



Fixed Income Funds 23.5%
iShares Barclays U.S. Treasury Inflation Protected Securities Fund	30,423		3,164,296
Vanguard Short-Term Bond Fund	25,103		2,009,746


Total Fixed Income Funds (cost $5,050,630)			5,174,042


Total Exchange Traded Funds (cost $5,511,940)			5,819,587


Total Investments (cost $20,057,451) (c) — 100.1%			22,072,756

Liabilities in excess of other assets — (0.1)%			(23,763	)


NET ASSETS — 100.0%		$	22,048,993


(a)		Investment in affiliate.

(b)		Represents 7-day effective yield as of October 31, 2009.

(c)		See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.


REIT		Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 11

Statement of Assets and Liabilities

October 31, 2009



	Nationwide
	Destination 2010
	Fund

Assets:
Investments in affiliates, at value (cost $12,310,195)	$	13,743,683
Investments in non-affiliates, at value (cost $7,747,256)		8,329,073

Total Investments		22,072,756

Receivable for investments sold		39,401
Receivable for capital shares issued		3,020
Prepaid expenses and other assets		170

Total Assets		22,115,347

Liabilities:
Payable for investments purchased		14,596
Payable for capital shares redeemed		34,183
Cash overdraft		1,720
Accrued expenses and other payables:
Investment advisory fees		6,249
Distribution fees		7,432
Administrative servicing fees		2,174

Total Liabilities		66,354

Net Assets	$	22,048,993

Represented by:
Capital	$	21,900,852
Accumulated undistributed net investment income		14,303
Accumulated net realized losses from investment transactions		(1,881,467	)
Net unrealized appreciation/(depreciation) from investments in affiliates		1,433,488
Net unrealized appreciation/(depreciation) from investments in non-affiliates		581,817

Net Assets	$	22,048,993

Net Assets:
Class A Shares	$	3,447,411
Class C Shares		77,251
Class R1 Shares		2,562,514
Class R2 Shares		12,117,057
Institutional Service Class Shares		888
Institutional Class Shares		3,843,872

Total	$	22,048,993

Shares Outstanding (unlimited number of shares authorized):
Class A Shares		415,300
Class C Shares		9,331
Class R1 Shares		309,332
Class R2 Shares		1,462,809
Institutional Service Class Shares		107
Institutional Class Shares		462,546

Total		2,659,425

The accompanying notes are an integral part of these financial statements.

12 Annual Report 2009



	Nationwide
	Destination 2010
	Fund

Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	8.30
Class C Shares (a)	$	8.28
Class R1 Shares	$	8.28
Class R2 Shares	$	8.28
Institutional Service Class Shares	$	8.30
Institutional Class Shares	$	8.31

Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	8.81

Maximum Sales Charge:
Class A Shares		5.75	%


(a)		For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 13

Statement of Operations

For the Year Ended October 31, 2009



	Nationwide
	Destination 2010
	Fund

INVESTMENT INCOME:
Dividend income from affiliates	$	251,099
Dividend income from non-affiliates		218,057

Total Income		469,156

EXPENSES:
Investment advisory fees		51,138
Distribution fees Class A		5,140
Distribution fees Class C		400
Distribution fees Class R1		11,906
Distribution fees Class R2		45,441
Administrative servicing fees Class A		5,140
Administrative servicing fees Class R1		4,580
Administrative servicing fees Class R2		22,719

Net Expenses		146,464

NET INVESTMENT INCOME		322,692

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gain distributions from underlying affiliated funds		170,652
Net realized gain distributions from underlying non-affiliated funds		3,958
Net realized losses from investment transactions with affiliates		(1,424,111	)
Net realized losses from investment transactions with non-affiliates		(382,678	)

Net realized losses from affiliated and non-affiliated investments		(1,632,179	)

Net change in unrealized appreciation/(depreciation) from investments in affiliates		2,776,128
Net change in unrealized appreciation/(depreciation) from investments in non-affiliates		1,130,194

Net change in unrealized appreciation/(depreciation) from investments		3,906,322

Net realized/unrealized gains from affiliated and non-affiliated investments		2,274,143

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,596,835

The accompanying notes are an integral part of these financial statements.

14 Annual Report 2009

Statements of Changes in Net Assets


	Nationwide Destination 2010 Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	322,692		$	119,889
Net realized losses from investment transactions		(1,632,179	)		(198,636	)
Net change in unrealized appreciation/(depreciation) from investments		3,906,322			(1,941,842	)

Change in net assets resulting from operations		2,596,835			(2,020,589	)


Distributions to Shareholders From:
Net investment income:
Class A		(45,028	)		(5,614	)
Class C		(775	)		(18	)
Class R1		(35,172	)		(11,486	)
Class R2		(177,684	)		(60,713	)
Institutional Service Class		(22	)		(26	)
Institutional Class		(65,634	)		(32,034	)
Net realized gains:
Class A		(2,080	)		(32	)
Class C		(4	)		(3	)
Class R1		(5,819	)		(3	)
Class R2		(32,152	)		(356	)
Institutional Service Class		(4	)		(3	)
Institutional Class		(6,543	)		(2,906	)

Change in net assets from shareholder distributions		(370,917	)		(113,194	)

Change in net assets from capital transactions		11,004,764			9,801,867

Change in net assets		13,230,682			7,668,084


Net Assets:
Beginning of year		8,818,311			1,150,227

End of year	$	22,048,993		$	8,818,311

Accumulated undistributed net investment income at end of year	$	14,303		$	13,769


CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	3,136,995		$	975,476
Dividends reinvested		47,108			5,646
Cost of shares redeemed		(595,155	)		(490,587	)

Total Class A		2,588,948			490,535

Class C Shares
Proceeds from shares issued		70,227			–
Dividends reinvested		779			21
Cost of shares redeemed		(3,011	)		–

Total Class C		67,995			21

Class R1 Shares
Proceeds from shares issued		1,834,881			1,661,505
Dividends reinvested		40,991			11,488
Cost of shares redeemed		(706,768	)		(208,129	)

Total Class R1		1,169,104			1,464,864

Amounts designated as “ – ” are zero or have been rounded to zero.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 15

Statements of Changes in Net Assets (Continued)


	Nationwide Destination 2010 Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

CAPITAL TRANSACTIONS: (continued)
Class R2 Shares
Proceeds from shares issued	$	6,138,897		$	8,625,649
Dividends reinvested		209,836			61,069
Cost of shares redeemed		(1,695,412	)		(1,138,307	)

Total Class R2		4,653,321			7,548,411

Institutional Service Class Shares
Proceeds from shares issued		–			–
Dividends reinvested		26			29
Cost of shares redeemed		–			–

Total Institutional Service Class		26			29

Institutional Class Shares
Proceeds from shares issued		3,502,179			286,420
Dividends reinvested		72,177			34,940
Cost of shares redeemed		(1,048,986	)		(23,353	)

Total Institutional Class		2,525,370			298,007

Change in net assets from capital transactions:	$	11,004,764		$	9,801,867


SHARE TRANSACTIONS:
Class A Shares
Issued		435,396			100,000
Reinvested		6,151			603
Redeemed		(77,481	)		(50,141	)

Total Class A Shares		364,066			50,462

Class C Shares
Issued		9,496			–
Reinvested		101			2
Redeemed		(368	)		–

Total Class C Shares		9,229			2

Class R1 Shares
Issued		244,981			178,490
Reinvested		5,426			1,246
Redeemed		(94,679	)		(26,232	)

Total Class R1 Shares		155,728			153,504

Class R2 Shares
Issued		832,814			941,223
Reinvested		27,788			6,562
Redeemed		(226,113	)		(126,943	)

Total Class R2 Shares		634,489			820,842

Amounts designated as “ – ” are zero or have been rounded to zero.

The accompanying notes are an integral part of these financial statements.

16 Annual Report 2009


	Nationwide Destination 2010 Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

SHARE TRANSACTIONS: (continued)
Institutional Service Class Shares
Issued		–			–
Reinvested		4			3
Redeemed		–			–

Total Institutional Service Class Shares		4			3

Institutional Class Shares
Issued		462,403			29,444
Reinvested		9,410			3,594
Redeemed		(140,377	)		(2,460	)

Total Institutional Class Shares		331,436			30,578

Total change in shares:		1,494,952			1,055,391

Amounts designated as “ – ” are zero or have been rounded to zero.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 17

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Destination 2010 Fund


				Operations									Distributions															Ratios / Supplemental Data

							Net Realized																													Ratio of
							and																							Ratio of			Ratio of Net			Expenses
	Net Asset						Unrealized																							Expenses			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net						Net Asset						Net Assets		to Average			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Total			Value, End			Total			at End		Net			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gain			Distributions			of Period			Return (a)(b)			of Period		Assets (c)			Net assets (c)			Net assets (c)(d)			Turnover (e)
Class A Shares
Year Ended October 31, 2009 (f)	$	7	.59		0	.16		0	.77		0	.93		(0	.18)		(0	.04)		(0	.22)	$	8	.30		12	.58%	$	3,447,411		0	.83%		2	.10%		0	.83%		35	.33%
Year Ended October 31, 2008 (f)	$	10	.54		0	.25		(2	.92)		(2	.67)		(0	.25)		(0	.03)		(0	.28)	$	7	.59		(25	.92%)	$	388,803		0	.63%		2	.73%		0	.73%		42	.69%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.03		0	.54		0	.57		(0	.03)		–			(0	.03)	$	10	.54		5	.74%	$	8,142		0	.90%		1	.48%		1	.36%		6	.28%

Class C Shares
Year Ended October 31, 2009 (f)	$	7	.58		0	.13		0	.75		0	.88		(0	.14)		(0	.04)		(0	.18)	$	8	.28		11	.87%	$	77,251		1	.32%		1	.62%		1	.32%		35	.33%
Year Ended October 31, 2008 (f)	$	10	.53		0	.20		(2	.94)		(2	.74)		(0	.18)		(0	.03)		(0	.21)	$	7	.58		(26	.48%)	$	776		1	.42%		2	.08%		1	.46%		42	.69%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.04		0	.52		0	.56		(0	.03)		–			(0	.03)	$	10	.53		5	.61%	$	1,056		1	.42%		2	.01%		1	.42%		6	.28%

Class R1 Shares
Year Ended October 31, 2009 (f)	$	7	.58		0	.14		0	.75		0	.89		(0	.15)		(0	.04)		(0	.19)	$	8	.28		12	.10%	$	2,562,514		1	.23%		1	.83%		1	.23%		35	.33%
Year Ended October 31, 2008 (f)	$	10	.53		0	.22		(2	.93)		(2	.71)		(0	.21)		(0	.03)		(0	.24)	$	7	.58		(26	.37%)	$	1,163,575		1	.01%		2	.38%		1	.09%		42	.69%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.04		0	.52		0	.56		(0	.03)		–			(0	.03)	$	10	.53		5	.61%	$	1,056		1	.42%		2	.01%		1	.42%		6	.28%

Class R2 Shares
Year Ended October 31, 2009 (f)	$	7	.57		0	.15		0	.75		0	.90		(0	.15)		(0	.04)		(0	.19)	$	8	.28		12	.14%	$	12,117,057		1	.08%		1	.97%		1	.08%		35	.33%
Year Ended October 31, 2008 (f)	$	10	.53		0	.22		(2	.91)		(2	.69)		(0	.24)		(0	.03)		(0	.27)	$	7	.57		(26	.14%)	$	6,269,221		1	.02%		2	.37%		1	.10%		42	.69%
Period Ended October 31, 2007 (f)(g)	$	10	.00		–			0	.56		0	.56		(0	.03)		–			(0	.03)	$	10	.53		5	.64%	$	78,799		1	.08%		0	.05%		1	.24%		6	.28%

Institutional Service Class Shares
Year Ended October 31, 2009 (f)	$	7	.58		0	.20		0	.77		0	.97		(0	.21)		(0	.04)		(0	.25)	$	8	.30		12	.92%	$	888		0	.46%		2	.67%		0	.46%		35	.33%
Year Ended October 31, 2008 (f)	$	10	.54		0	.28		(2	.95)		(2	.67)		(0	.26)		(0	.03)		(0	.29)	$	7	.58		(25	.97%)	$	784		0	.59%		2	.90%		0	.59%		42	.69%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.05		0	.53		0	.58		(0	.04)		–			(0	.04)	$	10	.54		5	.76%	$	1,058		0	.71%		2	.69%		0	.71%		6	.28%

Institutional Class Shares
Year Ended October 31, 2009 (f)	$	7	.59		0	.20		0	.77		0	.97		(0	.21)		(0	.04)		(0	.25)	$	8	.31		13	.04%	$	3,843,872		0	.33%		2	.65%		0	.33%		35	.33%
Year Ended October 31, 2008 (f)	$	10	.54		0	.31		(2	.95)		(2	.64)		(0	.28)		(0	.03)		(0	.31)	$	7	.59		(25	.69%)	$	995,152		0	.33%		3	.17%		0	.46%		42	.69%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.05		0	.53		0	.58		(0	.04)		–			(0	.04)	$	10	.54		5	.79%	$	1,060,116		0	.33%		3	.02%		0	.50%		6	.28%

Amounts designated as “ – “ are zero or have been rounded to zero.


(a)	Excludes sales charge.


(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	Per share calculations were performed using average shares method.
(g)	For the period from August 30, 2007 (commencement of operations) through October 31, 2007.

The accompanying notes are an integral part of these financial statements.

18 Annual Report 2009


Nationwide Destination 2015 Fund

How did the Fund perform during the reporting period in relation to its benchmark and its peer group?

For the annual period ended October 31, 2009, the Nationwide Destination 2015 Fund (Class A at NAV) returned 14.22% versus 18.66% for its new benchmark, the Morningstar^® (Mstar) Lifetime Moderate 2015 Index, and 15.74% for its former benchmark, the Dow Jones (DJ) Target 2015 Index*. For broader comparison, the average return for the Fund’s closest Lipper peer category of Mixed-Asset Target 2015 Funds (consisting of 122 funds as of October 31, 2009) was 16.17% for the same time period.

What areas of investment provided the most positive relative returns for the Fund?

The Nationwide International Index Fund and the iShares Barclays TIPS Bond Fund ETF (underlying funds, each with allocations within the Fund of approximately 13%) provided the most positive relative returns for the Fund, gaining 24.93% and 17.03%, respectively, during the reporting period. A strong rebound in international developed market stocks propelled the Nationwide International Index Fund to a respectable gain as all but one of the 21 country markets tracked by the Morgan Stanley Capital International (MSCI EAFE^®) Index produced gains during the reporting period. Sweden led the way with 69.27%. Concerns about the potential inflationary impact of U.S. government economic stimulus actions drove up the values of inflation-protected securities, as reflected in the strong performance of the iShares Barclays TIPS Bond Fund ETF.

What areas of investment detracted from Fund performance?

The Credit Suisse Commodity Strategy Return Fund returned only 1.02% and the Nationwide Money Market Fund returned only 0.21% (with allocations to the Fund of approximately 4% and 1%, respectively). Commodities, as tracked by the Dow Jones-UBS Commodities Index, barely broke even, and Credit Suisse eked out a small gain despite extreme volatility in this asset class during the reporting period. Yields on money funds continued to be microscopic due to the effect of the low-interest-rate environment on high-quality, ultra-short-term investments.

What is your outlook for the near term?

* The benchmark for the Nationwide Destination 2015 Fund changed from the Dow Jones (DJ) Target 2015 Index to the Morningstar (Mstar) Lifetime Moderate 2015 effective as of September 30, 2009.

2009 Annual Report 19

Nationwide Destination 2015 Fund (Continued)

The events of the past year should serve to reinforce the critical importance of investing in a broadly diversified portfolio of investments. We believe our Nationwide Target Destination Funds, by combining underlying investments in up to 14 distinct asset classes that behave differently under most market conditions, are well-positioned to deliver strong risk-adjusted returns over the long-term.

Nationwide Destination 2015 Fund
Performance of Underlying Investments for the 12 Months Ended October 31, 2009


		Target		12 Month
Asset Classes	Underlying Investments	Allocation**		Return

Large-Cap Stocks	Nationwide S&P 500 Index Fund		24%		9.55%


Intermediate-Term Bonds	Nationwide Bond Index Fund		16%		13.22%


International Stocks	Nationwide International Index Fund		13%		24.93%


Inflation-Protected Bonds	iShares Barclays U.S. Treasury Inflation Protected Securities Fund (ETF)		13%		17.03%


Mid-Cap Stocks	Nationwide Mid Cap Market Index Fund		8%		17.77%


Short-Term Bonds	Vanguard Short Term Bond Fund (ETF)		8%		8.57%


Small-Cap Stocks	Nationwide Small Cap Index Fund		4%		6.51%


International Bonds	Oppenheimer International Bond Fund		4%		26.06%


Commodity Stocks	Credit Suisse Commodity Return Strategy Fund		4%		1.02%


Emerging Market Stocks	Vanguard Emerging Markets Fund (ETF)		2%		60.06%


High-Yield Bonds	T. Rowe Price High Yield Bond Fund		1%		34.94%


Domestic REITs	Vanguard REIT Fund (ETF)		1%		1.83%


International REITs	SPDRs Dow Jones Wilshire International Real Estate Fund (ETF)		1%		31.18%


Money Market Investments	Nationwide Money Market Fund		1%		0.21%


**		Fund target allocations are as of October 31, 2009

Portfolio Manager:
Thomas R. Hickey Jr., Nationwide Fund Advisors

20 Annual Report 2009


Fund Performance	Nationwide Destination 2015 Fund

Average Annual Total Return
(For periods ended October 31, 2009)


		1 Yr.		Inception¹

Class A	w/o SC²		14.22%		-5.65%
	w/SC³		7.62%		-8.19%


Class C	w/o SC²		13.61%		-6.17%
	w/SC⁴		12.61%		-6.17%


Institutional Service Class⁵			14.53%		-5.51%


Institutional Class⁵			14.81%		-5.24%


Class R1⁵			13.70%		-6.09%


Class R2⁵			13.94%		-5.91%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.


¹		Fund commenced operations on August 30, 2007.

²		These returns do not reflect the effects of sales charges (SC).

³		A 5.75% front-end sales charge was deducted.

⁴		A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁵		Not subject to any sales charges.

Expense Ratios


	Expense
	Ratio*

Class A		0.99%


Class C		1.65%


Class R1		1.44%


Class R2		1.29%


Institutional Service Class		0.82%


Institutional Class		0.65%


*		Current effective prospectus. Expenses also include indirect underlying fund expenses. Please see the Fund’s most recent prospectus for details.

Performance of a $10,000 Investment

Comparative performance of $10,000 invested in the Class A of the Nationwide Destination 2015 Fund, Dow Jones Target 2015 Index(a), the Dow Jones Wilshire 5000 Index(b), and the Consumer Price Index (CPI)(c) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.


(a)		The series of unmanaged portfolio-based, asset-class weighted indexes consists of composites of subindexes that represent the three major asset classes — stock, bonds and cash. The indexes measure the performance of balanced and multi-asset-class portfolios. These portfolios typically have five-year-interval target dates, and their allocations in stocks, bonds and cash are adjusted automatically to gradually reduce risk as the target dates approach. The indexes’ asset-class weightings are rebalanced monthly to match predetermined relative levels of potential risk, with a minimum of 4% weighting in each asset class. Dow Jones subindexes represent the stock component of each target date index, and Barclays Capital subindexes represent the bond and cash components. No fees or expenses are reflected. Individuals cannot invest directly in an index.

(b)		The Dow Jones Wilshire 5000 Index is an unmanaged, market capitalization-weighted index of all U.S.-headquartered equity securities with available pricing data that is representative of the performance of the broad U.S. equity market.

(c)		Calculated by the U.S. Department of Labor’s Bureau of Labor Statistics, the CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2009 Annual Report 21


Shareholder	Nationwide Destination 2015 Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

22 Annual Report 2009

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
October 31, 2009


			Beginning		Ending		Expenses Paid		Expense Ratio
			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Nationwide Destination 2015 Fund			05/01/09		10/31/09		05/01/09 - 10/31/09 ^a,b		05/01/09 - 10/31/09 ^a,b

Class A Shares	Actual			1,000.00		1,155.60		4.51		0.83
	Hypothetical	^c		1,000.00		1,021.02		4.23		0.83


Class C Shares	Actual			1,000.00		1,152.00		7.16		1.33
	Hypothetical	^c		1,000.00		1,018.55		6.72		1.33


Class R1 Shares	Actual			1,000.00		1,152.50		6.67		1.25
	Hypothetical	^c		1,000.00		1,019.00		6.26		1.25


Class R2 Shares	Actual			1,000.00		1,152.90		5.86		1.09
	Hypothetical	^c		1,000.00		1,019.76		5.50		1.09


Institutional Service	Actual			1,000.00		1,156.70		3.15		0.56
Class Shares	Hypothetical	^c		1,000.00		1,022.28		2.96		0.56


Institutional Class	Actual			1,000.00		1,157.60		1.79		0.33
Shares	Hypothetical	^c		1,000.00		1,023.54		1.68		0.33


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

^b		Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.

^c		Represents the hypothetical 5% return before expenses.

2009 Annual Report 23


Portfolio Summary	Nationwide Destination 2015 Fund

October 31, 2009


Asset Allocation

Equity Funds	56	.2%
Fixed Income Funds	42	.8%
Money Market Fund	1	.0%
Liabilities in excess of other assets‡	0	.0%

	100	.0%


‡		Rounds to less than 0.1%.


Top Holdings†

Nationwide S&P 500 Index Fund, Institutional Class	23	.7%
Nationwide Bond Index Fund, Institutional Class	16	.3%
iShares Barclays U.S. Treasury Inflation Protected Securities Fund	13	.3%
Nationwide International Index Fund, Institutional Class	12	.9%
Vanguard Short-Term Bond Fund	8	.1%
Nationwide Mid Cap Market Index Fund, Institutional Class	7	.7%
Credit Suisse Commodity Return Strategy Fund	4	.3%
Oppenheimer International Bond Fund, Class Y	4	.1%
Nationwide Small Cap Index Fund, Institutional Class	3	.7%
Vanguard Emerging Markets Fund	1	.9%
Other Holdings	4	.0%

	100	.0%


†		Percentages indicated are based upon total investments as of October 31, 2009.

The accompanying notes are an integral part of these financial statements.

24 Annual Report 2009

Statement of Investments

October 31, 2009

Nationwide Destination 2015 Fund



Mutual Funds 74.7%

	Shares		Market Value


Equity Funds 52.3%
Credit Suisse Commodity Return Strategy Fund	327,260	$	2,827,530
Nationwide International Index Fund, Institutional Class (a)	1,237,762		8,503,422
Nationwide Mid Cap Market Index Fund, Institutional Class (a)	463,547		5,061,930
Nationwide S&P 500 Index Fund, Institutional Class (a)	1,797,492		15,638,177
Nationwide Small Cap Index Fund, Institutional Class (a)	285,481		2,463,701

Total Equity Funds (cost $29,165,023)			34,494,760



Fixed Income Funds 21.4%
Nationwide Bond Index Fund, Institutional Class (a)	959,836		10,740,561
Oppenheimer International Bond Fund, Class Y	412,226		2,695,958
T. Rowe Price High Yield Bond Fund	74,104		676,569

Total Fixed Income Funds (cost $13,482,796)			14,113,088



Money Market Fund 1.0%
Nationwide Money Market Fund, Institutional Class, 0.00% (a)(b) (cost $666,703)	666,703		666,703


Total Mutual Funds (cost $43,314,522)			49,274,551



Exchange Traded Funds 25.3%

	Shares		Market Value


Equity Funds 3.9%
SPDR Dow Jones Wilshire International Real Estate Fund	18,781		647,757
Vanguard Emerging Markets Fund	34,446		1,295,169
Vanguard REIT Fund	16,170		640,009

Total Equity Funds (cost $1,809,615)			2,582,935



Fixed Income Funds 21.4%
iShares Barclays U.S. Treasury Inflation Protected Securities Fund	84,490		8,787,805
Vanguard Short-Term Bond Fund	66,747		5,343,765

Total Fixed Income Funds (cost $13,810,896)			14,131,570


Total Exchange Traded Funds (cost $15,620,511)			16,714,505


Total Investments (cost $58,935,033) (c) — 100.0%			65,989,056

Liabilities in excess of other assets — 0.0%			(31,804	)


NET ASSETS — 100.0%		$	65,957,252


(a)		Investment in affiliate.

(b)		Represents 7-day effective yield as of October 31, 2009.

(c)		See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.


REIT		Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 25

Statement of Assets and Liabilities

October 31, 2009



	Nationwide
	Destination 2015
	Fund

Assets:
Investments in affiliates, at value (cost $37,582,393)	$	43,074,494
Investments in non-affiliates, at value (cost $21,352,640)		22,914,562

Total Investments		65,989,056

Cash		149,717
Receivable for investments sold		2,769
Receivable for capital shares issued		127,547

Total Assets		66,269,089

Liabilities:
Payable for investments purchased		196,431
Payable for capital shares redeemed		68,986
Accrued expenses and other payables:
Investment advisory fees		18,374
Distribution fees		17,448
Administrative servicing fees		10,598

Total Liabilities		311,837

Net Assets	$	65,957,252

Represented by:
Capital	$	63,253,352
Accumulated undistributed net investment income		28,734
Accumulated net realized losses from investment transactions		(4,378,857	)
Net unrealized appreciation/(depreciation) from investments in affiliates		5,492,101
Net unrealized appreciation/(depreciation) from investments in non-affiliates		1,561,922

Net Assets	$	65,957,252

Net Assets:
Class A Shares	$	16,905,110
Class C Shares		362,935
Class R1 Shares		3,876,432
Class R2 Shares		26,961,654
Institutional Service Class Shares		14,210,045
Institutional Class Shares		3,641,076

Total	$	65,957,252

Shares Outstanding (unlimited number of shares authorized):
Class A Shares		2,021,179
Class C Shares		43,381
Class R1 Shares		464,473
Class R2 Shares		3,227,274
Institutional Service Class Shares		1,695,419
Institutional Class Shares		433,887

Total		7,885,613

The accompanying notes are an integral part of these financial statements.

26 Annual Report 2009



	Nationwide
	Destination 2015
	Fund

Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	8.36
Class C Shares (a)	$	8.37
Class R1 Shares	$	8.35
Class R2 Shares	$	8.35
Institutional Service Class Shares	$	8.38
Institutional Class Shares	$	8.39
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	8.87

Maximum Sales Charge:
Class A Shares		5.75	%


(a)	For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 27

Statement of Operations

For the Year Ended October 31, 2009



	Nationwide
	Destination 2015
	Fund

INVESTMENT INCOME:
Dividend income from affiliates	$	755,020
Dividend income from non-affiliates		499,719

Total Income		1,254,739

EXPENSES:
Investment advisory fees		141,033
Distribution fees Class A		25,980
Distribution fees Class C		1,674
Distribution fees Class R1		17,482
Distribution fees Class R2		91,490
Administrative servicing fees Class A		25,919
Administrative servicing fees Class R1		6,725
Administrative servicing fees Class R2		45,758
Administrative servicing fees Institutional Service Class		22,171

Net Expenses		378,232

NET INVESTMENT INCOME		876,507

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gain distributions from underlying affiliated funds		440,192
Net realized gain distributions from underlying non-affiliated funds		6,699
Net realized losses from investment transactions with affiliates		(3,988,052	)
Net realized losses from investment transactions with non-affiliates		(624,998	)

Net realized losses from affiliated and non-affiliated investments		(4,166,159	)

Net change in unrealized appreciation/(depreciation) from investments in affiliates		9,345,148
Net change in unrealized appreciation/(depreciation) from investments in non-affiliates		2,813,877

Net change in unrealized appreciation/(depreciation) from investments		12,159,025

Net realized/unrealized gains from affiliated and non-affiliated investments		7,992,866

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,869,373

The accompanying notes are an integral part of these financial statements.

28 Annual Report 2009

Statements of Changes in Net Assets


	Nationwide Destination 2015 Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	876,507		$	241,059
Net realized losses from investment transactions		(4,166,159	)		(158,631	)
Net change in unrealized appreciation/(depreciation) from investments		12,159,025			(5,159,749	)

Change in net assets resulting from operations		8,869,373			(5,077,321	)


Distributions to Shareholders From:
Net investment income:
Class A		(215,472	)		(7,580	)
Class C		(2,496	)		(68	)
Class R1		(47,515	)		(9,787	)
Class R2		(344,621	)		(119,814	)
Institutional Service Class		(210,488	)		(45,344	)
Institutional Class		(60,954	)		(33,859	)
Net realized gains:
Class A		(1,221	)		(29	)
Class C		(11	)		(2	)
Class R1		(3,163	)		(2	)
Class R2		(26,357	)		(165	)
Institutional Service Class		(13,080	)		(1	)
Institutional Class		(2,883	)		(539	)

Change in net assets from shareholder distributions		(928,261	)		(217,190	)

Change in net assets from capital transactions		38,174,041			24,075,930

Change in net assets		46,115,153			18,781,419


Net Assets:
Beginning of year		19,842,099			1,060,680

End of year	$	65,957,252		$	19,842,099

Accumulated undistributed net investment income at end of year	$	28,734		$	28,846


CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	15,512,921		$	890,118
Dividends reinvested		216,693			7,609
Cost of shares redeemed		(2,418,632	)		(196,106	)

Total Class A		13,310,982			701,621

Class C Shares
Proceeds from shares issued		316,170			5,679
Dividends reinvested		2,507			70
Cost of shares redeemed		(883	)		(10	)

Total Class C		317,794			5,739

Class R1 Shares
Proceeds from shares issued		3,081,526			1,719,581
Dividends reinvested		50,678			9,789
Cost of shares redeemed		(922,851	)		(155,492	)

Total Class R1		2,209,353			1,573,878
			��

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 29

Statements of Changes in Net Assets (Continued)


	Nationwide Destination 2015 Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

CAPITAL TRANSACTIONS: (continued)
Class R2 Shares
Proceeds from shares issued	$	15,158,621		$	15,640,395
Dividends reinvested		370,978			119,979
Cost of shares redeemed		(2,548,611	)		(1,515,279	)

Total Class R2		12,980,988			14,245,095

Institutional Service Class Shares
Proceeds from shares issued		9,061,316			7,344,599
Dividends reinvested		223,567			45,345
Cost of shares redeemed		(1,778,616	)		(709,620	)

Total Institutional Service Class		7,506,267			6,680,324

Institutional Class Shares
Proceeds from shares issued		3,567,046			895,259
Dividends reinvested		55,845			34,398
Cost of shares redeemed		(1,774,234	)		(60,384	)

Total Institutional Class		1,848,657			869,273

Change in net assets from capital transactions:	$	38,174,041		$	24,075,930


SHARE TRANSACTIONS:
Class A Shares
Issued		2,243,456			92,478
Reinvested		28,321			815
Redeemed		(323,277	)		(20,713	)

Total Class A Shares		1,948,500			72,580

Class C Shares
Issued		42,487			575
Reinvested		317			7
Redeemed		(105	)		(1	)

Total Class C Shares		42,699			581

Class R1 Shares
Issued		412,272			183,811
Reinvested		6,685			1,069
Redeemed		(123,491	)		(15,974	)

Total Class R1 Shares		295,466			168,906

Class R2 Shares
Issued		2,026,461			1,650,905
Reinvested		49,004			12,942
Redeemed		(342,249	)		(169,888	)

Total Class R2 Shares		1,733,216			1,493,959

Institutional Service Class Shares
Issued		1,190,458			793,403
Reinvested		29,330			4,923
Redeemed		(242,060	)		(80,736	)

Total Institutional Service Class Shares		977,728			717,590

The accompanying notes are an integral part of these financial statements.

