<PAGE> 1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NATIONWIDE(R) MUTUAL FUNDS
INVESTOR DESTINATIONS
SEMI-ANNUAL REPORT
APRIL 30, 2000
(UNAUDITED)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<PAGE> 2
NATIONWIDE(R) MUTUAL FUNDS
INVESTOR DESTINATIONS
SEMI-ANNUAL REPORT
APRIL 30, 2000
TABLE OF CONTENTS
<TABLE>
<S> <C>
Average Annual (Compound) Total Returns..................... 3
Statement of Investments.................................... 4
Statements of Assets and Liabilities........................ 9
Statements of Operations.................................... 10
Statements of Changes in Net Assets......................... 11
Financial Highlights........................................ 12
Notes to Financial Statements............................... 17
</TABLE>
<PAGE> 3
NATIONWIDE(R) MUTUAL FUNDS
INVESTOR DESTINATIONS
AVERAGE ANNUAL (COMPOUND) TOTAL RETURN
(FOR PERIOD ENDED APRIL 30, 2000)
<TABLE>
<CAPTION>
AGGRESSIVE CLASS A CLASS B SERVICE
FUND YEARS W/O SC** W/ SC(1) W/O SC** W/ SC(2) CLASS(3)
<S> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------
Life* -3.10% -8.67% -3.20% -8.04% -3.10%
-----------------------------------------------------------------------------------
</TABLE>
PORTFOLIO COMPOSITION
(SUBJECT TO CHANGE)
Fixed Income Funds 5.1%
Equity Funds 95.0%
<TABLE>
<CAPTION>
MODERATELY
AGGRESSIVE CLASS A CLASS B SERVICE
FUND YEARS W/O SC** W/ SC(1) W/O SC** W/ SC(2) CLASS(3)
<S> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------
Life* -2.60% -8.20% -2.60% -7.47% -2.60%
-----------------------------------------------------------------------------------
</TABLE>
PORTFOLIO COMPOSITION
(SUBJECT TO CHANGE)
Fixed Contract 2.6%
Fixed Income Funds 17.9%
Equity Funds 79.5%
<TABLE>
<CAPTION>
MODERATE CLASS A CLASS B SERVICE
FUND YEARS W/O SC** W/ SC(1) W/O SC** W/ SC(2) CLASS(3)
<S> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------
Life* -1.90% -7.54% -1.90% -6.81% -1.80%
-----------------------------------------------------------------------------------
</TABLE>
PORTFOLIO COMPOSITION
(SUBJECT TO CHANGE)
Fixed Contract 7.7%
Fixed Income Funds 33.0%
Equity Funds 59.2%
<TABLE>
<CAPTION>
MODERATELY
CONSERVATIVE CLASS A CLASS B SERVICE
FUND YEARS W/O SC** W/ SC(1) W/O SC** W/ SC(2) CLASS(3)
<S> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------
Life* -1.20% -6.88% -1.20% -6.14% -1.20%
-----------------------------------------------------------------------------------
</TABLE>
PORTFOLIO COMPOSITION
(SUBJECT TO CHANGE)
Fixed Contract 12.7%
Equity Funds 39.3%
Fixed Income Funds 48.0%
<TABLE>
<CAPTION>
CONSERVATIVE CLASS A CLASS B SERVICE
FUND YEARS W/O SC** W/ SC(1) W/O SC** W/ SC(2) CLASS(3)
<S> <C> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------
Life* -0.60% -6.31% -0.70% -5.67% -0.60%
-----------------------------------------------------------------------------------
</TABLE>
PORTFOLIO COMPOSITION
(SUBJECT TO CHANGE)
Fixed Contract 17.7%
Equity Funds 24.4%
Fixed Income Funds 57.7%
--------------------------------------------------
* Commenced operations on March 31, 2000.
** These returns do not reflect the effects of a
sales charge.
(1) A 5.75% maximum front-end sales charge was
deducted.
(2) A 5.00% maximum contingent deferred sales
charge (CDSC) was deducted. The CDSC declines
to 0% after 6 years.
(3) Not subject to any sales charges.
INVESTOR DESTINATIONS SEMI-ANNUAL REPORT 3
<PAGE> 4
NATIONWIDE(R) MUTUAL FUNDS
INVESTOR DESTINATIONS AGGRESSIVE FUND
STATEMENT OF INVESTMENTS -- APRIL 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
--------------------------------------------------------
SHARES SECURITY VALUE
--------------------------------------------------------
<C> <S> <C>
MUTUAL FUNDS (100.1%)
EQUITY FUNDS (95.0%)
905 Nationwide International Index Fund,
Institutional Class* $ 8,638
924 Nationwide S&P 500 Index Fund,
Institutional Class* 11,722
275 Nationwide Small Cap Index Fund,
Institutional Class* 2,885
357 Vanguard Mid-Cap Index Fund, Investor
Shares 4,343
-------
27,588
-------
FIXED INCOME FUNDS (5.1%)
150 Nationwide Bond Index Fund,
Institutional Class* 1,490
-------
TOTAL INVESTMENTS (cost $30,000) $29,078
=======
</TABLE>
-------------------------------------------------------
Portfolio holding percentages represent market value as a percentage of net
assets.
* Investment in affiliate.
See accompanying notes to financial statements.
4 INVESTOR DESTINATIONS SEMI-ANNUAL REPORT
<PAGE> 5
NATIONWIDE(R) MUTUAL FUNDS
INVESTOR DESTINATIONS MODERATELY AGGRESSIVE FUND
STATEMENT OF INVESTMENTS -- APRIL 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
--------------------------------------------------------
SHARES SECURITY VALUE
--------------------------------------------------------
<C> <S> <C>
MUTUAL FUNDS (97.4%)
EQUITY FUNDS (79.5%)
755 Nationwide International Index Fund,
Institutional Class* $ 7,198
809 Nationwide S&P 500 Index Fund,
Institutional Class* 10,257
137 Nationwide Small Cap Index Fund,
Institutional Class* 1,442
357 Vanguard Mid-Cap Index Fund, Investor
Shares 4,343
-------
23,240
-------
FIXED INCOME FUNDS (17.9%)
76 Morley Enhanced Income Fund,
Institutional Class* 753
450 Nationwide Bond Index Fund,
Institutional Class* 4,469
-------
5,222
-------
TOTAL MUTUAL FUNDS (cost $29,250) 28,462
-------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------
PRINCIPAL SECURITY VALUE
---------------------------------------------------------
<C> <S> <C>
FIXED CONTRACT (2.6%)
$753 Nationwide Fixed Contract, 5.15%*(a)
(cost $753) $ 753
-------
TOTAL INVESTMENTS (cost $30,003) $29,215
=======
</TABLE>
-------------------------------------------------------
Portfolio holding percentages represent market value as a percentage of net
assets.
