<PAGE> 1
NATIONWIDE SEPARATE ACCOUNT TRUST
---------------------------------
FINANCIAL STATEMENTS
JUNE 30, 1995
<PAGE> 2
CAPITAL APPRECIATION FUND STATEMENT OF INVESTMENTS - JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
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SHARES SECURITY VALUE(NOTE 1)
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<S> <C> <C>
COMMON STOCKS (95.7%)
Auto & Auto Parts (5.4%)
36,100 Chrysler Corp. ............................ $1,728,287
55,400 Ford Motor Company ........................ 1,648,150
----------
3,376,437
----------
Broadcasting (5.1%)
35,495 CBS, Inc. ................................ 2,378,165
4,000 Capital Cities/ABC, Inc. ................ 432,000
16,500 Tele Communications Inc., Class A* ....... 386,719
----------
3,196,884
----------
Building (6.2%)
57,700 Masco Corp. .............................. 1,557,900
11,800 National Gypsum Company* ................. 616,550
20,100 USG Corp.* ............................... 477,375
22,800 Vulcan Materials Co. .................... 1,242,600
----------
3,894,425
----------
Chemicals (12.5%)
28,900 Georgia Gulf Corp. ...................... 942,863
33,000 IMC Global, Inc. ........................ 1,786,125
51,800 Morton International Inc. ................ 1,515,150
39,700 OM Group, Inc. .......................... 1,131,450
64,510 Raychem Corp. ............................ 2,475,571
----------
7,851,159
----------
Drugs (9.0%)
4,600 American Home Products .................. 355,925
49,600 Schering Plough Corp. .................... 2,188,600
35,700 Warner Lambert Co. ...................... 3,083,588
----------
5,628,113
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Financial (10.1%)
15,000 Barnett Banks, Inc. ...................... 768,750
13,000 Chubb Corp. .............................. 1,041,625
11,400 CoreStates Financial Corp. .............. 397,575
20,000 FirstFed Michigan Corp. .................. 560,000
5,835 Fund American Enterprises* .............. 416,473
86,500 Horace Mann Educators Corp. .............. 1,989,500
27,100 Mellon Bank Corp. ........................ 1,128,038
----------
6,301,961
----------
Food & Beverages (13.0%)
14,500 Anheuser-Busch Companies, Inc. ............ 824,687
10,000 Morningstar Group* ........................ 72,500
51,500 PepsiCo, Inc. ............................. 2,349,688
4,800 Philip Morris Companies, Inc. ............. 357,000
43,400 Quaker Oats Company ....................... 1,426,775
75,333 Ralcorp Holdings Inc.* .................... 1,723,242
27,500 Ralston-Ralston Purina Group................ 1,402,500
----------
8,156,392
----------
Forest Products (0.2%)
1,100 Georgia-Pacific Corp. ..................... 95,425
----------
Hotels - Motels (0.4%)
21,700 Host Marriott Corp*. ...................... 230,562
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Household Products (6.2%)
19,300 Avon Products, Inc. ...................... 1,293,100
42,100 Dial Corp. (The) ......................... 1,041,975
7,000 Gillette Company (The) ................... 312,375
29,500 Helene Curtis Industries, Inc. ........... 840,750
19,900 Maybelline, Inc. ......................... 407,950
----------
3,896,150
----------
Leisure Products (2.9%)
107,200 Brunswick Corp. .......................... 1,822,400
----------
Machinery (2.5%)
33,800 Johnstown America Industries, Inc. ....... 350,675
12,200 PACCAR, Inc. ............................. 570,350
20,200 Trinity Industries, Inc. ................. 671,650
----------
1,592,675
----------
Nonferrous Metals (1.6%)
32,450 Alumax Inc.* ............................ $1,010,006
----------
Oil & Gas (6.4%)
31,200 Texaco Inc. ............................ 2,047,500
71,800 Unocal Corp. ............................ 1,983,475
----------
4,030,975
----------
Printing & Publishing (7.0%)
51,200 American Greetings Corp., Class A ....... 1,504,000
22,800 Dun & Bradstreet Corp. .................. 1,197,000
3,500 Gannett Company, Inc..................... 189,875
35,500 Gibson Greetings, Inc.* ................. 474,812
4,900 Knight-Ridder, Inc. ..................... 278,688
2,800 Washington Post Company (The), Class B... 730,800
-----------
4,375,175
-----------
Technology (0.2%)
3,200 AMP, Inc. .............................. 135,200
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Telecommunications (3.0%)
10,000 Airtouch Communications* ............... 285,000
73,200 MCI Communications Corp. .............. 1,610,400
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1,895,400
-----------
Toys (4.0%)
97,288 Mattel, Inc. .......................... 2,529,488
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Total common stocks (cost $52,707,502).. 60,018,827
-----------
PRINCIPAL
- ----------
CONVERTIBLE BONDS (0.8%)
$1,494,000 Consorcio G. Grupo Dina, 8.00%, 2004.... 528,503
(cost $1,376,736) -----------
COMMERCIAL PAPER (1.5%)
CPC International Inc.
205,000 5.93%, due 08/14/95 .................... 203,514
U.S. Central Credit Union
735,000 5.95%, due 07/17/95 .................... 733,056
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Total commercial paper (cost $936,670)....... 936,570
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REPURCHASE AGREEMENT (1.6%)
Merrill Lynch & Co., Inc.,
5.71%, DUE 07/03/95, Collateralized by
$10,799,561 FNMA STRIPPED
$164,140 FNMA 15YR 316076, 7.50%, due 7/1/10
market value - $1,048,662
1,020,000 (cost $1,020,000)............................ 1,020,000
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Total Investments (cost $56,040,808) ....... $62,503,900
===========
<FN>
* Denotes a non-income producing security.
Cost also represents cost for Federal income tax purposes.
Portfolio holding percentages represent market value as a
percentage of net assets.
See accompanying notes to financial statements.