30 Annual Report 2009


	Nationwide Destination 2015 Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

SHARE TRANSACTIONS: (continued)
Institutional Class Shares
Issued		469,105			93,972
Reinvested		7,222			3,581
Redeemed		(233,634	)		(6,232	)

Total Institutional Class Shares		242,693			91,321

Total change in shares:		5,240,302			2,544,937

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 31

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Destination 2015 Fund


				Operations									Distributions															Ratios / Supplemental Data

							Net Realized																													Ratio of
							and																							Ratio of			Ratio of Net			Expenses
	Net Asset						Unrealized																							Expenses			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net						Net Asset						Net Assets		to Average			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Total			Value, End			Total			at End		Net			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			of Period			Return (a)(b)			of Period		Assets (c)			Net Assets (c)			Net Assets (c)(d)			Turnover (e)
Class A Shares
Year Ended October 31, 2009 (f)	$	7	.51		0	.16		0	.89		1	.05		(0	.18)		(0	.02)		(0	.20)	$	8	.36		14	.22%	$	16,905,110		0	.83%		2	.03%		0	.83%		27	.93%
Year Ended October 31, 2008 (f)	$	10	.56		0	.27		(3	.08)		(2	.81)		(0	.23)		(0	.01)		(0	.24)	$	7	.51		(27	.16)%	$	545,547		0	.62%		2	.88%		0	.72%		28	.09%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.05		0	.54		0	.59		(0	.03)		–			(0	.03)	$	10	.56		5	.94%	$	1,061		1	.06%		2	.92%		1	.77%		1	.12%

Class C Shares
Year Ended October 31, 2009 (f)	$	7	.51		0	.10		0	.92		1	.02		(0	.14)		(0	.02)		(0	.16)	$	8	.37		13	.61%	$	362,935		1	.32%		1	.32%		1	.32%		27	.93%
Year Ended October 31, 2008 (f)	$	10	.55		0	.19		(3	.05)		(2	.86)		(0	.17)		(0	.01)		(0	.18)	$	7	.51		(27	.56)%	$	5,118		1	.34%		2	.01%		1	.45%		28	.09%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.03		0	.55		0	.58		(0	.03)		–			(0	.03)	$	10	.55		5	.81%	$	1,059		1	.42%		1	.86%		1	.42%		1	.12%

Class R1 Shares
Year Ended October 31, 2009 (f)	$	7	.49		0	.13		0	.89		1	.02		(0	.14)		(0	.02)		(0	.16)	$	8	.35		13	.70%	$	3,876,432		1	.23%		1	.70%		1	.23%		27	.93%
Year Ended October 31, 2008 (f)	$	10	.55		0	.20		(3	.05)		(2	.85)		(0	.20)		(0	.01)		(0	.21)	$	7	.49		(27	.49)%	$	1,265,457		1	.11%		2	.21%		1	.18%		28	.09%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.03		0	.55		0	.58		(0	.03)		–			(0	.03)	$	10	.55		5	.81%	$	1,059		1	.42%		1	.86%		1	.42%		1	.12%

Class R2 Shares
Year Ended October 31, 2009 (f)	$	7	.49		0	.14		0	.89		1	.03		(0	.15)		(0	.02)		(0	.17)	$	8	.35		13	.94%	$	26,961,654		1	.08%		1	.87%		1	.08%		27	.93%
Year Ended October 31, 2008 (f)	$	10	.56		0	.22		(3	.06)		(2	.84)		(0	.22)		(0	.01)		(0	.23)	$	7	.49		(27	.43)%	$	11,194,278		0	.98%		2	.40%		1	.06%		28	.09%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.21		0	.38		0	.59		(0	.03)		–			(0	.03)	$	10	.56		5	.94%	$	1,076		1	.06%		2	.23%		1	.06%		1	.12%

Institutional Service Class Shares
Year Ended October 31, 2009 (f)	$	7	.51		0	.18		0	.89		1	.07		(0	.18)		(0	.02)		(0	.20)	$	8	.38		14	.53%	$	14,210,045		0	.58%		2	.39%		0	.58%		27	.93%
Year Ended October 31, 2008 (f)	$	10	.56		0	.26		(3	.07)		(2	.81)		(0	.23)		(0	.01)		(0	.24)	$	7	.51		(27	.15)%	$	5,392,911		0	.59%		2	.86%		0	.65%		28	.09%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.05		0	.55		0	.60		(0	.04)		–			(0	.04)	$	10	.56		5	.97%	$	1,060		0	.71%		2	.57%		0	.71%		1	.12%

Institutional Class Shares
Year Ended October 31, 2009 (f)	$	7	.53		0	.20		0	.88		1	.08		(0	.20)		(0	.02)		(0	.22)	$	8	.39		14	.81%	$	3,641,076		0	.33%		2	.60%		0	.33%		27	.93%
Year Ended October 31, 2008 (f)	$	10	.56		0	.29		(3	.06)		(2	.77)		(0	.25)		(0	.01)		(0	.26)	$	7	.53		(26	.80)%	$	1,438,788		0	.33%		3	.02%		0	.45%		28	.09%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.05		0	.55		0	.60		(0	.04)		–			(0	.04)	$	10	.56		6	.00%	$	1,055,365		0	.33%		2	.91%		0	.50%		1	.12%

Amounts designated as “–“ are zero or have been rounded to zero.


(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	Per share calculations were performed using average shares method.
(g)	For the period from August 30, 2007 (commencement of operations) through October 31, 2007.

The accompanying notes are an integral part of these financial statements.

32 Annual Report 2009


Nationwide Destination 2020 Fund

How did the Fund perform during the reporting period in relation to its benchmark and its peer group?

For the annual period ended October 31, 2009, the Nationwide Destination 2020 Fund (Class A at NAV) returned 14.79% versus 19.18% for its new benchmark, the Morningstar^® (Mstar) Lifetime Moderate 2020 Index, and 15.48% for its former benchmark, the Dow Jones (DJ) Target 2020 Index*. For broader comparison, the average return for the Fund’s closest Lipper peer category of Mixed-Asset Target 2020 Funds (consisting of 170 funds as of October 31, 2009) was 16.67% for the same time period.

What areas of investment provided the most positive relative returns for the Fund?

The Nationwide International Index Fund and the iShares Barclays TIPS Bond Fund ETF (underlying funds with allocations within the Fund of approximately 16% and 10%, respectively) provided the most positive relative returns for the Fund, gaining 24.93% and 17.03%, respectively, during the reporting period. A strong rebound in international developed market stocks propelled the Nationwide International Index Fund to a respectable gain as all but one of the 21 country markets tracked by the Morgan Stanley Capital International (MSCI EAFE^®) Index produced gains during the reporting period. Sweden led the way with 69.27%. Concerns about the potential inflationary impact of U.S. government economic stimulus actions drove up the values of inflation-protected securities, as reflected in the strong performance of the iShares Barclays TIPS Bond Fund ETF.

What areas of investment detracted from Fund performance?

What is your outlook for the near term?

* The benchmark for the Nationwide Destination 2020 Fund changed from the Dow Jones (DJ) Target 2020 Index to the Morningstar (Mstar) Lifetime Moderate 2020 Index effective as of September 30, 2009.

2009 Annual Report 33

Nationwide Destination 2020 Fund (Continued)

The events of the past year should serve to reinforce the advantages of investing in a broadly diversified portfolio of investments. We believe our Nationwide Target Destination Funds, by combining underlying investments in up to 14 distinct asset classes that behave differently under most market conditions, are well positioned to deliver strong risk-adjusted returns over the long-term.

Nationwide Destination 2020 Fund
Performance of Underlying Investments for the 12 Months Ended October 31, 2009


		Target		12-Month
Asset Classes	Underlying Investments	Allocation**		Return

Large-Cap Stocks	Nationwide S&P 500 Index Fund		26%		9.55%


Intermediate-Term Bonds	Nationwide Bond Index Fund		17%		13.22%


International Stocks	Nationwide International Index Fund		16%		24.93%


Inflation-Protected Bonds	iShares Barclays U.S. Treasury Inflation Protected Securities Fund (ETF)		10%		17.03%


Mid-Cap Stocks	Nationwide Mid Cap Market Index Fund		9%		17.77%


Small-Cap Stocks	Nationwide Small Cap Index Fund		6%		6.51%


Short-Term Bonds	Vanguard Short Term Bond Fund		5%		8.57%


Commodity Stocks	Credit Suisse Commodity Return Strategy Fund		4%		1.02%


Emerging Market Stocks	Vanguard Emerging Markets Fund (ETF)		3%		60.06%


Domestic REITs	Vanguard REIT Fund (ETF)		2%		1.83%


International REITs	SPDRs Dow Jones Wilshire International Real Estate Fund (ETF)		1%		31.18%


Money Market Investments	Nationwide Money Market Fund		1%		0.21%


**		Fund target allocations are as of October 31, 2009

Portfolio Manager:
Thomas R. Hickey Jr., Nationwide Fund Advisors

34 Annual Report 2009


Fund Performance	Nationwide Destination 2020 Fund

Average Annual Total Return
(For periods ended October 31, 2009)


		1 Yr.		Inception¹

Class A	w/o SC²		14.79%		-6.54%
	w/SC³		8.15%		-9.05%


Class C	w/o SC²		14.36%		-7.11%
	w/SC⁴		13.36%		-7.11%


Institutional Service Class⁵			15.08%		-6.39%


Institutional Class⁵			15.49%		-6.08%


Class R1⁵			14.51%		-6.83%


Class R2⁵			14.63%		-6.75%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.


¹		Fund commenced operations on August 30, 2007.

²		These returns do not reflect the effects of sales charges (SC).

³		A 5.75% front-end sales charge was deducted.

⁴		A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁵		Not subject to any sales charges.

Expense Ratios


	Expense
	Ratio*

Class A		0.99%


Class C		1.64%


Class R1		1.41%


Class R2		1.31%


Institutional Service Class		0.82%


Institutional Class		0.64%


*		Current effective prospectus. Expenses also include indirect underlying fund expenses. Please see the Fund’s most recent prospectus for details.

Performance of a $10,000 Investment

Comparative performance of $10,000 invested in the Class A of the Nationwide Destination 2020 Fund, Dow Jones Target 2020 Index(a), the Dow Jones Wilshire 5000 Index(b), and the Consumer Price Index (CPI)(c) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.


(a)		The series of unmanaged portfolio-based, asset-class weighted indexes consists of composites of subindexes that represent the three major asset classes — stock, bonds and cash. The indexes measure the performance of balanced and multi-asset-class portfolios. These portfolios typically have five-year-interval target dates, and their allocations in stocks, bonds and cash are adjusted automatically to gradually reduce risk as the target dates approach. The indexes’ asset-class weightings are rebalanced monthly to match predetermined relative levels of potential risk, with a minimum of 4% weighting in each asset class. Dow Jones subindexes represent the stock component of each target date index, and Barclays Capital subindexes represent the bond and cash components. No fees or expenses are reflected. Individuals cannot invest directly in an index.

(b)		The Dow Jones Wilshire 5000 Index is an unmanaged, market capitalization-weighted index of all U.S.-headquartered equity securities with available pricing data that is representative of the performance of the broad U.S. equity market.

(c)		Calculated by the U.S. Department of Labor’s Bureau of Labor Statistics, the CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2009 Annual Report 35


Shareholder	Nationwide Destination 2020 Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

36 Annual Report 2009

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
October 31, 2009


			Beginning		Ending		Expenses Paid		Expense Ratio
			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Nationwide Destination 2020 Fund			05/01/09		10/31/09		05/01/09 - 10/31/09 ^a,b		05/01/09 - 10/31/09 ^a,b

Class A Shares	Actual			1,000.00		1,168.40		4.54		0.89
	Hypothetical	^c		1,000.00		1,021.02		4.23		0.89


Class C Shares	Actual			1,000.00		1,166.70		7.26		1.33
	Hypothetical	^c		1,000.00		1,018.50		6.77		1.33


Class R1 Shares	Actual			1,000.00		1,166.00		6.72		1.29
	Hypothetical	^c		1,000.00		1,019.00		6.26		1.29


Class R2 Shares	Actual			1,000.00		1,167.60		5.90		1.09
	Hypothetical	^c		1,000.00		1,019.76		5.50		1.09


Institutional Service	Actual			1,000.00		1,169.90		3.17		0.58
Class Shares	Hypothetical	^c		1,000.00		1,022.28		2.96		0.58


Institutional Class Shares	Actual			1,000.00		1,172.20		1.81		0.33
	Hypothetical	^c		1,000.00		1,023.54		1.68		0.33


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

^b		Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.

^c		Represents the hypothetical 5% return before expenses.

2009 Annual Report 37


Portfolio Summary	Nationwide Destination 2020 Fund

October 31, 2009


Asset Allocation

Equity Funds	66	.3%
Fixed Income Funds	32	.8%
Money Market Fund 0	1	.0%
Liabilities in excess of other assets	(0	.1%)

	100	.0%


Top Holdings†

Nationwide S&P 500 Index Fund, Institutional Class	25	.8%
Nationwide Bond Index Fund, Institutional Class	17	.4%
Nationwide International Index Fund, Institutional Class	15	.9%
iShares Barclays U.S. Treasury Inflation Protected Securities Fund	10	.3%
Nationwide Mid Cap Market Index Fund, Institutional Class	8	.7%
Nationwide Small Cap Index Fund, Institutional Class	5	.6%
Vanguard Short-Term Bond Fund	5	.1%
Credit Suisse Commodity Return Strategy Fund	4	.3%
Vanguard Emerging Markets Fund	3	.0%
Vanguard REIT Fund	1	.9%
Other Holdings	2	.0%

	100	.0%


†		Percentages indicated are based upon total investments as of October 31, 2009.

The accompanying notes are an integral part of these financial statements.

38 Annual Report 2009

Statement of Investments

October 31, 2009

Nationwide Destination 2020 Fund



Mutual Funds 78.8%

	Shares		Market Value


Equity Funds 60.4%
Credit Suisse Commodity Return Strategy Fund	310,993	$	2,686,983
Nationwide International Index Fund, Institutional Class (a)	1,447,094		9,941,536
Nationwide Mid Cap Market Index Fund, Institutional Class (a)	495,293		5,408,601
Nationwide S&P 500 Index Fund, Institutional Class (a)	1,849,745		16,092,783
Nationwide Small Cap Index Fund, Institutional Class (a)	406,651		3,509,397


Total Equity Funds (cost $34,288,953)			37,639,300



Fixed Income Fund 17.4%
Nationwide Bond Index Fund, Institutional Class (a) (cost $10,534,890)	968,715		10,839,926



Money Market Fund 1.0%
Nationwide Money Market Fund, Institutional Class, 0.00% (a)(b) (cost $633,310)	633,310		633,310


Total Mutual Funds (cost $45,457,153)			49,112,536



Exchange Traded Funds 21.3%

	Shares		Market Value



Equity Funds 5.9%
SPDR Dow Jones Wilshire International Real Estate Fund	17,838		615,233
Vanguard Emerging Markets Fund	49,439		1,858,906
Vanguard REIT Fund	30,251		1,197,335


Total Equity Funds (cost $2,714,858)			3,671,474



Fixed Income Funds 15.4%
iShares Barclays U.S. Treasury Inflation Protected Securities Fund	61,737		6,421,265
Vanguard Short-Term Bond Fund	39,626		3,172,458


Total Fixed Income Funds (cost $9,385,334)			9,593,723


Total Exchange Traded Funds (cost $12,100,192)			13,265,197


Total Investments (cost $57,557,345) (c) — 100.1%			62,377,733

Liabilities in excess of other assets — (0.1)%			(31,951	)


NET ASSETS — 100.0%		$	62,345,782


(a)		Investment in affiliate.

(b)		Represents 7-day effective yield as of October 31, 2009.

(c)		See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.


REIT		Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 39

Statement of Assets and Liabilities

October 31, 2009



	Nationwide
	Destination 2020
	Fund

Assets:
Investments in affiliates, at value (cost $42,720,092)	$	46,425,553
Investments in non-affiliates, at value (cost $14,837,253)		15,952,180

Total Investments		62,377,733

Cash		55,175
Receivable for investments sold		15,466
Receivable for capital shares issued		66,537

Total Assets		62,514,911

Liabilities:
Payable for investments purchased		116,701
Payable for capital shares redeemed		8,108
Accrued expenses and other payables:
Investment advisory fees		17,542
Distribution fees		17,415
Administrative servicing fees		9,363

Total Liabilities		169,129

Net Assets	$	62,345,782

Represented by:
Capital	$	60,551,618
Accumulated undistributed net investment income		6,489
Accumulated net realized losses from investment transactions		(3,032,713	)
Net unrealized appreciation/(depreciation) from investments in affiliates		3,705,461
Net unrealized appreciation/(depreciation) from investments in non-affiliates		1,114,927

Net Assets	$	62,345,782

Net Assets:
Class A Shares	$	5,026,129
Class C Shares		442,018
Class R1 Shares		4,559,986
Class R2 Shares		31,333,358
Institutional Service Class Shares		15,411,091
Institutional Class Shares		5,573,200

Total	$	62,345,782

Shares Outstanding (unlimited number of shares authorized):
Class A Shares		611,504
Class C Shares		53,997
Class R1 Shares		554,341
Class R2 Shares		3,815,791
Institutional Service Class Shares		1,872,341
Institutional Class Shares		675,582

Total		7,583,556

The accompanying notes are an integral part of these financial statements.

40 Annual Report 2009



	Nationwide
	Destination 2020
	Fund

Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	8.22
Class C Shares (a)	$	8.19
Class R1 Shares	$	8.23
Class R2 Shares	$	8.21
Institutional Service Class Shares	$	8.23
Institutional Class Shares	$	8.25

Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	8.72

Maximum Sales Charge:
Class A Shares		5.75	%


(a)		For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 41

Statement of Operations

For the Year Ended October 31, 2009



	Nationwide
	Destination 2020
	Fund

INVESTMENT INCOME:
Dividend income from affiliates	$	786,392
Dividend income from non-affiliates		308,373

Total Income		1,094,765

EXPENSES:
Investment advisory fees		133,453
Distribution fees Class A		8,172
Distribution fees Class C		3,549
Distribution fees Class R1		21,086
Distribution fees Class R2		101,840
Administrative servicing fees Class A		8,175
Administrative servicing fees Class R1		8,112
Administrative servicing fees Class R2		50,932
Administrative servicing fees Institutional Service Class		23,164
Other		385

Net Expenses		358,868

NET INVESTMENT INCOME		735,897

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gain distributions from underlying affiliated funds		509,929
Net realized gain distributions from underlying non-affiliated funds		8
Net realized losses from investment transactions with affiliates		(2,845,901	)
Net realized losses from investment transactions with non-affiliates		(611,239	)

Net realized losses from affiliated and non-affiliated investments		(2,947,203	)

Net change in unrealized appreciation/(depreciation) from investments in affiliates		8,169,889
Net change in unrealized appreciation/(depreciation) from investments in non-affiliates		2,360,180

Net change in unrealized appreciation/(depreciation) from investments		10,530,069

Net realized/unrealized gains from affiliated and non-affiliated investments		7,582,866

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,318,763

The accompanying notes are an integral part of these financial statements.

42 Annual Report 2009

Statements of Changes in Net Assets


	Nationwide Destination 2020 Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	735,897		$	247,238
Net realized losses from investment transactions		(2,947,203	)		(42,920	)
Net change in unrealized appreciation/(depreciation) from investments		10,530,069			(5,769,116	)

Change in net assets resulting from operations		8,318,763			(5,564,798	)


Distributions to Shareholders From:
Net investment income:
Class A		(64,220	)		(30,452	)
Class C		(5,304	)		(817	)
Class R1		(51,387	)		(13,184	)
Class R2		(342,268	)		(102,759	)
Institutional Service Class		(197,808	)		(36,442	)
Institutional Class		(93,750	)		(43,404	)
Net realized gains:
Class A		(3,403	)		(246	)
Class C		(439	)		(1	)
Class R1		(3,226	)		(1	)
Class R2		(19,129	)		(204	)
Institutional Service Class		(8,597	)		(1	)
Institutional Class		(4,019	)		(798	)

Change in net assets from shareholder distributions		(793,550	)		(228,309	)

Change in net assets from capital transactions		34,315,572			25,174,704

Change in net assets		41,840,785			19,381,597


Net Assets:
Beginning of year		20,504,997			1,123,400

End of year	$	62,345,782		$	20,504,997

Accumulated undistributed net investment income at end of year	$	6,489		$	24,849


CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	2,924,396		$	2,805,820
Dividends reinvested		67,623			30,675
Cost of shares redeemed		(596,189	)		(157,992	)

Total Class A		2,395,830			2,678,503

Class C Shares
Proceeds from shares issued		172,631			309,717
Dividends reinvested		5,743			818
Cost of shares redeemed		(53,800	)		–

Total Class C		124,574			310,535

Class R1 Shares
Proceeds from shares issued		2,788,908			2,452,484
Dividends reinvested		54,613			13,185
Cost of shares redeemed		(560,667	)		(320,516	)

Total Class R1		2,282,854			2,145,153

Amounts designated as “ – ” are zero or have been rounded to zero.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 43

Statements of Changes in Net Assets (Continued)


	Nationwide Destination 2020 Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

CAPITAL TRANSACTIONS: (continued)
Class R2 Shares
Proceeds from shares issued	$	18,780,962		$	13,617,431
Dividends reinvested		361,397			102,962
Cost of shares redeemed		(1,910,435	)		(745,026	)

Total Class R2		17,231,924			12,975,367

Institutional Service Class Shares
Proceeds from shares issued		11,009,055			5,182,334
Dividends reinvested		206,405			36,442
Cost of shares redeemed		(1,629,370	)		(167,925	)

Total Institutional Service Class		9,586,090			5,050,851

Institutional Class Shares
Proceeds from shares issued		3,807,765			2,024,673
Dividends reinvested		97,769			44,202
Cost of shares redeemed		(1,211,234	)		(54,580	)

Total Institutional Class		2,694,300			2,014,295

Change in net assets from capital transactions:	$	34,315,572		$	25,174,704


SHARE TRANSACTIONS:
Class A Shares
Issued		402,099			293,724
Reinvested		9,230			3,287
Redeemed		(83,834	)		(17,392	)

Total Class A Shares		327,495			279,619

Class C Shares
Issued		25,128			35,846
Reinvested		790			92
Redeemed		(7,959	)		–

Total Class C Shares		17,959			35,938

Class R1 Shares
Issued		390,736			267,817
Reinvested		7,488			1,445
Redeemed		(80,157	)		(33,088	)

Total Class R1 Shares		318,067			236,174

Class R2 Shares
Issued		2,633,216			1,453,341
Reinvested		49,143			11,159
Redeemed		(253,419	)		(79,017	)

Total Class R2 Shares		2,428,940			1,385,483

Institutional Service Class Shares
Issued		1,521,338			564,187
Reinvested		27,884			3,999
Redeemed		(223,394	)		(21,773	)

Total Institutional Service Class Shares		1,325,828			546,413

Amounts designated as “ – ” are zero or have been rounded to zero.

The accompanying notes are an integral part of these financial statements.

44 Annual Report 2009


	Nationwide Destination 2020 Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

SHARE TRANSACTIONS: (continued)
Institutional Class Shares
Issued		519,450			213,028
Reinvested		13,226			4,670
Redeemed		(168,673	)		(5,997	)

Total Institutional Class Shares		364,003			211,701

Total change in shares:		4,782,292			2,695,328

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 45

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Destination 2020 Fund


				Operations									Distributions															Ratios / Supplemental Data

							Net Realized
							and																										Ratio of Net			Ratio of
							Unrealized																							Ratio of			Investment			Expenses
	Net Asset						Gains															Net								Expenses			Income			(Prior to
	Value,			Net			(Losses)			Total			Net			Net						Asset						Net Assets		to Average			to Average			Reimbursements)
	Beginning			Investment			from			from			Investment			Realized			Total			Value, End			Total			at End		Net			Net			to Average Net			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			of Period			Return (a)(b)			of Period		Assets (c)			Assets (c)			Assets (c)(d)			Turnover (e)

Class A Shares
Year Ended October 31, 2009 (f)	$	7	.33		0	.14		0	.92		1	.06		(0	.16)		(0	.01)		(0	.17)	$	8	.22		14	.79%	$	5,026,129		0	.83%		1	.89%		0	.83%		21	.24%
Year Ended October 31, 2008 (f)	$	10	.60		0	.22		(3	.27)		(3	.05)		(0	.21)		(0	.01)		(0	.22)	$	7	.33		(29	.28%)	$	2,080,684		0	.69%		2	.37%		0	.80%		16	.46%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.01		0	.62		0	.63		(0	.03)		–			(0	.03)	$	10	.60		6	.35%	$	46,521		0	.85%		0	.36%		1	.09%		1	.99%

Class C Shares
Year Ended October 31, 2009 (f)	$	7	.29		0	.10		0	.93		1	.03		(0	.12)		(0	.01)		(0	.13)	$	8	.19		14	.36%	$	442,018		1	.33%		1	.42%		1	.33%		21	.24%
Year Ended October 31, 2008 (f)	$	10	.59		0	.12		(3	.24)		(3	.12)		(0	.17)		(0	.01)		(0	.18)	$	7	.29		(29	.87%)	$	262,633		1	.33%		1	.52%		1	.34%		16	.46%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.03		0	.59		0	.62		(0	.03)		–			(0	.03)	$	10	.59		6	.22%	$	1,062		1	.41%		1	.62%		1	.41%		1	.99%

Class R1 Shares
Year Ended October 31, 2009 (f)	$	7	.33		0	.11		0	.93		1	.04		(0	.13)		(0	.01)		(0	.14)	$	8	.23		14	.51%	$	4,559,986		1	.23%		1	.49%		1	.23%		21	.24%
Year Ended October 31, 2008 (f)	$	10	.59		0	.19		(3	.27)		(3	.08)		(0	.17)		(0	.01)		(0	.18)	$	7	.33		(29	.50%)	$	1,731,253		1	.03%		2	.11%		1	.12%		16	.46%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.03		0	.59		0	.62		(0	.03)		–			(0	.03)	$	10	.59		6	.22%	$	1,062		1	.41%		1	.62%		1	.41%		1	.99%

Class R2 Shares
Year Ended October 31, 2009 (f)	$	7	.31		0	.12		0	.93		1	.05		(0	.14)		(0	.01)		(0	.15)	$	8	.21		14	.63%	$	31,333,358		1	.08%		1	.62%		1	.08%		21	.24%
Year Ended October 31, 2008 (f)	$	10	.60		0	.19		(3	.27)		(3	.08)		(0	.20)		(0	.01)		(0	.21)	$	7	.31		(29	.53%)	$	10,139,899		1	.01%		2	.08%		1	.10%		16	.46%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.01		0	.62		0	.63		(0	.03)		–			(0	.03)	$	10	.60		6	.35%	$	14,496		0	.88%		0	.47%		1	.03%		1	.99%

Institutional Service Class Shares
Year Ended October 31, 2009 (f)	$	7	.33		0	.16		0	.92		1	.08		(0	.17)		(0	.01)		(0	.18)	$	8	.23		15	.08%	$	15,411,091		0	.58%		2	.10%		0	.58%		21	.24%
Year Ended October 31, 2008 (f)	$	10	.60		0	.24		(3	.28)		(3	.04)		(0	.22)		(0	.01)		(0	.23)	$	7	.33		29	.23%	$	4,003,810		0	.58%		2	.66%		0	.65%		16	.46%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.04		0	.60		0	.64		(0	.04)		–			(0	.04)	$	10	.60		6	.38%	$	1,064		0	.71%		2	.33%		0	.71%		1	.99%

Institutional Class Shares
Year Ended October 31, 2009 (f)	$	7	.34		0	.18		0	.93		1	.11		(0	.19)		(0	.01)		(0	.20)	$	8	.25		15	.49%	$	5,573,200		0	.33%		2	.39%		0	.33%		21	.24%
Year Ended October 31, 2008 (f)	$	10	.60		0	.27		(3	.28)		(3	.01)		(0	.24)		(0	.01)		(0	.25)	$	7	.34		(28	.98%)	$	2,286,718		0	.33%		2	.85%		0	.43%		16	.46%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.05		0	.59		0	.64		(0	.04)		–			(0	.04)	$	10	.60		6	.40%	$	1,059,195		0	.33%		2	.79%		0	.50%		1	.99%

Amounts designated as “ – “ are zero or have been rounded to zero.


(a)	Excludes sales charge.


(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	Per share calculations were performed using average shares method.
(g)	For the period from August 30, 2007 (commencement of operations) through October 31, 2007.

The accompanying notes are an integral part of these financial statements.

46 Annual Report 2009


Nationwide Destination 2025 Fund

How did the Fund perform during the reporting period in relation to its benchmark and its peer group?

For the annual period ended October 31, 2009, the Nationwide Destination 2025 Fund (Class A at NAV) returned 15.26% versus 19.42% for its new benchmark, the Morningstar^® (Mstar) Lifetime Moderate 2025 Index*, and 15.36% for its former benchmark, the Dow Jones (DJ) Target 2025 Index. For broader comparison, the average return for the Fund’s closest Lipper peer category of Mixed-Asset Target 2025 Funds (consisting of 107 funds as of October 31, 2009) was 17.14% for the same time period.

What areas of investment provided the most positive relative returns for the Fund?

The Nationwide International Index Fund and the Nationwide S&P 500 Index Fund (underlying funds with allocations within the Fund of approximately 18% and 29%, respectively) provided the most positive relative returns for the Fund, gaining 24.93% and 9.55%, respectively, during the reporting period. A strong rebound in international developed market stocks propelled the Nationwide International Index Fund to a respectable gain as all but one of the 21 country markets tracked by the Morgan Stanley Capital International (MSCI EAFE^®) Index produced gains during the period. Sweden led the way with 69.27%. Nine of the 10 sectors within the S&P 500 Index recorded positive returns during the reporting period; information technology led with 31.50%.

What areas of investment detracted from Fund performance?

What is your outlook for the near term?

The events of the past year should serve to reinforce the advantages of investing in a broadly diversified portfolio of investments. We believe our Nationwide Target Destination Funds, by combining underlying investments in up to 14 distinct asset classes that behave differently under most market conditions, are well-positioned to deliver strong risk-adjusted returns over the long-term.

* The benchmark for the Nationwide Destination 2025 Fund changed from the Dow Jones (DJ) Target 2025 Index to the Morningstar (Mstar) Lifetime Moderate 2025 Index effective September 30, 2009.

2009 Annual Report 47

Nationwide Destination 2025 Fund (Continued)

Nationwide Destination 2025 Fund
Performance of Underlying Investments for the 12 Months Ended October 31, 2009


		Target		12-Month
Asset Classes	Underlying Investments	Allocation**		Return

Large-Cap Stocks	Nationwide S&P 500 Index Fund		29%		9.55%


International Stocks	Nationwide International Index Fund		18%		24.93%


Intermediate-Term Bonds	Nationwide Bond Index Fund		13%		13.22%


Mid-Cap Stocks	Nationwide Mid Cap Market Index Fund		11%		17.77%


Small-Cap Stocks	Nationwide Small Cap Index Fund		8%		6.51%


Inflation-Protected Bonds	iShares Barclays U.S. Treasury Inflation Protected Securities Fund (ETF)		7%		17.03%


Commodity Stocks	Credit Suisse Commodity Return Strategy Fund		4%		1.02%


Short-Term Bonds	Vanguard Short Term Bond Fund (ETF)		3%		8.57%


Emerging Market Stocks	Vanguard Emerging Markets Fund (ETF)		3%		60.06%


Domestic REITs	Vanguard REIT Fund (ETF)		2%		1.83%


International REITs	SPDRs Dow Jones Wilshire International Real Estate Fund (ETF)		1%		31.18%


Money Market Investments	Nationwide Money Market Fund		1%		0.21%


**		Fund target allocations are as of October 31, 2009

Portfolio Manager:
Thomas R. Hickey Jr., Nationwide Fund Advisors

48 Annual Report 2009


Fund Performance	Nationwide Destination 2025 Fund

Average Annual Total Return
(For periods ended October 31, 2009)


		1 Yr.		Inception¹

Class A	w/o SC²		15.26%		-7.53%
	w/SC³		8.57%		-10.02%


Class C	w/o SC²		14.70%		-8.00%
	w/SC⁴		13.70%		-8.00%


Institutional Service Class⁵			15.76%		-7.38%


Institutional Class⁵			15.83%		-7.13%


Class R1⁵			14.85%		-7.89%


Class R2⁵			15.03%		-7.73%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.


¹		Fund commenced operations on August 30, 2007.

²		These returns do not reflect the effects of sales charges (SC).

³		A 5.75% front-end sales charge was deducted.

⁴		A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁵		Not subject to any sales charges.

Expense Ratios


	Expense
	Ratio*

Class A		0.96%


Class C		1.64%


Class R1		1.41%


Class R2		1.27%


Institutional Service Class		0.82%


Institutional Class		0.64%


*		Current effective prospectus. Expenses also include indirect underlying fund expenses. Please see the Fund’s most recent prospectus for details.

Performance of a $10,000 Investment

Comparative performance of $10,000 invested in the Class A of the Nationwide Destination 2025 Fund, Dow Jones Target 2025 Index(a), the Dow Jones Wilshire 5000 Index(b), and the Consumer Price Index (CPI)(c) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.


