<PAGE> 1
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NATIONWIDE SEPARATE ACCOUNT TRUST
ANNUAL REPORT
DECEMBER 31, 1997
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<PAGE> 2
NATIONWIDE SEPARATE ACCOUNT TRUST
ANNUAL REPORT
DECEMBER 31, 1997
TABLE OF CONTENTS
<TABLE>
<S> <C>
Report of Independent Accountants........................... 1
Statements of Investments:
Total Return Fund...................................... 2
Capital Appreciation Fund.............................. 4
Government Bond Fund................................... 6
Money Market Fund...................................... 7
Small Company Fund..................................... 10
Strategic Growth Fund.................................. 22
Strategic Value Fund................................... 24
Equity Income Fund..................................... 25
High Income Bond Fund.................................. 28
Balanced Fund.......................................... 31
Multi Sector Bond Fund................................. 32
Small Cap Value Fund................................... 33
Global Equity Fund..................................... 37
Select Advisers Mid Cap Fund........................... 41
Statements of Assets and Liabilities........................ 44
Statements of Operations.................................... 47
Statements of Changes in Net Assets......................... 50
Financial Highlights........................................ 60
Notes to Financial Statements............................... 68
</TABLE>
<PAGE> 3
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Trustees of
Nationwide Separate Account Trust:
We have audited the accompanying statements of assets and liabilities of
Nationwide Separate Account Trust (comprising, respectively, the Total Return
Fund, Capital Appreciation Fund, Government Bond Fund, Money Market Fund, Small
Company Fund, Strategic Growth Fund, Strategic Value Fund, Equity Income Fund,
High Income Bond Fund, Balanced Fund, Multi Sector Bond Fund, Small Cap Value
Fund, Global Equity Fund, and Select Advisers Mid Cap Fund), including the
schedules of portfolio investments, as of December 31, 1997, and the related
statements of operations, statements of changes in net assets, and the financial
highlights for the period then ended. These financial statements and financial
highlights are the responsibility of Nationwide Separate Account Trust's
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits. The financial
statements and financial highlights of Nationwide Separate Account Trust for the
years ended December 31, 1996, were audited by other auditors, whose report
dated February 21, 1997 expressed an unqualified opinion on those statements.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
December 31, 1997 by correspondence with the custodian and brokers. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the respective funds comprising Nationwide Separate Account Trust as of
December 31, 1997, and the results of their operations and the changes in their
net assets, and the financial highlights for the period then ended in conformity
with generally accepted accounting principles.
Coopers & Lybrand L.L.P.
Columbus, Ohio
February 18, 1998
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 1
<PAGE> 4
NATIONWIDE SEPARATE ACCOUNT TRUST
TOTAL RETURN FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (96.1%)
AEROSPACE/DEFENSE (0.6%)
216,800 The Boeing Co. $ 10,609,650
--------------
AUTO & AUTO PARTS (4.1%)
300,000 Ford Motor Co. 14,606,250
1,276,500 Genuine Parts Co. 43,321,219
266,400 Magna International, Inc. 16,733,250
66,666 Meritor Automotive, Inc. 1,404,153
--------------
76,064,872
--------------
BUSINESS EQUIPMENT & SERVICES
(0.8%)
1,039,250 (The) Olsten Corp. 15,588,750
--------------
CABLE (1.8%)
1,052,000 Comcast Corp. Class A 33,203,750
--------------
CHEMICALS (4.6%)
110,000 Air Products & Chemicals,
Inc. 9,047,500
472,400 Du Pont (E.I.) De Nemours &
Co. 28,373,525
268,400 Lawter International, Inc. 2,918,850
446,000 Monsanto Co. 18,732,000
455,000 PPG Industries, Inc. 25,991,875
--------------
85,063,750
--------------
COMPUTER EQUIPMENT (4.4%)
450,000 Hewlett-Packard Co.* 28,125,000
500,000 International Business
Machines Corp. 52,281,250
--------------
80,406,250
--------------
COMPUTER SOFTWARE SERVICES (3.5%)
570,000 Electronic Data Systems Corp. 25,044,375
1,325,100 First Data Corp. 38,759,175
--------------
63,803,550
--------------
CONGLOMERATES (4.3%)
200,000 EG&G, Inc. 4,162,500
305,300 Honeywell, Inc. 20,913,050
556,000 Philips Electronics NV 33,638,000
353,900 Premark International, Inc. 10,263,100
200,000 Rockwell International Corp. 10,450,000
--------------
79,426,650
--------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
DRUGS (8.7%)
400,000 Allergan, Inc. $ 13,425,000
180,000 Bristol-Meyers Squibb Co. 17,032,500
725,000 Glaxo Wellcome PLC ADR 34,709,375
200,000 Merck & Co., Inc. 21,250,000
160,000 Schering-Plough Corp. 9,940,000
522,000 Warner-Lambert Co. 64,728,000
--------------
161,084,875
--------------
ELECTRONICS (0.2%)
177,000 Woodhead Industries, Inc. 3,318,750
--------------
FINANCIAL/BANKS (4.2%)
130,000 Bankers Trust NY, Inc. 14,616,875
779,800 Mellon Bank Corp. 47,275,375
140,000 Morgan, J P & Co., Inc. 15,802,500
--------------
77,694,750
--------------
FINANCIAL
SERVICES/MISCELLANEOUS (7.8%)
638,139 Bear Stearns Co., Inc. 30,311,603
750,000 Fannie Mae 42,796,875
400,000 Green Tree Financial Co. 10,475,000
700,000 Merrill Lynch & Co., Inc. 51,056,250
165,000 Morgan Stanley Dean Witter,
Discover & Co.* 9,755,625
--------------
144,395,353
--------------
FINANCIAL/INSURANCE (8.3%)
600,000 Allstate Corp. 54,525,000
325,000 Chubb Corp. 24,578,125
1,478,100 Equitable Companies, Inc. 73,535,475
--------------
152,638,600
--------------
FOOD/GRAIN & AGRICULTURE (3.9%)
3,353,078 Archer-Daniels-Midland Co. 72,719,879
--------------
FOOD & BEVERAGE (9.3%)
283,500 Heinz (H.J.) Co. 14,405,344
100,100 International Flavor and
Fragrances, Inc. 5,155,150
500,000 PepsiCo, Inc. 18,218,750
1,090,000 Philip Morris Companies, Inc. 49,390,625
303,000 Ralston-Ralston Purina Group 28,160,063
775,000 Sara Lee Corp. 43,642,188
335,000 Seagram Co. Ltd. 10,824,688
54,100 Universal Foods Corp. 2,285,725
--------------
172,082,533
--------------
HEALTHCARE (1.6%)
989,400 Columbia/HCA Healthcare Corp. 29,310,975
--------------
</TABLE>
2 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 5
NATIONWIDE SEPARATE ACCOUNT TRUST
TOTAL RETURN FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
MACHINERY & CAPITAL GOODS (1.1%)
155,000 Cooper Industries, Inc. $ 7,595,000
120,000 Emerson Electric Co. 6,772,500
130,000 Nordson Corp. 5,963,750
--------------
20,331,250
--------------
MEDICAL PRODUCTS (0.5%)
150,000 Johnson & Johnson Co. 9,881,250
--------------
OIL & GAS (15.4%)
370,000 Amoco Corp. 31,496,250
300,000 Burlington Resources, Inc. 13,443,750
580,000 Exxon Corp. 35,488,750
917,800 Mobil Corp. 66,253,686
740,000 Royal Dutch Petroleum Co. 40,098,750
450,000 Texaco, Inc. 24,468,750
1,660,000 The Williams Cos. 47,102,500
1,108,460 Union Pacific Resources
Group, Inc. 26,880,155
--------------
285,232,591
--------------
POLLUTION CONTROL (1.1%)
750,000 WMX Technologies, Inc. 20,625,000
--------------
PRINTING & PUBLISHING (1.9%)
153,200 Cognizant Corp. 6,826,974
753,200 Dun & Bradstreet Corp. 23,302,125
217,600 Reader's Digest Association,
Inc. Class B 5,304,000
--------------
35,433,099
--------------
RETAIL (1.0%)
420,000 Sears Roebuck & Co. 19,005,000
--------------
TELECOMMUNICATIONS (6.0%)
1,217,100 360 Communications Co.* 24,570,205
908,100 Cincinnati Bell, Inc. 28,151,100
1,004,300 Sprint Corp. 58,877,088
--------------
111,598,393
--------------
TRANSPORTATION (1.0%)
293,000 Union Pacific Corp. 18,294,188
--------------
TOTAL COMMON STOCK
(cost $1,183,177,228) 1,777,813,708
--------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
U.S. GOVERNMENT AGENCY (3.4%)
$ 7,000,000 Federal Home Loan Mortgage
Corp., Discount Notes, 5.67%,
01/05/98 $ 6,996,682
5,000,000 Federal Home Loan Mortgage
Corp., Discount Notes, 5.73%,
01/07/98 4,996,050
12,670,000 Federal Home Loan Mortgage
Corp., Discount Notes, 5.67%,
01/09/98 12,656,000
20,830,000 Federal Home Loan Mortgage
Corp., Discount Notes, 5.52-
5.67%, 01/14/98 20,790,547
10,590,000 Federal Home Loan Mortgage
Corp., Discount Notes, 5.62%,
02/10/98 10,525,973
6,408,000 Federal Home Loan Mortgage
Corp., Discount Notes, 5.51%,
02/12/98 6,367,271
--------------
TOTAL U.S. GOVERNMENT AGENCY
(cost $62,322,934) 62,332,523
--------------
REPURCHASE AGREEMENT (0.5%)
9,178,000 MBS Tri Party, 6.00%,
01/02/98, Collateralized by
$14,210,000 GNMA 2, 6.875%,
12/20/23, market value
$9,362,037
(cost $9,178,000) 9,178,000
--------------
TOTAL INVESTMENTS
(cost $1,254,678,162) $1,849,324,231
==============
</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:
ADR American Depository Receipt
PLC Public Limited Company
GNMA Government National Mortgage Association
NV Naamloze Vennootschap (Dutch corporation)
Portfolio holding percentages represent market value as a
percentage of net assets.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 3
<PAGE> 6
NATIONWIDE SEPARATE ACCOUNT TRUST
CAPITAL APPRECIATION FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (95.2%)
AUTO & AUTO PARTS (0.4%)
55,958 Autoliv AB $ 1,832,625
------------
BUILDING (2.2%)
66,200 Martin Marietta Materials,
Inc. 2,420,437
39,100 Masco Corp. 1,989,213
43,100 Pulte Corp. 1,802,118
44,200 Vulcan Materials Co. 4,513,925
------------
10,725,693
------------
CHEMICALS (8.0%)
306,000 Millipore Corp. 10,384,875
234,100 Morton International, Inc. 8,047,187
108,100 OM Group, Inc. 3,959,162
255,852 Pall Corp. 5,292,938
254,620 Raychem Corp. 10,964,574
------------
38,648,736
------------
COMPUTER EQUIPMENT (2.4%)
108,600 International Business
Machines Corp. 11,355,488
------------
COMPUTER SOFTWARE & SERVICES
(3.3%)
540,000 First Data Corp. 15,795,000
------------
CONGLOMERATES (1.9%)
242,700 Corning, Inc. 9,010,238
------------
DRUGS (13.8%)
300,500 Allergan, Inc. 10,085,531
69,400 American Home Products Corp. 5,309,100
40,000 Pfizer, Inc. 2,982,500
404,600 Schering-Plough Corp. 25,135,775
184,400 Warner-Lambert Co. 22,865,600
------------
66,378,506
------------
ELECTRICAL EQUIPMENT (3.1%)
383,300 Black & Decker Corp. 14,972,656
------------
ENTERTAINMENT (0.9%)
42,177 Walt Disney Co. 4,178,159
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
FINANCIAL/BANKS (12.2%)
5,600 Ambac Financial Group $ 257,600
198,902 Banc One Corp. 10,802,865
8,800 Bank of New York Co., Inc. 508,750
31,752 Charter One Financial, Inc. 2,004,345
313,600 Mellon Bank Corp. 19,012,000
259,200 Pacific Century Financial
Corp. 6,415,200
41,413 US Bancorp Corp. 4,635,668
44,700 Wells Fargo & Co. 15,172,856
------------
58,809,284
------------
FINANCIAL/INSURANCE (5.7%)
64,800 Chubb Corp. 4,900,500
422,900 Horace Mann Educators Corp. 12,026,219
272,600 Provident Companies, Inc. 10,529,175
------------
27,455,894
------------
FINANCIAL/MISCELLANEOUS (4.4%)
378,900 Fannie Mae 21,620,981
------------
FOOD & BEVERAGE (8.5%)
40,800 Anheuser-Busch Companies,
Inc. 1,795,200
251,900 PepsiCo, Inc. 9,178,606
250,700 Philip Morris Companies, Inc. 11,359,844
97,600 Ralston-Ralston Purina Group 9,070,700
159,885 Suiza Foods Corp. * 9,523,150
------------
40,927,500
------------
HEALTHCARE (4.4%)
205,000 Johnson & Johnson Co. 13,504,375
75,000 Merck & Co., Inc. 7,968,750
------------
21,473,125
------------
HOSPITAL SUPPLY (3.5%)
144,075 Covance, Inc.* 2,863,491
25,000 Physio-Control, Inc. 396,875
453,637 Quest Diagnostics, Inc.* 7,655,124
187,400 St. Jude Medical, Inc. 5,715,700
------------
16,631,190
------------
HOUSEHOLD PRODUCTS (1.2%)
94,700 Avon Products, Inc. 5,812,213
------------
MACHINERY & CAPITAL GOODS (0.7%)
33,800 Johnstown America Industries,
Inc. * 325,325
120,000 U.S. Rentals, Inc. * 2,820,000
------------
3,145,325
------------
OIL & GAS (2.1%)
187,600 Texaco, Inc. 10,200,750
------------
</TABLE>
4 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 7
NATIONWIDE SEPARATE ACCOUNT TRUST
CAPITAL APPRECIATION FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
PRINTING & PUBLISHING (12.5%)
198,199 A.C. Nielsen Corp.* $ 4,831,101
127,200 American Greetings Corp.
Class A 4,976,700
339,400 Cognizant Corp. 15,124,512
202,800 Dun & Bradstreet Corp. 6,274,125
7,800 Gannett Co., Inc. 482,137
65,900 Gibson Greetings, Inc.* 1,441,562
331,400 New York Times Co. Class A 21,913,825
54,200 Tribune Co. 3,373,950
3,400 Washington Post Co. Class B 1,654,100
------------
60,072,012
------------
RESTAURANTS (0.8%)
78,300 McDonalds Corp. 3,738,825
------------
RETAIL (1.5%)
60,000 Tiffany & Co. 2,163,750
130,900 Wal-Mart Stores, Inc. 5,162,369
------------
7,326,119
------------
TELECOMMUNICATIONS (1.2%)
39,800 Airtouch Communications, Inc. 1,654,188
231,000 360 Communications Co.* 4,663,313
------------
6,317,501
------------
TOYS (0.5%)
61,835 Mattel, Inc. 2,303,354
------------
TOTAL COMMON STOCK
(cost $338,541,493) 458,731,174
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
<C> <S> <C>
- -----------------------------------------------------------
<CAPTION>
<C> <S> <C>
CONVERTIBLE DEBT (0.2%)
MACHINERY (0.2%)
$ 1,029,000 Consorcio G Grupo Dina,
8.00%, 08/08/04
(cost $960,713) $ 872,950
------------
COMMERCIAL PAPER (4.7%)
BROKER-DEALERS (1.9%)
9,000,000 Goldman Sachs Group, 6.00%,
01/05/98 8,993,088
------------
OIL & GAS (2.8%)
13,821,000 Koch Industries, Inc., 6.65%,
01/02/98 13,815,900
------------
TOTAL COMMERCIAL PAPER
(cost $22,812,447) 22,808,988
------------
TOTAL INVESTMENTS
(cost $362,314,653) $ 482,413,112
============
</TABLE>
- ------------------------------------------------------
* Denotes a non-income producing security
Cost also represents cost for federal income tax purposes.
Portfolio holding percentages represent market value as a
percentage of net assets.
The abbreviation in the above statement stands for the following:
AB Aktiebolag (Swedish stock company)
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 5
<PAGE> 8
NATIONWIDE SEPARATE ACCOUNT TRUST
GOVERNMENT BOND FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
MORTGAGE-BACKED SECURITIES (34.0%)
FEDERAL HOME LOAN MORTGAGE CORP., REMIC
$ 6,547,000 Series 107-F, 8.65%, 12/15/04 $ 6,952,010
9,036,000 Series 1132-J, 8.00%, 08/15/06 9,620,629
13,000,000 Series 1344-D, 6.00%, 08/15/07 12,685,530
20,000,000 Series 1415-N, 6.75%, 11/15/07 20,412,660
10,000,000 Series 1451-J, 7.50%, 12/15/07 10,590,620
15,000,000 Series 1560-PN, 7.00%, 12/15/12 15,537,750
9,454,271 Series 31-E, 7.55%, 05/15/20 9,838,720
8,000,000 Series 1841-PA, 7.07%, 08/15/20 8,269,648
10,000,000 Series 1102-H, 8.875%, 06/15/21 10,862,580
2,450,600 Series 190-D, 9.20%, 10/15/21 2,600,212
------------
107,370,359
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION, REMIC
5,961,494 Series 100-M, 5.50%, 09/25/01 5,886,409
12,007,065 Series 68-Z, 8.00%, 05/25/07 13,044,679
2,787,870 Series 34-E, 9.85%, 08/25/14 2,842,474
1,603,369 Series 25-B, 9.25%, 10/25/18 1,711,949
11,052,114 Series16-D, 9.00%, 03/25/20 11,506,864
5,038,183 Series 67-Z, 9.00%, 06/25/20 5,391,264
3,003,306 Series 73-A, 8.00%, 07/25/21 3,107,206
9,627,946 Series 81-Z, 8.50%, 04/25/22 10,698,563
------------
54,189,408
------------
TOTAL MORTGAGE-BACKED
SECURITIES
(cost $155,914,461) 161,559,767
-----------
U. S. GOVERNMENT AND AGENCY LONG-TERM
OBLIGATIONS (57.2%)
FEDERAL HOME LOAN BANKS
12,000,000 6.36%, 03/21/01 12,162,696
6,000,000 6.522%, 01/09/02 6,122,166
FEDERAL NATIONAL MORTGAGE ASSOCIATION
8,000,000 6.77%, 09/01/05 8,347,296
9,000,000 6.54%, 10/03/05 9,264,861
21,000,000 7.26%, 10/05/05 21,108,066
12,310,000 7.58%, 04/26/06 12,548,986
PRIVATE EXPORT FUNDING CORPORATION
26,000,000 6.86%, 04/30/04 27,197,560
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
RESOLUTION FUNDING CORPORATION
$54,000,000 Principal STRIP, 04/15/06 $ 33,181,866
30,000,000 Principal STRIP, 01/15/13 12,001,770
58,000,000 Principal STRIP, 07/15/13 22,479,002
10,000,000 Principal STRIP, 10/15/13 3,816,090
U.S. TREASURY BONDS
30,000,000 6.25%, 04/30/01 30,468,750
29,000,000 7.50%, 02/15/05 31,863,750
25,000,000 12.75%, 11/15/10 35,679,675
5,000,000 7.50%, 11/15/16 5,832,810
-----------
TOTAL U.S. GOVERNMENT AND
AGENCY LONG-TERM OBLIGATIONS
(cost $260,027,427) 272,075,344
-----------
REPURCHASE AGREEMENT (8.0%)
37,790,000 UBS Securities, 6.30%,
01/02/98, Collateralized by
$32,946,000 U.S. Treasury
Bonds, 7.50%, 11/15/16, market
value $38,546,820
(cost $37,790,000) 37,790,000
-----------
TOTAL INVESTMENTS
(cost $453,731,888) $471,425,111
===========
</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
STRIP Separate Trading of Registered Interest and Principal
Portfolio holding percentages represent market value as a
percentage of net assets.
See accompanying notes to financial statements.
