<PAGE> 1
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- --------------------------------------------------------------------------------
NATIONWIDE SEPARATE ACCOUNT TRUST
SEMI-ANNUAL REPORT
JUNE 30, 1999
(UNAUDITED)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE> 2
NATIONWIDE SEPARATE ACCOUNT TRUST
SEMI-ANNUAL REPORT
JUNE 30, 1999
(UNAUDITED)
TABLE OF CONTENTS
<TABLE>
<S> <C>
Statements of Investments:
Total Return Fund...................................... 1
Capital Appreciation Fund.............................. 3
Government Bond Fund................................... 5
Money Market Fund...................................... 7
Nationwide Small Company Fund.......................... 11
Nationwide Income Fund................................. 19
Nationwide Strategic Growth Fund....................... 20
Nationwide Strategic Value Fund........................ 22
Nationwide Equity Income Fund.......................... 23
Nationwide High Income Bond Fund....................... 26
Nationwide Balanced Fund............................... 33
Nationwide Multi Sector Bond Fund...................... 39
Nationwide Small Cap Value Fund........................ 46
Nationwide Select Advisers Small Cap Growth Fund....... 49
Nationwide Global Equity Fund.......................... 53
Nationwide Select Advisers Mid Cap Fund................ 62
Statements of Assets and Liabilities........................ 66
Statements of Operations.................................... 69
Statements of Changes in Net Assets......................... 72
Financial Highlights........................................ 80
Notes to Financial Statements............................... 90
</TABLE>
<PAGE> 3
NATIONWIDE SEPARATE ACCOUNT TRUST
TOTAL RETURN FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (98.9%)
AUTO INDUSTRY (1.1%)
776,500 Genuine Parts Co. $ 27,177,500
--------------
BUSINESS SERVICES (3.9%)
1,362,000 FDX Corp.* 73,888,500
731,000 Sterling Commerce, Inc.* 26,681,500
--------------
100,570,000
--------------
CABLE (3.1%)
2,104,000 Comcast Corp. Class A 80,872,500
--------------
CHEMICALS (2.8%)
1,037,400 E.I. du Pont de Nemours and
Co. 70,867,387
--------------
COMPUTER EQUIPMENT (8.5%)
892,000 Hewlett-Packard Co. 89,646,000
1,000,000 International Business
Machines Corp. 129,250,000
--------------
218,896,000
--------------
COMPUTER SOFTWARE & SERVICES (6.3%)
1,106,500 BMC Software, Inc.* 59,751,000
1,600,100 First Data Corp. 78,304,894
1,099,700 Gartner Group, Inc. Class A* 22,543,850
--------------
160,599,744
--------------
CONGLOMERATES (3.9%)
305,300 Honeywell, Inc. 35,376,637
511,520 Philips Electronics NV ADR 51,599,580
353,900 Premark International, Inc. 13,271,250
--------------
100,247,467
--------------
CONSUMER NON-CYCLICAL (1.4%)
425,000 Newell Rubbermaid, Inc. 19,762,500
794,200 Service Corp. International 15,288,350
--------------
35,050,850
--------------
ELECTRONICS (0.1%)
177,000 Woodhead Industries, Inc. 2,168,250
--------------
ENTERTAINMENT (1.6%)
1,334,750 The Walt Disney Co. 41,126,984
--------------
FINANCIAL INSTITUTIONS (5.2%)
575,900 Bank One Corp. 34,302,044
719,000 First Union Corp. 33,793,000
1,819,600 Mellon Bank Corp. 66,187,950
--------------
134,282,994
--------------
FINANCIAL SERVICES (5.7%)
670,045 Bear Stearns Cos., Inc. 31,324,604
750,000 Fannie Mae 51,281,250
600,000 Merrill Lynch & Co., Inc. 47,962,500
165,000 Morgan Stanley Dean Witter & Co.* 16,912,500
--------------
147,480,854
--------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
FOOD & BEVERAGE (10.0%)
291,000 Campbell Soup Co. $ 13,495,125
504,700 H.J. Heinz Co. 25,298,087
950,000 PepsiCo, Inc. 36,753,125
490,000 Philip Morris Cos., Inc. 19,691,875
409,100 Quaker Oats Co. 27,154,013
909,000 Ralston-Ralston Purina Group 27,667,687
2,814,200 Sara Lee Corp. 63,847,162
1,486,000 Sysco Corp. 44,301,375
--------------
258,208,449
--------------
FOOD/GRAIN & AGRICULTURE (0.8%)
1,320,731 Archer-Daniels-Midland Co. 20,388,785
--------------
HEALTH CARE (15.7%)
400,000 Allergan, Inc. 44,400,000
1,200,000 Bristol-Meyers Squibb Co. 84,525,000
725,000 Glaxo Wellcome PLC ADR 41,053,125
579,300 McKesson HBOC, Inc. 18,610,012
1,350,000 Merck & Co., Inc. 99,900,000
800,000 Schering-Plough Corp. 42,400,000
1,066,000 Warner-Lambert Co. 73,953,750
--------------
404,841,887
--------------
INSURANCE (11.6%)
2,185,000 The Allstate Corp. 78,386,875
420 Berkshire Hathaway, Inc.
Class A* 28,938,000
720,000 Chubb Corp. 50,040,000
2,090,700 The Equitable Cos., Inc. 140,076,900
--------------
297,441,775
--------------
MEDICAL PRODUCTS (2.1%)
550,000 Johnson & Johnson 53,900,000
--------------
OIL & GAS (4.8%)
430,000 Exxon Corp. 33,163,750
2,105,000 The Williams Cos., Inc. 89,594,063
--------------
122,757,813
--------------
POLLUTION CONTROL (1.1%)
543,750 Waste Management, Inc. 29,226,563
--------------
PRINTING & PUBLISHING (2.6%)
753,200 Dun & Bradstreet Corp. 26,691,525
1,076,300 New York Times Co. Class A 39,621,294
--------------
66,312,819
--------------
TELECOMMUNICATIONS (6.6%)
900,654 Alltel Corp. 64,396,761
2,008,600 Sprint Corp. (FON Group) 106,079,188
--------------
170,475,949
--------------
TOTAL COMMON STOCK
(cost $1,537,448,350) 2,542,894,570
--------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 1
<PAGE> 4
NATIONWIDE SEPARATE ACCOUNT TRUST
TOTAL RETURN FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
U.S. GOVERNMENT AGENCY (1.0%)
$13,901,000 FHLB Discount Note, 4.47%,
07/01/99 $ 13,901,000
7,000,000 FHLMC Discount Note, 5.00%,
07/08/99 6,993,195
4,837,000 FHLMC Discount Note, 4.91%,
07/09/99 4,831,722
--------------
TOTAL U.S. GOVERNMENT AGENCY
(cost $25,725,917) 25,725,917
--------------
TOTAL INVESTMENTS
(cost $1,563,174,267) $2,568,620,487
==============
- -------------------------------------------------------
* 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 Depositary Receipt
FHLB Federal Home Loan Bank
FHLMC Federal Home Loan Mortgage Corporation
NV Naamloze Vennootschap (Dutch corporation)
PLC Public Limited Company (British)
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
2 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 5
NATIONWIDE SEPARATE ACCOUNT TRUST
CAPITAL APPRECIATION FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (96.3%)
BUILDING (1.4%)
66,200 Martin Marietta Materials,
Inc. $ 3,905,800
149,800 Masco Corp. 4,325,475
174,300 Vulcan Materials Co. 8,409,975
--------------
16,641,250
--------------
CHEMICALS (3.9%)
412,600 Georgia Gulf Corp. 6,962,625
346,000 Millipore Corp. 14,034,625
108,100 OM Group, Inc. 3,729,450
629,002 Pall Corp. 13,955,982
182,780 Rohm & Haas Co. 7,836,708
--------------
46,519,390
--------------
COMPUTER EQUIPMENT (6.0%)
557,200 International Business
Machines Corp. 72,018,100
--------------
COMPUTER/SOFTWARE & SERVICES (6.5%)
21,400 Equifax, Inc. 763,713
640,000 First Data Corp. 31,320,000
254,000 Gartner Group, Inc. Class A* 5,207,000
1,166,300 Sungard Data Systems, Inc.* 40,237,350
--------------
77,528,063
--------------
DRUGS (17.6%)
461,400 Allergan, Inc. 51,215,400
378,700 American Home Products Corp. 21,775,250
250,000 Merck & Co., Inc. 18,500,000
40,000 Pfizer, Inc. 4,390,000
258,600 Pharmacia & Upjohn, Inc. 14,691,712
913,200 Schering-Plough Corp. 48,399,600
740,700 Warner-Lambert Co. 51,386,062
--------------
210,358,024
--------------
ELECTRICAL EQUIPMENT (5.2%)
809,300 Black & Decker Corp. 51,087,063
163,500 Maytag Corp. 11,393,906
--------------
62,480,969
--------------
ENTERTAINMENT (0.3%)
126,531 The Walt Disney Co. 3,898,736
--------------
FINANCIAL/BANKS (10.6%)
781,192 Bank One Corp. 46,529,748
224,179 Charter One Financial, Inc. 6,234,978
853,200 Mellon Bank Corp. 31,035,150
259,200 Pacific Century Financial
Corp. 5,589,000
874,000 Wells Fargo Co. 37,363,500
--------------
126,752,376
--------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
FINANCIAL/INSURANCE (4.6%)
158,101 American International Group,
Inc. $ 18,507,698
422,900 Horace Mann Educators Corp. 11,497,594
634,000 Provident Cos., Inc. 25,360,000
--------------
55,365,292
--------------
FINANCIAL/OTHER (10.1%)
642,400 Associates First Capital
Corp. 28,466,350
388,900 Fannie Mae 26,591,037
1,795,750 MBNA Corp. 54,994,844
130,100 Merrill Lynch & Co., Inc. 10,399,869
--------------
120,452,100
--------------
FOOD & BEVERAGE (7.3%)
24,800 Anheuser-Busch Cos., Inc. 1,759,250
251,900 PepsiCo, Inc. 9,745,381
375,700 Phillip Morris Cos., Inc. 15,098,444
705,200 Quaker Oats Co. 46,807,650
458,100 Ralston-Ralston Purina Group 13,943,419
--------------
87,354,144
--------------
HEALTH CARE (1.1%)
522,500 HCR Manor Care, Inc.* 12,637,969
--------------
HOSPITAL SUPPLY (5.7%)
11,700 Covance, Inc.* 280,069
425,000 Johnson & Johnson 41,650,000
459,637 Quest Diagnostics, Inc.* 12,582,563
391,200 St. Jude Medical, Inc.* 13,936,500
--------------
68,449,132
--------------
MACHINERY & CAPITAL GOODS (0.9%)
315,000 Trinity Industries, Inc. 10,552,500
--------------
PRINTING & PUBLISHING (6.9%)
299,300 E.W. Scripps Co. Class A 14,235,456
1,038,800 IMS Health, Inc. 32,462,500
742,800 New York Times Co. Class A 27,344,325
16,900 Washington Post Co. Class B 9,087,975
--------------
83,130,256
--------------
RESTAURANTS (1.3%)
382,200 McDonald's Corp. 15,789,638
--------------
RETAIL (6.9%)
722,700 Tiffany & Co. 69,740,550
261,800 Wal-Mart Stores, Inc. 12,631,850
--------------
82,372,400
--------------
TOTAL COMMON STOCK
(cost $772,477,047) 1,152,300,339
--------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 3
<PAGE> 6
NATIONWIDE SEPARATE ACCOUNT TRUST
CAPITAL APPRECIATION FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
CONVERTIBLE DEBT (0.1%)
MACHINERY (0.1%)
$ 1,027,000 Consorcio G Grupo Dina,
8.00%,
08/08/04 (cost $960,713) $ 560,999
--------------
COMMERCIAL PAPER (3.8%)
10,000,000 GE Capital Corp., 5.23%,
07/08/99 9,989,831
8,960,000 Gillette Co., 5.65%, 07/01/99 8,960,000
27,114,000 Koch Industries, 5.60%,
07/01/99 27,114,000
--------------
TOTAL COMMERCIAL PAPER
(cost $46,063,831) 46,063,831
--------------
TOTAL INVESTMENTS
(cost $819,501,591) $1,198,925,169
==============
</TABLE>
- -------------------------------------------------------
* Denotes a non-income producing security.
Cost also represents cost for federal income tax purposes.
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
4 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 7
NATIONWIDE SEPARATE ACCOUNT TRUST
GOVERNMENT BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
MORTGAGE-BACKED SECURITIES (32.0%)
FEDERAL HOME LOAN MORTGAGE CORP., REMIC
(19.8%)
$ 6,547,000 Series 107-F, 8.65%, 12/15/04 $ 6,743,417
9,036,000 Series 1132-J, 8.00%, 08/15/06 9,417,048
13,000,000 Series 1344-D, 6.00%, 08/15/07 12,710,880
20,000,000 Series 1415-N, 6.75%, 11/15/07 20,152,540
10,000,000 Series 1451-J, 7.50%, 12/15/07 10,324,620
3,000,000 Series 1544-T, 6.50%, 07/15/08 3,009,390
9,000,000 Series 1693-H, 6.00%, 12/15/08 8,827,560
11,500,000 Series 2138-JN, 6.00%, 12/15/11 11,220,550
15,000,000 Series 1560-PN, 7.00%, 12/15/12 15,273,945
10,000,000 Series 2113-TE, 6.00%, 01/15/14 9,493,200
3,271,000 Series 2043-VH, 6.50%, 05/15/14 3,117,803
8,930,174 Series 31-E, 7.55%, 05/15/20 9,049,249
8,000,000 Series 1841-PA, 7.07%, 08/15/20 7,949,560
8,757,725 Series 1102-H, 8.875%, 06/15/21 9,163,146
7,317,301 Series 1136-H, 6.00%, 09/15/21 7,141,246
8,616,653 Series 1614-MZ, 6.50%, 11/15/23 7,911,121
------------
151,505,275
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION, REMIC
(12.2%)
9,134,035 Pool 375593, 6.68%, 12/01/07 9,185,377
5,134,418 Pool 380276, 6.36%, 04/01/08 5,027,473
14,822,140 Pool 380348, 6.275%, 05/01/08 14,437,995
6,907,873 Pool 380538, 6.24%, 08/01/08 6,713,078
4,977,825 Pool 381089, 5.70%, 01/01/09 4,657,093
3,175,741 Series 100-M, 5.50%, 09/25/01 3,147,575
4,708,000 Series 94-J, 7.00%, 05/25/07 4,777,033
13,532,537 Series 68-Z, 8.00%, 05/25/07 14,157,159
7,000,000 Series 164-C, 6.50%, 09/25/08 6,989,430
6,000,376 Series 33-H, 6.00%, 03/25/09 5,868,902
910,370 Series 25-B, 9.25%, 10/25/18 963,304
3,643,490 Series 16-D, 9.00%, 03/25/20 3,728,423
1,385,364 Series 73-A, 8.00%, 07/25/21 1,424,810
3,446,993 Series G42-Z, 7.00%, 07/25/22 3,458,575
10,000,000 Series 76-H, 5.00%, 02/25/24 9,329,550
------------
93,865,777
------------
TOTAL MORTGAGE-BACKED
SECURITIES
(cost $247,745,393) 245,371,052
------------
U.S. GOVERNMENT AND AGENCY
LONG-TERM OBLIGATIONS (62.0%)
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
(3.9%)
20,000,000 5.58%, 08/01/04 19,407,340
10,000,000 6.49%, 08/01/07 10,002,650
------------
29,409,990
------------
FEDERAL FARM CREDIT BANK (1.3%)
10,000,000 6.30%, 09/23/04 9,968,520
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
FEDERAL HOME LOAN BANK (11.2%)
$ 6,000,000 6.52%, 01/09/02 $ 6,082,650
20,125,000 5.42%, 03/26/02 19,854,218
10,000,000 5.91%, 12/23/02 9,953,780
15,000,000 5.74%, 07/22/03 14,783,985
10,000,000 5.43%, 01/29/04 9,648,880
4,135,000 5.74%, 02/25/05 4,030,992
8,500,000 7.32%, 04/21/05 8,927,295
6,395,000 5.80%, 08/12/05 6,242,965
6,860,000 5.91%, 04/07/09 6,558,853
------------
86,083,618
------------
FEDERAL HOME LOAN MORTGAGE CORPORATION (3.2%)
10,000,000 5.75%, 07/15/03 9,920,580
5,000,000 6.80%, 08/22/05 5,133,265
9,000,000 6.75%, 05/30/06 9,215,082
------------
24,268,927
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (9.4%)
25,000,000 5.25%, 01/15/03 24,359,975
50,000,000 5.125%, 02/13/04 47,908,750
------------
72,268,725
------------
PRIVATE EXPORT FUNDING CORPORATION (3.4%)
20,000,000 6.86%, 04/30/04 20,503,680
5,500,000 6.62%, 10/01/05 5,597,207
------------
26,100,887
------------
RESOLUTION FUNDING CORPORATION (6.1%)
20,000,000 Principal STRIP, 04/15/09 10,861,360
30,000,000 Principal STRIP, 01/15/13 12,607,740
58,000,000 Principal STRIP, 07/15/13 23,553,684
------------
47,022,784
------------
U.S. TREASURY BONDS (23.5%)
5,000,000 6.25%, 01/31/02 5,073,435
5,000,000 5.75%, 10/31/02 5,010,935
10,000,000 11.875%, 11/15/03 12,293,750
10,000,000 7.875%, 11/15/04 10,918,750
34,000,000 7.00%, 07/15/06 36,018,750
25,000,000 12.75%, 11/15/10 33,687,500
10,000,000 13.25%, 05/15/14 15,175,000
25,000,000 8.125%, 08/15/19 30,125,000
25,000,000 8.75%, 08/15/20 32,070,300
------------
180,373,420
------------
TOTAL U.S. GOVERNMENT AND
AGENCY LONG-TERM OBLIGATIONS
(cost $487,184,837) 475,496,871
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 5
<PAGE> 8
NATIONWIDE SEPARATE ACCOUNT TRUST
GOVERNMENT BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENT (5.0%)
$38,284,000 Warburg, Dillon, Read, 4.75%,
07/01/99, Collateralized by
$33,628,000 U.S. Treasury
Bonds, 7.625%, 11/15/22, market
value $39,050,515 (cost
$38,284,000) $ 38,284,000
------------
TOTAL INVESTMENTS
(cost $773,214,230) $759,151,923
============
</TABLE>
- -------------------------------------------------------
Cost also represents cost for federal income tax purposes.
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
REMIC Real Estate Mortgage Investment Conduit
STRIP Separate Trading of Registered Interest
and Principal
</TABLE>
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> 9
NATIONWIDE SEPARATE ACCOUNT TRUST
MONEY MARKET FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
AMORTIZED
COST
PRINCIPAL SECURITY VALUATION
- -----------------------------------------------------------
<C> <S> <C>
CANADIAN GOVERNMENT OBLIGATIONS (0.1%)
$ 1,200,000 Export Development Corp.,
4.82%, 07/22/99 (cost
$1,196,626) $ 1,196,626
--------------
COMMERCIAL PAPER (93.5%)
AGRICULTURE/SUPPLIES (2.9%)
25,000,000 John Deere & Co., 4.90%,
07/12/99 24,962,570
20,000,000 John Deere & Co., 4.89%,
07/22/99 19,942,950
5,000,000 John Deere & Co., 4.95%,
07/27/99 4,982,125
--------------
49,887,645
--------------
ASSET-BACKED SECURITIES (5.7%)
1,275,000 Delaware Funding Corp.,
4.89%, 07/02/99 1,274,827
2,067,000 Delaware Funding Corp.,
4.82%, 07/07/99 2,065,340
2,652,000 Delaware Funding Corp.,
4.82%, 07/12/99 2,648,094
24,075,000 Delaware Funding Corp.,
5.04%, 07/21/99 24,009,133
4,360,000 Falcon Asset Securitization
Corp., 4.92%, 07/01/99 4,360,000
7,883,000 Falcon Asset Securitization
Corp., 5.06%, 07/06/99 7,877,460
20,000,000 Falcon Asset Securitization
Corp., 4.88%, 08/17/99 19,872,578
20,000,000 Preferred Receivables
Funding, 5.22%, 08/12/99 19,878,200
9,015,000 Preferred Receivables
Funding, 5.06%, 08/17/99 8,955,446
6,050,000 Preferred Receivables
Funding, 5.20%, 08/27/99 6,000,188
--------------
96,941,266
--------------
AUTO/FINANCE (8.4%)
2,813,000 American Honda Finance Corp.,
4.90%, 07/07/99 2,810,703
20,000,000 American Honda Finance Corp.,
4.85%, 07/27/99 19,929,945
15,000,000 American Honda Finance Corp.,
4.91%, 08/02/99 14,934,533
16,000,000 Ford Motor Credit Co., 4.81%,
07/08/99 15,984,978
12,000,000 Ford Motor Credit Co., 4.85%,
07/08/99 11,988,683
998,000 Ford Motor Credit Co., 4.85%,
07/12/99 996,521
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
AMORTIZED
COST
PRINCIPAL SECURITY VALUATION
- -----------------------------------------------------------
<C> <S> <C>
AUTO/FINANCE (CONTINUED)
$ 3,000,000 Ford Motor Credit Co., 4.87%,
07/21/99 $ 2,991,883
18,000,000 Ford Motor Credit Co., 4.93%,
07/23/99 17,945,770
17,000,000 General Motors Acceptance
Corp., 4.79%, 07/12/99 16,975,089
3,000,000 General Motors Acceptance
Corp., 4.81%, 07/14/99 2,994,789
20,000,000 General Motors Acceptance
Corp., 5.01%, 07/23/99 19,938,767
5,000,000 General Motors Acceptance
Corp., 5.11%, 08/04/99 4,975,869
10,000,000 General Motors Acceptance
Corp., 5.04%, 08/24/99 9,924,400
--------------
142,391,930
--------------
BROKER/DEALERS (11.1%)
5,000,000 Bear Stearns Co., 4.89%,
07/06/99 4,996,604
5,000,000 Bear Stearns Co., 4.86%,
07/09/99 4,994,600
5,000,000 Bear Stearns Co., 4.83%,
07/14/99 4,991,279
6,000,000 Bear Stearns Co., 4.83%,
07/15/99 5,988,730
10,000,000 Bear Stearns Co., 4.84%,
07/16/99 9,979,833
7,000,000 Bear Stearns Co., 4.85%,
08/06/99 6,966,050
10,000,000 Bear Stearns Co., 4.82%,
08/31/99 9,918,328
15,000,000 Goldman Sachs Group, 4.88%,
07/12/99 14,977,633
10,000,000 Goldman Sachs Group, 5.06%,
07/21/99 9,971,889
25,000,000 Goldman Sachs Group, 5.12%,
10/18/99 24,612,444
8,975,000 Merrill Lynch & Co., 4.80%,
07/02/99 8,973,803
10,000,000 Merrill Lynch & Co., 4.80%,
07/08/99 9,990,667
6,000,000 Merrill Lynch & Co., 5.05%,
07/09/99 5,993,266
15,000,000 Merrill Lynch & Co., 4.90%,
08/02/99 14,934,667
20,000,000 Salomon Smith Barney
Holdings, 4.88%, 07/07/99 19,983,733
16,000,000 Salomon Smith Barney
Holdings, 4.87%, 07/15/99 15,969,698
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 7
<PAGE> 10
NATIONWIDE SEPARATE ACCOUNT TRUST
MONEY MARKET FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
AMORTIZED
COST
PRINCIPAL SECURITY VALUATION
- -----------------------------------------------------------
<C> <S> <C>
BROKER/DEALERS (CONTINUED)
$10,000,000 Salomon Smith Barney
Holdings, 4.93%, 07/28/99 $ 9,963,025
6,000,000 Salomon Smith Barney
Holdings, 4.90%, 07/30/99 5,976,317
--------------
189,182,566
--------------
CAPTIVE BORROWING CONDUIT (2.8%)
6,092,000 Prudential Funding Corp.,
4.83%, 07/07/99 6,087,096
5,000,000 Prudential Funding Corp.,
4.81%, 07/08/99 4,995,324
4,408,000 Prudential Funding Corp.,
4.85%, 07/09/99 4,403,249
20,000,000 Prudential Funding Corp.,
4.84%, 07/14/99 19,965,044
12,000,000 Prudential Funding Corp.,
5.03%, 07/16/99 11,974,850
1,000,000 Prudential Funding Corp.,
4.90%, 07/27/99 996,461
--------------
48,422,024
--------------
CONSUMER PRODUCTS (1.3%)
14,000,000 Clorox Co., 4.80%, 07/09/99 13,985,067
8,300,000 Clorox Co., 4.78%, 07/26/99 8,272,449
--------------
22,257,516
--------------
CONSUMER SALES FINANCE (14.3%)
26,000,000 American Express Credit
Corp., 4.80%, 07/06/99 25,982,666
23,298,000 American Express Credit
Corp., 4.80%, 07/13/99 23,260,723
15,000,000 American General Corp.,
4.90%, 08/10/99 14,918,333
14,000,000 American General Corp.,
4.93%, 08/16/99 13,911,808
10,000,000 American General Finance
Corp., 4.83%, 07/09/99 9,989,267
10,000,000 American General Finance
Corp., 4.92%, 07/29/99 9,961,733
10,000,000 Associates First Capital
Corp., 4.81%, 07/27/99 9,965,261
15,000,000 Associates First Capital
Corp., 4.87%, 07/29/99 14,943,183
26,000,000 Associates First Capital
Corp., 4.89%, 07/30/99 25,898,484
20,000,000 Commercial Credit Co., 4.85%,
07/06/99 19,986,528
14,000,000 Commercial Credit Co., 4.87%,
07/09/99 13,984,849
15,000,000 Commercial Credit Co., 4.85%,
07/14/99 14,973,729
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
AMORTIZED
COST
PRINCIPAL SECURITY VALUATION
- -----------------------------------------------------------
<C> <S> <C>
CONSUMER SALES FINANCE (CONTINUED)
$20,000,000 Household International,
Inc., 4.87%, 07/01/99 $ 20,000,000
25,000,000 Norwest Financial, Inc.,
4.91%, 07/20/99 24,935,215
--------------
242,711,779
--------------
DATA SERVICES (1.6%)
12,698,000 First Data Corp., 5.24%,
08/03/99 12,637,007
13,882,000 First Data Corp., 5.03%,
08/17/99 13,790,838
--------------
26,427,845
--------------
DIVERSIFIED FINANCE (4.0%)
20,000,000 CIT Group, Inc., 4.85%,
07/16/99 19,959,583
4,000,000 GE Capital Corp., 4.81%,
07/13/99 3,993,587
389,000 GE Capital Corp., 4.81%,
07/15/99 388,272
5,500,000 GE Capital Corp., 4.82%,
07/16/99 5,488,954
3,990,000 GE Capital Corp., 4.90%,
07/19/99 3,980,224
10,000,000 GE Capital Corp., 4.81%,
07/26/99 9,966,597
16,000,000 GE Capital Corp., 4.95%,
08/23/99 15,883,400
1,195,000 GE Capital Corp., 4.81%,
09/07/99 1,184,143
7,500,000 GE Capital Corp., 4.95%,
04/13/00 * 7,500,000
--------------
68,344,760
--------------
FINANCIAL INSTITUTIONS (11.5%)
2,586,000 Bank of America Corp., 4.92%,
07/19/99 2,579,638
15,000,000 Bank One Corp., 5.10%,
07/08/99 14,985,126
15,000,000 Bank One Corp., 5.10%,
08/23/99 14,887,375
19,000,000 (J.P.) Morgan & Co., 4.80%,
07/07/99 18,984,767
6,000,000 (J.P.) Morgan & Co., 4.82%,
07/14/99 5,989,520
10,000,000 (J.P.) Morgan & Co., 4.80%,
07/15/99 9,981,333
10,000,000 (J.P.) Morgan & Co., 4.80%,
07/19/99 9,976,000
908,000 (J.P.) Morgan & Co., 4.85%,
09/15/99 898,703
</TABLE>
8 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 11
NATIONWIDE SEPARATE ACCOUNT TRUST
MONEY MARKET FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
AMORTIZED
COST
PRINCIPAL SECURITY VALUATION
- -----------------------------------------------------------
<C> <S> <C>
FINANCIAL INSTITUTIONS (CONTINUED)
$25,000,000 Mellon Financial Co., 5.02%,
07/29/99 $ 24,902,389
10,000,000 National City Credit Corp.,
4.84%, 07/07/99 9,991,933
15,000,000 National City Credit Corp.,
4.86%, 07/19/99 14,963,550
10,000,000 National City Credit Corp.,
4.93%, 07/26/99 9,965,764
10,000,000 National City Credit Corp.,
5.16%, 07/30/99 9,958,433
20,000,000 Wells Fargo Co., 4.84%,
07/22/99 19,943,533
15,000,000 Wells Fargo Co., 4.85%,
07/23/99 14,955,542
12,000,000 Wells Fargo Co., 5.04%,
09/01/99 11,895,840
--------------
194,859,446
--------------
FINANCIAL SERVICES/UTILITIES (3.0%)
9,600,000 National Rural Utilities
Corp., 4.95%, 07/26/99 9,567,752
32,000,000 National Rural Utilities
Corp., 4.83%, 08/05/99 31,847,650
9,900,000 National Rural Utilities
Corp., 4.85%, 08/20/99 9,833,313
--------------
51,248,715
--------------
FOOD & BEVERAGE (4.0%)
1,300,000 H.J. Heinz Co., 4.85%,
07/19/99 1,296,848
3,775,000 H.J. Heinz Co., 4.85%,
07/21/99 3,764,829
5,534,000 H.J. Heinz Co., 4.85%,
07/29/99 5,513,124
34,840,000 H.J. Heinz Co., 5.08%,
08/18/99 34,604,017
3,406,000 Sysco Corp., 5.20%, 07/19/99 3,397,144
19,568,000 Sysco Corp., 5.20%, 07/30/99 19,486,032
--------------
68,061,994
--------------
HEAVY EQUIPMENT/FINANCE (3.0%)
5,482,000 Caterpillar Financial
Services, 4.78%, 07/12/99 5,473,993
12,000,000 Caterpillar Financial
Services, 4.79%, 07/28/99 11,956,890
22,250,000 Caterpillar Financial
Services, 4.85%, 08/13/99 22,121,105
12,150,000 Caterpillar Financial
Services, 4.90%, 08/27/99 12,055,736
--------------
51,607,724
--------------
INSURANCE (4.0%)
8,912,000 MetLife Funding, Inc., 5.00%,
07/12/99 8,898,384
14,649,000 MetLife Funding, Inc., 5.03%,
07/20/99 14,610,111
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
AMORTIZED
COST
PRINCIPAL SECURITY VALUATION
- -----------------------------------------------------------
<C> <S> <C>
INSURANCE (CONTINUED)
$23,340,000 Principal Mutual Life Co.,
Inc., 5.25%, 07/09/99 $ 23,313,450
21,000,000 Principal Mutual Life Co.,
Inc., 5.12%, 07/13/99 20,964,160
--------------
67,786,105
--------------
LEASE/FINANCE (2.0%)
32,222,000 IBM Credit Corp., 5.17%,
07/01/99 32,222,000
2,000,000 IBM Credit Corp., 5.02%,
07/06/99 1,998,606
--------------
34,220,606
--------------
MANUFACTURING/MISCELLANEOUS (0.7%)
5,000,000 Allied Signal, Inc., 4.80%,
07/09/99 4,994,667
7,000,000 Allied Signal, Inc., 5.00%,
09/10/99 6,930,972
--------------
11,925,639
--------------
OIL & GAS/EQUIPMENT & SERVICES (2.1%)
25,000,000 Chevron Transport Corp.,
4.90%, 07/15/99 24,952,361
10,000,000 Chevron Transport Corp.,
5.07%, 07/22/99 9,970,425
--------------
34,922,786
--------------
PACKAGING/CONTAINERS (2.5%)
3,750,000 Bemis Co., Inc., 4.90%,
07/08/99 3,746,427
29,589,000 Bemis Co., Inc., 4.95%,
07/13/99 29,540,444
10,000,000 Bemis Co., Inc., 5.07%,
07/27/99 9,963,383
--------------
43,250,254
--------------
PAPER & FOREST PRODUCTS (0.9%)
15,000,000 Sonoco Products Co., 4.80%,
07/08/99 14,986,000
--------------
PHARMACEUTICALS/PERSONAL CARE (5.5%)
4,000,000 Becton Dickinson & Co.,
4.95%, 08/02/99 3,982,400
8,500,000 Becton Dickinson & Co.,
4.82%, 08/18/99 8,445,374
12,336,000 Becton Dickinson & Co.,
5.07%, 09/28/99 12,181,379
9,547,000 Gillette Co., 5.65%, 07/01/99 9,547,000
15,000,000 Glaxo Wellcome, Inc., 4.80%,
07/19/99 14,964,000
8,000,000 Glaxo Wellcome, Inc., 4.85%,
08/16/99 7,950,422
7,550,000 Pfizer, Inc., 4.80%, 07/09/99 7,541,896
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 9
<PAGE> 12
NATIONWIDE SEPARATE ACCOUNT TRUST
MONEY MARKET FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
AMORTIZED
COST
PRINCIPAL SECURITY VALUATION
- -----------------------------------------------------------
<C> <S> <C>
PHARMACEUTICALS/PERSONAL CARE (CONTINUED)
$25,310,000 Pfizer, Inc., 5.20%, 07/23/99 $ 25,229,570
4,372,000 Schering Corp., 4.88%,
08/24/99 4,339,997
--------------
94,182,038
--------------
PRINTING & PUBLISHING (2.2%)
2,000,000 E.W. Scripps Co., 5.07%,
07/08/99 1,998,028
5,000,000 E.W. Scripps Co., 4.83%,
08/11/99 4,972,496
6,000,000 E.W. Scripps Co., 4.86%,
08/12/99 5,965,980
5,000,000 E.W. Scripps Co., 4.84%,
08/17/99 4,968,406
10,000,000 E.W. Scripps Co., 5.00%,
09/07/99 9,905,556
10,000,000 E.W. Scripps Co., 5.00%,
09/08/99 9,904,167
--------------
37,714,633
--------------
TOTAL COMMERCIAL PAPER
(cost $1,591,333,271) 1,591,333,271
--------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS (6.5%)
25,000,000 Federal Home Loan Mortgage
Corp. 4.87%, 08/05/99 24,881,632
2,240,000 Federal Home Loan Mortgage
Corp. 4.78%, 08/16/99 2,226,319
12,000,000 Federal Home Loan Mortgage
Corp. 4.90%, 09/03/99 11,895,573
6,444,000 Federal Home Loan Mortgage
Corp. 4.97%, 10/14/99 6,350,589
5,000,000 Federal Home Loan Mortgage
Corp. 5.23%, 03/17/00 5,000,000
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
AMORTIZED
COST
PRINCIPAL SECURITY VALUATION
- -----------------------------------------------------------
<C> <S> <C>
U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(CONTINUED)
$10,000,000 Federal National Mortgage
Association, 5.44%, 07/28/99 $ 9,999,390
3,150,000 Federal National Mortgage
Association, 4.81%, 08/06/99 3,134,849
8,000,000 Federal National Mortgage
Association, 4.71%, 08/11/99 7,957,087
5,312,000 Federal National Mortgage
Association, 4.74%, 08/13/99 5,281,925
10,000,000 U.S. Treasury Bills, 4.87%,
12/09/99 9,782,426
25,398,000 U.S. Treasury Bills, 4.80%,
12/16/99 24,829,085
--------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(cost $111,338,875) 111,338,875
--------------
TOTAL INVESTMENTS
(cost $1,703,868,772) $1,703,868,772
==============
</TABLE>
- -------------------------------------------------------
* Variable rate security. The rate reflected in the Statement of Investments is
the rate in effect on June 30, 1999.
Cost also represents cost for federal income tax purposes.
Portfolio holding percentages represent amortized cost valuation as a percentage
of net assets.
See accompanying notes to financial statements.
