<PAGE> 1
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NATIONWIDE SEPARATE ACCOUNT TRUST
SEMI-ANNUAL REPORT
JUNE 30, 1998
(UNAUDITED)
- --------------------------------------------------------------------------------
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<PAGE> 2
NATIONWIDE SEPARATE ACCOUNT TRUST
SEMI-ANNUAL REPORT
JUNE 30, 1998
(UNAUDITED)
TABLE OF CONTENTS
<TABLE>
<S> <C>
Statements of Investments:
Total Return Fund...................................... 2
Capital Appreciation Fund.............................. 4
Government Bond Fund................................... 6
Money Market Fund...................................... 7
Small Company Fund..................................... 10
Income Fund............................................ 22
Strategic Growth Fund.................................. 23
Strategic Value Fund................................... 26
Equity Income Fund..................................... 28
High Income Bond Fund.................................. 31
Balanced Fund.......................................... 36
Multi Sector Bond Fund................................. 39
Small Cap Value Fund................................... 43
Global Equity Fund..................................... 46
Select Advisers Mid Cap Fund........................... 54
Statements of Assets and Liabilities........................ 58
Statements of Operations.................................... 61
Statements of Changes in Net Assets......................... 64
Financial Highlights........................................ 79
Notes to Financial Statements............................... 89
</TABLE>
<PAGE> 3
NATIONWIDE SEPARATE ACCOUNT TRUST
TOTAL RETURN FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (96.6%)
AEROSPACE (0.4%)
216,800 Boeing Co. (The) $ 9,661,150
--------------
AUTO INDUSTRY (2.8%)
1,276,500 Genuine Parts Co. 44,119,031
266,400 Magna International, Inc.
Class A 18,281,700
66,666 Meritor Automotive, Inc. 1,599,984
--------------
64,000,715
--------------
BUSINESS SERVICES (2.4%)
681,000 FDX Corp.* 42,732,750
1,039,250 Olsten Corp. 11,626,609
--------------
54,359,359
--------------
CABLE (1.9%)
1,052,000 Comcast Corp. Class A 42,704,572
--------------
CHEMICALS (4.6%)
220,000 Air Products & Chemicals,
Inc. 8,800,000
522,400 Du Pont (E.I.) De Nemours &
Co. 38,984,100
446,000 Monsanto Co. 24,920,250
455,000 PPG Industries, Inc. 31,650,938
--------------
104,355,288
--------------
COMPUTER EQUIPMENT (4.9%)
892,000 Hewlett-Packard Co.* 53,408,500
500,000 International Business
Machines Corp. 57,406,250
--------------
110,814,750
--------------
COMPUTERS/SOFTWARE & SERVICES (3.0%)
570,000 Electronic Data Systems Corp. 22,800,000
1,325,100 First Data Corp. 44,142,394
--------------
66,942,394
--------------
CONGLOMERATES (3.7%)
305,300 Honeywell, Inc. 25,511,631
556,000 Philips Electronics NV 47,260,000
353,900 Premark International, Inc. 11,413,275
--------------
84,184,906
--------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
DRUGS (10.3%)
400,000 Allergan, Inc. $ 18,550,000
20,000 Allergan Specialty
Therapeutics, Inc. 205,000
180,000 Bristol-Meyers Squibb Co. 20,688,750
725,000 Glaxo Wellcome PLC ADR 43,364,063
200,000 Merck & Co., Inc. 26,750,000
160,000 Schering-Plough Corp. 14,660,000
1,566,000 Warner-Lambert Co. 108,641,250
--------------
232,859,063
--------------
ELECTRONICS (0.1%)
177,000 Woodhead Industries, Inc. 2,721,375
--------------
FINANCIAL/BANKS (6.5%)
57,500 Banc One Corp. 3,209,219
130,000 Bankers Trust Corp. 15,088,125
320,000 First Chicago NBD Corp. 28,360,000
519,000 First Union Corp. 30,231,750
779,800 Mellon Bank Corp. 54,293,575
140,000 Morgan, J P & Co., Inc. 16,397,500
--------------
147,580,169
--------------
FINANCIAL/INSURANCE (9.0%)
730,000 Allstate Corp. 66,840,625
325,000 Chubb Corp. 26,121,875
1,478,100 Equitable Cos., Inc. 110,765,118
--------------
203,727,618
--------------
FINANCIAL SERVICES/MISCELLANEOUS (7.5%)
78,625 Associates First Capital
Corp. 6,044,297
638,139 Bear Stearns Cos., Inc. 36,294,156
750,000 Fannie Mae 45,562,500
700,000 Merrill Lynch & Co., Inc. 64,575,000
165,000 Morgan Stanley Dean Witter
Discover & Co.* 15,076,875
--------------
167,552,828
--------------
FOOD/GRAIN AND AGRICULTURE (2.9%)
3,353,078 Archer Daniels-Midland Co. 64,965,886
--------------
FOOD & BEVERAGE (8.7%)
504,700 Heinz (H.J.) Co. 28,326,287
500,000 PepsiCo, Inc. 20,593,750
1,090,000 Philip Morris Cos., Inc. 42,918,750
303,000 Ralston-Ralston Purina Group 35,394,188
925,000 Sara Lee Corp. 51,742,187
335,000 Seagram Co. Ltd. 13,714,063
108,200 Universal Foods Corp. 2,400,688
--------------
195,089,913
--------------
</TABLE>
2 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 4
NATIONWIDE SEPARATE ACCOUNT TRUST
TOTAL RETURN FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
HEALTH CARE SERVICES (1.3%)
989,400 Columbia/HCA Healthcare Corp. $ 28,816,275
--------------
MACHINERY & CAPITAL GOODS (0.6%)
120,000 Emerson Electric Co. 7,245,000
130,000 Nordson Corp. 6,110,000
--------------
13,355,000
--------------
MEDICAL PRODUCTS (1.5%)
450,000 Johnson & Johnson Co. 33,187,500
--------------
OIL & GAS (13.7%)
740,000 Amoco Corp. 30,802,500
536,200 Burlington Resources, Inc. 23,090,113
580,000 Exxon Corp. 41,361,250
917,800 Mobil Corp. 70,326,425
740,000 Royal Dutch Petroleum Co. 40,561,250
450,000 Texaco, Inc. 26,859,374
1,108,460 Union Pacific Resources
Group, Inc. 19,467,329
1,660,000 Williams Cos., Inc. (The) 56,025,000
--------------
308,493,241
--------------
POLLUTION CONTROL (1.2%)
750,000 Waste Management, Inc. 26,250,000
--------------
PRINTING & PUBLISHING (1.9%)
153,200 Nielsen Media Research, Inc. 9,651,600
753,200 R. H. Donnelley Corp. 27,115,200
217,600 Reader's Digest Association,
Inc. Class B 5,902,400
--------------
42,669,200
--------------
RETAIL (1.1%)
420,000 Sears, Roebuck & Co. 25,646,250
--------------
TELECOMMUNICATIONS (6.0%)
1,217,100 360 Communications Co.* 38,947,200
908,100 Cincinnati Bell, Inc. 25,994,363
1,004,300 Sprint Corp. 70,803,150
--------------
135,744,713
--------------
TRANSPORTATION (0.6%)
293,000 Union Pacific Corp. 12,928,625
--------------
TOTAL COMMON STOCK
(cost $1,338,318,472) $2,178,610,790
--------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
U.S. GOVERNMENT AGENCY (2.8%)
$ 6,700,000 Federal Home Loan Mortgage
Corp., Discount Notes, 5.47%,
07/10/98 $ 6,690,834
6,000,000 Federal Home Loan Mortgage
Corp., Discount Notes, 5.48%,
07/14/98 5,988,127
15,000,000 Federal Home Loan Mortgage
Corp., Discount Notes, 5.45%,
07/15/98 14,968,208
8,000,000 Federal Home Loan Mortgage
Corp., Discount Notes, 5.43%,
07/21/98 7,975,680
15,000,000 Federal Home Loan Mortgage
Corp., Discount Notes, 5.40%,
07/30/98 14,933,895
12,000,000 Federal Home Loan Mortgage
Corp., Discount Notes,
5.45-5.47%, 07/31/98 11,945,292
--------------
TOTAL U.S. GOVERNMENT AGENCY
(cost $62,503,206) 62,502,036
--------------
REPURCHASE AGREEMENT (0.6%)
13,452,000 Merrill Lynch MBS Tri-Party
5.78%, 07/01/98,
Collateralized by $13,346,030
FHLMC Gold, 6.00 - 7.50%,
06/01/10 - 06/01/13, and
$5,087,984 FHLMC Gold Sinking
Fund, 6.50 - 10.50%, 09/01/20
-06/01/28, and $920,000 FHLMC
MBS, 11.00%, 02/01/12, and
$1,638,766 FHLMC MBS Sinking
Fund, 8.50 - 12.75%, 09/01/09
-08/01/17, market value
$13,723,789 (cost
$13,452,000) 13,452,000
--------------
TOTAL INVESTMENTS
(cost $1,414,273,678) $2,254,564,826
==============
</TABLE>
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* 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
FHLMC Federal Home Loan Mortgage Corporation
MBS Mortgage-Backed Securities
NV Naamloze Vennootschap (Dutch corporation)
PLC (British) Public Limited Company
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 3
<PAGE> 5
NATIONWIDE SEPARATE ACCOUNT TRUST
CAPITAL APPRECIATION FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (94.3%)
AUTO & AUTO PARTS (0.2%)
52,058 Autoliv AB $ 1,646,334
-----------
BUILDING (1.3%)
66,200 Martin Marietta Materials, Inc. 2,979,000
39,100 Masco Corp. 2,365,550
44,200 Vulcan Materials Co. 4,715,588
-----------
10,060,138
-----------
CHEMICALS (4.5%)
306,000 Millipore Corp. 8,338,500
234,100 Morton International, Inc. 5,852,500
108,100 Outboard Marine Group 4,459,125
255,852 Pall Corp. 5,244,966
324,620 Raychem Corp. 9,596,579
-----------
33,491,670
-----------
COMPUTER EQUIPMENT (1.7%)
108,600 International Business Machines
Corp. 12,468,638
-----------
COMPUTERS/SOFTWARE & SERVICES
(4.2%)
540,000 First Data Corp. 17,988,750
350,000 Sungard Data System, Inc.* 13,431,250
-----------
31,420,000
-----------
CONGLOMERATES (1.1%)
242,700 Corning, Inc. 8,433,825
-----------
DRUGS (14.7%)
300,500 Allergan, Inc. 13,935,688
138,800 American Home Products Corp. 7,182,900
75,000 Merck & Co., Inc. 10,031,250
40,000 Pfizer, Inc. 4,347,500
404,600 Schering-Plough Corp. 37,071,475
553,200 Warner-Lambert Co. 38,378,250
-----------
110,947,063
-----------
ELECTRICAL EQUIPMENT (4.6%)
535,800 Black & Decker Corp. 32,683,800
40,300 Maytag Corp. 1,989,813
-----------
34,673,613
-----------
ENTERTAINMENT (0.6%)
42,177 Walt Disney Co. (The) 4,431,221
-----------
FINANCIAL/BANKS (12.5%)
465,692 Banc One Corp. 25,991,435
63,504 Charter One Financial, Inc. 2,139,291
313,600 Mellon Bank Corp. 21,834,400
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
FINANCIAL/BANKS (CONTINUED)
259,200 Pacific Century Financial Corp. $ 6,220,800
124,239 U. S. Bancorp 5,342,276
87,400 Wells Fargo & Co. 32,250,600
-----------
93,778,802
-----------
FINANCIAL/INSURANCE (5.2%)
64,800 Chubb Corp. 5,208,300
442,900 Horace Mann Educators Corp. 15,280,050
545,400 Provident Cos., Inc. 18,816,300
-----------
39,304,650
-----------
FINANCIAL/OTHER (5.9%)
240,000 Associates First Capital Corp. 18,450,000
388,900 Fannie Mae 23,625,675
34,300 MBIA, Inc. 2,568,213
-----------
44,643,888
-----------
FOOD & BEVERAGE (8.7%)
40,800 Anheuser-Busch Cos., Inc. 1,925,250
251,900 PepsiCo, Inc. 10,375,131
250,700 Philip Morris Cos., Inc. 9,871,313
333,200 Quaker Oats Co. 18,305,175
152,700 Ralston-Ralston Purina Group 17,837,269
120,885 Suiza Foods Corp.* 7,215,323
-----------
65,529,461
-----------
HOSPITAL SUPPLY (5.4%)
144,075 Covance, Inc.* 3,241,687
205,000 Johnson & Johnson Co. 15,118,750
453,637 Quest Diagnostics, Inc.* 9,923,309
350,300 St. Jude Medical, Inc.* 12,895,419
-----------
41,179,165
-----------
HOUSEHOLD PRODUCTS (1.0%)
94,700 Avon Products, Inc. 7,339,250
-----------
MACHINERY & CAPITAL GOODS (0.6%)
120,000 U.S. Rentals, Inc.* 4,732,500
------------
OIL & GAS (1.5%)
187,600 Texaco, Inc. 11,197,375
-----------
PRINTING & PUBLISHING (14.9%)
198,199 ACNielsen Corp.* 5,004,525
239,700 American Greetings Corp. Class
A 12,209,718
64,800 Belo (A. H.) Corp. Series A 1,579,500
115,900 Gibson Greetings, Inc.* 2,897,500
371,400 New York Times Co. Class A 29,433,450
519,400 Nielsen Media Research, Inc. 32,722,200
202,800 R. H. Donnelley Corp. 7,300,800
279,300 Scripps Co. (E.W.) Class A 15,309,130
</TABLE>
4 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 6
NATIONWIDE SEPARATE ACCOUNT TRUST
CAPITAL APPRECIATION FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<S> <C> <C>
PRINTING & PUBLISHING (CONTINUED)
62,000 Tribune Co. $ 4,266,375
3,400 Washington Post Co. Class B 1,958,400
-----------
112,681,598
-----------
RESTAURANTS (1.8%)
191,100 McDonald's Corp. Class A 13,185,900
-----------
RETAIL (1.4%)
60,000 Tiffany & Co. 2,880,000
130,900 Wal-Mart Stores, Inc. 7,952,175
-----------
10,832,175
-----------
TELECOMMUNICATIONS (1.8%)
353,700 360 Communications Co.* 11,318,400
39,800 Airtouch Communications, Inc. 2,325,813
-----------
13,644,213
-----------
TOYS (0.7%)
121,835 Mattel, Inc. 5,155,143
-----------
TOTAL COMMON STOCK
(cost $490,926,772) 710,776,622
-----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL
- -----------------------------------------------------------
<S> <C>
CONVERTIBLE DEBT (0.1%)
MACHINERY (0.1%)
$ 1,027,000 Consorcio G Grupo Dina, 8.00%,
08/08/04 (cost $960,713) 821,600
-----------
COMMERCIAL PAPER (3.6%)
5,000,000 Goldman Sachs Group,
6.25%, 07/01/98 4,999,200
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<S> <C> <C>
COMMERCIAL PAPER (CONTINUED)
$10,443,000 Goldman Sachs Group,
5.60%, 07/02/98 10,439,669
12,000,000 General Motors Acceptance
Corp., 5.58%, 07/06/98 $ 11,988,660
-----------
TOTAL COMMERCIAL PAPER
(cost $27,432,076) 27,427,529
-----------
REPURCHASE AGREEMENT (2.0%)
14,997,000 Merrill Lynch MBS Tri Party,
5.78%, 07/01/98, Collateralized
by $14,618,227 FHLMC Gold, 5.50
-9.50%, 05/01/06 - 06/01/13,
and $3,926,700 FHLMC Gold
Sinking Fund, 6.00 - 8.00%,
06/01/25 - 06/01/28, and
$4,954,003 FHLMC MBS Sinking
Fund, 7.00 - 9.50%, 07/01/04 -
11/01/19, market value
$15,299,254 (cost $14,997,000) 14,997,000
-----------
TOTAL INVESTMENTS
(cost $534,316,561) $754,022,751
-----------
-----------
</TABLE>
- ------------------------------------------------------
* Denotes a non-income producing security.
Cost also represents cost for federal income tax purposes.
The abbreviations in the above statement stand for the following:
AB Aktiebolag (Swedish stock company)
FHLMC Federal Home Loan Mortgage Corporation
MBS Mortgage-Backed Securities
Portfolio holding percentages represent market value as a
percentage of net assets.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 5
<PAGE> 7
NATIONWIDE SEPARATE ACCOUNT TRUST
GOVERNMENT BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
MORTGAGE-BACKED SECURITIES (28.8%)
FEDERAL HOME LOAN MORTGAGE CORP., REMIC
$ 6,547,000 Series 107-F, 8.65%, 12/15/04 $ 6,923,033
9,036,000 Series 1132-J, 8.00%, 08/15/06 9,569,305
13,000,000 Series 1344-D, 6.00% 08/15/07 12,874,940
20,000,000 Series 1415-N, 6.75%,11/15/07 20,477,420
10,000,000 Series 1451-J, 7.50%, 12/15/07 10,647,040
10,000,000 Series 2053-VB, 6.50%, 05/15/12 10,131,090
15,000,000 Series 1560-PN, 7.00%,12/15/12 15,806,175
9,454,271 Series 31-E, 7.55%, 05/15/20 9,820,756
8,000,000 Series 1841-PA, 7.07%, 08/15/20 8,255,000
10,000,000 Series 1102-H, 8.875%, 06/15/21 10,748,170
2,085,699 Series 190-D, 9.20%, 10/15/21 2,213,538
------------
117,466,467
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION, REMIC
5,019,403 Series 100-M, 5.50%, 09/25/01 4,980,171
12,495,423 Series 68-Z, 8.00%, 05/25/07 13,379,512
1,488,922 Series 34-E, 9.85%, 08/25/14 1,503,801
1,349,111 Series 25-B, 9.25%,10/25/18 1,445,841
8,508,157 Series 16-D, 9.00%, 03/25/20 8,803,246
2,360,611 Series 73-A, 8.00%, 07/25/21 2,436,335
4,307,175 Series 42-Z, 7.00%, 07/25/22 4,378,774
------------
36,927,680
------------
TOTAL MORTGAGE-BACKED
SECURITIES
(cost $149,374,248) 154,394,147
------------
U.S. GOVERNMENT AND AGENCY
LONG-TERM OBLIGATIONS (67.3%)
FEDERAL HOME LOAN BANKS
12,000,000 6.36%, 03/21/01 12,208,020
6,000,000 6.52%, 01/09/02 6,160,980
4,135,000 5.74%, 02/25/05 4,142,447
8,500,000 7.32%, 04/21/05 9,266,190
FEDERAL HOME LOAN MORTGAGE CORPORATION
5,000,000 6.80%, 08/22/05 5,322,595
9,000,000 6.75%, 05/30/06 9,598,077
FEDERAL NATIONAL MORTGAGE ASSOCIATION
10,000,000 5.72%, 01/09/01 10,015,790
18,703,000 6.40%, 05/02/01 19,058,245
12,000,000 6.85%, 08/22/05 12,809,904
5,000,000 6.82%, 08/23/05 5,328,840
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
FEDERAL NATIONAL MORTGAGE ASSOCIATION
(CONTINUED)
$11,270,000 6.77%, 09/01/05 $ 11,979,739
9,000,000 6.54%, 10/03/05 9,449,442
21,000,000 7.26%, 10/05/05 20,992,083
15,000,000 5.88%, 02/02/06 15,167,280
12,310,000 7.58%, 04/26/06 12,459,111
PRIVATE EXPORT FUNDING CORPORATION
24,000,000 6.86%, 04/30/04 25,357,152
RESOLUTION FUNDING CORPORATION
54,000,000 Principal STRIP, 04/15/06 34,921,746
30,000,000 Principal STRIP, 01/15/13 12,936,570
58,000,000 Principal STRIP, 07/15/13 24,260,762
15,000,000 Principal STRIP, 10/15/13 6,181,335
U.S. TREASURY BONDS
29,000,000 7.00%, 07/15/06 31,682,500
25,000,000 12.75%, 11/15/10 26,413,750
22,000,000 7.50%, 11/15/16 35,625,000
-----------
TOTAL U.S. GOVERNMENT AND
AGENCY LONG-TERM OBLIGATIONS
(cost $346,127,038) 361,337,558
-----------
REPURCHASE AGREEMENT (2.8%)
15,158,000 Warburg, Dillon, Read, 5.60%,
07/01/98, Collateralized by
$13,012,000 U.S. Treasury
Bonds, 6.75%, 08/15/26,
market value $15,488,346
(cost $15,158,000) 15,158,000
-----------
TOTAL INVESTMENTS
(cost $510,659,286) $530,889,705
-----------
-----------
</TABLE>
- -------------------------------------------------------
Cost for federal income tax purposes: $510,683,085.
The abbreviations in the above statement stand 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 SEMI-ANNUAL REPORT
<PAGE> 8
NATIONWIDE SEPARATE ACCOUNT TRUST
MONEY MARKET FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMERCIAL PAPER (96.9%)
AGRICULTURE/FINANCE (2.2%)
$ 10,000,000 John Deere Capital, 5.51%,
07/30/98 $ 9,955,694
8,216,000 John Deere Capital, 5.51%,
08/27/98 8,144,322
8,000,000 John Deere Capital, 5.51%,
09/02/98 7,922,860
--------------
26,022,876
--------------
AGRICULTURE/SUPPLIES (0.8%)
10,000,000 John Deere & Co., 5.53%,
07/13/98 9,981,567
--------------
AUTO/FINANCE (6.6%)
10,000,000 Ford Motor Credit Co.,
5.50%, 07/15/98 9,978,611
10,675,000 Ford Motor Credit Co.,
5.52%, 07/16/98 10,650,447
10,000,000 Ford Motor Credit Co.,
5.51%, 07/23/98 9,966,328
8,000,000 Ford Motor Credit Co.,
5.52%, 09/04/98 7,920,267
18,000,000 General Motors Acceptance
Corp., 5.53%, 07/23/98 17,939,170
10,000,000 General Motors Acceptance
Corp., 5.53%, 08/05/98 9,946,236
7,000,000 General Motors Acceptance
Corp., 5.52%, 08/07/98 6,960,287
6,000,000 General Motors Acceptance
Corp., 5.52%, 08/25/98 5,949,400
--------------
79,310,746
--------------
BANKS (10.0%)
20,000,000 Banc One Corp., 5.52%,
07/07/98 19,981,600
20,000,000 Banc One Corp., 5.52%,
07/08/98 19,978,533
1,050,000 Morgan (J.P.) & Co., 5.53%,
07/13/98 1,048,064
8,000,000 Morgan (J.P.) & Co., 5.50%,
07/21/98 7,975,511
3,689,000 Morgan (J.P.) & Co., 5.51%,
08/13/98 3,664,721
10,000,000 Morgan (J.P.) & Co., 5.51%,
08/21/98 9,921,942
10,000,000 Morgan (J.P.) & Co., 5.50%,
10/14/98 9,839,583
5,000,000 Morgan (J.P.) & Co., 5.50%,
12/11/98 4,875,486
10,000,000 National City Credit Corp.,
5.52%, 07/02/98 9,998,467
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
BANKS (CONTINUED)
$ 5,000,000 National City Credit Corp.,
5.52%, 07/15/98 $ 4,989,267
8,000,000 National City Credit Corp.,
5.51%, 07/17/98 7,980,409
20,000,000 Norwest Corp., 5.54%,
08/14/98 19,864,578
--------------
120,118,161
--------------
BROKER-DEALERS (12.4%)
15,000,000 Bear Stearns Co., 5.52%,
07/10/98 14,979,300
8,000,000 Bear Stearns Co., 5.53%,
07/21/98 7,975,422
7,000,000 Bear Stearns Co., 5.50%,
07/30/98 6,968,986
4,000,000 Bear Stearns Co., 5.53%,
08/12/98 3,974,193
5,000,000 Bear Stearns Co., 5.53%,
08/14/98 4,966,206
3,982,000 Goldman Sachs Group, 5.51%,
08/10/98 3,957,621
10,000,000 Goldman Sachs Group, 5.51%,
08/19/98 9,925,003
25,000,000 Goldman Sachs Group, 5.50%,
09/18/98 24,698,264
10,000,000 Merrill Lynch & Co., 5.49%,
07/14/98 9,980,175
5,000,000 Merrill Lynch & Co., 5.49%,
07/15/98 4,989,325
10,000,000 Merrill Lynch & Co., 5.54%,
07/31/98 9,953,833
8,000,000 Merrill Lynch & Co., 5.52%,
08/26/98 7,931,307
283,000 Merrill Lynch & Co., 5.52%,
08/28/98 280,483
5,000,000 Morgan Stanley Group,
5.51%, 07/06/98 4,996,174
8,000,000 Morgan Stanley Group,
5.50%, 07/10/98 7,989,000
15,000,000 Morgan Stanley Group,
5.48%, 07/13/98 14,972,600
10,000,000 Morgan Stanley Group,
5.49%, 07/22/98 9,967,975
--------------
148,505,867
--------------
CHEMICALS (0.9%)
11,000,000 Monsanto Co., 5.46%,
07/08/98 10,988,322
--------------
CONSUMER PRODUCTS (0.8%)
10,000,000 Clorox Co., 5.51%, 08/03/98 9,949,492
--------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 7
<PAGE> 9
NATIONWIDE SEPARATE ACCOUNT TRUST
MONEY MARKET FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
CONSUMER SALES FINANCE (12.8%)
$ 5,000,000 American Express Credit
Corp., 5.51%, 07/13/98 $ 4,990,817
4,800,000 American Express Credit
Corp., 5.55%, 07/29/98 4,779,280
8,874,000 American Express Credit
Corp., 5.51%, 08/20/98 8,806,089
12,054,000 American Express Credit
Corp., 5.51%, 08/28/98 11,946,994
14,232,000 Associates Corp. of N.A.,
5.51%, 07/06/98 14,221,109
11,390,000 Associates Corp. of N.A.,
5.51%, 07/28/98 11,342,931
10,000,000 Associates First Capital
Corp., 5.52%, 07/15/98 9,978,533
4,000,000 Associates First Capital
Corp., 5.53%, 07/24/98 3,985,868
3,000,000 Avco Financial Services,
Inc., 5.52%, 07/06/98 2,997,700
15,000,000 Avco Financial Services,
Inc., 5.51%, 07/27/98 14,940,308
10,000,000 Commercial Credit Co.,
5.50%, 07/07/98 9,990,833
9,000,000 Commercial Credit Co.,
5.51%, 07/08/98 8,990,358
4,000,000 Commercial Credit Co.,
5.51%, 07/20/98 3,988,368
20,000,000 Commercial Credit Co.,
5.50%, 07/24/98 19,929,722
10,000,000 Norwest Financial, Inc.,
5.52%, 07/16/98 9,977,000
12,000,000 Norwest Financial, Inc.,
5.52%, 07/29/98 11,948,480
--------------
152,814,390
--------------
CORPORATE CREDIT UNIONS (1.7%)
20,000,000 U.S. Central Credit Union,
5.50%, 07/17/98 19,951,111
--------------
DATA SERVICES (0.8%)
9,058,000 First Data Corp., 5.51%,
08/25/98 8,981,749
--------------
DIVERSIFIED FINANCE (6.5%)
18,088,000 CIT Group, Inc., 5.55%,
07/01/98 18,088,000
10,000,000 CIT Group, Inc., 5.54%,
07/14/98 9,979,994
10,000,000 CIT Group, Inc., 5.53%,
08/18/98 9,926,267
7,000,000 GE Capital Corp., 5.51%,
07/14/98 6,986,123
10,000,000 GE Capital Corp., 5.53%,
07/28/98 9,958,525
5,000,000 GE Capital Corp., 5.50%,
07/30/98 4,977,847
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
DIVERSIFIED FINANCE (CONTINUED)
$ 10,000,000 GE Capital Corp., 5.52%,
08/13/98 $ 9,934,067
3,000,000 GE Capital Corp., 5.52%,
09/23/98 2,961,360
5,000,000 GE Capital Corp., 5.50%,
11/16/98 4,894,583
--------------
77,706,766
--------------
ENTERTAINMENT (0.2%)
2,312,000 Walt Disney Co., 5.50%,
10/13/98 2,275,265
--------------
FINANCIAL SERVICES/ELECTRIC UTILITY (3.3%)
10,000,000 National Rural Utilities
Coop. Finance Corp., 5.48%,
07/20/98 9,971,078
10,000,000 National Rural Utilities
Coop. Finance Corp., 5.50%,
08/06/98 9,945,000
10,000,000 National Rural Utilities
Coop. Finance Corp., 5.51%,
08/20/98 9,923,472
10,000,000 National Rural Utilities
Coop. Finance Corp., 5.50%,
08/24/98 9,917,500
--------------
39,757,050
--------------
FOOD & BEVERAGE (3.2%)
14,000,000 Heinz (H.J.) Co., 5.52%,
07/02/98 13,997,853
10,000,000 Heinz (H.J.) Co., 5.52%,
07/27/98 9,960,133
15,000,000 Heinz (H.J.) Co., 5.53%,
08/05/98 14,919,354
--------------
38,877,340
--------------
INSURANCE (12.7%)
20,000,000 American General Corp.,
5.53%, 07/30/98 19,910,905
15,000,000 American General Corp.,
5.52%, 09/01/98 14,857,400
26,503,000 Marsh & McLennan Cos.,
5.52%, 07/09/98 26,470,554
14,400,000 Marsh & McLennan Cos.,
5.52%, 07/23/98 14,351,468
15,000,000 Metlife Funding, Inc.,
5.52%, 07/06/98 14,988,795
5,000,000 Metlife Funding, Inc.,
5.53%, 07/16/98 4,988,479
20,403,000 Metlife Funding, Inc.,
5.51%, 07/29/98 20,315,562
10,000,000 Old Republic Capital,
5.49%, 07/14/98 9,980,333
</TABLE>
8 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 10
NATIONWIDE SEPARATE ACCOUNT TRUST
MONEY MARKET FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
INSURANCE (CONTINUED)
$ 16,720,000 Principal Mutual Life Co.,
Inc., 5.55%, 07/16/98 $ 16,681,335
9,000,000 Principal Mutual Life Co.,
Inc., 5.55%, 07/24/98 8,968,088
--------------
151,512,919
--------------
LEASE/FINANCE (2.5%)
15,000,000 IBM Credit Receivables
Lease Asset Master Trust,
5.52%, 07/01/98 15,000,000
10,000,000 IBM Credit Receivables
Lease Asset Master Trust,
5.52%, 07/09/98 9,987,733
4,475,000 IBM Credit Receivables
Lease Asset Master Trust,
5.51%, 07/17/98 4,464,041
--------------
29,451,774
--------------
MISCELLANEOUS MANUFACTURING (1.8%)
8,835,000 Allied Signal, Inc., 5.52%,
09/11/98 8,737,759
13,000,000 Illinois Tool Works, Inc.,
5.55%, 07/14/98 12,973,946
--------------
21,711,705
--------------
OIL & GAS/EQUIPMENT & SERVICES (3.3%)
5,000,000 Chevron Transport Corp.,
5.54%, 07/06/98 4,996,153
5,000,000 Chevron Transport Corp.,
5.49%, 07/07/98 4,995,425
10,000,000 Chevron Transport Corp.,
5.50%, 07/24/98 9,964,861
10,000,000 Chevron Transport Corp.,
5.53%, 08/11/98 9,937,019
10,000,000 Chevron Transport Corp.,
5.52%, 08/21/98 9,921,800
--------------
39,815,258
--------------
PACKAGING/CONTAINERS (3.4%)
5,000,000 Bemis Co., Inc., 5.52%,
07/07/98 4,995,400
16,200,000 Bemis Co., Inc., 5.52%,
07/10/98 16,177,659
18,000,000 Bemis Co., Inc., 5.51%,
07/20/98 17,947,655
2,000,000 Bemis Co., Inc., 5.55%,
07/24/98 1,992,908
--------------
41,113,622
--------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
PHARMACEUTICALS/PERSONAL CARE (4.8%)
$ 4,221,000 Gillette Co., 6.10%,
07/01/98 $ 4,221,000
9,000,000 Glaxco Wellcome, Inc.,
5.46%, 07/09/98 8,989,080
10,000,000 Glaxco Wellcome, Inc.,
5.53%, 07/23/98 9,966,206
20,000,000 Pfizer, Inc., 5.50%,
07/13/98 19,963,333
15,000,000 Pfizer, Inc., 5.52%,
07/21/98 14,954,000
--------------
58,093,619
--------------
PREMIUM FINANCE (2.1%)
25,000,000 A.I. Credit Corp., 5.48%,
07/22/98 24,920,084
--------------
PRINTING & PUBLISHING (4.1%)
10,000,000 E.W. Scripps Co., 5.48%,
07/16/98 9,977,167
14,935,000 E.W. Scripps Co., 5.51%,
07/17/98 14,898,426
10,000,000 E.W. Scripps Co., 5.51%,
08/17/98 9,928,064
4,500,000 E.W. Scripps Co., 5.51%,
09/15/98 4,447,655
10,000,000 McGraw-Hill, Inc., 5.51%,
07/31/98 9,954,083
--------------
49,205,395
--------------
TOTAL COMMERCIAL PAPER
(cost $1,161,065,078) 1,161,065,078
--------------
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS (3.3%)
20,000,000 Federal National Mortgage
Association, 5.45%,
07/16/98 19,954,583
19,572,000 U.S. Treasury Bills, 5.00%,
10/15/98 19,283,857
--------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(cost $39,238,440) 39,238,440
--------------
TOTAL INVESTMENTS
(cost $1,200,303,518) $1,200,303,518
==============
</TABLE>
- -------------------------------------------------------
Cost also represents cost for federal income tax purposes.
