NATIONWIDE S&P 500 INDEX FUND
(LOCAL FUND SHARES)
Supplement dated December 29, 1999
to Prospectus dated December 21, 1998
as Supplemented September 1, 1999
The capitalized terms used in this supplement have the same meaning as
defined in the Prospectus.
Effective December 29, 1999, Fund Asset Management, L.P., a
wholly-owned, indirect subsidiary of Merrill Lynch & Co., Inc. ("FAM"), replaced
The Dreyfus Corporation as subadviser for the Fund.
The third sentence in the second paragraph under the heading
"INVESTMENT OBJECTIVE AND POLICIES" on pages 4 and 5 of the Prospectus is
deleted in its entirety and is replaced with the following:
The Fund employs a "passive" management approach, attempting to invest
in a portfolio of assets whose performance is expected to match
approximately the performance of the S&P 500. The Fund invests in a
statistically selected sample of stocks included in the S&P 500 and in
derivative instruments linked to the S&P 500 and invests at least 80%
of its assets in securities or other financial instruments in, or
correlated with, the S&P 500. The Fund may not invest in all of the
common stocks in the S&P 500, or in the same weightings as in the S&P
500. The Fund chooses investments so that the market capitalizations,
industry weightings and other fundamental characteristics of the stocks
and derivative instruments chosen are similar to the S&P 500 as a
whole.
The fourth and fifth paragraphs under the heading "INVESTMENT OBJECTIVE
AND POLICIES" on pages 4 and 5 of the Prospectus are deleted in their entirety.
The second sentence in the paragraph under the heading "MANAGEMENT OF
THE FUND" on page 6 of the Prospectus is amended to read as follows: "The
Adviser has selected Fund Asset Management, L.P. to be the subadviser (the
'Subadviser') of the Fund."
The last sentence in the fourth paragraph under the heading "MANAGEMENT
OF THE TRUST - Management of the Fund - The Adviser" on page 9 of the Prospectus
is amended to read as follows: "The Fund pays the Adviser a fee at the annual
rate of 0.13% of the Fund's average daily net assets up to $1.5 billion, 0.12%
of the Fund's average daily net assets of $1.5 billion up to $3 billion, and
0.11% of the Fund's average daily net assets of $3 billion or more."
The fees payable to the Subadviser as set forth under the heading "The
Subadviser" on page 8 of the Prospectus are amended as follows:
0.05% on assets up to $250 million
0.04% on assets of $250 million up to $1 billion
0.03% on assets of $1 billion or more
The second and third paragraphs under the heading "The Subadviser" on
page 10 of the Prospectus are deleted in their entirety and are replaced with
the following:
Fund Asset Management, L.P. ("FAM"), P.O. Box 9011, Princeton, New
Jersey 08543-9011, serves as subadviser to the Fund and has the
responsibility for making all investment decisions for the Fund.
FAM is a wholly-owned, indirect subsidiary of Merrill Lynch & Co., Inc.
and is part of the Merrill Lynch Asset Management Group, which had
approximately $520 billion in investment company and other portfolio
assets under management as of August 1999. This amount includes assets
managed for Merrill Lynch affiliates.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUS FOR FUTURE REFERENCE.
NATIONWIDE S&P 500 INDEX FUND
(LOCAL FUND SHARES)
Supplement dated December 29, 1999 to
Statement of Additional Information dated September 1, 1999
The capitalized terms used in this supplement have the same meaning as
defined in the Statement of Additional Information.
Effective December 29, 1999, Fund Asset Management, L.P., a
wholly-owned, indirect subsidiary of Merrill Lynch & Co., Inc. ("FAM"), replaced
The Dreyfus Corporation as sub-investment adviser for the Fund. FAM, P.O. Box
9011, Princeton, New Jersey 08543-9011, serves as subadviser to the Fund and has
the responsibility for making all investment decisions for the Fund.
FAM is a wholly-owned, indirect subsidiary of Merrill Lynch & Co., Inc.
and is part of the Merrill Lynch Asset Management Group, which had approximately
$520 billion in investment company and other portfolio assets under management
as of August 1999. This amount includes assets managed for Merrill Lynch
affiliates.