(a)		The series of unmanaged portfolio-based, asset-class weighted indexes consists of composites of subindexes that represent the three major asset classes — stock, bonds and cash. The indexes measure the performance of balanced and multi-asset-class portfolios. These portfolios typically have five-year-interval target dates, and their allocations in stocks, bonds and cash are adjusted automatically to gradually reduce risk as the target dates approach. The indexes’ asset-class weightings are rebalanced monthly to match predetermined relative levels of potential risk, with a minimum of 4% weighting in each asset class. Dow Jones subindexes represent the stock component of each target date index, and Barclays Capital subindexes represent the bond and cash components. No fees or expenses are reflected. Individuals cannot invest directly in an index.

(b)		The Dow Jones Wilshire 5000 Index is an unmanaged, market capitalization-weighted index of all U.S.-headquartered equity securities with available pricing data that is representative of the performance of the broad U.S. equity market.

(c)		Calculated by the U.S. Department of Labor’s Bureau of Labor Statistics, the CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2009 Annual Report 49


Shareholder	Nationwide Destination 2025 Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

50 Annual Report 2009

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
October 31, 2009


			Beginning		Ending		Expenses Paid		Expense Ratio
			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Nationwide Destination 2025 Fund			05/01/09		10/31/09		05/01/09 - 10/31/09^a,b		05/01/09 - 10/31/09^a,b

Class A Shares	Actual			1,000.00		1,181.90	$	4.56		0.86
	Hypothetical	^c		1,000.00		1,021.02		4.23		0.86


Class C Shares	Actual			1,000.00		1,179.20		7.31		1.33
	Hypothetical	^c		1,000.00		1,018.50		6.77		1.33


Class R1 Shares	Actual			1,000.00		1,180.90		6.76		1.30
	Hypothetical	^c		1,000.00		1,019.00		6.26		1.30


Class R2 Shares	Actual			1,000.00		1,180.60		5.94		1.13
	Hypothetical	^c		1,000.00		1,019.76		5.50		1.13


Institutional Service	Actual			1,000.00		1,184.70		3.19		0.59
Class Shares	Hypothetical	^c		1,000.00		1,022.28		2.96		0.59


Institutional Class	Actual			1,000.00		1,185.60		1.82		0.33
Shares	Hypothetical			1,000.00		1,023.54		1.68		0.33


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

^b		Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.

^c		Represents the hypothetical 5% return before expenses.

2009 Annual Report 51


Portfolio Summary	Nationwide Destination 2025 Fund

October 31, 2009


Asset Allocation

Equity Funds	75	.3%
Fixed Income Funds	23	.7%
Money Market Fund	1	.0%
Liabilities in excess of other assets‡	0	.0%

	100	.0%


‡		Rounds to less than 0.1%.


Top Holdings†

Nationwide S&P 500 Index Fund, Institutional Class	28	.9%
Nationwide International Index Fund, Institutional Class	18	.0%
Nationwide Bond Index Fund, Institutional Class	13	.4%
Nationwide Mid Cap Market Index Fund, Institutional Class	10	.7%
Nationwide Small Cap Index Fund, Institutional Class	7	.5%
iShares Barclays U.S. Treasury Inflation Protected Securities Fund	7	.2%
Credit Suisse Commodity Return Strategy Fund	4	.3%
Vanguard Short-Term Bond Fund	3	.1%
Vanguard Emerging Markets Fund	3	.0%
Vanguard REIT Fund	1	.9%
Other Holdings	2	.0%

	100	.0%


†		Percentages indicated are based upon total investments as of October 31, 2009.

The accompanying notes are an integral part of these financial statements.

52 Annual Report 2009

Statement of Investments

October 31, 2009

Nationwide Destination 2025 Fund



Mutual Funds 83.8%

	Shares		Market Value


Equity Funds 69.4%
Credit Suisse Commodity Return Strategy Fund	297,335	$	2,568,977
Nationwide International Index Fund, Institutional Class (a)	1,556,382		10,692,346
Nationwide Mid Cap Market Index Fund, Institutional Class (a)	578,716		6,319,583
Nationwide S&P 500 Index Fund, Institutional Class (a)	1,972,454		17,160,347
Nationwide Small Cap Index Fund, Institutional Class (a)	518,331		4,473,196


Total Equity Funds (cost $37,632,527)			41,214,449



Fixed Income Fund 13.4%
Nationwide Bond Index Fund, Institutional Class (a) (cost $7,701,708)	708,271		7,925,557



Money Market Fund 1.0%
Nationwide Money Market Fund, Institutional Class, 0.00% (a)(b) (cost $605,544)	605,544		605,544


Total Mutual Funds (cost $45,939,779)			49,745,550



Exchange Traded Funds 16.2%

	Shares		Market Value


Equity Funds 5.9%
SPDR Dow Jones Wilshire International Real Estate Fund	17,039		587,675
Vanguard Emerging Markets Fund	47,230		1,775,848
Vanguard REIT Fund	28,908		1,144,179


Total Equity Funds (cost $2,582,770)			3,507,702



Fixed Income Funds 10.3%
iShares Barclays U.S. Treasury Inflation Protected Securities Fund	41,294		4,294,989
Vanguard Short-Term Bond Fund	22,720		1,818,963


Total Fixed Income Funds (cost $5,971,769)			6,113,952


Total Exchange Traded Funds (cost $8,554,539)			9,621,654


Total Investments (cost $54,494,318) (c)—100.0%			59,367,204


Liabilities in excess of other assets — 0.0%			(27,200	)


NET ASSETS — 100.0%		$	59,340,004


(a)		Investment in affiliate.

(b)		Represents 7-day effective yield as of October 31, 2009.

(c)		See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.


REIT		Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 53

Statement of Assets and Liabilities

October 31, 2009



	Nationwide
	Destination 2025
	Fund

Assets:
Investments in affiliates, at value (cost $43,358,967)	$	47,176,573
Investments in non-affiliates, at value (cost $11,135,351)		12,190,631

Total Investments		59,367,204

Cash		23,743
Receivable for investments sold		15,931
Receivable for capital shares issued		187,790
Prepaid expenses and other assets		42

Total Assets		59,594,710

Liabilities:
Payable for investments purchased		114,792
Payable for capital shares redeemed		98,427
Accrued expenses and other payables:
Investment advisory fees		16,735
Distribution fees		18,264
Administrative servicing fees		6,488

Total Liabilities		254,706

Net Assets	$	59,340,004

Represented by:
Capital		56,725,873
Accumulated net realized losses from investment transactions		(2,258,755	)
Net unrealized appreciation/(depreciation) from investments in affiliates		3,817,606
Net unrealized appreciation/(depreciation) from investments in non-affiliates		1,055,280

Net Assets	$	59,340,004

Net Assets:
Class A Shares	$	7,071,645
Class C Shares		273,534
Class R1 Shares		5,216,272
Class R2 Shares		32,035,568
Institutional Service Class Shares		10,393,320
Institutional Class Shares		4,349,665

Total	$	59,340,004

Shares Outstanding (unlimited number of shares authorized):
Class A Shares		880,273
Class C Shares		34,052
Class R1 Shares		648,837
Class R2 Shares		3,989,101
Institutional Service Class Shares		1,291,833
Institutional Class Shares		539,366

Total		7,383,462

The accompanying notes are an integral part of these

54 Annual Report 2009



	Nationwide
	Destination 2025
	Fund

Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	8.03
Class C Shares (a)	$	8.03
Class R1 Shares	$	8.04
Class R2 Shares	$	8.03
Institutional Service Class Shares	$	8.05
Institutional Class Shares	$	8.06
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	8.52

Maximum Sales Charge:
Class A Shares		5.75	%


(a)		For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 55

Statement of Operations

For the Year Ended October 31, 2009



	Nationwide
	Destination 2025
	Fund

INVESTMENT INCOME:
Dividend income from affiliates	$	731,209
Dividend income from non-affiliates		226,197

Total Income		957,406

EXPENSES:
Investment advisory fees		123,963
Distribution fees Class A		10,822
Distribution fees Class C		1,891
Distribution fees Class R1		25,079
Distribution fees Class R2		100,885
Administrative servicing fees Class A		10,824
Administrative servicing fees Class R1		9,648
Administrative servicing fees Class R2		50,455
Administrative servicing fees Institutional Service Class		14,826
Other		372

Net Expenses		348,765

NET INVESTMENT INCOME		608,641

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gain distributions from underlying affiliated funds		513,494
Net realized losses from investment transactions with affiliates		(2,088,164	)
Net realized losses from investment transactions with non-affiliates		(515,404	)

Net realized losses from affiliated and non-affiliated investments		(2,090,074	)

Net change in unrealized appreciation/(depreciation) from investments in affiliates		7,989,424
Net change in unrealized appreciation/(depreciation) from investments in non-affiliates		2,048,039

Net change in unrealized appreciation/(depreciation) from investments		10,037,463

Net realized/unrealized gains from affiliated and non-affiliated investments		7,947,389

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	8,556,030

The accompanying notes are an integral part of these financial statements.

56 Annual Report 2009

Statements of Changes in Net Assets


	Nationwide Destination 2025 Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	608,641		$	198,048
Net realized losses from investment transactions		(2,090,074	)		(92,255	)
Net change in unrealized appreciation/(depreciation) from investments		10,037,463			(5,228,706	)

Change in net assets resulting from operations		8,556,030			(5,122,913	)


Distributions to Shareholders From:
Net investment income:
Class A		(75,537	)		(10,560	)
Class C		(2,497	)		(722	)
Class R1		(57,254	)		(18,886	)
Class R2		(317,234	)		(105,833	)
Institutional Service Class		(117,433	)		(20,248	)
Institutional Class		(66,679	)		(30,121	)
Net realized gains:
Class A		(3,322	)		(70	)
Class C		(269	)		–
Class R1		(7,920	)		–
Class R2		(35,807	)		(342	)
Institutional Service Class		(9,791	)		–
Institutional Class		(3,981	)		(370	)

Change in net assets from shareholder distributions		(697,724	)		(187,152	)

Change in net assets from capital transactions		33,487,563			22,221,627

Change in net assets		41,345,869			16,911,562


Net Assets:
Beginning of year		17,994,135			1,082,573

End of year	$	59,340,004		$	17,994,135

Accumulated net investment income (loss) at end of year	$	–		$	18,404


CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	5,308,789		$	1,348,474
Dividends reinvested		78,859			10,630
Cost of shares redeemed		(610,216	)		(91,667	)

Total Class A		4,777,432			1,267,437

Class C Shares
Proceeds from shares issued		131,558			116,977
Dividends reinvested		2,766			722
Cost of shares redeemed		(3,600	)		–

Total Class C		130,724			117,699

Class R1 Shares
Proceeds from shares issued		3,239,039			3,348,171
Dividends reinvested		65,174			18,886
Cost of shares redeemed		(936,681	)		(558,069	)

Total Class R1		2,367,532			2,808,988

Amounts designated as “–” are zero or have been rounded to zero.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 57

Statements of Changes in Net Assets (Continued)


	Nationwide Destination 2025 Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
CAPITAL TRANSACTIONS: (continued)
Class R2 Shares
Proceeds from shares issued	$	17,897,968		$	14,740,275
Dividends reinvested		353,041			106,174
Cost of shares redeemed		(1,145,023	)		(822,484	)

Total Class R2		17,105,986			14,023,965

Institutional Service Class Shares
Proceeds from shares issued		7,214,503			3,500,018
Dividends reinvested		127,224			20,248
Cost of shares redeemed		(825,331	)		(134,385	)

Total Institutional Service Class		6,516,396			3,385,881

Institutional Class Shares
Proceeds from shares issued		4,403,533			803,522
Dividends reinvested		70,660			30,491
Cost of shares redeemed		(1,884,700	)		(216,356	)

Total Institutional Class		2,589,493			617,657

Change in net assets from capital transactions:	$	33,487,563		$	22,221,627


SHARE TRANSACTIONS:
Class A Shares
Issued		809,312			151,217
Reinvested		11,118			1,149
Redeemed		(83,024	)		(10,843	)

Total Class A Shares		737,406			141,523

Class C Shares
Issued		21,163			12,862
Reinvested		396			81
Redeemed		(550	)		–

Total Class C Shares		21,009			12,943

Class R1 Shares
Issued		467,838			357,995
Reinvested		9,394			2,089
Redeemed		(126,834	)		(61,745	)

Total Class R1 Shares		350,398			298,339

Class R2 Shares
Issued		2,569,109			1,607,098
Reinvested		50,365			11,549
Redeemed		(159,226	)		(89,894	)

Total Class R2 Shares		2,460,248			1,528,753

Institutional Service Class Shares
Issued		1,015,966			388,290
Reinvested		17,875			2,242
Redeemed		(116,961	)		(15,679	)

Total Institutional Service Class Shares		916,880			374,853

Amounts designated as “–” are zero or have been rounded to zero.

The accompanying notes are an integral part of these financial statements.

58 Annual Report 2009


	Nationwide Destination 2025 Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

SHARE TRANSACTIONS: (continued)
Institutional Class Shares
Issued		617,013			83,227
Reinvested		9,844			3,196
Redeemed		(251,739	)		(22,049	)

Total Institutional Class Shares		375,118			64,374

Total change in shares:		4,861,059			2,420,785

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 59

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Destination 2025 Fund

																																										��
				Operations									Distributions															Ratios / Supplemental Data

							Net Realized																													Ratio of
							and																										Ratio of Net			Expenses
	Net Asset						Unrealized																							Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net						Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Total			Value, End			Total			at End		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			of Period			Return (a)(b)			of Period		Net Assets (c)			Net Assets (c)			Net Assets (c)(d)			Turnover (e)
Class A Shares
Year Ended October 31, 2009 (f)	$	7	.14		0	.12		0	.94		1	.06		(0	.15)		(0	.02)		(0	.17)	$	8	.03		15	.26%	$	7,071,645		0	.83%		1	.65%		0	.83%		17	.69%
Year Ended October 31, 2008 (f)	$	10	.64		0	.21		(3	.51)		(3	.30)		(0	.20)		–			(0	.20)	$	7	.14		(31	.43%)	$	1,020,031		0	.58%		2	.34%		0	.67%		20	.79%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.01		0	.66		0	.67		(0	.03)		–			(0	.03)	$	10	.64		6	.74%	$	14,300		0	.88%		0	.37%		1	.23%		0	.96%

Class C Shares
Year Ended October 31, 2009 (f)	$	7	.13		0	.09		0	.94		1	.03		(0	.11)		(0	.02)		(0	.13)	$	8	.03		14	.70%	$	273,534		1	.33%		1	.26%		1	.33%		17	.69%
Year Ended October 31, 2008 (f)	$	10	.64		0	.19		(3	.54)		(3	.35)		(0	.16)		–			(0	.16)	$	7	.13		(31	.83%)	$	92,946		1	.33%		2	.27%		1	.38%		20	.79%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.03		0	.64		0	.67		(0	.03)		–			(0	.03)	$	10	.64		6	.72%	$	1,067		1	.41%		1	.50%		1	.41%		0	.96%

Class R1 Shares
Year Ended October 31, 2009 (f)	$	7	.14		0	.10		0	.94		1	.04		(0	.12)		(0	.02)		(0	.14)	$	8	.04		14	.85%	$	5,216,272		1	.23%		1	.40%		1	.23%		17	.69%
Year Ended October 31, 2008 (f)	$	10	.64		0	.16		(3	.50)		(3	.34)		(0	.16)		–			(0	.16)	$	7	.14		(31	.76%)	$	2,129,817		1	.04%		1	.78%		1	.13%		20	.79%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.03		0	.64		0	.67		(0	.03)		–			(0	.03)	$	10	.64		6	.72%	$	1,067		1	.41%		1	.50%		1	.41%		0	.96%

Class R2 Shares
Year Ended October 31, 2009 (f)	$	7	.13		0	.11		0	.94		1	.05		(0	.13)		(0	.02)		(0	.15)	$	8	.03		15	.03%	$	32,035,568		1	.08%		1	.48%		1	.08%	��	17	.69%
Year Ended October 31, 2008 (f)	$	10	.65		0	.17		(3	.50)		(3	.33)		(0	.19)		–			(0	.19)	$	7	.13		(31	.69%)	$	10,901,731		0	.92%		1	.91%		1	.01%		20	.79%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.03		0	.65		0	.68		(0	.03)		–			(0	.03)	$	10	.65		6	.84%	$	1,068		1	.06%		1	.86%		1	.06%		0	.96%

Institutional Service Class Shares
Year Ended October 31, 2009 (f)	$	7	.13		0	.14		0	.95		1	.09		(0	.15)		(0	.02)		(0	.17)	$	8	.05		15	.76%	$	10,393,320		0	.58%		1	.94%		0	.58%		17	.69%
Year Ended October 31, 2008 (f)	$	10	.65		0	.21		(3	.52)		(3	.31)		(0	.21)		–			(0	.21)	$	7	.13		(31	.57%)	$	2,675,193		0	.57%		2	.39%		0	.63%		20	.79%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.04		0	.65		0	.69		(0	.04)		–			(0	.04)	$	10	.65		6	.87%	$	1,070		0	.70%		2	.21%		0	.70%		0	.96%

Institutional Class Shares
Year Ended October 31, 2009 (f)	$	7	.15		0	.16		0	.94		1	.10		(0	.17)		(0	.02)		(0	.19)	$	8	.06		15	.83%	$	4,349,665		0	.33%		2	.15%		0	.33%		17	.69%
Year Ended October 31, 2008 (f)	$	10	.65		0	.23		(3	.50)		(3	.27)		(0	.23)		–			(0	.23)	$	7	.15		(31	.22%)	$	1,174,417		0	.33%		2	.47%		0	.45%		20	.79%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.05		0	.64		0	.69		(0	.04)		–			(0	.04)	$	10	.65		6	.90%	$	1,064,001		0	.33%		2	.57%		0	.50%		0	.96%

Amounts designated as “–” are zero or have been rounded to zero.


(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	Per share calculations were performed using average shares method.
(g)	For the period from August 30, 2007 (commencement of operations) through October 31, 2007.

The accompanying notes are an integral part of these financial statements.

60 Annual Report 2009


Nationwide Destination 2030 Fund

How did the Fund perform during the reporting period in relation to its benchmark and its peer group?

For the annual period ended October 31, 2009, the Nationwide Destination 2030 Fund (Class A at NAV) returned 15.79% versus 19.57% for its new benchmark, the Morningstar^® (Mstar) Lifetime Moderate 2030 Index*, and 15.02% for its former benchmark, the Dow Jones (DJ) Target 2030 Index. For broader comparison, the average return for the Fund’s closest Lipper peer category of Mixed-Asset Target 2030 Funds (consisting of 163 funds as of October 31, 2009) was 16.90% for the same time period.

What areas of investment provided the most positive relative returns for the Fund?

The Nationwide International Index Fund and the Nationwide S&P 500 Index Fund (underlying funds with allocations within the Fund of approximately 20% and 31%, respectively) provided the most positive relative returns for the Fund, gaining 24.93% and 9.55%, respectively, during the reporting period. A strong rebound in international developed market stocks propelled the Nationwide International Index Fund to a respectable gain as all but one of the 21 country markets tracked by the Morgan Stanley Capital International (MSCI EAFE^®) Index produced gains during the period. Sweden led the way with 69.27%. Nine of the 10 sectors within the S&P 500 Index recorded positive returns during the reporting period; information technology led with 31.50%.

What areas of investment detracted from Fund performance?

The Credit Suisse Commodity Strategy Return Fund returned only 1.02% and the Nationwide Money Market Fund returned only 0.21% (with allocations to the Fund of approximately 5% and 1%, respectively). Commodities, as tracked by the Dow Jones-UBS Commodities Index, barely broke even, and Credit Suisse eked out a small gain despite extreme volatility in this asset class during the reporting period. Yields on money funds continued to be microscopic due to the effect of the low-interest-rate environment on high-quality, ultra-short-term investments.

What is your outlook for the near term?

The events of the past year should serve to reinforce the advantages of investing in a broadly diversified portfolio of investments. We believe our Nationwide Target Destination Funds, by combining underlying investments in up to 14 distinct asset classes that behave differently under most market conditions, are well-positioned to deliver strong risk-adjusted returns over the long-term.

* The benchmark for the Nationwide Destination 2030 Fund changed from the Dow Jones (DJ) Target 2030 Index to the Morningstar (Mstar) Lifetime Moderate 2030 Index effective September 30, 2009.

2009 Annual Report 61

Nationwide Destination 2030 Fund (Continued)

Nationwide Destination 2030 Fund
Performance of Underlying Investments for the 12 Months Ended October 31, 2009


		Target		12-Month
Asset Classes	Underlying Investments	Allocation**		Return

Large-Cap Stocks	Nationwide S&P 500 Index Fund		31%		9.55%


International Stocks	Nationwide International Index Fund		20%		24.93%


Mid-Cap Stocks	Nationwide Mid Cap Market Index Fund		12%		17.77%


Intermediate-Term Bonds	Nationwide Bond Index Fund		11%		13.22%


Small-Cap Stocks	Nationwide Small Cap Index Fund		9%		6.51%


Commodity Stocks	Credit Suisse Commodity Return Strategy Fund		5%		1.02%


Inflation-Protected Bonds	iShares Barclays U.S. Treasury Inflation Protected Securities Fund (ETF)		4%		17.03%


Emerging Market Stocks	Vanguard Emerging Markets Fund (ETF)		4%		60.06%


Domestic REITs	Vanguard REIT Fund (ETF)		2%		1.83%


International REITs	SPDRs Dow Jones Wilshire International Real Estate Fund (ETF)		1%		31.18%


Money Market Investments	Nationwide Money Market Fund		1%		0.21%


**		Fund target allocations are as of October 31, 2009

Portfolio Manager:
Thomas R. Hickey Jr., Nationwide Fund Advisors

62 Annual Report 2009


Fund Performance	Nationwide Destination 2030 Fund

Average Annual Total Return
(For periods ended October 31, 2009)


		1 Yr.		Inception¹

Class A	w/o SC²		15.79%		-8.91%
	w/SC³		9.13%		-11.36%


Class C	w/o SC²		15.10%		-9.41%
	w/SC⁴		14.10%		-9.41%


Institutional Service Class⁵			15.96%		-8.82%


Institutional Class⁵			16.33%		-8.52%


Class R1⁵			15.25%		-9.29%


Class R2⁵			15.31%		-9.19%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.


¹		Fund commenced operations on August 30, 2007.

²		These returns do not reflect the effects of sales charges (SC).

³		A 5.75% front-end sales charge was deducted.

⁴		A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁵		Not subject to any sales charges.

Expense Ratios


	Expense
	Ratio*

Class A		1.00%


Class C		1.65%


Class R1		1.46%


Class R2		1.32%


Institutional Service Class		0.83%


Institutional Class		0.65%


*		Current effective prospectus. Expenses also include indirect underlying fund expenses. Please see the Fund’s most recent prospectus for details.

Performance of a $10,000 Investment

Comparative performance of $10,000 invested in the Class A of the Nationwide Destination 2030 Fund, Dow Jones Target 2030 Index(a), the Dow Jones Wilshire 5000 Index(b), and the Consumer Price Index (CPI)(c) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.


(a)		The series of unmanaged portfolio-based, asset-class weighted indexes consists of composites of subindexes that represent the three major asset classes — stock, bonds and cash. The indexes measure the performance of balanced and multi-asset-class portfolios. These portfolios typically have five-year-interval target dates, and their allocations in stocks, bonds and cash are adjusted automatically to gradually reduce risk as the target dates approach. The indexes’ asset-class weightings are rebalanced monthly to match predetermined relative levels of potential risk, with a minimum of 4% weighting in each asset class. Dow Jones subindexes represent the stock component of each target date index, and Barclays Capital subindexes represent the bond and cash components. No fees or expenses are reflected. Individuals cannot invest directly in an index.

(b)		The Dow Jones Wilshire 5000 Index is an unmanaged, market capitalization-weighted index of all U.S.-headquartered equity securities with available pricing data that is representative of the performance of the broad U.S. equity market.

(c)		Calculated by the U.S. Department of Labor’s Bureau of Labor Statistics, the CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2009 Annual Report 63


Shareholder	Nationwide Destination 2030 Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

64 Annual Report 2009

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
October 31, 2009


			Beginning		Ending		Expenses Paid		Expense Ratio
			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Nationwide Destination 2030 Fund			5/01/09		10/31/09		05/01/09-10/31/09 ^a,b		05/01/09-10/31/09 ^a,b

Class A Shares	Actual			1,000.00		1,198.40		4.60		0.85
	Hypothetical	^c		1,000.00		1,021.02		4.23		0.85


Class C Shares	Actual			1,000.00		1,195.00		7.30		1.33
	Hypothetical	^c		1,000.00		1,018.55		6.72		1.33


Class R1 Shares	Actual			1,000.00		1,196.60		6.81		1.23
	Hypothetical	^c		1,000.00		1,019.00		6.26		1.23


Class R2 Shares	Actual			1,000.00		1,195.70		5.98		1.09
	Hypothetical	^c		1,000.00		1,019.76		5.50		1.09


Institutional Service	Actual			1,000.00		1,199.60		3.22		0.59
Class Shares	Hypothetical	^c		1,000.00		1,022.28		2.96		0.59


Institutional Class Shares	Actual			1,000.00		1,202.10		1.83		0.33
	Hypothetical	^c		1,000.00		1,023.54		1.68		0.33


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

^b		Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.

^c		Represents the hypothetical 5% return before expenses.

2009 Annual Report 65


Portfolio Summary	Nationwide Destination 2030 Fund

October 31, 2009


Asset Allocation

Equity Funds	83	.6%
Fixed Income Funds	15	.5%
Money Market Fund	1	.0%
Liabilities in excess of other assets	(0	.1%)

	100	.0%


Top Holdings†

Nationwide S&P 500 Index Fund, Institutional Class	31	.0%
Nationwide International Index Fund, Institutional Class	20	.1%
Nationwide Mid Cap Market Index Fund, Institutional Class	11	.6%
Nationwide Bond Index Fund, Institutional Class	11	.3%
Nationwide Small Cap Index Fund, Institutional Class	8	.5%
Credit Suisse Commodity Return Strategy Fund	5	.4%
iShares Barclays U.S. Treasury Inflation Protected Securities Fund	4	.2%
Vanguard Emerging Markets Fund	4	.0%
Vanguard REIT Fund	1	.9%
Nationwide Money Market Fund, Institutional Class	1	.0%
Other Holdings	1	.0%

	100	.0%


†		Percentages indicated are based upon total investments as of October 31, 2009.

The accompanying notes are an integral part of these financial statements.

66 Annual Report 2009

Statement of Investments

October 31, 2009

Nationwide Destination 2030 Fund



Mutual Funds 89.0%

	Shares		Market Value


Equity Funds 76.7%
Credit Suisse Commodity Return Strategy Fund	450,774	$	3,894,684
Nationwide International Index Fund, Institutional Class (a)	2,096,325		14,401,755
Nationwide Mid Cap Market Index Fund, Institutional Class (a)	765,163		8,355,580
Nationwide S&P 500 Index Fund, Institutional Class (a)	2,555,820		22,235,630
Nationwide Small Cap Index Fund, Institutional Class (a)	706,624		6,098,166


Total Equity Funds (cost $47,915,840)			54,985,815



Fixed Income Fund 11.3%
Nationwide Bond Index Fund, Institutional Class (a) (cost $7,899,089)	726,339		8,127,738



Money Market Fund 1.0%
Nationwide Money Market Fund, Institutional Class, 0.00% (a)(b) (cost $733,840)	733,840		733,840


Total Mutual Funds (cost $56,548,769)			63,847,393



Exchange Traded Funds 11.1%

	Shares		Market Value


Equity Funds 6.9%
SPDR Dow Jones Wilshire International Real Estate Fund	20,695	$	713,771
Vanguard Emerging Markets Fund	76,492		2,876,099
Vanguard REIT Fund	35,084		1,388,625


Total Equity Funds (cost $3,370,831)			4,978,495



Fixed Income Fund 4.2%
iShares Barclays U.S. Treasury Inflation Protected Securities Fund (cost $2,893,008)	28,646		2,979,470


Total Exchange Traded Funds (cost $6,263,839)			7,957,965


Total Investments (cost $62,812,608) (c) — 100.1%			71,805,358

Liabilities in excess of other assets — (0.1)%			(51,322	)


NET ASSETS — 100.0%		$	71,754,036


(a)		Investment in affiliate.

(b)		Represents 7-day effective yield as of October 31, 2009.

(c)		See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.


REIT		Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 67

Statement of Assets and Liabilities

October 31, 2009



	Nationwide
	Destination 2030
	Fund

Assets:
Investments in affiliates, at value (cost $52,835,055)	$	59,952,709
Investments in non-affiliates, at value (cost $9,977,553)		11,852,649

Total Investments		71,805,358

Cash		2,792
Receivable for investments sold		19,797
Receivable for capital shares issued		76,900

Total Assets		71,904,847

Liabilities:
Payable for investments purchased		13,545
Payable for capital shares redeemed		85,418
Accrued expenses and other payables:
Investment advisory fees		20,485
Distribution fees		20,326
Administrative servicing fees		11,037

Total Liabilities		150,811

Net Assets	$	71,754,036

Represented by:
Capital	$	65,620,541
Accumulated net realized losses from investment transactions		(2,859,255	)
Net unrealized appreciation/(depreciation) from investments in affiliates		7,117,654
Net unrealized appreciation/(depreciation) from investments in non-affiliates		1,875,096

Net Assets	$	71,754,036

Net Assets:
Class A Shares	$	23,551,191
Class C Shares		304,217
Class R1 Shares		4,980,319
Class R2 Shares		28,154,823
Institutional Service Class Shares		9,006,401
Institutional Class Shares		5,757,085

Total	$	71,754,036

Shares Outstanding (unlimited number of shares authorized):
Class A Shares		3,027,858
Class C Shares		39,129
Class R1 Shares		640,484
Class R2 Shares		3,622,814
Institutional Service Class Shares		1,155,966
Institutional Class Shares		737,567

Total		9,223,818

The accompanying notes are an integral part of these financial statements.

68 Annual Report 2009

Statement of Assets and Liabilities (Continued)



	Nationwide
	Destination 2030
	Fund

Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	7.78
Class C Shares (a)	$	7.77
Class R1 Shares	$	7.78
Class R2 Shares	$	7.77
Institutional Service Class Shares	$	7.79
Institutional Class Shares	$	7.81
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	8.25

Maximum Sales Charge:
Class A Shares		5.75	%


(a)		For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 69

Statement of Operations

For the Year Ended October 31, 2009



	Nationwide
	Destination 2030
	Fund

INVESTMENT INCOME:
Dividend income from affiliates	$	890,639
Dividend income from non-affiliates		192,933

Total Income		1,083,572

EXPENSES:
Investment advisory fees		149,512
Distribution fees Class A		36,037
Distribution fees Class C		1,360
Distribution fees Class R1		22,042
Distribution fees Class R2		90,082
Administrative servicing fees Class A		36,040
Administrative servicing fees Class R1		8,464
Administrative servicing fees Class R2		45,053
Administrative servicing fees Institutional Service Class		13,164
Other		360

Net Expenses		402,114

NET INVESTMENT INCOME		681,458

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gain distributions from underlying affiliated funds		568,840
Net realized losses from investment transactions with affiliates		(2,586,577	)
Net realized losses from investment transactions with non-affiliates		(668,841	)

Net realized losses from affiliated and non-affiliated investments		(2,686,578	)

Net change in unrealized appreciation/(depreciation) from investments in affiliates		11,687,368
Net change in unrealized appreciation/(depreciation) from investments in non-affiliates		2,928,201

Net change in unrealized appreciation/(depreciation) from investments		14,615,569

Net realized/unrealized gains from affiliated and non-affiliated investments		11,928,991

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	12,610,449

The accompanying notes are an integral part of these financial statements.

