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NATIONWIDE SEPARATE ACCOUNT TRUST
ANNUAL REPORT
DECEMBER 31, 1999
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<PAGE> 2
NATIONWIDE SEPARATE ACCOUNT TRUST
ANNUAL REPORT
DECEMBER 31, 1999
TABLE OF CONTENTS
<TABLE>
<S> <C>
Report of Independent Accountants........................... 1
Statements of Investments:
Total Return Fund...................................... 2
Capital Appreciation Fund.............................. 4
Government Bond Fund................................... 6
Money Market Fund...................................... 8
Nationwide Small Company Fund.......................... 12
Nationwide Income Fund................................. 20
Nationwide Strategic Growth Fund....................... 21
Nationwide Strategic Value Fund........................ 23
Nationwide Equity Income Fund.......................... 24
Nationwide High Income Bond Fund....................... 27
Nationwide Balanced Fund............................... 34
Nationwide Multi Sector Bond Fund...................... 38
Nationwide Small Cap Value Fund........................ 45
Nationwide Select Advisers Small Cap Growth Fund....... 48
Nationwide Global Equity Fund.......................... 53
Nationwide Mid Cap Index Fund.......................... 63
Statements of Assets and Liabilities........................ 69
Statements of Operations.................................... 72
Statements of Changes in Net Assets......................... 75
Financial Highlights........................................ 83
Notes to Financial Statements............................... 93
</TABLE>
<PAGE> 3
REPORT OF INDEPENDENT ACCOUNTANTS
TO THE SHAREHOLDERS AND TRUSTEES OF
NATIONWIDE SEPARATE ACCOUNT TRUST
In our opinion, the accompanying statements of assets and liabilities, including
the statements of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of the Total Return Fund, Capital
Appreciation Fund, Government Bond Fund, Money Market Fund, Small Company Fund,
Income Fund, Strategic Growth Fund, Strategic Value Fund, Equity Income Fund,
High Income Bond Fund, Balanced Fund, Multi Sector Bond Fund, Small Cap Value
Fund, Select Advisers Small Cap Growth Fund, Global Equity Fund and Mid Cap
Index Fund (sixteen portfolios constituting the Nationwide Separate Account
Trust, hereafter referred to as the "Trust") at December 31, 1999, the results
of each of their operations for the period ended, the changes in each of their
net assets and the financial highlights for each of the periods presented (other
than those financial highlights that have been audited by other independent
accountants), in conformity with accounting principles generally accepted in the
United States. These financial statements and financial highlights (hereafter
referred to as "financial statements") are the responsibility of the Trust's
management, our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these financial
statements in accordance with auditing standards generally accepted in the
United States, which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at December 31, 1999 by
correspondence with the custodian and brokers, provide a reasonable basis for
the opinion expressed above. The financial highlights of Nationwide Separate
Account Trust for each of the periods presented through December 31, 1996, were
audited by other independent accountants, whose report dated February 21, 1997
expressed an unqualified opinion.
PricewaterhouseCoopers LLP
Columbus, Ohio
February 22, 2000
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 1
<PAGE> 4
NATIONWIDE SEPARATE ACCOUNT TRUST
TOTAL RETURN FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (97.4%)
BANKS (3.8%)
719,000 First Union Corp. $ 23,592,188
1,819,600 Mellon Financial Corp. 61,980,125
141,000 Northern Trust Corp. 7,473,000
--------------
93,045,313
--------------
BROADCAST MEDIA/CABLE TELEVISION (2.3%)
1,104,000 Comcast Corp. Class A 55,821,000
--------------
CHEMICALS (2.6%)
937,400 E.I. du Pont de Nemours and
Co. 61,751,225
--------------
COMPUTER/HARDWARE (9.9%)
500,000 Dell Computer Corp.* 25,500,000
892,000 Hewlett-Packard Co. 101,632,250
1,050,000 International Business
Machines Corp. 113,400,000
--------------
240,532,250
--------------
COMPUTER SOFTWARE & SERVICES (7.8%)
1,356,500 BMC Software, Inc.* 108,435,219
1,300,100 First Data Corp. 64,111,181
1,099,700 Gartner Group, Inc. Class A* 16,770,425
--------------
189,316,825
--------------
CONGLOMERATES (5.0%)
572,437 Honeywell International, Inc. 33,022,459
285,986 Illinois Tool Works, Inc. 19,321,929
511,520 Phillips Electronics NV 69,055,200
--------------
121,399,588
--------------
DISTRIBUTION (2.4%)
1,486,000 SYSCO Corp. 58,789,875
--------------
ELECTRONICS (1.6%)
340,000 Intel Corp. 27,986,250
100,000 Lucent Technologies, Inc. 7,481,250
177,000 Woodhead Industries, Inc. 2,057,625
--------------
37,525,125
--------------
ENTERTAINMENT (3.1%)
2,534,750 The Walt Disney Co. 74,141,437
--------------
FINANCIAL (4.9%)
1,050,000 Fannie Mae 65,559,375
800,000 Household International, Inc. 29,800,000
165,000 Morgan Stanley Dean Witter &
Co. 23,553,750
--------------
118,913,125
--------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
FOOD & BEVERAGE (6.6%)
504,700 H.J. Heinz Co. $ 20,093,369
950,000 PepsiCo, Inc. 33,487,500
409,100 Quaker Oats Co. 26,847,188
909,000 Ralston-Ralston Purina Group 25,338,375
2,414,200 Sara Lee Corp. 53,263,288
--------------
159,029,720
--------------
HEALTHCARE (15.8%)
1,200,000 Bristol-Meyers Squibb Co. 77,025,000
525,000 Glaxo Wellcome PLC ADR 29,334,375
550,000 Johnson & Johnson Co. 51,218,750
1,350,000 Merck & Co., Inc. 90,534,375
1,100,000 Schering-Plough Corp. 46,406,250
1,066,000 Warner-Lambert Co. 87,345,375
--------------
381,864,125
--------------
INSURANCE (11.8%)
2,185,000 The Allstate Corp. 52,440,000
4,181,400 AXA Financial, Inc. 141,644,925
920 Berkshire Hathaway, Inc.
Class A* 51,612,000
720,000 Chubb Corp. 40,545,000
--------------
286,241,925
--------------
OIL & GAS (4.1%)
430,000 Exxon Mobil Corp. 34,641,875
2,105,000 The Williams Cos., Inc. 64,334,062
--------------
98,975,937
--------------
PRINTING & PUBLISHING (2.2%)
1,076,300 The New York Times Co. Class
A 52,873,237
--------------
RETAIL (0.9%)
350,000 Lowe's Companies, Inc. 20,912,500
--------------
SERVICES (3.9%)
3,004,900 Ceridian Corp.* 64,793,156
400,000 Service Corp. International 2,775,000
806,000 Sterling Commerce, Inc.* 27,454,375
--------------
95,022,531
--------------
TELECOMMUNICATIONS (8.7%)
900,654 ALLTEL Corp. 74,472,828
2,008,600 Sprint Corp. 135,203,888
--------------
209,676,716
--------------
TOTAL COMMON STOCK
(cost $1,505,909,459) 2,355,832,454
--------------
</TABLE>
2 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 5
NATIONWIDE SEPARATE ACCOUNT TRUST
TOTAL RETURN FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
U.S. GOVERNMENT AND AGENCY OBLIGATIONS (2.1%)
$10,817,000 FHLB Discount Note 5.20%,
01/26/00 $ 10,777,939
20,000,000 FHLMC Discount Note
4.00%, 01/10/00 19,977,776
19,808,000 U.S. Treasury Bill
5.24%, 01/13/00 19,781,377
--------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(cost $50,539,316) 50,537,092
--------------
TOTAL INVESTMENTS
(cost $1,556,448,775) $2,406,369,546
==============
</TABLE>
- -------------------------------------------------------
* Denotes a non-income producing security
Cost also represents cost for federal income tax purposes.
Portfolio holding percentages represent market value as a
percentage of net assets.
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
ADR American Depositary Receipt
FHLB Federal Home Loan Bank
FHLMC Federal Home Loan Mortgage Corporation
NV Naamloze Vennootschap (Dutch
Corporation)
PLC Public Limited Company (British)
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 3
<PAGE> 6
NATIONWIDE SEPARATE ACCOUNT TRUST
CAPITAL APPRECIATION FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (98.9%)
CHEMICALS (6.2%)
412,600 Georgia Gulf Corp. $ 12,558,513
346,000 Millipore Corp. 13,364,250
108,100 OM Group, Inc. 3,722,694
629,002 Pall Corp. 13,562,856
301,080 Rohm & Haas Co. 12,250,193
202,600 Sealed Air Corp.* 10,497,213
--------------
65,955,719
--------------
COMPUTER EQUIPMENT (5.9%)
221,000 Hewlett-Packard Co. 25,180,187
353,800 International Business
Machines Corp. 38,210,400
--------------
63,390,587
--------------
CONGLOMERATE (0.7%)
73,800 Minnesota Mining &
Manufacturing Co. 7,223,175
--------------
CONSTRUCTION & BUILDING
MATERIALS (1.3%)
77,000 Martin Marietta Materials,
Inc. 3,157,000
149,800 Masco Corp. 3,801,175
174,300 Vulcan Materials Co. 6,961,106
--------------
13,919,281
--------------
ELECTRICAL EQUIPMENT (9.5%)
844,300 Black & Decker Corp. 44,114,675
302,000 General Electric Co. 46,734,500
225,900 Maytag Corp. 10,843,200
--------------
101,692,375
--------------
ELECTRONICS (0.8%)
100,000 Intel Corp. 8,231,250
--------------
ENTERTAINMENT (1.0%)
379,531 The Walt Disney Co. 11,101,282
--------------
FINANCIAL/BANKS (9.2%)
859,492 Bank One Corp. 27,557,462
235,387 Charter One Financial, Inc. 4,501,776
826,200 Mellon Financial Corp. 28,142,438
246,400 Pacific Century Financial
Corp. 4,604,600
832,000 Wells Fargo Co. 33,644,000
--------------
98,450,276
--------------
FINANCIAL/OTHER (9.8%)
642,400 Associates First Capital
Corp. 17,625,850
388,900 Fannie Mae 24,281,944
1,887,150 MBNA Corp. 51,424,837
130,100 Merrill Lynch & Co., Inc. 10,863,350
--------------
104,195,981
--------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
FOOD & BEVERAGES (7.1%)
24,800 Anheuser-Busch Cos., Inc. $ 1,757,700
251,900 PepsiCo, Inc. 8,879,475
208,000 Philip Morris Cos., Inc. 4,823,000
720,100 Quaker Oats Co. 47,256,562
468,900 Ralston-Ralston Purina Group 13,070,587
--------------
75,787,324
--------------
HEALTHCARE (7.7%)
87,000 Abbott Laboratories 3,159,188
425,000 Johnson & Johnson Co. 39,578,125
522,500 Manor Care, Inc.* 8,360,000
570,637 Quest Diagnostics, Inc.* 17,440,093
425,400 St. Jude Medical, Inc.* 13,054,462
--------------
81,591,868
--------------
INSURANCE (2.8%)
197,626 American International Group,
Inc. 21,368,311
422,900 Horace Mann Educators Corp. 8,299,413
--------------
29,667,724
--------------
MACHINERY (0.8%)
315,000 Trinity Industries, Inc 8,957,813
--------------
PHARMACEUTICALS (18.3%)
849,400 Allergan, Inc. 42,257,650
316,100 American Home Products Corp. 12,466,194
250,000 Merck & Co., Inc. 16,765,625
79,800 Pfizer, Inc. 2,588,512
607,200 Pharmacia & Upjohn, Inc. 27,324,000
829,200 Schering-Plough Corp. 34,981,875
725,700 Warner-Lambert Co. 59,462,044
--------------
195,845,900
--------------
PRINTING & PUBLISHING (8.1%)
299,300 E.W. Scripps Co. Class A 13,412,381
1,038,800 IMS Health, Inc. 28,242,375
715,100 The New York Times Co. Class
A 35,129,287
16,900 Washington Post Co. Class B 9,394,288
--------------
86,178,331
--------------
RESTAURANTS (1.5%)
382,200 McDonald's Corp. 15,407,438
--------------
RETAIL (6.6%)
588,500 Tiffany & Co. 52,523,625
261,800 Wal-Mart Stores, Inc. 18,096,925
--------------
70,620,550
--------------
</TABLE>
4 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 7
NATIONWIDE SEPARATE ACCOUNT TRUST
CAPITAL APPRECIATION FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS (1.6%)
180,300 Alltel Corp. $ 14,908,556
49,650 MCI WorldCom, Inc.* 2,634,553
--------------
17,543,109
--------------
TOTAL COMMON STOCK
(cost $810,774,288) 1,055,759,983
--------------
- ----------
PRINCIPAL
- ----------
CONVERTIBLE DEBT (0.1%)
$ 1,027,000 Consorcio G Grupo Dina,
8.00%,
08/08/04 (cost $982,861) 534,040
--------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS (1.4%)
4,470,000 Federal Home Loan Bank
Discount Note, 5.20%,
01/26/00 4,453,858
11,041,000 U.S. Treasury Bill, 3.75%,
01/13/00 11,022,249
--------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(cost $15,476,107) 15,476,107
--------------
TOTAL INVESTMENTS
(cost $827,233,256) $1,071,770,130
==============
</TABLE>
- -------------------------------------------------------
* Denotes a non-income producing security
Cost also represents cost for federal income tax purposes.