Portfolio holding percentages represent value as a percentage of net assets.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 9
<PAGE> 11
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (91.0%)
AUSTRALIA (0.3%)
COMPUTER SERVICE (0.1%)
70,000 Computer Power Group Ltd. $ 177,731
------------
COMPUTER SOFTWARE (0.0%)
100,000 CI Technologies Group Ltd. 154,818
------------
CONSTRUCTION & HOUSING (0.0%)
146,875 Mirvac Ltd. 149,167
------------
ENGINEERING AND CONSTRUCTION (0.1%)
120,000 Leighton Holdings Ltd. 420,238
------------
INSURANCE -- PROPERTY (0.1%)
450,000 SGIO Insurance Ltd. 348,340
------------
METALS/MINING (0.0%)
200,000 Portman Mining Ltd. 161,011
------------
TOTAL AUSTRALIA 1,411,305
------------
AUSTRIA (0.5%)
INDUSTRIAL MISCELLANEOUS (0.2%)
4,980 Semperit AG Holding 704,706
------------
MACHINERY & ENGINEERING (0.0%)
3,800 KTM Motorradholding AG 296,244
------------
MISCELLANEOUS (0.1%)
8,000 Austria Haustechnik 305,536
------------
MONEY CENTER BANKS (0.2%)
9,500 Bank Austria AG 772,703
------------
TOTAL AUSTRIA 2,079,189
------------
BELGIUM (0.4%)
BUILDING MATERIALS (0.1%)
1,173 Deceuninck Plastics Industries
SA 397,200
------------
CHEMICALS & FERTILIZER (0.1%)
4,900 Tessenderlo Chemie 355,549
------------
METAL PRODUCT & FABRICATION (0.2%)
830 Bekaert NV 689,250
------------
TOTAL BELGIUM 1,441,999
------------
CANADA (0.3%)
MATERIALS & PROCESSING (0.3%)
45,500 Intertape Polymer Group, Inc. 1,009,531
------------
DENMARK (0.1%)
PHARMACEUTICALS (0.1%)
3,560 Neurosearch A/S* 275,399
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
FINLAND (0.4%)
BUSINESS SERVICES (0.2%)
70,000 Jaakko Poyry Group $ 829,323
------------
DATA PROCESSING & PRODUCTION (0.1%)
6,000 Teitotehdas Corp. Class B 456,037
------------
MACHINERY & CAPITAL GOODS (0.0%)
12,400 Santasalo-JOT Group 158,209
------------
MACHINERY & ENGINEERING (0.1%)
3,380 Fiskars Corp. Class A 480,534
------------
TOTAL FINLAND 1,924,103
------------
FRANCE (1.9%)
BUSINESS SERVICES (0.3%)
10,780 Eurofins Scientific* 1,153,599
------------
COMMUNICATIONS & MEDIA (0.3%)
1,200 Hachette Filipacchi Medias 347,337
4,110 UBI Soft Entertainment SA* 622,006
------------
969,343
------------
COMPUTER SERVICE (0.0%)
5,600 Ingenico SA 146,900
------------
CONSTRUCTION & HOUSING (0.3%)
4,990 Alliance et Gestion Commerciale 495,203
22,000 Moulinex* 570,923
------------
1,066,126
------------
FINANCIAL SERVICES (0.1%)
3,170 Union Financiere de France
Banque SA 348,669
------------
FOOD & BEVERAGE (0.1%)
3,350 Leon De Bruxelles SA 343,533
------------
INDUSTRIAL MISCELLANEOUS (0.2%)
1,450 Euraltec* 215,845
9,100 GFI Industries SA 481,641
------------
697,486
------------
LEISURE/ENTERTAINMENT
11,750 Infogrames Entertainment SA* 748,222
------------
MACHINERY & ENGINEERING (0.3%)
8,300 Carbone Lorraine 735,825
1,220 Manitou BF SA 194,724
------------
930,549
------------
METAL PRODUCT & FABRICATION (0.2%)
8,200 Vallourec SA 636,904
------------
</TABLE>
10 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 12
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
OFFICE EQUIPMENT (0.0%)
2,000 Strafor-Facom SA $ 195,501
------------
TEXTILE/APPAREL (0.1%)
2,200 Deveaux SA 358,419
------------
TOTAL FRANCE 7,595,251
------------
GERMANY (0.9%)
BANK/SAVINGS & LOAN (0.2%)
9,000 Deutsche Pfandbrief-und
Hypothekenbank AG 720,000
------------
BUILDING MATERIALS (0.1%)
10,000 Rinol AG 434,903
------------
CONGLOMERATES (0.1%)
1,000 Pfeiffer Vacuum Technology AG* 504,709
------------
ELECTRICAL EQUIPMENT (0.2%)
10,250 Data Modul AG 675,762
------------
INDUSTRIAL MISCELLANEOUS (0.3%)
12,350 Grammer AG 351,000
10,900 Vossloh AG 694,460
------------
1,045,460
------------
TOTAL GERMANY 3,380,834
------------
HONG KONG (0.5%)
BASIC MATERIALS (0.1%)
848,000 Hung Hing Printing Group 336,530
------------
BUSINESS SERVICES (0.1%)
222,000 Li & Fund Ltd. 358,134
------------
ELECTRONICS (0.2%)
1,223,000 Techtronic Industries Co. 252,539
173,000 VTech Holdings Ltd. 644,131
------------
896,670
------------
MAJOR BANKS -- OTHER (0.0%)
120,000 Dao Heng Bank Group Ltd. 170,356
------------
WHOLESALE & INTERNATIONAL TRADE (0.1%)
180,000 Dickson Concepts International
Ltd. 250,887
------------
TOTAL HONG KONG 2,012,577
------------
IRELAND (0.2%)
MISCELLANEOUS (0.1%)
86,000 IWP International PLC 491,840
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
REAL ESTATE (0.1%)
70,000 Green Property PLC $ 488,213
------------
TOTAL IRELAND 980,053
------------
ITALY (0.9%)
COMMUNICATIONS & MEDIA (0.1%)
60,000 Gruppo Editoriale L'Espresso
SPA 497,876
------------
CONGLOMERATES (0.2%)
26,000 Gewiss SPA 545,582
------------
CONSUMER GOODS & SERVICES (0.0%)
23,000 De Rigo SPA ADR* 136,563
------------
ELECTRONICS (0.1%)
32,730 SAES Getters SPA 464,007
------------
HEALTH CARE (0.0%)
23,000 Sorin Biomedica Group SPA 98,338
------------
PHARMACEUTICALS (0.0%)
5,500 Recordati SPA 51,982
------------
TEXTILE/APPAREL (0.3%)
63,200 CSP International Industria
Calze SPA 604,427
122,630 Pagnossin SPA 648,834
------------
1,253,261
------------
TEXTILE/APPAREL MANUFACTURING (0.2%)
177,300 Ittierre Holdings SPA 568,042
------------
TOTAL ITALY 3,615,651
------------
JAPAN (0.7%)
AUTO & AUTO PARTS (0.2%)
600 FCC Co. Ltd. 5,188
8,000 Nippon Cable System 57,067
------------
62,255
------------
BANK/SAVINGS & LOAN (0.1%)
3,520 Bank of Iwate Ltd. 169,932
15,000 Tokushima Bank Ltd. 95,111
------------
265,043
------------
BUSINESS SERVICES (0.0%)
13,200 Daiseki Co. Ltd. 77,991
3,000 Meitec 103,758
200 Oyo Corp. 2,693
------------
184,442
------------
COMMERCIAL SERVICES (0.0%)
4,500 Benesse Corp. 157,258
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 11
<PAGE> 13
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
CONSTRUCTION & HOUSING (0.0%)
400 Alinco, Inc. $ 980
300 Chodai Co. Ltd. 1,027
440 CTI Engineering Co. Ltd. 2,489
15,000 Daiwa Industries Ltd. 59,984
5,000 Nissei Industries 36,063
------------
100,543
------------
CONSUMER GOODS & SERVICES (0.0%)
550 Fuji Denki Reinki Co. Ltd. 2,180
------------
DATA PROCESSING & PRODUCTION (0.0%)
9,000 Intec, Inc. 70,944
------------
ELECTRONICS (0.0%)
13,480 Nitto Electric Works Ltd. 107,813
------------
ELECTRONICS -- SEMICONDUCTOR (0.0%)
5,000 Ryosan Co. Ltd. 81,781
------------
FINANCIAL SERVICES (0.1%)
3,440 Aeon Credit Service Co. Ltd. 134,839
15,600 Shinki Co. Ltd. 173,102
------------
307,941
------------
FOOD & BEVERAGE (0.1%)
13,000 Hokkaido Coca-Cola Bottling Co.
Ltd. 140,505
12,000 Mikuni Coca-Cola Bottling Co. 205,786
26,000 Shoei Foods Corp. 78,683
35,000 Soken Co. Ltd. 50,438
------------
475,412
------------
FOREST PRODUCTS (0.0%)
200 Dainippon Shigyo Co. Ltd. 627
14,000 Nippon Hi-Pack Co. Ltd. 33,289
------------
33,916
------------
HEALTH CARE (0.0%)
8,000 Toa Medical Electronics Co. 77,242
------------
LEISURE/ENTERTAINMENT (0.0%)
610 H I S Co. Ltd. 8,659
------------
MACHINERY & CAPITAL GOODS (0.0%)
5,000 Fuji Machine Manufacturing Co.
Ltd. 132,579
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
MACHINERY & ENGINEERING (0.0%)
180 Asahi Diamond Industrial Co.
Ltd. $ 811
400 DMW Corp. 9,655
5,600 Oiles Corp. 129,121
------------
139,587
------------
RETAIL STORES (0.0%)
3,630 Fast Retailing Co. Ltd. 34,002
440 Jeans Mate Corp. 6,690
------------
40,692
------------
WHOLESALE & INTERNATIONAL TRADE (0.2%)
15,000 Autobacs Seven Co. Ltd. 429,080
10,000 Inaba Denkisangyo Co. Ltd. 101,452
18,000 Innotech Corp. 94,679
200 Joyfull Co., Inc. 1,313
10,000 Trusco Nakayama Corp. 122,275
------------
748,799
------------
TOTAL JAPAN 2,997,086
------------
NETHERLANDS (0.7%)
BUSINESS SERVICES (0.1%)
14,500 Fugro NV 577,376
------------
FOOD & BEVERAGE (0.3%)
11,110 CSM NV 533,599
13,300 Nutreco Holding NV 465,520
------------
999,119
------------
INDUSTRIAL MISCELLANEOUS (0.1%)
24,430 Koninlijke Emballage Industrie
Van Leer NV 566,855
------------
MANUFACTURING DIVERSIFIED (0.2%)
21,000 Ordina NV* 680,317
------------
TOTAL NETHERLANDS 2,823,667
------------
NORWAY (0.6%)
BUSINESS SERVICES (0.1%)
14,920 Petroleum Geo-Services ASA 464,701
------------
ELECTRONICS -- INSTRUMENTATION (0.0%)
40,480 Sensonor ASA* 184,635
------------
LEISURE/ENTERTAINMENT (0.2%)
110,000 NCL Holdings ASA* 543,298
------------
MACHINERY & CAPITAL GOODS (0.1%)
12,650 Kverneland ASA 329,706
------------
</TABLE>
12 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 14
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS (0.2%)
24,850 NetCom ASA* $ 670,353
------------
TOTAL NORWAY 2,192,693
------------
PORTUGAL (0.2%)
BUILDING MATERIALS (0.2%)
18,700 Cimpor-Cimentos De Portugal
SGPS SA 657,011
------------
UTILITIES (0.0%)
7,500 EDP-Electricidade de Portugal
SA 174,345
------------
TOTAL PORTUGAL 831,356
------------
PUERTO RICO(0.4%)
FINANCIAL SERVICES (0.4%)
80,000 Doral Financial Corp. 1,400,000
------------
SINGAPORE (0.1%)
ELECTRONICS (0.0%)
62,000 Venture Manufacturing
(Singapore) Ltd. 117,438
------------
ELECTRONICS -- SEMICONDUCTOR (0.1%)
36,300 Elec & Eltek International Co.
Ltd. 122,694
------------
TOTAL SINGAPORE 240,132
------------
SPAIN (0.8%)
BASIC MATERIALS (0.0%)
3,300 Unipapel SA 109,504
------------
CONGLOMERATES (0.1%)
49,180 Grupo Duro Felguer SA 541,304
------------
FOOD & BEVERAGE (0.1%)
5,000 Campofrio Alimentacion SA 413,156
------------
FOREST PRODUCTS (0.1%)
5,075 Miquel Y Costas & Miquel SA 235,368
------------
HOTELS -- MOTELS (0.1%)
6,800 Melia Inversiones Americanas
NV* 299,824
------------
MACHINERY (0.1%)
10,900 Nicolas Correa SA 230,261
------------
METAL PRODUCT & FABRICATION (0.0%)
51,580 Tubacex SA 148,247
------------
RECYCLING (0.1%)
30,000 Befesa Medio Ambiente SA 411,523
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
RETAILING & DISTRIBUTORS (0.1%)
4,000 Abengoa SA $ 368,149
------------
TELECOMMUNICATIONS (0.1%)
14,290 Amper SA 392,044
------------
TOTAL SPAIN 3,149,380
------------
SWEDEN (0.7%)
BUILDING MATERIALS (0.1%)
19,060 Lindab AB Class B 346,550
------------
CONGLOMERATES (0.2%)
30,000 Esselte AB Class B 695,933
------------
DATA PROCESSING & PRODUCTION (0.0%)
4,443 Array Printers AB Class B (Nil
Paid Line)*** 29,524
22,212 Array Printers AB Class B* 147,618
------------
177,142
------------
FINANCIAL SERVICES (0.2%)
30,000 OM Gruppen AB 624,459
------------
MACHINERY & ENGINEERING (0.1%)
18,000 Hoganas AB 401,761
------------
MEDICAL PRODUCTS (0.1%)
16,050 Getinge Industrier AB Class B 328,048
------------
PHARMACEUTICALS (0.0%)
13,100 OXiGENE, Inc.* 151,945
------------
TOTAL SWEDEN 2,725,838
------------
SWITZERLAND (1.3%)
CHEMICALS & FERTILIZER (0.1%)
200 Siegfried AG 253,165
------------
CONGLOMERATES (0.1%)
140 Gurit-Heberlein AG Bearer 505,802
------------
CONSUMER GOODS & SERVICES (0.1%)
1,300 Fotolabo SA 426,820
------------
ELECTRONICS (0.2%)
220 Tecan AG Bearer 632,383
------------
INDUSTRIAL MISCELLANEOUS (0.3%)
1,360 Huber & Suhner AG 645,570
250 Sarna Kunststoff Holding AG 436,774
------------
1,082,344
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 13
<PAGE> 15
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
LEISURE/ENTERTAINMENT (0.1%)
120 Kuoni Reisen AG $ 595,728
------------
MACHINERY & ENGINEERING (0.2%)
2,125 Mikron Holding AG 539,376
430 Saurer AG 439,412
------------
978,788
------------
MEDICAL PRODUCTS (0.1%)
3,000 Gretag Imaging Group* 287,777
------------
METAL PRODUCT & FABRICATION (0.1%)
400 Bossard Holding AG* 245,780
------------
TOTAL SWITZERLAND 5,008,587
------------
UNITED KINGDOM (4.4%)
AUTO & AUTO PARTS (0.1%)
40,000 Lex Service PLC 330,385
------------
AUTOMOBILES (0.1%)
180,000 Quicks Group PLC 399,466
------------
BUILDING MATERIALS (0.0%)
62,500 Oxford GlycoSciences PLC* 225,263
------------
BUSINESS SERVICES (0.4%)
48,000 MSB International PLC 732,855
75,000 Saatchi and Saatchi PLC 207,742
290,000 Taylor Nelson Sofres PLC 595,194
------------
1,535,791
------------
CHEMICALS -- DIVERSIFIED (0.1%)
215,000 Hickson International PLC 261,889
------------
CHEMICALS -- OTHER
70,000 Doeflex PLC 288,503
------------
COMMUNICATIONS & MEDIA (0.1%)
30,000 Capital Radio PLC 355,790
------------
COMPUTER SERVICE (0.7%)
525,000 Anite Group PLC* 525,613
55,000 Micro Focus Group PLC* 390,038
101,000 Northamber PLC 362,339
25,000 Parity PLC 327,153
350,000 Rebus Group PLC 800,100
110,000 Skillsgroup PLC 519,439
------------
2,924,682
------------
COMPUTER SOFTWARE (0.7%)
150,000 Cedardata PLC 380,444
55,000 DCS Group PLC 509,344
45,000 Eidos PLC 623,227
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMPUTER SOFTWARE (CONTINUED)
108,000 Geo Interactive Media Group PLC $ 279,326
50,000 JBA Holdings PLC 517,270
92,000 Rolfe and Nolan PLC 419,089
------------
2,728,700
------------
COMPUTERS (0.1%)
291,000 Videologic Group PLC 344,752
------------
CONSUMER GOODS & SERVICES (0.1%)
108,000 Hogg Robinson PLC 491,974
------------
ELECTRONICS (0.1%)
120,000 BICC Group PLC 256,299
------------
FINANCIAL SERVICES (0.2%)
38,000 E, D, & F Man Group PLC 196,563
150,937 Paragon Group Cos. PLC 566,675
------------
763,238
------------
HEALTH CARE (0.1%)
85,000 Westminster Health Care Holding
PLC 451,026
------------
HOTELS -- MOTELS (0.1%)
75,000 Regent Inns PLC 241,532
------------
INDUSTRIAL MISCELLANEOUS (0.0%)
31,920 Crest Packaging PLC 25,566
------------
MACHINERY & ENGINEERING (0.7%)
72,000 Dennis Group PLC 439,713
125,000 Glynwed International PLC 514,142
40,000 McKechnie PLC 290,339
59,500 Oxford Instruments PLC 319,690
150,000 Rubicon Group PLC 438,011
300,000 TransTec PLC 336,643
250,000 Verity Group PLC 358,752
------------
2,697,290
------------
MEDICAL PRODUCTS (0.1%)
70,000 Goldshield Group PLC* 252,294
------------
REAL ESTATE (0.1%)
67,372 Great Portland Estates PLC 277,672
------------
RETAIL -- SPECIALTY (0.1%)
116,000 Monsoon PLC* 296,146
------------
RETAIL STORES (0.1%)
239,000 Budgens PLC 299,099
------------
</TABLE>
14 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 16
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
RETAIL/FOOD & DRUG (0.1%)
130,000 Iceland Group PLC $ 455,531
------------
TELECOMMUNICATION EQUIPMENT (0.1%)
110,000 SDX Business Systems PLC 574,504
------------
WHOLESALE & INTERNATIONAL TRADE (0.2%)
500,000 Azlan Group PLC* 600,701
44,000 Partco Group PLC 148,306
------------
749,007
TOTAL UNITED KINGDOM 17,226,399
------------
UNITED STATES (74.7%)
AEROSPACE/DEFENSE (2.2%)
55,800 AAR Corp. 1,649,587
20,400 Alliant Techsystems, Inc.* 1,290,300
59,600 Aviall, Inc.* 815,775
54,700 Cordant Technologies, Inc. 2,523,037
25,800 Doncasters PLC ADR* 717,563
22,200 Ducommun, Inc.* 444,000
12,200 Orbital Sciences Corp.* 455,975
50,000 Wyman-Gordon Co. 996,875
------------
8,893,112
------------
AIRLINE (0.6%)
37,500 Midwest Express Holdings, Inc.* 1,357,031
40,400 Newport News Shipbuilding, Inc. 1,080,700
------------
2,437,731
------------
AUTO & AUTO PARTS (0.6%)
27,800 Donaldson, Inc. 656,775
36,500 Triumph Group, Inc.* 1,533,000
------------
2,189,775
------------
BANK/SAVINGS & LOAN (3.8%)
48,600 Bank United Corp. Class A 2,326,725
18,600 City National Corp. 687,037
33,000 Community First Bankshares,
Inc. 864,188
32,400 Cullen Frost Bankers, Inc. 1,757,700
33,000 Hamilton Bancorp, Inc* 1,189,033
11,500 Long Island Bancorp, Inc. 698,625
16,800 Ocean Financial Corp. 321,300
39,600 Peoples Heritage Financial
Group, Inc. 935,550
18,450 Queens County Bancorp, Inc. 804,881
13,400 Reliance Bancorp, Inc. 513,387
60,000 Southwest Bancorporation of
Texas, Inc.* 1,128,750
54,225 Sterling Bancshares, Inc. 854,044
36,500 Sterling Financial Corp. 830,375
18,000 Texas Regal Bancshares, Inc.
Class A 589,500
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
BANK/SAVINGS & LOAN (CONTINUED)
42,600 Webster Financial Corp. $ 1,416,450
------------
14,917,545
------------
BROKER -- DEALERS (0.1%)
13,000 Affiliated Managers Group, Inc
.* 482,625
------------
BUILDING MATERIALS (0.8%)
10,000 American Woodmark Corp.* 273,750
85,300 D.R. Horton, Inc. 1,780,637
40,000 Granite Construction, Inc. 1,225,000
------------
3,279,387
------------
BUSINESS SERVICES (1.2%)
20,900 CB Richard Ellis Services,
Inc.* 698,844
49,100 Hypercom Corp.* 491,000
24,900 LaSalle Partners, Inc.* 1,108,050
20,100 Pre-Paid Legal Services, Inc.* 634,406
27,800 Technology Solutions Co.* 880,913
37,500 True North Communications,
Inc.* 1,096,875
------------
4,910,088
------------
CHEMICALS/DIVERSIFIED (0.0%)
2,200 Fuller (H.B.) Co. 121,962
------------
CHEMICALS/SPECIALTY (0.3%)
12,100 Church & Dwight Co., Inc. 391,737
30,000 Macdermid, Inc. 847,500
------------
1,239,237
------------
CHEMICALS & FERTILIZER (0.4%)
30,700 Lawter International, Inc. 333,862
34,000 Pacific Sunwear of California* 1,190,000
------------
1,523,862
------------
COMMERCIAL SERVICES (5.0%)
7,000 Administaff, Inc.* 322,875
52,100 Advance Paradigm, Inc.* 1,914,675
36,000 Boron, Lepore, & Associates,
Inc.* 1,368,000
12,000 HA-LO Industries, Inc.* 373,500
5,000 Icon PLC ADR 126,250
63,000 International Telecom Data
Systems, Inc.* 1,827,000
17,000 Lason, Inc.* 926,500
35,000 Metris Cos., Inc. 2,231,250
16,500 Metzler Group (The), Inc.* 604,312
28,300 Nova Corp.* 1,011,725
40,000 On Assignment, Inc.* 1,397,500
46,000 Profit Recovery Group
International, Inc.* 1,285,125
26,250 Robert Half International,
Inc.* 1,466,719
77,500 Romac International* 2,354,062
20,400 SOS Staffing Services, Inc.* 358,275
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 15
<PAGE> 17
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMERCIAL SERVICES (CONTINUED)
39,000 Superior Services, Inc.* $ 1,172,438
27,000 Sylvan Learning Systems, Inc.* 884,250
------------
19,624,456
------------
COMMUNICATIONS & MEDIA (4.0%)
28,400 Central European Media
Enterprises Ltd.* 614,150
8,800 Central Newspapers, Inc. Class
A 613,800
24,999 Chancellor Media Corp.* 1,241,358
60,000 Cinar Films, Inc. Class B* 1,170,000
11,500 Clear Channel Communications,
Inc.* 1,254,938
35,000 Cox Radio, Inc. Class A* 1,513,750
67,200 Granite Broadcasting Corp. 798,000
55,000 Harte-Hanks, Inc. 1,419,688
12,700 Heftel Broadcasting Corp.* 568,325
97,000 Lamar Advertising Co.* 3,479,875
18,900 Metro Networks, Inc.* 815,062
49,387 Outdoor Systems, Inc.* 1,382,836
41,000 Ritchie Brothers Auctioneers,
Inc.* 1,089,062
------------
15,960,844
------------
COMPUTER EQUIPMENT (0.5%)
44,200 Auspex Systems, Inc.* 240,338
52,800 Data General Corp.* 788,700
22,650 National Instruments Corp.* 809,737
------------
1,838,775
------------
COMPUTER SERVICE (1.8%)
34,000 Acxiom Corp.* 847,875
20,000 CMG Information Services, Inc.
* 1,415,000
22,000 Envoy Corp.* 1,042,250
88,200 Inprise Corp.* 650,475
20,000 Medical Manager Corp.* 552,500
17,600 Sterling Commerce, Inc.* 853,600
18,000 Sykes Enterprises, Inc.* 361,125
47,000 Systems & Computer Tech Corp.* 1,269,000
------------
6,991,825
------------
COMPUTER SOFTWARE (5.0%)
32,600 ACT Networks, Inc.* 285,250
17,200 Arbor Software Corp.* 540,725
33,500 Avant Corp.* 829,125
18,800 BMC Software, Inc.* 976,425
28,900 Boole & Babbage, Inc.* 689,988
15,300 Cambridge Technology Partners,
Inc.* 835,763
17,000 CBT Group PLC ADR* 909,500
8,000 Documentum, Inc.* 384,000
10,000 Engineering Animation, Inc.* 610,000
13,000 IONA Technologies PLC ADR 461,500
19,500 JDA Software Group, Inc.* 853,125
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMPUTER SOFTWARE (CONTINUED)
65,000 Legato Systems, Inc.* $ 2,535,000
8,000 Lycos, Inc.* 603,000
57,600 Micrografx, Inc.* 820,800
13,400 MicroStrategy, Inc.* 378,550
42,000 New Era of Networks, Inc.* 1,281,000
17,600 PeopleSoft, Inc.* 827,200
27,000 Saville System PLC ADR* 1,353,375
35,000 Software AG Systems, Inc.* 1,023,750
27,700 Tecnomatix Technologies Ltd.* 554,000
22,000 Transaction System Architects,
Inc. Class A* 847,000
13,000 Unigraphics Solutions, Inc.* 182,000
20,000 Visio Corp.* 955,000
39,000 Xylan Corp.* 1,162,687
------------
19,898,763
------------
COMPUTERS (0.2%)
24,000 MMC Networks, Inc.* 765,000
------------
CONSTRUCTION & HOUSING (0.3%)
20,400 Coachmen Industries, Inc. 532,950
13,800 Texas Industries, Inc. 731,400
------------
1,264,350
------------
CONSUMER CYCLICALS (0.3%)
40,000 Westwood One, Inc.* 1,008,752
------------
CONSUMER GOODS & SERVICES (1.9%)
25,000 Central Garden & Pet Co.* 778,125
40,400 Devry, Inc.* 886,275
39,000 Furniture Brands International,
Inc.* 1,094,438
60,000 Helen of Troy Ltd.* 1,320,000
26,700 ITT Educational Services, Inc.* 861,075
26,900 Jostens, Inc. 642,237
40,000 Mohawk Industries, Inc.* 1,267,500
24,500 Westpoint Stevens, Inc.* 808,500
------------
7,658,150
------------
CONTAINERS (0.4%)
48,500 Ivex Packaging Corp.* 1,127,625
11,200 Libbey, Inc. 429,100
------------
1,556,725
------------
DATA PROCESSING & PRODUCTION (0.2%)
47,800 May & Speh, Inc.* 950,025
------------
EDUCATION (0.1%)
20,000 Bright Horizons, Inc.* 560,000
------------
</TABLE>
16 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 18
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
ELECTRIC COMPANIES (0.2%)
22,600 Central Maine Power Co. $ 440,700
11,400 Rochester Gas & Electric Corp. 364,088
------------
804,788
------------
ELECTRICAL EQUIPMENTS (0.2%)
22,100 Electro Scientific Industries,
Inc.* 697,531
------------
ELECTRONICS (0.3%)
2,800 Aavid Thermal Technologies,
Inc.* 81,900
24,900 Burr-Brown Corp.* 522,900
27,000 Methode Electronics, Inc. Class
A 418,500
8,500 SCI Systems, Inc.* 319,813
------------
1,343,113
------------
ELECTRONICS/SEMICONDUCTOR (1.2%)
45,000 Applied Voice Technology, Inc.
* 1,035,000
8,500 Cable Design Technologies Corp
.* 175,312
41,300 Dallas Semiconductor Corp. 1,280,300
20,000 Maxim Integrated Products,
Inc.* 633,750
38,000 Microchip Technology, Inc.* 992,750
18,000 Sipex Corp.* 387,000
6,000 Uniphase Corp.* 376,688
------------
4,880,800
------------
ENVIRONMENTAL SERVICES (0.2%)
30,800 Casella Waste Systems, Inc.* 831,600
------------
FINANCIAL (0.4%)
9,300 Health Care Property Investors,
Inc. 335,381
21,000 HealthCare Financial Partners,
Inc.* 1,287,563
------------
1,622,944
------------
FINANCIAL SERVICES (3.5%)
16,723 Allmerica Financial Corp. 1,086,995
48,000 Amerin Corp.* 1,401,000
25,900 AmerUs Life Holdings, Inc.
Class A 838,513
18,000 ARM Financial Group, Inc. Class
A 398,250
14,000 Capital RE Corp. 1,002,750
17,500 Executive Risk, Inc. 1,290,625
14,900 First Consulting Group, Inc.* 391,125
13,000 Glenborough Realty Trust, Inc. 342,875
30,000 HUBCO, Inc. 1,074,375
25,400 Nac Re Corp. 1,355,725
52,800 PMT Services, Inc.* 1,343,100
23,500 Renaissance Holdings Ltd. 1,088,344
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
FINANCIAL SERVICES (CONTINUED)
31,000 Sirrom Capital Corp. $ 806,000
35,500 Terra Nova (Bermuda) Holdings
Ltd. 1,113,812
6,199 WMF Group, Ltd. 142,577
------------
13,676,066
------------
FOOD & BEVERAGE (1.0%)
55,000 American Italian Pasta Co.* 2,048,750
1,600 Ben & Jerry's Homemade, Inc.
Class A* 31,000
9,000 Beringer Wine Estate, Inc.
Class B* 396,563
9,600 Bush Boake Allen, Inc.* 281,400
45,000 Hain Food Group, Inc.* 1,164,375
------------
3,922,088
------------
FURNISHINGS & APPLIANCES (0.3%)
52,100 Interface, Inc. 1,051,769
------------
GOLD (0.2%)
228,114 Kinross Gold Corp.* 741,371
------------
HAZARDOUS WASTE (0.3%)
285,000 Safety-Kleen Corp. 1,033,125
------------
HEALTH CARE (5.4%)
43,200 Acuson Corp.* 785,700
38,400 ADAC Laboratories 864,000
34,400 Alkermes, Inc.* 614,900
127,500 Axys Pharmaceutical, Inc.* 908,438
26,200 Ballard Medical Products 471,600
9,514 Block Drug, Inc. Class A 361,532
19,000 Compdent Corp.* 296,875
68,900 CORE, Inc.* 555,506
34,200 Haemonetics Corp.* 547,200
82,200 Hanger Orthopedic Group, Inc.* 1,674,825
13,200 Health Care & Retirement Corp. 336,600
28,500 IDX Systems Corp.* 1,312,781
21,500 Incontrol, Inc.* 56,438
41,000 Mentor Corp. 994,250
52,800 Mid Atlantic Medical Services,
Inc.* 607,200
7,800 Minimed, Inc.* 408,525
9,100 National Health Investors, Inc. 301,437
20,200 National Surgery Centers, Inc.
* 587,063
51,000 NovaCare, Inc.* 599,250
13,000 Ocular Sciences, Inc.* 422,500
10,400 Omega Healthcare Investors,
Inc. 365,300
23,000 Parexel International Corp.* 836,625
22,650 Patterson Dental Co.* 829,556
37,500 Pharmacyclics, Inc.* 890,625
40,100 Renal Care Group, Inc.* 1,766,906
19,000 Schein Pharmaceutical, Inc.* 505,875
4,900 Sofamor Danek Group, Inc.* 424,156
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 17
<PAGE> 19
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
HEALTH CARE (CONTINUED)
29,900 Trex Medical Corp.* $ 493,350
26,800 Trigon Healthcare, Inc.* 969,825
18,400 Universal Health Services, Inc.
