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Previous: TELEVIDEO SYSTEMS INC, 10-Q, 1996-09-05 |
Next: FIDELITY CHARLES STREET TRUST, 485APOS, 1996-09-05 |
<PAGE> 1
NATIONWIDE SEPARATE ACCOUNT TRUST
SEMI-ANNUAL REPORT
JUNE 30, 1996
<PAGE> 2
NATIONWIDE SEPARATE ACCOUNT TRUST
SEMI-ANNUAL REPORT
JUNE 30, 1996
TABLE OF CONTENTS
Statements of Investments:
Small Company Fund........................................ 1
Capital Appreciation Fund.................................10
Total Return Fund.........................................12
Government Bond Fund......................................14
Money Market Fund.........................................16
Satements of Assets and Liabilities............................20
Statements of Operations.......................................22
Statements of Changes in Net Assets............................24
Financial Highlights...........................................29
Notes to Financial Statements..................................34
<PAGE> 3
<TABLE>
<CAPTION>
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
Shares Security Value
- --------------------------------------------------------------------------------
COMMON STOCK (92.2%)
AEROSPACE/DEFENSE (0.2%)
<S> <C> <C>
12,700 Atlas Converting Equipment ORD $146,539
1,400 Celsius Industrier* 18,356
1,400 Forsheda 30,277
---------
195,172
---------
AGRICULTURAL PRODUCTS (0.1%)
1,249 Delta & Pine Land Co. 52,770
---------
AUTO & AUTO PARTS (0.7%)
11,400 Clarcor Inc. 282,150
7,600 Donaldson Inc. 195,700
5,000 Meiwa Industry Co. 28,492
5,000 Trinity Holdings ORD 28,205
---------
534,547
---------
BANK/SAVINGS & LOAN (1.6%)
2,800 Banco Latinoamerican de Export
SA Class E 157,500
1,000 Bank of Iwate 57,804
1,700 Charter One Financial, Inc. 59,288
2,200 First Bank Systm Inc. 127,600
74,000 International Bank of Asia 47,800
20,000 Reliance Bancorp, Inc. 312,500
12,000 Texas Regal Bancshares Class A 300,000
10,400 Webster Financial Corp. 291,200
---------
1,353,692
---------
BUILDING MATERIALS (0.7%)
60,000 AMEC 91,375
29,170 Keller Group ORD 76,608
2,000 Komatsu Wall Industry Co. 47,775
2,400 Lindab 26,585
4,000 Max Co. 83,879
2,000 Nippon Filing Co. 30,269
4,000 P S Corp. 76,585
5,000 TOC 59,263
11,000 Unicem* 80,368
---------
572,707
---------
BUSINESS SERVICES (1.7%)
250 Assystem 29,138
3,000 Chodai Co.* 108,040
4,000 Dainippon Shigyo 31,364
3,000 Daiseki Co. 82,603
6,000 Health Management System Inc.* 190,500
2,000 Iberica DE Autopistas S.A. 33,772
6,000 Kanto Biomedical Laboratory 94,638
4,000 Meitec 90,809
1,000 Oyo Corp. 57,530
10,300 Physicians Resource Group Inc.* 343,762
1,200 Prosegur 42,118
121,000 Radius ORD 116,581
35,000 Ricardo Group 74,514
60,130 Shanks & McEwan Grp 113,065
---------
1,408,434
---------
CHEMICALS & FERTILIZER (1.4%)
27,170 Amberley Group 36,362
150 Andreae Noriz Zahn 50,358
3,000 Borsodchem GDR 57,926
11,000 Itoki Crebio Corp. 99,388
3,000 Kaigen 27,352
3,000 Lawter Intl. Inc. 37,500
24,000 Lilly Industries Inc 408,000
10,300 McWhorter Technologies, Inc.* 182,825
17,000 Nylex (Malaysia) 65,405
3,000 Osaka Organic Chemical 47,866
5,000 Teikoku Hormone 70,659
100 Tessenderlo Chemie 36,229
4,000 Tsurumi Soda Co. 26,477
6,200 United Drug 32,689
---------
1,179,036
---------
COMMERCIAL SERVICES (5.3%)
4,000 ABR Information Services, Inc.* 201,000
15,000 Accustaff Inc.* 408,750
6,000 Alternative Resources Corp.* 220,500
6,000 BT Office Products International Inc.* 107,250
3,600 CRA Managed Care, Inc.* 161,100
4,000 Career Horizons, Inc.* 140,000
4,000 Catalina Marketing Corp.* 366,000
11,000 Corestaff Inc.* 492,250
8,000 Danka Business Systems Plc ADR 234,000
3,000 Data Processing Resources Corp.* 82,875
4,100 DST Systems Inc. Del* 131,200
4,400 Fritz Companies, Inc.* 141,900
9,000 ICT Group, Inc.* 173,250
6,000 Lanvision Systems Inc.* 71,250
4,300 On Assignment, Inc.* 160,175
4,900 PIA Merchandising Services Inc.* 71,050
7,900 QuickResponse Services, Inc.* 227,125
6,000 Robert Half International, Inc.* 167,250
4,000 Romac International* 102,000
4,800 SITEL Corporation* 201,600
6,000 Solectron Corp.* 227,250
9,700 Viking Office Products, Inc.* 304,337
---------
4,392,112
---------
COMMUNICATIONS & MEDIA (4.2%)
70 Affichage Genuss 35,794
4,000 Aspect Telecommunications Corp.* 198,000
420 Bantex 27,140
2,000 Broadcasting System of Niigata 29,358
2,000 Cascade Communications Corp.* 136,000
7,900 Central European Media
Enterprises LTD* 197,500
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 1
<PAGE> 4
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
SHARES SECURITY VALUE
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMUNICATIONS & MEDIA (CONTINUED)
13,700 Chancellor Broadcasting Corp.
Class A* $ 428,125
2,000 Clear Channel Communications* 164,750
23,650 Harte-Hanks Communications Inc. 656,287
12,400 Heritage Media Corp. Class A* 494,450
7,000 Independent Newspaper 23,978
500 Integrated Systems Consulting Group* 9,750
15,000 InterVoice* 298,125
11,200 K-III Communications Inc.* 140,000
6,800 Nitto Electric Works 112,216
7,900 Paging Network Inc.* 189,600
2,500 Schibsted A/S 32,326
2,500 Teleport Communications Group* 47,812
3,000 Tonichi Cable Ltd 28,173
16,000 World Talk* 196,000
---------
3,445,384
---------
COMPUTER EQUIPMENT (2.1%)
5,600 Citrix Systems Inc.* 212,800
8,400 Cognex Corp.* 135,450
7,500 D H Technology Inc.* 180,000
11,600 National Instruments Corp.* 261,000
11,100 Platinum Technology* 167,888
9,400 Synopsys Inc.* 373,650
4,000 U.S. Robotics Corp.* 342,000
2,000 VideoServer Inc.* 78,000
---------
1,750,788
---------
COMPUTER SERVICE (1.3%)
1,700 Computer Horizons* 67,150
6,000 Decisionone Holdings* 142,500
14,700 Logica ORD 146,886
6,000 Reynolds & Reynolds Co. Class A 319,500
600 Sterling Commerce Inc.* 22,275
8,000 Sykes Enterprises* 394,000
---------
1,092,311
---------
COMPUTER SOFTWARE (2.7%)
7,000 CBT Group PLC ADR* 323,750
6,900 Cambridge Tech Partners Inc.* 210,450
5,000 Clarify Inc.* 247,500
3,600 Edify Corp.* 95,400
5,000 HNC Software Inc.* 231,250
5,000 Integrated Systems* 200,312
5,000 Mcafee Associates* 245,000
4,000 Pure Software Inc.* 136,000
4,000 Segue Software Inc.* 119,000
6,900 System Software Associates Inc. 117,300
7,000 Visio Corp.* 252,000
2,500 Workgroup Technology Corp.* 62,813
---------
2,240,775
---------
CONGLOMERATES (4.5%)
1,000 Aeon Credit Service $ 67,377
2,900 Alco Standard Corp. 131,225
1,100 Azkoyen 76,959
50 Bien-Haus 14,618
1,300 Blom 26,015
2,100 Blue Range Resources Corp. Class A* 15,147
15,000 Breakwater Resources* 26,361
6,000 Bridgestone Metalpha 85,885
4,540 Business Post PLC 30,972
4,000 CTI Enginneering 138,583
3,500 Cardo AB 73,583
1,000 Carli Gry* 32,735
200 Cewe Color Holdings 72,926
100 Chemische Werke Brockhues 57,158
52,000 Chen Hsong ORD 27,879
2,000 Co-Cos Nobuoka Co 31,546
2,000 Content Beheer 72,763
1,500 Corel Corp.* 15,378
2,200 DY 4 Systems Inc.* 16,110
20 Daetwyler Holding 35,634
193 Deceuninck 26,798
4,000 Econosto 65,382
1,400 Enator* 32,176
14,000 Esaote Biomedica* 50,184
1,400 Esselte AB 28,589
7,200 Frontec AB* 88,435
3,000 Fujix Ltd 27,078
3,000 Gewiss ORD 45,011
15,000 Giovanni Crespi 61,646
1,800 Groupe Zannier 40,210
1,000 H I S Co LTD 60,813
30,000 Haw Par Brothers 68,443
5,000 Hokuetsu Paper 42,168
1,200 Huhtamaki OY 40,035
4,000 IMA 28,181
216 Infogrames Entertainment* 42,000
4,000 Intec Inc. 64,915
3,000 International Forest Production* 26,362
2,000 Jeans Mate 87,162
1,875 Lukoil Holdings ADR 91,973
200 Manitou 22,533
5,950 Mayborn Group Plc ORD 26,352
3,000 Morito Co. 34,190
3,000 Nokian Tyres LTD. 43,910
2,050 OM Gruppen Sek5 56,229
105 Orell Fuessli Graph 82,215
35,000 Pentex-Schweizer Circuits LTD. 59,019
30,000 Perseverence Corp. 24,793
60 Phoenix Meccano 29,626
20,000 RCO Holdings 74,592
1,000 Riso Kagaku Corp. 80,232
1,000 Saes Getters Spa 27,985
12,000 Scandia Consult AB 88,616
36,000 Shaw Bros LTD. 41,858
</TABLE>
2 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 5
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
SHARES SECURITY VALUE
- --------------------------------------------------------------------------------
<S> <C> <C>
CONGLOMERATES (Continued)
4,000 Shoei Foods Corp. $ $ 27,534
7,000 Siddons Ramset 30,303
100 Siegfried AG 83,094
30 Sig Schw Sirx 70,949
60,000 Snia BDP 67,204
2,310 Sol Melia SA* 48,646
500 Synthelabo 42,249
60 Tecan* 69,990
3,000 Toyo Exterior Co LTD 70,021
1,500 Tri Link Resources* 18,399
800 Trio Information System* 22,184
4,000 Tsutsumi Jewelry Co. 193,287
300 Va Technologies Ag 36,743
16,000 Varitronix International 33,383
750 Vidrala 38,023
1,500 WM Data 94,945
4,000 Yokohama Maruuo 29,577
---------
3,735,096
---------
CONSUMER GOODS & SERVICE (4.0%)
5,000 Bush Industries 170,000
4,000 Chofu Seisakusho 99,561
4,600 Devry Inc.* 207,000
3,000 Enix Corp. 93,817
6,000 Fuji Denki Reiki 76,585
8,100 Garden Botanika Inc.* 178,200
11,500 Helen of Troy* 327,750
10,000 ITT Educational Services Inc.* 288,750
7,500 Mentor Corp. Minnesota 191,250
