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NATIONWIDE SMALL CAP VALUE FUND
SUPPLEMENT DATED DECEMBER 4, 1997
TO PROSPECTUS DATED OCTOBER 27, 1997
The following information supersedes the information contained in the
fourth paragraph of the section of the Fund's prospectus entitled "Investment
Management of the Fund -- The Subadviser":
The Fund's primary portfolio manager is Peter I. Higgins. He has held that
position since the inception of the Fund, and has been employed by the
Subadviser since May 1996 pursuant to a dual employee agreement between the
Subadviser and The Boston Company Asset Management, Inc. ("TBC Asset
Management"), an indirect wholly-owned subsidiary of Mellon Bank, N.A., and
thus, an affiliate of the Subadviser. Mr. Higgins has been employed by TBC
Asset Management or its predecessor since May 1991. For more than five years
prior to joining TBC Asset Management, Mr. Higgins was a Vice President and
Senior Investment Officer for Boston Safe Deposit and Trust Company.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE PROSPECTUS
FOR FUTURE REFERENCE
