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Nationwide Mutual Funds – ‘N-CSR’ for 10/31/03

On: Friday, 1/9/04, at 3:44pm ET · Effective: 1/9/04 · For: 10/31/03 · Accession #: 936329-4-11 · File #: 811-08495

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 1/09/04  Nationwide Mutual Funds           N-CSR      10/31/03    4:559K                                   Morton Graphics Corp/FA

Certified Annual Shareholder Report of a Management Investment Company — Form N-CSR
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-CSR       #24533-Book#3                                        298±  1.20M 
 2: EX-10.A.1   Code-Of-Ethics                                        12±    49K 
 4: EX-99.906 CERT  Miscellaneous Exhibit                              2      9K 
 3: EX-99.CERT  302-Certifications                                     2     16K

N-CSR — #24533-Book#3
Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Audit Committee Financial Expert Audit Committee of Listed Registrants Code of Ethics Controls and Procedures Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies Exhibits Principal Accountant Fees and Services Reports to Stockholders Reserved] Small Cap Value
1	1st Page - Filing Submission
"	Item 1. Reports to Stockholders
122	Small Cap Value
135	Item 2. Code of Ethics
"	Item 3. Audit Committee Financial Expert
"	Item 4. Principal Accountant Fees and Services
"	Item 5. Audit Committee of Listed Registrants
"	Item 6. [. Reserved]
"	Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
"	Item 9. Controls and Procedures
"	Item 10. Exhibits

N-CSR 1st “Page” of 135 TOC ↑Top Previous Next ↓Bottom Just 1st
 
                                             |---------------------------------|
                                             |  OMB  APPROVAL                  |
                                             |  OMB  Number:  3235-0570        |
                                             |  Expires:  November  30,  2005  |
                                             |  Estimated  average  burden     |
                                             |  hours  per  response5.0        |
                                             |---------------------------------|

 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
 MANAGEMENT INVESTMENT COMPANIES

Investment  Company  Act  file  number          811-08495                       

 GARTMORE MUTUAL FUNDS
(Exact name of registrant as specified in charter)
 1200 RIVER ROAD, CONSHOHOCKEN, PENNSYLVANIA 19428
(Address of principal executive offices)                (Zip code)
ELIZABETH A. DAVIN, ESQ.
NATIONWIDE PLAZA
COLUMBUS, OHIO 43215
 (Name and address of agent for service)
Registrant's  telephone  number,  including  area  code:     (484)  530-1300    

Date  of  fiscal  year  end:     10/31/03                                       

Date  of  reporting  period:     10/31/03                                       

     Form N-CSR is to be used by management investment companies to file reports
with  the  Commission  not  later  than  10  days  after  the  transmission  to 
stockholders  of  any  report that is required to be transmitted to stockholders
under  Rule  30e-1  under the Investment Company Act of 1940 (17 CFR 270.30e-1).
The Commission may use the information provided on Form N-CSR in its regulatory,
disclosure  review,  inspection,  and  policymaking  roles.                     

     A  registrant  is  required  to  disclose the information specified by Form
N-CSR, and the Commission will make this information public. A registrant is not
required  to  respond  to  the collection of information contained in Form N-CSR
unless  the  Form  displays  a  currently  valid Office of Management and Budget
("OMB")  control  number.  Please direct comments concerning the accuracy of the
information  collection  burden  estimate  and  any suggestions for reducing the
burden  to  Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington,  DC  20549-0609. The OMB has reviewed this collection of information
under  the  clearance  requirements  of  44  U.S.C.   3507.                     

ITEM  1.  REPORTS  TO  STOCKHOLDERS.                                            

     Include  a  copy of the report transmitted to stockholders pursuant to Rule
30e-1  under  the  Act  (17  CFR  270.30e-1).                                   

GARTMORE FUNDS                                                                  

ANNUAL  REPORT                                                                  
October  31,  2003                                                              

Nationwide  Large  Cap  Growth Fund                                             
Nationwide Small Cap Fund                                                       
Nationwide S&P 500 Index  Fund                                                  
Nationwide Mid Cap Market Index Fund                                            
Nationwide Small Cap Index Fund                                                 
Nationwide International Index Fund                                             
Nationwide Bond Index Fund                                                      
NorthPointe Small Cap  Value  Fund                                              

[GRAPHIC  OMITED] 

[GRAPHIC  OMITED] 

--------------------------------------------------------------------------------

N-CSR 2nd “Page” of 135 TOC 1st Previous Next ↓Bottom Just 2nd
CONTENTS                                                              

2  Nationwide Large Cap Growth Fund                                         
6  Nationwide Small Cap Fund                                                
18  Nationwide S&P 500 Index Fund                                             
28  Nationwide Mid Cap Market Index Fund                                      
36  Nationwide Small Cap Index Fund                                           
60  Nationwide International Index Fund                                       
80  Nationwide Bond Index Fund                                                
102  NorthPointe Small Cap Value Fund                                           

111  NOTES TO FINANCIAL STATEMENTS                                              
--------------------------------------------------------------------------------

N-CSR 3rd “Page” of 135 TOC 1st Previous Next ↓Bottom Just 3rd
NATIONWIDE  LARGE  CAP  GROWTH  FUND                                            

Class A Shares symbol: NPGAX                                                    
Class B Shares symbol: NPLBX                                                    
Class C Shares symbol: NCLGX                                                    
Institutional  Service  Class  symbol:  NPLIX                                   

HOW  DID  THE  FUND  PERFORM?                                                   

For  the  annual  period  ended  Oct. 31, 2003, the Fund returned 20.21%* versus
21.81%  for  its  benchmark,  the  Russell  1000  Growth  Index.                

For  broader  comparison,  the  average  return  for  this  Fund's peer category
(Large-Cap Growth Funds) was 19.06%, according to Lipper, an independent company
that  provides  mutual  fund  data  and  analysis.                              

WHAT  MARKET/ECONOMIC  CONDITIONS  AND  PORTFOLIO-SPECIFIC  FACTORS  AFFECTED   
PERFORMANCE?                                                                    

There  are  no inherent biases in our process with respect to market conditions,
and  we  believe  that  no  specific  investment environment exists in which our
strategy  is  expected  to  be out of sync in comparison with the benchmark. The
correlation  (relationship)  between  the  Fund's  historical excess returns and
various  types  of  markets  is  very  close  to  zero.                         

Our investment themes generated positive returns overall for the Fund during the
period.  Valuation  and  profitability were the biggest positive contributors to
the Fund's excess returns, as inexpensive companies with good profit margins and
operating  efficiency  outperformed  their  counterparts.  Earnings  quality and
management  impact  also  contributed  positively,  albeit  less  significantly.
Fundamental  research  was  essentially  flat, while momentum detracted from the
Fund's  relative  returns.                                                      

DESCRIBE  THE  FUND'S  TOP HOLDINGS AND ANY SIGNIFICANT TRANSACTIONS MADE DURING
THE  PERIOD.                                                                    

Stock selection by the Fund was positive in nine of the 13 sectors, most notably
in  the  financials  and technology sectors. On the other hand, Fund holdings in
the  consumer cyclicals and consumer services sectors underperformed their peers
in  the  benchmark  by  the  widest  margin.  In  individual  stock  positions, 
overweights  by  the  Fund  in  SanDisk  Corp.  (1.3%  of  the  Fund's  assets),
Amazon.com,  Inc. (1.4%) and Intel Corp. (5.3%) were the biggest contributors to
positive  relative  performance.  On the downside, an overweight position by the
Fund  in  Kraft Foods Inc. (0.9%) and underweights in The Home Depot Inc. (0.6%)
and  Loews Corp. (0.67%) detracted the most from Fund returns as compared to the
Index.                                                                          

There  were  no  significant transactions by the Fund during the period.        

HOW  IS  THE  FUND  POSITIONED?                                                 

Looking  ahead,  we  continue to believe that cheaper stocks should outpace more
expensive  ones,  and those stocks with good momentum should perform better than
those  with  poor  momentum.  We  also  prefer companies about which fundamental
research  analysts  are  becoming  more  positive,  as  well  as  firms that are
profitable, that have sustainable earnings and that use their capital to enhance
shareholder  value.  We  anticipate that the Fund will remain fully invested and
expect  that  added  by  the  Fund  over  time will be due to stock selection as
opposed  to  sector  or  size  allocations.                                     

MERGER  OF  THE  FUND                                                           

On  Dec.  12,  2003,  the  shareholders  of  the  Fund, at a special shareholder
meeting,  approved  a proposal by the Fund's Board of Trustees to merge the Fund
into  the  Gartmore Growth Fund. Pursuant to this shareholder approval, the Fund
was  merged into the Gartmore Growth Fund, effective as of the close of business
on  Dec.  19,  2003.                                                            

PORTFOLIO  MANAGER:  Goldman  Sachs  Asset  Management  -  Subadviser           

*    Performance  of  Class  A  shares  without  sales  charge  and assuming all
distributions  are  reinvested.                                       

PORTFOLIO  MARKET  VALUE  $37,656,471                                           
OCTOBER  31,  2003                                                              

AVERAGE  ANNUAL  TOTAL  RETURN                                                  
(For  Periods  Ended  October  31,  2003)                                       

                  1 YR.   INCEPTION1
-----------------------------------------------------------                     
Class A                       w/o SC2   20.21%       -3.25%                     
         w/SC3     13.26%       -4.39%
-----------------------------------------------------------                     
Class B                       w/o SC2   19.57%       -4.05%                     
         w/SC4     14.57%       -4.41%
-----------------------------------------------------------                     
Class C5                      w/o SC2   19.57%       -4.05%                     
         w/SC6     17.29%       -4.24%
-----------------------------------------------------------                     
Institutional Service Class7            20.51%       -3.06%                     
-----------------------------------------------------------                     

All  figures  showing  the  effect  of a sales charge reflect the maximum charge
possible,  because  it  has  the  most  dramatic  effect  on  performance  data.
1    Fund  commenced  operations  on  November  2,  1998.                       
2    These  returns  do  not  reflect  the  effects  of  sales  charges  (SC).  
3    A  5.75%  front-end  sales  charge  was  deducted.                         
4    A  5.00%  contingent  deferred  sales  charge (CDSC) was deducted. The CDSC
declines  to  0%  after  6  years.                                    
5    These  returns  until  the  creation of Class C shares (3/1/01) include the
     performance  of  the Fund's Class B shares. Excluding the effect of any fee
     waivers  or reimbursements, such prior performance is substantially similar
     to what Class C shares would have produced because Class C shares invest in
     the  same  portfolio  of  securities  as  Class  B shares and have the same
     expenses  after  any  fee  waivers  or  reimbursements.  For Class C shares
     returns  with  sales  charges,  these  returns  have  been restated for the
applicable  sales  charges.                                           
6    A  1.00%  front-end  sales  charge  was  deducted. A CDSC of 1.00% was also
     deducted from the one year return because it is charged when you sell Class
C  shares  within  the  first  year  after  purchase.                 
7    Not  subject  to  any  sales  charges.                                     

GROWTH  OF  A  $10,000  INVESTMENT                                              

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.                                                            

Date        Class A  Russell 1000 Growth   CPI                                  
11/2/1998     9,425               10,000  10,000                                
10/31/1999   12,799               13,425  10,256                                
10/31/2000   13,729               14,678  10,610                                
10/31/2001    8,249                8,815  10,835                                
10/31/2002    6,647                7,085  11,055                                
10/31/2003    7,990                8,631  11,333                                

Comparative  performance of $10,000 invested in Class A shares of the Nationwide
Large  Cap  Growth Fund, the Russell 1000 Growth Index (Russell 1000 Growth)(a),
and  the  Consumer  Price  Index (CPI)(b) since inception.  Unlike the Fund, the
returns  for  these indices do not reflect any fees, expenses, or sales charges.
(a)  The Russell 1000 Growth is an unmanaged index of growth securities of large
U.S.  companies  included  in  the  Russell  1000  Index.             
(b)  The  CPI  represents  changes  in  prices of a basket of goods and services
purchased  for  consumption  by  urban  households.                   

2     ANNUAL  REPORT  2003                                                      
--------------------------------------------------------------------------------

N-CSR 4th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 4th
STATEMENT  OF  INVESTMENTS                                                      
October  31,  2003                                                              

NATIONWIDE  LARGE  CAP  GROWTH  FUND                                            

COMMON  STOCKS  (99.0%)                                                         

                       SHARES OR
                                 PRINCIPAL AMOUNT    VALUE
------------------------------------------------------------------------        

AGRICULTURAL OPERATIONS (1.1%)                                                  
Monsanto Co.                                          15,900  $  398,295        
                                                      ----------

------------------------------------------------------------------------        
APPLIANCES (0.1%)                                                               
Whirlpool Corp.                                          500      35,235        
                                                      ----------

------------------------------------------------------------------------        
AUTOMOTIVE (1.0%)                                                               
Autoliv, Inc.                                          6,300     208,656        
AutoNation, Inc. (b)                                   6,700     125,290        
General Motors Corp.                                     900      38,403        
                                                      ----------
                                                         372,349
                                                      ----------

------------------------------------------------------------------------        
BATTERIES (0.0%)                                                                
Energizer Holdings, Inc. (b)                               1          37        
                                                      ----------

------------------------------------------------------------------------        
BEVERAGES/SOFT DRINK (1.0%)                                                     
Coca-Cola Co.                                          5,100     236,640        
PepsiCo, Inc.                                          3,200     153,024        
                                                      ----------
                                                         389,664
                                                      ----------

------------------------------------------------------------------------        
BROADCAST MEDIA/CABLE TELEVISION (2.7%)                                         
Comcast Corp., Class A (b)                             6,700     227,264        
Cox Communications, Inc., Class A (b)                  1,100      37,477        
Fox Entertainment Group, Inc. (b)                     13,000     360,100        
Hearst - Argyle Television, Inc. (b)                   3,900      94,419        
Viacom, Inc., Class B                                  7,170     285,868        
                                                      ----------
                                                       1,005,128
                                                      ----------

------------------------------------------------------------------------        
BUILDING (0.8%)                                                                 
NVR, Inc. (b)                                            600     293,640        
                                                      ----------

------------------------------------------------------------------------        
CAPITAL GOODS (6.0%)                                                            
3M Co.                                                 5,600     441,672        
General Electric Co.                                  61,400   1,781,214        
ITT Industries, Inc.                                     600      40,794        
                                                      ----------
                                                       2,263,680
                                                      ----------

------------------------------------------------------------------------        
COMPUTER EQUIPMENT (5.3%)                                                       
Cisco Systems, Inc. (b)                               33,200     696,536        
Dell, Inc. (b)                                        14,800     534,576        
EMC Corp. (b                                          29,500     408,280        
Hewlett-Packard Co.                                    9,100     203,021        
International Business Machines Corp.                  1,600     143,168        
                                                      ----------
                                                       1,985,581
                                                      ----------

------------------------------------------------------------------------        
COMPUTER SOFTWARE & SERVICES (9.3%)                                             
Adobe Systems, Inc.                                    9,300     407,712        
BMC Software, Inc. (b)                                13,600     236,368        
Citrix Systems, Inc. (b)                               8,600     217,408        
Computer Associates International, Inc.               17,400     409,248        
Computer Sciences Corp. (b)                            1,000      39,620        

                             SHARES OR
                                   PRINCIPAL AMOUNT  VALUE
------------------------------------------------------------------------        
COMPUTER SOFTWARE & SERVICES (continued)                                        
Intuit, Inc. (b)                                         700  $   34,986        
Microsoft Corp.                                       52,800   1,380,720        
Oracle Corp. (b)                                       2,700      32,292        
SanDisk Corp. (b)                                      5,200     419,120        
Symantec Corp. (b)                                     2,600     173,290        
VERITAS Software Corp. (b)                             3,800     137,370        
                                                      ----------
                                                       3,488,134
                                                      ----------

------------------------------------------------------------------------        
CONSUMER PRODUCTS (4.4%)                                                        
Gillette Co. (The)                                    16,500     526,350        
Procter & Gamble Co.                                   9,900     973,071        
R.J. Reynolds Tobacco Holdings, Inc.                   3,400     163,302        
                                                      ----------
                                                       1,662,723
                                                      ----------

------------------------------------------------------------------------        
CONTAINERS (0.1%)                                                               
Sealed Air Corp. (b)                                   1,000      53,230        
                                                      ----------

------------------------------------------------------------------------        
DRUGS (8.9%)                                                                    
Abbott Laboratories                                    2,900     123,598        
American Pharmaceutical Partners, Inc. (b)             4,700     114,445        
Eli Lilly & Co.                                        3,400     226,508        
Endo Pharmaceuticals Holdings, Inc. (b)                3,000      49,080        
Genentech, Inc. (b)                                    3,700     303,289        
Merck & Co., Inc.                                     10,100     446,925        
Mylan Laboratories, Inc.                              15,150     365,873        
Pfizer, Inc.                                          52,955   1,673,378        
Wyeth                                                    800      35,312        
                                                      ----------
                                                       3,338,408
                                                      ----------

------------------------------------------------------------------------        
E-COMMERCE & SERVICES (0.7%)                                                    
eBay, Inc. (b)                                         4,900     274,106        
                                                      ----------

------------------------------------------------------------------------        
EDUCATIONAL SERVICES (0.5%)                                                     
Apollo Group, Inc. (b)                                 2,000     127,060        
ITT Educational Services, Inc. (b)                     1,500      74,700        
                                                      ----------
                                                         201,760
                                                      ----------

------------------------------------------------------------------------        
ELECTRONICS (1.2%)                                                              
Agilent Technologies, Inc. (b)                         9,300     231,756        
Arrow Electronics, Inc. (b)                            3,300      70,455        
Avnet, Inc. (b)                                        3,400      65,960        
LSI Logic Corp. (b)                                   10,200      94,248        
                                                      ----------
                                                         462,419
                                                      ----------

------------------------------------------------------------------------        
FINANCIAL/MISCELLANEOUS (6.1%)                                                  
A.G. Edwards, Inc.                                       900      36,450        
AmeriCredit Corp. (b)                                  8,300     111,220        
Bank of America Corp.                                  4,600     348,358        
CIT Group, Inc.                                        3,000     100,860        
Doral Financial Corp.                                  1,200      60,600        

2003  ANNUAL  REPORT  3                                                         
--------------------------------------------------------------------------------

N-CSR 5th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 5th
STATEMENT  OF  INVESTMENTS  (Continued)                                         
October  31,  2003                                                              

NATIONWIDE  LARGE  CAP  GROWTH  FUND  (Continued)                               
COMMON  STOCKS  (CONTINUED)                                                     

             SHARES OR
                       PRINCIPAL AMOUNT    VALUE
-------------------------------------------------------------------             

FINANCIAL/MISCELLANEOUS (continued)                                             
Fannie Mae                                        2,100  $  150,549             
Hudson City Bancorp, Inc.                         3,500     120,890             
MBIA, Inc.                                        1,000      59,610             
MBNA Corp.                                       20,750     513,563             
Morgan Stanley                                    1,000      54,870             
New York Community Bancorp, Inc.                  1,100      39,820             
Prudential Financial, Inc.                        9,700     374,808             
Radian Group, Inc.                                3,900     206,310             
SLM Corp.                                         2,900     113,564             
                                            ----------
                                             2,291,472
                                            ----------

-------------------------------------------------------------------             
FOOD & RELATED (4.4%)                                                           
Archer-Daniels-Midland Co.                       27,000     387,450             
Interstate Bakeries Corp.                         2,400      35,232             
Kraft Foods, Inc., Class A                       11,600     337,560             
Sysco Corp.                                      15,700     528,462             
Tyson Foods, Inc., Class A                       25,600     365,312             
                                            ----------
                                             1,654,016
                                            ----------

-------------------------------------------------------------------             
HEALTHCARE (12.6%)                                                              
Amgen, Inc. (b)                                  15,188     938,010             
Boston Scientific Corp. (b)                       7,600     514,672             
Gilead Sciences, Inc. (b)                         7,700     420,266             
Health Net, Inc. (b)                              9,400     296,946             
Johnson & Johnson                                20,900   1,051,896             
Manor Care, Inc.                                  2,600      86,528             
McKesson Corp.                                   11,600     351,132             
Medco Health Solutions, Inc. (b)                  1,218      40,438             
Medtronic, Inc.                                   3,300     150,381             
St. Jude Medical, Inc. (b)                        2,600     151,216             
UnitedHealth Group, Inc.                          5,800     295,104             
Zimmer Holdings, Inc. (b)                         7,800     497,718             
                                            ----------
                                             4,794,307
                                            ----------

-------------------------------------------------------------------             
INSTRUMENTS (1.4%)                                                              
Guidant Corp.                                     9,700     494,797             
Thermo Electron Corp. (b)                         2,300      50,554             
                                            ----------
                                               545,351
                                            ----------

-------------------------------------------------------------------             
INSURANCE (1.7%)                                                                
American International Group, Inc.                2,400     145,992             
Loews Corp.                                       2,900     124,700             
MetLife, Inc.                                     3,700     116,180             
Principal Financial Group, Inc.                   7,500     235,125             
                                            ----------
                                               621,997
                                            ----------

-------------------------------------------------------------------             
METAL - DIVERSIFIED (0.2%)                                                      
Freeport-McMoRan Copper & Gold, Inc.              1,800      69,750             
                                            ----------

             SHARES OR
                     PRINCIPAL AMOUNT  VALUE
-------------------------------------------------------------------             
MULTI-MEDIA (1.2%)                                                              
Clear Channel Communications, Inc.                2,600  $  106,132             
Cox Radio, Inc. (b)                               2,900      64,148             
Walt Disney Co. (The)                            12,000     271,680             
                                            ----------
                                               441,960
                                            ----------

-------------------------------------------------------------------             
OIL & GAS (1.8%)                                                                
Burlington Resources, Inc.                        1,200      58,368             
Sunoco, Inc.                                      8,900     389,464             
Transocean Sedco Forex, Inc. (b)                 11,800     226,442             
                                            ----------
                                               674,274
                                            ----------

-------------------------------------------------------------------             
OIL EQUIPMENT & SERVICES (0.6%)                                                 
Halliburton Co.                                   9,200     219,696             
                                            ----------

-------------------------------------------------------------------             
REAL ESTATE (0.2%)                                                              
LNR Property Corp.                                1,800      73,620             
                                            ----------

-------------------------------------------------------------------             
RETAIL (10.8%)                                                                  
Amazon.com, Inc. (b)                              7,900     429,918             
AutoZone, Inc. (b)                                2,400     230,640             
Best Buy Co., Inc. (b)                            3,600     209,916             
Blockbuster, Inc.                                 4,300      82,861             
CBRL Group, Inc.                                  5,300     205,375             
Coach, Inc. (b)                                   1,400      49,658             
CVS Corp.                                         4,500     158,310             
Family Dollar Stores, Inc.                          900      39,249             
Federated Department Stores, Inc.                 5,100     242,505             
Home Depot, Inc.                                  6,300     233,541             
Longs Drug Stores Corp                            2,100      47,040             
Penney (J.C), Co., Inc.                           2,100      49,665             
Saks, Inc. (b)                                    7,300     101,470             
Staples, Inc. (b)                                17,800     477,396             
SUPERVALU, Inc.                                   1,500      37,830             
Wal-Mart Stores, Inc.                            25,100   1,479,645             
                                            ----------
                                             4,075,019
                                            ----------

-------------------------------------------------------------------             
SEMICONDUCTORS (7.1%)                                                           
Cypress Semiconductor Corp. (b)                   1,800      38,628             
Intel Corp.                                      58,900   1,946,645             
Maxim Integrated Products, Inc.                   6,200     308,202             
National Semiconductor Corp. (b)                  5,600     227,528             
NVIDIA Corp. (b)                                  8,500     150,280             
                                            ----------
                                             2,671,283
                                            ----------

-------------------------------------------------------------------             
SERVICES (3.9%)                                                                 
Accenture Ltd., Class A (b)                      10,500     245,700             
Convergys Corp. (b)                              18,100     290,686             
CSG Systems International, Inc. (b)               2,400      27,576             

4     ANNUAL  REPORT  2003                                                      
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COMMON  STOCKS  (CONTINUED)                                                     

                                                        [Enlarge/Download Table]

                                                       SHARES OR                         
                                                    PRINCIPAL AMOUNT             VALUE   
-----------------------------------------------------------------------------------------
                                                                                         
SERVICES (continued)                                                                     
Deluxe Corp.                                                    1,400         $    56,518
GTECH Holdings Corp.                                            3,500             156,380
IMS Health, Inc.                                                6,900             162,357
Moody's Corp.                                                   7,200             416,376
Waste Management, Inc.                                          4,400             114,048
                                                                              -----------
                                                                                1,469,641
                                                                              -----------

-----------------------------------------------------------------------------------------
TELECOMMUNICATIONS (3.7%)                                                                
Advanced Fibre Communications, Inc. (b                          2,500              60,175
AT&T Wireless Services, Inc. (b                                35,800             259,550
Avaya, Inc. (b)                                                 3,600              46,584
Motorola, Inc.                                                 12,500             169,125
PanAmSat Corp. (b)                                              6,400             132,480
QUALCOMM, Inc.                                                  7,600             361,000
Scientific-Atlanta, Inc.                                        4,600             136,160
Sprint Corp., FON Group                                         7,400             118,400
US Cellular Corp. (b)                                           3,100             104,966
                                                                              -----------
                                                                                1,388,440
                                                                              -----------

-----------------------------------------------------------------------------------------
TRANSPORTATION (0.2%)                                                                    
Hunt (JB) Transport Services, Inc. (b)                          2,900              73,602
                                                                              -----------

TOTAL COMMON STOCKS                                                            37,288,817
                                                                              -----------

REPURCHASE AGREEMENTS (1.0%)                                                             
                                                       SHARES OR                         
                                                    PRINCIPAL AMOUNT          VALUE      
-----------------------------------------------------------------------------------------
CS First Boston, 0.94%, dated 10/31/03,                                                  
due 11/03/03, repurchase price $185,214                                                  
(Fully collaterailzed by AA Rated Corporate Bonds)  $         185,199         $   185,199
Lehman Brothers, Inc., 0.94% dated 10/31/03,                                             
due 11/03/03, repurchase price $34,299                                                   
(Fully collateralized by U.S. Agency Securities)               34,296              34,296
Nomura Securities, 0.94%, dated 10/31/03,                                                
due 11/03/03, repurchase price $148,171                                                  
(Fully collateralized by AA Rated Corporate Bonds)            148,159             148,159
                                                                              -----------

TOTAL REPURCHASE AGREEMENTS                                                       367,654
                                                                              -----------

TOTAL INVESTMENTS (COST $35,389,542) (A) - 100.0%                              37,656,471

OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%                                       18,778
                                                                              -----------

NET ASSETS - 100.0%                                                           $37,675,249
                                                                              ===========

(a)  See  notes  to  financial  statements  for  unrealized  appreciation       
(depreciation)  of  securities.                                       
(b)  Denotes  a  non-income  producing  security.                               
At  October,  31  2003  the  Fund's open long futures contracts were as follows:

                         MARKET VALUE     UNREALIZED
NUMBER OF  LONG                         COVERED BY     APPRECIATION             
CONTRACTS  CONTRACTS*      EXPIRATION    CONTRACTS    (DEPRECIATION)            
---------------------------------------------------------------------           
8  S&P 500 E-mini    12/19/03  $     419,800  $         7,530   

*    Cash  pledged  as  collateral.                                             

SEE  NOTES  TO  FINANCIAL  STATEMENTS.                                          

2003  ANNUAL  REPORT  5                                                         
--------------------------------------------------------------------------------

N-CSR 7th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 7th
NATIONWIDE  SMALL  CAP  FUND                                                    

Class A Shares symbol: NPSAX                                                    
Class B Shares symbol: NPSBX                                                    
Class C Shares symbol: NCSMX                                                    
Institutional  Service  Class  symbol:  NSISX                                   

HOW  DID  THE  FUND  PERFORM?                                                   

For  the  annual  period  ended  Oct. 31, 2003, the Fund returned 42.35%* versus
43.35%  for its benchmark, the Russell 2000  Index.                             

For  broader  comparison,  the  average  return  for  this  Fund's peer category
(Small-Cap  Core  Funds) was 38.95%, according to Lipper, an independent company
that  provides  mutual  fund  data  and  analysis.                              

WHAT  MARKET/ECONOMIC  AND  PORTFOLIO-SPECIFIC  FACTORS  AFFECTED  PERFORMANCE? 

Against  a  backdrop  of  improving  corporate  earnings, Gross Domestic Product
growth,  favorable  job-creation  statistics, and an accommodative stance on the
part  of  the Federal Reserve, U.S. equity markets produced substantial positive
returns  for large-, mid- and small-cap indexes for the annual period ended Oct.
31,  2003.  The smallest-cap stocks were the best performers. Because the Fund's
investment  process  maintains  overall  portfolio size characteristics that are
very similar to those of the Fund's benchmark, the portfolio participated in the
small-cap  rally.  Overall,  the  Fund's portfolio outperformed the benchmark in
eight  of  13  sectors.                                                         

DESCRIBE  THE  FUND'S  TOP HOLDINGS AND ANY SIGNIFICANT TRANSACTIONS MADE DURING
THE  PERIOD.                                                                    

The  Fund's top holdings were Commercial Federal Corp. (a bank holding company),
The Toro Co. (known for its lawnmowers), Briggs and Stratton Corp. (manufacturer
of  small  engines),  and  LandAmerica  Financial  Group, Inc. (provider of real
estate  title  insurance,  escrow  and  closing  services). Each of these stocks
constituted  about  1%  of  the  Fund's  portfolio, and the prices of these Fund
holdings  rose  between  11%  and  69%  during  the  period.                    

The  Fund employs a quantitative model to rank stocks and to determine whether a
stock  should  be  purchased,  sold or maintained in the portfolio. The model is
built  on  common-sense  concepts that drive stock selection, including earnings
momentum,  management  action,  price  trend and relative value. These four main
concepts  are  driven  by  seven  factors,  some of which are earnings yield and
momentum  (defined  as  Relative  Value)  and  volatility  (defined as Operating
Stability).                                                                     

Significant  purchases  included  United  Stationers  Inc.  (office  products   
wholesaler)  and  Brown  Shoe  Co. Inc. Major sales by the Fund included SanDisk
Corp.  (manufacturer  of  computer  storage  devices)  and  Avid Technology Inc.
(producer  of  computer  peripherals). SanDisk was sold in late June because the
stock  no longer qualifies to be in the Fund's small-cap universe. Avid was sold
in August because its rankings on three of the Model concepts declined after the
stock  price  had  more  than  doubled.                                         

HOW  IS  THE  FUND  POSITIONED?                                                 

The  Fund  continues to remain fully invested with equity sector weightings that
mimic  those  of  the  benchmark Index. The largest sector weighting differences
relative to the benchmark are overweights of approximately 1% in industrials and
telecommunications,  and underweights of approximately 1% in commercial services
and utilities. The Fund's style risk exposures are very  similar to those of the
Fund's  benchmark, with modest but consistent biases toward stocks with earnings
momentum,  and  yield,  and  against  those  with  high  volatility.            

PORTFOLIO  MANAGER:  INVESCO,  Inc.  -  Subadviser                              
*    Performance  of  Class  A  shares  without  sales  charge  and assuming all
distributions  are  reinvested.                                       

PORTFOLIO  MARKET  VALUE  $49,610,516                                           
OCTOBER  31,  2003                                                              

AVERAGE  ANNUAL  TOTAL  RETURN                                                  
(For  Periods  Ended  October  31,  2003)                                       

                  1 YR.   INCEPTION1
-----------------------------------------------------------                     
Class A                       w/o SC2   42.35%        8.63%                     
         w/SC3     34.12%        7.35%
-----------------------------------------------------------                     
Class B                       w/o SC2   41.53%        7.97%                     
         w/SC4     36.53%        7.67%
-----------------------------------------------------------                     
Class C5                      w/o SC2   41.45%        8.00%                     
         w/SC6     38.97%        7.79%
-----------------------------------------------------------                     
Institutional Service Class7            42.61%        8.82%                     
-----------------------------------------------------------                     

All  figures  showing  the  effect  of a sales charge reflect the maximum charge
possible,  because  it  has  the  most  dramatic  effect  on  performance  data.
1    Fund  commenced  operations  on  November  2,  1998.                       
2    These  returns  do  not  reflect  the  effects  of  sales  charges  (SC).  
3    A  5.75%  front-end  sales  charge  was  deducted.                         
4    A  5.00%  contingent  deferred  sales  charge (CDSC) was deducted. The CDSC
declines  to  0%  after  6  years.                                    
5    These  returns  until  the  creation of Class C shares (3/1/01) include the
     performance  of  the Fund's Class B shares. Excluding the effect of any fee
     waivers  or reimbursements, such prior performance is substantially similar
     to what Class C shares would have produced because Class C shares invest in
     the  same  portfolio  of  securities  as  Class  B shares and have the same
     expenses  after  any  fee  waivers  or  reimbursements.  For Class C shares
     returns  with  sales  charges,  these  returns  have  been restated for the
applicable  sales  charges.                                           
6    A  1.00%  front-end  sales  charge  was  deducted. A CDSC of 1.00% was also
     deducted from the one year return because it is charged when you sell Class
C  shares  within  the  first  year  after  purchase.                 
7     Not  subject  to  any  sales  charges.                                    

GROWTH  OF  A  $10,000  INVESTMENT                                              

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.                                                            

Date        Class A  Russell 2000   CPI                                         
-----------------------------------------                                       
11/2/1998     9,425        10,000  10,000                                       
10/31/1999   10,573        11,487  10,256                                       
10/31/2000   12,503        13,486  10,610                                       
10/31/2001   11,241        11,774  10,835                                       
10/31/2002   10,011        10,411  11,055                                       
10/31/2003   14,252        14,926  11,333                                       

Comparative  performance of $10,000 invested in Class A shares of the Nationwide
Small Cap Fund, the Russell 2000 Index (Russell 2000)(a), and the Consumer Price
Index  (CPI)(b) since inception.  Unlike the Fund, the returns for these indices
do  not  reflect  any  fees,  expenses,  or  sales  charges.                    
(a)  The Russell 2000 is an unmanaged index of approximately 2000 companies with
     small  market  capitalizations  relative  to  the market capitalizations of
other  U.S.  companies.                                               
(b)  The  CPI  represents  changes  in  prices of a basket of goods and services
purchased  for  consumption  by  urban  households.                   

6     ANNUAL  REPORT  2003                                                      
--------------------------------------------------------------------------------

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STATEMENT  OF  INVESTMENTS                                                      
October  31,  2003                                                              

NATIONWIDE  SMALL  CAP  FUND                                                    

COMMON  STOCKS  (97.6%)                                                         

                                   SHARES OR
                                             PRINCIPAL AMOUNT    VALUE
------------------------------------------------------------------------------  

AEROSPACE (0.1%)                                                                
Ducommun, Inc. (b)                                           1,400  $   26,180  
Moog, Inc., Class A (b)                                        800      33,920  
                                                                  ----------
                                                                      60,100
                                                                  ----------

------------------------------------------------------------------------------  
APPAREL (1.1%)                                                                  
Brown Shoe Company, Inc.                                     8,900     307,940  
Kellwood Co.                                                 3,400     127,058  
Unifirst Corp.                                               1,000      26,350  
                                                                  ----------
                                                                     461,348
                                                                  ----------

------------------------------------------------------------------------------  
APPLIANCES (1.0%)                                                               
Daktronics, Inc. (b)                                         2,500      38,725  
Greif Brothers Corp., Class A                                  800      26,024  
Quixote Corp.                                                1,100      26,642  
Silgan Holdings, Inc. (b)                                    2,000      63,960  
York International Corp.                                     6,300     250,362  
                                                                  ----------
                                                                     405,713
                                                                  ----------

------------------------------------------------------------------------------  
AUTO PARTS & EQUIPMENT (1.8%)                                                   
American Axle & Manufacturing Holdings, Inc. (b)             6,400     221,440  
Dura Automotive Systems, Inc. (b)                            5,000      48,300  
Pep Boys-Manny, Moe & Jack, Inc.                             7,900     151,917  
Polaris Industries, Inc.                                     2,600     222,560  
Standard Motor Products, Inc.                                1,000      11,150  
Tenneco Automotive, Inc. (b)                                10,300      61,388  
Wabash National Corp. (b)                                      800      18,456  
                                                                  ----------
                                                                     735,211
                                                                  ----------

------------------------------------------------------------------------------  
BANKING (5.8%)                                                                  
ABC Bancorp                                                    600      10,092  
Accredited Home Lenders Holding Co. (b)                      3,400      97,308  
Amcore Financial, Inc.                                       2,700      72,900  
Americanwest Bancorp (b)                                       600      11,976  
BancFirst Corp.                                                200      10,794  
BancorpSouth, Inc.                                           3,200      75,232  
Bank of Granite Corp.                                          700      15,120  
Capital Corp. (b)                                              500      19,170  
Capitol Bancorp Ltd.                                           400      10,600  
City Holding Co.                                             2,600      87,932  
Columbia Banking System, Inc.                                2,300      44,551  
Community First Bankshares, Inc.                             8,600     233,490  
Dime Community Bancshares                                      300       8,364  
First Commonwealth Financial Corp.                             700       9,660  
First Midwest Bancgroup, Inc.                                2,500      77,250  
First National Corp.                                           600      17,280  
First Republic Bancorp, Inc.                                 1,200      42,960  
Firstbank Corp.                                              5,300     176,490  
Flagstar Bancorp, Inc.                                      12,500     278,750  
Frontier Financial Corp.                                     1,100      34,485  
Humboldt Bancorp                                               800      13,040  
Independent Bank Corp.                                       1,700      49,181  

                                         SHARES OR
                                                 PRINCIPAL AMOUNT  VALUE
------------------------------------------------------------------------------  
BANKING (continued)                                                             
ITLA Capital Corp. (b)                                         700  $   32,585  
Local Financial Corp. (b)                                    2,900      56,289  
Massbank Corp.                                                 400      16,220  
Mid-State Bancshares                                           700      17,031  
New Century Financial Corp.                                  6,600     244,728  
Oriental Financial Group, Inc.                               2,400      61,488  
Patriot Bank Corp.                                             800      16,776  
Peoples Holding Co.                                            200       9,732  
Privatebancorp, Inc.                                           400      16,200  
S & T Bancorp, Inc.                                            300       9,072  
Sandy Spring Bancorp, Inc.                                     600      21,642  
Second Bancorp, Inc.                                         1,200      33,240  
Simmons First National Corp., Class A                        1,100      28,215  
State Bancorp, Inc.                                            500      10,325  
State Financial Services Corp.                                 600      15,798  
Staten Island Bancorp, Inc.                                  5,000      99,650  
Sterling Bancorp, Inc.                                       1,100      32,131  
Suffolk Bancorp                                                400      14,004  
Susquehanna Bancshares, Inc.                                 4,800     120,240  
Trustmark Corp.                                              2,200      62,634  
Union Bankshares Corp.                                         300       9,582  
United Community Financial Corp.                             2,600      28,808  
Wesbanco, Inc.                                                 500      13,335  
West Coast Bancorp, Inc.                                     1,000      20,850  
                                                                  ----------
                                                                   2,387,200
                                                                  ----------

------------------------------------------------------------------------------  
BUILDING MATERIALS (2.5%)                                                       
AMCOL International Corp.                                    5,300      95,612  
Brookfield Homes Corp.                                       1,600      34,640  
Building Materials Holding Corp.                             1,200      16,968  
Carlisle Companies, Inc.                                     4,500     258,075  
Centex Construction Products, Inc.                           1,400      75,460  
Hughes Supply, Inc.                                          6,800     262,820  
M/I Schottenstein Homes, Inc.                                4,500     187,335  
USG Corp. (b)                                                4,000      67,000  
Walter Industries, Inc.                                      3,700      43,956  
                                                                  ----------
                                                                   1,041,866
                                                                  ----------

------------------------------------------------------------------------------  
BUSINESS EQUIPMENT & SERVICES (1.8%)                                            
Angelica Corp.                                               2,600      53,560  
CDI Corp.                                                    3,100     101,525  
Consolidated Graphics, Inc. (b)                              2,100      58,065  
CSS Industries, Inc.                                           900      24,291  
John H. Harland Co.                                          3,600      98,028  
New England Business Services, Inc.                          1,800      52,380  
Per-Se Technologies, Inc. (b)                                3,200      43,520  
US Oncology, Inc. (b)                                       30,300     331,482  
                                                                  ----------
                                                                     762,851
                                                                  ----------

2003  ANNUAL  REPORT  7                                                         
--------------------------------------------------------------------------------

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STATEMENT  OF  INVESTMENTS  (Continued)                                         

October  31,  2003                                                              
NATIONWIDE  SMALL  CAP  FUND  (Continued)                                       

COMMON  STOCKS  (CONTINUED)                                                     

                   SHARES OR
                             PRINCIPAL AMOUNT    VALUE
----------------------------------------------------------------------          

CAPITAL GOODS (0.8%)                                                            
C&D Technologies, Inc.                               7,200  $  143,496          
Middleby Corp. (b)                                   3,100      80,631          
Presstek, Inc. (b)                                   3,200      24,672          
Watsco, Inc.                                         4,000      85,640          
                                                  ----------
                                                     334,439
                                                  ----------

----------------------------------------------------------------------          
CHEMICALS (2.2%)                                                                
Albemarle Corp.                                      3,200      85,824          
Arch Chemicals, Inc.                                 2,900      64,322          
Cytec Industries, Inc. (b)                           2,900     101,239          
Ethyl Corp. (b)                                      2,200      35,420          
Hercules, Inc. (b)                                  10,700     111,815          
MacDermid, Inc.                                      4,200     125,496          
Material Sciences Corp.                              1,400      13,132          
Octel Corp.                                          2,100      39,081          
TETRA Technologies, Inc. (b)                        13,800     312,018          
                                                  ----------
                                                     888,347
                                                  ----------

----------------------------------------------------------------------          
COMMUNICATION EQUIPMENT (1.3%)                                                  
Applied Signal Technology, Inc.                      2,000      41,400          
Comtech Telecommunications Corp. (b)                 6,600     194,370          
Intervoice, Inc. (b)                                 7,700      80,157          
ParthusCeva, Inc. (b)                                1,500      11,085          
Sonus Networks, Inc. (b)                            25,900     212,639          
                                                  ----------
                                                     539,651
                                                  ----------

----------------------------------------------------------------------          
COMPUTER SOFTWARE & SERVICES (8.0%)                                             
Advanced Digital Information Corp. (b)              13,000     211,250          
Akamai Technologies, Inc. (b)                       17,200     135,880          
Ansys, Inc. (b)                                      3,300     117,612          
Captaris, Inc. (b)                                   1,800      10,710          
Cerner Corp. (b)                                       300      12,711          
Checkpoint Systems, Inc. (b)                         1,900      35,796          
CNET Networks, Inc. (b)                              1,500      12,210          
Concord Communications, Inc. (b)                     1,300      23,283          
Datastream Systems, Inc. (b)                         1,900      14,744          
Dendrite International, Inc. (b)                     8,600     129,860          
Digitas, Inc. (b)                                    2,300      20,010          
Electronics for Imaging, Inc. (b)                    1,800      48,780          
Epicor Software Corp. (b)                           11,300     114,243          
Eresearch Technology, Inc. (b)                       5,500     252,945          
Hutchinson Technology, Inc. (b)                      5,100     170,901          
Hyperion Solutions Corp. (b)                         6,200     207,638          
Informatica Corp. (b)                                1,300      14,170          
Inter-Tel, Inc.                                        400      10,076          
Keane, Inc. (b)                                     21,000     275,940          
Keynote Systems, Inc. (b)                            2,300      26,105          
Macromedia, Inc. (b)                                 4,100      78,351          
ManTech International Corp. (b)                        600      14,676          
Mercury Computer Systems, Inc. (b)                   5,400     116,154          
Micromuse, Inc. (b)                                 20,000     161,000          

                   SHARES OR
                             PRINCIPAL AMOUNT    VALUE
----------------------------------------------------------------------          
COMPUTER SOFTWARE & SERVICES (continued)                                        
Netegrity, Inc. (b)                                  6,200  $   73,532          
Omicell, Inc. (b)                                    4,900      69,727          
Pomeroy IT Solutions, Inc.                             800      11,504          
Progress Software Corp. (b)                            800      17,656          
Rainbow Technologies, Inc. (b)                       2,200      27,082          
RSA Security, Inc. (b)                               6,900      89,493          
SERENA Software, Inc. (b)                              900      15,525          
Silicon Storage Technology, Inc. (b)                10,200     114,036          
SOURCECORP, Inc. (b)                                   600      14,058          
SRA International, Inc., Class A (b)                 2,200      95,832          
SS&C Technologies, Inc.                              3,400      74,800          
Stratasys, Inc. (b)                                  4,000     190,400          
Sykes Enterprises, Inc. (b)                          5,100      47,532          
Transaction Systems Architects, Inc. (b)            10,400     208,000          
                                                  ----------
                                                   3,264,222
                                                  ----------

----------------------------------------------------------------------          
CONSUMER GOODS & SERVICES (2.0%)                                                
Alderwoods Group, Inc. (b)                           6,600      49,170          
Chattem, Inc. (b)                                    6,000      88,020          
Coinstar, Inc. (b)                                   5,100      74,715          
Department 56, Inc. (b)                              1,500      21,075          
Interstate Bakeries Corp.                            7,300     107,164          
Kaydon Corp.                                           700      16,639          
Nautilus Group Inc.                                  3,200      49,952          
Nu Skin Enterprises, Inc.                            3,500      55,545          
R. H. Donnelley Corp. (b)                            2,700     115,803          
TBC Corp. (b)                                        2,300      62,537          
The Advisory Board Co. (b)                           4,000     145,560          
Thomas Nelson, Inc.                                  2,700      42,795          
                                                  ----------
                                                     828,975
                                                  ----------

----------------------------------------------------------------------          
DISTRIBUTION (2.0%)                                                             
Bandag, Inc.                                         5,100     186,660          
Handleman Co.                                       11,700     207,675          
Keystone Automotive Industries, Inc. (b)               500      12,365          
Sanderson Farms, Inc.                                  800      28,112          
United Stationers, Inc. (b)                         10,400     386,984          
                                                  ----------
                                                     821,796
                                                  ----------

----------------------------------------------------------------------          
DRUGS (1.5%)                                                                    
Idexx Laboratories, Inc. (b)                         8,600     406,780          
Incyte Pharmaceuticals, Inc. (b)                    11,800      62,304          
Perrigo Co.                                          9,800     131,810          
                                                  ----------
                                                     600,894
                                                  ----------

----------------------------------------------------------------------          
EDUCATIONAL SERVICES (0.3%)                                                     
ITT Educational Services, Inc. (b)                   1,400      69,720          
Renanissance Learning, Inc. (b)                      2,800      70,448          
                                                  ----------
                                                     140,168
                                                  ----------

8     ANNUAL  REPORT  2003                                                      
--------------------------------------------------------------------------------

N-CSR 10th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 10th
COMMON  STOCKS  (CONTINUED)                                                     

                         SHARES OR
                                   PRINCIPAL AMOUNT    VALUE
-------------------------------------------------------------------------       

ELECTRONICS (4.6%)                                                              
Artesyn Technologies, Inc. (b)                          7,200  $   59,256       
Audiovox Corp. (b)                                      4,200      50,400       
Benchmark Electronics, Inc. (b)                         6,300     306,936       
Cable Design Technologies Corp. (b)                     8,600      82,904       
Cyberonics, Inc. (b)                                    1,000      27,350       
Dionex Corp. (b)                                          400      17,016       
Exar Corp. (b)                                          8,500     136,765       
II-VI, Inc. (b)                                         3,900      92,547       
Innovex, Inc. (b)                                       6,800      76,840       
Integrated Electrical Services, Inc. (b)                4,300      30,530       
Kopin Corp. (b)                                         2,000      14,660       
Methode Electronics, Inc.                               7,000      83,370       
Metrologic Instruments, Inc. (b)                        1,200      28,116       
Microsemi Corp. (b)                                    11,100     229,770       
MTS Systems Corp.                                       2,100      36,939       
OmniVision Technologies, Inc. (b)                       2,500     142,000       
Planar Systems, Inc. (b)                                1,900      43,966       
Power Integrations, Inc. (b)                            6,500     226,330       
RadiSys Corp. (b)                                       2,600      50,830       
Rofin-Sinar Technologies, Inc. (b)                      2,700      64,125       
Stoneridge, Inc. (b)                                    2,200      30,118       
The Genlyte Group, Inc. (b)                             1,000      47,160       
TTM Technologies, Inc. (b)                              1,400      22,540       
UIL Holdings Corp.                                        300      11,268       
                                                        ----------
                                                         1,911,736
                                                        ----------

-------------------------------------------------------------------------       
ENERGY (1.5%)                                                                   
Avista Corp.                                            3,700      62,900       
Cleco Corp.                                            18,000     301,500       
El Paso Electric Corp. (b)                              2,700      32,778       
Headwaters, Inc. (b)                                    2,600      48,724       
Oceaneering International, Inc. (b)                       900      20,754       
UniSource Energy Corp.                                  2,000      38,600       
Westmoreland Coal Co. (b)                               1,100      16,181       
Woodward Governor Co.                                   1,800      83,268       
                                                        ----------
                                                           604,705
                                                        ----------

-------------------------------------------------------------------------       
ENTERTAINMENT (0.8%)                                                            
Emmis Communications Corp. (b)                          1,200      26,616       
Shuffle Master, Inc. (b)                                4,200     127,848       
Sinclair Broadcast Group, Inc., Class A (b)             8,700     101,268       
World Wrestling Entertainment, Inc.                     1,800      20,142       
Young Broadcasting, Inc., Class A (b)                   2,500      50,225       
                                                        ----------
                                                           326,099
                                                        ----------

-------------------------------------------------------------------------       
FINANCIAL/BANKS (4.8%)                                                          
CCBT Financial Companies, Inc.                            500      13,295       
Commercial Capital Bancorp, Inc. (b)                    7,000     131,390       
Commercial Federal Corp.                               17,300     445,302       
Community Trust Bancorp, Inc.                           1,000      32,250       
Corus Bankshares, Inc.                                  1,100      64,680       

                         SHARES OR
                                   PRINCIPAL AMOUNT    VALUE
-------------------------------------------------------------------------       
FINANCIAL/BANKS (continued)                                                     
First Place Financial Corp.                             1,300  $   25,025       
Flushing Financial Corp.                                1,900      46,075       
Hudson United Bancorp                                   7,200     261,288       
Interchange Financial Services Corp.                      500      12,315       
Irwin Financial Corp.                                   4,400     123,332       
Nara Bankcorp, Inc.                                       900      20,340       
Oceanfirst Financial Corp.                              1,600      41,824       
Old Second Bancorp, Inc.                                  300      13,803       
PFF Bancorp, Inc.                                       1,600      59,680       
Provident Bankshares Corp.                              6,200     192,386       
Provident Financial Group, Inc.                         3,100      91,295       
Provident Financial Holdings, Inc.                        400      12,704       
R & G Finanical Corp., Class B                          5,000     164,500       
Saxon Capital, Inc. (b)                                 2,000      37,720       
West America Bank Corp.                                 3,100     155,186       
Western Sierra Bancorp (b)                                315      11,772       
WSFS Financial Corp.                                      600      25,590       
                                                        ----------
                                                         1,981,752
                                                        ----------

-------------------------------------------------------------------------       
FINANCIAL/MISCELLANEOUS (2.9%)                                                  
CompuCredit Corp. (b)                                   7,900     156,183       
FirstFed Financial Corp. (b)                            3,800     171,000       
Fremont General Corp.                                  15,700     261,091       
Silicon Valley Bancshares (b)                           8,500     298,350       
Stewart Information Services Corp. (b)                  7,600     236,740       
USB Holding Co., Inc.                                   1,500      28,050       
World Acceptance Corp. (b)                              2,000      35,880       
                                                        ----------
                                                         1,187,294
                                                        ----------

-------------------------------------------------------------------------       
FOOD & RELATED (1.0%)                                                           
Chiquita Brands International, Inc. (b)                 9,300     172,050       
Ralcorp Holding, Inc. (b)                               9,300     255,750       
                                                        ----------
                                                           427,800
                                                        ----------

-------------------------------------------------------------------------       
HEALTHCARE (2.9%)                                                               
AMN Healthcare Services, Inc. (b)                       4,900      74,088       
Candela Corp. (b)                                       9,300     159,495       
Cytyc Corp. (b)                                         1,100      14,223       
Digene Corp. (b)                                        4,900     172,480       
INAMED Corp. (b)                                          600      51,822       
Luminex Corp. (b)                                       3,300      29,106       
Mentor Corp.                                            4,900      99,225       
PSS World Medical, Inc. (b)                             7,000      65,240       
Tanox, Inc. (b)                                         4,800      86,160       
Techne Corp. (b)                                       12,300     428,409       
Ventana Medical Systems, Inc. (b)                         300      12,552       
                                                        ----------
                                                         1,192,800
                                                        ----------

2003  ANNUAL  REPORT  9                                                         
--------------------------------------------------------------------------------

N-CSR 11th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 11th
STATEMENT  OF  INVESTMENTS  (Continued)                                         
October  31,  2003                                                              

NATIONWIDE  SMALL  CAP  FUND  (Continued)                                       

COMMON  STOCKS  (CONTINUED)                                                     

                     SHARES OR
                               PRINCIPAL AMOUNT    VALUE
-----------------------------------------------------------------------         

HOTELS/MOTELS (1.5%)                                                            
Aztar Corp. (b)                                      12,500  $  261,000         
Choice Hotels International, Inc. (b)                 9,300     307,086         
La Quinta Corp. (b)                                  10,300      63,551         
                                                    ----------
                                                       631,637
                                                    ----------

-----------------------------------------------------------------------         
INSURANCE (2.1%)                                                                
American Medical Security Group, Inc. (b)             2,800      63,896         
Amerus Group Co.                                        400      15,100         
FPIC Insurance Group, Inc. (b)                        1,600      28,224         
LandAmerica Financial Group, Inc.                     9,000     450,090         
Stancorp Financial Group, Inc.                        4,100     258,505         
UICI (b)                                              4,300      64,328         
                                                    ----------
                                                       880,143
                                                    ----------

-----------------------------------------------------------------------         
INTERNET (1.7%)                                                                 
Ask Jeeves, Inc. (b)                                  9,000     172,440         
Centillium Communications, Inc. (b)                   9,200      49,312         
Corillian Corp. (b)                                   6,300      41,643         
eCollege.com, Inc. (b)                                2,400      52,056         
Netflix.Com, Inc. (b)                                 4,200     240,660         
SupportSoft, Inc. (b)                                 1,500      17,985         
TheStreet.com, Inc. (b)                               3,500      15,820         
United Online, Inc. (b)                               1,400      40,306         
Websense, Inc. (b)                                    3,300      77,220         
                                                    ----------
                                                       707,442
                                                    ----------

-----------------------------------------------------------------------         
MACHINERY (3.7%)                                                                
Applied Industrial Technology, Inc.                   5,900     133,045         
Briggs & Stratton Corp.                               6,500     422,565         
Cascade Corp.                                         2,600      62,270         
Cognex Corp.                                          2,100      56,385         
Global Power Equipment Group, Inc. (b)                3,100      18,321         
Lennox International, Inc.                            8,800     145,552         
Lincoln Electric Holdings, Inc.                       3,100      75,609         
Powell Industries, Inc. (b)                             800      15,504         
Toro Co.                                              8,800     437,360         
Unova, Inc. (b)                                       6,800     147,628         
                                                    ----------
                                                     1,514,239
                                                    ----------

-----------------------------------------------------------------------         
MANUFACTURING (1.4%)                                                            
Ceradyne, Inc. (b)                                    7,000     290,780         
Griffon Corp. (b)                                     2,900      56,115         
Integrated Device Technology, Inc. (b)                2,400      37,680         
Jacuzzi Brands, Inc. (b)                             10,600      74,730         
Mueller Industries, Inc. (b)                          3,700     116,772         
                                                    ----------
                                                       576,077
                                                    ----------

-----------------------------------------------------------------------         
MEDICAL (4.5%)                                                                  
Adolor Corp. (b)                                     11,800     215,586         
Advanced Medical Optics, Inc. (b)                    17,600     354,992         
Alaris Medical, Inc. (b)                              4,900      75,999         

                     SHARES OR
                               PRINCIPAL AMOUNT    VALUE
-----------------------------------------------------------------------         
MEDICAL (continued)                                                             
Albany Molecular Research, Inc. (b)                   9,000  $  132,300         
Applied Molecular Evolution, Inc. (b)                 1,200      14,916         
Biolase Technology, Inc. (b)                          3,000      39,360         
Bioreliance Corp. (b)                                 1,000      34,180         
Closure Medical Corp. (b)                             1,900      58,539         
DJ Orthopedics, Inc. (b)                              4,900      87,955         
Enzo Biochem, Inc. (b)                                7,000     129,500         
Exact Sciences Corp. (b)                              1,100      11,682         
Excel Technology, Inc. (b)                            1,000      28,150         
Genencor International, Inc. (b)                      2,700      41,310         
Hanger Orthopedic Group, Inc. (b)                       800      13,640         
Kensey Nash Corp. (b)                                 3,800      82,232         
LCA-Vision, Inc. (b)                                  1,900      30,837         
Lexicon Genetics, Inc. (b)                            3,000      16,800         
Maxygen, Inc. (b)                                     2,900      27,550         
Merit Medical Systems, Inc. (b)                           1          26         
Savient Pharmaceuticals, Inc. (b)                     8,500      51,425         
Synovis Life Technologies, Inc. (b)                   5,700     134,748         
VISX, Inc. (b)                                       11,000     266,860         
                                                    ----------
                                                     1,848,587
                                                    ----------

-----------------------------------------------------------------------         
METALS (1.2%)                                                                   
Brush Engineered Materials, Inc. (b)                  2,900      36,917         
Century Aluminum Co. (b)                              2,200      36,212         
Hecla Mining Co. (b)                                 15,300      90,270         
NN, Inc.                                              3,600      43,200         
RTI International Metals, Inc. (b)                    4,100      49,241         
Schnitzer Steel Industries, Inc.                      1,300      48,984         
Southern Peru Copper Corp.                            3,200      91,072         
USEC, Inc.                                            2,500      18,625         
Valmont Industries, Inc.                              4,000      83,200         
                                                    ----------
                                                       497,721
                                                    ----------

-----------------------------------------------------------------------         
OIL & GAS (3.1%)                                                                
Airgas, Inc.                                          5,500     105,325         
Cabot Oil & Gas Corp.                                 7,600     194,180         
Cascade Natural Gas Corp.                               600      11,700         
Clayton Williams Energy, Inc. (b)                       600      12,600         
Comstock Resources, Inc. (b)                         14,700     219,471         
Gulf Island Fabrication, Inc. (b)                     2,000      30,100         
KCS Energy, Inc. (b)                                  4,700      37,459         
Nuevo Energy Co. (b)                                  4,300      84,624         
Oil States International, Inc. (b)                    5,200      63,700         
Southern Union Co. (b)                               12,000     211,320         
Vintage Petroleum, Inc.                              23,500     271,425         
World Fuel Services Corp.                             1,700      48,722         
                                                    ----------
                                                     1,290,626
                                                    ----------

10     ANNUAL  REPORT  2003                                                     
--------------------------------------------------------------------------------

N-CSR 12th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 12th
                                                                [Download Table]


COMMON  STOCKS  (CONTINUED)                                                      

                                                        SHARES OR                
                                                     PRINCIPAL AMOUNT    VALUE   
---------------------------------------------------------------------------------
                                                                                 
PAPER & RELATED PRODUCTS (0.4%)                                                  
Chesapeake Corp.                                                1,800  $   43,920
Longview Fibre Co.                                              2,900      31,175
Universal Forest Products, Inc.                                 2,600      76,960
                                                                       ----------
                                                                          152,055
                                                                       ----------

---------------------------------------------------------------------------------
PHARMACEUTICALS (1.5%)                                                           
Atherogenics, Inc. (b)                                            900      14,841
Connetics Corp. (b)                                             3,900      69,849
Encysive Pharmaceuticals, Inc. (b)                              8,800      55,704
Gen-Probe, Inc. (b)                                             8,100     216,837
Kos Pharmaceuticals, Inc. (b)                                   5,400     214,434
Nabi Biopharmaceuticals (b)                                     4,900      54,047
                                                                       ----------
                                                                          625,712
                                                                       ----------

---------------------------------------------------------------------------------
REAL ESTATE (5.1%)                                                               
American Land Lease, Inc.                                       1,000      18,200
Associated Estates Realty Corp.                                 2,800      18,088
Bedford Property Investors, Inc.                                2,900      76,154
Boykin Lodging Co.                                              3,100      25,668
Camden Property Trust                                             400      15,840
Capital Automotive REIT                                         3,100      96,441
Cornerstone Realty Income Trust, Inc.                           1,300      10,751
Correctional Properties Trust                                     500      13,545
Equity Inns, Inc.                                               8,200      69,290
Essex Property Trust, Inc.                                        500      29,940
Felcor Lodging Trust, Inc.                                      6,100      62,159
Gables Residential Trust                                        4,300     138,374
Great Lakes, Inc. REIT                                          1,300      20,839
Highwood Properties, Inc.                                       2,000      49,600
HRPT Properties Trust                                          11,400     106,704
IndyMac Mortgage Holdings, Inc.                                 5,100     149,940
InnKeepers USA Trust REIT                                       4,700      40,890
Keystone Property Trust                                         3,200      64,000
Kilroy Realty Corp.                                             4,000     115,600
Koger Equity, Inc.                                              4,400      85,228
LTC Properties, Inc.                                            2,600      30,784
MeriStar Hospitality Corp. REIT (b)                            27,300     186,459
Mission West Properties                                         2,800      35,084
National Health Investors, Inc.                                 4,000      85,000
Post Properties, Inc.                                           1,400      36,960
Shurgard Storage Centers, Inc.                                  4,000     144,800
Sizeler Property Investors                                      2,700      28,458
SL Green Realty Corp.                                           5,300     191,595
Sovran Self Storage, Inc.                                       3,500     118,475
Urstadt Biddle, Inc., Class A                                     600       8,130
Winston Hotels, Inc.                                            2,900      29,145
                                                                       ----------
                                                                        2,102,141
                                                                       ----------

---------------------------------------------------------------------------------
RESTAURANTS (1.0%)                                                               
Papa John's International, Inc. (b)                            10,300     270,993
Ryan Family Steak Houses, Inc. (b)                              8,300     115,702
The Steak n Shake Co. (b)                                         700      12,110
                                                                       ----------
                                                                          398,805
                                                                       ----------

                                                        SHARES OR                
                                                     PRINCIPAL AMOUNT    VALUE   
---------------------------------------------------------------------------------
RETAIL (6.1%)                                                                    
Aeropostale, Inc. (b)                                           7,100  $  219,035
BJ's Wholesale Club, Inc. (b)                                     800      20,552
Bombay Co., Inc. (b)                                            4,800      63,264
Brookstone, Inc. (b)                                            2,600      53,118
Callaway Golf Co.                                              20,400     331,500
Central Garden & Pet Co. (b)                                      600      16,596
Claire's Stores, Inc.                                           8,000     309,600
Finlay Enterprises, Inc. (b)                                      900      13,626
Footstar, Inc. (b)                                              9,700      60,625
Jos. A. Bank Clothiers, Inc. (b)                                4,100     177,817
K-Swiss, Inc., Class A                                          2,000      87,880
Lone Star Steakhouse & Saloon, Inc.                             4,900     107,163
Men's Wearhouse (The), Inc. (b)                                 8,100     238,626
Rex Stores Corp. (b)                                            1,100      17,336
ShopKo Stores, Inc. (b)                                        16,200     250,776
Sonic Automotive, Inc.                                          2,500      56,750
Stage Stores, Inc. (b)                                         10,600     304,962
The Pantry, Inc. (b)                                            1,500      24,600
Trans World Entertainment Corp. (b)                             1,700      11,050
Zale Corp. (b)                                                  3,100     160,456
                                                                       ----------
                                                                        2,525,332
                                                                       ----------

---------------------------------------------------------------------------------
SEMICONDUCTORS (2.7%)                                                            
Actel Corp. (b)                                                 2,800      75,544
Cohu, Inc.                                                      3,600      72,252
ESS Technology, Inc. (b)                                       15,200     210,976
International Rectifier Corp. (b)                                 400      19,092
Photronics, Inc. (b)                                           10,000     215,400
Silicon Laboratories, Inc. (b)                                  3,800     205,124
Standard Microsystems Corp. (b)                                 2,400      72,000
Ultratech Stepper, Inc. (b)                                     6,100     190,381
Varian Semiconductor Equipment Associates, Inc. (b)               700      33,845
Vitesse Semiconductor Corp. (b)                                 1,600      11,264
                                                                       ----------
                                                                        1,105,878
                                                                       ----------

---------------------------------------------------------------------------------
SERVICES (3.3%)                                                                  
American Management Systems, Inc. (b)                           1,100      16,280
Aquantive, Inc. (b)                                            14,500     152,250
Exult, Inc. (b)                                                 6,400      50,752
Gevity HR, Inc.                                                11,700     176,904
J2 Global Communications, Inc. (b)                              5,300     150,096
Labor Ready, Inc. (b)                                          20,000     217,400
MemberWorks, Inc. (b)                                           6,600     190,608
Modis Professional Services, Inc.                               1,400      88,690
PDI, Inc. (b)                                                   2,100      45,675
Quality Systems, Inc. (b)                                       1,500      71,730
Service Corp. International (b)                                34,200     165,870
Sybase, Inc. (b)                                                1,000      17,900
Wackenhut Corrections Corp. (b)                                   800      16,656
                                                                       ----------
                                                                        1,360,811
                                                                       ----------

2003  ANNUAL  REPORT  11                                                        
--------------------------------------------------------------------------------

N-CSR 13th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 13th
STATEMENT  OF  INVESTMENTS  (Continued)                                         
October  31,  2003                                                              

NATIONWIDE  SMALL  CAP  FUND  (Continued)                                       

                                                        [Enlarge/Download Table]


COMMON  STOCKS  (CONTINUED)                                                                       

REPURCHASE AGREEMENTS (2.4%)                                                                      

                                                           SHARES OR                              
                                                        PRINCIPAL AMOUNT                 VALUE    
--------------------------------------------------------------------------------------------------
                                                                                                  
STEEL (0.2%)                                                                                      
Carpenter Technology Corp.                                         3,900              $   100,815 
                                                                                      ----------- 

------------------------------------------------------------------------------------------------- 
TELECOMMUNICATIONS (3.9%)                                                                         
Anaren Microwave, Inc. (b)                                         1,200                   16,980 
Anixter International, Inc. (b)                                    1,200                   28,656 
Aspect Communications Corp. (b)                                    6,900                   93,357 
Cincinnati Bell, Inc. (b)                                         53,700                  274,407 
Commonwealth Telephone Enterprises, Inc. (b)                       2,100                   85,596 
DSP Group, Inc. (b)                                                5,900                  140,892 
Evolving Systems, Inc. (b)                                         4,700                   72,098 
General Cable Corp. (b)                                            5,200                   49,348 
General Communication, Inc. (b)                                    4,900                   48,314 
Inet Technologies, Inc. (b)                                        3,500                   47,075 
Performance Technologies, Inc. (b)                                 1,300                   13,507 
Plantronics, Inc. (b)                                              7,400                  205,794 
Safenet, Inc. (b)                                                    300                   10,005 
Spanish Broadcasting System, Inc. (b)                              8,600                   77,400 
Spectralink Corp. (b)                                              3,000                   52,800 
Surewest Communications                                            1,600                   63,792 
Talk America Holdings, Inc. (b)                                    5,600                   69,888 
Ulticom, Inc (b)                                                   2,800                   29,680 
Western Wireless Corp., Class A (b)                               11,400                  221,160 
                                                                                      ----------- 
                                                                                        1,600,749 
                                                                                      ----------- 

------------------------------------------------------------------------------------------------- 
TIRE & RUBBER (0.1%)                                                                              
Cooper Tire & Rubber Co.                                           2,300                   45,218 
                                                                                      ----------- 

------------------------------------------------------------------------------------------------- 
TOBACCO (0.5%)                                                                                    
DIMON, Inc.                                                        1,600                   11,520 
Schweitzer-Mauduit International, Inc.                             3,500                   93,100 
Universal Corp.                                                    2,100                   91,518 
                                                                                      ----------- 
                                                                                          196,138 
                                                                                      ----------- 

------------------------------------------------------------------------------------------------- 
TRANSPORTATION (2.9%)                                                                             
Airtran Holdings, Inc. (b)                                        17,000                  275,570 
America West Holdings Corp., Class B (b)                          10,800                  155,736 
ExpressJet Holdings, Inc. (b)                                     20,400                  312,120 
Landstar System, Inc. (b)                                          2,400                  175,296 
Navigant International, Inc. (b)                                   1,700                   25,619 
Oshkosh Truck Corp.                                                4,500                  206,235 
SCS Transportation, Inc. (b)                                         800                   12,008 
The Greenbrier Companies, Inc. (b)                                 2,000                   25,280 
                                                                                      ----------- 
                                                                                        1,187,864 
                                                                                      ----------- 

TOTAL COMMON STOCKS                                                                    40,252,957 
                                                                                      ----------- 

REPURCHASE AGREEMENTS (2.4%)                                                    

                                                        [Enlarge/Download Table]

                                                                          SHARES OR                      
                                                                       PRINCIPAL AMOUNT          VALUE   
---------------------------------------------------------------------------------------------------------
                                                                                                         
CS First Boston, 0.94%, dated 10/31/03,                                                                  
due 11/03/03, repurchase price $503,107                                                                  
(Fully collateralized by AA Rated Corporate Bonds)                        $  503,068         $   503,068 
Lehman Brothers, Inc., 0.94%, dated 10/31/03,                                                            
due 11/03/03, repurchase price $93,167                                                                   
(Fully collateralized by U.S. Agency Securities)                              93,160              93,160 
Nomura Securities, 0.94%, dated 10/31/03,                                                                
due 11/03/03, repurchase price $402,486                                                                  
(Fully collateralized by AA Rated Corporate Bonds)                           402,454             402,454 
                                                                                             ------------

TOTAL REPURCHASE AGREEMENTS                                                                      998,682 
                                                                                             ------------

SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL                                                    
RECEIVED FOR SECURITIES ON LOAN (20.3%)                                                                  

REPURCHASE AGREEMENTS (20.3%)                                                                            
Nomura Securities, 1.07%, dated 10/31/03,                                                                
due 11/03/03, repurchase price $8,359,622                                                                
(Fully collateralized by U.S. Agency Securities)                           8,358,877           8,358,877 
                                                                                             ------------

TOTAL SHORT-TERM INVESTMENTS PURCHASED WITH                                                              
CASH COLLATERAL RECEIVED FOR SECURITIES ON LOAN                                                8,358,877 
                                                                                             ------------

TOTAL INVESTMENTS (COST $42,389,319) (A) - 120.3%                                             49,610,516 
                                                                                             ------------

LIABILITIES IN EXCESS OF OTHER ASSETS -(20.3)%                                                (8,371,974)
                                                                                             ------------

NET ASSETS - 100.0%                                                                          $41,238,542 
                                                                                             ============

(a)  See  notes  to  financials  for  unrealized  appreciation (depreciation) of
securities.                                                           
(b)  Denotes  a  non-income  producing  security.                               
REIT  Real  Estate  Investment  Trust                                           

At  October,  31  2003  the  Fund's open long futures contracts were as follows:

                                                        [Enlarge/Download Table]

                                                           MARKET                      
                                                           VALUE       UNREALIZED      
NUMBER OF                 LONG                             COVERED BY  APPRECIATION    
CONTRACTS                 CONTRACTS*       EXPIRATION      CONTRACTS   (DEPRECIATION)  
---------------------------------------------------------------------------------------
                                                                                       
        3                  Russell 2000    12/19/03        $   792,525  $        24,133

*    Cash  pledged  as  collateral.                                             

SEE  NOTES  TO  FINANCIAL  STATEMENTS.                                          

12     ANNUAL  REPORT  2003                                                     
--------------------------------------------------------------------------------

N-CSR 14th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 14th
STATEMENTS  OF  ASSETS  AND  LIABILITIES                                        
October  31,  2003                                                              

                                                        [Enlarge/Download Table]

                                                                                       NATIONWIDE     NATIONWIDE 
                                                                                        LARGE CAP       SMALL    
                                                                                       GROWTH FUND     CAP FUND  
-----------------------------------------------------------------------------------------------------------------
                                                                                                                 
ASSETS:                                                                                                          
Investments, at value (cost $35,021,888 and $33,031,760; respectively)                $ 37,288,817   $40,252,957 
Repurchase agreements, at cost                                                             367,654       998,682 
Investments purchased with cash collateral received for securities on loan, at cost              -     8,358,877 
                                                                                      ---------------------------
Total Investment                                                                        37,656,471    49,610,516 
                                                                                      ---------------------------
Cash                                                                                        69,105        17,913 
Interest and dividends receivable                                                           19,040        23,698 
Receivable for investments sold                                                                  -        12,598 
Receivable for variation margin on futures contracts                                           400             - 
Prepaid expenses and other assets                                                            2,680         5,222 
                                                                                      ---------------------------
Total Assets                                                                            37,747,696    49,669,947 
                                                                                      ---------------------------
LIABILITIES:                                                                                                     
Payable to adviser                                                                           7,884         1,557 
Payable for investments purchased                                                                -         3,423 
Payable for variation margin on futures contracts                                                -         4,125 
Payable for return of collateral received for securities on loan                                 -     8,358,877 
Accrued expenses and other payables                                                                              
Investment advisory fees                                                                    25,221        32,456 
Fund administration and transfer agent fees                                                 10,142         8,310 
Distribution fees                                                                            7,261         5,899 
Administrative servicing fees                                                                5,163         5,888 
Other                                                                                       16,776        10,870 
                                                                                      ---------------------------
Total Liabilities                                                                           72,447     8,431,405 
                                                                                      ---------------------------
NET ASSETS                                                                            $ 37,675,249   $41,238,542 
                                                                                      ===========================
REPRESENTED BY:                                                                                                  
Capital                                                                               $ 59,777,622   $33,630,277 
Accumulated net investment income (loss)                                                         -             - 
Accumulated net realized gains (losses) from investment and futures transactions       (24,376,832)      362,935 
Net unrealized appreciation (depreciation) on investments and futures                    2,274,459     7,245,330 
                                                                                      ---------------------------
NET ASSETS                                                                            $ 37,675,249   $41,238,542 
                                                                                      ===========================
NET ASSETS:                                                                                                      
Class A Shares                                                                        $ 26,410,726   $21,197,780 
Class B Shares                                                                           1,996,316     1,367,729 
Class C Shares                                                                              53,307        89,328 
Institutional Service Class Shares                                                       9,214,900    18,583,705 
                                                                                      ---------------------------
Total                                                                                 $ 37,675,249   $41,238,542 
                                                                                      ===========================
SHARES OUTSTANDING (unlimited number of shares authorized):                                                      
Class A Shares                                                                           3,288,634     1,549,171 
Class B Shares                                                                             259,316       102,924 
Class C Shares                                                                               6,923         6,712 
Institutional Service Class Shares                                                       1,136,393     1,347,984 
                                                                                      ---------------------------
Total                                                                                    4,691,266     3,006,791 
                                                                                      ===========================
NET ASSET VALUE:                                                                                                 
Class A Shares                                                                        $       8.03   $     13.68 
Class B Shares (a)                                                                    $       7.70   $     13.29 
Class C Shares (b)                                                                    $       7.70   $     13.31 
Institutional Service Class Shares                                                    $       8.11   $     13.79 
MAXIMUM OFFERING PRICE PER SHARE (100%/(100%-maximum sales charge)                                               
of net asset value adjusted to the nearest cent):                                                                
Class A Shares                                                                        $       8.52   $     14.51 
Class C Shares                                                                        $       7.78   $     13.44 
                                                                                      ---------------------------
Maximum Sales Charge - Class A Shares                                                         5.75%         5.75%
                                                                                      ===========================
Maximum Sales Charge - Class C Shares                                                         1.00%         1.00%
                                                                                      ===========================

(a)  For Class B shares, the redemption price per share varies by length of time
shares  are  held.                                                    
(b)  For  Class C shares, the redemption price per share is reduced by 1.00% for
shares  held  less  than  one  year.                                  
See  notes  to  financial statements.                                           

2003  ANNUAL  REPORT  13                                                        
--------------------------------------------------------------------------------

N-CSR 15th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 15th
STATEMENTS  OF  OPERATIONS                                                      
For  the  Year  Ended  October  31,  2003                                       

                                                        [Enlarge/Download Table]

                                                                                 NATIONWIDE     NATIONWIDE 
                                                                                  LARGE CAP     SMALL CAP  
                                                                                 GROWTH FUND       FUND    
-----------------------------------------------------------------------------------------------------------
                                                                                                           
INVESTMENT INCOME:                                                                                         
Interest income                                                                 $      3,698   $    11,822 
Dividend income                                                                      371,275       336,151 
                                                                                ---------------------------
Total Income                                                                         374,973       347,973 
                                                                                ---------------------------
EXPENSES:                                                                                                  
Investment advisory fees                                                             282,790       279,300 
Fund administration and transfer agent fees                                           55,694        52,013 
Distribution fees Class A                                                             66,114        49,156 
Distribution fees Class B                                                             17,808        10,741 
Distribution fees Class C                                                                430           609 
Administrative servicing fees Class A                                                 37,419        27,500 
Administrative servicing fees Institutional Service Class                             17,823        21,506 
Registration and filing fees                                                          32,534        32,343 
Other                                                                                 30,507        19,178 
                                                                                ---------------------------
Total expenses before reimbursed expenses                                            541,119       492,346 
Expenses reimbursed                                                                  (30,018)      (29,797)
                                                                                ---------------------------
Total Expenses                                                                       511,101       462,549 
                                                                                ---------------------------
NET INVESTMENT INCOME (LOSS)                                                        (136,128)     (114,576)
                                                                                ---------------------------
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:                                                       
Net realized gains (losses) on investment transactions                            (1,570,309)    1,660,362 
Net realized gains (losses) on futures transactions                                  (19,728)      215,972 
                                                                                ---------------------------
Net realized gains (losses) on investment and futures transactions                (1,590,037)    1,876,334 
Net change in unrealized appreciation/depreciation on investments and futures      8,541,496     9,480,092 
                                                                                ---------------------------
Net realized/unrealized gains (losses) on investments and futures                  6,951,459    11,356,426 
                                                                                ---------------------------
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS                                  $  6,815,331   $11,241,850 
                                                                                ===========================

See  notes  to  financial  statements.                                          

14     ANNUAL  REPORT  2003                                                     
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STATEMENTS  OF  CHANGES  IN  NET  ASSETS                                        

                                                        [Enlarge/Download Table]

                                                          NATIONWIDE                               NATIONWIDE                
                                                           LARGE CAP                                SMALL CAP                
                                                          GROWTH FUND                                   FUND                 
                                                ---------------------------------------------------------------------------- 
                                                   YEAR ENDED          YEAR ENDED          YEAR ENDED          YEAR ENDED    
                                                OCTOBER 31, 2003    OCTOBER 31, 2002    OCTOBER 31, 2003    OCTOBER 31, 2002 
                                                ---------------------------------------------------------------------------- 
                                                                                                                             
FROM INVESTMENT ACTIVITIES:                                                                                                  
OPERATIONS:                                                                                                                  
Net investment income (loss)                   $        (136,128)  $        (192,951)  $        (114,576)  $         (65,503)
Net realized gains (losses) on investment and                                                                                
futures transactions                                  (1,590,037)        (11,764,046)          1,876,334            (958,702)
Net change in unrealized appreciation/                                                                                       
depreciation on investments and                                                                                              
futures                                                8,541,496           3,737,134           9,480,092          (2,267,672)
                                                ---------------------------------------------------------------------------- 
Change in net assets resulting                                                                                               
 from operations                                       6,815,331          (8,219,863)         11,241,850          (3,291,877)
                                                ---------------------------------------------------------------------------- 
Change in net assets from capital                                                                                            
 transactions                                         (4,276,838)             (8,672)          2,873,384           3,866,916 
                                                ---------------------------------------------------------------------------- 
Change in net assets                                   2,538,493          (8,228,535)         14,115,234             575,039 

NET ASSETS:                                                                                                                  
Beginning of period                                   35,136,756          43,365,291          27,123,308          26,548,269 
                                                ---------------------------------------------------------------------------- 
End of period                                  $      37,675,249   $      35,136,756   $      41,238,542   $      27,123,308 
                                               ============================================================================= 

See  notes  to  financial  statements.                                          

2003  ANNUAL  REPORT  15                                                        
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FINANCIAL  HIGHLIGHTS                                                           
Selected  Data  for  Each  Share  of  Capital  Outstanding                      

NATIONWIDE  LARGE  CAP  GROWTH  FUND                                            

                                                        [Enlarge/Download Table]

                                                           INVESTMENT ACTIVITIES          DISTRIBUTIONS                            
                                     ----------------------------------------------------------------------------------------      
                                                                    NET                                                            
                                                                  REALIZED                                                         
                                        NET                         AND                                                NET         
                                       ASSET                     UNREALIZED      TOTAL                                ASSET        
                                       VALUE,         NET          GAINS         FROM         NET                     VALUE,       
                                     BEGINNING    INVESTMENT    (LOSSES) ON   INVESTMENT   REALIZED       TOTAL       END OF       
                                     OF PERIOD   INCOME (LOSS)  INVESTMENTS   ACTIVITIES     GAINS    DISTRIBUTIONS   PERIOD       
-----------------------------------------------------------------------------------------------------------------------------      
                                                                                                                                   
CLASS A SHARES                                                                                                                     
Period Ended                                                                                                                       
October 31, 1999 (d)                 $    10.00         (0.04)         3.62         3.58          -               -   $ 13.58      
Year Ended October 31, 2000          $    13.58         (0.04)         1.03         0.99      (0.20)          (0.20)  $ 14.37      
Year Ended October 31, 2001          $    14.37         (0.04)        (5.55)       (5.59)     (0.49)          (0.49)  $  8.29      
Year Ended October 31, 2002          $     8.29         (0.04)        (1.57)       (1.61)         -               -   $  6.68      
Year Ended October 31, 2003          $     6.68         (0.03)         1.38         1.35          -               -   $  8.03      

CLASS B SHARES                                                                                                                     
Period Ended October 31, 1999 (d)    $    10.00         (0.12)         3.62         3.50          -               -   $ 13.50      
Year Ended October 31, 2000          $    13.50         (0.06)         0.94         0.88      (0.20)          (0.20)  $ 14.18      
Year Ended October 31, 2001          $    14.18         (0.11)        (5.55)       (5.66)     (0.49)          (0.49)  $  8.03      
Year Ended October 31, 2002          $     8.03         (0.09)        (1.50)       (1.59)         -               -   $  6.44      
Year Ended October 31, 2003          $     6.44         (0.07)         1.33         1.26          -               -   $  7.70      

CLASS C SHARES                                                                                                                     
Period Ended October 31, 2001 (e)    $     9.91         (0.03)        (1.84)       (1.87)         -               -   $  8.04      
Year Ended October 31, 2002          $     8.04         (0.08)        (1.52)       (1.60)         -               -   $  6.44      
Year Ended October 31, 2003          $     6.44         (0.06)         1.32         1.26          -               -   $  7.70      

INSTITUTIONAL SERVICE CLASS SHARES                                                                                                 
Period Ended October 31, 1999 (d)    $    10.00         (0.01)         3.61         3.60          -               -   $ 13.60      
Year Ended October 31, 2000          $    13.60         (0.03)         1.04         1.01      (0.20)          (0.20)  $ 14.41      
Year Ended October 31, 2001          $    14.41         (0.03)        (5.55)       (5.58)     (0.49)          (0.49)  $  8.34      
Year Ended October 31, 2002          $     8.34         (0.02)        (1.59)       (1.61)         -               -   $  6.73      
Year Ended October 31, 2003          $     6.73         (0.02)         1.40         1.38          -               -   $  8.11      
                              -----------------------------------------------------------------------------------------------      

                                                                     RATIOS / SUPPLEMENTAL DATA                                    
                                     ----------------------------------------------------------------------------------------------
                                                                                                            RATIO OF NET           
                                                                               RATIO OF                      INVESTMENT            
                                                                                  NET         RATIO OF         INCOME              
                                                                              INVESTMENT      EXPENSES         (LOSS)              
                                                                  RATIO OF      INCOME       (PRIOR TO       (PRIOR TO             
                                                    NET ASSETS    EXPENSES      (LOSS)       REIMBURSE-      REIMBURSE-            
                                                    AT END OF    TO AVERAGE   TO AVERAGE       MENTS)          MENTS)     PORTFOLIO
                                        TOTAL         PERIOD         NET          NET        TO AVERAGE      TO AVERAGE    TURNOVER
                                      RETURN (A)      (000S)       ASSETS       ASSETS     NET ASSETS (B)  NET ASSETS (B)     (C)  
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                   
CLASS A SHARES                                                                                                                     
Period Ended                                                                                                                       
October 31, 1999 (d)                   35.80% (f)  $     33,410    1.20% (g)  (0.27%) (g)       1.69% (g)     (0.76%) (g)    65.27%
Year Ended October 31, 2000                 7.26%  $     40,643        1.20%      (0.33%)           1.74%         (0.87%)    86.68%
Year Ended October 31, 2001              (39.92%)  $     33,579        1.20%      (0.47%)           1.88%         (1.15%)    78.02%
Year Ended October 31, 2002              (19.42%)  $     27,246        1.36%      (0.46%)           1.52%         (0.62%)   114.21%
Year Ended October 31, 2003                20.21%  $     26,411        1.44%      (0.38%)           1.53%         (0.46%)   104.57%

CLASS B SHARES                                                                                                                     
Period Ended October 31, 1999 (d)      35.00% (f)  $      1,179    1.95% (g)  (0.97%) (g)       5.26% (g)     (4.28%) (g)    65.27%
Year Ended October 31, 2000                 6.48%  $      3,234        1.95%      (1.06%)           3.33%         (2.44%)    86.68%
Year Ended October 31, 2001              (40.98%)  $      2,247        1.95%      (1.21%)           3.70%         (2.96%)    78.02%
Year Ended October 31, 2002              (19.80%)  $      1,773        2.02%      (1.13%)           2.25%         (1.36%)   114.21%
Year Ended October 31, 2003                19.57%  $      1,996        2.05%      (0.99%)           2.13%         (1.08%)   104.57%

CLASS C SHARES                                                                                                                     
Period Ended October 31, 2001 (e)    (18.87%) (f)  $         35    1.95% (g)  (1.20%) (g)       4.51% (g)     (3.76%) (g)    78.02%
Year Ended October 31, 2002              (19.90%)  $         37        2.02%      (1.13%)           2.22%         (1.33%)   114.21%
Year Ended October 31, 2003                19.57%  $         53        2.05%      (1.00%)           2.13%         (1.08%)   104.57%

INSTITUTIONAL SERVICE CLASS SHARES                                                                                                 
Period Ended October 31, 1999 (d)      36.00% (f)  $      4,594    1.05% (g)  (0.09%) (g)       3.46% (g)     (2.50%) (g)    65.27%
Year Ended October 31, 2000                 7.40%  $      9,904        1.05%      (0.17%)           1.54%         (0.66%)    86.68%
Year Ended October 31, 2001              (39.73%)  $      7,505        1.05%      (0.33%)           1.62%         (0.90%)    78.02%
Year Ended October 31, 2002              (19.30%)  $      6,082        1.21%      (0.32%)           1.38%         (0.49%)   114.21%
Year Ended October 31, 2003                20.51%  $      9,215        1.30%      (0.26%)           1.38%         (0.34%)   104.57%
                              -----------------------------------------------------------------------------------------------------

(a)  Excludes  sales  charge.                                                   
(b)  During  the  period  certain  fees  were  waived and/or reimbursed. If such
     waivers/reimbursements  had  not  occurred,  the  ratios would have been as
indicated.                                                            
(c)  Portfolio  turnover  is  calculated  on  the  basis  of the Fund as a whole
without  distinguishing  among  the  classes  of  shares.             
(d)  For  the  period from November 2, 1998 (commencement of operations) through
October  31,  1999.                                                   
(e)  For  the  period  from  March  1, 2001 (commencement of operations) through
October  31,  2001.                                                   
(f)  Not  annualized.                                                           
(g)  Annualized.                                                                
See  notes  to  financial  statements.                                          

16     ANNUAL  REPORT  2003                                                     
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NATONWIDE SMALL CAP FUND                                                        

                                                        [Enlarge/Download Table]

                                                      INVESTMENT ACTIVITIES          DISTRIBUTIONS                                 
                              ---------------------------------------------------------------------------------------------        

                                                              NET                                                                  
                                 NET                     REALIZED AND                                                              
                                ASSET                     UNREALIZED       TOTAL                                                   
                                VALUE,         NET           GAINS         FROM          NET         NET                           
                              BEGINNING    INVESTMENT     (LOSSES) ON   INVESTMENT   INVESTMENT   REALIZED       TOTAL             
                              OF PERIOD   INCOME (LOSS)   INVESTMENTS   ACTIVITIES     INCOME       GAINS    DISTRIBUTIONS         
---------------------------------------------------------------------------------------------------------------------------        
                                                                                                                                   
CLASS A SHARES                                                                                                                     
Period Ended                                                                                                                       
October 31, 1999 (d)          $    10.00          0.03           1.19         1.22        (0.03)         -           (0.03)        
Year Ended October 31, 2000   $    11.19         (0.02)          2.05         2.03            -      (0.10)          (0.10)        
Year Ended October 31, 2001   $    13.12         (0.02)         (1.23)       (1.25)           -      (1.08)          (1.08)        
Year Ended October 31, 2002   $    10.79         (0.02)         (1.16)       (1.18)           -          -               -         
Year Ended October 31, 2003   $     9.61         (0.05)          4.12         4.07            -          -               -         

CLASS B SHARES                                                                                                                     
Period Ended                                                                                                                       
October 31, 1999 (d)          $    10.00         (0.05)          1.22         1.17            -          -               -         
Year Ended October 31, 2000   $    11.17         (0.08)          2.03         1.95            -      (0.10)          (0.10)        
Year Ended October 31, 2001   $    13.02         (0.09)         (1.24)       (1.33)           -      (1.08)          (1.08)        
Year Ended October 31, 2002   $    10.61         (0.09)         (1.13)       (1.22)           -          -               -         
Year Ended October 31, 2003   $     9.39         (0.10)          4.00         3.90            -          -               -         

CLASS C SHARES                                                                                                                     
Period Ended                                                                                                                       
October 31, 2001 (e)          $    11.33         (0.04)         (0.66)       (0.70)           -          -               -         
Year Ended October 31, 2002   $    10.63         (0.09)         (1.13)       (1.22)           -          -               -         
Year Ended October 31, 2003   $     9.41         (0.09)          3.99         3.90            -          -               -         

INSTITUTIONAL SERVICE                                                                                                              
CLASS SHARES                                                                                                                       
Period Ended                                                                                                                       
October 31, 1999 (d)          $    10.00          0.04           1.19         1.23        (0.03)         -           (0.03)        
Year Ended October 31, 2000   $    11.20         (0.01)          2.06         2.05            -      (0.10)          (0.10)        
Year Ended October 31, 2001   $    13.15             -          (1.23)       (1.23)           -      (1.08)          (1.08)        
Year Ended October 31, 2002   $    10.84         (0.01)         (1.16)       (1.17)           -          -               -         
Year Ended October 31, 2003   $     9.67         (0.02)          4.14         4.12            -          -               -         
                              ---------------------------------------------------------------------------------------------        

                                                                      RATIOS SUPPLEMENTAL DATA                                     
                              -----------------------------------------------------------------------------------------------------
                                                                                RATIO OF                  RATIO OF                 
                                                                                   NET       RATIO OF     INVESTMENT               
                                                                               INVESTMENT    EXPENSES      INCOME                  
                                NET                                RATIO OF      INCOME    (PRIOR TO     (LOSS) PRIOR TO           
                               ASSET                 NET ASSETS    EXPENSES      (LOSS)    REIMBURSE-     REIMBURSE-               
                              VALUE,                 AT END OF    TO AVERAGE   TO AVERAGE   MENTS) TO     MENTS) TO                
                              END OF      TOTAL        PERIOD         NET          NET      AVERAGE        AVERAGE      PORTFOLIO  
                              PERIOD    RETURN (A)      (000S)       ASSETS       ASSETS   NET ASSETS (B) NETASSETS(B) TURNOVER (C)
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                   
CLASS A SHARES                                                                                                                     
Period Ended                                                                                                                       
October 31, 1999 (d)          $ 11.19   12.18% (f)  $     19,830    1.35% (g)    0.29% (g)  2.24% (g)     (0.60%) (g)        81.24%
Year Ended October 31, 2000   $ 13.12       18.25%  $     23,922        1.35%      (0.16%)      2.10%         (0.91%)       139.27%
Year Ended October 31, 2001   $ 10.79     (10.09%)  $     21,190        1.35%      (0.17%)      2.00%         (0.82%)       119.03%
Year Ended October 31, 2002   $  9.61     (10.94%)  $     20,290        1.51%      (0.24%)      1.72%         (0.45%)       111.00%
Year Ended October 31, 2003   $ 13.68       42.35%  $     21,198        1.59%      (0.37%)      1.70%         (0.48%)       100.05%

CLASS B SHARES                                                                                                                     
Period Ended                                                                                                                       
October 31, 1999 (d)          $ 11.17   11.70% (f)  $        215    2.10% (g)  (0.46%) (g)  6.57% (g)     (4.93%) (g)        81.24%
Year Ended October 31, 2000   $ 13.02       17.56%  $        748        2.10%      (0.90%)      3.82%         (2.62%)       139.27%
Year Ended October 31, 2001   $ 10.61     (10.84%)  $        854        2.10%      (0.93%)      3.74%         (2.57%)       119.03%
Year Ended October 31, 2002   $  9.39     (11.50%)  $        950        2.17%      (0.89%)      2.41%         (1.13%)       111.00%
Year Ended October 31, 2003   $ 13.29       41.53%  $      1,368        2.20%      (1.00%)      2.30%         (1.10%)       100.05%

CLASS C SHARES                                                                                                                     
Period Ended                                                                                                                       
October 31, 2001 (e)          $ 10.63  (6.18%) (f)  $         20    2.10% (g)  (1.26%) (g)  5.62% (g)     (4.78%) (g)       119.03%
Year Ended October 31, 2002   $  9.41     (11.48%)  $         28        2.17%      (0.90%)      2.47%         (1.20%)       111.00%
Year Ended October 31, 2003   $ 13.31       41.45%  $         89        2.20%      (1.04%)      2.31%         (1.15%)       100.05%

INSTITUTIONAL SERVICE                                                                                                              
CLASS SHARES                                                                                                                       
Period Ended                                                                                                                       
October 31, 1999 (d)          $ 11.20  12.36%b (f)  $      1,759    1.20% (g)    0.39% (g)  4.87% (g)     (3.28%) (g)        81.24%
Year Ended October 31, 2000   $ 13.15       18.44%  $      4,192        1.20%      (0.01%)      1.92%         (0.73%)       139.27%
Year Ended October 31, 2001   $ 10.84      (9.90%)  $      4,485        1.20%      (0.04%)      1.79%         (0.63%)       119.03%
Year Ended October 31, 2002   $  9.67     (10.79%)  $      5,856        1.38%      (0.11%)      1.57%         (0.30%)       111.00%
Year Ended October 31, 2003   $ 13.79       42.61%  $     18,584        1.45%      (0.35%)      1.54%         (0.44%)       100.05%
                              -----------------------------------------------------------------------------------------------------

(a)  Excludes  sales  charge.                                                   
(b)  During  the  period  certain  fees  were  waived and/or reimbursed. If such
     waivers/reimbursements  had  not  occurred,  the  ratios would have been as
indicated.                                                            
(c)  Portfolio  turnover  is  calculated  on  the  basis  of the Fund as a whole
without  distinguishing  among  the  classes  of  shares.             
(d)  For  the  period from November 2, 1998 (commencement of operations) through
October  31,  1999.                                                   
(e)  For  the  period  from  March  1, 2001 (commencement of operations) through
October  31,  2001.                                                   
(f)  Not  annualized.                                                           
(g)  Annualized.                                                                
See  notes  to  financial  statements.                                          

2003  ANNUAL  REPORT  17                                                        
--------------------------------------------------------------------------------

N-CSR 19th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 19th
NATIONWIDE  S&P  500  INDEX  FUND                                               

Class  A  Shares  symbol:  NASPX                                                
Class  B  Shares  symbol:  NBSPX                                                
Class  C  Shares  symbol:  NWICX                                                
Institutional  Class  symbol:  NWIDX                                            
Service  Class  Shares  symbol:  NWISX                                          
Institutional  Service  Class  symbol:                                          
NWIIX  Local  Fund  Shares  symbol:  NWILX                                      

HOW  DID  THE  FUND  PERFORM?                                                   

For  the  annual  period  ended  Oct. 31, 2003, the Fund returned 20.03%* versus
20.81%  for  its  benchmark,  the  S&P  500  Index.                             