70 Annual Report 2009

Statements of Changes in Net Assets


	Nationwide Destination 2030 Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	681,458		$	167,305
Net realized losses from investment transactions		(2,686,578	)		(75,836	)
Net change in unrealized appreciation/(depreciation) from investments		14,615,569			(5,692,809	)

Change in net assets resulting from operations		12,610,449			(5,601,340	)


Distributions to Shareholders From:
Net investment income:
Class A		(222,062	)		(20,739	)
Class C		(1,468	)		(200	)
Class R1		(43,604	)		(12,436	)
Class R2		(265,418	)		(85,994	)
Institutional Service Class		(97,307	)		(15,159	)
Institutional Class		(80,439	)		(30,886	)
Net realized gains:
Class A		(6,444	)		(1,130	)
Class C		(116	)		(2	)
Class R1		(6,618	)		(3	)
Class R2		(41,468	)		(1,623	)
Institutional Service Class		(9,684	)		(2	)
Institutional Class		(6,273	)		(1,852	)

Change in net assets from shareholder distributions		(780,901	)		(170,026	)

Change in net assets from capital transactions		42,353,812			22,144,690

Change in net assets		54,183,360			16,373,324


Net Assets:
Beginning of year		17,570,676			1,197,352

End of year	$	71,754,036		$	17,570,676

Accumulated undistributed net investment income at end of year	$	–		$	8,267


CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	18,345,090		$	2,377,419
Dividends reinvested		228,506			21,869
Cost of shares redeemed		(2,119,222	)		(152,531	)

Total Class A		16,454,374			2,246,757

Class C Shares
Proceeds from shares issued		246,792			43,689
Dividends reinvested		1,584			202
Cost of shares redeemed		(12,609	)		–

Total Class C		235,767			43,891

Class R1 Shares
Proceeds from shares issued		3,134,358			2,340,018
Dividends reinvested		50,222			12,439
Cost of shares redeemed		(603,931	)		(74,536	)

Total Class R1		2,580,649			2,277,921

Amounts designated as “–” are zero or have been rounded to zero.
The accompanying notes are an integral part of these financial statements.

2009 Annual Report 71

Statements of Changes in Net Assets (Continued)


	Nationwide Destination 2030 Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

CAPITAL TRANSACTIONS: (continued)
Class R2 Shares
Proceeds from shares issued	$	14,824,047		$	14,271,615
Dividends reinvested		306,886			87,615
Cost of shares redeemed		(1,045,907	)		(849,056	)

Total Class R2		14,085,026			13,510,174

Institutional Service Class Shares
Proceeds from shares issued		6,249,091			2,860,737
Dividends reinvested		106,991			15,161
Cost of shares redeemed		(767,385	)		(63,464	)

Total Institutional Service Class		5,588,697			2,812,434

Institutional Class Shares
Proceeds from shares issued		5,398,397			1,359,081
Dividends reinvested		86,712			32,738
Cost of shares redeemed		(2,075,810	)		(138,306	)

Total Institutional Class		3,409,299			1,253,513

Change in net assets from capital transactions:	$	42,353,812		$	22,144,690


SHARE TRANSACTIONS:
Class A Shares
Issued		3,046,152			260,030
Reinvested		33,815			2,349
Redeemed		(300,507	)		(16,269	)

Total Class A Shares		2,779,460			246,110

Class C Shares
Issued		35,819			4,812
Reinvested		229			22
Redeemed		(1,853	)		–

Total Class C Shares		34,195			4,834

Class R1 Shares
Issued		472,445			251,911
Reinvested		7,560			1,399
Redeemed		(81,943	)		(10,988	)

Total Class R1 Shares		398,062			242,322

Class R2 Shares
Issued		2,226,256			1,593,338
Reinvested		46,084			9,612
Redeemed		(159,373	)		(102,223	)

Total Class R2 Shares		2,112,967			1,500,727

Institutional Service Class Shares		��
Issued		932,524			320,897
Reinvested		15,811			1,702
Redeemed		(108,098	)		(6,970	)

Total Institutional Service Class Shares		840,237			315,629

Amounts designated as “–” are zero or have been rounded to zero.
The accompanying notes are an integral part of these financial statements.

72 Annual Report 2009

Statements of Changes in Net Assets (Continued)


	Nationwide Destination 2030 Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

SHARE TRANSACTIONS: (continued)
Institutional Class Shares
Issued		802,249			143,988
Reinvested		12,808			3,478
Redeemed		(309,642	)		(15,183	)

Total Institutional Class Shares		505,415			132,283

Total change in shares:		6,670,336			2,441,905

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 73

Financial Highlights

Selected data for each share of capital outstanding throughout the period indicated

Nationwide Destination 2030 Fund


				Operations									Distributions															Ratios / Supplemental Data

							Net Realized																										Ratio of Net			Ratio of
							and																							Ratio of			Investment			Expenses
	Net Asset			Net			Unrealized																							Expenses			Income			(Prior to
	Value,			Investment			Gains			Total			Net			Net						Net Asset						Net Assets		to Average			(Loss)			Reimbursements)
	Beginning			Income			(Losses) from			from			Investment			Realized			Total			Value, End			Total			at End		Net			to Average			to Average			Portfolio
	of Period			(Loss)			Investments			Operations			Income			Gains			Distributions			of Period			Return (a)(b)			of Period		Assets (c)			Net Assets (c)			Net Assets (c)(d)			Turnover (e)

Class A Shares
Year Ended October 31, 2009 (f)	$	6	.89		0	.10		0	.95		1	.05		(0	.14)		(0	.02)		(0	.16)	$	7	.78		15	.79%	$	23,551,191		0	.83%		1	.45%		0	.83%		15	.08%
Year Ended October 31, 2008 (f)	$	10	.72		0	.18		(3	.81)		(3	.63)		(0	.18)		(0	.02)		(0	.20)	$	6	.89		(34	.43%)	$	1,711,218		0	.61%		2	.04%		0	.72%		18	.91%
Period Ended October 31, 2007 (f)(g)	$	10	.00		–			0	.75		0	.75		(0	.03)		–			(0	.03)	$	10	.72		7	.54%	$	24,528		0	.88%		0	.05%		1	.19%		8	.45%

Class C Shares
Year Ended October 31, 2009 (f)	$	6	.88		0	.06		0	.95		1	.01		(0	.10)		(0	.02)		(0	.12)	$	7	.77		15	.10%	$	304,217		1	.32%		0	.85%		1	.32%		15	.08%
Year Ended October 31, 2008 (f)	$	10	.72		0	.11		(3	.80)		(3	.69)		(0	.13)		(0	.02)		(0	.15)	$	6	.88		(34	.81%)	$	33,926		1	.33%		1	.22%		1	.41%		18	.91%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.02		0	.73		0	.75		(0	.03)		–			(0	.03)	$	10	.72		7	.52%	$	1,075		1	.40%		1	.36%		1	.40%		8	.45%

Class R1 Shares
Year Ended October 31, 2009 (f)	$	6	.88		0	.08		0	.94		1	.02		(0	.10)		(0	.02)		(0	.12)	$	7	.78		15	.25%	$	4,980,319		1	.23%		1	.22%		1	.23%		15	.08%
Year Ended October 31, 2008 (f)	$	10	.72		0	.14		(3	.81)		(3	.67)		(0	.15)		(0	.02)		(0	.17)	$	6	.88		(34	.70%)	$	1,666,828		1	.19%		1	.65%		1	.26%		18	.91%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.02		0	.73		0	.75		(0	.03)		–			(0	.03)	$	10	.72		7	.52%	$	1,075		1	.40%		1	.37%		1	.40%		8	.45%

Class R2 Shares
Year Ended October 31, 2009 (f)	$	6	.88		0	.10		0	.92		1	.02		(0	.11)		(0	.02)		(0	.13)	$	7	.77		15	.31%	$	28,154,823		1	.08%		1	.39%		1	.08%		15	.08%
Year Ended October 31, 2008 (f)	$	10	.72		0	.15		(3	.81)		(3	.66)		(0	.16)		(0	.02)		(0	.18)	$	6	.88		(34	.60%)	$	10,381,376		1	.01%		1	.63%		1	.10%		18	.91%
Period Ended October 31, 2007 (f)(g)	$	10	.00		(0	.01)		0	.76		0	.75		(0	.03)		–			(0	.03)	$	10	.72		7	.54%	$	97,800		1	.08%		(0	.51%)		1	.24%		8	.45%

Institutional Service Class Shares
Year Ended October 31, 2009 (f)	$	6	.89		0	.13		0	.93		1	.06		(0	.14)		(0	.02)		(0	.16)	$	7	.79		15	.96%	$	9,006,401		0	.58%		1	.81%		0	.58%		15	.08%
Year Ended October 31, 2008 (f)	$	10	.73		0	.19		(3	.83)		(3	.64)		(0	.18)		(0	.02)		(0	.20)	$	6	.89		(34	.46%)	$	2,175,279		0	.56%		2	.25%		0	.62%		18	.91%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.04		0	.73		0	.77		(0	.04)		–			(0	.04)	$	10	.73		7	.67%	$	1,077		0	.70%		2	.07%		0	.70%		8	.45%

Institutional Class Shares
Year Ended October 31, 2009 (f)	$	6	.90		0	.14		0	.95		1	.09		(0	.16)		(0	.02)		(0	.18)	$	7	.81		16	.33%	$	5,757,085		0	.33%		1	.99%		0	.33%		15	.08%
Year Ended October 31, 2008 (f)	$	10	.73		0	.21		(3	.82)		(3	.61)		(0	.20)		(0	.02)		(0	.22)	$	6	.90		(34	.22%)	$	1,602,049		0	.33%		2	.26%		0	.44%		18	.91%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.04		0	.73		0	.77		(0	.04)		–			(0	.04)	$	10	.73		7	.70%	$	1,071,797		0	.33%		2	.34%		0	.50%		8	.45%

Amounts designated as “–” are zero or have been rounded to zero.


(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.


(d)	During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.


(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	Per share calculations were performed using average shares method.
(g)	For the period from August 30, 2007 (commencement of operations) through October 31, 2007.

The accompanying notes are an integral part of these financial statements.

74 Annual Report 2009


Nationwide Destination 2035 Fund

How did the Fund perform during the reporting period in relation to its benchmark and its peer group?

For the annual period ended October 31, 2009, the Nationwide Destination 2035 Fund (Class A at NAV) returned 15.49% versus 19.85% for its new benchmark, the Morningstar^® (Mstar) Lifetime Moderate 2035 Index*, and 14.73% for its former benchmark, the Dow Jones (DJ) Target 2035 Index, respectively. For broader comparison, the average return for the Fund’s closest Lipper peer category of Mixed-Asset Target 2035 Funds (consisting of 102 funds as of October 31, 2009) was 17.22% for the same time period.

What areas of investment provided the most positive relative returns for the Fund?

The Nationwide International Index Fund and the Nationwide S&P 500 Index Fund (underlying funds with allocations within the Fund of approximately 22% and 31%, respectively) provided the most positive relative returns for the Fund, gaining 24.93% and 9.55%, respectively, during the reporting period. A strong rebound in international developed market stocks propelled the Nationwide International Index Fund to a respectable gain as all but one of the 21 country markets tracked by the Morgan Stanley Capital International (MSCI EAFE^®) Index produced gains during the period. Sweden led the way with 69.27%. Nine of the 10 sectors within the S&P 500 Index recorded positive returns during the reporting period; information technology led with 31.50%.

What areas of investment detracted from Fund performance?

The Credit Suisse Commodity Strategy Return Fund returned 1.02% and the Nationwide Money Market Fund returned only 0.21% (with allocations to the Fund of approximately 5% and 1%, respectively). Commodities, as tracked by the Dow Jones-UBS Commodities Index, barely broke even, and Credit Suisse eked out a small gain despite extreme volatility in this asset class during the annual reporting period. Yields on money funds continued to be microscopic due to the effect of the low-interest-rate environment on high-quality, ultra-short-term investments.

What is your outlook for the near term?

The events of the past year should serve to reinforce the advantages of investing in a broadly diversified portfolio of investments. We believe our Nationwide

* The benchmark for the Nationwide Destination 2035 Fund changed from the Dow Jones (DJ) Target 2035 Index to the Morningstar (Mstar) Lifetime Moderate 2035 Index effective September 30, 2009.

2009 Annual Report 75

Nationwide Destination 2035 Fund (Continued)

Target Destination Funds, by combining underlying investments in up to 14 distinct asset classes that behave differently under most market conditions, are well-positioned to deliver strong risk-adjusted returns over the long-term.

Nationwide Destination 2035 Fund
Performance of Underlying Investments for the 12 Months Ended October 31, 2009


		Target		12-Month
Asset Classes	Underlying Investments	Allocation**		Return

Large-Cap Stocks	Nationwide S&P 500 Index Fund		31%		9.55%


International Stocks	Nationwide International Index Fund		22%		24.93%


Mid-Cap Stocks	Nationwide Mid Cap Market Index Fund		13%		17.77%


Small-Cap Stocks	Nationwide Small Cap Index Fund		10%		6.51%


Intermediate-Term Bonds	Nationwide Bond Index Fund		10%		13.22%


Commodity Stocks	Credit Suisse Commodity Return Strategy Fund		5%		1.02%


Emerging Market Stocks	Vanguard Emerging Markets Fund (ETF)		4%		60.06%


Domestic REITs	Vanguard REIT Fund (ETF)		2%		1.83%


International REITs	SPDRs Dow Jones Wilshire International Real Estate Fund (ETF)		2%		31.18%


Money Market Investments	Nationwide Money Market Fund		1%		0.21%


**		Fund target allocations are as of October 31, 2009

Portfolio Manager:
Thomas R. Hickey Jr., Nationwide Fund Advisors

76 Annual Report 2009


Fund Performance	Nationwide Destination 2035 Fund

Average Annual Total Return
(For periods ended October 31, 2009)


		1 Yr.		Inception¹

Class A	w/o SC²		15.49%		-10.12%
	w/SC³		8.81%		-12.54%


Class C	w/o SC²		14.97%		-10.61%
	w/SC⁴		13.97%		-10.61%


Institutional Service Class⁵			15.65%		-10.03%


Institutional Class⁵			16.07%		-9.73%


Class R1⁵			14.90%		-10.56%


Class R2⁵			15.15%		-10.36%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.


¹		Fund commenced operations on August 30, 2007.

²		These returns do not reflect the effects of sales charges (SC).

³		A 5.75% front-end sales charge was deducted.

⁴		A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁵		Not subject to any sales charges.

Expense Ratios


	Expense
	Ratio*

Class A		1.02%


Class C		1.66%


Class R1		1.47%


Class R2		1.28%


Institutional Service Class		0.84%


Institutional Class		0.66%


*		Current effective prospectus. Expenses also include indirect underlying fund expenses. Please see the Fund’s most recent prospectus for details.

Performance of a $10,000 Investment

Comparative performance of $10,000 invested in the Class A of the Nationwide Destination 2035 Fund, Dow Jones Target 2035 Index(a), the Dow Jones Wilshire 5000 Index(b), and the Consumer Price Index (CPI)(c) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.


(a)		The series of unmanaged portfolio-based, asset-class weighted indexes consists of composites of subindexes that represent the three major asset classes — stock, bonds and cash. The indexes measure the performance of balanced and multi-asset-class portfolios. These portfolios typically have five-year-interval target dates, and their allocations in stocks, bonds and cash are adjusted automatically to gradually reduce risk as the target dates approach. The indexes’ asset-class weightings are rebalanced monthly to match predetermined relative levels of potential risk, with a minimum of 4% weighting in each asset class. Dow Jones subindexes represent the stock component of each target date index, and Barclays Capital subindexes represent the bond and cash components. No fees or expenses are reflected. Individuals cannot invest directly in an index.

(b)		The Dow Jones Wilshire 5000 Index is an unmanaged, market capitalization-weighted index of all U.S.-headquartered equity securities with available pricing data that is representative of the performance of the broad U.S. equity market.

(c)		Calculated by the U.S. Department of Labor’s Bureau of Labor Statistics, the CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2009 Annual Report 77


Shareholder	Nationwide Destination 2035 Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

78 Annual Report 2009

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
October 31, 2009


			Beginning		Ending		Expenses Paid		Expense Ratio
			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Nationwide Destination 2035 Fund			05/01/09		10/31/09		05/01/09 - 10/31/09 ^a,b		05/01/09 - 10/31/09 ^a,b

Class A Shares	Actual			1,000.00		1,207.30		4.62		0.88
	Hypothetical	^c		1,000.00		1,021.02		4.23		0.88


Class C Shares	Actual			1,000.00		1,205.40		7.39		1.33
	Hypothetical	^c		1,000.00		1,018.50		6.77		1.33


Class R1 Shares	Actual			1,000.00		1,205.40		6.84		1.22
	Hypothetical	^c		1,000.00		1,019.00		6.26		1.22


Class R2 Shares	Actual			1,000.00		1,206.60		6.01		1.13
	Hypothetical	^c		1,000.00		1,019.76		5.50		1.13


Institutional Service Class	Actual			1,000.00		1,208.90		3.23		0.57
Shares	Hypothetical	^c		1,000.00		1,022.28		2.96		0.57


Institutional Class Shares	Actual			1,000.00		1,211.30		1.84		0.33
	Hypothetical	^c		1,000.00		1,023.54		1.68		0.33


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

^b		Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.

^c		Represents the hypothetical 5% return before expenses.

2009 Annual Report 79


Portfolio Summary	Nationwide Destination 2035 Fund

October 31, 2009


Asset Allocation

Equity Funds	88	.8%
Fixed Income Fund	10	.3%
Money Market Fund	1	.0%
Liabilities in excess of other assets	(0	.1%)

	100	.0%


Top Holdings†

Nationwide S&P 500 Index Fund, Institutional Class	31	.1%
Nationwide International Index Fund, Institutional Class	22	.1%
Nationwide Mid Cap Market Index Fund, Institutional Class	12	.6%
Nationwide Bond Index Fund, Institutional Class	10	.3%
Nationwide Small Cap Index Fund, Institutional Class	9	.5%
Credit Suisse Commodity Return Strategy Fund	5	.4%
Vanguard Emerging Markets Fund	4	.0%
SPDR Dow Jones Wilshire International Real Estate Fund	2	.0%
Vanguard REIT Fund	2	.0%
Nationwide Money Market Fund, Institutional Class	1	.0%

	100	.0%


†		Percentages indicated are based upon total investments as of October 31, 2009.

The accompanying notes are an integral part of these financial statements.

80 Annual Report 2009

Statement of Investments

October 31, 2009

Nationwide Destination 2035 Fund



Mutual Funds 92.1%

	Shares		Market Value


Equity Funds 80.8%
Credit Suisse Commodity Return Strategy Fund	184,808	$	1,596,738
Nationwide International Index Fund, Institutional Class (a)	945,191		6,493,465
Nationwide Mid Cap Market Index Fund, Institutional Class (a)	339,720		3,709,742
Nationwide S&P 500 Index Fund, Institutional Class (a)	1,047,575		9,113,901
Nationwide Small Cap Index Fund, Institutional Class (a)	321,736		2,776,581


Total Equity Funds (cost $22,200,203)			23,690,427



Fixed Income Fund 10.3%
Nationwide Bond Index Fund, Institutional Class (a) (cost $2,945,410)	270,596		3,027,965



Money Market Fund 1.0%
Nationwide Money Market Fund, Institutional Class, 0.00% (a)(b) (cost $300,753)	300,753		300,752


Total Mutual Funds (cost $25,446,366)			27,019,144



Exchange Traded Funds 8.0%

	Shares		Market Value



Equity Funds 8.0%
SPDR Dow Jones Wilshire International Real Estate Fund	16,982		585,709
Vanguard Emerging Markets Fund	31,386		1,180,114
Vanguard REIT Fund	14,399		569,912


Total Equity Funds (cost $1,789,159)			2,335,735


Total Exchange Traded Funds (cost $1,789,159)			2,335,735


Total Investments (cost $27,235,525) (c) — 100.1%			29,354,879

Liabilities in excess of other assets — (0.1)%			(24,205	)


NET ASSETS — 100.0%		$	29,330,674


(a)		Investment in affiliate.

(b)		Represents 7-day effective yield as of October 31, 2009.

(c)		See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.


REIT		Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 81

Statement of Assets and Liabilities

October 31, 2009



	Nationwide
	Destination 2035
	Fund

Assets:
Investments in affiliates, at value (cost $23,847,519)	$	25,422,406
Investments in non-affiliates, at value (cost $3,388,006)		3,932,473

Total Investments		29,354,879

Receivable for investments sold		59,502
Receivable for capital shares issued		39,225

Total Assets		29,453,606

Liabilities:
Payable for investments purchased		5,534
Payable for capital shares redeemed		87,576
Cash overdraft		9,713
Accrued expenses and other payables:
Investment advisory fees		8,421
Distribution fees		8,820
Administrative servicing fees		2,868

Total Liabilities		122,932

Net Assets	$	29,330,674

Represented by:
Capital	$	28,357,242
Accumulated net realized losses from investment transactions		(1,145,922	)
Net unrealized appreciation/(depreciation) from investments in affiliates		1,574,887
Net unrealized appreciation/(depreciation) from investments in non-affiliates		544,467

Net Assets	$	29,330,674

Net Assets:
Class A Shares	$	2,098,910
Class C Shares		78,692
Class R1 Shares		668,175
Class R2 Shares		18,324,931
Institutional Service Class Shares		4,641,953
Institutional Class Shares		3,518,013

Total	$	29,330,674

Shares Outstanding (unlimited number of shares authorized):
Class A Shares		278,713
Class C Shares		10,493
Class R1 Shares		88,814
Class R2 Shares		2,439,377
Institutional Service Class Shares		616,092
Institutional Class Shares		465,866

Total		3,899,355

The accompanying notes are an integral part of these financial statements.

82 Annual Report 2009



	Nationwide
	Destination 2035
	Fund

Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	7.53
Class C Shares (a)	$	7.50
Class R1 Shares	$	7.52
Class R2 Shares	$	7.51
Institutional Service Class Shares	$	7.53
Institutional Class Shares	$	7.55
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	7.99

Maximum Sales Charge:
Class A Shares		5.75	%


(a)		For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 83

Statement of Operations

For the Year Ended October 31, 2009



	Nationwide
	Destination 2035
	Fund

INVESTMENT INCOME:
Dividend income from affiliates	$	381,635
Dividend income from non-affiliates		65,873

Total Income		447,508

EXPENSES:
Investment advisory fees		62,040
Distribution fees Class A		3,326
Distribution fees Class C		726
Distribution fees Class R1		3,736
Distribution fees Class R2		56,512
Administrative servicing fees Class A		3,327
Administrative servicing fees Class R1		1,438
Administrative servicing fees Class R2		28,263
Administrative servicing fees Institutional Service Class		6,701
Other		201

Net Expenses		166,270

NET INVESTMENT INCOME		281,238

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gain distributions from underlying affiliated funds		324,169
Net realized losses from investment transactions with affiliates		(1,009,478	)
Net realized losses from investment transactions with non-affiliates		(338,917	)

Net realized losses from affiliated and non-affiliated investments		(1,024,226	)

Net change in unrealized appreciation/(depreciation) from investments in affiliates		4,187,744
Net change in unrealized appreciation/(depreciation) from investments in non-affiliates		1,115,192

Net change in unrealized appreciation/(depreciation) from investments		5,302,936

Net realized/unrealized gains from affiliated and non-affiliated investments		4,278,710

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,559,948

The accompanying notes are an integral part of these financial statements.

84 Annual Report 2009

Statements of Changes in Net Assets


	Nationwide Destination
	2035 Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	281,238		$	85,537
Net realized losses from investment transactions		(1,024,226	)		(59,022	)
Net change in unrealized appreciation/(depreciation) from investments		5,302,936			(3,259,828	)

Change in net assets resulting from operations		4,559,948			(3,233,313	)


Distributions to Shareholders From:
Net investment income:
Class A		(21,794	)		(6,653	)
Class C		(997	)		(472	)
Class R1		(8,072	)		(3,529	)
Class R2		(160,910	)		(41,848	)
Institutional Service Class		(48,887	)		(7,415	)
Institutional Class		(55,006	)		(31,261	)
Net realized gains:
Class A		(3,236	)		(35	)
Class C		(250	)		(8	)
Class R1		(2,262	)		(1	)
Class R2		(26,150	)		(74	)
Institutional Service Class		(6,368	)		(1	)
Institutional Class		(4,694	)		(657	)

Change in net assets from shareholder distributions		(338,626	)		(91,954	)

Change in net assets from capital transactions		15,741,115			11,586,478

Change in net assets		19,962,437			8,261,211


Net Assets:
Beginning of year		9,368,237			1,107,026

End of year	$	29,330,674		$	9,368,237

Accumulated undistributed net investment income at end of year	$	–		$	3,796


CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	1,222,013		$	1,192,479
Dividends reinvested		25,030			6,679
Cost of shares redeemed		(283,999	)		(94,523	)

Total Class A		963,044			1,104,635

Class C Shares
Proceeds from shares issued		39,204			84,725
Dividends reinvested		1,247			480
Cost of shares redeemed		(19,730	)		(28,579	)

Total Class C		20,721			56,626

Class R1 Shares
Proceeds from shares issued		185,255			752,124
Dividends reinvested		10,334			3,529
Cost of shares redeemed		(149,475	)		(984	)

Total Class R1		46,114			754,669

Amounts designated as “–” are zero or have been rounded to zero.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 85

Statements of Changes in Net Assets (Continued)


	Nationwide Destination
	2035 Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
CAPITAL TRANSACTIONS: (continued)
Class R2 Shares
Proceeds from shares issued	$	10,545,975		$	8,875,532
Dividends reinvested		187,060			41,922
Cost of shares redeemed		(626,755	)		(1,421,822	)

Total Class R2		10,106,280			7,495,632

Institutional Service Class Shares
Proceeds from shares issued		3,308,517			1,560,645
Dividends reinvested		55,255			7,416
Cost of shares redeemed		(497,244	)		(57,656	)

Total Institutional Service Class		2,866,528			1,510,405

Institutional Class Shares
Proceeds from shares issued		3,201,159			671,408
Dividends reinvested		59,700			31,918
Cost of shares redeemed		(1,522,431	)		(38,815	)

Total Institutional Class		1,738,428			664,511

Change in net assets from capital transactions:	$	15,741,115		$	11,586,478


SHARE TRANSACTIONS:
Class A Shares
Issued		186,015			139,835
Reinvested		3,927			748
Redeemed		(41,315	)		(13,087	)

Total Class A Shares		148,627			127,496

Class C Shares
Issued		6,921			9,076
Reinvested		201			52
Redeemed		(2,658	)		(3,199	)

Total Class C Shares		4,464			5,929

Class R1 Shares
Issued		29,060			81,368
Reinvested		1,656			403
Redeemed		(23,656	)		(117	)

Total Class R1 Shares		7,060			81,654

Class R2 Shares
Issued		1,656,843			983,879
Reinvested		29,641			4,725
Redeemed		(86,944	)		(148,867	)

Total Class R2 Shares		1,599,540			839,737

Institutional Service Class Shares
Issued		499,674			181,344
Reinvested		8,569			850
Redeemed		(67,265	)		(7,180	)

Total Institutional Service Class Shares		440,978			175,014

The accompanying notes are an integral part of these financial statements.

86 Annual Report 2009


	Nationwide Destination
	2035 Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

SHARE TRANSACTIONS: (continued)
Institutional Class Shares
Issued		491,528			72,671
Reinvested		9,239			3,354
Redeemed		(206,488	)		(4,312	)

Total Institutional Class Shares		294,279			71,713

Total change in shares:		2,494,948			1,301,543

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 87

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated.

Nationwide Destination 2035 Fund


				Operations									Distributions															Ratios / Supplemental Data

							Net Realized
							and																													Ratio of
							Unrealized																										Ratio of Net			Expenses
	Net Asset						Gains																							Ratio of			Investment			(Prior to
	Value,			Net			(Losses)			Total			Net			Net						Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			from			from			Investment			Realized			Total			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			of Period			Return (a)(b)			Period		Net Assets (c)			Net Assets (c)			Net Assets (c)(d)			Turnover (e)
Class A Shares
Year Ended October 31, 2009 (f)	$	6	.68		0	.11		0	.90		1	.01		(0	.13)		(0	.03)		(0	.16)	$	7	.53		15	.49%	$	2,098,910		0	.83%		1	.56%		0	.83%		18	.42%
Year Ended October 31, 2008 (f)	$	10	.76		0	.16		(4	.00)		(3	.84)		(0	.23)		(0	.01)		(0	.24)	$	6	.68		(36	.39)%	$	868,514		0	.65%		1	.87%		0	.73%		37	.28%
Period Ended October 31, 2007 (f)(g)	$	10	.00		–			0	.79		0	.79		(0	.03)		–			(0	.03)	$	10	.76		7	.95%	$	27,886		0	.87%		0	.10%		1	.15%		0	.85%

Class C Shares
Year Ended October 31, 2009 (f)	$	6	.65		0	.09		0	.88		0	.97		(0	.09)		(0	.03)		(0	.12)	$	7	.50		14	.97%	$	78,692		1	.33%		1	.35%		1	.33%		18	.42%
Year Ended October 31, 2008 (f)	$	10	.75		0	.13		(4	.01)		(3	.88)		(0	.21)		(0	.01)		(0	.22)	$	6	.65		(36	.78)%	$	40,087		1	.33%		1	.47%		1	.40%		37	.28%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.02		0	.76		0	.78		(0	.03)		–			(0	.03)	$	10	.75		7	.82%	$	1,078		1	.40%		1	.24%		1	.42%		0	.85%

Class R1 Shares
Year Ended October 31, 2009 (f)	$	6	.67		0	.09		0	.88		0	.97		(0	.09)		(0	.03)		(0	.12)	$	7	.52		14	.90%	$	668,175		1	.23%		1	.43%		1	.23%		18	.42%
Year Ended October 31, 2008 (f)	$	10	.75		0	.11		(3	.99)		(3	.88)		(0	.19)		(0	.01)		(0	.20)	$	6	.67		(36	.66)%	$	544,925		1	.18%		1	.34%		1	.25%		37	.28%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.02		0	.76		0	.78		(0	.03)		–			(0	.03)	$	10	.75		7	.82%	$	1,078		1	.40%		1	.24%		1	.42%		0	.85%

Class R2 Shares
Year Ended October 31, 2009 (f)	$	6	.67		0	.09		0	.89		0	.98		(0	.11)		(0	.03)		(0	.14)	$	7	.51		15	.15%	$	18,324,931		1	.08%		1	.30%		1	.08%		18	.42%
Year Ended October 31, 2008 (f)	$	10	.75		0	.12		(3	.97)		(3	.85)		(0	.22)		(0	.01)		(0	.23)	$	6	.67		(36	.51)%	$	5,597,892		0	.90%		1	.40%		1	.00%		37	.28%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.03		0	.75		0	.78		(0	.03)		–			(0	.03)	$	10	.75		7	.85%	$	1,079		1	.05%		1	.80%		1	.07%		0	.85%

Institutional Service Class Shares
Year Ended October 31, 2009 (f)	$	6	.68		0	.12		0	.90		1	.02		(0	.14)		(0	.03)		(0	.17)	$	7	.53		15	.65%	$	4,641,953		0	.58%		1	.78%		0	.58%		18	.42%
Year Ended October 31, 2008 (f)	$	10	.76		0	.17		(4	.01)		(3	.84)		(0	.23)		(0	.01)		(0	.24)	$	6	.68		(36	.36)%	$	1,169,345		0	.58%		2	.00%		0	.64%		37	.28%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.03		0	.77		0	.80		(0	.04)		–			(0	.04)	$	10	.76		7	.98%	$	1,080		0	.70%		1	.93%		0	.72%		0	.85%

Institutional Class Shares
Year Ended October 31, 2009 (f)	$	6	.69		0	.13		0	.91		1	.04		(0	.15)		(0	.03)		(0	.18)	$	7	.55		16	.07%	$	3,518,013		0	.33%		1	.95%		0	.33%		18	.42%
Year Ended October 31, 2008 (f)	$	10	.76		0	.19		(4	.00)		(3	.81)		(0	.25)		(0	.01)		(0	.26)	$	6	.69		(36	.13)%	$	1,147,474		0	.33%		2	.04%		0	.45%		37	.28%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.04		0	.76		0	.80		(0	.04)		–			(0	.04)	$	10	.76		8	.00%	$	1,074,845		0	.33%		2	.28%		0	.50%		0	.85%

Amounts designated as “–” are zero or have been rounded to zero.


(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	Per share calculations were performed using average shares method.
(g)	For the period from August 30, 2007 (commencement of operations) through October 31, 2007.

The accompanying notes are an integral part of these financial statements.

88 Annual Report 2009


Nationwide Destination 2040 Fund

How did the Fund perform during the reporting period in relation to its benchmark and its peer group?

For the annual period ended October 31, 2009, the Nationwide Destination 2040 Fund (Class A at NAV) returned 15.25% versus 20.31% for its new benchmark, the Morningstar^® (Mstar) Lifetime Moderate 2040 Index*, and 14.61% for its former benchmark, the Dow Jones (DJ) Target 2040 Index. For broader comparison, the average return for the Fund’s closest Lipper peer category of Mixed-Asset Target 2040 Funds (consisting of 160 funds as of October 31, 2009) was 17.04% for the same time period.

What areas of investment provided the most positive relative returns for the Fund?

