<PAGE> 1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NATIONWIDE(R) MUTUAL FUNDS
NATIONWIDE(R) S&P 500 INDEX FUND
SEMI-ANNUAL REPORT
APRIL 30, 2000
(UNAUDITED)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<PAGE> 2
NATIONWIDE(R) MUTUAL FUNDS
NATIONWIDE(R) S&P 500 INDEX FUND*
SEMI-ANNUAL REPORT
APRIL 30, 2000
TABLE OF CONTENTS
<TABLE>
<S> <C>
Management Discussion of Fund Performance................... 3
Statement of Investments.................................... 4
Statement of Assets and Liabilities......................... 11
Statement of Operations..................................... 12
Statements of Changes in Net Assets......................... 13
Financial Highlights........................................ 14
Notes to Financial Statements............................... 17
</TABLE>
---------------
* "Standard & Poor's(R)", "S&P 500(R)", "Standard & Poor's 500", and "500" are
trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use
by the Fund. The Fund is not sponsored, endorsed, sold or promoted by Standard
& Poor's and Standard & Poor's makes no representation regarding the
advisability of investing in the Fund. For further information regarding the
trademark licenses, see the Statement of Additional Information.
<PAGE> 3
NATIONWIDE S&P 500 INDEX FUND
MANAGEMENT DISCUSSION OF FUND PERFORMANCE
For the six-month period ended April 30, 2000, the Nationwide S&P 500 Index Fund
(Institutional shares) returned 7.17%* vs. a return of 7.20% for the S&P 500
Index, the benchmark index. Fund Asset Management LP took over management of the
Fund at the end of 1999, so performance prior to December 29, 1999, pertains to
the previous investment manager.
The Fund met its objective of replicating the return of its benchmark. For the
period from October 31, 1999, through April 30, 2000, midcap securities reigned
supreme vs. large- and small-cap securities. The S&P MidCap 400 Index returned
21.26% vs. the S&P 500's return of 7.20% and the Russell 2000 Index's return of
18.72%.
During the period, the technology sector was the most significant contributor to
the Fund and the Index's positive return. The S&P Electric Instruments Index
returned 82.35%, while the Semiconductor Index returned 67.94%. The retail and
insurance industries were the hardest hit over the period, with life insurance
companies posting a negative return of -37.75%, and household products and food
companies declining by - 25%.
As of April 30, 2000, the S&P 500 Index, and therefore the Fund, was dominated
by technology stocks that represented more than 32% of the total capitalization.
Of the top 10 securities (representing 25.2%), seven were technology stocks.
During the period, the S&P 500 Index, and therefore the Fund, went through 18
composition changes. Most notably, the MidCap 400 Index's largest stock, Veritas
Software, was removed and added to the S&P 500, where it became the 51st largest
stock in the Index. The Fund was able to benefit from its trading of these Index
changes, as on average, our executions were superior to the Index's inclusion
prices.
Fund Asset Management LP -- Subadviser
---------------
* Performance without sales charge and assuming all distributions reinvested.
[GRAPH]
PORTFOLIO COMPOSITION
(SUBJECT TO CHANGE)
Other 1.9%
Common Stock 98.1%
AVERAGE ANNUAL (COMPOUND) TOTAL RETURNS
(For Period Ended April 30, 2000)
<TABLE>
<CAPTION>
CLASS A(3) CLASS B(4) INSTITUTIONAL
YEARS W/O SC** W/ SC(1) W/O SC** W/ SC(2) CLASS(*3)
<S> <C> <C> <C> <C> <C>
-------------------------------------------------------------------
1 9.69% 3.34% 9.57% 4.57% 9.79%
Life 15.79% 11.98% 15.72% 13.68% 15.85%
-------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
SERVICE INSTITUTIONAL LOCAL FUND
YEARS CLASS* SERVICE CLASS* SHARES*
<S> <C> <C> <C>
------------------------------------------------
1 8.97% 9.14% 9.33%
Life(6) 15.25% 15.47% 15.58%
------------------------------------------------
</TABLE>
* Not subject to any sales charges.
** These returns do not reflect the effects of a sales charge.
(1) The 5.75% maximum front-end sales charge was deducted.
(2) The 5.00% maximum contingent deferred sales charge (CDSC) was deducted. The
CDSC declines to 0% after 6 years.
(3) Performance includes that of Local Fund Shares, which was achieved prior to
the creation of Class A on December 29, 1999, restated to reflect Class A
Shares' maximum sales charge but not its estimated expenses. Had this class
been in existence for the time periods presented, the performance of the
class would have been lower as a result of its additional expenses.
(4) Performance includes that of Local Fund Shares, which was achieved prior to
the creation of Class B on December 29, 1999, restated to reflect Class B
Shares' contingent deferred sales charge but not its estimated expenses.
Had this class been in existence for the time periods presented, the
performance of the class would have been lower as a result of its
additional expenses.
(5) Performance includes that of Local Fund Shares, which was achieved prior to
the creation of the Institutional Class on December 29, 1999, and does not
reflect Institutional Class Shares' lower estimated expenses.
(6) The Fund's Local Fund Shares began operations July 24, 1998; the
Institutional Service Class and Service Class Shares (formerly Class Y and
Class R, respectively) were first sold on November 2, 1998. Performance of
the Service Class and Institutional Service Class Shares represents that of
Local Fund Shares, which was achieved prior to the creation of the two
classes on November 2, 1998. Performance would have been lower as a result
of additional expenses.
Investment return and principal value will fluctuate, and when redeemed, shares
may be worth more or less than original cost. Past performance is no guarantee
of future results.
NATIONWIDE(R) S&P 500 INDEX FUND SEMI-ANNUAL REPORT 3
<PAGE> 4
NATIONWIDE(R) MUTUAL FUNDS
NATIONWIDE(R) S&P 500 INDEX FUND
STATEMENT OF INVESTMENTS -- APRIL 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
---------------------------------------------------------
SHARES SECURITY VALUE
---------------------------------------------------------
<C> <S> <C>
COMMON STOCK -- AFFILIATED (0.3%)
FINANCIAL/MISCELLANEOUS (0.3%)
4,700 Merrill Lynch & Co., Inc. $ 479,106
------------
TOTAL COMMON STOCK -- AFFILIATED
(cost $381,036) 479,106
------------
COMMON STOCK -- UNAFFILIATED (97.8%)
ADVERTISING SERVICES (0.1%)
4,000 Interpublic Group of Cos., Inc.
