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NATIONWIDE SEPARATE ACCOUNT TRUST
SEMI-ANNUAL REPORT
JUNE 30, 1997
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NATIONWIDE SEPARATE ACCOUNT TRUST
SEMI-ANNUAL REPORT
JUNE 30, 1997
TABLE OF CONTENTS
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Statements of Investments:
Small Company Fund................................................................. 1
Capital Appreciation Fund.......................................................... 12
Total Return Fund.................................................................. 14
Government Bond Fund............................................................... 17
Money Market Fund.................................................................. 18
Statements of Assets and Liabilities.................................................... 21
Statements of Operations................................................................ 22
Statements of Changes in Net Assets..................................................... 23
Financial Highlights.................................................................... 28
Notes to Financial Statements........................................................... 33
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NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1997 (UNAUDITED)
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COMMON STOCK (93.0%)
AEROSPACE/DEFENSE (3.2%)
37,500 AAR Corp. $ 1,211,719
3,200 Alliant Techsystems, Inc.* 176,000
104,600 Aviall, Inc.* 1,464,400
15,600 B E Aerospace, Inc.* 493,350
19,800 Doncasters PLC ADR* 457,875
14,800 Ducommun, Inc.* 435,675
15,000 Gulfstream Aerospace Corp.* 442,500
25,000 Loral Space & Communications* 375,000
18,000 Orbital Sciences Corp.* 285,750
29,000 Thiokol Corp. DE 2,030,000
16,000 Tracor, Inc.* 402,000
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7,774,269
-----------
AIRLINE (0.4%)
20,000 Midwest Express Holdings, Inc.* 547,500
12,000 Ryanair Holdings PLC ADR* 325,500
-----------
873,000
-----------
AUTO & AUTO PARTS (1.2%)
15,000 A. O. Smith Corp. 533,438
30,900 Cascade Corp. 596,756
9,400 Donaldson, Inc. 357,200
6,600 FCC Co. Ltd. (Japanese Yen) 167,264
4,000 Isamu Paint Co. Ltd. (Japanese
Yen) 23,071
10,000 Kansei Corp. (Japanese Yen) 77,515
27,000 Lex Service PLC (British Pounds) 169,649
5,000 Meiwa Industry Co. (Japanese
Yen) 29,057
18,000 Nippon Cable System (Japanese
Yen) 188,762
1,000 Nokian Tyres Ltd. (Finnish
Marks) 26,953
25,000 Wabash National Corp. 696,875
-----------
2,866,540
-----------
BANK/SAVINGS & LOAN (5.0%)
15,000 Banco De Valencia (Spanish
Pesetas) 316,176
62,300 Bank United Corp. 2,367,400
3,520 Bank of Iwate (Japanese Yen) 199,640
14 Banque Nationale de Belgique
(Belgian Francs) 20,056
10,785 Charter One Financial, Inc. 581,042
29,300 Cullen Frost Bankers, Inc. 1,241,588
10,900 First Commerce Corp. 479,600
15,250 First Security Corp. DE 416,516
53,900 Glendale Federal Bank Federal
Savings Commission* 1,408,138
740 Jyske Bank (Danish Kroner) 63,836
7,200 Nedcor Limited (South African
Rand) 159,541
8,400 Ocean Financial Corp. 296,100
13,600 Peoples Heritage Financial
Group, Inc. 515,100
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BANK/SAVINGS & LOAN (CONTINUED)
12,300 Queens County Bancorp, Inc. $ 559,650
20,000 Reliance Bancorp, Inc. 588,750
12,000 St. Paul Bancorp, Inc. 397,500
36,150 Sterling Bancshares, Inc./Texas 677,812
12,000 Texas Regal Bancshares Class A 504,000
19,000 Tokushima Bank ORD (Japanese
Yen) 156,078
16,800 WSFS Financial Corp.* 231,000
21,300 Webster Financial Corp. 969,150
-----------
12,148,673
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BUILDING MATERIALS (1.1%)
22,000 Bunka Shutter Co. Ltd. (Japanese
Yen) 141,309
4,400 Chofu Seisakusho (Japanese Yen) 75,749
1,073 Deceuninck Plastics Industries
SA (Belgian Francs) 235,194
222,500 Gruppo Ceramiche Ricchetti SPA
(Italian Lire) 247,411
39,000 Hardie (James) Industries
(Australian Dollars) 124,176
79,600 Heiton Holdings PLC (Irish
Punts) 156,126
32,000 Heywood Williams Group PLC
(British Pounds) 109,188
13,000 Lindab AB Class B (Swedish
Kronor) 183,257
23,800 Meyer International (British
Pounds) 166,378
13,400 Premdor, Inc. (Canadian
Dollars)* 125,792
8,000 Rinnai (Japanese Yen) 171,983
8,400 Rinol AG (German Marks) 239,587
27,000 SIG PLC (British Pounds) 142,909
50,000 Sunway Building Technology
Berhad (Malaysian Ringgits) 168,384
6,000 Takara Standard Co. (Japanese
Yen) 52,434
12,500 Unicem SPA (Italian Lire)* 87,570
17,300 Westburne, Inc. (Canadian
Dollars)* 208,177
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2,635,624
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BUSINESS SERVICES (1.6%)
45,000 Adsteam Marine Ltd.* (Australian
Dollars) 94,733
182,000 Aerodata Holdings (Australian
Dollars) 79,083
995 Assystem (French Francs) 56,945
13,000 BISYS Group, Inc.* 542,750
1,300 Bellsystem 24, Inc. (Japanese
Yen) 193,131
10,500 CDI Corp.* 437,719
12,000 Daiseki Co. (Japanese Yen) 251,682
3,000 Daitec Company Limited (Japanese
Yen) 128,463
13,000 Gartner Group, Inc. Class A* 467,187
8,000 Meitec (Japanese Yen) 238,399
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NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 1
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NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1997 (UNAUDITED) (CONTINUED)
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BUSINESS SERVICES (CONTINUED)
200 Oyo Corp. (Japanese Yen) $ 7,778
2,240 Petroleum Geo-Services ASA
(Norwegian Kroner)* 108,012
40,100 RCO Holdings (British Pounds) 113,465
35,000 Ricardo Group (British Pounds) 78,645
12,000 Scandia Consult AB (Swedish
Kronor) 79,149
60,130 Shanks & McEwan Group (British
Pounds) 146,121
8,300 Technology Solutions Co.* 327,850
40,000 Tecnost SPA (Italian Lire) 72,407
8,500 WPP Group PLC ADR* 346,375
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3,769,894
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CHEMICALS AND FERTILIZERS (0.7%)
2,400 Cheminova (Danish Kroner) 57,550
31,200 Giovanni Crespi (Italian Lire) 78,848
1,520 Grande Paroisse SA (French
Francs)* 105,892
50,000 Holliday Chemical Holdings PLC
(British Pounds) 118,176
27,100 Lawter International, Inc. 342,137
16,400 Lilly Industries, Inc. 330,050
3,000 Maezawa Kaisei Industries
(Japanese Yen) 70,786
4,100 McWhorter Technologies, Inc.* 97,887
10,000 Osaka Organic Chemical (Japanese
Yen) 103,994
15,000 Riken Vinyl Industry Co.
(Japanese Yen) 108,276
100 Siegfried AG (Swiss Francs) 111,469
2,900 Tessenderlo Chemical (Belgian
Francs) 142,782
3,000 Werner Soderstom Class B
(Finnish Marks) 103,962
-----------
1,771,809
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COMMERCIAL SERVICES (2.2%)
20,500 ABR Information Services, Inc.* 594,500
2,500 Benesse Corp. (Japanese Yen) 139,823
10,000 Computer Learning Centers, Inc. 420,000
20,000 Danka Business Systems PLC ADR 817,500
6,000 Interim Services, Inc.* 267,000
23,500 Robert Half International, Inc.* 1,105,969
27,000 Romac International* 884,250
15,000 SOS Staffing Services, Inc.* 232,500
9,000 Superior Services, Inc.* 213,750
6,500 Sylvan Learning Systems, Inc.* 221,000
7,000 U.S. Rentals, Inc.* 177,188
6,000 Valassis Communications, Inc.* 144,000
-----------
5,217,480
-----------
COMMUNICATIONS & MEDIA (3.2%)
170,000 Becker Group Ltd. (Australian
Dollars)* 161,747
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COMMUNICATIONS & MEDIA (CONTINUED)
21,500 Central Newspapers, Inc. Class A $ 1,539,938
18,900 Central European Media
Enterprises Ltd.* 491,400
17,000 Chancellor Broadcasting Corp.
Class A* 680,000
161,730 Editoriale L'Expresso SPA
(Italian Lire) 537,991
32,450 Harte-Hanks Communications, Inc. 957,275
12,000 Heftel Broadcasting Corp.* 663,000
12,000 Lin Television Corp.* 529,500
10,500 Mail-Well, Inc.* 299,250
29,300 Outdoor Systems, Inc.* 1,120,725
1,100 UBI Soft Entertainment (French
Francs) 86,188
12,300 Universal Outdoor Holdings, Inc. 428,963
8,100 Wegener NV (Netherlands
Guilders) 188,103
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7,684,080
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COMPUTER EQUIPMENT (1.3%)
22,000 Apex PC Solutions, Inc.* 434,500
49,100 Auspex Systems, Inc.* 472,588
44,600 Borland International, Inc.* 309,413
20,400 D H Technology, Inc.* 331,500
9,000 Data General Corp.* 234,000
15,100 National Instruments Corp.* 532,275
18,000 NeoMagic Corp.* 402,750
11,000 SMART Modular Technologies,
Inc.* 371,250
-----------
3,088,276
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COMPUTER SERVICE (2.3%)
525,000 Anite Group PLC (British
Pounds)* 297,104
7,300 Aris Corporation* 159,687
13,000 Computer Data Systems, Inc.* 380,250
29,750 Computer Horizons 1,018,938
6,600 Enator AB (Swedish Kronor)* 117,792
5,000 Fiserv, Inc.* 223,125
5,500 Frontec AB (Swedish Kronor)* 46,235
7,000 INES Corp. (Japanese Yen) 124,792
5,600 Ingenico (French Francs) 142,125
11,000 Micro Focus Group PLC (British
Pounds)* 330,476
4,100 National Data Corp. 177,581
12,000 National Techteam, Inc.* 256,500
5,600 Prosolvia AB Class B (Swedish
Kronor)* 86,184
14,000 RWD Technologies, Inc.* 241,500
14,500 Sterling Commerce, Inc.* 476,687
10,600 SunGard Data Systems, Inc.* 492,900
33,000 Sykes Enterprises* 858,000
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5,429,876
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2 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
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NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1997 (UNAUDITED) (CONTINUED)
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COMPUTER SOFTWARE (4.4%)
9,000 3Dlabs, Inc. Ltd.* $ 261,000
18,200 BMC Software, Inc.* 1,007,825
7,000 Baan Co. NV* 482,125
7,000 CBT Group PLC ADR* 441,875
100,000 CI Technologies Group Ltd.* 112,376
14,800 Cambridge Technology Partners,
Inc.* 473,600
6,700 Cognos, Inc.* 208,538
9,000 Compuware Corp.* 429,750
11,100 Great Plains Software, Inc.* 299,700
10,000 HNC Software, Inc.* 381,250
5,700 Hummingbird Communications, Inc.
(Canadian Dollars)* 147,303
9,000 Information Management
Resources, Inc.* 409,500
9,600 Mcafee Associates* 606,000
11,000 Medasys Digital Systems (French
Francs)* 131,155
10,000 PeopleSoft, Inc.* 527,500
22,700 Rational Software Corp.* 381,644
14,500 Remedy Corp.* 580,000
50,000 Royalblue Group PLC (British
Pounds)* 173,727
14,000 Saville System Ireland PLC ADR* 728,000
19,900 Transaction System Architects
Class A* 686,550
5,000 Vantive Corp.* 141,250
9,000 Veritas Sortware Corp.* 452,250
12,500 Visio Corp.* 881,250
17,000 Wind River Systems* 650,250
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10,594,418
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CONGLOMERATES (1.0%)
3,800 Asko OY-A (Finnish Marks) 70,232
1,578 Charter PLC (British Pounds) 20,946
60 Disetronic Holding (Swiss
Francs)* 121,622
550,000 Elec & Eltek International
Holdings Ltd. (Hong Kong
Dollars) 161,510
83,400 Email ORD Ltd. (Australian
Dollars) 296,161
8,600 Engil-SGPS (Portuguese Escudos) 105,182
1,400 Esselte AB (Swedish Kronor) 32,953
76,500 Futuris Corp. (Australian
Dollars) 122,074
240,000 Goodwill Investment Holding
(Hong Kong Dollars) 80,545
9,180 Grupo Duro-Felguer SA (Spanish
Pesetas) 112,979
150 Gurit-Heberlein AG Bearer (Swiss
Francs) 468,171
3,000 Haw Par Brothers (Singapore
Dollars) 2,560
1,000 Oerlikon-Buehrle Holdings AG
(Swiss Francs) 117,300
50,000 Overseas Union Enterprise Ltd.
(Singapore Dollars) 230,802
700 Sipef SA (Belgian Francs) 147,983
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CONGLOMERATES (CONTINUED)
7,410 Unitor ASA (Norwegian Kroner) $ 106,281
338,000 Wrightson Limited (New Zealand
Dollars) 215,330
-----------
2,412,631
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CONSTRUCTION & HOUSING (1.5%)
37,000 AMEC PLC (British Pounds) 92,377
2,400 Alinco (Japanese Yen) 27,475
900 Bien-Haus AG (German Marks) 309,900
58,000 Bryant Group (British Pounds) 125,499
400 CTI Engineering (Japanese Yen) 5,173
6,300 Chodai Co. (Japanese Yen) 71,572
20,400 Coachmen Industries, Inc. 349,350
95,000 Countryside Properties PLC
(British Pounds) 143,891
15,000 Daiwa House Industry Co. Ltd.
