<PAGE> 1
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NATIONWIDE SEPARATE ACCOUNT TRUST
ANNUAL REPORT
DECEMBER 31, 1998
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<PAGE> 2
NATIONWIDE SEPARATE ACCOUNT TRUST
ANNUAL REPORT
DECEMBER 31, 1998
TABLE OF CONTENTS
<TABLE>
<S> <C>
Report of Independent Accountants........................... 1
Statements of Investments:
Total Return Fund...................................... 2
Capital Appreciation Fund.............................. 4
Government Bond Fund................................... 6
Money Market Fund...................................... 8
Nationwide Small Company Fund.......................... 12
Nationwide Income Fund................................. 22
Nationwide Strategic Growth Fund....................... 23
Nationwide Strategic Value Fund........................ 25
Nationwide Equity Income Fund.......................... 27
Nationwide High Income Bond Fund....................... 30
Nationwide Balanced Fund............................... 36
Nationwide Multi Sector Bond Fund...................... 41
Nationwide Small Cap Value Fund........................ 46
Nationwide Global Equity Fund.......................... 49
Nationwide Select Advisers Mid Cap Fund................ 56
Statements of Assets and Liabilities........................ 60
Statements of Operations.................................... 63
Statements of Changes in Net Assets......................... 66
Financial Highlights........................................ 74
Notes to Financial Statements............................... 84
</TABLE>
<PAGE> 3
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Trustees of
Nationwide Separate Account Trust:
In our opinion, the accompanying statements of assets and liabilities, including
the schedules of investments, and the related statements of operations and of
changes in net assets, and the financial highlights present fairly, in all
material respects, the financial position of the Total Return Fund, Capital
Appreciation Fund, Government Bond Fund, Money Market Fund, 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 (fifteen portfolios
constituting the Nationwide Separate Account Trust, hereafter referred to as the
"Trust") at December 31, 1998, the results of each of their operations for the
year then ended, and the changes in each of their net assets and the financial
highlights for each of the two years then ended, in conformity with generally
accepted accounting principles. These financial statements and financial
highlights (hereafter referred to as "financial statements") are the
responsibility of the Trust's management, our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with generally accepted
auditing standards which require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at December 31, 1998 by
correspondence with the custodian and brokers, provide a reasonable basis for
the opinion expressed above. The financial highlights of Nationwide Separate
Account Trust for each of the periods presented through December 31, 1996, were
audited by other independent accountants, whose report dated February 21, 1997
expressed an unqualified opinion.
PricewaterhouseCoopers LLP
Columbus, Ohio
February 18, 1999
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 1
<PAGE> 4
NATIONWIDE SEPARATE ACCOUNT TRUST
TOTAL RETURN FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (97.9%)
AUTO INDUSTRY (2.5%)
1,276,500 Genuine Parts Co. $ 42,682,969
266,400 Magna International, Inc.
Class A 16,516,800
--------------
59,199,769
--------------
BUSINESS SERVICES (2.9%)
681,000 FDX Corp.* 60,609,000
1,039,250 Olsten Corp. 7,664,469
--------------
68,273,469
--------------
CABLE (2.6%)
1,052,000 Comcast Corp. Class A 61,739,250
--------------
CHEMICALS (4.8%)
220,000 Air Products & Chemicals,
Inc. 8,800,000
1,037,400 Du Pont (E.I.) de Nemours &
Co. 55,047,038
446,000 Monsanto Co. 21,185,000
455,000 PPG Industries, Inc. 26,503,750
--------------
111,535,788
--------------
COMPUTER EQUIPMENT (6.5%)
892,000 Hewlett-Packard Co. 60,934,750
500,000 International Business
Machines Corp. 92,375,000
--------------
153,309,750
--------------
COMPUTER/SOFTWARE & SERVICES (2.2%)
1,600,100 First Data Corp. 50,703,169
--------------
CONGLOMERATES (3.1%)
305,300 Honeywell, Inc. 22,992,906
556,000 Philips Electronics NV ADR 37,634,250
353,900 Premark International, Inc. 12,253,788
--------------
72,880,944
--------------
CONSUMER NON-CYCLICALS (0.7%)
425,000 Newell Co. 17,531,250
--------------
DRUGS (15.9%)
400,000 Allergan, Inc. 25,900,000
500,000 Bristol-Meyers Squibb Co. 66,906,250
725,000 Glaxo Wellcome PLC ADR 50,387,500
300,000 McKesson Corp. 23,718,750
475,000 Merck & Co., Inc. 70,151,562
320,000 Schering-Plough Corp. 17,680,000
1,566,000 Warner-Lambert Co. 117,743,625
--------------
372,487,687
--------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
ELECTRONICS (0.1%)
177,000 Woodhead Industries, Inc. $ 2,301,000
--------------
FINANCIAL/BANKS (5.3%)
575,900 Bank One Corp. 29,406,894
519,000 First Union Corp. 31,561,687
909,800 Mellon Bank Corp. 62,548,750
--------------
123,517,331
--------------
FINANCIAL/INSURANCE (11.8%)
2,185,000 Allstate Corp. 84,395,625
350 Berkshire Hathaway, Inc.* 24,500,000
720,000 Chubb Corp. 46,710,000
2,090,700 Equitable Cos., Inc. 120,999,263
--------------
276,604,888
--------------
FINANCIAL SERVICES/MISCELLANEOUS (6.9%)
589,250 Associates First Capital
Corp. 24,969,469
638,139 Bear Stearns Cos., Inc. 23,850,445
750,000 Fannie Mae 55,500,000
700,000 Merrill Lynch & Co., Inc. 46,725,000
165,000 Morgan Stanley Dean Witter &
Co. 11,715,000
--------------
162,759,914
--------------
FOOD & BEVERAGE (11.3%)
291,000 Campbell Soup Co. 16,005,000
504,700 Heinz (H.J.) Co. 28,578,638
850,000 PepsiCo, Inc. 34,796,875
1,090,000 Philip Morris Cos., Inc. 58,315,000
55,100 Quaker Oats Co. 3,278,450
909,000 Ralston-Ralston Purina Group 29,428,875
2,814,200 Sara Lee Corp. 79,325,262
335,000 Seagram Co. Ltd. 12,730,000
108,200 Universal Foods Corp. 2,968,737
--------------
265,426,837
--------------
FOOD/GRAIN & AGRICULTURE (2.6%)
3,520,731 Archer-Daniels-Midland Co. 60,512,564
--------------
MACHINERY & CAPITAL GOODS (0.6%)
120,000 Emerson Electric Co. 7,260,000
130,000 Nordson Corp. 6,678,750
--------------
13,938,750
--------------
MEDICAL PRODUCTS (1.6%)
450,000 Johnson & Johnson 37,743,750
--------------
OIL & GAS (6.8%)
536,200 Burlington Resources, Inc. 19,202,662
430,000 Exxon Corp. 31,443,750
166,800 Mobil Corp. 14,532,450
400,000 Royal Dutch Petroleum Co. 19,150,000
</TABLE>
2 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 5
NATIONWIDE SEPARATE ACCOUNT TRUST
TOTAL RETURN FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
OIL & GAS (CONTINUED)
1,108,460 Union Pacific Resources
Group, Inc. $ 10,045,419
2,105,000 Williams Cos., Inc. (The) 65,649,687
--------------
160,023,968
--------------
POLLUTION CONTROL (1.1%)
543,750 Waste Management, Inc. 25,352,344
--------------
PRINTING & PUBLISHING (1.1%)
753,200 Dun & Bradstreet Corp. 23,772,875
58,000 New York Times Co. Class A 2,011,875
--------------
25,784,750
--------------
TELECOMMUNICATIONS (6.9%)
900,654 Alltel Corp. 53,870,367
278,200 Cincinnati Bell, Inc. 10,519,437
1,004,300 Sprint Corp. (FON Group) 84,486,737
502,150 Sprint Corp. (PCS Group)* 11,612,219
--------------
160,488,760
--------------
TRANSPORTATION (0.6%)
293,000 Union Pacific Corp. 13,203,313
--------------
TOTAL COMMON STOCK
(cost $1,471,546,120) 2,295,319,245
--------------
<CAPTION>
- ----------
PRINCIPAL
- ----------
<C> <S> <C>
U.S. GOVERNMENT AGENCY (0.9%)
$12,000,000 Federal Home Loan Bank Corp.,
Discount Notes, 5.13%,
01/06/99 11,996,592
10,000,000 Federal Home Loan Mortgage
Corp., Discount Notes, 5.05%,
01/28/99 9,965,870
--------------
TOTAL U.S. GOVERNMENT AGENCY
(cost $21,953,575) 21,962,462
--------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENT (1.0%)
$24,321,000 Merrill Lynch MBS Tri-Party,
4.86%, 01/04/99,
Collateralized by $30,588,998
FHLMC ARM Sinking Fund,
7.596%, 02/01/25, and
$13,498,987 FHLMC ARM Sinking
Fund, 6.657%, 03/01/25, and
$12,225,000 FHLMC ARM Sinking
Fund, 6.853%,11/01/26, market
value $24,810,650 (cost
$24,321,000) $ 24,321,000
--------------
TOTAL INVESTMENTS
(cost $1,517,820,695) $2,341,602,707
==============
</TABLE>
- -------------------------------------------------------
* Denotes a non-income producing security.
Cost also represents cost for federal income tax purposes.
The abbreviations in the above statement stand for the following:
ADR American Depository Receipt
ARM Adjustable Rate Mortgage
FHLMC Federal Home Loan Mortgage Corporation
MBS Mortgage-Backed Securities
NV Naamloze Vennootschap (Dutch corporation)
PLC (British) Public Limited Company
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 3
<PAGE> 6
NATIONWIDE SEPARATE ACCOUNT TRUST
CAPITAL APPRECIATION FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (99.1%)
BUILDING (1.3%)
66,200 Martin Marietta Materials,
Inc. $ 4,116,813
78,200 Masco Corp. 2,248,250
58,100 Vulcan Materials Co. 7,643,780
--------------
14,008,843
--------------
CHEMICALS (4.4%)
346,000 Millipore Corp. 9,839,375
250,000 Morton International, Inc. 6,125,000
108,100 OM Group, Inc. 3,945,650
629,002 Pall Corp. 15,921,613
324,620 Raychem Corp. 10,489,284
--------------
46,320,922
--------------
COMPUTER EQUIPMENT (5.2%)
298,600 International Business
Machines Corp. 55,166,350
--------------
COMPUTER/SOFTWARE & SERVICES (6.6%)
640,000 First Data Corp 20,280,000
211,800 Gartner Group, Inc. Class A* 4,500,750
1,166,300 Sungard Data Systems, Inc.* 46,287,531
--------------
71,068,281
--------------
CONGLOMERATES (1.0%)
242,700 Corning, Inc. 10,921,500
--------------
DRUGS (16.9%)
546,900 Allergan, Inc. 35,411,775
338,800 American Home Products Corp. 19,078,675
125,000 Merck & Co., Inc. 18,460,937
40,000 Pfizer, Inc. 5,017,500
913,200 Schering-Plough Corp. 50,454,300
685,700 Warner-Lambert Co. 51,556,069
--------------
179,979,256
--------------
ELECTRICAL EQUIPMENT (4.2%)
614,100 Black & Decker Corp. 34,427,981
163,500 Maytag Corp. 10,177,875
--------------
44,605,856
--------------
ENTERTAINMENT (0.4%)
126,531 Walt Disney Co. 3,795,930
--------------
FINANCIAL/BANKS (11.0%)
781,192 Bank One Corp. 39,889,617
224,179 Charter One Financial, Inc. 6,220,967
426,600 Mellon Bank Corp. 29,328,750
259,200 Pacific Century Financial
Corp. 6,318,000
874,000 Wells Fargo Co. 34,905,375
--------------
116,662,709
--------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
FINANCIAL/INSURANCE (5.2%)
422,900 Horace Mann Educators Corp. $ 12,052,650
634,000 Provident Cos., Inc. 26,311,000
206,200 SunAmerica, Inc. 16,727,975
--------------
55,091,625
--------------
FINANCIAL/OTHER (10.7%)
642,400 Associates First Capital
Corp. 27,221,700
388,900 Fannie Mae 28,778,600
64,600 MBIA, Inc. 4,235,337
1,795,750 MBNA Corp. 44,781,516
137,500 Merrill Lynch & Co., Inc. 9,178,125
--------------
114,195,278
--------------
FOOD & BEVERAGE (8.3%)
40,800 Anheuser-Busch Cos., Inc. 2,677,500
251,900 PepsiCo, Inc. 10,312,156
375,700 Philip Morris Cos., Inc. 20,099,950
685,400 Quaker Oats Co. 40,781,300
458,100 Ralston-Ralston Purina Group 14,830,987
--------------
88,701,893
--------------
HEALTH CARE (1.1%)
400,800 HCR Manor Care, Inc.* 11,773,500
--------------
HOSPITAL SUPPLY (5.0%)
425,000 Johnson & Johnson 35,646,875
453,637 Quest Diagnostics, Inc.* 8,080,409
331,800 St. Jude Medical, Inc.* 9,186,713
--------------
52,913,997
--------------
MACHINERY & CAPITAL GOODS (0.8%)
122,800 Trinity Industries, Inc. 4,727,800
112,420 United Rental's, Inc.* 3,723,913
--------------
8,451,713
--------------
PRINTING & PUBLISHING (10.4%)
239,700 American Greetings Corp.
Class A 9,842,681
363,000 Belo (A.H.) Corp. Series A 7,237,312
202,800 Dun & Bradstreet Corp. 6,400,875
299,300 E.W. Scripps Co. Class A 14,890,175
112,900 Gibson Greetings, Inc.* 1,340,688
519,400 IMS Health, Inc. 39,182,237
742,800 New York Times Co. Class A 25,765,875
62,000 Tribune Co. 4,092,000
3,400 Washington Post Co. Class B 1,964,988
--------------
110,716,831
--------------
RESTAURANTS (1.4%)
191,100 McDonald's Corp. 14,643,038
--------------
</TABLE>
4 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 7
NATIONWIDE SEPARATE ACCOUNT TRUST
CAPITAL APPRECIATION FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
RETAIL (4.5%)
722,700 Tiffany & Co. $ 37,490,063
130,900 Wal-Mart Stores, Inc. 10,660,169
--------------
48,150,232
--------------
TOYS (0.7%)
321,835 Mattel, Inc. 7,341,861
--------------
TOTAL COMMON STOCK
(cost $782,727,352) 1,054,509,615
--------------
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
CONVERTIBLE DEBT (0.1%)
MACHINERY (0.1%)
$ 1,027,000 Consorcio G Grupo Dina, 8.00%
08/08/04 (cost $960,713) $ 537,891
--------------
COMMERCIAL PAPER (1.1%)
12,131,000 Koch Industries,
5.25%, 01/04/99 (cost
$12,125,693) 12,124,122
--------------
TOTAL INVESTMENTS
(cost $795,813,758) $1,067,171,628
==============
</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.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 5
<PAGE> 8
NATIONWIDE SEPARATE ACCOUNT TRUST
GOVERNMENT BOND FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
MORTGAGE-BACKED SECURITIES (31.1%)
FEDERAL HOME LOAN MORTGAGE CORP., REMIC
(19.6%)
$ 6,547,000 Series 107-F, 8.65%, 12/15/04 $ 6,873,669
9,036,000 Series 1132-J, 8.00%, 08/15/06 9,531,625
13,000,000 Series 1344-D, 6.00%, 08/15/07 12,989,730
20,000,000 Series 1415-N, 6.75%, 11/15/07 20,498,660
10,000,000 Series 1451-J, 7.50%, 12/15/07 10,526,020
3,000,000 Series 1544-T, 6.50%, 07/15/08 3,022,659
9,000,000 Series 1693-H, 6.00%, 12/15/08 9,084,834
10,000,000 Series 2053-VB, 6.50%, 05/15/12 10,059,580
15,000,000 Series 1560-PN, 7.00%, 12/15/12 15,627,990
3,271,000 Series 2043-VH, 6.50%, 05/15/14 3,308,011
9,454,271 Series 31-E, 7.55%, 05/15/20 9,773,192
8,000,000 Series 1841-PA, 7.07%, 08/15/20 8,083,656
10,000,000 Series 1102-H, 8.88%, 06/15/21 10,477,840
9,643,728 Series 1136-H, 6.00%, 09/15/21 9,563,781
1,631,515 Series 190-D, 9.20%, 10/15/21 1,710,731
8,341,845 Series 1614-MZ, 6.50%, 11/15/23 8,437,893
------------
149,569,871
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION, REMIC
(11.5%)
4,055,635 Series 100-M, 5.50%, 09/25/01 4,039,721
4,708,000 Series 94-J, 7.00%, 05/25/07 4,870,638
13,003,645 Series 68-Z, 8.00%, 05/25/07 13,789,312
5,163,152 Pool 380276, 6.36%, 04/01/08 5,392,659
14,905,812 Pool 380348, 6.28%, 05/01/08 15,492,744
6,963,769 Pool 380538, 6.24%, 08/01/08 7,218,016
7,000,000 Series 164-C, 6.50%, 09/25/08 7,055,006
6,000,376 Series 33-H, 6.00%, 03/25/09 5,990,655
224,165 Series 34-E, 9.85%, 08/25/14 223,653
1,103,417 Series 25-B, 9.25%, 10/25/18 1,172,690
5,774,232 Series 16-D, 9.00%, 03/25/20 5,918,484
1,833,688 Series 73-A, 8.00%, 07/25/21 1,887,499
4,455,551 Series G42-Z, 7.00%, 07/25/22 4,506,700
10,000,000 Series 76-H, 5.00%, 02/25/24 9,599,321
------------
87,157,098
------------
TOTAL MORTGAGE-BACKED
SECURITIES
(cost $232,741,305) 236,726,969
------------
U.S. GOVERNMENT AND AGENCY
LONG-TERM OBLIGATIONS (64.9%)
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
(1.4%)
10,000,000 6.49%, 08/01/07 10,815,240
------------
FEDERAL FARM CREDIT (1.4%)
10,000,000 6.30%, 09/23/04 10,522,220
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
FEDERAL HOME LOAN BANKS (8.5%)
$12,000,000 6.36%, 03/21/01 $ 12,329,532
6,000,000 6.52%, 01/09/02 6,237,078
10,000,000 5.91%, 12/23/02 10,247,330
15,000,000 5.74%, 07/22/03 15,309,825
4,135,000 5.74%, 02/25/05 4,247,658
8,500,000 7.32%, 04/21/05 9,444,852
6,395,000 5.80%, 08/12/05 6,594,319
------------
64,410,594
------------
FEDERAL HOME LOAN MORTGAGE CORPORATION (2.0%)
5,000,000 6.80%, 08/22/05 5,433,820
9,000,000 6.75%, 05/30/06 9,833,733
------------
15,267,553
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (11.9%)
10,000,000 5.72%, 01/09/01 10,139,560
11,703,000 6.40%, 05/02/01 12,048,964
12,000,000 6.85%, 08/22/05 13,096,224
5,000,000 6.82%, 08/23/05 5,448,590
11,270,000 6.77%, 09/01/05 12,252,643
9,000,000 6.54%, 10/03/05 9,677,241
15,000,000 5.88%, 02/02/06 15,558,975
12,310,000 7.58%, 04/26/06 12,377,446
------------
90,599,643
------------
PRIVATE EXPORT FUNDING CORPORATION (3.1%)
22,000,000 6.86%, 04/30/04 23,675,058
------------
RESOLUTION FUNDING CORPORATION (10.2%)
54,000,000 Principal STRIP, 04/15/06 37,858,212
30,000,000 Principal STRIP, 01/15/13 13,835,640
58,000,000 Principal STRIP, 07/15/13 25,935,164
------------
77,629,016
------------
U.S. TREASURY BONDS (26.4%)
5,000,000 6.25%, 01/31/02 5,220,310
25,000,000 5.75%, 10/31/02 25,898,424
10,000,000 7.88%, 11/15/04 11,584,370
44,000,000 7.00%, 07/15/06 50,105,000
25,000,000 12.75%, 11/15/10 36,343,750
29,500,000 7.50%, 11/15/16 36,681,393
25,000,000 8.75%, 08/15/20 35,632,800
------------
201,466,047
------------
TOTAL U.S. GOVERNMENT AND
AGENCY LONG-TERM OBLIGATIONS
(cost $470,012,493) 494,385,371
------------
</TABLE>
6 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 9
NATIONWIDE SEPARATE ACCOUNT TRUST
GOVERNMENT BOND FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENT (3.0%)
$22,476,000 Warburg, Dillon, Read, 4.25%,
01/04/99, Collateralized by
$22,258,000 U.S. Treasury
Bonds, 5.375%, 01/31/00, market
value $22,925,740
(cost $22,476,000) $ 22,476,000
-----------
TOTAL INVESTMENTS
(cost $725,229,798) $753,588,340
-----------
-----------
</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.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 7
<PAGE> 10
NATIONWIDE SEPARATE ACCOUNT TRUST
MONEY MARKET FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998
<TABLE>
<CAPTION>
- -----------------------------------------------------------
AMORTIZED
COST
PRINCIPAL SECURITY VALUATION
- -----------------------------------------------------------
<C> <S> <C>
CANADIAN GOVERNMENT OBLIGATIONS (1.3%)
$18,375,000 British Columbia, 4.89%,
02/02/99 (cost $18,295,130) $ 18,295,130
--------------
COMMERCIAL PAPER (90.6%)
AGRICULTURE/FINANCE (0.7%)
4,364,000 John Deere Capital Corp.,
5.10%, 02/05/99 4,342,362
6,000,000 John Deere Capital Corp.,
5.10%, 03/09/99 5,943,050
--------------
10,285,412
--------------
AGRICULTURE/SUPPLIES (2.4%)
15,000,000 John Deere & Co., 5.31%,
01/19/99 14,960,175
10,987,000 John Deere & Co., 5.11%,
01/20/99 10,957,368
7,745,000 John Deere & Co., 5.14%,
02/18/99 7,691,921
--------------
33,609,464
--------------
AUTO/FINANCE (7.7%)
20,000,000 American Honda Finance Corp.,
5.40%, 01/26/99 19,925,000
10,000,000 Ford Motor Credit Co., 5.31%,
01/11/99 9,985,250
2,597,000 Ford Motor Credit Co., 5.35%,
01/21/99 2,589,281
20,000,000 Ford Motor Credit Co., 5.12%,
02/05/99 19,901,378
10,000,000 Ford Motor Credit Co., 5.18%,
02/19/99 9,929,494
20,000,000 General Motors Acceptance
Corp., 5.11%, 01/15/99 19,959,478
2,328,000 General Motors Acceptance
Corp., 5.31%, 01/20/99 2,321,476
5,000,000 General Motors Acceptance
Corp., 5.18%, 02/10/99 4,971,221
7,000,000 General Motors Acceptance
Corp., 5.24%, 02/11/1999 6,958,226
10,000,000 General Motors Acceptance
Corp., 5.14%, 03/18/1999 9,891,489
--------------
106,432,293
--------------
BANKS (5.8%)
10,000,000 Morgan (J.P.) & Co., 5.65%,
01/22/99 9,967,042
10,000,000 Morgan (J.P.) & Co., 5.75%,
03/10/99 10,007,973
15,000,000 Morgan (J.P.) & Co., 5.02%,
03/25/99 14,826,392
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
AMORTIZED
COST
PRINCIPAL SECURITY VALUATION
- -----------------------------------------------------------
<C> <S> <C>
BANKS (CONTINUED)
$ 5,000,000 National City Credit Corp.,
5.08%, 01/07/99 $ 4,995,767
10,000,000 Suntrust Banks, Inc., 5.15%,
02/12/99 9,939,917
20,000,000 Suntrust Banks, Inc., 5.03%,
03/16/99 19,793,210
10,000,000 Toronto-Dominion Holdings
(USA), 5.42%, 01/19/99 9,972,900
--------------
79,503,201
--------------
BROKERS/DEALERS (13.9%)
10,000,000 Bear Stearns Co., 5.17%,
01/07/99 9,991,383
10,000,000 Bear Stearns Co., 5.24%,
02/12/99 9,938,867
10,000,000 Bear Stearns Co., 5.09%,
03/05/99 9,910,925
10,000,000 Bear Stearns Co., 5.08%,
04/09/99 9,861,711
16,000,000 Goldman Sachs Group, 5.25%,
01/13/99 15,972,000
11,732,000 Goldman Sachs Group, 5.30%,
01/14/99 11,710,016
11,548,000 Goldman Sachs Group, 5.10%,
03/09/99 11,438,390
1,383,000 Goldman Sachs Group, 4.90%,
03/25/99 1,367,376
503,000 Merrill Lynch & Co., 5.45%,
01/15/99 501,934
22,000,000 Merrill Lynch & Co.,
5.40-5.46%, 01/20/99 21,936,920
10,000,000 Merrill Lynch & Co., 5.26%,
01/29/99 9,959,089
10,000,000 Merrill Lynch & Co., 5.10%,
02/26/99 9,920,667
11,082,000 Morgan Stanley Group, 5.42%,
01/13/99 11,061,979
10,000,000 Morgan Stanley Group, 5.42%,
01/15/99 9,978,921
5,000,000 Morgan Stanley Group, 5.17%,
02/12/99 4,969,842
12,000,000 Morgan Stanley Group, 5.10%,
02/26/99 11,904,800
30,000,000 Salomon Smith Barney, Inc.,
5.37-5.50%, 01/05/99 29,981,956
--------------
190,406,776
--------------
CONSUMER PRODUCTS (5.7%)
25,000,000 Clorox Co., 5.12%, 01/21/99 24,928,889
3,500,000 Clorox Co., 5.18%, 02/12/99 3,478,848
15,000,000 Clorox Co., 5.10%, 02/19/99 14,895,875
</TABLE>
8 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 11
NATIONWIDE SEPARATE ACCOUNT TRUST
MONEY MARKET FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
AMORTIZED
COST
PRINCIPAL SECURITY VALUATION
- -----------------------------------------------------------
<C> <S> <C>
CONSUMER PRODUCTS (CONTINUED)
$20,000,000 Gillette Co., 5.12%, 01/08/99 $ 19,980,089
15,000,000 Gillette Co., 5.13%, 01/15/99 14,970,075
--------------
78,253,776
--------------
CONSUMER SALES FINANCE (12.5%)
10,000,000 American Express Credit
Corp., 5.40%, 01/06/99 9,992,500
1,200,000 American Express Credit
Corp., 5.33%, 01/13/99 1,197,868
13,178,000 American Express Credit
Corp., 5.32%, 01/14/99 13,152,684
10,000,000 American Express Credit
Corp., 5.15%, 02/04/99 9,951,361
10,000,000 American General Finance
Corp., 5.43%, 01/07/99 9,990,950
10,000,000 Associates Corp. of North
America, 5.02%, 02/17/99 9,934,461
8,000,000 Associates First Capital
Corp., 5.17%, 02/08/99 7,956,342
15,000,000 Associates First Capital
Corp., 5.09%, 03/05/99 14,866,387
10,000,000 Associates First Capital
Corp., 5.13%, 03/10/99 9,903,100
5,000,000 Commercial Credit Co., 5.33%,
01/11/99 4,992,597
28,707,000 Commercial Credit Co., 5.14%,
01/22/99 28,620,927
10,000,000 Commercial Credit Co., 5.17%,
02/09/99 9,943,992
15,000,000 Household Finance Corp.,
5.41%, 01/06/99 14,988,729
2,179,000 Household Finance Corp.,
5.33%, 01/13/99 2,175,129
8,000,000 Household Finance Corp.,
5.42%, 01/19/99 7,978,319
6,390,000 Household Finance Corp.,
5.15%, 01/21/99 6,371,718
10,000,000 Household International
Corp., 5.50%, 01/05/99 9,993,889
--------------
172,010,953
--------------
CORPORATE CREDIT UNIONS (1.5%)
20,000,000 U.S. Central Credit Union,
4.87%, 02/02/99 19,913,422
--------------
DIVERSIFIED FINANCE (6.3%)
5,000,000 CIT Group, Inc., 5.20%,
01/05/99 4,997,111
8,000,000 CIT Group, Inc., 5.14%,
01/14/99 7,985,151
20,000,000 CIT Group, Inc., 5.30%,
01/28/99 19,920,500
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
AMORTIZED
COST
PRINCIPAL SECURITY VALUATION
- -----------------------------------------------------------
<C> <S> <C>
DIVERSIFIED FINANCE (CONTINUED)
$10,000,000 CIT Group, Inc., 5.24%,
01/29/99 $ 9,959,245
5,000,000 GE Capital Corp., 5.12%,
01/19/99 4,987,200
4,000,000 GE Capital Corp., 5.16%,
02/12/99 3,975,920
5,000,000 GE Capital Corp., 5.11%,
03/09/99 4,952,449
15,000,000 GE Capital Corp., 5.13%,
03/17/99 14,839,687
5,000,000 GE Capital Corp., 5.02%,
03/30/99 4,938,644
10,000,000 GE Capital Corp., 5.03%,
04/06/99 9,867,264
--------------
86,423,171
--------------
ENTERTAINMENT (1.4%)
20,000,000 Walt Disney Co., 5.08%,
03/02/99 19,830,668
--------------
FINANCIAL SERVICES/UTILITIES (3.3%)
15,000,000 National Rural Utilities
Cooperative Finance Corp.,
5.12%, 01/12/99 14,976,533
10,000,000 National Rural Utilities
Cooperative Finance Corp.,
5.05%, 01/22/99 9,970,541
5,000,000 National Rural Utilities
Cooperative Finance Corp.,
5.12%, 02/19/99 4,965,156
15,000,000 National Rural Utilities
Cooperative Finance Corp.,
5.02%, 03/11/99 14,855,675
--------------
44,767,905
--------------
FOOD & BEVERAGE (2.9%)
3,956,000 Heinz (H.J.) Co., 5.26%,
01/22/99 3,943,862
3,000,000 Heinz (H.J.) Co., 5.26%,
01/25/99 2,989,480
9,200,000 Heinz (H.J.) Co., 5.15%,
02/01/99 9,159,201
6,750,000 Heinz (H.J.) Co., 5.12%,
02/02/99 6,719,279
8,150,000 Heinz (H.J.) Co., 5.12%,
02/03/99 8,111,749
5,000,000 Heinz (H.J.) Co., 5.22%,
02/12/99 4,969,550
3,900,000 Heinz (H.J.) Co., 5.15%,
02/16/99 3,874,336
--------------
39,767,457
--------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 9
<PAGE> 12
NATIONWIDE SEPARATE ACCOUNT TRUST
MONEY MARKET FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
AMORTIZED
COST
PRINCIPAL SECURITY VALUATION
- -----------------------------------------------------------
<C> <S> <C>
HEAVY EQUIPMENT/FINANCE (3.1%)
$ 6,400,000 Caterpillar Financial
Services, Inc., 5.32%,
01/05/99 $ 6,396,217
8,682,000 Caterpillar Financial
Services, Inc., 5.05%,
01/07/99 8,674,693
15,000,000 Caterpillar Financial
Services, Inc., 5.03%,
01/08/99 14,985,329
2,000,000 Caterpillar Financial
Services, Inc., 5.05%,
01/13/99 1,996,634
10,000,000 Caterpillar Financial
Services, Inc., 5.12%,
02/04/99 9,951,644
--------------
42,004,517
--------------
INSURANCE (7.5%)
10,000,000 American General Corp.,
5.06%, 01/14/99 9,981,728
10,000,000 American General Corp.,
5.03%, 01/15/99 9,980,439
15,000,000 American General Corp.,
5.07%, 03/04/99 14,869,025
10,000,000 Marsh & McLennan Cos., 5.38%,
01/13/99 9,982,067
15,000,000 Metlife Funding, Inc., 5.30%,
01/11/99 14,977,917
6,000,000 Metlife Funding, Inc., 5.13%,
01/12/99 5,990,594
3,773,000 Metlife Funding, Inc., 5.35%,
01/22/99 3,761,225
10,635,000 Metlife Funding, Inc., 5.22%,
01/27/99 10,594,906
8,000,000 Metlife Funding, Inc., 5.15%,
02/16/99 7,947,356
15,000,000 Principal Life Co., 5.50%,
01/06/99 14,988,542
--------------
103,073,799
--------------
LEASE/FINANCE (0.7%)
10,000,000 IBM Credit Corp., 5.32%,
01/07/99 9,991,133
--------------
MISCELLANEOUS MANUFACTURING (0.4%)
5,000,000 Illinois Tool Works, Inc.,
5.08%, 03/23/99 4,942,850
--------------
OIL & GAS/EQUIPMENT & SERVICES (3.4%)
10,000,000 Chevron Transport Corp.,
5.36%, 01/06/99 9,992,556
10,000,000 Chevron Transport Corp.,
5.46%, 01/08/99 9,989,383
27,869,000 Koch Industries, Inc., 5.25%,
01/04/99 27,856,807
--------------
47,838,746
--------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
AMORTIZED
COST
PRINCIPAL SECURITY VALUATION
- -----------------------------------------------------------
<C> <S> <C>
PACKAGING/CONTAINERS (2.8%)
$11,516,000 Bemis Co., Inc., 5.25%,
01/14/99 $ 11,494,168
8,319,000 Bemis Co., Inc., 5.42%,
01/22/99 8,292,698
15,000,000 Bemis Co., Inc., 5.15%,
02/12/99 14,909,874
3,665,000 Bemis Co., Inc., 5.18%,
02/19/99 3,639,160
--------------
38,335,900
--------------
PAPER & FOREST PRODUCTS (2.9%)
25,000,000 Sonoco Products Co., 5.15%,
02/09/99 24,860,521
15,000,000 Sonoco Products Co., 5.14%,
02/12/99 14,910,050
--------------
39,770,571
--------------
PHARMACEUTICALS/PERSONAL CARE (2.7%)
11,098,000 Becton Dickinson & Co.,
5.17%, 02/10/99 11,034,248
4,025,000 Becton Dickinson & Co.,
5.07%, 03/04/99 3,989,855
10,000,000 Becton Dickinson & Co.,
5.05%, 03/10/99 9,904,611
11,555,000 Glaxo Wellcome, Inc., 5.03%,
01/22/99 11,521,096
--------------
36,449,810
--------------
PRINTING & PUBLISHING (3.0%)
15,000,000 E.W. Scripps Co., 5.15%,
01/12/99 14,976,396
6,000,000 E.W. Scripps Co., 5.03%,
03/12/99 19,782,688
20,000,000 E.W. Scripps Co., 5.03%,
03/19/99 5,941,317
--------------
40,700,401
--------------
TOTAL COMMERCIAL PAPER
(cost $1,234,304,252) 1,244,312,225
--------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS (8.1%)
20,000,000 Federal Home Loan Mortgage
Corp., 5.01%, 01/11/99 19,972,161
5,000,000 Federal Home Loan Mortgage
Corp., 5.02%, 02/19/99 4,965,836
20,000,000 Federal National Mortgage
Association, 5.05%, 01/08/99 19,980,361
6,350,000 Federal National Mortgage
Association, 4.95%, 02/04/99 6,320,314
</TABLE>
10 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 13
NATIONWIDE SEPARATE ACCOUNT TRUST
MONEY MARKET FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<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* $ 9,995,303
50,000,000 U.S. Treasury Bills, 4.40%,
02/11/99 49,749,444
--------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(cost $120,991,392) 110,983,419
--------------
TOTAL INVESTMENTS
(cost $1,373,590,774) $1,373,590,774
==============
</TABLE>
- -------------------------------------------------------
* Variable rate security. The rate reflected in the Statement of Investments is
the rate in effect on December 31, 1998.