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 5
<PAGE> 8
NATIONWIDE SEPARATE ACCOUNT TRUST
GOVERNMENT BOND FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
MORTGAGE-BACKED OBLIGATIONS (35.1%)
FEDERAL HOME LOAN MORTGAGE CORPORATION, REMIC
(16.1%)
$ 6,547,000 Series 107-F, 8.65%, 12/15/04 $ 6,625,459
9,036,000 Series 1132-J, 8.00%, 08/15/06 9,215,817
13,000,000 Series 1344-D, 6.00%, 08/15/07 12,512,500
20,000,000 Series 1415-N, 6.75%, 11/15/07 19,552,860
2,385,172 Series 1544-T, 6.50%, 07/15/08 2,373,676
9,000,000 Series 1693-H, 6.00%, 12/15/08 8,614,710
11,500,000 Series 2138-JN, 6.00%, 12/15/11 10,918,215
15,000,000 Series 1560-PN, 7.00%, 12/15/12 14,727,300
10,000,000 Series 2113-TE, 6.00%, 01/15/14 9,127,980
3,271,000 Series 2043-VH, 6.50%, 05/15/14 2,989,377
8,000,000 Series 1841-PA, 7.07%, 08/15/20 7,826,872
4,000,000 Series 1686-PH, 5.00%, 05/15/21 3,667,592
5,956,460 Series 1136-H, 6.00%, 09/15/21 5,665,904
8,900,514 Series 1614-MZ, 6.50%, 11/15/23 7,669,039
3,000,000 Series 2122-QR, 6.25%, 01/15/28 2,715,396
------------
124,202,697
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION, REMIC
(16.5%)
9,539,430 Pool 73442, 7.075%, 05/01/06 9,432,760
9,084,296 Pool 375593, 6.68%, 12/01/07 8,857,134
5,104,706 Pool 380276, 6.355%, 04/01/08 4,814,881
14,735,658 Pool 380348, 6.275%, 05/01/08 13,825,746
6,850,063 Pool 380538, 6.235%, 08/01/08 6,412,892
4,952,053 Pool 381089, 5.70%, 01/01/09 4,456,293
2,379,096 Series 100-M, 5.50%, 09/25/01 2,318,307
4,708,000 Series 94-J, 7.00%, 05/25/07 4,601,001
14,082,941 Series 68-Z, 8.00%, 05/25/07 14,407,975
5,000,000 Series 114-H, 6.50%, 07/25/08 4,852,250
7,000,000 Series 164-C, 6.50%, 09/25/08 6,921,600
6,000,376 Series 33-H, 6.00%, 03/25/09 5,677,808
774,292 Series 25-B, 9.25%, 10/25/18 811,962
2,032,284 Series 16-D, 9.00%, 03/25/20 2,056,391
15,785,000 Series 98-M1-A2, 5.00%,
05/15/21 14,713,672
1,135,832 Series 73-A, 8.00%, 07/25/21 1,151,795
8,088,456 Series G42-Z, 7.00%, 07/25/22 7,918,517
5,000,000 Series 223-C, 6.50%, 05/25/23 4,746,950
10,000,000 Series 76-H, 5.00%, 02/25/24 9,026,210
------------
127,004,144
------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION,
REMIC (1.2%)
9,348,623 Series 21-VL, 6.50%, 09/20/05 9,208,188
------------
SHEARSON LEHMAN PRIVATE, CMO (1.3%)
10,439,454 SLB-E-4, 5.75%, 05/01/17 9,644,082
------------
TOTAL MORTGAGE-BACKED OBLIGATIONS
(cost $279,215,640) 270,059,111
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
U. S. GOVERNMENT AND AGENCY LONG-TERM
OBLIGATIONS (62.1%)
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
(1.3%)
$10,000,000 6.49%, 08/01/07 $ 9,664,820
------------
FEDERAL FARM CREDIT BANK (1.3%)
10,000,000 6.30%, 09/23/04 9,773,700
------------
FEDERAL HOME LOAN BANK (11.0%)
6,000,000 6.522%, 01/09/02 5,992,248
20,125,000 5.42%, 03/26/02 19,635,519
10,000,000 5.905%, 12/23/02 9,792,240
15,000,000 5.735%, 07/22/03 14,501,985
10,000,000 5.425%, 01/29/04 9,467,160
4,135,000 5.74%, 02/25/05 3,931,182
8,500,000 7.315%, 04/21/05 8,652,711
6,395,000 5.80%, 08/12/05 6,061,411
6,860,000 5.905%, 04/07/09 6,303,448
------------
84,337,904
------------
FEDERAL HOME LOAN MORTGAGE CORPORATION (4.2%)
20,000,000 6.313%, 02/26/04 19,602,340
5,000,000 6.80%, 08/22/05 4,968,255
9,000,000 6.75%, 05/30/06 8,885,250
------------
33,455,845
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (6.8%)
25,000,000 5.25%, 01/15/03 24,020,800
30,000,000 5.125%, 02/13/04 28,148,340
------------
52,169,140
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION MEDIUM
TERM NOTES (2.5%)
10,000,000 5.05%, 11/06/03 9,403,020
10,000,000 5.58%, 02/12/04 9,531,750
------------
18,934,770
------------
FINANCIAL ASSISTANCE CORPORATION (1.4%)
10,000,000 9.375%, 07/21/03 10,785,080
------------
PRIVATE EXPORT FUNDING CORPORATION (4.7%)
7,200,000 5.80%, 02/01/04 7,071,170
21,438,000 6.86%, 04/30/04 21,425,995
8,100,000 6.62%, 10/01/05 7,975,058
------------
36,472,223
------------
</TABLE>
6 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 9
NATIONWIDE SEPARATE ACCOUNT TRUST
GOVERNMENT BOND FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
--RESOLUTION FUNDING CORPORATION (4.5%)
$30,000,000 STRIPS, 0.00%, 01/15/13 $ 12,104,940
58,000,000 STRIPS, 0.00%, 07/15/13 22,542,744
------------
34,647,684
------------
U.S. TREASURY BONDS (13.2%)
25,000,000 12.75%, 11/15/10 32,312,500
34,000,000 8.125%, 08/15/19 38,738,750
25,000,000 8.75%, 08/15/20 30,289,050
------------
101,340,300
------------
U.S. TREASURY NOTES (11.2%)
10,000,000 11.875%, 11/15/03 11,806,250
10,000,000 7.875%, 11/15/04 10,578,120
34,000,000 7.00%, 07/15/06 34,828,750
13,000,000 10.00%, 05/15/10 14,913,431
10,000,000 13.25%, 05/15/14 14,409,370
------------
86,535,921
------------
TOTAL U.S. GOVERNMENT AND AGENCY LONG-TERM
OBLIGATIONS
(cost $501,695,807) 478,117,387
------------
REPURCHASE AGREEMENT (1.5%)
11,675,000 Fifth Third Bank, 1.40%,
01/03/00, Collateralized by $11,909,000
FHLMC Gold Pool #E00570, 6.00%, 09/01/13,
market value $11,378,677
(cost $11,675,000) 11,675,000
------------
TOTAL INVESTMENTS
(cost $792,586,447) $759,851,498
============
</TABLE>
- -------------------------------------------------------
Cost also represents cost for federal income tax purposes.
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
CMO Collateralized Mortgage Obligation
FHLMC Federal Home Loan Mortgage Corporation
REMIC Real Estate Mortgage and Investment
Conduit
SLB Shearson Lehman Brothers
STRIPS Separate Trading of Registered Interest
and Principal Securities
</TABLE>
Portfolio holding percentages represent market value as a percentage net assets.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 7
<PAGE> 10
NATIONWIDE SEPARATE ACCOUNT TRUST
MONEY MARKET FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------
AMORTIZED
COST
PRINCIPAL SECURITY VALUATION
- -----------------------------------------------------------
<C> <S> <C>
CANADIAN GOVERNMENT OBLIGATIONS (1.4%)
$30,000,000 Export Development Corp.,
5.85%, 01/28/00
(cost $29,868,375) $ 29,868,375
--------------
COMMERCIAL PAPER (87.3%)
AUTO/FINANCE (6.2%)
6,000,000 American Honda Finance Corp.,
6.15%, 02/16/00 5,952,850
12,000,000 American Honda Finance Corp.,
5.93%, 02/17/00 11,907,097
15,000,000 Ford Motor Credit Co., 5.86%,
01/04/00 14,992,675
12,000,000 Ford Motor Credit Co., 5.60%,
01/10/00 11,983,200
10,000,000 Ford Motor Credit Co., 6.44%,
01/12/00 9,980,322
12,000,000 Ford Motor Credit Co., 5.85%,
01/18/00 11,966,850
15,000,000 General Motors Acceptance
Corp., 5.98%, 01/21/00 14,950,167
10,000,000 General Motors Acceptance
Corp., 6.35%, 01/25/00 9,957,667
18,000,000 General Motors Acceptance
Corp., 5.99%, 01/26/00 17,925,125
12,000,000 General Motors Acceptance
Corp., 5.99%, 01/27/00 11,948,087
10,000,000 General Motors Acceptance
Corp., 5.82%, 02/09/00 9,936,950
--------------
131,500,990
--------------
AUTO RENTAL/EQUIPMENT (0.7%)
15,000,000 Hertz Corp., 5.83%, 02/04/00 14,917,408
--------------
BANKS (12.9%)
30,000,000 Banc One Corp., 5.45%,
01/10/00 29,959,125
20,000,000 Citicorp, 5.98%, 01/13/00 19,960,133
32,000,000 Citicorp, 5.87%, 01/21/00 31,895,645
8,000,000 Citicorp, 6.10%, 02/14/00 7,940,356
12,000,000 J.P. Morgan & Co., 5.97%,
01/18/00 11,966,170
10,000,000 J.P. Morgan & Co., 6.00%,
01/18/00 9,971,667
10,000,000 J.P. Morgan & Co., 5.97%,
01/20/00 9,968,334
15,000,000 J.P. Morgan & Co., 5.96%,
02/07/00 14,908,117
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
AMORTIZED
COST
PRINCIPAL SECURITY VALUATION
- -----------------------------------------------------------
<C> <S> <C>
BANKS (CONTINUED)
$ 7,410,000 J.P. Morgan & Co., 5.90%,
02/09/00 $ 7,362,638
25,000,000 Mellon Financial Co., 5.875%,
02/24/00 24,779,687
30,000,000 Suntrust Banks, Inc., 6.25%,
01/07/00 29,968,750
30,000,000 Suntrust Banks, Inc., 5.57%,
01/11/00 29,953,583
21,385,000 Wells Fargo & Co., 6.00%,
01/26/00 21,295,896
25,000,000 Wells Fargo & Co., 5.90%,
02/23/00 24,782,847
--------------
274,712,948
--------------
BROKER/DEALERS (13.7%)
10,000,000 Bear Stearns Co., 5.81%,
01/11/00 9,983,861
10,000,000 Bear Stearns Co., 5.83%,
01/12/00 9,982,186
8,000,000 Bear Stearns Co., 5.83%,
01/20/00 7,975,385
10,000,000 Bear Stearns Co., 4.83%,
01/28/00 * 10,000,000
10,000,000 Bear Stearns Co., 5.97%,
02/18/00 9,920,400
10,000,000 Bear Stearns Co., 5.86%,
02/22/00 9,915,356
15,000,000 Goldman Sachs Group, 5.98%,
01/13/00 14,970,100
25,000,000 Goldman Sachs Group, 5.98%,
01/28/00 24,887,875
8,000,000 Goldman Sachs Group, 5.97%,
02/14/00 7,941,627
8,000,000 Goldman Sachs Group, 5.95%,
02/25/00 7,927,278
10,000,000 Merrill Lynch & Co., 5.95%,
01/21/00 9,967,111
10,000,000 Merrill Lynch & Co., 5.95%,
01/28/00 9,955,375
16,000,000 Merrill Lynch & Co., 5.85%,
01/31/00 15,922,000
10,000,000 Merrill Lynch & Co., 5.86%,
01/31/00 9,951,167
8,118,000 Merrill Lynch & Co., 5.95%,
01/31/00 8,077,748
5,045,000 Merrill Lynch & Co., 5.84%,
02/04/00 5,017,174
5,000,000 Morgan Stanley Dean Witter &
Co., 6.06%, 01/14/00 4,989,059
</TABLE>
8 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 11
NATIONWIDE SEPARATE ACCOUNT TRUST
MONEY MARKET FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
AMORTIZED
COST
PRINCIPAL SECURITY VALUATION
- -----------------------------------------------------------
<C> <S> <C>
BROKER/DEALERS (CONTINUED)
$10,000,000 Morgan Stanley Dean Witter &
Co., 6.10%, 01/14/00 $ 9,977,972
25,000,000 Morgan Stanley Dean Witter &
Co., 5.99%, 01/27/00 24,891,847
20,000,000 Morgan Stanley Dean Witter &
Co., 5.95%, 02/15/00 19,851,250
3,546,000 Salomon Smith Barney
Holdings, Inc., 6.45%,
01/14/00 3,537,741
15,000,000 Salomon Smith Barney
Holdings, Inc., 6.05%,
01/19/00 14,954,625
20,000,000 Salomon Smith Barney
Holdings, Inc., 6.03%,
01/20/00 19,936,350
20,000,000 Salomon Smith Barney
Holdings, Inc., 6.00%,
01/21/00 19,933,333
--------------
290,466,820
--------------
CAPTIVE BORROWING CONDUIT (3.0%)
15,000,000 Prudential Funding Corp.,
6.02%, 01/11/00 14,974,917
10,000,000 Prudential Funding Corp.
6.01%, 01/12/00 9,981,636
10,000,000 Prudential Funding Corp.,
6.05%, 01/14/00 9,978,153
10,000,000 Prudential Funding Corp.,
5.95%, 01/18/00 9,971,903
10,000,000 Prudential Funding Corp.,
6.40%, 01/19/00 9,968,000
10,000,000 Prudential Funding Corp.,
5.99%, 01/25/00 9,960,067
--------------
64,834,676
--------------
CHEMICALS (2.3%)
25,000,000 PPG Industries, Inc.,
5.90%, 01/26/00 24,897,569
25,000,000 PPG Industries, Inc., 5.88%,
01/28/00 24,889,750
--------------
49,787,319
--------------
CONSUMER PRODUCTS (4.0%)
28,000,000 Clorox Co., 5.88%, 01/18/00 27,922,253
1,500,000 Clorox Co., 6.50%, 01/21/00 1,494,583
9,000,000 Clorox Co., 5.84%, 01/31/00 8,956,200
7,000,000 Clorox Co., 5.88%, 01/31/00 6,965,700
40,000,000 Gillette Co., 6.65%, 01/04/00 39,977,833
--------------
85,316,569
--------------
CONSUMER SALES FINANCE (10.1%)
8,000,000 American Express Credit
Corp., 6.40%, 01/05/00 7,994,311
5,000,000 American Express Credit
Corp., 6.35%, 01/18/00 4,985,007
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
AMORTIZED
COST
PRINCIPAL SECURITY VALUATION
- -----------------------------------------------------------
<C> <S> <C>
CONSUMER SALES FINANCE (CONTINUED)
$17,336,000 American Express Credit
Corp., 5.94%, 01/24/00 $ 17,270,210
4,900,000 American Express Credit
Corp., 6.32%, 01/26/00 4,878,494
30,000,000 American Express Credit
Corp., 5.87%, 01/31/00 29,853,500
10,000,000 American General Finance
Corp., 6.04%, 01/19/00 9,969,800
7,000,000 American General Finance
Corp., 5.50%, 02/03/00 6,964,708
4,000,000 Associates Corp. of North
America, 5.97%, 01/14/00 3,991,377
5,000,000 Associates Corp. of North
America, 6.40%, 01/14/00 4,988,444
5,000,000 Associates First Capital
Corp., 5.75%, 01/05/00 4,996,806
5,000,000 Associates First Capital
Corp., 6.02%, 01/14/00 4,989,130
10,000,000 Associates First Capital
Corp., 5.85%, 01/25/00 9,961,000
8,000,000 Associates First Capital
Corp., 5.90%, 01/28/00 7,964,600
135,000 Associates First Capital
Corp., 6.00%, 01/28/00 134,392
15,000,000 Associates First Capital
Corp., 6.01%, 01/31/00 14,924,875
8,000,000 Associates First Capital
Corp., 5.90%, 02/02/00 7,958,044
12,000,000 Household Finance Corp.,
5.82%, 02/02/00 11,937,920
4,000,000 Household International,
Inc., 6.50%, 01/14/00 3,990,611
15,000,000 Household International,
Inc., 6.08%, 01/21/00 14,949,333
20,000,000 Household International,
Inc., 6.00%, 02/01/00 19,896,667
10,000,000 Household International,
Inc., 6.12%, 02/04/00 9,942,200
12,000,000 Norwest Financial, Inc.,
6.16%, 02/11/00 11,915,813
--------------
214,457,242
--------------
DIVERSIFIED FINANCE (5.4%)
12,000,000 CIT Group, Inc., 5.32%,
01/03/00 11,996,453
4,086,000 CIT Group, Inc., 5.88%,
01/07/00 4,081,996
25,000,000 CIT Group, Inc., 5.83%,
01/19/00 24,927,125
10,000,000 CIT Group, Inc., 6.00%,
01/21/00 9,966,667
5,000,000 GE Capital Corp., 5.73%,
01/21/00 4,984,083
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 9
<PAGE> 12
NATIONWIDE SEPARATE ACCOUNT TRUST
MONEY MARKET FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
AMORTIZED
COST
PRINCIPAL SECURITY VALUATION
- -----------------------------------------------------------
<C> <S> <C>
DIVERSIFIED FINANCE (CONTINUED)
$ 2,059,000 GE Capital Corp., 5.41%,
01/24/00 $ 2,053,362
5,089,000 GE Capital Corp., 5.85%,
02/03/00 5,061,710
12,000,000 GE Capital Corp., 6.18%,
02/18/00 11,903,920
5,000,000 GE Capital Corp., 5.76%,
02/22/00 4,956,161
2,100,000 GE Capital Corp., 5.93%,
03/08/00 2,076,824
7,500,000 GE Capital Corp., 6.12%,
04/13/00 * 7,500,000
15,000,000 GE Financial Assurance
Holdings, 6.01%, 01/28/00 14,932,388
10,000,000 GE Financial Assurance
Holdings, 5.82%, 03/24/00 9,865,817
