<PAGE> 1
SUPPLEMENT DATED JUNE 8, 1998
TO PROSPECTUS DATED MAY 11, 1998
NATIONWIDE FAMILY OF FUNDS
The information under the heading "SUMMARY OF FUND EXPENSES -- ANNUAL FUND
OPERATING EXPENSES" on page 4 of the Prospectus pertaining to Class A Shares is
deleted in its entirety and replaced with the following:
ANNUAL FUND OPERATING EXPENSES***
(as a percentage of net assets)
<TABLE>
<CAPTION>
MID TAX-FREE LONG-TERM INTERMEDIATE MONEY
CAP GROWTH FUND BOND INCOME U.S. GOV'T U.S. GOV'T MARKET
--- ------ ---- ---- -------- ---------- ------------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Management Fees............... .60% .58% .57% .50% .50% .50% .50% .40%
12b-1 Fees.................... .25% .25% .25% .25% .25% .25% .25% None
Other Expenses(1)............. .40% .20% .15% .29% .19% .29% .29% .20%
---- ---- --- ---- --- ---- ---- ----
Total Fund Operating
Expenses.................... 1.25% 1.03% .97% 1.04% .94% 1.04% 1.04% .60%
</TABLE>
(1) NAS, the Funds' adviser, has agreed to reimburse Other Expenses in the Mid
Cap, Long-Term U.S. Gov't, and Intermediate U.S. Gov't Funds in order to
limit Total Operating Expenses in these Funds to 1.25%, 1.04% and 1.04%,
respectively, until further written notice.
Example:
The following example illustrates the expenses you would pay on a $1,000
investment over the indicated time periods assuming: (1) a 5% annual return, (2)
redemption at the end of each time period, and (3) payment of the maximum
applicable sales charge if any.
<TABLE>
<CAPTION>
MID TAX-FREE LONG-TERM INTERMEDIATE MONEY
CAP GROWTH FUND BOND INCOME U.S. GOV'T U.S. GOV'T MARKET+
--- ------ ---- ---- -------- ---------- ------------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 Year....................... $67 $65 $64 $55 $54 $55 $55 $ 6
3 Years...................... $92 $86 $84 $77 $74 $77 $77 $19
</TABLE>
THIS EXAMPLE SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST OR FUTURE
EXPENSES. ACTUAL EXPENSES MAY BE GREATER OR LESS THAN THOSE SHOWN.
*** For a more detailed explanation of these expenses, see "Management of the
Trust".
+ For 5 and 10 year examples for the Money Market Fund, see page 6.
<PAGE> 2
The information under the heading "SUMMARY OF FUND EXPENSES -- ANNUAL FUND
OPERATING EXPENSES" on page 5 of the Prospectus pertaining to Class B Shares is
deleted in its entirety and replaced with the following:
ANNUAL FUND OPERATING EXPENSES****
(as a percentage of net assets)
<TABLE>
<CAPTION>
MID TAX-FREE LONG-TERM INTERMEDIATE MONEY
CAP GROWTH FUND BOND INCOME U.S. GOV'T U.S. GOV'T MARKET
--- ------ ---- ---- -------- ---------- ------------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Management Fees................ .60% .58% .57% .50% .50% .50% .50% .40%
12b-1 Fees..................... 1.00% 1.00% 1.00% .85% .85% .85% .85% None
Other Expenses(1).............. .40% .20% .15% .29% .19% .29% .29% .20%
---- ---- ---- ---- ---- ---- ---- ----
Total Fund Operating
Expenses..................... 2.00% 1.78% 1.72% 1.64% 1.54% 1.64% 1.64% .60%
</TABLE>
(1) NAS, the Funds' adviser, has agreed to reimburse Other Expenses in the Mid
Cap, Long-Term U.S. Gov't, and Intermediate U.S. Gov't Funds in order to
limit Total Operating Expenses in these Funds to 2.00%, 1.64% and 1.64%,
respectively, until further written notice.