Class B 1,074,100
12,200 VWR Scientific Products, Inc.* 300,425
------------
21,163,363
------------
HEALTHCARE/MISCELLANEOUS (0.1%)
9,500 CONMED Corp.* 218,500
------------
HEALTHCARE/PATIENT CARE (0.5%)
27,500 Coventry Health Care, Inc.* 409,063
55,900 Eltron International, Inc.* 1,537,250
------------
1,946,313
------------
HOSPITAL MANAGEMENT (0.1%)
15,500 Province Healthcare Co. 429,156
------------
HOUSEHOLD FURNISHINGS & APPLIANCES (0.1%)
20,700 Hussmann International, Inc. 384,244
------------
INDUSTRIAL MISCELLANEOUS (0.5%)
45,700 Apogee, Inc. 699,781
49,500 BMC Industries, Inc. 433,125
32,000 Kroll-O'Gara Co.* 684,000
11,900 W.H. Brady Co. 330,969
------------
2,147,875
------------
INSURANCE (1.8%)
22,350 Allied Group, Inc. 1,046,259
27,000 Everest Reinsurance Holdings,
Inc. 1,037,813
45,600 FBL Financial Group, Inc. 1,168,500
19,000 Fremont General Corp. 1,029,563
12,400 Penn-America Group, Inc. 167,400
41,600 Trenwick Group, Inc. 1,615,902
22,050 W.R. Berkley Corp. 883,378
------------
6,948,815
------------
INSURANCE/PROPERTY (0.1%)
8,000 LandAmerica Financial Group,
Inc.* 458,000
2,500 LaSalle Re Holdings Ltd. 94,688
------------
552,688
------------
LEASE/RENTAL (0.3%)
35,000 Renters Choice, Inc.* 993,125
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
LEISURE/ENTERTAINMENT (1.3%)
16,100 Coach USA, Inc.* $ 734,562
33,200 Fairfield Communities Inc.* 637,025
41,350 Family Golf Centers, Inc.* 1,046,672
17,000 Premier Parks, Inc.* 1,132,625
14,900 SCP Pool Corp.* 365,050
34,700 Signature Resorts, Inc.* 572,550
37,700 Vistana, Inc.* 692,737
------------
5,181,221
------------
LEISURE/PRODUCTS (0.5%)
71,400 ResortQuest Intl. Inc.* 1,164,713
20,000 Travel Services International,
Inc.* 657,500
------------
1,822,213
------------
LEISURE/SERVICE (0.4%)
24,300 Ambassadors International,
Inc.* 736,594
39,600 Championship Auto Racing Teams,
Inc.* 722,700
------------
1,459,294
------------
LODGING (0.4%)
46,700 Prime Hospitality Corp.* 814,331
47,000 Rio Hotel and Casino, Inc.* 887,125
------------
1,701,456
------------
MACHINERY & CAPITAL GOODS (1.3%)
12,100 Alamo Group, Inc. 229,900
21,200 Dionex Corp.* 559,150
10,500 IDEX Corp. 362,250
24,600 Kaydon Corp. 868,687
13,800 Lincoln Electric Co. 305,325
30,000 Rental Service Corp.* 1,008,750
22,200 Roper Industries, Inc. 579,975
35,800 Stewart & Stevenson Services,
Inc. 644,400
13,800 Zebra Technologies Corp. Class
A* 589,950
------------
5,148,387
------------
MANUFACTURING/SHOES & APPAREL (0.3%)
39,000 Columbia Sportswear Co.* 741,000
14,000 Russell Corp.* 422,625
------------
1,163,625
------------
MATERIALS & PROCESSING (0.8%)
25,900 Aptargroup, Inc. 1,610,656
30,500 Hexcel Corp.* 690,063
25,500 OM Group, Inc. 1,051,875
------------
3,352,594
------------
MEDICAL PRODUCTS (0.1%)
6,000 Dendrite Intl. Inc. 225,750
------------
</TABLE>
18 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 20
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
METALS/MINING (0.5%)
30,000 Centex Construction Products,
Inc. $ 1,155,000
42,300 Metals USA, Inc.* 729,675
------------
1,884,675
------------
METAL PRODUCT & FABRICATION (0.1%)
16,900 NN Ball & Roller, Inc. 201,744
------------
NATURAL GAS (0.1%)
10,100 National Fuel Gas Co. 439,981
------------
NATURAL GAS/PROCESSING (0.2%)
16,300 CMS Energy Corp. 401,388
17,100 Indiana Energy, Inc. 510,862
------------
912,250
------------
NATURAL GAS/TRANSPORTERS (0.2%)
30,000 Washington Gas Light Co. 802,500
------------
OFFICE EQUIPMENT (0.2%)
39,000 Miller (Herman), Inc. 948,187
------------
OIL & GAS/ENERGY (6.1%)
46,400 AGL Resources, Inc. 922,200
28,100 Apache Corp. 885,150
24,400 Brown (Tom), Inc.* 459,025
5,000 Camco International, Inc. 389,375
13,500 Central Hudson Gas & Electric 617,625
26,000 Chieftain International, Inc.* 615,875
8,800 Cliffs Drilling Co.* 288,750
12,900 Connecticut Energy Corp. 359,588
24,700 Dawson Production Services,
Inc.* 370,500
11,100 Eastern Enterprise 475,913
110,000 EEX Corp. 1,031,250
128,100 Global Industries Ltd.* 2,161,688
12,600 Interstate Energy Corp. 409,500
11,200 Key Energy Group, Inc.* 147,000
53,500 Marine Drilling Cos., Inc.* 856,000
12,700 MDU Resources Group, Inc. 453,231
21,700 Montana Power Co. 754,075
34,200 Nabors Industries, Inc.* 677,588
56,352 National-Oilwell, Inc.* 1,510,938
22,400 Nevada Power Co. 576,800
51,000 Ocean Energy, Inc.* 997,688
26,300 Oceaneering International,
Inc.* 466,825
43,500 Offshore Logistics, Inc.* 772,125
32,600 Petroleum Geo Services ADR* 994,300
12,900 Piedmont Natural Gas Co., Inc. 433,762
60,500 Pride International, Inc.* 1,024,719
56,400 Public Service Co. of New
Mexico 1,279,575
17,700 R&B Falcon Corp.* 400,462
23,800 Service Experts, Inc.* 821,100
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
OIL & GAS/ENERGY (CONTINUED)
36,700 Sierra Pacific Resources $ 1,332,669
6,600 Smith International, Inc.* 229,763
17,800 Stone Energy Corp.* 633,012
15,000 Tuboscope Vetco International
Corp.* 296,250
15,900 UTI Energy Corp.* 204,712
16,000 Wicor, Inc. 370,000
------------
24,219,033
------------
PHARMACEUTICALS (1.4%)
70,000 Catalytica, Inc.* 1,373,750
14,000 Duane Reade Inc. 420,000
45,500 Gilead Sciences, Inc.* 1,458,844
15,400 Sepracor, Inc.* 639,100
25,300 Serologicals Corp.* 815,925
19,200 Watson Pharmaceutical, Inc.* 896,400
------------
5,604,019
------------
PRINTING & PUBLISHING (0.6%)
18,000 Bowne & Company, Inc. 810,000
37,200 Getty Images, Inc.* 827,700
9,333 Pulitzer Publishing Co. 832,970
------------
2,470,670
------------
PRODUCER DURABLES (1.6%)
61,300 Allied Products Corp. 1,298,794
62,500 DeCrane Aircraft Holdings,
Inc.* 1,085,937
44,500 Gerber Scientific, Inc. 1,012,375
60,000 Halter Marine Group, Inc.* 903,750
57,000 Magnetek, Inc.* 897,750
30,000 Reliance Steel & Aluminum, Inc
. 1,158,750
------------
6,357,356
------------
REAL ESTATE (0.8%)
13,906 Apartment Investment &
Management Co. 549,287
25,200 CCA Prison Realty Trust 771,750
14,600 Cabot Industrial Trust* 312,075
2,090 Crescent Operating, Inc.* 35,530
20,900 Crescent Real Estate Equities,
Inc. 702,763
10,600 SL Green Realty Corp. 238,500
75,000 U.S. Home & Garden, Inc.* 482,812
------------
3,092,717
------------
RESTAURANTS (0.3%)
41,000 Au Bon Pain Co., Inc. Class A* 451,000
36,500 Bob Evans Farms, Inc. 773,344
------------
1,224,344
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 19
<PAGE> 21
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
RETAIL/SPECIALITY (0.4%)
14,000 American Eagle Outfitters,
Inc.* $ 539,874
7,400 Black Box Corp. 245,588
19,000 Claire's Stores, Inc.* 389,500
24,000 School Specialty, Inc.* 393,000
------------
1,567,962
------------
RETAIL STORES (4.7%)
45,500 99 Cents Only Stores* 1,888,250
29,600 Borders Group, Inc.* 1,095,200
37,700 Delia's, Inc.* 589,063
80,000 Dynamex, Inc.* 970,000
31,800 Finish Line (The), Inc. Class
A* 894,375
7,500 Goody's Family Clothing, Inc.* 411,563
33,000 K & G Men's Center, Inc.* 746,625
44,000 Linens N Things, Inc.* 1,344,750
60,000 Marks Brothers Jewelers, Inc.* 1,170,000
35,500 Maxwell Shoe Co., Inc. Class A
* 705,562
27,000 Men's Warehouse (The), Inc.* 891,000
28,500 Michael's Stores, Inc.* 1,005,517
12,733 Monro Muffler Brake, Inc.* 200,550
30,000 MSC Industrial Direct Co.,
Inc.* 855,000
9,900 Payless Shoesource, Inc.* 729,506
52,000 Rent-Way, Inc.* 1,586,000
19,500 Schultz Sav-O Stores, Inc. 316,875
18,000 Stage Stores, Inc.* 814,500
62,000 Sunglass Hut International,
Inc.* 685,875
25,600 Trammell Crow Co.* 856,000
36,000 United Auto Group, Inc.* 787,500
------------
18,543,711
------------
RETAILING & DISTRIBUTORS (0.6%)
30,000 Coinmach Laundry Corp.* 708,750
39,350 Richfood Holdings, Inc. 814,053
21,600 Scotts Company (The) Class A* 804,600
------------
2,327,403
------------
SOLID WASTE (0.1%)
12,000 Eastern Environmental Services 408,000
------------
STEEL (0.1%)
20,000 Oregon Steel Mills, Inc. 372,500
------------
TECHNOLOGY (0.3%)
22,700 CACI International, Inc. Class
A* 478,119
30,700 Reynolds & Reynolds Co. Class A 558,356
------------
1,036,475
------------
TELECOMMUNICATION EQUIPMENT (0.3%)
40,400 Radiant Systems, Inc.* 585,800
56,100 Remec, Inc.* 638,138
------------
1,223,938
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS (2.1%)
28,200 Amdocs Ltd.* $ 426,525
38,000 Com21, Inc.* 807,500
19,000 ICG Communications, Inc.* 694,688
40,000 IDT Corp.* 1,202,500
33,000 Integrated Electrical Services,
Inc.* 664,125
48,600 Intermedia Communications,
Inc.* 2,038,162
30,200 McLeodUSA, Inc. Class A* 1,174,025
25,000 Tekelec 1,118,750
28,500 Teledata Communications, Inc.* 315,281
------------
8,441,556
------------
TEXTILE/APPAREL (0.6%)
35,000 Nautica Enterprises, Inc.* 938,438
10,200 St. John Knits, Inc. 393,975
46,500 Vlasic Foods International,
Inc.* 935,812
------------
2,268,225
------------
TOBACCO & GROCERY (0.5%)
37,100 Consolidated Cigar Holdings,
Inc.* 454,475
33,800 First Brands Corp. 866,125
23,200 Pilgrim's Pride Corp. 464,000
------------
1,784,600
------------
TRANSPORTATION (0.9%)
32,500 Expeditors International of
Washington, Inc. 1,430,000
88,300 Greyhound Lines, Inc.* 535,319
29,600 Heartland Express, Inc.* 599,400
34,000 Simon Transportation Services,
Inc.* 227,375
33,400 Swift Transportation Co., Inc.* 661,738
------------
3,453,832
------------
UTILITIES (0.5%)
21,700 Eastern Utilities Associates 569,625
8,500 Orange & Rockland Utilities,
Inc. 456,344
20,000 United Illuminating Co. 1,012,500
------------
2,038,469
------------
TOTAL UNITED STATES 295,141,305
------------
TOTAL COMMON STOCK
(cost $304,997,542) 359,461,980
------------
PREFERRED STOCK (0.4%)
GERMANY (0.4%)
COMPUTER SERVICE (0.1%)
7,650 Draegerwerk AG 182,668
------------
MACHINERY & ENGINEERING (0.3%)
2,100 GEA AG 820,221
1,850 KSB AG 461,219
------------
1,281,440
------------
</TABLE>
20 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 22
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<S> <C> <C>
TOTAL GERMANY & PREFERRED STOCK
(cost $1,469,062) $ 1,464,108
------------
RIGHTS (0.0%)
5,875 Mirvac Limited Variable Priced
Options
(cost $1,371) 1,091
------------
WARRANTS (0.0%)
1,034 Security Capital Group, Inc.
(cost $8,064) 355
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL
- -----------------------------------------------------------
<S> <C>
U.S. GOVERNMENT OBLIGATIONS (2.0%)
$ 2,988,000 U.S. Treasury Bills, 4.94-5.06,
9/3/98 2,961,864
63,000 U.S. Treasury Bills, 4.98%,
9/10/98 62,387
4,395,000 U.S. Treasury Bills 5.02%,
09/17/98 4,348,053
477,000 U.S. Treasury Bills 4.88%,
09/24/98 471,504
------------
TOTAL U.S. GOVERNMENT
OBLIGATIONS
(cost $7,842,846) 7,843,808
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENTS (7.5%)
$13,830,000 Fifth Third Bank, 5.45%,
07/01/98, Collateralized by
$9,458,000 FHLMC Pool #G10657,
7.50%, 02/01/12, and $4,314,000
FNMA, 7.00%, 11/01/17, market
value $14,108,372 $ 13,830,000
11,590,094 MBS Tri Party, 5.78%, 07/01/98,
Collaterlized by $350,000
FHLMC Pool #543375, 11.00%,
11/01/19, $313,000 FHLMC Pool
#259683, 12.50%, 05/01/14,
$276,740 FHLMC Pool #170027,
14.75%, 03/01/10, $300,000
FHLMC Pool #216448, 8.25%,
04/01/02, $299,000 FHLMC Pool
#211495, 9.50%, 05/01/01,
$285,000 FHLMC Pool #219397,
10.00%, 01/01/03, $265,000
FHLMC Pool #200005, 12.00%,
12/01/99, market value
$11,825,237 11,590,094
3,877,000 State Street Bank, 5.75%,
07/01/98, Collateralized by
$2,850,000 U.S. Treasury Bond,
8.875%, 08/15/17, market value
$3,957,938 3,877,000
------------
TOTAL REPURCHASE AGREEMENTS
(cost $29,297,094) 29,297,094
------------
TOTAL INVESTMENTS
(cost $343,615,979) $398,068,436
============
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 21
<PAGE> 23
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
FOREIGN CURRENCY CONTRACTS
<TABLE>
<CAPTION>
CONTRACT MARKET
VALUE VALUE APPRECIATION/
CURRENCY PURCHASED: (U.S. $) (U.S. $) (DEPRECIATION) DELIVERY DATE
- ------------------- -------- -------- -------------- -------------
<S> <C> <C> <C> <C>
Austrian Schillings $311,659 $311,438 $ (221) 7/2/98
British Pounds 12,560 12,568 8 7/2/98
French Francs 53,122 53,201 79 7/1/98
German Marks 126,968 127,074 106 7/2/98
Spanish Pesetas 367,031 367,415 384 7/1/98
-------- -------- -------
TOTAL CURRENCY PURCHASED $871,340 $871,696 $ 356
-------- -------- -------
CURRENCY SOLD:
- -------------------------------
Irish Punts $208,205 $210,224 $(2,019) 7/1/98
Italian Lire 164,867 166,022 (1,155) 7/1/98
-------- -------- -------
TOTAL CURRENCY SOLD $373,072 $376,246 $(3,174)
-------- -------- -------
NET PAYABLE FOR FORWARD
CURRENCY CONTRACTS PURCHASED
AND SOLD $(2,818)
=======
</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: $344,410,247.
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
AB Aktiebolag (Swedish stock company)
ADR American Depositary Receipt
AG Aktiengesellschaft (German stock company)
A/S Limited
ASA Limited
MBS Mortgage-Backed Securities
NV Naamloze Vennootschap (Dutch corporation)
ORD Ordinary Depositary Receipt
PLC (British) Public Limited Company
SA Societe Anonyme (French corporation)
SA Sociedad Anonima (Spanish corporation)
SGPS Sociedade Gestora De Participacoes Sociais (Portuguese
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.
22 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 24
NATIONWIDE SEPARATE ACCOUNT TRUST
INCOME FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
CORPORATE BONDS (16.4%)
BANKS(3.4%)
$50,000 Capital One Bank, 6.70%,
05/15/08 $ 50,433
50,000 Norwest Corp., 8.15%, 11/01/01 53,324
------------
103,757
------------
FINANCIAL(7.8%)
30,000 Associates Corp. of N.A., 6.70%,
05/29/01 30,596
30,000 Donaldson Lufkin Jenrette,
6.50%, 06/01/08 30,120
50,000 Ford Motor Credit Co., 8.20%,
02/15/02 53,365
50,000 Lehman Brothers, 6.90%, 01/29/01 50,891
50,000 Paine Webber, 6.55%, 04/15/08 50,169
20,000 Sears Roebuck Acceptance, 6.38%,
11/21/01 20,167
------------
235,308
------------
INDUSTRIAL (1.6%)
50,000 Williams Co. Inc., 6.125%,
02/01/01 49,983
------------
TRANSPORTATION(1.8%)
48,762 Southwest Airlines Co., 7.67%,
01/02/14 54,211
------------
UTILITY/ELECTRIC(1.8%)
55,000 Public Service Co. of Colorado,
6.00%, 04/15/03 54,952
------------
TOTAL CORPORATE BONDS
(cost $495,347) 498,211
------------
ASSET-BACKED SECURITIES (1.7%)
50,000 Sears Credit Account Master
Trust, 5.80%, 08/15/05
(cost $50,000) 50,068
------------
MORTGAGE-BACKED SECURITIES (9.1%)
FEDERAL NATIONAL MORTGAGE ASSOCIATION, REMIC
58,288 Pool #313272, 7.00%, 01/01/12 59,347
73,323 Pool #418168, 6.00%, 03/01/13 72,513
44,701 Pool #251613, 6.50%, 03/01/28 44,509
40,213 Pool #429414, 6.50%, 05/01/28 40,040
------------
216,409
------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION,
REMIC
28,877 Pool #377304, 8.00%, 10/15/26 29,923
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
$29,971 Pool #462619, 7.00%, 03/15/28 $ 30,451
------------
60,374
------------
TOTAL MORTGAGE-BACKED SECURITIES
(cost $326,009) 276,783
------------
U.S. GOVERNMENT AND AGENCY
LONG-TERM OBLIGATIONS (65.4%)
FEDERAL NATIONAL MORTGAGE ASSOCIATION
200,000 5.625%, 03/15/01 199,812
100,000 5.75%, 04/15/03 100,268
------------
300,080
------------
U.S. TREASURY BONDS
350,000 6.25%, 08/15/23 374,609
------------
U.S. TREASURY NOTES
175,000 6.125%, 08/31/98 175,219
142,000 6.75%, 05/31/99 143,509
200,000 7.75%, 11/30/99 205,938
183,000 6.25%, 04/30/01 186,374
40,000 7.25%, 05/15/04 43,400
300,000 7.25%, 08/15/04 326,531
150,000 7.00%, 07/15/06 163,875
60,000 6.125%, 08/15/07 62,456
------------
1,307,302
------------
TOTAL U.S. GOVERNMENT AND AGENCY LONG-TERM
OBLIGATIONS
(cost $1,964,675) 1,981,991
------------
REPURCHASE AGREEMENT (6.8%)
204,000 Fifth Third Bank, 5.45%,
07/01/98, Collateralized by
$54,000 FNMA Pool #313004,
7.50%, 07/01/11, market value
$55,518 and $149,000 FHLMC Pool
#G10657, 7.50%, 02/01/12, market
value $153,237 (cost $204,000) 204,000
------------
TOTAL INVESTMENTS
(cost $2,990,031) $ 3,011,053
============
</TABLE>
- ------------------------------------------------------
Cost for federal income tax purposes: $2,991,023.
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
FHLMC Federal Home Loan Mortgage Corporation
FNMA Federal National Mortgage Association
REMIC Real Estate Mortgage Investment Conduit
</TABLE>
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 23
<PAGE> 25
NATIONWIDE SEPARATE ACCOUNT TRUST
STRATEGIC GROWTH FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------
<CAPTION>
<C> <S> <C>
COMMON STOCK (93.7%)
ADVERTISING & MARKETING SERVICES (0.3%)
500 Snyder Communications, Inc.* $ 22,000
----------
AUTOMOBILES (0.7%)
1,200 Harley-Davidson, Inc. 46,500
----------
BANKS/MONEY CENTER (1.1%)
2,000 NOVA Corp.* 71,500
----------
BANKS/REGIONAL (0.8%)
500 First American Corp.* 24,063
400 Northern Trust Co. 30,500
----------
54,563
----------
BEVERAGES/NONALCOHOLIC (0.8%)
1,400 Coca-Cola Enterprises, Inc. 54,950
----------
BROADCASTING & TELEVISION (2.5%)
700 Chancellor Media Corp. Class A* 34,759
600 Clear Channel Communications, Inc.* 65,475
500 Jacor Communications, Inc.* 29,500
1,000 Tele-Communications Liberty Media
Group* 38,813
----------
168,547
----------
BUILDING MATERIALS (1.1%)
2,000 Danaher Corp. 73,375
----------
COMMERCIAL & CONSUMER SERVICES (10.6%)
1,200 Devry, Inc.* 26,325
3,000 Lamar Advertising Co.* 107,625
1,500 Metamor Worldwide, Inc.* 52,781
2,750 Outdoor Systems, Inc.* 77,000
2,500 Robert Half International, Inc.* 139,688
3,000 Romac International* 91,125
1,700 Saville System PLC ADR* 85,212
1,900 Select Appointments Holdings Ltd.
ADR 56,050
1,000 Sylvan Learning Systems, Inc.* 32,750
1,000 The Profit Recovery Group
International, Inc.* 27,937
----------
696,493
----------
COMMUNICATION EQUIPMENT (2.4%)
2,300 Advanced Fibre Communications,
Inc.* 92,144
1,000 Ciena Corp.* 69,625
----------
161,769
----------
COMPUTERS/NETWORKING (2.8%)
2,000 Ascend Communications, Inc.* 99,125
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
- ----------------------------------------------------------
SHARES SECURITY VALUE
<C> <S> <C>
COMPUTERS/NETWORKING (CONTINUED)
3,200 FORE Systems, Inc.* $ 84,800
----------
183,925
----------
COMPUTERS/SOFTWARE & SERVICES (12.3%)
800 America Online, Inc. 84,800
2,000 CBT Group PLC ADR.* 107,000
1,500 Cambridge Technology Partners,
Inc.* 81,938
1,200 Compuware Corp.* 61,350
1,000 Electronic Arts, Inc.* 54,000
1,800 Fiserv, Inc.* 76,444
700 International Network Services* 28,700
1,000 J.D. Edwards & Co.* 42,938
500 Keane, Inc.* 28,000
2,500 Legato Systems, Inc.* 97,500
600 Network Associates, Inc.* 28,725
600 PeopleSoft, Inc.* 28,200
2,000 Visio Corp.* 95,500
----------
815,095
----------
CONSUMER FINANCE (0.9%)
800 Associates First Capital Corp. 61,500
----------
ELECTRONICS/INSTRUMENTS (0.3%)
600 Gemstar International Group Ltd.* 22,463
----------
ELECTRONICS/SEMICONDUCTORS (1.9%)
1,400 Uniphase Corp.* 87,894
1,200 Vitesse Semiconductor Corp.* 37,050
----------
124,944
----------
EMPLOYMENT SERVICES (1.0%)
2,000 AccuStaff, Inc. 62,500
----------
FACILITIES SERVICES (0.5%)
900 Apollo Group, Inc. Class A* 29,756
----------
FINANCIAL/DIVERSIFIED (1.5%)
1,500 Metris Cos., Inc. 95,625
----------
FOOD (1.1%)
2,000 American Italian Pasta Co.* 74,500
----------
HEALTH CARE/DRUGS (2.0%)
1,000 Elan Corp. PLC ADR* 64,313
1,500 Watson Pharmaceuticals* 70,031
----------
134,344
----------
HEALTH CARE/MEDICAL PRODUCTS (6.3%)
1,500 Allergan, Inc. 69,562
800 Cardinal Health, Inc. 75,000
2,200 McKesson Corp. 178,750
1,600 Safeskin Corp.* 65,800
</TABLE>
24 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 26
NATIONWIDE SEPARATE ACCOUNT TRUST
STRATEGIC GROWTH FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------
<CAPTION>
<C> <S> <C>
HEALTH CARE/MEDICAL PRODUCTS (CONTINUED)
1,000 Sybron International Corp.* $ 25,250
----------
414,362
----------
HEALTH CARE/SPECIAL SERVICES (2.1%)
1,600 HBO & Co. 56,400
1,000 Quintiles Transnational Corp.* 49,187
900 Total Renal Care Holdings, Inc.* 31,050
----------
136,637
----------
HOUSEHOLD FURNITURE & APPLIANCES (2.4%)
1,500 Mohawk Industries, Inc.* 47,531
800 Rubbermaid, Inc. 26,550
1,800 Shaw Industries, Inc. 31,725
1,600 Westpoint Stevens, Inc.* 52,800
----------
158,606
----------
INSURANCE/MULTI-LINE (0.3%)
300 MGIC Investment Corp. 17,119
----------
IRON & STEEL (0.5%)
1,600 Oregon Steel Mills, Inc. 29,800
----------
LEISURE TIME PRODUCT (2.5%)
3,000 Galileo International, Inc. 135,188
400 Royal Caribbean Cruises Ltd. 31,800
----------
166,988
----------
OIL & GAS/PRODUCTION (0.5%)
500 Camco International, Inc. 38,938
----------
PAYROLL SERVICES (1.5%)
2,500 Paychex, Inc. 101,719
----------
PERSONAL CARE (0.4%)
600 Twinlab Corp.* 26,212
----------
PUBLISHING (1.2%)
3,000 The Reader's Digest Association,
Inc. 81,375
----------
REAL ESTATE (0.2%)
501 Patriot American Hospitality, Inc. 11,983
----------
RESTAURANTS (1.9%)
1,000 Outback Steakhouse, Inc.* 39,000
1,600 Starbucks Corp.* 85,500
----------
124,500
----------
RETAIL/COMPUTER & ELECTRONIC (3.2%)
2,800 Acxiom Corp.* 69,825
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
- ----------------------------------------------------------
SHARES SECURITY VALUE
<C> <S> <C>
RETAIL/COMPUTER & ELECTRONIC (CONTINUED)
1,000 DST Systems, Inc.* $ 56,000
600 Envoy Corp.* 28,425
2,000 Systems & Computer Technology
Corp.* 54,000
----------
208,250
----------
RETAIL/DEPARTMENT STORES (4.4%)
2,000 Fred Meyer, Inc.* 85,000
4,000 Kohls Corp.* 207,500
----------
292,500
----------
RETAIL/DISCOUNTERS (3.3%)
700 BJ's Wholesale Club, Inc.* 28,437
2,850 Dollar Tree Stores, Inc.* 115,781
4,000 Family Dollar Stores, Inc. 74,000
----------
218,218
----------
RETAIL/DRUG STORES (0.7%)
1,100 CVS Corp. 42,831
----------
RETAIL/SPECIALTY (12.9%)
700 Abercrombie and Fitch Co. Cl A* 30,800
1,000 AutoZone, Inc.* 31,937
1,000 Best Buy Co., Inc.* 36,125
2,000 Borders Group, Inc.* 74,000
600 Circuit City Stores--Circuit City
Group 28,125
3,000 Jones Apparel Group, Inc.* 109,688
2,400 Lowe's Companies, Inc. 97,350
1,300 MSC Industrial Direct Co., Inc.
Class A* 37,050
1,000 Michael's Stores, Inc.* 35,281
700 Office Depot, Inc.* 22,094
2,200 Officemax, Inc.* 36,300
2,000 Rexall Sundown, Inc.* 70,500
2,000 Stage Stores, Inc.* 90,500
3,000 Staples, Inc.* 86,812
2,000 Viking Office Products, Inc.* 62,750
----------
849,312
----------
TELECOMMUNICATIONS/CELLULAR (1.0%)
1,500 RELTEC Corp.* 67,500
----------
TELECOMMUNICATIONS/LONG DISTANCE (3.3%)
2,500 General Instrument Corp.* 67,969
1,200 ICG Communications, Inc.* 43,875
2,000 Intermedia Communications of
Florida, Inc.* 83,875
500 McLeod, Inc.* 19,437
----------
215,156
----------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 25
<PAGE> 27
NATIONWIDE SEPARATE ACCOUNT TRUST
STRATEGIC GROWTH FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
<C> <S> <C>
- ----------------------------------------------------------
<CAPTION>
<C> <S> <C>
WASTE MANAGEMENT (0.5%)
1,500 Allied Waste Industries, Inc.* $ 36,000
----------
TOTAL COMMON STOCK
(cost $5,715,733) 6,192,355
----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENT (6.8%)
$450,000 Fifth Third Bank, 5.45%, 07/01/98,
Collateralized by $447,000 FNMA
Pool #313004, 7.50%, 07/01/11
market value $459,571 (cost
$450,000) $ 450,000
----------
TOTAL INVESTMENTS
(cost $6,165,733) $6,642,355
==========
</TABLE>
- -------------------------------------------------------
* Denotes a non-income producing security.
Cost for federal income tax purposes: $6,173,421.
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
ADR American Depositary Receipt
FNMA Federal National Mortgage Association
PLC (British) Public Limited Company
</TABLE>
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
26 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 28
NATIONWIDE SEPARATE ACCOUNT TRUST
STRATEGIC VALUE FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (99.3%)
AEROSPACE/DEFENSE (2.2%)
5,000 Boeing Co. $ 222,812
------------
AIRLINES (2.5%)
6,300 KLM Royal Dutch Air Lines NV ADR 257,906
------------
AUTO PARTS & EQUIPMENT (4.3%)
3,700 Borg-Warner Automotive, Inc. 177,831
4,100 Goodyear Tire & Rubber Co. 264,194
------------
442,025
------------
AUTOMOBILES (2.5%)
4,400 Ford Motor Co. 259,600
------------
BANKS/MAJOR REGIONAL (8.8%)
3,200 Chase Manhattan Corp. 241,600
2,700 Mellon Bank Corp. 187,988
13,800 National Bank of Canada 269,806
2,800 NationsBank Corp. 214,200
------------
913,594
------------
BANKS/MONEY CENTER (2.2%)
1,500 Citicorp 223,875
------------
BUILDING MATERIALS (3.9%)
2,150 Armstrong World Industries, Inc. 144,856
6,500 Owens Corning 265,281
------------
410,137
------------
COMPUTERS/PERIPHERAL (2.6%)
6,200 Storage Technology Corp.* 268,925
------------
COMPUTERS/SOFTWARE & SERVICES (1.6%)
4,300 Electronic Data Systems Corp. 172,000
------------
CONSTRUCTION (5.4%)
7,050 Lafarge Corp. 277,153
3,900 Southdown, Inc. 278,363
------------
555,516
------------
ELECTRIC COMPANIES (4.4%)
7,300 Kansas City Power & Light Co. 211,700
6,200 Western Resources, Inc. 240,638
------------
452,338
------------
ELECTRICAL EQUIPMENT (2.1%)
7,400 Ucar International, Inc.* 215,987
------------
ELECTRONICS/COMPONENTS & DISTRIBUTORS (7.0%)
9,850 Arrow Electronics, Inc. 214,237
4,800 Avnet, Inc. 262,500
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
ELECTRONICS/COMPONENTS & DISTRIBUTORS
(CONTINUED)
2,800 Philips Electronics NV ADR $ 238,000
------------
714,737
------------
FOODS (1.9%)
10,600 IBP, Inc. 192,125
------------
HOMEBUILDING (1.9%)
6,600 Champion Enterprises, Inc.* 193,875
------------
HOUSEHOLD FURNITURE & APPLIANCES (1.9%)
5,050 Harman International Industries,
Inc. 194,425
------------
INSURANCE (5.8%)
6,250 Old Republic International Corp. 183,203
4,300 PartnerRe Ltd. 219,300
4600 W.R. Berkley Corp. 184,288
------------
586,791
------------
INVESTMENT BANKING (4.5%)
2,850 Morgan Stanley Dean Witter & Co. 260,419
4,600 Paine Webber Group, Inc. 197,800
------------
458,219
------------
MANUFACTURING/SPECIALIZED (1.7%)
8,800 New Holland NV 172,700
------------
METALS MINING (4.1%)
4,300 Cleveland Cliffs, Inc. 230,588
13,600 Inco Ltd. 185,300
------------
415,888
------------
OIL/DOMESTIC INTEGRATED (2.4%)
6,100 Diamond Offshore Drilling, Inc. 244,000
------------
OIL & GAS/DRILLING & EQUIPMENT (2.4%)
11,000 R&B Falcon Corp.* 248,875
------------
OIL & GAS/INTERNATIONAL (4.3%)
4,850 Phillips Petroleum Co. 233,709
3,700 Repsol SA ADR 203,500
------------
437,209
------------
OIL & GAS/REFINING (4.6%)
6,500 Sun Co., Inc. 252,281
6,800 Ultramar/Diamond Shamrock Corp. 214,625
------------
466,906
------------
PAPER & FOREST PRODUCTS (0.2%)
1,600 Asia Pulp & Paper Co. Ltd. ADR 18,000
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 27
<PAGE> 29
NATIONWIDE SEPARATE ACCOUNT TRUST
STRATEGIC VALUE FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
RAILROADS (4.9%)
2,700 Burlington Northern Santa Fe
Corp. $ 265,106
4,900 Kansas City Southern Industries,
Inc. 243,163
------------
508,269
------------
RETAIL/DEPARTMENT STORES (2.5%)
3,900 May Department Stores Co. 255,450
------------
TELEPHONE (2.1%)
2,900 GTE Corp. 161,312
1,400 SBC Communications, Inc. 56,000
------------
217,312
------------
TRANSPORTATION/AIR FREIGHT (2.3%)
3,800 FDX Corp.* 238,450
------------
TRUCKS & PARTS (2.3%)
4,650 Cummins Engine Co., Inc. 238,313
------------
TOTAL COMMON STOCK
(cost $10,313,477) 10,196,259
------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENT (3.3%)
$336,000 Fifth Third Bank,
5.45%, 07/01/98, Collateralized
by
$334,000 FNMA Pool #313004,
7.50%, 07/01/11,
market value $343,393
(cost $336,000) $ 336,000
-----------
TOTAL INVESTMENTS
(cost $10,649,477) $10,532,259
===========
</TABLE>
- ------------------------------------------------------
* Denotes a non-income producing security.
Cost for federal income tax purposes: $10,659,396.