The Nationwide International Index Fund and the Nationwide S&P 500 Index Fund (underlying funds with allocations within the Fund of approximately 23% and 32%, respectively) provided the most positive relative returns for the Funds, gaining 24.93% and 9.55%, respectively, during the reporting period. A strong rebound in international developed market stocks propelled the Nationwide International Index Fund to a respectable gain as all but one of the 21 country markets tracked by the Morgan Stanley Capital International (MSCI EAFE^®) Index produced gains during the reporting period. Sweden led the way with 69.27%. Nine of the 10 sectors within the S&P 500 Index recorded positive returns during the reporting period; information technology led with 31.50%.

What areas of investment detracted from Fund performance?

The Credit Suisse Commodity Strategy Return Fund returned only 1.02% and the Nationwide Money Market Fund returned only 0.21% (with allocations to the Fund of approximately 5% and 1%, respectively). Commodities, as tracked by the Dow Jones-UBS Commodities Index, barely broke even, and Credit Suisse eked out a small gain despite extreme volatility in this asset class during the annual reporting period. Yields on money funds continued to be microscopic due to the effect of the low-interest-rate environment on high-quality, ultra-short-term investments.

What is your outlook for the near term?

* The benchmark for the Nationwide Destination 2040 Fund changed from the Dow Jones (DJ) Target 2040 Index to the Morningstar (Mstar) Lifetime Moderate 2040 Index effective September 30, 2009.

2009 Annual Report 89

Nationwide Destination 2040 Fund (Continued)

investments in up to 14 distinct asset classes that behave differently under most market conditions, are well-positioned to deliver strong risk-adjusted returns over the long-term.

Nationwide Destination 2040 Fund
Performance of Underlying Investments for the 12 Months Ended October 31, 2009


		Target		12-Month
Asset Classes	Underlying Investments	Allocation**		Return

Large-Cap Stocks	Nationwide S&P 500 Index Fund		32%		9.55%


International Stocks	Nationwide International Index Fund		23%		24.93%


Mid-Cap Stocks	Nationwide Mid Cap Market Index Fund		13%		17.77%


Small-Cap Stocks	Nationwide Small Cap Index Fund		12%		6.51%


Emerging Market Stocks	Vanguard Emerging Markets Fund (ETF)		5%		60.06%


Commodity Stocks	Credit Suisse Commodity Return Strategy Fund		5%		1.02%


Intermediate-Term Bonds	Nationwide Bond Index Fund		5%		13.22%


Domestic REITs	Vanguard REIT Fund (ETF)		2%		1.83%


International REITs	SPDRs Dow Jones Wilshire International Real Estate Fund (ETF)		2%		31.18%


Money Market Investments	Nationwide Money Market Fund		1%		0.21%


**		Fund target allocations are as of October 31, 2009

PERFORMANCE SHOWN REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Performance shown on the table above is for Institutional Class shares (or equivalent class, except for exchange-traded funds) for each underlying investment. Performance returns assume the reinvestment of all distributions. Returns for periods less than one year are not annualized. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. To obtain performance information current to the most recent month-end, which may be higher or lower than the performance shown, please call 1-800-848-0920 or go to nationwide.com/mutualfunds.

Portfolio Manager:
Thomas R. Hickey Jr., Nationwide Fund Advisors

90 Annual Report 2009


Fund Performance	Nationwide Destination 2040 Fund

Average Annual Total Return
(For periods ended October 31, 2009)


		1 Yr.		Inception¹

Class A	w/o SC²		15.25%		-11.51%
	w/SC³		8.55%		-13.89%


Class C	w/o SC²		14.81%		-11.90%
	w/SC⁴		13.81%		-11.90%


Institutional Service Class⁵			15.68%		-11.27%


Institutional Class⁵			15.74%		-11.09%


Class R1⁵			14.81%		-11.88%


Class R2⁵			14.89%		-11.74%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.


¹		Fund commenced operations on August 30, 2007.

²		These returns do not reflect the effects of sales charges (SC).

³		A 5.75% front-end sales charge was deducted.

⁴		A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁵		Not subject to any sales charges.

Expense Ratios


	Expense
	Ratio*

Class A		1.01%


Class C		1.66%


Class R1		1.45%


Class R2		1.33%


Institutional Service Class		0.82%


Institutional Class		0.66%


*		Current effective prospectus. Expenses also include indirect underlying fund expenses. Please see the Fund’s most recent prospectus for details.

Performance of a $10,000 Investment

Comparative performance of $10,000 invested in the Class A of the Nationwide Destination 2040 Fund, Dow Jones Target 2040 Index(a), the Dow Jones Wilshire 5000 Index(b), and the Consumer Price Index (CPI)(c) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.


(a)		The series of unmanaged portfolio-based, asset-class weighted indexes consists of composites of subindexes that represent the three major asset classes — stock, bonds and cash. The indexes measure the performance of balanced and multi-asset-class portfolios. These portfolios typically have five-year-interval target dates, and their allocations in stocks, bonds and cash are adjusted automatically to gradually reduce risk as the target dates approach. The indexes’ asset-class weightings are rebalanced monthly to match predetermined relative levels of potential risk, with a minimum of 4% weighting in each asset class. Dow Jones subindexes represent the stock component of each target date index, and Barclays Capital subindexes represent the bond and cash components. No fees or expenses are reflected. Individuals cannot invest directly in an index.

(b)		The Dow Jones Wilshire 5000 Index is an unmanaged, market capitalization-weighted index of all U.S.-headquartered equity securities with available pricing data that is representative of the performance of the broad U.S. equity market.

(c)		Calculated by the U.S. Department of Labor’s Bureau of Labor Statistics, the CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2009 Annual Report 91


Shareholder	Nationwide Destination 2040 Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

92 Annual Report 2009

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
October 31, 2009


			Beginning		Ending		Expenses Paid		Expense Ratio
			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Nationwide Destination 2040 Fund			05/01/09		10/31/09		05/01/09 - 10/31/09 ^a,b		05/01/09 - 10/31/09 ^a,b

Class A Shares	Actual			1,000.00		1,216.30		4.64		0.91
	Hypothetical	^c		1,000.00		1,021.02		4.23		0.91


Class C Shares	Actual			1,000.00		1,214.90		7.43		1.33
	Hypothetical	^c		1,000.00		1,018.50		6.77		1.33


Class R1 Shares	Actual			1,000.00		1,215.00		6.87		1.25
	Hypothetical	^c		1,000.00		1,019.00		6.26		1.25


Class R2 Shares	Actual			1,000.00		1,215.80		6.03		1.09
	Hypothetical	^c		1,000.00		1,019.76		5.50		1.09


Institutional Service Class Shares	Actual			1,000.00		1,219.10		3.24		0.59
	Hypothetical	^c		1,000.00		1,022.28		2.96		0.59


Institutional Class Shares	Actual			1,000.00		1,220.30		1.85		0.33
	Hypothetical	^c		1,000.00		1,023.54		1.68		0.33


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.

^b		Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.

^c		Represents the hypothetical 5% return before expenses.

2009 Annual Report 93


Portfolio Summary	Nationwide Destination 2040 Fund

October 31, 2009


Asset Allocation

Equity Funds	94	.1%
Fixed Income Fund	5	.2%
Money Market Fund	1	.0%
Liabilities in excess of other assets	(0	.3%)

	100	.0%


Top Holdings†

Nationwide S&P 500 Index Fund, Institutional Class	32	.1%
Nationwide International Index Fund, Institutional Class	23	.1%
Nationwide Mid Cap Market Index Fund, Institutional Class	12	.6%
Nationwide Small Cap Index Fund, Institutional Class	11	.3%
Credit Suisse Commodity Return Strategy Fund	5	.5%
Nationwide Bond Index Fund, Institutional Class	5	.2%
Vanguard Emerging Markets Fund	5	.2%
SPDR Dow Jones Wilshire International Real Estate Fund	2	.0%
Vanguard REIT Fund	2	.0%
Nationwide Money Market Fund, Institutional Class	1	.0%

	100	.0%


†		Percentages indicated are based upon total investments as of October 31, 2009.

The accompanying notes are an integral part of these financial statements.

94 Annual Report 2009

Statement of Investments

October 31, 2009

Nationwide Destination 2040 Fund



Mutual Funds 91.1%

	Shares		Market Value


Equity Funds 84.9%
Credit Suisse Commodity Return Strategy Fund	156,625	$	1,353,242
Nationwide International Index Fund, Institutional Class (a)	836,799		5,748,807
Nationwide Mid Cap Market Index Fund, Institutional Class (a)	287,585		3,140,427
Nationwide S&P 500 Index Fund, Institutional Class (a)	915,830		7,967,723
Nationwide Small Cap Index Fund, Institutional Class (a)	326,730		2,819,678

Total Equity Funds (cost $19,254,042)			21,029,877



Fixed Income Fund 5.2%
Nationwide Bond Index Fund, Institutional Class (a) (cost $1,248,804)	114,709		1,283,597



Money Market Fund 1.0%
Nationwide Money Market Fund, Institutional Class, 0.00% (a)(b) (cost $254,955)	254,956		254,955


Total Mutual Funds (cost $20,757,801)			22,568,429



Exchange Traded Funds 9.2%

	Shares		Market Value


Equity Funds 9.2%
SPDR Dow Jones Wilshire International Real Estate Fund	14,781		509,797
Vanguard Emerging Markets Fund	34,134		1,283,438
Vanguard REIT Fund	12,544		496,492

Total Equity Funds (cost $1,710,353)			2,289,727


Total Exchange Traded Funds (cost $1,710,353)			2,289,727


Total Investments (cost $22,468,154) (c) — 100.3%			24,858,156

Liabilities in excess of other assets — (0.3)%			(85,025	)


NET ASSETS — 100.0%		$	24,773,131


(a)		Investment in affiliate.

(b)		Represents 7-day effective yield as of October 31, 2009.

(c)		See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.


REIT		Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 95

Statement of Assets and Liabilities

October 31, 2009



	Nationwide
	Destination 2040
	Fund

Assets:
Investments in affiliates, at value (cost $19,455,545)	$	21,215,187
Investments in non-affiliates, at value (cost $3,012,609)		3,642,969

Total Investments		24,858,156

Cash		11,752
Receivable for investments sold		662,453
Receivable for capital shares issued		31,416

Total Assets		25,563,777

Liabilities:
Payable for investments purchased		11,802
Payable for capital shares redeemed		759,386
Accrued expenses and other payables:
Investment advisory fees		7,203
Distribution fees		8,309
Administrative servicing fees		3,946

Total Liabilities		790,646

Net Assets	$	24,773,131

Represented by:
Capital	$	23,476,025
Accumulated net realized losses from investment transactions		(1,092,896	)
Net unrealized appreciation/(depreciation) from investments in affiliates		1,759,642
Net unrealized appreciation/(depreciation) from investments in non-affiliates		630,360

Net Assets	$	24,773,131

Net Assets:
Class A Shares	$	2,018,572
Class C Shares		192,720
Class R1 Shares		3,031,797
Class R2 Shares		14,091,812
Institutional Service Class Shares		2,928,077
Institutional Class Shares		2,510,153

Total	$	24,773,131

Shares Outstanding (unlimited number of shares authorized):
Class A Shares		276,692
Class C Shares		26,370
Class R1 Shares		416,299
Class R2 Shares		1,935,246
Institutional Service Class Shares		400,263
Institutional Class Shares		342,903

Total		3,397,773

The accompanying notes are an integral part of these financial statements.

96 Annual Report 2009



	Nationwide
	Destination 2040
	Fund

Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	7.30
Class C Shares (a)	$	7.31
Class R1 Shares	$	7.28
Class R2 Shares	$	7.28
Institutional Service Class Shares	$	7.32
Institutional Class Shares	$	7.32
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	7.75

Maximum Sales Charge:
Class A Shares		5.75	%


(a)		For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 97

Statement of Operations

For the Year Ended October 31, 2009



	Nationwide
	Destination 2040
	Fund

INVESTMENT INCOME:
Dividend income from affiliates	$	294,516
Dividend income from non-affiliates		59,389

Total Income		353,905

EXPENSES:
Investment advisory fees		51,918
Distribution fees Class A		3,142
Distribution fees Class C		1,600
Distribution fees Class R1		11,943
Distribution fees Class R2		42,946
Administrative servicing fees Class A		3,143
Administrative servicing fees Class R1		4,584
Administrative servicing fees Class R2		21,468
Administrative servicing fees Institutional Service Class		3,711
Other		198

Net Expenses		144,653

NET INVESTMENT INCOME		209,252

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gain distributions from underlying affiliated funds		272,140
Net realized losses from investment transactions with affiliates		(908,748	)
Net realized losses from investment transactions with non-affiliates		(317,355	)

Net realized losses from affiliated and non-affiliated investments		(953,963	)

Net change in unrealized appreciation/(depreciation) from investments in affiliates		3,625,640
Net change in unrealized appreciation/(depreciation) from investments in non-affiliates		1,055,838

Net change in unrealized appreciation/(depreciation) from investments		4,681,478

Net realized/unrealized gains from affiliated and non-affiliated investments		3,727,515

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,936,767

The accompanying notes are an integral part of these financial statements.

98 Annual Report 2009

Statements of Changes in Net Assets

October 31, 2009


	Nationwide Destination 2040 Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	209,252		$	53,244
Net realized losses from investment transactions		(953,963	)		(79,524	)
Net change in unrealized appreciation/(depreciation) from investments		4,681,478			(2,372,217	)

Change in net assets resulting from operations		3,936,767			(2,398,497	)


Distributions to Shareholders From:
Net investment income:
Class A		(19,072	)		(8,366	)
Class C		(1,999	)		(541	)
Class R1		(21,987	)		(2,209	)
Class R2		(110,477	)		(24,996	)
Institutional Service Class		(25,044	)		(1,860	)
Institutional Class		(45,848	)		(27,351	)
Net realized gains:
Class A		(2,922	)		(161	)
Class C		(582	)		(1	)
Class R1		(3,696	)		(1	)
Class R2		(17,866	)		(85	)
Institutional Service Class		(2,766	)		(1	)
Institutional Class		(4,419	)		(788	)

Change in net assets from shareholder distributions		(256,678	)		(66,360	)

Change in net assets from capital transactions		14,081,359			8,390,134

Change in net assets		17,761,448			5,925,277


Net Assets:
Beginning of year		7,011,683			1,086,406

End of year	$	24,773,131		$	7,011,683

Accumulated net investment income at end of year	$	–		$	–


CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	1,294,215		$	1,009,387
Dividends reinvested		21,954			8,527
Cost of shares redeemed		(294,377	)		(22,655	)

Total Class A		1,021,792			995,259

Class C Shares
Proceeds from shares issued		43,509			184,057
Dividends reinvested		2,581			542
Cost of shares redeemed		(14,930	)		–

Total Class C		31,160			184,599

Class R1 Shares
Proceeds from shares issued		2,233,786			687,483
Dividends reinvested		25,683			2,210
Cost of shares redeemed		(179,209	)		(3,296	)

Total Class R1		2,080,260			686,397

Amounts designated as “ – ” are zero or have been rounded to zero.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 99

Statements of Changes in Net Assets (Continued)


	Nationwide Destination 2040 Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

CAPITAL TRANSACTIONS: (continued)
Class R2 Shares
Proceeds from shares issued	$	8,133,287		$	5,910,121
Dividends reinvested		128,343			25,080
Cost of shares redeemed		(377,960	)		(500,488	)

Total Class R2		7,883,670			5,434,713

Institutional Service Class Shares
Proceeds from shares issued		2,126,136			643,385
Dividends reinvested		27,810			1,860
Cost of shares redeemed		(115,859	)		(120	)

Total Institutional Service Class		2,038,087			645,125

Institutional Class Shares
Proceeds from shares issued		2,435,403			422,300
Dividends reinvested		50,267			28,139
Cost of shares redeemed		(1,459,280	)		(6,398	)

Total Institutional Class		1,026,390			444,041

Change in net assets from capital transactions:	$	14,081,359		$	8,390,134


SHARE TRANSACTIONS:
Class A Shares
Issued		207,041			112,385
Reinvested		3,624			930
Redeemed		(44,647	)		(2,741	)

Total Class A Shares		166,018			110,574

Class C Shares
Issued		7,530			20,796
Reinvested		432			63
Redeemed		(2,551	)		–

Total Class C Shares		5,411			20,859

Class R1 Shares
Issued		355,378			82,062
Reinvested		4,276			262
Redeemed		(25,359	)		(420	)

Total Class R1 Shares		334,295			81,904

Class R2 Shares
Issued		1,332,213			695,929
Reinvested		21,175			2,832
Redeemed		(58,305	)		(58,770	)

Total Class R2 Shares		1,295,083			639,991

Institutional Service Class Shares
Issued		333,301			80,640
Reinvested		4,475			220
Redeemed		(18,459	)		(14	)

Total Institutional Service Class Shares		319,317			80,846

Amounts designated as “ – ” are zero or have been rounded to zero.

The accompanying notes are an integral part of these financial statements.

100 Annual Report 2009


	Nationwide Destination 2040 Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

SHARE TRANSACTIONS: (continued)
Institutional Class Shares
Issued		392,178			45,998
Reinvested		8,104			2,953
Redeemed		(205,488	)		(716	)

Total Institutional Class Shares		194,794			48,235

Total change in shares:		2,314,918			982,409

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 101

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Destination 2040 Fund


				Operations									Distributions															Ratio/Supplemental Data

							Net Realized																													Ratio of
							and																										Ratio of Net			Expenses
	Net Asset						Unrealized																							Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net						Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) from			from			Investment			Realized			Total			Value, End			Total			at End of		to Average			to Average			to Average			Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			of Period			Return (a)(b)			Period		Net Assets (c)			Net Assets (c)			Net Assets (c)(d)			Turnover (e)

Class A Shares
Year Ended October 31, 2009 (f)	$	6	.48		0	.09		0	.87		0	.96		(0	.12)		(0	.02)		(0	.14)	$	7	.30		15	.25%	$	2,018,572		0	.83%		1	.37%		0	.83%		16	.68%
Year Ended October 31, 2008 (f)	$	10	.80		0	.15		(4	.24)		(4	.09)		(0	.22)		(0	.01)		(0	.23)	$	6	.48		(38	.60%)	$	717,177		0	.62%		1	.72%		0	.72%		23	.61%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.02		0	.81		0	.83		(0	.03)		–			(0	.03)	$	10	.80		8	.35%	$	1,084		0	.98%		1	.11%		1	.51%		1	.45%

Class C Shares
Year Ended October 31, 2009 (f)	$	6	.48		0	.07		0	.86		0	.93		(0	.08)		(0	.02)		(0	.10)	$	7	.31		14	.81%	$	192,720		1	.33%		1	.08%		1	.33%		16	.68%
Year Ended October 31, 2008 (f)	$	10	.81		0	.07		(4	.23)		(4	.16)		(0	.16)		(0	.01)		(0	.17)	$	6	.48		38	.99%	$	135,913		1	.33%		0	.81%		1	.37%		23	.61%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.02		0	.82		0	.84		(0	.03)		–			(0	.03)	$	10	.81		8	.42%	$	1,084		1	.40%		1	.13%		1	.45%		1	.45%

Class R1 Shares
Year Ended October 31, 2009 (f)	$	6	.47		0	.07		0	.86		0	.93		(0	.10)		(0	.02)		(0	.12)	$	7	.28		14	.81%	$	3,031,797		1	.23%		1	.06%		1	.23%		16	.68%
Year Ended October 31, 2008 (f)	$	10	.81		0	.12		(4	.27)		(4	.15)		(0	.18)		(0	.01)		(0	.19)	$	6	.47		(38	.97%)	$	530,691		1	.20%		1	.47%		1	.23%		23	.61%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.02		0	.82		0	.84		(0	.03)		–			(0	.03)	$	10	.81		8	.42%	$	1,084		1	.40%		1	.13%		1	.45%		1	.45%

Class R2 Shares
Year Ended October 31, 2009 (f)	$	6	.47		0	.08		0	.85		0	.93		(0	.10)		(0	.02)		(0	.12)	$	7	.28		14	.89%	$	14,091,812		1	.08%		1	.17%		1	.08%		16	.68%
Year Ended October 31, 2008 (f)	$	10	.81		0	.09		(4	.21)		(4	.12)		(0	.21)		(0	.01)		(0	.22)	$	6	.47		(38	.82%)	$	4,140,142		1	.02%		1	.09%		1	.11%		23	.61%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.02		0	.82		0	.84		(0	.03)		–			(0	.03)	$	10	.81		8	.45%	$	1,854		1	.07%		1	.09%		1	.19%		1	.45%

Institutional Service Class Shares
Year Ended October 31, 2009 (f)	$	6	.49		0	.11		0	.87		0	.98		(0	.13)		(0	.02)		(0	.15)	$	7	.32		15	.68%	$	2,928,077		0	.58%		1	.61%		0	.58%		16	.68%
Year Ended October 31, 2008 (f)	$	10	.81		0	.13		(4	.22)		(4	.09)		(0	.22)		(0	.01)		(0	.23)	$	6	.49		(38	.54%)	$	525,479		0	.58%		1	.66%		0	.61%		23	.61%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.03		0	.82		0	.85		(0	.04)		–			(0	.04)	$	10	.81		8	.48%	$	1,085		0	.70%		1	.83%		0	.75%		1	.45%

Institutional Class Shares
Year Ended October 31, 2009 (f)	$	6	.50		0	.12		0	.86		0	.98		(0	.14)		(0	.02)		(0	.16)	$	7	.32		15	.74%	$	2,510,153		0	.33%		1	.89%		0	.33%		16	.68%
Year Ended October 31, 2008 (f)	$	10	.82		0	.17		(4	.24)		(4	.07)		(0	.24)		(0	.01)		(0	.25)	$	6	.50		(38	.37%)	$	962,281		0	.33%		1	.88%		0	.45%		23	.61%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.04		0	.82		0	.86		(0	.04)		–			(0	.04)	$	10	.82		8	.61%	$	1,080,215		0	.33%		2	.10%		0	.50%		1	.45%

Amounts designated as “–” are zero or have been rounded to zero.


(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	Per share calculations were performed using average shares method.
(g)	For the period from August 30, 2007 (commencement of operations) through October 31, 2007.

The accompanying notes are an integral part of these financial statements.

102 Annual Report 2009


Nationwide Destination 2045 Fund

How did the Fund perform during the reporting period in relation to its benchmark and its peer group?

For the annual period ended October 31, 2009, the Nationwide Destination 2045 Fund (Class A at NAV) returned 15.22% versus 20.86% for its new benchmark, the Morningstar^® (Mstar) Lifetime Moderate 2045 Index, and 14.64% for its former benchmark, the Dow Jones (DJ) Target 2045 Index*. For broader comparison, the average return for the Fund’s closest Lipper peer category of Mixed-Asset Target 2045 Funds (consisting of 96 funds as of October 31, 2009) was 17.36% for the same time period.

What areas of investment provided the most positive relative returns for the Fund?

The Nationwide International Index Fund and the Vanguard Emerging Markets Fund ETF (underlying funds with allocations within the Fund of approximately 23% and 6%, respectively) provided the most positive relative returns for the Fund, gaining 24.93% and 60.06%, respectively, during the reporting period. A strong rebound in international developed market stocks propelled the Nationwide International Index Fund to a respectable gain as all but one of the 21 country markets tracked by the Morgan Stanley Capital International (MSCI EAFE^®) Index produced gains during the reporting period. Sweden led the way with 69.27%. On the developing markets side, all 22 countries within the MSCI Emerging Markets Index^SM recorded positive returns during the reporting period; Indonesia led with 127.39%.

What areas of investment detracted from Fund performance?

What is your outlook for the near term?

* The benchmark for the Nationwide Destination 2045 Fund changed from the Dow Jones (DJ) Target 2045 Index to the Morningstar (Mstar) Lifetime Moderate 2045 Index effective September 30, 2009.

2009 Annual Report 103

Nationwide Destination 2045 Fund (Continued)

Nationwide Destination 2045 Fund
Performance of Underlying Investments for the 12 Months Ended October 31, 2009


		Target		12-Month
Asset Classes	Underlying Investments	Allocation**		Return

Large-Cap Stocks	Nationwide S&P 500 Index Fund		31%		9.55%


International Stocks	Nationwide International Index Fund		23%		24.93%


Mid-Cap Stocks	Nationwide Mid Cap Market Index Fund		13%		17.77%


Small-Cap Stocks	Nationwide Small Cap Index Fund		12%		6.51%


Emerging Market Stocks	Vanguard Emerging Markets Fund (ETF)		6%		60.06%


Commodity Stocks	Credit Suisse Commodity Return Strategy Fund		5%		1.02%


Intermediate-Term Bonds	Nationwide Bond Index Fund		4%		13.22%


Domestic REITs	Vanguard REIT Fund (ETF)		3%		1.83%


International REITs	SPDRs Dow Jones Wilshire International Real Estate Fund (ETF)		2%		31.18%


Money Market Investments	Nationwide Money Market Fund		1%		0.21%


**		Fund target allocations are as of October 31, 2009

Portfolio Manager:
Thomas R. Hickey Jr., Nationwide Fund Advisors

104 Annual Report 2009


Fund Performance	Nationwide Destination 2045 Fund

Average Annual Total Return
(For periods ended October 31, 2009)


		1 Yr.		Inception¹

Class A	w/o SC²		15.22%		-11.68%
	w/SC³		8.52%		-14.06%


Class C	w/o SC²		14.89%		-12.11%
	w/SC⁴		13.89%		-12.11%


Institutional Service Class⁵			15.53%		-11.61%


Institutional Class⁵			16.06%		-11.26%


Class R1⁵			14.99%		-12.09%


Class R2⁵			15.07%		-11.89%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.


¹		Fund commenced operations on August 30, 2007.

²		These returns do not reflect the effects of sales charges (SC).

³		A 5.75% front-end sales charge was deducted.

⁴		A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁵		Not subject to any sales charges.

Expense Ratios


	Expense
	Ratio*

Class A		1.05%


Class C		1.66%


Class R1		1.43%


Class R2		1.29%


Institutional Service Class		0.80%


Institutional Class		0.66%


*		Current effective prospectus. Expenses also include indirect underlying fund expenses. Please see the Fund’s most recent prospectus for details.

Performance of a $10,000 Investment

Comparative performance of $10,000 invested in the Class A of the Nationwide Destination 2045 Fund, Dow Jones Target 2045 Index(a), the Dow Jones Wilshire 5000 Index(b), and the Consumer Price Index (CPI)(c) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.


(a)		The series of unmanaged portfolio-based, asset-class weighted indexes consists of composites of subindexes that represent the three major asset classes — stock, bonds and cash. The indexes measure the performance of balanced and multi-asset-class portfolios. These portfolios typically have five-year-interval target dates, and their allocations in stocks, bonds and cash are adjusted automatically to gradually reduce risk as the target dates approach. The indexes’ asset-class weightings are rebalanced monthly to match predetermined relative levels of potential risk, with a minimum of 4% weighting in each asset class. Dow Jones subindexes represent the stock component of each target date index, and Barclays Capital subindexes represent the bond and cash components. No fees or expenses are reflected. Individuals cannot invest directly in an index.

(b)		The Dow Jones Wilshire 5000 Index is an unmanaged, market capitalization-weighted index of all U.S.-headquartered equity securities with available pricing data that is representative of the performance of the broad U.S. equity market.

(c)		Calculated by the U.S. Department of Labor’s Bureau of Labor Statistics, the CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2009 Annual Report 105


Shareholder	Nationwide Destination 2045 Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

106 Annual Report 2009

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
October 31, 2009


			Beginning		Ending		Expenses Paid		Expense Ratio
			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Nationwide Destination 2045 Fund			05/01/09		10/31/09		05/01/09 - 10/31/09 ^a,b		05/01/09 - 10/31/09 ^a,b

Class A Shares	Actual			1,000.00		1,220.10		4.64		0.84
	Hypothetical	^c		1,000.00		1,021.02		4.23		0.84


Class C Shares	Actual			1,000.00		1,217.00		7.43		1.33
	Hypothetical	^c		1,000.00		1,018.50		6.77		1.33


Class R1 Shares	Actual			1,000.00		1,217.50		6.87		1.25
	Hypothetical	^c		1,000.00		1,019.00		6.26		1.25


Class R2 Shares	Actual			1,000.00		1,219.50		6.04		1.10
	Hypothetical	^c		1,000.00		1,019.76		5.50		1.10


Institutional Service	Actual			1,000.00		1,222.00		3.25		0.59
Class Shares	Hypothetical	^c		1,000.00		1,022.28		2.96		0.59


Institutional Class	Actual			1,000.00		1,224.00		1.85		0.33
Shares	Hypothetical	^c		1,000.00		1,023.54		1.68		0.33


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
^b		Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.

^c		Represents the hypothetical 5% return before expenses.

2009 Annual Report 107


Portfolio Summary	Nationwide Destination 2045 Fund

October 31, 2009


Asset Allocation

Equity Funds	94	.9%
Fixed Income Fund	4	.2%
Money Market Fund	1	.0%
Liabilities in excess of other assets	(0	.1%)

	100	.0%


Top Holdings†

Nationwide S&P 500 Index Fund, Institutional Class	31	.1%
Nationwide International Index Fund, Institutional Class	23	.2%
Nationwide Mid Cap Market Index Fund, Institutional Class	12	.7%
Nationwide Small Cap Index Fund, Institutional Class	11	.4%
Vanguard Emerging Markets Fund	6	.1%
Credit Suisse Commodity Return Strategy Fund	5	.5%
Nationwide Bond Index Fund, Institutional Class	4	.1%
Vanguard REIT Fund	2	.9%
SPDR Dow Jones Wilshire International Real Estate Fund	2	.0%
Nationwide Money Market Fund, Institutional Class	1	.0%

	100	.0%


†		Percentages indicated are based upon total investments as of October 31, 2009.

The accompanying notes are an integral part of these financial statements.

108 Annual Report 2009

Statement of Investments

October 31, 2009

Nationwide Destination 2045 Fund



Mutual Funds 89.1%

	Shares		Market Value


Equity Funds 83.9%
Credit Suisse Commodity Return Strategy Fund	68,465	$	591,539
Nationwide International Index Fund, Institutional Class (a)	366,435		2,517,405
Nationwide Mid Cap Market Index Fund, Institutional Class (a)	126,035		1,376,297
Nationwide S&P 500 Index Fund, Institutional Class (a)	388,515		3,380,082
Nationwide Small Cap Index Fund, Institutional Class (a)	143,286		1,236,556


Total Equity Funds (cost $8,139,614)			9,101,879



Fixed Income Fund 4.2%
Nationwide Bond Index Fund, Institutional Class (a) (cost $437,208)	40,148		449,258



Money Market Fund 1.0%
Nationwide Money Market Fund, Institutional Class, 0.00% (a)(b) (cost $111,564)	111,564		111,564


Total Mutual Funds (cost $8,688,386)			9,662,701



Exchange Traded Funds 11.0%

	Shares		Market Value



Equity Funds 11.0%
SPDR Dow Jones Wilshire International Real Estate Fund	6,290		216,942
Vanguard Emerging Markets Fund	17,429		655,331
Vanguard REIT Fund	8,004		316,798


Total Equity Funds (cost $911,185)			1,189,071


Total Exchange Traded Funds (cost $911,185)			1,189,071


Total Investments (cost $9,599,571) (c) — 100.1%			10,851,772

Liabilities in excess of other assets — (0.1)%			(7,886	)


NET ASSETS — 100.0%		$	10,843,886


(a)		Investment in affiliate.

(b)		Represents 7-day effective yield as of October 31, 2009.

(c)		See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.


REIT		Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 109

Statement of Assets and Liabilities

October 31, 2009



	Nationwide
	Destination 2045
	Fund

Assets:
Investments in affiliates, at value (cost $8,109,287)	$	9,071,162
Investments in non-affiliates, at value (cost $1,490,284)		1,780,610

Total Investments		10,851,772

Cash		6,735
Receivable for capital shares issued		19,329

Total Assets		10,877,836

Liabilities:
Payable for investments purchased		7,759
Payable for capital shares redeemed		18,131
Accrued expenses and other payables:
Investment advisory fees		3,081
Distribution fees		3,477
Administrative servicing fees		1,502

Total Liabilities		33,950

Net Assets	$	10,843,886

Represented by:
Capital	$	10,549,794
Accumulated net realized losses from investment transactions		(958,109	)
Net unrealized appreciation/(depreciation) from investments in affiliates		961,875
Net unrealized appreciation/(depreciation) from investments in non-affiliates		290,326

Net Assets	$	10,843,886

Net Assets:
Class A Shares	$	910,313
Class C Shares		61,835
Class R1 Shares		112,869
Class R2 Shares		7,333,974
Institutional Service Class Shares		851,684
Institutional Class Shares		1,573,211

Total	$	10,843,886

Shares Outstanding (unlimited number of shares authorized):
Class A Shares		125,470
Class C Shares		8,531
Class R1 Shares		15,595
Class R2 Shares		1,014,425
Institutional Service Class Shares		117,567
Institutional Class Shares		216,461

Total		1,498,049

The accompanying notes are an integral part of these financial statements.