10 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 13
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (94.2 %)
AUSTRALIA (0.2%)
HEALTHCARE (0.2%)
112,100 Cochlear Ltd. $ 890,092
------------
AUSTRIA (0.3%)
MACHINERY & ENGINEERING (0.3%)
17,600 KTM-Sportmotorcycle AG 1,176,116
------------
CANADA (0.0%)
FOOD PROCESSING (0.0%)
11,900 Maple Leaf Foods, Inc 101,311
------------
DENMARK (0.2%)
COMMERCIAL SERVICES (0.2%)
9,000 Falck A/S 738,341
------------
FINLAND (0.7%)
CONSUMER PRODUCTS (0.4%)
95,500 Amer Group Ltd. 1,373,853
------------
ELECTRONICS/INSTRUMENTATION (0.1%)
7,100 Vaisala OYJ 523,512
------------
INSURANCE (0.2%)
22,600 Sampo Insurance Co. PLC 654,904
------------
TOTAL FINLAND 2,552,269
------------
FRANCE (0.5%)
ELECTRICAL EQUIPMENT (0.3%)
20,100 Carbone Lorraine 1,020,857
------------
OFFICE EQUIPMENT (0.2%)
30,600 Neopost SA* 710,013
------------
TOTAL FRANCE 1,730,870
------------
GERMANY (0.4%)
BEVERAGES/ALCOHOLIC (0.2%)
21,100 Hawesko Holding AG 718,057
------------
HEALTHCARE (0.3%)
69,200 Marseille-Kliniken AG 956,255
------------
TOTAL GERMANY 1,674,312
------------
HONG KONG (0.9%)
ELECTRONICS (0.2%)
249,000 VTECH Holdings Ltd. 791,103
------------
HOTELS/MOTELS (0.2%)
2,146,000 CDL Hotels International Ltd. 898,938
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
LEISURE/ENTERTAINMENT (0.2%)
864,000 Shaw Bros. Ltd. $ 590,210
------------
RETAIL/SPECIALTY (0.3%)
1,756,000 Espirit Holdings Ltd. 1,188,229
------------
TOTAL HONG KONG 3,468,480
------------
IRELAND (0.6%)
COMMERCIAL SERVICES (0.2%)
107,800 Adare Printing Group PLC 689,244
------------
FINANCIAL INSTITUTIONS (0.2%)
373,900 Anglo Irish Bank Corp. PLC 921,544
------------
HOUSEWARES (0.2%)
574,100 Waterford Wedgwood PLC 592,039
------------
TOTAL IRELAND 2,202,827
------------
ITALY (0.8%)
BANK/SAVINGS & LOANS (0.4%)
37,200 BIPOP SPA 1,593,957
------------
MACHINERY (0.1%)
121,400 Interpump Group SPA 523,308
------------
TIRE & RUBBER (0.2%)
291,100 Manuli Rubber Industries SPA 735,480
------------
TOTAL ITALY 2,852,745
------------
JAPAN (0.6%)
AGRICULTURAL BIOTECH (0.0%)
8,700 Hokuta Corp 467,216
------------
BUSINESS SERVICES (0.0%)
220 Daiseki Co. Ltd. 3,272
------------
CONSTRUCTION & HOUSING (0.0%)
440 CTI Engineering Co. Ltd. 4,180
------------
CONSUMER GOODS & SERVICES (0.3%)
19,000 Paris Miki, Inc. 1,036,054
------------
COSMETICS (0.2%)
14,700 ADERANS Co. Ltd. 627,903
------------
FOOD & BEVERAGE (0.0%)
7,000 Soken Co. Ltd. 12,145
------------
MACHINERY & ENGINEERING (0.0%)
400 DMW Corp. 21,448
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 11
<PAGE> 14
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
MEDICAL PRODUCTS (0.1%)
14,000 Kawasumi Laboratories, Inc. $ 209,359
------------
RETAIL (0.0%)
400 Jeans Mate Corp 16,689
------------
TOTAL JAPAN 2,398,266
------------
NETHERLANDS (1.4%)
BUSINESS SERVICES (0.4%)
114,200 Avalix Groep NV* 936,259
20,400 Fugro NV 580,633
------------
1,516,892
------------
COMPUTER SOFTWARE (0.4%)
167,600 Scala Business Solutions NV* 1,425,905
------------
FINANCIAL SERVICES (0.2%)
12,600 Van der Moolen Holding NV 808,858
------------
HOUSEHOLD FURNISHING & APPLIANCES (0.2%)
20,200 Beter Bed Holding NV 583,273
------------
PUBLISHING (0.2%)
43,700 N.V. Holdingmaatschappij De
Telegraaf 860,751
------------
TOTAL NETHERLANDS 5,195,679
------------
NORWAY (0.7%)
BROADCAST MEDIA/CABLE TELEVISION (0.3%)
240,100 P4 Radio Hele Norge ASA 960,742
------------
COMMUNICATIONS & MEDIA (0.2%)
78,000 Schibsted ASA 876,883
------------
HOUSEHOLD FURNISHING & APPLIANCES (0.2%)
120,300 Ekornes ASA 924,538
------------
TOTAL NORWAY 2,762,163
------------
PORTUGAL (0.5%)
INSURANCE (0.5%)
44,200 Companhia de Seguros Mundial
Confianca SA* 1,743,933
------------
SINGAPORE (0.3%)
FOOD & BEVERAGE (0.3%)
637,000 Want Want Holdings Ltd. 1,140,230
------------
SPAIN (0.3%)
BANK/SAVINGS & LOAN (0.3%)
20,300 Banco Pastor SA 1,035,202
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
SWEDEN (0.7%)
COMPUTER SOFTWARE (0.2%)
87,600 Industrial & Financial Systems
AB $ 850,065
------------
COMPUTERS (0.0%)
2,666 International Business Systems
AB 60,052
------------
CONSUMER GOODS & SERVICES (0.1%)
87,600 Monark Stiga AB 329,722
------------
MEDICAL PRODUCTS (0.2%)
52,850 Getinge Industrier AB 780,159
------------
PUBLISHING (0.2%)
34,600 Elanders AB 590,117
------------
TOTAL SWEDEN 2,610,115
------------
SWITZERLAND (1.1%)
FINANCIAL INSTITUTIONS (0.3%)
637 Bank Sarasin & Cie 1,094,037
------------
MEDICAL PRODUCTS (0.3%)
11,100 Gretag Imaging Group 1,072,800
------------
PRINTING & PUBLISHING (0.3%)
4,020 Edipresse SA 1,305,866
------------
RETAIL/SPECIALTY (0.2%)
7,800 TAG Heuer International SA 812,814
------------
TOTAL SWITZERLAND 4,285,517
------------
UNITED KINGDOM (2.8%)
CHEMICALS/SPECIALTY (0.1%)
188,800 Victrex PLC 541,639
------------
COMPUTER SOFTWARE (0.2%)
408,700 JBA Holdings PLC 740,865
------------
CONSTRUCTION & HOUSING (0.2%)
205,500 AMEC PLC 832,495
------------
CONSUMER GOODS & SERVICES (0.2%)
257,700 Hogg Robinson PLC 922,098
------------
FINANCIAL SERVICES (0.4%)
288,100 E,D,&F Man Group PLC 1,648,492
------------
FOOD PROCESSING (0.1%)
196,600 Devro PLC 436,958
------------
INSURANCE (0.3%)
259,300 Jardine Lloyd Thompson Group
PLC 1,012,635
------------
</TABLE>
12 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 15
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
LEASE/RENTAL (0.6%)
320,300 Ashtead Group PLC $ 883,551
171,500 Goode Durrant PLC 1,257,054
------------
2,140,605
------------
MEDICAL PRODUCTS (0.3%)
90,200 SSL International PLC 1,033,660
------------
PUBLISHING (0.2%)
23,000 Euromoney Institutional
Investor PLC 607,267
------------
TOYS (0.2%)
120,600 Games Workshop Group PLC 709,076
------------
TOTAL UNITED KINGDOM 10,625,790
------------
UNITED STATES (81.2%)
AEROSPACE/DEFENSE (2.5%)
76,400 AAR Corp. 1,733,325
24,700 Alliant Techsystems, Inc.* 2,136,550
59,600 Aviall, Inc.* 1,121,225
60,400 Cordant Technologies, Inc. 2,729,325
25,800 Doncasters PLC ADR* 451,500
22,200 Ducommun, Inc.* 265,013
17,200 Orbital Sciences Corp.* 406,350
85,700 TriStar Aerospace Co.* 707,025
------------
9,550,313
------------
AUTO & AUTO PARTS (0.3%)
43,000 Donaldson, Inc. 1,053,500
------------
BUILDING MATERIALS (0.4%)
45,500 Granite Construction, Inc. 1,333,719
------------
BUSINESS SERVICES (0.8%)
18,900 QRS Corp.* 1,474,200
47,500 True North Communications, Inc. 1,425,000
------------
2,899,200
------------
CHEMICALS & FERTILIZER (0.2%)
23,600 Coinstar, Inc.* 677,025
------------
CHEMICALS/SPECIALTY (0.7%)
21,600 Church & Dwight Co., Inc. 939,600
35,000 Macdermid, Inc. 1,627,500
------------
2,567,100
------------
COMMERCIAL SERVICES (3.4%)
22,300 Advance Paradigm, Inc.* 1,360,300
20,000 Clear Channel Communications,
Inc.* 1,378,750
42,300 Copart, Inc.* 898,875
5,000 Icon PLC ADR* 98,125
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMERCIAL SERVICES (CONTINUED)
68,000 International Telecomm Data
Systems, Inc.* $ 1,088,000
27,000 Labor Ready, Inc.* 877,500
11,600 Lason, Inc.* 575,650
27,500 MedQuist, Inc.* 1,203,125
20,163 Nova Corp.* 504,075
22,100 On Assignment, Inc.* 577,362
32,800 Penton Media, Inc. 795,400
15,500 Pierce Leahy Corp.* 382,656
15,500 Profit Recovery Group
International, Inc.* 733,344
19,500 Quanta Services, Inc.* 858,000
16,300 Realty Information Group, Inc.* 709,050
26,600 SM&A Corp.* 202,825
22,300 SOS Staffing Services, Inc.* 117,075
9,800 The Metzler Group, Inc.* 270,725
------------
12,630,837
------------
COMMUNICATIONS & MEDIA (4.1%)
28,400 Central European Media
Enterprises Ltd.* 184,600
28,999 Chancellor Media Corp.* 1,598,570
60,000 Cinar Corp. Class B* 1,470,000
21,000 Cumulus Media, Inc. Class A* 459,375
15,500 EchoStar Communications Corp.* 2,378,281
22,000 Entercom Communications Corp.* 940,500
67,200 Granite Broadcasting Corp.* 525,000
55,000 Harte-Hanks, Inc. 1,491,875
13,598 Hearst-Argyle TV* 326,352
12,700 Hispanic Broadcasting Corp.* 963,612
34,500 Lamar Advertising Co.* 1,412,344
18,900 Metro Networks, Inc.* 1,008,788
51,300 Network Event Theater, Inc.* 859,275
45,000 Ritchie Brothers Auctioneers,
Inc.* 1,715,625
------------
15,334,197
------------
COMPUTER SERVICE/EQUIPMENT (2.6%)
36,740 Acxiom Corp.* 916,204
34,300 Analysts International Corp. 493,063
6,000 CMGI, Inc.* 684,375
35,800 Concentric Network Corp.* 1,423,050
3,000 Exodus Communication, Inc.* 359,812
87,900 Inprise Corp.* 428,512
19,000 International Integration,
Inc.* 427,500
14,000 International Network Services* 565,250
5,600 Jack Henry & Associates, Inc. 219,800
37,000 National Data Corp. 1,581,750
17,450 National Instruments Corp.* 704,544
95,000 Security Dynamics Technologies,
Inc.* 2,018,750
------------
9,822,610
------------
COMPUTER SOFTWARE (4.6%)
39,900 Avant! Corp.* 503,737
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 13
<PAGE> 16
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMPUTER SOFTWARE (CONTINUED)
10,600 BroadVision, Inc.* $ 781,750
57,900 Business Objects SA ADR* 2,113,350
68,500 Computer Network Technology
Corp.* 1,481,312
14,300 Concord Communications, Inc.* 643,500
21,500 Electronics for Imaging, Inc.* 1,104,563
9,200 Infoseek Corp.* 441,025
26,500 ISS Group, Inc.* 1,000,375
31,000 Legato Systems, Inc.* 1,790,250
51,500 Manugistics Group, Inc.* 746,750
21,200 Mercury Interactive Corp.* 749,950
8,800 Micrografx, Inc.* 53,350
39,000 New Era of Networks, Inc.* 1,713,563
6,100 NorthPoint Communications
Group, Inc.* 222,650
16,100 Peregrine Systems, Inc.* 413,569
6,500 Portal Software, Inc.* 301,031
32,000 Remedy Corp.* 860,000
20,500 Transaction System Architects,
Inc. Class A* 799,500
31,800 Verity, Inc.* 1,723,163
------------
17,443,388
------------
CONSTRUCTION & HOUSING (0.3%)
20,400 Coachmen Industries, Inc. 474,300
10,500 Simpson Manufacturing Co.* 498,750
26,800 Willbros Group, Inc.* 227,800
------------
1,200,850
------------
CONSUMER GOODS & SERVICES (2.0%)
35,700 Alberto Culver Co. Class A 814,406
47,100 Central Garden & Pet Co.* 482,775
38,700 Devry, Inc.* 865,912
11,000 Fossil, Inc.* 532,125
52,500 Furniture Brands International,
Inc.* 1,463,437
26,000 Helen of Troy Ltd.* 466,375
17,700 Matthews International Corp.
Class A 524,363
35,000 Mohawk Industries, Inc.* 1,063,125
29,500 Sun International Hotels Ltd.* 1,320,125
------------
7,532,643
------------
CONTAINERS (0.4%)
65,000 Ivex Packaging Corp.* 1,430,000
------------
DATA PROCESSING & REPRODUCTION (0.3%)
46,200 Inspire Insurance Solutions,
Inc.* 669,900
27,400 Market Guide, Inc.* 582,250
------------
1,252,150
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
EDUCATION (0.2%)
18,700 Strayer Education, Inc. $ 573,856
------------
ELECTRICAL EQUIPMENT (1.1%)
55,000 Belden, Inc. 1,316,562
8,600 Electro Scientific Industries,
Inc.* 359,319
8,800 Emulex Corp.* 978,450
13,000 Laser Vision Centers, Inc.* 819,000
82,800 Optimal Robotics Corp.* 822,825
------------
4,296,156
------------
ELECTRONICS (5.9%)
52,500 AVT Corp.* 1,988,437
18,000 Alpha Industries, Inc.* 857,250
11,400 Benchmark Electronics, Inc.* 409,688
31,900 BMC Industries, Inc. 328,969
27,100 Burr-Brown Corp.* 992,537
21,200 C-Cube Microsystems, Inc.* 671,775
20,500 Credence Systems Corp.* 761,062
35,700 Dallas Semiconductor Corp. 1,802,850
30,100 ETEC Systems, Inc.* 1,000,825
14,000 Flextronics International Ltd.* 777,000
34,600 Galileo Technology Ltd.* 1,567,813
15,000 Genesis Microchip, Inc.* 354,375
4,700 Globespan, Inc.* 186,825
57,400 Methode Electronics, Inc. Class
A 1,313,025
7,000 Micrel, Inc.* 518,000
8,600 Novellus Systems, Inc.* 586,950
21,500 Optical Coating Laboratory,
Inc. 1,797,938
31,000 PMC-Sierra, Inc.* 1,827,063
36,900 Photronics, Inc.* 904,050
36,500 Primex Technologies, Inc. 787,031
20,000 Proxim, Inc.* 1,160,000
25,000 Sawtek, Inc.* 1,146,875
8,500 SCI Systems, Inc.* 403,750
23,300 Telcom Semiconductor, Inc.* 224,263
------------
22,368,351
------------
ENGINEERING & CONSTRUCTION (0.3%)
22,500 Dycom Industries, Inc.* 1,260,000
------------
ENVIRONMENTAL SERVICES (0.8%)
76,500 Casella Waste Systems, Inc.* 1,989,000
62,500 Tetra Tech, Inc.* 1,031,250
------------
3,020,250
------------
</TABLE>
14 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 17
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
FINANCIAL INSTITUTIONS (2.3%)
22,300 Bank United Corp. $ 896,181
22,500 Community First Bankshares,
Inc. 537,187
22,000 Cullen Frost Bankers, Inc. 606,375
30,000 First Midwest Bancorp., Inc. 1,192,500
16,800 Ocean Financial Corp. 304,500
44,300 Peoples Heritage Financial
Group, Inc. 833,394
12,575 Queens County Bancorp, Inc. 407,116
13,400 Reliance Bancorp, Inc. 370,175
51,825 Sterling Bancshares, Inc. 693,159
18,000 Texas Regal Bancshares, Inc.
Class A 489,375
92,900 Webster Financial Corp. 2,519,912
------------
8,849,874
------------
FINANCIAL SERVICES (3.4%)
80,000 Doral Financial Corp. 1,380,000
17,900 Enhance Financial Services
Group 353,525
25,500 Hambrecht & Quist Group* 946,688
40,900 Hudson United Bancorp 1,252,562
35,000 Metris Cos., Inc. 1,426,250
13,900 National Discount Brokers
Group, Inc.* 806,200
18,150 Reinsurance Group of America,
Inc. 608,025
165,000 Reliance Group Holdings, Inc. 1,227,187
42,000 Renaissance Holdings Ltd. 1,554,000
58,000 Terra Nova (Bermuda) Holdings
Ltd. 1,562,375
31,659 XL Capital Ltd. 1,788,734
------------
12,905,546
------------
FOOD & BEVERAGE (0.3%)
36,800 Ben & Jerry's Homemade, Inc.
Class A* 1,021,200
9,600 Bush Boake Allen, Inc.* 280,800
------------
1,302,000
------------
FURNISHINGS & APPLIANCES (0.2%)
24,600 American Woodmark Corp. 867,150
------------
HEALTH CARE (4.7%)
43,200 Acuson Corp.* 742,500
39,000 ADAC Laboratories* 282,750
27,300 Alkermes, Inc.* 631,313
22,483 Block Drug, Inc. Class A 937,260
70,800 CORE, Inc.* 575,250
46,900 Dentsply International, Inc. 1,313,200
48,600 Haemonetics Corp.* 975,038
46,600 Hanger Orthopedic Group, Inc.* 661,138
13,500 Henry Schein, Inc.* 427,781
21,000 Hooper Holmes, Inc. 427,875
13,000 IGEN International, Inc.* 378,625
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
HEALTH CARE (CONTINUED)
53,500 Liposome Co., Inc.* $ 1,023,187
35,700 Mentor Corp. 664,912
58,000 Millennium Pharmaceuticals,
Inc.* 2,088,000
22,650 Patterson Dental Co.* 787,087
12,000 QLT PhotoTherapeutics, Inc.* 660,000
29,400 Renal Care Group, Inc.* 760,725
33,600 Respironics, Inc.* 508,200
18,400 Sunrise Assisted Living, Inc.* 641,700
90,000 Total Renal Care Holdings* 1,400,625
26,800 Trigon Healthcare, Inc.* 974,850
19,700 Universal Health Services, Inc.
Class B* 940,675
------------
17,802,691
------------
HOUSEHOLD FURNISHING & APPLIANCES (0.4%)
49,200 Hussmann International, Inc. 814,875
31,700 Industrie Natuzzi SPA ADR 616,169
------------
1,431,044
------------
INDUSTRIAL/MISCELLANEOUS (1.1%)
14,700 Brady Corp. 477,750
50,000 Gerber Scientific, Inc. 1,103,125
100,000 Magnetek, Inc. 1,056,250
130,000 Titan International, Inc. 1,543,750
------------
4,180,875
------------
INSURANCE (2.1%)
97,400 Annuity and Life Re (Holdings)
Ltd. 2,185,412
35,000 Everest Reinsurance Holdings,
Inc. 1,141,875
45,600 FBL Financial Group, Inc. 889,200
69,000 Fremont General Corp. 1,302,375
12,400 Penn-America Group, Inc. 128,650
12,100 Radian Group, Inc. 590,631
13,700 Scor ADR 690,138
35,600 Scottish Annuity & Life
Holdings, Ltd. 382,700
28,500 W.R. Berkley Corp. 712,500
------------
8,023,481
------------
LEISURE/ENTERTAINMENT (1.2%)
63,800 American Classic Voyages Co.* 1,531,200
30,500 Premier Parks, Inc.* 1,120,875
54,300 Sunterra Corp.* 756,806
56,000 Vistana, Inc.* 882,000
------------
4,290,881
------------
LEISURE SERVICES (0.2%)
27,900 Championship Auto Racing Teams,
Inc.* 835,256
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 15
<PAGE> 18
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
LODGING (0.1%)
46,700 Prime Hospitality Corp.* $ 560,400
------------
MACHINERY & CAPITAL GOODS (3.5%)
56,900 Advanced Energy Industries,
Inc.* 2,308,006
22,500 Astec Industries, Inc.* 916,875
39,200 Denison International PLC* 602,700
21,200 Dionex Corp.* 858,600
27,600 Gardner Denver, Inc.* 445,050
14,900 IDEX Corp. 489,838
26,700 Kaydon Corp. 897,787
16,800 Lincoln Electric Co. 344,400
61,500 PRI Automation, Inc.* 2,229,375
82,200 Roper Industries, Inc. 2,630,400
33,510 Zebra Technologies Corp. Class
A* 1,288,041
------------
13,011,072
------------
MATERIALS & PROCESSING (1.0%)
58,300 Aptargroup, Inc. 1,749,000
25,500 Chirex, Inc.* 819,188
60,000 Crompton & Knowles Corp. 1,173,750
------------
3,741,938
------------
MEDICAL PRODUCTS (1.5%)
65,000 Advanced Neuromodulation
Systems, Inc.* 617,500
58,000 CONMED Corp.* 1,776,250
9,300 Datascope Corp.* 298,762
21,400 Minimed, Inc.* 1,646,462
25,800 Xomed Surgical Products, Inc.* 1,256,138
------------
5,595,112
------------
METAL PRODUCT & FABRICATION (0.0%)
16,900 NN Ball & Roller, Inc. 97,175
------------
METALS/MINING (0.1%)
35,700 Metals USA, Inc.* 455,175
------------
NATURAL GAS (0.3%)
16,300 CMS Energy Corp. 383,050
9,799 Indiana Energy, Inc. 208,841
8,000 National Fuel Gas Co. 388,000
------------
979,891
------------
OFFICE EQUIPMENT & SUPPLIES (0.6%)
56,400 United Stationers, Inc. 1,240,800
45,300 Wallace Computer Services, Inc. 1,132,500
------------
2,373,300
------------
OIL & GAS (4.6%)
28,200 AGL Resources, Inc. 519,937
19,400 Cal Dive International, Inc.* 579,575
8,400 Central Hudson Gas & Electric 352,800
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
OIL & GAS (CONTINUED)
12,900 Connecticut Energy Corp. $ 497,456
11,100 Eastern Enterprises 441,225
251,700 Global Industries Ltd.* 3,224,906
15,750 MDU Resources Group, Inc. 359,297
8,500 Montana Power Co. 599,250
34,200 Nabors Industries, Inc.* 835,762
56,352 National-Oilwell, Inc.* 714,966
22,400 Nevada Power Co. 560,000
15,000 NUI Corp. 375,000
26,300 Oceaneering International,
Inc.* 424,088
43,500 Offshore Logistics, Inc.* 483,938
51,600 Petroleum Geo Services ADR* 767,550
11,200 Piedmont Natural Gas Co., Inc. 348,600
54,700 Pride International, Inc.* 577,768
35,000 Sierra Pacific Resources 1,273,125
36,100 Smith International, Inc.* 1,568,094
39,900 Stone Energy Corp.* 1,690,763
18,800 Tuboscope Vetco International
Corp.* 257,325
25,500 UTI Energy Corp.* 422,344
16,000 Wicor, Inc. 447,000
------------
17,320,769
------------
OIL & GAS/EQUIPMENT & SERVICES (1.1%)
41,200 BJ Services Co.* 1,212,825
19,900 Cooper Cameron Corp.* 737,544
30,500 Helmerich & Payne, Inc. 726,281
120,000 Varco International, Inc.* 1,312,500
------------
3,989,150
------------
OIL & GAS/EXPLORATION & PRODUCTION (1.4%)
29,300 Cabot Oil & Gas Corp. 545,712
36,500 Devon Energy Corp. 1,304,875
28,000 Louis Dreyfus Natural Gas
Corp.* 603,750
18,000 Pogo Producing Co. 335,250
127,000 Rowan Cos., Inc.* 2,341,563
------------
5,131,150
------------
PHARMACEUTICALS (2.6%)
43,200 Andrx Corp.* 3,331,800
13,000 Barr Laboratories, Inc.* 518,375
31,600 Geltex Pharmaceuticals, Inc.* 568,800
51,500 IDEC Pharmaceuticals Corp.* 3,968,719
20,750 Priority Healthcare Corp.* 715,875
7,100 Sepracor, Inc.* 576,875
------------
9,680,444
------------
PRINTING & PUBLISHING (0.2%)
41,300 Getty Images, Inc.* 779,538
------------
REAL ESTATE (0.7%)
90,000 Fairfield Communities, Inc.* 1,451,250
11,400 Health Care, Inc., REIT 265,050
</TABLE>
16 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 19
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
REAL ESTATE (CONTINUED)
8,900 Health Care Property Investors,
Inc., REIT $ 256,988
18,800 Jones Lang LaSalle, Inc.* 560,475
------------
2,533,763
------------
RESTAURANTS (0.5%)
58,000 Applebee's International, Inc. 1,747,250
20,900 NPC International, Inc.* 321,338
------------
2,068,588
------------
RETAIL (6.6%)
44,000 99 Cents Only Stores* 2,197,250
31,500 American Eagle Outfitters,
Inc.* 1,433,250
24,000 Ames Department Stores, Inc.* 1,095,000
48,900 Applied Micro Circuits Corp.* 4,022,025
14,000 BJ's Wholesale Club, Inc.* 420,875
10,100 Black Box Corp.* 506,263
23,500 Children's Place* 951,750
19,800 Claire's Stores, Inc. 507,375
35,700 Cost Plus, Inc.-California* 1,624,350
56,000 Linens 'N' Things, Inc.* 2,450,000
14,100 Onsale, Inc.* 267,019
60,000 Petsmart, Inc.* 615,000
46,500 Pier 1 Imports, Inc. 523,125
40,000 Rent-A-Center, Inc.* 960,000
49,100 Ruddick Corp. 982,000
19,500 Schultz Sav-O Stores, Inc. 312,000
10,000 ShopKo Stores, Inc.* 362,500
61,800 Signet Group, PLC 1,552,725
16,000 Talbots, Inc. 610,000
13,200 Value America, Inc.* 250,800
70,000 Whitehall Jewellers, Inc.* 1,868,125
16,800 Whole Foods Market, Inc.* 807,450
39,700 Zany Brainy, Inc.* 384,594
------------
24,703,476
------------
SECURITY SERVICES (0.1%)
19,400 Kroll-O'Gara Co.* 428,012
------------
TECHNOLOGY (1.1%)
26,000 CACI International, Inc. Class
A* 585,000
4,400 Go2Net, Inc.* 404,250
22,000 InfoSpace.com, Inc.* 1,034,000
5,000 Safeguard Scientifics, Inc.* 310,000
24,000 Salon.com* 228,000
24,900 Stamps.com, Inc.* 435,750
6,100 VerticalNet, Inc.* 639,737
7,390 Xoom.com, Inc.* 387,975
------------
4,024,712
------------
TELECOMMUNICATION EQUIPMENT (2.8%)
52,500 ANTEC Corp.* 1,683,281
16,200 Dialogic Corp.* 710,775
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATION EQUIPMENT (CONTINUED)
50,000 Digital Microwave Corp.* $ 637,500
19,500 Gilat Satellite Networks Ltd.* 1,023,750
20,000 Harmonic, Inc.* 1,148,750
55,100 PairGain Technologies, Inc.* 633,650
39,000 Pinnacle Holdings, Inc.* 955,500
11,500 Polycom, Inc.* 448,500
38,100 Powerwave Technologies, Inc.* 1,228,725
47,600 Radiant Systems, Inc.* 678,300
30,000 Research In Motion Ltd.* 607,500
14,200 Scientific-Atlanta, Inc. 511,200
5,200 Tut Systems, Inc.* 254,475
------------
10,521,906
------------
TELECOMMUNICATIONS (2.5%)
50,100 Davox Corp.* 598,069
9,700 NEXTLINK Communications, Inc.* 721,438
19,600 Omnipoint Corp.* 567,175
20,700 Powertel, Inc.* 618,413
90,000 TranSwitch Corp.* 4,263,750
48,700 Viatel, Inc.* 2,733,287
------------
9,502,132
------------
TRANSPORTATION (2.0%)
11,000 C.H. Robinson Worldwide, Inc. 404,250
15,500 Coach USA, Inc.* 650,031
41,000 Expeditors International of
Washington, Inc. 1,117,250
36,200 Mark VII, Inc.* 601,825
23,000 Midwest Express Holdings, Inc.* 782,000
102,600 Newport News Shipbuilding, Inc. 3,026,700
36,750 Swift Transportation Co., Inc.* 808,500
------------
7,390,556
------------
UTILITIES (0.7%)
16,500 CMP Group, Inc. 432,094
28,500 Cleco Corp. 865,688
14,100 TNP Enterprises, Inc. 511,125
20,000 United Illuminating Co. 848,750
------------
2,657,657
------------
WASTE MANAGEMENT (0.4%)
85,000 Safety-Kleen Corp.* 1,540,625
------------
TOTAL UNITED STATES 305,821,484
------------
TOTAL COMMON STOCK
(cost $286,485,038) 355,005,742
------------
PREFERRED STOCK
GERMANY (0.5%)
BROADCAST MEDIA/CABLE TELEVISION (0.3%)
24,600 ProSieben Media AG 1,116,222
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 17
<PAGE> 20
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
GERMANY (CONTINUED)
RETAIL/GENERAL (0.2%)
21,900 Fielmann AG $ 810,776
------------
TOTAL PREFERRED STOCK
(cost $2,054,219) 1,926,998
------------
- ----------
PRINCIPAL
- ----------
COMMERCIAL PAPER (1.1%)
$ 4,111,000 Koch Industries, 5.60%,
07/01/99
(cost $4,111,000) 4,111,000
------------
U.S. GOVERNMENT OBLIGATIONS (1.1%)
1,209,000 U.S. Treasury Bills,
4.39-4.48%, 08/19/99 1,201,694
710,000 U.S. Treasury Bills,
4.45-4.49%, 08/26/99 705,284
1,272,000 U.S. Treasury Bills,
4.57-4.58%, 09/16/99 1,259,512
71,000 U.S. Treasury Bills, 4.56%,
09/23/99 70,243
754,000 U.S. Treasury Bills, 4.67%,
10/07/99 744,456
------------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(cost $3,981,037) 3,981,189
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENTS (3.3%)
$10,048,000 Fifth Third Bank, 4.40%,
07/01/99, Collateralized by
$10,270,000 FHLMC Gold Pool
#G30141 6.50%, 01/01/19, market
value $10,270,000 $ 10,048,000
2,459,000 State Street Bank, 4.70%,
07/01/99, Collateralized by
$1,710,000 U.S. Treasury Bond,
14.00%, 11/15/11, market value
$2,513,000 2,459,000
------------
TOTAL REPURCHASE AGREEMENTS
(cost $12,507,000) 12,507,000
------------
TOTAL INVESTMENTS
(cost $309,138,294) $377,531,929
============
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOREIGN CURRENCY CONTRACTS
CONTRACT MARKET
VALUE VALUE
CURRENCY SOLD (U.S. $) (U.S. $) APPRECIATION DELIVERY DATE
- ------------------------------- -------- -------- ------ ----------
<S> <C> <C> <C> <C>
Canadian Dollars $50,490 $50,439 $ 51 07/02/99
</TABLE>
- --------------------------------------------------------------------------------
* Denotes a non-income producing security.
Cost for federal income tax purposes: $309,983,112.
Securities denominated in foreign currencies are shown at their U.S. dollar cost
and value.
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 or German stock company)
A/S Limited (Danish)
ASA Limited
FHLMC Federal Home Loan Mortgage Corporation
NV Naamloze Vennootschap (Dutch corporation)
OYJ Limited (Finnish)
PLC Public Limited Company (British or Irish)
REIT Real Estate Investment Trust
SA Societe Anonyme (French or Swiss corporation)
SA Sociedad Anonima (Portuguese or Spanish corporation)
SPA Societa per Azioni (Italian corporation)
</TABLE>
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
18 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 21
NATIONWIDE SEPARATE ACCOUNT TRUST
INCOME FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
ASSET-BACKED SECURITIES (5.4%)
$ 90,000 American Express Master Trust,
Accounts Receivable Trust
Certificates, Series 1998-1 Class
A, 5.90%, 04/15/04 $ 88,715
170,000 Discover Card Master Trust I,
Series 1999-4 Class A, 5.65%,
11/16/04 167,042
110,000 Standard Credit Card Master Trust,
Series 1994-4 Class A, 8.25%,
11/07/03 114,485
----------
TOTAL ASSET-BACKED SECURITIES
(cost $476,621) 370,242
----------
CORPORATE BONDS (14.0%)
BANKS (1.5%)
100,000 Countrywide Home Loans, Inc.,
6.85%, 06/15/04 99,986
----------
FINANCIAL (4.6%)
50,000 Ford Motor Credit Co., 8.20%,
02/15/02 52,161
100,000 Household Finance Corp., 6.50%,
11/15/08 94,913
100,000 Morgan Stanley Dean Witter & Co.,
6.875%, 03/01/07 99,106
50,000 Norwest Corp., 8.15%, 11/01/01 51,983
20,000 Sears Roebuck Acceptance Corp.,
6.38%, 11/21/01 19,902
----------
318,065
----------
INDUSTRIAL (1.4%)
50,000 Waste Management, Inc., 6.125%,
07/15/01 49,665
50,000 The Williams Cos., Inc., 6.125%,
02/01/01 49,644
----------
99,309
----------
LEASE/RENTAL (1.4%)
100,000 Hertz Corp., 6.25%, 03/15/09 93,204
----------
TELEPHONE (0.7%)
50,000 MCI Worldcom, Inc., 6.125%,
08/15/01 49,756
----------
TRANSPORTATION (0.7%)
47,715 Southwest Airlines Co., 7.67%,
01/02/14 49,852
----------
UTILITY/ELECTRIC (3.7%)
100,000 Noram Energy Corp., 6.375%,
11/01/03 97,759
100,000 Pacific Gas & Electric, 6.375%,
11/01/03 103,673
55,000 Public Service Co. of Colorado,
6.00%, 04/15/03 54,060
----------
255,492
----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
TOTAL CORPORATE BONDS
(cost $893,822) $ 965,664
----------
U.S. GOVERNMENT AND AGENCY LONG-TERM
OBLIGATIONS (86.7%)
FEDERAL HOME LOAN BANKS (4.2%)
$300,000 5.125%, 09/15/03 288,651
----------
STUDENT LOAN MORTGAGE ASSOCIATION (12.9%)
892,000 4.68%, 07/02/99 891,896
----------
U.S. TREASURY BONDS (6.6%)
150,000 6.00%, 02/15/26 145,875
300,000 6.50%, 11/15/26 310,500
----------
456,375
----------
U.S. TREASURY NOTES (63.0%)
250,000 7.75%, 11/30/99 252,734
740,000 4.50%, 09/30/00 731,443
133,000 6.25%, 04/30/01 134,621
250,000 6.625%, 07/31/01 255,234
195,000 6.50%, 05/31/02 199,387
430,000 5.75%, 08/15/03 430,000
30,000 4.75%, 02/15/04 28,828
40,000 7.25%, 05/15/04 42,437
400,000 7.25%, 08/15/04 424,875
395,000 6.50%, 05/15/05 407,097
275,000 6.50%, 08/15/05 283,508
400,000 7.00%, 07/15/06 423,750
560,000 6.125%, 08/15/07 566,125
180,000 4.75%, 11/15/08 165,206
----------
4,345,245
----------
TOTAL U.S. GOVERNMENT AND AGENCY
LONG-TERM OBLIGATIONS
(cost $6,074,245) 5,982,167
----------
REPURCHASE AGREEMENT (3.1%)
218,000 Fifth Third Bank, 4.40%, 07/01/99,
Collateralized by $230,000 FHLMC
Gold Pool #G30141, 6.50%, 01/01/19,
market value $230,000
(cost $218,000) 218,000
----------
TOTAL INVESTMENTS
(cost $7,662,688) $7,536,073
==========
</TABLE>
- ------------------------------------------------------
Cost for federal income tax purposes: $7,674,438.
The abbreviation in the above statement stands for the following:
FHLMC Federal Home Loan Mortgage Corporation
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 19
<PAGE> 22
NATIONWIDE SEPARATE ACCOUNT TRUST
STRATEGIC GROWTH FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
COMMON STOCK (87.8%)
BANKS/REGIONAL (3.6%)
4,500 First Tennessee National Corp. $ 172,406
4,000 Providian Financial Corp. 374,000
6,000 Zions Bancorp. 381,000
----------
927,406
----------
BANKS/SUPER REGIONAL (2.2%)
4,500 BankBoston Corp. 230,062
4,000 State Street Corp. 341,500
----------
571,562
----------
BIOTECHNOLOGY (0.6%)
4,400 Millennium Pharmaceuticals, Inc.* 158,400
----------
BROADCASTING/TELEVISION (2.5%)
2,500 Adelphia Communications Corp.
Class A* 159,062
3,500 Clear Channel Communications, Inc.* 241,281
3,700 SFX Entertainment, Inc.* 246,281
----------
646,624
----------
BROKERAGE & INVESTMENT MANAGEMENT (4.3%)
1,300 Ameritrade Holding Corp. Class A* 137,800
4,500 Donaldson, Lufkin & Jenrette,
Inc. 271,125
8,000 Franklin Resources, Inc. 325,000
2,200 Knight/Trimark Group, Inc. Class A* 132,688
2,500 The Bear Stearns Cos., Inc. 116,875
9,500 WEBS -- Japan Index 118,750
----------
1,102,238
----------
COMMERCIAL SERVICES (1.2%)
4,000 MedQuist, Inc.* 175,000
2,000 TMP Worldwide, Inc.* 127,000
----------
302,000
----------
COMPUTERS/HARDWARE (9.0%)
7,500 American Power Conversion Corp.* 150,937
5,000 Apple Computer, Inc.* 231,562
5,000 CNET, Inc.* 288,125
3,000 E*TRADE Group, Inc.* 119,813
1,900 Exodus Communications, Inc.* 227,881
1,700 Inktomi Corp.* 221,956
7,000 Lexmark International Group, Inc.
Class A* 462,438
13,700 Net.Bank, Inc.* 520,600
1,000 Verisign, Inc.* 86,250
----------
2,309,562
----------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
COMPUTERS/SOFTWARE & SERVICE (15.3%)
2,100 Broadvision, Inc.* $ 154,875
5,500 Check Point Software Technologies
Ltd.* 294,937
5,000 Citrix Systems, Inc.* 282,500
6,500 Compuware Corp.* 206,781
3,500 Electronic Arts, Inc.* 189,875
1,500 Extreme Networks, Inc.* 87,094
8,000 Gemstar International Group Ltd.* 522,000
7,000 International Network Services* 282,625
3,600 INTUIT, Inc.* 324,450
6,000 ISS Group, Inc.* 226,500
3,000 Mercury Interactive Corp.* 106,125
7,500 New Era of Networks, Inc.* 329,531
9,500 Novell, Inc.* 251,750
5,500 Rational Software Corp.* 181,156
3,100 Shared Medical Systems Corp. 202,275
3,000 Veritas Software Corp.* 284,813
----------
3,927,287
----------
COSMETIC & PERSONAL CARE (0.3%)
2,700 General Nutrition Cos., Inc.* 62,944
----------
ELECTRONIC PRODUCT/MISCELLANEOUS (1.6%)
9,000 Jabil Circuit, Inc.* 406,125
----------
ELECTRONICS/SEMICONDUCTORS (8.9%)
2,000 Applied Micro Circuits Corp.* 164,500
3,500 ASM Lithography Holding NV* 207,812
400 Broadcom Corp.* 57,825
5,500 LSI Logic Corp.* 253,688
17,000 MEMC Electronic Materials, Inc.* 207,188
6,500 Micron Technology, Inc.* 262,031
5,000 Novellus Systems, Inc.* 341,250
3,400 PMC-Sierra, Inc.* 200,388
5,500 PRI Automation, Inc.* 199,375
2,200 Teradyne, Inc.* 157,850
1,700 Vitesse Semiconductor Corp.* 114,644
2,000 Xilinx, Inc.* 114,500
----------
2,281,051
----------
HEALTH CARE (3.4%)
1,100 Allergan, Inc. 122,100
3,400 Biogen, Inc.* 218,662
2,000 Express Scripts, Inc. Class A* 120,375
5,000 Sepracor, Inc.* 406,250
----------
867,387
----------
LEISURE & ENTERTAINMENT (0.9%)
5,300 Royal Caribbean Cruises Ltd. 231,875
----------
</TABLE>
20 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 23
NATIONWIDE SEPARATE ACCOUNT TRUST
STRATEGIC GROWTH FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
OIL WELL EQUIPMENT & SERVICES (8.1%)
16,500 Cooper Cameron Corp.* $ 611,531
19,000 Ensco International, Inc. 378,813
22,300 Global Marine, Inc.* 344,256
21,000 Rowan Cos., Inc.* 387,188
5,500 Smith International, Inc.* 238,906
4,000 Tidewater, Inc. 122,000
----------
2,082,694
----------
PAPER & FOREST PRODUCTS (0.9%)
5,000 Georgia-Pacific Group 236,875
----------
RESTAURANTS (2.7%)
5,200 Outback Steakhouse, Inc.* 204,425
8,100 Starbucks Corp.* 304,256
3,500 Tricon Global Restaurants, Inc.* 189,438
----------
698,119
----------
RETAIL (10.6%)
6,000 Abercrombie & Fitch Co. Class A* 288,000
2,500 American Eagle Outfitters, Inc.* 113,750
5,200 CDW Computer Centers, Inc.* 228,800
3,700 Circuit City Stores -- Circuit
City Group 344,100
2,325 Intimate Brands, Inc. 110,147
9,000 Kohls Corp.* 694,688
2,700 Linens 'n Things, Inc.* 118,125
9,000 PETsMart, Inc.* 92,250
7,700 Tandy Corp. 376,338
4,000 The Children's Place Retail
Stores, Inc.* 162,000
4,300 Whole Food Market, Inc.* 206,669
----------
2,734,867
----------
SHOE & APPAREL MANUFACTURING (0.4%)
1,500 Tommy Hilfiger Corp.* 110,250
----------
TELECOMMUNICATIONS EQUIPMENT (5.0%)
5,500 Aware, Inc.* 253,687
8,000 Ciena Corp.* 241,500
12,800 General Instrument Corp.* 544,000
1,500 Uniphase Corp.* 249,000
----------
1,288,187
----------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
TELECOMMUNICATIONS SERVICE (6.3%)
8,000 At Home Corp.* $ 431,500
3,200 Cablevision Systems Corp.* 224,000
6,000 Covad Communications Group, Inc.* 319,875
3,800 Global TeleSystems Group, Inc.* 307,800
7,000 WinStar Communications, Inc.* 341,250
----------
1,624,425
----------
TOTAL COMMON STOCK
(cost $20,514,182) 22,569,878
----------
- --------
PRINCIPAL
- --------
<C> <S> <C>
REPURCHASE AGREEMENT (10.1%)
$2,595,000 Fifth Third Bank, 4.40%, 07/01/99
Collateralized by $2,695,000 FNMA
Pool #323020, 6.50%, 02/01/13,
market value $2,647,837
(cost $2,595,000) 2,595,000
----------
TOTAL INVESTMENTS
(cost $23,109,182) $25,164,878
==========
</TABLE>
- -------------------------------------------------------
* Denotes a non-income producing security.
Cost for federal income tax purposes: $23,725,100.
