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Nationwide Government Bond Fund

Investment Objective

The Fund seeks as high a level of current income as is consistent with preserving capital.

Investment Strategy

Under normal circumstances, the Fund invests at least 80% of its net assets in U.S. government securities and U.S. government agency securities. Many of these securities include mortgage-backed securities. The Fund's subadviser seeks to achieve the Fund’s objective by investing in securities offering the highest level of expected income while simultaneously minimizing market price fluctuations.

Portfolio Management

Nationwide Asset Management, LLC, Subadviser

Joel S. Buck and Gary R. Hunt, CFA are responsible for the day-to-day management of the Fund, including selection of the Fund's investments.

Nationwide Fund Distributors LLC is an affiliate of Nationwide Asset Management, LLC.

Fund Documents

You can find more detailed information about the Fund in the summary prospectus, prospectus and other fund documents. You should carefully read the documents before investing.

Top Holdings (all classes) as of 04/30/201203/30/201202/29/2012

View all holdings as of 04/30/2012 | 03/30/2012 | 02/29/2012

Holding	Percent
FHLMCGLD MORTPASS 3.5% 01/JAN/2042 G0 PN# G08473	15.89%
FEDERAL NATIONAL MORTGAGE ASSOC 2.25% NTS	8.15%
FIDELITY INSTITUTIONAL MMKT PORTFOLIO INST CLASS -	6.74%
TBA FNMA 2.50% 15YRS MAY	6.32%
UNITED STATES TREAS BDS 3.125% 15/NOV/2041	6.20%
AID-ISRAEL 5.5% BDS 04/DEC/2023 USD1000 CLS'2'	5.96%
FNMA MORTPASS 3.5% 01/DEC/2020 CN PN# MA0598	5.83%
FNMA MORTPASS 4.174% 01/FEB/2015 H2 PN# 463344	5.15%
FEDERAL NATIONAL MORTGAGE ASSOC 8.20% DEB	4.89%
FEDERAL HOME LOAN BANK MTN FR 8.02%13/FEB/2015	4.66%