For  broader  comparison,  the average return for this Fund's peer category (S&P
500  Index  Objective  Funds)  was  19.97%,  according to Lipper, an independent
company  that  provides  mutual  fund  data  and  analysis.                     

WHAT  MARKET/ECONOMIC  AND  PORTFOLIO-SPECIFIC  FACTORS  AFFECTED  PERFORMANCE? 

Markets  were  volatile  during the period as corporate scandals, terrorism, war
anxieties and economic uncertainty depressed investor sentiment. Markets rallied
in  November  2002,  then  declined  in  December.  They  lost ground during the
beginning  of  2003,  then spiked on news of the start of the war with Iraq. The
market  downtrend returned after investors realized that the conflict might last
longer  than  had  been  anticipated.  Once  geopolitical risks abated after the
resolution  of  major  military  conflict  in  Iraq, however, investor sentiment
improved  and  markets  began  to  rise  in  March. The rise was notable for the
participation  of  all  sectors  and  countries. The upturn remained steady and,
although  a  slight  pullback  occurred  in  September, the markets finished the
period  with  strong  performance  in  October.                                 

Turning  to sector performance, nine of 10 S&P 500 Index sectors posted positive
returns  for  the  period.  Information  technology,  materials,  and  consumer 
discretionary  stocks returned 41%, 28% and 24%, respectively. The only negative
sector return came from telecommunications services, which registered -1%. Other
low  performers  were consumer staples and health care, which both returned only
4%.                                                                             

DESCRIBE  THE  FUND'S  TOP HOLDINGS AND ANY SIGNIFICANT TRANSACTIONS MADE DURING
THE  PERIOD.                                                                    

Top  security  holdings  at  the  end  of  the period were General Electric Co.,
Microsoft Corp., and Wal-Mart Stores, Inc. Fund weightings for each security are
determined  by  that security's respective benchmark weighting. All transactions
during  the  period  were  driven  either  by  changes to the composition of the
benchmark  Index  or  Fund  subscriptions/redemptions.                          

HOW  IS  THE  FUND  POSITIONED?                                                 

The  U.S. stock market has rebounded significantly since October 2002 because of
improved  corporate  earnings, low interest rates and strong economic growth. We
expect  this  trend  to  continue  during the remainder of 2003 and beyond. Iraq
remains  on  the  radar  screen,  because  reports  of  conflicts and casualties
continue  to  make  frequent  headlines.  Despite  this news, however, investors
appear  to  be  leaving  the  sidelines  and re-entering the equity markets. The
recent  economic data points to an acceleration in global activity. In the midst
of  these  strong  results, the bears believe that economic growth peaked during
the  third  quarter and that news from then on will be less positive. And so the
tug of war continues between those who expect the market to keep barreling ahead
and those who foresee a backlash. The Fund is positioned to continue to meet its
objective  of  replicating  the  risks  and  returns  of  its  benchmark.       

PORTFOLIO  MANAGER:  Fund  Asset  Management,  L.P.  -  Subadviser              

*    Performance  of  Class  A  shares  without  sales  charge  and assuming all
distributions  are  reinvested.                                       

PORTFOLIO  MARKET  VALUE  $1,129,985,506                                        
OCTOBER  31,  2003                                                              

18     ANNUAL  REPORT  2003                                                     
--------------------------------------------------------------------------------

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AVERAGE  ANNUAL  TOTAL  RETURN                                                  
(For  Periods  Ended  October  31,  2003)                                       

                              1 YR.    5YR.   INCEPTION1
---------------------------------------------------------------------           
Class A2                        w/o SC3   20.03%  -0.01%       -0.60%           
                     w/SC4     13.20%  -1.19%       -1.71%
---------------------------------------------------------------------           
Class B2                        w/o SC3   19.14%  -0.52%       -1.08%           
                     w/SC5     14.14%  -0.91%       -1.26%
---------------------------------------------------------------------           
Class C6                        w/o SC3   19.27%  -0.50%       -1.06%           
                     w/SC7     17.04%  -0.70%       -1.25%
---------------------------------------------------------------------           
Institutional Class8,9                    20.39%   0.25%       -0.35%           
---------------------------------------------------------------------           
Service Class2,9                          19.89%  -0.24%       -0.81%           
---------------------------------------------------------------------           
Institutional Service Class2,9            20.11%  -0.03%       -0.62%           
---------------------------------------------------------------------           
Local Fund Shares9                        20.26%   0.10%       -0.50%           
---------------------------------------------------------------------           

All  figures  showing  the  effect  of a sales charge reflect the maximum charge
possible,  because  it  has  the  most  dramatic  effect  on  performance  data.
1    Fund  commenced  operations  on  July  24,  1998.                          
2    These  returns  for  the period prior to the creation of a particular class
     include the performance of the Fund's Local Fund Shares. These returns were
     achieved prior to the creation of Class A and Class B shares (12/29/99) and
     Service  Class  and Institutional Service Class shares (11/2/98). Excluding
     the  effect of any fee waivers or reimbursements, such prior performance is
     similar  to  what Class A, Class B, Service Class and Institutional Service
     Class  shares  would have produced because all classes of the Fund's shares
     invest  in  the  same  portfolio  of  securities. The performance for these
     classes  has  been  restated to reflect differences in sales charges (where
     applicable),  but  does  not  reflect  the  differing  levels of other fees
     (primarily  Rule  12b-1  and/or administrative services fees) applicable to
     such  classes;  if  these fees were reflected, the performance for Class A,
     Class  B,  Service  Class  and  Institutional Service Class would have been
lower.                                                                
3    These  returns  do  not  reflect  the  effects  of  sales  charges  (SC).  
4    A  5.75%  front-end  sales  charge  was  deducted.                         
5    A  5.00%  contingent  deferred  sales  charge (CDSC) was deducted. The CDSC
declines  to  0%  after  6  years.                                    
6    These  returns  until the creation of Class C shares (10/22/03) include the
     performance of the Fund's Local Fund Shares for the period through December
     28,  1999  and  the  Fund's Class B shares for the period from December 29,
     1999  to  October  21,  2003.  Excluding  the  effect of any fee waivers or
     reimbursements,  such  prior  performance is similar to what Class C shares
     would  have produced because Class C shares invest in the same portfolio of
     securities  as  the  Fund's  other classes. The performance for the Class C
     shares  has  been  restated  to reflect differences in sales charges (where
     applicable),  but  does  not  reflect  the  differing  levels of other fees
     (primarily  Rule  12b-1  and/or administrative services fees) applicable to
     such  classes;  if  these  fees were reflected, the performance for Class C
shares  would  have  been  lower.                                     
7    A  1.00%  front-end  sales  charge  was  deducted. A CDSC of 1.00% was also
     deducted from the one year return because it is charged when you sell Class
C  shares  within  the  first  year  after  purchase.                 
8    These  returns  until  the  creation  of  the  Institutional  Class  shares
     (12/29/99)  include  the  performance  of the Fund's Local Fund shares. The
     returns  have  not  been  adjusted  for  the  lower  expenses applicable to
     Institutional  Class  shares.  Excluding  the  effect of any fee waivers or
     reimbursements,  such  prior  performance  is similar to what Institutional
     Class  shares would have produced because Institutional Class shares invest
in  the  same  portfolio  of  securities  as  Local  Fund  Shares.    
9    Not  subject  to  any  sales  charges.                                     

GROWTH  OF  A  $10,000  INVESTMENT                                              

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.                                                            

Date        Local Shares  S&P 500   CPI                                         
-----------------------------------------                                       
7/24/1998         10,000   10,000  10,000                                       
10/31/1998         9,692    9,843  10,049                                       
10/31/1999        12,101   12,369  10,306                                       
10/31/2000        12,759   13,123  10,662                                       
10/31/2001         9,581    9,855  10,888                                       
10/31/2002         8,099    8,366  11,109                                       
10/31/2003         9,739   10,107  11,388                                       

Comparative  performance  of  $10,000  invested  in  Local  Fund  Shares  of the
Nationwide  S&P  500  Index  Fund,  the S&P 500 Index(a), and the Consumer Price
Index  (CPI)(b)  since inception. Unlike the Fund, the returns for these indices
do  not  reflect  any  fees  or  expenses                                       
(a)  The  S&P 500 Index is an unmanaged index of 500 widely held stocks of large
     U.S.  companies  that  gives  a broad look at how the stock prices of large
U.S.  companies  have  performed.                                     
(b)  The  CPI  represents  changes  in  prices of a basket of goods and services
purchased  for  consumption  by  urban  households.                   

2003  ANNUAL  REPORT  19                                                        
--------------------------------------------------------------------------------

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STATEMENT  OF  INVESTMENTS                                                      
October  31,  2003                                                              

NATIONWIDE  S&P  500  INDEX  FUND                                               

COMMON  STOCKS  (88.6%)                                                         
   SHARES OR
   PRINCIPAL
              AMOUNT       VALUE
------------------------------------------------------------                    
ADVERTISING SERVICES (0.0%)                                                     
Interpublic Group of                                                            
Companies Inc. (The)                   36,826  $   547,971                    
                           -----------
------------------------------------------------------------                    
AEROSPACE (0.9%)                                                                
General Dynamics Corp.                  20,800    1,740,960                     
Lockheed Martin Corp.                   47,500    2,202,100                     
Northrop Grumman Corp.                  19,557    1,748,396                     
United Technologies Corp.               48,600    4,115,934                     
                           -----------
                             9,807,390
                           -----------

------------------------------------------------------------                    
AEROSPACE/DEFENSE (0.7%)                                                        
Boeing Co. (The)                        87,007    3,348,900                     
Goodrich Corp.                          10,600      292,772                     
Honeywell International, Inc.           81,025    2,480,175                     
Raytheon Co.                            38,800    1,027,424                     
Rockwell Collins, Inc.                  16,300      447,435                     
                           -----------
                             7,596,706
                           -----------

------------------------------------------------------------                    
AGRICULTURE (0.1%)                                                              
Monsanto Co.                            30,244      757,612                     
                           -----------

------------------------------------------------------------                    
AIRLINES (0.4%)                                                                 
Delta Air Lines, Inc.                   14,300      186,186                     
FedEx Corp.                             31,600    2,394,016                     
Southwest Airlines Co.                  70,212    1,362,113                     
                           -----------
                             3,942,315
                           -----------

------------------------------------------------------------                    
ANALYTICAL INSTRUMENTS (0.1%)                                                   
Applera Corp.-Applied                                                           
Biosystems Group                       18,000      415,440                    
Waters Corp. (b)                        11,200      352,016                     
                           -----------
                               767,456
                           -----------

------------------------------------------------------------                    
APPAREL (0.2%)                                                                  
Nike, Inc., Class B                     25,000    1,597,500                     
Reebok International Ltd.                6,100      237,595                     
                           -----------
                             1,835,095
                           -----------

------------------------------------------------------------                    
APPAREL & ACCESSORIES (0.1%)                                                    
Liz Claiborne, Inc.                     10,000      368,900                     
V.F. Corp.                               9,100      386,295                     
                           -----------
                               755,195
                           -----------

------------------------------------------------------------                    
APPLIANCE & HOUSEHOLD                                                           
DURABLE (0.1%)                                                                
Maytag Corp.                             6,600      167,640                     
Newell Rubbermaid, Inc.                 31,051      707,963                     
                           -----------
                               875,603
                           -----------

------------------------------------------------------------                    
AUTO PARTS & EQUIPMENT (0.2%)                                                   
AutoNation, Inc. (b)                    28,600      534,820                     
Dana Corp.                              14,000      227,920                     

   SHARES OR
   PRINCIPAL
               AMOUNT        VALUE
-----------------------------------------------------------                     
AUTO PARTS & EQUIPMENT (continued)                                              
Delphi Automotive Systems Corp.         52,995  $   471,656                     
Ingersoll Rand Co.                      18,800    1,135,520                     
                           -----------
                             2,369,916
                           -----------

-----------------------------------------------------------                     
AUTOMOBILES (0.5%)                                                              
Ford Motor Co.                         172,972    2,098,150                     
General Motors Corp.                    58,913    2,513,818                     
PACCAR, Inc.                            12,750    1,006,740                     
Visteon Corp.                            9,971       64,413                     
                           -----------
                             5,683,121
                           -----------

-----------------------------------------------------------                     
BANKS (3.0%)                                                                    
Bank of America Corp.                  150,874   11,425,688                     
Bank of New York Co., Inc.              72,900    2,273,751                     
J.P. Morgan Chase & Co.                208,365    7,480,304                     
Mellon Financial Corp.                  46,900    1,400,903                     
North Fork Bancorp, Inc.                16,800      654,864                     
Northern Trust Corp.                    24,700    1,147,315                     
State Street Corp.                      36,800    1,926,848                     
Wachovia Corp.                         135,500    6,215,385                     
Zions Bancorp                           10,900      668,061                     
                           -----------
                            33,193,119
                           -----------

-----------------------------------------------------------                     
BEVERAGES/ALCOHOLIC (0.1%)                                                      
Adolph Coors Co., Class B                4,900      274,645                     
Brown-Forman Corp., Class B              5,600      472,528                     
                           -----------
                               747,173
                           -----------

-----------------------------------------------------------                     
BEVERAGES/SOFT DRINK (1.2%)                                                     
Coca-Cola Co.                          251,300   11,660,320                     
Coca-Cola Enterprises, Inc.             40,500      816,480                     
Pepsi Bottling Group, Inc. (The)        25,500      568,395                     
                           -----------
                            13,045,195
                           -----------

-----------------------------------------------------------                     
BIOTECHNOLOGY (0.1%)                                                            
Chiron Corp. (b)                        20,500    1,119,915                     
                           -----------

-----------------------------------------------------------                     
BROADCAST MEDIA/CABLE                                                           
TELEVISION (0.9%)                                                               
Clear Channel Communications, Inc.      60,102    2,453,364                     
Comcast Corp. Special, Class A (b)      42,600    1,389,612                     
Comcast Corp., Class A (b)             184,574    6,260,750                     
                           -----------
                            10,103,726
                           -----------

-----------------------------------------------------------                     
BUSINESS SERVICES (0.3%)                                                        
Cintas Corp.                            16,100      686,826                     
Compuware Corp. (b)                     34,700      195,014                     
Concord EFS, Inc. (b)                   44,000      470,360                     
Convergys Corp. (b)                     10,311      165,595                     
Monster Worldwide, Inc. (b)             12,400      315,828                     

20     ANNUAL  REPORT  2003                                                     
--------------------------------------------------------------------------------

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COMMON  STOCKS  (CONTINUED)                                                     
                   SHARES OR
                              PRINCIPAL AMOUNT     VALUE
-----------------------------------------------------------------------         

BUSINESS SERVICES (continued)                                                   
NCR Corp. (b)                                        6,600  $   237,204         
Pitney Bowes, Inc.                                  22,100      908,310         
                                                   -----------
                                                     2,979,137
                                                   -----------

-----------------------------------------------------------------------         
CAPITAL GOODS (0.5%)                                                            
Crane Co.                                            5,550      155,955         
Cummins, Inc.                                        5,300      251,220         
Deere & Co.                                         25,900    1,570,058         
Dover Corp.                                         16,300      636,026         
Genuine Parts Co.                                   16,400      521,848         
Pall Corp.                                          11,600      271,440         
Parker-Hannifin Corp.                               13,900      708,483         
PerkinElmer, Inc.                                   11,000      198,110         
Snap-On, Inc.                                        5,500      161,370         
Stanley Works (The)                                  8,100      270,054         
Textron, Inc.                                       15,400      765,226         
                                                   -----------
                                                     5,509,790
                                                   -----------

-----------------------------------------------------------------------         
CHEMICALS (0.2%)                                                                
Great Lakes Chemical Corp.                           3,700       79,550         
Millipore Corp. (b)                                  3,400      149,090         
Praxair, Inc.                                       18,000    1,252,440         
Sigma Aldrich Corp.                                  7,500      393,375         
                                                   -----------
                                                     1,874,455
                                                   -----------

-----------------------------------------------------------------------         
CHEMICALS/DIVERSIFIED (1.1%)                                                    
Air Products & Chemicals, Inc.                      25,100    1,139,791         
Avery Dennison Corp.                                10,000      525,800         
Dow Chemical Co.                                    93,605    3,527,972         
E.I. du Pont de Nemours and Co.                    100,650    4,066,261         
Eastman Chemical Co.                                 9,400      305,124         
Engelhard Corp.                                     11,600      331,528         
Hercules, Inc. (b)                                   7,300       76,285         
Occidental Petroleums Corp.                         32,900    1,160,054         
Rohm & Haas Co.                                     17,531      688,968         
                                                   -----------
                                                    11,821,783
                                                   -----------

-----------------------------------------------------------------------         
COMMUNICATIONS EQUIPMENT (2.8%)                                                 
CIENA Corp. (b)                                     51,600      330,756         
Cisco Systems, Inc. (b)                            709,139   14,877,735         
Citizens Communications Co. (b)                     21,400      266,430         
Corning, Inc. (b)                                  121,375    1,332,698         
JDS Uniphase Corp. (b)                             141,292      501,587         
Lucent Technologies, Inc. (b)                      390,970    1,251,104         
Motorola, Inc.                                     228,406    3,090,333         
Tellabs, Inc. (b)                                   39,000      293,670         
Verizon Communications, Inc.                       276,976    9,306,394         
                                                   -----------
                                                    31,250,707
                                                   -----------

             SHARES OR
             PRINCIPAL
                               AMOUNT            VALUE
-----------------------------------------------------------------------         
COMPUTER/HARDWARE (1.6%)                                                        
Apple Computer, Inc. (b)                            35,500  $   812,595         
International Business Machines Corp.              174,006   15,570,057         
Lexmark International, Inc. (b)                     13,800    1,015,818         
                                                   -----------
                                                    17,398,470
                                                   -----------

-----------------------------------------------------------------------         
COMPUTER EQUIPMENT (1.9%)                                                       
American Power Conversion Corp.                     18,600      376,278         
Dell Computer Corp. (b)                            259,100    9,358,693         
EMC Corp. (b)                                      215,900    2,988,056         
Gateway, Inc. (b)                                   18,500       93,240         
Hewlett Packard Co.                                307,424    6,858,629         
Network Appliance, Inc. (b)                         32,762      808,566         
                                                   -----------
                                                    20,483,462
                                                   -----------

-----------------------------------------------------------------------         
COMPUTER INTEGRATED SYSTEMS DESIGN (0.0%)                                       
Avaya, Inc. (b)                                     34,222      442,833         
                                                   -----------

-----------------------------------------------------------------------         
COMPUTER SOFTWARE & SERVICES (5.1%)                                             
Adobe Systems, Inc.                                 24,900    1,091,616         
Automatic Data Processing, Inc.                     55,800    2,105,892         
BMC Software, Inc. (b)                              19,600      340,648         
Citrix Systems, Inc. (b)                            15,700      396,896         
Computer Associates International, Inc.             54,600    1,284,192         
Electronic Data Systems Corp.                       45,500      975,975         
First Data Corp.                                    77,700    2,773,890         
Fiserv, Inc. (b)                                    21,350      754,082         
Intuit, Inc. (b)                                    21,900    1,094,562         
Mercury Interactive Corp. (b)                        8,800      408,672         
Microsoft Corp.                                  1,091,944   28,554,336         
Novell, Inc. (b)                                    34,800      204,276         
NVIDIA Corp. (b)                                    16,300      288,184         
Oracle Corp. (b)                                   529,316    6,330,619         
Parametric Technology Corp. (b)                     23,800       74,018         
PeopleSoft, Inc. (b)                                36,700      761,892         
Radioshack Corp.                                    15,200      455,848         
Siebel Systems, Inc. (b)                            48,570      611,496         
Sun Microsystems, Inc. (b)                         339,900    1,346,004         
Sungard Data Systems, Inc. (b)                      25,600      718,080         
Symantec Corp. (b)                                  14,300      953,095         
Symbol Technologies, Inc.                           19,750      246,678         
Unisys Corp. (b)                                    31,000      476,160         
VERITAS Software Corp. (b)                          43,539    1,573,935         
Yahoo!, Inc. (b)                                    63,143    2,759,349         
                                                   -----------
                                                    56,580,395
                                                   -----------

-----------------------------------------------------------------------         
CONGLOMERATES (0.7%)                                                            
Illinois Tool Works, Inc.                           29,700    2,184,435         
ITT Industries, Inc.                                 8,300      564,317         
Johnson Controls, Inc.                               9,500    1,021,535         
Tyco International Ltd.                            198,480    4,144,262         
                                                   -----------
                                                     7,914,549
                                                   -----------

2003  ANNUAL  REPORT  21                                                        
--------------------------------------------------------------------------------

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STATEMENT  OF  INVESTMENTS  (Continued)                                         
October  31,  2003                                                              

NATIONWIDE  S&P  500  INDEX  FUND  (Continued)                                  

COMMON  STOCKS  (CONTINUED)                                                     

SHARES OR   
PRINCIPAL   
        AMOUNT       VALUE
--------------------------------------------------------                        

CONSTRUCTION & BUILDING MATERIALS (0.1%)                                        
Centex Corp.                          6,500  $   633,750                        
Sherwin Williams Co.                 13,900      466,206                        
Vulcan Materials Co.                  9,400      416,514                        
                     -----------
                       1,516,470
                     -----------

--------------------------------------------------------                        
CONSTRUCTION & HOUSING (0.1%)                                                   
Masco Corp.                          45,000    1,237,500                        
                     -----------

--------------------------------------------------------                        
CONSTRUCTION MACHINERY (0.2%)                                                   
Caterpillar, Inc.                    36,000    2,638,080                        
                     -----------

--------------------------------------------------------                        
CONSUMER DURABLE (0.3%)                                                         
Black & Decker Corp.                  8,700      415,947                        
Danaher Corp.                        16,600    1,375,310                        
Fortune Brands, Inc.                 13,700      892,555                        
Whirlpool Corp.                       7,500      528,525                        
                     -----------
                       3,212,337
                     -----------

--------------------------------------------------------                        
CONSUMER FINANCE (2.2%)                                                         
Citigroup, Inc.                     518,427   24,573,440                        
                     -----------

--------------------------------------------------------                        
CONSUMER NON-CYCLICAL (2.3%)                                                    
Alberto Culver Co., Class B           4,700      297,980                        
Avon Products, Inc.                  21,200    1,440,752                        
Clorox Co. (The)                     21,300      964,890                        
Colgate-Palmolive Co.                52,400    2,787,156                        
Ecolab, Inc.                         23,700      637,293                        
Gillette Co. (The)                  102,500    3,269,750                        
International Flavor and                                                        
Fragrances, Inc.                      8,900      294,590                        
Kimberly-Clark Corp.                 53,329    2,816,304                        
Procter & Gamble Co.                130,400   12,817,016                        
Tupperware Corp.                      7,400      111,370                        
                     -----------
                      25,437,101
                     -----------

--------------------------------------------------------                        
CONTAINERS (0.1%)                                                               
Ball Corp.                            5,400      303,480                        
Bemis Co., Inc.                       5,000      231,200                        
Sealed Air Corp. (b)                  7,602      404,654                        
                     -----------
                         939,334
                     -----------

--------------------------------------------------------                        
CREDIT REPORTING SERVICES (0.1%)                                                
Moody's, Corp.                       13,400      774,922                        
                     -----------

--------------------------------------------------------                        
DATA PROCESSING & REPRODUCTION (0.1%)                                           
Computer Sciences Corp. (b)          20,500      812,210                        
                     -----------

--------------------------------------------------------                        
DISTRIBUTION (0.2%)                                                             
SYSCO Corp.                          66,800    2,248,488                        
                     -----------

SHARES OR   
PRINCIPAL   
       AMOUNT      VALUE
--------------------------------------------------------                        

DRUGS (5.1%)                                                                    
Amgen Corp. (b)                     130,476  $ 8,058,198                        
Biogen, Inc. (b)                     14,500      586,815                        
Eli Lilly & Co.                     113,500    7,561,370                        
Forest Laboratories, Inc. (b)        38,200    1,910,382                        
Genzyme Corp. (b)                    23,100    1,060,290                        
Merck & Co., Inc.                   225,800    9,991,650                        
Pfizer, Inc.                        785,420   24,819,272                        
Schering Plough Corp.               153,100    2,337,837                        
                     -----------
                      56,325,814
                     -----------

--------------------------------------------------------                        
EDUCATIONAL SERVICES (0.1%)                                                     
Apollo Group, Inc. (b)               18,900    1,200,717                        
                     -----------

--------------------------------------------------------                        
ELECTRIC, GAS & SANITARY SERVICES (0.2%)                                        
Exelon Corp.                         33,300    2,112,885                        
                     -----------

--------------------------------------------------------                        
ELECTRICAL EQUIPMENT (3.2%)                                                     
Agilent Technologies, Inc. (b)       42,526    1,059,748                        
Cooper Industries Ltd., Class A      11,600      613,640                        
Eaton Corp.                           8,700      872,088                        
Emerson Electric Co.                 44,300    2,514,025                        
General Electric Co.              1,009,700   29,291,397                        
Rockwell International Corp.         17,500      543,375                        
W.W. Grainger, Inc.                   8,700      398,286                        
                     -----------
                      35,292,559
                     -----------

--------------------------------------------------------                        
ELECTRONICS (3.5%)                                                              
Altera Corp. (b)                     41,500      839,545                        
Applied Micro Circuits Corp. (b)     28,300      164,706                        
Broadcom Corp., Class A (b)          27,009      862,938                        
Intel Corp.                         660,100   21,816,304                        
Jabil Circuit, Inc. (b)              15,900      442,815                        
KLA-Tencor Corp. (b)                 20,400    1,169,532                        
Linear Technology Corp.              33,400    1,423,174                        
LSI Logic Corp. (b)                  32,700      302,148                        
Maxim Integrated Products, Inc.      30,472    1,514,763                        
Molex, Inc.                          17,725      556,388                        
National Semiconductor Corp. (b)     20,500      832,915                        
PMC-Sierra, Inc. (b)                 18,900      343,413                        
QLogic Corp. (b)                      9,400      526,870                        
Sanmina Corp. (b)                    50,796      535,898                        
Solectron Corp. (b)                  62,261      344,926                        
Tektronix, Inc.                       8,000      205,360                        
Teradyne, Inc. (b)                   15,700      357,646                        
Texas Instruments, Inc.             171,300    4,953,996                        
Thomas & Betts Corp. (b)              5,300       94,340                        
Xilinx, Inc. (b)                     36,100    1,144,370                        
                     -----------
                      38,432,047
                     -----------

22     ANNUAL  REPORT  2003                                                     
--------------------------------------------------------------------------------

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COMMON  STOCKS  (CONTINUED)                                                     
               SHARES OR
                          PRINCIPAL AMOUNT     VALUE
---------------------------------------------------------------------           

ENTERTAINMENT (0.7%)                                                            
Electronic Arts, Inc. (b)                         15,400  $ 1,525,216           
International Game Technology                     34,000    1,113,500           
Walt Disney Co. (The)                            206,200    4,668,368           
                                               -----------
                                                 7,307,084
                                               -----------

---------------------------------------------------------------------           
FINANCIAL (3.2%)                                                                
American Express Co.                             130,600    6,129,058           
Capital One Financial Corp.                       24,000    1,459,200           
Charles Schwab Corp. (The)                       121,700    1,650,252           
Comerica, Inc.                                    19,800    1,019,304           
Countrywide Credit Industries, Inc.               15,000    1,576,800           
Fannie Mae                                       100,700    7,219,183           
Federated Investors, Inc.                          9,600      265,440           
Golden West Financial Corp.                       13,800    1,385,934           
Goldman Sachs Group, Inc.                         49,000    4,601,100           
Lehman Brothers Holdings, Inc.                    27,900    2,008,800           
MBNA Corp.                                       125,931    3,116,792           
Providian Financial Corp. (b)                     21,800      242,198           
Washington Mutual, Inc.                           93,597    4,094,869           
                                               -----------
                                                34,768,930
                                               -----------

---------------------------------------------------------------------           
FINANCIAL/BANKS (2.9%)                                                          
AmSouth Bancorp                                   33,200      784,184           
Bank One Corp.                                   118,134    5,014,788           
BB&T Corp.                                        52,700    2,037,909           
Bear Stearns Cos., Inc.                           11,881      905,926           
Charter One Financial, Inc.                       20,305      648,948           
Fifth Third Bancorp                               55,946    3,242,630           
FleetBoston Financial Corp.                      102,728    4,149,184           
Huntington Bancshares, Inc.                       21,644      468,809           
KeyCorp                                           40,000    1,130,000           
National City Corp.                               57,800    1,887,748           
PNC Bank Corp.                                    27,000    1,446,390           
Regions Financial Corp.                           21,000      771,750           
SouthTrust Corp.                                  32,200    1,025,570           
SunTrust Banks, Inc.                              26,500    1,777,355           
Synovus Financial Corp.                           23,900      659,640           
U.S. Bancorp                                     193,363    5,263,341           
Union Planters Corp.                              18,800      625,476           
                                               -----------
                                                31,839,648
                                               -----------

---------------------------------------------------------------------           
FINANCIAL SERVICES (1.4%)                                                       
AMBAC Financial Group, Inc.                       10,700      756,918           
First Tennessee National Corp.                    15,400      698,544           
H&R Block, Inc.                                   21,000      988,890           
Janus Capital Group, Inc.                         19,100      270,074           
John Hancock Financial Services, Inc.             27,300      965,055           
Marshall & Ilsley Corp.                           21,400      766,548           
SLM Corp.                                         42,300    1,656,468           
Wells Fargo Co.                                  170,395    9,596,646           
                                               -----------
                                                15,699,143
                                               -----------

         SHARES OR
         PRINCIPAL
                           AMOUNT            VALUE
---------------------------------------------------------------------           

FOOD & BEVERAGE (1.3%)                                                          
Anheuser-Busch Companies, Inc.                    84,300  $ 4,152,618           
General Mills, Inc.                               39,600    1,776,060           
PepsiCo, Inc.                                    176,020    8,417,276           
                                               -----------
                                                14,345,954
                                               -----------

---------------------------------------------------------------------           
FOOD & RELATED (1.8%)                                                           
Altria Group, Inc.                               206,203    9,588,440           
Archer-Daniels Midland Co.                        58,095      833,663           
Campbell Soup Co.                                 38,500      997,920           
ConAgra, Inc.                                     50,700    1,208,688           
H. J. Heinz Co.                                   38,700    1,367,271           
Hershey Foods Corp.                               12,400      956,040           
Kellogg Co.                                       38,100    1,262,253           
McCormick & Co.                                   13,200      391,248           
Sara Lee Corp.                                    73,475    1,464,357           
Wm. Wrigley Jr. Co.                               21,200    1,195,680           
                                               -----------
                                                19,265,560
                                               -----------

---------------------------------------------------------------------           
FURNITURE & HOME FURNISHINGS (0.0%)                                             
Leggett & Platt, Inc.                             18,200      380,198           
                                               -----------

---------------------------------------------------------------------           
GOLD ORES (0.2%)                                                                
Freeport-McMoRan Copper                                                         
& Gold, Inc.                                     15,800      612,250          
Newmont Mining Corp.                              42,800    1,873,784           
                                               -----------
                                                 2,486,034
                                               -----------

---------------------------------------------------------------------           
HEALTHCARE (5.3%)                                                               
Abbott Laboratories                              157,700    6,721,173           
Allergan, Inc.                                    12,500      945,250           
Bausch & Lomb, Inc.                                5,200      250,432           
Baxter International, Inc.                        55,100    1,464,558           
Becton Dickinson & Co.                            23,100      844,536           
Biomet, Inc.                                      29,050    1,041,733           
Boston Scientific Corp. (b)                       42,400    2,871,328           
Bristol-Myers Squibb Co.                         195,200    4,952,224           
C. R. Bard, Inc.                                   4,900      392,245           
Cardinal Health, Inc.                             46,350    2,750,409           
Guidant Corp.                                     33,000    1,683,330           
HCA, Inc.                                         53,800    2,057,850           
Health Management                                                               
Associates, Inc., Class A                         27,800      615,770           
Humana, Inc. (b)                                  15,300      310,437           
Johnson & Johnson Co.                            299,950   15,096,483           
King Pharmaceuticals, Inc. (b)                    18,592      249,133           
Manor Care, Inc.                                   8,500      282,880           
McKesson HBOC, Inc.                               25,281      765,256           
Medco Health Solutions, Inc. (b)                  29,355      974,586           
Medtronic, Inc.                                  123,100    5,609,667           
Quest Diagnostics, Inc. (b)                        9,500      642,675           
St. Jude Medical, Inc. (b)                        17,000      988,720           
Stryker Corp.                                     18,800    1,524,868           
Tenet Healthcare Corp. (b)                        51,000      703,800           

2003  ANNUAL  REPORT  23                                                        
--------------------------------------------------------------------------------

N-CSR 25th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 25th
STATEMENT  OF  INVESTMENTS  (Continued)                                         
October  31,  2003                                                              

NATIONWIDE  S&P  500  INDEX  FUND  (Continued)                                  

COMMON  STOCKS  (CONTINUED)                                                     
         SHARES OR
         PRINCIPAL
                    AMOUNT       VALUE
--------------------------------------------------------------                  

HEALTHCARE (continued)                                                          
UnitedHealth Group, Inc.                   58,100  $ 2,956,128                  
Watson Pharmaceutical, Inc. (b)            11,000      431,970                  
Wellpoint Health Networks, Inc. (b)        15,800    1,404,620                  
                                 -----------
                                  58,532,061
                                 -----------

--------------------------------------------------------------                  
HOME BUILDING (0.1%)                                                            
Fluor Corp.                                 7,600      281,808                  
KB Home                                     5,300      362,997                  
Pulte Corp.                                 7,400      640,174                  
                                 -----------
                                   1,284,979
                                 -----------
--------------------------------------------------------------                  

HOTELS & CASINOS (0.0%)                                                         
Harrah's Entertainment, Inc.               11,200      487,200                  
                                 -----------

--------------------------------------------------------------                  
HOTELS/MOTELS (0.4%)                                                            
Cendant Corp. (b)                          96,200    1,965,366                  
Hilton Hotels Corp.                        35,600      563,904                  
Marriott International, Inc., Class A      21,900      946,080                  
Starwood Hotels & Resorts                                                       
Worldwide, Inc.                            20,063      676,725                  
                                 -----------
                                   4,152,075
                                 -----------

--------------------------------------------------------------                  
INSURANCE (3.7%)                                                                
ACE Ltd.                                   22,700      817,200                  
Aetna, Inc.                                16,700      958,747                  
Allstate Corp. (The)                       66,500    2,626,750                  
American International Group, Inc.        263,578   16,033,451                  
Anthem, Inc. (b)                           15,124    1,034,935                  
AON Corp.                                  29,450      644,955                  
Chubb Corp. (The)                          19,900    1,329,519                  
CIGNA Corp.                                16,500      941,325                  
Cincinnati Financial Corp.                 15,200      621,984                  
Hartford Financial Services                                                     
Group, Inc.                               29,900    1,641,510                 
Lincoln National Corp.                     16,400      654,852                  
Loews Corp.                                16,400      705,200                  
MBIA, Inc.                                 17,200    1,025,292                  
MetLife, Inc.                              73,300    2,301,620                  
MGIC Investment Corp.                       9,700      497,707                  
Principal Financial Group, Inc.            27,000      846,450                  
Progressive Corp. (The)                    19,600    1,446,480                  
Prudential Financial, Inc.                 51,900    2,005,416                  
SAFECO Corp.                               13,100      480,770                  
St. Paul Cos., Inc.                        19,600      747,348                  
Torchmark Corp.                            11,000      482,680                  
Travelers Property Casualty                                                     
Corp., Class B                             95,147    1,557,556                  
UnumProvident Corp.                        27,157      444,560                  
XL Capital Ltd., Class A                   15,200    1,056,400                  
                                 -----------
                                  40,902,707
                                 -----------

--------------------------------------------------------------                  
INSURANCE/LIFE (0.2%)                                                           
AFLAC, Inc.                                48,500    1,769,280                  
Jefferson-Pilot Corp.                      13,400      639,716                  
                                 -----------
                                   2,408,996
                                 -----------

         SHARES OR
         PRINCIPAL
                    AMOUNT     VALUE
--------------------------------------------------------------                  

INSURANCE BROKERS (0.2%)                                                        
Marsh & McLennan Cos., Inc.                51,900  $ 2,218,725                  
                                 -----------

--------------------------------------------------------------                  
INVESTMENT MANAGEMENT (1.2%)                                                    
Franklin Resources, Inc.                   22,800    1,081,176                  
Merrill Lynch & Co.                        83,825    4,962,440                  
Morgan Stanley Dean Witter & Co.          111,976    6,144,123                  
Neuberger Berman, Inc.                      1,300       56,355                  
T. Rowe Price Group, Inc.                  13,300      547,295                  
                                 -----------
                                  12,791,389
                                 -----------

--------------------------------------------------------------                  
LEISURE PRODUCTS (0.3%)                                                         
Brunswick Corp.                             8,500      252,195                  
Carnival Corp.                             60,900    2,126,019                  
Hasbro, Inc.                               15,900      346,620                  
Mattel, Inc.                               39,101      756,995                  
                                 -----------
                                   3,481,829
                                 -----------

--------------------------------------------------------------                  
MANUFACTURING (0.6%)                                                            
3M Co.                                     80,400    6,341,148                  
Power-One, Inc. (b)                         4,300       38,958                  
                                 -----------
                                   6,380,106
                                 -----------

--------------------------------------------------------------                  
MANUFACTURING/DIVERSIFIED (0.1%)                                                
American Standard Companies,                                                    
Inc. (b)                                    6,400      612,480                  
PPG Industries, Inc.                       16,000      922,400                  
                                 -----------
                                   1,534,880
                                 -----------

--------------------------------------------------------------                  
MEDICAL PRODUCTS (0.1%)                                                         
Zimmer Holdings, Inc. (b)                  24,710    1,576,745                  
                                 -----------

--------------------------------------------------------------                  
METAL PROCESSORS (0.0%)                                                         
Thermo Electron Corp. (b)                  15,300      336,294                  
                                 -----------

--------------------------------------------------------------                  
METALS (0.0%)                                                                   
Phelps Dodge Corp. (b)                      8,408      519,110                  
                                 -----------

--------------------------------------------------------------                  
METALS & MINING (0.2%)                                                          
Alcoa, Inc.                                82,332    2,599,221                  
                                 -----------
--------------------------------------------------------------                  

MORTGAGE/ASSET BACKED OBLIGATIONS (0.4%)                                        
Freddie Mac                                71,300    4,002,069                  
                                 -----------

--------------------------------------------------------------                  
MOTOR VEHICLES (0.2%)                                                           
Harley-Davidson, Inc.                      32,200    1,526,602                  
Navistar International Corp. (b)            6,400      258,752                  
                                 -----------
                                   1,785,354
                                 -----------

--------------------------------------------------------------                  
MULTI-MEDIA (0.6%)                                                              
Viacom, Inc., Class B                     177,135    7,062,372                  
                                 -----------

24     ANNUAL  REPORT  2003                                                     
--------------------------------------------------------------------------------

N-CSR 26th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 26th
COMMON  STOCKS  (CONTINUED)                                                     
               SHARES OR
                          PRINCIPAL AMOUNT     VALUE
---------------------------------------------------------------------           

MULTIMEDIA (0.6%)                                                               
Time Warner, Inc. (b)                            452,750  $ 6,922,548           
                                               -----------

---------------------------------------------------------------------           
NATURAL GAS (0.1%)                                                              
NICOR, Inc.                                        4,200      143,934           
People's Energy Corp.                              3,400      137,530           
Sempra Energy                                     17,515      486,917           
                                               -----------
                                                   768,381
                                               -----------

---------------------------------------------------------------------           
OFFICE EQUIPMENT &                                                              
SUPPLIES (0.1%)                                                                 
Xerox Corp. (b)                                   70,500      740,250           
                                               -----------

---------------------------------------------------------------------           
OIL & GAS (4.2%)                                                                
Amerada Hess Corp.                                11,400      588,468           
Apache Corp.                                      17,851    1,244,572           
Ashland, Inc.                                      6,400      238,336           
BJ Services Co. (b)                               16,400      538,084           
ChevronTexaco Corp.                              107,593    7,994,160           
ConocoPhillips                                    66,673    3,810,362           
Devon Energy Corp.                                21,763    1,055,506           
El Paso Corp.                                     59,495      436,693           
EOG Resources, Inc.                               13,200      556,248           
Exxon Mobil Corp.                                667,678   24,423,660           
KeySpan Corp.                                     14,845      519,130           
Kinder Morgan, Inc.                               10,700      572,985           
Marathon Oil Corp.                                26,600      786,562           
Nabors Industries Ltd. (b)                        15,191      574,220           
Noble Corp. (b)                                   13,200      453,156           
Rowan Cos., Inc. (b)                              11,500      275,425           
Sunoco, Inc.                                       8,900      389,464           
Transocean Sedco Forex, Inc. (b)                  29,700      569,943           
Unocal Corp.                                      24,400      772,992           
Williams Cos., Inc. (The)                         48,900      498,780           
                                               -----------
                                                46,298,746
                                               -----------

---------------------------------------------------------------------           
OIL & GAS FIELD MACHINERY (0.3%)                                                
Anadarko Petroleum Corp.                          27,357    1,193,312           
Burlington Resources, Inc.                        22,200    1,079,808           
Kerr-McGee Corp.                                  12,684      526,386           
                                               -----------
                                                 2,799,506
                                               -----------

---------------------------------------------------------------------           
OIL EQUIPMENT & SERVICES (0.5%)                                                 
Baker Hughes, Inc.                                29,170      824,344           
Dynegy, Inc., Class A (b)                         44,500      178,445           
Halliburton Co.                                   48,500    1,158,180           
Schlumberger Ltd.                                 60,100    2,822,897           
                                               -----------
                                                 4,983,866
                                               -----------

---------------------------------------------------------------------           
PAPER & FOREST PRODUCTS (0.5%)                                                  
Boise Cascade Corp.                                5,500      154,275           
Georgia-Pacific Corp.                             23,663      621,864           
International Paper Co.                           50,796    1,998,822           

                     SHARES OR
                     PRINCIPAL
                                     AMOUNT          VALUE
----------------------------------------------------------------------          
PAPER & FOREST PRODUCTS                                                         
(continued)                                                                     
Louisiana-Pacific Corp. (b)                        4,800  $    91,296           
MeadWestvaco Corp.                                18,901      489,914           
Pactiv Corp. (b)                                  15,100      332,955           
Temple Inland, Inc.                                5,100      275,553           
Weyerhaeuser Co.                                  19,600    1,180,508           
                                               -----------
                                                 5,145,187
                                               -----------

---------------------------------------------------------------------           
PHARMACEUTICALS (0.7%)                                                          
Amerisource Bergen Corp.                          10,800      613,116           
Express Scripts, Inc. (b)                          8,200      450,344           
Medimmune, Inc. (b)                               27,200      725,152           
Wyeth                                            134,200    5,923,588           
                                               -----------
                                                 7,712,200
                                               -----------

---------------------------------------------------------------------           
PHOTOGRAPHIC (0.1%)                                                             
Eastman Kodak Co.                                 28,600      698,698           
                                               -----------

---------------------------------------------------------------------           
POLLUTION CONTROL (0.1%)                                                        
Allied Waste Industries, Inc. (b)                 17,500      197,400           
Waste Management, Inc.                            53,000    1,373,760           
                                               -----------
                                                 1,571,160
                                               -----------

---------------------------------------------------------------------           
PRINTING & PUBLISHING (0.7%)                                                    
American Greetings Corp.,                                                       
Class A (b)                                        5,100      108,783           
Dow Jones & Company, Inc.                          7,300      379,381           
Gannett Co., Inc.                                 28,400    2,388,724           
Knight-Ridder, Inc.                                7,700      564,564           
McGraw-Hill Cos., Inc. (The)                      18,600    1,245,270           
Meredith Corp.                                     4,700      228,044           
New York Times Co., Class A                       14,200      674,926           
R.R. Donnelley & Sons Co.                         10,100      262,600           
Tribune Co.                                       29,057    1,425,246           
                                               -----------
                                                 7,277,538
                                               -----------

---------------------------------------------------------------------           
RAILROADS (0.4%)                                                                
Burlington Northern Santa Fe Corp.                33,600      972,384           
CSX Corp.                                         19,000      604,580           
Norfolk Southern Corp.                            36,800      741,520           
Union Pacific Corp.                               26,100    1,633,860           
                                               -----------
                                                 3,952,344
                                               -----------

---------------------------------------------------------------------           
REAL ESTATE INVESTMENT TRUSTS (0.4%)                                            
Apartment Investment & Management Co.             12,200      498,980           
Equity Office Properties Trust                    36,300    1,016,763           
Equity Residential Property Trust                 25,800      754,650           
Plum Creek Timber Co, Inc.                        17,300      455,855           
ProLogis Trust                                    21,800      643,972           
Simon Property Group, Inc.                        17,900      806,932           
                                               -----------
                                                 4,177,152
                                               -----------

2003  ANNUAL  REPORT  25                                                        
--------------------------------------------------------------------------------

N-CSR 27th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 27th
STATEMENT  OF  INVESTMENTS  (Continued)                                         
October  31,  2003                                                              

NATIONWIDE  S&P  500  INDEX  FUND  (Continued)                                  

COMMON  STOCKS  (CONTINUED)                                                     
         SHARES OR
                    PRINCIPAL AMOUNT     VALUE
------------------------------------------------------------------              

RESTAURANTS (0.5%)                                                              
Darden Restaurants, Inc.                       15,900  $   333,105              
McDonald's Corp.                              132,600    3,316,326              
Wendy's International, Inc.                    15,000      555,750              
YUM! Brands, Inc. (b)                          26,400      901,296              
                                         -----------
                                           5,106,477
                                         -----------

------------------------------------------------------------------              
RETAIL (5.9%)                                                                   
AutoZone, Inc. (b)                              8,900      855,290              
Bed Bath & Beyond, Inc. (b)                    31,500    1,330,560              
Best Buy Co., Inc. (b)                         33,750    1,967,963              
Big Lots, Inc. (b)                             11,000      165,110              
Circuit City Stores, Inc.                      24,800      236,592              
Costco Wholesale Corp. (b)                     48,800    1,726,056              
CVS Corp.                                      37,200    1,308,696              
Dillards, Inc., Class A                         6,400      103,488              
Dollar General Corp.                           27,210      611,409              
Family Dollar Stores, Inc.                     14,300      623,623              
Federated Department Stores, Inc.              21,000      998,550              
Gap, Inc. (The)                                86,600    1,652,328              
Home Depot, Inc.                              232,150    8,605,800              
J.C. Penney Co., Inc.                          27,400      648,010              
Jones Apparel Group, Inc.                      12,100      417,450              
Kohl's Corp. (b)                               35,400    1,984,878              
Limited, Inc. (The)                            42,900      755,040              
Lowe's Companies, Inc.                         80,300    4,732,079              
May Department Stores Co. (The)                27,300      763,308              
Nordstrom, Inc.                                12,100      368,929              
Office Depot, Inc. (b)                         29,200      435,956              
Sears, Roebuck & Co.                           30,100    1,584,163              
Staples, Inc. (b)                              52,500    1,408,050              
Starbucks Corp. (b)                            42,500    1,343,000              
Target Corp.                                   89,500    3,556,730              
Tiffany & Co.                                  13,100      621,595              
TJX Cos., Inc.                                 50,800    1,066,292              
Toys "R" Us, Inc. (b)                          20,100      261,300              
Wal-Mart Stores, Inc.                         442,400   26,079,479              
                                         -----------
                                          66,211,724
                                         -----------

------------------------------------------------------------------              
RETAIL/FOOD & DRUG (0.6%)                                                       
Albertson's, Inc.                              34,734      704,753              
Kroger Co. (b)                                 70,200    1,227,798              
Safeway, Inc. (b)                              47,700    1,006,470              
Supervalu, Inc.                                 9,200      232,024              
Walgreen Co.                                  100,900    3,513,338              
Winn-Dixie Stores, Inc.                        12,700      102,743              
                                         -----------
                                           6,787,126
                                         -----------

------------------------------------------------------------------              
SEMICONDUCTORS (0.7%)                                                           
Advanced Micro Devices, Inc. (b)               32,700      497,040              
Analog Devices, Inc. (b)                       35,500    1,573,715              
Applied Materials, Inc. (b)                   164,100    3,835,017              

       SHARES OR
       PRINCIPAL
                         AMOUNT            VALUE
------------------------------------------------------------------              
SEMICONDUCTORS (continued)                                                      
Micron Technology, Inc. (b)                    58,300  $   836,022              
Novellus Systems, Inc. (b)                     14,800      611,092              
                                         -----------
                                           7,352,886
                                         -----------

------------------------------------------------------------------              
SERVICES (0.8%)                                                                 
Autodesk, Inc.                                 12,700      244,475              
Deluxe Corp.                                    5,300      213,961              
eBay, Inc. (b)                                 63,200    3,535,409              
Equifax, Inc.                                  11,900      290,836              
IMS Health, Inc.                               21,948      516,436              
Omnicom Group, Inc.                            20,100    1,603,980              
Paychex, Inc.                                  40,075    1,559,719              
Robert Half International, Inc. (b)            13,200      311,652              
Ryder System, Inc.                              5,500      165,000              
Sabre Holdings, Inc.                           13,517      296,157              
                                         -----------
                                           8,737,625
                                         -----------

------------------------------------------------------------------              
STEEL (0.1%)                                                                    
Allegheny Teledyne, Inc.                        4,800       36,720              
Nucor Corp.                                     9,600      526,368              
United States Steel Corp.                       9,700      229,405              
Worthington Industries, Inc.                    8,100      118,098              
                                         -----------
                                             910,591
                                         -----------

------------------------------------------------------------------              
TELECOMMUNICATIONS (2.7%)                                                       
ADC Telecommunications, Inc. (b)               74,793      190,722              
ALLTEL Corp.                                   29,400    1,389,738              
Andrew Corp. (b)                               20,600      269,448              
AT&T Corp.                                     82,466    1,533,043              
AT&T Wireless Services, Inc. (b)              256,299    1,858,168              
BellSouth Corp.                               186,000    4,893,660              
CenturyTel, Inc.                               13,500      482,625              
Comverse Technology, Inc. (b)                  19,900      358,996              
Nextel Communications, Inc. (b)               107,000    2,589,400              
QUALCOMM, Inc.                                 78,300    3,719,250              
Qwest Communications                                                            
International, Inc. (b)                       160,211      565,545              
SBC Communications, Inc.                      334,541    8,022,293              
Scientific-Atlanta, Inc.                       15,300      452,880              
Sprint Corp. (FON Group)                       85,800    1,372,800              
Sprint Corp. (PCS Group) (b)                   90,100      391,935              
Univision Communications, Inc.,                                                 
Class A (b)                                    35,100    1,191,645              
                                         -----------
                                          29,282,148
                                         -----------

------------------------------------------------------------------              
TIRE & RUBBER (0.0%)                                                            
Cooper Tire & Rubber Co.                        5,300      104,198              
Goodyear Tire & Rubber Co.                     15,800      108,388              
                                         -----------
                                             212,586
                                         -----------

26     ANNUAL  REPORT  2003                                                     
--------------------------------------------------------------------------------

N-CSR 28th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 28th
                                                        [Enlarge/Download Table]


COMMON  STOCKS  (CONTINUED)                                                             
                                            SHARES OR                                   
                                        PRINCIPAL AMOUNT                       VALUE    
----------------------------------------------------------------------------------------
                                                                                        
TOBACCO (0.1%)                                                                          
R.J. Reynolds Tobacco                               9,600                  $    461,088 
UST, Inc.                                          15,800                       537,516 
                                                                           -------------
                                                                                998,604 
                                                                           -------------

----------------------------------------------------------------------------------------
TRANSPORT SERVICES (0.8%)                                                               
United Parcel Service, Inc.,                                                            
 Class B                                          115,300                     8,361,556 
                                                                           -------------

----------------------------------------------------------------------------------------
UTILITIES (2.0%)                                                                        
AES Corp. (The) (b)                                55,265                       483,569 
Allegheny Energy, Inc. (b)                         11,300                       119,554 
Ameren Corp.                                       15,200                       678,680 
American Electric Power Co., Inc.                  37,340                     1,052,615 
Calpine Corp. (b)                                  41,200                       189,932 
Centerpoint Energy, Inc.                           33,400                       327,654 
Cinergy Corp.                                      20,900                       758,879 
CMS Energy Corp.                                   13,000                       105,560 
Consolidated Edison, Inc.                          25,100                     1,015,797 
Constellation Energy Group, Inc.                   12,400                       450,988 
Dominion Resources, Inc.                           29,367                     1,809,007 
DTE Energy Co.                                     15,900                       586,392 
Duke Energy Corp.                                  85,200                     1,546,380 
Edison International (b)                           29,400                       579,474 
Entergy Corp.                                      24,900                     1,342,110 
FirstEnergy Corp.                                  39,448                     1,356,617 
FPL Group, Inc.                                    20,100                     1,281,174 
NiSource, Inc.                                     24,827                       514,167 
PG&E Corp. (b)                                     38,700                       946,215 
Pinnacle West Capital Corp.                         8,600                       314,416 
PPL Corp.                                          17,200                       686,624 
Progress Energy, Inc.                              21,700                       935,270 
Public Service Enterprise                                                               
Group, Inc.                                        25,200                     1,029,924 
Southern Co.                                       76,500                     2,279,699 
TECO Energy, Inc.                                  17,700                       232,401 
TXU Corp.                                          32,200                       734,804 
Xcel Energy, Inc.                                  37,710                       618,444 
                                                                           -------------
                                                                             21,976,346 
                                                                           -------------

TOTAL COMMON STOCKS                                                         973,290,901 
                                                                           -------------

REPURCHASE  AGREEMENTS  (10.3%)                                                         

                                        SHARES OR                                       
                                        PRINCIPAL                                       
                                          AMOUNT                             VALUE      
----------------------------------------------------------------------------------------
CS First Boston, 0.94%, dated 10/31/03,                                                 
due 11/03/03, repurchase price                                                          
57,216,659 (Fully collateralized by AA                                                  
Rated Corporate Bonds)                  $      57,212,177                  $ 57,212,177 
Lehman Brothers, Inc., 0.94%,                                                           
dated 10/31/03, due 11/03/03, repurchase price                                          
10,595,631 (Fully collateralized by                                                     
U.S.Agency Securities)                         10,594,801                    10,594,801 
Nomura Securities, 0.94%, dated 10/31/03,                                               
due 11/03/03, repurchase price 45,773,327                                               
(Fully collateralized by AA Rated                                                       
Corporate Bonds)                               45,769,742                    45,769,742 
                                                                           -------------

TOTAL REPURCHASE AGREEMENTS                                                 113,576,720 
                                                                           -------------

SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL                                   
RECEIVED FOR SECURITIES ON LOAN (3.9%)                                                  

REPURCHASE AGREEMENT (0.7%)                                                             
Nomura Securites, 1.07%, dated 10/31/03,                                                
due 11/03/03, repurchase price 7,518,555                                                
(Fully collateralized by U.S. Agency                                                    
Securities)                                     7,517,885                     7,517,885 
                                                                           -------------

----------------------------------------------------------------------------------------
GUARANTEED INSURANCE CONTRACT (0.9%)                                                    
Protective Life Insurance Co.,                                                          
1.28%, 11/30/04 (c)                            10,000,000                    10,000,000 
                                                                           -------------

----------------------------------------------------------------------------------------
MEDIUM-TERM NOTE (2.3%)                                                                 
SPARC 2003-6, 1.46%, 05/23/05 (c)              25,000,000                    25,000,000 
                                                                           -------------

----------------------------------------------------------------------------------------
TIME DEPOSIT (0.0%)                                                                     
Unicredito Italiano Milan, 1.09%,                                                       
12/17/03                                          600,000                       600,000 
                                                                           -------------

TOTAL SHORT-TERM INVESTMENTS PURCHASED WITH CASH                                        
COLLATERAL RECEIVED FOR SECURITIES ON LOAN                                   43,117,885 
                                                                           -------------

TOTAL INVESTMENTS (COST $1,157,757,278) (A) - 102.8%                      1,129,985,506 

LIABILITIES IN EXCESS OF OTHER ASSETS - (2.8)%                              (31,021,300)
                                                                          --------------

NET ASSETS - 100.0%                                                      $1,098,964,206 
                                                                         ============== 

(a)  See  notes  to  financial  statements  for  unrealized  appreciation       
(depreciation)  of  securities.                                       
(b)  Denotes  a  non-income  producing  security.                               
(c)  Variable  Rate Security. The rate reflected in the Statement of Investments
is  the  rate  in  effect  on  October  31,  2003.                    

At  October,  31  2003  the  Fund's open long futures contracts were as follows:

  MARKET
                   VALUE        UNREALIZED
NUMBER OF  LONG                     COVERED BY    APPRECIATION                  
CONTRACTS  CONTRACTS*  EXPIRATION   CONTRACTS    (DEPRECIATION)                 
-----------------------------------------------------------------               
481  S&P 500       12/19/03  $126,202,375  $     2,539,535          

*    Cash  pledged  as  collateral.                                             

SEE  NOTES  TO  FINANCIAL  STATEMENTS.                                          

2003  ANNUAL  REPORT  27                                                        
--------------------------------------------------------------------------------

N-CSR 29th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 29th
NATIONWIDE  MID  CAP  MARKET  INDEX  FUND                                       

Class  A  Shares  symbol:  NMXAX                                                
Class  B  Shares  symbol:  NMXBX                                                
Class  C  Shares  symbol:  NMCMX                                                
Institutional  Class  symbol:  NMXIX                                            

HOW  DID  THE  FUND  PERFORM?                                                   

For  the  annual  period  ended  Oct. 31, 2003, the Fund returned 29.72%* versus
30.75%  for  its  benchmark,  the  S&P  MidCap  400  Index.                     

For  broader  comparison,  the  average  return  for  this  Fund's peer category
(Mid-Cap  Core  Funds)  was  30.88%, according to Lipper, an independent company
that  provides  mutual  fund  data  and  analysis.                              

WHAT  MARKET/ECONOMIC  AND  PORTFOLIO-SPECIFIC  FACTORS  AFFECTED  PERFORMANCE? 

Markets  were  volatile  during the period as corporate scandals, terrorism, war
anxieties  and  economic  uncertainty  depressed  investor  sentiment.  Once    
geopolitical  risks  abated  after  the resolution of major military conflict in
Iraq,  investor sentiment improved and markets began to rise in March. The rally
was  notable  for  the  participation  of  all sectors and countries. The upturn
remained  steady  and,  although  a  slight  pullback occurred in September, the
markets  finished  the  period  with  strong  performance  in  October.         

Turning  to  sector  performance,  all  10  S&P  MidCap 400 Index sectors posted
positive  returns  for  the  period.  Information  technology  was  the  leader,
returning  55%.  Health care and industrials also were top performers, returning
33% and 32%, respectively. Energy was the bottom performer with a return of 10%,
followed  by  materials  and  utilities  with respective returns of 10% and 17%.

DESCRIBE  THE  FUND'S  TOP HOLDINGS AND ANY SIGNIFICANT TRANSACTIONS MADE DURING
THE  PERIOD.                                                                    

The  Fund's  top security holdings at the end of the period were M&T Bank Corp.,
Gilead  Sciences,  Inc.  and  The  Washington  Post Co. Fund weightings for each
security  are  determined  by the security's respective benchmark weighting. All
Fund  transactions  during  the  period  were  driven  either  by changes to the
composition  of  the  benchmark  index  or  by  Fund  subscriptions/redemptions.

HOW  IS  THE  FUND  POSITIONED?                                                 

The  U.S. stock market has rebounded significantly since October 2002 because of
improved corporate earnings, low interest rates and strong economic growth. This
trend  is  expected  to  continue  during the remainder of 2003 and beyond. Iraq
remains  on  the  radar  screen,  because  reports  of  conflicts and casualties
continue  to  make  frequent  headlines.  Despite  this news, however, investors
appear  to  be  leaving  the  sidelines  and  re-entering  the  equity  markets.

Recent  economic  data,  such  as  gross  domestic  product growth, points to an
acceleration  in global activity. In the midst of such strong results, the bears
believe  that economic growth peaked during the third quarter and that news will
become  less  positive. And so the tug of war continues between those who expect
the market to keep barreling ahead and those who foresee a backlash. The Fund is
positioned  to  continue  to  meet  its  objective  of replicating the risks and
returns  of  its  benchmark.                                                    

PORTFOLIO  MANAGER:  Fund  Asset  Management,  L.P.  -  Subadviser              
*     Performance  of  Class  A  shares  without  sales  charge and assuming all
distributions  are  reinvested.                                                 

PORTFOLIO  MARKET  VALUE  $332,196,207                                          
OCTOBER  31,  2003                                                              

28     ANNUAL  REPORT  2003                                                     
--------------------------------------------------------------------------------

N-CSR 30th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 30th
AVERAGE  ANNUAL  TOTAL  RETURN                                                  
(For  Periods  Ended  October  31,  2003)                                       

  1 YR.   INCEPTION1
---------------------------------------------------                             
Class A               w/o SC2   29.72%        6.37%                             
w/SC3     22.27%        4.75%       
---------------------------------------------------                             
Class B4              w/o SC2   28.96%        5.89%                             
w/SC5     23.96%        5.22%       
---------------------------------------------------                             
Class C6              w/o SC2   28.85%        5.86%                             
w/SC7     26.61%        5.59%       
---------------------------------------------------                             
Institutional Class8            30.21%        6.87%                             
---------------------------------------------------                             

All  figures  showing  the  effect  of a sales charge reflect the maximum charge
possible,  because  it  has  the  most  dramatic  effect  on  performance  data.
1    Commenced  operations  on  December  29,  1999.                            
2    These  returns  do  not  reflect  the  effects  of  sales  charges  (SC).  
3    A  5.75%  front-end  sales  charge  was  deducted.                         
4    These  returns  until  the  creation  of  Class  B shares (5/25/01) include
     performance based on the Fund's Class A shares. Excluding the effect of any
     fee  waivers  or  reimbursements, such prior performance is similar to what
     Class  B  shares  would  have produced because Class B shares invest in the
     same  portfolio  of  securities as Class A shares. The performance for this
     class  has  been  restated  to  reflect differences in sales charges (where
     applicable),  but  does  not  reflect  the  differing  levels of other fees
     (primarily  Rule  12b-1  and/or administrative services fees) applicable to
     such  classes;  if  these  fees were reflected, the performance for Class B
shares  would  have  been  lower.                                     
5    A  5.00%  maximum contingent deferred sales charge (CDSC) was deducted. The
CDSC  declines  to  0%  after  6  years.                              
6    These  returns  until the creation of Class C shares (10/22/03) include the
     performance  of  the  Fund's  Class A shares for the period through May 24,
     2001  and  the  Fund's  Class  B shares for the period from May 25, 2001 to
October  21,  2003.  Excluding  the  effect  of  any  fee  waivers  or
     reimbursements,  such  prior  performance is similar to what Class C shares
     would  have produced because Class C shares invest in the same portfolio of
     securities  as  the  Fund's  other classes. The performance for the Class C
     shares  has  been  restated  to reflect differences in sales charges (where
     applicable),  but  does  not  reflect  the  differing  levels of other fees
     (primarily  Rule  12b-1  and/or administrative services fees) applicable to
     such  classes;  if  these  fees were reflected, the performance for Class C
shares  would  have  been  lower.                                     
7    A  1.00%  front-end  sales  charge  was  deducted. A CDSC of 1.00% was also
     deducted from the one year return because it is charged when you sell Class
C  shares  within  the  first  year  after  purchase.                 
8    Not  subject  to  any  sales  charges.                                     

GROWTH  OF  A  $10,000  INVESTMENT                                              

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.                                                            

Date        Class A  S&P Midcap 400   CPI                                       
-------------------------------------------                                     
12/29/1999    9,425          10,000  10,000                                     
10/31/2000   11,170          11,807  10,339                                     
10/31/2001    9,766          10,337  10,559                                     
10/31/2002    9,212           9,843  10,772                                     
10/31/2003   11,950          12,867  11,043                                     

Comparative  performance of $10,000 invested in Class A shares of the Nationwide
Mid  Cap  Market Index Fund, the S&P MidCap 400 Index(a), and the Consumer Price
Index  (CPI)(b) since inception.  Unlike the Fund, the returns for these indices
do  not  reflect  any  fees,  expenses,  or  sales  charges.                    
(a)  The  S&P  MidCap  400  Index  is  an  unmanaged  index  that  measures  the
performance  of  mid-sized  U.S.  companies.                          
(b)  The  CPI  represents  changes  in  prices of a basket of goods and services
purchased  for  consumption  by  urban  households.                   

2003  ANNUAL  REPORT  29                                                        
--------------------------------------------------------------------------------

N-CSR 31st “Page” of 135 TOC 1st Previous Next ↓Bottom Just 31st
STATEMENT  OF  INVESTMENTS                                                      
October  31,  2003                                                              

NATIONWIDE  MID  CAP  MARKET  INDEX  FUND                                       

COMMON  STOCKS  (85.5%)                                                         
         SHARES OR
                    PRINCIPAL AMOUNT     VALUE
------------------------------------------------------------------              

AEROSPACE/DEFENSE (0.3%)                                                        
Precision Castparts Corp.                      14,700  $   604,611              
Sequa Corp. (b)                                 2,500      119,250              
                                         -----------
                                             723,861
                                         -----------

------------------------------------------------------------------              
AGRICULTURAL PRODUCTS (0.1%)                                                    
Universal Corp.                                 7,100      309,418              
                                         -----------

------------------------------------------------------------------              
AIRLINES (0.4%)                                                                 
Alaska Air Group, Inc. (b)                      7,700      221,683              
Jetblue Airways Corp. (b)                      17,800    1,026,704              
                                         -----------
                                           1,248,387
                                         -----------

------------------------------------------------------------------              
AMUSEMENT & RECREATION (0.4%)                                                   
Callaway Golf Co.                              21,300      346,125              
International Speedway Corp.                   13,600      578,544              
Six Flags, Inc. (b)                            27,700      163,984              
                                         -----------
                                           1,088,653
                                         -----------

------------------------------------------------------------------              
AUTO PARTS & EQUIPMENT (1.2%)                                                   
Arvinmeritor, Inc.                             17,300      290,467              
Bandag, Inc.                                    4,500      164,700              
BorgWarner Automotive, Inc.                     7,400      588,966              
Gentex Corp.                                   20,800      812,240              
Lear Corp. (b)                                 17,900    1,039,811              
Modine Manufacturing Co.                        8,200      209,838              
Superior Industries                                                             
International, Inc.                            6,600      280,500             
                                         -----------
                                           3,386,522
                                         -----------

------------------------------------------------------------------              
AUTOMOTIVE (0.5%)                                                               
O'Reilly Automotive, Inc. (b)                  14,600      632,034              
Carmax, Inc. (b)                               27,100      853,921              
                                         -----------
                                           1,485,955
                                         -----------

------------------------------------------------------------------              
BANKS (7.9%)                                                                    
Associated Banc Corp.                          19,094      785,909              
Astoria Financial Corp.                        22,600      782,864              
Banknorth Group, Inc.                          42,427    1,328,814              
City National Corp.                            13,300      800,793              
Colonial Bancgroup, Inc.                       31,400      492,352              
Compass Bancshares, Inc.                       34,400    1,299,632              
Cullen/Frost Bankers, Inc.                     14,300      554,268              
FirstMerit Corp.                               22,100      569,738              
Greater Bay Bancorp                            14,800      399,008              
GreenPoint Financial Corp.                     36,650    1,141,648              
Hibernia Corp.                                 40,700      919,413              
Independence Community                                                          
Bank Corp.                                     13,900      510,825              
IndyMac Bancorp, Inc.                          15,600      458,640              
M&T Bank Corp.                                 31,500    2,957,849              
Mercantile Bankshare Corp.                     21,650      917,311              
National Commerce Financial Co.                53,490    1,469,370              
New York Community Bancorp, Inc.               36,600    1,324,920              

                 SHARES OR
                         PRINCIPAL AMOUNT    VALUE
------------------------------------------------------------------              

BANKS (continued)                                                               
Provident Financial Group                      12,120  $   356,934              
Roslyn Bancorp, Inc.                           21,462      578,186              
Silicon Valley Bancshares (b)                  10,100      354,510              
Sovereign Bancorp, Inc.                        76,500    1,591,965              
TCF Financial Corp.                            19,800    1,033,164              
Washington Federal, Inc.                       21,100      555,774              
Webster Financial Corp.                        11,600      518,520              
West America Bancorp                            8,320      416,499              
Wilmington Trust Corp.                         16,800      565,824              
                                         -----------
                                          22,684,730
                                         -----------

------------------------------------------------------------------              
BIOTECHNOLOGY (2.2%)                                                            
Gilead Sciences, Inc. (b)                      53,000    2,892,740              
Idec Pharmaceuticals Corp. (b)                 41,700    1,464,921              
Millenium Pharmaceuticals, Inc. (b)            77,963    1,241,171              
Protein Design Labs, Inc. (b)                  26,100      351,828              
Vertex Pharmaceuticals, Inc. (b)               19,200      251,904              
                                         -----------
                                           6,202,564
                                         -----------

------------------------------------------------------------------              
BROADCASTING (0.6%)                                                             
Emmis Communications Corp. (b)                 15,100      334,918              
Entercom Communications                                                         
Corp. (b)                                      14,000      641,340              
Westwood One, Inc. (b)                         27,900      835,047              
                                         -----------
                                           1,811,305
                                         -----------

------------------------------------------------------------------              
BUSINESS SERVICES (2.4%)                                                        
Acxiom Corp. (b)                               23,800      378,420              
BISYS Group, Inc. (The) (b)                    31,700      453,310              
Catalina Marketing Corp. (b)                   15,400      271,810              
Ceridian Corp. (b)                             38,400      806,400              
Checkfree Corp. (b)                            21,100      580,883              
CSG Systems International, Inc. (b)            13,000      149,370              
DST Systems, Inc. (b)                          31,200    1,179,984              
Fair Issac Corp.                               12,900      822,762              
Gartner Group, Inc. (b)                         3,000       38,250              
Gartner Group, Inc., Class B (b)               30,300      369,357              
Harte-Hanks, Inc.                              22,300      443,101              
Kelly Services, Inc.                            8,675      212,538              
Korn/Ferry International (b)                    8,700       76,038              
Manpower, Inc.                                 21,200      983,680              
MPS Group, Inc. (b)                            25,500      243,525              
                                         -----------
                                           7,009,428
                                         -----------

------------------------------------------------------------------              
CHEMICALS (1.8%)                                                                
Airgas, Inc.                                   18,000      344,700              
Albemarle Corp.                                10,200      273,564              
Cabot Corp.                                    15,600      435,240              
Crompton Corp.                                 28,000      150,080              
Cytec Industries, Inc. (b)                     10,800      377,028              
Ferro Corp.                                    11,800      242,254              
FMC Corp. (b)                                   8,600      240,886              

30     ANNUAL  REPORT  2003                                                     
--------------------------------------------------------------------------------

N-CSR 32nd “Page” of 135 TOC 1st Previous Next ↓Bottom Just 32nd
COMMON  STOCKS  (CONTINUED)                                                     
           SHARES OR
           PRINCIPAL
                         AMOUNT        VALUE
---------------------------------------------------------------                 

CHEMICALS (continued)                                                           
IMC Global, Inc.                            32,600  $   227,874                 
Lubrizol Corp.                              13,300      402,990                 
Lyondell Chemical Co.                       48,100      687,830                 
Minerals Technologies, Inc.                  5,800      317,840                 
Olin Corp.                                  16,600      289,006                 
RPM, Inc.                                   29,100      420,495                 
Valspar Corp.                               13,000      620,100                 
                                   -----------
                                     5,029,887
                                   -----------

---------------------------------------------------------------                 
COMMUNICATION EQUIPMENT (2.0%)                                                  
Adtran, Inc.                                10,400      707,512                 
Advanced Fibre Communications, Inc. (b)     23,300      560,831                 
Cincinnati Bell, Inc. (b)                   60,000      306,600                 
CommScope, Inc. (b)                         14,100      218,409                 
Harris Corp.                                17,000      632,740                 
L-3 Communications Holdings,                                                    
Inc. (b)                                   25,800    1,205,892                
Plantronics, Inc. (b)                       11,000      305,910                 
Polycom, Inc. (b)                           25,400      508,762                 
Powerwave Technologies, Inc. (b)            19,600      127,596                 
Price Communications Corp. (b)              13,200      165,924                 
Telephone & Data Systems, Inc.              14,900      932,740                 
                                   -----------
                                     5,672,916
                                   -----------

---------------------------------------------------------------                 
COMPUTER HARDWARE (0.6%)                                                        
Keane, Inc. (b)                             17,400      228,636                 
National Instruments Corp.                  13,300      566,314                 
Quantum Corp. (b)                           45,600      141,816                 
Storage Technology Corp. (b)                28,300      682,030                 
                                   -----------
                                     1,618,796
                                   -----------

---------------------------------------------------------------                 
COMPUTER SOFTWARE & SERVICES (4.7%)                                             
3COM Corp. (b)                              93,800      675,360                 
Activision, Inc. (b)                        24,550      370,460                 
Advent Software, Inc. (b)                    8,369      153,236                 
Affiliated Computer Services, Inc. (b)      35,700    1,746,801                 
Ascential Software Corp (b)                 14,578      323,486                 
Avocent Corp. (b)                           12,700      480,060                 
Cadence Design Systems, Inc. (b)            70,000    1,077,300                 
CDW Corp.                                   22,600    1,357,130                 
Internet Security, Inc. (b)                 14,400      236,304                 
Investment Technology                                                           
Group, Inc. (b)                             12,007      238,459                 
Jack Henry & Associates, Inc.               22,400      447,552                 
Macromedia, Inc. (b)                        15,800      301,938                 
Macrovision Corp. (b)                       12,100      265,837                 
McDATA Corp. (b)                            30,800      318,164                 
Mentor Graphics Corp. (b)                   18,700      313,225                 
Network Associates, Inc. (b)                42,700      594,811                 
Retek, Inc. (b)                             13,000      130,390                 
RSA Security, Inc. (b)                      14,100      182,877                 
SanDisk Corp. (b)                           20,700    1,668,420                 
Sybase, Inc. (b)                            24,100      431,390                 

           SHARES OR
           PRINCIPAL
                        AMOUNT       VALUE
---------------------------------------------------------------                 
COMPUTER SOFTWARE & SERVICES (continued)                                        
Synopsys, Inc. (b)                          41,600  $ 1,319,552                 
Titan Corp. (The) (b)                       20,170      425,990                 
Transaction Systems Architects,                                                 
Inc. (b)                                   10,600      212,000                
Wind River Systems, Inc. (b)                20,200      135,340                 
                                   -----------
                                    13,406,082
                                   -----------

---------------------------------------------------------------                 
CONSTRUCTION (2.3%)                                                             
D. R. Horton, Inc.                          40,750    1,621,850                 
Dycom Industries, Inc. (b)                  13,400      289,574                 
Granite Construction, Inc.                  12,000      239,880                 
Hovnanian Enterprises, Class A (b)           8,200      666,496                 
Jacobs Engineering Group, Inc. (b)          15,200      704,064                 
Lennar Corp.                                19,820    1,820,467                 
Martin Marietta Materials, Inc.             12,800      524,416                 
Toll Brothers, Inc. (b)                     20,000      736,800                 
                                   -----------
                                     6,603,547
                                   -----------

---------------------------------------------------------------                 
CONSUMER & COMMERCIAL SERVICES (1.9%)                                           
Career Education Corp. (b)                  26,800    1,435,140                 
Corinthian Colleges, Inc. (b)               12,000      743,040                 
DeVry, Inc. (b)                             19,300      468,411                 
Dun & Bradstreet Corp. (b)                  19,300      898,415                 
Quanta Services, Inc. (b)                   29,300      239,674                 
Rollins, Inc.                               11,050      224,536                 
Sotheby's Holdings, Inc. (b)                14,700      156,555                 
Sylvan Learning Systems, Inc. (b)           11,400      322,620                 
United Rentals, Inc. (b)                    19,600      341,432                 
Viad Corp.                                  22,700      567,046                 
                                   -----------
                                     5,396,869
                                   -----------

---------------------------------------------------------------                 
CONSUMER PRODUCTS (2.3%)                                                        
Blyth Industries, Inc.                      12,000      335,760                 
Choicepoint, Inc. (b)                       22,600      791,904                 
Church & Dwight, Inc.                       11,400      424,878                 
Dial Corp.                                  26,500      636,000                 
Education Management Corp. (b)               9,800      619,164                 
Energizer Holdings, Inc. (b)                21,700      798,560                 
Furniture Brands International, Inc.        15,400      373,604                 
Lancaster Colony Corp.                       9,000      357,390                 
Mohawk Industries Co. (b)                   17,700    1,311,924                 
Scotts Co. (The), Class A (b)                9,800      565,950                 
Timberland Co., Class A (b)                  9,900      514,305                 
                                   -----------
                                     6,729,439
                                   -----------

---------------------------------------------------------------                 
CONTAINERS/PACKAGING (0.4%)                                                     
Packaging Corp. of America (b)              26,700      525,990                 
Sonoco Products Co.                         24,700      525,369                 
                                   -----------
                                     1,051,359
                                   -----------

2003  ANNUAL  REPORT  31                                                        
--------------------------------------------------------------------------------

N-CSR 33rd “Page” of 135 TOC 1st Previous Next ↓Bottom Just 33rd
STATEMENT  OF  INVESTMENTS  (Continued)                                         
October  31,  2003                                                              

NATIONWIDE  MID  CAP  MARKET  INDEX  FUND  (Continued)                          

                                                                [Download Table]


COMMON  STOCKS  (CONTINUED)                                                      
                                                       SHARES OR                 
                                                    PRINCIPAL AMOUNT     VALUE   
---------------------------------------------------------------------------------
                                                                                 
ELECTRONICS (4.7%)                                                               
Arrow Electronics, Inc. (b)                                   26,000  $   555,100
Atmel Corp. (b)                                              121,200      683,568
Avnet, Inc. (b)                                               30,798      597,481
Cabot Microelectronics Corp. (b)                               6,768      385,776
Credence Systems Corp. (b)                                    18,200      296,842
Cree, Inc. (b)                                                20,488      363,867
Cypress Semiconductor Corp. (b)                               30,300      650,238
Hubbell, Inc.                                                 15,200      651,168
Integrated Device Technology,                                                    
 Inc. (b)                                                     28,700      450,590
International Rectifier Corp. (b)                             17,500      835,275
Intersil Corp.                                                37,000      954,230
Kemet Corp. (b)                                               21,700      287,525
Lam Research Corp. (b)                                        33,100      951,294
Lattice Semiconductor Corp. (b)                               31,800      248,040
LTX Corp. (b)                                                 13,700      195,773
Micrel, Inc. (b)                                              23,300      384,450
Microchip Technology, Inc.                                    53,612    1,753,648
Newport Corp. (b)                                              9,400      148,144
Plexus Corp. (b)                                              10,300      178,087
RF Micro Devices, Inc. (b)                                    50,400      590,184
Semtech Corp. (b)                                             20,310      450,882
SPX Corp. (b)                                                 20,400      981,648
TriQuint Semiconductor, Inc. (b)                              32,305      231,627
Vishay Intertechnology, Inc. (b)                              41,450      777,188
                                                                     ------------
                                                                       13,602,625
                                                                     ------------

---------------------------------------------------------------------------------
FINANCIAL SERVICES (3.5%)                                                        
Americredit Corp. (b)                                         43,100      577,540
Bank of Hawaii Corp.                                          16,700      657,980
Certegy, Inc.                                                 16,900      568,854
Commerce Bancorp, Inc.                                        20,400      986,136
E*TRADE Group, Inc. (b)                                       93,600      964,080
Eaton Vance Corp.                                             17,800      620,864
Edwards (A.G.), Inc.                                          21,400      866,700
Investors Financial Services Corp.                            17,884      631,842
Labranche & Co., Inc.                                         16,700      176,853
Legg Mason, Inc.                                              17,600    1,465,200
Neuberger Berman, Inc.                                         8,700      377,145
PMI Group, Inc.                                               24,200      925,166
SEI Corp.                                                     27,200      792,064
Waddell & Reed Financial, Inc.                                21,000      465,780
                                                                     ------------
                                                                       10,076,204
                                                                     ------------

---------------------------------------------------------------------------------
FOOD & BEVERAGE (3.0%)                                                           
Constellation Brands, Inc. (b)                                28,400      890,908
Dean Foods Co. (b)                                            42,158    1,275,280
Hormel Foods Corp.                                            35,800      883,902
J.M. Smucker Co.                                              12,712      556,404
Interstate Bakeries Corp.                                     13,100      192,308
Krispy Kreme Doughnuts, Inc. (b)                              15,800      684,456
PepsiAmericas, Inc.                                           36,700      549,766
Sensient Technologies Corp.                                   13,600      261,120

                                                           SHARES OR             
                                                           PRINCIPAL             
                                                             AMOUNT       VALUE  
---------------------------------------------------------------------------------
FOOD & BEVERAGE (continued)                                                      
Smithfield Foods, Inc. (b)                                    29,500  $   627,170
Tootsie Roll Industries, Inc.                                 13,069      431,146
Tyson Foods, Inc.                                             91,590    1,306,989
Whole Foods Market, Inc. (b)                                  16,200      959,688
                                                                     ------------
                                                                        8,619,137
                                                                     ------------

---------------------------------------------------------------------------------
GAMING (0.8%)                                                                    
Boyd Gaming Corp.                                             17,000      259,420
GTECH Holdings Corp.                                          15,600      697,008
Mandalay Resort Group                                         16,400      643,700
Park Place Entertainment, Inc. (b)                            77,800      746,880
                                                                     ------------
                                                                        2,347,008
                                                                     ------------

---------------------------------------------------------------------------------
HEALTHCARE (8.5%)                                                                
AdvancePCS (b)                                                24,400    1,255,868
Apogent Technologies, Inc. (b)                                23,500      515,825
Apria Healthcare Group, Inc. (b)                              15,400      446,600
Barr Laboratories, Inc. (b)                                   17,850    1,370,345
Beckman Coulter, Inc.                                         16,700      829,155
Charles River Laboratories International, Inc. (b)            11,600      373,984
Community Health Systems, Inc. (b)                            25,300      607,706
Covance, Inc. (b)                                             15,600      406,068
Coventry Health Care, Inc. (b)                                15,400      843,150
Cytyc Corp. (b)                                               31,000      400,830
Dentsply International, Inc.                                  20,400      901,476
Edwards Lifesciences Corp. (b)                                16,900      490,100
First Health Group Corp. (b)                                  26,100      637,101
Health Net, Inc. (b)                                          30,100      950,859
ICN Pharmaceuticals, Inc.                                     22,100      426,751
IVAX Corp. (b)                                                52,675    1,014,521
LifePoint Hospitals, Inc. (b)                                 11,100      285,381
Lincare Holdings, Inc. (b)                                    26,600    1,035,804
Mylan Laboratories, Inc.                                      71,925    1,736,989
Omnicare, Inc.                                                27,200    1,042,848
Oxford Health Plans, Inc. (b)                                 21,700      878,850
PacifiCare Health Systems, Inc. (b)                           10,200      606,900
Patterson Dental Co. (b)                                      18,500    1,183,630
Perrigo Co.                                                   17,300      232,685
Pharmaceutical Resources, Inc. (b)                             9,100      657,748
Schein (Henry), Inc. (b)                                      12,100      750,805
Sepracor, Inc. (b)                                            22,400      596,512
SICOR, Inc. (b)                                               30,400      814,720
Steris Corp. (b)                                              17,800      370,596
Triad Hospitals, Inc. (b)                                     19,433      597,176
Universal Health Services, Inc. (b)                           15,900      748,095
Varian Medical Systems, Inc. (b)                              18,600    1,189,284
Visx, Inc. (b)                                                12,800      310,528
                                                                     ------------
                                                                       24,508,890
                                                                     ------------

---------------------------------------------------------------------------------
HOTELS & LODGING (0.1%)                                                          
Extended Stay America, Inc. (b)                               23,600      346,920
                                                                     ------------

32     ANNUAL  REPORT  2003                                                     
--------------------------------------------------------------------------------

N-CSR 34th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 34th
COMMON  STOCKS  (CONTINUED)                                                     
       SHARES OR
                  PRINCIPAL AMOUNT     VALUE
-----------------------------------------------------------------               

INSURANCE (4.3%)                                                                
Allmerica Financial Corp. (b)                 14,900  $   396,787               
American Financial Group, Inc.                17,500      389,725               
AmerUs Group Co.                              11,100      419,025               
Brown & Brown, Inc.                           17,500      532,875               
Everest Re Group Ltd.                         15,000    1,244,250               
Fidelity National Financial, Inc.             37,050    1,145,586               
First American Financial Corp.                21,200      607,380               
Gallagher (Arthur J.) & Co.                   24,800      723,912               
HCC Insurance Holdings, Inc.                  16,000      466,240               
Horace Mann Educators Corp.                   10,300      136,475               
Leucadia National Corp.                       15,300      642,600               
Mony Group, Inc.                              11,700      374,517               
Ohio Casualty Corp. (b)                       17,620      269,586               
Old Republic International Corp.              31,400    1,128,516               
Protective Life Corp.                         17,600      571,472               
Radian Group, Inc.                            24,400    1,290,760               
Stancorp Financial Group, Inc.                 7,300      460,265               
Unitrin, Inc.                                 17,200      636,400               
W.R. Berkley Corp.                            22,800      781,812               
                                       -----------
                                        12,218,183
                                       -----------

-----------------------------------------------------------------               
MACHINERY (0.7%)                                                                
AGCO Corp. (b)                                20,800      374,400               
Graco, Inc.                                   11,600      441,960               
Tecumseh Products Co.                          5,500      225,390               
Zebra Technologies Corp.,                                                       
Class A (b)                                   14,700      837,165               
                                       -----------
                                         1,878,915
                                       -----------

-----------------------------------------------------------------               
MANUFACTURING (2.5%)                                                            
Ametek, Inc.                                   8,200      385,810               
Brink's Co. (The)                             13,400      268,670               
Carlisle Cos., Inc.                            8,700      498,945               
Diebold, Inc.                                 19,700    1,124,082               
Donaldson Co., Inc.                           11,100      635,142               
Federal Signal Corp.                          11,600      171,564               
Flowserve Corp. (b)                           14,000      286,440               
Harsco Corp.                                  10,200      390,762               
Hillenbrand Industries, Inc.                  16,000      952,480               
Nordson Corp.                                  8,000      221,680               
Pentair, Inc.                                 13,700      561,700               
Teleflex, Inc.                                10,000      460,100               
Trinity Industries, Inc.                      12,900      328,305               
Varian, Inc. (b)                               8,500      304,385               
York International Corp.                      11,200      445,088               
                                       -----------
                                         7,035,153
                                       -----------

-----------------------------------------------------------------               
METALS (0.2%)                                                                   
Carpenter Technology Corp.                     5,900      152,515               
Kennametal, Inc.                               9,600      354,048               
                                       -----------
                                           506,563
                                       -----------

                 SHARES OR
                       PRINCIPAL AMOUNT  VALUE
-----------------------------------------------------------------               
MINING (0.3%)                                                                   
Arch Coal, Inc.                               14,700  $   360,150               
Peabody Energy Corp.                          14,600      486,618               
                                       -----------
                                           846,768
                                       -----------

-----------------------------------------------------------------               
OFFICE EQUIPMENT & SUPPLIES (0.5%)                                              
HON Industries, Inc.                          14,870      609,670               
Miller (Herman), Inc.                         18,400      422,648               
Reynolds & Reynolds Co.                       17,000      461,720               
                                       -----------
                                         1,494,038
                                       -----------

-----------------------------------------------------------------               
OIL & GAS (4.9%)                                                                
Cooper Cameron Corp. (b)                      15,040      644,013               
Cross Timbers Royalty Trust                       52        1,300               
ENSCO International, Inc.                     40,600    1,069,810               
FMC Technologies, Inc. (b)                    16,582      332,967               
Forest Oil Corp. (b)                          13,700      321,265               
Grant Prideco, Inc. (b)                       30,600      347,004               
Hanover Compressor Co. (b)                    16,200      171,720               
Helmerich & Payne, Inc.                       14,100      373,791               
Murphy Oil Corp.                              24,800    1,462,703               
National-Oilwell, Inc. (b)                    22,600      430,982               
Noble Energy, Inc.                            15,900      631,548               
Patterson-UTI Energy, Inc. (b)                22,000      628,980               
Pioneer Natural Resources Co. (b)             32,000      846,400               
Pogo Producing Co.                            16,000      668,960               
Pride International, Inc. (b)                 34,400      563,472               
Smith International, Inc. (b)                 27,700    1,031,271               
Tidewater, Inc.                               16,900      463,229               
Valero Energy Corp.                           30,900    1,319,430               
Varco International, Inc. (b)                 24,652      433,629               
Weatherford International Ltd. (b)            35,400    1,230,150               
XTO Energy, Inc.                              47,699    1,129,035               
                                       -----------
                                        14,101,659
                                       -----------

-----------------------------------------------------------------               
PAPER & FOREST PRODUCTS (0.6%)                                                  
Bowater, Inc.                                 15,300      624,699               
Glatfelter (P.H.) & Co.                       11,600      147,900               
Longview Fibre Co.                            12,300      132,225               
Potlatch Corp.                                 7,000      218,820               
Rayonier, Inc.                                11,700      491,985               
Wausau-Mosinee Paper Corp.                    12,500      154,500               
                                       -----------
                                         1,770,129
                                       -----------

-----------------------------------------------------------------               
PHOTOGRAPHY/IMAGING (0.1%)                                                      
Imation Corp.                                 10,000      340,500               
                                       -----------

2003  ANNUAL  REPORT  33                                                        
--------------------------------------------------------------------------------

N-CSR 35th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 35th
STATEMENT  OF  INVESTMENTS  (Continued)                                         
October  31,  2003                                                              

NATIONWIDE  MID  CAP  MARKET  INDEX  FUND  (Continued)                          

COMMON  STOCKS  (CONTINUED)                                                     

                             SHARES OR
                                        PRINCIPAL AMOUNT     VALUE
----------------------------------------------------------------------------    

PUBLISHING & PRINTING (1.7%)                                                    
Banta Corp.                                               7,400  $   283,124    
Belo Corp.                                               29,100      793,266    
Lee Enterprises, Inc.                                    11,600      489,056    
Media General, Inc.                                       5,900      389,695    
Readers Digest Association                               24,500      360,885    
Scholastic Corp. (b)                                     11,000      340,230    
Valassis Communications, Inc. (b)                        14,400      372,960    
Washington Post Co.                                       2,503    1,845,737    
                                                            ------------
                                                               4,874,953
                                                            ------------

----------------------------------------------------------------------------    
REAL ESTATE INVESTMENT TRUSTS (1.5%)                                            
AMB Property Corp.                                       20,700      620,793    
Highwood Properties, Inc.                                15,600      386,880    
Hospitality Properties Trust                             17,400      638,058    
Liberty Property Trust                                   20,200      734,876    
Mack-Cali Realty Corp.                                   16,000      603,040    
New Plan Excel Realty Trust                              26,800      608,360    
United Dominion Realty Trust, Inc.                       33,200      579,340    
                                                            ------------
                                                               4,171,347
                                                            ------------

----------------------------------------------------------------------------    
RENTAL - AUTO & EQUIPMENT (0.2%)                                                
Rent-A-Center, Inc. (b)                                  22,800      712,728    
                                                            ------------

----------------------------------------------------------------------------    
RESTAURANTS (1.4%)                                                              
Applebee's International, Inc.                           15,500      581,405    
Bob Evans Farms, Inc.                                     8,500      251,260    
Brinker International, Inc. (b)                          26,550      845,087    
CBRL Group, Inc.                                         13,700      530,875    
Cheesecake Factory, Inc. (The) (b)                       14,300      571,142    
Outback Steakhouse, Inc.                                 19,500      819,000    
Ruby Tuesday, Inc.                                       17,100      467,685    
                                                            ------------
                                                               4,066,454
                                                            ------------

----------------------------------------------------------------------------    
RETAIL (5.3%)                                                                   
99 Cents Only Stores (b)                                 18,333      545,773    
Abercrombie & Fitch Co. (b)                              26,633      759,041    
American Eagle Outfitters Ltd. (b)                       19,817      316,874    
Barnes & Noble, Inc. (b)                                 17,900      533,420    
BJ's Wholesale Club, Inc. (b)                            19,100      490,679    
Borders Group, Inc. (b)                                  19,600      443,940    
Chico's FAS, Inc. (b)                                    22,300      837,142    
Claire's Stores, Inc.                                    13,500      522,450    
Coach, Inc. (b)                                          47,604    1,688,514    
Copart, Inc. (b)                                         22,700      283,069    
Dollar Tree Stores, Inc. (b)                             30,850    1,177,853    
Fastenal Co.                                             19,700      876,059    
Longs Drug Stores Corp.                                  10,600      237,440    
Michael's Stores, Inc.                                   17,400      825,978    
Nieman Marcus Group, Inc. (b)                            12,100      575,355    
Payless Shoesource, Inc. (b)                             16,915      223,785    
Petsmart, Inc.                                           38,200      978,302    

                                 SHARES OR
                                 PRINCIPAL
                                                AMOUNT         VALUE
----------------------------------------------------------------------------    
RETAIL (continued)                                                              
Pier 1 Imports, Inc.                                     24,700  $   570,570    
Ross Stores, Inc.                                        21,000    1,050,210    
Ruddick Corp.                                            11,000      175,560    
Saks, Inc. (b)                                           36,400      505,960    
Tech Data Corp. (b)                                      15,500      510,260    
Williams Sonoma, Inc. (b)                                30,300    1,070,499    
                                                            ------------
                                                              15,198,733
                                                            ------------

----------------------------------------------------------------------------    
SEMICONDUCTORS (0.7%)                                                           
Fairchild Semiconductor                                                         
International, Inc. (b)                                 30,200      682,520   
Integrated Circuit Systems, Inc. (b)                     18,400      617,688    
Silicon Laboratories, Inc. (b)                           12,700      685,546    
                                                            ------------
                                                               1,985,754
                                                            ------------

----------------------------------------------------------------------------    
SHIPPING/TRANSPORTATION (1.7%)                                                  
Alexander & Baldwin, Inc.                                11,800      365,918    
C.H. Robinson Worldwide, Inc.                            23,000      901,140    
CNF Transportation, Inc.                                 13,900      486,778    
EGL, Inc. (b)                                            13,500      220,185    
Expeditors International of Washington, Inc.             28,400    1,066,136    
GATX Corp.                                               13,800      310,362    
J.B. Hunt Transport Services, Inc. (b)                   21,600      548,208    
Overseas Shipholding Group, Inc.                          8,300      226,258    
Swift Transportation Co., Inc. (b)                       21,210      475,740    
Werner Enterprises, Inc.                                 20,125      363,055    
                                                            ------------
                                                               4,963,780
                                                            ------------

----------------------------------------------------------------------------    
TEXTILES (0.0%)                                                                 
Unifi, Inc. (b)                                          13,000       64,870    
                                                            ------------

----------------------------------------------------------------------------    
UTILITIES (5.8%)                                                                
AGL Resources, Inc.                                      17,700      498,255    
Allete, Inc.                                             22,071      666,765    
Alliant Energy Corp.                                     29,800      716,988    
Aquila, Inc. (b)                                         51,337      202,781    
Black Hills Corp.                                         7,800      250,926    
DPL, Inc.                                                35,070      638,975    
Duquesne Light Holdings Inc.                             21,400      343,898    
Energy East Corp.                                        37,700      846,365    
Equitable Resources, Inc.                                17,200      708,640    
Great Plains Energy, Inc.                                19,000      605,720    
Hawaiian Electric Industries, Inc.                       10,400      476,008    
Idacorp, Inc.                                            11,100      301,365    
MDU Resources Group, Inc.                                28,650      648,350    
National Fuel Gas Co.                                    20,900      467,115    
Northeast Utilities                                      34,100      642,444    
NSTAR                                                    13,600      635,120    
Oklahoma Gas & Electric Co.                              23,400      533,754    
ONEOK, Inc.                                              21,000      417,690    
Pepco Holdings, Inc.                                     44,094      776,054    
Philadelphia Suburban Corp.                              20,100      474,762    

34     ANNUAL  REPORT  2003                                                     
--------------------------------------------------------------------------------

N-CSR 36th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 36th
COMMON  STOCKS  (CONTINUED)                                                     
                         SHARES OR
                         PRINCIPAL
                                     AMOUNT      VALUE
-----------------------------------------------------------------------         

UTILITIES (continued)                                                           
PNM, Inc.                                          11,200  $    316,736         
Puget Energy, Inc.                                 24,400       554,612         
Questar Corp.                                      21,300       676,275         
Scana Corp.                                        28,879       990,261         
Sierra Pacific Resources (b)                       30,300       180,891         
Vectren, Inc.                                      20,800       490,880         
Westar Energy, Inc.                                17,850       356,643         
Western Gas Resources, Inc.                         9,400       399,500         
WGL Holdings, Inc.                                 12,100       334,565         
Wisconsin Energy Corp.                             31,700     1,038,175         
WPS Resources Corp.                                 9,100       403,403         
                                                   -----------
                                                    16,593,916
                                                   -----------

-----------------------------------------------------------------------         
WASTE DISPOSAL (0.5%)                                                           
Republic Services, Inc.                            41,700       969,525         
Stericycle, Inc. (b)                               11,300       521,834         
                                                   -----------
                                                     1,491,359
                                                   -----------

TOTAL COMMON STOCKS                                         245,276,304         
                                                   -----------

REPURCHASE AGREEMENTS (14.0%)                                                   

CS First Boston, 0.94%, dated 10/31/03,                                         
due 11/03/03, repurchase price $20,192,149                                      
(Fully collateralized by AA Rated                                               
Corporate Bonds)                              $20,190,567    20,190,567         
Lehman Brothers, Inc., 0.94% dated 10/31/03,                                    
due 11/03/03, repurchase price 3,739,270                                        
(Fully collateralized by U.S. Agency                                            
Securities)                                     3,738,977     3,738,977         
Nomura Securities, 0.94%, dated 10/31/03,                                       
due 11/03/03, repurchase price 16,153,719                                       
(Fully collateralized by AA Rated                                               
Corporate Bonds)                               16,152,454    16,152,454         
                                                   -----------

TOTAL REPURCHASE AGREEMENTS                                  40,081,998         
                                                   -----------

SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL RECEIVED FOR              
SECURITIES ON LOAN  (16.3%)                                                     

           SHARES OR
           PRINCIPAL
                          AMOUNT         VALUE
------------------------------------------------------------------              

REPURCHASE AGREEMENT (16.3%)                                                    
Nomura Securities, 1.07%, dated                                                 
10/31/03, due 11/03/03, repurchase price                                        
46,842,081 (Fully collateralized                                                
by U.S. Agency Securities)              $46,837,905  $ 46,837,905               
                                       -------------

TOTAL SHORT-TERM INVESTMENTS PURCHASED WITH CASH                                
COLLATERAL RECEIVED FOR SECURITIES ON LOAN             46,837,905               
                                       -------------

TOTAL INVESTMENTS (COST $294,926,738) - 115.8%        332,196,207               

LIABILITIES IN EXCESS OF OTHER ASSETS - (15.8)%       (45,227,616)              
                                       -------------

NET ASSETS - 100.0%                                  $286,968,591               
                                       =============

(a)  See  notes  to  financial  statements  for  unrealized  appreciation       
(depreciation)  of  securities.                                       
(b)  Denotes  a  non-income  producing  security.                               