--------------
114,306,506
--------------
DIVERSIFIED OPERATIONS (0.4%)
7,900,000 Textron, Inc., 5.58%-6.60%
01/14/00 7,883,013
--------------
FINANCIAL SERVICES/UTILITIES (0.9%)
12,100,000 National Rural Utilities
Cooperative Finance Corp.,
5.00%, 01/26/00 12,057,986
8,000,000 National Rural Utilities
Cooperative Finance Corp.,
5.87%, 01/27/00 7,966,084
--------------
20,024,070
--------------
FOOD & BEVERAGE (2.1%)
12,660,000 Campbell Soup Co., 6.08%,
02/04/00 12,587,304
1,400,000 H.J. Heinz Co., 6.50%,
01/18/00 1,395,703
10,000,000 H.J. Heinz Co., 6.12%,
02/01/00 9,947,300
20,000,000 H.J. Heinz Co., 6.10%,
02/10/00 19,864,444
--------------
43,794,751
--------------
INSURANCE (9.6%)
10,000,000 American General Corp.,
6.32%, 01/20/00 9,966,644
13,428,000 American General Corp.,
5.96%, 02/03/00 13,354,638
25,000,000 American General Corp.,
5.96%, 02/11/00 24,830,306
25,000,000 Lincoln National Corp.,
5.73%, 01/19/00 24,928,375
10,000,000 Marsh & McLennan Co., 6.75%,
01/07/00 9,988,750
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
AMORTIZED
COST
PRINCIPAL SECURITY VALUATION
- -----------------------------------------------------------
<C> <S> <C>
INSURANCE (CONTINUED)
$35,000,000 Marsh & McLennan Co., 6.50%,
01/14/00 $ 34,917,847
5,000,000 Marsh USA Inc., 6.28%,
01/28/00 4,976,450
12,585,000 Marsh USA Inc., 5.98%,
02/01/00 12,520,194
35,000,000 MetLife Funding, Inc., 6.08%,
02/18/00 34,716,267
12,000,000 MetLife Funding, Inc., 6.10%,
02/18/00 11,902,400
10,000,000 Old Republic Capital Corp.,
5.95%, 02/08/00 9,937,195
13,050,000 Old Republic Capital Corp.,
6.00%, 03/14/00 12,891,225
--------------
204,930,291
--------------
LEASE/FINANCE (1.6%)
35,000,000 IBM Credit Corp., 6.50%,
01/12/00 34,930,486
--------------
MANUFACTURING (2.4%)
20,000,000 Allied Signal, Inc., 5.95%,
01/20/00 19,936,878
25,000,000 Allied Signal, Inc., 5.90%,
01/27/00 24,893,472
1,500,000 Allied Signal, Inc., 6.28%,
01/27/00 1,493,197
5,000,000 Allied Signal, Inc., 5.85%,
02/15/00 4,963,438
--------------
51,286,985
--------------
OFFICE EQUIPMENT & SUPPLIES (1.3%)
17,000,000 Pitney Bowes Credit Corp.,
6.60%, 01/04/00 16,990,650
10,000,000 Pitney Bowes Credit Corp.,
6.60%, 01/06/00 9,990,833
--------------
26,981,483
--------------
OIL & GAS (2.1%)
10,000,000 Chevron Transport Corp.,
5.98%, 02/16/00 9,923,588
35,000,000 Koch Industries, Inc., 3.50%,
01/05/00 34,986,389
--------------
44,909,977
--------------
PAPER & FOREST PRODUCTS (0.5%)
10,000,000 Sonoco Products Co., 5.50%,
01/06/00 9,992,361
--------------
</TABLE>
10 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 13
NATIONWIDE SEPARATE ACCOUNT TRUST
MONEY MARKET FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
AMORTIZED
COST
PRINCIPAL SECURITY VALUATION
- -----------------------------------------------------------
<C> <S> <C>
PHARMACEUTICALS (5.9%)
$45,000,000 Abbott Laboratories, Inc.,
5.25%, 01/19/00 $ 44,881,875
10,000,000 Becton Dickinson & Co.,
5.41%, 01/18/00 9,974,453
16,200,000 Pfizer, Inc., 5.00%, 01/19/00 16,159,500
19,100,000 Pfizer, Inc., 5.65%, 01/25/00 19,028,057
35,000,000 Schering Corp., 6.11%,
02/01/00 34,815,851
--------------
124,859,736
--------------
PRINTING & PUBLISHING (2.2%)
20,000,000 E.W. Scripps Co., 5.74%,
01/24/00 19,926,656
8,000,000 E.W. Scripps Co., 5.81%,
02/24/00 7,930,280
5,000,000 E.W. Scripps Co., 6.02%,
02/24/00 4,954,850
15,000,000 E.W. Scripps Co., 5.83%,
03/07/00 14,839,675
--------------
47,651,461
--------------
TOTAL COMMERCIAL PAPER
(cost $1,857,545,092) 1,857,545,092
--------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(11.3%)
15,913,000 Federal Home Loan Bank
Discount Corp., 5.20%,
01/26/00 15,855,536
11,696,000 Federal Home Loan Bank
Discount Corp., 5.60%,
02/22/00 11,601,392
20,000,000 Federal Home Loan Bank
Discount Corp., 5.605%,
02/23/00 19,834,964
5,000,000 Federal Home Loan Bank
Discount Corp., 5.23%,
03/17/00 5,000,000
12,000,000 Federal Home Loan Bank
Discount Corp., 5.57%,
04/14/00 11,806,907
10,000,000 Federal Home Loan Mortgage
Corp., 5.40%, 01/05/00 9,994,000
4,102,000 Federal Home Loan Mortgage
Corp., 5.55%, 01/10/00 4,096,308
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
AMORTIZED
COST
PRINCIPAL SECURITY VALUATION
- -----------------------------------------------------------
<C> <S> <C>
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS (CONTINUED)
$15,000,000 Federal Home Loan Mortgage
Corp., 5.00%, 01/31/00 $ 14,937,500
12,000,000 Federal Home Loan Mortgage
Corp., 5.75%, 02/17/00 11,909,917
7,362,000 Federal National Mortgage
Assoc., 3.50%, 01/05/00 7,359,137
5,704,000 Federal National Mortgage
Assoc., 5.21%, 01/18/00 5,689,967
8,000,000 Federal National Mortgage
Assoc., 5.54%, 01/20/00 7,976,609
2,305,000 Federal National Mortgage
Assoc., 5.54%, 02/10/00 2,290,812
10,528,000 Federal National Mortgage
Assoc., 5.605%, 02/17/00 10,450,960
30,000,000 Federal National Mortgage
Assoc., 5.61%, 02/24/00 29,747,550
12,774,000 U.S. Treasury Bill, 4.72%,
01/06/00 12,765,626
29,448,000 U.S. Treasury Bill,
4.20%-5.185%, 01/13/00 29,401,848
30,000,000 U.S. Treasury Bill, 5.195%,
01/20/00 29,917,745
--------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(cost $240,636,778) 240,636,778
--------------
TOTAL INVESTMENTS
(cost $2,128,050,245) $2,128,050,245
==============
</TABLE>
- -------------------------------------------------------
* Variable rate security. The rate reflected in the Statement of Investments is
the rate in effect on December 31, 1999.
Cost also represents cost for federal income tax purposes.
Portfolio holding percentages represent amortized cost valuation as a percentage
of net assets.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 11
<PAGE> 14
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (95.6%)
AUSTRALIA (0.3%)
HEALTHCARE (0.3%)
112,100 Cochlear Ltd. $ 1,485,164
------------
DENMARK (0.2%)
COMMERCIAL SERVICES (0.2%)
9,000 Falck A/S 944,885
------------
FINLAND (0.6%)
CONSUMER PRODUCTS (0.4%)
95,500 Amer Group Ltd. 1,939,431
------------
ELECTRONICS/INSTRUMENTS (0.1%)
7,100 Vaisala OYJ 554,570
------------
INSURANCE (0.1%)
22,600 Sampo Insurance Co. Ltd. Class
A 790,376
------------
TOTAL FINLAND 3,284,377
------------
FRANCE (0.6%)
ELECTRICAL EQUIPMENT (0.2%)
23,600 Carbone Lorraine SA 1,113,150
------------
OFFICE EQUIPMENT (0.4%)
30,600 Neopost SA* 1,287,579
23,500 Societe BIC SA 1,070,065
------------
TOTAL FRANCE 3,470,794
------------
GERMANY (0.2%)
BEVERAGES/ALCOHOLIC (0.1%)
21,100 Hawesko Holding AG 665,614
------------
HEALTHCARE (0.1%)
59,100 Marseille-Kliniken AG 616,487
------------
TOTAL GERMANY 1,282,101
------------
HONG KONG (0.9%)
ELECTRONICS (0.2%)
404,000 VTech Holdings Ltd. 1,314,734
------------
HOTELS/MOTELS (0.2%)
2,174,518 CDL Hotels International Ltd. 867,083
------------
LEISURE/ENTERTAINMENT (0.2%)
864,000 Shaw Brothers Ltd. 1,005,769
------------
RETAIL/SPECIALTY (0.3%)
1,756,000 Esprit Holdings Ltd. 1,897,316
------------
TOTAL HONG KONG 5,084,902
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
IRELAND (0.5%)
COMMERCIAL SERVICES (0.1%)
107,800 Adare Printing Group PLC $ 711,633
------------
FINANCIAL INSTITUTIONS (0.2%)
373,900 Anglo Irish Bank Corp. PLC 866,721
------------
HOUSEWARES (0.2%)
976,662 Waterford Wedgwood PLC 994,172
------------
TOTAL IRELAND 2,572,526
------------
ITALY (0.9%)
FINANCIAL INSTITUTIONS (0.6%)
37,200 Bipop-Carire SPA 3,293,675
------------
MACHINERY (0.2%)
162,400 Interpump Group SPA 896,938
------------
TIRE & RUBBER (0.1%)
291,100 Manuli Rubber Industries SPA 629,311
------------
TOTAL ITALY 4,819,924
------------
JAPAN (0.9%)
AGRICULTURAL BIOTECHNOLOGY (0.1%)
8,700 Hokuto Corp. 466,709
------------
BUSINESS SERVICES (0.0%)
200 Daiseki Co. Ltd. 4,475
------------
CONSTRUCTION & HOUSING (0.0%)
440 CTI Engineering Co. Ltd. 2,709
------------
COSMETICS (0.1%)
14,700 ADERANS Co. Ltd. 545,828
------------
DISTRIBUTION (0.1%)
24,000 Impact 21 Co. Ltd. 422,122
------------
ENGINEERING SERVICES (0.1%)
17,000 Meitec Corp. 539,867
------------
FOOD & BEVERAGE (0.0%)
7,000 Soken Co. Ltd.* 15,253
------------
LEISURE/ENTERTAINMENT (0.2%)
16,380 H I S Co. Ltd. 1,166,799
------------
MACHINERY (0.0%)
400 DMW Corp. 17,979
------------
</TABLE>
12 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 15
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
MEDICAL PRODUCTS (0.1%)
66,000 Hitachi Medical Corp. $ 690,053
14,000 Kawasumi Laboratories, Inc. 164,158
------------
854,211
------------
PHARMACEUTICALS (0.1%)
21,600 Torii Pharmaceutical Co. Ltd. 552,980
------------
RETAIL (0.0%)
400 Jeans Mate Corp. 10,319
------------
STEEL (0.1%)
45,000 Maruichi Steel Tube Ltd. 504,788
------------
TOTAL JAPAN 5,104,039
------------
NETHERLANDS (1.0%)
COMPUTER SERVICE (0.2%)
24,300 PinkRoccade NV* 891,464
------------
ENGINEERING SERVICES (0.2%)
29,400 Fugro NV 1,093,376
------------
HOMEBUILDING DEVELOPMENT (0.1%)
30,630 Hunter Douglas NV 833,502
------------
HOUSEHOLD FURNISHING & APPLIANCES (0.2%)
36,700 Beter Bed Holding NV 980,185
------------
PUBLISHING (0.3%)
70,500 N.V. Holdingmaatschappij De
Telegraaf 1,563,175
------------
TOTAL NETHERLANDS 5,361,702
------------
NORWAY (0.7%)
BROADCASTING & TELEVISION (0.2%)
240,100 P4 Radio Hele Norge ASA 1,227,207
------------
COMPUTER SOFTWARE (0.3%)
107,400 Merkantildata ASA 1,298,726
------------
HOUSEHOLD FURNISHING & APPLIANCES (0.2%)
120,300 Ekornes ASA 1,207,267
------------
TOTAL NORWAY 3,733,200
------------
PORTUGAL (0.4%)
INSURANCE (0.4%)
44,200 Seguros Mundial Confianca SA* 2,301,742
------------
SINGAPORE (0.2%)
FOOD & BEVERAGE (0.2%)
580,000 Want Want Holdings Ltd. 788,800
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
SPAIN (0.2%)
FINANCIAL INSTITUTIONS (0.2%)
23,900 Banco Pastor SA $ 975,549
------------
SWEDEN (0.7%)
AEROSPACE (0.3%)
61,600 Celsius AB Class B 1,276,143
------------
COMPUTER SOFTWARE (0.2%)
55,500 Industrial & Financial Systems
AB* 1,208,567
------------
COMPUTER HARDWARE (0.0%)
2,666 International Business Systems
AB* 75,000
------------
MEDICAL PRODUCTS (0.1%)
52,850 Getinge Industrier AB Class B 597,203
------------
PUBLISHING (0.1%)
34,600 Elanders AB Class B 765,667
------------
TOTAL SWEDEN 3,922,580
------------
SWITZERLAND (1.0%)
FINANCIAL INSTITUTIONS (0.3%)
780 Bank Sarasin & Cie 1,581,942
------------
MEDICAL PRODUCTS (0.3%)
11,100 Gretag Imaging Group 1,608,266
------------
PRINTING & PUBLISHING (0.4%)
4,020 Edipresse SA 2,221,273
------------
TOTAL SWITZERLAND 5,411,481
------------
UNITED KINGDOM (2.3%)
CHEMICALS/SPECIALTY (0.1%)
188,800 Victrex PLC 417,755
------------
COMMERCIAL SERVICES (0.4%)
922,400 Corporate Services Group PLC* 1,504,666
257,700 Hogg Robinson PLC 998,907
------------
2,503,573
------------
CONSTRUCTION & HOUSING (0.2%)
355,000 AMEC PLC 1,404,733
------------
FINANCIAL SERVICES (0.3%)
288,100 E,D,& F Man Group PLC 1,926,385
------------
FOOD PROCESSING (0.1%)
196,600 Devro PLC 319,910
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 13
<PAGE> 16
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
LEASE/RENTAL (0.4%)
343,800 Ashtead Group PLC $ 932,856
171,500 Northgate PLC 1,448,656
------------
2,381,512
------------
MEDICAL PRODUCTS (0.4%)
149,600 SSL International PLC 1,894,897
------------
PUBLISHING (0.2%)
23,000 Euromoney Institutional
Investor PLC 817,241
------------
TOYS (0.2%)
120,600 Games Workshop Group PLC 890,149
------------
TOTAL UNITED KINGDOM 12,556,155
------------
UNITED STATES (84.0%)
AEROSPACE/DEFENSE (1.3%)
76,400 AAR Corp. 1,370,425
29,200 Alliant Techsystems, Inc.* 1,819,525
54,200 Aviall, Inc.* 443,762
65,400 Cordant Technologies, Inc. 2,158,200
25,800 Doncasters PLC ADR* 232,200
22,200 Ducommun, Inc.* 241,425
17,000 The Titan Corp.* 801,125
------------
7,066,662
------------
AUTO & AUTO PARTS (0.2%)
43,000 Donaldson Co., Inc. 1,034,688
------------
BUILDING MATERIALS (0.5%)
45,500 Granite Construction, Inc. 838,906
35,000 Rayonier, Inc. 1,690,938
------------
2,529,844
------------
BUSINESS SERVICES (1.9%)
21,300 Complete Business Solutions,
Inc.* 535,163
13,500 The Corporate Executive Board
Co.* 754,313
8,750 Diamond Technology Partners,
Inc.* 751,953
18,000 Intervu, Inc.* 1,890,000
17,350 QRS Corp.* 1,809,822
63,500 Technology Solutions Co.* 2,079,625
47,500 True North Communications, Inc. 2,122,656
------------
9,943,532
------------
CHEMICALS (1.8%)
75,600 Church & Dwight Co., Inc. 2,017,575
39,100 Macdermid, Inc. 1,605,544
65,000 Millennium Chemicals, Inc. 1,283,750
35,500 Mineral Technologies, Inc. 1,422,219
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
CHEMICALS (CONTINUED)
95,000 Olin Corp. $ 1,882,188
34,500 OM Group, Inc. 1,188,094
------------
9,399,370
------------
COMMERCIAL SERVICES (1.4%)
52,000 Advance Paradigm, Inc.* 1,121,250
20,000 Clear Channel Communications,
Inc.* 1,785,000
53,900 Danka Business Systems PLC ADR* 683,856
5,000 Icon PLC ADR* 85,000
28,000 Macrovision Corp.* 2,072,000
32,000 META Group, Inc.* 608,000
15,200 Reckson Service Industries,
Inc.* 948,100
46,600 SM&A Corp.* 285,425
22,300 SOS Staffing Services, Inc.* 97,563
------------
7,686,194
------------
COMMUNICATIONS & MEDIA (3.8%)
62,500 ACTV, Inc.* 2,855,469
28,999 AMFM, Inc.* 2,269,172
63,000 Cinar Corp. Class B* 1,543,500
7,800 Cumulus Media, Inc. Class A 395,850
32,500 EchoStar Communications Corp.
Class A* 3,168,750
14,600 Entercom Communications Corp.* 963,600
55,000 Harte-Hanks, Inc. 1,196,250
34,500 Lamar Advertising Co.* 2,089,406
19,500 Meredith Corp. 812,906
47,300 Network Event Theater, Inc.* 1,407,175
20,000 Pegasus Communications Corp.* 1,955,000
45,000 Ritchie Brothers Auctioneers,
Inc.* 1,248,750
47,200 Salem Communications Corp.