Example:
The following example illustrates the expenses you would pay on a $1,000
investment over the indicated time periods assuming: (1) a 5% annual return, (2)
redemption at the end of each time period, and (3) payment of the applicable
CDSC on redemption.
<TABLE>
<CAPTION>
MID TAX-FREE LONG-TERM INTERMEDIATE MONEY
CAP GROWTH FUND BOND INCOME U.S. GOV'T U.S. GOV'T MARKET+
--- ------ ---- ---- -------- ---------- ------------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 Year....................... $70 $68 $67 $67 $66 $67 $67 $ 6
3 Years...................... $93 $86 $84 $82 $79 $82 $82 $19
</TABLE>
You would pay the following expenses on the same investment assuming no
redemption at the end of each time period.
<TABLE>
<CAPTION>
MID TAX-FREE LONG-TERM INTERMEDIATE MONEY
CAP GROWTH FUND BOND INCOME U.S. GOV'T U.S. GOV'T MARKET+
--- ------ ---- ---- -------- ---------- ------------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 Year....................... $20 $18 $17 $17 $16 $17 $17 $ 6
3 Years...................... $63 $56 $54 $52 $49 $52 $52 $19
</TABLE>
THIS EXAMPLE SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST OR FUTURE
EXPENSES. ACTUAL EXPENSES MAY BE GREATER OR LESS THAN THOSE SHOWN.
+ For 5 and 10 year examples for the Money Market Fund, see page 6.
2
<PAGE> 3
The information under the heading "SUMMARY OF FUND EXPENSES -- ANNUAL FUND
OPERATING EXPENSES" on page 6 of the Prospectus pertaining to Class D Shares is
deleted in its entirety and replaced with the following:
ANNUAL FUND OPERATING EXPENSES***
(as a percentage of net assets)
<TABLE>
<CAPTION>
MID TAX-FREE LONG-TERM INTERMEDIATE MONEY
CAP GROWTH FUND BOND INCOME U.S. GOV'T U.S. GOV'T MARKET
--- ------ ---- ---- -------- ---------- ------------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Management Fees.............. .60% .58% 57% .50% .50% .50% .50% .40%
12b-1 Fees................... None None None None None None None None
Other Expenses(1)............ .40% .20% .15% .29% .19% .29% .29% .20%
---- ---- ---- ---- ---- ---- ---- ----
Total Fund Operating
Expenses................... 1.00% .78% .72% .79% .69% .79% .79% .60%
</TABLE>
(1) NAS, the Funds' adviser, has agreed to reimburse Other Expenses in the Mid
Cap, Long-Term U.S. Gov't, and Intermediate U.S. Gov't Funds in order to
limit Total Operating Expenses in these Funds to 1.00%, .79% and .79%,
respectively, until further written notice.
Example:
The following example illustrates the expenses you would pay on a $1,000
investment over the indicated time periods assuming: (1) a 5% annual return, (2)
redemption at the end of each time period, and (3) payment of the maximum
applicable sales charge if any.
<TABLE>
<CAPTION>
MID TAX-FREE LONG-TERM INTERMEDIATE MONEY
CAP GROWTH FUND BOND INCOME U.S. GOV'T U.S. GOV'T MARKET
--- ------ ---- ---- -------- ---------- ------------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 Year..................... $ 55 $ 53 $ 52 $ 53 $ 52 $ 53 $ 53 $ 6
3 Years.................... $ 75 $ 69 $ 67 $ 69 $ 66 $ 69 $ 69 $19
5 Years.................... $ 98 $ 86 $ 83 $ 87 $ 82 $ 87 $ 87 $33
10 Years................... $162 $137 $130 $138 $128 $138 $138 $75
</TABLE>
THIS EXAMPLE SHOULD NOT BE CONSIDERED A REPRESENTATION OF PAST OR FUTURE
EXPENSES. ACTUAL EXPENSES MAY BE GREATER OR LESS THAN THOSE SHOWN.
*** For a more detailed explanation of these expenses, see "Management of the
Trust".
THIS SUPPLEMENT SHOULD BE RETAINED WITH
THE PROSPECTUS FOR FUTURE REFERENCE.
3