(The) 164,000
------------
AEROSPACE (0.8%)
13,400 Boeing Co. (The) 531,812
3,000 General Dynamics Corp. 175,500
1,800 Goodrich (B.F.) Co. 57,375
6,300 Lockheed Martin Corp. 156,713
1,200 Northrop Grumman Corp. 85,050
7,400 United Technologies Corp. 460,188
------------
1,466,638
------------
AIRLINES (0.3%)
2,600 AMR Corp. 88,563
2,100 Delta Air Lines, Inc. 110,775
4,100 Federal Express Corp.* 154,519
7,175 Southwest Airlines 155,607
1,300 U.S. Airways Group, Inc.* 36,156
------------
545,620
------------
ALUMINUM (0.3%)
3,300 Alcan Aluminum Ltd. 108,075
5,400 Alcoa, Inc. 350,325
1,100 Reynolds Metals Co. 73,150
------------
531,550
------------
APPAREL (0.1%)
4,100 Nike, Inc. Class B 178,094
------------
APPAREL AND ACCESSORIES (0.1%)
1,100 Liz Claiborne, Inc. 50,944
1,300 Reebok International Ltd.* 22,100
1,500 VF Corp. 42,375
------------
115,419
------------
BEVERAGES / ALCOHOLIC (0.5%)
400 Adolph Coors Co. Class B 20,400
7,200 Anheuser-Busch Cos., Inc. 508,050
800 Brown-Forman Corp. Class B 43,650
6,300 Seagram Co. Ltd. 340,200
------------
912,300
------------
BEVERAGES / SOFT DRINK (1.4%)
37,300 Coca-Cola Co. 1,755,432
6,100 Coca-Cola Enterprises, Inc. 130,006
22,300 PepsiCo, Inc. 818,131
------------
2,703,569
------------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------
SHARES SECURITY VALUE
---------------------------------------------------------
<C> <S> <C>
BIOTECHNOLOGY (0.1%)
3,000 PE Corp-PE Biosystems Group $ 180,000
------------
BROADCAST MEDIA / CABLE TELEVISION (2.4%)
11,348 CBS Corp.* 666,695
5,300 Clear Channel Communications,
Inc.* 381,600
14,000 Comcast Corp. Special Class A 560,875
9,100 MediaOne Group, Inc.* 688,188
19,400 Time Warner, Inc. 1,744,787
10,300 Viacom, Inc. Class B* 560,063
------------
4,602,208
------------
BUSINESS EQUIPMENT & SERVICES (0.4%)
5,000 3COM Corp.* 197,188
5,900 Compuware Corp.* 74,119
1,600 IKON Office Solutions, Inc. 9,400
1,500 NCR Corp.* 57,938
5,600 Office Depot, Inc.* 59,150
3,900 Pitney Bowes, Inc. 159,413
3,100 Silicon Graphics, Inc.* 22,281
9,700 Xerox Corp. 256,443
------------
835,932
------------
CAPITAL GOODS (6.1%)
600 Briggs & Stratton Corp. 23,025
5,700 Caterpillar, Inc. 224,794
750 Crane Co. 20,156
800 Cummins Engine, Inc. 28,450
3,700 Deere & Co. 149,388
2,900 Dover Corp. 147,356
1,200 Eaton Corp. 100,800
6,700 Emerson Electric Co. 367,663
49,600 General Electric Co. 7,799,599
2,200 Genuine Parts Co. 57,750
1,600 Grainger (W.W.), Inc. 69,400
4,400 Illinois Tool Works, Inc. 281,875
2,700 Ingersoll-Rand Co. 126,731
1,000 ITT Industries, Inc. 31,563
1,300 McDermott International, Inc. 10,563
400 Milacron, Inc. 7,300
800 Millipore Corp. 57,350
6,100 Minnesota Mining & Manufacturing
Co. 527,649
100 NACCO Industries, Inc. Class A 4,488
1,400 Pall Corp. 31,238
1,500 Parker-Hannifin Corp. 69,750
900 PerkinElmer, Inc.* 49,275
700 Snap-On, Inc. 18,506
1,000 Stanley Works (The) 29,500
2,400 Textron, Inc. 148,650
2,600 Thermo Electron Corp.* 50,375
700 Timken Co. (The) 12,950
25,572 Tyco International Ltd. 1,174,713
------------
11,620,857
------------
</TABLE>
4 NATIONWIDE(R) S&P 500 INDEX FUND SEMI-ANNUAL REPORT
<PAGE> 5
NATIONWIDE(R) MUTUAL FUNDS
NATIONWIDE(R) S&P 500 INDEX FUND
STATEMENT OF INVESTMENTS -- APRIL 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
---------------------------------------------------------
SHARES SECURITY VALUE
---------------------------------------------------------
<C> <S> <C>
CHEMICALS (1.1%)
3,200 Air Products & Chemicals, Inc. $ 99,400
1,500 Avery Dennison Corp. 98,438
3,400 Dow Chemical Co. 384,199
15,950 Du Pont (E.I.) De Nemours & Co. 756,627
1,400 Eastman Chemical Co. 73,238
1,400 Engelhard Corp. 24,588
400 FMC Corp.* 23,275
800 Grace (W.R.) & Co. 10,400
700 Great Lakes Chemical Corp. 18,856
1,900 Hercules, Inc. 29,569
5,000 Occidental Petroleums Corp. 107,188
2,600 Praxair, Inc. 115,538
3,031 Rohm & Haas Co. 107,979
1,800 Sigma-Aldrich Corp. 52,875
2,200 Union Carbide Corp. 129,800
------------
2,031,970
------------
COMMUNICATION EQUIPMENT (0.1%)
2,400 Comverse Technology, Inc.* 214,050
------------
COMPUTER EQUIPMENT (10.6%)
1,800 Adaptec, Inc.* 48,600
2,400 Apple Computer, Inc.* 297,750
25,300 Compaq Computer Corp. 740,025
38,800 Dell Computer Corp.* 1,944,850
15,400 EMC Corp.* 2,139,638
4,900 Gateway, Inc.* 270,725
15,200 Hewlett-Packard Co. 2,052,000
50,500 Intel Corp. 6,404,030
27,300 International Business Machines
Corp. 3,047,362
2,000 Lexmark International Group,
Inc.* 236,000
4,500 Network Appliance, Inc.* 332,719
23,900 Sun Microsystems, Inc.* 2,197,306
5,800 VERITAS Software Corp.* 622,141
------------
20,333,146
------------
COMPUTER SERVICES (0.1%)
2,400 Computer Sciences Corp.* 195,750
------------
COMPUTER SOFTWARE & SERVICES (8.3%)
1,900 Adobe Systems, Inc. 229,781
9,300 Automatic Data Processing, Inc. 500,456
3,500 BMC Software, Inc.* 163,844
3,100 Cabletron Systems, Inc.* 70,913
103,400 Cisco Systems, Inc.* 7,168,527
2,900 Citrix Systems, Inc.* 177,081
6,800 First Data Corp. 331,075
78,700 Microsoft Corp.* 5,489,324
4,600 Novell, Inc. 90,275
5,000 Parametric Technology Corp. 40,781
4,600 PeopleSoft, Inc.* 64,113
3,400 Seagate Technology, Inc.* 172,763
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------
SHARES SECURITY VALUE
---------------------------------------------------------
<C> <S> <C>
COMPUTER SOFTWARE & SERVICES (CONTINUED)
4,400 Unisys Corp.* $ 102,025
7,900 Yahoo!, Inc.* 1,028,974
------------
15,629,932
------------
CONSTRUCTION & BUILDING MATERIALS (0.2%)
1,000 Armstrong World Industries, Inc. 19,563
700 Centex Corp. 16,888
1,400 Fluor Corp. 46,988
500 Kaufman & Broad Home Corp. 9,625
6,300 Masco Corp. 141,355
1,200 Owens Corning 21,825
2,400 Sherwin-Williams Co. 59,700
1,300 Vulcan Materials Co. 56,956
------------
372,900
------------
CONSUMER DURABLE (0.2%)
1,500 Black & Decker Corp. 63,094
2,000 Danaher Corp. 114,250
2,100 Fortune Brands, Inc. 52,500
1,500 Maytag Corp. 51,656
1,200 Whirlpool Corp. 78,150
------------
359,650
------------
CONSUMER NON-CYCLICAL (1.8%)
3,900 Avon Products, Inc. 161,850
3,800 Clorox Co. (The) 139,650
9,000 Colgate-Palmolive Co. 514,125
1,700 Ecolab, Inc. 66,406
16,500 Gillette Co. (The) 610,500
1,300 International Flavor and
Fragrances 44,769
8,600 Kimberly-Clark Corp. 499,338
500 National Service Industries, Inc. 10,750
4,151 Newell Rubbermaid, Inc. 104,553
19,900 Procter & Gamble Co. 1,186,537