Holding	Ticker	Security No	Shares	Market Value	Percent
FHLMCGLD MORTPASS 3.5% 01/JAN/2042 G0 PN# G08473	N/A	3128MJQ37	19,828,263	20,574,533.21	15.89%
FEDERAL NATIONAL MORTGAGE ASSOC 2.25% NTS	N/A	3135G0AL7	10,000,000	10,559,680.00	8.15%
FIDELITY INSTITUTIONAL MMKT PORTFOLIO INST CLASS -	N/A	89199B034	8,726,713	8,726,712.81	6.74%
TBA FNMA 2.50% 15YRS MAY	N/A	01F022451	8,000,000	8,187,500.00	6.32%
UNITED STATES TREAS BDS 3.125% 15/NOV/2041	N/A	912810QT8	8,000,000	8,025,000.00	6.20%
AID-ISRAEL 5.5% BDS 04/DEC/2023 USD1000 CLS'2'	N/A	46513EGV8	6,000,000	7,713,528.00	5.96%
FNMA MORTPASS 3.5% 01/DEC/2020 CN PN# MA0598	N/A	31417YUY1	7,168,290	7,544,251.37	5.83%
FNMA MORTPASS 4.174% 01/FEB/2015 H2 PN# 463344	N/A	31381KWD7	6,273,578	6,671,497.54	5.15%
FEDERAL NATIONAL MORTGAGE ASSOC 8.20% DEB	N/A	313586UV9	5,000,000	6,338,100.00	4.89%
FEDERAL HOME LOAN BANK MTN FR 8.02%13/FEB/2015	N/A	31339B6G2	5,000,000	6,039,395.00	4.66%
UNITED STATES TREAS NTS 2.625% 15/AUG/2020	N/A	912828NT3	5,000,000	5,396,875.00	4.17%
FNMA MORTPASS 6.84% 01/APR/2020 MY PN# 385012	N/A	31377RVD9	4,025,292	4,652,988.46	3.59%
FINANCING CORP 0% STRP BDS 05/OCT/2017 USD	N/A	31771DCJ0	4,966,000	4,563,758.97	3.52%
FNMA MORTPASS 5.63% 01/JUN/2012 HY PN# 460669	N/A	31381GW61	3,545,567	3,557,450.57	2.75%
FNMA MORTPASS 6.35% 01/MAR/2016 MY PN# 380082	N/A	31377LFX6	3,439,721	3,546,511.55	2.74%
UNITED STATES TREAS NTS 1.375% 28/FEB/2019	N/A	912828SH4	3,000,000	3,020,625.00	2.33%
FEDERAL NATIONAL MORTGAGE ASSOC FLTG RTE MTG BDS	N/A	31403DQW2	2,453,574	2,617,639.95	2.02%
FNMA MORTPASS ARM 01/APR/2035 WD PN# 773298	N/A	31404NDB9	2,269,294	2,408,412.21	1.86%
FNMA MORTPASS 6.81% 01/NOV/2025 MY PN# 874982	N/A	31409MCT8	1,671,677	2,008,932.01	1.55%
FNMA MORTPASS 6.32% 01/JUL/2022 MY PN# 874740	N/A	31409LZD0	1,691,464	2,007,569.37	1.55%
FEDERAL HOME LN BKS CONS BD 5.985% 15/APR/2013	N/A	3133M42V4	1,500,000	1,581,975.00	1.22%
FED NATL MORT ASSC 6.3% CMO 17/OCT/2038 USD1000	N/A	31359VBH5	1,382,941	1,483,148.57	1.15%
FNMA MORTPASS 7.9% 01/AUG/2015 MY PN# 381190	N/A	31377MNF4	1,362,605	1,481,508.04	1.14%
FNMA MORTPASS 6.65% 01/JUL/2027 2M PN# 385258	N/A	31377R5T3	1,202,240	1,402,381.60	1.08%
FNMA MORTPASS 5.62% 01/SEP/2034 ML PN# 387114	N/A	31377UAP8	1,123,501	1,290,704.57	1.00%
FNMA PASS THRU CTF POOL NO: 383142	N/A	31377PS70	1,167,387	1,169,248.28	0.90%
FEDERAL HOME LOAN MORTGAGE CORP 6.5% CMO	N/A	3133T4P42	952,049	1,087,503.85	0.84%
FANNIE MAE 2003-66 AP 3.500% 25/NOV/2032	N/A	31393C4S9	899,869	934,273.09	0.72%
FNMA MORTPASS ARM 01/JUL/2036 WN PN# 813605	N/A	31406L3N6	864,397	909,832.31	0.70%
FREDDIE MAC 2960 BL-MAC 5.000% 15/FEB/2023	N/A	31395RCE6	728,812	732,478.44	0.57%
FANNIE MAE REMIC TRUST 93-226 PK 6.000%	N/A	31359FVP0	517,610	573,752.78	0.44%
FNMA REMIC TRUST 2006-M2 A-1F 25/JUL/2012 FLT	N/A	31396PGP0	360,336	361,190.59	0.28%
FEDERAL HOME LOAN MORTGAGE CORP 6.5% CMO	N/A	3133TRUG8	70,179	81,006.43	0.06%
FANNIE MAE REMIC TRUST 93-16 16-Z 7.500%	N/A	31358TLW7	63,212	73,508.54	0.06%
FANNIE MAE REMIC TRUST 1990-7 90-7 7-B 8.500%	N/A	313603TK8	14,826	16,936.81	0.01%
FANNIE MAE REMIC TRUST 1988-25 88-25 25-B 9.250%	N/A	313602GQ1	4,734	5,466.44	0.00%

