Form 497 NATIONWIDE MUTUAL FUNDS

Management Fee

Nationwide International Small Cap Fund

Up to $500 million

$500 million and more
but less than $1 billion

$1 billion and more

June 11, 2026 1:57 PM EDT

false 2025-10-31 497 0001048702 Nationwide Mutual Funds (the “Trust”) and Nationwide Fund Advisors (the “Adviser”) have entered into a written contract limiting annual fund operating expenses to 0.89% until at least March 2, 2027. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, compensation payable to parties not affiliated with the Adviser for the recovery of tax reclaims, brokerage commissions, Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the ordinary course of the Fund’s business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not to exceed three years from the date in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund’s assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the Adviser is not permitted except as provided for in the expense limitation agreement. N-1A 0001048702 2025-10-31 2025-10-31 0001048702 nmf:S000055867Member 2025-10-31 2025-10-31 0001048702 nmf:S000055867Member nmf:C000175982Member 2025-10-31 2025-10-31 0001048702 nmf:S000055867Member nmf:C000175984Member 2025-10-31 2025-10-31 0001048702 nmf:S000055867Member nmf:C000175985Member 2025-10-31 2025-10-31 iso4217:USDxbrli:pure

NATIONWIDE MUTUAL FUNDS

Nationwide Bailard International Equities Fund

Nationwide International Small Cap Fund

Nationwide Schroders Global Equity Fund (formerly, Nationwide Global Sustainable Equity Fund)

Nationwide Strategic Income Fund (formerly, Nationwide Amundi Strategic Income Fund)

Supplement dated June 11, 2026

to the Prospectus dated March 2, 2026

Capitalized terms and certain other terms used in this supplement, unless otherwise defined in this supplement, have the meanings assigned to them in the Prospectus.

Nationwide International Small Cap Fund

1.	Effective July 1, 2026, the Prospectus is amended as follows:

The table under the heading “Fees and Expenses” on page 7 of the Prospectus is hereby deleted and replaced with the following:

Shareholder Fees (fees paid directly from your investment)


	Class A Shares	Class R6 Shares	Institutional Service Class Shares
Maximum Sales Charge (Load) imposed on purchases (as a percentage of offering price)	5.75%	None	None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)


	Class A Shares	Class R6 Shares	Institutional Service Class Shares
Management Fees⁽¹⁾	0.80%	0.80%	0.80%
Distribution and/or Service (12b‑1) Fees	0.25%	None	None
Other Expenses	0.42%	0.17%	0.29%
Total Annual Fund Operating Expenses	1.47%	0.97%	1.09%
Fee Waiver/Expense Reimbursement⁽²⁾	(0.08%)	(0.08%)	(0.08%)
Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement	1.39%	0.89%	1.01%

⁽¹⁾

“Management Fees” has been restated to reflect the reduction of contractual investment advisory fees as of July 1, 2026.

⁽²⁾

Nationwide Mutual Funds (the “Trust”) and Nationwide Fund Advisors (the “Adviser”) have entered into a written contract limiting annual fund operating expenses to 0.89% until at least March 2, 2027. Under the expense limitation agreement, the level to which operating expenses are limited applies to all share classes, excluding any taxes, interest, compensation payable to parties not affiliated with the Adviser for the recovery of tax reclaims, brokerage commissions, Rule 12b‑1 fees, acquired fund fees and expenses, short-sale dividend expenses, administrative services fees, other expenses which are capitalized in accordance with generally accepted accounting principles and expenses incurred by the Fund in connection with any merger or reorganization, and may exclude other nonroutine expenses not incurred in the ordinary course of the Fund’s business. The expense limitation agreement may be changed or eliminated only with the consent of the Board of Trustees of the Trust. The Adviser may request and receive reimbursement from the Fund for advisory fees waived or other expenses reimbursed by the Adviser pursuant to the expense limitation agreement at a date not to exceed three years from the date in which the corresponding waiver or reimbursement to the Fund was made. However, no reimbursement may be made unless: (i) the Fund’s assets exceed $100 million and (ii) the total annual expense ratio of the class making such reimbursement is no higher than the amount of the expense limitation that was in place at the time the Adviser waived the fees or reimbursed the expenses and does not cause the

expense ratio to exceed the current expense limitation. Reimbursement by the Fund of amounts previously waived or reimbursed by the Adviser is not permitted except as provided for in the expense limitation agreement.

The table under the heading “Example” on page 7 of the Prospectus is hereby deleted and replaced with the following:


	1 Year	3 Years	5 Years	10 Years
Class A Shares	$708	$1,006	$1,324	$2,225
Class R6 Shares	91	301	529	1,182
Institutional Service Class Shares	103	339	593	1,322

The following information supplements the “Management Fees” section on page 42 of the Prospectus:

Beginning July 1, 2026, the Nationwide International Small Cap Fund will pay NFA an annual management fee based on the rates in the table below, which are expressed as a percentage of the Nationwide International Small Cap Fund’s average daily net assets, without taking into account any applicable fee waivers or reimbursements.