1,300 Tupperware Corp. 24,538
------------
3,363,016
------------
CONTAINERS (0.1%)
300 Ball Corp. 9,450
600 Bemis Inc. 22,088
2,300 Crown Cork & Seal Co., Inc. 37,375
1,800 Owens-Illinois Inc.* 24,300
1,400 Sealed Air Corp.* 77,874
1,100 Temple-Inland, Inc. 55,138
------------
226,225
------------
DRUGS (7.1%)
2,100 Allergan, Inc. 123,638
1,700 ALZA Corp. 74,906
19,700 American Home Products Corp. 1,106,894
15,300 Amgen, Inc.* 856,800
2,400 Biogen, Inc.* 141,150
30,000 Bristol-Myers Squibb Co. 1,573,124
</TABLE>
NATIONWIDE(R) S&P 500 INDEX FUND SEMI-ANNUAL REPORT 5
<PAGE> 6
NATIONWIDE(R) MUTUAL FUNDS
NATIONWIDE(R) S&P 500 INDEX FUND
STATEMENT OF INVESTMENTS -- APRIL 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
---------------------------------------------------------
SHARES SECURITY VALUE
---------------------------------------------------------
<C> <S> <C>
DRUGS (CONTINUED)
16,600 Eli Lilly & Co. $ 1,283,388
35,300 Merck & Co., Inc. 2,453,349
58,500 Pfizer, Inc. 2,464,312
19,087 Pharmacia & Upjohn, Inc. 953,157
22,000 Schering-Plough Corp. 886,875
13,100 Warner-Lambert Co. 1,490,944
1,600 Watson Pharmaceutical, Inc.* 71,900
------------
13,480,437
------------
ELECTRONICS (4.8%)
2,200 Advanced Micro Devices, Inc.* 193,050
3,100 Altera Corp.* 316,975
5,200 Analog Devices, Inc.* 399,425
1,500 Andrew Corp.* 44,156
11,600 Applied Materials, Inc.* 1,181,025
3,100 Conexant Systems, Inc.* 185,613
1,100 Cooper Industries, Inc. 37,744
2,800 KLA-Tencor Corp.* 209,650
4,900 Linear Technology Corp. 279,913
4,400 LSI Logic Corp.* 275,000
4,000 Micron Technology, Inc.* 557,000
2,825 Molex, Inc. 155,198
10,750 Motorola, Inc. 1,279,921
2,700 National Semiconductor Corp.* 164,025
5,100 Raytheon Co. 113,156
2,600 Rockwell International Corp. 102,375
2,400 Scientific-Atlanta, Inc. 156,150
8,800 Solectron Corp.* 411,950
800 Tektronix, Inc. 46,300
6,200 Tellabs, Inc.* 339,838
2,700 Teradyne, Inc.* 297,000
12,300 Texas Instruments, Inc. 2,003,362
1,000 Thomas & Betts Corp. 30,813
4,700 Xilinx, Inc.* 344,275
------------
9,123,914
------------
ENTERTAINMENT (0.7%)
31,300 Walt Disney Co. (The) 1,355,681
------------
FINANCIAL / BANKS (4.4%)
5,200 AmSouth Bancorp 75,725
25,823 Bank of America Corp. 1,265,326
11,400 Bank of New York Co., Inc. 468,113
17,534 Bank One Corp. 534,787
4,800 BB&T Corp. 127,800
12,600 Chase Manhattan Corp. (The) 907,987
2,600 Comerica, Inc. 110,175
4,800 Fifth Third Bancorp 303,000
14,600 First Union Corp. 465,375
15,127 FirStar Corp. 376,284
14,116 Fleet Boston Corp. 500,236
2,940 Huntington Bancshares, Inc. 53,655
6,200 Keycorp 114,700
8,000 Mellon Financial Corp. 257,000
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------
SHARES SECURITY VALUE
---------------------------------------------------------
<C> <S> <C>
FINANCIAL / BANKS (CONTINUED)
8,700 National City Corp. $ 147,900
3,500 Northern Trust Corp. 224,438
4,300 PNC Bank Corp. 187,588
2,800 Regions Financial Corp. 57,225
3,000 SouthTrust Corp. 71,625
2,500 State Street Corp. 242,188
2,200 Summit Bancorp 55,825
4,600 Suntrust Banks, Inc. 233,450
3,600 Synovus Financial Corp. 66,825
10,900 U.S. Bancorp Class A 221,406
1,800 Union Planters Corp. 50,963
2,900 Wachovia Corp. 181,794
25,200 Wells Fargo Co. 1,034,774
------------
8,336,164
------------
FINANCIAL / MISCELLANEOUS (4.6%)
6,900 American Express Co. 1,035,431
10,700 Associates First Capital Corp. 237,406
2,181 Bear Stearns Cos., Inc. 93,510
3,000 Capital One Financial Corp. 131,250
50,975 Citigroup, Inc. 3,029,826
1,700 Countrywide Credit Industries,
Inc. 46,963
3,500 Franklin Resources, Inc. 112,875
2,100 Golden West Financial Corp. 71,663
6,900 Household International, Inc. 288,075
2,100 Lehman Brothers Holdings, Inc. 172,331
4,100 Marsh & Mclennan Co. 404,106
11,750 MBNA Corp. 312,109
2,700 Morgan (J.P.) & Co., Inc. 346,613
17,200 Morgan Stanley Dean Witter & Co. 1,320,099
1,700 Old Kent Financial Corp. 51,213
2,500 Paine Webber Group, Inc. 109,688
1,600 Price, T. Rowe Associates, Inc. 61,000
2,200 Providian Financial Corp. 193,738
12,800 Schwab (Charles) Corp. 569,600
2,100 SLM Holding Corp. 65,756
8,404 Washington Mutual, Inc. 214,827
------------
8,868,079
------------
FOOD & RELATED (1.6%)
8,213 Archer-Daniels-Midland Co. 81,617
4,400 BestFoods, Inc. 221,099
6,100 Campbell Soup Co. 158,600
7,400 ConAgra, Inc. 139,675
4,700 General Mills 170,963
5,700 Heinz (H.J.) Co. 193,800
2,300 Hershey Foods Corp. 104,363
5,700 Kellogg Co. 139,294
5,100 Nabisco Group Holdings Corp. 65,663
36,300 Philip Morris Cos., Inc. 794,062
2,200 Quaker Oats Co. 143,413
4,000 Ralston-Ralston Purina Group 70,750
13,100 Sara Lee Corp. 196,500
</TABLE>
6 NATIONWIDE(R) S&P 500 INDEX FUND SEMI-ANNUAL REPORT
<PAGE> 7
NATIONWIDE(R) MUTUAL FUNDS
NATIONWIDE(R) S&P 500 INDEX FUND
STATEMENT OF INVESTMENTS -- APRIL 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
---------------------------------------------------------
SHARES SECURITY VALUE
---------------------------------------------------------
<C> <S> <C>
FOOD & RELATED (CONTINUED)
8,414 Unilever NV $ 383,362
1,600 Wrigley (Wm.) Jr., Co. 115,800
------------
2,978,961
------------
FURNITURE / FURNISHINGS (0.0%)
2,500 Leggett & Platt, Inc. 53,438
------------
GOLD (0.1%)
5,300 Barrick Gold Corp. 89,106
1,900 Freeport-McMoRan Copper & Gold,
Inc.* 18,288
5,200 Homestake Mining Co. 31,200
2,900 Newmont Mining Corp. 67,969
4,200 Placer Dome, Inc. 34,125
------------
240,688
------------
HEALTH CARE (2.8%)
23,000 Abbott Laboratories 884,063
1,000 Bard (C.R.), Inc. 43,563
1,000 Bausch & Lomb, Inc. 60,375
3,500 Becton Dickinson & Co. 89,688
1,900 Biomet, Inc. 67,806
6,000 Boston Scientific Corp.* 159,000
4,100 Cardinal Health, Inc. 225,756
8,200 Columbia / HCA Healthcare Corp. 233,188
4,500 Guidant Corp. 258,188
6,800 HealthSouth Corp.* 54,825
1,900 Humana, Inc.* 14,606
21,000 Johnson & Johnson Co. 1,732,499
800 Mallinckrodt, Inc. 21,500
1,200 Manor Care, Inc.* 14,325
3,881 Mckesson HBOC, Inc. 65,492
18,100 Medtronic, Inc. 940,068
2,300 Quintiles Transnational Corp. 32,919
1,500 St. Jude Medical, Inc.* 46,781
4,400 Tenet Healthcare Corp. 112,200
2,400 UnitedHealth Group, Inc. 160,050
1,100 Wellpoint Health Networks, Inc.* 81,125
------------
5,298,017
------------
HOMEBUILDING (0.0%)
500 Pulte Corp. 10,750
------------
HOTELS / MOTELS (0.1%)
5,400 Hilton Hotels Corp. 45,900
3,400 Marriott International, Inc.