6 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 9
NATIONWIDE SEPARATE ACCOUNT TRUST
MONEY MARKET FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMERCIAL PAPER (97.8%)
AGRICULTURE/FINANCE (2.9%)
$ 6,332,000 John Deere Capital, 5.70%,
02/09/98 $ 6,292,900
23,080,000 John Deere Capital, 5.52%,
02/10/98 22,938,442
--------------
29,231,342
--------------
AGRICULTURE/SUPPLIES (1.0%)
10,000,000 John Deere & Co., 5.75%,
01/30/98 9,953,681
--------------
AUTO/FINANCE (2.9%)
13,040,000 Ford Motor Credit Co., 5.51-
5.71%, 01/09/98 13,024,033
6,000,000 Ford Motor Credit Co., 5.70%,
01/12/98 5,989,550
10,000,000 Ford Motor Credit Co., 5.50-
5.74%, 02/05/98 9,944,194
--------------
28,957,777
--------------
BANKS (12.0%)
10,000,000 CoreStates Capital, 5.55%,
01/12/98 9,983,042
9,000,000 Morgan (J.P.) & Co., 5.60%,
01/06/98 8,993,000
13,870,000 Morgan (J.P.) & Co., 5.74%,
02/23/98 13,752,791
5,000,000 Morgan (J.P.) & Co., 5.70%,
04/15/98 4,917,667
10,000,000 Morgan (J.P.) & Co., 5.69%,
04/17/98 9,833,834
10,000,000 National City Credit Corp.,
5.85%, 01/20/98 9,969,125
10,000,000 National City Credit Corp.,
5.80%, 01/21/98 9,967,778
18,000,000 National City Credit Corp.,
5.59-5.80%, 01/23/98 17,937,025
4,000,000 Suntrust Banks, Inc., 5.59%,
01/16/98 3,990,683
7,000,000 Suntrust Banks, Inc., 5.53%,
02/11/98 6,955,914
19,856,000 Suntrust Banks, Inc., 5.74%,
02/20/98 19,697,704
3,100,000 Toronto-Dominion USA, 5.52-
5.54%, 01/07/98 3,097,137
--------------
119,095,700
--------------
BROKER/DEALERS (10.5%)
5,000,000 Bear Stearns Company, 5.57-
5.62%, 01/05/98 4,996,905
8,000,000 Bear Stearns Company, 5.70%,
03/20/98 7,901,200
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
BROKER/DEALERS (CONTINUED)
$ 8,000,000 Bear Stearns Company, 5.56%,
03/27/98 $ 7,894,978
15,000,000 Bear Stearns Company, 5.71%,
05/01/98 14,714,500
20,000,000 Goldman Sachs Group, 5.80%,
01/16/98 19,951,667
5,000,000 Goldman Sachs Group, 5.72-
5.74%, 02/13/98 4,965,839
10,000,000 Goldman Sachs Group, 5.70%,
03/13/98 9,887,583
12,000,000 Merrill Lynch & Co., 5.85%,
01/15/98 11,972,700
2,222,000 Merrill Lynch & Co., 5.65%,
01/30/98 2,211,887
10,000,000 Merrill Lynch & Co., 5.60%,
02/27/98 9,911,334
10,000,000 Merrill Lynch & Co., 5.68%,
04/14/98 9,837,489
--------------
104,246,082
--------------
CHEMICALS (0.9%)
4,000,000 Monsanto Co., 5.55-5.70%,
01/09/98 3,995,067
5,000,000 Monsanto Co., 5.80%, 01/15/98 4,988,722
--------------
8,983,789
--------------
CONSUMER PRODUCTS (1.5%)
15,000,000 Clorox Co., 5.59%, 01/07/98 14,986,025
--------------
CONSUMER SALES FINANCE (15.3%)
8,145,000 American Express Credit
Corp., 5.85%, 01/23/98 8,115,882
5,910,000 American Express Credit
Corp., 5.75%, 02/11/98 5,871,298
8,055,000 Associates Corp. of N.A.,
5.57%, 02/20/98 7,992,686
15,000,000 Avco Financial Services,
Inc., 5.72%, 01/26/98 14,940,417
9,000,000 Avco Financial Services,
Inc., 5.71%, 02/06/98 8,948,610
5,000,000 Avco Financial Services,
Inc., 5.71%, 03/02/98 4,952,417
10,000,000 Avco Financial Services,
Inc., 5.70%, 03/16/98 9,882,833
10,000,000 Beneficial Corp., 5.83%,
01/06/98 9,991,903
10,000,000 Beneficial Corp., 5.78%,
01/20/98 9,969,495
10,000,000 Commercial Credit Co., 5.80%,
01/05/98 9,993,556
8,680,000 Commercial Credit Co., 5.55%,
01/16/98 8,659,928
15,000,000 Commercial Credit Co., 5.80%,
02/02/98 14,922,667
10,000,000 Norwest Financial, Inc.,
5.83%, 01/08/98 9,988,664
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 7
<PAGE> 10
NATIONWIDE SEPARATE ACCOUNT TRUST
MONEY MARKET FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
CONSUMER SALES FINANCE (CONTINUED)
$10,000,000 Norwest Financial, Inc.,
5.53%, 02/04/98 $ 9,947,771
8,000,000 Norwest Financial, Inc.,
5.68%, 02/19/98 7,938,150
10,000,000 Norwest Financial, Inc.,
5.59%, 02/25/98 9,914,596
--------------
152,030,873
--------------
CORPORATE CREDIT UNIONS (2.5%)
24,850,000 U.S. Central Credit Union,
5.70%, 03/18/98 24,550,972
--------------
DATA SERVICES (1.1%)
11,196,000 First Data Corp., 5.71%,
01/13/98 11,174,690
--------------
DIVERSIFIED FINANCE (3.8%)
5,000,000 GE Capital Corp., 6.25%,
01/08/98 4,993,924
2,126,000 GE Capital Corp., 5.54-5.56%,
01/09/98 2,123,373
5,000,000 GE Capital Corp., 5.54%,
02/05/98 4,973,069
5,000,000 GE Capital Corp., 5.55%,
02/09/98 4,969,937
8,000,000 GE Capital Corp., 5.59%,
02/17/98 7,941,615
9,000,000 GE Capital Corp., 5.75%,
03/13/98 8,897,938
4,000,000 GE Capital Corp., 5.68%,
03/20/98 3,950,773
--------------
37,850,629
--------------
ENTERTAINMENT (0.7%)
7,000,000 Walt Disney Company, 6.00%,
01/05/98 6,995,333
--------------
FINANCIAL SERVICES/ELECTRIC UTILITY (3.7%)
9,750,000 National Rural Utilities Coop
Finance Corp., 5.52-5.58%,
01/08/98 9,739,516
7,100,000 National Rural Utilities Coop
Finance Corp., 5.54-6.00%,
01/12/98 7,087,686
5,000,000 National Rural Utilities Coop
Finance Corp., 5.57%,
01/16/98 4,988,396
15,000,000 National Rural Utilities Coop
Finance Corp., 5.74%,
02/24/98 14,870,850
--------------
36,686,448
--------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
FOOD & BEVERAGE (5.6%)
$ 2,400,000 Campbell Soup Co., 5.50%,
01/05/98 $ 2,398,534
10,000,000 Heinz (H.J.) Company, 5.95%,
01/26/98 9,958,681
29,850,000 Heinz (H.J.) Company, 5.75%,
02/13/98 29,644,989
3,372,000 McDonalds Corp., 5.85%,
01/13/98 3,365,424
10,000,000 Sysco Corp., 5.70%, 03/10/98 9,892,333
--------------
55,259,961
--------------
HEAVY EQUIPMENT FINANCE (3.8%)
22,500,000 Caterpillar Financial
Services, 5.75%, 01/14/98 22,453,281
5,000,000 Caterpillar Financial
Services, 5.90%, 01/26/98 4,979,514
10,000,000 Caterpillar Financial
Services, 5.65%, 02/23/98 9,916,819
--------------
37,349,614
--------------
INSURANCE (6.0%)
10,000,000 AIG Funding, Inc., 5.85%,
01/16/98 9,975,625
6,148,000 MetLife Funding, Inc., 5.68-
5.72%, 01/20/98 6,129,440
10,000,000 MetLife Funding, Inc., 5.70-
5.72%, 01/23/98 9,965,044
15,000,000 MetLife Funding, Inc., 5.75%,
02/17/98 14,887,396
4,739,000 Principal Mutual Life Co.,
Inc., 6.30%, 01/08/98 4,733,195
3,886,000 Principal Mutual Life Co.,
Inc., 6.15%, 01/09/98 3,880,689
10,000,000 Principal Mutual Life Co.,
Inc., 5.65-6.15%, 01/12/98 9,981,208
--------------
59,552,597
--------------
MISCELLANEOUS MANUFACTURING (2.5%)
5,000,000 Allied Signal, Inc., 5.98%,
01/05/98 4,996,678
20,000,000 Allied Signal, Inc., 5.83%,
01/12/98 19,964,372
--------------
24,961,050
--------------
OFFICE EQUIPMENT AND SUPPLIES (1.7%)
4,633,000 Pitney Bowes Credit Corp.,
6.05%, 01/15/98 4,622,100
12,000,000 Pitney Bowes Credit Corp.,
5.48-5.85%, 01/21/98 11,963,467
--------------
16,585,567
--------------
</TABLE>
8 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 11
NATIONWIDE SEPARATE ACCOUNT TRUST
MONEY MARKET FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
OIL & GAS (2.0%)
$19,578,000 Koch Industries Inc.,
6.65-6.70%, 01/02/98 $ 19,574,370
--------------
OIL & GAS/EQUIPMENT & SERVICES (3.8%)
10,000,000 Chevron Transport Corp.,
5.72%, 01/22/98 9,966,633
8,000,000 Chevron Transport Corp.,
5.73%, 02/03/98 7,957,980
10,000,000 Chevron Transport Corp.,
5.78%, 02/05/98 9,943,806
10,000,000 Chevron Transport Corp.,
5.72%, 03/12/98 9,888,778
--------------
37,757,197
--------------
PACKAGING/CONTAINERS (2.6%)
5,000,000 Bemis Co., Inc., 5.60%,
01/09/98 4,993,778
18,000,000 Bemis Co., Inc., 5.59-5.85%,
01/22/98 17,940,850
2,850,000 Bemis Co. Inc., 5.70%,
01/27/98 2,838,268
--------------
25,772,896
--------------
PAPER AND FOREST PRODUCTS (1.0%)
10,000,000 Sonoco Products Co., 5.70%,
01/13/98 9,981,000
--------------
PHARMACEUTICALS/PERSONAL CARE (6.5%)
16,945,000 Abbott Laboratories,
5.90-5.92%, 01/06/98 16,931,087
15,000,000 Abbott Laboratories, 6.12%,
01/08/98 14,982,150
8,060,000 Becton Dickinson & Co.,
5.88%, 01/06/98 8,053,418
4,000,000 Pfizer Inc., 5.88%, 01/26/98 3,983,667
11,145,000 Schering Corp., 5.53%,
01/13/98 11,124,456
10,050,000 Schering Corp., 5.66%,
02/03/98 9,997,857
--------------
65,072,635
--------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
PREMIUM FINANCE (0.5%)
$ 5,140,000 A.I. Credit Corp.,
5.53-5.60%, 01/13/98 $ 5,130,406
--------------
PRINTING & PUBLISHING (3.0%)
20,000,000 E.W. Scripps Co., 5.74%,
02/09/98 19,875,633
10,000,000 McGraw-Hill, Inc., 5.67%,
03/11/98 9,892,589
--------------
29,768,222
--------------
TOTAL COMMERCIAL PAPER
(cost $971,508,856) 971,508,856
--------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS (5.4%)
30,000,000 U.S. Treasury Bills, 5.20%,
01/22/98 29,909,000
10,000,000 Federal Farm Credit, 5.35%*,
Variable Rate Note, 03/03/98 10,000,000
4,708,000 Federal National Mortgage
Association, 5.57%, 03/04/98 4,662,837
9,468,000 Federal National Mortgage
Association, 5.57%, 03/27/98 9,343,483
--------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(cost $53,915,320) 53,915,320
--------------
TOTAL INVESTMENTS
(cost $1,025,424,176) $1,025,424,176
==============
</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 December 31, 1997.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 9
<PAGE> 12
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (90.9%)
AUSTRALIA (0.4%)
COMMUNICATIONS & MEDIA (0.0%)
170,000 Becker Group Ltd. $ 114,094
------------
COMPUTER SERVICE (0.1%)
70,000 Computer Power Group Ltd. 164,201
------------
COMPUTER SOFTWARE (0.0%)
100,000 CI Technologies Group Ltd. 138,138
------------
CONGLOMERATES (0.1%)
134,500 Futuris Corp. 147,234
------------
CONSTRUCTION & HOUSING (0.1%)
146,875 Mirvac Ltd. 243,181
------------
HEALTH CARE (0.1%)
150,000 Australian Hospital Care Ltd. 200,365
------------
INSURANCE (0.0%)
73,000 New Cap Reinsurance Corp. 109,402
------------
METALS/MINING (0.0%)
89,600 Portman Mining Ltd. 128,442
------------
TOTAL AUSTRALIA 1,245,057
------------
AUSTRIA (0.4%)
INDUSTRIAL MISCELLANEOUS (0.2%)
7,700 Mayr-Melnhof Karton AG 413,948
4,980 Semperit AG Holdings 448,762
------------
862,710
------------
MACHINERY & ENGINEERING (0.1%)
3,800 KTM-Motorradholding AG 191,640
------------
METAL PRODUCTS & SERVICES (0.1%)
11,200 Voest-Alpine Stahl AG 431,150
------------
TOTAL AUSTRIA 1,485,500
------------
BELGIUM (0.3%)
BUILDING MATERIALS (0.1%)
1,073 Deceuninck Plastics Industries
SA 211,126
------------
CHEMICALS & FERTILIZER (0.0%)
2,900 Tessenderlo Chemie 160,460
------------
MACHINERY & ENGINEERING (0.1%)
1,200 B.M.T. NV 228,017
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
METAL PRODUCTS & SERVICES (0.1%)
830 Bekaert NV* $ 493,970
------------
TOTAL BELGIUM 1,093,573
------------
CANADA (0.7%)
ELECTRONICS (0.1%)
7,000 Leitch Technology Corp.* 210,342
------------
MACHINERY & ENGINEERING (0.2%)
125,000 Intelligent Detection Systems,
Inc.* 414,920
16,000 Tesco Corp.* 237,596
------------
652,516
------------
TELECOMMUNICATION EQUIPMENT (0.4%)
35,000 COM DEV International Ltd.* 745,982
60,000 Mitel Corp.* 467,505
100,000 TSB International, Inc.* 384,347
------------
1,597,834
------------
TOTAL CANADA 2,460,692
------------
DENMARK (0.2%)
BUILDING MATERIALS (0.1%)
1,170 Icopal A/S* 251,183
------------
ELECTRONICS (0.0%)
1,030 Martin Gruppen 44,376
------------
PHARMACEUTICALS (0.1%)
3,560 Neurosearch A/S* 238,643
------------
TOTAL DENMARK 534,202
------------
FINLAND (0.6%)
BUSINESS SERVICES (0.2%)
70,000 Jaakko Poyry Group* 745,583
------------
CONGLOMERATES (0.0%)
3,800 Asko OY-A 67,690
------------
CONSTRUCTION & HOUSING (0.1%)
16,120 YIT-Yhtyma OY 182,058
------------
MACHINERY & CAPITAL GOODS (0.1%)
12,400 Santasalo Jot Group* 187,637
------------
MACHINERY & ENGINEERING (0.1%)
3,380 Fiskars OY AB 'A' 366,217
500 KCI Konecranes International
PLC* 16,528
15,000 Rocla OY* 140,486
------------
523,231
------------
</TABLE>
10 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 13
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
METAL PRODUCTS & SERVICES (0.1%)
55,780 Nordic Aluminium OY $ 440,471
------------
TOTAL FINLAND 2,146,670
------------
FRANCE (1.0%)
BUSINESS SERVICES (0.1%)
9,800 Eurofins Scientific* 293,228
------------
CHEMICALS & FERTILIZER (0.0%)
1,360 Grande Paroisse SA* 82,403
------------
COMMUNICATIONS & MEDIA (0.1%)
2,610 UBI Soft Entertainment* 240,791
------------
COMPUTER SERVICE (0.0%)
5,600 Ingenico 109,565
------------
CONSTRUCTION & HOUSING (0.1%)
4,990 ALGECO* 221,472
------------
FINANCIAL SERVICES (0.0%)
870 Union Financiere-France Banque
SA 85,325
------------
FOOD & BEVERAGE (0.1%)
3,350 Leon De Bruxelles SA* 222,747
------------
INDUSTRIAL MISCELLANEOUS (0.1%)
1,450 Euraltec* 228,980
2,256 Europeenne D'Extincteurs 151,880
720 GFI Industries SA 141,826
------------
522,686
------------
LEISURE/ENTERTAINMENT (0.1%)
5,750 Infogrames Entertainment SA* 183,995
------------
MACHINERY & ENGINEERING (0.2%)
1,810 Le Carbone Lorraine 565,644
1,220 Manitou BF SA 142,974
980 Radiall SA 101,815
------------
810,433
------------
METAL PRODUCTS & SERVICES (0.1%)
7,000 Vallourec SA* 417,733
------------
OIL & GAS ENERGY (0.1%)
1,590 Cie Generale De Geophysique SA 203,514
------------
TOTAL FRANCE 3,393,892
------------
GERMANY (0.5%)
BUILDING MATERIALS (0.1%)
10,000 Rinol AG 273,637
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
ELECTRICAL EQUIPMENT (0.1%)
10,250 Data Modul AG $ 426,988
------------
INDUSTRIAL MISCELLANEOUS (0.2%)
12,350 Grammer AG 261,012
8,900 Vossloh AG 497,469
------------
758,481
------------
MACHINERY & ENGINEERING (0.1%)
1,000 Duerr AG 32,953
250 Leonische Drahtwerke AG 82,731
------------
115,684
------------
OFFICE EQUIPMENT (0.0%)
2,750 Turbon International AG 59,497
------------
TOTAL GERMANY 1,634,287
------------
HONG KONG (0.6%)
BASIC MATERIALS (0.1%)
848,000 Hung Hing Printing Group* 372,112
------------
COMPUTER SERVICE (0.1%)
450,000 Founder Hong Kong Ltd. 278,774
650,000 Vanda Systems & Communication
Holdings Ltd. 134,225
------------
412,999
------------
CONGLOMERATES (0.1%)
550,000 Elec & Eltek International
Holdings Ltd. 136,290
------------
CONSUMER GOODS & SERVICES (0.0%)
612,500 Moulin International Holdings
Ltd.* 73,517
------------
ELECTRONICS (0.2%)
1,280,000 Techtronic Industries Co. 297,359
139,000 VTECH Holdings Ltd. 409,921
------------
707,280
------------
MACHINERY & ENGINEERING (0.0%)
156,000 ASM Pacific Technology Ltd. 98,655
------------
TRANSPORTATION (0.1%)
800,000 Kwoon Chung Bus Holdings Ltd.* 192,045
------------
WHOLESALE & INTERNATIONAL TRADE (0.0%)
49,000 Dickson Concepts International
Ltd. 71,462
------------
TOTAL HONG KONG 2,064,360
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 11
<PAGE> 14
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
IRELAND (0.1%)
BUILDING MATERIALS
79,600 Heiton Holdings PLC $ 246,232
------------
ITALY (1.4%)
BUILDING MATERIALS (0.1%)
242,500 Gruppo Ceramiche Ricchetti SPA 310,669
------------
COMMUNICATIONS & MEDIA (0.2%)
161,730 Gruppo Editoriale L'Espresso
SPA 777,550
------------
CONGLOMERATES (0.3%)
52,520 Gewiss SPA ORD* 995,149
------------
CONSUMER GOODS & SERVICES (0.0%)
25,000 DE Rigo SPA ADR* 156,250
------------
HEALTH CARE (0.0%)
23,000 Sorin Biomedica Group SPA 104,073
------------
PHARMACEUTICALS (0.1%)
22,900 Recordati SPA 186,516
------------
TELECOMMUNICATIONS (0.2%)
16,000 Ericsson SPA* 698,644
------------
TEXTILE/APPAREL (0.5%)
81,000 CSP International Industria
Calze SPA* 914,001
172,330 Pagnossin SPA 779,775
------------
1,693,776
------------
TOTAL ITALY 4,922,627
------------
JAPAN (1.6%)
AUTO & AUTO PARTS (0.1%)
6,600 FCC Co. Ltd. 70,050
18,000 Nichii Gakkan Co. 103,829
------------
173,879
------------
BANK/SAVINGS & LOAN (0.1%)
3,520 Bank of Iwate Ltd. 157,021
15,000 Tokushima Bank Ltd. ORD 102,445
------------
259,466
------------
BUILDING MATERIALS (0.1%)
22,000 Bunka Shutter Co. Ltd. 60,913
8,000 Rinnai Corp. 121,211
------------
182,124
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
BUSINESS SERVICES (0.1%)
1,600 Bellsystem 24, Inc. $ 210,428
12,000 Daiseki Co. Ltd. 124,595
3,000 Meitec 84,679
210 Oyo Corp. 3,036
------------
422,738
------------
COMMERCIAL SERVICES (0.1%)
8,500 Benesse Corp. 205,275
------------
COMPUTER SERVICE (0.0%)
14,000 INES Corp. 108,752
------------
CONSTRUCTION & HOUSING (0.0%)
400 Alinco, Inc. 984
300 Chodai Co. Ltd. 969
440 CTI Engineering Co. Ltd. 1,980
15,000 Daiwa House Industry Co. Ltd. 59,298
10,000 Nissei Industries 56,914
------------
120,145
------------
CONSUMER GOODS & SERVICES (0.0%)
5,500 Denny's Japan Co. Ltd. 121,826
550 Fuji Denki Reinki Co. Ltd. ORD 1,624
------------
123,450
------------
DATA PROCESSING & REPRODUCTION (0.1%)
9,000 Intec, Inc. 50,876
2,000 Riso Kagaku Corp. 114,905
------------
165,781
------------
ELECTRICAL EQUIPMENT (0.0%)
20,000 Nippon Chemi-Con Corp.* 46,608
------------
ELECTRONICS (0.1%)
23,480 Nitto Electric Works Ltd. 195,033
20,000 Ricoh Elemex Co. Group 146,130
------------
341,163
------------
ELECTRONICS/SEMICONDUCTORS (0.0%)
5,000 Ryosan Co. Ltd. 70,373
------------
FINANCIAL SERVICES (0.3%)
6,820 Aeon Credit Service Co. Ltd. 333,077
2,000 Jafco Co. Ltd. 71,527
15,600 Shinki Co. Ltd. 227,963
700 Shohkoh Fund & Co. Ltd. 214,273
------------
846,840
------------
</TABLE>
12 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 15
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
FOOD & BEVERAGE (0.1%)
18,000 Hokkaido Coca-Cola Bottling Co.
Ltd. $ 131,517
12,000 Mikuni Coca-Cola Bottling Co. 150,437
26,000 Shoei Foods Corp. 73,988
35,000 Soken Co. Ltd. 67,028
------------
422,970
------------
FOREST PRODUCTS (0.0%)
200 Dainippon Shigyo Co. Ltd. 654
29,000 Nippon Hi-Pack Co. 57,991
------------
58,645
------------
HEALTH CARE (0.1%)
3,000 Nippon Cable System 103,829
8,000 Toa Medical Electronics Co. 73,834
------------
177,663
------------
INDUSTRIAL MISCELLANEOUS (0.0%)
5,000 Enplas Corp. 67,681
------------
LEISURE/ENTERTAINMENT (0.0%)
8,610 H I S Co. Ltd. 150,320
------------
MACHINERY & CAPITAL GOODS (0.0%)
5,000 Fuji Machine Manufacturing Co.
Ltd. 121,134
------------
MACHINERY & ENGINEERING (0.1%)
180 Asahi Diamond Industrial Co.
Ltd. 788
400 DMW Corp. 9,691
5,600 Oiles Corp. 136,101
14,000 Sanden Corp. 60,298
13,000 Sodick* 37,394
------------
244,272
------------
OFFICE EQUIPMENT (0.0%)
7,000 Max Co. 46,246
------------
PHARMACEUTICALS (0.0%)
8,000 Biofermin Pharmaceuticals Co. 38,209
------------
RETAIL STORES (0.1%)
4,800 Circle K Japan Co. 230,732
3,630 Fast Retailing Co. 58,350
400 Jeans Mate Corp. 2,307
4,000 Tsutsumi Jewelry Co. 49,223
18,000 Yamada Denki 137,055
------------
477,667
------------
TRANSPORTATION (0.0%)
4,000 Tokyo Kisen 9,845
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
WHOLESALE & INTERNATIONAL TRADE (0.2%)
15,000 Inaba Denkisangyo Co. Ltd. $ 125,749
18,000 Innotech Corp. 121,826
200 Joyfull Co. Ltd. 1,584
10,000 Misumi Corp. 163,820
10,000 Trusco Nakayama Corp. 137,670
------------
550,649
------------
TOTAL JAPAN 5,431,895
------------
NETHERLANDS (0.3%)
BUSINESS SERVICES (0.1%)
14,500 Fugro NV* 442,038
------------
FOOD & BEVERAGE (0.2%)
6,000 CSN NV * 266,377
9,300 Nutreco Holding NV* 211,948
------------
478,325
------------
INDUSTRIAL MISCELLANEOUS (0.0%)
4,970 Koninlijke Emballage Industrie
Van Leer 102,234
------------
MACHINERY & ENGINEERING (0.0%)
910 NV Twentsche Kabel Holdings 45,114
------------
TOTAL NETHERLANDS 1,067,711
------------
NEW ZEALAND (0.0%)
CONGLOMERATES
338,000 Wrightson Ltd. 157,017
------------
NORWAY (0.7%)
BUSINESS SERVICES (0.1%)
7,460 Petroleum Geo-Services ASA* 470,544
------------
LEISURE/ENTERTAINMENT (0.2%)
227,580 NCL Holdings ASA* 814,980
------------
MACHINERY & ENGINEERING (0.1%)
16,000 Tandberg ASA* 342,915
------------
OIL & GAS ENERGY (0.2%)
130,950 Petrolia Drilling ASA* 671,438
------------
TRANSPORTATION (0.1%)
10,630 Leif Hoegh & Co. ASA 216,288
------------
TOTAL NORWAY 2,516,165
------------
PORTUGAL (0.1%)
CONGLOMERATES (0.0%)
8,600 Engil-SGPS 84,061
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 13
<PAGE> 16
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
UTILITIES (0.1%)
15,000 EDP-Electricidade de Portugal
SA* $ 284,344
------------
TOTAL PORTUGAL 368,405
------------
SINGAPORE (0.2%)
CONGLOMERATES (0.0%)
48,000 Overseas Union Enterprise Ltd. 115,093
------------
ELECTRONICS (0.1%)
62,000 Venture Manufacturing Ltd. 172,948
------------
ELECTRONICS/SEMICONDUCTORS (0.1%)
36,300 Elec & Eltek International Co.
Ltd. 166,254
134,000 Wong's Circuits Holdings Ltd. 87,770
------------
254,024
------------
TOTAL SINGAPORE 542,065
------------
SOUTH AFRICA (0.1%)
BANK/SAVINGS & LOAN (0.1%)
7,200 Nedcor Ltd. 159,793
------------
FOOD & BEVERAGE (0.0%)
71,400 Illovo Sugar Ltd. 121,780
------------
TOTAL SOUTH AFRICA 281,573
------------
SPAIN (0.5%)
CONGLOMERATES (0.0%)
9,180 Grupo Duro-Felguer SA 98,175
------------
CONSUMER GOODS & SERVICES (0.1%)
16,250 Vidriera Leonesa SA* 269,100
------------
FOOD & BEVERAGE (0.1%)
5,000 Campofrio Alimentacion SA 273,266
------------
FOREST PRODUCTS (0.1%)
5,075 Miquel Y Costas & Miquel SA 197,119
------------
INDUSTRIAL MISCELLANEOUS (0.1%)
7,000 Vidrala SA 312,764
------------
METAL PRODUCTS & SERVICES (0.0%)
51,580 Tubacex SA 135,367
------------
RETAILING & DISTRIBUTORS (0.0%)
5,800 Aldeasa SA * 122,914
------------
TELECOMMUNICATIONS (0.1%)
7,290 Amper SA 196,820
------------
TOTAL SPAIN 1,605,525
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
SWEDEN (0.7%)
AUTO & AUTO PARTS (0.1%)
28,640 Haldex AB $ 425,938
------------
BUILDING MATERIALS (0.2%)
38,000 Lindab AB Class B 569,931
------------
COMPUTER SERVICE (0.1%)
7,770 Prosolvia AB Class B* 310,436
------------
DATA PROCESSING & REPRODUCTION (0.0%)
22,212 Array Printers AB Class B* 134,376
------------
ELECTRONICS (0.1%)
3,500 Pricer AB Class B* 64,845
11,490 Spectra-Physics AB Class A 217,945
------------
282,790
------------
MACHINERY & ENGINEERING (0.1%)
12,690 Finnveden AB Class B* 235,909
1,200 Hoganas AB 36,752
10,880 Munters AB* 93,931
1,600 Svedala Industries AB 26,417
------------
393,009
------------
PHARMACEUTICALS (0.1%)
13,100 OXiGENE, Inc.* 234,450
------------
TOTAL SWEDEN 2,350,930
------------
SWITZERLAND (1.1%)
BUSINESS SERVICES (0.1%)
1,000 PubliGroupe SA* 218,718
------------
CHEMICALS & FERTILIZER (0.1%)
100 Siegfried AG 122,729
------------
CONGLOMERATES (0.1%)
140 Gurit-Heberlein AG Bearer 416,592
------------
CONSUMER GOODS & SERVICES (0.0%)
350 Fotolabo SA 77,991
------------
ELECTRONICS (0.1%)
220 Tecan Holdings AG 497,772
------------
INDUSTRIAL MISCELLANEOUS (0.2%)
340 Huber & Suhner AG 545,492
200 Sarna Kunststoff Holding AG* 260,542
------------
806,034
------------
LEISURE/ENTERTAINMENT (0.1%)
120 Kuoni Reisen AG 450,463
------------
</TABLE>
14 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 17
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
MACHINERY & CAPITAL GOODS (0.4%)
2,500 Agie Charmille Holding AG* $ 197,120
160 Christ AG* 109,702
780 Interroll Holding AG* 149,208
1,625 Mikron Holding AG* 270,740
430 Saurer AG Arbon 312,513
130 Sez Holding AG -- Reg A* 218,375
------------
1,257,658
------------
TOTAL SWITZERLAND 3,847,957
------------
UNITED KINGDOM (2.6%)
AUTO & AUTO PARTS (0.1%)
27,000 Lex Service PLC 206,599
------------
BUILDING MATERIALS (0.0%)
29,000 Heywood Williams Group PLC 99,737
------------
BUSINESS SERVICES (0.4%)
75,000 Cordiant Communications Group
PLC 135,758
48,000 MSB International PLC 497,614
40,100 RCO Holdings PLC 108,878
75,000 Saatchi and Saatchi PLC* 134,524
300,000 Taylor Nelson AGB PLC ORD* 424,552
------------
1,301,326
------------
COMPUTER SERVICE (0.6%)
525,000 Anite Group PLC* 414,678
11,000 Micro Focus Group PLC* 431,710
101,000 Northamber PLC* 393,895
350,000 Rebus Group PLC* 443,475
140,000 Skillsgroup PLC* 421,590
------------
2,105,348
------------
COMPUTER SOFTWARE (0.3%)
45,000 Eidos PLC* 499,835
80,000 Royalblue Group PLC* 467,336
------------
967,171
------------
CONSTRUCTION & HOUSING (0.1%)
37,000 AMEC PLC 71,236
100,001 McAlpine (Alfred) Group PLC 223,797
------------
295,033
------------
FOOD & BEVERAGE (0.1%)
75,000 Finlay (James) PLC * 139,460
8,700 Hardys & Hanson PLC 32,784
------------
172,244
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
HEALTH CARE (0.1%)
24,200 Galen Holdings PLC Ltd.* $ 138,581
7,600 Nycomed Amersham PLC 282,889
------------
421,470
------------
INDUSTRIAL MISCELLANEOUS (0.0%)
37,920 Crest Packaging PLC 35,567
------------
MACHINERY & ENGINEERING (0.6%)
86,000 Adwest Automotive PLC 206,615
6,000 AIM Group PLC 26,164
310,000 Bulllough PLC* 525,424
72,000 Dennis Group PLC 367,286
40,000 McKechnie PLC 304,097
59,500 Oxford Instruments PLC* 281,981
33,400 The Weir Group PLC 146,197
250,000 Verity Group PLC 284,886
------------
2,142,650
------------
REAL ESTATE (0.1%)
45,000 Bradford Property Trust PLC ORD 203,637
45,472 Great Portland Estates PLC 180,519
------------
384,156
------------
RETAIL STORES (0.1%)
165,000 Budgens PLC 150,691
70,000 Somerfield PLC 241,896
------------
392,587
------------
TELECOMMUNICATION EQUIPMENT (0.1%)
110,000 SDX Business Systems PLC* 369,261
------------
TOTAL UNITED KINGDOM 8,893,149
------------
UNITED STATES (76.8%)
AIRLINES (0.5%)
9,000 Alaska Air Group, Inc.* 348,750
33,000 Midwest Express Holdings, Inc.* 1,280,813
3,900 Newport News Shipbuilding,
Inc.* 99,206
------------
1,728,769
------------
AUTO & AUTO PARTS (0.9%)
20,000 A. O. Smith Corp. 845,000
16,800 Donaldson, Inc. 757,050
25,500 Triumph Group, Inc.* 847,875
29,000 Wabash National Corp. 824,687
------------
3,274,612
------------
BANK/SAVINGS & LOAN (4.3%)
48,600 Bank United Corp. 2,378,363
11,324 Charter One Financial, Inc. 714,828
16,500 Community First Bankshares,
Inc. 878,625
32,400 Cullen Frost Bankers, Inc. 1,966,275
31,000 Hamilton Bancorp, Inc.* 902,875
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 15
<PAGE> 18
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
BANK/SAVINGS & LOAN (CONTINUED)
11,500 Long Island Bancorp, Inc. $ 570,687
8,400 Ocean Financial Corp. 312,900
19,800 Peoples Heritage Financial
Group, Inc. 910,800
2,000 Provident Financial Group, Inc. 97,000
18,450 Queens County Bancorp, Inc. 747,225
13,400 Reliance Bancorp, Inc. 490,775
36,150 Sterling Bancshares, Inc./Texas 732,037
25,000 Sterling Financial Corp.* 543,750
18,000 Texas Regal Bancshares, Inc.
