https://www.sec.gov/Archives/edgar/data/1048702/000168035925000443/nmf497saijnhnoverseas6112025.htm
Supplement dated June 11, 2025
to the Statement of Additional Information (“SAI”) dated February 28, 2025
Capitalized terms and certain other terms used in this supplement, unless otherwise defined in this supplement, have the meanings assigned to them in the SAI.
Nationwide Janus Henderson Overseas Fund
On June 10, 2025, the Board of Trustees (the “Board”) of Nationwide Mutual Funds (the “Trust”), including a majority of the Trustees who are not “interested persons” of the Trust (as defined under the Investment Company Act of 1940, as amended), considered and approved a proposal to liquidate the Nationwide Janus Henderson Overseas Fund (the “Fund”), a series of the Trust. The Fund will be liquidated pursuant to a Board-approved Plan of Liquidation and Dissolution (the “Plan”) on or about August 15, 2025 (the “Liquidation Date”). Until the Liquidation Date, the Fund is permitted to depart from its stated investment objective and strategies and hold cash and cash equivalent positions as a temporary defensive measure to preserve value. In anticipation of the Fund’s liquidation, the Fund intends to begin to sell its portfolio holdings in exchange for cash, U.S. government securities and/or other short-term debt instruments.
Because of the pending liquidation, the Fund no longer represents a long-term investment solution. Therefore, effective immediately, new account requests, exchanges into the Fund and purchase orders for the Fund’s shares will no longer be permitted (other than those purchase orders received through dividend reinvestment or purchase orders from funds-of-funds or qualified retirement plans who are existing shareholders). The Fund is no longer being marketed for new investment and, as a consequence, the size and net asset value of the Fund may decrease as a result of shareholder redemptions and sale of Fund assets to meet those redemptions. This potentially will cause remaining shareholders to bear increased operating expenses. Such shareholders also will bear a proportionate share of the costs of liquidation and other expenses in respect of their new as well as existing investments. Unless subject to a waiver or reduction as described in the Fund’s prospectus, purchases of Class A shares of the Fund will continue to be subject to applicable sales charges. Any investor who purchases shares of the Fund through reinvestment of dividends or otherwise also should consider the potential tax consequences of making new investments in the Fund during the short period prior to the Fund’s liquidation.
Between now and the Liquidation Date, existing shareholders of the Fund may continue to reinvest dividends and distributions, redeem shares, or exchange shares into other Nationwide Funds without incurring a sales load or a contingent deferred sales charge. However, in accordance with the Plan, the Fund may set up a reserve account for expenses incurred in connection with the liquidation to ensure that all shareholders are treated fairly. Any such reserve
account may affect the amount of redemption proceeds payable to a shareholder upon redemption. Rule 12b-1 fees will continue to accrue on shares of the Fund in the manner set forth in the Fund’s prospectus until the Liquidation Date.
Any shareholder who has not redeemed or exchanged shares into another Nationwide Fund by the regular close of business on the business day before the Liquidation Date will receive a liquidating distribution as of the Liquidation Date. On the Liquidation Date, the Fund will distribute pro rata to its shareholders of record all of its assets in cash, and all outstanding shares of beneficial interest will be redeemed and canceled. If you hold shares of the Fund directly with the Trust in an Individual Retirement Account (“IRA”) maintained by U.S. Bank N.A. and you do not contact us at 800-848-0920 prior to the Liquidation Date, we will invest your liquidation proceeds in Investor Shares of the Nationwide Government Money Market Fund until we receive instructions from you. Investor Shares of the Nationwide Government Money Market Fund are subject to low balance fees in the amount of $2 per month if the monthly average balance of the account falls below $500, which may exceed the low balance fees applicable to shares of the Fund. IRA owners may obtain a prospectus for the Nationwide Government Money Market Fund by calling 800-848-0920.
The liquidation will constitute a taxable event, except to the extent the Fund’s shares are held in a tax-advantaged product, plan or account. Therefore, you may be subject to federal, state, local or foreign taxes. You should consult your tax advisor for information regarding all tax consequences applicable to your investments in the Fund.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