Class A 108,800
3,300 Mirage Resorts, Inc. 67,238
------------
221,938
------------
INSURANCE (2.1%)
11,700 Allstate Corp. 276,412
23,403 American International Group,
Inc. 2,567,016
3,850 AON Corp. 104,191
2,800 Chubb Corp. 178,150
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------
SHARES SECURITY VALUE
---------------------------------------------------------
<C> <S> <C>
INSURANCE (CONTINUED)
2,200 Cincinnati Financial Corp. $ 88,688
3,200 Hartford Financial Services Group 167,000
1,400 Loews Corp. 77,175
1,500 MBIA, Inc. 74,156
1,800 MGIC Investment Corp. 86,063
1,200 Progressive Corp. (The) 78,525
3,000 SAFECO Corp. 66,375
3,800 St. Paul Cos., Inc. 135,375
3,657 Unum Provident Corp. 62,169
------------
3,961,295
------------
INSURANCE / LIFE (0.5%)
2,500 Aetna, Inc. 144,688
3,900 AFLAC, Inc. 190,369
3,600 American General Corp. 201,599
2,800 CIGNA Corp. 223,299
6,200 Conseco, Inc. 33,713
1,400 Jefferson-Pilot Corp. 93,188
2,700 Lincoln National Corp. 93,994
1,600 Torchmark Corp. 40,100
------------
1,020,950
------------
LEISURE PRODUCTS (0.2%)
1,800 Brunswick Corp. 34,538
9,000 Carnival Corp. 223,875
2,400 Hasbro, Inc. 38,250
6,600 Mattel, Inc. 80,850
------------
377,513
------------
MANUFACTURING / DIVERSIFIED (0.4%)
11,725 Honeywell International, Inc. 656,600
2,400 PPG Industries, Inc. 130,500
------------
787,100
------------
MEDICAL (0.2%)
4,600 Baxter International, Inc. 299,575
------------
METALS (0.1%)
2,400 Inco, Ltd. 37,500
1,508 Phelps Dodge Corp. 69,745
------------
107,245
------------
MORTGAGE / ASSET BACKED OBLIGATIONS (0.7%)
15,500 Fannie Mae 934,844
10,400 Freddie Mac 477,750
------------
1,412,594
------------
MOTOR VEHICLES (1.4%)
2,600 Dana Corp. 78,975
7,995 Delphi Automotive Systems Corp. 152,904
18,300 Ford Motor Co. 1,000,781
9,700 General Motors Corp. 908,163
4,500 Harley-Davidson, Inc. 179,156
</TABLE>
NATIONWIDE(R) S&P 500 INDEX FUND SEMI-ANNUAL REPORT 7
<PAGE> 8
NATIONWIDE(R) MUTUAL FUNDS
NATIONWIDE(R) S&P 500 INDEX FUND
STATEMENT OF INVESTMENTS -- APRIL 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
---------------------------------------------------------
SHARES SECURITY VALUE
---------------------------------------------------------
<C> <S> <C>
MOTOR VEHICLES (CONTINUED)
1,500 Johnson Controls, Inc. $ 94,969
1,000 Navistar International Corp.* 35,000
1,300 PACCAR, Inc. 61,831
1,900 TRW, Inc. 111,150
------------
2,622,929
------------
NATURAL GAS (0.3%)
1,400 Columbia Energy Group 87,850
300 Eastern Enterprises 18,263
3,700 El Paso Energy Corp. 157,249
500 NICOR, Inc. 16,938
400 ONEOK, Inc. 10,100
800 People's Energy Corp. 24,850
3,715 Sempra Energy 68,960
6,300 Williams Cos., Inc. (The) 235,068
------------
619,278
------------
OIL & GAS (1.8%)
1,200 Amerada Hess Corp. 76,350
1,900 Apache Corp. 92,031
800 Ashland, Inc. 27,300
3,300 Coastal Corp. (The) 165,619
9,007 Conoco, Inc. Class B 224,049
10,800 Enron Corp. 752,625
32,400 Royal Dutch Petroleum Co. 1,858,950
1,000 Sunoco, Inc. 30,313
3,200 Transocean Sedco Forex, Inc. 150,400
4,800 USX-Marathon Group 111,900
------------
3,489,537
------------
OIL / DOMESTIC (0.3%)
2,200 Anadarko Petroleum Corp. 95,563
3,100 Burlington Resources, Inc. 121,869
1,484 Kerr-Mcgee Corp. 76,797
3,600 Phillips Petroleum Co. 170,774
2,500 Tosco Corp. 80,156
4,200 Union Pacific Resources Group,
Inc. 80,588
------------
625,747
------------
OIL / INTERNATIONAL (2.9%)
10,100 Chevron Corp. 859,763
52,189 Exxon Mobil Corp. 4,054,433
8,600 Texaco, Inc. 425,700
3,700 Unocal Corp. 119,556
------------
5,459,452
------------
OIL EQUIPMENT & SERVICES (0.6%)
4,970 Baker Hughes, Inc. 158,108
6,900 Halliburton Co. 304,894
1,700 Rowan Cos.* 47,494
8,200 Schlumberger Ltd. 627,812
------------
1,138,308
------------
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------
SHARES SECURITY VALUE
---------------------------------------------------------
<C> <S> <C>
PAPER & FOREST PRODUCTS (0.5%)
1,100 Boise Cascade Corp. $ 35,819
1,700 Champion International Corp. 111,775
3,400 Fort James Corp. 81,388
2,900 Georgia Pacific Corp. 106,575
5,994 International Paper Co. 220,279
1,200 Louisiana-Pacific Corp. 16,050
1,200 Mead Corp. 41,775
1,800 Pactiv Corp. 14,738
300 Potlatch Corp. 11,831
1,200 Westvaco Corp. 37,050
3,800 Weyerhaeuser Co. 203,062
1,400 Williamette Industries, Inc. 53,463
------------
933,805
------------
PHOTOGRAPHIC (0.2%)
5,000 Eastman Kodak Co. 279,687
1,000 Polaroid Corp. 20,188
------------
299,875
------------
POLLUTION CONTROL (0.1%)
2,000 Allied Waste Industries, Inc.* 12,250
8,900 Waste Management, Inc. 141,288
------------
153,538
------------
PRINTING & PUBLISHING (0.5%)
700 American Greetings Corp. Class A 12,688
1,400 Donnelley (R.R.) & Sons Co. 29,750
1,200 Dow Jones & Co., Inc. 77,850
4,200 Gannett Co., Inc. 268,274
400 Jostens, Inc. 9,875
1,500 Knight-Ridder, Inc. 73,594
3,200 McGraw-Hill Cos., Inc. (The) 167,999
600 Meredith Corp. 16,688
2,400 New York Times Co. (The) Class A 98,850
1,000 Times Mirror Co. (The) 97,563
3,800 Tribune Co. 147,725
------------
1,000,856
------------
RAILROADS (0.3%)
6,600 Burlington Northern Santa Fe
Corp. 159,225
2,800 CSX Corp. 58,625
1,600 Kansas City Southern Industries,
Inc. 115,000
5,200 Norfolk Southern Corp. 91,650
4,000 Union Pacific Corp. 168,500
------------
593,000
------------
RESTAURANTS (0.5%)
1,500 Darden Restaurants, Inc. 27,656
2,300 Harrah's Entertainment, Inc.* 47,294
20,800 McDonald's Corp. 793,000
</TABLE>
8 NATIONWIDE(R) S&P 500 INDEX FUND SEMI-ANNUAL REPORT
<PAGE> 9
NATIONWIDE(R) MUTUAL FUNDS
NATIONWIDE(R) S&P 500 INDEX FUND
STATEMENT OF INVESTMENTS -- APRIL 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
---------------------------------------------------------
SHARES SECURITY VALUE
---------------------------------------------------------
<C> <S> <C>
RESTAURANTS (CONTINUED)
2,300 Tricon Global Restaurants, Inc.* $ 78,488
2,200 Wendy's International, Inc. 49,225
------------
995,663
------------
RETAIL (5.1%)
1,800 Autozone, Inc.* 41,288
2,300 Bed, Bath & Beyond, Inc.* 84,381
3,000 Best Buy Co., Inc.* 242,250
3,200 Circuit City Stores-Circuit City
Group 188,200
1,300 Consolidated Stores Corp.* 16,169
6,900 Costco Wholesale Corp.* 373,031
6,100 CVS Corp. 265,350
1,200 Dillard's, Inc., Class A 16,725
3,668 Dollar General Corp. 83,906
2,900 Federated Department Stores,
Inc.* 98,600
12,700 Gap, Inc. 466,724
800 Harcourt General, Inc. 29,900
34,850 Home Depot, Inc. 1,953,777
7,200 Kmart Corp.* 58,500
5,100 Kohls Corp.* 244,800
3,000 Limited, Inc. (The) 135,563
5,800 Lowe's Cos., Inc. 287,100
4,900 May Department Stores Co. (The) 134,750
1,800 Nordstrom, Inc. 50,063
3,400 Penney (J.C), Co., Inc. 46,963
300 Russell Corp. 5,888
5,900 Sears, Roebuck & Co. 216,088
7,500 Staples, Inc.* 142,969
3,100 Tandy Corp. 176,700
6,800 Target Corp. 452,624
5,000 TJX Cos., Inc. 95,938
4,100 Toys 'R' Us, Inc.* 62,525
67,300 Wal-Mart Stores, Inc. 3,726,737
------------
9,697,509
------------
RETAIL / FOOD & DRUG (0.8%)
6,134 Albertson's, Inc. 199,738
400 Great Atlantic & Pacific Tea Co.,
Inc. (The) 7,325
12,200 Kroger Co. 226,463
400 Longs Drug Stores Corp. 9,300
5,300 Rite Aid Corp. 26,500
7,900 Safeway, Inc.* 348,587
1,600 Supervalu, Inc. 33,100
4,900 SYSCO Corp. 184,363
14,900 Walgreen Co. 419,062
1,800 Winn-Dixie Stores, Inc. 29,813
------------
1,484,251
------------
SERVICES (4.0%)
34,500 America Online, Inc.* 2,063,530
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------
SHARES SECURITY VALUE
---------------------------------------------------------
<C> <S> <C>
SERVICES (CONTINUED)
1,100 Autodesk, Inc. $ 42,213
10,200 Cendant Corp. 157,463
2,300 Ceridian Corp.* 49,881
8,700 Computer Associates
International, Inc. 485,569
800 Deluxe Corp. 20,150
2,100 Dun & Bradstreet Corp. (The) 63,263
7,300 Electronic Data Systems Corp. 501,874