Class A* 1,067,900
------------
20,973,728
------------
COMPUTER HARDWARE (2.1%)
37,000 Advanced Digital Information
Corp.* 1,799,125
28,500 eSoft, Inc.* 830,062
18,900 Interlink Electronics, Inc.* 1,110,375
26,175 National Instruments Corp.* 1,001,194
21,500 NetScout Systems, Inc.* 666,500
27,000 RadiSys Corp.* 1,377,000
36,000 SanDisk Corp.* 3,465,000
25,500 Wind River Systems, Inc.* 933,937
27,400 ZapMe! Corp.* 236,325
------------
11,419,518
------------
COMPUTER SERVICE (4.8%)
55,940 Acxiom Corp.* 1,342,560
34,300 Analysts International Corp. 428,750
27,800 BackWeb Technologies Ltd.* 1,171,075
34,300 CIBER, Inc.* 943,250
35,800 Concentric Network Corp.* 1,103,087
22,000 Exactis.com, Inc.* 534,875
</TABLE>
14 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 17
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMPUTER SERVICE (CONTINUED)
74,000 Hollywood.com, Inc.* $ 1,406,000
42,200 Inprise Corp.* 466,837
18,800 Jack Henry & Associates, Inc. 1,009,325
21,900 Mastech Corp.* 542,025
86,100 Metamor Worldwide, Inc.* 2,507,663
45,000 National Data Corp. 1,527,187
16,490 NBC Internet, Inc. Class A* 1,273,852
19,460 Netegrity, Inc.* 1,108,004
126,200 RSA Security, Inc.* 9,780,500
52,000 Zamba Corp.* 903,500
------------
26,048,490
------------
COMPUTER SOFTWARE (10.6%)
80,100 The 3DO Co.* 728,413
17,500 Aspect Development, Inc.* 1,198,750
39,900 Avant! Corp.* 598,500
11,700 BARRA, Inc.* 371,475
16,000 BindView Development Corp.* 795,000
11,200 Bluestone Software, Inc.* 1,288,000
21,500 Braun Consulting, Inc.* 1,537,250
21,000 Brio Technology, Inc.* 882,000
15,000 BroadVision, Inc.* 2,550,937
27,200 Business Objects SA ADR* 3,634,600
11,500 Clarify, Inc.* 1,449,000
15,300 Concord Communications, Inc.* 678,938
17,800 Cysive, Inc.* 1,282,712
50,000 Diversinet Corp.* 1,100,000
43,300 Documentum, Inc.* 2,592,588
43,500 Hyperion Solutions Corp.* 1,892,250
28,500 Interactive Pictures Corp.* 664,406
39,900 Interleaf, Inc.* 1,341,637
30,800 IONA Technologies PLC ADR* 1,678,600
30,000 ITXC Corp.* 1,008,750
26,200 Jacada Ltd.* 730,325
39,000 Legato Systems, Inc.* 2,683,688
13,600 Mercury Interactive Corp.* 1,467,950
14,000 Micromuse, Inc.* 2,380,000
203,300 Midway Games, Inc.* 4,866,494
44,600 Mission Critical Software,
Inc.* 3,122,000
22,500 Multex.com, Inc.* 846,562
18,000 ONYX Software Corp.* 666,000
21,800 PC-Tel, Inc.* 1,144,500
72,600 Peregrine Systems, Inc.* 6,112,013
31,000 Remedy Corp.* 1,468,625
22,600 Sybase, Inc.* 384,200
46,000 Take-Two Interactive Software,
Inc.* 595,125
29,200 Transaction System Architects,
Inc. Class A* 817,600
39,400 Unify Corp.* 1,078,575
22,000 WebTrends Corp.* 1,782,000
------------
57,419,463
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
CONSTRUCTION & HOUSING (0.2%)
20,400 Coachmen Industries, Inc. $ 308,550
14,100 Simpson Manufacturing Co.,
Inc.* 616,875
26,800 Willbros Group, Inc.* 123,950
------------
1,049,375
------------
CONSUMER GOODS & SERVICES (1.0%)
45,700 Alberto-Culver Co. Class A 993,975
31,900 Devry, Inc.* 594,138
17,700 Matthews International Corp.
Class A 486,750
60,200 Valuevision International, Inc.
Class A* 3,450,213
------------
5,525,076
------------
CONTAINERS (0.3%)
110,000 American National Can Group,
Inc. 1,430,000
------------
DATA PROCESSING & REPRODUCTION (0.3%)
13,200 Analytical Surveys, Inc.* 150,975
22,400 Fair, Isaac and Co., Inc. 1,187,200
46,200 Inspire Insurance Solutions,
Inc.* 212,234
------------
1,550,409
------------
EDUCATION (0.1%)
29,800 Strayer Education, Inc. 588,550
------------
ELECTRICAL EQUIPMENT (1.0%)
75,000 Belden, Inc. 1,575,000
10,000 Electro Scientific Industries,
Inc.* 730,000
16,000 Emulex Corp.* 1,800,000
40,200 Optimal Robotics Corp.* 1,497,450
------------
5,602,450
------------
ELECTRONICS (8.6%)
53,200 Alpha Industries, Inc.* 3,049,025
35,500 Applied Micro Circuits Corp.* 4,517,375
41,100 Asyst Technologies, Inc.* 2,694,619
52,500 AVT Corp.* 2,467,500
21,200 Benchmark Electronics, Inc.* 486,275
45,450 Burr-Brown Corp.* 1,641,881
16,500 C-COR.net Corp.* 1,264,312
14,500 C-Cube Microsystems, Inc.* 902,625
12,500 Credence Systems Corp.* 1,081,250
32,600 Dallas Semiconductor Corp. 2,100,662
16,100 ETEC Systems, Inc.* 722,488
37,500 Galileo Technology Ltd.* 904,687
37,500 Lattice Semiconductor Corp.* 1,767,188
49,300 Methode Electronics, Inc. Class
A 1,583,762
13,500 Micrel, Inc.* 768,656
14,800 Optical Coating Laboratory,
Inc. 4,380,800
51,900 Photronics, Inc.* 1,485,638
45,000 Plexus Corp.* 1,980,000
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 15
<PAGE> 18
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
ELECTRONICS (CONTINUED)
19,000 PMC-Sierra, Inc.* $ 3,045,937
13,000 Power Integrations, Inc.* 623,188
36,500 Primex Technologies, Inc. 757,375
24,400 Proxim, Inc.* 2,684,000
45,400 Sawtek, Inc.* 3,021,937
4,700 SCI Systems, Inc.* 386,281
45,600 TelCom Semiconductor, Inc.* 957,600
14,600 TriQuint Semiconductor, Inc.* 1,624,250
------------
46,899,311
------------
FINANCIAL (3.5%)
103,100 AmeriCredit Corp.* 1,907,350
13,100 Bank United Corp. Class A 356,975
22,000 Community First Bankshares,
Inc. 346,500
22,000 Cullen/Frost Bankers, Inc. 566,500
80,000 Doral Financial Corp. 985,000
9,200 Duff & Phelps Credit Rating Co. 818,225
29,300 Enhance Financial Services
Group, Inc. 476,125
45,000 First Midwest Bancorp, Inc. 1,192,500
52,427 Hudson United Bancorp. 1,340,165
34,700 IndyMac Mortgage Holdings, Inc. 442,425
16,500 Investment Technology Group,
Inc. 474,375
21,500 NextCard, Inc.* 620,812
28,600 OceanFirst Financial Corp. 495,138
49,300 Peoples Heritage Financial
Group, Inc. 742,581
17,605 Reinsurance Group of America,
Inc. 488,539
42,000 Renaissancere Holdings Ltd. 1,716,750
21,000 Silicon Valley Bancshares* 1,039,500
61,825 Sterling Bancshares, Inc. 691,667
18,000 Texas Regional Bancshares, Inc.
Class A 522,000
102,900 Webster Financial Corp. 2,424,581
30,000 XL Capital Ltd. Class A 1,556,250
------------
19,203,958
------------
FOOD & BEVERAGE (0.2%)
36,800 Ben & Jerry's Homemade, Inc.
Class A* 915,400
4,000 Bush Boake Allen, Inc.* 98,250
------------
1,013,650
------------
GAMING/HOTELS (0.5%)
100,000 Isle of Capri Casinos, Inc.* 1,318,750
46,700 Prime Hospitality Corp.* 411,544
250,000 Trump Hotels & Casino Resorts,
Inc.* 843,750
------------
2,574,044
------------
HEALTHCARE (4.9%)
38,200 Acuson Corp.* 479,887
21,097 Block Drug Co., Inc. Class A 654,022
9,500 CONMED Corp.* 245,813
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
HEALTHCARE (CONTINUED)
70,800 CORE, Inc.* $ 677,025
32,000 CYTYC Corp.* 1,954,000
29,900 Datascope Corp. 1,196,000
46,900 DENTSPLY International, Inc. 1,108,012
30,300 Eclipsys Corp.* 776,437
97,800 Foundation Health Systems, Inc.
Class A* 971,888
58,500 Haemonetics Corp.* 1,393,031
46,600 Hanger Orthopedic Group, Inc.* 466,000
16,000 Hooper Holmes, Inc. 412,000
29,000 Invitrogen Corp.* 1,740,000
97,000 Mentor Corp. 2,503,813
17,600 MiniMed, Inc.* 1,289,200
18,500 Myriad Genetics, Inc.* 851,000
54,000 NBTY, Inc.* 624,375
22,650 Patterson Dental Co.* 965,456
29,000 Protein Design Labs, Inc.* 2,030,000
31,500 QLT PhotoTherapeutics, Inc.* 1,850,625
33,000 Renal Care Group, Inc.* 771,375
33,600 Respironics, Inc.* 267,752
230,000 Total Renal Care Holdings,
Inc.* 1,538,125
33,400 Trigon Healthcare, Inc.* 985,300
25,000 Universal Health Services, Inc.
Class B* 900,000
------------
26,651,136
------------
HOUSEHOLD FURNISHING & APPLIANCES (0.2%)
49,200 Hussmann International, Inc. 741,075
31,700 Industrie Natuzzi SPA ADR 420,025
------------
1,161,100
------------
INDUSTRIAL/MISCELLANEOUS (0.9%)
25,800 Brady Corp. Class A 875,587
63,750 Reliance Steel & Aluminum Co. 1,494,141
130,000 Titan International, Inc. 845,000
82,500 Varian, Inc.* 1,856,250
------------
5,070,978
------------
INSURANCE (1.5%)
99,100 Annuity and Life Re (Holdings)
Ltd. 2,588,988
9,900 Brown & Brown, Inc. 379,294
67,500 Everest Reinsurance Holdings,
Inc. 1,506,094
35,600 FBL Financial Group, Inc. Class
A 712,000
59,500 Mutual Risk Management Ltd. 1,000,344
18,300 PartnerRe Ltd. 593,606
12,400 Penn-America Group, Inc. 96,100
13,700 Scor ADR 606,225
35,600 Scottish Annuity & Life
Holdings Ltd. 291,475
28,500 W.R. Berkley Corp. 594,937
------------
8,369,063
------------
</TABLE>
16 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 19
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
LEISURE/ENTERTAINMENT (0.4%)
46,200 American Classic Voyages Co.* $ 1,617,000
54,300 Sunterra Corp.* 624,450
------------
2,241,450
------------
MACHINERY & CAPITAL GOODS (3.1%)
35,400 Advanced Energy Industries,
Inc.* 1,743,450
29,500 Applied Power, Inc. Class A 1,084,125
76,000 AptarGroup, Inc. 1,909,500
21,200 Dionex Corp.* 873,175
31,400 Gardner Denver, Inc.* 523,988
28,300 IDEX Corp. 859,612
52,400 Kaydon Corp. 1,404,975
35,000 KEMET Corp.* 1,577,188
16,800 Lincoln Electric Holdings, Inc. 346,500
16,900 NN Ball & Roller, Inc. 122,525
30,800 PRI Automation, Inc.* 2,067,450
67,200 Roper Industries, Inc. 2,541,000
30,110 Zebra Technologies Corp. Class
A* 1,761,435
------------
16,814,923
------------
OFFICE EQUIPMENT & SUPPLIES (0.6%)
55,900 United Stationers, Inc.* 1,596,644
87,300 Wallace Computer Services, Inc. 1,451,362
------------
3,048,006
------------
OIL & GAS (5.6%)
58,800 BJ Services Co.* 2,458,575
17,400 Barrett Resources Corp.* 512,213
29,300 Cabot Oil & Gas Corp. Class A 470,631
19,400 Cal Dive International, Inc.* 642,625
8,400 Central Hudson Energy Group,
Inc. 277,200
20,600 Cooper Cameron Corp.* 1,008,113
50,000 Cross Timbers Oil Co. 453,125
45,500 Devon Energy Corp. 1,495,813
196,700 Global Industries Ltd.* 1,696,537
291,000 Key Energy Services, Inc.* 1,509,563
65,000 Kinder Morgan, Inc. 1,312,187
150,000 Marine Drilling Cos., Inc.* 3,365,625
15,750 MDU Resources Group, Inc. 315,000
17,000 Montana Power Co. 613,063
29,500 Nabors Industries, Inc.* 912,656
8,000 National Fuel Gas Co. 372,000
56,352 National-Oilwell, Inc.* 884,022
15,000 NUI Corp. 395,625
43,300 Oceaneering International,
Inc.* 646,794
43,500 Offshore Logistics, Inc.* 407,812
51,600 Petroleum Geo-Services ADR* 919,125
11,200 Piedmont Natural Gas Co., Inc. 338,800
169,700 Pride International, Inc.* 2,481,862
100,000 Rowan Cos., Inc.* 2,168,750
48,200 Smith International, Inc.* 2,394,938
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
OIL & GAS (CONTINUED)
28,800 Stone Energy Corp.* $ 1,026,000
32,600 Swift Energy Co.* 374,900
24,100 Tuboscope Vetco International
Corp. 382,588
30,500 UTI Energy Corp.* 703,406
------------
30,539,548
------------
PHARMACEUTICALS (5.2%)
69,300 Alkermes, Inc.* 3,404,363
45,000 Alpharma, Inc. Class A 1,383,750
28,500 Andrx Corp.* 1,205,906
25,500 ChiRex, Inc.* 372,937
45,000 Duane Reade, Inc.* 1,240,313
39,000 Emisphere Technologies, Inc.* 1,172,437
74,000 Enzon, Inc.* 3,209,750
36,000 IDEC Pharmaceuticals Corp.* 3,537,000
43,500 King Pharmaceuticals, Inc.* 2,438,719
18,500 Medarex, Inc.* 689,125
22,100 Medicis Pharmaceutical Corp.