* Investment in affiliate.
(a) The Nationwide Fixed Contract rate changes quarterly.
See accompanying notes to financial statements.
INVESTOR DESTINATIONS SEMI-ANNUAL REPORT 5
<PAGE> 6
NATIONWIDE(R) MUTUAL FUNDS
INVESTOR DESTINATIONS MODERATE FUND
STATEMENT OF INVESTMENTS -- APRIL 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
--------------------------------------------------------
SHARES SECURITY VALUE
--------------------------------------------------------
<C> <S> <C>
MUTUAL FUNDS (92.2%)
EQUITY FUNDS (59.2%)
453 Nationwide International Index Fund,
Institutional Class* $ 4,319
693 Nationwide S&P 500 Index Fund,
Institutional Class* 8,792
137 Nationwide Small Cap Index Fund,
Institutional Class* 1,442
238 Vanguard Mid-Cap Index Fund, Investor
Shares 2,895
-------
17,448
-------
FIXED INCOME FUNDS (33.0%)
227 Morley Enhanced Income Fund,
Institutional Class* 2,259
749 Nationwide Bond Index Fund,
Institutional Class* 7,448
-------
9,707
-------
TOTAL MUTUAL FUNDS (cost $27,750) 27,155
-------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------
PRINCIPAL SECURITY VALUE
--------------------------------------------------------
<C> <S> <C>
FIXED CONTRACT (7.7%)
$2,259 Nationwide Fixed Contract,
5.15%*(a) (cost $2,259) $ 2,259
-------
TOTAL INVESTMENTS (cost $30,009) $29,414
=======
</TABLE>
------------------------------------------------------
Portfolio holding percentages represent market value as a percentage of net
assets.
* Investment in affiliate.
(a) The Nationwide Fixed Contract rate changes quarterly.
See accompanying notes to financial statements.
6 INVESTOR DESTINATIONS SEMI-ANNUAL REPORT
<PAGE> 7
NATIONWIDE(R) MUTUAL FUNDS
INVESTOR DESTINATIONS MODERATELY CONSERVATIVE FUND
STATEMENT OF INVESTMENTS -- APRIL 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
--------------------------------------------------------
SHARES SECURITY VALUE
--------------------------------------------------------
<C> <S> <C>
MUTUAL FUNDS (87.3%)
EQUITY FUNDS (39.3%)
302 Nationwide International Index Fund,
Institutional Class* $ 2,879
462 Nationwide S&P 500 Index Fund,
Institutional Class* 5,862
238 Vanguard Mid-Cap Index Fund, Investor
Shares 2,895
-------
11,636
-------
FIXED INCOME FUNDS (48.0%)
379 Morley Enhanced Income Fund,
Institutional Class* 3,765
1,049 Nationwide Bond Index Fund,
Institutional Class* 10,426
-------
14,191
-------
TOTAL MUTUAL FUNDS (cost $26,250) 25,828
-------
</TABLE>
<TABLE>
<CAPTION>
--------------------------------------------------------
PRINCIPAL SECURITY VALUE
--------------------------------------------------------
<C> <S> <C>
FIXED CONTRACT (12.7%)
$3,765 Nationwide Fixed Contract,
5.15%*(a) (cost $3,765) $ 3,765
-------
TOTAL INVESTMENTS $29,592
=======
</TABLE>
-------------------------------------------------------
Portfolio holding percentages represent market value as a percentage of net
assets.
* Investment in affiliate.
(a) The Nationwide Fixed Contract rate changes quarterly.
See accompanying notes to financial statements.
INVESTOR DESTINATIONS SEMI-ANNUAL REPORT 7
<PAGE> 8
NATIONWIDE(R) MUTUAL FUNDS
INVESTOR DESTINATIONS CONSERVATIVE FUND
STATEMENT OF INVESTMENTS -- APRIL 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
--------------------------------------------------------
SHARES SECURITY VALUE
--------------------------------------------------------
<C> <S> <C>
MUTUAL FUNDS (82.1%)
EQUITY FUNDS (24.4%)
151 Nationwide International Index Fund,
Institutional Class* $ 1,440
231 Nationwide S&P 500 Index Fund,
Institutional Class* 2,931
238 Vanguard Mid-Cap Index Fund, Investor
Shares 2,895
-------
7,266
-------
FIXED INCOME FUNDS (57.7%)
682 Morley Enhanced Income Fund,
Institutional Class* 6,777
1,049 Nationwide Bond Index Fund,
Institutional Class* 10,426
-------
17,203
-------
TOTAL MUTUAL FUNDS (cost $24,750) 24,469
-------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------
PRINCIPAL SECURITY VALUE
---------------------------------------------------------
<C> <S> <C>
FIXED CONTRACT (17.7%)
$5,271 Nationwide Fixed Contract, 5.15%*(a)
(cost $5,271) $ 5,271
-------
TOTAL INVESTMENTS (cost $30,021) $29,740
=======
</TABLE>
-------------------------------------------------------
Portfolio holding percentages represent market value as a percentage of net
assets.
* Investment in affiliate.
(a) The Nationwide Fixed Contract rate changes quarterly.
See accompanying notes to financial statements.