12,500 Outboard Marine 226,563
1,000 Sangetsu Co. 26,714
14,000 Sola International* 402,500
12,500 TCA Cable TV Inc. 378,125
1,500 Tribune Co. 108,937
5,000 USA Detergents Inc.* 199,375
12,500 Warnaco Group Class A 321,875
---------
3,297,002
---------
CONTAINERS (0.7%)
13,000 Alltrista Corp.* 308,750
9,800 Libbey Inc. 271,950
---------
580,700
---------
ELECTRICAL EQUIPMENT (0.2%)
9,550 Holophane Corp.* 150,412
---------
ELECTRONICS (5.3%)
20,000 Acma 58,382
1,800 Allgon AB 29,976
270 Batenburg Beheer 34,325
9,500 Black Box Corp. DE* 225,625
5,150 Chemring Grp Plc Ord 30,412
15,100 Continental Circuits Corp.* 177,425
300 Cubic Modulsystem Class B 26,853
20,700 Dallas Semiconductor Corp. 375,187
700 Eff Eff Fritz Fuss Gmbh & Co. 32,652
1,500 Elec. Reunida DE Zaragoza 40,948
400 Eriks Holdings 36,909
11,000 Fusion Systems Corp.* 272,250
2,000 Geomatec Co. 89,350
7,350 Glenayre Technologies Inc.* 367,500
2,000 Jastec 31,181
6,000 Jeol* 46,225
8,600 Kent Electronics* 268,750
17,900 Kewill Systems PLC 131,294
7,890 MMT Comptng PLC ord 55,543
5,000 Macro 4 ORD 36,907
6,200 Maxim Integrated Products Inc.* 169,337
45,520 Neotronics Technology ORD* 33,247
4,000 Nihon Dempa 94,820
20,700 Nu Horizons Electrs Corp.* 228,994
17,200 Pioneer Standard Electronics Inc. 227,900
230 Radiall 25,377
3,000 Ryoyo Electric 64,551
14,600 Sanderson Electronic PLC 35,848
4,500 Securitas AB 94,267
5,400 SCI Systems Inc.* 219,375
5,000 Seiwa Electric Manufacturing Co. 82,056
20,700 Servomex ORD 134,140
30,000 TT Group ORD 159,907
292,000 Techtronic 40,364
910 Twentsche Kabel Holdings 39,029
8,000 Uniphase Corporation* 284,000
31,200 Venture Manufacturing 57,475
---------
4,358,381
---------
ELECTRONICS-SEMICONDUCTOR (0.6%)
2,800 Checkpoint Systems Inc.* 96,250
8,000 Computer Products* 137,000
11,000 Sipex Corporation* 235,125
---------
468,375
---------
ENGINEERING AND CONSTRUCTION (0.3%)
10,200 Jacobs Engineering Group Inc.* 269,025
---------
ENVIRONMENTAL SERVICES (0.7%)
4,000 Sanifill Inc. 197,000
12,700 USA Waste Services Inc. 376,238
---------
573,238
---------
FINANCIAL SERVICES (5.7%)
7,300 Aames Financial Corp 261,888
1,000 Acom Co. LTD 39,113
12,500 Alexander & AlexanderServices Inc. 246,875
12,500 American Travelers Corp.* 287,500
4,000 Cap Volmac Group 78,505
5,000 Capital RE Corp. 183,750
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 3
<PAGE> 6
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
SHARES SECURITY VALUE
- --------------------------------------------------------------------------------
<S> <C> <C>
FINANCIAL SERVICES (CONTINUED)
5,850 Capmac Holdings $166,725
10,000 City National Corp. 157,500
25,000 D&N Financial Corp.* 350,000
15,000 Dime Bancorp* 195,000
9,000 Enhance Financial Services Group 252,000
15,000 Everest Reinsurance Holdings Inc. 388,125
8,000 First Financial Caribbean 164,000
8,800 Frontier Insurance Group 303,600
22,500 Hibernia Corp. Class A 244,688
7,000 Ichiyoshi Securities 45,249
8,540 London Forfaiting Co. 37,425
1,500 Medaphis Corp.* 59,625
6,500 PMT Services Inc.* 186,062
1,000 Promise 49,234
400 Shohkoh Fund 83,879
9,200 Titan Holdings 128,800
6,500 Transaction System Architects `A'* 435,500
3,800 United Companies Financial Corp. 129,200
17,500 Willis Corroon Group 207,812
---------
4,682,055
---------
FOOD & BEVERAGE (0.5%)
3,000 B-R 31 Ice Cream 34,190
4,000 Bush Boake Allen Inc* 87,000
2,000 Hokkaido Coca-Cola Bottling 27,900
250 Nordstern Lebensmittel 41,883
10,000 Robinson Co. 42,511
6,000 Soken Co. Ltd 31,126
9,000 Tokushima Bank 71,471
5,000 Yokohama Reito 66,100
---------
402,181
---------
FOREST PRODUCTS (0.3%)
641 Emin Leydier 56,654
11,300 Meyer International 66,729
10,000 Munksjo 78,368
10,000 Nippon Hi-Pack Co. 82,329
---------
284,080
---------
FURNISHINGS & APPLIANCES (0.5%)
7,500 Consolidated Products Co.* 121,875
5,300 Kimball Intl Inc ClB 146,413
7,000 Rival Co. 161,000
---------
429,288
---------
GOLDMINES (0.2%)
50,000 Black Hawk Mining* 21,232
24,000 Deelkral Gold Mines* 22,724
3,000 Free State Consolidated Gold Mines 28,231
2,500 Harmony Gold Mining* 23,901
8,000 Hartebeestfontein Gold Mining Co. 26,973
4,000 Hullas Del Coto Cortes 74,253
---------
197,314
---------
HEALTHCARE (7.9%)
10,600 Adac Labs 241,150
5,000 Aksys Limited* 76,250
6,600 American Oncology Resources Inc.* 143,550
10,000 Amerisource Health Corp. Class A* 332,500
7,500 Bio-Rad Labs Class A* 269,062
3,000 Biofermin Pharmac. 32,275
4,300 Biopsys Medical Inc.* 86,000
5,500 CYTYC Corp.* 142,313
10,000 Cohr Inc.* 237,500
5,000 Corvel Corp.* 178,750
5,000 Dura Pharmaceuticals Inc* 280,000
3,000 ESC Medical Systems Limited* 84,750
210 Ecco Travail Temporaire 16,725
3,000 Elan Corp. PLC ADR* 171,375
800 Elekta Class B 30,382
7,700 EmCare Holdings* 229,075
2,000 Fesil 22,782
4,000 Genesis Health Ventures Inc.* 125,500
8,100 Gilead Sciences Inc.* 204,525
3,000 Guidant Corporation 147,750
12,300 Heartport Inc.* 372,076
13,400 Incontrol Inc.* 157,450
18,200 Kinetic Concepts Inc 282,100
17,100 La Jolla Pharmaceutical Co.* 94,050
12,100 Ligand Pharmaceuticals Inc. Class B* 201,162
4,100 Lincare Holdings Inc* 160,925
10,000 Meridian Diagnostics Inc. 153,125
6,600 NCS Healthcare Inc. Class A* 199,650
20,000 Nacional De Drogas 59,765
1,100 Neurosearch* 42,198
8,000 Occusystems* 299,000
7,700 Orthodontic Centers of America* 204,050
2,000 Parexel Intrntl Corp* 96,500
7,400 Physician Reliance Network Inc.* 164,650
2,000 Physician Sales & Service Inc.* 48,500
1,700 Recordati 11,644
4,000 SRL 81,691
4,100 Thermotrex Corp.* 201,925
5,100 Total Renal Care* 215,475
810 Trex Medical* 15,289
5,000 United Dental Care Corp.* 211,250
12,500 VWR Scientific Products* 200,000
---------
6,524,689
---------
HOUSING (2.6%)
2,400 Alinco 33,698
10,200 Coachmen Industries Inc. 357,000
200 Dyckerhoff & Widmann 26,542
71,000 Heiton 113,437
6,000 Higashi Nihon House 105,031
400 Hollandsche Beton 76,630
300 IHC Caland 14,764
5,000 Japan Airport Terminal Co. 70,659
</TABLE>
4 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 7
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
SHARES SECURITY VALUE
- --------------------------------------------------------------------------------
<S> <C> <C>
HOUSING (CONTINUED)
10,000 Matsuo Bridge $ 68,562
21,130 McCarthy & Stone 29,881
8,000 Nippon Denwa Shisetsu 86,067
8,000 Nissei Build Kogyo 104,302
6,000 Nissei Industries 68,380
11,800 Oakwood Homes Corp. 243,375
1,600 Svedala Industri 30,262
3,000 Tanabe Industries 40,481
6,700 Texas Industries Inc 459,788
200 VBH Ver Baubes Handel 52,559
5,400 Watsco Inc. 113,400
9,850 Wilson (Connolly) 24,797
4,600 Wilson Bowden 31,453
---------
2,151,068
---------
INDUSTRIAL MFG & PROCESSING (0.3%)
6,500 Waters Inc.* 214,500
---------
INDUSTRIAL MISC. (3.2%)
4,000 Allied Products Corp DE 113,500
11,400 Apogee Enterprises 390,450
32,000 ASM Pacific Technology 25,218
9,400 BMC Industries Inc. Minnesota 270,250
11,900 Brady WH Co. 264,775
22,000 Carraro SPA 115,385
24,700 Dawson Production Services Inc.* 284,050
810 Ecia 111,399
3,000 Material Sciences* 51,750
9,000 Pentair Inc. 270,000
19,600 Sealright Co. Inc. 213,150
1,485 Semperit AG Holdings 66,540
800 Sylea 88,889
1,000 Tenryu Saw Mfg. Co. 25,255
13,090 Varlen Corp. 274,890
---------
2,565,501
---------
INSURANCE (0.5%)
9,000 E.W. Blanch Holdings Co. 178,875
22,000 Heath (C.E.) PLC 36,239
9,000 Integon Corp. 181,125
12,190 Lloyds Thomson 33,719
---------
429,958
---------
LEISURE/ENTERTAINMENT (1.9%)
29,100 Casino Data System* 440,137
13,000 First Capital Corp. 32,238
8,000 HFS Inc.* 560,000
80,650 Kunick 34,466
6,000 Platinmun Entertainment Inc.* 93,000
7,000 Regal Cinemas Inc.* 320,250
7,000 Shingakukai Co. Ltd 70,203
110,000 Yue Yuen Industrial Holdings Co. 31,264
---------
1,581,558
---------
LEISURE PRODUCTS (0.4%)
4,000 Harley-Davidson Inc. 164,500
200 Wayss Und Freytag 43,361
2,000 West Marine Inc.* 143,000
---------
350,861
---------
LODGING (1.4%)
5,600 Doubletree Corp.* 198,800
2,000 Marcus Corp. 50,250
9,200 Prime Hospitality Cp* 151,800
2,300 Promus Hotel Corporation* 68,137
5,400 Renaissance Hotel Group NV* 116,100
3,500 Studio Plus Hotels Inc.* 115,500
7,500 Sun International Hotels LTD.* 363,750
5,700 Wyndham Hotel Corp.* 118,988
---------
1,183,325
---------
MACHINERY & CAPITAL GOODS (3.6%)
16,760 Abbeycrest PLC 35,161
12,100 Alamo Group Inc. 220,825
6,000 Ashia Diamond Industrial 78,226
43,850 Bardon Group 25,635
6,090 Carclo Engineering Group ORD 27,445
400 DMW Corporation 28,446
5,000 Danto Corp. 67,468
3,000 Denkyosha Co. 30,087
3,800 Dionex Corp.* 122,550
100 Duerr Beteiligungs 37,974
410 Fives-Lille (Compagnie DE) 45,715
27,500 Futuris Corporation 31,602
2,000 Glory 66,192
12,750 Graco Inc. 258,187
25,000 Herald Resources 32,074
550 Hoek's Machine 39,955
7,000 IDEX Corp. 266,000
3,400 Kaydon Corp. 146,200
3,000 Koito Industries 36,925
1,500 Konecranes International* 36,484
7,500 Lincoln Electric Co. Class A 226,875
74,000 Mayflower Corp. ORD 121,321
2,000 Nihon Decoluxe 31,911
3,000 Nikko Co. 29,814