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.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 11
<PAGE> 14
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (91.9%)
AUSTRALIA (0.2%)
HEALTH CARE (0.2%)
112,100 Cochlear Ltd. $ 639,182
------------
AUSTRIA (0.2%)
MACHINERY & ENGINEERING (0.2%)
10,800 KTM-Motorradholding AG 732,471
------------
CANADA (0.3%)
FOOD PROCESSING (0.1%)
62,400 Maple Leaf Foods, Inc. 596,887
------------
INSURANCE (0.2%)
39,800 Queensway Financial Holdings
Ltd.* 619,455
------------
TOTAL CANADA 1,216,342
------------
DENMARK (0.2%)
COMMERCIAL SERVICES (0.2%)
7,800 Falck A/S 637,943
------------
FINLAND (0.9%)
CONSUMER PRODUCTS (0.3%)
95,500 Amer Group Ltd.* 1,000,905
------------
ELECTRONICS/INSTRUMENTATION (0.1%)
7,100 Vaisala OY 593,043
------------
HOUSEHOLD PRODUCTS (0.2%)
37,900 Asko OYJ 653,487
------------
INSURANCE (0.2%)
22,600 Vakuutusyhtio Sampo OYJ 869,698
------------
MANUFACTURING/DIVERSIFIED (0.1%)
51,500 Santasalo JOT Group 319,552
------------
TOTAL FINLAND 3,436,685
------------
FRANCE (1.0%)
CHEMICALS/PLASTICS (0.2%)
6,700 Compagnie Plastic Omnium SA 646,345
------------
ELECTRONICS/DEFENSE (0.4%)
20,200 Cie des Signaux SA 1,493,382
------------
ENERGY (0.2%)
7,285 C.E.A. Industries 898,507
------------
MACHINERY & ENGINEERING (0.2%)
20,100 Carbone Lorraine 960,457
------------
TOTAL FRANCE 3,998,691
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
GERMANY (0.7%)
BEVERAGES/ALCOHOLIC (0.3%)
21,100 Hawesko Holding AG* $ 1,186,755
------------
ELECTRICAL EQUIPMENT (0.1%)
7,550 Data Modul AG 310,493
------------
HEALTH CARE (0.3%)
71,800 Marseille-Kliniken AG 1,302,691
------------
TOTAL GERMANY 2,799,939
------------
HONG KONG (0.4%)
HOTELS/MOTELS (0.1%)
2,146,000 CDL Hotels International Ltd. 551,301
------------
LEISURE/ENTERTAINMENT (0.1%)
864,000 Shaw Brothers Ltd. 373,650
------------
RETAIL/SPECIALTY (0.2%)
1,756,000 Esprit Holdings Ltd. 759,407
------------
TOTAL HONG KONG 1,684,358
------------
IRELAND (0.5%)
BANK/SAVINGS & LOAN (0.3%)
373,900 Anglo Irish Bank Corp. PLC 1,089,302
------------
COMMERCIAL SERVICES (0.2%)
107,800 Adare Printing Group PLC 955,128
------------
TOTAL IRELAND 2,044,430
------------
ITALY (1.1%)
BANK/SAVINGS & LOAN (0.5%)
81,000 Banca Popolare di Brescia 1,993,647
------------
FINANCIAL SERVICES (0.2%)
1,005,700 Premafin Finanziaria SPA* 878,340
------------
MACHINERY (0.1%)
121,400 Interpump Group SPA 600,567
------------
TIRE & RUBBER (0.3%)
291,100 Manuli Rubber Industries SPA 1,084,502
------------
TOTAL ITALY 4,557,056
------------
JAPAN (0.5%)
BUSINESS SERVICES (0.0%)
200 Daiseki Co. Ltd. 1,162
------------
CONSTRUCTION & HOUSING (0.0%)
440 CTI Engineering Co. Ltd. 2,669
------------
</TABLE>
12 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 15
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
CONSUMER GOODS & SERVICES (0.2%)
37,000 Laox $ 262,408
32,300 Paris Miki, Inc. 717,584
------------
979,992
------------
COSMETICS (0.2%)
28,700 ADEARANS Co. Ltd. 860,768
------------
FOOD & BEVERAGE (0.0%)
7,000 Soken Co. Ltd. 11,903
------------
MACHINERY & ENGINEERING (0.0%)
400 DMW Corp. 10,630
------------
MEDICAL PRODUCTS (0.1%)
14,000 Kawasumi Laboratories, Inc. 265,569
------------
RETAIL STORES (0.0%)
400 Jeans Mate Corp. 7,314
------------
TOTAL JAPAN 2,140,007
------------
NETHERLANDS (0.8%)
BUSINESS SERVICES (0.1%)
56,400 Avalix Groep NV*(a) 469,117
------------
COMPUTER SOFTWARE (0.4%)
167,600 Scala Business Solutions NV* 1,528,951
------------
PUBLISHING (0.3%)
43,700 N.V. Holdingmaatschappij De
Telegraaf 1,184,250
------------
TOTAL NETHERLANDS 3,182,318
------------
NORWAY (0.6%)
BROADCAST MEDIA/CABLE TV (0.2%)
240,100 P4 Radio Hele Norge ASA 687,607
------------
COMMUNICATIONS & MEDIA (0.2%)
78,000 Schibsted A/S 974,746
------------
HOUSEHOLD FURNISHINGS & APPLIANCES (0.2%)
120,300 Ekornes ASA 955,259
------------
TOTAL NORWAY 2,617,612
------------
PORTUGAL (0.3%)
INSURANCE (0.3%)
44,200 Companhia de Seguros Mundial
Confianca SA* 1,415,505
------------
PUERTO RICO (0.4%)
FINANCIAL SERVICES (0.4%)
80,000 Doral Financial Corp. 1,770,000
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
SINGAPORE (0.2%)
FOOD & BEVERAGE (0.2%)
637,000 Want Want Holdings Ltd. $ 764,400
------------
SPAIN (0.3%)
BANK/SAVINGS & LOAN (0.3%)
20,300 Banco Pastor SA 1,284,346
------------
SWEDEN (1.1%)
COMPUTER SOFTWARE (0.2%)
87,600 Industrial & Financial Systems
AB 1,018,161
------------
COMPUTERS (0.0%)
2,666 International Business Systems* 54,682
------------
CONSUMER GOODS & SERVICES (0.1%)
87,600 Monark Stiga AB 390,930
------------
ENGINEERING & CONSTRUCTION (0.4%)
137,170 Caran AB Class B 1,705,140
------------
MEDICAL PRODUCTS (0.2%)
52,850 Getinge Industrier AB Class B 801,504
------------
PUBLISHING (0.2%)
34,600 Elanders AB Class B 653,764
------------
TOTAL SWEDEN 4,624,181
------------
SWITZERLAND (1.1%)
COMMERCIAL SERVICES (0.2%)
7,000 Swisslog Holding AG 682,619
------------
ELECTRONICS (0.2%)
2,800 Saia-Burgess Electronics* 714,125
------------
MEDICAL PRODUCTS (0.2%)
11,100 Gretag Imaging Group* 982,522
------------
PRINTING & PUBLISHING (0.3%)
4,020 Edipresse SA 1,191,134
------------
RESTAURANTS (0.2%)
1,520 Moevenpick Holding AG 875,673
------------
TOTAL SWITZERLAND 4,446,073
------------
UNITED KINGDOM (2.7%)
CHEMICALS/SPECIALTY (0.2%)
249,100 Victrex PLC 699,743
------------
COMMERCIAL SERVICES (0.1%)
186,900 Corporate Services Group PLC 478,646
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 13
<PAGE> 16
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMPUTER SOFTWARE (0.2%)
272,700 JBA Holdings PLC $ 871,539
------------
CONSUMER GOODS & SERVICES (0.4%)
257,700 Hogg Robinson PLC 891,872
157,300 Hozelock Group PLC 793,776
------------
1,685,648
------------
FINANCIAL SERVICES (0.2%)
160,500 E, D, & F Man Group PLC 944,912
------------
FOOD PROCESSING (0.2%)
196,600 Devro PLC 572,108
------------
HEALTH CARE (0.1%)
108,100 Westminster Health Care Holding
PLC 378,214
------------
INSURANCE (0.2%)
259,300 Jardine Lloyd Thomson Group 837,437
------------
LEASE/RENTAL (0.4%)
320,300 Ashtead Group PLC 738,118
171,500 Goode Durrant PLC 790,429
------------
1,528,547
------------
MEDICAL PRODUCTS (0.3%)
90,200 Seton Scholl Healthcare Group
PLC 1,274,483
------------
PUBLISHING (0.1%)
23,000 Euromoney Publications PLC 531,960
------------
RETAIL/GENERAL (0.2%)
209,000 Carpetright PLC 791,001
------------
TOYS (0.1%)
40,900 Games Workshop Group PLC 354,306
------------
TOTAL UNITED KINGDOM 10,948,544
------------
UNITED STATES (78.4%)
AEROSPACE/DEFENSE (2.0%)
70,900 AAR Corp. 1,692,738
27,000 Alliant Techsystems, Inc.* 2,225,813
59,600 Aviall, Inc.* 700,300
48,900 Cordant Technologies, Inc. 1,833,750
25,800 Doncasters PLC ADR* 417,638
22,200 Ducommun, Inc.* 306,638
12,200 Orbital Sciences Corp.* 539,850
69,100 TriStar Aerospace Co.* 483,700
------------
8,200,427
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
AUTO & AUTO PARTS (0.6%)
43,000 Donaldson, Inc. $ 892,250
12,500 Dura Automotive Systems, Inc.* 426,563
29,500 Triumph Group, Inc.* 944,000
------------
2,262,813
------------
BANK/SAVINGS & LOAN (2.8%)
51,500 Bank United Corp. Class A 2,021,375
31,300 Community First Bankshares,
Inc. 659,256
26,600 Cullen Frost Bankers, Inc. 1,459,675
33,000 Hamilton Bancorp, Inc.* 880,688
16,800 Ocean Financial Corp. 279,300
36,300 Peoples Heritage Financial
Group, Inc. 726,000
13,375 Queens County Bancorp, Inc. 397,906
13,400 Reliance Bancorp, Inc. 372,688
60,000 Southwest Bancorporation of
Texas, Inc.* 1,072,500
53,625 Sterling Bancshares, Inc. 797,672
18,000 Texas Regal Bancshares, Inc.
Class A 451,125
89,000 Webster Financial Corp. 2,441,937
------------
11,560,122
------------
BUILDING MATERIALS (0.7%)
27,700 D.R. Horton, Inc. 637,100
60,000 Granite Construction, Inc. 2,013,750
------------
2,650,850
------------
BUSINESS SERVICES (1.2%)
34,800 Hagler Bailly, Inc.* 696,000
55,000 Hypercom Corp.* 543,125
23,800 QRS Corp.* 1,142,400
44,250 Technology Solutions Co.* 474,307
44,000 True North Communications,
Inc.* 1,182,500
36,600 Wilmar Industries, Inc.* 743,437
------------
4,781,769
------------
CHEMICALS & FERTILIZER (0.2%)
30,700 Lawter International, Inc. 356,888
75,000 U.S. Home & Garden, Inc.* 375,000
------------
731,888
------------
CHEMICALS/SPECIALTY (0.4%)
18,600 Church & Dwight Co., Inc.* 668,438
29,500 Macdermid, Inc. 1,154,188
------------
1,822,626
------------
COMMERCIAL SERVICES (3.2%)
28,400 Advance Paradigm, Inc.* 994,000
23,000 Clear Channel Communications,
Inc.* 1,253,500
5,000 Icon PLC ADR* 167,500
</TABLE>
14 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 17
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMERCIAL SERVICES (CONTINUED)
35,900 Lason, Inc.* $ 2,088,931
48,500 Macrovision Corp.* 2,049,125
18,500 Metzler Group, Inc. (The)* 900,719
20,163 Nova Corp.* 699,404
22,100 On Assignment, Inc.* 762,450
25,000 Pediatrix Medical Group, Inc.* 1,498,438
20,000 Profit Recovery Group
International, Inc.* 748,750
17,350 Robert Half International,
Inc.* 775,328
26,000 Romac International, Inc.* 578,500
26,600 SM&A Corp.* 505,400
22,300 SOS Staffing Services, Inc.* 161,675
------------
13,183,720
------------
COMMUNICATIONS & MEDIA (2.4%)
28,400 Central European Media
Enterprises Ltd.* 186,375
28,999 Chancellor Media Corp.* 1,388,327
60,000 Cinar Corp. Class B* 1,522,500
67,200 Granite Broadcasting Corp. 403,200
55,000 Harte-Hanks, Inc. 1,567,500
12,700 Heftel Broadcasting Corp.* 625,475
32,000 Lamar Advertising Co.* 1,192,000
18,900 Metro Networks, Inc.* 805,613
36,387 Outdoor Systems, Inc.* 1,091,610
41,000 Ritchie Brothers Auctioneers,
Inc.* 1,104,437
------------
9,887,037
------------
COMPUTER EQUIPMENT (1.2%)
30,750 Cybex Computer Products Corp.* 903,281
37,000 Komag, Inc.* 383,875
21,950 National Instruments Corp.* 749,044
30,000 NeoMagic Corp.* 663,750
22,000 Network Appliance, Inc. 986,564
18,000 Secure Computing Corp.* 343,125
25,000 SMART Modular Technologies,
Inc.* 693,750
------------
4,723,389
------------
COMPUTER SERVICE (4.6%)
28,840 Acxiom Corp.* 894,040
21,200 Analysts International Corp. 408,100
16,500 CMGI, Inc.* 1,757,250
33,000 DoubleClick, Inc.* 1,468,500
19,500 Exodus Communication, Inc.* 1,252,875
31,000 InfoSpace.com, Inc.* 1,181,875
88,200 Inprise Corp.* 485,100
16,000 International Network Services* 1,064,000
34,200 Mercury Computer Systems, Inc.* 961,875
14,000 MindSpring Enterprises, Inc.* 854,875
35,500 National Data Corp. 1,728,406
12,000 Network Solutions, Inc.* 1,570,500
90,000 Security Dynamics Technologies,
Inc.* 2,070,000
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMPUTER SERVICE (CONTINUED)
17,600 Sterling Commerce, Inc.* $ 792,000
45,000 Sykes Enterprises, Inc.* 1,372,500
37,000 USWeb Corp.* 975,875
------------
18,837,771
------------
COMPUTER SOFTWARE (6.1%)
16,500 Advantage Learning Systems,
Inc.* 1,084,875
33,500 Avant! Corp.* 536,000
25,600 Boole & Babbage, Inc.* 753,600
19,700 BroadVision, Inc.* 630,400
27,600 Business Objects SA ADR* 897,000
38,000 Concord Communications, Inc.* 2,156,500
20,100 Concur Technologies, Inc.* 613,050
13,900 Documentum, Inc.* 742,781
38,000 Exchange Applications, Inc. 745,750
35,000 GeoTel Communications Corp.* 1,303,750
29,100 Hyperion Solutions Corp.* 523,800
5,000 Inktomi Corp.* 646,875
41,000 Legato Systems, Inc.* 2,703,438
18,600 Lycos, Inc.* 1,033,462
21,000 Macromedia, Inc.* 707,438
19,200 Mercury Interactive Corp.* 1,214,400
57,600 Micrografx, Inc.* 633,600
32,000 National Computer Systems, Inc. 1,184,000
16,500 New Dimension Software Ltd.* 794,063
58,100 New Era of Networks, Inc.* 2,556,400
70,000 Software AG Systems, Inc.* 1,268,750
28,400 Transaction System Architects,
Inc. Class A* 1,420,000
19,000 VideoServer, Inc.* 349,125
12,500 Visio Corp.* 457,031
------------
24,956,088
------------
CONSTRUCTION & HOUSING (0.4%)
20,400 Coachmen Industries, Inc. 535,500
44,400 Nobility Homes, Inc.* 568,875
2,100 Simpson Manufacturing Co.,
Inc.* 78,619
8,500 Texas Industries, Inc. 228,969
26,800 Willbros Group, Inc.* 149,075
------------
1,561,038
------------
CONSUMER GOODS & SERVICES (2.4%)
35,700 Alberto Culver Co. Class A 901,425
51,100 Central Garden & Pet Co.* 734,562
46,400 Devry, Inc.* 1,421,000
52,500 Furniture Brands International,
Inc.* 1,430,625
72,500 Helen of Troy Ltd.* 1,064,844
25,600 ITT Educational Services, Inc.* 870,400
17,700 Matthews International Corp.
Class A 557,550
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 15
<PAGE> 18
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
CONSUMER GOODS & SERVICES (CONTINUED)
37,500 Mohawk Industries, Inc.* $ 1,577,344
25,000 Sun International Hotels Ltd.* 1,135,938
------------
9,693,688
------------
CONSUMER NON-DURABLE (0.2%)
29,000 Hain Food Group, Inc.* 725,000
------------
CONTAINERS (0.4%)
65,000 Ivex Packaging Corp.* 1,511,250
11,200 Libbey, Inc. 324,100
------------
1,835,350
------------
DATA PROCESSING & REPRODUCTION (0.1%)
32,700 Inspire Insurance Solutions,
Inc.* 600,863
------------
EDUCATION (0.2%)
18,700 Strayer Education, Inc. 659,175
------------
ELECTRIC COMPANIES (0.5%)
46,000 CMP Group, Inc. 868,250
11,400 Rochester Gas & Electric Corp. 356,250
14,600 TNP Enterprises, Inc. 553,887
10,900 UtiliCorp United, Inc. 399,894
------------
2,178,281
------------
ELECTRICAL EQUIPMENT (0.3%)
24,100 Electro Scientific Industries,
Inc.* 1,092,031
------------
ELECTRONICS (1.5%)
24,900 Aavid Thermal Technologies,
Inc.* 420,187
18,800 ATMI, Inc.* 474,700
33,300 Burr-Brown Corp.* 780,469
31,600 DII Group, Inc. (The)* 726,800
53,100 Methode Electronics, Inc. Class
A 829,688
70,000 Power Integrations, Inc.* 1,754,375
20,000 Proxim, Inc.* 533,750
8,500 SCI Systems, Inc.* 490,875
------------
6,010,844
------------
ELECTRONICS/INSTRUMENTATION (0.6%)
9,100 Infoseek Corp.* 449,313
40,000 Mettler-Toledo International,
Inc.* 1,122,500
26,400 Optical Coating Laboratory,
Inc. 686,400
------------
2,258,213
------------
ELECTRONICS/SEMICONDUCTOR (4.1%)
66,800 Allied Products Corp. 421,675
49,100 AVT Corp.* 1,423,900
8,500 Broadcom Corp. Class A* 1,026,375
41,300 Dallas Semiconductor Corp. 1,682,975
31,900 Flextronics International Ltd.* 2,731,438
23,000 Galileo Technology Ltd.* 621,000
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
ELECTRONICS/SEMICONDUCTOR (CONTINUED)
18,700 Maxim Integrated Products,
Inc.* $ 816,956
17,500 Micrel, Inc.* 962,500
30,000 MIPS Technologies, Inc.* 960,000
17,100 Photronics, Inc.* 409,867
24,000 PMC-Sierra, Inc.* 1,515,000
10,000 QLogic Corp.* 1,308,750
14,000 Sipex Corp.* 491,750
10,200 Uniphase Corp.* 707,625
17,000 Veeco Instruments, Inc.* 903,125
16,500 Vitesse Semiconductor Corp.* 752,813
------------
16,735,749
------------
ENVIRONMENTAL SERVICES (0.7%)
29,010 Allied Waste Industries, Inc.* 685,361
56,900 Casella Waste Systems, Inc.* 2,112,413
------------
2,797,774
------------
FINANCIAL (0.1%)
9,300 Health Care Property Investors,
Inc. 285,975
------------
FINANCIAL/INSURANCE (0.1%)
21,000 Clark/Bardes Holdings, Inc.* 354,375
------------
FINANCIAL SERVICES (2.5%)
16,723 Allmerica Financial Corp. 967,844
23,400 Amerin Corp.* 552,825
18,600 City National Corp. 774,225
17,900 Enhance Financial Services
Group 537,000
25,000 Executive Risk, Inc. 1,373,437
35,900 HUBCO, Inc. 1,081,488
34,600 Nac Re Corp. 1,624,038
12,100 Reinsurance Group of America,
Inc. 735,075
37,000 Renaissance Holdings Ltd. 1,355,125
42,500 Terra Nova (Bermuda) Holdings
Ltd. 1,073,125
------------
10,074,182
------------
FOOD & BEVERAGE (0.5%)
36,800 Ben & Jerry's Homemade, Inc.
Class A* 823,400
9,600 Bush Boake Allen, Inc.* 338,400
18,900 Suiza Foods Corp.* 962,719
------------
2,124,519
------------
FURNISHINGS & APPLIANCES (0.3%)
24,600 American Woodmark Corp. 842,550
52,100 Interface, Inc. 483,556
------------
1,326,106
------------
</TABLE>
16 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 19
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
GOLD MINES (0.4%)
52,500 Getchell Gold Corp.* $ 1,430,625
------------
HAZARDOUS WASTE (0.2%)
71,250 Safety-Kleen Corp.* 1,006,406
------------
HEALTH CARE (3.7%)
43,200 Acuson Corp.* 642,600
39,700 ADAC Laboratories* 792,761
15,100 American Medical Security
Group, Inc.* 216,119
26,200 Ballard Medical Products 636,988
12,683 Block Drug, Inc. Class A 550,125
19,000 Compdent Corp.* 197,125
70,800 CORE, Inc.* 424,800
46,900 Dentsply International, Inc. 1,207,675
16,100 Endosonics Corp.* 159,994
39,300 Haemonetics Corp.* 894,075
101,700 Hanger Orthopedic Group, Inc.* 2,288,250
25,000 IDX Systems Corp.* 1,100,000
25,200 Mentor Corp. 590,625
10,400 Omega Healthcare Investors,
Inc. 313,950
38,650 Patterson Dental Co.* 1,681,275
26,800 Trigon Healthcare, Inc.* 999,975
15,100 United Wisconsin Services, Inc. 131,181
30,000 Universal Health Services, Inc.
Class B* 1,556,250
27,600 VWR Scientific Products, Inc.* 479,550
------------
14,863,318
------------
HEALTH CARE/BIOMEDIC/GENETIC (0.2%)
7,500 Coulter Pharmaceutical, Inc.* 225,000
20,000 Inhale Therapeutic Systems,
Inc.* 660,000
------------
885,000
------------
HEALTH CARE/DRUG/DIVERSIFIED (1.0%)
37,500 Alpharma, Inc. Class A 1,324,219
23,900 Anesta Corp.* 636,338
36,000 PathoGenesis Corp.* 2,088,000
------------
4,048,557
------------
HEALTH CARE/MEDICAL SUPPLY (0.5%)
13,000 Express Scripts, Inc. Class A* 872,625
35,000 Pharmaceutical Product
Development, Inc.* 1,052,188
------------
1,924,813
------------
HEALTH CARE/PATIENT CARE (0.9%)
26,400 Alternative Living Services,
Inc.* 904,200
55,000 Mid Atlantic Medical Services,
Inc.* 539,688
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
HEALTH CARE/PATIENT CARE (CONTINUED)
38,400 Renal Care Group, Inc.* $ 1,106,400
17,400 Sunrise Assisted Living, Inc.* 902,625
------------
3,452,913
------------
HEALTH CARE/PRODUCT (2.8%)
15,000 CYTYC Corp.* 386,250
50,000 Idexx Laboratories Corp.* 1,345,315
25,300 Minimed, Inc.* 2,650,175
25,000 Perclose, Inc.* 828,125
22,000 Priority Healthcare Corp.* 1,141,250
50,000 Resmed, Inc.* 2,268,750
28,600 Sepracor, Inc.* 2,520,375
12,000 Techne Corp.* 253,500
------------
11,393,740
------------
HOUSEHOLD FURNISHINGS & APPLIANCES (0.4%)
46,600 Hussmann International, Inc. 902,875
31,700 Industrie Natuzzi SPA ADR 788,538
------------
1,691,413
------------
INDUSTRIAL/MISCELLANEOUS (0.6%)
41,300 Apogee, Inc. 464,625
49,500 BMC Industries, Inc. 309,375
14,700 Brady Corp. 395,981
32,000 Kroll-O'Gara Co.* 1,262,000
------------
2,431,981
------------
INSURANCE (1.9%)
31,500 Annuity and Life Re (Holdings)
Ltd. 850,500
27,000 Everest Reinsurance Holdings,
Inc. 1,051,312
45,600 FBL Financial Group, Inc. 1,105,800
46,000 Fremont General Corp. 1,138,500
12,400 Penn-America Group, Inc. 112,375
12,400 Protective Life Corp. 493,675
41,600 Trenwick Group, Inc. 1,357,200
49,000 W.R. Berkley Corp. 1,669,063
------------
7,778,425
------------
INSURANCE/PROPERTY (0.4%)
40,000 LaSalle Re Holdings Ltd. 870,000
13,700 Scor ADR 916,188
------------
1,786,188
------------
LEISURE/ENTERTAINMENT (0.6%)
34,000 Premier Parks, Inc.* 1,028,500
43,800 Sunterra Corp.* 657,000
56,000 Vistana, Inc.* 784,000
------------
2,469,500
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 17
<PAGE> 20
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
LEISURE/SERVICE (0.8%)
24,300 Ambassadors International,
Inc.* $ 358,425
46,200 American Classic Voyages Co.* 814,275
39,600 Championship Auto Racing Teams,
Inc.* 1,173,150
29,000 Travel Services International,
Inc.* 884,500
------------
3,230,350
------------
LODGING (0.1%)
46,700 Prime Hospitality Corp.* 493,269
------------
MACHINERY & CAPITAL GOODS (1.3%)
12,100 Alamo Group, Inc. 138,394
39,200 Denison International PLC ADR* 490,000
21,200 Dionex Corp.* 776,450
26,600 Gardner Denver, Inc.* 392,350
10,500 IDEX Corp. 257,250
24,600 Kaydon Corp. 985,538
13,800 Lincoln Electric Co. 307,050
22,200 Roper Industries, Inc. 452,325
50,310 Zebra Technologies Corp. Class
A* 1,446,412
------------
5,245,769
------------
MATERIALS & PROCESSING (1.1%)
58,300 Aptargroup, Inc. 1,636,044
60,000 Crompton & Knowles Corp. 1,241,250
25,500 OM Group, Inc. 930,750
52,000 Safety Components
International, Inc.* 825,500
------------
4,633,544
------------
MEDICAL PRODUCTS (0.4%)
9,500 CONMED Corp.* 313,500
20,000 Dendrite International, Inc.* 499,376
17,900 Jones Medical Industries, Inc. 653,350
------------
1,466,226
------------
METAL PRODUCT & FABRICATION (0.0%)
16,900 NN Ball & Roller, Inc. 99,288
------------
NATURAL GAS (0.1%)
10,100 National Fuel Gas Co. 456,394
------------
NATURAL GAS/PROCESSING (0.2%)
16,300 CMS Energy Corp. 411,575
22,799 Indiana Energy, Inc. 561,425
------------
973,000
------------
NATURAL GAS/TRANSPORTERS (0.3%)
10,200 Northwest Natural Gas Co. 263,925
30,000 Washington Gas Light Co. 813,750
------------
1,077,675
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
OFFICE EQUIPMENT & SUPPLIES (0.5%)
46,700 United Stationers, Inc.* $ 1,214,200
33,800 Wallace Computer Services, Inc. 891,475
------------
2,105,675
------------
OFFICE/PLANT AUTOMATION (0.2%)
23,000 Global Imaging Systems, Inc.* 557,750
------------
OIL & GAS/DRILLING (0.4%)
27,500 Devon Energy Corp. 843,906
64,000 Rowan Cos., Inc.* 640,000
------------
1,483,906
------------
OIL & GAS/ENERGY (3.8%)
72,900 AGL Resources, Inc. 1,681,256
14,400 Cal Dive International, Inc.* 298,800
13,500 Central Hudson Gas & Electric
Corp. 604,125
26,000 Chieftain International, Inc.* 373,750
12,900 Connecticut Energy Corp. 393,450
11,100 Eastern Enterprises 485,625
158,200 Global Industries Ltd.* 968,975
12,600 Interstate Energy Corp. 406,350
19,050 MDU Resources Group, Inc. 501,253
15,000 Montana Power Co. 848,437
34,200 Nabors Industries, Inc.* 463,838
56,352 National-Oilwell, Inc.* 630,438
22,400 Nevada Power Co. 582,400
15,000 NUI Corp. 402,188
26,300 Oceaneering International,
Inc.* 394,500
43,500 Offshore Logistics, Inc.* 516,563
32,600 Petroleum Geo Services ADR* 513,450
16,400 Piedmont Natural Gas Co., Inc. 592,450
67,000 Pride International, Inc.* 473,188
56,400 Public Service Co. of New
Mexico 1,152,675
40,310 R&B Falcon Corp.* 307,364
36,700 Sierra Pacific Resources 1,394,600
16,800 Smith International, Inc.* 423,150
17,800 Stone Energy Corp.* 511,750
16,000 Tuboscope Vetco International
Corp.* 130,000
18,900 UTI Energy Corp.* 137,025
16,000 Wicor, Inc. 349,000
------------
15,536,600
------------
OIL & GAS/EQUIPMENT & SERVICES (0.1%)
70,000 Varco International, Inc.* 542,500
------------
PHARMACEUTICALS (2.1%)
30,000 Andrx Corp.* 1,537,500
90,000 Catalytica, Inc.* 1,620,000
23,600 Geltex Pharmaceuticals, Inc.* 533,950
35,000 Gilead Sciences, Inc.* 1,437,188
</TABLE>
18 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 21
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
PHARMACEUTICALS (CONTINUED)
33,500 IDEC Pharmaceuticals Corp.* $ 1,574,500
59,150 Serologicals Corp.* 1,774,500
------------
8,477,638
------------
PRINTING & PUBLISHING (0.4%)
46,900 Getty Images, Inc.* 806,094
9,333 Pulitzer Publishing Co. 808,471
------------
1,614,565
------------
PRODUCER DURABLES (0.5%)
44,500 Gerber Scientific, Inc. 1,059,656
87,700 Magnetek, Inc.* 1,014,031
5,100 Wyman-Gordon Co.* 52,275
------------
2,125,962
------------
REAL ESTATE (1.1%)
13,906 Apartment Investment &
Management Co. REIT 517,130
20,900 Crescent Real Estate Equities,
Inc. REIT 480,700
49,900 Fairfield Communities, Inc.* 552,019
34,250 Family Golf Centers, Inc.* 676,437
13,200 Health Care REIT, Inc. 341,550
18,800 LaSalle Partners, Inc.* 553,425
25,200 Prison Realty Corp. REIT* 516,600
10,600 SL Green Realty Corp. REIT 229,225
32,600 U.S. Restaurant Properties,
Inc. REIT 792,588
------------
4,659,674
------------
RESTAURANTS (0.2%)
36,500 Bob Evans Farms, Inc. 951,282
------------
RETAIL/SPECIALTY (1.1%)
7,000 American Eagle Outfitters,
Inc.* 466,375
7,400 Black Box Corp.* 280,275
11,900 Chico's Fas, Inc.* 278,162
22,000 Group 1 Automotive, Inc.* 572,000
15,000 O'Reilly Automotive, Inc.* 708,750
56,000 School Specialty, Inc.* 1,197,000
12,000 Sonic Automotive, Inc.* 413,250
9,000 Tarrant Apparel Group* 357,750
9,000 Tweeter Home Entertainment
Group, Inc.* 258,750
------------
4,532,312
------------
RETAIL STORES (3.8%)
90,500 99 Cents Only Stores* 4,445,812
45,000 Applied Micro Circuits Corp.* 1,528,596
38,200 Claire's Stores, Inc. 783,100
25,000 Linens 'N' Things, Inc.* 990,625
70,000 Marks Brothers Jewelers, Inc.* 1,260,000
35,000 Rent-A-Center, Inc. 1,111,250
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
RETAIL STORES (CONTINUED)
28,100 Ruddick Corp. $ 646,300
19,500 Schultz Sav-O Stores, Inc. 321,750
8,300 Select Comfort Corp.* 219,431
61,800 Signet Group PLC ADR* 957,900
36,900 Stage Stores, Inc.* 345,938
32,300 Trammell Crow Co.* 904,400
27,400 Wild Oats Markets, Inc.* 863,100
80,000 Wolverine World Wide, Inc. 1,060,000
------------
15,438,202
------------
RETAILING & DISTRIBUTORS (0.2%)
37,750 Richfood Holdings, Inc. 783,313
------------
SHIP BUILDING (0.8%)
97,600 Newport News Shipbuilding, Inc. 3,263,500
------------
STEEL (0.2%)
162,500 LTV Corp. (The) 944,532
------------
TECHNOLOGY (0.3%)
22,700 CACI International, Inc. Class
A* 383,063
30,700 Reynolds & Reynolds Co. Class A 704,181
------------
1,087,244
------------
TELECOMMUNICATION EQUIPMENT (1.1%)
55,000 Aware, Inc.* 1,495,312
23,000 InterVoice, Inc.* 793,500
32,000 L-3 Communications Holdings,
Inc.* 1,490,000
18,000 Polycom, Inc.* 400,500
44,100 Radiant Systems, Inc.* 325,238
------------
4,504,550
------------
TELECOMMUNICATIONS (1.1%)
19,800 McLeodUSA, Inc. Class A* 618,750
93,000 TranSwitch Corp.* 3,621,188
------------
4,239,938
------------
TEXTILE/APPAREL (0.2%)
35,000 Nautica Enterprises, Inc.* 525,000
10,200 St. John Knits, Inc. 265,200
------------
790,200
------------
TOBACCO & GROCERY (0.3%)
37,100 Consolidated Cigar Holdings,
Inc.* 656,206
16,400 First Brands Corp. 646,775
------------
1,302,981
------------
TRANSPORTATION (1.0%)
36,300 Coach USA, Inc.* 1,259,156
25,500 Expeditors International of
Washington, Inc. 1,071,000
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 19
<PAGE> 22
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
TRANSPORTATION (CONTINUED)
26,400 Heartland Express, Inc.* $ 462,000
36,200 Mark VII, Inc.* 674,225
24,500 Swift Transportation Co., Inc.* 686,767
------------
4,153,148
------------
UTILITIES (0.8%)
28,500 Cleco Corp. 977,906
21,700 Eastern Utilities Associates 613,025
7,100 Orange & Rockland Utilities,
Inc. 404,700
20,000 United Illuminating Co. 1,030,000
------------
3,025,631
------------
TOTAL UNITED STATES 318,871,160
------------
TOTAL COMMON STOCK
(cost $306,627,016) 373,811,243
------------
PREFERRED STOCK (0.8%)
GERMANY (0.8%)
BROADCAST MEDIA/CABLE TV (0.3%)
24,600 ProSieben Media AG 1,145,570
------------
MACHINERY & ENGINEERING (0.2%)
5,150 KSB AG 881,433
------------
RETAIL STORES (0.3%)
21,900 Fielmann AG 1,059,571
------------
TOTAL GERMANY AND PREFERRED
STOCK
(cost $3,041,105) 3,086,574
------------
<CAPTION>
- ----------
PRINCIPAL
- ----------
<C> <S> <C>
COMMERCIAL PAPER (2.9%)
$11,840,000 Finova Capital Corp., 5.30%,
01/04/99 (cost $11,834,771) 11,833,346
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
U.S. GOVERNMENT OBLIGATIONS (1.0%)
$ 721,000 U.S. Treasury Bills 3.76-3.99%,
01/14/99 $ 720,305
1,332,000 U.S. Treasury Bills 3.73-4.52%,
01/21/99 1,329,225
370,000 U.S. Treasury Bills 4.01-4.17%,
01/28/99 368,964
1,157,000 U.S. Treasury Bills 4.31-4.35%,
02/04/99 1,152,696
11,000 U.S. Treasury Bills 4.28-4.36%,
02/18/99 10,940
625,000 U.S. Treasury Bills 4.38-4.41%,
03/18/99 619,487
------------
TOTAL U.S. GOVERNMENT
OBLIGATIONS
(cost $4,200,000) 4,201,617
------------
REPURCHASE AGREEMENTS (3.7%)
13,264,000 Fifth Third Bank 4.12%,
01/04/99, Collateralized by
$4,891,000 FNMA Pool #303741,
7.00%, 02/01/11, $1,067,000
FNMA Pool #313140, 7.50%,
09/01/11, $2,876,000 FHLMC Pool
#G10657, 7.50%, 02/01/12, and
$4,423,000 FNMA Pool #190822,
5.00%, 05/01/24, market value
$13,530,895 13,264,000
1,960,000 State Street Bank, 4.80%,
01/04/99, Collateralized by
$1,940,000 U.S. Treasury Note,
6.375%, 05/15/00, market value
$2,003,050 1,960,000
------------
TOTAL REPURCHASE AGREEMENTS
(cost $15,224,000) 15,224,000
------------
TOTAL INVESTMENTS
(cost $340,926,892) $408,156,780
============
</TABLE>
20 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 23
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
- --------------------------------------------------------------------------------
* Denotes a non-income producing security.