Class A 549,000
33,300 Webster Financial Corp. 2,214,450
20,000 Western Bancorp * 660,000
6,200 WMF Group Ltd.* 77,500
------------
14,747,090
------------
BUILDING MATERIALS (0.1%)
19,000 CalMat Co.* 529,625
------------
BUSINESS SERVICES (0.9%)
39,100 Hypercom Corp.* 552,287
56,000 Intervu, Inc.* 455,000
9,000 Pre-Paid Legal Services, Inc.* 307,687
64,100 Sitel Corp.* 584,913
22,400 Technology Solutions Co.* 590,800
18,350 Vincam Group, Inc.* 488,569
------------
2,979,256
------------
CHEMICALS & FERTILIZER (0.2%)
30,700 Lawter International, Inc. 333,862
12,800 Lilly Industries, Inc. 264,000
------------
597,862
------------
COMMERCIAL SERVICES (3.0%)
15,000 Advance Paradigm, Inc.* 476,250
8,500 Corestaff, Inc.* 225,250
40,000 Hall, Kinion & Associates,
Inc.* 875,000
13,000 International Telecom Data
Systems, Inc.* 416,000
40,000 Lamalie Associates, Inc.* 800,000
40,000 On Assignment, Inc.* 1,060,000
26,250 Robert Half International,
Inc.* 1,050,000
90,000 Romac International, Inc.* 2,199,375
22,000 Select Appointments Holdings
PLC ADR 401,500
15,000 SOS Staffing Services, Inc.* 283,125
45,000 Superior Services, Inc.* 1,299,375
28,700 Valassis Communications, Inc.* 1,061,900
------------
10,147,775
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMUNICATIONS & MEDIA (5.1%)
25,900 Central European Media
Enterprises Ltd.* $ 653,975
10,800 Central Newspapers, Inc. Class
A 798,525
15,400 Chancellor Broadcasting Corp.
Class A* 1,149,225
20,000 Cinar Films, Inc.* 777,500
20,000 Cox Radio, Inc. Class A* 805,000
27,500 Harte-Hanks Communications,
Inc. 1,020,937
36,000 Heftel Broadcasting Corp.* 1,683,000
75,000 Lamar Advertising Co.* 2,981,250
30,000 Mail-Well, Inc.* 1,215,000
16,500 Metro Networks, Inc.* 540,375
21,950 Outdoor Systems, Inc.* 842,331
30,000 Sinclair Broadcasting Group,
Inc. Class A* 1,398,750
25,000 Snyder Communications, Inc.* 912,500
55,800 Universal Outdoor Holdings,
Inc.* 2,901,600
------------
17,679,968
------------
COMPUTER EQUIPMENT (1.0%)
58,800 Auspex Systems, Inc.* 588,000
88,200 Borland International, Inc.* 644,962
52,800 Data General Corp.* 920,700
30,400 Platinum Technology, Inc.* 858,800
22,650 National Instruments Corp.* 656,850
------------
3,669,312
------------
COMPUTER SERVICE (0.8%)
18,000 Acxiom Corp.* 346,500
267 Affiliated Computer Services,
Inc.* 7,025
15,000 Crystal Systems Solutions* 382,500
900 Fiserv, Inc.* 44,212
40,000 PRT Group, Inc.* 455,000
17,600 Sterling Commerce, Inc.* 676,500
12,000 SunGard Data Systems, Inc.* 372,000
32,000 Sykes Enterprises, Inc.* 624,000
------------
2,907,737
------------
COMPUTER SOFTWARE (4.5%)
22,000 Avant! Corp.* 368,500
20,200 BMC Software, Inc.* 1,325,625
17,300 Cambridge Technology Partners,
Inc.* 720,112
5,000 CBT Group PLC ADR* 410,625
34,300 Dataworks Corp.* 681,712
30,000 Excite, Inc.* 900,000
15,000 HNC Software, Inc.* 645,000
20,000 Information Management
Resources, Inc.* 750,000
16,000 JDA Software Group, Inc.* 560,000
25,000 Legato Systems, Inc.* 1,100,000
57,600 Micrografx, Inc.* 504,000
37,400 PeopleSoft, Inc.* 1,458,600
45,900 QAD, Inc.* 579,488
</TABLE>
16 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 19
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMPUTER SOFTWARE (CONTINUED)
17,500 Remedy Corp.* $ 367,500
27,000 Saville System PLC ADR* 1,120,500
22,700 Tecnomatix Technologies Ltd.* 766,125
22,000 Transaction System Architects
Class A* 836,000
40,000 Transition Systems, Inc.* 885,000
10,000 VERITAS Software Corp.* 510,000
30,000 Visio Corp.* 1,151,250
------------
15,640,037
------------
CONSTRUCTION & HOUSING (0.4%)
20,400 Coachmen Industries, Inc. 439,875
20,600 Texas Industries, Inc. 927,000
------------
1,366,875
------------
CONSUMER CYCLICALS (0.3%)
27,000 Westwood One, Inc.* 1,002,375
------------
CONSUMER GOODS & SERVICES (2.4%)
24,000 Alberto Culver Co. Class A 648,000
49,500 Arbor Drugs, Inc. 915,750
29,000 Broderbund Software, Inc. 743,125
17,100 Budget Group, Inc. Class A* 591,019
20,200 Devry, Inc.* 643,875
50,000 Furniture Brands International,
Inc.* 1,025,000
70,000 Helen of Troy Ltd.* 1,128,750
17,500 ITT Educational Services, Inc.* 390,469
45,000 Mohawk Industries, Inc.* 987,187
14,500 Westpoint Stevens, Inc.* 685,125
15,000 Windmere-Durable Holdings,
Inc.* 338,437
------------
8,096,737
------------
CONTAINERS (0.1%)
11,200 Libbey, Inc. 424,200
------------
ELECTRICAL EQUIPMENT (0.1%)
16,100 Continental Circuits Corp.* 224,394
------------
ELECTRONICS (0.6%)
19,800 ATMI, Inc.* 480,150
21,400 Burr-Brown Corp.* 687,475
21,400 Methode Electronics, Inc. Class
A 347,750
14,400 SCI Systems, Inc.* 627,300
------------
2,142,675
------------
ELECTRONICS/SEMICONDUCTORS (1.4%)
26,500 ADE Corp.* 463,750
31,800 Dallas Semiconductor Corp. 1,295,850
15,800 ETEC Systems, Inc.* 734,700
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
ELECTRONICS/SEMICONDUCTORS(CONTINUED)
40,600 Maxim Integrated Products,
Inc.* $ 1,400,700
13,000 Sipex Corp.* 393,250
10,000 Uniphase Corp.* 413,750
------------
4,702,000
------------
ENVIRONMENTAL SERVICES (0.4%)
27,400 Allied Waste Industries, Inc.* 638,762
30,800 Casella Waste Systems, Inc.* 812,350
------------
1,451,112
------------
FINANCIAL SERVICES (6.7%)
16,723 Allmerica Financial Corp. 835,105
31,200 Amerin Corp.* 873,600
43,800 AmerUs Life Holdings, Inc.
Class A 1,615,125
84,800 ARM Financial Group, Inc. Class
A* 2,236,600
15,800 Capital RE Corp. 980,587
30,000 CapMac Holdings, Inc. 1,042,500
35,000 Checkfree Holdings Corp.* 945,000
18,600 City National Corp. 687,037
43,000 Doral Financial Corp. 1,091,125
30,600 ESG Re Ltd.* 719,100
25,000 Executive Risk, Inc. 1,745,313
55,000 Glenborough Realty Trust, Inc.* 1,629,375
60,000 Laser Mortgage Management,
Inc.* 870,000
10,666 Legg Mason, Inc. 596,629
54,000 Life USA Holding, Inc.* 911,250
20,000 Nac Re Corp. 976,250
20,000 Patriot American Hospitality,
Inc. 576,250
45,600 PMT Services, Inc.* 632,700
9,100 Price (T. Rowe) & Associates 572,163
20,000 RenaissanceRe Holdings Ltd* 882,500
50,000 Sovereign Bancorp, Inc. 1,037,500
12,000 Starwood Lodging Trust 694,500
35,500 Terra Nova (Bermuda) Holdings
Ltd. 931,875
1 USF&G Corp.* 11
------------
23,082,095
------------
FOOD & BEVERAGE (1.2%)
9,600 Bush Boake Allen, Inc.* 251,400
18,500 Canandaigua Brands, Inc. Class
A* 1,024,437
16,400 Hain Food Group, Inc.* 150,675
43,000 Suiza Foods Corp.* 2,561,188
------------
3,987,700
------------
FURNISHING & APPLIANCES (0.2%)
18,500 Interface, Inc. 536,500
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 17
<PAGE> 20
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
HEALTH CARE (5.5%)
21,500 Acuson Corp.* $ 356,094
38,400 ADAC Laboratories 758,400
27,200 Alkermes, Inc.* 540,600
8,700 Amerisource Health Corp. Class
A* 506,775
55,000 Atria Communities, Inc.* 941,875
8,900 Ballard Medical Products 215,825
11,800 Biovail Corp. International* 460,938
9,514 Block Drug, Inc. Class A 411,485
52,000 Bone Care International, Inc.* 529,750
19,000 Compdent Corp.* 385,345
75,000 DUSA Pharmaceuticals, Inc.* 862,500
23,700 FPA Medical Management, Inc.* 441,413
25,600 Haemonetics Corp.* 358,400
13,200 Health Care & Retirement Corp.
* 371,250
28,500 IDX Systems Corp.* 1,054,500
47,900 Incontrol, Inc.* 281,413
12,000 INCYTE Pharmaceuticals, Inc.* 540,000
25,500 Mentor Corp. 930,750
41,400 Mid Atlantic Medical Services,
Inc.* 527,850
9,100 National Health Investors,
Inc.* 381,063
40,000 National Surgery Centers, Inc.* 1,050,000
51,000 NovaCare, Inc.* 666,187
45,000 Novoste Corp.* 1,012,500
10,400 Omega Healthcare Investors,
Inc.* 401,700
15,000 Parexel International Corp.* 555,000
8,500 PathoGenesis Corp.* 315,562
15,100 Patterson Dental Co.* 683,275
37,500 Pharmacyclics, Inc.* 960,937
18,000 Respironics, Inc.* 402,750
5,800 Sofamor Danek Group, Inc.* 377,362
26,800 Trigon Healthcare, Inc.* 700,150
18,400 Universal Health Services, Inc.
Class B* 926,900
------------
18,908,549
------------
INDUSTRIAL MISCELLANEOUS (0.7%)
45,700 Apogee, Inc. 542,688
49,500 BMC Industries, Inc. 798,187
11,900 W.H. Brady Co. 368,900
32,000 Kroll-O'Gara Co.* 564,000
------------
2,273,775
------------
INSURANCE (1.7%)
14,950 Allied Group, Inc. 427,944
24,500 Everest Reinsurance Holdings,
Inc. 1,010,625
22,800 FBL Financial Group, Inc. 914,850
20,000 Fremont General Corp. 1,095,000
33,500 Frontier Insurance Group, Inc. 766,312
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
INSURANCE (CONTINUED)
12,400 Penn-America Group, Inc. $ 254,200
14,100 Trenwick Group, Inc. 530,512
22,050 W.R. Berkley Corp. 967,444
------------
5,966,887
------------
LEISURE & ENTERTAINMENT (1.2%)
40,000 CapStar Hotel Co.* 1,372,500
17,000 Premier Parks, Inc.* 688,500
32,300 Vistana, Inc.* 742,900
41,000 Wyndham Hotel Corp.* 1,655,375
------------
4,459,275
------------
LODGING (0.7%)
46,700 Prime Hospitality Corp.* 951,512
12,700 Promus Hotel Corp.* 533,400
39,700 Rio Hotel and Casino, Inc.* 833,700
------------
2,318,612
------------
MACHINERY & CAPITAL GOODS (1.5%)
12,100 Alamo Group, Inc. 262,419
10,600 Dionex Corp.* 527,350
10,500 IDEX Corp. 366,188
24,600 Kaydon Corp. 802,575
6,900 Lincoln Electric Co. Class A 248,400
35,000 Rental Service Corp.* 859,687
22,200 Roper Industries, Inc. 627,150
36,400 Stewart & Stevenson Services,
Inc.* 928,200
13,800 Zebra Technologies Corp. Class
A* 410,550
------------
5,032,519
------------
MATERIALS & PROCESSING (1.9%)
22,500 AEP Industries, Inc.* 694,688
39,900 Aptargroup, Inc. 2,214,450
150,000 Gaylord Container Corp. Class
A* 862,500
30,500 Hexcel Corp.* 760,594
45,500 Intertape Polymer Group, Inc. 995,312
25,500 OM Group, Inc. 933,937
------------
6,461,481
------------
METAL PRODUCTS & SERVICES (0.1%)
16,900 NN Ball & Roller, Inc. 149,988
------------
METALS/MINING (0.1%)
31,800 Metals USA, Inc.* 484,950
------------
NATURAL GAS (0.1%)
7,700 National Fuel Gas Co.* 374,894
------------
OFFICE EQUIPMENT (0.3%)
19,500 Miller (Herman), Inc.* 1,063,969
------------
</TABLE>
18 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 21
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
OIL & GAS ENERGY (7.6%)
19,200 AGL Resources, Inc.* $ 392,400
28,100 Apache Corp. 985,256
24,400 Brown (Tom), Inc.* 469,700
13,500 Central Hudson Gas & Electric* 592,313
26,000 Chieftain International, Inc.* 552,500
8,800 Cliffs Drilling Co.* 438,900
11,100 Connecticut Energy Corp.* 334,388
24,700 Dawson Production Services,
Inc.* 429,163
9,900 Eastern Enterprise* 445,500
100,000 EEX Corp.* 906,250
16,400 Flores & Rucks, Inc.* 808,725
128,100 Global Industries Ltd* 2,177,700
41,200 Key Energy Group, Inc.* 893,525
12,700 MDU Resources Group, Inc. 401,638
15,700 Montana Power Co.* 499,456
58,800 Nabors Industries, Inc.* 1,848,525
63,752 National-Oilwell, Inc.* 2,179,522
22,400 Newpark Resources, Inc.* 595,000
26,300 Oceaneering International,
Inc.* 519,425
43,500 Offshore Logistics, Inc.* 929,813
16,300 Petroleum Geo Services ADR* 1,055,425
12,900 Piedmont Natural Gas Co., Inc.* 463,594
93,300 Pride International, Inc.* 2,355,825
19,500 Public Service Co. of New
Mexico* 461,906
24,300 R&B Falcon Corp.* 852,019
11,200 Sierra Pacific Resources* 420,000
6,600 Smith International, Inc.* 405,075
17,800 Stone Energy Corp.* 596,300
80,000 Superior Energy Services, Inc.* 810,000
77,780 Texas Meridian Resources Corp.* 743,771
15,000 Tuboscope Vetco International
Corp.* 360,938
15,900 UTI Energy Corp.* 411,413
8,000 Wicor, Inc.* 371,500
10,800 WPH Holdings, Inc.* 357,750
------------
26,065,215
------------
PHARMACEUTICALS (1.2%)
50,000 Catalytica, Inc.* 593,750
42,500 Gilead Sciences, Inc.* 1,625,625
45,000 Owens & Minor, Inc. Holding Co. 652,500
16,200 Sepracor, Inc.* 649,013
20,000 Watson Pharmaceutical, Inc.* 648,750
------------
4,169,638
------------
POLLUTION CONTROL (0.2%)
34,000 Nevada Power Co.* 595,000
------------
PRINTING & PUBLISHING (0.8%)
18,000 Bowne & Company, Inc. 717,750
17,000 Consolidated Graphics, Inc.* 792,625
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
PRINTING & PUBLISHING (CONTINUED)
15,700 Houghton Mifflin Co. $ 602,488
9,333 Pulitzer Publishing Co. 586,229
------------
2,699,092
------------
PRODUCER DURABLES (2.3%)
51,000 Allied Products Corp. 1,224,000
52,500 DeCrane Aircraft Holdings,
Inc.* 892,500
44,500 Gerber Scientific, Inc. 884,438
37,500 Halter Marine Group, Inc.* 1,082,813
47,000 Magnetek, Inc.* 916,500
28,500 Manitowoc Co., Inc. 926,250
33,000 Reliance Steel & Aluminum, Inc. 981,750
75,000 Simpson Industries, Inc. 881,250
------------
7,789,501
------------
REAL ESTATE (1.4%)
13,906 Apartment Investment &
Management Co.* 511,063
10,000 Boston Properties, Inc. * 330,625
41,300 CCA Prison Realty Trust 1,843,013
2,090 Crescent Operating, Inc. * 51,205
20,900 Crescent Real Estate Equities,
Inc. 822,938
11,700 Fairfield Communities, Inc.* 517,725
10,600 SL Green Realty Corp. * 274,938
75,000 U.S. Home & Garden, Inc. * 309,375
------------
4,660,882
------------
RESTAURANTS (0.2%)
10,000 Landry's Seafood Restaurants,
Inc.* 240,000
15,000 Rainforest Cafe, Inc.* 495,000
------------
735,000
------------
RETAIL/SPECIALTY (0.1%)
11,700 Black Box Corp.* 413,888
------------
RETAIL STORES (4.4%)
80,500 99 Cents Only Stores* 2,374,750
10,000 Abercrombie & Fitch Co. Class
A* 312,500
35,900 Borders Group, Inc.* 1,124,119
21,150 Consolidated Products Co.* 161,269
37,900 Corporate Express, Inc.* 487,963
10,000 Dollar Tree Stores, Inc.* 413,750
40,000 Dominick's Supermarkets, Inc.* 1,460,000
27,250 Family Dollar Stores, Inc. 798,766
59,000 Linens 'N Things, Inc.* 2,573,875
60,000 Marks Brothers Jewelers, Inc.* 990,000
40,000 Michael's Stores, Inc.* 1,170,000
12,127 Monro Muffler Brake, Inc.* 174,326
9,900 Payless Shoesource, Inc.* 664,538
19,500 Schultz Sav-o Stores, Inc. 302,250
25,000 Stage Stores, Inc.* 934,375
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 19
<PAGE> 22
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
RETAIL STORES (CONTINUED)
20,300 Trammell Crow Co.* $ 522,725
20,000 Wild Oats Markets, Inc.* 721,250
------------
15,186,456
------------
RETAILING & DISTRIBUTORS (0.3%)
39,350 Richfood Holdings, Inc. 1,111,638
------------
TECHNOLOGY (1.3%)
22,700 CACI International, Inc. Class
A* 449,744
22,000 Check Point Software
Technologies Ltd* 896,500
57,200 Reynolds & Reynolds Co. Class A 1,054,625
22,500 Viasoft, Inc.* 950,625
50,000 Wyman-Gordon Co.* 981,250
------------
4,332,744
------------
TECHNOLOGY/SEMICONDUCTOR (3.0%)
38,800 AAR Corp. 1,503,500
12,900 Alliant Techsystems, Inc.* 719,175
129,600 Aviall, Inc.* 1,935,900
21,200 B E Aerospace, Inc.* 567,100
25,800 Doncasters PLC ADR* 545,025
14,800 Ducommun, Inc.* 517,075
23,200 Orbital Sciences Corp.* 690,200
34,700 Thiokol Corp. 2,819,375
36,500 Tracor, Inc.* 1,108,688
------------
10,406,038
------------
TELECOMMUNICATION EQUIPMENT (0.8%)
30,000 Anicom, Inc.* 476,250
6,400 Metromedia Fiber Network, Inc.
* 106,400
49,400 Paging Network, Inc.* 531,050
34,000 Premisys Communications, Inc.* 888,250
31,000 Radiant Systems, Inc.* 883,500
------------
2,885,450
------------
TELECOMMUNICATIONS (1.2%)
35,000 Billing Information Concepts
Corp.* 1,680,000
16,800 Intermedia Communications of
Florida, Inc.* 1,020,600
11,000 IXC Communications, Inc.* 345,125
22,200 McLeod, Inc.* 710,400
20,000 Teledata Communications, Inc.* 365,000
------------
4,121,125
------------
TEXTILE/APPAREL (0.4%)
35,000 Nautica Enterprises, Inc.* 813,750
10,200 St. John Knits, Inc. 408,000
------------
1,221,750
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
TOBACCO & GROCERY (0.7%)
53,600 Consolidated Cigar Holdings,
Inc.* $ 1,477,350
33,800 First Brands Corp. 910,488
------------
2,387,838
------------
TRANSPORTATION (1.5%)
18,000 America West Holdings Corp.