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
ADR American Depository Receipt
FNMA Federal National Mortgage Association
NV Naamloze Vennootschap (Dutch
corporation)
SA Societe Anonyme (French corporation)
</TABLE>
Portfolio holdings percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
28 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 30
NATIONWIDE SEPARATE ACCOUNT TRUST
EQUITY INCOME FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (77.1%)
AEROSPACE/DEFENSE (2.2%)
2,000 General Dynamics Corp. $ 93,000
900 Lockheed Martin Corp. 95,287
------------
188,287
------------
AUTOMOBILES, PARTS & EQUIPMENT (1.0%)
1,400 Ford Motor Co. 82,600
100 Magna International, Inc. 6,863
------------
89,463
------------
BANKS (7.2%)
2,840 Banc One Corp. 158,507
1,400 Chase Manhattan Corp. 105,700
2,200 First Union Corp. 128,150
1,200 Mellon Bank Corp. 83,550
1,818 NationsBank Corp. 139,077
------------
614,984
------------
CHEMICALS/DIVERSIFIED (0.6%)
700 E.I. du Pont de Nemours & Co. 52,238
------------
COMMERCIAL & CONSUMER SERVICES (0.9%)
1,800 York International Corp. 78,412
------------
COMMUNICATION EQUIPMENT (0.6%)
700 Tellabs, Inc.* 50,138
------------
COMPUTERS/HARDWARE (2.0%)
1,100 International Business Machines
Corp. 126,294
4,100 Western Digital Corp.* 48,431
------------
174,725
------------
COMPUTERS/SOFTWARE & SERVERS (0.9%)
500 Cisco Systems, Inc.* 46,031
300 Microsoft Corp.* 32,512
------------
78,543
------------
CONSUMER FINANCE (1.3%)
314 Associates First Capital Corp. 24,140
2,000 H&R Block, Inc. 84,250
------------
108,390
------------
ELECTRICAL EQUIPMENT (3.3%)
700 Colonial Properties Trust, REIT 21,700
2,600 Crown Cork & Seal Co. 123,500
1,500 General Electric Co. 136,500
------------
281,700
------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
ELECTRICITY (0.5%)
1,100 DQE, Inc. $ 39,600
------------
ELECTRONICS/COMPONENTS (2.7%)
2,400 AMP, Inc. 82,500
1,900 Avnet, Inc. 103,906
600 Intel Corp. 44,475
------------
230,881
------------
FINANCIAL/DIVERSIFIED (0.2%)
900 Duke Realty Investments, Inc.,
REIT 21,263
------------
FOOD & BEVERAGE (4.5%)
1,883 Diageo PLC ADR 90,737
2,200 General Mills, Inc. 150,425
2,600 H.J. Heinz Co. 145,925
------------
387,087
------------
GOLD & METALS MINING (0.9%)
4,000 Barrick Gold Corp. 76,750
------------
HEALTH CARE/DIVERSIFIED (3.4%)
2,600 American Home Products Corp. 134,550
3,300 Bergen Brunswig Corp. Class A 153,037
------------
287,587
------------
HEALTH CARE/DRUGS (1.7%)
1,100 Merck & Co., Inc. 147,125
------------
HEALTH CARE/MEDICAL PRODUCTS (6.2%)
3,400 Abbott Laboratories 138,975
2,500 Baxter International, Inc. 134,531
1,400 Bristol-Myers Squibb Co. 160,913
2,100 United States Surgical Corp. 95,813
------------
530,232
------------
INSURANCE BROKERS (2.1%)
400 General Re Corp. 101,400
1,350 Marsh & McLennan Cos., Inc. 81,591
------------
182,991
------------
INVESTMENT MANAGEMENT (1.4%)
1,300 Morgan Stanley Dean Witter & Co. 118,787
------------
IRON & STEEL (0.9%)
3,300 Allegheny Teledyne, Inc. 75,488
------------
MANUFACTURING/DIVERSIFIED (1.0%)
1,200 Textron, Inc. 86,025
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 29
<PAGE> 31
NATIONWIDE SEPARATE ACCOUNT TRUST
EQUITY INCOME FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
MANUFACTURING/SPECIALTY (0.8%)
3,200 Cooper Tire & Rubber Co. $ 66,000
------------
NATURAL GAS (3.2%)
2,500 Enron Corp. 135,156
1,900 Sonat, Inc. 73,388
1,900 Williams Cos., Inc. (The) 64,125
------------
272,669
------------
OFFICE EQUIPMENT & SUPPLIES (0.8%)
700 Xerox Corp. 71,137
------------
OIL & GAS/EQUIPMENT (1.5%)
3,000 Dresser Industries, Inc. 132,188
------------
OIL & GAS/PRODUCTION (4.2%)
2,100 Burlington Resources, Inc. 90,431
1,000 El Paso Natural Gas 38,250
1,600 Exxon Corp. 114,100
1,500 Mobil Corp. 114,937
------------
357,718
------------
OIL & GAS/REFINING (0.8%)
2,100 Ultramar/Diamond Shamrock Corp. 66,281
------------
PERSONAL CARE (3.4%)
800 Avon Products, Inc. 62,000
2,100 Kimberly-Clark Corp. 96,338
5,100 Dial Corp. (The) 132,281
------------
290,619
------------
PUBLISHING/NEWSPAPER (0.2%)
900 Hollinger International, Inc. 15,300
------------
REAL ESTATE (1.6%)
600 Equity Residential Properties
Trust, REIT 28,463
1,100 Liberty Property Trust, REIT 28,119
600 Meditrust Corp., REIT 16,763
800 New Plan Realty Trust, REIT 19,600
1,200 Post Properties, Inc., REIT 46,200
------------
139,145
------------
RESTAURANTS (0.3%)
1,000 Wendy's International, Inc. 23,500
------------
RETAIL/DISCOUNTERS (2.9%)
1,500 Hewlett-Packard Co. 89,812
2,200 J.C. Penney Co., Inc. 159,088
------------
248,900
------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
RETAIL FOOD CHAINS (1.1%)
6,800 Food Lion, Inc. Class A $ 72,250
2,100 Food Lion, Inc. Class B 21,131
------------
93,381
------------
TELECOMMUNICATIONS (2.5%)
2,000 Ameritech Corp. 89,750
1,200 MCI Communications Corp. 69,750
800 Sprint Corp. 56,400
------------
215,900
------------
TOBACCO (2.2%)
2,700 Philip Morris Co., Inc. 106,312
3,200 UST, Inc. 86,400
------------
192,712
------------
TRANSPORTATION/SHIPPING (1.2%)
2,400 CNF Transportation, Inc. 102,000
------------
UTILITIES/ELECTRIC COMPANIES (4.5%)
1,600 CMS Energy Corp. 70,400
3,900 PacifiCorp 88,238
3,700 TECO Energy, Inc. 99,206
3,100 Texas Utilities Co. 129,037
------------
386,881
------------
WASTE MANAGEMENT (0.4%)
900 Browning-Ferris Industries, Inc. 31,275
------------
TOTAL COMMON STOCK
(cost $6,366,839) 6,606,302
------------
PREFERRED STOCK (10.7%)
BANKS (0.5%)
300 Jefferson Pilot Corp. 39,787
------------
COMPUTER/SOFTWARE (1.9%)
1,800 Microsoft Corp. Convertible
Series A 171,000
------------
CONSUMER FINANCE (1.0%)
1,600 Conseco, Inc. Series F 84,800
------------
FOODS (1.9%)
1,300 Ralston-Ralston Purina Group 82,550
1,700 Suiza Foods Corp. Convertible 84,575
------------
167,125
------------
HEALTH CARE/MEDICAL PRODUCTS (0.8%)
600 McKesson Corp. Convertible 68,175
------------
</TABLE>
30 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 32
NATIONWIDE SEPARATE ACCOUNT TRUST
EQUITY INCOME FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<S> <C> <C>
INSURANCE BROKERS (0.9%)
500 SunAmerica, Inc. Series E $ 80,563
------------
INVESTMENT MANAGEMENT (0.4%)
1,100 Merrill Lynch STRYPES 34,650
------------
NATURAL GAS (0.3%)
150 The Williams Co., Inc.
Convertible 23,925
------------
OIL & GAS/EQUIPMENT (0.8%)
1,300 Unocal Corp. Convertible 69,713
------------
PUBLISHING/NEWSPAPER (1.0%)
5,200 Hollinger International, Inc. 81,900
------------
RESTAURANTS (0.8%)
1,300 Wendy's International, Inc.
Convertible Series A 71,500
------------
WASTE MANAGEMENT (0.3%)
600 Browning-Ferris Industries, Inc. 21,150
------------
TOTAL PREFERRED STOCK
(cost $863,539) 914,288
------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL
- ----------------------------------------------------------
<S> <C>
CONVERTIBLE DEBT (6.4%)
AUTOMOBILES, PARTS & EQUIPMENT (1.2%)
$ 50,000 Magna International, Inc., 5.00%,
10/15/02 63,563
35,000 Magna International, Inc., 4.88%,
02/15/05 38,500
----------
102,063
----------
COMPUTERS/HARDWARE (2.2%)
80,000 EMC Corp., 3.25%, 03/15/02 164,700
100,000 Western Digital Corp., 0.00%,
02/18/18 25,750
----------
190,450
----------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ----------------------------------------------------------
<S> <C> <C>
OIL AND GAS/EQUIPMENT (1.1%)
$ 80,000 Diamond Offshore Drilling, 3.75%,
02/15/07 $ 92,600
----------
RETAIL/DISCOUNTERS (1.9%)
85,000 Home Depot, Inc., 3.25%, 10/01/01 158,312
----------
TOTAL CONVERTIBLE DEBT
(cost $494,247) 543,425
----------
REPURCHASE AGREEMENT (6.3%)
543,000 Fifth Third Bank, 5.45%, 07/01/98,
Collateralized by $539,000 FNMA
Pool #313004, 7.50%, 07/01/11,
market value $554,159
(cost $543,000) 543,000
----------
TOTAL INVESTMENTS
(cost $8,267,625) $8,607,015
==========
</TABLE>
- ------------------------------------------------------
* Denotes a non-income producing security.
Cost for federal income tax purposes: $8,267,977.
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
ADR American Depository Receipt
FNMA Federal National Mortgage Association
PLC (British) Public Limited Company
REIT Real Estate Investment Trust
STRYPES Structure Yield Product Exchangeable
for Stock
</TABLE>
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 31
<PAGE> 33
NATIONWIDE SEPARATE ACCOUNT TRUST
HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
CORPORATE BONDS (89.3%)
AGRICULTURAL PRODUCT (0.3%)
$ 50,000 Purina Mills, Inc., Sr. Sub. Note,
9.00%, 03/15/10* $ 51,500
----------
AUTO PARTS & EQUIPMENT (0.9%)
150,000 Collins & Aikman Products, Inc.,
Sr. Sub. Note, 11.50%, 04/15/06 167,813
----------
BROADCASTING & TELEVISION (16.9%)
175,000 ACME Television LLC, Sr. Disc.
Note, 0/10.875%, 09/30/04 145,250
150,000 Big City Radio, Inc., Sr. Disc.
Note, 0/11.25%, 03/15/05* 114,000
250,000 CSC Holdings, Inc., Sr. Sub. Note,
9.25%, 11/01/05 268,750
100,000 Chancellor Media Corp., Sr. Sub.
Note, 9.375%, 10/01/04 105,500
275,000 Chancellor Media Corp., Sr. Sub.
Note, 8.125%, 12/15/07 279,125
100,000 Charter Communications
International, Inc., Sr. Disc.
Note, 0/14.00%, 03/15/07 82,500
75,000 Cumulus Media, Inc., Sr. Sub. Note,
10.375%, 07/01/08 76,125
125,000 Diamond Cable Communications PLC,
Sr. Disc. Note, 0/10.75%, 02/15/07 92,500
50,000 Diamond Holdings PLC, 9.125%,
02/01/08 52,500
50,000 Diva Systems Corp., Unit, Sr. Disc.
Note, 0/12.625%, 03/01/08* 23,750
100,000 Echostar Satellite Broadcasting,
Inc., Sr. Disc. Note, 0/13.125%,
03/15/04 92,500
200,000 Fox/Liberty Networks LLC, Sr. Disc.
Note, 0/9.75%, 08/15/07 138,000
100,000 International Cabletel, Inc., Sr.
Note, 0.00%, 02/01/06 82,500
100,000 Lamar Advertising Co., Sr. Sub.
Note, 8.625%, 09/15/07 102,500
150,000 Lenfest Communications, Inc., Sr.
Note, 8.375%, 11/01/05 160,125
375,000 NTL, Inc., Sr. Disc. Note, 0/9.75%,
04/01/08* 245,625
150,000 Outdoor Systems, Inc., Sr. Note,
8.875%, 06/15/07 156,750
225,000 Pegasus Communications Corp., Sr.
Note, 9.625%, 10/15/05 232,875
225,000 Roger CableSystems, Inc., Sr. Note,
10.00%, 03/15/05 250,875
100,000 SFX Broadcasting, Inc., Sr. Sub.
Note, 10.75%, 05/15/06 110,750
75,000 Sinclair Broadcast Group, Inc., Sr.
Sub. Note, 10.00%, 09/30/05 80,812
100,000 Sinclair Broadcast Group, Inc., Sr.
Sub. Note, 8.75%, 12/15/07 103,500
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
BROADCASTING & TELEVISION (CONTINUED)
$225,000 Telewest Communications PLC, Disc.
Note, 0/11.00%, 10/01/07 $ 186,750
125,000 United International Holdings,
Inc., Sr. Disc. Note, 0/10.75%,
02/15/08 78,125
----------
3,261,687
----------
BUILDING MATERIALS (0.8%)
50,000 American Architectural Products
Corp., Sr. Note, 11.75%, 12/01/07* 51,750
100,000 Building Materials Corp., Sr. Note,
8.00%, 10/15/07 101,000
----------
152,750
----------
CHEMICALS (2.1%)
100,000 Buckeye Technologies, Inc., Sr.
Sub. Note, 9.25%, 09/15/08 105,000
100,000 ISP Holdings, Inc., Sr. Note,
9.00%, 10/15/03 104,250
100,000 Polymer Group, Inc., Sr. Note,
9.00%, 07/01/07 102,000
100,000 Polymer Group, Inc., Sr. Note,
8.75%, 03/01/08* 100,250
----------
411,500
----------
COMMERCIAL SERVICES (1.0%)
50,000 Eagle-Picher Industries, Inc., Sr.
Sub. Note, 9.375%, 03/01/08* 50,750
150,000 Sitel Corp., Sr. Sub. Note, 9.25%,
03/15/06* 146,250
----------
197,000
----------
COMPUTERS/SOFTWARE (1.0%)
100,000 American Business Information, Inc,
Sr. Sub. Note, 9.50%, 06/15/08* 101,000
100,000 PSINet, Inc., Sr. Note, 10.00%,
02/15/05 102,750
----------
203,750
----------
CONSUMER JEWELRY & GIFTS (0.3%)
50,000 NBTY, Inc., Sr. Sub. Note, 8.625%,
09/15/07 51,000
----------
CONTAINERS & PACKAGES (0.8%)
150,000 Tekni-Plex, Inc., Sr. Sub. Note,
9.25%, 03/01/08 150,750
----------
DRUG STORES (0.4%)
75,000 DiGiorgio Corp., Sr. Note, 10.00%,
06/15/07 74,813
----------
ELECTRONICS/COMPONENTS (0.6%)
100,000 PX Escrow Corp., Sr. Disc. Note,
0/9.625%, 02/01/06* 72,250
</TABLE>
32 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 34
NATIONWIDE SEPARATE ACCOUNT TRUST
HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
ELECTRONICS/COMPONENTS (CONTINUED)
$ 50,000 Viasystems, Inc., Sr. Sub. Note,
9.75%, 06/01/07 $ 49,250
----------
121,500
----------
FINANCIAL INSTITUTIONS (2.1%)
100,000 ContiFinancial Corp., Sr. Note,
8.125%, 04/01/08 101,371
125,000 First Nationwide Holdings, Inc.,
Sr. Sub. Note, 9.125%, 01/15/03 130,312
150,000 First Nationwide Holdings, Inc.,
Sr. Sub. Note, 10.625%, 10/01/03 169,125
----------
400,808
----------
FOODS (4.0%)
200,000 Ameriserv Food Distribution, Inc.,
10.125%, 07/15/07 206,750
150,000 Aurora Foods, Inc., Sr. Sub. Note,
Series E, 8.75%, 07/01/08* 153,000
150,000 Eagle Family Foods, Inc., Sr. Sub.
Note, 8.75%, 01/15/08* 146,625
150,000 International Home Foods, Inc., Sr.
Sub. Note, 10.375%, 11/01/06 163,500
100,000 Stater Brothers Holdings, Inc., Sr.
Sub. Note, 9.00%, 07/01/04 103,000
----------
772,875
----------
HEALTH CARE (4.7%)
50,000 Alliance Imaging, Inc., Sr. Sub.
Note, 9.625%, 12/15/05 50,750
100,000 CONMED Corp., Sr. Sub. Note, 9.00%,
03/15/08 100,000
100,000 Continental Global, Inc., Sr. Note,
11.00%, 04/01/07 104,500
100,000 Dade International, Inc., 11.125%,
05/01/06 113,000
75,000 Everest Healthcare Services, Inc.,
Sr. Sub. Note, 9.75%, 05/01/08* 76,875
100,000 Hudson Respiratory Care, Inc., Sr.
Sub. Note, 9.125%, 04/15/08* 95,500
200,000 Tenet Healthcare Corp., Sr. Note,
8.00%, 01/15/05 205,954
150,000 Tenet Healthcare Corp., Sr. Note,
8.125%, 12/01/08* 151,500
----------
898,079
----------
HOUSEHOLD FURNITURE & APPLIANCES (0.3%)
50,000 Werner Holdings Co., Sr. Sub. Note,
10.00%, 11/01/07 52,250
----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
IRON & STEEL (0.9%)
$ 50,000 GS Technologies Operating Co., Sr.
Note, 12.25%, 10/01/05 $ 55,500
100,000 Ryerson Tull, Inc., Sr. Note,
9.125%, 07/15/06 111,500
----------
167,000
----------
LEISURE TIME PRODUCTS (4.6%)
152,000 AMF Group, Inc., Sr. Disc. Note,
0/12.25%, 03/15/06 122,360
50,000 Icon Health & Fitness, Inc., Sr.
Sub. Note, 13.00%, 7/15/02 50,250
50,000 Premier Parks, Inc., Sr. Note,
9.25%, 04/01/06 51,812
250,000 Premier Parks, Inc., Sr. Disc.
Note, 0/10.00%, 04/01/08 167,500
75,000 Premier Parks, Inc., Sr. Note,
12.00%, 08/15/03 83,437
150,000 Regal Cinemas, Inc., Sr. Sub. Note,
9.50%, 06/01/08* 152,250
250,000 Viacom, Inc., Sub. Deb., 8.00%,
07/07/06 259,062
----------
886,671
----------
MACHINERY/DIVERSIFIED (2.6%)
50,000 Alvey Systems, Inc., Sr. Sub. Note,
11.375%, 01/31/03 54,375
150,000 Amscan Holdings, Inc., Sr. Sub.
Note, 9.875%, 12/15/07 152,250
50,000 Anchor Lamina, Inc., Sr. Sub. Note,
9.875%, 02/01/08 49,000
100,000 Clark Materials Handling, Inc., Sr.
Note, 10.75%, 11/15/06 106,500
75,000 Euramax International PLC, Sr. Sub.
Note, 11.25%, 10/01/06 81,375
50,000 National Equipment Services, Inc.,
Sr. Sub. Note, 10.00%, 11/30/04* 50,750
----------
494,250
----------
MANUFACTURING/DIVERSIFIED (2.8%)
50,000 Amphenol Corp., Sr. Sub Note,
9.875%, 05/15/07 52,875
100,000 Grove Worldwide LLC, Sr. Sub. Note,
9.25%, 05/01/08* 99,500
100,000 JTM Industries, Inc., Sr. Sub.
Note, 10.00%, 04/15/08* 102,000
50,000 MMI Products, Inc., Sr. Sub. Note,
11.25%, 04/15/07 55,000
75,000 Neenah Corp., Sr. Sub. Note,
11.125%, 05/01/07 82,125
125,000 WESCO Distribution, Inc., Sr. Sub.
Note, 9.125%, 06/01/08* 124,375
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 33
<PAGE> 35
NATIONWIDE SEPARATE ACCOUNT TRUST
HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
MANUFACTURING/DIVERSIFIED (CONTINUED)
$ 50,000 WESCO International, Inc., Sr.
Disc. Note, 0/11.125%, 06/01/08* $ 29,500
----------
545,375
----------
METALS MINING (0.5%)
100,000 AEI Holding Co., Sr. Note, 10.00%,
11/15/07* 100,250
----------
OFFICE EQUIPMENT & SUPPLIES (2.1%)
50,000 Dialog Corp., Sr. Sub. Note,
11.00%, 11/15/07 55,000
125,000 Fisher Scientific International,
Inc., Sr. Sub. Note, 9.00%,
02/01/08 125,000
125,000 U.S. Office Products Co., Sr. Sub.
Note, 9.75%, 06/15/08* 126,406
100,000 United Stationers Supply Co., Sr.
Sub. Note, 8.375%, 04/15/08* 100,500
----------
406,906
----------
OIL & GAS (4.6%)
150,000 Chiles Offshore LLC, Sr. Note,
10.00%, 05/01/08* 145,500
175,000 Dailey International, Inc., Sr.
Note, 9.50%, 02/15/08* 172,375
100,000 Forcenergy, Inc., Sr. Sub. Note,
8.50%, 02/15/07 95,000
125,000 KCS Energy, Inc., Sr. Sub Note,
8.875%, 01/15/08 119,375
100,000 Nuevo Energy Co., Sr. Sub. Note,
8.875%, 06/01/08 101,750
125,000 Pride International, Inc., Sr.
Note, 9.375%, 05/01/07 132,188
200,000 Universal Compression, Inc., Sr.
Disc. Note, 0/9.875% , 02/15/08* 127,000
----------
893,188
----------
PERSONAL CARE PRODUCTS (1.8%)
100,000 Playtex Products, Inc., Sr. Sub.
Note, 8.875%, 07/15/04 103,000
250,000 Revlon Consumer Products Corp., Sr.
Sub. Note, 8.625%, 02/01/08 251,250
----------
354,250
----------
PUBLISHING (2.0%)
100,000 Garden State Newspapers, Inc., Sr.
Sub. Note, 8.75%, 10/01/09 102,000
125,000 Hollinger International, Inc., Sr.
Sub. Note, 9.25%, 03/15/07 131,250
150,000 Ziff-Davis, Inc., Sr. Sub. Note,
8.50%, 05/01/08 152,250
----------
385,500
----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
RETAIL (4.0%)
$150,000 Boyds Collection Ltd., Sr. Sub.
Note, 9.00%, 05/15/08* $ 150,375
100,000 Chattem, Inc., Sr. Sub. Note,
8.875%, 04/01/08* 99,000
100,000 Diamond Brands Operating, Inc. Sr.
Sub. Note, 10.125%, 04/15/08* 100,500
50,000 Diamond Brands, Inc., Sr. Disc.
Note, 0/12.875%, 04/15/09* 27,000
100,000 Jitney Jungle Stores, Inc., Sr.
Sub. Note, 10.375%, 09/15/07 107,250
150,000 Pillowtex Corp., Sr. Note, 10.00%,
11/15/06 161,250
125,000 Sealy Mattress Co., Sr. Sub. Note,
9.875%, 12/15/07* 128,125
----------
773,500
----------
SHIPPING (0.7%)
200,000 Niagara Mohawk Power Corp., Disc.
Note, 0/8.50%, 07/01/10 138,604
----------
TELECOMMUNICATIONS/CELLULAR (17.7%)
150,000 American Cellular Corp., Sr. Note,
10.50%, 05/15/08* 150,375
150,000 Arch Communications Group, Inc.,
Sr. Note, 12.75%, 07/01/07* 152,250
150,000 Call-Net Enterprises, Inc., Sr.
Disc. Note, 0/9.27%, 8/15/07 105,750
50,000 Comcast Cellular Holdings, Sr.
Note, 9.50%, 05/01/07 52,500
100,000 e*spire Communications, Inc., Sr.
Disc. Note, 0/13.00%, 11/01/05 81,500
50,000 Hermes Eurpore Raitel B.V., Sr.
Note, 11.50%, 08/15/07 56,250
50,000 HighwayMaster Communications, Inc.,
Sr. Note, 13.75%, 9/15/05 37,500
125,000 ICG Holdings, Inc., Sr. Disc. Note,
0/12.50%, 05/01/06 98,281
100,000 IXC Communications, Inc., Sr. Sub.
Note, 9.00%, 04/15/08* 100,750
200,000 Intermedia Communications, Inc.,
Sr. Disc. Note, 0/11.25%, 07/15/07 147,000
150,000 Intermedia Communications, Inc.,
Sr. Note, 8.60%, 06/01/08* 152,625
50,000 McLeodUSA, Inc., Sr. Note, 8.375%,
03/15/08* 50,125
250,000 McLeodUSA, Inc., Sr. Disc. Note,
0/10.50%, 03/01/07 187,500
300,000 MetroNet Escrow Corp., Sr. Disc.
Note, 0/9.95%, 06/15/08* 187,125
150,000 Millicom International Cellular SA,
Sr. Disc. Note, 0/13.50%, 06/01/06 116,625
100,000 NEXTLINK Communications, Inc., Sr.
Note, 9.00%, 03/15/08* 100,000
</TABLE>
34 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 36
NATIONWIDE SEPARATE ACCOUNT TRUST
HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS/CELLULAR (CONTINUED)
$150,000 NEXTLINK Communications, Inc., Sr.
Disc. Note, 0/9.45%, 04/15/08* $ 92,625
150,000 Nextel Communications, Inc., Sr.
Disc. Note, 0/10.65%, 09/15/07 102,375
225,000 Nextel Communications, Inc., Sr.
Disc. Note, 0/9.95%, 02/15/08* 145,969
50,000 Nextel Communications, Inc., Sr.
Disc. Note, 0/12.125%, 04/15/08* 29,375
150,000 Paging Network, Inc., Sr. Sub.
Note, 10.00%, 10/15/08 156,563
75,000 Pathnet, Inc., Unit, 12.25%,
04/15/08 79,875
200,000 Qwest Communications International,
Sr. Disc. Note, 0/9.47%, 10/15/07 150,250
150,000 Rogers Cantel Mobile
Communications, Inc., Sr. Sub.
Note, 8.80%, 10/01/07 149,438
150,000 Telecommunications Technology Ltd.,
Sr. Sub. Note, 9.75%, 05/15/08 154,125
225,000 Telesystem International Wireless,
Inc., Sr. Disc. Note, 0/13.25%,
06/30/07 149,063
125,000 Teligent, Inc., Sr. Note, 11.50%,
12/01/07 126,563
50,000 Teligent, Inc., Sr. Disc. Note,
0/11.50%, 03/01/08* 27,500
175,000 Triton Communications LLC, Sr.
Disc. Note, 0/11.00%, 05/01/08* 99,313
100,000 U.S. Xchange LLC, Sr. Note, 15.00%,
07/01/08* 103,250
50,000 Viatel, Inc., Unit, Disc. Note,
0/12.50%, 04/15/08* 30,750
50,000 Viatel, Inc., Unit, 11.25%,
04/15/08* 52,750
----------
3,425,940
----------
TELECOMMUNICATIONS/LONG DISTANCE (2.0%)
400,000 Level 3 Communications, Inc., Sr.
Note, 9.125%, 05/01/08* 392,000
----------
TEXTILES/APPAREL (0.7%)
125,000 Glenoit Corp., Sr. Sub. Note,
11.00%, 4/15/07 134,375
----------
TOBACCO (0.3%)
50,000 Dimon, Inc., Sr. Note, 8.875%,
06/01/06 50,000
----------
TRUCKERS (3.4%)
100,000 Allied Holdings, Inc., Sr. Note,
8.625%, 10/01/07 101,000
125,000 Chemical Leaman Corp., Sr. Note,
10.375%, 06/15/05 132,812
100,000 Gearbulk Holding Ltd., Sr. Note,
11.25%, 12/01/04 109,750
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
TRUCKERS (CONTINUED)
$ 50,000 Holt Group, Sr. Note, 9.75%,
01/15/06* $ 49,250
50,000 OshKosh Truck Corp., Sr. Sub. Note,
8.75%, 03/01/08 50,750
100,000 Stena AB, Sr. Note, 8.75%, 06/15/07 100,750
50,000 Stena AB, Sr. Note, 10.625%,
06/01/08 50,937
50,000 Stena AB, Sr. Note, 10.50%,
12/15/05 54,625
----------
649,874
----------
UTILITIES (0.9%)
50,000 International Utility Structures,
Inc., 10.75%, 02/01/08* 51,250
100,000 El Paso Electric Co., 1st Mtg.
Note, 9.40%, 05/01/11 115,627
----------
166,877
----------
WASTE MANAGEMENT (1.5%)
200,000 Allied Waste Industries, Sr. Disc.
Note, 0/11.30%, 06/01/07 147,500
125,000 Allied Waste North America, Inc.,
Company Guarantee, 10.25%, 12/01/06 137,656
----------
285,156
----------
TOTAL CORPORATE BONDS
(cost $17,153,205) 17,217,791
----------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES
- ----------------------------------------------------------
<C> <S> <C>
PREFERRED STOCK (3.5%)
BROADCASTING & TELEVISION (1.4%)
75 Benedek Communications Corp., PIK
Pfd., 11.50%* 75,000
75 Cumulus Media, Inc., Pfd. Series A,
13.75% 75,000
1,000 Sinclair Broadcast Group, Inc.,
Pfd., 11.625% 109,500
--------
259,500
--------
FOODS (0.1%)
257 Nebco Evans Holding Co., Pfd.,
11.25% 26,241
--------
HEALTH CARE (0.3%)
500 River Holding Corp., PIK Pfd.,
11.50%* 47,750
--------
PUBLISHING (1.6%)
1,600 PriMedia, Inc., Pfd., Series H,
8.625%* 155,600
1,500 PriMedia, Inc., Pfd., Series E,
9.20% 153,750
--------
309,350
--------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 35
<PAGE> 37
NATIONWIDE SEPARATE ACCOUNT TRUST
HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS (0.1%)
26 Nextel Communications, Inc., PIK
Pfd., 11.125%* $ 26,626
--------
TOTAL PREFERRED STOCK
(cost $669,550) 669,467
--------
WARRANT (0.0%)
50 HighwayMaster, expires 09/15/05
(cost $50) 125
--------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENT (8.0%)
$1,550,000 Fifth Third Bank, 5.45%,
07/01/98,
Collateralized by $1,538,000 FNMA
Pool #313004, 7.50%, 07/01/11,
market value $1,581,256
(cost $1,550,000) $ 1,550,000
-----------
TOTAL INVESTMENTS
(cost $19,372,805) $19,437,383
===========
</TABLE>
- -------------------------------------------------------
* Represents a security 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)
FNMA Federal National Mortgage Association
LLC Limited Liability Company
PIK Paid-in-kind
PLC (British) Public Limited Company
SA Societe Anonyme (French 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 SEMI-ANNUAL REPORT
<PAGE> 38
NATIONWIDE SEPARATE ACCOUNT TRUST
BALANCED FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (45.0%)
AUTOMOBILES (1.2%)
4,100 Chrysler Corp. $ 231,138
------------
BANKS (1.1%)
2,500 Fleet Financial Group, Inc. 208,750
------------
CHEMICALS (2.8%)
12,700 Geon Co. 291,306
8,000 Lyondell Petrochemical Co. 243,500
------------
534,806
------------
CONSTRUCTION (1.9%)
3,600 Stone & Webster, Inc. 142,650
2,000 Vulcan Materials Co. 213,375
------------
356,025
------------
ELECTRIC COMPANIES (2.1%)
6,500 Edison International 192,156
6,500 Houston Industries, Inc. 200,688
------------
392,844
------------
FOODS (2.9%)
8,500 Hormel Foods Corp. 293,781
2,200 Ralston-Ralston Purina Group 256,988
------------
550,769
------------
HEALTH CARE (3.1%)
6,500 American Home Products Corp. 336,375
5,000 Bausch & Lomb, Inc. 250,625
------------
587,000
------------
INSURANCE (3.1%)
1,500 Allstate Corp. (The) 137,344
1,800 Chubb Corp. 144,675
4,500 CIGNA Corp. 310,500
------------
592,519
------------
INSURANCE BROKERS (1.8%)
5,500 Marsh & McLennan Cos., Inc. 332,406
------------
MANUFACTURING (2.3%)
3,800 Cooper Industries, Inc. 208,763
3,100 Exxon Corp. 221,069
------------
429,832
------------
OIL & GAS/DRILLING & EQUIPMENT (1.0%)
1,100 Dresser Industries, Inc. 48,469
2,000 Schlumberger Ltd. 136,625
------------
185,094
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
OIL/INTERNATIONAL (2.2%)
4,000 Amoco Corp. $ 166,500
7,000 Suncor Energy, Inc. 243,250
------------
409,750
------------
PAPER & FOREST PRODUCTS (1.2%)
5,000 Weyerhaeuser Co. 230,938
------------
PERSONAL CARE (2.5%)
3,000 Amerada Hess Corp. 162,938
4,000 Avon Products, Inc. 310,000
------------
472,938
------------
RAILROADS (2.6%)
5,500 Canadian National Railway Co. 292,188
4,500 Union Pacific Corp. 198,562
------------
490,750
------------
REAL ESTATE INVESTMENT TRUSTS (4.5%)
5,000 Arden Realty, Inc. 129,375
6,800 Crescent Real Estate Equities Co. 228,650
8,100 Excel Realty Trust, Inc. 233,380
5,000 Glenborough Realty Trust, Inc. 131,875
3,600 JDN Realty Corp. 114,750
------------
838,030
------------
RETAIL (1.6%)
5,000 Sears, Roebuck and Co. 305,312
------------
RETAIL/FOOD CHAINS (1.1%)
12,000 Food Lion, Inc. Class B 120,750
9,000 Food Lion, Inc. Class A 95,625
------------
216,375
------------
TELECOMMUNICATIONS (5.4%)
7,500 BCE, Inc. 320,155
6,000 Bell Atlantic Corp. 273,750
4,800 Frontier Corp. 151,200
7,000 SBC Communications, Inc. 280,000
------------
1,025,105
------------
TOBACCO (0.6%)
3,000 Philip Morris Co., Inc. 118,125
------------
TOTAL COMMON STOCK
(cost $8,372,825) 8,508,506
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 37
<PAGE> 39
NATIONWIDE SEPARATE ACCOUNT TRUST
BALANCED FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<S> <C> <C>
CONVERTIBLE PREFERRED STOCK (3.2%)
AUTO PARTS & EQUIPMENT (2.4%)
2,500 BTI-Capital Trust, 6.50% $ 105,000
2,500 Chesapeake Energy Corp., 7.00% 105,312
3,000 Skytel Communications, Inc. 6.20% 106,500
3,000 Union Pacific Capital Trust,
6.25% 137,625
------------
454,437
------------
IRON & STEEL (0.8%)
2,500 CSC Holdings, Inc., 8.50% 159,844
------------
TOTAL CONVERTIBLE PREFERRED STOCK
(cost $623,550) 614,281
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL
- -----------------------------------------------------------
<S> <C>
CORPORATE BONDS (15.4%)
AEROSPACE/DEFENSE (1.0%)
$100,000 BE Aerospace, Inc., 8.00%,
03/01/08 99,750
75,000 Raytheon Co., 5.95%, 03/15/01 74,979
-----------
174,729
-----------
AUTOMOBILES (0.5%)
100,000 Ford Credit Auto Owner Trust,
5.85%, 10/15/01 100,134
-----------
BANKS (1.7%)
107,390 Banc One Auto Trust, 6.29%,
07/20/04 108,179
100,000 Bank One Corp., 7.60%, 05/01/07 108,739
100,000 Nationsbank Credit, 6.45%,
04/15/03 101,429
-----------
318,347
-----------
BROADCASTING & TELEVISION (1.0%)
100,000 Belo (A.H.) Corp., 7.25%, 09/15/27 108,134
100,000 International Cabletel, Inc.,
0.00%, 02/01/06 82,500
-----------
190,634
-----------
COMMERCIAL & CONSUMER SERVICES (0.5%)
100,000 Iron Mountain, Inc., 8.75%,
09/30/09 102,500
-----------
CONTAINERS & PACKAGES (0.5%)
100,000 Synthetic Industries, Inc., 9.25%,
02/15/07 103,000
-----------
DATA PROCESSING (0.5%)
100,000 First Data Corp., 6.375%, 12/15/07 101,576
-----------
GAMING & LOTTERY (0.6%)
100,000 Horseshoe Gaming, LLC, 9.375%,
06/15/07 105,875
-----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<S> <C> <C>
HEALTH CARE (0.5%)
$100,000 Vencor Inc., 9.875%, 05/01/05 $ 98,375
-----------
HOUSEWARES (0.6%)
100,000 Ecko Group, Inc., 9.25%, 04/01/06 104,000
-----------
INVESTMENT MANAGEMENT (0.7%)
125,000 Merrill Lynch & Co., Inc., 6.00%,
02/12/03 124,923
-----------
MANUFACTURING (1.6%)
100,000 Dana Corp., 6.50%, 03/15/08 101,017
100,000 Norsk Hydro, ASA, 6.70%, 01/15/18 100,867
100,000 Praxair, Inc., 6.15%, 04/15/03 99,896
-----------
301,780
-----------
METALS MINING (0.8%)
150,000 P&L Coal Holdings Corp.,
9.625%,05/15/08 154,125
-----------
OFFICE EQUIPMENT & SUPPLIES (0.4%)
75,000 Staples, Inc., 7.125%, 08/15/07 77,859
-----------
PUBLISHING (0.5%)
100,000 Advanstar Communications, 9.25%,
05/01/08 100,625
-----------
RETAIL (1.1%)
100,000 Cole National Group, Inc., 8.625%,
08/15/07 102,000
100,000 Sears Roebuck Acceptance Co.,
0.00%, 02/01/06 104,934
-----------
206,934
-----------
SHIPPING (0.5%)
100,000 Enterprises Shipholding Corp.,
8.875%, 05/01/08 98,000
-----------
TELECOMMUNICATIONS (1.9%)
200,000 Century Communications Corp.,
0.00%, 01/15/08 91,000
125,000 GTE Corp., 8.50%, 03/15/08 127,531
125,000 Intermedia Communications, Inc.,
Sr. Note, 8.60%, 126,563
-----------
345,094
-----------
WASTE MANAGEMENT (0.5%)
100,000 Envirosource, Inc., 9.75%,
06/15/03 100,250
-----------
TOTAL CORPORATE BONDS
(cost $2,894,521) 2,908,760
-----------
</TABLE>
38 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 40
NATIONWIDE SEPARATE ACCOUNT TRUST
BALANCED FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
CONVERTIBLE CORPORATE BONDS (4.7%)
COMPUTERS/HARDWARE (2.3%)
$125,000 Micron Technology, 7.00%, 07/01/04 $ 116,094
100,000 Quantum Corp., 7.00%, 08/01/04 95,500
100,000 Tower Automotive, 5.00%, 08/01/04 103,625
100,000 Xerox Credit, 2.875%, 07/01/02 114,250
-----------
429,469
-----------
DIVERSIFIED (0.5%)
100,000 Bell Atlantic Financial, 5.75%,
04/01/03 102,125
-----------
INVESTMENT MANAGEMENT (0.4%)
100,000 First Boston, 1.00%, 04/07/05 85,000
-----------
SEMICONDUCTORS (0.9%)
100,000 Cypress Semiconductors, 6.00%,
10/01/02 87,500
100,000 Intergrated Process, 6.25%,
09/15/04 83,500
-----------
171,000
-----------
TELECOMMUNICATIONS (0.6%)
100,000 Clear Channel Communications,
2.625%, 04/01/03 106,750
-----------
TOTAL CONVERTIBLE CORPORATE BONDS
(cost $923,363) 894,344
-----------
U.S. GOVERNMENT OBLIGATIONS (9.4%)
750,000 U.S. Treasury Bond, 6.125%,
12/31/01*** 763,360
250,000 U.S. Treasury Bond, 6.125%,
11/15/27*** 267,891
400,000 U.S. Treasury Note, 6.125%,
08/15/07*** 416,375
325,000 U.S. Treasury Note, 5.625%,
05/15/08*** 329,469
-----------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(cost $1,759,858) 1,777,095
-----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
MORTGAGE BACKED SECURITIES (10.1%)
$250,000 Contimortgage, 6.13%, 03/15/13 $ 250,664
250,000 FNMA TBA, 8.00%, 07/01/30** 258,594
740,000 FNMA TBA, 6.50%, 07/01/30** 736,757
350,000 FNMA TBA, 7.00%, 07/01/30** 354,919
300,000 FNMA TBA, 7.50%, 07/01/30** 307,685
-----------
TOTAL MORTGAGE BACKED SECURITIES
(cost $1,906,313) 1,908,619
-----------
REPURCHASE AGREEMENT (22.8%)
4,319,000 Fifth Third Bank, 5.45%, 7/01/98,
Collateralized by $4,285,000 FNMA,
Pool# 313004, 7.50%, 07/01/11,
market value $4,405,515 (cost
$4,319,000) 4,319,000
-----------
TOTAL INVESTMENTS
(cost $20,799,430) $20,930,605
===========
</TABLE>
- -------------------------------------------------------
* Denotes a non-income producing security.