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
FNMA Federal National Mortgage Association
NV Naamloze Vennotschap (Dutch corporation)
WEBS World Equity Benchmark Share
</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 21
<PAGE> 24
NATIONWIDE SEPARATE ACCOUNT TRUST
STRATEGIC VALUE FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (97.4%)
AEROSPACE/DEFENSE (6.1%)
12,800 Lockheed Martin Corp. $ 476,800
7,900 Raytheon Co. Class B 555,962
-----------
1,032,762
-----------
AIR FREIGHT (3.3%)
10,200 FDX Corp.* 553,350
-----------
AUTO PARTS & EQUIPMENT (3.2%)
9,800 Borg-Warner Automotive, Inc. 539,000
-----------
COMPUTERS/SOFTWARE & SERVICES (2.5%)
33,500 Cadence Design Systems, Inc.* 427,125
-----------
ELECTRONICS/COMPONENTS & DISTRIBUTORS (9.7%)
25,550 Arrow Electronics, Inc.* 485,450
11,200 Avnet, Inc. 520,800
6,272 Philips Electronics NV ADR 632,688
-----------
1,638,938
-----------
FINANCIAL INSTITUTIONS (15.3%)
7,000 Bank of America Corp. 513,188
6,200 Chase Manhattan Corp. 537,075
13,400 Mellon Bank Corp. 487,425
12,100 Summit Bancorp 505,931
12,800 Wells Fargo & Co. 547,200
-----------
2,590,819
-----------
FINANCIAL SERVICES (2.6%)
6,500 Fannie Mae 444,438
-----------
FOOD & BEVERAGE (2.7%)
11,400 Philip Morris Cos., Inc. 458,137
-----------
HEALTH CARE (8.0%)
15,600 ICN Pharmaceutical, Inc. 502,125
19,200 Mylan Laboratories, Inc. 508,800
27,600 Omnicare, Inc. 348,450
-----------
1,359,375
-----------
HOUSEHOLD FURNITURE & APPLIANCES (3.3%)
8,200 Maytag Corp. 571,437
-----------
INSURANCE (8.5%)
12,500 Allstate Corp. 448,438
8,000 Chubb Corp. 556,000
11,800 PartnerRe Ltd. 441,025
-----------
1,445,463
-----------
INVESTMENT MANAGEMENT (6.1%)
6,000 Merrill Lynch & Co., Inc. 479,625
12,000 Paine Webber Group, Inc. 561,000
-----------
1,040,625
-----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
IRON & STEEL (3.1%)
21,100 Ucar International, Inc.* $ 532,775
-----------
METALS MINING (5.8%)
13,700 Lafarge Corp. 485,494
7,700 Southdown, Inc. 494,725
-----------
980,219
-----------
RAILROADS (5.8%)
14,300 Burlington Northern Santa Fe Corp. 443,300
8,100 Canadian National Railway Co. 542,700
-----------
986,000
-----------
RETAIL/DEPARTMENT STORES (5.4%)
10,700 May Department Stores Co. 437,362
10,700 Sears, Roebuck and Co. 476,819
-----------
914,181
-----------
SERVICES/COMMERCIAL & CONSUMER (3.3%)
19,300 Diebold, Inc. 554,875
-----------
TELECOMMUNICATIONS/CELLULAR (2.7%)
14,100 ECI Telecom Ltd. 467,944
-----------
TOTAL COMMON STOCK
(cost $15,999,568) 16,537,463
-----------
- --------
PRINCIPAL
- --------
<C> <S> <C>
REPURCHASE AGREEMENT (5.5%)
$934,000 Fifth Third Bank, 4.40%, 07/01/99,
Collateralized by $970,000 FNMA
Pool #323020, 6.50%, 02/01/13,
market value $953,025 (cost
$934,000) 934,000
-----------
TOTAL INVESTMENTS
(cost $16,933,568) $17,471,463
===========
</TABLE>
- -------------------------------------------------------
* Denotes a non-income producing security.
Cost for federal income tax purposes: $16,952,956.
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
ADR American Depositary Receipt
FNMA Federal National Mortgage Association
NV Naamoloze Vennootschap (Dutch 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> 25
NATIONWIDE SEPARATE ACCOUNT TRUST
EQUITY INCOME FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (78.3%)
AEROSPACE/DEFENSE (0.9%)
5,300 Lockheed Martin Corp. $ 197,425
-----------
AUTOMOBILES, PARTS, & EQUIPMENT (1.0%)
3,800 Ford Motor Co. 214,463
-----------
CHEMICALS (1.2%)
4,000 E.I. du Pont de Nemours and Co. 273,250
-----------
COMPUTERS/EQUIPMENT & SERVICES (7.4%)
6,748 Apple Computer, Inc.* 312,517
4,000 International Business Machines
Corp. 517,000
3,800 Lexmark International Group, Inc.
Class A* 251,038
8,700 Storage Technology Corp.* 197,925
4,100 Sun Microsystems, Inc.* 282,388
6,900 Western Digital Corp.* 44,850
-----------
1,605,718
-----------
COMPUTERS/SOFTWARE & SERVERS (2.5%)
1,600 Cisco Systems, Inc.* 103,200
7,800 Electronic Data Systems Corp. 441,188
-----------
544,388
-----------
CONSUMER FINANCE (3.3%)
8,450 Citigroup, Inc. 401,375
4,300 H & R Block, Inc. 215,000
1,800 Lincoln National Corp. 94,162
-----------
710,537
-----------
ELECTRICAL EQUIPMENT (2.4%)
3,000 Emerson Electric Co. 188,625
3,000 General Electric Co. 339,000
-----------
527,625
-----------
ELECTRONICS/COMPONENTS (1.1%)
4,000 Intel Corp. 238,000
-----------
ENTERTAINMENT (1.4%)
10,100 The Walt Disney Co. 311,206
-----------
FINANCIAL INSTITUTIONS (6.7%)
5,018 Bank of America Corp. 367,882
6,540 Bank One Corp. 389,539
2,700 Chase Manhattan Corp. 233,887
4,700 First Union Corp. 220,900
6,900 Mellon Bank Corp. 250,987
-----------
1,463,195
-----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
FOOD & BEVERAGES (5.8%)
4,200 General Mills, Inc. $ 337,575
6,200 H. J. Heinz Co. 310,775
5,000 Nabisco Holdings Corp. 97,812
7,400 PepsiCo., Inc. 286,287
5,800 Philip Morris Cos., Inc. 233,087
-----------
1,265,536
-----------
HEALTH CARE/DIVERSIFIED (2.5%)
6,100 American Home Products Corp. 350,750
2,000 Johnson & Johnson 196,000
-----------
546,750
-----------
HEALTH CARE/DRUGS (8.0%)
8,000 Abbott Laboratories 364,000
5,700 Baxter International, Inc. 345,563
6,500 Bristol-Myers Squibb Co. 457,844
4,700 Merck & Co., Inc. 347,800
3,600 Warner-Lambert Co. 249,750
-----------
1,764,957
-----------
HOUSEHOLD FURNITURE & APPLIANCES (1.0%)
2,800 Whirlpool Corp. 207,200
-----------
INSURANCE (1.2%)
4,800 The Allstate Corp. 172,200
1,200 Chubb Corp. 83,400
-----------
255,600
-----------
INSURANCE BROKERS (0.9%)
2,550 Marsh & McLennan Cos., Inc. 192,525
-----------
INVESTMENT MANAGEMENT (1.3%)
2,700 Morgan Stanley Dean Witter & Co. 276,750
-----------
MANUFACTURING (2.0%)
8,800 Cooper Tire & Rubber Co. 207,900
3,000 Textron, Inc. 246,938
-----------
454,838
-----------
METALS/MINING (1.0%)
14,500 USEC, Inc. 215,687
-----------
OFFICE EQUIPMENT & SUPPLIES (2.2%)
3,300 Pitney Bowes, Inc. 212,025
4,400 Xerox Corp. 259,875
-----------
471,900
-----------
OIL & GAS/PRODUCTION (4.8%)
2,200 British Petroleum Co. PLC 238,700
3,200 Exxon Corp. 246,800
5,000 Halliburton Co. 226,250
3,400 Mobil Corp. 336,600
-----------
1,048,350
-----------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 23
<PAGE> 26
NATIONWIDE SEPARATE ACCOUNT TRUST
EQUITY INCOME FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
PERSONAL CARE PRODUCTS (2.2%)
4,400 Kimberly-Clark Corp. $ 250,800
2,500 Procter & Gamble Co. 223,125
-----------
473,925
-----------
PUBLISHING/NEWSPAPER (1.0%)
6,000 New York Times Co. 220,875
-----------
REAL ESTATE (0.3%)
1,800 Post Properties, Inc., REIT 73,800
-----------
RETAIL (1.9%)
3,800 Albertsons, Inc. 195,938
4,400 J. C. Penney Co., Inc. 213,675
-----------
409,613
-----------
TELECOMMUNICATIONS (8.9%)
4,700 Ameritech Corp. 345,450
2,700 AT&T Corp. 150,694
7,100 GTE Corp. 537,825
4,314 MCI Worldcom, Inc.* 372,082
7,800 Sprint Corp. (FON Group) 411,937
2,200 Sprint Corp. (PCS Group)* 125,675
-----------
1,943,663
-----------
TELECOMMUNICATION EQUIPMENT (2.9%)
3,500 Motorola, Inc. 331,625
4,600 Tellabs, Inc.* 310,788
-----------
642,413
-----------
TOBACCO (0.2%)
1,666 R.J. Reynolds Tobacco Holdings,
Inc.* 52,479
-----------
TRANSPORTATION/SHIPPING (0.8%)
4,400 CNF Transportation, Inc. 168,850
-----------
UTILITIES/ELECTRIC COMPANIES (1.5%)
3,900 Enron Corp. 318,825
-----------
TOTAL COMMON STOCK
(cost $14,614,815) 17,090,343
-----------
CONVERTIBLE PREFERRED STOCK (10.4%)
BANKS (1.2%)
8,100 Westpac Banking Corp., STRYPES,
10.00% 262,238
-----------
CHEMICALS/DIVERSIFIED (0.9%)
5,100 Monsanto Co., ACES, 6.50% 204,637
-----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
CONSUMER FINANCE (1.9%)
7,400 Conseco, Inc., 7.00% $ 297,387
4,400 Lincoln National Corp., PRIDES,
7.75% 119,625
-----------
417,012
-----------
ELECTRIC COMPANIES (1.6%)
6,250 Texas Utilities Co., PRIDES, 9.25% 343,750
-----------
ELECTRICAL EQUIPMENT (1.2%)
9,600 Crown Cork & Seal Co., Inc., 4.50% 257,400
-----------
FINANCIAL (0.2%)
300 Jefferson Pilot Corp., 7.25% 36,900
-----------
FOOD & BEVERAGES (2.1%)
2,800 Ralston-Ralston Purina Group,
7.00% 130,200
1,700 Suiza Foods Corp., 5.50% 63,113
7,000 Suiza Foods Corp., 5.50%** 259,875
-----------
453,188
-----------
MACHINERY/DIVERSIFIED (1.3%)
9,500 Ingersoll-Rand Co., 6.75% 285,000
-----------
TOTAL CONVERTIBLE PREFERRED STOCK
(cost $2,343,237) 2,260,125
-----------
</TABLE>
<TABLE>
<CAPTION>
- ---------
PRINCIPAL
- ---------
<C> <S> <C>
CONVERTIBLE DEBT (6.6%)
COMPUTERS/HARDWARE (3.1%)
$450,000 Citrix Systems, 0.00%, 03/22/19** 202,500
75,000 EMC Corp., 3.25%, 03/15/02 369,563
570,000 Western Digital Corp., 0.00%, 02/18/18** 96,900
-----------
668,963
-----------
COMPUTERS/SOFTWARE & SERVICES (1.0%)
25,000 America Online, Inc., 4.00%,
11/15/02 211,093
-----------
ELECTRONICS/SEMICONDUCTORS (0.6%)
90,000 LSI Logic Corp., 4.25%, 03/15/04** 146,925
-----------
RETAIL/DISCOUNTERS (1.9%)
150,000 Home Depot, Inc., 3.25%, 10/01/01 417,188
-----------
TOTAL CONVERTIBLE DEBT
(cost $868,796) 1,444,169
-----------
</TABLE>
24 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 27
NATIONWIDE SEPARATE ACCOUNT TRUST
EQUITY INCOME FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENTS (4.7%)
$1,028,000 Fifth Third Bank, 4.40%, 07/01/99,
Collateralized by $1,068,000 FNMA
Pool #323020, 6.50%, 02/01/13,
market value $1,049,310 (cost
$1,028,000) $ 1,028,000
-----------
TOTAL INVESTMENTS
(cost $18,854,848) $21,822,637
===========
</TABLE>
- -------------------------------------------------------
* Denotes a non-income producing security.
** Represents a restricted security acquired and eligible for resale under Rule
144A, which limits the resale to certain qualified buyers.
Cost for federal income tax purposes: $18,854,929.
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
ACES Adjustable Conversion-Rate Equity
Security
FNMA Federal National Mortgage Association
PLC Public Limited Company (British)
PRIDES Preferred Redeemable Increased Dividend
Equity Securities
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 25
<PAGE> 28
NATIONWIDE SEPARATE ACCOUNT TRUST
HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
CORPORATE BOND (94.3%)
AEROSPACE/DEFENSE (0.7%)
$ 250,000 Anteon Corp., Sr. Sub. Note,
12.00%, 05/15/09* $ 247,500
125,000 Condor Systems, Inc., Co.
Guarantee, 11.875%, 05/01/09* 121,875
-----------
369,375
-----------
ADVERTISING (0.6%)
275,000 Outdoor Systems, Inc., Co.
Guarantee, 8.875%, 06/15/07 288,406
-----------
AGRICULTURAL PRODUCT (0.2%)
100,000 Royster-Clark, Inc., First
Mortgage Note, 10.25%, 04/01/09* 99,500
-----------
AUTO PARTS & EQUIPMENT (2.6%)
200,000 Accuride Corp., Sr. Sub. Note,
9.25%, 02/01/08* 197,000
275,000 Collins & Aikman Products, Inc.,
Co. Guarantee, 11.50%, 04/15/06 279,125
100,000 HDA Parts System, Inc., Sr. Sub.
Note, 12.00%, 08/01/05* 101,500
200,000 JL French Automotive Casting, Sr.
Sub. Note, 11.50%, 06/01/09* 205,000
450,000 Lear Corp., Sr. Note, 8.11%, 05/15/09* 437,377
150,000 Oxford Automotive, Inc., Sr. Sub.
Note, 10.125%, 06/15/07 152,250
-----------
1,372,252
-----------
AUTOMOBILES (1.1%)
100,000 Aftermarket Technology Co., Sr.
Sub. Note, 12.00%, 08/01/04 104,500
300,000 American Axle & Manufacturing,
Inc., Co. Guarantee, 9.75%,
03/01/09 302,250
150,000 Avis Rent A Car, Inc., Sr. Sub.
Note, 11.00%, 05/01/09* 153,000
-----------
559,750
-----------
BANKS/REGIONAL (1.1%)
600,000 GS Escrow Corp., Sr. Note,
7.125%, 08/01/05 582,210
-----------
BEVERAGES/ALCOHOLIC (0.5%)
100,000 Canandaigua Brands, Inc., Co.
Guarantee, 8.50%, 03/01/09 96,750
50,000 Dimon, Inc., Sr. Note, 8.875%,
06/01/06 44,250
100,000 National Wine & Spirits Holding
Corp., Sr. Note, 10.125%,
01/15/09* 103,250
-----------
244,250
-----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
BROADCASTING & TELEVISION (16.0%)
$ 325,000 ACME Television LLC, Co.
Guarantee, 0/10.875%, 09/30/04 $ 271,375
150,000 Big City Radio, Inc., Co.
Guarantee, 0/11.25%, 03/15/05 106,875
100,000 Chancellor Media Corp., Co.
Guarantee, 9.375%, 10/01/04 102,250
725,000 Chancellor Media Corp., Sr. Sub.
Note, 8.125%, 12/15/07 703,250
125,000 Chancellor Media Corp., Co.
Guarantee, 9.00%, 10/01/08 127,500
300,000 Chancellor Media Corp., Co.
Guarantee, 8.00%, 11/01/08 294,000
250,000 CSC Holdings, Inc., Sr. Sub.
Note, 9.25%, 11/01/05 258,750
250,000 CSC Holdings, Inc., Sr. Sub.
Debentures, 9.875%, 02/15/13 270,000
350,000 Charter Communications Holdings,
Sr. Disc. Note, 0/9.92%,
04/01/11* 218,750
75,000 Cumulus Media, Inc., Co.
Guarantee, 10.375%, 07/01/08 79,875
125,000 Diamond Cable Communications PLC,
Sr. Disc. Note, 0/10.75%,
02/15/07 98,125
50,000 Diamond Holdings PLC, Co.
Guarantee, 9.125%, 02/01/08 51,000
50,000 Diva Systems Corp., Unit, Sr.
Disc. Note, 0/12.625%, 03/01/08 14,750
700,000 Echostar DBS Corp., Sr. Note,
9.375%, 02/01/09* 712,250
150,000 Fox/Liberty Networks LLC, Sr. Note, 8.875%,
08/15/07 156,000
475,000 Fox/Liberty Networks LLC, Sr.
Disc. Note, 0/9.75%, 08/15/07 372,875
100,000 International Cabletel, Inc., Sr.
Note, 0/11.50%, 02/01/06 87,750
200,000 Lamar Advertising Co., Co.
Guarantee, 8.625%, 09/15/07 202,000
150,000 Lenfest Communications, Inc., Sr.
Note, 8.375%, 11/01/05 157,125
100,000 Lenfest Communications, Inc., Sr.
Sub. Note, 8.25%, 02/15/08 103,250
1,125,000 NTL, Inc., Sr. Note, 0/9.75%,
04/01/08 776,250
600,000 NTL, Inc., Sr. Note, 0/12.375%,
10/01/08 414,000
375,000 Pegasus Communications Corp., Sr.
Note, 9.625%, 10/15/05 373,125
100,000 Pegasus Communications Corp., Sr.
Note, 9.75%, 12/01/06 98,500
200,000 RCN Corp., Sr. Disc. Note,
0/11.125%, 10/15/07 135,000
375,000 Roger CableSystems, Inc., Sr.
Note, 10.00%, 03/15/05 406,875
265,000 SFX Broadcasting, Inc., Sr. Sub.
Note, 10.75%, 05/15/06 282,225
</TABLE>
26 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 29
NATIONWIDE SEPARATE ACCOUNT TRUST
HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
BROADCASTING & TELEVISION (CONTINUED)
$ 75,000 Sinclair Broadcast Group, Inc.,
Sr. Sub. Note, 10.00%, 09/30/05 $ 76,875
100,000 Sinclair Broadcast Group, Inc.,
Co. Guarantee, 9.00%, 07/15/07 98,750
300,000 Sinclair Broadcast Group, Inc.,
Sr. Sub. Note, 8.75%, 12/15/07 293,250
50,000 TeleWest PLC, Sr. Note, 11.25%,
11/01/08 56,500
250,000 TeleWest PLC, Sr. Disc. Note,
0/9.25%, 04/15/09* 166,250
525,000 Telewest Communications PLC,
Debentures, 0/11.00%, 10/01/07 471,188
200,000 UIH Australia/Pacific, Inc., Sr.
Disc. Note, 0/14.00%, 05/15/06 142,000
350,000 United International Holdings,
Inc., Sr. Disc. Note, 0/10.75%,
02/15/08 234,500
-----------
8,413,038
-----------
BUILDING MATERIALS (1.0%)
250,000 Albecca, Inc., Co. Guarantee,
10.75%, 08/15/08 206,250
100,000 Building Materials Corp., Sr.
Note, 8.00%, 10/15/07 93,750
175,000 Falcon Building Investment Corp.,
Co. Guarantee, 0/10.50%, 06/15/07 119,000
125,000 NCI Building System, Inc., Sr.
Sub. Note, 9.25%, 05/01/09* 121,250
-----------
540,250
-----------
CHEMICALS (4.3%)
100,000 Buckeye Technologies, Inc., Sr.
Sub. Note, 9.25%, 09/15/08 103,658
200,000 General Chemical Industries, Sr.
Sub. Note, 10.625%, 05/01/09* 202,500
225,000 Huntsman Corp., Sr. Sub. Note,
9.50%, 07/01/07* 214,875
175,000 Huntsman ICI Chemicals LLC, Sr.
Sub. Note, 10.125%, 07/01/09* 177,406
300,000 ISP Holdings, Inc., Sr. Note,
9.00%, 10/15/03 299,250
450,000 Lyondell Chemical Co., Sr. Sub.
Note, 10.875%, 05/01/09* 465,750
225,000 Polymer Group, Inc., Co.
Guarantee, 9.00%, 07/01/07 216,562
250,000 Polymer Group, Inc., Co.
Guarantee, 8.75%, 03/01/08 238,125
175,000 Sterling Chemicals, Inc., Sr.
Sub. Note, 11.75%, 08/15/06 135,625
200,000 Texas Petrochem Corp., Sr. Sub.
Note, 11.125%, 07/01/06 179,000
-----------
2,232,751
-----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMPUTERS/SOFTWARE & SERVICES (0.8%)
$ 350,000 PsiNet, Inc., Sr. Note, 10.00%,
02/15/05 $ 350,000
75,000 PsiNet, Inc., Sr. Note, 11.50%,
11/01/08 79,125
-----------
429,125
-----------
CONSTRUCTION (0.3%)
150,000 Formica Corp., Sr. Sub. Note,
10.875%, 03/01/09* 145,500
-----------
CONSUMER JEWELRY & GIFTS (0.1%)
50,000 NBTY, Inc., Sr. Sub. Note,
8.625%, 09/15/07 43,250
-----------
CONTAINERS & PACKAGE (0.8%)
100,000 Consolidated Container Co. LLC,
Sr. Sub. Note, 10.125%, 07/15/09* 101,875
200,000 Russell Stanley Holdings, Inc.,
Sr. Sub. Note, 10.875%, 02/15/09* 196,000
150,000 Tekni-Plex, Inc., Co. Guarantee,
9.25%, 03/01/08 146,250
-----------
444,125
-----------
ELECTRONICS (0.5%)
75,000 Cherokee International LLC, Sr.
Sub. Note, 10.50%, 05/01/09* 75,000
150,000 Fairchild Semiconductor Corp.,
Sr. Sub. Note, 10.375%, 10/01/07* 147,750
50,000 Viasystems, Inc., Sr. Sub. Note,
9.75%, 06/01/07 44,000
-----------
266,750
-----------
ENGINEERING & CONSTRUCTION (0.3%)
150,000 URS Corp., Sr. Sub. Note, 12.25%,
05/01/09* 152,250
-----------
FINANCIAL/DIVERSIFIED (1.0%)
250,000 Caithness Coso Fund Corp.,
Secured, 9.05%, 12/15/09* 248,750
450,000 Crown Castle International Corp.,
Sr. Disc. Note, 0/10.375%,
05/15/11 266,063
-----------
514,813
-----------
FOODS (3.7%)
275,000 Agrilink Foods, Inc., Co.
Guarantee, 11.875%, 11/01/08 285,312
450,000 Ameriserv Food Distribution,
Inc., Co. Guarantee, 10.125%,
07/15/07 384,750
150,000 Carrols Corp., Co. Guarantee,
9.50%, 12/01/08 141,375
175,000 Domino's, Inc., Co. Guarantee,
10.375%, 01/15/09 177,187
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 27
<PAGE> 30
NATIONWIDE SEPARATE ACCOUNT TRUST
HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
FOODS (CONTINUED)
$ 250,000 Eagle Family Foods, Inc., Co.
Guarantee, 8.75%, 01/15/08 $ 223,750
425,000 International Home Foods, Inc.,
Co. Guarantee, 10.375%, 11/01/06 450,500
275,000 Triarc Consumer Products Group,
Sr. Sub. Note, 10.25%, 01/15/09* 272,250
-----------
1,935,124
-----------
HEALTH CARE (4.1%)
150,000 Alliance Imaging, Inc., Sr. Sub.
Note, 9.625%, 12/15/05 142,500
150,000 Columbia HCA Healthcare Corp.,
Sr. Note, 6.91%, 06/15/05 138,797
275,000 CONMED Corp., Co. Guarantee,
9.00%, 03/15/08 273,625
100,000 Continental Global, Inc., Sr.
Note, 11.00%, 04/01/07 82,500
300,000 Dade International, Inc., Sr.
Sub. Note, 11.125%, 05/01/06 318,000
75,000 Everest Healthcare Services,
Inc., Co. Guarantee, 9.75%,
05/01/08 72,375
100,000 Genesis Health Ventures, Inc.,
Sr. Sub. Note, 9.25%, 10/01/06 79,500
125,000 Genesis Health Ventures, Inc.,
Sr. Sub. Note, 9.875%, 01/15/09 100,625
100,000 Hudson Respiratory Care, Inc.,
Sr. Sub. Note, 9.125%, 04/15/08 83,500
200,000 Tenet Healthcare Corp., Sr. Note,
8.00%, 01/15/05 196,000
75,000 Tenet Healthcare Corp., Sr. Sub.
Note, 8.625%, 01/15/07 73,875
100,000 Tenet Healthcare Corp., Sr. Note,
7.625%, 06/01/08 93,750
400,000 Tenet Healthcare Corp., Sr. Sub.
Note, 8.125%, 12/01/08 380,000
100,000 Triad Hospitals, Inc., Sr. Sub.
Note, 11.00%, 05/15/09* 102,250
-----------
2,137,297
-----------
HOTELS & LODGING (1.9%)
375,000 Florida Panthers Holdings, Inc.,
Co. Guarantee, 9.875%, 04/15/09 358,125
425,000 HMH Properties, Inc., Co.
Guarantee, 7.875%, 08/01/08 394,188
250,000 HMH Properties, Inc., Sr. Note,
8.45%, 12/01/08 238,750
-----------
991,063
-----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
IRON & STEEL (0.7%)
$ 300,000 Metals USA, Inc., Co. Guarantee,
8.625%, 02/15/08 $ 281,250
100,000 Ryerson Tull, Inc., Sr. Note,
9.125%, 07/15/06 105,005
-----------
386,255
-----------
LEISURE TIME PRODUCT (3.4%)
277,000 AMF Group, Inc., Sr. Disc. Note,
0/12.25%, 03/15/06 170,355
200,000 Loews Cineplex Entertainment
Corp., Sr. Sub. Note, 8.875%,
08/01/08 192,000
75,000 Premier Parks, Inc., Sr. Note,
12.00%, 08/15/03 80,426
50,000 Premier Parks, Inc., Sr. Note,
9.25%, 04/01/06 50,375
150,000 Premier Parks, Inc., Sr. Note,
9.75%, 06/15/07 152,250
850,000 Premier Parks, Inc., Sr. Disc.
Note, 0/10.00%, 04/01/08 568,437
600,000 Regal Cinemas, Inc., Sr. Sub.
Note, 9.50%, 06/01/08 567,000
-----------
1,780,843
-----------
MACHINERY/DIVERSIFIED (3.1%)
200,000 Amscan Holdings, Inc., Sr. Sub.
Note, 9.875%, 12/15/07 166,000
100,000 Clark Materials Handling, Inc.,
Sr. Note, 10.75%, 11/15/06 87,500
100,000 Columbus McKinnon Corp., Co.
Guarantee, 8.50%, 04/01/08 97,500
150,000 Euramax International PLC, Sr.
Sub. Note, 11.25%, 10/01/06 152,250
200,000 Fairchild Corp., Co. Guarantee,
10.75%, 04/15/09* 198,000
250,000 National Equipment Services,
Inc., Sr. Sub. Note, 10.00%,
11/30/04 255,000
50,000 National Equipment Services,
Inc., Sr. Sub. Note, 10.00%,
11/30/04 51,000
200,000 NationsRent, Inc., Co. Guarantee,
10.375%, 12/15/08 200,000
325,000 United Rentals, Inc., Co.
Guarantee, 9.25%, 01/15/09 321,750
125,000 United Rentals, Inc., Co.
Guarantee, 9.00%, 04/01/09* 123,437
-----------
1,652,437
-----------
MANUFACTURING/DIVERSIFIED (3.0%)
35,000 Alvey Systems, Inc., Sr. Sub.
Note, 11.375%, 01/31/03 35,525
175,000 Amphenol Corp., Sr. Sub Note,
9.875%, 05/15/07 179,375
125,000 Hexcel Corp., Sr. Sub. Note,
9.75%, 01/15/09* 123,125
</TABLE>
28 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 31
NATIONWIDE SEPARATE ACCOUNT TRUST
HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
MANUFACTURING/DIVERSIFIED (CONTINUED)
$ 100,000 ISG Resources, Inc., Sr. Sub
Note, 10.00%, 04/15/08 $ 103,000
100,000 Juno Lighting, Inc., Sr. Sub.
Notes, 11.875%, 07/01/09* 101,750
175,000 MMI Products, Inc., Sr. Sub.
Note, 11.25%, 04/15/07 180,250
200,000 Motor Coach Industries., Co.
Guarantee, 11.25%, 05/01/09* 201,000
125,000 Neenah Corp., Sr. Sub. Note,
11.125%, 05/01/07 123,125
150,000 Neenah Corp., Sr. Sub. Note,
11.125%, 05/01/07* 147,750
375,000 WESCO Distribution, Inc., Co.
Guarantee, 9.125%, 06/01/08 364,688
-----------
1,559,588
-----------
MEDICAL PRODUCTS (0.5%)
100,000 Hanger Orthopedic Group, Sr. Sub.
Note, 11.25%, 06/15/09* 102,000
200,000 Kinetic Concepts, Inc., Co.
Guarantee, 9.625%, 11/01/07 177,000
-----------
279,000
-----------
METALS MINING (1.7%)
175,000 AEI Holding Co., Co. Guarantee,
10.50%, 12/15/05* 174,562
250,000 AEI Holding Co., Sr. Sub. Note,
11.50%, 12/15/06* 246,875
250,000 California Steel Industries, Sr.
Note, 8.50%, 04/01/09* 243,750
125,000 Murrin Murrin Holdings Pty, Sr.
Notes, 9.375%, 08/31/07 110,000
125,000 National Steel Corp., 9.875%,
03/01/09* 128,125
-----------
903,312
-----------
OFFICE EQUIPMENT & SUPPLIES (1.7%)
225,000 Dialog Corp. PLC, Sr. Sub. Note,
11.00%, 11/15/07 204,750
200,000 Fisher Scientific International,
Inc., Sr. Sub Note, 9.00%,
02/01/08 191,000
325,000 Fisher Scientific International,
Inc., Sr. Sub Note, 9.00%,
02/01/08 310,375
275,000 U.S. Office Products Co., Co.
Guarantee, 9.75%, 06/15/08 174,625
-----------
880,750
-----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
OIL & GAS (3.7%)
$ 150,000 Chiles Offshore LLC, Co.
Guarantee, 10.00%, 05/01/08 $ 128,250
100,000 Comstock Resources, Inc., Sr.
Note, 11.25%, 05/01/07* 102,000
225,000 Continental Resources I, Co.
Guarantee, 10.25%, 08/01/08 165,937
175,000 Dailey International, Inc., Co.
Guarantee, 9.50%, 02/15/08 112,000
200,000 Forcenergy, Inc., Sr. Sub. Note,
8.50%, 02/15/07 141,000
150,000 Forest Oil Corp., Co. Guarantee,
10.55%, 01/15/06 156,000
100,000 The Houston Exploration Co., Sr.
Sub. Note, 8.625%, 01/01/08 97,500
100,000 Nuevo Energy Co., Co. Guarantee,
8.875%, 06/01/08 97,500
150,000 Pogo Producing, Co., Sr. Sub.
Note, 10.375%, 02/15/09 156,750
200,000 Pride International, Inc., Sr.
Note, 9.375%, 05/01/07 199,000
100,000 R&B Falcon Corp., Sr. Note,
6.75%, 04/15/05* 83,500
150,000 R&B Falcon Corp., Sr. Note,
12.25%, 03/15/06* 154,500
100,000 RBF Finance Co., Co. Guarantee,
11.375%, 03/15/09* 104,500
325,000 Universal Compression, Inc., Sr.
Disc. Note, 0/9.875%, 02/15/08 205,563
-----------
1,904,000
-----------
PAPER & FOREST PRODUCTS (0.9%)
175,000 Packaging Corp. of America, Sr.
Sub. Note, 9.625%, 04/01/09* 178,500
300,000 Stone Container Corp., Sr. Sub.
Note, 12.25%, 06/15/07 302,250
-----------
480,750
-----------
PERSONAL CARE PRODUCTS (1.5%)
75,000 Playtex Family Products Corp.,
Sr. Sub. Note, 9.00%, 12/15/03 76,500
575,000 Revlon Consumer Products Corp.,
Sr. Sub. Note, 8.625%, 02/01/08 546,250
150,000 Volume Services America, Inc.,
Sr. Sub. Note, 11.25%, 03/01/09* 165,750
-----------
788,500
-----------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 29
<PAGE> 32
NATIONWIDE SEPARATE ACCOUNT TRUST
HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
PUBLISHING (1.2%)
$ 275,000 Garden State Newspapers, Inc.,
Sr. Sub. Note, 8.75%, 10/01/09 $ 268,125
225,000 Hollinger International, Inc.,
Co. Guarantee, 9.25%, 03/15/07 231,750
150,000 Ziff-Davis, Inc., Sr. Sub. Note,
8.50%, 05/01/08 141,000
-----------
640,875
-----------
RAILROADS (0.4%)
200,000 Railworks Corp., Sr. Sub. Note,
11.50%, 04/15/09* 201,500
-----------
RESTAURANTS (0.2%)
100,000 Advantica Restaurant Group, Inc.,
Sr. Note, 11.25%, 01/15/08 97,500
-----------
RETAIL/GENERAL MERCHANDISE (2.0%)
150,000 Aftermarket Technology Co., Sr.
Sub. Note, 12.00%, 08/01/04 156,750
89,000 Boyds Collection Ltd., Sr. Sub.
Note, 9.00%, 05/15/08* 88,110
275,000 Chattem, Inc., Co. Guarantee,
8.875%, 04/01/08 265,375
50,000 Diamond Brands, Inc., Debentures,
0/12.875%, 04/15/09 10,250
100,000 Jitney Jungle Stores, Inc., Co.
Guarantee, 10.375%, 09/15/07 35,500
100,000 Scotts Co., Sr. Sub. Note,
8.625%, 01/15/09* 98,500
125,000 Sealy Mattress Co., Sr. Sub.
Note, 9.875%, 12/15/07 123,125
100,000 Simmons Co., Sr. Sub. Note,
10.25%, 03/15/09* 102,250
100,000 True Temper Sports, Inc., Sr.
Sub. Note, 10.875%, 12/01/08* 85,500
100,000 United Industries Corp., Sr. Sub.
Note, 9.875%, 04/01/09* 90,750
-----------
1,056,110
-----------
SERVICES/COMMERCIAL & CONSUMER (0.9%)
200,000 Eagle-Picher Industries, Inc.,
Co. Guarantee, 9.375%, 03/01/08 191,000
250,000 Sitel Corp., Co. Guarantee,
9.25%, 03/15/06 213,750
50,000 Sleepmaster LLC, Sr. Sub. Note,
11.00%, 05/15/09* 51,500
-----------
456,250
-----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS (0.7%)
$ 125,000 Cadmus Communications, Inc., Sr.
Sub. Note, 9.75%, 06/01/09* $ 125,937
250,000 Rogers Communications, Inc., Sr.
Note, 8.875%, 07/15/07 253,125
-----------
379,062
-----------
TELECOMMUNICATIONS/CELLULAR (22.0%)
200,000 American Cellular Corp., Sr.
Note, 10.50%, 05/15/08 206,000
150,000 Arch Communications Group, Inc.,
Sr. Note, 12.75%, 07/01/07 129,000
325,000 Call-Net Enterprises, Inc., Sr.
Disc. Note, 0/9.27%, 08/15/07 208,000
225,000 Call-Net Enterprises, Inc., Sr.
Disc. Note, 0/8.94%, 08/15/08 127,125
425,000 Call-Net Enterprises, Inc., Sr.
Disc. Note, 0/10.80%, 05/15/09 235,875
275,000 Centennial Cellular Corp., Sr.
Sub. Note, 10.75%, 12/15/08* 286,688
300,000 Dolphin Telecom PLC, Sr. Disc.
Note, 0/14.00%, 05/15/09* 148,500
400,000 Hermes Eurpore Railtel B.V., Sr.
Note, 11.50%, 08/15/07 421,000
100,000 Hermes Eurpore Railtel B.V., Sr.
Note, 10.375%, 01/15/09 101,500
275,000 ICG Holdings, Inc., Co.
Guarantee, 0/12.50%, 05/01/06 214,613
600,000 Intermedia Communications, Inc.,
Sr. Disc. Note, 0/11.25%,
07/15/07 435,000
200,000 Intermedia Communications, Inc.,
Sr. Note, 8.60%, 06/01/08 187,000
425,000 Intermedia Communications, Inc.,
Sr. Disc. Note, 0/12.25%,
03/01/09 243,313
250,000 IXC Communications, Inc., Sr.
Sub. Note, 9.00%, 04/15/08 240,313
900,000 Level 3 Communications, Inc., Sr.
Note, 9.125%, 05/01/08 892,125
700,000 Level 3 Communications, Inc., Sr.
Disc. Note, 0/10.50%, 12/01/08 434,875
325,000 McLeod USA, Inc., Sr. Disc. Note,
0/10.50%, 03/01/07 251,062
150,000 McLeod USA, Inc., Sr. Note,
8.375%, 03/15/08 142,125
75,000 McLeod USA, Inc., Sr. Note,
9.50%, 11/01/08 75,375
150,000 McLeod USA, Inc., Sr. Note,
8.125%, 02/15/09* 138,750
175,000 MetroNet Communications, Sr.
Disc. Note, 0/10.75%, 11/01/07 140,000
475,000 MetroNet Escrow Corp., Sr. Disc.
Note, 0/9.95%, 06/15/08 353,875
125,000 MetroNet Escrow Corp., Sr. Note,
10.625%, 11/01/08* 141,562
</TABLE>
30 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 33
NATIONWIDE SEPARATE ACCOUNT TRUST
HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS/CELLULAR (CONTINUED)
$ 500,000 Millicom International Cellular
SA, Sr. Disc. Note, 0/13.50%,
06/01/06 $ 367,500
100,000 NEXTLINK Communications, Inc.,
Sr. Note, 9.00%, 03/15/08 94,750
225,000 NEXTLINK Communications, Inc.,
Sr. Note, 10.75%, 06/01/09 232,312
775,000 NEXTLINK Communications, Inc.,
Sr. Disc. Note, 0/12.25%,
06/01/09 457,250
325,000 Nextel Communications, Inc., Sr.
Disc. Note, 0/10.65%, 09/15/07 238,875
1,425,000 Nextel Communications, Inc., Sr.
Disc. Note, 0/9.95%, 02/15/08 986,813
50,000 Nextel Communications, Inc., Sr.
Disc. Note, 0/12.125%, 04/15/08 25,438
125,000 Nextel Partners, Inc., Sr. Disc.
Note, 0/14.00%, 02/01/09* 72,187
275,000 Orange PLC, Sr. Note, 8.00%,
08/01/08 262,625
250,000 Paging Network, Inc., Sr. Sub.
Note, 10.00%, 10/15/08 193,750
75,000 Pathnet, Inc., Unit, Sr. Note.,
12.25%, 04/15/08* 37,125
475,000 Qwest Communications
International, Inc., Sr. Disc.
Note, 0/9.47%, 10/15/07 369,312
200,000 Qwest Communications
International, Inc., Sr. Note.,
7.50%, 11/01/08 196,000
150,000 Rogers Cantel Mobile Communications,
Inc., Sr. Sub. Note, 8.80%,
10/01/07 150,375
500,000 Telecommunications Technology
Ltd., Co. Guarantee, 9.75%,
05/15/08 495,000
100,000 Telel Europe B.V., Unit, 13.00%,
05/15/09* 105,000
475,000 Telesystem International
Wireless, Inc., Sr. Disc. Note,
0/13.25%, 06/30/07 244,625
275,000 Teligent, Inc., Sr. Note, 11.50%,
12/01/07 276,375
50,000 Teligent, Inc., Sr. Disc. Note,
0/11.50%, 03/01/08 30,750
225,000 Tritel PCS, Inc., Sr. Disc Note,
0/12.75%, 05/15/09* 123,750
300,000 Triton Communications LLC, Co.
Guarantee, 0/11.00%, 05/01/08 195,000
100,000 U.S. Xchange LLC, Sr. Note,
15.00%, 07/01/08 104,250
100,000 Verio, Inc., Sr. Note, 11.25%,
12/01/08 105,250
50,000 Viatel, Inc., Sr. Note, 11.25%,
04/15/08 51,250
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS/CELLULAR (CONTINUED)
$ 375,000 Viatel, Inc., Sr. Disc. Note,
0/12.50%, 04/15/08 $ 241,875
100,000 Viatel, Inc., Sr. Note, 11.50%,
03/15/09* 103,500
-----------
11,514,613
-----------
TEXTILES/APPAREL (1.1%)
125,000 GFSI, Inc., Sr. Sub. Note,
9.625%, 03/01/07 105,625
125,000 Glenoit Corp., Co. Guarantee,
11.00%, 04/15/07 110,625
150,000 Pillowtex Corp., Co. Guarantee,
10.00%, 11/15/06 142,500
200,000 Pillowtex Corp., Co. Guarantee,
9.00%, 12/15/07 201,500
-----------
560,250
-----------
TRANSPORTATION (1.9%)
250,000 Allied Holdings, Inc., Co.
