The Nationwide BNY Mellon Dynamic U.S. Equity Income Fund primarily focuses on delivering alpha through a relative-value approach that seeks a dividend yield greater than the broad U.S. equity market, but is enhanced by a derivative overlay that deploys S&P 500® Index and U.S. Treasury futures that seek to magnify returns in a bull market and lessen volatility in a down market. The team's all-weather, fundamental and highly risk-controlled investment process targets a balance of dividend yield and dividend growth to maximize total return and generate consistent performance. Its proprietary bottom-up research allows the team to assess a company's ability and willingness to pay dividends, while also focusing on equities with attractive valuations relative to the market, sector and stock history. The valuation sensitivity and income generation is designed for greater downside protection.

The team believes successful investing is achieved through a philosophy that is value-oriented, research-driven and risk-controlled:

Value-oriented

• Focus on equity securities with attractive valuations relative to the market, sector and stock history
• Avoid the value trap and "being early" by combining traditional valuation measures with companies that exhibit business improvement and strong fundamentals

Research-driven

• Use proprietary fundamental research resources that understand the past but are focused on the future
• Recognize that one size does not fit all; be flexible in performing analyses so as to solve for the right company, sector and macro variables

Risk-controlled

• Employ risk controls at all levels of the portfolio-construction process to minimize unintended exposures and ensure performance is driven by stock selection
• Set up/down price targets ahead of establishing new positions

The Fund is subject to the risks of investing in equity securities, including initial public offerings (IPOs), which often are subject to greater and more unpredictable price changes than are more established stocks. The Fund may invest in more aggressive investments such as derivatives (which create investment leverage and are highly volatile). The Fund also is subject to the risks of investing in foreign securities (which are volatile, harder to price and less liquid than U.S. securities). The Fund may concentrate investments in specific industries or sectors, subjecting it to greater volatility than that of other mutual funds. The Fund uses a value style of investing, focusing on dividend-paying stocks and other investments which provide income, and may underperform other funds that use different investing styles. There is no guarantee that the issuers of the stocks held by the Fund will declare dividends in the future or that the dividends will remain at the current levels or increase over time. The success of the Fund's investment strategy may depend in part on the effectiveness of the subadviser's quantitative tools for screening securities. A previously successful strategy may become outdated or inaccurate, possibly resulting in losses. Please refer to the most recent prospectus for a more detailed explanation of the Fund's principal risks.

[1] Russell 1000® Value Index: An unmanaged index that measures the performance of the large-capitalization value segment of the U.S. equity universe; includes those Russell 1000® Index companies with lower price-to-book ratios and lower forecasted growth values. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. The Fund is not sponsored, endorsed, or promoted by Russell, and Russell bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. Russell® is a trademark of Russell Investment Group.