Class B* 335,250
16,100 Coach USA, Inc.* 539,350
23,000 Expeditors International of
Washington, Inc.* 885,500
55,000 Greenbrier Companies, Inc.* 952,188
20,900 Heartland Express, Inc.* 561,688
15,100 Hvide Marine, Inc. Class A* 388,825
24,000 M.S. Carriers, Inc.* 597,000
19,600 Swift Transportation Co., Inc.* 634,550
12,400 Trico Marine Services, Inc.* 364,250
------------
5,258,601
------------
UTILITIES (0.5%)
18,500 Eastern Utilities Associates 485,625
8,500 Orange & Rockland Utilities,
Inc.* 395,781
20,000 United Illuminating Co.* 918,750
------------
1,800,156
------------
TOTAL UNITED STATES 264,253,617
------------
TOTAL COMMON STOCK
(cost $271,107,617) 312,543,101
------------
PREFERRED STOCK (0.3%)
GERMANY (0.3%)
BUILDING MATERIALS (0.1%)
4,800 Creaton AG 130,478
700 Dyckerhoff AG 184,928
------------
315,406
------------
COMPUTER SERVICES (0.1%)
25,650 Draegerwerk AG 467,920
------------
MACHINERY & ENGINEERING (0.1%)
1,850 KSB AG 411,568
------------
TOTAL GERMANY & PREFERRED STOCK
(cost $1,359,401) 1,194,894
------------
RIGHTS (0.0%)
AUSTRALIA
5,875 Mirvac Limited Variable Priced
Options 1,684
------------
UNITED KINGDOM
133,333 Taylor Nelson AGB Nil Paid 51,560
------------
TOTAL RIGHTS
(cost $25,936) 53,244
------------
</TABLE>
20 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 23
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
WARRANTS (0.0%)
HONG KONG
51,041 Moulin International Holdings* $ 764
------------
UNITED STATES
1,034 Security Capital Group, Inc.* 5,429
------------
TOTAL WARRANTS
(cost $38,896) 6,193
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------
PRINCIPAL
- ----------
<CAPTION>
<C> <S> <C>
COMMERCIAL PAPER (3.0%)
$10,163,000 Koch Industries, Inc.,
6.65%, 01/02/98
(cost $10,161,123) 10,159,585
------------
U.S. GOVERNMENT OBLIGATIONS (1.5%)
2,575,000 U.S. Treasury Bills, 4.97%,
01/22/98 2,567,805
1,452,000 U.S. Treasury Bills, 5.18%,
02/05/98 1,445,102
423,000 U.S. Treasury Bills, 5.22%,
03/05/98 419,248
348,000 U.S. Treasury Bills, 5.23%,
03/12/98 344,592
253,000 U.S. Treasury Bills, 5.15%,
04/02/98 249,705
------------
TOTAL U.S. GOVERNMENT
OBLIGATIONS
(cost $5,025,248) 5,026,452
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENTS (5.7%)
$15,266,000 Fifth Third Bank,
5.70%, 01/02/98, Collateralized
by $15,188,000 FHLMC Pool
#G10657, 7.50%, 02/01/12,
market value $15,572,453 $ 15,266,000
4,208,000 Goldman Sachs,
6.35%, 01/02/98, Collateralized
by $4,145,000 U.S. Treasury
Note, 7.75%, 12/31/99, market
value $4,298,365 4,208,000
------------
TOTAL REPURCHASE AGREEMENTS
(cost $19,474,000) 19,474,000
------------
TOTAL INVESTMENTS
(cost $307,192,221) $348,457,469
============
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOREIGN CURRENCY CONTRACTS
Contract Market
Value Value
Currency Sold: (U.S. $) (U.S. $) (Depreciation) Delivery Date
-------------- -------- -------- -------------- -------------
<S> <C> <C> <C> <C>
Finnish Marks $129,307 $129,392 ($ 85) 1/5/98
</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 for federal income tax purposes: $308,555,332
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
AB Aktiebolag (Swedish stock company)
ADR American Depository Receipt
AG Aktiengesellschaft (West German stock company)
A/S Limited
ASA Limited
NV Naamloze Vennootschap (Dutch corporation)
ORD Ordinary Depository Receipt
OY Limited
PLC (British) Public Limited Company
SA Societe Anonyme (French corporation)
SA Sociedad Anonima (Spanish corporation)
Sociedade Gestora De Participacoes Sociais (Portuguese
SGPS 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 ANNUAL REPORT 21
<PAGE> 24
NATIONWIDE SEPARATE ACCOUNT TRUST
STRATEGIC GROWTH FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (98.3%)
BANKS/MAJOR REGIONAL (1.7%)
600 Norwest Corp. $ 23,175
----------
BANKS/REGIONAL (2.9%)
400 Northern Trust Co. 27,900
100 US Bancorp 11,194
----------
39,094
----------
BEVERAGES/NONALCOHOLIC (2.8%)
700 Coca-Cola Enterprises, Inc. 24,894
200 The Coca-Cola Co. 13,325
----------
38,219
----------
BROADCASTING TV (7.5%)
500 Chancellor Media Corp. Class A 37,313
300 Clear Channel Communications, Inc. 23,831
400 Heftel Broadcasting Corp.* 18,700
200 Jacor Communications, Inc. 10,625
300 Tele-Communications Liberty Media
Group 10,875
----------
101,344
----------
COMMUNICATION EQUIPMENT (4.4%)
500 ADC Telecommunications, Inc. 20,875
300 Ciena Corp. 18,338
200 Tellabs, Inc. 10,575
300 Worldcom, Inc.* 9,075
----------
58,863
----------
COMPUTERS/SOFTWARE & SERVERS (17.4%)
300 CBT Group PLC ADR* 24,638
480 Cisco Systems, Inc.* 26,760
250 Computer Associates International,
Inc. 13,219
400 Compuware Corp.* 12,800
200 Fiserv, Inc.* 9,825
700 INTUIT, Inc. 28,875
300 Keane, Inc. 12,187
150 Microsoft Corp. 19,387
200 Network Associates, Inc. 10,575
800 PeopleSoft, Inc.* 31,200
300 Saville System PLC ADR* 12,450
100 Shared Medical Systems Corp. 6,600
200 Veritas Sortware Corp.* 10,200
400 Visio Corp.* 15,350
----------
234,066
----------
DISTRIBUTORS/FOOD (0.9%)
200 Dean Foods Company 11,900
----------
ENTERTAINMENT (1.4%)
300 Time Warner, Inc. 18,600
----------
EQUIPMENT/ELECTRICAL (2.2%)
400 General Electric Co. 29,350
----------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------
EQUIPMENT/SEMICONDUCTORS (0.9%)
300 Uniphase Corp.* $ 12,412
----------
FINANCIAL/DIVERSIFIED (1.6%)
400 Travelers Group, Inc. 21,550
----------
HEALTH CARE/DIVERSIFIED (2.1%)
400 Eli Lilly & Co. 27,850
----------
HEALTH CARE/DRUGS (2.8%)
500 Pfizer, Inc. 37,281
----------
HEALTH CARE/LONG TERM CARE (2.7%)
1,300 Atria Communities, Inc. 22,263
500 Healthsouth Corp. 13,875
----------
36,138
----------
HEALTH CARE/MEDICAL PRODUCTS (5.4%)
200 Cardinal Health, Inc. 15,025
300 Guidant Corp. 18,675
100 McKesson Corporation 10,819
400 Medtronic, Inc. 20,925
200 Parexel International Corp.* 7,400
----------
72,844
----------
HEALTH CARE/SPECIAL SERVICES (2.8%)
800 HBO & Co. 38,400
----------
HOUSEHOLD FURNISHINGS & APPLIANCES (0.9%)
300 Sunbeam Corp. 12,637
----------
INSURANCE/MULTI/LINE (2.5%)
500 MGIC Investment Corp. 33,250
----------
INVESTMENT MANAGEMENT (3.2%)
100 Franklin Resources, Inc. 8,694
400 Patriot American Hospitality, Inc. 11,525
400 Starwood Hotels & Resorts Trust 23,150
----------
43,369
----------
LODGING/HOTELS (3.4%)
1,000 CapStar Hotel Co.* 34,313
300 Wyndham Hotel Corp.* 12,112
----------
46,425
----------
MANUFACTURING DIVERSIFIED (0.7%)
200 Tyco International Ltd. 9,012
----------
OIL & GAS/DRILLING & EQUIPMENT (2.9%)
300 Cooper Cameron Corp.* 18,300
200 Key Energy Group 4,337
200 Schlumberger Ltd. 16,100
----------
38,737
----------
PERSONAL CARE (1.5%)
200 Gillette Company 20,087
----------
</TABLE>
22 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 25
NATIONWIDE SEPARATE ACCOUNT TRUST
STRATEGIC GROWTH FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997 (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<CAPTION>
<C> <S> <C>
RESTAURANTS (0.6%)
100 Landry's Seafood Restaurants $ 2,400
200 Outback Steakhouse, Inc. 5,750
----------
8,150
----------
RETAIL/DEPARTMENT STORES (2.0%)
400 Kohls Corp.* 27,250
----------
RETAIL/DISCOUNTERS (1.2%)
100 Consolidated Stores Corp.* 4,394
300 Dollar Tree Stores, Inc. 12,412
----------
16,806
----------
RETAIL/DRUG STORES (2.6%)
200 CVS Corp. 12,812
700 Walgreen Co. 21,963
----------
34,775
----------
RETAIL/SPECIALTY (6.1%)
1,501 Cendant Corp. 51,584
200 Home Depot, Inc. 11,775
300 Lowe's Companies, Inc. 14,306
200 Office Depot, Inc. 4,788
----------
82,453
----------
SAVINGS & LOANS (2.5%)
600 TCF Financial Corp. 20,363
200 Washington Mutual, Inc. 12,762
----------
33,125
----------
SERVICES/COMMERCIAL & CONSUMER (4.8%)
200 Corestaff, Inc. 5,300
800 Outdoor Systems, Inc. 30,700
400 Robert Half International, Inc.* 16,000
500 Romac International, Inc.* 12,219
----------
64,219
----------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------
SERVICES/PAYROLL (1.5%)
400 Paychex, Inc. $ 20,250
----------
TRANSPORTATION-AIRLINES (2.4%)
500 Midwest Express Holdings, Inc.* 19,406
500 Southwest Airlines Co. 12,313
----------
31,719
----------
TOTAL COMMON STOCK
(cost $1,267,679) 1,323,350
----------
</TABLE>
<TABLE>
<CAPTION>
- ---------
PRINCIPAL
- ---------
<C> <S> <C>
REPURCHASE AGREEMENT (19.5%)
$263,000 Fifth Third Bank, 5.70%, 01/02/98,
Collateralized by $262,000 FHLMC
7.50%, 02/01/12 market value
$268,632 (cost $263,000) 263,000
----------
TOTAL INVESTMENTS
(cost $1,530,679) $1,586,350
----------
</TABLE>
- -------------------------------------------------------
* Denotes a non-income producing security.
Cost for federal income tax purposes: $1,533,451
The abbreviation in the above statement stands for the following:
<TABLE>
<S> <C>
ADR American Depositary Receipt
FHLMC Federal Home Loan Mortgage Corporation
PLC (British) Public Limited Company
</TABLE>
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 23
<PAGE> 26
NATIONWIDE SEPARATE ACCOUNT TRUST
STRATEGIC VALUE FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (99.8%)
AEROSPACE/DEFENSE (2.8%)
850 Boeing Co. $ 41,597
------------
AIRLINES (1.7%)
400 Federal Express Corp.* 24,425
------------
AUTO PARTS & EQUIPMENT (5.8%)
900 Borg-Warner Automotive, Inc. 46,800
600 Goodyear Tire & Rubber Co. 38,175
------------
84,975
------------
AUTOMOBILES (3.0%)
900 Ford Motor Co. 43,819
------------
BANKS/MAJOR REGIONAL (3.3%)
800 Mellon Bank Corp. 48,500
------------
BANKS/MONEY CENTER (4.8%)
300 Chase Manhattan Corp. 32,850
300 Citicorp 37,931
------------
70,781
------------
BUILDING MATERIALS (5.6%)
600 Armstrong World Industries, Inc. 44,850
1,100 Owens Corning 37,538
------------
82,388
------------
COMPUTER/PERIPHERAL (3.0%)
700 Storage Technology Corp.* 43,356
------------
COMPUTERS/SOFTWARE & SERVICES (3.3%)
1,100 Electronic Data Systems Corp. 48,331
------------
ELECTRIC COMPANIES (3.2%)
1,100 Western Resources, Inc. 47,300
------------
ELECTRONICS/COMPONENTS & DISTRIBUTORS (5.8%)
1,200 Arrow Electronics, Inc.* 38,925
700 Avnet, Inc. 46,200
------------
85,125
------------
FOODS (2.4%)
1,700 IBP, Inc. 35,594
------------
HOMEBUILDING (3.2%)
2,300 Champion Enterprises, Inc.* 47,294
------------
HOUSEHOLD FURNITURE & APPLIANCES (3.1%)
750 Philips Electronics NV ADR 45,375
------------
INSURANCE (9.5%)
1,200 Old Republic International Corp. 44,625
1,000 Partner Re Ltd. 46,375
1,100 W.R. Berkley Corp. 48,262
------------
139,262
------------
IRON & STEEL (3.0%)
1,100 UCAR International, Inc.* 43,931
------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
MACHINERY/DIVERSIFIED (2.4%)
1,000 Harnischfeger Industries, Inc. $ 35,312
------------
MANUFACTURING/SPECIALIZED (2.5%)
1,400 New Holland NV 37,013
------------
METALS & MINING (8.8%)
900 Cleveland-Cliffs, Inc. 41,231
1,500 Lafarge Corp. 44,344
750 Southdown, Inc. 44,250
------------
129,825
------------
OIL & GAS/DRILLING & EQUIPMENT (3.4%)
1,200 Reading & Bates Corp.* 50,250
------------
OIL/DOMESTIC INTEGRATED (5.5%)
800 Phillips Petroleum Co. 38,900
1,300 Ultramar/Diamond Shamrock Corp. 41,438
------------
80,338
------------
PAPER & FOREST PRODUCTS (2.2%)
3,200 Asia Pulp & Paper Co. Ltd. ADR 32,200
------------
RETAIL/DEPARTMENT STORES (2.5%)
700 May Department Stores Co. 36,881
------------
TELEPHONE (2.9%)
800 GTE Corp. 41,800
------------
TRUCKS & PARTS (2.8%)
700 Cummins Engine Co., Inc. 41,344
------------
WASTE MANAGEMENT (3.3%)
3,400 Philip Services Corp.* 48,875
------------
TOTAL COMMON STOCK
(cost $1,428,474) 1,465,891
------------
</TABLE>
<TABLE>
<CAPTION>
- ---------
PRINCIPAL
- ---------
<C> <S> <C>
REPURCHASE AGREEMENT (5.2%)
$76,000 Fifth Third Bank,
5.70%, 01/02/98, Collateralized
by $76,000 FHLMC Pool #G10657,
7.50%, 02/01/12 market value
$77,923 (cost $76,000) 76,000
-----------
TOTAL INVESTMENTS
(cost $1,504,474) $ 1,541,891
===========
</TABLE>
- ------------------------------------------------------
* Denotes a non-income producing security.
Cost for federal income tax purposes: $1,522,826
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
ADR American Depository Receipt
NV Naamloze Vennootschap (Dutch Corp.)
FHLMC Federal Home Loan Mortgage Corp.
</TABLE>
Portfolio holdings percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
24 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 27
NATIONWIDE SEPARATE ACCOUNT TRUST
EQUITY INCOME FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (66.2%)
AEROSPACE/DEFENSE (2.3%)
200 General Dynamics Corp. $ 17,287
200 Lockheed Martin Corp. 19,700
------------
36,987
------------
AUTOMOBILES (1.2%)
400 Ford Motor Co. 19,475
------------
BANKS/MAJOR REGIONAL (5.6%)
800 First Union Corp. 41,000
600 Mellon Bank Corp. 36,375
200 NationsBank Corp. 12,162
------------
89,537
------------
BANKS/MONEY CENTER (0.5%)
100 Barnett Banks, Inc. 7,188
------------
BEVERAGES/ALCOHOLIC (1.6%)
675 Diageo PLC ADR 25,566
------------
CHEMICALS/DIVERSIFIED (1.9%)
300 E. I. du Pont de Nemours & Co. 18,019
200 Imperial Chemical Industries PLC
ADR 12,987
------------
31,006
------------
COMPUTERS/HARDWARE (1.9%)
300 International Business Machines
Corp. 31,369
------------
CONSUMER FINANCE (1.1%)
400 H&R Block, Inc. 17,925
------------
DRUGS/MAJOR (2.0%)
300 Merck & Co., Inc. 31,875
------------
ELECTRICAL EQUIPMENT (3.6%)
300 Colonial Properties Trust 9,037
400 Crown Cork & Seal Co. 20,050
400 General Electric Co. 29,350
------------
58,437
------------
ELECTRIC/COMPANIES (2.6%)
800 PacifiCorp 21,850
500 Texas Utilities Co. 20,781
------------
42,631
------------
ELECTRONICS/COMPONENTS (2.1%)
500 Avnet, Inc. 33,000
------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
FOODS (4.4%)
500 General Mills, Inc. $ 35,812
700 H. J. Heinz Co. 35,569
------------
71,381
------------
INVESTMENT BANKING (1.5%)
400 Morgan Stanley, Dean Witter,
Discover and Co. 23,650
------------
INSURANCE/MULTI-LINE (1.3%)
100 General Re Corp. 21,200
------------
IRON & STEEL (1.1%)
700 Allegheny Teledyne, Inc. 18,113
------------
MANUFACTURING/DIVERSIFIED (4.5%)
800 The Dial Corp. 16,650
500 Exxon Corp. 30,594
400 Textron, Inc. 25,000
------------
72,244
------------
MANUFACTURING/SPECIALTY (1.2%)
800 Cooper Tire & Rubber Co. 19,500
------------
MEDICAL PRODUCTS (4.8%)
500 Baxter International, Inc. 25,218
300 Bristol-Myers Squibb Co. 28,388
800 United States Surgical Corp. 23,450
------------
77,056
------------
NATURAL GAS (3.7%)
500 Enron Corp. 20,781
400 Sonat, Inc. 18,300
700 The Williams Companies, Inc. 19,863
------------
58,944
------------
OIL & GAS DRILLING (1.8%)
700 Dresser Industries, Inc. 29,356
------------
OIL & GAS PRODUCTION (3.3%)
400 Mobil Corp. 28,875
700 YPF Sociedad Anonima ADR 23,931
------------
52,806
------------
PERSONAL CARE (1.5%)
400 Avon Products, Inc. 24,550
------------
POWER PRODUCERS (1.1%)
400 CMS Energy Corp. 17,625
------------
RAILROADS (1.5%)
400 Union Pacific Corp. 24,975
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 25
<PAGE> 28
NATIONWIDE SEPARATE ACCOUNT TRUST
EQUITY INCOME FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997 (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
REAL ESTATE (1.3%)
200 Liberty Property Trust $ 5,712
300 New Plan Realty Trust 7,650
200 Post Properties, Inc. 8,125
------------
21,487
------------
RETAIL DEPARTMENT STORES (1.9%)
500 J. C. Penney Co., Inc. 30,156
------------
TELECOMMUNICATIONS/LONG DISTANCE (1.1%)
300 Sprint Corp. 17,588
------------
TELECOMMUNICATIONS/SERVICES (1.4%)
300 SBC Communications, Inc. 21,975
------------
TOBACCO (1.7%)
600 Philip Morris Companies, Inc. 27,188
------------
WASTE MANAGEMENT (0.7%)
300 Browning-Ferris Industries, Inc. 11,100
------------
TOTAL COMMON STOCK
(cost $1,019,575) 1,065,890
------------
PREFERRED STOCK (15.5%)
BANKS/MAJOR REGIONAL (0.7%)
100 Jefferson Pilot Corp. 10,700
------------
COMPUTERS/SOFTWARE (1.7%)
300 Microsoft Corp. Convertible
Series A * 26,962
------------
CONSUMER FINANCE (1.3%)
400 Conseco, Inc. Series F 20,500
------------
FINANCIAL/DIVERSIFIED (1.1%)
300 Frontier Insurance Group, Inc. * 17,475
------------
FINANCIALS/INVESTMENT MANAGEMENT (1.1%)
200 Merrill Lynch STRYPES 6,900
100..... Merrill Lynch STRYPES 11,100
------------
18,000
------------
FOODS (1.7%)
400 Ralston-Ralston Purina Group 27,850
------------
HEALTH CARE DIVERSIFIED (0.5%)
400 MedPartners, Inc. 8,800
------------
INSURANCE/LIFE (0.8%)
100 SunAmerica Inc. Series E 12,900
------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
MACHINERY/DIVERSIFIED (0.9%)
100 Case Corp. Convertible Series A $ 14,338
------------
NATURAL GAS (0.4%)
50 The Williams Co., Inc.
Convertible 6,706
------------
OIL & GAS (2.8%)
600 EVI, Inc. Convertible * 27,600
300 Unocal Corp. Convertible 16,688
------------
44,288
------------
PUBLISHING/NEWSPAPER (1.1%)
1,400 Hollinger International, Inc. 18,025
------------
RETAIL FOODS (1.0%)
300 Wendy's International, Inc.
Convertible Series A 16,500
------------
WASTE MANAGEMENT (0.4%)
200 Browning-Ferris Industries, Inc. 6,800
------------
TOTAL PREFERRED STOCK
(cost $252,536) 249,844
------------
</TABLE>
<TABLE>
<CAPTION>
- ---------
PRINCIPAL
- ---------
<C> <S> <C>
CONVERTIBLE DEBT (14.5%)
AUTO PARTS & EQUIPMENT (1.1%)
$15,000 Magna International, Inc.,
5.00%, 10/15/02 18,206
------------
COMPUTERS/HARDWARE (0.8%)
10,000 EMC Corp., 3.25%, 03/15/02 13,538
------------
COMPUTERS/NETWORKING (2.2%)
20,000 Adaptec, Inc., 4.75%, 02/01/04 20,500
15,000 Omnicom Group Inc., 2.25%,
01/06/13 15,637
------------
36,137
------------
DRUGS/MAJOR (1.0%)
15,000 Dura Pharmaceuticals Inc.,
3.50%, 07/15/02 16,444
------------
ELECTRONICS/COMPONENTS (2.9%)
20,000 Solectron Corp., 6.00%, 03/01/06 27,525
20,000 Xilinx, Inc., 5.25%, 11/01/02 19,375
------------
46,900
------------
HEALTH CARE/MEDICAL PRODUCTS (1.8%)
30,000 Tenet Healthcare Corp., 6.00%,
12/01/05 28,237
------------
</TABLE>
26 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 29
NATIONWIDE SEPARATE ACCOUNT TRUST
EQUITY INCOME FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997 (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
INSURANCE/MULTI-LINE (1.9%)
$30,000 Loews Corp., 3.125%, 09/15/07 $ 29,700
------------
RETAIL/DEPARTMENT STORES (1.7%)
20,000 Federated Department Stores,
Inc., 5.00%, 10/01/03 27,100
------------
RETAIL/DISCOUNT (1.1%)
30,000 Costco Companies Inc., 0.00%,
08/19/17 17,738
------------
TOTAL CONVERTIBLE DEBT
(cost $240,690) 234,000
------------
REPURCHASE AGREEMENT (14.1%)
227,000 Fifth Third Bank,
5.70%, 01/02/98, Collateralized
by $226,000 FHLMC Pool #G10657,
7.50%, 02/01/12, market value
$231,720 (cost $227,000) 227,000
------------
TOTAL INVESTMENTS
(cost $1,739,801) $ 1,776,734
============
</TABLE>
- ------------------------------------------------------
* Denotes a non-income producing security.
Cost for federal income tax purposes: $1,740,598
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
ADR American Depository Receipt
FHLMC Federal Home Loan Mortgage Corporation
PLC (British) Public Limited Company
Structure Yield Product Exchangeable for
STRYPES Stock
</TABLE>
Portfolio holdings percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 27
<PAGE> 30
NATIONWIDE SEPARATE ACCOUNT TRUST
HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
PREFERRED STOCK (3.5%)
PUBLISHING (1.7%)
1,000 PriMedia, Inc., Preferred Series E,
9.20% $ 100,500
----------
BROADCASTING TV (1.8%)
1,000 Sinclair Broadcast Group,
Preferred, 11.625% 109,500
----------
TOTAL PREFERRED STOCK
(cost $211,375) 210,000
---------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL
- -----------------------------------------------------------
<C> <S> <C>
CORPORATE BONDS (92.6%)
AEROSPACE/DEFENSE (1.7%)
$100,000 United Defense Industries, Inc.,
Sr. Sub. Note, 8.75%, 11/15/07* 101,125
----------
AUTO PARTS & EQUIPMENT (2.7%)
100,000 Collins & Aikman Products, Inc.,
Sr. Sub. Note, 11.50%, 04/15/06 112,875
50,000 Delco Remy International, Inc., Sr.
Note, 8.625%, 12/15/07 50,875
----------
163,750
----------
BROADCASTING TV (21.6%)
75,000 ACME Television LLC Disc, Deferred
Coupon, 09/30/04* 55,594
100,000 Cablevision Systems Corp., Sr. Sub.
Note, 9.25%, 11/01/05 106,500
100,000 Chancellor Media Corp., Sr. Sub.
Note, 9.375%, 10/01/04* 104,250
100,000 Diamond Cable Communications, PLC,
Sr. Deferred Coupon, 10.75%,
02/15/07 68,500
100,000 Echostar Satellite Broadcasting,
Inc., Sr. Deferred Coupon, 13.125%,
03/15/04 84,500
100,000 Fox/Liberty Networks, LLC, Sr.
Deferred Coupon, 9.75%, 08/15/07* 64,500
50,000 FrontierVision Holdings, LP, Sr.
Deferred Coupon, 11.875%, 09/15/07 37,000
100,000 International Cabletel, Inc., Sr.
Deferred Coupon, 11.50%, 02/01/06 79,000
100,000 Lenfest Communications, Inc., Sr.
Note, 8.375%, 11/01/05 103,500
150,000 Outdoor Systems, Inc., Sr. Note,
8.875%, 06/15/07 157,500
100,000 Pegasus Communications, Corp., Sr.
Note, 9.625%, 10/15/05* 102,500
100,000 Roger CableSystems, Inc., Sr. Note,
10.00%, 03/15/05 111,000
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
BROADCASTING TV (CONTINUED)
$100,000 SFX Broadcasting, Inc., Sr. Sub.
Note, 10.75%, 05/15/06 $ 110,250
150,000 Telewest Communications, PLC, Disc.
Deb., 11.00%, 10/01/07 117,375
----------
1,301,969
----------
BUILDING MATERIALS (1.7%)
100,000 Building Materials Corp., Sr. Note,
8.00%, 10/15/07* 100,250
----------
CHEMICALS (6.4%)
100,000 Buckeye Technologies, Inc., Sr.
Sub. Note, 9.25%, 09/15/08 104,500
75,000 ClimaChem, Inc., Sr. Note, 10.75%,
12/01/07* 77,625
100,000 ISP Holdings, Inc., Sr. Note 9.00%,
10/15/03 104,125
100,000 Polymer Group, Inc., Sr. Note,
9.00%, 07/01/07 100,500
----------
386,750
----------
CONSUMER JEWELRY & GIFTS (0.8%)
50,000 NBTY, Inc., Sr. Sub. Note, 8.625%,
09/15/07* 50,250
----------
FOOD DISTRIBUTORS (1.0%)
77,000 AMF Group, Inc., Sr. Deferred
Coupon, 12.25%, 03/15/06 60,926
----------
FOOD & BEVERAGES (3.5%)
100,000 Ameriserv Food Distributors, Inc.,
Sr. Note, 10.125%, 07/15/07 105,000
100,000 Stater Brothers Holdings, Inc., Sr.
Sub. Note, 9.00%, 07/01/04 104,750
----------
209,750
----------
HEALTH CARE (4.4%)
100,000 Dade International, Inc., Sr. Sub.
Note, 11.125%, 05/01/06 111,000
150,000 Tenet Healthcare Corp., Sr. Note,
10.125%, 01/15/05 153,000
----------
264,000
----------
HOUSEHOLD FURNITURE & APPLIANCES (0.9%)
50,000 Werner Holdings Co. Inc., Sr. Sub.
Note, 10.00%, 11/01/07* 51,625
----------
IRON & STEEL (1.8%)
100,000 Ryerson Tull, Inc., Note, 9.125%,
07/15/06 107,750
----------
</TABLE>
28 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 31
NATIONWIDE SEPARATE ACCOUNT TRUST
HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
LEISURE TIME PRODUCTS (4.7%)
$100,000 Livent, Inc., Sr. Note, 9.375%,
10/15/04 $ 100,500
75,000 Premier Parks, Inc., Sr. Note,
12.00%, 08/15/03 83,625
100,000 Viacom, Inc., Sub. Deb., 8.00%,
07/07/06 101,500
----------
285,625
----------
MACHINERY DIVERSIFIED (4.4%)
50,000 Alvey Systems, Inc., Sr. Sub. Note,
11.375%, 01/31/03 53,375
100,000 Clark Materials Handling, Inc., Sr.
Note, 10.75%, 11/15/06 107,500
50,000 Elgin National Industries, Sr.
Note, 11.00%, 11/01/07* 52,125
50,000 National Equipment Services, Inc.,
Sr. Sub. Note, 10.00%, 11/30/04* 49,750
----------
262,750
----------
MANUFACTURING DIVERSIFIED (0.9%)
50,000 MMI Products, Inc., Sr. Sub. Note,
11.25%, 04/15/07 54,750
----------
METALS MINING (2.7%)
100,000 AEI Holding Co., Sr. Note, 10.00%,
11/15/07* 103,500
50,000 El Paso Electric Co., 1st Mtg.
Note, 9.40%, 05/01/11 56,540
----------
160,040
----------
NATURAL GAS (1.3%)
75,000 Decisionone Corp., Sr. Sub. Note,
9.75%, 08/01/07 77,625
----------
OFFICE EQUIPMENT & SUPPLIES (0.8%)
50,000 Dialog Corp., PLC, Sr. Sub. Note,
11.00%, 11/15/07* 52,125
----------
OIL & GAS (4.3%)
100,000 Dailey International, Inc., Sr.
Note, 9.75%, 08/15/07* 105,500
100,000 Forcenergy, Inc., Sr. Sub. Note,
8.50%, 02/15/07 101,000
50,000 Pride International, Inc., Sr.
Note, 9.375%, 05/01/07 54,000
----------
260,500
----------
PERSONAL CARE PRODUCTS (1.7%)
100,000 Playtex Products, Inc., Sr. Sub.
Note, 8.875%, 07/15/04 102,500
----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
PUBLISHING (0.8%)
$ 50,000 Garden State Newspapers, Inc., Sr.
Sub. Note, 8.75%, 10/01/09* $ 50,375
----------
RETAIL GENERAL MERCHANDISE (0.9%)
50,000 Jitney Jungle Stores, Inc., Sr.
Sub. Note, 10.375%, 09/15/07 52,500
----------
RETAIL SPECIALTY APPAREL (3.5%)
100,000 Pillowtex Corp., Sr. Note, 10.00%,
11/15/06 107,500
100,000 WestPoint Stevens, Inc., Sr. Sub.
Note, 9.375%, 12/15/05 105,500
----------
213,000
----------
TELECOMMUNICATIONS CELLULAR (14.0%)
150,000 Call-Net Enterprises, Inc., Sr.
Deferred Coupon, 9.27%, 08/15/07 102,000
50,000 Comcast Cellular Holdings, Sr.
Note, 9.50%, 05/01/07 52,500
50,000 HighwayMaster Communications, Inc.,
Sr. Note, 13.75%, 09/15/05 51,125
150,000 Intermedia Communications of
Florida, Inc., Deferred Coupon,
9.30%, 07/15/07 108,375
150,000 McLeod USA, Inc., Sr. Deferred
Coupon, 10.50%, 03/01/07 109,125
100,000 Millicom International Cellular SA,
Sr. Sub. Disc. Note, 10.65%,
09/15/07 73,500
150,000 NEXTEL Communications, Inc., Sr.