Guarantee, 8.625%, 10/01/07 238,750
150,000 Gearbulk Holding Ltd., Sr. Note,
11.25%, 12/01/04 154,875
50,000 Holt Group, Sr. Note, 9.75%,
01/15/06* 33,250
150,000 Stena AB, Sr. Note, 10.50%,
12/15/05 150,750
400,000 Stena AB, Sr. Note, 8.75%,
06/15/07 367,000
50,000 Stena AB, Sr. Note, 10.625%,
06/01/08 37,875
-----------
982,500
-----------
UTILITIES/POWER PRODUCERS (0.9%)
150,000 El Paso Electric Co., 1st Mtg.
Note, 9.40%, 05/01/11 168,647
75,000 International Utility Structures,
Inc., Sr. Sub. Note, 10.75%,
02/01/08* 75,563
300,000 Niagara Mohawk Power Corp., Disc.
Note, 0/8.50%, 07/01/10 225,549
-----------
469,759
-----------
WASTE MANAGEMENT (1.2%)
700,000 Allied Waste North America, Inc.,
Co. Guarantee, 7.625%, 01/01/06 656,250
-----------
TOTAL CORPORATE BONDS
(cost $50,716,891) 49,391,183
-----------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 31
<PAGE> 34
NATIONWIDE SEPARATE ACCOUNT TRUST
HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
PREFERRED STOCK (2.7%)
BROADCASTING & TELEVISION (1.2%)
75 Benedek Communications Corp., PIK,
11.50% $ 57,375
185 Cumulus Media, Inc. Series A,
13.75% 204,425
3,625 Sinclair Broadcast Group, Inc.,
11.625% 382,438
-----------
644,238
-----------
FOODS (0.0%)
284 Nebco Evans Holding Co., PIK,
11.25% 11,218
-----------
HEALTH CARE/DIVERSIFIED (0.1%)
560 River Holding Corp., PIK, 11.50% 39,480
-----------
OIL & GAS (0.1%)
50 R & B Falcon Corp., PIK, 13.875%* 51,025
-----------
PUBLISHING (1.2%)
3,650 PriMedia, Inc., 8.625% 335,800
1,500 PriMedia, Inc., 9.20% 149,250
1,250 Primedia, Inc., 10.00% 128,438
-----------
613,488
-----------
TELECOMMUNICATIONS/CELLULAR (0.1%)
27 Nextel Communications, Inc., PIK,
11.125% 27,614
-----------
TOTAL PREFERRED STOCK
(cost $1,445,230) 1,387,063
-----------
WARRANTS (0.0%)
BROADCASTING & TELEVISION (0.0%)
150 Diva Systems, 03/01/08 1,800
-----------
TELECOMMUNICATIONS (0.0%)
75 Pathnet, 04/15/08 750
-----------
TOTAL WARRANTS
(cost $1,913) 2,550
-----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENT (2.3%)
$1,231,000 Fifth Third Bank, 4.40%,
07/01/99,
Collateralized by $1,278,000 FNMA
Pool #323020, 6.50%, 02/01/13,
market value $1,255,635
(cost $1,231,000) $ 1,231,000
-----------
TOTAL INVESTMENTS
(cost $53,395,034) $52,011,796
===========
</TABLE>
- -------------------------------------------------------
* Represents a restricted security acquired and eligible for resale under Rule
144A, which limits the resale to certain qualified buyers.
Cost for federal income tax purposes: $53,395,949
The abbreviations in the above statement stand for the following:
AB AktlieBolag (Swedish stock company)
BV Private Company
FNMA Federal National Mortgage Association
LLC Limited Liability Company
PIK Paid-in-kind
PLC Public Limited Company (British)
SA Societe Anonyme (French corporation)
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
32 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 35
NATIONWIDE SEPARATE ACCOUNT TRUST
BALANCED FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (43.6%)
AUTOMOBILES (0.4%)
2,556 Daimler Chrysler AG $ 227,164
-----------
BEVERAGES (1.8%)
8,200 Anheuser-Busch Co., Inc. 581,688
14,800 PepsiCo, Inc. 572,575
-----------
1,154,263
-----------
CHEMICALS (0.9%)
12,700 Geon Co. 409,575
9,000 Lyondell Chemical Co. 185,625
-----------
595,200
-----------
COMMUNICATION EQUIPMENT (0.2%)
1,300 Nortel Networks Corp. 112,856
-----------
COMPUTER EQUIPMENT (1.5%)
7,600 International Business Machines
Corp. 982,300
-----------
CONSTRUCTION (0.6%)
3,600 Stone & Webster, Inc. 95,850
6,000 Vulcan Materials Co. 289,500
-----------
385,350
-----------
ELECTRIC COMPANIES (1.8%)
9,000 Edison International 240,750
6,000 General Electric Co. 678,000
8,000 Reliant Energy, Inc. 221,000
-----------
1,139,750
-----------
ENTERTAINMENT (0.6%)
12,000 The Walt Disney Co. 369,750
-----------
FINANCIAL INSTITUTIONS (3.5%)
9,072 Bank of America Corp. 665,091
3,000 Chase Manhattan Corp. 259,875
14,000 First Union Corp. 658,000
7,600 Fleet Financial Group, Inc. 337,250
9,000 Mercantile Bankshare Corp. 318,375
-----------
2,238,591
-----------
FOODS (2.3%)
8,000 H.J. Heinz Co. 401,000
10,000 Hormel Foods Corp. 402,500
7,200 Ralston-Ralston Purina Group 219,150
20,000 Sara Lee Corp. 453,750
-----------
1,476,400
-----------
HEALTH CARE (5.9%)
14,500 American Home Products Corp. 833,750
7,000 Bausch & Lomb, Inc.* 535,500
6,900 Johnson & Johnson 676,200
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
HEALTH CARE (CONTINUED)
6,000 Pfizer, Inc. $ 658,500
8,000 Pharmacia & Upjohn, Inc. 454,500
12,000 Schering-Plough Corp. 636,000
-----------
3,794,450
-----------
INSURANCE (2.8%)
4,000 The Allstate Corp. 143,500
1,245 American International Group,
Inc. 145,743
6,300 Chubb Corp. 437,850
6,000 CIGNA Corp. 534,000
20,000 Horace Mann Educators Corp. 543,750
-----------
1,804,843
-----------
INSURANCE BROKERS (0.6%)
5,500 Marsh & McLennan Cos., Inc. 415,250
-----------
MANUFACTURING (1.1%)
5,800 Cooper Industries, Inc. 301,600
5,000 Exxon Corp. 385,625
-----------
687,225
-----------
MEDICAL PRODUCTS (1.2%)
11,000 Bristol-Myers Squibb Co. 774,813
-----------
METALS (0.6%)
26,000 USEC, Inc. 386,750
-----------
NATURAL GAS COMPANIES (0.5%)
8,000 The Williams Cos., Inc. 340,500
-----------
OFFICE EQUIPMENT & SUPPLIES (0.8%)
9,000 Xerox Corp. 531,562
-----------
OIL & GAS/DRILLING & EQUIPMENT (0.4%)
1,100 Halliburton Co. 49,775
3,500 Schlumberger Ltd. 222,906
-----------
272,681
-----------
OIL & GAS/PRODUCTION (1.0%)
2,646 BP Amoco PLC ADR 287,091
8,500 Suncor Energy, Inc. 349,563
-----------
636,654
-----------
PAPER & FOREST PRODUCTS (0.5%)
5,000 Weyerhaeuser Co. 343,750
-----------
PERSONAL CARE PRODUCTS (1.6%)
5,500 Amerada Hess Corp. 327,250
12,000 Avon Products, Inc. 666,000
-----------
993,250
-----------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 33
<PAGE> 36
NATIONWIDE SEPARATE ACCOUNT TRUST
BALANCED FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
PHOTOGRAPHY (0.8%)
8,000 Eastman Kodak Co. $ 542,000
-----------
RAILROADS (1.4%)
6,000 Canadian National Railway Co. 402,000
8,000 Union Pacific Corp. 466,500
-----------
868,500
-----------
REAL ESTATE (1.1%)
5,000 Arden Realty, Inc., REIT 123,125
6,800 Crescent Real Estate Equities Co.,
REIT 161,500
5,000 Glenborough Realty Trust, Inc., REIT 87,500
7,400 JDN Realty Corp., REIT 165,575
10,920 New Plan Excel Realty Trust, REIT 196,560
-----------
734,260
-----------
RESTAURANTS (0.6%)
10,000 McDonald's Corp. 413,125
-----------
RETAIL (3.3%)
27,000 Food Lion, Inc. Class B 312,188
12,000 J.C. Penney Co., Inc. 582,750
7,500 May Department Stores Co. 306,562
20,000 Rite Aid Corp. 492,500
9,500 Sears, Roebuck and Co. 423,344
-----------
2,117,344
-----------
TECHNOLOGY (1.1%)
30,000 Reynolds & Reynolds Co. Class A 699,375
-----------
TELECOMMUNICATIONS (4.2%)
8,000 BCE, Inc. 394,500
13,000 Bell Atlantic Corp. 849,875
4,800 Frontier Corp. 283,200
8,000 SBC Communications, Inc. 464,000
12,000 US WEST, Inc. 705,000
-----------
2,696,575
-----------
TOBACCO (0.5%)
8,000 Philip Morris Co., Inc. 321,500
-----------
TOTAL COMMON STOCK
(cost $24,889,576) 28,056,031
-----------
PREFERRED STOCK (0.8%)
MEDIA (0.8%)
16,000 News Corp. Ltd. ADR
(cost $371,960) 505,000
-----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
CONVERTIBLE PREFERRED STOCK (3.2%)
AUTOMOBILE/PARTS & EQUIPMENT (0.8%)
2,000 BTI Capital Trust, 6.50%* $ 10,500
3,000 Skytel Communications, Inc.,
Series $2.25 109,500
25,000 Tesoro Petroleum Corp., 7.25% 393,750
-----------
513,750
-----------
BANKS (0.3%)
3,000 Finova Finance Trust, 5.50% 207,000
-----------
DIVERSIFIED FINANCE (0.5%)
2,000 Morgan Stanley Dean Witter & Co.,
6.00% 107,000
4,000 Tosco Financial Trust, 5.75% 195,000
-----------
302,000
-----------
FOODS (0.1%)
1,500 Ralston-Ralston Purina Group,
7.00% 69,750
-----------
NATURAL GAS (0.4%)
5,000 El Paso Energy Capital Trust,
4.75% 247,500
-----------
OIL & GAS/PRODUCTION (0.3%)
4,000 Pogo Trust I, 6.50%* 201,750
-----------
PAPER & FOREST PRODUCTS (0.3%)
3,050 International Paper Capital
Trust, 5.25%* 160,506
-----------
RAILROADS (0.2%)
2,500 Canadian National Railway Co.,
5.25% 133,750
-----------
TELECOMMUNICATIONS (0.3%)
10,000 Amdocs Automatic, 6.75%* 222,500
-----------
TOTAL CONVERTIBLE PREFERRED STOCK
(cost $1,911,549) 2,058,506
-----------
- ---------
PRINCIPAL
- ---------
<C> <S> <C>
CORPORATE BONDS (21.8%)
AEROSPACE/DEFENSE (0.4%)
$ 100,000 BE Aerospace, Inc., 8.00%,
03/01/08 93,500
200,000 Raytheon Co., 6.15%, 11/01/08 188,143
-----------
281,643
-----------
AGRICULTURAL PRODUCTS (0.2%)
125,000 Imperial Holly Corp., 9.75%, 12/15/07 121,875
-----------
AIRLINES (0.2%)
125,000 Airplanes Pass Through Trust,
10.875%, 03/15/19 120,378
-----------
</TABLE>
34 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 37
NATIONWIDE SEPARATE ACCOUNT TRUST
BALANCED FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
AUTOMOBILES (0.8%)
$ 325,000 Ford Credit Auto Owner Trust,
5.80%, 06/15/02 $ 323,869
175,000 Ford Motor Credit, 5.80%,
01/12/09 160,002
-----------
483,871
-----------
AUTOMOBILES PARTS & EQUIPMENT (0.5%)
125,000 Breed Technologies, Inc., 9.25%,
04/15/08** 20,000
125,000 Hayes Lemmerz International,
Inc., 8.25%, 12/15/08** 119,062
200,000 TRW, Inc., 6.45%, 06/15/01** 200,216
-----------
339,278
-----------
BROADCASTING & TELEVISION (1.1%)
300,000 Belo (A.H.) Corp., 7.25%,
09/15/27 278,233
100,000 CSC Holdings, Inc., 7.625%,
07/15/18 92,625
100,000 International Cabletel, Inc.,
Series B, 0/11.50%, 02/01/06 87,250
125,000 Lin Television Corp., 8.375%,
03/01/08 119,375
125,000 United Industries Corp., 9.875%,
04/01/09** 113,750
-----------
691,233
-----------
CHEMICALS (0.9%)
125,000 Huntsman Corp., 9.50%, 07/01/07** 118,125
125,000 Polymer Group, Inc., 8.75%,
03/01/08 120,000
325,000 Praxair, Inc., 6.15%, 04/15/03 316,513
-----------
554,638
-----------
COMPUTERS (0.8%)
250,000 International Business Machines
Corp., 5.375%, 02/01/09 228,018
125,000 Mediacom LLC, 8.50%, 04/15/08 117,500
300,000 Solectron Corp., 0.00%,
01/27/19** (a) 174,000
-----------
519,518
-----------
CONSUMER FINANCE (1.0%)
350,000 Aristar, Inc., 7.25%, 06/15/06 351,303
300,000 Household Financial Corp.,
5.875%, 02/01/09 272,016
-----------
623,319
-----------
CONSUMER JEWELRY & GIFTS (0.2%)
125,000 Finlay Fine Jewelry Corp.,
8.375%, 05/01/08 120,625
-----------
CONTAINERS & PACKAGING (0.2%)
100,000 Synthetic Industries, Inc.,
9.25%, 02/15/07 102,500
-----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
ELECTRICAL EQUIPMENT (0.4%)
$ 275,000 Empresa Electric Pehuenche,
7.30%, 05/01/03 $ 260,700
-----------
ENTERTAINMENT (0.5%)
125,000 Harrahs Operating Co., Inc.,
7.875%, 12/15/05 120,937
100,000 Horseshoe Gaming LLC, 9.375%,
06/15/07 101,625
125,000 Park Place Entertainment Corp.,
7.875%, 12/15/05** 119,062
-----------
341,624
-----------
FINANCIAL/DIVERSIFIED (1.5%)
125,000 ContiFinancial Corp., 8.125%,
04/01/08 94,573
150,000 DVI, Inc., 9.875%, 02/01/04 144,750
150,000 Donaldson, Lufkin & Jenrette,
Inc., 5.875%, 04/01/02 147,798
500,000 Fremont General Corp., 7.70%,
03/17/04** 494,382
100,000 Merrill Lynch & Co., 6.00%,
11/15/04 97,339
-----------
978,842
-----------
FINANCIAL INSTITUTIONS (1.6%)
525,000 Bankamerica Corp., 5.75%,
03/01/04 502,063
350,000 Nationsbank Credit Card Master
Trust, 6.45%, 04/15/03 352,947
180,000 U.S. Bank NA, 5.70%, 12/15/08 164,354
-----------
1,019,364
-----------
FOODS (0.2%)
100,000 Delta Beverage Group, Inc.,
9.75%, 12/15/03 103,000
-----------
HEALTH CARE (0.5%)
175,000 Alpharma, Inc., 3.00%, 06/01/06** 217,219
100,000 Maxxim Medical, Inc., 10.50%,
08/01/06 107,500
-----------
324,719
-----------
HOUSEWARES (0.1%)
100,000 Ecko Group, Inc. Series B, 9.25%,
04/01/06 98,000
-----------
INVESTMENT MANAGEMENT (1.4%)
875,000 Lehman Brothers Holdings Inc.,
7.00%, 05/15/03 868,176
-----------
MACHINERY/DIVERSIFIED (0.2%)
125,000 Jackson Products, Inc., 9.50%,
04/15/05 120,000
-----------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 35
<PAGE> 38
NATIONWIDE SEPARATE ACCOUNT TRUST
BALANCED FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
MANUFACTURING (0.9%)
$ 132,000 Alvey Systems, Inc., 11.375%,
01/31/03 $ 133,485
100,000 Amphenol Corp., 9.875%, 05/15/07 102,000
125,000 Cabot Safety Corp., 12.50%,
07/15/05 132,500
125,000 Furon Co., 8.125%, 03/01/08 117,500
125,000 Jordan Industries Inc., 10.375%,
08/01/07 126,562
-----------
612,047
-----------
MEDICAL PRODUCTS (0.2 %)
125,000 Alaris Medical, Inc., 9.75%,
12/01/06 121,875
-----------
METALS & MINING (0.2%)
150,000 P&L Coal Holdings Corp., 9.625%,
05/15/08** 148,875
-----------
OFFICE EQUIPMENT & SUPPLIES (0.5%)
300,000 Staples, Inc., 7.125%, 08/15/07 297,400
-----------
OIL & GAS (0.3%)
100,000 Canadian Forest Oil Ltd., 8.75%,
09/15/07 96,250
100,000 Clark Refining & Marketing, Inc.,
8.875%, 11/15/07 87,875
-----------
184,125
-----------
PERSONAL CARE PRODUCTS (0.4%)
145,000 French Fragrances, Inc., 10.375%,
05/15/07 146,450
125,000 Revlon Consumer Products Corp.,
8.625%, 02/01/08 116,875
-----------
263,325
-----------
PUBLISHING (0.5%)
100,000 Advanstar Communications, Inc.,
9.25%, 05/01/08** 98,250
125,000 Big Flower Press Holdings,
8.625%, 12/01/08** 115,000
125,000 Hollinger International, Inc.,
9.25%, 03/15/07 128,125
-----------
341,375
-----------
REAL ESTATE (0.5%)
350,000 Spieker Properties LP, 7.25%,
05/01/09 337,320
-----------
RETAIL (0.8%)
100,000 Cole National Group, Inc.,
8.625%, 08/15/07 86,000
125,000 Musicland Group, 9.00%, 06/15/03 120,000
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
RETAIL (CONTINUED)
$ 200,000 Sears Roebuck Acceptance Corp.,
7.00%, 02/01/06 $ 199,537
125,000 Simmons Co., 10.25%, 03/15/09** 126,875
-----------
532,412
-----------
SERVICES/COMMERCIAL & CONSUMER (2.4%)
250,000 Comdisco, Inc., 6.00%, 01/30/02 246,458
165,000 First Data Corp., 6.375%,
12/15/07 158,534
125,000 HMH Properties, Inc., 8.45%,
12/01/08 118,750
200,000 Interpublic Group Co., Inc.,
1.87%, 06/01/06** 180,000
125,000 Iron Mountain, Inc., 8.75%,
09/30/09 121,250
100,000 Monsanto Co., 5.875%, 12/01/08** 92,337
125,000 Pierce Leahy Corp., 11.125%,
07/15/06 135,625
125,000 Primark Corp., 9.25%, 12/15/08** 120,312
125,000 Protection One, Inc., 8.125%,
01/15/09** 115,781
300,000 Service Corp. International,
6.00%, 12/15/05 275,679
-----------
1,564,726
-----------
SHIPPING (0.7%)
150,000 Coach USA, Inc., 9.375%, 07/01/07 156,000
100,000 Enterprises Shipholding Corp.,
8.875%, 05/01/08** 70,000
125,000 Falcon Holding Group, 8.375%,
04/15/10 123,438
125,000 Teekay Shipping Corp., 8.32%,
02/01/08 117,969
-----------
467,407
-----------
SPECIALTY PRINTING (0.2%)
125,000 Mail-Well Corp., 8.75%,
12/15/08** 121,250
-----------
TELECOMMUNICATIONS (1.2%)
13,844 Adelphia Communications Corp.,
9.50%, 02/15/04 14,225
350,000 Aspect Telecommunications Corp.,
0.00%, 08/10/18** (a) 74,812
125,000 Centennial Cellular, 10.75%,
12/15/08** 129,062
100,000 Century Communications Corp.,
0.00%, 01/15/08(a) 44,500
215,000 GTE Corp., 8.50%, 03/15/08 204,418
75,000 Intermedia Communications, Inc.,
8.60%, 06/01/08 69,000
125,000 L-3 Communications Holdings,
Inc., 8.00%, 08/01/08** 117,812
200,000 MetroNet Communications Corp.,
0/9.95%, 06/15/08 147,000
-----------
800,829
-----------
</TABLE>
36 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 39
NATIONWIDE SEPARATE ACCOUNT TRUST
BALANCED FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
WASTE MANAGEMENT (0.3%)
$ 125,000 Allied Waste NA, 7.875%, 01/01/09** $ 115,937
75,000 Envirosource, Inc., 9.75%,
06/15/03 45,750
-----------
161,687
-----------
TOTAL CORPORATE BONDS
(cost $14,559,493) 14,027,956
-----------
CONVERTIBLE CORPORATE BONDS (5.1%)
COMPUTERS/HARDWARE (1.6%)
100,000 DSC Communications Corp., 7.00%,
08/01/04 102,875
125,000 Micron Technology, Inc., 7.00%,
07/01/04 127,813
750,000 Network Associates, Inc., 0.00%,
02/13/18 (a) 218,437
100,000 Quantum Corp., 7.00%, 08/01/04 94,000
300,000 Tower Automotive, Inc., 5.00%,
08/01/04 340,125
150,000 Wind River System, Inc., 5.00%,
08/01/02 129,750
-----------
1,013,000
-----------
COMPUTERS/NETWORKING (0.5%)
175,000 Mark IV Industries, Inc., 4.75%,
11/01/04 154,656
225,000 Omnicare, Inc., 5.00%, 12/01/07 164,812
-----------
319,468
-----------
COMPUTERS/PERIPHERAL (0.2%)
125,000 S3, Inc., 5.75%, 10/03/03 105,156
-----------
DIVERSIFIED (0.4%)
200,000 Bell Atlantic Financial Services,
Inc., 5.75%, 04/01/03** 203,000
25,000 Centocor, Inc., 4.75%, 02/15/05 27,906
-----------
230,906
-----------
HEALTH CARE/DRUGS (0.3%)
200,000 Rite Aid Corp., 5.25%, 09/15/02 199,750
-----------
HEALTH CARE (0.1%)
100,000 HEALTHSOUTH Corp., 3.25%,
04/01/03 83,625
-----------
INVESTMENT MANAGEMENT (0.4%)
250,000 First Boston, 1.00%, 04/07/05 228,438
-----------
LEISURE PRODUCTS (0.3%)
350,000 Halter Marine Group, Inc., 4.50%,
09/15/04 215,688
-----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
MEDIA (0.8%)
$ 300,000 NTL, Inc., 7.00%, 12/15/08** $ 489,750
-----------
OIL & GAS/PRODUCTION (0.1%)
100,000 Kerr-McGee Corp., 7.50%, 05/15/14 99,500
-----------
SEMICONDUCTORS (0.2%)
75,000 Integrated Process Equipment,
6.25%, 09/15/04 57,844
100,000 Integrated Process Equipment,
6.25%, 09/15/04** 77,125
-----------
134,969
-----------
TELECOMMUNICATIONS (0.2%)
200,000 Rogers Communications, Inc.,
2.00%, 11/26/05 154,250
-----------
TOTAL CONVERTIBLE CORPORATE BONDS
(cost $3,128,775) 3,274,500
-----------
MORTGAGE-BACKED SECURITIES (10.9%)
DIVERSIFIED FINANCIAL (1.5%)
375,729 DLJ Commercial Mortgage, 6.11%,
12/10/07 366,659
420,000 Contimortgage, 6.13%, 03/15/13 420,391
143,077 Green Tree Financial Corp.,
7.07%, 01/15/29 143,702
-----------
930,752
-----------
U.S. GOVERNMENT AGENCY (9.4%)
129,136 FHLMC, 7.00%, 10/01/12 129,833
102,224 FHLMC Pool #F5553, 8.00%, 07/01/20 105,663
103,717 FNMA, 6.50%, 04/01/13 102,319
32,742 FNMA, 6.50%, 06/01/13 32,306
32,028 FNMA, 6.50%, 06/01/13 31,596
185,934 FNMA, 9.00%, 01/01/24 197,838
247,471 FNMA, 6.50%, 07/01/28 239,530
328,364 FNMA, 7.00%, 02/01/29 325,425
94,674 FNMA, 7.00%, 03/01/29 93,719
520,000 FNMA, 6.00%, 07/01/30*** 489,125
740,000 FNMA, 6.50%, 07/01/30*** 715,256
500,000 FNMA, 8.00%, 07/01/30*** 512,969
300,000 FNMA, 6.00%, 08/01/30*** 281,813
1,500,000 FNMA, 6.50%, 08/01/30*** 1,447,500
1,050,000 FNMA, 7.00%, 08/01/30*** 1,037,531
300,000 FNMA, 8.00%, 08/01/30*** 307,594
-----------
6,050,017
-----------
TOTAL MORTGAGE-BACKED SECURITIES
(cost $6,996,122) 6,980,769
-----------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 37
<PAGE> 40
NATIONWIDE SEPARATE ACCOUNT TRUST
BALANCED FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
U.S. GOVERNMENT OBLIGATIONS (7.7%)
$ 150,000 U.S. Treasury Bond, 6.125%,
12/31/01**** $ 151,781
310,000 U.S. Treasury Bond, 6.125%,
11/15/27**** 307,094
500,000 U.S. Treasury Note, 4.50%,
09/30/00**** 494,219
75,000 U.S. Treasury Note, 6.375%,
03/31/01 76,055
700,000 U.S. Treasury Note, 5.375%,
06/30/03**** 691,250
860,000 U.S. Treasury Note, 5.25%,
08/15/03**** 844,950
150,000 U.S. Treasury Note, 5.25%,
05/15/04**** 147,375
400,000 U.S. Treasury Note, 6.125%,
08/15/07**** 404,375
585,000 U.S. Treasury Note, 5.625%,
05/15/08**** 572,934
460,000 U.S. Treasury Note, 4.75%,
11/15/08**** 422,194
490,000 U.S. Treasury Note, 5.50%,
08/15/28**** 447,431
440,000 U.S. Treasury Note, 5.25%,
11/15/28**** 389,400
-----------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(cost $5,213,701) 4,949,058
-----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENT (13.8%)
$8,840,000 Fifth Third Bank, 4.40%,
07/01/99,
Collateralized by $9,178,000
FNMA Pool #323020, 6.50%,
02/01/13, market value $9,017,385
(cost $8,840,000) $ 8,840,000
-----------
TOTAL INVESTMENTS
(cost $65,911,176) $68,691,820
===========
</TABLE>
- -------------------------------------------------------
* Denotes a non-income producing security.
** Represents a restricted security acquired and eligible for resale under
Rule 144A, which limits the resale to certain qualified buyers.
*** Mortgage Dollar Roll. See note 1.
**** Segregated as collateral for mortgage dollar rolls.
(a) Zero coupon bond.
Cost for federal income tax purposes: $65,914,836.
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
ADR American Depositary Receipt
AG Aktiengesellschaft (German stock company)
FHLMC Federal Home Loan Mortgage Corporation
FNMA Federal National Mortgage Association
LLC Limited Liability Company
LP Limited Partnership
NA North America
NA National Association
PLC Public Limited Company (British)
REIT Real Estate Investment Trust
</TABLE>
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
38 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 41
NATIONWIDE SEPARATE ACCOUNT TRUST
MULTI SECTOR BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
CORPORATE BONDS (28.3%)
AEROSPACE/DEFENSE (0.4%)
$ 125,000 BE Aerospace, Inc., 8.00%,
03/01/08 $ 116,875
100,000 Raytheon Co., 6.15%, 11/01/08 94,071
-----------
210,946
-----------
AGRICULTURAL PRODUCTS (0.6%)
125,000 Anchor Advanced Products, Inc.,
11.75%, 04/01/04 128,125
125,000 Imperial Holly Corp., 9.75%,
12/15/07 121,875
105,000 Purina Mills, Inc., 9.00%,
03/15/10 78,750
-----------
328,750
-----------
AIRLINES (0.2%)
125,000 Airplanes Pass Trust, 10.875%,
03/15/19 120,377
-----------
AUTO PARTS & EQUIPMENT (1.1%)
125,000 Breed Technologies, Inc.,
9.25%, 04/15/08 20,000
125,000 Hayes Lemmerz International,
Inc., 8.25%, 12/15/08* 119,062
125,000 Lear Corp., 8.11%, 05/15/09* 120,368
300,000 TRW, Inc., 6.45%, 06/15/01* 300,323
-----------
559,753
-----------
BANKS/REGIONAL (1.8%)
400,000 Bankamerica Corp., 5.75%,
03/01/04 382,524
540,000 Commerzbank Overseas, 10.25%,
04/28/00 370,638
175,000 U.S. Bank NA, 5.70%, 12/15/08 159,789
-----------
912,951
-----------
BROADCASTING & TELEVISION (3.0%)
125,000 Adelphia Communications Corp.,
9.875%, 03/01/07 130,625
425,000 Charter Communications Holdings
LLC, 0/9.92%, 04/01/11* 263,500
125,000 CSC Holdings, Inc., 7.625%,
07/15/18 115,781
125,000 FrontierVision Capital, 11.00%,
10/15/06 136,250
250,000 Granite Broadcasting Corp.,
8.875%, 05/15/08 * 238,125
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
BROADCASTING & TELEVISION (CONTINUED)
$ 150,000 International Cabletel, Inc.,
0/11.50%, 02/01/06 $ 130,875
125,000 Lin Television Corp., 8.375%,
03/01/08 119,375
150,000 Telewest Communications PLC,
0/11.00%, 10/01/07 133,500
125,000 United Industries Corp.,
9.875%, 04/01/09* 113,750
190,000 United International Holdings,
Inc., 0/10.75%, 02/15/08 124,925
-----------
1,506,706
-----------
CHEMICALS (0.7%)
125,000 Huntsman Corp., 9.50%,
07/01/07* 118,125
125,000 Lyondell Chemical Co., 9.875%,
05/01/07 127,813
50,000 PCI Chemicals Canada, Inc.,
9.25%, 10/15/07 40,500
75,000 Praxair, Inc., 6.15%, 04/15/03 73,041
-----------
359,479
-----------
COMPUTERS/SOFTWARE & SERVICES (0.4%)
250,000 Mediacom LLC, 8.50%, 04/15/08 235,000
-----------
CONSUMER & COMMERCIAL SERVICES (2.6%)
115,000 Comdisco, Inc., 6.00%, 01/30/02 113,371
125,000 HMH Properties, Inc., 7.875%,
08/01/08 115,312
125,000 HMH Properties, Inc., 8.45%,
12/01/08 118,750
125,000 Integrated Electrical Services,
Inc., 9.375%, 02/01/09* 123,125
230,000 Iron Mountain, Inc., 8.75%,
09/30/09 223,100
125,000 Pierce Leahy Corp., 11.125%,
07/15/06 135,625
125,000 Primark Corp., 9.25%, 12/15/08 120,312
125,000 Protection One, Inc., 8.125%,
01/15/09* 115,781
150,000 Service Corp. International,
6.00%, 12/15/05 137,839
125,000 Unisys Corp., 7.875%, 04/01/08 125,000
-----------
1,328,215
-----------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 39
<PAGE> 42
NATIONWIDE SEPARATE ACCOUNT TRUST
MULTI SECTOR BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
CONSUMER JEWELRY & GIFTS (0.2%)
$ 125,000 NBTY, Inc., 8.625%, 09/15/07 $ 107,500
-----------
CONTAINERS & PACKAGING (0.5%)
50,000 Huntsman Packaging Corp.,
9.125%, 10/01/07 48,500
100,000 Radnor Holdings Corp., 10.00%,
12/01/03 100,000
125,000 Synthetic Industries, Inc.,
9.25%, 02/15/07 128,125
-----------
276,625
-----------
ENGINEERING & CONSTRUCTION (0.2%)
100,000 High Voltage Engineering Corp.,
10.50%, 08/15/04 92,875
-----------
ENTERTAINMENT (1.6%)
125,000 Harrahs Operating Co., Inc.,
7.875%, 12/15/05 120,937
250,000 Horseshoe Gaming LLC, 9.375%,
06/15/07 254,063
125,000 Isle of Capri Casino, Inc.,
8.75%, 04/15/09* 117,187
75,000 Mohegan Tribal Gaming
Authority, 8.75%, 01/01/09 74,250
125,000 Park Place Entertainment, Inc.,
7.875%, 12/15/05 119,063
150,000 Waterford Gaming LLC, 9.50%,
03/15/10 * 148,875
-----------
834,375
-----------
FINANCIAL SERVICES (1.5%)
125,000 ContiFinancial Corp., 8.125%,
04/01/08 94,573
150,000 DVI, Inc., 9.875%, 02/01/04 144,750
35,000 Ford Motor Credit Co., 5.80%,
01/12/09 32,000
230,000 G.E. Capital Corp., 5.875%,
07/07/00 153,216
30,000 Merrill Lynch & Co., 6.00%,
11/15/04 29,202
300,000 TPSA Finance BV, 7.75%,
12/10/08* 291,150
-----------
744,891
-----------
FOODS (0.5%)
125,000 Ameriserv Food Distribution,
Inc., 10.125%, 07/15/07 106,250
150,000 Delta Beverage Group, Inc.,
9.75%, 12/15/03 154,500
-----------
260,750
-----------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
HEALTH CARE (0.5%)
$ 125,000 Dade International, Inc.,
11.125%, 05/01/06 $ 131,562
125,000 Kindercare Learning Centers,
Inc., 6.00%, 02/15/09 118,750
-----------
250,312
-----------
HOTELS & LODGING (0.2%)
125,000 Prime Hospitality Corp., 9.75%,
04/01/07 121,250
-----------
HOUSEWARES (0.3%)
175,000 Ecko Group, Inc., 9.25%
04/01/06 171,500
-----------
INVESTMENT MANAGEMENT (0.2%)
100,000 Paine Webber Group, 7.75%,
09/01/02 102,533
-----------
MANUFACTURING (1.1%)
132,000 Alvey Systems, Inc., 11.375%,
01/31/03 133,485
125,000 Cabot Safety Corp., 12.50%,
07/15/05 132,500
125,000 Foamex LP, 9.875%, 06/15/07 106,250
125,000 Furon Co., 8.125%, 03/01/08 117,500
125,000 Indesco International, Inc.,
9.75%, 04/15/08 91,250
-----------
580,985
-----------
MEDICAL PRODUCTS (0.4%)
225,000 Alaris Medical Systems, Inc.,
9.75%, 12/01/06 219,375
-----------
MINING (0.4%)
100,000 AEI Holding Co., 10.00%,
11/15/07* 99,000
125,000 P&L Coal Holdings Corp.,
8.875%, 05/15/08 12000
-----------
224,000
-----------
OFFICE EQUIPMENT & SUPPLIES (0.2%)
75,000 Staples, Inc., 7.125%, 08/15/07 74,350
-----------
</TABLE>
40 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 43
NATIONWIDE SEPARATE ACCOUNT TRUST
MULTI SECTOR BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
OIL & GAS (0.7%)
$ 120,000 Canadian Forest Oil Ltd.,
8.75%, 09/15/07 $ 115,500
100,000 Clark Refining & Marketing,
Inc., 8.875%, 11/15/07 87,875
125,000 Pennzenergy Co., 10.125%,
11/15/09 137,561
-----------
340,936
-----------
PAPER & FOREST PRODUCTS (0.2%)
125,000 Millar Western Forest Products,
Inc., 9.875%, 05/15/08 120,469
-----------
PERSONAL CARE PRODUCTS (0.2%)
125,000 French Fragrances, Inc.,
10.375%, 05/15/07 126,250
-----------
PUBLISHING (1.2%)
150,000 Advanstar Communications, Inc.,
9.25%, 05/01/08 147,375
125,000 Big Flower Press Holdings,
Inc., 8.625%, 12/01/08 115,000
125,000 Garden State Newspapers, Inc.,
8.75%, 10/01/09 122,500
225,000 Hollinger International, Inc.,
9.25%, 03/15/07 230,625
-----------
615,500
-----------
REAL ESTATE (0.6%)
125,000 CB Richard Ellis Services,
Inc., 8.875%, 06/01/06 120,625
50,000 Forest City Enterprises, Inc.,
8.50%, 03/15/08 48,000
150,000 Spieker Properties, Inc., REIT,
7.25%, 05/01/09 144,566
-----------
313,191
-----------
RETAIL (1.5%)
200,000 Archibald Candy Corp., 10.25%,
07/01/04 202,000
125,000 Cole National Group, Inc.,
8.625%, 08/15/07 107,500
125,000 Musicland Group, 9.00%,
06/15/03 120,000
135,000 Pueblo Xtra International,
Inc., 9.50%, 08/01/03 124,538
65,000 Pueblo Xtra International,
Inc., 9.50%, 08/01/03 59,963
125,000 Simmons Co., 10.25%, 03/15/09 * 126,875
-----------
740,876
-----------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
SERVICES/DATA PROCESSING (0.2%)
$ 40,000 First Data Corp., 6.375%,
12/15/07 $ 38,432
100,000 Pierce Leahy Corp., 8.125%,
05/15/08 94,500
-----------
132,932
-----------
SHIPPING (1.5%)
50,000 Atlantic Express Transportation Corp.,
10.75%, 02/01/04 49,500
100,000 Axiohm Transaction Solutions, Inc.,
9.75%, 10/01/07 65,000
125,000 Coach USA, Inc., 9.375%,
07/01/07 130,000
125,000 Enterprises Shipholding Corp.,
8.875%, 05/01/08 87,500
125,000 Falcon Holding Group, 8.375%,
04/15/10 123,438
100,000 Navistar International Corp.,
8.00%, 02/01/08 98,000
125,000 Setllex Industries, Inc.,
9.50%, 11/01/07 105,000
125,000 Teekay Shipping Corp., 8.32%,
02/01/08 117,969
-----------
776,407
-----------
SPECIALTY PRINTING (0.2%)
125,000 Mail-Well Corp., 8.75%,
12/15/08 121,250
-----------
TELECOMMUNICATIONS (2.3%)
125,000 Centennial Cellular Corp.,
10.75%, 12/15/08* 129,062
75,000 Century Communications Corp.,
0.00%, 01/15/08 **** 33,375
135,000 GTE Corp., 8.50%, 03/15/08 128,355
125,000 Intermedia Communications
Corp., 8.50%, 01/15/08 114,375
200,000 Jordan Telecom Products, Inc.,
0/11.75%, 08/01/07 171,000
125,000 L-3 Communications Holdings, Inc.,
8.00%, 08/01/08 117,813
300,000 MetroNet Escrow Corp., 0/9.95%,
06/15/08 220,500
200,000 Nextel Communications, Inc.,
0/9.75%, 10/31/07 139,500
125,000 Rogers Communications, Inc.,
8.875%, 07/15/07 125,625
-----------
1,179,605
-----------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 41
<PAGE> 44
NATIONWIDE SEPARATE ACCOUNT TRUST
MULTI SECTOR BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
TEXTILES/APPAREL (0.2%)
$ 125,000 Panolam Industries
International, 11.50%,
02/15/09* $ 129,063
-----------
WASTE MANAGEMENT (0.9%)
125,000 Allied Waste NA, 7.875%,
01/01/09 115,938
125,000 Envirosource, Inc., 9.75%,
06/15/03 76,250
250,000 Safety-Kleen Corp., 9.25%,
06/01/08 256,250
-----------
448,438
-----------
TOTAL CORPORATE BONDS
(cost $15,444,212) 14,668,415
-----------
CONVERTIBLE DEBT (0.5%)
ELECTRONICS/SEMI-CONDUCTORS (0.5%)
250,000 Micron Technology, Inc., 7.00%,
07/01/04 (cost $249,391) 255,625
-----------
MORTGAGE-BACKED SECURITIES (18.1%)
DIVERSIFIED/FINANCIAL (6.4%)
800,000 Commercial Mortgage, 7.35%,
08/17/13 778,024
400,000 Contimortgage 1999-3, 7.00%,
12/25/29 333,859
466,601 Countrywide Mortgage, 7.75%,
06/25/24 471,852
1,950,000 Donaldson, Lufkin, Jenrette,
Commercial Mortgage Corp. IO,
0.7085%, 05/10/23 83,470
3,300,000 Donaldson, Lufkin, Jenrette,
Commercial Mortgage Corp. IO,
0.8514%, 11/12/31 172,607
49,256 First Union Residential
Securitization Trust, 7.00%,
08/25/28 44,857
397,112 GECMS 1998-15 B1, 6.75%,
11/25/28 351,302
95,385 Green Tree Financial Corp.,
7.07%, 01/15/29 95,802
450,047 Mid-State Trust, 7.34%,
07/01/35, 453,306
74,227 PNC Mortgage Securities Corp.,
6.75%, 05/25/28 69,919
98,901 PNC Mortgage Securities Corp.,
6.838%, 05/25/28 88,852
98,747 PNC Mortgage Securities Corp.,
6.734%, 07/25/28 87,726
348 PNC Mortgage Securities Corp.,
6.50%, 12/25/28 301
188 PNC Mortgage Securities Corp.,
6.25%, 12/26/28 172
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
DIVERSIFIED/FINANCIAL (CONTINUED)
$ 348,782 PNC Mortgage Securities Corp.,
6.838%, 03/25/29 $ 308,892
258,959 PNC Mortgage Securities Corp.,
6.904%, 04/25/29 232,687
-----------
3,573,628
-----------
U.S. GOVERNMENT AGENCY (11.7%)
250,000 FHLMC Gold, 6.50%, 07/01/30 ** 241,797
207 FHLMC IO, Series 1103,
1156.50%, 06/15/21 6,353
214,326 FNMA-ACES, 7.368%, 08/17/03 215,281
4,745,158 FNMA-ACES IO, 1.045%, 06/25/38 271,760
3,000,000 FNMA, 6.00%, 07/01/30 ** 2,821,875
2,000,000 FNMA, 7.50%, 08/01/30 ** 2,020,000
-----------
5,577,066
-----------
TOTAL MORTGAGE-BACKED SECURITIES
(cost $9,302,004) 9,150,694
-----------
SOVEREIGN BONDS (23.7%)
ALGERIA (0.6%)
600,000 Algeria Tranche 3, 6.375%,
03/04/10 336,000
-----------
ARGENTINA (2.3%)
750,000 Argentina Global Bond, 11.00%,
12/04/05 688,125
575,000 Argentina Global Bond, 11.375%,
01/30/17 494,500
-----------
TOTAL ARGENTINA 1,182,625
-----------
AUSTRALIA (0.1%)
10,000 New South Wales Treasury Corp.,
7.375%, 02/21/07 (AUD) 6,864
-----------
BRAZIL (2.7%)
478,391 Brazil C Bond Register, 5.00%,
04/15/14 302,365
190,000 Brazil Eligible Interest Bond,
5.875%, 04/15/06 146,775
1,436,883 Republic of Brazil, 5.00%,
04/15/14 911,706
-----------
TOTAL BRAZIL 1,360,846
-----------
BULGARIA (1.1%)
500,000 Bulgaria Floating Rate Bond,
6.125%, 07/28/12 ***** 297,500
</TABLE>
42 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 45
NATIONWIDE SEPARATE ACCOUNT TRUST
MULTI SECTOR BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
BULGARIA (CONTINUED)
$ 400,000 Bulgaria PDI, 5.875%, 07/28/11 $ 270,000
-----------
TOTAL BULGARIA 567,500
-----------
CANADA (0.2%)
170,000 Canadian Government, 6.00%,
06/01/08 (CAD) 118,885
-----------
COLUMBIA (0.5%)
250,000 Republic of Colombia, 10.875%,
03/09/04 238,750
-----------
CROATIA (0.7%)
398,300 Croatia Series B, 6.125%,
07/31/06 329,593
-----------
ECUADOR (0.4%)
500,000 Ecuador-Global Bond Registered,
4.00%, 02/28/25 195,000
-----------
ENGLAND (1.1%)
350,000 U.K. Treasury Bonds, 6.50%,
12/07/03 (GBP) 575,370
-----------
GERMANY (1.0%)
120,000 Bundesrepublic Deutchland,
5.625%, 01/04/28 (EUR) 130,956
345,000 Bundesschatzanweisungen, 4.00%,
09/17/99 (EUR) 356,712
-----------
TOTAL GERMANY 487,668
-----------
GREECE (1.3%)
8,400,000 Hellenic Republic, 11.00%,
02/25/00 (EUR) 26,946
47,000,000 Hellenic Republic, 9.80%,
03/21/00 (EUR) 149,848
38,000,000 Hellenic Republic, 7.60%,
01/22/02 (EUR) 122,629
95,500,000 Hellenic Republic, 8.90%,
04/01/03 (EUR) 325,900
6,400,000 Hellenic Republic, 8.70%,
04/08/05 (EUR) 22,571
-----------
TOTAL GREECE 647,894
-----------
ITALY (0.2%)
120,000 Italy-BPDT, 5.25%, 11/01/29
(EUR) 118,400
-----------
IVORY COAST (0.5%)
950,000 Ivory Coast, 2.00%, 03/29/18 251,750
-----------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
MEXICO (2.1%)
$ 1,000,000 Mexico Par Series B, 6.25%,
12/31/19 $ 733,737
200,000 United Mexican States, 9.875%,
01/15/07 199,750
150,000 United Mexican States, 10.375%,
02/17/09 150,563
-----------
TOTAL MEXICO 1,084,050
-----------
MOROCCO (0.6%)
402,339 Morocco -- R&CA Floating Rate
Bond, 6.06%, 01/01/09 ***** 324,889
-----------
NORWAY (0.2%)
1,000,000 Norwegian Treasury Bills,
6.50%, 09/15/99 (NOK) 127,046
-----------
PANAMA (0.6%)
400,000 Panama-IRB Sinking Fund, 4.00%,
07/17/14 292,500
-----------
PERU (1.1%)
950,000 Peru PDI, 4.00%, 03/17/07 570,000
-----------
PHILLIPPINES (0.4%)
250,000 Bangko Sentral Pilipinas,
8.60%, 06/15/27 203,125
-----------
POLAND (0.5%)
300,000 European Investment Bank,
10.50%, 01/25/01 (PLN) 74,973
200,000 International Bank of
Reconciliation & Development,
18.00%, 02/27/03 (PLN) 61,681
390,000 Nordic Investment Bank, 17.75%,
04/15/02 (PLN) 113,320
-----------
TOTAL POLAND 249,974
-----------
RUSSIA (1.0%)
1,200,000 Russian Federation, 10.00%,
06/26/07 501,960
-----------
SLOVENIA (0.3%)
120,000 Republic of Slovenia, 5.375%,
05/27/05 (PLN) 126,815
-----------
SPAIN (0.6%)
260,000 Spanish Government, 6.00%,
01/31/08 (EUR) 290,932
-----------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 43
<PAGE> 46
NATIONWIDE SEPARATE ACCOUNT TRUST
MULTI SECTOR BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
SWEDEN (0.4%)
$ 180,000 Sudwest Landes Bank, 17.50%,
05/05/03 (SEK) $ 54,678
1,000,000 Sweden Government Bond 6.50%,
05/05/08 (SEK) 129,966
-----------
TOTAL SWEDEN 184,644
-----------
VENEZUELA (3.2%)
190,475 Venezuelan Government, 6.125%,
03/31/07 143,571
761,900 Venezuelan Government, 6.125%,
03/31/07 574,282
700,000 Venezuelan Government, 13.625%,
08/15/18 630,000
450,000 Venezuelan Government, 9.25%,
09/15/27 291,375
-----------
TOTAL VENEZUELA 1,639,228
-----------
TOTAL SOVEREIGN BONDS
(cost $12,501,001) 12,012,308
-----------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ----------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS (13.2%)
$ 3,500,000 U.S. Treasury Bond, 5.25%,
05/31/01*** $ 3,482,500
40,000 U.S. Treasury Bond, 6.125%,
11/15/27 39,625
500,000 U.S. Treasury Note, 4.75%,
02/15/04 480,469
1,650,000 U.S. Treasury Note, 4.75%,
11/15/08*** 1,514,391
335,000 U.S. Treasury Note, 5.50%,
08/15/28 305,897
1,000,000 U.S. Treasury Note, 5.25%,
11/15/28*** 885,000
-----------
TOTAL U.S. GOVERNMENT
OBLIGATIONS
(cost $6,861,257) 6,707,882
-----------
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
WARRANTS (0.1%)
196 United Mexican States, 10.375%
(cost $6,329) $ 12,250
-----------
- -----------
PRINCIPAL
- -----------
REPURCHASE AGREEMENT (23.3%)
$ 11,836,000 Fifth Third Bank, 4.40%,
07/01/99, Collateralized by
$12,288,000 FNMA Pool #323020,
6.50%, 02/01/13, market value
$12,072,960 (cost $11,836,000) 11,836,000
-----------
TOTAL INVESTMENTS
(cost $56,200,194) $54,643,174
===========
</TABLE>
- --------------------------------------------------------------------------------
44 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 47
NATIONWIDE SEPARATE ACCOUNT TRUST
MULTI SECTOR BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
FOREIGN CURRENCY CONTRACTS
<TABLE>
<CAPTION>
CONTRACT MARKET
VALUE VALUE APPRECIATION
CURRENCY PURCHASED: (U.S.$) (U.S.$) (DEPRECIATION) DELIVERY DATE
- ------------------- -------- ------- -------------- -------------
<S> <C> <C> <C> <C>
Euro Dollars $ 48,642 $ 48,555 $ (87) 07/02/99
Euro Dollars 533,451 529,374 (4,077) 07/28/99
Norwegian Krone 70,060 69,834 (226) 07/28/99
Swedish Kronor 110,589 109,715 (874) 07/28/99
---------- ---------- -------
Total currency purchased $ 762,742 $ 757,478 $(5,264)
---------- ---------- -------
CURRENCY SOLD:
- -------------------------------
Australian Dollars $ 257,615 $ 258,583 $ (968) 07/28/99
Euro Dollars 319,234 315,281 3,953 07/28/99
British Pounds 587,377 582,162 5,215 07/28/99
Norwegian Krone 70,149 69,834 315 07/28/99
Swedish Kronor 109,283 109,715 (432) 07/28/99
---------- ---------- -------
Total currency sold $1,343,658 $1,335,575 $ 8,083
---------- ---------- -------
Net receivable for forward
currency contracts purchased
and sold $ 2,819
=======
</TABLE>
- --------------------------------------------------------------------------------
* Represents a restricted security acquired and eligible for resale 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.