4,000 Nippon Cable System 41,210
3,000 Odawara Engineering 45,131
2,000 Oiles Corp. 90,261
400 Reesink 35,151
2,000 Ricoh Elemex 30,999
4,000 Sodick* 47,775
4,000 Toa Medical Electronics 98,832
4,000 Uehara Sei Shoji 27,972
150 Vossloh 52,625
11,700 Wolverine Tube Co.* 409,500
---------
2,922,528
---------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 5
<PAGE> 8
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
SHARES SECURITY VALUE
- --------------------------------------------------------------------------------
<S> <C> <C>
MANUFACTURING-SHOES & APPAREL (0.5%)
2,500 Gucci Group NV $161,250
1,000 Mossimo* 39,875
7,000 Nautica Enterprises* 201,250
---------
402,375
---------
MATERIALS & PROCESSING (2.1%)
15,000 CFC International Inc.* 243,750
7,500 Cambrex Corp. 383,438
5,000 Culligan Water* 190,000
15,000 International Specialty Products* 165,000
3,500 Mineral Technologies Inc. 119,875
30,000 Rexene Inc. 296,250
17,500 Strategic Distribution Inc.* 137,812
12,500 Uniroyal Chemical Corp.* 185,938
---------
1,722,063
---------
METAL PRODUCT & FABRICATION (0.5%)
30,000 Croesus Mining 21,724
9,900 Falck Acciaierie Ferriere Lomb 37,070
5,000 Miller Industries Inc.* 143,125
6,000 NN Ball & Roller Inc 124,500
3,000 Osaka Steel 47,045
---------
373,464
---------
MISCELLANEOUS (0.5%)
7,300 America Homestar Corp.* 189,800
14,500 York Group 250,125
---------
439,925
---------
NONFERROUS METALS (0.3%)
5,400 Alumax, Inc.* 164,025
6,000 Commonwealth Alum Corp. 93,750
---------
257,775
---------
OIL & GAS/ENERGY (5.0%)
1,300 Barrett Resources Corp.* 38,675
9,900 Brown (Tom) Inc.* 169,538
20,600 Cairn Energy USA Inc* 296,125
7,000 Caltex Australia 28,099
6,800 Chieftain International Inc.* 137,700
14,300 Dreco Energy Service LTD. Class A* 393,250
14,500 Global Industries* 431,375
10,000 Input/Output Inc.* 323,750
11,000 Marine Drilling Cos Inc.* 111,375
4,400 Mosenergo ADR 117,480
33,300 Nabors Industries Inc.* 541,125
21,500 Oceaneering International Inc.* 325,187
13,000 Offshore Logistics I* 180,375
7,800 Petroleum Geo Services ADR* 221,325
30,000 Ranger Oil Ltd. 221,250
6,600 Smith Internatnl Inc* 198,825
6,300 TPC Corp.* 45,675
21,700 Texas Meridian Resources Corp.* 195,300
15,000 Tuboscope Vetco Intnl. Corp.* 166,875
---------
4,143,304
---------
OIL & GAS: EQUIPMENT & SERVICES (1.2%)
17,500 Flores & Rucks Inc.* 603,750
25,700 Pride Petroleum Services Inc.* 366,225
---------
969,975
---------
OIL & GAS EXPLORATION/PRODUCTION (0.2%)
1,400 Chesapeke Energy Corporation* 125,825
---------
PRODUCER DURABLES (1.8%)
6,500 Albany International 147,062
15,000 Applied Extrusion TE* 191,250
8,000 Huntco Inc. Class A 148,000
17,500 Powell Industry Inc.* 203,437
17,500 Rohr Inc.* 365,313
7,500 Special Devices Inc.* 120,000
17,500 Titan Wheel 280,000
---------
1,455,062
---------
PUBLISHING (0.5%)
3,700 Central Newspapers Inc. 138,750
1,500 McClatchy Newspaper Class A 41,438
3,900 Pulitzer Publishg Co 231,075
---------
411,263
---------
REAL ESTATE (0.4%)
7,000 Cesar Co. 69,565
100,000 Grand Hotel Holdings Class A 39,403
9,600 NHP Inc.* 198,000
---------
306,968
---------
RESTAURANTS (0.6%)
6,000 Rainforest Cafe Inc.* 300,000
7,300 Planet Hollywood
International Inc. Class A* 197,100
---------
497,100
---------
RETAIL STORES (3.8%)
8,500 Borders Group Inc.* 274,125
4,000 Chiyoda Co. 93,726
6,000 Consolidated Stores Corp.* 220,500
8,000 Corporate Express* 320,000
6,500 Cost Plus Inc.* 180,375
2,000 Daiichi Corp. 57,986
1,000 Dennys Japan 35,466
40,000 Dickson Concept Int. 51,160
7,800 Dollar Tree Stores* 247,650
230 Fust (Dipling AG) 67,074
6,000 Gadzooks Inc.* 193,500
4,200 Garden Ridge Corp.* 212,100
4,000 Just For Feet Inc.* 211,500
1,500 Kohls Corporation* 54,938
</TABLE>
6 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 9
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
SHARES SECURITY VALUE
- --------------------------------------------------------------------------------
<S> <C> <C>
RETAIL STORES (CONTINUED)
6,000 Matsuyadenki $ 87,526
22,000 Metrojaya Berhad 67,009
3,150 Monro Muffler Brake Inc.* 57,881
8,200 Payless Shoesource* 260,350
5,600 Petsmart Inc.* 267,400
13,000 Schultz Sav O Stores 162,500
---------
3,122,766
---------
RETAILING & DISTRIBUTORS (0.4%)
10,100 Richfood Holdings Inc 328,250
---------
TECHNOLOGY (3.4%)
9,400 Auspex Systems Inc.* 141,000
8,000 Gensym* 176,000
20,400 I Z Technology* 872,100
10,000 Picturetel Corporation* 393,750
21,900 Planning SCI International ADR* 492,750
3,000 Safeguard Scientifics Inc.* 234,000
7,500 Thiokol Corp. Del 296,250
15,000 Xircom Inc.* 221,250
---------
2,827,100
---------
TELECOMMUNICATIONS (0.8%)
2,000 Airphone Co. 50,327
10,500 McLeod Inc.* 252,000
1,600 Premiere Technologies Inc.* 50,400
10,000 Saipem 42,076
33,000 Sistem Televisyen 67,450
4,600 U.S. Long Distance* 163,300
---------
625,553
---------
TELECOMMUNCIATION EQUIPMENT (0.1%)
2,700 Coherent Communication Systems* 57,375
---------
TEXTILE/APPAREL (1.0%)
4,000 Aoki International 85,703
420 Bazar DE LHotel DE Ville 44,545
2,000 Charle Co. 30,634
4,000 Designer Holdings* 106,500
390 Devanlay SA 46,212
100 Etienne Aigner 53,873
10,000 Gunze 62,636
20,520 Hicking Pentecost Plc ORD 110,971
4,000 Isamu Paint Co. Ltd 29,540
6,550 Pagnossin 36,960
3,000 Sotoh 34,190
3,200 St. John Knits Inc. 142,800
4,000 Tokyo Style 69,656
---------
854,220
---------
TRANSPORTATION (0.8%)
500 Asko-A 22,601
15,000 Avondale Industry Inc.* 270,000
3,000 FCC Co. LTD 111,322
TRANSPORTATION (CONTINUED)
5,000 Isewan Terminal Services $ 36,469
200 Leonische Draht 67,670
4,800 Midwest Express Holding Inc.* 154,200
4,000 Tokyo Kisen 31,692
---------
693,954
---------
WHOLESALE & INTERNATIONAL TRADE (1.0%)
72,000 Alexon Group ORD* 163,357
500 Bioblock Scientific 32,051
250 But SA 17,094
2,000 Circle K Japan Co 103,573
5,000 Dahl* 71,963
3,000 Fast Retailing Co. 125,545
32,500 Headlam Group ORD 145,455
4,000 Inaba Denkisangyo 100,290
5,200 Joyfull Co. 96,716
----------
856,044
----------
TOTAL COMMON STOCK 76,039,224
----------
(cost $69,133,291)
PREFERRED STOCK (0.4%)
CHEMICALS & FERTILIZER (0.1%)
450 Jungheinrich 79,824
---------
CONGLOMERATE (0.1%)
600 Gerry Weber AG 31,338
250 WMF (Wuertt Metallw) 45,168
---------
76,506
---------
CONSTRUCTION & HOUSING (0.1%)
250 Hans Einhell NV 36,956
100 Sto Vorz 49,931
86,887
---------
FOOD & HOUSEHOLD PRODUCTS (0.1%)
1,500 Berentzen Group 62,085
---------
TOTAL PREFERRED STOCK 305,302
---------
(cost $307,960)
RIGHTS (0.1%)
100 Tessenderlo Chemie Rights 3,658
3,000 Haw Par Brothers Rights 1,158
---------
TOTAL RIGHTS 4,816
---------
(cost $5,191)
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 7
<PAGE> 10
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------------
<S> <C> <C>
SHORT-TERM DEBT (2.8%)
$ 2,275,000 Marsh & Mclennan Co.
5.52%, due 07//01/96 $2,275,000
(cost $2,275,000) ----------
U.S. GOVERNMENT OBLIGATIONS (1.4%)
1,180,000 U.S. Treasury Bills
5.05% through 5.11%,
due 9/19/96 1,166,653
(cost $1,166,653) ----------
REPURCHASE AGREEMENTS (4.2%)
3,244,000 Fifth Third Bank
5.20%, 07/01/96, collateralized by
$3,194,000 GNMA 8.50%,
due 05/15/10 market 3,244,000
value - $3,309,781
249,000 State Street Bank
5.10%, 07/01/96, collateralized
by $250,000 U.S. Treasury Note
6.0%, due 08/31/97, market
value - $254,687 249,000
----------
TOTAL REPURCHASE AGREEMENTS 3,493,000
(cost $3,493,000) ----------
Total investments $ 83,283,995
(cost $76,381,095) ============
</TABLE>
8 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 11
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1996 (UNAUDITED) CONTINUED
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FORWARD CURRENCY CONTRACTS
Currency Cost Value (Depreciation) Date
- -------- ---- ----- -------------- ----
<S> <C> <C> <C> <C>
Currency sold:
United States Dollars $ 11,829 $ 11,879 $ (50) 7/2/96
------ -----
Total currency sold: $ 11,879 $ (50)
====== =====
Currency purchased:
German Marks 22,177 $ 22,161 $ (16) 7/2/96
Italian Lira 63,843 63,720 (123) 7/1/96
Japanese Yen 180,649 180,185 (464) 7/1/96
------- -----
Total currency purchased $ 266,066 $(603)
======= =====
Net Payable for foreign currency contracts purchased and sold $(653)
=====
</TABLE>
SUMMARY OF INVESTMENTS BY CURRENCY
<TABLE>
<CAPTION>
% OF PORTFOLIO % OF PORTFOLIO
<S> <C> <C> <C>
United States Dollars 82.4% Malaysian Ringgit 0.2%
Japanese Yen 8.1% Australian Dollars 0.2%
British Pounds 3.0% Irish Punts 0.2%
German Marks 1.1% Canadian Dollars 0.2%
Swedish Krona 1.1% Danish Krone 0.2%
Italian Lira 0.8% Finnish Marks 0.2%
French Francs 0.8% South African Rand 0.1%
Netherland Guilders 0.6% Austrian Schillings 0.1%
Swiss Francs 0.6% Norwegian Krone 0.1%
Spanish Pesetas 0.4% Belegian Francs 0.1%
Hong Kong Dollars 0.4% Mexican Pesos 0.1%
Singapore Dollars 0.4% New Zealand Dollars 0.1%
<FN>
- -------------------------
*Denotes a non-income producing security.
Securities denominated in foreign currencies are shown at their U.S. dollar cost
and value.