110 Annual Report 2009



	Nationwide
	Destination 2045
	Fund

Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):

Class A Shares	$	7.26
Class C Shares (a)	$	7.25
Class R1 Shares	$	7.24
Class R2 Shares	$	7.23
Institutional Service Class Shares	$	7.24
Institutional Class Shares	$	7.27

Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	7.70

Maximum Sales Charge:
Class A Shares		5.75	%


(a)		For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 111

Statement of Operations

For the Year Ended October 31, 2009



	Nationwide
	Destination 2045
	Fund


INVESTMENT INCOME:
Dividend income from affiliates	$	113,026
Dividend income from non-affiliates		29,683

Total Income		142,709

EXPENSES:
Investment advisory fees		20,936
Distribution fees Class A		1,476
Distribution fees Class C		414
Distribution fees Class R1		556
Distribution fees Class R2		20,648
Administrative servicing fees Class A		1,474
Administrative servicing fees Class R1		214
Administrative servicing fees Class R2		10,326
Administrative servicing fees Institutional Service Class		941
Other		61

Net Expenses		57,046

NET INVESTMENT INCOME		85,663

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gain distributions from underlying affiliated funds		110,945
Net realized losses from investment transactions with affiliates		(846,497	)
Net realized losses from investment transactions with non-affiliates		(183,498	)

Net realized losses from affiliated and non-affiliated investments		(919,050	)

Net change in unrealized appreciation/(depreciation) from investments in affiliates		1,896,566
Net change in unrealized appreciation/(depreciation) from investments in non-affiliates		526,406

Net change in unrealized appreciation/(depreciation) from investments		2,422,972

Net realized/unrealized gains from affiliated and non-affiliated investments		1,503,922

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,589,585

The accompanying notes are an integral part of these financial statements.

112 Annual Report 2009

Statements of Changes In Net Assets


	Nationwide Destination 2045 Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	85,663		$	32,292
Net realized gains (losses) from investment transactions		(919,050	)		2,184
Net change in unrealized appreciation/(depreciation) from investments		2,422,972			(1,256,823	)

Change in net assets resulting from operations		1,589,585			(1,222,347	)


Distributions to Shareholders From:
Net investment income:
Class A		(9,150	)		(1,844	)
Class C		(334	)		(43	)
Class R1		(1,087	)		(95	)
Class R2		(52,855	)		(12,381	)
Institutional Service Class		(6,203	)		(370	)
Institutional Class		(22,481	)		(20,428	)
Net realized gains:
Class A		(3,117	)		(2	)
Class C		(46	)		(1	)
Class R1		(603	)		(1	)
Class R2		(19,905	)		(61	)
Institutional Service Class		(1,679	)		(1	)
Institutional Class		(6,626	)		(854	)

Change in net assets from shareholder distributions		(124,086	)		(36,081	)

Change in net assets from capital transactions		6,322,147			3,218,036

Change in net assets		7,787,646			1,959,608


Net Assets:
Beginning of year		3,056,240			1,096,632

End of year	$	10,843,886		$	3,056,240

Accumulated undistributed net investment income at end of year	$	–		$	889


CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	551,631		$	412,926
Dividends reinvested		12,267			1,846
Cost of shares redeemed		(98,151	)		(3,095	)

Total Class A		465,747			411,677

Class C Shares
Proceeds from shares issued		42,366			6,397
Dividends reinvested		380			44
Cost of shares redeemed		(787	)		–

Total Class C		41,959			6,441

Class R1 Shares
Proceeds from shares issued		64,038			77,048
Dividends reinvested		1,690			96
Cost of shares redeemed		(30,224	)		(3,077	)

Total Class R1		35,504			74,067

Amounts designated as “–” are zero or have been rounded to zero

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 113

Statements of Changes In Net Assets (Continued)


	Nationwide Destination 2045 Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

CAPITAL TRANSACTIONS: (continued)
Class R2 Shares
Proceeds from shares issued	$	4,771,759		$	2,562,391
Dividends reinvested		72,760			12,442
Cost of shares redeemed		(350,341	)		(117,680	)

Total Class R2		4,494,178			2,457,153

Institutional Service Class Shares
Proceeds from shares issued		718,578			191,393
Dividends reinvested		7,882			371
Cost of shares redeemed		(100,668	)		(20,814	)

Total Institutional Service Class		625,792			170,950

Institutional Class Shares
Proceeds from shares issued		759,034			89,304
Dividends reinvested		29,107			21,282
Cost of shares redeemed		(129,174	)		(12,838	)

Total Institutional Class		658,967			97,748

Change in net assets from capital transactions:	$	6,322,147		$	3,218,036


SHARE TRANSACTIONS:
Class A Shares
Issued		90,832			47,312
Reinvested		2,037			214
Redeemed		(14,696	)		(386	)

Total Class A Shares		78,173			47,140

Class C Shares
Issued		7,805			665
Reinvested		64			5
Redeemed		(108	)		–

Total Class C Shares		7,761			670

Class R1 Shares
Issued		10,738			9,476
Reinvested		287			11
Redeemed		(4,543	)		(474	)

Total Class R1 Shares		6,482			9,013

Class R2 Shares
Issued		789,342			292,840
Reinvested		12,138			1,415
Redeemed		(69,057	)		(12,825	)

Total Class R2 Shares		732,423			281,430

Institutional Service Class Shares
Issued		111,477			24,976
Reinvested		1,284			44
Redeemed		(17,979	)		(2,326	)

Total Institutional Service Class Shares		94,782			22,685

Amounts designated as “–” are zero or have been rounded to zero

The accompanying notes are an integral part of these financial statements.

114 Annual Report 2009


	Nationwide Destination 2045 Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

SHARE TRANSACTIONS: (continued)
Institutional Class Shares
Issued		123,202			10,020
Reinvested		4,796			2,233
Redeemed		(22,136	)		(1,532	)

Total Institutional Class Shares		105,862			10,721

Total change in shares:		1,025,483			371,659

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 115

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Destination 2045 Fund


				Operations									Distributions															Ratios/Supplemental Data

							Net Realized																													Ratio of
							And																										Ratio of Net			Expenses
	Net Asset						Unrealized																							Ratio of			Investment			(Prior to
	Value,			Net			Gains			Total			Net			Net						Net Asset						Net Assets		Expenses			Income			Reimbursements)
	Beginning			Investment			(Losses) From			From			Investment			Realized			Total			Value, End			Total			at End		to Average			to Average			to Average				Portfolio
	of Period			Income			Investments			Operations			Income			Gains			Distributions			of Period			Return (a)(b)			of Period		Net Assets (c)			Net Assets (c)			Net Assets (c)(d)				Turnover (e)

Class A Shares
Year Ended October 31, 2009 (f)	$	6	.48		0	.09		0	.87		0	.96		(0	.12)		(0	.06)		(0	.18)	$	7	.26		15	.22%	$	910,313		0	.83%		1	.46%		0	.83%			18	.95%
Year Ended October 31, 2008 (f)	$	10	.87		0	.14		(4	.35)		(4	.21)		(0	.17)		(0	.01)		(0	.18)	$	6	.48		(39	.25%)	$	306,286		0	.76%		1	.64%		0	.83%			19	.55%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.02		0	.88		0	.90		(0	.03)		–			(0	.03)	$	10	.87		9	.06%	$	1,708		0	.85%		1	.32%		1	.26%			1	.44%

Class C Shares
Year Ended October 31, 2009 (f)	$	6	.47		0	.04		0	.89		0	.93		(0	.09)		(0	.06)		(0	.15)	$	7	.25		14	.89%	$	61,835		1	.33%		0	.63%		1	.33%			18	.95%
Year Ended October 31, 2008 (f)	$	10	.86		0	.12		(4	.38)		(4	.26)		(0	.12)		(0	.01)		(0	.13)	$	6	.47		(39	.64%)	$	4,982		1	.34%		1	.35%		1	.40%			19	.55%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.02		0	.87		0	.89		(0	.03)		–			(0	.03)	$	10	.86		8	.93%	$	1,089		1	.40%		0	.90%		1	.48%			1	.44%

Class R1 Shares
Year Ended October 31, 2009 (f)	$	6	.46		0	.08		0	.85		0	.93		(0	.09)		(0	.06)		(0	.15)	$	7	.24		14	.99%	$	112,869		1	.23%		1	.27%		1	.23%			18	.95%
Year Ended October 31, 2008 (f)	$	10	.86		0	.05		(4	.31)		(4	.26)		(0	.13)		(0	.01)		(0	.14)	$	6	.46		(39	.65%)	$	58,896		1	.14%		0	.63%		1	.18%			19	.55%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.02		0	.87		0	.89		(0	.03)		–			(0	.03)	$	10	.86		8	.93%	$	1,089		1	.40%		0	.90%		1	.48%			1	.44%

Class R2 Shares
Year Ended October 31, 2009 (f)	$	6	.46		0	.07		0	.87		0	.94		(0	.11)		(0	.06)		(0	.17)	$	7	.23		15	.07%	$	7,333,974		1	.08%		1	.14%		1	.08%			18	.95%
Year Ended October 31, 2008 (f)	$	10	.86		0	.11		(4	.33)		(4	.22)		(0	.17)		(0	.01)		(0	.18)	$	6	.46		(39	.42%)	$	1,821,560		0	.95%		1	.32%		1	.04%			19	.55%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.02		0	.87		0	.89		(0	.03)		–			(0	.03)	$	10	.86		8	.96%	$	6,211		1	.05%		1	.25%		1	.14%			1	.44%

Institutional Service Class Shares
Year Ended October 31, 2009 (f)	$	6	.47		0	.11		0	.85		0	.96		(0	.13)		(0	.06)		(0	.19)	$	7	.24		15	.53%	$	851,684		0	.58%		1	.63%		0	.58%			18	.95%
Year Ended October 31, 2008 (f)	$	10	.86		0	.15		(4	.35)		(4	.20)		(0	.18)		(0	.01)		(0	.19)	$	6	.47		(39	.26%)	$	147,351		0	.59%		1	.96%		0	.60%			19	.55%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.03		0	.87		0	.90		(0	.04)		–			(0	.04)	$	10	.86		8	.98%	$	1,090		0	.70%		1	.59%		0	.79%			1	.44%

Institutional Class Shares
Year Ended October 31, 2009 (f)	$	6	.48		0	.13		0	.87		1	.00		(0	.15)		(0	.06)		(0	.21)	$	7	.27		16	.06%	$	1,573,211		0	.33%		1	.98%		0	.33%			18	.95%
Year Ended October 31, 2008 (f)	$	10	.87		0	.17		(4	.35)		(4	.18)		(0	.20)		(0	.01)		(0	.21)	$	6	.48		(39	.09%)	$	717,165		0	.33%		1	.88%		0	.46%	��		19	.55%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.04		0	.87		0	.91		(0	.04)		–			(0	.04)	$	10	.87		9	.11%	$	1,085,445		0	.33%		2	.01%		0	.50%			1	.44%

Amounts designated as “ – “ are zero or have been rounded to zero.


(a)	Excludes sales charge.


(b)	Not annualized for periods less than one year.


(c)	Annualized for periods less than one year.


(d)	During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.


(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.


(f)	Per share calculations were performed using average shares method.


(g)	For the period from August 30, 2007 (commencement of operations) through October 31, 2007.


–	Amounts designated as “–” are zero or have been rounded to zero.

The accompanying notes are an integral part of these financial statements.

116 Annual Report 2009


Nationwide Destination 2050 Fund

How did the Fund perform during the reporting period in relation to its benchmark and its peer group?

For the annual period ended October 31, 2009, the Nationwide Destination 2050 Fund (Class A at NAV) returned 16.63% versus 21.41% for its new benchmark, the Morningstar^® (Mstar) Lifetime Moderate 2050 Index, and 14.64% for its former benchmark, the Dow Jones (DJ) Target 2050 Index*. For broader comparison, the average return for the Fund’s closest Lipper peer category of Mixed-Asset Target 2050+ Funds (consisting of 132 funds as of October 31, 2009) was 17.77% for the same time period.

What areas of investment provided the most positive relative returns for the Fund?

The Nationwide International Index Fund and the Vanguard Emerging Markets Fund ETF (underlying funds with allocations within the Fund of approximately 25% and 6%, respectively) provided the most positive relative returns for the Fund, gaining 24.93% and 60.06%, respectively, during the reporting period. A strong rebound in international developed market stocks propelled the Nationwide International Index Fund to a respectable gain as all but one of the 21 country markets tracked by the Morgan Stanley Capital International (MSCI EAFE^®) Index produced gains during the reporting period. Sweden led the way with 69.27%. On the developing markets side, all 22 countries within the MSCI Emerging Markets Index^sm recorded positive returns during the reporting period; Indonesia led with 127.39%.

What areas of investment detracted from Fund performance?

The Credit Suisse Commodity Strategy Return Fund returned only 1.02% and the Nationwide Money Market Fund returned only 0.21% (with allocations to the Fund of approximately 5% and 1%, respectively). Commodities, as tracked by the Dow Jones-UBS Commodities Index, barely broke even, and Credit Suisse eked out a small gain despite extreme volatility in this asset class during the annual reporting period. Yields on money funds continued to be microscopic due to the effect of the low-interest-rate environment on high-quality, ultra-short-term investments.

What is your outlook for the near term?

* The benchmark for the Nationwide Destination 2050 Fund changed from the Dow Jones (DJ) Target 2050 Index to the Morningstar (Mstar) Lifetime Moderate 2050 Index effective September 30, 2009.

2009 Annual Report 117

Nationwide Destination 2050 Fund (Continued)

The events of the past year should serve to reinforce the advantages of investing in a broadly diversified portfolio of investments. We believe our Nationwide Target Destination Funds, by combining underlying investments in up to 14 distinct asset classes that behave differently under most market conditions, are well-positioned to deliver strong risk-adjusted returns over the long-term.

Nationwide Destination 2050 Fund
Performance of Underlying Investments for the 12 Months Ended October 31, 2009


		Target			12-Month
Asset Classes	Underlying Investments	Allocation**			Return

Large-Cap Stocks	Nationwide S&P 500 Index Fund		29%			9.55%


International Stocks	Nationwide International Index Fund		25%			24.93%


Mid-Cap Stocks	Nationwide Mid Cap Market Index Fund		13%			17.77%


Small-Cap Stocks	Nationwide Small Cap Index Fund		12%			6.51%


Emerging Market Stocks	Vanguard Emerging Markets Fund (ETF)		6%			60.06%


Commodity Stocks	Credit Suisse Commodity Return Strategy Fund		5%			1.02%


Intermediate-Term Bonds	Nationwide Bond Index Fund		4%			13.22%


Domestic REITs	Vanguard REIT Fund (ETF)		3%			1.83%


International REITs	SPDRs Dow Jones Wilshire International Real Estate Fund (ETF)		2%			31.18%


Money Market Investments	Nationwide Money Market Fund		1%	��		0.21%


**		Fund target allocations are as of October 31, 2009

Portfolio Manager:
Thomas R. Hickey Jr., Nationwide Fund Advisors

118 Annual Report 2009


Fund Performance	Nationwide Destination 2050 Fund

Average Annual Total Return
(For periods ended October 31, 2009)


		1 Yr.		Inception¹

Class A	w/o SC²		16.63%		-11.27%
	w/SC³		9.96%		-13.66%


Class C	w/o SC²		15.91%		-11.93%
	w/SC⁴		14.91%		-11.93%


Institutional Service Class⁵			16.73%		-11.24%


Institutional Class⁵			16.99%		-10.99%


Class R1⁵			15.94%		-11.79%


Class R2⁵			16.14%		-11.65%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.


¹		Fund commenced operations on August 30, 2007.

²		These returns do not reflect the effects of sales charges (SC).

³		A 5.75% front-end sales charge was deducted.

⁴		A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁵		Not subject to any sales charges.

Expense Ratios


	Expense
	Ratio*

Class A		0.98%


Class C		1.66%


Class R1		1.50%


Class R2		1.34%


Institutional Service Class		0.82%


Institutional Class		0.66%


*		Current effective prospectus. Expenses also include indirect underlying fund expenses. Please see the Fund’s most recent prospectus for details.

Performance of a $10,000 Investment

Comparative performance of $10,000 invested in the Class A of the Nationwide Destination 2050 Fund, Dow Jones Target 2050 Index(a), the Dow Jones Wilshire 5000 Index(b), and the Consumer Price Index (CPI)(c) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.


(a)		The series of unmanaged portfolio-based, asset-class weighted indexes consists of composites of subindexes that represent the three major asset classes — stock, bonds and cash. The indexes measure the performance of balanced and multi-asset-class portfolios. These portfolios typically have five-year-interval target dates, and their allocations in stocks, bonds and cash are adjusted automatically to gradually reduce risk as the target dates approach. The indexes’ asset-class weightings are rebalanced monthly to match predetermined relative levels of potential risk, with a minimum of 4% weighting in each asset class. Dow Jones subindexes represent the stock component of each target date index, and Barclays Capital subindexes represent the bond and cash components. No fees or expenses are reflected. Individuals cannot invest directly in an index.

(b)		The Dow Jones Wilshire 5000 Index is an unmanaged, market capitalization-weighted index of all U.S.-headquartered equity securities with available pricing data that is representative of the performance of the broad U.S. equity market.

(c)		Calculated by the U.S. Department of Labor’s Bureau of Labor Statistics, the CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2009 Annual Report 119


Shareholder	Nationwide Destination 2050 Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

120 Annual Report 2009

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
October 31, 2009


			Beginning		Ending		Expenses Paid		Expense Ratio
Nationwide Destination 2050			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Fund			05/01/09		10/31/09		05/01/09 - 10/31/09 ^a,b		05/01/09 - 10/31/09 ^a,b

Class A Shares	Actual			1,000.00		1,221.80		4.65		0.84
	Hypothetical	^c		1,000.00		1,021.02		4.23		0.84


Class C Shares	Actual			1,000.00		1,221.40		7.39		1.33
	Hypothetical	^c		1,000.00		1,018.55		6.72		1.33


Class R1 Shares	Actual			1,000.00		1,220.30		6.88		1.14
	Hypothetical	^c		1,000.00		1,019.00		6.26		1.14


Class R2 Shares	Actual			1,000.00		1,221.90		6.05		1.08
	Hypothetical	^c		1,000.00		1,019.76		5.50		1.08


Institutional Service	Actual			1,000.00		1,223.60		3.25		0.58
Class Shares	Hypothetical	^c		1,000.00		1,022.28		2.96		0.58


Institutional Class Shares	Actual			1,000.00		1,226.30		1.85		0.33
	Hypothetical	^c		1,000.00		1,023.54		1.68		0.33


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Securities and Exchange Commission guidelines.
^b		Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.
^c		Represents the hypothetical 5% return before expenses.

2009 Annual Report 121


Portfolio Summary	Nationwide Destination 2050 Fund

October 31, 2009


Asset Allocation

Equity Funds	94	.9%
Fixed Income Fund	4	.2%
Money Market Fund	1	.0%
Liabilities in excess of other assets	(0	.1%)

	100	.0%


Top Holdings†

Nationwide S&P 500 Index Fund, Institutional Class	29	.1%
Nationwide International Index Fund, Institutional Class	25	.2%
Nationwide Mid Cap Market Index Fund, Institutional Class	12	.7%
Nationwide Small Cap Index Fund, Institutional Class	11	.4%
Vanguard Emerging Markets Fund	6	.0%
Credit Suisse Commodity Return Strategy Fund	5	.5%
Nationwide Bond Index Fund, Institutional Class	4	.2%
Vanguard REIT Fund	2	.9%
SPDR Dow Jones Wilshire International Real Estate Fund	2	.0%
Nationwide Money Market Fund, Institutional Class	1	.0%

	100	.0%


†		Percentages indicated are based upon total investments as of October 31, 2009.

The accompanying notes are an integral part of these financial statements.

122 Annual Report 2009

Statement of Investments

October 31, 2009

Nationwide Destination 2050 Fund



Mutual Funds 89.1%

	Shares		Market Value


Equity Funds 83.9%
Credit Suisse Commodity Return Strategy Fund	128,735	$	1,112,270
Nationwide International Index Fund, Institutional Class (a)	749,060		5,146,042
Nationwide Mid Cap Market Index Fund, Institutional Class (a)	237,026		2,588,325
Nationwide S&P 500 Index Fund, Institutional Class (a)	683,551		5,946,897
Nationwide Small Cap Index Fund, Institutional Class (a)	269,459		2,325,436


Total Equity Funds (cost $14,026,208)			17,118,970



Fixed Income Fund 4.2%
Nationwide Bond Index Fund, Institutional Class (a) (cost $823,610)	75,544		845,335



Money Market Fund 1.0%
Nationwide Money Market Fund, Institutional Class, 0.00% (a)(b) (cost $209,919)	209,919		209,919


Total Mutual Funds (cost $15,059,737)			18,174,224



Exchange Traded Funds 11.0%

	Shares		Market Value



Equity Funds 11.0%
SPDR Dow Jones Wilshire International Real Estate Fund	11,819		407,637
Vanguard Emerging Markets Fund	32,743		1,231,137
Vanguard REIT Fund	15,045		595,481

Total Equity Funds (cost $1,502,090)			2,234,255


Total Exchange Traded Funds (cost $1,502,090)			2,234,255


Total Investments (cost $16,561,827) (c) — 100.1%			20,408,479

Liabilities in excess of other assets — (0.1)%			(12,384	)


NET ASSETS — 100.0%		$	20,396,095


(a)		Investment in affiliate.

(b)		Represents 7-day effective yield as of October 31, 2009.

(c)		See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.


REIT		Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 123

Statement of Assets and Liabilities

October 31, 2009



	Nationwide
	Destination 2050
	Fund

Assets:
Investments in affiliates, at value (cost $14,087,537)	$	17,061,954
Investments in non-affiliates, at value (cost $2,474,290)		3,346,525

Total Investments		20,408,479

Cash		7,064
Receivable for investments sold		845
Receivable for capital shares issued		19,857

Total Assets		20,436,245

Liabilities:
Payable for investments purchased		23,850
Payable for capital shares redeemed		1,990
Accrued expenses and other payables:
Investment advisory fees		5,774
Distribution fees		4,891
Administrative servicing fees		3,645

Total Liabilities		40,150

Net Assets	$	20,396,095

Represented by:
Capital	$	17,662,853
Accumulated net realized losses from investment transactions		(1,113,410	)
Net unrealized appreciation/(depreciation) from investments in affiliates		2,974,417
Net unrealized appreciation/(depreciation) from investments in non-affiliates		872,235

Net Assets	$	20,396,095

Net Assets:
Class A Shares	$	10,334,866
Class C Shares		9,006
Class R1 Shares		377,829
Class R2 Shares		5,612,611
Institutional Service Class Shares		2,313,686
Institutional Class Shares		1,748,097

Total	$	20,396,095

Shares Outstanding (unlimited number of shares authorized):
Class A Shares		1,423,040
Class C Shares		1,243
Class R1 Shares		52,124
Class R2 Shares		776,318
Institutional Service Class Shares		318,635
Institutional Class Shares		240,424

Total		2,811,784

The accompanying notes are an integral part of these financial statements.

124 Annual Report 2009



	Nationwide
	Destination 2050
	Fund

Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	7.26
Class C Shares (a)	$	7.25
Class R1 Shares	$	7.25
Class R2 Shares	$	7.23
Institutional Service Class Shares	$	7.26
Institutional Class Shares	$	7.27
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	7.70

Maximum Sales Charge:
Class A Shares		5.75	%


(a)		For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.

		The accompanying notes are an integral part of these financial statements.

2009 Annual Report 125

Statement of Operations

For the Year Ended October 31, 2009



	Nationwide
	Destination 2050
	Fund

INVESTMENT INCOME:
Dividend income from affiliates	$	212,112
Dividend income from non-affiliates		49,825

Total Income		261,937

EXPENSES:
Investment advisory fees		39,394
Distribution fees Class A		15,190
Distribution fees Class C		76
Distribution fees Class R1		2,156
Distribution fees Class R2		16,767
Administrative servicing fees Class A		15,190
Administrative servicing fees Class R1		829
Administrative servicing fees Class R2		8,382
Administrative servicing fees Institutional Service Class		2,537
Other		71

Net Expenses		100,592

NET INVESTMENT INCOME		161,345

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gain distributions from underlying affiliated funds		126,742
Net realized losses from investment transactions with affiliates		(918,581	)
Net realized losses from investment transactions with non-affiliates		(227,360	)

Net realized losses from affiliated and non-affiliated investments		(1,019,199	)

Net change in unrealized appreciation/(depreciation) from investments in affiliates		3,937,261
Net change in unrealized appreciation/(depreciation) from investments in non-affiliates		1,144,354

Net change in unrealized appreciation/(depreciation) from investments		5,081,615

Net realized/unrealized gains from affiliated and non-affiliated investments		4,062,416

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,223,761

The accompanying notes are an integral part of these financial statements.

126 Annual Report 2009

Statements of Changes in Net Assets


	Nationwide Destination 2050 Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	161,345		$	31,267
Net realized losses from investment transactions		(1,019,199	)		(48,073	)
Net change in unrealized appreciation/(depreciation) from investments		5,081,615			(1,325,718	)

Change in net assets resulting from operations		4,223,761			(1,342,524	)


Distributions to Shareholders From:
Net investment income:
Class A		(72,871	)		(2,585	)
Class C		(105	)		(44	)
Class R1		(5,047	)		(1,151	)
Class R2		(48,702	)		(10,330	)
Institutional Service Class		(17,348	)		(1,817	)
Institutional Class		(25,364	)		(29,198	)
Net realized gains:
Class A		(1,324	)		(26	)
Class C		(42	)		(1	)
Class R1		(2,060	)		(1	)
Class R2		(13,102	)		(9	)
Institutional Service Class		(2,929	)		(1	)
Institutional Class		(4,746	)		(509	)

Change in net assets from shareholder distributions		(193,640	)		(45,672	)

Change in net assets from capital transactions		12,977,329			3,614,617

Change in net assets		17,007,450			(2,226,421	)


Net Assets:
Beginning of year		3,388,645			1,162,224

End of year	$	20,396,095		$	3,388,645

Accumulated undistributed net investment income at end of year	$	–		$	1


CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	8,587,475		$	279,564
Dividends reinvested		74,195			2,611
Cost of shares redeemed		(1,318,180	)		(49,574	)

Total Class A		7,343,490			232,601

Class C Shares
Proceeds from shares issued		1,405			18,154
Dividends reinvested		147			44
Cost of shares redeemed		–			(9,295	)

Total Class C		1,552			8,903

Class R1 Shares
Proceeds from shares issued		161,747			430,694
Dividends reinvested		7,107			1,152
Cost of shares redeemed		(155,403	)		(1,703	)

Total Class R1		13,451			430,143

Amounts designated as “–” are zero or have been rounded to zero.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 127

Statements of Changes in Net Assets (Continued)


	Nationwide Destination 2050 Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

CAPITAL TRANSACTIONS: (continued)
Class R2 Shares
Proceeds from shares issued	$	3,285,323		$	2,831,852
Dividends reinvested		61,804			10,339
Cost of shares redeemed		(300,890	)		(456,335	)

Total Class R2		3,046,237			2,385,856

Institutional Service Class Shares
Proceeds from shares issued		2,610,000			489,188
Dividends reinvested		20,277			1,818
Cost of shares redeemed		(851,577	)		(42,289	)

Total Institutional Service Class		1,778,700			448,717

Institutional Class Shares
Proceeds from shares issued		812,614			85,645
Dividends reinvested		30,110			29,707
Cost of shares redeemed		(48,825	)		(6,955	)

Total Institutional Class		793,899			108,397

Change in net assets from capital transactions:	$	12,977,329		$	3,614,617


SHARE TRANSACTIONS:
Class A Shares
Issued		1,583,290			31,394
Reinvested		11,980			284
Redeemed		(203,548	)		(5,265	)

Total Class A Shares		1,391,722			26,413

Class C Shares
Issued		166			1,895
Reinvested		25			5
Redeemed		–			(948	)

Total Class C Shares		191			952

Class R1 Shares
Issued		24,921			49,235
Reinvested		1,202			138
Redeemed		(23,221	)		(251	)

Total Class R1 Shares		2,902			49,122

Class R2 Shares
Issued		523,307			332,471
Reinvested		10,345			1,183
Redeemed		(40,850	)		(51,534	)

Total Class R2 Shares		492,802			282,300

Institutional Service Class Shares
Issued		395,750			57,184
Reinvested		3,292			216
Redeemed		(133,036	)		(4,871	)

Total Institutional Service Class Shares		266,006			52,529

Amounts designated as “–” are zero or have been rounded to zero.

The accompanying notes are an integral part of these financial statements.

128 Annual Report 2009

Statements of Changes in Net Assets (Continued)


	Nationwide Destination 2050 Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

SHARE TRANSACTIONS: (continued)
Institutional Class Shares
Issued		130,710			9,403
Reinvested		4,941			3,069
Redeemed		(7,187	)		(765	)

Total Institutional Class Shares		128,464			11,707

Total change in shares:		2,282,087			423,023

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 129

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Destination 2050 Fund


				Operations									Distributions															Ratios/Supplemental Data

																																				Ratio of
							Net Realized																										Ratio of Net			Expenses
							And																										Investment			(Prior to
	Net Asset			Net			Unrealized																							Ratio of			Income			Reimbursements)
	Value,			Investment			Gains			Total			Net			Net						Net Asset						Net Assets		Expenses			(Loss)			to Average
	Beginning			Income			(Losses) From			From			Investment			Realized			Total			Value, End			Total			at End		to Average			to Average			Net			Portfolio
	of Period			(Loss)			Investments			Operations			Income			Gains			Distributions			of Period			Return (a)(b)			of Period		Net Assets (c)			Net Assets (c)			Assets (c)(d)			Turnover (e)

Class A Shares
Year Ended October 31, 2009 (f)	$	6	.42		0	.08		0	.94		1	.02		(0	.14)		(0	.04)		(0	.18)	$	7	.26		16	.63%	$	10,334,866		0	.83%		1	.19%		0	.83%		21	.10%
Year Ended October 31, 2008 (f)	$	10	.89		0	.14		(4	.35)		(4	.21)		(0	.25)		(0	.01)		(0	.26)	$	6	.42		(39	.48%)	$	200,917		0	.59%		1	.55%		0	.70%		34	.38%
Period Ended October 31, 2007 (f)(g)	$	10	.00		(0	.01)		0	.93		0	.92		(0	.03)		–			(0	.03)	$	10	.89		9	.25%	$	53,443		0	.86%		(0	.30%)		1	.08%		0	.82%

Class C Shares
Year Ended October 31, 2009 (f)	$	6	.40		0	.08		0	.91		0	.99		(0	.10)		(0	.04)		(0	.14)	$	7	.25		15	.91%	$	9,006		1	.33%		1	.23%		1	.33%		21	.10%
Year Ended October 31, 2008 (f)	$	10	.88		0	.06		(4	.34)		(4	.28)		(0	.19)		(0	.01)		(0	.20)	$	6	.40		(40	.01%)	$	6,734		1	.34%		0	.65%		1	.43%		34	.38%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.02		0	.89		0	.91		(0	.03)		–			(0	.03)	$	10	.88		(9	.13%)	$	1,092		1	.39%		0	.87%		1	.49%		0	.82%

Class R1 Shares
Year Ended October 31, 2009 (f)	$	6	.40		0	.09		0	.90		0	.99		(0	.10)		(0	.04)		(0	.14)	$	7	.25		15	.94%	$	377,829		1	.23%		1	.49%		1	.23%		21	.10%
Year Ended October 31, 2008 (f)	$	10	.88		0	.06		(4	.31)		(4	.25)		(0	.22)		(0	.01)		(0	.23)	$	6	.40		(39	.82%)	$	314,774		1	.24%		0	.72%		1	.27%		34	.38%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.02		0	.89		0	.91		(0	.03)		–			(0	.03)	$	10	.88		9	.13%	$	1,092		1	.39%		0	.87%		1	.49%		0	.82%

Class R2 Shares
Year Ended October 31, 2009 (f)	$	6	.39		0	.08		0	.92		1	.00		(0	.12)		(0	.04)		(0	.16)	$	7	.23		16	.14%	$	5,612,611		1	.08%		1	.29%		1	.08%		21	.10%
Year Ended October 31, 2008 (f)	$	10	.89		0	.09		(4	.33)		(4	.24)		(0	.25)		(0	.01)		(0	.26)	$	6	.39		(39	.79%)	$	1,810,597		1	.03%		1	.02%		1	.11%		34	.38%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.01		0	.91		0	.92		(0	.03)		–			(0	.03)	$	10	.89		9	.25%	$	13,240		1	.06%		0	.62%		1	.17%		0	.82%

Institutional Service Class Shares
Year Ended October 31, 2009 (f)	$	6	.41		0	.10		0	.93		1	.03		(0	.14)		(0	.04)		(0	.18)	$	7	.26		16	.73%	$	2,313,686		0	.58%		1	.50%		0	.58%		21	.10%
Year Ended October 31, 2008 (f)	$	10	.89		0	.12		(4	.33)		(4	.21)		(0	.26)		(0	.01)		(0	.27)	$	6	.41		(39	.50%)	$	337,395		0	.60%		1	.47%		0	.65%		34	.38%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.03		0	.90		0	.93		(0	.04)		–			(0	.04)	$	10	.89		9	.28%	$	1,093		0	.70%		1	.57%		0	.79%		0	.82%

Institutional Class Shares
Year Ended October 31, 2009 (f)	$	6	.42		0	.14		0	.91		1	.05		(0	.16)		(0	.04)		(0	.20)	$	7	.27		16	.99%	$	1,748,097		0	.33%		2	.15%		0	.33%		21	.10%
Year Ended October 31, 2008 (f)	$	10	.90		0	.18		(4	.37)		(4	.19)		(0	.28)		(0	.01)		(0	.29)	$	6	.42		(39	.33%)	$	718,228		0	.33%		1	.93%		0	.46%		34	.38%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.04		0	.90		0	.94		(0	.04)		–			(0	.04)	$	10	.90		9	.41%	$	1,092,264		0	.33%		1	.98%		0	.50%		0	.82%

Amounts designated as “–” are zero or have been rounded to zero.