Holding	Ticker	Security No	Shares	Market Value	Percent
FHLMCGLD MORTPASS 3.5% 01/JAN/2042 G0 PN# G08473	N/A	3128MJQ37	19,910,756	20,421,268.97	15.60%
FEDERAL NATIONAL MORTGAGE ASSOC 2.25% NTS	N/A	3135G0AL7	10,000,000	10,463,680.00	7.99%
FNMA MORTPASS 3.5% 01/DEC/2020 CN PN# MA0598	N/A	31417YUY1	7,389,322	7,759,802.15	5.93%
UNITED STATES TREAS BDS 3.125% 15/NOV/2041	N/A	912810QT8	8,000,000	7,673,752.00	5.86%
AID-ISRAEL 5.5% BDS 04/DEC/2023 USD1000 CLS'2'	N/A	46513EGV8	6,000,000	7,508,808.00	5.74%
FIDELITY INSTITUTIONAL MMKT PORTFOLIO INST CLASS -	N/A	89199B034	7,295,833	7,295,833.46	5.57%
FNMA MORTPASS 3.905% 01/FEB/2015 H2 PN# 463344	N/A	31381KWD7	6,283,757	6,681,798.02	5.10%
FNMA MORTPASS 5.63% 01/JUN/2012 HY PN# 460669	N/A	31381GW61	6,543,581	6,565,312.83	5.02%
FEDERAL NATIONAL MORTGAGE ASSOC 8.20% DEB	N/A	313586UV9	5,000,000	6,379,010.00	4.87%
FEDERAL HOME LOAN BANK MTN FR 8.02%13/FEB/2015	N/A	31339B6G2	5,000,000	6,045,835.00	4.62%
UNITED STATES TREAS NTS 2.625% 15/AUG/2020	N/A	912828NT3	5,000,000	5,271,485.00	4.03%
FNMA MORTPASS 6.84% 01/APR/2020 MY PN# 385012	N/A	31377RVD9	4,032,183	4,628,047.66	3.54%
FINANCING CORP 0% STRP BDS 05/OCT/2017 USD	N/A	31771DCJ0	4,966,000	4,485,271.34	3.43%
FNMA MORTPASS 6.35% 01/MAR/2016 MY PN# 380082	N/A	31377LFX6	3,449,009	3,562,944.84	2.72%
UNITED STATES TREAS NTS 1.375% 28/FEB/2019	N/A	912828SH4	3,000,000	2,957,343.00	2.26%
FEDERAL NATIONAL MORTGAGE ASSOC FLTG RTE MTG BDS	N/A	31403DQW2	2,458,195	2,622,463.61	2.00%
FNMA MORTPASS ARM 01/APR/2035 WD PN# 773298	N/A	31404NDB9	2,274,856	2,374,996.41	1.81%
FNMA MORTPASS 6.81% 01/NOV/2025 MY PN# 874982	N/A	31409MCT8	1,673,414	1,977,499.69	1.51%
FNMA MORTPASS 6.32% 01/JUL/2022 MY PN# 874740	N/A	31409LZD0	1,693,491	1,977,168.64	1.51%
FED NATL MORT ASSC 6.3% CMO 17/OCT/2038 USD1000	N/A	31359VBH5	1,562,267	1,641,848.86	1.25%
FEDERAL HOME LN BKS CONS BD 5.985% 15/APR/2013	N/A	3133M42V4	1,500,000	1,588,981.50	1.21%
FNMA MORTPASS 7.9% 01/AUG/2015 MY PN# 381190	N/A	31377MNF4	1,366,186	1,487,041.77	1.14%
FNMA MORTPASS 6.65% 01/JUL/2027 2M PN# 385258	N/A	31377R5T3	1,205,629	1,396,314.85	1.07%
FNMA MORTPASS 5.62% 01/SEP/2034 ML PN# 387114	N/A	31377UAP8	1,125,194	1,275,888.86	0.97%
FNMA PASS THRU CTF POOL NO: 383142	N/A	31377PS70	1,191,435	1,194,515.84	0.91%
FEDERAL HOME LOAN MORTGAGE CORP 6.5% CMO	N/A	3133T4P42	976,702	1,116,824.25	0.85%
FREDDIE MAC 2960 BL-MAC 5.000% 15/FEB/2023	N/A	31395RCE6	1,035,522	1,043,356.47	0.80%
FNMA MORTPASS ARM 01/JUL/2036 WN PN# 813605	N/A	31406L3N6	976,876	1,032,998.58	0.79%
FANNIE MAE 2003-66 AP 3.500% 25/NOV/2032	N/A	31393C4S9	922,369	957,168.42	0.73%
FANNIE MAE REMIC TRUST 93-226 PK 6.000%	N/A	31359FVP0	537,355	594,708.31	0.45%
FNMA REMIC TRUST 2006-M2 A-1F 25/JUL/2012 FLT	N/A	31396PGP0	486,421	488,298.19	0.37%
FEDERAL HOME LOAN MORTGAGE CORP 6.5% CMO	N/A	3133TRUG8	70,344	80,994.36	0.06%
FANNIE MAE REMIC TRUST 93-16 16-Z 7.500%	N/A	31358TLW7	64,523	75,071.58	0.06%
FANNIE MAE REMIC TRUST 1990-7 90-7 7-B 8.500%	N/A	313603TK8	14,992	17,111.83	0.01%
FANNIE MAE REMIC TRUST 1988-25 88-25 25-B 9.250%	N/A	313602GQ1	4,829	5,575.82	0.00%