1,800 Equifax, Inc. 43,988
1,400 H&R Block, Inc. 58,538
5,100 IMS Health, Inc. 87,019
2,600 Omnicom Group 236,763
42,700 Oracle Corp.* 3,413,330
3,850 Paychex, Inc. 202,606
1,300 Ryder System, Inc. 28,844
2,217 Sabre Holdings, Inc.* 77,456
600 Shared Medical Systems Corp. 24,863
1,200 Young & Rubicam, Inc. 66,825
------------
7,624,175
------------
STEEL (0.1%)
1,100 Allegheny Teledyne, Inc. 26,606
3,400 Bethlehem Steel Corp.* 18,275
1,300 Nucor Corp. 55,900
1,800 USX-U.S. Steel Group, Inc. 45,113
1,000 Worthington Industries, Inc. 12,375
------------
158,269
------------
TELECOMMUNICATIONS (11.2%)
4,700 ADC Telecommunications, Inc.* 285,525
4,900 Alltel Corp. 326,463
48,324 AT&T Corp. 2,256,126
23,500 Bell Atlantic Corp. 1,392,375
28,500 Bellsouth Corp. 1,387,594
1,900 CenturyTel, Inc. 46,550
4,100 Corning, Inc. 809,750
11,485 Global Crossing Ltd.* 361,778
14,700 GTE Corp. 995,925
48,175 Lucent Technologies, Inc. 2,995,882
42,944 MCI WorldCom, Inc.* 1,951,268
5,400 Nextel Communications, Inc.* 590,963
21,800 Nortel Networks Corp. 2,468,849
11,200 QUALCOMM, Inc.* 1,214,500
51,612 SBC Communications, Inc. 2,261,250
13,300 Sprint Corp. (FON Group) 817,950
12,900 Sprint Corp. (PCS Group)* 709,500
7,800 U.S. West, Inc. 555,263
------------
21,427,511
------------
TEXTILES (0.0%)
200 Springs Industries, Inc. Class A 8,213
------------
</TABLE>
NATIONWIDE(R) S&P 500 INDEX FUND SEMI-ANNUAL REPORT 9
<PAGE> 10
NATIONWIDE(R) MUTUAL FUNDS
NATIONWIDE(R) S&P 500 INDEX FUND
STATEMENT OF INVESTMENTS -- APRIL 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
---------------------------------------------------------
SHARES SECURITY VALUE
---------------------------------------------------------
<C> <S> <C>
TIRE / RUBBER (0.0%)
900 Cooper Tire & Rubber Co. $ 12,150
2,600 Goodyear Tire & Rubber Co. 71,825
------------
83,975
------------
TOBACCO (0.0%)
3,300 UST, Inc. 49,500
------------
UTILITIES (1.7%)
3,000 AES Corp.* 269,812
1,800 Ameren Corp. 66,038
2,600 American Electric Power Co., Inc. 95,225
2,600 Carolina Power & Light Co. 95,063
2,700 Central & Southwest Corp. 58,556
2,800 Cinergy Corp. 74,900
2,200 CMS Energy Corp. 41,800
3,400 Consolidated Edison, Inc. 119,638
2,400 Constellation Energy Group, Inc. 79,350
3,867 Dominion Resources, Inc. 174,014
2,500 DTE Energy Co. 81,563
5,700 Duke Power Co. 327,749
5,800 Edison International 110,563
3,500 Entergy Corp. 89,031
3,100 FirstEnergy Corp. 78,856
3,000 Florida Power & Light, Inc. 135,563
1,300 Florida Progress Corp. 63,700
2,100 GPU, Inc. 58,931
1,400 New Century Energies, Inc. 45,675
2,100 Niagara Mohawk Holdings, Inc.* 29,138
2,900 Northern States Power Co. 63,256
3,000 PECO Energy Co. 125,063
5,500 PG&E Corp. 142,656
</TABLE>
<TABLE>
<CAPTION>
---------------------------------------------------------
SHARES SECURITY VALUE
---------------------------------------------------------
<C> <S> <C>
UTILITIES (CONTINUED)
1,600 Pinnacle West Capital Corp. $ 56,200
1,800 PP&L Resources, Inc. 42,975
3,200 Public Service Enterprise Group,
Inc. 114,800
4,100 Reliant Energy, Inc. 109,163
10,600 Southern Co. 264,337
4,500 Texas Utilities Co. 151,594
3,300 Unicom Corp. 131,175
------------
3,296,384
------------
TOTAL COMMON STOCK --UNAFFILIATED
(cost $170,090) 186,278,940
------------
PREFERRED STOCK (0.0%)
CONSUMER NON-DURABLE (0.0%)
600 Alberto Culver Co., Class B
(cost $15,482) 14,175
------------
REPURCHASE AGREEMENT (0.0%)
10,000 Fifth Third Bank 5.78%, 05/01/00,
Collateralized by $845,256 FNMA
Pool #303741, 7.00%, 02/01/11 and
$999,000 FNMA Pool #4060067,
6.50%, 08/01/24, market value
$1,723,000 (cost $10,000) 10,000
------------
S&P 500 DEPOSITORY RECEIPTS (1.9%)
24,951 S&P 500 Depository Receipts
(cost $3,597,733) 3,628,811
------------
TOTAL INVESTMENTS
(cost $174,094,716) $190,411,032
============
</TABLE>
-------------------------------------------------------
The abbreviations in the above statement stand for the following:
FNMA -- Federal National Mortgage Association.
* Denotes a non-income producing security.
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
10 NATIONWIDE(R) S&P 500 INDEX FUND SEMI-ANNUAL REPORT
<PAGE> 11
NATIONWIDE(R) MUTUAL FUNDS
NATIONWIDE(R) S&P 500 INDEX FUND
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 2000
(UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<S> <C>
ASSETS:
Investments in securities, affiliated, at value (cost
$381,036) $ 479,106
Investments in securities, unaffiliated, at value (cost
$173,703,680) 189,921,926
Repurchase Agreements, at value (cost $10,000 ) 10,000
Cash 846
Receivable for investment securities sold 1,304,971
Receivable for Fund shares sold 345
Receivable from adviser 9,774
Interest and dividends receivable 138,882
Prepaid and other assets 64,181
------------
Total Assets 191,930,031
------------
LIABILITIES:
Payable for investment securities purchased 933,874
Accrued expenses and other payables:
Investment management fees 19,601
Fund administration fees 7,539
Transfer agent fees 1,502
Distribution fees 18,256
Administrative servicing fees 33,422
Other 45,284
------------
Total Liabilities 1,059,478
------------
Net Assets $190,870,553
============
NET ASSETS:
Capital $173,774,420
Undistributed net investment income 77,252
Net unrealized appreciation from investments 16,316,316
Accumulated undistributed net realized gains from
investment transactions 702,565
------------
NET ASSETS $190,870,553
============
NET ASSETS:
Class A $ 774,598
Class B 270,256
Institutional Class 49,556
Service Class 142,723,433
Institutional Service Class 27,015,646
Local Fund Shares 20,037,064
------------
Total $190,870,553
============
SHARES OUTSTANDING (unlimited number of shares authorized):
Class A 61,113
Class B 21,345
Institutional Class 3,908
Service Class 11,279,461
Institutional Service Class 2,130,277
Local Fund Shares 1,580,367
------------
Total 15,076,471
============
NET ASSET VALUE PER SHARE:
Class A $ 12.67
Class B $ 12.66
Institutional Class $ 12.68
Service Class $ 12.65
Institutional Service Class $ 12.68
Local Fund Shares $ 12.68
OFFERING PRICE (100% / (100% - Maximum Sales Charge)
of net asset value adjusted to nearest cent per share):
Class A $ 13.74
Class B $ 12.66
Institutional Class $ 12.68
Service Class $ 12.65
Institutional Service Class $ 12.68
Local Fund Shares $ 12.68
------------
Maximum sales charge -- Class A 5.75%
============
</TABLE>
------------------------------------------------------
See accompanying notes to financial statements.
NATIONWIDE(R) S&P 500 INDEX FUND SEMI-ANNUAL REPORT 11
<PAGE> 12
NATIONWIDE(R) MUTUAL FUNDS
NATIONWIDE(R) S&P 500 INDEX FUND
STATEMENT OF OPERATIONS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE PERIOD ENDED
APRIL 30, 2000
(UNAUDITED)
--------------------
<S> <C>
INVESTMENT INCOME:
Interest income $ 51,947
Dividend income 887,331
----------
Total Income 939,278
EXPENSES:
Investment management fees 100,003
Fund administration fees 38,463
Custodian fees 41,598
Distribution fees 88,860
Administrative servicing fees 161,764
Professional fees 7,436
Trustees' fees and expenses 87
Transfer agent fees 8,022
Registration and filing fees 6,703
Shareholders' reports 20,208
Insurance 49
Other 23,282
----------
Total expenses before waived or reimbursed expenses 496,475
Expenses waived or reimbursed (64,283)
----------
Net expenses 432,192
----------
NET INVESTMENT INCOME 507,086
----------
REALIZED/UNREALIZED GAINS FROM INVESTMENTS:
Net realized gains from investment transactions 871,591
Net change in unrealized appreciation from investments 8,245,302
----------
Net realized/unrealized gains from investments 9,116,893
----------
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS $9,623,979
==========
</TABLE>
------------------------------------------------------
See accompanying notes to financial statements.