(a)	Excludes sales charge.
(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	Per share calculations were performed using average shares method.
(g)	For the period from August 30, 2007 (commencement of operations) through October 31, 2007.

The accompanying notes are an integral part of these financial statements.

130 Annual Report 2009


Nationwide Retirement Income Fund

How did the Fund perform during the reporting period in relation to its benchmark and its peer group?

For the annual period ended October 31, 2009, the Nationwide Retirement Income Fund (Class A at NAV) returned 13.46% versus 14.89% for its new benchmark, the Morningstar^® (Mstar) Lifetime Moderate Income Index, and 15.81% for its former benchmark, the Dow Jones (DJ) Target Today Index*. For broader comparison, the average return for the Fund’s closest Lipper peer category of Mixed-Asset Target Allocation Conservative Funds (consisting of 445 funds as of October 31, 2009) was 15.55% for the same time period.

What areas of investment provided the most positive relative returns for the Fund?

The iShares Barclays TIPS Bond ETF and the Oppenheimer International Bond Fund (underlying funds with allocations within the Fund of approximately 24% and 8%, respectively) provided the most positive relative returns for the Fund, gaining 17.03% and 26.06%, respectively, during the reporting period. Concerns about the potential inflationary impact of U.S. government economic stimulus actions drove up the values of inflation-protected securities, as reflected in the strong performance of the iShares Barclays TIPS Bond Fund ETF. International fixed-income markets showed the most gains during the first months of the reporting period, then gained again with a surge in the later months as liquidity and confidence returned to most foreign markets.

What areas of investment detracted from Fund performance?

The Nationwide Money Market Fund returned only 0.21% and the Credit Suisse Commodity Strategy Return Fund returned 1.02% (with allocations to the Fund of approximately 11% and 3%, respectively). Yields on money funds continued to be microscopic due to the effect of the low-interest-rate environment on high-quality, ultra-short-term investments. Commodities, as tracked by the Dow Jones-UBS Commodities Index, barely broke even, and Credit Suisse eked out a small gain despite extreme volatility in this asset class during the annual reporting period.

What is your outlook for the near term?

We witnessed two very different market environments during the 12 months covered by this report. From November 2008 to early March 2009, financial and economic conditions deteriorated on a global scale, with virtually all equity markets declining dramatically. Investors fled from nearly all asset classes except government bonds. The U.S. government and many foreign governments intervened by pumping unprecedented amounts of capital into their financial systems in an effort to stanch the bleeding, as it were. Finally, in early March 2009, the equity markets began a strong rally on the back of new U.S. government initiatives, some improving economic data and several corporate earnings surprises. This rebound in the equity markets characterized the remainder of the annual reporting period, with most equity markets posting double-digit gains.

As you consider how best to invest for your retirement, the market turbulence of 2008 and early 2009 should serve to reinforce the critical importance of investing in a broadly diversified portfolio of investments. We believe our Nationwide Target Destination Funds provide one such solution for long-term investors. By combining underlying investments in up to 14 distinct asset classes that behave differently under most market conditions, we believe it is possible for our Target Destination Funds to achieve higher risk-adjusted returns over the long term than those that could be achieved with a less-diversified portfolio of investments.

* The benchmark for the Nationwide Destination Retirement Income Fund changed from the Dow Jones (DJ) Target Index to the Morningstar (Mstar) Lifetime Moderate Index effective September 30, 2009.

2009 Annual Report 131

Nationwide Retirement Income Fund (Continued)

Nationwide Retirement Income Fund
Performance of Underlying Investments for the 12 Months Ended October 31, 2009


		Target		12-Month
Asset Classes	Underlying Investments	Allocation**		Return

Inflation-Protected Bonds	iShares Barclays U.S. Treasury Inflation Protected Securities Fund (ETF)		24%		17.03%


Large-Cap Stocks	Nationwide S&P 500 Index Fund		18%		9.55%


Short-Term Bonds	Vanguard Short Term Bond Fund (ETF)		18%		8.57%


Money Market Investments	Nationwide Money Market Fund		11%		0.21%


International Bonds	Oppenheimer International Bond Fund		8%		26.06%


Intermediate-Term Bonds	Nationwide Bond Index Fund		7%		13.22%


International Stocks	Nationwide International Index Fund		5%		24.93%


Commodities	Credit Suisse Commodity Return Strategy Fund		3%		1.02%


Mid-Cap Stocks	Nationwide Mid Cap Market Index Fund		2%		17.77%


High-Yield Bonds	T. Rowe Price High Yield Bond Fund		2%		34.94%


Domestic REITs	Vanguard REIT Fund (ETF)		1%		1.83%


International REITs	SPDRs Dow Jones Wilshire International Real Estate Fund (ETF)		1%		31.18%


**		Fund target allocations are as of October 31, 2009

Portfolio Manager:
Thomas R. Hickey Jr., Nationwide Fund Advisors

132 Annual Report 2009


Fund Performance	Nationwide Retirement Income Fund

Average Annual Total Return
(For periods ended October 31, 2009)


		1 Yr.		Inception¹

Class A	w/o SC²		13.46%		0.25%
	w/SC³		6.96%		-2.45%


Class C	w/o SC²		12.82%		-0.34%
	w/SC⁴		11.82%		-0.34%


Institutional Service Class⁵			13.64%		0.44%


Institutional Class⁵			13.92%		0.72%


Class R1⁵			12.88%		-0.18%


Class R2⁵			13.08%		0.00%

All figures showing the effect of a sales charge (SC) reflect the maximum charge possible, because it has the most significant effect on performance data.


¹		Fund commenced operations on August 30, 2007.

²		These returns do not reflect the effects of sales charges (SC).

³		A 5.75% front-end sales charge was deducted.

⁴		A 1.00% contingent deferred sales charge (CDSC) was deducted from the one year return because it is charged when you sell Class C shares within the first year after purchase.

⁵		Not subject to any sales charges.

Expense Ratios


	Expense
	Ratio*

Class A		1.03%


Class C		1.66%


Class R1		1.48%


Class R2		1.25%


Institutional Service Class		0.84%


Institutional Class		0.66%


*		Current effective prospectus. Expenses also include indirect underlying fund expenses. Please see the Fund’s most recent prospectus for details.

Performance of a $10,000 Investment

Comparative performance of $10,000 invested in the Class A of the Nationwide Retirement Income Fund, the Dow Jones Target Today Index(a), the Barclays Capital U.S. Aggregate Index(b), and the Consumer Price Index (CPI)(c) since inception. Unlike the Fund, the returns for these unmanaged indexes do not reflect any fees, expenses, or sales charges. Investors cannot invest directly in market indexes.


(a)		The series of unmanaged portfolio-based, asset-class weighted indexes consists of composites of subindexes that represent the three major asset classes — stock, bonds and cash. The indexes measure the performance of balanced and multi-asset-class portfolios. These portfolios typically have five-year-interval target dates, and their allocations in stocks, bonds and cash are adjusted automatically to gradually reduce risk as the target dates approach. The indexes’ asset-class weightings are rebalanced monthly to match predetermined relative levels of potential risk, with a minimum of 4% weighting in each asset class. Dow Jones subindexes represent the stock component of each target date index, and Barclays Capital subindexes represent the bond and cash components. No fees or expenses are reflected. Individuals cannot invest directly in an index.

(b)		The Barclays Capital U.S. Aggregate Index is an unmanaged, market value-weighted index of investment-grade, fixed-rate debt issues (including government, corporate, asset-backed, and mortgage-backed securities with maturities of one year or more) that is generally representative of the bond market as a whole.

(c)		Calculated by the U.S. Department of Labor’s Bureau of Labor Statistics, the CPI represents changes in prices of a basket of goods and services purchased for consumption by urban households.

2009 Annual Report 133


Shareholder	Nationwide Retirement Income Fund

Expense Example

Actual Expenses

Hypothetical Expenses for Comparison Purposes

134 Annual Report 2009

Schedule of Shareholder Expenses
Expense Analysis of a $1,000 Investment
October 31, 2009


			Beginning		Ending		Expenses Paid		Expense Ratio
			Account Value ($)		Account Value ($)		During Period ($)		During Period (%)
Nationwide Retirement Income Fund			05/01/09		10/31/09		05/01/09 - 10/31/09 ^a,b		05/01/09 - 10/31/09 ^a,b

Class A Shares	Actual			1,000.00		1,106.10		4.41		0.88
	Hypothetical	^c		1,000.00		1,021.02		4.23		0.88


Class C Shares	Actual			1,000.00		1,101.90		8.00		1.51
	Hypothetical	^c		1,000.00		1,017.59		7.68		1.51


Class R1 Shares	Actual			1,000.00		1,103.30		6.52		1.17
	Hypothetical	^c		1,000.00		1,019.00		6.26		1.17


Class R2 Shares	Actual			1,000.00		1,103.60		5.73		1.15
	Hypothetical	^c		1,000.00		1,019.76		5.50		1.15


Institutional Service	Actual			1,000.00		1,106.60		3.08		0.53
Class Shares	Hypothetical	^c		1,000.00		1,022.28		2.96		0.53


Institutional	Actual			1,000.00		1,107.40		1.75		0.33
Class Shares	Hypothetical	^c		1,000.00		1,023.54		1.68		0.33


^a		Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period multiplied to reflect one-half year period. The expense ratio presented represents a six-month, annualized ratio in accordance with Security and Exchange Commission guidelines.

^b		Expenses are based on the direct expenses of the Fund and do not include the effect of the underlying Funds’ expenses, which are disclosed in the Fee and Expense table and described more fully in a footnote to that table in your Fund Prospectus.

^c		Represents the hypothetical 5% return before expenses.

2009 Annual Report 135


Portfolio Summary	Nationwide Retirement Income Fund

October 31, 2009


Asset Allocation

Fixed Income Funds	59	.6%
Equity Funds	29	.4%
Money Market Fund	11	.0%
Liabilities in excess of other assets‡	0	.0%

	100	.0%


‡		Rounds to less than 0.1%.


Top Holdings†

iShares Barclays U.S. Treasury Inflation Protected Securities Fund	24	.3%
Vanguard Short-Term Bond Fund	18	.1%
Nationwide S&P 500 Index Fund, Institutional Class	17	.6%
Nationwide Money Market Fund, Institutional Class	11	.0%
Oppenheimer International Bond Fund, Class Y	8	.1%
Nationwide Bond Index Fund, Institutional Class	7	.1%
Nationwide International Index Fund, Institutional Class	4	.9%
Credit Suisse Commodity Return Strategy Fund	3	.1%
T. Rowe Price High Yield Bond Fund	2	.0%
Nationwide Mid Cap Market Index Fund, Institutional Class	1	.9%
Other Holdings	1	.9%

	100	.0%




†		Percentages indicated are based upon total investments as of October 31, 2009.

The accompanying notes are an integral part of these financial statements.

136 Annual Report 2009

Statement of Investments

October 31, 2009

Nationwide Retirement Income Fund



Mutual Funds 55.7%

	Shares		Market Value


Equity Funds 27.5%
Credit Suisse Commodity Return Strategy Fund	48,492	$	418,966
Nationwide International Index Fund, Institutional Class (a)	94,175		646,983
Nationwide Mid Cap Market Index Fund, Institutional Class (a)	22,937		250,468
Nationwide S&P 500 Index Fund, Institutional Class (a)	266,776		2,320,954

Total Equity Funds (cost $2,995,835)			3,637,371



Fixed Income Funds 17.2%
Nationwide Bond Index Fund, Institutional Class (a)	83,195		930,950
Oppenheimer International Bond Fund, Class Y	163,253		1,067,675
T. Rowe Price High Yield Bond Fund	29,351		267,971

Total Fixed Income Funds (cost $2,098,492)			2,266,596



Money Market Fund 11.0%
Nationwide Money Market Fund, Institutional Class, 0.00% (a)(b) (cost $1,452,835)	1,452,835		1,452,835


Total Mutual Funds (cost $6,547,162)			7,356,802



Exchange Traded Funds 44.3%

	Shares		Market Value


Equity Funds 1.9%
SPDR Dow Jones Wilshire International Real Estate Fund	3,716		128,165
Vanguard REIT Fund	3,158		124,994

Total Equity Funds (cost $178,241)			253,159



Fixed Income Funds 42.4%
iShares Barclays U.S. Treasury Inflation Protected Securities Fund	30,893		3,213,181
Vanguard Short-Term Bond Fund	29,754		2,382,105

Total Fixed Income Funds (cost $5,464,405)			5,595,286


Total Exchange Traded Funds (cost $5,642,646)			5,848,445


Total Investments (cost $12,189,808) (c) — 100.0%			13,205,247

Liabilities in excess of other assets — 0.0%			(3,694	)


NET ASSETS — 100.0%		$	13,201,553


(a)		Investment in affiliate.

(b)		Represents 7-day effective yield as of October 31, 2009.

(c)		See notes to financial statements for tax unrealized appreciation/(depreciation) of securities.


REIT		Real Estate Investment Trust

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 137

Statement of Assets and Liabilities

October 31, 2009



	Nationwide Retirement
	Income Fund

Assets:
Investments in affiliates, at value (cost $4,978,789)	$	5,602,190
Investments in non-affiliates, at value (cost $7,211,019)		7,603,057

Total Investments		13,205,247

Cash		94,444
Receivable for capital shares issued		10,672

Total Assets		13,310,363

Liabilities:
Payable for investments purchased		100,382
Payable for capital shares redeemed		36
Accrued expenses and other payables:
Investment advisory fees		3,556
Distribution fees		2,865
Administrative servicing fees		1,971

Total Liabilities		108,810

Net Assets	$	13,201,553

Represented by:
Capital	$	12,988,059
Accumulated undistributed net investment income		10,400
Accumulated net realized losses from investment transactions		(812,345	)
Net unrealized appreciation/(depreciation) from investments in affiliates		623,401
Net unrealized appreciation/(depreciation) from investments in non-affiliates		392,038

Net Assets	$	13,201,553

Net Assets:
Class A Shares	$	2,122,284
Class C Shares		990
Class R1 Shares		2,119,001
Class R2 Shares		3,136,767
Institutional Service Class Shares		2,847,529
Institutional Class Shares		2,974,982

Total	$	13,201,553

Shares outstanding (unlimited number of shares authorized):
Class A Shares		224,786
Class C Shares		105
Class R1 Shares		224,858
Class R2 Shares		333,512
Institutional Service Class Shares		301,796
Institutional Class Shares		315,005

Total		1,400,062

Net asset value and redemption price per share (Net assets by class divided by shares outstanding by class, respectively):
Class A Shares	$	9.44
Class C Shares (a)	$	9.43
Class R1 Shares	$	9.42
Class R2 Shares	$	9.41
Institutional Service Class Shares	$	9.44
Institutional Class Shares	$	9.44
Maximum offering price per share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent):
Class A Shares	$	10.02

Maximum Sales Charge:
Class A Shares		5.75	%


(a)		For Class C Shares, the redemption price per share is reduced by 1.00% for shares held less than one year.

The accompanying notes are an integral part of these financial statements.

138 Annual Report 2009

Statement of Operations

For the Year Ended October 31, 2009



	Nationwide Retirement
	Income Fund

INVESTMENT INCOME:
Dividend income from affiliates	$	85,122
Dividend income from non-affiliates		198,148

Total Income		283,270

EXPENSES:
Investment advisory fees		30,871
Distribution fees Class A		3,140
Distribution fees Class C		9
Distribution fees Class R1		10,932
Distribution fees Class R2		12,253
Administrative servicing fees Class A		3,128
Administrative servicing fees Class R1		4,207
Administrative servicing fees Class R2		6,129
Administrative servicing fees Institutional Service Class		4,546
Other		57

Net Expenses		75,272

NET INVESTMENT INCOME		207,998

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gain distributions from underlying affiliated funds		31,720
Net realized gain distributions from underlying non-affiliated funds		3,637
Net realized losses from investment transactions with affiliates		(505,449	)
Net realized losses from investment transactions with non-affiliates		(212,434	)

Net realized losses from affiliated and non-affiliated investments		(682,526	)

Net change in unrealized appreciation/(depreciation) from investments in affiliates		1,095,096
Net change in unrealized appreciation/(depreciation) from investments in non-affiliates		842,582

Net change in unrealized appreciation/(depreciation) from investments		1,937,678

Net realized/unrealized gains from affiliated and non-affiliated investments		1,255,152

CHANGE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,463,150

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 139

Statements of Changes in Net Assets


	Nationwide Retirement Income Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008
Operations:
Net investment income	$	207,998		$	112,105
Net realized losses from investment transactions		(682,526	)		(90,676	)
Net change in unrealized appreciation/(depreciation) from investments		1,937,678			(953,125	)

Change in net assets resulting from operations		1,463,150			(931,696	)


Distributions to Shareholders From:
Net investment income:
Class A		(28,902	)		(423	)
Class C		(16	)		(25	)
Class R1		(31,053	)		(16,255	)
Class R2		(49,512	)		(27,914	)
Institutional Service Class		(46,951	)		(18,792	)
Institutional Class		(60,336	)		(35,788	)
Net realized gains:
Class A		(151	)		(1	)
Class C		(6	)		(1	)
Class R1		(9,224	)		(1	)
Class R2		(9,940	)		(57	)
Institutional Service Class		(10,981	)		(1	)
Institutional Class		(5,464	)		(468	)

Change in net assets from shareholder distributions		(252,536	)		(99,726	)

Change in net assets from capital transactions		6,260,268			5,724,103

Change in net assets		7,470,882			4,692,681


Net Assets:
Beginning of year		5,730,671			1,037,990

End of year	$	13,201,553		$	5,730,671

Accumulated undistributed net investment income at end of year	$	10,400		$	17,243


CAPITAL TRANSACTIONS:
Class A Shares
Proceeds from shares issued	$	2,522,271		$	27,463
Dividends reinvested		29,053			424
Cost of shares redeemed		(674,090	)		(252	)

Total Class A		1,877,234			27,635

Class C Shares
Proceeds from shares issued		–			–
Dividends reinvested		21			26
Cost of shares redeemed		–			–

Total Class C		21			26

Class R1 Shares
Proceeds from shares issued		528,645			1,984,810
Dividends reinvested		40,277			16,256
Cost of shares redeemed		(240,742	)		(107,470	)

Total Class R1		328,180			1,893,596

Amounts designated as “ – ” are zero or have been rounded to zero.

The accompanying notes are an integral part of these financial statements.

140 Annual Report 2009


	Nationwide Retirement Income Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

CAPITAL TRANSACTIONS: (continued)
Class R2 Shares
Proceeds from shares issued	$	2,555,359		$	3,831,556
Dividends reinvested		59,452			27,971
Cost of shares redeemed		(1,345,106	)		(1,963,981	)

Total Class R2		1,269,705			1,895,546

Institutional Service Class Shares
Proceeds from shares issued		2,205,952			2,128,462
Dividends reinvested		57,932			18,792
Cost of shares redeemed		(1,187,563	)		(283,066	)

Total Institutional Service Class		1,076,321			1,864,188

Institutional Class Shares
Proceeds from shares issued		1,831,487			6,859
Dividends reinvested		65,800			36,256
Cost of shares redeemed		(188,480	)		(3	)

Total Institutional Class		1,708,807			43,112

Change in net assets from capital transactions:	$	6,260,268		$	5,724,103


SHARE TRANSACTIONS:
Class A Shares
Issued		293,731			2,745
Reinvested		3,232			43
Redeemed		(75,040	)		(25	)

Total Class A Shares		221,923			2,763

Class C Shares
Issued		–			–
Reinvested		2			3
Redeemed		–			–

Total Class C Shares		2			3

Class R1 Shares
Issued		58,861			199,374
Reinvested		4,559			1,687
Redeemed		(28,185	)		(11,538	)

Total Class R1 Shares		35,235			189,523

Class R2 Shares
Issued		294,847			383,608
Reinvested		6,738			2,855
Redeemed		(153,489	)		(201,147	)

Total Class R2 Shares		148,096			185,316

Institutional Service Class Shares
Issued		245,493			214,637
Reinvested		6,548			1,939
Redeemed		(137,909	)		(29,012	)

Total Institutional Service Class Shares		114,132			187,564

Amounts designated as “ – ” are zero or have been rounded to zero.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 141

Statements of Changes in Net Assets (Continued)


	Nationwide Retirement Income Fund

	Year Ended			Year Ended
	October 31, 2009			October 31, 2008

SHARE TRANSACTIONS: (continued)
Institutional Class Shares
Issued		224,569			769
Reinvested		7,393			3,629
Redeemed		(21,236	)		–

Total Institutional Class Shares		210,726			4,398

Total change in shares:		730,114			569,567

Amounts designated as “ – ” are zero or have been rounded to zero.

The accompanying notes are an integral part of these financial statements.

142 Annual Report 2009

Financial Highlights

Selected data for each share of capital outstanding throughout the periods indicated

Nationwide Retirement Income Fund


				Operations									Distributions															Ratios / Supplemental Data

							Net Realized																													Ratio of
	Net Asset						and																										Ratio of Net			Expenses
	Value,						Unrealized															Net								Ratio of			Investment			(Prior to
	Beginning			Net			Gains (Losses)			Total			Net			Net						Asset						Net Assets		Expenses			Income			Reimbursements)
	of			Investment			from			from			Investment			Realized			Total			Value, End			Total			at End		to Average			to Average			to Average			Portfolio
	Period			Income			Investments			Operations			Income			Gains			Distributions			of Period			Return (a)(b)			of Period		Net Assets (c)			Net Assets (c)			Net Assets (c)(d)			Turnover (e)

Class A Shares
Year Ended October 31, 2009 (f)	$	8	.56		0	.19		0	.94		1	.13		(0	.20)		(0	.05)		(0	.25)	$	9	.44		13	.46%	$	2,122,283		0	.83%		2	.15%		0	.83%		43	.52%
Year Ended October 31, 2008 (f)	$	10	.33		0	.33		(1	.79)		(1	.46)		(0	.31)		–			(0	.31)	$	8	.56		(14	.50%)	$	24,515		0	.83%		3	.30%		0	.96%		74	.26%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.06		0	.30		0	.36		(0	.03)		–			(0	.03)	$	10	.33		3	.64%	$	1,037		1	.07%		3	.18%		1	.79%		1	.03%

Class C Shares
Year Ended October 31, 2009 (f)	$	8	.55		0	.15		0	.94		1	.09		(0	.16)		(0	.05)		(0	.21)	$	9	.43		12	.82%	$	991		1	.38%		1	.69%		1	.38%		43	.52%
Year Ended October 31, 2008 (f)	$	10	.32		0	.30		(1	.82)		(1	.52)		(0	.25)		–			(0	.25)	$	8	.55		(15	.01%)	$	880		1	.38%		2	.99%		1	.41%		74	.26%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.05		0	.30		0	.35		(0	.03)		–			(0	.03)	$	10	.32		3	.51%	$	1,036		1	.43%		2	.59%		1	.43%		1	.03%

Class R1 Shares
Year Ended October 31, 2009 (f)	$	8	.55		0	.16		0	.92		1	.08		(0	.16)		(0	.05)		(0	.21)	$	9	.42		12	.88%	$	2,119,001		1	.23%		1	.81%		1	.23%		43	.52%
Year Ended October 31, 2008 (f)	$	10	.32		0	.27		(1	.76)		(1	.49)		(0	.28)		–			(0	.28)	$	8	.55		(14	.76%)	$	1,620,940		1	.24%		2	.86%		1	.27%		74	.26%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.04		0	.30		0	.34		(0	.03)		–			(0	.03)	$	10	.32		3	.51%	$	1,036		1	.43%		2	.59%		1	.43%		1	.03%

Class R2 Shares
Year Ended October 31, 2009 (f)	$	8	.54		0	.17		0	.94		1	.11		(0	.19)		(0	.05)		(0	.24)	$	9	.41		13	.08%	$	3,136,767		1	.08%		1	.91%		1	.08%		43	.52%
Year Ended October 31, 2008 (f)	$	10	.33		0	.32		(1	.80)		(1	.48)		(0	.31)		–			(0	.31)	$	8	.54		(14	.67%)	$	1,583,732		0	.92%		3	.29%		1	.02%		74	.26%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.05		0	.31		0	.36		(0	.03)		–			(0	.03)	$	10	.33		3	.64%	$	1,037		1	.07%		2	.95%		1	.07%		1	.03%

Institutional Service Class Shares
Year Ended October 31, 2009 (f)	$	8	.56		0	.22		0	.93		1	.15		(0	.22)		(0	.05)		(0	.27)	$	9	.44		13	.64%	$	2,847,529		0	.58%		2	.45%		0	.58%		43	.52%
Year Ended October 31, 2008 (f)	$	10	.33		0	.37		(1	.81)		(1	.44)		(0	.33)		–			(0	.33)	$	8	.56		(14	.30%)	$	1,606,839		0	.59%		3	.90%		0	.64%		74	.26%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.06		0	.31		0	.37		(0	.04)		–			(0	.04)	$	10	.33		3	.67%	$	1,037		0	.72%		3	.31%		0	.72%		1	.03%

Institutional Class Shares
Year Ended October 31, 2009 (f)	$	8	.57		0	.24		0	.93		1	.17		(0	.25)		(0	.05)		(0	.30)	$	9	.44		13	.92%	$	2,974,982		0	.33%		2	.73%		0	.33%		43	.52%
Year Ended October 31, 2008 (f)	$	10	.34		0	.41		(1	.83)		(1	.42)		(0	.35)		–			(0	.35)	$	8	.57		(14	.11%)	$	893,765		0	.33%		4	.07%		0	.46%		74	.26%
Period Ended October 31, 2007 (f)(g)	$	10	.00		0	.07		0	.31		0	.38		(0	.04)		–			(0	.04)	$	10	.34		3	.79%	$	1,032,807		0	.33%		3	.74%		0	.50%		1	.03%

Amounts designated as “–“ are zero or have been rounded to zero.


(a)	Excludes sales charge.


(b)	Not annualized for periods less than one year.
(c)	Annualized for periods less than one year.
(d)	During the period certain fees may have been waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.
(e)	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.
(f)	Per share calculations were performed using average shares method.
(g)	For the period from August 30, 2007 (commencement of operations) through October 31, 2007.

The accompanying notes are an integral part of these financial statements.

2009 Annual Report 143

Notes to Financial Statements

October 31, 2009

1. Organization

Nationwide Mutual Funds (the “Trust”) is an open-end management investment company, organized under the laws of Delaware by an amended and restated Agreement and Declaration of Trust dated October 28, 2004, as amended to date. The Trust, originally created under the laws of Ohio as an Ohio business trust pursuant to a Declaration of Trust dated as of October 30, 1997, as subsequently amended, was redomesticated as a Delaware statutory trust on February 28, 2005. The redomestication was a change in statutory status and did not affect the operations of the Trust. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust has authorized an unlimited number of shares of beneficial interest (“shares”) without par value. As of October 31, 2009, the Trust operates thirty-one (31) separate series, or mutual funds, each with its own investment objective(s) and strategies. This report contains the financial statements and financial highlights of the ten (10) series listed below (each, a “Fund”; collectively, the “Funds”):


	-	Nationwide Destination 2010 Fund (“Destination 2010”)
	-	Nationwide Destination 2015 Fund (“Destination 2015”)
	-	Nationwide Destination 2020 Fund (“Destination 2020”)
	-	Nationwide Destination 2025 Fund (“Destination 2025”)
	-	Nationwide Destination 2030 Fund (“Destination 2030”)
	-	Nationwide Destination 2035 Fund (“Destination 2035”)
	-	Nationwide Destination 2040 Fund (“Destination 2040”)
	-	Nationwide Destination 2045 Fund (“Destination 2045”)
	-	Nationwide Destination 2050 Fund (“Destination 2050”)
	-	Nationwide Retirement Income Fund (“Retirement Income”)

2. Summary of Significant Accounting Policies


(a)	Security Valuation

Shares of the Underlying Funds in which a Fund invests are valued at their respective net asset value (“NAV”) as reported by the Underlying Funds.


	•	Level 1 — Quoted prices in active markets for identical assets

144 Annual Report 2009


	•	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 Funds’ own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an investment’s assigned level within the hierarchy.

The inputs or methodology used to value securities are not intended to indicate the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Funds’ net assets as of October 31, 2009:

Nationwide Destination 2010 Fund*


Asset Type	Level 1		Level 2		Level 3		Total

Assets:
Exchange Traded Funds	$	5,819,587	$	—	$	—	$	5,819,587
Mutual Funds		16,253,169		—		—		16,253,169


Total	$	22,072,756	$	—	$	—	$	22,072,756

Nationwide Destination 2015 Fund*


Asset Type	Level 1		Level 2		Level 3		Total

Assets:
Exchange Traded Funds	$	16,714,505	$	—	$	—	$	16,714,505
Mutual Funds		49,274,551		—		—		49,274,551


Total	$	65,989,056	$	—	$	—	$	65,989,056

Nationwide Destination 2020 Fund*


Asset Type	Level 1		Level 2		Level 3		Total

Assets:
Exchange Traded Funds	$	13,265,197	$	—	$	—	$	13,265,197
Mutual Funds		49,112,536		—		—		49,112,536


Total	$	62,377,733	$	—	$	—	$	62,377,733

Nationwide Destination 2025 Fund*


Asset Type	Level 1		Level 2		Level 3		Total

Assets:
Exchange Traded Funds	$	9,621,654	$	—	$	—	$	9,621,654
Mutual Funds		49,745,550		—		—		49,745,550


Total	$	59,367,204	$	—	$	—	$	59,367,204

Nationwide Destination 2030 Fund*


Asset Type	Level 1		Level 2		Level 3		Total

Assets:
Exchange Traded Funds	$	7,957,965	$	—	$	—	$	7,957,965
Mutual Funds		63,847,393		—		—		63,847,393


Total	$	71,805,358	$	—	$	—	$	71,805,358

2009 Annual Report 145

Notes to Financial Statements (Continued)

October 31, 2009

Nationwide Destination 2035 Fund*


Asset Type	Level 1		Level 2		Level 3		Total

Assets:
Exchange Traded Funds	$	2,335,735	$	—	$	—	$	2,335,735
Mutual Funds		27,019,144		—		—		27,019,144


Total	$	29,354,879	$	—	$	—	$	29,354,879

Nationwide Destination 2040 Fund*


Asset Type	Level 1		Level 2		Level 3		Total

Assets:
Exchange Traded Funds	$	2,289,727	$	—	$	—	$	2,289,727
Mutual Funds		22,568,429		—		—		22,568,429


Total	$	24,858,156	$	—	$	—	$	24,858,156

Nationwide Destination 2045 Fund*


Asset Type	Level 1		Level 2		Level 3		Total

Assets:
Exchange Traded Funds	$	1,189,071	$	—	$	—	$	1,189,071
Mutual Funds		9,662,701		—		—		9,662,701


Total	$	10,851,772	$	—	$	—	$	10,851,772

Nationwide Destination 2050 Fund*


Asset Type	Level 1		Level 2		Level 3		Total

Assets:
Exchange Traded Funds	$	2,234,255	$	—	$	—	$	2,234,255
Mutual Funds		18,174,224		—		—		18,174,224


Total	$	20,408,479	$	—	$	—	$	20,408,479

Nationwide Retirement Income Fund*


Asset Type	Level 1		Level 2		Level 3		Total

Assets:
Exchange Traded Funds	$	5,848,445	$	—	$	—	$	5,848,445
Mutual Funds		7,356,802		—		—		7,356,802


Total	$	13,205,247	$	—	$	—	$	13,205,247

Amounts designated as “–” are zero or have been rounded to zero.