Cost for Federal income tax purposes: $76,515,667
The abbreviation in the above statement stands for the following:
FNMA Federal National Mortgage Association
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 9
<PAGE> 12
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY VALUE
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COMMON STOCKS (100.9%)
AUTO & AUTO PARTS (3.7%)
<S> <C> <C>
47,200 Chrysler Corp. $2,926,400
43,500 Ford Motor Company 1,408,313
----------
4,334,713
----------
BANKS (1.4%)
5,000 Bank of NY Co., Inc. 256,250
28,800 Charter One Financial, Inc. 1,004,400
10,000 St. Jude Medical 335,000
----------
1,595,650
----------
BROADCASTING (.4%)
4,125 Tel Com-Lib Med Gp A 109,312
19,800 Tele-Communications Inc., Class A* 358,875
----------
468,187
----------
BUILDING (4.8%)
98,800 Masco Corp. 2,988,700
44,200 Vulcan Materials Co. 2,624,375
----------
5,613,075
----------
CHEMICALS (10.6%)
63,600 Georgia Gulf Corp. 1,860,300
59,500 IMC Global, Inc. 2,238,688
3,500 Millipore Corp 146,562
62,100 Morton International, Inc. 2,313,225
71,600 OM Group, Inc. 2,810,300
43,610 Raychem Corp. 3,134,469
----------
12,503,544
----------
COMPUTER EQUIPMENT (4.6%)
54,300 International Business Machines 5,375,700
----------
CONGLOMERATES (2.9%)
88,600 Corning Inc. 3,400,025
----------
DRUGS (16.4%)
127,200 Allergan Inc. 4,992,600
19,400 American Home Products 1,166,425
20,000 Pfizer, Inc. 1,427,500
86,200 Schering-Plough Corp. 5,409,050
113,800 Warner-Lambert Co. 6,259,000
----------
19,254,575
----------
ELECTRICAL EQUIPMENT (1.7%)
51,300 Black & Decker Corp. 1,981,463
----------
ELECTRONICS (3.0%)
87,800 AMP, Inc. 3,522,975
----------
ENTERTAINMENT (2.2%)
42,177 Disney, Walt Co. 2,651,879
----------
FINANCIAL (13.5%)
18,000 Barnett Banks, Inc. 1,098,000
49,600 Chubb Corp. 2,473,800
7,300 CoreStates Financial Corp. 281,050
173,200 Horace Mann Educators Corp. 5,499,100
55,100 Mellon Bank Corp. 3,140,700
92,834 U S Bancorp 3,353,628
----------
15,846,278
----------
FOOD & BEVERAGES (13.6%)
20,400 Anheuser-Busch Companies, Inc. 1,530,000
210,000 Morningstar Group 2,336,250
147,600 PepsiCo, Inc. 5,221,350
6,800 Philip Morris Companies, Inc. 707,200
108,333 Ralcorp Holdings Inc.* 2,234,368
60,400 Ralston-Ralston Purina Group 3,873,150
----------
15,902,318
----------
FOREST PRODUCTS (0.7%)
24,600 Bowater Inc. 925,575
----------
FURNITURE/HOME APPLIANCE (1.1%)
61,500 Singer Co. N.V. The 1,245,375
----------
HOUSEHOLD PRODUCTS (2.6%)
55,400 Avon Products, Inc. 2,499,925
8,400 Gillette Company (The) 523,950
----------
3,023,875
----------
MACHINERY (.6%)
33,800 Johnstown America Industries, Inc.* 109,850
2,800 PACCAR, Inc. 137,200
15,000 Trinity Industries, Inc. 510,000
----------
757,050
----------
OIL & GAS (6.1%)
44,400 Texaco, Inc. 3,724,050
103,100 Unocal Corp. 3,479,625
----------
7,203,675
----------
PRINTING & PUBLISHING (4.7%)
77,200 American Greetings Corp., Class A 2,113,350
4,600 Gannett Company, Inc. 325,450
27,100 Tribune Co. 1,968,137
3,400 Washington Post Co. (The), Class B 1,101,600
----------
5,508,537
----------
RETAIL (1.8%)
84,300 Wal-Mart Stores Inc. 2,139,112
----------
TELECOMMUNICATIONS (2.2%)
12,000 Airtouch Communications 339,000
87,800 MCI Communications Corp. 2,249,875
----------
2,588,875
----------
</TABLE>
10 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 13
CAPITAL APPRECIATION FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
- -------------------------------------------------------------
SHARES SECURITY VALUE
- -------------------------------------------------------------
<S> <C> <C>
TOYS (2.3%)
93,435 Mattel, Inc. $ 2,674,577
----------
TOTAL COMMON STOCKS 118,517,033
(cost $97,973,914) =============
<CAPTION>
- -------------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -------------------------------------------------------------
<S> <C> <C>
CONVERTIBLE BONDS (.5%)
$1,029,000 Consorcio G. Grupo Dina,
8.00%, 2004 569,809
(cost $953,931) ----------
TOTAL INVESTMENTS $119,086,842
cost $98,927,845) ============
<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>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 11
<PAGE> 14
TOTAL RETURN FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
SHARES SECURITY VALUE
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COMMON STOCKS (91.5%)
AEROSPACE/DEFENSE (1.0%)
<S> <C> <C>
110,000 The Boeing Company $ 9,583,750
-----------
AUTOMOBILES (3.2%)
266,400 Magna International 12,254,400
402,800 Genuine Parts Co. 18,409,800
-----------
30,664,200
-----------
BUSINESS SERVICES (0.7%)
236,250 (The) Olsten Corp. 6,939,844
-----------
CABLE (1.0%)
500,000 Comcast Corp. Cl. A 9,250,000
-----------
CHEMICALS (5.3%)
110,000 Air Products & Chemicals 6,352,500
400,500 Crompton & Knowles 6,708,375
236,200 Dupont (E.I.) DeNemours & Co. 18,689,325
100,000 Eastman Chemical Co. 6,087,500
268,400 Lawter International, Inc. 3,355,000
296,000 Monsanto Co. 9,620,000
-----------
50,812,700
-----------
COMPUTER EQUIPMENT (3.6%)
100,000 Hewlett-Packard Co. 9,962,500
250,000 International Business Machines 24,750,000
-----------
34,712,500
-----------
CONGLOMERATE (7.4%)
200,000 EG&G, Inc. 4,275,000
311,000 Eastman Kodak Co. 24,180,250
305,300 Honeywell, Inc. 16,638,850
444,200 Philips Electronics N.V. 14,492,025
200,000 Rockwell International Corp. 11,450,000
-----------
71,036,125
-----------
CONSUMER GOODS (1.0%)
153,900 Premark International, Inc. 2,847,150
153,900 Tupperware Corp. 6,502,275
-----------
9,349,425
-----------
DRUGS (8.1%)
400,000 Allergan Inc. 15,700,000
90,000 Bristol-Meyers 8,100,000
400,000 Glaxo Wellcome Plc ADR 10,700,000
80,000 Schering-Plough Corp. 5,020,000
700,000 Warner-Lambert Co. 38,500,000
-----------
78,020,000
-----------
ELECTRONICS (3.8%)
127,300 AMP, Inc. 5,107,913
380,000 Intel Corp. 27,906,250
133,800 Richardson Electronic Ltd. 1,271,100
ELECTRONICS (CONTINUED)
177,000 Woodhead Industries, Inc. 2,079,750
-----------
36,365,013
-----------
FINANCIAL (15.3%)
600,000 Allstate Corp. 27,375,000
130,000 Bankers Trust NY 9,603,750
607,752 Bear Stearns Company, Inc. 14,358,141
325,000 Chubb Corp. 16,209,375
1,478,100 Equitable Companies 36,767,737
61,500 Mellon Bank Corp. 3,505,500
350,000 Merrill Lynch & Co., Inc. 22,793,750
140,000 Morgan J.P. & Co., Inc. 11,847,500
100,000 Morgan Stanley Group Inc. 4,912,500
-----------
147,373,253
-----------
FOOD & BEVERAGES (6.7%)
2,000,000 Grand Metropolitan Plc 13,269,400
176,700 Grand Metropolitan ADR 4,726,725
283,500 Heinz (H.J.) Co. 8,611,312
100,100 International Flavor 4,767,263
303,000 Ralston-Ralston Purina 19,429,875
335,000 Seagram Co. Ltd. 11,264,375
54,100 Universal Foods Corp. 1,994,937
-----------
64,063,887
-----------
FOOD - GRAIN & AGRICULTURE (1.7%)
849,509 Archer-Daniels Midland Co. 16,246,860
-----------
HEALTHCARE SERVICES (2.5%)
455,600 Columbia/HCA Health 24,317,650
-----------
MACHINERY & CAPITAL GOODS (1.5%)
155,000 Cooper Industries, Inc. 6,432,500
60,000 Emerson Electric Co. 5,422,500
50,000 Nordson Corporation 2,825,000
-----------
14,680,000
-----------
OIL & GAS (11.9%)
180,000 Amoco Corporation 13,027,500
130,000 Exxon Corporation 11,293,750
308,900 Mobil Corp. 34,635,412
110,000 Royal Dutch Petroleum Co. 16,912,500
225,000 Texaco, Inc. 18,871,875
400,000 The Williams Companies, Inc. 19,800,000
-----------
114,541,037
-----------
PAPER & FOREST PRODUCTS (0.1%)
62,400 Glatfelter (P.H.) Company 1,146,600
-----------
POLLUTION CONTROL (1.2%)
350,000 WMX Technologies, Inc. 11,462,500
-----------
</TABLE>
12 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 15
TOTAL RETURN FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1996 (UNAUDITED) CONTINUED
- --------------------------------------------------------------------------------
SHARES SECURITY VALUE
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINTING & PUBLISHING (1.9%)
<S> <C> <C>
153,200 Dun & Bradstreet Corp. $ 9,575,000
217,600 Reader's Digest Assoc., Inc., ClassB 8,568,000
------------
18,143,000
------------
RETAIL (0.5%)
149,000 Supervalu Inc. 4,693,500
------------
TELECOMMUNICATIONS (11.7%)
440,800 360 Communications Co.* 10,579,200
614,300 AT&T Co. 38,086,600
840,000 MCI Communications Corp. 21,525,000
1,004,300 Sprint Corporation 42,180,600
------------
112,371,400
------------
TRANSPORTATION (1.4%)
193,000 Union Pacific Corp. 13,485,875
------------
TOTAL COMMON STOCKS 879,259,119
(cost $668,741,918) ------------
U.S. GOVERNMENT AGENCY (7.0%)
21,680,000 Federal Home Loan Mortage Corp.,
Discount Notes, 5.31% through
5.14%, due 7/08/96 through
10/22/96 21,467,764
46,760,000 Federal National Mortgage
Association, Discount Notes,
5.23% through 4.90%,
due 7/12/96 through 11/27/96 46,106,285
------------
TOTAL U.S. GOVERNMENT AGENCY 67,574,049
(cost $67,574,049) ------------
U.S. TREASURY BILLS (1.5%)
14,675,000 5.31% through 4.85%,
due 11/14/96 through 3/06/97
(cost $14,253,850) 14,253,850
-----------
REPURCHASE AGREEMENT (0.1%)
786,315 MBS Tri Party Repo
5.23%, due 07/01/96,
Collateralized by $905,000 GNMA
M008663AR 7.0%, market value-
$805,014 786,315
(cost $786,315) -----------
Total investments $961,873,333
(cost $751,356,132) ============
<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>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 13
<PAGE> 16
GOVERNMENT BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------
PRINCIPAL SECURITY VALUE
- --------------------------------------------------------------------------------------------------------
<S> <C> <C>
MORTGAGE BACKED SECURITIES (35.7%)
FEDERAL HOME LOAN MORTGAGE CORP., REMIC,
$ 13,000,000 Series 1344-D, 6.00%, due 08/15/07 $ 11,824,657
20,000,000 Series 1415-N, 6.75%, due 11/15/07 19,338,780
9,454,271 Series 31-E, 7.55%, due 05/15/20 9,288,528
10,000,000 Series 94-E, 8.95%, due 11/15/20 10,177,590
10,000,000 Series 1102-H, 8.875%, due 06/15/21 10,594,990
19,845,318 Series 1143-Z, 7.50%, due 10/15/21 18,833,981
3,377,327 Series 190-D, 9.20%, due 10/15/21 3,519,476
FEDERAL NATIONAL MORTGAGE ASSOCIATION DEBENTURES, REMIC,
5,526,837 Series 68-E, 8.35%, due 10/25/03 5,570,714
8,815,922 Series 94-100-M, 5.50%, due 09/25/09 8,576,120
5,000,000 Series 34-E, 9.85%, due 08/25/14 5,189,245
2,240,569 Series 88-25-B, 9.25%, due 10/25/18 2,328,934
14,000,000 Series 16-D, 9.00%, due 03/25/20 14,631,106
6,873,758 Series 67-Z, 9.00%, due 06/25/20 7,200,186
4,099,975 Series 73-A, 8.00%, due 07/25/21 4,179,593
8,479,227 Series 81-Z, 8.50%, due 04/25/22 8,792,866
17,000,000 Series 203-PJ, 6.50%, due 10/25/23 16,295,843
-----------
Total mortgage backed securities 156,342,609
(cost $154,924,798) -----------
U.S. GOVERNMENT AND AGENCY LONG-TERM OBLIGATIONS (61.4%)
FEDERAL HOME LOAN BANKS BOND,
12,000,000 6.36%, due 3/21/01 11,850,744
FEDERAL HOME LOAN MORTGAGE CORPORATION,
38,000,000 6.81%, due 03/11/04 37,025,566
26,000,000 7.445%, due 04/14/04 25,964,536
10,000,000 7.54%, due 05/03/04 10,065,790
8,710,000 7.97%, due 07/07/04 8,834,797
FEDERAL NATIONAL MORTGAGE ASSOCIATION,
22,000,000 8.25%, due 10/12/04 22,566,588
21,000,000 7.26%, due 10/05/05 20,297,949
12,310,000 7.58%, due 04/26/06 12,174,208
</TABLE>
14 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 17
GOVERNMENT BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1996 (UNAUDITED)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT AND AGENCY LONG-TERM OBLIGATIONS (CONTINUED)
PRIVATE EXPORT FUNDING CORPORATION,
$ 32,000,000 6.86%, due 04/30/04 $ 31,912,736
RESOLUTION FUNDING CORPORATION, STRIPS,
54,000,000 0.00%, due 04/15/06 27,569,106
25,000,000 0.00%, due 04/15/08 11,011,975
58,000,000 0.00%, due 07/15/13 17,094,862
40,000,000 0.00%, due 07/15/20 7,065,960
U.S. TREASURY NOTE,
25,000,000 6.875%, due 08/31/99 25,359,375
-----------
TOTAL U.S. GOVERNMENT AND AGENCY
LONG-TERM OBLIGATIONS 268,794,192
(cost $269,779,582) -----------
REPURCHASE AGREEMENT (1.9%)
8,162,000 UBS Securities
5.25%, due 07/01/96, Collateralized by
$7,682,000 U.S. Treasury Note, 7.875%, due 11/15/04,
market value $8,325,368 8,162,000
(cost $8,162,000) -----------
TOTAL INVESTMENTS $433,298,801
(cost $432,866,380) ============
<FN>
- --------------------------------
Cost also represent 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>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 15
<PAGE> 18
<TABLE>
<CAPTION>
MONEY MARKET FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1996 (UNAUDITED)
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY VALUE
- --------------------------------------------------------------------------------
<S> <C> <C>
CANADIAN GOVERNMENT OBLIGATIONS (6.3%)
British Columbia, Province of
$ 2,786,000 4.90%, due 07/03/96 $ 2,785,242
4,000,000 5.05%, due 07/10/96 3,994,950
4,500,000 5.37%, due 08/08/96 4,474,492
1,000,000 5.40%, due 08/09/96 994,150
6,000,000 5.22%, due 09/30/96 5,920,830
1,495,000 5.45%, due 10/29/96 1,467,841
Canadian Wheat Board
4,418,000 4.85%, due 07/12/96 4,411,453
3,600,000 5.38%, due 07/26/96 3,586,550
8,000,000 5.33%, due 08/01/96 7,963,282
450,000 5.37%, due 08/09/96 447,382
1,000,000 5.33%, due 08/09/96 994,226
5,000,000 4.82%, due 08/12/96 4,971,883
2,300,000 4.39%, due 09/25/96 2,270,385
Export Development
8,378,000 5.50%, due 07/02/96 8,376,720
5,857,000 5.37%, due 07/22/96 5,838,653
-----------
TOTAL CANADIAN GOVERNMENT
OBLIGATIONS 58,498,039
(cost $58,498,039) -----------
COMMERCIAL PAPER (95.7%)
AGRICULTURE/FINANCE (3.0%)
Deere, (John) Capital
5,000,000 5.32%, due 07/16/96 4,988,917
7,595,000 5.27%, due 07/18/96 7,576,099
8,000,000 5.28%, due 07/26/96 7,970,667
7,608,000 5.39%, due 08/27/96 7,543,072
-----------
28,078,755
-----------
AUTO/FINANCE (3.0%)
Ford Motor Credit Co.
