<PAGE> 1
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
SEMI-ANNUAL REPORT
JUNE 30, 2000
(UNAUDITED)
<PAGE> 2
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
SEMI-ANNUAL REPORT
JUNE 30, 2000
(UNAUDITED)
TABLE OF CONTENTS
<TABLE>
<S> <C>
Statements of Investments:
Total Return Fund...................................... 1
Capital Appreciation Fund.............................. 3
Government Bond Fund................................... 5
Money Market Fund...................................... 7
Nationwide Small Company Fund.......................... 10
Nationwide Income Fund................................. 18
Nationwide Strategic Growth Fund....................... 19
Nationwide Strategic Value Fund........................ 21
Nationwide Equity Income Fund.......................... 22
Nationwide High Income Bond Fund....................... 25
Nationwide Balanced Fund............................... 32
Nationwide Multi Sector Bond Fund...................... 38
Nationwide Small Cap Value Fund........................ 43
Nationwide Small Cap Growth Fund....................... 45
Nationwide Global 50 Fund.............................. 49
Nationwide Mid Cap Index Fund.......................... 52
Statements of Assets and Liabilities........................ 58
Statements of Operations.................................... 61
Statements of Changes in Net Assets......................... 64
Financial Highlights........................................ 72
Notes to Financial Statements............................... 87
</TABLE>
<PAGE> 3
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
TOTAL RETURN FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (96.5%)
AUTOMOBILES (0.4%)
189,600 Ford Motor Co. $ 8,152,800
24,825 Visteon Corp. 301,002
--------------
8,453,802
--------------
BANKS (5.2%)
404,800 Bank of New York Co., Inc. 18,823,200
1,345,600 Mellon Financial Corp. 49,030,300
1,254,600 Wells Fargo Co. 48,615,750
--------------
116,469,250
--------------
CAPITAL GOODS (1.2%)
190,000 Minnesota Mining &
Manufacturing Co. 15,675,000
629,002 Pall Corp. 11,636,537
--------------
27,311,537
--------------
CHEMICALS (2.6%)
591,700 Georgia Gulf Corp. 12,314,756
421,000 Millipore Corp. 31,732,875
387,200 Rohm & Haas Co. 13,358,400
--------------
57,406,031
--------------
COMMUNICATION EQUIPMENT (7.7%)
1,087,900 Cisco Systems, Inc.* 69,149,644
41,000 Corning, Inc. 11,064,875
86,200 JDS Uniphase Corp.* 10,333,225
358,000 Lucent Technologies, Inc. 21,211,500
601,700 Nokia Corp., ADR 30,047,394
453,800 Nortel Networks Corp., ADR 30,971,850
--------------
172,778,488
--------------
COMPUTER/HARDWARE (6.0%)
324,200 Dell Computer Corp.* 15,987,113
299,600 EMC Corp.* 23,050,475
357,700 Hewlett-Packard Co. 44,667,787
245,900 International Business
Machines Corp. 26,941,419
258,800 Sun Microsystems, Inc.* 23,534,625
--------------
134,181,419
--------------
COMPUTER DATA SECURITY (0.4%)
85,100 VERITAS Software Corp.* 9,617,630
--------------
COMPUTER SOFTWARE & SERVICES (5.3%)
882,400 First Data Corp. 43,789,100
562,700 Microsoft Corp.* 45,016,000
362,000 Oracle Corp.* 30,430,625
--------------
119,235,725
--------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
CONGLOMERATES (0.4%)
142,986 Illinois Tool Works, Inc. $ 8,150,202
--------------
CONSTRUCTION & BUILDING MATERIALS (1.4%)
255,900 Martin Marietta Materials,
Inc. 10,347,956
481,300 Vulcan Materials Co. 20,545,494
--------------
30,893,450
--------------
CONSTRUCTION & HOUSING (0.7%)
914,100 Masco Corp. 16,510,931
--------------
CONSUMER DURABLE (2.6%)
1,378,700 Black & Decker Corp. 54,200,144
158,000 Fortune Brands, Inc. 3,643,875
--------------
57,844,019
--------------
CONTAINERS (1.1%)
457,600 Sealed Air Corp.* 23,966,800
--------------
CONTRACT MANUFACTURING (0.5%)
150,300 Flextronics International
Ltd.* 10,323,731
--------------
DISTRIBUTION (1.1%)
600,000 SYSCO Corp. 25,275,000
--------------
DRUGS (9.9%)
707,000 American Home Products Corp. 41,536,250
1,980,250 Pfizer, Inc. 95,051,999
362,873 Pharmacia & Upjohn, Inc. 18,755,998
1,286,000 Schering-Plough Corp.* 64,943,000
--------------
220,287,247
--------------
ELECTRICAL EQUIPMENT (3.1%)
53,500 Applied Materials, Inc.* 4,848,438
257,600 Eaton Corp. 17,259,200
900,000 General Electric Co. 47,700,000
--------------
69,807,638
--------------
ELECTRONICS (6.4%)
99,000 Altera Corp.* 10,091,813
119,400 Analog Devices, Inc.* 9,074,400
415,900 Intel Corp. 55,600,631
315,900 Maxim Integrated Products,
Inc. 21,461,456
447,700 Texas Instruments, Inc. 30,751,394
188,000 Xilinx, Inc.* 15,521,750
--------------
142,501,444
--------------
ENTERTAINMENT (1.9%)
1,087,281 The Walt Disney Co. 42,200,094
--------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 1
<PAGE> 4
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
TOTAL RETURN FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
FINANCIAL (7.0%)
1,434,700 Associates First Capital
Corp. $ 32,011,744
1,050,000 Fannie Mae 54,796,874
1,749,900 MBNA Corp. 47,466,038
254,900 Providian Financial Corp. 22,941,000
--------------
157,215,656
--------------
FOOD & BEVERAGE (9.1%)
361,000 Anheuser-Busch Cos., Inc. 26,962,188
530,000 General Mills, Inc. 20,272,500
1,050,000 PepsiCo, Inc. 46,659,374
1,172,800 Quaker Oats Co. 88,106,599
1,027,800 Ralston-Ralston Purina Group 20,491,763
--------------
202,492,424
--------------
HEALTHCARE (1.9%)
155,300 Johnson & Johnson Co. 15,821,188
146,337 Quest Diagnostics, Inc.* 10,938,691
352,000 St. Jude Medical, Inc.* 16,147,999
--------------
42,907,878
--------------
HOUSEHOLD FURNISHING & APPLIANCES (0.5%)
311,000 Maytag Corp. 11,468,125
--------------
INSURANCE (2.5%)
397,200 American International Group,
Inc. 46,671,000
682,300 Horace Mann Educators Corp. 10,234,500
--------------
56,905,500
--------------
LEISURE PRODUCTS (1.1%)
1,539,200 Brunswick Corp. 25,493,000
--------------
OIL & GAS (5.6%)
730,000 Exxon Mobil Corp. 57,305,000
493,000 Texaco, Inc. 26,252,250
595,800 The Williams Cos., Inc. 24,837,413
488,000 Unocal Corp. 16,165,000
--------------
124,559,663
--------------
OIL EQUIPMENT & SERVICES (0.7%)
196,000 Schlumberger Ltd. 14,626,500
--------------
PRINTING & PUBLISHING (1.3%)
331,800 American Greetings Corp.,
Class A 6,304,200
274,000 E.W. Scripps Co., Class A 13,494,500
157,900 Gannett Co., Inc. 9,444,394
--------------
29,243,094
--------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
RETAIL (1.7%)
650,000 Wal-Mart Stores, Inc. $ 37,456,250
--------------
TELECOMMUNICATIONS (5.9%)
692,654 ALLTEL Corp. 42,901,257
729,000 BellSouth Corp. 31,073,625
496,000 SBC Communications, Inc. 21,452,000
786,500 WorldCom, Inc. 36,080,688
--------------
131,507,570
--------------
TRUCKING & COURIER SERVICES (0.3%)
130,000 United Parcel Service, Class
B 7,670,000
--------------
UTILITIES (1.0%)
514,700 Dominion Resources, Inc. 22,067,763
--------------
TOTAL COMMON STOCK
(cost $1,900,721,695) 2,156,827,861
--------------
</TABLE>
<TABLE>
<CAPTION>
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PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMERCIAL PAPER (4.1%)
FINANCIAL SERVICES (3.2%)
$15,000,000 Ford Motor Credit, 6.71%
07/03/00 $ 14,991,612
31,737,000 General Electric Capital
Corp., 6.95%, 07/05/00 31,706,365
20,000,000 IBM Credit Corp., 6.80%
07/05/00 19,981,111
5,000,000 Salomon-Smith Barney, 6.60%,
07/03/00 4,997,250
--------------
71,676,338
--------------
RENTAL AUTO/EQUIPMENT (0.9%)
20,000,000 Hertz Corp., 6.82%, 07/05/00 19,981,055
--------------
TOTAL COMMERCIAL PAPER
(cost $91,674,800) 91,657,393
--------------
TOTAL INVESTMENTS
(cost $1,992,396,495) $2,248,485,254
==============
</TABLE>
-------------------------------------------------------
* Denotes a non-income producing security.
The abbreviation in the above statement stands for the following:
ADR American Depositary Receipt
Portfolio holding percentages represents market value as a percentage of net
assets.
See accompanying notes to financial statements.
2 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 5
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
CAPITAL APPRECIATION FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (98.7%)
BROADCAST MEDIA / CABLE TELEVISION (1.9%)
425,000 Comcast Corp. Special Class A $ 17,212,500
------------
BUSINESS SERVICES (0.3%):
50,000 Convergys Corp.* 2,593,750
------------
COMMUNICATION EQUIPMENT (19.4%)
50,000 CIENA Corp.* 8,334,375
550,000 Cisco Systems, Inc.* 34,959,375
50,000 Copper Mountain Networks, Inc.* 4,406,250
120,000 Corning, Inc. 32,385,000
50,000 Foundry Networks, Inc. 5,525,000
75,000 JDS Uniphase Corp.* 8,990,625
50,000 Juniper Networks, Inc.* 7,278,125
265,000 Lucent Technologies, Inc. 15,701,250
705,000 Nokia Corp., ADR 35,205,937
295,000 Nortel Networks Corp., ADR 20,133,750
------------
172,919,687
------------
COMPUTER EQUIPMENT (7.8%)
650,000 Dell Computer Corp.* 32,053,125
350,000 EMC Corp.* 26,928,125
85,000 Hewlett-Packard Co. 10,614,375
------------
69,595,625
------------
COMPUTER SOFTWARE & SERVICES (14.5%)
377,500 Automatic Data Processing, Inc. 20,219,844
189,000 First Data Corp. 9,379,125
50,000 i2 Technologies, Inc.* 5,213,281
25,000 Inktomi Corp.* 2,956,250
408,600 Microsoft Corp.* 32,688,000
200,000 Oracle Corp.* 16,812,500
100,000 Peregrine Systems, Inc.* 3,468,750
160,000 Sun Microsystems, Inc.* 14,550,000
100,000 VERITAS Software Corp.* 11,301,562
100,000 Yahoo!, Inc.* 12,387,500
------------
128,976,812
------------
DRUGS (5.6%)
260,000 Amgen, Inc.* 18,265,000
125,000 Eli Lilly & Co. 12,484,375
250,000 Merck & Co., Inc. 19,156,250
------------
49,905,625
------------
ELECTRICAL EQUIPMENT (2.3%)
390,000 General Electric Co. 20,670,000
------------
ELECTRONICS (5.4%)
200,000 Flextronics International Ltd.* 13,737,500
290,000 Jabil Circuit, Inc.* 14,391,250
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
ELECTRONICS (CONTINUED)
385,000 Solectron Corp. $ 16,121,875
100,000 Vishay Intertechnology, Inc.* 3,793,750
------------
48,044,375
------------
FINANCIAL SERVICES (2.2%)
130,000 Fannie Mae 6,784,375
200,000 MBNA Corp. 5,425,000
200,000 Wells Fargo Co. 7,750,000
------------
19,959,375
------------
FOOD & BEVERAGE (1.6%)
330,000 PepsiCo, Inc. 14,664,375
------------
HEALTHCARE (9.5%)
1,023,275 Pfizer, Inc. 49,117,200
698,300 Schering-Plough Corp.* 35,264,150
------------
84,381,350
------------
INTERNET BUSINESS SERVICES, N.E.C. (1.4%)
110,000 Ariba, Inc.* 10,785,156
150,000 Genuity, Inc.* 1,373,438
------------
12,158,594
------------
INVESTMENT MANAGEMENT (1.6%)
120,100 Merrill Lynch & Co., Inc. 13,811,500
------------
RETAIL (5.2%)
100,000 CVS Corp. 4,000,000
580,000 Lowe's Cos., Inc. 23,816,250
325,000 Target Corp. 18,850,000
------------
46,666,250
------------
SEMICONDUCTORS (12.9%)
330,000 Altera Corp.* 33,639,375
225,000 Analog Devices, Inc.* 17,100,000
190,000 Applied Materials, Inc.* 17,218,750
225,000 Intel Corp. 30,079,688
100,000 Micron Technology, Inc.* 8,806,250
50,000 Novellus Systems, Inc.* 2,828,125
70,000 Vitesse Semiconductor* 5,149,375
------------
114,821,563
------------
TELECOMMUNICATIONS (7.1%)
200,000 AT&T Liberty Media Group* 4,850,000
410,000 AT&T Wireless Group* 11,428,750
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 3
<PAGE> 6
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
CAPITAL APPRECIATION FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
TELECOMMUNICATIONS (CONTINUED)
450,000 Qwest Communications
International* $ 22,359,375
420,000 Sprint Corp. (PCS Group)* 24,990,000
------------
63,628,125
------------
TOTAL COMMON STOCK
(cost $791,419,483) 880,009,506
------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMERCIAL PAPER (1.5%)
AIRCRAFT ENGINES AND ENGINE PARTS (1.2%)
$10,659,000 Textron, Inc., 6.97%, 07/05/00 $ 10,648,681
------------
FINANCIAL SERVICES (0.2%)
2,000,000 Ford Motor Credit, 6.71%
07/03/00 1,998,872
------------
PASSENGER CAR RENTAL (0.1%)
1,000,000 Hertz Corp., 6.87%, 07/03/00 999,433
------------
TOTAL COMMERCIAL PAPER
(cost $13,649,615) 13,646,986
------------
TOTAL INVESTMENTS
(cost $805,069,098) $893,656,493
============
</TABLE>
-------------------------------------------------------
* Denotes a non-income producing security.
The abbreviation in the above statement stands for the following:
ADR American Depositary Receipt.
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
4 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 7
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
GOVERNMENT BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
MORTGAGE-BACKED OBLIGATIONS (31.2%)
FEDERAL HOME LOAN MORTGAGE CORPORATION
(12.8%)
$ 5,054,147 Series 107-F, 8.65%, 12/15/04 $ 5,080,723
7,916,886 Series 2053-VA, 6.50%, 09/15/06 7,723,081
20,000,000 Series 1415-N, 6.75%, 11/15/07 19,670,400
1,961,346 Series 1544-T, 6.50%, 07/15/08 1,952,755
9,000,000 Series 1693-H, 6.00%, 12/15/08 8,568,450
11,500,000 Series 2138-JN, 6.00%, 12/15/11 10,840,705
15,000,000 Series 1560-PN, 7.00%, 12/15/12 14,595,000
3,271,000 Series 2043-VH, 6.50%, 05/15/14 3,062,637
8,000,000 Series 1841-PA, 7.07%, 08/15/20 7,759,987
5,430,304 Series 1136-H, 6.00%, 09/15/21 5,098,024
5,000,000 Series 1614-MZ, 6.50%, 03/15/22 4,854,300
3,500,000 Series 2122-QR, 6.00%, 01/15/28 3,110,520
------------
92,316,582
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (17.1%)
9,464,198 Pool 73442, 7.075%, 05/01/06 9,329,488
9,032,746 Pool 375593, 6.68%, 12/01/07 8,779,155
5,073,985 Pool 380276, 6.335%, 04/01/08 4,807,482
14,646,271 Pool 380348, 6.275%, 05/01/08 13,807,660
6,790,272 Pool 380538, 6.235%, 08/01/08 6,387,048
4,925,424 Pool 381089, 5.70%, 01/01/09 4,466,202
1,655,205 Series 100-M, 5.50%, 09/25/01 1,639,352
14,655,731 Series 68-Z, 8.00%, 05/25/07 14,914,627
15,785,000 Series 1998-MI, 6.25%, 01/25/08 14,870,707
5,000,000 Series 114-H, 6.50%, 07/25/08 4,809,300
6,032,457 Series 164-C, 6.50%, 09/25/08 5,966,642
6,000,376 Series 33-H, 6.00%, 03/25/09 5,704,497
682,389 Series 25-B, 9.25%, 10/25/18 709,815
1,028,666 Series 73-A, 8.00%, 07/25/21 1,038,891
7,422,819 Series G42-Z, 7.00%, 07/25/22 7,191,301
5,714,014 Series 54-Z, 7.00%, 04/25/23 5,224,518
5,000,000 Series 223-C6.50%, 05/25/23 4,758,450
10,000,000 Series 76-H, 5.00%, 02/25/24 9,016,822
------------
123,421,957
------------
SHEARSON LEHMAN PRIVATE, CMO (1.3%)
10,691,974 5.75%, 5/1/17 9,778,668
------------
TOTAL MORTGAGE-BACKED
OBLIGATIONS
(cost $232,277,405) 225,517,207
------------
U.S. GOVERNMENT AND AGENCY
LONG-TERM OBLIGATIONS (65.3%)
FEDERAL FARM CREDIT BANK (1.3%)
10,000,000 6.30%, 09/23/04 9,726,940
------------
FEDERAL HOME LOAN BANK (6.1%)
10,000,000 5.905%, 12/23/02 9,765,191
10,000,000 5.425%, 01/29/04 9,480,150
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
U.S. GOVERNMENT AND AGENCY
LONG-TERM OBLIGATIONS (CONTINUED)
FEDERAL HOME LOAN BANK (CONTINUED)
$ 4,135,000 5.74%, 02/25/05 $ 3,925,744
8,500,000 7.315%, 04/21/05 8,595,880
6,395,000 5.80%, 08/12/05 6,060,957
6,860,000 5.905%, 04/7/09 6,294,482
------------
44,122,404
------------
FEDERAL HOME LOAN MORTGAGE CORPORATION (4.6%)
20,000,000 6.313%, 02/26/04 19,531,700
5,000,000 6.80%, 08/22/05 4,949,950
9,000,000 6.75%, 05/30/06 8,866,494
------------
33,348,144
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (5.2%)
10,000,000 5.25%, 01/15/03 9,615,470
10,000,000 5.05%, 11/06/03 9,408,850
10,000,000 5.58%, 02/12/04 9,522,130
10,000,000 5.13%, 02/13/04 9,394,980
------------
37,941,430
------------
FINANCIAL ASSISTANCE CORPORATION (1.4%)
10,000,000 9.375%, 07/21/03 10,638,300
------------
GUARANTEED EXPORT TRUST (4.0%)
28,403,202 7.12%, 04/15/06 28,644,913
------------
ISRAEL AID (2.2%)
16,390,000 5.625%, 09/15/03 15,867,962
------------
PRIVATE EXPORT FUNDING CORPORATION (4.6%)
6,400,000 5.80%, 02/01/04 6,262,253
19,056,000 6.86%, 04/30/04 18,933,089
8,100,000 6.62%, 10/01/05 7,953,066
------------
33,148,408
------------
RESOLUTION FUNDING CORPORATION (8.6%)
30,000,000 STRIPS, 07/21/03 24,185,460
30,000,000 STRIPS, 01/15/13 13,129,470
58,000,000 STRIPS, 07/15/13 24,539,162
------------
61,854,092
------------
U.S. TREASURY BONDS (27.3%)
13,000,000 10.00%, 05/15/10 14,885,000
25,000,000 12.75%, 11/15/10 32,031,250
30,000,000 8.125%, 08/15/19 36,187,499
25,000,000 8.75%, 08/15/20 32,070,325
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 5
<PAGE> 8
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
GOVERNMENT BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
U.S. GOVERNMENT AND AGENCY
LONG-TERM OBLIGATIONS (CONTINUED)
$25,000,000 13.25%, 05/15/14 $ 36,500,000
31,000,000 11.25%, 02/15/15 45,628,125
------------
197,302,199
------------
TOTAL U.S. GOVERNMENT AND
AGENCY LONG-TERM OBLIGATIONS
(cost $482,012,138) 472,594,792
------------
REPURCHASE AGREEMENT (2.3%)
16,502,000 Warburg Dillion Reed, 6.10%,
7/3/00, Collateralized by
$13,897,000 U.S. Treasury Bond,
7.625%, 02/15/25, market value
$16,502,000
(cost $16,502,000) 16,502,000
------------
TOTAL INVESTMENTS
(cost $730,791,543) $714,613,999
============
</TABLE>
-------------------------------------------------------
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
CMO Collateralized Mortgage Obligation
STRIPS Separate Trading of Registered Interest
and Principal Securities
</TABLE>
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
6 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 9
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
MONEY MARKET FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMERCIAL PAPER (97.9%)
ASSET BACKED SECURITIES (6.4%)
$ 792,000 Delaware Funding (Private
Placement*), 6.68%, 07/18/00 $ 789,502
8,000,000 Falcon Asset Securitization
Corp. (Private Placement*),
6.59%, 07/05/00 7,994,142
5,296,000 Falcon Asset Securitization
Corp. (Private Placement*),
6.80%, 07/17/00 5,279,994
15,000,000 Falcon Asset Securitization
Corp. (Private Placement*),
6.58%, 07/24/00 14,936,942
20,000,000 Falcon Asset Securitization
Corp. (Private Placement*),
6.58%, 08/02/00 19,883,022
2,125,000 Falcon Asset Securitization
Corp. (Private Placement*),
6.59%, 08/04/00 2,111,774
10,000,000 Preferred Receivable Funding
(Private Placement*), 6.60%,
07/21/00 9,963,333
30,000,000 Variable Funding Capital
Corp. (Private Placement*),
6.53%, 07/12/00 29,940,142
20,000,000 Variable Funding Capital
Corp. (Private Placement*),
6.58%, 07/20/00 19,930,544
5,000,000 Variable Funding Capital
Corp. (Private Placement*),
6.57%, 08/03/00 4,969,888
--------------
115,799,283
--------------
AUTO/FINANCE (6.8%)
5,000,000 American Honda Finance Corp.,
6.57%, 08/30/00 4,945,250
25,000,000 Ford Motor Credit Co., 6.54%,
07/07/00 24,972,750
28,168,000 Ford Motor Credit Co., 6.55%,
07/11/00 28,116,791
12,000,000 General Motors Acceptance
Corp., 6.55%, 07/10/00 11,980,350
10,000,000 General Motors Acceptance
Corp., 6.57%, 07/12/00 9,979,925
28,000,000 General Motors Acceptance
Corp., 6.59%, 07/18/00 27,912,866
15,000,000 General Motors Acceptance
Corp., 6.56%, 08/17/00 14,871,533
--------------
122,779,465
--------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMERCIAL PAPER (CONTINUED)
BANKS (10.4%)
$58,000,000 Citicorp, 6.54%, 07/19/00 $ 57,810,340
17,000,000 National City Credit Corp.,
6.53%, 07/18/00 16,947,579
10,000,000 National City Credit Corp.,
6.53%, 07/19/00 9,967,350
30,000,000 National City Credit Corp.,
6.57%, 08/04/00 29,813,850
25,000,000 Suntrust Banks, Inc., 6.53%,
07/12/00 24,950,118
20,000,000 Suntrust Banks, Inc., 6.55%,
07/21/00 19,927,222
10,000,000 Wells Fargo & Co., 6.59%,
07/10/00 9,983,525
10,000,000 Wells Fargo & Co., 6.59%,
07/17/00 9,970,711
10,000,000 Wells Fargo & Co., 6.58%,
08/28/00 9,893,989
--------------
189,264,684
--------------
BROKER/DEALERS (12.1%)
15,000,000 Bear Stearns Co., 6.54%,
07/24/00 14,937,325
12,000,000 Bear Stearns Co., 7.305%,
07/26/00** 12,000,000
5,000,000 Bear Stearns Co., 6.63%,
08/01/00 4,971,454
20,000,000 Bear Stearns Co., 6.55%,
08/14/00 19,839,889
15,000,000 Goldman, Sachs & Co., 6.58%,
07/05/00 14,989,033
10,000,000 Goldman, Sachs & Co., 6.58%,
07/06/00 9,990,861
8,000,000 Goldman, Sachs & Co., 6.54%,
07/11/00 7,985,467
12,000,000 Goldman, Sachs & Co., 6.54%,
07/17/00 11,964,907
5,000,000 Goldman, Sachs & Co., 6.57%,
07/18/00 4,984,488
12,000,000 Goldman, Sachs & Co., 6.56%,
08/08/00 11,917,033
15,000,000 Merrill Lynch & Co., 6.65%,
08/21/00 14,858,688
1,000,000 Merrill Lynch & Co., 6.62%,
08/24/00 990,070
20,000,000 Morgan Stanley Dean Witter &
Co., 6.58%, 07/20/00 19,930,544
20,000,000 Morgan Stanley Dean Witter &
Co., 6.54%, 08/03/00 19,880,100
20,000,000 Morgan Stanley Dean Witter &
Co., 6.54%, 08/07/00 19,865,567
31,745,000 Salomon Smith Barney
Holdings, Inc., 6.52%,
07/05/00 31,722,003
--------------
220,827,429
--------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 7
<PAGE> 10
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
MONEY MARKET FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMERCIAL PAPER (CONTINUED)
CAPTIVE BORROWING CONDUIT (3.5%)
$ 8,000,000 Prudential Funding Corp.,
6.59%, 07/05/00 $ 7,994,142
15,000,000 Prudential Funding Corp.,
6.53%, 07/06/00 14,986,396
5,000,000 Prudential Funding Corp.,
6.52%, 07/11/00 4,990,944
35,000,000 Prudential Funding Corp.,
6.52%, 07/14/00 34,917,595
--------------
62,889,077
--------------
CHEMICALS (3.6%)
28,000,000 PPG Industries, Inc., 6.52%,
07/06/00 27,974,644
18,900,000 PPG Industries, Inc., 6.53%,
07/14/00 18,855,433
18,494,000 PPG Industries, Inc., 6.62%,
07/25/00 18,412,813
--------------
65,242,890
--------------
CONSUMER PRODUCTS (0.1%)
2,500,000 Clorox Co., 6.58%, 07/10/00 2,495,888
--------------
CONSUMER SALES FINANCE (11.0%)
10,000,000 American Express Credit
Corp., 6.54%, 07/06/00 9,990,917
920,000 American Express Credit
Corp., 6.78%, 07/07/00 918,960
8,000,000 American Express Credit
Corp., 6.56%, 07/11/00 7,985,422
12,000,000 American Express Credit
Corp., 6.50%, 07/12/00 11,976,167
32,276,000 American Express Credit
Corp., 6.53%, 07/14/00 32,199,892
10,000,000 American General Finance
Corp., 6.55%, 08/04/00 9,938,139
10,000,000 Associates First Capital
Corp., 6.52%, 07/05/00 9,992,756
22,000,000 Associates First Capital
Corp., 6.55%, 07/07/00 21,975,983
18,000,000 Associates First Capital
Corp., 6.65%, 07/21/00 17,933,500
12,000,000 Associates First Capital
Corp., 6.54%, 07/24/00 11,949,860
25,000,000 Household Finance Corp.,
6.53%, 07/11/00 24,954,653
20,000,000 Norwest Financial, Inc.,
6.57%, 07/07/00 19,978,100
20,000,000 Norwest Financial, Inc.,
6.57%, 07/10/00 19,967,150
--------------
199,761,499
--------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMERCIAL PAPER (CONTINUED)
DIVERSIFIED FINANCE (8.8%)
$25,000,000 CIT Group, Inc., 6.52%,
07/05/00 $ 24,981,889
8,000,000 CIT Group, Inc., 6.54%,
07/19/00 7,973,840
30,000,000 CIT Group, Inc., 6.52%,
07/21/00 29,891,333
10,000,000 G.E. Capital Corp., 6.58%,
07/06/00 9,990,861
40,000,000 G.E. Capital Corp., 6.52%,
07/13/00 39,912,001
5,426,000 G.E. Capital Corp., 6.55%,
07/26/00 5,401,319
10,000,000 G.E. Capital Corp., 6.55%,
08/14/00 9,919,944
1,368,000 G.E. Capital Corp., 6.59%,
09/07/00 1,350,971
30,000,000 Sigma Finance, Inc. (Private
Placement*), 6.54%, 07/13/00 29,934,600
--------------
159,356,758
--------------
FINANCIAL SERVICES/UTILITIES (1.4%)
25,000,000 National Rural Utilities
Coperative Finance Corp.,
6.63%, 08/11/00 24,811,229
--------------
FOOD & BEVERAGE (3.8%)
11,950,000 (H.J.) Heinz Co., 6.54%,
07/14/00 11,921,778
1,231,000 (H.J.) Heinz Co., 6.54%,
08/03/00 1,223,620
25,100,000 (H.J.) Heinz Co., 6.55%,
08/07/00 24,931,279
4,000,000 (H.J.) Heinz Co., 6.55%,
08/08/00 3,972,344
11,100,000 (H.J.) Heinz Co., 6.60%,
08/21/00 10,996,215
15,562,000 McDonald's Corp. (Private
Placement*), 6.54%, 07/05/00 15,550,692
--------------
68,595,928
--------------
FOOD PRODUCTS/SERVICES (1.9%)
34,950,000 Sysco Corp. (Private
Placement*), 6.60%, 09/11/00 34,488,660
--------------
INSURANCE (10.6%)
12,000,000 American General Corp.,
6.55%, 07/07/00 11,986,900
25,000,000 American General Corp.,
6.54%, 08/01/00 24,859,208
10,000,000 American General Corp.,
6.55%, 08/10/00 9,927,222
32,150,000 Marsh & McLennan Co., 6.55%,
07/07/00 32,114,850
10,000,000 Marsh USA, Inc. (Private
Placement*), 6.73%, 07/10/00 9,983,175
</TABLE>
8 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 11
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
MONEY MARKET FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMERCIAL PAPER (CONTINUED)
INSURANCE (CONTINUED)
$11,400,000 Marsh USA, Inc. (Private
Placement*), 6.55%, 07/24/00 $ 11,352,294
4,790,000 Marsh USA, Inc. (Private
Placement*), 6.52%, 08/01/00 4,763,107
16,424,000 MetLife Funding, Inc., 6.50%,
07/06/00 16,409,173
14,491,000 MetLife Funding, Inc., 6.50%,
07/07/00 14,475,301
20,379,000 MetLife Funding, Inc., 6.62-
6.63%, 08/10/00 20,229,076
17,148,000 MetLife Funding, Inc., 6.62%,
08/11/00 17,018,714
20,000,000 Old Republic Capital Corp.
(Private Placement*), 6.18%,
07/11/00 19,965,667
--------------
193,084,687
--------------
LEASE/FINANCE (1.2%)
21,600,000 IBM Credit Corp., 6.63%,
07/10/00 21,564,373
--------------
LEASE/RENTAL (0.6%)
10,000,000 Hertz Corp., 6.52%, 07/06/00 9,990,944
--------------
MANUFACTURING (0.3%)
5,000,000 Illinois Toolworks, 7.00,
07/0 4,996,111
--------------
OIL & GAS (3.0%)
5,000,000 Chevron Transport Corp.,
6.52%, 07/07/00 4,994,567
10,000,000 Chevron Transport Corp.,
6.54%, 07/17/00 9,970,933
40,000,000 Koch Industries, Inc., 6.89%,
07/03/00 39,984,689
--------------
54,950,189
--------------
PACKAGING/CONTAINERS (3.7%)
8,000,000 Bemis Co., Inc., 6.51%,
07/10/00 7,986,980
30,000,000 Bemis Co., Inc., 6.54%,
07/12/00 29,940,050
30,000,000 Bemis Co., Inc., 6.52%,
07/13/00 29,934,800
--------------
67,861,830
--------------
PHARMACEUTICALS (5.8%)
20,000,000 Abbott Laboratories, Inc.,
6.56%, 07/05/00 19,985,422
1,310,000 Becton Dickinson & Co.,
6.60%, 1,309,039
3,000,000 Pfizer, Inc., 6.70%, 07/12/00 2,993,858
32,065,000 Pfizer, Inc., 6.58%, 08/07/00 31,848,152
50,000,000 Schering Corp., 6.66%,
07/20/00 49,824,250
--------------
105,960,721
--------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMERCIAL PAPER (CONTINUED)
PRINTING & PUBLISHING (2.9%)
$10,000,000 E.W. Scripps Co. (Private
Placement*), 6.55%, 07/07/00 $ 9,989,083
25,000,000 E.W. Scripps Co. (Private
Placement*), 6.56%, 07/10/00 24,959,000
1,000,000 E.W. Scripps Co. (Private
Placement*), 6.55%, 07/19/00 996,725
7,000,000 E.W. Scripps Co. (Private
Placement*), 6.60%, 09/08/00 6,911,450
10,000,000 E.W. Scripps Co. (Private
Placement*), 6.60%, 09/15/00 9,860,667
--------------
52,716,925
--------------
TOTAL COMMERCIAL PAPER
(cost $1,777,438,570) 1,777,438,570
--------------
</TABLE>
<TABLE>
<C> <S> <C>
U.S. GOVERNMENT AND AGENCY OBLIGATIONS (2.6%)
GOVERNMENT -- AGENCY (2.6%)
30,000,000 Federal Home Loan Mortgage
Corp., 6.57%, 07/03/00 $ 29,989,050
4,200,000 Federal Home Loan Mortgage
Corp., 6.45%, 07/05/00 4,196,990
2,246,000 Federal National Mortgage
Assoc., 5.80%, 07/13/00 2,241,474
11,786,000 Federal National Mortgage
Assoc., 6.10%, 08/24/00 11,678,158
--------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(cost $48,105,672) 48,105,672
--------------
TOTAL INVESTMENTS
(cost $1,825,544,242) $1,825,544,242
==============
</TABLE>
-------------------------------------------------------
* Restricted Securities issued pursuant to Section 4(2) of the Securities Act
of 1933. These securities were deemed liquid pursuant to procedures approved
by the Board of Trustees.
** Variable rate security. The rate reflected in the Statement of Investments is
the rate in effect on June 30, 2000.
Portfolio holding percentages represent amortized cost valuation as a percentage
of net assets.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 9
<PAGE> 12
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCKS (92.4%):
AUSTRALIA (0.3%)
HEALTHCARE (0.3%)
117,400 Cochlear Ltd. $ 2,027,134
------------
BELGIUM (0.2%)
BUSINESS SERVICES (0.2%)
61,700 Creyf's NV 1,644,231
------------
FINLAND (0.9%)
CONSUMER PRODUCTS (0.4%)
109,600 Amer Group Ltd. 3,025,769
------------
ELECTRONICS/INSTRUMENTS (0.1%)
48,400 Vaisala OYJ 974,311
------------
INSURANCE (0.2%)
27,200 Sampo Insurance Co. Ltd. Class
A 1,108,130
------------
TELECOMMUNICATION EQUIPMENT (0.2%)
72,200 Elcoteq Network Corp. Class A 1,588,374
------------
TOTAL FINLAND 6,696,584
------------
FRANCE (0.8%)
ELECTRICAL EQUIPMENT (0.3%)
53,400 Carbone Lorraine SA 2,119,212
------------
INSURANCE (0.0%)
9,000 CNP Assurances 307,995
------------
OFFICE EQUIPMENT & SUPPLIES (0.5%)
39,800 Neopost SA* 1,295,256
48,800 Societe BIC SA 2,399,773
------------
3,695,029
------------
TOTAL FRANCE 6,122,236
------------
GERMANY (0.5%)
BEVERAGES/ALCOHOLIC (0.1%)
26,700 Hawesko Holding AG 522,125
------------
ELECTRONICS (0.1%)
40,334 Techem AG* 974,327
------------
RETAIL (0.3%)
56,400 Fielmann AG 1,859,817
------------
TOTAL GERMANY 3,356,269
------------
HONG KONG (0.8%)
ELECTRONICS (0.3%)
540,000 VTech Holdings Ltd. 2,043,609
------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
HONG KONG (CONTINUED)
HOTELS/MOTELS (0.1%)
2,174,518 CDL Hotels International Ltd. $ 948,471
------------
LEISURE/ENTERTAINMENT (0.1%)
906,000 Shaw Brothers Ltd. 941,446
------------
RETAIL/SPECIALTY (0.3%)
1,846,000 Esprit Holdings Ltd. 1,918,222
------------
TOTAL HONG KONG 5,851,748
------------
IRELAND (0.5%):
FINANCIAL INSTITUTIONS (0.1%)
513,900 Anglo Irish Bank Corp. PLC 1,113,320
------------
HOUSEWARES (0.4%)
2,455,200 Waterford Wedgewood PLC 2,683,024
------------
TOTAL IRELAND 3,796,344
------------
ITALY (0.1%)
MACHINERY & EQUIPMENT (0.1%)
219,800 Interpump Group SPA 979,746
------------
JAPAN (1.7%)
AGRICULTURAL BIOTECHNOLOGY (0.1%)
20,700 Hokuto Corp. 757,163
------------
BUSINESS SERVICES (0.1%)
37,000 SECOM TECHNO SERVICE CO. LTD. 1,066,620
------------
COMPUTER HARDWARE (0.2%)
88,000 Japan Digital Laboratory Co.
Ltd. 1,607,765
------------
COMPUTER SOFTWARE (0.0%)
17,000 I S B Corp. 345,458
------------
CONSTRUCTION & HOUSING (0.0%)
40 CTI Engineering Co. Ltd. 240
------------
COSMETICS (0.1%)
18,900 ADERANS Co. Ltd. 877,105
------------
DISTRIBUTION (0.2%)
81,300 Impact 21 Co. Ltd. 1,229,472
------------
ENGINEERING SERVICES (0.1%)
17,000 Meitec Corp. 674,849
------------
LEASE/RENTAL (0.1%)
59,000 Diamond Lease Co. Ltd. 764,535
------------
</TABLE>
10 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 13
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
JAPAN (CONTINUED)
LEISURE/ENTERTAINMENT (0.0%)
2,000 H I S Co. Ltd. $ 99,053
------------
MEDICAL PRODUCTS (0.5%)
117,000 Hitachi Medical Corp. 1,426,540
14,000 Kawasumi Laboratories, Inc. 133,646
190,000 Nippon Shinyaku Co. Ltd 1,930,503
------------
3,490,689
------------
RETAIL (0.3%)
41,000 MINISTOP CO. LTD. 881,604
52 Yoshinoya D&C Co. Ltd. 1,061,610
------------
1,943,214
------------
TOTAL JAPAN 12,856,163
------------
NETHERLANDS (1.5%)
COMPUTER SERVICE (0.2%)
33,694 PinkRoccade NV* 1,760,281
------------
ENGINEERING SERVICES (0.3%)
39,500 Fugro NV 2,262,392
------------
FOOD & BEVERAGE (0.2%)
75,000 CSM NV 1,481,021
------------
HOMEBUILDING DEVELOPMENT (0.3%)
90,865 Hunter Douglas NV 2,469,360
------------
HOUSEHOLD FURNISHING & APPLIANCES (0.2%)
42,600 Beter Bed Holding NV 1,282,248
------------
PUBLISHING (0.3%)
83,500 N.V. Holdingsmaatschappij De
Telegraaf 1,921,014
------------
TOTAL NETHERLANDS 11,176,316
------------
NORWAY (0.7%)
BROADCASTING & TELEVISION (0.2%)
240,100 P4 Radio Hele Norge ASA 1,320,240
------------
COMPUTER SOFTWARE (0.2%)
268,200 Merkantildata ASA 1,383,758
------------
HOUSEHOLD FURNISHING & APPLIANCES (0.1%)
120,300 Ekornes ASA 1,055,577
------------
TELECOMMUNICATION EQUIPMENT (0.2%)
232,600 Tandberg Television ASA* 1,347,032
------------
TOTAL NORWAY 5,106,607
------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
SINGAPORE (0.1%)
FOOD & BEVERAGE (0.1%)
580,000 Want Want Holdings Ltd. $ 556,800
------------
SPAIN (0.6%)
BUSINESS SERVICES (0.2%)
131,900 Prosegur Comp Seguridad-Regd 1,548,866
------------
FINANCIAL INSTITUTIONS (0.2%)
33,900 Banco Pastor SA 1,434,707
------------
RETAIL (0.2%)
80,900 Aldeasa SA 1,415,286
------------
TOTAL SPAIN 4,398,859
------------
SWEDEN (0.7%)
COMPUTER HARDWARE (0.0%)
13,330 International Business Systems
AB 46,203
------------
COMPUTER SOFTWARE (0.1%)
87,416 Industrial & Financial Systems
AB* 976,746
------------
HEALTHCARE (0.3%)
79,600 Nobel Biocare 1,769,752
------------
MEDICAL PRODUCTS (0.1%)
73,650 Getinge Industrier AB Class B 705,369
------------
PUBLISHING (0.2%)
57,200 Elanders AB Class B 1,323,904
------------
TOTAL SWEDEN 4,821,974
------------
SWITZERLAND (0.9%)
FINANCIAL INSTITUTIONS (0.3%)
820 Bank Sarasin & Cie 2,117,997
------------
MEDICAL PRODUCTS (0.3%)
11,700 Gretag Imaging Group 2,259,319
------------
PRINTING & PUBLISHING (0.3%)
4,960 Edipresse SA 2,345,687
------------
TOTAL SWITZERLAND 6,723,003
------------
UNITED KINGDOM (1.6%)
CHEMICALS/SPECIALTY (0.1%)
258,300 Victrex PLC 848,558
------------
COMMERCIAL SERVICES (0.3%)
1,629,900 Corporate Services Group PLC* 2,393,483
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 11
<PAGE> 14
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
UNITED KINGDOM (CONTINUED)
CONSTRUCTION & HOUSING (0.2%)
355,000 AMEC PLC $ 1,007,691
------------
LEASE/RENTAL (0.5%)
1,209,400 Ashtead Group PLC 1,757,675
240,000 Northgate PLC 1,464,245
------------
3,221,920
------------
MEDICAL PRODUCTS (0.4%)
287,300 SSL International PLC 3,109,849
------------
PUBLISHING (0.1%)
24,200 Euromoney Institutional
Investor PLC 862,055
------------
TOTAL UNITED KINGDOM 11,443,556
------------
UNITED STATES (80.5%)
AEROSPACE/DEFENSE (1.4%)
99,400 AAR Corp. 1,192,800
60,000 Alliant Techsystems, Inc.* 4,046,249
49,700 Aviall, Inc.* 245,394
25,800 DONCASTERS PLC ADR* 280,575
22,200 Ducommun, Inc.* 265,013
21,000 Newport Corp. 2,254,875
22,000 REMEC, Inc.* 921,250
42,800 The B.F. Goodrich Co. 1,457,875
------------
10,664,031
------------
AGRICULTURE (0.1%)
42,700 Delta & Pine Land Co. 1,070,169
------------
APPAREL (0.1%)
51,300 Russell Corp. 1,026,000
------------
AUTO & AUTO PARTS (0.1%)
48,600 Donaldson Co., Inc. 959,850
------------
BUSINESS SERVICES (2.6%)
80,400 Accord Networks Ltd. 743,700
70,000 Apex, Inc.* 3,062,499
25,000 Forrester Research, Inc. 1,820,313
43,700 IDEXX Laboratories, Inc.* 999,638
35,700 Manpower, Inc. 1,142,400
97,100 Modis Professional Services,
Inc.* 740,388
123,800 Tetra Tech, Inc.* 2,831,925
60,500 The Corporate Executive Board
Co.* 3,622,437
56,500 True North Communications, Inc. 2,486,000
36,300 Xircom, Inc.* 1,724,250
------------
19,173,550
------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
UNITED STATES (CONTINUED)
CHEMICALS (1.7%)
20,000 Cabot Microelectronics Corp.* $ 915,000
42,800 Cytec Industries, Inc.* 1,056,625
118,100 Engelhard Corp. 2,015,081
47,200 Minerals Technologies, Inc. 2,171,200
246,200 Olin Corp. 4,062,300
54,300 OM Group, Inc. 2,389,200
------------
12,609,406
------------
COMMERCIAL SERVICES (0.8%)
45,900 Macrovision Corp.* 2,934,014
30,500 META Group, Inc.* 587,125
42,800 NOVA Corp.* 1,195,725
22,300 SOS Staffing Services, Inc.* 68,294
26,500 TeleTech Holdings, Inc.* 823,156
------------
5,608,314
------------
COMMUNICATIONS & MEDIA (1.2%)
45,400 California Amplifier, Inc.* 2,077,050
67,500 Cinar Films, Inc. 472,500
55,000 Emmis Communications Corp.