Holding	Ticker	Security No	Shares	Market Value	Percent
FHLMCGLD MORTPASS 3.5% 01/JAN/2042 G0 PN# G08473	N/A	3128MJQ37	19,964,752	20,612,270.60	15.48%
FEDERAL NATIONAL MORTGAGE ASSOC 2.25% NTS	N/A	3135G0AL7	10,000,000	10,504,480.00	7.89%
UNITED STATES TREAS BDS 3.125% 15/NOV/2041	N/A	912810QT8	8,000,000	8,066,248.00	6.06%
FNMA MORTPASS 3.5% 01/DEC/2020 CN PN# MA0598	N/A	31417YUY1	7,583,498	7,958,271.85	5.98%
AID-ISRAEL 5.5% BDS 04/DEC/2023 USD1000 CLS'2'	N/A	46513EGV8	6,000,000	7,669,440.00	5.76%
FNMA MORTPASS 5.63% 01/JUN/2012 HY PN# 460669	N/A	31381GW61	6,989,086	7,012,612.40	5.27%
FNMA MORTPASS 4.174% 01/FEB/2015 H2 PN# 463344	N/A	31381KWD7	6,295,917	6,716,084.26	5.04%
FEDERAL NATIONAL MORTGAGE ASSOC 8.20% DEB	N/A	313586UV9	5,000,000	6,426,165.00	4.83%
FEDERAL HOME LOAN BANK MTN FR 8.02%13/FEB/2015	N/A	31339B6G2	5,000,000	6,075,445.00	4.56%
UNITED STATES TREAS NTS 2.625% 15/AUG/2020	N/A	912828NT3	5,000,000	5,369,140.00	4.03%
FEDERAL NATIONAL MORTGAGE ASSOC 0.85% NTS	N/A	3135G0CZ4	5,000,000	4,996,820.00	3.75%
FNMA MORTPASS 6.84% 01/APR/2020 MY PN# 385012	N/A	31377RVD9	4,039,029	4,671,992.22	3.51%
FINANCING CORP 0% STRP BDS 05/OCT/2017 USD	N/A	31771DCJ0	4,966,000	4,517,361.63	3.39%
FIDELITY INSTITUTIONAL MMKT PORTFOLIO INST CLASS -	N/A	89199B034	3,711,263	3,711,263.26	2.79%
FNMA MORTPASS 6.35% 01/MAR/2016 MY PN# 380082	N/A	31377LFX6	3,458,239	3,585,790.49	2.69%
UNITED STATES TREAS NTS 1.375% 28/FEB/2019	N/A	912828SH4	3,000,000	2,995,314.00	2.25%
FEDERAL NATIONAL MORTGAGE ASSOC FLTG RTE MTG BDS	N/A	31403DQW2	2,462,617	2,622,536.38	1.97%
FNMA MORTPASS ARM 01/APR/2035 WD PN# 773298	N/A	31404NDB9	2,279,071	2,378,056.42	1.79%
FED NATL MORT ASSC 6.3% CMO 17/OCT/2038 USD1000	N/A	31359VBH5	1,811,724	2,061,003.14	1.55%
FNMA MORTPASS 6.81% 01/NOV/2025 MY PN# 874982	N/A	31409MCT8	1,675,140	2,013,206.36	1.51%
FNMA MORTPASS 6.32% 01/JUL/2022 MY PN# 874740	N/A	31409LZD0	1,695,505	2,009,257.10	1.51%
FEDERAL HOME LN BKS CONS BD 5.985% 15/APR/2013	N/A	3133M42V4	1,500,000	1,596,249.00	1.20%
FNMA MORTPASS 7.9% 01/AUG/2015 MY PN# 381190	N/A	31377MNF4	1,369,740	1,496,837.64	1.12%
FNMA MORTPASS 6.65% 01/JUL/2027 2M PN# 385258	N/A	31377R5T3	1,208,995	1,410,791.18	1.06%
FREDDIE MAC 2960 BL-MAC 5.000% 15/FEB/2023	N/A	31395RCE6	1,329,591	1,341,010.59	1.01%
FNMA MORTPASS 5.62% 01/SEP/2034 ML PN# 387114	N/A	31377UAP8	1,126,878	1,294,297.40	0.97%