***** Variable rate security. The rate reflected in the Statement of Investments
is the rate in effect on June 30, 1999.
Securities denominated in foreign currencies are shown at their U.S. dollar cost
and value.
Cost for federal income tax purposes: $56,248,444.
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
ACES Adjustable Conversion-Rate Equity Security
AUD Australian Dollars
BPDT Buoni Poliennali Del Tes (Italian Treasury Bonds)
BV Private Company
CAD Canadian Dollars
EUR Euro Dollars
FHLMC Federal Home Loan Mortgage Corporation
FNMA Federal National Mortgage Association
GBP British Pounds
GEMCS General Electric Capital Mortgage Services, Inc.
IO Interest Only
IRB Interest Reduction Bonds
LLC Limited Liability Company
NA North America
NA National Association
NOK Norwegian Krone
PDI Past Due Interest
PLC Public Limited Company (British)
PLN Polish Zlotys
R&CA Reconstruction Consolidated Agreement
REIT Real Estate Investment Trust
SEK Swedish Kronor
</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 45
<PAGE> 48
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL CAP VALUE FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (92.6%)
ADVERTISING AGENCIES (1.7%)
29,000 Snyder Communications, Inc.* $ 949,750
31,000 True North Communications, Inc. 930,000
------------
1,879,750
------------
AEROSPACE/DEFENSE (0.7%)
42,000 Doncasters PLC ADR* 735,000
------------
AIR FREIGHT (0.3%)
39,200 Kitty Hawk, Inc.* 308,700
------------
AUTO PARTS & EQUIPMENT (1.9%)
20,800 Arvin Industries, Inc. 787,800
22,600 Discount Auto Parts, Inc.* 545,225
22,700 Dura Automotive Systems, Inc.* 754,775
------------
2,087,800
------------
CHEMICALS/SPECIALTY (4.2%)
46,600 Arch Chemicals, Inc. 1,132,962
48,600 Geon Co. 1,567,350
2,300 Lubrizol Corp. 62,675
32,500 M. A. Hanna Co. 534,219
67,100 RPM, Inc.* 951,981
15,200 Wellman, Inc. 242,250
------------
4,491,437
------------
COMPUTERS/HARDWARE (3.2%)
85,000 HMT Technology Corp.* 212,500
95,300 In Focus Systems, Inc.* 1,429,500
185,600 Maxtor Corp.* 933,809
50,200 Sequent Computer Systems, Inc.* 891,050
------------
3,466,859
------------
COMPUTERS/SOFTWARE & SERVICES (11.2%)
47,800 Ardent Software, Inc.* 1,015,750
44,300 Autodesk, Inc. 1,309,619
28,100 BARRA, Inc.* 709,525
61,700 Cadence Design Systems, Inc.* 786,675
43,000 Cambridge Technology Partners,
Inc.* 755,188
212,900 Corel Corp.* 824,987
27,000 GT Interactive Software Corp.* 94,500
49,900 Harbinger Corp.* 623,750
67,100 Hyperion Solutions Corp.* 1,195,219
7,900 InaCom Corp.* 99,738
51,600 JDA Software Group, Inc.* 480,525
63,900 Parametric Technology Co.* 886,612
19,500 Project Software & Development,
Inc.* 609,375
28,500 SAGA Systems, Inc.* 363,375
34,900 Sterling Commerce, Inc. 1,273,850
17,200 Sterling Software, Inc.* 459,025
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMPUTERS/SOFTWARE & SERVICES (CONTINUED)
57,200 Technology Solutions Co.* $ 618,475
------------
12,106,188
------------
CONSTRUCTION (0.4%)
32,500 Chicago Bridge & Iron Co. 452,969
------------
CONSUMER JEWELRY & GIFTS (0.4%)
33,300 Finlay Enterprises, Inc.* 445,388
------------
CONSUMER SERVICES (3.1%)
48,800 NFO Worldwide, Inc.* 683,200
28,200 Renaissance Worldwide, Inc.* 224,720
13,900 Staffmark, Inc.* 139,435
51,600 Stewart Enterprises, Inc. Class
A 751,425
138,800 Sybase, Inc.* 1,526,800
------------
3,325,580
------------
CONTAINERS & PACKAGE (0.9%)
100,900 Gaylord Container Corp. Class A* 800,894
9,100 Rock-Tenn Co. 151,856
------------
952,750
------------
DISTRIBUTORS (1.7%)
39,700 Tech Data Corp.* 1,518,525
700 Tristar Aerospace Co.* 5,775
16,500 Watsco, Inc.* 270,188
------------
1,794,488
------------
ELECTRONICS (4.3%)
13,100 Cohu, Inc. 463,413
23,100 FSI International, Inc.* 192,019
38,600 Millipore Corp. 1,565,712
17,800 Sensormatic Electronics Corp.* 248,088
29,200 Silicon Valley Group, Inc.* 490,925
16,600 Trimble Navigation Ltd.* 213,725
22,100 Ucar International, Inc.* 558,025
55,500 Varian Semiconductor Equipment
Associates, Inc.* 943,500
------------
4,675,407
------------
ELECTRONICS/SEMI-CONDUCTORS (7.2%)
40,900 Alliance Semiconductor Corp.* 406,444
7,000 Amkor Technologies, Inc.* 71,750
134,900 Cypress Semiconductor Corp.* 2,225,850
26,200 Electroglas, Inc.* 524,000
38,800 Etec Systems, Inc.* 1,290,100
130,300 International Rectifier Corp.* 1,734,619
32,300 Lam Research Corp.* 1,508,006
------------
7,760,769
------------
</TABLE>
46 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 49
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL CAP VALUE FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
FINANCIAL (1.8%)
19,900 Affiliated Managers Group, Inc.* $ 600,731
33,500 Bay View Capital Corp. 686,750
24,100 Heller Financial, Inc. 670,281
------------
1,957,762
------------
FOOD & BEVERAGES (0.9%)
54,500 International Home Foods, Inc.* 1,004,844
------------
FOOTWEAR (0.8%)
28,100 Maxwell Shoe Co. Class A* 254,656
44,800 Wolverine World Wide, Inc. 627,200
------------
881,856
------------
GAMING & LOTTERY (1.8%)
94,000 Boyd Gaming Corp.* 658,000
132,700 Park Place Entertainment Corp.* 1,285,531
------------
1,943,531
------------
HEALTH CARE (4.7%)
37,300 AmeriPath, Inc.* 321,713
54,600 Bergen Brunswig Corp. Class A 941,850
5,900 ESC Medical Systems Ltd.* 37,613
34,400 Ocular Services, Inc.* 597,700
55,800 Quest Diagnostics, Inc.* 1,527,525
37,900 Spacelabs Medical, Inc.* 715,363
22,600 West Pharmaceutical Services,
Inc. 887,050
------------
5,028,814
------------
HOUSEHOLD FURNITURE & APPLIANCES (0.4%)
10,100 Harman International Industries,
Inc. 444,400
------------
INSURANCE (3.3%)
60,600 ARM Financial Group, Inc. Class
A* 515,100
42,400 Everest Reinsurance Holdings,
Inc. 1,383,300
31,900 MONY Group, Inc.* 1,040,737
18,700 SCPIE Holdings, Inc. 610,088
------------
3,549,225
------------
MACHINERY/DIVERSIFIED (1.8%)
64,400 AGCO Corp. 728,525
27,000 Applied Industrial Technology,
Inc.* 513,000
7,900 Nordson Corp. 483,875
24,800 OmniQuip International, Inc. 195,300
------------
1,920,700
------------
MANUFACTURING (2.8%)
89,400 Bethlehem Steel Corp.* 687,263
105,200 Integrated Device Technology,
Inc.* 1,144,050
13,400 The Toro Co. 527,625
400 US Industries, Inc.* 6,800
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
MANUFACTURING (CONTINUED)
49,400 Varian, Inc.* $ 666,900
------------
3,032,638
------------
METAL FABRICATORS (0.9%)
25,500 Intermet Corp. 385,688
21,400 Wolverine Tube, Inc.* 537,675
------------
923,363
------------
OIL & GAS (7.4%)
20,900 BJ Services Co.* 615,244
44,300 EEX Corp.* 307,331
47,400 Houston Exploration Co.* 897,637
44,400 Newpark Resources, Inc.* 394,050
33,500 Noble Affiliates, Inc. 944,281
153,900 Ocean Energy, Inc.* 1,481,287
76,300 Range Resources Corp. 467,338
177,700 Santa Fe Energy Resources, Inc.* 1,354,962
35,700 Santa Fe International Corp. 821,100
44,100 Tesoro Petroleum Corp.* 702,844
9,500 Titan Exploration, Inc.* 47,500
------------
8,033,574
------------
PAPER & FOREST PRODUCTS (1.2%)
22,700 Chesapeake Corp. 849,831
18,300 Jefferson Smurfit Group* 431,194
------------
1,281,025
------------
PERSONAL CARE PRODUCTS (0.1%)
12,900 Herbalife International, Inc. 111,263
------------
PUBLISHING (3.4%)
63,100 Bowne & Co, Inc.* 820,300
24,200 Houghton Mifflin Co. 1,138,912
111,100 Ziff-Davis, Inc. 1,715,106
------------
3,674,318
------------
RECREATIONAL PRODUCTS (1.7%)
63,800 Callaway Golf Co. 933,075
20,200 Polaris Industries, Inc. 878,700
------------
1,811,775
------------
RESTAURANTS (0.3%)
18,700 Bob Evans Farms, Inc. 371,663
------------
RETAIL (11.4%)
19,600 Bon-Ton Stores* 126,175
68,300 Brown Shoe Co., Inc. 1,485,525
62,500 Burlington Coat Factory
Warehouse Corp.* 1,207,031
39,300 Elder-Beerman Stores Corp.* 287,381
36,700 General Nutrition Cos., Inc.* 855,569
12,600 Harcourt General, Inc.* 649,687
51,100 Micro Warehouse, Inc.* 913,412
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 47
<PAGE> 50
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL CAP VALUE FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
RETAIL (CONTINUED)
107,100 Musicland Stores Corp.* $ 950,512
28,500 Neiman Marcus Group, Inc.* 732,094
92,000 Officemax, Inc.* 1,104,000
129,100 Pier 1 Imports, Inc. 1,452,375
18,800 Saks, Inc.* 542,850
198,000 Venator Group, Inc.* 2,066,625
------------
12,373,236
------------
STEEL (0.7%)
112,300 Armco, Inc.* 743,987
------------
TELECOMMUNICATIONS (0.9%)
19,800 Avid Technologies, Inc.* 319,275
140,500 Paging Network, Inc.* 676,156
------------
995,431
------------
TEXTILES/APPAREL (1.2%)
29,000 Burlington Industries, Inc.* 262,813
48,600 Nautica Enterprises, Inc.* 820,125
8,000 Unifi, Inc.* 170,000
------------
1,252,938
------------
TRANSPORTATION (1.9%)
58,200 Arkansas Best Corp.* 578,362
5,300 Knightsbridge Tankers Ltd. 92,750
77,400 Yellow Corp.* 1,373,850
------------
2,044,962
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
TRUCKS & PARTS (0.7%)
41,800 Wabash National Corp. $ 809,875
------------
WASTE MANAGEMENT (1.3%)
27,100 Allied Waste Industries, Inc.* 535,225
50,825 Safety-Kleen Corp.* 921,203
------------
1,456,428
------------
TOTAL COMMON STOCK
(cost $90,606,487)
100,130,693
------------
<CAPTION>
- ---------
PRINCIPAL
- ---------
<C> <S> <C>
REPURCHASE AGREEMENT (3.6%)
$3,855,000 Fifth Third Bank, 4.40%,
07/01/99, Collaterlized by
$2,710,000 FNMA Pool #323020,
6.50%, 02/01/13, market value
$2,662,575 and $1,270,000 FHLMC
Gold Pool #G30141, 6.50%,
01/01/19, market value
$1,270,000
(cost $3,855,000) 3,855,000
------------
TOTAL INVESTMENTS
(cost $94,461,487) $103,985,693
============
</TABLE>
- --------------------------------------------------------------------------------
* Denotes a non-income producing security.
Cost for federal income tax purposes: $96,194,594.
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
ADR American Depositary Receipt
FHLMC Federal Home Loan Mortgage Corporation
FNMA Federal National Mortgage Association
PLC Public Limited Company (British)
</TABLE>
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
48 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 51
NATIONWIDE SEPARATE ACCOUNT TRUST
SELECT ADVISERS SMALL CAP GROWTH FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (94.5%)
AEROSPACE/DEFENSE (0.5%)
100 Alliant Techsystems, Inc.* $ 8,650
500 Howmet International, Inc.* 8,594
------------
17,244
------------
AIR FREIGHT (1.1%)
1,500 Air Express International Corp. 38,063
------------
AUTO PARTS & EQUIPMENT (0.9%)
1,100 CSK Auto Corp.* 29,700
------------
BEVERAGES (0.4%)
300 Beringer Wine Estates Holdings,
Inc.* 12,534
------------
BROADCASTING & TELEVISION (3.9%)
700 ACTV, Inc.* 9,712
200 Century Communications Corp.* 9,200
500 Citadel Communications Corp.* 18,094
600 Jones Intercable, Inc.* 28,800
300 Jones Intercable, Inc. Class A* 14,700
200 Radio One, Inc.* 9,300
300 TCI Music, Inc.* 10,612
4,600 TCI Satellite Entertainment,
Inc.* 13,512
200 TV Guide, Inc.* 7,325
400 Westwood One, Inc.* 14,275
------------
135,530
------------
CHEMICALS (0.2%)
400 Witco Corp. 8,000
------------
COMMUNICATION EQUIPMENT (2.3%)
400 ANTEC Corp.* 12,825
400 DSP Communications, Inc.* 11,550
200 L-3 Communications Holdings,
Inc.* 9,663
400 Polycom, Inc.* 15,600
300 Scientific-Atlanta, Inc. 10,800
1,400 ViaSat, Inc.* 21,350
------------
81,788
------------
COMPUTERS/NETWORKING (1.9%)
950 ACT Networks, Inc.* 16,209
850 MEDE AMERICA Corp.* 32,088
600 Visual Networks, Inc.* 19,200
------------
67,497
------------
COMPUTERS/SOFTWARE & SERVICES (20.2%)
400 Activision, Inc.* 5,825
900 Affiliated Computer Services,
Inc.* 45,563
200 BroadVision, Inc.* 14,750
1,600 CAIS Internet, Inc.* 29,400
550 CheckFree Holdings* 15,159
300 Citrix Systems, Inc.* 16,950
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMPUTERS/SOFTWARE & SERVICES (CONTINUED)
500 Comverse Technology, Inc.* $ 37,750
400 Concentric Network Corp.* 15,900
225 Critical Path, Inc.* 12,445
1,500 The Descartes Systems Group,
Inc.* 7,594
450 Exchange Applications, Inc.* 18,338
400 Exodus Communications, Inc.* 47,975
275 Gemstar International Group
Ltd.* 17,944
900 HNC Software, Inc.* 27,731
350 Infoseek Corp.* 16,778
400 Insight Enterprises, Inc.* 9,900
700 Legato Systems, Inc.* 40,425
300 Macromedia, Inc.* 10,575
400 Media Metrix, Inc.* 21,300
375 Micromuse, Inc.* 18,703
300 MindSpring Enterprises, Inc.* 13,294
100 MySoftware Co.* 1,545
200 Network Solutions, Inc.* 15,825
1,000 nFront, Inc.* 15,188
1,850 Peerless Systems Corp.* 19,425
300 Phone.com, Inc.* 16,800
100 Sapient Corp.* 5,663
300 SoftNet Systems, Inc.* 8,363
350 USinternetworking, Inc.* 14,700
600 USWeb Corp.* 13,313
200 Verio, Inc.* 13,900
200 Verisign, Inc.* 17,250
450 Veritas Software Corp.* 42,722
200 VerticalNet, Inc.* 20,975
1,200 VISTA Information Solutions,
Inc.* 13,875
1,400 Whittman-Hart, Inc.* 44,450
------------
708,293
------------
CONSTRUCTION (0.4%)
600 Insituform Technologies, Inc.* 12,975
------------
CONSUMER SERVICES (10.5%)
1,300 Casella Waste Systems, Inc.* 33,800
650 Catalyst International, Inc.* 11,659
850 Coinstar, Inc.* 24,384
1,600 Corinthian Colleges, Inc.* 30,200
1,900 First Consulting Group, Inc.* 20,187
250 F.Y.I., Inc.* 7,844
650 Iron Mountain, Inc.* 18,606
450 Lason, Inc.* 22,331
1,050 The Metzler Group, Inc.* 29,006
350 Pegasus Systems, Inc.* 13,103
350 ProBusiness Services, Inc.* 12,556
275 The Profit Recovery Group
International, Inc.* 13,011
1,400 PROVANT, Inc.* 21,788
700 Quanta Services, Inc.* 30,800
300 Realty Information Group, Inc.* 13,050
800 RemedyTemp, Inc.* 10,800
300 Steiner Leisure Ltd.* 9,094
200 TMP Worldwide, Inc.* 12,700
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 49
<PAGE> 52
NATIONWIDE SEPARATE ACCOUNT TRUST
SELECT ADVISERS SMALL CAP GROWTH FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
CONSUMER SERVICES (CONTINUED)
500 United Rentals, Inc.* $ 14,750
900 ValueVision International,
Inc.* 17,887
------------
367,556
------------
CONTAINERS & PACKAGING (0.3%)
1,200 Gaylord Container Corp. Class
A* 9,525
------------
ELECTRONICS (5.3%)
400 EG&G, Inc. 14,250
450 Flextronics International Ltd.* 24,975
1,100 Gentex Corp.* 30,800
450 Optical Coating Laboratory,
Inc. 37,631
500 Sanmina Corp.* 37,937
300 Sawtek, Inc.* 13,763
350 TranSwitch Corp.* 16,581
300 Veeco Instruments, Inc.* 10,200
------------
186,137
------------
ELECTRONICS/SEMICONDUCTORS (3.3%)
300 American Xtal Technology, Inc.* 7,144
400 Burr-Brown Corp.* 14,650
1,100 CFM Technologies, Inc.* 11,000
300 Conexant Systems, Inc. 17,419
300 Etec Systems, Inc.* 9,975
400 Galileo Technology Ltd.* 18,125
200 Novellus Systems, Inc.* 13,650
200 PMC-Sierra, Inc.* 11,788
100 QLogic Corp.* 13,200
------------
116,951
------------
ENGINEERING & CONSTRUCTION (0.2%)
1,700 TransCoastal Marine Services,
Inc.* 8,287
------------
ENTERTAINMENT (3.8%)
300 Championship Auto Racing Teams,
Inc.* 8,981
400 Cinar Corp. Class B* 9,800
400 Imax Corp.* 9,000
300 Macrovision Corp.* 22,463
200 Pixar, Inc.* 8,625
300 Premier Parks, Inc.* 11,025
625 SFX Entertainment, Inc.* 41,602
250 Speedway Motorsports, Inc.* 9,828
300 SportsLine USA, Inc.* 10,763
------------
132,087
------------
FINANCIAL (4.9%)
525 Affiliated Managers Group,
Inc.* 15,848
400 Allied Capital Corp. 9,600
300 Creditrust Corp.* 8,325
600 Financial Security Assurance
Holdings Ltd. 31,200
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
FINANCIAL (CONTINUED)
700 FiNet Holdings Corp.* $ 3,894
1,700 Golden State Bancorp, Inc.* 37,400
350 Hambrecht & Quist Group* 12,994
600 Medallion Financial Corp. 11,438
400 National Discount Brokers
Group, Inc.* 23,200
300 Net.B@nk, Inc.* 11,400
200 Telebanc Financial Corp.* 7,750
------------
173,049
------------
FINANCIAL INSTITUTIONS (0.1%)
100 Bank United Corp. 4,019
------------
HEALTH CARE (0.8%)
500 Bindley Western Industries,
Inc. 11,531
500 ChiRex, Inc.* 16,063
------------
27,594
------------
HEALTH CARE/SPECIAL SERVICES (4.5%)
325 Accredo Health, Inc.* 10,644
650 Alkermes, Inc.* 15,031
1,250 Anesta Corp.* 25,547
1,000 Coventry Health Care, Inc.* 10,938
750 Kendle International, Inc.* 12,000
600 Lincare Holdings, Inc.* 15,000
300 MedQuist, Inc.* 13,125
600 Priority Healthcare Corp.* 20,700
325 Sunrise Assisted Living, Inc.* 11,334
350 TLC The Laser Center, Inc.* 16,800
100 VISX, Inc.* 7,919
------------
159,038
------------
HOTELS & LODGING (0.3%)
1,000 Extended Stay America, Inc.* 12,000
------------
INSURANCE (1.8%)
600 Annuity and Life Re (Holdings)
Ltd. 13,463
100 FPIC Insurance Group, Inc.* 4,850
300 Mutual Risk Management Ltd. 10,013
1,000 Reinsurance Group of America,
Inc. 35,250
------------
63,576
------------
MANUFACTURING (1.4%)
500 Asyst Technologies, Inc.* 14,969
300 CUNO, Inc.* 5,737
3,000 Packaged Ice, Inc.* 17,812
200 Pentair, Inc. 9,150
------------
47,668
------------
MEDICAL PRODUCTS (1.6%)
400 Inhale Therapeutic Systems,
Inc.* 9,525
</TABLE>
50 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 53
NATIONWIDE SEPARATE ACCOUNT TRUST
SELECT ADVISERS SMALL CAP GROWTH FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
MEDICAL PRODUCTS (CONTINUED)
500 Osteotech, Inc.* $ 14,375
1,300 PAREXEL International Corp.* 17,306
300 Xomed Surgical Product, Inc.* 14,606
------------
55,812
------------
METAL FABRICATORS (0.3%)
300 Reliance Steel & Aluminum Co. 11,700
------------
OIL & GAS (3.9%)
400 Barrett Resources Corp.* 15,350
500 Evergreen Resources, Inc.* 12,594
5,900 Grey Wolf, Inc.* 14,750
625 Hanover Compressor Co.* 20,078
1,500 Newfield Exploration Co.* 42,656
800 Nuevo Energy Co.* 10,600
600 Santa Fe International Corp. 13,800
600 Tuboscope, Inc.* 8,213
------------
138,041
------------
PRINTING (0.3%)
300 Valassis Communications, Inc.* 10,987
------------
RAILROADS (0.2%)
200 Carpenter Technology Corp. 5,713
------------
REAL ESTATE (0.9%)
700 Glenborough Realty Trust, Inc.,
REIT 12,250
800 MeriStar Hospitality Corp.,
REIT 17,950
------------
30,200
------------
RESTAURANTS (1.1%)
400 Buca, Inc.* 6,600
650 Dave & Buster's, Inc.* 18,850
725 Rubio's Restaurants, Inc.* 11,192
------------
36,642
------------
RETAIL (4.5%)
550 American Eagle Outfitters,
Inc.* 25,025
500 Cheap Tickets, Inc.* 18,250
300 Claire's Stores, Inc. 7,687
200 eToys, Inc.* 8,150
500 Hollywood Entertainment Corp. 9,781
625 REX Stores Corp.* 18,633
650 School Specialty, Inc.* 10,441
800 Sonic Automotive, Inc.* 11,000
1,000 Steven Madden Ltd.* 13,562
300 The Children's Place Retail
Stores, Inc.* 12,150
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
RETAIL (CONTINUED)
350 Tweeter Home Entertainment
Group, Inc.* $ 13,737
600 Ultimate Electronics, Inc.* 10,912
------------
159,328
------------
TELECOMMUNICATIONS (10.2%)
700 Ancor Communications, Inc.* 22,662
400 Asia Satellite
Telecommunications Holdings
Ltd. 9,225
300 Covad Communications Group,
Inc.* 15,994
1,200 Excel Switching Corp.* 35,925
600 Gilat Communications Ltd.* 9,600
550 Harmonic, Inc.* 31,591
700 Hyperion Telecommunications,
Inc.* 13,169
600 Millicom International Cellular
SA* 18,900
700 Omnipoint Corp.* 20,256
1,300 Pacific Gateway Exchange, Inc.* 37,862
250 RCN Corp.* 10,406
450 RF Micro Devices, Inc.* 33,581
350 RSL Communications Ltd. Class
A* 6,759
550 Time Warner Telecom, Inc.* 15,950
200 Viatel, Inc.* 11,225
800 VoiceStream Wireless Corp.* 22,750
400 Western Wireless Corp.* 10,800
600 WinStar Communications, Inc.* 29,250
------------
355,905
------------
TEXTILES/APPAREL (0.6%)
700 Tropical Sportswear
International Corp.* 22,312
------------
UTILITIES/POWER PRODUCERS (0.7%)
200 Calpine Corp.* 10,800
400 Potomac Electric Power Co. 11,775
------------
22,575
------------
WASTE MANAGEMENT (1.2%)
2,300 Safety-Kleen Corp.* 41,688
------------
TOTAL COMMON STOCK
(cost $2,985,981) 3,310,014
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 51
<PAGE> 54
NATIONWIDE SEPARATE ACCOUNT TRUST
SELECT ADVISERS SMALL CAP GROWTH FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENT (6.2%)
$ 216,000 Fifth Third Bank, 4.40%,
07/01/99 Collateralized by
$230,000 FHLMC Gold Pool
#G30141, 6.50%, 01/01/19,
market value $230,000
(cost $216,000) $ 216,000
------------
TOTAL INVESTMENTS
(cost $3,201,981) $ 3,526,014
============
</TABLE>
- -------------------------------------------------------
* Denotes a non-income producing security.
Cost for federal income tax purposes: $3,209,047.
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
FHLMC Federal Home Loan Mortgage Corporation
SA Societe Anonyme (French corporation)
REIT Real Estate Investment Trust
</TABLE>
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
52 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 55
NATIONWIDE SEPARATE ACCOUNT TRUST
GLOBAL EQUITY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
COMMON STOCK (96.6%)
AUSTRALIA (1.5%)
BANKS/MAJOR REGIONAL (0.3%)
5,600 National Australia Bank Ltd. $ 92,666
------------
COMMERCIAL & CONSUMER SERVICES (0.1%)
1,540 Brambles Industries Ltd. 40,569
------------
COMMUNICATION EQUIPMENT (0.4%)
17,631 Pioneer International Ltd. 44,930
13,700 Telstra Corp. Ltd. 78,502
------------
123,432
------------
FINANCIAL/DIVERSIFIED (0.3%)
7,000 Australia & New Zealand Banking
Group 51,472
4,200 Lend Lease Corp. Ltd. 57,665
------------
109,137
------------
INSURANCE/LIFE/HEALTH (0.1%)
4,600 AMP Ltd. 50,287
------------
MANUFACTURING/DIVERSIFIED (0.2%)
14,300 Southcorp Ltd. 57,747
------------
MEDIA (0.0%)
1,800 The News Corp. Ltd. 15,357
------------
OIL & GAS/PRODUCTION (0.1%)
4,000 Broken Hill Proprietary Co.