Class A 2,275,625
70,000 Harte-Hanks, Inc. 1,750,000
34,500 Lamar Advertising Co.* 1,494,281
19,500 Meredith Corp. 658,125
------------
8,727,581
------------
COMPUTER HARDWARE (1.7%)
69,300 InFocus Corp.* 2,230,594
40,000 Integrated Device Technology,
Inc.* 2,395,000
71,000 Interlink Electronics, Inc. 2,973,124
19,000 M-Systems Flash Disk Pioneers
Ltd.* 1,479,625
71,400 Maxtor Corp.* 754,163
27,000 Silicon Storage Technology,
Inc.* 2,384,438
------------
12,216,944
------------
COMPUTER SERVICE (2.1%)
39,300 Analysts International Corp. 365,981
71,900 AXENT Technologies, Inc.* 1,784,019
101,500 Burns International Services* 1,268,750
59,400 Ceridian Corp. 1,429,313
95,700 CIBER, Inc.* 1,268,025
70,500 IXL Enterprises, Inc.* 1,022,250
26,400 MICROS Systems, Inc.)* 490,050
71,600 National Data Corp. 1,646,800
70,000 RSA Security, Inc.* 4,847,500
44,100 SunGard Data Systems, Inc.* 1,367,100
------------
15,489,788
------------
</TABLE>
12 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 15
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
UNITED STATES (CONTINUED)
COMPUTER SOFTWARE (3.3%)
33,100 Advent Software, Inc.* $ 2,134,950
2,700 AppNet, Inc.* 97,200
13,200 BARRA, Inc.* 654,225
33,000 Broadbase Software, Inc. 1,010,625
31,800 BroadVision, Inc.)* 1,615,838
105,000 Dendrite International, Inc. 3,497,813
42,800 Hyperion Solutions Corp.* 1,388,325
23,000 ITXC Corp.* 814,344
22,000 Jack Henry & Associates, Inc. 1,102,750
90,900 JDA Software Group, Inc.* 1,744,144
28,900 Keane, Inc.* 624,963
6,000 Micromuse, Inc. 992,906
15,700 PC Connection, Inc. 894,900
21,700 Precise Software Solutions Ltd. 520,800
73,100 Sybase, Inc.)* 1,681,300
14,300 Symantec Corp.* 771,306
128,000 WebTrends Corp. 4,951,999
------------
24,498,388
------------
CONSTRUCTION & HOUSING (0.8%)
20,400 Coachmen Industries, Inc. 234,600
75,000 Granite Construction, Inc. 1,837,499
23,500 Simpson Manufacturing Co.,
Inc.* 1,123,594
23,700 Southdown, Inc. 1,368,675
28,600 Vulcan Materials Co. 1,220,863
------------
5,785,231
------------
CONSUMER GOODS & SERVICES (1.7%)
119,600 Alberto-Culver Co. Class A 3,139,500
116,700 AptarGroup, Inc. 3,150,900
25,997 Block Drug Co., Inc. Class A 1,099,998
95,400 Church & Dwight Co., Inc. 1,717,200
42,700 Matthews International Corp.
Class A 1,238,300
35,000 Tupperware Corp. 770,000
69,000 VF Corp. 1,643,063
------------
12,758,961
------------
CONTAINERS (0.4%)
175,000 American National Can Group,
Inc. 2,953,125
------------
DATA PROCESSING & REPRODUCTION (0.4%)
60,600 Fair, Issac and Co., Inc. 2,666,400
------------
EDUCATION (0.1%)
17,200 Learning Tree International,
Inc.* 1,053,500
------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
UNITED STATES (CONTINUED)
ELECTRICAL EQUIPMENT (0.7%)
80,000 Belden, Inc. $ 2,050,000
33,500 Electro Scientific Industries,
Inc. 1,475,047
24,000 Optimal Robotics Corp.* 921,000
36,000 SIPEX Corp.* 996,750
------------
5,442,797
------------
ELECTRONICS (10.1%)
62,300 Actel Corp.* 2,842,438
155,500 Aeroflex, Inc.* 7,726,405
71,000 Alpha Industries, Inc. 3,128,438
60,000 American Superconductor Corp.* 2,895,000
21,200 Benchmark Electronics, Inc.* 775,125
110,000 C-Cube Microsystems, Inc.* 2,158,750
72,600 Cirrus Logic, Inc.* 1,161,600
25,200 Conexant Systems, Inc. 1,225,350
16,000 Credence Systems Corp. (b) 883,000
11,900 CTS Corp. 535,500
80,900 Dallas Semiconductor Corp. 3,296,674
24,400 DuPont Photomasks, Inc.* 1,671,400
79,000 Genesis Microchip, Inc. 1,412,125
262,000 Integrated Silicon Solution,
Inc.* 9,955,999
12,500 Kopin Corp.* 865,625
37,500 Lattice Semiconductor Corp.* 2,592,188
75,000 Littlefuse, Inc.* 3,674,999
27,000 Micrel, Inc. 1,172,813
123,000 Oak Technology, Inc.* 2,652,188
58,000 Plexus Corp.* 6,553,999
85,000 PLX Technology, Inc.* 3,527,499
52,400 Primex Technologies, Inc. 1,152,800
14,000 Proxim, Inc.* 1,385,563
160,000 Robotic Vision Systems, Inc.* 2,880,000
29,300 Sawtek, Inc. 1,686,581
19,700 SBS Technologies, Inc.* 727,669
9,400 SCI Systems, Inc. 368,363
64,200 Sensormatic Electronics Corp.* 1,015,163
14,900 Technitrol, Inc. 1,443,438
39,000 Trimble Navigation Ltd.* 1,903,688
20,000 Virata Corp. 1,192,500
------------
74,462,880
------------
FINANCIAL (6.2%)
21,400 Affiliated Managers Group,
Inc.* 973,700
59,700 American Capital Strategies
Ltd. 1,425,338
189,000 AmeriCredit Corp.* 3,212,999
78,100 BancWest Corp. 1,283,769
65,000 Bank United Corp. Class A 2,287,187
98,600 Banknorth Group, Inc.* 1,509,813
28,400 City National Corp. 1,008,200
21,400 Commerce Bancorp, Inc. 984,400
21,500 Community First Bankshares,
Inc. 350,719
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 13
<PAGE> 16
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
UNITED STATES (CONTINUED)
FINANCIAL (CONTINUED)
143,500 Cullen/Frost Bankers, Inc. $ 3,775,843
28,500 Dain Rauscher Corp. 1,881,000
100,000 First Midwest Bancorp, Inc. 2,324,999
55,000 Golden State Bancorp, Inc.* 990,000
47,700 Greater Bay Bancorp 2,229,975
31,800 Heller Financial, Inc. 651,900
68,400 Hudson United Bancorp 1,534,725
34,900 Investment Technology Group,
Inc.* 1,378,550
25,200 Jefferies Group, Inc. 508,725
1,600 M & T Bank Corp. 720,000
302,700 Man (E D & F) Group PLC 2,433,349
11,600 MBIA, Inc. 558,975
42,900 Metris Companies, Inc. 1,077,863
65,000 North Fork Bancorporation, Inc. 983,125
45,800 OceanFirst Financial Corp. 844,438
40,000 Raymond James Financial 900,000
55,000 Renaissancere Holdings Ltd. 2,395,937
31,500 Silicon Valley Bancshares 1,342,688
188,500 Sovereign Bancorp, Inc. 1,325,391
61,825 Sterling Bancshares, Inc. 668,483
18,000 Texas Regional Bancshares, Inc.
Class 456,750
59,200 Webster Financial Corp. 1,313,500
80,000 Westamerica Bankcorp 2,090,000
------------
45,422,341
------------
FOOD & BEVERAGE (1.5%)
82,500 Hormel Foods Corp. 1,387,031
87,500 Smithfield Foods, Inc.* 2,455,469
19,000 Suiza Foods Co.* 928,625
100,000 The Earthgrains Co. 1,943,750
75,800 Universal Foods Corp. 1,402,300
243,200 Whitman Corp. 3,009,600
------------
11,126,775
------------
GAMING/HOTELS (0.3%)
46,700 Prime Hospitality Corp.* 440,731
70,000 Station Casinos, Inc. * 1,750,000
------------
2,190,731
------------
GOLD MINING (0.2%)
48,700 Newmont Mining Corp. 1,053,138
21,400 Stillwater Mining Co.* 596,525
------------
1,649,663
------------
HEALTHCARE (6.1%)
38,200 Acuson Corp.* 515,700
5,000 Affymetrix, Inc.* 825,625
15,700 Alexion Pharmaceuticals, Inc.* 1,122,550
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
UNITED STATES (CONTINUED)
HEALTHCARE (CONTINUED)
101,500 Apria Healthcare Group, Inc.* $ 1,243,375
23,100 Charles River Laboratories
International, Inc.* 512,531
38,000 Coventry Health Care, Inc.* 506,469
25,000 CuraGen Corp. 951,563
87,500 CYTYC Corp. 4,670,312
19,800 Datascope Corp. 712,800
51,900 DENTSPLY International, Inc. 1,599,169
43,000 First Health Group Corp.* 1,410,938
225,000 Foundation Health Systems, Inc.
Class 2,925,000
82,300 Haemonetics Corp.* 1,728,300
142,500 Health Management Associates,
Inc. Class A* 1,861,406
78,000 Hooper Holmes, Inc. 624,000
49,000 Invitrogen Corp.* 3,684,952
180,400 Mentor Corp. 4,904,624
37,950 Patterson Dental Co.* 1,935,450
13,000 Protein Design Labs, Inc.* 2,144,391
12,600 QLT PhotoTherapeutics, Inc.* 974,138
44,000 RehabCare Group, Inc. 1,199,000
33,600 Respironics, Inc.* 604,800
38,000 Sequenom, Inc.* 1,724,250
45,900 Sybron International Corp.* 909,394
12,000 Techne Corp.* 1,560,000
52,500 Trigon Healthcare, Inc.* 2,707,031
22,300 Universal Health Services, Inc.
Class 1,471,800
------------
45,029,568
------------
HOUSEHOLD FURNISHING & APPLIANCES (0.3%)
94,400 Industrie Natuzzi SPA ADR* 1,121,000
23,100 Springs Industries, Inc. 743,531
------------
1,864,531
------------
INDUSTRIAL/MISCELLANEOUS (1.5%)
300,000 Agnico-Eagle Mines Ltd. 1,931,250
28,600 Bowater, Inc. 1,261,975
44,900 Brady Corp. Class A 1,459,250
33,300 CUNO Inc.* 770,063
15,600 GSI Lumonics, Inc.* 547,950
42,100 Harsco Corp. 1,073,550
31,400 ITT Industries, Inc. 953,775
200,000 Titan International, Inc. 1,062,500
32,000 Varian Semicondutor Equipment
Associates, Inc.* 2,010,000
------------
11,070,313
------------
INSURANCE (2.7%)
219,300 Annuity and Life Re (Holdings)
Ltd. 5,372,849
55,000 Arthur J. Gallagher & Co. 2,309,999
</TABLE>
14 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 17
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
UNITED STATES (CONTINUED)
INSURANCE (CONTINUED)
16,400 Brown & Brown, Inc. $ 852,800
127,700 Everest Reinsurance Holdings,
Inc. 4,198,137
35,600 FBL Financial Group, Inc. Class
A 560,700
118,700 Mutual Risk Management Ltd. 2,054,994
34,200 PartnerRe Ltd. 1,211,963
13,700 Scor ADR 594,238
46,300 Scottish Annuity & Life
Holdings Ltd. 387,763
44,100 StanCorp Financial Group, Inc. 1,416,713
60,300 W. R. Berkley Corp. 1,130,625
------------
20,090,781
------------
LEASE/RENTAL (0.2%)
76,700 United Rentals, Inc.* 1,313,488
------------
MACHINERY & CAPITAL GOODS (2.3%)
43,500 Dionex Corp.* 1,163,625
110,300 Flowserve Corp. 1,661,394
31,400 Gardner Denver, Inc.* 561,275
52,800 IDEX Corp. 1,666,500
90,300 Kaydon Corp. 1,896,300
36,500 Oshkosh Truck Corp. 1,304,875
110,100 Roper Industries, Inc. 2,821,312
137,500 Semitool, Inc. 2,380,469
32,100 Tidewater, Inc. 1,155,600
57,610 Zebra Technologies Corp. Class
A* 2,552,843
------------
17,164,193
------------
OFFICE EQUIPMENT & SUPPLIES (0.5%)
70,700 United Stationers, Inc.* 2,288,913
112,600 Wallace Computer Services, Inc. 1,111,925
------------
3,400,838
------------
OIL & GAS (8.9%)
36,100 Cabot Oil & Gas Corp. Class A 764,869
19,400 Cal Dive International, Inc.* 1,051,238
109,400 Cross Timbers Oil Co. 2,420,475
314,700 Global Industries Ltd.* 5,939,962
650,000 Grey Wolf, Inc.* 3,250,000
19,400 Helmerich & Payne, Inc. 725,075
462,800 Key Energy Services, Inc.* 4,454,449
70,000 Kinder Morgan, Inc. 2,419,375
262,000 Marine Drilling Cos., Inc.* 7,335,999
126,000 McMoRan Exploration Co.* 2,079,000
13,900 Montana Power Co. 490,844
59,600 Nabors Industries, Inc.* 2,477,125
122,052 National-Oilwell, Inc.* 4,012,460
31,700 New Jersey Resources Corp. 1,206,581
28,000 Newfield Exploration Co.* 1,095,500
27,300 Noble Affiliates, Inc. 1,016,925
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
UNITED STATES (CONTINUED)
OIL & GAS (CONTINUED)
15,000 NUI Corp. $ 405,000
90,100 Oceaneering International,
Inc.* 1,711,900
43,500 Offshore Logistics, Inc.* 625,313
54,700 Pride International, Inc.* 1,353,825
89,800 Questar Corp. 1,739,875
88,000 Rowan Cos., Inc.* 2,673,000
30,100 Santa Fe International Corp. 1,051,619
9,300 Smith International, Inc.* 677,156
55,000 Stone Energy Corp.* 3,286,250
51,600 Swift Energy Co.* 1,464,150
83,000 Trico Marine Services, Inc.* 1,058,250
215,000 Unit Corp.* 2,902,500
125,700 UTI Energy Corp.* 5,043,712
31,100 Varco International, Inc.* 723,075
------------
65,455,502
------------
PHARMACEUTICALS (4.2%)
45,000 Alkermes, Inc.* 2,120,625
52,000 Alpharma, Inc. Class A 3,237,000
67,400 AmeriSource Health Corp. Class
A* 2,089,400
57,000 Andrx Corp. 3,643,547
40,650 Barr Laboratories, Inc. 1,821,628
90,000 Duane Reade, Inc.* 2,317,500
25,500 Emisphere Technologies, Inc.* 1,086,539
11,300 Incyte Genomics, Inc. 928,719
20,000 Maxim Pharmaceuticals, Inc. 1,027,500
36,100 Medicis Pharmaceutical Corp.
Class A* 2,057,700
9,000 Millenium Pharmaceuticals, Inc. 1,006,875
32,200 Neose Technologies, Inc.* 1,354,413
36,500 OSI Pharmaceuticals, Inc.* 1,051,656
48,200 The Cooper Companies, Inc. 1,753,275
6,100 Thoratec Laboratories Corp.* 98,744
135,000 Titan Pharmaceuticals, Inc.* 5,804,999
------------
31,400,120
------------
PRINTING & PUBLISHING (0.6%)
59,100 R.H. Donnelley Corp.* 1,145,063
82,600 Valassis Communications, Inc.* 3,149,125
------------
4,294,188
------------
PUBLISHING (0.2%)
28,900 Harcourt General, Inc. 1,571,438
------------
REAL ESTATE INVESTMENT/MANAGEMENT (1.3%)
22,400 Avalonbay Communities, Inc. 935,200
59,000 Jones Lang LaSalle, Inc.* 789,125
64,000 Liberty Property Trust 1,660,000
53,500 Mack-Cali Realty Corp. 1,374,281
71,400 Pacific Gulf Properties, Inc. 1,789,463
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 15
<PAGE> 18
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
UNITED STATES (CONTINUED)
REAL ESTATE INVESTMENT/MANAGEMENT (CONTINUED)
78,500 Prentiss Properties Trust $ 1,884,000
57,100 Simon Property Group, Inc. 1,266,906
------------
9,698,975
------------
RETAIL (4.0%)
69,700 99 Cents Only Stores 2,779,287
25,600 AnnTaylor Stores Corp.* 848,000
26,800 Black Box Corp.* 2,121,806
84,700 Brinker International, Inc.* 2,477,475
213,900 Charming Shoppes, Inc.* 1,089,553
91,500 Claire's Stores, Inc. 1,761,375
24,500 Factory 2-U Stores, Inc. * 926,406
79,700 Family Dollar Stores, Inc. 1,559,131
36,000 Footstar, Inc.* 1,197,000
66,000 Genesco, Inc.* 1,060,125
61,700 Linen 'n Things, Inc. 1,673,613
43,400 Payless ShoeSource, Inc.* 2,224,250
91,000 Pier 1 Imports, Inc. 887,250
83,000 Ruddick Corp. 980,438
44,000 ShopKo Stores, Inc.* 676,500
64,700 Signet Group PLC ADR 1,568,975
67,000 Stein Mart, Inc.* 686,750
178,100 Venator Group, Inc.* 1,825,525
105,000 Whitehall Jewellers, Inc. 1,955,625
27,000 Whole Foods Market, Inc.* 1,115,438
------------
29,414,522
------------
STEEL (0.5%)
29,300 Lone Star Technologies, Inc.* 1,355,125
65,000 Maruichi Steel Tube Ltd. 826,311
63,750 Reliance Steel & Aluminum Co. 1,219,219
------------
3,400,655
------------
TECHNOLOGY (1.1%)
39,700 CACI International, Inc. Class
A* 774,150
41,000 Coherent, Inc.* 3,438,875
27,700 Electronics For Imaging, Inc.* 701,156
26,200 Kronos, Inc.* 681,200
35,700 Litton Industries, Inc. 1,499,400
34,400 VerticalNet, Inc. 1,270,650
------------
8,365,431
------------
TELECOMMUNICATION EQUIPMENT (3.8%)
55,000 Advanced Fibre Communications,
Inc.* 2,492,188
46,000 Andrew Corp.* 1,543,875
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
UNITED STATES (CONTINUED)
TELECOMMUNICATION EQUIPMENT (CONTINUED)
66,000 Aware, Inc. $ 3,374,250
49,400 Davox Corp. * 639,113
175,000 Digital Microwave Corp.* 6,671,874
42,200 Harris Corp. 1,382,050
24,000 Pinnacle Holdings, Inc.* 1,296,000
21,000 Polycom, Inc.* 1,975,969
36,000 Powerwave Technologies, Inc. 1,584,000
96,000 SpectraLink Corp.* 1,404,000
35,000 SymmetriCom, Inc.* 883,750
99,000 Tekelec* 4,770,562
------------
28,017,631
------------
TELECOMMUNICATIONS (1.6%)
34,000 AirGate PCS, Inc.* 1,787,125
21,900 CTC Communications Group, Inc. 788,400
21,200 Intermedia Communications,
Inc.* 630,700
40,000 L-3 Communications Holdings,
Inc. 2,282,500
22,000 Natural Microsystems Corp.* 2,473,625
45,000 TranSwitch Corp. 3,473,438
------------
11,435,788
------------
TRANSPORTATION (2.0%)
42,400 Atlas Air, Inc.* 1,521,100
63,600 Circle International Group,
Inc. 1,597,950
51,300 Expeditors International of
Washington, Inc. 2,436,750
96,200 Kirby Corp.* 2,044,250
136,800 Newport News Shipbuilding, Inc. 5,027,400
60,000 SkyWest, Inc. 2,223,750
------------
14,851,200
------------
UTILITIES (1.2%)
28,600 American States Water Co. 850,850
53,500 Artesyn Technologies, Inc.* 1,487,969
40,000 Cleco Corp. 1,340,000
64,200 IDACORP, Inc. 2,070,450
85,000 SCANA Corp. 2,050,625
39,900 Washington Gas Light Co. 960,094
------------
8,759,988
------------
TOTAL UNITED STATES 594,155,575
------------
TOTAL COMMON STOCKS
(cost $584,098,529) 681,713,145
------------
</TABLE>
16 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 19
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENT (5.1%)
$37,750,000 Fifth Third Bank, 6.47%,
7/03/00, Collateralized by
$7,501,000 FNMB Pool #313525,
7.50%, 05/01/12, $19,046,000
FNMB Pool #303741, 7.00%,
02/01/11, $6,594,000 FNMB Pool
#505087, 6.50%, 03/01/29, and
$6,261,000 FHARM Pool #785445,
7.02%, 10/01/25, Market value
$38,505,000 (cost $37,750,000) $ 37,750,000
------------
TOTAL REPURCHASE AGREEMENT 37,750,000
------------
U.S. GOVERNMENT OBLIGATIONS (1.9%)
195,000 U.S. Treasury Bill, 5.63%,
7/13/00 194,612
175,000 U.S. Treasury Bill, 5.82%,
8/03/00 174,108
647,000 U.S. Treasury Bill, 6.24%,
8/17/00 642,361
228,000 U.S. Treasury Bill, 5.88-5.90%,
8/24/00 226,120
3,114,000 U.S. Treasury Bill, 5.51-5.67%,
8/31/00 3,085,370
177,000 U.S. Treasury Bill, 5.72%,
9/07/00 175,157
871,000 U.S. Treasury Bill, 5.63-5.82%,
9/14/00 860,986
8,458,000 U.S. Treasury Bill, 5.65-5.74%,
10/5/00 8,331,232
------------
TOTAL U.S. GOVERNMENT
OBLIGATIONS
(cost $13,687,251) 13,689,946
------------
COMMERCIAL PAPER (1.5%)
2,000,000 Ford Motor Credit, 6.71%
07/03/00 1,998,882
3,000,000 Hertz Corp, 6.82%, 07/05/00 2,997,158
6,304,000 Textron Inc., 6.97%, 07/05/00 6,297,897
------------
TOTAL COMMERCIAL PAPER
(cost $11,296,099) 11,293,937
------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
WARRANT (0.0%)
SINGAPORE (0.0%)
FOOD & BEVERAGE (0.0%)
58,000 Want Want Holdings Ltd.,
expiring 10/24/04 $ 19,720
------------
TOTAL WARRANT
(cost $24,238) 19,720
------------
TOTAL INVESTMENTS
(cost $646,856,117) $744,466,748
============
</TABLE>
-------------------------------------------------------
* Denotes a non-income producing security.
Securities denominated in foreign currencies are shown at their U.S. dollar cost
and value.
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
AB Aktiebolag (Swedish stock company)
ADR American Depositary Receipt
AG Aktiengesellschaft (Austrian or German
stock company)
ASA Limited (Norwegian)
FHARM Freddie Mac Adjustable Rate Mortgage
FNMB Federal National Mortgage Bank
NV Naamloze Vennootschap (Dutch corporation)
OYJ Limited (Finnish)
PLC Public Limited Company (British or Irish )
SA Societe Anonyme (French or Swiss
corporation)
SA Sociedad Anonima (Portuguese or Spanish
corporation)
SPA Societa per Azioni (Italian corporation)
</TABLE>
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 17
<PAGE> 20
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
INCOME FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
ASSET-BACKED SECURITIES (4.4%)
$ 170,000 Discover Card Master Trust I,
Series 1999-4, Class A, 5.65%,
11/16/04 $ 165,411
145,000 Prime Credit Card Master Trust,
6.75%, 11/15/05 143,370
110,000 Standard Credit Card Master Trust,
8.25%, 11/07/03, Series 1994-4,
Class A 111,236
----------
TOTAL ASSET-BACKED SECURITIES
(cost $428,569) 420,017
----------
CORPORATE BONDS (10.2%)
FINANCIAL SERVICES (4.4%)
100,000 Countrywide Home Loan, Inc.,
6.85%, 06/15/04 97,484
100,000 General Motors Corp., 7.40%,
09/01/25 93,602
100,000 Household Financial Corp., 6.50%,
11/15/08 90,711
100,000 Morgan Stanley Group, 6.875%,
03/01/07 94,247
50,000 Northwest Corp., 8.15%, 11/01/01 50,560
----------
426,604
----------
INSURANCE (1.1%)
100,000 Allstate Corp., 7.875%, 05/01/05 100,811
----------
LEASE/RENTAL (0.9%)
100,000 Hertz Corp., 6.25%, 03/15/09 89,529
----------
OIL & GAS (0.5%)
50,000 Williams Companies, Inc., 6.125%,
02/01/01 49,704
----------
RETAIL (0.2%)
20,000 Sears Roebuck Acceptance, 6.38%,
11/21/01 19,692
----------
TELECOMMUNICATIONS (0.5%)
50,000 MCI Worldcom, Inc., 6.125%,
08/15/01 49,367
----------
UTILITIES (2.6%)
100,000 Noram Energy Corp., 6.375%
11/01/03, Variable and Callable 95,477
100,000 Pacific Gas & Electric, 7.875%,
03/01/02 101,069
55,000 Public Service Company of
Colorado, 6.00%, 04/15/03 53,240
----------
249,786
----------
TOTAL CORPORATE BONDS
(cost $1,035,756) 985,493
----------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
U.S. GOVERNMENT AND AGENCY
LONG-TERM OBLIGATIONS (82.0%)
FEDERAL HOME LOAN BANK (2.9%)
$ 300,000 5.125%, 09/15/03 $ 284,360
----------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (1.0%)
100,000 6.625%, 09/15/09 96,440
----------
U.S. TREASURY BONDS (1.5%)
150,000 6.00%, 02/15/26 146,625
----------
U.S. TREASURY NOTES (76.6%)
250,000 5.125%, 08/31/00 249,531
110,000 4.50%, 09/30/00 109,519
600,000 6.125%, 09/30/00 600,000
133,000 6.25%, 04/30/01 132,751
1,545,000 6.50%, 05/31/02 1,545,965
580,000 5.75%, 08/15/03 570,032
105,000 7.25%, 05/15/04 108,248
400,000 7.25%, 08/15/04 413,375
485,000 6.50%, 05/15/05 490,305
275,000 6.50%, 08/15/05 277,922
750,000 7.00%, 07/15/06 776,954
355,000 6.50%, 10/15/06 358,994
795,000 6.13%, 08/15/07 790,279
255,000 4.75%, 11/15/08 231,572
744,000 6.00%, 08/15/09 737,955
----------
7,393,402
----------
TOTAL U.S. GOVERNMENT AND AGENCY
LONG-TERM OBLIGATIONS
(cost $8,035,578) 7,920,827
----------
REPURCHASE AGREEMENT (1.9%)
REPURCHASE AGREEMENT (1.9%)
183,000 Fifth Third Bank, 6.47%, 07/03/00,
Collateralized by $35,000 FHLMC
Gold Pool #E71486, 7.00%,
01/01/13, and $146,400 FHARM Pool
#610909, 7.835%, 03/01/28, market
value $186,660 (cost $183,000) 183,000
----------
TOTAL INVESTMENTS
(cost $9,682,903) $9,509,337
==========
</TABLE>
-------------------------------------------------------
The abbreviation in the above statement stands for the following:
<TABLE>
<S> <C>
FHARM Freddie Mac Adjustable Rate Mortgage
FHLMC Federal Home Loan Mortgage Corporation
</TABLE>
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
18 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 21
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
STRATEGIC GROWTH FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (96.9%)
BANKS (2.5%)
22,000 Bank of New York Co., Inc. $ 1,023,000
33,500 Northern Trust Corp. 2,179,594
22,500 State Street Corp. 2,386,406
------------
5,589,000
------------
BIOTECHNOLOGY (2.3%)
36,100 Chiron Corp.* 1,714,750
50,000 PE Corp. - PE Biosystems Group 3,293,750
------------
5,008,500
------------
COMMUNICATION EQUIPMENT (0.9%)
40,000 Conexant Systems, Inc.* 1,945,000
------------
COMPUTER DATA SECURITY (4.2%)
7,000 Check Point Software
Technologies 1,482,250
33,500 SanDisk Corp.* 2,049,781
14,513 VeriSign, Inc.* 2,561,456
28,500 VERITAS Software Corp.* 3,220,946
------------
9,314,433
------------
COMPUTER EQUIPMENT (1.0%)
12,500 Network Appliance, Inc.* 1,006,250
44,000 Visual Networks, Inc. * 1,254,000
------------
2,260,250
------------
COMPUTER SOFTWARE & SERVICES (8.6%)
41,000 BEA Systems, Inc.* 2,026,938
12,000 Business Objectives SA ADR 1,057,500
39,000 Cerner Corp.* 1,062,750
55,000 First Data Corp. 2,729,375
12,150 i2 Technologies, Inc.* 1,266,827
80,000 Intuit, Inc.* 3,309,999
45,500 Radioshack Corp. 2,155,563
46,000 Sungard Data Systems * 1,426,000
26,000 TIBCO Software, Inc.* 2,788,094
26,000 Verity, Inc.* 988,000
------------
18,811,046
------------
ELECTRONICS (20.1%)
35,000 Analog Devices, Inc.* 2,660,000
44,500 Andrew Corp.* 1,493,531
41,700 Applied Micro Circuits Corp.* 4,117,874
51,500 Celestica, Inc.* 2,555,688
25,000 Credence Systems Corp.* 1,379,688
46,500 Flextronics International Ltd.* 3,193,968
72,000 Gemstar International Group
Ltd.* 4,424,624
49,500 KLA-Tencor Corp.* 2,898,844
41,500 LSI Logic Corp.* 2,246,188
63,000 Micron Technology, Inc.* 5,547,937
51,500 Montana Power Co. 1,818,594
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
ELECTRONICS (CONTINUED)
35,000 National Semiconductor Corp.* $ 1,986,250
10,000 PMC-Sierra, Inc.* 1,776,875
11,000 Sycamore Networks, Inc.* 1,214,125
21,000 Teradyne, Inc.* 1,543,500
28,500 TriQuint Semiconductor, Inc.* 2,727,094
35,000 Vitesse Semiconductor* 2,574,688
------------
44,159,468
------------
FINANCIAL (12.8%)
39,000 A.G. Edwards, Inc.* 1,521,000
40,000 Capital One Financial Corp. 1,785,000
34,500 Comerica, Inc. 1,548,188
53,000 Countrywide Credit Industries,
Inc. 1,606,563
37,000 Donaldson Lufkin & Jenrette,
Inc. 1,570,188
56,000 Golden West Financial Corp. 2,285,500
35,000 Goldman Sachs Group, Inc.* 3,320,625
54,000 Legg Mason, Inc. 2,700,000
40,500 Lehman Brothers Holdings, Inc. 3,829,780
33,000 Paine Webber Group, Inc. 1,501,500
142,000 Schwab (Charles) Corp. 4,774,749
58,000 Washington Mutual, Inc. 1,674,750
------------
28,117,843
------------
HEALTHCARE (6.8%)
43,000 Amerisource Health Corp.,
Class A* 1,333,000
46,500 Elan Corp. PLC ADR* 2,252,344
22,000 Express Scripts, Inc., Class A* 1,366,750
163,000 Health Management Associates,
Inc.,
Class A* 2,129,188
200,000 HealthSouth Corp.* 1,437,500
92,500 McKesson HBOC, Inc. 1,936,719
19,500 Sepracor, Inc.* 2,352,187
25,500 UnitedHealth Group, Inc. 2,186,625
------------
14,994,313
------------
INSURANCE (0.6%)
48,400 ACE Ltd. 1,355,200
------------
INTERNET (6.8%)
10,000 Ariba, Inc.* 980,469
28,000 Broadvision, Inc.* 1,422,750
62,000 Exodus Communications, Inc.* 2,855,875
52,500 InfoSpace, Inc.* 2,900,625
31,500 Internet Capital Group, Inc.* 1,165,992
15,000 Phone.com, Inc.* 976,875
32,000 S1 Corp.* 746,000
92,000 USinternetworking, Inc.* 1,880,250
40,500 Vignette Corp.* 2,106,633
------------
15,035,469
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 19
<PAGE> 22
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
STRATEGIC GROWTH FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
MEDICAL (2.6%)
15,000 Genentech, Inc.* $ 2,580,000
108,500 VISX, Inc.* 3,044,781
------------
5,624,781
------------
OIL & GAS (8.8%)
44,500 BJ Services Co.* 2,781,250
37,500 Cooper Cameron Corp.* 2,475,000
74,000 Diamond Offshore Drilling, Inc. 2,599,250
100,500 ENSCO International, Inc. 3,599,156
106,500 Noble Drilling Corp.* 4,386,469
47,000 Smith International, Inc.* 3,422,188
------------
19,263,313
------------
RAILROADS (0.8%)
19,500 Kansas City Southern
Industries, Inc. 1,729,406
------------
RETAIL (4.6%)
45,000 Best Buy Co., Inc.* 2,846,250
40,500 Kohl's Corp.* 2,252,813
169,500 Pier 1 Imports, Inc. 1,652,625
49,000 Tiffany & Co. 3,307,500
------------
10,059,188
------------
SEMICONDUCTORS (1.0%)
24,500 Integrated Device Technology,
Inc.* 1,466,937
11,000 Varian Semiconductor Equipment
Associates., Inc.* 690,938
------------
2,157,875
------------
TECHNOLOGY (1.4%)
32,500 Comverse Technology, Inc. 3,022,500
------------
TELECOMMUNICATIONS (10.3%)
42,000 American Tower Corp.* 1,750,875
24,400 Copper Mountain Networks, Inc.* 2,150,250
28,500 E-Tek Dynamics, Inc.* 7,518,656
33,000 Scientific-Atlanta, Inc. 2,458,500
43,500 Tekelec* 2,096,156
18,000 Terayon Communication Systems,
Inc.* 1,156,219
39,500 US Cellular Corp.* 2,488,500
26,000 VoiceStream Wireless Corp.* 3,023,719
------------
22,642,875
------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
TELEVISION BROADCASTING (0.8%)
18,000 Univision Communications, Inc.* $ 1,863,000
------------
TOTAL COMMON STOCK
(cost $195,143,957) 212,953,460
------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENT (5.9%)
REPURCHASE AGREEMENT (5.9%)
$13,074,000 Fifth Third Bank, 6.47%,
07/03/00, Collateralized by
$13,677,000 FHARM Pool #786902,
5.75%, 10/01/29, market value
$13,335,480 (cost $13,074,000) $ 13,074,000
------------
TOTAL INVESTMENTS
(cost $208,217,957) $226,027,460
============
</TABLE>
-------------------------------------------------------
* Denotes a non-income producing security
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
ADR American Depositary Receipt
FHARM Freddie Mac Adjustable Rate Mortgage
PLC Public Limited Company (Irish)
SA Societe Anonyme (French)
</TABLE>
Portfolio holding percentages represent market values as a percentage of net
assets.
See accompanying notes to financial statements.