8 INVESTOR DESTINATIONS SEMI-ANNUAL REPORT
<PAGE> 9
NATIONWIDE(R) MUTUAL FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
APRIL 30, 2000
(UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INVESTOR INVESTOR INVESTOR
DESTINATIONS DESTINATIONS INVESTOR DESTINATIONS INVESTOR
AGGRESSIVE MODERATELY DESTINATIONS MODERATELY DESTINATIONS
(a) AGGRESSIVE (a) MODERATE (a) CONSERVATIVE (a) CONSERVATIVE (a)
------------ -------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments in securities, at value
(cost $30,000, $29,250, $27,750,
$26,250, $24,750) 29,078 28,462 27,155 25,828 24,469
Investments in short-term securities,
at value (cost $753, $2,259, $3,765,
$5,271) $ -- $ 753 $ 2,259 $ 3,765 $ 5,271
Receivable from adviser 14,314 14,403 14,349 14,358 14,321
Interest and dividends receivable 8 27 51 74 91
--------- --------- --------- --------- ---------
Total Assets $ 43,400 $ 43,645 $ 43,814 $ 44,025 $ 44,152
--------- --------- --------- --------- ---------
LIABILITIES:
Cash overdrafts 5 3 3 3 3
Accrued expenses and other payables:
Management fees 3 3 3 3 3
Fund administration fees 6,354 6,354 6,354 6,354 6,354
Transfer agent fees 17 18 18 18 18
Distribution fees 12 12 12 13 12
Other 7,946 8,034 7,981 7,989 7,952
--------- --------- --------- --------- ---------
Total Liabilities $ 14,337 $ 14,424 $ 14,371 $ 14,380 $ 14,342
--------- --------- --------- --------- ---------
NET ASSETS:
Capital 30,000 30,000 30,000 30,000 30,000
Undistributed (distributions in excess
of) net investment income (15) 9 38 67 91
Net unrealized (depreciation) from
investments (922) (788) (595) (422) (281)
--------- --------- --------- --------- ---------
NET ASSETS $ 29,063 $ 29,221 $ 29,443 $ 29,645 $ 29,810
========= ========= ========= ========= =========
NET ASSETS:
Class A 9,689 9,741 9,816 9,883 9,938
Class B 9,684 9,737 9,811 9,878 9,933
Service Class 9,690 9,743 9,816 9,884 9,939
--------- --------- --------- --------- ---------
Total $ 29,063 $ 29,221 $ 29,443 $ 29,645 $ 29,810
========= ========= ========= ========= =========
SHARES OUTSTANDING (unlimited number of
shares authorized):
Class A 1,000 1,000 1,000 1,000 1,000
Class B 1,000 1,000 1,000 1,000 1,000
Service Class 1,000 1,000 1,000 1,000 1,000
--------- --------- --------- --------- ---------
Total 3,000 3,000 3,000 3,000 3,000
========= ========= ========= ========= =========
NET ASSET VALUE PER SHARE:
Class A $ 9.69 $ 9.74 $ 9.82 $ 9.88 $ 9.94
Class B $ 9.68 $ 9.74 $ 9.81 $ 9.88 $ 9.93
Service Class $ 9.69 $ 9.74 $ 9.82 $ 9.88 $ 9.94
OFFERING PRICE (100%/(100%-Maximum Sales
Charge) of net asset value adjusted to
nearest cent per share):
Class A* $ 10.28 $ 10.34 $ 10.41 $ 10.49 $ 10.54
Class B** $ 9.68 $ 9.74 $ 9.81 $ 9.88 $ 9.93
Service Class*** $ 9.69 $ 9.74 $ 9.82 $ 9.88 $ 9.94
--------- --------- --------- --------- ---------
Maximum sales charge -- Class A 5.75% 5.75% 5.75% 5.75% 5.75%
========= ========= ========= ========= =========
</TABLE>
------------------------------------------------------
* Class A includes a front-end sales charge.
** Class B, the redemption price per share varies by the length of time shares
are held.
*** Service Class does not have any sales charges.
(a) Commenced operations on March 31, 2000.
See accompanying notes to the financial statements.
INVESTOR DESTINATIONS SEMI-ANNUAL REPORT 9
<PAGE> 10
NATIONWIDE(R) MUTUAL FUNDS
STATEMENTS OF OPERATIONS
FOR THE PERIOD FROM MARCH 31, 2000 TO APRIL 30, 2000
(UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INVESTOR INVESTOR
INVESTOR DESTINATIONS INVESTOR DESTINATIONS INVESTOR
DESTINATIONS MODERATELY DESTINATIONS MODERATELY DESTINATIONS
AGGRESSIVE (a) AGGRESSIVE (a) MODERATE (a) CONSERVATIVE (a) CONSERVATIVE (a)
--------------- -------------- ------------ ---------------- ----------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividend income $ 7 $ 30 $ 60 $ 89 $ 111
-------- -------- -------- -------- --------
Total Income 7 30 60 89 111
EXPENSES:
Investment management
fees 3 3 3 3 3
Fund administration fees 6,354 6,354 6,354 6,354 6,354
Custodian fees 127 215 161 171 133
Distribution fees 12 12 12 12 12
Professional fees 1,818 1,818 1,818 1,818 1,818
Trustees' fees and
expenses 13 13 13 13 13
Transfer agent fees 32 32 33 32 32
Registration and filing
fees 4,614 4,614 4,614 4,614 4,614
Shareholders' reports 1,262 1,262 1,262 1,262 1,262
Other 101 101 101 101 101
-------- -------- -------- -------- --------
Total expenses before
waived or reimbursed
expenses 14,336 14,424 14,371 14,380 14,342
Expenses waived or
reimbursed (14,314) (14,403) (14,349) (14,358) (14,322)
-------- -------- -------- -------- --------
Net expenses 22 21 22 22 20
-------- -------- -------- -------- --------
NET INVESTMENT INCOME
(LOSS) (15) 9 38 67 91
-------- -------- -------- -------- --------
REALIZED/UNREALIZED GAINS
(LOSSES) FROM
INVESTMENTS:
Net realized gains
(losses) from
investment transactions -- -- -- -- --
Net change in unrealized
(depreciation) from
investments (922) (788) (595) (422) (281)
-------- -------- -------- -------- --------
Net realized/unrealized
gains (losses) from
investments (922) (788) (595) (422) (281)
-------- -------- -------- -------- --------
CHANGE IN NET ASSETS
RESULTING FROM OPERATIONS $ (937) $ (779) $ (557) $ (355) $ (190)
======== ======== ======== ======== ========
</TABLE>
------------------------------------------------------
(a) Commenced operations on March 31, 2000.