Ltd. 46,333
------------
TOTAL AUSTRALIA 535,528
------------
AUSTRIA (0.2%)
BANKS/MONEY CENTER (0.2%)
1,620 Bank Austria AG 85,202
------------
BELGIUM (0.3%)
OIL/INTERNATIONAL (0.2%)
100 PetroFina SA 57,440
------------
RETAIL (0.1%)
479 Delhaize (Le Lion) SA 40,777
------------
TOTAL BELGIUM 98,217
------------
CANADA (2.0%)
BANKS/MONEY CENTER (0.2%)
1,800 Royal Bank of Canada 79,054
------------
BEVERAGES/ALCOHOLIC (0.1%)
1,000 Seagram Co. Ltd. 49,561
------------
COMMUNICATION EQUIPMENT (0.3%)
1,400 Nortel Networks Corp. 119,189
------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
COMPUTERS/NETWORKS (0.0%)
500 Newbridge Networks $ 14,189
------------
CONGLOMERATE (0.1%)
1,500 Imasco Ltd. 40,236
------------
FINANCIAL/DIVERSIFIED (0.2%)
2,600 Newcourt Credit Group, Inc. 33,637
700 TD Waterhouse Group 17,264
------------
50,901
------------
MANUFACTURING/DIVERSIFIED (0.2%)
2,600 Bombardier, Inc. Class B 39,527
1,999 Noranda, Inc. 26,203
------------
65,730
------------
MEDIA (0.2%)
1,700 Thompson Corp. 51,115
------------
METALS MINING (0.1%)
1,600 Barrick Gold Corp. 30,703
------------
OFFICE EQUIPMENT & SUPPLIES (0.2%)
1,700 BCE, Inc. 82,416
------------
OIL & GAS/PIPELINE (0.1%)
1900 TransCanada Pipelines Ltd. 26,639
------------
OIL & GAS/PRODUCTION (0.2%)
1500 Imperial Oil Ltd. 28,378
700 Suncor Energy, Inc. 28,544
------------
56,922
------------
TRANSPORTATION (0.1%)
1,200 Canadian Pacific Ltd. 28,378
------------
TOTAL CANADA 695,033
------------
DENMARK (0.2%)
FOODS (0.1%)
890 Danisco A/S 40,219
------------
FINANCIAL/DIVERSIFIED (0.1%)
211 Ratin A/S 24,792
------------
TOTAL DENMARK 65,011
------------
FINLAND (0.5%)
FINANCIAL/DIVERSIFIED (0.1%)
3,500 Merita Nordbanken OYJ 20,032
------------
INSURANCE/MULTI-LINE (0.1%)
1,000 Sampo Insurance Co. Ltd. 28,978
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 53
<PAGE> 56
NATIONWIDE SEPARATE ACCOUNT TRUST
GLOBAL EQUITY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS (0.3%)
1,362 Nokia OYJ $ 119,387
------------
TOTAL FINLAND 168,397
------------
FRANCE (5.1%)
AUTO MANUFACTURING (0.1%)
1,085 Renault SA 47,218
------------
AUTO PARTS & EQUIPMENT (0.1%)
583 Michelin (C.G.D.E.) 23,850
------------
BANKS/MONEY CENTER (0.3%)
580 Societe Generale 102,219
------------
BEVERAGES (0.1%)
75 LVMH Moet-Hennessy Louis
Vuitton 21,958
------------
BROADCASTING & TELEVISION (0.1%)
86 Canal Plus 24,132
------------
BUILDING MATERIALS (0.3%)
500 Compagnie de Saint Gobain 79,664
161 Imetal SA 23,908
------------
103,572
------------
CHEMICALS (0.1%)
1,404 Rhodia SA 26,641
------------
COMMERCIAL & CONSUMER SERVICES (0.6%)
2,645 Vivendi 214,257
------------
COMPUTERS/NETWORKS (0.1%)
499 Equant 46,005
------------
CONSUMER PRODUCTS (0.2%)
380 Christian Dior SA 61,916
------------
ELECTRONICS/SEMICONDUCTORS (0.1%)
709 STMicroelectronics NV* 47,233
------------
FINANCIAL/DIVERSIFIED (0.3%)
835 Paribas 93,601
------------
FOOD (0.4%)
487 Groupe Danone 125,554
------------
HEALTH CARE/DRUGS (0.3%)
1,440 Rhone-Poulenc SA 65,800
838 Sanofi-Synthelabo SA 35,561
------------
101,361
------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
INSURANCE/MULTI-LINE (0.1%)
420 Axa $ 51,239
------------
IRON & STEEL (0.1%)
2,014 Usinor SA 30,012
------------
LEISURE TIME PRODUCTS (0.1%)
1,155 Lagardere SCA 42,998
------------
MACHINERY/DIVERSIFIED (0.1%)
1,282 Alstom 40,323
------------
OIL & GAS/PRODUCTION (0.5%)
1,269 Elf Aquitaine SA 186,221
------------
OIL/INTERNATIONAL (0.5%)
1,370 Total Fina SA 176,742
------------
RETAIL (0.4%)
612 Carrefour SA 89,935
210 Castorama Dubois
Investissements 49,809
------------
139,744
------------
TELECOMMUNICATIONS (0.2%)
268 Alcatel SA 37,725
370 France Telecom 27,949
------------
65,674
------------
TOTAL FRANCE 1,772,470
------------
GERMANY (5.3%)
AUTO PARTS & EQUIPMENT (0.6%)
1,350 Continental AG 32,020
1,540 Daimler Chrysler AG 133,402
700 Volkswagen AG 44,828
------------
210,250
------------
BANKS/MONEY CENTER (0.6%)
2,070 Bayerische Hypo und Vereinsbank 134,485
1,766 Dresdner Bank AG 69,023
------------
203,508
------------
CHEMICALS (0.8%)
3,007 BASF AG 132,876
1,370 Hoechst AG 62,022
700 SGL Carbon AG 54,140
700 SKW Trostberg AG 15,953
------------
264,991
------------
COMPUTERS/SOFTWARE & SERVICES (0.2%)
180 S.A.P. AG 60,885
------------
</TABLE>
54 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 57
NATIONWIDE SEPARATE ACCOUNT TRUST
GLOBAL EQUITY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
CONSTRUCTION (0.1%)
600 Bilfinger & Berger Bau AG $ 14,819
400 Hochtief AG 18,397
------------
33,216
------------
ELECTRONICS/COMPONENTS (0.4%)
1,650 Siemens AG 127,276
------------
HEALTH CARE/DRUGS (0.1%)
265 Fresenius Medical Care AG 15,823
328 Schering AG 34,772
------------
50,595
------------
INSURANCE/MULTI-LINE (0.4%)
813 Muenchener Rueckversicherungs-
Gesellschaft AG 149,710
------------
MANUFACTURING/DIVERSIFIED (1.3%)
1,652 Mannesmann AG 246,514
3,310 Veba AG 194,565
------------
441,079
------------
OIL/INTERNATIONAL (0.2%)
1,900 RWE AG 87,956
------------
RETAIL (0.2%)
90 Karstadt AG 43,250
470 Metro AG 29,178
------------
72,428
------------
TELECOMMUNICATIONS (0.2%)
2,037 Deutsche Telekom AG 85,496
------------
TOBACCO (0.1%)
720 Seita 41,580
------------
TRANSPORTATION (0.1%)
1,800 Stinnes AG 28,029
------------
TOTAL GERMANY 1,856,999
------------
HONG KONG (0.9%)
ELECTRIC COMPANIES (0.1%)
13,000 Hong Kong Electric Holdings 41,889
------------
INVESTMENT MANAGEMENT (0.3%)
10,000 Hutchison Whampoa Ltd. 90,545
------------
REAL ESTATE (0.5%)
8,000 Chung Kong, REIT 71,147
12,000 Sung Hung Kai Properties Ltd.,
REIT 109,427
------------
180,574
------------
TOTAL HONG KONG 313,008
------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
IRELAND (0.5%)
AGRICULTURAL PRODUCTS (0.1%)
2,400 Bank of Ireland $ 40,342
------------
BUILDING MATERIALS (0.2%)
3,000 CRH PLC 53,212
------------
CONTAINERS & PACKAGING (0.1%)
14,700 Smurfit (Jefferson) Group PLC 34,488
------------
FOODS (0.1%)
9,200 Greencore Group PLC 28,462
------------
INSURANCE/LIFE/HEALTH (0.0%)
1,554 Irish Life & Permanent PLC 16,039
------------
TOTAL IRELAND 172,543
------------
ITALY (1.2%)
BANKS/MONEY CENTER (0.1%)
3,733 Monte dei Paschi di Siena SPA 16,554
2,000 San Paolo-IMI SPA 27,225
------------
43,779
------------
FINANCIAL/DIVERSIFIED (0.2%)
8,600 Banca Fideuram SPA 50,108
------------
INSURANCE/MULTI-LINE (0.5%)
3,661 Assicurazioni Generali 126,853
5,400 Mediolanum SPA 41,487
------------
168,340
------------
MEDIA (0.1%)
3,391 Mediaset SPA 30,144
------------
OIL/INTERNATIONAL (0.2%)
11,873 ENI SPA 70,893
------------
TELECOMMUNICATION (0.1%)
7,791 Telecom Italia SPA 42,261
------------
TOTAL ITALY 405,525
------------
JAPAN (10.8%)
AUTO PARTS & EQUIPMENT (0.5%)
4,000 Honda Motor Co. Ltd. 169,536
------------
BUILDING MATERIALS (1.2%)
23,000 Tostem Corp. 441,810
------------
CHEMICALS (1.1%)
108,000 Mitsubishi Chemical Corp. 373,872
------------
COMMUNICATION EQUIPMENT (0.1%)
200 Sony Corp. 21,564
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 55
<PAGE> 58
NATIONWIDE SEPARATE ACCOUNT TRUST
GLOBAL EQUITY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
CONSUMER FINANCE (0.9%)
3,300 Acom Co. Ltd. $ 284,915
200 Takefuji Corp. 20,672
------------
305,587
------------
ENTERTAINMENT (0.9%)
3,700 Sony Music Entertainment Corp. 314,864
------------
EQUIPMENT/SEMICONDUCTORS (1.9%)
32,000 Fujitsu Ltd. 643,774
------------
HEALTH CARE/DRUGS (1.6%)
15,000 Yamanouchi Pharmaceutical Co.
Ltd. 573,795
------------
IRON & STEEL (0.7%)
128,000 Kawasaki Steel Corp. 239,003
------------
LEISURE TIME PRODUCTS (0.6%)
8,000 Namco Ltd. 214,812
------------
RAILROADS (0.4%)
40 West Japan Railway Co. 153,343
------------
RETAIL (0.6%)
3,000 Ito-Yokado Co. Ltd. 200,766
------------
TRANSPORTATION (0.3%)
27,000 Nippon Yusen Kabushiki Kaisha 103,952
------------
TOTAL JAPAN 3,756,678
------------
NETHERLANDS (3.5%)
BANKS/MONEY CENTER (0.8%)
6,161 ABN Amro Holding NV 133,424
3,060 ING Groep NV 165,669
------------
299,093
------------
BEVERAGES (0.2%)
1,300 Heineken NV 66,562
------------
CHEMICALS (0.1%)
800 Akzo Nobel NV 33,660
------------
COMPUTERS/SOFTWARE & SERVICES (0.1%)
1,050 Getronics NV 40,389
------------
ELECTRONICS/COMPONENTS (0.4%)
1,579 Philips Electronics NV 155,750
------------
EMPLOYMENT SERVICES (0.1%)
2,924 Vedior NV CVA 49,753
------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
FOODS (0.2%)
1,562 Koninklijke Numico NV $ 55,331
------------
HOUSEHOLD PRODUCTS (0.1%)
462 Benckiser NV 24,656
------------
INSURANCE/MULTI-LINE (0.1%)
618 Aegon NV 44,812
------------
OIL & GAS/PRODUCTION (0.4%)
2,131 Royal Dutch Petroleum Co. 124,823
------------
PUBLISHING (0.2%)
1,328 Wolters Kluwer NV 52,862
------------
RETAIL (0.3%)
920 Laurus NV 21,347
1,515 Koninklijke Ahold NV 52,182
1,613 Vendex International NV 43,091
------------
116,620
------------
TELECOMMUNICATION (0.4%)
2,304 Koninklijke (KPN) NV 108,108
436 United Pan-Europe
Communications NV 23,650
------------
131,758
------------
TRANSPORTATION/SHIPPING (0.1%)
1,100 TNT Post Group NV 26,261
------------
TOTAL NETHERLANDS 1,222,330
------------
NEW ZEALAND (0.7%)
CONSTRUCTION (0.1%)
11,500 Fletcher Challenge Building 16,759
------------
OIL & GAS (0.1%)
7,700 Fletcher Challenge Energy 20,891
------------
PAPER & FOREST PRODUCTS (0.1%)
59,400 Fletcher Challenge Paper Ltd. 44,382
------------
TELECOMMUNICATION (0.4%)
34,340 Telecom Corp. of New Zealand
Ltd. 147,398
------------
TOTAL NEW ZEALAND 229,430
------------
NORWAY (0.0%)
HEALTH CARE (0.0%)
2,385 Nycomed Amersham PLC 16,966
------------
</TABLE>
56 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 59
NATIONWIDE SEPARATE ACCOUNT TRUST
GLOBAL EQUITY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
PORTUGAL (0.4%)
BANKS/COMMERCIAL (0.3%)
800 Banco Comercial Portugues $ 20,732
4,330 Banco Pinto & Sotto Mayor SA 76,893
------------
97,625
------------
TELECOMMUNICATION (0.1%)
842 Portugal Telecom SA 34,255
------------
TOTAL PORTUGAL 131,880
------------
SINGAPORE (0.5%)
BANKS/MONEY CENTERS (0.1%)
4,000 Development Bank of Singapore 48,869
------------
COMPUTERS/SOFTWARE & SERVICES (0.1%)
2,200 Creative Technology Ltd. 28,687
------------
ELECTRONICS/COMPONENTS (0.1%)
3,000 Venture Manufacturing
(Singapore) Ltd. 23,084
------------
MEDIA (0.1%)
2,000 Singapore Press Holdings 34,067
------------
REAL ESTATE (0.1%)
5,000 City Developments Ltd. 32,012
------------
TOTAL SINGAPORE 166,719
------------
SPAIN (1.6%)
BANKS/COMMERICAL (0.4%)
12,244 Banco Santander Central Hispano
SA 127,529
------------
ELECTRIC COMPANIES (0.5%)
6,323 Endesa SA 135,214
2,857 Iberdrola SA 43,516
------------
178,730
------------
ELECTRONICS/EQUIPMENT (0.1%)
1,902 Indra Sistemas SA 20,497
------------
OIL & GAS/PRODUCTION (0.1%)
2,700 Repsol SA 55,130
------------
TELECOMMUNICATION (0.5%)
3,419 Telefonica SA 164,692
------------
TOTAL SPAIN 546,578
------------
SWEDEN (1.7%)
AUTO PARTS & EQUIPMENT (0.2%)
2,391 Autoliv, Inc. SDR 72,841
------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
BANKS/REGIONAL (0.2%)
5,000 Svenska Handelsbanken Class A $ 59,988
------------
COMMUNICATION EQUIPMENT (0.6%)
6,680 Telefonaktiebolaget LM Ericsson 214,110
------------
ENGINEERING & CONSTRUCTION (0.1%)
3,451 ABB AB Class A 45,869
------------
HOUSEHOLD PRODUCTS (0.1%)
1,421 Electrolux AB 29,751
------------
INSURANCE/MULTI-LINE (0.2%)
3,519 Skandia Forsakrings AB 65,813
------------
PAPER & FOREST PRODUCTS (0.3%)
3,049 Stora Enso OYJ Class A 32,636
5,658 Stora Enso OYJ Class R 61,227
------------
93,863
------------
TOTAL SWEDEN 582,235
------------
SWITZERLAND (3.1%)
BANKS/MONEY CENTER (0.5%)
635 Union Bank of Switzerland AG 189,528
------------
BUILDING MATERIALS (0.2%)
120 Geberit International AG 26,103
22 Holderbank Financiere Glarus AG 25,968
------------
52,071
------------
COMMERCIAL SERVICES (0.1%)
28 SGS Societe Generale
Surveillance Holdings SA 28,998
------------
FOODS (0.4%)
77 Nestle SA 138,735
------------
HEALTH CARE/DRUGS (1.1%)
89 Novartis AG 129,956
24 Roche Holding AG 246,700
------------
376,656
------------
INSURANCE/MULTI-LINE (0.4%)
17 Compagnie Financiere Richemont
AG 32,697
202 Zurich Allied AG 114,864
------------
147,561
------------
TELECOMMUNICATION (0.4%)
391 Swisscom AG 147,134
------------
TOTAL SWITZERLAND 1,080,683
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 57
<PAGE> 60
NATIONWIDE SEPARATE ACCOUNT TRUST
GLOBAL EQUITY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
UNITED KINGDOM (12.3%)
AEROSPACE/DEFENSE (0.2%)
8,900 British Aerospace PLC $ 57,764
------------
BANKS/MONEY CENTER (2.2%)
3,200 Barclays PLC 93,115
5,038 HSBC Holdings PLC 180,078
27,100 Lloyds TSB Group PLC 367,371
2,400 Royal Bank of Scotland Group
PLC 48,878
10,400 Woolwich PLC 60,861
------------
750,303
------------
BEVERAGES/ALCOHOLIC (0.1%)
4,800 Diageo PLC 50,126
------------
BROADCASTING & TELEVISION (0.2%)
8,500 British Sky Broadcasting Group
PLC 78,850
------------
CONSTRUCTION (0.2%)
3,800 RMC Group PLC 61,187
------------
ELECTRIC COMPANIES (0.5%)
23,188 National Power PLC 168,866
------------
ELECTRONICS/COMPONENTS (0.2%)
10,800 Racal Electronic PLC 65,968
------------
FOODS (1.0%)
15,700 Cadbury Schweppes PLC 99,981
17,300 Compass Group PLC 171,527
9,900 Northern Foods PLC 20,209
6,100 Tesco PLC 15,697
6,250 Unilever PLC 55,613
------------
363,027
------------
HEALTH CARE/DRUGS (1.6%)
2,501 Astra Zeneca Group PLC 96,731
9,350 Glaxo Wellcome PLC 259,837
15,600 SmithKline-Beecham PLC 202,746
------------
559,314
------------
INSURANCE (0.7%)
3,400 Allied Zurich PLC 42,741
6,300 Prudential Corp. PLC 92,752
9,836 Royal & Sun Alliance Insurance
Group PLC 88,220
------------
223,713
------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
MANUFACTURING/DIVERSIFIED (0.7%)
14,200 Glynwed International PLC $ 46,333
2,900 TI Group PLC 19,428
17,720 Tomkins PLC 76,813
10,866 Vickers Group PLC 27,919
9,100 Williams PLC 60,102
------------
230,595
------------
METALS MINING (0.4%)
40,300 Billiton PLC 140,548
------------
OIL & GAS/PRODUCTION (1.4%)
19,100 BP Amoco PLC 342,319
21,960 Shell Transport & Trading Co. 164,683
------------
507,002
------------
REAL ESTATE (0.2%)
7,600 MEPC PLC, REIT 61,816
------------
RETAIL (0.7%)
6,160 The Great Universal Stores PLC 68,261
7,300 Kingfisher PLC 84,001
13,400 Sainsbury (J.) PLC 84,489
------------
236,751
------------
TELECOMMUNICATION (1.9%)
10,800 British Telecommunications PLC 180,965
14,800 Cable & Wireless PLC 188,616
14,830 Vodafone Airtouch PLC 292,205
------------
661,786
------------
TOBACCO (0.1%)
4,900 British American Tobacco PLC 46,073
------------
TOTAL UNITED KINGDOM 4,263,689
------------
UNITED STATES (44.3%)
AEROSPACE/DEFENSE (0.9%)
500 AlliedSignal, Inc. 31,500
3,600 Boeing Co. 159,075
3,500 Lockheed Martin Corp. 130,375
------------
320,950
------------
BANKS/MONEY CENTER (1.1%)
5,031 Bank of America Corp. 368,835
------------
BANKS/REGIONAL (2.1%)
3,300 First Union Corp. 155,100
4,800 Keycorp 154,200
3,300 U.S. Bancorp 112,200
7,200 Wells Fargo & Co. 307,800
------------
729,300
------------
</TABLE>
58 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 61
NATIONWIDE SEPARATE ACCOUNT TRUST
GLOBAL EQUITY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
BEVERAGES (1.4%)
2,600 Coca-Cola Co. $ 162,500
6,500 Seagram Co. Ltd. 327,437
------------
489,937
------------
BIOTECHNOLOGY (0.8%)
2,100 Genzyme Corp.* 101,850
4,500 Monsanto Co. 177,469
------------
279,319
------------
CHEMICALS (0.5%)
4,100 Rohm and Haas Co. 175,787
------------
COMMERCIAL & CONSUMER SERVICES (0.3%)
5,600 Service Corp. International 107,800
------------
COMMUNICATION EQUIPMENT (0.4%)
2,100 Lucent Technologies, Inc. 141,619
------------
COMPUTERS/HARDWARE (2.3%)
1,500 Apple Computer, Inc. 69,469
4,500 International Business Machines
Corp. 581,625
2,300 Sun Microsystems, Inc.* 158,412
------------
809,506
------------
COMPUTERS/SOFTWARE & SERVICES (4.8%)
1,500 America Online, Inc. 165,750
5,300 Cisco Systems, Inc.* 341,850
3,100 EMC Corp. 170,500
9,600 Microsoft Corp.* 865,800
3,300 Oracle Corp.* 122,512
------------
1,666,412
------------
ELECTRIC COMPANIES (0.2%)
2,800 Wisconsin Energy Corp. 70,175
------------
ELECTRONICS/COMPONENTS (0.5%)
1,300 Texas Instruments, Inc. 188,500
------------
ELECTRONICS/SEMICONDUCTORS (1.5%)
7,800 Intel Corp. 464,100
1,600 Micron Technology 64,500
------------
528,600
------------
FINANCIAL/DIVERSIFIED (1.1%)
5,500 Associates First Capital Corp. 243,719
4,200 CIT Group, Inc. 121,275
------------
364,994
------------
FINANCIAL/OTHER (0.4%)
1,800 Fannie Mae 123,075
------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
GAMING & LOTTERY (0.5%)
9,800 Mirage Resorts, Inc.* $ 164,150
------------
HEALTH CARE (0.9%)
3,400 Columbia/HCA Healthcare Corp. 77,563
376 Genzyme Molecular Oncology* 1,656
10,300 Healthsouth Corp.* 153,856
1,000 Medtronic, Inc. 77,875
------------
310,950
------------
HOTELS & LODGING (0.2%)
2,200 Starwood Hotels & Resorts
Worldwide, Inc. 67,237
------------
INSURANCE BROKERS (0.5%)
2,500 MBIA, Inc. 161,875
------------
INSURANCE (0.9%)
1,000 American International Group,
Inc. 117,063
2,500 UNUM Corp. 136,875
1,200 XL Capital Ltd. Class A 67,800
------------
321,738
------------
IRON & STEEL (0.3%)
5,100 Allegheny Teledyne, Inc. 115,388
------------
MANUFACTURING/DIVERSIFIED (1.9%)
1,600 Applied Materials, Inc. 118,200
2,600 Cooper Industries, Inc. 135,200
2,100 Deere & Co. 83,213
3,300 Tyco International Ltd. 312,675
------------
649,288
------------
NATURAL GAS (1.1%)
4,200 Columbia Energy Group 263,288
1,300 Enron Corp. 106,275
------------
369,563
------------
OIL & GAS (2.3%)
6,300 Mobil Corp. 623,700
2,900 Royal Dutch Petroleum Co. 174,725
------------
798,425
------------
PAPER & FOREST PRODUCTS (0.6%)
1,300 International Paper Co. 65,650
2,400 Temple Inland, Inc. 163,800
------------
229,450
------------
PERSONAL CARE (1.1%)
1,700 Gillette Co. 69,700
3,700 Procter & Gamble Co. 330,225
------------
399,925
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 59
<PAGE> 62
NATIONWIDE SEPARATE ACCOUNT TRUST
GLOBAL EQUITY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
PHARMACEUTICALS (4.2%)
4,900 Alza Corp.* $ 249,288
3,600 American Home Products Corp. 207,000
4,400 Bristol-Myers Squibb Co. 309,925
3,700 Eli Lilly & Co. 265,013
1,400 Forest Laboratories, Inc. 64,750
2,900 Merck & Co., Inc.* 214,600
2,200 Warner-Lambert Co. 152,625
------------
1,463,201
------------
POWER PRODUCERS (0.2%)
3,500 Northern States Power Co. 84,656
------------
RAILROADS (0.6%)
3,600 Union Pacific Corp. 209,925
------------
RETAIL (2.9%)
3,400 Federated Department Stores,
Inc.* 179,988
5,400 Kroger Co.* 150,862
5,600 Safeway, Inc.* 277,200
1,700 Sears, Roebuck and Co. 75,756
6,300 Wal-Mart Stores, Inc. 303,975
------------
987,781
------------
SAVINGS & LOANS (0.5%)
4,750 Washington Mutual, Inc. 168,031
------------
TELECOMMUNICATIONS (3.3%)
2,600 AT&T Corp. 145,113
2,900 GTE Corp. 219,675
1,600 Level 3 Communications, Inc. 96,100
4,400 MCI Worldcom, Inc.* 379,500
5,100 SBC Communications, Inc. 295,800
------------
1,136,188
------------
TOBACCO (1.7%)
14,500 Philip Morris Co., Inc. 582,719
------------
TOYS (1.1%)
14,600 Mattel, Inc. 385,988
------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
WASTE MANAGEMENT (1.2%)
7,582 Waste Management, Inc. $ 407,533
------------
TOTAL UNITED STATES 15,378,820
------------
TOTAL COMMON STOCK
(cost $30,514,694) 33,543,941
------------
PREFERRED STOCK (0.4%)
AUSTRALIA (0.3%)
BROADCASTING & TELEVISION (0.3%)
12,310 The News Corp. Ltd.* 93,784
------------
GERMANY (0.1%)
MEDIA (0.1%)
617 Prosieben Media AG 27,996
------------
TOTAL PREFERRED STOCK
(cost $101,357) 121,780
------------
RIGHTS (0.0%)
GERMANY (0.0%)
TELECOMMUNICATION (0.0%)
1,000 Deutsche Telecom AG 196
------------
PORTUGAL (0.0%)
TELECOMMUNICATION (0.0%)
592 Portugal Telecom SA 6
------------
TOTAL RIGHTS
(cost $109) 202
------------
</TABLE>
<TABLE>
<CAPTION>
- ---------
PRINCIPAL
- ---------
<C> <S> <C>
REPURCHASE AGREEMENT (2.1%)
$ 732,000 Fifth Third Bank, 4.40%,
07/01/99 Collateralized by
$750,000 FHLMC Pool #G30141,
6.50%, 01/01/19, market value
$750,000 (cost $732,000) 732,000
------------
TOTAL INVESTMENTS
(cost $31,348,160) $ 34,397,923
============
</TABLE>
60 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 63
NATIONWIDE SEPARATE ACCOUNT TRUST
GLOBAL EQUITY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (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 $ 223,127 $ 223,554 $ 427 08/20/99
British Pounds 489,437 485,891 (3,546) 08/20/99
Euro Dollars 2,133,975 2,103,819 (30,156) 08/20/99
Japanese Yen 123,926 123,930 4 07/01/99
Japanese Yen 1,440,761 1,429,510 (11,251) 08/20/99
----------- ----------- --------
TOTAL CURRENCY PURCHASED $ 4,411,226 $ 4,366,704 $(44,522)
----------- ----------- --------
CURRENCY SOLD:
- -------------------------------
Australian Dollars $ 342,407 $ 338,818 $ 3,589 08/20/99
British Pounds 1,717,035 1,689,579 27,456 08/20/99
Euro Dollars 3,273,922 3,182,210 91,712 08/20/99
Japanese Yen 4,044,283 4,073,230 (28,947) 08/20/99
New Zealand Dollars 144,905 137,267 7,638 08/20/99
Swedish Kronor 100,432 99,650 782 08/20/99
----------- ----------- --------
TOTAL CURRENCY SOLD $ 9,622,984 $ 9,520,754 $102,230
----------- ----------- --------
NET RECEIVABLE FOR FORWARD
CURRENCY CONTRACTS PURCHASED
AND SOLD $ 57,708
========
</TABLE>
- --------------------------------------------------------------------------------
* Denotes a non-income producing security.
Securities denominated in foreign currencies are shown at the U.S. dollar cost
and value.
Cost for federal income tax purposes: $31,390,859.
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
AB Aktiebolag (Swedish stock company)
AG Aktiengesellschaft (Austrian, Swiss, or German stock
company)
A/S Limited (Danish)
CVA Class A convertible
FHLMC Federal Home Loan Mortgage Corporation
NV Naamloze Vennootschap (Dutch corporation)
OYJ Limited (Finnish, or Swedish)
PLC Public Limited Company (British, Irish, or Norwegian)
REIT Real Estate Investment Trust
SA Societe Anonyme (Belgian, French, or Swiss corporation)
SA Societe Anonima (Portuguese, or Spanish corporation)
SCA Societe en Commandite par Action (French)
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 61
<PAGE> 64
NATIONWIDE SEPARATE ACCOUNT TRUST
SELECT ADVISERS MID CAP FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED)
<TABLE>
<CAPTION>
- ------------------------------------------------------------
SHARES SECURITY VALUE
- ------------------------------------------------------------
<C> <S> <C>
COMMON STOCK (82.0%)
ADVERTISING & MARKETING (2.9%)
6,400 HA-LO Industries, Inc. $ 63,200
600 Omnicom Group, Inc. 48,000
5,600 R. H. Donnelley Corp. 109,550
2,600 Snyder Communications, Inc.* 85,150
3,300 Valassis Communications, Inc.* 120,863
-----------
426,763
-----------
AUTO PARTS & EQUIPMENT (3.8%)
2,200 Dura Automotive Systems, Inc. 73,150
6,500 Midas, Inc. 184,437
6,000 Rental Service Corp. 171,750
5,600 The Pep Boys -- Manny, Moe & Jack 121,100
-----------
550,437
-----------
BROADCASTING & TELEVISION (1.3%)
700 Adelphia Communications Corp. Class
A 44,538
1,000 General Instrument Corp. 42,500
3,700 Nielsen Media Research, Inc. 108,225
-----------
195,263
-----------
CHEMICALS (1.6%)
1,400 MacDermid, Inc. 65,100
1,300 Minerals Technologies, Inc. 72,556
2,900 OM Group, Inc. 100,050
-----------
237,706
-----------
COMMERCIAL SERVICES (3.1%)
2,600 Lamar Advertising Co. 106,438
4,500 Outdoor Systems, Inc. 164,250
800 Pittston Brink's Group 21,400
6,300 Stewart Enterprises, Inc. Class A 91,744
2,200 United Rentals, Inc. 64,900
-----------
448,732
-----------
COMMUNICATION EQUIPMENT (2.5%)
1,700 Ciena Corp. 51,319
1,900 Commscope, Inc.* 58,424
1,300 Conexant Systems, Inc. 75,481
2,700 L-3 Communications Holdings, Inc. 130,443
1,300 Metromedia Fiber Network, Inc. 46,719
-----------
362,386
-----------
COMPUTERS/HARDWARE (1.1%)
2,650 NCR Corp. 129,353
700 Sapient Corp. 39,638
-----------
168,991
-----------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------
SHARES SECURITY VALUE
- ------------------------------------------------------------
<C> <S> <C>
COMPUTERS/NETWORKING (2.4%)
2,700 Check Point Software Technologies
Ltd. $ 144,788
1,100 Emulex Corp. 122,306
2,900 Newbridge Networks Corp. 83,375
-----------
350,469
-----------
COMPUTERS/PERIPHERAL (1.3%)
700 Network Appliance, Inc. 39,112
6,900 Storage Technology Corp.* 156,975
-----------
196,087
-----------
COMPUTERS/SOFTWARE (6.4%)
1,600 AboveNet Communications, Inc. 64,600
5,800 Activision, Inc. 84,463
1,700 Gemstar International Group Ltd. 110,925
3,600 Hyperion Solutions Corp. 64,125
1,300 InfoSpace.com, Inc. 61,100
1,100 Inktomi Corp. 143,618
1,100 Lycos, Inc. 101,063
800 Network Solutions, Inc. 63,300
2,000 PSINet, Inc.* 87,500
1,000 Verio, Inc.* 69,500
300 Veritas Software Corp.* 28,481
1,500 i2 Technologies, Inc. 64,500
-----------
943,175
-----------
CONSTRUCTION (1.3%)
10,800 Clayton Homes, Inc. 123,525
2,000 Jacobs Engineering Group, Inc. 76,000
-----------
199,525
-----------
DISTRIBUTORS (1.9%)
7,000 Arrow Electronics, Inc. 133,000
2,300 Aviation Sales Co. 90,850
5,500 JLK Direct Distribution, Inc. Class
A* 51,219
-----------
275,069
-----------
ELECTRICAL EQUIPMENT (1.5%)
8,900 Recoton Corp. 80,935
1,900 Sanmina Corp. 144,163
-----------
225,098
-----------
ELECTRONICS/COMPONENTS (1.1%)
900 Corning, Inc. 63,112
3,800 Gentex Corp. 106,400
-----------
169,512
-----------
ELECTRONICS/INSTRUMENTS (0.8%)
4,100 Mettler-Toledo International, Inc. 101,731
400 Waters Corp.* 21,250
-----------
122,981
-----------
</TABLE>
62 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 65
NATIONWIDE SEPARATE ACCOUNT TRUST
SELECT ADVISERS MID CAP FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- ------------------------------------------------------------
SHARES SECURITY VALUE
- ------------------------------------------------------------
<C> <S> <C>
ELECTRONICS/SEMICONDUCTORS (5.9%)
2,000 ASM Lithography Holding NV* $ 118,750
2,200 Atmel Corp.* 57,613
1,100 Broadcom Corp. 159,019
2,300 LSI Logic Corp. 106,088
900 Maxim Integrated Products, Inc. 59,850
2,800 MIPS Technology, Inc. 134,225
700 QLogic Corp. 92,400
2,500 Xilinx, Inc. 143,125
-----------
871,070
-----------
ENTERTAINMENT (1.5%)
1,900 Cinar Corp. 46,550
3,000 Midway Games, Inc.* 38,813
3,800 Premier Parks, Inc. 139,650
-----------
225,013
-----------
FINANCIAL/DIVERSIFIED (2.2%)
2,000 Capital One Financial Corp. 111,375
3,200 Heller Financial, Inc. 89,000
3,000 Metris Cos., Inc. 122,250
-----------
322,625
-----------
FINANCIAL INSTITUTIONS (1.3%)
1,400 PBOC Holdings, Inc. 14,000
6,200 Peoples Heritage Financial Group,
Inc. 116,637
700 Providian Financial Corp. 65,450
-----------
196,087
-----------
FOODS (0.9%)
3,100 Suiza Foods Corp.* 129,813
-----------
FOOTWEAR (0.4%)
3,500 Reebok International Ltd. 65,188
-----------
HEALTH CARE (7.7%)
2,000 Alza Corp. 101,750
800 Express Scripts, Inc. Class A* 48,150
4,000 Henry Schein, Inc.* 126,750
3,600 IDEXX Laboratories, Inc. 83,925
600 Immunex Corp. 76,462
1,900 MedImmune, Inc. 128,725
1,500 MiniMed, Inc. 115,407
3,500 Shire Pharmaceutical Group PLC ADR 91,000
2,600 Teva Pharmaceutical Industries Ltd. 127,400
2,600 Universal Health Services, Inc.
Class B* 124,150
1,400 VISX, Inc. 110,863
-----------
1,134,582
-----------
INSURANCE (3.0%)
4,000 Conseco, Inc. 121,750
7,600 Foremost Corp. of America 167,200
5,000 Gainsco, Inc. 29,375
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------
SHARES SECURITY VALUE
- ------------------------------------------------------------
<C> <S> <C>
INSURANCE (CONTINUED)
2,100 LandAmerica Financial Group, Inc. $ 60,375
1,700 Mutual Risk Management Ltd. 56,737
-----------
435,437
-----------
INVESTMENT MANAGEMENT (0.4%)
500 The Charles Schwab Corp. 54,938
-----------
MACHINERY/DIVERSIFIED (0.4%)
750 SPX Corp. 62,625
-----------
MANUFACTURING/DIVERSIFIED (2.9%)
900 Celestica, Inc. 38,981
900 Danaher Corp. 52,313
3,400 Dexter Corp. 138,762
2,800 Ionics, Inc. 102,200
3,550 National R.V. Holdings, Inc. 87,197
-----------
419,453
-----------
OFFICE EQUIPMENT & SUPPLIES (0.8%)
4,200 Day Runner, Inc.* 51,974
2,500 The Standard Register Co. 76,875
-----------
128,849
-----------
OIL & GAS (0.9%)
3,400 Diamond Offshore Drilling, Inc. 96,475
2,300 Plains Resources, Inc. 43,700
-----------
140,175
-----------
PAPER & FOREST PRODUCTS (0.2%)
2,500 Schweitzer-Mauduit International,
Inc. 37,500
-----------
REAL ESTATE (2.4%)
2,100 Capital Automotive Trust, REIT 27,825
12,600 Crown American Realty Trust, REIT 92,138
2,300 Prime Group Realty Trust, REIT 39,530
8,100 Prime Retail, Inc., REIT 70,369
3,300 PS Business Parks, Inc., REIT 80,438
13,800 Ventas, Inc., REIT 74,175
-----------
384,475
-----------
RESTAURANTS (2.6%)
6,400 CBRL Group, Inc. 110,800
3,700 CKE Restaurants, Inc. 60,125
4,800 The Cheesecake Factory, Inc. 146,400
2,400 IHOP Corp. 57,750
-----------
375,075
-----------
RETAIL (11.0%)
2,600 American Eagle Outfitters, Inc. 118,300
1,400 AnnTaylor Stores Corp. 63,000
1,200 Circuit City Stores -- Circuit City
Group 111,600
5,000 Consolidated Stores Corp.* 135,000
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 63
<PAGE> 66
NATIONWIDE SEPARATE ACCOUNT TRUST
SELECT ADVISERS MID CAP FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- ------------------------------------------------------------
SHARES SECURITY VALUE
- ------------------------------------------------------------
<C> <S> <C>
RETAIL (CONTINUED)
5,400 The Finish Line, Inc. Class A* $ 60,750
19,000 The Gymboree Corp. 199,500
2,700 HomeBase, Inc. 17,044
3,400 Kellwood Co. 92,225
1,200 Lands' End, Inc. 58,200
7,700 Michaels Stores, Inc.* 235,813
1,750 Payless ShoeSource, Inc.* 93,625
10,500 PETsMart, Inc. 107,625
1,255 Staples, Inc.* 38,826
1,800 Tandy Corp. 87,975
600 Tiffany & Co. 57,900
3,200 Zale Corp. 128,000
-----------
1,605,383
-----------
TELECOMMUNICATIONS (1.6%)
1,300 COMSAT Corp. 42,250
2,700 Excel Switching Corp. 80,830
100 Network Plus Corp. 2,088
1,600 Powerwave Technologies, Inc. 51,600
1,900 Qwest Communications International,
Inc. 62,819
-----------
239,587
-----------
TRANSPORTATION (2.5%)
5,900 Amerco 132,750
14,500 Fritz Cos., Inc.* 155,874
6,200 Interpool, Inc. 80,600
-----------
369,224
-----------
TOTAL COMMON STOCK
(cost $10,646,781) 12,069,293
-----------
PREFERRED STOCK (0.6%)
REAL ESTATE (0.6%)
600 Crown American Realty Trust, 11.00% 28,274
1,200 Price Enterprises, Inc., 8.75% 17,925
3,000 Prime Retail, Inc., 8.50% 48,000
-----------
TOTAL PREFERRED STOCK
(cost $99,889) 94,199
-----------
</TABLE>
<TABLE>
<CAPTION>
- ----------
PRINCIPAL
- ----------
<C> <S> <C>
CORPORATE BONDS (0.8%)
AIRLINES (0.1%)
$ 30,000 Canadian Airlines Corp., 10.00%,
05/01/05 22,200
-----------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ------------------------------------------------------------
<C> <S> <C>
HEALTH CARE (0.3%)
$ 45,000 Triad Hospital Holdings, 11.00%,
05/15/09** $ 45,788
-----------
RESTAURANTS (0.4%)
56,967 Advantica Restaurant Group, Inc.,
11.25%, 01/15/08 54,831
-----------
TOTAL CORPORATE BONDS
(cost $133,239) 122,819
-----------
CONVERTIBLE CORPORATE BONDS (3.5%)
BUILDING MATERIALS (0.4%)
65,000 Homebase, Inc., 5.25%, 11/01/04 56,225
-----------
ELECTRONICS/SEMICONDUCTORS (0.5%)
73,000 Lam Research Corp., 5.00%, 09/01/02 68,346
-----------
REAL ESTATE (0.7%)
25,000 Center Trust Retail Properties,
Inc., 7.50%, 01/15/01 22,700
85,000 Center Trust Retail Properties,
Inc., 7.50%, 01/15/01 80,325
-----------
103,025
-----------
RETAIL (1.2%)
65,000 Charming Shoppes, Inc., 7.50%,
07/15/06 64,838
80,000 Michaels Stores, Inc., 6.75%,
01/15/03 79,300
25,000 Nine West Group, Inc., 5.50%,
07/15/03 25,030
20,000 The Sports Authority, Inc., 5.25%,
09/15/01 13,900
-----------
183,068
-----------
RESTAURANTS (0.7%)
140,000 CKE Restaurants, Inc., 4.25%,
03/15/04 106,050
-----------
TOTAL CONVERTIBLE CORPORATE BONDS
(cost $502,568) 516,714
-----------
GOVERNMENT OBLIGATIONS (0.7%)
100,000 U.S. Treasury Inflation Indexed
Notes, 3.375%, 01/15/07
(cost $99,609) 100,607
-----------
</TABLE>
64 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 67
NATIONWIDE SEPARATE ACCOUNT TRUST
SELECT ADVISERS MID CAP FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 1999 (UNAUDITED) (CONTINUED)
<TABLE>
<CAPTION>
- ------------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ------------------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENT (12.4%)
$1,820,000 Fifth Third Bank, 4.40%, 07/01/99,
Collateralized by $1,870,000 FHLMC
Gold Pool #G30141, 6.50%, 01/01/19,
market value $1,870,000
(cost $1,820,000) $ 1,820,000
-----------
TOTAL INVESTMENTS
(cost $13,302,086) $14,723,632
===========
</TABLE>
- ------------------------------------------------------
* Denotes a non-income producing security.
** Represents a restricted security acquired and eligible for resale under Rule
144A, which limits the resale to certain qualified buyers.
Cost for federal income tax purposes: $13,345,258.
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
ADR American Depositary Receipt
FHLMC Federal Home Loan Mortgage Corp.