20 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 23
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
STRATEGIC VALUE FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (96.6%)
AIRLINES (3.5%)
20,500 Federal Express Corp.* $ 779,000
-----------
AUTO PARTS & EQUIPMENT (5.6%)
17,500 BorgWarner Automotive, Inc. 614,688
30,100 Dana Corp. 637,743
-----------
1,252,431
-----------
BANKS (12.1%)
14,800 Bank of America Corp. 636,400
21,100 Mellon Financial Corp. 768,830
14,850 The Chase Manhattan Corp. 684,028
16,700 Wells Fargo Co. 647,125
-----------
2,736,383
-----------
BUILDING PRODUCTS (3.5%)
33,300 Royal Group Technologies Ltd, ADR 795,038
-----------
COMPUTER SOFTWARE & SERVICES (4.0%)
44,500 Cadence Design Systems, Inc.* 906,688
-----------
CONSTRUCTION MATERIALS (2.8%)
29,500 Lafarge Corp. 619,500
-----------
DRUGS (4.0%)
15,100 ALZA Corp.* 892,788
-----------
ELECTRONICS (5.2%)
18,350 Arrow Electronics, Inc.* 568,850
10,200 Avnet, Inc. 604,350
-----------
1,173,200
-----------
FINANCIAL (2.8%)
12,000 Fannie Mae 626,250
-----------
HEALTHCARE (15.0%)
13,000 American Home Products Corp. 763,750
28,000 ICN Pharmaceuticals, Inc. 778,750
27,900 Mylan Laboratories, Inc. 509,175
53,200 Omnicare, Inc. 482,125
17,100 Schering-Plough Corp.* 863,549
-----------
3,397,349
-----------
HOTELS & CASINOS (0.6%)
6,100 Harrah's Entertainment, Inc.* 127,719
-----------
HOUSEHOLD FURNISHING & APPLIANCES (3.5%)
21,200 Maytag Corp. 781,750
-----------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
INSURANCE (6.3%)
20,100 PartnerRe Ltd. $ 712,294
11,400 The Chubb Corp. 701,100
-----------
1,413,394
-----------
INVESTMENT MANAGEMENT (3.2%)
23,400 Franklin Resources, Inc. 710,775
-----------
IRON & STEEL (3.2%)
55,400 UCAR International, Inc.* 723,663
-----------
OIL & GAS (3.0%)
30,200 Conoco, Inc. Class A 664,400
-----------
RAILROADS (3.3%)
25,800 Canadian National Railway Co. 753,038
-----------
RETAIL (7.5%)
33,900 Family Dollar Stores, Inc. 663,168
66,300 Office Depot, Inc.* 414,375
25,300 The May Department Stores Co. 607,200
-----------
1,684,743
-----------
TELECOMMUNICATIONS/CELLULAR (7.5%)
11,700 ALLTEL Corp. 724,669
26,700 ECI Telecom Ltd. 954,525
-----------
1,679,194
-----------
TOTAL COMMON STOCK
(cost $21,676,140) 21,717,303
-----------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENT (3.5%)
$776,000 Fifth Third Bank, 6.47%, 07/03/00,
Collateralized by $759,000 FNARM
Pool #409855, 8.219%, 03/01/28,
market value $791,520 (cost
$776,000) $ 776,000
-----------
TOTAL INVESTMENTS
(Cost $22,452,140) $22,493,303
===========
</TABLE>
-------------------------------------------------------
* Denotes a non-income producing security
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
ADR American Depositary Receipt
FNARM Fannie Mae Adjustable Rate Mortgage
</TABLE>
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 21
<PAGE> 24
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
EQUITY INCOME FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (60.0%)
AUTOMOBILES (1.2%)
11,800 Ford Motor Co. $ 507,400
1,545 Visteon Corp. 18,733
-----------
526,133
-----------
BANKS (3.0%)
7,218 Bank of America Corp. 310,374
12,900 Mellon Financial Corp. 470,044
12,000 The Chase Manhattan Corp. 552,750
-----------
1,333,168
-----------
CHEMICALS/DIVERSIFIED (1.7%)
8,000 Air Products & Chemicals, Inc. 246,500
11,234 E.I. du Pont de Nemours and Co. 491,488
-----------
737,988
-----------
COMMUNICATION EQUIPMENT (5.2%)
4,700 Corning, Inc. 1,268,413
4,800 JDS Uniphase Corp.* 575,400
5,400 RF Micro Devices, Inc.* 473,175
-----------
2,316,988
-----------
COMPUTER/HARDWARE (6.9%)
12,696 Apple Computer, Inc.* 664,953
12,044 EMC Corp.* 926,634
4,000 International Business Machines
Corp. 438,250
2,900 Lexmark International Group,
Inc., Class A* 195,025
9,300 Sun Microsystems, Inc.* 845,719
-----------
3,070,581
-----------
COMPUTER SOFTWARE & SERVICES (2.6%)
11,000 Cisco Systems, Inc.* 699,188
5,900 Microsoft Corp.* 472,000
-----------
1,171,188
-----------
CONSUMER FINANCE (2.4%)
17,750 Citigroup, Inc. 1,069,438
-----------
ELECTRICAL EQUIPMENT (3.9%)
20,900 General Electric Co. 1,107,700
13,600 Koninklijke Philips Electronics
NV ADR 646,000
-----------
1,753,700
-----------
ELECTRONICS (1.4%)
4,700 Intel Corp. 628,331
-----------
ENTERTAINMENT (1.0%)
11,300 The Walt Disney Co. 438,581
-----------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
FOOD & BEVERAGE (1.2%)
14,100 General Mills, Inc. $ 539,325
-----------
HEALTHCARE (7.5%)
13,100 Abbott Laboratories 583,769
6,100 Baxter International, Inc. 428,906
15,700 Bristol-Myers Squibb Co. 914,525
19,925 Pfizer, Inc. 956,399
9,600 Schering-Plough Corp.* 484,800
-----------
3,368,399
-----------
INSURANCE (1.6%)
16,400 The Allstate Corp. 364,900
5,500 Chubb Corp. 338,250
-----------
703,150
-----------
INSURANCE BROKERS (1.2%)
4,950 Marsh & McLennan Cos., Inc. 516,966
-----------
INVESTMENT MANAGEMENT (3.4%)
5,200 Merrill Lynch & Co., Inc. 598,000
10,700 Morgan Stanley Dean Witter & Co. 890,775
-----------
1,488,775
-----------
OIL & GAS (6.5%)
8,600 BP Amoco PLC ADR 486,438
4,600 Chevron Corp. 390,138
19,314 Conoco, Inc. 474,400
10,200 Enron Corp. 657,899
11,008 Exxon Mobil Corp. 864,127
-----------
2,873,002
-----------
PRINTING & PUBLISHING (1.1%)
12,100 The New York Times Co., Class A 477,950
-----------
REAL ESTATE INVESTMENT/MANAGEMENT (0.4%)
3,800 Post Properties, Inc., REIT 167,200
-----------
RETAIL (2.3%)
10,610 Home Depot, Inc. 529,837
8,800 Wal-Mart Stores, Inc. 507,100
-----------
1,036,937
-----------
</TABLE>
22 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 25
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
EQUITY INCOME FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
TELECOMMUNICATIONS (5.5%)
44,800 AT&T Liberty Media Group* $ 1,086,400
7,400 Metromedia Fiber Networks, Inc.,
DECS 507,825
17,300 Nokia Corp., ADR 863,919
-----------
2,458,144
-----------
TOTAL COMMON STOCK
(cost $22,428,278) 26,675,944
-----------
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
CONVERTIBLE BONDS (23.2%)
SERVICES/ADVERTISING & MARKETING (0.9%)
$ 150,000 Omnicom Group, 2.25%, 01/06/13 $ 274,875
40,000 Omnicom Group, 4.25%, 01/03/07 112,150
-----------
387,025
-----------
COMMUNICATION EQUIPMENT (1.6%)
635,000 Juniper Networks, Inc., 4.75%,
03/15/07 691,356
-----------
COMPUTER SOFTWARE & SERVICES (4.4%)
35,000 America Online, Inc., 4.00%,
11/15/02 281,663
250,000 Exodus Communications, Inc.,
4.75%, 07/15/08 356,250
385,000 Exodus Communications, Inc.,
4.75%, 07/15/08** 548,625
245,000 Veritas Software, 1.856%,
08/13/06 770,831
-----------
1,957,369
-----------
COMPUTERS/HARDWARE (0.3%)
110,000 ASM Lithography Holding NV,
4.25%, 11/30/04** 146,575
-----------
DRUGS (1.2%)
585,000 Roche Holdings, Inc., 0.00%,
01/19/15 525,038
-----------
ELECTRONICS/SEMICONDUCTORS (6.6%)
155,000 Conexant Systems, Inc., 4.00%,
02/01/07 121,094
140,000 Cypress Semiconductor Corp.,
3.75%, 07/01/05 135,975
85,000 Cypress Semiconductor Corp.,
6.00%, 10/01/02 150,663
110,000 LSI Logic Corp., 4.25%, 03/15/04 385,962
90,000 LSI Logic Corp., 4.25%,
03/15/04** 315,788
310,000 Sanmina Corp., 4.25%, 05/01/04 618,449
350,000 SCI Systems, Inc., 3.00%,
03/15/07 343,438
930,000 Vitesse Semiconductor Corp.,
4.00%, 03/15/05 860,249
-----------
2,931,618
-----------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
CONVERTIBLE BONDS (CONTINUED)
INTERNET SERVICES/SOFTWARE (0.2%)
$ 100,000 Doubleclick, Inc., 4.75%,
03/15/06 $ 106,625
-----------
RETAIL (0.3%)
240,000 Amazon.com, Inc., 4.75%, 02/01/09 150,600
-----------
TELECOMMUNICATIONS (6.0%)
340,000 Digital Island, Inc., 6.00%,
02/15/05 240,975
3,500 Global Crossing, Ltd., 6.75%,
04/15/12 778,313
540,000 Level 3 Communications Inc.,
6.00%, 03/15/10 486,000
550,000 Nextel Communications, Inc.,
5.25%, 01/15/10 555,500
140,000 Nextel Communications, Inc.,
5.25%, 01/15/10** 141,400
600,000 NTL, Inc., 5.75%, 12/15/09 471,000
-----------
2,673,188
-----------
UTILITIES (1.7%)
10,200 Reliant Energy, Inc., 0.00%,
09/15/29 740,775
-----------
TOTAL CONVERTIBLE BONDS (cost
$9,679,039) 10,310,169
-----------
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
CONVERTIBLE PREFERRED STOCK (12.4%)
CHEMICALS (1.9%)
19,000 Monsanto Co., ACES, 6.50% $ 859,750
-----------
ELECTRIC COMPANIES (0.9%)
10,250 Texas Utilities Corp., PRIDES,
9.25% 398,469
-----------
FOODS (1.0%)
9,800 Suiza Foods Corp., 5.50% 371,175
1,700 Suiza Foods Corp., 5.50%** 64,388
-----------
435,563
-----------
INSURANCE (2.2%)
14,000 Metlife, Inc., 8.00% 968,625
-----------
MACHINERY/DIVERSIFIED (0.8%)
16,300 Ingersoll-Rand Co., 6.75% 332,113
-----------
RAILROADS (0.6%)
7,400 Union Pacific Corp., 6.25% 288,600
-----------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 23
<PAGE> 26
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
EQUITY INCOME FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
CONVERTIBLE PREFERRED STOCK (CONTINUED)
TELECOMMUNICATIONS (5.0%)
9,500 Amdocs Ltd., TRACES, 6.75% $ 599,688
7,500 Cox Communications, Inc., PRIDES,
7.00% 460,781
6,100 Cox Communications, Inc., PRIZES,
7.75% 677,099
2,800 Nextlink Communications, Inc.,
6.50% 481,250
-----------
2,218,818
-----------
TOTAL CONVERTIBLE PREFERRED STOCK
(cost $5,276,057) $ 5,501,938
-----------
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENT (9.9%)
REPURCHASE AGREEMENT (9.9%)
$4,381,000 Fifth Third Bank, 6.47%,
07/03/00, Collateralized by
$4,624,000 FNMB Pool #313301,
6.50%, 02/01/12, market value
$4,468,620 (cost $4,381,000) $ 4,381,000
-----------
TOTAL INVESTMENTS
(cost $41,764,374) $46,869,051
===========
</TABLE>
-------------------------------------------------------
* Denotes a non-income producing security
** Represents a restricted security acquired and eligible for resale under Rule
144A, which limits the resale to certain qualified buyers.
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
ACES Adjustable Conversion-Rate Equity
Security
ADR American Depositary Receipts
DECS Dividend Enhanced Convertible Stock
FNMB First National Mortgage Bank
NV Naamloze Vennootschap (Dutch Corporation)
PLC Public Limited Company (British)
PRIDES Preferred Redeemable Increased Dividend
Equity Security
PRIZES Participating Redeemable Indexed
Zero-Premium Exchangeable Securities
REIT Real Estate Investment Trust
TRACE Trust Automatic Common Exchange
Securities
</TABLE>
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes financial statements.
24 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 27
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
CORPORATE BONDS (91.5%)
AEROSPACE/DEFENSE (0.5%)
$ 325,000 Anteon Corp., Sr. Sub. Note,
12.00%, 05/15/09 $ 299,000
125,000 Condor Systems, Inc., Sr. Sub.
Note, 11.875%, 05/01/09* 61,250
-----------
360,250
-----------
AGRICULTURAL PRODUCTS (0.3%)
275,000 Royster-Clark, Inc., 10.25%,
04/01/09* 224,125
-----------
AUTO PARTS & EQUIPMENT (4.1%)
200,000 Accuride Corp., Series B, 9.25%,
02/01/08 171,000
100,000 Aftermarket Technology Corp.,
12.00%, 08/01/04 100,500
150,000 Aftermarket Technology Corp.,
Series D, 12.00%, 08/01/04 150,750
700,000 American Axle & Manufacturing,
Sr. Sub. Note, 9.75%, 03/01/09 659,750
275,000 Collins & Aikman Products, Inc.,
Sr. Sub. Note, 11.50%, 04/15/06 264,688
300,000 HDA Parts System, Inc., 12.00%,
08/01/05 217,500
350,000 J.L. French Auto Cast, 11.50%,
06/01/09* 320,250
950,000 Lear Corp., 8.11%, 05/15/09 869,952
150,000 Oxford Automotive, Inc., Sr. Sub.
Note, Series D, 10.125%, 06/15/07 138,750
-----------
2,893,140
-----------
BANKS (1.5%)
950,000 GS Escrow Corp., 7.125%, 08/01/05 846,431
200,000 RBF Finance Co., 11.375%,
03/15/09 217,000
-----------
1,063,431
-----------
BEVERAGES/TOBACCO (0.1%)
100,000 National Wine & Spirits, Sr.
Note, 10.125% 01/15/09 96,750
-----------
BROADCAST MEDIA/CABLE TELEVISION (15.3%)
275,000 ACME Television LLC, Series B,
0/10.875%, 09/30/04 264,000
150,000 Big City Radio, Inc., Sr. Disc.
Note, 11.25%, 03/15/05 84,750
300,000 Chancellor Media Corp., Sr. Sub.
Note, Series B, 8.75%, 06/15/07 304,500
25,000 Chancellor Media Corp., Series B,
8.125%, 12/15/07 933,093
125,000 Chancellor Media Corp., Sr. Sub.
Note, 9.00%, 10/01/08 128,125
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
CORPORATE BONDS (CONTINUED)
BROADCAST MEDIA/CABLE TELEVISION (CONTINUED)
$ 300,000 Chancellor Media Corp., Sr. Note,
8.00%, 11/01/08 $ 303,000
1,550,000 Charter Communications Holdings,
Sr. Note, 0/9.92%, 04/01/11 887,374
250,000 CSC Holdings, Inc., 9.25%,
11/01/05 251,250
250,000 CSC Holdings, Inc., 9.875%,
05/15/06 252,500
250,000 CSC Holdings, Inc., 9.875%,
02/15/13 253,750
125,000 Diamond Cable Communications PLC,
0/10.75%, 02/15/07 95,938
50,000 Diamond Holdings PLC., 9.125%,
02/01/08 46,750
700,000 Echostar DBS Corp., 9.375%,
02/01/09 682,500
125,000 Flextronics International Ltd.,
9.875%, 07/01/10* 127,188
150,000 Fox Sports Networks LLC, 8.875%,
08/15/07 148,875
475,000 Fox Sports Networks LLC, Sr.
Disc. Note, 0/9.75%, 08/15/07 371,688
100,000 Golden Sky DBS, Inc., Sr. Disc.
Note, 0/13.50%, 03/01/07 68,000
100,000 International Cabletel, Inc.,
Series B, 0/11.50%, 02/01/06 92,500
100,000 Lenfest Communications, Inc.,
8.25%, 02/15/08 99,067
275,000 Northpoint Communication Group,
Inc., Sr. Note, 12.875%, 02/15/10 199,375
1,900,000 NTL, Inc., Series B, 0/9.75%,
04/01/08 1,196,999
600,000 NTL, Inc., 0/12.375%, 10/17/08 390,000
325,000 Orion Network Systems, 11.25%,
01/15/07 190,125
550,000 Pegasus Communications Corp.,
Series B, 9.625%, 10/15/05 533,500
100,000 Pegasus Communications Corp.,
Series B, 9.75%, 12/01/06 97,000
500,000 RCN Corp., 0/11.125%, 10/15/07 307,500
300,000 Sinclair Broadcast Group, Inc.,
8.75%, 12/15/07 265,500
25,000 Telewest Communications PLC,
0/11.00%, 10/01/07 504,656
50,000 TeleWest Communications PLC,
11.25%, 11/01/08 51,000
250,000 Telewest Communications PLC,
0/9.25%, 04/15/09 139,375
200,000 UIH Australia/Pacific, Series B,
0/14.00%, 05/15/06 183,000
825,000 United Pan-Europe Communications,
0/12.50%, 08/01/09 408,375
575,000 United Pan-Europe Communications,
0/13.375%, 11/01/09 293,250
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 25
<PAGE> 28
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
CORPORATE BONDS (CONTINUED)
BROADCAST MEDIA/CABLE TELEVISION (CONTINUED)
$ 625,000 Unitedglobalcom, Inc., Sr. Disc.
Notes, 0/10.75%, 02/15/08 $ 434,375
200,000 XM Satellite Radio, Inc., Sr.
Note, 14.00%, 03/15/10* 177,500
-----------
10,766,379
-----------
BUILDING DEVELOPMENT/PRODUCTS (1.9%)
250,000 American Builders & Contractors
Supply Co., 10.625%, 05/15/07 206,250
275,000 Blount International, Inc.,
13.00%, 08/01/09 281,875
150,000 Formica Corp., Series B, 10.875%,
03/01/09 116,250
75,000 International Utility Structures,
Inc., 10.75%, 02/01/08 61,875
225,000 Juno Lighting, Inc., Sr. Sub.
Note, 11.875%, 07/01/09 187,875
125,000 NCI Building Systems, Inc.,
Series B, 9.25%, 05/01/09 118,125
350,000 URS Corp., Series B, 12.25%,
05/01/09* 355,250
-----------
1,327,500
-----------
CHEMICALS/PLASTICS (5.3%)
100,000 Buckeye Technologies, Inc., Sr.
Sub. Note, 9.255%, 09/15/08 99,250
300,000 General Chemical Industries, Sr.
Note, 10.625%, 05/01/09 262,500
250,000 Georgia Gulf Corp., 10.375%,
11/01/07 260,000
275,000 Huntsman Corp., 9.50%, 07/01/07* 248,875
225,000 Huntsman ICI Chemical LLC,
10.125%, 07/01/09 227,250
275,000 Huntsman Packaging Corp., 13.00%,
06/01/10* 283,250
300,000 ISP Holdings, Inc., Series B,
9.00%, 10/15/03 279,000
800,000 Lyondell Chemical Co., 10.875%,
05/01/09 795,999
525,000 Polymer Group, Inc., Sr. Sub.
Note, Series B, 9.00%, 07/01/07 448,875
250,000 Polymer Group, Inc., Sr. Sub.
Note, Series B, 8.75%, 03/01/08 211,250
100,000 Scotts Co., 8.625%, 01/15/09* 95,500
250,000 Sterling Chemicals, Inc., 11.75%,
08/15/06 206,250
200,000 Texas Petrochem Corp., 11.125%,
07/01/06 171,000
200,000 United Industries, Series B,
9.875%, 04/01/09 121,000
-----------
3,709,999
-----------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
CORPORATE BONDS (CONTINUED)
CONGLOMERATES (0.5%)
$ 400,000 Eagle-Picher Industries, Inc.,
Sr. Sub. Note, 9.375%, 03/01/08 $ 340,000
-----------
CONSUMER PRODUCTS/SERVICES (4.1%)
350,000 Albecca, Inc., Sr. Sub. Note,
10.75%, 08/15/08 295,750
350,000 Amscan Holdings, Inc., 9.875%, 288,750
89,000 Boyds Collection Ltd., Series B,
9.00%, 05/15/08 78,320
275,000 Chattem, Inc., Sr. Sub. Note,
Series B, 8.875%, 04/01/08 221,375
250,000 Coinmach Laundry Corp., Sr. Note,
11.75%, 11/15/05 241,250
300,000 Jostens, Inc., 12.75%, 05/01/10* 298,500
50,000 NBTY, Inc., Series B, 8.625%,
09/15/07 43,750
75,000 Playtex Products, Inc., 9.00%,
12/15/03 73,125
725,000 Revlon Consumer Products Corp.,
8.625%, 02/01/08 369,749
125,000 Sealy Mattress Co., Sr. Sub.
Note, Series B, 9.875%, 12/15/07 121,250
175,000 Sealy Mattress Co., Sr. Disc.
Note, Series B, 0/10.875%,
12/15/07 126,875
125,000 Sleepmaster LLC, 11.00%, 05/15/09 118,125
200,000 True Temper Sports, Inc., Series
B, 10.875%, 12/01/08 197,000
225,000 Unifrax Investment Corp., 10.50%,
11/01/03 210,375
250,000 Volume Services America, Inc.,
Sr. Sub. Note, 11.25%, 03/01/09 230,000
-----------
2,914,194
-----------
CONTAINERS/PACKAGING (0.8%)
500,000 Owens-Illinois, Inc., Sr. Note,
7.15%, 05/15/05 457,905
200,000 Russell-Stanley Holding, Inc.,
Sr. Sub. Note, 10.875%, 02/15/09 137,000
-----------
594,905
-----------
DIVERSIFIED (0.6%)
50,000 Diamond Brands, Inc., Sr. Disc.
Note, 0/12.875%, 04/15/09 4,750
450,000 Trizec Finance Ltd., Sr. Note,
10.87%, 10/15/05 454,500
-----------
459,250
-----------
</TABLE>
26 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 29
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
CORPORATE BONDS (CONTINUED)
ELECTRONICS (1.4%)
$ 300,000 Fairchild Corp., Sr. Sub. Note,
10.75%, 04/15/09* $ 202,500
130,000 SCG Holding Corp., 12.00%,
08/01/09 139,750
700,000 Telecommunications Techniques
Co., Inc., Sr. Sub. Note, 9.75%,
05/15/08 647,500
-----------
989,750
-----------
FOOD PRODUCTS/SERVICES (2.7%)
100,000 Advantica Restaurant Group, Inc.,
11.25%, 01/15/08 66,500
375,000 Agrilink Foods, Inc., Sr. Note,
11.875%, 11/01/08 301,875
350,000 Aurora Foods, Inc., Sr. Sub.
Note, 9.875%, 02/15/07 208,250
250,000 Carrols Corp., Sr. Sub. Note,
9.50%, 12/01/08 208,750
150,000 Del Monte Foods Co., Sr. Disc.
Note, 0/12.50%, 12/15/07 114,375
175,000 Domino's, Inc., Sr. Sub. Note,
Series B, 10.375%, 01/15/09 163,188
250,000 Eagle Family Foods, Inc., Series
B, 8.75%, 01/15/08 148,750
425,000 International Home Foods, Inc.,
Sr. Sub. Note, 10.375%, 11/01/06 456,875
275,000 Triarc Consumer Products Group,
10.25%, 02/15/09 266,750
-----------
1,935,313
-----------
FOREST & PAPER PRODUCTS (0.9%)
300,000 Stone Container Corp., 12.25%, 305,250
325,000 Stone Container Corp., 11.50%, 338,000
-----------
643,250
-----------
GEOLOGICAL EQUIPMENT/SERVICES (2.2%)
700,000 Allied Waste North America, Inc.,
Sr. Note, Series B, 7.625%,
01/01/06 612,500
1,150,000 Allied Waste North America, Inc.,
10.00%, 08/01/09 966,000
-----------
1,578,500
-----------
HEALTHCARE (5.5%)
575,000 Columbia/HCA Healthcare Corp.,
6.91%, 06/15/05 525,861
375,000 CONMED Corp., 9.00%, 03/15/08 345,000
300,000 Dade International, Inc., Series
B, 11.125%, 05/01/06 169,500
75,000 Everest Healthcare Services,
Inc., Sr. Sub. Note, 9.75%,
05/01/08 63,375
100,000 Genesis Health Ventures, Inc.,
9.25%, 10/01/06** 9,500
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
CORPORATE BONDS (CONTINUED)
HEALTHCARE (CONTINUED)
$ 125,000 Genesis Health Ventures, Inc.,
9.875%, 01/15/09 $ 15,625
275,000 Hanger Orthopedic Group, Inc.,
11.25%, 06/15/09 240,625
150,000 Hudson Respiratory Care, Inc.,
9.125%, 04/15/08 105,750
475,000 Kinetic Concepts, Inc., Sr. Sub.
Note, Series B, 9.625%, 11/01/07 353,875
350,000 Tenet Healthcare Corp., 8.00%,
01/15/05 338,625
75,000 Tenet Healthcare Corp., 8.625%,
01/15/07 72,188
100,000 Tenet Healthcare Corp., Series B,
7.625%, 06/01/08 92,250
875,000 Tenet Healthcare Corp., Series B,
8.125%, 12/01/08 809,375
700,000 Tenet Healthcare Corp., 9.25%,
09/01/10* 707,000
-----------
3,848,547
-----------
HOTELS & CASINOS (1.7%)
375,000 Florida Panthers Holdings, Sr.
Sub. Note, 9.875%, 04/15/09 353,438
100,000 HMH Properties, Inc., Sr. Note,
Series A, 7.875%, 08/01/05 92,500
425,000 HMH Properties, Inc., Sr. Note,
Series B, 7.875%, 08/01/08 384,094
400,000 HMH Properties, Inc., Series C,
8.45%, 12/01/08 370,000
-----------
1,200,031
-----------
INDUSTRIAL PRODUCTS/EQUIPMENT (2.7%)
105,000 Amphenol Corp., 9.875%, 05/15/07 106,575
300,000 Cabot Safety Corp., Sr. Sub.
Note, 12.50%, 07/15/05 301,500
100,000 Continental Global, Inc., Sr.
Note, Series B, 11.00%, 04/01/07 26,500
150,000 Euramax International PLC,
11.25%, 10/01/06 143,250
125,000 Hexcel Corp., 9.75%, 01/15/09 114,375
175,000 ISG Resources, Inc., 10.00%,
04/15/08 160,563
175,000 MMI Products, Inc., Series B,
11.25%, 04/15/07 172,375
125,000 Neenah Corp., Series B, 11.125%,
05/01/07 96,250
250,000 Neenah Corp., Series F, 11.125%
05/01/07 192,500
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 27
<PAGE> 30
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
CORPORATE BONDS (CONTINUED)
INDUSTRIAL PRODUCTS/EQUIPMENT (CONTINUED)
$ 125,000 Tekni-Plex, Inc., Sr. Sub. Note,
12.75%, 06/15/10* $ 124,688
475,000 Wesco Distribution, Inc., Sr.
Sub. Note, Series B, 9.125%,
06/01/08 436,999
-----------
1,875,575
-----------
LEISURE/ENTERTAINMENT (2.0%)
277,000 AMF Group, Inc., Series B,
0/12.25%, 03/15/06 56,785
200,000 Motor Coach Industries, 11.25%,
05/01/09* 175,000
50,000 Premier Parks, Inc., 9.25%,
04/01/06 47,625
150,000 Premier Parks, Inc., 9.75%,
06/15/07 145,500
1,175,000 Premier Parks, Inc., 0/10.00%,
04/01/08 807,813
600,000 Regal Cinemas, Inc., 9.50%,
06/01/08 147,000
-----------
1,379,723
-----------
MACHINERY/EQUIPMENT (2.3%)
100,000 Columbus Mckinnon Corp., Sr. Sub.
Note, 8.50%, 04/01/08 88,500
225,000 Fairchild Corp., Sr. Note,
10.375%, 10/01/07* 228,375
50,000 National Equipment Services,
Inc., Series B, 10.00%, 11/30/04 41,750
250,000 National Equipment Services,
Inc., Sr. Sub. Note, Series D,
10.00%, 11/30/04 208,750
200,000 NationsRent, Inc., Sr. Sub. Note,
10.375%, 12/15/08 129,000
275,000 Spectrasite Holdings, Inc., Sr.
Disc. Note, 0/12.875%, 03/15/10* 152,625
325,000 United Rentals, Inc., Sr. Note,
Series B, 9.25%, 01/15/09 294,125
350,000 United Rentals, Inc., Sr. Sub.
Note, Series B, 9.00%, 04/01/09 311,500
200,000 WEC Company, Inc., 12.00%,
07/15/09 169,000
-----------
1,623,625
-----------
METALS/MINING (0.4%)
175,000 AEI Holding Co., 10.50%,
12/15/05* 35,875
250,000 AEI Holding Co., 11.50%,
12/15/06* 26,250
100,000 Clark Materials Handling, Inc.,
Sr. Note, Series D, 10.75%,
11/15/06** 15,500
125,000 Murrin Murrin Holdings PTY,
9.375%, 08/31/07 110,000
100,000 Ryerson Tull, Inc., 9.125%,
07/15/06 95,483
-----------
283,108
-----------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
CORPORATE BONDS (CONTINUED)
OFFICE EQUIPMENT & SUPPLIES (1.6%)
$ 275,000 Buhrmann US, Inc., 12.25%,
11/01/09 $ 287,375
475,000 Fisher Scientific International,
Inc., 9.00%, 02/01/08 442,938
300,000 Fisher Scientific International,
Inc., 9.00%, 02/01/08 279,750
475,000 U.S. Office Products Co., Sr.
Sub. Note, 9.75%, 06/15/08 106,875
-----------
1,116,938
-----------
OIL & GAS (2.2%)
100,000 Comstock Resources, Inc., Sr.
Note, 11.25%, 05/01/07 102,000
225,000 Continental Resources, Inc., Sr.
Sub. Note, 10.25%, 08/01/08 202,500
325,000 Forest Oil Corp., Sr. Sub. Note,
10.50%, 01/15/06 332,313
275,000 Pogo Producing Co., Series B,
10.375%, 02/15/09 281,875
200,000 Pride International, Inc.,
9.375%, 05/01/07 201,000
100,000 R&B Falcon Corp., 6.75%, 04/15/05 90,500
200,000 R&B Falcon Corp., 12.25%,
03/15/06 221,000
150,000 Triton Energy Ltd., 8.75%,
04/15/02 149,250
-----------
1,580,438
-----------
PRINTING/PUBLISHING (0.8%)
400,000 Garden State Newspapers, Inc.,
Series B, 8.75%, 10/01/09 366,000
225,000 Hollinger International, Inc.,
Sr. Sub. Note, 9.25%, 03/15/07 223,313
-----------
589,313
-----------
RAILROADS (0.3%)
200,000 Railworks Corp., Sr. Sub. Note,
11.50%, 04/15/09 193,000
-----------
RETAIL/FOOD & DRUG (0.1%)
125,000 Community Distributors, Inc.,
10.25%, 10/15/04 99,375
100,000 Jitney-Jungle Stores of America,
Inc., Sr. Sub. Note, 10.375%,
09/15/07** 1,250
-----------
100,625
-----------
</TABLE>
28 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 31
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
CORPORATE BONDS (CONTINUED)
SERVICES (1.1%)
$ 450,000 Crown Castle International Corp.,
0/10.375%, 05/15/11 $ 276,750
150,000 Crown Castle International Corp.,
10.75%, 08/01/11 153,000
600,000 Crown Castle International Corp.,
0/11.25%, 08/01/11 375,000
-----------
804,750
-----------
SERVICES/COMMERCIAL & CONSUMER (0.3%)
250,000 Sitel Corp., Sr. Sub. Note,
9.25%, 03/15/06 228,750
-----------
STEEL MANUFACTURING/PRODUCTS (0.9%)
250,000 California Steel Industries, Sr.
Note, Series B, 8.50%, 04/01/09 227,500
300,000 Metals USA, Inc., Sr. Sub. Note,
8.625%, 02/15/08 256,500
125,000 National Steel Corp., Series D,
9.875% 03/01/09 105,625
200,000 Republic Technologies
International, 13.75%, 07/15/09 26,000
-----------
615,625
-----------
TELECOMMUNICATIONS/CELLULAR (24.1%)
150,000 Arch Communications, Inc.,
12.75%, 07/01/07 120,750
325,000 CALL-NET Enterprises, Inc.,
0/9.27%, 08/15/07 155,578
225,000 CALL-NET Enterprises, Inc.,
0/8.94%, 08/15/08 88,688
550,000 CALL-NET Enterprises, Inc.,
0/10.80%, 05/15/09 211,750
275,000 Centennial Cellular Corp.,
10.75%, 12/15/08 276,375
300,000 Dolphin Telecom PLC, Series B,
0/14.00%, 05/15/09 106,500
225,000 Exodus Communications, Inc.,
11.625%, 07/15/10* 227,250
1,400,000 Global Crossing Holding Ltd.,
9.50%, 11/15/09 1,350,999
675,000 Hermes Europe Railtel BV, 11.50%,
08/15/07 594,000
600,000 Intermedia Communications, Inc.,
Series B, 0/11.25%, 07/15/07 477,000
300,000 Intermedia Communications, Inc.,
Series B, 8.60%, 06/01/08 277,500
475,000 Intermedia Communications, Inc.,
Series B, 0/12.25%, 03/01/09 282,625
1,000,000 Level 3 Communications, Inc.,
9.13%, 05/01/08 902,499
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
CORPORATE BONDS (CONTINUED)
TELECOMMUNICATIONS/CELLULAR (CONTINUED)
$1,000,000 Level 3 Communications, Inc.,
0/10.50%, 12/01/08 $ 600,000
325,000 Mcleod USA, Inc., 0/10.50%,
03/01/07 269,750
400,000 Mcleod USA, Inc., 8.375%,
03/15/08 368,000
225,000 Mcleod USA, Inc., 9.50%, 11/01/08 219,375
250,000 Mcleod USA, Inc., 8.125%,
02/15/09 226,250
100,000 Metricom, Inc., 13.00%, 02/15/10 67,500
325,000 Metromedia Fiber Network, Inc.,
10.00%, 12/15/09 320,125
600,000 Millicom International Cellular
SA, 0/13.50%, 06/01/06 513,000
50,000 Nextel Communications, Inc.,
0/12.125%, 11/30/04 32,837
25,000 Nextel Communications, Inc.,
0/10.65%, 09/15/07 256,750
1,075,000 Nextel Communications, Inc.,
0/9.95%, 02/15/08 792,813
825,000 Nextel Communications, Inc.,
9.375%, 11/15/09 796,125
81,000 Nextel Partners, Inc., 0/14.00%, 56,700
100,000 NEXTLINK Communications, Inc.,
9.00%, 03/15/08 92,250
325,000 NEXTLINK Communications, Inc.,
10.75% 06/01/09 322,563
1,575,000 NEXTLINK Communications, Inc.,
0/12.25%, 06/01/09 984,374
250,000 Orius Capital Corp., 12.75%,
02/01/10* 258,750
350,000 PSINet, Inc., Series B, 10.00%,
02/15/05 325,500
75,000 PSINet, Inc., 11.50%, 11/01/08 71,625
325,000 PSINet, Inc., Series B, 11.00%,
08/01/09 305,500
475,000 Qwest Communications
International, 0/9.47%, 10/15/07 387,125
175,000 Rhythms Netconnections, 14.00%,
02/15/10* 126,875
150,000 Rogers Cantel, Inc., 8.80%,
10/01/07 150,000
475,000 Telesystem International
Wireless, Inc., Series B,
0/13.25%, 06/30/07 334,875
425,000 Teligent, Inc., 11.50%, 12/01/07 337,875
175,000 Teligent, Inc., Series B,
0/11.50%, 03/01/08 84,875
525,000 Tritel PCS, Inc., 0/12.75%,
05/15/09 349,125
300,000 Triton PCS, Inc., Sr. Sub. Note,
0/11.00%, 05/01/08 220,500
225,000 U.S. Xchange LLC., 15.00%,
07/01/08 245,813
275,000 US Unwired, Inc., 0/13.375%,
11/01/09 152,625
175,000 Verio, Inc., Sr. Note, 11.25%,
12/01/08 195,125
250,000 Verio, Inc., Sr. Note, 10.625%,
11/15/09 273,588
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 29
<PAGE> 32
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
CORPORATE BONDS (CONTINUED)
TELECOMMUNICATIONS/CELLULAR (CONTINUED)
$ 50,000 Viatel, Inc., 11.25%, 04/15/08 $ 37,750
625,000 Viatel, Inc., 0/12.50%, 04/15/08 290,625
100,000 Viatel, Inc., 11.50%, 03/15/09 76,500
875,000 Voicestream Wireless Corp.,
0/10.375%, 11/15/09 591,719
125,000 Voicestream Wireless Corp.,
10.375%, 11/15/09 130,625
600,000 Williams Communications Group,
10.875%, 10/01/09 588,000
559,000 WinStar Communications, Inc.,
0/14.50%, 04/15/10* 268,320
190,000 WinStar Communications, Inc.,
12.75%, 04/15/10* 184,300
-----------
16,977,541
-----------
TEXTILES/APPAREL (0.6%)
375,000 GFSI, Inc., Series B, 9.625%,
03/01/07 271,875
125,000 Glenoit Corp., Sr. Sub. Note,
11.00%, 04/15/07** 18,125
150,000 Pillowtex Corp., Sr. Sub. Note,
10.00%, 11/15/06 54,750
200,000 Pillowtex Corp., Sr. Sub. Note,
Series B, 9.00%, 12/15/07 71,000
-----------
415,750
-----------
TRANSPORTATION (1.6%)
250,000 Allied Holdings, Inc., Sr. Note,
Series B, 8.625%, 10/01/07 222,500
275,000 Gearbulk Holding Ltd., 11.25%,
12/01/04 278,438
50,000 Holt Group, 9.75%, 01/15/06 5,250
275,000 Stena AB, 10.50%, 12/15/05 270,875
400,000 Stena AB, 8.75%, 06/15/07 352,000
50,000 Stena AB, 10.625%, 06/01/08 29,500
-----------
1,158,563
-----------
UTILITIES/POWER PRODUCERS (1.1%)
250,000 Caithness Coso Fund, Sr. Note,
Series B, 9.05%, 12/15/09 245,000
200,000 CMS Energy Corp., Sr. Note,
7.50%, 01/15/09 179,288
325,000 El Paso Electric Co., Series E,
9.40%, 05/01/11 342,719
-----------
767,007
-----------
TOTAL CORPORATE BONDS (cost
$72,039,405) 64,655,647
-----------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
PREFERRED STOCK (2.2%)
BROADCAST MEDIA/CABLE TELEVISION (0.7%)
75 Benedek Communications Corp., Sr.
Note, PIK, 11.50% $ 49,125
4,825 Sinclair Broadcast Group, Inc.,
PIK, HYTOPS, 11.625% 455,963
-----------
505,088
-----------
FOOD PRODUCTS/SERVICES (0.0%)
299 Nebco Evans Holdings Co.,
11.25%** 187
-----------
HEALTHCARE/DIVERSIFIED (0.1%)
626 River Holdings Corp., Series B,
PIK, 11.50% 44,133
-----------
OIL & GAS (0.4%)
247 R&B Falcon Corp., PIK, 13.875% 282,478
-----------
PRINTING/PUBLISHING (1.0%)
2,625 Primedia, Inc., Series D, 10.00% 254,625
1,500 Primedia, Inc., Series E, 9.20% 137,250
3,650 Primedia, Inc., Series H, 8.625% 312,074
-----------
703,949
-----------
TELECOMMUNICATIONS/CELLULAR (0.0%)
27 Nextel Communications, Inc.,
Series E, PIK, 11.125% 26,190
-----------
TOTAL PREFERRED STOCK
(cost $1,680,681) 1,562,025
-----------
WARRANTS (0.4%)
OIL & GAS (0.4%)
50 R&B Falcon Corp., expiring
05/01/09* 262,625
-----------
STEEL MANUFACTURING/PRODUCTS (0.0%)
200 Republic Technologies, expiring
07/15/09 0
-----------
TELECOMMUNICATIONS (0.0%)
175 Metricom, Inc., expiring 02/15/10 3,544
-----------
TOTAL WARRANTS (cost $5,882) 266,169
-----------
</TABLE>
30 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 33
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENT (4.6%)
$3,262,000 Fifth Third Bank, 6.47%,
07/03/00, Collateralized by
$3,459,000 FHARM Pool #786905,
6.637%, 10/01/29, market value
$3,327,240 (cost $3,262,000) $ 3,262,000
-----------
TOTAL INVESTMENTS
(cost $76,987,968) $69,745,841
===========
</TABLE>
-------------------------------------------------------
* Represents a restricted security acquired and eligible for resale under Rule
144A, which limits the resale to certain qualified buyers.
** Bond in default.
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
AB Aktiebolag (Swedish stock company)
BV Private Company
FHARM Freddie Mac Adjustable Rate Mortgage
HYTOPS High Yield Trust Offered Preferred
Securities
LLC Limited Liability Company.