</TABLE>
<PAGE> 3
TOTAL RETURN FUND STATEMENT OF INVESTMENTS - JUNE 30, 1995 (UNAUDITED)
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SHARES SECURITY VALUE(NOTE 1)
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<TABLE>
<S> <C> <C>
COMMON STOCKS (84.4%)
AEROSPACE (1.3%)
140,000 The Boeing Company . . . . . . . $8,767,500
----------
AUTOMOBILES (3.3%)
230,000 General Motors Corp . . . . . . . 10,781,250
266,400 Magna International . . . . . . . 11,754,900
----------
22,536,150
----------
BUSINESS SERVICES (0.8%)
157,500 (The) Olsten Corp . . . . . . . . . 5,158,125
---------
CHEMICALS (4.7%)
100,000 Dow Chemical Company . . . . . . . 7,187,500
150,000 Dupont (E.I.) DeNemours & Co. . . . 10,312,500
100,000 Eastman Chemical Co. . . . . . . . 5,950,000
268,400 Lawter International, Inc. . . . . 3,220,800
150,000 Lubrizol Corp. . . . . . . . . . . 5,306,250
---------
31,977,050
----------
COMPUTER EQUIPMENT (1.1%)
100,000 Hewlett-Packard Co. . . . . . . . . 7,450,000
----------
COMPUTER SERVICES (1.3%)
100,000 Automatic Data Processing, Inc. . . 6,287,500
105,000 National Data Corp. . . . . . . . . 2,428,125
43,100 SCS/COMPUTE Inc.* . . . . . . . . . 88,894
----------
8,804,519
----------
CONGLOMERATE (9.0%)
200,000 EG&G, Inc. . . . . . . . . . . . . 3,350,000
311,000 Eastman Kodak Co. . . . . . . . . . 18,854,375
900,000 Hanson Plc . . . . . . . . . . . . 15,862,500
305,300 Honeywell Inc. . . . . . . . . . . 13,166,062
200,000 Rockwell International Corp. . . . 9,150,000
45,000 U.S. Industries Inc. . . . . . . . 613,125
----------
60,996,062
----------
CONSUMER GOODS (1.2%)
153,900 Premark International Inc. . . . . 7,983,563
----------
DRUGS & HEALTHCARE (1.4%)
90,000 Bristol-Meyers Squibb Co. . . . . . 6,131,250
80,000 Schering-Plough Corp. . . . . . . . 3,530,000
----------
9,661,250
----------
ELECTRONICS (3.8%)
127,300 AMP, Inc. . . . . . . . . . . . . . 5,378,425
200,000 Intel Corp. . . . . . . . . . . . . 12,662,500
128,937 Molex Inc., Class A . . . . . . . 4,706,182
142,300 Richardson Electronic Ltd. . . . . 1,031,675
177,000 Woodhead Industries, Inc. . . . . . 2,433,750
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26,212,532
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ENGINEERING & CONSTRUCTION (0.4%)
50,000 Fluor Corporation. . . . . . . . . 2,600,000
----------
FINANCIAL SERVICES (11.5%)
130,000 Bankers Trust NY. . . . . . . . . . 8,060,000
578,812 Bear Stearns Company, Inc. . . .. . 12,372,106
310,000 Firstar Corp. . . . . . . . . . . . 10,423,750
350,000 Merrill Lynch & Co., Inc. . . . . . 18,375,000
140,000 Morgan J.P. & Co., Inc. . . . . . . 9,817,500
50,000 Morgan Stanley Group Inc. . . . . . 4,050,000
200,000 NBD Bancorp, Inc. . . . . . . . . . 6,400,000
200,000 National City Corp. . . . . . . . . 5,875,000
88,000 Price, T Rowe & Assoc., Inc.. . . . 3,388,000
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78,761,356
----------
FOOD & BEVERAGES (3.7%)
2,000,000 Grand Metropolitan Plc. . . . . . . 12,265,800
176,700 Grand Metropolitan ADR. . . . . . . 417,500
189,000 Heinz (H.J.) Co.. . . . . . . . . . 8,386,875
----------
25,070,175
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FOOD-GRAIN & AGRICULTURE (1.7%)
618,580 Archer-Daniels Midland Co.. . . . . 11,521,053
----------
HEALTHCARE SERVICES (2.8%)
434,000 Columbia/HCA Health. . . . . . . . 18,770,500
----------
MACHINERY & CAPITAL GOODS (2.1%)
80,000 Cooper Industries, Inc.. . . . . . 3,160,000
117,600 Duriron Company, Inc. . . . . . . 2,646,000
60,000 Emerson Electric Co. . . . . . . . 4,290,000
40,000 Ingersoll-Rand Company . . . . . . 1,530,000
50,000 Nordson Corporation. . . . . . . . 2,725,000
----------
14,351,000
----------
OIL & GAS (15.1%)
180,000 Amoco Corporation. . . . . . . . . 11,992,500
130,000 Exxon Corporation. . . . . . . . . 9,181,250
308,900 Mobil Corp.. . . . . . . . . . . . 29,654,400
110,000 Royal Dutch Petroleum Co.. . . . . 13,406,250
331,300 Sonat, Inc.. . . . . . . . . . . . 10,104,650
225,000 Texaco, Inc. . . . . . . . . . . . 14,765,625
400,000 The Williams Companies, Inc. . . . 13,950,000
----------
103,054,675
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PAPER & FOREST PRODUCTS (0.7%)
40,000 Georgia-Pacific Corp.. . . . . . . 3,470,000
62,400 Glatfelter (P.H.) Company. . . . . 1,255,800
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4,725,800
---------
POLLUTION CONTROL (1.5%)
350,000 WMX Technologies, Inc. . . . . . . 9,931,250
---------
PRINTING & PUBLISHING (4.3%)
275,000 Dun & Bradstreet Corp. . . . . . . 14,437,500
217,600 Reader's Digest Assoc., Inc., Class B. 8,894,400
160,000 Wallace Computer Services, Inc.. . 6,140,000
---------
29,471,900
----------
REAL ESTATE (0.2%)
84,500 Dun & Bradstreet Corp. . . . . . . 1,468,188
---------
RESTAURANTS (0.1%)
185,000 Pancho's Mexican Buffet, Inc.. . . 786,250
----------
RETAIL (0.6%)
149,000 Supervalu Inc. . . . . . . . . . . 4,339,625
---------
TELECOMMUNICATIONS (10.2%)
564,300 AT&T Co. . . . . . . . . . . . . . 29,978,438
134,300 Hong Kong Telecommunications Ltd. ADR 2,669,212
300,000 MCI Communications Corp. . . . . . 6,600,000
901,800 Sprint Corporation . . . . . . . . 30,323,025
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69,570,675
----------
TRANSPORTATION (1.6%)
193,000 Union Pacific Corp.. . . . . . . . 10,687,375
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Total common stocks(cost $447,637,605) 574,656,573
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</TABLE>
<PAGE> 4
TOTAL RETURN FUND STATEMENT OF INVESTMENTS - JUNE 30, 1995 (UNAUDITED) -
CONTINUED
<TABLE>
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PRINCIPAL SECURITY VALUE(NOTE 1)
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<S> <C> <C>
REPURCHASE AGREEMENT (0.3%)
Merrill Lynch & Co.,Inc.,
5.71%, due 07/03/95, Collateralized by
$490,221 Federal Natl MTG Assn GTD Remic
$1,564,781 FNMA Pool #195152 7.00%,
due 1/1/08
$37,181 FNMA Pool #221091 7.00%,
$2,035,000 due 7/1/08 (cost $2,035,000) . . . . . $2,035,000
----------
U.S. GOVERNMENT AGENCY (5.9%)
Federal Home Loan Mortage Corp. Discount
Note
5.84% through 5.70%, due 7/11/95
10,200,000 through 9/25/95 . . . . . . . . . . . 10,132,122
----------
Federal National Mortgage Association
Discount Note
5.88% through 5.60%, due 7/14/95
30,400,000 through 11/13/95 . . . . . . . . . . . 30,097,609
----------
Total U.S. Government Agency
(cost $40,229,731) . . . . . . . . . . . . 40,229,731
----------
U.S. TREASURY BILLS (9.3%)
6.36% through 5.83%,
due 7/6/95 through 2/8/96
63,955,000 (cost $63,449,370) . . . . . . . . . . 63,449,370
----------
Total investments (cost $553,351,706) $680,370,674
============
<FN>
* Denotes a non-income producing security.
Cost also represents cost for Federal income tax purposes.
Portfolio holding percentages represent market value as a
percentage of net assets.
See accompanying notes to financial statements.