(a) Represents a security registered under Rule 144A, which limits the resale to
certain qualified buyers.
Securities denominated in foreign currencies are shown at their U.S. dollar cost
and value.
Cost for federal income tax purposes: $342,683,717
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
AB Aktiebolag (Austrian, Swedish or Swiss stock company)
ADR American Depository Receipt
AG Aktiengesellschaft (German stock company)
A/S Limited
ASA Limited
FHLMC Federal Home Loan Mortgage Corporation
FNMA Federal National Mortgage Association
NV Naamloze Vennootschap (Dutch corporation)
OY Limited
OYJ Limited
PLC (British or Irish) Public Limited Company
REIT Real Estate Investment Trust
SA Societe Anonyme (French corporation)
SA Sociedad Anonima (Spanish or Portuguese corporation)
SGPS Sociedade Gestora De Participacoes Sociais (Portuguese
corporation)
SPA Societa per Azioni (Italian corporation)
</TABLE>
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 21
<PAGE> 24
NATIONWIDE SEPARATE ACCOUNT TRUST
INCOME FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
CORPORATE BONDS (14.6%)
BANKS (0.9%)
$ 50,000 Capital One Bank, 6.70%, 05/15/08 $ 45,850
----------
FINANCIAL (3.8%)
30,000 Associates Corp. of North America,
6.70%, 05/29/01 30,811
50,000 Ford Motor Credit Co., 8.20%,
02/15/02 53,673
50,000 Lehman Brothers Holdings, Inc.,
6.90%, 01/29/01 50,525
50,000 Norwest Corp., 8.15%, 11/01/01 53,397
----------
188,406
----------
INDUSTRIAL (4.5%)
100,000 Noram Energy Corp., 6.375%,
11/01/03 101,622
20,000 Sears Roebuck Acceptance Corp.,
6.38%, 11/21/01 20,359
50,000 Waste Management, Inc., 6.125%,
07/15/01 50,574
50,000 Williams Cos., Inc. (The), 6.125%,
02/01/01 50,186
----------
222,741
----------
TELEPHONE (1.0%)
50,000 MCI Worldcom, Inc., 6.125%,
08/15/01 50,838
----------
TRANSPORTATION (1.1%)
48,762 Southwest Airlines Co., 7.67%,
01/02/14 53,388
----------
UTILITY/ELECTRIC (3.3%)
100,000 Pacific Gas & Electric, 7.875%,
03/01/02 107,463
55,000 Public Service Co. of Colorado,
6.00%, 04/15/03 56,255
----------
163,718
----------
TOTAL CORPORATE BONDS
(cost $723,295) 724,941
----------
MORTGAGE-BACKED SECURITIES (1.8%)
FEDERAL NATIONAL MORTGAGE ASSOCIATION
20,000 FNMA DUS #381065, 5.855%, 01/01/09 20,025
70,488 FNMA REMIC #418168, 6.00%, 03/01/13 70,687
----------
TOTAL MORTGAGE-BACKED SECURITIES
(cost $89,864) 90,712
----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
U.S. GOVERNMENT AND AGENCY
LONG-TERM OBLIGATIONS (77.2%)
FEDERAL HOME LOAN BANKS (2.0%)
$100,000 5.125%, 09/15/03 $ 99,780
----------
U.S. TREASURY BONDS (10.1%)
350,000 6.25%, 08/15/23 391,560
100,000 6.00%, 02/15/26 109,125
----------
500,685
----------
U.S. TREASURY NOTES (65.1%)
100,000 7.75%, 11/30/99 102,719
133,000 6.25%, 04/30/01 137,696
250,000 6.625%, 07/31/01 261,875
40,000 6.25%, 10/31/01 41,662
445,000 6.50%, 05/31/02 469,892
899,000 5.75%, 08/15/03 938,331
40,000 7.25%, 05/15/04 44,825
400,000 7.25%, 08/15/04 449,875
275,000 6.50%, 08/15/05 302,156
300,000 7.00%, 07/15/06 341,625
130,000 6.125%, 08/15/07 142,066
----------
3,232,722
----------
TOTAL U.S. GOVERNMENT AND AGENCY
LONG-TERM OBLIGATIONS
(cost $3,775,278) 3,833,190
----------
REPURCHASE AGREEMENT (5.2%)
256,000 Fifth Third Bank, 4.12%, 01/04/99,
Collateralized by $256,000 FHLMC
Pool #G10657, 7.50%, 02/01/12,
market value $262,171
(cost $256,000) 256,000
----------
TOTAL INVESTMENTS
(cost $4,844,437) $4,904,843
==========
</TABLE>
- ------------------------------------------------------
Cost for federal income tax purposes: $4,845,375
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
DUS Delegated Underwriter and Servicing
FHLMC Federal Home Loan Mortgage Corporation
FNMA Federal National Mortgage Association
REMIC Real Estate Mortgage Investment Conduit
</TABLE>
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
22 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 25
NATIONWIDE SEPARATE ACCOUNT TRUST
STRATEGIC GROWTH FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
COMMON STOCK (95.5%)
AIR FREIGHT (0.5%)
1,400 Airborne Freight Corp. $ 50,487
-----------
AUTO PARTS & EQUIPMENT (0.3%)
700 Harley-Davidson, Inc. 33,162
-----------
BANKS/REGIONAL (4.7%)
3,100 First Tennessee National Corp. 117,994
1,700 Northern Trust Co. 148,430
1,500 Providian Financial Corp. 112,500
1,700 Zions Bancorporation 106,038
-----------
484,962
-----------
BROADCASTING/TELEVISION (2.0%)
4,000 Infinity Broadcasting Corp.* 109,500
1,500 Jacor Communications, Inc.* 96,563
-----------
206,063
-----------
COMMUNICATION EQUIPMENT (3.8%)
4,000 L-3 Communications Holdings,
Inc.* 186,250
3,000 Uniphase Corp.* 208,125
-----------
394,375
-----------
COMPUTERS/HARDWARE (0.8%)
3,000 SMART Modular Technologies,
Inc.* 83,250
-----------
COMPUTERS/NETWORKING (3.0%)
1,400 Ascend Communications, Inc.* 92,050
700 Equant NV ORD* 47,469
2,500 International Network Services* 166,250
-----------
305,769
-----------
COMPUTERS/PERIPHERAL (2.2%)
5,000 Network Appliance, Inc.* 225,000
-----------
COMPUTERS/SOFTWARE & SERVICES (13.2%)
1,400 At Home Corp.* 103,950
1,000 Citrix Systems, Inc.* 97,063
3,000 Comverse Technology, Inc.* 213,000
2,000 Fiserv, Inc.* 102,875
1,200 Gemstar International Group
Ltd.* 68,700
1,000 Inktomi Corp.* 129,375
1,500 Keane, Inc.* 59,906
3,500 Legato Systems, Inc.* 230,781
2,500 MindSpring Enterprises, Inc.* 152,656
1,700 Siebel Systems, Inc.* 57,693
1,400 Synopsys, Inc.* 75,950
800 Veritas Software Corp.* 47,950
100 Yahoo!, Inc.* 23,694
-----------
1,363,593
-----------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
CONSUMER FINANCE (1.0%)
2,500 Concord EFS, Inc.* $ 105,937
-----------
CONTAINERS & PACKAGE (0.5%)
1100 Sealed Air Corp.* 56,169
-----------
DATA PROCESSING (3.2%)
6,000 Acxiom Corp.* 186,000
1,800 CSG Systems International, Inc.* 142,200
-----------
328,200
-----------
ELECTRONICS/COMPONENTS (0.9%)
1,000 Solectron Corp.* 92,938
-----------
ELECTRONICS/INSTRUMENTS (2.2%)
1,300 Perkin-Elmer Corp. (The) 126,831
1,200 Waters Corp.* 104,700
-----------
231,531
-----------
ELECTRONICS/SEMICONDUCTORS (8.4%)
2,200 Altera Corp.* 133,925
1,000 Broadcom Corp.* 120,750
600 KLA-Tencor Corp.* 26,025
1,500 MIPS Technology, Inc.* 48,000
800 QLogic Corp.* 104,700
1,000 Rambus, Inc.* 96,250
2,000 Teradyne, Inc.* 84,750
2,000 Vitesse Semiconductor Corp.* 91,250
2,500 Xilinx, Inc.* 162,813
-----------
868,463
-----------
HEALTH CARE/DRUGS (8.1%)
1,000 Bindley Western Industries, Inc. 49,250
300 Biogen, Inc.* 24,900
4,000 Forest Laboratories, Inc. Class
A* 212,750
1,200 Genzyme Corp.* 59,700
2,700 Sepracor, Inc.* 237,938
4,100 Watson Pharmaceuticals, Inc.* 257,787
-----------
842,325
-----------
HEALTH CARE/MEDICAL PRODUCTS (5.2%)
2,900 Allergan, Inc. 187,775
1,500 McKesson Corp. 118,594
700 MiniMed, Inc.* 73,325
1,000 Patterson Dental Co.* 43,500
5,000 PSS World Medical, Inc.* 115,000
-----------
538,194
-----------
HEALTH CARE/SPECIAL SERVICES (3.6%)
2,000 Express Scripts, Inc., Class A* 134,250
1,500 Henry Schein, Inc.* 67,125
3,000 IDEXX Laboratories, Inc.* 80,719
700 Sofamor Danek Group, Inc.* 85,225
-----------
367,319
-----------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 23
<PAGE> 26
NATIONWIDE SEPARATE ACCOUNT TRUST
STRATEGIC GROWTH FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
INSURANCE/LIFE & HEALTH (0.3%)
700 AFLAC, Inc. $ 30,800
-----------
MANUFACTURING/DIVERSIFIED (0.5%)
1000 Danaher Corp. 54,313
-----------
POWER PRODUCERS (3.1%)
3,200 American Power Conversion Corp.* 155,000
3,000 Montana Power Co. 169,688
-----------
324,688
-----------
RESTAURANTS (1.1%)
2,000 Starbucks Corp.* 112,250
-----------
RETAIL/DEPARTMENT STORES (5.0%)
2,500 Fred Meyer, Inc.* 150,625
6,000 Kohls Corp.* 368,625
-----------
519,250
-----------
RETAIL/DISCOUNTERS (5.1%)
2,125 99 Cents Only Stores* 104,391
2,500 BJ's Wholesale Club, Inc.* 115,781
5,000 Dollar Tree Stores, Inc.* 218,437
4,000 Family Dollar Stores, Inc. 88,000
-----------
526,609
-----------
RETAIL/FOOD CHAINS (0.4%)
700 Hannaford Brothers Co. 37,101
-----------
RETAIL/SPECIALTY (10.1%)
2,000 Abercrombie and Fitch Co. Class
A* 141,500
1,300 American Eagle Outfitters, Inc.* 86,612
6,000 Bed Bath & Beyond, Inc.* 204,750
2,000 Best Buy Co., Inc.* 122,750
500 CDW Computer Centers, Inc.* 47,968
2,500 Linens 'N' Things, Inc.* 99,062
2,000 Lowe's Cos., Inc. 102,375
3,000 Office Depot, Inc. 110,813
3,000 Staples, Inc.* 131,063
-----------
1,046,893
-----------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
SERVICES/COMMERCIAL & CONSUMER (4.4%)
1,000 Cintas Corp.* $ 70,438
1,000 Lason, Inc.* 58,187
7,000 Outdoor Systems, Inc.* 210,000
700 Profit Recovery Group
International, Inc. (The)* 26,206
4,000 Reynolds & Reynolds Co. Class A 91,750
-----------
456,581
-----------
TELEPHONE (1.9%)
1,500 Century Telephone Enterprises,
Inc. 101,250
2,000 Global Crossing Ltd.* 90,250
-----------
191,500
-----------
TOTAL COMMON STOCK
(cost $7,926,222) 9,877,722
-----------
PREFERRED STOCK (1.2%)
SERVICES/COMMERCIAL & CONSUMER (1.2%)
2,500 Metzler Group, Inc.
(cost $108,250) 121,719
-----------
- --------
PRINCIPAL
- --------
<C> <S> <C>
REPURCHASE AGREEMENT (5.2%)
$534,000 Fifth Third Bank, 4.12%,
01/04/99
Collateralized by $530,000 FHLMC
Pool #G10657, 7.50%, 02/01/12,
market value $544,906
(cost $534,000) 534,000
-----------
TOTAL INVESTMENTS
(cost $8,568,472) $10,533,441
===========
</TABLE>
- -------------------------------------------------------
* Denotes a non-income producing security.
Cost for federal income tax purposes: $8,643,093
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
FHLMC Federal Home Loan Mortgage Corporation
NV Naamloze Vennootschap (Dutch Corporation)
ORD Ordinary Depository Receipt
</TABLE>
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
24 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 27
NATIONWIDE SEPARATE ACCOUNT TRUST
STRATEGIC VALUE FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (100.0%)
AEROSPACE/DEFENSE (2.5%)
5,200 Northrop Grumman Corp. $ 380,250
-----------
AIR FREIGHT (2.8%)
4,900 FDX Corp.* 436,100
-----------
AIRLINES (2.5%)
12,625 KLM Royal Dutch Air Lines NV ORD 378,750
-----------
AUTO PARTS & EQUIPMENT (2.6%)
7,100 Borg-Warner Automotive, Inc. 396,269
-----------
AUTOMOBILES (4.7%)
3,800 Daimler Chrysler AG 365,037
6,000 Ford Motor Co. 352,125
-----------
717,162
-----------
BANKS/MONEY CENTER (6.2%)
5,400 BankAmerica Corp. 324,675
5,300 Chase Manhattan Corp. 360,731
16,300 National Bank of Canada 263,194
-----------
948,600
-----------
BANKS/REGIONAL (7.0%)
5,300 Mellon Bank Corp. 364,375
7,500 Summit Bancorp 327,656
9,600 Wells Fargo & Co. 383,400
-----------
1,075,431
-----------
BUILDING MATERIALS (4.2%)
5,500 Armstrong World Industries, Inc. 331,719
8,900 Owens Corning 315,394
-----------
647,113
-----------
COMPUTERS/PERIPHERAL (2.1%)
9,000 Storage Technology Corp.* 320,063
-----------
CONSUMER FINANCE (2.3%)
7,200 SLM Holding Corp. 345,600
-----------
ELECTRIC COMPANIES (4.2%)
11,000 Kansas City Power & Light Co. 325,875
9,300 Western Resources, Inc. 309,225
-----------
635,100
-----------
ELECTRICAL EQUIPMENT (2.7%)
23,500 Ucar International, Inc.* 418,594
-----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
ELECTRONICS/COMPONENTS & DISTRIBUTORS (8.3%)
18,450 Arrow Electronics, Inc.* $ 492,383
6,700 Avnet, Inc. 405,350
5,500 Philips Electronics NV ADR 372,281
-----------
1,270,014
-----------
FOODS (2.3%)
11,900 IBP, Inc. 346,588
-----------
HOMEBUILDING (2.7%)
15,100 Champion Enterprises, Inc.* 413,363
-----------
HOUSEHOLD FURNITURE & APPLIANCES (2.0%)
8,000 Harman International Industries,
Inc. 305,000
-----------
INSURANCE (7.3%)
16,000 Old Republic International Corp. 360,000
8,000 PartnerRe Ltd. 366,000
11,500 W.R. Berkley Corp. 391,719
-----------
1,117,719
-----------
INVESTMENT MANAGEMENT (6.9%)
7,700 Kansas City Southern Industries,
Inc. 378,744
4,800 Merrill Lynch & Co. 320,400
9,000 Paine Webber Group, Inc. 347,625
-----------
1,046,769
-----------
MANUFACTURING/SPECIALIZED (2.6%)
29,100 New Holland NV 398,306
-----------
METALS/MINING (6.7%)
8,700 Cleveland Cliffs, Inc. 350,719
8,500 Lafarge Corp. 344,250
5,500 Southdown, Inc. 325,531
-----------
1,020,500
-----------
OIL/DOMESTIC INTEGRATED (2.1%)
13,600 Diamond Offshore Drilling, Inc. 322,151
-----------
OIL & GAS/DRILLING & EQUIPMENT (4.8%)
29,100 Petroleum Geo Services ADR* 458,325
36,300 R & B Falcon Corp.* 276,788
-----------
735,113
-----------
OIL & GAS/INTERNATIONAL (2.2%)
7,850 Phillips Petroleum Co. 334,605
-----------
OIL & GAS/REFINING (2.3%)
9,900 Sunoco, Inc. 357,019
-----------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 25
<PAGE> 28
NATIONWIDE SEPARATE ACCOUNT TRUST
STRATEGIC VALUE FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
RAILROADS (1.8%)
8,100 Burlington Northern Santa Fe Corp. $ 273,375
-----------
RETAIL/DEPARTMENT STORES (4.2%)
5,000 May Department Stores Co.* 301,875
7,900 Sears, Roebuck and Co.* 335,750
-----------
637,625
-----------
TOTAL COMMON STOCK
(cost $15,591,627) 15,277,179
-----------
REPURCHASE AGREEMENT (3.2%)
$496,000 Fifth Third Bank, 4.12%, 01/04/99,
Collateralized by $493,000 FHLMC
Pool #G10657, 7.50%, 02/01/12,
market value $506,865
(cost $496,000) $ 496,000
-----------
TOTAL INVESTMENTS
(cost $16,087,627) $15,773,179
===========
</TABLE>
- -------------------------------------------------------
* Denotes a non-income producing security.
Cost for federal income tax purposes: $16,099,316
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 Company
NV Naamoloze Vennootschap (Dutch
corporation)
ORD Ordinary Depository Receipt
</TABLE>
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
26 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 29
NATIONWIDE SEPARATE ACCOUNT TRUST
EQUITY INCOME FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (79.1%)
AEROSPACE/DEFENSE (1.9%)
2,200 General Dynamics Corp. $ 128,975
1,600 Lockheed Martin Corp. 135,600
-----------
264,575
-----------
AUTOMOBILES, PARTS & EQUIPMENT (1.0%)
2,300 Ford Motor Co. 134,981
100 Magna International, Inc. 6,200
-----------
141,181
-----------
BANKS (6.7%)
4,740 Bank One Corp. 242,036
3,018 BankAmerica Corp. 181,457
2,200 Chase Manhattan Corp. 149,737
3,700 First Union Corp. 225,006
2,300 Mellon Bank Corp. 158,125
-----------
956,361
-----------
CHEMICALS/DIVERSIFIED (0.7%)
1,900 DuPont (E.I.) de Nemours 100,819
-----------
COMMUNICATION EQUIPMENT (0.9%)
1,900 Tellabs, Inc.* 130,269
-----------
COMPUTERS/HARDWARE (5.9%)
1,900 Hewlett-Packard Co. 129,794
1,400 International Business Machines
Corp. 258,650
5,100 Storage Technology Corp.* 181,369
1,500 Sun Microsystems, Inc.* 128,437
9,100 Western Digital Corp.* 137,069
-----------
835,319
-----------
COMPUTERS/SOFTWARE & SERVERS (2.5%)
800 Cisco Systems, Inc.* 74,250
5,700 Electronic Data Systems Corp. 286,425
-----------
360,675
-----------
CONSUMER FINANCE (3.3%)
1,228 Associates First Capital Corp. 52,036
3,000 Citigroup, Inc. 148,500
4,300 H & R Block, Inc. 193,500
900 Lincoln National Corp. 73,631
-----------
467,667
-----------
ELECTRICAL EQUIPMENT (3.2%)
7,000 Crown Cork & Seal Co. 215,687
2,300 General Electric Co. 234,744
-----------
450,431
-----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
ELECTRONIC/COMPONENTS (2.1%)
600 Intel Corp. $ 71,137
2,700 Motorola, Inc. 164,869
2,100 TECO Energy, Inc. 59,194
-----------
295,200
-----------
FOOD & BEVERAGES (4.1%)
3,700 General Mills, Inc. 287,675
2,500 Heinz (H.J.) Co. 141,562
3,600 PepsiCo, Inc. 147,375
-----------
576,612
-----------
GOLD & METALS MINING (0.7%)
5,000 Barrick Gold Corp. 97,500
-----------
HEALTH CARE/DIVERSIFIED (3.0%)
4,700 American Home Products Corp. 264,669
2,000 Johnson & Johnson 167,750
-----------
432,419
-----------
HEALTH CARE/DRUGS (1.8%)
1,700 Merck & Co., Inc. 251,069
-----------
HEALTH CARE/MEDICAL PRODUCTS (6.2%)
5,500 Abbott Laboratories 269,500
4,400 Baxter International, Inc. 282,975
2,500 Bristol-Myers Squibb Co. 334,531
-----------
887,006
-----------
INSURANCE BROKERS (0.8%)
1,950 Marsh & McLennan Cos., Inc. 113,953
-----------
INSURANCE/LIFE/HEALTH (0.5%)
1,200 Chubb Corp. 77,850
-----------
INVESTMENT MANAGEMENT (1.0%)
1,900 Morgan Stanley Dean Witter & Co. 134,900
-----------
MANUFACTURING/DIVERSIFIED (1.1%)
2,100 Textron, Inc. 159,469
-----------
MANUFACTURING/SPECIALTY (0.9%)
6,100 Cooper Tire & Rubber Co. 124,669
-----------
METALS MINING (1.2%)
11,900 USEC, Inc. 165,113
-----------
OFFICE EQUIPMENT & SUPPLIES (1.4%)
1,700 Xerox Corp. 200,600
-----------
OIL & GAS/DRILLING & EQUIPMENT (0.9%)
4,400 Halliburton Co. 130,350
-----------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 27
<PAGE> 30
NATIONWIDE SEPARATE ACCOUNT TRUST
EQUITY INCOME FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
OIL & GAS/PRODUCTION (5.1%)
1,500 British Petroleum Co. PLC* $ 142,500
3,200 Burlington Resources, Inc. 114,600
1,600 El Paso Energy Corp. 55,700
2,500 Exxon Corp. 182,812
2,600 Mobil Corp. 226,525
-----------
722,137
-----------
OIL & GAS/REFINING (0.6%)
3,600 Ultramar/Diamond Shamrock Corp. 87,300
-----------
PERSONAL CARE (1.2%)
3,100 Kimberly-Clark Corp. 168,950
-----------
PUBLISHING/NEWSPAPER (1.1%)
11,484 Hollinger International, Inc. 160,058
-----------
REAL ESTATE (2.1%)
1,700 Colonial Properties Trust, REIT 45,262
2,000 Duke Realty Investments, Inc.,
REIT 46,500
1,300 Equity Residential Properties
Trust, REIT 52,569
1,900 Liberty Property Trust, REIT 46,788
1,800 New Plan Excel Realty Trust, REIT 39,938
1,800 Post Properties, Inc., REIT 69,188
-----------
300,245
-----------
RESTAURANTS (0.3%)
2,000 Wendy's International, Inc. 43,625
-----------
RETAIL/DEPARTMENT STORES (1.0%)
2,900 Penney (J.C.) Co., Inc. 135,938
-----------
RETAIL/FOOD CHAINS (1.2%)
6,800 Food Lion, Inc. Class A 72,250
9,200 Food Lion, Inc. Class B 92,575
-----------
164,825
-----------
RETAIL/SPECIALTY APPAREL (0.4%)
1,700 Intimate Brands, Inc. 50,788
-----------
TELECOMMUNICATIONS (5.4%)
2,600 Ameritech Corp. 164,775
3,900 GTE Corp. 253,500
2,714 MCI WorldCom, Inc.* 194,730
1,600 Sprint Corp. (FON Group) 134,600
800 Sprint Corp. (PCS Group)* 18,500
-----------
766,105
-----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
TOBACCO (2.4%)
4,000 Philip Morris Co., Inc. $ 214,000
3,100 RJR Nabisco Holdings Corp. 92,031
1,200 UST, Inc. 41,850
-----------
347,881
-----------
TRANSPORTATION/SHIPPING (1.3%)
4,900 CNF Transportation, Inc. 184,056
-----------
UTILITIES/ELECTRIC COMPANIES (4.5%)
2,900 CMS Energy Corp. 140,469
3,500 Enron Corp. 199,719
5,300 PacifiCorp 111,631
3,700 Sonat, Inc. 100,131
2,800 Williams Cos., Inc. (The) 87,325
-----------
639,275
-----------
WASTE MANAGEMENT (0.7%)
3,500 Browning-Ferris Industries, Inc. 99,531
-----------
TOTAL COMMON STOCK
(cost $10,458,756) 11,224,721
-----------
CONVERTIBLE PREFERRED STOCK (11.2%)
BANKS (0.2%)
300 Jefferson Pilot Corp., 7.25% 31,350
-----------
COMPUTERS/SOFTWARE & SERVERS (1.9%)
2,700 Microsoft Corp. Series A, $2.19 263,925
-----------
CONSUMER FINANCE (2.2%)
5,900 Conseco, Inc., Series F, 7.00% 227,519
3,400 Lincoln National Corp., PRIDES,
7.75% 80,112
-----------
307,631
-----------
FOODS & BEVERAGE (1.8%)
2,800 Ralston-Ralston Purina Group,
7.00% 146,300
2,600 Suiza Foods Corp., 5.50%** 112,775
-----------
259,075
-----------
HEALTH CARE/MEDICAL PRODUCTS (1.0%)
1,300 McKesson Corp., 5.00%** 138,938
-----------
INVESTMENT MANAGEMENT (0.3%)
1,900 Merrill Lynch, STRYPES, 6.25%,
Series IGL 45,125
-----------
MACHINERY DIVERSIFIED (1.1%)
6,800 Ingersoll-Rand Co., 6.75% 161,500
-----------
</TABLE>
28 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 31
NATIONWIDE SEPARATE ACCOUNT TRUST
EQUITY INCOME FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
RESTAURANTS (0.6%)
1,800 Wendy's International, Inc. Series
A, 5.00% $ 93,600
-----------
UTILITIES/ELECTRIC COMPANIES (2.1%)
4,350 Texas Utilities Co., PRIDES, 9.25% 245,231
350 Williams Co., Inc. (The), $3.50 50,663
-----------
295,894
-----------
TOTAL CONVERTIBLE PREFERRED STOCK
cost ($1,657,177) 1,597,038
-----------
</TABLE>
<TABLE>
<CAPTION>
- ---------
PRINCIPAL
- ---------
<C> <S> <C>
CONVERTIBLE DEBT (6.7%)
AUTO PARTS & EQUIPMENT (0.6%)
$ 75,000 Magna International, Inc., 5.00%,
10/15/02 86,156
-----------
COMPUTERS/HARDWARE (3.0%)
135,000 Apple Computer, Inc., 6.00%,
06/01/01 193,894
50,000 EMC Corp., 3.25%, 03/15/02 186,875
120,000 Western Digital Corp., 0.00%,
02/18/18** 35,850
-----------
416,619
-----------
COMPUTERS/SOFTWARE & SERVERS (1.0%)
25,000 America Online, Inc., 4.00%,
11/15/02 139,938
-----------
RETAIL/DISCOUNTERS (2.1%)
115,000 Home Depot, Inc., 3.25%, 10/01/01 303,024
-----------
TOTAL CONVERTIBLE DEBT
(cost $608,850) 945,737
-----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENT (5.3%)
$759,000 Fifth Third Bank, 4.12%, 01/04/99,
Collateralized by $754,000 FHLMC
Pool #G10657, 7.50%, 02/01/12,
market value $775,206
(cost $759,000) $ 759,000
-----------
TOTAL INVESTMENTS
(cost $13,483,783) $14,526,496
===========
</TABLE>
- -------------------------------------------------------
* Denotes a non-income producing security.
** Represents a security registered under Rule 144A, which limits the resale to
certain qualified buyers.
Cost for federal income tax purposes: $13,484,213
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
FHLMC Federal Home Loan Mortgage Corporation
PLC (British) Public Limited Company
PRIDES Preferred Redeemable Increased Dividend
Equity Securities
REIT Real Estate Investment Trust
STRYPES Structure Yield Product Exchangable 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 ANNUAL REPORT 29
<PAGE> 32
NATIONWIDE SEPARATE ACCOUNT TRUST
HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
CORPORATE BOND (90.7%)
AGRICULTURAL PRODUCT (0.1%)
$ 50,000 Purina Mills, Inc., Sr. Sub.
Note, 9.00%, 03/15/10 $ 50,000
-----------
AUTO PARTS & EQUIPMENT (2.7%)
150,000 Accuride Corp., Sr. Sub. Note,
9.25%, 02/01/08 147,750
325,000 Collins & Aikman Products, Inc.,
Sr. Sub. Note, 11.50%, 04/15/06 338,000
100,000 HDA Parts System, Inc., Sr. Sub.
Note, 12.00%, 08/01/05* 90,500
250,000 Lear Seating Corp., Sub. Note,
8.25%, 02/01/02 251,563
150,000 Oxford Automotive, Inc., Sr. Sub.
Note, 10.125%, 06/15/07 155,250
-----------
983,063
-----------
BANKS (1.6%)
600,000 GS Escow Corp., 7.125%, 08/01/05 594,786
-----------
BROADCASTING & TELEVISION (17.6%)
175,000 ACME Television LLC, Sr. Disc.
Note, 0/10.875%, 09/30/04 140,437
150,000 Big City Radio, Inc., Sr. Disc.
Note, 0/11.25%, 03/15/05 99,750
250,000 CSC Holdings, Inc., Sr. Sub.
Note, 9.25%, 11/01/05 267,500
100,000 Chancellor Media Corp., Sr. Sub.
Note, 9.375%, 10/01/04 104,250
325,000 Chancellor Media Corp., Sr. Sub.
Note, 8.125%, 12/15/07 324,187
125,000 Chancellor Media Corp., Sr. Sub.
Note, 9.00%, 10/01/08* 131,875
300,000 Chancellor Media Corp., Sr. Sub.
Note, 8.00%, 11/01/08* 307,500
100,000 Charter Communications
International, Inc., Sr Disc.
Note, 0/14.00%, 03/15/07 89,500
75,000 Cumulus Media, Inc., Sr. Sub.
Note, 10.375%, 07/01/08 79,875
125,000 Diamond Cable Communications PLC,
Sr. Disc. Note, 0/10.75%,
02/15/07 90,625
50,000 Diamond Holdings PLC, Co.
Guarantee, 9.125%, 02/01/08 49,125
50,000 Diva Systems Corp., Unit, Sr.
Disc. Note, 0/12.625%, 03/01/08* 18,875
150,000 Echostar DBS Corp., Co.
Guarantee, 12.50%, 07/01/02 174,000
200,000 Echostar Satellite Broadcasting,
Inc., Sr. Disc. Note, 0/13.125%,
03/15/04 200,500
375,000 Fox/Liberty Networks LLC, Sr.
Disc. Note, 0/9.75%, 08/15/07 260,625
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
BROADCASTING & TELEVISION (CONTINUED)
$ 150,000 Fox/Liberty Networks LLC, Sr.
Note, 8.875%, 08/15/07 $ 153,000
100,000 International Cabletel, Inc.,
Series B, 0.00%, 02/01/06 83,500
200,000 Lamar Advertising Co., Sr. Sub.
Note, 8.625%, 09/15/07 211,000
150,000 Lenfest Communications, Inc., Sr.
Note, 8.375%, 11/01/05 163,125
100,000 Lenfest Communications, Inc., Sr.
Note, 8.25%, 02/15/08 104,750
975,000 NTL, Inc., Sr. Disc. Note,
0/9.75%, 04/01/08 605,719
400,000 NTL, Inc., Sr. Note, 0/12.375%,
10/01/08* 252,000
275,000 Outdoor Systems, Inc., Sr. Note,
8.875%, 06/15/07 295,625
375,000 Pegasus Communications Corp., Sr.
Note, 9.625%, 10/15/05 376,875
100,000 Pegasus Communications Corp., Sr.
Note, 9.75%, 12/01/06* 100,750
375,000 Roger CableSystems, Inc., Sr.
Note, 10.00%, 03/15/05 421,875
265,000 SFX Broadcasting, Inc., Sr. Sub.
Note, 10.75%, 05/15/06 292,825
75,000 Sinclair Broadcast Group, Inc.,
Sr. Sub. Note, 10.00%, 09/30/05 79,125
100,000 Sinclair Broadcast Group, Inc.,
Sr. Sub. Note, 9.00%, 07/15/07 102,250
200,000 Sinclair Broadcast Group, Inc.,
Sr. Sub. Note, 8.75%, 12/15/07 203,500
525,000 Telewest Communications PLC,
Disc. Note, 0/11.00%, 10/01/07 441,000
50,000 Telewest Communications PLC,
Disc. Note, 11.25%, 11/01/08* 56,125
275,000 United International Holdings,
Inc., Sr. Disc. Note, 0/10.75%,
02/15/08 149,875
-----------
6,431,543
-----------
BUILDING MATERIALS (1.0%)
250,000 Albecca, Inc., 10.75%, 08/15/08* 251,875
100,000 Building Materials Corp., Sr.