** Mortgage dollar roll. See Note 1.
*** Segregated as collateral for mortgage dollar roll.
Cost for federal income tax purposes: $20,802,123.
The abbreviation in the above statement stands for the following:
ASA Limited
FNMA Federal National Mortgage Association
LLC Limited Liability Company
Portfolio holding percentages represent market value as a percentage of net
assets.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 39
<PAGE> 41
NATIONWIDE SEPARATE ACCOUNT TRUST
MULTI SECTOR BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
CORPORATE BONDS (32.2%)
AEROSPACE/DEFENSE (0.6%)
$ 125,000 BE Aerospace, Inc.,
8.00%, 03/01/08 $ 124,687
------------
BANKS (0.5%)
75,000 Bank One Corp.,
7.60%, 05/01/07 81,554
3,000,000 European Investment Bank,
4.25%, 07/16/98 21,670
------------
103,224
------------
BROADCASTING (2.9%)
125,000 Adelphia Communications Corp.,
9.875%, 03/01/07*** 135,000
250,000 Granite Broadcasting Corp.,
8.875%, 05/15/08*,*** 253,125
150,000 International Cabletel, Inc.,
0/11.50%, 02/01/06 123,750
90,000 United International Holdings,
Inc., Sr. Disc. Note,
0/10.75%, 2/15/08 55,350
------------
567,225
------------
CHEMICALS (1.2%)
50,000 PCI Chemicals Canada, Inc.,
9.25%, 10/15/07 48,875
125,000 Polymer Group, Inc., Sr. Note,
9.00%, 07/01/07 126,406
50,000 Texas Petrochem Corp.,
11.125%, 07/01/06 54,250
------------
229,531
------------
COMMERCIAL SERVICES (1.8%)
75,000 First Data Corp.,
6.375%, 12/15/07 76,182
150,000 Iron Mountain, Inc.,
8.75%, 09/30/09 153,750
125,000 Unisys Corp.
7.875%, 04/01/08 127,500
------------
357,432
------------
CONTAINERS & PACKAGING (0.9%)
50,000 Huntsman Packaging Corp.,
9.125%, 10/01/07 50,750
125,000 Synthetic Industries, Inc.,
9.25%, 02/15/07 128,750
------------
179,500
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
ENERGY (1.6%)
$ 100,000 Clark Refining & Marketing,
Inc.,
11.125%, 11/15/07 $ 99,750
125,000 Dailey International, Inc.,
Sr. Note, 9.50%, 02/15/08 121,875
75,000 Occidental Petroleum Corp.,
9.25%, 08/01/19 98,584
------------
320,209
------------
ENGINEERING & CONSTRUCTION (0.5%)
100,000 High Voltage Engineering
Corp.,
10.50%, 08/15/04 103,000
------------
FINANCIAL SERVICES (1.3%)
125,000 CB Richard Ellis Services,
Inc.,
8.875%, 06/01/06 124,063
50,000 Forest City Enterprises, Inc.,
8.50%, 03/15/08 49,875
75,000 Merrill Lynch & Co., Inc.,
6.00%, 02/12/03 74,954
------------
248,892
------------
FOODS (2.5%)
125,000 Ameriserv Food Distribution,
Inc.,
10.125%, 07/15/07 128,750
125,000 Packaged Ice, Inc.,
9.75%, 02/01/05* 126,875
100,000 SC International Services,
Inc.,
9.25%, 09/01/07 103,500
125,000 Windy Hill Pet Food, Co.,
9.75%, 05/15/07 130,625
------------
489,750
------------
FOREST PRODUCTS (0.6%)
125,000 Millar Western Forest
Products,
9.875%, 05/15/08 121,875
------------
GAMING & LOTTERY (0.7%)
125,000 Horseshoe Gaming, LLC,
9.375%, 06/15/07 132,344
------------
HEALTH CARE (2.6%)
125,000 Dade International, Inc.,
11.125%, 05/01/06 139,375
125,000 Kindercare Learning Centers,
Inc., 6.00%, 2/15/09 125,938
125,000 Prime Medical Services, Inc.,
8.75%, 04/01/08* 122,187
125,000 Vencor, Inc.,
9.875%, 05/01/05 122,969
------------
510,469
------------
</TABLE>
40 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 42
NATIONWIDE SEPARATE ACCOUNT TRUST
MULTI SECTOR BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
HOUSEWARES (0.9%)
$ 175,000 Ecko Group, Inc.,
9.25% 04/01/06*** $ 182,000
------------
MANUFACTURING (2.3%)
75,000 Dana Corp.,
6.50%, 03/15/08 75,763
125,000 Indesco International, Inc.,
9.75%, 04/15/08 123,750
125,000 Moll Industries, Inc.,
10.50%, 07/01/08* 127,500
50,000 Norsk Hydro, ASA,
6.70%, 01/15/18 50,433
75,000 Praxair, Inc.,
6.15%, 04/15/03 74,922
------------
452,368
------------
MINING (0.5%)
100,000 AEI Holding Co., Sr. Note,
10.00%, 11/15/07 99,000
------------
OFFICE EQUIPMENT & SUPPLIES (0.4%)
75,000 Staples, Inc.,
7.125%, 08/15/07 77,859
------------
PUBLISHING (1.3%)
150,000 Advanstar Communications,
Inc.,
9.25%, 05/01/08*,*** 150,937
100,000 Hollinger International, Inc.,
Sr. Note, 9.25%, 03/15/07 105,250
------------
256,187
------------
RETAIL (0.6%)
125,000 Cole National Group, Inc.,
8.625%, 08/15/07 127,500
------------
SHIPPING (4.3%)
50,000 Atlantic Express
Transportation Corp., 10.75%,
02/01/04 53,250
100,000 Axiohm Transaction Solutions,
Inc., 9.75%, 10/01/07* 101,250
125,000 Enterprises Shipholding Corp.,
8.875%, 05/01/08* 122,500
125,000 Falcon Hilding Group, L.P.,
8.375%, 04/15/10* 125,000
125,000 Fleming Cos., Inc.,
10.625%, 07/31/07 130,313
100,000 Navistar International Corp.,
8.00%, 02/01/08 100,500
50,000 Offshore Logistics, Inc.,
7.785%, 01/15/08* 49,375
125,000 Stellex Industries, Inc.,
9.50%, 11/01/07 123,750
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
SHIPPING (CONTINUED)
$ 50,000 Trico Marine Services, Inc.,
8.50%, 08/01/05* $ 48,625
------------
854,563
------------
TELECOMMUNICATIONS (2.6%)
150,000 British Telecom PLC,
7.00%, 05/23/07 159,375
300,000 Century Communications Corp.,
0.00%, 01/15/08 **** 136,500
75,000 GTE Corp., 8.50%, 3/15/08 76,519
200,000 Nextel Communications, Inc.,
0/9.75%, 10/31/07*** 130,000
------------
502,394
------------
UTILITIES (0.8%)
50,000 AES Corp.,
8.50%, 11/01/07 50,500
100,000 International Utility
Structures, Inc.,
0/10.75%, 02/01/08 102,000
------------
152,500
------------
WASTE MANAGEMENT (0.8%)
150,000 Envirosource, Inc.,
9.75%, 06/15/03*** 150,375
------------
TOTAL CORPORATE BONDS
(cost $6,377,170) 6,342,884
------------
SOVEREIGN BONDS (15.8%)
426,800 Brazil Eligible Interest Bond,
6.6875%, 04/15/06***** 351,448
150,000 Bundesschatzanweisungen,
6.875%, 02/24/99 84,731
20,000 Canadian Government,
6.50%, 09/01/98 13,631
8,400,000 Hellenic Republic,
11.00%, 02/25/00 27,733
175,000,000 Italian Buoni Ordinari del
Tersoro,
0.00%, 07/15/98 98,274
820,000 Kingdom of Denmark,
8.00%, 05/15/03 136,373
1,580,000 Kingdom of Denmark,
6.00%, 02/15/99 232,233
200,000 Netherlands Government,
8.75%, 09/15/01 111,198
10,000 New South Wales Treasury
Corp.,
7.375%, 02/21/07 6,762
20,000 New Zealand Government,
6.50%, 02/15/00 10,278
400,000 Peru Past Due Interest,
4.00%, 03/17/07 262,000
500,000 Swedish Government,
11.00%, 01/21/99 64,930
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 41
<PAGE> 43
NATIONWIDE SEPARATE ACCOUNT TRUST
MULTI SECTOR BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- ------------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ------------------------------------------------------------
<C> <S> <C>
SOVEREIGN BONDS (CONTINUED)
$ 60,000 Treuhandanstalt,
7.375%, 12/02/02 $ 37,160
900,000 United Mexican State,
11.50%, 05/15/26 1,021,500
500,000 Venezuelan Government,
9.25%, 09/15/27 387,500
500,000 Vnesheconombank,
6.6250, 12/15/15***** 278,125
------------
TOTAL SOVEREIGN BONDS
(cost $3,345,314) 3,123,876
------------
MORTGAGE-BACKED SECURITIES (20.5%)
DIVERSIFIED FINANCIAL (2.1%)
1,950,000 Donaldson, Lufkin, Jenrette,
Commercial Mortgage Corp.,
.7085%, 06/10/23 96,915
49,950 First Union Residential
Securitization Trust, 7.00%,
08/25/28 49,138
99,945 PNC Mortgage Securities Corp.,
6.838%, 05/25/28 97,571
74,944 PNC Mortgage Securities Corp.,
6.75%, 05/25/28 72,789
100,000 PNC Mortgage Securities Corp.,
6.734%, 02/25/28 96,875
------------
413,288
------------
U.S. GOVERNMENT AGENCY (18.4%)
337 FHLMC Interest Only, Series
1103,
1156.50%, 6/15/21 10,726
250,000 FHLMC Gold TBA,
6.50%, 07/01/30** 249,139
1,650,000 FNMA TBA,
6.50%, 07/01/30** 1,642,770
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
U.S. GOVERNMENT AGENCY (CONTINUED)
$ 1,450,000 FNMA TBA,
7.00%, 07/01/30** $ 1,470,380
250,000 FNMA TBA,
7.50%, 07/01/30** 256,404
------------
3,629,419
------------
TOTAL MORTGAGE-BACKED
SECURITIES
(cost $4,033,921) 4,042,707
------------
US GOVERNMENT OBLIGATIONS (9.5%)
900,000 U.S. Treasury Note,
5.875%, 09/30/02*** 911,250
20,000 U.S. Treasury Inflation
Indexed Note, 3.375%, 01/15/07 19,872
150,000 U.S. Treasury Note,
6.125%, 08/15/07*** 156,141
750,000 U.S. Treasury Note,
5.50%, 2/15/08*** 749,766
30,000 U.S. Treasury Bond,
6.125%, 11/15/27 32,147
------------
TOTAL U.S. GOVERNMENT
OBLIGATIONS
(cost $1,852,463) 1,869,176
------------
REPURCHASE AGREEMENT (40.2%)
7,907,000 Fifth Third Bank,
5.45%, 7/01/98,
Collateralized by $7,942,000
FNMA Pool#313887, 7.00%,
12/01/17, market value
$8,066,093
(cost $7,907,000) 7,907,000
------------
TOTAL INVESTMENTS
(cost $23,515,868) $ 23,285,643
============
</TABLE>
42 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 44
NATIONWIDE SEPARATE ACCOUNT TRUST
MULTI SECTOR BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
FOREIGN CURRENCY CONTRACTS
<TABLE>
<CAPTION>
CONTRACT MARKET
VALUE VALUE APPRECIATION
CURRENCY PURCHASED: (U.S. $) (U.S. $) (DEPRECIATION) DELIVERY DATE
- ------------------- -------- -------- -------------- -------------
<S> <C> <C> <C> <C>
German Marks $407,096 $400,184 ($6,912) 8/12/98
Greek Drachmas 45,066 44,866 (200) 8/12/98
Netherland Guilders 107,736 105,483 (2,253) 8/12/98
-------- -------- -------
TOTAL CURRENCY PURCHASED $559,898 $550,533 ($9,365)
-------- -------- -------
CURRENCY SOLD:
- -------------------------------
Canadian Dollars $14,090 $13,747 $ 343 8/12/98
Danish Kroner 137,694 135,155 2,539 8/12/98
German Marks 241,582 236,831 4,751 8/12/98
Italian Lire 79,580 78,274 1,306 8/12/98
Japanese Yen 20,250 19,202 1,048 8/12/98
Netherland Guilders 115,139 112,808 2,331 8/12/98
-------- -------- -------
TOTAL CURRENCY SOLD $608,335 $596,017 $12,318
-------- -------- -------
NET RECEIVABLE FOR FORWARD
CURRENCY CONTRACTS PURCHASED
AND SOLD $ 2,953
=======
</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.
**** Zero coupon bond.
***** Interest rate shown reflects current rate on variable rate instrument.
Securities denominated in foreign currencies are shown at their U.S. dollar cost
and value.
Cost for federal income tax purposes: $23,516,001.
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
ASA Limited
FHLMC Federal Home Loan Mortgage Corporation
FNMA Federal National Mortgage Association
LLC Limited Liability Company
PLC (British) Public Limited Company
TBA To Be Announced
</TABLE>
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 43
<PAGE> 45
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL CAP VALUE FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (96.0%)
AEROSPACE/DEFENSE (5.0%)
6,200 Alliant Techsystems, Inc. $ 392,150
7,400 Doncasters PLC ADR 205,812
8,800 Fairchild Corp. (The) 177,650
12,200 Halter Marine Group, Inc.* 183,762
17,500 Horizon Offshore, Inc. 171,719
------------
1,131,093
------------
AUTO PARTS & EQUIPMENT (2.8%)
800 Arvin Industries, Inc. 29,050
4,900 Breed Technologies, Inc. 75,031
2,000 Discount Auto Parts, Inc. 52,000
7,500 Dura Automotive Systems, Inc. 240,937
3,200 Federal-Mogus Corp. 216,000
------------
613,018
------------
BANKS/SAVINGS & LOANS (7.5%)
4,700 Astoria Financial Corp. 251,450
6,200 Bay View Capital Corp. 196,850
2,300 First Savings Bank of Washington
Bancorp, Inc. 58,075
11,500 Golden State Bancorp, Inc. 342,125
5,500 Independence Community Bank 93,500
9,700 Long Island Bancorp, Inc. 589,275
7,700 PFF Bancorp, Inc. 143,413
------------
1,674,688
------------
BROADCASTING & TELEVISION (1.5%)
6,700 Emmis Broadcasting Corp. 320,344
------------
BUILDING MATERIALS (2.0%)
20,050 Calmat Co. 441,100
------------
CHEMICALS (0.4%)
5,000 Quaker Chemical Corp. 94,687
------------
COMMERCIAL SERVICES (2.0%)
9,600 ACNielsen Corp. 242,400
6,000 Anthracite Capital, Inc. 83,250
6,000 Borg-Warner Security Corp. 135,750
------------
461,400
------------
COMMUNICATION EQUIPMENT (0.1%)
1,900 Ortel Corp. 29,450
------------
COMPUTERS/HARDWARE (0.2%)
5,200 Read-Rite Corp. 47,125
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMPUTERS/PERIPHERAL (1.3%)
13,200 Adaptec, Inc. $ 188,925
8,700 Diamond Multimedia Systems 59,541
9,700 In Focus Systems Inc. 68,506
------------
316,972
------------
COMPUTERS/SOFTWARE & SERVICES (4.8%)
12,600 GT Interactive Software Corp. 94,894
20,600 Learning Co., Inc. (The) 610,275
10,600 Shiva Corp. 88,775
11,500 Wang Laboratories, Inc. 292,531
------------
1,086,475
------------
CONSTRUCTION (1.1%)
10,600 Chicago Bridge & Iron Co. NV 164,300
3,500 Shaw Group, Inc. 91,000
------------
255,300
------------
CONSUMER JEWELRY & GIFT (0.6%)
5,600 Finlay Enterprises, Inc. 135,100
------------
CONTAINERS & PACKAGES (4.4%)
12,900 Ball Corp. 518,419
13,200 Gaylord Container Corp. 101,475
22,800 Stone Container Corp. 356,250
------------
976,144
------------
DISTRIBUTORS (1.5%)
6,000 Tristar Aerospace Co. 93,000
23,400 Unisource Worldwide, Inc. 253,012
------------
346,012
------------
DATA PROCESSING (1.8%)
15,800 Symantec Corp. 412,775
------------
ELECTRONICS/COMPONENTS (1.2%)
7,900 Oak Industries, Inc. 279,463
------------
ELECTRONICS/EQUIPMENT (2.0%)
17,000 CHS Electronics, Inc. 303,875
5,400 Kulicke & Soffa Industries, Inc. 91,800
1,600 Special Devices, Inc. 56,600
------------
452,275
------------
ELECTRONICS/INSTRUMENTS (1.6%)
8,300 Credence Systems Corp. 157,700
6,200 FSI International, Inc. 60,063
5,100 LTX Corp. 25,022
3,300 Silicon Valley Group, Inc. 53,006
1,200 Splash Technology Holdings 20,625
</TABLE>
44 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 46
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL CAP VALUE FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
ELECTRONICS/INSTRUMENTS (CONTINUED)
700 Trimble Navigation Ltd. $ 11,331
1,400 Vishay Intertechnology, Inc. 25,113
------------
352,860
------------
ELECTRONICS/SEMICONDUCTORS (2.9%)
2,700 Etec Systems, Inc. 95,006
7,000 General Semiconductor, Inc. 69,125
7,200 International Rectifier Corp. 61,200
4,100 KLA-Tencor Corp. 113,519
12,600 Lam Research Corp. 240,975
2,600 Watkins Johnson Co. 67,600
------------
647,425
------------
ENTERTAINMENT (0.4%)
3,600 Carmike Cinemas, Inc. 96,975
------------
FOODS (0.5%)
5,000 Smucker (J.M.) Co. Class B* 121,875
------------
FOOTWEAR (1.2%)
13,500 Brown Group, Inc. 268,312
------------
GAMING & LOTTERY (1.1%)
18,700 Boyd Gaming Corp. 107,525
9,200 Station Casinos, Inc. 135,125
------------
242,650
------------
HARDWARE & TOOLS (0.9%)
7,200 B E Aerospace, Inc. 209,700
------------
HEALTH CARE (10.0%)
8,000 Beckman Coulter, Inc. 466,000
12,900 CONMED Corp. 296,700
9,000 ESC Medical Systems Ltd. 303,750
4,700 Integrated Health Services 176,250
5,200 Perrigo Co. 52,325
5,200 Pharmerica, Inc. 62,725
18,200 Quest Diagnostics, Inc. 398,125
9,500 Respironics, Inc. 147,844
7,300 Spacelabs Medical, Inc. 122,275
6,100 Teva Pharmaceutical Industries
Ltd. ADR 214,644
------------
2,240,638
------------
HOMEBUILDING (1.5%)
4,500 Kaufman & Broad Home Corp. 142,875
6,400 Oakwood Homes Corp. 192,000
------------
334,875
------------
HOUSEHOLD FURNITURE & APPLIANCES (0.2%)
3,300 O'Sullivan Industries Holdings 46,200
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
INSURANCE (3.5%)
4,900 Allmerica Financial Corp. $ 318,500
5,000 Citizens Corp. 156,563
3,500 Everest Reinsurance Holdings,
Inc. 134,531
2,300 Guarantee Life Companies (The),
Inc. 50,313
3,600 SCPIE Holdings, Inc. 121,950
------------
781,857
------------
IRON & STEEL (0.5%)
13,500 Armco, Inc. 86,062
1,500 Birmingham Steel Corp. 18,562
------------
104,624
------------
LODGING/HOTELS (0.4%)
7,800 Hypercom Corp. 78,000
------------
MACHINERY (1.2%)
3,700 Global Industrial Technologies,
Inc. 53,187
9,800 Haemonetics Corp./Massachusetts 156,800
4,000 Imation Corp. 66,250
------------
276,237
------------
MANUFACTURING (5.0%)
7,600 Aviall, Inc. 104,025
8,200 Avondale Industries, Inc. 226,269
6,600 Huffy Corp. 119,625
4,700 Newport News Shipbuilding, Inc. 125,725
8,800 OmniQuip International, Inc. 162,800
11,000 Phillips Van Heusen Corp. 162,250
3,400 Tommy Hilfiger Corp. 212,500
------------
1,113,194
------------
METAL FABRICATORS (1.4%)
5,100 Amcast Industrial Corp. 94,987
5,700 Wolverine Tube Co. 216,600
------------
311,587
------------
OFFICE EQUIPMENT & SUPPLIES (0.7%)
14,000 Danka Business Systems PLC ADR 165,375
------------
OIL & GAS (9.3%)
3,200 Devon Energy Corp. 111,800
19,800 EEX Corp. 185,625
8,200 Forcenergy, Inc. 146,063
4,000 Gulf Indonesia Resources Ltd. 46,000
9,500 Houston Exploration Co. (The) 217,906
11,400 Lomak Petroleum, Inc. 118,988
2,600 Newfield Exploration Co. 64,675
1,500 Pennzoil Co. 75,938
3,300 Petsec Energy Ltd. 53,419
24,600 Santa Fe Energy Resources, Inc. 264,450
13,300 Tesoro Petroleum Corp. 211,138
6,800 Titan Exploration, Inc. 60,350
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 45
<PAGE> 47
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL CAP VALUE FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
OIL & GAS (CONTINUED)
10,700 Valero Energy Corp. $ 355,775
9,200 Vintage Petroleum, Inc. 173,650
------------
2,085,777
------------
PAPER & FOREST PRODUCTS (0.7%)
6,600 Wausau-Mosinee Paper Corp. 150,975
------------
RAILROADS (0.5%)
7,100 Tranz Rail Holdings ADR 47,038
2,700 Wisconsin Central Transport 59,063
------------
106,101
------------
RESTAURANTS (0.4%)
200 Buffets, Inc. 3,138
3,300 Lone Star Steakhouse & Saloon 45,581
2,400 Ruby Tuesday, Inc. 37,200
------------
85,919
------------
RETAIL (4.3%)
15,000 AnnTaylor Stores Corp. 317,813
3,000 Berg Electronics Corp. 58,687
4,100 Brylane, Inc. 188,600
11,700 Claire's Stores, Inc. 239,850
10,800 Gymboree Corp. 163,688
------------
968,638
------------
SHIPPING (0.4%)
3,100 Knightsbridge Tankers Ltd. 82,925
------------
TEXTILES/APPAREL (0.6%)
1,900 Authentic Fitness Corp. 30,044
5,200 Guilford Mills, Inc. 104,000
------------
134,044
------------
TRUCKERS (2.4%)
15,200 Arkansas Best Corp. 142,500
2,900 Arnold Industries, Inc. 42,775
3,100 Covenant Transport, Inc. 60,450
15,500 Yellow Corp. 287,719
------------
533,444
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
TRUCKS & PARTS (1.1%)
3,500 Cummins Engine Co., Inc. $ 179,375
8,300 Miller Industries, Inc. 64,325
------------
243,700
------------
WASTE MANAGEMENT (3.1%)
26,200 Philip Services Corp. 108,075
162,700 Safety-Kleen Corp. 589,787
------------
697,862
------------
TOTAL COMMON STOCK
(cost $22,576,775) 21,555,190
------------
WARRANTS (0.1%)
1,900 Golden State Bancorp, Inc.
Warrants 10,094
------------
TOTAL WARRANTS
(cost $10,770) 10,094
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL
- -----------------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENT (4.9%)
$1,103,000 Fifth Third Bank, 5.45%,
07/01/98, Collateralized by
$1,108,000 FNMA, Pool #313887,
7.00%, 12/01/17,
market value $1,125,312
(cost $1,103,000) 1,103,000
-----------
TOTAL INVESTMENTS
(cost $23,690,545) $22,668,284
===========
</TABLE>
- -------------------------------------------------------
* Denotes a non-income producing security.
Cost for federal income tax purposes: $23,886,236.
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
ADR American Depositary Receipt
FNMA Federal National Mortgage Association
NV Naamloze Vennootschap (Dutch corporation)
PLC (British) Public Limited Company
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.
46 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 48
NATIONWIDE SEPARATE ACCOUNT TRUST
GLOBAL EQUITY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (93.2%)
AUSTRALIA (1.8%)
BANKS/MAJOR REGIONAL (0.7%)
16,030 Westpac Banking Corp. Ltd. $ 97,780
------------
METALS MINING (0.5%)
680 AMP Ltd. *** 7,959
20,400 WMC Ltd. 61,397
------------
69,356
------------
OIL & GAS/PRODUCTION (0.6%)
10,000 Broken Hill Proprietary Co. Ltd. 84,531
------------
TOTAL AUSTRALIA 251,667
------------
AUSTRIA (0.3%)
BANKS/MONEY CENTER (0.3%)
600 Bank Austria AG 48,713
------------
BELGIUM (0.3%)
OIL/INTERNATIONAL (0.3%)
100 PetroFina SA 41,051
------------
CANADA (1.7%)
BANKS/MONEY CENTER (0.3%)
700 Royal Bank of Canada 42,129
------------
COMMUNICATION EQUIPMENT (0.2%)
600 Northern Telecom Ltd. 34,029
------------
MANUFACTURING/DIVERSIFIED (0.3%)
2,400 Noranda, Inc. 41,455
------------
OFFICE EQUIPMENT & SUPPLIES (0.5%)
900 BCE, Inc. 38,160
2,600 Moore Corp. Ltd. 34,478
------------
72,638
------------
PAPER & FOREST PRODUCTS (0.4%)
700 Potash Corp. of Saskatchewan,
Inc. 52,744
------------
TOTAL CANADA 242,995
------------
DENMARK (0.3%)
FOODS (0.3%)
600 Danisco A/S 40,308
------------
FINLAND (0.2%)
PAPER & FOREST PRODUCTS (0.2%)
800 UPM-Kymmene OY 22,018
------------
FRANCE (7.4%)
AUTOMOBILES (0.8%)
500 PSA Peugeot Citroen 107,509
------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
BANKS/MONEY CENTER (0.5%)
350 Societe Generale $ 72,767
------------
BUILDING MATERIALS (0.3%)
250 Compagnie de Saint Gobain 46,353
------------
CHEMICALS (0.5%)
151 Air Liquide 25,017
1,784 Rhodia, Inc.* 49,749
------------
74,766
------------
COMMERCIAL & CONSUMER SERVICES (1.3%)
875 Vivendi 186,838
------------
ELECTRONICS/SEMICONDUCTORS (0.4%)
800 STMicroelectronics* 56,699
------------
FINANCIAL/DIVERSIFIED (0.8%)
1,100 Paribas SA 117,714
------------
HEALTH CARE/DRUGS (0.4%)
430 Sanofi SA 50,567
------------
INSURANCE/MULTI-LINE (0.6%)
750 Axa 84,353
------------
LEISURE TIME PRODUCTS (0.2%)
700 Lagardere SCA 29,142
------------
OIL & GAS/PRODUCTION (0.4%)
400 Elf Aquitaine SA 56,236
------------
OIL/INTERNATIONAL (0.5%)
600 Total SA 78,002
------------
RETAIL/FOOD CHAINS (0.7%)
150 Carrefour SA 94,897
------------
TOTAL FRANCE 1,055,843
------------
GERMANY (6.6%)
AIRLINES (0.3%)
1,700 Deutsche Lufthansa AG 42,806
------------
AUTO PARTS & EQUIPMENT (0.2%)
700 Continental AG 21,989
------------
BANKS/MONEY CENTER (0.7%)
552 Deutsche Bank AG 46,668
1,100 Dresdner Bank AG 59,418
------------
106,086
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 47
<PAGE> 49
NATIONWIDE SEPARATE ACCOUNT TRUST
GLOBAL EQUITY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
CHEMICALS (0.8%)
900 Bayer AG $ 46,571
500 SKW Trostberg AG 18,005
400 SGL Carbon AG 46,582
------------
111,158
------------
COMPUTERS/SOFTWARE & SERVICES (0.6%)
135 S.A.P. (Systeme, Anwendungen,
Produkte in der
Datenverarbeitung) AG 81,897
------------
ELECTRONICS/COMPONENTS (0.4%)
900 Siemens AG 54,922
------------
ENGINEERING & CONSTRUCTION (0.1%)
600 Bilfinger & Berger Bau AG 20,560
------------
HEALTH CARE/DRUGS (0.3%)
400 Schering AG 47,091
------------
INSURANCE/MULTI-LINE (0.9%)
245 Muenchener Rueckversicherungs-
Gesellschaft AG 121,618
------------
MANUFACTURING/DIVERSIFIED (0.6%)
1,300 Veba AG 87,399
------------
OIL/INTERNATIONAL (1.0%)
2,300 RWE AG 136,089
------------
RETAIL (0.5%)
140 Karstadt AG 68,061
------------
TEXTILES/APPAREL (0.2%)
200 Adidas-Salomon SA 34,848
------------
TOTAL GERMANY 934,524
------------
HONG KONG (0.7%)
BANKS/MONEY CENTER (0.1%)
800 HSBC Holdings PLC 19,565
------------
ELECTRIC COMPANIES (0.2%)
8,500 Hongkong Electric Holdings Ltd. 26,328
------------
MANUFACTURING/DIVERSIFIED (0.2%)
6,000 Hutchison Whampoa Ltd. 31,671
------------
REAL ESTATE INVESTMENT TRUST (0.2%)
6,000 Sung Hung Kai Properties Ltd. 25,476
------------
TOTAL HONG KONG 103,040
------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
IRELAND (0.7%)
CONTAINERS & PACKAGING (0.3%)
15,200 Smurfit (Jefferson) Group PLC $ 45,161
------------
FOODS (0.2%)
4,900 Greencore Group PLC 26,656
------------
INSURANCE/LIFE/HEALTH (0.2%)
3,000 Irish Life PLC 27,619
------------
TOTAL IRELAND 99,436
------------
ITALY (1.1%)
BANKS/MONEY CENTER (0.2%)
2,200 Istituto Bancario San Paolo di
Torino 31,746
------------
OIL/INTERNATIONAL (0.3%)
5,700 ENI SPA 37,358
------------
TELECOMMUNICATION (0.6%)
18,600 Telecom Italia SPA 90,041
------------
TOTAL ITALY 159,145
------------
JAPAN (7.1%)
BUILDING MATERIALS (1.0%)
11,000 Tostem Corp. 142,508
------------
CHEMICALS/DIVERSIFIED (0.7%)
6,000 Shin-Etsu Chemical Co. Ltd. 103,758
------------
COMMUNICATION EQUIPMENT (1.1%)
1,800 Sony Corp. 154,988
------------
ENTERTAINMENT (0.9%)
3,000 Sony Music Entertainment Corp. 127,319
------------
EQUIPMENT/SEMICONDUCTORS (1.0%)
13,000 Fujitsu Ltd. 136,758
------------
HEALTH CARE/DRUGS (2.0%)
6,000 Takeda Chemical Industries Ltd. 159,527
6,000 Yamanouchi Pharmaceutical Co.