Deferred Coupon, 10.85%, 09/15/07* 94,688
150,000 Qwest Communications International,
Sr. Deferred Coupon, 9.47%,
10/15/07* 102,000
125,000 Teleport Communications Group,
Inc., Sr. Deferred Coupon, 11.125%,
07/01/07 103,281
50,000 Teligent Inc., Sr. Note, 11.50%,
12/01/07 50,375
----------
846,969
----------
TEXTILES APPAREL (1.8%)
100,000 Dyersburg Corp., Sr. Sub. Note,
9.75%, 09/01/07 105,250
----------
TRUCKERS (2.5%)
100,000 Allied Holdings, Inc., Sr. Note,
8.625%, 10/01/07 102,000
50,000 Stena AB, Sr. Note, 8.75%, 06/15/07 50,625
----------
152,625
----------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 29
<PAGE> 32
NATIONWIDE SEPARATE ACCOUNT TRUST
HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
WASTE MANAGEMENT (1.8%)
$150,000 Allied Waste Industries, Sr.
Deferred Coupon, 11.30%, 06/01/07 $ 106,125
----------
TOTAL CORPORATE BONDS
(cost $5,517,240) 5,580,904
---------
WARRANT (0.0%)
50 HighwayMaster, expires 09/15/05
(cost $50) 50
---------
REPURCHASE AGREEMENT (2.5%)
154,000 Fifth Third Bank, 5.70%, due
01/02/98, Collateralized by
$154,000 FHLMC, 7.50%, 02/01/12,
market value $157,898
(cost $154,000) 154,000
---------
TOTAL INVESTMENTS
(cost $5,882,665) $5,944,954
=========
</TABLE>
- -------------------------------------------------------
* Represents a security registered under Rule 144A, which limits the resale to
certain qualified buyers.
Cost also represents cost for federal income tax purposes.
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
AB Aktliebolag (Swedish stock company)
FHLMC Federal Home Loan Mortgage Corporation
LLC Limited liability corporation
LP Limited partnership
PLC (British) Public limited company
SA Societe Anonyme
</TABLE>
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
30 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 33
NATIONWIDE SEPARATE ACCOUNT TRUST
BALANCED FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (44.2%)
ALUMINUM (1.1%)
300 Aluminum Company of America $ 21,112
------------
AUTOMOBILES (1.5%)
800 Chrysler Corp. 28,150
------------
COMMUNICATION SERVICES (6.1%)
1,400 BCE, Inc. 46,637
1,300 Frontier Corp. 31,281
500 SBC Communications, Inc. 36,625
------------
114,543
------------
CONSTRUCTION (3.4%)
500 Stone & Webster, Inc. 23,438
400 Vulcan Materials Co. 40,850
------------
64,288
------------
ELECTRIC COMPANIES (1.7%)
1,200 Edison International 32,625
------------
FOODS (4.0%)
1,200 Hormel Foods Corp. 39,300
400 Ralston-Ralston Purina Group 37,175
------------
76,475
------------
HEALTH CARE (5.3%)
500 American Home Products Corp. 38,250
800 Bausch & Lomb, Inc. 31,700
600 SmithKline Beecham PLC ADR 30,863
------------
100,813
------------
INSURANCE (5.8%)
400 Allstate Corp. 36,350
500 Chubb Corp. 37,813
200 CIGNA Corp. 34,612
------------
108,775
------------
MANUFACTURING-DIVERSIFIED (1.6%)
600 Cooper Industries, Inc. 29,400
------------
OIL/INTERNATIONAL (3.6%)
400 Amoco Corp. 34,050
1,000 Suncor Energy, Inc. 34,125
------------
68,175
------------
OIL & GAS DRILLING AND EQUIPMENT (1.1%)
500 Dresser Industries, Inc. 20,969
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
RAILROADS (2.0%)
800 Canadian National Railway Co. $ 37,800
------------
REAL ESTATE INVESTMENT TRUSTS (4.8%)
1,300 Excel Realty Trust, Inc. 40,950
1,200 Glenborough Realty Trust, Inc. 35,550
500 Golf Trust of America, Inc. 14,500
------------
91,000
------------
RETAIL FOOD CHAINS (2.2%)
2,000 Food Lion, Inc. Class A 16,875
3,000 Food Lion, Inc. Class B 24,750
------------
41,625
------------
TOTAL COMMON STOCK
(cost $823,903) 835,750
------------
</TABLE>
<TABLE>
<CAPTION>
- ---------
PRINCIPAL
- ---------
<C> <S> <C>
U.S. GOVERNMENT OBLIGATIONS (46.9%)
$650,000 U.S. Treasury Note, 5.875%,
09/30/02 653,860
225,000 U.S. Treasury Note, 6.125%,
08/15/07 231,258
------------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(cost $882,205) 885,118
------------
REPURCHASE AGREEMENT (13.8%)
261,000 Fifth Third Bank, 5.70%,
01/02/98,
Collateralized by $260,000 FHLMC,
7.50%, 02/01/12, market value
$266,581 (cost $261,000) 261,000
------------
TOTAL INVESTMENTS
(cost $1,967,108) $ 1,981,868
============
</TABLE>
- -------------------------------------------------------
Cost also represents cost for federal income tax purposes.
The abbreviation in the above statement stands for the following:
<TABLE>
<S> <C>
ADR American Depository Receipt
FHLMC Federal Home Loan Mortgage Corporation
PLC (British) Public Limited Company
</TABLE>
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 31
<PAGE> 34
NATIONWIDE SEPARATE ACCOUNT TRUST
MULTI SECTOR BOND FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
CORPORATE BONDS (2.5%)
$ 50,000 Trico Marine SVC, 8.50%,
08/01/05* $ 50,688
------------
(cost $50,124)
SOVEREIGN BONDS (10.9%)
360,000 Treuhandanstalt, 7.375%, 12/02/02 222,127
------------
(cost $225,787)
U.S. GOVERNMENT AGENCY (44.0%)
100,000 Federal Farm Credit, 5.70%,
01/02/98 100,000
100,000 Federal Home Loan Banks, 5.70%,
01/07/98 99,921
250,000 Federal Home Loan Mortgage Corp.
Gold Discount Notes TBA, 6.50%,
01/01/28** 247,031
250,000 Federal National Mortgage
Association Discount Notes TBA,
6.50%, 01/01/28** 246,719
100,000 World Bank Discount Notes, 5.75%,
01/16/98 99,745
100,000 World Bank Discount Notes, 5.75%,
01/06/98 99,904
------------
TOTAL U.S. GOVERNMENT AGENCY
(cost $893,281) 893,320
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
U.S. GOVERNMENT OBLIGATIONS (49.6%)
$900,000 U.S. Treasury Notes, 5.875%,
09/30/02*** $ 905,344
100,000 U.S. Treasury Notes, 6.125%,
08/15/07*** 102,781
------------
TOTAL U.S GOVERNMENT OBLIGATIONS
(cost $1,005,264) 1,008,125
------------
REPURCHASE AGREEMENT (2.0%)
40,000 Fifth Third Bank, 5.70%,
01/02/98, Collateralized by
$41,000 FHLMC Pool #G10657,
7.50%, 02/01/12, market value
$41,012
(cost $40,000) 40,000
------------
TOTAL INVESTMENTS
(cost $2,214,456) $ 2,214,260
============
</TABLE>
- --------------------------------------------------------------------------------
FOREIGN CURRENCY CONTRACTS
<TABLE>
<CAPTION>
Contract Market
Value Value Appreciation
Currency Sold: (U.S. $) (U.S. $) (Depreciation) Delivery Date
-------------- -------- -------- -------------- -------------
<S> <C> <C> <C> <C>
German Marks $227,344 $224,519 $ 2,824 02/11/98
Currency Purchased:
- -------------------------------
German Marks $226,729 $224,018 $(2,711) 01/02/98
-------
Net receivable for currency
contracts purchased and sold $ 113
=======
</TABLE>
- --------------------------------------------------------------------------------
* Represents a security registered under Rule 144A, which limits the resale to
certain qualified buyers.
** Mortgage dollar roll. See Note 1.
*** Segregated as collateral for mortgage dollar rolls.
Securities denominated in foreign currencies are shown at their U.S. dollar cost
and value.
Cost also represents cost for federal income tax purposes.
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
FHLMC Federal Home Loan Mortgage Corporation
TBA To Be Announced
</TABLE>
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
32 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 35
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL CAP VALUE FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (97.5%)
ADVERTISING & MARKETING (1.1%)
900 True North Communications, Inc. $ 22,275
------------
AEROSPACE/DEFENSE (2.0%)
350 Alliant Techsystems, Inc.* 19,513
900 Fairchild Corp. (The), Class A* 22,387
------------
41,900
------------
AIRLINES (0.6%)
400 SkyWest, Inc. 11,850
------------
ALUMINUM (0.7%)
400 Commonwealth Industries, Inc. 5,800
400 Pechiney SA ADR 7,800
------------
13,600
------------
BANKS/SAVINGS & LOANS (8.5%)
200 ALBANK Financial Corp. 10,288
500 Astoria Financial Corp. 27,875
500 Bay View Capital Corp. 18,125
250 Charter One Financial, Inc. 15,781
600 City National Corp. 22,162
100 Coast Savings Financial, Inc.* 6,856
300 Downey Financial Corp. 8,531
200 First Savings Bank of Washington
Bancorp, Inc. 5,500
450 FirstFed Financial Corp.* 17,437
100 Flushing Financial Corp. 2,388
200 Golden State Bancorp, Inc.* 7,475
200 Long Island Bancorp, Inc. 9,925
300 ML Bancorp, Inc. 9,000
700 PFF Bancorp, Inc.* 13,913
------------
175,256
------------
BROADCASTING & TELEVISION (2.7%)
200 Cox Radio, Inc.* 8,050
350 Emmis Broadcasting Corp. Class A* 15,969
800 Young Broadcasting Corp. Class A* 31,000
------------
55,019
------------
BUILDING MATERIALS (1.0%)
450 CalMat Co. 12,544
700 Dravo Corp.* 7,700
------------
20,244
------------
CHEMICALS (1.5%)
200 Geon Co. 4,675
170 Goodrich (B.F.) Co. 7,044
400 Quaker Chemical Corp. 7,575
600 Wellman, Inc. 11,700
------------
30,994
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMERCIAL SERVICES (1.5%)
1,000 ACNielsen Corp.* $ 24,375
400 Borg-Warner Security Corp.* 7,050
------------
31,425
------------
COMPUTER HARDWARE (0.6%)
200 Exabyte Corp.* 1,287
400 Read-Rite Corp.* 6,300
300 Western Digital Corp. 4,819
------------
12,406
------------
COMPUTER NETWORKING (0.5%)
400 BancTec, Inc.* 10,725
------------
COMPUTER SOFTWARE (1.7%)
2,200 Learning Co., Inc. (The)* 35,338
------------
CONSTRUCTION & HOUSING (0.3%)
400 Chicago Bridge & Iron Co. NV 6,500
------------
CONTAINERS & PACKAGES (1.7%)
850 Ball Corp. 30,016
1,000 Gaylord Container Corp. Class A* 5,750
------------
35,766
------------
DATA PROCESSING (1.8%)
1,700 Symantec Corp.* 37,294
------------
DISTRIBUTORS (0.6%)
800 Unisource Worldwide, Inc. 11,400
------------
ELECTRONIC COMPONENTS (1.7%)
300 AVX Corp. 5,531
1,000 Oak Industries, Inc.* 29,688
------------
35,219
------------
ELECTRONIC EQUIPMENT (0.8%)
550 Kemet Corp.* 10,656
200 Special Devices, Inc.* 5,850
------------
16,506
------------
ELECTRONICS/DEFENSE (0.3%)
400 Esco Electronics Corp.* 6,750
------------
ELECTRONICS/INSTRUMENTS (3.2%)
700 Elsag Bailey Process Automation
NV ADR* 11,550
500 FSI International, Inc.* 5,875
600 LTX Corp.* 2,663
300 Silicon Valley Group, Inc.* 6,787
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 33
<PAGE> 36
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL CAP VALUE FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
ELECTRONICS/INSTRUMENTS (CONTINUED)
100 Trimble Navigation Ltd.* $ 2,181
1,600 Vishay Intertechnology, Inc. 37,800
------------
66,856
------------
ELECTRONICS/SEMICONDUCTORS (3.7%)
400 Cypress Semiconductor Corp.* 3,400
400 Exar Corp.* 6,600
1,600 General Semiconductor, Inc. 18,500
600 International Rectifier Corp.* 7,088
300 KLA-Tencor Corp.* 11,587
500 Lam Research Corp.* 14,625
300 Teradyne, Inc.* 9,600
150 Watkins Johnson Co. 3,891
------------
75,291
------------
ENTERTAINMENT (0.4%)
300 Carmike Cinemas, Inc., Class A* 8,606
------------
FOODS (1.4%)
500 Hudson Foods, Inc. Class A 10,281
200 Ingles Markets, Inc. Class A 2,850
700 Smucker (J.M.) Co. Class B 16,100
------------
29,231
------------
FURNITURE & APPLIANCES (1.4%)
1,400 Furniture Brands International,
Inc.* 28,700
------------
GAMING & LOTTERY (1.8%)
1,600 Boyd Gaming Corp.* 10,600
350 MGM Grand, Inc.* 12,622
1,400 Station Casinos, Inc.* 14,263
------------
37,485
------------
HARDWARE & TOOLS (0.4%)
300 Scotts Co. (The) Class A* 9,075
------------
HEALTHCARE (7.3%)
700 Beckman Instruments, Inc. 28,000
300 Bard (C.R.), Inc. 9,394
1,100 CONMED Corp.* 28,875
300 Foundation Health Systems, Inc.* 6,712
200 Mallinckrodt, Inc. 7,600
600 Mid Atlantic Medical Services,
Inc.* 7,650
1,600 Quest Diagnostics, Inc.* 27,000
800 Spacelabs Medical, Inc.* 15,200
500 Wellpoint Health Networks, Inc.* 21,125
------------
151,556
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
HOMEBUILDING (2.4%)
1,600 Kaufman & Broad Home Corp. $ 35,900
300 Pulte Corp. 12,544
------------
48,444
------------
HOUSEWARES (1.3%)
2,100 Vitro SA ADR* 27,431
------------
INSURANCE (5.2%)
700 Allmerica Financial Corp. 34,956
400 Citizens Corp. 11,500
600 ESG Re Ltd.* 14,100
750 Everest Reinsurance Holdings,
Inc. 30,938
300 Guarantee Life Companies (The),
Inc. 8,550
250 SCPIE Holdings, Inc. 7,234
------------
107,278
------------
IRON & STEEL (0.6%)
700 Armco, Inc.* 3,456
600 Birmingham Steel Corp. 9,450
------------
12,906
------------
LEISURE/ENTERTAINMENT (0.2%)
400 Galoob Toys, Inc.* 4,075
------------
MACHINERY (2.2%)
500 AGCO Corp. 14,625
400 Albany International Corp. Class
A 9,200
300 Global Industrial Technologies,
Inc. 5,081
400 Imation Corp.* 6,400
400 Pacific Scientific Co. 9,600
------------
44,906
------------
MANUFACTURING (5.6%)
700 Avondale Industries, Inc.* 20,781
200 Essex International, Inc.* 5,950
300 Griffon Corp.* 4,388
500 Huffy Corp. 6,750
300 MascoTech, Inc. 5,512
900 Newport News Shipbuilding, Inc. 22,894
700 Oakley, Inc.* 6,344
1,300 Phillips Van Heusen Corp. 18,525
200 RMI Titanium Co.* 4,000
600 Tommy Hilfiger Corp.* 21,075
------------
116,219
------------
METAL FABRICATORS (1.9%)
400 Amcast Industrial Corp. 9,175
800 Special Metals Corp.* 14,400
500 Wolverine Tube, Inc.* 15,500
------------
39,075
------------
</TABLE>
34 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 37
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL CAP VALUE FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
NEWSPAPER PUBLISHING (0.5%)
700 Hollinger International, Inc. $ 9,800
------------
OFFICE EQUIPMENT & SUPPLIES (0.5%)
400 American Pad & Paper Co.* 3,850
300 John H. Harland Co. 6,300
------------
10,150
------------
OIL & GAS/ENERGY ( 3.9%)
300 Bayard Drilling Technologies,
Inc.* 4,875
500 Bouygues Offshore SA ADR* 10,875
100 Cabot Oil & Gas Corp. Class A 1,944
400 Gulf Indonesia Resources Ltd.* 8,800
1,000 Houston Exploration Co. (The)* 18,375
1,100 Santa Fe Energy Resources, Inc 12,375
600 Titan Exploration, Inc.* 5,700
600 Valero Energy Corp. 18,862
------------
81,806
------------
PAPER & FORREST PRODUCTS (0.6%)
600 Wausau-Mosinee Paper Corp. 12,075
------------
PERSONAL CARE (0.1%)
100 Alberto-Culver Co. Class A 2,700
------------
PRINTING (0.7%)
400 Lexmark International Group,
Inc., Class A* 15,200
------------
REAL ESTATE (1.2%)
500 Cadillac Fairview Corp.* 11,750
700 Catellus Development Corp.* 14,000
------------
25,750
------------
RENTAL SERVICES (0.6%)
600 Dollar Thrifty Automotive Group,
Inc.* 12,300
------------
RESTAURANTS (2.6%)
1,900 Apple South, Inc. 24,937
600 Bob Evans Farms, Inc. 13,275
700 Buffets, Inc.* 6,563
500 Lone Star Steakhouse & Saloon,
Inc.* 8,750
------------
53,525
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
RETAIL (8.9%)
600 AnnTaylor Stores Corp.* $ 8,025
400 BJ's Wholesale Club, Inc.* 12,550
200 Claire's Stores, Inc. 3,888
400 Department 56, Inc.* 11,500
1,500 Finish Line, Inc. (The) Class A* 19,688
500 Footstar, Inc.* 13,437
400 Fossil, Inc.* 10,000
1,100 Gymboree Corp. (The)* 30,112
400 Micro Warehouse, Inc.* 5,575
400 Nine West Group, Inc.* 10,375
1,000 OfficeMax, Inc.* 14,250
1,000 Saks Holdings, Inc.* 20,687
3,100 Sunglass Hut International, Inc.* 19,568
200 Talbots, Inc. 3,625
------------
183,280
------------
SHIPPING (0.4%)
300 Knightsbridge Tankers Ltd. 8,494
------------
TELECOMMUNICATION EQUIPMENT (1.9%)
300 ANTEC Corp.* 4,687
400 CommScope, Inc.* 5,375
300 Network Equipment Technologies,
Inc.* 4,388
300 Ortel Corp.* 4,725
1,200 Scientific-Atlanta, Inc. 20,100
------------
39,275
------------
TEXTILE / APPAREL (1.4%)
100 Burlington Industries, Inc.* 1,381
1,000 Guilford Mills, Inc. 27,375
------------
28,756
------------
TRUCKERS (3.9%)
1,300 Arkansas Best Corp.* 12,675
700 Arnold Industries, Inc. 12,075
500 USFreightways Corp. 16,250
1,600 Yellow Corp.* 40,200
------------
81,200
------------
TRUCKS & PARTS (0.7%)
300 Excel Industries, Inc. 5,419
200 Lear Corp.* 9,500
------------
14,919
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 35
<PAGE> 38
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL CAP VALUE FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
UTILITIES (1.0%)
300 Aquila Gas Pipeline Corp. $ 3,863
200 New England Electric System 8,550
200 Pinnacle West Capital Corp. 8,475
------------
20,888
------------
TOTAL COMMON STOCK
(cost $2,033,965) 2,017,719
-----------
</TABLE>
<TABLE>
<CAPTION>
- ---------
PRINCIPAL
- ---------
<C> <S> <C>
REPURCHASE AGREEMENT (8.2%)
$170,000 Fifth Third Bank 5.70%, 01/02/98,
Collaterlized by $170.000 FHLMC
Pool #G10657, 7.50%, 02/01/12,
market value $174,303 (cost
$170,000) 170,000
---------
TOTAL INVESTMENTS
(cost $2,203,965) $2,187,719
=========
</TABLE>
- -------------------------------------------------------
* Denotes a non-income producing security.
Cost for federal income tax purposes: $2,204,418
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
ADR American Depositary Receipt
FHLMC Federal Home Loan Mortgage Corp.
NV Naamloze Vennootschap (Dutch corporation)
SA Societe Anonyme (French corporation)
SA Sociedad Anonima (Spanish corporation)
</TABLE>
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
36 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 39
NATIONWIDE SEPARATE ACCOUNT TRUST
GLOBAL EQUITY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (93.4%)
AUSTRALIA (3.1%)
BANKS-REGIONAL (1.5%)
13,230 Westpac Banking Corp. Ltd. $ 84,620
------------
ENERGY OIL & GAS-PRODUCTION (1.6%)
9,370 Broken Hill Proprietary Co.
Ltd.* 87,002
------------
TOTAL AUSTRALIA 171,622
------------
AUSTRIA (0.8%)
BANKS-MONEY CENTER (0.8%)
1,000 Bank Austria AG* 45,056
------------
CANADA (2.3%)
BANKS-REGIONAL (0.9%)
3,000 National Bank of Canada 49,476
------------
METALS & MINERALS (0.7%)
2,400 Noranda, Inc. 41,258
------------
TRUCKS & PARTS (0.7%)
600 Magna International, Inc. Class
A 37,568
------------
TOTAL CANADA 128,302
------------
FRANCE (7.1%)
CHEMICALS (1.0%)
350 L'Air Liquide* 54,806
------------
ENERGY OIL & GAS-PRODUCTION (0.8%)
400 Elf Aquitaine SA* 46,544
------------
FINANCE (0.9%)
600 Cie Financiere De Paribas SA 52,163
------------
HEALTH CARE DRUGS (1.1%)
550 Sanofi SA 61,255
------------
INSURANCE (1.1%)
750 Axa-UAP* 58,060
------------
TELECOMMUNICATION (2.2%)
875 Compaigne Generale des Eaux 122,178
------------
TOTAL FRANCE 395,006
------------
GERMANY (3.9%)
AIRLINES (1.0%)
2,800 Deutsche Lufthansa AG* 53,726
------------
COMPUTERS-SOFTWARE & SERVICES (1.0%)
180 S.A.P. (Systeme, Anwendungen,
Produkte in der
Datenverarbeitung) AG* 54,711
------------
ELECTRONIC COMPONENTS (0.9%)
800 Siemens AG 47,386
------------
INSURANCE BROKERS (1.0%)
670 Hannover Rueckversicherungs AG 62,603
------------
TOTAL GERMANY 218,426
------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
HONG KONG (1.3%)
CONGLOMERATE (1.3%)
12,000 Hutchison Whampoa Ltd.* $ 75,269
------------
IRELAND (1.1%)
BANKS-REGIONAL (0.6%)
3,550 Allied Irish Banks PLC* 34,412
------------
CONTAINERS & PACKAGING (0.5%)
10,200 Smurfit (Jefferson) Group PLC 28,790
------------
TOTAL IRELAND 63,202
------------
JAPAN (9.1%)
CHEMICALS (2.1%)
6,000 Shin-Etsu Chemical Co. Ltd. 114,904
------------
HEALTH CARE DRUGS (4.5%)
5,000 Takeda Chemical Industries Ltd. 143,054
5,000 Yamanouchi Pharmaceutical Co.
Ltd. 107,675
------------
250,729
------------
IRON & STEEL (0.6%)
10,000 Tokyo Steel Manufacturing Co.