See accompanying notes to the financial statements.
10 INVESTOR DESTINATIONS SEMI-ANNUAL REPORT
<PAGE> 11
NATIONWIDE(R) MUTUAL FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIOD FROM MARCH 31, 2000 TO APRIL 30, 2000
(UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INVESTOR INVESTOR INVESTOR
DESTINATIONS DESTINATIONS INVESTOR DESTINATIONS INVESTOR
AGGRESSIVE MODERATELY DESTINATIONS MODERATELY DESTINATIONS
(a) AGGRESSIVE (a) MODERATE (a) CONSERVATIVE (a) CONSERVATIVE (a)
------------ -------------- ------------ ---------------- ----------------
<S> <C> <C> <C> <C> <C>
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss) $ (15) $ 9 $ 38 $ 67 $ 91
Net change in unrealized
depreciation from
investments (922) (788) (595) (422) (281)
------- ------- ------- ------- -------
Change in net assets
resulting from operations (937) (779) (557) (355) (190)
------- ------- ------- ------- -------
CAPITAL TRANSACTIONS: (B)
Proceeds from shares issued 30,000 30,000 30,000 30,000 30,000
Change in net assets from
capital transactions 30,000 30,000 30,000 30,000 30,000
------- ------- ------- ------- -------
Change in net assets 29,063 29,221 29,443 29,645 29,810
NET ASSETS:
Beginning of period -- -- -- -- --
------- ------- ------- ------- -------
End of period $29,063 $29,221 $29,443 $29,645 $29,810
======= ======= ======= ======= =======
Undistributed (distributions
in excess of) net
investment income included
in net assets at end of
period $ (15) $ 9 $ 38 $ 67 $ 91
======= ======= ======= ======= =======
SHARE TRANSACTIONS: (B)
Sold 3,000 3,000 3,000 3,000 3,000
Reinvested -- -- -- -- --
Redeemed -- -- -- -- --
------- ------- ------- ------- -------
Change in shares 3,000 3,000 3,000 3,000 3,000
======= ======= ======= ======= =======
</TABLE>
------------------------------------------------------
(a) Commenced operations on March 31, 2000.
(b) Both the Capital and Share Transactions sections represent combined data for
all classes.
See accompanying notes to financial statements.
INVESTOR DESTINATIONS SEMI-ANNUAL REPORT 11
<PAGE> 12
NATIONWIDE(R) MUTUAL FUNDS
INVESTOR DESTINATIONS AGGRESSIVE FUND
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
PERIOD FROM MARCH 31, 2000 TO APRIL 30, 2000
(UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS A SHARES (a) CLASS B SHARES (a) SERVICE CLASS SHARES (a)
------------------ ------------------ ------------------------
<S> <C> <C> <C>
NET ASSET VALUE --
BEGINNING OF PERIOD $ 10.00 $ 10.00 $ 10.00
------- ------- -------
INVESTMENT ACTIVITIES:
Net investment income (loss) -- (0.01) --
Net realized and unrealized gain (0.31) (0.31) (0.31)
------- ------- -------
Total investment activities (0.31) (0.32) (0.31)
------- ------- -------
DISTRIBUTIONS:
Net investment income -- -- --
In excess of net investment income -- -- --
Net realized gains -- -- --
------- ------- -------
Total distributions -- -- --
------- ------- -------
NET ASSET VALUE -- END OF PERIOD $ 9.69 $ 9.68 $ 9.69
======= ======= =======
Total Return (excluding sales
charges)(d) (3.10)% (3.20)% (3.10)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, at end of period (000) $ 10 $ 10 $ 10
Ratio of expenses to average net assets 0.71%(b) 1.31%(b) 0.61%(b)
Ratio of net investment income to average
net assets (0.34)%(b) (0.97)%(b) (0.36)%(b)
Ratio of expenses to average net assets * 569.94%(b) 570.94%(b) 568.71%(b)
Ratio of net investment income to average
net assets* (569.58)%(b) (570.58)%(b) (568.46)%(b)
Portfolio turnover rate (c,d) 0.00% 0.00% 0.00%
</TABLE>
------------------------------------------------------
* Ratios calculated as if no expenses were waived or reimbursed.
(a) Commenced operations on March 31, 2000.
(b) Annualized.
(c) Portfolio Turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares.
(d) Not Annualized.
See accompanying notes to financial statements.
12 INVESTOR DESTINATIONS SEMI-ANNUAL REPORT
<PAGE> 13
NATIONWIDE(R) MUTUAL FUNDS
INVESTOR DESTINATIONS MODERATELY AGGRESSIVE FUND
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
PERIOD FROM MARCH 31, 2000 TO APRIL 30, 2000
(UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS A SHARES (a) CLASS B SHARES (a) SERVICE CLASS SHARES (a)
------------------ ------------------ ------------------------
<S> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF PERIOD $ 10.00 $ 10.00 $ 10.00
------- ------- -------
INVESTMENT ACTIVITIES:
Net investment income -- -- 0.01
Net realized and unrealized gain (0.26) (0.26) (0.27)
------- ------- -------
Total investment activities (0.26) (0.26) (0.26)
------- ------- -------
DISTRIBUTIONS:
Net investment income -- -- --
In excess of net investment income -- -- --
Net realized gains -- -- --
------- ------- -------
Total distributions -- -- --
------- ------- -------
NET ASSET VALUE -- END OF PERIOD $ 9.74 $ 9.74 $ 9.74
======= ======= =======
Total Return (excluding sales
charges)(d) (2.60)% (2.60)% (2.60)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, at end of period (000) $ 10 $ 10 $ 10
Ratio of expenses to average net assets 0.71%(b) 1.31%(b) 0.61%(b)
Ratio of net investment income to average
net assets 0.49%(b) (0.10)%(b) 0.59%(b)
Ratio of expenses to average net assets* 580.84%(b) 581.87%(b) 579.75%(b)
Ratio of net investment income to average
net assets* (579.63)%(b) (580.66)%(b) (578.55)%(b)
Portfolio turnover rate (c,d) 0.00% 0.00% 0.00%
</TABLE>
------------------------------------------------------
* Ratios calculated as if no expenses were waived or reimbursed.