Class A* 940,631
23,500 Millennium Pharmaceuticals,
Inc.* 2,867,000
75,000 Pharmacopeia, Inc.* 1,696,875
228,000 Titan Pharmaceuticals, Inc.* 4,332,000
------------
28,490,806
------------
PRINTING & PUBLISHING (0.5%)
50,300 Getty Images, Inc.* 2,458,413
------------
PUBLISHING (0.0%)
2,400 Scholastic Corp.* 149,250
------------
REAL ESTATE INVESTMENT/
MANAGEMENT (0.3%)
90,000 Fairfield Communities, Inc.* 967,500
------------
RETAIL (3.7%)
39,100 99 Cents Only Stores* 1,495,575
22,900 Ames Department Stores, Inc.* 659,806
22,400 AnnTaylor Stores Corp.* 771,400
35,200 Black Box Corp.* 2,358,400
15,000 Chico's FAS, Inc.* 564,375
46,500 Claire's Stores, Inc.* 1,040,437
23,000 Cost Plus, Inc.* 819,375
29,300 HotJobs.com Ltd.* 1,280,044
13,200 Linens 'n Things, Inc.* 391,050
95,400 Pacific Sunwear of California,
Inc.* 3,040,875
49,100 Ruddick Corp. 761,050
16,300 Schultz Sav-O Stores, Inc. 207,825
26,300 ShopKo Stores, Inc.* 604,900
61,800 Signet Group PLC ADR 1,962,150
33,000 Tweeter Home Entertainment
Group, Inc.* 1,171,500
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 17
<PAGE> 20
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
RETAIL (CONTINUED)
70,000 Whitehall Jewellers, Inc.* $ 2,581,250
16,800 Whole Foods Market, Inc.* 779,100
------------
20,489,112
------------
STEEL (0.3%)
22,500 Lone Star Technologies, Inc.* 627,188
39,000 Maverick Tube Corp.* 962,812
------------
1,590,000
------------
TECHNOLOGY (1.7%)
26,000 CACI International, Inc. Class
A* 588,250
11,100 Digimarc Corp.* 555,000
12,000 InfoSpace.com, Inc.* 2,568,000
195,000 P-Com, Inc.* 1,724,541
47,600 Radiant Systems, Inc.* 1,912,925
11,000 VerticalNet, Inc.* 1,804,000
------------
9,152,716
------------
TELECOMMUNICATION EQUIPMENT (5.9%)
113,300 Advanced Fibre Communications,
Inc.* 5,063,094
24,000 Advanced Radio Telecom Corp.* 576,000
9,900 Aether Systems, Inc.* 709,087
34,500 Aironet Wireless
Communications, Inc.* 2,303,955
44,600 ANTEC Corp.* 1,627,900
21,300 Audiocodes Ltd.* 1,959,600
45,000 Aware, Inc.* 1,636,875
22,000 CommScope, Inc.* 886,875
41,800 Davox Corp.* 820,325
115,000 Digital Microwave Corp.* 2,695,312
13,800 DSP Group, Inc.* 1,283,400
16,100 Gilat Satellite Networks Ltd.* 1,911,875
35,000 L-3 Communications Holdings,
Inc.* 1,456,875
78,400 PairGain Technologies, Inc.* 1,112,300
47,000 Pinnacle Holdings, Inc.* 1,991,625
29,500 Polycom, Inc.* 1,878,781
21,900 Powerwave Technologies, Inc.* 1,278,413
18,600 Research In Motion Ltd.* 859,087
110,000 Somera Communications, Inc.* 1,368,125
30,000 Tekelec* 675,000
15,500 World Access, Inc.* 298,375
------------
32,392,879
------------
TELECOMMUNICATIONS (3.5%)
28,300 Adaptive Broadband Corp.* 2,088,894
35,000 AirGate PCS, Inc.* 1,846,250
46,000 CTC Communications Group, Inc.* 1,794,718
15,200 Omnipoint Corp.* 1,833,500
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS (CONTINUED)
34,800 Powertel, Inc.* $ 3,493,050
57,500 Primus Telecommunications
Group, Inc.* 2,199,375
36,000 TranSwitch Corp.* 2,612,250
30,000 Viatel, Inc.* 1,608,750
26,500 Z-Tel Technologies, Inc.* 1,069,937
------------
18,546,724
------------
TRANSPORTATION (1.3%)
15,700 Circle International Group,
Inc. 349,325
24,000 Eagle USA Airfreight, Inc.* 1,035,000
41,000 Expeditors International of
Washington, Inc. 1,796,312
105,800 Newport News Shipbuilding, Inc. 2,909,500
36,750 Swift Transportation Co., Inc.* 647,719
------------
6,737,856
------------
UTILITIES (0.3%)
40,000 Cleco Corp. 1,282,500
6,500 United Illuminating Co. 333,938
------------
1,616,438
------------
TOTAL UNITED STATES 455,446,210
------------
TOTAL COMMON STOCK
(cost $355,832,834) 518,546,131
------------
PREFERRED STOCK (0.4%)
GERMANY (0.4%)
BROADCASTING & TELEVISION (0.3%)
24,600 ProSieben Media AG 1,400,811
------------
RETAIL (0.1%)
21,900 Fielmann AG 659,950
------------
TOTAL PREFERRED STOCK
(cost $2,054,218) 2,060,761
------------
WARRANTS (0.0%)
SINGAPORE (0.0%)
FOOD & BEVERAGE (0.0%)
58,000 Want Want Holdings Ltd.,
expiring 10/24/04
(cost $24,238) 32,190
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------
PRINCIPAL
- -----------
<C> <S> <C>
$ 1,389,000 Gillette Co., 5.85%, 01/28/00 1,382,906
4,309,000 Koch Industries, Inc., 4.50%,
01/03/00 4,307,923
------------
TOTAL COMMERCIAL PAPER
(cost $5,690,829) 5,690,829
------------
</TABLE>
18 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 21
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL COMPANY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
U.S. GOVERNMENT OBLIGATIONS (0.7%)
$ 1,491,000 U.S. Treasury Bill, 5.20-5.25%,
01/13/00 1,488,904
322,000 U.S. Treasury Bill, 4.98-5.18%,
01/20/00 321,234
1,802,000 U.S. Treasury Bill, 4.92-5.04%,
02/03/00 1,794,195
398,000 U.S. Treasury Bill, 5.07%,
02/10/00 395,916
------------
TOTAL U.S. GOVERNMENT
OBLIGATIONS
(cost $3,998,965) 4,000,249
------------
REPURCHASE AGREEMENTS (2.2%)
11,696,000 Fifth Third Bank, 1.40%, 01/03/00,
Collateralized by $4,310,000
FHLMC Gold Pool #E00570, 6.00%,
09/01/13, and $7,630,000 GNMA
Pool #780020, 10.50%, 10/15/21,
market value $12,420,398 (cost
$11,696,000) 11,696,000
------------
TOTAL INVESTMENTS
(cost $379,297,084) $542,026,160
============
</TABLE>
- -------------------------------------------------------
* Denotes a non-income producing security.
Cost for financial reporting purposes differs from cost basis for federal income
tax purposes by the amount of losses recognized for financial reporting purposes
in excess of federal income tax reporting of $1,014,963.
Securities denominated in foreign currencies are shown at their U.S. dollar cost
and value.
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
AB Aktiebolag (Swedish stock company)
ADR American Depositary Receipt
AG Aktiengesellschaft (Austrian or German
stock company)
A/S Limited (Danish)
ASA Limited (Norwegian)
FHLMC Federal Home Loan Mortgage Corporation
GNMA Government National Mortgage Association
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 ANNUAL REPORT 19
<PAGE> 22
NATIONWIDE SEPARATE ACCOUNT TRUST
INCOME FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
ASSET-BACKED SECURITIES (3.3%)
$ 170,000 Discover Card Master Trust I,
Series 1999-4, Class A, 5.878%,
11/15/04 $ 165,342
110,000 Standard Credit Card Master
Trust, Series 1994-4, Class A,
8.25%, 11/01/03 112,559
------------
TOTAL ASSET-BACKED SECURITIES
(cost $285,669) 277,901
------------
CORPORATE BONDS (11.0%)
FINANCIAL (5.0%)
100,000 Countrywide Home Loans, Inc.,
6.85%, 06/15/04 97,789
100,000 General Motors Corp., 7.40%,
09/01/25 95,258
100,000 Household Finance Corp., 6.50%,
11/15/08 92,433
100,000 Morgan Stanley Dean Witter,
6.875%, 03/01/07 96,237
50,000 Norwest Corp., 8.15%, 11/01/01 51,061
------------
432,778
------------
LEASE/RENTAL (1.1%)
100,000 Hertz Corp., 6.25%, 03/15/09 90,554
------------
OIL AND GAS (0.6%)
50,000 The Williams Cos., Inc.,
6.125%, 02/01/01 49,491
------------
RETAIL (0.2%)
20,000 Sears Roebuck Acceptance Corp.,
6.38%, 11/21/01 19,636
------------
TELECOMMUNICATIONS (0.6%)
50,000 MCI Worldcom, Inc., 6.125%,
08/15/01 49,458
------------
TRANSPORTATION (0.6%)
47,715 Southwest Airlines Co., 7.67%,
01/02/14 47,633
------------
UTILITIES (2.9%)
100,000 Noram Energy Corp., 6.375%,
11/01/03 95,113
100,000 Pacific Gas & Electric, 6.375%,
11/01/03 101,674
55,000 Public Service Co. of Colorado,
6.00%, 04/15/03 53,171
------------
249,958
------------
TOTAL CORPORATE BONDS
(cost $989,558) 939,508
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
U.S. GOVERNMENT AND AGENCY LONG-TERM
OBLIGATIONS (81.6%)
FEDERAL HOME LOAN BANK (3.3%)
$ 300,000 5.125%, 09/15/03 $ 283,594
------------
U.S. TREASURY BONDS (2.4%)
150,000 6.00%, 02/15/26 137,203
75,000 6.125%, 02/15/26 71,508
------------
208,711
------------
U.S. TREASURY NOTES (75.9%)
400,000 5.875%, 02/15/00 400,250
560,000 4.50%, 09/30/00 553,875
133,000 6.25%, 04/30/01 133,125
250,000 6.625%, 07/31/01 251,640
720,000 6.50%, 05/31/02 723,600
170,000 3.625%, 07/15/02 168,353
680,000 5.75%, 08/15/03 665,762
30,000 4.75%, 02/15/04 28,303
40,000 7.25%, 05/15/04 41,225
400,000 7.25%, 08/15/04 412,750
395,000 6.50%, 05/15/05 395,123
275,000 6.50%, 08/15/05 275,000
750,000 7.00%, 07/15/06 768,281
465,000 6.50%, 10/15/06 463,692
760,000 6.125%, 08/15/07 740,762
180,000 4.75%, 11/15/08 158,794
300,000 6.50%, 11/15/26 292,406
------------
6,472,941
------------
TOTAL U.S. GOVERNMENT AND AGENCY
LONG-TERM OBLIGATIONS
(cost $7,211,828) 6,965,246
------------
REPURCHASE AGREEMENT (2.4%)
202,000 Fifth Third Bank, 1.40%,
01/03/00, Collateralized by
$220,000 FHLMC Gold Pool
#G10813, 7.00%, 12/01/11,
market value $216,260 (cost
$202,000) 202,000
------------
TOTAL INVESTMENTS
(cost $8,689,055) $ 8,384,655
============
</TABLE>
- -------------------------------------------------------
Cost for financial reporting purposes differs from cost basis for federal income
tax purposes by the amount of losses recognized for financial reporting purposes
in excess of federal income tax reporting of $4,945.
The abbreviation in the above statement stands for the following:
FHLMC Federal Home Loan Mortgage Corporation
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
20 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 23
NATIONWIDE SEPARATE ACCOUNT TRUST
STRATEGIC GROWTH FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
COMMON STOCK (93.8%)
BANKS (1.7%)
9,000 Northern Trust Corp. $ 477,000
16,000 State Street Corp. 1,169,000
-----------
1,646,000
-----------
BIOTECHNOLOGY (2.7%)
2,300 Affymetrix, Inc.* 390,281
12,500 Chiron Corp.* 529,688
2,000 Millennium Pharmaceuticals,
Inc.* 244,000
12,500 PE Corp.-PE Biosystems Group 1,503,906
-----------
2,667,875
-----------
BROADCASTING & TELEVISION (1.8%)
12,500 General Instrument Corp.* 1,062,500
10,000 Westwood One, Inc.* 760,000
-----------
1,822,500
-----------
COMMUNICATION EQUIPMENT (1.8%)
7,500 Conexant Systems, Inc.* 497,812
8,000 JDS Uniphase Corp.* 1,290,500
-----------
1,788,312
-----------
COMPUTER DATA SECURITY (6.9%)
8,500 Check Point Software
Technologies Ltd.* 1,689,375
14,900 Entrust Technologies, Inc.* 893,069
14,000 SanDisk Corp.* 1,347,500
15,300 SCM Microsystems, Inc.* 978,244
3,500 VeriSign, Inc.* 668,281
9,000 VERITAS Software Corp.* 1,288,125
-----------
6,864,594
-----------
COMPUTER NETWORKING (6.9%)
9,000 Brocade Communications Systems,
Inc.* 1,593,000
28,000 Extreme Networks, Inc.* 2,338,000
4,100 Finisar Corp.* 368,488
5,500 Juniper Networks, Inc.* 1,870,000
4,000 Redback Networks, Inc.* 710,000
-----------
6,879,488
-----------
COMPUTER SOFTWARE & SERVICES (13.4%)
17,500 Aspect Development, Inc.* 1,198,750
4,000 Citrix Systems, Inc.* 492,000
6,500 Electronic Arts, Inc.* 546,000
12,500 Intuit, Inc.* 749,219
56,000 J.D. Edwards & Co.* 1,673,000
4,000 MicroStrategy, Inc.* 840,000
33,000 Parametric Technology Co.* 893,063
21,500 PeopleSoft, Inc.* 458,219
24,000 Peregrine Systems, Inc.* 2,020,500
4,500 Red Hat, Inc.* 950,625
29,000 Sybase, Inc.* 493,000
10,000 VA Linux Systems, Inc.* 2,066,250
21,000 Verity, Inc.* 893,812
-----------
13,274,438
-----------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
ELECTRONICS (5.9%)
6,000 ASM Lithography Holding NV* $ 682,500
13,000 Credence Systems Corp.* 1,124,500
54,000 Genesis Microchip, Inc.* 1,140,750
20,500 HI/FN, Inc.* 794,375
19,500 National Semiconductor Corp.* 834,844
3,000 PMC-Sierra, Inc.* 480,937
9,500 Sawtek, Inc.* 632,344
1,500 TriQuint Semiconductor, Inc.* 166,875
-----------
5,857,125
-----------
FINANCIAL (4.7%)
15,500 Donaldson, Lufkin & Jenrette,
Inc. 749,813
25,000 Knight/Trimark Group, Inc.
Class A* 1,150,000
18,500 Lehman Brothers Holdings, Inc. 1,566,719
29,500 Paine Webber Group, Inc. 1,144,969
-----------
4,611,501
-----------
GOLD & METALS MINING (0.6%)
26,000 Newmont Mining Corp. 637,000
-----------
HEALTHCARE (7.4%)
36,000 Genzyme Corp.* 1,620,000
92,000 Health Management Associates,
Inc. Class A* 1,230,500
6,000 Immunex Corp.* 657,000
2,500 MedImmune, Inc.* 414,687
82,700 Omnicare, Inc. 992,400
14,000 Sepracor, Inc.* 1,388,625
42,000 Tenet Healthcare Corp.* 987,000
-----------
7,290,212
-----------
INSURANCE (0.8%)
17,000 AFLAC, Inc. 802,187
-----------
INTERNET (20.8%)
2,700 Akamai Technologies, Inc.* 884,588
2,400 Ariba, Inc.* 425,700
7,000 CacheFlow, Inc.* 914,813
3,500 CMGI, Inc.* 969,062
3,500 Digital Island* 332,938
3,500 DoubleClick, Inc.* 885,719
24,500 Engage Technologies, Inc.* 1,470,000
11,000 Exodus Communications, Inc.* 976,937
13,500 F5 Networks, Inc.* 1,539,000
3,400 FreeMarkets, Inc.* 1,160,462
10,000 Internet Capital Group, Inc.* 1,700,000
23,500 Media Metrix, Inc. * 840,125
23,000 Open Market, Inc.* 1,037,875
10,100 Phone.com, Inc.* 1,170,969
7,500 Portal Software, Inc.* 771,562
8,000 Proxicom, Inc.* 994,500
11,000 USinternetworking, Inc.* 768,625
10,000 VerticalNet, Inc.* 1,640,000
14,500 Viant Corp.* 1,435,500
4,000 Vignette Corp.* 652,000
-----------
20,570,375
-----------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 21
<PAGE> 24
NATIONWIDE SEPARATE ACCOUNT TRUST
STRATEGIC GROWTH FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- ---------------------------------------------------------
SHARES SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
MOTORCYCLES (1.4%)
22,000 Harley-Davidson, Inc. $ 1,409,375
-----------
OIL & GAS (8.2%)
26,000 BJ Services Co.* 1,087,125
41,000 Cooper Cameron Corp.* 2,006,437
60,000 ENSCO International, Inc. 1,372,500
50,700 Noble Drilling Corp.* 1,660,425
40,000 Smith International, Inc.* 1,987,500
-----------
8,113,987
-----------
PAPER & FOREST PRODUCTS (0.5%)
8,500 Champion International Corp. 526,469
-----------
RETAIL (1.8%)
25,000 MP3.com, Inc.* 792,187
7,000 PurchasePro.com, Inc.* 962,500
-----------
1,754,687
-----------
TELECOMMUNICATIONS (6.5%)
32,000 Aware, Inc. Massachusetts* 1,164,000
4,500 E-Tek Dynamics, Inc.* 605,813
13,500 Harmonic, Inc.* 1,281,656
19,000 Next Level Communications,
Inc.* 1,422,625
10,500 NEXTLINK Communications, Inc.
