<PAGE> 1
NATIONWIDE VALUE OPPORTUNITIES FUND
Prospectus Supplement dated March 27, 2000
to Prospectus dated January 3, 2000 (as amended on February 9, 2000)
The disclosure on Page 3 of the Nationwide Value Opportunities Fund Prospectus
is hereby amended to reflect that:
Effective March 27, 2000, the Russell 2000 Index will become the benchmark index
for the Nationwide Value Opportunities Fund (the "Fund"). The Fund's management
team has decided to change the Fund's benchmark index (from the Russell 2500
Index) because the Russell 2000 Index more closely matches the securities in
which the Fund invests.
The Fund intends to pursue its investment objective by investing, under normal
market conditions, at least 65% of its total assets in equity securities of
companies whose market capitalizations at the time of investment are similar to
those of companies in the Russell 2000 Index.
The Russell 2000 Index, published by the Frank Russell Company, is an index
consisting of approximately 2,000 companies - known as "small cap" companies -
which have small market capitalizations relative to the market capitalizations
of other U.S. companies. On December 31, 1999, the companies in the Russell 2000
Index had market capitalizations that ranged from $100 million to $13 billion.
The Frank Russell Company updates the market capitalization range for the
Russell 2000 Index annually.
As a result of the benchmark index change, the disclosure on Page 7 of the
Nationwide Value Opportunities Fund Prospectus has also been amended:
<TABLE>
LOOMIS SAYLES SMALL CAP VALUE FUND -
INSTITUTIONAL SHARES
<CAPTION>
ANNUALIZED RUSSELL 2000
TOTAL RETURN INDEX
<C> <C> <C>
1 year ended December 31, 1999 0.37% 21.26%
Period from July 1, 1995 until
December 31, 1999 15.61% 15.21%
</TABLE>
Included for comparison are performance figures of the Russell 2000 Index, an
unmanaged index that measures the performance of equity securities similar, but
not identical, to those in the Fund's portfolio.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUS
FOR FUTURE REFERENCE.