</TABLE>
<PAGE> 5
GOVERNMENT BOND FUND STATEMENT OF INVESTMENTS - JUNE 30, 1995 (UNAUDITED)
<TABLE>
<CAPTION>
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PRINCIPAL SECURITY VALUE(NOTE 1)
- ----------------------------------------------------------------------
MORTGAGE BACKED SECURITIES (35.5%)
<S> <C>
Federal Home Loan Mortgage Corp., REMIC,
$13,000,000 Series 1344-D, 6.00%, due 8/15/07 . . . . . $11,988,327
20,000,000 Series 1415-N, 6.75%, due 11/15/07 . . . . 19,717,780
9,454,271 Series 31-E, 7.55%, due 5/15/20 . . . . . . 9,566,011
10,000,000 Series 94-E, 8.95%, due 11/15/20 . . . . . 10,259,790
18,415,663 Series 1143-Z, 7.50%, due 10/15/21 . . . . 18,599,985
4,000,000 Series 190-D, 9.20%, due 10/15/21 . . . . . 4,200,076
4,140,656 Series 193-D, 9.00%, due 11/15/21 . . . . . 4,223,382
Federal National Mortgage Association
Debentures, REMIC,
6,500,000 Series 68-E, 8.35%, due 10/25/03 . . . . . 6,650,404
10,642,485 Series 94-100-M, 5.50%, due 09/25/09 . . . 10,334,694
5,000,000 Series 34-E, 9.85%, 8/25/14 . . . . . . . 5,291,845
2,958,701 Series 88-25-B, 9.25%, due 10/25/18 . . . . 3,081,396
14,000,000 Series 16-D, 9.00%, due 3/25/20 . . . . . . 14,882,966
7,828,405 Series 67-Z, 9.00%, due 6/25/20 . . . . . . 8,273,677
5,000,000 Series 73-A, 8.00%, due 7/25/21 . . . . . . 5,152,295
17,000,000 Series 203-PJ, 6.50%, due 10/25/23 . . . . 16,538,093
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Total mortgage backed obligations
(cost $143,912,371) . . . . . . . . . . . 148,760,721
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U.S. GOVERNMENT AND AGENCY
LONG-TERM OBLIGATIONS (58.0%)
Federal Home Loan Banks Bond
10,000,000 7.75%, due 4/25/96 . . . . . . . . . . . . 10,139,950
40,000,000 7.08%, due 6/27/00 . . . . . . . . . . . . 40,082,040
20,435,000 5.78%, due 2/16/01 . . . . . . . . . . . . 20,069,152
12,000,000 6.36%, due 3/21/01 . . . . . . . . . . . . 12,112,740
15,800,000 7.44%, due 8/10/01 . . . . . . . . . . . . 16,797,976
25,000,000 7.00%, due 6/27/02 . . . . . . . . . . . . 24,796,125
Federal Home Loan Mortgage Corporation
21,000,000 6.83%, due 7/03/02 . . . . . . . . . . . . 21,011,508
Private Export Funding Corporation
36,000,000 6.86%, due 4/30/04 . . . . . . . . . . . . 36,699,660
Resolution Funding Corporation, STRIPS
25,000,000 0.00%, due 4/15/08 . . . . . . . . . . . . 10,693,225
58,000,000 0.00%, due 7/15/13 . . . . . . . . . . . . 16,578,662
U.S. Treasury Bond
29,000,000 8.125%, due 8/15/19 . . . . . . . . . . . 33,830,269
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Total U.S. Government and Agency long-term
obligations (cost $235,286,687) . . . . . . 242,811,307
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U.S. GOVERNMENT SHORT-TERM OBLIGATIONS (5.4%)
U.S. Treasury Bills . . . . . . . . . . . .
5.465%, due 9/28/95
23,000,000 (cost $22,689,254) . . . . . . . . . . . . 22,689,254
----------
Total investments (cost $401,888,312) . . . . . $414,261,282
============
<FN>
Cost also represents cost for Federal income tax purposes.
Portfolio holding percentages represent market value as a percentage of
net assets.
See accompanying notes to financial statements.
</TABLE>
<PAGE> 6
MONEY MARKET FUND STATEMENT OF INVESTMENTS - JUNE 30, 1995 (UNAUDITED)
<TABLE>
<S> <C> <C>
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PRINCIPAL SECURITY VALUE(NOTE 1)
- -----------------------------------------------------------
BANKERS ACCEPTANCES (1.7%)
Republic Bank of NY
$5,000,000 5.80%, due 09/12/95 . . . . . . $4,941,194
7,205,000 6.10%, due 10/06/95 . . . . . . . 7,086,578
----------
Total bankers acceptances
(cost $12,027,772) . . . . . . . 12,027,772
----------
CANADIAN GOVERNMENT OBLIGATIONS (5.6%)
British Columbia, Province of
5,000,000 6.25%, due 08/09/95 . . . . . . . 4,966,146
1,850,000 6.22%, due 08/09/95 . . . . . . . 1,837,534
3,533,000 6.09%, due 09/28/95 . . . . . . . 3,479,808
8,432,000 6.12%, due 09/28/95 . . . . . . . 8,304,424
1,000,000 6.05%, due 11/17/95 . . . . . . . . 976,641
2,000,000 5.62%, due 12/04/95 . . . . . . . 1,951,293
Canadian Wheat Board
1,000,000 6.04%, due 09/08/95 . . . . . . . . 988,423
5,000,000 5.85%, due 09/12/95 . . . . . . . 4,940,688
5,000,000 5.77%, due 09/14/95 . . . . . . . 4,939,896
5,000,000 5.75%, due 10/02/95 . . . . . . . 4,925,729
2,000,000 5.75%, due 11/02/95 . . . . . . . 1,960,389
---------
Total Canadian government obligations
(cost $39,270,971) . . . . . . . 39,270,971
----------
COMMERCIAL PAPER (90.9%)
AGRICULTURE/SUPPLIES (0.8%)
Deere & Co.
5,380,000 5.95%, due 07/14/95 . . . . . . . 5,368,440
---------
AUTO/FINANCE (3.5%)
Ford Motor Credit Co.
5,000,000 5.94%, due 07/07/95 . . . . . . . 4,995,050
2,000,000 5.95%, due 07/18/95 . . . . . . . 1,994,381
3,102,000 5.96%, due 07/19/95 . . . . . . . 3,092,756
5,000,000 5.94%, due 07/21/95 . . . . . . . 4,983,500
1,772,000 5.88%, due 07/31/95 . . . . . . . 1,763,317
8,000,000 5.92%, due 08/28/95 . . . . . . . 7,923,698
---------
24,752,702
----------
BANKS (11.9%)
Banc One Corp.
15,000,000 5.92%, due 08/03/95 . . . . . . 14,918,600
10,000,000 5.88%, due 09/22/95 . . . . . . . 9,864,433
CoreStates Capital Corp.
12,768,000 5.88%, due 08/21/95 . . . . . . 12,661,643
8,580,000 5.80%, due 09/19/95 . . . . . . . 8,469,413
JP Morgan & Co., Inc.
5,000,000 5.96%, due 08/16/95 . . . . . . . 4,961,922
2,100,000 5.95%, due 08/28/95 . . . . . . . 2,079,869
5,000,000 5.84%, due 09/07/95 . . . . . . . 4,944,844
National City Credit Corp.
3,000,000 6.02%, due 07/12/95 . . . . . . . 2,994,482
8,482,000 6.00%, due 07/26/95 . . . . . . . 8,448,659
Norwest Corp.
3,270,000 6.05%, due 07/11/95 . . . . . . . 3,264,514
2,000,000 6.00%, due 08/07/95 . . . . . . . 1,987,667
10,000,000 5.86%, due 09/08/95 . . . . . . . 9,887,683
----------
84,481,729
----------
BROKER-DEALERS (15.6%)
Bear Stearns Companies, Inc.