Class A* 872,156
80,000 PairGain Technologies, Inc.* 1,135,000
-----------
6,481,250
-----------
TOTAL COMMON STOCK
(cost $76,996,322) 92,997,375
-----------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
$11,295,000 Fifth Third Bank, 1.40%,
01/03/00, Collateralized by
$11,851,000 FNMA Pool #323020,
6.50%, 02/01/13,
market value $11,507,321
(cost $11,295,000) $11,295,000
-----------
TOTAL INVESTMENTS
(cost $88,291,322) $104,292,375
===========
</TABLE>
- -------------------------------------------------------
* Denotes a non-income producing security
Cost for financial reporting purposes differs from cost basis for federal income
tax purposes by the amount of losses recognized for financial reporting purposes
in excess of federal income tax reporting of $85,910.
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
FNMA Federal National Mortgage Association
NV Naamloze Vennootschap (Dutch corporation)
</TABLE>
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
22 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 25
NATIONWIDE SEPARATE ACCOUNT TRUST
STRATEGIC VALUE FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (97.2%)
AEROSPACE / DEFENSE (6.4%)
25,600 Lockheed Martin Corp. $ 560,000
20,200 Raytheon Co. Class B 536,563
-----------
1,096,563
-----------
AIR FREIGHT (2.7%)
11,200 FDX Corp.* 458,500
-----------
AUTO PARTS & EQUIPMENT (6.2%)
12,700 Borg-Warner Automotive, Inc. 514,350
18,700 Dana Corp. 559,831
-----------
1,074,181
-----------
AUTOMOBILES (2.9%)
7,000 General Motors Corp. 508,812
-----------
BANKS (10.8%)
7,800 Bank of America Corp. 391,463
6,600 The Chase Manhattan Corp. 512,738
15,000 Mellon Financial Corp. 510,937
11,100 Wells Fargo Co. 448,856
-----------
1,863,994
-----------
COMPUTER SOFTWARE & SERVICES (4.1%)
29,800 Cadence Design Systems, Inc.* 715,200
-----------
CONSTRUCTION MATERIALS (3.0%)
18,800 Lafarge Corp. 519,350
-----------
ELECTRONICS (6.9%)
24,550 Arrow Electronics, Inc.* 622,956
9,300 Avnet, Inc. 562,650
-----------
1,185,606
-----------
FINANCIAL (2.9%)
8,100 Fannie Mae 505,744
-----------
HEALTHCARE (11.8%)
12,900 American Home Products Corp. 508,744
20,100 ICN Pharmaceutical, Inc. 508,781
21,700 Mylan Laboratories, Inc. 546,569
39,200 Omnicare, Inc. 470,400
-----------
2,034,494
-----------
HOUSEHOLD FURNISHING & APPLIANCES
(2.9%)
10,400 Maytag Corp. 499,200
-----------
INSURANCE (9.0%)
18,800 The Allstate Corp. 451,200
10,000 The Chubb Corp. 563,125
16,600 PartnerRe Ltd. 538,463
-----------
1,552,788
-----------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
INVESTMENT MANAGEMENT (3.1%)
6,500 Merrill Lynch & Co., Inc. $ 542,750
-----------
IRON & STEEL (3.0%)
29,000 UCAR International, Inc.* 516,562
-----------
RAILROADS (5.1%)
17,800 Burlington Northern Santa Fe Corp. 431,650
16,800 Canadian National Railway Co. 442,050
-----------
873,700
-----------
RETAIL (8.9%)
14,200 The May Department Stores Co. 457,950
33,600 Family Dollar Stores, Inc. 548,100
48,500 Office Depot, Inc.* 530,469
-----------
1,536,519
-----------
TELECOMMUNICATIONS (4.1%)
7,800 BCE, Inc. 703,463
-----------
TELECOMMUNICATIONS/CELLULAR (3.4%)
18,300 ECI Telecom Ltd. 578,736
-----------
TOTAL COMMON STOCK
(cost $17,445,044) 16,766,162
-----------
<CAPTION>
- ---------
PRINCIPAL
- ---------
<C> <S> <C>
$484,000 Fifth Third Bank, 1.40%, 01/03/00,
Collateralized by $508,000
FNMA Pool #323020, 6.50%,
02/01/13, market value $493,268
(cost $484,000) 484,000
-----------
TOTAL INVESTMENTS
(cost $17,929,044) $17,250,162
===========
</TABLE>
- -------------------------------------------------------
* Denotes a non-income producing security
Cost for financial reporting purposes differs from cost basis for federal income
tax purposes by the amount of losses recognized for financial reporting purposes
in excess of federal income tax reporting of $67,012.
The abbreviation in the above statement stands for the following:
FNMA Federal National Mortgage Association
Portfolio holding percentages represent market value as a
percentage of net assets.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 23
<PAGE> 26
NATIONWIDE SEPARATE ACCOUNT TRUST
EQUITY INCOME FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (70.1%)
AUTOMOBILES (1.5%)
8,400 Ford Motor Co. $ 448,875
-----------
BANKS (3.3%)
5,018 Bank of America Corp. 251,841
3,500 The Chase Manhattan Corp. 271,906
6,500 First Union Corp. 213,281
6,900 Mellon Financial Corp. 235,031
-----------
972,059
-----------
BROADCASTING & TELEVISION (0.6%)
3,000 AT&T Liberty Media Group 170,250
-----------
CHEMICALS/DIVERSIFIED (1.7%)
7,334 E.I. du Pont de Nemours and Co. 483,127
-----------
COMPUTER/HARDWARE (6.5%)
4,148 Apple Computer, Inc. 426,466
4,000 International Business Machines
Corp. 432,000
3,000 Lexmark International Group, Inc.
Class A* 271,500
10,000 Sun Microsystems, Inc.* 774,375
-----------
1,904,341
-----------
COMPUTER SOFTWARE & SERVICES (0.9%)
2,300 Cisco Systems, Inc.* 246,387
-----------
CONSUMER FINANCE (3.6%)
11,850 Citigroup, Inc. 658,416
5,700 Freddie Mac 268,256
2,900 Lincoln National Corp. 116,000
-----------
1,042,672
-----------
ELECTRICAL EQUIPMENT (3.0%)
3,900 Emerson Electric Co. 223,763
4,200 General Electric Co. 649,950
-----------
873,713
-----------
ELECTRONICS (0.9%)
3,100 Intel Corp. 255,169
-----------
ENTERTAINMENT (1.2%)
12,300 The Walt Disney Co. 359,775
-----------
FOODS & BEVERAGES (3.5%)
10,600 General Mills, Inc. 378,950
7,900 H.J. Heinz Co. 314,519
9,100 PepsiCo, Inc. 320,775
-----------
1,014,244
-----------
HEALTHCARE (9.0%)
9,200 Abbott Laboratories 334,075
4,700 Baxter International, Inc. 295,219
6,700 Bristol-Myers Squibb Co. 430,056
4,800 Johnson & Johnson 447,000
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
HEALTHCARE (CONTINUED)
6,800 Pharmacia & Upjohn, Inc. $ 306,000
10,100 Schering-Plough Corp. 426,094
4,900 Warner-Lambert Co. 401,494
-----------
2,639,938
-----------
HOUSEHOLD FURNISHING & APPLIANCES
(0.6%)
2,800 Whirlpool Corp. 182,175
-----------
INSURANCE (0.6%)
4,800 The Allstate Corp. 115,200
1,200 Chubb Corp. 67,575
-----------
182,775
-----------
INSURANCE BROKERS (1.1%)
3,250 Marsh & McLennan Cos., Inc. 310,984
-----------
INVESTMENT MANAGEMENT (2.6%)
3,400 Merrill Lynch & Co., Inc. 283,900
3,400 Morgan Stanley Dean Witter & Co. 485,350
-----------
769,250
-----------
MACHINERY/DIVERSIFIED (0.5%)
2,900 Ingersoll-Rand Co. 159,681
-----------
MANUFACTURING (1.5%)
8,800 Cooper Tire & Rubber Co. 136,950
3,800 Textron, Inc. 291,413
-----------
428,363
-----------
OFFICE EQUIPMENT & SUPPLIES (1.3%)
8,000 Pitney Bowes, Inc. 386,500
-----------
OIL & GAS (7.2%)
5,700 British Petroleum Co. PLC ADR 338,081
2,900 Chevron Corp. 251,212
11,614 Conoco, Inc. 288,898
10,700 Enron Corp. 474,813
9,208 Exxon Mobil Corp. 741,820
-----------
2,094,824
-----------
PERSONAL CARE PRODUCTS (2.8%)
7,300 Kimberly-Clark Corp. 476,325
3,000 Procter & Gamble Co. 328,687
-----------
805,012
-----------
PRINTING & PUBLISHING (1.6%)
9,500 The New York Times Co. Class A 466,688
-----------
REAL ESTATE INVESTMENT/MANAGEMENT
(0.4%)
3,000 Post Properties, Inc., REIT 114,750
-----------
RETAIL (2.8%)
7,811 Home Depot, Inc. 535,507
14,000 The TJX Companies, Inc. 286,125
-----------
821,632
-----------
</TABLE>
24 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 27
NATIONWIDE SEPARATE ACCOUNT TRUST
EQUITY INCOME FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS (11.4%)
6,200 AT&T Corp. $ 314,650
6,000 GTE Corp. 423,375
7,971 MCI Worldcom, Inc.* 422,961
5,600 Metromedia Fiber Networks, Inc.,
DECS 260,400
5,400 Motorola, Inc. 795,150
7,885 SBC Communications, Inc. 384,394
3,800 Sprint Corp. (FON Group) 255,788
7,300 Tellabs, Inc. 468,569
-----------
3,325,287
-----------
TOTAL COMMON STOCK
(cost $17,188,839) 20,458,471
-----------
CONVERTIBLE PREFERRED STOCK
(12.0%)
BANKS (0.1%)
300 Jefferson Pilot Corp., 7.25% 25,125
-----------
CHEMICALS/DIVERSIFIED (1.2%)
10,600 Monsanto Co., ACES, 6.50% 351,125
-----------
COMPUTER SOFTWARE & SERVICES
(0.8%)
4,000 PSINet, Inc., 6.75% 233,500
-----------
CONSUMER FINANCE (0.7%)
9,100 Conseco, Inc., 7.00% 212,713
-----------
CONTAINERS & PACKAGES (0.9%)
12,200 Crown Cork & Seal Co., Inc.,
4.50% 253,150
-----------
ELECTRIC COMPANIES (1.2%)
7,750 Texas Utilities Co., PRIDES,
9.25% 338,094
-----------
FINANCIAL/DIVERSIFIED (0.3%)
4,400 Lincoln National Corp., PRIDES,
7.75% 96,800
-----------
FOODS (1.5%)
4,200 Ralston-Ralston Purina Group,
7.00% 153,562
1,700 Suiza Foods Corp., 5.50%** 58,225
7,000 Suiza Foods Corp., 5.50% 239,750
-----------
451,537
-----------
INTERNET SERVICES (0.7%)
3,800 Verig, Inc, 6.75%** 213,750
MACHINERY/DIVERSIFIED (1.0%)
11,500 Ingersoll-Rand Co., 6.75% 293,250
-----------
RAILROADS (0.7%)
5,100 Union Pacific Corp., 6.25% 211,012
-----------
TELECOMMUNICATIONS (2.9%)
5,400 Amdocs Ltd., TRACES, 6.75% 173,475
1,900 Comcast Corp., 2.00% 187,387
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS (CONTINUED)
2,500 Cox Communications, Inc., PRIDES,
7.00% $ 170,000
1,300 Cox Communication, Inc., PRIZES,
7.75% 126,425
900 Nextlink Communications, Inc.,
6.50% 172,463
-----------
829,750
-----------
TOTAL CONVERTIBLE PREFERRED STOCK
(cost $3,853,070) 3,509,806
-----------
</TABLE>
<TABLE>
<CAPTION>
- ----------
PRINCIPAL
- ----------
<C> <S> <C>
SERVICES/ADVERTISING & MARKETING (0.8%)
$ 40,000 Omnicon Group, 4.25%, 01/03/07 127,200
50,000 Omnicon Group, 2.25%, 01/06/13 102,063
-----------
229,263
-----------
TELECOMMUNICATIONS (0.7%)
160,000 Liberty Media Group, 4.00%,
11/15/29 200,800
-----------
TOTAL CORPORATE BOND
(cost $339,946) 430,063
-----------
CONVERTIBLE CORPORATE BONDS
(12.9%)
COMPUTER SOFTWARE & SERVICES
(5.6%)
40,000 America Online, Inc., 4.00%,
11/15/02 459,850
50,000 Exodus Communications, Inc.,
5.00%, 03/15/06 389,000
290,000 Veritas Software, 1.856%,
08/13/06 780,462
-----------
1,629,312
-----------
COMPUTERS/HARDWARE (6.2%)
110,000 ASM Lithography Holding NV,
4.25%, 11/30/04** 127,875
360,000 Citrix Systems, 0.00%, 03/22/19 317,700
450,000 Citrix Systems, 0.00%, 3/22/19** 397,125
100,000 EMC Corp., 5.00%, 03/15/06 965,250
-----------
1,807,950
-----------
ELECTRONICS/SEMICONDUCTORS (1.1%)
50,000 LSI Logic Corp., 4.25%, 03/15/04 113,313
90,000 LSI Logic Corp., 4.25%,
03/15/04** 203,962
-----------
317,275
-----------
TOTAL CONVERTIBLE CORPORATE BONDS
(cost $1,495,366) 3,754,537
-----------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 25
<PAGE> 28
NATIONWIDE SEPARATE ACCOUNT TRUST
EQUITY INCOME FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENT (4.5%)
$1,315,000 Fifth Third Bank, 1.40%,
01/03/00, Collateralized by
$1,380,000 FNMA Pool #323020,
6.50%, 02/01/13
market value $1,339,980
(cost $1,315,000) $ 1,315,000
-----------
TOTAL INVESTMENTS
(cost $24,192,221) $29,467,877
===========
</TABLE>
- -------------------------------------------------------
* Denotes a non-income producing security
** Represents a restricted security acquired and eligible for resale under Rule
144A, which limits the resale to certain qualified buyers.
Cost for financial reporting purposes differs from cost basis for federal income
tax purposes by the amount of losses recognized for financial reporting purposes
in excess of federal income tax reporting of $81.
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
FNMA Federal National Mortgage Association
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
TRACES Trust Automatic Common Exchange
Securities
</TABLE>
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes financial statements.
26 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 29
NATIONWIDE SEPARATE ACCOUNT TRUST
HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
CORPORATE BOND (90.8%)
AEROSPACE/DEFENSE (0.5%)
$ 250,000 Anteon Corp., Sr. Sub. Note,
12.00%, 05/15/09 $ 233,750
125,000 Condor Systems, Inc., Sr.
Sub. Note, 11.875%, 05/01/09* 94,375
--------------
328,125
--------------
AGRICULTURAL PRODUCTS (0.1%)
100,000 Royster-Clark, Inc., 10.25%,
04/01/09* 91,500
--------------
AUTO PARTS & EQUIPMENT (4.0%)
200,000 Accuride Corp., Series B,
9.25%, 02/01/08 185,000
100,000 Aftermarket Technology Corp.,
12.00%, 08/01/04 100,750
150,000 Aftermarket Technology Corp.,
Series D, 12.00%, 08/01/04 151,125
600,000 American Axle &
Manufacturing, Sr. Sub. Note,
9.75%, 03/01/09 607,500
275,000 Collins & Aikman Products,
Inc., Sr. Sub. Note, 11.50%,
04/15/06 273,625
200,000 Fleetpride, Inc., Sr. Sub.
Note, 12.00%, 08/01/05 183,000
250,000 J.L. French Auto Cast,
11.50%, 06/01/09* 256,875
700,000 Lear Corp., 8.11%, 05/15/09* 663,691
150,000 Oxford Automotive, Inc., Sr.
Sub. Note, Series D, 10.125%,
06/15/07 139,500
--------------
2,561,066
--------------
BANKS (0.8%)
600,000 GS Escrow Corp., 7.125%,
08/01/05 544,614
--------------
BEVERAGES/TOBACCO (0.3%)
100,000 Canandaigua Brands, Inc., Sr.
Sub. Note, 8.50%, 03/01/09 95,500
100,000 National Wine & Spirits, Sr.
Note, 10.125%, 01/15/09 102,000
--------------
197,500
--------------
BROADCAST MEDIA/CABLE TELEVISION (16.7%)
325,000 ACME Television LLC, Series
B, 0/10.875%, 09/30/04 294,125
150,000 Big City Radio, Inc., Sr.
Disc. Note, 0/11.25%,
03/15/05 97,500
100,000 Chancellor Media Corp., Sr.
Sub. Note, 9.375%, 10/01/04 103,000
300,000 Chancellor Media Corp., Sr.