The fees payable by the Fund to VMF as set forth on page 14 of the
Statement of Additional Information have been changed to the following: 0.13% of
the Fund's average daily net assets up to $1.5 billion, 0.12% of the Fund's
average daily net assets of $1.5 billion up to $3 billion, and 0.11% of the
Fund's average daily net assets of $3 billion or more.
The fees payable to the Subadviser by VMF as set forth on page 15 of
the Statement of Additional Information have been changed to the following:
0.05% on assets up to $250 million
0.04% on assets of $250 million up to $1 billion
0.03% on assets of $1 billion or more
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE
STATEMENT OF ADDITIONAL INFORMATION FOR FUTURE
REFERENCE.
NATIONWIDE S&P 500 INDEX FUND
(CLASS Y SHARES)
Supplement dated December 29, 1999
to Prospectus dated November 2, 1998
as Supplemented September 1, 1999
The capitalized terms used in this supplement have the same meaning as
defined in the Prospectus.
Effective December 29, 1999, Fund Asset Management, L.P., a
wholly-owned, indirect subsidiary of Merrill Lynch & Co., Inc. ("FAM"), replaced
The Dreyfus Corporation as subadviser for the Fund.
The third sentence in the second paragraph under the heading
"INVESTMENT OBJECTIVE AND POLICIES" on page 3 of the Prospectus is deleted in
its entirety and is replaced with the following:
The Fund employs a "passive" management approach, attempting to invest
in a portfolio of assets whose performance is expected to match
approximately the performance of the S&P 500. The Fund invests in a
statistically selected sample of stocks included in the S&P 500 and in
derivative instruments linked to the S&P 500 and invests at least 80%
of its assets in securities or other financial instruments in, or
correlated with, the S&P 500. The Fund may not invest in all of the
common stocks in the S&P 500, or in the same weightings as in the S&P
500. The Fund chooses investments so that the market capitalizations,
industry weightings and other fundamental characteristics of the stocks
and derivative instruments chosen are similar to the S&P 500 as a
whole.
The fourth and fifth paragraphs under the heading "INVESTMENT OBJECTIVE
AND POLICIES" on page 3 of the Prospectus are deleted in their entirety.
The second sentence in the paragraph under the heading "MANAGEMENT OF
THE FUND" on page 4 of the Prospectus is amended to read as follows: "The
Adviser has selected Fund Asset Management, L.P. to be the subadviser (the
'Subadviser') of the Fund."
The last sentence in the fourth paragraph under the heading "MANAGEMENT
OF THE TRUST - Management of the Fund - The Adviser" on page 7 of the Prospectus
is amended to read as follows: "The Fund pays the Adviser a fee at the annual
rate of 0.13% of the Fund's average daily net assets up to $1.5 billion, 0.12%
of the Fund's average daily net assets of $1.5 billion up to $3 billion, and
0.11% of the Fund's average daily net assets of $3 billion or more."
The fees payable to the Subadviser as set forth under the heading "The
Subadviser" on page 8 of the Prospectus are amended as follows:
0.05% on assets up to $250 million
0.04% on assets of $250 million up to $1 billion
0.03% on assets of $1 billion or more
The second and third paragraphs under the heading "The Subadviser" on
page 8 of the Prospectus are deleted in their entirety and are replaced with the
following:
Fund Asset Management, L.P. ("FAM"), P.O. Box 9011, Princeton, New
Jersey 08543-9011, serves as subadviser to the Fund and has the
responsibility for making all investment decisions for the Fund.
FAM is a wholly-owned, indirect subsidiary of Merrill Lynch & Co., Inc.
and is part of the Merrill Lynch Asset Management Group, which had
approximately $520 billion in investment company and other portfolio
assets under management as of August 1999. This amount includes assets
managed for Merrill Lynch affiliates.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUS FOR FUTURE REFERENCE.
NATIONWIDE S&P 500 INDEX FUND
(CLASS R SHARES)
Supplement dated December 29, 1999
to Prospectus dated November 2, 1998
as Supplemented September 1, 1999
The capitalized terms used in this supplement have the same meaning as
defined in the Prospectus.
Effective December 29, 1999, Fund Asset Management, L.P., a
wholly-owned, indirect subsidiary of Merrill Lynch & Co., Inc. ("FAM"), replaced
The Dreyfus Corporation as subadviser for the Fund.