5,000,000 5.30%, due 07/09/96 4,994,111
1,000,000 5.37%, due 07/26/96 996,271
5,000,000 5.29%, due 07/26/96 4,981,632
2,000,000 5.36%, due 07/29/96 1,991,662
5,000,000 5.28%, due 07/29/96 4,979,467
3,000,000 5.37%, due 07/31/96 2,986,575
3,000,000 5.38%, due 08/08/96 2,982,963
4,000,000 5.42%, due 10/08/96 3,940,380
-----------
27,853,061
-----------
BANKS(6.1%)
Corestates Capital
14,746,000 5.28%, due 07/02/96 14,743,837
MORGAN (J.P.) & CO.
5,880,000 5.30%, due 09/03/96 5,824,597
National City Credit
5,000,000 5.22%, due 07/11/96 4,992,750
8,000,000 5.39%, due 08/01/96 7,962,869
15,000,000 5.38%, due 09/10/96 14,840,842
Norwest Corp.
3,000,000 5.30%, due 07/19/96 2,992,050
5,000,000 5.31%, due 07/19/96 4,986,725
-----------
56,343,670
-----------
BROKER-DEALERS (13.3%)
Bear Stearns Company
5,000,000 5.33%, due 07/19/96 4,986,675
8,000,000 5.30%, due 07/30/96 7,965,845
3,000,000 5.30%, due 09/17/96 2,965,550
4,000,000 5.41%, due 09/18/96 3,952,512
Dean Witter Discover
7,000,000 5.28%, due 07/10/96 6,990,760
5,000,000 5.37%, due 07/26/96 4,981,354
8,000,000 5.30%, due 08/06/96 7,957,600
Merrill Lynch & Co.
12,000,000 5.33%, due 07/08/96 11,987,563
3,000,000 5.38%, due 07/08/96 2,996,862
307,000 5.42%, due 07/17/96 306,260
5,000,000 5.28%, due 07/24/96 4,983,133
2,055,000 5.37%, due 08/07/96 2,043,658
5,000,000 5.33%, due 08/09/96 4,971,129
Morgan Stanley Group
8,000,000 5.30%, due 07/17/96 7,981,156
5,000,000 5.35%, due 07/24/96 4,982,910
7,000,000 5.29%, due 07/24/96 6,976,342
7,000,000 5.37%, due 07/31/96 6,968,675
1,600,000 5.48%, due 09/30/96 1,577,836
Smith Barney Inc.
5,000,000 5.37%, due 07/23/96 4,983,592
8,000,000 5.29%, due 07/25/96 7,971,787
8,000,000 5.37%, due 08/05/96 7,958,233
7,000,000 5.38%, due 08/07/96 6,961,294
-----------
123,450,726
-----------
CAPTIVE BORROW CONDUIT (1.5%)
Prudential Funding
5,492,000 5.34%, due 07/18/96 5,478,151
8,000,000 5.38%, due 07/23/96 7,973,698
-----------
13,451,849
-----------
</TABLE>
16 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 19
MONEY MARKET FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY VALUE
- --------------------------------------------------------------------------------
<S> <C> <C>
CHEMICALS (8.3%)
Great Lakes Chemical
$ 1,189,000 5.28%, due 07/01/96 $ 1,189,000
8,000,000 5.27%, due 07/03/96 7,997,658
1,579,000 5.35%, due 07/08/96 1,577,357
4,000,000 5.31%, due 07/12/96 3,993,510
5,000,000 5.35%, due 07/19/96 4,986,625
7,000,000 5.34%, due 07/25/96 6,975,080
Monsanto Co.
10,600,000 5.31%, due 07/09/96 10,587,492
8,000,000 5.275%, due 07/18/96 7,980,072
4,000,000 5.35%, due 07/23/96 3,986,922
850,000 5.27%, due 08/12/96 844,774
3,800,000 5.35%, due 08/26/96 3,768,376
PPG Industries
2,850,000 5.32%, due 07/11/96 2,845,788
1,882,000 5.30%, due 07/11/96 1,879,229
12,505,000 5.29%, due 07/15/96 12,479,274
2,500,000 5.35%, due 07/17/96 2,494,056
3,800,000 5.33%, due 07/22/96 3,788,185
-----------
77,373,398
-----------
CONSUMER PRODUCTS (.5%)
Clorox Co.
4,668,000 5.41%, due 09/25/96 4,607,671
-----------
CONSUMER SALES FINANCE (10.4%)
Amer Exp Credit Corp
4,000,000 5.29%, due 07/02/96 3,999,412
5,866,000 5.32%, due 07/17/96 5,852,130
15,262,000 5.34%, due 07/29/96 15,198,612
Assoc. Corp. of N.A.
5,553,000 5.36%, due 07/29/96 5,529,850
Avco Financial Serv.
8,000,000 5.28%, due 07/01/96 8,000,000
3,434,000 5.29%, due 07/23/96 3,422,899
3,000,000 5.36%, due 08/01/96 2,986,153
5,000,000 5.39%, due 08/07/96 4,972,301
10,000,000 5.37%, due 08/20/96 9,925,417
Beneficial Corp.
3,000,000 5.27%, due 07/08/96 2,996,926
5,000,000 5.37%, due 07/31/96 4,977,625
Commercial Credit Co.
9,380,000 5.29%, due 07/26/96 9,345,542
Norwest Financial
9,000,000 5.30%, due 07/15/96 8,981,450
5,000,000 5.32%, due 07/17/96 4,988,178
3,000,000 5.29%, due 07/17/96 2,992,947
2,000,000 5.37%, due 07/31/96 1,991,050
-----------
96,160,492
-----------
CORPORATE CREDIT UNIONS (1.7%)
U.S. Central Credit
8,000,000 5.40% due 09/16/96 7,907,600
5,000,000 5.39%, due 09/16/96 4,942,357
3,445,000 5.39%, due 09/16/96 3,405,284
-----------
16,255,241
-----------
DIVERSIFIED FINANCE (3.1%)
GE Capital Corp.
5,000,000 5.23%, due 08/22/96 4,962,228
4,000,000 5.27%, due 10/22/96 3,933,832
3,000,000 5.30%, due 10/25/96 2,948,767
Transamerica Finance
2,240,000 5.27%, due 07/09/96 2,237,377
1,000,000 5.40%, due 07/11/96 998,500
6,000,000 5.31%, due 08/21/96 5,954,865
8,000,000 5.40%, due 08/26/96 7,932,800
-----------
28,968,369
-----------
DRUGS & COSMETICS (.2%)
Abbott Laboratories
2,000,000 5.34%, due 08/12/96 1,987,540
-----------
ELECTRICAL EQUIPMENT (1.6%)
Johnson Controls Inc.
3,925,000 5.36%, due 07/12/96 3,918,572
4,273,000 5.36%, due 07/15/96 4,264,093
7,000,000 5.38%, due 07/30/96 6,969,663
-----------
15,152,328
-----------
ENTERTAINMENT (1.1%)
Walt Disney Company
10,000,000 5.30%, due 09/04/96 9,904,305
-----------
FINANCE (1.6%)
Nestle Capital Corp.
10,000,000 5.07%, due 07/12/96 9,984,508
5,000,000 5.01%, due 07/22/96 4,985,387
-----------
14,969,895
-----------
FINANCIAL SERVICES /
UTILITIES (3.0%)
Nat. Rural Utilities
5,147,000 5.28%, due 07/10/96 5,140,206
6,000,000 5.30%, due 07/16/96 5,986,750
7,530,000 5.35%, due 08/08/96 7,487,476
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 17
<PAGE> 20
MONEY MARKET FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1996 (UNAUDITED) CONTINUED
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY VALUE
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C>
NAT. RURAL UTILITIES (CONTINUED)
$ 868,000 5.27%, due 08/09/96 $ 863,045
1,962,000 5.28%, due 08/09/96 1,950,777
2,130,000 5.35%, due 08/12/96 2,116,705
4,000,000 5.36%, due 08/13/96 3,974,391
-----------
27,519,350
-----------
FOOD & BEVERAGE (7.6%)
Blue Diamond Growers
1,650,000 5.35%, due 07/25/96 1,644,115
1,350,000 5.40%, due 08/06/96 1,342,710
CPC International
15,000,000 5.30%, due 07/10/96 14,980,125
12,000,000 5.30%, due 07/11/96 11,982,333
Campbell Soup Co.
8,000,000 5.00%, due 10/04/96 7,894,444
Heinz "HJ" Company
1,000,000 5.37%, due 07/30/96 995,674
7,000,000 5.40%, due 07/30/96 6,969,550
20,000,000 5.34%, due 08/02/96 19,905,067
Sysco Corp.
5,000,000 5.32%, due 07/02/96 4,999,262
-----------
70,713,280
-----------
HEAVY EQUIPMENT/FINANCE (.6%)
Caterpillar Fin. Ser
5,616,000 5.28%, due 07/16/96 5,603,645
-----------
HOSPITAL SUPPLIES (1.6%)
Becton Dickinson
10,000,000 5.36%, due 10/03/96 9,860,044
5,000,000 5.45%, due 10/03/96 4,928,847
-----------
14,788,891
-----------
INSURANCE (4.9 %)
AIG Funding, Inc.
20,000,000 5.32%, due 08/12/96 19,875,867
Marsh & McLennan Co.
5,000,000 5.32%, due 07/11/96 4,992,611
Old Republic Capital
4,000,000 5.06%, due 07/09/96 3,995,502
1,000,000 5.25%, due 07/09/96 998,833
1,500,000 5.35%, due 07/09/96 1,498,217
7,000,000 5.30%, due 08/06/96 6,962,900
1,000,000 5.30%, due 08/06/96 994,700
6,000,000 5.32%, due 09/05/96 5,941,480
-----------
45,260,110
-----------
LEASE FINANCING (4.8%)
Fleet Funding, Inc.
3,000,000 5.28%, due 07/08/96 2,996,920
5,000,000 5.28%, due 07/10/96 4,993,400
8,000,000 5.28%, due 07/12/96 7,987,093
2,000,000 5.28%, due 07/12/96 1,996,773
PHH Corp.