12 NATIONWIDE(R) S&P 500 INDEX FUND SEMI-ANNUAL REPORT
<PAGE> 13
NATIONWIDE(R) MUTUAL FUNDS
NATIONWIDE(R) S&P 500 INDEX FUND
STATEMENTS OF CHANGES IN NET ASSETS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE PERIOD FOR THE YEAR
ENDED ENDED
APRIL 30, 2000 (b) OCTOBER 31, 1999 (a)
------------------ --------------------
(UNAUDITED)
<S> <C> <C>
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income $ 507,086 $ 534,505
Net realized gains from investment transactions 871,591 76,827
Net change in unrealized appreciation from investments 8,245,302 8,790,010
------------ ------------
Change in net assets resulting from operations 9,623,979 9,401,342
------------ ------------
DISTRIBUTIONS TO CLASS A SHAREHOLDERS FROM:
Net investment income (487) --
------------ ------------
DISTRIBUTIONS TO CLASS B SHAREHOLDERS FROM:
Net investment income (202) --
------------ ------------
DISTRIBUTIONS TO INSTITUTIONAL CLASS SHAREHOLDERS FROM:
Net investment income (23) --
------------ ------------
DISTRIBUTIONS TO SERVICE CLASS SHAREHOLDERS FROM:
Net investment income (304,894) (179,657)
Net realized gains from investment transactions (150,290) --
------------ ------------
DISTRIBUTIONS TO INSTITUTIONAL SERVICE CLASS SHAREHOLDERS
FROM:
Net investment income (76,509) (59,524)
Net realized gains from investment transactions (32,896) --
------------ ------------
DISTRIBUTIONS TO LOCAL FUND SHAREHOLDERS FROM:
Net investment income (110,143) (251,510)
Net realized gains from investment transactions (53,732) --
------------ ------------
CHANGE IN NET ASSETS FROM SHAREHOLDER DISTRIBUTIONS (729,176) (490,691)
------------ ------------
CAPITAL TRANSACTIONS: (c)
Proceeds from shares issued 93,461,911 95,453,068
Dividends reinvested 729,109 490,698
Cost of shares redeemed (32,326,493) (7,068,579)
------------ ------------
Change in net assets from capital transactions 61,864,527 88,875,187
------------ ------------
Change in net assets 70,759,330 97,785,838
NET ASSETS:
Beginning of period 120,111,223 22,325,385
------------ ------------
End of period $190,870,553 $120,111,223
============ ============
Undistributed net realized gain on investments included in
net assets at end of period $ 702,565 $ 67,892
============ ============
Undistributed net investment income included in net assets
at end of period $ 77,252 $ 62,424
============ ============
SHARE TRANSACTIONS: (c)
Sold 7,519,339 8,334,075
Reinvested 57,699 43,870
Redeemed (2,573,613) (616,230)
------------ ------------
Change in shares 5,003,425 7,761,715
============ ============
</TABLE>
------------------------------------------------------
(a) The Service Class and Institutional Service Class shares (formerly known as
Class R and Class Y, respectively) were first offered to the public on
November 2, 1998.
(b) The Class A, Class B and Institutional Class Shares were first offered to
the public on December 29, 1999.
(c) Both the Capital and Share Transactions sections represent combined data for
all classes of shares.
See accompanying notes to financial statements.
NATIONWIDE(R) S&P 500 INDEX FUND SEMI-ANNUAL REPORT 13
<PAGE> 14
NATIONWIDE(R) MUTUAL FUNDS
NATIONWIDE(R) S&P 500 INDEX FUND
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INSTITUTIONAL
CLASS A CLASS B CLASS
--------------------- --------------------- ---------------------
PERIOD FROM PERIOD FROM PERIOD FROM
DECEMBER 29, 1999 DECEMBER 29, 1999 DECEMBER 29, 1999
TO APRIL 30, 2000 (a) TO APRIL 30, 2000 (a) TO APRIL 30, 2000 (a)
--------------------- --------------------- ---------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C>
NET ASSET VALUE --
BEGINNING OF PERIOD $12.73 $12.73 $12.73
------ ------ ------
INVESTMENT ACTIVITIES:
Net investment income 0.03 0.01 0.04
Net realized and unrealized gain (0.06) (0.06) (0.06)
------ ------ ------
Total investment activities (0.03) (0.05) (0.02)
------ ------ ------
DISTRIBUTIONS:
Net investment income (0.03) (0.01) (0.03)
Distributions in excess of net
investment income -- (0.01) --
------ ------ ------
NET ASSET VALUE -- END OF PERIOD $12.67 $12.66 $12.68
====== ====== ======
Total Return (excluding sales charge)
(b) 7.08% 6.96% 7.17%
RATIOS/SUPPLEMENTAL DATA:
Net assets, at end of period (000) $ 775 $ 270 $ 50
Ratio of expenses to average net assets 0.63%(c) 1.23%(c) 0.23%(c)
Ratio of net investment income to
average net assets 0.40%(c) (0.21)%(c) 0.77%(c)
Ratio of expenses to average net assets* 0.68%(c) 1.36%(c) 0.32%(c)
Ratio of net investment income to
average net assets* 0.35%(c) (0.34)%(c) 0.68%(c)
Portfolio turnover rate (b,d) 50.40% 50.40% 50.40%
</TABLE>
------------------------------------------------------
* Ratios calculated as if no fees were waived or expenses reimbursed.
(a) The Class A, Class B and Institutional Class shares were first offered to
the public on December 29, 1999.
(b) Not Annualized.
(c) Annualized.
(d) Portfolio Turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares.
See accompanying notes to financial statements.
14 NATIONWIDE(R) S&P 500 INDEX FUND SEMI-ANNUAL REPORT
<PAGE> 15
NATIONWIDE(R) MUTUAL FUNDS
NATIONWIDE(R) S&P 500 INDEX FUND
FINANCIAL HIGHLIGHTS (CONTINUED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SERVICE CLASS INSTITUTIONAL SERVICE CLASS
---------------------------------------- ----------------------------------------
FOR THE PERIOD PERIOD FROM FOR THE PERIOD PERIOD FROM
ENDED NOVEMBER 2, 1998 ENDED NOVEMBER 2, 1998
APRIL 30, 2000 TO OCTOBER 31, 1999 (b) APRIL 30, 2000 TO OCTOBER 31, 1999 (b)
-------------- ----------------------- -------------- -----------------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING
OF PERIOD $ 11.91 $ 9.66 $ 11.94 $ 9.66
-------- ------- ------- -------
INVESTMENT ACTIVITIES:
Net investment income 0.04 0.09 0.04 0.10
Net realized and unrealized
gain 0.76 2.25 0.76 2.27
-------- ------- ------- -------
Total investment
activities 0.80 2.34 0.80 2.37
-------- ------- ------- -------
DISTRIBUTIONS:
Net investment income (0.04) (0.09) (0.04) (0.09)
Net realized gains (0.02) -- (0.02) --
-------- ------- ------- -------
Total distributions (0.06) (0.09) (0.06) (0.09)
-------- ------- ------- -------
NET ASSET VALUE -- END OF
PERIOD $ 12.65 $ 11.91 $ 12.68 $ 11.94
======== ======= ======= =======
Total Return (excluding
sales charge) (a) 6.69% 24.27% 6.74% 24.64%
RATIOS/SUPPLEMENTAL DATA:
Net assets, at end of period
(000) $142,723 $72,049 $27,016 $17,389
Ratio of expenses to average
net assets 0.63%(c) 0.63%(c) 0.48%(c) 0.48%(c)
Ratio of net investment income
to average net assets 0.60%(c) 0.69%(c) 0.72%(c) 0.87%(c)
Ratio of expenses to average
net assets* 0.72%(c) 0.83%(c) 0.57%(c) 0.67%(c)
Ratio of net investment income
to average net assets* 0.51%(c) 0.49%(c) 0.63%(c) 0.67%(c)
Portfolio turnover rate (a,d) 50.40% 55.07% 50.40% 55.07%
</TABLE>
------------------------------------------------------
* Ratios calculated as if no fees were waived or expenses reimbursed.
(a) Not Annualized.
(b) The Service and Institutional Service Class shares (formerly known as Class
R and Class Y, respectively) were first offered to the public on November 2,
1998.
(c) Annualized.
(d) Portfolio Turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares.
See accompanying notes to financial statements.