(Japanese Yen) 140,260
400 Hollandsche Beton (Netherlands
Guilders) 91,400
45,470 Keller Group ORD (British
Pounds) 197,531
10,000 Laing (John) PLC 'A' N/V
(British Pounds) 62,084
10,000 Matsuo Bridge (Japanese Yen) 33,558
56,571 McAlpine (Alfred) Group PLC
(British Pounds) 129,941
69,930 McCarthy & Stone (British
Pounds) 135,018
8,000 Nissei Build Kogyo (Japanese
Yen) 48,239
10,000 Nissei Industries (Japanese Yen) 82,146
16,000 SXL Corp. (Japanese Yen) 96,618
3,000 Tanabe Industries (Japanese Yen) 23,857
45,200 Texas Industries, Inc. 1,200,625
39,150 Wilson (Connolly) (British
Pounds) 104,261
14,600 Wilson Bowden (British Pounds) 123,935
-----------
3,594,710
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CONSUMER CYCLICALS (0.4%)
30,200 Westwood One, Inc.* 973,950
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CONSUMER GOODS & SERVICES (3.1%)
24,000 Alberto Culver Co. Class A 559,500
29,000 Arbor Drugs, Inc. 583,625
7,500 Blyth Industries, Inc.* 253,125
6,700 CFM Majestic, Inc. (Canadian
Dollars)* 108,307
17,500 Chesapeake Corp. 590,625
34,900 Christies International PLC
(British Pounds) 174,849
25,000 DE Rigo SPA ADR* 210,938
5,500 Denny's Japan Co. Ltd. (Japanese
Yen) 165,822
14,200 Devry, Inc.* 383,400
34,000 Fisher Paykel Industries (New
Zealand Dollars) 132,497
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NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 3
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NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1997 (UNAUDITED) (CONTINUED)
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CONSUMER GOODS & SERVICES (CONTINUED)
350 Fotolabo SA (Swiss Francs) $ 111,641
11,550 Fuji Denki Reinki ORD (Japanese
Yen) 90,842
21,000 Helen of Troy* 538,125
17,500 ITT Educational Services, Inc.* 434,219
100,000 McPhersons Ltd. (Australian
Dollars)* 193,287
23,500 Mohawk Industries, Inc.* 534,625
175,000 Moulin International Holdings
Ltd. (Hong Kong Dollars)* 127,627
18,000 Sola International* 603,000
21,000 Watts Industries, Inc. 504,000
24,000 Westpoint Stevens, Inc.* 939,000
17,500 York Group, Inc. 328,125
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7,567,179
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CONTAINERS (0.7%)
30,400 Aptargroup, Inc. 1,375,600
11,200 Libbey, Inc. 392,000
-----------
1,767,600
-----------
DATA PROCESSING & REPRODUCTION (0.2%)
22,212 Array Printers AB Class B
(Swedish Kronor)* 120,653
9,000 Intec, Inc. (Japanese Yen) 120,336
2,000 Riso Kagaku Corp. (Japanese Yen) 164,293
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405,282
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ELECTRICAL EQUIPMENT (0.9%)
16,100 Continental Circuits Corp.* 223,388
8,250 Data Modul AG (German Marks) 241,463
13,250 Holophane Corp.* 265,000
16,400 Kent Electronics Corp.* 601,675
20,000 Nippon Chemi-Corp. (Japanese
Yen) 105,916
20,700 Nu Horizons Electronics Corp.* 169,481
5,000 Seiwa Electric Manufacturing Co.
(Japanese Yen) 54,619
8,600 Teleflex, Inc. 268,750
7,000 Teradyne, Inc.* 274,750
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2,205,042
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ELECTRONICS (2.4%)
10,600 Altera Corp.* 535,300
1,550 Effeff Fritz Fuss GmbH & Co.
(German Marks) 63,156
36,000 Gasonics International Corp.* 490,500
5,000 Geomatec Co. (Japanese Yen) 118,413
31,000 Iwatsu Electric (Japanese Yen)* 100,236
4,000 Jastec (Japanese Yen) 55,230
29,000 Jeol (Japanese Yen) 191,086
20,000 KLA-Tencor Corp.* 975,000
11,900 Lam Research Corp.* 441,044
1,030 Martin Gruppen 79,999
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ELECTRONICS (CONTINUED)
16,300 Methode Electronics, Inc. Class
A $ 323,963
6,000 Nihon Dempa Kogyo (Japanese Yen) 109,062
7,480 Nitto Electric Works (Japanese
Yen) 133,350
18,800 Pioneer Standard Electronics,
Inc. 253,800
3,500 Pricer AB B Shares (Swedish
Kronor)* 120,404
12,000 Ricoh Elemes (Japanese Yen) 156,253
8,100 SCI Systems, Inc. 516,375
5,600 Spectra-Physics AB A Shares
(Swedish Kronor) 100,669
15,800 Synopsys, Inc.* 580,650
60 Tecan (Swiss Francs)* 114,007
62,000 Venture Manufacturing (Singapore
Dollars) 202,070
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5,660,567
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ELECTRONICS-SEMICONDUCTOR (3.2%)
6,000 ANADIGICS, Inc.* 186,000
6,000 ASM Lithography Holding NV* 351,000
38,500 Cypress Semiconductor Corp.* 558,250
28,200 Dallas Semiconductor Corp. 1,106,850
39,000 Elec & Eltek International Co.
Ltd. (Singapore Dollars) 218,400
15,300 Maxim Integrated Products, Inc.* 870,188
13,900 Microchip Techonology, Inc.* 413,525
8,500 Novellus Systems, Inc.* 735,250
40,000 PMC-Sierra, Inc.* 1,050,000
11,000 Photronics, Inc.* 525,250
5,000 Ryosan Co. Ltd. (Japanese Yen) 117,102
3,000 Ryoyo Electric (Japanese Yen) 59,250
6,000 Sipex Corp.* 217,500
6,000 Uniphase Corp.* 349,500
120,000 Wong's Circuits Holdings Ltd.*
(Singapore Dollars) 201,600
14,500 Xilinx, Inc.* 711,406
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7,671,071
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ENVIRONMENTAL SERVICES (0.9%)
36,600 Allied Waste Industries, Inc.* 635,925
19,600 Newpark Resources, Inc.* 661,500
18,100 Waste Industries, Inc.* 319,012
15,800 USA Waste Services, Inc.* 610,275
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2,226,712
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FINANCIAL SERVICES (5.3%)
10,600 ARM Financial Group, Inc. Class
A* 212,000
1,200 Aeon Credit Service (Japanese
Yen) 78,126
6,300 Allmerica Financial Corp. 251,213
26,000 Amerin Corp.* 630,500
20,000 AmerUs Life Holdings, Inc. Class
A 557,500
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4 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
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NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1997 (UNAUDITED) (CONTINUED)
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FINANCIAL SERVICES (CONTINUED)
10,000 Capital RE Corp. $ 535,000
16,600 City National Corp. 399,437
11,100 ContiFinancial Corp.* 405,150
30,000 D&N Financial Corp.* 577,500
16,000 Executive Risk, Inc. 832,000
21,500 First Financial Caribbean Corp. 701,437
20,000 Firstplus Financial Group, Inc.* 680,000
7,000 Ichiyoshi Securities (Japanese
Yen) 27,100
22,000 Imperial Credit Industries,
Inc.* 452,375
2,000 Japan Associated Finance
(Japanese Yen)* 157,301
8,000 Legg Mason, Inc. 430,500
54,000 Life USA Holding, Inc.* 769,500
25,040 London Forfeiting Co. (British
Pounds) 164,627
12,500 Nac Re Corp. 604,688
2,650 OM Gruppen AB (Swedish Kronor) 82,252
13,600 Ohio Casualty Corp. 598,400
8,300 Patriot American Hospitality,
Inc. 211,650
7,600 Price (T. Rowe) & Associates 392,350
3,000 Promise Co. Ltd. (Japanese Yen) 171,983
22,000 R & G Financial Corp. 572,000
9,600 Shinki Comp. Ltd. (Japanese Yen) 238,259
700 Shohkoh Fund (Japanese Yen) 212,270
5,500 Starwood Lodging Trust 234,781
24,000 Terra Nova (Bermuda) Holdings 504,000
27,720 Titan Holdings, Inc. 658,350
870 Union Financiere-France Banque
(French Francs) 103,436
9,000 Vesta Insurance Group, Inc. 389,250
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12,834,935
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FOOD & BEVERAGE (1.2%)
3,000 B-R 31 Ice Cream Co. (Japanese
Yen) 26,217
9,600 Bush Boake Allen, Inc.* 298,800
37,500 Carlsberg Brewery Malaysia
Berhad (Malaysian Ringgits) 193,146
6,800 Coca-Cola Femsa SA -- SP ADR 351,050
1,400 Corona-Lotus NV (Belgian Francs) 95,410
5,320 Ebro Agricolas, Compania de
Alimentacion SA (Spanish
Pesetas) 103,998
7,000 Fine Host Corp.* 220,500
75,000 Finlay (James) PLC (British
Pounds) 137,317
19,300 Hardys & Hanson PLC (British
Pounds) 84,807
13,000 Hokkaido Coca-Cola Bottling
(Japanese Yen) 178,362
71,400 Illovo Sugar Ltd. (South African
Rand) 163,722
2,520 Louis Dreifus Citrus (French
Francs) 94,217
12,000 Mikuni Coca-Cola Bottling
(Japanese Yen) 178,275
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FOOD & BEVERAGE (CONTINUED)
9,300 Nutreco Holding NV (Netherlands
Guilders)* $ 193,186
26,000 Shoei Foods Corp. (Japanese Yen) 127,467
35,000 Soken Co. Ltd. (Japanese Yen) 85,642
7,000 Suiza Foods Corp.* 287,000
22,200 Thorntons PLC (British Pounds) 72,054
-----------
2,891,170
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FOREST PRODUCTS (0.2%)
4,200 Dainippon Shigyo (Japanese Yen) 23,857
6,840 Miquel Y Costas (Spanish
Pesetas)* 309,746
29,000 Nippon Hi-Pack Co. (Japanese
Yen) 169,545
-----------
503,148
-----------
FURNISHINGS & APPLIANCES (0.3%)
16,700 Sunbeam Corp., Inc. 630,425
-----------
HEALTHCARE (6.0%)
26,900 ADAC Labs 635,512
6,000 Advanced Technology Labs, Inc.* 258,000
28,000 Alpharma, Inc. Class A 446,250
6,000 Amerisource Health Corp. Class
A* 299,250
7,600 Amersham International (British
Pounds) 201,132
8,000 Arterial Vascular Engineering,
Inc.* 257,500
125,000 Australian Hospital Care Ltd. 215,388
9,237 Block Drug, Inc. Class A 404,119
49,000 Bone Care International, Inc.* 637,000
35,900 Esaote Biomedica SPA (Italian
Lire)* 94,735
11,000 Express Scripts, Inc. Class A* 459,250
11,200 Henry Schein, Inc.* 350,000
17,000 IDX Systems Corp.* 586,500
39,900 Incontrol, Inc.* 354,112
11,000 Kanto Biomedical Laboratory
(Japanese Yen) 170,148
52,000 Kinetic Concepts, Inc. 936,000
45,600 London International Group PLC
(British Pounds) 130,546
27,800 Marquette Medical Systems Class
A* 611,600
31,000 Medical Resources, Inc.* 511,500
21,000 Mentor Corp./Minn. 622,125
25,900 Mid Atlantic Medical Services,
Inc.* 403,069
3,000 Nichii Gakkan Co. (Japanese Yen) 167,788
30,000 NovaCare, Inc.* 416,250
5,000 Oxford Health Plans, Inc.* 358,750
18,000 Parexel International Corp.* 571,500
10,600 Patterson Dental Co.* 363,712
5,000 Pediatrix Medical Group, Inc.* 229,062
40,000 Physio-Control International
Corp.* 600,000
33,500 Polymer Group, Inc.* 540,187
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NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 5
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NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1997 (UNAUDITED) (CONTINUED)
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<S> <C> <C>
HEALTHCARE (CONTINUED)
8,000 SRL (Japanese Yen) $ 123,045
22,000 Sabratek Corp.* 616,000
3,120 Scandinavian Mobility
International (Danish Kroner)* 33,644
6,600 Sofamor Danek Group, Inc.* 301,950
23,000 Sorin Biomedica Group SPA
(Italian Lire) 71,643
30,000 Sun Healthcare Group, Inc.* 624,375
17,000 Sybron International Corp.* 677,875
8,000 Toa Medical Electronics
(Japanese Yen) 139,124
-----------
14,418,641
-----------
INDUSTRIAL MISCELLANEOUS (2.3%)
45,700 Apogee Enterprises 982,550
49,500 BMC Industries, Inc. Minnesota 1,695,375
35,000 Blagden Industries ORD (British
Pounds) 83,597
11,900 Brady WH Co. 345,100
37,920 Crest Packaging PLC (British
Pounds) 50,493
5,000 Enplas Corp . (Japanese Yen) 91,322
1,880 Euro D'Extincteurs (French
Francs) 129,370
376 Euro D'Extincteurs (French
Francs)** 23,972
720 GFI Industries SA (French
Francs) 110,743
12,350 Grammer AG (German Marks) 347,288
250 Huber Suhner AG (Swiss Francs) 317,259
4,970 Koninlijke Emballage Industrie
Van Leer (Netherlands Guilders) 109,075
11,000 Low and Bonar ORD (British
Pounds) 54,927
1,700 Mayr-Melnhof Karton (Austrian
Schillings)* 87,350
7,900 Pentair, Inc. 259,712
150,000 Princedale Group PLC (British
Pounds) 89,880
830 Semperit AG Holdings (Austrian
Schillings) 70,605
4,000 Shaw Industries Ltd. Class A
(Canadian Dollars) 101,631
1,000 Tenryu Saw Manufacturing Co.
(Japanese Yen) 20,624
7,000 Vidrala SA (Spanish Pesetas) 305,569
5,750 Vossloh (German Marks) 292,037
22,000 Waddington PLC (British Pounds) 99,967
-----------
5,668,446
-----------
INSURANCE (2.3%)
3,200 Allmerica Property & Casualty
Companies, Inc. 104,800
7,000 Equitable of Iowa Companies 392,000
15,500 Everest Reinsurance Holdings,
Inc. 614,187
12,500 FBL Financial Group, Inc. 471,875
<CAPTION>
------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------
<S> <C> <C>
INSURANCE (CONTINUED)
14,500 Fremont General Corp. $ 583,625
10,500 Frontier Insurance Group 679,875
10,000 Hartford Life, Inc. Class A* 375,000
81,000 Heath (C.E.) PLC (British
Pounds) 184,030
38,390 Jardine Lloyd Thomson Group
(British Pounds) 110,544
65,000 Lambert Fenchurch Group PLC
(British Pounds) 124,417
73,000 New Cap Reinsurance Corp.