8,000,000 6.10%, due 07/10/95 . . . . . . . 7,987,800
4,000,000 6.07%, due 07/12/95 . . . . . . . 3,992,581
7,000,000 6.04%, due 07/17/95 . . . . . . . 6,981,209
3,000,000 6.04%, due 07/26/95 . . . . . . . 2,987,418
2,000,000 5.97%, due 08/04/95 . . . . . . . 1,988,723
3,000,000 5.80%, due 09/29/95 . . . . . . . 2,956,500
Dean Witter Discover & Co.
8,000,000 5.95%, due 07/11/95 . . . . . . . 7,988,778
5,000,000 5.96%, due 07/27/95 . . . . . . $44,978,478
6,000,000 5.96%, due 07/28/95 . . . . . . . 5,973,180
1,450,000 6.05%, due 07/31/95 . . . . . . . 1,442,690
4,000,000 5.90%, due 08/11/95 . . . . . . . 3,973,122
Goldman Sachs Group
10,000,000 6.24%, due 07/05/95 . . . . . . . 9,993,066
7,000,000 5.95%, due 07/18/95 . . . . . . . 6,980,332
4,000,000 6.09%, due 07/20/95 . . . . . . . 3,987,143
3,000,000 5.87%, due 09/01/95 . . . . . . . 2,969,672
Merrill Lynch & Co., Inc.
3,000,000 5.95%, due 07/05/95 . . . . . . . 2,998,017
5,000,000 5.95%, due 07/13/95 . . . . . . . 4,990,083
2,510,000 5.98%, due 07/19/95 . . . . . . . 2,502,495
7,250,000 6.00%, due 07/21/95 . . . . . . . 7,225,833
3,760,000 5.95%, due 07/31/95 . . . . . . . 3,741,357
Morgan Stanley Group Inc.
370,000 5.82%, due 09/14/95 . . . . . . . 365,514
Smith Barney, Inc.
4,000,000 5.95%, due 07/12/95 . . . . . . . 3,992,728
10,000,000 5.96%, due 08/02/95 . . . . . . . 9,947,022
----------
110,941,739
-----------
CAPTIVE BORROWING CONDUIT (2.7%)
BTR Dunlop Finance Inc.
5,242,000 5.95%, due 07/13/95 . . . . . . . 5,231,603
5,000,000 5.92%, due 08/03/95 . . . . . . . 4,972,867
Prudential Funding Corp.
9,323,000 6.00%, due 07/13/95 . . . . . . . 9,304,354
---------
19,508,824
----------
CHEMICALS (1.4%)
Great Lakes Chemical Corp.
1,000,000 6.00%, due 07/06/95 . . . . . . . 999,167
4,000,000 5.97%, due 07/21/95 . . . . . . . 3,986,733
Monsanto Co.
5,000,000 5.85%, due 09/11/95 . . . . . . . 4,941,500
---------
9,927,400
---------
CONSUMER SALES FINANCE (12.3%)
American Express Credit Corp.
8,000,000 6.10%, due 07/06/95 . . . . . . . 7,993,223
1,000,000 5.95%, due 07/07/95 . . . . . . . 999,008
8,100,000 5.93%, due 07/07/95 . . . . . . . 8,091,995
3,000,000 6.00%, due 07/24/95 . . . . . . . 2,988,500
Associates Corp. of North America
10,000,000 5.85%, due 07/06/95 . . . . . . . 9,991,875
10,384,000 5.94%, due 07/14/95 . . . . . . .10,361,726
6,556,000 5.91%, due 08/11/95 . . . . . . . 6,511,873
Avco Financial Services, Inc.
5,000,000 5.87%, due 07/11/95 . . . . . . . 4,991,847
3,000,000 6.00%, due 07/24/95 . . . . . . . 2,988,500
8,526,000 5.96%, due 07/25/95 . . . . . . . 8,492,124
6,393,000 5.94%, due 08/07/95 . . . . . . . 6,353,971
2,000,000 5.83%, due 08/08/95 . . . . . . . 1,987,692
Commercial Credit Co.
4,622,000 5.97%, due 07/25/95 . . . . . . . 4,603,604
Norwest Financial, Inc.
3,483,000 6.09%, due 07/07/95 . . . . . . . 3,479,465
7,000,000 5.95%, due 07/20/95 . . . . . . . 6,978,018
---------
86,813,421
----------
CORPORATE CREDIT UNIONS (2.6%)
U.S. Central Credit Union
8,570,000 5.95%, due 07/17/95 . . . . . . . 8,547,337
10,000,000 6.00%, due 07/28/95 . . . . . . . 9,955,000
---------
18,502,337
----------
DIVERSIFIED FINANCE (6.4%)
General Electric Capital Corp.
2,000,000 5.90%, due 08/08/95 . . . . . . . 1,987,546
</TABLE>
<PAGE> 7
<TABLE>
MONEY MARKET FUND STATEMENT OF INVESTMENTS - JUNE 30, 1995 (UNAUDITED) - CONTINUED
<CAPTION>
------------------------------------------------------------
PRINCIPAL SECURITY VALUE(NOTE 1)
------------------------------------------------------------
<S> <C> <C>
$1,000,000 5.90%, due 08/10/95 . . . . . . $ 993,444
2,000,000 5.86%, due 09/05/95 . . . . . . 1,978,513
5,000,000 5.86%, due 09/21/95 . . . . . . 4,933,261
2,000,000 5.80%, due 09/26/95 . . . . . . 1,971,967
1,600,000 6.16%, due 10/11/95 . . . . . . 1,572,075
3,000,000 5.62%, due 10/19/95 . . . . . . 2,948,483
2,565,000 5.68%, due 11/22/95 . . . . . . 2,506,723
Transamerica Finance Corp.
4,000,000 5.90%, due 08/02/95 . . . . . . 3,979,022
5,000,000 6.05%, due 08/04/95 . . . . . . 4,971,431
9,874,000 5.88%, due 08/08/95 . . . . . . 9,812,715
6,588,000 6.02%, due 08/15/95 . . . . . . 6,538,425
1,000,000 5.67%, due 11/13/95 . . . . . . 978,738
------------
45,172,342
------------
FINANCE (1.3%)
Nestle Capital Corp.
1,500,000 5.87%, due 09/05/95 . . . . . . 1,483,857
7,840,000 5.70%, due 09/05/95 . . . . . . 7,758,072
------------
9,241,929
------------
FINANCIAL SERVICES/UTILITIES (0.8%)
National Rural Utilities Cooperative
4,675,000 5.93%, due 07/21/95 . . . . . . 4,659,598
1,000,000 5.96%, due 08/14/95 . . . . . . 992,716
------------
5,652,314
------------
FOOD & BEVERAGES (3.6%)
CPC International Inc.
9,838,000 5.90%, due 08/25/95 . . . . . . 9,749,321
5,000,000 5.90%, due 08/29/95 . . . . . . 4,951,653
10,700,000 5.80%, due 09/21/95 . . . . . . 10,558,641
------------
25,259,615
------------
INSURANCE (5.0%)
American General Corp.
10,000,000 5.97%, due 07/24/95 . . . . . . 9,961,858
Old Republic Capital Corp.
2,000,000 6.18%, due 07/06/95 . . . . . . 1,998,283
3,000,000 6.10%, due 07/06/95 . . . . . . 2,997,458
7,000,000 6.05%, due 08/16/95 . . . . . . 6,945,886
10,000,000 5.67%, due 10/04/95 . . . . . . 9,850,375
Principal Mutual Life Insurance Co.
3,348,000 5.97%, due 07/13/95 . . . . . . 3,341,338
------------
35,095,198
------------
LEASE FINANCING (4.5%)
Fleet Funding Inc.
2,000,000 6.00%, due 07/21/95 . . . . . . . 1,993,333
6,000,000 6.00%, due 07/28/95 . . . . . . . 5,973,000
PHH Corp.