*		See Statement of Investments for identification of securities by type and industry classification.


(b)	Security Transactions and Investment Income

146 Annual Report 2009


(c)	Distributions to Shareholders


(d)	Federal Income Taxes

The Funds are subject to the provisions of ASC 740, “Income Taxes” (formerly known as SFAS 109). In July 2006, the FASB amended ASC 740-10 (formerly known as FIN 48). ASC 740-10 provides guidance regarding how uncertain tax positions should be recognized, measured, presented and disclosed in financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing tax returns to determine whether it is more-likely-than not (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. If such a tax position taken by a Fund is not sustained upon examination by a taxing authority, the Fund could incur taxes and penalties related to that position, and those amounts could be material. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefits to recognize in the financial statements. Differences result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable) and an increase in a deferred tax liability (or a reduction in a deferred tax asset). Each Fund files U.S. federal income tax returns and, if applicable, returns in various foreign jurisdictions in which it invests. Each Fund’s taxable years 2006 to 2009 remain subject to examination by the Internal Revenue Service.

2009 Annual Report 147

Notes to Financial Statements (Continued)

October 31, 2009


(e)	Allocation of Expenses, Income, and Gains and Losses

3. Transactions with Affiliates

Under the terms of the Trust’s Investment Advisory Agreement, Nationwide Fund Advisors (“NFA”) manages the investment of the assets and supervises the daily business affairs of the Funds. NFA is a wholly-owned subsidiary of Nationwide Financial Services, Inc. (“NFS”), a holding company which is a direct wholly owned subsidiary of Nationwide Corporation. Under the terms of the Investment Advisory Agreement, each Fund pays NFA a unified management fee of 0.33% of the Fund’s average daily net assets. Out of the unified management fee, NFA pays substantially all of the expenses of managing and operating a Fund except Rule 12b-1 fees, administrative service fees, the cost of investment securities or other investment assets, taxes, interest, brokerage commissions, short-sale dividend expenses, the cost of share certificates representing shares of the Trust, compensation and expenses of the non-interested Trustees and counsel to the non-interested Trustees, and expenses incurred by a Fund in connection with any merger or reorganization and other non-routine expenses not incurred in the ordinary course of a Fund’s business.

148 Annual Report 2009

other such services. These fees are based on an annual rate of up to 0.25% of the average daily net assets of Class A, Class R1, Class R2, and Institutional Service Class shares of each Fund.

For the year ended October 31, 2009, NFS received the following amounts in Administrative Services fees from each Fund:


Fund	Amount

Destination 2010	$	32,550


Destination 2015		100,898


Destination 2020		90,652


Destination 2025		85,163


Destination 2030		103,298


Destination 2035		39,741


Destination 2040		32,928


Destination 2045		12,985


Destination 2050		27,116


Retirement Income		18,070

As of October 31, 2009, the Adviser or affiliates of the Adviser directly held the percentage indicated below of the shares outstanding of the applicable Fund:


	% of Shares
Fund	Outstanding Owned

Destination 2010		5.73	%


Destination 2015		17.39


Destination 2020		21.26


Destination 2025		14.93


Destination 2030		11.32


Destination 2035		14.07


Destination 2040		10.93


Destination 2045		15.48


Destination 2050		12.84


Retirement Income		23.70

Under the terms of a Distribution Plan pursuant to Rule 12b-1 under the 1940 Act, Nationwide Fund Distributors LLC (“NFD”), the Funds’ principal underwriter, is compensated by the Funds for expenses associated with the distribution of certain classes of shares of the Funds. NFD is a wholly-owned subsidiary of NFSDI. These fees are based on average daily net assets of the respective class of the Funds at an annual rate not to exceed 0.25% of Class A shares, 1.00% of Class C shares, 0.65% of Class R1 shares, and 0.50% of Class R2 shares. Institutional Service Class shares do not pay a distribution fee.

2009 Annual Report 149

Notes to Financial Statements (Continued)

October 31, 2009

These fees are deducted from and are not included in proceeds from sales of Class A shares of the Funds. From these fees, NFD pays sales commissions, salaries and other expenses in connection with generating new sales of Class A shares of the Funds. A contingent deferred sales charge (“CDSC”) of 0.50% will be imposed on a redemption of Class A shares made within 18 months of purchase if no sales charges were paid up to on the original purchase and if a finder’s fee was paid. Class C shares have a CDSC fee of 1% imposed on redemptions made within one year of purchase. For the year ended October 31, 2009, NFD received commissions of $27,264 from front-end sales charges of Class A shares and from CDSC fees from Class B and Class C shares of the Funds, of which $6,104 was re-allowed to affiliated broker-dealers of the Funds.

4. Bank Loans and Earnings Credit

5. Investment Transactions

For the year ended October 31, 2009, purchases of and sales (excluding short-term securities) were as follows:


Fund	Purchases		Sales

Destination 2010	$	16,636,253	$	5,464,294


Destination 2015		50,608,212		11,994,241


Destination 2020		43,405,081		8,584,613


Destination 2025		40,599,800		6,656,929


Destination 2030		49,734,038		6,834,148


Destination 2035		19,504,740		3,467,257


Destination 2040		17,013,948		2,610,097


Destination 2045		7,616,278		1,212,931


Destination 2050		15,629,163		2,543,375


Retirement Income		10,327,618		4,060,574

150 Annual Report 2009

6. Indemnifications

7. Other


			Number of
Fund	% of Shares		Accounts

Destination 2010		80.06%		3


Destination 2015		63.21		2


Destination 2020		50.28		1


Destination 2025		53.86		1


Destination 2030		65.92		2


Destination 2035		74.19		2


Destination 2040		67.18		2


Destination 2045		67.49		1


Destination 2050		74.58		2


Retirement Income		54.70		3

8. Federal Tax Information

2009 Annual Report 151

Notes to Financial Statements (Continued)

October 31, 2009


	Distributions paid from
			Net
			Long-Term		Total		Total
	Ordinary		Capital		Taxable		Distributions
Fund	Income		Gains		Distributions		Paid

Destination 2010	$	361,040	$	9,877	$	370,917	$	370,917


Destination 2015		911,255		17,006		928,261		928,261


Destination 2020		722,803		20,747		793,550		793,550


Destination 2025		666,231		31,493		697,724		697,724


Destination 2030		730,328		50,573		780,901		780,901


Destination 2035		315,056		23,570		338,626		338,626


Destination 2040		238,193		18,485		256,678		256,678


Destination 2045		99,488		24,598		124,086		124,086


Destination 2050		183,629		10,011		193,640		193,640


Retirement Income		248,346		4,190		252,536		252,536

Amounts designated as “—” are zero or have been rounded to zero.

The tax character of distributions paid during the fiscal year ended October 31, 2008 was as follows:


	Distributions paid from
			Net
			Long-Term		Total		Total
	Ordinary		Capital		Taxable		Distributions
Fund	Income		Gains		Distributions		Paid

Destination 2010	$	113,194	$	—	$	113,194	$	113,194


Destination 2015		217,190		—		217,190		217,190


Destination 2020		228,309		—		228,309		228,309


Destination 2025		187,152		—		187,152		187,152


Destination 2030		170,026		—		170,026		170,026


Destination 2035		91,954		—		91,954		91,954


Destination 2040		66,360		—		66,360		66,360


Destination 2045		36,081		—		36,081		36,081


Destination 2050		45,672		—		45,672		45,672


Retirement Income		99,726		—		99,726		99,726

Amounts designated as “—” are zero or have been rounded to zero.

As of October 31, 2009, the components of accumulated earnings (deficit) on a tax basis were as follows:

152 Annual Report 2009


			Undistributed		Accumulated				Total
	Undistributed		Long-Term		Capital and		Unrealized		Accumulated
	Ordinary		Capital		Other		Appreciation		Earnings
Fund	Income		Gains		Losses		(Depreciation)*		(Deficit)

Destination 2010	$	14,303	$	—	$	(97,066)	$	230,904	$	148,141


Destination 2015		28,734		247,564		—		2,427,602		2,703,900


Destination 2020		12,315		476,524		—		1,305,325		1,794,164


Destination 2025		3,290		510,596		—		2,100,245		2,614,131


Destination 2030		—		492,550		—		5,640,945		6,133,495


Destination 2035		6,262		308,688		—		658,482		973,432


Destination 2040		1,199		273,680		—		1,022,227		1,297,106


Destination 2045		6,469		105,432		—		182,191		294,092


Destination 2050		23,849		78,257		—		2,631,136		2,733,242


Retirement Income		10,400		—		(121,936)		325,030		213,494


*		The differences between the book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to tax deferral on wash sales.

As of October 31, 2009, the tax cost of securities and the breakdown of unrealized appreciation/(depreciation) for each Fund was as follows:


							Net Unrealized
	Tax Cost of		Unrealized		Unrealized		Appreciation /
Fund	Securities		Appreciation		Depreciation		(Depreciation)

Destination 2010	$	21,841,852	$	230,904	$	—	$	230,904


Destination 2015		63,561,454		2,427,602		—		2,427,602


Destination 2020		61,072,408		1,391,175		(85,850)		1,305,325


Destination 2025		57,266,959		2,118,781		(18,536)		2,100,245


Destination 2030		66,164,414		5,640,944		—		5,640,944


Destination 2035		28,696,397		662,040		(3,558)		658,482


Destination 2040		23,835,929		1,022,227		—		1,022,227


Destination 2045		10,669,581		182,191		—		182,191


Destination 2050		17,777,343		2,631,136		—		2,631,136


Retirement Income		12,880,217		325,030		—		325,030

As of October 31, 2009, for Federal income tax purposes, the following Funds have capital loss carry forwards available to offset capital gains, if any, to the extent provided by the treasury regulations and on any given year may be limited due to large shareholder redemptions and contributions.


Fund	Amount		Expires

Destination 2010	$	97,066		2017


Retirement Income		121,936		2017

9. Subsequent Events

The Funds have adopted the provisions of ASC 855, “Subsequent Events” (formerly known as SFAS 165). The Funds have evaluated subsequent events through December 24, 2009 which is the date these financial statements were issued.

2009 Annual Report 153

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of Nationwide Mutual Funds:

In our opinion, the accompanying statements of assets and liabilities, including the statements of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Nationwide Destination 2010 Fund, Nationwide Destination 2015 Fund, Nationwide Destination 2020 Fund, Nationwide Destination 2025 Fund, Nationwide Destination 2030 Fund, Nationwide Destination 2035 Fund, Nationwide Destination 2040 Fund, Nationwide Destination 2045 Fund, Nationwide Destination 2050 Fund and Nationwide Retirement Income Fund (ten series of Nationwide Mutual Funds, hereafter referred to as the “Funds”) at October 31, 2009, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2009 by correspondence with the underlying funds’ transfer agent, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 24, 2009

154 Annual Report 2009

Supplemental Information

(Unaudited)

10. Other Federal Tax Information

For the taxable year ended October 31, 2009, the following percentage of income dividends paid by the Funds qualify for the dividends received deduction available to corporations:


	Dividends Received
Fund	Deductions

Destination 2010		29	%


Destination 2015		32	%


Destination 2020		39	%


Destination 2025		48	%


Destination 2030		57	%


Destination 2035		55	%


Destination 2040		63	%


Destination 2045		58	%


Destination 2050		51	%


Retirement Income		17	%


Fund	Amount

Destination 2010	$	9,877


Destination 2015		17,006


Destination 2020		20,746


Destination 2025		31,493


Destination 2030		50,573


Destination 2035		23,570


Destination 2040		18,485


Destination 2045		24,598


Destination 2050		10,011


Retirement Income		4,190

2009 Annual Report 155

Management Information

October 31, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust

The address for each Trustee is: c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

Number of Portfolios in the

Position(s) Held

Nationwide Fund

with the Trust

Complex

Name and

and Length of

Principal Occupation(s)

Overseen

Year of Birth

Time Served¹

During Past 5 Years²

by Trustee

Other Directorships Held by Trustee³

Charles E. Allen
1948

Trustee
since
July 2000

Mr. Allen is Chairman, Chief Executive Officer and President of Graimark Realty Advisors, Inc. (real estate development, investment and asset management).

None

Paula H.J.
Cholmondeley

1947

Trustee
since
July 2000

C. Brent DeVore
1940

Trustee
since
1990

Dr. DeVore is an interim President of Greensboro College. He served as President of Otterbein College⁴ from July 1984 until July 2009.

None

Kay Dryden
1947

Trustee
since
December 2004

Ms. Dryden was a partner of
Mitchell Madison Group LLC, a
management consulting company
from January 2006 until December 2006; she is currently a consultant with the company. Ms. Dryden was Managing Partner of marchFIRST (formerly Mitchell Madison Group) from 1996-2001.

None

Barbara L. Hennigar
1935

Trustee
since
July 2000

None

156 Annual Report 2009

Management Information (Continued)

October 31, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust (Continued)

The address for each Trustee is: c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

Number of Portfolios in the

Position(s) Held

Nationwide Fund

with the Trust

Complex

Name and

and Length of

Principal Occupation(s)

Overseen

Year of Birth

Time Served¹

During Past 5 Years²

by Trustee

Other Directorships Held by Trustee³

Barbara I. Jacobs
1950

Trustee
since
December 2004

Ms. Jacobs served as Chairman
of the Board of Directors of
KICAP Network Fund, a
European (United Kingdom) hedge fund, from January 2001 to January 2006. From 1988-2003, Ms. Jacobs was also a Managing Director and European Portfolio Manager of CREF Investments (Teachers Insurance and Annuity Association — College Retirement Equities Fund).

None

Douglas F. Kridler
1955

��

Trustee
since
September 1997

Mr. Kridler has been a Board
Member of Compete Columbus
(economic development group
for Central Ohio) since February 2006. He has also served as the President and Chief Executive Officer of the Columbus Foundation, (a Columbus, Ohio-based foundation which manages over 1,300 individual endowment funds) since February 2002, and served as Board Member of Columbus Downtown Development Corporation from June 2002 to June 2006. Prior to January 31, 2002, Mr. Kridler was the President of the Columbus Association for the Performing Arts and Chairman of the Greater Columbus Convention and Visitors Bureau.

None

2009 Annual Report 157

Management Information (Continued)

October 31, 2009 (Unaudited)

Trustees who are not Interested Persons (as defined in the 1940 Act) of the Trust (Continued)

The address for each Trustee is: c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

Number of Portfolios in the

Position(s) Held

Nationwide Fund

with the Trust

Complex

Name and

and Length of

Principal Occupation(s)

Overseen

Year of Birth

Time Served¹

During Past 5 Years²

by Trustee

Other Directorships Held by Trustee³

David C. Wetmore
1948

Trustee since 1995
and Chairman since
February 2005

Retired. Mr. Wetmore was a
Managing Director of Updata
Capital, Inc. (a technology oriented investment banking and venture capital firm) from 1995 until 2000. Prior to 1995, Mr. Wetmore served as the COO, CEO and Chairman of the board of several publicly-held software and services companies and as the managing partner of a “big 8” public accounting firm.

None


¹		Length of time served includes time served with predecessor of the Trust.
²		Unless otherwise noted, the information presented is the principal occupation of the Trustee during the past five years.
³		Directorships held in (i) any other investment companies registered under the 1940 Act, (ii) any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or (iii) any company subject to the requirements of Section 15(d) of the Exchange Act.
⁴		Mark Thresher, President and Chief Operating Officer of Nationwide Financial Services, Inc. (“NFS”) has served as a member of the Board of Trustees of Otterbein College since 2000, serves as one of 30 of its trustees, and is one of two Vice Chairmen of the Board. Each of Nationwide Fund Advisors (“NFA”), the Funds’ investment adviser, and Nationwide Fund Distributors LLC (“NFD”), principal underwriter to the Trust, is a wholly-owned subsidiary of NFS.

158 Annual Report 2009

Management Information (Continued)

October 31, 2009 (Unaudited)

Officers of the Trust

The address for each Officer is: c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

Number of

Position(s) Held

Portfolios in

with Fund

Principal Occupation(s)

Fund Complex

Other

Name and

and Length of

During Past 5

Overseen by

Directorships Held

Year of Birth

Time Served¹

Years²

Trustee

by Trustee⁴

Michael S.
Spangler
1966

President and Chief Executive
Officer since
June 2008

Mr. Spangler is President and Chief
Executive Officer of Nationwide
Funds Group, which includes NFA³, Nationwide Fund Management LLC³ and Nationwide Fund Distributors LLC³, and is a Senior Vice President of NFS³. From May 2004-May 2008, Mr. Spangler was Managing Director, Head of Americas Retail and Intermediary Product Management for Morgan Stanley Investment Management. He was President of Touchstone Advisors, Inc. and Vice President and Director of Touchstone Investments Business Operations from July 2002-May 2004.

N/A

Stephen T.
Grugeon
1950

Executive Vice
President and
Chief Operating
Officer since
June 2008

Mr. Grugeon is Executive Vice President and Chief Operating Officer of Nationwide Funds Group. From February-June 2008, he served as the acting President and Chief Executive Officer of the Trust and of Nationwide Funds Group. Mr. Grugeon is also President of NWD Investments, which represents certain asset management operations of Nationwide Mutual Insurance Company, and includes Nationwide SA Capital Trust³. From December 2006 until January 2008 he was Executive Vice President of NWD Investments. He was Vice President of NWD Investments from 2003 through 2006, and Chief Operating Officer of Corviant Corporation³, a subsidiary of NWD Investments, from 1999 through 2003.

N/A

Joseph Finelli
1957

Treasurer and
Chief Financial
Officer since
September 2007

N/A

Dorothy
Sanders
1955

Chief Compliance
Officer since
October 2007

Ms. Sanders is Senior Vice President
and Chief Compliance Officer of NFA.
She also has oversight responsibility for Investment Advisory and Mutual Fund Compliance Programs in the Office of Compliance at Nationwide. From November 2004 to October 2007, she was Senior Director and Senior Counsel at Investors Bank & Trust (now State Street Bank). From 2000 to November 2004, she was Vice President, Secretary and General Counsel of Fred Alger & Company, Incorporated.

N/A

2009 Annual Report 159

Management Information (Continued)

October 31, 2009 (Unaudited)

Officers of the Trust (Continued)

The address for each Officer is: c/o Nationwide Funds Group, 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

Number of

Position(s) Held

Portfolios in

with Fund

Principal Occupation(s)

Fund Complex

Other

Name and

and Length of

During Past 5

Overseen by

Directorships Held

Year of Birth

Time Served¹

Years²

Trustee

by Trustee⁴

Eric E. Miller
1953

Secretary since
December 2002

Mr. Miller is Senior Vice President,
General Counsel, and Assistant
Secretary for Nationwide Funds Group and NWD Investments³.

N/A

Doff Meyer
1950

Vice President
and Chief Marketing
Officer since
January 2008

Ms. Meyer is Senior Vice President
and Chief Marketing Officer of Nationwide Funds Group (since August 2007)³. From September 2004 until August 2007, Ms. Meyer was Director of Finance and Marketing, Principal of Piedmont Real Estate Associates LLC. From January 2003 until September 2004, Ms. Meyer was an independent marketing consultant.

N/A

Lynnett
Berger
1965

Vice President and
Chief Investment
Officer since April 2009

Ms. Berger is Senior Vice President
and Chief Investment Officer of Nationwide Funds Advisors and Nationwide Investment Advisors, LLC since April 2009. Ms. Berger was Vice President of Economic Risk Lab (Operational Risk Group) of M&T Bank from 2007 through 2008, and Chief Operating Officer of MTB Investment Advisors (subsidiary of M&T Bank) from 2003 through 2007.

N/A


¹		Length of time served includes time served with the Trust’s predecessors.
²		Unless otherwise noted, the information presented is the principal occupation of the Officer during the past five years.
³		These positions are held with an affiliated person or principal underwriter of the Funds.
⁴		Directorships held in: (1) any other investment company registered under the 1940 Act, (2) any company with a class of securities registered pursuant to Section 12 of the Exchange Act or (3) any company subject to the requirements of Section 15(d) of the Exchange Act.

		Additional information regarding the Trustees and Officers may be found in the Trust’s Statement of Additional Information, which is available without charge upon request, by calling 800-848-0920.

160 Annual Report 2009

This page intentionally left blank

P.O. Box 5354

Cincinnati, OH 45201-5354

nationwide.com/mutualfunds

Nationwide, Nationwide Financial,
the Nationwide Framemark, Nationwide Funds, Nationwide Funds Group and On Your Side are service marks of Nationwide Mutual Insurance Company.

AR-TD 12/09

Item 2. Code of Ethics.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why the registrant has not done so.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions (said code of ethics hereinafter referred to as the “Code of Ethics”). This Code of Ethics is included as Exhibit 12 (a)(1).

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 11(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by posting its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

During the period covered by the report, with respect to the registrant’s Code of Ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, except as noted hereinbelow, there have been no amendments to, nor any waivers granted from, a provision that relates to any element of the Code of Ethics definition enumerated in paragraph (b) of this Item 2.

During the period covered by the report, the registrant’s Code of Ethics: (1) was revised, effective as of July 1, 2008, and as of November 1, 2008, to reflect the changes in the “Covered Officers” under the Code of Ethics (these revisions are not deemed to be material changes to the registrant’s Code of Ethics); and (2) was further amended, effective as of December 3, 2008, to clarify: (i) the role, responsibilities, and duties of “Covered Officers” and “Designated Persons” under the Code of Ethics; (ii) certain general principles and guiding principles set forth under the Code of Ethics; (iii) those conflict-of-interest situations that always should be discussed by a “Covered Officer” with an appropriate “Designated Person;” and (iv) the disclosure obligations of “Covered Officers.”

Item 3. Audit Committee Financial Expert.

(a)

(1) Disclose that the registrant’s board of directors has determined that the registrant either:

	(i)		Has at least one audit committee financial expert serving on its audit committee; or

	(ii)		Does not have an audit committee financial expert serving on its audit committee.

(2)

If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

	(i)		Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

	(ii)		Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. § 80a-2(a)(19)).

(3)

If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, the registrant must explain why the registrant does not have an audit committee financial expert.

	3(a)(1)		The registrant’s board of trustees has determined that the registrant has at least one audit committee financial expert serving on board’s audit committee.

	3(a)(2)		The audit committee financial expert of the registrant’s board of trustees is **Charles E. Allen, who, for purposes of this Item 3 of Form N-CSR, is an “independent” trustee of the registrant.**

Item 4. Principal Accountant Fees and Services.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

4(a) through 4(d): The information in the table below is provided for services rendered to the registrant by the registrant’s principal accountant, PricewaterhouseCoopers LLP (“PwC”), for the registrant’s fiscal years ended October 31, 2008, and October 31, 2009.


	2008			2009
Audit Fees	$	467,580		$	425,280
Audit-Related Fees	$	0		$	52,333
Tax Fees	$	135,420		$	188,149
All Other Fees	$	0		$	0

Total	$	603,000		$	665,762
The information in the table below is provided with respect to non-audit services that directly relate to the registrant’s operations and financial reporting and that were rendered by PwC to the registrant’s investment adviser, Nationwide Fund Advisors (“NFA”), and any service provider to the registrant controlling, controlled by, or under common control with NFA that provided ongoing services to the registrant (hereinafter referred to collectively as the “Covered Services Provider”), for the registrant’s fiscal years ended October 31, 2008, and October 31, 2009.

	2008			2009
Audit-Related Fees	None			None
Tax Fees	$	48,880	¹	None
All Other Fees	None			None

Total	$	48,880	¹	None


¹		Relates to tax fees in connection with the review of distributions for twenty-six Nationwide Mutual Funds that merged into Aberdeen Funds.

(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

4(e)(1) Pre-Approval Policies and Procedures. The Audit Committee (the “Committee”) of the registrant is responsible for pre-approving (i) all audit and permissible non-audit services to be provided by the independent auditors to the registrant and (ii) all permissible non-audit services to be provided by the independent auditors to NFA and any Covered Services Provider if the engagement relates directly to the operations and financial reporting of the registrant. The Committee may delegate the Committee’s responsibility to pre-approve any such audit and permissible non-audit services to the Chairperson of the Committee, and the Chairperson shall report to the Committee, at the Committee’s next regularly-scheduled meeting after the Chairperson’s pre-approval of such services, his or her decision(s).

The Committee also may establish detailed pre-approval policies and procedures for pre-approval of these services in accordance with applicable laws, including the delegation of some or all of the Committee’s pre-approval responsibilities to other persons (other than NFA or the registrant’s officers). Pre-approval by the Committee of any permissible non-audit services shall not be required so long as: (i) the aggregate amount of all said permissible non-audit services provided to the registrant, NFA, and any Covered Services Provider constitutes not more than five percent (5%) of the total amount of revenues paid by the registrant to the registrant’s independent auditors during the fiscal year in which the permissible non-audit services are provided; (ii) the permissible non-audit services were not recognized by the registrant at the time of the engagement to be non-audit services; and (iii) these services are promptly brought to the

attention of the Committee and approved by the Committee (or the Committee’s delegate(s)) prior to the completion of the audit.

4(e)(2) The information in the table below sets forth the percentages of fees for services (other than audit, review, or attest services) rendered by PwC to the registrant for which the pre-approval requirement was waived pursuant to Rule 2-01(c)(7)(i)(C) of Regulation S-X, for the registrant’s fiscal years ended October 31, 2008, and October 31, 2009:


	2008	2009
Audit-Related Fees	None	None
Tax Fees	None	None
All Other Fees	None	None

Total	None	None

The information in the table below sets forth the percentages of fees for services (other than audit, review, or attest services) rendered by PwC to NFA and any Covered Services Provider required to be approved pursuant to Rule 2-01(c)(7)(ii)of Regulation S-X, for the registrant’s fiscal years ended October 31, 2008, and October 31, 2009:


	2008		2009
Audit-Related Fees		N/A		N/A
Tax Fees		N/A		N/A
All Other Fees		N/A		N/A

Total		N/A		N/A

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

4(f) Not Applicable: The percentage of hours expended to audit the registrant’s financial statements for the fiscal-year ended October 31, 2009, that were attributed to work performed by persons other than PwC’s full-time, permanent employees was not over fifty percent (50%).

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

4(g) The aggregate fees billed by PwC for non-audit services rendered to the registrant and service affiliates for the fiscal-years ended October 31, 2008, and October 31, 2009, were $0 and $0, respectively.

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

4(h) The registrant’s Audit Committee has considered whether the provision by PwC of non-audit services to NFA and Covered Services Providers, that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X because these services did not directly relate to the registrant’s operations and financial reporting, is compatible with maintaining PwC’s independence.

Item 5. Audit Committee of Listed Registrants.

	(a)		If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

			Not Applicable: The registrant is not a listed issuer as defined in Rule 10A-3 under the Exchange Act.

	(b)		If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

			Not Applicable: The registrant is not a listed issuer as defined in Rule 10A-3 under the Exchange Act.

Item 6. Investments.

(a)

File Schedule I — Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in § 210.1212 of the Regulation S-X [17 CFR 210.12-12], unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Instruction of paragraph (a)

Schedule I — Investments In Securities of unaffiliated issuers filed under this Item must be audited, except that in the case of a report on this Form N-CSR as of the end of a fiscal half-year Schedule I — Investments in securities of unaffiliated issuers need not be audited.

(b)

If the registrant has divested itself of securities in accordance with Section 13(c) of the Investment Company Act of 1940 following the filing of its last report on Form N-CSR and before filing of the current report, disclosed the following information for each such divested security:

	(1)		Name of the issuer;

	(2)		Exchange ticker symbol;

	(3)		Committee on Uniform Securities Identification Procedures (“CUSIP’) number;

	(4)		Total number of shares or, for debt securities, principal amount divested;

	(5)		Date(s) that the securities were divested; and

	(6)		If the registrant holds any securities of the issuer on the date of filing, the exchange ticker symbol; CUSIP number; and the total number of shares or, for debt securities, principal amount held on the date of filing. This Item 6(b) shall terminate one year after the date on which the provisions of Section 4 of the Sudan Accountability and Divestment Act of 2007 terminate pursuant of Section 12 of the Act.

The Registrant made no divestments of securities in accordance with Section 13(c) of the Investment Company Act of 1940.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company’s investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. § 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company’s investment adviser, or any other third party, that the company uses, or that are used on the company’s behalf, to determine how to vote proxies relating to portfolio securities.

Not Applicable: The registrant is an open-end management investment company, not a closed-end management investment company.

Item 8. Portfolio Managers of Closed-End Management Investment Company.

If the registrant is a closed-end management investment company that is filing an annual report on this Form N-CSR, provide the information specified in paragraphs (a) and (b) of this Item with respect to portfolio managers.

Not Applicable: The registrant is an open-end management investment company, not a closed-end management investment company.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR § 240.10b-18(a)(3)), of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. § 781).

Not Applicable: The registrant is an open-end management investment company, not a closed-end management investment company.

Item 10. Submission of Matters to a Vote of Security Holders.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR § 240.14a-101), or this Item.

The Independent Trustees and the Board of Trustees of the registrant adopted a formal, written “Policy Regarding Shareholder Submission of Trustee Candidates,” as well as a formal, written “Statement of Policy On Criteria For Selecting Trustees,” on June 9, 2005, and June 10, 2005, respectively. Neither this policy nor this statement of policy has been materially changed since the Board of Trustees adoption of the policy and the statement of policy, respectively. The Nominating and Fund Governance Committee of the Board of Trustees (the “NFGC”) and the Board of Trustees, however, on November 11, 2005, and January 12, 2006, respectively, approved amendments to this policy; these amendments to the policy, though, concerned the criteria for selecting candidates for Trustees and the characteristics expected of candidates for

Trustees, as set forth in the Exhibit A, “Statement of Policy On Criteria For Selecting Trustees,” to the policy and, arguably, may not be deemed to be material changes to the policy.

{NOTE — THIS IS REQUIRED BEGINNING WITH THE FIRST REPORTING PERIOD ENDING AFTER JANUARY 1, 2004. For purposes of this Item, adoption of procedures by which shareholders may recommend nominees to the registrant’s board of directors, where the registrant’s most recent proxy disclosure (in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101)), or this Item, indicated that the registrant did not have in place such procedures, will constitute a material change.}

Item 11. Controls and Procedures.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR § 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR § 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR § 240.13a-15(b) or 240.15d-15(b)).

The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within ninety (90) days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is: (i) accumulated and communicated to the investment company’s management, including the investment company’s certifying officers, to allow timely decisions regarding required disclosure; and (ii) recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR § 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by
Rule 30a-2(a) under the Act (17 CFR § 270.30a-2).

Certifications pursuant to Rule 30a-2(a) are attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR § 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to ten (10) or more persons.

Not Applicable.

(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the Act as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant incorporates it by reference.

Certifications pursuant to Rule 30a-2(b) are furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant)	NATIONWIDE MUTUAL FUNDS

By (Signature and Title)	/s/ JOSEPH FINELLI

	Name:	Joseph Finelli
	Title:	Principal Financial Officer
	Date:	December 24, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By (Signature and Title)	/s/ MICHAEL S. SPANGLER

	Name:	Michael S. Spangler
	Title:	Principal Executive Officer
	Date:	December 24, 2009

By (Signature and Title)	/s/ JOSEPH FINELLI

	Name:	Joseph Finelli
	Title:	Principal Financial Officer
	Date:	December 24, 2009


*		Print the name and title of each signing officer under his or her signature.

Nationwide Small Company Growth Fund (NWSAX) N-CSRCertified annual shareholder report (management investment company)