(Australian Dollars)* 162,593
11,600 Penncorp Financial Group, Inc. 446,600
11,000 W.R. Berkley Corp. 647,625
20,000 Western National Corp. 536,250
-----------
5,433,421
-----------
LEISURE/ENTERTAINMENT (1.1%)
1,000 Azkoyen SA (Spanish Pesetas) 124,430
3,100 H I S Co. Ltd. (Japanese Yen) 163,899
816 Infogrames Entertainment (French
Francs)* 105,772
259,110 Kunick PLC (British Pounds) 94,880
30 Kuoni Reisen AG (Swiss Francs) 102,895
41,050 NCL Holdings ASA (Norwegian
Kroner)* 129,531
15,500 Premier Parks, Inc.* 571,562
6,200 Regal Cinemas, Inc.* 204,600
35,000 Rio Hotel and Casino, Inc.* 527,188
1,390 Salomon SA (French Francs) 106,093
7,000 Shingakukai Co. Ltd. (Japanese
Yen) 36,704
32,300 Vistana, Inc.* 500,650
-----------
2,668,204
-----------
LEISURE SERVICE (1.4%)
20,000 CapStar Hotel Co.* 640,000
10,900 Doubletree Corp.* 448,263
17,000 La Quinta Inns, Inc. 371,875
6,000 Marcus Corp. 153,750
46,700 Prime Hospitality Corp.* 922,325
28,000 Wyndham Hotel Corp.* 913,500
-----------
3,449,713
-----------
MACHINERY & CAPITAL GOODS (1.9%)
2,500 Agie Charmille Holding AG (Swiss
Francs) 248,662
12,100 Alamo Group, Inc. 251,831
10,600 Dionex Corp.* 543,250
5,000 Fuji Machine Manufacturing Co.
(Japanese Yen) 181,334
10,500 IDEX Corp. 346,500
30,000 JLK Direct Distribution, Inc.
Class A* 768,750
12,300 Kaydon Corp. 610,387
7,500 Lincoln Electric Co. Class A 286,875
</TABLE>
6 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 9
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1997 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------
<S> <C> <C>
MACHINERY & CAPITAL GOODS (CONTINUED)
17,000 Miller Industries, Inc.* $ 272,000
200 Roper Industries, Inc. 10,375
26,900 Stewart & Stevenson Services,
Inc. 699,400
17,100 Wolverine Tube Co.* 476,663
-----------
4,696,027
-----------
MACHINERY & ENGINEERING (2.2%)
22,000 AIM Group PLC (British Pounds) 215,313
156,000 ASM Pacific Technology (Hong
Kong Dollars) 108,736
75,000 Adwest Group PLC (British
Pounds) 132,324
6,180 Asahi Diamond Industrial
(Japanese Yen) 57,247
7,000 BE Semiconductor Industries
(Netherlands Guilders)* 101,108
1,200 B.M.T. NV (Belgian Francs) 223,310
270 Batenburg Beheer (Netherlands
Guilders) 45,792
1,600 Bioblock Scientific (French
Francs) 79,334
58,000 Bulllough PLC (British Pounds)* 104,261
6,090 Carclo Engineering Group ORD
(British Pounds) 18,550
3,500 Cardo AB (Swedish Kronor) 103,656
28,600 Carraro SPA (Italian Lire) 146,236
122,000 Chen Hsong ORD (Hong Kong
Dollars) 70,864
40 Christ AG* (Swiss Francs) 29,359
400 DMW Corp. (Japanese Yen) 16,604
1,000 Duerr Beteiligungs AG (German
Marks) 41,320
2,000 Econosto (Netherlands Guilders) 36,850
2,000 Glory (Japanese Yen) 44,569
106,000 Graseby PLC (British Pounds) 273,469
1,200 Hoganas AB (Swedish Kronor) 39,962
780 Interroll Holding AG-Reg.*
(Swiss Francs) 130,820
500 KCI Konecranes International
(Finnish Marks)* 21,948
360 Le Carbone Lorraine (French
Francs) 87,687
250 Leonische Drahtwerke (German
Marks) 101,148
230,000 MacMahon Holdings (Australian
Dollars) 172,310
1,220 Manitou (French Francs) 151,697
11,700 McKechnie ORD (British Pounds) 82,570
1,500 Mikron Holding AG (Swiss
Francs)* 267,526
5,600 Oiles Corp. (Japanese Yen) 180,093
230 Phoenix Meccano (Swiss Francs) 119,907
120,000 Protean PLC (British Pounds) 267,643
980 Radiall (French Francs) 113,509
14,000 Sanden (Japanese Yen) 117,452
430 Saurer AG Arbon (Swiss Francs) 285,231
<CAPTION>
------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------
<S> <C> <C>
MACHINERY & ENGINEERING (CONTINUED)
96,200 Senior Engineering Group
(British Pounds) $ 219,364
130 Sez Holding AG Reg. A (Swiss
Francs) 257,717
65 Sig Schw Sirx (Swiss Francs) 197,301
13,000 Sodick (Japanese Yen)* 105,768
1,600 Svedala Industries (Swedish
Kronor) 33,315
28,800 Tamrock OY Corp. (Finnish
Marks)* 82,061
7,350 Toolex Alpha NV (Netherlands
Guilders)* 76,902
72,000 Trinity Holdings ORD (British
Pounds) 305,592
910 Twentsche Kabel Holdings
(Netherlands Guilders) 49,464
33,400 Weir Group (British Pounds) 137,591
-----------
5,453,480
-----------
MATERIALS & PROCESSING (1.3%)
10,500 AEP Industries, Inc.* 420,000
25,000 Crompton & Knowles Corp.* 556,250
12,000 Culligan Water Technologies,
Inc.* 537,000
4,200 Hexcel Corp.* 72,450
39,000 Jefferson Smurfit Corp.* 624,000
16,500 OM Group, Inc. 546,562
105,000 Strategic Distribution, Inc.* 400,313
-----------
3,156,575
-----------
METAL PRODUCT & FABRICATION (0.4%)
13,700 Applied Industrial Technology,
Inc. 493,200
325,000 Jiangxi Copper Company Ltd.
(Hong Kong Dollars)* 89,145
16,900 NN Ball & Roller, Inc. 211,250
3,000 Osaka Steel Co. Ltd. (Japanese
Yen) 28,839
51,580 Tubacex SA (Spanish Pesetas) 177,463
-----------
999,897
-----------
METALS/MINING (0.3%)
150,000 Black Hawk Mining (Canadian
Dollars)* 54,368
13,800 Boliden Ltd. (Canadian Dollars)* 73,527
21,571 Breakwater Resources (Canadian
Dollars)* 75,057
30,000 Croesus Mining (Australian
Dollars) 10,114
7,700 Free State Consolidated Gold
Mines Ltd. (South African Rand) 38,538
8,200 Harmony Gold Mining (South
African Rand) 37,515
89,600 Portman Mining Ltd. (Australian
Dollars) 221,516
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 7
<PAGE> 10
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1997 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------
<S> <C> <C>
METALS/MINING (CONTINUED)
95,000 Savage Resources (Australian
Dollars) $ 85,406
45,000 Westmin Resources Ltd. (Canadian
Dollars)* 215,295
-----------
811,336
-----------
OFFICE EQUIPMENT (0.6%)
11,000 Itoki Crebio Corp. (Japanese
Yen) 67,578
15,000 Knoll, Inc.* 356,250
7,000 Max Co. (Japanese Yen) 131,521
20,000 Miller (Herman), Inc.* 720,000
2,750 Turbon International AG (German
Marks) 84,749
-----------
1,360,098
-----------
OIL & GAS/ENERGY (7.8%)
16,400 Brown (Tom), Inc.* 348,500
54,000 Cairn Energy USA, Inc.* 708,750
13,000 Camco International, Inc. 711,750
19,200 Chieftain International, Inc.* 421,200
1,590 Cie Generale De Geophysique SA
(French Francs) 154,913
8,800 Cliffs Drilling Co.* 321,200
13,000 Cooper Cameron Corp.* 607,750
24,700 Dawson Production Services,
Inc.* 345,800
19,300 Dreco Energy Service Ltd. Class
A* 1,013,250
15,000 EDP-Electricidade de Portugal,
SA (Portuguese Escudos) 275,613
15,000 EVI, Inc.* 630,000
14,500 Falcon Drilling, Inc.* 835,562
63,100 Global Industries Ltd.* 1,473,972
60,000 Gulf Canada Resources Ltd. ORD* 498,750
59,200 Nabors Industries, Inc.* 1,480,000
22,600 National-Oilwell, Inc.* 1,299,500
19,000 Flores & Rucks, Inc.* 878,750
37,800 Oceaneering International, Inc.* 699,300
42,400 Offshore Logistics, Inc.* 800,300
14,800 Petroleum Geo Services ADR* 723,350
120,800 Pride International Inc.* 2,899,200
6,600 Smith International, Inc.* 400,950
13,200 Stone Energy Corp.* 361,350
21,700 Texas Meridian Resources Corp.* 260,400
30,500 Transmontaigne Oil Co.* 606,188
15,000 Tuboscope Vetco International
Corp.* 298,125
-----------
19,054,423
-----------
PHARMACEUTICALS (1.3%)
1,000 Andreae Noris Zahn (German
Marks) 40,746
8,000 Biofermin Pharmaceuticals
(Japanese Yen) 69,213
6,200 Dura Pharmaceuticals, Inc.* 247,225
10,000 Elan Corp. PLC ADR* 452,500
<CAPTION>
------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------
<S> <C> <C>
PHARMACEUTICALS (CONTINUED)
380 Galencia Holding AG (Swiss
Francs) $ 178,557
14,500 Gilead Sciences, Inc.* 400,562
3,560 Neurosearch A/S (Danish Kroner)* 224,960
4,000 OXiGENE, Inc. (Swedish Kronor)* 130,879
22,900 Recordati SPA (Italian Lire) 165,542
37,500 Sepracor, Inc.* 967,969
5,000 Teikoku Hormone (Japanese Yen) 59,862
7,750 United Drug (Irish Punts) 46,187
16,000 Yoshitomi Pharmaceutical
Industries (Japanese Yen) 116,752
-----------
3,100,954
-----------
PRODUCER DURABLES (2.0%)
28,000 Allied Products Corp. DE 927,500
40,000 DeCrane Aircraft Holdings, Inc.* 595,000
30,000 Gerber Scientific, Inc. 592,500
21,500 Greenfield Industries, Inc. 580,500
25,000 Halter Marine Group, Inc.* 600,000
55,000 Mechanical Dynamics, Inc.* 398,750
25,000 Rohr, Inc.* 548,438
35,000 Titan International, Inc. 616,875
-----------
4,859,563
-----------
PUBLISHING (0.4%)
6,600 Houghton Mifflin Co. 440,550
9,333 Pulitzer Publishing Co. 494,649
-----------
935,199
-----------
REAL ESTATE (1.2%)
100,000 Bolton Properties Berhad
(Malaysian Ringgits) 142,631
13,600 Bradford Property Trust PLC ORD
(British Pounds) 60,666
13,500 CarrAmerica Realty Corp. 388,125
18,000 Cesar Co. (Japanese Yen) 82,111
2,090 Crescent Operating, Inc. 25,080
20,900 Crescent Real Estate Equities
Company 663,575
45,472 Great Portland Estates (British
Pounds) 156,670
18,600 NHP, Inc.* 418,500
280,760 Regalian Properties (British
Pounds) 186,924
17,200 Security Capital Pacific Trust 393,450
99,000 TBI PLC (British Pounds) 143,359
5,000 TOC (Japanese Yen) 59,425
10,000 Vallehermoso SA (Spanish
Pesetas) 270,279
-----------
2,990,795
-----------
</TABLE>
8 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 11
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1997 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------
<S> <C> <C>
RESTAURANTS (0.3%)
21,300 PJ America, Inc.* $ 362,100
9,000 Papa John's International, Inc.* 330,750
-----------
692,850
-----------
RETAIL STORES (5.2%)
40,400 99 Cents Only Stores* 1,217,050
51,000 Alexon Group ORD (British
Pounds) 158,738
24,800 Black Box Corp. DE 998,200
28,200 Borders Group, Inc.* 680,325
165,000 Budgens PLC (British Pounds) 105,734
4,800 Circle K Japan Co. (Japanese
Yen) 276,012
19,950 Consolidated Products Co.* 244,388
2,000 Deo Deo Corp. (Japanese Yen) 39,151
2,600 Dollar General Corp. 97,500
31,000 Dominick's Supermarkets, Inc.* 825,375
17,000 Dylex Ltd. (Canadian Dollars)* 87,495
18,000 Eagle Hardware & Garden, Inc.* 411,750
14,500 Family Dollar Stores, Inc. 395,125
6,300 Fast Retailing Co. (Japanese
Yen) 203,705
11,000 Foodland Associated Ltd.
(Australian Dollars) 74,168
10,600 Footstar, Inc.* 276,925
7,000 Fred Meyer, Inc.* 361,813
4,400 Jeans Mate Corp. (Japanese Yen) 69,213
165,900 Just Jeans Holdings Ltd.
(Australian Dollars) 201,347
5,200 Kohls Corp.* 275,275
31,000 Linens 'N Things, Inc.* 918,375
14,500 Mac Frugals Bargains Close-Outs,
Inc.* 395,125
46,300 Marks Brothers Jewelers, Inc.* 578,750
5,000 Marukyo Corp. (Japanese Yen) 60,736
6,000 Matsuyadenki Co. (Japanese Yen) 53,482
11,000 Michael's Stores, Inc.* 233,063
12,128 Monro Muffler Brake, Inc.* 209,199
130,000 PT Matahari Putra Prima --
Foreign (Indonesian Rupee) 203,167
11,600 Payless Shoesource, Inc.* 634,375
35,000 Racing Champions Corp.* 542,500
13,000 Schultz Sav-o Stores, Inc. 230,750
6,400 ShopKo Stores, Inc. 163,200
35,000 Somerfield PLC (British Pounds) 105,443
17,500 Staples, Inc.* 406,875
29,700 The Body Shop International
(British Pounds) 75,634
4,000 Tsutsumi Jewelry Co. (Japanese
Yen) 101,372
12,000 U.S. Office Products Co.* 366,750
7,800 Williams-Sonoma, Inc.* 333,450
5,000 Xebio Co. Ltd. (Japanese Yen) 123,219
-----------
12,734,754
-----------
<CAPTION>
------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------
<S> <C> <C>
RETAILING & DISTRIBUTORS (0.4%)
3,000 Denkyosha Co. (Japanese Yen) $ 22,284
37,200 ISA International PLC (British
Pounds) 118,881
29,550 Richfood Holdings, Inc. 768,300
-----------
909,465
-----------
TECHNOLOGY (1.1%)
5,200 Analysts International Corp. 174,200
22,700 CACI International, Inc. Class
A* 346,175
57,200 Reynolds & Reynolds Co. Class A 900,900
52,000 Vanstar Corp.* 734,500
12,000 Viasoft, Inc.* 609,000
-----------
2,764,775
-----------
TELECOMMUNICATIONS (1.1%)
12,340 Amper SA (Spanish Pesetas) 351,565
10,000 Billing Information Concepts* 348,750
436,000 Champion Technology (Hong Kong
Dollars) 56,278
21,000 Ericsson SPA (Italian Lire) 362,239
15,000 Intermedia Communications of
Florida, Inc.* 485,625
16,300 McLeod, Inc.* 550,125
13,200 Worldcom, Inc.* 422,400
-----------
2,576,982
-----------
TELECOMMUNICATION EQUIPMENT (1.4%)
4,200 Advanced Fibre Communications* 253,575
30,000 Anicom, Inc.* 360,000
25,000 Aspect Telecommunications Corp.* 556,250
10,000 Boston Technology, Inc.* 295,625
14,000 Brightpoint, Inc.* 455,875
5,000 Comverse Technology, Inc.* 260,000
5,000 Davox Corporation* 178,750
360,029 Kantone Holdings Ltd. (Hong Kong
Dollars)* 37,642
8,000 Nice Systems Ltd. 240,000
35,900 Paging Network, Inc.* 315,245
26,000 Radiant Systems, Inc.* 542,750
-----------
3,495,712
-----------
TEXTILE/APPAREL (1.5%)
2,000 Co-Cos Nobuoka Co. (Japanese
Yen) 17,827
106,000 Dawson International PLC
(British Pounds) 125,266
429 Devanlay SA (French Francs) 44,063
440 Deveaux SA (French Francs) 54,711
100 Etienne Aigner AG (German Marks) 45,796
900,000 First Sign International Holding
Ltd. (Hong Kong Dollars) 174,257
1,340 Gamma Holding NV (Netherland
Guilders) 72,153
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 9
<PAGE> 12
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1997 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------
<S> <C> <C>
TEXTILE/APPAREL (CONTINUED)
33,000 Gunze (Japanese Yen) $ 150,537
5,500 Jones Apparel Group, Inc.* 262,625
630 Kansas Erhvervbeklaed Odense A/S
(Danish Kroner) 41,235
25,000 Nautica Enterprises, Inc.* 660,938
10,200 St. John Knits, Inc. 550,800
15,000 Tavex Algodonero SA (Spanish
Pesetas)* 192,765
9,000 Tokyo Style (Japanese Yen) 125,055
38,550 Wolverine World Wide, Inc. 1,170,956
-----------
3,688,984
-----------
TOBACCO & GROCERY (0.5%)
12,000 800-JR CIGAR, Inc.* 249,000
16,600 Consolidated Cigar Holdings,
Inc.* 460,650
20,600 First Brands Corp. 472,512
-----------
1,182,162
-----------
TRANSPORTATION (0.9%)
43,280 Frontline (Swedish Kronor)* 148,328
17,000 Heartland Express, Inc.* 399,500
11,700 Hvide Marine, Inc. Class A* 258,863
5,000 Isewan Terminal Services Co.
