Prospectus by Investment Company (Form 497)

NATIONWIDE MUTUAL FUNDS

Supplement dated December 18, 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 WCM Focused Small Cap Fund

The Renaissance Group LLC, doing business as Renaissance Investment Management is a registered investment adviser located at 50 East RiverCenter Boulevard, Suite 1200, Covington, KY 41011.

RENAISSANCE INVESTMENT MANAGEMENT ("RENAISSANCE")

Renaissance Investment Management has a responsibility to the vote proxies of client securities under its management solely in the best interest of its clients, if Renaissance has been delegated proxy-voting responsibility by the client. This policy document contains Renaissance's policies and procedures for the voting of client proxies. This policy is incorporated into and made part of the Renaissance Compliance Policies & Procedures Manual by reference.

Summary of Renaissance's Proxy Voting Policy and Procedures

Renaissance Investment Management (hereafter "Renaissance") has a responsibility to vote proxies of client securities under its management solely in the best interest of its clients, if Renaissance has been delegated proxy voting responsibility by the client. Renaissance votes all proxies with respect to client securities unless Renaissance's proxy recommendation service (hereafter "Proxy Recommendation Service") does not provide a recommendation or we do not have adequate information to make a decision in the best interest of our clients. We will not vote the client's proxies if the client has retained that responsibility and has so notified Renaissance via contract or in writing or if the client is participating in securities lending, in which case Renaissance will not recall the shares to vote them. Renaissance can abstain from votes in a share-blocking country in favor of preserving Renaissance's ability to trade any particular security at any time.

Renaissance has contracted with a third-party, proxy-voting agent ("Proxy Agent") to use their proxy voting system who has retained, with Renaissance's approval, a third-party Proxy Recommendation Service who provides research on corporate governance issues and corporate actions, makes proxy vote recommendations and handles the administrative functions associated with the voting of client proxies. While the Proxy Recommendation Service provides the proxy-vote recommendations, Renaissance retains the ultimate authority on deciding how to vote and can override the Proxy Recommendation Service if we disagree with the recommendation. It is Renaissance's policy to vote in accordance with the Proxy Recommendation Service's recommendations and the Proxy Agent votes proxies in accordance with the recommendations of the Proxy Recommendation Service unless instructed otherwise by Renaissance. However, in the event that Renaissance disagrees with the Proxy Recommendation Service's proxy-voting recommendations or if the Proxy Recommendation Service has a conflict of interest and Renaissance decides not to vote in accordance to the Proxy Recommendation Service's recommendation, Renaissance's Proxy Conflict Committee's rationale and ultimate decision will be internally documented.

When clients have delegated proxy-voting responsibility to Renaissance, Renaissance will identify any material corporate conflicts that exist between the interests of Renaissance and its clients in addition to any material Proxy Recommendation Service conflicts of interest. This examination will include a review of the relationship of Renaissance with the issuer of each security (and any of the issuer's affiliates) to determine if the issuer is a client of Renaissance or has some other relationship with Renaissance or a client of Renaissance. Renaissance is not presently aware of any material Renaissance corporate conflicts other than potentially voting proxy issues relating to a company who could also be a client. This conflict is mitigated by utilizing the Proxy Recommendation Service. Renaissance is not aware of any Proxy Recommendation Service provider conflicts of interest that are not disclosed to Renaissance by the Proxy Agent and mitigated through our Proxy Conflict Committee. However, should other material conflicts arise Renaissance will examine the scope of the conflict and will implement procedures to ensure that the final voting decision is unbiased.

If a client has instructed Renaissance to vote its proxies, the client may submit a written request for the following:

Renaissance Investment Management

Attn: Compliance Dept.