6,000,000 5.35%, due 07/18/96 5,984,842
7,000,000 5.34%, due 07/22/96 6,978,195
3,500,000 5.31%, due 07/23/96 3,488,643
7,913,000 5.33%, due 07/25/96 7,884,883
2,000,000 5.36%, due 07/30/96 1,991,364
-----------
44,302,113
-----------
MISC. MANUFACTURING (2.0%)
Illinois Tool Works
3,000,000 5.40%, due 09/10/96 2,968,050
3,000,000 5.42%, due 09/17/96 2,964,770
8,000,000 5.38%, due 09/17/96 7,906,747
5,000,000 5.42%, due 09/30/96 4,931,497
-----------
18,771,064
-----------
OFFICE EQUIPMENT & SUPPLIES (1.2%)
Pitney Bowes Credit
1,645,000 5.29%, due 07/12/96 1,642,341
9,850,000 5.37%, due 08/19/96 9,778,005
-----------
11,420,346
-----------
OIL & GAS (2.7%)
Koch Industries
25,000,000 5.55%, due 07/01/96 25,000,000
-----------
OIL & GAS: EQUIP. & SERVICES (2.9%)
Chevron Transport
10,000,000 5.29%, due 07/08/96 9,989,714
10,000,000 5.32%, due 07/15/96 9,979,311
4,000,000 5.36%, due 07/24/96 3,986,302
3,000,000 5.35%, due 07/30/96 2,987,071
-----------
26,942,398
-----------
PACKAGING/CONTAINERS (1.0%)
Bemis Co., Inc.
3,915,000 5.32%, due 07/03/96 3,913,843
5,270,000 5.31%, due 07/11/96 5,262,227
-----------
9,176,070
-----------
PAPER & FOREST PRODUCTS (1.5%)
Sonoco Products Co.
5,000,000 5.30%, due 07/01/96 5,000,000
9,115,000 5.29%, due 07/09/96 9,104,285
-----------
14,104,285
-----------
</TABLE>
18 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 21
MONEY MARKET FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1996 (UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY VALUE
- --------------------------------------------------------------------------------
PHARMACEUTICALS /
HEALTHCARE (1.7%)
Schering Corp.
<S> <C> <C>
$ 3,200,000 5.38%, due 08/27/96 $ 3,172,741
3,450,000 5.38%, due 08/28/96 3,420,096
10,000,000 5.40%, due 10/16/96 9,839,500
-----------
16,432,337
-----------
PRINTING & PUBLISHING (.9%)
McGraw-Hill Inc.
8,000,000 5.40%, due 09/26/96 7,895,600
-----------
RAILROADS (2.9%)
Norfolk & Southern
10,000,000 5.34%, due 07/08/96 9,989,617
7,500,000 5.30%, due 07/19/96 7,480,125
4,000,000 5.26%, due 08/05/96 3,979,544
5,000,000 5.37%, due 09/20/96 4,939,587
-----------
26,388,873
-----------
TELECOMMUNICATIONS (.4%)
AT&T Capital Corp.
3,645,000 5.30%, due 07/16/96 3,636,951
-----------
UTILITIES (.6%)
Florida Power Corp.
2,000,000 5.37%, due 07/17/96 1,995,227
3,283,000 5.37%, due 07/17/96 3,275,165
-----------
5,270,392
-----------
Total commercial paper 887,783,005
(cost $887,783,005) -----------
U.S. GOVERNMENT OBLIGATIONS (1.7%)
U.S. Treasury Bills
10,000,000 5.00%, due 08/22/96 9,927,778
6,000,000 5.26%, due 04/03/97 5,758,040
-----------
TOTAL U.S. GOVERNMENT
OBLIGATIONS 15,685,818
(cost $15,685,818) -----------
TOTAL INVESTMENTS $961,966,862
(cost $961,966,862) ============
- -----------------------------
<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>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 19
<PAGE> 22
<TABLE>
<CAPTION>
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1996
(UNAUDITED)
- ------------------------------------------------------------------------------------------------------------------------------
CAPITAL
SMALL COMPANY APPRECIATION TOTAL RETURN
FUND FUND FUND
------------- ------------ -------------
<S> <C> <C> <C>
ASSETS
Investments in securities, at value
(cost $76,381,095, $98,927,845, and $ 83,283,995 $ 119,086,842 $ 961,873,333
$751,356,132, respectively)
Cash - - 2,436
Accrued interest and dividends receivable 166,325 197,308 1,650,818
Receivable for investment securities sold 7,777,058 3,934,418 6,241,059
Receivable for fund shares sold 2,110,701 - 587,707
Deferred organization expenses 7,929 - -
------------- ------------ -------------
Total assets 93,346,008 123,218,568 970,355,353
------------- ------------ -------------
LIABILITIES
Payable for investment securities purchased 10,659,349 484,740 8,462,347
Payable for fund shares redeemed 199,045 5,223,220 -
Net payable for foreign currency contracts purchased 653 - -
Accrued management fees 70,908 51,009 390,513
Other accrued expenses 23,014 517 34
------------- ------------ -------------
Total liabilities 10,952,969 5,759,486 8,852,894
------------- ------------ -------------
NET ASSETS $ 82,393,039 $ 117,459,082 $ 961,502,459
============= ============= =============
REPRESENTED BY:
Capital 74,283,427 94,049,723 731,931,562
Net unrealized appreciation on investments and trans-
lation of assets and liabilities in foreign currencies 6,902,247 20,158,997 210,517,201
Undistributed net realized gain from investments and
foreign currency transactions 1,120,626 3,215,405 18,551,861
Undistributed net investment income 86,739 34,957 501,835
------------- ------------- -------------
NET ASSETS $ 82,393,039 $ 117,459,082 $ 961,502,459
============= ============= =============
Shares outstanding, no par value (unlimited number of
shares authorized) 6,149,471 7,967,050 77,511,007
============= ============= =============
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 13.40 $ 14.74 $ 12.40
============= ============= =============
See accompanying notes to financial statements.
</TABLE>
20 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 23
<TABLE>
<CAPTION>
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1996
(UNAUDITED)
- ----------------------------------------------------------------------------------------------------------------------------
GOVERNMENT BOND MONEY MARKET
FUND FUND
--------------- -----------
<S> <C> <C>
ASSETS
Investments in securities, at value
(cost $432,866,380 and $961,966,862, $ 433,298,801 $ 961,966,862
respectively)
Cash 513 -
Accrued interest and dividends receivable 4,753,106 -
Receivable for investment securities sold 8,308,894 13,875,000
--------------- -----------
Total assets 446,361,314 975,841,862
--------------- -----------
LIABILITIES
Payable for investment securities purchased 8,162,000 47,800,479
Payable for fund shares redeemed 77,048 136,695
Accrued management fees 175,552 346,070
Other accrued expenses 10,685 6,143
--------------- -----------
Total liabilities 8,425,285 48,289,387
--------------- -----------
NET ASSETS $ 437,936,029 $ 927,552,475
============== ===========
REPRESENTED BY:
Capital $ 442,594,612 $ 927,561,636
Net unrealized appreciation on investments 432,421 -
Undistributed net realized loss from investments (5,131,610) (6,910)
Undistributed (distribution in excess of) net investment income 40,606 (2,251)
--------------- -----------
NET ASSETS $ 437,936,029 $ 927,552,475
=============== ===========
Shares outstanding, no par value (unlimited number of 40,454,591 927,561,522
shares authorized)
=============== ===========
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER SHARE $ 10.83 $ 1.00
=============== ===========
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPERATE ACCOUNT TRUST SEMI-ANNUAL REPORT 21
<PAGE> 24
<TABLE>
<CAPTION>
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1996
(UNAUDITED)
- --------------------------------------------------------------------------------------------------------------------
CAPITAL
SMALL COMPANY APPRECIATION TOTAL RETURN
FUND FUND FUND
---- ---- ----
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest $ 236,308 $ 251,155 $ 2,713,169
Dividends 276,983 1,034,132 9,159,305
Less foreign tax withheld (17,462) -- (59,597)
--------- ----------- ------------
Total investment income 495,829 1,285,287 11,812,877
--------- ----------- ------------
EXPENSES:
Investment management fees 246,437 283,039 2,225,091
Custodian fees 34,403 7,869 11,473
Professional services 322 2,259 17,253
Other 15,387 5,484 12,537
--------- ----------- ------------
Total expenses 296,549 298,651 2,266,354
--------- ----------- ------------
NET INVESTMENT INCOME 199,280 986,636 9,546,523
--------- ----------- ------------
Net realized and unrealized gain on investments and foreign currency:
Net realized gain on investments and foreign
currency transactions 1,223,678 3,216,734 18,779,196
Net change in unrealized appreciation on investments
and translation of assets and liabilities in foreign
currencies 5,393,063 5,130,499 44,061,640
--------- --------- ----------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS AND
FOREIGN CURRENCY 6,616,741 8,347,233 62,840,836
--------- --------- ----------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 6,816,021 $ 9,333,869 $ 72,387,359
========= ========= ==========
</TABLE>
See accompanying notes to financial statements.
22 NATIONWIDE SEPERATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 25
<TABLE>
<CAPTION>
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1996
(UNAUDITED)
- -----------------------------------------------------------------------------------------
GOVERNMENT BOND MONEY
FUND MARKET FUND
---------- ----------
<S> <C> <C>
INVESTMENT INCOME:
Interest $ 14,843,271 $ 21,764,058
----------- ----------
EXPENSES:
Investment management fees 1,098,311 1,978,067
Custodian fees 8,205 20,090
Professional services 10,692 21,484
Other 5,653 11,093
----------- ----------
Total expenses 1,122,861 2,030,734
----------- ----------
NET INVESTMENT INCOME 13,720,410 19,733,324
----------- ----------
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) on investments 3,641,302 (1,046)
Net change in unrealized appreciation (depreciation)
on investments (24,949,399) --
----------- ----------
NET REALIZED AND UNREALIZED
(LOSS) ON INVESTMENTS: (21,308,097) (1,046)
----------- ----------
NET INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS $ (7,587,687) $ 19,732,278
=========== ==========
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 23
<PAGE> 26
<TABLE>
<CAPTION>
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENTS OF CHANGES IN NET ASSETS
- ------------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED PERIOD FROM OCTOBER 23, 1995
JUNE 30, 1996 (COMMENCEMENT OF OPERATIONS)
UNAUDITED THROUGH DECEMBER 31, 1995
--------- -------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 199,280 $ 28,283
Net realized gain (loss) on investments and foreign currency transactions 1,223,678 (103,052)
Net change in unrealized appreciation on investments
and translation of assets and liabilities in foreign currencies 5,393,063 1,509,184
Net increase in net assets resulting ----------- -----------
from operations 6,816,021 1,434,415
----------- -----------
DIVIDENDS TO SHAREHOLDERS FROM NET
INVESTMENT INCOME (114,964) (25,860)
----------- -----------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 87,219,419 18,935,596
Net asset value of shares issued to shareholders from
reinvestment of dividends and distributions 114,964 25,860
Cost of shares redeemed (28,797,873) (3,214,539)
----------- -----------
Net increase in net assets derived
from capital share transactions 58,536,510 15,746,917
----------- -----------
NET INCREASE IN NET ASSETS 65,237,567 17,155,472
NET ASSETS-- BEGINNING OF PERIOD 17,155,472 --
----------- -----------
NET ASSETS-- END OF PERIOD $ 82,393,039 $ 17,155,472
=========== ===========
Undistributed net realized gain (loss) on investments and foreign
currency transactions included in net assets at end of period $ 1,120,626 $ (103,052)
=========== ===========
Undistributed net investment income included
in net assets at end of period $ 86,739 $ 2,423
=========== ===========
Shares sold 6,891,347 1,796,171
Shares issued to shareholders from reinvestment of
dividends and distributions 8,731 2,265
Shares redeemed (2,252,685) (296,358)
----------- -----------
Net increase in number of shares 4,647,393 1,502,078
=========== ===========
See accompanying notes to financial statements.