Note, 8.00%, 10/15/07 100,875
-----------
352,750
-----------
CHEMICALS (3.0%)
100,000 Buckeye Cellulose Corp., Sr. Sub
Note, 9.25%, 09/15/08 105,250
150,000 Huntsman Corp., 9.50%, 07/01/07* 150,000
300,000 ISP Holdings, Inc., Sr. Note,
9.00%, 10/15/03 318,750
225,000 Polymer Group, Inc., Sr. Note,
9.00%, 07/01/07 223,875
</TABLE>
30 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 33
NATIONWIDE SEPARATE ACCOUNT TRUST
HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
CHEMICALS (CONTINUED)
$ 250,000 Polymer Group, Inc., Sr. Note,
8.75%, 03/01/08 $ 246,875
75,000 Sterling Chemicals, Inc., 11.75%,
08/15/06 64,875
-----------
1,109,625
-----------
COMMERCIAL SERVICES (2.3%)
200,000 Eagle-Picher Industries, Inc.,
Sr. Sub. Note, 9.375%, 03/01/08 190,000
375,000 HMH Properties, Inc., 7.875%,
08/01/08 365,625
150,000 HMH Properties, Inc., 8.45%,
12/01/08 150,750
150,000 Sitel Corp., Sr. Sub. Note,
9.25%, 03/15/06 135,750
-----------
842,125
-----------
COMPUTERS/SOFTWARE (0.9%)
250,000 PSINet, Inc., Sr. Note, 10.00%,
02/15/05 248,750
75,000 PSINet, Inc., Sr. Note, 11.50%,
11/01/08* 78,000
-----------
326,750
-----------
CONSUMER/JEWELRY & GIFTS (0.1%)
50,000 NBTY, Inc., Sr. Sub. Note,
8.625%, 09/15/07 49,000
-----------
CONTAINERS & PACKAGES (0.4%)
150,000 Tekni-Plex, Inc., Sr. Sub. Note,
9.25%, 03/01/08 157,500
-----------
DRUG STORES (0.2%)
75,000 DiGiorgio Corp., Sr. Note,
10.00%, 06/15/07 70,125
-----------
ELECTRONICS/COMPONENTS (1.2%)
100,000 PX Escrow Corp., Sr. Disc. Note,
0/9.625%, 02/01/06 55,500
350,000 Telecommunications Technology
Ltd., Sr. Sub. Note, 9.75%,
05/15/08 341,250
50,000 Viasystems, Inc., Sr. Sub. Note,
9.75%, 06/01/07 46,750
-----------
443,500
-----------
FINANCIAL INSTITUTIONS (0.2%)
100,000 ContiFinancial Corp., Sr. Note,
8.125%, 04/01/08 71,500
-----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
FOODS (5.3%)
$ 225,000 Agrilink Foods, Inc. 11.875%,
11/01/08* $ 229,500
300,000 Ameriserv Food Distribution,
Inc., 10.125%, 07/15/07 262,500
150,000 Aurora Foods, Inc., Sr. Sub.
Note, Series E, 8.75%, 07/01/08 156,750
150,000 Carrols Corp., 9.50%, 12/01/08* 151,875
100,000 Domino's, Inc., Sr. Sub. Note,
10.375%, 01/15/09* 100,000
150,000 Eagle Family Foods, Inc., Sr.
Sub. Note, 8.75%, 01/15/08 142,125
425,000 International Home Foods, Inc.,
Sr. Sub. Note, 10.375%, 11/01/06 462,187
300,000 Meyer (Fred), Inc., Co.
Guarantee, 7.45%, 03/01/08 323,853
100,000 Stater Brothers Holdings, Inc.,
Sr. Sub. Note, 9.00%, 07/01/04 98,000
-----------
1,926,790
-----------
HEALTH CARE (4.7%)
50,000 Alliance Imaging, Inc., Sr. Sub.
Note, 9.625%, 12/15/05 49,750
250,000 Ball Corp., Sr. Sub. Note, 8.25%,
08/01/08* 262,812
275,000 CONMED Corp., Sr. Sub. Note,
9.00%, 03/15/08 277,062
200,000 Dade International, Inc.,
11.125%, 05/01/06 222,500
75,000 Everest Healthcare Services,
Inc., Sr. Sub. Note, 9.75%,
05/01/08 75,000
100,000 Hudson Respiratory Care, Inc.,
Sr. Sub. Note, 9.125%, 04/15/08 81,500
200,000 Tenet Healthcare Corp., Sr. Note,
8.00%, 01/15/05 205,318
100,000 Tenet Healthcare Corp., Sr. Note,
7.625%, 06/01/08* 101,638
400,000 Tenet Healthcare Corp., Sr. Note,
8.125%, 12/01/08* 415,000
-----------
1,690,580
-----------
IRON & STEEL (1.1%)
100,000 AK Steel Corp., Sr. Note, 9.125%,
12/15/06 104,750
200,000 Metals USA, Inc., 8.625%,
02/15/08 189,000
100,000 Ryerson Tull, Inc., Sr. Note,
9.125%, 07/15/06 112,528
-----------
406,278
-----------
LEISURE TIME PRODUCTS (3.0%)
152,000 AMF Group, Inc., Sr. Disc. Note,
0/12.25%, 03/15/06 87,780
100,000 Loews Cineplex Entertainment
Corp., Sr. Sub. Note, 8.875%,
08/01/08 103,750
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 31
<PAGE> 34
NATIONWIDE SEPARATE ACCOUNT TRUST
HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
LEISURE TIME PRODUCTS (CONTINUED)
$ 75,000 Premier Parks, Inc., Sr. Note,
12.00%, 08/15/03 $ 81,563
50,000 Premier Parks, Inc., Sr. Note,
9.25%, 04/01/06 52,000
625,000 Premier Parks, Inc., Sr. Disc.
Note, 0/10.00%, 04/01/08 426,563
100,000 Regal Cinemas, Inc., Sr. Sub.
Note, 9.50%, 06/01/08 103,500
250,000 Regal Cinemas, Inc., Sr. Sub.
Note, 9.50%, 06/01/08* 258,750
-----------
1,113,906
-----------
MACHINERY/DIVERSIFIED (3.2%)
150,000 Amscan Holdings, Inc., Sr. Sub.
Note, 9.875%, 12/15/07 140,625
100,000 Clark Materials Handling, Inc.,
Sr. Note, 10.75%, 11/15/06 102,250
100,000 Columbus McKinnon Corp., Sr. Sub.
Note, 8.50%, 04/01/08 94,000
75,000 Euramax International PLC, Sr.
Sub. Note, 11.25%, 10/01/06 75,000
50,000 National Equipment Services,
Inc., Sr. Sub. Note, 10.00%,
11/30/04 49,750
250,000 National Equipment Services,
Inc., 10.00%, 11/30/04* 248,750
200,000 NationsRent, Inc., 10.375%,
12/15/08* 199,000
250,000 United Rentals, Inc., 9.25%,
01/15/09* 251,875
-----------
1,161,250
-----------
MANUFACTURING/DIVERSIFIED (3.1%)
35,000 Alvey Systems, Inc., Sr. Sub.
Note, 11.375%, 01/31/03 35,175
175,000 Amphenol Corp., Sr. Sub Note,
9.875%, 05/15/07 182,000
100,000 Continental Global, Inc., Sr.
Note, 11.00%, 04/01/07 86,500
100,000 Grove Worldwide LLC, Sr. Sub.
Note, 9.25%, 05/01/08 91,500
100,000 ISG Resources, Inc., Sr. Sub
Note, 10.00%, 04/15/08 99,500
50,000 MMI Products, Inc., Sr. Sub.
Note, 11.25%, 04/15/07 54,250
100,000 Neenah Corp., Sr. Sub. Note,
11.125%, 05/01/07* 103,250
125,000 Neenah Corp., Sr. Sub. Note,
11.125%, 05/01/07 129,063
225,000 WESCO International, Inc., Sr.
Disc. Note, 0/11.125%, 06/01/08 138,938
225,000 WESCO Distribution, Inc., Sr.
Sub. Note, 9.125%, 06/01/08 226,125
-----------
1,146,301
-----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
METALS/MINING (1.0%)
$ 250,000 AEI Holding Co., 11.50%,
12/15/06* $ 248,750
100,000 AEI Holding Co., Sr. Note,
10.50%, 12/15/05* 98,500
-----------
347,250
-----------
OFFICE EQUIPMENT & SUPPLIES (2.2%)
225,000 Dialog Corp PLC, Sr. Sub. Note,
11.00%, 11/15/07 225,000
100,000 Fisher Scientific International,
Inc., Sr. Sub. Note, 9.00%,
02/01/08* 100,000
225,000 Fisher Scientific International,
Inc., Sr. Sub. Note, 9.00%,
02/01/08 225,000
225,000 U.S. Office Products Co., Sr.
Sub. Note, 9.75%, 06/15/08 147,375
100,000 United Stationers Supply Co., Sr.
Sub. Note, 8.375%, 04/15/08 100,250
-----------
797,625
-----------
OIL & GAS (3.0%)
150,000 Chiles Offshore LLC, Sr. Note,
10.00%, 05/01/08 120,750
175,000 Continental Resources, Inc., Sr.
Sub. Note, 10.25%, 08/01/08 146,125
175,000 Dailey International, Inc., Sr.
Note, 9.50%, 02/15/08 82,250
200,000 Forcenergy, Inc., Sr. Sub. Note,
8.50%, 02/15/07 149,000
100,000 Houston Exploration Co. (The),
Sr. Sub. Note, 8.625%, 01/01/08 98,500
175,000 KCS Energy, Inc., Sr. Sub Note,
8.875%, 01/15/08 100,625
100,000 Nuevo Energy Co., Sr. Sub. Note,
8.875%, 06/01/08 97,500
200,000 Pride International, Inc., Sr.
Note, 9.375%, 05/01/07 187,000
200,000 Universal Compression, Inc., Sr.
Disc. Note, 0/9.875%, 02/15/08* 115,000
-----------
1,096,750
-----------
PAPER & FOREST PRODUCTS (0.8%)
300,000 Stone Container Corp., 12.25%,
04/01/02 307,500
-----------
PERSONAL CARE PRODUCTS (1.7%)
75,000 Playtex Family Products Corp.,
Sr. Sub. Note, 9.00%, 12/15/03 78,750
100,000 Playtex Products, Inc., Sr. Sub.
Note, 8.875%, 07/15/04 105,000
475,000 Revlon Consumer Products Corp.,
Sr. Sub. Note, 8.625%, 02/01/08 439,375
-----------
623,125
-----------
</TABLE>
32 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 35
NATIONWIDE SEPARATE ACCOUNT TRUST
HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
PUBLISHING (1.3%)
$ 100,000 Garden State Newspapers, Inc.,
Sr. Sub. Note, 8.75%, 10/01/09 $ 100,500
225,000 Hollinger International, Inc.,
Sr. Sub. Note, 9.25%, 03/15/07 238,500
150,000 Ziff-Davis, Inc., Sr. Sub. Note,
8.50%, 05/01/08 145,500
-----------
484,500
-----------
RETAIL (1.9%)
150,000 Boyds Collection Ltd., Sr. Sub.
Note, 9.00%, 05/15/08* 161,250
175,000 Chattem, Inc., Sr. Sub. Note,
8.875%, 04/01/08 180,250
50,000 Diamond Brands, Inc., Sr. Disc.
Note, 0/12.875%, 04/15/09* 19,250
100,000 Jitney Jungle Stores, Inc., Sr.
Sub. Note, 10.375%, 09/15/07 102,000
125,000 Sealy Mattress Co., Sr. Sub.
Note, 9.875%, 12/15/07 121,250
100,000 True Temper Sports, Inc.,
10.875%, 12/01/08* 100,500
-----------
684,500
-----------
TELECOMMUNICATIONS/CELLULAR (20.4%)
150,000 American Cellular Corp., Sr.
Note, 10.50%, 05/15/08* 149,250
150,000 Arch Communications Group, Inc.,
Sr. Note, 12.75%, 07/01/07* 150,750
300,000 Call-Net Enterprises, Inc., Sr.
Disc. Note, 0/9.27%, 08/15/07 193,500
225,000 Call-Net Enterprises, Inc., Sr.
Disc. Note, 0/8.94%, 08/15/08 133,312
125,000 Centennial Cellullar, Inc.,
10.75%, 12/15/08* 126,250
50,000 Comcast Cellular Holdings, Sr.
Note, 9.50%, 05/01/07 53,625
275,000 E.spire Communications, Inc., Sr.
Disc. Note, 0/13.00%, 11/01/05 185,625
250,000 Hermes Eurpore Railtel BV, Sr.
Note, 11.50%, 08/15/07 266,250
100,000 Hermes Eurpore Railtel BV, Sr.
Note, 10.375%, 01/15/09* 102,000
200,000 ICG Holdings, Inc., Sr. Disc.
Note, 0/12.50%, 05/01/06 148,376
300,000 IXC Communications, Inc., Sr.
Sub. Note, 9.00%, 04/15/08 301,875
300,000 Intermedia Communications, Inc.,
Sr. Disc. Note, 0/11.25%,
07/15/07 208,500
200,000 Intermedia Communications, Inc.,
Sr. Note, 8.60%, 06/01/08 191,000
650,000 Level 3 Communications, Inc., Sr.
Note, 9.125%, 05/01/08 648,375
475,000 Level 3 Communications, Inc., Sr.
Note, 0/10.50%, 12/01/08* 279,062
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS/CELLULAR (CONTINUED)
$ 250,000 McLeod USA, Inc., Sr. Disc. Note,
0/10.50%, 03/01/07 $ 190,000
150,000 McLeod USA, Inc., Sr. Note,
8.375%, 03/15/08 151,500
75,000 McLeod USA, Inc., 9.50%,
11/01/08* 80,250
100,000 Metromedia Fiber Net, Inc.,
10.00%, 11/15/08* 103,250
175,000 MetroNet Communications, Sr.
Disc. Note, 0/10.75%, 11/01/07 114,625
475,000 MetroNet Escrow Corp., Sr. Disc.
Note, 0/9.95%, 06/15/08 293,312
125,000 MetroNet Escrow Corp., 10.625%,
11/01/08* 133,125
275,000 Millicom International Cellular
SA, Sr. Disc. Note, 0/13.50%,
06/01/06 194,563
100,000 NEXTLINK Communications, Inc.,
Sr. Note, 9.00%, 03/15/08 93,250
325,000 NEXTLINK Communications, Inc.,
Sr. Disc. Note, 0/9.45%, 04/15/08 188,500
325,000 Nextel Communications, Inc., Sr.
Disc. Note, 0/10.65%, 09/15/07 211,250
725,000 Nextel Communications, Inc., Sr.
Disc. Note, 0/9.95%, 02/15/08 438,625
50,000 Nextel International, Inc., Sr.
Disc. Note, 0/12.125%, 04/15/08 23,444
275,000 Orange PLC, 8.00%, 08/01/08 276,375
250,000 Paging Network, Inc., Sr. Sub.
Note, 10.00%, 10/15/08 242,500
75,000 Pathnet, Inc. Unit, 12.25%,
04/15/08 57,000
475,000 Qwest Communications
International, Sr. Disc. Note,
0/9.47%, 10/15/07 372,875
200,000 Qwest Communications
International, 7.50%, 11/01/08* 210,000
150,000 Rogers Cantel Mobile
Communications, Inc., Sr. Sub.
Note, 8.80%, 10/01/07 152,063
225,000 Telesystem International
Wireless, Inc., Sr. Disc Note,
0/13.25%, 06/30/07 96,750
275,000 Teligent, Inc., Sr. Note, 11.50%,
12/01/07 254,375
50,000 Teligent, Inc., Sr. Disc. Note,
0/11.50%, 03/01/08 24,750
300,000 Triton Communications LLC, Sr.
Disc. Note, 0/11.00%, 05/01/08 141,750
100,000 U.S. Xchange LLC, Sr. Note,
15.00%, 07/01/08 105,250
100,000 Verio, Inc., 11.25%, 12/01/08 * 101,500
50,000 Viatel, Inc., Disc. Note,
0/12.50%, 04/15/08 28,500
50,000 Viatel, Inc., 11.25%, 04/15/08 50,250
-----------
7,467,382
-----------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 33
<PAGE> 36
NATIONWIDE SEPARATE ACCOUNT TRUST
HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
TEXTILES/APPAREL (1.4%)
$ 125,000 GFSI, Inc., 9.625%, 03/01/07 $ 119,375
125,000 Glenoit Corp., Sr. Sub. Note,
11.00%, 04/15/07 116,875
150,000 Pillowtex Corp., Sr. Note,
10.00%, 11/15/06 161,250
100,000 Pillowtex Corp., Sr. Sub. Note,
9.00%, 12/15/07 103,500
-----------
501,000
-----------
TOBACCO (0.1%)
50,000 Dimon, Inc., Sr. Note, 8.875%,
06/01/06 49,750
-----------
TRANSPORTATION (2.0%)
100,000 Allied Holdings, Inc., Sr. Note,
8.625%, 10/01/07 102,000
150,000 Gearbulk Holding Ltd., Sr. Note,
11.25%, 12/01/04 159,000
50,000 Holt Group, Sr. Note, 9.75%,
01/15/06* 35,250
50,000 OshKosh Truck Corp., Sr. Sub.
Note, 8.75%, 03/01/08 50,250
150,000 Stena AB, Sr. Note, 10.50%,
12/15/05 155,625
200,000 Stena AB, Sr. Note, 8.75%,
06/15/07 191,500
50,000 Stena AB, Sr. Note, 10.625%,
06/01/08 45,250
-----------
738,875
-----------
UTILITIES (1.3%)
150,000 El Paso Electric Co., 1st Mtg.
Note, 9.40%, 05/01/11 170,336
75,000 International Utility Structures,
Inc., 10.75%, 02/01/08 70,125
300,000 Niagara Mohawk Power Corp., Disc.
Note, 0/8.50%, 07/01/10 233,289
-----------
473,750
-----------
WASTE MANAGEMENT (1.9%)
700,000 Allied Waste North America, Inc.,
Co. Guarantee, 7.625%, 01/01/06* 710,500
-----------
TOTAL CORPORATE BONDS
(cost $33,842,740) 33,209,879
-----------
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
PREFERRED STOCK (3.0%)
BROADCASTING & TELEVISION (1.0%)
75 Benedek Communications Corp.,
PIK, 11.50% $ 60,375
77 Cumulus Media, Inc., Series A,
13.75% 83,160
2,125 Sinclair Broadcast Group, Inc.,
11.625% 225,250
-----------
368,785
-----------
FOODS (0.0%)
270 Nebco Evans Holding Co., 11.25% 13,635
-----------
HEALTH CARE (0.1%)
530 River Holding Corp., PIK, 11.50% 23,585
-----------
PUBLISHING (1.4%)
3,650 PriMedia, Inc., Series H, 8.625% 352,225
1,500 PriMedia, Inc., Series E, 9.20% 147,750
-----------
499,975
-----------
TELECOMMUNICATIONS (0.1%)
27 Nextel Communications, Inc., PIK,
11.125% 23,118
51 Viatel, Inc., PIK, 10.00% 5,635
-----------
28,753
-----------
UTILITIES (0.4%)
3,000 Texas Utilities Co., PRIDES,
9.25% 170,250
-----------
TOTAL PREFERRED STOCK
(cost $1,142,268) 1,104,983
-----------
WARRANT (0.0%)
75 Pathnet, Expires 04/15/08
(cost $1,875 ) 750
-----------
</TABLE>
34 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 37
NATIONWIDE SEPARATE ACCOUNT TRUST
HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT (5.2%)
$1,909,000 Fifth Third Bank, 4.12%,
01/04/99,
Collateralized by $1,894,000
FHLMC Pool #G10657, 7.50%,
02/01/12, market value $1,947,268
(cost $1,909,000) $ 1,909,000
-----------
TOTAL INVESTMENTS
(cost $36,895,883) $36,224,612
===========
</TABLE>
- -------------------------------------------------------
* Represents a security registered under Rule 144A, which limits the resale to
certain qualified buyers.
Cost also represents cost for federal income tax purposes.
The abbreviations in the above statement stand for the following:
<TABLE>
<CAPTION>
<S> <C>
AB AktlieBolag (Swedish stock company)
BV Private Company
FHLMC Federal Home Loan Mortgage Corporation
LLC Limited Liability Company
PIK Paid-in-kind
PLC (British) Public Limited Company
PRIDES Preferred Redeemable Increased Dividend
Equity Securities
SA Societe Anonyme (French corporation)
</TABLE>
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 35
<PAGE> 38
NATIONWIDE SEPARATE ACCOUNT TRUST
BALANCED FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (41.5%)
AUTOMOBILES (0.6%)
2,556 Daimler Chrysler AG $ 245,536
-----------
BANKS (3.9%)
9,072 BankAmerica Corp. 545,454
4,000 Bankers Trust Corp. 341,750
7,600 Fleet Financial Group, Inc. 339,625
9,000 Mercantile Bankshare Corp. 346,500
-----------
1,573,329
-----------
BEVERAGES (2.0%)
6,200 Anheuser-Busch Co., Inc. 406,875
9,800 PepsiCo, Inc. 401,187
-----------
808,062
-----------
CHEMICALS (1.1%)
12,700 Geon Co. 292,100
9,000 Lyondell Chemical Co. 162,000
-----------
454,100
-----------
COMPUTERS (0.8%)
1,800 International Business Machines
Corp. 332,550
-----------
CONSTRUCTION (0.9%)
3,600 Stone & Webster, Inc. 119,700
2,000 Vulcan Materials Co. 263,125
-----------
382,825
-----------
ELECTRIC COMPANIES (1.2%)
9,000 Edison International 250,875
8,000 Houston Industries, Inc. 257,000
-----------
507,875
-----------
FOODS (1.4%)
10,000 Hormel Foods Corp. 327,500
7,200 Ralston-Ralston Purina Group 233,100
-----------
560,600
-----------
HEALTH CARE (4.9%)
14,500 American Home Products Corp. 816,531
7,000 Bausch & Lomb, Inc. 420,000
4,900 Johnson & Johnson 410,987
6,000 Pharmacia & Upjohn, Inc. 339,750
-----------
1,987,268
-----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
INSURANCE (2.0%)
4,000 Allstate Corp. (The) $ 154,500
3,300 Chubb Corp. 214,088
6,000 CIGNA Corp. 463,875
-----------
832,463
-----------
INSURANCE BROKERS (0.8%)
5,500 Marsh & McLennan Cos., Inc. 321,406
-----------
MANUFACTURING (1.6%)
5,800 Cooper Industries, Inc. 276,588
5,000 Exxon Corp. 365,625
-----------
642,213
-----------
MEDIA (1.0%)
16,000 News Corp. 395,000
-----------
METALS (0.9%)
26,000 USEC, Inc. 360,750
-----------
NATURAL GAS COMPANIES (0.6%)
8,000 Williams Cos., Inc. (The) 249,500
-----------
OIL & GAS/DRILLING & EQUIPMENT (0.5%)
1,100 Halliburton Co. 32,588
3,500 Schlumberger Ltd. 161,438
-----------
194,026
-----------
OIL/INTERNATIONAL (1.2%)
4,000 Amoco Corp. 241,500
8,500 Suncor Energy, Inc. 253,937
-----------
495,437
-----------
PAPER & FOREST PRODUCTS (0.6%)
5,000 Weyerhaeuser Co. 254,063
-----------
PERSONAL CARE (2.0%)
5,500 Amerada Hess Corp. 273,625
12,000 Avon Products, Inc. 531,000
-----------
804,625
-----------
PHOTOGRAPHY (1.4%)
8,000 Eastman Kodak Co. 576,000
-----------
RAILROADS (1.6%)
6,000 Canadian National Railway Co. 311,250
8,000 Union Pacific Corp. 360,500
-----------
671,750
-----------
</TABLE>
36 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 39
NATIONWIDE SEPARATE ACCOUNT TRUST
BALANCED FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
REAL ESTATE (1.9%)
5,000 Arden Realty, Inc., REIT $ 115,937
6,800 Crescent Real Estate Equities
Co., REIT 156,400
5,000 Glenborough Realty Trust, Inc.,
REIT 101,875
7,400 JDN Realty Corp., REIT 159,562
10,920 New Plan Excel Realty Trust, REIT 242,287
-----------
776,061
-----------
RETAIL (2.6%)
8,000 J.C. Penney Co., Inc. 375,000
5,000 May Department Stores Co. 301,875
9,500 Sears Roebuck and Co. 403,750
-----------
1,080,625
-----------
RETAIL/FOOD CHAINS ( 0.7%)
27,000 Food Lion, Inc. Class B 271,688
-----------
TECHNOLOGY (1.1%)
20,000 Reynolds & Reynolds Co. Class A 458,750
-----------
TELECOMMUNICATIONS (3.2%)
8,000 BCE, Inc. 303,500
8,000 Bell Atlantic Corp. 424,000
4,800 Frontier Corp. 163,200
8,000 SBC Communications, Inc. 429,000
-----------
1,319,700
-----------
TOBACCO (1.0%)
8,000 Philip Morris Co., Inc. 428,000
-----------
TOTAL COMMON STOCK
(cost $16,375,726) 16,984,202
-----------
CONVERTIBLE PREFERRED STOCK (1.8%)
AUTOMOBILE/PARTS & EQUIPMENT (0.4%)
2,500 BTI-Capital Trust, 6.50% 56,875
2,500 Chesapeake Energy Corp., 7.00% 25,000
3,000 Skytel Communications, Inc.,
Series $2.25 92,625
-----------
174,500
-----------
DIVERSIFIED FINANCE (0.2%)
2,000 Morgan Stanley Dean Witter & Co.,
6.00% 82,500
-----------
FOOD (0.2%)
1,500 Ralston-Ralston Purina Group,
7.00% 78,375
-----------
NATURAL GAS (0.6%)
5,000 El Paso Energy, 4.75% 239,375
-----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
PAPER & FOREST PRODUCTS (0.4%)
3,000 International Paper Capital
Trust, 5.25% $ 144,375
-----------
TOTAL CONVERTIBLE PREFERRED STOCK
(cost $874,637) 719,125
-----------
- ---------
PRINCIPAL
- ---------
<C> <S> <C>
CORPORATE BONDS (19.6%)
AEROSPACE/DEFENSE (0.7%)
$ 100,000 BE Aerospace, Inc., 8.00%,
03/01/08 99,000
200,000 Raytheon Co., 6.15%, 11/01/08 203,921
-----------
302,921
-----------
AGRICULTURAL PRODUCTS (0.3%)
125,000 Imperial Holly Corp., 9.75%,
12/15/07 123,750
-----------
AIRLINES (0.3%)
125,000 Airplanes Pass Through Trust,
10.875%, 03/15/19 140,876
-----------
AUTOMOBILES (0.6%)
250,000 Ford Credit Auto Owner Trust,
5.85%, 10/15/01 252,175
-----------
AUTOMOBILES/PARTS & EQUIPMENT (0.6%)
125,000 Breed Technologies, Inc., 9.25%,
04/15/08* 109,375
125,000 Hayes Lemmerz International,
Inc., 8.25%, 12/15/08* 124,375
-----------
233,750
-----------
BANKS (0.9%)
106,173 Banc One Auto Trust, 6.29%,
07/20/04 107,475
100,000 Nationsbank Credit, 6.45%,
04/15/03 101,884
180,000 U.S. Bank NA, 5.70%, 12/15/08 178,725
-----------
388,084
-----------
BROADCASTING & TELEVISION (1.3%)
200,000 Belo (A.H.) Corp., 7.25%,
09/15/27 204,104
100,000 CSC Holdings, Inc., Sr. Sub.
Note, 9.25%, 11/01/05 107,000
100,000 International Cabletel, Inc.,
0/11.50%, 02/01/06 (a) 82,000
125,000 Lin Television Corp., 8.375%,
03/01/08 125,000
-----------
518,104
-----------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 37
<PAGE> 40
NATIONWIDE SEPARATE ACCOUNT TRUST
BALANCED FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
CHEMICALS (0.9%)
$ 125,000 Huntsman Corp., 9.50%, 07/01/07* $ 124,375
100,000 ISP Holdings, Inc., Sr. Note,
9.00%, 10/15/03 105,250
125,000 Polymer Group, Inc., Sr. Note,
8.75%, 03/01/08 122,813
-----------
352,438
-----------
COMMERCIAL & CONSUMER SERVICES (2.7%)
180,000 Comdisco, Inc., 6.13%, 08/01/01 179,023
125,000 HMH Properties, Inc., 8.45%,
12/01/08 125,000
100,000 Iron Mountain, Inc., 8.75%,
09/30/09 103,000
100,000 Monsanto Co., 5.875%, 12/01/08* 99,661
125,000 Pierce Leahy, 11.125%, 07/15/06 138,125
125,000 Primark Corp., 9.25%, 12/15/08* 125,625
125,000 Protection One, Inc., 8.125%,
01/15/09* 125,000
225,000 Service Corp. International,
6.00%, 12/15/05 224,301
-----------
1,119,735
-----------
CONTAINERS & PACKAGING (0.5%)
100,000 Synthetic Industries, Inc.,
9.25%, 02/15/07 102,000
100,000 Tekni-Plex, Inc., 11.25%,
04/01/07 111,000
-----------
213,000
-----------
DATA PROCESSING (0.5%)
200,000 First Data Corp., 6.375%,
12/15/07 207,862
-----------
DIVERSIFIED FINANCE (0.7%)
125,000 ContiFinancial Corp., Sr. Note,
8.125%, 04/01/08 83,517
150,000 DVI, Inc., 9.875%, 02/01/04 143,502
50,000 Merrill Lynch & Co., 6.00%,
11/15/04 50,789
-----------
277,808
-----------
DIVERSIFIED MANUFACTURING (0.6%)
132,000 Alvey Systems, Inc., Sr. Sub.
Note, 11.375%, 01/31/03 132,000
125,000 Furon Co., 8.125%, 03/01/08 123,750
-----------
255,750
-----------
FOODS (0.3%)
100,000 Delta Beverage Group, Inc.,
9.75%, 12/15/03 104,000
-----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
GAMING & LOTTERY (0.9%)
$ 125,000 Harrahs Operating Co., Inc.,
7.875%, 12/15/05 $ 126,385
100,000 Horseshoe Gaming LLC, 9.375%,
06/15/07 103,250
125,000 Park Place Entertainment, 7.875%,
12/15/05* 125,156
-----------
354,791
-----------
HEALTH CARE (0.2%)
75,000 Vencor, Inc., 9.875%, 05/01/05* 64,500
-----------
HOUSEWARES (0.2%)
100,000 Ecko Group, Inc., Series B,
9.25%, 04/01/06 101,000
-----------
MANUFACTURING (0.5%)
100,000 Norsk Hydro, ASA, 6.70%, 01/15/18 99,891
100,000 Praxair, Inc., 6.15%, 04/15/03 99,335
-----------
199,226
-----------
METALS & MINING (0.4%)
150,000 P&L Coal Holdings Corp., 9.625%,
05/15/08 151,500
-----------
OFFICE EQUIPMENT & SUPPLIES (0.2%)
75,000 Staples, Inc., 7.125%, 08/15/07 77,273
-----------
OIL & GAS (0.4%)
100,000 Canadian Forest Oil Ltd., 8.75%,
09/15/07 94,000
100,000 Clark Refining & Marketing, Inc.,
11.125%, 11/15/07 89,000
-----------
183,000
-----------
PRINTING & PUBLISHING (1.2%)
100,000 Advanstar Communications, 9.25%,
05/01/08 100,500
125,000 Big Flower Press Holdings,
8.625%, 12/01/08* 126,250
125,000 Hollinger International, Inc.,
Sr. Sub. Note, 9.25%, 03/15/07 131,875
125,000 Mail-Well Corp., 8.75%, 12/15/08* 125,000
-----------
483,625
-----------
</TABLE>
38 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 41
NATIONWIDE SEPARATE ACCOUNT TRUST
BALANCED FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
RETAIL (1.4%)
$ 100,000 Cole National Group, Inc.,
8.625%, 08/15/07 $ 98,250
125,000 Jitney Jungle Stores, 12.00%,
03/01/06 139,375
125,000 Musicland Group, 9.00%, 06/15/03 120,625
200,000 Sears Roebuck Acceptance Corp.,
7.00%, 06/15/07 213,942
-----------
572,192
-----------
SHIPPING (0.8%)
100,000 Enterprises Shipholding Corp.,
8.875%, 05/01/08 82,000
125,000 Falcon Holding Group, 8.375%,
04/15/10 129,375
125,000 Teekay Shipping Corp., 8.32%,
02/01/08 121,406
-----------
332,781
-----------
TELECOMMUNICATIONS (2.0%)
81,000 Adelphia Communications, 9.50%,
02/15/04 85,455
350,000 Aspect Telecommunications, 0.00%,
08/10/98 80,500
125,000 Centennial Cellular, 10.75%,
12/15/08* 124,375
200,000 Century Communications Corp.,
0.00%, 01/15/08 100,000
65,000 GTE Corp., 8.50%, 03/15/08 70,353
125,000 Intermedia Communications, Inc.,
Sr. Note, 8.60%, 06/01/08 118,750
125,000 L-3 Communications Corp., 8.00%,
08/01/08* 125,312
200,000 MetroNet Communication, Sr. Disc.