(a) Commenced operations on March 31, 2000.
(b) Annualized.
(c) Portfolio Turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares.
(d) Not Annualized.
See accompanying notes to financial statements.
INVESTOR DESTINATIONS SEMI-ANNUAL REPORT 13
<PAGE> 14
NATIONWIDE(R) MUTUAL FUNDS
INVESTOR DESTINATIONS MODERATE FUND
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
PERIOD FROM MARCH 31, 2000 TO APRIL 30, 2000
(UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS A SHARES (a) CLASS B SHARES (a) SERVICE CLASS SHARES (a)
------------------ ------------------ ------------------------
<S> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF PERIOD $ 10.00 $ 10.00 $ 10.00
------- ------- -------
INVESTMENT ACTIVITIES:
Net investment income 0.01 0.01 0.02
Net realized and unrealized gain (0.19) (0.20) (0.20)
------- ------- -------
Total investment activities (0.18) (0.19) (0.18)
------- ------- -------
DISTRIBUTIONS:
Net investment income -- -- --
In excess of net investment income -- -- --
Net realized gains -- -- --
------- ------- -------
Total distributions -- -- --
------- ------- -------
NET ASSET VALUE -- END OF PERIOD $ 9.82 $ 9.81 $ 9.82
======= ======= =======
Total Return (excluding sales
charges)(d) (1.90)% (1.90)% (1.80)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, at end of period (000) $ 10 $ 10 $ 10
Ratio of expenses to average net assets 0.71%(b) 1.31%(b) 0.61%(b)
Ratio of net investment income to average
net assets 1.69%(b) 1.09%(b) 1.79%(b)
Ratio of expenses to average net assets* 574.67%(b) 575.68%(b) 573.59%(b)
Ratio of net investment income to average
net assets* (572.27)%(b) (573.28)%(b) (571.19)%(b)
Portfolio turnover rate (c,d) 0.00% 0.00% 0.00%
</TABLE>
------------------------------------------------------
* Ratios calculated as if no expenses were waived or reimbursed.
(a) Commenced operations on March 31, 2000.
(b) Annualized.
(c) Portfolio Turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares.
(d) Not Annualized.
See accompanying notes to financial statements.
14 INVESTOR DESTINATIONS SEMI-ANNUAL REPORT
<PAGE> 15
NATIONWIDE(R) MUTUAL FUNDS
INVESTOR DESTINATIONS MODERATELY CONSERVATIVE FUND
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
PERIOD FROM MARCH 31, 2000 TO APRIL 30, 2000
(UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS A SHARES (a) CLASS B SHARES (a) SERVICE CLASS SHARES (a)
------------------ ------------------ ------------------------
<S> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF PERIOD $ 10.00 $ 10.00 $ 10.00
------- ------- -------
INVESTMENT ACTIVITIES:
Net investment income 0.02 0.02 0.02
Net realized and unrealized gain (0.14) (0.14) (0.14)
------- ------- -------
Total investment activities (0.12) (0.12) (0.12)
------- ------- -------
DISTRIBUTIONS:
Net investment income -- -- --
In excess of net investment income -- -- --
Net realized gains -- -- --
------- ------- -------
Total distributions -- -- --
------- ------- -------
NET ASSET VALUE -- END OF PERIOD $ 9.88 $ 9.88 $ 9.88
======= ======= =======
Total Return (excluding sales charges)
(d) (1.20)% (1.20)% (1.20)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, at end of period(000) $ 10 $ 10 $ 10
Ratio of expenses to average net assets 0.71%(b) 1.31%(b) 0.61%(b)
Ratio of net investment income to average
net assets 2.87%(b) 2.27%(b) 2.84%(b)
Ratio of expenses to average net assets* 571.44%(b) 572.43%(b) 570.12%(b)
Ratio of net investment income to average
net assets* (567.86)%(b) (568.85)%(b) (566.67)%(b)
Portfolio turnover rate (c,d) 0.00% 0.00% 0.00%
</TABLE>
------------------------------------------------------
* Ratios calculated as if no expenses were waived or reimbursed.
(a) Commenced operations on March 31, 2000.
(b) Annualized.
(c) Portfolio Turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares.
(d) Not Annualized.
See accompanying notes to financial statements.
INVESTOR DESTINATIONS SEMI-ANNUAL REPORT 15
<PAGE> 16
NATIONWIDE(R) MUTUAL FUNDS
INVESTOR DESTINATIONS CONSERVATIVE FUND
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL OUTSTANDING
PERIOD FROM MARCH 31, 2000 TO APRIL 30, 2000
(UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CLASS A SHARES (a) CLASS B SHARES (a) SERVICE CLASS SHARES (a)
------------------ ------------------ ------------------------
<S> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF PERIOD $ 10.00 $ 10.00 $ 10.00
------- ------- -------
INVESTMENT ACTIVITIES:
Net investment income 0.03 0.03 0.03
Net realized and unrealized gain (0.09) (0.10) (0.09)
------- ------- -------
Total investment activities (0.06) (0.07) (0.06)
------- ------- -------
DISTRIBUTIONS:
Net investment income -- -- --
In excess of net investment income -- -- --
Net realized gains -- -- --
------- ------- -------
Total distributions -- -- --
------- ------- -------
NET ASSET VALUE -- END OF PERIOD $ 9.94 $ 9.93 $ 9.94
======= ======= =======
Total Return (excluding sales
charges)(d) (0.60)% (0.70)% (0.60)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, at end of period (000) $ 10 $ 10 $ 10
Ratio of expenses to average net assets 0.71%(b) 1.31%(b) 0.61%(b)
Ratio of net investment income to average
net assets 3.80%(b) 3.09%(b) 3.78%(b)
Ratio of expenses to average net assets* 567.99%(b) 570.30%(b) 566.69%(b)
Ratio of net investment income to average
net assets* (563.48)%(b) (565.91)%(b) (562.29)%(b)
Portfolio turnover rate (c,d) 0.00% 0.00% 0.00%
</TABLE>
------------------------------------------------------
* Ratios calculated as if no expenses were waived or reimbursed.