PIK Paid-In-Kind
PLC Public Limited Company (British)
PTY Property
SA Societe Anonyme (French)
</TABLE>
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 31
<PAGE> 34
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
BALANCED FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (59.3%)
AEROSPACE/DEFENSE (0.7%)
6,400 Boeing Co. (The) $ 267,600
1,100 Goodrich (B.F.) Co. 37,469
10,300 Honeywell International, Inc. 346,981
-----------
652,050
-----------
AIRLINES (0.0%)
700 AMR Corp. 18,506
-----------
AUTO PARTS & EQUIPMENT (0.1%)
2,700 Dana Corp. 57,206
5,100 Delphi Automotive Systems Corp. 74,269
-----------
131,475
-----------
AUTOMOBILES (0.9%)
11,000 Ford Motor Co. 473,000
5,600 General Motors Corp. 325,150
1,000 PACCAR, Inc. 39,688
1,440 Visteon Corp. 17,463
-----------
855,301
-----------
BIOTECHNOLOGY (0.0%)
300 Human Genome Sciences, Inc. 40,013
-----------
BROADCAST MEDIA / CABLE TELEVISION (1.8%)
5,900 Comcast Corp. Special Class A 238,950
2,300 Fox Entertainment Group, Inc. * 69,863
7,700 MediaOne Group, Inc. * 511,988
11,900 Time Warner, Inc. 904,399
-----------
1,725,200
-----------
CHEMICALS (0.1%)
2,500 Praxair, Inc. 93,594
-----------
CHEMICALS/DIVERSIFIED (0.3%)
4,100 Air Products & Chemicals, Inc. 126,332
300 Dow Chemical Co. 9,056
3,100 Rohm & Haas Co. 106,950
-----------
242,338
-----------
COMMUNICATION EQUIPMENT (1.1%)
100 Corning, Inc. 26,988
4,800 Lucent Technologies, Inc. 284,400
15,300 Motorola, Inc. 444,656
3,900 Tellabs, Inc. 266,906
-----------
1,022,950
-----------
COMPUTER/HARDWARE (3.1%)
1,600 Apple Computer, Inc.* 83,800
19,400 Dell Computer Corp.* 956,663
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
COMPUTER/HARDWARE (CONTINUED)
1,500 EMC Corp.* $ 115,406
1,600 Hewlett-Packard Co. 199,800
3,200 International Business Machines
Corp. 350,600
1,000 Lexmark International Group,
Inc., Class A* 67,250
12,300 Sun Microsystems, Inc.* 1,118,531
-----------
2,892,050
-----------
COMPUTER DATA SECURITY (0.2%)
2,000 VERITAS Software Corp.* 226,031
-----------
COMPUTER EQUIPMENT (0.2%)
8,700 Compaq Computer Corp. 222,394
-----------
COMPUTER SOFTWARE & SERVICES (7.9%)
800 Adobe Systems, Inc. 104,000
11,900 America Online, Inc.* 627,725
1,700 BMC Software, Inc.* 62,023
39,700 Cisco Systems, Inc.* 2,523,430
2,200 Citrix Systems, Inc.* 41,663
4,200 Computer Associates
International, Inc. 214,988
1,100 DoubleClick, Inc.* 41,938
200 Electronic Data Systems Corp. 8,250
31,600 Microsoft Corp.* 2,527,999
1,000 Network Associates, Inc.* 20,375
5,800 Oracle Corp.* 487,563
2,700 Seagate Technology, Inc.* 148,500
1,600 Siebel Systems, Inc.* 261,700
800 Symantec Corp.* 43,150
1,100 TIBCO Software, Inc.* 117,958
1,400 Yahoo!, Inc.* 173,425
-----------
7,404,687
-----------
CONGLOMERATES (0.7%)
1,500 Ingersoll-Rand Co. 60,375
1,100 ITT Industries, Inc. 33,413
900 Johnson Controls, Inc. 46,181
11,000 Tyco International Ltd. 521,124
500 USG Corp. 15,188
-----------
676,281
-----------
CONSTRUCTION MACHINERY (0.1%)
3,700 Caterpillar, Inc. 125,338
-----------
CONSUMER NON-CYCLICAL (1.3%)
2,400 Clorox Co. (The) 107,550
900 Estee Lauder Co., Inc. (The) --
Class A 44,494
10,000 Gillette Co. (The) 349,375
</TABLE>
32 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 35
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
BALANCED FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
CONSUMER NON-CYCLICAL (CONTINUED)
2,800 Kimberly-Clark Corp. $ 160,650
10,200 Procter & Gamble Co. 583,950
-----------
1,246,019
-----------
CONTAINERS (0.0%)
2,700 Smurfit-Stone Container Corp.* 34,763
-----------
DRUGS (2.6%)
2,700 ALZA Corp.* 159,638
7,600 Eli Lilly & Co. 759,049
500 Forest Labs Class A* 50,500
600 Genzyme Corp. 35,663
200 Incyte Pharmaceuticals, Inc.* 16,438
12,600 Merck & Co., Inc. 965,474
8,200 Pharmacia & Upjohn, Inc. 423,838
-----------
2,410,600
-----------
ELECTRICAL EQUIPMENT (3.7%)
2,300 Agilent Technologies 169,625
6,700 Applied Materials, Inc.* 607,188
1,200 Cooper Industries, Inc. 39,075
900 Eaton Corp. 60,300
2,800 Emerson Electric Co. 169,050
44,300 General Electric Co. 2,347,899
100 Grainger (W.W.), Inc. 3,081
1,600 Rockwell International Corp. 50,400
-----------
3,446,618
-----------
ELECTRONICS (0.1%)
1,500 National Semiconductor Corp.* 85,125
-----------
FINANCIAL (2.3%)
800 A.G. Edwards, Inc.* 31,200
6,600 Associates First Capital Corp. 147,263
1,500 Comerica, Inc. 67,313
400 Financial Securities Assurance
Holdings Ltd. 30,350
7,400 Fannie Mae 386,187
6,100 Freddie Mac 247,050
1,100 Golden West Financial Corp. 44,894
4,500 Goldman Sachs Group, Inc.* 426,937
1,200 Lehman Brothers Holdings, Inc. 113,475
300 Paine Webber Group, Inc. 13,650
700 Providian Financial Corp. 63,000
14,000 Schwab (Charles) Corp. 470,749
4,100 Washington Mutual, Inc. 118,388
-----------
2,160,456
-----------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
FINANCIAL/BANKS (3.4%)
900 AMBAC Financial $ 49,331
1,200 Ameritrade Holding Corp. Class A* 13,950
400 Banknorth Group, Inc. 6,125
5,300 Bank of America Corp. 227,900
2,400 Bank One Corp. 63,750
1,100 Bear Stearns Cos., Inc. 45,788
1,800 Charter One Financial, Inc. 41,400
2,000 CIT Group, Inc. (The) 32,500
24,300 Citigroup, Inc. 1,464,075
1,100 Dime Bancorp, Inc. 17,325
2,600 E*TRADE Group, Inc.* 42,900
800 First Tennessee National Corp. 13,250
9,000 First Union Corp. 223,312
600 FirstMerit Corp. 12,825
6,500 Fleet Boston Corp. 220,999
800 GreenPoint Financial Corp. 15,000
1,000 Hibernia Corp. 10,875
5,200 John Hancock Financial Services,
Inc.* 123,175
3,500 KeyCorp 61,688
900 Marshall & Ilsley Corp. 37,350
500 Mercantile Bankshare Corp. 14,906
1,300 North Fork Bancorp, Inc. 19,663
200 Pacific Century Financial Corp. 2,925
2,700 PNC Bank Corp. 126,563
1,800 SouthTrust Corp. 40,725
700 Sovereign Bancorp, Inc. 4,922
1,700 Summit Bancorp 41,863
600 TCF Financial Corp. 15,413
3,300 TD Waterhouse Group, Inc.* 57,131
7,000 U.S. Bancorp, Class A 134,749
-----------
3,182,378
-----------
FOOD & BEVERAGE (1.7%)
1,300 BestFoods, Inc. 90,025
7,800 Coca-Cola Co. 448,013
3,600 Heinz (H.J.) Co. 157,500
6,600 Kellogg Co. 196,350
4,400 Unilever NV ADR 189,200
2,000 Quaker Oats Co. 150,250
5,700 Seagram Co. Ltd. 330,600
-----------
1,561,938
-----------
HEALTHCARE (4.3%)
8,500 Abbott Laboratories 378,781
7,300 American Home Products Corp. 428,875
400 Bard (C.R.), Inc. 19,250
100 Baxter International, Inc. 7,031
3,500 Becton Dickinson & Co. 100,406
11,100 Bristol-Myers Squibb Co. 646,575
5,200 HCA-THE Healthcare Company 157,950
4,700 Johnson & Johnson Co. 478,813
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 33
<PAGE> 36
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
BALANCED FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
HEALTHCARE (CONTINUED)
4,000 Medtronic, Inc. $ 199,250
15,950 Pfizer, Inc. 765,599
9,600 Schering-Plough Corp.* 484,800
1,100 St. Jude Medical, Inc.* 50,463
4,300 Tenet Healthcare Corp. 116,100
900 UnitedHealth Group, Inc. 77,175
500 Watson Pharmaceutical, Inc.* 26,875
900 Wellpoint Health Networks, Inc.* 65,194
-----------
4,003,137
-----------
HOTELS/MOTELS (0.2%)
6,300 Cendant Corp. 88,201
600 International Game Technology* 15,900
2,100 Marriott International, Inc.,
Class A 75,731
1,700 Starwood Hotels & Resorts
Worldwide 54,931
-----------
234,763
-----------
INSURANCE (1.7%)
1,900 Aetna, Inc. 121,956
2,200 American International Group,
Inc. 258,500
500 AON Corp. 15,531
5,500 AXA Financial, Inc. 187,000
1,800 CIGNA Corp. 168,300
3,100 Hartford Financial Services Group 173,406
2,600 Lincoln National Corp. 93,925
1,400 MBIA, Inc. 67,463
10,100 MetLife, Inc.* 212,731
12,200 The Allstate Corp. 271,450
1,700 Torchmark Corp. 41,969
-----------
1,612,231
-----------
INVESTMENT MANAGEMENT (0.6%)
2,500 Franklin Resources, Inc. 75,938
3,900 Merrill Lynch & Co., Inc. 448,500
-----------
524,438
-----------
LEISURE PRODUCTS (0.1%)
1,800 Hasbro, Inc. 27,113
3,700 Mattel, Inc. 48,793
-----------
75,906
-----------
MANUFACTURING/DIVERSIFIED (0.1%)
2,600 PPG Industries, Inc. 115,213
-----------
METALS & MINING (0.3%)
11,200 Alcoa, Inc. 324,800
-----------
OFFICE EQUIPMENT & SUPPLIES (0.1%)
2,600 Xerox Corp. 53,950
-----------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
OIL & GAS (3.5%)
600 Apache Corp. $ 35,288
4,000 Chevron Corp. 339,250
600 Columbia Energy Group 39,375
3,300 Conoco, Inc. 81,056
300 Cooper Cameron Corp.* 19,800
500 Devon Energy Corp. 28,094
1,400 El Paso Energy Corp. 71,313
100 Enron Corp. 6,450
20,300 Exxon Mobil Corp. 1,593,549
13,300 Royal Dutch Petroleum Co. ADR 818,780
2,800 Texaco, Inc. 149,100
2,400 The Williams Cos., Inc. 100,050
-----------
3,282,105
-----------
OIL EQUIPMENT & SERVICES (0.2%)
1,800 Baker Hughes, Inc. 57,600
900 Dynegy, Inc. 61,481
900 Global Marine, Inc.* 25,369
-----------
144,450
-----------
PAPER & FOREST PRODUCTS (0.3%)
600 Bowater, Inc. 26,475
2,600 Fort James Corp. 60,125
200 Georgia Pacific Corp. 5,250
4,600 International Paper Co. 137,138
700 Temple-Inland, Inc. 29,400
-----------
258,388
-----------
PHOTOGRAPHIC (0.2%)
2,700 Eastman Kodak Co. 160,650
-----------
PRINTING & PUBLISHING (0.2%)
2,300 Gannett Co., Inc. 137,569
800 Knight-Ridder, Inc. 42,550
600 The New York Times Co., Class A 23,700
-----------
203,819
-----------
RAILROADS (0.3%)
4,200 Burlington Northern Santa Fe
Corp. 96,337
900 CSX Corp. 19,069
3,400 Norfolk Southern Corp. 50,575
2,400 Union Pacific Corp. 89,250
2,900 Union Pacific Resources Group,
Inc. 63,800
-----------
319,031
-----------
RESTAURANTS (0.4%)
10,200 McDonald's Corp. 335,963
-----------
</TABLE>
34 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 37
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
BALANCED FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
RETAIL (3.2%)
1,700 Circuit City Stores-Circuit City
Group $ 56,419
1,900 Federated Department Stores,
Inc.* 64,125
9,100 Gap, Inc. 284,375
7,500 Home Depot, Inc. 374,530
1,900 Jones Apparel Group, Inc.* 44,650
4,000 Limited, Inc. (The) 86,500
3,100 Lowe's Cos., Inc. 127,294
1,100 Nordstrom, Inc. 26,538
2,100 Penney (J.C), Co., Inc. 38,719
2,900 Sears, Roebuck & Co. 94,613
4,100 Target Corp. 237,800
2,600 The May Department Stores Co. 62,400
2,800 TJX Cos., Inc. 52,500
26,100 Wal-Mart Stores, Inc. 1,504,012
-----------
3,054,475
-----------
RETAIL/FOOD & DRUG (0.1%)
6,700 Kroger Co. 147,819
-----------
SEMICONDUCTORS (4.0%)
1,100 Advanced Micro Devices, Inc.* 84,975
1,500 Altera Corp.* 152,906
19,700 Intel Corp. 2,633,643
400 Lattice Semiconductor Corp. 27,650
11,600 Texas Instruments, Inc. 796,775
-----------
3,695,949
-----------
STEEL (0.0%)
900 Allegheny Teledyne, Inc. 16,200
900 Nucor Corp. 29,869
-----------
46,069
-----------
TELECOMMUNICATIONS (5.5%)
800 Allegiance Telecom, Inc.* 51,200
1,900 ALLTEL Corp. 117,681
9,400 AT&T Corp. 297,275
11,000 AT&T Liberty Media Group* 266,750
5,100 Bell Atlantic Corp. 259,144
5,600 Global Crossing Ltd. ADR* 147,350
9,200 GTE Corp. 572,700
21,800 Nortel Networks Corp., ADR 1,487,849
1,300 QUALCOMM, Inc.* 78,000
18,600 SBC Communications, Inc. 804,450
3,600 Sprint Corp. (PCS Group)* 214,200
900 U.S. West, Inc. 77,175
17,200 Worldcom, Inc. 789,050
-----------
5,162,824
-----------
TIRE & RUBBER (0.0%)
2,600 Goodyear Tire & Rubber Co. 52,000
-----------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
TOBACCO (0.7%)
23,400 Philip Morris Cos., Inc. $ 621,563
-----------
TRANSPORTATION SERVICES, N.E.C. (0.0%)
400 C.H. Robinson Worldwide, Inc. 19,800
-----------
UTILITIES (1.0%)
1,000 Allegheny Energy, Inc. 27,375
400 Ameren Corp. 13,500
3,300 C P & L Energy Inc. 105,393
1,800 Cinergy Corp. 45,788
1,100 CMS Energy Corp. 24,338
1,900 Consolidated Edison, Inc. 56,288
1,700 Dominion Resources, Inc. 72,888
1,800 DTE Energy Co. 55,013
3,700 Edison International 75,850
2,200 Entergy Corp. 59,813
2,000 Florida Power & Light, Inc. 98,999
1,300 GPU, Inc. 35,181
1,300 NiSource, Inc. 24,213
4,300 PG&E Corp. 105,887
900 Pinnacle West Capital Corp. 30,488
1,600 PP&L Resources, Inc. 35,100
2,900 TXU Corp. 85,549
1,200 Wisconsin Energy Corp. 23,775
-----------
975,438
-----------
TOTAL COMMON STOCK
(cost $55,763,411) 55,880,886
-----------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
CANADIAN BONDS (0.5%)
FOREIGN GOVERNMENT (0.5%)
$ 500,000 Ontario (Province of), 7.625%,
06/22/04 $ 505,701
-----------
TOTAL CANADIAN BONDS
(cost $499,722) 505,701
-----------
CORPORATE BONDS (9.7%)
AUTOMOTIVE PARTS AND SUPPLIES (0.0%)
125,000 Breed Technologies, Inc., 9.25%,
04/15/08 781
-----------
BANKS (2.4%)
725,000 Bank of America Corp., 6.625%,
6/15/04 704,168
696,821 First Union -- Chase Commercial
Mortgage, 6.363%, 06/15/08 671,135
854,000 Nationsbank Credit Card Master
Trust, Series 1995, 6.45%
04/15/03 853,539
-----------
2,228,842
-----------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 35
<PAGE> 38
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
BALANCED FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
CORPORATE BONDS (CONTINUED)
BROADCAST MEDIA/CABLE TELEVISION (1.1%)
$ 13,844 Adelphia Communication, 9.50%,
02/15/04 $ 13,359
700,000 Tci Communications, Inc., 7.875%,
02/15/26 695,337
350,000 Time Warner, Inc., 8.11%,
08/15/06 356,644
-----------
1,065,340
-----------
CHEMICALS (0.4%)
400,000 Du Pont (E.I.) De Nemours & Co.,
6.75%, 10/15/04 394,993
-----------
COMMERCIAL MACHINES AND EQUIPMENT (0.1%)
125,000 Primark Corp., 9.25%, 12/15/08 137,500
-----------
ELECTRIC UTILITIES (1.0%)
325,000 FPL Group Capital, Inc., 7.625%,
09/15/06 325,347
600,000 FPL Group Capital, Inc., 7.375%,
06/01/09 584,219
-----------
909,566
-----------
FINANCIAL PRODUCTS/SERVICES (1.0%)
925,000 Ford Motor Credit Co., 7.375%,
10/28/09 894,956
-----------
HOTELS/MOTELS (0.2%)
150,000 Cendant Corp., 7.75%, 12/01/03 144,860
-----------
LEASE/RENTAL (0.1%)
150,000 DVI, Inc., 9.875%, 02/01/04 136,500
-----------
OIL & GAS (0.4%)
80,000 Amerada Hess Corp., 7.875%,
10/01/29 78,506
300,000 Enron Corp., 6.95%, 07/15/28 263,826
-----------
342,332
-----------
SECURITY BROKERS AND DEALERS (1.4%)
700,234 Morgan Stanley Capital I, 5.91%,
04/15/08 665,088
665,533 Morgan Stanley Capital I, 6.22%,
06/03/30 642,559
-----------
1,307,647
-----------
SHIPPING/TRANSPORTATION (0.1%)
125,000 Teekay Shipping Corp., 8.32%,
02/01/08 115,000
-----------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
CORPORATE BONDS (CONTINUED)
TELECOMMUNICATIONS (1.5%)
$ 275,000 Dominion Resources, Inc., 8.125%,
06/15/10 $ 277,534
425,000 GTE Corp., 6.94%, 04/15/28 375,334
300,000 Sprint Capital Corp., 5.70%,
11/15/03 284,504
500,000 Tele-Communications, Inc., 7.875%
08/01/13 503,942
-----------
1,441,314
-----------
TOTAL CORPORATE BONDS
(cost $9,247,528) 9,119,631
-----------
MORTGAGE-BACKED SECURITIES (21.0%)
FINANCIAL SERVICES (3.9%)
573,712 Contimortgage Home Equity Loan
Trust, 6.13%, 03/15/13 570,815
805,000 CS First Boston Mortgage
Securites Corp., 6.52%, 07/17/07 774,823
1,000,000 LB Commercial Conduit Mortgage
Trust, 6.48%, 01/18/08 939,400
830,000 Merrill Lynch Mortgage Investor,
Inc., 6.39%, 02/15/30 781,254
656,961 Morgan Stanley Capital I, 6.34%,
11/15/07 635,209
-----------
3,701,501
-----------
U.S. GOVERNMENT AGENCY (17.1%)
86,025 FNMA, Pool #407401, 6.50%,
04/01/13 83,007
27,221 FNMA, Pool #428239, 6.50%,
06/01/13 26,266
30,145 FNMA, 6.50%, 06/01/13 29,136
300,000 FNMA, 7.00%, 05/01/15 294,287
244,458 FNMA, Pool #436695, 6.50%,
07/01/28 230,672
23,826 FNMA, Pool #450027, 6.00%,
12/01/28 21,838
789,608 FNMA, Pool #481553, 6.00%,
01/01/29 723,714
37,901 FNMA, Pool #459901, 6.50%,
01/01/29 35,764
288,720 FNMA, Pool #323542, 7.00%,
02/01/29 279,111
73,526 FNMA, Pool #482441, 7.00%,
03/01/29 70,985
915,024 FNMA, Pool #479527, 6.50%,
06/01/29 863,039
927,479 FNMA, Pool #507069, 6.50%,
07/01/29 874,786
54,052 FNMA, Pool #507401, 6.50%,
07/01/29 50,981
854,566 FNMA, Pool #252645, 6.50%,
08/01/29 806,016
</TABLE>
36 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 39
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
BALANCED FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
MORTGAGE-BACKED SECURITIES (CONTINUED)
U.S. GOVERNMENT AGENCY (CONTINUED)
$ 658,562 FNMA, Pool #508502, 6.50%,
08/01/29 $ 621,147
25,999 FNMA, Pool #508698, 6.50%,
08/01/29 24,521
29,830 FNMA, Pool #509846, 6.50%,
08/01/29 28,135
117,408 FNMA, Pool #509440, 6.50%,
10/01/29 110,738
23,513 FNMA, Pool #511229, 6.50%,
10/01/29 22,178
80,687 FNMA, Pool #519775, 6.50%,
11/01/29 76,103
25,885 FNMA, Pool #524306, 7.00%,
01/01/29 24,991
490,766 FNMA, Pool #527781, 7.00%,
02/01/30 473,654
481,935 FNMA, Pool #536215, 7.00%,
04/01/30 465,283
783,219 FNMA, Pool #532520, 7.00%,
04/01/30 755,909
27,131 FNMA, Pool #530842, 7.00%,
04/01/30 26,185
499,655 FNMA, 7.50%, 05/01/30 492,437
999,265 FNMA, 7.50%, 05/01/30 985,624
208,581 FNMA, Pool #533743, 8.00%,
05/01/30 209,502
591,059 FNMA, Pool #539460, 8.00%,
05/01/30 593,668
246,176 FNMA, Pool #540973, 8.00%,
05/01/30 247,262
326,751 FNMA, Pool #534358, 8.00%,
05/01/30 328,194
426,500 FNMA, Pool #534237, 8.00%,
06/01/30 428,384
2,000,000 FNMA, 7.00%, 07/01/30** 1,929,375
150,000 FNMA, 8.00%, 07/01/30** 150,563
400,000 FNMA, 7.50%, 07/17/30** 394,000
1,600,000 FNMA Dwarf TBA, 07/20/15 1,593,500
1,000,000 FNMA TBA, 6.00%, 07/01/30 914,375
800,000 FNMA TBA, 6.50%, 07/01/30 753,750
-----------
16,039,080
-----------
TOTAL MORTGAGE-BACKED SECURITIES
(cost $19,823,397) 19,740,581
-----------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
U.S. GOVERNMENT AND AGENCY
LONG-TERM OBLIGATIONS (7.5%)
$1,250,000 FHLMC, 6.25%, 07/15/04 $ 1,215,383
500,000 U.S. Treasury Bond, 8.875%,
02/15/19 642,188
130,000 U.S. Treasury Bond, 6.125%,
03/31/02 131,381
955,000 U.S. Treasury Bond, 6.75%,
08/15/26 1,026,327
300,000 U.S. Treasury Note, 5.375%,
06/30/03 292,219
2,590,000 U.S. Treasury Note, 6.00%,
08/15/04 2,565,718
280,000 U.S. Treasury Note, 6.00%,
08/15/09 277,725
2,000,000 U.S. Treasury Strip, 0.00%,
05/15/18 662,558
1,000,000 U.S. Treasury Strip, 0.00%,
08/15/21 273,739
-----------
TOTAL U.S. GOVERNMENT AND AGENCY
LONG-TERM OBLIGATIONS
(cost $6,972,740) 7,087,238
-----------
REPURCHASE AGREEMENT (7.7%)
7,203,000 Fifth Third Bank, 6.47%,
07/03/00, Collateralized by
$7,370,000 FNMB Pool #313140,
7.5%, 10/01/11, market value
$7,347,060 (cost $7,203,000) 7,203,000
-----------
TOTAL INVESTMENTS
(cost $99,509,798) $99,537,037
===========
</TABLE>
-------------------------------------------------------
* Denotes a non-income producing security.
** Denotes a restricted security acquired and eligible for resale under rule
(44A) which limits the resale to certain qualified buyers.
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
ADR American Depositary Receipt
FHLMC Federal Home Loan Mortgage Corporation
FNMA Federal National Mortgage Association
FNMB Federal National Mortgage Bank
TBA To Be Announced
NV Naankize Vennootschap (Dutch corporation)
</TABLE>
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 37
<PAGE> 40
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
MULTI SECTOR BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
CORPORATE BONDS (27.1%)
AEROSPACE/DEFENSE (0.4%)
$ 300,000 Lockheed Martin, 8.50%,
12/01/29 $ 305,478
100,000 Raytheon Co., 6.15%, 11/01/08 88,751
125,000 Stellex Industries, Inc.,
Series B, 9.50%, 11/01/07***** 11,875
------------
406,104
------------
AUTO PARTS & EQUIPMENT (0.8%)
400,000 Hayes Lemmerz International,
Inc., Series B, 8.25%,
12/15/08 338,000
300,000 Tenneco Automotive, Inc.,
11.625%, 10/15/09 267,000
220,000 TRW, Inc., 8.75%, 05/15/06 224,118
------------
829,118
------------
BANKING (2.7%)
295,000 Bank One Corp., 6.00%,
02/17/09 264,806
240,000 Chase Manhattan Corp., 7.00%,
11/15/09 226,417
94,000,000 KFW International Finance,
2.05%, 09/21/09 (JPY) 918,496
355,000 PNC Funding Corp., 7.50%,
11/01/09 342,471
110,000 PNC Institutional Capital A,
7.95%, 12/15/26* 94,743
550,000 PTC International Finance BV,
10.75%, 07/01/07 390,500
185,000 State Street Corp., 7.65%,
06/15/10 184,173
180,000 Sudwest Landes Bank, 17.50%,
05/05/03 (PLN) 41,809
225,000 Washington Mutual Capital I,
8.375%, 06/01/27 200,200
------------
2,663,615
------------
BROADCAST MEDIA/TELEVISION (4.6%)
125,000 Adelphia Communications Corp.,
Series B, 9.875%, 03/01/07 119,688
750,000 Adelphia Communications Corp.,
9.375%, 11/15/09 693,749
450,000 Callahan Nordrhein-Westf.,
14.00%, 07/15/10* 450,162
500,000 Chancellor Media Corp., Sr.
Sub. Note, 9.00%, 10/01/08 514,999
350,000 Charter Communications LLC,
Series B, 10.25%, 01/15/10 338,625
220,000 Clear Channel Communications,
7.875%, 06/15/05 221,065
425,000 CSC Holdings, Inc., 7.25%,
07/15/08 394,334
125,000 CSC Holdings, Inc., 7.625%,
07/15/18 112,113
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
CORPORATE BONDS (CONTINUED)
BROADCAST MEDIA/TELEVISION (CONTINUED)
$ 250,000 Echostar DBS Corp., 9.375%,
02/01/09 $ 240,000
290,000 News America Holdings, 8.875%,
04/26/23 297,198
575,000 RCN Corp., 0/11.125%, 10/15/07 359,375
150,000 Telewest Communications PLC,
0/11.00%, 10/01/07 142,125
425,000 Telewest Communications, PLC,
0/9.25%, 04/15/09* 229,500
180,000 Time Warner Inc., 6.63%,
05/15/29 151,370
300,000 United Pan-Europe
Communications, 10.875%,
08/01/09 261,000
------------
4,525,303
------------
CHEMICALS/PLASTICS (0.3%)
300,000 Huntsman Corp., 10.125%,
07/01/09* 302,250
------------
COMPUTERS/COMPUTER HARDWARE (0.2%)
215,000 IBM Corp., 6.50%, 01/15/28 194,186
------------
CONSTRUCTION & BUILDING MATERIALS (0.4%)
490,000 Nortek, Inc., 8.875%, 08/01/08 443,450
------------
ENVIRONMENTAL CONTROLS (0.8%)
900,000 Waste Management, Inc.,
7.125%, 10/01/07 805,835
------------
FINANCIAL PRODUCTS/SERVICES (2.4%)
450,000 Ford Motor Credit Co., 7.375%,
10/28/09 435,385
450,000 General Electric Capital
Corp., 8.00%, 12/29/00 307,279
315,000 GMAC, 7.75%, 01/19/10 313,138
350,000 Hartford Financial Services,
7.90%, 06/15/10 349,543
235,000 Household Finance Co., 5.875%,
02/01/09 204,137
325,000 Lehman Holdings, Inc., 8.25%,
06/15/07 325,284
330,000 Merrill Lynch & Co., 5.97%,
09/11/00, (CAD) 222,593
30,000 Merrill Lynch & Co., 6.00%,
11/15/04 28,344
200,000 TPSA Finance BV, 7.75%,
12/10/08* 184,221
------------
2,369,924
------------
</TABLE>
38 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 41
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
MULTI SECTOR BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
CORPORATE BONDS (CONTINUED)
FOOD PRODUCTS/SERVICES (0.3%)
$ 300,000 Smithfield Foods, Inc.,
7.625%, 02/15/08 $ 268,500
------------
HEALTHCARE/HEALTHCARE SERVICES (1.7%)
500,000 Columbia/HCA Healthcare Corp.,
6.91%, 06/15/05 456,753
425,000 Columbia/HCA Healthcare Corp.,
7.25%, 05/20/08 378,485
250,000 Fresenius Medical Care Capital
Trust I, 9.00%, 12/01/06 237,500
625,000 Tenet Healthcare Corp., Series
B, 8.125%, 12/01/08 571,875
------------
1,644,613
------------
HOTELS/CASINOS (3.3%)
625,000 Harrah's Operating Co., Inc.,
7.875%, 12/15/05 587,500
425,000 Hilton Hotels, 7.95%, 04/15/07 399,723
125,000 HMH Properties, Inc., Series
C, 8.45%, 12/01/08 115,781
650,000 HMH Properties, Inc., Sr.
Note, Series A, 7.875%,
08/01/05 601,249
125,000 HMH Properties, Inc., Sr.
Note, Series B, 7.875%,
08/01/08 112,188
275,000 Horseshoe Gaming Holdings,
8.625%, 05/15/09 259,188
475,000 International Game Technology,
8.375%, 05/15/09 448,875
350,000 Park Place Entertainment,
7.875%, 12/15/05 329,000
375,000 Station Casinos, 8.88%,
12/01/08 357,188
------------
3,210,692
------------
INSURANCE (0.9%)
170,000 Anthem Insurance, 9.00%,
04/01/27* 137,224
265,000 Metropolitan Life Insurance
Co., 7.80%, 11/01/25 249,274
500,000 Prudential Insurance Co.,
8.30%, 07/01/25 505,480
------------
891,978
------------
MANUFACTURING (0.2%)
250,000 Pacifica Papers, Inc., 10.00%
03/15/09 245,625
------------
METALS/MINING (0.1%)
125,000 Murrin Murrin Holdings,
9.375%, 08/31/07 108,125
------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
CORPORATE BONDS (CONTINUED)
MOTOR VEHICLES (0.5%)
$ 500,000 Daimler Chrysler Corp.,
7.125%, 03/01/02 $ 499,733
------------
OIL & GAS (0.3%)
350,000 Union Oil of California,
7.35%, 06/15/09 339,936
------------
PAPER & FOREST PRODUCTS (0.2%)
200,000 Tjiwi Kimia International BV,
13.25%, 08/01/01 175,434
------------
REAL ESTATE INVESTMENT/MANAGEMENT (0.1%)
150,000 Spieker Properties, LP.,
7.25%, 05/01/09 139,619
------------
RETAIL (1.1%)
355,000 Federated Department Stores,
6.90%, 04/01/29 295,736
350,000 Kroger Co., 8.05%, 02/01/10 347,808
500,000 Wal-Mart Stores, 7.55%,
02/15/30 510,965
------------
1,154,509
------------
TELECOMMUNICATIONS (5.5%)
210,000 BellSouth Telecommunications,
6.375%, 06/01/28 173,268
125,000 Centennial Cellular Corp.,
10.75%, 12/15/08 121,406
220,000 Deutsche Telekom, 8.00%,
06/15/10 221,779
360,000 Exodus Communications, Inc.,
11.625%, 07/15/10* 363,600
500,000 Global Crossing Holding Co.,
Ltd., 9.63%, 05/15/08 485,000
135,000 GTE Corp., 6.94%, 04/15/28 119,224
450,000 Intermedia Communications
Inc., Series B, 0/11.25%,
07/15/07 353,250
200,000 Intermedia Communications,
Inc., 8.50%, 01/15/08 184,000
500,000 Level Three Communications
Inc., 0/12.875%, 03/15/10* 273,750
750,000 Nextel Communications, Inc.,
0/10.65%, 09/15/07 588,749
325,000 Nextel Communications, Inc.,
0/9.75%, 10/31/07 241,313
250,000 Nextlink Communications,
10.75% 11/15/08 246,250
350,000 Nextlink Communications,
0/12.25%, 06/01/09 215,250
390,000 PSINet, Inc., Series B,
10.00%, 02/15/05 358,800
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 39
<PAGE> 42
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
MULTI SECTOR BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
CORPORATE BONDS (CONTINUED)
TELECOMMUNICATIONS (CONTINUED)
$ 525,000 RSL Communications PLC,
9.125%, 03/01/08 $ 341,250
300,000 Sprint Capital Corp., 5.70%,
11/15/03 284,504
1,050,000 WinStar Communications, Inc.,
0/14.50%, 04/15/10* 488,249
515,000 Worldcom Inc., 6.95%, 08/15/28 455,010
------------
5,514,652
------------
UTILITIES/POWER PRODUCERS (0.3%)
300,000 CMS Energy Corp., Sr. Note,
7.50%, 01/15/09 268,361
------------
TOTAL CORPORATE BONDS
(cost $27,041,113) 27,001,562
------------
MORTGAGE-BACKED SECURITIES (25.9%)
FINANCIAL/DIVERSIFIED (0.9%)
400,000 Contimortgage Home Equity Loan
Trust, Series 1999-3, Class B,
7.00%, 12/25/29 358,488
48,403 First Union Residential
Securitization, Series 1998-A
B2, 7.00%, 8/25/28, 42,894
73,313 PNC Mortgage Securities Corp.,
Class 1998-4, Series 3B3,
6.75%, 05/25/28 63,289
97,796 PNC Mortgage Securities Corp.,
6.8306%, 05/25/28 85,730
97,113 PNC Mortgage Securities Corp.,
Class 1998-5, Series CB3,
6.7348%, 7/25/28 84,065
255,228 PNC Mortgage Securities Corp.,
Class 1999-2, Series DB3,
6.9054%, 04/25/29 222,676
------------
857,142
------------
U.S. GOVERNMENT AGENCY (25.0%)
150 FHLMC, IE, Series 1103, Class
N, 1156.5%, 06/15/21 4,653
13,000,000 FNMA, 7.00%, 07/01/30** 12,540,944
3,000,000 FNMA, 8.00%, 07/01/30** 3,011,250
9,500,000 FNMA, 7.50%, 07/17/30** 9,357,500
------------
24,914,347
------------
TOTAL MORTGAGE-BACKED
SECURITIES
(cost $25,740,713) 25,771,489
------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
SHORT TERM NOTES (0.3%)
TURKEY (0.3%)
$ 250,000 Turkish Convertibility Linked
Note, 0.00%, 08/07/00* $ 260,625
------------
TOTAL SHORT TERM NOTES
(cost $251,580) 260,625
------------
SOVEREIGN BONDS (22.7%)
ALGERIA (0.3%)
350,000 Algeria Tranche 3, 6.375%,
03/04/10 270,375
------------
ARGENTINA (1.1%)
740,000 Republic of Argentina, 7.375%,
3/31/05*** 677,273
450,000 Republic of Argentina, 11.75%,
04/07/09 418,500
30,000 Republic of Argentina, 11.75%,
06/15/15 27,150
------------
1,122,923
------------
BRAZIL (1.6%)
200,000 Federal Republic of Brazil,
14.50%, 10/15/09 213,500
958,038 Federal Republic of Brazil, C-
Bond, 8.00%, 04/15/14 705,388
350,000 Republic of Brazil DCB,
7.438%, 04/15/12*** 258,313
189,637 Republic of Brazil C-Bond,
Series L, 8.00%, 04/15/14 139,626
300,000 Republic of Brazil, 12.25%,
03/06/30 275,250
------------
1,592,077
------------
BULGARIA (0.2%)
300,000 National Republic of Bulgaria,
7.0625%, 07/28/11*** 240,590
------------
COLUMBIA (0.5%)
350,000 Republic of Columbia, 10.875%,
03/09/04 326,375
200,000 Republic of Columbia, 11.75%,
02/25/20 164,000
------------
490,375
------------
ECUADOR (0.2%)
450,000 Republic of Ecuador, 4.00%,
02/25/25***** 149,625
------------
FRANCE (3.8%)
3,900,000 Government of France, 5.25%,
04/25/08 (EUR) 3,732,769
------------
</TABLE>
40 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 43
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
MULTI SECTOR BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
SOVEREIGN BONDS (CONTINUED)
GERMANY (6.5%)
$ 3,720,000 Deutschland Republic, 5.625%,
01/04/28 (EUR) $ 3,612,279
2,650,000 Treuhananstalt, 7.50%,
09/09/04 (EUR) 2,759,854
------------
6,372,133
------------
GREECE (0.8%)
290,000,000 Hellenic Republic, 9.70%,
05/27/01 844,154
------------
ITALY (0.3%)
235,000 Buoni Poliennali Del Teson,
9.50%, 02/01/01, (EUR) 231,132
120,000 Buoni Poliennali Del Teson,
5.25%, 11/01/29, (EUR) 105,092
------------
336,224
------------
IVORY COAST (0.0%)
225,000 Ivory Coast, FLIRB, 2.00%,
03/29/18**** 35,231
------------
MEXICO (1.3%)
750,000 United Mexican States,
10.375%, 02/17/09 795,000
125,000 United Mexican States,
11.375%, 09/15/16 142,813
200,000 United Mexican States, 6.25%,
Series W-B, 12/31/19 167,000
250,000 United Mexican States, 6.25%,
Series W-A, 12/31/19 208,750
------------
1,313,563
------------
MOROCCO (0.2%)
263,985 Kingdom of Morocco, R & C A,
7.75%, 01/01/09*** 236,267
------------
PERU (0.3%)
150,000 Republic of Peru, 3.25,
03/07/17*** 90,188
250,000 Republic of Peru FLIRB, 2.00%,
03/17/17*** 166,875
------------
257,063
------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
SOVEREIGN BONDS (CONTINUED)
PHILIPPINES (0.5%)
$ 100,000 Bangko Sentral Pilipinas,
8.60%, 06/15/27 $ 71,000
125,000 Republic of Philippines,
9.875%, 01/15/19 102,188
400,000 Republic of Philippines,
10.625%, 03/16/25 342,000
------------
515,188
------------
RUSSIA (0.8%)
200,000 Ministry Finance Russia,
10.00%, 06/26/07 154,280
800,000 Russian Federation, 12.75%,
06/24/28 686,520
------------
840,800
------------
SPAIN (4.1%)
4,000,000 Bonos Y Oblig Del Estado,
5.15%, 07/30/09 (EUR) 3,736,465
330,000 Bonos Y Oblig Del Estado,
6.15%, 01/31/13 (EUR) 330,161
------------
4,066,626
------------
SWEDEN (0.1%)
900,000 Sweden Government, 10.25%,
05/05/03 (SEK) 115,877
------------
VENEZUELA (0.1%)
178,570 Venezuela Government, FLIRB,
Series A, 7.875%, 12/18/07*** 145,758
------------
TOTAL SOVEREIGN BONDS
(cost $21,935,906) 22,677,618
------------
U.S. GOVERNMENT OBLIGATIONS (12.8%)
U.S. GOVERNMENT TREASURY (12.8%)
700,000 U.S. Treasury Bond, 6.125%,
03/31/02 707,438
1,000,000 U.S. Treasury Bond, 5.25%,
11/15/28 885,000
1,000,000 U.S. Treasury Bond, 5.25%,
02/15/29 887,188
1,000,000 U.S. Treasury Note, 6.50%,
03/31/02 1,000,313
1,000,000 U.S. Treasury Note, 5.88%,
11/15/04 985,000
3,000,000 U.S. Treasury Note, 7.50%,
02/15/05 3,146,250
5,150,000 U.S. Treasury Note, 6.00%,
08/15/09 5,108,155
------------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(cost $12,788,279) 12,719,344
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 41
<PAGE> 44
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
MULTI SECTOR BOND FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENT (35.4%)
$ 35,201,000 Fifth Third Bank,
6.47%,07/03/00, Collateralized
by $35,892,307 FNMA Pool
#535198, 8.00%, 03/01/30,
market value $35,905,020 (cost
$35,201,000) $ 35,201,000
------------
TOTAL INVESTMENTS
(cost $122,958,591) $123,631,638
============
</TABLE>
--------------------------------------------------------------------------------
FOREIGN CURRENCY CONTRACTS
<TABLE>
<CAPTION>
CONTRACT VALUE MARKET VALUE APPRECIATION
CURRENCY PURCHASED: (U.S.$) (U.S.$) (DEPRECIATION) DELIVERY DATE
------------------- -------------- ------------ -------------- -------------
<S> <C> <C> <C> <C>
Canadian Dollar $1,694,685 $1,688,558 $ (6,127) 09/06/00
---------- ---------- ---------
TOTAL CURRENCY PURCHASED $1,694,685 $1,688,558 $ (6127)
========== ========== =========
CURRENCY SOLD:
-------------
Euro $ 520,000 $ 528,053 $ 8,053 07/28/00
Euro 6,988,593 6,826,947 310,301 07/26/00
Japanese Yen 863,525 879,609 13,084 07/26/00
---------- ---------- ---------
TOTAL CURRENCY SOLD $8,372,118 $8,234,610 $ 331,438
========== ========== =========
NET RECEIVABLE FOR FORWARD CURRENCY CONTRACT PURCHASED AND SOLD $(337,566)
=========
</TABLE>
--------------------------------------------------------------------------------
* Represents a restricted security acquired and eligible for sale under rule
144A, which limits the resale to certain qualified buyers.
** Mortgage Dollar Roll.
*** Variable rate security. The rate reflected in the Statement of Investments
is the rate in effect on June 30, 2000.
**** Variable security in default.
***** Security in default.
Securities denominated in foreign currencies are shown at their U.S. dollar cost
and value.