Note, 0/9.95%, 06/15/08 122,500
-----------
827,245
-----------
WASTE MANAGEMENT (0.5%)
125,000 Allied Waste, 7.875%, 01/01/09* 126,563
75,000 Envirosource, Inc., 9.75%,
06/15/03 67,500
-----------
194,063
-----------
TOTAL CORPORATE BONDS
(cost $8,084,267) 8,031,449
-----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
CONVERTIBLE CORPORATE BONDS (5.9%)
COMPUTERS/HARDWARE (1.4%)
$ 100,000 DSC Communications Corp., 7.00%,
08/01/04 $ 104,250
125,000 Micron Technology, Inc., 7.00%,
07/01/04 133,594
100,000 Quantum Corp., 7.00%, 08/01/04 95,125
100,000 Tower Automotive, Inc., 5.00%,
08/01/04 111,500
100,000 Xerox Credit Corp., 2.875%,
07/01/02 128,500
-----------
572,969
-----------
DIVERSIFIED (0.8%)
200,000 Bell Atlantic Financial, 5.75%,
04/01/03* 206,500
100,000 Centocor, Inc., 4.75%, 02/15/05 105,375
-----------
311,875
-----------
HEALTH CARE (0.2%)
100,000 Healthsouth Corp., 3.25%,
04/01/03 85,000
-----------
INVESTMENT MANAGEMENT (0.8%)
250,000 First Boston, 1.00%, 04/07/05 230,313
100,000 Tele-Comm International, 4.50%,
02/15/06 106,000
-----------
336,313
-----------
LEISURE PRODUCTS (0.5%)
350,000 Halter Marine Group, Inc., 4.50%,
09/15/04 196,000
-----------
MEDIA (1.0%)
400,000 NTL, Inc., 7.00%, 12/15/08* 431,000
-----------
SEMICONDUCTORS (0.3%)
75,000 Integrated Process Equipment,
6.25%, 09/15/04 54,656
100,000 Integrated Process Equipment,
6.25%, 09/15/04 * 72,875
-----------
127,531
-----------
TECHNOLOGY (0.6%)
200,000 Adaptec, Inc., 4.75%, 02/01/04 154,500
125,000 Mark IV Industries, 4.75%,
11/01/04 99,531
-----------
254,031
-----------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 39
<PAGE> 42
NATIONWIDE SEPARATE ACCOUNT TRUST
BALANCED FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS (0.3%)
$ 100,000 Synoptics Communications, 5.25%,
05/15/03 $ 102,000
-----------
TOTAL CONVERTIBLE CORPORATE BONDS
(cost $2,420,135) 2,416,719
-----------
MORTAGE-BACKED SECURITIES (6.0%)
DIVERSIFIED FINANCIAL (1.2%)
270,000 Contimortgage, 6.13%, 03/15/13 270,726
194,135 DLJ Commercial Mortgage, 6.11%,
12/10/07 197,474
-----------
468,200
-----------
U.S. GOVERNMENT AGENCY (4.8%)
248,881 FNMA Pool #436695, 6.50%,
07/01/28 250,593
740,000 FNMA, 6.50%, 01/01/30 ** 745,094
450,000 FNMA, 7.00%, 01/01/30 ** 459,145
500,000 FNMA, 8.00%, 01/01/30 ** 517,710
-----------
1,972,542
-----------
TOTAL MORTGAGE BACKED SECURITIES
(cost $2,434,586) 2,440,742
-----------
U.S. GOVERNMENT OBLIGATIONS (14.2%)
150,000 U.S. Treasury Bond, 6.125%,
12/31/01 156,047
310,000 U.S. Treasury Bond, 6.125%,
11/15/27 347,200
500,000 U.S. Treasury Note, 4.50%,
09/30/00 499,063
75,000 U.S. Treasury Note, 6.375%,
03/31/01 77,742
700,000 U.S. Treasury Note, 5.375%,
06/30/03*** 719,907
860,000 U.S. Treasury Note, 5.25%,
08/15/03 881,500
400,000 U.S. Treasury Note, 6.125%,
08/15/07 437,125
925,000 U.S. Treasury Note, 5.625%,
05/15/08 986,859
1,000,000 U.S. Treasury Note, 4.75%,
11/15/08*** 1,007,813
450,000 U.S. Treasury Note, 5.50%,
08/15/28 471,656
200,000 U.S. Treasury Note, 5.25%,
11/15/28 205,000
-----------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(cost $5,735,040) 5,789,912
-----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENT (14.7%)
$6,023,000 Fifth Third Bank, 4.12%,
01/04/99,
Collateralized by $5,976,000
FHLMC, Pool #G10657, 7.50%,
02/01/12,
market value $6,144,075
(cost $6,023,000) $ 6,023,000
-----------
TOTAL INVESTMENTS
(cost $41,947,391) $42,405,149
===========
</TABLE>
- -------------------------------------------------------
* Represents a security registered under Rule 144A, which limits the resale to
certain qualified buyers.
** Mortgage Dollar Roll. See Note 1.
*** Segregated as collateral for mortgage dollar rolls.
Cost for federal income tax purposes: $41,951,071
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
AG Aktiengesellschaft (German stock company)
ASA Limited
FHLMC Federal Home Loan Mortgage Corporation
FNMA Federal National Mortgage Association
LLC Limited Liability 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.
40 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 43
NATIONWIDE SEPARATE ACCOUNT TRUST
MULTI SECTOR BOND FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
CORPORATE BONDS (31.4%)
AEROSPACE/DEFENSE (0.6%)
$ 125,000 BE Aerospace, Inc., 8.00%,
03/01/08 $ 123,750
100,000 Raytheon Co., 6.15%, 11/01/08 101,960
-----------
225,710
-----------
AGRICULTURAL PRODUCTS (0.7%)
125,000 Anchor Advanced Products,
11.75%, 04/01/04 135,625
125,000 Imperial Holly Corp., 9.75%,
12/15/07 123,750
-----------
259,375
-----------
AUTO PARTS & EQUIPMENT (0.6%)
125,000 Breed Technologies, Inc.,
9.25%, 04/15/08* 109,375
125,000 Hayes Lemmerz International,
Inc., 8.25%, 12/15/08* 124,375
-----------
233,750
-----------
BANKS (0.5%)
175,000 U.S. Bank, NA, 5.70%, 12/15/08 173,761
-----------
BROADCASTING (2.7%)
125,000 Adelphia Communications Corp.,
9.875%, 03/01/07 138,125
125,000 CSC Holdings, Inc., Sr. Sub.
Note, 9.25%, 11/01/05 133,750
250,000 Granite Broadcasting Corp.,
8.875%, 05/15/08* 238,125
150,000 International Cabletel, Inc.,
0/11.50%, 02/01/06 123,000
125,000 Lin Television Corp., 8.375%,
03/01/08 125,000
150,000 Telewest Communications PLC,
Disc. Note, 0/11.00%, 10/01/07 125,250
190,000 United International Holdings,
Inc., Sr. Disc. Note, 0/10.75%,
02/15/08 102,600
-----------
985,850
-----------
CHEMICALS (1.4%)
125,000 Huntsman Corp., 9.50%,
07/01/07* 124,375
150,000 ISP Holdings, Inc., Sr. Note,
9.00%, 10/15/03 157,875
50,000 PCI Chemicals Canada, Inc.,
9.25%, 10/15/07 38,500
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
CHEMICALS (CONTINUED)
$ 125,000 Polymer Group, Inc., Sr. Note,
9.00%, 07/01/07 $ 123,750
75,000 Praxair, Inc., 6.15%, 04/15/03 74,501
-----------
519,001
-----------
CONSUMER & COMMERCIAL SERVICES (3.1%)
75,000 Comdisco, Inc., 6.13%, 08/01/01 74,593
125,000 HMH Properties, Inc., 7.875%,
08/01/08 120,625
125,000 HMH Properties, Inc., 8.45%,
12/01/08 125,000
150,000 Iron Mountain, Inc., 8.75%,
09/30/09 154,500
125,000 Pierce Leahy Corp., 11.125%,
07/15/06 138,125
125,000 Primark Corp., 9.25%, 12/15/08* 125,625
125,000 Protection One, Inc., 8.125%,
01/15/09* 125,000
150,000 Service Corp. International,
6.00%, 12/15/05 149,534
125,000 Unisys Corp., 7.875%, 04/01/08 135,625
-----------
1,148,627
-----------
CONTAINERS & PACKAGING (1.2%)
50,000 Huntsman Packaging Corp.,
9.125%, 10/01/07 49,750
100,000 Radnor Holdings Corp., 10.00%,
12/01/03 100,500
125,000 Synthetic Industries, Inc.,
9.25%, 02/15/07 127,500
150,000 Tekni-Plex, Inc., 11.25%,
04/01/07 166,500
-----------
444,250
-----------
ENGINEERING & CONSTRUCTION (0.3%)
100,000 High Voltage Engineering Corp.,
10.50%, 08/15/04 94,500
-----------
FINANCIAL SERVICES (2.0%)
125,000 CB Richard Ellis Services,
Inc., 8.875%, 06/01/06 122,500
125,000 ContiFinancial Corp., Sr. Note,
8.125%, 04/01/08 83,517
150,000 DVI, Inc., 9.875%, 02/01/04 143,502
50,000 Forest City Enterprises, Inc.,
8.50%, 03/15/08 50,125
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 41
<PAGE> 44
NATIONWIDE SEPARATE ACCOUNT TRUST
MULTI SECTOR BOND FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
FINANCIAL SERVICES (CONTINUED)
$ 30,000 Merrill Lynch & Co.,
6.00%, 11/15/04 $ 30,474
300,000 TPSA Finance BV,
7.75%, 12/10/08* 296,190
-----------
726,308
-----------
FOODS (1.3%)
125,000 Ameriserv Food Distribution,
Inc.,
10.125%, 07/15/07 108,125
150,000 Delta Beverage Group, Inc.,
9.75%, 12/15/03 156,000
125,000 Packaged Ice, Inc.,
9.75%, 02/01/05* 125,000
100,000 SC International Services,
Inc.,
9.25%, 09/01/07 100,000
-----------
489,125
-----------
FOREST PRODUCTS (0.3%)
125,000 Millar Western Forest Products,
9.875%, 05/15/08 93,750
-----------
GAMING & LOTTERY (1.0%)
125,000 Harrahs Operating Co., Inc.,
7.875%, 12/15/05 126,385
125,000 Horseshoe Gaming LLC,
9.375%, 06/15/07 129,063
125,000 Park Place Entertainment, Inc.,
7.875%, 12/15/05* 125,156
-----------
380,604
-----------
HEALTH CARE (1.3%)
125,000 Dade International, Inc.,
11.125%, 05/01/06 138,750
125,000 Kindercare Learning Centers,
Inc.,
6.00%, 02/15/09 124,375
125,000 Prime Medical Services,
8.75%, 04/01/08* 120,313
100,000 Vencor, Inc.,
9.875%, 05/01/05* 86,000
-----------
469,438
-----------
HOTELS & LODGING (0.4%)
125,000 Prime Hospitality Corp.,
9.75%, 04/01/07 127,500
-----------
HOUSEWARES (0.5%)
175,000 Ecko Group, Inc.,
9.25%, 04/01/06 176,750
-----------
MANUFACTURING (1.2%)
132,000 Alvey Systems, Inc., Sr. Sub.
Note, 11.375%, 01/31/03 132,000
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
MANUFACTURING (CONTINUED)
$ 125,000 Furon Co.,
8.125%, 03/01/08 $ 123,750
125,000 Indesco International, Inc.,
9.75%, 04/15/08 117,500
50,000 Norsk Hydro ASA,
6.70%, 01/15/18 49,945
-----------
423,195
-----------
MINING (0.6%)
100,000 AEI Holding Co., Sr. Note,
10.00%, 11/15/07 98,000
125,000 P&L Coal Holdings Corp.,
8.875%, 05/15/08 127,500
-----------
225,500
-----------
OFFICE EQUIPMENT & SUPPLIES (0.2%)
75,000 Staples, Inc.,
7.125%, 08/15/07 77,273
-----------
OIL & GAS/PRODUCTION (0.9%)
120,000 Canadian Forest Oil Ltd,
8.75%, 09/15/07 112,800
100,000 Clark Refining & Marketing,
Inc.,
11.125%, 11/15/07 89,000
125,000 Dailey International, Inc., Sr.
Note, 9.50%, 02/15/08 55,000
75,000 Occidental Petroleum Corp.,
9.25%, 08/01/19 85,102
-----------
341,902
-----------
PERSONAL CARE (0.3%)
125,000 French Fragrances, Inc.,
10.375%, 05/15/07 123,125
-----------
PRINTING (0.3%)
125,000 Mail-Well Corp.,
8.75%, 12/15/08* 125,000
-----------
PUBLISHING (1.4%)
150,000 Advanstar Communications,
9.25%, 05/01/08* 150,750
125,000 Big Flower Press Holdings,
Inc.,
8.625%, 12/01/08* 126,250
225,000 Hollinger International, Inc.,
Sr. Sub. Note,
9.25%, 03/15/07 237,375
-----------
514,375
-----------
</TABLE>
42 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 45
NATIONWIDE SEPARATE ACCOUNT TRUST
MULTI SECTOR BOND FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
RETAIL/FOOD CHAINS (0.5%)
$ 65,000 Pueblo Xtra International,
9.50%, 08/01/03 $ 61,425
135,000 Pueblo Xtra International,
9.50%, 08/01/03 127,575
-----------
189,000
-----------
RETAIL/GENERAL MERCHANDISE (1.0%)
125,000 Cole National Group, Inc.,
8.625%, 08/15/07 122,813
125,000 Jitney Jungle Stores, Inc.,
12.00%, 03/01/06 139,375
125,000 Musicland Group, Inc., 9.00%,
06/15/03 120,625
-----------
382,813
-----------
SHIPPING (2.4%)
50,000 Atlantic Express Transportation
Corp., 10.75%, 02/01/04 50,500
100,000 Axiohm Transaction Solutions,
Inc., 9.75%, 10/01/07* 94,500
125,000 Coach USA, Inc., 9.375%,
07/01/07 127,500
125,000 Enterprises Shipholding Corp.,
8.875%, 05/01/08* 102,500
125,000 Falcon Holding Group LP,
8.375%, 04/15/10 129,375
100,000 Navistar International Corp.,
8.00%, 02/01/08 101,750
50,000 Offshore Logistics, Inc.,
7.785%, 01/15/08* 47,500
125,000 Setllex Industries, Inc.,
9.50%, 11/01/07 107,813
125,000 Teekay Shipping Corp., 8.32%,
02/01/08 121,406
-----------
882,844
-----------
TECHNOLOGY/DATA PROCESSING (0.2%)
75,000 First Data Corp., 6.375%,
12/15/07 77,948
-----------
TELECOMMUNICATIONS (3.3%)
250,000 British Telecom PLC, 7.00%,
05/23/07 271,887
125,000 Centennial Cellular Corp.,
10.75%, 12/15/08* 124,375
300,000 Century Communications Corp.,
0.00%, 01/15/08**** 150,000
35,000 GTE Corp., 8.50%, 03/15/08 37,882
250,000 Intermedia Communications
Corp., 8.50%, 01/15/08 237,500
125,000 L-3 Communications Holdings,
Inc., 8.00%, 08/01/08* 125,313
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS (CONTINUED)
$ 300,000 MetroNet Escrow Corp., Sr.
Disc. Note, 0/9.95%, 06/15/08 $ 183,750
200,000 Nextel Communications, Inc.,
0/9.75%, 10/31/07 121,000
-----------
1,251,707
-----------
UTILITIES (0.3%)
100,000 International Utility
Structures, Inc., 10.75%,
02/01/08* 94,000
-----------
VITAMINS/NUTRITIONAL PRODUCTS (0.3%)
125,000 NBTY, Inc., Sr. Sub. Note,
8.625%, 09/15/07 121,875
-----------
WASTE MANAGEMENT (0.6%)
125,000 Allied Waste NA, 7.875%,
01/01/09* 126,563
125,000 Envirosource, Inc., 9.75%,
06/15/03 112,500
-----------
239,063
-----------
TOTAL CORPORATE BONDS
(cost $11,983,762) 11,617,919
-----------
MORTGAGE-BACKED SECURITIES (18.3%)
DIVERSIFIED FINANCIAL (5.1%)
1,950,000 Donaldson, Lufkin, Jenrette,
Commercial Mortgage Corp. IO,
0.7085%, 06/10/23 92,001
3,300,000 Donaldson, Lufkin, Jenrette,
Commercial Mortgage Corp. IO,
0.8514%, 11/12/31 186,648
49,615 First Union Residential
Securitization Trust, 7.00%,
08/25/08 46,452
399,065 GECMS, 1998-15 B1, 6.75%,
11/25/28 373,042
476,519 Mid-State Trust, 7.34%,
07/01/35 492,740
74,535 PNC Mortgage Securities Corp.,
6.75%, 05/25/28 70,062
99,326 PNC Mortgage Securities Corp.,
6.838%, 05/25/28 94,641
99,331 PNC Mortgage Securities Corp.,
6.734%, 07/25/28 93,401
250,000 PNC Mortgage Securities Corp.,
98-10 B2, 6.50%, 12/25/28 228,818
224,817 PNC Mortgage Securities Corp.,
98-12 B2, 6.25%, 12/26/28 219,652
-----------
1,897,457
-----------
U.S. GOVERNMENT AGENCY (13.2%)
276 FHLMC IO, Series 1103,
1156.50%, 06/15/21 6,214
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 43
<PAGE> 46
NATIONWIDE SEPARATE ACCOUNT TRUST
MULTI SECTOR BOND FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
U.S. GOVERNMENT AGENCY (CONTINUED)
$ 250,000 FHLMC Gold, 6.50%, 01/01/30** $ 251,877
4,000,000 FNMA, 6.00%, 01/01/30** 3,948,356
650,000 FNMA, 6.50%, 01/01/30** 654,475
-----------
4,860,922
-----------
TOTAL MORTGAGE-BACKED
SECURITIES
(cost $6,803,468) 6,758,379
-----------
SOVEREIGN BONDS (27.8%)
ARGENTINA (3.2%)
329,000 Argentina Variable Rate Bond,
6.1875%, 03/31/05***** 278,137
1,000,000 Argentina Global Bond, 9.75%,
09/19/27 887,500
-----------
TOTAL ARGENTINA 1,165,637
-----------
AUSTRALIA (0.1%)
10,000 New South Wales Treasury Corp.,
7.375%, 02/21/07 (AUD) 6,813
-----------
BRAZIL (3.1%)
422,400 Brazil Eligible Interest Bond,
6.125%, 04/15/06***** 272,976
1,175,000 Brazil Global Bond, 9.375%,
04/07/08 825,438
60,000 Brazil Series ZL Bond, 6.125%,
04/15/24***** 35,100
-----------
TOTAL BRAZIL 1,133,514
-----------
DENMARK (0.4%)
820,000 Kingdom of Denmark, 8.00%,
05/15/03 (DKK) 149,551
-----------
ECUADOR (1.2%)
1,131,660 Ecuador PDI Global Bond,
6.625%, 02/27/15***** 449,174
-----------
FINLAND (0.5%)
1,000,000 Finnish Government, 6.00%,
04/25/08 (FIM) 227,460
-----------
GERMANY (4.1%)
200,000 Bundesrepublic Deutschland,
4.125%, 07/04/08 (DEM) 122,486
500,000 Bundesrepublic Deutschland,
4.75%, 07/04/08 (DEM) 320,745
1,780,000 Bundesschatzanweisungen,
6.875%, 02/24/99 (DEM) 1,073,934
-----------
TOTAL GERMANY 1,517,165
-----------
GREECE (1.8%)
8,400,000 Hellenic Republic, 11.00%,
02/25/00 (GRD) 30,267
47,000,000 Hellenic Republic, 9.80%,
03/21/00 (GRD) 167,127
95,500,000 Hellenic Republic, 8.90%,
04/01/03 (GRD) 358,242
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
SOVEREIGN BONDS (CONTINUED)
$ 6,000,000 Hellenic Republic, 8.70%,
04/08/05 (GRD) $ 23,150
25,000,000 Hellenic Republic, 8.60%,
03/26/08 (GRD) 99,405
-----------
TOTAL GREECE 678,191
-----------
ITALY (0.3%)
175,000,000 European Investment Bank,
7.45%, 02/04/99 (ITL) 106,397
-----------
KOREA (1.4%)
500,000 Republic of Korea, 8.75%,
04/15/03 518,438
-----------
MEXICO (3.8%)
1,325,000 United Mexican States, 11.50%,
05/15/26 1,404,500
-----------
MOROCCAN (2.2%)
1,000,000 Moroccan Loan Variable Rate
Bond, 6.0625%, 01/01/09***** 805,000
-----------
PANAMA (1.0%)
500,000 Panama-IRB Sinking Fund, 4.00%,
07/17/14 372,500
-----------
PERU (0.7%)
400,000 Peru PDI, 4.00%, 03/17/07 251,000
-----------
POLAND (0.3%)
390,000 Nordic Investment Bank, 17.75%,
04/15/02 (PLN) 126,392
-----------
SLOVENIA (0.4%)
120,000 Republic of Slovenia, 5.375%,
05/27/05 (PLN) 145,928
-----------
SWEDEN (0.7%)
180,000 Sudwest Landes Bank, 17.50%,
05/05/03 (SEK) 60,571
500,000 Sweden Government Bond, 11.00%,
01/21/99(SEK) 61,857
1,000,000 Sweden Government Bond, 6.50%,
05/05/08 (SEK) 145,389
-----------
TOTAL SWEDEN 267,817
-----------
VENEZUELA (2.6%)
857,141 Venezuela DCB Bond, 5.9375%,
12/18/07 542,142
202,380 Venezuela Front Loaded IRB,
6.125%, 03/31/07 126,065
500,000 Venezuelan Government, 9.25%,
09/15/27 305,000
-----------
973,207
-----------
TOTAL SOVEREIGN BONDS
cost ($10,468,108) 10,298,684
-----------
</TABLE>
44 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 47
NATIONWIDE SEPARATE ACCOUNT TRUST
MULTI SECTOR BOND FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
U.S. GOVERNMENT OBLIGATIONS (20.9%)
$ 40,000 U.S. Treasury Bond, 6.125%,
11/15/27 $ 44,800
300,000 U.S. Treasury Bond, 5.50%,
08/15/28 314,438
1,000,000 U.S. Treasury Bond, 5.25%,
11/15/28*** 1,025,000
30,000 U.S. Treasury Inflation Indexed
Note, 3.625%, 04/15/28 29,640
3,000,000 U.S. Treasury Note, 5.125%,
08/31/00*** 3,023,439
900,000 U.S. Treasury Note, 5.875%,
09/30/02 935,719
500,000 U.S. Treasury Note, 5.375%,
06/30/03*** 514,219
750,000 U.S. Treasury Note, 5.50%,
02/15/08 795,000
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
$ 900,000 U.S. Treasury Note,
5.625%, 05/15/08*** $ 960,188
75,000 U.S. Treasury Note,
4.75%, 11/15/08 75,586
-----------
TOTAL U.S. GOVERNMENT
OBLIGATIONS
(cost $7,577,204) 7,718,029
-----------
REPURCHASE AGREEMENT (9.6%)
3,532,000 Fifth Third Bank, 4.12%,
01/04/99,
Collateralized by $3,505,000
FHLMC Pool #G10657, 7.50%,
02/01/12, market value
$3,603,578 (cost $3,532,000) 3,532,000
-----------
TOTAL INVESTMENTS
(cost $40,364,542) $39,925,011
===========
</TABLE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CONTRACT MARKET
VALUE VALUE APPRECIATION
CURRENCY PURCHASED: (US $) (US $) (DEPRECIATION) DELIVERY DATE
- ------------------- -------- ------ -------------- -------------
<S> <C> <C> <C> <C>
German Marks $108,207 $108,267 $ 60 02/16/99
------
CURRENCY SOLD:
- -------------------------------
Eastern Currency Units $147,478 $148,449 $ 971 02/16/99
Finnish Marks 223,394 224,007 613 02/16/99
German Marks 538,740 546,282 7,542 02/16/99
Italian Lira 105,346 105,857 511 02/04/99
Swedish Kronor 108,207 108,524 317 02/16/99
------
TOTAL CURRENCY SOLD $9,954
------
NET PAYABLE FOR FORWARD
CURRENCY CONTRACTS PURCHASED
AND SOLD $9,894
======
</TABLE>
- --------------------------------------------------------------------------------
* Represents a security registered under Rule 144A, which limits the resale
to certain qualified buyers.
** Mortgage Dollar Roll. See note 1.
*** Segregated as collateral for mortgage dollar rolls.
**** Zero Coupon Bond.
***** Variable rate security. The rate reflected in the Statement of Investments
is the rate in effect on December 31, 1998.
Securities denominated in foreign currencies are shown at their U.S. Dollar cost
and value.
Cost for federal income tax purposes: $40,381,621
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
ASA Limited
AUD Australian Dollars
BV Private Company
DCB Debt Conversion Bonds
DEM German Marks
DKK Danish Kroner
FHLMC Federal Home Loan Mortgage Corporation
FIM Finnish Marks
FNMA Federal National Mortgage Association
GECMS General Electric Capital Mortgage Services, Inc.
GRD Greek Drachmas
IO Interest Only
IRB Interest Reduction Bonds
ITL Italian Lira
LLC Limited Liability Company
PDI Past Due Interest
PLC (British) Public Limited Company
PLN Polish Zlotys
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 ANNUAL REPORT 45
<PAGE> 48
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL CAP VALUE FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (86.5%)
ADVERTISING & MARKETING (0.1%)
2,800 True North Communications, Inc. $ 75,250
-----------
AEROSPACE/DEFENSE (2.0%)
22,400 BE Aerospace, Inc.* 470,400
21,400 Doncasters PLC ADR* 346,413
10,500 Fairchild Corp. (The) Class A* 165,375
-----------
982,188
-----------
AIR FREIGHT (0.5%)
21,000 Kitty Hawk, Inc.* 231,000
-----------
AUTO PARTS & EQUIPMENT (1.9%)
12,300 Discount Auto Parts, Inc.* 269,831
9,700 Dura Automotive Systems, Inc.* 331,013
23,500 Pep Boys - Manny, Moe & Jack
(The) 368,656
-----------
969,500
-----------
BANKS/SAVINGS & LOANS (4.0%)
12,940 Astoria Financial Corp. 592,005
8,500 Bay View Capital Corp. 184,344
43,100 Golden State Bancorp, Inc.* 716,537
24,900 PFF Bancorp, Inc.* 398,400
11,400 Seacoast Financial Services
Corp.* 116,850
-----------
2,008,136
-----------
BROADCASTING & TELEVISION (1.4%)
11,600 Emmis Broadcasting Corp. Class A* 503,150
21,200 Paxson Communications Corp.* 194,775
-----------
697,925
-----------
CHEMICALS (1.0%)
15,500 Geon Co. 356,500
4,500 Lawter International, Inc. 52,313
3,900 Nalco Chemical Co. 120,900
-----------
529,713
-----------
COMMERCICAL SERVICES (0.7%)
3,600 Deluxe Corp. 131,625
38,100 Renaissance Worldwide, Inc.* 233,363
-----------
364,988
-----------
COMMUNICATION EQUIPMENT (0.8%)
20,300 Commscope, Inc.* 341,294
2,900 Conexant Systems, Inc.* 48,575
-----------
389,869
-----------
COMPUTERS/HARDWARE (3.2%)
25,700 HMT Technology Corp.* 329,281
41,400 Maxtor Corp.* 579,600
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMPUTERS/HARDWARE (CONTINUED)
15,600 Mentor Graphics Corp.* $ 132,600
7,500 RadiSys Corp.* 225,000
19,500 Sequent Computer Systems, Inc.* 235,219
13,500 Splash Technology Holdings, Inc.* 100,406
-----------
1,602,106
-----------
COMPUTERS/NETWORKING (0.3%)
18,000 Hypercom Corp.* 177,750
-----------
COMPUTERS/PERIPHERAL (0.5%)
30,800 In Focus Systems, Inc.* 273,350
-----------
COMPUTERS/SOFTWARE & SERVICES (4.4%)
27,800 GT Interactive Software Corp.* 139,000
28,100 Learning Co., Inc. (The)* 728,844
22,300 Technology Solutions Co.* 239,029
40,000 Wang Laboratories, Inc.* 1,110,000
-----------
2,216,873
-----------
CONSTRUCTION (0.5%)
20,200 Chicago Bridge & Iron Co. NV ORD 248,713
-----------
CONSUMER JEWELRY & GIFTS (0.3%)
12,700 Finlay Enterprises, Inc.* 128,588
-----------
CONTAINERS & PACKAGES (3.1%)
8,100 Ball Corp. 370,575
48,600 Gaylord Container Corp. Class A* 297,675
13,500 Rock-Tenn Co. 228,656
41,814 Smurfit-Stone Container Corp.* 661,184
-----------
1,558,090
-----------
DATA PROCESSING (3.1%)
20,600 Information Resources, Inc.* 209,862
46,900 Sybase, Inc.* 347,356
45,900 Symantec Corp.* 998,325
-----------
1,555,543
-----------
DISTRIBUTORS (2.6%)
10,900 Aviall, Inc.* 128,075
38,500 CHS Electronics, Inc.* 652,094
29,600 Tristar Aerospace Co.* 207,200
48,100 Unisource Worldwide, Inc. 348,725
-----------
1,336,094
-----------
ELECTRICAL EQUIPMENT (0.6%)
11,700 Belden, Inc. 247,894
6,100 Kemet Corp.* 68,625
-----------
316,519
-----------
</TABLE>
46 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 49
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL CAP VALUE FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
ELECTRONICS/COMPONENTS (0.3%)
7,500 DSP Group, Inc.* $ 156,563
-----------
ELECTRONICS/INSTRUMENTS (3.9%)
3,100 Cohu, Inc. 68,200
31,800 Credence Systems Corp.* 588,300
16,200 FSI International, Inc.* 168,075
5,300 LTX Corp.* 13,581
19,700 Millipore Corp. 560,219
8,200 Silicon Valley Group, Inc.* 104,550
33,200 Vishay Intertechnology, Inc.* 481,400
-----------
1,984,325
-----------
ELECTRONICS/SEMICONDUCTORS (4.3%)
30,700 Amkor Technologies, Inc.* 331,944
26,800 Atmel Corp.* 410,375
10,400 Electroglas, Inc.* 122,200
33,500 LAM Research Corp.* 596,719
30,000 LSI Logic Corp.* 483,750
11,400 Watkins-Johnson Co. 232,275
-----------
2,177,263
-----------
ENTERTAINMENT (0.6%)
21,300 Metro-Goldwyn-Mayer, Inc.* 280,894
-----------
FOODS (1.4%)
16,300 International Home Foods, Inc.* 275,062
16,100 Interstate Bakeries Corp. 425,644
-----------
700,706
-----------
FOOTWEAR (2.1%)
30,000 Brown Group, Inc. 526,875
24,000 Maxwell Shoe Co. Class A* 262,500
22,100 Wolverine World Wide, Inc. 292,825
-----------
1,082,200
-----------
GAMING & LOTTERY (0.2%)
24,800 Boyd Gaming Corp.* 82,150
-----------
HARDWARE & TOOLS (0.9%)
13,700 Snap-on, Inc. 476,931
-----------
HEALTH CARE (8.9%)
1,300 AmeriPath, Inc.* 11,619
4,200 Beckman Coulter, Inc. 227,850
11,200 CONMED Corp.* 369,600
17,000 Dura Pharmaceuticals, Inc.* 258,187
54,300 ESC Medical Systems Ltd. 570,150
21,100 Foundation Health Systems Class
A* 251,881
25,500 Integrated Health Services, Inc. 360,187
4,300 King Pharmaceuticals, Inc.* 113,412
56,800 PharMerica, Inc.* 340,800
39,900 Quest Diagnostics, Inc.* 710,719
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
HEALTH CARE (CONTINUED)
15,100 Spacelabs Medical, Inc.* $ 347,300
9,200 St. Jude Medical, Inc.* 254,725
19,400 Total Renal Care Holdings, Inc.* 573,512
2,600 West Company, Inc. 92,787
-----------
4,482,729
-----------
INSURANCE (3.8%)
20,100 Allmerica Financial Corp. 1,163,287
9,100 ARM Financial Group, Inc. Class A 201,906
1,300 Guarantee Life Cos., Inc. 24,050
6,900 Mony Group, Inc.* 216,056
9,800 SCPIE Holdings, Inc. 297,062
-----------
1,902,361
-----------
MACHINERY/DIVERSIFIED (1.0%)
15,500 Kulicke & Soffa Industries* 275,125
16,900 OmniQuip International, Inc. 253,500
-----------
528,625
-----------
MANUFACTURING/DIVERSIFIED (2.3%)
3,100 Lancaster Colony Corp. 99,588
29,600 Phillips-Van Heusen Corp. 212,750
4,800 St. John Knits, Inc. 124,800
11,700 Tommy Hilfiger Corp. 702,000
-----------
1,139,138
-----------
METAL FABRICATORS (0.4%)
14,000 Intermet Corp. 182,875
-----------
OIL & GAS (4.3%)
11,200 BJ Services Co.* 175,000
24,800 EEX Corp.* 173,600
12,400 Forcenergy, Inc.* 32,550
18,300 Houston Exploration Co. (The)* 363,712
40,300 Newpark Resources, Inc.* 274,544
4,900 Petsec Energy Ltd.* 8,269
44,800 R & B Falcon Corp.* 341,600
46,100 Range Resources Corp. 158,469
63,000 Santa Fe Energy Resources, Inc.* 464,625
11,100 Titan Exploration, Inc.* 72,844
10,200 Vintage Petroleum, Inc. 87,975
-----------
2,153,188
-----------
PERSONAL CARE PRODUCTS (2.3%)
4,200 Herbalife International, Inc. 48,038
39,800 Rexall Sundown, Inc.* 557,200
41,500 Twinlab Corp.* 544,687
-----------
1,149,925
-----------
PUBLISHING (0.9%)
10,100 Houghton Mifflin Co. 477,225
-----------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 47
<PAGE> 50
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL CAP VALUE FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
RAILROADS (0.4%)
12,400 Wisconsin Central Transportation
Corp.* $ 213,125
-----------
RESTAURANTS (2.6%)
22,200 Buffets, Inc.* 265,013
9,500 CEC Entertainment, Inc.* 263,625
17,020 CKE Restaurants, Inc. 501,026
14,100 Wendy's International, Inc. 307,556
-----------
1,337,220
-----------
RETAIL (6.0%)
22,700 Bon-Ton Stores* 173,087
3,800 Borders Group, Inc.* 94,762
31,700 Burlington Coat Factory Warehouse
Corp. 517,106
16,500 Claire's Stores, Inc. 338,250
9,000 CompUSA, Inc.* 117,562
20,000 Elder-Beerman Stores Corp.* 231,250
20,900 Finish Line (The) Class A* 167,200
13,200 Micro Warehouse, Inc.* 446,325
31,200 Officemax, Inc.* 382,200
31,400 Pacific Sunwear of California,
Inc.* 514,175
2,200 Stage Stores, Inc.* 20,625
-----------
3,002,542
-----------
SHIPPING (0.2%)
3,900 Knightsbridge Tankers Ltd. 81,169
-----------
TEXTILES/APPAREL (0.7%)
6,800 Fruit of the Loom, Inc. Class A* 93,925
16,800 Nautica Enterprises, Inc.* 252,000
-----------
345,925
-----------
TRANSPORTATION (2.9%)
14,400 American Freightways Corp.* 166,051
34,500 Arkansas Best Corp.* 201,611
9,300 USFreightways Corp. 270,863
43,300 Yellow Corp.* 828,112
-----------
1,466,637
-----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
TRUCKS & PARTS (1.4%)
48,400 Miller Industries, Inc.* $ 217,800
25,400 Wabash National Corp. 515,938
-----------
733,738
-----------
UTILITIES (1.5%)
33,200 US Filter Corp.* 759,450
-----------
WASTE MANAGEMENT (2.2%)
77,025 Safety-Kleen Corp.* 1,087,978
-----------
TOTAL COMMON STOCK
(cost $41,216,147) 43,647,077
-----------
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL
- -----------------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENT (13.0%)
$6,579,000 Fifth Third Bank, 4.12%,
01/04/99, Collaterlized by
$6,528,000 FHLMC Pool #G10657,
7.50%, 02/01/12, market value
$6,711,600
(cost $6,579,000) 6,579,000
-----------
TOTAL INVESTMENTS
(cost $47,795,147) $50,226,077
===========
</TABLE>
- -------------------------------------------------------
* Denotes a non-income producing security.
Cost for federal income tax purposes: $50,713,347
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
ADR American Depository Receipt
FHLMC Federal Home Loan Mortgage Corporation
NV Naamloze Vennootschap (Dutch corporation)
ORD Ordinary Depository Receipt
PLC (British) Public Limited Company
</TABLE>
Portfolio holding percentages represent market value as a percentage net assets.
See accompanying notes to financial statements.
48 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 51
NATIONWIDE SEPARATE ACCOUNT TRUST
GLOBAL EQUITY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
COMMON STOCK (94.7%)
AUSTRALIA (2.2%)
BANKS/MAJOR REGIONAL (0.4%)
5,100 National Australia Bank Ltd. $ 76,950
------------
COMMERCIAL & CONSUMER SERVICES (0.2%)
2,027 Brambles Industries Ltd. 49,419
------------
COMMUNICATION EQUIPMENT (0.5%)
13,731 Pioneer International Ltd. 29,055
15,500 Telstra Corp. Ltd.* 72,537
------------
101,592
------------
FINANCIAL DIVERSIFIED (0.5%)
9,400 Australia & New Zealand Banking
Group 61,575
4,000 Lend Lease Corp. Ltd. 53,974
------------
115,549
-----------
INSURANCE/LIFE/HEALTH (0.3%)
4,480 AMP Ltd.*(a) 56,811
------------
METALS MINING (0.2%)
16,100 WMC Ltd. 48,584
------------
OIL & GAS/PRODUCTION (0.1%)
3,500 Broken Hill Proprietary Co.