The third sentence in the second paragraph under the heading
"INVESTMENT OBJECTIVE AND POLICIES" on page 3 of the Prospectus is deleted in
its entirety and is replaced with the following:
The Fund employs a "passive" management approach, attempting to invest
in a portfolio of assets whose performance is expected to match
approximately the performance of the S&P 500. The Fund invests in a
statistically selected sample of stocks included in the S&P 500 and in
derivative instruments linked to the S&P 500 and invests at least 80%
of its assets in securities or other financial instruments in, or
correlated with, the S&P 500. The Fund may not invest in all of the
common stocks in the S&P 500, or in the same weightings as in the S&P
500. The Fund chooses investments so that the market capitalizations,
industry weightings and other fundamental characteristics of the stocks
and derivative instruments chosen are similar to the S&P 500 as a
whole.
The fourth and fifth paragraphs under the heading "INVESTMENT OBJECTIVE
AND POLICIES" on page 3 of the Prospectus are deleted in their entirety.
The second sentence in the paragraph under the heading "MANAGEMENT OF
THE FUND" on page 4 of the Prospectus is amended to read as follows: "The
Adviser has selected Fund Asset Management, L.P. to be the subadviser (the
'Subadviser') of the Fund."
The last sentence in the fourth paragraph under the heading "MANAGEMENT
OF THE TRUST - Management of the Fund - The Adviser" on page 7 of the Prospectus
is amended to read as follows: "The Fund pays the Adviser a fee at the annual
rate of 0.13% of the Fund's average daily net assets up to $1.5 billion, 0.12%
of the Fund's average daily net assets of $1.5 billion up to $3 billion, and
0.11% of the Fund's average daily net assets of $3 billion or more."
The fees payable to the Subadviser as set forth under the heading "The
Subadviser" on page 8 of the Prospectus are amended as follows:
0.05% on assets up to $250 million
0.04% on assets of $250 million up to $1 billion
0.03% on assets of $1 billion or more
The second and third paragraphs under the heading "The Subadviser" on
page 7 of the Prospectus are deleted in their entirety and are replaced with the
following:
Fund Asset Management, L.P. ("FAM"), P.O. Box 9011, Princeton, New
Jersey 08543-9011, serves as subadviser to the Fund and has the
responsibility for making all investment decisions for the Fund.
FAM is a wholly-owned, indirect subsidiary of Merrill Lynch & Co., Inc.
and is part of the Merrill Lynch Asset Management Group, which had
approximately $520 billion in investment company and other portfolio
assets under management as of August 1999. This amount includes assets
managed for Merrill Lynch affiliates.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE PROSPECTUS FOR FUTURE REFERENCE.
NATIONWIDE S&P 500 INDEX FUND
(CLASS R AND CLASS Y SHARES)
Supplement dated December 29, 1999 to
Statement of Additional Information dated September 1, 1999
The capitalized terms used in this supplement have the same meaning as
defined in the Statement of Additional Information.
Effective December 29, 1999, Fund Asset Management, L.P., a
wholly-owned, indirect subsidiary of Merrill Lynch & Co., Inc. ("FAM"), replaced
The Dreyfus Corporation as sub-investment adviser for the Fund. FAM, P.O. Box
9011, Princeton, New Jersey 08543-9011, serves as subadviser to the Fund and has
the responsibility for making all investment decisions for the Fund.
FAM is a wholly-owned, indirect subsidiary of Merrill Lynch & Co., Inc.
and is part of the Merrill Lynch Asset Management Group, which had approximately
$520 billion in investment company and other portfolio assets under management
as of August 1999. This amount includes assets managed for Merrill Lynch
affiliates.
The fees payable by the Fund to VMF as set forth on page 14 of the
Statement of Additional Information have been changed to the following: 0.13% of
the Fund's average daily net assets up to $1.5 billion, 0.12% of the Fund's
average daily net assets of $1.5 billion up to $3 billion, and 0.11% of the
Fund's average daily net assets of $3 billion or more.
The fees payable to the Subadviser by VMF as set forth on page 15 of
the Statement of Additional Information have been changed to the following:
0.05% on assets up to $250 million
0.04% on assets of $250 million up to $1 billion
0.03% on assets of $1 billion or more
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH
THE STATEMENT OF ADDITIONAL INFORMATION FOR FUTURE
REFERENCE.