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
BV Private Company
CAD Canadian Dollar
C-Bond Capitalization Bond
DCB Debt Conversion Bond
EUR Euro
FHLMC Federal Home Loan Mortgage Corporation
FLIRB Front-Loaded Interest Reduction Bond
FNMA Federal National Mortgage Association
IE IOETTE
JPY Japanese Yen
LLC Limited Liability Company
LP Limited Partnership
PAR Issued at Face Value
PLC Public Limited Company (British or Irish)
PLN Polish Zloty
R&C A Restructuring and Consolidation Agreement
SEK Swedish Kroner
</TABLE>
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
42 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 45
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
SMALL CAP VALUE FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (102.3%)
APPAREL (1.1%)
60,000 Brown Shoe Company, Inc. $ 780,000
4,400 Phillips-Van Heusen Corp. 41,800
89,400 Reebok International Ltd.* 1,424,813
------------
2,246,613
------------
BROADCASTING & TELEVISION (0.7%)
155,300 Cumulus Media, Inc. Class A* 1,417,113
------------
BUSINESS SERVICES (3.1%)
36,000 CDI Corp.* 733,500
71,600 Interim Services, Inc.* 1,270,900
209,800 Kforce.com, Inc.* 1,455,488
147,400 Profit Recovery Group
International, Inc.* 2,450,525
28,000 Superior Consultant Holdings
Ltd.* 133,000
------------
6,043,413
------------
CHEMICALS (7.5%)
171,600 Agrium, Inc. 1,480,050
195,300 Crompton Corp. 2,392,425
116,900 Geon Co. 2,162,650
186,700 Hanna (M.A.) Co. 1,680,300
198,000 IMC Global, Inc. 2,574,000
1,900 Lubrizol Corp. 39,900
134,600 Solutia, Inc. 1,850,750
163,000 Wellman, Inc. 2,638,562
------------
14,818,637
------------
COMPUTER EQUIPMENT (5.6%)
58,600 Inter-Tel, Inc. 941,263
359,400 Maxtor Corp.* 3,796,162
342,800 Quantum Corp. -- DLT & Storage
Systems* 3,320,874
231,600 Quantum Corp. Hard Disk Drive* 2,562,075
82,900 Technology Solutions Co.* 512,944
------------
11,133,318
------------
COMPUTER SOFTWARE & SERVICES (16.3%)
32,300 Barra, Inc.* 1,600,869
61,900 Electronics for Imaging, Inc.* 1,566,844
213,500 General Semiconductor, Inc.* 3,149,125
727,850 Informix Corp.* 5,413,384
119,000 J.D. Edwards & Co.* 1,792,438
186,400 Keane, Inc.* 4,030,900
68,500 Marchfirst, Inc.* 1,250,125
95,000 Mentor Graphics Corp.* 1,888,125
41,100 Midway Games, Inc.* 331,369
535,300 Parametric Technology Corp.* 5,888,299
79,500 Perot Systems Corp. Class A* 874,500
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
COMPUTER SOFTWARE & SERVICES (CONTINUED)
110,800 S3, Inc.* $ 1,634,300
138,000 Systems & Computer Technology
Corp. * 2,760,000
------------
32,180,278
------------
CONSTRUCTION & BUILDING MATERIALS (3.5%)
142,600 Fluor Corp. 4,509,725
273,500 Foster Wheeler Corp. 2,358,938
------------
6,868,663
------------
CONSUMER PRODUCTS (2.5%)
1,900 Alberto-Culver Co. Class A 49,875
81,100 Fleming Co. 1,059,369
44,600 Fossil, Inc.* 866,913
97,700 Polaroid Corp. 1,764,705
1,700 Rayovac Corp.* 38,038
116,300 Wolverine World Wide, Inc. 1,148,463
------------
4,927,363
------------
CONTAINERS (0.3%)
213,900 Gaylord Container Corp. Class
A* 574,856
------------
DRUGS (0.4%)
122,700 NBTY, Inc.* 782,213
------------
EDUCATIONAL SERVICES (1.4%)
270,800 Modis Professional Services,
Inc.* 2,064,850
52,900 Sylvan Learning Systems, Inc.* 727,375
------------
2,792,225
------------
ELECTRIC & ELECTRONIC EQUIPMENT (8.4%)
196,200 Allen Telecom, Inc.* 3,470,287
95,800 Applied Power, Inc. 3,209,300
93,700 Arrow Electronics, Inc.* 2,904,700
125,600 Artesyn Technologies, Inc.* 3,493,249
165,500 Hypercom Corp.* 2,379,063
28,900 Manufacturers' Services Ltd.* 594,256
36,400 Ultratech Stepper, Inc.* 541,450
------------
16,592,305
------------
ENERGY (4.2%)
330,200 Newpark Resources, Inc.* 3,116,263
94,400 Noble Affiliates, Inc. 3,516,399
137,600 Trico Marine Services, Inc.* 1,754,400
------------
8,387,062
------------
FINANCIAL SERVICES (2.1%)
55,200 H&R Block, Inc. 1,787,100
114,900 Heller Financial, Inc. 2,355,450
------------
4,142,550
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 43
<PAGE> 46
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
SMALL CAP VALUE FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
HEALTHCARE (1.0%)
105,300 HealthSouth Corp.* $ 756,844
25,100 Mylan Laboratories, Inc. 458,075
86,700 Omnicare, Inc. 785,719
------------
2,000,638
------------
INSURANCE/PROPERTY & CASUALTY (2.1%)
125,700 Everest Re Group Ltd. 4,132,388
------------
IRON & STEEL (1.1%)
162,200 UCAR International, Inc.* 2,118,738
------------
MACHINERY (2.0%)
171,000 AGCO Corp. 2,094,750
129,400 Flowserve Corp. 1,949,088
------------
4,043,838
------------
METAL PROCESSORS (3.3%)
173,300 Thermo Electron Corp.* 3,650,131
68,900 Timken Co. 1,283,263
89,600 Wolverine Tube, Inc.* 1,523,200
------------
6,456,594
------------
OIL & GAS (5.8%)
33,200 Friede Goldman Halter, Inc.* 296,725
66,600 Global Industries Ltd.* 1,257,075
258,000 Key Energy Services, Inc.* 2,483,250
188,300 Ocean Energy, Inc.* 2,671,506
375,200 Santa Fe Snyder Corp.* 4,267,899
20,400 Varco International, Inc.* 474,300
------------
11,450,755
------------
PAPER & FOREST PRODUCTS (1.0%)
209,900 Abitibi Consolidated, Inc. 1,967,813
------------
PRINTING/PUBLISHING (0.9%)
190,500 Ziff-Davis, Inc.* 1,714,500
------------
RESTAURANTS (0.2%)
13,000 Papa John's International,
Inc.* 318,500
------------
RETAIL (13.8%)
192,400 Abercrombie & Fitch Co. Class
A* 2,344,874
70,600 American Eagle Outfitters Ltd.* 988,400
145,200 Ames Department Stores, Inc.* 1,125,300
90,300 Anntaylor Stores Corp.* 2,991,187
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
RETAIL (CONTINUED)
102,800 Burlington Coat Factory
Warehouse Corp. $ 1,111,525
178,600 Consolidated Stores Corp.* 2,143,200
39,900 Finlay Enterprises, Inc.* 518,700
242,000 Heilig Meyers Co.* 287,375
338,800 Officemax, Inc.* 1,694,000
96,300 Pacific Sunwear of California,
Inc.* 1,805,625
80,200 Regis Corp. 1,002,500
64,200 Ross Stores, Inc. 1,095,413
49,800 School Specialty, Inc.* 924,413
79,100 ShopKo Stores, Inc.* 1,216,163
199,200 Sunglass Hut International,
Inc.* 1,637,175
251,500 Tommy Hilfiger Corp.* 1,886,250
442,300 Venator Group, Inc.* 4,533,574
------------
27,305,674
------------
STEEL (1.1%)
156,057 AK Steel Holding Corp. 1,248,456
46,500 NS Group, Inc.* 973,594
------------
2,222,050
------------
TECHNOLOGY (9.5%)
80,400 Avnet, Inc. 4,763,700
295,600 Ingram Micro, Inc.* 5,154,525
115,000 Structural Dynamics Research
Corp.* 1,732,188
161,700 Tech Data Corp.* 7,044,055
------------
18,694,468
------------
TRANSPORTATION (3.4%)
100,500 Offshore Logistics, Inc.* 1,444,688
107,500 Tidewater, Inc. 3,870,000
93,800 Yellow Corp.* 1,383,550
------------
6,698,238
------------
TOTAL INVESTMENTS
(cost $202,607,864) $202,030,803
============
</TABLE>
-------------------------------------------------------
* Denotes a non-income producing security.
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
44 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 47
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
SMALL CAP GROWTH FUND
SCHEDULE OF INVESTMENTS -- JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (80.7%)
AEROSPACE/DEFENSE (0.4%)
5,100 REMEC, Inc.* $ 213,563
------------
AGRICULTURAL PRODUCTS (0.2%)
23,800 Strategic Diagnostics, Inc.* 132,388
------------
BEVERAGES (0.4%)
7,100 Beringer Wine Estates Holdings,
Inc. Class B* 250,719
------------
BROADCASTING & TELEVISION (2.8%)
14,700 Citadel Communications Corp.* 513,581
100 Classic Communications, Inc.
Class A* 894
21,300 Crown Media Holdings, Inc.
Class A* 326,156
15,000 Cumulus Media, Inc. Class A* 136,875
12,100 Radio One, Inc. 266,956
16,700 Regent Communications, Inc.* 143,516
13,300 TCI Satellite Entertainment,
Inc. Class 115,544
100 Wink Communications, Inc.* 3,050
5,100 XM Satellite Radio Holdings,
Inc. Class A* 190,931
------------
1,697,503
------------
COMMUNICATION EQUIPMENT (4.6%)
17,000 Catapult Communications Corp.* 171,063
3,700 CommScope, Inc.* 151,700
900 Exfo Electro-Optical
Engineering, Inc.* 39,488
1,200 Harmonic, Inc. 29,700
6,400 MMC Networks, Inc.* 342,000
8,700 Pinnacle Holdings, Inc.* 469,800
3,300 Polycom, Inc.* 310,509
2,400 Proxim, Inc.* 237,525
4,600 SBA Communications Corp.* 238,913
5,700 The Titan Corp.* 255,075
10,600 ViaSat, Inc.* 575,049
------------
2,820,822
------------
COMPUTER/HARDWARE (0.6%)
1,800 Extended Systems, Inc.* 172,800
300 Logitech International SA ADR* 21,900
5,000 Predictive Systems, Inc.* 179,688
------------
374,388
------------
COMPUTER NETWORKING (2.6%)
4,900 Adept Technology, Inc.* 229,075
6,400 C-COR.net Corp. 172,800
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
COMPUTER NETWORKING (CONTINUED)
200 Foundry Networks, Inc. $ 22,100
500 Luminant Worldwide Corp.* 4,469
7,400 NetSolve, Inc.* 192,400
4,400 Osicom Technologies, Inc.* 372,350
7,000 RSA Security, Inc.* 484,750
22,700 Silicon Graphics, Inc. 85,125
------------
1,563,069
------------
COMPUTER SOFTWARE & SERVICES (7.9%)
12,500 Accrue Software, Inc.* 443,749
6,900 Actuate Corp. 368,287
6,000 Affiliated Computer Services,
Inc. Class A* 198,375
4,800 Agile Software Corp. 339,299
7,000 Answerthink Consulting Group* 116,375
21,400 Brio Technology, Inc.* 453,412
5,500 CACI International, Inc. Class
A* 107,250
200 Clarus Corp.* 7,775
3,225 Digital Island* 156,816
9,500 Embarcadero Technologies, Inc.* 279,063
900 HNC Software, Inc.* 55,575
200 Intertrust Technologies Corp. 4,113
6,050 IONA Technologies PLC ADR* 381,149
200 Keynote Systems, Inc.* 14,113
2,600 Macromedia, Inc.* 251,388
300 N2H2, Inc.* 1,500
3,882 NetIQ Corp.* 231,464
8,250 Netopia, Inc.* 332,062
8,300 Netzee, Inc.* 47,466
5,700 New Era of Networks, Inc.* 242,250
1,500 Numerical Technologies, Inc.* 72,938
2,400 Precise Software Solutions
Ltd.* 57,600
8,900 Rainbow Technologies, Inc.* 432,762
3,500 SERENA Software, Inc. 158,922
200 Tumbleweed Communications
Corp.* 10,175
100 U.S. Interactive, Inc.* 1,294
600 Verity, Inc.* 22,800
1,012 Wind River Systems, Inc.* 38,330
------------
4,826,302
------------
CONSTRUCTION (0.7%)
5,100 Dycom Industries, Inc. 234,600
7,700 Insituform Technologies, Inc.
Class A* 208,863
------------
443,463
------------
EDUCATION (0.4%)
10,300 Corinthian Colleges, Inc.* 241,406
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 45
<PAGE> 48
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
SMALL CAP GROWTH FUND
SCHEDULE OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
ELECTRICAL EQUIPMENT (0.3%)
8,200 Manufacturers' Services Ltd.* $ 168,613
------------
ELECTRONICS (10.9%)
11,400 ACT Manufacturing, Inc.* 529,387
5,100 Aeroflex, Inc.* 253,406
10,600 Alpha Industries, Inc.* 467,063
5,400 American Superconductor Corp.* 260,550
16,700 Artisan Components, Inc.* 181,613
2,250 Burr-Brown Corp.* 195,047
2,700 Coherent, Inc.* 226,463
700 Cree, Inc. 93,450
21,000 DDI Corp.* 598,499
2,300 Exar Corp. 200,531
5,000 Gentex Corp.* 125,625
4,600 Helix Technology Corp. 179,400
8,000 Independent Energy Holdings PLC
ADR 66,500
4,500 Kopin Corp.* 311,625
2,500 Lam Research Corp. 93,750
2,000 Merix Corp, Inc.* 94,000
1,300 Mettler Toledo International,
Inc.* 52,000
7,300 Microsemi Corp.* 247,744
3,000 MIPS Technologies, Inc. Class
A* 127,500
4,121 MIPS Technologies, Inc. Class
B* 158,675
2,150 Orbotech Ltd.* 199,681
2,700 Parlex Corp.* 113,738
5,500 Photronics, Inc.* 156,063
11,000 Power Integrations, Inc. 259,188
12,000 QuickLogic Corp.* 267,000
2,125 TranSwitch Corp. 164,023
5,725 Veeco Instruments, Inc.* 419,356
6,000 Viasystems Group, Inc.* 97,125
8,800 Virata Corp. 524,699
------------
6,663,701
------------
ENTERTAINMENT (2.9%)
8,600 About.com, Inc.* 270,900
39,700 Cybergold, Inc.* 369,706
8,200 Imax Corp.* 186,550
3,800 Macrovision Corp. 242,903
20,700 MyPoints.com, Inc.* 392,330
400 SFX Entertainment, Inc.* 18,125
11,700 Six Flags, Inc,* 266,175
------------
1,746,689
------------
FINANCIAL (2.1%)
4,800 Affiliated Managers Group,
Inc.* 218,400
100 Allied Capital Corp. 1,700
500 Bank United Corp. Class A 17,594
700 CompuCredit Corp.* 21,000
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
FINANCIAL (CONTINUED)
1,200 Federated Investors, Inc. $ 42,075
700 Financial Securities Assurance
Holdings Ltd. 53,113
800 Golden State Bancorp, Inc.* 14,400
100 Knight Trading Group, Inc.* 2,981
20,900 Labranche & Co., Inc.* 300,438
3,100 Medallion Financial Corp. 47,856
12,450 Metris Cos., Inc. 312,806
8,600 National Commerce
Bancorporation 138,138
11,800 SierraCities.com, Inc.* 44,250
1,000 Silicon Valley Bancshares 42,625
------------
1,257,376
------------
FOODS (0.3%)
5,400 Hain Celestial Group, Inc.* 198,113
------------
HEALTHCARE (7.9%)
1,350 Abgenix, Inc.* 161,810
3,200 Cephalon, Inc.* 191,600
7,100 Charles River Laboratories
International, Inc.* 157,531
10,600 ChromaVision Medical Systems,
Inc.* 139,788
6,400 Emisphere Technologies, Inc.* 272,700
3,220 Enzon, Inc.* 136,850
3,200 ImClone Systems, Inc.* 244,600
7,700 INAMED Corp.* 282,012
400 Inhale Therapeutic Systems,
Inc.* 40,588
8,900 LifePoint Hospitals, Inc.* 198,025
6,100 Lincare Holdings, Inc.* 150,213
3,500 Maxim Pharmaceuticals, Inc.* 179,813
1,300 PAREXEL International Corp.* 12,431
2,600 Pharmacyclics, Inc.* 158,600
10,300 PolyMedica, Corp.* 445,474
3,900 Quest Diagnostics, Inc.* 291,524
11,000 Renal Care Group, Inc.* 268,984
3,100 Sequenom, Inc.* 140,663
5,900 Sonic Innovations, Inc.* 109,519
4,300 SuperGen, Inc.* 155,875
1,400 Tanox, Inc.* 66,238
8,800 Titan Pharmaceuticals, Inc.* 378,399
1,900 United Therapeutics Corp.* 205,913
2,400 Ventana Medical Systems, Inc.* 56,400
9,400 Wesley Jessen VisionCare, Inc.* 353,087
------------
4,798,637
------------
HOTELS & LODGING (0.0%)
3,300 MeriStar Hotels & Resorts, Inc. 9,488
------------
</TABLE>
46 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 49
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
SMALL CAP GROWTH FUND
SCHEDULE OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
INSURANCE (0.2%)
3,100 Annuity and Life Re (Holdings)
Ltd. $ 75,949
300 Mutual Risk Management Ltd. 5,194
400 Quotesmith.com, Inc.* 863
1,200 Reinsurance Group of America,
Inc. 36,150
------------
118,156
------------
INTERNET (6.6%)
10,180 24/7 Media, Inc.* 159,063
8,400 Allaire Corp. 308,700
3,100 Centillium Communications,
Inc.* 213,900
7,400 Data Return Corp.* 214,600
100 DSL.net, Inc.* 1,031
5,500 eSPEED, Inc.* 238,906
5,300 Globix Corp.* 155,356
5,200 HomeStore.com, Inc.* 151,775
17,900 Internet Pictures Corp.* 270,738
100 Interwoven, Inc.* 10,998
6,400 IntraNet Solutions, Inc.* 245,600
200 ITXC Corp.* 7,081
12,995 Lifeminders, Inc.* 384,164
9,000 Liquid Audio, Inc.* 85,219
6,000 PurchasePro.com, Inc. 246,000
300 Rare Medium Group, Inc.* 4,744
20,000 SciQuest.com, Inc.* 228,750
100 Software.com, Inc.* 12,988
6,950 SonicWALL, Inc.* 612,033
100 Ventro Corp.* 1,888
11,000 Viant Corp. 325,875
4,000 Xcelera.com, Inc. 136,000
------------
4,015,409
------------
MANUFACTURING (3.9%)
5,400 Asyst Technologies, Inc. 184,950
4,400 Cabot Microelectronics Corp.* 201,300
12,300 CUNO, Inc. * 284,438
11,600 Integrated Device Technology,
Inc.* 694,549
3,000 Photon Dynamics, Inc.* 224,063
1,600 Power-One, Inc. 182,300
19,000 Tower Automotive, Inc.* 237,500
2,700 Valence Technology, Inc.* 49,781
7,000 Varian, Inc.* 322,875
------------
2,381,756
------------
OIL & GAS (6.3%)
3,100 Cal Dive International, Inc.* 167,981
62,000 Chesapeake Energy Corp.* 480,499
3,500 Coflexip SA ADR 211,750
43,400 Grey Wolf, Inc.* 217,000
6,400 Hanover Compressor Co. 243,200
4,400 Kinder Morgan, Inc. 152,075
18,500 Marine Drilling Cos., Inc.* 517,999
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
OIL & GAS (CONTINUED)
7,100 National-Oilwell, Inc.* $ 233,413
9,000 Newfield Exploration Co.* 352,125
1,300 Nuevo Energy Co.* 24,538
10,900 Patterson Energy, Inc.* 310,650
4,400 Precision Drilling Corp.* 169,950
5,600 Rowan Cos., Inc.* 170,100
6,700 Spinnaker Exploration Co.* 171,688
5,350 UTI Energy Corp.* 214,669
9,743 Varco International, Inc.* 226,525
------------
3,864,162
------------
PRINTING & PUBLISHING (0.2%)
3,700 Information Holdings, Inc.* 136,900
------------
REAL ESTATE INVESTMENT/MANAGEMENT (0.7%)
100 Alexandria Real Estate
Equities, Inc. 3,431
2,600 Catellus Development Corp.* 39,000
100 CBL & Associates Properties,
Inc. 2,494
400 Developers Diversified Realty
Corp. 5,975
400 General Growth Properties, Inc. 12,700
2,700 Glenborough Realty Trust, Inc.
REIT 47,081
400 Health Care Property Investors,
Inc. 10,900
100 Healthcare Realty Trust, Inc.
REIT 1,706
30,000 InnKeepers USA Trust REIT 273,751
800 MeriStar Hospitality Corp. REIT 16,800
100 SL Green Realty Corp. 2,675
------------
416,513
------------
RESTAURANTS (0.0%)
500 Jack in the Box, Inc.* 12,313
------------
RETAIL (3.2%)
300 1-800-FLOWERS.COM, Inc.* 1,538
17,100 Brightpoint, Inc.* 148,022
6,200 Copart, Inc. 99,200
6,900 Duane Reade, Inc.* 177,675
8,700 Factory 2-U Stores, Inc.* 328,969
13,100 Insight Enterprises, Inc.* 776,993
7,200 Too, Inc.* 183,150
8,500 Ultimate Electronics, Inc.* 227,773
------------
1,943,320
------------
SERVICES (4.0%)
3,000 Documentum, Inc.* 268,125
2,600 ForSoft Ltd.* 20,150
10,600 Hall, Kinion & Associates,
Inc.* 353,112
5,700 Iron Mountain, Inc.* 193,800
3,150 Netegrity, Inc.* 237,234
2,000 Plexus Corp.* 226,000
17,600 ProsoftTraining.com, Inc.* 295,900
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 47
<PAGE> 50
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
SMALL CAP GROWTH FUND
SCHEDULE OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
SERVICES (CONTINUED)
9,650 Radiant Systems, Inc. $ 231,600
100 Stamps.com, Inc.* 731
5,400 Ticketmaster Online CitySearch,
Inc. Class B* 86,063
4,600 True North Communications, Inc. 202,400
10,300 United Rentals, Inc.* 176,388
4,000 VerticalNet, Inc. 147,750
------------
2,439,253
------------
STEEL PRODUCERS (1.0%)
10,600 Maverick Tube Corp.* 308,725
14,950 Reliance Steel & Aluminum Co. 285,919
------------
594,644
------------
TECHNOLOGY (0.1%)
400 Comverse Technology, Inc. 37,200
------------
TELECOMMUNICATIONS (9.5%)
8,400 Adelphia Business Solutions,
Inc.* 194,775
3,200 Advanced Fibre Communications,
Inc.* 145,000
14,600 AirGate PCS, Inc.* 767,412
4,800 Alamosa PCS Holdings, Inc.* 100,200
11,000 Alaska Communications Systems
Holdings, Inc.* 114,125
3,250 Anaren Microwave, Inc. 426,511
5,400 Andrew Corp.* 181,238
5,700 Asia Satellite
Telecommunications Holdings
Ltd. ADR 195,225
2,600 AudioCodes Ltd.* 312,000
2,600 Aware, Inc.* 132,925
500 Carrier Access Corp.* 26,438
6,200 Clearnet Communications, Inc.
Class A* 172,147
7,500 CoreComm Ltd. 146,250
2,300 Ditech Communications Corp. 217,494
9,800 Dobson Communications Corp.
Class 188,650
2,600 Gilat Satellite Networks Ltd.* 180,375
400 Insight Communications Co.,
Inc.* 6,250
500 Intermedia Communications,
Inc.* 14,875
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
TELECOMMUNICATIONS (CONTINUED)
5,500 MasTec, Inc.* $ 210,031
14,200 MCK Communications, Inc.* 328,375
1,000 Millicom International Cellular
SA* 35,000
4,500 Natural MicroSystems Corp.* 505,968
6,300 Netro Corp.* 361,462
3,000 Pegasus Communications Corp. 147,188
3,800 Tut Systems, Inc.* 218,025
21,500 UbiquiTel, Inc.* 202,906
10,500 US Unwired, Inc.* 136,500
800 VoiceStream Wireless Corp.* 93,038
------------
5,760,383
------------
TOTAL COMMON STOCK
(cost $45,897,045) 49,126,249
------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENT (20.3%)
REPURCHASE AGREEMENT (20.3%)
$12,365,000 Fifth Third Bank, 6.47%,
07/03/00, Collateralized by
$7,389,000 FNMA Pool #535200,
7.00%, 03/01/15, $2,260,000
FNMB Pool #313268, 8.00%,
12/01/16, and $3,175,000 FNMB
Pool #397355, 7.00%, 04/01/12,
market value $12,612,300 (cost
$12,365,000) $ 12,365,000
------------
TOTAL INVESTMENTS
(cost $58,262,046) $ 61,491,249
============
</TABLE>
-------------------------------------------------------
* Denotes a non-income producing security.
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
ADR American Depositary Receipts
PLC Public Limited Company (British)
FNMA Federal National Mortgage Association
FNMB Federal National Mortgage Bank
REIT Real Estate Investment Trust
SA Societe Anonyme (French)
</TABLE>
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
48 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 51
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
GLOBAL 50 FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (90.9%)
AUSTRALIA (1.9%)
MEDIA (1.9%)
112,000 News Corp Ltd. Aud .50 Ords $ 1,546,684
-----------
AUSTRIA (1.5%)
BANKING & FINANCE (1.5%)
25,000 Bank Austria 1,222,681
-----------
BELGIUM (0.0%)
OIL AND GAS EXPLORATION SERVICES (0.0%)
450 Total Fina SA* 4
-----------
CHINA (1.5%)
ENERGY SOURCES (1.5%)
90,000 Huaneng Power International ADR 1,198,125
-----------
FRANCE (11.2%)
BANKING & FINANCE (1.9%)
15,600 Banque Nationale De Paris 1,507,363
-----------
CHEMICALS/SPECIALTY (2.0%)
94,000 Rhodia SA 1,585,891
-----------
HEALTH & PERSONAL CARE (0.3%)
1,007 Christian Dior SA 229,259
-----------
OIL/GAS EXTRACTION (2.0%)
10,200 Total Fina SA 1,570,285
-----------
TELECOMMUNICATIONS (2.8%)
34,000 Alcatel Alsthom 2,239,075
-----------
WATER SUPPLY (2.2%)
9,900 Suez Lyonnaise des Eaux 1,741,422
-----------
TOTAL FRANCE 8,873,295
-----------
HONG KONG (3.8%)
ELECTRIC SERVICES (2.1%)
524,500 Hong Kong Electric Holdings 1,688,890
-----------
TELECOMMUNICATIONS (1.7%)
436,000 China Unicom Ltd. 925,692
21,000 China Unicom ADR 446,250
-----------
TOTAL HONG KONG 3,060,832
-----------
JAPAN (12.6%)
AUTOMOBILE (1.4%)
34,000 Honda Motor Jpy50 Ords 1,160,097
-----------
CHEMICALS (2.3%)
443,000 Mitsubishi Chemical 1,821,382
-----------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
JAPAN (CONTINUED)
FINANCE SERVICES (1.2%)
375 Aiful Corp. $ 34,664
215,000 Chou Trust & Banking Co. 938,833
-----------
973,497
-----------
HEALTH & PERSONAL CARE (2.4%)
29,000 Takeda Chemical Industries
Japanese Ord 1,907,723
-----------
INVESTMENT COMPANY (1.6%)
9,600 Softbank Corp. 1,306,598
-----------
SEMICONDUCTORS AND RELATED SERVICES (3.7%)
41,000 Fujitsu Ltd. 1,422,191
5,400 Rohm Y50 1,582,209
-----------
3,004,400
-----------
TOTAL JAPAN 10,173,697
-----------
NETHERLANDS (3.0%)
ELECTRONICS (3.0%)
50,300 Philips Electronics N.V 2,381,924
-----------
FOOD PRODUCTS (0.0%)
14 Koninklijke Numico N.V 667
-----------
INTERNET SERVICES / SOFTWARE (0.0%)
9 Getronics N.V 139
-----------
MEDIA (0.0%)
8 VNU-Verenigde Nederalndse
Uitgeversbedrijven 415
-----------
TOTAL NETHERLANDS 2,383,145
-----------
SINGAPORE (6.3%)
BANKING/INSURANCE (2.1%)
130,500 Development Bank of Singapore
Ltd. 1,675,614
-----------
SEMICONDUCTORS AND RELATED SERVICES (4.2%)
37,800 Chartered Semiconductor ADR 3,402,000
-----------
TOTAL SINGAPORE 5,077,614
-----------
SOUTH AFRICA (2.4%)
BEVERAGES/ALCOHOLIC (2.4%)
257,000 South African Breweries 1,918,088
-----------
SPAIN (1.7%)
CONSTRUCTION (1.7%)
48,200 ACS, Actividades de Construccion
y Servicios SA 1,363,019
-----------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 49
<PAGE> 52
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
GLOBAL 50 FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
SWEDEN (1.8%)
PAPER/FOREST PRODUCTS (1.8%)
152,000 Stora Enso Oyj R Shares $ 1,395,096
-----------
SWITZERLAND (7.4%)
FINANCE SERVICES (3.9%)
500 Compagnie Financiere Richemont,
Class A 1,351,422
8,700 Credit Suisse Group 1,736,186
-----------
3,087,608
-----------
FOOD PRODUCTS (1.9%)
770 Nestle Registered 1,546,094
-----------
TELEPHONE COMMUNICATIONS (1.6%)
3,800 Swisscom AG, Registered 1,320,365
-----------
TOTAL SWITZERLAND 5,954,067
-----------
UNITED KINGDOM (10.7%)
AIRLINES (1.9%)
267,000 British Airways PLC 1,536,004
-----------
INSURANCE (4.0%)
138,000 Allied Zurich PLC 1,632,697
240,000 Royal & Sun Alliance Insurance
Group PLC 1,558,713
-----------
3,191,410
-----------
TELECOMMUNICATIONS (2.3%)
450,000 Vodafone Airtouch PLC 1,818,953
-----------
TELEPHONE COMMUNICATIONS (2.5%)
118,000 Cable & Wireless PLC 1,998,986
-----------
TOTAL UNITED KINGDOM 8,545,353
-----------
UNITED STATES (23.3%)
BEVERAGES (0.2%)
2,900 Seagram Co. Ltd. 168,200
-----------
CABLE/PAY TV/OTHER (1.8%)
18,800 Time Warner, Inc. 1,428,800
-----------
COMPUTER SOFTWARE/SERVICES (3.9%)
23,900 Cisco Systems, Inc.* 1,519,144
17,800 Sun Microsystems, Inc.* 1,618,687
-----------
3,137,831
-----------
CRUDE PETROLEUM AND NATURAL GAS (2.1%)
21,400 Exxon Mobil Corp. 1,679,900
-----------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
SHARES SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
UNITED STATES (CONTINUED)
FINANCE SERVICES (3.5%)
24,500 Ambac Financial Group, Inc. $ 1,342,906
91,200 E*Trade Group, Inc.* 1,504,800
-----------
2,847,706
-----------
HEALTH SERVICES (1.5%)
20,200 Bristol-Myers Squibb Co. 1,176,650
-----------
INDUSTRIAL GOODS & SERVICES (2.0%)
34,000 Tyco International, Ltd. 1,610,750
-----------
PHARMACEUTICALS (1.9%)
30,000 Pharmacia Corp. 1,550,625
-----------
RADIO AND TELEVISION BROADCASTING (0.4%)
5,099 Viacom Inc. -- Cl. B 347,688
-----------
TELEPHONE COMMUNICATIONS (3.9%)
21,600 Level 3 Communications, Inc.* 1,900,799
27,100 Worldcom, Inc. 1,243,213
-----------
3,144,012
-----------
TOBACCO (2.1%)
62,000 Phillip Morris Co., Inc. 1,646,875
-----------
TOTAL UNITED STATES 18,739,037
-----------
VENEZUELA (1.8%)
TELECOMMUNICATIONS (1.8%)
55,000 Cia Anonima Telefono 1,495,313
-----------
TOTAL COMMON STOCK
(cost $69,460,268) 72,946,050
-----------
PREFERRED STOCK (1.6%)
PAPERBOARD CONTAINERS AND BOXES (1.6%)
24,000 Seagrams Co. Ltd. Pfd 1,290,000
-----------
TOTAL PREFERRED STOCK
(cost $1,183,440) 1,290,000
-----------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENT (2.6%)
$2,117,000 Fifth Third Bank, 6.40%,
07/03/00, Collateralized by
$2,155,196 FNMB 8.00%, 10/01/16,
market value $2,159,340 (cost
$2,117,000) $ 2,117,000
-----------
TOTAL INVESTMENTS
(cost $72,760,708) $76,353,050
===========
</TABLE>
50 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 53
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
GLOBAL 50 FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
NUMBER
OF MARKET
CONTRACTS CONTRACTS DESCRIPTION/EXPIRATION VALUE
--------- -------------------------------- ----------
<S> <C> <C> <C>
FUTURES:
Europe: 21 DJ Euro Stoxx 50 Futures, June
2000 $1,046,176
Japan: 5 Topix Index Future, September
2000* 752,116
United Kingdom: 7 FTSE 100 Index Future, June 2000* 674,837
United States: 7 S&P 500 Futures, September 2000* 2,569,175
TOTAL FUTURES 5,042,304
==========
</TABLE>
--------------------------------------------------------------------------------
* Denotes a non-income producing security
Securities denominated in foreign currencies are shown at the U.S. dollar cost
and value.
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
ADR American Depositary Receipt
AG Aktiengesellschaft (Austrian, German, or Swiss stock
companies)
NV Naamloze Vennootschap (Dutch Corporation)
ORD Ordinary Shares
Oyj Limited
PLC Public Limited Company (British or Irish)
SA Societe Anonyme (French, or Swiss Corporation)
SA Sociedad Anonima (Spanish or Portuguese Corporation)
</TABLE>
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 51
<PAGE> 54
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
MID CAP INDEX FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
----------------------------------------------------------
SHARES SECURITY VALUE
----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (99.1%)
AEROSPACE/DEFENSE (0.5%)
2,600 Litton Industries, Inc.* $ 109,200
600 Sequa Corp. -- Class A* 22,913
2,900 The Titan Corp.* 129,775
-----------
261,888
-----------
AGRICULTURAL PRODUCTS (0.2%)
6,500 IMC Global, Inc. 84,500
-----------
AIR TRANSPORTATION SERVICES (0.1%)
2,800 Airborne Freight Corp. 53,025
-----------
AIRLINES (0.1%)
1,500 Alaska Air Group, Inc. 40,688
-----------
AUTO PARTS & EQUIPMENT (0.4%)
1,500 Arvin Industries, Inc. 26,063
1,200 Bandag, Ind. 29,100
1,500 BorgWarner Automotive, Inc. 52,688
4,000 Federal Mogul Corp. 38,250
3,500 Meritor Automotive, Inc. 38,500
1,500 Superior Industries International,
Inc. 38,625
-----------
223,226
-----------
BANKS (5.5%)
3,900 Associated Banc-Corp. 85,069
2,900 Astoria Financial 74,675
8,400 Banknorth Group, Inc. 128,624
2,200 CCB Financial Corp. 81,400
2,700 City National Corp. 95,850
6,900 Compass Bancshares, Inc. 117,731
6,300 Dime Bancorp, Inc. 99,225
5,000 FirstMerit Corp. 106,875
11,200 First Security Corp. 151,899
7,400 First Tennessee National Corp. 122,563
2,700 First Virginia Banks, Inc. 93,994
5,900 GreenPoint Financial Corp. 110,625
9,100 Hibernia Corp. Class A 98,963
2,800 Keystone Financial, Inc. 59,500
5,900 Marshall & Ilsley Corp. 244,849
3,900 Mercantile Bankshare Corp. 116,269
9,900 North Fork Bancorporation, Inc. 149,737
4,000 NOVA Corp.* 111,750
4,500 Pacific Century Financial Corp. 65,813
2,800 Provident Financial Group 66,675
4,600 TCF Financial Corp. 118,163
3,000 Webster Financial Corp. 66,563
2,100 West America Bankcorporation 54,863
1,800 Wilmington Trust Corp. 76,950
4,900 Zions Bancorporation 224,863
-----------
2,723,488
-----------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------
SHARES SECURITY VALUE
----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
BATTERIES (0.2%)
5,700 Energizer Holdings, Inc.* $ 104,025
-----------
BEVERAGES (0.2%)
7,700 Whitman Corp. 95,288
-----------
BIOTECHNOLOGY (2.2%)
10,200 Chiron Corp.* 484,500
5,200 Millenium Pharmaceuticals, Inc.* 581,750
-----------
1,066,250
-----------
BROADCASTING & TELEVISION (2.4%)
2,030 Chris-Craft Industries, Inc. 134,107
6,200 Hispanic Broadcasting Corp., Class
A 205,375
5,800 Univision Communications, Inc.* 600,300
6,400 Westwood One, Inc. 218,400
-----------
1,158,182
-----------
BUILDING MATERIALS (0.7%)
4,000 American Standard Cos 164,000
2,700 Martin Marietta Materials, Inc. 109,181
2,700 USG Corp. 82,013
-----------
355,194
-----------
CHEMICALS/SPECIALTY (2.1%)
1,700 A. Schulman, Inc. 20,506
4,000 Airgas, Inc. 22,750
2,600 Albemarle Corp. 51,350
3,800 Cabot Corp. 103,550
6,500 Crompton Corp. 79,625
2,300 Cytec Industries, Inc.* 56,781
4,700 Ethyl Corp. 11,750
2,000 Ferro Corp. 42,000
800 Fuller (H. B.) Co. 36,450
1,800 Georgia Gulf Corp. 37,463
2,800 Hanna (M.A.) Co. 25,200
3,100 Lubrizol Corp. 65,100
6,700 Lyondell Chemical Co. 112,225
1,200 Minerals Technologies, Inc. 55,200
6,000 RPM, Inc./Ohio 60,750
6,200 Solutia, Inc. 85,250
2,000 Structural Dynamics, Research
Corp.* 30,125
2,400 Valspar Corp. 81,000
1,800 Wellman, Inc. 29,138
-----------
1,006,213
-----------
COMMUNICATION EQUIPMENT (0.4%)
2,000 Polycom, Inc.* 188,188
-----------
</TABLE>
52 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 55
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
MID CAP INDEX FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
----------------------------------------------------------
SHARES SECURITY VALUE
----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
COMPUTER SOFTWARE & SERVICES (7.6%)
2,800 Affiliated Computer Services, Inc.