NATIONWIDE(R) S&P 500 INDEX FUND SEMI-ANNUAL REPORT 15
<PAGE> 16
NATIONWIDE(R) MUTUAL FUNDS
NATIONWIDE(R) S&P 500 INDEX FUND
FINANCIAL HIGHLIGHTS (CONTINUED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
LOCAL FUND SHARES
-------------------------------------------------------------
FOR THE PERIOD FOR THE YEAR PERIOD FROM
ENDED ENDED JULY 24, 1998
APRIL 30, 2000 OCTOBER 31, 1999 TO OCTOBER 31, 1998 (a)
-------------- ---------------- -----------------------
(UNAUDITED)
<S> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF PERIOD $ 11.95 $ 9.66 $ 10.00
------- ------- -------
INVESTMENT ACTIVITIES:
Net investment income 0.06 0.12 0.04
Net realized and unrealized gain 0.74 2.27 (0.35)
------- ------- -------
Total investment activities 0.80 2.39 (0.31)
------- ------- -------
DISTRIBUTIONS:
Net investment income (0.05) (0.10) (0.03)
Net realized gains (0.02) -- --
------- ------- -------
Total distributions (0.07) (0.10) (0.03)
------- ------- -------
NET ASSET VALUE -- END OF PERIOD $ 12.68 $ 11.95 $ 9.66
======= ======= =======
Total Return (d) 6.73% 24.85% (3.08)%
RATIOS/SUPPLEMENTAL DATA:
Net assets, at end of period (000) $20,037 $30,674 $22,325
Ratio of expenses to average net assets 0.35%(b) 0.35% 0.35%(b)
Ratio of net investment income to average net
assets 0.86%(b) 1.05% 1.55%(b)
Ratio of expenses to average net assets* 0.39%(b) 0.52% 0.64%(b)
Ratio of net investment income to average net
assets* 0.82%(b) 0.88% 1.26%(b)
Portfolio turnover rate (c,d) 50.40% 55.07% 3.07%
</TABLE>
------------------------------------------------------
* Ratios calculated as if no fees were waived or expenses reimbursed.
(a) The Local Fund Shares was first offered to the public on July 24, 1998.
(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 NATIONWIDE(R) S&P 500 INDEX FUND SEMI-ANNUAL REPORT
<PAGE> 17
NATIONWIDE(R) MUTUAL FUNDS
NATIONWIDE(R) S&P 500 INDEX FUND
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 a registered 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, subsequently
amended, 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. The accompanying financial statements and
financial highlights relate only to the Nationwide S&P 500 Index Fund (the
"Fund"), a non-diversified portfolio.
The Fund currently offers six classes of shares: Class A, Class B, Institutional
Class, Service Class (formerly known as Class R shares), Institutional Service
Class (formerly known as Class Y shares), and Local Fund shares. Class A and B
shares of the Fund are available to all investors. The Class A, Class B, and
Institutional Class of shares were first offered to the public on December 29,
1999. The Class A shares are purchased with a 5.75% maximum front-end sales
charge. 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 Institutional Class, Service Class,
Institutional Service Class, and Local Fund shares have no sales charges and are
each available to a limited group of investors, such as certain affiliated fund
of funds, insurance company separate accounts, or tax-exempt employee benefit
plans.
Class A, Class B, Service Class and Local Fund shares pay distribution and/or
service (12b-1) fees under a Distribution Plan of 0.25%, 1.00%, 0.15% and 0.07%,
respectively. These fees are either retained or paid by NAS to brokers for
distribution and shareholders services.
Class A, Service Class, and Institutional Service Class shares also 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 shares.
(A) SECURITY VALUATION
1. Securities traded on a national securities exchange are valued at
the last quoted sale price as provided by an independent pricing agent.
Securities traded in the over-the-counter (OTC) market are valued at the
last quoted sale price, or if there is no sale price, the last quoted bid
price as provided by an independent pricing agent.
2. The value of a repurchase agreement generally equals the purchase
price paid by the Fund (cost) plus the interest accrued to date. The
seller, under the repurchase agreement, is required to maintain the market
value of the underlying collateral at not less than the value of the
repurchase agreement. Securities subject to repurchase agreements are held
either in Federal Reserve/Treasury book-entry system, by the Fund's
custodian or an approved sub-custodian.
3. Securities for which reliable market quotations are not available,
or for which an independent pricing agent does not provide a value or
provides a value that does not represent fair value in the judgement of the
Fund's administrator or sub-administrator, are valued in accordance with
procedures authorized by the Trust's Board of Trustees.
NATIONWIDE(R) S&P 500 INDEX FUND SEMI-ANNUAL REPORT 17
<PAGE> 18
NATIONWIDE(R) MUTUAL FUNDS
NATIONWIDE(R) S&P 500 INDEX FUND
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
APRIL 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
(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 is recorded on an accrual
basis and includes, where applicable, the pro rata amortization of premium or
discount.
(C) FEDERAL INCOME TAXES
The 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 Fund 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 Fund. Withholding taxes have been paid or provided for in accordance with
the applicable tax rates and rules.
As of the fiscal year ended October 31,1999, the Fund had no net capital loss
carryover.
(D) DIVIDENDS TO SHAREHOLDERS
1. Dividend income, if any, is paid quarterly and is recorded on the
ex-dividend date.
2. Distributable net realized capital gains, if any, 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 Fund.
As of the fiscal year ended October 31, 1999, no reclassifications were
necessary.
(E) EXPENSES
General expenses of the Trust, not directly attributable to the Fund or to any
class of shares, are allocated to the Fund based upon the Fund's relative
average net assets or another appropriate basis, as approved by the Trust's
Board of Trustees. Once these expenses are allocated to the Fund, they are
sub-allocated to the classes based on total shares outstanding for each class.
Direct expenses of the Fund are allocated to the Fund and sub-allocated to the
classes as described above.
Direct expenses of a class are allocated to that class unless otherwise directed
as approved by the Trust's Board of Trustees. For example, distribution fees and
administrative servicing fees are borne by the specific class of shares to which
they apply.
18 NATIONWIDE(R) S&P 500 INDEX FUND SEMI-ANNUAL REPORT
<PAGE> 19
NATIONWIDE(R) MUTUAL FUNDS
NATIONWIDE(R) S&P 500 INDEX FUND
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
APRIL 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
(F) USE OF ESTIMATES
The preparation of financial statements, in conformity with generally accepted
accounting principles, requires management to make estimates and assumptions.
This can affect the reported amounts of assets and liabilities and 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>
CAPITAL TRANSACTIONS:
---------------------
PERIOD FROM
DECEMBER 29,
1999
TO APRIL 30,
2000 (a)
---------------------
<S> <C>
CLASS A SHARES:
Proceeds from shares
issued.................... $785,603
Dividends reinvested........ 487
Cost of shares redeemed..... (10,196)
--------
Change in net assets...... $775,894
========
CLASS B SHARES:
Proceeds from shares
issued.................... $273,818
Dividends reinvested........ 201
Cost of shares redeemed..... --
--------
Change in net assets...... $274,019
========
INSTITUTIONAL CLASS:
Proceeds from shares
issued.................... $ 50,500
Dividends reinvested........ 23
Cost of shares redeemed..... --
--------
Change in net assets...... $ 50,523
========
</TABLE>
<TABLE>
<CAPTION>
SHARE TRANSACTIONS:
-------------------
PERIOD FROM
DECEMBER 29,
1999
TO APRIL 30,
2000 (a)
-------------------
<S> <C>
CLASS A SHARES:
Issued....................... 61,810
Reinvested................... 37
Redeemed..................... (743)
------
Change in shares........... 61,113
======
CLASS B SHARES:
Issued....................... 21,330
Reinvested................... 15
Redeemed..................... --
------
Change in shares........... 21,345
======
INSTITUTIONAL CLASS:
Issued....................... 3,906
Reinvested................... 2
Redeemed..................... --
------
Change in shares........... 3,908
======
</TABLE>
<TABLE>
<CAPTION>
CAPITAL TRANSACTIONS:
-----------------------------
PERIOD FROM
SIX MONTHS NOVEMBER 2,
ENDED 1998
APRIL 30, TO OCTOBER 31,
2000 1999 (b)
---------- --------------
<S> <C> <C>
SERVICE CLASS:
Proceeds from shares
issued.................. $ 71,619,896 $69,746,897
Dividends reinvested...... 455,142 179,657
Cost of shares redeemed... (6,947,809) (403,176)
------------ -----------
Change in net assets.... $ 65,127,229 $69,523,378
============ ===========
INSTITUTIONAL SERVICE CLASS:
Proceeds from shares
issued.................. $ 17,654,840 $21,188,128
Dividends reinvested...... 109,396 59,524
Cost of shares redeemed... (9,365,363) (4,730,253)
------------ -----------
Change in net assets.... $ 8,398,873 $16,517,399
============ ===========
</TABLE>
<TABLE>
<CAPTION>
SHARE TRANSACTIONS:
-----------------------------
PERIOD FROM
SIX MONTHS NOVEMBER 2,
ENDED 1998
APRIL 30, TO OCTOBER 31,
2000 1999 (b)
---------- --------------
<S> <C> <C>
SERVICE CLASS:
Issued.................. 5,761,381 6,068,255
Reinvested.............. 36,015 15,874
Redeemed................ (567,059) (35,005)
---------- ---------
Change in shares...... 5,230,337 6,049,124
========== =========
INSTITUTIONAL SERVICE
CLASS:
Issued.................. 1,421,049 1,862,525
Reinvested.............. 8,598 5,266
Redeemed................ (755,449) (411,712)
---------- ---------
Change in shares...... 674,198 1,456,079
========== =========
</TABLE>
---------------
(a) The Class A, Class B, and Institutional Class shares were first offered to
the public on December 29, 1999.