At  October,  31  2003  the  Fund's open long futures contracts were as follows:

          MARKET
                            VALUE       UNREALIZED
NUMBER OF  LONG                         COVERED BY    APPRECIATION              
CONTRACTS  CONTRACTS*       EXPIRATION   CONTRACTS   (DEPRECIATION)             
--------------------------------------------------------------------            
156  S&P Mid Cap 400    12/18/03  $42,779,100  $     1,407,339      

*    Cash  pledged  as  collateral.                                             

SEE  NOTES  TO  FINANCIAL  STATEMENTS.                                          

2003  ANNUAL  REPORT  35                                                        
--------------------------------------------------------------------------------

N-CSR 37th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 37th
NATIONWIDE  SMALL  CAP  INDEX  FUND                                             

Class  A  Shares  symbol:  NSXAX                                                
Class  B  Shares  symbol:  NSCBX                                                
Class  C  Shares  symbol:  NSCCX                                                
Institutional  Class  symbol:  NSXIX                                            

HOW  DID  THE  FUND  PERFORM?                                                   

For  the  annual  period  ended  Oct. 31, 2003, the Fund returned 41.89%* versus
43.35%  for  its  benchmark,  the  Russell  2000  Index.                        

For  broader  comparison,  the  average  return  for  this  Fund's peer category
(Small-Cap  Core  Funds) was 38.95%, according to Lipper, an independent company
that  provides  mutual  fund  data  and  analysis.                              

WHAT  MARKET/ECONOMIC  AND  PORTFOLIO-SPECIFIC  FACTORS  AFFECTED  PERFORMANCE? 

Markets  were  volatile  during the period as corporate scandals, terrorism, war
anxieties  and  economic  uncertainty  depressed  investor  sentiment.  Once    
geopolitical  risks  abated  after  the resolution of major military conflict in
Iraq,  investor sentiment improved and markets began to rise in March. The rally
was  notable  for  the  participation  of  all sectors and countries. The upturn
remained  steady  and,  although  a  slight  pullback occurred in September, the
markets  finished  the  period  with  strong  performance  in  October.         

Turning  to  sector  performance, all Russell 2000 Index sectors posted positive
returns  for  the  period.  Technology was the leader, up 78%. Producer durables
and  health  care also were top performers, returning 58% and 50%, respectively.
The  three  worst-performing  sectors  were  consumer staples, other energy, and
other,  with  respective  returns  of  16%,  24%  and  26%.                     

DESCRIBE  THE  FUND'S  TOP HOLDINGS AND ANY SIGNIFICANT TRANSACTIONS MADE DURING
THE  PERIOD.                                                                    

The  Fund's  top  security  holdings at the end of the period were AMR Corp., RF
Micro  Devices  Inc.,  and  Andrew  Corp.  Fund  weightings  each  security  are
determined  by  the  security's  respective  benchmark  weighting.  All  Fund   
transactions  during the period were driven either changes to the composition of
the  benchmark  Index  or  by  Fund  subscriptions/redemptions.                 

HOW  IS  THE  FUND  POSITIONED?                                                 

The  stock  market  has  rebounded  significantly  since October 2002 because of
improved  corporate  earnings,  low interest rates and strong nomic growth. This
trend  is  expected  to  continue  during the remainder of 2003 and beyond. Iraq
remains  on  the  radar  screen,  because  reports  of  conflicts and casualties
continue  to  make  frequent  headlines.  Despite  this news, however, investors
appear  to  be  leaving  the  sidelines  and  re-entering  the  equity  markets.

Recent  economic  data,  such  as  gross  domestic  product growth, points to an
acceleration in global activity. In the midst of these strong results, the bears
believe  that economic growth peaked during the third quarter and that news will
become  less  positive. And so the tug of war continues between those who expect
the market to keep barreling ahead and those who foresee a backlash. The Fund is
positioned  to  continue  to  meet  its  objective  of replicating the risks and
returns  of  its  benchmark.                                                    

PORTFOLIO  MANAGER:  Fund  Asset  Management,  L.P.  -  Subadviser              
*     Performance  of  Class  A  shares  without  sales  charge and assuming all
distributions  are  reinvested.                                                 

PORTFOLIO  MARKET  VALUE  $167,100,433                                          
OCTOBER  31,  2003                                                              

36     ANNUAL  REPORT  2003                                                     
--------------------------------------------------------------------------------

N-CSR 38th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 38th
AVERAGE  ANNUAL  TOTAL  RETURN                                                  
(For  Periods  Ended  October  31,  2003)                                       

          1 YR.   5 YR.   INCEPTION1
-----------------------------------------------------------                     
Class A               w/o SC2   41.89%   7.42%        7.46%                     
 w/SC3     33.79%   6.16%        6.49%
-----------------------------------------------------------                     
Class B4              w/o SC2   40.98%   7.17%        7.27%                     
 w/SC5     35.98%   6.89%        7.27%
-----------------------------------------------------------                     
Class C6              w/o SC2   40.84%   7.15%        7.25%                     
 w/SC7     38.51%   6.94%        7.09%
-----------------------------------------------------------                     
Institutional Class6            42.49%   7.82%        7.76%                     
-----------------------------------------------------------                     

All  figures  showing  the  effect  of a sales charge reflect the maximum charge
possible,  because  it  has  the  most  dramatic  effect  on  performance  data.
1    These  returns until the creation of Class A and Institutional Class shares
     (12/29/99)  include  the  performance  of  the Master Small Cap Series (the
     "Series"), which began operations on April 9, 1997. Excluding the effect of
     any  fee  waivers  or  reimbursements, such prior performance is similar to
     what  Class  A  and  Institutional Class shares would have produced because
     these  classes  of  the  Fund's  shares  invested  in the same portfolio of
     securities  as  the  Series.  The  performance  for  these classes has been
     restated  to  reflect  differences in sales charges (where applicable), but
     does  not  reflect  the  differing  levels of other fees applicable to such
     classes;  if  these  fees  were  reflected, the performance for Class A and
Institutional  Class  shares  would  have  been  lower.               
2    These  returns  do  not  reflect  the  effects  of  sales  charges  (SC).  
3    A  5.75%  front-end  sales  charge  was  deducted.                         
4    These  returns  until  the  creation  of  Class B shares (11/29/01) include
     performance  based  on  the Series for the period through December 28, 1999
     and  the  Fund's  Class  A  shares for the period from December 29, 1999 to
 November  28,  2001.  Excluding  the  effect  of  any  fee  waivers  or
     reimbursements,  such  prior  performance is similar to what Class B shares
     would  have produced because Class B shares invest in the same portfolio of
     securities  as  Class  A shares. The performance for these classes has been
     restated  to  reflect  differences in sales charges (where applicable), but
     does  not  reflect the differing levels of other fees (primarily Rule 12b-1
     and/or  administrative  services fees) applicable to such classes; if these
     fees  were  reflected,  the  performance for Class B shares would have been
lower.                                                                
5    A  5.00% maximum contingent deferred sales charge (CDSC) would be deducted.
The  CDSC  declines  to  0%  after  6  years.                         
6    These  returns  until the creation of Class C shares (10/22/03) include the
     performance  of the Series for the period through December 28, 1999 and the
     Fund's Class A shares for the period from December 29, 1999 to November 28,
     2001 and the Fund's Class B shares for the period from November 29, 2001 to
October  21,  2003.  Excluding  the  effect  of  any  fee  waivers  or
     reimbursements,  such  prior  performance is similar to what Class C shares
     would  have produced because Class C shares invest in the same portfolio of
     securities  as  the  Fund's  other classes. The performance for the Class C
     shares  has  been  restated  to reflect differences in sales charges (where
     applicable),  but  does  not  reflect  the  differing  levels of other fees
     (primarily  Rule  12b-1  and/or administrative services fees) applicable to
     such  classes;  if  these  fees were reflected, the performance for Class C
shares  would  have  been  lower.                                     
7    A  1.00%  front-end  sales  charge  was  deducted. A CDSC of 1.00% was also
     deducted from the one year return because it is charged when you sell Class
C  shares  within  the  first  year  after  purchase.                 
8    Not  subject  to  any  sales  charges.                                     

GROWTH  OF  A  $10,000  INVESTMENT                                              

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.                                                            

Date        Class A  Russell 2000   CPI                                         
-----------------------------------------                                       
4/9/1997      9,425        10,000  10,000                                       
10/31/1997   11,923        12,764  10,100                                       
10/31/1998   10,566        11,253  10,250                                       
10/31/1999   12,150        12,926  10,513                                       
10/31/2000   13,948        15,176  10,875                                       
10/31/2001   12,142        13,248  11,106                                       
10/31/2002   10,649        11,716  11,331                                       
10/31/2003   15,110        16,796  11,616                                       

Comparative  performance of $10,000 invested in Class A shares of the Nationwide
Small Cap Index Fund, the Russell 2000 Index (Russell 2000)(a), and the Consumer
Price  Index  (CPI)(b)  since  inception.  Unlike the Fund, the return for these
indices  do  not  reflect  any  fees,  expenses,  or  sales  charges.           
(a)  The Russell 2000 is an unmanaged index of approximately 2000 companies with
     small  market  capitalizations  relative  to  the market capitalizations of
other  U.S.  companies.                                               
(b)  The  CPI  represents  changes  in  prices of a basket of goods and services
purchased  for  consumption  by  urban  households.                   

2003  ANNUAL  REPORT  37                                                        
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STATEMENT  OF  INVESTMENTS                                                      
October  31,  2003                                                              

NATIONWIDE  SMALL  CAP  INDEX  FUND                                             

COMMON  STOCKS  (91.9%)                                                         
           SHARES OR
           PRINCIPAL
                          AMOUNT           VALUE
-------------------------------------------------------------------             

ADVERTISING SERVICES (0.1%)                                                     
Cross Media Marketing Corp. (b)                200       $        0             
Grey Global Group, Inc.                        125           83,750             
R.H. Donnelley Corp. (b)                     2,750          117,948             
                                           -----------
                                               201,698
                                           -----------

-------------------------------------------------------------------             
AEROSPACE/DEFENSE (0.7%)                                                        
AAR CORP. (b)                                3,723           40,581             
Curtiss-Wright Corp.                         1,514          112,036             
DRS Technologies, Inc. (b)                   3,632           87,386             
Ducommun, Inc. (b)                             700           13,090             
Esterline Technologies Corp. (b)             2,400           53,160             
Gencorp, Inc.                                3,689           34,935             
HEICO Corp.                                  3,000           45,900             
Herley Industries, Inc. (b)                  2,500           47,250             
Hexcel Corp. (b)                             2,600           17,706             
Kaman Corp., Class A                         3,658           44,628             
Moog, Inc., Class A (b)                      2,900          122,959             
Sequa Corp., Class A (b)                       441           21,036             
Teledyne Technologies, Inc. (b)              3,840           63,322             
Titan Corp. (The) (b)                       12,400          261,887             
United Industrial Corp.                      2,700           46,170             
                                           -----------
                                             1,012,046
                                           -----------

-------------------------------------------------------------------             
AGRICULTURAL PRODUCTS (0.1%)                                                    
Alico, Inc.                                    400           12,720             
Delta and Pine Land Co.                      5,706          130,439             
Maui Land & Pineapple Co., Inc. (b)            437           12,018             
                                           -----------
                                               155,177
                                           -----------

-------------------------------------------------------------------             
AIRLINES (1.0%)                                                                 
AirTran Holdings, Inc. (b)                  10,100          163,721             
Alaska Air Group, Inc. (b)                   3,313           95,381             
America West Holdings Corp.,                                                    
Class B (b)                                  4,600           66,332             
AMR Corp. (b)                               25,500          338,640             
Atlantic Coast Airlines Holdings,                                               
Inc. (b)                                     7,463           82,615             
Continental Airlines, Inc., Class B (b)     11,100          212,010             
ExpressJet Holdings, Inc. (b)                3,600           55,080             
Frontier Airlines, Inc. (b)                  5,195           83,484             
MAIR Holdings, Inc. (b)                        432            3,024             
Mesa Air Group, Inc. (b)                     4,339           46,731             
Northwest Airlines Corp., Class A (b)       10,500          143,745             
SkyWest, Inc.                                8,600          159,014             
                                           -----------
                                             1,449,777
                                           -----------

-------------------------------------------------------------------             
ANALYTICAL INSTRUMENTS (0.4%)                                                   
ArthroCare Corp. (b)                         3,445           76,996             
Datascope Corp.                              1,493           49,702             
Diagnostic Products Corp.                    2,700          110,214             
Haemonetics Corp. (b)                        2,525           58,227             
Inverness Medical Innovations, Inc. (b)      1,300           34,840             
Molecular Devices Corp. (b)                  1,839           32,661             

             SHARES OR
               PRINCIPAL
                             AMOUNT          VALUE
-------------------------------------------------------------------             
ANALYTICAL INSTRUMENTS (continued)                                              
Thoratec Corp. (b)                           8,400  $    $  129,275             
Ventana Medical Systems, Inc. (b)            2,200           92,048             
West Pharmaceutical Services, Inc.           1,284           42,436             
                                           -----------
                                               626,399
                                           -----------

-------------------------------------------------------------------             
APPAREL/ACCESSORIES (1.7%)                                                      
Aeropostale, Inc. (b)                        3,000           92,550             
Angelica Corp.                               1,100           22,660             
Bebe Stores, Inc. (b)                          900           25,110             
Brown Shoe Co., Inc.                         2,281           78,923             
Buckle, Inc. (The)                             400            8,964             
Burlington Coat Factory                                                         
Warehouse Corp.                              2,125           45,581             
Charming Shoppes, Inc. (b)                  16,948          111,009             
Cherokee, Inc. (b)                             500           10,000             
Deb Shops, Inc.                                100            1,941             
DHB Industries, Inc. (b)                     2,400           14,280             
Finish Line, Inc., Class A (b)               3,167           96,974             
Footstar, Inc. (b)                           4,431           27,694             
G & K Services, Inc., Class A                2,539           83,787             
Goody's Family Clothing, Inc.                2,800           29,512             
Guess?, Inc. (b)                               900           10,620             
HOT Topic, Inc. (b)                          7,575          217,478             
K-Swiss, Inc., Class A                       2,252           98,953             
Kellwood Co.                                 4,707          175,901             
Kenneth Cole Productions, Inc.,                                                 
Class A                                      1,100           32,560             
Maxwell Shoe Co., Class A (b)                2,600           41,600             
Mothers Work, Inc. (b)                         800           22,480             
Oxford Industries, Inc.                      1,179           80,762             
Pacific Sunwear of California, Inc. (b)     10,825          249,948             
Payless ShoeSource, Inc. (b)                10,000          132,300             
Perry Ellis International, Inc. (b)            800           21,840             
Phillips-Van Heusen Corp.                    2,867           49,140             
Russell Corp.                                4,986           91,144             
Shoe Carnival, Inc. (b)                      1,900           32,585             
Skechers U.S.A., Inc. (b)                    3,500           26,355             
Stage Stores, Inc. (b)                       2,800           80,556             
Steven Madden Ltd. (b)                       1,319           28,266             
Stride Rite Corp. (The)                      4,335           52,237             
UniFirst Corp.                               1,000           26,350             
Warnaco Group, Inc. (The) (b)                6,200          108,190             
Wet Seal, Inc. (The) (b)                     3,850           42,312             
Wilsons The Leather Experts, Inc. (b)        1,932           17,890             
Wolverine World Wide, Inc.                   6,185          124,937             
                                           -----------
                                             2,413,389
                                           -----------

-------------------------------------------------------------------             
APPLIANCES & HOUSEHOLD DURABLES (0.0%)                                          
Applica, Inc.                                2,226           16,428             
National Presto Industries, Inc.               581           20,161             
                                           -----------
                                                36,589
                                           -----------

38     ANNUAL  REPORT  2003                                                     
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COMMON  STOCKS  (CONTINUED)                                                     
               SHARES OR
                         PRINCIPAL AMOUNT    VALUE
--------------------------------------------------------------------            

AUTO PARTS & EQUIPMENT (1.0%)                                                   
A.S.V., Inc. (b)                                   1,200  $   27,480            
Aftermarket Technology Corp. (b)                   2,500      29,625            
Collins & Aikman Corp. (b)                         7,940      25,408            
Dollar Thrifty Automotive Group,                                                
Inc. (b)                                           3,638      95,279            
Dura Automotive Systems, Inc. (b)                  2,400      23,184            
Electro Rent Corp. (b)                             1,400      20,510            
Hayes Lemmerz International,                                                    
Inc. (b)                                             110           0            
Lithia Motors, Inc., Class A                       1,900      44,878            
McGrath Rentcorp                                   1,423      40,556            
Midas, Inc. (b)                                    2,084      27,967            
Modine Manufacturing Co.                           3,700      94,683            
Monro Muffler Brake, Inc. (b)                      1,300      42,705            
Oshkosh Truck Corp.                                4,600     210,819            
Pep Boys - Manny, Moe &                                                         
Jack (The)                                         7,116     136,841            
Raytech Corp. (b)                                  2,300       8,211            
Sports Resorts International, Inc. (b)             1,400       8,162            
Standard Motor Products, Inc.                      1,600      17,840            
Strattec Security Corp. (b)                          400      21,200            
Superior Industries                                                             
International, Inc.                               3,130     133,025           
TBC Corp. (b)                                      2,900      78,851            
Tenneco Automotive, Inc. (b)                       5,700      33,972            
Tower Automotive, Inc. (b)                         8,534      33,965            
United Auto Group, Inc. (b)                        1,900      49,343            
Visteon Corp.                                     18,418     118,980            
Wabash National Corp. (b)                          4,021      92,764            
                                              ----------
                                               1,416,248
                                              ----------

--------------------------------------------------------------------            
BANK HOLDINGS COMPANIES (10.4%)                                                 
1st Source Corp.                                   1,500      30,000            
ABC Bancorp                                        1,000      16,820            
Alabama National Bancorp                           1,260      66,339            
Allegiant Bancorp, Inc.                            2,900      63,800            
AMCORE Financial, Inc.                             4,494     121,338            
American National Bankshares, Inc.                   500      12,500            
AmericanWest Bancorp (b)                           1,800      35,928            
Arrow Financial Corp.                              2,043      56,121            
BancFirst Corp.                                      400      21,588            
BancTrust Financial Group, Inc.                    1,600      24,688            
Bank Mutual Corp.                                  6,603      78,119            
Bank of Granite Corp.                              1,287      27,799            
Bank of the Ozarks, Inc.                             600      25,566            
BankAtlantic Bancorp, Inc., Class A                7,859     131,953            
BankUnited Financial Corp. (b)                     5,227     115,569            
Banner Corp.                                       1,987      47,191            
Bay View Capital Corp. (b)                         7,401      44,998            
Berkshire Hills Bancorp, Inc.                        900      32,373            
Boston Private Financial                                                        
Holdings, Inc.                                    3,807      96,964           
Brookline Bancorp, Inc.                           10,212     151,342            
Bryn Mawr Bank Corp.                               2,000      47,560            
BSB Bancorp, Inc.                                  1,295      40,003            
Camco Financial Corp.                              1,600      27,712            
Camden National Corp.                                600      18,120            

                     SHARES OR
                             PRINCIPAL AMOUNT  VALUE
--------------------------------------------------------------------            
BANK HOLDINGS COMPANIES (continued)                                             
Capital City Bank Group, Inc.                        925  $   35,751            
Capital Corp of the West (b)                       1,200      46,008            
Capitol Bancorp Ltd.                               1,100      29,150            
Cascade Bancorp                                    3,000      56,700            
Cathay Bancorp, Inc.                               2,976     144,000            
Cavalry Bancorp, Inc.                                100       1,775            
CB Bancshares, Inc.                                  750      47,250            
CCBT Financial Cos., Inc.                            700      18,613            
Center Bancorp, Inc.                               1,500      27,750            
Center Financial Corp.                               260       5,738            
Central Coast Bancorp (b)                            893      15,610            
Century Bancorp, Inc.                                700      24,346            
CFS Bancorp, Inc.                                  2,000      28,560            
Charter Financial, Inc.                              200       6,600            
Chemical Financial Corp.                           4,081     141,815            
Chittenden Corp.                                   6,020     193,723            
Citizens Banking Corp.                             7,400     216,375            
Citizens First Bancorp                               700      16,499            
Citizens South Banking Corp.                       1,900      28,747            
City Bank                                            807      26,518            
City Holding Co.                                   3,107     105,079            
CNB Financial Corp.                                  700      28,959            
Coastal Bancorp, Inc.                                868      29,052            
Coastal Financial Corp.                            2,789      45,293            
CoBiz, Inc.                                          816      13,676            
Columbia Bancorp                                   1,800      28,800            
Columbia Bancorp                                     600      16,692            
Columbia Banking System, Inc.                      2,845      55,108            
Commercial Bankshares, Inc.                          100       3,156            
Commercial Federal Corp.                           7,480     192,534            
Community Bank of                                                               
Northern Virginia                                 1,000      16,500           
Community Bank System, Inc.                        2,100     102,375            
Community Banks, Inc.                                712      24,813            
Community First Bankshares, Inc.                   6,391     173,516            
Community Trust Bancorp, Inc.                      1,360      43,860            
Connecticut Bancshares, Inc.                       2,000     103,400            
Corus Bankshares, Inc.                               900      52,920            
CVB Financial Corp.                                4,531      90,393            
Dime Community Bancshares                          3,811     106,251            
East West Bancorp, Inc.                            3,882     190,566            
Eastern Virginia Bankshares, Inc.                    200       6,376            
EverTrust Financial Group, Inc.                    1,000      28,850            
Exchange National Bancshares, Inc.                   700      25,235            
Farmers Capital Bank Corp.                           620      21,700            
FFLC Bancorp, Inc.                                   200       5,990            
Fidelity Bankshares, Inc.                          1,652      44,753            
Financial Institutions, Inc.                         600      15,006            
First Bancorp                                        676      20,206            
First Busey Corp.                                    900      24,282            
First Charter Corp.                                4,100      84,050            
First Citizens Bancorp                               800      22,896            
First Citizens BancShares,                                                      
Inc., Class A                                        800      91,200            

2003  ANNUAL  REPORT  39                                                        
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STATEMENT  OF  INVESTMENTS  (Continued)                                         
October  31,  2003                                                              

NATIONWIDE  SMALL  CAP  INDEX  FUND  (Continued)                                

COMMON  STOCKS  (CONTINUED)                                                     

             SHARES OR
                      PRINCIPAL AMOUNT   VALUE
-----------------------------------------------------------------               

BANK HOLDINGS COMPANIES                                                         
(continued)                                                                     
First Commonwealth Financial Corp.                8,436  $116,417               
First Community Bancorp                           2,400    84,000               
First Community Bankshares                        1,020    36,261               
First Defiance Financial Corp.                      600    16,944               
First Essex Bancorp, Inc.                         1,404    76,378               
First Federal Capital Corp.                       2,000    43,980               
First Federal Financial Corporation                                             
of Kentucky                                         100     3,043               
First Financial Bancorp                           4,331    71,895               
First Financial Bankshares, Inc.                  1,867    78,507               
First Financial Corp.                             1,604    47,334               
First Indiana Corp.                               1,000    18,250               
First M&F Corp.                                     800    29,512               
First Merchants Corp.                             2,125    56,780               
First National Corp.                                850    24,480               
First Niagara Financial Group, Inc.              12,354   176,539               
First Oak Brook Bank                                600    17,286               
First of Long Island Corp. (The)                    400    16,660               
First Place Financial Corp.                         900    17,325               
First Republic Bancorp, Inc.                      1,700    60,860               
First Sentinel Bancorp, Inc.                      2,826    52,705               
First South Bancorp, Inc.                           300    10,317               
First State Bancorp                               1,500    47,115               
First United Corp.                                  500    11,575               
Firstbank Corp.                                   1,300    41,405               
FIRSTFED AMERICA                                                                
BANCORP, INC.                                     3,100    79,391               
FirstFed Financial Corp. (b)                      3,200   144,000               
Flag Financial Corp.                                200     2,590               
Flagstar Bancorp, Inc.                            4,300    95,890               
FloridaFirst Bancorp, Inc.                        1,100    29,205               
Flushing Financial Corp.                          1,700    41,225               
FMS Financial Corp.                                 100     1,707               
FNB Corp.                                           600    16,650               
FNB Corp.                                           900    21,240               
Foothill Independent Bancorp                        100     2,234               
Franklin Financial Corp.                            400    12,332               
Frontier Financial Corp.                          1,800    56,430               
GA Financial, Inc.                                  800    22,656               
GB&T Bancshares, Inc.                               200     4,506               
German American Bancorp                             790    14,616               
Glacier Bancorp                                   2,130    65,519               
Great Southern Bancorp, Inc.                        461    18,601               
Greater Bay Bancorp                               8,900   239,943               
Greater Community Bancorp                           102     1,725               
Greene County Bancshares, Inc.                      400     9,328               
Hancock Holding Co.                               2,490   142,503               
Hanmi Financial Corp.                               600    12,720               
Harbor Florida Bancshares, Inc.                   2,800    75,376               
Harleysville National Corp.                       3,306    99,841               
Hawthorne Financial Corp. (b)                     1,350    35,249               
Heartland Financial USA, Inc.                       900    25,425               
Heritage Commerce Corp. (b)                       2,300    27,140               
Heritage Financial Corp.                            200     4,394               

                 SHARES OR
                       PRINCIPAL AMOUNT  VALUE
-----------------------------------------------------------------               
BANK HOLDINGS COMPANIES                                                         
(continued)                                                                     
Horizon Financial Corp.                           2,000  $ 34,780               
Hudson River Bancorp, Inc.                        1,800    60,120               
Humboldt Bancorp                                  2,920    47,596               
Iberiabank Corp.                                    900    46,413               
IBT Bancorp, Inc.                                   100     5,102               
Independent Bank Corp.                            2,110    61,654               
Independent Bank Corp.                            2,690    77,807               
Integra Bank Corp.                                1,800    37,602               
Interchange Financial Services                                                  
Corp.                                               900    22,167               
ITLA Capital Corp. (b)                              700    32,585               
Klamath First Bancorp, Inc.                       1,340    32,428               
Lakeland Bancorp, Inc.                              832    12,871               
Lakeland Financial Corp.                            600    21,690               
LNB Bancorp, Inc.                                 1,100    22,935               
Local Financial Corp. (b)                         3,100    60,171               
LSB Bancshares, Inc.                                900    16,740               
Macatawa Bank Corp.                                 825    21,623               
MAF Bancorp, Inc.                                 3,830   160,554               
Main Street Banks, Inc.                           1,600    41,728               
MASSBANK Corp.                                      900    36,495               
MB Financial, Inc.                                1,400    66,206               
MBT Financial Corp.                               1,400    24,500               
Mercantile Bank Corp.                             1,420    47,698               
Merchants Bancshares                                800    22,752               
Mid-State Bancshares, Inc.                        3,200    77,856               
Midwest Banc Holding, Inc.                        1,720    40,506               
MutualFirst Financial, Inc.                         900    25,245               
Nara Bancorp, Inc.                                1,700    38,420               
NASB Financial, Inc.                                400    15,780               
National Bankshares, Inc.                           700    31,815               
National Penn Bancshares, Inc.                    2,992    89,162               
NBC Capital Corp.                                   704    17,776               
NBT Bancorp, Inc.                                 4,500    94,500               
New Century Financial Corp.                       4,950   183,546               
Northern States Financial Corp.                     100     2,932               
Northwest Bancorp, Inc.                           2,400    49,992               
Oak Hill Financial, Inc.                            800    23,752               
OceanFirst Financial Corp.                        1,134    29,643               
Ocwen Financial Corp. (b)                         4,600    22,356               
Old Second Bancorp, Inc.                            912    41,961               
Omega Financial Corp.                               849    30,717               
Oriental Financial Group, Inc.                    1,241    31,794               
PAB Bankshares, Inc.                                200     2,818               
Pacific Capital Bancorp                           5,933   202,077               
Pacific Northwest Bancorp                         3,100   120,404               
Pacific Union Bank                                  900    17,775               
Parkvale Financial Corp.                            500    13,125               
Partners Trust Financial Group, Inc.                400    10,040               
Patriot Bank Corp.                                1,400    29,358               
Peapack-Gladstone Financial Corp.                   770    24,679               
PennFed Financial Services, Inc.                    800    25,056               
PennRock Financial Services Corp.                   704    20,360               

40     ANNUAL  REPORT  2003                                                     
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COMMON  STOCKS  (CONTINUED)                                                     

               SHARES OR
               PRINCIPAL
                               AMOUNT          VALUE
---------------------------------------------------------------------           

BANK HOLDINGS COMPANIES (continued)                                             
Penns Woods Bancorp, Inc.                            860  $    35,398           
Peoples Bancorp, Inc.                              1,155       32,386           
Peoples Holding Co.                                  745       36,252           
PFF Bancorp, Inc.                                  1,540       57,442           
PrivateBancorp, Inc.                               1,250       50,625           
Prosperity Bancshares, Inc.                        1,500       34,650           
Provident Bancorp, Inc.                              400       17,200           
Provident Bankshares Corp.                         4,193      130,109           
Provident Financial Holdings, Inc.                   900       28,584           
Provident Financial Services, Inc.                 7,200      141,120           
Quaker City Bancorp                                  993       42,411           
R&G Finanical Corp., Class B                       2,519       82,875           
Republic Bancorp, Inc.                             9,270      134,600           
Republic Bancorp, Inc., Class A                      991       19,800           
Republic Bancshares, Inc.                          1,966       57,230           
Resource Bancshares Corp.                          1,050       31,217           
Riggs National Corp.                               3,363       55,523           
Royal Bancshares of Pennsylvania,                                               
Inc., Class A                                        589       14,431           
S&T Bancorp, Inc.                                  4,830      146,059           
S.Y. Bancorp, Inc.                                 1,200       23,988           
Sandy Spring Bancorp, Inc.                         1,956       70,553           
Santander Bancorp                                    220        5,487           
Seacoast Banking Corp. of Florida                  2,285       40,445           
Seacoast Financial Services Corp.                  4,863      124,541           
Second Bancorp, Inc.                               1,183       32,769           
Security Bank Corp.                                  300        9,186           
Shore Bancshares, Inc.                             1,000       37,930           
Silicon Valley Bancshares (b)                      5,100      179,010           
Simmons First National Corp., Class A              1,400       35,910           
Sound Federal Bancorp, Inc.                        2,500       40,275           
South Financial Group, Inc. (The)                  8,028      209,771           
Southern Financial Bancorp, Inc.                   1,400       52,164           
Southside Bancshares, Inc.                         1,785       30,791           
Southwest Bancorp, Inc.                            2,200       34,782           
Southwest of Texas Bancorp, Inc.                   4,926      176,893           
St. Francis Capital Corp.                          1,600       52,912           
State Bancorp, Inc.                                  740       15,281           
State Financial Services Corp.                     1,100       28,963           
Staten Island Bancorp, Inc.                        9,248      184,313           
Sterling Bancorp                                   2,725       79,597           
Sterling Bancshares, Inc.                          7,493       86,170           
Sterling Financial Corp.                           1,950       55,302           
Sterling Financial Corp. (b)                       2,880       90,173           
Suffolk Bancorp                                    1,300       45,513           
Summit Bancshares, Inc.                            1,200       33,972           
Sun Bancorp, Inc.                                    600       11,904           
Sun Bancorp, Inc. (b)                              1,635       38,259           
Susquehanna Bancshares, Inc.                       6,919      173,321           
Taylor Capital Group, Inc.                         1,000       25,420           
Texas Regional Bancshares, Inc.                    4,137      149,966           
Tierone Corp. (b)                                  4,300      101,867           
Tompkins Trustco, Inc.                               990       48,065           

                     SHARES OR
                             PRINCIPAL AMOUNT  VALUE
---------------------------------------------------------------------           
BANK HOLDINGS COMPANIES (continued)                                             
TriCo Bancshares                                   1,200  $    38,400           
Troy Financial Corp.                               1,527       53,827           
Trust Co. of New Jersey (The)                      2,500       78,550           
TrustCo Bank Corp. NY                             13,065      170,498           
U.S.B Holding Co., Inc.                              921       17,223           
UCBH Holdings, Inc.                                7,186      256,611           
UMB Financial Corp.                                2,935      146,809           
Umpqua Holdings Corp.                              5,440      111,248           
Union Bankshares Corp.                               800       25,552           
United Community Banks, Inc.                       2,200       69,828           
United Community Financial Corp.                   3,535       39,168           
United National Bancorp                            3,412      119,966           
United Security Bancshares, Inc.                   1,200       34,152           
Unizan Financial Corp.                             2,455       50,131           
Virginia Commerce Bancorp, Inc. (b)                  100        2,631           
Virginia Financial Group, Inc.                       800       25,200           
W Holding Co., Inc.                                6,500      151,385           
Warwick Community Bancorp                            640       18,816           
Washington Trust Bancorp                           1,640       46,642           
Wayne Bancorp, Inc.                                  900       24,021           
Waypoint Financial Corp.                           4,991      103,913           
WesBanco, Inc.                                     2,100       56,007           
West Bancorp                                       2,700       47,952           
West Coast Bancorp                                 3,300       68,805           
Westcorp                                           1,800       68,076           
Western Sierra Bancorp (b)                           630       23,543           
Westfield Financial, Inc.                            100        2,470           
WFS Financial, Inc. (b)                            1,637       71,390           
Willow Grove Bancorp, Inc.                         2,300       38,525           
Wintrust Financial Corp.                           3,350      145,189           
Yadkin Valley Bank and Trust Co.                   1,600       28,000           
Yardville National Bancorp                         1,700       39,814           
                                               -----------
                                                14,692,819
                                               -----------

---------------------------------------------------------------------           
BEVERAGES/ALCOHOLIC (0.1%)                                                      
Boston Beer Co., Inc., Class A (b)                 1,600       27,360           
Robert Mondavi Corp. (The) (b)                     1,989       69,714           
                                               -----------
                                                    97,074
                                               -----------

---------------------------------------------------------------------           
BIOTECHNOLOGY (1.3%)                                                            
Abgenix, Inc. (b)                                 13,600      166,600           
Aclara Biosciences, Inc. (b)                       1,600        5,600           
Aksys Ltd. (b)                                     4,500       36,090           
Aphton Corp. (b)                                   4,934       33,946           
Arena Pharmaceuticals, Inc. (b)                    2,200       15,752           
Cambrex Corp.                                      3,085       72,929           
Cholestech Corp. (b)                               1,100        8,052           
Ciphergen Biosystems, Inc. (b)                     3,700       40,367           
Covance, Inc. (b)                                  9,337      243,043           
CryoLife, Inc. (b)                                 2,346       14,334           
CuraGen Corp. (b)                                  4,200       25,536           
Digene Corp. (b)                                   1,961       69,027           

2003  ANNUAL  REPORT  41                                                        
--------------------------------------------------------------------------------

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STATEMENT  OF  INVESTMENTS  (Continued)                                         
October  31,  2003                                                              

NATIONWIDE  SMALL  CAP  INDEX  FUND  (Continued)                                

COMMON  STOCKS  (CONTINUED)                                                     
       SHARES OR
       PRINCIPAL
                 AMOUNT      VALUE
------------------------------------------------------------                    

BIOTECHNOLOGY (continued)                                                       
Diversa Corp. (b)                          3,133  $   26,411                    
Enzo Biochem, Inc. (b)                     3,268      60,458                    
Esperion Therapeutics, Inc. (b)            4,483     107,009                    
Exact Sciences Corp. (b)                   2,300      24,426                    
Exelixis, Inc. (b)                         6,991      51,943                    
Gen-Probe, Inc. (b)                        7,300     195,421                    
Genencor International, Inc. (b)             600       9,180                    
Genta, Inc. (b)                            8,300      88,810                    
GTC Biotherapeutics, Inc. (b)              1,100       3,619                    
Integra LifeSciences Holdings (b)          3,300     111,342                    
Kosan Biosciences, Inc. (b)                1,500      13,755                    
Lexicon Genetics, Inc. (b)                 5,700      31,920                    
Luminex Corp. (b)                          4,700      41,454                    
Maxygen, Inc. (b)                          2,609      24,786                    
Medarex, Inc. (b)                         10,800      77,220                    
Myriad Genetics, Inc. (b)                  3,100      39,246                    
Nabi Biopharmaceuticals (b)                7,664      84,534                    
Neose Technologies, Inc. (b)               2,156      17,658                    
SciClone Pharmaceuticals, Inc. (b)         6,400      51,072                    
Sirna Therapeutics, Inc. (b)                 322       2,521                    
SonoSite, Inc. (b)                         2,400      47,400                    
Third Wave Technologies (b)                1,800       6,282                    
Zymogenetics, Inc. (b)                     1,200      14,772                    
                             -----------
                               1,862,515
                             -----------

------------------------------------------------------------                    
BROADCAST MEDIA/CABLE TELEVISION (0.9%)                                         
4Kids Entertainment, Inc. (b)              1,434      35,061                    
Acme Communications, Inc. (b)              2,800      23,324                    
Charter Communications, Inc.,                                                   
Class A (b)                               37,900     161,833                    
Crown Media Holdings, Inc. (b)             1,458      13,005                    
Cumulus Media, Inc. (b)                    7,500     140,475                    
Emmis Communications Corp. (b)             7,600     168,567                    
Fisher Companies, Inc. (b)                   500      23,900                    
Insight Communications Co., Inc. (b)       7,200      69,768                    
Liberty Corp.                              2,311     102,955                    
Lin TV Corp., Class A (b)                  3,300      74,415                    
Macrovision Corp. (b)                      7,100     155,987                    
Martha Stewart Living Omnimedia,                                                
Inc. (b)                                   2,027      20,898                    
Mediacom Communications Corp. (b)          8,300      58,100                    
Paxson Communications Corp. (b)            3,500      18,095                    
Pegasus Communications Corp. (b)             800      14,608                    
Salem Communications Corp.,                                                     
Class A (b)                                 986      22,925                   
Sinclair Broadcast Group, Inc.,                                                 
Class A (b)                                7,068      82,272                    
TiVo, Inc. (b)                             6,200      49,724                    
ValueVision International, Inc.,                                                
Class A (b)                                2,418      39,293                    
Young Broadcasting, Inc., Class A (b)      1,484      29,814                    
                             -----------
                               1,305,019
                             -----------

           SHARES OR
           PRINCIPAL
                    AMOUNT     VALUE
------------------------------------------------------------                    

BUSINESS SERVICES (2.5%)                                                        
Aaron Rents, Inc.                          3,961  $   86,746                    
ABM Industries, Inc.                       7,278     113,246                    
Administaff, Inc. (b)                      2,297      26,599                    
Advisory Board Co. (The) (b)               1,500      54,585                    
ADVO, Inc.                                 2,820     126,421                    
American Management Systems,                                                    
Inc. (b)                                  6,005      88,874                   
AMN Healthcare Services, Inc. (b)          1,666      25,190                    
CACI International, Inc., Class A (b)      4,300     212,978                    
Catalina Marketing Corp. (b)               5,600      98,840                    
CDI Corp.                                  2,221      72,738                    
Century Business Services, Inc. (b)        9,143      37,943                    
Charles River Associates, Inc. (b)         1,300      39,936                    
Ciber, Inc. (b)                            7,421      68,422                    
Circor International, Inc.                 1,000      20,600                    
Consolidated Graphics, Inc. (b)            2,000      55,300                    
CoStar Group, Inc. (b)                     1,800      67,770                    
E-LOAN, Inc. (b)                           7,900      26,702                    
Exult, Inc. (b)                            6,600      52,338                    
First Consulting Group, Inc. (b)           3,500      19,037                    
FreeMarkets, Inc. (b)                      5,931      37,128                    
Gartner Group, Inc. (b)                   13,337     170,046                    
Gevity HR, Inc.                            2,300      34,776                    
GSI Commerce, Inc. (b)                     1,800      17,568                    
Heidrick & Struggles International,                                             
Inc. (b)                                   2,700      53,325                    
Hudson Highland Group, Inc. (b)            1,340      29,520                    
Hypercom Corp. (b)                         2,900      14,268                    
Insurance Auto Auctions, Inc. (b)          2,400      31,418                    
iPayment Holdings, Inc. (b)                1,100      26,730                    
Kelly Services, Inc., Class A              2,596      63,602                    
Korn/Ferry International (b)               4,871      42,573                    
MAXIMUS, Inc. (b)                          2,500      87,275                    
Medical Staffing Network Holdings,                                              
Inc. (b)                                   2,000      15,560                    
MemberWorks, Inc. (b)                      1,278      36,909                    
Metris Companies, Inc.                     5,700      26,961                    
MicroStrategy, Inc. (b)                    1,900     104,500                    
Mobius Management Systems,                                                      
Inc. (b)                                     300       3,864                    
Modis Professional Services, Inc. (b)     14,098     134,636                    
National Processing, Inc. (b)                400       8,836                    
Navigant Consulting Co. (b)                6,100     100,223                    
NCO Group, Inc. (b)                        2,079      49,480                    
NetRatings, Inc. (b)                       2,200      23,012                    
New England Business Services, Inc.        1,467      42,690                    
Paxar Corp. (b)                            4,717      56,510                    
PDI, Inc. (b)                              1,100      23,925                    
Portfolio Recovery Associates,                                                  
Inc. (b)                                   2,500      64,625                    
Pre-Paid Legal Services, Inc. (b)          1,816      49,323                    
Resources Connection, Inc. (b)             2,944      72,805                    
Right Management Consultants,                                                   
Inc. (b)                                   3,433      61,966                    
Roto-Rooter, Inc.                          1,178      41,583                    
RSA Security, Inc. (b)                     7,100      92,087                    
SM&A (b)                                   2,400      30,072                    
Source Interlink Companies, Inc. (b)       2,200      18,898                    

42     ANNUAL  REPORT  2003                                                     
--------------------------------------------------------------------------------

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COMMON  STOCKS  (CONTINUED)                                                     

           SHARES OR
                     PRINCIPAL AMOUNT    VALUE
------------------------------------------------------------------              

BUSINESS SERVICES (continued)                                                   
SOURCECORP, Inc. (b)                             1,900  $   44,517              
Spherion Corp. (b)                               7,423      64,580              
SRA International, Inc., Class A (b)               900      39,204              
Stamps.com, Inc. (b)                             4,275      25,479              
StarTek, Inc.                                    1,300      43,173              
StorageNetworks, Inc. (b)                          800       1,348              
TeleTech Holdings, Inc. (b)                      6,211      40,868              
US Oncology, Inc. (b)                           12,602     137,866              
Watson Wyatt & Co. Holdings (b)                  4,675     112,434              
                                          ----------
                                           3,470,428
                                          ----------

------------------------------------------------------------------              
CAPITAL GOODS (1.3%)                                                            
American Greetings Corp.,                                                       
Class A (b)                                      9,100     194,103              
C&D Technologies, Inc.                           2,734      54,489              
Kennametal, Inc.                                 4,923     181,560              
Lawson Products, Inc.                              600      18,000              
Libbey, Inc.                                     1,973      52,462              
Lindsay Manufacturing Co.                        2,568      59,552              
Manitowoc Co., Inc.                              4,135      89,730              
Nu Skin Enterprises, Inc.                        6,200      98,394              
Regal-Beloit Corp.                               3,115      63,390              
Robbins & Myers, Inc.                            1,100      23,210              
Sola International, Inc. (b)                     2,700      46,305              
Technitrol, Inc. (b)                             5,626     122,647              
Tecumseh Products Co.                            2,916     119,498              
Texas Industries, Inc.                           3,418      92,867              
Trinity Industries, Inc.                         6,130     156,009              
Vicor Corp. (b)                                  2,200      22,308              
Yankee Candle Co., Inc. (b)                      5,600     156,688              
York International Corp.                         6,700     266,257              
                                          ----------
                                           1,817,469
                                          ----------

------------------------------------------------------------------              
CHEMICALS (1.8%)                                                                
A. Schulman, Inc.                                5,496     104,369              
Aceto Corp.                                      1,500      23,445              
Albemarle Corp.                                  5,600     150,192              
Arch Chemicals, Inc.                             2,200      48,796              
Cabot Microelectronics Corp. (b)                 2,700     153,900              
Crompton Corp.                                  16,975      90,986              
Ferro Corp.                                      6,365     130,673              
FMC Corp. (b)                                    5,100     142,851              
Georgia Gulf Corp.                               4,094     110,129              
Great Lakes Chemical Corp.                       6,500     139,750              
H.B. Fuller Co.                                  5,150     127,617              
Hercules, Inc. (b)                              16,000     167,200              
IMC Global, Inc.                                14,800     103,452              
MacDermid, Inc.                                  3,886     116,114              
Material Sciences Corp.                          1,600      15,008              
Millennium Chemicals, Inc.                       9,409      94,278              
Minerals Technologies, Inc.                      3,102     169,989              
NL Industries, Inc.                                828      14,565              
Octel Corp.                                      2,100      39,081              
Olin Corp.                                       9,470     164,873              

                   SHARES OR
                   PRINCIPAL
                                AMOUNT       VALUE
------------------------------------------------------------------              

CHEMICALS (continued)                                                           
OM Group, Inc. (b)                               5,200  $   93,080              
PolyOne Corp.                                   11,088      53,555              
Schawk, Inc., Class A                              900      11,169              
Solutia, Inc.                                   15,900      42,453              
Spartech Corp.                                   3,124      72,414              
Symyx Technologies, Inc. (b)                     3,259      68,928              
Valhi, Inc.                                      3,080      38,808              
W.R. Grace & Co. (b)                             9,200      29,440              
Wellman, Inc.                                    6,559      54,112              
                                          ----------
                                           2,571,227
                                          ----------

------------------------------------------------------------------              
CIRCUIT BOARDS (0.4%)                                                           
Micrel, Inc. (b)                                 9,600     158,400              
Park Electrochemical Corp.                       1,984      48,608              
Pemstar, Inc. (b)                                5,600      19,656              
RF Micro Devices, Inc. (b)                      28,300     331,393              
Viasystems Group, Inc. (b)                         925           0              
                                          ----------
                                             558,057
                                          ----------

------------------------------------------------------------------              
COAL (0.2%)                                                                     
Arch Coal, Inc.                                  8,000     196,000              
KFX, Inc. (b)                                    1,700      10,183              
Massey Energy Co.                                9,200     127,880              
Westmoreland Coal Co. (b)                          400       5,884              
                                          ----------
                                             339,947
                                          ----------

------------------------------------------------------------------              
COMMUNICATIONS EQUIPMENT (0.8%)                                                 
Anixter International, Inc. (b)                  4,474     106,839              
Audiovox Corp. (b)                               2,588      31,056              
Cable Design Technologies Corp. (b)              7,968      76,812              
Enterasys Networks, Inc. (b)                    30,800     120,120              
Gray Television, Inc.                            5,900      75,048              
Harmonic, Inc. (b)                              11,004      85,391              
Inter-Tel, Inc.                                  3,401      85,671              
LodgeNet Entertainment Corp. (b)                 2,489      45,250              
Proxim Corp. (b)                                20,678      30,190              
Sonus Networks, Inc. (b)                        31,000     254,509              
Standard Microsystems Corp. (b)                  2,300      69,000              
Stratex Networks, Inc. (b)                      11,829      37,853              
Terayon Communications                                                          
Systems, Inc. (b)                               11,424      78,483              
                                          ----------
                                           1,096,222
                                          ----------

------------------------------------------------------------------              
COMPUTER EQUIPMENT (0.5%)                                                       
Analogic Corp.                                   1,518      66,246              
Drexler Technology Corp. (b)                     1,700      25,568              
Gateway, Inc. (b)                               33,600     169,343              
Hutchinson Technology, Inc. (b)                  3,336     111,789              
InFocus Corp. (b)                                6,447      42,486              
Iomega Corp.                                     6,405      35,292              
Komag, Inc. (b)                                  4,500      84,870              
KVH Industries, Inc. (b)                         1,800      50,292              

2003  ANNUAL  REPORT  43                                                        
--------------------------------------------------------------------------------

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STATEMENT  OF  INVESTMENTS  (Continued)                                         
October  31,  2003                                                              

NATIONWIDE  SMALL  CAP  INDEX  FUND  (Continued)                                

COMMON  STOCKS  (CONTINUED)                                                     
         SHARES OR
         PRINCIPAL
                   AMOUNT      VALUE
-------------------------------------------------------------                   

COMPUTER EQUIPMENT (continued)                                                  
Network Equipment Technologies,                                                 
Inc. (b)                                   2,900  $   30,305                  
Overland Storage, Inc. (b)                  1,900      37,430                   
Turnstone Systems, Inc. (b)                 9,214      26,076                   
                                ----------
                                   679,697
                                ----------

-------------------------------------------------------------                   
COMPUTER INTEGRATED SYSTEMS DESIGN (1.0%)                                       
Adaptec, Inc. (b)                          18,800     159,989                   
Brady Corp., Class A                        2,438      86,061                   
Digital River, Inc. (b)                     4,100     112,258                   
Eclipsys Corp. (b)                          6,102      72,309                   
eSPEED, Inc., Class A (b)                   3,676     100,171                   
F5 Networks, Inc. (b)                       3,197      79,957                   
FileNET Corp. (b)                           5,181     138,436                   
Integral Systems, Inc. (b)                    800      15,648                   
InteliData Technologies Corp. (b)           4,200       9,240                   
Keynote Systems, Inc. (b)                   1,683      19,102                   
MTS Systems Corp.                           4,100      72,119                   
Netscout Systems, Inc. (b)                  1,900      10,526                   
Nuance Communications, Inc. (b)             1,642      11,855                   
NYFIX, Inc. (b)                             3,100      24,676                   
RadiSys Corp. (b)                           2,900      56,695                   
SafeNet, Inc. (b)                           1,300      43,355                   
Sapient Corp. (b)                          14,208      77,860                   
Stratasys, Inc. (b)                         1,000      47,600                   
Systems & Computer Technology                                                   
Corp. (b)                                   5,487      80,659                   
Tekelec (b)                                 8,200     131,938                   
Vastera, Inc. (b)                           2,900      10,730                   
WebEx Communications, Inc. (b)              3,769      83,257                   
                                ----------
                                 1,444,441
                                ----------

-------------------------------------------------------------                   
COMPUTER SOFTWARE & SERVICES (5.4%)                                             
ActivCard Corp. (b)                         6,700      56,615                   
Activision, Inc. (b)                       15,100     227,858                   
Advanced Digital Information Corp. (b)      9,300     151,125                   
Advent Software, Inc. (b)                   4,100      75,071                   
Agile Software Corp. (b)                    7,658      84,008                   
Agilysys, Inc.                              4,470      45,952                   
Altiris, Inc. (b)                           1,900      65,322                   
Ansys, Inc. (b)                             2,184      77,838                   
Anteon International Corp. (b)              3,000     102,420                   
Ascential Software Corp. (b)                9,704     215,332                   
Aspen Technologies, Inc. (b)                6,800      54,400                   
Avid Technology, Inc. (b)                   4,640     240,073                   
BARRA, Inc. (b)                             2,700     102,600                   
Borland Software Corp. (b)                 12,700     112,776                   
Catapult Communications Corp. (b)             628       8,560                   
CCC Information Services Group,                                                 
Inc. (b)                                    2,291      38,489                   
CompuCom Systems, Inc. (b)                  2,400      12,240                   
Computer Horizons Corp. (b)                 7,800      29,640                   
Computer Programs & Systems, Inc.           1,300      21,749                   
Concord Communications, Inc. (b)            1,900      34,029                   

           SHARES OR
             PRINCIPAL
                      AMOUNT     VALUE
--------------------------------------------------------------                  

COMPUTER SOFTWARE & SERVICES (continued)                                        
Concurrent Computer Corp. (b)              10,700  $   49,755                   
Cray, Inc. (b)                             10,600     138,012                   
Dendrite International, Inc. (b)            4,005      60,476                   
Digital Insight Corp. (b)                   5,100     106,998                   
Digitas, Inc. (b)                           3,038      26,431                   
Documentum, Inc. (b)                        6,698     199,266                   
E.piphany, Inc. (b)                         6,520      45,249                   
Echelon Corp. (b)                           3,987      51,751                   
Electronics For Imaging, Inc. (b)           7,561     204,903                   
EMC Corp. (b)                               2,259      31,265                   
Epicor Software Corp. (b)                   6,800      68,748                   
EPIQ Systems, Inc. (b)                      2,204      37,248                   
Eresearch Technology, Inc. (b)              3,100     142,569                   
Extreme Networks, Inc. (b)                 14,500     124,700                   
FalconStor Software, Inc. (b)               3,122      23,477                   
GameStop Corp., Class A (b)                 3,400      57,188                   
Group 1 Software, Inc. (b)                    800      14,440                   
Hyperion Solutions Corp. (b)                6,106     204,490                   
iGATE Corp. (b)                             2,200      11,880                   
Informatica Corp. (b)                       9,400     102,460                   
JDA Software Group, Inc. (b)                4,446      95,189                   
Keane, Inc. (b)                             7,342      96,474                   
Lawson Software, Inc. (b)                   5,700      47,538                   
Lexar Media, Inc. (b)                      10,326     236,568                   
Magma Design Automation, Inc. (b)           3,300      79,959                   
ManTech International Corp.,                                                    
Class A (b)                                2,700      66,042                  
Manugistics Group, Inc. (b)                11,500      83,490                   
MAPICS, Inc. (b)                            1,600      17,317                   
Mentor Graphics Corp. (b)                   9,900     165,825                   
Mercury Computer Systems, Inc. (b)          3,393      72,983                   
Micromuse, Inc. (b)                         8,000      64,400                   
MRO Software, Inc. (b)                      3,000      37,950                   
MSC.Software Corp. (b)                      2,800      28,840                   
Nassda Corp. (b)                            1,000       8,500                   
Neoware Systems, Inc. (b)                   1,900      32,205                   
NetiQ Corp. (b)                             9,300     112,902                   
Opnet Technologies, Inc. (b)                  900      12,636                   
Packeteer, Inc. (b)                         2,653      46,374                   
PalmOne, Inc. (b)                           5,985      85,765                   
PalmSource, Inc. (b)                        1,547      59,083                   
Parametric Technology Corp. (b)            37,400     116,314                   
PDF Solutions, Inc. (b)                     1,300      15,340                   
PEC Solutions, Inc. (b)                     1,422      21,643                   
Pinnacle Systems, Inc. (b)                  8,900      61,855                   
Pomeroy Computer Resources, Inc.            1,700      24,446                   
Portal Software, Inc. (b)                   3,560      56,960                   
QAD Inc. (b)                                2,600      30,394                   
Quantum Corp. (b)                          17,600      54,736                   
Quest Software, Inc. (b)                    6,300      93,870                   
Radiant Systems, Inc. (b)                   1,197       7,972                   
Rainbow Technologies, Inc. (b)              2,815      34,653                   
Read-Rite Corp. (b)                         5,582         223                   

44     ANNUAL  REPORT  2003                                                     
--------------------------------------------------------------------------------

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COMMON  STOCKS  (CONTINUED)                                                     
             SHARES OR
             PRINCIPAL
                         AMOUNT      VALUE
---------------------------------------------------------------                 

COMPUTER SOFTWARE & SERVICES (continued)                                        
Renaissance Learning, Inc. (b)                  865  $   21,763                 
Retek, Inc. (b)                               6,700      67,201                 
Roxio, Inc. (b)                               5,386      54,883                 
Safeguard Scientifics, Inc. (b)              17,753      67,639                 
SAFLINK Corp. (b)                             6,300      29,862                 
Sanchez Computer Associates,                                                    
Inc. (b)                                     1,600       6,240                
SBS Technologies, Inc. (b)                    2,761      37,881                 
Scansoft, Inc. (b)                           11,926      68,932                 
SeaChange International, Inc. (b)             4,514      69,516                 
SeeBeyond Technology Corp. (b)                5,400      18,738                 
Serena Software, Inc. (b)                     3,666      63,239                 
Sigma Designs, Inc. (b)                       3,700      31,598                 
Silicon Graphics, Inc. (b)                   19,967      22,563                 
SimpleTech, Inc. (b)                          2,400      18,840                 
SonicWall, Inc. (b)                           8,225      66,623                 
SPSS, Inc. (b)                                1,454      26,463                 
SS&C Technologies, Inc.                       1,300      28,600                 
Sybase, Inc. (b)                             13,300     238,069                 
Sykes Enterprises, Inc. (b)                   4,407      41,073                 
Synaptics, Inc. (b)                           2,800      36,400                 
Synplicity, Inc. (b)                          1,300       8,775                 
Syntel, Inc.                                    540      13,397                 
Sypris Solutions, Inc.                          200       2,798                 
Take-Two Interactive Software,                                                  
Inc. (b)                                     6,570     259,843                
TALX Corp.                                    2,200      47,652                 
THQ, Inc. (b)                                 5,773     102,413                 
Tibco Software, Inc. (b)                     15,500      99,820                 
Tier Technologies, Inc., Class B (b)          2,200      22,550                 
Transaction Systems Architects,                                                 
Inc. (b)                                     5,814     116,280                
Tyler Technologies, Inc. (b)                  7,100      56,232                 
Ulticom, Inc. (b)                               700       7,420                 
Verint Systems, Inc. (b)                        800      17,912                 
Verity, Inc. (b)                              3,949      55,483                 
Verso Technologies, Inc. (b)                 14,100      54,708                 
Vitalworks, Inc. (b)                          6,700      33,835                 
webMethods, Inc. (b)                          6,580      57,114                 
Wind River Systems, Inc. (b)                 10,500      70,350                 
Zoran Corp. (b)                               6,074     101,193                 
                                   -----------
                                     7,569,747
                                   -----------

---------------------------------------------------------------                 
CONSTRUCTION & BUILDING MATERIALS (1.0%)                                        
AMCOL International Corp.                     3,250      58,630                 
Brookfield Homes Corp.                        1,300      28,145                 
Ceradyne, Inc. (b)                            1,500      62,310                 
Dot Hill Systems Corp. (b)                    5,400      72,414                 
Drew Industries, Inc. (b)                       600      15,030                 
ElkCorp                                       2,343      59,512                 
Genlyte Group, Inc. (The) (b)                 2,200     103,752                 
Granite Construction, Inc.                    5,205     104,048                 
Integrated Electrical Services, Inc. (b)      3,700      26,270                 
JLG Industries, Inc.                          6,768      80,810                 
LSI Industries, Inc.                          1,100      17,963                 

               SHARES OR
               PRINCIPAL
                          AMOUNT     VALUE
---------------------------------------------------------------                 

CONSTRUCTION & BUILDING MATERIALS (continued)                                   
Matrix Service Co. (b)                        1,600  $   40,736                 
Meritage Corp. (b)                            1,200      70,920                 
NCI Building Systems, Inc. (b)                3,674      79,910                 
Omnova Solutions, Inc. (b)                    3,600      12,636                 
Orleans Homebuilders, Inc. (b)                1,100      31,240                 
Shaw Group Inc. (The) (b)                     6,100      83,265                 
Simpson Manufacturing Co., Inc. (b)           2,100      93,975                 
Technical Olympic USA, Inc. (b)                 300       9,906                 
Trex Co., Inc. (b)                            1,300      48,100                 
Universal Display Corp. (b)                   3,300      37,983                 
USF Corp.                                     4,811     153,567                 
Walter Industries, Inc.                       5,817      69,106                 
Washington Group International,                                                 
Inc. (b)                                      4,560     126,403                 
                                   -----------
                                     1,486,631
                                   -----------

---------------------------------------------------------------                 
CONSUMER DURABLES (0.7%)                                                        
1-800 CONTACTS, Inc. (b)                        600      12,618                 
Central Garden & Pet Co. (b)                  1,800      49,788                 
Chattem, Inc. (b)                             2,600      38,142                 
Coca-Cola Bottling Co.                          900      45,450                 
Crown Holdings, Inc. (b)                     25,231     199,325                 
Elizabeth Arden, Inc. (b)                     1,907      38,140                 
Greif Bros Corp., Class A                     2,700      87,831                 
Oneida Ltd.                                   2,674      12,648                 
Pilgrim's Pride Corp.                         2,700      35,289                 
Playtex Products, Inc. (b)                    5,000      30,050                 
Rayovac Corp. (b)                             6,043      99,347                 
Russ Berrie & Co., Inc.                       1,041      37,320                 
Silgan Holdings, Inc. (b)                     1,300      41,574                 
Toro Co.                                      3,672     182,498                 
Tupperware Corp.                              9,173     138,054                 
                                   -----------
                                     1,048,074
                                   -----------

---------------------------------------------------------------                 
CONSUMER NON-CYCLICAL (0.0%)                                                    
Nature's Sunshine Products, Inc.              1,100       8,811                 
Revlon Co., Inc. (b)                          2,113       5,557                 
Unifi, Inc. (b)                               8,663      43,229                 
                                   -----------
                                        57,597
                                   -----------

---------------------------------------------------------------                 
DATA PROCESSING & REPRODUCTION (0.3%)                                           
Convera Corp. (b)                               300       1,290                 
CSG Systems International, Inc. (b)           9,900     113,751                 
eFunds Corp. (b)                              6,693     107,155                 
Embarcadero Technologies, Inc. (b)            1,600      20,640                 
HomeStore, Inc. (b)                          12,900      45,150                 
infoUSA, Inc. (b)                             6,100      50,020                 
InterCept Group, Inc. (The) (b)               3,000      29,460                 
Intrado, Inc. (b)                             2,500      45,200                 
Pegasystems, Inc. (b)                           500       3,805                 
                                   -----------
                                       416,471
                                   -----------

2003  ANNUAL  REPORT  45                                                        
--------------------------------------------------------------------------------

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STATEMENT  OF  INVESTMENTS  (Continued)                                         
October  31,  2003                                                              

NATIONWIDE  SMALL  CAP  INDEX  FUND  (Continued)                                

COMMON  STOCKS  (CONTINUED)                                                     

                 SHARES OR
                           PRINCIPAL AMOUNT    VALUE
---------------------------------------------------------------------           

DISTRIBUTION (0.8%)                                                             
Actuant Corp. (b)                                   4,000  $  128,960           
Advanced Marketing Services, Inc.                   1,800      20,610           
Aviall, Inc. (b)                                    4,500      68,625           
Central European Distribution                                                   
Corp. (b)                                           1,100      41,349           
Handleman Co.                                       3,932      69,793           
Hughes Supply, Inc.                                 4,221     163,142           
Keystone Automotive Industries,                                                 
Inc. (b)                                           2,200      54,406          
Noland Co.                                            100       3,711           
Owens & Minor, Inc.                                 4,492      91,367           
ScanSource, Inc. (b)                                1,700      73,100           
SCP Pool Corp. (b)                                  5,265     184,275           
United Stationers, Inc. (b)                         5,230     194,608           
Watsco, Inc.                                        3,272      70,054           
                                                ----------
                                                 1,164,000
                                                ----------

---------------------------------------------------------------------           
DRUGS (1.6%)                                                                    
Adolor Corp. (b)                                    5,000      91,350           
Alkermes, Inc. (b)                                 10,200     132,294           
Alpharma, Inc.                                      5,700     103,740           
ARIAD, Inc. (b)                                     5,475      38,818           
Atrix Laboratories, Inc. (b)                        3,600      72,324           
AVANT Immunotherapeutics,                                                       
Inc. (b)                                          13,500      31,185          
Bentley Pharmaceuticals, Inc. (b)                   1,300      18,811           
Cell Therapeutics, Inc. (b)                         3,672      38,189           
Connetics Corp. (b)                                 5,105      91,431           
CV Therapeutics, Inc. (b)                           3,761      66,306           
deCODE genetics, Inc. (b)                           9,600      67,680           
Guilford Pharmaceuticals, Inc. (b)                  4,400      32,428           
Hi-Tech Pharmacal Co., Inc. (b)                       800      15,840           
Immunomedics, Inc. (b)                              4,910      41,735           
Incyte Genomics, Inc. (b)                          13,476      71,153           
InterMune, Inc. (b)                                 3,583      71,660           
K-V Pharmaceutical Co., Class A (b)                 4,750     114,000           
Ligand Pharmaceuticals, Inc. (b)                    7,755     106,864           
Martek Biosciences Corp. (b)                        3,843     186,039           
NBTY, Inc. (b)                                      7,598     207,045           
NPS Pharmaceuticals, Inc. (b)                       4,438     116,853           
OSI Pharmaceuticals, Inc. (b)                       5,900     165,200           
Priority Healthcare Corp.,                                                      
Class B (b)                                         6,100     131,943           
Quidel Corp. (b)                                    5,900      53,690           
Repligen Corp. (b)                                  6,300      31,878           
Rigel Pharmaceuticals, Inc. (b)                        33         440           
Seattle Genetics, Inc. (b)                          2,200      13,134           
SFBC International, Inc. (b)                          900      26,487           
Tanox, Inc. (b)                                     4,255      76,377           
Tularik, Inc. (b)                                   5,500      69,135           
                                                ----------
                                                 2,284,029
                                                ----------

                           SHARES OR
                               PRINCIPAL AMOUNT  VALUE
---------------------------------------------------------------------           

EDUCATIONAL SERVICES (0.3%)                                                     
Ambassadors Groups, Inc. (b)                          100  $    1,906           
Bright Horizons Family Solutions,                                               
Inc. (b)                                            2,009      86,307           
Learning Tree International, Inc. (b)               1,041      18,738           
Princeton Review, Inc. (b)                            900       6,714           
Strayer Education, Inc.                             1,889     184,990           
Sylvan Learning Systems, Inc. (b)                   6,058     171,441           
                                                ----------
                                                   470,096
                                                ----------

---------------------------------------------------------------------           
ELECTRICAL EQUIPMENT (0.8%)                                                     
Artesyn Technologies, Inc. (b)                      4,850      39,916           
Avista Corp.                                        7,476     127,091           
Bel Fuse, Inc., Class B                               900      23,625           
Cleco Corp.                                         6,979     116,898           
DSP Group, Inc. (b)                                 4,800     114,624           
El Paso Electric Co. (b)                            9,262     112,441           
EMCOR Group, Inc. (b)                               2,500      94,225           
Encore Wire Corp. (b)                                 600      10,116           
Energy Conversion Devices, Inc. (b)                 3,580      38,700           
Hologic, Inc. (b)                                   3,300      44,880           
II-VI Corp. (b)                                     1,808      42,904           
Integrated Silicon Solution, Inc. (b)               4,647      65,616           
Plug Power, Inc. (b)                                4,500      28,440           
Power-One, Inc. (b)                                 9,500      86,070           
Research Frontiers, Inc. (b)                        1,341      14,148           
Stoneridge, Inc. (b)                                1,200      16,428           
Tripath Imaging, Inc. (b)                           2,568      24,139           
Triumph Group, Inc. (b)                             2,156      70,393           
X-Rite, Inc.                                        2,400      26,112           
                                                ----------
                                                 1,096,766
                                                ----------

---------------------------------------------------------------------           
ELECTRONICS (1.1%)                                                              
Aeroflex, Inc. (b)                                  7,652      71,011           
Ansoft Corp. (b)                                      200       2,338           
BEI Technologies, Inc.                              1,068      19,769           
Coherent, Inc. (b)                                  4,314      99,222           
Daktronics, Inc. (b)                                2,101      32,544           
EDO Corp.                                           1,974      44,020           
Electro Scientific Industries, Inc. (b)             4,036      99,124           
Engineered Support Systems, Inc.                    2,000     135,220           
FLIR Systems, Inc. (b)                              5,834     182,371           
Graftech International Ltd. (b)                    11,300     117,407           
Integrated Defense Technology,                                                  
Inc. (b)                                           1,900      32,490          
Itron, Inc. (b)                                     3,718      76,182           
Keithley Instruments, Inc.                          1,059      17,082           
Manufacturers' Services Ltd. (b)                      900       5,535           
Methode Electronics, Inc.                           5,400      64,314           
Planar Systems, Inc. (b)                            2,271      52,551           
Rogers Corp. (b)                                    2,200      87,956           
STAAR Surgical Co. (b)                              4,000      39,640           
Thomas & Betts Corp. (b)                            7,648     136,134           
Trimble Navigation Ltd. (b)                         4,734     130,895           
TTM Technologies, Inc. (b)                          3,100      49,910           

46     ANNUAL  REPORT  2003                                                     
--------------------------------------------------------------------------------

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COMMON  STOCKS  (CONTINUED)                                                     

               SHARES OR
               PRINCIPAL
                              AMOUNT         VALUE
--------------------------------------------------------------------            

ELECTRONICS (continued)                                                         
Watts Industries, Inc., Class A                    1,684  $   29,908            
Woodhead Industries, Inc.                          1,000      15,800            
Zygo Corp. (b)                                     3,000      45,180            
                                              ----------
                                               1,586,603
                                              ----------

--------------------------------------------------------------------            
ENTERTAINMENT (0.4%)                                                            
AMC Entertainment, Inc. (b)                        4,500      61,200            
Dover Downs Entertainment, Inc.                    2,948      27,888            
Dover Motorsports, Inc.                            1,712       6,352            
Gaylord Entertainment Co. (b)                      2,599      70,043            
Magna Entertainment Corp., Class A (b)             7,200      32,112            
Midway Games, Inc. (b)                             6,100      17,324            
Multimedia Games, Inc. (b)                         1,800      67,698            
Penn National Gaming, Inc. (b)                     4,782     113,285            
Pinnacle Entertainment, Inc. (b)                   3,318      29,033            
Reading International, Inc. (b)                      400       2,480            
Shuffle Master, Inc. (b)                           3,100      94,364            
Six Flags, Inc. (b)                               14,200      84,064            
Steinway Musical Instruments, Inc. (b)             1,000      20,960            
World Wrestling Entertainment, Inc.                  599       6,703            
                                              ----------
                                                 633,506
                                              ----------

--------------------------------------------------------------------            
FIBER OPTICS (0.3%)                                                             
Avanex Corp. (b)                                   8,122      41,991            
Belden, Inc.                                       2,592      48,600            
C-Cor.net Corp. (b)                                3,600      36,288            
MRV Communications, Inc. (b)                      14,710      45,307            
Newport Corp. (b)                                  6,865     108,192            
Sycamore Networks, Inc. (b)                       28,800     144,000            
                                              ----------
                                                 424,378
                                              ----------

--------------------------------------------------------------------            
FINANCIAL (1.7%)                                                                
Accredited Home Lenders                                                         
Holding Co. (b)                                    1,600      45,792            
Advanta Corp., Class B                             3,260      35,632            
Affiliated Managers Group, Inc. (b)                3,200     231,999            
American Home Mortgage                                                          
Holdings, Inc.                                    2,000      42,200           
Anchor BanCorp Wisconsin, Inc.                     3,927      97,782            
Anworth Mortgage Asset Corp.                       5,000      70,200            
Bankrate, Inc. (b)                                 1,400      21,378            
C&F Financial Corp.                                  700      31,514            
Central Pacific Financial Corp.                    1,630      42,625            
Charter Municipal Mortgage                                                      
Acceptance Co.                                     5,841     112,089            
Commercial Capital Bancorp, Inc. (b)               1,650      30,971            
CompuCredit Corp. (b)                              1,462      28,904            
Credit Acceptance Corp. (b)                        1,045      12,247            
DVI, Inc. (b)                                      2,500         163            
ESB Financial Corp.                                  200       3,180            
Euronet Worldwide, Inc. (b)                        2,900      41,267            
Federal Agricultural Mortgage                                                   
Corp. (b)                                            900      28,143            
Financial Federal Corp. (b)                        2,800      93,940            
First Albany Cos., Inc.                            1,400      20,090            
First Financial Holdings, Inc.                     1,600      48,240            

                       SHARES OR
                             PRINCIPAL AMOUNT  VALUE
--------------------------------------------------------------------            

FINANCIAL (continued)                                                           
Gabelli Asset Management, Inc. (b)                 1,200  $   42,252            
GATX Corp.                                         6,300     141,686            
Gladstone Capital Corp.                            1,900      38,380            
Gold Banc Corp., Inc.                              6,687      86,396            
iDine Rewards Network, Inc. (b)                    4,300      46,956            
Investment Technology Group,                                                    
Inc. (b)                                          7,100     141,006           
Irwin Financial Corp.                              2,800      78,484            
Knight Trading Group, Inc. (b)                    12,400     171,615            
MainSource Financial Group, Inc.                     625      17,444            
MCG Capital Corp.                                  5,200      91,416            
Medallion Financial Corp.                          3,900      32,214            
Novastar Financial, Inc.                           1,800     132,750            
PRG-Schultz International, Inc. (b)                7,925      37,644            
Resource America, Inc., Class A                    1,451      18,167            
Royal Gold, Inc.                                   2,700      55,971            
Sanders Morris Harris Group Inc.                   2,400      22,080            
Saxon Capital, Inc. (b)                            3,700      69,782            
SoundView Technology Group,                                                     
Inc. (b)                                          2,885      33,755           
SWS Group, Inc.                                    1,650      35,805            
Tradestation Group, Inc. (b)                       2,700      22,977            
United Panam Financial Corp. (b)                   1,000      18,400            
World Acceptance Corp. (b)                         2,500      44,850            
WSFS Financial Corp.                               1,309      55,829            
                                              ----------
                                               2,474,215
                                              ----------

--------------------------------------------------------------------            
FOOD & RELATED (1.0%)                                                           
American Italian Pasta Co. (b)                     2,333      89,214            
Aurora Foods, Inc. (b)                               100           3            
Chiquita Brands International,                                                  
Inc. (b)                                          4,400      81,400           
Corn Products International, Inc.                  5,430     184,022            
Darling International, Inc. (b)                   13,600      38,352            
Farmer Brothers Co.                                  100      31,500            
Flowers Foods, Inc.                                4,517     107,188            
Great Atlantic & Pacific Tea Co.,                                               
Inc. (b)                                          2,704      16,900           
Green Mountain Coffee, Inc. (b)                      389       8,301            
Hain Celestial Group, Inc. (b)                     4,200      88,620            
Horizon Organic Holding Corp. (b)                  1,100      26,312            
International Multifoods Corp. (b)                 2,082      46,449            
Interstate Bakeries Corp.                          8,005     117,513            
J & J Snack Foods Corp. (b)                        1,100      39,259            
Jarden Corp. (b)                                   2,400      99,096            
John B. Sanfilippo & Son, Inc. (b)                 1,200      41,220            
Lance, Inc.                                        4,516      58,482            
National Beverage Corp. (b)                          605       9,051            
Peet's Coffee & Tea, Inc. (b)                      1,900      31,977            
Ralcorp Holding, Inc. (b)                          4,233     116,408            
Red Robin Gourmet Burgers (b)                      1,500      44,282            
Riviana Foods, Inc.                                  385      10,588            
Sanderson Farms, Inc.                              1,400      49,196            
Sensient Technologies Corp.                        7,054     135,437            
Tejon Ranch Co. (b)                                  600      23,586            
                                              ----------
                                               1,494,356
                                              ----------

2003  ANNUAL  REPORT  47                                                        
--------------------------------------------------------------------------------

N-CSR 49th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 49th
STATEMENT  OF  INVESTMENTS  (Continued)                                         
October  31,  2003                                                              

NATIONWIDE  SMALL  CAP  INDEX  FUND  (Continued)                                

COMMON  STOCKS  (CONTINUED)                                                     

               SHARES OR
               PRINCIPAL
                         AMOUNT      VALUE
----------------------------------------------------------------                

FURNITURE (0.2%)                                                                
American Woodmark Corp.                        1,000  $   49,100                
Bassett Furniture Industries, Inc.             1,200      18,852                
Bombay Co., Inc. (b)                           6,300      83,034                
Hooker Furniture Corp.                           100       3,900                
Kimball International, Inc., Class B           3,148      48,794                
Select Comfort Corp. (b)                       3,500     109,550                
Stanley Furniture Co., Inc.                    1,100      33,825                
                                      ----------
                                         347,055
                                      ----------

----------------------------------------------------------------                
GAMBLING - NON-HOTEL CASINOS (0.2%)                                             
Argosy Gaming Co. (b)                          3,060      72,828                
Churchill Downs, Inc.                            500      19,210                
Isle of Capris Casinos, Inc. (b)               2,704      56,378                
Scientific Games Corp. (b)                     7,900     105,070                
                                      ----------
                                         253,486
                                      ----------

----------------------------------------------------------------                
GAS - DISTRIBUTION (0.8%)                                                       
Atmos Energy Corp.                             8,626     211,337                
Cascade Natural Gas Corp.                      2,500      48,750                
Chesapeake Utilities Corp.                     1,200      29,256                
Energen Co.                                    6,016     221,811                
New Jersey Resources Corp.                     4,144     156,850                
Northwest Natural Gas Co.                      3,319      96,251                
NUI Corp.                                      3,059      52,217                
SEMCO Energy, Inc.                             6,616      32,352                
South Jersey Industries, Inc.                  1,981      75,139                
Southwest Gas Corp.                            4,286      96,778                
Southwestern Energy Co. (b)                    6,442     124,975                
                                      ----------
                                       1,145,716
                                      ----------

----------------------------------------------------------------                
HEALTHCARE (2.2%)                                                               
Accredo Health, Inc. (b)                       7,400     236,505                
American Healthways, Inc. (b)                  2,300      95,335                
American Medical Security Group, Inc. (b)      2,500      57,050                
American Medical Systems                                                        
Holdings, Inc. (b)                             3,800      76,000                
AMERIGROUP Corp. (b)                           3,000     125,460                
AmSurg Corp. (b)                               3,300     118,767                
Beverly Enterprises, Inc. (b)                 12,705      77,119                
Centene Corp. (b)                              3,250      99,483                
Cerus Corp. (b)                                2,900      13,050                
Chronimed, Inc. (b)                            2,400      19,608                
Cole National Corp. (b)                        1,900      42,009                
Columbia Laboratories, Inc. (b)                4,197      44,404                
CorVel Corp. (b)                                 600      21,654                
Cross Country Healthcare, Inc. (b)             3,300      45,837                
Curative Health Services, Inc. (b)             2,660      38,011                
DJ Orthopedics, Inc. (b)                         200       3,590                
Dynacq International, Inc. (b)                 1,152      19,273                
Gentiva Health Services, Inc. (b)              4,543      51,836                
HealthExtras, Inc. (b)                         2,533      29,661                
Hooper Holmes, Inc.                            6,249      32,557                
I-STAT Corp. (b)                               3,400      40,018                