12,625,000 5.87%, due 07/12/95 . . . . . . . 12,602,356
2,670,000 5.97%, due 07/17/95 . . . . . . . 2,662,916
8,800,000 5.95%, due 07/27/95 . . . . . . . 8,762,184
------------
31,993,789
------------
OFFICE EQUIPMENT (0.7%)
Pitney Bowes Credit Corp.
5,000,000 6.03%, due 09/08/95 . . . . . . . 4,942,214
------------
OIL & GAS (1.4%)
Koch Industries, Inc.
10,000,000 6.20%, due 07/05/95 . . . . . . . 9,993,110
------------
OIL & GAS: EQUIPMENT (3.2%)
Chevron Transport Corp.
8,000,000 5.95% due 07/07/95 . . . . . . . 7,992,067
7,000,000 5.97% due 07/19/95 . . . . . . . 6,979,105
8,000,000 5.96% due 08/01/95 . . . . . . . 7,958,942
------------
22,930,114
------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------
PRINCIPAL SECURITY VALUE(NOTE 1)
------------------------------------------------------------
<S> <C> <C>
PAPER AND FOREST PRODUCTS (3.5%)
Sonoco Products Co.
$ 2,000,000 5.95%, due 07/11/95 . . . . . . . $ 1,996,694
8,000,000 5.93%, due 07/18/95 . . . . . . . 7,977,598
10,000,000 5.97%, due 07/31/95 . . . . . . . 9,950,250
5,000,000 6.00%, due 08/04/95 . . . . . . . 4,971,667
------------
24,896,209
------------
PHARMACEUTICALS/PERSONAL CARE (3.1%)
Ciba-Geigy Corp.
325,000 6.00%, due 07/10/95 . . . . . . . 324,513
7,000,000 5.98%, due 07/10/95 . . . . . . . 6,989,535
4,523,000 5.97%, due 07/11/95 . . . . . . . 4,515,499
Pfizer Inc.
10,000,000 5.90%, due 08/09/95 . . . . . . . 9,936,083
------------
21,765,630
------------
PREMIUM FINANCE (0.7%)
A.I. Credit Corp.
5,000,000 5.92%, due 08/16/95 . . . . . . . 4,962,178
------------
PRINTING & PUBLISHING (0.6%)
Donnelley (RR) & Sons Co.
4,750,000 5.95%, due 07/17/95 . . . . . . . 4,737,439
------------
TELECOMMUNICATIONS (2.4%)
AT&T Corp.
4,000,000 6.07%, due 07/17/95 . . . . . . . 3,989,209
6,050,000 5.74%, due 10/06/95 . . . . . . . 5,956,430
6,000,000 6.05%, due 10/16/95 . . . . . . . 5,892,108
1,000,000 5.75%, due 11/10/95 . . . . . . . 978,917
------------
16,816,664
------------
TRANSPORTATION (2.1%)
Norfolk & Southern Railway
5,000,000 5.85%, due 09/11/95 . . . . . . . 4,941,500
10,000,000 5.80%, due 09/27/95 . . . . . . . 9,858,222
------------
14,799,722
------------
RETAIL TRADE (0.8%)
Wal-Mart Stores Inc.
3,700,000 6.10%, due 07/03/95 . . . . . . . 3,698,746
2,000,000 5.85%, due 09/07/95 . . . . . . . 1,977,900
------------
5,676,646
------------
Total commercial paper
(cost $644,231,705). . . . . . . . 644,231,705
------------
U.S. GOVERNMENT & AGENCY SHORT-TERM (1.8%)
FNMA medium-term note
5,000,000 5.71%, due 06/10/96 . . . . . . . 4,998,442
U.S. Treasury Bills
4,000,000 5.265%, due 07/27/95 . . . . . . 3,984,205
4,000,000 5.35%, due 08/24/95 . . . . . . . 3,967,305
------------
Total U.S. Government & Agency
obligations (cost $12,949,952) . . 12,949,952
------------
Total investments
(cost $708,480,400) . . . . . . . . $708,480,400
============
<FN>
Cost also represents cost for Federal income tax purposes. Portfolio
holding percentages represent market value as a percent of net assets.
See accompanying notes to financial statements.
</TABLE>
<PAGE> 8
<TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST
Statements of Assets and Liabilities
June 30, 1995
(Unaudited)
<CAPTION>
Capital Appreciation Total Return
Assets Fund Fund
------ ---- ----
<S> <C> <C>
Investments in securities, at value
(cost $56,040,808 and $553,351,706,
respectively) $ 62,503,900 680,370,674
Cash 119,331 1,636
Accrued interest and dividends receivable 140,242 1,422,780
Receivable for investment securities sold 169,640 160
------------ -----------
Total assets 62,933,113 681,795,250
------------ -----------
Liabilities
-----------
Payable for investment securities purchased 184,691 387,000
Accrued management fees (note 2) 25,427 276,838
Other accrued expenses 3,432 18,894
------------ -----------
Total liabilities 213,550 682,732
------------ -----------
NET ASSETS $ 62,719,563 681,112,518
============ ===========
Represented by:
Capital shares, $1 par value outstanding 5,264,595 61,367,130
Capital paid in excess of par value 50,653,143 478,858,200
Net unrealized appreciation 6,463,092 127,018,968
Accumulated undistributed net
realized gain 320,564 13,574,727
Accumulated undistributed net
investment income 18,169 293,493
------------ -----------
NET ASSETS 62,719,563 681,112,518
============ ===========
Shares outstanding (unlimited number of
shares authorized) 5,264,595 61,367,130
============ ===========
Net asset, offering and redemption price per share $11.91 11.10
====== ======
<FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE> 9
<TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST
Statements of Assets and Liabilities
June 30, 1995
(Unaudited)
<CAPTION>
Government Bond Money Market
Assets Fund Fund
------ ---- ----
<S> <C> <C>
Investments in securities, at value
(cost $401,888,312 and $708,480,400,
respectively) $ 414,261,282 708,480,400
Accrued interest receivable 3,550,021 17,447
Receivable for fund shares sold - 736,489
Receivable for investment securities sold 45,076,177 38,320,000
----------- -----------
Total assets 462,887,480 747,554,336
----------- -----------
Liabilities
-----------
Payable for investment securities purchased 43,662,900 29,700,717
Payable for fund shares redeemed - 9,077,806
Accrued management fees (note 2) 172,589 276,808
Other accrued expenses 20,180 16,322
----------- -----------
Total liabilities 43,855,669 39,071,653
----------- -----------
NET ASSETS $419,031,811 708,482,683
=========== ===========
Represented by:
Capital shares, $1 par value outstanding 37,924,932 708,488,590
Capital paid in excess of par value 376,512,882 -
Net unrealized appreciation 12,372,970 -
Accumulated undistributed net
realized loss (7,931,514) (5,384)
Accumulated undistributed net
investment income 152,541 -
Accumulated distributions in excess
of net investment income - (523)
----------- -----------
NET ASSETS $419,031,811 708,482,683
=========== ===========
Shares outstanding (unlimited number of
shares authorized) 37,924,932 708,488,590
=========== ===========
Net asset, offering and redemption price per share $11.05 1.00
====== ====
<FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE> 10
<TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST
Statements of Operations
Six Months Ended June 30, 1995
(Unaudited)
<CAPTION>
Capital
Appreciation Total Return
Fund Fund
---- ----
<S> <C> <C>
INVESTMENT INCOME:
Income:
Interest $ 144,520 2,761,827
Dividends 576,718 8,058,482
--------- ----------
Total income 721,238 10,820,309
--------- ----------
Expenses (note 2):
Investment management fees 149,172 1,528,742
Custodian fees 6,963 7,451
Professional services 1,735 17,101
Trustees fees and expenses 22 630
Share registration fees 317 1,477
Other 3,734 14,030
--------- ----------
Total expenses 161,943 1,569,431
--------- ----------
Net investment income 559,295 9,250,878
--------- ----------
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS (note 3):
Net realized gain from security
transactions 542,217 13,574,727
Net change in unrealized
appreciation 4,606,359 68,913,881
--------- ----------
Net realized and unrealized
gain on investments 5,148,576 82,488,608
--------- ----------
Net increase in
net assets resulting
from operations $ 5,707,871 91,739,486
========== ==========
<FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE> 11
<TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST
Statements of Operations
Six Months Ended June 30, 1995
(Unaudited)
<CAPTION>
Government Bond Money Market
Fund Fund
---- ----
<S> <C> <C>
INVESTMENT INCOME:
Income:
Interest $ 14,280,952 21,623,178
----------- ----------
Expenses (note 2):
Investment management fees 1,007,515 1,748,623
Custodian fees 7,698 17,606
Professional services 11,802 21,914
Trustees fees and expenses 370 737
Share registration fees - 9,977
Other 11,182 10,675
----------- ----------
Total expenses 1,038,567 1,809,532
----------- ----------
Net investment income 13,242,385 19,813,646
----------- ----------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS (note 3):
Net realized gain (loss) from security
transactions
1,654,935 (5,384)
Net change in unrealized
appreciation or depreciation 30,478,536 -
----------- ----------
Net realized and unrealized
gain (loss) on investments 32,133,471 (5,384)
----------- ----------
Net increase in
net assets resulting
from operations $ 45,375,856 19,808,262
=========== ==========
<FN>
See accompanying notes to financial statememts.