Ltd. 25,801
------------
TOTAL AUSTRALIA 474,706
------------
AUSTRIA (0.3%)
BANKS/MONEY CENTER (0.3%)
1,200 Bank Austria AG 61,054
------------
BELGIUM (0.6%)
OIL/INTERNATIONAL (0.2%)
100 PetroFina SA 45,848
------------
RETAIL (0.4%)
1,050 Delhaize (Le Lion) SA 92,918
------------
TOTAL BELGIUM 138,766
------------
CANADA (1.6%)
BANKS/MONEY CENTER (0.3%)
1,500 Royal Bank of Canada 74,761
------------
BEVERAGES/ALCOHOLIC (0.2%)
800 Seagram Co. Ltd. 30,341
------------
COMMUNICATION EQUIPMENT (0.2%)
600 Northern Telecom Ltd. 29,924
------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
MANUFACTURING DIVERSIFIED (0.2%)
1,800 Bombardier, Inc. Class B $ 25,783
2,400 Noranda, Inc. 23,830
------------
49,613
-----------
METALS MINING (0.1%)
1,200 Barrick Gold Corp. 23,283
------------
OFFICE EQUIPMENT & SUPPLIES (0.3%)
1,100 BCE, Inc. 41,432
2,600 Moore Corp. Ltd. 28,355
------------
69,787
-----------
OIL & GAS/PRODUCTION (0.1%)
600 Canadian Hunter Exploration
Ltd. 3,906
800 Talisman Energy, Inc. 14,037
------------
17,943
-----------
PAPER & FOREST PRODUCTS (0.2%)
1,046 Nexfor, Inc. 4,122
700 Potash Corp. of Saskatchewan,
Inc. 44,892
------------
49,014
------------
TOTAL CANADA 344,666
------------
DENMARK (0.4%)
FOODS (0.4%)
1,400 Danisco A/S 75,892
------------
FRANCE (4.9%)
BANKS/MONEY CENTER (0.4%)
460 Societe Generale 74,526
------------
BUILDING MATERIALS (0.4%)
580 Compagnie de Saint Gobain 81,923
------------
CHEMICALS (0.1%)
1,784 Rhodia SA* 27,146
------------
COMMERCIAL & CONSUMER SERVICES (0.7%)
575 Vivendi 149,257
------------
ELECTRONICS/SEMICONDUCTORS (0.5%)
1,300 STMicroelectronics* 102,399
------------
FINANCIAL/DIVERSIFIED (0.4%)
1,100 Paribas 95,644
------------
HEALTH CARE/DRUGS (0.5%)
840 Rhone-Poulenc SA 43,248
430 Sanofi SA 70,820
------------
114,068
-----------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 49
<PAGE> 52
NATIONWIDE SEPARATE ACCOUNT TRUST
GLOBAL EQUITY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
INSURANCE/MULTI-LINE (0.5%)
750 Axa $ 108,754
------------
LEISURE TIME PRODUCTS (0.3%)
1,500 Lagardere SCA 63,776
------------
OIL & GAS/PRODUCTION (0.2%)
400 Elf Aquitaine SA 46,258
------------
OIL/INTERNATIONAL (0.5%)
1,000 Total SA 101,325
------------
RETAIL (0.4%)
70 Carrefour SA 52,870
180 Castorama Dubois
Investissements 41,085
------------
93,955
------------
TOTAL FRANCE 1,059,031
------------
GERMANY (5.7%)
AUTO PARTS & EQUIPMENT (0.6%)
2,700 Continental AG 74,572
600 Volkswagen AG 47,914
------------
122,486
------------
BANKS/MONEY CENTER (0.5%)
1,300 Bayerische Hypo und Vereinsbank 101,861
452 Deutsche Bank AG 26,610
------------
128,471
------------
CHEMICALS (0.6%)
1,200 BASF AG 45,824
600 SGL Carbon AG 36,025
1,900 SKW Trostberg AG 48,484
------------
130,333
------------
COMPUTERS/SOFTWARE & SERVICES (0.3%)
135 S.A.P. AG 58,361
------------
CONSTRUCTION (0.1%)
600 Bilfinger & Berger Bau AG 15,311
------------
ELECTRONICS/COMPONENTS (0.5%)
1,700 Siemens AG 109,727
------------
HEALTH CARE/DRUGS (0.3%)
500 Schering AG 62,819
------------
INSURANCE/MULTI-LINE (1.2%)
300 Allianz AG 110,057
304 Muenchener Rueckversicherungs-
Gesellschaft AG 147,300
------------
257,357
------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
MANUFACTURING/DIVERSIFIED (0.7%)
2,400 Veba AG $ 143,669
------------
OIL/INTERNATIONAL (0.6%)
2,300 RWE AG 126,013
------------
RETAIL (0.3%)
140 Karstadt AG 73,131
------------
TOTAL GERMANY 1,227,678
------------
HONG KONG (0.4%)
INVESTMENT MANAGEMENT (0.2%)
6,000 Hutchison Whampoa Ltd. 42,404
------------
REAL ESTATE INVESTMENT TRUST (0.2%)
6,000 Sung Hung Kai Properties Ltd. 43,759
------------
TOTAL HONG KONG 86,163
------------
IRELAND (1.6%)
AGRICULTURAL PRODUCTS (0.2%)
1,800 Bank of Ireland 40,122
------------
BUILDING MATERIALS (0.2%)
3,000 CRH PLC 51,886
------------
CONTAINERS & PACKAGING (0.4%)
41,800 Smurfit (Jefferson) Group PLC 75,411
------------
FOODS (0.4%)
18,900 Greencore Group PLC 87,356
------------
INSURANCE/LIFE/HEALTH (0.4%)
9,500 Irish Life PLC 89,518
------------
TOTAL IRELAND 344,293
------------
ITALY (2.7%)
BANKS/MONEY CENTER (0.4%)
5,300 Istituto Bancario San Paolo di
Torino 93,857
------------
INSURANCE/MULTI-LINE (0.6%)
2,100 Assicurazioni Generali 87,877
5,400 Mediolanum SPA 40,118
------------
127,995
------------
OIL/INTERNATIONAL (0.5%)
15,300 ENI SPA 100,213
------------
TELECOMMUNICATION (1.2%)
40,700 Telecom Italia SPA 256,706
------------
TOTAL ITALY 578,771
------------
</TABLE>
50 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 53
NATIONWIDE SEPARATE ACCOUNT TRUST
GLOBAL EQUITY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
JAPAN (6.8%)
AUTO PARTS & EQUIPMENT (0.8%)
5,000 Honda Motor Co. Ltd. $ 164,455
------------
BANKS/MONEY CENTER (0.1%)
10,000 Sumitomo Trust & Banking Co.
Ltd. 26,597
------------
BUILDING MATERIALS (1.0%)
11,000 Tostem Corp. 218,446
------------
COMMUNICATION EQUIPMENT (0.5%)
1,500 Sony Corp. 109,445
------------
ENTERTAINMENT (0.9%)
4,000 Sony Music Entertainment Corp. 184,403
------------
EQUIPMENT/SEMICONDUCTORS (0.8%)
13,000 Fujitsu Ltd. 173,454
------------
HEALTH CARE/DRUGS (0.9%)
6,000 Yamanouchi Pharmaceutical Co.
Ltd. 193,623
------------
RAILROADS (0.5%)
25 West Japan Railway Co. 110,819
------------
RETAIL (0.7%)
2,000 Ito-Yokado Co. Ltd. 140,075
------------
TELECOMMUNICATION (0.6%)
33 DDI Corp. 122,876
------------
TOTAL JAPAN 1,444,193
------------
NETHERLANDS (4.0%)
BANKS/MONEY CENTER (0.4%)
1,600 ING Groep NV 97,618
------------
ELECTRONICS/COMPONENTS (0.6%)
2,046 Philips Electronics NV 137,367
------------
EMPLOYMENT SERVICES (0.3%)
2,888 Vedior NV CVA 56,941
------------
FOODS (0.9%)
1,562 Koninklijke Numico NV 74,492
1,300 Unilever NV CVA 111,179
------------
185,671
------------
OIL & GAS/PRODUCTION (0.5%)
2,000 Royal Dutch Petroleum Co. 99,643
------------
PUBLISHING (0.2%)
230 Wolters Kluwer NV 49,243
------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
RETAIL (0.3%)
910 Laurus NV $ 22,984
1,300 Vendex International NV 31,587
------------
54,571
------------
TELECOMMUNICATION (0.5%)
2,220 Koninklijke PTT Nederland NV 111,195
------------
TRANSPORTATION/SHIPPING (0.3%)
2,310 TNT Post Group NV* 74,468
------------
TOTAL NETHERLANDS 866,717
------------
NEW ZEALAND (0.8%)
CONSTRUCTION (0.2%)
22,600 Fletcher Challenge Building 34,980
------------
PAPER & FOREST PRODUCTS (0.1%)
40,300 Fletcher Challenge Paper Ltd. 27,037
------------
TELECOMMUNICATION (0.5%)
25,140 Telecom Corp. of New Zealand
Ltd. 109,564
------------
TOTAL NEW ZEALAND 171,581
------------
NORWAY (0.3%)
HEALTH CARE (0.3%)
7,885 Nycomed Amersham PLC 54,852
------------
PORTUGAL (0.3%)
BANKS/REGIONAL (0.3%)
3,630 Banco Pinto & Sotto Mayor SA 68,825
------------
SPAIN (1.4%)
BANKS/MONEY CENTER (0.2%)
3,300 Banco Bilbao Vizcaya SA 51,820
------------
ELECTRIC COMPANIES (0.7%)
3,000 Endesa SA 79,610
4,100 Iberdrola SA 76,825
------------
156,435
------------
TELECOMMUNICATION (0.5%)
2,300 Telefonica SA 102,427
------------
TOTAL SPAIN 310,682
------------
SWEDEN (2.2%)
BANKS/REGIONAL (0.4%)
2,100 Svenska Handelsbanken Class A 88,607
------------
COMMUNICATION EQUIPMENT (0.6%)
5,200 Telefonaktiebolaget LM Ericsson 123,817
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 51
<PAGE> 54
NATIONWIDE SEPARATE ACCOUNT TRUST
GLOBAL EQUITY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
ENGINEERING & CONSTRUCTION (0.2%)
4,000 ABB AB Class A $ 42,687
------------
HEALTH CARE (0.2%)
2,000 Gambro AB Class A 21,714
1,500 Gambro AB Class B 16,285
------------
37,999
------------
PAPER & FOREST PRODUCTS (0.3%)
3,050 Stora Enso OYJ Class A* 26,338
5,659 Stora Enso OYJ Class R* 49,568
------------
75,906
------------
TRUCKS & PARTS (0.5%)
3,000 Autoliv, Inc. SDR* 107,705
------------
TOTAL FOR SWEDEN 476,721
------------
SWITZERLAND (4.5%)
BANKS/MONEY CENTER (0.7%)
495 Union Bank of Switzerland AG 152,086
------------
FOODS (0.9%)
90 Nestle SA 195,923
------------
HEALTH CARE/DRUGS (1.5%)
73 Novartis AG 143,502
15 Roche Holding AG 183,036
------------
326,538
------------
INSURANCE/MULTI-LINE (0.7%)
198 Zurich Allied AG 146,608
------------
TELECOMMUNICATION (0.7%)
340 Swisscom AG* 142,337
------------
TOTAL SWITZERLAND 963,492
------------
UNITED KINGDOM (11.8%)
AIRPLANES (0.2%)
6,000 British Airways PLC 40,458
------------
BANKS/MONEY CENTER (1.8%)
2,000 Barclays PLC 43,128
2,538 HSBC Holdings PLC 64,189
16,300 Lloyds TSB Group PLC 231,889
3,600 Royal Bank of Scotland Group
PLC 57,504
------------
396,710
------------
BEVERAGES/ALCOHOLIC (0.4%)
6,700 Diageo PLC 76,253
------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
BROADCASTING TELEVISION (0.2%)
4,300 British Sky Broadcasting Group
PLC $ 32,661
------------
CONSTRUCTION (0.1%)
2,200 RMC Group PLC 30,126
------------
ELECTRIC COMPANIES (0.5%)
13,288 National Power PLC 114,529
------------
ELECTRONICS/COMPONENTS (0.3%)
9,800 Racal Electronic PLC 56,745
------------
FOODS (1.2%)
4,500 Cadbury Schweppes PLC 76,747
11,100 Compass Group PLC 127,161
5,100 Unilever PLC 57,195
------------
261,103
------------
HEALTH CARE/DRUGS (1.8%)
4,150 Glaxo Wellcome PLC 142,799
9,800 SmithKline-Beecham PLC 136,972
2,700 Zeneca Group PLC 117,569
------------
397,340
------------
INSURANCE/LIFE/HEALTH (0.4%)
5,100 Prudential Corp. PLC 77,009
------------
INSURANCE/MULTI-LINE (0.5%)
2,800 Allied Zurich PLC 41,767
7,000 Royal & Sun Alliance Insurance
Group PLC 57,159
------------
98,926
------------
MANUFACTURING/DIVERSIFIED (0.5%)
9,000 Glynwed International PLC 25,008
2,700 Siebe PLC 10,647
11,120 Tomkins PLC 52,455
5,666 Vickers Group PLC 16,875
------------
104,985
------------
METALS MINING (0.2%)
26,200 Billiton PLC 51,986
------------
OIL & GAS/PRODUCTION (0.7%)
3,000 British Petroleum Co. PLC 44,800
18,260 Shell Transport & Trading Co. 112,188
------------
156,988
------------
REAL ESTATE INVESTMENT TRUST (0.2%)
5,000 MEPC PLC 33,278
------------
</TABLE>
52 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 55
NATIONWIDE SEPARATE ACCOUNT TRUST
GLOBAL EQUITY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
RETAIL (1.0%)
9,060 Great Universal Stores (The)
PLC $ 95,499
6,000 Kingfisher PLC 64,942
7,300 Sainsbury (J.) PLC 58,515
------------
218,956
------------
TELECOMMUNICATION (1.5%)
7,000 British Telecommunications PLC 105,466
9,700 Cable & Wireless PLC* 119,273
6,430 Vodafone Group PLC 104,421
------------
329,160
------------
TOBACCO (0.1%)
2,000 British American Tobacco PLC 17,587
------------
TRUCKS & PARTS (0.2%)
14,730 Lucas Varity PLC 49,141
------------
TOTAL UNITED KINGDOM 2,543,941
------------
UNITED STATES (42.2%)
AEROSPACE/DEFENSE (1.2%)
4,400 AlliedSignal, Inc. 194,975
2,000 Boeing Co. 65,250
------------
260,225
------------
BANKS/MONEY CENTER (1.4%)
4,931 BankAmerica Corp. 296,476
------------
BANKS/REGIONAL (0.8%)
4,300 Wells Fargo & Co. 171,731
------------
BEVERAGES/ALCOHOLIC (0.7%)
4,000 Seagram Co. Ltd. 152,000
------------
BIOTECHNOLOGY (1.4%)
6,400 Monsanto Co. 304,000
------------
BROADCASTING & TELEVISION (0.2%)
800 Comcast Corp. 46,950
------------
CHEMICALS (0.3%)
2,500 Rohm and Haas Co. 75,313
------------
COMMERCIAL & CONSUMER SERVICES (0.6%)
3,500 Service Corp. International 133,219
------------
COMMUNICATION EQUIPMENT (0.6%)
1,100 Lucent Technologies, Inc. 121,000
------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
COMPUTERS/HARDWARE (1.9%)
1,600 International Business Machines
Corp. $ 295,600
1,200 Sun Microsystems, Inc. 102,750
------------
398,350
------------
COMPUTERS/SOFTWARE & SERVICES (2.3%)
1,400 Autodesk, Inc. 59,762
700 Cisco Systems, Inc. 64,969
2,600 Microsoft Corp. 360,588
------------
485,319
------------
CONSUMER FINANCE (0.6%)
1,600 Fannie Mae 118,400
------------
ELECTRIC COMPANIES (0.5%)
3,200 Wisconsin Energy Corp. 100,600
------------
ELECTRONICS/COMPONENTS (0.6%)
1,500 Texas Instruments, Inc. 128,344
------------
ELECTRONICS/SEMICONDUCTORS (1.5%)
2,800 Intel Corp. 331,975
------------
ENTERTAINMENT (0.2%)
800 Time Warner, Inc. 49,650
------------
FINANCIAL/DIVERSIFIED (1.8%)
4,000 Associates First Capital Corp. 169,500
4,250 Citigroup, Inc. 210,375
------------
379,875
------------
FOODS (0.4%)
2,600 Ralston-Ralston Purina Group 84,175
------------
GAMING & LOTTERY (0.4%)
5,900 Mirage Resorts, Inc. 88,131
------------
HEALTH CARE (4.6%)
3,300 Alza Corp.* 172,425
2,300 American Home Products Corp. 129,519
1,200 Bristol-Myers Squibb Co. 160,575
1,400 Eli Lilly & Co. 124,425
1,100 Genzyme Corp. 54,725
118 Genzyme Molecular Oncology 384
4,900 Healthsouth Rehabilitation
Corp. 75,644
800 Merck & Co., Inc. 118,150
600 Pfizer, Inc. 75,263
1,100 United Health Care Corp. 47,369
500 Warner-Lambert Co. 37,594
------------
996,073
------------
INSURANCE BROKERS (0.6%)
2,000 MBIA, Inc. 131,125
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 53
<PAGE> 56
NATIONWIDE SEPARATE ACCOUNT TRUST
GLOBAL EQUITY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
INSURANCE/LIFE/HEALTH (0.6%)
2,200 UNUM Corp. $ 128,425
------------
INSURANCE/MULTI-LINE (0.3%)
1,400 Allstate Corp. (The) 54,075
------------
IRON & STEEL (0.3%)
3,100 Allegheny Teledyne, Inc. 63,356
------------
LEISURE TIME PRODUCTS (1.0%)
1,200 Hasbro, Inc. 43,350
7,500 Mattel, Inc. 171,094
------------
214,444
------------
MANUFACTURING/DIVERSIFIED (0.8%)
1,300 Cooper Industries, Inc. 61,994
1,500 Tyco International Ltd. 113,156
------------
175,150
------------
NATURAL GAS (0.7%)
2,500 Enron Corp. 142,656
------------
OIL & GAS (2.3%)
2,200 Atlantic Richfield Co. 143,550
2,600 Mobil Corp. 226,525
1,800 Royal Dutch Petroleum Co. 86,175
1,400 Tosco Corp. 36,225
------------
492,475
------------
PAPER & FOREST PRODUCTS (0.7%)
2,500 Temple Inland, Inc. 148,281
------------
PERSONAL CARE (1.9%)
2,200 Gillette Co. 106,287
1,600 Kimberly-Clark Corp. 87,200
2,500 Procter & Gamble Co. 228,281
------------
421,768
------------
POWER PRODUCERS (0.4%)
3,400 Northern States Power Co. 94,350
------------
PUBLISHING (0.8%)
2,000 EMC Communications Corp. 170,000
------------
RAILROADS (0.5%)
2,600 Union Pacific Corp. 117,162
------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
RETAIL (2.9%)
1,500 Circuit City Stores -- Circuit
City Group $ 74,906
2,100 Federated Department Stores,
Inc. 91,481
2,300 Kroger Co. 139,150
2,400 Safeway, Inc. 146,250
2,000 Wal-Mart Stores, Inc. 162,875
------------
614,662
------------
SAVINGS & LOANS (0.5%)
2,750 Washington Mutual, Inc. 105,016
------------
TELECOMMUNICATIONS (3.3%)
2,700 AT&T Corp. 203,175
2,700 GTE Corp. 175,500
2,900 MCI Worldcom, Inc. 208,075
2,500 SBC Communications, Inc. 134,063
------------
720,813
------------
TOBACCO (1.6%)
6,400 Philip Morris Co., Inc. 342,400
------------
WASTE MANAGEMENT (1.0%)
4,882 Waste Management, Inc. 227,623
------------
TOTAL UNITED STATES 9,085,587
------------
TOTAL COMMON STOCK (cost
$18,558,078) 20,377,611
------------
PREFERRED STOCK (0.4%)
AUSTRALIA
BROADCASTING & TELEVISION
12,710 News Corp. Ltd. (The) (cost
$65,790) 77,411
------------
RIGHTS (0.0%)
SPAIN
TELECOMMUNICATION
2,300 Telefonica SA (cost $1,858) 2,045
------------
<CAPTION>
- ---------
PRINCIPAL
- ---------
<C> <S> <C>
REPURCHASE AGREEMENT (4.6%)
$995,000 Fifth Third Bank, 4.12%,
01/04/99, Collateralized by
$988,000 FHLMC Pool #G10657,
7.50%, 02/01/12, market value
$1,015,787
(cost $995,000) 995,000
------------
TOTAL INVESTMENTS
(cost $19,620,726) $ 21,452,067
============
</TABLE>
54 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 57
NATIONWIDE SEPARATE ACCOUNT TRUST
GLOBAL EQUITY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (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 $ 324,993 $ 314,263 $(10,730) 02/22/99
German Marks 742,884 739,728 (3,156) 02/22/99
Japanese Yen 1,625,571 1,705,102 79,531 02/22/99
Swiss Francs 130,437 132,835 2,398 02/22/99
----------- ----------- --------
TOTAL CURRENCY PURCHASED $ 2,823,885 $ 2,891,928 $ 68,043
----------- ----------- --------
CURRENCY SOLD:
- -------------------------------
Australian Dollars $ 648,660 $ 626,933 $(21,727) 02/22/99
British Pounds 520,449 517,922 (2,527) 02/22/99
French Francs 76,595 76,829 234 02/22/99
German Marks 1,639,183 1,661,008 21,825 02/22/99
Irish Punts 218,113 223,737 5,624 02/22/99
Italian Lira 47,324 47,089 (235) 02/22/99
Japanese Yen 290,000 306,595 16,595 02/22/99
Netherland Guilders 136,704 136,480 (224) 02/22/99
New Zealand Dollars 136,821 136,450 (371) 02/22/99
Norwegian Krone 50,425 49,323 (1,102) 02/22/99
Swedish Kronor 276,561 272,633 (3,928) 02/22/99
Swiss Francs 347,454 345,632 (1,822) 02/22/99
----------- ----------- --------
TOTAL CURRENCY SOLD $ 4,388,289 $ 4,400,631 $ 12,342
----------- ----------- --------
NET RECEIVABLE FOR FORWARD CURRENCY
CONTRACTS PURCHASED AND SOLD $ 55,701
========
</TABLE>
- --------------------------------------------------------------------------------
* Denotes a non-income producing security.
(a) Represents a security registered under Rule 144A, which limits the resale to
certain qualified buyers.
Securities denominated in foreign currencies are shown at the U.S. dollar cost
and value.
Cost for federal income tax purposes: $19,640,120
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
AB Aktiebolag (Swedish stock exchange)
ADR American Depository Receipt
AG Aktiengesellschaft (Austrian, German, or Swiss stock
companies)
A/S Limited
ASA Limited
CVA Class A convertible
FHLMC Federal Home Loan Mortgage Corporation
NV Naamloze Vennootschap (Dutch Corporation)
OY Limited
OYJ Limited
PLC (British or Irish) Public Limited Company
SA Societe Anonyme (French or Belgian corporation)
SA Sociedad Anonima (Spanish or Portuguese corporation)
SCA (French) Societe en Commandite par Action
SDR Swedish Depository 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 ANNUAL REPORT 55
<PAGE> 58
NATIONWIDE SEPARATE ACCOUNT TRUST
SELECT ADVISERS MID CAP FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (85.7%)
ADVERTISING & MARKETING (2.0%)
1,100 HA-LO Industries, Inc.* $ 41,387
900 Omnicom Group, Inc. 52,200
4,600 R. H. Donnelley Corp. 66,988
1,600 Snyder Communications, Inc.* 54,000
-----------
214,575
-----------
AEROSPACE/DEFENSE (0.2%)
400 Orbital Sciences Corp.* 17,700
-----------
AUTO PARTS & EQUIPMENT (4.9%)
1,500 Dura Automotive Systems, Inc.* 51,187
1,600 Harley-Davidson, Inc. 75,800
6,500 Midas, Inc. 202,312
5,200 Rental Service Corp.* 81,575
4,700 Pep Boys -- Manny, Moe & Jack,
(The) 73,731
1,700 Tower Automotive, Inc.* 42,394
-----------
526,999
-----------
BANKS/SAVINGS & LOANS (0.1%)
1,400 PBOC Holdings, Inc.* 14,350
-----------
BIOTECHNOLOGY (0.5%)
500 Amgen, Inc.* 52,281
-----------
BROADCASTING & TELEVISION (1.9%)
2,300 General Instrument Corp.* 78,056
3,100 Nielsen Media Research, Inc. 55,800
3,000 United Video Satellite Group,
Inc.* 70,875
-----------
204,731
-----------
BUILDING MATERIALS (0.2%)
2,700 Homebase, Inc.* 17,212
-----------
CHEMICALS (1.9%)
3,000 Lesco, Inc. 38,625
800 MacDermid, Inc. 31,300
1,000 Minerals Technologies, Inc. 40,937
2,500 OM Group, Inc. 91,250
-----------
202,112
-----------
COMMERCIAL SERVICES (3.8%)
1,000 Ciber, Inc.* 27,937
1,000 Metamor Worldwide, Inc.* 25,000
1,800 Outdoor Systems, Inc.* 54,000
7,000 Pinkerton's, Inc.* 149,188
6,800 Stewart Enterprises, Inc. Class A 151,300
-----------
407,425
-----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMUNICATION EQUIPMENT (0.7%)
1,030 Uniphase Corp.* $ 71,456
-----------
COMPUTERS/HARDWARE (2.3%)
3,000 NCR Corp.* 125,250
3,900 Storage Technology Corp.* 138,694
-----------
263,944
-----------
COMPUTERS/NETWORKING (0.3%)
500 Ascend Communications, Inc.* 32,875
-----------
COMPUTERS/PERIPHERAL (0.9%)
2,200 Network Appliance, Inc.* 99,000
-----------
COMPUTERS/SOFTWARE (5.4%)
260 America Online, Inc.* 41,600
400 At Home Corp.* 29,700
460 BMC Software, Inc.* 20,499
4,000 Cambridge Technology Partners,
Inc.* 88,500
900 Citrix Systems, Inc.* 87,356
1,010 Computer Horizons Corp.* 26,891
700 Fiserv, Inc.* 36,006
500 Gemstar International Group Ltd.* 28,625
1,100 MindSpring Enterprises, Inc.* 67,168
1,300 New Era of Networks, Inc.* 57,200
1,500 PSINet, Inc.* 31,313
1,200 Veritas Software Corp.* 71,925
-----------
586,783
-----------
CONSTRUCTION (1.5%)
4,375 Clayton Homes, Inc. 60,430
2,500 Jacobs Engineering Group, Inc.* 101,875
-----------
162,305
-----------
CONSUMER FINANCE (1.3%)
3,300 Concord EFS, Inc.* 139,838
-----------
DATA PROCESSING (0.8%)
2,800 Seagate Technolgy, Inc.* 84,700
-----------
DISTRIBUTORS (3.8%)
7,000 Arrow Electronics, Inc.* 186,813
5,500 JLK Direct Distribution, Inc.
Class A* 56,031
3,300 Valassis Communications, Inc.* 170,363
-----------
413,207
-----------
ELECTRICAL EQUIPMENT (0.3%)
1,900 Recoton Corp.* 34,081
-----------
</TABLE>
56 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 59
NATIONWIDE SEPARATE ACCOUNT TRUST
SELECT ADVISERS MID CAP FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
ELECTRONICS/COMPONENTS (1.1%)
1,600 Corning, Inc. $ 72,000
470 Solectron Corp.* 43,681
-----------
115,681
-----------
ELECTRONICS/INSTRUMENTS (1.1%)
2,700 Mettler-Toledo International,
Inc.* 75,769
500 Waters Corp.* 43,625
-----------
119,394
-----------
ELECTRONICS/SEMICONDUCTORS (4.3%)
1,600 Advanced Micro Devices, Inc. * 46,300
1,700 Altera Corp.* 103,488
500 Jabil Circuit, Inc.* 37,313
620 Linear Technology Corp. 55,529
1,600 Micron Technology, Inc.* 80,900
1,200 MIPS Technology, Inc.* 38,400
600 Novellus Systems, Inc.* 29,700
1,700 Teradyne, Inc.* 72,038
-----------
463,668
-----------
EMPLOYMENT SERVICES (0.2%)
1,230 Modis Professional Services,
Inc.* 17,835
-----------
ENTERTAINMENT (0.7%)
2,400 Premier Parks, Inc.* 72,600
-----------
FINANCIAL/DIVERSIFIED (1.6%)
2,400 Heller Financial, Inc. 70,500
2,000 Metris Cos., Inc. 100,625
-----------
171,125
-----------
FOODS (1.3%)
2,700 Suiza Foods Corp.* 137,531
-----------
FOOTWEAR (0.5%)
3,500 Reebok International Ltd.* 52,063
-----------
GAMING & LOTTERY (1.0%)
4,500 International Game Technology 109,406
-----------
HEALTH CARE (10.3%)
3,100 Alternative Living Services,
Inc.* 106,175
2,600 Alza Corp.* 135,850
1,300 Cardinal Health, Inc. 98,638
300 Express Scripts, Inc. Class A* 20,138
3,300 HBO & Co. 94,668
1,300 Henry Schein, Inc.* 58,175
1,000 IMS Health, Inc. 75,438
420 Medicis Pharmaceuticals Corp.
Class A 25,043
670 Quintiles Transnational Corp.* 35,761
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
HEALTH CARE (CONTINUED)
2,100 Shire Pharmaceutical Group PLC
ADR* $ 42,525
700 Sunrise Assisted Living, Inc.* 36,313
2,600 Teva Pharmaceutical Industries
Ltd. 105,788
7,270 Total Renal Care Holdings, Inc.* 214,919
1,400 Universal Health Services, Inc.
Class B* 72,625
-----------
1,122,056
-----------
INSURANCE (4.8%)
3,150 Conseco, Inc. 96,272
5,250 Foremost Corp. of America 110,250
5,000 Gainsco, Inc. 30,625
2,100 LandAmerica Financial Group, Inc. 117,206
1,700 Mutual Risk Management Ltd. 66,513
4,000 Terra Nova (Bermuda) Holdings
Ltd. 101,000
-----------
521,866
-----------
INVESTMENT MANAGEMENT (0.4%)
700 Charles Schwab Corp. (The) 39,331
-----------
MACHINERY/DIVERSIFIED (0.4%)
750 SPX Corp.* 50,250
-----------
MANUFACTURING/DIVERSIFIED (1.6%)
1,900 Celestica, Inc. 46,906
2,900 Dexter Corp. 91,169
1,650 National R.V. Holdings, Inc.* 42,487
-----------
180,562
-----------
OFFICE EQUIPMENT & SUPPLIES (0.7%)
2,500 Standard Register Co. (The) 77,344
-----------
OIL & GAS (1.4%)
700 BJ Services Co.* 10,937
2,900 Diamond Offshore Drilling, Inc. 68,694
8,000 Ocean Energy, Inc.* 50,500
1,800 Plains Resources, Inc.* 25,313
1 Schlumberger Ltd.* 9
-----------
155,453
-----------
PAPER & FOREST PRODUCTS (0.3%)
2,200 Schweitzer-Mauduit International,
Inc. 33,963
-----------
REAL ESTATE (3.4%)
2,100 Capital Automotive, REIT 31,237
7,700 Crown American Realty Trust, REIT 59,675
2,300 Prime Group Realty Trust, REIT 34,787
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 57
<PAGE> 60
NATIONWIDE SEPARATE ACCOUNT TRUST
SELECT ADVISERS MID CAP FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
REAL ESTATE (CONTINUED)
6,700 Prime Retail, Inc., REIT $ 65,744
3,300 PS Business Parks, Inc., REIT 78,788
8,150 Ventas, Inc., REIT* 99,328
-----------
369,559
-----------
RESTAURANTS (2.6%)
4,100 Cheesecake Factory, Inc. (The)* 121,591
4,300 Foodmaker, Inc.* 94,869
700 IHOP Corp.* 27,956
700 Starbucks Corp.* 39,287
-----------
283,703
-----------
RETAIL (10.0%)
1,400 Abercrombie and Fitch Co. Class
A* 99,050
2,300 AnnTaylor Stores Corp.* 90,706
4,900 Consolidated Stores Corp.* 98,919
4,600 Finish Line, Inc. (The) Class A* 36,800
18,500 Gymboree Corp.* 117,937
3,400 Kellwood Co. 85,000
7,200 Michael's Stores, Inc.* 130,275
1,000 Nordstrom, Inc. 34,687
800 Payless Shoesource, Inc.* 37,900
8,500 PETsMart, Inc.* 93,500
870 Staples, Inc.* 38,008
2,700 Warnaco Group, Inc. Class A 68,175
4,700 Zale Corp.* 151,575
-----------
1,082,532
-----------
TELECOMMUNICATIONS (2.7%)
1,300 COMSAT Corp. 46,800
1,500 Global Crossing Ltd.* 67,687
1,900 Pacific Gateway Exchange, Inc.* 91,319
2,000 Qwest Communications
International, Inc.* 100,000
-----------
305,806
-----------
TRANSPORTATION (1.6%)
3,500 Amerco Real Estate Co.* 97,781
4,800 Interpool, Inc. 80,400
-----------
178,181
-----------
WASTE MANAGEMENT (0.9%)
4,113 Allied Waste Industries, Inc.* 97,170
-----------
TOTAL COMMON STOCK
(cost $8,315,165) 9,302,653
-----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
PREFERRED STOCK (0.8%)
REAL ESTATE
600 Crown American Realty Trust,
Series A, 11.00% $ 29,325
1,200 Price Enterprises, Inc., Series
A, 8.75% 16,575
2,600 Prime Retail, Inc. Series B,
8.50% 43,225
-----------
TOTAL PREFERRED STOCK
(cost $104,289) 89,125
-----------
- ---------
PRINCIPAL
- ---------
<C> <S> <C>
CORPORATE BONDS (0.8%)
AIRLINES (0.3%)
$ 30,000 Canadian Airlines, 10.00%,
05/01/05 26,100
-----------
RESTAURANTS (0.5%)
56,967 Advantica Restaurant Group, Inc.,
11.25%, 01/15/08 57,394
-----------
TOTAL CORPORATE BONDS
(cost $88,288) 83,494
-----------
CONVERTIBLE CORPORATE BONDS (3.1%)
BUILDING MATERIALS (0.5%)
65,000 Homebase, Inc., 5.25%, 11/01/04 51,512
-----------
ELECTRONICS/SEMICONDUCTORS (0.8%)
105,000 Lam Research Corp., 5.00%,
09/01/02 82,425
-----------
REAL ESTATE (0.6%)
25,000 Alexander Haagan, Series B,
7.50%, 01/15/01 23,250
50,000 Centertrust Retail Properties,
7.50%, 01/15/01 47,375
-----------
70,625
-----------
RETAIL (1.2%)
30,000 Charming Shoppes, Inc., 7.50%,
07/15/06 27,788
80,000 Michael's Stores, Inc., 6.75%,
01/15/03 70,800
25,000 Nine West Group, Inc., 5.50%,
07/15/03 19,594
20,000 Sports Authority, Inc. (The),
5.25%, 09/15/01 13,325
-----------
131,507
-----------
TOTAL CONVERTIBLE CORPORATE BONDS
(cost $359,480) 336,069
-----------
</TABLE>
58 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 61
NATIONWIDE SEPARATE ACCOUNT TRUST
SELECT ADVISERS MID CAP FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1998 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
GOVERNMENT OBLIGATIONS (0.9%)
$ 100,000 U.S. Treasury Inflation Indexed
Note, 3.375%, 01/15/07
(cost $99,587) $ 99,760
-----------
REPURCHASE AGREEMENT (9.7%)
1,053,000 Fifth Third Bank, 4.12%,
01/04/99, Collaterized by
$1,047,000 FHLMC Pool #G10657,
7.50%, 02/01/12,
market value $1,076,446
(cost $1,053,000) 1,053,000
-----------
TOTAL INVESTMENTS
(cost $10,008,610) $10,964,101
===========
</TABLE>
- ------------------------------------------------------
* Denotes a non-income producing security.