Ltd. (Japanese Yen) 22,328
5,000 Japan Airport Terminal Co.
(Japanese Yen) 60,736
19,500 M.S. Carriers, Inc.* 489,937
17,200 Swift Transportation Co., Inc.* 507,400
4,000 Tokyo Kisen (Japanese Yen) 19,925
12,400 Trico Marine Services, Inc.* 270,475
-----------
2,177,492
-----------
WHOLESALE & INTERNATIONAL TRADE (0.2%)
8,300 Dahl International AB (Swedish
Kronor)* 163,160
49,000 Dickson Concepts International
Ltd. (Hong Kong Dollars) 178,361
7,000 Inaba Denkisangyo Co. (Japanese
Yen) 125,404
200 Joyfull Co. (Japanese Yen) 2,273
-----------
469,198
-----------
TOTAL COMMON STOCK
(cost $189,013,058) 224,947,507
-----------
PREFERRED STOCK (0.1%)
AUTO & AUTO PARTS (0.1%)
800 Koegel Fahrzeugwerke AG-VORZ
(German Marks) 114,778
-----------
<CAPTION>
------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------
<S> <C> <C>
CONSTRUCTION & HOUSING (0.0%)
250 Hans Einhell NV (German Marks) $ 45,911
-----------
TOTAL PREFERRED STOCK
(cost $149,652) 160,689
-----------
</TABLE>
<TABLE>
<CAPTION>
- ---------
PRINCIPAL
- ---------
<S> <C> <C>
SHORT-TERM DEBT (2.2%)
$5,441,000 Merrill Lynch & Co., Inc.
6.20%, 07/01/97
(cost $5,441,000) 5,440,075
------------
U.S. GOVERNMENT OBLIGATIONS (1.1%)
2,582,000 U.S. Treasury Bills,
4.77% through 5.19%, 07/24/97
through 09/18/97
(cost $2,563,364) 2,562,770
------------
REPURCHASE AGREEMENTS (4.2%)
7,804,000 Fifth Third Bank,
5.07%, 07/01/97,
Collateralized by $7,959,000
FHLMC Pool
#G10452, 7.00%, 02/01/11,
market value $7,961,491 7,804,000
2,315,000 Goldman Sachs,
5.75%, 07/01/97,
Collateralized by $2,360,000
U.S. Treasury
Note, 5.00%, 01/31/99, market
value $2,365,900 2,315,000
------------
TOTAL REPURCHASE AGREEMENTS
(cost $10,119,000) 10,119,000
------------
TOTAL INVESTMENTS
(cost $207,286,074) $243,230,041
===========
</TABLE>
10 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 13
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1997 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
FORWARD CURRENCY CONTRACTS
<TABLE>
<CAPTION>
Contract Value Market Value
Currency Sold: (U.S. $) (U.S. $) (Depreciation) Delivery Date
- --------------------- -------------- ------------ -------------- -------------
<S> <C> <C> <C> <C>
British Pounds $271,257 $272,970 ($ 1,713) 07/02/97
Netherlands Guilders 126,762 127,648 (886) 07/02/97
-------- -------- -------
Total currency sold $398,019 $400,618 ($ 2,599)
======== ======== =======
Currency Purchased:
- ---------------------
Australian Dollars $222,620 $217,731 ($ 4,889) 07/02/97
Danish Kroner 77,532 76,892 (640) 07/01/97
Italian Lire 9,627 9,556 (71) 07/02/97
Japanese Yen 14,190 14,075 (115) 07/01/97
New Zealand Dollars 7,443 7,321 (122) 07/02/97
Swiss Francs 29,060 28,900 (160) 07/02/97
-------- -------- -------
Total currency purchased $360,472 $354,475 ($ 5,997)
======== ======== =======
Net payable for forward currency contracts
purchased and sold ($ 8,596)
=======
</TABLE>
SUMMARY OF INVESTMENTS BY CURRENCY
<TABLE>
<CAPTION>
% OF PORTFOLIO
<S> <C>
United States Dollars 83.12
Japanese Yen 4.24
British Pounds 3.11
Swiss Francs 1.32
Australian Dollars 1.05
Spanish Pesetas 0.93
German Marks 0.81
French Francs 0.77
Italian Lire 0.77
Swedish Kronor 0.65
Canadian Dollars 0.49
Hong Kong Dollars 0.45
Belgian Francs 0.36
<CAPTION>
% OF PORTFOLIO
<S> <C>
Netherlands Guilders 0.34
Danish Kroner 0.24
Malaysian Ringgits 0.21
Singapore Dollars 0.18
South African Rand 0.16
Portuguese Escudos 0.16
New Zealand Dollars 0.15
Norwegian Kroner 0.14
Finnish Marks 0.13
Indonesian Rupee 0.08
Irish Punts 0.08
Austrian Schillings 0.06
</TABLE>
- ------------------------------------------------------
* Denotes a non-income producing security.
** Security is subject to contractual or legal restrictions on its resale.
Securities denominated in foreign currencies are shown at their U.S. dollar cost
and value.
Cost of investments for Federal income tax purposes: $208,671,712
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
AB Aktiebolag (Swedish stock company)
ADR American Depositary Receipt
AG Aktiengesellschaft (West German stock
company)
A/S Limited
ASA Limited
CVA Class A Convertible
FHLMC Federal Home Loan Mortgage Corporation
GDR Global Depositary Receipt
NV Naamloze Vennootschap (Dutch
corporation)
ORD Ordinary Depositary Receipt
OY Limited
PLC (British) Public Limited Company
SA Societe Anonyme (French corporation)
SA Sociedad Anonima (Spanish corporation)
SPA Societa per Azioni (Italian corporation)
</TABLE>
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 11
<PAGE> 14
NATIONWIDE SEPARATE ACCOUNT TRUST
CAPITAL APPRECIATION FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------
<S> <C> <C>
COMMON STOCK (94.0%)
AUTO & AUTO PARTS (0.7%)
55,958 Autoliv AB $ 2,189,357
-----------
BUILDING (2.6%)
66,800 Martin Marietta Materials, Inc. 2,162,650
39,100 Masco Corp. 1,632,425
44,100 Pulte Corp. 1,524,206
44,200 Vulcan Materials Co. 3,469,700
-----------
8,788,981
-----------
CHEMICALS (10.7%)
60,300 Georgia Gulf Corp. 1,752,469
255,400 Millipore Corp. 11,237,600
234,100 Morton International, Inc. 7,066,894
108,100 OM Group, Inc. 3,580,812
255,852 Pall Corp. 5,948,559
89,010 Raychem Corp. 6,620,119
-----------
36,206,453
-----------
COMPUTER EQUIPMENT (2.9%)
108,600 International Business Machines
Corp. 9,794,363
-----------
CONGLOMERATES (3.8%)
232,700 Corning, Inc. 12,943,937
-----------
DRUGS (13.4%)
248,200 Allergan, Inc. 7,895,862
19,400 American Home Products Corp. 1,484,100
20,000 Pfizer, Inc. 2,390,000
314,600 Schering-Plough Corp. 15,061,475
148,900 Warner-Lambert Co. 18,500,825
-----------
45,332,262
-----------
ELECTRICAL EQUIPMENT (1.8%)
163,800 Black & Decker Corp. 6,091,313
-----------
ENTERTAINMENT (1.0%)
42,177 Walt Disney Co. (The) 3,384,704
-----------
FINANCIAL -- BANKS (8.7%)
198,902 Banc One Corp. 9,634,342
8,800 Bank of New York Co., Inc. 382,800
34,200 Barnett Banks, Inc. 1,795,500
30,240 Charter One Financial, Inc. 1,629,180
6,400 CoreStates Financial Corp. 344,000
194,200 Mellon Bank Corp. 8,763,275
39,000 Bancorp Hawaii, Inc. 1,803,750
77,634 US Bancorp 4,978,280
-----------
29,331,127
-----------
<CAPTION>
------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------
<S> <C> <C>
FINANCIAL -- INSURANCE (3.8%)
62,600 Chubb Corp. $ 4,186,375
173,200 Horace Mann Educators Corp. 8,486,800
-----------
12,673,175
-----------
FINANCIAL SERVICES -- MISC. (5.1%)
346,900 Fannie Mae 15,133,512
40,000 Provident Companies 2,140,000
-----------
17,273,512
-----------
FOOD & BEVERAGE (9.4%)
40,800 Anheuser-Bush Companies, Inc. 1,711,050
256,200 Morningstar Group 7,525,875
251,900 PepsiCo, Inc. 9,461,994
112,800 Philip Morris Companies, Inc. 5,005,500
97,600 Ralston-Ralston Purina Group 8,021,500
-----------
31,725,919
-----------
HOSPITAL -- SUPPLY (6.0%)
61,075 Covance, Inc.* 1,179,511
110,000 Nellcor Puritan Bennett, Inc. 1,993,750
25,000 Physio-Control, Inc. 375,000
453,637 Quest Diagnostics, Inc.* 9,327,911
187,400 St. Jude Medical, Inc. 7,308,600
-----------
20,184,772
-----------
HOUSEHOLD -- PRODUCTS (2.1%)
94,700 Avon Products, Inc. 6,682,269
5,600 Gillette Co. (The) 530,600
-----------
7,212,869
-----------
MACHINERY & CAPITAL GOODS (1.0%)
33,800 Johnstown America Industries,
Inc.* 202,800
120,000 U.S. Rentals, Inc. 3,037,500
-----------
3,240,300
-----------
OIL & GAS (4.1%)
93,800 Texaco, Inc. 10,200,750
96,800 Unocal Corp. 3,757,050
-----------
13,957,800
-----------
PRINTING & PUBLISHING (12.6%)
108,999 ACNielsen Corp.* 2,139,105
127,200 American Greetings, Corp. Class
A 4,722,300
324,400 Cognizant Corp. 13,138,200
202,800 Dun & Bradstreet Corp. 5,323,500
3,900 Gannett Co., Inc. 385,125
65,900 Gibson Greetings, Inc.* 1,482,750
230,200 New York Times Co. Class A 11,394,900
54,200 Tribune Co. 2,604,987
3,400 Washington Post Co. Class B 1,353,200
-----------
42,544,067
-----------
</TABLE>
12 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 15
NATIONWIDE SEPARATE ACCOUNT TRUST
CAPITAL APPRECIATION FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1997 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
------------------------------------------------------
SHARES SECURITY VALUE
------------------------------------------------------
<S> <C> <C>
RESTAURANTS (0.6%)
41,600 McDonald's Corp. $ 2,009,800
-----------
RETAIL (1.7%)
40,000 Albertson's, Inc. 1,460,000
130,900 Wal-Mart Stores, Inc. 4,426,056
-----------
5,886,056
-----------
TELECOMMUNICATIONS (1.4%)
12,000 Airtouch Communications 328,500
111,800 MCI Communications Corp. 4,279,838
-----------
4,608,338
-----------
TOYS (0.6%)
61,835 Mattel, Inc. 2,094,661
-----------
TOTAL COMMON STOCK
(cost $228,450,481) 317,473,766
-----------
</TABLE>
<TABLE>
<CAPTION>
--------
PRINCIPAL
--------
<S> <C> <C>
CONVERTIBLE DEBT (0.2%)
MACHINERY (0.2%)
$ 1,029,000 Consorcio G Grupo Dina,
8.00%,
08/08/04 (cost $960,161) 829,631
------------
COMMERCIAL PAPER (6.2%)
BROKER-DEALERS (1.4%)
2,279,000 Goldman Sachs Group, 5.52%,
07/11/97 $ 2,274,921
2,390,000 Goldman Sachs Group, 5.52%,
08/04/97 2,377,113
------------
4,652,034
------------
FINANCIAL -- BANKS (1.8%)
1,858,000 Caterpillar Financial
Services, 5.52%, 07/17/97 1,852,974
4,346,000 Merrill Lynch & Co., 5.56%,
07/25/97 4,329,051
------------
6,182,025
------------
<CAPTION>
------------------------------------------------------
PRINCIPAL SECURITY VALUE
------------------------------------------------------
<S> <C> <C>
INSURANCE -- LIFE (0.7%)
$ 2,289,000 Principal Mutual Life, 5.52%,
07/07/97 $ 2,286,347
------------
MISCELLANEOUS (2.0%)
2,833,000 Bemis Co., Inc., 5.52%,
07/08/97 2,829,266
3,886,000 Bemis Co., Inc., 5.53%,
07/15/97 3,876,677
------------
6,705,943
------------
PAPER AND FOREST PRODUCTS (0.3%)
1,173,000 Ford Motor Credit, 5.53%,
07/21/97 1,169,119
------------
TOTAL COMMERCIAL PAPER
(cost $21,000,271) 20,995,468
------------
REPURCHASE AGREEMENT (0.4%)
1,293,598 MBS Tri Party, 5.93%,
07/01/97, Collateralized by
$1,990,000 GNMA 2
M00832GAR, 6.875%, 11/20/23,
market value $1,321,699
(cost $1,293,598) 1,293,598
------------
TOTAL INVESTMENTS
(cost $251,704,511) $340,592,463
============
</TABLE>
- ------------------------------------------------------
* Denotes a non-income producing security.