</TABLE>
<PAGE> 12
<TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST
Statements of Changes In Net Assets
<CAPTION>
Capital Appreciation Fund
--------------------------------------
Six
Months Ended
June 30, 1995 Year Ended
(Unaudited) December 31, 1994
------------- -----------------
<S> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income $ 559,295 837,482
Net realized gain on investments 542,217 346,937
Net change in unrealized appreciation
or depreciation 4,606,359 (1,498,651)
------------- -------------
Net increase (decrease) in
net assets resulting from operations 5,707,871 (314,232)
------------- -------------
Dividends to shareholders from:
Net investment income (542,344) (837,482)
In excess of net investment income - (11,912)
------------- -------------
Net decrease in net assets from
distributions to shareholders (542,344) (849,394)
------------- -------------
Capital share transactions:
Net proceeds from sale of shares 10,520,763 30,484,929
Net asset value of shares issued to
shareholders from reinvestment
of dividends and distributions 889,817 501,921
Cost of shares redeemed (14,298,644) (8,306,890)
------------- -------------
Net increase (decrease) in net
assets derived from capital share
transactions (2,888,064) 22,679,860
------------- -------------
NET INCREASE IN NET ASSETS 2,277,463 21,516,234
NET ASSETS - BEGINNING OF PERIOD 60,442,100 38,925,866
------------- -------------
NET ASSETS - END OF PERIOD $ 62,719,563 60,442,100
============= =============
Undistributed net realized gain (loss)
on investments included in net
assets at end of period $ 320,564 (221,653)
============= =============
Undistributed net investment income
included in net assets at end of
period $ 18,169 1,218
============= =============
Shares sold 921,860 2,762,464
Shares issued to shareholders from
reinvestment of dividends and
distributions 78,259 46,200
Shares redeemed (1,268,516) (752,522)
------------- -------------
Net increase (decrease) in
number of shares (268,397) 2,056,142
============= =============
<FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE> 13
<TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST
Statements of Changes in Net Assets
<CAPTION>
Total Return Fund
----------------------------------
Six
Months Ended
June 30, 1995 Year Ended
(Unaudited) December 31, 1994
------------- -----------------
<S> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income $ 9,250,878 14,106,978
Net realized gain on investments 13,574,727 12,868,879
Net change in unrealized appreciation
or depreciation 68,913,881 (22,354,876)
----------- -----------
Net increase in net assets
resulting from operations 91,739,486 4,260,981
----------- -----------
Dividends to shareholders from:
Net investment income (8,981,966) (14,258,556)
Net realized gain from security
transactions - (12,868,879)
----------- -----------
Net decrease in net assets from
distributions to shareholders (8,981,966) (27,127,435)
----------- -----------
Capital share transactions:
Net proceeds from sale of shares 64,535,095 118,067,999
Net asset value of shares issued to
shareholders from reinvestment
of dividends and distributions 26,016,851 10,092,549
Cost of shares redeemed (27,017,896) (27,076,015)
----------- -----------
Net increase in net assets
derived from capital share
transactions 63,534,050 101,084,533
----------- -----------
NET INCREASE IN NET ASSETS 146,291,570 78,578,079
NET ASSETS - BEGINNING OF PERIOD 534,820,948 456,242,869
----------- -----------
NET ASSETS - END OF PERIOD $681,112,518 534,820,948
=========== ===========
Undistributed net realized gain on
investments included in net assets
at end of period $ 13,574,727 -
=========== ===========
Undistributed net investment income
included in net assets at end of
period $ 293,493 24,581
=========== ===========
Shares sold 6,221,718 11,644,751
Shares issued to shareholders from
reinvestment of dividends and
distributions 2,592,504 1,006,173
Shares redeemed (2,597,215) (2,679,189)
----------- -----------
Net increase in number
of shares 6,217,007 9,971,735
=========== ===========
<FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE> 14
NATIONWIDE SEPARATE ACCOUNT TRUST
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Government Bond Fund
--------------------
Six
Months Ended
June 30, 1995 Year Ended
(Unaudited) December 31, 1994
-------------- -----------------
<S> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income $ 13,242,385 25,873,023
Net realized gain (loss) on investments 1,654,935 (9,586,449)
Net change in unrealized appreciation
or depreciation 30,478,536 (30,390,066)
------------ ------------
Net increase (decrease) in net assets
resulting from operations 45,375,856 (14,103,492)
------------ ------------
Dividends to shareholders from
net investment income (13,108,385) (25,947,244)
------------ ------------
Capital share transactions:
Net proceeds from sale of shares 43,608,928 65,517,795
Net asset value of shares issued to
shareholders from reinvestment
of dividends and distributions 20,018,195 19,037,434
Cost of shares redeemed (68,115,704) (86,835,833)
------------ ------------
Net decrease in net
assets derived from capital
share transactions (4,488,581) (2,280,604)
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS 27,778,890 (42,331,340)
NET ASSETS - BEGINNING OF PERIOD 391,252,921 433,584,261
------------ ------------
NET ASSETS - END OF PERIOD $419,031,811 391,252,921
============ ============
Undistributed net realized loss
on investments included in net
assets at end of period $ (7,931,514) (9,586,449)
============ ============
Undistributed net investment income
included in net assets at end of
period $ 152,541 18,541
============ ============
Shares sold 4,079,607 6,207,952
Shares issued to shareholders from
reinvestment of dividends and
distributions 1,893,741 1,808,620
Shares redeemed (6,415,643) (8,140,889)
------------ ------------
Net decrease in
number of shares (442,295) (124,317)
============ ============
</TABLE>
See accompanying notes to financial statements.