Meanwhile back in the real world, Crude oil prices soared today and up over 20% from their recent lows. The CRB commodity index is higher now under Trump than it ever was under Biden. My point - inflation is not dead.
https://tradingeconomics.com/commodity/crb. Click on the five year chart

So THAT explains the big bump-up in ET! It's been drifting and flagging lately.
EDIT:
"...Energy Transfer and Enterprise Products Partners, two of the top US ethane producers and exporters, said they have received letters from the US Commerce Department requiring the companies to apply for a license to ship ethane to China..."
This does not sound like Free Enterprise to me. The gummint is requiring these outfits to sell to China? ORK. Sounds more like a mandated economy, smells like a Soviet 5-year Plan, eh?
https://www.bairdmaritime.com/shipping/tankers/gas/us-ethane-vessel-diverts-to-india-amid-china-export-restrictions

although 50% of my vanguard posts are not flattering, so far they have run an 'admirable' process in making sure mf holders share the etf class benefits, and not pricing etf share fees less than admiral shares.
see a fiduciary@work!

Negotiators from the U.S. and China have agreed to a trade framework in principle.
U.S. tariffs on Chinese goods are set at 55% while China's tariffs on U.S goods are 10%.
Commerce Secretary Howard Lutnick indicated the agreement removed restrictions
on Chinese exports of rare earth minerals/magnets and some recent restrictions on U.S. exports.
Specific details regarding the deal and how it will be implemented remain unclear.
The framework needs approval from Trump and Xi Jinping before going into effect.

@Hank - Thanks for your Audible list. I have a subscription to as well, with a number of *banked* audible books. Were there any where the narrator added or subtracted from the content in a significant way?

I’m happy if the list leads even one individual to an interesting read. I’ve been with Audible 5 years or longer. So it’s hard to recall what even half on the list were about or how good. Strictly very late night listening (11:00 PM - 2:00 AM). Last year i got hung up on Meb Faber’s podcasts (like 50 episodes going back 5 years) which are available (free) with the Audible subscription - so didn’t listen to many books.
Very well narrated (adds to enjoyment)
*** John Mack - “Up Close …”
*** Warren Buffett (“The Snowball”)
*** Longo (“The Art of Investing”)
*** “The Fund” (about Dalio)
*** Housel “The psychology …”
*** Bob Pisani (does his own narration)
Middling narration
** Templeton “Keys to to Investing Success” (with Sir John speaking in interviews)
** Dillian “How to live stress free …”
** Ben Graham
** Templeton’s Way …” - Nairn
Poorly narrated / Hard to stay awake
* Howard Marks (very redundant content & dry reading)
* “Principles” (By Dalio)
* “The Humble Investor” (complex material & dry reading)
Of course, Audible allows a free preview of about 3 minutes before buying. So you can get an idea of the narration. I’ve had reasonable success returning ones I didn’t like for a credit. But there’s a cut off point.

Caution, this may be triggering to those who feel an obligation to run defense for politicians. And will likely result in the usual comments that "experts are always wrong" from the peanut gallery.
https://www.cnbc.com/video/2025/06/05/own-gold-yen-and-german-bunds-wont-own-us-treasuries-at-all.html?
This is a highly likely scenario IMO. And due to play out in 6 - 9 months. My plan is to jettison U.S. bonds before rates peak or inflation takes hold. MMF may go lower, but it is still better than losing money.

And what of private, corporate domestic US bonds, do you think?

@Crash

Yes, the numbers are good, for the moment

I'm framing the above.
Why always look for the negative in every piece of news?
I want journalists to report the simple facts instead of making remarks about what could go wrong, unless they make remarks on what can go right.
Pew has research on where Americans get their news. See (link). Democrats are about three times more likely than Republicans to listen to NPR.
In contrast, the audience for the Wall Street Journal is much more balanced between the two parties.

Everyone already saw the backward looking indicators. And everyone read that even the WSJ says "too soon" to tell. Including former Trump economic advisor. and head of Morgan Stanley, Jamie Dimon.
"Good" is relative. Biden had essentially the same GDP, job, inflation and other stats throughout 2023/2024 with back-to-back S&P earnings of 25%. We are sitting at ~2% mid-year for 2025. All of MAGA world bemoaned similar numbers from Biden. except Biden didn't take a roaring stock market and put a muffler on it. I am sure you will admit now though, that Biden's numbers were good?
It could be argued that Trump is enjoying the Biden tailwind. GDP has been revised downward for 2025 several times. It isn't looking pretty.