Ltd.* 33,918
------------
SEMICONDUCTORS (1.9%)
10,000 Fujitsu Ltd.* 107,675
------------
TOTAL JAPAN 507,226
------------
NETHERLANDS (3.3%)
ELECTRONIC COMPONENTS (0.7%)
650 Philips Electronics NV* 38,990
------------
ENERGY OIL & GAS-PRODUCTION (1.8%)
1,800 Royal Dutch Petroleum Co.* 98,826
------------
RETAIL (0.8%)
1,700 Koninklijke Ahold NV* 44,361
------------
TOTAL NETHERLANDS 182,177
------------
NEW ZEALAND (1.7%)
TELECOMMUNICATION (1.7%)
18,940 Telecom Corp. of New Zealand
Ltd. 91,835
------------
SINGAPORE (1.3%)
BANKS-MONEY CENTER (1.3%)
13,000 United Overseas Bank Ltd.*
(Foreign Market) 72,141
------------
SPAIN (0.7%)
UTILITIES-ELECTRIC COMPANIES (0.7%)
2,900 Iberdrola SA 38,149
------------
SWEDEN (0.8%)
TRUCKS & PARTS (0.8%)
1,300 Autoliv, Inc. SDR 42,354
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 37
<PAGE> 40
NATIONWIDE SEPARATE ACCOUNT TRUST
GLOBAL EQUITY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997 (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
SWITZERLAND (4.0%)
BANKS-MONEY CENTER (1.0%)
40 UBS-Union Bank of Switzerland $ 57,923
------------
ENGINEERING & CONSTRUCTION (0.8%)
35 ABB AG 44,035
------------
FOODS (1.1%)
40 Nestle SA 60,034
------------
HEALTH CARE DRUGS (1.1%)
6 Roche Holding AG 59,671
------------
TOTAL SWITZERLAND 221,663
------------
UNITED KINGDOM (12.3%)
BANKS-MONEY CENTER (2.9%)
1,140 HSBC Holdings PLC* 28,176
6,200 Lloyds TBS Group PLC* 80,293
4,000 Royal Bank of Scotland Group
PLC* 50,880
------------
159,349
------------
CONGLOMERATE (0.1%)
1,720 Tomkins PLC* 8,236
------------
ENERGY OIL & GAS-PRODUCTION (0.9%)
7,060 Shell Transport & Trading Co.* 51,117
------------
FOODS (1.4%)
9,000 Unilever PLC 77,160
------------
METALS & MINERALS (0.3%)
6,000 Billiton PLC* 15,402
------------
HEALTH CARE DRUGS (1.6%)
3,750 Glaxo Wellcome PLC 88,860
------------
INSURANCE-LIFE/HEALTH (0.8%)
3,800 Prudential Corp. PLC* 45,898
------------
MANUFACTURING (0.2%)
3,000 Vickers PLC* 11,650
------------
MEDIA (0.7%)
4,060 Reed International PLC 40,754
------------
RETAIL (1.1%)
4,660 The Great Universal Stores PLC 58,816
------------
TELECOMMUNICATION (0.7%)
5,330 Vodafone Group PLC 38,504
------------
TRUCKS & PARTS (0.8%)
11,730 Lucas Varity PLC 41,500
------------
UTILITIES ELECTRIC COMPANIES (0.7%)
5,000 National Power PLC 49,366
------------
TOTAL UNITED KINGDOM 686,612
------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
UNITED STATES (40.6%)
AEROSPACE/DEFENSE (0.8%)
900 Boeing Co. $ 44,044
------------
BANKS-MONEY CENTER (0.5%)
300 Chase Manhatten Corp. 32,850
------------
BANKS-REGIONAL (2.2%)
1,200 First Union Corp. 61,500
500 Fleet Financial Group, Inc.* 37,469
400 NationsBank Corp. 24,325
------------
123,294
------------
BROADCASTING TV (1.0%)
2,000 U. S. West Media Group* 57,750
------------
CHEMICALS (0.2%)
200 Union Carbide Corp. 8,588
------------
COMPUTERS-HARDWARE (3.0%)
400 International Business Machines
Corp. 41,825
2,000 EMC Communications Corp.* 54,875
1,700 Sun Microsystems, Inc.* 67,788
------------
164,488
------------
COMPUTERS-NETWORKING (0.6%)
1,400 Bay Networks, Inc.* 35,787
------------
COMPUTERS-SOFTWARE & SERVICES (0.3%)
300 Cisco Systems, Inc.* 16,725
------------
CONGLOMERATE (1.5%)
1,900 Tyco International Ltd. 85,619
------------
ENERGY OIL & GAS-PRODUCTION (3.1%)
900 Atlantic Richfield Co. 72,112
1,400 Mobil Corp. 101,062
------------
173,174
------------
ENTERTAINMENT (0.5%)
400 Time Warner, Inc. 24,800
------------
FINANCE (1.5%)
1,500 Fannie Mae 85,594
------------
FOODS (4.6%)
1,900 Philip Morris Companies, Inc. 86,094
1,200 Procter & Gamble Co. 95,775
800 Ralston-Ralston Purina Group 74,350
------------
256,219
------------
HEALTH CARE (1.9%)
800 Bristol-Myers Squibb Co. 75,700
600 United Health Care Corp. 29,813
------------
105,513
------------
</TABLE>
38 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 41
NATIONWIDE SEPARATE ACCOUNT TRUST
GLOBAL EQUITY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997 (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
HEALTH CARE DRUGS (3.2%)
500 Merck & Co., Inc. $ 53,125
700 Pfizer, Inc. 52,194
600 Warner-Lambert Co. 74,400
------------
179,719
------------
INSURANCE BROKERS (2.1%)
1,000 Marsh & McLennan Companies, Inc. 74,562
600 MBIA, Inc. 40,087
------------
114,649
------------
IRON & STEEL (1.0%)
2,100 Allegheny Teledyne, Inc. 54,336
------------
MEDIA (0.5%)
900 Tele-Communications TCI Ventures
Group Class A* 25,481
------------
PAPER & FOREST PRODUCTS (0.9%)
1,000 Temple Inland, Inc. 52,313
------------
RAILROADS (1.2%)
1,100 Union Pacific Corp. 68,681
------------
RETAIL (2.2%)
600 Circuit City Stores-Circuit City
Group 21,337
900 Federated Department Stores,
Inc.* 38,756
1,900 Toys "R" Us, Inc.* 59,731
------------
119,824
------------
SAVINGS & LOANS (1.2%)
1,000 Washington Mutual, Inc. 63,813
------------
SEMICONDUCTORS (1.3%)
700 Intel Corp. 49,175
400 Motorola, Inc. 22,825
------------
72,000
------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATION (2.4%)
600 SBC Communications, Inc. $ 43,950
600 Sprint Corp. 35,175
1,800 Worldcom, Inc.* 54,450
------------
133,575
------------
UTILITIES ELECTRIC COMPANIES (1.7%)
3,700 Southern Co. 95,738
------------
WASTE MANAGEMENT (1.2%)
2,400 Waste Management, Inc. 66,000
------------
TOTAL UNITED STATES 2,260,574
------------
TOTAL COMMON STOCK
(cost $5,192,310) 5,199,614
------------
PREFERRED STOCK (1.3%)
14,410 The News Corp. Ltd.*
(cost $64,678) 71,304
------------
</TABLE>
<TABLE>
<CAPTION>
- ------------
PRINCIPAL
- ------------
<C> <S> <C>
REPURCHASE AGREEMENT (5.4%)
$ 303,000 Fifth Third Bank, 5.07%,
01/02/98, Collateralized by
$302,000 FHLMC Pool #G10657,
7.50%, 02/01/12, market
value $309,644
(cost $303,000) $ 303,000
------------
TOTAL INVESTMENTS
(cost $5,559,988) $ 5,573,918
============
</TABLE>
- --------------------------------------------------------------------------------
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 39
<PAGE> 42
NATIONWIDE SEPARATE ACCOUNT TRUST
GLOBAL EQUITY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997 (CONTINUED)
FOREIGN CURRENCY CONTRACTS
<TABLE>
<CAPTION>
CONTRACT VALUE MARKET VALUE APPRECIATION
CURRENCY SOLD (U.S. $) (U.S. $) (DEPRECIATION) DELIVERY DATE
------------- -------------- ------------ -------------- -------------
<S> <C> <C> <C> <C>
Australian Dollars $ 179,553 $ 168,356 $ 11,197 2/25/98
British Pounds 208,306 204,544 3,762 2/25/98
French Francs 370,370 358,961 11,409 2/25/98
German Marks 377,085 373,120 3,965 2/25/98
Japanese Yen 525,000 493,677 31,323 2/25/98
Netherland Guilder 36,724 35,883 841 2/25/98
New Zealand Dollar 89,500 84,078 5,422 2/25/98
Singapore Dollar 40,000 37,638 2,362 2/25/98
Spanish Pesetas 87,386 86,337 1,049 2/25/98
Swiss Francs 118,609 115,194 3,415 2/25/98
----------- ----------- --------
TOTAL CURRENCY SOLD $ 2,032,533 $ 1,957,788 $ 74,745
----------- ----------- --------
CURRENCY PURCHASED
Australian Dollars $ 6,535 $ 6,516 $ (19) 1/5/98
British Pounds 121,356 119,116 (2,240) 2/25/98
French Francs 175,000 169,774 (5,226) 2/25/98
German Marks 347,904 342,019 (5,885) 2/25/98
Italian Lira 90,000 87,309 (2,691) 2/25/98
Japanese Yen 215,000 207,498 (7,502) 2/25/98
New Zealand Dollars 14,558 14,517 (41) 1/6/98
Norwegian Krone 65,000 62,355 (2,645) 2/25/98
Spanish Pesetas 115,000 111,323 (3,677) 2/25/98
Swiss Francs 65,000 62,941 (2,059) 2/25/98
----------- ----------- --------
TOTAL CURRENCY PURCHASED $ 1,215,353 $ 1,183,368 $(31,985)
----------- ----------- --------
NET RECEIVABLE FOR FORWARD CURRENCY
CONTRACTS PURCHASED AND SOLD $ 42,760
========
</TABLE>
- --------------------------------------------------------------------------------
* Denotes a non-income producing security.
Securities denominated in foreign currencies are shown at their U.S. dollar cost
and value.
Cost also represents cost for federal income tax purposes.
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
AB Aktiebolag (Swedish stock company)
ADR American Depositary Receipt
AG Aktiengesellschaft (Austrian, Swiss, or German stock companies)
FHLMC Federal Home Loan Mortgage Corp.
SDR Swedish Depositary Receipt
NV Naamloze Vennootschap (Dutch corporation)
PLC (British) Public Limited Company
SA Societe Anonyme (French company)
SA Sociedad Anonima (Spanish corporation)
</TABLE>
Portfolio holdings percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
40 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 43
NATIONWIDE SEPARATE ACCOUNT TRUST
SELECT ADVISERS MID CAP FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (72.6%)
ADVERTISING & MARKETING (0.5%)
1,700 Sitel Corp.* $ 15,513
----------
AIRLINES (1.1%)
1,300 Asa Holdings, Inc. 36,969
----------
AUTOMOBILES (0.4%)
500 Harley-Davidson, Inc. 13,688
----------
BANKS (0.2%)
220 Newcourt Credit Group, Inc. 7,343
----------
BROADCASTING & TELEVISION (1.4%)
390 Clear Channel Communications,
Inc.* 30,980
270 Jacor Communications, Inc.* 14,344
----------
45,324
----------
CHEMICALS (0.6%)
900 Lesco, Inc. 18,788
----------
COMMUNICATION EQUIPMENT (2.9%)
670 ADC Telecommunications, Inc.* 27,972
380 Advanced Fibre Communications,
Inc.* 11,067
570 DSC Communications Corp.* 13,680
260 P-Com, Inc.* 4,485
550 Tellabs, Inc.* 29,081
240 World Access, Inc.* 5,730
----------
92,015
----------
COMPUTER HARDWARE (1.1%)
1,300 NCR Corp.* 36,156
----------
COMPUTER NETWORKING (1.5%)
800 Network Appliance, Inc.* 28,400
540 Security Dynamics Technologies,
Inc.* 19,305
----------
47,705
----------
COMPUTER PERIPHERAL (0.4%)
200 Storage Technology Corp.* 12,388
----------
COMPUTER SOFTWARE (5.1%)
240 America Online, Inc.* 21,405
430 BMC Software, Inc.* 28,219
210 Check Point Software Technologies
Ltd.* 8,557
210 Computer Horizons Corp. 9,555
270 HNC Software, Inc.* 11,610
330 J.D. Edwards & Co.* 9,735
360 Keane, Inc.* 14,625
880 PeopleSoft, Inc.* 34,320
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMPUTER SOFTWARE (CONTINUED)
290 Viasoft, Inc.* $ 12,252
340 Wind River Systems* 13,494
----------
163,772
----------
CONSTRUCTION & HOUSING (1.0%)
800 Jacobs Engineering Group, Inc.* 20,300
500 Royal Group Technologies Ltd.* 11,594
----------
31,894
----------
CONSUMER FINANCE (1.3%)
600 Green Tree Financial Corp. 15,712
480 Money Store, Inc. (The) 10,080
500 National Commerce Bancorporation 17,625
----------
43,417
----------
ELECTRONIC COMPONENTS (1.6%)
700 Arrow Electronics, Inc.* 22,706
330 Jabil Circuit, Inc.* 13,117
370 Solectron Corp.* 15,378
----------
51,201
----------
ELECTRONIC INSTRUMENTS (2.0%)
800 Gemstar International Group Ltd.* 19,500
900 General Signal Corp. 37,969
370 Helix Technology Corp. 7,215
----------
64,684
----------
ELECTRONICS/SEMICONDUCTOR (1.3%)
320 Linear Technology Corp. 18,440
270 Microchip Technology, Inc.* 8,100
390 Vitesse Semiconductor Corp.* 14,722
----------
41,262
----------
EMPLOYMENT SERVICES (0.4%)
530 AccuStaff, Inc.* 12,190
----------
FACILITIES (1.5%)
490 Apollo Group, Inc. Class A* 23,152
650 Corrections Corp.* 24,091
----------
47,243
----------
FOODS (1.5%)
220 Suiza Foods Corp.* 13,104
800 Sysco Corp. 36,450
----------
49,554
----------
FOOTWEAR (0.7%)
800 Reebok International Ltd.* 23,050
----------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 41
<PAGE> 44
NATIONWIDE SEPARATE ACCOUNT TRUST
SELECT ADVISERS MID CAP FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
FURNISHINGS & APPLIANCES (1.0%)
850 Bed Bath & Beyond, Inc.* $ 32,725
----------
GAMING & LOTTERY (1.2%)
1,500 International Game Technology 37,875
----------
HEALTH CARE (7.3%)
1,400 Acuson Corp.* 23,188
1,200 Alza Corp.* 38,175
1,200 Dentsply International, Inc. 36,600
590 Dura Pharmaceuticals, Inc.* 27,066
900 Genesis Health Ventures, Inc.* 23,737
660 Healthsouth Corp.* 18,315
700 HBO & Co. 33,600
120 Medicis Pharmaceuticals Corp.
Class A* 6,135
330 Sunrise Assisted Living, Inc.* 14,231
470 Total Renal Care Holdings, Inc .* 12,925
----------
233,972
----------
INSURANCE (5.8%)
650 Foremost Corporation of America 45,337
1,500 HCC Insurance Holdings, Inc. 31,875
600 Mercury General Corp. New 33,150
1,300 Mutual Risk Management Ltd. 38,919
800 Orion Capital Corp. 37,150
----------
186,431
----------
INVESTMENT BANKING (0.9%)
430 Amresco, Inc.* 13,007
220 Edwards (A.G.), Inc. 8,745
260 Ocwen Financial Corp.* 6,614
----------
28,366
----------
LEISURE SERVICE (0.3%)
300 Callaway Golf Co. 8,569
----------
LODGING & HOTELS (0.4%)
180 CapStar Hotel Co.* 6,176
330 Signature Resorts, Inc.* 7,219
----------
13,395
----------
MACHINERY (0.1%)
170 Zoltek Companies, Inc.* 4,739
----------
MANUFACTURING (2.9%)
900 Dexter Corp. 38,869
1,100 Hexcel Corp.* 27,431
1,200 Mark IV Industries, Inc.* 26,250
----------
92,550
----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
OIL & GAS/ENERGY (4.4%)
100 BJ Services Co.* $ 7,194
190 Camco International, Inc. 12,101
130 Cliffs Drilling Co.* 6,484
150 Cooper Cameron Corp.* 9,150
290 ENSCO International, Inc. 9,715
500 EVI, Inc.* 25,875
410 Global Marine, Inc.* 10,045
110 Nabors Industries, Inc.* 3,458
320 Santa Fe International Corp. 13,020
240 Tidewater, Inc. 13,230
700 Weatherford Enterra, Inc.* 30,625
----------
140,897
----------
PAYROLL SERVICES (0.9%)
570 Paychex, Inc. 28,856
----------
REAL ESTATE (4.8%)
3,200 Crown American Realty Trust 29,800
1,100 Price Enterprises, Inc. 20,075
1,000 Prime Group Realty Trust 20,250
1,200 Prime Retail, Inc. 17,025
3,000 Public Storage Properties XI, Inc. 66,375
----------
153,525
----------
RETAIL STORES (6.7%)
200 Borders Group, Inc.* 6,263
270 CDW Computer Centers, Inc.* 14,074
340 Dollar Tree Stores, Inc.* 14,068
490 General Nutrition Companies, Inc.* 16,660
210 Jones Apparel Group, Inc.* 9,030
500 Linens 'N Things, Inc.* 21,812
900 Michael's Stores, Inc.* 26,325
530 Nautica Enterprises, Inc.* 12,322
780 Staples, Inc.* 21,645
1,200 Warnaco Group, Inc. Class A 37,650
1,500 Zale Corp.* 34,500
----------
214,349
----------
SERVICES (3.6%)
1,200 Concord EFS, Inc.* 29,850
350 Gartner Group, Inc. Class A* 13,037
1,400 Pinkerton's, Inc.* 32,900
570 Quintiles Transnational Corp.* 21,802
1,000 Select Appointments Holdings
Public Ltd. ADR 18,250
----------
115,839
----------
TECHNOLOGY EQUIPMENT (0.8%)
330 Novellus Systems, Inc.* 10,663
330 Uniphase Corp.* 13,654
----------
24,317
----------
</TABLE>
42 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 45
NATIONWIDE SEPARATE ACCOUNT TRUST
SELECT ADVISERS MID CAP FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1997 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS (0.8%)
500 PanAmSat Corp.* $ 21,563
100 Qualcomm, Inc.* 5,050
----------
26,613
----------
TRUCKERS (1.8%)
1,300 Amerco* 33,313
1,600 Interpool, Inc. 23,700
----------
57,013
----------
TRUCKS & PARTS (0.7%)
2,100 Miller Industries, Inc.* 22,575
----------
WASTE MANAGEMENT (1.7%)
630 Allied Waste Industries, Inc.* 14,687
220 American Disposal Services, Inc.* 8,030
270 Superior Services, Inc.* 7,796
660 USA Waste Services, Inc.* 25,905
----------
56,418
---------
TOTAL COMMON STOCK
(cost $2,325,077) 2,333,180
---------
PREFERRED STOCK (1.3%)
INVESTMENT MANAGEMENT (1.3%)
450 Crown American Realty Trust Series
A 23,513
800 Prime Retail, Inc. Series B 19,200
---------
TOTAL PREFERRED STOCK
(cost $44,203) 42,713
---------
</TABLE>
<TABLE>
<CAPTION>
- ----------
PRINCIPAL
- ----------
<C> <S> <C>
CONVERTIBLE DEBT (3.8%)
BUILDING MATERIALS (0.6%)
$ 20,000 Homebase, Inc., 5.25%, 11/01/04 20,125
----------
RETAIL (1.6%)
30,000 Charming Shoppes, Inc., 7.50%,
07/15/06 28,313
25,000 Sports Authority, Inc. (The),
5.25%, 09/15/01 22,031
----------
50,344
----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
REAL ESTATE (1.6%)
$ 50,000 Alexander Haagan, 7.50%,
01/15/01 $ 50,250
--------------
TOTAL CONVERTIBLE DEBT
(cost $122,931) 120,719
--------------
CORPORATE BOND (1.0%)
RESTAURANTS (1.0%)
30,000 Flagstar Corp., 10.875%,
Defaulted, 12/01/02*
(cost $31,632) 32,700
--------------
REPURCHASE AGREEMENT (21.1%)
678,000 Fifth Third Bank, 5.70%,
01/02/98, Collateralized by
$676,000 FHLMC Pool #G10657,
7.50%, 02/01/12, market value
$693,110 678,000
--------------
(cost $678,000)
TOTAL INVESTMENTS
(cost $3,201,843) $ 3,207,312
==============
</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 Depository Receipt
FHLMC Federal Home Loan Mortgage Corporation.
</TABLE>
Portfolio holding percentages represent market value as a
percentage of net assets.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 43
<PAGE> 46
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TOTAL CAPITAL GOVERNMENT MONEY SMALL
RETURN APPRECIATION BOND MARKET COMPANY
FUND FUND FUND FUND FUND
-------------- ------------ ------------ -------------- ------------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments in securities, at value (cost
$1,245,500,162, $362,314,653,
$415,941,888, $1,025,424,176 and
$287,718,221 respectively) $1,840,146,231 $482,413,112 $433,635,111 $1,025,424,176 $328,983,469
Repurchase agreements (cost $9,178,000,
$37,790,000 and $19,474,000,
respectively) 9,178,000 -- 37,790,000 -- 19,474,000
-------------- ------------ ------------ -------------- ------------
Total investments 1,849,324,231 482,413,112 471,425,111 1,025,424,176 348,457,469
Cash 23 370 193 632 7,859
Accrued interest and dividends receivable 2,472,281 360,801 4,170,022 54,426 174,997
Withholding tax reclaim receivable 111,403 -- -- -- 42,308
Receivable for investment securities sold -- 42,188 29,102 5,585,627
Deferred organization expenses -- -- -- -- 3,860
-------------- ------------ ------------ -------------- ------------
Total assets 1,851,907,938 482,816,471 475,624,428 1,025,479,234 354,272,120
-------------- ------------ ------------ -------------- ------------
LIABILITIES
Payable for fund shares redeemed -- -- -- 31,462,580 --
Payable for investment securities
purchased 1,663,389 810,247 -- -- 10,140,629
Payable for foreign currency contracts -- -- -- -- 85
Payable for translation of assets and
liabilities in foreign currencies -- -- -- -- 3,356
Accrued investment management fees 900,322 236,550 201,270 353,106 271,764
Accrued administration fees 69,647 19,712 20,127 43,842 --
Other accrued expenses 33,889 12,320 10,637 22,942 48,485
-------------- ------------ ------------ -------------- ------------
Total liabilities 2,667,247 1,078,829 232,034 31,882,470 10,464,319
-------------- ------------ ------------ -------------- ------------
NET ASSETS $1,849,240,691 $481,737,642 $475,392,394 $ 993,596,764 $343,807,801
============== ============ ============ ============== ============
REPRESENTED BY:
Capital $1,254,594,622 $361,582,005 $458,614,146 $ 993,601,528 $301,668,007
Net unrealized appreciation on investments
and translation of assets and
liabilities in foreign currencies 594,646,069 120,098,459 17,693,223 -- 41,261,807
Undistributed net realized gain (loss)
from investments and foreign currency
transactions -- 61,293 (957,707) (6,542) 877,987
Undistributed (distributions in excess of)
net investment income -- (4,115) 42,732 1,778 --
-------------- ------------ ------------ -------------- ------------
NET ASSETS $1,849,240,691 $481,737,642 $475,392,394 $ 993,596,764 $343,807,801
============== ============ ============ ============== ============
Shares outstanding (unlimited number of
shares authorized) 112,916,864 22,712,546 41,785,829 993,604,802 21,686,987
============== ============ ============ ============== ============
NET ASSET VALUE, offering and redemption
price per share $ 16.38 $ 21.21 $ 11.38 $ 1.00 $ 15.85
============== ============ ============ ============== ============
</TABLE>
See accompanying notes to financial statements.
44 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 47
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STRATEGIC STRATEGIC EQUITY HIGH
GROWTH VALUE INCOME INCOME BALANCED
FUND FUND FUND BOND FUND FUND
---------- ------------ ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments in securities, at value
(cost $1,267,679, $1,428,474,
$1,512,801, $5,728,665, and
$1,706,108, respectively) $1,323,350 $1,465,891 $1,549,734 $5,790,954 $1,720,868
Repurchase agreements (cost
$263,000, $76,000, $227,000,
$154,000, and $261,000,
respectively) 263,000 76,000 227,000 154,000 261,000
---------- ---------- ---------- ---------- ----------
Total investments 1,586,350 1,541,891 1,776,734 5,944,954 1,981,868
Cash 317 739 799 627 520
Accrued interest and dividends
receivable 634 814 3,879 96,012 16,728
Receivable for investment
securities sold 13,934 -- 2,716 -- --
Deferred organization expenses 2,507 2,507 2,263 2,263 2,263
---------- ---------- ---------- ---------- ----------
Total assets 1,603,742 1,545,951 1,786,391 6,043,856 2,001,379
---------- ---------- ---------- ---------- ----------
LIABILITIES
Payable for investment securities
purchased 246,456 67,616 165,867 -- 105,777
Accrued investment management fees 490 528 467 1,945 442
Accrued administration fees 128 134 147 645 150
Other accrued expenses 9,926 8,814 10,143 12,218 8,858
---------- ---------- ---------- ---------- ----------
Total liabilities 257,000 77,092 176,624 14,808 115,227
---------- ---------- ---------- ---------- ----------
NET ASSETS $1,346,742 $1,468,859 $1,609,767 $6,029,048 $1,886,152
========== ========== ========== ========== ==========
REPRESENTED BY:
Capital $1,317,511 $1,449,778 $1,585,344 $5,967,708 $1,871,093
Net unrealized appreciation on
investments and translation of
assets and liabilities in
foreign currencies 55,671 37,417 36,933 62,289 14,760
Undistributed net realized gain
(loss) from investments and
foreign currency transactions (26,440) (18,352) (12,649) (1,529) 125
Undistributed net investment income -- 16 139 580 174
---------- ---------- ---------- ---------- ----------
NET ASSETS $1,346,742 $1,468,859 $1,609,767 $6,029,048 $1,886,152
========== ========== ========== ========== ==========
Shares outstanding (unlimited number
of shares authorized) 131,925 144,713 158,509 595,462 186,747
========== ========== ========== ========== ==========
NET ASSET VALUE, offering and
redemption price per share $ 10.21 $ 10.15 $ 10.16 $ 10.12 $ 10.10
========== ========== ========== ========== ==========
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 45
<PAGE> 48
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELECT
MULTI SMALL CAP GLOBAL ADVISERS
SECTOR VALUE EQUITY MID CAP
BOND FUND FUND FUND FUND
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
ASSETS
Investments in securities, at value (cost
$2,174,456, $2,033,965, $5,256,988, and
$2,523,843, respectively) $2,174,260 $2,017,719 $5,270,918 $2,529,312
Repurchase agreements (cost $40,000, $170,000,
$303,000, and $678,000, respectively) 40,000 170,000 303,000 678,000
---------- ---------- ---------- ----------
Total investments 2,214,260 2,187,719 5,573,918 3,207,312
Cash 84 -- -- 39,348
Foreign currency at value (cost $55,822) -- -- 53,880 --
Accrued interest and dividends receivable 18,249 615 6,434 5,558
Withholding tax reclaim receivable -- -- 27 --
Receivable for investment securities sold 524,620 1,407 24,029 --
Receivable for foreign currency contracts 113 -- 42,760 --
Receivable for translation of assets and
liabilities in foreign currencies 3,103 -- 316 --
Deferred organization expenses 2,263 2,263 2,507 2,263
---------- ---------- ---------- ----------
Total assets 2,762,692 2,192,004 5,703,871 3,254,481
---------- ---------- ---------- ----------
LIABILITIES
Bank loan -- 5,064 22,493 --
Payable for investment securities purchased 722,023 104,576 96,167 27,173
Accrued investment management fees 490 676 2,735 1,683
Accrued administration fees 161 158 616 358
Other accrued expenses 8,378 12,164 15,688 11,303
---------- ---------- ---------- ----------
Total liabilities 731,052 122,638 137,699 40,517
---------- ---------- ---------- ----------
NET ASSETS $2,031,640 $2,069,366 $5,566,172 $3,213,964
========== ========== ========== ==========
REPRESENTED BY:
Capital $2,027,716 $2,085,447 $5,514,171 $3,225,862
Net unrealized appreciation (depreciation) on
investments and translation of assets and
liabilities in foreign currencies 3,020 (16,246) 55,064 5,469
Undistributed net realized gain (loss) from
investments and foreign currency
transactions 548 175 (5,842) (17,550)
Undistributed (distributions in excess of) net
investment income 356 (10) 2,779 183
---------- ---------- ---------- ----------
NET ASSETS $2,031,640 $2,069,366 $5,566,172 $3,213,964
========== ========== ========== ==========
Shares outstanding (unlimited number of shares
authorized) 202,246 211,354 551,232 323,276
========== ========== ========== ==========
NET ASSET VALUE, offering and redemption price
per share $ 10.05 $ 9.79 $ 10.10 $ 9.94
========== ========== ========== ==========
</TABLE>
See accompanying notes to financial statements.
