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NATIONWIDE SEPARATE ACCOUNT TRUST
Nationwide Strategic Growth Fund
Nationwide Strategic Value Fund
Nationwide Mid Cap Index Fund
Nationwide Small Cap Value Fund
Nationwide Small Cap Growth Fund
Nationwide Global 50 Fund
Nationwide Equity Income Fund
Nationwide Balanced Fund
Nationwide Multi Sector Bond Fund
Nationwide High Income Bond Fund
Prospectus Supplement Dated July 31, 2000
to Prospectus dated May 1, 2000
Effective October 1, 2000, the disclosure on page 12 of the above referenced
prospectus, under the section entitled "Investment Strategies of the Multiple
Subadvisers" is hereby amended to reflect the fact that Waddell & Reed
Investment Management Company has recently replaced Franklin Advisers, Inc.
("Franklin") as one of the Nationwide Small Cap Growth Fund's subadvisers. As a
result, all disclosure regarding Franklin should be replaced with the following:
Waddell & Reed Investment Management Company ("WRIMCO") seeks companies whose
earnings it believes are likely to grow faster than the economy. WRIMCO
emphasizes relatively new or unseasoned companies in their early stages of
development or smaller companies positioned in new or emerging industries where
there is opportunity for rapid growth. WRIMCO may look at a number of factors
relating to a company, such as:
- aggressive or creative management;
- technological or specialized expertise;
- new or unique products or services; and;
- entry into new or emerging industries.
In general, WRIMCO may sell a security if it determines that the stock no longer
offers significant growth potential, which may be due to a change in the
business or management of the company or a change in the industry of the
company. As well, WRIMCO may sell a security to take advantage of more
attractive investment opportunities or to raise cash.
Also effective October 1, 2000, the disclosure on page thirty-seven under the
section regarding Franklin shall be replaced with the following:
Small Cap Growth Fund. Waddell & Reed Investment Management Company (WRIMCO) is
located at 6300 Lamar, P.O. Box 29217, Overland Park, KS 66201-9217. WRIMCO acts
as investment manager to numerous investment companies and accounts. As of
December 31, 1999, WRIMCO managed over $37.3 billion in assets.
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PORTFOLIO MANAGERS. Mark G. Seferovich is Senior Vice President of WRIMCO and
Vice President of other investment companies for which WRIMCO serves as
investment manager. Mr. Seferovich has served as portfolio manager of investment
companies managed by WRIMCO and its predecessor since February 1989. From March
1996 to March 1998, Mr. Seferovich was Vice President of, and a portfolio
manager for, Waddell & Reed Asset Management Company, a former affiliate of
WRIMCO.
Grant P. Sarris is Vice President of WRIMCO and Vice President of other
investment companies for which WRIMCO serves as investment manager. Mr. Sarris
served as an investment analyst with WRIMCO and its predecessor from October 1,
1991 to January 1, 1996. From January 1996 to May 1998, Mr. Sarris served as an
assistant portfolio manager for WRIMCO, and since May 1998, he has served as a
portfolio manager. Mr. Sarris has been an employee of WRIMCO since October 1,
1991.