NV Naamloze Vennootschap (Dutch corporation)
PLC (British) Public Limited Company
REIT Real Estate Investment Trust
</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 65
<PAGE> 68
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1999 (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 $1,563,174,267; $819,501,591;
$734,930,230; $1,703,868,772;
$296,631,294, respectively) $2,568,620,487 $1,198,925,169 $720,867,923 $1,703,868,772 $365,024,929
Repurchase agreements (cost $0; $0;
$38,284,000; $0; and $12,507,000,
respectively) -- -- 38,284,000 -- 12,507,000
-------------- -------------- ------------ -------------- ------------
Total investments 2,568,620,487 1,198,925,169 759,151,923 1,703,868,772 377,531,929
Cash 618 -- 709 -- --
Accrued interest and dividends
receivable 3,532,279 1,151,790 9,779,907 170,994 246,139
Withholding tax reclaim receivable 113,002 -- -- -- 119,911
Receivable for investment securities
sold 12,611,000 37,212,523 39,162,019 94,438,000 23,393,726
Receivable for fund shares sold 846,902 389,533 -- -- 2,124,603
Receivable for translation of assets
and liabilities in foreign currency -- -- -- -- 51
Deferred organization expenses -- -- -- -- 1,877
Prepaid assets 17,661 18,396 4,351 8,509 3,210
-------------- -------------- ------------ -------------- ------------
Total assets 2,585,741,949 1,237,697,411 808,098,909 1,798,486,275 403,421,446
-------------- -------------- ------------ -------------- ------------
LIABILITIES
Bank loan -- 60 -- 6,669 42,176
Foreign currency at value (cost
$6,291) -- -- -- -- 6,069
Payable for fund shares redeemed -- -- 2,259,161 88,050,566 --
Payable for investment securities
purchased 13,899,274 40,516,962 38,284,000 9,545,502 26,342,049
Payable for translation of assets and
liabilities in foreign currencies -- -- -- -- 3,180
Accrued investment management fees 1,197,135 595,678 313,108 541,820 292,976
Accrued administration fees 90,800 48,685 31,311 63,522 2,935
Other accrued expenses 21,600 -- 3,951 20,617 12,017
-------------- -------------- ------------ -------------- ------------
Total liabilities 15,208,809 41,161,385 40,891,531 98,228,696 26,701,402
-------------- -------------- ------------ -------------- ------------
NET ASSETS $2,570,533,140 $1,196,536,026 $767,207,378 $1,700,257,579 $376,720,044
============== ============== ============ ============== ============
REPRESENTED BY:
Capital $1,505,764,158 $ 801,844,606 $776,331,884 $1,700,258,817 $304,824,369
Net unrealized appreciation
(depreciation) on investments and
translation of assets and
liabilities in foreign currencies 1,005,446,220 379,423,578 (14,062,307) -- 68,390,728
Undistributed net realized gain (loss)
from investments and foreign
currency transactions 59,119,873 15,259,602 4,933,848 (3,016) 3,602,942
Undistributed net investment income
(loss) 202,889 8,240 3,953 1,778 (97,995)
-------------- -------------- ------------ -------------- ------------
NET ASSETS $2,570,533,140 $1,196,536,026 $767,207,378 $1,700,257,579 $376,720,044
============== ============== ============ ============== ============
Shares outstanding (unlimited number of
shares authorized) 126,662,665 40,320,576 68,938,928 1,700,262,093 21,864,824
============== ============== ============ ============== ============
NET ASSET VALUE, offering and redemption
price per share $ 20.29 $ 29.68 $ 11.13 $ 1.00 $ 17.23
============== ============== ============ ============== ============
</TABLE>
See accompanying notes to financial statements.
66 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 69
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1999 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<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
$7,444,688; $20,514,182; $15,999,568;
$17,826,848; $52,164,034, respectively) $7,318,073 $22,569,878 $16,537,463 $20,794,637 $50,780,796
Repurchase agreements (cost $218,000;
$2,595,000; $934,000; $1,028,000; $1,231,000,
respectively) 218,000 2,595,000 934,000 1,028,000 1,231,000
---------- ----------- ----------- ----------- -----------
Total investments 7,536,073 25,164,878 17,471,463 21,822,637 52,011,796
Cash 307 506 30 611 1,010
Accrued interest and dividends receivable 107,620 5,361 21,560 28,516 911,584
Receivable for investment securities sold 192,000 5,501,731 913,000 1,001,969 1,871,000
Receivable for fund shares sold 26,886 781,469 18,384 47,183 --
Prepaid assets 11 62 83 89 2,200
Deferred organization expenses 3,154 2,539 2,539 2,603 2,367
---------- ----------- ----------- ----------- -----------
Total assets 7,866,051 31,456,546 18,427,059 22,903,608 54,799,957
---------- ----------- ----------- ----------- -----------
LIABILITIES
Payable for investment securities purchased 957,211 5,737,423 1,426,047 1,071,929 2,307,257
Payable for fund shares repurchased -- -- -- -- 67,062
Accrued investment management fees 2,475 14,167 10,857 13,014 30,131
Accrued administration fees 384 1,101 844 1,090 2,636
Other accrued expenses 6,366 7,586 4,945 6,626 --
---------- ----------- ----------- ----------- -----------
Total liabilities 966,436 5,760,277 1,442,693 1,092,659 2,407,086
---------- ----------- ----------- ----------- -----------
NET ASSETS $6,899,615 $25,696,269 $16,984,366 $21,810,949 $52,392,871
========== =========== =========== =========== ===========
REPRESENTED BY:
Capital $7,104,615 $21,129,645 $16,177,903 $19,084,627 $53,986,429
Net unrealized appreciation (depreciation) on
investments and translation of assets and
liabilities in foreign currencies (126,615) 2,055,696 537,895 2,967,789 (1,383,238)
Undistributed net realized gain (loss) from
investments and foreign currency transactions (78,892) 2,538,247 265,388 (242,788) (223,066)
Undistributed net investment income (loss) 507 (27,319) 3,180 1,321 12,746
---------- ----------- ----------- ----------- -----------
NET ASSETS $6,899,615 $25,696,269 $16,984,366 $21,810,949 $52,392,871
========== =========== =========== =========== ===========
Shares outstanding (unlimited number of shares
authorized) 703,222 1,750,975 1,577,699 1,733,922 5,284,532
========== =========== =========== =========== ===========
NET ASSET VALUE, offering and redemption price per
share $ 9.81 $ 14.68 $ 10.77 $ 12.58 $ 9.91
========== =========== =========== =========== ===========
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 67
<PAGE> 70
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 1999 (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MULTI SMALL CAP SELECT ADVISERS GLOBAL SELECT ADVISERS
BALANCED SECTOR VALUE SMALL CAP EQUITY MID CAP
FUND BOND FUND FUND GROWTH FUND FUND FUND
----------- ----------- ------------ --------------- ----------- ---------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments in securities, at value
(cost $57,071,176; $44,364,194;
$90,606,487; $2,985,981;
$30,616,160; and $11,482,086,
respectively) $59,851,820 $42,807,174 $100,130,693 $3,310,014 $33,665,923 $12,903,632
Repurchase agreements (cost
$8,840,000; $11,836,000;
$3,855,000; $216,000; $732,000;
and $1,820,000, respectively) 8,840,000 11,836,000 3,855,000 216,000 732,000 1,820,000
----------- ----------- ------------ ---------- ----------- -----------
Total investments 68,691,820 54,643,174 103,985,693 3,526,014 34,397,923 14,723,632
Cash -- -- -- 1,745 -- 1,717
Foreign currency at value (cost
$25,479 and $794,384,
respectively) -- 24,511 -- -- 791,575 --
Accrued interest and dividends
receivable 451,227 763,357 32,406 646 67,039 23,403
Withholding tax reclaim receivable -- 1,135 -- -- 17,669 --
Receivable for investment
securities sold 8,683,414 11,963,391 11,461,196 278,380 879,894 1,895,061
Receivable for fund shares sold 122,770 190,407 4,831,808 -- 150,245 6,331
Receivable for foreign currency
contracts -- 2,819 -- -- 57,708 --
Receivable from advisor -- -- -- 2,604 -- --
Prepaid assets 261 -- 8,351 -- 148 67
Deferred organization expenses 2,367 2,367 2,367 -- 2,539 2,367
----------- ----------- ------------ ---------- ----------- -----------
Total assets 77,951,859 67,591,161 120,321,821 3,809,389 36,364,740 16,652,578
----------- ----------- ------------ ---------- ----------- -----------
LIABILITIES
Bank loan 514 1,629 1,070,389 -- 32 --
Payable for fund shares redeemed -- -- -- 3 -- --
Payable for investment securities
purchased 13,622,284 16,947,104 11,106,129 295,598 1,634,108 2,010,396
Payable for translation of assets
and liabilities in foreign
currencies -- 1,639 -- -- 4,267 --
Accrued investment management fees 38,096 29,741 67,443 -- 21,754 10,011
Accrued administration fees 3,556 2,776 5,238 -- 2,978 667
Other accrued expenses 4,879 672 -- 11,342 1,907 8,173
----------- ----------- ------------ ---------- ----------- -----------
Total liabilities 13,669,329 16,983,561 12,249,199 306,943 1,665,046 2,029,247
----------- ----------- ------------ ---------- ----------- -----------
NET ASSETS $64,282,530 $50,607,600 $108,072,622 $3,502,466 $34,699,694 $14,623,331
=========== =========== ============ ========== =========== ===========
REPRESENTED BY:
Capital $61,655,619 $53,297,897 $ 91,408,546 $3,110,928 $30,763,912 $12,590,597
Net unrealized appreciation
(depreciation) on investments and
translation of assets and
liabilities in foreign currencies 2,780,644 (1,556,808) 9,524,206 324,033 3,100,395 1,421,546
Undistributed net realized gain
(loss) from investments and
foreign currency transactions (163,342) (1,164,509) 7,254,933 68,803 890,891 610,762
Undistributed (distributions in
excess of) net investment income
(loss) 9,609 31,020 (115,063) (1,318) (55,504) 426
----------- ----------- ------------ ---------- ----------- -----------
NET ASSETS $64,282,530 $50,607,600 $108,072,622 $3,502,446 $34,699,694 $14,623,331
=========== =========== ============ ========== =========== ===========
Shares outstanding (unlimited
number of shares authorized) 5,835,227 5,371,254 9,749,202 310,675 2,735,529 1,212,044
=========== =========== ============ ========== =========== ===========
NET ASSET VALUE, offering and
redemption price per share $ 11.02 $ 9.42 $ 11.09 $ 11.27 $ 12.68 $ 12.07
=========== =========== ============ ========== =========== ===========
</TABLE>
See accompanying notes to financial statements.
68 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 71
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1999
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TOTAL CAPITAL GOVERNMENT MONEY SMALL
RETURN APPRECIATION BOND MARKET COMPANY
FUND FUND FUND FUND FUND
------------ ------------ ------------ ----------- -----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
INCOME:
Interest $ 1,130,498 $ 507,043 $ 22,840,964 $39,030,238 $ 416,458
Dividends 16,314,625 6,067,537 -- -- 1,517,884
Less foreign tax withheld (201,300) -- -- -- (83,711)
------------ ------------ ------------ ----------- -----------
Total income 17,243,823 6,574,580 22,840,964 39,030,238 1,850,631
------------ ------------ ------------ ----------- -----------
EXPENSES:
Investment management fees 6,966,108 3,203,119 1,909,017 3,038,757 1,801,285
Custodian fees 21,815 17,037 9,907 31,124 63,695
Transfer and dividend
disbursing agent fees 119,864 53,530 38,180 77,460 18,013
Administration fees 529,166 263,791 190,902 359,018 --
Professional services 16,003 4,361 4,460 10,879 10,373
Trustees' fees and expenses 12,906 4,618 3,663 7,802 2,143
Other 20,546 4,555 7,474 14,604 53,117
------------ ------------ ------------ ----------- -----------
Total expenses 7,686,408 3,551,011 2,163,603 3,539,644 1,948,626
------------ ------------ ------------ ----------- -----------
NET INVESTMENT INCOME (LOSS) $ 9,557,415 $ 3,023,569 $ 20,677,361 $35,490,594 $ (97,995)
============ ============ ============ =========== ===========
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY:
Net realized gain on
investments and foreign
currency transactions $ 59,121,742 $ 15,259,602 $ 4,933,848 $ 2,674 $23,468,774
Net change in unrealized
appreciation
(depreciation) on
investments and
translation of assets and
liabilities in foreign
currencies 181,664,208 108,065,708 (42,420,849) -- 1,152,648
------------ ------------ ------------ ----------- -----------
Net realized and unrealized
gain (loss) on investments
and translation of assets
and liabilities in foreign
currencies 240,785,950 123,325,310 (37,487,001) 2,674 24,621,422
------------ ------------ ------------ ----------- -----------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM
OPERATIONS $250,343,365 $126,348,879 $(16,809,640) $35,493,268 $24,523,427
============ ============ ============ =========== ===========
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 69
<PAGE> 72
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1999
(UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STRATEGIC STRATEGIC EQUITY HIGH
INCOME GROWTH VALUE INCOME INCOME
FUND FUND FUND FUND BOND FUND
--------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
INCOME:
Interest (net amortization) $ 160,365 $ 30,242 $ 14,040 $ (48,636) $2,082,842
Dividends -- 16,708 135,984 177,460 58,876
Less foreign tax withheld -- -- (3,521) (113) --
--------- ---------- ---------- ---------- ----------
Total income 160,365 46,950 146,503 128,711 2,141,718
--------- ---------- ---------- ---------- ----------
EXPENSES:
Investment management fees 13,709 66,842 68,851 69,316 181,930
Custodian fees 1,279 9,917 4,931 4,711 3,487
Transfer and dividend disbursing agent
fees 305 743 765 866 2,274
Administration fees 2,133 5,199 5,355 6,065 15,919
Professional services 4,010 4,003 4,021 4,008 4,034
Trustees' fees and expenses 50 150 127 114 280
Other 1,764 2,771 1,729 2,832 22,651
--------- ---------- ---------- ---------- ----------
Total expenses before waivers and
reimbursements 23,250 89,625 85,779 87,912 230,575
Less waivers and reimbursements (402) (15,356) (9,278) (5,599) (14,534)
--------- ---------- ---------- ---------- ----------
Net expenses 22,848 74,269 76,501 82,313 216,041
--------- ---------- ---------- ---------- ----------
NET INVESTMENT INCOME (LOSS) $ 137,517 $ (27,319) $ 70,002 $ 46,398 $1,925,677
========= ========== ========== ========== ==========
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain (loss) on
investments and foreign currency
transactions $ (77,950) $3,442,242 $ 277,066 $ (242,404) $ (222,823)
Net change in unrealized appreciation
(depreciation) on investments and
translation of assets and
liabilities in foreign currencies (187,021) 90,727 852,328 1,925,076 (711,967)
--------- ---------- ---------- ---------- ----------
Net realized and unrealized gain
(loss) on investments and
translation of assets and
liabilities in foreign currencies (264,971) 3,532,969 1,129,394 1,682,672 (934,790)
--------- ---------- ---------- ---------- ----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $(127,454) $3,505,650 $1,199,396 $1,729,070 $ 990,887
========= ========== ========== ========== ==========
</TABLE>
See accompanying notes to financial statements.
70 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 73
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1999
(UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELECT
MULTI SMALL CAP ADVISERS GLOBAL SELECT ADVISERS
BALANCED SECTOR VALUE SMALL CAP EQUITY MID CAP
FUND BOND FUND FUND GROWTH FUND* FUND FUND
---------- ---------- ----------- ------------ ---------- ---------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
INCOME:
Interest $ 925,099 $1,638,432 $ 60,055 $ 4,342 $ 24,946 $ 63,922
Dividends 287,488 -- 139,954 995 275,362 35,080
Less foreign tax withheld (3,357) -- -- -- (27,251) (86)
---------- ---------- ----------- -------- ---------- ----------
Total income 1,209,230 1,638,432 200,009 5,337 273,057 98,916
---------- ---------- ----------- -------- ---------- ----------
EXPENSES:
Investment management fees 194,609 158,936 270,061 5,632 131,413 63,350
Custodian fees 6,030 5,974 30,226 2,587 18,510 7,374
Transfer and dividend
disbursing agent fees 2,595 2,119 3,001 51 1,314 603
Administration fees 18,163 14,834 21,005 12,123 9,199 4,223
Professional services 4,031 4,022 4,027 3,169 4,018 3,995
Trustees' fees and expenses 254 260 270 114 202 117
Other 3,891 3,448 4,046 6,005 6,265 4,529
---------- ---------- ----------- -------- ---------- ----------
Total expenses before waivers
or reimbursements 229,573 189,593 332,636 29,681 170,921 84,191
Less waivers or reimbursements -- -- (17,564) (23,026) (13,226) (11,783)
---------- ---------- ----------- -------- ---------- ----------
Net expenses 229,573 189,593 315,072 6,655 157,695 72,408
---------- ---------- ----------- -------- ---------- ----------
NET INVESTMENT INCOME (LOSS) $ 979,657 $1,448,839 $ (115,063) $ (1,318) $ 115,362 $ 26,508
========== ========== =========== ======== ========== ==========
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS AND
FOREIGN CURRENCY:
Net realized gain (loss) on
investments and foreign
currency transactions $ (98,974) $ (864,175) $10,173,196 $ 68,803 $ 910,234 $ 877,014
Net change in unrealized
appreciation (depreciation)
on investments and
translation of assets and
liabilities in foreign
currencies 2,322,886 (1,109,349) 7,093,276 324,033 1,212,418 466,055
---------- ---------- ----------- -------- ---------- ----------
Net realized and unrealized
gain (loss) on investments
and translation of assets and
liabilities in foreign
currencies 2,223,912 (1,973,524) 17,266,472 392,836 2,122,652 1,343,069
---------- ---------- ----------- -------- ---------- ----------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM
OPERATIONS $3,203,569 $ (524,685) $17,151,409 $391,518 $2,238,014 $1,369,577
========== ========== =========== ======== ========== ==========
</TABLE>
- ------------------------------------------------------
* For the period May 1, 1999 (commencement of operations) through June 30, 1999.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 71
<PAGE> 74
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TOTAL RETURN FUND CAPITAL APPRECIATION FUND
------------------------------- -------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1999 1998 1999 1998
-------------- -------------- -------------- --------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Net investment income $ 9,557,415 $ 22,351,182 $ 3,023,569 $ 6,103,365
Net realized gain on investments 59,121,742 92,340,059 15,259,602 29,468,870
Net change in unrealized appreciation on
investments 181,664,208 229,135,943 108,065,708 151,259,411
-------------- -------------- -------------- --------------
Net increase in net assets resulting from
operations 250,343,365 343,827,184 126,348,879 186,831,646
-------------- -------------- -------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (9,470,558) (22,235,150) (3,079,476) (6,096,443)
Net realized gain on investments (1,093,467) (91,248,461) -- (29,468,823)
-------------- -------------- -------------- --------------
Decrease in net assets from distributions to
shareholders (10,564,025) (113,483,611) (3,079,476) (35,565,266)
-------------- -------------- -------------- --------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 181,981,256 443,044,539 170,683,857 613,765,090
Net asset value of shares issued to
shareholders from reinvestment of dividends
and capital gains 10,564,025 113,483,611 3,079,476 35,565,266
Cost of shares redeemed (205,228,908) (292,674,987) (164,994,247) (217,836,841)
-------------- -------------- -------------- --------------
Net increase (decrease) in net assets from
capital share transactions (12,683,627) 263,853,163 8,769,086 431,493,515
-------------- -------------- -------------- --------------
NET INCREASE IN NET ASSETS 227,095,713 494,196,736 132,038,489 582,759,895
NET ASSETS -- BEGINNING OF PERIOD 2,343,437,427 1,849,240,691 1,064,497,537 481,737,642
-------------- -------------- -------------- --------------
NET ASSETS -- END OF PERIOD $2,570,533,140 $2,343,437,427 $1,196,536,026 $1,064,497,537
============== ============== ============== ==============
Accumulated undistributed net realized gain on
investments included in net assets at end of
period $ 59,119,873 $ 1,091,598 $ 15,259,602 $ --
============== ============== ============== ==============
Accumulated undistributed net investment income
included in net assets at end of period $ 202,889 $ 116,032 $ 8,240 $ 64,147
============== ============== ============== ==============
SHARE ACTIVITY:
Shares sold 9,539,561 24,651,367 6,309,863 25,289,094
Shares issued to shareholders from
reinvestment of dividends and capital gains 547,562 6,174,939 110,476 1,359,703
Shares redeemed (10,757,870) (16,409,758) (6,136,797) (9,324,309)
-------------- -------------- -------------- --------------
Net increase (decrease) in number of shares (670,747) 14,416,548 283,542 17,324,488
============== ============== ============== ==============
</TABLE>
See accompanying notes to financial statements.
72 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 75
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GOVERNMENT BOND FUND MONEY MARKET FUND
---------------------------- --------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1999 1998 1999 1998
------------ ------------- -------------- ---------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 20,677,361 $ 33,682,238 $ 35,490,594 $ 65,635,111
Net realized gain on investments 4,933,848 4,634,742 2,674 852
Net change in unrealized appreciation
(depreciation) on investments (42,420,849) 10,665,319 -- --
------------ ------------- -------------- ---------------
Net increase (decrease) in net assets resulting
from operations (16,809,640) 48,982,299 35,493,268 65,635,963
------------ ------------- -------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (20,826,742) (33,604,343) (35,490,594) (65,635,111)
Net realized gain on investments -- (3,644,328) -- --
------------ ------------- -------------- ---------------
Decrease in net assets from distributions to
shareholders (20,826,742) (37,248,671) (35,490,594) (65,635,111)
------------ ------------- -------------- ---------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 155,985,955 548,204,907 2,782,017,420 4,243,038,350
Net asset value of shares issued to shareholders
from reinvestment of dividends and capital gains 20,826,742 37,248,671 35,490,594 65,635,111
Cost of shares redeemed (133,865,580) (310,682,957) (2,490,587,179) (3,928,937,007)
------------ ------------- -------------- ---------------
Net increase in net assets derived from capital
share transactions 42,947,117 274,770,621 326,920,835 379,736,454
------------ ------------- -------------- ---------------
NET INCREASE IN NET ASSETS 5,310,735 286,504,249 326,923,509 379,737,306
NET ASSETS -- BEGINNING OF PERIOD 761,896,643 475,392,394 1,373,334,070 993,596,764
------------ ------------- -------------- ---------------
NET ASSETS -- END OF PERIOD $767,207,378 $ 761,896,643 $1,700,257,579 $ 1,373,334,070
============ ============= ============== ===============
Accumulated undistributed net realized gain (loss)
on investments included in net assets at end of
period $ 4,933,848 $ -- $ (3,016) $ (5,690)
============ ============= ============== ===============
Accumulated undistributed net investment income
included in net assets at end of period $ 3,953 $ 153,334 $ 1,778 $ 1,778
============ ============= ============== ===============
SHARE ACTIVITY:
Shares sold 13,572,219 46,658,183 2,782,017,422 4,243,038,351
Shares issued to shareholders from reinvestment of
dividends and capital gains 1,857,547 3,206,752 35,490,594 65,635,111
Shares redeemed (11,667,929) (26,473,673) (2,490,587,180) (3,928,937,007)
------------ ------------- -------------- ---------------
Net increase in number of shares 3,761,837 23,391,262 326,920,836 379,736,455
============ ============= ============== ===============
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 73
<PAGE> 76
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL COMPANY FUND INCOME FUND
---------------------------- ---------------------------------
PERIOD FROM
JANUARY 20, 1998
(COMMENCEMENT
SIX MONTHS SIX MONTHS OF OPERATIONS)
ENDED YEAR ENDED ENDED THROUGH
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1999 1998 1999 1998
------------ ------------- -------------- ----------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss) $ (97,995) $ 751,620 $ 137,517 $ 145,241
Net realized gain (loss) on investments and
foreign currency transactions 23,468,774 (19,423,353) (77,950) 25,268
Reimbursement from investment advisers for loss on
sale of security -- 100,456 -- --
Net change in unrealized appreciation
(depreciation) on investments and translation of
assets and liabilities in foreign currencies 1,152,648 25,976,273 (187,021) 60,406
------------ ------------- -------------- ---------------
Net increase (decrease) in net assets resulting
from operations 24,523,427 7,404,996 (127,454) 230,915
------------ ------------- -------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income -- -- (137,067) (145,184)
Net realized gain on investments and foreign
currency transactions -- -- (8,634) (16,634)
Distributions in excess of realized gains -- -- (942) --
------------ ------------- -------------- ---------------
Decrease in net assets from distributions to
shareholders -- -- (146,643) (161,818)
------------ ------------- -------------- ---------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 154,937,992 355,580,178 3,045,503 5,688,494
Net asset value of shares issued to shareholders
from reinvestment of dividends and capital gains -- -- 146,643 161,818
Cost of shares redeemed (209,309,879) (300,224,471) (982,828) (955,015)
------------ ------------- -------------- ---------------
Net increase (decrease) in net assets from
capital share transactions (54,371,887) 55,355,707 2,209,318 4,895,297
------------ ------------- -------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS (29,848,460) 62,760,703 1,935,221 4,964,394
NET ASSETS -- BEGINNING OF PERIOD 406,568,504 343,807,801 4,964,394 --
------------ ------------- -------------- ---------------
NET ASSETS -- END OF PERIOD $376,720,044 $ 406,568,504 $ 6,899,615 $ 4,964,394
============ ============= ============== ===============
Accumulated undistributed net realized gain (loss)
on investments included in net assets at end of
period $ 3,602,942 $ (19,865,832) $ (78,892) $ 8,634
============ ============= ============== ===============
Accumulated undistributed net investment income
(loss) included in net assets at end of period $ (97,995) $ -- $ 507 $ 57
============ ============= ============== ===============
SHARE ACTIVITY:
Shares sold 9,757,182 22,829,269 301,290 561,833
Shares issued to shareholders from reinvestment of
dividends and capital gains -- -- 14,859 15,878
Shares redeemed (13,290,337) (19,118,277) (97,165) (93,473)
------------ ------------- -------------- ---------------
Net increase (decrease) in number of shares (3,533,155) 3,710,992 218,984 484,238
============ ============= ============== ===============
</TABLE>
See accompanying notes to financial statements.
74 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 77
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STRATEGIC GROWTH FUND STRATEGIC VALUE FUND
------------------------------- -----------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1999 1998 1999 1998
-------------- -------------- -------------- ------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss) $ (27,319) $ (2,223) $ 70,002 $ 72,873
Net realized gain (loss) on investments and
foreign currency transactions 3,442,242 (877,555) 277,066 237,609
Net change in unrealized appreciation
(depreciation) on investments and translation of
assets and liabilities in foreign currencies 90,727 1,909,298 852,328 (351,850)
-------------- -------------- -------------- ------------
Net increase (decrease) in net assets resulting
from operations 3,505,650 1,029,520 1,199,396 (41,368)
-------------- -------------- -------------- ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income -- -- (67,314) (72,214)
Net realized gain on investments and foreign
currency transactions -- -- (231,118) --
-------------- -------------- -------------- ------------
Decrease in net assets from distributions to
shareholders -- -- (298,432) (72,214)
-------------- -------------- -------------- ------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 15,014,996 8,596,092 3,836,310 15,365,312
Net asset value of shares issued to shareholders
from reinvestment of dividends and capital gains -- -- 298,432 72,214
Cost of shares redeemed (3,166,722) (630,009) (3,330,688) (1,513,455)
-------------- -------------- -------------- ------------
Net increase in net assets derived from capital
share transactions 11,848,274 7,966,083 804,054 13,924,071
-------------- -------------- -------------- ------------
NET INCREASE IN NET ASSETS 15,353,924 8,995,603 1,705,018 13,810,489
NET ASSETS -- BEGINNING OF PERIOD 10,342,345 1,346,742 15,279,348 1,468,859
-------------- -------------- -------------- ------------
NET ASSETS -- END OF PERIOD $ 25,696,269 $ 10,342,345 $ 16,984,366 $ 15,279,348
============== ============== ============== ============
Accumulated undistributed net realized gain (loss)
on investments included in net assets at end of
period $ 2,538,247 $ (903,995) $ 265,388 $ 219,440
============== ============== ============== ============
Accumulated undistributed net investment income
(loss) included in net assets at end of period $ (27,319) $ -- $ 3,180 $ 492
============== ============== ============== ============
SHARE ACTIVITY:
Shares sold 1,112,385 811,692 365,945 1,515,885
Shares issued to shareholders from reinvestment of
dividends and capital gains -- -- 30,689 7,636
Shares redeemed (245,278) (59,749) (328,748) (158,421)
-------------- -------------- -------------- ------------
Net increase in number of shares 867,107 751,943 67,886 1,365,100
============== ============== ============== ============
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 75
<PAGE> 78
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
EQUITY INCOME FUND HIGH INCOME BOND FUND
------------------------------- -----------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1999 1998 1999 1998
-------------- -------------- -------------- ------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 46,398 $ 87,774 $ 1,925,677 $ 1,565,586
Net realized gain (loss) on investments (242,404) 176,392 (222,823) 25,659
Net change in unrealized appreciation
(depreciation) on investments 1,925,076 1,005,780 (711,967) (733,560)
-------------- -------------- -------------- ------------
Net increase in net assets resulting from
operations 1,729,070 1,269,946 990,887 857,685
-------------- -------------- -------------- ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (46,892) (86,098) (1,926,193) (1,552,904)
Net realized gain on investments (11,269) (152,474) (24,130) --
Distributions in excess of realized gains (384) -- (243) --
-------------- -------------- -------------- ------------
Decrease in net assets from distributions to
shareholders (58,545) (238,572) (1,950,566) (1,552,904)
-------------- -------------- -------------- ------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 6,242,228 11,702,943 19,792,841 31,623,680
Net asset value of shares issued to shareholders
from reinvestment of dividends and capital gains 58,545 238,572 1,950,566 1,552,904
Cost of shares redeemed (354,819) (388,186) (5,021,051) (1,880,219)
-------------- -------------- -------------- ------------
Net increase in net assets from capital share
transactions 5,945,954 11,553,329 16,722,356 31,296,365
-------------- -------------- -------------- ------------
NET INCREASE IN NET ASSETS 7,616,479 12,584,703 15,762,677 30,601,146
NET ASSETS -- BEGINNING OF PERIOD 14,194,470 1,609,767 36,630,194 6,029,048
-------------- -------------- -------------- ------------
NET ASSETS -- END OF PERIOD $ 21,810,949 $ 14,194,470 $ 52,392,871 $ 36,630,194
============== ============== ============== ============
Accumulated undistributed net realized gain (loss)
on investments included in net assets at end of
period $ (242,788) $ 11,269 $ (223,066) $ 24,130
============== ============== ============== ============
Accumulated undistributed net investment income
included in net assets at end of period $ 1,321 $ 1,815 $ 12,746 $ 13,262
============== ============== ============== ============
SHARE ACTIVITY:
Shares sold 521,968 1,095,133 1,933,714 3,084,813
Shares issued to shareholders from reinvestment of
dividends and capital gains 4,887 21,107 194,635 154,117
Shares redeemed (30,031) (37,651) (491,585) (186,624)
-------------- -------------- -------------- ------------
Net increase in number of shares 496,824 1,078,589 1,636,764 3,052,306
============== ============== ============== ============
</TABLE>
See accompanying notes to financial statements.
76 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 79
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
BALANCED FUND MULTI SECTOR BOND FUND
------------------------------- -----------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1999 1998 1999 1998
-------------- -------------- -------------- ------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 979,657 $ 730,509 $ 1,448,839 $ 1,237,102
Net realized gain (loss) on investments and
foreign currency transactions (98,974) 58,258 (864,175) (300,733)
Net change in unrealized appreciation
(depreciation) on investments and translation of
assets and liabilities in foreign currencies 2,322,886 442,998 (1,109,349) (450,479)
-------------- -------------- -------------- ------------
Net increase (decrease) in net assets
resulting from operations 3,203,569 1,231,765 (524,685) 485,890
-------------- -------------- -------------- ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (976,859) (723,997) (1,409,247) (1,212,959)
Net realized gain on investments and foreign
currency transactions (971) (121,655) -- (33,220)
Tax return of capital -- -- -- (15,516)
-------------- -------------- -------------- ------------
Decrease in net assets from distributions to
shareholders (977,830) (845,652) (1,409,247) (1,261,695)
-------------- -------------- -------------- ------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 21,149,714 38,262,809 15,900,733 35,590,690
Net asset value of shares issued to shareholders
from reinvestment of dividends and capital gains 977,830 845,652 1,409,247 1,261,695
Cost of shares redeemed (955,781) (495,698) (1,733,327) (1,143,341)
-------------- -------------- -------------- ------------
Net increase in net assets derived from
capital share transactions 21,171,763 38,612,763 15,576,653 35,709,044
-------------- -------------- -------------- ------------
NET INCREASE IN NET ASSETS 23,397,502 38,998,876 13,642,721 34,933,239
NET ASSETS -- BEGINNING OF PERIOD 40,885,028 1,886,152 36,964,879 2,031,640
-------------- -------------- -------------- ------------
NET ASSETS -- END OF PERIOD $ 64,282,530 $ 40,885,028 $ 50,607,600 $ 36,964,879
============== ============== ============== ============
Accumulated undistributed net realized gain (loss)
on investments included in net assets at end of
period $ (163,342) $ (63,397) $ (1,164,509) $ (300,334)
============== ============== ============== ============
Accumulated undistributed (distributions in excess
of) net investment income included in net assets
at end of period $ 9,609 $ 6,811 $ 31,020 $ (8,572)
============== ============== ============== ============
SHARE ACTIVITY:
Shares sold 1,967,105 3,646,083 1,637,936 3,547,701
Shares issued to shareholders from reinvestment of
dividends and capital gains 90,919 80,818 148,403 128,345
Shares redeemed (88,961) (47,484) (177,809) (115,568)
-------------- -------------- -------------- ------------
Net increase in number of shares 1,969,063 3,679,417 1,608,530 3,560,478
============== ============== ============== ============
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 77
<PAGE> 80
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELECT ADVISERS SMALL
CAP GROWTH FUND
SMALL CAP VALUE FUND ----------------------
------------------------------- PERIOD FROM
SIX MONTHS MAY 1, 1999
ENDED YEAR ENDED (COMMENCEMENT
JUNE 30, DECEMBER 31, OF OPERATIONS) THROUGH
1999 1998 JUNE 30, 1999
-------------- -------------- ----------------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss) $ (115,063) $ (44,007) $ (1,318)
Net realized gain (loss) on investments 10,173,196 (362,284) 68,803
Net change in unrealized appreciation on investments 7,093,276 2,447,176 324,033
-------------- -------------- --------------
Net increase in net assets resulting from operations 17,151,409 2,040,885 391,518
-------------- -------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM NET REALIZED GAIN ON
INVESTMENTS (2,512,137) -- --
-------------- -------------- --------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 137,935,533 94,419,163 3,267,839
Net asset value of shares issued to shareholders from
reinvestment of capital gains 2,512,137 -- --
Cost of shares redeemed (97,453,642) (48,090,092) (156,911)
-------------- -------------- --------------
Net increase in net assets derived from capital share
transactions 42,994,028 46,329,071 3,110,928
-------------- -------------- --------------
NET INCREASE IN NET ASSETS 57,633,300 48,369,956 3,502,446
NET ASSETS -- BEGINNING OF PERIOD 50,439,322 2,069,366 --
-------------- -------------- --------------
NET ASSETS -- END OF PERIOD $ 108,072,622 $ 50,439,322 $ 3,502,446
============== ============== ==============
Accumulated undistributed net realized gain (loss) on
investments included in net assets at end of period $ 7,254,933 $ (406,126) $ 68,803
============== ============== ==============
Accumulated undistributed net investment income (loss)
included in net assets at end of period $ (115,063) $ -- $ (1,318)
============== ============== ==============
SHARE ACTIVITY:
Shares sold 14,049,163 10,431,460 326,165
Shares issued to shareholders from reinvestment of
dividends and capital gains 292,790 -- --
Shares redeemed (9,909,431) (5,326,134) (15,490)
-------------- -------------- --------------
Net increase in number of shares 4,432,522 5,105,326 310,675
============== ============== ==============
</TABLE>
See accompanying notes to financial statements.
78 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 81
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GLOBAL EQUITY FUND SELECT ADVISERS MID CAP FUND
------------------------------- -----------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1999 1998 1999 1998
-------------- -------------- -------------- ------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 115,362 $ 88,044 $ 26,508 $ 56,278
Net realized gain (loss) on investments and
foreign currency transactions 910,234 295,124 877,014 (248,702)
Net change in unrealized appreciation on
investments 1,212,418 1,832,913 466,055 950,022
-------------- -------------- -------------- ------------
Net increase in net assets resulting from
operations 2,238,014 2,216,081 1,369,577 757,598
-------------- -------------- -------------- ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (115,362) (88,044) (26,082) (56,461)
In excess of net investment income (3,890) (152,148) -- --
Net realized gain on investments and foreign
currency transactions (69,852) (141,018) -- --
Tax return of capital -- -- -- (11,616)
-------------- -------------- -------------- ------------
Decrease in net assets from distributions
to shareholders (189,104) (381,210) (26,082) (68,077)
-------------- -------------- -------------- ------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 11,157,851 14,481,685 3,192,277 7,988,933
Net asset value of shares issued to shareholders
from reinvestment of dividends and capital gains 189,104 381,210 26,082 68,077
Cost of shares redeemed (223,160) (736,949) (787,713) (1,111,305)
-------------- -------------- -------------- ------------
Net increase in net assets from capital share
transactions 11,123,795 14,125,946 2,430,646 6,945,705
-------------- -------------- -------------- ------------
NET INCREASE IN NET ASSETS 13,172,705 15,960,817 3,774,141 7,635,226
NET ASSETS -- BEGINNING OF PERIOD 21,526,989 5,566,172 10,849,190 3,213,964
-------------- -------------- -------------- ------------
NET ASSETS -- END OF PERIOD $ 34,699,694 $ 21,526,989 $ 14,623,331 $ 10,849,190
============== ============== ============== ============
Accumulated undistributed net realized gain (loss)
on investments included in net assets at end of
period $ 890,891 $ 50,509 $ 610,762 $ (266,252)
============== ============== ============== ============
Accumulated undistributed (distributions in excess
of) net investment income included in net assets
at end of period $ (55,504) $ (51,614) $ 426 $ --
============== ============== ============== ============
SHARE ACTIVITY:
Shares sold 907,321 1,317,276 288,170 778,972
Shares issued to shareholders from reinvestment of
dividends 15,349 33,732 2,352 6,707
Shares redeemed (18,490) (70,891) (72,176) (115,257)
-------------- -------------- -------------- ------------
Net increase in number of shares 904,180 1,280,117 218,346 670,422
============== ============== ============== ============
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 79
<PAGE> 82
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, --------------------------------------------------------------
1999 1998 1997 1996 1995 1994
----------- ---------- ---------- ---------- -------- --------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE --
BEGINNING OF PERIOD $ 18.40 $ 16.38 $ 13.27 $ 11.54 $ 9.70 $ 10.10
Net investment income 0.08 0.19 0.23 0.24 0.31 0.21
Net realized gain
(loss) and unrealized
appreciation
(depreciation) on
investments 1.89 2.77 3.65 2.26 2.49 (0.10)
---------- ---------- ---------- ---------- -------- --------
Total from investment
operations 1.97 2.96 3.88 2.50 2.80 0.11
---------- ---------- ---------- ---------- -------- --------
Dividends from net
investment income (0.07) (0.19) (0.23) (0.25) (0.31) (0.28)
Dividends from net
realized gain from
investment
transactions (0.01) (0.75) (0.52) (0.52) (0.65) (0.23)
Dividends in excess of
net realized gain
from investment
transactions -- -- (0.01) -- -- --
Dividends from tax
return of capital -- -- (0.01) -- -- --
---------- ---------- ---------- ---------- -------- --------
Total distributions (0.08) (0.94) (0.77) (0.77) (0.96) (0.51)
---------- ---------- ---------- ---------- -------- --------
Net increase
(decrease) in net
asset value 1.89 2.02 3.11 1.73 1.84 (0.40)
---------- ---------- ---------- ---------- -------- --------
NET ASSET VALUE --
END OF PERIOD $ 20.29 $ 18.40 $ 16.38 $ 13.27 $ 11.54 $ 9.70
========== ========== ========== ========== ======== ========
Total Return 10.75%* 18.07% 29.43% 21.84% 29.09% 1.07%
Ratios and supplemental
data:
Net Assets, end of
period (000) $2,570,533 $2,343,437 $1,849,241 $1,179,876 $814,964 $534,821
Ratio of expenses to
average net assets 0.64%* 0.65% 0.54% 0.51% 0.51% 0.52%
Ratio of net investment
income to average net
assets 0.80%* 1.05% 1.54% 1.99% 2.84% 2.76%
Portfolio turnover 14.90%* 17.13% 13.85% 16.18% 16.12% 12.06%
</TABLE>
- ------------------------------------------------------
* Ratios are annualized for periods of less than one year. Total return is not
annualized.
See accompanying notes to financial statements.