Sub. Note, Series B, 8.75%,
06/15/07 304,500
925,000 Chancellor Media Corp.,
Series B, 8.125%, 12/15/07 930,781
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
BROADCAST MEDIA/CABLE TELEVISION (CONTINUED)
$ 125,000 Chancellor Media Corp., Sr.
Sub. Note, 9.00%, 10/01/08 $ 130,625
300,000 Chancellor Media Corp., Sr.
Note, 8.00%, 11/01/08 301,500
550,000 Charter Communications
Holdings, Sr. Note,
0/9.92%, 04/01/11 325,188
250,000 CSC Holdings, Inc.,
9.25%, 11/01/05 256,875
250,000 CSC Holdings, Inc.,
9.875%, 05/15/06 264,375
250,000 CSC Holdings, Inc.,
9.875%, 02/15/13 264,375
125,000 Cumulus Media, Inc., Sr. Sub.
Note, 10.375%, 07/01/08 131,250
125,000 Diamond Cable Communications
PLC, 0/10.75%, 02/15/07 103,125
50,000 Diamond Holdings PLC,
9.125%, 02/01/08 49,750
50,000 Diva Systems Corp., Series B,
0/12.625%, 03/01/08 19,250
700,000 EchoStar DBS Corp.,
9.375%, 02/01/09 708,750
150,000 Fox/Liberty Networks LLC,
8.875%, 08/15/07 154,125
475,000 Fox/Liberty Networks LLC,
0/9.75%, 08/15/07 384,750
100,000 International Cabeltel, Inc.,
Series B, 0/11.50%, 02/01/06 92,000
200,000 Lamar Media Corp., Sr. Sub.
Note, 8.625%, 09/15/07 197,000
150,000 Lenfest Communications, Inc.,
8.375%, 11/01/05 153,750
100,000 Lenfest Communications, Inc.,
8.25%, 02/15/08 100,500
1,900,000 NTL, Inc., Series B,
0/9.75%, 04/01/08 1,339,500
600,000 NTL, Inc., Series B,
0/12.375%, 10/01/08 424,500
325,000 Orion Network Systems,
11.25%, 01/15/07 245,375
550,000 Pegasus Communications Corp.,
Series B, 9.625%, 10/15/05 558,250
100,000 Pegasus Communications Corp.,
Series B, 9.75%, 12/01/06 102,250
500,000 RCN Corp., 0/11.125%,
10/15/07 357,500
125,000 Sinclair Broadcast Group,
Inc., 10.00%, 09/30/05 125,000
300,000 Sinclair Broadcast Group,
Inc., 8.75%, 12/15/07 280,500
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 27
<PAGE> 30
NATIONWIDE SEPARATE ACCOUNT TRUST
HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
BROADCAST MEDIA/CABLE TELEVISION (CONTINUED)
$ 525,000 TeleWest Communications PLC,
Sr. Disc. Note, 0/11.00%,
10/01/07 $ 493,500
50,000 TeleWest Communications PLC,
11.25%, 11/01/08 54,875
250,000 TeleWest Communications PLC,
0/9.25%, 04/15/09* 163,750
200,000 UIH Australia/Pacific, Series
B, 14.00%, 05/15/06 170,000
550,000 United International
Holdings, Inc., Series B,
0/10.75%, 02/15/08 354,750
825,000 United Pan-Europe
Communications, 0/12.50%,
08/01/09* 470,250
575,000 United Pan-Europe
Communications, 0/13.375%,
11/01/09* 330,625
--------------
10,837,719
--------------
BUILDING DEVELOPMENT/PRODUCTS (1.4%)
200,000 Building Materials Corp.,
Series B, 8.00%, 10/15/07 181,500
175,000 Falcon Building Products,
Inc., Sr. Sub. Disc.,
0/10.50%, 06/15/07 132,125
150,000 Formica Corp., Series B,
10.875%, 03/01/09 138,000
100,000 Juno Lighting, Inc., Sr. Sub.
Note, 11.875%, 07/01/09 93,500
125,000 NCI Building Systems, Inc.,
Series B, 9.25%, 05/01/09 120,000
200,000 URS Corp., Series B,
12.25%, 05/01/09* 210,500
--------------
875,625
--------------
BUSINESS EQUIPMENT & SERVICES (0.3%)
150,000 Avis Rent A Car, Inc.,
11.00%, 05/01/09 158,250
--------------
CHEMICALS/PLASTICS (5.0%)
100,000 Buckeye Technologies, Inc.,
9.25%, 09/15/08 101,500
300,000 General Chemical Industries,
Sr. Note, 10.625%, 05/01/09 298,500
200,000 Georgia Gulf Corp.,
10.375%, 11/01/07* 209,750
425,000 Huntsman Corp.,
9.50%, 07/01/07* 405,875
225,000 Huntsman ICI Chemicals,
10.125%, 07/01/09* 231,750
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
CHEMICALS/PLASTICS (CONTINUED)
$ 300,000 ISP Holdings, Inc., Series B,
9.00%, 10/15/03 $ 296,250
700,000 Lyondell Chemical Co.,
10.875%, 05/01/09 742,000
325,000 Polymer Group, Inc., Sr. Sub.
Note, Series B, 9.00%,
07/01/07 316,875
250,000 Polymer Group, Inc., Sr. Sub.
Note, Series B, 8.75%,
03/01/08 241,250
300,000 Sterling Chemicals, Inc.,
11.75%, 08/15/06 226,500
200,000 Texas Petrochem Corp.,
11.125%, 07/01/06 175,000
--------------
3,245,250
--------------
CONGLOMERATES (0.3%)
200,000 Eagle-Picher Industries,
Inc., Sr. Sub. Note, 9.375%,
03/01/08 176,000
--------------
CONSUMER PRODUCTS/SERVICES (3.1%)
250,000 Albecca, Inc., Sr. Sub. Note,
10.75%, 08/15/08 171,250
200,000 Amscan Holdings, Inc.,
9.875%, 12/15/07 170,000
89,000 Boyds Collection Ltd., Series
B, 9.00%, 05/15/08 83,660
275,000 Chattem, Inc., Sr. Sub. Note,
Series B, 8.875%, 04/01/08 258,500
50,000 Diamond Brands, Inc., Sr.
Disc. Note, 0/12.875%,
04/15/09 10,250
50,000 NBTY, Inc., Series B, 8.625%,
09/15/07 46,750
75,000 Playtex Products, Inc.,
9.00%, 12/15/03 74,812
725,000 Revlon Consumer Products
Corp., 8.625%, 02/01/08 373,375
125,000 Sealy Mattress Co., Sr. Sub.
Note, Series B, 9.875%,
12/15/07 124,375
75,000 Sealy Mattress Co., Sr. Disc.
Note, Series B, 0/10.875%,
12/15/07 52,875
100,000 Scotts Co., 8.625%, 01/15/09* 98,000
50,000 Sleepmaster LLC, 11.00%,
05/15/09* 50,313
200,000 True Temper Sports, Inc.,
Series B, 10.875%, 12/01/08 192,000
150,000 United Industries, Series B,
9.875%, 04/01/09 138,000
150,000 Volume Services America,
Inc., Sr. Sub. Note, 11.25%,
03/01/09 148,500
--------------
1,992,660
--------------
CONTAINERS/PACKAGING (0.3%)
200,000 Russell Stanley Holdings,
Inc., Sr. Sub. Note, 10.875%,
02/15/09 175,000
--------------
</TABLE>
28 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 31
NATIONWIDE SEPARATE ACCOUNT TRUST
HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
ELECTRONICS (1.6%)
$ 150,000 Fairchild Semiconductor
Corp., Sr. Note, 10.375%,
10/01/07* $ 153,750
200,000 SCG Holding Corp.,
12.00%, 08/01/09* 213,500
700,000 Telecommunication Techniques
Co., Inc., Sr. Sub. Note,
9.75%, 05/15/08 640,500
50,000 Viasystems Group, Inc.,
Series B, 9.75%, 06/01/07 27,750
--------------
1,035,500
--------------
FOOD PRODUCTS/SERVICES (2.7%)
100,000 Advantica Restaurant Group,
Inc., 11.25%, 01/15/08 76,000
275,000 Agrilink Foods, Inc., Sr.
Note, 11.875%, 11/01/08 277,750
550,000 Ameriserv Food Distribution,
Inc., Sr. Sub. Note, 10.125%,
07/15/07 189,750
150,000 Carrols Corp., Sr. Sub. Note,
9.50%, 12/01/08 137,250
175,000 Domino's, Inc., Sr. Sub.
Note, Series B, 10.375%,
01/15/09 169,312
250,000 Eagle Family Foods, Inc.,
Series B, 8.75%, 01/15/08 191,250
425,000 International Home Foods,
Inc., Sr. Sub. Note, 10.375%,
11/01/06 443,063
275,000 Triarc Consumer Products
Group, 10.25%, 02/15/09* 264,687
--------------
1,749,062
--------------
FOREST & PAPER PRODUCTS (0.7%)
175,000 Packaging Corp. of America,
Sr. Sub. Note, 9.625%,
04/01/09 180,250
300,000 Stone Container Corp.,
12.25%, 04/01/02 302,250
--------------
482,500
--------------
GEOLOGICAL EQUIPMENT/SERVICES (2.2%)
700,000 Allied Waste North America,
Inc., Sr. Note, Series B,
7.625%, 01/01/06 633,500
850,000 Allied Waste North America,
Inc., 10.00%, 08/01/09* 760,750
--------------
1,394,250
--------------
HEALTHCARE (5.0%)
575,000 Columbia/HCA Healthcare
Corp., 6.91%, 06/15/05 523,411
325,000 CONMED Corp.,
9.00%, 03/15/08 305,500
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
HEALTHCARE (CONTINUED)
$ 300,000 Dade International, Inc.,
Series B, 11.125%, 05/01/06 $ 295,500
75,000 Everest Healthcare Services,
Inc., Sr. Sub. Note, 9.75%,
05/01/08 70,125
100,000 Genesis Health Ventures,
Inc., 9.25%, 10/01/06 41,500
125,000 Genesis Health Ventures,
Inc., 9.875%, 01/15/09 50,625
275,000 Hanger Orthopedic Group,
Inc., 11.25%, 06/15/09 283,937
150,000 Hudson Respiratory Care,
Inc., 9.125%, 04/15/08 120,750
375,000 Kinetic Concepts, Inc., Sr.
Sub Note, Series B, 9.625%,
11/01/07 279,375
200,000 Tenet Healthcare Corp.,
8.00%, 01/15/05 193,500
75,000 Tenet Healthcare Corp.,
8.625%, 01/15/07 72,563
100,000 Tenet Healthcare Corp.,
Series B, 7.625%, 06/01/08 93,250
875,000 Tenet Healthcare Corp.,
Series B, 8.125%, 12/01/08 833,437
100,000 Unilab Corp., 12.75%,
10/01/09* 104,500
--------------
3,267,973
--------------
HOTELS & CASINOS (1.7%)
375,000 Florida Panthers Holdings,
Sr. Sub. Note, 9.875%,
04/15/09 365,625
100,000 HMH Properties, Inc., Sr.
Note, Series A, 7.875%,
08/01/05 94,750
425,000 HMH Properties, Inc., Sr.
Note, Series B, 7.875%,
08/01/08 384,625
250,000 HMH Properties, Inc., Series
C, 8.45%, 12/01/08 233,750
--------------
1,078,750
--------------
INDUSTRIAL PRODUCTS/EQUIPMENT (3.5%)
175,000 Amphenol Corp.,
9.875%, 05/15/07 182,875
275,000 Blount International, Inc.,
13.00%, 08/01/09* 291,500
100,000 Continental Global, Inc., Sr.
Note, Series B, 11.00%,
04/01/07 52,500
150,000 Euramax International PLC,
11.25%, 10/01/06 154,500
125,000 Hexcel Corp., 9.75%, 01/15/09 106,875
75,000 International Utility
Structures, Inc., 10.75%,
02/01/08 61,875
100,000 ISG Resources, Inc.,
10.00%, 04/15/08 85,500
225,000 Johnstown America,
11.75%, 08/15/05 230,062
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 29
<PAGE> 32
NATIONWIDE SEPARATE ACCOUNT TRUST
HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
INDUSTRIAL PRODUCTS/EQUIPMENT (CONTINUED)
$ 175,000 MMI Products, Inc., Series B,
11.25%, 04/15/07 $ 181,125
125,000 Neenah Corp., Series B,
11.125%, 05/01/07 116,250
150,000 Neenah Corp., Series F,
11.125%, 05/01/07 139,500
200,000 Transportation Manufacturing
Operations, Inc., Sr. Sub.
Note, 11.25%, 05/01/09 206,000
475,000 Wesco Distribution, Inc., Sr.
Sub. Note, Series B, 9.125%,
06/01/08 448,875
--------------
2,257,437
--------------
LEISURE/ENTERTAINMENT (2.4%)
277,000 AMF Group, Inc., Series B,
0/12.25%, 03/15/06 92,795
50,000 Premier Parks, Inc.,
9.25%, 04/01/06 49,375
150,000 Premier Parks, Inc.,
9.75%, 06/15/07 150,938
1,175,000 Premier Parks, Inc.,
0/10.00%, 04/01/08 816,625
600,000 Regal Cinemas, Inc.,
9.50%, 06/01/08 468,000
--------------
1,577,733
--------------
MACHINERY/EQUIPMENT (2.5%)
35,000 Alvey Systems, Inc.,
11.375%, 01/31/03 36,575
100,000 Clark Materials Handling,
Inc., Sr. Note, Series D,
10.75%, 11/15/06 31,500
100,000 Columbus McKinnon Corp., Sr.
Sub. Note, 8.50%, 04/01/08 86,500
300,000 Fairchild Corp., Sr. Sub
Note, 10.75%, 04/15/09 256,500
50,000 National Equipment Services,
Inc., Series B, 10.00%,
11/30/04 50,375
250,000 National Equipment Services,
Inc., Sr Sub. Note, Series D,
10.00%, 11/30/04 251,875
200,000 NationsRent, Inc., Sr. Sub.
Note, 10.375%, 12/15/08 196,500
325,000 United Rentals, Inc., Sr.
Note, Series B, 9.25%,
01/15/09 312,813
350,000 United Rentals, Inc., Sr.
Sub. Note, Series B, 9.00%,
04/01/09 330,750
100,000 Woods Equipment Co., Sr.
Note, Series B, 12.00%,
07/15/09 93,500
--------------
1,646,888
--------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
METALS/MINING (0.6%)
$ 175,000 AEI Holding Co.,
10.50%, 12/15/05* $ 132,125
250,000 AEI Holding Co.,
11.50%, 12/15/06* 163,750
125,000 Murrin Murrin Holdings PTY,
9.375%, 08/31/07 113,750
--------------
409,625
--------------
OFFICE EQUIPMENT & SUPPLIES (2.0%)
275,000 Buhrmann US, Inc.,
12.25%, 11/01/09* 287,375
225,000 Dialog Corp. PLC, Series A,
11.00%, 11/15/07 109,125
200,000 Fisher Scientific
International, Inc., 9.00%,
02/01/08 192,500
475,000 Fisher Scientific
International, Inc., 9.00%,
02/01/08 457,188
475,000 U.S. Office Products Co., Sr.
Sub. Note, 9.75%, 06/15/08 249,375
--------------
1,295,563
--------------
OIL & GAS (2.5%)
100,000 Comstock Resources, Inc., Sr.
Note, 11.25%, 05/01/07 103,000
225,000 Continental Resources, Inc.,
Sr. Sub. Note, 10.25%,
08/01/08 199,125
100,000 Forest Oil Corp., Sr. Sub.
Note, 10.50%, 01/15/06 102,750
275,000 Pogo Producing Co., Series B,
10.375%, 02/15/09 284,625
200,000 Pride International, Inc.,
9.375%, 05/01/07 201,000
100,000 R&B Falcon Corp., Series B,
6.75%, 04/15/05 89,500
200,000 R&B Falcon Corp.,
12.25%, 03/15/06 222,000
200,000 RBF Finance Co.,
11.375%, 03/15/09 216,000
150,000 Triton Energy Ltd.,
8.75%, 04/15/02 151,125
125,000 Universal Compression, Inc.,
0/9.875%, 02/15/08 77,656
--------------
1,646,781
--------------
PRINTING/PUBLISHING (0.7%)
275,000 Garden State Newspapers,
Inc., Series B, 8.75%,
10/01/09 259,875
225,000 Hollinger International,
Inc., Sr. Sub. Note, 9.25%,
03/15/07 223,875
--------------
483,750
--------------
</TABLE>
30 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 33
NATIONWIDE SEPARATE ACCOUNT TRUST
HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
RAILROADS (0.3%)
$ 200,000 Railworks Corp., Sr. Sub.