               SHARES OR
               PRINCIPAL
                          AMOUNT     VALUE
----------------------------------------------------------------                

HEALTHCARE (continued)                                                          
Immucor, Inc. (b)                              2,450  $   72,079                
Invacare Corp.                                 4,649     190,702                
Kindred Healthcare, Inc. (b)                   1,900      78,356                
LifePoint Hospitals, Inc. (b)                  6,400     164,544                
Matria Healthcare, Inc. (b)                    1,600      26,880                
MedQuist, Inc. (b)                             1,079      17,987                
Odyssey Healthcare, Inc. (b)                   5,500     152,570                
Option Care, Inc. (b)                          2,343      22,938                
Orthodontic Centers Of America,                                                 
Inc. (b)                                       7,100      62,764                
Pediatrix Medical Group, Inc. (b)              3,500     187,075                
Per-Se Technologies, Inc. (b)                  4,952      67,347                
PolyMedica Corp.                               3,200      94,400                
Province Healthcare Co. (b)                    6,644      85,309                
Quality Systems, Inc. (b)                        600      28,692                
RehabCare Group, Inc. (b)                      2,000      31,240                
Select Medical Corp. (b)                       3,600     120,852                
Sierra Health Services, Inc. (b)               3,674      85,567                
Sunrise Assisted Living, Inc. (b)              2,291      66,210                
U.S. Physical Therapy, Inc. (b)                2,800      40,292                
United Surgical Partners                                                        
International, Inc. (b)                        2,800      84,448                
USNA Health Sciences, Inc. (b)                 1,400      46,718                
Virbac Corp. (b)                               1,000       8,490                
Vistacare, Inc. (b)                            1,900      65,569                
                                      ----------
                                       3,088,256
                                      ----------

----------------------------------------------------------------                
HOTELS & CASINOS (0.2%)                                                         
Ameristar Casinos, Inc. (b)                    1,600      33,792                
Aztar Corp. (b)                                5,320     111,082                
Boyd Gaming Corp.                              5,317      81,137                
MTR Gaming Group, Inc. (b)                     3,700      40,441                
                                      ----------
                                         266,452
                                      ----------

----------------------------------------------------------------                
HOTELS & MOTELS (0.3%)                                                          
Boca Resorts, Inc. (b)                         2,600      35,100                
Choice Hotels International, Inc. (b)          2,720      89,814                
Extended Stay America, Inc. (b)               12,500     183,751                
Marcus Corp.                                   2,277      34,041                
Prime Hospitality Corp. (b)                    6,210      56,511                
                                      ----------
                                         399,217
                                      ----------

----------------------------------------------------------------                
INSURANCE (1.6%)                                                                
21st Century Insurance Group                   2,700      38,070                
Alfa Corp.                                     4,424      57,025                
Allmerica Financial Corp. (b)                  7,900     210,378                
American Physicians Capital, Inc. (b)          1,629      43,038                
Argonaut Group, Inc.                           2,700      43,335                
Baldwin & Lyons, Inc., Class B                   881      21,629                
Citizens, Inc. (b)                             2,645      24,334                
CNA Surety Corp. (b)                             900       9,819                
Commerce Group, Inc. (The)                     3,353     133,282                
EMC Insurance Group, Inc.                        300       5,070                

48     ANNUAL  REPORT  2003                                                     
--------------------------------------------------------------------------------

N-CSR 50th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 50th
COMMON  STOCKS  (CONTINUED)                                                     

               SHARES OR
               PRINCIPAL
                              AMOUNT         VALUE
--------------------------------------------------------------------            

INSURANCE (continued)                                                           
Enstar Group, Inc. (The) (b)                         100  $    4,100            
FBL Financial Group, Inc., Class A                 1,140      29,754            
Fremont General Corp.                              9,010     149,836            
Harleysville Group, Inc.                           5,458     121,495            
Horace Mann Educators Corp.                        5,416      71,762            
Independence Holding Co.                             400       9,240            
Infinity Property & Casualty Corp.                 2,200      71,500            
Kansas City Life Insurance Co.                       300      14,088            
LandAmerica Financial Group, Inc.                  2,825     141,278            
Midland Co. (The)                                    400       9,220            
Navigators Group, Inc. (b)                         1,100      34,892            
Nymagic, Inc.                                        400       9,604            
Ohio Casualty Corp. (b)                            9,908     151,592            
Penn-America Group, Inc.                           2,100      32,025            
Philadelphia Consolidated                                                       
Holding Corp. (b)                                  2,802     132,114            
PICO Holdings, Inc. (b)                              900      13,320            
PMA Capital Corp., Class A                         4,400      57,860            
ProAssurance Corp. (b)                             4,362     131,296            
RLI Corp.                                          2,236      75,130            
Safety Insurance Group, Inc.                         500       7,875            
Selective Insurance Group, Inc.                    4,814     147,790            
State Auto Financial Corp.                         1,400      37,534            
Stewart Information Services Corp. (b)             3,100      96,565            
Triad Guaranty, Inc. (b)                           1,500      73,995            
U.S.I. Holdings Corp. (b)                          3,600      45,684            
United Fire & Casualty Co.                           700      27,895            
Zenith National Insurance Co.                      1,700      52,190            
                                             -----------
                                               2,335,614
                                             -----------

--------------------------------------------------------------------            
INSURANCE/LIFE (0.6%)                                                           
AmerUs Group Co.                                   6,700     252,925            
Delphi Financial Group, Inc.                       2,864     144,260            
Financial Industries Corp.                         1,500      20,805            
Great American Financial                                                        
Resources, Inc.                                      820      12,751            
National Western Life Insurance                                                 
Co., Class A (b)                                     300      43,143            
Phoenix Co., Inc. (The)                           16,100     177,100            
Presidential Life Corp.                            2,881      44,252            
UICI (b)                                           6,946     103,912            
Universal American Financial Corp. (b)             5,500      55,275            
                                             -----------
                                                 854,423
                                             -----------

--------------------------------------------------------------------            
INSURANCE BROKERS (0.1%)                                                        
Crawford & Co., Class B                            2,320      16,356            
Hilb, Rogal & Hamilton Co.                         4,600     138,092            
                                             -----------
                                                 154,448
                                             -----------

--------------------------------------------------------------------            
INTERNET (2.0%)                                                                 
@Road, Inc. (b)                                    4,200      54,180            
Akamai Technologies, Inc. (b)                     15,300     120,870            
Alloy, Inc. (b)                                    4,033      18,068            
Ariba, Inc. (b)                                   41,000     133,250            

                     SHARES OR
                           PRINCIPAL AMOUNT  VALUE
--------------------------------------------------------------------            

INTERNET (continued)                                                            
AsiaInfo Holdings, Inc. (b)                        5,103  $   36,078            
Ask Jeeves, Inc. (b)                               6,000     114,960            
Autobytel, Inc. (b)                                6,100      63,745            
BroadVision, Inc. (b)                              2,200      11,066            
CMGI, Inc. (b)                                    54,900     103,212            
CNET Networks, Inc. (b)                           15,400     125,356            
Drugstore.com, Inc. (b)                            3,600      24,048            
EarthLink, Inc. (b)                               20,400     186,659            
eCollege.com (b)                                   2,100      45,549            
Entrust, Inc. (b)                                  5,100      24,021            
eUniverse, Inc. (b)                                1,600       3,120            
FindWhat.com (b)                                   2,400      40,104            
Harris Interactive, Inc. (b)                       6,900      45,885            
Interland, Inc. (b)                                2,627      19,991            
Internet Security, Inc. (b)                        6,700     109,947            
Interwoven, Inc. (b)                              17,100      64,809            
j2 Global Communications, Inc. (b)                 2,800      79,296            
Kana Software, Inc. (b)                            1,600       6,320            
LookSmart Ltd. (b)                                12,500      21,625            
MarketWatch.com, Inc. (b)                            100         899            
MatrixOne, Inc. (b)                                5,309      29,412            
Neoforma, Inc. (b)                                 1,900      30,096            
Net.B@nk, Inc.                                     8,424     115,493            
Net2Phone, Inc. (b)                                5,138      29,698            
Netegrity, Inc. (b)                                3,974      47,132            
Netflix, Inc. (b)                                  1,700      97,410            
NIC, Inc. (b)                                      2,000      10,360            
Omicell, Inc. (b)                                  1,700      24,191            
Openwave Systems, Inc. (b)                         8,400     109,620            
Overstock.com, Inc. (b)                            1,800      26,640            
PC-Tel, Inc. (b)                                   3,400      34,442            
Priceline.com, Inc. (b)                            3,099      86,958            
PTEK Holdings, Inc. (b)                            7,300      63,583            
Raindance Communications,                                                       
Inc. (b)                                          8,400      24,444           
Redback Networks, Inc. (b)                        16,300       6,846            
Register.com, Inc. (b)                             2,886      13,362            
S1 Corp. (b)                                      12,978     104,862            
Sohu.com Inc. (b)                                  2,900     100,050            
Stellent, Inc. (b)                                 3,100      27,373            
SupportSoft, Inc. (b)                              4,300      51,557            
TheStreet.com, Inc. (b)                            2,500      11,300            
TriZetto Group, Inc. (The) (b)                     3,300      22,440            
United Online, Inc. (b)                            4,200     120,918            
ValueClick, Inc. (b)                              11,400      91,884            
Vignette Corp. (b)                                30,600      76,806            
Vitria Technology, Inc. (b)                        1,250       7,388            
WatchGuard Technolgies, Inc. (b)                   6,697      38,508            
Websense, Inc. (b)                                 2,774      64,912            
                                             -----------
                                               2,920,743
                                             -----------

2003  ANNUAL  REPORT  49                                                        
--------------------------------------------------------------------------------

N-CSR 51st “Page” of 135 TOC 1st Previous Next ↓Bottom Just 51st
STATEMENT  OF  INVESTMENTS  (Continued)                                         
October  31,  2003                                                              

NATIONWIDE  SMALL  CAP  INDEX  FUND  (Continued)                                

COMMON  STOCKS  (CONTINUED)                                                     
           SHARES OR
                     PRINCIPAL AMOUNT    VALUE
------------------------------------------------------------------              

LEISURE PRODUCTS (0.7%)                                                         
Action Performance Co., Inc.                     2,800  $   57,344              
Alliance Gaming Corp. (b)                        7,400     179,450              
Atari, Inc. (b)                                  1,740       6,716              
Bally Total Fitness Holding                                                     
Corp. (b)                                       4,198      27,959             
Boyds Collection Ltd. (b)                        1,190       5,950              
Callaway Golf Co.                                9,200     149,500              
Coachmen Industries, Inc.                        3,200      49,888              
Department 56, Inc. (b)                          3,100      43,555              
JAKKS Pacific, Inc. (b)                          4,181      54,353              
K2, Inc. (b)                                     3,500      58,065              
MarineMax, Inc. (b)                                400       7,648              
Nautilus Group, Inc. (The)                       3,500      54,635              
Party City Corp. (b)                             1,100      15,444              
RC2 Corp. (b)                                    2,400      50,880              
Speedway Motorsports, Inc.                       2,900      83,810              
Topps Co., Inc.                                  3,627      37,068              
Vail Resorts, Inc. (b)                           3,308      44,327              
WMS Industries, Inc. (b)                         3,499      80,932              
                                          ----------
                                           1,007,524
                                          ----------

------------------------------------------------------------------              
MACHINERY (1.6%)                                                                
Advanced Energy Industries, Inc. (b)             2,682      61,230              
Alamo Group, Inc.                                  100       1,425              
Albany International Corp., Class A              3,627     112,074              
Applied Industrial Technologies,                                                
Inc.                                             3,224      72,701              
Astec Industries, Inc. (b)                       2,479      31,533              
Baldor Electric Co.                              4,023      85,690              
Briggs & Stratton Corp.                          3,200     208,031              
Cascade Corp.                                    2,300      55,085              
Cubic Corp.                                      2,400      68,160              
Flowserve Corp. (b)                              6,900     141,174              
Franklin Electric Co., Inc.                      1,000      61,000              
Gardner Denver, Inc. (b)                         1,740      35,948              
Gorman-Rupp                                        800      18,912              
IDEX Corp.                                       4,145     154,111              
Intermagnetics General Corp. (b)                 2,700      63,558              
Joy Global, Inc. (b)                             8,600     163,916              
Kadant, Inc. (b)                                 2,103      38,380              
Lennox International, Inc.                       6,300     104,202              
Mestek, Inc. (b)                                   360       6,750              
Milacron, Inc.                                   8,497      20,308              
NACCO Industries, Inc.                             600      47,280              
Nordson Corp.                                    4,763     131,983              
Photon Dynamics, Inc. (b)                        2,075      78,477              
Sauer-Danfoss, Inc.                                493       6,991              
Stewart & Stevenson Services, Inc.               3,300      55,176              
SureBeam Corp., Class A (b)                      8,814       2,556              
Tennant Co.                                        979      38,729              
Terex Corp. (b)                                  6,500     146,640              
Thomas Industries, Inc.                          1,100      33,220              
UNOVA, Inc. (b)                                  7,901     171,531              
Wabtec Corp.                                     6,102      93,361              
                                          ----------
                                           2,310,132
                                          ----------

                   SHARES OR
                         PRINCIPAL AMOUNT  VALUE
------------------------------------------------------------------              

MANUFACTURED HOUSING (0.6%)                                                     
Aaon, Inc. (b)                                     600  $   11,094              
Apogee Enterprises, Inc.                         4,000      41,800              
Beazer Homes USA, Inc. (b)                       2,212     220,094              
Centex Construction Products, Inc.                 600      32,340              
Fleetwood Enterprises, Inc. (b)                  4,541      45,773              
Highwood Properties, Inc.                        9,300     230,641              
Modtech Holdings, Inc. (b)                         900       7,047              
Monaco Coach Corp. (b)                           3,637      87,615              
Palm Harbor Homes, Inc. (b)                      1,757      32,592              
Skyline Corp.                                      418      14,400              
WCI Communities, Inc. (b)                        3,300      71,940              
Winnebago Industries, Inc.                       1,819     106,048              
                                          ----------
                                             901,384
                                          ----------

------------------------------------------------------------------              
MANUFACTURING (0.9%)                                                            
Applied Films Corp. (b)                          1,800      56,430              
Armor Holdings, Inc. (b)                         2,400      46,800              
Champion Enterprises, Inc. (b)                   7,714      54,769              
Checkpoint Systems, Inc. (b)                     4,608      86,815              
Cognex Corp.                                     5,744     154,227              
CSS Industries, Inc.                               751      20,269              
CUNO, Inc. (b)                                   2,847     113,596              
EnPro Industries, Inc. (b)                       2,000      20,220              
Gerber Scientific, Inc. (b)                      1,900      15,010              
Identix, Inc. (b)                               15,600      89,700              
Innovex, Inc. (b)                                3,600      40,680              
Jacuzzi Brands, Inc. (b)                        11,889      83,817              
Jos. A. Bank Clothiers, Inc. (b)                   800      34,696              
Lincoln Electric Holdings, Inc.                  4,568     111,414              
Mine Safety Appliances Co.                         700      39,620              
Myers Industries, Inc.                           2,255      27,511              
OshKosh B'Gosh, Inc., Class A                    1,550      33,418              
Powell Industries, Inc. (b)                      1,569      30,407              
Quixote Corp.                                    1,200      29,064              
Raven Industries, Inc.                           1,200      31,380              
Rofin-Sinar Technologies, Inc. (b)               1,900      45,125              
Sturm, Ruger & Co., Inc.                         3,337      37,875              
Valence Technology, Inc. (b)                     4,400      16,896              
Woodward Governor Co.                            1,420      65,689              
Young Innovations Inc.                             500      15,000              
                                          ----------
                                           1,300,428
                                          ----------

------------------------------------------------------------------              
MANUFACTURING/DIVERSIFIED (1.1%)                                                
A.O. Smith Corp.                                 3,086      97,672              
Acuity Brands, Inc.                              7,542     162,153              
Barnes Group, Inc.                               2,202      64,254              
Brink's Co. (The)                                8,100     162,405              
CLARCOR, Inc.                                    4,493     182,640              
ESCO Technologies, Inc. (b)                      1,994      86,699              
Fargo Electronics (b)                            2,000      27,540              
Federal Signal Corp.                             8,548     126,425              
Global Power Equipment Group,                                                   
Inc. (b)                                         4,500      26,595              

50     ANNUAL  REPORT  2003                                                     
--------------------------------------------------------------------------------

N-CSR 52nd “Page” of 135 TOC 1st Previous Next ↓Bottom Just 52nd
COMMON  STOCKS  (CONTINUED)                                                     

               SHARES OR
               PRINCIPAL
                           AMOUNT      VALUE
----------------------------------------------------------------                

MANUFACTURING/DIVERSIFIED (continued)                                           
Griffon Corp. (b)                              4,400  $   85,140                
Matthews International Corp., Class A          4,037     108,959                
Penn Engineering & Manufacturing                                                
Corp.                                          1,200      21,000                
Roper Industries, Inc.                         4,086     201,931                
SPS Technologies, Inc. (b)                     1,437      70,873                
Standex International Corp.                    1,254      31,914                
Tredegar Industries, Inc.                      3,606      56,181                
USG Corp. (b)                                  5,100      85,425                
Vans, Inc. (b)                                 3,300      37,059                
                                     -----------
                                       1,634,865
                                     -----------

----------------------------------------------------------------                
MEDICAL EQUIPMENT & SUPPLIES (2.7%)                                             
Advanced Medical Optics, Inc. (b)              4,300      86,731                
Advanced Neuromodulation                                                        
Systems, Inc. (b)                              2,650     108,650                
Alaris Medical, Inc. (b)                       2,400      37,224                
Allscripts Healthcare Solution, Inc. (b)       5,318      27,654                
Arrow International, Inc.                      2,800      73,864                
Aspect Medical Systems, Inc. (b)                 400       3,780                
BioLase Technology, Inc. (b)                   3,200      41,984                
Bruker BioSciences Corp. (b)                   3,513      18,268                
Candela Corp. (b)                              1,400      24,010                
Cantel Medical Corp. (b)                         200       2,900                
Cardiac Science, Inc. (b)                      9,300      37,851                
CardioDyamics International Corp. (b)          6,400      36,800                
Cepheid, Inc. (b)                              4,300      22,618                
Closure Medical Corp. (b)                      1,100      33,891                
Conceptus, Inc. (b)                            2,000      24,500                
CONMED Corp. (b)                               4,655      94,729                
Cooper Co., Inc. (The)                         4,600     199,870                
CTI Molecular Imaging, Inc. (b)                4,100      65,354                
Cyberonics, Inc. (b)                           2,830      77,401                
Cytyc Corp. (b)                               17,300     223,689                
Durect Corp. (b)                               6,500      14,495                
EPIX Medical, Inc. (b)                         2,000      37,020                
Exactech, Inc. (b)                             1,200      19,452                
Hanger Orthopedic Group, Inc. (b)              2,300      39,215                
ICU Medical, Inc. (b)                          1,750      59,133                
IDX Systems Corp. (b)                          3,300      86,460                
IMPAC Medical Systems, Inc. (b)                1,000      23,540                
INAMED Corp. (b)                               2,667     230,349                
Interpore International, Inc. (b)              3,000      35,400                
Intuitive Surgical, Inc. (b)                   2,769      40,123                
Kensey Nash Corp. (b)                          1,300      28,132                
Kyphon, Inc. (b)                               3,200      88,160                
Landauer, Inc.                                 1,422      55,614                
Laserscope (b)                                 2,200      27,984                
Lifeline Systems, Inc. (b)                       600      21,150                
Medical Action Industries, Inc. (b)            1,700      23,715                
Mentor Corp.                                   6,224     126,036                
Meridian Bioscience, Inc.                      2,000      19,920                
Merit Medical Systems, Inc. (b)                3,134      82,079                
Novoste Corp. (b)                              1,200       5,616                

                 SHARES OR
                 PRINCIPAL
                            AMOUNT     VALUE
----------------------------------------------------------------                
MEDICAL EQUIPMENT & SUPPLIES (continued)                                        
Oakley, Inc.                                   2,900  $   31,465                
Ocular Sciences, Inc. (b)                      2,201      61,474                
OraSure Technologies, Inc. (b)                 6,641      55,851                
Orthologic Corp. (b)                           6,100      43,249                
Osteotech, Inc. (b)                            2,700      21,843                
Possis Medical, Inc. (b)                       3,012      49,035                
PSS World Medical, Inc. (b)                   11,823     110,190                
Retractable Technologies, Inc. (b)               200       1,206                
Serologicals Corp. (b)                         3,728      59,648                
Surmodics, Inc. (b)                            2,604      54,710                
Sybron Dental Specialties, Inc. (b)            5,600     128,800                
Synovis Life Technologies, Inc. (b)            1,900      44,916                
Techne Corp. (b)                               6,871     239,316                
Therasense, Inc. (b)                           3,500      63,980                
Viasys Healthcare, Inc. (b)                    3,728      67,290                
VISX, Inc. (b)                                 5,379     130,495                
Vital Images, Inc. (b)                         1,400      25,200                
Vital Signs, Inc.                              1,130      34,273                
Wright Medical Group, Inc. (b)                 3,000      88,050                
Zoll Medical Corp. (b)                         1,511      51,359                
                                     -----------
                                       3,667,711
                                     -----------

----------------------------------------------------------------                
MEDICAL LABORATORIES (0.6%)                                                     
Able Laboratories, Inc. (b)                    1,900      36,746                
Alliance Imaging, Inc. (b)                     1,400       6,552                
Applera Corp. - Celera Genomics Group (b)     10,900     145,733                
Bioreliance Corp. (b)                            600      20,508                
Cerner Corp. (b)                               4,800     203,376                
Dade Behring Holdings, Inc. (b)                7,100     217,047                
Discovery Laboratories, Inc. (b)               4,100      29,684                
LabOne, Inc. (b)                               1,800      49,536                
Specialty Laboratories, Inc. (b)                 276       3,701                
VCA Antech, Inc. (b)                           4,800     135,552                
                                     -----------
                                         848,435
                                     -----------

----------------------------------------------------------------                
METAL PROCESSORS (0.4%)                                                         
Commercial Metals Co.                          3,246      80,111                
Kaydon Corp.                                   4,848     115,237                
Liquidmetal Technologies Co. (b)               4,000      11,000                
Mueller Industries, Inc. (b)                   6,061     191,285                
NN, Inc.                                       2,435      29,220                
Quanex Corp.                                   3,070     122,954                
Valmont Industries, Inc.                       1,500      31,200                
                                     -----------
                                         581,007
                                     -----------

----------------------------------------------------------------                
METALS (0.4%)                                                                   
Brush Engineered Materials, Inc. (b)           1,596      20,317                
Century Aluminum Co. (b)                       2,366      38,944                
Cleveland-Cliffs, Inc. (b)                     1,632      48,960                
Coeur d'Alene Mines Corp. (b)                 36,300     126,688                
Hecla Mining Co. (b)                          19,200     113,280                

2003  ANNUAL  REPORT  51                                                        
--------------------------------------------------------------------------------

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STATEMENT  OF  INVESTMENTS  (Continued)                                         
October  31,  2003                                                              

NATIONWIDE  SMALL  CAP  INDEX  FUND  (Continued)                                

COMMON  STOCKS  (CONTINUED)                                                     
         SHARES OR
                   PRINCIPAL AMOUNT    VALUE
-----------------------------------------------------------------               

METALS (continued)                                                              
RTI International Metals, Inc. (b)              1,400  $   16,814               
Stepan Co.                                        600      14,772               
Stillwater Mining Co. (b)                       4,975      34,775               
USEC, Inc.                                     14,100     105,045               
                                       -----------
                                           519,595
                                       -----------

-----------------------------------------------------------------               
NATURAL GAS (0.3%)                                                              
EnergySouth, Inc.                                 900      32,724               
Laclede Group, Inc. (The)                       3,700     104,895               
Southern Union Co. (b)                          9,793     172,455               
St. Mary Land & Exploration Co.                 5,018     130,970               
                                       -----------
                                           441,044
                                       -----------

-----------------------------------------------------------------               
OFFICE EQUIPMENT & SUPPLIES (0.3%)                                              
Ennis Business Forms, Inc.                      3,900      56,004               
General Binding Corp. (b)                         600       8,316               
Global Imaging Systems, Inc. (b)                2,500      72,625               
Imagistics International, Inc. (b)              1,800      57,870               
Interface, Inc. (b)                             5,065      28,111               
John H. Harland Co.                             5,066     137,947               
School Specialty, Inc. (b)                      2,982      83,138               
Standard Register Co.                           1,534      26,998               
                                       -----------
                                           471,009
                                       -----------

-----------------------------------------------------------------               
OIL & GAS (2.3%)                                                                
Atwood Oceanics, Inc. (b)                       1,510      39,094               
Berry Petroleum Co.                             1,400      25,480               
Cabot Oil & Gas Corp.                           3,998     102,149               
Cal Dive International, Inc. (b)                6,275     130,081               
Cimarex Energy Co. (b)                          6,024     123,191               
Clayton Williams Energy, Inc. (b)                 800      16,800               
Comstock Resources, Inc. (b)                    3,919      58,511               
Denbury Resources, Inc. (b)                     6,700      84,554               
Encore Acquisition Co. (b)                        600      13,800               
Energy Partners Ltd. (b)                        4,800      57,648               
Ethyl Corp. (b)                                 1,100      17,710               
Evergreen Resources, Inc. (b)                   5,400     148,068               
Forest Oil Corp. (b)                            7,000     164,149               
Grey Wolf, Inc. (b)                            23,641      75,888               
Hanover Compressor Co. (b)                      6,500      68,900               
Harvest Natural Resources, Inc. (b)             8,000      54,560               
Horizon Offshore, Inc. (b)                      4,991      19,465               
Houston Exploration Co. (The) (b)               1,600      56,000               
KCS Energy, Inc. (b)                            5,700      45,429               
Lufkin Industries, Inc.                           900      21,600               
Magnum Hunter Resources, Inc. (b)               9,300      80,445               
McMoRan Exploration Co. (b)                     1,000      14,940               
Meridian Resource Corp. (The) (b)               6,100      24,522               
Newpark Resources, Inc. (b)                     8,484      34,106               
Nuevo Energy Co. (b)                            3,145      61,894               
Oceaneering International, Inc. (b)             4,350     100,311               

               SHARES OR
               PRINCIPAL
                             AMOUNT        VALUE
-----------------------------------------------------------------               

OIL & GAS (continued)                                                           
Parker Drilling Co. (b)                        15,837  $   35,633               
Patina Oil & Gas Corp.                          4,527     190,948               
Penn Virginia Corp.                             1,300      58,955               
PetroCorp, Inc. (b)                             1,500      20,100               
Petroleum Development Corp. (b)                 3,100      41,106               
Plains Exploration & Production                                                 
Co. (b)                                        5,122      69,506              
Plains Resources, Inc. (b)                      2,300      30,475               
Prima Energy Corp. (b)                          1,491      41,480               
Quaker Chemical Corp.                             600      15,924               
Quicksilver Resources, Inc. (b)                 2,090      53,713               
Quiksilver, Inc. (b)                            8,068     138,528               
Range Resources Corp. (b)                       6,863      52,502               
Remington Oil & Gas Corp. (b)                   3,180      56,763               
RPC, Inc.                                       1,201      12,526               
Spinnaker Exploration Co. (b)                   3,424      87,620               
Stone Energy Corp. (b)                          4,041     146,042               
Swift Energy Co. (b)                            3,834      53,293               
Tesoro Petroleum Corp. (b)                      8,400      95,760               
Tom Brown, Inc. (b)                             6,473     174,899               
Unit Corp. (b)                                  6,100     118,279               
Vintage Petroleum, Inc.                         9,500     109,725               
World Fuel Services Corp.                       1,600      45,856               
                                       -----------
                                         3,288,928
                                       -----------

-----------------------------------------------------------------               
OIL EQUIPMENT & SERVICES (0.6%)                                                 
CARBO Ceramics, Inc.                            1,800      75,600               
Dril-Quip, Inc. (b)                               413       6,195               
Frontier Oil Corp.                              4,362      69,792               
Global Industries Ltd. (b)                     14,500      66,990               
Holly Corp.                                     1,900      47,348               
Hydril Co. (b)                                  2,500      58,625               
Lone Star Technologies, Inc. (b)                3,634      50,585               
SEACOR SMIT, Inc. (b)                           2,411      92,390               
SJW Corp.                                         200      17,700               
Superior Energy Services, Inc. (b)              5,584      49,921               
TETRA Technologies, Inc. (b)                    3,308      74,794               
TRC Cos., Inc. (b)                              1,100      19,503               
Veritas DGC, Inc. (b)                           3,567      31,604               
W-H Energy Services, Inc. (b)                   3,443      53,986               
WD-40 Co.                                       3,134     101,698               
                                       -----------
                                           816,731
                                       -----------

-----------------------------------------------------------------               
OIL FIELD MACHINERY & EQUIPMENT (0.1%)                                          
Gulf Island Fabrication, Inc. (b)               2,180      32,809               
Oil States International, Inc. (b)              2,600      31,850               
Universal Compression Holdings,                                                 
Inc. (b)                                        1,900      41,781               
                                       -----------
                                           106,440
                                       -----------

-----------------------------------------------------------------               
PAPER & FOREST PRODUCTS (0.7%)                                                  
Buckeye Technologies, Inc. (b)                  2,490      22,435               
Caraustar Industries, Inc. (b)                  5,031      48,348               
Chesapeake Corp.                                1,670      40,748               

52     ANNUAL  REPORT  2003                                                     
--------------------------------------------------------------------------------

N-CSR 54th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 54th
COMMON  STOCKS  (CONTINUED)                                                     
                       SHARES OR
                       PRINCIPAL
                                      AMOUNT         VALUE
------------------------------------------------------------------------        

PAPER & FOREST PRODUCTS (continued)                                             
Deltic Timber Corp.                                    1,156  $   33,096        
Glatfelter & Co.                                       4,565      58,204        
Longview Fibre Co.                                     6,831      73,433        
Louisiana-Pacific Corp. (b)                           15,505     294,905        
Pope & Talbot, Inc.                                    3,700      53,021        
Potlatch Corp.                                         4,688     146,547        
Rock-Tenn Co.                                          3,100      49,910        
Schweitzer-Mauduit International, Inc.                 2,075      55,195        
Universal Forest Products, Inc.                        2,700      79,920        
Wausau-Mosinee Paper Corp.                             4,324      53,445        
                                                      ----------
                                                       1,009,207
                                                      ----------

------------------------------------------------------------------------        
PHARMACEUTICALS (2.3%)                                                          
Alexion Pharmaceuticals, Inc. (b)                      2,729      50,487        
Alteon, Inc. (b)                                       9,200      17,204        
American Pharmaceutical Partners, Inc. (b)                 1          24        
AtheroGenics, Inc. (b)                                 6,300     103,887        
AVI BioPharma, Inc. (b)                                3,200      15,520        
BioMarin Pharmaceutical, Inc. (b)                      9,800      68,600        
Biopure Corp. (b)                                      5,553      19,213        
Bone Care International, Inc. (b)                      1,000      14,000        
Bradley Pharmaceuticals, Inc. (b)                      1,500      40,305        
Cell Genesys, Inc. (b)                                 5,000      64,200        
CIMA Labs, Inc. (b)                                    2,628      82,519        
CollaGenex Pharmaceuticals, Inc. (b)                   1,660      15,969        
Corixa Corp. (b)                                       6,129      36,590        
Cubist Pharmaceuticals, Inc. (b)                       5,690      66,118        
D & K Healthcare Resources, Inc.                       1,500      19,380        
Del Laboratories, Inc. (b)                               205       5,025        
Dendreon Corp. (b)                                     2,800      23,576        
DOV Pharmaceutical, Inc. (b)                           2,500      30,625        
Encysive Pharmaceuticals, Inc. (b)                     8,400      53,172        
Enzon, Inc. (b)                                        5,500      61,380        
First Horizon Pharmaceutical                                                    
Corp. (b)                                              4,200      29,694        
Geron Corp. (b)                                        5,937      75,400        
Hollis-Eden Pharmaceuticals, Inc. (b)                  1,200      21,612        
ILEX Oncology, Inc. (b)                                5,878     122,615        
ImmunoGen, Inc. (b)                                    4,729      21,990        
Impax Laboratories, Inc. (b)                           5,600      66,416        
Indevus Pharmaceuticals, Inc. (b)                      4,412      24,134        
Inspire Pharmaceuticals, Inc. (b)                      4,100      76,342        
Inter Parfums, Inc.                                      800      10,960        
Inveresk Research Group, Inc. (b)                      4,200      97,440        
Isis Pharmaceuticals, Inc. (b)                         5,370      35,711        
Kos Pharmaceuticals, Inc. (b)                          1,568      62,265        
La Jolla Pharmaceutical Co. (b)                        5,000      17,050        
Lannett Co., Inc. (b)                                    700      12,873        
Medical Co. (b)                                        6,373     169,839        
MIM Corp. (b)                                          4,900      28,861        
Nektar Therapeutic (b)                                 8,000     105,120        
NeoPharm, Inc. (b)                                     1,435      21,927        
Noven Pharmaceuticals, Inc. (b)                        2,400      24,216        

                               SHARES OR
                                     PRINCIPAL AMOUNT  VALUE
------------------------------------------------------------------------        

PHARMACEUTICALS (continued)                                                     
Onyx Pharmaceuticals, Inc. (b)                         5,100  $  124,797        
Pain Therapeutics, Inc. (b)                            5,300      33,390        
Parexel International Corp. (b)                        4,178      69,856        
Penwest Pharmaceuticals Co. (b)                        3,000      49,140        
Peregrine Pharmaceuticals, Inc. (b)                   15,573      32,703        
Perrigo Co.                                           10,910     146,740        
Pharmacopeia, Inc. (b)                                 2,716      33,896        
POZEN, Inc. (b)                                        3,100      38,843        
PRAECIS Pharmaceuticals, Inc. (b)                      7,533      52,204        
Progenics Pharmaceuticals, Inc. (b)                      900      16,029        
Regeneron Pharmaceuticals, Inc. (b)                    4,417      61,131        
Salix Pharmaceuticals, Inc. (b)                        2,100      41,580        
Savient Pharmaceuticals, Inc. (b)                     10,657      64,475        
SuperGen, Inc. (b)                                     5,986      61,776        
Telik, Inc. (b)                                        5,668     115,174        
Theragenics Corp. (b)                                  2,386      10,618        
Transkaryotic Therapies, Inc. (b)                      4,674      61,276        
United Therapeutics Corp. (b)                          3,331      67,053        
Vertex Pharmaceuticals, Inc. (b)                      13,100     171,871        
Vicuron Pharmaceuticals, Inc. (b)                      8,094     148,525        
VIVUS, Inc. (b)                                        3,900      14,547        
                                                      ----------
                                                       3,227,883
                                                      ----------

------------------------------------------------------------------------        
PHOTOGRAPHIC (0.0%)                                                             
Concord Camera Corp. (b)                               4,024      51,668        
                                                      ----------

------------------------------------------------------------------------        
PIPELINES (0.1%)                                                                
Aquila, Inc. (b)                                      27,400     108,230        
TransMontaigne, Inc. (b)                               2,054      11,872        
                                                      ----------
                                                         120,102
                                                      ----------

------------------------------------------------------------------------        
POLLUTION CONTROL (0.2%)                                                        
BHA Group Holdings, Inc.                                 900      21,060        
Calgon Carbon Corp.                                    3,948      25,346        
Casella Waste Systems, Inc., Class A (b)               2,273      28,617        
Clean Harbors, Inc. (b)                                2,600       9,620        
Duratek, Inc. (b)                                        100         940        
Gundle/SLT Environmental, Inc. (b)                     1,400      24,010        
Lydall, Inc. (b)                                       1,000      11,890        
Waste Connections, Inc. (b)                            3,953     137,090        
                                                      ----------
                                                         258,573
                                                      ----------

------------------------------------------------------------------------        
PRINTING & PUBLISHING (0.5%)                                                    
Banta Corp.                                            4,117     157,515        
Bowne & Co., Inc.                                      4,258      63,870        
Courier Corp.                                            400      21,928        
Hollinger International, Inc.                          4,900      65,807        
Information Holdings, Inc. (b)                         1,600      35,872        
Journal Register Co. (b)                               5,059     101,332        
Mail-Well, Inc. (b)                                    3,491      14,383        
Playboy Enterprises, Inc. (b)                          1,434      22,213        

2003  ANNUAL  REPORT  53                                                        
--------------------------------------------------------------------------------

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STATEMENT  OF  INVESTMENTS  (Continued)                                         
October  31,  2003                                                              

NATIONWIDE  SMALL  CAP  INDEX  FUND  (Continued)                                

COMMON  STOCKS  (CONTINUED)                                                     
             SHARES OR
             PRINCIPAL
                      AMOUNT     VALUE
-------------------------------------------------------------                   

PRINTING & PUBLISHING (continued)                                               
Presstek, Inc. (b)                            3,536  $ 27,263                   
PRIMEDIA, Inc. (b)                           21,100    56,759                   
ProQuest Co. (b)                              3,450   102,465                   
Pulitzer, Inc.                                  872    45,388                   
Thomas Nelson, Inc.                           2,400    38,040                   
                                  --------
                                   752,835
                                  --------

-------------------------------------------------------------                   
RADIO (0.1%)                                                                    
Beasley Broadcast Group, Inc. (b)             1,030    15,017                   
Emerson Radio Corp. (b)                       1,100     4,499                   
Saga Communications, Inc. (b)                 1,625    30,875                   
Spanish Broadcasting System, Inc. (b)         5,264    47,376                   
                                  --------
                                    97,767
                                  --------

-------------------------------------------------------------                   
RAILROADS (0.0%)                                                                
Florida East Coast Industries, Inc.           2,219    65,949                   
                                  --------

-------------------------------------------------------------                   
REAL ESTATE (0.2%)                                                              
Avatar Holdings, Inc. (b)                       500    16,330                   
Consolidated-Tomoka Land Co.                    500    14,805                   
Getty Realty Corp.                            1,800    44,550                   
Jones Lang LaSalle, Inc. (b)                  4,200    80,010                   
Price Legacy Corp. (b)                        2,400     8,232                   
Tarragon Realty Investors, Inc. (b)             100     1,563                   
Trammell Crow Co. (b)                         3,898    53,052                   
United Capital Corp.                            800    13,824                   
                                  --------
                                   232,366
                                  --------

-------------------------------------------------------------                   
REAL ESTATE INVESTMENT TRUSTS                                                   
(REIT) (4.8%)                                                                   
Acadia Realty Trust                           3,199    36,277                   
Alexandria Real Estate Equities, Inc.         3,300   168,299                   
American Land Lease, Inc.                     1,100    20,020                   
American Mortgage Acceptance Co.              1,700    28,237                   
Amli Residential Properties Trust             3,100    78,864                   
Anthracite Capital, Inc.                      5,700    58,083                   
Apex Mortgage Capital, Inc.                   5,100    30,090                   
Associated Estates Realty Corp.               1,800    11,628                   
Bedford Property Investors, Inc.              2,350    61,711                   
Boykin Lodging Co.                            3,100    25,668                   
Brandywine Realty Trust                       3,804    96,393                   
Capital Automotive REIT                       4,464   138,875                   
Capstead Mortgage Corp.                       2,200    29,370                   
Colonial Properties Trust                     3,335   123,395                   
Commercial Net Lease Realty                   5,900   101,480                   
Cornerstone Realty Income Trust, Inc.         6,407    52,986                   
Corporate Office Properties Trust             4,400    85,096                   
Correctional Properties Trust                 2,000    54,180                   
Corrections Corporation of America (b)        5,332   130,954                   
CRIIMI MAE, Inc. (b)                          1,000    11,230                   
Crown American Realty Trust                   5,400    64,692                   
EastGroup Properties, Inc.                    3,300    96,195                   

               SHARES OR
               PRINCIPAL
                          AMOUNT     VALUE
-------------------------------------------------------------                   

REAL ESTATE INVESTMENT TRUSTS (REIT) (continued)                                
Entertainment Properties Trust                3,840  $123,571                   
Equity Inns, Inc.                             7,700    65,065                   
Equity One, Inc.                              3,900    65,325                   
Essex Property Trust, Inc.                    2,929   175,388                   
FelCor Lodging Trust, Inc.                    7,800    79,482                   
First Industrial Realty Trust, Inc.           6,700   216,409                   
Gables Residential Trust                      4,909   157,972                   
Glenborough Realty Trust, Inc.                1,652    32,214                   
Glimcher Realty Trust                         4,495    95,204                   
Great Lakes REIT                              1,698    27,219                   
Health Care REIT, Inc.                        7,000   232,049                   
Heritage Property Investment                  2,800    78,960                   
Home Properties of New York, Inc.             4,311   165,974                   
Impac Mortgage Holdings, Inc.                 7,000   105,350                   
Innkeepers USA Trust                          4,871    42,378                   
Investors Real Estate Trust                   3,600    35,748                   
Keystone Property Trust                       1,996    39,920                   
Kilroy Realty Corp.                           3,422    98,896                   
Koger Equity                                  4,000    77,480                   
Kramont Realty Trust                          2,300    39,491                   
La Quinta Corp. (b)                          15,427    95,185                   
LaSalle Hotel Properties                      1,904    32,082                   
Lexington Corporate Properties Trust          5,700   109,326                   
LTC Properties, Inc.                          1,500    17,760                   
Manufactured Home Communities, Inc.           2,638   100,244                   
MeriStar Hospitality Corp. (b)                6,479    44,252                   
Mfa Mortgage Investments                      8,200    78,474                   
Mid-America Apartment Communities, Inc.       3,112    97,717                   
Mission West Properties, Inc.                 2,900    36,337                   
National Health Investors, Inc.               4,437    94,286                   
National Health Realty, Inc.                    700    11,718                   
Nationwide Health Properties, Inc.            9,035   165,341                   
Newcastle Investment Corp.                    3,100    72,540                   
Omega Healthcare Investors, Inc.                500     3,750                   
Parkway Properties, Inc.                      1,900    83,695                   
Pennsylvania Real Estate                                                        
Investment Trust                             3,100   103,540                  
Post Properties, Inc.                         5,614   148,210                   
Prentiss Properties Trust                     5,429   164,173                   
PS Business Parks, Inc.                       1,675    63,148                   
Rait Investment Trust                         2,700    63,072                   
Ramco-Gershenson Properties Trust             1,800    43,470                   
Reckson Associates Realty Corp.               8,800   195,535                   
Redwood Trust, Inc.                           2,105   104,408                   
Saul Centers, Inc.                            1,245    33,864                   
Senior Housing Properties Trust               6,400    95,296                   
Sizeler Property Investors                    2,800    29,512                   
SL Green Realty Corp.                         4,000   144,600                   
Sovran Self Storage, Inc.                     2,700    91,395                   
Summit Properties, Inc.                       3,146    70,345                   
Sun Communities, Inc.                         2,585    94,223                   
Tanger Factory Outlet Centers, Inc.             787    31,779                   
Taubman Centers, Inc.                         7,999   161,260                   

54     ANNUAL  REPORT  2003                                                     
--------------------------------------------------------------------------------

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COMMON  STOCKS  (CONTINUED)                                                     

               SHARES OR
               PRINCIPAL
                         AMOUNT      VALUE
----------------------------------------------------------------                

REAL ESTATE INVESTMENT TRUSTS (REIT) (continued)                                
Town & Country Trust                           1,551  $   36,030                
U.S. Restaurant Properties, Inc.               3,600      57,600                
United Mobile Homes, Inc.                        100       1,640                
Universal Health Realty Income Trust           2,373      66,468                
Urstadt Biddle Properties, Inc., Class A       2,100      28,455                
Ventas, Inc.                                  11,048     206,597                
Washington Real Estate                                                          
Investment Trust                              5,400     159,840               
Winston Hotels, Inc.                           5,045      50,702                
                                      ----------
                                       6,745,687
                                      ----------

----------------------------------------------------------------                
RECREATIONAL VEHICLES & BOATS (0.2%)                                            
Arctic Cat, Inc.                               1,776      39,996                
Thor Industries, Inc.                          3,160     202,619                
                                      ----------
                                         242,615
                                      ----------

----------------------------------------------------------------                
RESEARCH & DEVELOPMENT (0.4%)                                                   
aaiPharma, Inc. (b)                            2,150      38,894                
Albany Molecular Research, Inc. (b)            2,937      43,174                
Antigenics, Inc. (b)                           3,388      37,065                
Biosite, Inc. (b)                              2,000      51,600                
Forrester Research, Inc. (b)                   3,081      52,531                
Gene Logic, Inc. (b)                           6,948      34,532                
MGI PHARMA, Inc. (b)                           4,681     175,817                
Nuvelo, Inc. (b)                               7,000      23,170                
Regeneration Technologies, Inc. (b)            4,600      55,200                
Trimeris, Inc. (b)                             2,508      64,205                
                                      ----------
                                         576,188
                                      ----------

----------------------------------------------------------------                
RESIDENTIAL BUILDING CONSTRUCTION (0.4%)                                        
Ameron International Corp.                       800      26,272                
Dominion Homes, Inc. (b)                         800      22,600                
Dycom Industries, Inc. (b)                     7,198     155,549                
Insituform Technologies, Inc. (b)              3,694      52,824                
M/I Schottenstein Homes, Inc.                  2,000      83,260                
Standard Pacific Corp.                         4,883     233,652                
William Lyon Homes (b)                           500      32,400                
                                      ----------
                                         606,557
                                      ----------

----------------------------------------------------------------                
RESTAURANTS (1.1%)                                                              
Bob Evans Farms, Inc.                          6,134     181,321                
California Pizza Kitchen, Inc. (b)             3,400      63,240                
Chicago Pizza & Brewery, Inc. (b)              2,200      28,270                
CKE Restaurants, Inc. (b)                      9,800      69,580                
Dave & Buster's, Inc. (b)                        900      11,835                
IHOP Corp.                                     2,500      92,750                
Jack in the Box, Inc. (b)                      5,802     105,538                
Landry's Restaurants, Inc.                     2,551      63,852                
Lone Star Steakhouse & Saloon, Inc.            3,122      68,278                
O'Charley's, Inc. (b)                          3,408      57,425                
P.F. Chang's China Bistro, Inc. (b)            3,700     180,338                

               SHARES OR
               PRINCIPAL
                          AMOUNT     VALUE
----------------------------------------------------------------                

RESTAURANTS (continued)                                                         
Panera Bread Co. (b)                           4,800  $  193,105                
Papa John's International, Inc. (b)            2,400      63,144                
Ryan Family Steak Houses, Inc. (b)             5,752      80,183                
Sonic Corp. (b)                                6,729     187,133                
Steak n Shake Co. (The) (b)                    2,400      41,520                
Triarc Companies, Inc.                         4,690      49,995                
                                      ----------
                                       1,537,507
                                      ----------

----------------------------------------------------------------                
RETAIL (4.5%)                                                                   
1-800-FLOWERS.COM (b)                          3,200      33,440                
7-Eleven, Inc. (b)                             2,721      43,400                
A.C. Moore Arts & Crafts, Inc. (b)             2,100      48,573                
Alexander's, Inc. (b)                            200      21,480                
America's Car-Mart, Inc. (b)                     900      27,765                
American Eagle Outfitters, Inc. (b)            7,800     124,722                
AnnTaylor Stores Corp. (b)                     6,600     236,280                
Asbury Automotive Group, Inc. (b)              1,200      20,400                
Big 5 Sporting Goods Corp. (b)                 2,200      41,074                
BJ's Wholesale Club, Inc. (b)                 10,200     262,037                
Blair Corp.                                    1,800      40,860                
Blue Rhino Corp. (b)                           1,900      22,040                
Brookstone, Inc. (b)                           2,100      42,903                
Building Materials Holding Corp.               3,100      43,834                
Casey's General Stores, Inc.                   8,047     124,729                
Cash America International, Inc.               4,500      85,905                
Casual Male Retail Group, Inc. (b)             4,900      43,610                
Cato Corp.                                     1,994      42,073                
CEC Entertainment, Inc. (b)                    3,400     166,260                
Charlotte Russe Holding, Inc. (b)              2,100      28,245                
Children's Place Retail Store,                                                  
Inc. (The) (b)                                2,300      69,230               
Christopher & Banks Corp.                      5,322     155,402                
Coldwater Creek, Inc. (b)                        750       9,285                
Copart, Inc. (b)                              11,800     147,146                
Cost Plus, Inc. (b)                            3,700     169,719                
CSK Auto Corp. (b)                             6,200     106,330                
Dick's Sporting Goods, Inc. (b)                2,200     101,156                
Dillards, Inc., Class A                       10,600     171,402                
Dress Barn, Inc. (b)                           2,201      30,814                
Duane Reade, Inc. (b)                          2,500      34,375                
Electronics Boutique Holdings                                                   
Corp. (b)                                      2,167      61,651                
F.A.O., Inc. (b)                                 133         783                
Finlay Enterprises, Inc. (b)                     500       7,570                
Fossil, Inc. (b)                               4,282     115,614                
Fred's, Inc.                                   6,538     246,352                
Friedman's, Inc., Class A                      4,200      50,862                
Galyan's Trading Co. (b)                       1,400      18,354                
Genesco, Inc. (b)                              2,500      42,125                
Group 1 Automotive, Inc. (b)                   2,395      84,855                
Guitar Center, Inc. (b)                        2,497      81,277                
Gymboree Corp. (b)                             5,342      88,143                
Hancock Fabrics, Inc.                          2,100      31,311                
Haverty Furniture Co., Inc.                    3,200      66,400                

2003  ANNUAL  REPORT  55                                                        
--------------------------------------------------------------------------------

N-CSR 57th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 57th
STATEMENT  OF  INVESTMENTS  (Continued)                                         
October  31,  2003                                                              

NATIONWIDE  SMALL  CAP  INDEX  FUND  (Continued)                                

COMMON  STOCKS  (CONTINUED)                                                     
                           SHARES OR
                         PRINCIPAL
                                    AMOUNT     VALUE
--------------------------------------------------------------------            

RETAIL (continued)                                                              
Hibbet Sporting Goods, Inc. (b)                    2,250  $   61,448            
Hollywood Entertainment Corp. (b)                  9,100     138,320            
Insight Enterprises, Inc. (b)                      7,885     132,626            
InterTan, Inc. (b)                                 2,415      25,406            
J. Jill Group, Inc. (b)                            3,438      41,840            
Jo-Ann Stores, Inc., Class A (b)                   1,800      54,018            
Kirkland's, Inc. (b)                                 900      19,845            
Linens 'n Things, Inc. (b)                         6,628     195,659            
M&F Worldwide Corp. (b)                              200       2,210            
Men's Wearhouse, Inc. (b)                          5,219     153,752            
Movado Group, Inc.                                   600      14,430            
Movie Gallery, Inc. (b)                            4,635      95,852            
OfficeMax, Inc. (b)                               18,883     180,899            
Pantry, Inc. (The) (b)                               300       4,920            
PC Connection, Inc. (b)                            1,900      19,456            
Penn Traffic Co. (The) (b)                           100          14            
PETCO Animal Supplies, Inc. (b)                    6,100     202,398            
RARE Hospitality International,                                                 
Inc. (b)                                          5,350     132,680           
Rent-Way, Inc. (b)                                 2,325      13,950            
Restoration Hardware, Inc. (b)                     3,700      29,452            
REX Stores Corp. (b)                                 300       4,728            
Sharper Image Corp. (b)                            1,100      31,680            
Shop At Home, Inc. (b)                             2,900       8,700            
ShopKo Stores, Inc. (b)                            3,200      49,536            
Smart & Final, Inc. (b)                            1,415      10,202            
Sonic Automotive, Inc.                             4,000      90,800            
Sports Authority, Inc. (The) (b)                   3,106     115,543            
Stein Mart, Inc. (b)                               2,353      16,918            
Too, Inc. (b)                                      4,986      82,269            
Tractor Supply Co. (b)                             5,000     209,550            
Trans World Entertainment Corp. (b)                2,705      17,583            
Tuesday Morning Corp. (b)                          2,282      72,773            
Tweeter Home Entertainment                                                      
Group, Inc. (b)                                   2,300      19,205           
Ultimate Electronics, Inc. (b)                     2,038      18,322            
United Rentals, Inc. (b)                           7,900     137,618            
Urban Outfitters, Inc. (b)                         4,000     133,440            
Weis Markets, Inc.                                 1,300      47,515            
WESCO International, Inc. (b)                      1,900      13,129            
West Marine, Inc. (b)                              2,100      46,536            
Whitehall Jewellers, Inc. (b)                      1,000      12,230            
Zale Corp. (b)                                     4,900     253,623            
                                              ----------
                                               6,300,861
                                              ----------

--------------------------------------------------------------------            
RETAIL/FOOD & DRUG (0.3%)                                                       
Arden Group, Inc., Class A                           168      11,787            
Ingles Markets, Inc., Class A                      2,141      21,731            
Longs Drug Stores Corp.                            4,600     103,040            
Nash-Finch Co.                                     2,423      38,162            
Pathmark Stores, Inc. (b)                          4,558      31,222            
Ruddick Corp.                                      6,223      99,319            
United Natural Foods, Inc. (b)                     3,584     138,630            
Wild Oats Markets, Inc. (b)                        4,253      44,146            
                                              ----------
                                                 488,037
                                              ----------

                         SHARES OR
                         PRINCIPAL
                                   AMOUNT    VALUE
--------------------------------------------------------------------            

SEMICONDUCTORS (3.8%)                                                           
Actel Corp. (b)                                    3,931  $  106,058            
Alliance Semiconductor Corp. (b)                   4,331      33,349            
Artisan Components, Inc. (b)                       2,200      45,122            
Asyst Technologies, Inc. (b)                       5,900     110,035            
ATMI, Inc. (b)                                     4,891     112,444            
Axcelis Technologies, Inc. (b)                    14,700     155,526            
Brooks Automation, Inc. (b)                        5,429     135,454            
ChipPac, Inc. (b)                                  5,349      44,611            
Cirrus Logic, Inc. (b)                            10,800      88,128            
COHU, Inc.                                         3,851      77,290            
Conexant Systems, Inc. (b)                        41,800     243,693            
Credence Systems Corp. (b)                         9,562     155,956            
Cymer, Inc. (b)                                    5,800     264,827            
Diodes, Inc. (b)                                     200       4,728            
DuPont Photomasks, Inc. (b)                        2,300      53,314            
Entegris, Inc. (b)                                 9,400     123,704            
ESS Technology, Inc. (b)                           3,600      49,968            
Exar Corp. (b)                                     7,127     114,673            
FEI Co. (b)                                        4,300     102,125            
Genesis Microchip, Inc. (b)                        4,956      82,170            
GlobespanVirata, Inc. (b)                         15,917      98,049            
Helix Technology Corp.                             4,200      75,390            
Ixia (b)                                           3,071      36,852            
IXYS Corp. (b)                                     3,802      37,260            
Kopin Corp. (b)                                   10,200      74,766            
LTX Corp. (b)                                      7,353     105,074            
Mattson Technology, Inc. (b)                       5,340      75,881            
Microsemi Corp. (b)                                3,709      76,776            
Mindspeed Technologies, Inc. (b)                  13,600      69,632            
MKS Instruments, Inc. (b)                          4,600     119,600            
Mykrolis Corp (b)                                  4,000      59,000            
New Focus, Inc. (b)                               11,332      58,813            
OmniVision Technologies, Inc. (b)                  3,700     210,160            
On Semiconductor Corp. (b)                         6,600      28,380            
Oplink Communications, Inc. (b)                   15,481      36,226            
Optical Communication Products,                                                 
Inc. (b)                                             617       1,450            
OSI Systems, Inc. (b)                              2,300      42,297            
ParthusCeva, Inc. (b)                              2,600      19,214            
Pericom Semiconductor Corp. (b)                    3,850      43,852            
Photronics Corp. (b)                               4,441      95,659            
Pixelworks, Inc. (b)                               5,450      65,836            
Power Integrations, Inc. (b)                       3,865     134,579            
Rudolph Technologies, Inc. (b)                     1,800      47,070            
Semitool, Inc. (b)                                 2,872      26,193            
Semtech Corp. (b)                                  8,900     197,580            
Silicon Image, Inc. (b)                           10,100      71,003            
Silicon Storage Technology, Inc. (b)              11,242     125,686            
Siliconix, Inc. (b)                                  700      35,532            
SIPEX Corp. (b)                                    4,400      38,544            
Skyworks Solutions Co. (b)                        23,467     201,347            
Superconductor Technologies,                                                    
Inc. (b)                                         11,100      56,499           
Supertex, Inc. (b)                                   652      12,225            

56     ANNUAL  REPORT  2003                                                     
--------------------------------------------------------------------------------

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COMMON  STOCKS  (CONTINUED)                                                     

           SHARES OR
                     PRINCIPAL AMOUNT    VALUE
------------------------------------------------------------------              

SEMICONDUCTORS (continued)                                                      
Three-Five Systems, Inc. (b)                     5,100  $   23,664              
Transmeta Corp. (b)                             20,900      84,645              
TriQuint Semiconductor, Inc. (b)                20,309     145,616              
Ultratech Stepper, Inc. (b)                      3,500     109,235              
Veeco Instruments, Inc. (b)                      3,208      81,291              
Virage Logic Corp. (b)                           1,500      14,850              
Vitesse Semiconductor Corp. (b)                 32,000     225,280              
White Electronic Designs Corp. (b)               3,500      38,500              
Xicor, Inc. (b)                                  3,366      38,103              
                                          ----------
                                           5,240,784
                                          ----------

------------------------------------------------------------------              
SERVICES (1.4%)                                                                 
Alderwoods Group, Inc. (b)                       7,400      55,130              
APAC Customer Services, Inc. (b)                 2,144       5,510              
aQuantive, Inc. (b)                              6,900      72,450              
Arbitron, Inc. (b)                               4,381     173,050              
Central Parking Corp.                            2,100      25,347              
Clark, Inc. (b)                                  2,200      33,110              
Coinstar, Inc. (b)                               3,338      48,902              
Cornell Cos., Inc. (b)                           1,700      24,123              
CPI Corp.                                        2,035      40,110              
CyberGuard Corp. (b)                               600       5,196              
Digital Generation Systems,                                                     
Inc. (b)                                        1,600       3,088             
Digital Think, Inc. (b)                          2,800       6,272              
FTD, Inc. (b)                                      100       2,463              
FTI Consulting, Inc. (b)                         7,007     139,439              
Genesis Health Ventures, Inc. (b)                4,400     118,360              
Healthcare Services Group, Inc.                  1,900      30,970              
ICT Group, Inc. (b)                                600       7,926              
Kroll, Inc. (b)                                  6,300     146,538              
Labor Ready, Inc. (b)                            7,594      82,547              
Manhattan Associates, Inc. (b)                   3,000      83,520              
MasTec, Inc. (b)                                 2,700      34,803              
National Healthcare Corp. (b)                      800      15,360              
NDCHealth Corp.                                  4,998     131,897              
Perini Corp. (b)                                 1,200       9,948              
Perot Systems Corp., Class A (b)                10,600     112,572              
Quanta Services, Inc. (b)                       10,800      88,344              
Rollins, Inc.                                    2,322      47,183              
Secure Computing Corp. (b)                       4,584      65,918              
Sotheby's Holdings, Inc. (b)                     6,588      70,162              
Stewart Enterprises, Inc.,                                                      
Class A (b)                                    11,864      48,405             
Tetra Tech, Inc. (b)                             8,543     192,046              
URS Corp. (b)                                    3,221      70,508              
Volt Information Sciences, Inc. (b)                500       8,750              
Wackenhut Corrections Corp. (b)                  2,000      41,640              
                                          ----------
                                           2,041,587
                                          ----------

------------------------------------------------------------------              
STEEL (0.4%)                                                                    
AK Steel Holding Corp. (b)                      16,100      38,640              
Allegheny Technologies, Inc.                    11,200      85,680              
Carpenter Technology Corp.                       3,224      83,340              

                       SHARES OR
                       PRINCIPAL
                                AMOUNT     VALUE
------------------------------------------------------------------              

STEEL (continued)                                                               
Gibraltar Steel Corp.                            1,089  $   26,158              
Maverick Tube Corp. (b)                          6,139     103,688              
NS Group, Inc. (b)                               1,046       7,939              
Reliance Steel & Aluminum Co.                    2,900      83,230              
Ryerson Tull, Inc.                               2,499      20,142              
Schnitzer Steel Industries, Inc.                 1,600      60,288              
Steel Dynamics, Inc. (b)                         6,925     129,013              
                                          ----------
                                             638,118
                                          ----------

------------------------------------------------------------------              
TECHNOLOGY (2.6%)                                                               
Andrew Corp. (b)                                24,504     320,513              
Benchmark Electronics, Inc. (b)                  3,741     182,262              
Black Box Corp.                                  2,147      92,450              
CommScope, Inc. (b)                              7,612     117,910              
Concur Technologies, Inc. (b)                    3,500      40,145              
CTS Corp.                                        4,780      52,915              
Datastream Systems, Inc. (b)                     1,508      11,702              
Digimarc Corp. (b)                               1,874      31,446              
Dionex Corp. (b)                                 2,652     112,816              
EMS Technologies, Inc. (b)                       2,300      40,940              
Excel Technology, Inc. (b)                       1,719      48,390              
IGEN International, Inc. (b)                     2,651     153,625              
Input/Output, Inc. (b)                           6,181      25,404              
Intergraph Corp. (b)                             7,904     205,978              
Invision Technologies, Inc. (b)                  2,800      76,076              
KEMET Corp. (b)                                 13,000     172,250              
Kronos, Inc. (b)                                 3,021     181,260              
Kulicke & Soffa Industries, Inc. (b)             7,568     111,098              
Lattice Semiconductor Corp. (b)                 17,400     135,720              
Lionbridge Technologies, Inc. (b)                6,000      54,180              
Medis Technologies, Inc. (b)                     1,277      12,042              
Metrologic Instruments, Inc. (b)                 1,200      28,116              
Micros Systems, Inc. (b)                         3,033     122,806              
Monolithic System Technology (b)                 2,300      18,745              
MTC Technologies, Inc. (b)                       1,200      35,148              
Opsware, Inc. (b)                                6,800      56,576              
Orbital Sciences Corp. (b)                       6,422      59,018              
Palatin Technologies, Inc. (b)                   5,600      24,080              
Plantronics, Inc. (b)                            5,949     165,442              
Plexus Corp. (b)                                 5,945     102,789              
Progress Software Corp. (b)                      4,774     105,362              
Puma Technology, Inc. (b)                        4,900      34,202              
Sonic Solutions (b)                              2,500      44,500              
Symmetricom, Inc. (b)                            6,200      44,640              
Varian Semiconductor Equipment                                                  
Associates, Inc. (b)                             4,244     205,197              
Varian, Inc. (b)                                 5,024     179,909              
Westell Technologies, Inc.,                                                     
Class A (b)                                      6,500      54,145              
Wilson Greatbatch                                                               
Technologies, Inc. (b)                          2,600      98,020             
                                          ----------
                                           3,557,817
                                          ----------

2003  ANNUAL  REPORT  57                                                        
--------------------------------------------------------------------------------

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STATEMENT  OF  INVESTMENTS  (Continued)                                         
October  31,  2003                                                              

NATIONWIDE  SMALL  CAP  INDEX  FUND  (Continued)                                

                                                                [Download Table]


COMMON  STOCKS  (CONTINUED)                                                        
                                           SHARES OR                               
                                           PRINCIPAL                               
                                             AMOUNT                        VALUE   
-----------------------------------------------------------------------------------
                                                                                   
TELECOMMUNICATIONS (1.6%)                                                          
Aehter Systems, Inc. (b)                        5,400                    $   25,920
Align Technology, Inc. (b)                      6,700                       103,314
Anaren Microwave, Inc. (b)                      2,563                        36,266
Applied Signal Technology, Inc.                 1,700                        35,190
Arris Group, Inc. (b)                           7,100                        42,600
Aspect Communications Corp. (b)                 4,800                        64,944
Boston Communications Group,                                                       
Inc. (b)                                        2,579                        24,294
Centennial Communications Corp. (b)             1,200                         7,200
Centillium Communications, Inc. (b)             3,504                        18,781
Cincinnati Bell, Inc. (b)                      26,000                       132,860
Commonwealth Telephone                                                             
Enterprises, Inc. (b)                           3,816                       155,540
Computer Network Technology                                                        
Corp. (b)                                       4,700                        46,530
Comtech Telecommunications                                                         
Corp. (b)                                       1,850                        54,483
Corvis Corp. (b)                               48,000                        68,640
CT Communications, Inc.                         2,800                        38,892
D&E Communications, Inc.                        2,100                        29,589
Ditech Communications Corp. (b)                 2,600                        27,430
Dobson Communications Corp. (b)                 1,900                        16,473
Finisar Corp. (b)                              19,900                        61,690
General Cable Corp. (b)                         3,900                        37,011
General Communication, Inc. (b)                 8,400                        82,824
Golden Telecom, Inc. (b)                        2,000                        51,842
Hickory Tech Corp.                                948                        11,329
Hungarian Telephone & Cable                                                        
Corp. (b)                                         100                           971
INET Technologies, Inc. (b)                     2,960                        39,812
Infonet Services Corp., Class B (b)             5,100                        12,087
InfoSpace, Inc. (b)                             3,900                       101,712
InterVoice-Brite, Inc. (b)                      4,800                        49,968
Lightbridge, Inc. (b)                           3,964                        38,054
McleodUSA, Inc., Class A (b)                   13,900                        16,402
Metro One Telecommunications,                                                      
 Inc. (b)                                       3,608                         9,525
Neon Communications, Inc. (b)                     125                             0
NII Holdings, Inc., Class B (b)                 2,300                       177,307
North Pittsburgh Systems, Inc.                  1,463                        26,890
Price Communications Corp. (b)                  4,693                        58,991
Primus Telecommunications Group,                                                   
Inc. (b)                                        7,700                        70,994
RCN Corp. (b)                                   8,900                        12,193
Regent Communications, Inc. (b)                 3,100                        18,538
SBA Communications Corp. (b)                    3,600                        14,652
Shenandoah Telecommunications Co.                 300                        12,708
Surewest Communications                         2,100                        83,727
Talk America Holdings, Inc. (b)                 4,799                        59,892
Tellium Inc. (b)                               17,600                        28,512
Tollgrade Communications, Inc. (b)              2,300                        36,041
Triton PCS Holdings, Inc. (b)                   2,600                        11,674
Warwick Valley Telephone Co.                    1,500                        47,250
Western Wireless Corp., Class A (b)             8,900                       172,660
WilTel Communications Group, Inc. (b)           4,200                        74,466
XO Communications, Inc. (b)                     5,400                             0
                                                                       ------------
                                                                          2,348,668
                                                                       ------------

                     SHARES OR
                               PRINCIPAL AMOUNT    VALUE
-----------------------------------------------------------------------         

TIRE & RUBBER (0.3%)                                                            
Bandag, Inc.                                          1,287  $   47,104         
Cooper Tire & Rubber Co.                             11,400     224,124         
Goodyear Tire & Rubber Co, (The)                     25,400     174,244         
                                                    ----------
                                                       445,472
                                                    ----------

-----------------------------------------------------------------------         
TOBACCO (0.2%)                                                                  
DIMON, Inc.                                           7,245      52,164         
Standard Commercial Corp.                             1,100      20,988         
Star Scientific, Inc. (b)                             4,200       8,022         
Universal Corp.                                       4,295     187,176         
Vector Group Ltd.                                     4,464      70,308         
                                                    ----------
                                                       338,658
                                                    ----------

-----------------------------------------------------------------------         
TRANSPORTATION SERVICES (1.4%)                                                  
Alexander & Baldwin, Inc.                             7,052     218,683         
Ambassadors International, Inc.                       1,500      19,200         
Arkansas Best Corp.                                   3,999     132,407         
Covenant Transport, Inc., Class A (b)                 1,900      36,233         
EGL, Inc. (b)                                         5,729      93,440         
Forward Air Corp. (b)                                 1,200      34,896         
Genesee & Wyoming, Inc., Class A (b)                  1,400      34,034         
Greenbrier Companies, Inc. (b)                          200       2,528         
Gulfmark Offshore, Inc. (b)                           2,500      34,900         
Heartland Express, Inc.                               4,743     117,816         
Interpool, Inc.                                         374       5,460         
Kansas City Southern Industries, Inc. (b)             9,724     128,649         
Kirby Corp. (b)                                       2,544      74,743         
Knight Transportation, Inc. (b)                       4,563     114,851         
Landstar System, Inc. (b)                             2,572     187,859         
Maritrans, Inc.                                         300       4,728         
Navigant International, Inc. (b)                      2,889      43,537         
Offshore Logistics, Inc. (b)                          2,200      47,960         
Old Dominion Freight Line, Inc. (b)                   2,100      67,347         
Overseas Shipholding Group, Inc.                      2,171      59,181         
P.A.M. Transportation Services, Inc. (b)                400       7,560         
Pacer International, Inc. (b)                         3,600      74,232         
Pegasus Solutions, Inc. (b)                           4,766      52,045         
Petroleum Helicopters, Inc. (b)                         400      12,360         
RailAmerica, Inc. (b)                                 3,198      33,963         
Roadway Corp.                                         1,845      94,556         
SCS Transportation, Inc. (b)                          2,429      36,459         
Seabulk International, Inc. (b)                         700       5,355         
U.S. Xpress Enterprises, Inc. (b)                       600       7,632         
Yellow Corp. (b)                                      5,158     169,440         
                                                    ----------
                                                     1,952,054
                                                    ----------

58     ANNUAL  REPORT  2003                                                     
--------------------------------------------------------------------------------

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                                                        [Enlarge/Download Table]

                                                            SHARES OR                   
                                                        PRINCIPAL AMOUNT       VALUE    
----------------------------------------------------------------------------------------
                                                                                        
UTILITIES (1.5%)                                                                        
Allegheny Energy, Inc. (b)                                         21,600  $    228,528 
Black Hills Corp.                                                   5,700       183,369 
Central Vermont Public                                                                  
Service Corp.                                                       1,347        30,981 
CH Energy Group, Inc.                                               2,663       116,639 
CMS Energy Corp.                                                   20,400       165,648 
Empire District Electric Co.                                        3,673        77,868 
FuelCell Energy, Inc. (b)                                           5,400        82,404 
Headwaters, Inc. (b)                                                4,904        91,901 
IDACORP, Inc.                                                       6,600       179,190 
Littlelfuse, Inc. (b)                                               2,618        69,639 
MGE Energy, Inc.                                                    2,477        78,521 
Otter Tail Co.                                                      3,600        96,084 
PNM Resources, Inc.                                                 5,953       168,351 
Sierra Pacific Resources (b)                                       19,511       116,481 
Time Warner Telecom, Inc. (b)                                       6,500        67,275 
UIL Holdings Corp.                                                  2,273        85,374 
UniSource Energy Corp.                                              3,861        74,517 
Westar Energy, Inc.                                                11,700       233,765 
                                                                             -----------
                                                                              2,146,535 
                                                                             -----------

----------------------------------------------------------------------------------------
WAREHOUSING (0.0%)                                                                      
Mobile Mini, Inc. (b)                                               2,727        57,512 
                                                                             -----------

----------------------------------------------------------------------------------------
WATER (0.2%)                                                                            
American States Water Co.                                           1,686        41,307 
California Water Service Group                                      3,100        84,785 
Connecticut Water Service, Inc.                                       911        27,029 
Ionics, Inc. (b)                                                    3,470        98,861 
Middlesex Water Co.                                                   912        23,721 
Southwest Water Co.                                                 1,745        25,215 
                                                                             -----------
                                                                                300,918 
                                                                             -----------

----------------------------------------------------------------------------------------
WIRELESS EQUIPMENT (0.3%)                                                               
Powerwave Technologies, Inc. (b)                                   11,823        76,968 
Remec, Inc. (b)                                                    10,129       111,723 
SpectraLink Corp. (b)                                               2,953        51,973 
Universal Electronics, Inc. (b)                                     1,556        20,228 
ViaSat, Inc. (b)                                                    3,969        77,911 
Wireless Facilities, Inc. (b)                                       5,087        87,395 
                                                                             -----------
                                                                                426,198 
                                                                             -----------

TOTAL COMMON STOCKS                                                         130,921,473 
                                                                            ------------

COMMON  STOCKS  (CONTINUED)                                                             

REPURCHASE AGREEMENTS (7.7%)                                                            

                                                           SHARES OR                    
                                                        PRINCIPAL AMOUNT   VALUE        
CS First Boston, 0.94% dated 10/31/03,                                                  
due 11/03/03, repurchase price $5,520,709                                               
(Fully collateralized by AA Rated Corporate Bonds)      $       5,520,277  $  5,520,277 
Lehman Brothers, Inc., 0.94% dated 10/31/03,                                            
due 11/03/03, repurchase price $1,022,349                                               
(Fully collateralized by U.S. Agency Securities)                1,022,269     1,022,269 
Nomura Securities, 0.94% dated 10/31/03,                                                
due 11/03/03, repurchase price $4,416,568                                               
(Fully collateralized by AA Rated Corporate Bonds)              4,416,222     4,416,222 
                                                                            ------------

TOTAL REPURCHASE AGREEMENTS                                                  10,958,768 
                                                                            ------------

SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL                                   
RECEIVED FOR SECURITIES ON LOAN (17.7%)                                                 

REPURCHASE AGREEMENT (17.7%)                                                            
Nomura Securites, 1.07%, dated 10/31/03,                                                
due 11/03/03, repurchase price $25,222,441                                              
(Fully collateralized by U.S. Agency Securities)               25,220,192    25,220,192 
                                                                            ------------

TOTAL SHORT-TERM INVESTMENTS PURCHASED WITH CASH                                        
COLLATERAL RECEIVED FOR SECURITIES ON LOAN                                   25,220,192 
                                                                            ------------

TOTAL INVESTMENTS (COST $148,012,989) (A) - 117.3%                          167,100,433 

LIABILITIES IN EXCESS OF OTHER ASSETS - (17.3)%                             (24,583,914)
                                                                            ------------

NET ASSETS - 100.0%                                                        $142,516,519 
                                                                           =============

(a)  See  notes  to  financial  statements  for  unrealized  appreciation       
(depreciation)  of  securities.                                       
(b)  Denotes  a  non-income  producing  security.                               

At  October,  31  2003  the  Fund's open long futures contracts were as follows:

NUMBER OF  LONG                      COVERED BY    APPRECIATION                 
CONTRACTS  CONTRACTS*    EXPIRATION   CONTRACTS   (DEPRECIATION)                
-----------------------------------------------------------------               
44  Russell 2000    12/19/03  $11,623,700  $       101,745        

*    Cash  pledged  as  collateral.                                             

SEE  NOTES  TO  FINANCIAL  STATEMENTS.                                          

2003  ANNUAL  REPORT  59                                                        
--------------------------------------------------------------------------------

N-CSR 61st “Page” of 135 TOC 1st Previous Next ↓Bottom Just 61st
NATIONWIDE  INTERNATIONAL  INDEX  FUND                                          

Class  A  Shares  symbol:  NIXAX                                                
Class  B  Shares  symbol:  NIXBX                                                
Institutional  Class  symbol:  NIXIX                                            

HOW  DID  THE  FUND  PERFORM?                                                   

For  the  annual  period  ended  Oct. 31, 2003, the Fund returned 25.51%* versus
27.56%  for  its  benchmark,  the  Morgan  Stanley Capital International Europe,
Australasia  and  Far  East  (MSCI  EAFE)  Index.                               

For  broader  comparison,  the  average  return  for  this  Fund's peer category
(International  Funds)  was  24.51%, according to Lipper, an independent company
that  provides  mutual  fund  data  and  analysis.                              

WHAT  MARKET/ECONOMIC  AND  PORTFOLIO-SPECIFIC  FACTORS  INFLUENCED PERFORMANCE?

Markets  were  volatile  during the period as corporate scandals, terrorism, war
anxieties  and  economic  uncertainty  depressed  investor  sentiment.  Once    
geopolitical  risks  abated  after  the resolution of major military conflict in
Iraq,  investor sentiment improved and markets began to rise in March. The rally
was  notable  for  the  participation  of  all sectors and countries. The upturn
remained  steady  and,  although  a  slight  pullback occurred in September, the
markets  finished  the  period  with  strong  performance  in  October.         

Looking at individual country performance, all 21 EAFE countries posted positive
returns  for  the period. Austria was the leader, with a return of 51.37%. Other
top-performing countries were Sweden, returning 50.10%, and Greece, with 44.61%.
Bottom  performers  were  Finland,  the Netherlands, and the United Kingdom with
respective  returns  of  12.40%,  13.55%  and  20.25%.                          

Turning  to  sector performance, all 10 EAFE sectors posted positive returns for
the  period.  Top  performers  were  information  technology,  with  44.24%;    
industrials,  with  41.17%;  and  materials,  with  40.34%. The worst-performing
sector  was  consumer  staples,  returning  11.91%,  followed by health care and
energy,  with  respective  returns  of  13.43%  and  14.02%.                    

DESCRIBE  THE  FUND'S  TOP HOLDINGS AND ANY SIGNIFICANT TRANSACTIONS MADE DURING
THE  PERIOD.                                                                    

The  Fund's  top  security  holdings at the end of the period were HSBC Holdings
plc, BP plc and Vodafone Group. Fund weightings for each security are determined
by  the  security's respective benchmark weighting. All Fund transactions during
the  period  were  driven  either by changes to the composition of the benchmark
Index  or  by  Fund  subscriptions/redemptions.                                 

HOW  IS  THE  FUND  POSITIONED?                                                 

Global  markets  have  rebounded  significantly  since  October  2002 because of
improved corporate earnings, low interest rates and strong economic growth. This
trend  is  expected  to  continue  during the remainder of 2003 and beyond. Iraq
remains  on  the  radar  screen,  because  reports  of  conflicts and casualties
continue  to  make  frequent  headlines.  Despite  this news, however, investors
appear  to  be  leaving  the  sidelines  and  re-entering  the  equity  markets.

Recent  economic  data,  such  as  gross  domestic  product growth, points to an
acceleration in global activity. In the midst of these strong results, the bears
believe  that economic growth peaked during the third quarter and that news will
become  less  positive. And so the tug of war continues between those who expect
the market to keep barreling ahead and those who foresee a backlash. The Fund is
positioned  to  continue  to  meet  its  objective  of replicating the risks and
returns  of  its  benchmark.                                                    

PORTFOLIO  MANAGER:  Fund  Asset  Management,  L.P.  -  Subadviser              

*    Performance  of  Class  A  shares  without  sales  charge  and assuming all
distributions  are  reinvested.                                       

PORTFOLIO  MARKET  VALUE  $379,265,332                                          
OCTOBER  31,  2003                                                              

AVERAGE  ANNUAL  TOTAL  RETURN                                                  
(For  Periods  Ended  October  31,  2003)                                       

  1 YR.   INCEPTION1
---------------------------------------------------                             
Class A               w/o SC2   25.51%       -9.33%                             
w/SC3     18.38%      -10.71%       
---------------------------------------------------                             
Class B               w/o SC2   24.88%       -9.97%                             
w/SC4     19.88%      -10.66%       
---------------------------------------------------                             
Institutional Class5            25.90%       -8.98%                             
---------------------------------------------------                             

All  figures  showing  the  effect  of a sales charge reflect the maximum charge
possible,  because  it  has  the  most  dramatic  effect  on  performance  data.
1    Commenced  operations  on  December  29,  1999.                            
2    These  returns  do  not  reflect  the  effects  of  sales  charges  (SC).  
3    A  5.75%  front-end  sales  charge  was  deducted.                         
4    A  5.00%  maximum contingent deferred sales charge (CDSC) was deducted. The
CDSC  declines  to  0%  after  6  years.                              
5    Not  subject  to  any  sales  charges.                                     

GROWTH  OF  A  $10,000  INVESTMENT                                              

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.                                                            

Date        Class A  MSCI EAFE   CPI                                            
--------------------------------------                                          
12/29/1999    9,425     10,000  10,000                                          
10/31/2000    8,197      8,629  10,339                                          
10/31/2001    6,112      6,499  10,559                                          
10/31/2002    5,155      5,659  10,772                                          
10/31/2003    6,470      7,219  11,043                                          

Comparative  performance of $10,000 invested in Class A shares of the Nationwide
International  Index  Fund,  the  Morgan Stanley Capital International - Europe,
Australasia,  and  Far  East  Index (MSCI EAFE)(a), and the Consumer Price Index
(CPI)(b)  since inception. Unlike the Fund, the returns for these indices do not
reflect  any  fees,  expenses,  or  sales  charges.                             
(a)  The MSCI EAFE is an unmanaged index that measures the performance of equity
     securities  of  global  companies  from  various  industrial  sectors whose
primary  trading  markets  are  located  outside  the  United  States.
(b)  The  CPI  represents  changes  in  prices of a basket of goods and services
purchased  for  consumption  by  urban  households.                   