80 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 83
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, ---------------------------------------------------------
1999 1998 1997 1996 1995 1994
----------- ---------- -------- -------- ------- --------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE --
BEGINNING OF PERIOD $ 26.59 $ 21.21 $ 16.28 $ 13.48 $ 10.92 $ 11.20
Net investment income 0.08 0.19 0.20 0.21 0.23 0.18
Net realized gain (loss)
and unrealized
appreciation
(depreciation) on
investments 3.09 6.14 5.39 3.29 2.96 (0.28)
---------- ---------- -------- -------- ------- --------
Total from investment
operations 3.17 6.33 5.59 3.50 3.19 (0.10)
---------- ---------- -------- -------- ------- --------
Dividends from net
investment income (0.08) (0.19) (0.20) (0.22) (0.23) (0.18)
Dividends from net realized
gain from investment
transactions -- (0.76) (0.46) (0.48) (0.40) --
---------- ---------- -------- -------- ------- --------
Total distributions (0.08) (0.95) (0.66) (0.70) (0.63) (0.18)
---------- ---------- -------- -------- ------- --------
Net increase (decrease) in
net asset value 3.09 5.38 4.93 2.80 2.56 (0.28)
---------- ---------- -------- -------- ------- --------
NET ASSET VALUE --
END OF PERIOD $ 29.68 $ 26.59 $ 21.21 $ 16.28 $ 13.48 $ 10.92
========== ========== ======== ======== ======= ========
Total Return 11.93%* 29.96% 34.49% 26.14% 29.35% (0.90)%
Ratios and supplemental data:
Net Assets, end of period
(000) $1,196,536 $1,064,498 $481,738 $211,474 $81,237 $ 60,442
Ratio of expenses to
average net assets 0.66%* 0.67% 0.56% 0.52% 0.54% 0.56%
Ratio of net investment
income to average net
assets 0.56%* 0.83% 1.10% 1.53% 1.89% 1.76%
Portfolio turnover 7.67%* 10.67% 10.88% 22.19% 20.28% 11.21%
</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> 84
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, --------------------------------------------------------
1999 1998 1997 1996 1995 1994
----------- -------- -------- -------- -------- --------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE --
BEGINNING OF PERIOD $ 11.69 $ 11.38 $ 11.04 $ 11.36 $ 10.20 $ 11.26
Net investment income 0.31 0.63 0.69 0.69 0.71 0.69
Net realized gain (loss)
and unrealized
appreciation
(depreciation) on
investments (0.56) 0.37 0.34 (0.32) 1.16 (1.06)
-------- -------- -------- -------- -------- --------
Total from investment
operations (0.25) 1.00 1.03 0.37 1.87 (0.37)
-------- -------- -------- -------- -------- --------
Dividends from net
investment income (0.31) (0.63) (0.69) (0.69) (0.71) (0.69)
Dividends from net
realized gain from
investment transactions -- (0.06) -- -- -- --
-------- -------- -------- -------- -------- --------
Total distributions (0.31) (0.69) (0.69) (0.69) (0.71) (0.69)
-------- -------- -------- -------- -------- --------
Net increase (decrease)
in net asset value (0.56) 0.31 0.34 (0.32) 1.16 (1.06)
-------- -------- -------- -------- -------- --------
NET ASSET VALUE --
END OF PERIOD $ 11.13 $ 11.69 $ 11.38 $ 11.04 $ 11.36 $ 10.20
======== ======== ======== ======== ======== ========
Total Return 2.18%* 8.91% 9.67% 3.49% 18.74% (3.23)%
Ratios and supplemental
data:
Net Assets, end of period
(000) $767,207 $761,897 $475,392 $459,247 $454,016 $391,253
Ratio of expenses to
average net assets 0.57%* 0.57% 0.53% 0.51% 0.51% 0.51%
Ratio of net investment
income to average net
assets 5.42%* 5.60% 6.19% 6.23% 6.45% 6.46%
Portfolio turnover 33.72%* 32.03% 68.61% 33.75% 97.05% 111.40%
</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.
82 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 85
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, ----------------------------------------------------------
1999 1998 1997 1996 1995 1994
----------- ---------- -------- -------- -------- --------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE --
BEGINNING OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Net investment income 0.02 0.05 0.05 0.05 0.06 0.04
Dividends from net
investment income (0.02) (0.05) (0.05) (0.05) (0.06) (0.04)
---------- ---------- -------- -------- -------- --------
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 2.26%* 5.27% 5.26% 5.12% 5.66% 3.88%
Ratios and supplemental
data:
Net Assets, end of period
(000) $1,700,258 $1,373,334 $993,597 $983,529 $737,408 $828,027
Ratio of expenses to
average net assets 0.46%* 0.46% 0.51% 0.51% 0.52% 0.54%
Ratio of net investment
income to average net
assets 4.59%* 5.15% 5.16% 5.00% 5.51% 4.00%
</TABLE>
- ------------------------------------------------------
* Ratios are annualized for periods of less than one year. Total return is not
annualized.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 83
<PAGE> 86
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL COMPANY FUND
----------------------------------------------------------------------
PERIOD FROM
OCTOBER 23, 1995
SIX MONTHS (COMMENCEMENT OF
ENDED YEARS ENDED DECEMBER 31, OPERATIONS) THROUGH
JUNE 30, -------------------------------- DECEMBER 31,
1999 1998 1997 1996 1995
----------- -------- -------- -------- -------------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE --
BEGINNING OF PERIOD $ 16.01 $ 15.85 $ 13.89 $ 11.42 $ 10.00
Net investment income -- 0.03 0.01 0.06 0.02
Net realized gain and unrealized
appreciation on investments and
translation of assets and
liabilities in foreign
currencies 1.22 0.13 2.40 2.55 1.42
-------- -------- -------- -------- -------
Total from investment
operations 1.22 0.16 2.41 2.61 1.44
-------- -------- -------- -------- -------
Dividends from net investment
income -- -- -- (0.06) (0.02)
Dividends from net realized gain
from investments and foreign
currency transactions -- -- (0.45) -- --
Dividends in excess of net
realized gain from investment
and foreign currency
transactions -- -- -- (0.08) --
-------- -------- -------- -------- -------
Total distributions -- -- (0.45) (0.14) (0.02)
-------- -------- -------- -------- -------
Net increase in net asset value 1.22 0.16 1.96 2.47 1.42
-------- -------- -------- -------- -------
NET ASSET VALUE --
END OF PERIOD $ 17.23 $ 16.01 $ 15.85 $ 13.89 $ 11.42
======== ======== ======== ======== =======
Total Return 7.62%* 1.01% 17.35% 22.83% 14.38%*
Ratios and supplemental data:
Net Assets, end of period (000) $376,720 $406,569 $343,808 $180,840 $17,155
Ratio of expenses to average net
assets 1.08%* 1.07% 1.11% 1.20% 1.25%*
Ratio of expenses to average net
assets** 1.08%* 1.07% 1.11% 1.20% 1.74%*
Ratio of net investment income to
average net assets (0.05%)* 0.21% 0.05% 0.60% 1.32%*
Ratio of net investment income to
average net assets** (0.05%)* 0.21% 0.05% 0.60% 0.83%*
Portfolio turnover 65.57%* 141.27% 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.
84 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 87
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INCOME FUND STRATEGIC GROWTH FUND
---------------------------- -------------------------------------------
PERIOD FROM PERIOD FROM
JANUARY 20, OCTOBER 31,
1998 1997
(COMMENCEMENT (COMMENCEMENT
SIX MONTHS OF OPERATIONS) SIX MONTHS OF OPERATIONS)
ENDED THROUGH ENDED YEAR ENDED THROUGH
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, DECEMBER 31,
1999 1998 1999 1998 1997
----------- -------------- ----------- ------------ --------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE --
BEGINNING OF PERIOD $10.25 $10.00 $ 11.70 $ 10.21 $ 10.00
Net investment income (loss) 0.21 0.42 (0.02) -- 0.01
Net realized gain (loss) and unrealized
appreciation (depreciation) on investments (0.42) 0.29 3.00 1.49 0.21
------ ------ --------- ------- ---------
Total from investment operations (0.21) 0.71 2.98 1.49 0.22
------ ------ --------- ------- ---------
Dividends from net investment income (0.21) (0.42) -- -- (0.01)
Dividends from net realized gains from investment
transactions (0.02) (0.04) -- -- --
------ ------ --------- ------- ---------
Total distributions (0.23) (0.46) -- -- (0.01)
------ ------ --------- ------- ---------
Net increase (decrease) in net asset value (0.44) 0.25 2.98 1.49 0.21
------ ------ --------- ------- ---------
NET ASSET VALUE --
END OF PERIOD $ 9.81 $10.25 $ 14.68 $ 11.70 $ 10.21
====== ====== ========= ======= =========
Total Return (2.12)%* 7.13%* 25.47%* 14.59% 2.20%*
Ratios and supplemental data:
Net Assets, end of period (000) $6,900 $4,964 $ 25,696 $10,342 $ 1,347
Ratio of expenses to average net assets 0.75%* 0.75%* 1.00%* 1.00% 1.00%*
Ratio of expenses to average net assets** 0.76%* 1.01%* 1.21%* 1.55% 6.33%*
Ratio of net investment income to average net
assets 4.51%* 4.68%* (0.37)%* (0.04)% 0.68%*
Ratio of net investment income to average net
assets** 4.50%* 4.42%* (0.58)%* (0.59)% (4.65)%*
Portfolio turnover 95.06%* 157.21%* 353.69%* 369.83% 27.32%*
</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 85
<PAGE> 88
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STRATEGIC VALUE FUND EQUITY INCOME FUND
------------------------------------------- -------------------------------------------
PERIOD FROM PERIOD FROM
OCTOBER 31, OCTOBER 31,
1997 1997
(COMMENCEMENT (COMMENCEMENT
SIX MONTHS OF OPERATIONS) SIX MONTHS OF OPERATIONS)
ENDED YEAR ENDED THROUGH ENDED YEAR ENDED THROUGH
JUNE 30, DECEMBER 31, DECEMBER 31, JUNE 30, DECEMBER 31, DECEMBER 31,
1999 1998 1997 1999 1998 1997
----------- ------------ -------------- ----------- ------------ --------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE --
BEGINNING OF PERIOD $ 10.12 $ 10.15 $10.00 $ 11.47 $ 10.16 $10.00
Net investment income 0.05 0.07 0.01 0.03 0.10 0.02
Net realized gain (loss) and
unrealized appreciation
(depreciation) on investments and
translation of assets and
liabilities in foreign currencies 0.81 (0.03) 0.15 1.12 1.44 0.16
------- ------- ------ ------- ------- ------
Total from investment operations 0.86 0.04 0.16 1.15 1.54 0.18
------- ------- ------ ------- ------- ------
Dividends from net investment income (0.05) (0.07) (0.01) (0.03) (0.10) (0.02)
Dividends from net realized gains
from investment and foreign
currency transactions (0.16) -- -- (0.01) (0.13) --
------- ------- ------ ------- ------- ------
Total distributions (0.21) (0.07) (0.01) (0.04) (0.23) (0.02)
------- ------- ------ ------- ------- ------
Net increase (decrease) in net
asset value 0.65 (0.03) 0.15 1.11 1.31 0.16
------- ------- ------ ------- ------- ------
NET ASSET VALUE --
END OF PERIOD $ 10.77 $ 10.12 $10.15 $ 12.58 $ 11.47 $10.16
======= ======= ====== ======= ======= ======
Total Return 8.69%* 0.39% 1.63%* 10.04%* 15.13% 1.77%*
Ratios and supplemental data:
Net Assets, end of period (000) $16,984 $15,279 $1,469 $21,811 $14,194 $1,610
Ratio of expenses to average net
assets 1.00%* 1.00% 1.00%* 0.95%* 0.95% 0.95%*
Ratio of expenses to average net
assets** 1.12%* 1.23% 5.54%* 1.01%* 1.15% 5.63%*
Ratio of net investment income to
average net assets 0.92%* 0.86% 0.96%* 0.54%* 1.11% 1.34%*
Ratio of net investment income to
average net assets** 0.80%* 0.63% (3.58)%* 0.48%* 0.91% (3.34)%*
Portfolio turnover 82.00%* 68.65% 5.38%* 20.57%* 49.12% 14.52%*
</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> 89
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
HIGH INCOME BOND FUND BALANCED FUND
------------------------------------------- -------------------------------------------
PERIOD FROM PERIOD FROM
OCTOBER 31, OCTOBER 31,
1997 1997
(COMMENCEMENT (COMMENCEMENT
SIX MONTHS OF OPERATIONS) SIX MONTHS OF OPERATIONS)
ENDED YEAR ENDED THROUGH ENDED YEAR ENDED THROUGH
JUNE 30, DECEMBER 31, DECEMBER 31, JUNE 30, DECEMBER 31, DECEMBER 31,
1999 1998 1997 1999 1998 1997
----------- ------------ -------------- ----------- ------------ --------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF PERIOD $ 10.04 $ 10.12 $10.00 $ 10.58 $ 10.10 $10.00
Net investment income 0.39 0.66 0.11 0.18 0.30 0.05
Net realized gain (loss) and
unrealized appreciation
(depreciation) on investments (0.11) (0.08) 0.12 0.44 0.51 0.10
------- ------- ------ ------- ------- ------
Total from investment operations 0.28 0.58 0.23 0.62 0.81 0.15
------- ------- ------ ------- ------- ------
Dividends from net investment income (0.40) (0.66) (0.11) (0.18) (0.30) (0.05)
Dividends from net realized gains
from investment transactions (0.01) -- -- -- (0.03) --
------- ------- ------ ------- ------- ------
Total distributions (0.41) (0.66) (0.11) (0.18) (0.33) (0.05)
------- ------- ------ ------- ------- ------
Net increase (decrease) in net
asset value (0.13) (0.08) 0.12 0.44 0.48 0.10
------- ------- ------ ------- ------- ------
NET ASSET VALUE -- END OF PERIOD $ 9.91 $ 10.04 $10.12 $ 11.02 $ 10.58 $10.10
======= ======= ====== ======= ======= ======
Total Return 2.74%* 5.80% 2.28%* 5.96%* 8.07% 1.46%*
Ratios and supplemental data:
Net Assets, end of period (000) $52,393 $36,630 $6,029 $64,283 $40,885 $1,886
Ratio of expenses to average net
assets 0.95%* 0.95% 0.95%* 0.88%* 0.90% 0.90%*
Ratio of expenses to average net
assets** 1.01%* 1.12% 2.18%* 0.88%* 0.96% 4.90%*
Ratio of net investment income to
average net assets 8.47%* 7.88% 6.96%* 3.78%* 3.81% 4.08%*
Ratio of net investment income to
average net assets** 8.41%* 7.71% 5.73%* 3.78%* 3.75% 0.08%*
Portfolio turnover 10.29%* 24.25% 7.37%* 38.33%* 137.35% 0.19%*
</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> 90
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MULTI SECTOR BOND FUND SMALL CAP VALUE FUND
------------------------------------------- -------------------------------------------
PERIOD FROM PERIOD FROM
OCTOBER 31, OCTOBER 31,
1997 1997
(COMMENCEMENT (COMMENCEMENT
SIX MONTHS OF OPERATIONS) SIX MONTHS OF OPERATIONS)
ENDED YEAR ENDED THROUGH ENDED YEAR ENDED THROUGH
JUNE 30, DECEMBER 31, DECEMBER 31, JUNE 30, DECEMBER 31, DECEMBER 31,
1999 1998 1997 1999 1998 1997
----------- ------------ -------------- ----------- ------------ --------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF
PERIOD $ 9.82 $ 10.05 $10.00 $ 9.49 $ 9.79 $10.00
Net investment income (loss) 0.30 0.48 0.05 (0.01) (0.01) 0.01
Net realized gain (loss) and
unrealized appreciation
(depreciation) on investments
and translation of assets and
liabilities in foreign
currencies (0.41) (0.22) 0.05 2.11 (0.29) (0.17)
------- ------- ------ -------- ------- ------
Total from investment operations (0.11) 0.26 0.10 2.10 (0.30) (0.16)
------- ------- ------ -------- ------- ------
Dividends from net investment
income (0.29) (0.47) (0.05) -- -- (0.01)
Dividends from net realized gain
from investment and foreign
currency transactions -- (0.01) -- (0.50) -- (0.04)
Tax return of capital -- (0.01) -- -- -- --
------- ------- ------ -------- ------- ------
Total distributions (0.29) (0.49) (0.05) (0.50) -- (0.05)
------- ------- ------ -------- ------- ------
Net increase (decrease) in net
asset value (0.40) (0.23) 0.05 1.60 (0.30) (0.21)
------- ------- ------ -------- ------- ------
NET ASSET VALUE -- END OF PERIOD $ 9.42 $ 9.82 $10.05 $ 11.09 $ 9.49 $ 9.79
======= ======= ====== ======== ======= ======
Total Return (1.09)%* 2.60% 1.04%* 23.67%* (3.06)% (1.61)%*
Ratios and supplemental data:
Net Assets, end of period (000) $50,608 $36,965 $2,032 $108,073 $50,439 $2,069
Ratio of expenses to average net
assets 0.89%* 0.90% 0.90%* 1.05%* 1.05% 1.05%*
Ratio of expenses to average net
assets** 0.89%* 0.96% 4.41%* 1.11%* 1.33% 6.31%*
Ratio of net investment income to
average net assets 6.84%* 6.42% 4.77%* (0.38)%* (0.21)% 0.50%*
Ratio of net investment income to
average net assets** 6.84%* 6.36% 1.26%* (0.44)%* (0.49)% (4.76)%*
Portfolio turnover 162.16%* 287.69% 48.90%* 135.80%* 283.65% 8.38%*
</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.
88 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 91
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELECT ADVISERS GLOBAL EQUITY FUND
SMALL CAP -------------------------------------------
GROWTH FUND PERIOD FROM
--------------- OCTOBER 31,
PERIOD FROM 1997
MAY 1, 1999 (COMMENCEMENT
(COMMENCEMENT SIX MONTHS OF OPERATIONS)
OF OPERATIONS) ENDED YEAR ENDED THROUGH
THROUGH JUNE JUNE 30, DECEMBER 31, DECEMBER 31,
30, 1999 1999 1998 1997
--------------- ----------- ------------ --------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
NET ASSET VALUE --
BEGINNING OF PERIOD $10.00 $ 11.75 $ 10.10 $10.00
Net investment income
(loss) -- 0.04 0.11 0.02
Net realized gain (loss)
and unrealized
appreciation
(depreciation) on
investments and
translation of assets
and liabilities in
foreign currencies 1.27 0.97 1.81 0.10
------ ------- ------- ------
Total from
investment
operations 1.27 1.01 1.92 0.12
------ ------- ------- ------
Dividends from net
investment income -- (0.05) (0.07) (0.02)
Dividends in excess of
net investment income -- -- (0.12) --
Dividends from net
realized gain from
investment and foreign
currency transactions -- (0.03) (0.08) --
Dividends from tax
return of capital -- -- -- --
------ ------- ------- ------
Total distributions -- (0.08) (0.27) (0.02)
------ ------- ------- ------
Net increase
(decrease) in net
asset value 1.27 0.93 1.65 0.10
------ ------- ------- ------
NET ASSET VALUE -- END OF
PERIOD $11.27 $ 12.68 $ 11.75 $10.10
====== ======= ======= ======
Total Return 12.70%* 8.64%* 19.14% 1.18%*
Ratios and supplemental
data:
Net Assets, end of
period (000) $3,502 $34,700 $21,527 $5,566
Ratio of expenses to
average net assets 1.30%* 1.20%* 1.20% 1.20%*
Ratio of expenses to
average net assets** 5.80%* 1.30%* 1.46% 2.84%*
Ratio of net investment
income to average net
assets (0.26)%* 0.88% * 0.66% 1.00%*
Ratio of net investment
income to average net
assets** (4.76)%* 0.78%* 0.40% (0.64)%*
Portfolio turnover 38.86%* 32.31%* 59.01% 9.32%*
<CAPTION>
SELECT ADVISERS MID CAP FUND
-------------------------------------------
PERIOD FROM
OCTOBER 31,
1997
(COMMENCEMENT
SIX MONTHS OF OPERATIONS)
ENDED YEAR ENDED THROUGH
JUNE 30, DECEMBER 31, DECEMBER 31,
1999 1998 1997
----------- ------------ --------------
(UNAUDITED)
<S> <C> <C> <C>
NET ASSET VALUE --
BEGINNING OF PERIOD $ 10.92 $ 9.94 $10.00
Net investment income
(loss) 0.02 0.09 0.02
Net realized gain (loss)
and unrealized
appreciation
(depreciation) on
investments and
translation of assets
and liabilities in
foreign currencies 1.15 0.98 (0.06)
------- ------- ------
Total from
investment
operations 1.17 1.07 (0.04)
------- ------- ------
Dividends from net
investment income (0.02) (0.08) (0.02)
Dividends in excess of
net investment income -- -- --
Dividends from net
realized gain from
investment and foreign
currency transactions -- -- --
Dividends from tax
return of capital -- (0.01) --
------- ------- ------
Total distributions (0.02) (0.09) (0.02)
------- ------- ------
Net increase
(decrease) in net
asset value 1.15 0.98 (0.06)
------- ------- ------
NET ASSET VALUE -- END OF
PERIOD $ 12.07 $ 10.92 $ 9.94
======= ======= ======
Total Return 10.75%* 10.81% (0.36)%*
Ratios and supplemental
data:
Net Assets, end of
period (000) $14,623 $10,849 $3,214
Ratio of expenses to
average net assets 1.20%* 1.20% 1.20%*
Ratio of expenses to
average net assets** 1.40%* 1.54% 3.31%*
Ratio of net investment
income to average net
assets 0.44%* 0.79% 1.55%*
Ratio of net investment
income to average net
assets** 0.24% * 0.45% (0.56)%*
Portfolio turnover 87.45%* 119.37% 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.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 89
<PAGE> 92
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1999 (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 life insurance company separate accounts to fund the benefits
under variable life insurance or annuity policies, as well as to other open-end
investment companies ("fund of funds") created by Nationwide Advisory Services,
Inc. (NAS), the Trust's investment adviser. The Trust was organized as a
Massachusetts business trust as of June 30, 1981. To date, the separate accounts
of Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance
Company and the fund of funds, all of which are affiliated companies, have
purchased shares of the Trust's Series (Funds).
The Trust offers shares in sixteen 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 Select Advisers Small Cap Growth Fund (Select Advisers Small Cap
Growth 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 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.
On March 3, 1999, the Trust's Declaration of Trust was amended to create the
Select Advisers Small Cap Growth Fund. On April 30, 1999, the Select Advisers
Small Cap Growth Fund was capitalized through the sale of shares to Nationwide
Life Insurance Company in the amount of $3,000,000. It commenced operations on
May 3, 1999.
90 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 93
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
(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 on date of valuation, as provided by an
independent pricing agent. Securities traded in the over the-counter
(OTC) market are valued at the last quoted sale price, or if no sale
price, the last quoted bid price. U.S. Government securities are valued
at the last quoted bid price. Bonds are valued by a combination of daily
quotes and matrix evaluations. Short-term securities with less than 10
days remaining to maturity will be valued at amortized cost, which
approximates market value.
Portfolio securities in 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 judgment of
the Fund's investment adviser, are valued in accordance with procedures
authorized by the Trust's 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) 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.
3) 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, Select Advisers Small Cap Growth Fund,
Global Equity Fund, and Select Advisers Mid Cap Fund:
FOREIGN CURRENCY TRANSACTIONS. Net realized gains or losses arise from
sales of foreign currencies, security transactions, and the difference
between the amounts of purchases and sales of securities, income
receipts and expense payments recorded on the Fund's books and the U.S.
dollar equivalent of amounts actually received or paid.
Net unrealized gains or losses arise from accounting records denominated
in foreign currencies translated into U.S. dollars.
FORWARD FOREIGN CURRENCY CONTRACTS. The Fund may enter into forward
foreign currency exchange contracts (forward 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
exchange 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 exchange contract, the Fund may
either sell a portfolio security and make delivery of the currency, or
retain the security and fully or partially offset its contractual
obligation to deliver the currency by purchasing a second contract. If
the Fund retains the portfolio security and
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 91
<PAGE> 94
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
JUNE 30, 1999 (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 exchange 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 forward exchange 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 exchange contracts. The Fund could
be exposed to risk if a counter party is unable to meet the terms of a
forward exchange contract or if the value of the currency changes
unfavorably. The projection of short-term currency market movements is
difficult, and the successful execution of a short-term hedging strategy
is highly uncertain.
(b) MORTGAGE DOLLAR ROLLS
The Multi-Sector Bond Fund, Balanced Fund and Income 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. A 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.
(c) 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.
(d) 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 Fund. Each Fund is
treated as a separate taxable entity.
As of December 31, 1998, the Small Company Fund, Money Market Fund,
Strategic Growth Fund, and Select Advisers Mid Cap Fund had net capital loss
carryforwards in the amounts of $18,109,007, $5,690, $829,374, and $238,548,
respectively. The Small Company Fund's carryforwards will expire within 8
years, the Money Market Fund's carryforwards will expire within 5 to 6
years, and the Strategic Growth Fund's and the Select Advisers Mid Cap
Fund's carryforwards will each expire within 7 to 8 years.
(e) 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.
92 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 95
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
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" differences are
considered either permanent or temporary in nature. In accordance with
AICPA Statement of Position 93-2, permanent differences are reclassified
within the capital accounts based on their nature for Federal income tax
purposes; temporary differences do not require reclassification.
Dividends and distributions that exceed net investment income and net
realized gains for financial reporting purposes, but not for tax
purposes, are reported as distributions in excess of net investment
income and net realized gains. To the extent distributions exceed
current and accumulated earnings and profits for Federal income tax
purposes, they are reported as distributions of capital.
Accordingly, the undistributed (distributions in excess of) net
investment income, undistributed (distributions in excess of) net
realized gain and capital have been adjusted as of December 31, 1998 by
the following amounts:
<TABLE>
<CAPTION>
UNDISTRIBUTED
(DISTRIBUTIONS IN UNDISTRIBUTED
EXCESS OF) (DISTRIBUTIONS IN
NET INVESTMENT EXCESS OF)
INCOME NET REALIZED GAIN CAPITAL
----------------- ----------------- -----------
<S> <C> <C> <C>
Capital Appreciation Fund $ 61,340 $ (61,340) $ --
Government Bond Fund 32,707 (32,707) --
Small Company Fund 751,620 1,420,922 (2,172,542)
Strategic Growth Fund 2,223 -- (2,223)
Strategic Value Fund (183) 183 --
Balanced Fund 125 (125) --
Multi Sector Bond Fund (17,555) 33,071 15,516
Small Cap Value Fund 44,017 (44,017) --
Global Equity Fund 97,755 (97,755) --
Select Advisers Mid Cap Fund 11,616 -- (11,616)
</TABLE>
(f) 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.
(g) 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 advisor and were 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.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 93
<PAGE> 96
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
(h) 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 affiliate. 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 below.
Fees may be voluntarily waived or reimbursed to the Funds by NAS in order to
maintain expense ratios at or below stated expense caps.
As stated above, NAS earns an annual management fee based on average daily net
assets. From such fees, pursuant to subadvisory agreements, NAS pays subadvisory
fees to the following subadvisers for the day to day investment management
services of their respective portfolio(s):
<TABLE>
<CAPTION>
FUND SUBADVISER(S)
- ---- -------------
<S> <C>
Small Company Fund The Dreyfus Corporation
Neuberger Berman, LLC
Lazard Asset Management*
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 Dreyfus Corporation
Select Advisers Small Cap Growth Fund Franklin Advisers, Inc.
Miller Anderson & Sherrerd, LLP
Neuberger Berman, LLC
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>
* Prior to October 1, 1998, Pictet International Management Limited and Van Eck
Associates Corporation.
** On July 6, 1999, Credit Suisse Asset Management, LLC became a subadviser of
the Small Company Fund as a result of a merger between the parent of Warburg
Pincus Asset Management, Inc. and Credit Suisse Group and the subsequent
reorganization of the combined U.S. investment management operations into
Credit Suisse Asset Management, LLC.
94 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 97
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
As stated above, NAS earns an annual advisory fee based on average daily net
assets. From such fees, pursuant to subadvisory agreements, NAS pays subadvisory
fees to the subadvisors for the day-to-day investment management services of
their respective portfolio.
Additional information regarding the gross contractual investment advisory fees
(before waivers) and paid to the subadvisers is as follows for the period ending
June 30, 1999.
<TABLE>
<CAPTION>
CONTRACTUAL
ADVISORY CONTRACTUAL TOTAL
FEES SUBADVISORY CONTRACTUAL TOTAL FEES PAID
AVERAGE DAILY RETAINED FEES PAID NAS NAS FEES TO
FUND NET ASSETS BY NAS BY NAS FEES EARNED SUBADVISERS
- ---- ---------------------- ----------- ------------ ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
Total Return Fund and $6,966,108
Capital Appreciation $3,203,119 --
Fund
Up to $1 billion 0.60% -- 0.60%
Next $1 billion 0.575% -- 0.575%
Next $3 billion 0.55% -- 0.55%
$5 billion and more 0.50% -- 0.50%
Government Bond Fund $1,909,017 --
Up to $1 billion 0.50% -- 0.50%
Next $1 billion 0.475% -- 0.475%
Next $3 billion 0.45% -- 0.45%
$5 billion and more 0.40% -- 0.40%
Money Market Fund $3,038,757 --
Up to $1 billion 0.40% -- 0.40%
Next $1 billion 0.38% -- 0.38%
Next $3 billion 0.36% -- 0.36%
$5 billion and more 0.34% -- 0.34%
Small Company Fund $1,801,285 $1,071,630
All assets 0.40% 0.60% 1.00%
Income Fund $ 13,709* $ 20,364*
Up to $100 million 0.20% 0.25% 0.45%
$100 million or more 0.30% 0.15% 0.45%
Strategic Growth Fund $ 66,842 $ 37,134
and
Strategic Value Fund $ 68,851 $ 38,251
Up to $500 million 0.40% 0.50% 0.90%
$500 million and more 0.45% 0.45% 0.90%
Equity Income Fund and $ 69,316 $ 34,658
High Income Bond Fund $ 181,930 $ 90,675
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 and more 0.65% 0.15% 0.80%
Balanced Fund $ 194,609 $ 90,817
Up to $150 million 0.40% 0.35% 0.75%
Next $350 million 0.45% 0.30% 0.75%
$500 million and more 0.50% 0.25% 0.75%
Multi Sector Bond Fund $ 158,936 $ 74,169
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 and more 0.55% 0.20% 0.75%
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 95
<PAGE> 98
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CONTRACTUAL
ADVISORY CONTRACTUAL TOTAL
FEES SUBADVISORY CONTRACTUAL TOTAL FEES PAID
AVERAGE DAILY RETAINED FEES PAID NAS NAS FEES TO
FUND NET ASSETS BY NAS BY NAS FEES EARNED SUBADVISERS
- ---- ---------------------- ----------- ------------ ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
Small Cap Value Fund $ 270,061 $ 150,034
Up to $200 million 0.40% 0.50% 0.90%
$200 million and more 0.45% 0.45% 0.90%
Select Advisers Small $ 5,632 $ 3,072
Cap
Growth Fund All assets 0.50% 0.60% 1.10%
Global Equity Fund $ 131,413 $ 78,848
Up to $50 million 0.40% 0.60% 1.00%
$50 million and more 0.45% 0.55% 1.00%
Select Advisers Mid Cap $ 63,350 $ 39,217
Fund
Up to $50 million 0.40% 0.65% 1.05%
$50 million and more 0.55% 0.50% 1.05%
</TABLE>
- ------------------------------------------------------
* $13,709 represents 0.45% of average daily net assets. Pursuant to the
subadvisory agreement, NAS pays each subadviser 0.25% of assets they manage up
to $100 million and 0.15% for assets of $100 million and more. 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 subadvisers of
$20,364 represents these minimum amounts.
96 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 99
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
The following table illustrates waived and reimbursed expenses of the Funds:
<TABLE>
<CAPTION>
TOTAL
OTHER EXPENSES
TOTAL FUND NAS/NISI FEES EXPENSES WAIVED/
EXPENSE EXPENSES WAIVED* REIMBURSED REIMBURSED NET
- ------- ---------- ------------- ------------- -------------- --------
<S> <C> <C> <C> <C> <C>
Income Fund $ 23,250 $ (402) $ -- $ (402) $ 22,848
Strategic Growth Fund 89,625 (15,356) -- (15,356) 74,269
Strategic Value Fund 85,779 (9,278) -- (9,278) 76,501
Equity Income Fund 87,912 (5,599) -- (5,599) 82,313
High Income Bond Fund 230,575 (14,534) -- (14,534) 216,041
Balanced Fund 229,573 -- -- -- 229,573
Multi Sector Bond Fund 189,593 -- -- -- 189,593
Small Cap Value Fund 332,636 (17,564) -- (17,564) 315,072
Select Advisers Small Cap
Growth Fund 29,681 (5,632) (17,394) (23,026) 6,655
Global Equity Fund 170,921 (13,226) -- (13,226) 157,695
Select Advisers Mid Cap
Fund 84,191 (11,783) -- (11,783) 72,408
</TABLE>
- ---------------
* Fees Waived includes 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, Select Advisers Small Cap Growth 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, Nationwide Investors Services, Inc. (NISI) 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 97
<PAGE> 100
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
JUNE 30, 1999 (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, 1999 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 $362,964,886 $353,799,223 $ 47,285,043 $ 47,411,000
Capital Appreciation Fund 81,801,761 107,311,668 -- --
Government Bond Fund 35,249,182 19,616,523 240,381,203 228,532,398
Money Market Fund -- -- 251,296,194 253,099,825
Small Company Fund 229,375,377 274,157,261 28,335,827 28,651,805
Income Fund 1,879,715 1,313,382 8,950,334 6,560,510
Strategic Growth Fund 59,592,614 50,555,146 -- --
Strategic Value Fund 12,569,632 12,410,420 -- --
Equity Income Fund 8,891,053 3,462,885 -- --
High Income Bond Fund 21,360,084 4,420,415 -- --
Balanced Fund 36,412,093 14,688,296 2,594,778 3,100,706
Multi Sector Bond Fund 63,269,576 54,404,569 7,499,642 8,081,333
Small Cap Value Fund 121,090,219 81,873,075 -- --
Select Advisers Small Cap
Growth Fund 4,088,404 1,171,226 -- --
Global Equity Fund 19,462,603 8,186,997 -- --
Select Advisers Mid Cap Fund 10,985,478 9,341,251 -- --
</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, 1999, based on cost for federal income tax purposes, excluding
forward currency contracts for the Small Company Fund, Multi Sector Bond Fund
and Global Equity Fund are the following components:
<TABLE>
<CAPTION>
NET
GROSS GROSS UNREALIZED
UNREALIZED UNREALIZED APPRECIATION
GAINS LOSSES (DEPRECIATION)
-------------- ------------ --------------
<S> <C> <C> <C>
Total Return Fund $1,057,388,700 $(51,942,480) $1,005,446,220
Capital Appreciation Fund 385,854,858 (6,431,280) 379,423,578
Government Bond Fund 6,089,635 (20,151,942) (14,062,307)
Small Company Fund 82,463,393 (14,914,576) 67,548,817
Income Fund 7,550 (145,915) (138,365)
Strategic Growth Fund 1,552,531 (112,753) 1,439,778
Strategic Value Fund 1,391,318 (872,811) 518,507
Equity Income Fund 3,509,866 (542,158) 2,967,708
High Income Bond Fund 637,568 (2,021,721) (1,384,153)
Balanced Fund 4,710,697 (1,933,713) 2,776,984
Multi Sector Bond Fund 227,793 (1,833,063) (1,605,270)
Small Cap Value Fund 10,146,933 (2,355,834) 7,791,099
Select Advisers Small Cap Growth Fund 431,615 (114,648) 316,967
Global Equity Fund 3,951,977 (944,913) 3,007,064
Select Advisers Mid Cap Fund 1,919,611 (541,237) 1,378,374
</TABLE>
98 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 101
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
JUNE 30, 1999 (UNAUDITED)
- --------------------------------------------------------------------------------
5 -- PORTFOLIO INVESTMENT RISKS
CREDIT AND MARKET RISK. Funds that invest in high yield and emerging market
instruments are subject to certain credit and market risks. The yields of high
yield and emerging market debt obligations reflect, among other things,
perceived credit risk. The Funds' investment in securities rated below
investment grade typically involve risks not associated with higher rated
securities including, among others, greater risk of timely and ultimate payment
of interest and principal, greater market price volatility and less liquid
secondary market trading. The consequences of political, social, economic or
diplomatic changes may have disruptive effects on the market prices of
investments held by the Funds. The Funds' investment in non-dollar denominated
securities may also result in foreign currency losses caused by devaluations and
exchange rate fluctuations.
6 -- SUBSEQUENT EVENT
On January 1, 1999 eleven countries (Austria, Belgium, Finland, France, Germany,
Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain) in Europe
re-denominated their currency to the Euro currency. This re-denomination had no
tax implications and did not materially effect the Funds' financial statements
that hold currency and/or securities denominated in the above listed currencies.
Effective on July 1, 1999, as authorized by the Administrative Services Plan,
the Trust has entered into a Servicing Agreement pursuant to which Nationwide
Financial Services, Inc. has agreed to provide certain administrative support
services to the Funds held beneficially by its customers. In consideration for
providing administrative support services, Nationwide Financial Services, Inc.
and other entities with which the Trust may enter into Servicing Agreements
(which may include NAS) will receive a fee, computed at the annual rate of up to
0.25% of the average daily net assets of the shares of the Funds held by
customers of Nationwide Financial Services, Inc. or such other entity.
On July 26, 1999, a post-effective amendment was filed changing the name,
principal strategies, and principal risks of the Nationwide Select Advisers Mid
Cap Fund. The new name of the Fund will be the Nationwide Mid Cap Index Fund.
The Fund will seek to match the Standard & Poors Mid Cap 400 Index by investing
in the stocks comprising the index, and in futures where performance is tied to
the index. The three subadvisers which formerly managed the Fund will be
replaced by The Dreyfus Corporation on the date the changes to the registration
statement become effective, anticipated to be on or around September 27, 1999.
Due to this change in principal investment strategies, the annual advisory fee
will change from 1.05% to 0.50% on or about September 27, 1999.
Effective September 1, 1999, Villanova Mutual Fund Capital Trust (VMF) will
succeed NAS as investment adviser for the Funds, while Villanova SA Capital
Trust (VSA) will replace NAS as administrator. For Nationwide Select Advisers
Mid Cap Fund, the investment adviser change will be implemented on or about
September 27, 1999. VMF and VSA, both registered investment advisers, are
subsidiaries of Villanova Capital, Inc., a 97% owned subsidiary of Nationwide
Financial Services, Inc. (NFS). This change is being made as part of a
reorganization of NFS' investment management operations in an effort to grow and
expand NFS' investment management business. No changes in portfolio managers
will occur as part of this reorganization.
Also on September 1, 1999, VSA will enter into an agreement with BISYS Fund
Services Ohio, Inc. to provide sub-administration services.
Effective September 1, 1999, the investment advisory and fund administration
functions for the Nationwide Small Company Fund will be transferred to VSA and
VMF under two contracts. The Fund will begin to pay VSA a fee for fund
administration services. The fee will be calculated daily and paid monthly at
annual rate of 0.07% up to $250 million of average daily net assets, 0.05% on
the next $750 million and 0.04% on assets of more
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 99
<PAGE> 102
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
JUNE 30, 1999 (UNAUDITED)
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than $1 billion. The Fund will pay the remainder of its current 1.00% investment
advisory fee to VMS for investment advisory services.
YEAR 2000
NAS has developed and implemented a plan to address issues related to the Year
2000. The problem relates to many existing computer systems using only two
digits to identify a year in a date field. These systems were designed and
developed without considering the impact of the upcoming change in the century.
If not corrected, many computer systems could fail or create erroneous results
when processing information dated after December 31, 1999. NAS has completed an
inventory and assessment of all computer systems and has implemented a plan to
renovate or replace all applications that were identified as not Year-2000
compliant. NAS has also tested each application for its Year-2000 compliance.
Systems supporting NAS infrastructure, such as telecommunications, voice and
networks, have also been tested, renovated or replaced, and are compliant. NAS
assessment of Year-2000 issues has also included non-information technology
systems with embedded computer chips. NAS building systems such as fire,
security, elevators and escalators supporting facilities in Columbus, Ohio, have
been tested and are Year-2000 compliant.
In addition to resolving internal Year-2000 readiness issues, NAS is surveying
significant external organizations (business partners) to assess if they will be
Year-2000 compliant and be in a position to do business in the Year 2000 and
beyond. NAS continues its efforts to identify external risk factors and is in
the process of developing contingency plans as part of its ongoing
risk-management strategy.
100 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