When the general numbers don't work, try to find anything else.
We have seen many posts about eggs over $5, they went down to under $3, and where do you find it? in the mice letters on page 50.
wait, let's mention tariffs in every thread, no matter what.
Read the OP "The personal consumption expenditures price index, the Federal Reserve’s key inflation measure, increased just 0.1% for the month, putting the annual inflation rate at 2.1%. It went down from 2.6% on Dec 24 to 2.1%. This is a four-year low."
It doesn't matter how you spin it; these numbers are pretty good.
There are always warnings and worries; the ones who write them love for you to click and how they get paid. Let's discuss actual numbers.
Sure, nothing is guaranteed in the future, but why not admit it's good?

NPR the unbiased source? How about the WSJ (link).
"Inflation was tame in May, defying fears that the impact of President Trump’s tariffs would start to show a rise in prices.
Consumer prices rose 0.1% in May over the previous month, less than economists anticipated. Year-over-year inflation was 2.4%, in line with expectations and near a four-year low recorded in April. "

Anyone can choose to frame and phrase event-descriptions however they like. Are you trying to tell this rather educated crowd in here that the WSJ--- known to offer a clearly conservative penchant--- is unbiased? I can't fart loud enough in response.

Source LinkedIn
News https://www.morningstar.com/funds/vanguard-requests-active-etf-share-classes
Filing https://www.sec.gov/Archives/edgar/data/34066/000168035925000458/vangrdactvmscetf40app6112025.htm

Let's not listen to the people who run retail and logistics businesses, who say that job losses and higher prices are yet to come.
https://www.cnbc.com/2025/06/11/trumps-done-deal-with-china-trade-supply-chain-damage-will-remain.html
Let's live in a fantasy where 55% tariffs on the $440 billion we import from China is a big nothing burger. That's a $242 billion dollar tax on American businesses and consumers.
"The CEO of the nation’s largest bank, JPMorgan, warned about again on in comments at an industry conference, with Jamie Dimon saying “I think there’s a chance real numbers will deteriorate soon,” at a Morgan Stanley event on Tuesday"

Level5 - Good information.

You want inflation info from the Wall Street Journal?? OK- here's this:
The Canned-Food Aisle Is Getting Squeezed by Rising Steel Tariffs

Key Points-
• New Trump administration tariffs on imported steel may cause canned goods to become more expensive for consumers.
• The Consumer Brands Association warns that 20,000 U.S. jobs in food could be at risk if the tariff on tin-plate drives consumers away from canned goods.

Steel used in cans is mostly imported—and subject to the Trump administration’s new 50% levy. Edited excerpts from the Wall Street Journal report:

Cans used for food require tin-coated, ultrathin sheet steel made from molten iron. Not much is produced in the U.S., where domestic producers have been scaling back production for years.
The Trump administration’s new 50% duty on imported steel could increase store prices for items in steel cans by 9% to 15%, according to the Consumer Brands Association, a trade group. Tariffs are likely to drive up prices for domestic-made steel, too, as U.S. producers raise their own prices.
Can manufacturers say they will continue to buy lots of imported tin-coated steel, known as tin-plate—because there isn’t enough of it made in the U.S. to supply them. “I would love nothing more than to allocate more purchases to the United States, but the overall production capacity is not there,” said Robert Gatz, general manager of Can Corp. of America, a Pennsylvania-based maker of food cans.
Tin-plate is made with steel derived from molten iron, but most steel in the U.S. is now made from melted scrap, and that doesn’t measure up to the can industry’s exacting quality standards. Cans are prized for enabling long shelf lives for vegetables, fruit and other ready-to-eat foods, able to keep for years without spoiling. But can manufacturers worry that higher can costs will discourage their use.
The Consumer Brands Association said as many as 20,000 U.S. jobs in food-can manufacturing could be at risk if the tariff on tin-plate causes consumers to shy away from higher-priced canned goods and food companies migrate to alternative packaging.