Class A* $ 92,575
14,000 Cadence Design Systems, Inc.* 285,250
3,500 Cambridge Technology Partners,
Inc.* 30,516
3,700 Electronic Arts, Inc. 269,869
7,000 Fiserv, Inc. 302,749
11,500 Intuit, Inc.* 475,812
4,000 Keane, Inc.* 86,500
4,900 Legato Systems, Inc. 74,113
2,800 Macromedia, Inc.* 270,725
8,300 Marchfirst, Inc. 151,475
7,900 Network Associates, Inc.* 160,963
3,600 NVIDIA Corp.* 228,825
2,000 Policy Management Systems Corp.* 30,750
3,500 Powerwave Technologies, Inc.* 154,000
5,000 Rational Software Corp. 464,687
2,400 Sykes Enterprises, Inc.* 30,900
7,850 Symbol Technologies, Inc. 423,899
4,000 Synopsys, Inc.* 138,250
1,900 Transaction Systems Architects,
Inc. Class A* 32,538
-----------
3,704,396
-----------
COMPUTERS/HARDWARE (1.2%)
15,900 Informix Corp.* 118,256
3,600 Mentor Graphics Corp.* 71,550
9,100 Quantum Corp. -- DLT & Storage
Systems* 88,156
5,700 Storage Technology Corp. 62,344
7,500 Sungard Data Systems,Inc.* 232,500
-----------
572,806
-----------
CONGLOMERATES (0.1%)
2,800 Ogden Corp. 25,200
-----------
CONSTRUCTION (0.3%)
7,800 Clayton Homes, Inc. 62,400
1,600 Granite Construction, Inc. 39,200
1,500 Jacobs Engineering Group, Inc.* 49,031
-----------
150,631
-----------
CONSUMER FINANCE (0.8%)
12,100 Concord EFS, Inc. 314,600
6,100 National Commerce Bancorporation 97,981
-----------
412,581
-----------
CONTAINERS/PACKAGING (0.2%)
5,700 Sonoco Products Co. 117,206
-----------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------
SHARES SECURITY VALUE
----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
DATA PROCESSING & PREPARATION (0.3%)
3,000 CSG Systems International, Inc.* $ 168,188
-----------
DISTRIBUTION (0.9%)
5,500 Arrow Electronics, Inc.* 170,500
2,000 Dean Foods Co. 63,375
3,000 Tech Data Corp. 130,688
3,500 Vectren Inc. 60,375
-----------
424,938
-----------
ELECTRIC COMPANIES (6.1%)
6,300 Allegheny Energy, Inc. 172,462
4,500 Alliant Energy Corp. 117,000
1,200 Black Hills Corp. 27,075
7,200 Calpine Corp.* 473,399
1,300 Cleco Corp. 43,550
1,800 CMP Group, Inc. 52,763
5,100 Conectiv, Inc. 79,369
7,500 DPL, Inc. 164,531
7,000 Energy East Corp. 133,438
1,800 Hawaiian Electric Industries, Inc. 59,063
2,100 IDACORP, Inc. 67,725
4,900 IPALCO Enterprises, Inc. 98,613
3,500 Kansas City Power & Light 78,750
7,400 L G & E Energy Corp. 176,674
4,200 Minnesota Power, Inc. 72,713
6,900 NiSource, Inc. 128,513
8,400 Northeast Utilities 182,699
4,400 Oklahoma Gas & Electric Co. 81,400
6,700 Potomac Electric Power Co. 167,499
4,800 Puget Sound Power & Light 102,300
4,500 Questar Corp. 87,188
4,500 Sierra Pacific Resources 56,531
7,100 TECO Energy, Inc. 142,444
5,300 Utilicorp United, Inc. 105,338
6,800 Wisconsin Energy Corp. 134,725
-----------
3,005,762
-----------
ELECTRICAL EQUIPMENT (0.3%)
1,800 AMETEK, Inc. 31,500
3,600 Hubbell, Inc. Class B 91,800
-----------
123,300
-----------
ELECTRONICS (9.8%)
2,600 Atmel Corp. 464,625
2,500 Avnet, Inc. 148,125
3,200 Burr-Brown Corp.* 277,400
3,700 Cirrus Logic, Inc.* 59,200
6,800 Cypress Semiconductor Corp.* 287,300
10,800 Jabil Circuit, Inc.* 535,949
1,900 L-3 Communications Hldgs, Inc. 108,419
4,400 Microchip Technology, Inc. 256,369
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 53
<PAGE> 56
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
MID CAP INDEX FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
----------------------------------------------------------
SHARES SECURITY VALUE
----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
ELECTRONICS (CONTINUED)
4,200 QLogic Corp.* $ 277,463
2,400 Sawtek, Inc.* 138,150
8,200 SCI Systems, Inc. 321,338
1,900 Semtech Corp. 145,320
4,400 Sensormatic Electronics Corp.* 69,575
2,300 TranSwitch Corp. 177,531
7,850 Vishay Intertechnology, Inc.* 297,809
10,600 Vitesse Semiconductor Corp.* 779,762
3,600 Waters Corp.* 449,325
-----------
4,793,660
-----------
ENTERTAINMENT (0.9%)
3,000 International Speedway Corp. 124,125
17,300 Park Place Entertainment Corp.* 210,844
4,500 Six Flags, Inc.* 102,375
-----------
437,344
-----------
FINANCIAL/DIVERSIFIED (1.9%)
5,100 A.G. Edwards, Inc.* 198,900
16,600 E*TRADE Group, Inc.* 273,900
3,500 The FINOVA Group, Inc. 45,500
1,800 Investment Technology Group* 71,100
3,600 Legg Mason, Inc. 180,000
1,500 NCO Group, Inc. 34,688
4,700 Waddell & Reed Financial 154,219
-----------
958,307
-----------
FOODS (1.6%)
3,200 Dole Food Co., Inc. 44,800
1,600 Dreyer's Grand Ice Cream, Inc. 33,600
5,700 Flowers Industries, Inc. 113,644
8,000 Hormel Foods Corp. 134,499
6,000 IBP, Inc. 92,625
1,100 International Multi-Foods Corp. 19,044
3,700 Interstate Bakeries Corp. 51,800
1,600 Lance, Inc. 14,400
3,900 Mccormick & Co. 126,750
1,600 The Smucker (J.M.) Co. -- Class A 30,800
1,700 Suiza Foods 83,088
2,800 Universal Foods Corp. 51,800
-----------
796,850
-----------
GAMING (0.2%)
4,100 International Game Technology* 108,650
-----------
HEALTHCARE (4.6%)
1,600 Acuson Corp.* 21,600
3,000 Apria Healthcare Group, Inc.* 36,750
1,700 Beckman Coulter, Inc. 99,238
5,800 Beverly Enterprises, Inc.* 16,313
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------
SHARES SECURITY VALUE
----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
HEALTHCARE (CONTINUED)
3,200 Covance, Inc.* $ 28,200
2,200 Express Scripts, Inc., Class A* 136,675
2,700 First Health Group Corp.* 88,594
6,900 Foundation Health Systems, Inc. --
Class A 89,700
14,200 Health Management Associates, Inc.,
Class A* 185,487
3,600 Hillenbrand Industry, Inc. 112,725
3,000 Lincare Holdings, Inc.* 73,875
7,300 Mylan Laboratories, Inc. 133,225
4,700 Oxford Health Plans, Inc. 111,919
2,000 PacifiCare Health Systems, Inc.* 120,375
4,200 Perrigo Co.* 26,513
2,600 Quest Diagnostics, Inc.* 194,349
4,000 Quorum Health Group, Inc. 41,250
3,800 STERIS Corp.* 33,725
11,100 Stryker Corp. 485,624
2,100 Trigon Healthcare, Inc. 108,281
3,500 VISX, Inc.* 98,219
-----------
2,242,637
-----------
HOTELS & LODGING (0.2%)
5,200 Mandalay Resort Group* 104,000
-----------
HOUSEHOLD FURNISHING & APPLIANCES (0.5%)
2,800 Furniture Brands International,
Inc.* 42,350
3,100 Mohawk Industries Co. 67,425
7,300 Shaw Industries, Inc. 91,250
2,800 Westpoint Stevens, Inc. 31,150
-----------
232,175
-----------
HOUSEHOLD PRODUCTS (0.2%)
2,700 Blyth Industries, Inc. 79,650
2,200 Church & Dwight, Inc. 39,600
-----------
119,250
-----------
INSURANCE (2.8%)
3,000 Allmerica Financial Corp. 157,125
4,000 AMBAC Financial Group, Inc. 219,250
3,300 American Financial Group, Inc. 81,881
2,600 Everest Re Group Ltd. 85,475
2,300 Horace Mann Educators Corp. 34,500
1,600 HSB Group, Inc. 49,800
3,400 Ohio Casualty Corp. 36,125
6,700 Old Republic International Corp. 110,550
2,500 PMI Group, Inc. 118,750
3,700 Protective Life Corp. 98,513
5,100 ReliaStar Financial Corp. 267,431
3,900 Unitrin, Inc. 114,563
-----------
1,373,963
-----------
</TABLE>
54 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 57
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
MID CAP INDEX FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
----------------------------------------------------------
SHARES SECURITY VALUE
----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
IRON & STEEL (0.2%)
6,300 AK Steel Holding Corp. $ 50,400
2,600 UCAR International, Inc.* 33,963
-----------
84,363
-----------
LEISURE PRODUCTS (0.3%)
4,400 Callaway Golf Co. 71,775
3,300 Sotheby's Holdings, Inc. Class A 57,750
-----------
129,525
-----------
MACHINERY/DIVERSIFIED (0.9%)
3,400 AGCO Corp. 41,650
1,712 Albany International Corp. Class A* 24,824
2,100 Flowserve Corp. 31,631
2,000 Imation Corp.* 58,750
1,700 Kennametal, Inc. 36,444
1,300 MagneTek, Inc.* 10,400
1,800 SPX Corp. 217,688
1,600 Stewart & Stevenson Services, Inc. 24,100
1,100 Tecumseh Products Co. Class A 42,006
-----------
487,493
-----------
MANUFACTURING (2.4%)
1,700 Carlisle Companies, Inc. 76,500
1,300 The Dexter Corp. 62,400
5,400 The Dial Corp. 56,025
2,600 Donaldson Co., Inc. 51,350
2,600 Federal Signal Corp. 42,900
2,000 GTECH Holdings Corp. 45,375
2,300 Harsco Corp. 58,650
5,300 Integrated Device Technology, Inc.* 317,337
2,200 Lancaster Colony Corp. 42,213
2,500 Mark IV Industries, Inc. 52,188
1,700 Modine Manufacturing Co. 45,900
300 NCH Corp. 10,856
1,800 Newport News Shipbuilding, Inc. 66,150
2,600 Olin Corp. 42,900
2,800 Pentair, Inc. 99,399
2,200 Teleflex, Inc. 81,538
2,200 Trinity Industries, Inc. 40,700
-----------
1,192,381
-----------
MEDICAL EQUIPMENT & SUPPLIES (1.1%)
2,900 DENTSPLY International, Inc. 89,356
3,300 Edwards Lifesciences Corp.* 63,113
1,800 Minimed, Inc. 212,400
5,200 Omnicare, Inc. 47,125
4,000 PSS World Medical, Inc.* 26,875
5,900 Sybron International
Corp.-Wisconsin* 116,894
-----------
555,763
-----------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------
SHARES SECURITY VALUE
----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
METAL FABRICATION (0.2%)
1,200 Carpenter Technology Corp. $ 25,350
400 MAXXAM, Inc. 7,100
1,400 Precision Castparts Corp. 63,350
1,400 Ryerson Tull, Inc. 14,525
-----------
110,325
-----------
METALS & MINING (0.3%)
600 Cleveland Cliffs, Inc. 15,488
1,700 Kaydon Corp. 35,700
2,000 Southdown, Inc. 115,500
-----------
166,688
-----------
NATURAL GAS (0.6%)
6,500 Kinder Morgan, Inc. 224,656
2,600 Washington Gas Light Co. 62,563
-----------
287,219
-----------
OFFICE EQUIPMENT & SUPPLIES (0.8%)
3,900 Harris Corp. 127,724
4,500 Herman Miller, Inc. 116,438
3,400 HON Industries, Inc. 79,900
1,600 The Standard Register Co. 22,800
2,300 Wallace Computer Services, Inc. 22,713
-----------
369,575
-----------
OIL & GAS PRODUCERS (10.2%)
3,100 AGL Resources, Inc. 49,406
4,700 BJ Services Co.* 293,750
4,900 Devon Energy Corp. 275,319
3,800 DQE, Inc. 150,338
8,600 Dynegy, Inc. 587,487
7,800 ENSCO International, Inc. 279,338
9,900 Global Marine, Inc.* 279,056
6,200 Grand Prideco. Inc. 155,000
3,300 Hanover Compressor Co. 125,400
2,800 Helmerich & Payne, Inc. 104,650
7,600 Keyspan Corp. 233,700
4,900 MCN Corp. 104,738
2,600 Murphy Oil Corp. 154,538
8,300 Nabors Industries, Inc. 344,968
2,200 National Fuel Gas Co. 107,250
3,200 Noble Affiliates, Inc. 119,200
7,600 Noble Drilling Corp.* 313,024
9,500 Ocean Energy, Inc. 134,781
4,500 Pennzoil-Quaker State Co. 54,281
5,700 Pioneer Natural Resources Co.* 72,675
10,400 Santa Fe Snyder Corp.* 118,300
2,900 Smith International, Inc.* 211,156
3,400 Tidewater, Inc. 122,400
4,900 Ultramar Diamond Shamrock Corp. 121,581
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 55
<PAGE> 58
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
MID CAP INDEX FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
----------------------------------------------------------
SHARES SECURITY VALUE
----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
OIL & GAS PRODUCERS (CONTINUED)
3,200 Valero Energy Corp. $ 101,600
5,208 Varco International, Inc.* 121,086
6,200 Weatherford International, Inc. 246,838
-----------
4,981,860
-----------
PAPER & FOREST PRODUCTS (1.2%)
2,900 Bowater, Inc. 127,963
900 Chesapeake Corp. 26,663
5,200 Consolidated Papers, Inc. 190,125
4,600 Georgia Pacific Timber Corp. 99,475
2,900 Longview Fibre Co. 32,081
2,400 P.H. Glatfelter & Co. 24,450
1,600 Rayonier, Inc. 57,400
2,900 Wausau-Mosinee Paper Corp. 24,831
-----------
582,988
-----------
PHARMACEUTICALS (5.0%)
7,600 Bergen Brunswig Corp. Class A 41,800
2,600 Carter-Wallace, Inc. 52,325
4,800 Forest Laboratories, Inc. Class A* 484,799
4,800 Genzyme Corp.-General Division 285,300
2,500 Gilead Sciences, Inc.* 177,813
4,500 ICN Pharmaceuticals, Inc. 125,156
2,500 IDEC Pharmaceuticals Corp. 293,281
1,800 Incyte Pharmaceuticals, Inc.* 147,938
8,900 IVAX Corp.* 369,350
4,100 Sepracor, Inc.* 494,562
-----------
2,472,324
-----------
PUBLISHING (1.4%)
1,400 Banta Corp. 26,513
1,800 Houghton Mifflin Co. 84,038
2,500 Lee Enterprises, Inc. 58,281
6,000 The Readers Digest Association,
Inc. Class A 238,500
1,000 Scholastic Corp. 61,125
500 The Washington Post Co. Class B 238,999
-----------
707,456
-----------
RESTAURANTS (0.8%)
2,100 Bob Evans Farms 31,369
3,700 Brinker International, Inc. 108,225
2,400 Buffets, Inc. 30,450
3,300 CBRL Group, Inc. 48,469
1,500 Lone Star Steakhouse & Saloon, Inc. 15,188
4,400 Outback Steakhouse, Inc. 128,699
1,400 Papa John's International, Inc. 34,300
-----------
396,700
-----------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------
SHARES SECURITY VALUE
----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
RETAIL (5.2%)
5,800 Abercrombie & Fitch Co.* $ 70,688
2,700 American Eagle Outfitters Ltd.* 37,800
3,700 Barnes & Noble, Inc.* 82,325
4,200 BJ's Wholesale Club, Inc. 138,600
4,400 Borders Group, Inc.* 68,475
4,900 CDW Computer Centers, Inc. 306,249
2,900 Claire's Stores, Inc. 55,825
5,850 Dollar Tree Stores, Inc. 231,440
3,600 DST Systems, Inc.* 274,049
9,700 Family Dollar Stores, Inc. 189,755
2,200 Fastenal Co. 111,375
2,500 Hannaford Brothers Co. 179,688
6,700 Jones Apparel Group, Inc.* 157,450
1,700 Lands End, Inc. 56,738
2,800 Nieman Marcus Group, Inc. 84,525
6,400 Officemax, Inc. 32,000
1,300 Payless Shoesource, Inc. 66,625
5,000 Ross Stores, Inc. 85,313
2,600 Ruddick Corp. 30,713
8,100 Saks, Inc. 85,050
12,800 Sovereign Bancorp, Inc. 90,000
3,000 The Warnaco Group, Inc. Class A 23,250
3,200 Williams Sonoma, Inc. 103,800
-----------
2,561,733
-----------
SEMICONDUCTORS (0.9%)
4,800 Micrel, Inc. 208,500
2,200 TriQuint Semiconductor, Inc.* 210,513
-----------
419,013
-----------
SERVICES (6.5%)
3,300 ACNielson Corp. 72,600
4,900 Acxiom Corp. 133,525
4,300 Apollo Group, Inc. Class A 120,400
3,300 CheckFree Holdings Corp.* 170,156
9,500 Cintas Corp. 348,530
8,700 Comdisco, Inc. 194,118
4,000 DeVry, Inc.* 105,750
4,000 Diebold, Inc. 111,500
5,000 Gartner Group, Inc., Class B 49,375
2,700 GATX Corp. 91,800
3,900 Harte-Hanks, Inc. 97,500
2,000 Kelly Services, Inc. Class A 46,250
4,300 Manpower, Inc. 137,600
5,500 Modis Professional Services, Inc. 41,938
2,300 Navigant Consulting Co. 9,775
900 Nordson Corp. 45,563
2,900 Pittston Brink's Group 39,694
3,300 Quanta Services, Inc. 181,500
4,400 Reynolds & Reynolds Co. Class A 80,300
10,100 Robert Half International, Inc. 287,849
</TABLE>
56 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 59
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
MID CAP INDEX FUND
STATEMENT OF INVESTMENTS -- JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
<TABLE>
<CAPTION>
----------------------------------------------------------
SHARES SECURITY VALUE
----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
SERVICES (CONTINUED)
1,700 Rollins, Inc. $ 25,288
6,100 Stewart Enterprises, Inc., Class A 21,541
5,100 Sybase, Inc.* 117,300
2,400 Sylvan Learning Systems, Inc. 33,000
3,400 Symantec Corp.* 183,387
12,800 Tyson Foods, Inc., Class A 112,000
3,100 Valassis Communications, Inc.* 118,188
5,300 Viad Corp. 144,425
2,200 York International Corp. 55,550
-----------
3,176,402
-----------
SHIPPING/TRANSPORTATION (0.2%)
2,400 Alexander & Baldwin, Inc. 52,950
1,900 Overseas Shipholding Group, Inc. 46,788
-----------
99,738
-----------
TELECOMMUNICATIONS (2.6%)
2,200 ADTRAN, Inc. 131,725
2,100 Antec Corp. 87,281
6,800 Belo (A.H.) Corp. -- Common Series A 117,725
12,100 Broadwing, Inc. 313,844
3,000 COMSAT Corp. 74,063
2,900 CommScope, Inc.* 118,900
1,400 Media General, Inc. Class A 67,988
3,400 Telephone and Data Systems, Inc. 340,849
-----------
1,252,375
-----------
TEXTILES/APPAREL (0.1%)
3,000 Burlington Industries, Inc.* 5,063
3,200 Unifi, Inc. 39,600
-----------
44,663
-----------
TOBACCO (0.4%)
5,900 R.J. Reynolds Tobacco Holdings,
Inc.* 164,831
1,600 Universal Corp. 33,800
-----------
198,631
-----------
TRANSPORTATION (0.5%)
1,400 Arnold Industries, Inc. 16,888
2,400 C.H. Robinson Worldwide, Inc. 118,800
2,800 CNF Transportation, Inc. 63,700
2,000 J.B. Hunt Transport Services, Inc. 30,875
2,800 Wisconsin Central Transportation
Corp.* 36,400
-----------
266,663
-----------
</TABLE>
<TABLE>
<CAPTION>
----------------------------------------------------------
SHARES SECURITY VALUE
----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (CONTINUED)
TRAVEL (0.2%)
5,200 Galileo International, Inc. $ 108,550
-----------
TRUCKS & PARTS (0.3%)
3,800 Lear Corp.* 75,999
3,600 Swift Transportation Co., Inc. 50,400
-----------
126,399
-----------
UTILITIES (1.3%)
5,600 American Water Works Co., Inc. 140,000
6,000 Montana Power Co. 211,875
3,200 NSTAR 130,200
2,200 Public Service Co. of New Mexico 33,963
6,000 SCANA Corp. 144,750
-----------
660,788
-----------
TOTAL COMMON STOCK
(cost $47,086,923) 48,671,614
-----------
DEPOSITARY RECEIPTS (0.7%)
3,900 S&P 400 Mid-Cap Depositary Receipt 346,125
-----------
TOTAL DEPOSITARY RECEIPTS
(cost $350,469) 346,125
-----------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------
PRINCIPAL SECURITY VALUE
-----------------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENT (0.3%)
REPURCHASE AGREEMENT (0.3%)
$138,000 Fifth Third Bank, 6.47%, 07/03/00, $ 138,000
Collateralized by $138,000 FHARM
Pool #406371, 6.39%, 10/01/27,
market value $140,760 (cost
$138,000)
TOTAL
(Cost $47,575,392) $49,155,739
===========
</TABLE>
-------------------------------------------------------
* Denotes a non-income producing security.
The abbreviation in the above statement stands for the following:
FHARM Freddie Mac Adjustable Rate Mortgage
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 57
<PAGE> 60
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 2000
(UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CAPITAL GOVERNMENT MONEY SMALL
TOTAL RETURN APPRECIATION BOND MARKET COMPANY
FUND FUND FUND FUND FUND
-------------- ------------ ------------ -------------- ------------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments in securities, at value (cost
$1,900,721,695; $791,419,483;
$714,289,543; and $584,122,767
respectively) $2,156,827,861 $880,009,506 $698,111,999 $ -- $681,732,865
Investments in short-term securities, at
value (cost $91,674,800; $13,649,615;
$1,825,544,242; and $24,983,350
respectively) 91,657,393 13,646,986 -- 1,825,544,242 24,983,883
Repurchase Agreements, at value (cost
$16,502,000; and $37,750,000
respectively) -- -- 16,502,000 -- 37,750,000
Cash 540 -- 691 -- 26,215
Receivable for investment securities sold 27,967,081 12,346,431 -- -- 12,219,939
Withholding tax reclaim receivable 52,555 -- -- -- --
Receivable from adviser 37,971 15,397 39,227 88,111 --
Interest and dividends receivable 1,177,634 166,211 9,218,843 346,581 591,121
Prepaid and other assets 61,680 20,181 4,654 19,742 160,180
-------------- ------------ ------------ -------------- ------------
Total Assets 2,277,782,715 906,204,712 723,877,414 1,825,998,676 757,464,203
-------------- ------------ ------------ -------------- ------------
LIABILITIES:
Cash overdrafts -- 192 -- 753 --
Dividends payable -- -- -- 9,068,228 --
Payable for investment securities purchased 41,858,175 13,963,818 -- -- 18,764,154
Payable for foreign currency transactions -- -- -- -- 2,651
Accrued expenses and other payables:
Investment management fees 1,082,611 430,213 296,784 580,819 556,879
Fund administration fees 82,461 35,851 29,678 67,609 41,915
Transfer agent fees 18,397 7,089 5,919 14,986 5,933
Administrative servicing fees 276,584 107,343 88,564 218,171 89,556
Other 47,713 22,550 17,830 57,687 81,498
-------------- ------------ ------------ -------------- ------------
Total Liabilities 43,365,941 14,567,056 438,775 10,008,253 19,542,586
-------------- ------------ ------------ -------------- ------------
NET ASSETS $2,234,416,774 $891,637,656 $723,438,639 $1,815,990,423 $737,921,617
============== ============ ============ ============== ============
NET ASSETS:
Capital $1,295,570,770 $651,592,379 $749,938,191 $1,815,986,444 $512,870,042
Undistributed (distributions in excess) net
investment income 56,922 (823,682) 180,537 1,778 143,838
Net unrealized appreciation (depreciation)
from investments and foreign currency
transactions 256,088,759 88,587,394 (16,177,544) -- 97,610,631
Accumulated undistributed (distributions in
excess) net realized gains (losses) from
investment and foreign currency
transactions 682,700,323 152,281,565 (10,502,545) 2,201 127,297,106
-------------- ------------ ------------ -------------- ------------
NET ASSETS $2,234,416,774 $891,637,656 $723,438,639 $1,815,990,423 $737,921,617
============== ============ ============ ============== ============
Shares outstanding (unlimited number of
shares authorized): 115,217,986 34,473,362 66,435,854 1,815,989,952 30,999,818
============== ============ ============ ============== ============
NET ASSET VALUE, offering and redemption
price per share $ 19.39 $ 25.86 $ 10.89 $ 1.00 $ 23.80
============== ============ ============ ============== ============
</TABLE>
------------------------------------------------------
See accompanying notes to financial statements.
58 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 61
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STRATEGIC STRATEGIC EQUITY
INCOME GROWTH VALUE INCOME HIGH INCOME
FUND FUND FUND FUND BOND FUND
---------- ------------ ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments in securities, at value (cost
$9,499,903; $195,143,957; $21,676,140;
$37,363,374; and $73,725,968, respectively) $9,326,337 $212,953,460 $21,717,303 $42,488,051 $66,483,841
Repurchase Agreements, at value (cost $183,000;
$13,074,000; $776,000; $4,381,000; and
$3,262,000, respectively) 183,000 13,074,000 776,000 4,381,000 3,262,000
Cash 1,967 353 112 674 692
Receivable for investment securities sold 92,011 6,121,168 -- 725,616 --
Receivable from adviser 1,536 27,073 4,972 5,577 15,519
Interest and dividends receivable 151,547 60,145 13,560 125,784 1,309,224
Prepaid and other assets 1,857 3,709 4,720 3,125 5,864
---------- ------------ ----------- ----------- -----------
Total Assets 9,758,255 232,239,908 22,516,667 47,729,827 71,077,140
---------- ------------ ----------- ----------- -----------
LIABILITIES:
Payable for investment securities purchased 86,322 12,226,349 -- 3,260,667 303,750
Accrued expenses and other payables:
Investment management fees 3,532 156,662 18,290 28,249 44,878
Fund administration fees 550 12,185 1,423 2,472 3,927
Transfer agent fees 79 1,741 203 353 561
Administrative servicing fees 118 26,306 2,969 5,146 7,766
Other 11,967 13,245 8,129 3,348 44,878
---------- ------------ ----------- ----------- -----------
Total Liabilities 102,568 12,436,488 31,014 3,300,235 405,760
---------- ------------ ----------- ----------- -----------
NET ASSETS $9,655,687 $219,803,420 $22,485,653 $44,429,592 $70,671,380
========== ============ =========== =========== ===========
NET ASSETS:
Capital $9,956,337 $192,448,542 $24,266,706 $39,264,078 $78,810,557
Undistributed (distributions in excess of) net
investment income 4,413 (222,716) 665 32,080 81,284
Net unrealized appreciation (depreciation) from
investments (173,566) 17,809,503 41,163 5,104,677 (7,242,127)
Accumulated undistributed (distributions in excess
of) net realized gains (losses) from investments (131,497) 9,768,091 (1,822,881) 28,757 (978,334)
---------- ------------ ----------- ----------- -----------
NET ASSETS $9,655,687 $219,803,420 $22,485,653 $44,429,592 $70,671,380
========== ============ =========== =========== ===========
Shares outstanding (unlimited number of shares
authorized): 997,012 10,236,685 2,431,908 3,238,050 7,925,105
NET ASSET VALUE, offering and redemption price per
share: $ 9.68 $ 21.47 $ 9.25 $ 13.72 $ 8.92
========== ============ =========== =========== ===========
</TABLE>
------------------------------------------------------
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 59
<PAGE> 62
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
STATEMENTS OF ASSETS AND LIABILITIES
JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MULTI SMALL CAP MID CAP
BALANCED SECTOR VALUE SMALL CAP GLOBAL INDEX
FUND BOND FUND FUND GROWTH FUND 50 FUND* FUND
------------ ------------ ------------ ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments in securities, unaffiliated,
at value (cost $92,306,798;
$87,757,591; $202,607,865; $45,897,045;
$70,643,708; and $47,437,392,
respectively) $ 92,334,037 $ 88,430,638 $202,030,803 $49,126,249 $74,236,050 $49,017,739
Repurchase Agreements, at value (cost
$7,203,000; $35,201,000; $12,365,000;
$2,117,000; and $138,000, respectively) 7,203,000 35,201,000 -- 12,365,000 2,117,000 138,000
Cash 470 991 -- 2,244 931 --
Foreign currency at value (cost $148,033
and $3,641,984, respectively) -- 149,789 -- -- 3,642,690 --
Receivable for investment securities sold 126,807 4,444,338 3,131,445 410,868 551,293 --
Receivable for foreign currency contracts -- 4,176 -- -- 409,016 --
Withholding tax reclaim receivable -- 7,405 -- -- 89,047 --
Receivable from adviser 11,786 14,078 23,172 10,860 29,116 10,722
Interest and dividends receivable 401,624 1,592,574 107,789 13,478 113,417 29,841
Prepaid and other assets 6,140 4,202 3,342 8,433 49,987 6,910
------------ ------------ ------------ ----------- ----------- -----------
Total Assets 100,083,864 129,849,191 205,296,551 61,937,132 81,238,547 49,203,212
------------ ------------ ------------ ----------- ----------- -----------
LIABILITIES:
Cash overdrafts -- -- 3,519,941 -- -- 2,608
Payable for investment securities
purchased 5,839,260 29,830,137 4,150,187 959,117 49,215 --
Payable for translation of foreign
currencies -- 341,742 -- -- 817,720 --
Accrued expenses and other payables:
Investment management fees 56,561 59,216 149,394 47,085 77,634 19,091
Fund administration fees 5,279 5,527 11,620 6,176 4,565 2,673
Transfer agent fees 754 789 1,666 428 652 380
Administrative servicing fees 11,258 11,803 25,045 5,685 8,920 5,182
Other 15,569 106,104 38,058 14,580 30,900 72,821
------------ ------------ ------------ ----------- ----------- -----------
Total Liabilities 5,928,681 30,355,318 7,895,911 1,033,071 989,606 102,755
------------ ------------ ------------ ----------- ----------- -----------
NET ASSETS $ 94,155,183 $ 99,493,873 $197,400,640 $60,904,061 $80,248,941 $49,100,457
============ ============ ============ =========== =========== ===========
NET ASSETS:
Capital $ 95,015,785 103,227,647 180,066,649 55,362,845 72,245,834 44,599,977
Undistributed (distributions in excess
of) net investment income 32,724 48,435 (194,817) (47,865) (26,049) 3,882
Net unrealized appreciation
(depreciation) from investments and
foreign currency transactions 27,239 372,355 (577,062) 3,229,204 3,141,043 1,580,347
Accumulated undistributed (distributions
in excess of) net realized gains
(losses) from investment and foreign
currency transactions (920,565) (4,154,564) 18,105,870 2,359,877 4,888,113 2,916,251
------------ ------------ ------------ ----------- ----------- -----------
NET ASSETS $ 94,155,183 $ 99,493,873 $197,400,640 $60,904,061 $80,248,941 $49,100,457
============ ============ ============ =========== =========== ===========
Shares outstanding (unlimited number of
shares authorized): 9,028,396 10,712,931 18,293,772 2,940,756 5,863,098 3,695,863
============ ============ ============ =========== =========== ===========
NET ASSET VALUE, offering and redemption
price per share: $ 10.43 $ 9.29 $ 10.79 $ 20.71 $ 13.69 $ 13.29
============ ============ ============ =========== =========== ===========
</TABLE>
------------------------------------------------------
* Formerly known as Global Equity Fund
See accompanying notes to financial statements.
60 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 63
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2000
(UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CAPITAL GOVERNMENT MONEY SMALL
TOTAL RETURN APPRECIATION BOND MARKET COMPANY
FUND FUND FUND FUND FUND
------------ ------------ ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest income $ 2,760,976 $ 346,307 $24,315,158 $57,705,735 $ 2,035,878
Dividend income 11,965,983 3,956,017 31,848 -- 2,537,588
Less foreign tax withheld (1,666) -- -- -- (135,381)
------------ ------------ ----------- ----------- -----------
Total Income 14,725,293 4,302,324 24,315,158 57,705,735 4,438,085
------------ ------------ ----------- ----------- -----------
EXPENSES:
Investment management fees 6,497,838 2,692,862 1,817,638 3,660,936 3,188,727
Fund administration fees 495,171 224,133 181,761 424,776 240,012
Custodian fees 30,727 19,393 13,238 41,688 44,190
Administrative servicing fees 1,654,814 663,337 539,809 1,391,291 513,276
Professional fees 23,387 11,342 7,488 24,962 11,728
Organization costs -- -- -- -- 737
Trustees' fees and expenses 11,829 5,419 3,779 8,258 2,042
Transfer agent fees 111,352 44,892 36,350 93,755 34,355
Shareholders' reports 24,892 11,011 7,989 15,968 44,621
Insurance 5,388 2,930 1,384 3,077 1,020
Other 7,686 4,634 7,428 6,514 21,371
------------ ------------ ----------- ----------- -----------
Total expenses before waived
or reimbursed expenses 8,863,084 3,679,953 2,616,864 5,671,225 4,102,079
Expenses waived or reimbursed (196,391) (87,295) (213,063) (441,468) --
------------ ------------ ----------- ----------- -----------
Net expenses 8,666,693 3,592,658 2,403,801 5,229,757 4,102,079
------------ ------------ ----------- ----------- -----------
NET INVESTMENT INCOME 6,058,600 709,666 21,911,357 52,475,978 336,006
------------ ------------ ----------- ----------- -----------
REALIZED/UNREALIZED GAINS
(LOSSES) FROM INVESTMENTS:
Net realized gains (losses)
from investments and foreign
currency transactions 654,179,132 152,281,565 (10,452,053) (3,369) 104,552,971
Net change in unrealized
appreciation (depreciation)
from investments and foreign
currency transactions (593,832,012) (155,949,480) 16,557,405 -- (65,112,230)
------------ ------------ ----------- ----------- -----------
Net realized/unrealized gain
(loss) from investments and
foreign currency transactions 60,347,120 (3,667,915) 6,105,352 (3,369) 39,440,741
------------ ------------ ----------- ----------- -----------
CHANGE IN NET ASSETS RESULTING
FROM OPERATIONS $ 66,405,720 $ (2,958,249) $28,016,709 $52,472,609 $39,776,747
============ ============ =========== =========== ===========
</TABLE>
------------------------------------------------------
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 61
<PAGE> 64
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
STATEMENTS OF OPERATIONS
FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STRATEGIC STRATEGIC EQUITY HIGH
INCOME GROWTH VALUE INCOME INCOME
FUND FUND FUND FUND BOND FUND
-------- ---------- ----------- --------- -----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest income $270,769 $ 481,752 $ 41,071 $ 6,471 $ 3,642,533
Dividend income -- 124,176 153,667 319,046 74,513
-------- ---------- ----------- --------- -----------
Total income 270,769 605,928 194,738 325,517 3,717,046
-------- ---------- ----------- --------- -----------
EXPENSES:
Investment management fees 19,732 744,183 93,413 142,142 262,855
Fund administration fees 3,069 57,882 7,266 12,438 23,000
Custodian fees 2,602 12,538 5,177 3,955 3,906
Administrative servicing fees 616 125,279 14,026 25,631 44,989
Professional fees 6,453 4,611 4,536 4,634 5,493
Organization costs 222 375 375 349 349
Trustees' fees and expenses 38 109 76 92 235
Transfer agent fees 439 8,268 1,038 1,777 3,285
Shareholders' reports 4,481 1,645 1,925 2,032 5,386
Insurance 7 29 38 39 105
Other 2,958 4,190 1,617 4,084 43,910
-------- ---------- ----------- --------- -----------
Total expenses before waived or
reimbursed expenses 40,617 959,109 129,487 197,173 393,513
Expenses waived or reimbursed (7,703) (130,465) (25,660) (28,063) (80,649)
-------- ---------- ----------- --------- -----------
Net expenses 32,914 828,644 103,827 169,110 312,864
-------- ---------- ----------- --------- -----------
NET INVESTMENT INCOME (LOSS) 237,855 (222,716) 90,911 156,407 3,404,182
-------- ---------- ----------- --------- -----------
REALIZED/UNREALIZED GAINS (LOSSES) FROM
INVESTMENTS:
Net realized gains (losses) from
investment transactions (46,628) 1,454,374 (1,232,396) 512,665 (606,640)
Net change in unrealized appreciation
(depreciation) from investments 130,834 1,808,450 720,045 (170,979) (3,766,880)
-------- ---------- ----------- --------- -----------
Net realized/unrealized gains (losses)
from investments 84,206 3,262,824 (512,351) 341,686 (4,373,520)
-------- ---------- ----------- --------- -----------
CHANGE IN NET ASSETS RESULTING FROM
OPERATIONS $322,061 $3,040,108 $ (421,440) $ 498,093 $ (969,338)
======== ========== =========== ========= ===========
</TABLE>
------------------------------------------------------
See accompanying notes to financial statements.
62 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 65
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
STATEMENTS OF OPERATIONS
FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2000 (CONTINUED)
(UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MULTI SMALL CAP MID CAP
BALANCED SECTOR VALUE SMALL CAP GLOBAL INDEX
FUND BOND FUND FUND GROWTH FUND 50 FUND* FUND
---------- ----------- ----------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest income $1,303,549 $ 3,338,833 $ 94,156 $ 174,068 $ 42,117 $ 200,247
Dividend income 361,127 -- 566,564 30,481 1,116,212 4,248
Less foreign tax withheld -- -- -- -- (96,942) --
---------- ----------- ----------- ----------- ----------- ----------
Total Income 1,664,676 3,338,833 660,720 204,549 1,061,387 204,495
---------- ----------- ----------- ----------- ----------- ----------
EXPENSES:
Investment management fees 309,810 310,081 733,307 213,498 346,180 79,868
Fund administration fees 28,916 28,941 57,036 37,467 24,233 11,182
Custodian fees 5,520 11,707 46,887 23,165 55,914 26,592
Administrative servicing fees 61,595 61,862 122,653 24,937 46,454 21,045
Professional fees 5,825 5,521 6,292 4,150 4,976 4,476
Organization costs 350 349 350 -- 375 350
Trustees' fees and expenses 272 227 380 28 140 61
Transfer agent fees 4,130 4,134 8,147 1,941 3,461 1,597
Shareholders' reports 6,574 4,728 6,503 198 3,029 2,050
Insurance 118 102 118 -- 61 29
Other 10,168 13,107 5,540 10,246 18,618 14,474
---------- ----------- ----------- ----------- ----------- ----------
Total expenses before waived
or reimbursed expenses 433,278 440,759 987,213 315,630 503,441 161,724
Expenses waived or reimbursed (59,897) (67,567) (131,676) (63,216) (87,034) (57,844)
---------- ----------- ----------- ----------- ----------- ----------
Net expenses 373,381 373,192 855,537 252,414 416,407 103,880
---------- ----------- ----------- ----------- ----------- ----------
NET INVESTMENT INCOME (LOSS) 1,291,295 2,965,641 (194,817) (47,865) 644,980 100,615
---------- ----------- ----------- ----------- ----------- ----------
REALIZED/UNREALIZED GAINS (LOSSES)
FROM INVESTMENTS:
Net realized gains (losses) from
investments and foreign
currency transactions (389,670) (2,715,743) 17,165,003 1,450,739 4,179,020 2,691,876
Net change in unrealized
appreciation (depreciation)
from investments and
translation of assets and
liabilities in foreign
currencies 1,534,841 2,002,965 (2,804,768) (1,692,067) (4,818,811) (582,705)
---------- ----------- ----------- ----------- ----------- ----------
Net realized/unrealized gains
(losses) from investments and
translation of assets and
liabilities in foreign
currencies 1,145,171 (712,778) 14,360,235 (241,328) (639,791) 2,109,171
---------- ----------- ----------- ----------- ----------- ----------
CHANGE IN NET ASSETS RESULTING
FROM OPERATIONS $2,436,466 $ 2,252,863 $14,165,418 $ (289,193) $ 5,189 $2,209,786
========== =========== =========== =========== =========== ==========
</TABLE>
------------------------------------------------------
* Formerly known as Global Equity Fund
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 63
<PAGE> 66
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
JUNE 30, 2000
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TOTAL RETURN FUND CAPITAL APPRECIATION FUND
-------------------------------------- --------------------------------------
FOR THE SIX MONTHS FOR THE YEAR FOR THE SIX MONTHS FOR THE YEAR
ENDED ENDED ENDED ENDED
JUNE 30, 2000 DECEMBER 31, 1999 JUNE 30, 2000 DECEMBER 31, 1999
------------------ ----------------- ------------------ -----------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income $ 6,058,600 $ 15,554,510 $ 709,666 $ 6,802,079
Net realized gains from
investment transactions 654,179,132 117,359,335 152,281,565 62,469,302
Net change in unrealized
appreciation (depreciation)
from investments (593,832,012) 26,138,759 (155,949,480) (26,820,996)
-------------- -------------- ------------ --------------
Change in net assets resulting
from operations 66,405,720 159,052,604 (2,958,249) 42,450,385
-------------- -------------- ------------ --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (6,011,189) (15,661,031) (1,533,348) (6,893,619)
Net realized gains from
investment transactions -- (89,929,742) -- (62,441,907)
Tax return of capital -- -- -- (7,645,722)
-------------- -------------- ------------ --------------
CHANGE IN NET ASSETS FROM
SHAREHOLDER DISTRIBUTIONS (6,011,189) (105,590,773) (1,533,348) (76,981,248)
-------------- -------------- ------------ --------------
CAPITAL TRANSACTIONS:
Proceeds from shares issued 101,211,559 326,423,709 65,260,817 309,393,064
Dividends reinvested 6,001,004 105,590,773 1,531,805 76,981,248
Cost of shares redeemed (352,927,513) (409,176,547) (238,502,050) (348,502,305)
-------------- -------------- ------------ --------------
Change in net assets from capital
transactions (245,714,950) 22,837,935 (171,709,428) 37,872,007
-------------- -------------- ------------ --------------
Change in net assets (185,320,419) 76,299,766 (176,201,025) 3,341,144
NET ASSETS:
Beginning of period 2,419,737,193 2,343,437,427 1,067,838,681 1,064,497,537
-------------- -------------- ------------ --------------
End of period $2,234,416,774 $2,419,737,193 $891,637,656 $1,067,838,681
============== ============== ============ ==============
Undistributed net realized gain on
investments included in net
assets at end of period $ 682,700,323 $ 28,521,191 $152,281,565 $ --
============== ============== ============ ==============
Undistributed (distributions in
excess of) net investment income
included in net assets at end of
period $ 56,922 $ 9,511 $ (823,682) $ --
============== ============== ============ ==============
SHARE TRANSACTIONS:
Sold 5,294,829 17,024,853 2,598,576 11,259,729
Reinvested 312,882 5,714,178 60,834 3,046,984
Redeemed (19,060,933) (21,401,235) (9,727,096) (12,802,699)
-------------- -------------- ------------ --------------
Change in shares (13,453,222) 1,337,796 (7,067,686) 1,504,014
============== ============== ============ ==============
</TABLE>
------------------------------------------------------
See accompanying notes to financial statements.
64 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 67
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
JUNE 30, 2000 (CONTINUED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GOVERNMENT BOND FUND MONEY MARKET FUND
-------------------------------------- --------------------------------------
FOR THE SIX MONTHS FOR THE YEAR FOR THE SIX MONTHS FOR THE YEAR
ENDED ENDED ENDED ENDED
JUNE 30, 2000 DECEMBER 31, 1999 JUNE 30, 2000 DECEMBER 31, 1999
------------------ ----------------- ------------------ -----------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income $ 21,911,357 $ 41,862,730 $ 52,475,978 $ 83,322,142
Net realized gains (losses) from
investment transactions (10,452,053) 1,408,560 (3,369) 11,260
Net change in unrealized
appreciation (depreciation) from
investments 16,557,405 (61,093,491) -- --
-------------- ------------- --------------- --------------
Change in net assets resulting
from operations 28,016,709 (17,822,201) 52,472,609 83,333,402
-------------- ------------- --------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (21,730,820) (42,012,244) (52,475,978) (83,322,142)
Net realized gains from investment
transactions -- (1,412,380) -- --
In excess of net realized gain on
investments -- (50,492) -- --
-------------- ------------- --------------- --------------
CHANGE IN NET ASSETS FROM
SHAREHOLDER DISTRIBUTIONS (21,730,820) (43,475,116) (52,475,978) (83,322,142)
-------------- ------------- --------------- --------------
CAPITAL TRANSACTIONS:
Proceeds from shares issued 106,723,700 306,089,242 5,250,519,088 6,730,305,796
Dividends reinvested 21,729,902 43,475,116 43,403,581 83,322,142
Cost of shares redeemed (181,257,716) (280,206,820) (5,605,428,654) (6,059,473,491)
-------------- ------------- --------------- --------------
Change in net assets from capital
transactions (52,804,114) 69,357,538 (311,505,985) 754,154,447
-------------- ------------- --------------- --------------
Change in net assets (46,518,225) 8,060,221 (311,509,354) 754,165,707
NET ASSETS:
Beginning of period 769,956,864 761,896,643 2,127,499,777 1,373,334,070
-------------- ------------- --------------- --------------
End of period $ 723,438,639 $ 769,956,864 $ 1,815,990,423 $2,127,499,777
============== ============= =============== ==============
Undistributed (distributions in
excess of) net realized gain (loss)
on investments included in net
assets at end of period $ (10,502,545) $ (50,492) $ 2,201 $ 5,570
============== ============= =============== ==============
Undistributed net investment income
included in net assets at end of
period $ 180,537 $ -- $ 1,778 $ 1,778
============== ============= =============== ==============
SHARE TRANSACTIONS:
Sold 9,803,809 27,120,299 5,250,519,087 6,730,305,797
Reinvested 2,008,264 3,932,706 43,403,814 83,322,142
Redeemed (16,703,521) (24,902,794) (5,605,428,654) (6,059,473,491)
-------------- ------------- --------------- --------------
Change in shares (4,891,448) 6,150,211 (311,505,753) 754,154,448
============== ============= =============== ==============
</TABLE>
------------------------------------------------------
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 65
<PAGE> 68
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
JUNE 30, 2000 (CONTINUED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL COMPANY FUND INCOME FUND
-------------------------------------- --------------------------------------
FOR THE SIX MONTHS FOR THE YEAR FOR THE SIX MONTHS FOR THE YEAR
ENDED ENDED ENDED ENDED
JUNE 30, 2000 DECEMBER 31, 1999 JUNE 30, 2000 DECEMBER 31, 1999
------------------ ----------------- ------------------ -----------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss) $ 336,006 $ (619,947) $ 237,855 $ 321,371
Net realized gains (losses) from
investment transactions 104,552,971 64,557,108 (46,628) (83,927)
Net change in unrealized
appreciation (depreciation) from
investments (65,112,230) 95,484,781 130,834 (364,806)
------------- ------------ ----------- -----------
Change in net assets resulting
from operations 39,776,747 159,421,942 322,061 (127,362)
------------- ------------ ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (192,168) -- (243,196) (311,674)
Net realized gains from investment
transactions -- (21,327,194) -- (9,576)
------------- ------------ ----------- -----------
CHANGE IN NET ASSETS FROM
SHAREHOLDER DISTRIBUTIONS (192,168) (21,327,194) (243,196) (321,250)
------------- ------------ ----------- -----------
CAPITAL TRANSACTIONS:
Proceeds from shares issued 393,823,903 414,442,782 4,566,303 5,898,374
Dividends reinvested 191,392 21,327,194 243,058 321,250
Cost of shares redeemed (238,215,100) (437,896,385) (3,765,273) (2,202,672)
------------- ------------ ----------- -----------
Change in net assets from capital
transactions 155,800,195 (2,126,409) 1,044,088 4,016,952
------------- ------------ ----------- -----------
Change in net assets 195,384,774 135,968,339 1,122,953 3,568,340
NET ASSETS:
Beginning of period 542,536,843 406,568,504 8,532,734 4,964,394
------------- ------------ ----------- -----------
End of period $ 737,921,617 $542,536,843 $ 9,655,687 $ 8,532,734
============= ============ =========== ===========
Undistributed (distributions in
excess of) net realized gain
(loss) on investments
included in net assets at end of
period $ 127,297,106 $ 22,744,135 $ (131,769) $ (84,869)
============= ============ =========== ===========
Undistributed net investment income
included in
net assets at end of period $ 143,838 $ -- $ 4,317 $ 9,754
============= ============ =========== ===========
SHARE TRANSACTIONS:
Sold 16,800,865 23,884,118 472,980 593,562
Reinvested 8,041 1,015,581 25,213 32,912
Redeemed (10,333,774) (25,772,992) (390,266) (221,627)
------------- ------------ ----------- -----------
Change in shares 6,475,132 (873,293) 107,927 404,847
============= ============ =========== ===========
</TABLE>
------------------------------------------------------
See accompanying notes to financial statements.