(b) The Service Class and Institutional Service Class shares (formerly known as
Class R and Y shares, respectively) were first offered to the public on
November 2, 1998.
NATIONWIDE(R) S&P 500 INDEX FUND SEMI-ANNUAL REPORT 19
<PAGE> 20
NATIONWIDE(R) MUTUAL FUNDS
NATIONWIDE(R) S&P 500 INDEX FUND
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
APRIL 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CAPITAL TRANSACTIONS:
-----------------------------
SIX MONTHS
ENDED YEAR ENDED
APRIL 30, OCTOBER 31,
2000 1999
---------- -----------
<S> <C> <C>
LOCAL FUND SHARES:
Proceeds from shares
issued................ $ 3,077,132 $ 4,518,043
Dividends reinvested.... 163,860 251,517
Cost of shares
redeemed.............. (16,003,003) (1,935,150)
------------ -----------
Change in net
assets.............. $(12,762,011) $ 2,834,410
============ ===========
</TABLE>
<TABLE>
<CAPTION>
SHARE TRANSACTIONS:
-----------------------------
SIX MONTHS
ENDED YEAR ENDED
APRIL 30, OCTOBER 31,
2000 1999
---------- -----------
<S> <C> <C>
LOCAL FUND SHARES:
Issued.................... 249,218 403,295
Reinvested.............. 13,032 22,730
Redeemed................ (1,249,726) (169,513)
---------- ---------
Change in shares...... (987,476) 256,512
========== =========
</TABLE>
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 Fund. VMF also provides investment management
evaluation services in initially selecting and monitoring on an ongoing basis
the performance of the subadviser. Prior to December 29, 1999, The Dreyfus
Corporation, a wholly-owned subsidiary of Mellon Bank Corp., served as the
subadviser for the Fund. Since December 29, 1999, Fund Asset Management ("FAM"),
part of Merrill Lynch Asset Management Group, has been managing the Fund's
investments and has the responsibility for making all investment decisions for
the Fund. Under the terms of the investment advisory agreement, the Fund pays
VMF a management fee, based on the Fund's average daily net assets. From such
fees, pursuant to the subadvisory agreement, VMF pays subadvisory fees to FAM.
Additional information regarding investment advisory fees for VMF and the
subadviser is as follows for the period ended April 30, 2000:
<TABLE>
<CAPTION>
TOTAL ADVISORY PAID TOTAL ADVISORY PAID
AVERAGE DAILY ADVISORY FEE TO ADVISORY FEE TO
NET ASSETS FEE RETAINED SUBADVISER FEE RETAINED SUBADVISER*
------------- -------- -------- ---------- -------- -------- -----------
<S> <C> <C> <C> <C> <C> <C>
Up to $200 million.......... 0.13% 0.08% 0.05% $100,003 $50,258 $49,745
Next $800 million........... 0.13% 0.09% 0.04%
Next $500 million........... 0.13% 0.11% 0.02%
Next $1.5 billion........... 0.12% 0.10% 0.02%
$3 billion and more......... 0.11% 0.09% 0.02%
</TABLE>
---------------
*Includes fees paid to The Dreyfus Corporation prior to December 29, 1999, and
fees paid to FAM after December 29, 1999.
VMF has voluntarily agreed to waive advisory fees, and if necessary, reimburse
expenses of the Fund in order to limit annual Fund operating expenses to 0.63%
for Class A shares, 1.23% for Class B shares, 0.23% for Institutional Class
shares, 0.63% for Service Class shares, 0.48% for Institutional Service Class
shares, and 0.35% for Local Fund shares. During the six-month period ended April
30, 2000, VMF reduced expenses for the Fund as follows:
<TABLE>
<CAPTION>
TOTAL ADVISORY OTHER TOTAL FEES NET
FUND FEE FEES WAIVED/ FUND
EXPENSES WAIVED REIMBURSED REIMBURSED EXPENSES
-------- -------- ---------- ---------- --------
<S> <C> <C> <C> <C>
$496,475 $64,283 $-- $64,283 $432,192
</TABLE>
20 NATIONWIDE(R) S&P 500 INDEX FUND SEMI-ANNUAL REPORT
<PAGE> 21
NATIONWIDE(R) MUTUAL FUNDS
NATIONWIDE(R) S&P 500 INDEX FUND
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
APRIL 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
Under the terms of a Distribution Plan under Rule 12b-1 of the 1940 Act, NAS,
the Funds' Distributor, is also compensated by the Fund for expenses associated
with the distribution of shares of the Fund. These fees are based on average
daily net assets of the respective class of the Fund at an annual rate not to
exceed 0.25% for Class A shares, 1.00% for Class B shares, 0.15% for Service
Class shares, and 0.07% for Local Fund shares. During the six-month period ended
April 30, 2000, the Fund paid distribution fees totaling $88,860.
Pursuant to an Underwriting Agreement, NAS serves as principal underwriter of
the Fund 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, salaries, and other expenses in connection with generating
new sales of shares of the Fund. For the six-month period ended April 30, 2000,
the commissions were collected totaling $9,492 for the Class A shares.
NAS receives fees for services as principal underwriter for Class B shares of
the Fund. 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 six-month period ended April 30, 2000,
on redemptions of Class B Shares were $8,753.
Under the terms of a Fund Administration Agreement, Villanova SA Capital Trust
("VSA") receives fees from the Fund for providing various administrative and
accounting services. These fees are calculated daily based on the Fund's average
daily net assets and paid monthly. During the six-month period ended April 30,
2000, the Fund paid fund administration fees according to the following
schedule:
<TABLE>
<CAPTION>
FUND
NET ASSETS ADMINISTRATION
AVERAGE DAILY FEE FEES
------------------------------- ---- --------------
<S> <C> <C>
Up to $1 billion 0.05% $38,463
Next $1 billion 0.04%
</TABLE>
Nationwide Investors Services, Inc. ("NISI"), a subsidiary of VSA, serves as
Transfer and Dividend Disbursing Agent for the Fund. For these services, NISI
receives fees at $18 per account for Class A and Class B shares and 0.01% of the
average daily net assets of all the other classes. During the six-month period
ended April 30, 2000, the Fund paid transfer agent fees totaling $8,022.
VSA has entered into agreements with BISYS Fund Services Ohio, Inc., to provide
sub-administration and sub-transfer agent services to the Fund.
Under the terms of an Administrative Services Plan, the Fund pays 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 inquiries 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 the Class A, Service Class and Institutional
Service Class of shares. For the six-month period ended April 30, 2000, the Fund
paid administrative servicing fees totaling $161,764.
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 Statement of Operations. No
compensating balances are required.
NATIONWIDE(R) S&P 500 INDEX FUND SEMI-ANNUAL REPORT 21
<PAGE> 22
NATIONWIDE(R) MUTUAL FUNDS
NATIONWIDE(R) S&P 500 INDEX FUND
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
APRIL 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
4. INVESTMENT TRANSACTIONS
Purchases and sales of securities (excluding U.S. Government and short-term
securities) for the six-month period ended April 30, 2000, are summarized below.
There were no purchases or sales of U.S. Government Obligations.
<TABLE>
<CAPTION>
SECURITIES
------------------------------
PURCHASES SALES
--------- -----------
<S> <C>
$71,437,702 $10,178,127
</TABLE>
Realized gains and losses have been computed on the first-in, first-out basis.
Included in net unrealized appreciation at April 30, 2000, are the following
components:
<TABLE>
<CAPTION>
GROSS GROSS NET
UNREALIZED UNREALIZED UNREALIZED
APPRECIATION (DEPRECIATION) APPRECIATION
------------ -------------- --------------
<S> <C> <C>
$28,875,920 $(12,559,604) $16,316,316
</TABLE>
22 NATIONWIDE(R) S&P 500 INDEX FUND SEMI-ANNUAL REPORT