Free link to the Wall Street Journal report-
Comment: Yet another well-thought-through brute-force Trump dictum. But then, he doesn't do much grocery shopping himself, does he?

@Mitchelg -
Here’s the independentvanguard advisor Jeff Demaso: “While technically a distinct vehicle from the Multi-Sector Income mutual fund, the new ETF is effectively a clone. It’s run by the same trio—Michael Chang, Arvid Narayanan and Danial Shaykevich—and targets the same recently updated blended benchmark.
The ETF charges a 0.30% expense ratio, identical to the Admiral share class (VMSAX) of the mutual fund and 0.15% cheaper than the Investor shares (VMSIX). That makes the ETF a more cost-effective choice for smaller investors who don’t meet the $50,000 minimum for the Admiral share class.”
https://www.independentvanguardadviser.com/weekly-brief-steady-numbers-cloudy-outlook-and-a-new-etf/?ref=the-independent-vanguard-adviser-newsletter
But Vanguard says this: “The Multi-Sector Income Bond Fund is a stand alone product and is separate and distinct from Multi-Sector Income Bond ETF (VGMS). Differences in scale, certain investment processes, and underlying holdings are expected to produce different investment returns by the funds.”

NPR the unbiased source? How about the WSJ (link).
"Inflation was tame in May, defying fears that the impact of President Trump’s tariffs would start to show a rise in prices.
Consumer prices rose 0.1% in May over the previous month, less than economists anticipated. Year-over-year inflation was 2.4%, in line with expectations and near a four-year low recorded in April. "

Here is data for the month of May’s inflation data.

Consumer prices in May were up 2.4% from a year ago, according to a report Wednesday from the Labor Department. That's a slightly larger annual increase than the month before.
But prices rose just 0.1% between April and May — down from 0.2% the month before. Falling gasoline prices helped to offset the rising cost of rent and groceries.
Trump's tariffs may have contributed to the rising price of some goods in May, such as appliances and toys. But overall goods prices held steady last month. Forecasters expect the cost of tariffs to become more evident in the months to come.

https://npr.org/2025/06/11/nx-s1-5429597/inflation-tariffs-cpi-economy

I fit Jared in the Grant Cardone camp of guru kind of. He's a smidge more down to earth, but these guys can't even fathom the 9-5, W2 worker lifestyle. Jared kind of tries though. but he is very much a "you have to look the part" guy. I think the issue is he attracts the day wallstreetbets type of person who is ready to go all in on the "don't cut expenses, just make more money" strategy and don't actually make any more money.
I follow him on twitter and enjoy a lot of his tweets.

From prospectus,
Online Disclosure of Complete Portfolio Holdings
Actively managed equity funds, unless otherwise stated, generally will seek to disclose complete portfolio holdings as of the end of the most recent calendar quarter online at vanguard.com, 30 calendar days after the end of the calendar quarter. Actively managed fixed income funds will seek to disclose complete portfolio holdings as of the end of the most recent month online at vanguard.com, 15 calendar days after the end of the month. Each Vanguard fund relying on Rule 6c-11 under the 1940 Act (e.g., standalone ETFs) generally will seek to disclose complete portfolio holdings, including other investment positions, at the beginning of each business day.

@Observant1 Don’t most TRP funds already trade NTF at Schwab?

Yes, most TRP funds are NTF at Schwab.
Being a new Schwab customer, I was unaware of this at the time.
"T. Rowe Price compensates Schwab to market and promote its mutual funds; however,
this compensation does not impact selection of any fund on the Select List.
Schwab has a conflict because we receive compensation for marketing if you buy a fund from T. Rowe Price
and we also benefit financially if you buy a Schwab-affiliated fund. This is not a recommendation."
I screened for all T. Rowe Price mutual funds available at Schwab today.
Results were filtered for NTF and TF funds.
There were 135 NTF funds and 8 TF funds.
T. Rowe Price Funds with Schwab Transaction Fees
PBDIX - Up to $74.95
PEXMX - Up to $74.95
PIEQX - Up to $74.95
POMIX - Up to $74.95
PREIX - Up to $74.95
PRTIX - Up to $74.95
PRULX - Up to $74.95
TLDTX - Up to $74.95