Cost for federal income tax purposes: $10,036,313
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
ADR American Depository Receipt
FHLMC Federal Home Loan Mortgage Corporation
PLC (British) Public Limited Company
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 ANNUAL REPORT 59
<PAGE> 62
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1998
- --------------------------------------------------------------------------------
<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
$1,493,499,695, $795,813,758,
$702,753,798, $1,373,590,774, and
$325,702,892, respectively) $2,317,281,707 $1,067,171,628 $731,112,340 $1,373,590,774 $392,932,780
Repurchase agreements (cost $24,321,000,
$22,476,000, and $15,224,000,
respectively) 24,321,000 -- 22,476,000 -- 15,224,000
-------------- -------------- ------------ -------------- ------------
Total investments 2,341,602,707 1,067,171,628 753,588,340 1,373,590,774 408,156,780
Cash 135 12,207 4,488 852 44,463
Accrued interest and dividends receivable 2,846,600 1,054,509 8,588,695 490,315 271,024
Withholding tax reclaim receivable 147,193 -- -- -- 114,860
Receivable for investment securities sold 90,217 -- 84,867 -- 3,991,379
Receivable for translation of assets and
liabilities in foreign currencies -- -- -- -- 8,192
Deferred organization expenses -- -- -- -- 2,495
Prepaid assets 14,267 4,358 3,542 6,877 2,638
-------------- -------------- ------------ -------------- ------------
Total assets 2,344,701,119 1,068,242,702 762,269,932 1,374,088,818 412,591,831
-------------- -------------- ------------ -------------- ------------
LIABILITIES
Payable for fund shares redeemed -- -- -- 207,745 --
Payable for investment securities
purchased -- 3,169,592 -- -- 5,709,821
Accrued investment management fees 1,127,466 515,864 325,913 453,996 271,547
Accrued administration fees 83,099 42,884 32,591 54,494 --
Other accrued expenses 53,127 16,825 14,785 38,513 41,959
-------------- -------------- ------------ -------------- ------------
Total liabilities 1,263,692 3,745,165 373,289 754,748 6,023,327
-------------- -------------- ------------ -------------- ------------
NET ASSETS $2,343,437,427 $1,064,497,537 $761,896,643 $1,373,334,070 $406,568,504
============== ============== ============ ============== ============
REPRESENTED BY:
Capital $1,518,447,785 $ 793,075,520 $733,384,767 $1,373,337,982 $359,196,256
Net unrealized appreciation on
investments and translation of assets
and liabilities in foreign currencies 823,782,012 271,357,870 28,358,542 -- 67,238,080
Undistributed net realized gain (loss)
from investments and foreign currency
transactions 1,091,598 -- -- (5,690) (19,865,832)
Undistributed net investment income 116,032 64,147 153,334 1,778 --
-------------- -------------- ------------ -------------- ------------
NET ASSETS $2,343,437,427 $1,064,497,537 $761,896,643 $1,373,334,070 $406,568,504
============== ============== ============ ============== ============
Shares outstanding (unlimited number of
shares authorized) 127,333,412 40,037,034 65,177,091 1,373,341,257 25,397,979
============== ============== ============ ============== ============
NET ASSET VALUE, offering and redemption
price per share $ 18.40 $ 26.59 $ 11.69 $ 1.00 $ 16.01
============== ============== ============ ============== ============
</TABLE>
See accompanying notes to financial statements.
60 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 63
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1998
- --------------------------------------------------------------------------------
<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
$4,588,437, $8,034,472, $15,591,627, $12,724,783,
and $34,986,883, respectively) $4,648,843 $ 9,999,441 $15,277,179 $13,767,496 $34,315,612
Repurchase agreements (cost $256,000, $534,000,
$496,000, $759,000, and $1,909,000, respectively) 256,000 534,000 496,000 759,000 1,909,000
---------- ----------- ----------- ----------- -----------
Total investments 4,904,843 10,533,441 15,773,179 14,526,496 36,224,612
Cash 1,447 168 972 322 471
Accrued interest and dividends receivable 87,341 3,604 14,268 24,361 549,477
Receivable for investment securities sold -- 473,601 -- 38,857 --
Receivable for translation of assets and
liabilities in foreign currencies -- -- 15 -- --
Receivable from advisor (see note 2) 9,417 -- -- -- --
Deferred organization expenses 2,004 2,911 2,912 2,952 2,717
---------- ----------- ----------- ----------- -----------
Total assets 5,005,052 11,013,725 15,791,346 14,592,988 36,777,277
---------- ----------- ----------- ----------- -----------
LIABILITIES
Payable for investment securities purchased 33,539 659,755 489,639 375,987 100,000
Accrued investment management fees 1,014 2,539 15,908 15,683 39,410
Other accrued expenses 6,105 9,086 6,451 6,848 7,673
---------- ----------- ----------- ----------- -----------
Total liabilities 40,658 671,380 511,998 398,518 147,083
---------- ----------- ----------- ----------- -----------
NET ASSETS $4,964,394 $10,342,345 $15,279,348 $14,194,470 $36,630,194
========== =========== =========== =========== ===========
REPRESENTED BY:
Capital $4,895,297 $ 9,281,371 $15,373,849 $13,138,673 $37,264,073
Net unrealized appreciation (depreciation) on
investments and translation of assets and
liabilities in foreign currencies 60,406 1,964,969 (314,433) 1,042,713 (671,271)
Undistributed net realized gain (loss) from
investments and foreign currency transactions 8,634 (903,995) 219,440 11,269 24,130
Undistributed net investment income 57 -- 492 1,815 13,262
---------- ----------- ----------- ----------- -----------
NET ASSETS $4,964,394 $10,342,345 $15,279,348 $14,194,470 $36,630,194
========== =========== =========== =========== ===========
Shares outstanding (unlimited number of shares
authorized) 484,238 883,868 1,509,813 1,237,098 3,647,768
========== =========== =========== =========== ===========
NET ASSET VALUE, offering and redemption price per
share $ 10.25 $ 11.70 $ 10.12 $ 11.47 $ 10.04
========== =========== =========== =========== ===========
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 61
<PAGE> 64
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MULTI SMALL CAP GLOBAL SELECT ADVISERS
BALANCED SECTOR VALUE EQUITY MID CAP
FUND BOND FUND FUND FUND FUND
----------- ----------- ----------- ----------- ---------------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments in securities, at value (cost
$35,924,391, $36,832,542, $41,216,147,
$18,625,726, and $8,955,610, respectively) $36,382,149 $36,393,011 $43,647,077 $20,457,067 $ 9,911,101
Repurchase agreements (cost $6,023,000,
$3,532,000, $6,579,000, $995,000, and
$1,053,000, respectively) 6,023,000 3,532,000 6,579,000 995,000 1,053,000
----------- ----------- ----------- ----------- -----------
Total investments 42,405,149 39,925,011 50,226,077 21,452,067 10,964,101
Cash 882 1,351 508 -- 726
Foreign currency at value (cost $52,162) -- -- -- 52,167 --
Accrued interest and dividends receivable 254,585 696,507 8,707 21,098 17,905
Withholding tax reclaim receivable -- -- -- 10,133 --
Receivable for investment securities sold -- 1,254,417 636,124 25,821 178,828
Receivable for foreign currency contracts -- -- -- 55,701 --
Receivable for translation of assets and
liabilities in foreign currencies -- 1,976 -- 930 --
Deferred organization expenses 3,084 2,716 2,716 2,911 2,716
----------- ----------- ----------- ----------- -----------
Total assets 42,663,700 41,881,978 50,874,132 21,620,828 11,164,276
----------- ----------- ----------- ----------- -----------
LIABILITIES
Bank loan -- -- -- 72 --
Foreign currency at value (cost $2,838) -- 2,848 -- -- --
Payable for investment securities purchased 1,722,975 4,854,052 374,961 64,140 296,938
Payable for foreign currency contracts -- 9,894 -- -- --
Accrued investment management fees 42,295 41,881 46,785 15,196 9,864
Accrued administration fees 5,432 -- -- -- --
Other accrued expenses 7,970 8,424 13,064 14,431 8,284
----------- ----------- ----------- ----------- -----------
Total liabilities 1,778,672 4,917,099 434,810 93,839 315,086
----------- ----------- ----------- ----------- -----------
NET ASSETS $40,885,028 $36,964,879 $50,439,322 $21,526,989 $10,849,190
=========== =========== =========== =========== ===========
REPRESENTED BY:
Capital $40,483,856 $37,721,244 $48,414,518 $19,640,117 $10,159,951
Net unrealized appreciation (depreciation) on
investments and translation of assets and
liabilities in foreign currencies 457,758 (447,459) 2,430,930 1,887,977 955,491
Undistributed net realized gain (loss) from
investments and foreign currency transactions (63,397) (300,334) (406,126) 50,509 (266,252)
Undistributed (distributions in excess of) net
investment income 6,811 (8,572) -- (51,614) --
----------- ----------- ----------- ----------- -----------
NET ASSETS $40,885,028 $36,964,879 $50,439,322 $21,526,989 $10,849,190
=========== =========== =========== =========== ===========
Shares outstanding (unlimited number of shares
authorized) 3,866,164 3,762,724 5,316,680 1,831,349 993,698
=========== =========== =========== =========== ===========
NET ASSET VALUE, offering and redemption price per
share $ 10.58 $ 9.82 $ 9.49 $ 11.75 $ 10.92
=========== =========== =========== =========== ===========
</TABLE>
See accompanying notes to financial statements.
62 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 65
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF OPERATIONS
YEAR ENDED DECEMBER 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CAPITAL GOVERNMENT MONEY SMALL
TOTAL RETURN APPRECIATION BOND MARKET COMPANY
FUND FUND FUND FUND FUND
------------ ------------ ----------- ----------- ------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
INCOME:
Interest $ 3,646,342 $ 2,057,812 $37,118,488 $71,549,620 $ 1,775,256
Dividends 32,505,042 8,960,748 -- -- 2,937,771
Less foreign tax withheld (90,023) -- -- -- (103,689)
------------ ------------ ----------- ----------- ------------
Total income 36,061,361 11,018,560 37,118,488 71,549,620 4,609,338
------------ ------------ ----------- ----------- ------------
EXPENSES:
Investment management fees 12,401,821 4,402,924 3,015,171 5,043,088 3,598,194
Custodian fees 50,893 48,575 29,000 70,000 135,000
Transfer and dividend
disbursing agent fees 211,960 73,387 60,303 127,517 35,991
Administration fees 947,840 366,788 301,517 608,781 --
Professional services 30,412 5,455 8,290 21,097 16,500
Trustees' fees and expenses 23,949 6,897 5,569 11,733 3,903
Other 43,304 11,169 16,400 32,293 68,130
------------ ------------ ----------- ----------- ------------
Total expenses 13,710,179 4,915,195 3,436,250 5,914,509 3,857,718
------------ ------------ ----------- ----------- ------------
NET INVESTMENT INCOME $ 22,351,182 $ 6,103,365 $33,682,238 $65,635,111 $ 751,620
============ ============ =========== =========== ============
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY:
Net realized gain (loss) on
investments and foreign
currency transactions $ 92,340,059 $ 29,468,870 $ 4,634,742 $ 852 $(19,423,353)
Reimbursement from investment
advisers for loss on sale
of security -- -- -- -- 100,456
Net change in unrealized
appreciation on
investments and
translation of assets and
liabilities in foreign
currencies 229,135,943 151,259,411 10,665,319 -- 25,976,273
------------ ------------ ----------- ----------- ------------
Net realized and unrealized
gain on investments and
translation of assets and
liabilities in foreign
currencies 321,476,002 180,728,281 15,300,061 852 6,653,376
------------ ------------ ----------- ----------- ------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $343,827,184 $186,831,646 $48,982,299 $65,635,963 $ 7,404,996
============ ============ =========== =========== ============
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 63
<PAGE> 66
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF OPERATIONS
YEAR ENDED DECEMBER 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
HIGH
STRATEGIC STRATEGIC EQUITY INCOME
INCOME GROWTH VALUE INCOME BOND
FUND* FUND FUND FUND FUND
-------- ---------- --------- ---------- ----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
INCOME:
Interest (net amortization) $168,497 $ 40,229 $ 17,616 $ (28,794) $1,715,056
Dividends -- 14,100 143,616 191,469 39,295
Less foreign tax withheld -- -- (3,184) (81) --
-------- ---------- --------- ---------- ----------
Total income 168,497 54,329 158,048 162,594 1,754,351
-------- ---------- --------- ---------- ----------
EXPENSES:
Investment management fees 13,954 50,897 76,658 63,006 158,960
Custodian fees 2,500 19,718 10,363 9,763 6,906
Transfer and dividend disbursing agent
fees 310 566 852 788 1,987
Administration fees 2,171 3,959 5,962 5,513 13,909
Professional services 8,015 7,922 7,933 7,929 7,875
Trustees' fees and expenses 84 21 202 179 440
Other 4,337 4,683 2,523 4,117 31,508
-------- ---------- --------- ---------- ----------
Total expenses before waivers and
reimbursements 31,371 87,766 104,493 91,295 221,585
Less waivers and reimbursements (8,115) (31,214) (19,318) (16,475) (32,820)
-------- ---------- --------- ---------- ----------
Net expenses 23,256 56,552 85,175 74,820 188,765
-------- ---------- --------- ---------- ----------
NET INVESTMENT INCOME (LOSS) $145,241 $ (2,223) $ 72,873 $ 87,774 $1,565,586
======== ========== ========= ========== ==========
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain (loss) on investments
and foreign currency transactions $ 25,268 $ (877,555) $ 237,609 $ 176,392 $ 25,659
Net change in unrealized appreciation
(depreciation) on investments and
translation of assets and
liabilities in foreign currencies 60,406 1,909,298 (351,850) 1,005,780 (733,560)
-------- ---------- --------- ---------- ----------
Net realized and unrealized gain (loss)
on investments and translation of
assets and liabilities in foreign
currencies 85,674 1,031,743 (114,241) 1,182,172 (707,901)
-------- ---------- --------- ---------- ----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $230,915 $1,029,520 $ (41,368) $1,269,946 $ 857,685
======== ========== ========= ========== ==========
</TABLE>
- ------------------------------------------------------
* For the period January 20, 1998 (commencement of operations) through December
31, 1998.
See accompanying notes to financial statements.
64 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 67
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF OPERATIONS
YEAR ENDED DECEMBER 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELECT
MULTI SMALL CAP GLOBAL ADVISERS
BALANCED SECTOR VALUE EQUITY MID CAP
FUND BOND FUND FUND FUND FUND
---------- ---------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
INCOME:
Interest $ 656,002 $1,410,630 $ 75,192 $ 58,376 $ 106,238
Dividends 247,964 -- 98,256 199,950 35,296
Less foreign tax withheld (1,500) -- -- (9,811) (59)
---------- ---------- ---------- ---------- ---------
Total income 902,466 1,410,630 173,448 248,515 141,475
---------- ---------- ---------- ---------- ---------
EXPENSES:
Investment management fees 143,298 144,606 186,390 133,728 74,540
Custodian fees 12,500 12,100 56,457 34,458 13,500
Transfer and dividend disbursing agent
fees 1,911 1,928 2,071 1,337 710
Administration fees 13,374 13,497 14,497 9,361 4,969
Professional services 8,155 8,150 7,956 7,850 7,930
Trustees' fees and expenses 374 405 311 340 183
Other 4,507 4,470 7,399 8,637 7,670
---------- ---------- ---------- ---------- ---------
Total expenses before waivers and
reimbursements 184,119 185,156 275,081 195,711 109,502
Less waivers and reimbursements (12,162) (11,628) (57,626) (35,240) (24,305)
---------- ---------- ---------- ---------- ---------
Net expenses 171,957 173,528 217,455 160,471 85,197
---------- ---------- ---------- ---------- ---------
NET INVESTMENT INCOME (LOSS) $ 730,509 $1,237,102 $ (44,007) $ 88,044 $ 56,278
========== ========== ========== ========== =========
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain (loss) on
investments and foreign currency
transactions $ 58,258 $ (300,733) $ (362,284) $ 295,124 $(248,702)
Net change in unrealized appreciation
(depreciation) on investments and
translation of assets and
liabilities in foreign currencies 442,998 (450,479) 2,447,176 1,832,913 950,022
---------- ---------- ---------- ---------- ---------
Net realized and unrealized gain
(loss) on investments and
translation of assets and
liabilities in foreign currencies 501,256 (751,212) 2,084,892 2,128,037 701,320
---------- ---------- ---------- ---------- ---------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $1,231,765 $ 485,890 $2,040,885 $2,216,081 $ 757,598
========== ========== ========== ========== =========
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 65
<PAGE> 68
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TOTAL RETURN FUND CAPITAL APPRECIATION FUND
------------------------------- -----------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1998 1997 1998 1997
-------------- -------------- -------------- ------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
Net investment income $ 22,351,182 $ 23,528,598 $ 6,103,365 $ 3,708,926
Net realized gain on investments 92,340,059 58,462,153 29,468,870 10,249,612
Net change in unrealized appreciation on
investments 229,135,943 295,225,644 151,259,411 80,600,045
-------------- -------------- -------------- ------------
Net increase in net assets resulting from
operations 343,827,184 377,216,395 186,831,646 94,558,583
-------------- -------------- -------------- ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (22,235,150) (23,381,008) (6,096,443) (3,724,540)
In excess of net investment income -- -- -- (4,115)
Net realized gain on investments (91,248,461) (58,462,153) (29,468,823) (10,188,319)
In excess of net realized gain on investments -- (199,606) -- --
Tax return of capital -- (149,627) -- --
-------------- -------------- -------------- ------------
Decrease in net assets from distributions to
shareholders (113,483,611) (82,192,394) (35,565,266) (13,916,974)
-------------- -------------- -------------- ------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 443,044,539 372,397,897 613,765,090 269,193,879
Net asset value of shares issued to shareholders
from reinvestment of dividends and capital gains 113,483,611 82,192,394 35,565,266 13,916,973
Cost of shares redeemed (292,674,987) (80,249,386) (217,836,841) (93,488,642)
-------------- -------------- -------------- ------------
Net increase in net assets from capital share
transactions 263,853,163 374,340,905 431,493,515 189,622,210
-------------- -------------- -------------- ------------
NET INCREASE IN NET ASSETS 494,196,736 669,364,906 582,759,895 270,263,819
NET ASSETS -- BEGINNING OF PERIOD 1,849,240,691 1,179,875,785 481,737,642 211,473,823
-------------- -------------- -------------- ------------
NET ASSETS -- END OF PERIOD $2,343,437,427 $1,849,240,691 $1,064,497,537 $481,737,642
============== ============== ============== ============
Accumulated undistributed net realized gain on
investments included in net assets at end of
period $ 1,091,598 $ -- $ -- $ 61,293
============== ============== ============== ============
Accumulated undistributed (distributions in excess
of) net investment income included in net assets
at end of period $ 116,032 $ -- $ 64,147 $ (4,115)
============== ============== ============== ============
SHARE ACTIVITY:
Shares sold 24,651,367 24,297,890 25,289,094 13,779,798
Shares issued to shareholders from reinvestment of
dividends and capital gains 6,174,939 5,101,431 1,359,703 669,538
Shares redeemed (16,409,758) (5,376,527) (9,324,309) (4,723,342)
-------------- -------------- -------------- ------------
Net increase in number of shares 14,416,548 24,022,794 17,324,488 9,725,994
============== ============== ============== ============
</TABLE>
See accompanying notes to financial statements.
66 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 69
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GOVERNMENT BOND FUND MONEY MARKET FUND
---------------------------- --------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1998 1997 1998 1997
------------ ------------- -------------- ---------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 33,682,238 $ 27,623,562 $ 65,635,111 $ 53,155,098
Net realized gain on investments 4,634,742 3,376,883 852 62
Net change in unrealized appreciation on
investments 10,665,319 9,408,533 -- --
------------ ------------- -------------- ---------------
Net increase in net assets resulting from
operations 48,982,299 40,408,978 65,635,963 53,155,160
------------ ------------- -------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (33,604,343) (27,597,530) (65,635,111) (53,153,320)
Net realized gain on investments (3,644,328) -- -- --
------------ ------------- -------------- ---------------
Decrease in net assets from distributions to
shareholders (37,248,671) (27,597,530) (65,635,111) (53,153,320)
------------ ------------- -------------- ---------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 548,204,907 107,338,995 4,243,038,350 2,695,705,104
Net asset value of shares issued to shareholders
from reinvestment of dividends and capital gains 37,248,671 27,597,530 65,635,111 53,153,320
Cost of shares redeemed (310,682,957) (131,602,429) (3,928,937,007) (2,738,792,178)
------------ ------------- -------------- ---------------
Net increase in net assets from capital share
transactions 274,770,621 3,334,096 379,736,454 10,066,246
------------ ------------- -------------- ---------------
NET INCREASE IN NET ASSETS 286,504,249 16,145,544 379,737,306 10,068,086
NET ASSETS -- BEGINNING OF PERIOD 475,392,394 459,246,850 993,596,764 983,528,678
------------ ------------- -------------- ---------------
NET ASSETS -- END OF PERIOD $761,896,643 $ 475,392,394 $1,373,334,070 $ 993,596,764
============ ============= ============== ===============
Accumulated undistributed net realized loss on
investments included in net assets at end of
period $ -- $ (957,707) $ (5,690) $ (6,542)
============ ============= ============== ===============
Accumulated undistributed net investment income
included in net assets at end of period $ 153,334 $ 42,732 $ 1,778 $ 1,778
============ ============= ============== ===============
SHARE ACTIVITY:
Shares sold 46,658,183 9,504,326 4,243,038,351 2,695,705,104
Shares issued to shareholders from reinvestment of
dividends and capital gains 3,206,752 2,487,784 65,635,111 53,153,320
Shares redeemed (26,473,673) (11,787,299) (3,928,937,007) (2,738,792,178)
------------ ------------- -------------- ---------------
Net increase in number of shares 23,391,262 204,811 379,736,455 10,066,246
============ ============= ============== ===============
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 67
<PAGE> 70
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INCOME FUND
--------------------
PERIOD
SMALL COMPANY FUND JANUARY 20, 1998
---------------------------- (COMMENCEMENT
YEAR ENDED YEAR ENDED OF OPERATIONS)
DECEMBER 31, DECEMBER 31, THROUGH DECEMBER 31,
1998 1997 1998
------------ ------------- --------------------
<S> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 751,620 $ 122,822 $ 145,241
Net realized gain (loss) on investments and foreign
currency transactions (19,423,353) 11,078,374 25,268
Reimbursement from investment advisers for loss on sale of
security 100,456 -- --
Net change in unrealized appreciation on investments and
translation of assets and liabilities in foreign
currencies 25,976,273 26,937,936 60,406
------------ ------------- -------------
Net increase in net assets resulting from operations 7,404,996 38,139,132 230,915
------------ ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income -- -- (145,184)
Net realized gain on investments and foreign currency
transactions -- (9,343,554) (16,634)
------------ ------------- -------------
Decrease in net assets from distributions to
shareholders -- (9,343,554) (161,818)
------------ ------------- -------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 355,580,178 290,826,034 5,688,494
Net asset value of shares issued to shareholders from
reinvestment of dividends and capital gains -- 9,343,554 161,818
Cost of shares redeemed (300,224,471) (165,997,074) (955,015)
------------ ------------- -------------
Net increase in net assets from capital share
transactions 55,355,707 134,172,514 4,895,297
------------ ------------- -------------
NET INCREASE IN NET ASSETS 62,760,703 162,968,092 4,964,394
NET ASSETS -- BEGINNING OF PERIOD 343,807,801 180,839,709 --
------------ ------------- -------------
NET ASSETS -- END OF PERIOD $406,568,504 $ 343,807,801 $ 4,964,394
============ ============= =============
Accumulated undistributed net realized gain (loss) on
investments included in net assets at end of period $(19,865,832) $ 877,987 $ 8,634
============ ============= =============
Accumulated undistributed net investment income included in
net assets at end of period $ -- $ -- $ 57
============ ============= =============
SHARE ACTIVITY:
Shares sold 22,829,269 18,684,391 561,833
Shares issued to shareholders from reinvestment of
dividends and capital gains -- 595,890 15,878
Shares redeemed (19,118,277) (10,611,106) (93,473)
------------ ------------- -------------
Net increase in number of shares 3,710,992 8,669,175 484,238
============ ============= =============
</TABLE>
See accompanying notes to financial statements.
68 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 71
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STRATEGIC GROWTH FUND STRATEGIC VALUE FUND
----------------------------------- -----------------------------------
PERIOD FROM PERIOD FROM
OCTOBER 31, 1997 OCTOBER 31, 1997
(COMMENCEMENT (COMMENCEMENT
YEAR ENDED OF OPERATIONS) YEAR ENDED OF OPERATIONS)
DECEMBER 31, THROUGH DECEMBER 31, DECEMBER 31, THROUGH DECEMBER 31,
1998 1997 1998 1997
------------ -------------------- ------------ --------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss) $ (2,223) $ 1,251 $ 72,873 $ 1,828
Net realized gain (loss) on
investments and foreign
currency transactions (877,555) (26,440) 237,609 (18,352)
Net change in unrealized
appreciation (depreciation) on
investments and translation of
assets and liabilities in
foreign currencies 1,909,298 55,671 (351,850) 37,417
----------- ---------- ----------- ----------
Net increase (decrease) in net
assets resulting from
operations 1,029,520 30,482 (41,368) 20,893
----------- ---------- ----------- ----------
DISTRIBUTIONS TO SHAREHOLDERS FROM
NET INVESTMENT INCOME -- (1,251) (72,214) (1,812)
----------- ---------- ----------- ----------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 8,596,092 1,316,261 15,365,312 1,447,966
Net asset value of shares issued
to shareholders from
reinvestment of dividends -- 1,251 72,214 1,812
Cost of shares redeemed (630,009) (1) (1,513,455) --
----------- ---------- ----------- ----------
Net increase in net assets from
capital share transactions 7,966,083 1,317,511 13,924,071 1,449,778
----------- ---------- ----------- ----------
NET INCREASE IN NET ASSETS 8,995,603 1,346,742 13,810,489 1,468,859
NET ASSETS -- BEGINNING OF PERIOD 1,346,742 -- 1,468,859 --
----------- ---------- ----------- ----------
NET ASSETS -- END OF PERIOD $10,342,345 $1,346,742 $15,279,348 $1,468,859
=========== ========== =========== ==========
Accumulated undistributed net
realized gain (loss) on
investments included in net
assets at end of period $ (903,995) $ (26,440) $ 219,440 $ (18,352)
=========== ========== =========== ==========
Accumulated undistributed net
investment income included in net
assets at end of period $ -- $ -- $ 492 $ 16
=========== ========== =========== ==========
SHARE ACTIVITY:
Shares sold 811,692 131,802 1,515,885 144,532
Shares issued to shareholders
from reinvestment of dividends -- 124 7,636 181
Shares redeemed (59,749) (1) (158,421) --
----------- ---------- ----------- ----------
Net increase in number of shares 751,943 131,925 1,365,100 144,713
=========== ========== =========== ==========
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 69
<PAGE> 72
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
EQUITY INCOME FUND HIGH INCOME BOND FUND
----------------------------------- -----------------------------------
PERIOD FROM PERIOD FROM
OCTOBER 31, 1997 OCTOBER 31, 1997
(COMMENCEMENT (COMMENCEMENT
YEAR ENDED OF OPERATIONS) YEAR ENDED OF OPERATIONS)
DECEMBER 31, THROUGH DECEMBER 31, DECEMBER 31, THROUGH DECEMBER 31,
1998 1997 1998 1997
------------ -------------------- ------------ --------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 87,774 $ 2,828 $ 1,565,586 $ 64,197
Net realized gain (loss) on
investments 176,392 (12,649) 25,659 (1,529)
Net change in unrealized
appreciation (depreciation) on
investments 1,005,780 36,933 (733,560) 62,289
----------- ---------- ----------- ----------
Net increase in net assets
resulting from operations 1,269,946 27,112 857,685 124,957
----------- ---------- ----------- ----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (86,098) (2,689) (1,552,904) (63,617)
Net realized gain on investments (152,474) -- -- --
----------- ---------- ----------- ----------
Decrease in net assets from
distributions to shareholders (238,572) (2,689) (1,552,904) (63,617)
----------- ---------- ----------- ----------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 11,702,943 1,582,657 31,623,680 5,904,754
Net asset value of shares issued
to shareholders from
reinvestment of dividends and
capital gains 238,572 2,689 1,552,904 63,617
Cost of shares redeemed (388,186) (2) (1,880,219) (663)
----------- ---------- ----------- ----------
Net increase in net assets from
capital share transactions 11,553,329 1,585,344 31,296,365 5,967,708
----------- ---------- ----------- ----------
NET INCREASE IN NET ASSETS 12,584,703 1,609,767 30,601,146 6,029,048
NET ASSETS -- BEGINNING OF PERIOD 1,609,767 -- 6,029,048 --
----------- ---------- ----------- ----------
NET ASSETS -- END OF PERIOD $14,194,470 $1,609,767 $36,630,194 $6,029,048
=========== ========== =========== ==========
Accumulated undistributed net
realized gain (loss) on
investments included in net assets
at end of period $ 11,269 $ (12,649) $ 24,130 $ (1,529)
=========== ========== =========== ==========
Accumulated undistributed net
investment income included in net
assets at end of period $ 1,815 $ 139 $ 13,262 $ 580
=========== ========== =========== ==========
SHARE ACTIVITY:
Shares sold 1,095,133 158,243 3,084,813 589,241
Shares issued to shareholders from
reinvestment of dividends and
capital gains 21,107 266 154,117 6,286
Shares redeemed (37,651) -- (186,624) (65)
----------- ---------- ----------- ----------
Net increase in number of shares 1,078,589 158,509 3,052,306 595,462
=========== ========== =========== ==========
</TABLE>
See accompanying notes to financial statements.
70 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 73
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
BALANCED FUND MULTI SECTOR BOND FUND
----------------------------------- -----------------------------------
PERIOD FROM PERIOD FROM
OCTOBER 31, 1997 OCTOBER 31, 1997
(COMMENCEMENT (COMMENCEMENT
YEAR ENDED OF OPERATIONS) YEAR ENDED OF OPERATIONS)
DECEMBER 31, THROUGH DECEMBER 31, DECEMBER 31, THROUGH DECEMBER 31,
1998 1997 1998 1997
------------ -------------------- ------------ --------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 730,509 $ 8,725 $ 1,237,102 $ 10,976
Net realized gain (loss) on investments
and foreign currency transactions 58,258 125 (300,733) 548
Net change in unrealized appreciation
(depreciation) on investments and
translation of assets and liabilities
in foreign currencies 442,998 14,760 (450,479) 3,020
----------- ---------- ----------- ----------
Net increase in net assets resulting
from operations 1,231,765 23,610 485,890 14,544
----------- ---------- ----------- ----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (723,997) (8,551) (1,212,959) (10,620)
Net realized gain on investments and
foreign currency transactions (121,655) -- (33,220) --
Tax return of capital -- -- (15,516) --
----------- ---------- ----------- ----------
Decrease in net assets from distributions
to shareholders (845,652) (8,551) (1,261,695) (10,620)
----------- ---------- ----------- ----------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 38,262,809 1,862,542 35,590,690 2,017,099
Net asset value of shares issued to
shareholders from reinvestment of
dividends and capital gains 845,652 8,551 1,261,695 10,620
Cost of shares redeemed (495,698) -- (1,143,341) (3)
----------- ---------- ----------- ----------
Net increase in net assets from capital
share transactions 38,612,763 1,871,093 35,709,044 2,027,716
----------- ---------- ----------- ----------
NET INCREASE IN NET ASSETS 38,998,876 1,886,152 34,933,239 2,031,640
NET ASSETS -- BEGINNING OF PERIOD 1,886,152 -- 2,031,640 --
----------- ---------- ----------- ----------
NET ASSETS -- END OF PERIOD $40,885,028 $1,886,152 $36,964,879 $2,031,640
=========== ========== =========== ==========
Accumulated undistributed net realized gain
(loss) on investments included in net
assets at end of period $ (63,397) $ 125 $ (300,334) $ 548
=========== ========== =========== ==========
Accumulated undistributed net investment
income included in net assets at end of
period $ 6,811 $ 174 $ (8,572) $ 356
=========== ========== =========== ==========
SHARE ACTIVITY:
Shares sold 3,646,083 185,899 3,547,701 201,188
Shares issued to shareholders from
reinvestment of dividends and capital
gains 80,818 848 128,345 1,059
Shares redeemed (47,484) -- (115,568) (1)
----------- ---------- ----------- ----------
Net increase in number of shares 3,679,417 186,747 3,560,478 202,246
=========== ========== =========== ==========
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 71
<PAGE> 74
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL CAP VALUE FUND GLOBAL EQUITY FUND
----------------------------------- -----------------------------------
PERIOD FROM PERIOD FROM
OCTOBER 31, 1997 OCTOBER 31, 1997
(COMMENCEMENT (COMMENCEMENT
YEAR ENDED OF OPERATIONS) YEAR ENDED OF OPERATIONS)
DECEMBER 31, THROUGH DECEMBER 31, DECEMBER 31, THROUGH DECEMBER 31,
1998 1997 1998 1997
------------ -------------------- ------------ --------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss) $ (44,007) $ 1,130 $ 88,044 $ 8,820
Net realized gain (loss) on investments
and foreign currency transactions (362,284) 9,086 295,124 (2,262)
Net change in unrealized appreciation
(depreciation) on investments and
translation of assets and liabilities
in foreign currencies 2,447,176 (16,246) 1,832,913 55,064
----------- ---------- ----------- ----------
Net increase (decrease) in net assets
resulting from operations 2,040,885 (6,030) 2,216,081 61,622
----------- ---------- ----------- ----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income -- (1,130) (88,044) (8,820)
In excess of net investment income -- (10) (152,148) (801)
Net realized gain from investments and
foreign currency transactions -- (8,911) (141,018) --
----------- ---------- ----------- ----------
Decrease in net assets from
distributions to shareholders -- (10,051) (381,210) (9,621)
----------- ---------- ----------- ----------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 94,419,163 2,075,396 14,481,685 5,504,550
Net asset value of shares issued to
shareholders from reinvestment of
dividends and capital gains -- 10,051 381,210 9,621
Cost of shares redeemed (48,090,092) -- (736,949) --
----------- ---------- ----------- ----------
Net increase in net assets from capital
share transactions 46,329,071 2,085,447 14,125,946 5,514,171
----------- ---------- ----------- ----------
NET INCREASE IN NET ASSETS 48,369,956 2,069,366 15,960,817 5,566,172
NET ASSETS -- BEGINNING OF PERIOD 2,069,366 -- 5,566,172 --
----------- ---------- ----------- ----------
NET ASSETS -- END OF PERIOD $50,439,322 $2,069,366 $21,526,989 $5,566,172
=========== ========== =========== ==========
Accumulated undistributed net realized gain
(loss) on investments included in net
assets at end of period $ (406,126) $ 175 $ 50,509 $ (5,842)
=========== ========== =========== ==========
Accumulated undistributed (distributions in
excess of) net investment income included
in net assets at end of period $ -- $ (10) $ (51,614) $ 2,779
=========== ========== =========== ==========
SHARE ACTIVITY:
Shares sold 10,431,460 210,321 1,317,276 550,278
Shares issued to shareholders from
reinvestment of dividends and capital
gains -- 1,033 33,732 954
Shares redeemed (5,326,134) -- (70,891) --
----------- ---------- ----------- ----------
Net increase in number of shares 5,105,326 211,354 1,280,117 551,232
=========== ========== =========== ==========
</TABLE>
See accompanying notes to financial statements.