66 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 69
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
JUNE 30, 2000 (CONTINUED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STRATEGIC GROWTH FUND STRATEGIC VALUE FUND
-------------------------------------- --------------------------------------
FOR THE SIX MONTHS FOR THE YEAR FOR THE SIX MONTHS FOR THE YEAR
ENDED ENDED ENDED ENDED
JUNE 30, 2000 DECEMBER 31, 1999 JUNE 30, 2000 DECEMBER 31, 1999
------------------ ----------------- ------------------ -----------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss) $ (222,716) $ (45,804) $ 90,911 $ 138,205
Net realized gains (losses)
from investment transactions 1,454,374 14,235,988 (1,232,396) (314,602)
Net change in unrealized
appreciation (depreciation)
from investments 1,808,450 14,036,084 720,045 (364,449)
------------ ------------ ------------ -----------
Change in net assets
resulting from operations 3,040,108 28,226,268 (421,440) (540,846)
------------ ------------ ------------ -----------
DISTRIBUTIONS TO SHAREHOLDERS
FROM:
Net investment income -- -- (96,694) (132,000)
Net realized gains from
investment transactions -- (4,972,472) -- (495,572)
------------ ------------ ------------ -----------
CHANGE IN NET ASSETS FROM
SHAREHOLDER DISTRIBUTIONS -- (4,972,472) (96,694) (627,572)
------------ ------------ ------------ -----------
CAPITAL TRANSACTIONS:
Proceeds from shares issued 159,889,206 73,161,266 27,736,470 8,445,323
Dividends reinvested -- 4,972,472 96,520 627,572
Cost of shares redeemed (42,217,176) (12,638,597) (22,083,039) (5,929,989)
------------ ------------ ------------ -----------
Change in net assets from
capital transactions 117,672,030 65,495,141 5,749,951 3,142,906
------------ ------------ ------------ -----------
Change in net assets 120,712,138 88,748,937 5,231,817 1,974,488
NET ASSETS:
Beginning of period 99,091,282 10,342,345 17,253,836 15,279,348
------------ ------------ ------------ -----------
End of period $219,803,420 $ 99,091,282 $ 22,485,653 $17,253,836
============ ============ ============ ===========
Undistributed (distributions in
excess of) net realized gain
(loss) on investments included
in net assets at end of period $ 9,768,091 $ 8,313,717 $ (1,822,881) $ (590,485)
============ ============ ============ ===========
Undistributed (distributions in
excess of) net investment
income included in net assets
at end of period $ (222,716) $ -- $ 665 $ 6,448
============ ============ ============ ===========
SHARE TRANSACTIONS:
Sold 7,358,054 4,529,147 2,886,128 845,843
Reinvested -- 256,578 10,230 67,344
Redeemed (1,970,322) (820,640) (2,297,189) (590,261)
------------ ------------ ------------ -----------
Change in shares 5,387,732 3,965,085 599,169 322,926
============ ============ ============ ===========
</TABLE>
------------------------------------------------------
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 67
<PAGE> 70
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
JUNE 30, 2000 (CONTINUED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
EQUITY INCOME FUND HIGH INCOME BOND FUND
-------------------------------------- --------------------------------------
FOR THE SIX MONTHS FOR THE YEAR FOR THE SIX MONTHS FOR THE YEAR
ENDED ENDED ENDED ENDED
JUNE 30, 2000 DECEMBER 31, 1999 JUNE 30, 2000 DECEMBER 31, 1999
------------------ ----------------- ------------------ -----------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income $ 156,407 $ 89,591 $ 3,404,182 $ 4,603,041
Net realized gains (losses)
from investment transactions 512,665 (483,477) (606,640) (371,694)
Net change in unrealized
appreciation (depreciation)
from investments (170,979) 4,232,943 (3,766,880) (2,803,976)
----------- ------------ ----------- -----------
Change in net assets
resulting from operations 498,093 3,839,057 (969,338) 1,427,371
----------- ------------ ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS
FROM:
Net investment income (138,098) (77,682) (3,346,209) (4,592,749)
Net realized gains from
investment transactions -- (11,653) -- (24,373)
----------- ------------ ----------- -----------
CHANGE IN NET ASSETS FROM
SHAREHOLDER DISTRIBUTIONS (138,098) (89,335) (3,346,209) (4,617,122)
----------- ------------ ----------- -----------
Capital transactions:
Proceeds from shares issued 15,904,447 12,153,340 12,128,271 49,566,341
Dividends reinvested 137,647 89,336 3,345,292 4,617,122
Cost of shares redeemed (1,161,600) (997,765) (5,240,465) (22,870,077)
----------- ------------ ----------- -----------
Change in net assets from
capital transactions 14,880,494 11,244,911 10,233,098 31,313,386
----------- ------------ ----------- -----------
Change in net assets 15,240,489 14,994,633 5,917,551 28,123,635
NET ASSETS:
Beginning of period 29,189,103 14,194,470 64,753,829 36,630,194
----------- ------------ ----------- -----------
End of period $44,429,592 $ 29,189,103 $70,671,380 $64,753,829
=========== ============ =========== ===========
Undistributed (distributions in
excess of) net realized gain
(loss) on investments included
in net assets at end of period $ 28,804 $ (483,908) $ (978,334) $ (371,694)
=========== ============ =========== ===========
Undistributed net investment
income included in net assets
at end of period $ 32,033 $ 13,771 $ 81,284 $ 23,311
=========== ============ =========== ===========
SHARE TRANSACTIONS:
Sold 1,157,182 993,131 1,319,112 4,968,321
Reinvested 9,666 7,309 373,988 475,151
Redeemed (85,706) (80,630) (567,134) (2,292,101)
----------- ------------ ----------- -----------
Change in shares 1,081,142 919,810 1,125,966 3,151,371
=========== ============ =========== ===========
</TABLE>
------------------------------------------------------
See accompanying notes to financial statements.
68 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 71
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
JUNE 30, 2000 (CONTINUED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
BALANCED FUND MULTI SECTOR BOND FUND
-------------------------------------- --------------------------------------
FOR THE SIX MONTHS FOR THE YEAR FOR THE SIX MONTHS FOR THE YEAR
ENDED ENDED ENDED ENDED
JUNE 30, 2000 DECEMBER 31, 1999 JUNE 30, 2000 DECEMBER 31, 1999
------------------ ----------------- ------------------ -----------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income $ 1,291,295 $ 2,295,378 $ 2,965,641 $ 3,715,721
Net realized loss from
investment transactions (389,670) (455,966) (2,715,743) (1,282,937)
Net change in unrealized
appreciation (depreciation)
from investments 1,534,841 (1,965,360) 2,002,965 (1,183,151)
----------- ----------- ------------ ------------
Change in net assets resulting
from operations 2,436,466 (125,948) 2,252,863 1,249,633
----------- ----------- ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS
FROM:
Net investment income (1,306,350) (2,254,410) (2,939,279) (3,540,626)
Net realized gains from
investment transactions -- (11,532) -- --
----------- ----------- ------------ ------------
CHANGE IN NET ASSETS FROM
SHAREHOLDER DISTRIBUTIONS (1,306,350) (2,265,942) (2,939,279) (3,540,626)
----------- ----------- ------------ ------------
CAPITAL TRANSACTIONS:
Proceeds from shares issued 25,582,346 43,114,270 38,271,217 40,791,159
Dividends reinvested 1,305,770 2,265,941 2,937,858 3,540,626
Cost of shares redeemed (12,020,213) (5,716,185) (13,891,269) (6,143,188)
----------- ----------- ------------ ------------
Change in net assets from
capital transactions 14,867,903 39,664,026 27,317,806 38,188,597
----------- ----------- ------------ ------------
Change in net assets 15,998,019 37,272,136 26,631,390 35,897,604
NET ASSETS:
Beginning of period 78,157,164 40,885,028 72,862,483 36,964,879
----------- ----------- ------------ ------------
End of period $94,155,183 $78,157,164 $ 99,493,873 $ 72,862,483
=========== =========== ============ ============
Undistributed (distributions in
excess of) net realized gain
(loss) on investments included
in net assets at end of period $ (920,565) $ (530,895) $ (4,154,564) $ (1,438,821)
=========== =========== ============ ============
Undistributed net investment
income included in net assets
at end of period $ 32,724 $ 47,779 $ 48,435 $ 22,073
=========== =========== ============ ============
SHARE TRANSACTIONS:
Sold 2,484,827 4,044,103 4,114,980 4,282,502
Reinvested 126,161 216,037 315,695 376,822
Redeemed (1,162,355) (546,541) (1,492,960) (646,832)
----------- ----------- ------------ ------------
Change in shares 1,448,633 3,713,599 2,937,715 4,012,492
=========== =========== ============ ============
</TABLE>
------------------------------------------------------
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 69
<PAGE> 72
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
JUNE 30, 2000 (CONTINUED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL CAP VALUE FUND SMALL CAP GROWTH FUND
-------------------------------------- --------------------------------------------
PERIOD FROM MAY 1, 1999
FOR THE SIX MONTHS FOR THE YEAR FOR THE SIX MONTHS (COMMENCEMENT OF
ENDED ENDED ENDED OPERATIONS) THROUGH
JUNE 30, 2000 DECEMBER 31, 1999 JUNE 30, 2000 DECEMBER 31, 1999
------------------ ----------------- ------------------ -----------------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income
(loss) $ (194,817) $ (271,770) $ (47,865) $ (10,928)
Net realized gain from
investment transactions 17,165,003 22,619,690 1,450,739 1,633,550
Net change in unrealized
appreciation
(depreciation) from
investments (2,804,768) (203,224) (1,692,067) 4,921,271
------------ ------------- ------------ ------------
Change in net assets
resulting from
operations 14,165,418 22,144,696 (289,193) 6,543,893
------------ ------------- ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS
FROM:
Net investment income -- -- -- --
Net realized gains from
investment transactions -- (21,000,309) -- (713,484)
------------ ------------- ------------ ------------
CHANGE IN NET ASSETS FROM
SHAREHOLDER
DISTRIBUTIONS -- (21,000,309) -- (713,484)
------------ ------------- ------------ ------------
CAPITAL TRANSACTIONS:
Proceeds from shares
issued 142,754,293 310,446,359 65,554,973 30,690,867
Dividends reinvested -- 21,000,309 -- 713,484
Cost of shares redeemed (91,448,403) (251,101,045) (23,902,653) (17,693,826)
------------ ------------- ------------ ------------
Change in net assets from
capital transactions 51,305,890 80,345,623 41,652,320 13,710,525
------------ ------------- ------------ ------------
Change in net assets 65,471,308 81,490,010 41,363,127 19,540,934
NET ASSETS:
Beginning of period 131,929,332 50,439,322 19,540,934 --
------------ ------------- ------------ ------------
End of period $197,400,640 $ 131,929,332 $ 60,904,061 $ 19,540,934
============ ============= ============ ============
Undistributed net realized
gain on investments
included in net assets at
end of period $ 18,105,870 $ 940,867 $ 2,359,877 $ 909,138
============ ============= ============ ============
Undistributed (distributions
in excess of) net
investment income included
in net assets at end of
period $ (194,817) $ -- $ (47,865) $ --
============ ============= ============ ============
SHARE TRANSACTIONS:
Sold 13,623,363 30,266,660 3,045,100 2,077,997
Reinvested -- 2,326,692 -- 37,931
Redeemed (8,896,221) (24,343,402) (1,096,704) (1,123,568)
------------ ------------- ------------ ------------
Change in shares 4,727,142 8,249,950 1,948,396 992,360
============ ============= ============ ============
</TABLE>
------------------------------------------------------
See accompanying notes to financial statements.
70 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 73
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
JUNE 30, 2000 (CONTINUED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GLOBAL 50 FUND* MID CAP INDEX FUND
-------------------------------------- --------------------------------------
FOR THE SIX MONTHS FOR THE YEAR FOR THE SIX MONTHS FOR THE YEAR
ENDED ENDED ENDED ENDED
JUNE 30, 2000 DECEMBER 31, 1999 JUNE 30, 2000 DECEMBER 31, 1999
------------------ ----------------- ------------------ -----------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income $ 644,980 $ 111,988 $ 100,615 $ 62,995
Net realized gain from
investment and foreign
currency transactions 4,179,020 2,610,483 2,691,876 1,739,863
Net change in unrealized
appreciation (depreciation)
from investments and foreign
currency transactions (4,818,811) 6,071,877 (582,705) 1,207,561
----------- ----------- ----------- -----------
Change in net assets
resulting from operations 5,189 8,794,348 2,209,786 3,010,419
----------- ----------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS
FROM:
Net investment income (644,428) (92,651) (122,742) (36,986)
In excess of net investment
income (26,601)
Net realized gains from
investment transactions and
foreign currency
transactions -- (1,919,622) -- (1,249,236)
----------- ----------- ----------- -----------
CHANGE IN NET ASSETS FROM
SHAREHOLDER DISTRIBUTIONS (644,428) (2,038,874) (122,742) (1,286,222)
----------- ----------- ----------- -----------
CAPITAL TRANSACTIONS:
Proceeds from shares issued 33,800,580 33,138,170 30,519,846 8,717,371
Dividends reinvested 643,933 2,038,874 122,462 1,286,222
Cost of shares redeemed (14,396,180) (2,619,661) (3,887,491) (2,318,384)
----------- ----------- ----------- -----------
Change in net assets from
capital transactions 20,048,334 32,557,383 26,754,817 7,685,209
----------- ----------- ----------- -----------
Change in net assets 19,409,095 39,312,857 28,841,861 9,409,406
NET ASSETS:
Beginning of period 60,839,846 21,526,989 20,258,596 10,849,190
----------- ----------- ----------- -----------
End of period $80,248,941 $60,839,846 $49,100,457 $20,258,596
=========== =========== =========== ===========
Undistributed net realized gain
on investments included in net
assets at end of period $ 4,888,113 $ 709,093 $ 2,916,251 $ 224,375
=========== =========== =========== ===========
Undistributed (distributions in
excess of) net investment
income included in net assets
at end of period $ (26,048) $ (26,601) $ 3,882 $ 26,009
=========== =========== =========== ===========
SHARE TRANSACTIONS:
Sold 2,477,779 2,603,830 2,331,045 747,750
Reinvested 47,102 152,268 9,132 107,802
Redeemed (1,042,022) (207,208) (289,072) (204,492)
----------- ----------- ----------- -----------
Change in shares 1,482,859 2,548,890 2,051,105 651,060
=========== =========== =========== ===========
</TABLE>
------------------------------------------------------
* Formerly known as Global Equity Fund
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 71
<PAGE> 74
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TOTAL RETURN FUND
----------------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
ENDED DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
JUNE 30, 2000 1999 1998 1997 1996 1995
------------- ------------ ------------ ------------ ------------ ------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE --
BEGINNING OF PERIOD $ 18.81 $ 18.40 $ 16.38 $ 13.27 $ 11.54 $ 9.70
---------- ---------- ---------- ---------- ---------- --------
Net investment income 0.05 0.12 0.19 0.23 0.24 0.31
Net realized gain and
unrealized appreciation
on investments 0.58 1.13 2.77 3.65 2.26 2.49
---------- ---------- ---------- ---------- ---------- --------
Total from investment
operations 0.63 1.25 2.96 3.88 2.50 2.80
---------- ---------- ---------- ---------- ---------- --------
Dividends from net
investment income (0.05) (0.12) (0.19) (0.23) (0.25) (0.31)
Dividends from net
realized gain from
investment transactions -- (0.72) (0.75) (0.52) (0.52) (0.65)
Dividends in excess of net
realized gain from
investment transactions -- -- -- (0.01) -- --
Dividends from tax return
of capital -- -- -- (0.01) -- --
---------- ---------- ---------- ---------- ---------- --------
Total distributions (0.05) (0.84) (0.94) (0.77) (0.77) (0.96)
---------- ---------- ---------- ---------- ---------- --------
Net increase (decrease)
in net asset value 0.58 0.41 2.02 3.11 1.73 1.84
---------- ---------- ---------- ---------- ---------- --------
NET ASSET VALUE --
END OF PERIOD $ 19.39 $ 18.81 $ 18.40 $ 16.38 $ 13.27 $ 11.54
========== ========== ========== ========== ========== ========
Total Return 3.36%* 6.94% 18.07% 29.43% 21.84% 29.09%
RATIOS AND SUPPLEMENTAL
DATA:
Net Assets, end of period
(000) $2,234,417 $2,419,737 $2,343,437 $1,849,241 $1,179,876 $814,964
Ratio of expenses to average
net assets 0.78%* 0.72% 0.65% 0.54% 0.51% 0.51%
Ratio of expenses to average
net assets** 0.80%* -- -- -- -- --
Ratio of net investment
income to average net
assets 0.64%* 0.64% 1.05% 1.54% 1.99% 2.84%
Ratio of net investment
income to average net
assets** 0.53%* -- -- -- -- --
Portfolio turnover 90.81%* 29.95% 17.13% 13.85% 16.18% 16.12%
</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.
72 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 75
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CAPITAL APPRECIATION FUND
----------------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
ENDED DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
JUNE 30, 2000 1999 1998 1997 1996 1995
------------- ------------ ------------ ------------ ------------ ------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE --
BEGINNING OF PERIOD $ 25.71 $ 26.59 $ 21.21 $ 16.28 $ 13.48 $ 10.92
-------- ---------- ---------- -------- -------- -------
Net investment income 0.02 0.17 0.19 0.20 0.21 0.23
Net realized gain and
unrealized appreciation
on investments 0.17 0.92 6.14 5.39 3.29 2.69
-------- ---------- ---------- -------- -------- -------
Total from investment
operations 0.19 1.09 6.33 5.59 3.50 3.19
-------- ---------- ---------- -------- -------- -------
Dividends from net
investment income (0.04) (0.17) (0.19) (0.20) (0.22) (0.23)
Dividends from net
realized gain from
investment transactions -- (1.60) (0.76) (0.46) (0.48) (0.40)
Tax return of capital -- (0.20) -- -- -- --
-------- ---------- ---------- -------- -------- -------
Total distributions (0.04) (1.97) (0.95) (0.66) (0.70) (0.63)
-------- ---------- ---------- -------- -------- -------
Net increase (decrease)
in net asset value 0.15 (0.88) 5.38 4.93 2.80 2.56
-------- ---------- ---------- -------- -------- -------
NET ASSET VALUE --
END OF PERIOD $ 25.86 $ 25.71 $ 26.59 $ 21.21 $ 16.28 $ 13.48
======== ========== ========== ======== ======== =======
Total Return 0.76%* 4.28% 29.96% 34.49% 26.14% 29.35%
RATIOS AND SUPPLEMENTAL
DATA:
Net Assets, end of period
(000) $891,638 $1,067,839 $1,064,498 $481,738 $211,474 $81,237
Ratio of expenses to average
net assets 0.80%* 0.74% 0.67% 0.56% 0.52% 0.54%
Ratio of expenses to average
net assets** 0.82%* -- -- -- -- --
Ratio of net investment
income to average net
assets 0.16%* 0.62% 0.83% 1.10% 1.53% 1.89%
Ratio of net investment
income to average net
assets** 0.14%* -- -- -- -- --
Portfolio turnover 118.49%* 24.70% 10.67% 10.88% 22.19% 20.28%
</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.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 73
<PAGE> 76
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GOVERNMENT BOND FUND
----------------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
ENDED DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
JUNE 30, 2000 1999 1998 1997 1996 1995
------------- ------------ ------------ ------------ ------------ ------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE --
BEGINNING OF PERIOD $ 10.79 $ 11.69 $ 11.38 $ 11.04 $ 11.36 $ 10.20
-------- -------- -------- -------- -------- --------
Net investment income 0.33 0.61 0.63 0.69 0.69 0.71
Net realized gain (loss)
and unrealized
appreciation
(depreciation) on
investments 0.10 (0.88) 0.37 0.34 (0.32) 1.16
-------- -------- -------- -------- -------- --------
Total from investment
operations 0.43 (0.27) 1.00 1.03 0.37 1.87
-------- -------- -------- -------- -------- --------
Dividends from net
investment income (0.33) (0.61) (0.63) (0.69) (0.69) (0.71)
Dividends from net
realized gain from
investment transactions -- (0.02) (0.06) -- -- --
-------- -------- -------- -------- -------- --------
Total distributions (0.33) (0.63) (0.69) (0.69) (0.69) (0.71)
-------- -------- -------- -------- -------- --------
Net increase (decrease)
in net asset value 0.10 (0.90) 0.31 0.34 (0.32) 1.16
-------- -------- -------- -------- -------- --------
NET ASSET VALUE --
END OF PERIOD $ 10.89 $ 10.79 $ 11.69 $ 11.38 $ 11.04 $ 11.36
======== ======== ======== ======== ======== ========
Total Return 4.03%* (2.35)% 8.91% 9.67% 3.49% 18.74%
RATIOS AND SUPPLEMENTAL
DATA:
Net Assets, end of period
(000) $723,439 $769,957 $761,897 $475,392 $459,247 $454,016
Ratio of expenses to average
net assets 0.66%* 0.65% 0.57% 0.53% 0.51% 0.51%
Ratio of expenses to average
net assets** 0.72%* -- -- -- -- --
Ratio of net investment
income to average net
assets 6.03%* 5.41% 5.60% 6.19% 6.23% 6.45%
Ratio of net investment
income to average net
assets** 5.97%* -- -- -- -- --
Portfolio turnover 24.94%* 51.61% 32.03% 68.61% 33.75% 97.05%
</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.
74 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 77
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONEY MARKET FUND
----------------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
ENDED DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
JUNE 30, 2000 1999 1998 1997 1996 1995
------------- ------------ ------------ ------------ ------------ ------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE --
BEGINNING OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- -------- -------- --------
Net investment income 0.03 0.05 0.05 0.05 0.05 0.06
Dividends from net
investment income (0.03) (0.05) (0.05) (0.05) (0.05) (0.06)
---------- ---------- ---------- -------- -------- --------
Net increase (decrease)
in net asset value -- -- -- -- -- --
---------- ---------- ---------- -------- -------- --------
NET ASSET VALUE --
END OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========== ======== ======== ========
Total Return 2.82%* 4.81% 5.27% 5.26% 5.12% 5.66%
RATIOS AND SUPPLEMENTAL
DATA:
Net Assets, end of period
(000) $1,815,990 $2,127,500 $1,373,334 $993,597 $983,529 $737,408
Ratio of expenses to average
net assets 0.55%* 0.54% 0.46% 0.51% 0.51% 0.52%
Ratio of expenses to average
net assets** 0.59%* -- -- -- -- --
Ratio of net investment
income to average net
assets 5.59%* 4.77% 5.15% 5.16% 5.00% 5.51%
Ratio of net investment
income to average net
assets** 5.54%* -- -- -- -- --
</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.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 75
<PAGE> 78
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL COMPANY FUND
------------------------------------------------------------------------------------------
PERIOD FROM
OCTOBER 23,
1995
(COMMENCEMENT
OF OPERATIONS)
SIX MONTHS YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED THROUGH
ENDED DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
JUNE 30, 2000 1999 1998 1997 1996 1995
------------- ------------ ------------ ------------ ------------ --------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE --
BEGINNING OF PERIOD $ 22.12 $ 16.01 $ 15.85 $ 13.89 $ 11.42 $ 10.00
-------- -------- -------- -------- -------- -------
Net investment income (loss) 0.01 (0.03) 0.03 0.01 0.06 0.02
Net realized gain and
unrealized appreciation on
investments and translation
of assets and liabilities
in foreign currencies 1.68 7.03 0.13 2.40 2.55 1.42
-------- -------- -------- -------- -------- -------
Total from investment
operations 1.69 7.00 0.16 2.41 2.61 1.44
-------- -------- -------- -------- -------- -------
Dividends from net investment
income (0.01) -- -- -- (0.06) (0.02)
Dividends from net realized
gain from investments and
foreign currency
transactions -- (0.89) -- (0.45) -- --
Dividends in excess of net
realized gain from
investment and foreign
currency transactions -- -- -- -- (0.08) --
-------- -------- -------- -------- -------- -------
Total distributions (0.01) (0.89) -- (0.45) (0.14) (0.02)
-------- -------- -------- -------- -------- -------
Net increase in net asset
value 1.68 6.11 0.16 1.96 2.47 1.42
-------- -------- -------- -------- -------- -------
NET ASSET VALUE --
END OF PERIOD $ 23.80 $ 22.12 $ 16.01 $ 15.85 $ 13.89 $ 11.42
======== ======== ======== ======== ======== =======
Total Return 7.62%* 44.02% 1.01% 17.35% 22.83% 14.38%*
RATIOS AND SUPPLEMENTAL DATA:
Net Assets, end of period (000) $737,922 $542,537 $406,569 $343,808 $180,840 $17,155
Ratio of expenses to average
net assets 1.20%* 1.15% 1.07% 1.11% 1.20% 1.25%*
Ratio of expenses to average
net assets** 1.20%* 1.15% 1.07% 1.11% 1.20% 1.74%*
Ratio of net investment income
to average net assets 0.10%* (0.16)% 0.21% 0.05% 0.60% 1.32%*
Ratio of net investment income
to average net assets** 0.10%* (0.16)% 0.21% 0.05% 0.60% 0.83%*
Portfolio turnover 93.11%* 134.74% 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.
76 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 79
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INCOME FUND
--------------------------------------------------
PERIOD FROM
SIX MONTHS JANUARY 20, 1998
ENDED YEAR ENDED (COMMENCEMENT OF
JUNE 30, DECEMBER 31, OPERATIONS) THROUGH
2000 1999 DECEMBER 31, 1998
----------- ------------ -------------------
(UNAUDITED)
<S> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF PERIOD $ 9.60 $10.25 $ 10.00
------ ------ -------
Net investment income 0.55 0.44 0.42
Net realized gain (loss) and unrealized
appreciation (depreciation) on investments 0.09 (0.65) 0.29
------ ------ -------
Total from investment operations 0.64 (0.21) 0.71
------ ------ -------
Dividends from net investment income (0.56) (0.43) (0.42)
Dividends from net realized gains from investment
transactions -- (0.01) (0.04)
------ ------ -------
Total distributions (0.56) (0.44) (0.46)
------ ------ -------
Net increase (decrease) in net asset value 0.08 (0.65) 0.25
------ ------ -------
NET ASSET VALUE -- END OF PERIOD $ 9.68 $ 9.60 $ 10.25
====== ====== =======
Total Return 3.54%* (2.01)% 7.13%
RATIOS AND SUPPLEMENTAL DATA:
Net Assets, end of period (000) $9,656 $8,533 $ 4,964
Ratio of expenses to average net assets 0.75%* 0.75% 0.75%*
Ratio of expenses to average net assets** 0.93%* 0.89% 1.01%*
Ratio of net investment income to average net assets 5.42%* 4.68% 4.68%*
Ratio of net investment income to average net
assets** 5.25%* 4.54% 4.42%*
Portfolio turnover 26.17%* 88.39% 157.21%
</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.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 77
<PAGE> 80
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STRATEGIC GROWTH FUND
---------------------------------------------------------------
PERIOD FROM
SIX MONTHS OCTOBER 31, 1997
ENDED YEAR ENDED YEAR ENDED (COMMENCEMENT OF
JUNE 30, DECEMBER 31, DECEMBER 31, OPERATIONS) THROUGH
2000 1999 1998 DECEMBER 31, 1997
----------- ------------ ------------ -------------------
(UNAUDITED)
<S> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF PERIOD $ 20.44 $ 11.70 $ 10.21 $10.00
-------- ------- ------- ------
Net investment income (loss) (0.02) (0.01) -- 0.01
Net realized gain and unrealized
appreciation on investments 1.05 9.87 1.49 0.21
-------- ------- ------- ------
Total from investment operations 1.03 9.86 1.49 0.22
-------- ------- ------- ------
Dividends from net investment income -- -- -- (0.01)
Dividends from net realized gains from
investment transactions -- (1.12) -- --
-------- ------- ------- ------
Total distributions -- (1.12) -- (0.01)
-------- ------- ------- ------
Net increase in net asset value 1.03 8.74 1.49 0.21
-------- ------- ------- ------
NET ASSET VALUE -- END OF PERIOD $ 21.47 $ 20.44 $ 11.70 $10.21
======== ======= ======= ======
Total Return 5.04%* 84.75% 14.59% 2.20%*
RATIOS AND SUPPLEMENTAL DATA:
Net Assets, end of period (000) $219,803 $99,091 $10,342 $1,347
Ratio of expenses to average net assets 1.00%* 1.00% 1.00% 1.00%*
Ratio of expenses to average net assets** 1.16%* 1.23% 1.55% 6.33%*
Ratio of net investment income to average net
assets (0.27)%* (0.15)% (0.04)% 0.68%*
Ratio of net investment income to average net
assets** (0.43)%* (0.38)% (0.59)% (4.65)%*
Portfolio turnover 252.92%* 637.83% 369.83% 27.32%*
</TABLE>
------------------------------------------------------
* Ratios are annualized for periods of less than one year. Total return and
portfolio turnover are not annualized.
** Ratios calculated as if no fees were waived or expenses reimbursed.
78 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 81
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STRATEGIC VALUE FUND
---------------------------------------------------------------
PERIOD FROM
SIX MONTHS OCTOBER 31, 1997
ENDED YEAR ENDED YEAR ENDED (COMMENCEMENT OF
JUNE 30, DECEMBER 31, DECEMBER 31, OPERATIONS) THROUGH
2000 1999 1998 DECEMBER 31, 1997
----------- ------------ ------------ -------------------
(UNAUDITED)
<S> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF PERIOD $ 9.41 $ 10.12 $ 10.15 $10.00
------- ------- ------- ------
Net investment income 0.04 0.09 0.07 0.01
Net realized gain (loss) and unrealized
appreciation (depreciation) on
investments and translation of assets
and liabilities in foreign currencies (0.16) (0.41) (0.03) 0.15
------- ------- ------- ------
Total from investment operations (0.12) (0.32) 0.04 0.16
------- ------- ------- ------
Dividends from net investment income (0.04) (0.08) (0.07) (0.01)
Dividends from net realized gains from
investment and foreign currency
transactions -- (0.14) -- --
Distributions in excess of net realized
gains from investment and foreign
currency transactions -- (0.17) -- --
------- ------- ------- ------
Total distributions (0.04) (0.39) (0.07) (0.01)
------- ------- ------- ------
Net increase (decrease) in net asset
value (0.16) (0.71) (0.03) 0.15
------- ------- ------- ------
NET ASSET VALUE -- END OF PERIOD $ 9.25 $ 9.41 $ 10.12 $10.15
======= ======= ======= ======
Total Return (1.28)%* (3.07%) 0.39% 1.63%*
RATIOS AND SUPPLEMENTAL DATA:
Net Assets, end of period (000) $22,486 $17,254 $15,279 $1,469
Ratio of expenses to average net assets 1.00%* 1.00% 1.00% 1.00%*
Ratio of expenses to average net assets** 1.25%* 1.22% 1.23% 5.54%*
Ratio of net investment income to average net
assets 0.88%* 0.88% 0.86% 0.96%*
Ratio of net investment income to average net
assets** 0.63%* 0.66% 0.63% (3.58)%*
Portfolio turnover 66.96%* 113.30% 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.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 79
<PAGE> 82
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
EQUITY INCOME FUND
---------------------------------------------------------------
PERIOD FROM
SIX MONTHS OCTOBER 31, 1997
ENDED YEAR ENDED YEAR ENDED (COMMENCEMENT OF
JUNE 30, DECEMBER 31, DECEMBER 31, OPERATIONS) THROUGH
2000 1999 1998 DECEMBER 31, 1997
----------- ------------ ------------ -------------------
(UNAUDITED)
<S> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF PERIOD $ 13.53 $ 11.47 $ 10.16 $10.00
------- ------- ------- ------
Net investment income 0.05 0.05 0.10 0.02
Net realized gain and unrealized
appreciation on investments and
translation of assets and liabilities in
foreign currencies 0.19 2.06 1.44 0.16
------- ------- ------- ------
Total from investment operations 0.24 2.11 1.54 0.18
------- ------- ------- ------
Dividends from net investment income (0.05) (0.04) (0.10) (0.02)
Dividends from net realized gains from
investment and foreign currency
transactions -- (0.01) (0.13) --
Distributions in excess of net realized
gains from investment and foreign
currency transactions -- -- -- --
------- ------- ------- ------
Total distributions (0.05) (0.05) (0.23) (0.02)
------- ------- ------- ------
Net increase in net asset value 0.19 2.06 1.31 0.16
------- ------- ------- ------
NET ASSET VALUE -- END OF PERIOD $ 13.72 $ 13.53 $ 11.47 $10.16
======= ======= ======= ======
Total Return 1.75%* 8.49% 15.13% 1.77%*
RATIOS AND SUPPLEMENTAL DATA:
Net Assets, end of period (000) $44,430 $29,189 $14,194 $1,610
Ratio of expenses to average net assets 0.95%* 0.95% 0.95% 0.95%*
Ratio of expenses to average net assets** 1.11%* 1.09% 1.15% 5.63%*
Ratio of net investment income to average net
assets 0.88%* 0.43% 1.11% 1.34%*
Ratio of net investment income to average net
assets** 0.72%* 0.29% 0.91% (3.34)%*
Portfolio turnover 40.44%* 45.16% 49.12% 14.52%*
</TABLE>
------------------------------------------------------
* Ratios are annualized for periods of less than one year. Total return and
portfolio turnover are not annualized.
** Ratios calculated as if no fees were waived or expenses reimbursed.
80 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 83
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
HIGH INCOME BOND FUND
---------------------------------------------------------------
PERIOD FROM
SIX MONTHS OCTOBER 31, 1997
ENDED YEAR ENDED YEAR ENDED (COMMENCEMENT OF
JUNE 30, DECEMBER 31, DECEMBER 31, OPERATIONS) THROUGH
2000 1999 1998 DECEMBER 31, 1997
----------- ------------ ------------ -------------------
(UNAUDITED)
<S> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF PERIOD $ 9.52 $ 10.04 $ 10.12 $ 10.00
------- ------- ------- -------
Net investment income 0.46 0.83 0.66 0.11
Net realized gain (loss) and unrealized
appreciation (depreciation) on
investments (0.61) (0.52) (0.08) 0.12
------- ------- ------- -------
Total from investment operations (0.15) 0.31 0.58 0.23
------- ------- ------- -------
Dividends from net investment income (0.45) (0.83) (0.66) (0.11)
Dividends from net realized gain from
investment transactions -- -- -- --
------- ------- ------- -------
Total distributions (0.45) (0.83) (0.66) (0.11)
------- ------- ------- -------
Net increase (decrease) in net asset
value (0.60) (0.52) (0.08) 0.12
------- ------- ------- -------
NET ASSET VALUE -- END OF PERIOD $ 8.92 $ 9.52 $ 10.04 $ 10.12
======= ======= ======= =======
Total Return (1.50)%* 3.19% 5.80% 2.28%*
RATIOS AND SUPPLEMENTAL DATA:
Net Assets, end of period (000) $70,671 $64,754 $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** 1.20%* 1.15% 1.12% 2.18%*
Ratio of net investment income to average
net assets 10.36%* 8.81% 7.88% 6.96%*
Ratio of net investment income to average
net assets** 10.12%* 8.61% 7.71% 5.73%*
Portfolio turnover 6.28%* 22.04% 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.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 81
<PAGE> 84
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
BALANCED FUND
---------------------------------------------------------------
PERIOD FROM
SIX MONTHS OCTOBER 31, 1997
ENDED YEAR ENDED YEAR ENDED (COMMENCEMENT OF
JUNE 30, DECEMBER 31, DECEMBER 31, OPERATIONS) THROUGH
2000 1999 1998 DECEMBER 31, 1997
----------- ------------ ------------ -------------------
(UNAUDITED)
<S> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF PERIOD $ 10.31 $ 10.58 $ 10.10 $ 10.00
------- ------- ------- -------
Net investment income 0.15 0.37 0.30 0.05
Net realized gain (loss) and unrealized
appreciation (depreciation) on
investments 0.12 (0.28) 0.51 0.10
------- ------- ------- -------
Total from investment operations 0.27 0.09 0.81 0.15
------- ------- ------- -------
Dividends from net investment income (0.15) (0.36) (0.30) (0.05)
Dividends from net realized gain from
investment transactions -- -- (0.03) --
------- ------- ------- -------
Total distributions (0.15) (0.36) (0.33) (0.05)
------- ------- ------- -------
Net increase (decrease) in net asset
value 0.12 (0.27) 0.48 0.10
------- ------- ------- -------
NET ASSET VALUE -- END OF PERIOD $ 10.43 $ 10.31 $ 10.58 $ 10.10
======= ======= ======= =======
Total Return 2.68%* 0.87% 8.07% 1.46%*
RATIOS AND SUPPLEMENTAL DATA:
Net Assets, end of period (000) $94,155 $78,157 $40,885 $ 1,886
Ratio of expenses to average net assets 0.90%* 0.90% 0.90% 0.90%*
Ratio of expenses to average net assets** 1.05%* 1.00% 0.96% 4.90%*
Ratio of net investment income to average
net assets 3.12%* 3.68% 3.81% 4.08%*
Ratio of net investment income to average
net assets** 2.98%* 3.58% 3.75% 0.08%*
Portfolio turnover 178.55%* 103.69% 137.35% 0.19%*
</TABLE>
---------------
* Ratios are annualized for periods of less than one year. Total return and
portfolio turnover are not annualized.