60     ANNUAL  REPORT  2003                                                     
--------------------------------------------------------------------------------

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STATEMENT  OF  INVESTMENTS                                                      
October  31,  2003                                                              

NATIONWIDE  INTERNATIONAL  INDEX  FUND                                          

COMMON  STOCKS  (88.0%)                                                         
       SHARES OR
       PRINCIPAL
                      AMOUNT         VALUE
----------------------------------------------------------------                

AUSTRALIA (4.4%)                                                                

BANKS (1.5%)                                                                    
Australia & New Zealand Banking                                                 
Group Ltd.                                    78,479  $  991,189                
Commonwealth Bank of Australia                57,530   1,122,561                
Macquarie Bank Ltd.                           13,420     331,752                
National Australia Bank Ltd.                  75,552   1,639,867                
Suncorp-Metway Ltd.                           18,917     174,091                
Westpac Banking Corp. Ltd.                    91,596   1,049,620                
                                     -----------
                                       5,309,080
                                     -----------

BEVERAGES (0.0%)                                                                
Southcorp Ltd.                                 9,759      21,466                
                                     -----------

BREWERY (0.1%)                                                                  
Foster's Group Ltd.                          130,383     422,786                
                                     -----------

BUILDING & CONSTRUCTION (0.1%)                                                  
Boral Ltd.                                    29,092     113,532                
CSR Ltd.                                      87,698     131,920                
James Hardie Industries NV                    20,044     101,973                
Leighton Holdings Ltd.                         7,015      56,594                
Rinker Group Ltd.                             27,421     123,549                
                                     -----------
                                         527,568
                                     -----------

CASINO & GAMBLING (0.0%)                                                        
Aristocrat Leisure Ltd.                       25,179      42,342                
                                     -----------

COMMERCIAL SERVICES (0.1%)                                                      
Brambles Industries Ltd.                      82,474     273,286                
Mayne Nickless Ltd.                           29,544      76,305                
                                     -----------
                                         349,591
                                     -----------

COMPUTER SOFTWARE/SERVICES (0.0%)                                               
Computershare Ltd.                               130         330                
                                     -----------

DIVERSIFIED (0.1%)                                                              
Orica Ltd.                                    10,159      95,222                
Patrick Corporation Ltd.                       8,314      86,128                
Wesfarmers Ltd.                               13,054     268,612                
                                     -----------
                                         449,962
                                     -----------

ENERGY (0.1%)                                                                   
Australian Gas and Light Co. Ltd.             23,121     175,539                
Origin Energy Ltd.                            13,117      40,021                
Santos Ltd.                                    7,984      34,613                
Woodside Petroleum Ltd.                       32,899     308,834                
                                     -----------
                                         559,007
                                     -----------

ENTERTAINMENT (0.0%)                                                            
TABCORP Holdings Ltd.                         22,488     184,934                
                                     -----------

FOOD PRODUCTS (0.2%)                                                            
Coles Myer Ltd.                               33,201     183,044                
Woolworths Ltd.                               48,648     383,842                
                                     -----------
                                         566,886
                                     -----------

               SHARES OR
                     PRINCIPAL AMOUNT  VALUE
----------------------------------------------------------------                
AUSTRALIA (continued)                                                           

FOOD/BEVERAGE (0.0%)                                                            
Coca-Cola Amatil Ltd.                         27,843  $  116,363                
                                     -----------

HEALTHCARE (0.0%)                                                               
Cochlear Ltd.                                    113       2,526                
                                     -----------

INDUSTRIAL (0.1%)                                                               
BHP Steel Ltd.                                52,545     202,075                
OneSteel Ltd.                                 38,310      60,346                
                                     -----------
                                         262,421
                                     -----------

INSURANCE (0.2%)                                                                
AMP Ltd.                                      85,037     397,024                
Insurance Australia Group Ltd.                83,892     264,889                
QBE Insurance Group Ltd.                      32,211     235,410                
                                     -----------
                                         897,323
                                     -----------

INVESTMENT COMPANY (0.1%)                                                       
Macquarie Infrastructure Group                88,133     198,235                
                                     -----------

MANUFACTURING (0.0%)                                                            
Ansell Ltd.                                   20,438     100,352                
                                     -----------

METALS & MINING (0.3%)                                                          
Newcrest Mining Ltd.                          15,481     132,693                
Rio Tinto Ltd.                                17,231     435,866                
WMC Ltd.                                      32,177     136,074                
WMC Resources Ltd. (b)                        97,695     354,916                
                                     -----------
                                       1,059,549
                                     -----------

MINERALS (0.6%)                                                                 
BHP Billiton Ltd.                            208,603   1,734,728                
Iluka Resources Ltd.                          25,244      83,648                
                                     -----------
                                       1,818,376
                                     -----------

MULTI-MEDIA (0.2%)                                                              
News Corp. Ltd.                               64,541     574,728                
Publishing & Broadcasting Ltd.                10,713      91,597                
                                     -----------
                                         666,325
                                     -----------

PAPER PRODUCTS (0.1%)                                                           
Amcor Ltd.                                    46,820     282,380                
Paperlinx Ltd.                                35,326     127,082                
                                     -----------
                                         409,462
                                     -----------

PHARMACEUTICALS (0.0%)                                                          
CSL Ltd.                                      10,588     127,716                
                                     -----------

PRINTING & PUBLISHING (0.1%)                                                    
John Fairfax Holdings Ltd.                    78,077     200,546                
                                     -----------

2003  ANNUAL  REPORT  61                                                        
--------------------------------------------------------------------------------

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STATEMENT  OF  INVESTMENTS  (Continued)                                         
October  31,  2003                                                              

NATIONWIDE  INTERNATIONAL  INDEX  FUND  (Continued)                             

COMMON  STOCKS  (CONTINUED)                                                     
 SHARES OR
 PRINCIPAL
            AMOUNT       VALUE
----------------------------------------------------------                      

AUSTRALIA (continued)                                                           

PROPERTY TRUST (0.3%)                                                           
Centro Properties Group                54,564  $   146,733                      
Commonwealth Property Office Fund      41,696       34,319                      
Gandel Retail Trust                    95,679       87,577                      
General Property Trust                 93,808      185,706                      
Investa Property Group                188,634      258,321                      
Mirvac Group                           13,234       40,002                      
Stockland Trust Group                  77,233      265,784                      
Westfield Trust                        83,186      196,552                      
                        ------------
                           1,214,994
                        ------------

PUBLIC THOROUGHFARES (0.0%)                                                     
Transurban Group                       35,367      104,394                      
                        ------------

REAL ESTATE (0.1%)                                                              
Lend Lease Corp. Ltd.                  29,850      237,429                      
Westfield Holdings Ltd.                13,602      137,145                      
                        ------------
                             374,574
                        ------------

RETAIL (0.0%)                                                                   
Harvey Norman Holdings Ltd.            31,561       75,244                      
                        ------------

TELECOMMUNICATIONS (0.1%)                                                       
Telstra Corp. Ltd.                    102,779      345,673                      
                        ------------
                          16,408,025
                        ------------

----------------------------------------------------------                      
AUSTRIA (0.2%)                                                                  

AIRPORTS (0.0%)                                                                 
Flughafen Wien AG                           4          163                      
                        ------------

BANKS (0.2%)                                                                    
Bank Austria Creditanstalt (b)          2,794      121,736                      
Ersete Bank Der Oesterreichischen                                               
Sparkassen AG                           2,512      277,740                      
                        ------------
                             399,476
                        ------------

BUILDING & CONSTRUCTION (0.0%)                                                  
Wienerberger AG                            14          298                      
                        ------------

ENERGY (0.0%)                                                                   
OMV AG                                    756       96,674                      
                        ------------

INDUSTRIAL (0.0%)                                                               
VA Technologie AG (b)                     998       26,846                      
                        ------------

MANUFACTURING (0.0%)                                                            
RHI AG (b)                              3,355       47,816                      
                        ------------

PAPER PRODUCTS (0.0%)                                                           
Mayr-Melnhof Karton AG                      7          700                      
                        ------------

STEEL (0.0%)                                                                    
Boehler-Uddeholm AG                         7          402                      
Voest-Alpine AG                         1,108       39,672                      
                        ------------
                              40,074
                        ------------

     SHARES OR
     PRINCIPAL
                AMOUNT     VALUE
-----------------------------------------------------------                     

AUSTRIA (continued)                                                             

TELECOMMUNICATIONS (0.0%)                                                       
Telekom Austria AG (b)                  5,086  $    54,040                      
                        ------------

UTILITIES (0.0%)                                                                
Oesterrichische                                                                 
Elektrizktaetswirtschafts AG                5          471                      
                        ------------
                             666,558
                        ------------

----------------------------------------------------------                      
BELGIUM (0.9%)                                                                  

BANKS (0.6%)                                                                    
Dexia                                  37,287      587,340                      
Fortis                                 58,567    1,044,411                      
KBC Bankverzekeringsholding             2,655      112,624                      
                        ------------
                           1,744,375
                        ------------

BREWERY (0.1%)                                                                  
Interbrew                               8,294      194,185                      
                        ------------

CHEMICALS (0.0%)                                                                
Solvay SA                               2,452      182,571                      
                        ------------

DIVERSIFIED (0.0%)                                                              
Groupe Bruxelles Lambert SA             1,873       90,469                      
                        ------------

ELECTRONICS (0.0%)                                                              
Barco NV                                1,038       76,624                      
                        ------------

FOOD PRODUCTS (0.0%)                                                            
Colruyt NV                                727       65,921                      
                        ------------

METALS (0.0%)                                                                   
Umicore                                 2,120      129,017                      
                        ------------

PHARMACEUTICALS (0.0%)                                                          
Omega Pharma SA                         1,722       53,028                      
UCB SA                                  3,295      103,920                      
                        ------------
                             156,948
                        ------------

PHOTOGRAPHIC PRODUCTS (0.0%)                                                    
AGFA Gevaert NV                         4,443      110,272                      
                        ------------

REAL ESTATE (0.0%)                                                              
Cofinimmo                                 646       80,505                      
                        ------------

RETAIL (0.1%)                                                                   
Delhaize Le Lion SA                     5,292      251,307                      
                        ------------

TELECOMMUNICATIONS (0.0%)                                                       
Mobistar SA (b)                         1,253       62,926                      
                        ------------

UTILITIES (0.1%)                                                                
Electrabel SA                           1,478      408,754                      
                        ------------
                           3,553,874
                        ------------

62     ANNUAL  REPORT  2003                                                     
--------------------------------------------------------------------------------

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                                                        [Enlarge/Download Table]


COMMON  STOCKS  (CONTINUED)                                                              
                                                                  SHARES OR              
                                                               PRINCIPAL AMOUNT    VALUE 
-----------------------------------------------------------------------------------------
                                                                                         

DENMARK (0.7%)                                                                           

BANKS (0.2%)                                                                             
Danske Bank AS                                                         31,430  $  634,050
                                                                               ----------

BREWERY (0.0%)                                                                           
Carlsberg AG                                                              208       8,636
                                                                               ----------

COMMERCIAL SERVICES (0.1%)                                                               
ISS International Service System AS                                     4,697     224,032
                                                                               ----------

ELECTRONICS (0.1%)                                                                       
Vestas Wind Systems AS                                                  9,122     191,868
                                                                               ----------

FOOD PRODUCTS (0.0%)                                                                     
Danisco AS                                                              1,189      45,741
                                                                               ----------

HEALTHCARE (0.0%)                                                                        
Coloplast AS                                                            1,495     125,781
                                                                               ----------

INSURANCE (0.0%)                                                                         
Topdanmark AS (b)                                                       2,500     124,325
                                                                               ----------

PHARMACEUTICALS (0.1%)                                                                   
H. Lunbeck AS                                                             799      14,682
Novo Nordisk AS, Class B                                               14,434     519,164
                                                                               ----------
                                                                                  533,846
                                                                               ----------

SECURITY SERVICES (0.0%)                                                                 
Group 4 Falck AS                                                        6,139     137,765
                                                                               ----------

TELECOMMUNICATIONS (0.1%)                                                                
GN Store Nord AS (GN Great Nordic) (b)                                  4,553      29,549
TDC AS                                                                  6,811     218,883
                                                                               ----------
                                                                                  248,432
                                                                               ----------

TRANSPORTATION (0.1%)                                                                    
A/S Dampskibsselskabet Svendborg                                           56     439,624
                                                                               ----------
                                                                                2,714,100
                                                                               ----------

-----------------------------------------------------------------------------------------
FINLAND (1.5%)                                                                           

COMPUTER SOFTWARE/SERVICES (0.0%)                                                        
TietoEnator Oyj                                                         3,989     105,728
                                                                               ----------

FINANCIAL SERVICES (0.0%)                                                                
Sampo Insurance Co. Oyj                                                 4,698      39,541
                                                                               ----------

INDUSTRIAL (0.0%)                                                                        
Metso Oyj                                                               6,121      68,595
                                                                               ----------

INSURANCE (0.0%)                                                                         
Pohjola Group PLC, Class D                                              1,201      27,072
                                                                               ----------

MACHINERY & EQUIPMENT (0.1%)                                                             
KCI Konecranes Oyj                                                      2,453      73,315
Kone Corporation, Class B                                               2,254     117,781
                                                                               ----------
                                                                                  191,096
                                                                               ----------

                                                                    SHARES OR            
                                                                 PRINCIPAL AMOUNT  VALUE 
---------------------------------------------------------------------------------------- 

FINLAND (continued)                                                                      

MANUFACTURING (0.0%)                                                                     
Amer Group Ltd.                                                         1,163  $   44,278
                                                                               ----------

METALS (0.0%)                                                                            
Outokumpu Oyj                                                           2,868      34,707
                                                                               ----------

OIL & GAS (0.0%)                                                                         
Fortum Oyj                                                             14,213     131,024
                                                                               ----------

PAPER PRODUCTS (0.3%)                                                                    
Stora Enso Oyj                                                         35,760     486,381
UPM-Kymmene Oyj                                                        27,535     515,352
                                                                               ----------
                                                                                1,001,733
                                                                               ----------

TELECOMMUNICATIONS (1.1%)                                                                
Elisa Oyj (b)                                                           5,100      60,770
Nokia Oyj                                                             235,705   4,003,243
                                                                               ----------
                                                                                4,064,013
                                                                               ----------

TIRE & RUBBER (0.0%)                                                                     
Nokian Renkaat Oyj                                                      1,571     117,357
                                                                               ----------
                                                                                5,825,144
                                                                               ----------

-----------------------------------------------------------------------------------------
FRANCE (7.9%)                                                                            

ADVERTISING (0.1%)                                                                       
Publicis Groupe SA                                                      6,730     210,456
                                                                               ----------

AEROSPACE/DEFENSE (0.1%)                                                                 
European Aeronautic Defence and Space Co.                              12,223     248,661
Thales SA                                                               3,052      87,989
Zodiac SA                                                               4,032     119,149
                                                                               ----------
                                                                                  455,799
                                                                               ----------

AIRLINES (0.0%)                                                                          
Air France                                                                332       5,311
                                                                               ----------

AUTOMOTIVE (0.3%)                                                                        
PSA Peugeot Citroen                                                    11,594     497,339
Renault SA                                                              8,441     558,341
Valeo SA                                                                5,206     194,934
                                                                               ----------
                                                                                1,250,614
                                                                               ----------

BANKS (0.9%)                                                                             
Banque Nationale de Paris                                              37,569   1,974,062
Credit Agricole SA                                                     16,790     356,601
Societe BIC SA                                                            107       4,431
Societe Generale                                                       16,074   1,194,037
                                                                               ----------
                                                                                3,529,131
                                                                               ----------

BUILDING & CONSTRUCTION (0.3%)                                                           
Compagnie Francaise d'Etudes et de Construction Technip SA                756      74,702
Lafarge SA                                                              9,902     709,082
Vinci SA                                                                4,021     291,450
                                                                               ----------
                                                                                1,075,234
                                                                               ----------

2003  ANNUAL  REPORT  63                                                        

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--------------------------------------------------------------------------------

STATEMENT  OF  INVESTMENTS  (Continued)                                         
October  31,  2003                                                              

NATIONWIDE  INTERNATIONAL  INDEX  FUND                                          

COMMON  STOCKS  (CONTINUED)                                                     
                                       SHARES OR
                                         PRINCIPAL
                                                        AMOUNT         VALUE
------------------------------------------------------------------------------  

FRANCE (continued)                                                              

CHEMICALS (0.2%)                                                                
L'Air Liquide SA                                            4,999  $   740,946  
                                                                 -----------

COMPUTER SOFTWARE/SERVICES (0.2%)                                               
Atos Origin SA (b)                                          1,433       95,621  
Business Objects SA (b)                                     4,759      156,012  
Cap Gemini SA (b)                                           6,080      306,397  
Dassault Systems SA                                         1,534       65,090  
                                                                 -----------
                                                                     623,120
                                                                 -----------

COSMETICS/PERSONAL CARE (0.3%)                                                  
L'Oreal SA                                                 15,371    1,136,455  
                                                                 -----------

DATA/INTERNET (0.0%)                                                            
Wanadoo (b)                                                13,300       98,952  
                                                                 -----------

ELECTRONICS & ELECTRICAL EQUIPMENT (0.2%)                                       
Alstom (b)                                                 19,773       62,982  
Schneider Electric SA                                       9,783      572,618  
Thomson Multimedia                                          8,515      179,364  
                                                                 -----------
                                                                     814,964
                                                                 -----------

ENERGY (1.2%)                                                                   
TotalFinaElf SA                                            28,931    4,496,636  
                                                                 -----------

ENTERTAINMENT (0.3%)                                                            
Vivendi Universal SA (b)                                   48,194    1,012,381  
                                                                 -----------

FINANCIAL SERVICES (0.1%)                                                       
Pernod Ricard SA                                            3,324      320,724  
                                                                 -----------

FOOD PRODUCTS (0.7%)                                                            
Carrefour SA                                               26,175    1,374,148  
Casino Guichard Perrachon SA                                2,082      190,601  
Groupe Danone                                               6,418      968,428  
                                                                 -----------
                                                                   2,533,177
                                                                 -----------

HEALTHCARE (0.4%)                                                               
Essilor International SA                                    6,314      303,730  
Sanofi-Synthelabo SA                                       17,093    1,058,110  
                                                                 -----------
                                                                   1,361,840
                                                                 -----------

HOTELS & LODGING (0.1%)                                                         
Accor SA                                                   10,910      429,062  
                                                                 -----------

INSURANCE (0.3%)                                                                
AXA                                                        67,539    1,279,780  
                                                                 -----------

MANUFACTURING (0.3%)                                                            
Compagnie de Saint-Gobain                                  16,617      701,023  
Compagnie Generale des Etablissements Michelin              9,254      363,075  
                                                                 -----------
                                                                   1,064,098
                                                                 -----------

                                           SHARES OR
                                                    PRINCIPAL AMOUNT   VALUE
------------------------------------------------------------------------------  

FRANCE (continued)                                                              
METALS & MINING (0.1%)                                                          
Pechiney SA                                                 4,776  $   264,002  
                                                                 -----------

PHARMACEUTICALS (0.5%)                                                          
Aventis SA                                                 34,572    1,830,652  
                                                                 -----------

PRINTING & PUBLISHING (0.1%)                                                    
Lagardere S.C.A.                                            6,821      343,106  
                                                                 -----------

PUBLIC THOROUGHFARES (0.0%)                                                     
Autoroutes du Sud de la France                                800       24,645  
                                                                 -----------

REAL ESTATE (0.1%)                                                              
Gecina                                                        654       81,958  
Klepierre                                                   1,997      106,441  
Unibail SA                                                  1,899      149,785  
                                                                 -----------
                                                                     338,184
                                                                 -----------

RESTAURANTS (0.0%)                                                              
Sodexho Alliance SA                                         3,876      101,382  
                                                                 -----------

RETAIL (0.1%)                                                                   
Pinault-Printemps-Redoute SA                                4,489      457,398  
                                                                 -----------

TELECOMMUNICATIONS (0.8%)                                                       
Alcatel SA (b)                                             58,164      767,438  
Bouygues SA                                                 8,955      243,598  
France Telecom SA (b)                                      46,427    1,123,684  
LVMH Moet Louis Vuitton                                                         
Hennessy SA                                               10,644      735,614 
Sagem SA                                                      442       45,114  
                                                                 -----------
                                                                   2,915,448
                                                                 -----------

TELEVISION (0.0%)                                                               
Societe Television Francaise 1                              6,140      184,154  
                                                                 -----------

UTILITIES (0.2%)                                                                
Suez SA                                                    39,632      635,796  
Veolia Environnement                                        8,315      185,591  
                                                                 -----------
                                                                     821,387
                                                                 -----------
                                                                  29,719,038
                                                                 -----------

------------------------------------------------------------------------------  
GERMANY (5.6%)                                                                  

AIRLINES (0.0%)                                                                 
Lufthansa AG                                               11,616      180,948  
                                                                 -----------

APPAREL (0.1%)                                                                  
Adidas AG                                                   2,637      243,402  
Puma AG                                                       800      115,506  
                                                                 -----------
                                                                     358,908
                                                                 -----------

64     ANNUAL  REPORT  2003                                                     
--------------------------------------------------------------------------------

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COMMON  STOCKS  (CONTINUED)                                                     
                     SHARES OR
                     PRINCIPAL
                                  AMOUNT       VALUE
-------------------------------------------------------------------             

GERMANY (continued)                                                             

AUTOMOTIVE (0.7%)                                                               
DaimlerChrysler AG                              42,071  $ 1,567,487             
Deutsche Post AG                                16,809      325,349             
Porsche AG                                         536      262,948             
Volkswagen AG                                   10,394      524,403             
                                           -----------
                                             2,680,187
                                           -----------

BANKS (0.8%)                                                                    
Bayerische Vereins AG (b)                       19,361      422,685             
Commerzbank AG                                  25,282      496,696             
Deutsche Bank AG                                26,165    1,724,633             
Hypo Real Estate Holding AG (b)                  4,840       83,558             
                                           -----------
                                             2,727,572
                                           -----------

CHEMICALS (0.6%)                                                                
BASF AG                                         26,422    1,213,265             
Bayer AG                                        34,272      820,330             
Henkel KGaA                                      3,366      246,557             
                                           -----------
                                             2,280,152
                                           -----------

COMPUTER SOFTWARE/SERVICES (0.4%)                                               
Sap AG                                          10,489    1,520,525             
                                           -----------

ELECTRONICS & ELECTRICAL                                                        
EQUIPMENT (0.0%)                                                                
Epcos AG (b)                                     2,353       48,006             
                                           -----------

FINANCIAL SERVICES (0.1%)                                                       
Deutsche Boerse AG                               5,726      318,513             
MLP AG (b)                                       2,663       50,708             
                                           -----------
                                               369,221
                                           -----------

HEALTHCARE (0.0%)                                                               
Fresenius Medical Care AG                        1,499       85,387             
                                           -----------

HOTELS & LODGING (0.0%)                                                         
Preussag AG                                      8,139      142,397             
                                           -----------

INDUSTRIAL (0.9%)                                                               
Linde AG                                         2,656      121,188             
MAN AG                                           5,831      160,312             
Siemens AG                                      38,251    2,570,180             
                                           -----------
                                             2,851,680
                                           -----------

INSURANCE (0.5%)                                                                
Allianz AG                                      11,982    1,282,868             
Muenchener Rueckversicherungs-                                                  
Gesellschaft AG                                  6,152      733,764             
                                           -----------
                                             2,016,632
                                           -----------

MANUFACTURING (0.1%)                                                            
Continental AG                                   8,885      302,634             
                                           -----------

METALS & MINING (0.1%)                                                          
Thyssen Krupp AG                                16,914      280,388             
                                           -----------

                     SHARES OR
                     PRINCIPAL
                                AMOUNT     VALUE
-------------------------------------------------------------------             

GERMANY (continued)                                                             

PERSONAL CARE (0.0%)                                                            
Beiersdorf AG                                      682  $    77,221             
                                           -----------

PHARMACEUTICALS (0.2%)                                                          
Altana AG                                        4,196      264,379             
Merck KGaA                                       3,055      108,319             
Schering AG                                      9,778      459,792             
                                           -----------
                                               832,490
                                           -----------

RETAIL (0.1%)                                                                   
Douglas Holding AG                               2,243       65,187             
Karstadt AG                                        885       21,914             
Metro AG                                         7,390      299,821             
                                           -----------
                                               386,922
                                           -----------

SEMICONDUCTORS (0.1%)                                                           
Infineon Technologies AG (b)                    26,801      395,683             
                                           -----------

TELECOMMUNICATIONS (0.4%)                                                       
Deutsche Telecom AG (b)                         96,948    1,521,478             
                                           -----------

UTILITIES (0.5%)                                                                
E.On AG                                         29,721    1,496,044             
RWE AG                                          17,054      473,824             
                                           -----------
                                             1,969,868
                                           -----------
                                            21,028,299
                                           -----------

-------------------------------------------------------------------             
GREECE (0.3%)                                                                   

BANKS (0.2%)                                                                    
Alpha Bank A.E.                                  9,768      220,746             
Commercial Bank of Greece SA                     2,765       58,565             
Eurobank                                         4,199       71,853             
National Bank of Greece SA                       6,204      129,819             
                                           -----------
                                               480,983
                                           -----------

BEVERAGES (0.0%)                                                                
Hellenic Bottling Co. SA                         1,143       22,137             
                                           -----------

BUILDING & CONSTRUCTION (0.0%)                                                  
Hellenic Technodomiki Tev SA                     9,989       52,719             
Technical Olympic SA                            12,569       61,953             
                                           -----------
                                               114,672
                                           -----------

CASINO & GAMBLING (0.0%)                                                        
Greek Organization of Football Prognostics      12,197      150,298             
                                           -----------

ELECTRIC UTILITY (0.0%)                                                         
Public Power Corp.                               2,935       63,257             
                                           -----------

RETAIL (0.0%)                                                                   
Hellenic Duty Free Shops SA                      5,509       92,477             
                                           -----------

2003  ANNUAL  REPORT  65                                                        
--------------------------------------------------------------------------------

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STATEMENT  OF  INVESTMENTS  (Continued)                                         
October  31,  2003                                                              

NATIONWIDE  INTERNATIONAL  INDEX  FUND  (Continued)                             

COMMON  STOCKS  (CONTINUED)                                                     

         SHARES OR
         PRINCIPAL
                        AMOUNT         VALUE
-----------------------------------------------------------------               

GREECE (continued)                                                              

TELECOMMUNICATIONS (0.1%)                                                       
Hellenic Telecommunication                                                      
Organization SA                               16,686  $  186,992                
Intracom SA                                    2,323      15,987                
Panafon Hellenic Telecom SA                   13,993      97,601                
                                      ----------
                                         300,580
                                      ----------
                                       1,224,404
                                      ----------

-----------------------------------------------------------------               
HONG KONG (1.3%)                                                                

AIRLINES (0.0%)                                                                 
Cathay Pacific Airways Ltd.                   89,000     170,191                
                                      ----------

BANKS (0.2%)                                                                    
Bank of East Asia Ltd.                        32,200      96,197                
BOC Hong Kong Holdings Ltd.                   96,000     166,270                
Hang Seng Bank Ltd.                           38,100     475,900                
                                      ----------
                                         738,367
                                      ----------

BROADCASTING & TELEVISION (0.0%)                                                
I-Cable Communications Ltd.                    2,100         533                
Television Broadcasts Ltd.                    14,000      66,343                
                                      ----------
                                          66,876
                                      ----------

DISTRIBUTION (0.1%)                                                             
Esprit Asia Holdings Ltd.                     30,000      94,261                
Li & Fung Ltd.                                58,000      97,467                
                                      ----------
                                         191,728
                                      ----------

DIVERSIFIED OPERATIONS (0.1%)                                                   
Swire Pacific Ltd.                            38,500     234,995                
The Wharf (Holdings) Ltd.                     21,000      52,867                
                                      ----------
                                         287,862
                                      ----------

ELECTRONICS & ELECTRICAL EQUIPMENT (0.1%)                                       
Hongkong Electric Holdings Ltd.               56,500     220,450                
Johnson Electric Holdings Ltd.                48,500      63,079                
                                      ----------
                                         283,529
                                      ----------

FINANCIAL SERVICES (0.0%)                                                       
Hong Kong Exchanges &                                                           
Clearing Ltd.                                 72,000     156,689                
                                      ----------

INDUSTRIAL (0.2%)                                                               
Hutchison Whampoa Ltd.                        99,000     768,089                
                                      ----------

MANUFACTURING (0.0%)                                                            
Yue Yuen Industrial Holdings Ltd.             33,000      93,488                
                                      ----------

PRINTING & PUBLISHING (0.0%)                                                    
South China Morning Post Ltd.                  4,000       1,957                
                                      ----------

               SHARES OR
                         PRINCIPAL AMOUNT  VALUE
----------------------------------------------------------------                

HONG KONG (continued)                                                           

REAL ESTATE (0.4%)                                                              
Cheung Kong Holdings Ltd.                     67,000  $  558,642                
Henderson Land Development Co. Ltd.           27,000     113,345                
Hopewell Holdings Ltd.                        71,581     118,907                
New World Developments Co.                     3,666       2,349                
Sun Hung Kai Properties Ltd.                  78,000     660,404                
                                      ----------
                                       1,453,647
                                      ----------

RETAIL (0.0%)                                                                   
Giordano International Ltd.                  110,000      49,577                
                                      ----------

TELECOMMUNICATIONS (0.1%)                                                       
PCCW Ltd. (b)                                294,400     210,402                
                                      ----------

TRANSPORTATION (0.0%)                                                           
MTR Corp. Ltd.                                15,000      20,378                
                                      ----------

UTILITIES (0.1%)                                                                
CLP Holdings Ltd.                             63,500     287,012                
Hong Kong & China Gas Co. Ltd.               100,100     138,568                
                                      ----------
                                         425,580
                                      ----------
                                       4,918,360
                                      ----------

----------------------------------------------------------------                
IRELAND (0.7%)                                                                  

AIRLINES (0.0%)                                                                 
Ryanair Holdings PLC (b)                       3,804      32,282                
                                      ----------

BANKS (0.5%)                                                                    
Allied Irish Banks PLC                        45,898     671,224                
Bank of Ireland                               62,769     780,039                
                                      ----------
                                       1,451,263
                                      ----------

BUILDING & CONSTRUCTION (0.1%)                                                  
CRH PLC                                       26,142     470,134                
                                      ----------

CONSUMER PRODUCTS (0.0%)                                                        
Waterford Wedgewood PLC                          169          57                
                                      ----------

DIVERSIFIED (0.0%)                                                              
DCC PLC                                           36         483                
                                      ----------

FINANCIAL SERVICES (0.0%)                                                       
Irish Life & Permanent PLC                    12,959     181,531                
                                      ----------

FOOD PRODUCTS (0.0%)                                                            
Greencore Group PLC                            1,182       4,260                
Kerry Group PLC                                1,784      31,108                
                                      ----------
                                          35,368
                                      ----------

PHARMACEUTICALS (0.0%)                                                          
Elan Corp. PLC (b)                            11,494      56,788                
                                      ----------

RETAIL (0.1%)                                                                   
Grafton Group PLC (b)                         40,643     252,774                
                                      ----------
                                       2,480,680
                                      ----------

66     ANNUAL  REPORT  2003                                                     
--------------------------------------------------------------------------------

N-CSR 68th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 68th
COMMON  STOCKS  (CONTINUED)                                                     
         SHARES OR
                    PRINCIPAL AMOUNT     VALUE
-------------------------------------------------------------------             

ITALY (3.2%)                                                                    

AEROSPACE/DEFENSE (0.0%)                                                        
Finmeccanica SpA                              171,778  $   122,411              
                                         -----------

APPAREL (0.0%)                                                                  
Benetton Group SpA                                876       10,418              
                                         -----------

AUTOMOTIVE (0.1%)                                                               
Fiat SpA (b)                                   28,580      223,931              
                                         -----------

BANKS (0.9%)                                                                    
Banc Monte Dei Paschi Di Seina SpA             31,502       93,933              
Banca di Roma SpA (b)                          74,935      209,069              
Banca Nazionale del Lavoro                                                      
(BNC) (b)                                      85,844      195,596              
Banche Popolari Unite Scrl (b)                 16,340      248,838              
Banco Popolare di Verona e                                                      
Novara Scrl                                    11,798      182,412              
IntesaBci SpA                                 183,693      619,275              
IntesaBci SpA - RNC                            20,297       50,966              
Mediobanca SpA                                 14,261      143,403              
San Paolo IMI SpA                              56,775      638,888              
UniCredito Italiano SpA                       197,901      975,453              
                                         -----------
                                           3,357,833
                                         -----------

BROADCASTING & TELEVISION (0.1%)                                                
Mediaset SpA                                   34,551      349,039              
                                         -----------

CHEMICALS (0.0%)                                                                
Snia SpA                                       17,162       35,911              
                                         -----------

ENERGY (0.6%)                                                                   
Eni SpA                                       135,129    2,145,815              
                                         -----------

FINANCIAL SERVICES (0.1%)                                                       
Banca Fideuram SpA                             19,235      120,748              
Bipop-Carire SpA (b)                           20,294       14,320              
Mediolanum SpA                                 15,770      110,179              
                                         -----------
                                             245,247
                                         -----------

FOOD PRODUCTS (0.0%)                                                            
Parmalat Finanziaria SpA                       41,821      130,293              
                                         -----------

GAS-TRANSPORTATION (0.0%)                                                       
Snam Rete Gas SpA                              41,891      157,782              
                                         -----------

INSURANCE (0.4%)                                                                
Alleanza Assicurazioni SpA                     25,887      259,106              
Assicurazioni Generali SpA                     49,939    1,149,471              
Riunione Adriatica di Sicurta SpA              10,852      169,552              
                                         -----------
                                           1,578,129
                                         -----------

MEDICAL PRODUCTS (0.0%)                                                         
Luxottica Group SA                              2,047       32,649              
                                         -----------

MULTI-MEDIA (0.1%)                                                              
Seat Pagine Gialle SpA (b)                    127,612      123,871              
Telecom Italia Media SpA (b)                  308,068      133,583              
                                         -----------
                                             257,454
                                         -----------

                     SHARES OR
                           PRINCIPAL AMOUNT  VALUE
------------------------------------------------------------------              

ITALY (continued)                                                               

PHARMACEUTICALS (0.0%)                                                          
Banca Popolare de Milano                       27,896  $   142,364              
                                         -----------

PRINTING & PUBLISHING (0.0%)                                                    
Gruppo Editorale L'Espresso SA                  5,450       29,207              
                                         -----------

RESTAURANTS (0.0%)                                                              
Autogrill SpA (b)                                  50          633              
                                         -----------

RETAIL (0.0%)                                                                   
Bulgari SpA                                     8,716       78,830              
                                         -----------

TELECOMMUNICATIONS (0.7%)                                                       
Telecom Italia Mobile SpA                     164,332      758,413              
Telecom Italia SpA (b)                        468,544    1,222,812              
Telecom Italia SpA RNC (b)                    278,989      483,892              
Tiscali SpA (b)                                20,118      133,775              
                                         -----------
                                           2,598,892
                                         -----------

TIRE & RUBBER (0.0%)                                                            
Pirelli & C. SpA                               68,068       52,779              
                                         -----------

UTILITIES (0.2%)                                                                
Enel SpA                                      107,185      670,362              
                                         -----------
                                          12,219,979
                                         -----------

------------------------------------------------------------------              
JAPAN (20.3%)                                                                   

ADVERTISING (0.0%)                                                              
Dentsu, Inc.                                       24      108,064              
                                         -----------

AGRICULTURE (0.1%)                                                              
Ajinomoto Co., Inc.                            38,000      383,681              
                                         -----------

AIRLINE SERVICES (0.1%)                                                         
Japan Airlines System Corp.                    22,000       63,237              
Yamato Transport Co. Ltd.                      25,000      332,242              
                                         -----------
                                             395,479
                                         -----------

APPAREL (0.1%)                                                                  
Fast Retailing Co. Ltd.                         1,900      115,450              
Gunze Ltd.                                     25,000      113,476              
World Co. Ltd.                                    100        2,711              
                                         -----------
                                             231,637
                                         -----------

AUDIO/VIDEO PRODUCTS (0.1%)                                                     
Yamaha Corp.                                    9,900      199,468              
                                         -----------

AUTOMOTIVE (2.1%)                                                               
Denso Corp.                                    21,400      405,867              
Honda Motor Co. Ltd.                           38,600    1,523,846              
NGK Spark Plug Co.                              3,000       25,160              
Nissan Motor Co.                              121,200    1,358,243              
Sanden Corp.                                   14,000       75,135              
Toyoda Gosei Co. Ltd.                           2,000       59,126              

2003  ANNUAL  REPORT  67                                                        
--------------------------------------------------------------------------------

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STATEMENT  OF  INVESTMENTS  (Continued)                                         
October  31,  2003                                                              

NATIONWIDE  INTERNATIONAL  INDEX  FUND  (Continued)                             

COMMON  STOCKS  (CONTINUED)                                                     
                   SHARES OR
                              PRINCIPAL AMOUNT     VALUE
----------------------------------------------------------------------          

JAPAN (continued)                                                               

AUTOMOTIVE (continued)                                                          
Toyota Industries Corp.                              4,000  $   73,862          
Toyota Motor Co. Ltd.                              138,900   3,954,674          
Yamaha Motor Co. Ltd.                               11,000     124,774          
                                                  ----------
                                                   7,600,687
                                                  ----------

BANKS (1.5%)                                                                    
Bank of Fukuoka Ltd. (The)                          20,000      83,504          
Bank of Yokohama Ltd. (The)                         57,000     246,282          
Chiba Bank                                          16,000      68,841          
Daiwa Bank Holdings, Inc.                          310,000     453,996          
Joyo Bank                                           14,000      44,826          
Mitsubishi Tokyo Financial                                                      
Group, Inc.                                            194   1,394,097          
Mitsui Trust Holdings, Inc.                         15,000      79,820          
Mizuho Financial Group, Inc. (b)                       319     780,561          
Shizuoka Bank Ltd. (The)                            20,000     141,174          
Sumitomo Mitsui Financial                                                       
Group, Inc.                                            201   1,011,079          
UFJ Holdings, Inc.                                     199     850,775          
                                                  ----------
                                                   5,154,955
                                                  ----------

BEVERAGES (0.0%)                                                                
Ito En Ltd.                                          1,100      44,526          
Takara Shuzo Co. Ltd.                                3,000      23,578          
Yakult Honsha Co. Ltd.                               7,000     108,882          
                                                  ----------
                                                     176,986
                                                  ----------

BREWERY (0.2%)                                                                  
Asahi Breweries Ltd.                                33,000     275,563          
Kirin Brewery Co. Ltd.                              26,000     207,886          
Sapporo Holdings Ltd.                               47,000     128,258          
                                                  ----------
                                                     611,707
                                                  ----------

BROADCASTING & TELEVISION (0.0%)                                                
Fuji Television Network, Inc.                            6      31,928          
                                                  ----------

BUILDING & CONSTRUCTION (0.8%)                                                  
Asahi Glass Co. Ltd.                                29,000     228,972          
Daikin Industries Ltd.                              13,000     277,300          
Daiwa House Industry Co. Ltd.                       32,000     345,222          
Kajima Corp.                                        56,000     209,869          
Keio Teito Electric Railway Co. Ltd.                33,000     174,403          
Komatsu Ltd.                                        54,000     292,264          
Matsushita Electric Works Ltd.                      13,000      97,676          
Nippon Sheet Glass Co. Ltd.                         28,000      86,087          
Nippon Yusen Kabushiki Kaisha                       53,000     225,624          
Nishimatsu Construction Co. Ltd.                    25,000     104,380          
Obayashi Corp.                                      26,000     118,488          
Sekisui House Ltd.                                  22,000     215,928          
Shimizu Corp.                                        8,000      30,927          
Taiheiyo Cement Corp.                               57,000     141,029          
Taisei Construction Corp.                           64,000     222,386          
Tostem Inax Holding Corp.                           14,000     249,475          
                                                  ----------
                                                   3,020,030
                                                  ----------

                       SHARES OR
                                 PRINCIPAL AMOUNT    VALUE
----------------------------------------------------------------------          
JAPAN (continued)                                                               

CHEMICALS (0.9%)                                                                
Asahi Kasei Corp.                                   35,000  $  166,826          
Ishihara Sangyo Kaisha Ltd. (b)                     57,000     117,178          
Kaneka Corp.                                         1,000       7,796          
Kuraray Co.                                         16,000     120,508          
Mitsubishi Chemical Corp.                           59,000     154,564          
Mitsubishi Gas Chemical Co. Ltd.                     1,000       2,829          
Mitsui Chemicals, Inc.                              26,000     151,835          
Nippon Kayaku Co. Ltd.                              20,000     101,333          
Nippon Shokubai Co. Ltd.                            16,000     112,066          
Nissan Chemical Industries Ltd.                     12,000     104,571          
Nitto Denko Corp.                                    9,410     493,889          
Sekisui Chemical Co. Ltd.                            1,000       4,921          
Shin-Etsu Chemical Co. Ltd.                         19,600     729,194          
Showa Denko K.K. (b)                                51,000      98,813          
Sumitomo Bakelite Co. Ltd.                          18,000     110,520          
Sumitomo Chemical Co. Ltd.                          62,000     231,228          
Toray Industries, Inc.                             105,000     436,485          
Tosoh Corp.                                         31,000      86,569          
Ube Industries Ltd.                                 83,000     178,178          
                                                  ----------
                                                   3,409,303
                                                  ----------

COMMERCIAL SERVICES (0.2%)                                                      
NTT Data Corp.                                          47     208,205          
Secom Co.                                           12,000     469,368          
                                                  ----------
                                                     677,573
                                                  ----------

COMPUTER HARDWARE (0.5%)                                                        
Fujitsu Ltd.                                        94,000     589,130          
NEC Corp.                                           77,000     680,102          
Toshiba Corp.                                      147,000     589,685          
                                                  ----------
                                                   1,858,917
                                                  ----------

COMPUTER SOFTWARE/SERVICES (0.3%)                                               
Capcom Co. Ltd.                                      2,000      25,833          
CSK Corp.                                            3,800     143,794          
Hitachi Software Engineering Co. Ltd.                  500      15,555          
Konami Co. Ltd.                                      2,500      76,181          
Meitec Corp.                                         3,100     110,820          
Net One Systems Co. Ltd.                                 4      29,981          
Nomura Research Institute Ltd.                       1,800     180,925          
Oracle Corp.                                           200      11,734          
Softbank Corp.                                      10,700     549,917          
Trend Micro, Inc. (b)                                2,500      68,904          
                                                  ----------
                                                   1,213,644
                                                  ----------

CONSUMER PRODUCTS (0.0%)                                                        
Onward Kashiyama Co. Ltd.                            2,000      22,450          
                                                  ----------

CONTAINERS (0.0%)                                                               
Toyo Seikan Kaisha Ltd.                              1,000      11,689          
                                                  ----------

68 ANNUAL REPORT 2003                                                           
--------------------------------------------------------------------------------

N-CSR 70th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 70th
COMMON  STOCKS  (CONTINUED)                                                     

             SHARES OR
             PRINCIPAL
                          AMOUNT       VALUE
----------------------------------------------------------------                

JAPAN (continued)                                                               

COSMETICS & TOILETRIES (0.0%)                                                   
Kanebo Ltd. (b)                              60,000  $    63,310                
Uni-Charm Corp.                               2,400      111,994                
                                     -----------
                                         175,304
                                     -----------

ELECTRIC UTILITIES (0.0%)                                                       
Alps Electric Co. Ltd.                       11,000      184,409                
                                     -----------

ELECTRICAL & ELECTRONIC (0.1%)                                                  
Stanley Electric Co. Ltd.                    11,000      234,138                
                                     -----------

ELECTRONICS & ELECTRICAL EQUIPMENT (3.3%)                                       
Anritsu Corp. (b)                            16,000      104,498                
Canon, Inc.                                  42,000    2,032,475                
Casio Computer Co. Ltd.                      11,000       97,958                
Dainippon Screen Mfg. Co. Ltd. (b)            5,000       35,703                
Fujikura Ltd.                                23,000      138,291                
Furukawa Electric Co. Ltd.                   32,000      121,090                
Hirose Electric Co. Ltd.                      1,000      122,891                
Hitachi Ltd.                                146,000      857,925                
Hoya Corp.                                    5,500      497,794                
Keyence Corp.                                 1,380      303,528                
Kyocera Corp.                                 7,900      475,717                
Mabuchi Motor Co. Ltd.                        1,000       76,227                
Matsushita Electric Industrial Co. Ltd.      98,902    1,303,579                
Mitsumi Electric Co. Ltd.                     4,000       41,879                
Murata Manufacturing Co.                     11,400      648,110                
NGK Insulators Ltd.                          20,000      136,626                
Nidec Corp.                                   1,000       96,875                
Nintendo Co.                                  5,400      417,028                
Omron Corp.                                  15,000      328,831                
Pioneer Electronic Corp.                      9,200      229,299                
Ricoh Co. Ltd.                               30,000      568,973                
Sanyo Electric Co.                           85,000      389,685                
Sharp Corp.                                  47,000      740,046                
Sony Corp.                                   44,700    1,557,294                
Sumitomo Electric Industries Ltd.            21,000      180,516                
Taiyo Yuden Co. Ltd.                          8,000      115,705                
TDK Corp.                                     6,200      406,058                
Yokogawa Electric Co. Ltd.                   14,000      163,642                
                                     -----------
                                      12,188,243
                                     -----------

ENERGY (0.1%)                                                                   
Nippon Oil Co. Ltd.                          61,000      301,296                
Teikoko Oil Co. Ltd.                         26,000      119,671                
TonenGeneral Sekiyu K.K.                      9,000       73,516                
                                     -----------
                                         494,483
                                     -----------

ENGINEERING (0.1%)                                                              
COMSYS Holdings Corp. (b)                    14,000       87,488                
Mitsui Engineering &                                                            
Shipbuilding Co. Ltd.                        77,000      118,370                
                                     -----------
                                         205,858
                                     -----------

                   SHARES OR
                   PRINCIPAL
                              AMOUNT     VALUE
----------------------------------------------------------------                

JAPAN (continued)                                                               

ENTERTAINMENT (0.0%)                                                            
Namco Ltd.                                      100  $     2,756                
                                     -----------

FINANCIAL SERVICES (1.0%)                                                       
Acom Co. Ltd.                                 2,300      102,934                
Aiful Corp.                                   1,350       85,346                
Credit Saison Co.                            10,900      228,044                
Daiwa Securities Ltd.                        68,000      497,312                
Itochu Techno-Science Corp.                     400       13,426                
JAFCO Co. Ltd.                                  600       51,303                
Nikko Securities Co. Ltd.                    67,000      361,404                
Nomura Securities Co.                        89,000    1,528,467                
Orix Corp.                                    4,900      412,289                
Promise Co. Ltd.                              2,700      121,326                
Sumitomo Trust & Banking Co. Ltd.            35,000      195,479                
Takefuji Corp.                                2,780      164,623                
                                     -----------
                                       3,761,953
                                     -----------

FOOD PRODUCTS (0.2%)                                                            
Ariake Japan Co. Ltd.                         2,700       81,785                
Japan Tobacco, Inc.                              46      307,127                
Kikkoman Corp.                                8,000       52,104                
Meiji Seika Kaisha Ltd.                       6,000       23,141                
Nippon Meat Packers, Inc.                     7,000       69,850                
Nisshin Seifun Group, Inc.                   16,000      131,132                
Nissin Food Products Co. Ltd.                 1,400       32,155                
Snow Brand Milk Products Co. Ltd. (b)        22,500       69,177                
                                     -----------
                                         766,471
                                     -----------

HEALTHCARE (0.0%)                                                               
Terumo Corp.                                  9,200      174,903                
                                     -----------

HOLDING COMPANIES -                                                             
DIVERSIFIED (0.1%)                                                              
JFE Holdings, Inc.                           21,900      559,776                
                                     -----------

HOUSEHOLD PRODUCTS (0.3%)                                                       
Kao Corp.                                    33,000      678,401                
Shiseido Co. Ltd.                            20,000      209,942                
Toto Ltd.                                    21,000      174,785                
                                     -----------
                                       1,063,128
                                     -----------

IMPORT/EXPORT (0.4%)                                                            
Itochu Corp.                                 53,000      178,860                
Marubenii Corp.                             105,000      189,112                
Mitsubishi Corp.                             55,000      570,837                
Mitsui & Co. Ltd.                            53,000      385,682                
Sumitomo Corp.                               36,000      249,857                
                                     -----------
                                       1,574,348
                                     -----------

INDUSTRIAL (0.6%)                                                               
Ebara Corp.                                  26,000      104,298                
Fanuc Co. Ltd.                                4,800      288,607                
JGC Corp.                                    18,000      154,728                

2003  ANNUAL  REPORT  69                                                        
--------------------------------------------------------------------------------

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STATEMENT  OF  INVESTMENTS  (Continued)                                         
October  31,  2003                                                              

NATIONWIDE  INTERNATIONAL  INDEX  FUND  (Continued)                             

COMMON  STOCKS  (CONTINUED)                                                     

     SHARES OR
     PRINCIPAL
               AMOUNT      VALUE
----------------------------------------------------------                      

JAPAN (continued)                                                               

INDUSTRIAL (continued)                                                          
Kawasaki Heavy Industries Ltd.          21,000  $   26,552                      
Kubota Corp.                            30,000     108,064                      
Minebea Co. Ltd.                        23,000     130,968                      
Mitsubishi Heavy Industries Ltd.       114,000     313,167                      
Nippon Steel Corp.                     305,000     627,006                      
SMC Corp.                                2,000     240,688                      
THK Co. Ltd.                             6,800     137,936                      
                          ----------
                           2,132,014
                          ----------

INSURANCE (0.5%)                                                                
Daido Life Insurance Co.                    32      95,184                      
Millea Holdings, Inc.                       83     989,039                      
Mitsui Sumito Insurance Co.             83,000     684,022                      
Yasuda Fire & Marine Insurance                                                  
Co. Ltd.                                27,000     223,496                      
                          ----------
                           1,991,741
                          ----------

MANUFACTURING (0.2%)                                                            
Amada Co. Ltd.                          34,000     146,905                      
Amano Corp.                             13,000      89,280                      
Ishikawajima-Harima Heavy                                                       
Industries Co. Ltd.                    15,000      20,467                     
JSR Corp.                               12,000     254,331                      
Koyo Seiko Co. Ltd.                     13,000     132,442                      
NTN Corp.                               21,000     109,456                      
Sumitomo Heavy Industries Ltd. (b)      68,000     150,307                      
                          ----------
                             903,188
                          ----------

METALS & MINING (0.2%)                                                          
Dowa Mining Co. Ltd.                     5,000      27,016                      
Mitsubishi Material Corp. (b)           21,000      33,811                      
Mitsui Mining & Smelting Co. Ltd.       39,000     156,092                      
Nippon Minings Holdings, Inc.           27,500     100,559                      
NSK Ltd.                                27,000     111,257                      
Sumitomo Metal & Mining Corp.           40,000     274,344                      
Sumitomo Metal Industries, Ltd.        234,000     217,110                      
                          ----------
                             920,189
                          ----------

MULTI-MEDIA (0.0%)                                                              
Tokyo Broadcasting System, Inc.          3,000      48,056                      
                          ----------

OFFICE EQUIPMENT & SUPPLIES (0.0%)                                              
Seiko Epson Corp.                        1,200      43,226                      
                          ----------

PAPER PRODUCTS (0.1%)                                                           
Nippon Unipac Holding                       32     150,780                      
Oji Paper Ltd.                          57,000     303,316                      
                          ----------
                             454,096
                          ----------

PHARMACEUTICALS (1.2%)                                                          
Chugai Pharmaceutical Ltd.              10,200     145,297                      
Daiichi Pharmaceuticals Co.             19,700     301,051                      
Eisai Co.                               13,000     305,089                      
Fujisawa Pharmaceutical Co.             14,000     289,080                      

       SHARES OR
       PRINCIPAL
                  AMOUNT     VALUE
----------------------------------------------------------                      

JAPAN (continued)                                                               

PHARMACEUTICALS (continued)                                                     
Kaken Pharmaceutical Co. Ltd.           13,000  $   65,511                      
Kyowa Hakko Kogyo Co. Ltd.               9,000      53,050                      
Sankyo Co.                              23,000     368,218                      
Shionogi & Co.                          20,000     335,653                      
Taisho Pharmacuetical Co. Ltd.           5,000      86,278                      
Takeda Chemical Industries Ltd.         46,000   1,627,689                      
Yamanouchi Pharmaceutical Co. Ltd.      19,000     477,009                      
                          ----------
                           4,053,925
                          ----------

PHOTOGRAPHIC PRODUCTS (0.4%)                                                    
Fuji Photo Film Ltd.                    25,000     736,798                      
Konica Corp.                            24,000     315,459                      
Nikon Corp. (b)                         14,000     212,544                      
Olympus Optical Co. Ltd.                12,000     263,065                      
                          ----------
                           1,527,866
                          ----------

PRINTING & PUBLISHING (0.2%)                                                    
Dai Nippon Printing Co. Ltd.            35,000     540,592                      
Toppan Printing Co. Ltd.                40,000     366,762                      
                          ----------
                             907,354
                          ----------

RAILROADS (0.4%)                                                                
Central Japan Railway Co.                   34     297,521                      
East Japan Railway Co.                     198     896,930                      
Keihin Electric Express Railway                                                 
Co. Ltd.                                4,000      23,396                     
Kinki Nippon Railway Co. Ltd. (b)       39,000     117,424                      
Tobu Railway Co. Ltd.                   17,000      59,535                      
West Japan Railway Co.                      48     178,578                      
                          ----------
                           1,573,384
                          ----------

REAL ESTATE (0.3%)                                                              
Daito Trust Construction Co. Ltd.        3,400     105,153                      
Japan Real Estate Investment Corp.          19     111,129                      
Mitsubishi Estate Co.                   47,000     450,612                      
Mitsui Fudosan Co. Ltd.                 37,000     344,303                      
Nippon Building Fund, Inc.                  20     123,164                      
Sumitomo Realty & Development                                                   
Co. Ltd.                                18,000     167,008                      
                          ----------
                           1,301,369
                          ----------

RESORTS/THEME PARKS (0.0%)                                                      
Oriental Land Co. Ltd.                   2,800     153,836                      
                          ----------

RESTAURANTS (0.0%)                                                              
Skylark Co. Ltd.                         1,000      16,473                      
                          ----------

RETAIL (0.8%)                                                                   
Aeon Co. Ltd.                           11,000     363,215                      
Citizen Watch Co. Ltd.                  20,000     163,915                      
FamilyMart Co. Ltd.                      2,100      45,654                      
Isetan Co. Ltd.                          5,000      51,758                      
Ito Yokado Co.                          22,000     808,478                      
Lawson, Inc.                             3,700     141,356                      

70     ANNUAL  REPORT  2003                                                     
--------------------------------------------------------------------------------

N-CSR 72nd “Page” of 135 TOC 1st Previous Next ↓Bottom Just 72nd
COMMON  STOCKS  (CONTINUED)                                                     
           SHARES OR
                      PRINCIPAL AMOUNT     VALUE
-----------------------------------------------------------------               

JAPAN (continued)                                                               

RETAIL (continued)                                                              
Marui Co.                                     24,000  $   304,762               
Matsumotokiyoshi Co. Ltd.                      1,800       90,544               
Mitsukoshi Ltd. (b)                           21,000       78,128               
Seven - Eleven Japan Co. Ltd.                 20,000      633,101               
Shimachu Co. Ltd.                              4,000       78,228               
Takashimaya Co.                               21,000      153,200               
Tokyo Style Co.                                5,000       49,711               
Yamada Denki Co. Ltd.                          6,100      194,206               
                                       -----------
                                         3,156,256
                                       -----------

SCHOOLS (0.0%)                                                                  
Benesse Corp.                                    300        7,368               
                                       -----------

SEMICONDUCTORS (0.4%)                                                           
Advantest Corp.                                4,200      312,894               
Rohm Co.                                       5,200      700,996               
Tokyo Electron Ltd.                            8,000      573,430               
                                       -----------
                                         1,587,320
                                       -----------

TELECOMMUNICATIONS (0.8%)                                                       
Nippon Telegraph &                                                              
Telephone Corp.                                 256    1,143,367              
NTT Docomo, Inc.                                 863    1,868,321               
Oki Electric Industry Co. Ltd. (b)            40,000      177,196               
                                       -----------
                                         3,188,884
                                       -----------

TEXTILE PRODUCTS (0.1%)                                                         
Mitsubishi Rayon Co. Ltd.                      9,000       33,402               
Nisshinbo Industries, Inc.                    15,000       74,908               
Teijin Ltd.                                   71,000      210,542               
Toyobo Co. Ltd.                               41,000       82,794               
                                       -----------
                                           401,646
                                       -----------

TIRE & RUBBER (0.1%)                                                            
Bridgestone Corp.                             27,000      353,664               
                                       -----------

TOYS (0.0%)                                                                     
Sega Corp. (b)                                 5,900       65,314               
                                       -----------

TRANSPORTATION (0.3%)                                                           
Kamigumi Co. Ltd.                             12,000       78,155               
Kawasaki Kisen Kaisha Ltd.                    38,000      152,436               
Mitsui O.S.K. Lines Ltd.                      47,000      191,104               
Nippon Express Co. Ltd.                       55,000      248,147               
Seino Transportation Co. Ltd.                 13,000       91,645               
Tokyo Corp.                                   83,000      411,470               
                                       -----------
                                         1,172,957
                                       -----------

UTILITIES (1.2%)                                                                
Chubu Electric Power Co., Inc.                31,500      631,805               
Kansai Electric Power, Inc.                   28,800      497,749               
Kyushu Electric Power Co., Inc.               15,500      256,042               
Mitsubishi Electric Co.                       70,000      312,639               

               SHARES OR
               PRINCIPAL
                            AMOUNT       VALUE
-----------------------------------------------------------------               

JAPAN (continued)                                                               

UTILITIES (continued)                                                           
Osaka Gas Co. Ltd.                           104,000  $   287,588               
Tohoku Electric Power Co. Ltd.                14,700      238,281               
Tokyo Electric Power Co. Ltd.                 60,200    1,284,114               
Tokyo Gas Ltd.                               145,000      497,248               
                                       -----------
                                         4,005,466
                                       -----------
                                        76,459,560
                                       -----------

-----------------------------------------------------------------               
LUXEMBOURG (0.1%)                                                               

STEEL (0.1%)                                                                    
Arcelor                                       16,963      241,958               
                                       -----------

-----------------------------------------------------------------               
NETHERLANDS (4.5%)                                                              

BANKS (0.4%)                                                                    
ABN Amro Holding NV                           71,353    1,497,209               
                                       -----------

BIOTECHNOLOGY (0.0%)                                                            
Qiagen NV (b)                                  4,818       56,121               
                                       -----------

BUSINESS SERVICES (0.0%)                                                        
Vedior NV                                      2,365       34,091               
                                       -----------

CHEMICALS (0.2%)                                                                
Akzo Nobel NV                                 11,162      352,942               
DSM NV                                         5,259      241,120               
                                       -----------
                                           594,062
                                       -----------

DIVERSIFIED (0.0%)                                                              
Hagemeyer NV                                   2,007        5,810               
IHC Caland NV                                    570       24,318               
                                       -----------
                                            30,128
                                       -----------

ELECTRONICS & ELECTRICAL EQUIPMENT (0.6%)                                       
Koninklijke Ahold NV (b)                      37,194      314,773               
Philips Electronics NV                        66,621    1,795,994               
                                       -----------
                                         2,110,767
                                       -----------

ENERGY (1.2%)                                                                   
Royal Dutch Petroleum Co.                    102,912    4,566,476               
                                       -----------

FINANCIAL SERVICES (0.4%)                                                       
Euronext NV                                    1,904       46,592               
ING Groep NV                                  77,577    1,610,673               
                                       -----------
                                         1,657,265
                                       -----------

FOOD PRODUCTS (0.6%)                                                            
Heineken NV                                    9,144      326,338               
Koninklijke Numico NV (b)                      6,158      138,950               
Unilever NV CVA                               28,689    1,666,547               
                                       -----------
                                         2,131,835
                                       -----------

INSURANCE (0.2%)                                                                
Aegon NV                                      68,998      904,771               
                                       -----------

2003  ANNUAL  REPORT  71                                                        
--------------------------------------------------------------------------------

N-CSR 73rd “Page” of 135 TOC 1st Previous Next ↓Bottom Just 73rd
STATEMENT  OF  INVESTMENTS  (Continued)                                         
October  31,  2003                                                              

NATIONWIDE  INTERNATIONAL  INDEX  FUND  (Continued)                             

COMMON  STOCKS  (CONTINUED)                                                     
     SHARES OR
     PRINCIPAL
                  AMOUNT       VALUE
------------------------------------------------------------                    

NETHERLANDS (continued)                                                         

PRINTING & PUBLISHING (0.2%)                                                    
Elsevier NV                              32,414  $   360,987                    
Oce NV                                       22          292                    
VNU NV                                   11,158      339,845                    
Wolters Kluwer CVA                       13,862      194,825                    
                             -----------
                                 895,949
                             -----------

REAL ESTATE (0.1%)                                                              
Corio NV                                  1,854       61,835                    
Rodamco Europe NV                           923       47,104                    
Wereldhave NV                             1,655      104,085                    
                             -----------
                                 213,024
                             -----------

RETAIL (0.0%)                                                                   
Vendex NV                                 1,603       19,734                    
                             -----------

SEMICONDUCTORS (0.3%)                                                           
ASML Holding NV (b)                      25,130      436,159                    
STMicroelectronics NV                    31,535      839,502                    
                             -----------
                               1,275,661
                             -----------

TELECOMMUNICATIONS (0.2%)                                                       
KPN NV (b)                               79,436      603,932                    
                             -----------

TRANSPORTATION (0.1%)                                                           
TPG NV                                   14,465      311,929                    
                             -----------
                              16,902,954
                             -----------

------------------------------------------------------------                    
NEW ZEALAND (0.2%)                                                              

AIRPORTS (0.0%)                                                                 
Auckland International Airport Ltd.       8,490       34,482                    
                             -----------

BUILDING & CONSTRUCTION (0.0%)                                                  
Fletcher Building Ltd.                   12,985       35,026                    
                             -----------

ENTERTAINMENT (0.0%)                                                            
Sky City Entertainment Group Ltd.        24,802      136,394                    
                             -----------

HEALTHCARE (0.0%)                                                               
Fisher & Paykel Industries Ltd.           3,313       24,632                    
                             -----------

HOUSEHOLD PRODUCTS (0.0%)                                                       
Fisher & Paykel Appliances                                                      
Holdings Ltd.                             8,871       80,290                    
                             -----------

PAPER PRODUCTS (0.0%)                                                           
Carter Holt Harvey Ltd.                     466          524                    
                             -----------

TELECOMMUNICATIONS (0.2%)                                                       
Telecom Corp. of New Zealand Ltd.       109,963      327,024                    
                             -----------
                                 638,372
                             -----------

         SHARES OR
         PRINCIPAL
                    AMOUNT     VALUE
------------------------------------------------------------                    

NORWAY (0.4%)                                                                   

BANKS (0.0%)                                                                    
DnB Holding ASA                          30,935  $   180,657                    
                             -----------

BUILDING & CONSTRUCTION (0.0%)                                                  
Aker Kvaerner ASA (b)                       770       12,576                    
                             -----------

FINANCIAL SERVICES (0.0%)                                                       
Gjensidige NOR ASA                        3,677      150,781                    
                             -----------

FOOD PRODUCTS (0.0%)                                                            
Orkla ASA                                 7,997      167,640                    
                             -----------

INDUSTRIAL (0.2%)                                                               
Norsk Hydro ASA                           8,424      474,084                    
Tomra Systems ASA                         8,330       47,939                    
                             -----------
                                 522,023
                             -----------

INSURANCE (0.0%)                                                                
Storebrand ASA (b)                          600        3,343                    
                             -----------

OIL & GAS (0.0%)                                                                
Statoil ASA                              12,144      114,193                    
                             -----------

PAPER PRODUCTS (0.0%)                                                           
Norske Skogsindustrier ASA                1,207       22,955                    
                             -----------

SHIPPING (0.0%)                                                                 
Frontline Ltd.                            4,097       79,947                    
                             -----------

TELECOMMUNICATIONS (0.2%)                                                       
Tandberg ASA (b)                         19,305      135,942                    
Telenor ASA                              32,972      179,498                    
                             -----------
                                 315,440
                             -----------
                               1,569,555
                             -----------

------------------------------------------------------------                    
PORTUGAL (0.3%)                                                                 

AUTOMOTIVE (0.0%)                                                               
Brisa- Auto Estradas SA                  20,131      125,904                    
                             -----------

BANKS (0.0%)                                                                    
Banco Commercial Portuguese SA           73,376      141,597                    
Banco Espirito Santo SA                     385        5,523                    
                             -----------
                                 147,120
                             -----------

BUILDING PRODUCTS (0.0%)                                                        
CIMPOR-Cimentos de Portugal                                                     
SGPS SA                                   7,400       32,690                    
                             -----------

FINANCIAL SERVICES (0.0%)                                                       
BPI-SGPS SA                                 150          462                    
                             -----------

FOOD PRODUCTS (0.0%)                                                            
Jeronimo Martins SGPS SA (b)                 17          160                    
                             -----------

72     ANNUAL  REPORT  2003                                                     
--------------------------------------------------------------------------------

N-CSR 74th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 74th
COMMON  STOCKS  (CONTINUED)                                                     

                         SHARES OR
                         PRINCIPAL
                                     AMOUNT      VALUE
---------------------------------------------------------------------           

PORTUGAL (continued)                                                            

INDUSTRIAL (0.0%)                                                               
Sonae SGPS SA (b)                                     291  $      200           
                                                ----------

TELECOMMUNICATIONS (0.2%)                                                       
Portugal Telecom SA                                62,147     522,337           
PT Multimedia-Servicos de                                                       
Telecomunicacoes                                                                
e Multimedia (b)                                    2,703      46,317           
                                                ----------
                                                   568,654
                                                ----------

UTILITIES (0.1%)                                                                
Electricidade de Portugal SA                      133,674     303,022           
                                                ----------
                                                 1,178,212
                                                ----------

---------------------------------------------------------------------           
SINGAPORE (0.8%)                                                                

AEROSPACE/DEFENSE (0.0%)                                                        
Singapore Tech Engineering Ltd.                    39,000      43,235           
                                                ----------

AIRLINES (0.0%)                                                                 
Singapore Airlines Ltd.                            18,000     125,104           
                                                ----------

BANKS (0.5%)                                                                    
Development Bank of Singapore Ltd.                 45,000     369,626           
Oversea-Chinese Banking Corp. Ltd.                 47,000     326,661           
United Overseas Bank Ltd.                          80,000     624,945           
                                                ----------
                                                 1,321,232
                                                ----------

BEVERAGES (0.0%)                                                                
Fraser & Neave Ltd.                                 5,400      38,152           
                                                ----------

DIVERSIFIED (0.0%)                                                              
Haw Par Corporation Ltd.                           17,226      43,338           
Keppel Corp.                                       23,000      78,607           
                                                ----------
                                                   121,945
                                                ----------

FINANCIAL SERVICES (0.0%)                                                       
Creative Technology Ltd.                            4,500      46,785           
                                                ----------

HEALTHCARE (0.0%)                                                               
Parkway Holdings Ltd.                             233,000     133,166           
                                                ----------

MANUFACTURING (0.0%)                                                            
Venture Manufacturing Ltd.                         13,000     141,130           
                                                ----------

PRINTING & PUBLISHING (0.1%)                                                    
Singapore Press Holdings Ltd.                      24,000     271,576           
                                                ----------

REAL ESTATE (0.0%)                                                              
Capitaland Ltd.                                     1,000         936           
City Developments Ltd.                             17,000      59,077           
                                                ----------
                                                    60,013
                                                ----------

SEMICONDUCTORS (0.0%)                                                           
Chartered Semiconductor Manufacturing Ltd. (b)    106,000     104,116           
                                                ----------

                             SHARES OR
                             PRINCIPAL
                                        AMOUNT     VALUE
----------------------------------------------------------------------          

SINGAPORE (continued)                                                           

SHIPPING (0.1%)                                                                 
Neptune Orient Lines Ltd. (b)                      76,000  $   96,913           
Singapore Post Ltd.                               358,000     137,775           
                                                ----------
                                                   234,688
                                                ----------

TELECOMMUNICATIONS (0.1%)                                                       
Datacraft Asia Ltd. (b)                            50,000      62,500           
Singapore Telecommunications Ltd.                 214,000     211,424           
                                                ----------
                                                   273,924
                                                ----------

TRANSPORTATION (0.0%)                                                           
ComfortDelgro Corp. Ltd.                          170,520      75,909           
                                                ----------
                                                 2,990,975
                                                ----------

---------------------------------------------------------------------           
SPAIN (3.0%)                                                                    

AIRLINE SERVICES (0.0%)                                                         
Iberia Lineas Aereas de Espana SA                   8,700      21,239           
                                                ----------

BANKS (1.2%)                                                                    
Banco Bilbao Vizcaya Argentaria SA                152,040   1,744,488           
Banco Popular Espanol SA                            7,359     382,658           
Banco Santander Central                                                         
Hispanoamericano SA                               207,429   1,989,375           
                                                ----------
                                                 4,116,521
                                                ----------

BROADCASTING & TELEVISION (0.0%)                                                
Antena 3 Television SA (b)                            766      25,033           
                                                ----------

BUILDING & CONSTRUCTION (0.1%)                                                  
Acciona SA                                          1,580      82,929           
ACS, Actividades de Construccion y                                              
Servicios SA                                        3,487     146,824           
Fomento De Construcciones Y                                                     
Contrates SA                                        3,386     110,450           
Grupo Ferrovial SA                                    757      21,613           
                                                ----------
                                                   361,816
                                                ----------

COMPUTER SOFTWARE/SERVICES (0.0%)                                               
Indra Sistemas SA                                   8,457      95,167           
                                                ----------

ENERGY (0.3%)                                                                   
Repsol SA                                          48,807     851,072           
                                                ----------

ENGINEERING (0.0%)                                                              
Grupo Dragados SA                                   5,009     102,309           
                                                ----------

FOOD PRODUCTS (0.1%)                                                            
Altadis SA                                         16,813     407,711           
                                                ----------

HOTELS & LODGING (0.0%)                                                         
NH Hoteles SA (b)                                   2,634      30,283           
                                                ----------

INSURANCE (0.0%)                                                                
Corporacion Mapfre SA                              11,148     138,926           
                                                ----------

2003  ANNUAL  REPORT  73                                                        
--------------------------------------------------------------------------------

N-CSR 75th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 75th
STATEMENT  OF  INVESTMENTS  (Continued)                                         
October  31,  2003                                                              

NATIONWIDE  INTERNATIONAL  INDEX  FUND  (Continued)                             

COMMON  STOCKS  (CONTINUED)                                                     
         SHARES OR
                     PRINCIPAL AMOUNT      VALUE
------------------------------------------------------------------              

SPAIN (continued)                                                               

METALS & MINING (0.0%)                                                          
Acerinox SA                                    2,919  $   127,080               
                                       -----------

PHARMACEUTICALS (0.0%)                                                          
Zeltia SA                                      2,221       15,775               
                                       -----------

RAILROADS (0.0%)                                                                
Autopistas, Concesionaria Espanola SA          7,038       94,909               
                                       -----------

REAL ESTATE (0.0%)                                                              
Vallehermoso SA                                7,621      101,529               
                                       -----------

RETAIL (0.0%)                                                                   
Industria de Diseno Textil SA                  6,946      143,488               
                                       -----------

TELECOMMUNICATIONS (0.8%)                                                       
Telefonica SA                                226,534    2,817,801               
                                       -----------

TRAVEL (0.0%)                                                                   
Amadeus Global Travel                                                           
Distribution SA                                8,290       52,040               
                                       -----------

UTILITIES (0.5%)                                                                
Endesa SA                                     44,539      706,750               
Gas Natural SA                                 5,125       98,483               
Iberdrola SA                                  43,746      729,765               
Union Electrica Fenosa SA                      9,434      152,442               
                                       -----------
                                         1,687,440
                                       -----------
                                        11,190,139
                                       -----------

------------------------------------------------------------------              
SWEDEN (2.0%)                                                                   

AIRLINES (0.0%)                                                                 
SAS AB (b)                                    18,668      163,925               
                                       -----------

AUTOMOTIVE (0.1%)                                                               
Volvo AB - A Shares                            2,421       65,018               
Volvo AB - B Shares                            8,868      247,823               
                                       -----------
                                           312,841
                                       -----------

BANKS (0.5%)                                                                    
Nordea AB                                    123,347      765,300               
Skandiaviska Enskilda Banken AB               28,638      345,087               
Svenska Handelsbanken AB                      40,703      717,443               
                                       -----------
                                         1,827,830
                                       -----------

BUILDING & CONSTRUCTION (0.1%)                                                  
Assa Abloy AB                                 19,543      192,903               
Skanska AB                                     7,185       49,737               
                                       -----------
                                           242,640
                                       -----------

COMMERCIAL SERVICES (0.1%)                                                      
Securitas AB                                  20,810      256,095               
                                       -----------

COMPUTER SOFTWARE/                                                              
SERVICES (0.0%)                                                                 
WM-data AB - B Shares (b)                     29,093       56,688               
                                       -----------

             SHARES OR
                     PRINCIPAL AMOUNT    VALUE
-----------------------------------------------------------------               
SWEDEN (continued)                                                              
HOUSEHOLD PRODUCTS (0.1%)                                                       
Electrolux AB                                 16,377  $   335,902               
                                       -----------

INDUSTRIAL (0.2%)                                                               
Atlas Copco AB - A Shares                      6,709      235,649               
Atlas Copco AB - B Shares                      1,766       57,728               
Sandvik AB                                    13,223      393,257               
Trelleborg AB - B Shares                       2,922       42,702               
                                       -----------
                                           729,336
                                       -----------

INSURANCE (0.0%)                                                                
Skandia Forsakrings AB                        41,183      150,988               
                                       -----------

METALS (0.1%)                                                                   
S.K.F. AB                                      5,867      207,579               
                                       -----------

PAPER PRODUCTS (0.1%)                                                           
Billerud                                       6,770       97,200               
Svenska Cellusoa                               9,215      347,887               
                                       -----------
                                           445,087
                                       -----------

PRINTING & PUBLISHING (0.0%)                                                    
Eniro AB                                       9,694       77,668               
                                       -----------

REAL ESTATE (0.0%)                                                              
Castellum AB                                   3,900       77,742               
Drott AB                                       1,222       19,816               
                                       -----------
                                            97,558
                                       -----------

RETAIL (0.1%)                                                                   
Hennes & Mauritz AB                           25,567      542,420               
                                       -----------

TELECOMMUNICATIONS (0.5%)                                                       
Ericsson SA (b)                              816,404    1,402,387               
Tele2 AB (b)                                   6,419      322,972               
Telia AB                                      73,817      322,678               
                                       -----------
                                         2,048,037
                                       -----------

TELEVISION (0.0%)                                                               
Modern Times Group AB Class B (b)                719       13,503               
                                       -----------

TOBACCO (0.1%)                                                                  
Swedish Match AB                              24,128      196,405               
                                       -----------
                                         7,704,502
                                       -----------

-----------------------------------------------------------------               
SWITZERLAND (5.6%)                                                              

AEROSPACE/DEFENSE (0.0%)                                                        
Unaxis Holdings AG                                 4          523               
                                       -----------

BANKS (0.6%)                                                                    
Credit Suisse Group                           64,320    2,266,264               
                                       -----------

74     ANNUAL  REPORT  2003                                                     
--------------------------------------------------------------------------------

N-CSR 76th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 76th
COMMON  STOCKS  (CONTINUED)                                                     
             SHARES OR
             PRINCIPAL
                          AMOUNT       VALUE
---------------------------------------------------------------                 

SWITZERLAND (continued)                                                         

BUILDING & CONSTRUCTION (0.1%)                                                  
Geberit AG, Registered                         225  $    92,672                 
Holcim Ltd.                                  6,275      264,092                 
                                   -----------
                                       356,764
                                   -----------

CHEMICALS (0.2%)                                                                
Ciba Specialty Chemicals AG,                                                    
Registered                                   3,512      232,362                 
Clariant AG (b)                              5,644       79,460                 
Lonza Group AG                               2,742      134,497                 
Syngenta AG                                  6,290      337,028                 
                                   -----------
                                       783,347
                                   -----------

COMMERCIAL SERVICES (0.1%)                                                      
Adecco SA                                    7,320      431,685                 
SGS Societe Generale de                                                         
Surveillance Holdings SA                       126       71,145                 
                                   -----------
                                       502,830
                                   -----------

COMPUTERS (0.0%)                                                                
Logitech International SA (b)                3,420      137,020                 
                                   -----------

ELECTRONICS & ELECTRICAL                                                        
EQUIPMENT (0.1%)                                                                
ABB Ltd. (b)                                57,637      338,825                 
                                   -----------

FOOD PRODUCTS (1.3%)                                                            
Nestle SA                                   21,392    4,709,812                 
                                   -----------

INSURANCE (0.5%)                                                                
Swiss Re                                    16,548    1,041,569                 
Zurich Financial Services AG                 7,631      977,198                 
                                   -----------
                                     2,018,767
                                   -----------

MANUFACTURING (0.0%)                                                            
Sulzer AG                                       87       20,686                 
                                   -----------

MEDICAL PRODUCTS (0.0%)                                                         
Nobel Biocare Holding AG                       538       47,743                 
Nobel Biocare Holding AG                       832       74,338                 
                                   -----------
                                       122,081
                                   -----------

METALS (0.0%)                                                                   
Sythes-Stratec, Inc.                           113      103,747                 
                                   -----------

PHARMACEUTICALS (2.4%)                                                          
Givaudan                                       482      217,294                 
Novartis AG                                126,159    4,808,847                 
Roche Holding AG                               996      124,188                 
Roche Holding AG Genusscheine               37,572    3,109,077                 
Serono SA                                      307      211,970                 
                                   -----------
                                     8,471,376
                                   -----------

RETAIL (0.2%)                                                                   
Compagnie Finacnce Richemont AG             27,415      616,933                 
Swatch Group AG                              2,261      240,856                 
Swatch Group AG Class B                        372        7,939                 
                                   -----------
                                       865,728
                                   -----------

           SHARES OR
                   PRINCIPAL AMOUNT  VALUE
---------------------------------------------------------------                 

SWITZERLAND (continued)                                                         

TELECOMMUNICATIONS (0.1%)                                                       
Kudelski SA (b)                              1,165  $    33,938                 
Swisscom AG                                  1,280      372,396                 
                                   -----------
                                       406,334
                                   -----------
                                    21,104,104
                                   -----------

---------------------------------------------------------------                 
UNITED KINGDOM (24.1%)                                                          

ADVERTISING (0.2%)                                                              
Aegis Group PLC                             82,273      139,264                 
WPP Group PLC                               61,320      584,280                 
                                   -----------
                                       723,544
                                   -----------

AEROSPACE/DEFENSE (0.2%)                                                        
British Aerospace PLC                      166,179      516,055                 
Cobham PLC                                   2,262       45,218                 
Rolls-Royce Group PLC                       80,494      259,188                 
                                   -----------
                                       820,461
                                   -----------

AIRLINES (0.2%)                                                                 
BAA PLC                                     65,381      517,019                 
British Airways PLC (b)                     36,185      127,721                 
                                   -----------
                                       644,740
                                   -----------

AUTOMOTIVE (0.1%)                                                               
GKN PLC                                     43,977      205,970                 
                                   -----------

BANKS (5.5%)                                                                    
Barclays PLC                               320,670    2,704,480                 
HBOS PLC                                   185,143    2,153,693                 
HSBC Holdings PLC                          515,016    7,734,514                 
HSBC Holdings PLC ADR                        5,600      420,392                 
MAN Group PLC                               14,870      365,636                 
Royal Bank of Scotland                                                          
Group PLC                                  138,084    3,699,939                 
UBS AG                                      62,435    3,833,954                 
                                   -----------
                                    20,912,608
                                   -----------

BREWERY (0.2%)                                                                  
SABMiller PLC                               41,365      349,392                 
Scottish & Newcastle PLC                    49,047      287,769                 
                                   -----------
                                       637,161
                                   -----------

BUILDING & CONSTRUCTION (0.2%)                                                  
Berkeley Group PLC                           1,941       25,199                 
BICC Group PLC                               1,799        5,846                 
BPB PLC                                     14,455       81,622                 
George Wimpey PLC                           20,314      112,723                 
Hanson PLC                                  48,842      338,160                 
Persimmon PLC                                6,006       47,341                 
Pilkington PLC                              17,134       25,296                 
RMC Group PLC                               20,860      217,700                 
Taylor Woodrow PLC                           8,517       32,375                 
                                   -----------
                                       886,262
                                   -----------

2003  ANNUAL  REPORT  75                                                        
--------------------------------------------------------------------------------

N-CSR 77th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 77th
STATEMENT  OF  INVESTMENTS  (Continued)                                         
October  31,  2003                                                              

NATIONWIDE  INTERNATIONAL  INDEX  FUND  (Continued)                             

COMMON  STOCKS  (CONTINUED)                                                     
   SHARES OR
   PRINCIPAL
              AMOUNT       VALUE
----------------------------------------------------------                      

UNITED KINGDOM (continued)                                                      

CHEMICALS (0.2%)                                                                
BOC Group PLC                          28,623  $   390,274                      
Imperial Chemical Industries PLC       57,188      188,025                      
                         -----------
                             578,299
                         -----------

COMMERCIAL SERVICES (0.2%)                                                      
Brambles Industries PLC                25,696       77,835                      
Capita Group PLC                       44,469      186,579                      
Rentokil Initial PLC                   99,967      378,719                      
                         -----------
                             643,133
                         -----------

COMPUTER SOFTWARE/SERVICES (0.2%)                                               
Hays PLC                              106,141      219,741                      
Logica PLC                             55,643      289,880                      
Mysis PLC                              32,491      165,407                      
The Sage Group PLC                     65,222      206,415                      
                         -----------
                             881,443
                         -----------

CONSUMER PRODUCTS (0.1%)                                                        
Reckitt Benckiser PLC                  25,979      546,655                      
                         -----------

DIVERSIFIED (0.0%)                                                              
Serco Group PLC                         6,016       18,160                      
Tompkins PLC                           22,928      109,330                      
                         -----------
                             127,490
                         -----------

ELECTRONICS & ELECTRICAL                                                        
EQUIPMENT (0.3%)                                                                
Electrocomponents PLC                  19,130      112,970                      
National Grid Group PLC               147,916      944,410                      
                         -----------
                           1,057,380
                         -----------

ENERGY (3.1%)                                                                   
BG PLC                                181,169      826,231                      
BP Amoco PLC                        1,107,123    7,684,015                      
BP PLC ADR                                100        4,238                      
Shell Transportation & Trading                                                  
Co. PLC                               477,739    2,983,373                      
                         -----------
                          11,497,857
                         -----------

ENGINEERING (0.0%)                                                              
AMEC PLC                               10,663       46,050                      
Barratt Developments PLC                4,909       40,819                      
                         -----------
                              86,869
                         -----------

ENTERTAINMENT (0.5%)                                                            
British Sky Broadcasting Group PLC (b  56,968      618,699                      
Carlton Communications PLC             41,308      151,411                      
Carnival PLC                            7,712      266,318                      
EMI Group PLC                          68,269      202,736                      
Enterprise Inns PLC                     3,778       54,206                      
Hilton Group PLC                      106,319      350,011                      
Rank Group PLC                         36,347      172,701                      
William Hill PLC                       25,965      149,368                      
                         -----------
                           1,965,450
                         -----------

     SHARES OR
     PRINCIPAL
                AMOUNT     VALUE
----------------------------------------------------------                      

UNITED KINGDOM (continued)                                                      

FINANCIAL SERVICES (0.8%)                                                       
3I Group PLC                           32,126  $   338,001                      
Amvescap PLC                           36,577      289,553                      
Close Brothers Group PLC                  318        3,902                      
Lloyds TSB Group PLC                  293,078    2,035,359                      
Provident Financial PLC                15,445      169,444                      
                         -----------
                           2,836,259
                         -----------

FOOD PRODUCTS (1.6%)                                                            
Cadbury Schweppes PLC                 107,183      687,068                      
Diageo PLC                            157,346    1,850,367                      
Granada Compass PLC                   139,181      276,925                      
J Sainsbury PLC                        56,378      270,987                      
Safeway PLC                            49,931      245,718                      
Tate & Lyle PLC                        15,775       82,517                      
Tesco PLC                             346,257    1,388,160                      
Unilever PLC                          129,013    1,100,116                      
                         -----------
                           5,901,858
                         -----------

HEALTHCARE (1.2%)                                                               
AstraZeneca Group PLC                  85,024    3,993,712                      
Celltech Group PLC (b)                  8,733       68,021                      
Kidde PLC                              68,417      116,971                      
Smith & Nephew PLC                     48,472      385,157                      
                         -----------
                           4,563,861
                         -----------

HOTELS & MOTELS (0.1%)                                                          
InterContinental Hotels Group PLC      28,280      256,625                      
                         -----------

IMPORT/EXPORT (0.1%)                                                            
Wolseley PLC                           22,027      269,968                      
                         -----------

INDUSTRIAL (0.2%)                                                               
BBA Group PLC                           9,340       41,169                      
FKI PLC                                23,601       46,257                      
IMI PLC                                16,482       96,773                      
Invensys PLC                          251,328      127,947                      
Smiths Industries PLC                  31,537      375,421                      
                         -----------
                             687,567
                         -----------

INSURANCE (0.7%)                                                                
CGNU PLC                               99,119      813,247                      
Friends Provident PLC                  98,470      229,343                      
Legal & General Group PLC             294,176      519,170                      
Prudential PLC                        103,250      801,148                      
Royal & Sun Alliance Insurance                                                  
Group PLC                             211,428      314,832                      
                         -----------
                           2,677,740
                         -----------

INVESTMENT COMPANY (0.0%)                                                       
Schroders PLC                              82        1,043                      
                         -----------

76     ANNUAL  REPORT  2003                                                     
--------------------------------------------------------------------------------

N-CSR 78th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 78th
COMMON  STOCKS  (CONTINUED)                                                     

           SHARES OR
                                 PRINCIPAL AMOUNT                VALUE
------------------------------------------------------------------------------  

UNITED KINGDOM (continued)                                                      

MEDICAL PRODUCTS (0.2%)                                                         
Amersham PLC                                 44,350               $   552,030   
SSL International PLC                         5,503                    27,548   
                                                               -----------
                                                                   579,578
                                                               -----------

METALS & MINING (0.7%)                                                          
BHP Billiton PLC                            130,961                 1,028,389   
Johnson Matthey PLC                           7,976                   132,912   
Rio Tinto PLC                                53,281                 1,292,034   
                                                               -----------
                                                                 2,453,335
                                                               -----------

PAPER PRODUCTS (0.1%)                                                           
Bunzl PLC                                    25,195                   196,671   
Rexam PLC                                    27,700                   202,124   
                                                               -----------
                                                                   398,795
                                                               -----------

PHARMACEUTICALS (1.7%)                                                          
Glaxosmithkline PLC                         299,267                 6,408,955   
                                                               -----------

PRINTING & PUBLISHING (0.5%)                                                    
Daily Mail & General Trust                    5,571                    54,406   
EMAP PLC                                     14,817                   201,275   
Pearson PLC                                  41,990                   434,655   
Reed International PLC                       68,948                   535,867   
Reuters Group PLC                            77,694                   338,506   
United Business Media PLC                    23,224                   182,862   
Yell Group PLC (b)                           35,853                   174,613   
                                                               -----------
                                                                 1,922,184
                                                               -----------

RAILROADS (0.0%)                                                                
FirstGroup PLC                               10,269                    52,496   
                                                               -----------

REAL ESTATE (0.3%)                                                              
British Land Co. PLC                         29,471                   258,681   
Canary Wharf Group PLC                       35,821                   142,392   
Great Portland Estates PLC                   11,394                    45,534   
Hammerson PLC                                11,889                   120,142   
Land Securities Group PLC                    29,648                   453,304   
Liberty International PLC                     5,764                    62,257   
Slough Estates PLC                            9,355                    60,881   
                                                               -----------
                                                                 1,143,191
                                                               -----------

RESTAURANTS (0.2%)                                                              
Compass Group PLC                            93,553                   539,369   
Whitbread PLC                                19,290                   245,834   
                                                               -----------
                                                                   785,203
                                                               -----------

RETAIL (0.9%)                                                                   
Boots Group PLC                              48,012                   580,502   
Dixons Group PLC                            114,507                   263,779   
Great Universal Stores PLC                   53,059                   648,277   
Kesa Electricals PLC (b)                     25,474                   105,477   
Kingfisher PLC                              120,200                   576,225   

               SHARES OR
               PRINCIPAL
                                       AMOUNT                    VALUE
-----------------------------------------------------------------------------   

UNITED KINGDOM (continued)                                                      

RETAIL (continued)                                                              
Marks & Spencer PLC                         114,877               $   560,941   
MFI Furniture Group PLC                      43,345                   119,342   
Mitchells & Butlers PLC (b)                  28,280                   111,576   
Next PLC                                     16,268                   325,751   
Signet Group PLC                             49,712                    87,311   
                                                               -----------
                                                                 3,379,181
                                                               -----------

SECURITY SERVICES (0.0%)                                                        
Securicor PLC                                46,724                    69,179   
                                                               -----------

SEMICONDUCTORS (0.0%)                                                           
Arm Holdings PLC (b)                         62,136                   119,940   
                                                               -----------

TELECOMMUNICATIONS (2.4%)                                                       
BT Group PLC                                450,622                 1,418,487   
Cable & Wireless PLC                        128,479                   297,056   
Vodafone Group PLC                        3,418,817                 7,179,432   
                                                               -----------
                                                                 8,894,975
                                                               -----------

TOBACCO (0.4%)                                                                  
British American Tobacco PLC                 71,562                   865,240   
Imperial Tobacco Group PLC                   33,355                   552,999   
                                                               -----------
                                                                 1,418,239
                                                               -----------

TRANSPORTATION (0.1%)                                                           
Associated British Ports                                                        
Holdings PLC                                  4,727                    34,091   
Exel PLC                                     17,593                   226,447   
Peninsular & Oriental Steam                                                     
Navigation Co.                               23,780                   111,577   
Stagecoach Group PLC                         85,328                   112,580   
                                                               -----------
                                                                   484,695
                                                               -----------

UTILITIES (0.6%)                                                                
Centrica PLC                                196,985                   616,735   
International Power PLC (b)                  37,603                    85,027   
Scottish & Southern Energy PLC               48,155                   501,332   
Scottish Power PLC                           98,431                   584,614   
Severn Trent PLC                             24,998                   300,336   
United Utilities PLC                         33,588                   268,599   
United Utilities PLC, Class A (b)            18,660                    88,187   
                                                               -----------
                                                                 2,444,830
                                                               -----------

WATER/SEWER (0.1%)                                                              
Kelda Group PLC                              32,956                   248,445   
                                                               -----------
                                                                90,213,464
                                                               -----------

TOTAL COMMON STOCKS                                               330,952,256   
                                                               -----------

2003  ANNUAL  REPORT  77                                                        
--------------------------------------------------------------------------------

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STATEMENT  OF  INVESTMENTS  (Continued)                                         
October  31,  2003                                                              

NATIONWIDE  INTERNATIONAL  INDEX  FUND  (Continued)                             

                                                                [Download Table]


PREFERRED  STOCKS  (0.2%)                                                        

                                              SHARES OR                          
                                              PRINCIPAL                          
                                                AMOUNT                    VALUE  
---------------------------------------------------------------------------------
                                                                                 
AUSTRALIA (0.2%)                                                                 

MULTI-MEDIA (0.2%)                                                               
News Corp. Ltd.                                  105,563              $   776,736
                                                                      -----------

---------------------------------------------------------------------------------
GERMANY (0.0%)                                                                   

AUTOMOTIVE (0.0%)                                                                
Volkswagen AG                                      2,726                   92,851
                                                                      -----------

UTILITIES (0.0%)                                                                 
RWE AG                                                23                      564
                                                                      -----------
                                                                           93,415
                                                                      -----------

TOTAL PREFERRED STOCKS                                                    870,151
                                                                      -----------

RIGHTS (0.0%)                                                                    

AUSTRALIA (0.0%)                                                                 

BANKS (0.0%)                                                                     
Australia & New Zealand Banking Group Ltd.,                                      
Expires 11/24/03                                  14,268                   43,634
                                                                      -----------

INSURANCE (0.0%)                                                                 
Amp Ltd., Expires 12/12/03                        85,037                        0
                                                                      -----------
                                                                           43,634
                                                                      -----------

---------------------------------------------------------------------------------
FRANCE (0.0%)                                                                    

BANKS (0.0%)                                                                     
Credit Agricole SA, Expires 11/07/03              16,790                    3,904
                                                                      -----------

---------------------------------------------------------------------------------
GERMANY (0.0%)                                                                   

INSURANCE (0.0%)                                                                 
Muenchener Rueckversicherungs-Gesellschaft AG,                                   
Expires 11/10/03                                   6,152                   50,848
                                                                      -----------

---------------------------------------------------------------------------------
UNITED KINGDOM (0.0%)                                                            

UTILITIES (0.0%)                                                                 
United Utilities PLC, Expires 06/05               33,588                        0
                                                                      -----------

TOTAL RIGHTS                                                               98,386
                                                                      -----------

U.S.  GOVERNMENT  OBLIGATIONS  (0.5%)                                            

                                              SHARES OR                          
                                              PRINCIPAL                          
                                                AMOUNT                   VALUE   
---------------------------------------------------------------------------------

US TREASURY BILL (0.5%)                                                          
0.92%, 12/18/03 (c)                          $ 1,800,000              $ 1,798,050
                                                                      -----------

TOTAL U.S. GOVERNMENT OBLIGATIONS                                       1,798,050
                                                                      -----------

WARRANTS (0.0%)                                                                  

HONG KONG (0.0%)                                                                 

REAL ESTATE (0.0%)                                                               
Hopewell Holdings Ltd.,                                                          
Expires 08/05/06                                   7,158                    1,475
                                                                      -----------

TOTAL WARRANTS                                                              1,475
                                                                      -----------

REPURCHASE AGREEMENTS (8.9%)                                                     

CS First Boston, 0.94%, dated                                                    
10/31/03, due 11/03/03, repurchase                                               
price 16,796,432 (Fully collateralized                                           
by AA Rated Corporate Bonds)                 $16,795,115               16,795,115
Lehman Brothers, Inc., 0.94%,                                                    
dated 10/31/03, due 11/03/03, repurchase                                         
price $3,110,437 (Fully collateralized                                           
by U.S. Agency Securities)                     3,110,193                3,110,193
Nomura Securities, 0.94%,dated                                                   
10/31/03, due 11/03/03, repurchase                                               
price $13,437,145 (Fully collateralized                                          
by AA Rated Corporate Bonds)                  13,436,093               13,436,093
                                                                      -----------

TOTAL REPURCHASE AGREEMENTS                                            33,341,401
                                                                      -----------

78     ANNUAL  REPORT  2003                                                     
--------------------------------------------------------------------------------

N-CSR 80th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 80th
SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAl                           
RECEIVED FOR SECURITIES ON LOAN  (3.2%)                                         

SHARES OR 
PRINCIPAL 
            AMOUNT         VALUE
-------------------------------------------------------------                   

REPURCHASE AGREEMENTS (3.2%)                                                    
Nomura Securities, 1.07%, dated 10/31/03,                                       
due 11/03/03, repurchase price $12,204,701                                      
(Fully collateralized by U.S.                                                   
Agency Securities)                $12,203,613  $ 12,203,613                     
                           -------------

TOTAL SHORT-TERM INVESTMENTS PURCHASED WITH CASH                                
COLLATERAL RECEIVED FOR SECURITIES ON LOAN       12,203,613                     
                           -------------

TOTAL INVESTMENTS (COST 332,502,716) - 100.8%   379,265,332                     

LIABILITIES IN EXCESS OF OTHER ASSETS - (0.8)%   (3,051,578)                    
                           -------------

NET ASSETS - 100.0%                            $376,213,754                     
                           =============

(a)  See  notes  to  financial  statements  for  unrealized  appreciation       
(depreciation)  of  securities                                        
(b)  Denotes  a  non-income  producing  security.                               
(c)  Pledged  as  collateral  for  futures.                                     

ADR  American  Depositary  Receipt                                              

At  October  31,  2003,  the  Fund's forward currency contracts were as follows:

                                                    UNREALIZED
               DELIVERY   CONTRACT      MARKET      APPRECIATION
CURRENCY                 DATE       VALUE        VALUE     (DEPRECIATION)       
-------------------------------------------------------------------------       
SHORT:                                                                          
Hong Kong Dollar       11/03/03  $    64,434  $    64,391  $     ( 43)          
                       -------------------------------------
TOTAL SHORT CONTRACTS            $    64,434  $    64,391  $     ( 43)          
                       =====================================
LONG:                                                                           
Australia Dollar       11/03/03  $    70,580  $    70,932  $      352           
British Pound          11/26/03    9,443,987    9,467,737      23,750           
British Pound          11/26/03    1,221,474    1,219,458      (2,016)          
Danish Kroner          11/04/03       15,591       15,637          46           
Euro                   11/26/03      196,908      197,450         542           
Euro                   11/26/03   13,591,511   13,426,571    (164,940)          
Japanese Yen           11/26/03    9,723,609    9,679,714     (43,895)          
Japanese Yen           11/26/03       72,649       72,848         199           
Singapore Dollar       11/03/03       28,788       28,721         (67)          
Swiss Franc            11/26/03    3,101,590    3,058,118     (43,472)          
Swiss Franc            11/26/03       37,349       37,477         128           
                       -------------------------------------
TOTAL LONG CONTRACTS             $37,504,036  $37,274,663  $( 229,373)          
                       =====================================

At  October  31,  2003,  the Fund's open long futures contracts                 
were as follows:                                                                

                                                        [Enlarge/Download Table]

                                                          MARKET VALUE     UNREALIZED   
                NUMBER OF        LONG                      COVERED BY     APPRECIATION  
                CONTRACTS     CONTRACTS      EXPIRATION     CONTRACTS    (DEPRECIATION) 
----------------------------------------------------------------------------------------
                                                                                        
Australia              45  S&P 200 Inde         12/18/03  $   2,601,478  $      (12,904)
Europe                600  DJ Euro Stoxx     50 12/19/03     18,030,376         152,613 
Europe                  1  DAX Index            12/19/03        106,340             214 
Europe                  2  Milan MIB 30 Ind     12/19/03        302,610           2,653 
Hong Kong              28  Hang Seng Index      11/27/03      2,180,486         (15,328)
Japan                  97  Topix Index          12/11/03      9,233,684        (137,263)
United Kingdom        160  FTSE 100 Index       12/19/03     11,666,882         (49,072)
                                                          ------------------------------
                                                          $  44,121,856  $      (59,087)
                                                          ==============================

SEE  NOTES  TO  FINANCIAL  STATEMENTS.                                          

2003  ANNUAL  REPORT  79                                                        
--------------------------------------------------------------------------------

N-CSR 81st “Page” of 135 TOC 1st Previous Next ↓Bottom Just 81st
NATIONWIDE  BOND  INDEX  FUND                                                   

Class  A  Shares  symbol:  NBXAX                                                
Class  B  Shares  symbol:  NBXBX                                                
Institutional  Class  symbol:  NBXIX                                            

HOW  DID  THE  FUND  PERFORM?                                                   

For the annual period ended Oct. 31, 2003, the Fund returned 3.96%* versus 4.91%
for  its  benchmark,  the  Lehman  Brothers  U.S.  Aggregate  Bond  Index.      

For  broader  comparison,  the  average  return  for  this  Fund's peer category
(Intermediate  Investment  Grade  Debt Funds) was 5.66%, according to Lipper, an
independent  company  that  provides  mutual  fund  data  and  analysis.        

WHAT  MARKET/ECONOMIC  AND  PORTFOLIO-SPECIFIC  FACTORS  AFFECTED  PERFORMANCE? 

The fixed-income markets, represented by the Lehman Brothers U.S. Aggregate Bond
Index,  enjoyed a generally favorable environment during the period with a total
return  of  just  under  5%. Ten of the 12 months during the period saw positive
returns  for the Index, but the overall return was significantly affected by two
months of negative performance: July 2003 with -3.36%, the worst performance for
the  Index  in  nearly  20  years,  and  October  2003  with  -1.00%.           

  All  three  sectors  within  the  Index  generated positive returns during the
period.  Government  bonds,  corporate  bonds,  and  mortgage-backed  securities
returned  2.90%, 10.57% and 2.75%, respectively. Government bonds had a volatile
year  as  bond  yields  fell  to historic lows (the 10-year note) only to return
later  to  nearly  the same yields that these bonds had held at the beginning of
the period; however, the yield curve became steeper. Corporate bonds gained from
increasing  corporate profits and revenues, and decreasing numbers of downgrades
and  defaults.  Mortgage-backed securities (MBS) suffered from severe volatility
due  to  declining  interest  rates that created huge numbers of refinancings on
existing  mortgages.                                                            

DESCRIBE  THE  FUND'S  TOP HOLDINGS AND ANY SIGNIFICANT TRANSACTIONS MADE DURING
THE  PERIOD.                                                                    

The  government  bond component of the portfolio at the end of the period had 59
positions  that  replicate  the exposure of roughly 1,000 securities. The credit
component  of  the  Fund's portfolio had about 300 issues representing more than
3,800  bonds  in  the Index. Corporate bonds have more factors influencing their
returns,  which  calls for the construction of a much more diversified portfolio
to  replicate  the  Index. The mortgage-backed securities (MBS) component of the
portfolio has about 40 positions versus roughly about 2,000 for the Index. Given
the  liquid  nature  of  the market, the Fund is able to achieve the appropriate
exposure with a limited number of portfolio positions. For general MBS exposure,
the  Fund has built a portfolio that replicates the underlying coupon (5%, 5.5%,
6%, etc.), the issuer (Fannie Mae, Freddie Mac, Ginnie Mae) and the MBS maturity
(15  or  30  years).                                                            

HOW  IS  THE  FUND  POSITIONED?                                                 

The  Fund  will  continue  to pursue its stratified sampling investment process,
which  affords  the  opportunity  to  replicate  the  returns of the Index while
maintaining  liquidity  and  minimizing  portfolio  transaction  costs. The Fund
currently  is  positioned  to  mimic  the  exposure  of the Index's major market
sectors  and  will  remain  so  for  the  foreseeable  future.                  