Cost also represents cost for Federal income tax purposes.
The abbreviations in the above statement stand for the following:
AB Aktiebolag (Swedish stock company)
GNMA Government National Mortgage Association
Portfolio holding percentages represent market value as a percent of net assets.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 13
<PAGE> 16
NATIONWIDE SEPARATE ACCOUNT TRUST
TOTAL RETURN FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
- ------------------------------------------------------
SHARES SECURITY VALUE
- ------------------------------------------------------
<S> <C> <C>
COMMON STOCK (95.5%)
AEROSPACE/DEFENSE (0.7%)
216,800 The Boeing Company $ 11,503,950
--------------
AUTO AND AUTO PARTS (5.7%)
690,000 Chrysler Corp. 22,640,625
490,000 Ford Motor Co. 18,497,500
933,900 Genuine Parts Co. 31,635,862
266,400 Magna International, Inc. 16,033,950
--------------
88,807,937
--------------
BUSINESS EQUIPMENT AND SERVICES (1.3%)
1,039,250 (The) Olsten Corp. 20,200,422
--------------
CABLE (1.4%)
1,052,000 Comcast Corp. Class A 22,486,500
--------------
CHEMICALS (6.8%)
110,000 Air Products & Chemicals 8,937,500
350,000 Crompton & Knowles Corp. 7,787,500
472,400 Du Pont (E.I.) De Nemours 29,702,150
173,800 Eastman Chemical Co. 11,036,300
268,400 Lawter International, Inc. 3,388,550
446,000 Monsanto Company 19,205,875
455,000 PPG Industries, Inc. 26,446,875
--------------
106,504,750
--------------
COMPUTER EQUIPMENT (4.3%)
400,000 Hewlett-Packard Co. 22,400,000
500,000 International Business
Machines 45,093,750
--------------
67,493,750
--------------
COMPUTER SOFTWARE SERVICES (3.0%)
570,000 Electronic Data Systems 23,370,000
550,100 First Data Corp. 24,170,019
--------------
47,540,019
--------------
CONGLOMERATES (5.7%)
200,000 EG&G, Inc. 4,500,000
305,300 Honeywell, Inc. 23,164,638
556,000 Philips Electronics N.V. 39,962,500
353,900 Premark International, Inc. 9,466,825
200,000 Rockwell International Corp. 11,800,000
--------------
88,893,963
--------------
CONSUMER GOODS (0.4%)
153,900 Tupperware Corp. 5,617,350
--------------
DRUGS (8.9%)
400,000 Allergan, Inc. 12,725,000
180,000 Bristol-Meyers Squibb Co. 14,580,000
725,000 Glaxo Wellcome PLC ADR 30,314,062
<CAPTION>
- ------------------------------------------------------
SHARES SECURITY VALUE
- ------------------------------------------------------
<S> <C> <C>
DRUGS (CONTINUED)
160,000 Schering-Plough Corp. $ 7,660,000
600,000 Warner-Lambert Co. 74,550,000
--------------
139,829,062
--------------
ELECTRONICS (0.2%)
177,000 Woodhead Industries, Inc. 3,340,875
--------------
FINANCIAL (16.2%)
600,000 Allstate Corp. 43,800,000
130,000 Bankers Trust NY, Inc. 11,310,000
638,139 Bear Stearns Co., Inc. 21,816,377
325,000 Chubb Corp. 21,734,375
1,478,100 Equitable Companies 49,146,825
200,000 Green Tree Financial Co. 7,125,000
779,800 Mellon Bank Corp. 35,188,475
700,000 Merrill Lynch & Co., Inc. 41,737,500
140,000 Morgan, J P & Co., Inc. 14,612,500
165,000 Morgan Stanley Group. Inc. 7,105,313
--------------
253,576,365
--------------
FOOD AND BEVERAGE (8.1%)
386,200 Grand Metropolitan ADR 15,134,213
795,000 Grand Metropolitan PLC 7,647,582
283,500 Heinz (H.J) Co. 13,076,437
100,100 International Flavor &
Fragrance, Inc. 5,055,050
500,000 PepsiCo, Inc. 18,781,250
400,000 Philip Morris Companies, Inc. 17,750,000
303,000 Ralston-Ralston Purina 24,902,813
225,000 Sara Lee Corp. 9,365,625
335,000 Seagram Co., Ltd. 13,483,750
54,100 Universal Foods Corp. 2,062,562
--------------
127,259,282
--------------
FOOD, GRAIN, AND AGRICULTURE (3.5%)
2,307,884 Archer Daniels-Midland Co. 54,235,274
--------------
HEALTHCARE (2.0%)
783,400 Columbia/HCA Health Care
Corp. 30,797,412
--------------
LEISURE/ENTERTAINMENT (0.1%)
31,000 Carnival Corp. Class A 1,278,750
--------------
MACHINERY AND CAPITAL GOODS (1.6%)
155,000 Cooper Industries, Inc. 7,711,250
50,000 Deere & Company 2,743,750
120,000 Emerson Electric Co. 6,607,500
130,000 Nordson Corp. 8,352,500
--------------
25,415,000
--------------
OIL & GAS (14.1%)
370,000 Amoco Corp. 32,166,875
580,000 Exxon Corp. 35,670,000
</TABLE>
14 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 17
NATIONWIDE SEPARATE ACCOUNT TRUST
TOTAL RETURN FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1997 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- ------------------------------------------------------
SHARES SECURITY VALUE
- ------------------------------------------------------
<S> <C> <C>
OIL & GAS (CONTINUED)
917,800 Mobil Corp. $ 64,131,275
440,000 Royal Dutch Petroleum Co. 23,925,000
225,000 Texaco, Inc. 24,468,750
675,000 The Williams Companies, Inc. 29,531,250
438,460 Union Pacific Resources
Group, Inc. 10,906,693
--------------
220,799,843
--------------
PAPER AND FOREST PRODUCTS (0.1%)
62,400 Glatfelter (P.H.) Co. 1,248,000
--------------
POLLUTION CONTROL (0.7%)
350,000 Waste Management, Inc. 11,243,750
--------------
PRINTING AND PUBLISHING (2.1%)
153,200 Cognizant Corp. 6,204,600
753,200 Dun & Bradstreet Corp. 19,771,500
217,600 Reader's Digest Assoc., Inc.,
Class B 6,024,800
--------------
32,000,900
--------------
RETAIL (1.5%)
420,000 Sears Roebuck & Co. 22,575,000
--------------
TELECOMMUNICATIONS (6.2%)
1,217,100 360 degrees Communications
Co.* 20,842,837
600,000 MCI Communications Corp. 22,968,720
1,004,300 Sprint Corp. 52,851,288
--------------
96,662,845
--------------
TRANSPORTATION (0.9%)
193,000 Union Pacific Corp. 13,606,500
--------------
TOTAL COMMON STOCK
(cost $983,868,639) 1,492,917,499
--------------
- ---------
PRINCIPAL
- ---------
U.S. GOVERNMENT AGENCY (3.7%)
$ 792,000 Federal Home Loan Mortgage
Corp., Discount Notes, 5.50%
through 5.545%, 7/25/97 789,138
915,000 Federal Home Loan Mortgage
Corp., Discount Notes, 5.51%,
08/04/97 910,315
4,615,000 Federal Home Loan Mortgage
Corp., Discount Notes, 5.40%,
09/03/97 4,570,447
2,030,000 Federal Home Loan Mortgage
Corp., Discount Notes, 5.43%,
09/08/97 2,008,872
4,145,000 Federal Home Loan Mortgage
Corp., Discount Notes, 5.57%,
11/05/97 4,065,594
<CAPTION>
- --------------------------------------------------------
PRINCIPAL SECURITY VALUE
- --------------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT AGENCY (CONTINUED)
$4,260,000 Federal National Mortgage
Association Discount Notes,
5.43%, 07/14/97 $ 4,251,003
1,245,000 Federal National Mortgage
Association Discount Notes,
5.51%, 07/18/97 1,241,813
1,010,000 Federal National Mortgage
Association Discount Notes,
5.27% though 5.41%, 07/24/97 1,006,501
2,645,000 Federal National Mortgage
Association Discount Notes,
5.54% though 5.55%, 08/04/97 2,631,457
4,475,000 Federal National Mortgage
Association Discount Notes,
5.29%, 08/13/97 4,446,024
350,000 Federal National Mortgage
Association Discount Notes,
5.21%, 08/25/97 347,101
6,590,000 Federal National Mortgage
Association Discount Notes,
5.47%, 09/12/97 6,517,431
1,230,000 Federal National Mortgage
Association Discount Notes,
5.44 through 5.55%, 09/24/97 1,214,229
6,560,000 Federal National Mortgage
Association Discount Notes,
5.55%, 09/25/97 6,474,897
5,755,000 Federal National Mortgage
Association Discount Notes,
5.59%, 10/14/97 5,663,852
1,735,000 Federal National Mortgage
Association Discount Notes,
5.61%, 10/20/97 1,705,951
3,210,000 Federal National Mortgage
Association Discount Notes,
5.61%, 10/30/97 3,151,411
3,410,000 Federal National Mortgage
Association Discount Notes,
5.31% through 5.54%, 10/30/97 3,370,908
3,080,000 Federal National Mortgage
Association Discount Notes,
5.43%, 12/17/97 3,001,340
--------------
TOTAL U.S. GOVERNMENT AGENCY
(cost $57,360,301) 57,368,284
--------------
U.S. TREASURY BILLS (0.2%)
3,710,000 5.04% through 5.09%, 08/21/97
(cost $3,683,511) 3,683,351
--------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 15
<PAGE> 18
NATIONWIDE SEPARATE ACCOUNT TRUST
TOTAL RETURN FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1997 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
------------------------------------------------------
PRINCIPAL SECURITY VALUE
------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT (0.3%)
$4,816,821 MBS Tri Party, 5.93%,
07/01/97, Collateralized by
$7,400,000 GNMA 2 M008326AR,
6.875%, 11/20/23, market
value $4,914,861 (cost
$4,816,821) $ 4,816,821
--------------
TOTAL INVESTMENTS
(cost $1,049,729,272) $1,558,785,955
==============
</TABLE>
- ------------------------------------------------------
* Denotes a non-income producing security.
Cost also represents cost for Federal income tax purposes
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
ADR American Depositary Receipt
PLC Public Limited Company
GNMA Government National Mortgage
Association
</TABLE>
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
16 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 19
NATIONWIDE SEPARATE ACCOUNT TRUST
GOVERNMENT BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
- ------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ------------------------------------------------------
<S> <C> <C>
MORTGAGE-BACKED SECURITIES (33.7%)
FEDERAL HOME LOAN MORTGAGE CORP., REMIC
$13,000,000 Series 1334-D, 6.00%,
08/15/07 $ 12,140,960
20,000,000 Series 1415-N, 6.75%,
11/15/07 19,803,601
15,000,000 Series 1560-PN, 7.00%,
12/15/12 14,950,800
9,036,000 Series 1132-J, 8.00%,
08/15/16 9,402,682
9,454,271 Series 31-E, 7.55%, 05/15/20 9,563,950
8,000,000 Series 1841-PA, 7.07%,
08/15/20 8,002,944
10,000,000 Series 1102-H, 8.875%,
06/15/21 10,749,100
2,718,823 Series 190-D, 9.20%, 10/15/21 2,813,913
------------
87,427,950
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION,
REMIC
6,937,229 Series 100-M, 5.50%, 09/25/01 6,787,940
856,281 Series 68-E, 8.35%, 10/25/03 854,560
11,537,792 Series 68-Z, 8.00%, 05/25/07 12,105,002
3,959,326 Series 34-E, 9.85%, 08/25/14 4,053,028
1,799,936 Series 25-B, 9.25%, 10/25/18 1,889,436
12,824,661 Series 16-D, 9.00%, 03/25/20 13,310,985
9,228,714 Series 81-Z, 8.50%, 04/25/20 9,638,478
3,410,229 Series 73-A, 8.00%, 07/25/21 3,496,951
5,594,301 Series 67-Z, 9.00%, 06/25/22 5,874,122
------------
58,010,502
------------
TOTAL MORTGAGE-BACKED
SECURITIES
(cost $143,905,598) 145,438,452
------------
U.S. GOVERNMENT AND AGENCY
LONG-TERM OBLIGATIONS (59.8%)
FEDERAL HOME LOAN BANKS
12,000,000 6.36%, 03/21/01 11,956,884
6,000,000 6.552%, 01/09/02 5,997,672
FEDERAL HOME LOAN MORTGAGE
CORPORATION
38,000,000 6.81%, 03/11/04 37,632,388
FEDERAL NATIONAL MORTGAGE
ASSOCIATION
8,000,000 6.77%, 09/01/05 8,027,264
21,000,000 7.26%, 10/05/05 20,789,202
12,310,000 7.58%, 04/26/06 12,382,567
<CAPTION>
- ------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ------------------------------------------------------
<S> <C> <C>
PRIVATE EXPORT FUNDING CORPORATION
$28,000,000 6.86%, due 04/30/04 $ 28,344,596
RESOLUTION FUNDING CORPORATION
54,000,000 Principal STRIP, 04/15/06 30,086,046
58,000,000 Principal STRIP, 07/15/13 18,923,602
U.S. TREASURY NOTES
25,000,000 5.625%, 11/30/00 24,492,175
20,000,000 6.625%, 07/31/01 20,200,000
37,000,000 7.50%, 02/15/05 39,150,625
------------
TOTAL U.S. GOVERNMENT AND
AGENCY LONG-TERM OBLIGATIONS
(cost $255,480,358) 257,983,021
------------
REPURCHASE AGREEMENT (5.4%)
23,449,000 Prudential Securities, 5.80%,
07/01/97, Collateralized by
$21,740,000 U.S. Treasury
Notes, 8.75%, 08/15/00,
market value $24,158,384
(cost $23,449,000) 23,449,000
------------
TOTAL INVESTMENTS
(cost $422,834,956) $426,870,473
============
</TABLE>
- ------------------------------------------------------
Cost also represents cost for Federal income tax purposes.