(a) Commenced operations on March 31, 2000.
(b) Annualized.
(c) Portfolio Turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares.
(d) Not Annualized.
See accompanying notes to financial statements.
16 INVESTOR DESTINATIONS SEMI-ANNUAL REPORT
<PAGE> 17
NATIONWIDE(R) MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS
APRIL 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nationwide Mutual Funds ("NMF" or the "Trust"), formerly known as Nationwide
Investing Foundation III, is an open-end management investment company. NMF was
created under the laws of Ohio as an Ohio business trust pursuant to a
Declaration of Trust dated as of October 31, 1997, as amended as of March 1,
2000, and is registered under the Investment Company Act of 1940, as amended.
The Trust offers shares in twenty-eight separate series, or mutual funds, each
with its own investment objectives. This report contains the financial
statements and financial highlights of the five Investor Destinations Funds
(collectively the "Funds") listed below.
- Aggressive Fund
- Moderately Aggressive Fund
- Moderate Fund
- Moderately Conservative Fund
- Conservative Fund
Each Fund is constructed as a "fund of funds" which means that it pursues its
investment objective primarily by allocating its investments among other mutual
funds (the "Underlying Funds"). The Underlying Funds typically invest, either
directly or indirectly, in stocks, bonds, and other securities. The Funds,
except for the Aggressive Fund, may also invest in a non-registered fixed
interest contract issued by Nationwide Life Insurance Company. The Funds
commenced operations on March 31, 2000. Each Fund currently offers Class A,
Class B, and Service Class shares. Class A and B shares are available to all
investors. The Service Class of shares is available to a limited group of
institutional investors. The Class A shares are purchased with a maximum 5.75%
front-end sales load. The Class B shares are subject to a 5.00% maximum deferred
sales charge (known as a contingent deferred sales charge or CDSC) if you sell
your shares within six years of purchase and contain a conversion feature to
Class A shares after you have held them for seven years. Sales charges are paid
to the Fund's distributor, Nationwide Advisory Services, Inc. (NAS) which either
retains them or pays a selling representative. The Service Class shares have no
sales charges.
The Class A and Service Class of shares pay distribution and/or service (12b-1)
fees under a Distribution Plan of 0.25%. The Class B shares pay a 12b-1 fee of
1.00%. These fees are either retained by NAS or paid by NAS to brokers for
distribution and shareholders services.
The Class A and Service Class pay administrative service fees of up to 0.25%.
These fees are paid to brokers and other entities that provide administrative
support services to the beneficial owners of the applicable shares.
(a) VALUATION PROCEDURES
1. Securities Valuation -- Shares of the Underlying Funds in which the
Funds invest are valued at their respective net asset values as determined
under the Investment Company Act of 1940. The securities in the Underlying
Funds are valued as of the close of business of the regular session of
trading on the New York Stock Exchange. Underlying Funds generally value
securities in their portfolios for which market quotations are readily
available at their market value (generally the last reported sale price)
and all other securities and assets at fair value, pursuant to methods
established in good faith by the Board of Trustees or Directors of the
Underlying Fund. The fixed interest contract is valued at par each day. The
par value is calculated each day by the summation of the following factors:
prior day's par value, prior day's interest accrued (par multiplied by
guaranteed fixed rate), and current day net purchase or redemption.
INVESTOR DESTINATIONS SEMI-ANNUAL REPORT 17
<PAGE> 18
NATIONWIDE(R) MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
APRIL 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
2. Share valuation -- The net asset value per share of each class of
the Fund is calculated daily by dividing the total value of each class's
assets, less liabilities, by the number of shares outstanding in each
class, rounded to the nearest cent.
(b) SECURITY TRANSACTIONS AND INVESTMENT INCOME
Security transactions are recorded on the trade date. Dividend income is
recorded on the ex-dividend date. Interest income for the fixed interest
contract is accrued daily and reinvested the following day.
(c) FEDERAL INCOME TAXES
Each Fund's policy is to qualify as a regulated investment company under the
Internal Revenue Code, and to distribute all taxable income, if any, to its
shareholders. Therefore no provision has been made for federal income taxes as
it is the intention of the Funds to continue such qualification. To the extent
net realized gains are offset through the application of a capital loss
carryover, they will not be distributed to shareholders and will be retained by
the applicable Fund. Withholding taxes have been paid or provided for in
accordance with the applicable tax rates and rules.
(d) DIVIDENDS TO SHAREHOLDERS
1. Dividend income, if any, is declared and paid quarterly and is
recorded on the ex-dividend date.
2. Distributable net realized capital gains, if applicable, are
declared and distributed at least annually.
3. Dividends and distributions to shareholders are determined in
accordance with federal income tax regulations, which may differ from
generally accepted accounting principles. These "book/tax" differences are
considered either permanent or temporary in nature. In accordance with
AICPA (American Institute of Certified Public Accountants) Statement of
Position 93-2, permanent differences are reclassified within the capital
accounts based on their nature for federal income tax purposes; temporary
differences do not require reclassification. Dividends and distributions
that exceed net investment income and net realized gains for financial
reporting purposes but not for tax purposes are reported as dividends in
excess of net investment income and net realized gains. To the extent
distributions exceed current and accumulated earnings and profits for
federal income tax purposes, they are reported as distributions of
paid-in-capital. These reclassifications have no effect upon the net asset
value of the respective Funds.
(e) EXPENSES
General expenses of the Trust, not directly attributable to a Fund or to any
class of shares, are allocated to the Funds based upon each Fund's relative
average net assets or some other appropriate basis, as approved by the Trust's
Board of Trustees. Once these expenses are allocated to a Fund, they are
sub-allocated to the classes based on total shares outstanding of each class.
Direct expenses of a Fund are applied to that Fund and sub-allocated to the
classes in the methods mentioned above.