PORTFOLIO  MANAGER:  Fund  Asset  Management,  L.P.  -  Subadviser              

*     Performance  of  Class  A  shares  without  sales  charge and assuming all
distributions  are  reinvested.                                                 

PORTFOLIO  MARKET  VALUE  $683,483,316                                          
OCTOBER  31,  2003                                                              

AVERAGE  ANNUAL  TOTAL  RETURN                                                  
(For  Periods  Ended  October  31,  2003)                                       

          1 YR.   5 YR.   INCEPTION1
-----------------------------------------------------------                     
Class A               w/o SC2    3.96%   5.89%        7.19%                     
 w/SC3     -2.03%   4.64%        6.24%
-----------------------------------------------------------                     
Class B4              w/o SC2    3.34%   5.63%        6.99%                     
 w/SC5     -1.66%   5.30%        6.99%
-----------------------------------------------------------                     
Institutional Class6             4.47%   6.27%        7.49%                     
-----------------------------------------------------------                     

All  figures  showing  the  effect  of a sales charge reflect the maximum charge
possible,  because  it  has  the  most  dramatic  effect  on  performance  data.
1    These  returns  until  the  creation  of  Class  A and Institutional shares
     (12/29/99)  include  the  performance  of  the  Master Aggregate Bond Index
     Series  (the  "Series"), which began operations on April 3, 1997. Excluding
     the  effect of any fee waivers or reimbursements, such prior performance is
     similar  to what Class A and Institutional Class shares would have produced
     because  these  classes of the Fund's shares invested in the same portfolio
     of  securities  as  the  Series. The performance for these classes has been
     restated  to  reflect  differences in sales charges (where applicable), but
     does  not  reflect  the  differing  levels of other fees applicable to such
     classes;  if  these  fees  were  reflected, the performance for Class A and
Institutional  Class  shares  would  have  been  lower.               
2    These  returns  do  not  reflect  the  effects  of  sales  charges  (SC).  
3    A  5.75%  front-end  sales  charge  was  deducted.                         
4    These  returns  until  the  creation  of  Class B shares (10/12/01) include
     performance  based  on  the Series for the period through December 28, 1999
     and  the  Fund's  Class  A  shares for the period from December 29, 1999 to
October  11,  2001.  Excluding  the  effect  of  any  fee  waivers  or
     reimbursements,  such  prior  performance is similar to what Class B shares
     would  have produced because Class B shares invest in the same portfolio of
     securities  as  Class  A shares. The performance for these classes has been
     restated  to  reflect  differences in sales charges (where applicable), but
     does  not  reflect the differing levels of other fees (primarily Rule 12b-1
     and/or  administrative  services fees) applicable to such classes; if these
     fees  were  reflected,  the  performance for Class B shares would have been
lower.                                                                
5    A  5.00%  maximum contingent deferred sales charge (CDSC) was deducted. The
CDSC  declines  to  0%  after  6  years.                              
6    Not  subject  to  any  sales  charges.                                     

GROWTH  OF  A  $10,000  INVESTMENT                                              

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.                                                            

Date        Class A  LB Aggregate Bond   CPI                                    
----------------------------------------------                                  
4/3/1997      9,425             10,000  10,000                                  
10/31/1997   10,197             10,869  10,100                                  
10/31/1998   11,182             11,883  10,250                                  
10/31/1999   11,227             11,945  10,513                                  
10/31/2000   11,831             12,817  10,875                                  
10/31/2001   13,634             14,682  11,106                                  
10/31/2002   14,323             15,548  11,331                                  
10/31/2003   14,895             16,310  11,616                                  

Comparative  performance of $10,000 invested in Class A shares of the Nationwide
Bond  Index  Fund,  the  Lehman  Brothers  Aggregate  Bond  Index  (LB Aggregate
Bond)(a),  and  the  Consumer  Price Index (CPI)(b) since inception.  Unlike the
Fund,  the returns for these indices do not reflect any fees, expenses, or sales
charges.                                                                        
(a)  The  LB  Aggregate  Bond is an unmanaged index comprised of U.S. government
     securities and corporate debt securities and is generally representative of
the  bond  market  as  a  whole.                                      
(b)  The  CPI  represents  changes  in  prices of a basket of goods and services
purchased  for  consumption  by  urban  households.                   

80     ANNUAL  REPORT  2003                                                     
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N-CSR 82nd “Page” of 135 TOC 1st Previous Next ↓Bottom Just 82nd
STATEMENT  OF  INVESTMENTS                                                      
October  31,  2003                                                              

NATIONWIDE  BOND  INDEX  FUND                                                   

U.S.  GOVERNMENT  AND  AGENCY  LONG-TERM  OBLIGATIONS  (71.4%)                  

                           PRINCIPAL
                                               AMOUNT                VALUE
------------------------------------------------------------------------------- 

FEDERAL HOME LOAN MORTGAGE CORPORATION (36.0%)                                  
7.18%, 06/27/06                                   $   55,000         $   61,836 
5.50%, 07/15/06                                    5,080,000          5,475,392 
4.88%, 03/15/07                                    6,170,000          6,561,079 
5.13%, 07/15/12                                    3,280,000          3,399,694 
6.75%, 09/15/29                                      945,000          1,077,788 
6.25%, 07/15/32                                    2,110,000          2,275,941 
Gold, Pool #G10940, 6.50%, 11/01/11                  127,405            134,024 
Gold, Pool #E00507, 7.50%,  09/01/12                  21,306             22,684 
Gold, Pool #E72896, 7.00%, 10/01/13                  134,894            142,954 
Gold, Pool #G11001, 6.50%, 03/01/15                  271,601            285,124 
Gold, Pool #G11003, 7.50%, 04/01/15                   22,198             23,634 
Gold, Pool #G11164, 7.00%, 05/01/15                   74,616             79,080 
Gold, Pool #E81396, 7.00%, 10/01/15                   19,829             21,014 
Gold, Pool #E81394, 7.50%, 10/01/15                  106,304            113,191 
Gold, Pool #E84097, 6.50%, 12/01/15                   44,321             46,506 
Gold, Pool #E82132, 7.00%, 01/01/16                   32,113             34,033 
Gold, Pool #E00938, 7.00%, 01/01/16                  183,671            194,649 
Gold, Pool #E82815, 6.00%, 03/01/16                  117,080            121,740 
Gold, Pool #E83231, 6.00%, 04/01/16                   45,129             46,913 
Gold, Pool #E83233, 6.00%, 04/01/16                  124,620            129,547 
Gold, Pool #E83046, 7.00%, 04/01/16                   29,641             31,412 
Gold, Pool #E00975, 6.00%, 05/01/16                  508,163            528,255 
Gold, Pool #E83636, 6.00%, 05/01/16                  267,689            278,274 
Gold, Pool #E83355, 6.00%, 05/01/16                  143,575            149,252 
Gold, Pool #G11122, 6.50%, 05/01/16                  104,081            109,212 
Gold, Pool #E83933, 6.50%, 05/01/16                   16,507             17,321 
Gold, Pool #E00985, 6.00%, 06/01/16                  263,651            274,076 
Gold, Pool #E84236, 6.50%, 06/01/16                   81,319             85,331 
Gold, Pool #E00987, 6.50%, 06/01/16                  228,734            240,019 
Gold, Pool #E00996, 6.50%, 07/01/16                   29,306             30,752 
Gold, Pool #E85117, 6.50%, 08/01/16                  111,367            116,862 
Gold, Pool #E84912, 6.50%, 08/01/16                   66,991             70,297 
Gold, Pool #E85387, 6.00%, 09/01/16                  360,165            374,406 
Gold, Pool #E85800, 6.50%, 10/01/16                   64,177             67,343 
Gold, Pool #E86183, 6.00%, 11/01/16                   32,276             33,552 
Gold, Pool #E01083, 7.00%, 11/01/16                   53,562             56,765 
Gold, Pool #E11207, 7.00%, 11/01/16                  164,125            173,935 
Gold, Pool #E86533, 6.00%, 12/01/16                   81,639             84,867 
Gold, Pool #E87584, 6.00%, 01/01/17                   88,592             92,095 
Gold, Pool #C01095, 6.00%, 01/01/17                   98,965            102,877 
Gold, Pool #E87446, 6.50%, 01/01/17                   44,631             46,829 
Gold, Pool #E86995, 6.50%, 01/01/17                  164,637            172,760 
Gold, Pool #E87291, 6.50%, 01/01/17                  210,940            221,348 
Gold, Pool #E88076, 6.00%, 02/01/17                   70,589             73,369 
Gold, Pool #E01127, 6.50%, 02/01/17                  155,417            163,085 
Gold, Pool #E88106, 6.50%, 02/01/17                  343,905            360,848 
Gold, Pool #C88768, 6.00%, 03/01/17                  292,423            303,986 
Gold, Pool #C88134, 6.00%, 03/01/17                   21,261             22,098 
Gold, Pool #E88474, 6.00%, 03/01/17                  159,169            165,436 
Gold, Pool #E01137, 6.00%, 03/01/17                  141,010            146,562 
Gold, Pool #C01138, 6.50%, 03/01/17                   79,519             83,437 
Gold, Pool #E89151, 6.00%, 04/01/17                  290,561            302,001 

                           PRINCIPAL
                                               AMOUNT                VALUE
------------------------------------------------------------------------------- 

FEDERAL HOME LOAN MORTGAGE CORPORATION (continued)                              
Gold, Pool #E89217, 6.00%, 04/01/17               $   73,628         $   76,527 
Gold, Pool #C01139, 6.00%, 04/01/17                  218,381            226,979 
Gold, Pool #E89347, 6.00%, 04/01/17                   31,485             32,725 
Gold, Pool #E88729, 6.00%, 04/01/17                  148,337            154,178 
Gold, Pool #E89496, 6.00%, 04/01/17                  144,621            150,315 
Gold, Pool #E89149, 6.00%, 04/01/17                  215,133            223,604 
Gold, Pool #E89203, 6.50%, 04/01/17                   73,074             76,674 
Gold, Pool #E89788, 6.00%, 05/01/17                   82,236             85,474 
Gold, Pool #E01140, 6.00%, 05/01/17                  533,966            554,991 
Gold, Pool #E89530, 6.00%, 05/01/17                  382,623            397,689 
Gold, Pool #E89909, 6.00%, 05/01/17                  174,367            181,233 
Gold, Pool #C01156, 6.50%, 05/01/17                  229,992            241,322 
Gold, Pool #E90227, 6.00%, 06/01/17                   96,666            100,472 
Gold, Pool #E01157, 6.00%, 06/01/17                  374,236            388,971 
Gold, Pool #C90313, 6.00%, 06/01/17                   69,538             72,276 
Gold, Pool #E90194, 6.00%, 06/01/17                  153,908            159,968 
Gold, Pool #C90667, 6.00%, 07/01/17                   94,817             98,550 
Gold, Pool #C01205, 6.50%, 08/01/17                  164,207            172,297 
Gold, Pool #G11458, 6.00%, 09/01/17                  370,000            385,095 
Gold, Pool #E93738, 5.50%, 01/01/18                  500,000            515,076 
Gold, Pool #E98207, 5.00%, 04/01/18                  191,088            194,179 
Gold, Pool #E98258, 5.00%, 07/01/18                  909,998            924,717 
Gold, Pool #E97366, 5.00%, 07/01/18                1,463,951          1,487,630 
Gold, Pool #E97702, 5.00%, 07/01/18                2,399,998          2,438,817 
Gold, Pool #E97335, 5.00%, 07/01/18                6,635,002          6,742,320 
Gold, Pool #E98508, 4.50%, 08/01/18                  990,762            989,000 
Gold, Pool #E01446, 4.50%, 09/01/18                2,888,727          2,883,591 
Gold, Pool #E99498, 5.00%, 09/01/18                  428,397            435,326 
Gold, Pool #E99608, 4.50%, 10/01/18                1,195,446          1,193,321 
Gold, Pool #E99675, 5.00%, 10/01/18                2,994,354          3,042,786 
Gold, Pool #E99673, 5.00%, 10/01/18                  300,001            304,853 
Gold, Pool #E01488, 5.00%, 10/01/18                  499,950            508,036 
Gold, Pool #C00351, 8.00%, 07/01/24                   15,384             16,726 
Gold, Pool #D60780, 8.00%, 06/01/25                   25,572             27,764 
Gold, Pool #D82854, 7.00%, 10/01/27                   59,926             63,161 
Gold, Pool #C00566, 7.50%, 12/01/27                   78,661             84,149 
Gold, Pool #C16221, 7.00%, 10/01/28                    3,399              3,582 
Gold, Pool #C00676, 6.50%, 11/01/28                  392,918            409,173 
Gold, Pool #C18271, 7.00%, 11/01/28                   79,121             83,363 
Gold, Pool #C00182, 7.00%, 11/01/28                   98,852            104,151 
Gold, Pool #C24416, 8.50%, 02/01/29                   17,282             18,613 
Gold, Pool #C00836, 7.00%, 07/01/29                   53,603             56,432 
Gold, Pool #C30265, 6.50%, 08/01/29                  148,291            154,376 
Gold, Pool #C31282, 7.00%, 09/01/29                   17,868             18,811 
Gold, Pool #C31285, 7.00%, 09/01/29                  132,820            139,831 
Gold, Pool #C32914, 8.00%, 11/01/29                   96,951            104,453 
Gold, Pool #C37436, 8.00%, 01/01/30                   69,403             74,773 
Gold, Pool #E36306, 7.00%, 02/01/30                   46,163             48,570 
Gold, Pool #C36429, 7.00%, 02/01/30                   84,871             89,298 
Gold, Pool #C00921, 7.50%, 02/01/30                   68,259             72,892 
Gold, Pool #G01108, 7.00%, 04/01/30                   47,973             50,505 
Gold, Pool #C37703, 7.50%, 04/01/30                   52,330             55,882 

2003  ANNUAL  REPORT  81                                                        
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N-CSR 83rd “Page” of 135 TOC 1st Previous Next ↓Bottom Just 83rd
STATEMENT  OF  INVESTMENTS  (Continued)                                         
October  31,  2003                                                              

NATIONWIDE  BOND  INDEX  FUND  (Continued)                                      

U.S.  GOVERNMENT  AND  AGENCY  LONG-TERM  OBLIGATIONS  (CONTINUED)              

                                             PRINCIPAL
                                                         AMOUNT      VALUE
--------------------------------------------------------------------------------

FEDERAL HOME LOAN MORTGAGE CORPORATION (continued)                              
Gold, Pool #G01133, 6.50%, 07/01/30                       $  330,043  $  343,697
Gold, Pool #C41561, 8.00%, 08/01/30                           39,360      42,370
Gold, Pool #C01051, 8.00%, 09/01/30                          170,779     183,837
Gold, Pool #C43550, 7.00%, 10/01/30                          112,067     117,913
Gold, Pool #C44017, 7.50%, 10/01/30                           29,386      31,381
Gold, Pool #C44978, 7.00%, 11/01/30                           71,215      74,930
Gold, Pool #C44535, 7.50%, 11/01/30                           49,324      52,672
Gold, Pool #C44957, 8.00%, 11/01/30                           59,375      63,915
Gold, Pool #C55715, 7.00%, 12/01/30                           37,490      39,445
Gold, Pool #C01103, 7.50%, 12/01/30                           65,486      69,931
Gold, Pool #C01116, 7.50%, 01/01/31                           69,657      74,385
Gold, Pool #C46932, 7.50%, 01/01/31                          156,535     167,160
Gold, Pool #C47287, 7.50%, 02/01/31                           76,019      81,179
Gold, Pool #G01217, 7.00%, 03/01/31                          692,049     728,147
Gold, Pool #C48851, 7.00%, 03/01/31                          141,519     148,896
Gold, Pool #C48206, 7.50%, 03/01/31                           52,729      56,308
Gold, Pool #C48938, 7.50%, 03/01/31                          549,552     586,853
Gold, Pool #C01172, 6.50%, 05/01/31                          371,425     386,352
Gold, Pool #C52685, 6.50%, 05/01/31                          356,415     370,738
Gold, Pool #C52136, 7.00%, 05/01/31                          151,057     158,932
Gold, Pool #C53589, 6.50%, 06/01/31                          748,293     778,366
Gold, Pool #C53324, 7.00%, 06/01/31                          264,019     277,783
Gold, Pool #C01209, 8.00%, 06/01/31                           55,809      60,076
Gold, Pool #C58454, 7.50%, 07/01/31                           40,881      43,656
Gold, Pool #C55071, 7.50%, 07/01/31                           84,129      89,840
Gold, Pool #G01309, 7.00%, 08/01/31                          199,944     210,367
Gold, Pool #C56769, 8.00%, 08/01/31                          179,932     193,577
Gold, Pool #C01220, 6.50%, 09/01/31                           84,253      87,639
Gold, Pool #C58215, 6.50%, 09/01/31                           34,459      35,844
Gold, Pool #C58362, 6.50%, 09/01/31                          189,187     196,790
Gold, Pool #G01311, 7.00%, 09/01/31                           97,229     102,301
Gold, Pool #C01222, 7.00%, 09/01/31                          128,761     135,473
Gold, Pool #G01315, 7.00%, 09/01/31                           41,872      44,056
Gold, Pool #C01244, 6.50%, 10/01/31                          504,160     524,422
Gold, Pool #C58694, 7.00%, 10/01/31                          348,159     366,309
Gold, Pool #C58647, 7.00%, 10/01/31                           29,432      30,967
Gold, Pool #C60991, 6.50%, 11/01/31                           48,590      50,543
Gold, Pool #C60012, 7.00%, 11/01/31                          132,265     139,161
Gold, Pool #C61298, 8.00%, 11/01/31                          125,235     134,733
Gold, Pool #C01271, 6.50%, 12/01/31                          128,123     133,272
Gold, Pool #C61105, 7.00%, 12/01/31                          125,263     131,794
Gold, Pool #C01305, 7.50%, 12/01/31                           85,378      91,173
Gold, Pool #C63171, 7.00%, 01/01/32                          198,209     208,542
Gold, Pool #C62218, 7.00%, 01/01/32                          147,793     155,497
Gold, Pool #C01355, 6.50%, 02/01/32                          195,723     203,589
Gold, Pool #C64121, 7.50%, 02/01/32                          279,729     298,717
Gold, Pool #C64668, 6.50%, 03/01/32                          155,493     161,730
Gold, Pool #C01310, 6.50%, 03/01/32                        1,432,250   1,489,699
Gold, Pool #C65466, 6.50%, 03/01/32                          678,348     705,558
Gold, Pool #C66088, 6.50%, 04/01/32                          567,058     589,803
Gold, Pool #C66192, 6.50%, 04/01/32                          121,145     126,004
Gold, Pool #C01343, 6.50%, 04/01/32                          298,172     310,132

                                             PRINCIPAL
                                                         AMOUNT      VALUE
--------------------------------------------------------------------------------

FEDERAL HOME LOAN MORTGAGE CORPORATION (continued)                              
Gold, Pool #C66191, 6.50%, 04/01/32                       $  161,519  $  167,998
Gold, Pool #C66744, 7.00%, 04/01/32                          131,146     137,962
Gold, Pool #G01391, 7.00%, 04/01/32                          241,475     254,071
Gold, Pool #C01345, 7.00%, 04/01/32                          462,200     486,225
Gold, Pool #C65717, 7.50%, 04/01/32                          182,484     194,880
Gold, Pool #C01370, 8.00%, 04/01/32                          162,272     174,502
Gold, Pool #C67313, 6.50%, 05/01/32                           94,174      97,952
Gold, Pool #C66919, 6.50%, 05/01/32                           80,029      83,239
Gold, Pool #C67097, 6.50%, 05/01/32                          118,391     123,140
Gold, Pool #C01351, 6.50%, 05/01/32                          386,402     401,901
Gold, Pool #C67259, 7.00%, 05/01/32                          127,528     134,157
Gold, Pool #C66916, 7.00%, 05/01/32                          553,697     582,478
Gold, Pool #C67996, 6.50%, 06/01/32                          108,165     112,503
Gold, Pool #C01364, 6.50%, 06/01/32                          410,167     426,619
Gold, Pool #C72497, 6.50%, 06/01/32                          212,354     220,888
Gold, Pool #C72361, 6.50%, 06/01/32                          207,791     216,142
Gold, Pool #C68290, 7.00%, 06/01/32                          116,878     122,953
Gold, Pool #C68307, 8.00%, 06/01/32                          133,373     143,425
Gold, Pool #C71403, 6.50%, 07/01/32                          419,035     435,875
Gold, Pool #G01433, 6.50%, 07/01/32                          253,696     263,872
Gold, Pool #G01449, 7.00%, 07/01/32                        1,269,909   1,336,149
Gold, Pool #C68988, 7.50%, 07/01/32                          148,177     158,243
Gold, Pool #C01385, 6.50%, 08/01/32                          548,421     570,419
Gold, Pool #C69951, 6.50%, 08/01/32                          419,908     436,751
Gold, Pool #G01443, 6.50%, 08/01/32                        1,625,608   1,690,814
Gold, Pool #C74006, 6.50%, 08/01/32                          205,345     213,582
Gold, Pool #G01444, 6.50%, 08/01/32                        1,622,536   1,687,743
Gold, Pool #C70211, 7.00%, 08/01/32                          654,031     688,027
Gold, Pool #C01396, 6.50%, 09/01/32                          821,217     854,157
Gold, Pool #C71089, 7.50%, 09/01/32                          145,539     155,426
Gold, Pool #C01404, 6.50%, 10/01/32                        2,152,139   2,238,464
Gold, Pool #C72160, 7.50%, 10/01/32                          262,869     280,727
Gold, Pool #C73984, 6.50%, 12/01/32                          331,956     345,271
Gold, Pool #C77531, 6.50%, 02/01/33                          715,242     743,931
Gold, Pool #A11094, 5.50%, 06/01/33                          286,281     288,811
Gold, Pool #A10212, 6.50%, 06/01/33                          293,086     304,844
Gold, Pool #C01598, 5.00%, 08/01/33                        3,899,611   3,840,234
Gold, Pool #A14235, 5.00%, 10/01/33                        2,780,000   2,737,671
Gold, Pool #A14803, 5.00%, 10/01/33                        8,500,000   8,370,576
Gold, Pool #C01648, 5.00%, 10/01/33                          500,000     492,387
TBA, 4.00%, 11/01/18 (c)                                   2,000,000   1,948,750
TBA, 4.50%, 11/01/18 (c)                                   6,610,000   6,591,413
TBA, 5.50%, 11/01/18 (c)                                   6,397,000   6,586,914
TBA, 6.00%, 11/01/18 (c)                                     300,000     311,719
TBA, 5.50%, 12/01/18 (c)                                     300,000     307,969
TBA, 6.00%, 12/01/18 (c)                                     300,000     311,063
TBA, 7.50%, 12/01/18 (c)                                     300,000     319,031
TBA, 4.00%, 01/01/19 (c)                                   2,600,000   2,516,311
TBA, 4.50%, 01/01/19 (c)                                   2,040,000   2,020,236
TBA, 5.50%, 01/01/19 (c)                                     300,000     308,531
TBA, 6.00%, 10/01/33 (c)                                         153         157
TBA, 5.00%, 11/01/33 (c)                                   1,200,000   1,180,874

82   ANNUAL REPORT 2003                                                         
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N-CSR 84th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 84th
U.S.  GOVERNMENT  AND  AGENCY  LONG-TERM OBLIGATIONS  (CONTINUED)               

                   PRINCIPAL
                                AMOUNT       VALUE
----------------------------------------------------------------------          

FEDERAL HOME LOAN MORTGAGE CORPORATION (continued)                              
TBA, 5.50%, 11/01/33 (c)                     $32,009,000  $ 32,269,073          
TBA, 6.00%, 11/01/33 (c)                      23,951,000    24,579,714          
TBA, 6.50%, 11/01/33 (c)                       4,100,000     4,264,000          
TBA, 6.00%, 12/01/33 (c)                       1,200,000     1,227,374          
TBA, 4.50%, 01/01/34 (c)                         900,000       852,188          
TBA, 5.00%, 01/01/34 (c)                       4,200,000     4,104,190          
TBA, 5.50%, 01/01/34 (c)                         900,000       900,281          
TBA, 6.00%, 01/01/34 (c)                         520,000       533,000          
TBA, 7.00%, 01/01/34 (c)                         460,000       483,288          
                                                ------------
                                                 188,058,521
                                                ------------

----------------------------------------------------------------------          
FEDERAL NATIONAL MORTGAGE ASSOCIATION (12.9%)                                   
6.85%, 04/05/04                                   10,000        10,242          
3.50%, 09/15/04                               11,600,000    11,816,526          
5.75%, 02/15/08                               20,350,000    22,298,491          
6.63%, 11/15/10                                9,270,000    10,590,669          
5.50%, 03/15/11                                2,570,000     2,759,216          
5.38%, 11/15/11                                3,365,000     3,564,726          
4.38%, 03/15/13                                9,605,000     9,367,920          
Series 2003-16, 5.00%, 03/25/18                6,921,551     6,925,285          
Pool #709921, 5.00%, 06/01/18                    342,011       347,650          
Pool #560868, 7.50%, 02/01/31                     49,238        52,466          
Pool #607559, 6.50%, 11/01/31                     38,115        39,604          
Pool #607632, 6.50%, 11/01/31                     20,589        21,393          
                                                ------------
                                                  67,794,188
                                                ------------

----------------------------------------------------------------------          
FINANCING CORPORATION (0.0%)                                                    
9.80%, 11/30/17                                   30,000        43,795          
                                                ------------

----------------------------------------------------------------------          
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (4.7%)                                 
Pool #279461, 9.00%, 11/15/19                     23,353        25,917          
Pool #376510, 7.00%, 05/15/24                     62,859        66,963          
Pool #780678, 6.50%, 11/15/27                     46,628        48,975          
Pool #457801, 7.00%, 08/15/28                    104,079       110,411          
Pool #486936, 6.50%, 02/15/29                     81,964        85,890          
Pool #490258, 6.50%, 02/15/29                     35,978        37,701          
Pool #502969, 6.00%, 03/15/29                    185,304       191,589          
Pool #487053, 7.00%, 03/15/29                     99,769       105,805          
Pool #781014, 6.00%, 04/15/29                    175,132       181,170          
Pool #509099, 7.00%, 06/15/29                     91,306        96,830          
Pool #470643, 7.00%, 07/15/29                    473,197       501,825          
Pool #434505, 7.50%, 08/15/29                     22,578        24,137          
Pool #416538, 7.00%, 10/15/29                     41,176        43,667          
Pool #524269, 8.00%, 11/15/29                     40,635        43,871          
Pool #781265, 6.50%, 12/15/29                    228,753       239,757          
Pool #781124, 7.00%, 12/15/29                    500,000       530,333          
Pool #525561, 8.00%, 01/15/30                     61,564        66,457          
Pool #507396, 7.50%, 09/15/30                    451,426       482,449          
Pool #531352, 7.50%, 09/15/30                    111,994       119,691          
Pool #536334, 7.50%, 10/15/30                     11,923        12,743          
Pool #519020, 7.50%, 11/15/30                     23,789        25,423          

                   PRINCIPAL
                                AMOUNT       VALUE
----------------------------------------------------------------------          
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (continued)                            
Pool #545233, 7.50%, 12/15/30                $    12,047  $     12,875          
Pool #540659, 7.00%, 01/15/31                     45,159        47,866          
Pool #486019, 7.50%, 01/15/31                     66,706        71,263          
Pool #535388, 7.50%, 01/15/31                     87,560        93,542          
Pool #537406, 7.50%, 02/15/31                     24,766        26,458          
Pool #528589, 6.50%, 03/15/31                    185,577       194,427          
Pool #520073, 6.50%, 04/15/31                  1,109,442     1,162,349          
Pool #533723, 7.50%, 04/15/31                     51,542        55,063          
Pool #508473, 7.50%, 04/15/31                    227,059       242,572          
Pool #544470, 8.00%, 04/15/31                    107,206       115,722          
Pool #781287, 7.00%, 05/15/31                    333,546       353,673          
Pool #541499, 6.50%, 07/15/31                     99,713       104,468          
Pool #781319, 7.00%, 07/15/31                    122,192       129,535          
Pool #549742, 7.00%, 07/15/31                    152,598       161,746          
Pool #485879, 7.00%, 08/15/31                    206,556       218,938          
Pool #781328, 7.00%, 09/15/31                    301,597       319,801          
Pool #555125, 7.00%, 09/15/31                     66,483        70,469          
Pool #485857, 6.50%, 10/15/31                     64,641        67,723          
Pool #550991, 6.50%, 10/15/31                    118,698       124,358          
Pool #571267, 7.00%, 10/15/31                     67,113        71,136          
Pool #547948, 6.50%, 11/15/31                     84,437        88,463          
Pool #568201, 6.50%, 11/15/31                     85,295        89,362          
Pool #574837, 7.50%, 11/15/31                    107,438       114,779          
Pool #555171, 6.50%, 12/15/31                     62,626        65,612          
Pool #427546, 6.50%, 12/15/31                     75,892        79,511          
Pool #781380, 7.50%, 12/15/31                    124,679       133,238          
Pool #781481, 7.50%, 01/15/32                    657,886       703,130          
Pool #580972, 6.50%, 02/15/32                    109,341       114,489          
Pool #781401, 7.50%, 02/15/32                    377,987       403,898          
Pool #579669, 6.50%, 03/15/32                    385,343       403,485          
Pool #552474, 7.00%, 03/15/32                    304,615       322,679          
Pool #781478, 7.50%, 03/15/32                    192,615       205,862          
Pool #781429, 8.00%, 03/15/32                    283,968       306,473          
Pool #569426, 6.50%, 05/15/32                    275,471       288,440          
Pool #581925, 6.50%, 05/15/32                    119,505       125,132          
Pool #587661, 6.50%, 05/15/32                    526,288       551,066          
Pool #583942, 6.50%, 06/15/32                    407,746       426,943          
Pool #583645, 8.00%, 07/15/32                    154,298       166,524          
Pool #565506, 6.50%, 09/15/32                    284,375       297,763          
Pool #590424, 6.50%, 09/15/32                    187,485       196,311          
Pool #595077, 6.00%, 10/15/32                    664,174       686,413          
Pool #596657, 7.00%, 10/15/32                    139,691       147,975          
Pool #588192, 6.00%, 02/15/33                    363,231       375,311          
Pool #602102, 6.00%, 02/15/33                    946,879       978,371          
Pool #602779, 6.50%, 02/15/33                    487,754       510,710          
Pool #604243, 6.00%, 04/15/33                  1,470,558     1,519,466          
Pool #611526, 6.00%, 05/15/33                    425,727       439,887          
Pool #619587, 5.00%, 07/15/33                    799,999       791,508          
Pool #572733, 6.00%, 07/15/33                    336,720       347,919          
Pool #620452, 5.50%, 08/15/33                    998,360     1,012,098          
Pool #566495, 5.00%, 09/15/33                    359,514       355,698          
Pool #621697, 4.50%, 10/15/33                  1,500,000     1,427,828          

2003  ANNUAL  REPORT  83                                                        
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N-CSR 85th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 85th
STATEMENT  OF  INVESTMENTS  (Continued)                                         
October  31,  2003                                                              

NATIONWIDE  BOND  INDEX  FUND  (Continued)                                      

U.S.  GOVERNMENT  AND  AGENCY  LONG-TERM  OBLIGATIONS  (CONTINUED)              

                                                                [Download Table]

                                              PRINCIPAL                            
                                               AMOUNT                      VALUE   
-----------------------------------------------------------------------------------
                                                                                   
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION                                           
(continued)                                                                        
Pool #608319, 5.50%, 10/15/33                $ 3,700,000                $ 3,750,915
TBA, 4.50%, 12/01/33 (c)                         700,000                    663,688
                                                                        -----------
                                                                         24,776,535
                                                                        -----------

-----------------------------------------------------------------------------------
TENNESSEE VALLEY AUTHORITY (0.0%)                                                  
6.25%, 12/15/17                                   85,000                     93,831
                                                                        -----------

-----------------------------------------------------------------------------------
U.S.TREASURY BONDS (5.4%)                                                          
8.75%, 11/15/08                                   35,000                     35,088
8.75%, 05/15/17                                4,360,000                  6,073,855
8.50%, 02/15/20                                2,900,000                  4,024,202
8.75%, 08/15/20                                  150,000                    213,070
6.25%, 08/15/23                                7,820,000                  8,825,606
6.38%, 08/15/27                                6,380,000                  7,346,717
5.38%, 02/15/31                                1,755,000                  1,813,613
                                                                        -----------
                                                                         28,332,151
                                                                        -----------

-----------------------------------------------------------------------------------
U.S.TREASURY NOTES (12.4%)                                                         
5.25%, 05/15/04                                2,465,000                  2,519,499
5.88%, 11/15/04                                9,735,000                 10,190,948
1.75%, 12/31/04                                2,270,000                  2,280,642
1.63%, 01/31/05                                3,010,000                  3,018,464
5.75%, 11/15/05                               25,530,000                 27,504,593
4.38%, 05/15/07                                4,305,000                  4,554,892
3.25%, 08/15/07                                2,260,000                  2,298,933
3.00%, 11/15/07                                1,965,000                  1,974,518
2.63%, 05/15/08                                2,405,000                  2,357,557
3.13%, 09/15/08                                1,820,000                  1,811,683
4.88%, 02/15/12                                1,000,000                  1,054,922
4.38%, 08/15/12                                  495,000                    502,502
4.00%, 11/15/12                                5,180,000                  5,101,694
                                                                        -----------
                                                                         65,170,847
                                                                        -----------

TOTAL U.S.GOVERNMENT AND AGENCY LONG-TERM OBLIGARTIONS                  374,269,868
                                                                        -----------

CORPORATE BONDS (25.9%)                                                            

AEROSPACE (0.6%)                                                                   
General Dynamics Corp., 3.00%,                                                     
05/15/08                                         425,000                    414,083
Lockheed Martin Corp., 8.50%,                                                      
12/01/29                                         600,000                    780,064
Northrop Grumman Corp., 7.13%,                                                     
02/15/11                                         335,000                    384,949
Raytheon Co., 6.30%, 03/15/05                    190,000                    199,823
Raytheon Co., 6.50%, 07/15/05                    135,000                    144,519
Raytheon Co., 8.20%, 03/01/06                    600,000                    670,786
Raytheon Co., 8.30%, 03/01/10                    250,000                    297,007
Raytheon Co., 5.50%, 11/15/12                    150,000                    151,058
United Technologies Corp., 6.35%, 03/01/11       225,000                    249,297
                                                                        -----------
                                                                          3,291,586
                                                                        -----------

CORPORATE  BONDS  (CONTINUED)                                                      

                                              PRINCIPAL                            
                                               AMOUNT                      VALUE   
-----------------------------------------------------------------------------------

AGRICULTURAL PRODUCTS (0.1%)                                                       
Potash Corporation of Saskatchewan, Inc.,                                          
7.75%, 05/31/11                              $     70,000               $   81,281 
Potash Corporation of Saskatchewan, Inc.,                                          
4.88%, 03/01/13                                   250,000                  242,585 
                                                                        ---------- 
                                                                           323,866 
                                                                        ---------- 

---------------------------------------------------------------------------------- 
AIRLINES (0.1%)                                                                    
Continental Airlines, Inc., 6.56%,                                                 
02/15/12                                          395,000                  424,052 
Southwest Airlines Corp., 8.00%,                                                   
03/01/05                                           40,000                   42,735 
Southwest Airlines Corp., 7.88%,                                                   
09/01/07                                           24,000                   27,337 
                                                                        ---------- 
                                                                           494,124 
                                                                        ---------- 

---------------------------------------------------------------------------------- 
AUTO PARTS & EQUIPMENT (0.1%)                                                      
Delphi Auto Systems Corp., 6.55%,                                                  
06/15/06                                          120,000                  127,866 
Visteon Corp., 8.25%, 08/01/10                    150,000                  159,062 
                                                                        ---------- 
                                                                           286,928 
                                                                        ---------- 

---------------------------------------------------------------------------------- 
AUTOMOBILES (0.3%)                                                                 
DaimlerChrysler AG, 6.40%, 05/15/06               350,000                  374,147 
DaimlerChrysler AG, 7.30%, 01/15/12               250,000                  270,262 
DaimlerChrysler AG, 8.50%, 01/18/31               150,000                  168,222 
Ford Motor Co., 7.45%, 07/16/31                   700,000                  628,809 
General Motors, 7.13%, 07/15/13                   250,000                  260,156 
                                                                        ---------- 
                                                                         1,701,596 
                                                                        ---------- 

---------------------------------------------------------------------------------- 
BANKING (3.3%)                                                                     
Anadarko Finance Co., 6.75%,                                                       
05/01/11                                          200,000                  224,900 
Andina de Fomento Corp., 6.88%,                                                    
03/15/12                                          400,000                  440,090 
Bank of America Corp., 5.88%,                                                      
02/15/09                                          400,000                  437,388 
Bank of America Corp., 4.88%,                                                      
09/15/12                                          490,000                  488,880 
Bank of America Corp., 4.88%,                                                      
01/15/13                                          250,000                  248,660 
Bank of New York Corp., 5.20%,                                                     
07/01/07                                           60,000                   64,151 
Bank One Corp., 6.88%, 08/01/06                   115,000                  127,697 
Bank One Corp., 4.13%, 09/01/07                   615,000                  633,381 
Bank One Corp., 7.88%, 08/01/10                   100,000                  119,481 
Bank One Corp., 8.00%, 04/29/27                   122,000                  149,937 
BB&T Corp., 6.50%, 08/01/11                       300,000                  334,404 
BHP Finance Corp., 6.42%, 03/01/26                135,000                  141,144 
BSCH Issuances Ltd., 7.63%,                                                        
09/14/10                                          100,000                  117,450 
Citigroup, Inc., 7.25%, 10/01/10                  325,000                  378,103 
Citigroup, Inc., 5.70%, 02/06/04                  500,000                  505,692 
Citigroup, Inc., 6.50%, 02/07/06                  400,000                  434,250 
Citigroup, Inc., 6.63%, 06/15/32                  565,000                  611,329 
Comerica, Inc., 4.80%, 05/01/15                   300,000                  286,597 
Deutsche Bank AG, 7.50%, 04/25/09                 100,000                  116,388 
First Union Corp., 7.55%, 08/18/05                540,000                  592,411 
First Union Corp., 7.00%, 03/15/06                500,000                  554,367 
Firstbank Puerto Rico Corp., 7.63%,                                                
 12/20/05                                         100,000                  107,651 
FleetBoston Financial Corp., 3.85%,                                                
02/15/08                                          250,000                  253,055 
FleetBoston Financial Corp.,                                                       
7.25%,09/15/05                                    250,000                  273,140 
FleetBoston Financial Corp.,                                                       
4.20%,11/30/07                                    300,000                  308,854 

84     ANNUAL  REPORT  2003                                                     
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N-CSR 86th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 86th
CORPORATE  BONDS  (CONTINUED)                                                   

               PRINCIPAL
                            AMOUNT       VALUE
------------------------------------------------------------------              

BANKING (continued)                                                             
HBOS PLC, 5.38%, 11/29/49 (b) (d)          $  600,000  $   603,035              
HSBC Holdings PLC, 7.50%, 07/15/09            255,000      296,216              
Inter-American Development Bank,                                                
5.75%, 02/26/08                               250,000      274,395              
Inter-American Development Bank,                                                
6.80%, 10/15/25                               470,000      552,793              
International Bank for Reconstruction                                           
& Development, 4.75%, 04/30/04               635,000      645,961             
International Bank for Reconstruction                                           
& Development, 3.50%, 10/22/04               150,000      153,023             
International Bank for Reconstruction                                           
& Development, 7.63%, 01/19/23                750,000      954,022              
JP Morgan Chase & Co., 6.25%,                                                   
01/15/09                                      100,000      109,320              
JP Morgan Chase & Co., 6.63%,                                                   
03/15/12                                      690,000      767,250              
KFW International Finance, Inc., 4                                              
..75%, 01/24/07                                305,000      325,238             
M & T Bank Corp., 3.85%, 04/01/13             300,000      297,628              
Marshall & Ilsley, Inc., 4.13%, 09/04/07      125,000      129,901              
MBNA America Bank Corp., 6.88%,                                                 
07/15/04 (b)                                  250,000      258,231              
MBNA America Bank Corp., 7.13%,                                                 
11/15/12                                      190,000      215,356              
National City Bank Corp., 4.00%,                                                
09/28/07                                      300,000      304,929              
Nationsbank Corp., 6.60%, 05/15/10            200,000      220,575              
PNC Funding Corp., 5.25%, 11/15/15            600,000      594,786              
Regions Financial Corp., 6.38%,                                                 
05/15/12                                      150,000      164,358              
Sovereign Bancorp., Inc., 5.13%,                                                
03/15/13                                      200,000      195,685              
St. George Bank Ltd., 5.30%,                                                    
10/15/15 (b)                                 400,000      397,890             
SunTrust Banks, Inc., 5.45%, 12/01/17         310,000      316,480              
U.S. Bancorp, 1.29%, 09/16/05 (d)             300,000      300,225              
Wells Fargo & Co., 7.25%, 08/24/05            400,000      436,912              
Wells Fargo & Co., 6.45%, 02/01/11            850,000      949,992              
Westpac Banking Corp., 4.63%,                                                   
06/01/18                                      250,000      231,091              
                                         -----------
                                          17,644,692
                                         -----------

------------------------------------------------------------------              
BEVERAGES (0.2%)                                                                
Brown-Forman Corp., 3.00%, 03/15/08           250,000      244,187              
Cadbury Schweppes PLC, 5.13%,                                                   
10/01/13 (b)                                  300,000      297,572              
Cia Brasileira de Bebida Corp.,                                                 
8.75%, 09/15/13 (b)                           400,000      413,999              
Miller Brewing Co., 5.50%, 08/15/13 (b)       250,000      255,093              
                                         -----------
                                           1,210,851
                                         -----------

------------------------------------------------------------------              
BUILDING & CONSTRUCTION (0.3%)                                                  
Celulosa Arauco Constitu, 5.13%,                                                
07/09/13 (b)                                  300,000      291,839              
Centex Corp., 7.88%, 02/01/11                 250,000      291,725              
Hanson Australia Funding, 5.25%,                                                
03/15/13                                      250,000      248,142              
Korea Development Bank Corp.,                                                   
4.25%, 11/13/07                               250,000      253,319              
Lennar Corp., 5.95%, 03/01/13                  90,000       93,842              
Masco Corp., 6.00%, 05/03/04                  135,000      137,797              
MDC Holdings, Inc., 5.50%, 05/15/13           100,000       99,632              
Pulte Homes, Inc., 7.88%, 08/01/11             40,000       46,851              
Toll Brothers, Inc., 6.88%, 11/15/12          150,000      164,631              
                                         -----------
                                           1,627,778
                                         -----------

               PRINCIPAL
                             AMOUNT      VALUE
------------------------------------------------------------------              
BUSINESS SERVICES (0.1%)                                                        
Fiserv Inc., 4.00%, 04/15/08               $  200,000  $   198,790              
Pitney Bowes, Inc., 4.75%, 05/15/18           150,000      142,148              
                                         -----------
                                             340,938
                                         -----------

------------------------------------------------------------------              
CABLE (0.3%)                                                                    
Comcast Corp., 5.85%, 01/15/10                465,000      494,005              
Comcast Corp., 7.05%, 03/15/33                250,000      266,350              
Cox Communications, Inc., 7.13%, 10/01/12     200,000      227,000              
Harris Corp., 6.35%, 02/01/28                 250,000      265,484              
USA Interactive, 7.00%, 01/15/13              290,000      320,371              
                                         -----------
                                           1,573,210
                                         -----------

------------------------------------------------------------------              
CHEMICALS (0.1%)                                                                
Chevron Phillips Chemical, 5.38%, 06/15/07    100,000      106,189              
Dow Chemical Co., 5.75%, 11/15/09             170,000      179,260              
ICI North America, 8.88%, 11/15/06            300,000      347,529              
Praxair, Inc., 6.85%, 06/15/05                 70,000       74,968              
                                         -----------
                                             707,946
                                         -----------

------------------------------------------------------------------              
COMMERCIAL SERVICES (0.2%)                                                      
Aramark Corp., 6.75%, 08/01/04                100,000      103,191              
Aramark Services, Inc., 6.38%,02/15/08        140,000      149,538              
Cendant Corp., 6.88%, 08/15/06                580,000      637,354              
                                         -----------
                                             890,083
                                         -----------

------------------------------------------------------------------              
COMPUTERS (0.2%)                                                                
First Data Corp., 6.38%, 12/15/07             350,000      384,965              
Hewlett-Packard Co., 6.50%, 07/01/12          250,000      277,922              
Hewlett-Packard Co., 3.63%, 03/15/08          250,000      249,442              
IBM Corp., 6.45%, 08/01/07                    115,000      127,695              
IBM Corp., 4.75%, 11/29/12                    100,000       99,997              
Kern River Funding Corp., 4.89%,04/30/18 (b)   97,964       96,107              
                                         -----------
                                           1,236,128
                                         -----------

------------------------------------------------------------------              
CONTAINERS (0.2%)                                                               
Newell Rubbermaid, Inc., 4.63%, 12/15/09      350,000      349,779              
Newell Rubbermaid, Inc., 4.00%, 05/01/1       150,000      141,656              
Packaging Corp. of America, 5.75%,                                              
08/01/13 (b)                                  150,000      149,540            
Sealed Air Corp., 5.38%, 04/15/08 (b)         200,000      207,870              
Sealed Air Corp., 6.95%, 05/15/09 (b)          55,000       60,739              
                                         -----------
                                             909,584
                                         -----------

------------------------------------------------------------------              
DEPARTMENT STORES (0.4%)                                                        
Federated Department Stores, 6.63%, 04/01/11  370,000      411,281              
Federated Department Stores, 6.90%, 04/01/29  250,000      267,539              
Kimberly-Clark Corp., 7.10%, 08/01/07         106,000      120,747              
Kohl's Corp., 6.30%, 03/01/11                  50,000       55,659              

2003  ANNUAL  REPORT  85                                                        
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N-CSR 87th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 87th
STATEMENT  OF  INVESTMENTS  (Continued)                                         
October  31,  2003                                                              

NATIONWIDE  BOND  INDEX  FUND  (Continued)                                      

CORPORATE  BONDS  (CONTINUED)                                                   

                                 PRINCIPAL
                                           AMOUNT      VALUE
--------------------------------------------------------------------------      

DEPARTMENT STORES (continued)                                                   

Sears Roebuck Acceptance Corp., 7.00%, 06/01/32     $  260,000  $  283,988      
Target Corp., 10.00%, 01/01/11                         112,000     147,090      
Target Corp., 7.00%, 07/15/31                          295,000     333,084      
Wal-Mart Stores, Inc., 6.88%, 08/10/09                 300,000     344,232      
                                                          ----------
                                                           1,963,620
                                                          ----------

--------------------------------------------------------------------------      
ELECTRIC - INTEGRATED (1.0%)                                                    
Amerenenergy Generating Co.,                                                    
7.95%, 06/01/32                                       105,000     127,819     
American Electric Power Co.,                                                    
6.13%, 05/15/06                                       400,000     429,620     
Cincinnati Gas & Electric Corp.,                                                
5.70%, 09/15/12                                         70,000      72,972      
Commonwealth Edison Corp.,                                                      
6.15%, 03/15/12                                        200,000     217,200      
Conectiv, Inc., 5.30%, 06/01/05                         45,000      46,386      
Consolidated Edison, Co., 7.15%,                                                
12/01/09                                                60,000      69,166      
Consolidated Edison Co., 4.88%,                                                 
02/01/13                                               60,000      60,106     
Constellation Energy Group, Inc.,                                               
6.13%, 09/01/09                                        280,000     306,341      
Consumers Energy Co., 4.25%,                                                    
04/15/08 (b)                                          205,000     206,316     
Consumers Energy Co., 4.00%,                                                    
05/15/10 (b)                                          200,000     191,373     
Dominion Resource, Inc., 6.30%,                                                 
03/15/33                                              125,000     125,740     
Duke Energy Corp., 3.75%, 03/05/08                     200,000     199,910      
Duke Energy Corp., 6.25%, 01/15/12                     325,000     348,602      
Emerson Electric Co., 7.88%, 06/01/05                  115,000     125,573      
Entergy Mississippi, Inc., 5.15%,                                               
02/01/13 (b)                                           490,000     477,832      
General Electric Co., 5.00%, 02/01/13                  200,000     201,267      
Georgia Power Corp., 5.13%, 11/15/12                   180,000     183,846      
Midamerican Energy Holdings Co.,                                                
5.88%, 10/01/12                                        175,000     181,068      
New York State Electric & Gas Corp.,                                            
5.75%, 05/01/23                                        100,000      93,929      
Ohio Power Co., 6.60%, 02/15/33 (b)                    200,000     207,868      
Oncor, Inc., 6.38%, 05/01/12                           165,000     180,776      
Pepco Holdings, Inc., 4.00%, 05/15/10                  200,000     193,509      
PSEG Power Corp., 6.95%, 06/01/12                      125,000     139,960      
Public Service Electric & Gas, 5.13%,                                           
09/01/12                                               330,000     334,141      
Public Service New Mexico Corp.,                                                
4.40%, 09/15/08                                       175,000     176,517     
Southern Power Co., 6.25%, 07/15/12                    225,000     242,921      
Wisconsin Electric Power, 5.63%,                                                
05/15/33                                               100,000      95,554      
                                                          ----------
                                                           5,236,312
                                                          ----------

--------------------------------------------------------------------------      
ELECTRIC - DISTRIBUTION (0.2%)                                                  
Entergy Gulf States, Inc., 5.25%,                                               
08/01/15                                              300,000     288,377     
Hydro Quebec Corp., 8.88%,                                                      
03/01/26                                               265,000     366,878      
Pepco Holdings, Inc., 6.45%,                                                    
08/15/12                                              180,000     195,073     
                                                          ----------
                                                             850,328
                                                          ----------

--------------------------------------------------------------------------      
ELECTRONICS (0.2%)                                                              
Exelon Corp., 6.75%, 05/01/11                           80,000      88,650      
Florida Power & Light Co., 6.88%,                                               
12/01/05                                               225,000     245,744      
Progress Energy, Inc., 5.85%, 10/30/08                 105,000     112,735      
Progress Energy, Inc., 7.10%, 03/01/11                 440,000     496,292      
Scana Corp., 6.88%, 05/15/11                            50,000      56,264      
                                                          ----------
                                                             999,685
                                                          ----------

                                 PRINCIPAL
                                           AMOUNT      VALUE
--------------------------------------------------------------------------      
FARM MACHINERY & EQUIPMENT (0.1%)                                               
Deere & Co., 7.85%, 05/15/10                        $  220,000  $  264,937      
                                                          ----------

--------------------------------------------------------------------------      
FINANCIAL SERVICES (4.6%)                                                       
Ace Ina Holdings, 8.30%, 08/15/06                      250,000     283,923      
American Express Co,, 6.88%,                                                    
11/01/05                                              100,000     109,310     
American Honda Financial, 1.42%,                                                
10/03/05 (b) (d)                                       245,000     245,915      
Aristar, Inc., 7.38%, 09/01/04                         150,000     157,230      
Associates Corp. of North America,                                              
6.95%, 11/01/18                                        575,000     655,529      
AXA Financial, Inc., 7.75%, 08/01/10                   100,000     117,999      
Bear Stearns Co., Inc., 7.63%                                                   
, 02/01/05                                             165,000     177,084      
Bear Stearns Co., Inc., 5.70%,                                                  
11/15/14                                              325,000     337,488     
Boeing Capital Corp., 6.10%,                                                    
03/01/11                                               85,000      90,454     
Capital One Bank, 6.88%, 02/01/06                      120,000     130,248      
Capital One Bank, 4.88%, 05/15/08                      200,000     205,089      
Caterpillar Financial Services Corp.,                                           
4.88%, 06/15/07                                         90,000      95,724      
CIT Group, Inc., 5.63%, 05/17/04                       105,000     107,338      
CitiFinancial Credit Co., 10.00%,                                               
05/15/09                                               100,000     127,342      
Countrywide Financial Corp., 5.25%,                                             
06/15/04                                               290,000     296,551      
Countrywide Financial Corp., 5.63%,                                             
07/15/09                                               500,000     533,742      
Credit Suisse First Boston USA, Inc.,                                           
5.88%, 08/01/06                                        600,000     648,196      
Credit Suisse First Boston USA, Inc.,                                           
6.13%, 11/15/11                                        200,000     216,138      
Credit Suisse First Boston USA, Inc.,                                           
6.50%, 01/15/12                                        250,000     276,080      
Ford Motor Credit Co., 6.88%,                                                   
02/01/06                                              680,000     711,683     
Ford Motor Credit Co., 6.50%,                                                   
01/25/07                                              650,000     670,663     
Ford Motor Credit Co., 7.38%,                                                   
02/01/11                                              435,000     442,897     
Ford Motor Credit Co., 7.25%,                                                   
10/25/11                                               840,000     853,174      
Ford Motor Credit Co., 7.00%,                                                   
10/01/13                                               250,000     245,761      
General Electric Capital Corp,                                                  
6.00%, 06/15/12                                        150,000     161,417      
General Electric Capital Corp.,                                                 
4.25%, 01/15/08                                        210,000     216,228      
General Electric Capital Corp.,                                                 
5.88%, 02/15/12                                        100,000     106,781      
General Electric Capital Corp.,                                                 
6.75%, 03/15/32                                      1,140,000   1,264,103      
General Motors Acceptance Corp.,                                                
6.85%, 06/17/04                                        725,000     746,527      
General Motors Acceptance Corp.,                                                
6.13%, 08/28/07                                        400,000     421,378      
General Motors Acceptance Corp.,                                                
7.75%, 01/19/10                                         50,000      54,374      
General Motors Acceptance Corp.,                                                
7.00%, 02/01/12                                        390,000     403,083      
General Motors Acceptance Corp.,                                                
6.88%, 08/28/12                                        450,000     461,282      
General Motors Acceptance Corp.,                                                
8.00%, 11/01/31                                        800,000     822,721      
Golden West Financial Corp.,                                                    
4.75%, 10/01/12                                       265,000     263,734     
Goldman Sachs Group, Inc.,                                                      
7.63%, 08/17/05                                       525,000     576,198     
Goldman Sachs Group, Inc.,                                                      
4.13%, 01/15/08                                        80,000      81,677     
Goldman Sachs Group, Inc.,                                                      
6.88%, 01/15/11                                        175,000     197,914      
Goldman Sachs Group, Inc.,                                                      
6.13%, 02/15/33                                        500,000     499,206      
Household Finance Corp.,                                                        
5.88%, 02/01/09                                        720,000     778,623      
Household Finance Corp.,                                                        
7.00%, 05/15/12                                        500,000     567,836      
International Lease Finance Corp.,                                              
5.35%, 05/03/04                                        200,000     203,676      
International Lease Finance Corp.,                                              
4.38%, 12/15/05                                        450,000     466,509      
International Lease Finance Corp.,                                              
4.00%, 01/17/06                                        250,000     257,145      
J. Paul Getty Trust Corp., 5.88%,                                               
10/01/33                                             2,500,000   2,455,609      
John Hancock Financial Services, Inc.,                                          
5.63%, 12/01/08                                        100,000     107,794      
Lehman Brothers Holdings, Inc.,                                                 
6.63%, 04/01/04                                        200,000     204,381      

86     ANNUAL  REPORT  2003                                                     
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CORPORATE  BONDS  (CONTINUED)                                                   

                                                        [Enlarge/Download Table]

                                                               PRINCIPAL                       
                                                                 AMOUNT                VALUE   
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FINANCIAL SERVICES (continued)                                                                 
Lehman Brothers Holdings, Inc.,                                                                
3.50%, 08/07/08                                                $  400,000           $   394,198
Lehman Brothers Holdings, Inc.,                                                                
 7.88%, 08/15/10                                                   97,000               114,481
Lehman Brothers Holdings, Inc.,                                                                
6.63%, 01/18/12                                                   500,000               559,497
Mellon Financial Corp., 7.00%, 03/15/06                           200,000               221,537
Mellon Financial Corp., 6.40%, 05/14/11                           450,000               499,284
Mellon Financial Corp., 5.00%, 12/01/14                           200,000               200,103
Morgan Stanley, 7.75%, 06/15/05                                   200,000               218,182
Morgan Stanley, 6.10%, 04/15/06                                   300,000               325,129
Morgan Stanley, 3.63%, 04/01/08                                   350,000               348,847
Morgan Stanley, 6.60%, 04/01/12                                   450,000               501,065
Morgan Stanley, 5.30%, 03/01/13                                   325,000               329,830
Nisource Finance Corp., 7.63%, 11/15/05                           170,000               186,396
Prudential Financial, Inc., 3.75%,                                                             
05/01/08                                                          205,000               204,370
Synovus Financial Corp., 4.88%,                                                                
02/15/13                                                          150,000               146,760
Textron Financial Corp., 2.75%, 06/01/06                          435,000               432,160
Wachovia Corp., 4.95%, 11/1/06,                                                                
4.95%, 11/01/06                                                   650,000               689,721
Washington Mutual, Inc., 4.38%, 01/15/08                          250,000               255,997
Washington Mutual, Inc., 5.50%, 01/15/13                          100,000               102,367
                                                                                    -----------
                                                                                     24,783,678
                                                                                    -----------

-----------------------------------------------------------------------------------------------
FOOD & RELATED (1.0%)                                                                          
Anheuser-Busch Co., Inc., 6.00%, 11/01/41                         250,000               252,250
Archer Daniels Midland Co., 5.94%, 10/01/32                       285,000               282,452
Campbell Soup Co., 4.88%, 10/01/13                                400,000               397,641
Coca-Cola Bottling Co., 5.00%, 11/15/12                           150,000               147,858
Coca-Cola Enterprises, Inc., 6.13%, 08/15/11                      160,000               175,503
Coca-Cola Enterprises, Inc., 6.75%, 09/15/28                      395,000               435,708
Conagra Foods, Inc., 6.75%, 09/15/11                              150,000               168,829
Conagra Foods, Inc., 7.00%, 10/01/28                              300,000               328,202
Diageo Capital PLC, 3.50%, 11/19/07                                60,000                60,191
General Mills, Inc., 6.00%, 02/15/12                              550,000               588,013
Kellogg Co., 6.00%, 04/01/06                                      163,000               175,546
Kraft Foods, Inc., 4.63%, 11/01/06                                 15,000                15,634
Kraft Foods, Inc., 5.63%, 11/01/11                                260,000               270,420
Kroger Co., 6.20%, 06/15/12                                       400,000               427,456
Kroger Co., 7.50%, 04/01/31                                       135,000               154,448
Pepsi Bottling Holdings, Inc., 5.38%, 02/17/04 (b)                120,000               121,385
PepsiCo, Inc., 4.50%, 09/15/04                                     80,000                82,138
Safeway, Inc., 6.15%, 03/01/06                                    150,000               161,240
Safeway, Inc., 6.50%, 03/01/11                                    400,000               436,418
Sara Lee Corp., 6.25%, 09/15/11                                   125,000               137,986
Supervalu, Inc., 7.50%, 05/15/12                                  125,000               141,326
Unilever Capital Corp., 7.13%, 11/01/10                           150,000               173,669
                                                                                    -----------
                                                                                      5,134,313
                                                                                    -----------

-----------------------------------------------------------------------------------------------
HEALTHCARE SERVICES (0.1%)                                                                     
Eli Lilly & Co., 7.13%, 06/01/25                                  200,000               235,046
Health Care Property Investors, Inc., 6.45%, 06/25/12              95,000               101,451
Manor Care Inc., 6.25%, 05/01/13                                  160,000               164,200
                                                                                    -----------
                                                                                        500,697
                                                                                    -----------

                                                               PRINCIPAL                       
                                                                 AMOUNT                VALUE   
-----------------------------------------------------------------------------------------------

HOUSEHOLD PRODUCTS (0.1%)                                                                      
Dial Corp., 6.50%, 09/15/08 $                                     250,000           $   270,463
                                                                                    -----------

-----------------------------------------------------------------------------------------------
INDUSTRIALS (0.0%)                                                                             
News America Corp., 7.28%, 06/30/28                               130,000               142,702
                                                                                    -----------

-----------------------------------------------------------------------------------------------
INSURANCE (0.4%)                                                                               
Allstate Corp., 5.38%, 12/01/06                                   150,000               161,705
Berkley Corp., 5.13%, 09/30/10                                    175,000               176,324
Hartford Life, Inc., 7.38%, 03/01/31                              100,000               113,917
Marsh & McLennan Cos., Inc., 6.25%, 03/15/12                      175,000               189,943
Metlife, Inc., 6.13%, 12/01/11                                    200,000               216,141
New York Life Insurance, 5.88%, 05/15/33 (b)                      200,000               196,097
NLV Financial Corp., 7.50%, 08/15/33 (b)                          125,000               128,745
Principal Life Global Funding, 6.25%, 02/15/12 (b)                150,000               162,682
Progressive Corp., 6.25%, 12/01/32                                150,000               154,073
Travelers Property Casualty Corp., 6.38%, 03/15/33                200,000               207,732
Western & Southern Finance, 5.75%, 07/15/33 (b)                   250,000               233,787
                                                                                    -----------
                                                                                      1,941,146
                                                                                    -----------

-----------------------------------------------------------------------------------------------
MANUFACTURING (0.2%)                                                                           
Cooper Industries, Inc., 5.50%, 11/01/09                          175,000               187,307
Honeywell International, Inc., 6.13%, 11/01/11                    250,000               272,977
Norsk Hydro A/S, 6.36%, 01/15/09                                  460,000               511,639
                                                                                    -----------
                                                                                        971,923
                                                                                    -----------

-----------------------------------------------------------------------------------------------
MEDICAL PRODUCTS (0.0%)                                                                        
Baxter International, Inc., 4.63%, 03/15/15 (b)                   130,000               123,747
                                                                                    -----------

-----------------------------------------------------------------------------------------------
METALS & MINERALS (0.4%)                                                                       
Alcan, Inc., 6.45%, 03/15/11                                       75,000                83,083
Alcoa, Inc., 6.00%, 01/15/12                                      150,000               162,911
BHP Billiton Ltd., 4.80%, 04/15/13                                400,000               398,044
Codelco, Inc., 6.38%, 11/30/12 (b)                                120,000               128,564
Inco Ltd., 7.75%, 05/15/12                                        300,000               348,780
Noranda, Inc., 7.00%, 07/15/05                                    510,000               540,875
Placer Dome, Inc., 6.38%, 03/01/33                                 65,000                64,993
Timken Co., 6.75%, 08/21/06                                       200,000               212,790
                                                                                    -----------
                                                                                      1,940,040
                                                                                    -----------

-----------------------------------------------------------------------------------------------
MULTIMEDIA (0.9%)                                                                              
AOL Time Warner, Inc., 6.88%, 05/01/12                            450,000               498,237
AOL Time Warner, Inc., 7.70%, 05/01/32                            630,000               711,831
Belo Corp., 8.00%, 11/01/08                                       145,000               169,559
Clear Channel Communications, Inc., 4.40%, 05/15/11               200,000               192,291
Comcast Corp., 6.20%, 11/15/08                                    100,000               108,993
Gannett Co., Inc., 5.50%, 04/01/07                                185,000               200,423
Johnson Controls, Inc., 4.88%, 09/15/13                           300,000               300,101
Liberty Media Corp., 7.88%, 07/15/09                              265,000               299,467
Liberty Media Corp., 5.70%, 05/15/13                              300,000               293,300


2003 ANNUAL REPORT 87                                                           
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STATEMENT  OF  INVESTMENTS  (Continued)                                         
October  31,  2003                                                              

NATIONWIDE  BOND  INDEX  FUND  (Continued)                                      

CORPORATE  BONDS  (CONTINUED)                                                   

                                       PRINCIPAL
                                                    AMOUNT       VALUE
------------------------------------------------------------------------------  

MULTIMEDIA (continued)                                                          
Liberty Media Corp., 8.25%, 02/01/30                   $  200,000  $   228,348  
News America Holdings, Inc.,                                                    
8.00%, 10/17/16                                           200,000      241,753  
Reed Elsevier Capital, 6.13%, 08/01/06                    900,000      981,417  
Time Warner, Inc., 6.88%, 06/15/18                        298,000      320,668  
Viacom, Inc., 7.75%, 06/01/05                             215,000      234,187  
                                                                 -----------
                                                                   4,780,575
                                                                 -----------

------------------------------------------------------------------------------  
NON-HAZARDOUS WASTE DISPOSAL (0.2%)                                             
Waste Management, Inc., 6.50%, 05/15/04                   125,000      128,072  
Waste Management, Inc., 7.38%, 08/01/10                   250,000      289,111  
Waste Management, Inc., 6.38%, 11/15/12                   350,000      381,430  
                                                                 -----------
                                                                     798,613
                                                                 -----------

------------------------------------------------------------------------------  
OIL & GAS (2.0%)                                                                
AGL Capital Corp., 4.45%, 04/15/13 (b)                    300,000      283,251  
Anadarko Petroleum Corp., 5.38%, 03/01/07               1,000,000    1,071,270  
Apache Corp., 6.25%, 04/15/12                              30,000       33,276  
Apache Corp., 7.63%, 07/01/19                             100,000      121,083  
Apache Finance Canada, 4.38%, 05/15/15 (b)                400,000      375,517  
Atmos Energy Corp., 5.13%, 01/15/13                       225,000      225,375  
Australian Gas Light Co., 5.30%, 09/25/15 (b)             150,000      149,978  
BP Amoco PLC, 5.90%, 04/15/09                             200,000      220,894  
Brascan Corp., 5.75%, 03/01/10                            305,000      320,243  
Burlington Resources, Inc., 6.50%, 12/01/11               350,000      389,416  
ChevronTexaco Capital Corp., 3.50%, 09/17/07               90,000       91,171  
ChevronTexaco Capital Corp., 8.63%, 06/30/10              120,000      150,381  
Colonial Pipeline, 7.63%, 04/15/32 (b)                    165,000      200,174  
Conoco Funding Co., 4.75%, 10/15/12                       800,000      796,522  
Conoco, Inc., 6.35%, 04/15/09                             250,000      278,357  
Conoco, Inc., 6.95%, 04/15/29                             170,000      190,447  
Consolidated Natural Gas, Inc., 5.38%, 11/01/06            60,000       64,115  
Consolidated Natural Gas, Inc., 6.25%, 11/01/11           264,000      289,149  
EnCana Corp., 4.75%, 10/15/13                             150,000      147,304  
Enterprise Products Partners LP,6.88%, 03/01/33           150,000      155,300  
Firstenergy Corp., 6.45%, 11/15/11                        335,000      355,848  
Kinder Morgan Energy Partners LP, 6.65%, 03/01/05         120,000      127,350  
Kinder Morgan Energy Partners LP, 7.50%, 11/01/10         351,000      409,382  
Kinder Morgan Energy Partners LP, 6.75%, 03/15/11         155,000      174,466  
Motiva Enterprises Corp., 5.20%, 09/15/12 (b)             125,000      126,887  
Murphy Oil Corp., 6.38%, 05/01/12                         100,000      109,924  
Nabors, Inc., 5.38%, 08/15/12                              70,000       72,343  
Ocean Energy, Inc., 7.25%, 10/01/11                       170,000      194,409  
Pemex Project Funding Master, 9.13%, 10/13/10             485,000      570,481  
Pemex Project Funding Master, 7.38%, 12/15/14             300,000      315,000  
Petroleos Mexicanos, 8.85%, 09/15/07                      475,000      545,063  
Phillips Petroleum Co., 8.50%,05/25/05                    225,000      247,438  
Praxair, Inc., 6.50%, 03/01/08                            390,000      434,432  
South Carolina Electric & Gas Corp., 4.80%, 10/01/12      650,000      647,439  
Transocean Sedco Forex, Inc., 6.63%, 04/15/11             163,000      180,431  
Valero Energy Corp., 6.88%, 04/15/12                      150,000      164,760  
Vectren Utility Holdings Corp., 5.25%, 08/01/13           250,000      247,575  
                                                                 -----------
                                                                  10,476,451
                                                                 -----------

                                       PRINCIPAL
                                                    AMOUNT       VALUE
------------------------------------------------------------------------------  

PAPER & FOREST PRODUCTS (0.3%)                                                  
Domtar, Inc., 7.88%, 10/15/11                          $   90,000   $  105,014  
International Paper Co., 8.13%, 07/08/05                  215,000      235,533  
Inversiones CMPC SA, 4.88%, 06/18/13 (b)                  300,000      285,259  
Meadwestvaco Corp., 6.80%, 11/15/32                       120,000      122,298  
Norske Skogindustrier, 6.13%, 10/15/15 (b)                150,000      150,548  
Rock-Tenn Co., 5.63%, 03/15/13                            305,000      303,334  
Sappi Papier Holding AG, 6.75%, 06/15/12 (b)               80,000       86,206  
Weyerhaeuser Co., 5.95%, 11/01/08                         320,000      342,428  
                                                                 -----------
                                                                   1,630,620
                                                                 -----------

------------------------------------------------------------------------------  
PHARMACEUTICALS (0.2%)                                                          
Abbott Laboratories, 5.63%, 07/01/06                      104,000      112,687  
Abbott Laboratories, 6.40%, 12/01/06                      550,000      613,022  
Pfizer, Inc., 5.63%, 02/01/06                             400,000      429,920  
                                                                 -----------
                                                                   1,155,629
                                                                 -----------

------------------------------------------------------------------------------  
PIPELINES (0.1%)                                                                
Centerpoint Energy Resource, 7.88%, 04/01/13              100,000      113,628  
Texas Gas Transmission, 4.60%, 06/01/15 (b)               300,000      280,760  
TGT Pipelines, 5.20%, 06/01/18 (b)                        150,000      140,520  
                                                                 -----------
                                                                     534,908
                                                                 -----------
------------------------------------------------------------------------------  

PUBLISHING - NEWSPAPERS (0.1%)                                                  
Thomson Corp., 4.25%, 08/15/09                           425,000       425,754  
                                                                 -----------

------------------------------------------------------------------------------  
REAL ESTATE (0.4%)                                                              
Avalonbay Communities, Inc., 6.63%, 09/15/11             150,000       165,239  
BRE Properties, Inc., 5.95%, 03/15/07                    140,000       149,371  
Centerpoint Properties Corp., 4.75%, 08/01/10            350,000       350,262  
Developers Diversified Realty Corp., 6.63%, 01/15/08     250,000       269,204  
Duke Realty Corp., 5.25%, 01/15/10                       300,000       311,315  
EOP Operating, LP, 6.75%, 02/15/12                       195,000       214,708  
Equity Residential, 6.88%, 11/01/04                      200,000       209,695  
Highwoods Realty LP, Corp., 8.00%, 12/01/03              125,000       125,610  
Liberty Property Trust, 7.25%, 03/15/11                   65,000        73,422  
New Plan Realty Corp., 5.88%, 06/15/07                    90,000        96,899  
Shurgard Storage Centers, Inc., 5.88%, 03/15/13          270,000       275,578  
Simon Property Group, Inc., 7.75%, 08/15/04 (b)           60,000        62,736  
                                                                 -----------
                                                                   2,304,039
                                                                 -----------

------------------------------------------------------------------------------  
REAL ESTATE INVESTMENT TRUSTS (REIT) (0.2%)                                     
Camden Property Trust Corp., 7.00%, 11/15/06             600,000       654,274  
Health Care REIT, Inc., 6.00%, 11/15/13                  300,000       301,776  
HRPT Properties Trust Corp., 5.75%, 02/15/14             300,000       300,420  
JDN Realty Corp., 6.95%, 08/01/07                         20,000        21,926  
                                                                 -----------
                                                                   1,278,396
                                                                 -----------

------------------------------------------------------------------------------  
RESEARCH & DEVELOPMENT (0.1%)                                                   
Science Applications International Co.,                                         
5.50%, 07/01/33 (b)                                       300,000      266,099  
                                                                 -----------

88     ANNUAL  REPORT  2003                                                     
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CORPORATE  BONDS  (CONTINUED)                                                   

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                                                    PRINCIPAL                          
                                                      AMOUNT                   VALUE   
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RETAIL (0.1%)                                                                          
Limited Brands, Inc., 6.13%, 12/01/12               $  250,000              $   267,853
                                                                            -----------

---------------------------------------------------------------------------------------
SPECIAL PURPOSE ENTITY (3.6%)                                                          
FPL Group Capital, Inc., 7.63%, 09/15/06                85,000                   95,927
Morgan Stanley TRACERS, 5.88%, 03/01/07 (b) (d)     17,599,000               18,884,782
Morgan Stanley TRACERS, 6.80%, 06/15/12 (d)            135,000                  149,314
                                                                            -----------
                                                                             19,130,023
                                                                            -----------

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TELECOMMUNICATIONS (2.4%)                                                              
360 Communications Co.,                                                                
 7.50%, 03/01/06                                       180,000                  199,542
Alltel Corp., 7.00%, 07/01/12                          110,000                  125,129
Ameritech Capital Funding,                                                             
 6.45%, 01/15/18                                       150,000                  167,094
AT&T Corp., 7.80%, 11/15/11                            200,000                  226,655
AT&T Wireless Services, Inc.,                                                          
8.13%, 05/01/12                                         75,000                   86,991
AT&T Wireless Services, Inc.,                                                          
8.75%, 03/01/31                                        545,000                  655,388
BellSouth Corp., 6.00%, 10/15/11                       346,000                  373,596
British Telecom PLC, 8.38%, 12/15/10                   820,000                  990,281
Centurytel Inc., 7.88%, 08/15/12                       130,000                  155,257
Citizens Communications Co.,                                                           
8.50%, 05/15/06                                        500,000                  564,787
Citizens Communications Co.,                                                           
7.63%, 08/15/08                                        120,000                  137,742
Clear Channel Communications, Inc.,                                                    
7.65%, 09/15/10                                        200,000                  232,944
Deutsche Telekom AG, 8.25%, 06/15/05                   700,000                  764,799
Deutsche Telekom AG, 8.50%, 06/15/10                   550,000                  661,930
Deutsche Telekom AG, 8.75%, 06/15/30                   350,000                  440,319
France Telecom, 9.25%, 03/01/11                        550,000                  663,530
France Telecom, 9.75%, 03/01/31                        165,000                  217,770
GTE Corp., 6.84%, 04/15/18                             350,000                  379,855
GTE Corp., 6.94%, 04/15/28                             250,000                  258,839
International Telecom Satellite,                                                       
6.50%, 11/01/13                                        100,000                  102,000
Koninklijke KPN NV, 8.00%, 10/01/10                    250,000                  297,960
SBC Communications, Inc.,                                                              
6.25%, 03/15/11                                        205,000                  222,561
SBC Communications, Inc.,                                                              
5.88%, 08/15/12                                        220,000                  232,706
Sprint Capital Corp., 8.38%, 03/15/12                  550,000                  627,804
Sprint Capital Corp., 6.90%, 05/01/19                  650,000                  644,207
Telecom Italia Capital Corp.,                                                          
5.25%, 11/15/13 (b)                                    500,000                  496,111
Tele-Communications, Inc.,                                                             
9.80%, 02/01/12                                        520,000                  675,510
Time Warner, Inc., 7.75%, 06/15/05                     130,000                  140,883
Univison Communication, Inc.,                                                          
7.85%, 07/15/11                                        250,000                  294,141
Verizon Global Funding Corp.,                                                          
 6.75%, 12/01/05                                       190,000                  206,856
Verizon Global Funding Corp.,                                                          
 6.88%, 06/15/12                                        80,000                   88,902
Verizon Global Funding Corp.,                                                          
7.38%, 09/01/12                                        350,000                  401,386
Verizon Global Funding Corp.,                                                          
 7.75%, 12/01/30                                       250,000                  289,372
Verizon New York, Inc., 6.88%,                                                         
04/01/12                                                35,000                   38,397
Vodafone Group PLC, 7.75%, 02/15/10                    150,000                  177,406
Vodafone Group PLC, 7.88%, 02/15/30                    100,000                  120,160
                                                                            -----------
                                                                             12,358,810
                                                                            -----------

---------------------------------------------------------------------------------------
TOOLS & ACCESSORIES (0.0%)                                                             
Stanley Works, 4.90%, 11/01/12                          75,000                   75,108
                                                                            -----------

             PRINCIPAL
                          AMOUNT       VALUE
------------------------------------------------------------------              

TRANSPORTATION & SHIPPING (0.5%)                                                
Burlington Northern Santa Fe Corp.,                                             
6.75%, 07/15/11                           $  365,000  $    410,799              
Canadian National Railway Co.,                                                  
6.90%, 07/15/28                              210,000       231,413              
CSX Corp., 7.45%, 05/01/07                   180,000       206,027              
CSX Corp., 6.75%, 03/15/11                   225,000       251,036              
Norfolk Southern Corp., 6.75%, 02/15/11      225,000       252,810              
Norfolk Southern Corp., 7.25%, 02/15/31      300,000       338,876              
Union Pacific Corp., 6.50%, 05/15/05         250,000       266,520              
Union Pacific Corp., 5.75%, 10/15/07         475,000       509,772              
United Parcel Service, Inc.,                                                    
8.38%, 04/01/20                              200,000       261,601              
                                       -------------
                                           2,728,854
                                       -------------

TOTAL CORPORATE BONDS                                  135,574,633              
                                       -------------

SOVEREIGN BONDS (1.1%)                                                          

------------------------------------------------------------------              
CANADA (0.4%)                                                                   
British Columbia, 4.63%, 10/03/06            100,000       105,329              
Government of Canada, 5.25%, 11/05/08        630,000       683,871              
Ontario Province, 5.50%, 10/01/08            350,000       378,062              
Province of Saskatchewan, 8.00%, 07/15/04    147,000       153,627              
Quebec Province, 7.50%, 09/15/29             500,000       615,038              
                                       -------------
                                           1,935,927
                                       -------------

------------------------------------------------------------------              
FINLAND (0.1%)                                                                  
Republic of Finland, 5.88%, 02/27/06         300,000       323,585              
                                       -------------

------------------------------------------------------------------              
ITALY (0.3%)                                                                    
Republic of Italy, 5.25%, 04/05/06           300,000       320,258              
Republic of Italy, 4.38%, 10/25/06           675,000       707,907              
Republic of Italy, 5.38%, 06/15/33           450,000       429,480              
                                       -------------
                                           1,457,645
                                       -------------

------------------------------------------------------------------              
MEXICO (0.3%)                                                                   
United Mexican States, 9.88%, 02/01/10       750,000       941,250              
United Mexican States, 6.38%, 01/16/13       850,000       874,650              
                                       -------------
                                           1,815,900
                                       -------------

TOTAL SOVEREIGN BONDS                                    5,533,057              
                                       -------------

2003  ANNUAL  REPORT  89                                                        
--------------------------------------------------------------------------------

N-CSR 91st “Page” of 135 TOC 1st Previous Next ↓Bottom Just 91st
STATEMENT  OF  INVESTMENTS  (Continued)                                         
October  31,  2003                                                              

NATIONWIDE  BOND  INDEX  FUND  (Continued)                                      

REPURCHASE  AGREEMENTS  (19.1%)                                                 

           PRINCIPAL
                                      AMOUNT                       VALUE
--------------------------------------------------------------------------------

CS First Boston, 0.94%, dated                                                   
10/31/03, due 11/03/03, repurchase                                              
price $50,392,833 (Fully collateralized                                         
by AA Rated Corporate Bonds)            $50,388,886                 $ 50,388,886
Lehman Brothers, Inc., 0.94%, dated                                             
10/31/03, due 11/03/03, repurchase                                              
price $9,331,965 (Fully collateralized                                          
by U.S. Agency Securities )               9,331,234                    9,331,234
Nomura Securities, 0.94%, dated                                                 
10/31/03, due 11/03/03, repurchase                                              
price 40,314,267 (Fully collateralized                                          
by AA Rated Corporate Bonds)             40,311,109                   40,311,109
                                                                   -------------

TOTAL REPURCHASE AGREEMENTS                                          100,031,229
                                                                   -------------

SHORT-TERM INVESTMENTS PURCHASED WITH CASH COLLATERAL                           
RECEIVED FOR SECURITIES ON  LOAN (13.0%)                                        

REPURCHASE AGREEMENT (11.1%)                                                    

Nomura Securities, 1.07%, dated                                                 
10/31/03, due 11/03/03, repurchase                                              
price 58,079,707 (Fully collateralized                                          
by U.S. Agency Securities)               58,074,529                   58,074,529

GUARANTEED INSURANCE CONTRACT (1.9%)                                            

Protective Life Insurance Co.,                                                  
1.28%, 11/30/04 (d)                      10,000,000                   10,000,000
                                                                   -------------

TOTAL SHORT-TERM INVESTMENTS PURCHASED WITH CASH                                
COLLATERAL RECEIVED FOR SECURITIES ON LOAN                            68,074,529
                                                                   -------------

TOTAL INVESTMENTS (COST $679,908,934) (A) - 130.5%                   683,483,316

LIABILITIES IN EXCESS OF OTHER ASSETS - (30.5) %                   (159,609,340)
                                                                   -------------

NET ASSETS - 100.0%                                                 $523,873,976
                                                                   =============

(a)  See  notes  to  financial  statements  for  unrealized  appreciation       
(depreciation)  of  securities.                                       
(b)  Rule 144A, Section 4(2) or other security, which is restricted as to resale
     to institutional investors. The security has been deemed liquid pursuant to
procedures  approved  by  the  Board  of  Trustees.                   
(c)  Mortgage  Dollar  Rolls.                                                   
(d)  Variable  rate security. The rate reflected in the Statement of Investments
is  the  rate  reflected  in  effect  on  October  31,2003.           