The abbreviation in the above statement stands for the following:
REMIC Real Estate Mortgage Investment Conduit
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to the financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 17
<PAGE> 20
NATIONWIDE SEPARATE ACCOUNT TRUST
MONEY MARKET FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
- ------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ------------------------------------------------------
<S> <C> <C>
COMMERCIAL PAPER (96.1%)
AGRICULTURE/FINANCE (3.1%)
$24,565,000 John Deere Capital,
5.54-5.55%, 07/25/97 $ 24,474,207
6,388,000 John Deere Capital, 5.54%,
08/11/97 6,347,695
------------
30,821,902
------------
AUTO / FINANCE (3.8%)
15,000,000 Ford Motor Credit Co.,
5.57-5.58%, 07/07/97 14,986,075
12,840,000 Ford Motor Credit Co.,
5.52-5.54%, 07/10/97 12,822,266
5,627,000 Ford Motor Credit Co.,
5.53%, 07/25/97 5,606,255
4,297,000 Ford Motor Credit Co.,
5.57%, 07/30/97 4,277,720
------------
37,692,316
------------
BANKS (14.0%)
14,000,000 Banc One Corp., 5.56%,
07/22/97 13,954,593
20,000,000 CoreStates Capital, 5.55%,
07/21/97 19,938,333
6,000,000 Morgan (J.P.) & Co., 5.51%,
07/02/97 5,999,082
10,000,000 Morgan (J.P.) & Co., 5.35%,
07/08/97 9,989,597
13,780,000 Morgan (J.P.) & Co.,
5.57-5.60%, 07/17/97 13,745,879
6,000,000 Morgan (J.P.) & Co., 5.43%,
08/11/97 5,962,895
10,000,000 National City Credit,
5.55-5.57%, 08/04/97 9,947,583
10,000,000 National City Credit, 5.57%,
08/12/97 9,935,017
7,000,000 National City Credit, 5.60%,
09/02/97 6,931,400
8,000,000 National City Credit, 5.57%,
09/15/97 7,905,929
5,000,000 Suntrust Banks, Inc., 5.56%,
07/16/97 4,988,417
15,000,000 Suntrust Banks, Inc., 5.55%,
08/06/97 14,916,750
5,840,000 Suntrust Banks, Inc., 5.55%,
09/17/97 5,769,774
10,000,000 Suntrust Banks, Inc., 5.56%,
09/25/97 9,867,178
------------
139,852,427
------------
<CAPTION>
- ------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ------------------------------------------------------
<S> <C> <C>
BROKER-DEALERS (13.8%)
$ 3,000,000 Bear Stearns Company, 5.65%,
07/11/97 $ 2,995,292
5,000,000 Bear Stearns Company, 5.65%,
07/14/97 4,989,798
5,000,000 Bear Stearns Company, 5.64%,
07/15/97 4,989,033
15,000,000 Bear Stearns Company, 5.60%,
08/19/97 14,885,667
7,000,000 Bear Stearns Company, 5.62%,
09/04/97 6,928,969
10,185,000 Goldman Sachs Group, 5.50%,
07/07/97 10,175,664
5,000,000 Goldman Sachs Group, 5.60%,
09/04/97 4,949,445
10,583,000 Goldman Sachs Group, 5.60%,
09/05/97 10,474,348
10,000,000 Goldman Sachs Group,
5.56-5.57%, 09/12/97 9,887,053
8,000,000 Merrill Lynch & Co., 5.59%,
07/09/97 7,990,062
1,940,000 Merrill Lynch & Co.,
5.55-5.57%, 07/24/97 1,933,121
12,000,000 Merrill Lynch & Co., 5.57%,
07/28/97 11,949,870
12,000,000 Merrill Lynch & Co., 5.60%,
08/22/97 11,902,933
8,870,000 Smith Barney, Inc., 5.54%,
07/18/97 8,846,795
15,000,000 Smith Barney, Inc., 5.54%,
08/01/97 14,928,441
10,000,000 Smith Barney, Inc., 5.54%,
08/04/97 9,947,678
------------
137,774,169
------------
CHEMICALS (3.2%)
9,000,000 Monsanto Co.,
5.58%, 07/10/97 8,987,445
10,860,000 PPG Industries, 5.51-5.53%,
07/14/97 10,838,379
12,268,000 PPG Industries, 5.55-5.57%,
07/31/97 12,211,056
------------
32,036,880
------------
</TABLE>
18 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 21
NATIONWIDE SEPARATE ACCOUNT TRUST
MONEY MARKET FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1997 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- ------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ------------------------------------------------------
<S> <C> <C>
CONSUMER SALES FINANCE (13.7%)
$ 4,966,000 American Express Credit
Corp., 5.52-5.54%, 07/10/97 $ 4,959,147
3,827,000 American Express Credit
Corp., 5.54%, 07/31/97 3,809,332
5,030,000 Associates Corp. of N.A.,
5.53%, 07/28/97 5,009,138
9,230,000 Associates Corp. of N.A.,
5.55%, 07/29/97 9,190,157
15,367,000 Avco Financial Services,
Inc., 5.58-5.63%, 07/14/97 15,335,830
2,000,000 Avco Financial Services,
Inc., 5.57%, 08/06/97 1,988,860
6,000,000 Avco Financial Services,
Inc., 5.58%, 08/07/97 5,965,590
5,000,000 Avco Financial Services,
Inc., 5.55%, 08/26/97 4,956,833
20,000,000 Beneficial Corp., 5.52%,
07/18/97 19,947,867
10,000,000 Beneficial Corp., 5.54%,
07/31/97 9,953,833
20,000,000 Commercial Credit Co.,
5.52-5.55%, 07/11/97 19,969,250
10,000,000 Norwest Financial, 5.55%,
07/09/97 9,987,667
10,000,000 Norwest Financial, 5.55%,
08/27/97 9,912,125
16,310,000 Norwest Financial, 5.59%,
09/03/97 16,147,915
------------
137,133,544
------------
CORPORATE CREDIT UNIONS (1.0%)
10,512,000 U.S. Central Credit Union,
5.55%, 09/24/97 10,374,249
------------
DATA SERVICES (0.7%)
7,481,000 First Data Corp., 5.60%,
07/02/97 7,448,480
------------
DIVERSIFIED FINANCE (3.5%)
163,000 GE Capital Corp.,
5.53-5.57%, 07/16/97 162,624
10,000,000 GE Capital Corp., 5.57%,
07/17/97 9,975,244
10,000,000 GE Capital Corp., 5.55%,
07/23/97 9,966,083
5,172,000 GE Capital Corp., 5.63%,
08/06/97 5,142,882
10,000,000 GE Capital Corp., 5.66%,
08/18/97 9,924,533
------------
35,171,366
------------
ENTERTAINMENT (1.5%)
15,000,000 Walt Disney Company, 5.50%,
07/02/97 14,997,708
------------
<CAPTION>
- ------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ------------------------------------------------------
<S> <C> <C>
FINANCIAL SERVICES/ ELECTRIC
UTILITY (3.5%)
$ 3,400,000 National Rural Utilities,
5.55%, 07/17/97 $ 3,391,613
2,900,000 National Rural Utilities,
5.55%, 07/21/97 2,891,058
20,000,000 National Rural Utilities,
5.54%, 08/25/97 19,830,722
4,397,000 National Rural Utilities,
5.54%, 09/03/97 4,353,694
5,000,000 National Rural Utilities,
5.55%, 09/04/97 4,949,896
------------
35,416,983
------------
FOOD & BEVERAGE (5.8%)
12,000,000 CPC International, 5.62%,
07/23/97 11,958,787
5,000,000 CPC International, 5.62%,
08/18/97 4,962,533
8,850,000 CPC International, 5.55%,
09/25/97 8,732,664
15,678,000 Campbell Soup Co., 5.26%,
08/21/97 15,561,173
3,050,000 Heinz (H.J.) Company,
5.52-5.60%, 07/03/97 3,049,065
10,000,000 Heinz (H.J.) Company, 5.52%,
07/14/97 9,980,067
328,000 Heinz (H.J.) Company, 5.52%,
07/17/97 327,195
3,100,000 Heinz (H.J.) Company, 5.52%,
07/22/97 3,090,018
------------
57,661,502
------------
HEAVY EQUIPMENT FINANCE (0.5%)
4,771,000 Caterpillar Financial
Services, 5.56%, 08/05/97 4,745,210
------------
INSURANCE (8.8%)
10,000,000 AIG Funding, Inc., 5.31%,
08/07/97 9,945,425
15,000,000 MetLife Funding Inc., 5.53%,
07/16/97 14,965,438
8,420,000 MetLife Funding Inc.,
5.55-5.53%, 07/22/97 8,392,791
3,712,000 MetLife Funding Inc., 5.55%,
07/29/97 3,695,977
2,308,000 MetLife Funding Inc.,
5.55-5.57%, 08/04/97 2,295,859
13,000,000 Old Republic Capital,
5.41-5.40%, 07/08/97 12,986,338
10,000,000 Old Republic Capital,
5.62-5.63%, 08/05/97 9,945,264
11,000,000 Old Republic Capital, 5.65%,
10/07/97 10,830,814
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 19
<PAGE> 22
NATIONWIDE SEPARATE ACCOUNT TRUST
MONEY MARKET FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1997 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- ------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ------------------------------------------------------
<S> <C> <C>
INSURANCE (CONTINUED)
$ 4,700,000 Principal Mutual, 5.50%,
07/08/97 $ 4,694,974
9,847,000 Principal Mutual, 5.52%,
07/09/97 9,834,921
------------
87,587,801
------------
OFFICE EQUIPMENT AND
SUPPLIES (1.9%)
9,465,000 Pitney Bowes Credit, 5.67%,
09/16/97 9,350,213
10,000,000 Pitney Bowes Credit, 5.65%,
09/23/97 9,868,166
------------
19,218,379
------------
OIL & GAS (1.9%)
19,225,000 Koch Industries, 6.15%,
07/01/97 19,225,000
------------
OIL & GAS: EQUIPMENT &
SERVICES (3.7%)
12,000,000 Chevron Transport, 5.56%,
07/24/97 11,957,373
10,000,000 Chevron Transport, 5.57%,
07/29/97 9,956,678
10,000,000 Chevron Transport, 5.57%,
07/30/97 9,955,131
5,000,000 Chevron Transport, 5.56%,
08/08/97 4,970,656
------------
36,839,838
------------
PACKAGING/CONTAINERS (3.7%)
5,000,000 Bemis Co., Inc., 5.55%,
07/07/97 4,995,375
2,523,000 Bemis Co., Inc., 5.52-5.58%,
07/09/97 2,519,905
8,530,000 Bemis Co., Inc., 5.55-5.58%,
07/14/97 8,512,904
15,000,000 Bemis Co., Inc., 5.57%,
07/15/97 14,967,508
6,038,000 Bemis Co., Inc., 5.53%,
07/24/97 6,016,667
------------
37,012,359
------------
PAPER AND FOREST PRODUCTS (0.8%)
8,000,000 Sonoco Products Co., 5.53%,
07/01/97 8,000,000
------------
<CAPTION>
- ------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ------------------------------------------------------
<S> <C> <C>
PHARMACEUTICALS/ PERSONAL
CARE (6.2%)
$ 5,000,000 Becton Dickinson, 5.90%,
07/03/97 $ 4,998,361
1,472,000 Becton Dickinson, 5.55%,
07/17/97 1,468,369
10,000,000 Becton Dickinson, 5.55%,
09/26/97 9,865,875
10,000,000 Gillette Co.,
5.53%, 07/03/97 9,996,928
12,000,000 Glaxo Wellcome, 5.56%,
07/01/97 12,000,000
23,666,000 Schering Corp., 5.60-5.61%,
08/05/97 23,537,152
------------
61,866,685
------------
PREMIUM FINANCE (1.0%)
10,140,000 A.I. Credit Corp., 5.26%,
08/20/97 10,065,922
------------
TOTAL COMMERCIAL PAPER
(cost $960,942,720) 960,942,720
------------
U.S GOVERNMENT AND
AGENCY OBLIGATIONS (4.0%)
15,180,000 U.S. Treasury Bills,
5.17-5.425%, 11/13/97 14,871,182
15,000,000 Federal Home Loan Mortgage,
5.50%, 07/03/97 14,995,417
10,000,000 Federal Farm Credit,
5.35%*, Variable Rate Note,
03/03/98 10,000,000
------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(cost $39,866,599) 39,866,599
------------
TOTAL INVESTMENTS
(cost $1,000,809,319) $1,000,809,319
============
</TABLE>
- ------------------------------------------------------
Cost also represents cost for Federal income tax purposes.
Portfolio holding percentages represent value as a percentage of net assets.
* Variable rate security. The rate reflected in the Statement of Investments is
the rate in effect on June 30, 1997.
See accompanying notes to financial statements.