FNMA PASS THRU CTF POOL NO: 383142	N/A	31377PS70	1,215,326	1,222,096.40	0.92%
FEDERAL HOME LOAN MORTGAGE CORP 6.5% CMO	N/A	3133T4P42	990,867	1,127,514.97	0.85%
FNMA MORTPASS ARM 01/JUL/2036 WN PN# 813605	N/A	31406L3N6	979,324	1,032,860.98	0.78%
FANNIE MAE 2003-66 AP 3.500% 25/NOV/2032	N/A	31393C4S9	927,809	960,297.67	0.72%
FNMA REMIC TRUST 2006-M2 A-1F 25/JUL/2012 FLT	N/A	31396PGP0	611,766	615,207.65	0.46%
FANNIE MAE REMIC TRUST 93-226 PK 6.000%	N/A	31359FVP0	551,224	608,696.00	0.46%
FEDERAL HOME LOAN MORTGAGE CORP 6.5% CMO	N/A	3133TRUG8	70,508	80,830.55	0.06%
FANNIE MAE REMIC TRUST 93-16 16-Z 7.500%	N/A	31358TLW7	65,832	76,554.87	0.06%
FANNIE MAE REMIC TRUST 1990-7 90-7 7-B 8.500%	N/A	313603TK8	15,788	18,016.55	0.01%
FANNIE MAE REMIC TRUST 1988-25 88-25 25-B 9.250%	N/A	313602GQ1	4,904	5,620.61	0.00%

View top ten holdings for 04/30/2012

Pricing and Performance

Pricing and performance for this fund
Pricing and performance for all funds

Principal Risks

The Fund's value is not guaranteed by the U.S. government or any government agency.

The Fund is subject to interest rate risk.

The Fund is subject to credit and liquidity risks associated with the underlying bonds owned by the Fund.

The Fund is subject to prepayment and call risk, extension risk, and mortgage-backed securities risk to varying degrees.

The Fund also is subject to portfolio turnover risk.

NFW-1897AO.5

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The Nationwide Mutual Funds described in this site are sold only to persons residing in the United States. Investing in mutual funds involves risk, including the possible loss of principal. Investors’ shares, when redeemed, may be worth more or less than their original cost. Investors should carefully consider a fund’s (and, if applicable, 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. Please read it carefully before investing any money.

Nationwide Funds distributed by Nationwide Fund Distributors LLC, Member FINRA. 1000 Continental Drive, Suite 400, King of Prussia, PA 19406.

Nationwide, the Nationwide framemark, Nationwide Funds and On Your Side are federally registered service marks of Nationwide Mutual Insurance Company. Nationwide Funds Group is a service mark of Nationwide Mutual Insurance Company.