Ltd. 124,941
------------
284,468
------------
IRON & STEEL (0.4%)
10,000 Tokyo Steel Manufacturing Co.,
Ltd. 51,446
------------
TOTAL JAPAN 1,001,245
------------
NETHERLANDS (3.2%)
BANKS/MONEY CENTER (0.4%)
928 ING Groep NV 60,766
------------
</TABLE>
48 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 50
NATIONWIDE SEPARATE ACCOUNT TRUST
GLOBAL EQUITY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
ELECTRONICS/COMPONENTS (0.4%)
650 Philips Electronics NV $ 54,641
------------
EMPLOYMENT SERVICES (0.2%)
888 Vedior NVCVA 25,104
------------
FOODS (0.4%)
800 Unilever NV CVA 63,475
------------
OIL & GAS/PRODUCTION (0.5%)
1,200 Royal Dutch Petroleum Co. 66,542
------------
PUBLISHING (0.4%)
400 Wolters Kluwer NV 54,901
------------
RETAIL (0.2%)
900 Vendex International NV 34,598
------------
TELECOMMUNICATION (0.5%)
1,700 Koninklijke KPN NV 65,436
------------
TRANSPORTATION/SHIPPING (0.2%)
900 TNT Post Group NV* 23,007
------------
TOTAL NETHERLANDS 448,470
------------
NEW ZEALAND (0.5%)
TELECOMMUNICATION (0.5%)
17,940 Telecom Corp. of New Zealand
Ltd. 73,943
------------
NORWAY (0.9%)
ENGINEERING & CONSTRUCTION (0.4%)
1,550 Kvaerner ASA 52,518
------------
HEALTH CARE (0.4%)
7,885 Nycomed Amersham PLC 58,571
------------
OIL/INTERNATIONAL (0.1%)
400 Norsk Hydro ASA 17,593
------------
TOTAL NORWAY 128,682
------------
SINGAPORE (0.3%)
AIRLINES (0.1%)
3,000 Singapore Airlines Ltd. (Foreign
Market) 14,029
------------
BANKS/MONEY CENTER (0.1%)
5,000 United Overseas Bank Ltd.
(Foreign Market) 15,538
------------
REAL ESTATE INVESTMENT TRUST (0.1%)
6,000 City Developments Ltd. 16,763
------------
TOTAL SINGAPORE 46,330
------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
SPAIN (1.5%)
BANKS/MONEY CENTER (0.3%)
800 Banco Bilbao Vizcaya SA $ 41,126
------------
ELECTRIC COMPANIES (1.0%)
8,400 Iberdrola SA 136,625
------------
OIL/INTERNATIONAL (0.2%)
400 Repsol SA 22,079
------------
TOTAL SPAIN 199,830
------------
SWEDEN (1.4%)
BANKS/REGIONAL (0.4)
1,200 Svenska Handelsbanken Class A 55,675
------------
INSURANCE/MULTI-LINE (0.3%)
3,000 Skandia Forsakrings AB 42,885
------------
INVESTMENT MANAGEMENT (0.4%)
1,500 Gambro AB 27,461
2,000 Incentive AB Class A 36,364
------------
63,825
------------
TRUCKS & PARTS (0.3%)
1,300 Autoliv, Inc. SDR 41,568
------------
TOTAL SWEDEN 203,953
------------
SWITZERLAND (4.4%)
BANKS/MONEY CENTER (1.0%)
375 Union Bank of Switzerland AG 139,438
------------
ENGINEERING & CONSTRUCTION (0.4%)
35 ABB AG 51,688
------------
FOODS (1.0%)
70 Nestle SA 149,802
------------
HEALTH CARE/DRUGS (1.0%)
20 Novartis AG 33,281
11 Roche Holding AG 108,020
------------
141,301
------------
INSURANCE/MULTI-LINE (1.0%)
230 Zurich
Versicherungs-Gesellschaft 146,783
------------
TOTAL SWITZERLAND 629,012
------------
UNITED KINGDOM (10.8%)
AIRLINES (0.2%)
3,000 British Airways PLC 32,463
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 49
<PAGE> 51
NATIONWIDE SEPARATE ACCOUNT TRUST
GLOBAL EQUITY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
BANKS/MONEY CENTER (1.8%)
1,000 Barclays PLC $ 28,834
2,838 HSBC Holdings PLC 68,760
9,200 Lloyds TSB Group PLC 128,720
2,000 Royal Bank of Scotland Group PLC 34,707
------------
261,021
------------
BEVERAGES/ALCOHOLIC (0.2%)
2,500 Diageo PLC 29,618
------------
CONSTRUCTION (0.3%)
2,200 RMC Group PLC 38,141
------------
ELECTRIC COMPANIES (0.3%)
5,000 National Power PLC 47,055
------------
FOODS (0.6%)
7,600 Compass Group PLC 87,375
------------
GOLD & METALS MINING (0.3%)
21,200 Billiton PLC 42,980
------------
HEALTH CARE/DRUGS (1.8%)
4,950 Glaxo Wellcome PLC 148,591
4,000 SmithKline-Beecham PLC 48,824
1,500 Zeneca Group PLC 64,375
------------
261,790
------------
INSURANCE (0.7%)
3,800 Prudential Corp. PLC 50,060
4,700 Royal & Sun Alliance Insurance
Group PLC 48,584
------------
98,644
------------
MANUFACTURING/DIVERSIFIED (1.0%)
6,720 Tomkins PLC 36,471
8,000 Unilever PLC 85,166
7,000 Vickers Group PLC 25,697
------------
147,334
------------
OIL & GAS/PRODUCTION (0.6%)
12,260 Shell Transport & Trading Co. 86,329
------------
RETAIL (0.9%)
6,660 Great Universal Stores (The) PLC 87,792
5,000 Sainsbury (J.) PLC 44,552
------------
132,344
------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS (1.2%)
4,000 British Telecommunications PLC $ 49,391
3,700 Cable & Wireless PLC* 44,946
6,330 Vodafone Group PLC 80,326
------------
174,663
------------
TOBACCO (0.2%)
3,000 B.A.T. Industries PLC 30,035
------------
TRUCKS & PARTS (0.4%)
12,730 Lucas Varity PLC 50,555
------------
UTILITIES/WATER (0.3%)
5,800 Wessex Water PLC 44,325
------------
TOTAL UNITED KINGDOM 1,564,672
------------
UNITED STATES (42.0%)
AEROSPACE/DEFENSE (1.1%)
2,500 AlliedSignal, Inc. 110,938
900 Boeing Co. 40,106
------------
151,044
------------
BANKS/MONEY CENTER (1.0%)
800 BankAmerica Corp. 69,150
500 Citicorp 74,625
------------
143,775
------------
BANKS/REGIONAL (2.6%)
2,377 First Union Corp. 138,460
1,100 NationsBank Corp. 84,150
500 Providian Financial Corp. 39,281
300 Wells Fargo & Co. 110,700
------------
372,591
------------
BANKS/SAVINGS & LOANS (0.4%)
1,350 Washington Mutual, Inc. 58,641
------------
BEVERAGES (1.9%)
2,000 Anheuser-Busch Co., Inc. 94,375
2,900 Seagram Co. Ltd. 118,719
1,400 PepsiCo, Inc. 57,663
------------
270,757
------------
BIOTECHNOLOGY (1.3%)
3,200 Monsanto Co. 178,800
------------
BROADCASTING & TELEVISION (0.4%)
1,400 Comcast Corp. 56,831
------------
</TABLE>
50 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 52
NATIONWIDE SEPARATE ACCOUNT TRUST
GLOBAL EQUITY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
CHEMICALS/DIVERSIFIED (2.2%)
1,100 Du Pont (E.I.) De Nemours & Co. $ 82,087
200 Union Carbide Corp. 10,675
------------
92,762
------------
COMPUTERS/HARDWARE (2.2%)
1,900 Compaq Computer Corp. 53,912
1,100 International Business Machines
Corp. 126,294
3,000 Sun Microsystems, Inc.* 130,313
------------
310,519
------------
COMPUTERS/SOFTWARE & SERVICES (0.9%)
1,400 Autodesk, Inc. 54,075
800 Cisco Systems, Inc.* 73,650
------------
127,725
------------
CONSUMER FINANCE (1.6%)
400 American Express Co. 45,600
800 Associates First Capital Corp. 61,500
2,100 Fannie Mae 127,575
------------
234,675
------------
ELECTRIC COMPANIES (0.9%)
2,500 Southern Co. 69,219
1,900 Wisconsin Energy Corp. 57,712
------------
126,931
------------
ELECTRONICS (2.0%)
1,000 Coltec Industries, Inc.* 19,875
2,100 Intel Corp. 155,662
1,800 Texas Instruments, Inc. 104,963
------------
280,500
------------
ENTERTAINMENT (0.7%)
1,200 Time Warner, Inc. 102,525
------------
FINANCIAL/DIVERSIFIED (0.3%)
800 Travelers Group, Inc. 48,500
------------
FOODS (0.5%)
600 Ralston-Ralston Purina Group 70,087
------------
GAMING & LOTTERY (0.6%)
4,300 Mirage Resorts, Inc.* 91,644
------------
HEALTH CARE (4.0%)
1,600 Alza Corp. 69,200
150 American Home Products Corp. 7,762
1,300 Bristol-Myers Squibb Co. 149,419
1,000 Eli Lilly & Co. 66,063
1,100 Pfizer, Inc. 119,556
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
HEALTH CARE (CONTINUED)
600 United Health Care Corp. $ 38,100
1,700 Warner-Lambert Co. 117,938
------------
568,038
------------
INSURANCE BROKERS (1.1%)
600 Marsh & McLennan Cos., Inc. 36,263
1,600 MBIA, Inc. 119,800
------------
156,063
------------
INSURANCE/LIFE/HEALTH (0.6%)
500 The Allstate Corp. 45,781
700 UNUM Corp. 38,850
------------
84,631
------------
IRON & STEEL (0.3%)
2,100 Allegheny Teledyne, Inc. 48,037
------------
LEISURE TIME PRODUCTS (1.3%)
3,000 Mattel, Inc. 126,937
2,400 Toys 'R' Us, Inc.* 56,550
------------
183,487
------------
MANUFACTURING/DIVERSIFIED (1.3%)
800 Cooper Industries, Inc. 43,950
2,800 Exxon Corp. 199,675
2,500 Tyco International Ltd. 157,500
------------
401,125
------------
NATURAL GAS (0.3%)
900 Enron Corp. 48,656
------------
OIL & GAS (1.8%)
1,300 Atlantic Richfield Co. 101,563
900 Mobil Corp. 68,963
300 Schlumberger Ltd. 20,494
2,300 Tosco Corp. 67,562
------------
258,582
------------
PAPER & FOREST PRODUCTS (0.7%)
1,900 Temple Inland, Inc. 102,363
------------
PERSONAL CARE PRODUCTS (1.7%)
1,000 Gillette Co. 56,687
2,000 Procter & Gamble Co. 182,125
------------
238,812
------------
POWER PRODUCERS (0.4%)
1,800 Northern States Power Co. 51,525
------------
PUBLISHING (1.1%)
3,400 EMC Communications Corp.* 152,362
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 51
<PAGE> 53
NATIONWIDE SEPARATE ACCOUNT TRUST
GLOBAL EQUITY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
RAILROADS (0.6%)
2,000 Union Pacific Corp. $ 88,250
------------
REAL ESTATE INVESTMENT TRUST (0.1%)
383 Starwood Hotels & Resorts 18,504
------------
RETAIL (2.1%)
1,100 Circuit City Stores -- Circuit
City Group 51,562
1,600 Federated Department Stores,
Inc.* 86,100
1,700 Kmart Corp. 32,725
1,700 Kroger Co. 72,888
900 Wal-Mart Stores, Inc. 54,675
------------
297,950
------------
TELECOMMUNICATIONS (2.3%)
1,200 Bell Atlantic Corp. 54,750
700 GTE Corp. 38,937
2,300 SBC Communications, Inc. 92,000
500 Sprint Corp. 35,250
2,100 Worldcom, Inc.* 101,719
------------
322,656
------------
TOBACCO (0.9%)
3,400 Philip Morris Co., Inc. 133,875
------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
WASTE MANAGEMENT (0.8%)
3,300 Waste Management, Inc. $ 115,500
------------
TOTAL UNITED STATES 5,988,723
------------
TOTAL COMMON STOCK
(cost $12,572,005) 13,283,600
------------
PREFERRED STOCK (0.7%)
14,410 News Corp. (The) Ltd.
(cost $64,678) 102,087
------------
</TABLE>
<TABLE>
<CAPTION>
- ------------
PRINCIPAL
- ------------
<C> <S> <C>
REPURCHASE AGREEMENT (7.9%)
$ 1,134,000 Fifth Third Bank, 5.45%,
07/01/98, Collateralized by
$1,139,000 FNMA Pool
#313887,
7.00%, 12/01/17,
market value $1,156,797
(cost $1,134,000) 1,134,000
------------
TOTAL INVESTMENTS
(cost $13,770,683) $ 14,519,687
============
</TABLE>
52 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 54
NATIONWIDE SEPARATE ACCOUNT TRUST
GLOBAL EQUITY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
FOREIGN CURRENCY CONTRACTS
<TABLE>
<CAPTION>
CONTRACT VALUE MARKET VALUE APPRECIATION
CURRENCY PURCHASED: (U.S. $) (U.S. $) (DEPRECIATION) DELIVERY DATE
- ------------------- -------------- ------------ -------------- -------------
<S> <C> <C> <C> <C>
Australian Dollars $ 1,228 $ 1,239 $ 11 07/02/98
Australian Dollars 56,416 57,354 938 08/21/98
British Pounds 241,431 245,732 4,301 08/21/98
Dutch Guilders 28,374 28,500 126 07/01/98
German Marks 484,387 477,965 (6,422) 08/21/98
Italian Lire 25,366 25,436 70 07/01/98
Italian Lire 2,963 2,973 10 07/02/98
Japanese Yen 765,264 771,919 6,655 08/21/98
Norwegian Krone 62,528 60,990 (1,538) 08/21/98
Singapore Dollars 32,754 34,098 1,344 08/21/98
----------- ----------- --------
TOTAL CURRENCY PURCHASED $ 1,700,711 $ 1,706,206 $ 5,495
----------- ----------- --------
CURRENCY SOLD:
- -------------------------------
Australian Dollars $ 275,446 $ 269,733 $ 5,713 08/21/98
British Pounds 324,118 330,233 (6,115) 08/21/98
Canadian Dollars 1,367 1,365 2 07/02/98
Danish Krone 41,328 40,308 1,020 08/21/98
Dutch Guilders 56,778 55,525 1,253 08/21/98
French Francs 28,374 28,518 (144) 07/02/98
French Francs 167,698 165,188 2,510 08/21/98
German Marks 271,158 268,748 2,410 08/21/98
Hong Kong Dollars 1,595 1,595 0 07/02/98
Hong Kong Dollars 56,870 56,718 152 08/21/98
Irish Punts 24,888 24,550 338 08/21/98
Italian Lire 35,973 35,467 506 08/21/98
Japanese Yen 924,920 921,531 3,389 08/21/98
New Zealand Dollars 77,341 75,204 2,137 08/21/98
Norwegian Kroner 76,928 75,799 1,129 08/21/98
Portuguese Escudo 25,366 25,444 (78) 07/01/98
Singapore Dollars 77,237 75,202 2,035 08/21/98
Spanish Pesetas 74,167 73,381 786 08/21/98
Swedish Kroner 97,950 94,159 3,791 08/21/98
Swiss Francs 264,164 255,758 8,406 08/21/98
----------- ----------- --------
TOTAL CURRENCY SOLD $ 2,903,666 $ 2,874,426 $ 29,240
----------- ----------- --------
NET RECEIVABLE FOR FORWARD CURRENCY
CONTRACTS PURCHASED AND SOLD $ 34,735
========
</TABLE>
- --------------------------------------------------------------------------------
* Denotes a non-income producing security.
** Represents a security under 144A, which limits the resale to certain
qualified buyers.
Securities denominated in foreign currencies are shown at the U.S. dollar cost
and value.
Cost for federal income tax purposes: $13,782,709.
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)
A/S Limited
ASA Limited
CVA Class A Convertible
FNMA Federal National Mortgage Association
Ltd. Limited
NV Naamloze Vennootschap (Dutch Corporation)
OY Limited
PLC (British) Public Limited Company
SA Societe Anonyme (French company)
SA Sociedad Anonima (Spanish corporation)
SCA (French) Societe en Commandite par Action
SDR Swedish Depositary Receipt
SPA Societa per Azioni (Italian corporation)
</TABLE>
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 53
<PAGE> 55
NATIONWIDE SEPARATE ACCOUNT TRUST
SELECT ADVISERS MID CAP FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (74.1%)
ADVERTISING & MARKETING (1.1%)
1,400 HA-LO Industries, Inc.* $ 43,575
900 Snyder Communications, Inc.* 39,600
----------
83,175
----------
AIRLINES (1.2%)
1,800 Asa Holdings, Inc. 89,325
----------
AUTOMOBILES (0.4%)
800 Harley-Davidson, Inc. 31,000
----------
AUTO PARTS & EQUIPMENT (3.4%)
1,200 Dura Automotive Systems, Inc.* 38,550
4,150 Midas, Inc. 83,519
2,700 Rental Service Corp.* 90,787
1,000 Tower Automotive, Inc.* 42,875
----------
255,731
----------
BANKING (0.3%)
1,400 PBOC Holdings, Inc.* 19,338
----------
BROADCASTING & TELEVISION (0.2%)
90 Clear Channel Communications,
Inc.* 9,821
100 Jacor Communications, Inc.* 5,900
----------
15,721
----------
CHEMICALS (0.4%)
1,700 Lesco, Inc. 31,875
----------
COMMUNICATION EQUIPMENT (1.1%)
1,580 Advanced Fibre Communications,
Inc.* 63,299
540 World Access, Inc.* 16,200
----------
79,499
----------
COMPUTERS/HARDWARE (1.1%)
2,450 NCR Corp.* 79,625
----------
COMPUTERS/NETWORKING (3.5%)
1,400 Ascend Communications, Inc.* 69,387
300 Check Point Software Technologies
Ltd.* 9,825
1,600 FORE Systems, Inc.* 42,400
2,100 Network Appliance, Inc.* 81,769
2,000 Xylan Corp.* 59,625
----------
263,006
----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMPUTERS/PERIPHERAL (0.6%)
200 Lexmark International Group, Inc.
Class A* $ 12,200
800 Storage Technology Corp.* 34,700
----------
46,900
----------
COMPUTERS/SOFTWARE (5.3%)
600 i2 Technologies, Inc.* 21,075
280 America Online, Inc. 29,680
960 BMC Software, Inc.* 49,860
1,400 Celestica, Inc.* 26,250
500 Citrix Systems, Inc.* 34,188
710 Computer Horizons Corp.* 26,314
1,300 Compuware Corp.* 66,463
1,530 J.D. Edwards & Co.* 65,694
560 Keane, Inc.* 31,360
680 PeopleSoft, Inc.* 31,960
300 Veritas Software Corp.* 12,412
----------
395,256
----------
CONSTRUCTION & HOUSING (1.4%)
1,700 Jacobs Engineering Group, Inc.* 54,613
1,700 Royal Group Technologies Ltd.* 49,300
----------
103,913
----------
CONSUMER FINANCE (2.1%)
830 Amresco, Inc.* 24,174
1,300 FIRSTPLUS Financial Group, Inc.* 46,800
1,450 Green Tree Financial Corp. 62,078
420 Newcourt Credit Group, Inc. 20,659
----------
153,711
----------
DISTRIBUTORS (1.1%)
2,100 Valassis Communications, Inc.* 80,981
----------
ELECTRONICS/COMPONENTS (0.8%)
2,400 Arrow Electronics, Inc.* 52,200
600 Kent Electronics Corp.* 10,987
----------
63,187
----------
ELECTRONICS/INSTRUMENTS (2.5%)
1,500 Gemstar International Group Ltd.* 56,156
1,900 General Signal Corp. 68,400
2,600 Trimble Navigation Ltd.* 42,088
300 Waters Corp.* 17,681
----------
184,325
----------
ELECTRONICS/SEMICONDUCTORS (1.2%)
800 ATMI, Inc.* 12,000
300 Altera Corp.* 8,869
400 Analog Devices, Inc.* 9,825
300 Etec Systems, Inc.* 10,556
120 Linear Technology Corp. 7,237
</TABLE>
54 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 56
NATIONWIDE SEPARATE ACCOUNT TRUST
SELECT ADVISERS MID CAP FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
ELECTRONICS/SEMICONDUCTORS (CONTINUED)
330 Novellus Systems, Inc.* $ 11,777
880 Vitesse Semiconductor Corp.* 27,170
----------
87,434
----------
EMPLOYMENT SERVICES (0.4%)
830 AccStaff, Inc.* 25,938
----------
ENTERTAINMENT (1.3%)
1,900 Metromedia International Group,
Inc.* 22,681
1,100 Premier Parks, Inc.* 73,288
----------
95,969
----------
FOODS (0.3%)
420 Suiza Foods Corp.* 25,069
----------
FOOTWEAR (0.6%)
1,500 Reebok International Ltd.* 41,531
300 Wolverine World Wide, Inc. 6,506
----------
48,037
----------
GAMING & LOTTERY (0.9%)
2,700 International Game Technology 65,475
----------
HEALTH CARE (6.4%)
2,000 Alternative Living Services, Inc.* 54,000
2,000 Alza Corp.* 86,500
800 Arterial Vascular Engineering,
Inc.* 28,600
1,700 Genesis Health Ventures, Inc.* 42,500
2,000 HBO & Co. 70,500
760 Healthsouth Corp.* 20,282
1,100 IDEXX Laboratories, Inc.* 27,363
320 Medicis Pharmaceuticals Corp.
Class A* 11,680
1,370 Quintiles Transnational Corp.* 67,387
400 STERIS Corp.* 25,437
430 Sunrise Assisted Living, Inc.* 14,781
870 Total Renal Care Holdings, Inc.* 30,015
----------
479,045
----------
HOUSEHOLD FURNITURE & APPLIANCES (0.2%)
250 Bed Bath & Beyond, Inc.* 12,953
----------
INSURANCE (5.6%)
2,150 Foremost Corporation of America 51,869
1,400 LandAmerica Financial Group, Inc. 80,150
700 Mid Ocean Ltd. 54,950
1,700 Mutual Risk Management Ltd. 61,944
1,700 Orion Capital Corp. 94,987
2,500 Terra Nova (Bermuda) Holdings Ltd. 78,437
----------
422,337
----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
INVESTMENT BANKING (0.1%)
400 Sirrom Capital Corp. $ 10,400
----------
LODGING & HOTELS (0.1%)
530 Signature Resorts, Inc.* 8,745
----------
MANUFACTURING/DIVERSIFIED (3.0%)
600 Applied Power, Inc. 20,625
2,400 Dexter Corp. 76,350
2,000 Hexcel Corp.* 45,250
330 Jabil Circuit, Inc.* 10,911
1,100 National R.V. Holdings, Inc.* 49,637
570 Solectron Corp.* 23,976
----------
226,749
----------
OFFICE EQUIPMENT & SUPPLIES (0.8%)
600 Danka Business Systems PLC ADR 7,088
1,600 Standard Register Co. (The) 56,600
----------
63,688
----------
OIL & GAS (4.1%)
2,000 BJ Services Co.* 58,125
700 Burlington Resources, Inc. 30,144
490 Camco International, Inc. 38,159
500 Diamond Offshore Drilling, Inc. 20,000
2,540 EVI, Inc.* 94,297
1,200 Global Industries Ltd.* 20,250
400 Newpark Resources, Inc.* 4,450
1,650 Plains Resources, Inc.* 29,494
320 Santa Fe International Corp. 9,680
----------
304,599
----------
PAPER & FOREST PRODUCTS (0.4%)
950 Schweitzer-Mauduit International,
Inc. 27,550
----------
PAYROLL SERVICES (0.3%)
555 Paychex, Inc. 22,582
----------
REAL ESTATE (4.6%)
300 CB Commercial Real Estate Services
Group, Inc.* 10,031
2,100 Capital Automotive 29,794
3,700 Crown American Realty Trust 35,844
297 Horizon Group Properties, Inc.* 1,960
3,300 PS Business Parks, Inc. 77,550
1,100 Price Enterprises, Inc. 20,212
2,300 Prime Group Realty Trust 39,387
4,150 Prime Retail, Inc. 49,541
600 Trammell Crow Co.* 20,062
4,300 Ventas, Inc.* 59,394
----------
343,775
----------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 55
<PAGE> 57
NATIONWIDE SEPARATE ACCOUNT TRUST
SELECT ADVISERS MID CAP FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
RESTAURANTS (1.3%)
700 IHOP Corp.* $ 28,962
1,300 Starbucks Corp.* 69,469
----------
98,431
----------
RETAIL (6.7%)
3,800 Berg Electronics Corp.* 74,337
600 Borders Group, Inc.* 22,200
270 CDW Computer Centers, Inc.* 13,500
590 General Nutrition Companies, Inc.* 18,364
420 Jones Apparel Group, Inc.* 15,356
2,700 Kellwood Co. 96,525
750 Michael's Stores, Inc.* 26,461
2,500 PETsMart, Inc.* 25,000
400 Rexall Sundown, Inc.* 14,100
370 Staples, Inc.* 10,707
2,000 Warnaco Group, Inc. Class A 84,875
3,100 Zale Corp.* 98,619
----------
500,044
----------
SERVICES (5.0%)
1,485 Apollo Group, Inc. Class A* 49,098
300 CBT Group PLC ADR* 16,050
1,100 Central Parking Corp. 51,150
3,000 Concord EFS, Inc.* 78,375
750 Gartner Group, Inc. Class A* 26,250
3,250 Pinkerton's, Inc.* 67,437
800 Saville System PLC ADR* 40,100
1,700 Select Appointments Holdings Ltd.
ADR 50,150
----------
378,610
----------
TELECOMMUNICATIONS (1.3%)
100 Avid Technologies, Inc.* 3,350
700 STAR Telecommunications, Inc.* 15,662
800 Tekelec* 35,800
900 Tel-Save Holdings, Inc.* 13,275
430 Uniphase Corp.* 26,996
----------
95,083
----------
TRUCKERS (1.7%)
2,500 Amerco* 73,594
3,700 Interpool, Inc. 53,419
----------
127,013
----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
WASTE MANAGEMENT (1.3%)
1,930 Allied Waste Industries, Inc.* $ 46,320
720 American Disposal Services, Inc.* 33,750
570 Superior Services, Inc.* 17,136
----------
97,206
----------
TOTAL COMMON STOCK
(cost $5,187,821) 5,543,300
----------
PREFERRED STOCK (0.7%)
INVESTMENT MANAGEMENT (0.7%)
450 Crown American Realty Trust ,
Series A, 11.00% 24,131
1,500 Prime Retail, Inc., Series B 30,750
----------
TOTAL PREFERRED STOCK
(cost $59,288) 54,881
----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL
- -----------------------------------------------------------
<C> <S> <C>
CORPORATE BONDS (2.3%)
AIRLINES (0.4%)
$ 30,000 Canadian Airlines, 10.00%, 5/01/05 30,300
----------
BROADCASTING & TELEVISION (1.1%)
75,000 Busse Broadcasting Corp., 11.625%,
10/15/00 $ 80,156
----------
RESTAURANTS (0.8%)
56,967 Advanitca Restaurant Group, Inc.,
11.25%, 1/15/08 60,528
----------
TOTAL CORPORATE BONDS
(cost $168,571) 170,984
----------
CONVERTIBLE CORPORATE BONDS (2.4%)
BUILDING MATERIALS (0.2%)
20,000 Homebase, Inc., 5.25%, 11/01/04 19,700
----------
ELECTRONICS/SEMICONDUCTORS (0.2%)
20,000 Lam Research Corp., 5.00%, 9/01/02 16,100
----------
REAL ESTATE (1.0%)
25,000 Alexander Haagan, Series B, 7.50%,
1/15/01 24,250
50,000 Alexander Haagan, 7.50%, 1/15/01 48,000
----------
72,250
----------
</TABLE>
56 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 58
NATIONWIDE SEPARATE ACCOUNT TRUST
SELECT ADVISERS MID CAP FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1998 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
RETAIL (1.0%)
$ 30,000 Charming Shoppes, Inc., 7.50%,
7/15/06 $ 28,462
25,000 Nine West Group, Inc., 5.50%,
7/15/03 20,688
25,000 Sports Authority, Inc. (The),
5.25%, 9/15/01 23,938
----------
73,088
----------
TOTAL CONVERTIBLE CORPORATE BONDS
(cost $186,452) 181,138
----------
GOVERNMENT OBLIGATIONS (1.3%)
100,000 U.S. Treasury Inflation Indexed
Note, 3.375%, 01/15/07 (cost
$99,565) 99,360
----------
REPURCHASE AGREEMENT (21.2%)
1,584,000 Fifth Third Bank, 5.45%, 07/01/98,
Collateralized by $1,542,000 FNMA,
Pool #313887, 7.00%, 12/01/17,
market value $1,616,874
(cost $1,584,000) 1,584,000
----------
TOTAL INVESTMENTS
(cost $7,285,697) $7,633,663
==========
</TABLE>
- ------------------------------------------------------
* Denotes a non-income producing security.
Cost for federal income tax purposes: $7,299,756.
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
ADR American Depository Receipt
FNMA Federal National Mortgage Association
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 SEMI-ANNUAL REPORT 57
<PAGE> 59
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1998 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CAPITAL GOVERNMENT MONEY SMALL
TOTAL RETURN APPRECIATION BOND MARKET COMPANY
FUND FUND FUND FUND FUND
-------------- ------------ ------------ -------------- ------------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments in securities, at value (cost
$1,400,821,678, $519,319,561,
$495,501,286, $1,200,303,518, and
$314,318,885, respectively) $2,241,112,826 $739,025,751 $515,731,705 $1,200,303,518 $368,771,342
Repurchase agreements (cost $13,452,000,
$14,997,000, $15,158,000, and
$29,297,094, respectively) 13,452,000 14,997,000 15,158,000 -- 29,297,094
-------------- ------------ ------------ -------------- ------------
Total investments 2,264,564,826 754,022,751 530,889,705 1,200,303,518 398,068,436
Cash -- 10,834 -- -- 95,480
Accrued interest and dividends receivable 2,936,899 693,736 5,783,979 9,955 300,100
Withholding tax reclaim receivable 94,639 -- -- -- 69,359
Receivable for investment securities sold 16,839,302 20,751,248 21,295,804 75,131,000 33,206,578
Receivable for fund shares sold 2,645,671 3,048,307 -- -- 6,955,454
Deferred organization expenses -- -- -- -- 3,183
-------------- ------------ ------------ -------------- ------------
Total assets 2,277,081,337 778,526,876 557,969,488 1,275,444,473 438,698,590
-------------- ------------ ------------ -------------- ------------
LIABILITIES
Bank Loan 3,851 -- 1,225 97 --
Payable for fund shares redeemed -- -- 15,158,000 64,708,288 79,255
Payable for investment securities
purchased 19,951,505 23,895,271 6,059,512 12,139,325 43,090,756
Payable for foreign currency contracts -- -- -- -- 2,818
Payable for translation of assets and
liabilities in foreign currencies -- -- -- -- 1,209
Accrued investment management fees 1,060,674 355,308 220,611 430,387 307,171
Accrued administration fees 80,876 29,604 22,061 51,793 --
Other accrued expenses 17,065 8,171 5,840 22,148 46,778
-------------- ------------ ------------ -------------- ------------
Total liabilities 21,113,971 24,288,354 21,467,249 77,352,038 43,527,987
-------------- ------------ ------------ -------------- ------------
NET ASSETS $2,255,967,366 $754,238,522 $536,502,239 $1,198,092,435 $395,170,603
============== ============ ============ ============== ============
REPRESENTED BY:
Capital $1,393,596,105 $530,907,959 $514,485,503 $1,198,096,060 $331,905,686
Net unrealized appreciation on investments
and translation of assets and
liabilities in foreign currencies 840,291,148 219,706,190 20,230,419 -- 54,448,430
Accumulated undistributed net realized
gain (loss) from investments and foreign
currency transactions 21,866,010 3,731,330 1,694,664 (5,403) 8,438,359
Accumulated undistributed (distributions
in excess of) net investment income 214,103 (106,957) 91,653 1,778 378,128
-------------- ------------ ------------ -------------- ------------
NET ASSETS $2,255,967,366 $754,238,522 $536,502,239 $1,198,092,435 $395,170,603
============== ============ ============ ============== ============
Shares outstanding (unlimited number of
shares authorized) 120,661,485 29,942,169 46,633,489 1,198,099,334 23,489,777
============== ============ ============ ============== ============
NET ASSET VALUE, offering and redemption
price per share $ 18.70 $ 25.19 $ 11.50 $ 1.00 $ 16.82
============== ============ ============ ============== ============
</TABLE>
See accompanying notes to financial statements.