20 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 23
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1997
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL CAPITAL GOVERNMENT
COMPANY APPRECIATION TOTAL RETURN BOND MONEY MARKET
FUND FUND FUND FUND FUND
------------ ------------ -------------- ------------ --------------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments in securities, at
value
(cost $197,167,074,
$250,410,913, $1,044,912,451,
$399,385,956, and
$1,000,809,319, respectively) $233,111,041 $339,298,865 $1,553,969,134 $403,421,473 $1,000,809,319
Repurchase agreements (cost
$10,119,000, $1,293,598,
$4,816,821, and $23,449,000) 10,119,000 1,293,598 4,816,821 23,449,000 --
------------ ------------ -------------- ------------ --------------
Total investments 243,230,041 340,592,463 1,558,785,955 426,870,473 1,000,809,319
Cash -- -- -- 1,454 --
Accrued interest and dividends
receivable 180,347 269,242 1,794,604 4,863,508 52,621
Withholding tax reclaim
receivable 28,625 -- 83,111 -- --
Receivable for investment
securities sold 19,434,928 2,598,463 16,546,802 23,866,990 46,710,000
Receivable for fund shares sold 705,404 983,532 1,231,613 -- --
Receivable for translation of
assets and liabilities in
foreign currencies 153 -- -- -- --
Deferred organization expenses 6,045 -- -- -- --
------------ ------------ -------------- ------------ --------------
Total assets 263,585,543 344,443,700 1,578,442,085 455,602,425 1,047,571,940
------------ ------------ -------------- ------------ --------------
LIABILITIES
Bank loan 251,942 2,421 4,864,774 -- 1,567
Payable for foreign currency
contracts 8,596 -- -- -- --
Payable for investment
securities purchased 21,207,027 6,481,724 9,067,825 23,449,000 47,199,159
Payable for fund shares redeemed -- -- -- 384,467 64,974
Accrued management fees 189,088 134,164 623,898 177,883 402,634
Other accrued expenses 5,467 1,557 11,285 (1,713) 21,956
------------ ------------ -------------- ------------ --------------
Total liabilities 21,662,120 6,619,866 14,567,782 24,009,637 47,690,290
------------ ------------ -------------- ------------ --------------
NET ASSETS $241,923,423 $337,823,834 $1,563,874,303 $431,592,788 $ 999,881,650
============ ============ ============== ============ ==============
REPRESENTED BY:
Capital $208,048,570 $248,025,344 $1,033,347,502 $429,437,921 $ 999,887,882
Net unrealized appreciation on
investments and translation of
assets and liabilities in
foreign currencies 35,935,524 88,887,952 509,056,683 4,035,517 --
Undistributed net realized gain
(loss) from investments and
foreign currency transactions -- 880,125 21,323,092 (1,905,102) (6,542)
Distributions in excess of net
realized gains from
investments and foreign
currency transacations (2,307,347) -- -- -- --
Undistributed net investment
income 246,676 30,413 147,026 24,452 310
------------ ------------ -------------- ------------ --------------
NET ASSETS $241,923,423 $337,823,834 $1,563,874,303 $431,592,788 $ 999,881,650
============ ============ ============== ============ ==============
Shares outstanding (unlimited
number of shares authorized) 15,959,009 17,269,217 99,535,254 39,228,213 999,891,156
============ ============ ============== ============ ==============
NET ASSET VALUE, offering and
redemption price per share $ 15.16 $ 19.56 $ 15.71 $ 11.00 $ 1.00
============ ============ ============== ============ ==============
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 21
<PAGE> 24
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1997
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL CAPITAL GOVERNMENT
COMPANY APPRECIATION TOTAL RETURN BOND MONEY MARKET
FUND FUND FUND FUND FUND
----------- ----------- ------------ ------------ -----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
INCOME:
Interest $ 582,785 $ 488,980 $ 2,437,851 $ 14,966,728 $28,398,180
Dividends 817,241 1,761,466 13,070,822 -- --
Less foreign tax withheld (66,743) -- (64,308) -- --
----------- ----------- ------------ ------------ -----------
Total income 1,333,283 2,250,446 15,444,365 14,966,728 28,398,180
----------- ----------- ------------ ------------ -----------
EXPENSES:
Investment management fees 973,505 651,823 3,297,390 1,099,837 2,535,860
Custodian fees 55,819 10,784 24,174 8,181 33,054
Professional services 4,909 4,494 28,517 8,975 22,220
Trustees fees and expenses 148 206 1,150 487 1,089
Other 35,986 4,076 22,452 4,325 14,068
----------- ----------- ------------ ------------ -----------
Total expenses 1,070,367 671,383 3,373,683 1,121,805 2,606,291
----------- ----------- ------------ ------------ -----------
NET INVESTMENT INCOME $ 262,916 $ 1,579,063 $ 12,070,682 $ 13,844,923 $25,791,889
----------- ----------- ------------ ------------ -----------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain (loss) on
investments and foreign currency
transactions $(1,343,932) $ 880,125 $ 21,322,859 $ 2,429,488 $ 62
Net change in unrealized appreciation
(depreciation) on investments and
translation of assets and
liabilities in foreign currencies 21,611,653 49,389,538 209,636,258 (4,249,173) --
----------- ----------- ------------ ------------ -----------
Net realized and unrealized gain
(loss) on investements and
translation of assets and
liabilities in foreign currencies 20,267,721 50,269,663 230,959,117 (1,819,685) 62
----------- ----------- ------------ ------------ -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $20,530,637 $ 51,848,726 $243,029,799 $ 12,025,238 $25,791,951
=========== =========== ============ ============ ===========
</TABLE>
See accompanying notes to financial statements.
22 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 25
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL COMPANY FUND
---------------------------
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1997 1996
------------ ------------
(UNAUDITED)
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 262,916 $ 513,541
Net realized gain (loss) on investments and foreign currencies (1,343,932) (10,875)
Net change in unrealized appreciation or depreciation on investments and
translation of assets and liabilities in foreign currencies 21,611,653 12,814,687
------------ ------------
Net increase in net assets resulting from operations 20,530,637 13,317,353
------------ ------------
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income -- (467,602)
In excess of net realized gain from investment transactions and foreign
currency transactions -- (914,090)
Tax return of capital -- (58,538)
------------ ------------
Decrease in net assets from distributions to shareholders -- (1,440,230)
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 90,691,010 233,069,667
Net asset value of shares issued to shareholders from reinvestment of
dividends -- 1,440,231
Cost of shares redeemed (50,137,933) (82,702,784)
------------ ------------
Net increase (decrease) in net assets derived from capital share
transactions 40,553,077 151,807,114
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS 61,083,714 163,684,237
NET ASSETS -- BEGINNING OF PERIOD 180,839,709 17,155,472
------------ ------------
NET ASSETS -- END OF PERIOD $241,923,423 $180,839,709
============ ============
Distributions in excess of net realized gain on investments and foreign
currency transactions included in net assets at end of period $ (2,307,347) $ (963,415)
============ ============
Undistributed (distributions in excess of) net investment income included in
net assets at end of period $ 246,676 $ (16,240)
============ ============
SHARE ACTIVITY:
Shares sold 6,509,947 17,796,626
Shares issued to shareholders from reinvestment of dividends -- 104,562
Shares redeemed (3,568,750) (6,385,454)
------------ ------------
Net increase (decrease) in number of shares 2,941,197 11,515,734
============ ============
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 23
<PAGE> 26
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CAPITAL APPRECIATION FUND
---------------------------
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1997 1996
------------ ------------
(UNAUDITED)
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 1,579,063 $ 2,093,155
Net realized gain (loss) on investments 880,125 6,083,507
Net change in unrealized appreciation or depreciation on investments 49,389,538 24,469,916
------------ ------------
Net increase in net assets resulting from operations 51,848,726 32,646,578
------------ ------------
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (1,564,264) (2,097,320)
Net realized gain on investments -- (6,083,507)
------------ ------------
Decrease in net assets from distributions to shareholders (1,564,264) (8,180,827)
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 99,660,121 188,489,438
Net asset value of shares issued to shareholders from reinvestment of
dividends 1,564,265 8,180,827
Cost of shares redeemed (25,158,837) (90,899,204)
------------ ------------
Net increase (decrease) in net assets derived from capital share
transactions 76,065,549 105,771,061
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS 126,350,011 130,236,812
NET ASSETS -- BEGINNING OF PERIOD 211,473,823 81,237,011
------------ ------------
NET ASSETS -- END OF PERIOD $337,823,834 $211,473,823
============ ============
Undistributed net realized gain on investments included in net assets at end
of period $ 880,125 $ --
============ ============
Undistributed net investment income included in net assets at end of period $ 30,413 $ 15,614
============ ============
SHARE ACTIVITY:
Shares sold 5,636,042 12,564,846
Shares issued to shareholders from reinvestment of dividends 86,063 511,125
Shares redeemed (1,439,440) (6,117,513)
------------ ------------
Net increase (decrease) in number of shares 4,282,665 6,958,458
============ ============
</TABLE>
See accompanying notes to financial statements.
24 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 27
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TOTAL RETURN FUND
--------------------------------
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1997 1996
-------------- --------------
(UNAUDITED)
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 12,070,682 $ 19,267,681
Net realized gain (loss) on investments 21,322,859 44,581,276
Net change in unrealized appreciation or depreciation on investments 209,636,258 132,964,864
-------------- --------------
Net increase in net assets resulting from operations 243,029,799 196,813,821
-------------- --------------
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (11,975,672) (19,350,083)
Net realized gain on investments 233 (44,581,276)
-------------- --------------
Decrease in net assets from distributions to shareholders (11,975,439) (63,931,359)
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 186,291,403 234,350,587
Net asset value of shares issued to shareholders from reinvestment of
dividends 11,975,439 63,931,358
Cost of shares redeemed (45,322,684) (66,253,094)
-------------- --------------
Net increase (decrease) in net assets derived from capital share
transactions 152,944,158 232,028,851
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS 383,998,518 364,911,313
NET ASSETS -- BEGINNING OF PERIOD 1,179,875,785 814,964,472
-------------- --------------
NET ASSETS -- END OF PERIOD $1,563,874,303 $1,179,875,785
============== ==============
Undistributed net realized gain on investments included in net assets at
end of period $ 21,323,092 $ --
============== ==============
Undistributed net investment income included in net assets at end of
period $ 147,026 $ 52,016
============== ==============
SHARE ACTIVITY:
Shares sold 13,064,455 18,641,347
Shares issued to shareholders from reinvestment of dividends 825,075 4,890,401
Shares redeemed (3,248,346) (5,275,955)
-------------- --------------
Net increase (decrease) in number of shares 10,641,184 18,255,793
============== ==============
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 25
<PAGE> 28
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GOVERNMENT BOND FUND
---------------------------
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1997 1996
------------ ------------
(UNAUDITED)
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 13,844,923 $ 27,722,569
Net realized gain (loss) on investments 2,429,488 4,438,322
Net change in unrealized appreciation or depreciation on investments (4,249,173) (17,097,130)
------------ ------------
Net increase in net assets resulting from operations 12,025,238 15,063,761
------------ ------------
DIVIDENDS TO SHAREHOLDERS FROM NET INVESTMENT INCOME (13,837,171) (27,750,527)
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 29,700,553 80,750,210
Net asset value of shares issued to shareholders from reinvestment of
dividends 13,837,172 27,750,527
Cost of shares redeemed (69,379,854) (90,583,178)
------------ ------------
Net increase (decrease) in net assets derived from capital share
transactions (25,842,129) 17,917,559
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS (27,654,062) 5,230,793
NET ASSETS -- BEGINNING OF PERIOD 459,246,850 454,016,057
------------ ------------
NET ASSETS -- END OF PERIOD $431,592,788 $459,246,850
============ ============
Undistributed net realized loss on investments included in net assets at end
of period $ (1,905,102) $ (4,334,590)
============ ============
Undistributed net investment income included in net assets at end of period $ 24,452 $ 16,700
============ ============
SHARE ACTIVITY:
Shares sold 2,693,990 7,317,309
Shares issued to shareholders from reinvestment of dividends 1,269,085 2,540,180
Shares redeemed (6,315,880) (8,244,830)
------------ ------------
Net increase (decrease) in number of shares (2,352,805) 1,612,659
============ ============
</TABLE>
See accompanying notes to financial statements.
26 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 29
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONEY MARKET FUND
---------------------------------
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1997 1996
--------------- ---------------
(UNAUDITED)
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 25,791,889 $ 45,167,610
Net realized gain (loss) on investments 62 (740)
-------------- --------------
Net increase in net assets resulting from operations 25,791,951 45,166,870
-------------- --------------
DIVIDENDS TO SHAREHOLDERS FROM:
Net investment income (25,791,579) (45,170,024)
Tax return of capital -- (3,388)
-------------- --------------
Decrease in net assets from distributions to shareholders (25,791,579) (45,173,412)
-------------- --------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 1,247,436,387 2,044,373,614
Net asset value of shares issued to shareholders from reinvestment of
dividends 25,791,579 45,202,840
Cost of shares redeemed (1,256,875,366) (1,843,449,040)
-------------- --------------
Net increase (decrease) in net assets derived from capital share
transactions 16,352,600 246,127,414
-------------- --------------
NET INCREASE (DECREASE) IN NET ASSETS 16,352,972 246,120,872
NET ASSETS -- BEGINNING OF PERIOD 983,528,678 737,407,806
-------------- --------------
NET ASSETS -- END OF PERIOD $ 999,881,650 $ 983,528,678
============== ==============
Undistributed net realized loss on investments included in net assets
at end of period $ (6,542) $ (6,604)
============== ==============
Undistributed net investment income included in net assets at end of
period $ 310 $ --
============== ==============
SHARE ACTIVITY:
Shares sold 1,247,436,387 2,044,373,614
Reinvestment of dividends 25,791,579 45,202,840
Shares redeemed (1,256,875,366) (1,843,449,040)
-------------- --------------
Net increase (decrease) in number of shares 16,352,600 246,127,414
============== ==============
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 27
<PAGE> 30
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL COMPANY FUND
------------------------------------------------
PERIOD FROM
OCTOBER 23, 1995
SIX MONTHS YEAR (COMMENCEMENT OF
ENDED ENDED OPERATIONS) THROUGH
JUNE 30, DECEMBER 31, DECEMBER 31,
1997 1996 1995
----------- ------------ -------------------
(UNAUDITED)
<S> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF PERIOD $ 13.89 $ 11.42 $ 10.00
Net investment income 0.02 0.06 0.02
Net realized gain (loss) and unrealized appreciation on
investments and translation of assets and liabilities in
foreign currencies 1.25 2.55 1.42
-------- -------- -------
Total from investment operations 1.27 2.61 1.44
-------- -------- -------
Dividends from net investment income -- (0.06) (0.02)
Dividends in excess of net realized gain from investment
transactions and foreign currencies -- (0.08) --
-------- -------- -------
Total distributions -- (0.14) (0.02)
-------- -------- -------
Net increase in net asset value 1.27 2.47 1.42
-------- -------- -------
NET ASSET VALUE -- END OF PERIOD $ 15.16 $ 13.89 $ 11.42
======== ======== =======
Total Return 9.14%* 22.83% 14.38%*
Ratios and supplemental data:
Net Assets, end of period (000) $ 241,923 $ 80,840 $17,155
Ratio of expenses to average net assets 1.10%* 1.20% 1.25%*
Ratio of expenses to average net assets** 1.10%* 1.20% 1.74%*
Ratio of net investment income to average net assets .27%* .60% 1.32%*
Ratio of net investment income to average net assets** .27%* .60% .83%*
Portfolio turnover 67.23%* 136.74% 9.03%*
Average commission rate paid*** 2.5800c 2.8802c --
</TABLE>
- ------------------------------------------------------
* Ratios are annualized for periods of less than one year. Total return and
portfolio turnover are not annualized.
** Ratios calculated as if no fees were waived or expenses reimbursed.
*** Represents the total amount of commissions paid in portfolio equity
transactions divided by the total number of shares purchased and sold by the
Fund for which commissions were charged.
See accompanying notes to financial statements.