72 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 75
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELECT ADVISERS MID CAP FUND
------------------------------------
PERIOD FROM
OCTOBER 31, 1997
(COMMENCEMENT
YEAR ENDED OF OPERATIONS)
DECEMBER 31, THROUGH DECEMBER 31,
1998 1997
------------ --------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 56,278 $ 7,917
Net realized loss on investments (248,702) (17,550)
Net change in unrealized appreciation on investments 950,022 5,469
----------- ----------
Net increase (decrease) in net assets resulting from
operations 757,598 (4,164)
----------- ----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (56,461) (7,734)
Tax return of capital (11,616) --
----------- ----------
Decrease in net assets from distributions to
shareholders (68,077) (7,734)
----------- ----------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 7,988,933 3,218,128
Net asset value of shares issued to shareholders from
reinvestment of dividends 68,077 7,734
Cost of shares redeemed (1,111,305) --
----------- ----------
Net increase in net assets derived from capital share
transactions 6,945,705 3,225,862
----------- ----------
NET INCREASE IN NET ASSETS 7,635,226 3,213,964
NET ASSETS -- BEGINNING OF PERIOD 3,213,964 --
----------- ----------
NET ASSETS -- END OF PERIOD $10,849,190 $3,213,964
=========== ==========
Accumulated undistributed net realized loss on investments
included in net assets at end of period $ (266,252) $ (17,550)
=========== ==========
Accumulated undistributed net investment income included in
net assets at end of period $ -- $ 183
=========== ==========
SHARE ACTIVITY:
Shares sold 778,972 322,491
Shares issued to shareholders from reinvestment of
dividends 6,707 785
Shares redeemed (115,257) --
----------- ----------
Net increase in number of shares 670,422 323,276
=========== ==========
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 73
<PAGE> 76
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TOTAL RETURN FUND
--------------------------------------------------------------
YEARS ENDED DECEMBER 31,
--------------------------------------------------------------
1998 1997 1996 1995 1994
---------- ---------- ---------- -------- --------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF
PERIOD $ 16.38 $ 13.27 $ 11.54 $ 9.70 $ 10.10
Net investment income 0.19 0.23 0.24 0.31 0.21
Net realized gain (loss) and
unrealized appreciation
(depreciation) on
investments 2.77 3.65 2.26 2.49 (0.10)
---------- ---------- ---------- -------- --------
Total from investment
operations 2.96 3.88 2.50 2.80 0.11
---------- ---------- ---------- -------- --------
Dividends from net investment
income (0.19) (0.23) (0.25) (0.31) (0.28)
Dividends from net realized
gain from investment
transactions (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 (0.94) (0.77) (0.77) (0.96) (0.51)
---------- ---------- ---------- -------- --------
Net increase (decrease) in
net asset value 2.02 3.11 1.73 1.84 (0.40)
---------- ---------- ---------- -------- --------
NET ASSET VALUE -- END OF PERIOD $ 18.40 $ 16.38 $ 13.27 $ 11.54 $ 9.70
========== ========== ========== ======== ========
Total Return 18.07% 29.43% 21.84% 29.09% 1.07%
Ratios and supplemental data:
Net Assets, end of period
(000) $2,343,437 $1,849,241 $1,179,876 $814,964 $534,821
Ratio of expenses to average
net assets 0.65% 0.54% 0.51% 0.51% 0.52%
Ratio of net investment income
to average net assets 1.05% 1.54% 1.99% 2.84% 2.76%
Portfolio turnover 17.13% 13.85% 16.18% 16.12% 12.06%
</TABLE>
See accompanying notes to financial statements.
74 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 77
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CAPITAL APPRECIATION FUND
--------------------------------------------------------------
YEARS ENDED DECEMBER 31,
--------------------------------------------------------------
1998 1997 1996 1995 1994
---------- ---------- ---------- -------- --------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF
PERIOD $ 21.21 $ 16.28 $ 13.48 $ 10.92 $ 11.20
Net investment income 0.19 0.20 0.21 0.23 0.18
Net realized gain (loss) and
unrealized appreciation
(depreciation) on
investments 6.14 5.39 3.29 2.96 (0.28)
---------- ---------- ---------- -------- --------
Total from investment
operations 6.33 5.59 3.50 3.19 (0.10)
---------- ---------- ---------- -------- --------
Dividends from net investment
income (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 (0.95) (0.66) (0.70) (0.63) (0.18)
---------- ---------- ---------- -------- --------
Net increase (decrease) in
net asset value 5.38 4.93 2.80 2.56 (0.28)
---------- ---------- ---------- -------- --------
NET ASSET VALUE -- END OF PERIOD $ 26.59 $ 21.21 $ 16.28 $ 13.48 $ 10.92
========== ========== ========== ======== ========
Total Return 29.96% 34.49% 26.14% 29.35% (0.90)%
Ratios and supplemental data:
Net Assets, end of period
(000) $1,064,498 $ 481,738 $ 211,474 $ 81,237 $ 60,442
Ratio of expenses to average
net assets 0.67% 0.56% 0.52% 0.54% 0.56%
Ratio of net investment income
to average net assets 0.83% 1.10% 1.53% 1.89% 1.76%
Portfolio turnover 10.67% 10.88% 22.19% 20.28% 11.21%
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 75
<PAGE> 78
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GOVERNMENT BOND FUND
--------------------------------------------------------------
YEARS ENDED DECEMBER 31,
--------------------------------------------------------------
1998 1997 1996 1995 1994
---------- ---------- ---------- -------- --------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF
PERIOD $ 11.38 $ 11.04 $ 11.36 $ 10.20 $ 11.26
Net investment income 0.63 0.69 0.69 0.71 0.69
Net realized gain (loss) and
unrealized appreciation
(depreciation) on
investments 0.37 0.34 (0.32) 1.16 (1.06)
---------- ---------- ---------- -------- --------
Total from investment
operations 1.00 1.03 0.37 1.87 (0.37)
---------- ---------- ---------- -------- --------
Dividends from net investment
income (0.63) (0.69) (0.69) (0.71) (0.69)
Dividends from net realized
gain from investment
transactions (0.06) -- -- -- --
---------- ---------- ---------- -------- --------
Total distributions (0.69) (0.69) (0.69) (0.71) (0.69)
---------- ---------- ---------- -------- --------
Net increase (decrease) in
net asset value 0.31 0.34 (0.32) 1.16 (1.06)
---------- ---------- ---------- -------- --------
NET ASSET VALUE -- END OF PERIOD $ 11.69 $ 11.38 $ 11.04 $ 11.36 $ 10.20
========== ========== ========== ======== ========
Total Return 8.91% 9.67% 3.49% 18.74% (3.23)%
Ratios and supplemental data:
Net Assets, end of period
(000) $ 761,897 $ 475,392 $ 459,247 $454,016 $391,253
Ratio of expenses to average
net assets 0.57% 0.53% 0.51% 0.51% 0.51%
Ratio of net investment income
to average net assets 5.60% 6.19% 6.23% 6.45% 6.46%
Portfolio turnover 32.03% 68.61% 33.75% 97.05% 111.40%
</TABLE>
See accompanying notes to financial statements.
76 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 79
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONEY MARKET FUND
--------------------------------------------------------------
YEARS ENDED DECEMBER 31,
--------------------------------------------------------------
1998 1997 1996 1995 1994
---------- ---------- ---------- -------- --------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF
PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Net investment income 0.05 0.05 0.05 0.06 0.04
Dividends from net investment
income (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
========== ========== ========== ======== ========
Total Return 5.27% 5.26% 5.12% 5.66% 3.88%
Ratios and supplemental data:
Net Assets, end of period
(000) $1,373,334 $ 993,597 $ 983,529 $737,408 $828,027
Ratio of expenses to average
net assets 0.46% 0.51% 0.51% 0.52% 0.54%
Ratio of net investment income
to average net assets 5.15% 5.16% 5.00% 5.51% 4.00%
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 77
<PAGE> 80
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL COMPANY FUND
--------------------------------------------------------------
PERIOD
OCTOBER 23, 1995
YEARS ENDED DECEMBER 31, (COMMENCEMENT OF
---------------------------------------- OPERATIONS) THROUGH
1998 1997 1996 DECEMBER 31, 1995
---------- -------- -------- -------------------
<S> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF
PERIOD $ 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 0.13 2.40 2.55 1.42
-------- -------- -------- -------
Total from investment operations 0.16 2.41 2.61 1.44
-------- -------- -------- -------
Dividends from net investment
income -- -- (0.06) (0.02)
Dividends from net realized gain
from investment 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 0.16 1.96 2.47 1.42
-------- -------- -------- -------
NET ASSET VALUE -- END OF PERIOD $ 16.01 $ 15.85 $ 13.89 $ 11.42
======== ======== ======== =======
Total Return 1.01% 17.35% 22.83% 14.38%
Ratios and supplemental data:
Net Assets, end of period (000) $406,569 $343,808 $180,840 $17,155
Ratio of expenses to average net
assets 1.07% 1.11% 1.20% 1.25%*
Ratio of expenses to average net
assets** 1.07% 1.11% 1.20% 1.74%*
Ratio of net investment income to
average net assets 0.21% 0.05% 0.60% 1.32%*
Ratio of net investment income to
average net assets** 0.21% 0.05% 0.60% 0.83%*
Portfolio turnover 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.
78 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 81
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INCOME FUND STRATEGIC GROWTH FUND STRATEGIC VALUE FUND
---------------- ------------------------------- -------------------------------
PERIOD PERIOD PERIOD
JANUARY 20, 1998 OCTOBER 31, 1997 OCTOBER 31, 1997
(COMMENCEMENT (COMMENCEMENT (COMMENCEMENT
OF OPERATIONS) OF OPERATIONS) OF OPERATIONS)
THROUGH YEAR ENDED THROUGH YEAR ENDED THROUGH
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1998 1998 1997 1998 1997
---------------- ------------ ---------------- ------------ ----------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF PERIOD $10.00 $ 10.21 $10.00 $ 10.15 $10.00
Net investment income 0.42 -- 0.01 0.07 0.01
Net realized gain (loss) and
unrealized appreciation
(depreciation) on investments and
translation of assets and
liabilities in foreign currencies 0.29 1.49 0.21 (0.03) 0.15
------ ------- ------ ------- ------
Total from investment operations 0.71 1.49 0.22 0.04 0.16
------ ------- ------ ------- ------
Dividends from net investment income (0.42) -- (0.01) (0.07) (0.01)
Dividends from net realized gain from
investment transactions (0.04) -- -- -- --
------ ------- ------ ------- ------
Total distributions (0.46) -- (0.01) (0.07) (0.01)
------ ------- ------ ------- ------
Net increase (decrease) in net asset
value 0.25 1.49 0.21 (0.03) 0.15
------ ------- ------ ------- ------
NET ASSET VALUE -- END OF PERIOD $10.25 $ 11.70 $10.21 $ 10.12 $10.15
====== ======= ====== ======= ======
Total Return 7.13% 14.59% 2.20% 0.39% 1.63%
Ratios and supplemental data:
Net Assets, end of period (000) $4,964 $10,342 $1,347 $15,279 $1,469
Ratio of expenses to average net
assets 0.75%* 1.00% 1.00%* 1.00% 1.00%*
Ratio of expenses to average net
assets** 1.01%* 1.55% 6.33%* 1.23% 5.54%*
Ratio of net investment income to
average net assets 4.68%* (0.04)% 0.68%* 0.86% 0.96%*
Ratio of net investment income to
average net assets** 4.42%* (0.59)% (4.65)%* 0.63% (3.58)%*
Portfolio turnover 157.21% 369.83% 27.32% 68.65% 5.38%
</TABLE>
- ------------------------------------------------------
* Ratios are annualized for periods of less than one year. Total return and
portfolio turnover are not annualized.
** Ratios calculated as if no fees were waived or expenses reimbursed.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 79
<PAGE> 82
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
EQUITY INCOME FUND HIGH INCOME BOND FUND
----------------------------------- -----------------------------------
PERIOD PERIOD
OCTOBER 31, 1997 OCTOBER 31, 1997
(COMMENCEMENT (COMMENCEMENT
OF OPERATIONS) OF OPERATIONS)
YEAR ENDED THROUGH YEAR ENDED THROUGH
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1998 1997 1998 1997
------------ -------------------- ------------ --------------------
<S> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF
PERIOD $ 10.16 $10.00 $ 10.12 $10.00
Net investment income 0.10 0.02 0.66 0.11
Net realized gain (loss) and
unrealized appreciation
(depreciation) on investments 1.44 0.16 (0.08) 0.12
------- ------ ------- ------
Total from investment operations 1.54 0.18 0.58 0.23
------- ------ ------- ------
Dividends from net investment
income (0.10) (0.02) (0.66) (0.11)
Dividends from net realized gain
from investment transactions (0.13) -- -- --
------- ------ ------- ------
Total distributions (0.23) (0.02) (0.66) (0.11)
------- ------ ------- ------
Net increase (decrease) in net
asset value 1.31 0.16 (0.08) 0.12
------- ------ ------- ------
NET ASSET VALUE -- END OF PERIOD $ 11.47 $10.16 $ 10.04 $10.12
======= ====== ======= ======
Total Return 15.13% 1.77% 5.80% 2.28%
Ratios and supplemental data:
Net Assets, end of period (000) $14,194 $1,610 $36,630 $6,029
Ratio of expenses to average net
assets 0.95% 0.95%* 0.95% 0.95%*
Ratio of expenses to average net
assets** 1.15% 5.63%* 1.12% 2.18%*
Ratio of net investment income to
average net assets 1.11% 1.34%* 7.88% 6.96%*
Ratio of net investment income to
average net assets** 0.91% (3.34)%* 7.71% 5.73%*
Portfolio turnover 49.12% 14.52% 24.25% 7.37%
</TABLE>
- ------------------------------------------------------
* Ratios are annualized for periods of less than one year. Total return and
portfolio turnover are not annualized.
** Ratios calculated as if no fees were waived or expenses reimbursed.
See accompanying notes to financial statements.
80 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 83
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
BALANCED FUND MULTI SECTOR BOND FUND
----------------------------------- -----------------------------------
PERIOD PERIOD
OCTOBER 31, 1997 OCTOBER 31, 1997
(COMMENCEMENT (COMMENCEMENT
YEAR ENDED OF OPERATIONS) YEAR ENDED OF OPERATIONS)
DECEMBER 31, THROUGH DECEMBER 31, DECEMBER 31, THROUGH DECEMBER 31,
1998 1997 1998 1997
------------ -------------------- ------------ --------------------
<S> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF
PERIOD $ 10.10 $ 10.00 $ 10.05 $ 10.00
Net investment income 0.30 0.05 0.48 0.05
Net realized gain (loss) and
unrealized appreciation
(depreciation) on investments
and translation of assets and
liabilities in foreign
currencies 0.51 0.10 (0.22) 0.05
------- ------- ------- -------
Total from investment
operations 0.81 0.15 0.26 0.10
------- ------- ------- -------
Dividends from net investment
income (0.30) (0.05) (0.47) (0.05)
Dividends from net realized gain
from investment and foreign
currency transactions (0.03) -- (0.01) --
Tax return of capital -- -- (0.01) --
------- ------- ------- -------
Total distributions (0.33) (0.05) (0.49) (0.05)
------- ------- ------- -------
Net increase (decrease) in net
asset value 0.48 0.10 (0.23) 0.05
------- ------- ------- -------
NET ASSET VALUE -- END OF PERIOD $ 10.58 $ 10.10 $ 9.82 $ 10.05
======= ======= ======= =======
Total Return 8.07% 1.46% 2.60% 1.04%
Ratios and supplemental data:
Net Assets, end of period (000) $40,885 $ 1,886 $36,965 $ 2,032
Ratio of expenses to average net
assets 0.90% 0.90%* 0.90% 0.90%*
Ratio of expenses to average net
assets** 0.96% 4.90%* 0.96% 4.41%*
Ratio of net investment income to
average net assets 3.81% 4.08%* 6.42% 4.77%*
Ratio of net investment income to
average net assets** 3.75% 0.08%* 6.36% 1.26%*
Portfolio turnover 137.35% 0.19% 287.69% 48.90%
</TABLE>
- ------------------------------------------------------
* Ratios are annualized for periods of less than one year. Total return and
portfolio turnover are not annualized.
** Ratios calculated as if no fees were waived or expenses reimbursed.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 81
<PAGE> 84
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL CAP VALUE FUND GLOBAL EQUITY FUND
----------------------------------- -----------------------------------
PERIOD PERIOD
OCTOBER 31, 1997 OCTOBER 31, 1997
(COMMENCEMENT (COMMENCEMENT
YEAR ENDED OF OPERATIONS) YEAR ENDED OF OPERATIONS)
DECEMBER 31, THROUGH DECEMBER 31, DECEMBER 31, THROUGH DECEMBER 31,
1998 1997 1998 1997
------------ -------------------- ------------ --------------------
<S> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF
PERIOD $ 9.79 $ 10.00 $ 10.10 $ 10.00
Net investment income(loss) (0.01) 0.01 0.11 0.02
Net realized gain (loss) and
unrealized appreciation
(depreciation) on investments
and translation of assets and
liabilities in foreign
currencies (0.29) (0.17) 1.81 0.10
------- ------- ------- -------
Total from investment
operations (0.30) (0.16) 1.92 0.12
------- ------- ------- -------
Dividends from net investment
income -- (0.01) (0.07) (0.02)
Dividends in excess net
investment income -- -- (0.12) --
Dividends from net realized gain
from investment and foreign
currency transactions -- (0.04) (0.08) --
------- ------- ------- -------
Total distributions -- (0.05) (0.27) (0.02)
------- ------- ------- -------
Net increase (decrease) in net
asset value (0.30) (0.21) 1.65 0.10
------- ------- ------- -------
NET ASSET VALUE -- END OF PERIOD $ 9.49 $ 9.79 $ 11.75 $ 10.10
======= ======= ======= =======
Total Return (3.06)% (1.61)% 19.14% 1.18%
Ratios and supplemental data:
Net Assets, end of period (000) $50,439 $ 2,069 $21,527 $ 5,566
Ratio of expenses to average net
assets 1.05% 1.05%* 1.20% 1.20%*
Ratio of expenses to average net
assets** 1.33% 6.31%* 1.46% 2.84%*
Ratio of net investment income to
average net assets (0.21)% 0.50%* 0.66% 1.00%*
Ratio of net investment income to
average net assets** (0.49)% (4.76)%* 0.40% (0.64)%*
Portfolio turnover 283.65% 8.38% 59.01% 9.32%
</TABLE>
- ------------------------------------------------------
* Ratios are annualized for periods of less than one year. Total return and
portfolio turnover are not annualized.
** Ratios calculated as if no fees were waived or expenses reimbursed.
See accompanying notes to financial statements.
82 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 85
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELECT ADVISERS MID CAP FUND
-----------------------------------
PERIOD
OCTOBER 31, 1997
(COMMENCEMENT
YEAR ENDED OF OPERATIONS)
DECEMBER 31, THROUGH DECEMBER 31,
1998 1997
------------ --------------------
<S> <C> <C>
NET ASSET VALUE -- BEGINNING OF PERIOD $ 9.94 $ 10.00
Net investment income 0.09 0.02
Net realized loss and unrealized appreciation on
investments 0.98 (0.06)
------- -------
Total from investment operations 1.07 (0.04)
------- -------
Dividends from net investment income (0.08) (0.02)
Dividends from tax return of capital (0.01) --
------- -------
Total distributions (0.09) (0.02)
------- -------
Net increase (decrease) in net asset value 0.98 (0.06)
------- -------
NET ASSET VALUE -- END OF PERIOD $ 10.92 $ 9.94
======= =======
Total Return 10.81% (0.36)%
Ratios and supplemental data:
Net Assets, end of period (000) $10,849 $ 3,214
Ratio of expenses to average net assets 1.20% 1.20%*
Ratio of expenses to average net assets** 1.54% 3.31%*
Ratio of net investment income to average net assets 0.79% 1.55%*
Ratio of net investment income to average net assets** 0.45% (0.56)%*
Portfolio turnover 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 ANNUAL REPORT 83
<PAGE> 86
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1998
- --------------------------------------------------------------------------------
1 -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nationwide Separate Account Trust (Trust) is an open-end investment company
registered under the Investment Company Act of 1940, as amended. The Trust
offers shares to other open-end investment companies ("fund of funds") created
by Nationwide Advisory Services, Inc., the Trust's investment manager, as well
as to life insurance company separate accounts to fund the benefits under
variable insurance or annuity policies. 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.
The Trust offers shares in fifteen series. The Funds listed below consist of
diversified portfolios and non-diversified(*) portfolios.
Total Return Fund
Capital Appreciation Fund
Government Bond Fund
Money Market Fund
Nationwide Small Company Fund* (Small Company Fund)
Nationwide Income Fund (Income Fund)
Nationwide Strategic Growth Fund (Strategic Growth Fund)
Nationwide Strategic Value Fund (Strategic Value Fund)
Nationwide Equity Income Fund (Equity Income Fund)
Nationwide High Income Bond Fund (High Income Bond Fund)
Nationwide Balanced Fund (Balanced Fund)
Nationwide Multi Sector Bond Fund (Multi Sector Bond Fund)
Nationwide Small Cap Value Fund* (Small Cap Value Fund)
Nationwide Global Equity Fund (Global Equity Fund)
Nationwide Select Advisers Mid Cap Fund* (Select Advisers Mid Cap Fund)
The Trust's Declaration of Trust was amended in 1997 to create the Strategic
Growth Fund, Strategic Value Fund, Equity Income Fund, High Income Bond Fund,
Balanced Fund, Multi Sector Bond Fund, Small Cap Value Fund, Global Equity Fund,
and Select Advisers Mid Cap Fund. On October 31, 1997, these Funds commenced
operations and were capitalized though the sale of shares to Nationwide Life
Insurance Company in the amount of $1,000,000 for each of the Strategic Growth
Fund, Strategic Value Fund, Equity Income Fund, Balanced Fund, Multi-Sector Bond
Fund, and Small Cap Value Fund; $5,000,000 for each of the High Income Bond
Fund, and Global Equity Fund; and $3,000,000 for the Select Advisers Mid Cap
Fund.
On January 4, 1997, the Trust's registration statement as to the Income Fund's
shares became effective. On January 16, 1998, the Income Fund was capitalized
through the sale of shares to Nationwide Life Insurance Company in the amount of
$2,000,000. It commenced operations on January 20, 1998.
(a) INVESTMENT VALUATION
1) All Funds (except the High Income Bond Fund and the Money Market Fund):
Securities traded on a national securities exchange are valued at the
last quoted sale price 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.
84 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 87
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
DECEMBER 31, 1998
- --------------------------------------------------------------------------------
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 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, 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 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
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 85
<PAGE> 88
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
DECEMBER 31, 1998
- --------------------------------------------------------------------------------
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 ROLLS
The Multi-Sector Bond Fund and Balanced Fund may enter into mortgage "dollar
rolls" in which a Fund sells mortgage-backed securities for delivery in the
current month and simultaneously contracts to repurchase substantially
similar (same type, coupon and maturity) securities on a specified future
date. 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 Advisors 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 in 8 years,
the Money Market Fund's carryforwards will expire within 5 to 6 years, 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.
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
86 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 89
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
DECEMBER 31, 1998
- --------------------------------------------------------------------------------
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.
(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.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 87
<PAGE> 90
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
DECEMBER 31, 1998
- --------------------------------------------------------------------------------
2 -- TRANSACTIONS WITH AFFILIATES
Investment advisory services are provided to the Trust by Nationwide Advisory
Services, Inc. (NAS), an affiliated company. Under the terms of the investment
advisory agreement, NAS is entitled to receive fees based on a percentage of the
average daily net assets of the Funds. See management fee schedule below.
Fees may be voluntarily waived or reimbursed to the Funds by NAS in order to
maintain expense ratios at or below stated expense cap.
As stated above, NAS earns an annual management fee based on average daily net
assets. From such fees, pursuant to sub-investment advisory agreements, NAS pays
subadvisory fees to the following entities for investment management evaluation
services:
<TABLE>
<CAPTION>
FUND SUBADVISER(S)
- ---------------------------------------------- ----------------------------------------------
<S> <C>
Small Company Fund The Dreyfus Corporation
Neuberger 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
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.
88 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 91
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
DECEMBER 31, 1998
- --------------------------------------------------------------------------------
Additional information regarding investment advisory fees earned (before
waivers) and paid to the subadvisers is as follows for the period ending
December 31, 1998.
<TABLE>
<CAPTION>
EARNED TOTAL FEES PAID
AVERAGE DAILY ADVISORY SUB-ADVISORY ADVISORY NAS FEES TO
FUND NET ASSETS FEE FEE FEE COLLECTED SUBADVISERS
- --------------------------- ---------------------- -------- ------------ -------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Total Return Fund and $12,401,821 --
Capital Appreciation Fund $ 4,402,924 --
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 $ 3,015,171 --
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 $ 5,043,088 --
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 $ 3,598,194
All assets 0.40% 0.60% 1.00%
Income Fund $ 13,954* $ 40,000*
Up to $100 million 0.20% 0.25% 0.45%
$100 million and more 0.30% 0.15% 0.45%
Strategic Growth Fund and $ 50,897 $ 28,276
Strategic Value Fund $ 76,658 $ 42,588
Up to $500 million 0.40% 0.50% 0.90%
$500 million and more 0.45% 0.45% 0.90%
Equity Income Fund and $ 63,006 $ 31,503
High Income Bond Fund $ 158,960 $ 79,480
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 $ 143,298 $ 66,872
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 $ 144,606 $ 67,483
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%
Small Cap Value Fund $ 186,390 $ 103,550
Up to $200 million 0.40% 0.50% 0.90%
$200 million and more 0.45% 0.45% 0.90%
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 89
<PAGE> 92
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
DECEMBER 31, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
EARNED TOTAL FEES PAID
AVERAGE DAILY ADVISORY SUB-ADVISORY ADVISORY NAS FEES TO
FUND NET ASSETS FEE FEE FEE COLLECTED SUBADVISERS
- --------------------------- ---------------------- -------- ------------ -------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Global Equity Fund $ 133,728 $ 80,237
Up to $50 million 0.40% 0.60% 1.00%
$50 million and more 0.45% 0.55% 1.00%
Select Advisers Mid Cap $ 74,540 $ 46,144
Fund
Up to $50 million 0.40% 0.65% 1.05%
$50 million and more 0.55% 0.50% 1.05%
</TABLE>
- ------------------------------------------------------
* $13,954 represents 0.45% of average daily net assets. Subject to the
subadvisory agreement, NAS remits to the subadvisor 0.25% up to $100 million
and 0.15% for $100 million and more of the total. However, minimum annual
amounts included in the agreements of $15,000 for NCM Capital Management
Group, Inc. and $25,000 for Smith & Graham & Co. Asset Managers, L.P. are the
responsibility of NAS. The total fees paid to the subadvisors of $40,000
represents these minimum amounts.
90 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 93
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
DECEMBER 31, 1998
- --------------------------------------------------------------------------------
The following table illustrates waived and reimbursed expenses of the Funds:
<TABLE>
<CAPTION>
TOTAL
OTHER EXPENSES
TOTAL FUND NAS FEES EXPENSES WAIVED/
EXPENSE EXPENSES WAIVED* REIMBURSED REIMBURSED NET
- ------------------------------ ---------- ---------- ------------- -------------- --------
<S> <C> <C> <C> <C> <C>
Income Fund $ 31,371 $ (8,115) -- $ (8,115) $ 23,256
Strategic Growth Fund 87,766 (27,145) $ (4,069) (31,214) 56,552
Strategic Value Fund 104,493 (19,318) -- (19,318) 85,175
Equity Income Fund 91,295 (16,475) -- (16,475) 74,820
High Income Bond Fund 221,585 (32,820) -- (32,820) 188,765
Balanced Fund 184,119 (12,162) -- (12,162) 171,957
Multi Sector Bond Fund 185,156 (11,628) -- (11,628) 173,528
Small Cap Value Fund 275,081 (57,626) -- (57,626) 217,455
Global Equity Fund 195,711 (35,240) -- (35,240) 160,471
Select Advisers Mid Cap Fund 109,502 (24,305) -- (24,305) 85,197
</TABLE>
- ---------------
* Fees Waived include Investment Management, Administration and Transfer and
Dividend Disbursing Agent fees.
Per the Fund Administration Agreement, NAS also receives for its services for
the Total Return Fund, Capital Appreciation Fund, Government Bond Fund and Money
Market Fund a fee, calculated daily and paid monthly, according to the following
schedule:
<TABLE>
<CAPTION>
AVERAGE DAILY NET ASSETS ADMINISTRATION FEE
- ------------------------------- -------------------------------
<S> <C>
Up to $1 billion 0.05%
$1 billion and more 0.04%
</TABLE>
For the Income Fund, Strategic Growth Fund, Strategic Value Fund, Equity Income
Fund, High Income Bond Fund, Balanced Fund, Multi Sector Bond Fund, Small Cap
Value Fund, Global Equity Fund, and Select Advisers Mid Cap Fund, NAS receives
for its services for each Fund a fee, calculated daily and paid monthly,
according to the following schedule:
<TABLE>
<CAPTION>
AVERAGE DAILY NET ASSETS ADMINISTRATION FEE
- ------------------------------- -------------------------------
<S> <C>
Up to $250 million 0.07%
Next $750 million 0.05%
$1 billion and more 0.04%
</TABLE>
Effective November 1, 1997, NISI (Nationwide Investors Services, Inc.) receives
for its service as Transfer and Dividend Disbursing Agent for each Fund a fee of
0.01% of average daily net assets, calculated daily and paid monthly.
3 -- BANK LOANS
The Trust has an unsecured bank line of credit of $50,000,000. Borrowing under
this arrangement bears interest at the federal funds rate plus 0.50%. No
compensating balances are required.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 91
<PAGE> 94
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
DECEMBER 31, 1998
- --------------------------------------------------------------------------------
4 -- INVESTMENT TRANSACTIONS
Purchases and sales of securities (excluding U.S. government obligations,
short-term securities and forward currency exchange contracts) and U.S.
government obligations for the year ended December 31, 1998 are summarized as
follows:
<TABLE>
<CAPTION>
LONG-TERM SECURITIES U.S. GOVERNMENT OBLIGATIONS
PURCHASES SALES PURCHASES SALES
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Total Return Fund $545,254,495 $349,225,954 $824,076,835 $877,152,267
Capital Appreciation Fund 490,120,972 75,414,098 -- --
Government Bond Fund 104,666,789 28,367,683 356,047,057 152,614,438
Money Market Fund -- -- 643,458,181 590,117,841
Small Company Fund 515,375,102 459,563,325 73,510,328 74,583,998
Income Fund 1,417,136 605,618 8,057,458 4,284,619
Strategic Growth Fund 25,949,366 18,305,018 -- --
Strategic Value Fund 19,635,973 5,710,611 -- --
Equity Income Fund 14,806,631 3,702,476 -- --
High Income Bond Fund 33,435,803 4,535,255 -- --
Balanced Fund 46,253,942 16,913,860 10,193,882 5,384,711
Multi Sector Bond Fund 72,652,057 43,917,299 10,336,083 4,200,563
Small Cap Value Fund 94,838,263 55,293,797 -- --
Global Equity Fund 20,470,557 7,323,966 -- --
Select Advisers Mid Cap Fund 13,549,745 6,909,761 99,545 --
</TABLE>
Realized gains and losses have been computed on the specific identification
basis. Included in net unrealized appreciation (depreciation) for the period
ended December 31, 1998, based on cost for federal income tax purposes,
excluding forward currency contracts for the Global Equity Fund and the Multi
Sector Bond Fund are the following components:
<TABLE>
<CAPTION>
NET
GROSS GROSS UNREALIZED
UNREALIZED UNREALIZED APPRECIATION
GAINS LOSSES (DEPRECIATION)
------------ ------------ --------------
<S> <C> <C> <C>
Total Return Fund $861,690,059 $(37,908,047) $823,782,012
Capital Appreciation Fund 284,966,797 (13,608,927) 271,357,870
Government Bond Fund 29,811,155 (1,452,613) 28,358,542
Small Company Fund 85,346,746 (19,873,683) 65,473,063
Fund Income Fund 79,296 (19,828) 59,468
Strategic Growth Fund 1,907,241 (16,893) 1,890,348
Strategic Value Fund 885,627 (1,211,764) (326,137)
Equity Income Fund 1,570,068 (527,785) 1,042,283
High Income Bond Fund 605,418 (1,276,689) (671,271)
Balanced Fund 1,765,912 (1,311,834) 454,078
Multi Sector Bond Fund 518,401 (975,011) (456,610)
Small Cap Value Fund 3,515,725 (4,002,995) (487,270)
Global Equity Fund 2,623,178 (811,231) 1,811,947
Select Advisers Mid Cap Fund 1,411,640 (483,852) 927,788
</TABLE>
92 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 95
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
DECEMBER 31, 1998
- --------------------------------------------------------------------------------
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 -- FEDERAL TAX INFORMATION
The following represents distributions from long-term capital gains for the
funds for the period ended December 31, 1998:
<TABLE>
<S> <C>
Total Return Fund $90,886,314
Capital Appreciation
Fund 27,421,948
Government Bond Fund 1,240,299
Equity Income Fund 7,016
Global Equity Fund 42,717
</TABLE>
7 -- 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 fund's financial statements
that hold currency and/or securities denominated in the above listed currencies.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 93
<PAGE> 96
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