TBA      To  Be  Announced                                                      
TRACERS  Tradable  Custodial  Receipts                                          

SEE  NOTES  TO  FINANCIAL  STATEMENTS.                                          

90     ANNUAL  REPORT  2003                                                     
--------------------------------------------------------------------------------

N-CSR 92nd “Page” of 135 TOC 1st Previous Next ↓Bottom Just 92nd
STATEMENTS  OF  ASSETS  AND  LIABILITIES                                        
October  31,  2003                                                              

                                                        [Enlarge/Download Table]

                                                           NATIONWIDE                                                
                                                            MID CAP                                                  
                                           NATIONWIDE        MARKET      NATIONWIDE     NATIONWIDE      NATIONWIDE   
                                             S&P 500         INDEX       SMALL CAP     INTERNATIONAL       BOND      
                                           INDEX FUND         FUND       INDEX FUND     INDEX FUND      INDEX FUND   
---------------------------------------------------------------------------------------------------------------------
                                                                                                                     
ASSETS:                                                                                                              
Investments, at value                                                                                                
(cost $1,001,062,673;                                                                                                
208,006,835;                                                                                                         
111,834,029; $286,957,702                                                                                            
and $511,803,176; respectively)          $  973,290,901   $245,276,304  $130,921,473  $  333,720,318   $515,377,558  
Repurchase agreements, at cost              113,576,720     40,081,998    10,958,768      33,341,401    100,031,229  
Investments purchased with                                                                                           
 cash collateral received for                                                                                        
securities on loan, at cost                  43,117,885     46,837,905    25,220,192      12,203,613     68,074,529  
                                         --------------------------------------------------------------------------- 
Total Investments                         1,129,985,506    332,196,207   167,100,433     379,265,332    683,483,316  
                                         --------------------------------------------------------------------------- 
Cash                                         11,120,431      2,408,727       492,039       2,560,926         26,086  
Foreign currency, at value                                                                                           
 (cost $0; $0;                                                                                                       
0; $6,328,930                                                                                                        
and $0; respectively)                                 -              -             -       6,370,771              -  
Interest and dividends receivable             1,390,272        179,184        86,032         462,407      5,366,002  
Receivable for investments sold                       -        470,650       169,696               -        380,422  
Unrealized appreciation on forward                                                                                   
foreign currency contracts                            -              -             -          25,060              -  
Receivable from adviser                           4,084         42,344        10,079          29,968         41,357  
Receivable for variation margin                                                                                      
 on futures contracts                           120,625         75,212             -         134,551              -  
Reclaims receivable                                   -              -             -         182,941              -  
Prepaid expenses and other assets                 5,641          5,691         3,406           7,636          8,916  
                                         --------------------------------------------------------------------------- 
Total Assets                              1,142,626,559    335,378,015   167,861,685     389,039,592    689,306,099  
                                         --------------------------------------------------------------------------- 

LIABILITIES:                                                                                                         
Distributions payable                                 -              -             -               -      1,701,510  
Payable for investments purchased               164,310      1,475,319             -               -     95,254,127  
Unrealized depreciation on                                                                                           
forward foreign currency contracts                    -              -             -         254,390              -  
Unrealized depreciation on                                                                                           
open swap contracts                                   -              -             -               -        179,151  
Payable for variation margin on                                                                                      
 futures contracts                                    -              -        58,100         194,753              -  
Payable for return of collateral                                                                                     
 received for securities on loan             43,117,885     46,837,905    25,220,192      12,203,613     68,074,529  
Accrued expenses and                                                                                                 
other payables                                                                                                       
Investment advisory fees                        116,421         50,439        22,695          82,469         95,285  
Fund administration and transfer                                                                                     
agent fees                                      111,596         28,348        19,186          47,905         63,635  
Distribution fees                                55,545          7,977         8,583           3,524          9,404  
Administrative servicing fees                    95,133          4,517         4,790           2,110          5,769  
Other                                             1,463          4,919        11,620          37,074         48,713  
                                         --------------------------------------------------------------------------- 
Total Liabilities                            43,662,353     48,409,424    25,345,166      12,825,838    165,432,123  
                                         --------------------------------------------------------------------------- 
NET ASSETS                               $1,098,964,206   $286,968,591  $142,516,519  $  376,213,754   $523,873,976  
                                        ============================================================================ 
REPRESENTED BY:                                                                                                      
Capital                                  $1,148,057,640   $246,296,353  $120,609,368  $  333,399,194   $521,240,311  
Accumulated net investment                                                                                           
 income (loss)                                1,749,578        216,743       146,068       1,837,443          1,989  
Accumulated net realized gains                                                                                       
 (losses) from investment, futures,                                                                                  
foreign currency and                                                                                                 
 swap transactions                          (25,610,775)     1,778,687     2,571,894      (5,432,830)      (763,555) 
Net unrealized appreciation                                                                                          
 (depreciation) on                                                                                                   
investments, futures,                                                                                                
translation of assets and liabilities                                                                                
denominated                                                                                                          
in foreign currencies                                                                                                
 and swaps                                  (25,232,237)    38,676,808    19,189,189      46,409,947      3,395,231  
                                         --------------------------------------------------------------------------- 
NET ASSETS                               $1,098,964,206   $286,968,591  $142,516,519  $  376,213,754   $523,873,976  
                                         =========================================================================== 

See  notes  to  financial  statements.                                          

2003  ANNUAL  REPORT  91                                                        
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STATEMENTS  OF  ASSETS  AND  LIABILITIES  (Continued)                           
October  31,  2003                                                              

                                                        [Enlarge/Download Table]

                                                      NATIONWIDE                                                   
                                      NATIONWIDE        MID CAP       NATIONWIDE      NATIONWIDE      NATIONWIDE   
                                        S&P 500         MARKET        SMALL CAP     INTERNATIONAL       BOND       
                                       INDEX FUND       INDEX FUND     INDEX FUND      INDEX FUND     INDEX FUND   
-------------------------------------------------------------------------------------------------------------------
                                                                                                                   
NET ASSETS:                                                                                                        
Class A Shares                       $    5,794,704   $ 38,692,966   $ 42,343,003   $   16,403,552   $ 42,292,030  
Class B Shares                            3,712,689        295,418        248,643          104,841        255,953  
Class C Shares                               10,204         20,581         20,594                -              -  
Institutional Class Shares              620,598,168    247,959,626     99,904,279      359,705,361    481,325,993  
Service Class Shares                    413,554,020              -              -                -              -  
Institutional Service Class Shares       55,197,013              -              -                -              -  
Local Fund Shares                            97,408              -              -                -              -  
                                    ------------------------------------------------------------------------------ 
Total                                $1,098,964,206   $286,968,591   $142,516,519   $  376,213,754   $523,873,976  
                                    ============================================================================== 
SHARES OUTSTANDING (unlimited                                                                                      
number of shares authorized):                                                                                      
Class A Shares                              640,892      3,260,373      4,130,626        2,503,463      3,850,608  
Class B Shares                              412,369         25,106         24,363           16,190         23,301  
Class C Shares                                1,133          1,750          2,018                -              -  
Institutional Class Shares               68,391,759     20,757,702      9,675,961       54,852,323     43,852,261  
Service Class Shares                     45,774,965              -              -                -              -  
Institutional Service Class Shares        6,088,263              -              -                -              -  
Local Fund Shares                            10,714              -              -                -              -  
                                    ------------------------------------------------------------------------------ 
Total                                   121,320,095     24,044,931     13,832,968       57,371,976     47,726,170  
                                    ============================================================================== 
NET ASSET VALUE:                                                                                                   
Class A Shares                       $         9.04   $      11.87   $      10.25   $         6.55   $      10.98  
Class B Shares (a)                   $         9.00   $      11.77   $      10.21   $         6.48   $      10.98  
Class C Shares (b)                   $         9.01   $      11.76   $      10.20   $            -   $          -  
Institutional Class Shares           $         9.07   $      11.95   $      10.32   $         6.56   $      10.98  
Service Class Shares                 $         9.03   $          -   $          -   $            -   $          -  
Institutional Service Class Shares   $         9.07   $          -   $          -   $            -   $          -  
Local Fund Shares                    $         9.09   $          -   $          -   $            -   $          -  
MAXIMUM OFFERING PRICE PER SHARE                                                                                   
(100%/100%-maximum sales charge)                                                                                   
of net asset value adjusted to                                                                                     
the nearest cent):                                                                                                 
Class A Shares                       $         9.59   $      12.59   $      10.88   $         6.95   $      11.65  
Class C Shares                       $         9.10   $      11.88   $      10.30   $            -   $          -  
                                    ------------------------------------------------------------------------------ 
Maximum Sales Charge -                                                                                             
Class A Shares                                 5.75%          5.75%          5.75%            5.75%          5.75% 
                                    ============================================================================== 
Maximum Sales Charge -                                                                                             
 Class C Shares                                1.00%          1.00%          1.00%               -              -  
                                    ============================================================================== 

(a)  For Class B shares, the redemption price per share varies by length of time
shares  are  held.                                                    
(b)  For  Class C shares, the redemption price per share is reduced by 1.00% for
shares  held  less  than  one  year.                                  
See  notes  to  financial  statements.                                          

92     ANNUAL  REPORT  2003                                                     
--------------------------------------------------------------------------------

N-CSR 94th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 94th
STATEMENTS  OF  OPERATIONS                                                      
For  the  Year  Ended  October  31,  2003                                       

                                                        [Enlarge/Download Table]

                                                        NATIONWIDE                                              
                                          NATIONWIDE      MID CAP     NATIONWIDE      NATIONWIDE     NATIONWIDE 
                                           S&P 500        MARKET       SMALL CAP     INTERNATIONAL       BOND   
                                          INDEX FUND    INDEX FUND     INDEX FUND     INDEX FUND      INDEX FUND
----------------------------------------------------------------------------------------------------------------
                                                                                                                
INVESTMENT INCOME:                                                                                              
Interest income                         $    571,817   $   164,292   $    83,665   $      175,158   $13,193,931 
Dividend income (net of foreign                                                                                 
witholding tax of $0; $0; $0;                                                                                   
584,801 and $0; respectively)             13,007,714     1,883,221       958,752        5,218,487             - 
                                        ----------------------------------------------------------------------- 
Total Income                              13,579,531     2,047,513     1,042,417        5,393,645    13,193,931 
                                        ----------------------------------------------------------------------- 
EXPENSES:                                                                                                       
Investment advisory fees                   1,002,610       382,404       157,390          617,738       802,650 
Fund administration and                                                                                         
 transfer agent fees                       1,032,300       236,433       140,163          368,062       556,932 
Distribution fees Class A                     11,628        61,220        48,906           35,806       116,867 
Distribution fees Class B                     28,663         1,414         1,283              872         1,076 
Distribution fees Class C                          3             6             6                -             - 
Distribution fees Service Class              482,627             -             -                -             - 
Distribution fees Local Class                     60             -             -                -             - 
Administrative servicing fees                                                                                   
Class A                                          210        36,195        28,743           20,749        70,276 
Administrative servicing fees                                                                                   
Service Class                                804,374             -             -                -             - 
Administrative servicing fees                                                                                   
 Institutional Service Class                 122,493             -             -                -             - 
Registration and filing fees                  45,711        28,804        24,697           39,391        42,273 
Other                                        246,939        81,265        21,957           74,015       115,251 
                                        ----------------------------------------------------------------------- 
Total expenses before                                                                                           
reimbursed                                                                                                      
expenses                                   3,777,618       827,741       423,145        1,156,633     1,705,325 
Expenses reimbursed                         (553,633)     (190,070)     (115,995)        (275,555)     (385,991)
                                        ----------------------------------------------------------------------- 
Total Expenses                             3,223,985       637,671       307,150          881,078     1,319,334 
                                        ----------------------------------------------------------------------- 
Net Investment Income (Loss)              10,355,546     1,409,842       735,267        4,512,567    11,874,597 
                                        ----------------------------------------------------------------------- 
REALIZED/UNREALIZED                                                                                             
GAINS (LOSSES)                                                                                                  
FROM INVESTMENTS:                                                                                               
Net realized gains (losses)                                                                                     
 on investment transactions               (4,377,515)      408,301     1,485,991          623,299     1,598,080 
Net realized gains (losses) on                                                                                  
 future transactions                       6,343,070     2,969,931     2,255,733        1,130,428             - 
Net realized gains (losses) on                                                                                  
 foreign currency transactions                     -             -             -        2,362,406             - 
Net realized gains (losses on                                                                                   
swap transactions                                  -             -             -                -       153,810 
                                        ----------------------------------------------------------------------- 
Net realized gains (losses) on                                                                                  
investment, futures,                                                                                            
foreign currency and swap                                                                                       
transactions                               1,965,555     3,378,232     3,741,724        4,116,133     1,751,890 
Net change in unrealized                                                                                        
appreciation/depreciation on                                                                                    
investments, futures, translation of                                                                            
assets and liabilities                                                                                          
denominated in foreign currencies                                                                               
 and swaps                               144,937,306    49,692,253    26,652,394       57,935,263    (1,002,957)
                                        ----------------------------------------------------------------------- 
Net realized/unrealized gains                                                                                   
 (losses) on investments,                                                                                       
futures, foreign currencies                                                                                     
 and swaps                               146,902,861    53,070,485    30,394,118       62,051,396       748,933 
                                        ----------------------------------------------------------------------- 
CHANGE IN NET ASSETS                                                                                            
RESULTING                                                                                                       
 FROM OPERATIONS                        $157,258,407   $54,480,327   $31,129,385   $   66,563,963   $12,623,530 
                                        ======================================================================= 

See  notes  to  financial  statements.                                          

2003  ANNUAL  REPORT  93                                                        
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N-CSR 95th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 95th
STATEMENTS  OF  CHANGES  IN  NET  ASSETS                                        

                                                        [Enlarge/Download Table]

                                     NATIONWIDE S&P 500            NATIONWIDE MID CAP            NATIONWIDE SMALL CAP      
                                         INDEX FUND                     INDEX FUND                     INDEX FUND          
                                 ----------------------------------------------------------------------------------------- 
                                   YEAR ENDED      YEAR ENDED     YEAR ENDED     YEAR ENDED     YEAR ENDED   YEAR ENDED    
                                   OCTOBER 31,     OCTOBER 31,    OCTOBER 31,    OCTOBER 31,    OCTOBER 31,  OCTOBER 31,   
                                      2003            2002           2003           2002           2003          2002      
-------------------------------------------------------------------------------------------------------------------------- 
                                                                                                                           
FROM INVESTMENT                                                                                                            
ACTIVITIES:                                                                                                                
OPERATIONS:                                                                                                                
Net investment income (loss)     $   10,355,546   $  5,297,094   $  1,409,842   $    488,832   $    735,267   $    315,549 
Net realized gains (losses) on                                                                                             
investment and                                                                                                             
futures transactions                  1,965,555    (20,246,125)     3,378,232     (1,368,568)     3,741,724     (1,152,632)
Net change in unrealized                                                                                                   
appreciation/                                                                                                              
depreciation on investments                                                                                                
 and futures                        144,937,306    (75,977,981)    49,692,253     (9,421,985)    26,652,394     (6,316,448)
                                 ----------------------------------------------------------------------------------------- 
Change in net assets                                                                                                       
 resulting from operations          157,258,407    (90,927,012)    54,480,327    (10,301,721)    31,129,385     (7,153,531)
                                 ----------------------------------------------------------------------------------------- 

DISTRIBUTIONS TO CLASS A                                                                                                   
SHAREHOLDERS FROM:                                                                                                         
Net investment income                   (53,816)       (39,097)      (102,486)       (64,417)      (108,894)       (53,073)

DISTRIBUTIONS TO CLASS B                                                                                                   
SHAREHOLDERS FROM:                                                                                                         
Net investment income                   (13,370)        (7,428)           (49)           (36)          (116)      (126) (a)

DISTRIBUTIONS TO INSTITUTIONAL                                                                                             
CLASS SHAREHOLDERS FROM:                                                                                                   
Net investment income                (5,401,331)    (2,093,414)    (1,165,898)      (405,386)      (540,240)      (218,804)

DISTRIBUTIONS TO                                                                                                           
SERVICE CLASS                                                                                                              
SHAREHOLDERS FROM:                                                                                                         
Net investment income                (3,281,327)    (2,338,484)             -              -              -              - 

DISTRIBUTIONS TO                                                                                                           
INSTITUTIONAL SERVICE                                                                                                      
CLASS SHAREHOLDERS FROM:                                                                                                   
Net investment income                  (564,817)      (431,912)             -              -              -              - 

DISTRIBUTIONS TO LOCAL FUND                                                                                                
SHAREHOLDERS FROM:                                                                                                         
Net investment income                    (1,148)        (1,090)             -              -              -              - 
                                 ----------------------------------------------------------------------------------------- 
Change in net assets from                                                                                                  
shareholder distributions            (9,315,809)    (4,911,425)    (1,268,433)      (469,839)      (649,250)      (272,003)
                                 ----------------------------------------------------------------------------------------- 
Change in net assets                                                                                                       
from capital transactions           401,229,702    263,425,114    130,541,811     78,234,383     67,621,008     36,376,316 
                                 ----------------------------------------------------------------------------------------- 
Change in net assets                549,172,300    167,586,677    183,753,705     67,462,823     98,101,143     28,950,782 

NET ASSETS:                                                                                                                
Beginning of period                 549,791,906    382,205,229    103,214,886     35,752,063     44,415,376     15,464,594 
                                 ----------------------------------------------------------------------------------------- 
End of period                    $1,098,964,206   $549,791,906   $286,968,591   $103,214,886   $142,516,519   $ 44,415,376 
                                 ========================================================================================= 

(a)  For  the period from November 29, 2001 (commencement of operations) through
October  31,  2002.                                                             
See  notes  to  financial  statements.                                          

94     ANNUAL  REPORT  2003                                                     
--------------------------------------------------------------------------------

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                                                        [Enlarge/Download Table]

                                                     NATIONWIDE INTERNATIONAL           NATIONWIDE BOND       
                                                             INDEX FUND                   INDEX FUND          
                                                   ---------------------------------------------------------- 
                                                     YEAR ENDED     YEAR ENDED     YEAR ENDED     YEAR ENDED  
                                                     OCTOBER 31,    OCTOBER 31,    OCTOBER 31,    OCTOBER 31, 
                                                        2003           2002           2003           2002     
--------------------------------------------------------------------------------------------------------------
                                                                                                              
FROM INVESTMENT ACTIVITIES:                                                                                   
OPERATIONS:                                                                                                   
Net investment income (loss)                        $  4,512,567   $  1,302,632   $ 11,874,597   $  5,461,321 
Net realized gains (losses) on investment,                                                                    
futures, foreign currency                                                                                     
and swap transactions                                  4,116,133     (6,278,449)     1,751,890        497,008 
Net change in unrealized appreciation/                                                                        
depreciation on investments, futures,                                                                         
translation of assets and liabilities denominated                                                             
 in foreign currencies and swaps                      57,935,263    (10,210,318)    (1,002,957)     3,200,524 
                                                   ---------------------------------------------------------- 
Change in net assets resulting from operations        66,563,963    (15,186,135)    12,623,530      9,158,853 
                                                   ---------------------------------------------------------- 

DISTRIBUTIONS TO CLASS A SHAREHOLDERS FROM:                                                                   
Net investment income                                   (253,106)      (176,651)    (1,681,042)    (1,035,728)
Net realized gains on investments                              -              -        (46,646)       (12,495)

DISTRIBUTIONS TO CLASS B SHAREHOLDERS FROM:                                                                   
Net investment income                                     (1,222)          (791)        (3,112)          (634)
Net realized gains on investments                              -              -            (32)           (11)

DISTRIBUTIONS TO INSTITUTIONAL CLASS                                                                          
SHAREHOLDERS FROM:                                                                                            
Net investment income                                 (4,721,725)    (1,346,579)   (12,615,132)    (4,718,441)
Net realized gains on investments                              -              -       (246,690)       (60,021)
                                                   ---------------------------------------------------------- 
Change in net assets from shareholder                                                                         
distributions                                         (4,976,053)    (1,524,021)   (14,592,654)    (5,827,330)
                                                   ---------------------------------------------------------- 
Change in net assets from capital                                                                             
transactions                                         182,494,474    105,483,310    302,227,401    164,830,991 
                                                   ---------------------------------------------------------- 
Change in net assets                                 244,082,384     88,773,154    300,258,277    168,162,514 

NET ASSETS:                                                                                                   
Beginning of period                                  132,131,370     43,358,216    223,615,699     55,453,185 
                                                   ---------------------------------------------------------- 
End of period                                       $376,213,754   $132,131,370   $523,873,976   $223,615,699 
                                                   ===========================================================

See  notes  to  financial  statements.                                          

2003  ANNUAL  REPORT  95                                                        
--------------------------------------------------------------------------------

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FINANCIAL  HIGHLIGHTS                                                           
Selected  Data  for  Each  Share  of  Capital  Outstanding\                     

NATIONWIDE  S&P  500  INDEX  FUND                                               

                                                        [Enlarge/Download Table]

                                                   INVESTMENT ACTIVITIES              DISTRIBUTIONS                             
                              --------------------------------------------------------------------------------------------------
                                                          NET                                                                   
                                                        REALIZED                                                                
                                NET                       AND                                                              NET  
                               ASSET                   UNREALIZED                                                         ASSET 
                               VALUE,        NET         GAINS         TOTAL                                             VALUE, 
                             BEGINNING   INVESTMENT     (LOSSES)       FROM          NET         NET                       END  
                                 OF        INCOME          ON       INVESTMENT   INVESTMENT   REALIZED       TOTAL         OF   
                               PERIOD      (LOSS)     INVESTMENTS   ACTIVITIES     INCOME       GAINS    DISTRIBUTIONS   PERIOD 
------------------------------------------------------------------------------------------------------------------------------- 
                                                                                                                                
CLASS A SHARES                                                                                                                  
Period Ended                                                                                                                    
      October 31, 2000 (d)   $    12.73        0.05         (0.24)       (0.19)       (0.08)         -           (0.08)  $ 12.46
Year Ended                                                                                                                      
      October 31, 2001       $    12.46        0.06         (3.17)       (3.11)       (0.06)     (0.17)          (0.23)  $  9.12
Year Ended                                                                                                                      
      October 31, 2002       $     9.12        0.09         (1.50)       (1.41)       (0.09)         -           (0.09)  $  7.62
Year Ended                                                                                                                      
      October 31, 2003       $     7.62        0.10          1.41         1.51        (0.09)         -           (0.09)  $  9.04

CLASS B SHARES                                                                                                                  
Period Ended                                                                                                                    
      October 31, 2000 (d)   $    12.73       (0.01)        (0.25)       (0.26)       (0.05)         -           (0.05)  $ 12.42
Year Ended                                                                                                                      
      October 31, 2001       $    12.42        0.01         (3.16)       (3.15)       (0.01)     (0.17)          (0.18)  $  9.09
Year Ended                                                                                                                      
      October 31, 2002       $     9.09        0.03         (1.50)       (1.47)       (0.03)         -           (0.03)  $  7.59
Year Ended                                                                                                                      
      October 31, 2003       $     7.59        0.04          1.41         1.45        (0.04)         -           (0.04)  $  9.00

CLASS C SHARES                                                                                                                  
Period Ended                                                                                                                    
      October 31, 2003 (e)   $     8.83           -          0.18         0.18            -          -               -   $  9.01

INSTITUTIONAL CLASS SHARES                                                                                                      
Period Ended                                                                                                                    
      October 31, 2000 (d)   $    12.73        0.09         (0.25)       (0.16)       (0.08)         -           (0.08)  $ 12.49
Year Ended                                                                                                                      
      October 31, 2001       $    12.49        0.11         (3.17)       (3.06)       (0.11)     (0.17)          (0.28)  $  9.15
Year Ended                                                                                                                      
      October 31, 2002       $     9.15        0.11         (1.51)       (1.40)       (0.11)         -           (0.11)  $  7.64
Year Ended                                                                                                                      
     October 31, 2003        $     7.64        0.11          1.43         1.54        (0.11)         -           (0.11)  $  9.07

SERVICE CLASS SHARES                                                                                                            
Period Ended                                                                                                                    
     October 31, 1999 (f)    $     9.66        0.09          2.25         2.34        (0.09)         -           (0.09)  $ 11.91
Year Ended                                                                                                                      
     October 31, 2000        $    11.91        0.07          0.56         0.63        (0.07)     (0.02)          (0.09)  $ 12.45
Year Ended                                                                                                                      
     October 31, 2001        $    12.45        0.07         (3.17)       (3.10)       (0.07)     (0.17)          (0.24)  $  9.11
Year Ended                                                                                                                      
     October 31, 2002        $     9.11        0.08         (1.50)       (1.42)       (0.08)         -           (0.08)  $  7.61
Year Ended                                                                                                                      
     October 31, 2003        $     7.61        0.09          1.41         1.50        (0.08)         -           (0.08)  $  9.03
--------------------------------------------------------------------------------------------------------------------------------

                                                                 RATIOS SUPPLEMENTAL DATA                                       
                              ------------------------------------------------------------------------------------------        
                                                                                                  RATIO                         
                                                                                                   OF                           
                                                                                 RATIO             NET                          
                                                                                  OF           INVESTMENT                       
                                                                  RATIO        EXPENSES          INCOME                         
                                                                   OF           (PRIOR           (LOSS)                         
                                                                   NET            TO             (PRIOR                         
                                            NET       RATIO    INVESTMENT   REIMBURSEMENTS)        TO                           
                                          ASSETS       OF        INCOME           TO         REIMBURSEMENTS)                    
                                            AT      EXPENSES     (LOSS)         AVERAGE            TO                           
                                            END        TO          TO             NET            AVERAGE                        
                               TOTAL        OF       AVERAGE     AVERAGE        ASSETS             NET        PORTFOLIO         
                               RETURN     PERIOD       NET         NET                           ASSETS        TURNOVER         
                                (A)       (000S)     ASSETS      ASSETS           (B)              (B)           (C)            
------------------------------------------------------------------------------------------------------------------------        
                                                                                                                                
CLASS A SHARES                                                                                                                  
Period Ended                                                                                                                    
      October 31, 2000 (d)    5.71% (g)  $   2,214  0.63% (h)    0.47% (h)        0.88% (h)         0.22%(h)       9.72%        
Year Ended                                                                                                                      
      October 31, 2001         (25.24%)  $   3,237      0.63%        0.70%            1.03%            0.30%       1.85%        
Year Ended                                                                                                                      
      October 31, 2002         (15.62%)  $   3,942      0.52%        1.06%            0.61%            0.97%       3.06%        
Year Ended                                                                                                                      
      October 31, 2003           20.03%  $   5,795      0.48%        1.28%            0.56%            1.21%       1.30%        

CLASS B SHARES                                                                                                                  
Period Ended                                                                                                                    
      October 31, 2000 (d)    5.17% (g)  $     987  1.23% (h)  (0.12%) (h)        2.05% (h)      (0.94%) (h)       9.72%        
Year Ended                                                                                                                      
      October 31, 2001         (25.65%)  $   1,879      1.23%        0.11%            2.21%          (0.87%)       1.85%        
Year Ended                                                                                                                      
      October 31, 2002         (16.24%)  $   2,423      1.23%        0.35%            1.39%            0.19%       3.06%        
Year Ended                                                                                                                      
      October 31, 2003           19.14%  $   3,713      1.23%        0.54%            1.30%            0.47%       1.30%        

CLASS C SHARES                                                                                                                  
Period Ended                                                                                                                    
      October 31, 2003 (e)    2.04% (g)  $      10  1.23% (h)    0.48% (h)        1.23% (h)        0.48% (h)       1.30%        

INSTITUTIONAL CLASS SHARES                                                                                                      
Period Ended                                                                                                                    
      October 31, 2000 (d)    6.01% (g)  $  92,190  0.23% (h)    0.83% (h)        0.30% (h)        0.76% (h)       9.72%        
Year Ended                                                                                                                      
      October 31, 2001         (24.84%)  $ 107,955      0.23%        1.10%            0.29%            1.04%       1.85%        
Year Ended                                                                                                                      
      October 31, 2002         (15.44%)  $ 235,333      0.23%        1.37%            0.33%            1.27%       3.06%        
Year Ended                                                                                                                      
     October 31, 2003            20.39%  $ 620,598      0.23%        1.52%            0.30%            1.45%       1.30%        

SERVICE CLASS SHARES                                                                                                            
Period Ended                                                                                                                    
     October 31, 1999 (f)    24.27% (g)  $  72,049  0.63% (h)    0.69% (h)        0.83% (h)        0.49% (h)      55.07%        
Year Ended                                                                                                                      
     October 31, 2000             5.25%  $ 189,443      0.63%        0.54%            0.70%            0.47%       9.72%        
Year Ended                                                                                                                      
     October 31, 2001          (25.22%)  $ 233,943      0.63%        0.70%            0.69%            0.64%       1.85%        
Year Ended                                                                                                                      
     October 31, 2002          (15.73%)  $ 266,515      0.63%        0.94%            0.72%            0.85%       3.06%        
Year Ended                                                                                                                      
     October 31, 2003            19.89%  $ 413,554      0.63%        1.14%            0.70%            1.06%       1.30%        
------------------------------------------------------------------------------------------------------------------------        

(a)  Excludes  sales  charge.                                                   
(b)  During  the  period  certain  fees  were  waived and/or reimbursed. If such
     waivers/reimbursements  had  not  occurred,  the  ratios would have been as
indicated.                                                            
(c)  Portfolio  turnover  is  calculated  on  the  basis  of the Fund as a whole
without  distinguishing  among  the  classes  of  shares.             
(d)  For  period  from  December  29,  1999 (commencement of operations) through
October  31,  2000.                                                   
(e)  For  the  period from October 22, 2003 (commencement of operations) through
October  31,  2003.                                                   
(f)  For  the  period from November 2, 1998 (commencement of operations) through
October  31,  1999.                                                   
(g)  Not  annualized.                                                           
(h)  Annualized.                                                                

See  notes  to  financial  statements.                                          

96     ANNUAL  REPORT  2003                                                     
--------------------------------------------------------------------------------

N-CSR 98th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 98th
NATIONWIDE  S&P  500  INDEX  FUND  (continued)                                  

                                                        [Enlarge/Download Table]

                         INVESTMENT ACTIVITIES                            DISTRIBUTIONS                                   
                       ---------------------------------------------------------------------------------------------------
                                                    NET                                                                   
                                                  REALIZED                                                                
                          NET                       AND                                                              NET  
                         ASSET                   UNREALIZED                                                         ASSET 
                         VALUE,        NET         GAINS         TOTAL                                             VALUE, 
                       BEGINNING   INVESTMENT     (LOSSES)       FROM          NET         NET                       END  
                           OF        INCOME          ON       INVESTMENT   INVESTMENT   REALIZED       TOTAL         OF   
                         PERIOD      (LOSS)     INVESTMENTS   ACTIVITIES     INCOME       GAINS    DISTRIBUTIONS   PERIOD 
--------------------------------------------------------------------------------------------------------------------------
                       ---------------------------------------------------------------------------------------------------
                                                                                                                          
INSTITUTIONAL SERVICE                                                                                                     
CLASS SHARES                                                                                                              
Period Ended                                                                                                              
 October 31, 1999 (d)  $     9.66         0.10         2.27         2.37        (0.09)         -           (0.09)  $ 11.94
Year Ended                                                                                                                
October 31, 2000       $    11.94         0.08         0.56         0.64        (0.08)     (0.02)          (0.10)  $ 12.48
Year Ended                                                                                                                
October 31, 2001       $    12.48         0.08        (3.17)       (3.09)       (0.08)     (0.17)          (0.25)  $  9.14
Year Ended                                                                                                                
 October 31, 2002      $     9.14         0.09        (1.50)       (1.41)       (0.09)         -           (0.09)  $  7.64
Year Ended                                                                                                                
 October 31, 2003      $     7.64         0.10         1.42         1.52        (0.09)         -           (0.09)  $  9.07

LOCAL FUND SHARES                                                                                                         
Year Ended                                                                                                                
October 31, 1999       $     9.66         0.12         2.27         2.39        (0.10)         -           (0.10)  $ 11.95
Year Ended                                                                                                                
October 31, 2000       $    11.95         0.11         0.54         0.65        (0.10)     (0.02)          (0.12)  $ 12.48
Year Ended                                                                                                                
October 31, 2001       $    12.48         0.07        (3.14)       (3.07)       (0.07)     (0.17)          (0.24)  $  9.17
Year Ended                                                                                                                
October 31, 2002       $     9.17         0.11        (1.52)       (1.41)       (0.10)         -           (0.10)  $  7.66
Year Ended                                                                                                                
October 31, 2003       $     7.66         0.12         1.42         1.54        (0.11)         -           (0.11)  $  9.09
--------------------------------------------------------------------------------------------------------------------------

                            DISTRIBUTIONS            RATIOS/SUPPLEMENTAL DATA                                             
                       -------------------------------------------------------------------------------------------------  
                                                                            RATIO            RATIO                        
                                                                             OF               OF                          
                                                             RATIO        EXPENSES            NET                         
                                                              OF           (PRIOR         INVESTMENT                      
                                                 RATIO        NET            TO             INCOME                        
                                                  OF      INVESTMENT   REIMBURSEMENTS)      (LOSS)                        
                                               EXPENSES     INCOME           TO             (PRIOR                        
                                   NETASSETS      TO        (LOSS)         AVERAGE            TO                          
                         TOTAL     AT END OF    AVERAGE       TO             NET        REIMBURSEMENTS)                   
                        RETURN      PERIOD        NET       AVERAGE        ASSETS         TO AVERAGE      PORTFOLIO       
                          (A)       (000S)      ASSETS    NET ASSETS         (B)        NET ASSETS (B)   TURNOVER (C)     
------------------------------------------------------------------------------------------------------------------------  
                                                                                                                          
INSTITUTIONAL SERVICE                                                                                                     
CLASS SHARES                                                                                                              
Period Ended                                                                                                              
 October 31, 1999 (d)  24.64%(e)  $    17,389  0.48% (f)     0.87%(f)        0.67% (f)        0.68% (f)        55.07%     
Year Ended                                                                                                                
October 31, 2000           5.37%  $    31,917      0.48%        0.69%            0.55%            0.62%         9.72%     
Year Ended                                                                                                                
October 31, 2001        (25.04%)  $    35,097      0.48%        0.84%            0.54%            0.78%         1.85%     
Year Ended                                                                                                                
 October 31, 2002       (15.56%)  $    41,498      0.48%        1.09%            0.57%            1.00%         3.06%     
Year Ended                                                                                                                
 October 31, 2003         20.11%  $    55,197      0.48%        1.29%            0.55%            1.21%         1.30%     

LOCAL FUND SHARES                                                                                                         
Year Ended                                                                                                                
October 31, 1999          24.85%  $    30,674      0.35%        1.05%            0.52%            0.88%        55.07%     
Year Ended                                                                                                                
October 31, 2000           5.43%  $    10,555      0.35%        0.84%            0.38%            0.81%         9.72%     
Year Ended                                                                                                                
October 31, 2001        (24.91%)  $        96      0.35%        0.94%            0.37%            0.92%         1.85%     
Year Ended                                                                                                                
October 31, 2002        (15.47%)  $        81      0.31%        1.25%            0.39%            1.17%         3.06%     
Year Ended                                                                                                                
October 31, 2003          20.26%  $        97      0.30%        1.47%            0.37%            1.40%         1.30%     
---------------------------------------------------------------------------------------------------------------------     

(a)  Excludes  sales  charge.                                                   
(b)  During  the  period  certain  fees  were  waived and/or reimbursed. If such
     waivers/reimbursements  had  not  occurred,  the  ratios would have been as
indicated.                                                            
(c)  Portfolio  turnover  is  calculated  on  the  basis  of the Fund as a whole
without  distinguishing  among  the  classes  of  shares.             
(d)  For  the  period from November 2, 1998 (commencement of operations) through
October  31,  1999.                                                   
(e)  Not  annualized.                                                           
(f)  Annualized.                                                                

See  notes  to  financial  statements.                                          

2003  ANNUAL  REPORT  97                                                        
--------------------------------------------------------------------------------

N-CSR 99th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 99th
FINANCIAL  HIGHLIGHTS                                                           
Selected  Data  for  Each  Share  of  Capital  Outstanding                      

NATIONWIDE  MID  CAP  MARKET  INDEX  FUND                                       

                                                        [Enlarge/Download Table]

                                        INVESTMENT  ACTIVITIES                               DISTRIBUTIONS               
                      ---------------------------------------------------------------------------------------------------
                                                   NET                                                                   
                                                 REALIZED                                                                
                         NET                       AND                                                              NET  
                         ASSE                   UNREALIZED                                                         ASSET 
                        VALUE,        NET         GAINS         TOTAL                                             VALUE, 
                      BEGINNING   INVESTMENT     (LOSSES)       FROM          NET         NET                       END  
                          OF        INCOME\         ON       INVESTMENT   INVESTMENT   REALIZED       TOTAL         OF   
                        PERIOD      (LOSS)     INVESTMENTS   ACTIVITIES     INCOME       GAINS    DISTRIBUTIONS   PERIOD 
-------------------------------------------------------------------------------------------------------------------------
                                                                                                                         
CLASS A SHARES                                                                                                           
Period Ended                                                                                                             
October 31, 2000 (d)  $    10.00        0.09          1.76         1.85        (0.08)         -           (0.08)  $ 11.77
Year Ended                                                                                                               
October 31, 2001      $    11.77        0.07         (1.50)       (1.43)       (0.08)     (0.47)          (0.55)  $  9.79
Year Ended                                                                                                               
October 31, 2002      $     9.79        0.04         (0.59)       (0.55)       (0.05)         -           (0.05)  $  9.19
Year Ended                                                                                                               
October 31, 2003      $     9.19        0.04          2.68         2.72        (0.04)         -           (0.04)  $ 11.87

CLASS B SHARES                                                                                                           
Period Ended                                                                                                             
October 31, 2001 (e)  $    11.62           -         (1.83)       (1.83)           -      (0.05)          (0.05)  $  9.74
Year Ended                                                                                                               
October 31, 2002      $     9.74       (0.01)        (0.58)       (0.59)       (0.02)         -           (0.02)  $  9.13
Year Ended                                                                                                               
October 31, 2003      $     9.13       (0.02)         2.66         2.64            -          -               -   $ 11.77

CLASS C SHARES                                                                                                           
Period Ended                                                                                                             
October 31, 2003 (f)  $    11.43           -          0.33         0.33            -          -               -   $ 11.76

INSTITUTIONAL                                                                                                            
CLASS SHARES                                                                                                             
Period Ended                                                                                                             
October 31, 2000 (d)  $    10.00        0.14          1.76         1.90        (0.10)         -           (0.10)  $ 11.80
Year Ended                                                                                                               
October 31, 2001      $    11.80        0.10         (1.49)       (1.39)       (0.10)     (0.47)          (0.57)  $  9.84
Year Ended                                                                                                               
October 31, 2002      $     9.84        0.08         (0.58)       (0.50)       (0.09)         -           (0.09)  $  9.25
Year Ended                                                                                                               
October 31, 2003      $     9.25        0.08          2.70         2.78        (0.08)         -           (0.08)  $ 11.95
-------------------------------------------------------------------------------------------------------------------------

                                          RATIOS  /  SUPPLEMENTAL  DATA                                                  
                      --------------------------------------------------------------------------------------------       
                                                             RATIO          RATIO                                        
                                                              OF             OF              RATIO                       
                                                              NET         EXPENSES          OF NET                       
                                       NET       RATIO    INVESTMENT       (PRIOR         INVESTMENT                     
                                     ASSETS       OF        INCOME           TO             INCOME                       
                                       AT      EXPENSES     (LOSS)     REIMBURSEMENTS)      (LOSS)                       
                                       END        TO          TO             TO            (PRIOR TO                     
                         TOTAL         OF       AVERAGE     AVERAGE        AVERAGE      REIMBURSEMENTS)  PORTFOLIO       
                         RETURN      PERIOD       NET         NET            NET          TO AVERAGE      TURNOVER       
                          (A)        (000S)     ASSETS      ASSETS       ASSETS (B)     NET ASSETS (B)      (C)          
-------------------------------------------------------------------------------------------------------------------      
                                                                                                                         
CLASS A SHARES                                                                                                           
Period Ended                                                                                                             
October 31, 2000 (d)    18.51% (g)  $   3,049  0.81% (h)    0.95% (h)        3.12% (h)      (1.36%) (h)      35.19%      
Year Ended                                                                                                               
October 31, 2001          (12.57%)  $   9,028      0.81%        0.56%            1.27%            0.10%     119.76%      
Year Ended                                                                                                               
October 31, 2002           (5.67%)  $  19,002      0.73%        0.42%            0.83%            0.32%      15.82%      
Year Ended                                                                                                               
October 31, 2003            29.72%  $  38,693      0.71%        0.48%            0.82%            0.37%       8.26%      

CLASS B SHARES                                                                                                           
Period Ended                                                                                                             
October 31, 2001 (e)  (16.05%) (g)  $       6  1.41% (h)  (0.38%) (h)        3.66% (h)      (2.63%) (h)     119.76%      
Year Ended                                                                                                               
October 31, 2002           (6.13%)  $      86      1.32%      (0.16%)            1.44%          (0.28%)      15.82%      
Year Ended                                                                                                               
October 31, 2003            28.96%  $     295      1.31%      (0.13%)            1.42%          (0.25%)       8.26%      

CLASS C SHARES                                                                                                           
Period Ended                                                                                                             
October 31, 2003 (f)     2.89% (g)  $      21  1.31% (h)    0.16% (h)        1.71% (h)      (0.24%) (h)       8.26%      

INSTITUTIONAL                                                                                                            
CLASS SHARES                                                                                                             
Period Ended                                                                                                             
October 31, 2000 (d)    19.03% (g)  $   7,957  0.31% (h)    1.49% (h)        2.76% (h)      (0.96%) (h)      35.19%      
Year Ended                                                                                                               
October 31, 2001          (12.17%)  $  26,719      0.31%        1.08%            1.00%            0.39%     119.76%      
Year Ended                                                                                                               
October 31, 2002           (5.19%)  $  84,128      0.31%        0.84%            0.44%            0.71%      15.82%      
Year Ended                                                                                                               
October 31, 2003            30.21%  $ 247,960      0.31%        0.87%            0.42%            0.76%       8.26%      
                      ---------------------------------------------------------------------------------------------      

(a)  Excludes  sales  charge.                                                   
(b)  During  the  period  certain  fees  were  waived and/or reimbursed. If such
     waivers/reimbursements  had  not  occurred,  the  ratios would have been as
indicated.                                                            
(c)  Portfolio  turnover  is  calculated  on  the  basis  of the Fund as a whole
without  distinguishing  among  the  classes  of  shares.             
(d)  For  period  from  December  29,  1999 (commencement of operations) through
October  31,  2000.                                                   
(e)  For  the  period  from  May  25,  2001 (commencement of operations) through
October  31,  2001.                                                   
(f)  For  the  period from October 22, 2003 (commencement of operations) through
October  31,  2003.                                                   
(g)  Not  annualized.                                                           
(h)  Annualized.                                                                

See  notes  to  financial  statements.                                          

98     ANNUAL  REPORT  2003                                                     
--------------------------------------------------------------------------------

N-CSR 100th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 100th
NATIONWIDE  SMALL  CAP  INDEX  FUND                                             

                                                        [Enlarge/Download Table]

                                    INVESTMENT  ACTIVITIES                      DISTRIBUTIONS                               
                      ------------------------------------------------------------------------------------------------------
                                                   NET                                                                      
                                                 REALIZED                                                                   
                         NET                       AND                                                                      
                        ASSET                   UNREALIZED                                               NET                
                        VALUE,        NET         GAINS         TOTAL                                   ASSET               
                      BEGINNING   INVESTMENT     (LOSSES)       FROM          NET                      VALUE,      TOTAL    
                          OF        INCOME          ON       INVESTMENT   INVESTMENT       TOTAL       END OF      RETURN   
                        PERIOD      (LOSS)     INVESTMENTS   ACTIVITIES     INCOME     DISTRIBUTIONS   PERIOD       (A)     
----------------------------------------------------------------------------------------------------------------------------
                                                                                                                            
CLASS A SHARES                                                                                                              
Period Ended                                                                                                                
October 31, 2000 (d)  $    10.00         0.07        (0.34)       (0.27)       (0.06)          (0.06)  $  9.67   (2.71%) (g)
Year Ended                                                                                                                  
October 31, 2001      $     9.67         0.07        (1.32)       (1.25)       (0.08)          (0.08)  $  8.34      (12.95%)
Year Ended                                                                                                                  
October 31, 2002      $     8.34         0.05        (1.07)       (1.02)       (0.05)          (0.05)  $  7.27      (12.29%)
Year Ended                                                                                                                  
October 31, 2003      $     7.27         0.05         2.98         3.03        (0.05)          (0.05)  $ 10.25        41.89%

CLASS B SHARES                                                                                                              
Period Ended                                                                                                                
October 31, 2002 (e)  $     8.84         0.03        (1.59)       (1.56)       (0.03)          (0.03)  $  7.25  (17.68%) (g)
Year Ended                                                                                                                  
October 31, 2003      $     7.25            -         2.97         2.97        (0.01)          (0.01)  $ 10.21        40.98%

CLASS C SHARES                                                                                                              
Period Ended                                                                                                                
October 31, 2003 (f)  $     9.91            -         0.29         0.29            -               -   $ 10.20     2.93% (g)

INSTITUTIONAL                                                                                                               
CLASS SHARES                                                                                                                
Period Ended                                                                                                                
October 31, 2000 (d)  $    10.00         0.09        (0.32)       (0.23)       (0.07)          (0.07)  $  9.70   (2.30%) (g)
Year Ended                                                                                                                  
October 31, 2001      $     9.70         0.11        (1.32)       (1.21)       (0.11)          (0.11)  $  8.38      (12.54%)
Year Ended                                                                                                                  
October 31, 2002      $     8.38         0.08        (1.06)       (0.98)       (0.08)          (0.08)  $  7.32      (11.80%)
Year Ended                                                                                                                  
October 31, 2003      $     7.32         0.08         3.00         3.08        (0.08)          (0.08)  $ 10.32        42.49%
----------------------------------------------------------------------------------------------------------------------------

                                         RATIOS  /  SUPPLEMENTAL  DATA                                                      
                      ------------------------------------------------------------------------------                        
                                              RATIO                           RATIO                                         
                                             OF NET                          OF NET                                         
                                           INVESTMENT      RATIO OF        INVESTMENT                                       
                        NET     RATIO OF     INCOME        EXPENSES          INCOME                                         
                       ASSETS   EXPENSES     (LOSS)        (PRIOR TO         (LOSS)                                         
                       AT END      TO          TO       REIMBURSEMENTS)     (PRIOR TO                                       
                         OF      AVERAGE     AVERAGE      TO AVERAGE     REIMBURSEMENTS)  PORTFOLIO                         
                       PERIOD      NET         NET            NET          TO AVERAGE      TURNOVER                         
                       (000S)    ASSETS      ASSETS       ASSETS (B)     NET ASSETS (B)      (C)                            
----------------------------------------------------------------------------------------------------                        
                                                                                                                            
CLASS A SHARES                                                                                                              
Period Ended                                                                                                                
October 31, 2000 (d)  $     32  0.79% (h)    1.00% (h)      329.04% (h)    (327.25%) (h)      48.27%                        
Year Ended                                                                                                                  
October 31, 2001      $  4,098      0.79%        0.75%            1.64%          (0.10%)      50.19%                        
Year Ended                                                                                                                  
October 31, 2002      $ 11,079      0.71%        0.71%            0.97%            0.45%      34.77%                        
Year Ended                                                                                                                  
October 31, 2003      $ 42,343      0.69%        0.61%            0.83%            0.47%      25.63%                        

CLASS B SHARES                                                                                                              
Period Ended                                                                                                                
October 31, 2002 (e)  $     89  1.29% (h)    0.15% (h)        1.55% (h)      (0.11%) (h)      34.77%                        
Year Ended                                                                                                                  
October 31, 2003      $    249      1.29%        0.04%            1.44%          (0.11%)      25.63%                        

CLASS C SHARES                                                                                                              
Period Ended                                                                                                                
October 31, 2003 (f)  $     21  1.29% (h)    0.07% (h)        1.38% (h)      (0.02%) (h)      25.63%                        

INSTITUTIONAL                                                                                                               
CLASS SHARES                                                                                                                
Period Ended                                                                                                                
October 31, 2000 (d)  $  2,301  0.29% (h)    1.69% (h)       19.76% (h)     (17.78%) (h)      48.27%                        
Year Ended                                                                                                                  
October 31, 2001      $ 11,366      0.29%        1.30%            1.94%          (0.35%)      50.19%                        
Year Ended                                                                                                                  
October 31, 2002      $ 33,247      0.29%        1.14%            0.58%            0.85%      34.77%                        
Year Ended                                                                                                                  
October 31, 2003      $ 99,904      0.29%        1.04%            0.44%            0.89%      25.63%                        
----------------------------------------------------------------------------------------------------                        

(a)  Excludes  sales  charge.                                                   
(b)  During  the  period  certain  fees  were  waived and/or reimbursed. If such
     waivers/reimbursements  had  not  occurred,  the  ratios would have been as
indicated.                                                            
(c)  Portfolio  turnover  is  calculated  on  the  basis  of the Fund as a whole
without  distinguishing  among  the  classes  of  shares.             
(d)  For  period  from  December  29,  1999 (commencement of operations) through
October  31,  2000.                                                   
(e)  For  the period from November 29, 2001 (commencement of operations) through
October  31,  2002.                                                   
(f)  For  the  period from October 22, 2003 (commencement of operations) through
October  31,  2003.                                                   
(g)  Not  annualized.                                                           
(h)  Annualized.                                                                

See  notes  to  financial  statements.                                          

2003  ANNUAL  REPORT  99                                                        
--------------------------------------------------------------------------------

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FINANCIAL  HIGHLIGHTS                                                           
Selected  Data  for  Each  Share  of  Capital  Outstanding                      

NATIONWIDE  INTERNATIONAL  INDEX  FUND                                          

                                                        [Enlarge/Download Table]

                                        INVESTMENT  ACTIVITIES                     DISTRIBUTIONS                               
                      ---------------------------------------------------------------------------------------------------------
                                                      NET                                                                      
                                                    REALIZED                                                                   
                                                      AND                                                                      
                                                   UNREALIZED                                               NET                
                           NET           NET         GAINS         TOTAL                                   ASSET               
                      ASSET VALUE,   INVESTMENT     (LOSSES)       FROM          NET                      VALUE,      TOTAL    
                        BEGINNING      INCOME          ON       INVESTMENT   INVESTMENT       TOTAL       END OF      RETURN   
                        OF PERIOD      (LOSS)     INVESTMENTS   ACTIVITIES     INCOME     DISTRIBUTIONS   PERIOD       (A)     
-------------------------------------------------------------------------------------------------------------------------------
                                                                                                                               
CLASS A SHARES                                                                                                                 
Period Ended                                                                                                                   
October 31, 2000 (d)  $       10.00         0.06        (1.36)       (1.30)       (0.05)          (0.05)  $  8.65  (13.03%) (e)
Year Ended                                                                                                                     
October 31, 2001      $        8.65         0.08        (2.28)       (2.20)       (0.08)          (0.08)  $  6.37      (25.44%)
Year Ended                                                                                                                     
October 31, 2002      $        6.37         0.08        (1.06)       (0.98)       (0.08)          (0.08)  $  5.31      (15.65%)
Year Ended                                                                                                                     
October 31, 2003      $        5.31         0.09         1.25         1.34        (0.10)          (0.10)  $  6.55        25.51%

CLASS B SHARES                                                                                                                 
Period Ended                                                                                                                   
October 31, 2000 (d)  $       10.00         0.02        (1.38)       (1.36)       (0.02)          (0.02)  $  8.62  (13.62%) (e)
Year Ended                                                                                                                     
October 31, 2001      $        8.62         0.04        (2.30)       (2.26)       (0.04)          (0.04)  $  6.32      (26.17%)
Year Ended                                                                                                                     
October 31, 2002      $        6.32         0.03        (1.04)       (1.01)       (0.05)          (0.05)  $  5.26      (16.12%)
Year Ended                                                                                                                     
October 31, 2003      $        5.26         0.06         1.24         1.30        (0.08)          (0.08)  $  6.48        24.88%

INSTITUTIONAL                                                                                                                  
CLASS SHARES                                                                                                                   
Period Ended                                                                                                                   
October 31, 2000 (d)  $       10.00         0.09        (1.35)       (1.26)       (0.08)          (0.08)  $  8.66  (12.65%) (e)
Year Ended                                                                                                                     
October 31, 2001      $        8.66         0.10        (2.29)       (2.19)       (0.10)          (0.10)  $  6.37      (25.28%)
Year Ended                                                                                                                     
October 31, 2002      $        6.37         0.09        (1.04)       (0.95)       (0.10)          (0.10)  $  5.32      (15.20%)
Year Ended                                                                                                                     
October 31, 2003      $        5.32         0.11         1.25         1.36        (0.12)          (0.12)  $  6.56        25.90%
-------------------------------------------------------------------------------------------------------------------------------

                                            RATIOS  /  SUPPLEMENTAL  DATA                                                      
                      ------------------------------------------------------------------------------                           
                                             RATIO OF                                                                          
                                                NET                        RATIO OF NET                                        
                                   RATIO    INVESTMENT                      INVESTMENT                                         
                         NET        OF        INCOME        RATIO OF          INCOME                                           
                       ASSETS    EXPENSES     (LOSS)        EXPENSES          (LOSS)                                           
                       AT END       TO          TO          (PRIOR TO        (PRIOR TO                                         
                         OF       AVERAGE     AVERAGE    REIMBURSEMENTS)  REIMBURSEMENTS)  PORTFOLIO                           
                       PERIOD       NET         NET        TO AVERAGE       TO AVERAGE      TURNOVER                           
                       (000S)     ASSETS      ASSETS     NET ASSETS (B)   NET ASSETS (B)      (C)                              
----------------------------------------------------------------------------------------------------                           
                                                                                                                               
CLASS A SHARES                                                                                                                 
Period Ended                                                                                                                   
October 31, 2000 (d)  $     230  0.86% (f)    1.01% (f)       49.77% (f)     (47.90%) (f)       5.66%                          
Year Ended                                                                                                                     
October 31, 2001      $  10,877      0.86%        1.17%            3.97%          (1.94%)      30.18%                          
Year Ended                                                                                                                     
October 31, 2002      $  12,549      0.79%        1.15%            0.96%            0.98%      32.45%                          
Year Ended                                                                                                                     
October 31, 2003      $  16,404      0.75%        1.71%            0.88%            1.58%       7.71%                          

CLASS B SHARES                                                                                                                 
Period Ended                                                                                                                   
October 31, 2000 (d)  $      53  1.46% (f)    0.39% (f)       63.29% (f)     (61.44%) (f)       5.66%                          
Year Ended                                                                                                                     
October 31, 2001      $      59      1.46%        0.42%            7.41%          (5.53%)      30.18%                          
Year Ended                                                                                                                     
October 31, 2002      $      80      1.39%        0.64%            1.72%            0.31%      32.45%                          
Year Ended                                                                                                                     
October 31, 2003      $     105      1.36%        1.03%            1.48%            0.90%       7.71%                          

INSTITUTIONAL                                                                                                                  
CLASS SHARES                                                                                                                   
Period Ended                                                                                                                   
October 31, 2000 (d)  $   2,858  0.36% (f)    1.16% (f)        8.18% (f)      (6.66%) (f)       5.66%                          
Year Ended                                                                                                                     
October 31, 2001      $  32,422      0.36%        1.42%            2.60%          (0.82%)      30.18%                          
Year Ended                                                                                                                     
October 31, 2002      $ 119,502      0.36%        1.66%            0.56%            1.46%      32.45%                          
Year Ended                                                                                                                     
October 31, 2003      $ 359,705      0.36%        1.99%            0.48%            1.87%       7.71%                          
-----------------------------------------------------------------------------------------------------                          

(a)  Excludes  sales  charge.                                                   
(b)  During  the  period  certain  fees  were  waived and/or reimbursed. If such
     waivers/reimbursements  had  not  occurred,  the  ratios would have been as
indicated.                                                            
(c)  Portfolio  turnover  is  calculated  on  the  basis  of the Fund as a whole
without  distinguishing  among  the  classes  of  shares.             
(d)  For  period  from  December  29,  1999 (commencement of operations) through
October  31,  2000.                                                   
(e)  Not  annualized.                                                           
(f)  Annualized.                                                                

See  notes  to  financial  statements.                                          

100  ANNUAL  REPORT  2003                                                       
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NATIONWIDE  BOND  INDEX  FUND                                                   

                                                        [Enlarge/Download Table]

                                       INVESTMENT  ACTIVITIES                   DISTRIBUTIONS                             
                      ----------------------------------------------------------------------------------------------------
                                                   NET                                                                    
                                                 REALIZED                                                                 
                         NET                       AND                                                             NET    
                        ASSET                   UNREALIZED                                                        ASSET   
                        VALUE,        NET         GAINS        TOTAL                                             VALUE,   
                      BEGINNING   INVESTMENT     (LOSSES)       FROM         NET         NET                       END    
                          OF        INCOME          ON       INVESTMENT  INVESTMENT   REALIZED       TOTAL         OF     
                        PERIOD      (LOSS)     INVESTMENTS   ACTIVITIES    INCOME       GAINS    DISTRIBUTIONS   PERIOD   
--------------------------------------------------------------------------------------------------------------------------
                                                                                                                          
CLASS A SHARES                                                                                                            
Period Ended                                                                                                              
October 31, 2000 (d)  $    10.00         0.50          0.08        0.58       (0.50)         -           (0.50)  $ 10.08  
Year Ended                                                                                                                
October 31, 2001      $    10.08         0.57          0.93        1.50       (0.57)     (0.08)          (0.65)  $ 10.93  
Year Ended                                                                                                                
October 31, 2002      $    10.93         0.47          0.05        0.52       (0.48)     (0.01)          (0.49)  $ 10.96  
Year Ended                                                                                                                
October 31, 2003      $    10.96         0.34          0.09        0.43       (0.40)     (0.01)          (0.41)  $ 10.98  

CLASS B SHARES                                                                                                            
Period Ended                                                                                                              
October 31, 2001 (e)  $    10.75         0.02          0.18        0.20       (0.02)         -           (0.02)  $ 10.93  
Year Ended                                                                                                                
October 31, 2002      $    10.93         0.41          0.05        0.46       (0.42)     (0.01)          (0.43)  $ 10.96  
Year Ended                                                                                                                
October 31, 2003      $    10.96         0.29          0.07        0.36       (0.33)     (0.01)          (0.34)  $ 10.98  

INSTITUTIONAL                                                                                                             
CLASS SHARES                                                                                                              
Period Ended                                                                                                              
October 31, 2000 (d)  $    10.00         0.54          0.09        0.63       (0.54)         -           (0.54)  $ 10.09  
Year Ended                                                                                                                
October 31, 2001      $    10.09         0.63          0.91        1.54       (0.63)     (0.08)          (0.71)  $ 10.92  
Year Ended                                                                                                                
October 31, 2002      $    10.92         0.52          0.05        0.57       (0.53)     (0.01)          (0.54)  $ 10.95  
Year Ended                                                                                                                
October 31, 2003      $    10.95         0.39          0.09        0.48       (0.44)     (0.01)          (0.45)  $ 10.98  
------------------------------------------------------------------------------------------------------------------------  

                                              RATIOS  /  SUPPLEMENTAL  DATA                                               
                      ------------------------------------------------------------------------------------------          
                                                        RATIO OF                        RATIO OF                          
                                                           NET         RATIO OF            NET                            
                                                       INVESTMENT      EXPENSES        INVESTMENT                         
                                    NET     RATIO OF     INCOME        (PRIOR TO         INCOME                           
                                  ASSETS    EXPENSES     (LOSS)     REIMBURSEMENTS)      (LOSS)                           
                                  AT END       TO          TO             TO            (PRIOR TO                         
                        TOTAL       OF       AVERAGE     AVERAGE        AVERAGE      REIMBURSEMENTS)  PORTFOLIO           
                       RETURN     PERIOD       NET         NET            NET          TO AVERAGE      TURNOVER           
                         (A)      (000S)     ASSETS      ASSETS       ASSETS (B)     NET ASSETS (B)      (C)              
----------------------------------------------------------------------------------------------------------------          
                                                                                                                          
CLASS A SHARES                                                                                                            
Period Ended                                                                                                              
October 31, 2000 (d)  5.92% (f)  $   8,352  0.81% (g)    6.06% (g)        3.48% (g)        3.39% (g)      35.74%          
Year Ended                                                                                                                
October 31, 2001         15.28%  $   9,693      0.81%        5.04%            1.12%            4.73%     150.27%          
Year Ended                                                                                                                
October 31, 2002          5.01%  $  38,447      0.72%        4.29%            0.84%            4.17%     124.75%          
Year Ended                                                                                                                
October 31, 2003          3.96%  $  42,292      0.71%        3.07%            0.82%            2.96%     139.66%          

CLASS B SHARES                                                                                                            
Period Ended                                                                                                              
October 31, 2001 (e)  1.85% (f)  $      10  1.41% (g)    3.05% (g)        1.63% (g)        2.83% (g)     150.27%          
Year Ended                                                                                                                
October 31, 2002          4.38%  $      28      1.33%        3.69%            1.44%            3.58%     124.75%          
Year Ended                                                                                                                
October 31, 2003          3.34%  $     256      1.31%        2.10%            1.41%            2.00%     139.66%          

INSTITUTIONAL                                                                                                             
CLASS SHARES                                                                                                              
Period Ended                                                                                                              
October 31, 2000 (d)  6.47% (f)  $   3,763  0.31% (g)    6.49% (g)       10.87% (g)      (4.07%) (g)      35.74%          
Year Ended                                                                                                                
October 31, 2001         15.71%  $  45,750      0.31%        5.51%            1.10%            4.72%     150.27%          
Year Ended                                                                                                                
October 31, 2002          5.46%  $ 185,141      0.31%        4.67%            0.45%            4.53%     124.75%          
Year Ended                                                                                                                
October 31, 2003          4.47%  $ 481,326      0.31%        3.34%            0.42%            3.23%     139.66%          
----------------------------------------------------------------------------------------------------------------          

(a)  Excludes  sales  charge.                                                   
(b)  During  the  period  certain  fees  were  waived and/or reimbursed. If such
     waivers/reimbursements  had  not  occurred,  the  ratios would have been as
indicated.                                                            
(c)  Portfolio  turnover  is  calculated  on  the  basis  of the Fund as a whole
without  distinguishing  among  the  classes  of  shares.             
(d)  For  period  from  December  29,  1999 (commencement of operations) through
October  31,  2000.                                                   
(e)  For  the  period from October 12, 2001 (commencement of operations) through
October  31,  2001.                                                   
(f)  Not  annualized.                                                           
(g)  Annualized.                                                                

See  notes  to  financial  statements.                                          

2003  ANNUAL  REPORT  101                                                       
--------------------------------------------------------------------------------

N-CSR 103rd “Page” of 135 TOC 1st Previous Next ↓Bottom Just 103rd
NORTHPOINTE  SMALL  CAP  VALUE  FUND                                            

Institutional  Class  symbol:  NNSVX                                            

HOW  DID  THE  FUND  PERFORM?                                                   

For  the  annual  period  ended  Oct. 31, 2003, the Fund returned 38.25%* versus
43.35%  for  its  benchmark,  the  Russell  2000(R)  Index.                     

For  broader  comparison,  the  average  return  for  this  Fund's peer category

(Small-Cap  Core  Funds) was 38.95%, according to Lipper, an independent company
that  provides  mutual  fund  data  and  analysis.                              

WHAT  MARKET/ECONOMIC  AND  PORTFOLIO-SPECIFIC  FACTORS  AFFECTED  PERFORMANCE? 

The  market surged during the second half of the period as the economic slowdown
appeared  to  have  ended  and  an  earnings recovery was on the horizon. On the
surface, the move in the market appeared to be broad-based. A closer examination
of  the  performance, however, revealed that the rally was fueled by a risky and
speculative  segment  of  the  market.                                          

Small-cap  market returns, as measured by the Russell 2000 Index, were dominated
by the micro-cap segment of the small-cap market. These micro-cap stocks tend to
be  illiquid,  trading  unprofitably  at  less  than $5 per share. Many of these
stocks  come  with  negative  earnings forecasts for calendar-year 2003 and only
marginal improvement projections for next year. This challenging environment for
the  Fund's style of investing, which emphasizes liquidity and earnings quality,
led  to  the  Fund's  performance  lagging  that  of  the  benchmark.           

DESCRIBE  THE  FUND'S  TOP HOLDINGS AND ANY SIGNIFICANT TRANSACTIONS MADE DURING
THE  PERIOD.                                                                    

The  Fund's top holdings as of Oct. 31, 2003, were BankAtlantic Bancorp, Inc., a
diversified  financial  holding  company;  CBL  &  Associates Properties Inc., a
self-managed,  self-administered, fully integrated real estate investment trust;
and Provident Financial Group, Inc., a commercial banking and financial services
company.  The  Fund prefers financial stocks due to the improving credit quality
they  are  enjoying  as  a  result  of  the  recovering economy. The Fund favors
real-estate  stocks  because  they  have  benefited  from increased minimum rent
revenues  and  gains  on  the  sale  of  real  estate.                          

The  Fund initiated a position in The Timberland Co., the footwear manufacturer,
which  has  an impressive product line and conservative earnings expectations, a
combination  that  typically  creates  an attractive investment opportunity. The
Fund  took  advantage of the strong performance in the technology sector to sell
positions  in  Photronics  Inc.  and  Polycom,  Inc.                            

HOW  IS  THE  FUND  POSITIONED?                                                 

The  economy  truly  appears  to  be  recovering,  although  the  market  may be
overestimating  its  pace.  Given  the  quick run-up in third-quarter 2003 share
prices, the Fund is more inclined to be cautious in the near term to see how the
economic  and  earnings  data unfold. The environment is likely to shift soon to
one  in  which fundamentals, rather than investor sentiment, move the market. In
such  an  environment,  well-positioned  companies with strong profitability and
visible earnings growth will be rewarded, as will the Fund's style of investing.

PORTFOLIO  MANAGER:  NorthPointe  Capital,  LLC  -  Subadviser                  
*    Performance  of  Institutional  Class shares assuming all distributions are
reinvested.                                                           

PORTFOLIO  MARKET  VALUE  $47,817,539                                           
OCTOBER  31,  2003                                                              

AVERAGE  ANNUAL  TOTAL  RETURN                                                  
(For  Periods  Ended  October  31,  2003)                                       

1 YR.   INCEPTION1                    
----------------------------------------                                        
Institutional Class  38.25%       11.94%                                        
----------------------------------------                                        

There  are  no  sales  charges  on the shares of the NorthPointe Small Cap Value
Fund.                                                                           
1    Fund  commenced  operations  on  June  29,  2000.                          

GROWTH  OF  A  $10,000  INVESTMENT                                              

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.                                                            

DATE        INSTITUTIONAL CLASS  RUSSELL 2000   CPI                             
------------------------------------------------------                          
6/30/2000                10,000        10,000  10,000                           
10/31/2000               10,514         9,659  10,099                           
10/31/2001               11,264         8,433  10,313                           
10/31/2002               10,539         7,457  10,522                           
10/31/2003               14,571        10,691  10,787                           

Comparative  performance  of  $10,000 invested in the Institutional Class of the
NorthPointe  Small Cap Value Fund, Russell 2000 Index (Russell 2000)(a), and the
Consumer Price Index (CPI)(b) since inception.  Unlike the Fund, the returns for
these  indices  do  not  reflect  any  fees,  expenses,  or  sales  charges.    
(a)  The Russell 2000 is an unmanaged index of approximately 2000 companies with
     small  market  capitalizations  relative  to  the market capitalizations of
other  U.S.  companies                                                
(b)  The  CPI  represents  changes  in  prices of a basket of goods and services
purchased  for  consumption  by  urban  households.                   

102  ANNUAL  REPORT  2003                                                       
--------------------------------------------------------------------------------

N-CSR 104th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 104th
STATEMENT  OF  INVESTMENTS                                                      
October  31,  2003                                                              

NORTHPOINTE  SMALL  CAP  VALUE  FUND                                            

COMMON  STOCKS  (94.7%)                                                         
             SHARES OR
             PRINCIPAL
                         AMOUNT      VALUE
---------------------------------------------------------------                 

AEROSPACE (1.0%)                                                                
Alliant Techsystems, Inc. (b)                 4,000  $  207,040                 
Orbital Sciences Corp. (b)                   20,100     184,719                 
                                    ----------
                                       391,759
                                    ----------
---------------------------------------------------------------                 

---------------------------------------------------------------                 
AIR TRANSPORT (0.9%)                                                            
SkyWest, Inc.                                20,192     373,350                 
                                    ----------

---------------------------------------------------------------                 
AUTO PARTS-AFTER MARKET (0.9%)                                                  
Aftermarket Technology Corp. (b)             12,900     152,865                 
Superior Industries International, Inc.       4,500     191,250                 
                                    ----------
                                       344,115
                                    ----------

---------------------------------------------------------------                 
AUTO PARTS-TRUCK (0.3%)                                                         
Wabash National Corp. (b)                     5,100     117,657                 
                                    ----------

---------------------------------------------------------------                 
BANKS - OUTSIDE NEW YORK CITY (5.4%)                                            
Capital Corp of the West (b)                  4,500     172,530                 
Community First Bankshares, Inc.             14,600     396,390                 
East West Bancorp, Inc.                       7,573     371,759                 
First Community Bancorp, Inc.                 8,900     311,500                 
Macatawa Bank Corp.                           5,571     146,016                 
Provident Financial Group, Inc.              16,340     481,212                 
South Financial Group, Inc. (The)             9,000     235,170                 
                                    ----------
                                     2,114,577
                                    ----------

---------------------------------------------------------------                 
BIOTECHNOLOGY RESEARCH & PRODUCTION (1.6%)                                      
Nabi Biopharmaceuticals (b)                  23,700     261,411                 
Serologicals Corp. (b)                       16,600     265,600                 
Transkaryotic Therapies, Inc. (b)             8,900     116,679                 
                                    ----------
                                       643,690
                                    ----------

---------------------------------------------------------------                 
BUILDING MATERIALS (0.5%)                                                       
LSI Industries, Inc.                         11,050     180,447                 
                                    ----------

---------------------------------------------------------------                 
BUILDING-AIR CONDITIONING (0.4%)                                                
York International Corp.                      4,200     166,908                 
                                    ----------

---------------------------------------------------------------                 
CASINOS & GAMBLING (1.2%)                                                       
Ameristar Casinos, Inc. (b)                   8,700     183,744                 
Scientific Games Corp., Class A (b)          22,500     299,250                 
                                    ----------
                                       482,994
                                    ----------

---------------------------------------------------------------                 
CHEMICALS (2.2%)                                                                
A. Schulman, Inc.                            10,600     201,294                 
Aceto Corp.                                   8,900     139,107                 
Cabot Corp.                                   8,200     228,780                 
Lubrizol Corp.                                9,500     287,850                 
                                    ----------
                                       857,031
                                    ----------
---------------------------------------------------------------                 

             SHARES OR
             PRINCIPAL
                        AMOUNT     VALUE
---------------------------------------------------------------                 

COAL (1.4%)                                                                     
Consol Energy, Inc.                           7,900  $  171,430                 
Peabody Energy Corp.                         11,900     396,627                 
                                    ----------
                                       568,057
                                    ----------

---------------------------------------------------------------                 
COMMERCIAL INFORMATION SERVICES (0.4%)                                          
InfoUSA, Inc. (b)                            17,500     143,500                 
                                    ----------

---------------------------------------------------------------                 
COMMUNICATIONS TECHNOLOGY (3.1%)                                                
Ditech Communications Corp. (b)              24,000     253,200                 
Enterasys Networks, Inc. (b)                 69,200     269,880                 
Harris Corp.                                  8,000     297,760                 
Inter-Tel, Inc.                               9,800     246,862                 
Westell Technologies, Inc. (b)               17,500     145,775                 
                                    ----------
                                     1,213,477
                                    ----------

---------------------------------------------------------------                 
COMPUTER SERVICES SOFTWARE & SYSTEMS (4.5%)                                     
Compuware Corp. (b)                          41,500     233,230                 
Gartner, Inc. (b)                            18,000     229,500                 
MRO Software, Inc. (b)                       12,514     158,302                 
Novell, Inc. (b)                             66,500     390,355                 
Parametric Technology Corp. (b)              67,300     209,303                 
Quovadx, Inc. (b)                            54,500     286,670                 
Verity, Inc. (b)                             19,700     276,785                 
                                    ----------
                                     1,784,145
                                    ----------

---------------------------------------------------------------                 
COMPUTER TECHNOLOGY (2.1%)                                                      
Advanced Digital Information Corp. (b)       15,700     255,125                 
Intergraph Corp. (b)                         15,500     403,930                 
Komag, Inc. (b)                               8,400     158,424                 
                                    ----------
                                       817,479
                                    ----------

---------------------------------------------------------------                 
CONSTRUCTION (0.5%)                                                             
Chicago Bridge and Iron Co. N.V.              7,430     202,468                 
                                    ----------

---------------------------------------------------------------                 
CONSUMER ELECTRONICS (0.5%)                                                     
CNET Networks, Inc. (b)                      24,900     202,686                 
                                    ----------

---------------------------------------------------------------                 
COSMETICS (0.4%)                                                                
Alberto-Culver Co., Class A                   2,700     171,153                 
                                    ----------

---------------------------------------------------------------                 
DRUGS & PHARMACEUTICALS (2.3%)                                                  
CV Therapeutics, Inc. (b)                     7,100     125,173                 
Guilford Pharmaceuticals, Inc. (b)           25,000     184,250                 
K-V Pharmaceutical Co. (b)                    8,100     194,400                 
Pharmaceutical Resources, Inc. (b)            5,500     397,540                 
                                    ----------
                                       901,363
                                    ----------

2003  ANNUAL  REPORT  103                                                       
--------------------------------------------------------------------------------

N-CSR 105th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 105th
STATEMENT  OF  INVESTMENTS(Continued)                                           
October  31,  2003                                                              

NORTHPOINTE  SMALL  CAP  VALUE  FUND  (Continued)                               

COMMON  STOCKS  (CONTINUED)                                                     

         SHARES OR
         PRINCIPAL
                  AMOUNT     VALUE
-----------------------------------------------------------                     

ELECTRONICS (1.3%)                                                              
Aeroflex, Inc. (b)                         29,300  $271,904                     
Flir Systems, Inc. (b)                      7,300   228,198                     
                              --------
                               500,102
                              --------

-----------------------------------------------------------                     
ELECTRONICS - INSTRUMENTS, GAUGES & METERS (0.4%)                               
Tektronix, Inc.                             6,000   154,020                     
                              --------

-----------------------------------------------------------                     
ELECTRONICS - MEDICAL SYSTEMS (0.4%)                                            
CardioDynamics International                                                    
Corp. (b)                                  25,290   145,418                     
                              --------

-----------------------------------------------------------                     
ELECTRONICS - SEMI-CONDUCTORS & COMPONENTS (0.9%)                               
Atmel Corp. (b)                            50,100   282,564                     
ChipPAC, Inc. (b)                           8,800    73,392                     
                              --------
                               355,956
                              --------

-----------------------------------------------------------                     
FERTILIZERS (0.7%)                                                              
Scotts Co., Class A (The) (b)               5,100   294,525                     
                              --------

-----------------------------------------------------------                     
FINANCIAL DATA PROCESSING SERVICES & SYSTEMS (0.9%)                             
Hypercom Corp. (b)                         39,800   195,816                     
TradeStation Group, Inc. (b)               17,600   149,776                     
                              --------
                               345,592
                              --------

-----------------------------------------------------------                     
FINANCIAL - MISCELLANEOUS (0.7%)                                                
New Century Financial Corp.                 7,300   270,684                     
                              --------

-----------------------------------------------------------                     
FOODS (1.9%)                                                                    
Del Monte Foods Co. (b)                    34,700   329,997                     
International Multi-Foods Corp. (b)         6,700   149,477                     
NBTY, Inc. (b)                              9,700   264,325                     
                              --------
                               743,799
                              --------

-----------------------------------------------------------                     
HEALTH CARE FACILITIES (0.7%)                                                   
Triad Hospitals, Inc. (b)                   8,400   258,132                     
                              --------

-----------------------------------------------------------                     
HEALTH CARE MANAGEMENT SERVICES (0.6%)                                          
Select Medical Corp. (b)                    7,100   238,347                     
                              --------

-----------------------------------------------------------                     
HEALTH CARE SERVICES (1.1%)                                                     
Apria Healthcare Group, Inc. (b)           14,300   414,700                     
                              --------

-----------------------------------------------------------                     
HOMEBUILDING (0.4%)                                                             
Beazer Homes USA, Inc. (b)                  1,500   149,250                     
                              --------

-----------------------------------------------------------                     
HOUSEHOLD FURNISHINGS (0.7%)                                                    
Furniture Brands International, Inc.        6,000   145,560                     
La-Z-Boy, Inc.                              7,000   141,400                     
                              --------
                               286,960
                              --------

         SHARES OR
         PRINCIPAL
                      AMOUNT     VALUE
-----------------------------------------------------------                     

IDENTIFICATION CONTROL & FILTER DEVICES (0.8%)                                  
Hubbell, Inc.                               5,500  $235,620                     
Pall Corp.                                  3,100    72,540                     
                              --------
                               308,160
                              --------

-----------------------------------------------------------                     
INSURANCE - LIFE (0.6%)                                                         
Scottish Annuity & Life Holdings Ltd.      11,700   255,177                     
                              --------

-----------------------------------------------------------                     
INSURANCE - PROPERTY & CASUALTY (2.0%)                                          
IPC Holdings Ltd.                           6,600   247,170                     
ProAssurance Corp. (b)                     10,900   328,090                     
RLI Corp.                                   6,500   218,400                     
                              --------
                               793,660
                              --------

-----------------------------------------------------------                     
INVESTMENT MANAGEMENT COMPANIES (1.1%)                                          
Affiliated Managers Group, Inc. (b)         5,900   427,750                     
                              --------

-----------------------------------------------------------                     
LEISURE TIME (0.4%)                                                             
West Marine, Inc. (b)                       7,900   175,064                     
                              --------

-----------------------------------------------------------                     
MACHINERY - CONSTRUCTION & HANDLING (0.3%)                                      
Manitowoc Co. (The)                         6,300   136,710                     
                              --------

-----------------------------------------------------------                     
MACHINERY - INDUSTRIAL & SPECIALTY (2.1%)                                       
Gardner Denver, Inc. (b)                    6,800   140,488                     
Joy Global, Inc. (b)                       13,500   257,310                     
Kadant, Inc. (b)                           11,400   208,050                     
Kennametal, Inc.                            6,000   221,280                     
                              --------
                               827,128
                              --------

-----------------------------------------------------------                     
MACHINERY - OIL WELL EQUIPMENT & SERVICES (1.7%)                                
Key Energy Services, Inc. (b)              29,500   257,535                     
Rowan Co., Inc. (b)                        17,800   426,310                     
                              --------
                               683,845
                              --------

-----------------------------------------------------------                     
MEDICAL & DENTAL INSTRUMENTS & SUPPLIES (0.6%)                                  
Osteotech, Inc. (b)                        10,100    81,709                     
Owens & Minor, Inc.                         7,650   155,601                     
                              --------
                               237,310
                              --------
-----------------------------------------------------------                     

MEDICAL SERVICES (0.6%)                                                         
Curative Health Services, Inc. (b)         17,000   242,930                     
                              --------

-----------------------------------------------------------                     
METAL FABRICATING (1.5%)                                                        
Maverick Tube Corp. (b)                    23,210   392,017                     
NN, Inc.                                   17,500   210,000                     
                              --------
                               602,017
                              --------

-----------------------------------------------------------                     
METALS & GLASS PACKING (0.4%)                                                   
Anchor Glass Container Corp. (b)            9,700   156,655                     
                              --------

104  ANNUAL  REPORT  2003                                                       
--------------------------------------------------------------------------------

N-CSR 106th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 106th
COMMON  STOCKS  (CONTINUED)                                                     
                       SHARES OR
                       PRINCIPAL
                                          AMOUNT               VALUE
-----------------------------------------------------------------------------   

METALS & MINERALS MISCELLANEOUS (0.5%)                                          
GrafTech International Ltd. (b)                   19,200           $  199,488   
                                                                ----------

-----------------------------------------------------------------------------   
MISCELLANEOUS MATERIALS & PROCESSING (0.8%)                                     
USEC, Inc.                                        42,800              318,860   
                                                                ----------

-----------------------------------------------------------------------------   
MULTI-SECTOR COMPANIES (0.6%)                                                   
Jacuzzi Brands, Inc. (b)                          31,300              220,665   
                                                                ----------

-----------------------------------------------------------------------------   
OIL - CRUDE PRODUCERS (2.3%)                                                    
Chesapeake Energy Corp.                           33,200              396,076   
Energy Partners Ltd. (b)                          24,040              288,720   
Newfield Exploration Co. (b)                       5,200              206,596   
                                                                ----------
                                                                   891,392
                                                                ----------

-----------------------------------------------------------------------------   
PAINTS & COATINGS (0.7%)                                                        
RPM International, Inc.                           18,000              260,100   
                                                                ----------

-----------------------------------------------------------------------------   
PAPER (0.6%)                                                                    
Albany International                                                            
Corp., Class A                                    7,500              231,750  
                                                                ----------

-----------------------------------------------------------------------------   
POLLUTION CONTROL & ENVIRONMENTAL SERVICES (0.9%)                               
Headwaters, Inc. (b)                              18,600              348,564   
                                                                ----------

-----------------------------------------------------------------------------   
PRODUCTION TECHNOLOGY EQUIPMENT (1.9%)                                          
Credence Systems Corp. (b)                        18,400              300,104   
FEI Co. (b)                                       12,400              294,500   
Mykrolis Corp. (b)                                11,200              165,200   
                                                                ----------
                                                                   759,804
                                                                ----------

-----------------------------------------------------------------------------   
PUBLISHING - NEWSPAPERS (0.4%)                                                  
Lee Enterprises, Inc.                              3,800              160,208   
                                                                ----------

-----------------------------------------------------------------------------   
RADIO & TV BROADCASTERS (1.6%)                                                  
Cumulus Media, Inc. (b)                           14,247              266,846   
Emmis Communications Corp., Class A (b)            7,700              170,786   
Sinclair Broadcast Group, Inc., Class A           16,400              190,896   
                                                                ----------
                                                                   628,528
                                                                ----------

-----------------------------------------------------------------------------   
RAILROADS (1.0%)                                                                
RailAmerica, Inc. (b)                             37,200              395,064   
                                                                ----------

-----------------------------------------------------------------------------   
REAL ESTATE INVESTMENT TRUSTS (REIT) (6.3%)                                     
American Financial Realty Trust                   28,900              439,280   
Anworth Mortgage Asset Corp.                      16,600              233,064   
Ashford Hospitality Trust (b)                     29,500              269,925   
Brandywine Realty Trust                            9,100              230,594   
CBL & Associates Properties, Inc.                  9,600              511,681   
Friedman Billings Ramsey Group, Inc.              13,070              260,354   
Ramco-Gershenson Properties Trust                 11,700              282,555   
SL Green Realty Corp.                              7,200              260,280   
                                                                ----------
                                                                 2,487,733
                                                                ----------

                       SHARES OR
                       PRINCIPAL
                                           AMOUNT              VALUE
-----------------------------------------------------------------------------   

RECREATIONAL VEHICLES & BOATS (0.4%)                                            
Fleetwood Enterprises, Inc. (b)                   16,000           $  161,280   
                                                                ----------

-----------------------------------------------------------------------------   
RENTAL & LEASING SERVICES - CONSUMER (0.3%)                                     
Dollar Thrifty Automotive Group, Inc. (b)          4,700              123,093   
                                                                ----------

-----------------------------------------------------------------------------   
RESTAURANTS (1.1%)                                                              
Ruby Tuesday, Inc.                                10,400              284,440   
Triarc Cos., Inc.                                  4,900               51,058   
Triarc Cos., Inc., Class B                         9,800              104,468   
                                                                ----------
                                                                   439,966
                                                                ----------

-----------------------------------------------------------------------------   
RETAIL (3.2%)                                                                   
American Eagle Outfitters, Inc. (b)                7,300              116,727   
AnnTaylor Stores Corp. (b)                         3,300              118,140   
Central Garden & Pet Co. (b)                       6,610              182,833   
Jo-Ann Stores, Inc., Class A (b)                   5,300              159,053   
Linens 'n Things, Inc. (b)                        10,600              312,912   
ShopKo Stores, Inc. (b)                           14,500              224,460   
Wet Seal, Inc., Class A (The) (b)                 14,600              160,454   
                                                                ----------
                                                                 1,274,579
                                                                ----------

-----------------------------------------------------------------------------   
SAVINGS & LOAN (5.6%)                                                           
BankAtlantic Bancorp, Inc., Class A               30,552              512,968   
BankUnited Financial Corp., Class A  (b)          11,200              247,632   
Commercial Capital Bancorp, Inc. (b)              22,500              422,325   
First Niagara Financial Group, Inc.               14,900              212,921   
FirstFed Financial Corp. (b)                       9,500              427,500   
ITLA Capital Corp. (b)                             8,300              386,365   
                                                                ----------
                                                                 2,209,711
                                                                ----------

-----------------------------------------------------------------------------   
SCIENTIFIC EQUIPMENT & SUPPLIERS (0.2%)                                         
Newport Corp. (b)                                  3,800               59,888   
                                                                ----------
-----------------------------------------------------------------------------   
SECURITIES BROKERAGE & SERVICES (1.4%)                                          
American Capital                                                                
Strategies Ltd.                                    8,900              240,300   
NCO Group, Inc. (b)                               12,900              307,020   
                                                                ----------
                                                                   547,320
                                                                ----------

-----------------------------------------------------------------------------   
SERVICES - COMMERCIAL (2.7%)                                                    
Integrated Alarm Services Group, Inc. (b)         37,000              325,970   
Labor Ready, Inc. (b)                             11,500              125,005   
MPS Group, Inc. (b)                               15,987              152,676   
Navigant International, Inc. (b)                   6,150               92,681   
Waste Connections, Inc. (b)                       10,000              346,799   
                                                                ----------
                                                                 1,043,131
                                                                ----------

-----------------------------------------------------------------------------   
SHOES (0.7%)                                                                    
Timberland Co., Class A (The) (b)                  5,200              270,140   
                                                                ----------

2003  ANNUAL  REPORT  105                                                       
--------------------------------------------------------------------------------

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STATEMENT  OF  INVESTMENTS(Continued)                                           
October  31,  2003                                                              

NORTHPOINTE  SMALL  CAP  VALUE  FUND  (Continued)                               

COMMON  STOCKS  (CONTINUED)                                                     
                 SHARES OR
                 PRINCIPAL
                                          AMOUNT                   VALUE
--------------------------------------------------------------------------------

STEEL (0.4%)                                                                    
Carpenter Technology Corp.                       6,600              $   170,610 
                                                                    ------------

--------------------------------------------------------------------------------
TELECOMMUNICATIONS EQUIPMENT (1.5%)                                             
Arris Group, Inc. (b)                           29,200                  175,200 
Polycom, Inc. (b)                               20,100                  402,603 
                                                                    ------------
                                                                       577,803
                                                                    ------------

--------------------------------------------------------------------------------
TOYS (0.6%)                                                                     
Hasbro, Inc.                                    10,600                  231,080 
                                                                    ------------

--------------------------------------------------------------------------------
TRANSPORTATION MISC. (1.0%)                                                     
Pacer International, Inc. (b)                   18,300                  377,346 
                                                                    ------------

--------------------------------------------------------------------------------
TRUCKERS (1.1%)                                                                 
J.B. Hunt Transport Services, Inc. (b)          12,400                  314,712 
Overnite Corp. (b)                               5,900                  130,744 
                                                                    ------------
                                                                       445,456
                                                                    ------------

--------------------------------------------------------------------------------
UTILITIES - ELECTRIC (1.6%)                                                     
Black Hills Corp.                                9,520                  306,258 
Duquesne Light Holdings, Inc.                   20,600                  331,042 
                                                                    ------------
                                                                       637,300
                                                                    ------------

--------------------------------------------------------------------------------
UTILITIES - GAS DISTRIBUTORS (1.8%)                                             
Questar Corp.                                   11,700                  371,475 
Southwestern Energy Co. (b)                     16,700                  323,980 
                                                                    ------------
                                                                       695,455
                                                                    ------------

--------------------------------------------------------------------------------
UTILITIES - TELECOMMUNICATIONS (0.6%)                                           
Nextel Partners, Inc., Class A (b)              18,100                  217,562 
                                                                    ------------

--------------------------------------------------------------------------------
UTILITIES - WATER (0.5%)                                                        
American States Water Co.                        7,704                  188,748 
                                                                    ------------

TOTAL COMMON STOCKS                                                  37,253,371 
                                                                    ------------

--------------------------------------------------------------------------------
REPURCHASE AGREEMENTS (5.9%)                                                    

CS First Boston, 0.94% dated 10/31/03,                                          
due 11/03/03, repurchase price $1,170,018                                       
(Fully collateralized by AA Rated                                               
Corporate Bonds)                            $1,169,926              $ 1,169,926 
Lehman Brothers, Inc., 0.94%                                                    
dated 10/31/03, due 11/03/03;                                                   
repurchase price $216,669                                                       
(Fully collateralized by U.S.                                                   
Agency Securities)                            216,652                  216,652
Nomura Securities, 0.94%                                                        
dated 10/31/03, due 11/03/03;                                                   
repurchase price $936,014                                                       
(Fully collateralized by AA Rated                                               
Corporate Bonds)                               935,941                  935,941 
                                                                    ------------
TOTAL REPURCHASE AGREEMENTS                                           2,322,519 
                                                                    ------------
--------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS PURCHASED                                                
WITH CASH COLLATERAL RECEIVED FOR                                             
SECURITIES ON LOAN (21.0%)                                                    
                 SHARES OR
                 PRINCIPAL
                                     AMOUNT                  VALUE
--------------------------------------------------------------------------------
REPURCHASE AGREEMENT (21.0%)                                                    
Nomura Securities, 1.07%,                                                       
dated 10/31/03, due 11/03/03;                                                   
repurchase price $8,242,384                                                     
(Fully collateralized by U.S.                                                   
Agency Securities)                          $8,241,649              $ 8,241,649 
                                                                    ------------

TOTAL SHORT-TERM INVESTMENTS PURCHASED WITH CASH                                
COLLATERAL RECEIVED FOR SECURITIES                                              
ON LOAN                                                               8,241,649 
                                                                    ------------

TOTAL INVESTMENTS (COST $41,285,562) (A) - 121.6%                     47,817,539

LIABILITIES IN EXCESS OF OTHER ASSETS - (21.6)%                      (8,489,499)
                                                                    ------------

NET ASSETS - 100.0%                                                 $39,328,040 
                                                                    ============

(a)  See  notes  to  financial  statements  for  unrealized  appreciation       
(depreciation)  of  securities.                                       
(b)  Denotes  a  non-income  producing  security.                               

SEE  NOTES  TO  FINANCIAL  STATEMENTS.                                          

106  ANNUAL  REPORT  2003                                                       
--------------------------------------------------------------------------------

N-CSR 108th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 108th
STATEMENT  OF  ASSETS  AND  LIABILITIES                                         
October  31,  2003                                                              

                                                        [Enlarge/Download Table]

                                                                                           NORTHPOINTE     
                                                                                      SMALL CAP VALUE FUND 
-----------------------------------------------------------------------------------------------------------
                                                                                                           
ASSETS:                                                                                                    
Investments, at value (cost $30,721,394)                                              $          37,253,371
Repurchase agreements, at cost                                                                    2,322,519
Investments purchased with cash collateral received for securities on loan, at cost               8,241,649
                                                                                      ---------------------
Total Investments                                                                                47,817,539
                                                                                      ---------------------
Cash                                                                                                    720
Interest and dividends receivable                                                                    16,271
Receivable for investments sold                                                                     243,891
Prepaid expenses and other assets                                                                       243
                                                                                      ---------------------
Total Assets                                                                                     48,078,664
                                                                                      ---------------------
LIABILITIES:                                                                                               
Payable to investment adviser                                                                         4,228
Payable for investments purchased                                                                   468,389
Payable for return of collateral received for securities on loan                                  8,241,649
Accrued expenses and other payables                                                                        
Investment advisory fees                                                                             27,906
Fund administration and transfer agent fees                                                           4,462
Other                                                                                                 3,990
                                                                                      ---------------------
Total Liabilities                                                                                 8,750,624
                                                                                      ---------------------
NET ASSETS                                                                            $          39,328,040
                                                                                      =====================
REPRESENTED BY:                                                                                            
Capital                                                                               $          30,859,725
Accumulated net investment income (loss)                                                                  -
Accumulated net realized gains (losses) from investment transactions                              1,936,338
Net unrealized appreciation (depreciation) on investments                                         6,531,977
                                                                                      ---------------------
NET ASSETS                                                                            $          39,328,040
                                                                                      =====================
NET ASSETS:                                                                                                
Institutional Class Shares                                                            $          39,328,040
                                                                                      ---------------------
Total                                                                                 $          39,328,040
                                                                                      =====================
SHARES OUTSTANDING (unlimited number of shares authorized):                                                
Institutional Class Shares                                                                        2,906,502
                                                                                      ---------------------
Total                                                                                             2,906,502
                                                                                      =====================
NET ASSET VALUE: (a)                                                                                       
Institutional Class Shares                                                            $               13.53

(a)  Institutional  class  shares  are  not subject to a front-end sales charge.

See notes  to  financial  statements.                                           

2003  ANNUAL  REPORT  107                                                       
--------------------------------------------------------------------------------

N-CSR 109th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 109th
STATEMENT  OF  OPERATIONS                                                       

For  the  Year  Ended  October  31,  2003                                       

                                                        [Enlarge/Download Table]

                                                                         NORTHPOINTE      
                                                                     SMALL CAP VALUE FUND 
------------------------------------------------------------------------------------------
                                                                                          
INVESTMENT INCOME:                                                                        
Interest income                                                            $       27,243 
Dividend income                                                                   375,009 
                                                                           -------------- 
Total Income                                                                      402,252 
                                                                           -------------- 

EXPENSES:                                                                                 
Investment advisory fees                                                          274,247 
Fund administration and transfer agent fees                                        46,405 
Other                                                                               6,787 
                                                                           -------------- 
Total expenses before waived or reimbursed expenses                               327,439 
                                                                           -------------- 
Expenses reimbursed                                                                (4,795)
                                                                           -------------- 
Total Expenses                                                                    322,644 
                                                                           -------------- 
NET INVESTMENT INCOME (LOSS)                                                       79,608 
                                                                           -------------- 

REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:                                      
Realized gains (losses) on investments transactions                             2,327,065 
Net change in unrealized appreciation/depreciation on investments               8,548,390 
                                                                           -------------- 
Net realized/unrealized gains (losses) on investments                          10,875,455 
                                                                           -------------- 
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS                             $   10,955,063 
                                                                           ============== 

See  notes  to  financial  statements.                                          

108  ANNUAL  REPORT  2003                                                       
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STATEMENTS  OF  CHANGES  IN  NET  ASSETS                                        

                                                        [Enlarge/Download Table]

                                                                            NORTHPOINTE SMALL CAP         
                                                                                VALUE FUND                
                                                                    --------------------------------------
                                                                                                          
                                                                      YEAR ENDED             YEAR ENDED   
                                                                    OCTOBER 31, 2003      OCTOBER 31, 2002
----------------------------------------------------------------------------------------------------------
FROM INVESTMENT ACTIVITIES:                                                                               
OPERATIONS:                                                                                               
Net investment income (loss)                                        $          79,608   $         176,348 
Net realized gains (losses) on investment transactions                      2,327,065            (345,795)
Net change in unrealized appreciation/depreciation on investments           8,548,390          (2,036,800)
                                                                    --------------------------------------
Change in net assets resulting from operations                             10,955,063          (2,206,247)
                                                                    --------------------------------------

DISTRIBUTIONS TO INSTITUTIONAL CLASS SHAREHOLDERS FROM:                                                   
Net investment income                                                        (102,987)           (185,936)
Net realized gains on investments                                                   -          (1,731,237)
                                                                    --------------------------------------
Change in net assets from shareholder distributions                          (102,987)         (1,917,173)
                                                                    --------------------------------------
Change in net assets from capital transactions                             (1,484,707)          3,613,636 
                                                                    --------------------------------------
Change in net assets                                                        9,367,369            (509,784)

NET ASSETS:                                                                                               
Beginning of period                                                        29,960,671          30,470,455 
                                                                    --------------------------------------
End of period                                                       $      39,328,040   $      29,960,671 
                                                                    ======================================

See  notes  to  financial  statements.                                          

2003  ANNUAL  REPORT  109                                                       
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FINANCIAL  HIGHLIGHTS                                                           
Selected  Data  for  Each  Share  of  Capital  Outstanding                      

NORTHPOINTE  SMALL  CAP  VALUE  FUND                                            

                                                        [Enlarge/Download Table]

                                      INVESTMENT  ACTIVITIES             DISTRIBUTIONS                                     
                       --------------------------------------------------------------------------------------------------  
                                                   NET                                                                     
                                                 REALIZED                                                                  
                                                   AND                                                                     
                         NET                    UNREALIZED                                                          NET    
                        ASSET         NET         GAINS         TOTAL                                              ASSET   
                        VALUE,    INVESTMENT     (LOSSES)       FROM          NET         NET                     VALUE,   
                      BEGINNING     INCOME          ON       INVESTMENT   INVESTMENT   REALIZED       TOTAL       END OF   
                      OF PERIOD     (LOSS)     INVESTMENTS   ACTIVITIES     INCOME       GAINS    DISTRIBUTIONS   PERIOD   
-------------------------------------------------------------------------------------------------------------------------  
                                                                                                                           
INSTITUTIONAL                                                                                                              
CLASS SHARES                                                                                                               
Period Ended                                                                                                               
October 31, 2000 (b)  $    10.00         0.02         0.49         0.51        (0.01)         -           (0.01)  $ 10.50  
Year Ended                                                                                                                 
October 31, 2001      $    10.50         0.13         0.62         0.75        (0.11)         -           (0.11)  $ 11.14  
Year Ended                                                                                                                 
October 31, 2002      $    11.14         0.06        (0.69)       (0.63)       (0.06)     (0.63)          (0.69)  $  9.82  
Year Ended                                                                                                                 
October 31, 2003      $     9.82         0.03         3.72         3.75        (0.04)         -           (0.04)  $ 13.53  
-------------------------------------------------------------------------------------------------------------------------  

                                       RATIOS  /  SUPPLEMENTAL  DATA                                                       
                      -----------------------------------------------------------------------------------------------------
                                                          RATIO                                                            
                                                         OF NET                        RATIO OF NET                        
                                   NET       RATIO     INVESTMENT      RATIO OF         INVESTMENT                         
                                 ASSETS       OF         INCOME        EXPENSES           INCOME                           
                                 AT END    EXPENSES      (LOSS)        (PRIOR TO     (LOSS) (PRIOR TO                      
                                   OF     TO AVERAGE   TO AVERAGE   REIMBURSEMENTS)   REIMBURSEMENTS)                      
                        TOTAL    PERIOD       NET          NET        TO AVERAGE        TO AVERAGE      PORTFOLIO          
                       RETURN    (000S)     ASSETS       ASSETS     NET ASSETS (A)    NET ASSETS (A)     TURNOVER          
---------------------------------------------------------------------------------------------------------------------------
                                                                                                                           
INSTITUTIONAL                                                                                                              
CLASS SHARES                                                                                                               
Period Ended                                                                                                               
October 31, 2000 (b)  5.14% (c)           $    23,359    1.00% (d)        0.82% (d)          1.79% (d)   0.03% (d)   49.93%
Year Ended                                                                                                                 
October 31, 2001          7.13%           $    30,470        1.00%            1.00%              1.38%       0.62%  150.45%
Year Ended                                                                                                                 
October 31, 2002        (6.43%)           $    29,961        1.00%            0.52%              1.06%       0.46%  105.59%
Year Ended                                                                                                                 
October 31, 2003         38.25%           $    39,328        1.00%            0.25%              1.01%       0.23%  102.63%
---------------------------------------------------------------------------------------------------------------------------

(a)  During  the  period  certain  fees  were  waived and/or reimbursed. If such
     waivers/reimbursements  had  not  occurred,  the  ratios would have been as
indicated.                                                            
(b)  For  the  period  from  June  29, 2000 (commencement of operations) through
October  31,  2000.                                                   
(c)  Not  annualized.                                                           
(d)  Annualized.                                                                

See  notes  to  financial  statements.                                          

110  ANNUAL  REPORT  2003                                                       
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NOTES  TO  FINANCIAL  STATEMENTS                                                
October  31,  2003                                                              

1.  ORGANIZATION                                                                

Gartmore  Mutual  Funds  (the  "Trust")  is  an  open-end  management investment
company. Prior to January 25, 2002, the Trust was named Nationwide Mutual Funds.
The  Trust was created under the laws of Ohio as an Ohio business trust pursuant
to a Declaration of Trust dated as of October 30, 1997, as subsequently amended,
and  is  registered  under  the  Investment Company Act of 1940, as amended (the
"1940  Act").  The  Trust  operates thirty-eight (38) separate series, or mutual
funds,  each  with  its  own  investment  objectives and strategies. This report
contains the financial statements and financial highlights of the 8 funds listed
below  (individually  a  "Fund",  collectively  the  "Funds"):                  

     -    Nationwide  Large  Cap  Growth  Fund  ("Large  Cap  Growth")
-    Nationwide  Small  Cap  Fund  ("Small  Cap")           
-    Nationwide  S&P  500  Index  Fund  ("S&P  500  Index") 
          -    Nationwide  Mid  Cap  Market  Index Fund ("Mid Cap Market Index")
      -    Nationwide  Small  Cap  Index  Fund  ("Small  Cap  Index")  -
          -    Nationwide  International  Index  Fund  ("International Index") -
-    Nationwide  Bond  Index  Fund  ("Bond  Index")         
    -    NorthPointe  Small  Cap  Value  Fund  ("Small  Cap  Value")

2.  SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES                              

The  following  is  a summary of significant accounting policies followed by the
Funds  in  the  preparation  of  their financial statements. The policies are in
conformity with accounting principles generally accepted in the United States of
America ("GAAP"). The preparation of financial statements requires management to
make  estimates  and  assumptions  that  affect  the reported amounts of assets,
liabilities  and  disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of income and expenses for the
period.  Actual  results  could  differ  from  those  estimates.                