28 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 31
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CAPITAL APPRECIATION FUND
-------------------------------------------------------------------------
PERIOD FROM
APRIL 15, 1992
SIX MONTHS (COMMENCEMENT OF
ENDED YEARS ENDED DECEMBER 31, OPERATIONS) THROUGH
JUNE 30, -------------------------------------- DECEMBER 31,
1997 1996 1995 1994 1993 1992
---------- -------- ------- ------- ------- -------------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF PERIOD $ 16.28 $ 13.48 $ 10.92 $ 11.20 $ 10.46 $ 10.00
Net investment income 0.18 0.21 0.23 0.18 0.26 0.10
Net realized gain (loss) and
unrealized appreciation
(depreciation) on investments 3.28 3.29 2.96 (0.28) 0.74 0.48
-------- -------- ------- ------- ------- -------
Total from investment operations 3.46 3.50 3.19 (0.10) 1.00 0.58
-------- -------- ------- ------- ------- -------
Dividends from net investment income (0.18) (0.22) (0.23) (0.18) (0.26) (0.10)
Dividends from net realized gain
from investment transactions -- (0.48) (0.40) -- -- (0.02)
-------- -------- ------- ------- ------- -------
Total distributions (0.18) (0.70) (0.63) (0.18) (0.26) (0.12)
-------- -------- ------- ------- ------- -------
Net increase (decrease) in net
asset value 3.28 2.80 2.56 (0.28) 0.74 0.46
-------- -------- ------- ------- ------- -------
NET ASSET VALUE --
END OF PERIOD $ 19.56 $ 16.28 $ 13.48 $ 10.92 $ 11.20 $ 10.46
======== ======== ======= ======= ======= =======
Total Return 20.80%* 26.14% 29.35% (0.90%) 9.61% 10.92%*
Ratios and supplemental data:
Net Assets, end of period (000) $337,824 $211,474 $81,237 $60,442 $38,926 $18,800
Ratio of expenses to average net
assets .51%* .52% .54% .56% .59% .69%*
Ratio of net investment income to
average net assets 1.21%* 1.53% 1.89% 1.76% 2.82% 1.95%*
Portfolio turnover 4.65%* 22.19% 20.28% 11.21% 16.87% 5.01%*
Average commission rate paid** 5.9652c 5.8677c -- -- -- --
</TABLE>
- ------------------------------------------------------
* Ratios are annualized for periods of less than one year. Total return and
portfolio turnover are not annualized.
** Represents the total amount of commissions paid in portfolio equity
transactions divided by the total number of shares purchased and sold by the
Fund for which commissions were charged.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 29
<PAGE> 32
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TOTAL RETURN FUND
-------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
JUNE 30, ------------------------------------------------------
1997 1996 1995 1994 1993 1992
---------- ---------- -------- -------- -------- --------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF PERIOD $ 13.27 $ 11.54 $ 9.70 $ 10.10 $ 9.46 $ 9.07
Net investment income 0.13 0.24 0.31 0.21 0.23 0.25
Net realized gain (loss) and unrealized
appreciation (depreciation) on
investments 2.44 2.26 2.49 (0.10) 0.79 0.48
---------- ---------- -------- -------- -------- --------
Total from investment operations 2.57 2.50 2.80 0.11 1.02 0.73
---------- ---------- -------- -------- -------- --------
Dividends from net investment income (0.13) (0.25) (0.31) (0.28) (0.24) (0.25)
Dividends from net realized gain from
investment transactions -- (0.52) (0.65) (0.23) (0.14) (0.09)
---------- ---------- -------- -------- -------- --------
Total distributions (0.13) (0.77) (0.96) (0.51) (0.38) (0.34)
---------- ---------- -------- -------- -------- --------
Net increase (decrease) in net asset
value 2.44 1.73 1.84 (0.40) 0.64 0.39
---------- ---------- -------- -------- -------- --------
NET ASSET VALUE -- END OF PERIOD $ 15.71 $ 13.27 $ 11.54 $ 9.70 $ 10.10 $ 9.46
========== ========== ======== ======== ======== ========
Total Return 19.41%* 21.84% 29.09% 1.07% 10.92% 8.18%
Ratios and supplemental data:
Net Assets, end of period (000) $1,563,874 $1,179,876 $814,964 $534,821 $456,243 $334,917
Ratio of expenses to average net assets .51%* .51% .51% .52% .53% .53%
Ratio of net investment income to
average net assets 1.83%* 1.99% 2.84% 2.76% 2.51% 2.69%
Portfolio turnover 6.32%* 16.18% 16.12% 12.06% 9.79% 12.48%
Average commission rate paid** 4.3819c* 4.7577c -- -- -- --
</TABLE>
- ------------------------------------------------------
* Ratios are annualized for periods of less than one year. Total return and
portfolio turnover are not annualized.
** Represents the total amount of commissions paid in portfolio equity
transactions divided by the total number of shares purchased and sold by the
Fund for which commissions were charged.
See accompanying notes to financial statements.
30 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 33
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GOVERNMENT BOND FUND
------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
JUNE 30, -----------------------------------------------------
1997 1996 1995 1994 1993 1992
---------- -------- -------- -------- -------- --------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF PERIOD $ 11.04 $ 11.36 $ 10.20 $ 11.26 $ 10.92 $ 11.24
Net investment income 0.35 0.69 0.71 0.69 0.71 0.98
Net realized gain (loss) and unrealized
appreciation (depreciation) on
investments (0.04) (0.32) 1.16 (1.06) 0.32 (0.14)
-------- -------- -------- -------- -------- --------
Total from investment operations 0.31 0.37 1.87 (0.37) 1.03 0.84
-------- -------- -------- -------- -------- --------
Dividends from net investment income (0.35) (0.69) (0.71) (0.69) (0.66) (0.93)
Dividends from net realized gain from
investment transactions -- -- -- -- (0.03) (0.23)
-------- -------- -------- -------- -------- --------
Total distributions (0.35) (0.69) (0.71) (0.69) (0.69) (1.16)
-------- -------- -------- -------- -------- --------
Net increase (decrease) in net asset
value (0.04) (0.32) 1.16 (1.06) 0.34 (0.32)
-------- -------- -------- -------- -------- --------
NET ASSET VALUE -- END OF PERIOD $ 11.00 $ 11.04 $ 11.36 $ 10.20 $ 11.26 $ 10.92
======== ======== ======== ======== ======== ========
Total Return 2.84%* 3.49% 18.74% (3.23%) 9.52% 7.87%
Ratios and supplemental data:
Net Assets, end of period (000) $431,593 $459,247 $454,016 $391,253 $433,584 $301,841
Ratio of expenses to average net assets .51%* .51% .51% .51% .53% .53%
Ratio of net investment income to average
net assets 6.29%* 6.23% 6.45% 6.46% 5.91% 8.75%
Portfolio turnover 41.76%* 33.75% 97.05% 111.40% 175.37% 73.75%
</TABLE>
- ------------------------------------------------------
* Ratios are annualized for periods of less than one year. Total return and
portfolio turnover are not annualized.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 31
<PAGE> 34
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONEY MARKET FUND
-----------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
JUNE 30, ----------------------------------------------------
1997 1996 1995 1994 1993 1992
---------- -------- -------- -------- -------- --------
(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 0.03 0.05 0.06 0.04 0.03 0.03
Dividends from net investment income (0.03) (0.05) (0.06) (0.04) (0.03) (0.03)
-------- -------- -------- -------- -------- --------
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 2.54%* 5.12% 5.66% 3.88% 2.76% 3.40%
Ratios and supplemental data:
Net Assets, end of period (000) $999,882 $983,529 $737,408 $828,027 $351,798 $330,011
Ratio of expenses to average net assets .51%* .51% .52% .54% .53% .53%
Ratio of net investment income to average
net assets 5.09%* 5.00% 5.51% 4.00% 2.72% 3.36%
</TABLE>
- ------------------------------------------------------
* Ratios are annualized for periods of less than one year. Total return is not
annualized.
See accompanying notes to financial statements.
32 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 35
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1997
(UNAUDITED)
- --------------------------------------------------------------------------------
NOTE 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 to other open-end investment companies created by Nationwide
Advisory Services, Inc., the Trusts investment advisor, as well as 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 shares to Nationwide Life
Insurance Company in the amount of $5,000,000, at which time the Small Company
Fund became effective and sales of shares commenced.
On January 4, 1997, the Trust's registration statement as to the Nationwide
Separate Account Trust Income Fund's shares became effective. The Fund has not
commenced operations.
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
A) SMALL COMPANY, CAPITAL APPRECIATION, TOTAL RETURN AND GOVERNMENT BOND
Securities traded on a national securities exchange are valued at the last
sale price on the principal exchange, or if the securities are traded only in
the over-the-counter market, they are valued at the last quoted sale price, or
if there is no sale, at the quoted bid price. Securities for which market
quotations are not readily available are valued at fair value, using
procedures authorized by the Board of Trustees. 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.
B) 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.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 33
<PAGE> 36
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
JUNE 30, 1997
(UNAUDITED)
- --------------------------------------------------------------------------------
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 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 payable for foreign currency contracts purchased and sold.
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.
Forward exchange contracts are used in hedging the risks associated with
commitments to purchase securities denominated in foreign currencies for agreed
amounts. 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 Fund could be exposed to
risk if a counter party is unable to meet the terms of a forward or if the value
of the currency changes unfavorably. 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, 1996, the Government Bond and Money Market Funds had net
capital loss carry forwards in the amounts of $4,334,590 and $6,604,
respectively, The Government Bond Fund carry forward will expire within 6 years
and the Money Market Fund carry forward will expire within 7 to 8 years.
The Small Company Fund intends to elect for Federal income tax purposes to treat
approximately $296,817 of net capital losses that arose during the period ended
December 31, 1996 as if such losses arose on January 1, 1997.
34 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 37
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
JUNE 30, 1997
(UNAUDITED)
- --------------------------------------------------------------------------------
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 or for foreign securities, it is recorded as
soon as the information becomes available. 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
A) 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.
B) MONEY MARKET
Dividends from net investment income are declared daily and paid monthly.
C) 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 investment income and net realized gains for financial reporting
purposes, but not for tax purposes, are reported as distributions 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 capital.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 35
<PAGE> 38
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
JUNE 30, 1997
(UNAUDITED)
- --------------------------------------------------------------------------------
Accordingly, the undistributed (distributions in excess of) net investment
income, distributions in excess of net realized gain and capital have been
adjusted as of October 31, 1996 by the following amounts:
<TABLE>
<CAPTION>
UNDISTRIBUTED
(DISTRIBUTIONS IN EXCESS OF) DISTRIBUTIONS IN EXCESS OF
NET INVESTMENT NET REALIZED
10/31/96 INCOME GAIN CAPITAL
------------------ ---------------------------- ---------------------------- ---------
<S> <C> <C> <C>
Small Company Fund (64,602) 64,602 --
Small Company Fund -- 58,538 (58,538)
Money Market Fund 3,388 -- (3,388)
</TABLE>
NOTE 2 -- TRANSACTIONS WITH AFFILIATES
As investment manager for the Trust, Nationwide Advisory Services, Inc. (NAS),
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 expenses (excluding
taxes other than payroll taxes and brokerage commissions on portfolio
transactions) to an amount exceeding 1% of average daily net assets for any
fiscal year. Such limitations on total expenses did not affect management fees
during the periods covered by the financial statements.
As investment manager for the Small Company Fund, NAS earns an annual management
fee of 1.00% of average daily net assets. From such fees pursuant to
sub-investment advisory agreements, NAS 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 Counsellors, 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, 1997, NAS collected $973,505 in fees from the Small Company Fund,
and paid $568,368 in fees to the sub-investment advisors.
A subsidiary of NAS (Nationwide Investors Services, Inc.) acts as Transfer and
Dividend Disbursing Agent for the Trust.
At a meeting of the Board of Trustees on July 18, 1997, the Board of Trustees
approved the submission of several issues to shareholders of the Funds for
approval at a Special Meeting of Shareholders to be held on September 26, 1997.
These issues included approving a new Investment Advisory Agreement between the
Trust and NAS with respect to the Capital Appreciation Fund, Total Return Fund,
Government Bond Fund, and Money Market Fund, which among others, will change the
fees paid by Shareholders of these Funds. The proposed Investment Advisory
Agreement separates the investment advisory services provided by NAS from the
basic fund administration services that NAS provides. NAS is currently
compensated for these fund administration services under the current investment
advisory agreement. The proposal provides for this compensation under a separate
fund administration agreement (the "Fund Administration Agreement"). Under the
terms of the Fund Administration Agreement, NAS would receive for its services
to each Fund a fee, calculated daily and paid monthly, at an annual rate of
0.05% of each Fund's average daily net assets up to $1 billion and 0.04% on
assets of $1 billion and more.
36 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 39
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
JUNE 30, 1997
(UNAUDITED)
- --------------------------------------------------------------------------------
The following are the fees to be paid to NAS by each Fund under the proposed
Investment Advisory Agreement which change from those currently charged and are
in addition to the fees to be charged under the Fund Administration Agreement.
<TABLE>
<CAPTION>
FUND PROPOSED ADVISORY FEES
- -------------- ----------------------
<S> <C>
Total Return Fund and 0.60% on assets up to $1 billion
Capital Appreciation Fund 0.575% on assets over $1 billion but less than $2 billion
0.55% on assets over $2 billion but less than $5 billion
0.50% for assets over $5 billion
Government Bond Fund 0.50% on assets up to $1 billion
0.475% on assets over $1 billion but less than $2 billion
0.45% on assets over $2 billion but less than $5 billion
0.40% for assets over $5 billion
Money Market Fund 0.40% on assets up to $1 billion
0.38% on assets over $1 billion but less than $2 billion
0.36% on assets over $2 billion but less than $5 billion
0.34% for assets over $5 billion
</TABLE>
NOTE 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.
NOTE 4 -- INVESTMENT TRANSACTIONS
Purchases and sales of securities (excluding U.S. government obligations,
short-term securities and forward currency exchange contracts) and U.S.
government obligations for the six months ended June 30, 1997 are summarized as
follows:
<TABLE>
<CAPTION>
SECURITIES U.S. GOVERNMENT OBLIGATIONS
--------------------------- ---------------------------
PURCHASES SALES PURCHASES SALES
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Small Company Fund $165,030,082 $118,478,258 $ 24,582,236 $ 22,588,665
Capital Appreciation Fund 79,633,624 11,632,880 -- --
Total Return Fund 73,460,021 11,732,084 25,488,746 67,491,584
Government Bond Fund 34,998,138 47,739,279 136,128,151 118,492,744
Money Market Fund -- -- 29,456,764 --
</TABLE>
Realized gains and losses have been computed on the first-in, first-out basis.
Included in net unrealized appreciation at June 30, 1997, based on cost for
Federal income tax purposes, excluding forward currency contracts for the Small
Company Fund, are the following components:
<TABLE>
<CAPTION>
GROSS GROSS NET
UNREALIZED UNREALIZED UNREALIZED
GAINS LOSSES APPRECIATION
------------ ------------ ------------
<S> <C> <C> <C>
Small Company Fund $ 40,085,163 $ (5,526,681) $ 34,558,482
Capital Appreciation Fund 91,068,806 (2,180,854) 88,887,952
Total Return Fund 520,525,295 (11,468,612) 509,056,683
Government Bond Fund 5,564,098 (1,528,581) 4,035,517
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 37