</TABLE>
24 NATIONWIDE SEPERATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 27
<TABLE>
<CAPTION>
NATIONWIDE SEPARATE ACCOUNT TRUST
CAPITAL APPRECIATION FUND
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------------------------
SIX MONTHS ENDED
JUNE 30, 1996 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1995
----------- -----------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 986,636 $ 1,232,936
Net realized gain on investments 3,216,734 2,523,674
Net change in unrealized appreciation or
depreciation on investments 5,130,499 13,171,765
Net increase in net assets ----------- ----------
resulting from operations 9,333,869 16,928,375
----------- ----------
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (972,787) (1,213,046)
Net realized gain on investments -- (2,302,021)
In excess of net realized gains on investments -- (1,329)
Net decrease in net assets from distributions ----------- ----------
to shareholders (972,787) (3,516,396)
----------- ----------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 81,797,747 26,980,755
Net asset value of shares issued to shareholders from
reinvestment of dividends and distributions 972,787 3,863,870
Cost of shares redeemed (54,909,545) (23,461,693)
Net increase in net assets derived ----------- ----------
from capital share transactions 27,860,989 7,382,932
----------- ----------
NET INCREASE IN NET ASSETS 36,222,071 20,794,911
NET ASSETS-- BEGINNING OF PERIOD 81,237,011 60,442,100
----------- ----------
NET ASSETS-- END OF PERIOD $ 117,459,082 $ 81,237,011
=========== ==========
Undistributed net realized gain on investments
included in net assets at end of period $ 3,215,405 $ --
=========== ==========
Distributions in excess of net realized gains on investments
included in net assets at end of period $ -- $ (1,329)
=========== ==========
Undistributed net investment income included
in net assets at end of period $ 34,957 $ 21,108
=========== ==========
Shares sold 5,667,602 2,172,400
Shares issued to shareholders from reinvestment of
dividends and distributions 66,466 299,746
Shares redeemed (3,795,112) (1,977,044)
----------- ----------
Net increase in number of shares 1,938,956 495,102
=========== ==========
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 25
<PAGE> 28
<TABLE>
<CAPTION>
NATIONWIDE SEPARATE ACCOUNT TRUST
TOTAL RETURN FUND
STATEMENTS OF CHANGES IN NET ASSETS
- ---------------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED
JUNE 30, 1996 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1995
----------- -----------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 9,546,523 $ 19,348,385
Net realized gain on investments 18,779,196 42,991,075
Net change in unrealized appreciation or depreciation
on investments 44,061,640 108,350,477
---------------- -------------------
Net increase in net assets resulting
from operations 72,387,359 170,689,937
---------------- -------------------
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (9,406,441) (19,011,213)
Net realized gain on investments - (42,991,075)
In excess of net realized gain on investments - (227,335)
---------------- -------------------
Net decrease in net assets from
distributions to shareholders (9,406,441) (62,229,623)
--------------- ------------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 100,138,302 145,723,309
Net asset value of shares issued to shareholders from
reinvestment of dividends and distributions 9,406,441 79,264,509
Cost of shares redeemed (25,987,674) (53,304,608)
--------------- ----------------
Net increase in net assets derived
from capital share transactions 83,557,069 171,683,210
---------------- ----------------
NET INCREASE IN NET ASSETS 146,537,987 280,143,524
NET ASSETS-- BEGINNING OF PERIOD 814,964,472 534,820,948
--------------- ----------------
NET ASSETS-- END OF PERIOD $ 961,502,459 $ 814,964,472
================ ==================
Undistributed (distribution in excess of) net realized
gain on investments included in net assets at end of period $ 18,551,861 $ (227,335)
================ ==================
Undistributed net investment income included
in net assets at end of period $ 501,835 $ 361,753
================ ==================
Shares sold 8,254,563 13,111,420
Shares issued to shareholders from reinvestment of
dividends and distributions 766,513 7,198,362
Shares redeemed (2,148,346) (4,821,628)
---------------- ------------------
Net increase in number of shares 6,872,730 15,488,154
================ ==================
<FN>
See accompanying notes to financial statements.
</TABLE>
26 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 29
<TABLE>
<CAPTION>
NATIONWIDE SEPARATE ACCOUNT TRUST
GOVERNMENT BOND FUND
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED
JUNE 30, 1996 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1995
INCREASE (DECREASE) IN NET ASSETS: ----------------- -----------------
OPERATIONS:
<S> <C> <C>
Net investment income $ 13,720,410 $ 26,950,345
Net realized gain on investments 3,641,302 813,537
Net change in unrealized appreciation or depreciation
on investments (24,949,399) 43,487,386
-------------- ----------------
Net increase (decrease) in net assets
resulting from operations (7,587,687) 71,251,268
--------------- ----------------
DIVIDENDS TO SHAREHOLDERS FROM NET INVESTMENT INCOME (13,724,462) (26,924,228)
-------------- --------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 29,160,361 90,606,931
Net asset value of shares issued to shareholders from
reinvestment of dividends and distributions 13,724,462 33,834,038
Cost of shares redeemed (37,652,702) (106,004,873)
-------------- -------------
Net increase (decrease) in net assets derived
from capital share transactions 5,232,121 18,436,096
--------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS (16,080,028) 62,763,136
NET ASSETS-BEGINNING OF PERIOD 454,016,057 391,252,921
--------------- ---------------
NET ASSETS-END OF PERIOD $ 437,936,029 $ 454,016,057
=============== ===============
Undistributed net realized loss on investments
included in net assets at end of period $ (5,131,610) $ (8,772,912)
=============== ===============
Undistributed net investment income included
in net assets at end of period $ 40,606 $ 44,658
=============== ===============
Shares sold 2,635,729 8,275,783
Shares issued to shareholders from reinvestment of
dividends and distributions 1,260,990 3,126,554
Shares redeemed (3,410,487) (9,801,205)
--------------- ----------------
Net increase in number of shares 486,232 1,601,132
=============== ===============
See accompanying notes to financial statements.
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 27
<PAGE> 30
<TABLE>
<CAPTION>
NATIONWIDE SEPARATE ACCOUNT TRUST
MONEY MARKET FUND
STATEMENTS OF CHANGES IN NET ASSETS
- -------------------------------------------------------------------------------------------------------------------------------
SIX MONTHS ENDED
JUNE 30, 1996 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1995
----------------- --------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 19,733,324 $ 39,361,888
Net realized (loss) on investments (1,046) (5,864)
----------------- --------------------
Net increase in net assets resulting
from operations 19,732,278 39,356,024
----------------- --------------------
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (19,735,738) (39,360,095)
In excess of net investment income (2,251) -
----------------- --------------------
Net decrease in net assets from
distribution to shareholders
(19,737,989) (39,360,095)
----------------- --------------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 854,493,616 971,797,511
Net asset value of shares issued to shareholders from
reinvestment of dividends and distributions 19,767,416 43,287,489
Cost of shares redeemed (684,110,652) (1,105,699,769)
----------------- --------------------
Net increase (decrease) in net assets
derived from capital share transactions 190,150,380 (90,614,769)
----------------- --------------------
NET INCREASE (DECREASE) IN NET ASSETS 190,144,669 (90,618,840)
NET ASSETS-- BEGINNING OF PERIOD 737,407,806 828,026,646
----------------- --------------------
NET ASSETS-- END OF PERIOD $ 927,552,475 $ 737,407,806
================= ====================
Undistributed net realized loss on investments
included in net assets at end of period $ (6,910) $ (5,864)
================= ====================
Distributions in excess of net investment income included
in net assets at end of period $ (2,251) $ 2,414
================= ====================
Shares sold 854,493,616 971,797,397
Shares issued to shareholders from reinvestment of
dividends and distributions 19,767,416 43,287,489
Shares redeemed (684,110,652) (1,105,699,769)
----------------- --------------------
Net increase (decrease) in number of shares 190,150,380 (90,614,883)
================= ====================
See accompanying notes to financial statements.
</TABLE>
28 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 31
<TABLE>
<CAPTION>
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
- ---------------------------------------------------------------------------------------------------------------------------
Small Company Fund
---------------------------------------------------------
Six Months Period from October 23, 1995
Ended (commencement of operations)
June 30, 1996 through December 31, 1995
------------- -------------------------
(Unaudited)
<S> <C> <C>
NET ASSET VALUE-
BEGINNING OF PERIOD $ 11.42 $ 10.00
Net investment income 0.04 0.02
Net realized gain and unrealized appreciation
on investments and translation
of assets and liabilities in foreign currencies 1.96 1.42
----- -----
Total from investment operations 2.00 1.44
----- -----
Dividends from net investment income (0.02) (0.02)
----- -----
Net increase in net asset value 1.98 1.42
----- -----
NET ASSET VALUE -
END OF PERIOD $ 13.40 $ 11.42
===== =====
Total return* 17.54% 14.38%
RATIOS AND SUPPLEMENTAL DATA:
Net assets end of period (000) $ 82,393 $ 17,155
Ratio of expenses to average net assets* 1.20% 1.25%
Ratio of expenses to average net assets** 1.20% 1.74%
Ratio of net investment income to average net assets* .81% 1.32%
Ratio of net investment income to average net assets** .81% .83%
Portfolio turnover 71.43% 9.03%
Average commission rate paid 3.1708(cent) --
<FN>
*Ratios for partial years are annualized. Total return is not annualized.
**Ratios calculated as if no fees were waived or expenses reimbursed.
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 29
<PAGE> 32
<TABLE>
<CAPTION>
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
- ------------------------------------------------------------------------------------------------------------------------------------
Capital Appreciation Fund
---------------------------------------------------------------------------------
Six Months Period from
Ended April 15, 1992
June 30, Years Ended December 31 Commencement
1996 1995 1994 1993 (oper.) through
Unaudited December 31, 1992
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE-- $ 13.48 $ 10.92 $ 11.20 $ 10.46 $ 10.00
BEGINNING OF PERIOD
Net investment income 0.19 0.23 0.18 0.26 0.10
Net realized gain (loss) and unrealized
appreciation (depreciation) on
investments 1.14 2.96 (0.28) 0.74 0.48
----- ----- ----- ----- ----
Total from investment operations 1.33 3.19 (0.10) 1.00 0.58
----- ----- ----- ----- ----
Dividends from net investment income (0.07) (0.23) (0.18) (0.26) (0.10)
Distributions from net realized gain
from investment transactions - (0.40) - - (0.02)
----- ----- ----- ----- ----
Total distributions (0.07) (0.63) (0.18) (0.26) (0.12)
Net increase (decrease) in net asset value 1.26 2.56 (0.28) 0.74 0.46
----- ----- ----- ----- ----
NET ASSET VALUE --
END OF PERIOD $ 14.74 $ 13.48 $ 10.92 $ 11.20 $ 10.46
===== ===== ===== ===== ====
Total return* 10.25% 29.35% (0.90)% 9.61% 10.92%
RATIOS AND SUPPLEMENTAL DATA:
Net assets end of period (000) $ 117,459 $ 81,237 $ 60,442 $ 38,926 $ 18,800
Ratio of expenses to average net assets* .54% .54% .56% .59% .69%
Ratio of net investment income to
average net assets* 1.77% 1.89% 1.76% 2.82% 1.95%
Portfolio turnover 16.18% 20.28% 11.21% 16.87% 5.01%
Average commission rate paid 5.8656(cent) -- -- -- --
- --------------------------
<FN>
*Ratios for partial years are annualized. Total return is not annualized.
</TABLE>
See accompanying notes to financial statements.
30 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 33
<TABLE>
<CAPTION>
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
- -----------------------------------------------------------------------------------------------------------------------------------
Total Return Fund
-----------------------------------------------------------------------------------
Six Months
Ended
June 30, Years Ended December 31,
1996 1995 1994 1993 1992 1991
-----------------------------------------------------------------------------------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE-
BEGINNING OF PERIOD $ 11.54 $ 9.70 $ 10.10 $ 9.46 $ 9.07 $ 6.74
Net investment income 0.15 0.31 0.21 0.23 0.25 0.22
Net realized gain (loss) and unrealized
appreciation (depreciation) on
investments 0.86 2.49 (0.10) 0.79 0.48 2.34
----- ----- ----- ----- ----- -----
Total from investment operations 1.01 2.80 0.11 1.02 0.73 2.56
----- ----- ----- ----- ----- -----
Dividends from net investment income (0.15) (0.31) (0.28) (0.24) (0.25) (0.23)
Distributions from net realized gain
from investment transactions - (0.65) (0.23) (0.14) (0.09) -
----- ----- ----- ----- ----- -----
Total distributions (0.15) (0.96) (0.51) (0.38) (0.34) (0.23)
----- ----- ----- ----- ----- -----
Net increase (decrease) in net asset value 0.86 1.84 (0.40) 0.64 0.39 2.33
----- ----- ----- ----- ----- -----
NET ASSET VALUE-
END OF PERIOD $ 12.40 $ 11.54 $ 9.70 $ 10.10 $ 9.46 $ 9.07
==== ===== ===== ===== ===== =====
Total return* 8.55% 29.09% 1.07% 10.92% 8.18% 38.49%
RATIOS AND SUPPLEMENTAL DATA:
Net assets end of period (000) $ 961,502 $ 814,964 $ 534,821 $ 456,243 $ 334,917 $250,701
Ratio of expenses to average net assets* .51% .51% .52% .53% .53% 53%
Ratio of net investment income to
average net assets* 2.15% 2.84% 2.76% 2.51% 2.69% 2.74%
Portfolio turnover 9.61% 16.12% 12.06% 9.79% 12.48% 14.50%
Average commission rate paid 4.8863(cent) - - - - -
<FN>
- -------------------
* Ratios for partial years are annualized. Total return is not annualized.