58 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 60
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1998 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STRATEGIC STRATEGIC EQUITY HIGH
INCOME GROWTH VALUE INCOME INCOME
FUND FUND FUND FUND BOND FUND
---------- ---------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments in securities, at value (cost
$2,786,031, $5,715,733, $10,313,477,
$7,724,625, and $17,822,805,
respectively) $2,807,053 $6,192,355 $10,196,259 $8,064,015 $17,887,383
Repurchase agreements (cost $204,000,
$450,000, $336,000, $543,000, and
$1,550,000, respectively) 204,000 450,000 336,000 543,000 1,550,000
---------- ---------- ----------- ---------- -----------
Total investments 3,011,053 6,642,355 10,532,259 8,607,015 19,437,383
Cash 1,014 925 296 638 63
Accrued interest and dividends receivable 44,722 814 8,029 17,755 269,850
Receivable for investment securities sold 245,634 717,050 379,000 529,941 1,461,000
Receivable for fund shares sold 10,845 51,433 180,223 195,203 222,682
Receivable from advisor (See Note 2) 620 1,330 -- -- --
Receivable for translation of assets and
liabilities in foreign currencies -- -- 69 -- --
Deferred organization expenses 3,964 3,400 3,334 3,177 3,114
---------- ---------- ----------- ---------- -----------
Total assets 3,317,852 7,417,307 11,103,210 9,353,729 21,394,092
---------- ---------- ----------- ---------- -----------
LIABILITIES
Payable for investment securities
purchased 278,597 801,307 825,981 777,055 2,082,838
Accrued investment management fees -- -- 5,607 2,597 13,770
Accrued administration fees -- -- 1,964 1,797 4,650
Other accrued expenses 7,572 6,810 5,866 8,774 16,650
---------- ---------- ----------- ---------- -----------
Total liabilities 286,169 808,117 839,418 790,223 2,117,908
---------- ---------- ----------- ---------- -----------
NET ASSETS $3,031,683 $6,609,190 $10,263,792 $8,563,506 $19,276,184
========== ========== =========== ========== ===========
REPRESENTED BY:
Capital $3,014,017 $6,222,294 $10,463,523 $8,183,287 $19,178,141
Net unrealized appreciation (depreciation)
on investments and translation of assets
and liabilities in foreign currencies 21,022 476,622 (117,149) 339,390 64,578
Accumulated undistributed net realized
gain (loss) from investments and foreign
currency transactions (3,561) (90,152) (82,633) 40,761 34,878
Accumulated undistributed (distributions
in excess of) net investment income 205 426 51 68 (1,413)
---------- ---------- ----------- ---------- -----------
NET ASSETS $3,031,683 $6,609,190 $10,263,792 $8,563,506 $19,276,184
========== ========== =========== ========== ===========
Shares outstanding (unlimited number of
shares authorized) 301,249 586,570 983,988 776,990 1,858,455
========== ========== =========== ========== ===========
NET ASSET VALUE, offering and redemption
price per share $ 10.06 $ 11.27 $ 10.43 $ 11.02 $ 10.37
========== ========== =========== ========== ===========
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 59
<PAGE> 61
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1998 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MULTI SMALL CAP GLOBAL SELECT ADVISERS
BALANCED SECTOR VALUE EQUITY MID CAP
FUND BOND FUND FUND FUND FUND
----------- ----------- ----------- ----------- ---------------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments in securities, at value (cost
$16,480,430, $15,608,868, $22,587,545,
$12,636,683, and $5,701,697, respectively) $16,611,605 $15,378,643 $21,565,284 $13,385,687 $6,049,663
Repurchase agreements (cost $4,319,000,
$7,907,000, $1,103,000, $1,134,000, and
$1,584,000, respectively) 4,319,000 7,907,000 1,103,000 1,134,000 1,584,000
----------- ----------- ----------- ----------- ----------
Total investments 20,930,605 23,285,643 22,668,284 14,519,687 7,633,663
Cash 3,821 780 382,139 -- 7,031
Foreign currency at value (cost $234 and $46,406
respectively) -- 229 -- 45,603 --
Accrued interest and dividends receivable 124,080 243,870 6,998 14,831 18,524
Withholding tax reclaim receivable -- -- -- 3,887 (8)
Receivable for investment securities sold 4,124,000 7,437,400 1,731,083 1,199,845 1,636,894
Receivable for fund shares sold 259,799 473,296 283,424 181,844 --
Receivable for foreign currency contracts -- 2,953 -- 34,735 --
Receivable for translation of assets and
liabilities in foreign currencies -- -- -- 1,321 --
Deferred organization expenses 3,154 3,191 3,186 3,334 3,115
----------- ----------- ----------- ----------- ----------
Total assets 25,445,459 31,447,362 25,075,114 16,005,087 9,299,219
----------- ----------- ----------- ----------- ----------
LIABILITIES
Bank Loan -- -- -- 129,465 --
Payable for investment securities purchased 6,489,803 11,751,612 2,611,209 1,567,885 1,791,171
Payable for fund shares redeemed -- -- -- -- 16,381
Payable for translation of assets and liabilities
in foreign currencies -- 366 -- -- --
Accrued investment management fees 17,619 20,616 3,269 13,113 1,971
Accrued administration fees 3,320 3,438 3,307 3,924 2,188
Other accrued expenses 5,735 5,858 6,829 12,407 10,331
----------- ----------- ----------- ----------- ----------
Total liabilities 6,516,477 11,781,890 2,624,614 1,726,794 1,822,042
----------- ----------- ----------- ----------- ----------
NET ASSETS $18,928,982 $19,665,472 $22,450,500 $14,278,293 $7,477,177
=========== =========== =========== =========== ==========
REPRESENTED BY:
Capital $18,767,769 $19,887,226 $22,920,545 $13,269,816 $7,147,430
Net unrealized appreciation (depreciation) on
investments and translation of assets and
liabilities in foreign currencies 131,175 (227,643) (1,022,261) 784,257 347,966
Accumulated undistributed net realized gain
(loss) from investments and foreign currency
transactions 27,842 1,249 556,204 294,046 (18,261)
Accumulated undistributed (distributions in
excess of) net investment income 2,196 4,640 (3,988) (69,826) 42
----------- ----------- ----------- ----------- ----------
NET ASSETS $18,928,982 $19,665,472 $22,450,500 $14,278,293 $7,477,177
=========== =========== =========== =========== ==========
Shares outstanding (unlimited number of shares
authorized) 1,775,608 1,955,500 2,202,844 1,251,026 695,290
=========== =========== =========== =========== ==========
NET ASSET VALUE, offering and redemption price per
share $ 10.66 $ 10.06 $ 10.19 $ 11.41 $ 10.75
=========== =========== =========== =========== ==========
</TABLE>
See accompanying notes to financial statements.
60 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 62
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1998
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CAPITAL GOVERNMENT MONEY SMALL
TOTAL RETURN APPRECIATION BOND MARKET COMPANY
FUND FUND FUND FUND FUND
------------ ------------ ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
INCOME:
Interest $ 1,913,602 $ 1,118,006 $16,303,628 $30,600,873 $ 790,170
Dividends 16,518,690 3,811,756 -- -- 1,664,052
Less foreign tax withheld (11,191) -- -- -- (99,858)
------------ ------------ ----------- ----------- -----------
Total income 18,421,101 4,929,762 16,303,628 30,600,873 2,354,364
------------ ------------ ----------- ----------- -----------
EXPENSES:
Investment management fees 6,049,855 1,866,584 1,253,867 2,130,197 1,844,661
Administration fees 462,880 155,544 125,387 262,385 --
Custodian fees 19,411 9,741 7,986 23,488 75,686
Transfer and dividend
disbursing agent fees 103,323 31,109 25,077 53,514 18,456
Professional services 18,287 4,904 5,207 12,272 5,912
Trustees' fees and expenses 6,924 384 1,957 4,375 1,305
Other 16,261 3,701 6,219 15,046 30,216
------------ ------------ ----------- ----------- -----------
Total expenses 6,676,941 2,071,967 1,425,700 2,501,277 1,976,236
------------ ------------ ----------- ----------- -----------
NET INVESTMENT INCOME $ 11,744,160 $ 2,857,795 $14,877,928 $28,099,596 $ 378,128
============ ============ =========== =========== ===========
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS AND FOREIGN
CURRENCY:
Net realized gain on
investments and foreign
currency transactions $ 21,866,010 $ 3,670,037 $ 2,652,371 $ 1,139 $ 7,075,334
Net change in unrealized
appreciation on investments
and translation of assets
and liabilities in foreign
currencies 245,645,079 99,607,731 2,537,196 -- 13,186,623
------------ ------------ ----------- ----------- -----------
Net realized and unrealized
gain on investments and
translation of assets and
liabilities in foreign
currencies 267,511,089 103,277,768 5,189,567 1,139 20,261,957
------------ ------------ ----------- ----------- -----------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $279,255,249 $106,135,563 $20,067,495 $28,100,735 $20,640,085
============ ============ =========== =========== ===========
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 61
<PAGE> 63
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1998
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
HIGH
STRATEGIC STRATEGIC EQUITY INCOME
INCOME GROWTH VALUE INCOME BOND
FUND FUND FUND FUND FUND
------- --------- --------- -------- --------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
INCOME:
Interest $62,679 $ 14,679 $ 6,929 $ (6,605) $475,971
Dividends -- 3,506 44,055 53,149 12,483
Less foreign tax withheld -- -- (1,771) (7) --
------- -------- --------- -------- --------
Total income 62,679 18,185 49,213 46,537 488,454
------- -------- --------- -------- --------
EXPENSES:
Investment management fees 5,043 15,984 23,539 18,850 45,766
Administration fees 784 1,243 1,831 1,649 4,004
Custodian fees 313 5,961 3,569 4,347 2,225
Transfer and dividend disbursing agent
fees 112 178 262 236 572
Professional services 3,373 3,962 3,960 3,865 4,450
Trustees' fees and expenses 10 5 7 7 25
Other 1,271 2,702 1,659 2,788 12,211
------- -------- --------- -------- --------
Total expenses before waivers or
reimbursements 10,906 30,035 34,827 31,742 69,253
Less waivers or reimbursements (2,501) (12,276) (8,673) (9,358) (14,906)
------- -------- --------- -------- --------
Net expenses 8,405 17,759 26,154 22,384 54,347
------- -------- --------- -------- --------
NET INVESTMENT INCOME $54,274 $ 426 $ 23,059 $ 24,153 $434,107
======= ======== ========= ======== ========
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain (loss) on investments
and foreign currency transactions $(3,561) $(63,712) $ (64,281) $ 53,410 $ 36,407
Net change in unrealized appreciation
(depreciation) on investments and
translation of assets and liabilities
in foreign currencies 21,022 420,951 (154,566) 302,457 2,289
------- -------- --------- -------- --------
Net realized and unrealized gain (loss)
on investments and translation of
assets and liabilities in foreign
currencies 17,461 357,239 (218,847) 355,867 38,696
------- -------- --------- -------- --------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $71,735 $357,665 $(195,788) $380,020 $472,803
======= ======== ========= ======== ========
</TABLE>
See accompanying notes to financial statements.
62 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 64
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1998
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELECT
MULTI SMALL CAP GLOBAL ADVISERS
BALANCED SECTOR VALUE EQUITY MID CAP
FUND BOND FUND FUND FUND FUND
-------- --------- ----------- ---------- --------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
INCOME:
Interest $158,466 $ 324,855 $ 18,659 $ 24,154 $ 41,885
Dividends 59,745 -- 24,598 97,410 18,323
Less foreign tax withheld (435) -- -- (8,314) (35)
-------- --------- ----------- ---------- --------
Total income 217,776 324,855 43,257 113,250 60,173
-------- --------- ----------- ---------- --------
EXPENSES:
Investment management fees 33,969 35,114 40,487 47,252 27,456
Administration fees 3,170 3,277 3,149 3,308 1,830
Custodian fees 2,973 1,116 17,073 9,550 5,875
Transfer and dividend disbursing agent
fees 453 468 450 473 261
Professional services 4,065 3,969 3,925 4,159 4,074
Trustees' fees and expenses 8 9 9 24 14
Other 1,555 1,378 4,655 4,290 4,080
-------- --------- ----------- ---------- --------
Total expenses before waivers or
reimbursements 46,193 45,331 69,748 69,056 43,590
Less waivers or reimbursements (5,430) (3,195) (22,513) (12,354) (12,212)
-------- --------- ----------- ---------- --------
Net expenses 40,763 42,136 47,235 56,702 31,378
-------- --------- ----------- ---------- --------
NET INVESTMENT INCOME $177,013 $ 282,719 $ (3,978) $ 56,548 $ 28,795
======== ========= =========== ========== ========
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain (loss) on
investments and foreign currency
transactions $ 27,717 $ 701 $ 556,029 $ 299,888 $ (711)
Net change in unrealized appreciation
(depreciation) on investments and
translation of assets and
liabilities in foreign currencies 116,415 (230,663) (1,006,015) 729,193 342,497
-------- --------- ----------- ---------- --------
Net realized and unrealized gain
(loss) on investments and
translation of assets and
liabilities in foreign currencies 144,132 (229,962) (449,986) 1,029,081 341,786
-------- --------- ----------- ---------- --------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $321,145 $ 52,757 $ (453,964) $1,085,629 $370,581
======== ========= =========== ========== ========
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 63
<PAGE> 65
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TOTAL RETURN FUND
-------------------------------
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1998 1997
-------------- --------------
(UNAUDITED)
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 11,744,160 $ 23,528,598
Net realized gain on investments 21,866,010 58,462,153
Net change in unrealized appreciation on investments 245,645,079 295,225,644
-------------- --------------
Net increase in net assets resulting from operations 279,255,249 377,216,395
-------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (11,530,057) (23,381,008)
Net realized gain on investments -- (58,462,153)
In excess of net realized gain on investments -- (199,606)
Tax return of capital -- (149,627)
-------------- --------------
Decrease in net assets from distributions to
shareholders (11,530,057) (82,192,394)
-------------- --------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 260,422,222 372,397,897
Net asset value of shares issued to shareholders from
reinvestment of dividends and capital gains 11,530,057 82,192,394
Cost of shares redeemed (132,950,796) (80,249,386)
-------------- --------------
Net increase in net assets derived from capital share
transactions 139,001,483 374,340,905
-------------- --------------
NET INCREASE IN NET ASSETS 406,726,675 669,364,906
NET ASSETS -- BEGINNING OF PERIOD 1,849,240,691 1,179,875,785
-------------- --------------
NET ASSETS -- END OF PERIOD $2,255,967,366 $1,849,240,691
============== ==============
Accumulated undistributed net realized gain on investments
included in net assets at end of period $ 21,866,010 $ --
============== ==============
Accumulated undistributed net investment income included in
net assets at end of period $ 214,103 $ --
============== ==============
SHARE ACTIVITY:
Shares sold 14,376,365 24,297,890
Shares issued to shareholders from reinvestment of
dividends and capital gains 624,277 5,101,431
Shares redeemed (7,256,021) (5,376,527)
-------------- --------------
Net increase in number of shares 7,744,621 24,022,794
============== ==============
</TABLE>
See accompanying notes to financial statements.
64 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 66
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CAPITAL APPRECIATION FUND
---------------------------
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1998 1997
------------ ------------
(UNAUDITED)
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 2,857,795 $ 3,708,926
Net realized gain on investments 3,670,037 10,249,612
Net change in unrealized appreciation on investments 99,607,731 80,600,045
------------ ------------
Net increase in net assets resulting from operations 106,135,563 94,558,583
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (2,857,745) (3,724,540)
In excess of net investment income (102,842) (4,115)
Net realized gain on investments -- (10,188,319)
------------ ------------
Decrease in net assets from distributions to
shareholders (2,960,637) (13,916,974)
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 256,479,100 269,193,879
Net asset value of shares issued to shareholders from
reinvestment of dividends and capital gains 2,960,637 13,916,973
Cost of shares redeemed (90,113,783) (93,488,642)
------------ ------------
Net increase in net assets derived from capital share
transactions 169,325,954 189,622,210
------------ ------------
NET INCREASE IN NET ASSETS 272,500,880 270,263,819
NET ASSETS -- BEGINNING OF PERIOD 481,737,642 211,473,823
------------ ------------
NET ASSETS -- END OF PERIOD $754,238,522 $481,737,642
============ ============
Accumulated undistributed net realized gain on investments
included in net
assets at end of period $ 3,731,330 $ 61,293
============ ============
Accumulated distributions in excess of net investment
income
included in net assets at end of period $ (106,957) $ (4,115)
============ ============
SHARE ACTIVITY:
Shares sold 10,904,594 13,779,798
Shares issued to shareholders from reinvestment of
dividends
and capital gains 120,244 669,538
Shares redeemed (3,795,215) (4,723,342)
------------ ------------
Net increase in number of shares 7,229,623 9,725,994
============ ============
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 65
<PAGE> 67
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GOVERNMENT BOND FUND
----------------------------
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1998 1997
------------ -------------
(UNAUDITED)
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 14,877,928 $ 27,623,562
Net realized gain on investments 2,652,371 3,376,883
Net change in unrealized appreciation on investments 2,537,196 9,408,533
------------ -------------
Net increase in net assets resulting from operations 20,067,495 40,408,978
------------ -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM NET INVESTMENT INCOME (14,829,007) (27,597,530)
------------ -------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 136,891,057 107,338,995
Net asset value of shares issued to shareholders from
reinvestment
of dividends 14,829,007 27,597,530
Cost of shares redeemed (95,848,707) (131,602,429)
------------ -------------
Net increase in net assets derived from capital share
transactions 55,871,357 3,334,096
------------ -------------
NET INCREASE IN NET ASSETS 61,109,845 16,145,544
NET ASSETS -- BEGINNING OF PERIOD 475,392,394 459,246,850
------------ -------------
NET ASSETS -- END OF PERIOD $536,502,239 $ 475,392,394
============ =============
Accumulated undistributed net realized gain (loss) on
investments included in net assets at end of period $ 1,694,664 $ (957,707)
============ =============
Accumulated undistributed net investment income included in
net assets at end of period $ 91,653 $ 42,732
============ =============
SHARE ACTIVITY:
Shares sold 11,876,477 9,504,326
Shares issued to shareholders from reinvestment of
dividends 1,297,958 2,487,784
Shares redeemed (8,326,775) (11,787,299)
------------ -------------
Net increase in number of shares 4,847,660 204,811
============ =============
</TABLE>
See accompanying notes to financial statements.
66 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 68
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONEY MARKET FUND
---------------------------------
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1998 1997
--------------- ---------------
(UNAUDITED)
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 28,099,596 $ 53,155,098
Net realized gain on investments 1,139 62
--------------- ---------------
Net increase in net assets resulting from operations 28,100,735 53,155,160
--------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM NET INVESTMENT INCOME (28,099,596) (53,153,320)
--------------- ---------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 1,870,417,557 2,695,705,104
Net asset value of shares issued to shareholders from
reinvestment of dividends 28,099,596 53,153,320
Cost of shares redeemed (1,694,022,621) (2,738,792,178)
--------------- ---------------
Net increase in net assets derived from capital share
transactions 204,494,532 10,066,246
--------------- ---------------
NET INCREASE IN NET ASSETS 204,495,671 10,068,086
NET ASSETS -- BEGINNING OF PERIOD 993,596,764 983,528,678
--------------- ---------------
NET ASSETS -- END OF PERIOD $ 1,198,092,435 $ 993,596,764
=============== ===============
Accumulated undistributed net realized (loss) on investments
included in net assets at end of period $ (5,403) $ (6,542)
=============== ===============
Undistributed net investment income included in net assets
at end of period $ 1,778 $ 1,778
=============== ===============
SHARE ACTIVITY:
Shares sold 1,870,417,557 2,695,705,104
Shares issued to shareholders from reinvestment of
dividends 28,099,596 53,153,320
Shares redeemed (1,694,022,621) (2,738,792,178)
--------------- ---------------
Net increase in number of shares 204,494,532 10,066,246
=============== ===============
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 67
<PAGE> 69
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL COMPANY FUND
----------------------------------
SIX MONTHS
ENDED YEAR ENDED
JUNE 30, DECEMBER 31,
1998 1997
------------ -------------------
(UNAUDITED)
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 378,128 $ 122,822
Net realized gain on investments and foreign currencies 7,075,334 11,078,374
Net change in unrealized appreciation on investments and
translation of assets and liabilities in foreign
currencies 13,186,623 26,937,936
------------ ------------
Net increase in net assets resulting from operations 20,640,085 38,139,132
------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM NET REALIZED GAIN ON
INVESTMENTS AND FOREIGN CURRENCIES -- (9,343,554)
------------ ------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 181,633,802 290,826,034
Net asset value of shares issued to shareholders from
reinvestment of dividends and capital gains -- 9,343,554
Cost of shares redeemed (150,911,085) (165,997,074)
------------ ------------
Net increase in net assets derived from capital share
transactions 30,722,717 134,172,514
------------ ------------
NET INCREASE IN NET ASSETS 51,362,802 162,968,092
NET ASSETS -- BEGINNING OF PERIOD 343,807,801 180,839,709
------------ ------------
NET ASSETS -- END OF PERIOD $395,170,603 $343,807,801
============ ============
Accumulated undistributed net realized gain on investments
included in net assets at end of period $ 8,438,359 $ 1,363,025
============ ============
Accumulated undistributed net investment income included in
net assets at end of period $ 378,128 $ --
============ ============
SHARE ACTIVITY:
Shares sold 10,868,910 18,684,391
Shares issued to shareholders from reinvestment of
dividends and capital gains -- 595,890
Shares redeemed (9,066,120) (10,611,106)
------------ ------------
Net increase in number of shares 1,802,790 8,669,175
============ ============
</TABLE>
See accompanying notes to financial statements.
68 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 70
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INCOME FUND
-----------------
PERIOD FROM
JANUARY 20, 1998
(COMMENCEMENT
OF OPERATIONS)
THROUGH JUNE 30,
1998
-----------------
(UNAUDITED)
<S> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 54,274
Net realized loss on investments and foreign currencies (3,561)
Net change in unrealized appreciation on investments and
translation of assets and liabilities in foreign
currencies 21,022
----------
Net increase in net assets resulting from operations 71,735
----------
DISTRIBUTIONS TO SHAREHOLDERS FROM NET INVESTMENT INCOME (54,069)
----------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 3,307,120
Net asset value of shares issued to shareholders from
reinvestment of dividends 54,069
Cost of shares redeemed (347,172)
----------
Net increase in net assets derived from capital share
transactions 3,014,017
----------
NET INCREASE IN NET ASSETS 3,031,683
NET ASSETS -- BEGINNING OF PERIOD --
----------
NET ASSETS -- END OF PERIOD $3,031,683
==========
Undistributed net realized loss on investments included in
net assets at end of period $ (3,561)
==========
Undistributed net investment income included in net assets
at end of period $ 205
==========
SHARE ACTIVITY:
Shares sold 330,313
Shares issued to shareholders from reinvestment of
dividends 5,398
Shares redeemed (34,462)
----------
Net increase in number of shares 301,249
==========
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 69
<PAGE> 71
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STRATEGIC GROWTH FUND
--------------------------------
PERIOD FROM
OCTOBER 31, 1997
SIX MONTHS (COMMENCEMENT
ENDED OF OPERATIONS)
JUNE 30, THROUGH
1998 DECEMBER 31, 1997
------------ -----------------
(UNAUDITED)
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 426 $ 1,251
Net realized loss on investments and foreign currencies (63,712) (26,440)
Net change in unrealized appreciation on investments and
translation of assets and liabilities in foreign
currencies 420,951 55,671
---------- ----------
Net increase in net assets resulting from operations 357,665 30,482
---------- ----------
DISTRIBUTIONS TO SHAREHOLDERS FROM NET INVESTMENT INCOME -- (1,251)
---------- ----------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 4,917,700 1,316,261
Net asset value of shares issued to shareholders from
reinvestment of dividends -- 1,251
Cost of shares redeemed (12,917) (1)
---------- ----------
Net increase in net assets derived from capital share
transactions 4,904,783 1,317,511
---------- ----------
NET INCREASE IN NET ASSETS 5,262,448 1,346,742
NET ASSETS -- BEGINNING OF PERIOD 1,346,742 --
---------- ----------
NET ASSETS -- END OF PERIOD $6,609,190 $1,346,742
========== ==========
Accumulated undistributed net realized (loss) on investments
included in net assets at end of period $ (90,152) (26,440)
========== ==========
Accumulated undistributed net investment income included in
net assets at end of period $ 426 $ --
========== ==========
SHARE ACTIVITY:
Shares sold 455,820 131,802
Shares issued to shareholders from reinvestment of
dividends -- 124
Shares redeemed (1,175) (1)
---------- ----------
Net increase in number of shares 454,645 131,925
========== ==========
</TABLE>
See accompanying notes to financial statements.
70 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 72
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STRATEGIC VALUE FUND
--------------------------------
PERIOD FROM
OCTOBER 31, 1997
SIX MONTHS (COMMENCEMENT
ENDED OF OPERATIONS)
JUNE 30, THROUGH
1998 DECEMBER 31, 1997
------------ -----------------
(UNAUDITED)
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 23,059 $ 1,828
Net realized loss on investments and foreign currencies (64,281) (18,352)
Net change in unrealized appreciation (depreciation) on
investments and translation of assets and liabilities
in foreign currencies (154,566) 37,417
----------- ----------
Net increase (decrease) in net assets resulting from
operations (195,788) 20,893
----------- ----------
DISTRIBUTIONS TO SHAREHOLDERS FROM NET INVESTMENT INCOME (23,024) (1,812)
----------- ----------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 9,632,202 1,447,966
Net asset value of shares issued to shareholders from
reinvestment of dividends 23,024 1,812
Cost of shares redeemed (641,481) --
----------- ----------
Net increase in net assets derived from capital share
transactions 9,013,745 1,449,778
----------- ----------
NET INCREASE IN NET ASSETS 8,794,933 1,468,859
NET ASSETS -- BEGINNING OF PERIOD 1,468,859 --
----------- ----------
NET ASSETS -- END OF PERIOD $10,263,792 $1,468,859
=========== ==========
Accumulated undistributed net realized loss on investments
included in net assets at end of period $ (82,633) $ (18,352)
=========== ==========
Accumulated undistributed net investment income included in
net assets at end of period $ 51 $ 16
=========== ==========
SHARE ACTIVITY:
Shares sold 895,484 144,532
Shares issued to shareholders from reinvestment of
dividends 2,181 181
Shares redeemed (58,390) --
----------- ----------
Net increase in number of shares 839,275 144,713
=========== ==========
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 71
<PAGE> 73
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
EQUITY INCOME FUND
-----------------------------
PERIOD FROM
OCTOBER 31, 1997
(COMMENCEMENT
SIX MONTHS OF OPERATIONS)
ENDED THROUGH
JUNE 30, DECEMBER 31,
1998 1997
---------- ----------------
(UNAUDITED)
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 24,153 $ 2,828
Net realized gain (loss) on investments and foreign
currencies 53,410 (12,649)
Net change in unrealized appreciation on investments and
translation of assets and liabilities in foreign
currencies 302,457 36,933
---------- -----------
Net increase in net assets resulting from operations 380,020 27,112
---------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM NET INVESTMENT INCOME (24,224) (2,689)
---------- -----------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 6,588,012 1,582,657
Net asset value of shares issued to shareholders from
reinvestment of dividends 24,224 2,689
Cost of shares redeemed (14,293) (2)
---------- -----------
Net increase in net assets derived from capital share
transactions 6,597,943 1,585,344
---------- -----------
NET INCREASE IN NET ASSETS 6,953,739 1,609,767
NET ASSETS -- BEGINNING OF PERIOD 1,609,767 --
---------- -----------
NET ASSETS -- END OF PERIOD $8,563,506 $ 1,609,767
========== ===========
Accumulated undistributed net realized gain (loss) on
investments included in net assets at end of period $ 40,761 $ (12,649)
========== ===========
Accumulated undistributed net investment income included in
net assets at end of period $ 68 $ 139
========== ===========
SHARE ACTIVITY:
Shares sold 617,672 158,243
Shares issued to shareholders from reinvestment of
dividends 2,216 266
Shares redeemed (1,407) --
---------- -----------
Net increase in number of shares 618,481 158,509
========== ===========
</TABLE>
See accompanying notes to financial statements.
72 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 74
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
HIGH INCOME BOND FUND
-------------------------------
PERIOD FROM
OCTOBER 31, 1997
(COMMENCEMENT
SIX MONTHS OF OPERATIONS)
ENDED THROUGH
JUNE 30, DECEMBER 31,
1998 1997
----------- -----------------
(UNAUDITED)
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 434,107 $ 64,197
Net realized gain (loss) on investments and foreign
currencies 36,407 (1,529)
Net change in unrealized appreciation on investments and
translation of assets and liabilities in foreign
currencies 2,289 62,289
----------- -----------
Net increase in net assets resulting from operations 472,803 124,957
----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM NET INVESTMENT INCOME (436,100) (63,617)
----------- -----------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 12,833,313 5,904,754
Net asset value of shares issued to shareholders from
reinvestment of dividends 436,100 63,617
Cost of shares redeemed (58,980) (663)
----------- -----------
Net increase in net assets derived from capital share
transactions 13,210,433 5,967,708
----------- -----------
NET INCREASE IN NET ASSETS 13,247,136 6,029,048
NET ASSETS -- BEGINNING OF PERIOD 6,029,048 --
----------- -----------
NET ASSETS -- END OF PERIOD $19,276,184 $ 6,029,048
=========== ===========
Accumulated undistributed net realized gain (loss) on
investments included in net assets at end of period $ 34,878 $ (1,529)
=========== ===========
Accumulated undistributed (distributions in excess of) net
investment income included in net assets at end of period $ (1,413) $ 580
=========== ===========
SHARE ACTIVITY:
Shares sold 1,226,645 589,241
Shares issued to shareholders from reinvestment of
dividends 41,973 6,286
Shares redeemed (5,625) (65)
----------- -----------
Net increase in number of shares 1,262,993 595,462
=========== ===========
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 73
<PAGE> 75
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
BALANCED FUND
-------------------------------
PERIOD FROM
OCTOBER 31, 1997
(COMMENCEMENT
SIX MONTHS OF OPERATIONS)
ENDED THROUGH
JUNE 30, DECEMBER 31,
1998 1997
----------- -----------------
(UNAUDITED)
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 177,013 $ 8,725
Net realized gain on investments and foreign currencies 27,717 125
Net change in unrealized appreciation on investments and
translation of assets and liabilities in foreign
currencies 116,415 14,760
----------- ----------
Net increase in net assets resulting from operations 321,145 23,610
----------- ----------
DISTRIBUTIONS TO SHAREHOLDERS FROM NET INVESTMENT INCOME (174,991) (8,551)
----------- ----------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 16,721,888 1,862,542
Net asset value of shares issued to shareholders from
reinvestment of dividends 174,991 8,551
Cost of shares redeemed (203) --
----------- ----------
Net increase in net assets derived from capital share
transactions 16,896,676 1,871,093
----------- ----------
NET INCREASE IN NET ASSETS 17,042,830 1,886,152
NET ASSETS -- BEGINNING OF PERIOD 1,886,152 --
----------- ----------
NET ASSETS -- END OF PERIOD $18,928,982 $1,886,152
=========== ==========
Accumulated undistributed net realized gain on investments
included in net assets at end of period $ 27,842 $ 125
=========== ==========
Accumulated undistributed net investment income included in
net assets at end of period $ 2,196 $ 174
=========== ==========
SHARE ACTIVITY:
Shares sold 1,572,472 185,899
Shares issued to shareholders from reinvestment of
dividends 16,408 848
Shares redeemed (19) --
----------- ----------
Net increase in number of shares 1,588,861 186,747
=========== ==========
</TABLE>
See accompanying notes to financial statements.
74 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 76
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MULTI SECTOR BOND FUND
-------------------------------
PERIOD FROM
OCTOBER 31, 1997
(COMMENCEMENT
SIX MONTHS OF OPERATIONS)
ENDED THROUGH
JUNE 30, DECEMBER 31,
1998 1997
----------- -----------------
(UNAUDITED)
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 282,719 $ 10,976
Net realized gain on investments and foreign currencies 701 548
Net change in unrealized appreciation (depreciation) on
investments and translation of assets and liabilities
in foreign currencies (230,663) 3,020
----------- ----------
Net increase in net assets resulting from operations 52,757 14,544
----------- ----------
DISTRIBUTIONS TO SHAREHOLDERS FROM NET INVESTMENT INCOME (278,435) (10,620)
----------- ----------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 17,599,701 2,017,099
Net asset value of shares issued to shareholders from
reinvestment of dividends 278,435 10,620
Cost of shares redeemed (18,626) (3)
----------- ----------
Net increase in net assets derived from capital share
transactions 17,859,510 2,027,716
----------- ----------
NET INCREASE IN NET ASSETS 17,633,832 2,031,640
NET ASSETS -- BEGINNING OF PERIOD 2,031,640 --
----------- ----------
NET ASSETS -- END OF PERIOD $19,665,472 $2,031,640
=========== ==========
Accumulated undistributed net realized gain on investments
included in net assets at end of period $ 1,249 $ 548
=========== ==========
Accumulated undistributed net investment income included in
net assets at end of period $ 4,640 $ 356
=========== ==========
SHARE ACTIVITY:
Shares sold 1,727,435 201,188
Shares issued to shareholders from reinvestment of
dividends 27,643 1,059
Shares redeemed (1,824) (1)
----------- ----------
Net increase in number of shares 1,753,254 202,246
=========== ==========
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 75
<PAGE> 77
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL CAP VALUE FUND
-------------------------------
PERIOD FROM
OCTOBER 31, 1997
(COMMENCEMENT
SIX MONTHS OF OPERATIONS)
ENDED THROUGH
JUNE 30, DECEMBER 31,
1998 1997
----------- -----------------
(UNAUDITED)
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss) $ (3,978) $ 1,130
Net realized gain on investments and foreign currencies 556,029 9,086
Net change in unrealized (depreciation) on investments and
translation of assets and liabilities in foreign
currencies (1,006,015) (16,246)
----------- ----------
Net increase (decrease) in net assets resulting from
operations (453,964) (6,030)
----------- ----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income -- (1,130)
In excess of net investment income -- (10)
Net realized gain from investment transactions and foreign
currency transactions -- (8,911)
----------- ----------
Decrease in net assets from distributions to
shareholders -- (10,051)
----------- ----------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 27,739,200 2,075,396
Net asset value of shares issued to shareholders from
reinvestment of dividends and capital gains -- 10,051
Cost of shares redeemed (6,904,102) --
----------- ----------
Net increase in net assets derived from capital share
transactions 20,835,098 2,085,447
----------- ----------
NET INCREASE IN NET ASSETS 20,381,134 2,069,366
NET ASSETS -- BEGINNING OF PERIOD 2,069,366 --
----------- ----------
NET ASSETS -- END OF PERIOD $22,450,500 $2,069,366
=========== ==========
Accumulated undistributed net realized gain on investments
included in net assets at end of period $ 556,204 $ 175
=========== ==========
Accumulated distributions in excess of net investment income
included in net assets at end of period $ (3,988) $ (10)
=========== ==========
SHARE ACTIVITY:
Shares sold 2,637,639 210,321
Shares issued to shareholders from reinvestment of
dividends and capital gains -- 1,033
Shares redeemed (646,149) --
----------- ----------
Net increase in number of shares 1,991,490 211,354
=========== ==========
</TABLE>
See accompanying notes to financial statements.