<PAGE> 15
NATIONWIDE SEPARATE ACCOUNT TRUST
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Money Market Fund
-----------------
Six
Months Ended
June,30, 1995 Year Ended
(Unaudited) December 31, 1994
------------- -----------------
<S> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income $ 19,813,646 26,149,226
Net realized gain (loss) on investments (5,384) 1,195
------------ ------------
Net increase in net assets
resulting from operations 19,808,262 26,150,421
------------ ------------
Dividends to shareholders from:
Net investment income (19,814,267) (26,148,730)
In excess of net investment income (523) -
Net realized gain from security
transactions - (548)
------------ ------------
Net decrease in net assets from
distributions to shareholders (19,914,790) (26,149,278)
------------ ------------
Capital share transactions:
Net proceeds from sale of shares 379,097,877 1,245,852,351
Net asset value of shares issued to
shareholders from reinvestment
of dividends and distributions 23,771,725 22,191,860
Cost of shares redeemed (522,407,037) (791,816,873)
------------ ------------
Net increase (decrease) in net
assets derived from capital
share transactions (119,537,435) 476,227,338
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS (119,543,963) 476,228,481
NET ASSETS - BEGINNING OF PERIOD 828,026,646 351,798,165
------------ ------------
NET ASSETS - END OF PERIOD $708,482,683 828,026,646
============ ============
Undistributed net realized loss on
investments included in net assets
at end of period $ (5,384) -
============ ============
Undistributed net investment income
(distributions in excess of net
investment income) included in net
assets at end of period $ (523) 621
============ ============
Shares sold 379,097,877 1,245,852,351
Shares issued to shareholders from
reinvestment of dividends and
distributions 23,771,725 22,191,860
Shares redeemed (522,407,031) (791,816,873)
------------ ------------
Net increase (decrease) in number
of shares (119,537,435) 476,227,338
============ ============
</TABLE>
See accompanying notes to financial statements.
<PAGE> 16
NATIONWIDE SEPARATE ACCOUNT TRUST
Financial Highlights
Selected data for each share of capital stock
outstanding throughout each period
Capital Appreciation Fund
<TABLE>
<CAPTION>
Period from
Apr. 15, 1992
Six (commencement
Months Ended Years Ended of operations)
Jun. 30, 1995 December 31, through
(Unaudited) 1994 1993 Dec. 31, 1992
------------- ---- ---- -------------
<S> <C> <C> <C> <C>
NET ASSET VALUE -
BEGINNING OF PERIOD (Note 1) $10.92 11.20 10.46 10.00
Net investment Income .11 .18 .26 .10
Net realized gain (loss) and unrealized
appreciation (depreciation) on
investinents .99 (.28) .74 .48
----- ----- ----- -----
Total from investment operations 1.10 (.10) 1.00 .58
----- ----- ----- -----
Dividends from net investment income (.11) (.18) (.26) (.10)
Distributions from net realized gain - - - (.02)
from security transactions
----- ----- ----- -----
Total distributions (.11) (.18) (.26) (.12)
----- ----- ----- -----
Net increase (decrease) in net asset
value .99 (.28) .74 .46
NET ASSET VALUE -
END OF PERIOD $11.91 10.92 11.20 10.46
===== ===== ===== =====
Total return* 10.05% (.90%) 9.61% 10.92%
Ratio of expenses to average net assets* .54% .56% .59% .69%
Ratio of net investment income to
average net assets* 1.87% 1.76% 2.82% 1.95%
Portfolio turnover 9.3% 11.21% 16.9% 5.0%
Net assets, end of period (000) $62,720 60,442 38,926 18,800
* Ratios for partial years are annualized. Total return is not annualized.
See accompanying notes to financial statements.
</TABLE>
<PAGE> 17
NATIONWIDE SEPARATE ACCOUNT TRUST
Financial Highlights
Selected data for each share of capital stock
outstanding throughout each period
Total Return Fund
<TABLE>
<CAPTION>
Six Months
Ended Years Ended December 31,
June 30, 1995 --------------------------------------------------
(Unaudited) 1994 1993 1992 1991 1990
------------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE -
BEGINNING OF PERIOD $ 9.70 10.10 9.46 9.07 6.74 7.77
Net investment income .15 .21 .23 .25 .22 .31
Net realized gain (loss) and
unrealized appreciation
(depreciation) on investments 1.40 (.10) .79 .48 2.34 (.94)
---- ---- ---- ---- ---- ----
Total from investment operations 1.55 .11 1.02 .73 2.56 (.63)
---- ---- ---- ---- ---- ----
Dividends from net investment income (.15) (.28) (.24) (.25) (.23) (.28)
Distributions from net realized gain
from security transactions - (.23) (.14) (.09) - (.12)
---- ---- ---- ---- ---- ----
Total distributions (.15) (.51) (.38) (.34) (.23) (.40)
---- ---- ---- ---- ---- ----
Net increase (decrease) in
net asset value 1.40 (.40) .64 .39 2.33 (1.03)
NET ASSET VALUE -
END OF PERIOD $11.10 9.70 10.10 9.46 9.07 6.74
===== ==== ==== ==== ==== ====
Total return* 16.04% 1.07% 10.92% 8.18% 38.49% (8.03%)
Ratio of expenses to average
net assets* .51% .52% .53% .53% .53% .54%
Ratio of net investment income
to average net assets* 3.03% 2.76% 2.51% 2.69% 2.74% 4.31%
Portfolio turnover 5.5% 12.1% 9.8% 12.5% 14.5% 38.1%
Net assets, end of period (000) $681,113 534,821 456,243 334,917 250,701 162,661
<FN>
* Ratios for partial years are annualized. Total return is not annualized.
See accompanying notes to financial statements.
</TABLE>
<PAGE> 18
NATIONWIDE SEPARATE ACCOUNT TRUST
Financial Highlights
Selected data for each share of capital stock
outstanding throughout each period
Government Bond Fund
<TABLE>
<CAPTION>
Six Months
Ended Years Ended December 31,
June 30, 1995 --------------------------------------------
(Unaudited) 1994 1993 1992 1991 1990
------------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE -
BEGINNING OF PERIOD $10.20 11.26 10.92 11.24 10.40 10.31
Net investment income .35 .69 .71 .98 .86 .88
Net realized gain (loss) and unrealized
appreciation (depreciation) on
investments .85 (1.06) .32 (.14) .82 .06
--- ------ --- ----- --- ---
Total from investment operations 1.20 (.37) 1.03 .84 1.68 .94
---- ----- ---- --- ---- ---
Dividends from net investment income (.35) (.69) (.66) (.93) (.84) (.85)
Distributions from net realized gain
from investment transactions - - (O.3) (.23) - -
----- ----- ----- ----- ----- -----
Total distributions (.35) (.69) (.69) (1.16) (.84) (.85)
----- ----- ----- ----- ----- -----
Neu increase (decrease) in
net asset value .85 (1.06) .34 (.32) .84 .09
NET ASSET VALUE -
END OF PERIOD $11.05 10.20 11.26 10.92 11.24 10.40
===== ===== ===== ===== ===== =====
Total return* 11.88% (3.23)% 9.52% 7.87% 16.70% 9.49%
Ratio of expenses to average
net assets* .52% .51% .53% .53% .55% .55%
Ratio of net investment income
to average net assets* 6.57% 6.46% 5.91% 8.75% 8.07% 8.70%
Portfolio turnover 63.2% 111.4% 175.4% 73.8% 77.7% 127.8%
Net Assets, end of period (000) $419,032 391,253 433,584 301,841 198,769 113,399
<FN>
*Ratios for partical years are annualized. Total return is not annualized.
