<PAGE> 1
SUPPLEMENT DATED JUNE 17, 1998
TO PROSPECTUS DATED MAY 1, 1998
NATIONWIDE SMALL COMPANY FUND
On page 15 of the Prospectus under the heading "Pictet International Management
Limited and Van Eck Associates Corporation" paragraphs 3 through 7 are hereby
deleted in their entirety and replaced by the following:
In performing its investment management duties, PIML assigns a team of
managers. The primary portfolio managers for the Fund are listed below. This
team also performs similar functions for the Van Eck Worldwide Insurance Trust,
Worldwide Small Cap Fund and the Van Eck Global Small Cap Fund.
Robert Treich is a Senior Investment Manager and Head of the Smaller Companies
Team at PIML. In addition to managing investments in the UK and peripheral
Continental markets, Robert is responsible for managing all aspects of team
activities.
Mr. Treich joined PIML in 1996 after having developed his analytical and
managerial skills in investment banking, consulting, export finance, real
estate and corporate banking. From July 1994 to 1996, Mr. Treich was on the
equity sales team of Richardson Greenshields of Canada, where he was
responsible for providing PIML investment managers with the detailed
information they required to select Canadian stocks. Prior to that he was a
journalist for International Financing Review in London where he was
responsible for international equity capital markets. Mr Treich was awarded his
CFA charter in 1997.
Nils Francke is the Senior Investment Manager within the Smaller Companies Team
responsible for core Continental European markets. Mr. Francke joined PIML in
1994 and has managed European investments and client accounts continuously
since then.
Prior to joining PIML, Mr. Francke spent three years with Schroder Munchmeyer
Hengst of Germany as an institutional advisor responsible for marketing
European equities to domestic and international institutions.
Michael McLauglin is the Senior Investment Manager within the Smaller
Companies Team responsible for the Asia Pacific region. Mr. McLaughlin joined
PIML in 1995, initially to manage Japanese equities.
Prior to joining PIML, Mr. McLaughlin was the Japanese Investment Manager at
Provident Mutual, running segregated pension funds and two unit trusts, and a
member of the asset allocation committee. Mr. McLaughlin has been an Associated
Member of the Institute on Investment Management and Research since 1990.