50 East RiverCenter Blvd., Suite 1200

Covington, KY 41011

E-mail: [email protected] / Phone: 513-723-4500

Conflicts of Interest

Renaissance has contracted with a third-party proxy voting agent ("Proxy Agent") to use their proxy voting system who has retained, with Renaissance's approval, a third-party proxy recommendation service (hereafter "Proxy Recommendation Service") who provides research on corporate governance issues and corporate actions, makes proxy vote recommendations, and handles the administrative functions associated with the voting of client proxies. While the Proxy Recommendation Service provides the proxy vote recommendations, Renaissance retains the ultimate authority on deciding how to vote and can override the Proxy Recommendation Service if we disagree with the recommendation. It is Renaissance's policy to vote in accordance with the Proxy Recommendation Service's recommendations and the Proxy Agent votes proxies in accordance with the recommendations of the Proxy Recommendation Service unless instructed otherwise by Renaissance. However, in the event that Renaissance disagrees with the Proxy Recommendation Service's proxy voting recommendations or if the Proxy Recommendation Service has a conflict of interest and Renaissance decides not to vote in accordance with the Proxy Recommendation Service's recommendation, Renaissance's Proxy Conflict Committee's rationale and ultimate decision will be internally documented.

^○ Presently, Renaissance is not aware of any material corporate conflicts of interest by us or Affiliated Managers Group ("AMG"), our parent company, other than potentially voting a proxy for a company who is also a client. Renaissance is not a publicly traded company and currently we do not invest in AMG stock or vote their proxy ballots. We utilize the recommendations from a third-party Proxy Recommendation Service to vote all proxies unless there is no recommendation provided by the Proxy Recommendation Service or they have a conflict of interest. However, should such conflicts arise; we will identify the conflicts that exist between the interests of Renaissance/AMG/AMG Affiliates and our clients. This examination will include a review of the relationship of Renaissance/AMG/AMG Affiliates with the issuer of each security (and any of the issuer's affiliates) to determine if the issuer is a client of Renaissance or has some other relationship with Renaissance, AMG, an AMG Affiliate, or a client of Renaissance.

^○ If the Proxy Recommendation Service determines it has a material conflict of interest regarding a vote, we will be notified of the conflict by the Proxy Agent who reviews the research reports containing the voting recommendation service's conflicts of interest. If necessary, we will then convene a meeting of our Proxy Conflict Committee, screen for any Renaissance corporate and Proxy Conflict Committee member that have personal conflicts of interest and instruct the Proxy Agent of the voting decision of the Proxy Conflict Committee via their electronic interface. If we determine we do not have enough information to make a voting recommendation, we will either abstain or not vote the proxy if abstention is not an option. If our Chief Compliance Officer determines we have enough information to determine how to vote the proxy ballot, we will document any such Renaissance corporate conflict(s) or Proxy Conflict Committee member conflict(s) and exclude any member(s) from the Renaissance Proxy Conflict Committee that have personal conflicts of interest prior to determining how we will cast the vote. Renaissance's Chief Compliance Officer will chair the committee.

^○ Annually, Renaissance will request a copy of the Proxy Recommendation Service's current conflict of interest avoidance procedures, conflict of interest statement and statement of compliance to verify:

Below are examples of the types of conflicts of interest the Proxy Recommendation Service could have:

^○ The Proxy Agent does not provide voting recommendations for Renaissance. Rather, they only provide the system used to vote proxies and retain all proxy records so it is not possible for them to have a conflict of interest that would influence the proxy vote. The Proxy Agent will notify Renaissance of any Proxy Recommendation Service conflicts of interest listed in their research reports.

Renaissance Investment Management ("Renaissance")

COMPENSATION OF RENAISSANCE PORTFOLIO MANAGERS

Managing Partners, Senior Partners and other investment professionals of Renaissance are compensated through a fixed salary and bonuses equal to a percentage of residual profits of the firm. Partners are also equity owners in the business and receive dividends allocated pro rata based upon their respective ownership percentage. The level of dividends is set based on a percentage of revenues. All other associates are compensated via salary and bonuses. Bonuses are determined by the Managing Partners and the Senior Partners and are paid each year-end based upon achievement of specific company and individuals.

Renaissance Investment Management ("Renaissance")

Side-By-Side Management: Since side-by-side management of various types of portfolios with varying fee structures raises the incentive for favorable or preferential treatment of a portfolio or a group of portfolios, we have implemented the following procedures designed to treat all portfolios fairly over time:

By utilizing these procedures, we believe that portfolios that are subject to side-by-side management alongside other products are receiving fair treatment over time.

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