46 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 49
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF OPERATIONS
YEAR ENDED DECEMBER 31, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CAPITAL GOVERNMENT MONEY SMALL
TOTAL RETURN APPRECIATION BOND MARKET COMPANY
FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
------------ ------------ ----------- ----------- -----------
<CAPTION>
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
INCOME:
Interest $ 4,353,810 $ 1,066,283 $29,996,156 $58,385,504 $ 1,357,109
Dividends 27,543,371 4,517,163 -- -- 1,652,778
Less foreign tax withheld (67,661) -- -- -- (92,528)
------------ ----------- ----------- ----------- -----------
Total income 31,829,520 5,583,446 29,996,156 58,385,504 2,917,359
------------ ----------- ----------- ----------- -----------
EXPENSES:
Investment management fees 7,903,818 1,759,412 2,231,930 4,969,345 2,520,540
Custodian fees 36,000 21,000 18,000 53,748 155,927
Transfer and dividend
disbursing agent fees 29,847 7,566 8,094 18,597 5,615
Administration fees 135,272 37,284 39,441 89,708 --
Professional services 62,139 15,012 20,005 45,776 14,001
Trustees' fees 3,823 779 1,302 2,858 575
Other 130,023 33,467 53,822 50,374 97,879
------------ ----------- ----------- ----------- -----------
Total expenses 8,300,922 1,874,520 2,372,594 5,230,406 2,794,537
------------ ----------- ----------- ----------- -----------
NET INVESTMENT INCOME $ 23,528,598 $ 3,708,926 $27,623,562 $53,155,098 $ 122,822
============ =========== =========== =========== ===========
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS AND
FOREIGN CURRENCY:
Net realized gain on
investments and foreign
currency transactions $ 58,462,153 $10,249,612 $ 3,376,883 $ 62 $11,078,374
Net change in unrealized
appreciation on investments
and translation of assets
and liabilities in foreign
currencies 295,225,644 80,600,045 9,408,533 -- 26,937,936
------------ ----------- ----------- ----------- -----------
Net realized and unrealized
gain on investments and
translation of assets and
liabilities in foreign
currencies 353,687,797 90,849,657 12,785,416 62 38,016,310
------------ ----------- ----------- ----------- -----------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $377,216,395 $94,558,583 $40,408,978 $53,155,160 $38,139,132
============ =========== =========== =========== ===========
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 47
<PAGE> 50
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF OPERATIONS
OCTOBER 31, 1997 (COMMENCEMENT OF OPERATIONS) THROUGH DECEMBER 31, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
HIGH
STRATEGIC STRATEGIC EQUITY INCOME
GROWTH VALUE INCOME BOND BALANCED
FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C>
--------- --------- -------- -------- --------
<CAPTION>
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
INCOME:
Interest $ 2,216 $ 1,309 $ 596 $ 70,048 $ 8,324
Dividends 863 2,425 4,233 2,906 2,366
Less foreign tax withheld -- -- -- -- (37)
-------- -------- -------- -------- -------
Total income 3,079 3,734 4,829 72,954 10,653
-------- -------- -------- -------- -------
EXPENSES:
Investment management fees 1,645 1,715 1,685 7,374 1,605
Custodian fees 1,422 549 1,414 782 638
Transfer and dividend disbursing agent
fees 18 19 21 92 21
Administration fees 128 134 147 645 150
Professional services 7,100 7,100 7,100 7,200 7,100
Trustees' fees 1 1 1 4 1
Other 1,270 1,029 1,481 4,024 984
-------- -------- -------- -------- -------
Total expenses before waivers or
reimbursements 11,584 10,547 11,849 20,121 10,499
Less waivers or reimbursements (9,756) (8,641) (9,848) (11,364) (8,571)
-------- -------- -------- -------- -------
Net expenses 1,828 1,906 2,001 8,757 1,928
-------- -------- -------- -------- -------
NET INVESTMENT INCOME $ 1,251 $ 1,828 $ 2,828 $ 64,197 $ 8,725
======== ======== ======== ======== =======
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain (loss) on investments
and foreign currency transactions $(26,440) $(18,352) $(12,649) $ (1,529) $ 125
Net change in unrealized appreciation on
investments and translation of assets
and liabilities in foreign currencies 55,671 37,417 36,933 62,289 14,760
-------- -------- -------- -------- -------
Net realized and unrealized gain on
investments and translation of assets
and liabilities in foreign currencies 29,231 19,065 24,284 60,760 14,885
-------- -------- -------- -------- -------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS $ 30,482 $ 20,893 $ 27,112 $124,957 $23,610
======== ======== ======== ======== =======
</TABLE>
See accompanying notes to financial statements.
48 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 51
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF OPERATIONS
OCTOBER 31, 1997 (COMMENCEMENT OF OPERATIONS) THROUGH DECEMBER 31, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELECT
MULTI SMALL CAP GLOBAL ADVISERS
SECTOR VALUE EQUITY MID CAP
BOND FUND FUND FUND FUND
--------- --------- -------- --------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
INCOME:
Interest $13,046 $ 2,014 $ 8,255 $ 10,069
Dividends -- 1,489 12,219 3,987
Less foreign tax withheld -- (6) (1,095) --
------- ------- -------- --------
Total income 13,046 3,497 19,379 14,056
------- ------- -------- --------
EXPENSES:
Investment management fees 1,724 2,029 8,799 5,371
Custodian fees 256 3,195 4,538 1,905
Transfer and dividend disbursing agent fees 23 22 88 51
Administration fees 161 158 616 358
Professional services 7,100 7,100 7,200 7,100
Trustees' fees 1 1 4 2
Other 884 1,730 3,743 2,130
------- ------- -------- --------
Total expenses before waivers or reimbursements 10,149 14,235 24,988 16,917
Less waivers or reimbursements (8,079) (11,868) (14,429) (10,778)
------- ------- -------- --------
Net expenses 2,070 2,367 10,559 6,139
------- ------- -------- --------
NET INVESTMENT INCOME $10,976 $ 1,130 $ 8,820 $ 7,917
======= ======= ======== ========
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY:
Net realized gain (loss) on investments and foreign
currency transactions $ 548 $ 9,086 $ (2,262) $(17,550)
Net change in unrealized appreciation (depreciation)
on investments and translation of assets and
liabilities in foreign currencies 3,020 (16,246) 55,064 5,469
------- ------- -------- --------
Net realized and unrealized gain (loss) on
investments and translation of assets and
liabilities in foreign currencies 3,568 (7,160) 52,802 (12,081)
------- ------- -------- --------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS $14,544 $(6,030) $ 61,622 $ (4,164)
======= ======= ======== ========
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 49
<PAGE> 52
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TOTAL RETURN FUND
-------------------------------
YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31,
1997 1996
<S> <C> <C>
-------------- --------------
<CAPTION>
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 23,528,598 $ 19,267,681
Net realized gain on investments 58,462,153 44,581,276
Net change in unrealized appreciation on investments 295,225,644 132,964,864
-------------- --------------
Net increase in net assets resulting from operations 377,216,395 196,813,821
-------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (23,381,008) (19,350,083)
Net realized gain on investments (58,462,153) (44,581,276)
In excess of net realized gain on investments (199,606) --
Tax return of capital (149,627) --
-------------- --------------
Decrease in net assets from distributions to
shareholders (82,192,394) (63,931,359)
-------------- --------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 372,397,897 234,350,587
Net asset value of shares issued to shareholders from
reinvestment of dividends and capital gains 82,192,394 63,931,358
Cost of shares redeemed (80,249,386) (66,253,094)
-------------- --------------
Net increase in net assets derived from capital share
transactions 374,340,905 232,028,851
-------------- --------------
NET INCREASE IN NET ASSETS 669,364,906 364,911,313
NET ASSETS -- BEGINNING OF PERIOD 1,179,875,785 814,964,472
-------------- --------------
NET ASSETS -- END OF PERIOD $1,849,240,691 $1,179,875,785
============== ==============
Undistributed net investment income included in net assets
at end of period $ -- $ 52,016
============== ==============
SHARE ACTIVITY:
Shares sold 24,297,890 18,641,347
Shares issued to shareholders from reinvestment of
dividends and capital gains 5,101,431 4,890,401
Shares redeemed (5,376,527) (5,275,955)
-------------- --------------
Net increase in number of shares 24,022,794 18,255,793
============== ==============
</TABLE>
See accompanying notes to financial statements.
50 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 53
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CAPITAL APPRECIATION FUND
----------------------------
YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31,
1997 1996
<S> <C> <C>
------------ -------------
<CAPTION>
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 3,708,926 $ 2,093,155
Net realized gain on investments 10,249,612 6,083,507
Net change in unrealized appreciation on investments 80,600,045 24,469,916
------------ -------------
Net increase in net assets resulting from operations 94,558,583 32,646,578
------------ -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (3,724,540) (2,097,320)
In excess of net investment income (4,115)
Net realized gain on investments (10,188,319) (6,083,507)
------------ -------------
Decrease in net assets from distributions to
shareholders (13,916,974) (8,180,827)
------------ -------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 269,193,879 188,489,438
Net asset value of shares issued to shareholders from
reinvestment of dividends and capital gains 13,916,973 8,180,827
Cost of shares redeemed (93,488,642) (90,899,204)
------------ -------------
Net increase in net assets derived from capital share
transactions 189,622,210 105,771,061
------------ -------------
NET INCREASE IN NET ASSETS 270,263,819 130,236,812
NET ASSETS -- BEGINNING OF PERIOD 211,473,823 81,237,011
------------ -------------
NET ASSETS -- END OF PERIOD $481,737,642 $ 211,473,823
============ =============
Undistributed net realized gain on investments included in
net
assets at end of period $ 61,293 $ --
============ =============
Undistributed (distributions in excess of) net investment
income
included in net assets at end of period $ (4,115) $ 15,614
============ =============
SHARE ACTIVITY:
Shares sold 13,779,798 12,564,846
Shares issued to shareholders from reinvestment of
dividends
and capital gains 669,538 511,125
Shares redeemed (4,723,342) (6,117,513)
------------ -------------
Net increase in number of shares 9,725,994 6,958,458
============ =============
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 51
<PAGE> 54
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GOVERNMENT BOND FUND
----------------------------
YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31,
1997 1996
<S> <C> <C>
------------ -------------
<CAPTION>
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 27,623,562 $ 27,722,569
Net realized gain on investments 3,376,883 4,438,322
Net change in unrealized appreciation (depreciation) on
investments 9,408,533 (17,097,130)
------------ -------------
Net increase in net assets resulting from operations 40,408,978 15,063,761
------------ -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM NET INVESTMENT INCOME (27,597,530) (27,750,527)
------------ -------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 107,338,995 80,750,210
Net asset value of shares issued to shareholders from
reinvestment
of dividends 27,597,530 27,750,527
Cost of shares redeemed (131,602,429) (90,583,178)
------------ -------------
Net increase in net assets derived from capital share
transactions 3,334,096 17,917,559
------------ -------------
NET INCREASE IN NET ASSETS 16,145,544 5,230,793
NET ASSETS -- BEGINNING OF PERIOD 459,246,850 454,016,057
------------ -------------
NET ASSETS -- END OF PERIOD $475,392,394 $ 459,246,850
============ =============
Accumulated undistributed net realized loss on investments
included in net assets at end of period $ (957,707) $ (4,334,590)
============ =============
Undistributed net investment income included in net assets
at end of period $ 42,732 $ 16,700
============ =============
SHARE ACTIVITY:
Shares sold 9,504,326 7,317,309
Shares issued to shareholders from reinvestment of
dividends 2,487,784 2,540,180
Shares redeemed (11,787,299) (8,244,830)
------------ -------------
Net increase in number of shares 204,811 1,612,659
============ =============
</TABLE>
See accompanying notes to financial statements.
52 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 55
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONEY MARKET FUND
---------------------------------
YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31,
1997 1996
--------------- ---------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 53,155,098 $ 45,167,610
Net realized gain (loss) on investments 62 (740)
--------------- ---------------
Net increase in net assets resulting from operations 53,155,160 45,166,870
--------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (53,153,320) (45,170,024)
Tax return of capital -- (3,388)
--------------- ---------------
Decrease in net assets from distributions to
shareholders (53,153,320) (45,173,412)
--------------- ---------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 2,695,705,104 2,044,373,614
Net asset value of shares issued to shareholders from
reinvestment of dividends 53,153,320 45,202,840
Cost of shares redeemed (2,738,792,178) (1,843,449,040)
--------------- ---------------
Net increase in net assets derived from capital share
transactions 10,066,246 246,127,414
--------------- ---------------
NET INCREASE IN NET ASSETS 10,068,086 246,120,872
NET ASSETS -- BEGINNING OF PERIOD 983,528,678 737,407,806
--------------- ---------------
NET ASSETS -- END OF PERIOD $ 993,596,764 $ 983,528,678
=============== ===============
Accumulated 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 $ 1,778 $ --
=============== ===============
SHARE ACTIVITY:
Shares sold 2,695,705,104 2,044,373,614
Shares issued to shareholders from reinvestment of
dividends 53,153,320 45,202,840
Shares redeemed (2,738,792,178) (1,843,449,040)
--------------- ---------------
Net increase in number of shares 10,066,246 246,127,414
=============== ===============
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 53
<PAGE> 56
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL COMPANY FUND
----------------------------------
YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31,
1997 1996
<S> <C> <C>
------------ -----------------
<CAPTION>
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 122,822 $ 513,541
Net realized gain (loss) on investments and foreign
currencies 11,078,374 (10,875)
Net change in unrealized appreciation on investments and
translation of assets and liabilities in foreign
currencies 26,937,936 12,814,687
------------ ------------
Net increase in net assets resulting from operations 38,139,132 13,317,353
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income -- (467,602)
Net realized gain on investments and foreign currencies (9,343,554) --
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 (9,343,554) (1,440,230)
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 290,826,034 233,069,667
Net asset value of shares issued to shareholders from
reinvestment of dividends and capital gains 9,343,554 1,440,231
Cost of shares redeemed (165,997,074) (82,702,784)
------------ ------------
Net increase in net assets derived from capital share
transactions 134,172,514 151,807,114
------------ ------------
NET INCREASE IN NET ASSETS 162,968,092 163,684,237
NET ASSETS -- BEGINNING OF PERIOD 180,839,709 17,155,472
------------ ------------
NET ASSETS -- END OF PERIOD $343,807,801 $180,839,709
============ ============
Undistributed net realized gain on investments included in
net assets at end of period $ 877,987 $ --
============ ============
Distributions in excess of net realized gain on investments
and foreign currency transactions included in net assets
at end of period $ -- $ (963,415)
============ ============
Distributions in excess of net investment income included in
net assets at end of period $ -- $ (16,240)
============ ============
SHARE ACTIVITY:
Shares sold 18,684,391 17,796,626
Shares issued to shareholders from reinvestment of
dividends and capital gains 595,890 104,562
Shares redeemed (10,611,106) (6,385,454)
------------ ------------
Net increase in number of shares 8,669,175 11,515,734
============ ============
</TABLE>
See accompanying notes to financial statements.
54 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 57
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STRATEGIC GROWTH STRATEGIC VALUE
FUND FUND
-------------------- --------------------
PERIOD FROM PERIOD FROM
OCTOBER 31, 1997 OCTOBER 31, 1997
(COMMENCEMENT (COMMENCEMENT
OF OPERATIONS) OF OPERATIONS)
THROUGH DECEMBER 31, THROUGH DECEMBER 31,
1997 1997
-------------------- --------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 1,251 $ 1,828
Net realized loss on investments and foreign currencies (26,440) (18,352)
Net change in unrealized appreciation on investments and
translation of assets and liabilities in foreign
currencies 55,671 37,417
--------------- ---------------
Net increase in net assets resulting from operations 30,482 20,893
--------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM NET INVESTMENT INCOME (1,251) (1,812)
--------------- ---------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 1,316,261 1,447,966
Net asset value of shares issued to shareholders from
reinvestment of dividends 1,251 1,812
Cost of shares redeemed (1) --
--------------- ---------------
Net increase in net assets derived from capital share
transactions 1,317,511 1,449,778
--------------- ---------------
NET INCREASE IN NET ASSETS 1,346,742 1,468,859
NET ASSETS -- BEGINNING OF PERIOD -- --
--------------- ---------------
NET ASSETS -- END OF PERIOD $ 1,346,742 $ 1,468,859
=============== ===============
Undistributed net realized loss on investments included in
net assets at end of period $ (26,440) $ (18,352)
=============== ===============
Undistributed net investment income included in net assets
at end of period $ -- $ 16
=============== ===============
SHARE ACTIVITY:
Shares sold 131,802 144,532
Shares issued to shareholders from reinvestment of
dividends 124 181
Shares redeemed (1) --
--------------- ---------------
Net increase in number of shares 131,925 144,713
=============== ===============
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 55
<PAGE> 58
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
EQUITY INCOME HIGH INCOME
FUND BOND FUND
-------------------- --------------------
PERIOD FROM PERIOD FROM
OCTOBER 31, 1997 OCTOBER 31, 1997
(COMMENCEMENT (COMMENCEMENT
OF OPERATIONS) OF OPERATIONS)
THROUGH DECEMBER 31, THROUGH DECEMBER 31,
1997 1997
-------------------- --------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 2,828 $ 64,197
Net realized loss on investments and foreign currencies (12,649) (1,529)
Net change in unrealized appreciation on investments and
translation of assets and liabilities in foreign
currencies 36,933 62,289
----------- -----------
Net increase in net assets resulting from operations 27,112 124,957
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM NET INVESTMENT INCOME (2,689) (63,617)
----------- -----------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 1,582,657 5,904,754
Net asset value of shares issued to shareholders from
reinvestment of dividends 2,689 63,617
Cost of shares redeemed (2) (663)
----------- -----------
Net increase in net assets derived from capital share
transactions 1,585,344 5,967,708
----------- -----------
NET INCREASE IN NET ASSETS 1,609,767 6,029,048
NET ASSETS -- BEGINNING OF PERIOD -- --
----------- -----------
NET ASSETS -- END OF PERIOD $ 1,609,767 $ 6,029,048
=========== ===========
Undistributed net realized loss on investments included in
net assets at end of period $ (12,649) $ (1,529)
=========== ===========
Undistributed net investment income included in net assets
at end of period $ 139 $ 580
=========== ===========
SHARE ACTIVITY:
Shares sold 158,243 589,241
Shares issued to shareholders from reinvestment of
dividends 266 6,286
Shares redeemed -- (65)
----------- -----------
Net increase in number of shares 158,509 595,462
=========== ===========
</TABLE>
See accompanying notes to financial statements.
56 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 59
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
BALANCED MULTI SECTOR BOND
FUND FUND
-------------------- --------------------
PERIOD FROM PERIOD FROM
OCTOBER 31, 1997 OCTOBER 31, 1997
(COMMENCEMENT (COMMENCEMENT
OF OPERATIONS) OF OPERATIONS)
THROUGH DECEMBER 31, THROUGH DECEMBER 31,
1997 1997
-------------------- --------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 8,725 $ 10,976
Net realized gain on investments and foreign currencies 125 548
Net change in unrealized appreciation on investments and
translation of assets and liabilities in foreign
currencies 14,760 3,020
----------- -----------
Net increase in net assets resulting from operations 23,610 14,544
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM NET INVESTMENT INCOME (8,551) (10,620)
----------- -----------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 1,862,542 2,017,099
Net asset value of shares issued to shareholders from
reinvestment of dividends 8,551 10,620
Cost of share redeemed -- (3)
----------- -----------
Net increase in net assets derived from capital share
transactions 1,871,093 2,027,716
----------- -----------
NET INCREASE IN NET ASSETS 1,886,152 2,031,640
NET ASSETS -- BEGINNING OF PERIOD -- --
----------- -----------
NET ASSETS -- END OF PERIOD $ 1,886,152 $ 2,031,640
=========== ===========
Undistributed net realized gain on investments included in
net assets at end of period $ 125 $ 548
=========== ===========
Undistributed net investment income included in net assets
at end of period $ 174 $ 356
=========== ===========
SHARE ACTIVITY:
Shares sold 185,899 201,188
Shares issued to shareholders from reinvestment of
dividends 848 1,059
Shares redeemed -- (1)
----------- -----------
Net increase in number of shares 186,747 202,246
=========== ===========
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 57
<PAGE> 60
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL CAP VALUE GLOBAL EQUITY
FUND FUND
-------------------- --------------------
PERIOD FROM PERIOD FROM
OCTOBER 31, 1997 OCTOBER 31, 1997
(COMMENCEMENT (COMMENCEMENT
OF OPERATIONS) OF OPERATIONS)
THROUGH DECEMBER 31, THROUGH DECEMBER 31,
1997 1997
-------------------- --------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 1,130 $ 8,820
Net realized gain (loss) on investments and foreign
currencies 9,086 (2,262)
Net change in unrealized appreciation (depreciation) on
investments and translation of assets and liabilities
in foreign currencies (16,246) 55,064
----------- -----------
Net increase (decrease) in net assets resulting from
operations (6,030) 61,622
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (1,130) (8,820)
In excess of net investment income (10) (801)
Net realized gain from investment transactions and
foreign currency transactions (8,911) --
----------- -----------
Decrease in net assets from distributions to
shareholders (10,051) (9,621)
----------- -----------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 2,075,396 5,504,550
Net asset value of shares issued to shareholders from
reinvestment of dividends and capital gains 10,051 9,621
----------- -----------
Net increase in net assets derived from capital share
transactions 2,085,447 5,514,171
----------- -----------
NET INCREASE IN NET ASSETS 2,069,366 5,566,172
NET ASSETS -- BEGINNING OF PERIOD -- --
----------- -----------
NET ASSETS -- END OF PERIOD $ 2,069,366 $ 5,566,172
=========== ===========
Undistributed net realized gain (loss) on investments
included in net assets at end of period $ 175 $ (5,842)
=========== ===========
Undistributed (distributions in excess of) net investment
income included in net assets at end of period $ (10) $ 2,779
=========== ===========
SHARE ACTIVITY:
Shares sold 210,321 550,278
Shares issued to shareholders from reinvestment of
dividends and capital gains 1,033 954
----------- -----------
Net increase in number of shares 211,354 551,232
=========== ===========
</TABLE>
See accompanying notes to financial statements.
58 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 61
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELECT ADVISERS MID CAP FUND
----------------------------
PERIOD FROM
OCTOBER 31, 1997
(COMMENCEMENT
OF OPERATIONS)
THROUGH DECEMBER 31, 1997
----------------------------
<S> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 7,917
Net realized loss on investments and foreign currencies (17,550)
Net change in unrealized appreciation on investments and
translation of assets and liabilities in foreign
currencies 5,469
----------
Net decrease in net assets resulting from operations (4,164)
----------
DISTRIBUTIONS TO SHAREHOLDERS FROM NET INVESTMENT INCOME (7,734)
----------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 3,218,128
Net asset value of shares issued to shareholders from
reinvestment of dividends 7,734
----------
Net increase in net assets derived from capital share
transactions 3,225,862
----------
NET INCREASE IN NET ASSETS 3,213,964
NET ASSETS -- BEGINNING OF PERIOD --
----------
NET ASSETS -- END OF PERIOD $3,213,964
==========
Undistributed net realized loss on investments included in
net assets at
end of period $ (17,550)
==========
Undistributed net investment income included in net assets
at end of period $ 183
==========
SHARE ACTIVITY:
Shares sold 322,491
Shares issued to shareholders from reinvestment of
dividends 785
----------
Net increase in number of shares 323,276
==========
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 59
<PAGE> 62
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TOTAL RETURN FUND
--------------------------------------------------------------
YEARS ENDED DECEMBER 31,
--------------------------------------------------------------
1997 1996 1995 1994 1993
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF
PERIOD $ 13.27 $ 11.54 $ 9.70 $ 10.10 $ 9.46
Net investment income 0.23 0.24 0.31 0.21 0.23
Net realized gain (loss) and
unrealized appreciation
(depreciation) on
investments 3.65 2.26 2.49 (0.10) 0.79
---------- ---------- ---------- ---------- ----------
Total from investment
operations 3.88 2.50 2.80 0.11 1.02
---------- ---------- ---------- ---------- ----------
Dividends from net investment
income (0.23) (0.25) (0.31) (0.28) (0.24)
Dividends from net realized
gain from investment
transactions (0.52) (0.52) (0.65) (0.23) (0.14)
Dividends in excess of net
realized gain from
investment transactions (0.01) -- -- -- --
Dividends from tax return of
capital (0.01) -- -- -- --
---------- ---------- ---------- ---------- ----------
Total distributions (0.77) (0.77) (0.96) (0.51) (0.38)
---------- ---------- ---------- ---------- ----------
Net increase (decrease) in
net asset value 3.11 1.73 1.84 (0.40) .64
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE --
END OF PERIOD $ 16.38 $ 13.27 $ 11.54 $ 9.70 $ 10.10
========== ========== ========== ========== ==========
Total Return 13.85% 21.84% 29.09% 1.07% 10.92%
Ratios and supplemental data:
Net Assets, end of period (000) $1,849,241 $1,179,876 $ 814,964 $ 534,821 $ 456,243
Ratio of expenses to average
net assets 0.54% 0.51% 0.51% 0.52% 0.53%
Ratio of net investment income
to average net assets 1.54% 1.99% 2.84% 2.76% 2.51%
Portfolio turnover 13.85% 16.18% 16.12% 12.06% 9.79%
Average commission rate paid* 4.5211c 4.7577c -- -- --
</TABLE>
- ------------------------------------------------------
* 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.
60 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 63
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CAPITAL APPRECIATION FUND
--------------------------------------------------------
YEARS ENDED DECEMBER 31,
--------------------------------------------------------
1997 1996 1995 1994 1993
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF
PERIOD $ 16.28 $ 13.48 $ 10.92 $ 11.20 $ 10.46
Net investment income 0.20 0.21 0.23 0.18 0.26
Net realized gain (loss) and
unrealized appreciation
(depreciation) on investments 5.39 3.29 2.96 (0.28) 0.74
-------- -------- -------- -------- --------
Total from investment
operations 5.59 3.50 3.19 (0.10) 1.00
-------- -------- -------- -------- --------
Dividends from net investment
income (0.20) (0.22) (0.23) (0.18) (0.26)
Dividends from net realized gain
from investment transactions (0.46) (0.48) (0.40) -- --
-------- -------- -------- -------- --------
Total distributions (0.66) (0.70) (0.63) (0.18) (0.26)
-------- -------- -------- -------- --------
Net increase (decrease) in
net asset value 4.93 2.80 2.56 (0.28) 0.74
-------- -------- -------- -------- --------
NET ASSET VALUE --
END OF PERIOD $ 21.21 $ 16.28 $ 13.48 $ 10.92 $ 11.20
======== ======== ======== ======== ========
Total Return 34.49% 26.14% 29.35% (0.90)% 9.61%
Ratios and supplemental data:
Net Assets, end of period (000) $481,738 $211,474 $ 81,237 $ 60,442 $ 38,926
Ratio of expenses to average net
assets 0.56% 0.52% 0.54% 0.56% 0.59%
Ratio of net investment income
to average net assets 1.10% 1.53% 1.89% 1.76% 2.82%
Portfolio turnover 10.88% 22.19% 20.28% 11.21% 16.87%
Average commission rate paid* 5.9301c 5.8677c -- -- --
</TABLE>
- ------------------------------------------------------
* 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 ANNUAL REPORT 61
<PAGE> 64
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GOVERNMENT BOND FUND
--------------------------------------------------------
YEARS ENDED DECEMBER 31,
--------------------------------------------------------
1997 1996 1995 1994 1993
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF
PERIOD $ 11.04 $ 11.36 $ 10.20 $ 11.26 $ 10.92
Net investment income 0.69 0.69 0.71 0.69 0.71
Net realized gain (loss) and
unrealized appreciation
(depreciation) on investments 0.34 (0.32) 1.16 (1.06) 0.32
-------- -------- -------- -------- --------
Total from investment
operations 1.03 0.37 1.87 (0.37) 1.03
-------- -------- -------- -------- --------
Dividends from net investment
income (0.69) (0.69) (0.71) (0.69) (0.66)
Dividends from net realized gain
from investment transactions -- -- -- -- (0.03)
-------- -------- -------- -------- --------
Total distributions (0.69) (0.69) (0.71) (0.69) (0.69)
-------- -------- -------- -------- --------
Net increase (decrease) in
net asset value 0.34 (0.32) 1.16 (1.06) 0.34
-------- -------- -------- -------- --------
NET ASSET VALUE --
END OF PERIOD $ 11.38 $ 11.04 $ 11.36 $ 10.20 $ 11.26
======== ======== ======== ======== ========
Total Return 9.67% 3.49% 18.74% (3.23)% 9.52%
Ratios and supplemental data:
Net Assets, end of period (000) $475,392 $459,247 $454,016 $391,253 $433,584
Ratio of expenses to average net
assets 0.53% 0.51% 0.51% 0.51% 0.53%
Ratio of net investment income
to average net assets 6.19% 6.23% 6.45% 6.46% 5.91%
Portfolio turnover 68.61% 33.75% 97.05% 111.40% 175.37%
</TABLE>
- ------------------------------------------------------
See accompanying notes to financial statements.