76 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 78
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GLOBAL EQUITY FUND
-------------------------------
PERIOD FROM
OCTOBER 31, 1997
(COMMENCEMENT
SIX MONTHS OF OPERATIONS)
ENDED THROUGH
JUNE 30, DECEMBER 31,
1998 1997
----------- -----------------
(UNAUDITED)
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 56,548 $ 8,820
Net realized gain (loss) on investments and foreign
currencies 299,888 (2,262)
Net change in unrealized appreciation on investments and
translation of assets and liabilities in foreign
currencies 729,193 55,064
----------- ----------
Net increase in net assets resulting from operations 1,085,629 61,622
----------- ----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (129,153) (8,820)
In excess of net investment income -- (801)
----------- ----------
Decrease in net assets from distributions to
shareholders (129,153) (9,621)
----------- ----------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 7,785,799 5,504,550
Net asset value of shares issued to shareholders from
reinvestment of dividends and capital gains 129,153 9,621
Cost of shares redeemed (159,307) --
----------- ----------
Net increase in net assets derived from capital share
transactions 7,755,645 5,514,171
----------- ----------
NET INCREASE IN NET ASSETS 8,712,121 5,566,172
NET ASSETS -- BEGINNING OF PERIOD 5,566,172 --
----------- ----------
NET ASSETS -- END OF PERIOD $14,278,293 $5,566,172
=========== ==========
Accumulated undistributed net realized gain (loss) on
investments included in net assets at end of period $ 294,046 $ (5,842)
=========== ==========
Accumulated undistributed (distributions in excess of) net
investment income included in net assets at end of period $ (69,826) $ 2,779
=========== ==========
SHARE ACTIVITY:
Shares sold 704,006 550,278
Shares issued to shareholders from reinvestment of
dividends 11,452 954
Shares redeemed (15,664) --
----------- ----------
Net increase in number of shares 699,794 551,232
=========== ==========
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 77
<PAGE> 79
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELECT ADVISERS MID CAP FUND
-------------------------------
PERIOD FROM
OCTOBER 31, 1997
(COMMENCEMENT
SIX MONTHS OF OPERATIONS)
ENDED THROUGH
JUNE 30, DECEMBER 31,
1998 1997
----------- -----------------
(UNAUDITED)
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 28,795 $ 7,917
Net realized (loss) on investments and foreign currencies (711) (17,550)
Net change in unrealized appreciation on investments and
translation of assets and liabilities in foreign
currencies 342,497 5,469
----------- ----------
Net increase (decrease) in net assets resulting from
operations 370,581 (4,164)
----------- ----------
DISTRIBUTIONS TO SHAREHOLDERS FROM NET INVESTMENT INCOME (28,936) (7,734)
----------- ----------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 3,977,976 3,218,128
Net asset value of shares issued to shareholders from
reinvestment of dividends 28,936 7,734
Cost of shares redeemed (85,344) --
----------- ----------
Net increase in net assets derived from capital share
transactions 3,921,568 3,225,862
----------- ----------
NET INCREASE IN NET ASSETS 4,263,213 3,213,964
NET ASSETS -- BEGINNING OF PERIOD 3,213,964 --
----------- ----------
NET ASSETS -- END OF PERIOD $ 7,477,177 $3,213,964
=========== ==========
Accumulated undistributed net realized (loss) on investments
included in net assets at end of period $ (18,261) $ (17,550)
=========== ==========
Accumulated undistributed net investment income included in
net assets at end of period $ 42 $ 183
=========== ==========
SHARE ACTIVITY:
Shares sold 377,561 322,491
Shares issued to shareholders from reinvestment of
dividends 2,691 785
Shares redeemed (8,238) --
----------- ----------
Net increase in number of shares 372,014 323,276
=========== ==========
</TABLE>
See accompanying notes to financial statements.
78 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 80
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TOTAL RETURN FUND
--------------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
JUNE 30, ------------------------------------------------------------
1998 1997 1996 1995 1994 1993
----------- ---------- ---------- ---------- ---------- --------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF
PERIOD $ 16.38 $ 13.27 $ 11.54 $ 9.70 $ 10.10 $ 9.46
Net investment income 0.10 0.25 0.24 0.31 0.21 0.23
Net realized gain (loss) and
unrealized appreciation
(depreciation) on investments 2.32 3.63 2.26 2.49 (0.10) 0.79
----------- ---------- ---------- ---------- ---------- --------
Total from investment operations 2.42 3.88 2.50 2.80 0.11 1.02
----------- ---------- ---------- ---------- ---------- --------
Dividends from net investment
income (0.10) (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 -- (0.02) -- -- -- --
----------- ---------- ---------- ---------- ---------- --------
Total distributions (0.10) (0.77) (0.77) (0.96) (0.51) (0.38)
----------- ---------- ---------- ---------- ---------- --------
Net increase (decrease) in net
asset value 2.32 3.11 1.73 1.84 (0.40) 0.64
----------- ---------- ---------- ---------- ---------- --------
NET ASSET VALUE --
END OF PERIOD $ 18.70 $ 16.38 $ 13.27 $ 11.54 $ 9.70 $ 10.10
=========== ========== ========== ========== ========== ========
Total Return 14.77% 29.43% 21.84% 29.09% 1.07% 10.92%
Ratios and supplemental data:
Net Assets, end of period (000) $ 2,255,967 $1,849,241 $1,179,876 $ 814,964 $ 534,821 $456,243
Ratio of expenses to average net
assets 0.65%* 0.54% 0.51% 0.51% 0.52% 0.53%
Ratio of net investment income to
average net assets 1.14%* 1.54% 1.99% 2.84% 2.76% 2.51%
Portfolio turnover 3.26%* 13.85% 16.18% 16.12% 12.06% 9.79%
</TABLE>
- ------------------------------------------------------
* Ratios are annualized for periods of less than one year. Total return and
portfolio turnover are not annualized.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 79
<PAGE> 81
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CAPITAL APPRECIATION FUND
-------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
JUNE 30, -----------------------------------------------------
1998 1997 1996 1995 1994 1993
---------- -------- -------- ------- ------- -------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF
PERIOD $ 21.21 $ 16.28 $ 13.48 $ 10.92 $ 11.20 $ 10.46
Net investment income 0.10 0.20 0.21 0.23 0.18 0.26
Net realized gain (loss) and
unrealized appreciation
(depreciation) on investments 3.99 5.39 3.29 2.96 (0.28) 0.74
---------- -------- -------- ------- ------- -------
Total from investment
operations 4.09 5.59 3.50 3.19 (0.10) 1.00
---------- -------- -------- ------- ------- -------
Dividends from net investment
income (0.10) (0.20) (0.22) (0.23) (0.18) (0.26)
Dividends in excess of net
investment income (0.01) -- -- -- -- --
Dividends from net realized gain
from investment transactions -- (0.46) (0.48) (0.40) -- --
---------- -------- -------- ------- ------- -------
Total distributions (0.11) (0.66) (0.70) (0.63) (0.18) (0.26)
---------- -------- -------- ------- ------- -------
Net increase (decrease) in net
asset value 3.98 4.93 2.80 2.56 (0.28) 0.74
---------- -------- -------- ------- ------- -------
NET ASSET VALUE --
END OF PERIOD $ 25.19 $ 21.21 $ 16.28 $ 13.48 $ 10.92 $ 11.20
========== ======== ======== ======= ======= =======
Total Return 19.27%* 34.49% 26.14% 29.35% (0.90)% 9.61%
Ratios and supplemental data:
Net Assets, end of period (000) $ 754,239 $481,738 $211,474 $81,237 $60,442 $38,926
Ratio of expenses to average net
assets 0.67%* 0.56% 0.52% 0.54% 0.56% 0.59%
Ratio of net investment income
to average net assets 0.92%* 1.10% 1.53% 1.89% 1.76% 2.82%
Portfolio turnover 1.34%* 10.88% 22.19% 20.28% 11.21% 16.87%
</TABLE>
- ------------------------------------------------------
* Ratios are annualized for periods of less than one year. Total return and
portfolio turnover are not annualized.
See accompanying notes to financial statements.
80 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 82
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GOVERNMENT BOND FUND
----------------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
JUNE 30, --------------------------------------------------------------
1998 1997 1996 1995 1994 1993
----------- ---------- ---------- ---------- ---------- ----------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF
PERIOD $ 11.38 $ 11.04 $ 11.36 $ 10.20 $ 11.26 $ 10.92
Net investment income 0.33 0.17 0.69 0.71 0.69 0.71
Net realized gain (loss) and
unrealized appreciation
(depreciation) on investments 0.12 0.34 (0.32) 1.16 (1.06) 0.32
----------- ---------- ---------- ---------- ---------- ----------
Total from investment
operations 0.45 0.51 0.37 1.87 (0.37) 1.03
----------- ---------- ---------- ---------- ---------- ----------
Dividends from net investment
income (0.33) (0.17) (0.69) (0.71) (0.69) (0.66)
Dividends from net realized gain
from investment transactions -- -- -- -- -- (0.03)
----------- ---------- ---------- ---------- ---------- ----------
Total distributions (0.33) (0.17) (0.69) (0.71) (0.69) (0.69)
----------- ---------- ---------- ---------- ---------- ----------
Net increase (decrease) in net
asset value 0.12 0.34 (0.32) 1.16 (1.06) 0.34
----------- ---------- ---------- ---------- ---------- ----------
NET ASSET VALUE --
END OF PERIOD $ 11.50 $ 11.38 $ 11.04 $ 11.36 $ 10.20 $ 11.26
=========== ========== ========== ========== ========== ==========
Total Return 3.99%* 9.67% 3.49% 18.74% (3.23)% 9.52%
Ratios and supplemental data:
Net Assets, end of period (000) $ 536,502 $ 475,392 $ 459,247 $ 454,016 $ 391,253 $ 433,584
Ratio of expenses to average net
assets 0.57%* 0.53% 0.51% 0.51% 0.51% 0.53%
Ratio of net investment income to
average net assets 5.93%* 6.19% 6.23% 6.45% 6.46% 5.91%
Portfolio turnover 20.10%* 68.61% 33.75% 97.05% 111.40% 175.37%
</TABLE>
- ------------------------------------------------------
* Ratios are annualized for periods of less than one year. Total return and
portfolio turnover are not annualized.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 81
<PAGE> 83
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONEY MARKET FUND
------------------------------------------------------------------
SIX MONTHS
ENDED YEARS ENDED DECEMBER 31,
JUNE 30, ----------------------------------------------------
1998 1997 1996 1995 1994 1993
---------- -------- -------- -------- -------- --------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE --
BEGINNING OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Net investment income 0.03 0.05 0.05 0.06 0.04 0.03
Dividends from net
investment income (0.03) (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 $ 1.00
========== ======== ======== ======== ======== ========
Total Return 2.62%* 5.26% 5.12% 5.66% 3.88% 2.76%
Ratios and supplemental
data:
Net Assets, end of
period (000) $1,198,092 $993,597 $983,529 $737,408 $828,027 $351,798
Ratio of expenses to
average net assets 0.47%* 0.51% 0.51% 0.52% 0.54% 0.53%
Ratio of net investment
income to average net
assets 5.25%* 5.16% 5.00% 5.51% 4.00% 2.72%
</TABLE>
- ------------------------------------------------------
* Ratios are annualized for periods of less than one year. Total return is not
annualized.
See accompanying notes to financial statements.
82 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 84
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL COMPANY FUND
---------------------------------------------------------------
PERIOD FROM
SIX MONTHS OCTOBER 23, 1995
ENDED YEARS ENDED DECEMBER 31, (COMMENCEMENT OF
JUNE 30, ------------------------ OPERATIONS) THROUGH
1998 1997 1996 DECEMBER 31, 1995
----------- -------- -------- -------------------
(UNAUDITED)
<S> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF
PERIOD $ 15.85 $ 13.89 $ 11.42 $ 10.00
Net investment income 0.02 -- 0.06 0.02
Net realized gain and unrealized
appreciation on investments and
translation of assets and
liabilities in foreign
currencies 0.95 2.41 2.55 1.42
-------- -------- -------- -------
Total from investment operations 0.97 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 0.97 1.96 2.47 1.42
-------- -------- -------- -------
NET ASSET VALUE -- END OF PERIOD $ 16.82 $ 15.85 $ 13.89 $ 11.42
======== ======== ======== =======
Total Return 6.12%* 17.35% 22.83% 14.38%*
Ratios and supplemental data:
Net Assets, end of period (000) $395,171 $343,808 $180,840 $17,155
Ratio of expenses to average net
assets 1.07%* 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 0.20%* 0.05% 0.60% 1.32%*
Ratio of net investment income to
average net assets** -- -- 0.60% 0.83%*
Portfolio turnover 61.88%* 134.38% 136.74% 9.03%*
</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.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 83
<PAGE> 85
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INCOME FUND STRATEGIC GROWTH FUND STRATEGIC VALUE FUND
---------------- ---------------------------------- ----------------------------------
PERIOD FROM PERIOD FROM PERIOD FROM
JANUARY 20, 1998 OCTOBER 31, 1997 OCTOBER 31, 1997
(COMMENCEMENT SIX MONTHS (COMMENCEMENT SIX MONTHS (COMMENCEMENT
OF OPERATIONS) ENDED OF OPERATIONS) ENDED OF OPERATIONS)
THROUGH JUNE 30, JUNE 30, THROUGH DECEMBER 31, JUNE 30, THROUGH DECEMBER 31,
1998 1998 1997 1998 1997
---------------- ----------- -------------------- ----------- --------------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF
PERIOD $ 10.00 $ 10.21 $ 10.00 $ 10.15 $ 10.00
Net investment income 0.20 -- 0.01 0.03 0.01
Net realized gain and
unrealized appreciation on
investments 0.06 1.06 0.21 0.28 0.15
------- ------- ------- ------- -------
Total from investment
operations 0.26 1.06 0.22 0.31 0.16
------- ------- ------- ------- -------
Dividends from net investment
income (0.20) -- (0.01) (0.03) (0.01)
------- ------- ------- ------- -------
Net increase in net asset
value 0.06 1.06 0.21 0.28 0.15
------- ------- ------- ------- -------
NET ASSET VALUE -- END OF PERIOD $ 10.06 $ 11.27 $ 10.21 $ 10.43 $ 10.15
======= ======= ======= ======= =======
Total Return 2.62%* 10.38%* 2.20%* 3.06%* 1.63%*
Ratios and supplemental data:
Net Assets, end of period (000) $ 3,032 $ 6,609 $ 1,347 $10,264 $ 1,469
Ratio of expenses to average
net assets 0.75%* 1.00%* 1.00%* 1.00%* 1.00%*
Ratio of expenses to average
net assets** 0.97%* 1.69%* 6.33%* 1.33%* 5.54%*
Ratio of net investment income
to average net assets 4.84%* 0.02%* 0.68%* 0.88%* 0.96%*
Ratio of net investment income
to average net assets** 4.62%* (0.67)%* (4.65)%* 0.55%* (3.58)%*
Portfolio turnover 78.16%* 157.77%* 27.32%* 21.62%* 5.38%*
</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.
See accompanying notes to financial statements.
84 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 86
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
EQUITY INCOME FUND HIGH INCOME BOND FUND
--------------------------------- ---------------------------------
PERIOD FROM PERIOD FROM
OCTOBER 31, 1997 OCTOBER 31, 1997
SIX MONTHS (COMMENCEMENT SIX MONTHS (COMMENCEMENT
ENDED OF OPERATIONS) ENDED OF OPERATIONS)
JUNE 30, THROUGH DECEMBER 31, JUNE 30, THROUGH DECEMBER 31,
1998 1997 1998 1997
---------- -------------------- ---------- --------------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF
PERIOD $ 10.16 $ 10.00 $ 10.12 $ 10.00
Net investment income 0.04 0.02 0.31 0.11
Net realized gain and unrealized
appreciation on investments 0.86 0.16 0.25 0.12
------- ------- ------- -------
Total from investment operations 0.90 0.18 0.56 0.23
------- ------- ------- -------
Dividends from net investment
income (0.04) (0.02) (0.31) (0.11)
------- ------- ------- -------
Net increase in net asset value 0.86 0.16 0.25 0.12
------- ------- ------- -------
NET ASSET VALUE -- END OF PERIOD $ 11.02 $ 10.16 $ 10.37 $ 10.12
======= ======= ======= =======
Total Return 8.89%* 1.77%* 5.50%* 2.28%*
Ratios and supplemental data:
Net Assets, end of period (000) $ 8,564 $ 1,610 $19,276 $ 6,029
Ratio of expenses to average net
assets 0.95%* 0.95%* 0.95%* 0.95%*
Ratio of expenses to average net
assets** 1.35%* 5.63%* 1.21%* 2.18%*
Ratio of net investment income to
average net assets 1.03%* 1.34%* 7.59%* 8.96%*
Ratio of net investment income to
average net assets** 0.63%* (3.34)%* 7.33%* 5.73%*
Portfolio turnover 23.25%* 14.52%* 18.73%* 7.37%*
</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.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 85
<PAGE> 87
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
BALANCED FUND MULTI SECTOR BOND FUND
--------------------------------- ---------------------------------
PERIOD FROM PERIOD FROM
OCTOBER 31, 1997 OCTOBER 31, 1997
SIX MONTHS (COMMENCEMENT SIX MONTHS (COMMENCEMENT
ENDED OF OPERATIONS) ENDED OF OPERATIONS)
JUNE 30, THROUGH DECEMBER 31, JUNE 30, THROUGH DECEMBER 31,
1998 1997 1998 1997
---------- -------------------- ---------- --------------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF
PERIOD $ 10.10 $ 10.00 $ 10.05 $ 10.00
Net investment income 0.13 0.05 0.19 0.05
Net realized gain and unrealized
appreciation on investments 0.56 0.10 0.01 0.05
------- ------- ------- -------
Total from investment operations 0.69 0.15 0.20 0.10
------- ------- ------- -------
Dividends from net investment
income (0.13) (0.05) (0.19) (0.05)
------- ------- ------- -------
Net increase in net asset value 0.56 0.10 0.01 0.05
------- ------- ------- -------
NET ASSET VALUE -- END OF PERIOD $ 10.66 $ 10.10 $ 10.06 $ 10.05
======= ======= ======= =======
Total Return 6.83%* 1.46%* 2.02%* 1.04%*
Ratios and supplemental data:
Net Assets, end of period (000) $18,929 $ 1,886 $19,665 $ 2,032
Ratio of expenses to average net
assets 0.90%* 0.90%* 0.90%* 0.90%*
Ratio of expenses to average net
assets** 1.02%* 4.90%* 0.97%* 4.41%*
Ratio of net investment income to
average net assets 3.91%* 4.08%* 6.04%* 4.77%*
Ratio of net investment income to
average net assets** 3.79%* 0.08%* 5.97%* 1.26%*
Portfolio turnover 94.98%* 0.19%* 139.63%* 48.90%*
</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.
See accompanying notes to financial statements.
86 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 88
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL CAP VALUE FUND GLOBAL EQUITY FUND
--------------------------------- ---------------------------------
PERIOD FROM PERIOD FROM
OCTOBER 31, 1997 OCTOBER 31, 1997
SIX MONTHS (COMMENCEMENT SIX MONTHS (COMMENCEMENT
ENDED OF OPERATIONS) ENDED OF OPERATIONS)
JUNE 30, THROUGH DECEMBER 31, JUNE 30, THROUGH DECEMBER 31,
1998 1997 1998 1997
---------- -------------------- ---------- --------------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF
PERIOD $ 9.79 $ 10.00 $ 10.10 $ 10.00
Net investment income -- 0.01 0.06 0.02
Net realized gain (loss) and
unrealized appreciation
(depreciation) on investments 0.40 (0.17) 1.38 0.10
------- ------- ------- -------
Total from investment operations 0.40 (0.16) 1.44 0.12
------- ------- ------- -------
Dividends from net investment
income -- (0.01) (0.13) (0.02)
Dividends from net realized gain
from investment transactions and
foreign currencies -- (0.04) -- --
------- ------- ------- -------
Total distributions -- (0.05) (0.13) (0.02)
------- ------- ------- -------
Net increase (decrease) in net
asset value 0.40 (0.21) 1.31 0.10
------- ------- ------- -------
NET ASSET VALUE -- END OF PERIOD $ 10.19 $ 9.79 $ 11.41 $ 10.10
======= ======= ======= =======
Total Return 4.09%* (1.61)%* 14.23%* 1.18%*
Ratios and supplemental data:
Net Assets, end of period (000) $22,451 $ 2,069 $14,278 $ 5,566
Ratio of expenses to average net
assets 1.05%* 1.05%* 1.20%* 1.20%*
Ratio of expenses to average net
assets** 1.55%* 6.31%* 1.46%* 2.84%*
Ratio of net investment income to
average net assets (0.09)%* 0.50%* 1.20%* 1.00%*
Ratio of net investment income to
average net assets** (0.59)%* (4.76)%* 0.94%* (0.64)%*
Portfolio turnover 85.10%* 8.38%* 27.54%* 9.32%*
</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.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 87
<PAGE> 89
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELECT ADVISERS MID CAP FUND
----------------------------------
PERIOD FROM
OCTOBER 31, 1997
SIX MONTHS (COMMENCEMENT
ENDED OF OPERATIONS)
JUNE 30, THROUGH DECEMBER 31,
1998 1997
----------- --------------------
(UNAUDITED)
<S> <C> <C>
NET ASSET VALUE -- BEGINNING OF PERIOD $ 9.94 $ 10.00
Net investment income 0.05 0.02
Net realized gain (loss) and unrealized appreciation
(depreciation) on investments 0.81 (0.06)
------- -------
Total from investment operations 0.86 (0.04)
------- -------
Dividends from net investment income (0.05) (0.02)
Dividends from net realized gain from investment
transactions and foreign currencies -- --
------- -------
Total distributions (0.05) (0.02)
------- -------
Net increase (decrease) in net asset value 0.81 (0.06)
------- -------
NET ASSET VALUE -- END OF PERIOD $ 10.75 $ 9.94
======= =======
Total Return 8.63%* (0.36)%*
Ratios and supplemental data:
Net Assets, end of period (000) $ 7,477 $ 3,214
Ratio of expenses to average net assets 1.20%* 1.20%*
Ratio of expenses to average net assets** 1.67%* 3.31%*
Ratio of net investment income to average net assets 1.10%* 1.55%*
Ratio of net investment income to average net assets** 0.63%* (0.56)%*
Portfolio turnover 41.47%* 7.81%*
</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.
See accompanying notes to financial statements.
88 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 90
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1998 (UNAUDITED)
- --------------------------------------------------------------------------------
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 business trust as of 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's Declaration of 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. It commenced operations on
January 20, 1998.
(a) INVESTMENT VALUATION
1) All Funds (except the High Income Bond Fund and the Money Market Fund):
Securities traded on a national securities exchange are valued at the
last quoted sale price, as provided by an independent pricing agent.
Securities traded in the over-the-counter (OTC) market are valued at the
last quoted sale
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 89
<PAGE> 91
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
JUNE 30, 1998 (UNAUDITED)
- --------------------------------------------------------------------------------
price, or if no sale price, the quoted bid price. 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 High Income Bond Fund traded on a national
securities exchange and in the over-the-counter (OTC) market are valued
at the last quoted sale price, or if no sale, the mean between the last
closing bid and asked price shall be used.
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 judgement of
the Fund's investment adviser are valued in accordance with procedures
authorized by the Board of Trustees.
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.
2) MORTGAGE ROLLS. The Multi-Sector Bond Fund and Balanced 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. Fluctuation in the value of investments
resulting from changes in foreign exchange rates are included with net
realized and unrealized gain or loss from investments.
Net realized foreign exchange gains or losses arise from sales of
foreign currencies, currency gains or losses realized on security
transactions and the difference between the amounts of dividends,
interest and foreign withholding taxes recorded on the Fund's books, and
the U.S. dollar equivalent of amounts actually received or paid. Net
unrealized foreign exchange gains or losses arise from changes in the
value of assets and liabilities resulting from changes in exchange
rates.
FORWARD FOREIGN CURRENCY CONTRACTS. The Funds may enter into forward
currency exchange contracts which are obligations to purchase or sell a
foreign currency at a specified rate on a certain date in the future. A
net realized gain or loss would be incurred if the value of the contract
increases or decreases between the date the contract is opened and the
date it is closed. Forward currency contracts are marked to market daily
and this change in value is reflected in the Statement of Assets and
Liabilities as a net receivable/payable for foreign currency contracts
sold/purchased.
At or before the closing of a forward contract, the Funds 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
90 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 92
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
JUNE 30, 1998 (UNAUDITED)
- --------------------------------------------------------------------------------
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.
(a) 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.
(b) FEDERAL INCOME TAXES
Each Fund'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.
(c) 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:
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-
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 91
<PAGE> 93
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
JUNE 30, 1998 (UNAUDITED)
- --------------------------------------------------------------------------------
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 UNDISTRIBUTED
EXCESS OF) (DISTRIBUTIONS IN
NET INVESTMENT EXCESS OF) PAID IN
INCOME NET REALIZED GAIN CAPITAL
----------------- ------------------- --------
<S> <C> <C> <C>
Total Return Fund........................... $(199,606) $ 199,606
Small Company Fund.......................... 106,582 (591,620) 485,038
Global Equity Fund.......................... (3,580) 3,580
</TABLE>
(d) 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.
(e) ORGANIZATION EXPENSES
Initial organization expenses of the Small Company Fund, Income 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 adviser 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.
(f) 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
Investment advisory services are provided to the Trust by Nationwide Advisory
Services, Inc. (NAS), an affiliated company. Under the terms of the investment
advisory agreement, NAS is entitled to receive fees based on a percentage of the
average daily net assets of the Funds. See management fee schedule in the
following table.
Fees may be voluntarily waived or reimbursed to the Funds in order to maintain
expense ratios to be at or below stated expense cap.
92 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 94
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
JUNE 30, 1998 (UNAUDITED)
- --------------------------------------------------------------------------------
As stated above, 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 SUBADVISER(S)
- ---- -------------
<S> <C>
Small Company Fund The Dreyfus Corporation
Neuberger and Berman, LLC
Pictet International Management Limited and
Van Eck Associates Corporation
Strong Capital Management, Inc.
Warburg Pincus Asset Management, Inc.
Income Fund NCM Capital Management Group, Inc.
Smith Graham & Co. Asset Managers, L.P.
Strategic Growth Fund Strong Capital Management, Inc.
Strategic Value Fund Strong Capital Management, Inc.
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 Boston Company Asset Manager
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>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 93
<PAGE> 95
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
JUNE 30, 1998 (UNAUDITED)
- --------------------------------------------------------------------------------
Additional information regarding investment advisory fees collected and paid to
subadvisers is as follows for the period ending June 30, 1998.
<TABLE>
<CAPTION>
ADVISORY TOTAL FEES PAID
AVERAGE DAILY FEE SUBADVISORY ADVISORY NAS FEES TO
FUND NET ASSETS RETAINED FEE FEES COLLECTED SUBADVISER
- ------------------------------ ---------------------- -------- ----------- -------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Total Return $6,049,855 --
and Capital Appreciation $1,866,584 --
Up to $1 billion 0.60% -- 0.60%
Next $1 billion 0.575% -- 0.575%
Next $3 billion 0.55% -- 0.55%
$5 billion or more 0.50% -- 0.50%
Government Bond $1,253,867 --
Up to $1 billion 0.50% -- 0.50%
Next $1 billion 0.475% -- 0.475%
Next $3 billion 0.45% -- 0.45%
$5 billion or more 0.40% -- 0.40%
Money Market $2,130,197 --
Up to $1 billion 0.40% -- 0.40%
Next $1 billion 0.38% -- 0.38%
Next $3 billion 0.36% -- 0.36%
$5 billion or more 0.34% -- 0.34%
Small Company All 0.40% 0.60% 1.00% $1,844,661 $1,084,705
Income Up to $100 million 0.20% 0.25% 0.45% $ 5,043* 17,753*
$100 million or more 0.30% 0.15% 0.45%
Strategic Growth and $ 15,984 $ 8,880
Strategic Value Up to $500 million 0.40% 0.50% 0.90% $ 23,539 $ 13,077
$500 million or more 0.45% 0.45% 0.90%
Equity Income and $ 18,850 $ 9,425
High Income Bond $ 45,766 $ 22,883
Up to $50 million 0.40% 0.40% 0.80%
Next $200 million 0.55% 0.25% 0.80%
Next $250 million 0.60% 0.20% 0.80%
$500 million or more 0.65% 0.15% 0.80%
Balanced $ 33,969 $ 15,854
Up to $150 million 0.40% 0.35% 0.75%
Next $350 million 0.45% 0.30% 0.75%
$500 million or more 0.50% 0.25% 0.75%
Multi Sector Bond $ 35,114 $ 16,386
Up to $50 million 0.40% 0.35% 0.75%
Next $150 million 0.45% 0.30% 0.75%
Next $300 million 0.50% 0.25% 0.75%
$500 million or more 0.55% 0.20% 0.75%
Small Cap Value $ 40,487 $ 22,493
Up to $200 million 0.40% 0.50% 0.90%
$200 million or more 0.45% 0.45% 0.90%
Global Equity $ 47,252 $ 28,351
Up to $50 million 0.40% 0.60% 1.00%
$50 million or more 0.45% 0.55% 1.00%
Select Advisors Mid Cap $ 27,456 $ 16,997
Up to $50 million 0.40% 0.65% 1.05%
$50 million or more 0.55% 0.50% 1.05%
</TABLE>
- ------------------------------------------------------
* $5,043 represents 0.45% of average daily net assets. Subject to the
subadvisory agreement, NAS remits to the subadvisor 0.25% and 0.15% of the
total. However, minimum annual amounts included in the agreements of $15,000
for NCM Capital Management Group, Inc. and $25,000 for Smith & Graham & Co.
Asset Managers, L.P. are the responsibility of NAS. The total fees paid to the
subadvisors of $17, 753 include these minimum amounts.
94 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 96
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
JUNE 30, 1998 (UNAUDITED)
- --------------------------------------------------------------------------------
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>
Income Fund $10,906 $ (2,501) $ -- $ (2,501) $ 8,405
Strategic Growth Fund 30,035 (8,525) (3,751) (12,276) 17,759
Strategic Value Fund 34,827 (8,673) -- ( 8,673) 26,154
Equity Income Fund 31,742 (9,358) -- (9,358) 22,384
High Income Bond Fund 69,253 (14,906) -- (14,906) 54,347
Balanced Fund 46,193 (5,430) -- (5,430) 40,763
Multi Sector Bond Fund 45,331 (3,195) -- (3,195) 42,136
Small Cap Value Fund 69,748 (21,593) (920) (22,513) 47,235
Global Equity Fund 69,055 (12,354) -- (12,354) 56,702
Select Advisers Mid Cap
Fund 43,590 (12,212) -- (12,212) 31,378
</TABLE>
- ---------------
* Fees Waived include Investment Management, Administration and Transfer and
Dividend Disbursing Agent fees.
Per the Fund Administration Agreement, NAS also 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>
Up to $1 billion 0.05%
$1 billion and more 0.04%
</TABLE>
For the Income 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, 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>
Up to $250 million 0.07%
Next $750 million 0.05%
$1 billion and more 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, calculated daily and paid monthly.
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.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 95
<PAGE> 97
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
JUNE 30, 1998 (UNAUDITED)
- --------------------------------------------------------------------------------
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 period ended June 30, 1998 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 $198,689,699 $ 65,414,451 $342,422,833 $343,807,550
Capital Appreciation Fund 156,659,099 7,943,857 -- --
Government Bond Fund 14,261,252 21,462,334 152,853,324 70,337,322
Money Market Fund -- -- 293,060,171 298,786,272
Small Company Fund 238,245,259 210,985,117 35,558,412 32,835,167
Income Fund 957,575 135,777 3,774,116 1,799,592
Strategic Growth Fund 9,479,923 4,968,157 -- --
Strategic Value Fund 10,118,976 1,169,833 -- --
Equity Income Fund 7,259,757 1,076,150 -- --
High Income Bond Fund 14,052,967 2,081,795 -- --
Balanced Fund 18,874,852 5,013,980 3,624,906 2,742,516
Multi Sector Bond Fund 22,962,857 10,088,770 1,299,509 846,914
Small Cap Value Fund 27,739,105 7,741,554 -- --
Global Equity Fund 9,622,633 2,474,060 -- --
Select Advisers Mid Cap Fund 4,832,330 1,753,859 99,545 --
</TABLE>
Realized gains and losses have been computed on the specific identification
basis. Included in net unrealized appreciation (depreciation) for the period
ended June 30, 1998, 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 $872,346,206 $(32,055,058) $840,291,148
Capital Appreciation Fund 227,659,927 (7,953,737) 219,706,190
Government Bond Fund 20,272,105 (65,485) 20,206,620
Small Company Fund 69,892,190 (16,234,001) 53,658,189
Income Fund 21,073 (1,043) 20,030
Strategic Growth Fund 536,724 (67,790) 468,934
Strategic Value Fund 478,773 (605,910) (127,137)
Equity Income Fund 514,072 (175,034) 339,038
High Income Bond Fund 203,523 (138,945) 64,578
Balanced Fund 451,549 (323,067) 128,482
Multi Sector Bond Fund 58,267 (288,625) (230,358)
Small Cap Value Fund 512,202 (1,730,154) (1,217,952)
Global Equity Fund 1,197,746 (460,768) 736,978
Select Advisers Mid Cap Fund 611,184 (277,277) 333,907
</TABLE>
96 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