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 31
<PAGE> 34
<TABLE>
<CAPTION>
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
- -----------------------------------------------------------------------------------------------------------------------------------
Government Bond Fund
---------------------------------------------------------------------------------------
SIX MONTHS
ENDED
JUNE 30, YEARS ENDED DECEMBER 31,
1996 1995 1994 1993 1992 1991
---------------------------------------------------------------------------------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE --
BEGINNING OF PERIOD $ 11.36 $ 10.20 $ 11.26 $ 10.92 $ 11.24 $ 10.40
Net investment income 0.34 0.71 0.69 0.71 0.98 0.86
Net realized gain (loss) and unrealized
appreciation (depreciation) on
investments (0.53) 1.16 (1.06) 0.32 (0.14) 0.82
----- ----- ----- ----- ----- -----
Total from investment operations (0.19) 1.87 (0.37) 1.03 0.84 1.68
----- ----- ----- ----- ----- -----
Dividends from net investment income (0.34) (0.71) (0.69) (0.66) (0.93) (0.84)
Distributions from net realized gain
from investment transactions - - - (0.03) (0.23) -
----- ----- ----- ----- ----- -----
Total distributions (0.34) (0.71) (0.69) (0.69) (1.16) (0.84)
----- ----- ----- ----- ----- -----
Net increase (decrease) in net asset value (0.53) 1.16 (1.06) 0.34 (0.32) 0.84
----- ----- ----- ----- ----- -----
NET ASSET VALUE --
END OF PERIOD $ 10.83 $ 11.36 $ 10.20 $ 11.26 $ 10.92 $ 11.24
===== ===== ===== ===== ===== =====
Total return* (1.62)% 18.74% (3.23)% 9.52% 7.87% 16.70%
RATIOS AND SUPPLEMENTAL DATA:
Net assets end of period (000) $ 437,936 $ 454,016 $ 391,253 $ 433,584 $ 301,841 $ 198,769
Ratio of expenses to average net assets* .51% .51% .51% .53% .53% .55%
Ratio of net investment income to
average net assets* 6.25% 6.45% 6.46% 5.91% 8.75% 8.07%
Portfolio turnover 21.90% 97.05% 111.40% 175.37% 73.75% 77.70%
- ----------------------------
<FN>
* Ratios for partial years are annualized. Total return is not annualized.
</TABLE>
See accompanying notes to financial statements.
32 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 35
<TABLE>
<CAPTION>
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR EACH SHARE OF CAPITAL STOCK OUTSTANDING THROUGHOUT EACH PERIOD
- -----------------------------------------------------------------------------------------------------------------------------------
MONEY MARKET FUND
---------------------------------------------------------------------------------------
SIX MONTHS
ENDED
JUNE 30, YEARS ENDED DECEMBER 31,
1996 1995 1994 1993 1992 1991
---------------------------------------------------------------------------------------
(UNAUDITED)
<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 0.02 0.06 0.04 0.03 0.03 0.06
Dividends from net investment income (0.02) (0.06) (0.04) (0.03) (0.03) (0.06)
----- ----- ----- ----- ----- -----
Net increase (decrease) in net asset value - - - - - -
----- ----- ----- ----- ----- -----
NET ASSET VALUE --
END OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
===== ===== ===== ===== ===== =====
Total return* 2.51% 5.66% 3.88% 2.76% 3.40% 5.84%
RATIOS AND SUPPLEMENTAL DATA:
Net assets end of period (000) $ 927,552 $ 737,408 $ 828,027 $ 351,798 $ 330,011 $ 363,502
Ratio of expenses to average net assets* .51% .52% .54% .53% .53% .54%
Ratio of net investment income to
average net assets* 4.97% 5.51% 4.00% 2.72% 3.36% 5.65%
<FN>
- ----------------------------
* Ratios for partial years are annualized. Total return is not annualized.
</TABLE>
See accompaning notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 33
<PAGE> 36
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1996
(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.
The Trust offers shares in five series: Small Company Fund, Capital
Appreciation Fund, Total Return Fund, Government Bond Fund and Money
Market Fund. The Trust was amended in 1995 to create the Small Company
Fund. On October 23, 1995, the Small Company Fund was capitalized
through the sale of capital stock to Nationwide Life Insurance Company
in the amount of $5,000,000, the Fund became effective and sales of
shares commenced.
USE OF ESTIMATES
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues
and expenses during the reporting period. Actual results could differ
from those estimates.
SECURITY VALUATION
SMALL COMPANY, CAPITAL APPRECIATION, TOTAL RETURN AND GOVERNMENT BOND
Securities are valued at the last sale price of the securities exchange
on which such securities are primarily traded. Listed securities for
which no sale was reported on the valuation date are valued at quoted
bid prices. Securities not listed on an exchange or for which there
were no transactions are valued at their most recent bid price, or
where no prices are available, at fair market value determined by the
Board of Trustees. Short-term notes and bank certificates of deposit
are valued at amortized cost, which approximates market. Investments
denominated in foreign currencies are translated to U.S. dollars at
prevailing exchange rates. Forward currency exchange contracts are also
valued at the prevailing exchange rates.
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 or an approved sub-custodian.
MONEY MARKET
Securities are valued at amortized cost, which approximates market
value, in accordance with Rule 2a-7 of the Investment Company Act of
1940.
FOREIGN CURRENCY TRANSACTIONS (SMALL COMPANY FUND)
Fluctuation in the value of investments resulting from changes in
foreign exchange rates are included with net realized and unrealized
gain or loss from investments.
Net realized foreign exchange gains or losses arise from sales of
foreign currencies, currency gains or losses realized on security
transactions and the difference between the amounts of dividends,
interest and foreign withholding taxes recorded on the Fund's books,
and the U.S. dollar equivalent of amounts actually received or paid.
Net unrealized foreign exchange gains or losses arise from changes in
the value of assets and liabilities resulting from changes in exchange
rates.
The Fund enters into forward currency exchange contracts which are
obligations to purchase or sell a foreign currency at a specified rate
on a certain date in the future. A net realized gain or loss would be
incurred if the value of the contract increases or
34 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 37
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS, CONTINUED
JUNE 30, 1996
(UNAUDITED)
- --------------------------------------------------------------------------------
FOREIGN CURRENCY TRANSACTIONS (SMALL COMPANY FUND) CONTINUED
decreases between the date the contract is opened and the date it is
closed. Forward currency contracts are marked to market daily and this
change in value is reflected in the Statement of Assets and Liabilities
as a net receivable for foreign currency contracts purchased.
At or before the closing of a forward contract, the Small Company Fund
may either sell a portfolio security and make delivery of the currency,
or retain the security and fully or partially offset its contractual
obligation to deliver the currency by purchasing a second contract. If
the Fund retains the portfolio security and engages in an offsetting
transaction, the Fund, at the time of execution of the offsetting
transaction, will incur a gain or loss to the extent that movement has
occurred in forward contract prices.
The precise matching of forward currency contract amounts and the value
of the securities involved generally will not be possible because the
value of such securities, measured in the foreign currency, will change
after the foreign currency contract has been established. Thus, the
Fund might need to purchase or sell foreign currencies in the spot
(cash) market to the extent such foreign currencies are not covered by
forward contracts. The projection of short-term currency market
movements is difficult, and the successful execution of a short-term
hedging strategy is highly uncertain.
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. To the extent net realized
gains are offset through the application of a capital loss carryover,
they will not be distributed to shareholders but will be retained by
the Trust. Each Fund is treated as a separate taxable entity.
As of December 31, 1995, the Government Bond and Money Market Funds had
net capital loss carryforwards in the amounts of $8,772,912 and $5,864,
respectively, The Government Bond Fund carryforward will expire within
7 years and the Money Market Fund carryforward will expire within 8
years.
The Small Company Fund intends to elect for Federal income tax purposes
to treat approximately $101,807 of net capital losses that arose during
the period ended December 31, 1995 as if such losses arose on January
1, 1996. As of December 31, 1995, the Fund had a net capital loss
carryforward in the amount of $1,245 which will expire within 8 years.
ORGANIZATION EXPENSES
Initial organization expenses of the Small Company Fund were paid by
the advisor and will be reimbursed by the Fund. Such organization costs
have been deferred and will be amortized ratably over a period of sixty
months from the commencement of operations. If any of the initial
shares are redeemed before the end of the amortization period, the
proceeds of the redemption will be reduced by the pro rata share of the
unamortized organization costs.
SECURITY TRANSACTIONS AND INVESTMENT INCOME
Security transactions are recorded on the trade date. Dividend income
is recorded on the ex-dividend date; interest income is recorded on an
accrual basis and includes, where applicable, the pro rata amortization
of premium or discount.
EXPENSES
Expenses directly attributed to each Fund are charged to that Fund.
Expenses applicable to all funds in the Trust are allocated based on
average net assets.
DIVIDENDS TO SHAREHOLDERS
SMALL COMPANY, CAPITAL APPRECIATION, TOTAL RETURN AND GOVERNMENT BOND
Dividend income is recorded on the ex-dividend date. Dividends from net
investment income are paid quarterly.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 35
<PAGE> 38
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS, CONTINUED
JUNE 30, 1996
(UNAUDITED)
- --------------------------------------------------------------------------------
MONEY MARKET
Dividends from net investment income are declared daily and paid
monthly.
ALL FUNDS
Net realized 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
generally accepted accounting principles. These "book/tax" differences
are considered either permanent or temporary in nature. In accordance
with AICPA Statement of Position 93-2, permanent differences are
reclassified within the capital accounts based on their nature for
Federal income tax purposes; temporary differences do not require
reclassification. Dividends and distributions that exceed net invested
income and net realized gains for financial reporting purposes, but not
for tax purposes, are reported as dividends in excess of net investment
income and net realized gains. To the extent distributions exceed
current and accumulated earnings and profits for Federal income tax
purposes, they are reported as distributions of paid-in capital.
2. TRANSACTIONS WITH AFFILIATES
As investment manager for the Trust, Nationwide Financial Services,
Inc. (NFS), an affiliated company, earns an annual management fee of
.5% based on the average daily net assets of the Capital Appreciation
Fund, Total Return Fund, Government Bond Fund and Money Market Fund;
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 effect management fees during the
periods covered by the financial statements.
As investment manager for the Small Company Fund, NFS earns an annual
management fee of 1.00% of average daily net assets. From such fees,
pursuant to sub-investment advisory agreements, NFS pays subadvisory
fees to The Dreyfus Corporation, Neuberger and Berman, L.P., Pictet
International Management Limited, Strong Capital Management, Inc., Van
Eck Associates Corporation and Warburg, Pincus Consellors, Inc. based
on average daily net assets of the portion of the Small Company Fund
under their management. For the six months ended June 30, 1996, NFS
collected $246,437 in fees from the Small Company Fund, and paid
$142,081 in fees to the sub-investment advisors.
A subsidiary of NFS (Nationwide Investors Services, Inc.) acts as
Transfer and Dividend Disbursing Agent for the Trust.
3. BANK LOANS
The Trust has an unsecured bank line of credit of $25,000,000.
Borrowing under this arrangement bears interest at the Federal Funds
rate plus .50%. No compensating balances are required. There were no
outstanding balances at June 30, 1996.
36 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 39
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS, CONTINUED
JUNE 30, 1996
(UNAUDITED)
- --------------------------------------------------------------------------------
4. INVESTMENT TRANSACTIONS
Purchases and sales of securities (excluding short-term securities and
forward currency exchange contracts) and U.S. government obligations
for the six months ended June 30, 1996 are summarized as follows:
<TABLE>
<CAPTION>
LONG-TERM SECURITIES U.S. GOVERNMENT OBLIGATIONS
PURCHASES SALES PURCHASES SALES
--------- ----- --------- -----
<S> <C> <C> <C> <C>
Small Company Fund $ 83,358,223 $ 29,945,458 $ 14,150,977 $ 13,583,737
Cap. Apprec. Fund 53,078,620 16,825,992 - -
Total Return Fund 184,014,633 77,512,139 146,540,688 81,211,337
Govt. Bond Fund 12,024,399 4,650,280 134,663,481 85,891,312
Money Market Fund - - 26,803,774 -
</TABLE>
Realized gains and losses have been computed on the first-in, first-out
basis. Included in net unrealized appreciation at June 30, 1996, based
on cost for Federal income tax purposes, excluding forward currency
contracts for the Small Company Fund, are the following components:
<TABLE>
<CAPTION>
NET
UNREALIZED UNREALIZED UNREALIZED
APPRECIATION (DEPRECIATION) APPRECIATION
------------ -------------- ------------
<S> <C> <C> <C>
Small Company Fund $ 8,830,060 $ (2,062,384) $ 6,767,676
Capital Appreciation Fund 22,367,144 (2,208,147) 20,158,997
Total Return Fund 214,414,681 (3,897,480) 210,517,201
Government Bond Fund 7,892,481 (7,460,060) 432,421
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 37
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