62 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 65
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONEY MARKET FUND
--------------------------------------------------------
YEARS ENDED DECEMBER 31,
--------------------------------------------------------
1997 1996 1995 1994 1993
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF
PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Net investment income 0.05 0.05 0.06 0.04 0.03
Dividends from net investment
income (0.05) (0.05) (0.06) (0.04) (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
======== ======== ======== ======== ========
Total Return 5.26% 5.12% 5.66% 3.88% 2.76%
Ratios and supplemental data:
Net Assets, end of period (000) $993,597 $983,529 $737,408 $828,027 $351,798
Ratio of expenses to average net
assets 0.51% 0.51% 0.52% 0.54% 0.53%
Ratio of net investment income
to average net assets 5.16% 5.00% 5.51% 4.00% 2.72%
</TABLE>
- ------------------------------------------------------
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 63
<PAGE> 66
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
YEARS ENDED DECEMBER 31, (COMMENCEMENT OF
------------------------ OPERATIONS) THROUGH
1997 1996 DECEMBER 31, 1995
<S> <C> <C> <C>
-------- -------- -----------------
<CAPTION>
<S> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF PERIOD $ 13.89 $ 11.42 $ 10.00
Net investment income .01 0.06 0.02
Net realized gain and unrealized appreciation on
investments and translation of assets and
liabilities in foreign currencies 2.40 2.55 1.42
-------- -------- ---------
Total from investment operations 2.41 2.61 1.44
-------- -------- ---------
Dividends from net investment income -- (0.06) (0.02)
Dividends from net realized gain from investments
and foreign currencies (0.45) -- --
Dividends in excess of net realized gain from
investments and foreign currencies -- (0.08) --
-------- -------- ---------
Total distributions (0.45) (0.14) (0.02)
-------- -------- ---------
Net increase in net asset value 1.96 2.47 1.42
-------- -------- ---------
NET ASSET VALUE -- END OF PERIOD $ 15.85 $ 13.89 $ 11.42
======== ======== ---------
---------
Total Return 17.35% 22.83% 14.38%
Ratios and supplemental data:
Net Assets, end of period (000) $343,808 $180,840 $17,155
Ratio of expenses to average net assets 1.11% 1.20% 1.25%*
Ratio of expenses to average net assets** -- 1.20% 1.74%*
Ratio of net investment income to average net
assets 0.05% 0.60% 1.32%*
Ratio of net investment income to average net
assets** -- 0.60% 0.83%*
Portfolio turnover 134.38% 136.74% 9.03%
Average commission rate paid*** 2.1806c 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.
64 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 67
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STRATEGIC GROWTH STRATEGIC VALUE EQUITY INCOME
FUND FUND FUND
-------------------- -------------------- --------------------
PERIOD FROM PERIOD FROM PERIOD FROM
OCTOBER 31, 1997 OCTOBER 31, 1997 OCTOBER 31, 1997
(COMMENCEMENT (COMMENCEMENT (COMMENCEMENT
OF OPERATIONS) OF OPERATIONS) OF OPERATIONS)
THROUGH DECEMBER 31, THROUGH DECEMBER 31, THROUGH DECEMBER 31,
1997 1997 1997
-------------------- -------------------- --------------------
<S> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF PERIOD $ 10.00 $ 10.00 $ 10.00
Net investment income 0.01 0.01 0.02
Net realized gain and unrealized
appreciation on investments 0.21 0.15 0.16
------------- ------------- -------------
Total from investment operations 0.22 0.16 0.18
------------- ------------- -------------
Dividends from net investment income (0.01) (0.01) (0.02)
------------- ------------- -------------
Net increase in net asset value 0.21 0.15 0.16
------------- ------------- -------------
NET ASSET VALUE -- END OF PERIOD $ 10.21 $ 10.15 $ 10.16
============= ============= =============
Total Return 2.20% 1.63% 1.77%
Ratios and supplemental data:
Net Assets, end of period (000) $ 1,347 $ 1,469 $ 1,610
Ratio of expenses to average net
assets 1.00%* 1.00%* 0.95%*
Ratio of expenses to average net
assets** 6.33%* 5.54%* 5.63%*
Ratio of net investment income to
average net assets 0.68%* 0.96%* 1.34%*
Ratio of net investment income to
average net assets** (4.65)%* (3.58)%* (3.34)%*
Portfolio turnover 27.32% 5.38% 14.52%
Average commission rate paid*** 6.1952c 6.0339c 4.6104c
</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.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 65
<PAGE> 68
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
HIGH INCOME BOND BALANCED MULTI SECTOR BOND
FUND FUND FUND
-------------------- -------------------- --------------------
PERIOD FROM PERIOD FROM PERIOD FROM
OCTOBER 31, 1997 OCTOBER 31, 1997 OCTOBER 31, 1997
(COMMENCEMENT (COMMENCEMENT (COMMENCEMENT
OF OPERATIONS) OF OPERATIONS) OF OPERATIONS)
THROUGH DECEMBER 31, THROUGH DECEMBER 31, THROUGH DECEMBER 31,
1997 1997 1997
-------------------- -------------------- --------------------
<S> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF PERIOD $ 10.00 $ 10.00 $ 10.00
Net investment income 0.11 0.05 0.05
Net realized gain and unrealized
appreciation on investments 0.12 0.10 0.05
------------- ------------- -------------
Total from investment operations 0.23 0.15 0.10
------------- ------------- -------------
Dividends from net investment income (0.11) (0.05) (0.05)
------------- ------------- -------------
Net increase in net asset value 0.12 0.10 0.05
------------- ------------- -------------
NET ASSET VALUE -- END OF PERIOD $ 10.12 $ 10.10 $ 10.05
============= ============= =============
Total Return 2.28% 1.46% 1.04%
Ratios and supplemental data:
Net Assets, end of period (000) $ 6,029 $ 1,886 $ 2,032
Ratio of expenses to average net
assets 0.95%* 0.90%* 0.90%*
Ratio of expenses to average net
assets** 2.18%* 4.90%* 4.41%*
Ratio of net investment income to
average net assets 6.96%* 4.08%* 4.77%*
Ratio of net investment income to
average net assets** 5.73%* 0.08%* 1.26%*
Portfolio turnover 7.37% 0.19% 48.90%
Average commission rate paid*** -- 5.8314c --
</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.
66 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 69
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELECT ADVISERS
SMALL CAP VALUE GLOBAL EQUITY MID CAP
FUND FUND FUND
-------------------- -------------------- --------------------
PERIOD FROM PERIOD FROM PERIOD FROM
OCTOBER 31, 1997 OCTOBER 31, 1997 OCTOBER 31, 1997
(COMMENCEMENT (COMMENCEMENT (COMMENCEMENT
OF OPERATIONS) OF OPERATIONS) OF OPERATIONS)
THROUGH DECEMBER 31, THROUGH DECEMBER 31, THROUGH DECEMBER 31,
1997 1997 1997
-------------------- -------------------- --------------------
<S> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF PERIOD $ 10.00 $ 10.00 $ 10.00
Net investment income 0.01 0.02 0.02
Net realized gain (loss) and
unrealized appreciation
(depreciation) on investments (0.17) 0.10 (0.06)
------------- ------------- -------------
Total from investment operations (0.16) 0.12 (0.04)
------------- ------------- -------------
Dividends from net investment income (0.01) (0.02) (0.02)
Dividends from net realized gain from
investments and foreign currencies (0.04) -- --
------------- ------------- -------------
Total distributions (0.05) (0.02) (0.02)
------------- ------------- -------------
Net increase (decrease) in net
asset value (0.21) 0.10 (0.06)
------------- ------------- -------------
NET ASSET VALUE -- END OF PERIOD $ 9.79 $ 10.10 $ 9.94
============= ============= =============
Total Return (1.61)% 1.18% (0.36)%
Ratio and supplemental data:
Net Assets, end of period (000) $ 2,069 $ 5,566 $ 3,214
Ratio of expenses to average net
assets 1.05%* 1.20%* 1.20%*
Ratio of expenses to average net
assets** 6.31%* 2.84%* 3.31%*
Ratio of net investment income to
average net assets 0.50%* 1.00%* 1.55%*
Ratio of net investment income to
average net assets** (4.76)%* (0.64)%* (0.56)%*
Portfolio turnover 8.38% 9.32% 7.81%
Average commission rate paid*** 3.1958c 2.7311c 6.4693c
</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.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 67
<PAGE> 70
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1997
- --------------------------------------------------------------------------------
1 -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nationwide Separate Account Trust (Trust) is an 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 Trust's investment manager, 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 fifteen series. The Funds listed below consist of
diversified portfolios and non-diversified(*) portfolios.
Total Return Fund
Capital Appreciation Fund
Government Bond Fund
Money Market Fund
Nationwide Small Company Fund (Small Company Fund)
Nationwide Income Fund (Income Fund)
Nationwide Strategic Growth Fund (Strategic Growth Fund)
Nationwide Strategic Value Fund (Strategic Value Fund)
Nationwide Equity Income Fund (Equity Income Fund)
Nationwide High Income Bond Fund (High Income Bond Fund)
Nationwide Balanced Fund (Balanced Fund)
Nationwide Multi Sector Bond Fund (Multi Sector Bond Fund)
Nationwide Small Cap Value Fund* (Small Cap Value Fund)
Nationwide Global Equity Fund (Global Equity Fund)
Nationwide Select Advisers Mid Cap Fund* (Select Advisers Mid Cap Fund)
The Trust was amended in 1997 to create the Strategic Growth Fund, Strategic
Value Fund, Equity Income Fund, High Income Bond Fund, Balanced Fund, Multi
Sector Bond Fund, Small Cap Value Fund, Global Equity Fund, and Select Advisers
Mid Cap Fund. On October 31, 1997, these Funds commenced operations and were
capitalized through the sale of shares to Nationwide Life Insurance Company in
the amount of $1,000,000 for each of the Strategic Growth Fund, Strategic Value
Fund, Equity Income Fund, Balanced Fund, Multi-Sector Bond Fund, and Small Cap
Value Fund; $5,000,000 for each of the High Income Bond Fund, and Global Equity
Fund; and $3,000,000 for the Select Advisers Mid Cap Fund.
On January 4, 1997, the Trust's registration statement as to the Nationwide
Separate Account Trust Income Fund's shares became effective. On January 16,
1998, the Income Fund was capitalized through the sale of shares to Nationwide
Life Insurance Company in the amount of $2,000,000. The fund commenced
operations on January 20, 1998, and as a result, these financial statements do
not include any information for such Fund for the year ended December 31, 1997.
(A) INVESTMENT VALUATION
1) All Funds (except the Money Market Fund): Securities traded on a
national securities exchange are valued at the last quoted sale price,
or if no sale, at the prior day's valuation as provided by an
independent pricing agent, except for the High Income Bond Fund.
Securities traded in the over the-
68 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 71
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
DECEMBER 31, 1997
- --------------------------------------------------------------------------------
counter (OTC) market are valued at the last quoted sale price, or if no
sale, the quoted bid price, except for the High Income Bond Fund. In the
absence of recorded sales for equity securities in the High Income Bond
Fund, the mean between the last closing bid and asked price shall be
used. U.S. Government securities are valued at the quoted bid price.
Bonds are valued by a combination of daily quotes and matrix
evaluations.
Portfolio securities for the Money Market Fund are valued at amortized
cost, which approximates market value, in accordance with Rule 2a-7 of
the Investment Company Act of 1940, as amended.
Securities for which reliable market quotations are not available, or
for which an independent pricing agent does not provide a value or
provides a value that does not represent fair value in the judgment of
the Fund's investment adviser, are valued at fair value in accordance
with procedures authorized by the Board of Trustees.
2) MORTGAGE ROLLS. The Multi-Sector Bond Fund may enter into mortgage
"dollar rolls" in which a Fund sells mortgage-backed securities for
delivery in the current month and simultaneously contracts to repurchase
substantially similar (same type, coupon and maturity) securities on a
specified future date. The Fund is compensated by a fee paid by the
counterparty. Dollar rolls are accounted for as financing arrangements;
the fee is accrued into interest income ratably over the term of the
dollar roll and any gain or loss on the roll is deferred until
disposition of the rolled security.
3) REPURCHASE AGREEMENTS. 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.
4) Small Company Fund, Strategic Growth Fund, Strategic Value Fund, Equity
Income Fund, High Income Bond Fund, Balanced Fund, Multi Sector Bond
Fund, Small Cap Value Fund, Global Equity Fund, and Select Advisers Mid
Cap Fund:
FOREIGN CURRENCY TRANSACTIONS. Fluctuations 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.
FORWARD FOREIGN CURRENCY CONTRACTS. Each Fund may enter into forward
foreign 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 receivable/payable for foreign
currency contracts sold/purchased.
At or before the closing of a forward contract, the 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
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 69
<PAGE> 72
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
DECEMBER 31, 1997
- --------------------------------------------------------------------------------
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 may 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.
(B) 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 amortization of premium
or discount.
(C) 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, 1997, the Government Bond Fund, Money Market Fund,
Strategic Growth Fund, Equity Income Fund, High Income Bond Fund, Global
Equity Fund, and Select Advisers Mid Cap Fund had net capital loss
carryforwards in the amounts of $957,707, $6,542, $23,668, $11,852, $1,529,
$2,262, and $17,550, respectively. The Government Bond Fund carryforwards
will expire within 5 to 6 years, the Money Market Fund carryforwards will
expire within 7 years, and the Strategic Growth Fund, Equity Income Fund,
High Income Bond Fund, Global Equity Fund, and Select Advisers Mid Cap Fund
carryforwards will each expire within 8 years.
(D) DIVIDENDS TO SHAREHOLDERS
1) All Funds except the Money Market Fund:
Dividend income is recorded on the ex-dividend date. Dividends from net
investment income are paid quarterly.
2) Money Market Fund:
Dividends from net investment income are declared daily and paid
monthly.
3) 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" differ-
70 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 73
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
DECEMBER 31, 1997
- --------------------------------------------------------------------------------
ences 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.
Accordingly, the undistributed (distributions in excess of) net
investment income, distributions in excess of net realized gain and
capital have been adjusted as of December 31, 1997 by the following
amounts:
<TABLE>
<CAPTION>
UNDISTRIBUTED
(DISTRIBUTIONS IN
EXCESS OF) DISTRIBUTIONS IN
NET INVESTMENT EXCESS OF NET REALIZED
INCOME GAIN
--------------------------- -------------------------
<S> <C> <C>
Total Return Fund.................... $(199,606) $ 199,606
Small Company Fund................... 106,582 (106,582)
Global Equity Fund................... (3,580) 3,580
</TABLE>
(E) 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.
(F) ORGANIZATION EXPENSES
Initial organization expenses of the Small Company Fund, Strategic Growth
Fund, Strategic Value Fund, Equity Income Fund, High Income Bond Fund,
Balanced Fund, Multi Sector Bond Fund, Small Cap Value Fund, Global Equity
Fund and Select Advisers Mid Cap Fund were paid by the investment advisor and
will be reimbursed by the Funds. Such organization costs have been deferred
and will be amortized over a period of sixty months from the commencement of
operations.
(G) 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
period. Actual results could differ from those estimates.
2 -- TRANSACTIONS WITH AFFILIATES
For the period from January 1, 1997 to October 31, 1997, the investment manager
for the Trust, Nationwide Advisory Services, Inc. (NAS), an affiliated company,
earned an annual management fee of 0.50% based on the average daily net assets
of the Total Return Fund, Government Bond Fund, Capital Appreciation 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
1.00% 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.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 71
<PAGE> 74
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
DECEMBER 31, 1997
- --------------------------------------------------------------------------------
At a Special Meeting of Shareholders held on September 26, 1997, a new
Investment Advisory Agreement and a separate Fund Administration Agreement was
approved between the Trust and NAS which changed the fees paid by the Total
Return Fund, Money Market Fund, Capital Appreciation, and Government Bond Fund
effective November 1, 1997.
As investment manager for the following funds, NAS earns an annual management
fee based on average daily net assets. From such fees pursuant to sub-investment
advisory agreements, NAS pays subadvisory fees to the following entities for
investment management evaluation services.
<TABLE>
<CAPTION>
FUND SUBADVISOR(S)
---- -------------
<S> <C>
Small Company The Dreyfus Corporation
Neuberger and Berman, L.P.
Pictet International Management Limited
Strong Capital Management, Inc.
Van Eck Associates Corporation
Warburg Pincus Asset Management, Inc.
Strategic Growth Fund Strong Capital Management
Strategic Value Fund Strong Capital Management
Equity Income Fund Federated Investment Counseling
High Income Bond Fund Federated Investment Counseling
Balanced Fund Salomon Brothers Asset Management, Inc.
Multi Sector Bond Fund Salomon Brothers Asset Management, Inc.
Small Cap Value Fund The Dreyfus Corporation
Global Equity Fund J.P. Morgan Investment Management, Inc.
Select Advisers Mid Cap Fund First Pacific Advisors, Inc.
Pilgrim Baxter and Associates, Ltd.
Rice, Hall, James and Associates
</TABLE>
72 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 75
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
DECEMBER 31, 1997
- --------------------------------------------------------------------------------
The following table illustrates the investment advisory fees in effect for all
Funds at December 31, 1997 and investment advisory fees collected and paid to
subadvisors for the period ended December 31, 1997.
<TABLE>
<CAPTION>
NAS FEES PAID
AVERAGE DAILY ADVISORY SUBADVISORY NAS FEES TO
NET ASSETS FEE FEE TOTAL COLLECTED SUBADVISOR
FUND ------------------ -------- ----------- ----- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Total Return First $1 billion 0.60% -- 0.60% $7,903,818 --
and Capital Next $1 billion 0.575% -- 0.575% $1,759,412 --
Appreciation
Next $3 billion 0.55% -- 0.55%
Over $5 billion 0.50% -- 0.50%
Government Bond First $1 billion 0.50% -- 0.50% $2,231,930 --
Next $1 billion 0.475% -- 0.475%
Next $3 billion 0.45% -- 0.45%
Over $5 billion 0.40% -- 0.40%
Money Market First $1 billion 0.40% -- 0.40% $4,969,345 --
Next $1 billion 0.38% -- 0.38%
Next $3 billion 0.36% -- 0.36%
Over $5 billion 0.34% -- 0.34%
Small Company Over $0 0.60% 0.40% 1.00% $2,520,540 $1,402,367
Strategic Growth and First 500 million 0.40% 0.50% 0.90% $ 1,645 $ 914
Strategic Value Over $500 million 0.45% 0.45% 0.90% $ 1,715 953
Equity Income and First $50 million 0.40% 0.40% 0.80% $ 1,685 $ 842
High Income Bond Next $200 million 0.55% 0.25% 0.80% $ 7,374 $ 3,687
Next $250 million 0.60% 0.20% 0.80%
Over $500 million 0.65% 0.15% 0.80%
Balanced First $150 million 0.40% 0.35% 0.75% $ 1,605 $ 749
Next $350 million 0.45% 0.30% 0.75%
Over $500 million 0.50% 0.25% 0.75%
Multi Sector Bond First $50 million 0.40% 0.35% 0.75% $ 1,724 $ 805
Next $150 million 0.45% 0.30% 0.75%
Next $300 million 0.50% 0.25% 0.75%
Over $500 million 0.55% 0.20% 0.75%
Small Cap Value First $200 million 0.40% 0.50% 0.90% $ 2,029 $ 1,127
Over $200 million 0.45% 0.45% 0.90%
Global Equity First $50 million 0.40% 0.60% 1.00% $ 8,799 $ 5,279
Over $50 million 0.45% 0.55% 1.00%
Select Advisers Mid Cap First $50 million 0.40% 0.65% 1.05% $ 5,371 $ 3,325
Over $50 million 0.55% 0.50% 1.05%
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 73
<PAGE> 76
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
DECEMBER 31, 1997
- --------------------------------------------------------------------------------
The following table illustrates waived and reimbursed expenses of the Funds:
<TABLE>
<CAPTION>
TOTAL
OTHER EXPENSES
TOTAL NAS FEES EXPENSES WAIVED/
EXPENSES WAIVED* REIMBURSED REIMBURSED NET EXPENSE
------------- ---------- ------------- -------------- -----------
<S> <C> <C> <C> <C> <C>
Strategic Growth Fund $11,584 $ (878) $ (8,878) $ (9,756) $ 1,828
Strategic Value Fund 10,547 (915) (7,726) (8,641) 1,906
Equity Income Fund 11,849 (1,011) (8,837) (9,848) 2,001
High Income Bond Fund 20,121 (4,425) (6,939) (11,364) 8,757
Balanced Fund 10,499 (1,027) (7,544) (8,571) 1,928
Multi Sector Bond Fund 10,149 (1,104) (6,975) (8,079) 2,070
Small Cap Value Fund 14,235 (1,082) (10,786) (11,868) 2,367
Global Equity Fund 24,988 (4,223) (10,206) (14,429) 10,559
Select Advisers Mid Cap
Fund 16,917 (2,455) (8,323) (10,778) 6,139
</TABLE>
- ---------------
* Fees waived include Investment Management, Administration and Transfer and
Dividend Disbursing Agent fees.
Effective November 1, 1997, under the approved Fund Administration Agreement,
NAS receives for its services for the Total Return Fund, Capital Appreciation
Fund, Government Bond Fund, and Money Market Fund a fee, calculated daily and
paid monthly, according to the following schedule:
<TABLE>
<CAPTION>
AVERAGE DAILY NET ASSETS ADMINISTRATION FEE
- ------------------------------- -------------------------------
<S> <C>
First $1 billion 0.05%
Over $1 billion 0.04%
</TABLE>
For the Strategic Growth Fund, Strategic Value Fund, Equity Income Fund, High
Income Bond Fund, Balanced Fund, Multi Sector Bond Fund, Small Cap Value Fund,
Global Equity Fund, and Select Advisers Mid Cap Fund, NAS receives for its
services for each Fund a fee, calculated daily and paid monthly, according to
the following schedule:
<TABLE>
<CAPTION>
AVERAGE DAILY NET ASSETS ADMINISTRATION FEE
- ------------------------------- -------------------------------
<S> <C>
First $250 million 0.07%
Next $750 million 0.05%
Over $1 billion 0.04%
</TABLE>
Effective November 1, 1997, NISI (Nationwide Investors Services, Inc.) receives
for its service as Transfer and Dividend Disbursing Agent for each Fund a fee of
0.01% of average daily net assets.
3 -- BANK LOANS
The Trust has an unsecured bank line of credit of $50,000,000. Borrowing under
this arrangement bears interest at the Federal Funds rate plus 0.50%. No
compensating balances are required.
74 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 77
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
DECEMBER 31, 1997
- --------------------------------------------------------------------------------
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 year ended December 31, 1997 are summarized as
follows:
<TABLE>
<CAPTION>
LONG-TERM SECURITIES U.S. GOVERNMENT OBLIGATIONS
PURCHASES SALES PURCHASES SALES
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Total Return Fund $533,012,542 $199,950,015 $566,902,327 $591,090,485
Capital Appreciation Fund 203,729,128 35,009,276 -- --
Government Bond Fund 298,409,699 282,274,704 246,761,146 227,108,447
Money Market Fund -- -- 173,085,365 136,499,000
Small Company Fund 422,530,166 305,847,125 60,757,144 58,665,995
Strategic Growth Fund 1,569,757 275,638 -- --
Strategic Value Fund 1,508,557 61,703 -- --
Equity Income Fund 1,705,083 177,380 -- --
High Income Bond Fund 6,017,321 299,873 -- --
Balanced Fund 1,708,181 2,125 882,277 --
Multi Sector Bond Fund 2,687,077 512,969 1,917,350 512,969
Small Cap Value Fund 2,141,589 116,745 -- --
Global Equity Fund 5,641,308 378,425 --
Select Advisers Mid Cap Fund 2,502,636 177,558 -- --
</TABLE>
Realized gains and losses have been computed on the specific identification
basis. Included in net unrealized appreciation (depreciation) for the period
ended December 31, 1997, based on cost for federal income tax purposes,
excluding forward currency contracts for the Small Company Fund, Global Equity
Fund and Multi Sector Bond Fund, are the following components:
<TABLE>
<CAPTION>
NET
GROSS GROSS UNREALIZED
UNREALIZED UNREALIZED APPRECIATION
GAINS LOSSES (DEPRECIATION)
------------ ------------ --------------
<S> <C> <C> <C>
Total Return Fund $619,918,654 $(25,272,585) $594,646,069
Capital Appreciation Fund 124,594,437 (4,495,978) 120,098,459
Government Bond Fund 17,753,735 (60,512) 17,693,223
Small Company Fund 55,177,943 (15,275,806) 39,902,137
Strategic Growth Fund 72,646 (19,747) 52,899
Strategic Value Fund 56,622 (37,557) 19,065
Equity Income Fund 59,331 (23,195) 36,136
High Income Bond Fund 73,777 (11,488) 62,289
Balanced Fund 27,648 (12,888) 14,760
Multi Sector Bond Fund 3,496 (3,692) (196)
Small Cap Value Fund 72,506 (89,205) (16,699)
Global Equity Fund 241,281 (227,349) 13,930
Select Advisers Mid Cap Fund 133,620 (128,151) 5,469
</TABLE>
5 -- FEDERAL TAX INFORMATION (UNAUDITED)
The following represents distributions from long-term capital gains for the
funds for the period ended December 31, 1997:
<TABLE>
<S> <C>
Total Return Fund......................................... $55,097,615
Capital Appreciation Fund................................. 8,471,381
Small Company Fund........................................ 5,613,638
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 75