See accompanying notes to financial statements.
</TABLE>
<PAGE> 19
NATIONWIDE SEPARATE ACCOUNT TRUST
Financial Highlights
Selected data for each share of capital stock
outstanding throughout each period
Money Market Fund
<TABLE>
<CAPTION>
Six Months
Ended Years Ended December 31,
June 30, 1995 -------------------------------------------------
(Unaudited) 1994 1993 1992 1991 1990
-------------- ---- ---- ---- ----- ----
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE -
BEGINNING OF PERIOD $1.00 1.00 1.00 1.00 1.00 1.00
Net investment income .03 .04 .03 03 .06 .08
Dividends from net investment income (.03) (.04) (.03) (.03) (.06) (.08)
---- ---- ---- ---- ---- ----
Net increase in net asset value - - - - - -
NET ASSET VALUE -
END OF PERIOD $1.00 1.00 1.00 1.00 1.00 1.00
==== ==== ==== ==== ==== ====
Total return* 2.83% 3.88% 2.76% 3.40% 5.84% 8.03%
Ratio of expenses to average
net assets* .52% .54% .53% .53% .54% .55%
Ratio of net investment income
to average net assets* 5.67% 4.00% 2.72% 3.36% 5.65% 7.74%
Net Assets, end of period $708,483 828,027 351,798 330,011 363,502 330,586
</TABLE>
*Ratios for partial years are annualized. Total return is not annualized.
See accompanying notes to financial statements.
<PAGE> 20
NATIONWIDE SEPARATE ACCOUNT TRUST
Notes to Financial Statements
June 30, 1995
(Unaudited)
(1) Summary of Significant Accounting Policies
------------------------------------------
Nationwide Separate Account Trust (Trust) is a diversified, open-end
investment company registered under the Investment Company Act of
1940, as amended. The Trust offers shares only to life insurance
company separate accounts to fund the benefits under variable
insurance or annuity policies issued by life insurance companies.
The Trust was organized as a Massachusetts Trust effective June 30,
1981. To date, only separate accounts of Nationwide Life Insurance
Company and Nationwide Life and Annuity Insurance Company (formerly
Financial Horizons Life Insurance Company), which are affiliated
companies, have purchased shares.
On February 27, 1992, the Trust was amended to create the Capital
Appreciation Fund. On April 15, 1992, the Fund was capitalized
through the sale of capital stock to Nationwide Life Insurance
Company in the amount of $500,000. On May 1, 1992, the Fund became
effective and sales of shares commenced.
Security Valuation
------------------
(a) Capital Appreciation, Total Return and Government Bond Fund
-----------------------------------------------------------
Securities traded on a national securities exchange are valued at
closing prices. Listed securities for which no sale was reported
on the valuation date are valued at quoted bid prices. Short-term
notes and bank certificates of deposit are valued at amortized
cost, which approximates market.
The value of a repurchase agreement generally equals the purchase
price paid by the Fund (cost) plus the interest accrued to date.
The seller, under the repurchase agreement, is required to
maintain the market value of the underlying collateral at not
less than the value of the repurchase agreement. Securities
subject to repurchase agreements are held by the Federal
Reserve/Treasury book-entry system or by the Fund's custodian.
(b) Money Market Fund
-----------------
Securities are valued at amortized cost, which approximates market
value, in accordance with Rule 2a-7 of the Investment Company Act
of 1940.
(Continued)
<PAGE> 21
NATIONWIDE SEPARATE ACCOUNT TRUST
Notes to Financial Statements (unaudited), Continued
Federal Income Taxes
--------------------
The Trust's policy is to comply with the requirements of the
Internal Revenue Code that are applicable to regulated
investment companies and to distribute all its taxable income to
its shareholders. Therefore, no Federal income tax provision is
required. Each Fund of the Trust is treated as a separate
taxable entity.
Organization Expenses
---------------------
Initital organization expenses of the Capital Appreciation Fund have
been borne by Nationwide Financial Services, Inc., the Fund's
distributor.
Security Transactions and Investment Income
-------------------------------------------
Security transactions are recorded on the trade date. Dividend
income is recorded on an accrual basis; interest income is
accrued daily.
Dividends to Shareholders
-------------------------
(a) Capital Appreciation, Total Return and Government Bond Fund
------------------------------------------------------------
Dividends are recorded on the ex-dividend date.
(b) Money Market Fund
-----------------
Dividends are declared daily and paid monthly from the sum of
net investment income and net realized and unrealized
short-term gain or loss.
Income Equalization
-------------------
Prior to March 1, 1994, the Total Return Fund and Government Bond
Fund followed the accounting practice known as income
equalization by which a portion of the proceeds from sales and
costs of redemptions of capital shares, equivalent on a per
share basis to the amount of distributable investment income on
the date of the transaction, is credited or charged to
undistributed income.
<TABLE>
Effective March 1, 1994, income equalization for the Total Return
and Government Bond Funds was discontinued. As a result, the
Funds changed the classification of undistributed income to
reflect this accounting change. Accordingly, undistributed net
investment income, paid in surplus, and income equalization as
of February 28, 1994, were adjusted as follows:
<CAPTION>
Undistributed Net Paid In Income
Investment Income Surplus Equalization
----------------- ------- ------------
<S> <C> <C> <C>
Total Return Fund $(2,900,287) 3,045,612 (145,325)
Government Bond Fund (7,014,002) 6,888,605 125,397
</TABLE>
(Continued)
<PAGE> 22
NATIONWIDE SEPARATE ACCOUNT TRUST
Notes to Financial Statements (unaudited), Continued
(2) Transactions with Affiliates
----------------------------
As investment manager for the Trust, Nationwide Financial
Services, Inc. (NFS), an affiliated company, is allowed an
annual management fee of .5% based on the average daily net
assets; this fee would not be payable in full if the effect
of such payment would increase total expense (excluding
taxes other than payroll taxes and brokerage commissions on
portfolio transactions) to an amount exceeding 1% of
average daily net assets for any fiscal year. Such
limitations on total expenses did not affect management
fees during the period covered by the financial statements.
A subsidiary of NFS (Nationwide Investors Services, Inc.) acts
as Transfer and Dividend Disbursing Agent for the Trust.
(3) Investment Transactions
-----------------------
<TABLE>
Purchases and sales of securities (excluding short-term
securities) and U.S. government obligations for the six
months ended June 30, 1995 are summarized as follows:
<CAPTION>
Long-term Securities U.S. Government obligations
--------------------- ---------------------------
Purchases Sales Purchases Sales
---------- ------- ---------- ---------
<S> <C> <C> <C> <C>
Cap. Apprec. Fund $ 7,509,592 6,679,998 - 3,649,873
Total Return Fund 64,134,234 28,479,527 151,655,000 35,743,894
Govt. Bond Fund 10,547,129 - 236,251,379 254,167,050
Money Market Fund - - - -
========== ========== =========== ==========
</TABLE>
<TABLE>
Realized gains and losses have been computed on the
first-in, first-out basis. Included in net unrealized
appreciation at June 30, 1995 are the following components:
<CAPTION>
Net
unrealized
Unrealized Unrealized appreciation
gains losses (depreciation)
---------- ---------- -------------
<S> <C> <C> <C>
Capital Appreciation Fund $ 8,374,178 (1,911,086) 6,463,092
Total Return Fund 132,954,393 (5,935,425) 127,018,968
Government Bond Fund 13,896,179 (1,523,209) 12,372,970
=========== ========== ===========
</TABLE>