** Ratios calculated as if no fees were waived or expenses reimbursed.
82 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 85
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MULTI SECTOR BOND FUND
----------------------------------------------------------------
PERIOD FROM
SIX MONTHS OCTOBER 31, 1997
ENDED YEAR ENDED YEAR ENDED (COMMENCEMENT OF
JUNE 30, DECEMBER 31, DECEMBER 31, OPERATIONS) THROUGH
2000 1999 1998 DECEMBER 31, 1997
------------ ------------ ------------ -------------------
(UNAUDITED)
<S> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF PERIOD $ 9.37 $ 9.82 $ 10.05 $ 10.00
------- -------- ------- -------
Net investment income 0.31 0.61 0.48 0.05
Net realized gain and unrealized
appreciation on investments and
translation of assets and liabilities
in foreign currencies (0.08) (0.47) (0.22) 0.05
------- -------- ------- -------
Total from investment operations 0.23 0.14 0.26 0.10
------- -------- ------- -------
Dividends from net investment income (0.31) (0.59) (0.47) (0.05)
Dividends from net realized gain from
investment and foreign currency
transactions -- -- (0.01) --
Dividends from tax return of capital -- -- (0.01)
------- -------- ------- -------
Total distributions (0.31) (0.59) (0.49) (0.05)
------- -------- ------- -------
Net increase (decrease) in net asset
value (0.08) (0.45) (0.23) 0.05
------- -------- ------- -------
NET ASSET VALUE -- END OF PERIOD $ 9.29 $ 9.37 $ 9.82 $ 10.05
======= ======== ======= =======
Total Return 2.49%* 1.56% 2.60% 1.04%*
RATIOS AND SUPPLEMENTAL DATA:
Net Assets, end of period (000) $99,494 $ 72,862 $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** 1.07%* 1.02% 0.96% 4.41%*
Ratio of net investment income to average
net assets 7.17%* 7.03% 6.42% 4.77%*
Ratio of net investment income to average
net assets** 7.01%* 6.91% 6.36% 1.26%*
Portfolio turnover 199.04%* 242.89% 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.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 83
<PAGE> 86
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL CAP VALUE FUND
----------------------------------------------------------------
PERIOD FROM
SIX MONTHS OCTOBER 31, 1997
ENDED YEAR ENDED YEAR ENDED (COMMENCEMENT OF
JUNE 30, DECEMBER 31, DECEMBER 31, OPERATIONS) THROUGH
2000 1999 1998 DECEMBER 31, 1997
------------ ------------ ------------ -------------------
(UNAUDITED)
<S> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF PERIOD $ 9.72 $ 9.49 $ 9.79 $ 10.00
-------- -------- ------- -------
Net investment income (loss) (0.01) (0.02) (0.01) 0.01
Net realized gain (loss) and unrealized
appreciation (depreciation) on
investments and translation of assets
and liabilities in foreign currencies 1.08 2.38 (0.29) (0.17)
-------- -------- ------- -------
Total from investment operations 1.07 2.36 (0.30) (0.16)
-------- -------- ------- -------
Dividends from net investment income -- -- -- (0.01)
Dividends from net realized gain from
investment and foreign currency
transactions -- (2.13) -- (0.04)
Dividends from tax return of capital -- -- -- --
-------- -------- ------- -------
Total distributions -- (2.13) -- (0.05)
-------- -------- ------- -------
Net increase (decrease) in net asset
value 1.07 0.23 (0.30) (0.21)
-------- -------- ------- -------
NET ASSET VALUE -- END OF PERIOD $ 10.79 $ 9.72 $ 9.49 $ 9.79
======== ======== ======= =======
Total Return 11.01%* 27.84% (3.06)% (1.61)%*
RATIOS AND SUPPLEMENTAL DATA:
Net Assets, end of period (000) $197,401 $131,929 $50,439 $ 2,069
Ratio of expenses to average net assets 1.05%* 1.05% 1.05% 1.05%*
Ratio of expenses to average net assets** 1.21%* 1.27% 1.33% 6.31%*
Ratio of net investment income to average
net assets (0.24)%* (0.28)% (0.21)% 0.50%*
Ratio of net investment income to average
net assets** (0.40)%* (0.50)% (0.49)% (4.76)%*
Portfolio turnover 89.72%* 270.26% 283.65% 8.38%*
</TABLE>
---------------
* Ratios are annualized for periods of less than one year. Total return and
portfolio turnover are not annualized.
** Ratios calculated as if no fees were waived or expenses reimbursed.
84 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 87
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GLOBAL 50 FUND***
SMALL CAP GROWTH FUND ----------------------------------------------------------
---------------------------- PERIOD FROM
PERIOD FROM OCTOBER 31,
MAY 1, 1999 1997
(COMMENCEMENT (COMMENCEMENT
SIX MONTHS OF OPERATIONS) SIX MONTHS OF OPERATIONS)
ENDED THROUGH ENDED YEAR ENDED YEAR ENDED THROUGH
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2000 1999 2000 1999 1998 1997
----------- -------------- ----------- ------------ ------------ --------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF
PERIOD $ 19.69 $ 10.00 $ 13.89 $ 11.75 $ 10.10 $10.00
------- ------- ------- ------- ------- ------
Net investment income (loss) (0.02) (0.01) 0.11 0.07 0.11 0.02
Net realized gain (loss) and
unrealized appreciation on
investments and translation
of assets and liabilities
in foreign currencies 1.04 10.48 (0.20) 2.60 1.81 0.10
------- ------- ------- ------- ------- ------
Total from investment
operations 1.02 10.47 (0.09) 2.67 1.92 0.12
------- ------- ------- ------- ------- ------
Dividends from net investment
income -- -- (0.11) (0.04) (0.07) (0.02)
Dividends in excess of net
investment income -- -- -- (0.01) (0.12) --
Dividends from net realized
gain from investment and
foreign currency
transactions -- (0.78) -- (0.48) (0.08) --
------- ------- ------- ------- ------- ------
Total distributions -- (0.78) (0.11) (0.53) (0.27) (0.02)
------- ------- ------- ------- ------- ------
Net increase (decrease) in
net asset value 1.02 9.69 (0.20) 2.14 1.65 0.10
------- ------- ------- ------- ------- ------
NET ASSET VALUE --
END OF PERIOD $ 20.71 $ 19.69 $ 13.69 $ 13.89 $ 11.75 $10.10
======= ======= ======= ======= ======= ======
Total Return 5.18%* 105.01% (0.63)%* 22.92% 19.14% 1.18%*
RATIOS AND SUPPLEMENTAL DATA:
Net Assets, end of period (000) $60,904 $19,541 $80,249 $60,840 $21,527 $5,566
Ratio of expenses to average net
assets 1.30%* 1.30%* 1.20%* 1.20% 1.20% 1.20%*
Ratio of expenses to average net
assets** 1.63%* 3.40%* 1.45%* 1.54% 1.46% 2.84%*
Ratio of net investment income
to average net assets 1.05%* (0.24)%* 1.86%* 0.31% 0.66% 1.00%*
Ratio of net investment income
to average net assets** 0.72%* (2.34)%* 1.61%* (0.03)% 0.40% (0.64)%*
Portfolio turnover 77.02%* 130.98% 127.99%* 79.22% 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.
*** Name change from Nationwide Global Equity Fund as of May 1, 2000.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 85
<PAGE> 88
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MID CAP INDEX FUND
----------------------------------------------------------
PERIOD FROM
OCTOBER 31,
1997
(COMMENCEMENT
SIX MONTHS OF OPERATIONS)
ENDED YEAR ENDED YEAR ENDED THROUGH
JUNE 30, DECEMBER 31, DECEMBER 31, DECEMBER 31,
2000 1999 1998 1997
----------- ------------ ------------ --------------
(UNAUDITED)
<S> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF PERIOD $ 12.32 $ 10.92 $ 9.94 $10.00
------- ------- ------- ------
Net investment income (loss) 0.03 0.05 0.09 0.02
Net realized gain (loss) and unrealized
appreciation on investments and translation
of assets and liabilities in foreign
currencies 0.98 2.21 0.98 (0.06)
------- ------- ------- ------
Total from investment operations 1.01 2.26 1.07 (0.04)
------- ------- ------- ------
Dividends from net investment income (0.04) (0.03) (0.08) (0.02)
Dividends from net realized gain from
investment and foreign currency
transactions -- (0.83) -- --
Dividends from tax return of capital -- -- (0.01) --
------- ------- ------- ------
Total distributions (0.04) (0.86) (0.09) (0.02)
------- ------- ------- ------
Net increase (decrease) in net asset value 0.97 1.40 0.98 (0.06)
------- ------- ------- ------
NET ASSET VALUE --
END OF PERIOD $ 13.29 $ 12.32 $ 10.92 $ 9.94
======= ======= ======= ======
Total Return 8.22%* 20.92%* 10.81% (0.36)%*
RATIOS AND SUPPLEMENTAL DATA:
Net Assets, end of period (000) $49,100 $20,259 $10,849 $3,214
Ratio of expenses to average net assets 0.65%* 1.03% 1.20% 1.20%*
Ratio of expenses to average net assets** 1.01%* 1.74% 1.54% 3.31%*
Ratio of net investment income to average net
assets 0.63%* 0.56% 0.79% 1.55%*
Ratio of net investment income to average net
assets** 0.27%* (0.15)% 0.45% (0.56)%*
Portfolio turnover 89.69%* 275.04% 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.
86 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 89
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2000
(UNAUDITED)
--------------------------------------------------------------------------------
1. ORGANIZATION
Nationwide Separate Account Trust (the "Trust") is an open-end investment
company registered under the Investment Company Act of 1940, as amended. The
Trust offers shares to life insurance company separate accounts to fund the
benefits under variable life insurance or annuity policies, as well as, other
open-end investment companies ("fund of funds") organized by Villanova Mutual
Fund Capital Trust ("VMF"), the Trust's investment adviser. The Trust was
organized as a Massachusetts business trust pursuant to a Declaration of Trust
dated as of June 30, 1981, as subsequently amended. To date, the separate
accounts of Nationwide Life Insurance Company and Nationwide Life and Annuity
Insurance Company and the fund of funds, all of which are affiliated companies,
have purchased shares of the Trust's series (the "Funds").
The Trust currently offers shares in sixteen Funds. These Funds, listed below,
consist of diversified and non-diversified (*) portfolios.
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
Small Cap Growth Fund
Global 50 Fund
Mid Cap Index Fund
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) SECURITY VALUATION
All Funds (except High Income Bond and Money Market Funds):
(1) Equity securities traded on a national securities exchange are valued at
the last quoted sale price, as provided by an independent pricing agent.
Equity 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, as provided by an independent pricing agent.
(2) U.S. Government securities are valued at the last quoted bid price, as
provided by an independent pricing agent. All other debt securities are
valued by a combination of daily quotes and matrix evaluations, as provided
by an independent pricing agent.
(3) 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
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 87
<PAGE> 90
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
JUNE 30, 2000
(UNAUDITED)
--------------------------------------------------------------------------------
agreements are held by the Federal Reserve/Treasury book-entry system or by
the Fund's custodian or an approved sub-custodian.
(4) 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, administrator, or sub-administrator, are valued in
accordance with procedures authorized by the Trust's Board of Trustees.
(5) The Trustees have approved amortized cost procedures for short-term money
market obligations that have 60 days or less to maturity.
High Income Bond Fund:
(6) Portfolio securities traded on a national securities exchange and in the
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, as
provided by an independent pricing agent.
Money Market Fund:
(7) Portfolio securities are valued at amortized cost, which approximates
market value, in accordance with Rule 2a-7 of the Investment Company Act of
1940, as amended.
ALL FUNDS
(8) Futures contracts and options traded on a commodities exchange or board of
trade are valued at the last sales price at the close of trading, or if
there was no sale, the quoted bid price at the close of trading. Futures
are used for purposes other than hedging.
(9) Foreign Currency Transactions: The accounting records of each Fund are
maintained in U.S. dollars. Fluctuations in the value of investments
resulting from changes in foreign exchange rates are included with net
realized and unrealized gain or loss from investments. Net realized 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 are recorded on the Fund's
books in the U.S. dollar equivalent of amounts actually received or paid.
Net unrealized gains or losses arising from valuing a fund's securities
denominated in foreign currencies are calculated periodically and then
translated into U.S. dollars.
(10) Forward Foreign Currency Contracts. Certain Funds 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, a 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.
88 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 91
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
JUNE 30, 2000
(UNAUDITED)
--------------------------------------------------------------------------------
Forward exchange contracts can be used to hedge the risks associated with
commitments to purchase securities denominated in foreign currencies for
agreed amounts. The precise matching of forward exchange contract amounts
and the value of the securities involved generally will not be possible
because the value of such securities, measured in the foreign currency,
will change after the forward exchange contract has been established. Thus,
the Fund may need to purchase or sell foreign currencies in the spot (cash)
market to the extent such foreign currencies are not covered by forward
exchange contracts. The Fund could be exposed to risk if a counter party is
unable to meet the terms of a forward exchange contract or if the value of
the currency changes unfavorably. The projection of short-term currency
market movements is difficult, and the successful execution of a short-term
hedging strategy is highly uncertain.
(b) 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 pro rata amortization of
premium or discount.
(c) FEDERAL INCOME TAXES
Each Fund's policy is to qualify as a regulated investment company under the
Internal Revenue Code and to distribute all taxable income, if any, to its
shareholders. Therefore no provision has been made for federal income taxes as
it is the intention of the Funds to continue such qualification. To the extent
net realized gains are offset through the application of a capital loss
carryover, they will not be distributed to shareholders and will be retained by
the applicable Fund. Each Fund is treated as a separate taxable entity.
Withholding taxes have been paid or provided for in accordance with the
applicable tax rates and rules.
As of the fiscal year ended December 31, 1999, for Federal income tax purposes,
the following Funds had net capital loss carryforwards available to offset
future capital gains according to the schedule below:
<TABLE>
<CAPTION>
AMOUNT EXPIRES
---------- -------
<S> <C> <C>
Income Fund.................................. $76,687 within 8 years
Equity Income Fund........................... 193,071 within 8 years
High Income Bond Fund........................ 238,161 within 8 years
Multi Sector Bond Fund....................... 1,357,896 within 8 years
</TABLE>
(d) DIVIDENDS TO SHAREHOLDERS
(1) All Funds (except the Money Market Fund):
Dividend income, if any, is paid quarterly and is recorded on the
ex-dividend date.
Distributable net realized capital gains, if any, are declared and
distributed at least annually.
(2) Money Market Fund:
Dividends from net investment income are declared daily and paid
monthly.
Distributable net realized capital gains, if any, are declared and
distributed at least annually.
(3) 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 American Institute of Certified
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 89
<PAGE> 92
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
JUNE 30, 2000
(UNAUDITED)
--------------------------------------------------------------------------------
Public Accountants (AICPA) Statement of Position 93-2, permanent
differences are reclassified within the capital accounts based on their
nature for Federal income tax purposes; temporary differences do not
require reclassification. Dividends and distributions that exceed net
investment income and net realized gains for financial reporting
purposes, but not for tax purposes, are reported as distributions in
excess of net investment income and net realized gains. To the extent
distributions exceed current and accumulated earnings and profits for
Federal income tax purposes, they are reported as distributions of
paid-in-capital. These reclassifications have no effect upon the net
asset value of the respective Funds.
Accordingly, for the fiscal year ended December 31, 1999, the following
reclassifications were necessary. Negative amount represent credits and
positive amounts represent debits.
<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................ $(27,393) $(7,618,327) $7,645,720
Government Bond Fund..................... 3,820 (3,820) --
Small Company Fund....................... (619,947) 619,947 --
Strategic Growth Fund.................... (45,804) 45,804 --
Strategic Value Fund..................... 249 (249) --
Equity Income Fund....................... (47) 47 --
High Income Bond Fund.................... 243 (243) --
Multi Sector Bond Fund................... 144,450 (144,450) --
Small Cap Value Fund..................... (271,770) 272,388 (618)
Small Cap Growth Fund.................... (10,928) 10,928 --
Global 50 Fund........................... (32,277) 32,277 --
</TABLE>
(e) EXPENSES
Direct expenses of a Fund are charged to that Fund. General expenses of the
Trust, not directly attributable to a Fund, are allocated to each Fund based
upon each Fund's relative average net assets or some other appropriate basis, as
approved by the Trust's Board of Trustees.
(f) 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 50 Fund, and
Mid Cap Fund were paid by the investment adviser 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.
(g) USE OF ESTIMATES
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and
90 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 93
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
JUNE 30, 2000
(UNAUDITED)
--------------------------------------------------------------------------------
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.
3. TRANSACTIONS WITH AFFILIATES
Under the terms of the Investment Advisory Agreement, Villanova Mutual Fund
Capital Trust ("VMF") manages the investment of the assets and supervises the
daily business affairs of the Funds. VMF also provides investment management
evaluation services in initially selecting and monitoring on an ongoing basis
the performance of the subadvisers. A subadviser manages it's applicable Fund's
investments and has the responsibility for making all investment decisions for
that Fund or portion of that Fund assigned to it by VMF. Additional information
regarding the subadvised Funds is as follows:
<TABLE>
<CAPTION>
FUND SUBADVISER(S)
---- -------------
<S> <C>
Small Company* Fund The Dreyfus Corporation
Neuberger Berman, LLC
Lazard Asset Management
Strong Capital Management, Inc.
Villanova Capital****
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. and Shaefer
Capital Management, Inc.
Equity Income and Federated Investment Counseling
High Income Bond Fund
Multi Sector Bond** Fund Miller Anderson & Sherrerd, LLP
Small Cap Value and The Dreyfus Corporation
Mid Cap Index*** Fund
Small Cap Growth Fund Miller Anderson & Sherrerd, LLP
Franklin Advisers, Inc.
Neuberger Berman, LLC
Global 50 and J.P. Morgan Investment Management, Inc
Balanced** Fund
</TABLE>
---------------
* Prior to May 1, 2000, Credit Suisse Asset Management was also a subadviser.
** Prior to May 1, 2000, Salomon Brothers Asset Management, Inc was the
subadviser.
*** Prior to May 1, 2000, -- First Pacific Advisors, Inc., Pilgrim Baxter and
Associates Ltd., and Rice, Hall, James and Associates were the subadvisers.
**** Villanova assumed subadviser responsibilities on May 1, 2000 from Warburg
Pincus.
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 91
<PAGE> 94
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
JUNE 30, 2000
(UNAUDITED)
--------------------------------------------------------------------------------
Under the terms of the investment advisory agreement, the Funds pays VMF a
management fee, based on the Fund's average daily net assets. From such fees,
pursuant to the sub-advisory agreements, VMF pays fees to each subadviser.
Additional information regarding investment advisory fees for VMF and the
subadvisory fees is as follows for the six-month period ended June 30, 2000:
<TABLE>
<CAPTION>
TOTAL ADVISORY SUB-
ADVISORY FEES ADVISORY FEE TOTAL FEES PAID TO
FUND FEES* RETAINED* FEES PAID* SCHEDULE FEES RETAINED SUB-ADVISOR
---- ---------- ---------- ---------- -------------------- ----- -------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Total Return $6,497,838 $6,497,838 $ N/A Up to $1 billion 0.60% 0.60% N/A
Capital Appreciation 2,692,862 2,692,862 N/A Next $1 billion 0.575% 0.575% N/A
-- Next $3 billion 0.55% 0.55% N/A
$5 billion or more 0.50% 0.50% N/A
Government Bond 1,817,638 1,817,638 N/A Up to $1 billion 0.50% 0.50% N/A
Next $1 billion 0.475% 0.475% N/A
Next $3 billion 0.45% 0.45% N/A
$5 billion or more 0.40% 0.40% N/A
Money Market 3,660936 3,660,936 N/A Up to $1 billion 0.40% 0.40% N/A
Next $1 billion 0.38% 0.38% N/A
Next $3 billion 0.36% 0.36% N/A
$5 billion or more 0.34% 0.34% N/A
Small Company 3,188,727 1,131,484 2,057,243 Up to $250 million 0.93% 0.33% 0.60%
Next $750 million 0.95% 0.35% 0.60%
$1 billion or more 0.96% 0.36% 0.60%
Income** 19,732 8,770 10,962 Up to $100 million 0.45% 0.20% 0.25%
$100 million or more 0.45% 0.30% 0.15%
Strategic Growth 744,183 330,749 413,434 Up to $500 million 0.90% 0.40% 0.50%
Strategic Value 93,413 41,517 51,896 $500 million or more 0.90% 0.45% 0.45%
Equity Income 142142 71,071 71,071 Up to $50 million 0.80% 0.40% 0.40%
High Income Bond 262,854 143,417 119,437 Next $200 million 0.80% 0.55% 0.25%
Next $250 million 0.80% 0.60% 0.20%
$500 million or more 0.80% 0.65% 0.15%
Balanced 309,810 165,233 144,577 Up to $100 million 0.75% 0.40% 0.35%
$100 million or more 0.75% 0.45% 0.30%
Multi Sector Bond 310,081 173,617 136,464 Up to $200 million 0.75% 0.45% 0.30%
$200 million or more 0.75% 0.50% 0.25%
Small Cap Value 733,307 326,075 407,075 Up to $200 million 0.90% 0.40% 0.50%
$200 million or more 0.90% 0.45% 0.45%
Small Cap Growth 213,497 97,044 116,453 All assets 1.10% 0.50% 0.60%
Global 50 346,180 143,350 202,830 Up to $50 million 1.00% 0.40% 0.60%
$50 million or more 1.00% 0.45% 0.55%
Mid Cap Index 79,878 63,895 15,973 Up to $250 million 0.50% 0.40% 0.10%
Next $250 million 0.50% 0.41% 0.09%
Next $250 million 0.50% 0.42% 0.08%
Next $250 million 0.50% 0.43% 0.07%
$1 billion or more 0.50% 0.45% 0.05%
</TABLE>
---------------
* Paid or payable and before any fee waivers.
** Subject to a minimum subadvisory annual fee due from VMF of $15,000 for NCM
Capital Management Group, Inc. and $25,000 for Smith Graham & Co. Asset
Managers, L.P.
92 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 95
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
JUNE 30, 2000
(UNAUDITED)
--------------------------------------------------------------------------------
VMF has voluntarily agreed to waive advisory fees, and if necessary, reimburse
expenses (except for Administrative Service Fees) of certain Funds in order to
limit annual Fund operating expenses at or below stated expense caps. The
following table illustrates the stated expense caps for each applicable Fund for
the six-month period ended June 30, 2000:
<TABLE>
<CAPTION>
FUND EXPENSE CAPS FUND EXPENSE CAPS
---- ------------ ---- ------------
<S> <C> <C> <C>
Total Return 0.78% Equity Income 0.95%
Capital Appreciation 0.80% High Income Bond 0.95%
Government Bond 0.66% Balanced 0.90%
Money Market 0.55% Multi Sector Bond 0.90%
Small Company 1.25% Small Cap Value 1.05%
Income 0.75% Small Cap Growth 1.30%
Strategic Growth 1.00% Global 50 1.20%
Strategic Value 1.00% Mid Cap Index 0.65%
</TABLE>
During the six-month period ended June 30, 2000, Fund expenses were reduced as
follows in accordance with the expense caps:
<TABLE>
<CAPTION>
OTHER FEES/ TOTAL FEES
TOTAL FUND FEES EXPENSES WAIVED/ NET FUND
FUND EXPENSES WAIVED* REIMBURSED REIMBURSED EXPENSES
---- ---------- -------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Total Return $8,863,084 $196,391 $-- $196,391 $8,666,693
Capital Appreciation 3,679,953 87,295 -- 87,295 3,592,658
Government Bond 2,616,864 213,063 -- 213,063 2,403,801
Money Market 5,671,225 441,468 -- 441,468 5,229,757
Small Company 4,102,079 -- -- -- 4,102,079
Income 40,617 7,703 -- 7,703 32,914
Strategic Growth 959,109 130,465 -- 130,465 828,644
Strategic Value 129,487 25,660 -- 25,660 129,487
Equity Income 197,173 28,063 -- 28,063 169,110
High Income Bond 393,512 80,648 -- 80,648 312,864
Balanced 433,278 59,897 -- 59,897 373,381
Multi Sector Bond 440,759 67,567 -- 67,567 373,192
Small Cap Value 987,213 131,676 -- 131,676 855,537
Small Cap Growth 315,630 63,216 -- 63,216 252,414
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 93
<PAGE> 96
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
JUNE 30, 2000
(UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
OTHER FEES/ TOTAL FEES
TOTAL FUND FEES EXPENSES WAIVED/ NET FUND
FUND EXPENSES WAIVED* REIMBURSED REIMBURSED EXPENSES
---- ---------- -------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Global 50 503,441 87,034 -- 87,034 416,407
Mid Cap Index 161,724 57,844 -- 57,844 103,880
</TABLE>
---------------
* Fees waived includes advisory, fund administration, and transfer and dividend
disbursing agent fees.
Under the terms of a Fund Administration Agreement, Villanova SA Capital Trust
("VSA") receives fees from the Funds for providing various administrative and
accounting services. These fees are calculated daily based on the Funds' average
daily net assets and paid monthly. During the six-month period ended June 30,
2000, the Funds paid fund administration fees according to the following
schedule:
<TABLE>
<CAPTION>
FUND ADMINISTRATION FUND ADMINISTRATION
FUND FEE SCHEDULE FUND FEE SCHEDULE
---- --------------------------- ----------------- ---------------------------
<S> <C> <C> <C> <C> <C>
Total Return Small Company
Capital Appreciation Up to $1 billion 0.05% Income Up to $250 million 0.07%
Government Bond $1 billion or more 0.04% Strategic Growth Next $750 million 0.05%
Money Market Strategic Value $1 billion or more 0.04%
Equity Income
High Income Bond
Balanced
Multi Sector Bond
Small Cap Value
Small Cap Growth
Global 50
Mid Cap Index
</TABLE>
Nationwide Investors Services, Inc. ("NISI"), a subsidiary of VSA, serves as
Transfer and Dividend Disbursing Agent for the Funds. For these services, NISI
receives fees of 0.01% of the average daily net assets, calculated daily and
paid monthly.
VSA has entered into agreements with BISYS Fund Services Ohio, Inc., to provide
sub-administration and sub-transfer agent services to the Fund.
Under the terms of an Administrative Services Plan, the Funds pays fees to
servicing organizations, such as broker-dealers and financial institutions,
which agree to provide administrative support services. These services include,
but are not limited, to the following: establishing and maintaining shareholder
accounts, processing purchase and redemption transactions, arranging bank wires,
performing shareholder sub-accounting, answering inquires
94 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 97
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
JUNE 30, 2000
(UNAUDITED)
--------------------------------------------------------------------------------
regarding the Fund, and other such services. These fees are based on an annual
rate of up to 0.25% of the average daily net assets, calculated daily and paid
monthly.
4. 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%. These
interest costs are included in the custodian fees in the Statement of
Operations. No compensating balances are required.
5. 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 six-months ended June 30, 2000 are summarized as
follows:
<TABLE>
<CAPTION>
LONG-TERM SECURITIES U.S. GOVERNMENT OBLIGATIONS
PURCHASES SALES PURCHASES SALES
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Total Return $1,963,678,853 $2,223,045,750 $3,036,177,800 $3,127,553,000
Capital Appreciation 1,063,278,172 1,235,529,920 21,130,394 37,005,315
Government Bond -- 13,823,870 2,684,311,926 3,166,310,430
Money Market -- -- 380,005,707 573,988,946
Small Company 1,829,600,468 840,580,401 138,390,030 129,019,761
Income 243,160 46,779 3,983,735 3,114,772
Strategic Growth 511,124,784 394,431,523 -- --
Strategic Value 18,748,960 13,285,469 -- --
Equity Income 27,793,351 13,814,929 -- --
High Income Bond 13,224,796 3,889,408 -- --
Balanced 84,291,391 74,165,845 62,642,691 55,561,828
Multi Sector Bond 577,877,954 660,637,264 155,673,751 139,036,142
Small Cap Value 204,625,878 145,620,170 -- --
Small Cap Growth 59,502,288 26,492,299 -- --
Global 50 1,747,350,119 1,363,119,991 -- --
Mid Cap Index 58,544,235 31,848,059 -- --
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 95
<PAGE> 98
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
JUNE 30, 2000
(UNAUDITED)
--------------------------------------------------------------------------------
Realized gains and losses have been computed on the specific identification
basis. Included in net unrealized appreciation (depreciation) at June 30, 2000,
excluding forward currency contracts for the Small Company Fund, Multi Sector
Bond Fund and Global 50 Fund, are the following components:
<TABLE>
<CAPTION>
NET
GROSS GROSS UNREALIZED
UNREALIZED UNREALIZED APPRECIATION
APPRECIATION (DEPRECIATION) (DEPRECIATION)
------------ -------------- --------------
<S> <C> <C> <C>
Total Return $317,220,967 $ (61,132,208) $ 256,088,759
Capital Appreciation 125,577,351 (36,989,957) 88,587,394
Government Bond 4,572,810 (20,750,354) (16,177,544)
Money Market -- -- --
Small Company 125,605,990 (27,995,359) 97,610,631
Income 16,375 (189,941) (173,566)
Strategic Growth 22,130,436 (4,320,933) 17,809,503
Strategic Value 1,685,825 (1,644,662) 41,163
Equity Income 6,881,386 (1,776,709) 5,104,677
High Income Bond 760,034 (8,002,214) (7,242,180)
Balanced 3,322,906 (3,295,667) 27,239
Multi Sector Bond 1,629,850 (956,802) 673,048
Small Cap Value 19,480,537 (20,057,599) (577,062)
Small Cap Growth 7,958,366 (4,729,162) 3,229,204
Global 50 6,052,784 (2,460,443) 3,592,342
Mid Cap Index 4,651,612 (3,071,265) 1,580,347
</TABLE>
6. 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.
96 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 99
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
JUNE 30, 2000
(UNAUDITED)
--------------------------------------------------------------------------------
7. SUBSEQUENT EVENT
At the Annual Meeting of Shareholders of Nationwide Separate Account Trust held
on July 26, 2000 shareholders acted upon and approved the following matters:
PROPOSAL 1
ELECTION OF TWELVE TRUSTEES
<TABLE>
<CAPTION>
WITHHOLD AUTHORITY
NAME FOR TO VOTE FOR
---- ------------- --------------------
<S> <C> <C>
Charles E. Allen 2,138,729,131 92,222,591
Paula H. J. Cholmondeley 2,135,918,696 95,033,026
C. Brent DeVore 2,138,436,995 92,514,727
Robert M. Duncan 2,136,889,456 94,062,266
Joseph J. Gasper 2,138,514,788 92,436,935
Barbara Hennigar 2,137,875,458 93,076,264
Paul J. Hondros 2,138,746,547 92,205,175
Thomas J. Kerr IV 2,137,051,345 93,900,377
Douglas F. Kridler 2,138,294,939 92,656,783
Dimon R. McFerson 2,136,835,895 94,115,827
Arden L. Shisler 2,136,689,413 94,262,309
David C. Wetmore 2,138,810,338 92,141,384
</TABLE>
The Trust has no other Trustees
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 97
<PAGE> 100
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
JUNE 30, 2000
(UNAUDITED)
--------------------------------------------------------------------------------
PROPOSAL 2
RATIFICATION OF BOARD OF TRUSTEES' SELECTION OF
PRICEWATERHOUSECOOPERS AS TRUST'S AUDITORS FOR
THE FISCAL YEAR ENDING DECEMBER 31, 2000
<TABLE>
<CAPTION>
SERIES FOR AGAINST ABSTAIN TOTAL
------ ------------- ---------- ---------- -------------
<S> <C> <C> <C> <C>
Total Return Fund 108,802,167 1,482,729 5,728,326 116,013,222
Capital Appreciation Fund 32,747,212 387,621 1,503,412 34,638,245
Government Bond Fund 60,777,310 563,207 2,741,498 64,082,015
Money Market Fund 1,828,840,363 19,879,236 70,677,016 1,919,396,615
Small Company Fund 28,139,467 561,000 1,597,628 30,298,095
Income Fund 942,603 0 0 942,603
Mid Cap Index Fund 2,458,536 26,752 147,670 2,632,958
Global 50 Fund 5,133,543 27,526 219,825 5,380,894
Small Cap Growth Fund 1,775,423 4,490 168,178 1,948,091
Small Cap Value Fund 16,139,673 212,191 756,203 17,108,067
Multi Sector Bond Fund 8,727,213 53,933 313,768 9,094,914
Balanced Fund 7,759,053 10,472 445,200 8,214,725
High Income Bond Fund 6,762,963 24,596 259,780 7,047,339
Equity Income Fund 2,651,409 16,989 157,144 2,825,542
Strategic Value Fund 2,442,171 12,286 134,841 2,589,298
Strategic Growth Fund 8,181,063 40,321 517,716 8,739,100
----------------------- ------------- ---------- ---------- -------------
All sixteen Funds 2,122,280,169 23,303,349 85,368,205 2,230,951,723
</TABLE>
98 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 101
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
JUNE 30, 2000
(UNAUDITED)
--------------------------------------------------------------------------------
PROPOSAL 3
AMENDMENTS TO THE TRUST'S AMENDED DECLARATION OF TRUST
TO AUTHORIZE THE ISSUANCE OF MULTIPLE CLASSES OF SHARES
WITHOUT SHAREHOLDER APPROVAL
<TABLE>
<CAPTION>
SERIES FOR AGAINST ABSTAIN TOTAL
------ ------------- ----------- ----------- -------------
<S> <C> <C> <C> <C>
Total Return Fund 99,580,357 9,714,177 7,718,687 117,013,221
Capital Appreciation Fund 30,032,428 2,585,050 2,020,947 34,638,425
Government Bond Fund 55,859,063 4,215,093 4,007,859 64,082,015
Money Market Fund 1,629,078,516 166,043,945 124,274,154 1,919,396,615
Small Company Fund 25,080,579 2,854,072 2,363,445 30,298,096
Income Fund 942,603 0 0 942,603
Mid Cap Index Fund 2,321,849 152,477 158,632 2,632,958
Global 50 Fund 3,358,050 1,741,773 281,071 5,380,894
Small Cap Growth Fund 1,640,751 128,907 178,433 1,948,091
Small Cap Value Fund 14,819,197 1,190,441 1,098,429 17,108,067
Multi Sector Bond Fund 6,290,022 2,299,091 505,800 9,094,913
Balanced Fund 7,171,605 407,448 635,672 8,214,725
High Income Bond Fund 6,347,879 370,831 328,629 7,047,339
Equity Income Fund 2,538,920 108,428 178,195 2,825,543
Strategic Value Fund 2,171,555 252,898 164,845 2,589,298
Strategic Growth Fund 7,338,894 621,656 778,551 8,739,101
----------------------- ------------- ----------- ----------- -------------
All sixteen Funds 1,894,572,268 192,686,287 144,693,349 2,231,951,904
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 99
<PAGE> 102
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
JUNE 30, 2000
(UNAUDITED)
--------------------------------------------------------------------------------
PROPOSAL 4.a.
AMEND FUNDS' FUNDAMENTAL INVESTMENT POLICY
REGARDING MAKING LOANS
<TABLE>
<CAPTION>
SERIES FOR AGAINST ABSTAIN TOTAL
------ ------------- ----------- ----------- -------------
<S> <C> <C> <C> <C>
Total Return Fund 101,513,913 5,842,103 8,657,205 116,013,221
Capital Appreciation Fund 30,551,706 1,630,125 2,456,415 34,638,246
Government Bond Fund 56,964,177 2,428,041 4,689,797 64,082,015
Money Market Fund 1,691,991,806 102,324,573 125,080,237 1,919,396,616
Small Company Fund 25,903,249 1,677,240 2,717,606 30,298,095
Income Fund 942,603 0 0 942,603
Mid Cap Index Fund 2,378,357 89,513 165,087 2,632,957
Global 50 Fund 3,444,506 1,612,827 323,561 5,380,894
Small Cap Growth Fund 1,694,070 60,484 193,536 1,948,090
Small Cap Value Fund 15,058,025 832,361 1,217,681 17,108,067
Multi Sector Bond Fund 6,347,591 2,161,348 585,974 9,094,913
Balanced Fund 7,170,372 327,861 716,492 8,214,725
High Income Bond Fund 6,511,306 185,923 350,109 7,047,338
Equity Income Fund 2,487,382 59,172 278,988 2,825,542
Strategic Value Fund 2,149,891 134,358 305,048 2,589,297
Strategic Growth Fund 7,478,241 353,915 906,945 8,739,101
</TABLE>
100 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 103
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
JUNE 30, 2000
(UNAUDITED)
--------------------------------------------------------------------------------
PROPOSAL 4.b.
AMEND FUNDS' FUNDAMENTAL INVESTMENT POLICY
REGARDING BORROWING MONEY AND ISSUING SENIOR SECURITIES
<TABLE>
<CAPTION>
SERIES FOR AGAINST ABSTAIN TOTAL
------ ------------- ---------- ----------- -------------
<S> <C> <C> <C> <C>
Total Return Fund 101,712,631 5,655,106 8,645,485 116,013,222
Capital Appreciation Fund 30,598,146 1,659,645 2,380,454 34,638,245
Government Bond Fund 56,823,742 2,544,214 4,714,059 64,082,015
Money Market Fund 1,699,907,538 95,921,259 123,567,819 1,919,396,616
Small Company Fund 25,772,874 1,744,393 2,780,828 30,298,095
Income Fund 942,603 0 0 942,603
Mid Cap Index Fund 2,388,393 79,102 165,463 2,632,958
Global 50 Fund 3,437,239 1,620,778 322,876 5,380,893
Small Cap Growth Fund 1,670,810 69,434 207,847 1,948,091
Small Cap Value Fund 15,043,926 818,109 1,246,033 17,108,068
Multi Sector Bond Fund 6,367,480 2,149,055 578,378 9,094,913
Balanced Fund 7,167,618 307,575 739,532 8,214,725
High Income Bond Fund 6,530,380 182,403 334,556 7,047,339
Equity Income Fund 2,494,459 51,032 280,051 2,825,542
Strategic Value Fund 2,179,455 102,594 307,248 2,589,297
Strategic Growth Fund 7,459,894 359,307 919,899 8,739,100
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 101
<PAGE> 104
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
JUNE 30, 2000
(UNAUDITED)
--------------------------------------------------------------------------------
PROPOSAL 4.c.
AMEND FUNDS' FUNDAMENTAL INVESTMENT POLICY
REGARDING COMMODITIES AND COMMODITIES CONTRACTS
<TABLE>
<CAPTION>
SERIES FOR AGAINST ABSTAIN TOTAL
------ ------------- ----------- ----------- -------------
<S> <C> <C> <C> <C>
Total Return Fund 101,735,001 5,464,088 8,814,132 116,013,221
Capital Appreciation Fund 30,645,968 1,553,574 2,438,704 34,638,246
Government Bond Fund 56,866,656 2,370,368 4,844,991 64,082,015
Money Market Fund 1,698,786,856 93,653,164 126,956,595 1,919,396,615
Small Company Fund 25,865,434 1,704,706 2,727,956 30,298,096
Income Fund 942,603 0 0 942,603
Mid Cap Index Fund 2,369,671 102,332 160,954 2,632,957
Global 50 Fund 4,919,785 141,112 319,997 5,380,894
Small Cap Growth Fund 1,685,378 63,316 199,397 1,948,091
Small Cap Value Fund 15,015,675 800,893 1,291,500 17,108,068
Multi Sector Bond Fund 8,270,821 229,193 594,898 9,094,912
Balanced Fund 7,197,332 316,463 700,930 8,214,725
High Income Bond Fund 6,506,564 197,138 343,637 7,047,339
Equity Income Fund 2,486,865 59,227 279,450 2,825,542
Strategic Value Fund 2,186,105 97,464 305,729 2,589,298
Strategic Growth Fund 7,513,089 296,642 929,369 8,739,100
</TABLE>
102 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
<PAGE> 105
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
JUNE 30, 2000
(UNAUDITED)
--------------------------------------------------------------------------------
PROPOSAL 4.d.
AMEND FUNDS' FUNDAMENTAL INVESTMENT POLICY
REGARDING REAL ESTATE
<TABLE>
<CAPTION>
SERIES FOR AGAINST ABSTAIN TOTAL
------ ------------- ----------- ----------- -------------
<S> <C> <C> <C> <C>
Total Return Fund 102,096,880 5,097,334 8,819,008 116,013,222
Capital Appreciation Fund 30,813,541 1,409,766 2,414,938 34,638,245
Government Bond Fund 57,286,706 2,032,338 4,762,971 64,082,015
Money Market Fund 1,698,683,407 87,614,091 133,099,118 1,919,396,616
Small Company Fund 25,769,318 1,801,773 2,727,004 30,298,095
Income Fund 942,603 0 0 942,603
Mid Cap Index Fund 2,400,648 72,261 160,049 2,632,958
Global 50 Fund 4,970,587 92,572 317,735 5,380,894
Small Cap Growth Fund 1,674,050 60,930 213,110 1,948,090
Small Cap Value Fund 15,058,687 758,711 1,290,669 17,108,067
Multi Sector Bond Fund 8,332,596 177,907 584,410 9,094,913
Balanced Fund 7,161,699 339,025 714,001 8,214,725
High Income Bond Fund 6,541,005 170,758 335,577 7,047,340
Equity Income Fund 2,481,722 61,110 282,710 2,825,542
Strategic Value Fund 2,177,876 95,891 315,531 2,589,298
Strategic Growth Fund 7,552,174 259,345 927,582 8,739,101
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT 103
<PAGE> 106
NATIONWIDE(R) SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- (CONTINUED)
JUNE 30, 2000
(UNAUDITED)
--------------------------------------------------------------------------------
PROPOSAL 5.a.
ADOPTION OF A FUNDAMENTAL INVESTMENT POLICY
REGARDING THE UNDERWRITING OF SECURITIES
<TABLE>
<CAPTION>
SERIES FOR AGAINST ABSTAIN TOTAL
------ ------------- ---------- ----------- -------------
<S> <C> <C> <C> <C>
Total Return Fund 104,960,633 3,266,955 7,785,633 116,013,221
Capital Appreciation Fund 31,665,672 840,243 2,132,331 34,638,246
Government Bond Fund 58,614,166 1,326,762 4,141,087 64,082,015
Money Market Fund 1,743,189,147 66,506,422 109,701,047 1,919,396,616
</TABLE>
PROPOSAL 5.b.
ADOPTION OF FUNDAMENTAL INVESTMENT POLICY
REGARDING CONCENTRATION OF PORTFOLIO INVESTMENTS
<TABLE>
<CAPTION>
SERIES FOR AGAINST ABSTAIN TOTAL
------ ------------- ---------- ----------- -------------
<S> <C> <C> <C> <C>
Total Return Fund 105,386,777 3,070,121 7,556,323 116,013,221
Capital Appreciation Fund 31,644,514 862,530 2,131,202 34,638,246
Government Bond Fund 58,508,069 1,349,478 4,224,468 64,082,015
Money Market Fund 1,749,028,134 57,539,261 112,829,221 1,919,396,616
</TABLE>
PROPOSAL 6
AUTHORITY FOR BOARD OF TRUSTEES TO APPOINT, REPLACE
OR TERMINATE SUBADVISERS RECOMMENDED BY VILLANOVA
MUTUAL FUND CAPITAL TRUST, AS INVESTMENT ADVISER,
OR AMEND THE TERMS OF ANY SUBADVISORY AGREEMENT
FOR THE STRATEGIC VALUE FUND WITHOUT SHAREHOLDER APPROVAL
<TABLE>
<CAPTION>
SERIES FOR AGAINST ABSTAIN TOTAL
------ --------- ------- ------- ---------
<S> <C> <C> <C> <C>
Strategic Value Fund 2,197,156 137,310 254,832 2,589,298
</TABLE>
104 NATIONWIDE SEPARATE ACCOUNT TRUST SEMI-ANNUAL REPORT
