NATIONWIDE RETIREMENT INCOME FUND INSTITUTIONAL SERVICE CLASS (NWRSX) Exchange: NMFQS

DELISTED - The Fund is a “fund of funds” that invests primarily in affiliated mutual funds representing a variety of asset classes. Currently the Fund invests considerably in bonds (including mortgage-backed and asset-backed securities), many of which are issued by foreign issuers, in order to preserve capital and generate income. It also invests to a lesser extent in equity securities, such as common stocks of U.S. and international companies, to provide for growth of capital. As of the date of this Prospectus, the Fund allocates approximately 70% of its net assets in fixed-income securities and approximately 25% in stocks. The Fund invests primarily in affiliated portfolios of Nationwide Mutual Funds (each, an “Underlying Fund” or collectively, “Underlying Funds”), that collectively represent several asset classes. The Fund may also invest in a fixed-interest contract issued by Nationwide Life Insurance Company (“Nationwide Contract”). Many Underlying Funds are “index” funds (or funds that use index replication strategies) that invest directly in equity securities, bonds or other securities with a goal of obtaining investment returns that closely track a benchmark stock or bond index. Some of these Underlying Funds invest in futures, forwards, swaps and credit default swaps, all of which are derivatives, with investment characteristics similar to those of securities included in the respective indexes in an attempt to synthetically replicate the performance of those indexes. The Fund also invests in certain Underlying Funds that are not index funds. Although the Fund seeks to provide diversification across several asset classes, the Fund is nondiversified as to issuers, which means that it holds securities issued by a small number of issuers (i.e., Underlying Funds), and invests a significant portion of its assets in any one Underlying Fund. The Fund is designed for investors who have a low tolerance for risk and are seeking to preserve the value of their assets while producing continuing income.