(A)  SECURITY  VALUATION                                              

          Securities  for  which  market  quotations  are  readily available are
          valued at current market value as of Valuation Time. Valuation Time is
          as  of  the  close  of  regular trading on the New York Stock Exchange
          (usually  4  p.m.  Eastern  time). Equity securities are valued at the
          last  quoted sale price or, if there is no sale price, the last quoted
          bid  price  provided by an independent pricing service approved by the
          Board  of  Trustees.  Prices  are  taken  from  the  primary market or
exchange  in  which  each  security  trades.                

         Debt  and  other  fixed  income  securities  (other  than  short-term
          obligations) are valued at the last quoted bid price and/or by using a
          combination  of  daily  quotes  and  matrix evaluations provided by an
          independent pricing service, the use of which has been approved by the
        Funds'  Board  of  Trustees.  Short-term  debt  securities  such  as
          commercial  paper  and U.S. Treasury Bills having a remaining maturity
          of  60  days  or  less  at  the  time of purchase are considered to be
          "short-term"  and  are  valued  at  amortized  cost which approximates
market  value.                                              

          Securities  for  which market quotations are not readily available, or
          for  which  an independent pricing service does not provide a value or
          provides a value that does not represent fair value in the judgment of
          the  Funds'  investment  adviser or designee, are valued at fair value
      under  procedures  approved  by  the  Funds'  Board  of  Trustees.

(B)  REPURCHASE  AGREEMENTS                                           

          The Funds may enter into repurchase agreements with an entity which is
          a member of the Federal Reserve System or which is a "primary dealer''
          (as  designated  by  the  Federal  Reserve  Bank  of New York) in U.S.
          Government  obligations.  The  repurchase  price  generally equals the
          price  paid by a Fund plus interest negotiated on the basis of current
          short-term  rates,  which  may  be  more  or less than the rate on the
         underlying  portfolio  securities.  The  seller  under  a  repurchase
          agreement  is  required  to  maintain the value of the collateral held
          pursuant  to  the agreement at a market value equal to or greater than
          the  repurchase price (including accrued interest). Collateral subject
          to  repurchase  agreements is held by the Funds' custodian, or another
          qualified  sub-custodian or in the Federal Reserve/Treasury book-entry
system.                                                     

2003  ANNUAL  REPORT  111                                                       
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NOTES  TO  FINANCIAL  STATEMENTS  (Continued)                                   
October  31,  2003                                                              

(C)  FOREIGN  CURRENCY  TRANSACTIONS                                  

          The  accounting  records  of the Funds are maintained in U.S. dollars.
          Foreign  currency  amounts  are  translated  into  U.S. dollars at the
          current rate of exchange to determine the value of investments, assets
          and  liabilities.  Purchases  and  sales of securities, and income and
          expenses  are  translated  at  the  prevailing rate of exchange on the
          respective  date  of  such transactions. The Funds do not isolate that
          portion of the results of operations resulting from changes in foreign
          exchange  rates  on investments from fluctuations arising from changes
          in  market  prices  of securities held. Such fluctuations are included
          with the net realized and unrealized gain or loss from investments and
foreign  currencies.                                        

(D)  RISKS  ASSOCIATED  WITH  FOREIGN  SECURITIES  AND  CURRENCIES    

          Investments  in  securities of foreign issuers carry certain risks not
          ordinarily  associated with investments in securities of U.S. issuers.
          Such risks include future political and economic developments, and the
          possible imposition of exchange controls or other foreign governmental
          laws and restrictions. In addition, with respect to certain countries,
          there  is  the  possibility  of  expropriation of assets, confiscatory
          taxation,  political or social instability or diplomatic developments,
       which  could  adversely  affect  investments  in  those  countries.

        Certain  countries  may  also  impose  substantial  restrictions  on
          investments  in  their  capital markets by foreign entities, including
          restrictions  on investments in issuers of industries deemed sensitive
          to relevant national interests. These factors may limit the investment
          opportunities  available  and result in a lack of liquidity and a high
          price volatility with respect to securities of issuers from developing
countries.                                                  

(E)  FORWARD  FOREIGN  CURRENCY  CONTRACTS                            

          Certain  Funds  may  enter  into forward foreign currency contracts in
          connection  with  planned purchases or sales of securities or to hedge
          the  U.S.  dollar  value  of  portfolio  securities  denominated  in a
          particular  currency.  The  Funds  could  be  exposed  to risks if the
          counter parties to the contracts are unable to meet the terms of their
          contracts  and  from unanticipated movements in the value of a foreign
          currency  relative  to  the  U.S. dollar. The forward foreign currency
          contracts  are  adjusted  by the daily exchange rate of the underlying
          currency  and any gains or losses are recorded for financial statement
          purposes  as  unrealized gains or losses until the contract settlement
date.                                                       

(F)  FUTURES  CONTRACTS                                               

          Certain  Funds  may  invest  in  financial futures contracts ("futures
          contracts")  for  the  purpose  of  hedging  their  existing portfolio
          securities  or securities they intend to purchase against fluctuations
          in  value  caused  by  changes  in prevailing market interest rates or
          prices.  Futures  contracts  may  also be entered into for non-hedging
          purposes.  Upon  entering  into  a  futures  contract, these Funds are
          required to pledge to the broker an amount of cash and/or other assets
          equal  to  a certain percentage of the contract amount (initial margin
          deposit).  Subsequent payments, known as "variation margin,'' are made
          each  day,  depending  on  the  daily fluctuations in the value/market
value  of  the  underlying  security.                       

         A  "sale"  of  a  futures  contract means a contractual obligation to
          deliver  the securities or foreign currency called for by the contract
         at a fixed price at a specified time in the future. A "purchase" of a
          futures  contract  means  a  contractual  obligation  to  acquire  the
          securities or foreign currency at a fixed price at a specified time in
the  future.                                                

          Should  market  conditions change unexpectedly, a Fund may not achieve
          the  anticipated  benefits  of the futures contracts and may realize a
          loss.  The  use  of futures transactions for hedging purposes involves
          the risk of imperfect correlation in movements in the price of futures
          contracts, interest rates and the value/market value of the underlying
hedged  assets.                                             

(G)  SWAP  CONTRACTS                                                  

          The  Funds  may  engage in swap contracts in order to obtain a desired
          return  at a lower cost than if the Funds had invested directly in the
          asset  that  yielded the desired return. Unrealized gains are reported
          as  an  asset and unrealized losses are reported as a liability on the
          Statement of Assets and Liabilities. The change in unrealized gains or
          losses  on swap contracts is reported as unrealized gains or losses in
          the  Statement of Operations. A realized gain or loss is recorded upon
ter-                                                        

112  ANNUAL  REPORT  2003                                                       
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          mination  of  swap contracts. Swap contracts are stated at fair value.
         Notional  principal  amounts  are  used  to  express  the  extent  of
          involvement in these contracts, but the amounts potentially subject to
credit  risk  are  much  smaller.                           

          At October 31, 2003, Bond Index's open swap contracts were as follows:

                                                        [Enlarge/Download Table]

                                                                                    UNREALIZED  
                                                     EXPIRATION    UNDERLYING      APPRECIATION 
DESCRIPTION                                             DATE     NOTIONAL VALUE   (DEPRECIATION)
------------------------------------------------------------------------------------------------
                                                                                                
Index Swap with Deutsche Bank Ag London,                                                        
pays net of the total return of the Lehman Brothers                                             
CMBS Investment Grade plus 100 bps minus Libor                                                  
minus 40 bps. Nationwide Bond Index Fund receives                                               
positive pays negative                                 03/31/04  $    13,000,000      ($179,151)
------------------------------------------------------------------------------------------------

(H)  MORTGAGE  DOLLAR  ROLLS                                          

          Certain  Funds  may enter into mortgage "dollar rolls" in which a Fund
          sells mortgage-backed securities for delivery in the current month and
          simultaneously  contracts  to  repurchase  substantially similar (same
          type,  coupon  and  maturity)  securities  on a specified future date.
          Mortgage  dollar  rolls  are  referred to as TBA's on the Statement of
          Investments  of the applicable funds. During the roll period, the Fund
      foregoes  principal  and  interest  paid  on  the  mortgage-backed
          securities.  The  Fund  is compensated by fee income or the difference
          between  the  current  sales price and the lower forward price for the
future  purchase.                                           

(I)  SECURITY  TRANSACTIONS  AND  INVESTMENT  INCOME                  

          Security  transactions  are  accounted for on the date the security is
         purchased  or  sold  ("trade  date"). Securities gains and losses are
          calculated on the identified cost basis. Interest income is recognized
          on  the accrual basis and includes, where applicable, the amortization
          or  accretion  of  premium or discount. Dividend income is recorded on
the  ex-dividend  date.                                     

(J)  SECURITIES  LENDING                                              

          To generate additional income, each of the Funds may lend up to 331/3%
          of  the Fund's total assets pursuant to agreements, requiring that the
          Fund  receives  cash  or securities as collateral with respect to each
          loan  of  U.S.  securities, equal to at least 102% of the value of the
          portfolio securities loaned, and with respect to each loan of non-U.S.
          securities,  collateral of at least 105% of the value of the portfolio
          securities  loaned,  and  at  all  times  thereafter shall require the
          borrower to mark to market the collateral on a daily basis so that the
          market  value of the collateral does not fall below 100% of the market
          value  of the portfolio securities loaned. Cash collateral invested is
          shown  in  the  Statement of Investments as fund securities. The Funds
          receive  payments  from  borrowers  equivalent  to  the  dividends and
          interest  that  would  have  been  earned  on  securities  lent  while
          simultaneously  seeking  to  earn  income  on  the  investment of cash
          collateral. Collateral is marked to market daily to provide a level of
          collateral  at  least  equal  to  the market value of securities lent.
          There may be risks of delay in recovery of the securities or even loss
          of rights in the collateral should the borrower of the securities fail
          financially.  Loans will be made, however, only to borrowers deemed by
          the  adviser  to be of good standing and creditworthy under guidelines
          established  by the Board of Trustees and when, in the judgment of the
          adviser,  the  consideration  which can be earned currently from these
          securities  loans  justifies the attendant risks. Loans are subject to
          termination  by  the Funds or the borrower at any time, and therefore,
          are  not  considered  to  be illiquid investments. JPMorgan Chase Bank
          serves as custodian for the securities lending program. JPMorgan Chase
          Bank  receives a custody fee based on the value of collateral received
          from  borrowers.  As  of  October  31,  2003,  the following Funds had
securites  with  the  following  market  values  on  loan:  

2003  ANNUAL  REPORT  113                                                       
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NOTES  TO  FINANCIAL  STATEMENTS  (Continued)                                   
October  31,  2003                                                              

MARKET VALUE OF                     
LOANED                    
SECURITIES     MARKET VALUE OF
FUND                                      COLLATERAL*                           
-------------------------------------------------------                         
Small Cap             $      8,127,755        8,358,877                         
-------------------------------------------------------                         
S&P 500 Index               42,299,411       43,117,885                         
-------------------------------------------------------                         
Mid Cap Market Index        46,018,502       46,837,905                         
-------------------------------------------------------                         
Small Cap Index             24,615,589       25,286,874                         
-------------------------------------------------------                         
Bond Index                 128,486,219      130,985,090                         
-------------------------------------------------------                         
Small Cap Value              8,084,404        8,241,649                         
-------------------------------------------------------                         

*  Includes  securities  and  cash  collateral                                  

(K)  FEDERAL  INCOME  TAXES                                           

          It  is  the policy of each Fund to qualify or continue to qualify as a
        regulated  investment  company  by  complying  with  the  provisions
          available  to  certain  investment companies, as defined in applicable
          sections  of  the  Internal Revenue Code, and to make distributions of
          net  investment  income  and  net realized capital gains sufficient to
          relieve the Fund from all, or substantially all, federal income taxes.

          The  tax  character of distributions paid during the fiscal year ended
October  31,  2003,  were  as  follows:                     

                                                        [Enlarge/Download Table]

                                   DISTRIBUTIONS PAID FROM                                                        
                      ---------------------------------------                                                     
                              ORDINARY          TERM CAPITAL   TOTAL TAXABLE     TAX EXEMPT           TOTAL       
FUND                           INCOME               GAINS      DISTRIBUTIONS   DISTRIBUTIONS   DISTRIBUTIONS PAID 
------------------------------------------------------------------------------------------------------------------
                                                                                                                  
Large Cap Growth      $                      -  $           -  $            -  $            -  $                 -
------------------------------------------------------------------------------------------------------------------
Small Cap                                    -              -               -               -                    -
------------------------------------------------------------------------------------------------------------------
S&P 500 Index                        9,315,809              -       9,315,809               -            9,315,809
------------------------------------------------------------------------------------------------------------------
Mid Cap Market Index                 1,268,433              -       1,268,433               -            1,268,433
------------------------------------------------------------------------------------------------------------------
Small Cap Index                        649,250              -         649,250               -              649,250
------------------------------------------------------------------------------------------------------------------
International Index                  4,976,053              -       4,976,053               -            4,976,053
------------------------------------------------------------------------------------------------------------------
Bond Index                          13,692,112         21,047      13,713,159               -           13,713,159
------------------------------------------------------------------------------------------------------------------
Small Cap Value                        102,987              -         102,987               -              102,987
------------------------------------------------------------------------------------------------------------------

As of October 31, 2003, the components of accumulated earning (deficit) on a tax
basis  were  as  follows:                                                       

                                                        [Enlarge/Download Table]

                      UNDISTRIBUTED   UNDISTRIBUTED  UNDISTRIBUTED                                   ACCUMULATED  
                           TAX          ORDINARY         LONG-                                       CAPITAL AND  
                          EXEMPT        INCOME           TERM         ACCUMULATED    DISTRIBUTIONS     OTHER      
                          INCOME                        CAPITAL        EARNINGS         PAYABLE        LOSSES     
FUND                                                     GAINS                                                    
------------------------------------------------------------------------------------------------------------------
                                                                                                                  
Large Cap Growth      $            -  $            -  $            -  $          -  $            -   $(23,644,255)
------------------------------------------------------------------------------------------------------------------
Small Cap                          -               -         562,666       562,666               -              - 
------------------------------------------------------------------------------------------------------------------
S&P 500 Index                      -       1,749,579               -     1,749,579               -    (18,410,995)
------------------------------------------------------------------------------------------------------------------
Mid Cap Market Index               -         686,430       2,960,433     3,646,863               -              - 
------------------------------------------------------------------------------------------------------------------
Small Cap Index                    -       1,553,229       1,293,354     2,846,583               -              - 
------------------------------------------------------------------------------------------------------------------
International Index                -       1,856,848               -     1,856,848               -              - 
------------------------------------------------------------------------------------------------------------------
Bond Index                         -       1,703,498               -     1,703,498      (1,701,510)      (668,708)
------------------------------------------------------------------------------------------------------------------
Small Cap Value                    -       1,157,478         847,456     2,004,934               -              - 
------------------------------------------------------------------------------------------------------------------

                                             TOTAL                                                                
                         UNREALIZED       ACCUMULATED                                                             
                        APPRECIATION       EARNINGS                                                               
FUND                   (DEPRECIATION)*     (DEFICIT)                                                              
------------------------------------------------------                                                            
                                                                                                                  
Large Cap Growth      $      1,541,882   $(22,102,373)                                                            
------------------------------------------------------                                                            
Small Cap                    7,045,599      7,608,265                                                             
------------------------------------------------------                                                            
S&P 500 Index              (32,432,018)   (49,093,434)                                                            
------------------------------------------------------                                                            
Mid Cap Market Index        37,025,375     40,672,238                                                             
------------------------------------------------------                                                            
Small Cap Index             19,060,662     21,907,245                                                             
------------------------------------------------------                                                            
International Index         40,957,712     42,814,560                                                             
------------------------------------------------------                                                            
Bond Index                   3,300,385      2,633,665                                                             
------------------------------------------------------                                                            
Small Cap Value              6,463,381      8,468,315                                                             
------------------------------------------------------                                                            

*    The  differences  between  the  book-basis  and  tax-basis  unrealized     
     appreciation  (depreciation)  is attributable primarily to: tax deferral of
     losses  on  wash  sales,  the  difference between book and tax amortization
     methods  for  premium  and  market  discount,  and  the  return  of capital
adjustments  from  real  estate  investment  trusts.                  

114  ANNUAL  REPORT  2003                                                       
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As  of  October  31,  2003,  the  tax  cost  of  securities and the breakdown of
unrealized  appreciation  (depreciation)  for  each  Fund  were  as  follows:   

                                                        [Enlarge/Download Table]

                           TAX                                        NET UNREALIZED 
                         COST OF       UNREALIZED      UNREALIZED      APPRECIATION  
FUND                    SECURITIES    APPRECIATION    DEPRECIATION    (DEPRECIATION) 
-------------------------------------------------------------------------------------
                                                                                     
Large Cap Growth      $   36,114,589  $   4,757,893  $  (3,216,011)  $     1,541,882 
-------------------------------------------------------------------------------------
Small Cap                 42,564,917      7,799,597       (753,998)        7,045,599 
-------------------------------------------------------------------------------------
S&P 500 Index          1,162,417,524    117,997,193   (150,429,211)      (32,432,018)
-------------------------------------------------------------------------------------
Mid Cap Market Index     295,170,832     47,665,181    (10,639,806)       37,025,375 
-------------------------------------------------------------------------------------
Small Cap Index          148,039,771     24,922,195     (5,861,533)       19,060,662 
-------------------------------------------------------------------------------------
International Index      338,184,302     55,515,366    (14,434,337)       41,081,029 
-------------------------------------------------------------------------------------
Bond Index               680,003,780      7,374,461     (4,074,076)        3,300,385 
-------------------------------------------------------------------------------------
Small Cap Value           41,285,562      7,367,193       (903,812)        6,463,381 
-------------------------------------------------------------------------------------

As  of  October  31,  2003, for Federal income tax purposes, the following Funds
have capital loss carryforwards available to offset future capital gains, if any
to  the  extent  provided  by  the  treasury  regulations:                      

FUND                AMOUNT     EXPIRES                                          
--------------------------------------                                          
Large Cap Growth  $10,691,738     2009                                          
--------------------------------------                                          
Large Cap Growth   11,447,754     2010                                          
--------------------------------------                                          
Large Cap Growth    1,504,763     2011                                          
--------------------------------------                                          
S&P 500 Index      18,410,994     2010                                          
--------------------------------------                                          
Bond Index            668,709     2011                                          
--------------------------------------                                          

For  the taxable year ended October 31, 2003, the following percentage of income
dividends  paid  by  the  Funds  qualify  for  the  dividends received deduction
available  to  corporations:                                                    

FUND                  PERCENTAGE                                                
---------------------------------                                               
S&P 500 Index                100%                                               
---------------------------------                                               
Mid Cap Market Index         100%                                               
---------------------------------                                               
Small Cap Index               51%                                               
---------------------------------                                               
Small Cap Value               47%                                               
---------------------------------                                               

2003  ANNUAL  REPORT  115                                                       
--------------------------------------------------------------------------------

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NOTES  TO  FINANCIAL  STATEMENTS  (Continued)                                   
October  31,  2003                                                              

(L)  DISTRIBUTIONS  TO  SHAREHOLDERS                                  

          Net  investment income, if any, is declared daily and paid monthly for
          the  Bond  Index Fund and is declared and paid quarterly for all other
          Funds.  For  all  Funds,  distributable net realized capital gains, if
any,  are  declared  and  distributed  at  least  annually. 

        Dividends  and  distributions  to  shareholders  are  determined  in
          accordance  with federal income tax regulations, which may differ from
          GAAP.  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  (i.e.,  reclassification  of market discounts, gain/loss,
          paydowns,  and  distributions)  are  reclassified  within  the capital
          accounts  based  on  their  nature  for  federal  income tax purposes;
      temporary  differences  do  not  require  reclassification.  These
          reclassifications  have  no  effect  upon  the  net asset value of the
          respective  Funds.  To  the  extent  distributions  exceed current and
          accumulated  earnings  and  profits  for  federal income tax purposes,
          these  excesses  are  reported  as  distributions  of paid-in-capital.

(M)  EXPENSES                                                         

          Expenses  directly  attributable  to  a Fund are charged to that Fund.
      Expenses  not  directly  attributable  to  a  Fund  are  allocated
          proportionately  among  various  or  all  funds  within  the  Trust in
          relation  to  the  net  assets  of  each fund or on another reasonable
          basis.  Once  expenses  are  charged  to  a  Fund,  these expenses are
          allocated  to the classes based on total settled shares outstanding of
          each  class  for  the  Bond  Index  Fund and are based on relative net
          assets of each class for all other Funds. Expenses specific to a class
          (such  as  12b-1 and administrative services fees) are charged to that
class.                                                      

116  ANNUAL  REPORT  2003                                                       
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N-CSR 118th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 118th
(N)  CAPITAL  SHARE  TRANSACTIONS                                     

Transactions  in  capital  shares  of  the  Funds  were  as  follows:           

                                                        [Enlarge/Download Table]

                                                           LARGE  CAP  GROWTH                          SMALL  CAP              
                                                     YEAR ENDED          YEAR ENDED          YEAR ENDED          YEAR ENDED    
                                                  OCTOBER 31, 2003    OCTOBER 31, 2002    OCTOBER 31, 2003    OCTOBER 31, 2002 
------------------------------------------------------------------------------------------------------------------------------ 
                                                                                                                               
CAPITAL TRANSACTIONS:                                                                                                          
CLASS A SHARES                                                                                                                 
Proceeds from shares issued (a)                  $      10,420,981   $      16,759,175   $      13,361,740   $      22,393,255 
Cost of shares redeemed                                (16,306,042)        (16,782,137)        (19,926,369)        (21,354,058)
                                                 ------------------------------------------------------------------------------
                                                        (5,885,061)            (22,962)         (6,564,629)          1,039,197 
                                                 ------------------------------------------------------------------------------
CLASS B SHARES                                                                                                                 
Proceeds from shares issued (a)                            154,688             429,303             181,450             401,755 
Dividends reinvested                                          (840)                  -                   -                   - 
Cost of shares redeemed                                   (258,136)           (429,897)           (163,081)           (149,336)
                                                 ------------------------------------------------------------------------------
                                                          (104,288)               (594)             18,369             252,419 
                                                 ------------------------------------------------------------------------------
CLASS C SHARES                                                                                                                 
Proceeds from shares issued (a)                             25,535              23,309              46,554              16,185 
Cost of shares redeemed                                    (18,233)            (11,317)             (8,167)             (3,141)
                                                 ------------------------------------------------------------------------------
                                                             7,302              11,992              38,387              13,044 
                                                 ------------------------------------------------------------------------------
INSTITUTIONAL SERVICE CLASS SHARES                                                                                             
Proceeds from shares issued (a)                          2,607,995           2,021,038          11,749,731           5,340,172 
Cost of shares redeemed                                   (902,786)         (2,018,146)         (2,368,474)         (2,777,916)
                                                 ------------------------------------------------------------------------------
                                                         1,705,209               2,892           9,381,257           2,562,256 
                                                 ------------------------------------------------------------------------------
Change in net assets from capital transactions   $      (4,276,838)  $          (8,672)  $       2,873,384   $       3,866,916 
                                                 ==============================================================================
SHARE TRANSACTIONS:                                                                                                            
CLASS A SHARES                                                                                                                 
Issued                                                   1,549,679           2,178,548           1,197,541           2,001,106 
Redeemed                                                (2,341,316)         (2,150,855)         (1,759,018)         (1,853,856)
                                                 ------------------------------------------------------------------------------
                                                          (791,637)             27,693            (561,477)            147,250 
                                                 ------------------------------------------------------------------------------
CLASS B SHARES                                                                                                                 
Issued                                                      23,342              54,351              17,705              34,514 
Reinvested                                                     (92)                  -                   -                   - 
Redeemed                                                   (39,207)            (58,745)            (15,954)            (13,843)
                                                 ------------------------------------------------------------------------------
                                                           (15,957)             (4,394)              1,751              20,671 
                                                 ------------------------------------------------------------------------------
CLASS C SHARES                                                                                                                 
Issued                                                       3,851               2,815               4,623               1,425 
Redeemed                                                    (2,615)             (1,428)               (852)               (320)
                                                 ------------------------------------------------------------------------------
                                                             1,236               1,387               3,771               1,105 
                                                 ------------------------------------------------------------------------------
INSTITUTIONAL SERVICE CLASS SHARES                                                                                             
Issued                                                     358,930             254,315             946,746             444,292 
Redeemed                                                  (125,847)           (250,352)           (204,231)           (252,618)
                                                 ------------------------------------------------------------------------------
                                                           233,083               3,963             742,515             191,674 
                                                 ------------------------------------------------------------------------------
Total change in shares                                    (573,275)             28,649             186,560             360,700 
                                                 ==============================================================================

(a)  Amount  includes  redemption  fees,  if  any.                              

2003  ANNUAL  REPORT  117                                                       
--------------------------------------------------------------------------------

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NOTES  TO  FINANCIAL  STATEMENTS  (Continued)                                   
October  31,  2003                                                              

INDEX                                                                           

                                                        [Enlarge/Download Table]

                                 S&P  500  INDEX               MID  CAP MARKET INDEX            SMALL CAP            
                             --------------------------------------------------------------------------------------- 
                              YEAR ENDED     YEAR ENDED     YEAR ENDED     YEAR ENDED     YEAR ENDED     YEAR ENDED  
                              OCTOBER 31,    OCTOBER 31,    OCTOBER 31,    OCTOBER 31,    OCTOBER 31,    OCTOBER 31, 
                                 2003           2002           2003           2002           2003           2002     
---------------------------------------------------------------------------------------------------------------------
                                                                                                                     
CAPITAL TRANSACTIONS:                                                                                                
CLASS A SHARES                                                                                                       
Proceeds from shares issued  $  1,828,678   $  2,166,227   $ 22,747,677   $ 22,364,971   $ 35,834,926   $ 12,725,413 
Dividends reinvested               52,980         38,516        102,486         64,420        108,894         53,079 
Cost of shares redeemed          (888,404)      (664,992)   (10,104,677)    (9,456,835)   (11,941,012)    (3,641,883)
                             --------------------------------------------------------------------------------------- 
                                  993,254      1,539,751     12,745,486     12,972,556     24,002,808      9,136,609 
                             --------------------------------------------------------------------------------------- 
CLASS B SHARES                                                                                                       
Proceeds from shares issued     1,202,549      1,382,101        172,330        103,364        117,116     120,562 (a)
Dividends reinvested               13,037          7,293             49             36            116         126 (a)
Cost of shares redeemed          (438,620)      (322,821)        (7,981)        (8,287)        (4,489)    (6,026) (a)
                             --------------------------------------------------------------------------------------- 
                                  776,966      1,066,573        164,398         95,113        112,743        114,662 
                             --------------------------------------------------------------------------------------- 
CLASS C SHARES                                                                                                       
Proceeds from shares issued      9,977 (b)             -      20,011 (b)             -      20,111 (b)             - 
                             --------------------------------------------------------------------------------------- 
                                    9,977              -         20,011              -         20,111              - 
                             --------------------------------------------------------------------------------------- 
INSTITUTIONAL CLASS SHARES                                                                                           
Proceeds from shares issued   381,796,247    208,000,180    145,491,963     85,344,030     59,524,627     34,484,947 
Dividends reinvested            5,403,845      2,092,852      1,165,898        405,386        540,240        218,804 
Cost of shares redeemed       (80,291,097)   (49,074,639)   (29,045,945)   (20,582,702)   (16,579,521)    (7,578,706)
                             --------------------------------------------------------------------------------------- 
                              306,908,995    161,018,393    117,611,916     65,166,714     43,485,346     27,125,045 
                             --------------------------------------------------------------------------------------- 
SERVICE CLASS SHARES                                                                                                 
Proceeds from shares issued   115,667,745    107,644,742              -              -              -              - 
Dividends reinvested            3,283,193      2,338,484              -              -              -              - 
Cost of shares redeemed       (31,059,326)   (24,818,428)             -              -              -              - 
                             --------------------------------------------------------------------------------------- 
                               87,891,612     85,164,798              -              -              -              - 
                             --------------------------------------------------------------------------------------- 
INSTITUTIONAL SERVICE                                                                                                
CLASS SHARES                                                                                                         
Proceeds from shares issued    21,783,046     26,834,379              -              -              -              - 
Dividends reinvested              565,062        431,912              -              -              -              - 
Cost of shares redeemed       (17,700,358)   (12,631,782)             -              -              -              - 
                             --------------------------------------------------------------------------------------- 
                                4,647,750     14,634,509              -              -              -              - 
                             --------------------------------------------------------------------------------------- 
LOCAL FUND SHARES                                                                                                    
Dividends reinvested                1,148          1,090              -              -              -              - 
                             --------------------------------------------------------------------------------------- 
                                    1,148          1,090              -              -              -              - 
                             --------------------------------------------------------------------------------------- 
Change in net assets from                                                                                            
capital transactions         $401,229,702   $263,425,114   $130,541,811   $ 78,234,383   $ 67,621,008   $ 36,376,316 
                             ======================================================================================= 

(a)  For  the period from November 29, 2001 (commencement of operations) through
October  31,  2002.                                                   
(b)  For  the  period from October 22, 2003 (commencement of operations) through
October  31,  2003.                                                   

118  ANNUAL  REPORT  2003                                                       
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                                                        [Enlarge/Download Table]

                              S&P  500  INDEX          MID  CAP  MARKET  INDEX     SMALL  CAP  INDEX      
                        --------------------------------------------------------------------------------- 
                         YEAR ENDED    YEAR ENDED    YEAR ENDED    YEAR ENDED    YEAR ENDED    YEAR ENDED 
                        OCTOBER 31,   OCTOBER 31,   OCTOBER 31,   OCTOBER 31,   OCTOBER 31,   OCTOBER 31, 
                            2003          2002          2003          2002          2003          2002    
--------------------------------------------------------------------------------------------------------- 
                                                                                                          
SHARE TRANSACTIONS:                                                                                       
CLASS A SHARES                                                                                            
Issued                      224,195       234,360     2,175,011     2,065,062     3,998,321     1,443,843 
Reinvested                    6,546         4,501        10,230         6,270        13,066         6,294 
Redeemed                   (107,324)      (76,123)     (992,214)     (926,518)   (1,403,843)     (418,693)
                        --------------------------------------------------------------------------------- 
                            123,417       162,738     1,193,027     1,144,814     2,607,544     1,031,444 
                        --------------------------------------------------------------------------------- 
CLASS B SHARES                                                                                            
Issued                      147,704       149,144        16,581         9,649        12,631     13,020 (a)
Reinvested                    1,630           868             5             3            15         13 (a)
Redeemed                    (56,310)      (37,403)         (861)         (864)         (598)     (718) (a)
                        --------------------------------------------------------------------------------- 
                             93,024       112,609        15,725         8,788        12,048        12,315 
                        --------------------------------------------------------------------------------- 
CLASS C SHARES                                                                                            
Issued                     1,133 (b)            -      1,750 (b)            -      2,018 (b)            - 
                        --------------------------------------------------------------------------------- 
                              1,133             -         1,750             -         2,018             - 
                        --------------------------------------------------------------------------------- 
INSTITUTIONAL                                                                                             
CLASS SHARES                                                                                              
Issued                   46,941,237    24,712,089    14,421,674     8,374,096     7,033,832     4,074,841 
Reinvested                  660,006       248,868       114,442        39,823        64,463        26,014 
Redeemed                (10,009,047)   (5,961,179)   (2,875,636)   (2,031,448)   (1,963,299)     (915,960)
                        --------------------------------------------------------------------------------- 
                         37,592,196    18,999,778    11,660,480     6,382,471     5,134,996     3,184,895 
                        --------------------------------------------------------------------------------- 
SERVICE CLASS SHARES                                                                                      
Issued                   14,209,589    11,969,770             -             -             -             - 
Reinvested                  406,279       272,213             -             -             -             - 
Redeemed                 (3,862,780)   (2,890,421)            -             -             -             - 
                        --------------------------------------------------------------------------------- 
                         10,753,088     9,351,562             -             -             -             - 
                        --------------------------------------------------------------------------------- 
INSTITUTIONAL SERVICE                                                                                     
CLASS SHARES                                                                                              
Issued                    2,727,480     3,026,182             -             -             -             - 
Reinvested                   69,828        49,754             -             -             -             - 
Redeemed                 (2,144,113)   (1,479,191)            -             -             -             - 
                        --------------------------------------------------------------------------------- 
                            653,195     1,596,745             -             -             -             - 
                        --------------------------------------------------------------------------------- 
LOCAL FUND SHARES                                                                                         
Reinvested                      141           125             -             -             -             - 
                        --------------------------------------------------------------------------------- 
                                141           125             -             -             -             - 
                        --------------------------------------------------------------------------------- 
Total change in shares   49,216,194    30,223,557    12,870,982     7,536,073     7,756,606     4,228,654 
                       ================================================================================== 

(a)  For  the period from November 29, 2001 (commencement of operations) through
October  31,  2002.                                                   
(b)  For  the  period from October 22, 2003 (commencement of operations) through
October  31,  2003.                                                   

2003  ANNUAL  REPORT  119                                                       
--------------------------------------------------------------------------------

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NOTES  TO  FINANCIAL  STATEMENTS  (Continued)                                   
October  31,  2003                                                              

                                                        [Enlarge/Download Table]

                                 INTERNATIONAL  INDEX               BOND  INDEX         
                             ---------------------------------------------------------- 
                               YEAR ENDED     YEAR ENDED     YEAR ENDED     YEAR ENDED  
                              OCTOBER 31,     OCTOBER 31,    OCTOBER 31,    OCTOBER 31, 
                                  2003           2002           2003           2002     
----------------------------------------------------------------------------------------
                                                                                        
CAPITAL TRANSACTIONS:                                                                   
CLASS A SHARES                                                                          
Proceeds from shares issued  $ 119,622,571   $ 84,979,808   $ 30,725,035   $ 86,302,550 
Dividends reinvested               252,921        176,030      1,726,592        937,092 
Cost of shares redeemed       (119,862,372)   (82,335,161)   (28,679,148)   (59,036,005)
                             ---------------------------------------------------------- 
                                    13,120      2,820,677      3,772,479     28,203,637 
                             ---------------------------------------------------------- 
CLASS B SHARES                                                                          
Proceeds from shares issued         13,648         54,685        261,455         16,353 
Dividends reinvested                 1,222            786          2,592            580 
Cost of shares redeemed            (10,145)       (18,040)       (31,327)            (5)
                             ---------------------------------------------------------- 
                                     4,725         37,431        232,720         16,928 
                             ---------------------------------------------------------- 
INSTITUTIONAL CLASS SHARES                                                              
Proceeds from shares issued    248,081,936    158,914,467    335,894,088    177,175,915 
Dividends reinvested             4,721,725      1,346,579     11,973,979      4,181,307 
Cost of shares redeemed        (70,327,032)   (57,635,844)   (49,645,865)   (44,746,796)
                             ---------------------------------------------------------- 
                               182,476,629    102,625,202    298,222,202    136,610,426 
                             ---------------------------------------------------------- 
Change in net assets from                                                               
 capital transactions        $ 182,494,474   $105,483,310   $302,227,401   $164,830,991 
                             ========================================================== 
SHARE TRANSACTIONS:                                                                     
CLASS A SHARES                                                                          
Issued                          21,676,575     15,244,053      2,776,357      7,956,207 
Reinvested                          45,133         29,880        155,870         87,254 
Redeemed                       (21,579,769)   (14,620,795)    (2,589,441)    (5,422,533)
                             ---------------------------------------------------------- 
                                   141,939        653,138        342,786      2,620,928 
                             ---------------------------------------------------------- 
CLASS B SHARES                                                                          
Issued                               2,702          8,757         23,372          1,527 
Reinvested                             218            134            235             54 
Redeemed                            (1,900)        (3,042)        (2,816)            (1)
                             ---------------------------------------------------------- 
                                     1,020          5,849         20,791          1,580 
                             ---------------------------------------------------------- 
INSTITUTIONAL CLASS SHARES                                                              
Issued                          44,034,205     27,589,163     30,355,893     16,464,473 
Reinvested                         828,041        232,836      1,082,080        389,083 
Redeemed                       (12,488,487)   (10,434,624)    (4,489,431)    (4,138,782)
                             ---------------------------------------------------------- 
                                32,373,759     17,387,375     26,948,542     12,714,774 
                             ---------------------------------------------------------- 
Total change in shares          32,516,718     18,046,362     27,312,119     15,337,282 
                             ========================================================== 

120  ANNUAL  REPORT  2003                                                       
--------------------------------------------------------------------------------

N-CSR 122nd “Page” of 135 TOC 1st Previous Next ↓Bottom Just 122nd
                                                        [Enlarge/Download Table]

                                                        SMALL  CAP  VALUE             
                                                --------------------------------------
                                                    YEAR ENDED          YEAR ENDED    
                                                 OCTOBER 31, 2003    OCTOBER 31, 2002 
--------------------------------------------------------------------------------------
                                                                                      
CAPITAL TRANSACTIONS:                                                                 
INSTITUTIONAL CLASS SHARES                                                            
Proceeds from shares issued                     $       2,061,469   $       1,994,386 
Dividends reinvested                                       64,171           1,849,661 
Cost of shares redeemed                                (3,610,347)           (230,411)
                                                --------------------------------------
Change in net assets from capital transactions  $      (1,484,707)  $       3,613,636 
                                                ======================================
SHARE TRANSACTIONS:                                                                   
INSTITUTIONAL CLASS SHARES                                                            
Issued                                                    195,363             172,664 
Reinvested                                                  6,148             162,630 
Redeemed                                                 (345,488)            (19,130)
                                                --------------------------------------
Total change in shares                                   (143,977)            316,164 
                                                ======================================

2003  ANNUAL  REPORT  121                                                       
--------------------------------------------------------------------------------

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NOTES  TO  FINANCIAL  STATEMENTS  (Continued)                                   
October  31,  2003                                                              

3.  TRANSACTIONS  WITH  AFFILIATES                                              

Under  the  terms  of  the  Investment Advisory Agreements, Gartmore Mutual Fund
Capital  Trust  ("GMF")  manages the investment of the assets and supervises the
daily  business affairs of their respective Funds (as shown in the table below).
GMF is a wholly-owned subsidiary of Gartmore Global Investments, Inc. ("GGI"), a
holding  company.  GGI  is  a majority-owned subsidiary of Gartmore Global Asset
Management  Trust  ("GGAMT").  GGAMT  is a wholly-owned subsidiary of Nationwide
Corporation.  All  of  the  common  stock  of  Nationwide Corporation is held by
Nationwide Mutual Insurance Company (95.3%) and Nationwide Mutual Fire Insurance
Company  (4.7%),  each of which is a mutual company owned by its policy-holders.
GMF  also  provide  investment  management  evaluation  services  in  initially 
selecting and monitoring on an ongoing basis the performance of the subadvisers,
if  applicable,  for  the Funds that GMF advises. The subadvisers manage each of
their  respective  Fund's  investments  (or  portion  thereof)  and  have  the  
responsibility for making all investment decisions for the applicable Funds. The
adviser  and  subadviser,  if  applicable,  for  each  Fund  is  as  follows:   

FUND                  ADVISER            SUBADVISER                             
-------------------------------------------------------------                   
Large Cap Growth      GMF      Goldman Sachs Asset Management                   
-------------------------------------------------------------                   
Small Cap             GMF      INVESCO, Inc.                                    
-------------------------------------------------------------                   
S&P 500 Index         GMF      Fund Asset Management, L.P.                      
-------------------------------------------------------------                   
Mid Cap Market Index  GMF      Fund Asset Management, L.P.                      
-------------------------------------------------------------                   
Small Cap Index       GMF      Fund Asset Management, L.P.                      
-------------------------------------------------------------                   
International Index   GMF      Fund Asset Management, L.P.                      
-------------------------------------------------------------                   
Bond Index            GMF      Fund Asset Management, L.P.                      
-------------------------------------------------------------                   
Small Cap Value       GMF      NorthPointe Capital, LLC (a)                     
-------------------------------------------------------------                   

(a)  Affiliate  of  GMF.                                                        

Under  the  terms  of  the Investment Advisory Agreements, each Fund pays GMF an
investment  advisory  fee  based  on  that Fund's average daily net assets. From
these fees, pursuant to the subadvisory agreements, the adviser pays fees to the
applicable  subadviser,  if any. Additional information regarding the investment
advisory  fees  and  subadvisory  fees  for  GMF  and  the  sub-advisers,  where
applicable,  is  as  follows  for  the  year  ended  October  31,  2003:        

                                                                [Download Table]

                                                   TOTAL     FEES       PAID TO  
FUND                           FEE SCHEDULE         FEES   RETAINED   SUBADVISER 
---------------------------------------------------------------------------------
                                                                                 
Large Cap Growth         Up to $150 million         0.80%      0.40%        0.40%
                         On $150 million and more   0.70%      0.40%        0.30%
---------------------------------------------------------------------------------
Small Cap                Up to $100 million         0.95%      0.40%        0.55%
                         On $100 million and more   0.80%      0.40%        0.40%
---------------------------------------------------------------------------------
S&P 500 Index (a)        Up to $1.5 billion         0.13%      0.11%        0.02%
                         On the next $1.5 billion   0.12%      0.10%        0.02%
                         On $3 billion and more     0.11%      0.09%        0.02%
---------------------------------------------------------------------------------
Mid Cap Market Index     All Assets                 0.22%      0.13%        0.09%
---------------------------------------------------------------------------------
Small Cap Index          All Assets                 0.20%      0.13%        0.07%
---------------------------------------------------------------------------------
International Index (b)  All Assets                 0.27%      0.15%        0.12%
---------------------------------------------------------------------------------
Bond Index               All Assets                 0.22%      0.13%        0.09%
---------------------------------------------------------------------------------
Small Cap Value          All Assets                 0.85%         -         0.85%
---------------------------------------------------------------------------------

(a)  Prior  to  January  1,  2003, the subadvisory fee was 0.04% on assets up to
$200  million  and  0.02%  on  assets  of  $200  million  and  more.  

(b)  Prior  to  January  1,  2003,  the  subadvisory  fee was 0.13% on all asset
levels.                                                               

122  ANNUAL  REPORT  2003                                                       
--------------------------------------------------------------------------------

N-CSR 124th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 124th
Effective  July  1,  2002, GMF and the Funds have entered into written contracts
("Expense  Limitation  Agreements")  limiting  operating expenses (excluding any
taxes,  interest,  brokerage  fees,  extraordinary expenses, short sale dividend
expenses,  Rule 12b-1 fees, and administrative services fees) from exceeding the
amounts  listed  in  the  table  below  until  at  least  February  29,  2004:  

                                                        [Enlarge/Download Table]

EXPENSE CAPS                                                                                             
                          -------------------------------------------------------------------------------
                                                                           INSTITUTIONAL                 
                                                           INSTITUTIONAL      SERVICES    SERVICE   LOCAL
                           CLASS A     CLASS B   CLASS C       CLASS          CLASS        CLASS     FUND
FUNDS                      SHARES       SHARES    SHARES       SHARES         SHARES       SHARES  SHARES
---------------------------------------------------------------------------------------------------------
                                                                                                         
Large Cap Growth                 1.05%     1.05%     1.05%       n/a          1.05%         n/a       n/a
---------------------------------------------------------------------------------------------------------
Small Cap                        1.20%     1.20%     1.20%        n/a         1.20%         n/a       n/a
---------------------------------------------------------------------------------------------------------
S&P 500 Index                    0.63%     1.23%     1.23%       0.23%        0.48%        0.63%    0.35%
---------------------------------------------------------------------------------------------------------
Mid Cap Market Index             0.81%     1.41%     1.41%       0.31%         n/a          n/a       n/a
---------------------------------------------------------------------------------------------------------
Small Cap Index (a)              0.79%     1.39%     1.39%       0.29%         n/a          n/a       n/a
---------------------------------------------------------------------------------------------------------
International Index (a)          0.86%     1.46%       n/a       0.36%         n/a          n/a       n/a
---------------------------------------------------------------------------------------------------------
Bond Index (a)                   0.81%     1.41%       n/a       0.31%         n/a          n/a       n/a
---------------------------------------------------------------------------------------------------------
Small Cap Value                   n/a        n/a       n/a       1.00%         n/a          n/a       n/a
---------------------------------------------------------------------------------------------------------

(a)  The  Expense  Limitation  Agreement  for  these  Funds also states that the
     expense  ratio for each class will not exceed 4.00% until at least March 1,
2011.                                                                 

GMF  may  request  and  receive reimbursement from certain Funds of the advisory
fees  waived  and  other  expenses  reimbursed  by  GMF  pursuant to the Expense
Limitation  Agreements  at  a  later  date  not to exceed five fiscal years from
commencement  of  operations  if the Fund has reached a sufficient asset size to
permit  reimbursement  to  be  made  without  causing the total annual operating
expense ratio of the Fund to exceed the limits set forth above. No reimbursement
will  be  made unless: (i) the Fund's assets exceed $100 million; (ii) the total
annual  expense  ratio  of  the class making such reimbursement is less than the
limit  set  forth above; and (iii) the payment of such reimbursement is approved
by  the  Board  of  Trustees on a quarterly basis. Except as provided for in the
Expense  Limitation  Agreements,  reimbursement  of amounts previously waived or
assumed  by  GMF  is  not  permitted. As of the year ended October 31, 2003, the
cumulative  potential  reimbursements  were  as  follows:                       

FUND                   AMOUNT        EXPIRES                                    
-------------------------------------------------                               
Large Cap Growth      $873,014  November 2, 2003                                
-------------------------------------------------                               
Small Cap              615,490  November 2, 2003                                
-------------------------------------------------                               
Mid Cap Market Index   500,510  December 29, 2004                               
-------------------------------------------------                               
Small Cap Index        418,337  December 29, 2004                               
-------------------------------------------------                               
International Index    702,940  December 29, 2004                               
-------------------------------------------------                               
Bond Index             752,307  December 29, 2004                               
-------------------------------------------------                               
Small Cap Value        177,106  June 29, 2005                                   
-------------------------------------------------                               

2003  ANNUAL  REPORT  123                                                       
--------------------------------------------------------------------------------

N-CSR 125th “Page” of 135 TOC 1st Previous Next ↓Bottom Just 125th
NOTES  TO  FINANCIAL  STATEMENTS  (Continued)                                   
October  31,  2003                                                              

Under  the  terms  of  a  Distribution  Plan  under  Rule 12b-1 of the 1940 Act,
Gartmore  Distribution  Services,  Inc.  ("GDSI"),  the  Funds'  distributor, is
compensated  by  the  Funds  for  expenses  associated  with the distribution of
certain  classes  of  shares of the Funds. These fees are based on average daily
net  assets of the respective class of the Funds at an annual rate not to exceed
the  following:                                                                 

CLASS           
        CLASS      B      CLASS   SERVICE    LOCAL
         A      CLASS      C      CLASS     FUND
FUND                  SHARES   SHARES   SHARES    SHARES   SHARES               
------------------------------------------------------------------              
Large Cap Growth        0.25%    1.00%    1.00%      n/a       n/a              
------------------------------------------------------------------              
Small Cap               0.25%    1.00%    1.00%      n/a       n/a              
------------------------------------------------------------------              
S&P 500 Index           0.25%    1.00%    1.00%     0.15%    0.07%              
------------------------------------------------------------------              
Mid Cap Market Index    0.25%    1.00%    1.00%      n/a       n/a              
------------------------------------------------------------------              
Small Cap Index         0.25%    1.00%    1.00%      n/a       n/a              
------------------------------------------------------------------              
International Index     0.25%    1.00%      n/a      n/a       n/a              
------------------------------------------------------------------              
Bond Index              0.25%    1.00%      n/a      n/a       n/a              
------------------------------------------------------------------              
Small Cap Value           n/a      n/a      n/a      n/a       n/a              
------------------------------------------------------------------              

Pursuant  to  an Underwriting Agreement, GDSI serves as principal underwriter of
the  Funds  in  the  continuous  distribution  of  their  shares  and  receives 
commissions  in  the form of a front-end sales charge on the Class A and Class C
shares. These fees are deducted from and are not included in proceeds from sales
of  Class  A  and  Class C shares. From these fees, GDSI pays sales commissions,
salaries,  and other expenses in connection with generating new sales of Class A
and  Class  C  shares  of  the  Funds.  GDSI  also receives fees for services as
principal underwriter for Class B shares of the Funds. These 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 a shareholder's account to
fall below the total purchase payments. The CDSC, if applicable, will be imposed
on  redemptions made within 6 years of the purchase. In addition, Class C shares
also  have a CDSC fee of 1% imposed on redemptions of Class C shares made within
one  year  of  purchase.  For  the  year  ended  October 31, 2003, GDSI received
commissions  of  $158,009  from  front-end  sales charges of Class A and Class C
shares and from CDSC fees from Class B and Class C shares of the Funds, of which
$80,890  was  reallowed  to  affiliated  broker-dealers  of  the  Funds.        

The  Small  Cap Fund will assess a 1.50% redemption fee on all classes of shares
that  are  purchased  and  are sold or exchanged within 90 days of purchase. The
redemption fee, if any, is allocated to each share class through capital for the
applicable  Fund and is designed to offset brokerage commissions, market impact,
and  other costs associated with short-term trading of Fund shares. For purposes
of determining whether the redemption fee applies, the shares that were held the
longest  will be redeemed first. This redemption fee is in addition to any CDSCs
that  may be applicable at the time of sale. The redemption fee may not apply in
certain  circumstances,  such  as  redemptions  or  exchanges  of shares held in
certain  omnibus  accounts  or  retirement  plans  that  cannot  implement  the 
redemption  fee.  The  fee does not apply to shares purchased through reinvested
dividends  or  capital  gains.                                                  

Under  the  terms  of a Fund Administration Agreement, Gartmore SA Capital Trust
("GSA")  provides  for  various  administrative  and  accounting services to the
Funds.  Gartmore  Investors  Services,  Inc. ("GISI"), an indirect subsidiary of
GSA,  serves  as  Transfer  Agent  and Dividend Disbursing Agent for each of the
Funds. The fees for the services provided under both agreements are combined and
calculated  based  on  the Trust's average daily net assets according to the fee
schedule  below.  The  fees  then  are allocated proportionately among all Funds
within  the  Trust  in relation to the average daily net assets of each Fund and
are  paid  to  GSA.  GSA  pays  GISI  from  these  fees  for  GISI's  services. 

124  ANNUAL  REPORT  2003                                                       
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COMBINED FEE SCHEDULE*                                                          
--------------------------------------------                                    
Up to $1 billion                       0.25%                                    
--------------------------------------------                                    
1 billion and more up to $3 billion    0.18%                                    
--------------------------------------------                                    
3 billion and more up to $4 billion    0.14%                                    
--------------------------------------------                                    
4 billion and more up to $5 billion    0.07%                                    
--------------------------------------------                                    
5 billion and more up to $10 billion   0.04%                                    
--------------------------------------------                                    
10 billion and more up to $12 billion  0.02%                                    
--------------------------------------------                                    
12 billion or more                     0.01%                                    
--------------------------------------------                                    

*    The  assets  of  the  Gartmore  Investor  Destinations Aggressive, Gartmore
     Investor Destinations Moderately Aggressive, Gartmore Investor Destinations
    Moderate,  Gartmore  Investor  Destinations  Moderately  Conservative  and
    Gartmore  Investor  Destinations  Conservative  Funds  (collectively,  the
     "Investor  Destinations  Funds")  are  excluded  from the Trust asset level
   amount  in  order  to  calculate  this  asset  based  fee.  The  Investor
Destinations  Funds  do  not  pay  any  part  of  this  fee.          

GSA  and  GISI have entered into agreements with BISYS Fund Services Ohio, Inc.,
to provide sub-administration and sub-transfer agency services, respectively, to
the  Funds.                                                                     

Under  the  terms  of an Administrative Services Plan, the Funds may pay fees to
servicing  organizations, such as broker-dealers, including Nationwide Financial
Services,  and  financial  institutions,  which  agree to provide administrative
support services to the shareholders of certain classes. 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 Funds;
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  of  each  of  the  applicable  Funds.               

4.  BANK  LOANS                                                                 

Prior  to  April  7,  2003,  the  Trust  had an unsecured bank line of credit of
$50,000,000.  Borrowings  under  this  arrangement  bore interest at the Federal
Funds rate plus 0.50%. Any interest costs would be included in custodian fees in
the  Statements  of Operations. No compensating balances were required under the
terms  of  the  line of credit. For the period from April 7, 2003 to October 31,
2003, the Trust did not maintain an unsecured bank line of credit. There were no
unsecured  bank  loans  outstanding  as  of  October  31,  2002.                

5.  INVESTMENT  TRANSACTIONS                                                    

Purchases and sales of securities (excluding short-term securities) for the year
ended  October  31,  2003,  are  summarized  as  follows:                       

FUND                   PURCHASES       SALES                                    
------------------------------------------------                                
Large Cap Growth      $ 36,615,678  $ 41,287,860                                
------------------------------------------------                                
Small Cap               32,294,169    29,026,953                                
------------------------------------------------                                
S&P 500 Index          318,040,219     9,310,747                                
------------------------------------------------                                
Mid Cap Market Index   115,229,509    13,232,305                                
------------------------------------------------                                
Small Cap Index         80,103,033    18,592,259                                
------------------------------------------------                                
International Index    173,122,788    16,231,317                                
------------------------------------------------                                
------------------------------------------------                                
Bond Index             795,685,574   488,752,413                                
------------------------------------------------                                
Small Cap Value         30,945,212    31,585,239                                
------------------------------------------------                                

2003  ANNUAL  REPORT  125                                                       
--------------------------------------------------------------------------------

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REPORT  OF  INDEPENDENT  AUDITORS  TO  THE TRUSTEES AND SHAREHOLDERS OF GARTMORE
MUTUAL  FUNDS                                                                   

In our opinion, the accompanying statements of assets and liabilities, including
the  statements  of investments, and the related statements of operations and of
changes  in  net  assets  and  the  financial  highlights present fairly, in all
material  respects,  the financial position of Nationwide Large Cap Growth Fund,
Nationwide  Small  Cap  Fund,  Nationwide S&P 500 Index Fund, Nationwide Mid Cap
Market  Index  Fund,  Nationwide  Small Cap Index Fund, Nationwide International
Index  Fund,  Nationwide  Bond  Index Fund, and NorthPointe Small Cap Value Fund
(eight series of Gartmore Mutual Funds, hereafter referred to as the "Funds") at
October  31,  2003,  the  results  of each of their operations for the year then
ended,  the changes in each of their net assets and the financial highlights for
each  of  the  two  years  (or periods) then ended in conformity with accounting
principles  generally accepted in the United States of America.  These financial
statements  and  financial  highlights  (hereafter  referred  to  as  "financial
statements") are the responsibility of the Funds' management; our responsibility
is  to express an opinion on these financial statements based on our audits.  We
conducted  our  audits of these financial statements in accordance with auditing
standards generally accepted in the United States of America, which require that
we  plan  and perform the audit to obtain reasonable assurance about whether the
financial  statements  are  free  of  material  misstatement.  An audit includes
examining,  on  a test basis, evidence supporting the amounts and disclosures in
the  financial  statements,  assessing  the  accounting  principles  used  and  
significant  estimates  made by management, and evaluating the overall financial
statement presentation.  We believe that our audits, which included confirmation
of  securities  at  October  31,  2003  by correspondence with the custodian and
brokers,  provide  a reasonable basis for our opinion.  The financial highlights
of the Funds for the periods ended on or before October 31, 2001 were audited by
other  independent accountants whose report dated December 14, 2001 expressed an
unqualified  opinion  on  those  financial  statements.                         

PRICEWATERHOUSECOOPERS  LLP                                                     
PHILADELPHIA,  PENNSYLVANIA                                                     
DECEMBER  18,  2003                                                             

126  ANNUAL  REPORT  2003                                                       
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SUPPLEMENTAL  INFORMATION  (Unaudited)                                          
October  31,  2003                                                              

SHAREHOLDER  MEETING                                                            

On  December  12,  2003, a Special Meeting of the Shareholders of the Nationwide
Large  Cap Growth Fund was held. The matters considered at the meeting, together
with  the  actual  vote  tabulations  relating  to  such matters are as follows:

PROPOSAL  1:                                                                    

To  approve  a  Plan  of  Reorganization  adopted  by Gartmore Mutual Funds (the
"Trust"),  on  behalf  of  the  Nationwide Large Cap Growth Fund (the "Large Cap
Growth  Fund")  and  the  Gartmore Growth Fund (the "Growth Fund") series of the
Trust,  that  provides  for  the  acquisition  by  the Growth Fund of all of the
Assets,  subject  to  liabilities, of the Large Cap Growth Fund, in exchange for
Class  A,  Class B, Class C and Institutional Service Class shares of the Growth
Fund,  the  distribution  of  such  shares  to the shareholders of the Large Cap
Growth  Fund  and  the  dissolution  of  the  Large  Cap  Growth  Fund.         

FOR          AGAINST   ABSTAIN                                                  
------------------------------                                                  
27,456,711  1,031,870  716,590                                                  

PROPOSAL  2:                                                                    

To  grant  the  proxyholders  authority to vote upon any other business that may
properly  come  before  the  Meeting.                                           

FOR          AGAINST   ABSTAIN                                                  
------------------------------                                                  
26,883,019  1,343,995  978,157                                                  

OTHER  FEDERAL  INCOME  TAX  INFORMATION  (UNAUDITED)                           

For  the  period ended October 31, 2003, certain dividends paid by the Funds may
be  subject  to a maximum tax rate of 15% as provided for by the Jobs and Growth
Tax Relief Reconciliation Act of 2003. The Funds intend to designate the maximum
amount allowable as taxed at a maximum rate of 15%. Complete information will be
reported  in  conjunction  with  your  2003  Form  1099-DIV.                    

For  the  period  ended  October  31,  2003,  the following Funds paid qualified
dividend  income:                                                               

QUALIFIED                           
DIVIDEND                          
FUND                    INCOME                                                  
--------------------------------                                                
S&P 500 Index         $7,086,452                                                
--------------------------------                                                
Mid Cap Market Index   1,015,815                                                
--------------------------------                                                
Small Cap Index          479,019                                                
--------------------------------                                                
International Index    4,705,535                                                
--------------------------------                                                
Small Cap Value           42,937                                                
--------------------------------                                                

2003  ANNUAL  REPORT  127                                                       
--------------------------------------------------------------------------------

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MANAGEMENT  INFORMATION  (Unaudited)                                            

TRUSTEES  WHO  ARE  NOT  INTERESTED  PERSONS (AS DEFINED IN THE 1940 ACT) OF THE
FUNDS  OCTOBER  31,  2003                                                       

                                                        [Enlarge/Download Table]


NAME,                         POSITION(S)      TERM                      PRINCIPAL                   NUMBER        OTHER    
ADDRESS,                         HELD           OF                     OCCUPATION(S)                   OF      DIRECTORSHIPS
AND                              WITH         OFFICE                      DURING                   PORTFOLIOS      HELD     
AGE                              FUND          WITH                        PAST                        IN           BY      
                                               TRUST                       PAST                       FUND       TRUSTEE2   
                                                 -                           5                      COMPLEX                 
                                              LENGTH                       YEARS                    OVERSEEN                
                                                OF                                                     BY                   
                                               TIME                                                 TRUSTEE                 
                                              SERVED1                                                                       
                                                                                                                            
----------------------------------------------------------------------------------------------------------------------------
Charles E. Allen,             Trustee      Since          Mr. Allen is Chairman, Chief                     83  None         
8162 E. Jefferson Ave., #15B               July 2000      Executive Officer and President of                                
Detroit, MI 48214                                         Graimark Realty Advisors, Inc. (real                              
                                                          estate development, investment and                                
Age 55                                                    asset management).                                                
----------------------------------------------------------------------------------------------------------------------------
Paula H.J. Cholmondeley       Trustee      Since          Ms. Cholmondeley is Vice President               83  None         
c/o Sappi Fine Paper                       July 2000      and General Manager of Special                                    
225 Franklin Street                                       Products at Sappi Fine Paper North                                
Boston, MA 02110                                          America. Prior to 1998, she held                                  
                                                          various positions with Owens                                      
Age 56                                                    Corning, including Vice President                                 
                                                          and General Manager of the                                        
                                                          Residential Insulation Division (1997                             
                                                          to 1998).                                                         
----------------------------------------------------------------------------------------------------------------------------
C. Brent DeVore               Trustee      Since          Dr. DeVore is President                          83  None         
111 N. West Street                         May 1998       of Otterbein College.                                             
Westerville, OH 43081                                                                                                       

Age 63                                                                                                                      
----------------------------------------------------------------------------------------------------------------------------
Robert M. Duncan              Trustee      Since          Since 1999, Mr. Duncan has worked                83  None         
1397 Haddon Road                           April 1997     as an arbitration and mediation                                   
Columbus, OH 43209                                        consultant. From 1996 to 1999, he                                 
Age 76                                                    was Commissioner of the Ohio                                      
                                                          Elections Commission.                                             
----------------------------------------------------------------------------------------------------------------------------
Barbara L. Hennigar           Trustee      Since          Retired; Ms. Hennigar is the former              83  None         
6363 So. Sicily Way                        July 2000      Chairman of OppenheimerFunds                                      
Aurora, CO 80016                                          Services and Shareholder Services                                 
                                                          Inc. Ms. Hennigar held this position                              
Age 67                                                    from October 1999 to June, 2000.                                  
                                                          Prior to that, she served as                                      
                                                          President and Chief Executive                                     
                                                          Officer of OppenheimerFunds                                       
                                                          Services.                                                         
----------------------------------------------------------------------------------------------------------------------------
Thomas J. Kerr, IV            Trustee      Since          Dr. Kerr is President Emeritus of                83  None         
4890 Smoketalk Lane                        June 1981      Kendall College.                                                  
Westerville, OH 43081                                                                                                       

Age 69                                                                                                                      
----------------------------------------------------------------------------------------------------------------------------
Douglas F. Kridler            Trustee      Since          Mr. Kridler is the President and Chief           83  None         
2355 Brixton Road                          September1997  Executive Officer of the Columbus                                 
Columbus, OH 43221                                        Foundation (a founda- tion which                                  
                                                          manages over 1,000 individual                                     
Age 48                                                    endowment funds). Prior to January                                
                                                          31, 2002, Mr. Kridler was the                                     
                                                          President of the Columbus                                         
                                                          Association for the Performing Arts                               
                                                          and Chairman of the Greater                                       
                                                          Columbus Convention and Visitors                                  
                                                          Bureau.                                                           
----------------------------------------------------------------------------------------------------------------------------

128  ANNUAL  REPORT  2003                                                       
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TRUSTEES  WHO  ARE  NOT  INTERESTED  PERSONS (AS DEFINED IN THE 1940 ACT) OF THE
FUNDS  (continued)                                                              
OCTOBER  31,  2003                                                              

                                                        [Enlarge/Download Table]

                                      TERM                                                                      
                                       OF                                                NUMBER                 
                                     OFFICE                                                OF                   
                                      WITH                   PRINCIPAL                 PORTFOLIOS               
                                     TRUST                 OCCUPATION(S)                   IN                   
                                       -                      DURING                      FUND         OTHER    
NAME,                  POSITION(S)   LENGTH                    PAST                     COMPLEX    DIRECTORSHIPS
ADDRESS,                  HELD         OF                      PAST                     OVERSEEN       HELD     
AND                       WITH        TIME                       5                         BY           BY      
AGE                       FUND      SERVED1                    YEARS                    TRUSTEE      TRUSTEE2   
                                                                                                                
----------------------------------------------------------------------------------------------------------------
David C. Wetmore       Trustee      Since     Retired; Mr. Wetmore is the former            83[3]  None         
26 Turnbridge Drive                 May 1995  Managing Director of Updata                                       
Long Cove Plantation                          Capital, Inc., a venture capital firm.                            
Hilton Head, SC 29928                                                                                           
Age 55                                                                                                          

TRUSTEES  AND  OFFICERS  WHO ARE INTERESTED PERSONS (AS DEFINED IN THE 1940 ACT)
AND  OFFICERS  OF  THE  FUNDS  OCTOBER  31,  2003                               

                                                        [Enlarge/Download Table]


NAME,                              POSITION(S)      TERM                      PRINCIPAL                   NUMBER        OTHER    
ADDRESS,                              HELD           OF                     OCCUPATION(S)                   OF      DIRECTORSHIPS
AND                                   WITH         OFFICE                      DURING                   PORTFOLIOS      HELD     
AGE                                   FUND         LENGTH                       PAST                        IN           BY      
                                                     OF                         PAST                       FUND      TRUSTEE[2]  
                                                    TIME                          5                      COMPLEX                 
                                                  SERVED[1]                     YEARS                    OVERSEEN                
                                                                                                            BY                   
                                                                                                         TRUSTEE                 
---------------------------------------------------------------------------------------------------------------------------------
                                                                                                                                 
Paul J. Hondros                    Trustee      Since          Mr. Hondros is President and Chief            83[3]  None         
Gartmore Global Investments, Inc.  and          July 2000      Executive Officer of Gartmore                                     
1200 River Road,                   Chairman                    Distribution Services, Inc. ("GDSI")*,                            
Conshohocken, PA 19428                                         Gartmore Investors Services, Inc.*,                               
                                                               Gartmore Morley Capital                                           
Age 55                                                         Management, Inc.*, Gartmore                                       
                                                               Morley Financial Services, Inc.,*                                 
                                                               NorthPointe Capital, LLC*, GGAMT*,                                
                                                               GGI*, GMF*, and GSA* and a                                        
                                                               Director of Nationwide Securities,                                
                                                               Inc.* as well as several entities                                 
                                                               within Nationwide Financial                                       
                                                               Services, Inc.* Prior to that, Mr.                                
                                                               Hondros served as President and                                   
                                                               Chief Operations Officer of Pilgrim                               
                                                               Baxter and Associates, Ltd., an                                   
                                                               invest-ment manage- ment firm, and                                
                                                               its affiliated investment man-                                    
                                                               agement arm, Pilgrim Baxter Value                                 
                                                               Investors, Inc. and as Executive Vice                             
                                                               President to the PBHG Funds,                                      
                                                               PBHG Insurance Series Funds and                                   
                                                               PBHG Adviser Funds.                                               
---------------------------------------------------------------------------------------------------------------------------------
Arden L. Shisler                   Trustee      Since          Mr. Shisler is President and Chief               83  None         
1356 North Wenger Rd.                           February 2000  Executive Officer of K&B Transport,                               
Dalton, OH 44618                                               Inc., a trucking firm, Chairman of the                            
                                                               Board for Nationwide Mutual                                       
Age 61                                                         Insurance Company* and a Director                                 
                                                               of Nationwide Financial Services,                                 
                                                               Inc.*                                                             
---------------------------------------------------------------------------------------------------------------------------------

2003  ANNUAL  REPORT  129                                                       
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MANAGEMENT  INFORMATION  (Unaudited)  (continued)                               
TRUSTEES  AND  OFFICERS  WHO ARE INTERESTED PERSONS (AS DEFINED IN THE 1940 ACT)
AND  OFFICERS  OF  THE  FUNDS                                                   
(continued)                                                                     
OCTOBER  31,  2003                                                              

                                                        [Enlarge/Download Table]


NAME,                              POSITION(S)      TERM                     PRINCIPAL                  NUMBER        OTHER      
ADDRESS,                              HELD           OF                    OCCUPATION(S)                  OF      DIRECTORSHIPS  
AND                                   WITH         OFFICE                     DURING                  PORTFOLIOS      HELD       
AGE                                   FUND          WITH                       PAST                       IN           BY        
                                                    TRUST                        5                       FUND       TRUSTEE2     
                                                      -                        YEARS                   COMPLEX                   
                                                   LENGTH                                              OVERSEEN                  
                                                     OF                                                   BY                     
                                                    TIME                                               TRUSTEE                   
                                                   SERVED1                                                                       
                                                                                                                                 
---------------------------------------------------------------------------------------------------------------------------------
                                   Treasurer    Since          Mr. Holland is Senior Vice President           83  None           
Gerald J. Holland                               March 2001     - Chief Administrative Officer for                                
Gartmore Global Investments, Inc.                              GGI*, GMF*, GSA* and GDSI.*                                       
1200 River Road,                                               From July 2000 to March 2002 he                                   
Conshohocken, PA 19428                                         was Senior Vice President -                                       
                                                               Operations for GGI, GMF and GSA.                                  
Age 52                                                         Prior to July 2000, he was Vice                                   
                                                               President for First Data Investor                                 
                                                               Services, an invest-ment company                                  
                                                               service provider.                                                 
---------------------------------------------------------------------------------------------------------------------------------
                                   Secretary    Since          Mr. Miller is Senior Vice President,           83  None           
Eric E. Miller                                  December 2002  Chief Counsel for GGI*, GMF* and                                  
Gartmore Global Investments, Inc.                              GSA*. Prior to August 2002, he was                                
1200 River Road,                                               a Partner with Stradley Ronon                                     
Conshohocken, PA 19428                                         Stevens & Young, LLP.                                             

Age 50                                                                                                                           
---------------------------------------------------------------------------------------------------------------------------------
<FN>                                                                                                                             

1    The  term  of  office  length  is  until  a  director  resigns or reaches a                                                 
     mandatory  retirement  age  of  70.  The  Trust  adopted  a  five-year                                                      
     implementation  period  for  any  Trustee 65 or older as of the adoption of                                                 
     this  policy.                                                                                                               

2    Directorships  held  in (1) any other investment companies registered under                                                 
     the  1940  Act,  (2)  any  company  with  a  class of securities registered                                                 
     pursuant  to  Section 12 of the Securities Exchange Act of 1934, as amended                                                 
     (the  "Exchange  Act")  or  (3)  any company subject to the requirements of                                                 
     Section  15(d)  of  the  Exchange  Act.                                                                                     

3    Mr.Wetmore  serves  as  an  independent member, and Mr. Hondros serves as a                                                 
     member, of the Administrative Committee for each of the various hedge funds                                                 
     managed  by  Gartmore  SA  Capital Trust ("GSA") (Mr. Wetmore resigned as a                                                 
     member  of  these  Administrative  Committees  effective  as of December 5,                                                 
     2003.)                                                                                                                      

*    This position is held with an affiliated person or principal underwriter of                                                 
     the  Funds.                                                                                                                 

Trustees  and  Officers  who  are not Interested Persons (as defined in the 1940                                                 
Act) of the Funds received aggregate compensation of $272,625 from the Trust for                                                 
the  year  ended October 31, 2003. Additional information regarding the Trustees                                                 
and  Officers  may  be  found in the Trust's statement of additional information                                                 
which  is  available without charge (i) upon request, by calling 1-800-848-0920,                                                 
(ii)  on the Fund's website at WWW.GARTMOREFUNDS.COM, or (iii) on the Securities                                                 
and  Exchange  Commission's  website  at  www.sec.gov.                                                                           

130  ANNUAL  REPORT  2003                                                       
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OFFICERS                                                                        

Paul  J.  Hondros,  Chairman,  Chief  Executive  Officer                        
Eric  E.  Miller,  Secretary                                                    
James  Bernstein,  Assistant  Secretary                                         
Elizabeth  A.  Davin,  Assistant  Secretary                                     
Jill  R.  Whitelaw,  Assistant  Secretary                                       
Michael  A.  Krulikowski,  Assistant  Secretary                                 
Alaina  V.  Metz,  Assistant  Secretary                                         
Peter  Sullivan,  Assistant  Secretary                                          
Scott  Zoltowski,  Assistant  Secretary                                         
Gerald  J.  Holland,  Treasurer,  Chief  Financial  Officer                     
William  J.  Baltrus,  Assistant  Treasurer                                     
Joseph  A.  Finelli,  Assistant  Treasurer                                      
Bryan  C.  Haft,  Assistant  Treasurer                                          
Michael  D.  Leonard,  Assistant  Treasurer                                     
Brian  J.  O'Neill,  Assistant  Treasurer                                       
Mary  L.  Vitale,  Assistant  Treasurer                                         

INVESTMENT  ADVISERS                                                            

GARTMORE  MUTUAL  FUND  CAPITAL  TRUST                                          
1200  River  Road,                                                              
Suite  1000                                                                     
Conshohocken,  Pennsylvania  19428                                              

GARTMORE  MORLEY  CAPITAL  MANAGEMENT,  INC.                                    
5665  S.W.  Meadows  Road                                                       
Lake  Oswego,  OR  97035                                                        

TRANSFER  AGENT                                                                 

GARTMORE  INVESTORS  SERVICES,  INC.                                            
P.O.  Box  1492                                                                 
Columbus,  Ohio  43216-1492                                                     

CUSTODIAN                                                                       

J.P.  MORGAN  CHASE  BANK                                                       
270  Park  Avenue  New  York,  NY  10017                                        

LEGAL  COUNSEL                                                                  

STRADLEY  RONON  STEVENS  &  YOUNG,  LLP                                        
2600  One  Commerce  Square                                                     
Philadelphia,  Pennsylvania  19103-7098                                         

INDEPENDENT  AUDITOR                                                            

PRICEWATERHOUSECOOPERS  LLP                                                     
Two  Commerce  Square                                                           
2001  Market  Street,                                                           
Suite  1700                                                                     
Philadelphia,  PA  19103                                                        

DISTRIBUTOR                                                                     

GARTMORE  DISTRIBUTION  SERVICES,  INC.                                         
1200  River  Road,                                                              
Suite  1000                                                                     
Conshohocken,  PA  19428                                                        

Gartmore  Global  Investments is the investment adviser to Gartmore Funds. "Look
Beyond." is a service mark of Gartmore Global Investments, Inc. Nationwide  is a
registered  service  mark  of  Nationwide  Mutual  Insurance Company.           

Securities  offered  through  GARTMORE DISTRIBUTION SERVICES, INC., Member NASD.

This  report  is for the information of shareholders of Gartmore Funds. For more
complete  information, including all sales charges and expenses, please ask your
representative  for  a prospectus. Please read it carefully before you invest or
send  money.                                                                    

FEDERAL  LAW  REQUIRES  THE  TRUST,  AND  EACH  OF  ITS  INVESTMENT ADVISERS AND
SUB-ADVISERS, TO ADOPT PROCEDURES FOR VOTING PROXIES ("PROXY VOTING GUIDELINES")
AND  TO  PROVIDE  A  SUMMARY  OF  THOSE PROXY VOTING GUIDELINES USED TO VOTE THE
SECURITIES  HELD  BY  THE FUNDS. THE FUND'S PROXY VOTING POLICIES AND PROCEDURES
ARE  AVAILABLE WITHOUT CHARGE (I) UPON REQUEST, BY CALLING 800-848-0920, (II) ON
THE  FUND'S  WEB  SITE AT WWW.GARTMOREFUNDS.COM, OR (III) ON THE U.S. SECURITIES
AND  EXCHANGE  COMMISSION'S  WEB  SITE  AT  WWW.SEC.GOV.                        

GARTMORE  FUNDS                                                                 
1200  River  Road                                                               
Conshohocken,  PA  19428                                                        

888-223-2116                                                                    

WWW.GARTMOREFUNDS.COM                                                           

Gartmore  Funds  Shareholder  Services:                                         
800-848-0920                                                                    

GG-0094  12/03                                                                  

--------------------------------------------------------------------------------

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ITEM  2.  CODE  OF  ETHICS.                                                     

Disclose  whether,  as  of  the  end  of  the  period covered by the report, the
registrant  has  adopted  a  code  of  ethics  that  applies to the registrant's
principal  executive  officer, principal financial officer, principal accounting
officer  or  controller,  or persons performing similar functions, regardless of
whether  these  individuals  are employed by the registrant or a third party. If
the  registrant  has  not  adopted such a code of ethics, explain why it has not
done  so.                                                                       
THE  REGISTRANT  HAS  ADOPTED  A CODE OF ETHICS THAT APPLIES TO THE REGISTRANT'S
PRINCIPAL  EXECUTIVE  OFFICER, PRINCIPAL FINANCIAL OFFICER, PRINCIPAL ACCOUNTING
OFFICER  OR  CONTROLLER,  OR PERSONS PERFORMING SIMILAR FUNCTIONS.  THIS CODE OF
ETHICS  IS  INCLUDED  AS  EXHIBIT  10  (A)(1).                                  

ITEM  3.  AUDIT  COMMITTEE  FINANCIAL  EXPERT.                                  

(a)  (1)  Disclose  that the registrant's board of directors has determined that
the  registrant  either:                                              

          (i)  Has  at least one audit committee financial expert serving on its
audit  committee;  or                             

          (ii) Does  not have an audit committee financial expert serving on its
audit  committee.                                 

     (2)  If  the  registrant  provides  the  disclosure  required  by paragraph
          (a)(1)(i)  of  this  Item,  it  must  disclose  the  name of the audit
          committee  financial  expert and whether that person is "independent."
          In  order  to be considered "independent" for purposes of this Item, a
          member  of  an  audit  committee  may  not,  other  than in his or her
          capacity  as  a member of the audit committee, the board of directors,
or  any  other  board  committee:                           

          (i)  Accept  directly or indirectly any consulting, advisory, or other
compensatory  fee  from  the  issuer;  or         

          (ii) Be an "interested person" of the investment company as defined in
            Section  2(a)(19)  of  the  Act  (15  U.S.C.  80a-  2(a)(19)).

     (3)  If  the  registrant  provides  the  disclosure  required  by paragraph
          (a)(1)(ii) of this Item, it must explain why it does not have an audit
committee  financial  expert.                               

     3(a)(1)  THE  REGISTRANT'S  BOARD  OF  DIRECTORS  HAS  DETERMINED  THAT THE
          REGISTRANT  HAS  AT LEAST ONE AUDIT COMMITTEE FINANCIAL EXPERT SERVING
ON  ITS  AUDIT  COMMITTEE.                                  

     3(a)(2)  THE AUDIT COMMITTEE FINANCIAL EXPERT IS DAVID C. WETMORE. HE IS AN
INDEPENDENT  TRUSTEE.                                       

ITEM  4.  PRINCIPAL  ACCOUNTANT  FEES  AND  SERVICES.                           

(a)  Disclose,  under the caption Audit Fees, the aggregate fees billed for each
     of  the  last  two  fiscal  years for professional services rendered by the
     principal  accountant  for  the  audit of the registrant's annual financial
     statements  or  services  that  are  normally provided by the accountant in
     connection  with  statutory and regulatory filings or engagements for those
fiscal  years.                                                        

(b)  Disclose,  under  the caption Audit-Related Fees, the aggregate fees billed
     in  each of the last two fiscal years for assurance and related services by
     the  principal accountant that are reasonably related to the performance of
     the  audit  of  the  registrant's financial statements and are not reported
     under  paragraph (a) of this Item. Registrants shall describe the nature of
 the  services  comprising  the  fees  disclosed  under  this  category.

(c)  Disclose,  under the caption Tax Fees, the aggregate fees billed in each of
     the  last  two  fiscal  years  for  professional  services  rendered by the
     principal  accountant  for  tax  compliance,  tax advice, and tax planning.
     Registrants  shall  describe the nature of the services comprising the fees
disclosed  under  this  category.                                     

(d)  Disclose,  under  the  caption All Other Fees, the aggregate fees billed in
     each of the last two fiscal years for products and services provided by the
     principal  accountant,  other  than the services reported in paragraphs (a)
     through  (c)  of  this  Item.  Registrants shall describe the nature of the
services  comprising  the  fees  disclosed  under  this  category.    

(e)  (1)  Disclose  the  audit  committee's pre-approval policies and procedures
described  in  paragraph  (c)(7)  of  Rule  2-01  of  Regulation  S-X.

     (2)  Disclose  the  percentage  of services described in each of paragraphs
          (b) through (d) of this Item that were approved by the audit committee
          pursuant  to  paragraph  (c)(7)(i)(C)  of Rule 2-01 of Regulation S-X.

(f)  If  greater  than  50 percent, disclose the percentage of hours expended on
     the  principal  accountant's engagement to audit the registrant's financial
     statements  for  the  most  recent fiscal year that were attributed to work
     performed  by  persons  other  than  the  principal accountant's full-time,
permanent  employees.                                                 

(g)  Disclose the aggregate non-audit fees billed by the registrant's accountant
     for  services  rendered to the registrant, and rendered to the registrant's
     investment  adviser  (not including any sub-adviser whose role is primarily
     portfolio  management  and  is  subcontracted  with  or overseen by another
     investment  adviser),  and  any entity controlling, controlled by, or under
     common  control  with  the  adviser  that  provides ongoing services to the
     registrant  for  each  of  the  last  two  fiscal  years of the registrant.

(h)  Disclose whether the registrant's audit committee of the board of directors
     has  considered  whether  the  provision  of  nonaudit  services  that were
    rendered  to  the  registrant's  investment  adviser  (not  including  any
subadviser  whose  role  is  primarily  portfolio  management  and  is
     subcontracted  with  or  overseen  by  another investment adviser), and any
     entity  controlling,  controlled  by,  or  under  common  control  with the
     investment  adviser  that  provides ongoing services to the registrant that
     were  not  pre-approved  pursuant  to  paragraph (c)(7)(ii) of Rule 2-01 of
     Regulation  S-X  is  compatible with maintaining the principal accountant's
independence.                                                         

ONLY  EFFECTIVE  FOR ANNUAL REPORTS WITH PERIODS ENDING ON OR AFTER DECEMBER 15,
2003.                                                                           

ITEM  5.      AUDIT  COMMITTEE  OF  LISTED  REGISTRANTS.                        

(a)  If  the  registrant  is  a listed issuer as defined in Rule 10A-3 under the
     Exchange  Act  (17CFR 240.10A-3), state whether or not the registrant has a
     separately-designated  standing  audit  committee established in accordance
     with  Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If
     the  registrant  has  such  a  committee, however designated, identify each
     committee  member.  If  the  entire  board  of  directors  is acting as the
     registrant's  audit  committee  as  specified in Section 3(a)(58)(B) of the
Exchange  Act  (15  U.S.C.  78c(a)(58)(B)),  so  state.               

(b)  If  applicable,  provide the disclosure required by Rule 10A-3(d) under the
     Exchange  Act  (17CFR 240.10A-3(d)) regarding an exemption from the listing
standards  for  all  audit  committees.                               

NOT  APPLICABLE.                                                                

ITEM  6.      [RESERVED]                                                        

ITEM  7.  DISCLOSURE  OF  PROXY  VOTING  POLICIES  AND PROCEDURES FOR CLOSED-END
MANAGEMENT  INVESTMENT  COMPANIES.                          

     A  closed-end management investment company that is filing an annual report
on this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe  the  policies  and  procedures  that  it uses to determine how to vote
proxies  relating  to  portfolio  securities,  including the procedures that the
company  uses  when  a  vote  presents  a  conflict between the interests of its
shareholders,  on  the  one hand, and those of the company's investment adviser;
principal  underwriter;  or any affiliated person (as defined in Section 2(a)(3)
of  the  Investment  Company  Act  of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder)  of  the  company,  its  investment  adviser,  or  its  principal   
underwriter,  on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used  on  the  company's  behalf,  to  determine how to vote proxies relating to
portfolio  securities.  NOT  APPLICABLE.                                        

ITEM  8.  [RESERVED]                                                            

ITEM  9.  CONTROLS  AND  PROCEDURES.                                            

     (a)  Disclose  the  conclusions of the registrant's principal executive and
principal financial officers, or persons performing similar functions, regarding
the  effectiveness  of  the  registrant's disclosure controls and procedures (as
defined  in  Rule  30a-3(c)  under  the  Act (17 CFR 270.30a-3(c))) as of a date
within  90  days  of  the filing date of the report that includes the disclosure
required  by  this  paragraph,  based  on  the  evaluation of these controls and
procedures  required  by  Rule  30a-3(b) under the Act (17 CFR 270.30a-3(b)) and
Rules  13a-15(b)  or  15d-15(b)  under the Exchange Act (17 CFR 240.13a-15(b) or
240.15d-15(b)).                                                                 

IN  THE  OPINION  OF  THE  PRINCIPAL  EXECUTIVE  OFFICER AND PRINCIPAL FINANCIAL
OFFICER,  BASED  ON  THEIR  EVALUATION, THE REGISTRANT'S DISCLOSURE CONTROLS AND
PROCEDURES  ARE  ADEQUATELY DESIGNED AND ARE OPERATING EFFECTIVELY TO ENSURE (I)
THAT MATERIAL INFORMATION RELATING TO THE REGISTRANT, INCLUDING ITS CONSOLIDATED
SUBSIDIARIES,  IS  MADE  KNOWN  TO  THEM  BY  OTHERS  WITHIN  THOSE  ENTITIES,  
PARTICULARLY  DURING THE PERIOD IN WHICH THIS REPORT IS BEING PREPARED; AND (II)
THAT  INFORMATION  REQUIRED  TO  BE DISCLOSED BY THE REGISTRANT ON FORM N-CSR IS
RECORDED,  PROCESSED,  SUMMARIZED AND REPORTED WITHIN THE TIME PERIODS SPECIFIED
IN  THE  SECURITIES  AND  EXCHANGE  COMMISSION'S  RULES  AND  FORMS.            

(b)  Disclose  any  change  in  the registrant's internal control over financial
reporting  (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that
occurred  during the registrant's last fiscal half-year (the registrant's second
fiscal  half-year in the case of an annual report) that has materially affected,
or  is reasonably likely to materially affect, the registrant's internal control
over  financial  reporting.                                                     

THERE  WERE  NO  CHANGES  IN  THE  REGISTRANT'S  INTERNAL CONTROL OVER FINANCIAL
REPORTING  THAT  OCCURRED  DURING  THE REGISTRANT'S MOST RECENT FISCAL HALF-YEAR
(THE  REGISTRANT'S SECOND FISCAL HALF-YEAR IN THE CASE OF AN ANNUAL REPORT) THAT
HAVE  MATERIALLY  AFFECTED  OR  ARE  REASONABLY LIKELY TO MATERIALLY AFFECT, THE
REGISTRANT'S  INTERNAL  CONTROL  OVER  FINANCIAL  REPORTING.                    

ITEM  10.  EXHIBITS.                                                            

     (a)  File  the exhibits listed below as part of this Form. Letter or number
the  exhibits  in  the  sequence  indicated.                                    

     (a)(1) Any code of ethics, or amendment thereto, that is the subject of the
          disclosure  required  by  Item  2,  to  the extent that the registrant
          intends  to  satisfy  the  Item  2  requirements  through filing of an
exhibit.                                                    

THE  CODE  OF ETHICS THAT IS THE SUBJECT OF THE DISCLOSURE REQUIRED BY ITEM 2 IS
ATTACHED  HERETO.                                                               

     (a)(2)  A  separate  certification for each principal executive officer and
          principal  financial  officer  of  the  registrant as required by Rule
30a-2  under  the  Act  (17 CFR 270.30a-2).                 

CERTIFICATIONS  PURSUANT  TO  SECTION  302 OF THE SARBANES-OXLEY ACT OF 2002 ARE
ATTACHED  HERETO.                                                               

     (b)  A  separate  or  combined  certification  for each principal executive
          officer  and  principal  officer of the registrant as required by Rule
30a-2(b) under the Act of 1940.                             

CERTIFICATIONS  PURSUANT  TO  SECTION  906 OF THE SARBANES-OXLEY ACT OF 2002 ARE
ATTACHED  HERETO.                                                               

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed  on  its  behalf  by  the  undersigned,  thereunto  duly  authorized.    

(Registrant)    GARTMORE  MUTUAL  FUNDS                                         

By      /s/     GERALD  J.  HOLLAND                                             
Name:           Gerald  J.  Holland                                             
Title:          Treasurer                                                       

Date:           January 9, 2004                                                 

     Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment  Company  Act  of  1940,  this  report  has  been signed below by the
following  persons  on behalf of the registrant and in the capacities and on the
dates  indicated.                                                               

By      /s/     PAUL  J.  HONDROS                                               
Name:           Paul  J.  Hondros                                               
Title:          President  &  Chairman  of  the  Board                          

Date:           January 9, 2004                                                 

By     /s/      GERALD  J.  HOLLAND                                             
Name:           Gerald  J.  Holland                                             
Title:          Treasurer                                                       

Date:           January 9, 2004

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘N-CSR’ Filing	Date	First	Last	Other Filings

	3/1/11	124		485BPOS, 497, 497J, 497K
	11/30/05	1		497
	6/29/05	124		NSAR-A
	12/29/04	124		497, 497J
	2/29/04	124
Filed on / Effective on:	1/9/04	135		N-CSR
	12/19/03	3
	12/18/03	127		497
	12/15/03	135
	12/12/03	3	128	DEF 14A
	12/5/03	131
	11/2/03	124
For Period End:	10/31/03	1	131	24F-2NT, DEF 14A, N-CSR, NSAR-B
	10/22/03	97	120	497
	10/21/03	20	38
	4/7/03	126
	1/1/03	123
	10/31/02	16	126	N-30D, NSAR-B, NSAR-B/A
	7/1/02	124		497
	1/31/02	129		497
	1/25/02	112		485BPOS, 497
	12/14/01	127		PRES14A
	11/29/01	38	120
	11/28/01	38
	10/31/01	17	127	24F-2NT, N-30D, NSAR-B
	10/12/01	102
	10/11/01	81
	5/25/01	30	99
	5/24/01	30
	3/1/01	17	18	485BPOS
	10/31/00	17	111	24F-2NT, N-30D, NSAR-B, NSAR-B/A
	6/29/00	103	111	NSAR-A
	12/29/99	20	102	485BPOS, N-30D
	12/28/99	20	81	485APOS
	10/31/99	17	98	24F-2NT, N-30D, NSAR-B
	11/2/98	3	98
	7/24/98	20
	10/30/97	112
	4/9/97	38
	4/3/97	81
				List all Filings

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Nationwide Mutual Funds – ‘N-CSR’ for 10/31/03

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Certified Annual Shareholder Report of a Management Investment Company — Form N-CSRFiling Table of Contents

N-CSR — #24533-Book#3Document Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

Certified Annual Shareholder Report of a Management Investment Company — Form N-CSR
Filing Table of Contents

N-CSR — #24533-Book#3
Document Table of Contents