Direct expenses of a class are allocated to that class unless otherwise directed
by the Trust's Board of Trustees. For example, distribution fees are borne by
the specific class of shares to which they apply.
(f) USE OF ESTIMATES
The preparation of financial statements, in conformity with generally accepted
accounting principles, requires management to make estimates and assumptions.
These can affect the reported amounts of assets and liabilities and
18 INVESTOR DESTINATIONS SEMI-ANNUAL REPORT
<PAGE> 19
NATIONWIDE(R) MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
APRIL 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the period.
Actual results could differ from those estimates.
(g) CAPITAL SHARE TRANSACTIONS
Transactions in class level shares of the Funds were as follows:
<TABLE>
<CAPTION>
MODERATELY MODERATELY
AGGRESSIVE AGGRESSIVE MODERATE CONSERVATIVE CONSERVATIVE
------------ ------------ ------------ ------------ ------------
PERIOD FROM PERIOD FROM PERIOD FROM PERIOD FROM PERIOD FROM
MARCH 31, MARCH 31, MARCH 31, MARCH 31, MARCH 31,
2000 2000 2000 2000 2000
TO APRIL 30, TO APRIL 30, TO APRIL 30, TO APRIL 30, TO APRIL 30,
2000 (a) 2000 (a) 2000 (a) 2000 (a) 2000 (a)
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
CAPITAL TRANSACTIONS:
CLASS A SHARES:
Proceeds from shares issued................. $10,000 $10,000 $10,000 $10,000 $10,000
Dividends reinvested........................ -- -- -- -- --
Cost of shares redeemed..................... -- -- -- -- --
------- ------- ------- ------- -------
Change in net assets...................... $10,000 $10,000 $10,000 $10,000 $10,000
======= ======= ======= ======= =======
CLASS B SHARES:
Proceeds from shares issued................. $10,000 $10,000 $10,000 $10,000 $10,000
Dividends reinvested........................ -- -- -- -- --
Cost of shares redeemed..................... -- -- -- -- --
------- ------- ------- ------- -------
Change in net assets...................... $10,000 $10,000 $10,000 $10,000 $10,000
======= ======= ======= ======= =======
SERVICE CLASS:
Proceeds from shares issued................. $10,000 $10,000 $10,000 $10,000 $10,000
Dividends reinvested........................ -- -- -- -- --
Cost of shares redeemed..................... -- -- -- -- --
------- ------- ------- ------- -------
Change in net assets...................... $10,000 $10,000 $10,000 $10,000 $10,000
======= ======= ======= ======= =======
SHARE TRANSACTIONS:
CLASS A SHARES:
Issued...................................... 1,000 1,000 1,000 1,000 1,000
Reinvested.................................. -- -- -- -- --
Redeemed.................................... -- -- -- -- --
------- ------- ------- ------- -------
Change in shares.......................... 1,000 1,000 1,000 1,000 1,000
======= ======= ======= ======= =======
CLASS B SHARES:
Issued...................................... 1,000 1,000 1,000 1,000 1,000
Reinvested.................................. -- -- -- -- --
Redeemed.................................... -- -- -- -- --
------- ------- ------- ------- -------
Change in shares.......................... 1,000 1,000 1,000 1,000 1,000
======= ======= ======= ======= =======
SERVICE CLASS:
Issued...................................... 1,000 1,000 1,000 1,000 1,000
Reinvested.................................. -- -- -- -- --
Redeemed.................................... -- -- -- -- --
------- ------- ------- ------- -------
Change in shares.......................... 1,000 1,000 1,000 1,000 1,000
======= ======= ======= ======= =======
</TABLE>
---------------
(a) Funds commenced operations on March 31, 2000.
INVESTOR DESTINATIONS SEMI-ANNUAL REPORT 19
<PAGE> 20
NATIONWIDE(R) MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
APRIL 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
2. TRANSACTIONS WITH AFFILIATES
Under the terms of the Investment Advisory Agreement, Villanova Mutual Fund
Capital Trust ("VMF") manages the investment of the assets and supervises the
daily business affairs of the Funds. Under the terms of the investment advisory
agreement, the Funds pays VMF a management fee, based on the Fund's average
daily net assets.
Additional information regarding investment advisory fees paid or payable to VMF
is as follows for the period ended April 30, 2000:
<TABLE>
<CAPTION>
ADVISORY
ADVISORY FEE
FEES SCHEDULE
-------- --------
<S> <C> <C>
Aggressive.................................................. $3 0.13%
Moderately Aggressive....................................... 3 0.13%
Moderate.................................................... 3 0.13%
Moderately Conservative..................................... 3 0.13%
Conservative................................................ 3 0.13%
</TABLE>
VMF has voluntarily agreed to waive advisory fees, and if necessary, reimburse
expenses (except for Rule 12b-1 Fees) of the Funds in order to limit annual Fund
operating expenses at or below stated expense caps. The following table
illustrates the expense caps for each class of share for the period ended April
30, 2000:
<TABLE>
<CAPTION>
EXPENSE CAPS
---------------------------
CLASS A CLASS B SERVICE
SHARES SHARES CLASS
------- ------- -------
<S> <C> <C> <C>
Aggressive.................................................. 0.71% 1.31% 0.61%
Moderately Aggressive....................................... 0.71% 1.31% 0.61%
Moderate.................................................... 0.71% 1.31% 0.61%
Moderately Conservative..................................... 0.71% 1.31% 0.61%
Conservative................................................ 0.71% 1.31% 0.61%
</TABLE>
During the one-month period ended April 30, 2000, VMF reduced expenses for the
Fund as follows:
<TABLE>
<CAPTION>
TOTAL FEES
TOTAL FUND FEES OTHER FEES WAIVED/ NET FUND
EXPENSES WAIVED REIMBURSED REIMBURSED EXPENSES
---------- ------ ---------- ---------- --------
<S> <C> <C> <C> <C> <C>
Aggressive......................... $7,984 $27 $7,935 $7,962 $22
Moderately Aggressive.............. 8,072 27 8,024 8,051 21
Moderate........................... 8,019 27 7,970 7,997 22
Moderately Conservative............ 8,028 27 7,979 8,006 22
Conservative....................... 7,990 27 7,943 7,970 20
</TABLE>
The waiver of management fees or reimbursement of other expenses is subject to
possible reimbursement by the Fund with 5 years of the Fund's commencement of
operations if the reimbursements by the Fund can be implemented within the
annual expense caps.
Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, NAS,
the Funds' Distributor, is compensated by the Funds for expenses associated with
the distribution of shares of the Funds. These fees, based on average daily net
assets of the respective class, are not to exceed an annual rate of 0.25% for
Class A and Service
20 INVESTOR DESTINATIONS SEMI-ANNUAL REPORT
<PAGE> 21
NATIONWIDE(R) MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
APRIL 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
Class shares, and 1.00% the Class B shares. Additional information regarding
distribution fees paid or payable to NAS is as follows for the one-month period
ended April 30, 2000:
<TABLE>
<CAPTION>
CLASS A CLASS B SERVICE
SHARES SHARES CLASS
------- ------- -------
<S> <C> <C> <C>
Aggressive................................................. $2 $8 $2
Moderately Aggressive...................................... 2 8 2
Moderate................................................... 2 8 2
Moderately Conservative.................................... 2 8 2
Conservative............................................... 2 8 2
</TABLE>
Under the terms of a Fund Administration Agreement, Villanova SA Capital Trust
("VSA") receives fees from the Funds for providing various administrative and
accounting services. These fees are calculated daily based on each Fund's
average daily net assets and paid monthly. Additional information regarding fund
administration fees paid or payable to VSA is as follows for the one month
period ended April 30, 2000:
<TABLE>
<CAPTION>
FUND FUND
ADMINISTRATION ADMINISTRATION
FEES (a) FEE SCHEDULE
-------------- -------------------------------------------------
<S> <C> <C> <C>
Aggressive.................. $2
Moderately Aggressive....... 2 Up to $250 million............. 0.07%
Moderate.................... 2 On the next $750 million....... 0.05%
Moderately Conservative..... 2 On $1 billion and more......... 0.04%
Conservative................ 2
</TABLE>
---------------
(a) Subject to a minimum of $75,000 per year per Fund.
Nationwide Investors Services, Inc. ("NISI"), a subsidiary of VSA, serves as
Transfer and Dividend Disbursing Agent for the Funds. For these services, NISI
receives fees at an annual rate of $18 per Class A and B share account and 0.01%
of the average daily net assets of the Service Class of shares.
VSA has entered into agreements with BISYS Fund Services Ohio, Inc., to provide
sub-administration and sub-transfer agent services to the Funds.
Under the terms of an Administrative Services Plan, the Funds pay fees to
servicing organizations, such as broker-dealers and financial institutions,
which agree to provide administrative support services. These services include,
but are not limited, to the following: establishing and maintaining shareholder
accounts, processing purchase and redemption transactions, arranging bank wires,
performing shareholder sub-accounting, answering inquires regarding the Fund,
and other such services. These fees are based on an annual rate of up to 0.25%
of the average daily net assets of Class A and the Service Class.
Pursuant to an Underwriting Agreement, NAS serves as principal underwriter of
the Funds in the continuous distribution of its shares and receives commissions
in the form of a front-end sales charge. Such fees are deducted from and are not
included in proceeds from sales of Class A shares. From such fees, NAS pays
sales commissions,
INVESTOR DESTINATIONS SEMI-ANNUAL REPORT 21
<PAGE> 22
NATIONWIDE(R) MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
APRIL 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
salaries, and other expenses in connection with generating new sales of shares
of the Fund. For the one month period ended April 30, 2000, the commissions were
collected as follows:
<TABLE>
<CAPTION>
CLASS A
SHARES
-------
<S> <C>
Aggressive.................................................. $0
Moderately Aggressive....................................... 0
Moderate.................................................... 0
Moderately Conservative..................................... 0
Conservative................................................ 0
</TABLE>
NAS also receives fees for services as principal underwriter for Class B shares
of the Funds. Such fees are contingent deferred sales charges (CDSCs) ranging
from 1% to 5% imposed on redemptions of Class B shares which may cause the
current value of an account to fall below the total purchase payments made
during the past five years. CDSCs collected for the one-month period ended April
30, 2000, on redemptions of Class B Shares were as follows:
<TABLE>
<CAPTION>
CLASS B
SHARES
-------
<S> <C>
Aggressive.................................................. $0
Moderately Aggressive....................................... 0
Moderate.................................................... 0
Moderately Conservative..................................... 0
Conservative................................................ 0
</TABLE>
3. BANK LOANS
NMF currently has an unsecured bank line of credit of $50,000,000. Borrowings
under this arrangement bear interest at the Federal Funds rate plus .50%. These
interest costs are included in custodian fees in the Statements of Operations.
No compensating balances are required.
4. INVESTMENT TRANSACTIONS
Purchases and sales of registered investment companies for the period ended
April 30, 2000, are summarized as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
--------- -----
<S> <C> <C>
Aggressive........................................... $30,000 $0
Moderately Aggressive................................ 30,003 0
Moderate............................................. 30,009 0
Moderately Conservative.............................. 30,015 0
Conservative......................................... 30,021 0
</TABLE>
22 INVESTOR DESTINATIONS SEMI-ANNUAL REPORT
<PAGE> 23
NATIONWIDE(R) MUTUAL FUNDS
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
APRIL 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
Realized gains and losses have been computed on the first-in, first-out basis.
Included in net unrealized appreciation at April 30, 2000, the following:
<TABLE>
<CAPTION>
GROSS GROSS NET
UNREALIZED UNREALIZED UNREALIZED
APPRECIATION (DEPRECIATION) (DEPRECIATION)
------------ -------------- --------------
<S> <C> <C> <C>
Aggressive............................. $ 0 $(922) $(922)
Moderately Aggressive.................. 3 (791) (788)
Moderate............................... 9 (604) (595)
Moderately Conservative................ 15 (437) (422)
Conservative........................... 27 (308) (281)
</TABLE>
INVESTOR DESTINATIONS SEMI-ANNUAL REPORT 23