Note, 11.50%, 04/15/09 $ 203,500
--------------
RETAIL FOOD/DRUG (0.0%)
100,000 Jitney Jungle Stores of
America, Inc., Sr. Sub. Note,
10.375%, 09/15/07** 1,250
--------------
SERVICES/COMMERCIAL & CONSUMER (0.4%)
250,000 Sitel Corp., Sr. Sub. Note,
9.25%, 03/15/06 236,563
--------------
TELECOMMUNICATIONS/CELLULAR (24.9%)
200,000 American Cellular Corp.,
10.50%, 05/15/08 221,500
150,000 Arch Communications, Inc.,
12.75%, 07/01/07 119,250
325,000 Call-Net Enterprises, Inc.,
0/9.27%, 08/15/07 181,187
225,000 Call-Net Enterprises, Inc.,
0/8.94%, 08/15/08 111,938
550,000 Call-Net Enterprises, Inc.,
0/10.80%, 05/15/09 266,750
275,000 Centennial Cellular Corp.,
10.75%, 12/15/08 296,312
450,000 Crown Castle International
Corp., 0/10.375%, 05/15/11 283,500
600,000 Crown Castle International
Corp., 0/11.25%, 08/01/11 378,000
300,000 Dolphin Telecom PLC, Series
B, 0/14.00%, 05/15/09 139,500
900,000 Global Crossing Holdings Ltd,
9.50%, 11/15/09* 894,375
525,000 Hermes Europe Raitel BV,
11.50%, 08/15/07 542,062
150,000 Hermes Europe Raitel BV,
10.375%, 01/15/09 148,875
600,000 Intermedia Communications,
Inc., Series B, 0/11.25%,
07/15/07 447,000
200,000 Intermedia Communications,
Inc., Series B, 8.60%,
06/01/08 185,500
475,000 Intermedia Communications,
Inc., Series B, 0/12.25%,
03/01/09 287,375
900,000 Level 3 Communications, Inc.,
9.125%, 05/01/08 856,125
1,000,000 Level 3 Communications, Inc.,
0/10.50%, 12/01/08 612,500
325,000 McLeod USA, Inc.,
0/10.50%, 03/01/07 268,125
400,000 McLeod USA, Inc.,
8.375%, 03/15/08 378,000
75,000 McLeod USA, Inc.,
9.50%, 11/01/08 75,937
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS/CELLULAR (CONTINUED)
$ 150,000 McLeod USA, Inc.,
8.125%, 02/15/09 $ 139,875
325,000 Metromedia Fiber Network,
Inc., 10.00%, 12/15/09 333,125
600,000 Millicom International
Cellular SA, 0/13.50%,
06/01/06 498,000
325,000 Nextel Communications, Inc.,
0/10.65%, 09/15/07 247,000
1,075,000 Nextel Communications, Inc.,
Sr. Disc. Note, 0/9.95%,
02/15/08 768,625
50,000 Nextel Communications, Inc.,
0/12.125%, 04/15/08 29,730
725,000 Nextel Communications, Inc.,
9.375%, 11/15/09* 715,938
125,000 Nextel Partners, Inc.,
0/14.00%, 02/01/09 84,375
100,000 NEXTLINK Communications,
Inc., 9.00%, 03/15/08 95,750
225,000 NEXTLINK Communications,
Inc., 10.75%, 06/01/09 234,562
1,375,000 NEXTLINK Communications,
Inc., 0/12.25%, 06/01/09 852,500
200,000 NEXTLINK Communications,
Inc., 0/12.125%, 12/01/09* 117,500
200,000 Paging Network, Inc.,
10.00%, 10/15/08 63,000
350,000 PSINet, Inc., Series B,
10.00%, 02/15/05 348,250
75,000 PSINet, Inc., 11.50%,
11/01/08 78,750
325,000 PSINet, Inc., 11.00%,
08/01/09 334,750
475,000 Qwest Communications
International, 0/9.47%,
10/15/07 384,750
150,000 Rogers Cantel, Inc.,
8.80%, 10/01/07 152,250
475,000 Telesystem International
Wireless, Inc., Series B,
0/13.25%, 06/30/07 306,375
425,000 Teligent, Inc., 11.50%,
12/01/07 418,625
175,000 Teligent, Inc., Series B,
0/11.50%, 03/01/08 105,875
300,000 Triton PCS, Inc., Sr. Sub
Note, 0/11.00%, 05/01/08 214,500
275,000 US Unwired, Inc.,
0/13.375%, 11/01/09* 160,875
225,000 U.S. Xchange LLC,
15.00%, 07/01/08 216,563
100,000 Verio, Inc., Sr. Note,
11.25%, 12/01/08 105,500
250,000 Verio, Inc., Sr. Note,
10.625%, 11/15/09* 256,250
50,000 Viatel, Inc., 11.25%,
04/15/08 50,500
625,000 Viatel, Inc., 0/12.50%,
04/15/08 396,875
100,000 Viatel, Inc., 11.50%,
03/15/09 102,000
50,000 Voicestream Wireless Corp.,
10.375%, 11/15/09* 51,750
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 31
<PAGE> 34
NATIONWIDE SEPARATE ACCOUNT TRUST
HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS/CELLULAR (CONTINUED)
$ 875,000 Voicestream Wireless Corp.,
10.375%, 11/15/09* $ 531,563
600,000 Williams Communications
Group, 10.875%, 10/01/09 631,500
375,000 WinStar Communications, Inc.,
11.00%, 03/15/08 384,375
--------------
16,105,667
--------------
STEEL MANUFACTURING/PRODUCTS (1.4%)
250,000 California Steel Industries,
Sr. Note, Series B, 8.50%,
04/01/09 238,750
300,000 Metals USA, Inc., Sr. Sub.
Note, 8.625%, 02/15/08 283,500
125,000 National Steel Corp., Series
D, 9.875%, 03/01/09 129,063
200,000 Republic Technologies
International, 13.75%,
07/15/09* 133,000
100,000 Ryerson Tull, Inc.,
9.125%, 07/15/06 99,634
--------------
883,947
--------------
TEXTILES/APPAREL (0.5%)
225,000 GFSI, Inc., Series B,
9.625%, 03/01/07 140,625
125,000 Glenoit Corp., Sr. Sub. Note,
11.00%, 04/15/07 31,875
150,000 Pillowtex Corp., Sr. Sub.
Note, 10.00%, 11/15/06 69,750
200,000 Pillowtex Corp., Sr. Sub.
Note, Series B, 9.00%,
12/15/07 87,000
--------------
329,250
--------------
TRANSPORTATION (1.8%)
250,000 Allied Holdings, Inc., Sr.
Note,
Series B, 8.625%, 10/01/07 222,500
275,000 Gearbulk Holding Ltd.,
11.25%, 12/01/04 283,938
50,000 Holt Group, 9.75%, 01/15/06 32,750
275,000 Stena AB, 10.50%, 12/15/05 253,000
400,000 Stena AB, 8.75%, 06/15/07 330,000
50,000 Stena AB, 10.625%, 06/01/08 30,250
--------------
1,152,438
--------------
UTILITIES/POWER PRODUCERS (0.6%)
250,000 Caithness Coso Fund, Sr.
Note, Series B, 9.05%,
12/15/09 250,000
150,000 El Paso Electric Co., Series
E, 9.40%, 05/01/11 158,914
--------------
408,914
--------------
TOTAL CORPORATE BONDS
(cost $62,264,470) 58,830,650
--------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
PREFERRED STOCK (2.5%)
BROADCAST MEDIA & CABLE TELEVISION (0.9%)
75 Benedek Communications Corp.,
Sr. Note, PIK, 11.50% $ 60,375
137 Cumulus Media, Inc., Series
A, PIK, 13.75% 154,125
3,625 Sinclair Broadcast Group,
Inc., PIK, HYTOPS, 11.625% 369,750
--------------
584,250
--------------
FOOD PRODUCTS/SERVICES (0.0%)
299 Nebco Evans Holding Co.,
11.25% 1,644
--------------
HEALTHCARE/DIVERSIFIED (0.1%)
592 River Holding Corp., Series
B, PIK, 11.50% 37,103
--------------
OIL & GAS (0.4%)
229 R & B Falcon Corp., PIK,
13.875% 242,740
--------------
PRINTING/PUBLISHING (1.1%)
3,650 PriMedia, Inc., Series H,
8.625% 319,375
1,500 PriMedia, Inc., Series E,
9.20% 140,625
2,625 PriMedia, Inc., Series D,
10.00% 259,219
--------------
719,219
--------------
TELECOMMUNICATIONS/CELLULAR (0.0%)
27 Nextel Communications, Inc.,
Series E, PIK, 11.125% 27,439
--------------
TOTAL PREFERRED STOCK
(cost $1,711,566) 1,612,395
--------------
WARRANTS (0.1%)
BROADCASTING & TELEVISION (0.0%)
150 Diva Systems, expiring
03/01/08 1,200
--------------
OIL & GAS (0.1%)
50 R&B Falcon Corp.,
expiring 05/01/09* 62,465
--------------
TOTAL WARRANTS
(cost $5,921) 63,665
--------------
</TABLE>
32 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 35
NATIONWIDE SEPARATE ACCOUNT TRUST
HIGH INCOME BOND FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENT (4.9%)
$ 3,170,000 Fifth Third Bank, 1.40%,
01/03/00, Collateralized by
$1,226,000 FNMA Pool #323020,
6.50%, 02/01/13 and
$2,050,000 FHLMC Gold Pool
#G30141, 6.50%, 01/01/19,
market value $3,169,960
(cost $3,170,000) 3,170,000
--------------
TOTAL INVESTMENTS
(cost $67,151,957) $ 63,676,710
==============
</TABLE>
- -------------------------------------------------------
* Represents a restricted security acquired and eligible for resale under Rule
144A, which limits the resale to certain qualified buyers.
** Bond in default.
Cost for financial reporting purposes differs from cost basis for federal income
tax purposes by the amount of losses recognized for financial reporting purposes
in excess of federal income tax reporting of $315.
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
AB Aktiebolag (Swedish stock company)
BV Private Company
FHLMC Federal Home Loan Mortgage Corporation
FNMA Federal National Mortgage Corporation
HYTOPS High Yield Trust Offered Preferred
Securities
LLC Limited Liability Company
LTD Limited
PIK Paid-In-Kind
PLC Public Limited Company (British)
PTY Property
</TABLE>
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 33
<PAGE> 36
NATIONWIDE SEPARATE ACCOUNT TRUST
BALANCED FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (55.0%)
AEROSPACE/DEFENSE (0.4%)
4,700 Honeywell International, Inc. $ 271,131
-----------
AUTOMOBILES (0.5%)
5,056 Daimler Chrysler AG 395,632
-----------
BANKS (3.1%)
12,872 Bank of America Corp. 646,014
9,100 Chase Manhattan Corp. 706,956
14,000 First Union Corp. 459,375
10,300 FleetBoston Financial Corp. 358,569
9,000 Mercantile Bankshare Corp. 287,437
-----------
2,458,351
-----------
COMPUTER HARDWARE (3.5%)
25,300 International Business Machines
Corp. 2,732,400
-----------
DISTRIBUTORS (0.7%)
6,000 Costco Wholesale Corp.* 547,500
-----------
ELECTRICAL EQUIPMENT (1.5%)
7,400 General Electric Co. 1,145,150
-----------
ELECTRONICS/SEMICONDUCTORS (0.2%)
2,200 Intel Corp. 181,087
-----------
ENTERTAINMENT (2.1%)
12,600 Time Warner, Inc. 912,712
23,300 The Walt Disney Co. 681,525
-----------
1,594,237
-----------
FINANCIAL (0.6%)
16,000 Associates First Capital Corp. 439,000
-----------
FOOD & BEVERAGE (7.5%)
16,600 Anheuser-Busch Cos., Inc. 1,176,525
15,600 Coca-Cola Co. 908,700
54,000 Coca-Cola Enterprises, Inc. 1,086,750
15,600 H.J. Heinz Co. 621,075
12,500 Hormel Foods Corp. 507,813
22,800 PepsiCo, Inc. 803,700
9,500 Ralston-Ralston Purina Group 264,813
21,000 Sara Lee Corp. 463,312
-----------
5,832,688
-----------
HEALTHCARE (8.1%)
21,000 Abbott Laboratories 762,562
14,500 American Home Products Corp. 571,844
11,000 Bausch & Lomb, Inc. 752,812
11,000 Bristol-Myers Squibb Co. 706,063
7,400 Johnson & Johnson 689,125
15,900 Merck & Co., Inc. 1,066,294
23,200 Pfizer, Inc. 752,550
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
HEALTHCARE (CONTINUED)
13,800 Pharmacia & Upjohn, Inc. $ 621,000
5,300 Warner-Lambert Co. 434,269
-----------
6,356,519
-----------
INSURANCE (4.6%)
29,000 The Allstate Corp. 696,000
5,756 American International Group,
Inc. 622,368
422 Berkshire Hathaway, Inc. Class B* 772,260
8,500 Chubb Corp. 478,656
7,300 CIGNA Corp. 588,106
21,100 Horace Mann Educators Corp. 414,088
-----------
3,571,478
-----------
MANUFACTURING (0.3%)
5,800 Cooper Industries, Inc. 234,538
-----------
METALS (0.2%)
26,000 USEC, Inc. 182,000
-----------
OFFICE EQUIPMENT & SUPPLIES (0.4%)
15,000 Xerox Corp. 340,313
-----------
OIL & GAS (3.4%)
8,292 BP Amoco PLC ADR 491,819
7,400 Exxon Mobil Corp. 596,163
7,900 Royal Dutch Petroleum Co. 477,456
11,700 Schlumberger Ltd. 658,125
9,500 Suncor Energy, Inc. 396,625
2,270 Transocean Sedco Forex, Inc. 76,464
-----------
2,696,652
-----------
PERSONAL CARE PRODUCTS (4.1%)
6,400 Amerada Hess Corp. 363,200
19,000 Avon Products, Inc. 627,000
22,000 Gillette Co. 906,125
8,000 Kimberly-Clark Corp. 522,000
7,000 Procter & Gamble Co. 766,937
-----------
3,185,262
-----------
PHOTOGRAPHY (0.9%)
10,500 Eastman Kodak Co. 695,625
-----------
RAILROADS (0.8%)
12,000 Canadian National Railway Co. 315,750
8,000 Union Pacific Corp. 349,000
-----------
664,750
-----------
RESTAURANTS (1.2%)
22,300 McDonald's Corp. 898,969
-----------
RETAIL (2.2%)
9,000 Delhaize America, Inc. 187,875
3,000 J.C. Penney Co., Inc. 59,813
</TABLE>
34 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 37
NATIONWIDE SEPARATE ACCOUNT TRUST
BALANCED FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
RETAIL (CONTINUED)
25,000 Kmart Corp.* $ 251,562
20,600 Rite Aid Corp. 230,463
21,000 Safeway, Inc.* 746,812
9,500 Sears, Roebuck and Co. 289,156
-----------
1,765,681
-----------
SERVICES (0.9%)
30,000 Reynolds & Reynolds Co. Class A 675,000
-----------
SHIPPING (0.2%)
2,800 United Parcel Service, Inc. 193,200
-----------
TELECOMMUNICATIONS (6.3%)
16,000 Alcatel SA ADR 720,000
21,200 AT&T Corp. 1,075,900
8,000 BCE, Inc. 721,500
13,000 Bell Atlantic Corp. 800,312
4,500 MCI Worldcom, Inc.* 238,781
10,600 SBC Communications, Inc. 516,750
12,000 U S WEST, Inc. 864,000
-----------
4,937,243
-----------
TOBACCO (0.2%)
8,000 Philip Morris Cos., Inc. 185,500
-----------
UTILITIES (1.1%)
10,500 American Electric Power Co., Inc. 337,312
12,500 Edison International 327,344
8,000 Reliant Energy, Inc. 183,000
-----------
847,656
-----------
TOTAL COMMON STOCK
(cost $43,195,921) 43,027,562
-----------
PREFERRED STOCK (0.7%)
BROADCASTING & TELEVISION (0.7%)
16,000 News Corp. Ltd. ADR
(cost $371,960) 535,000
-----------
</TABLE>
<TABLE>
<CAPTION>
- ----------
PRINCIPAL
- ----------
<C> <S> <C>
CORPORATE BONDS (17.0%)
AEROSPACE/DEFENSE (0.2%)
$ 200,000 Raytheon Co., 6.15%, 11/01/08 177,650
-----------
AGRICULTURAL PRODUCTS (0.1%)
125,000 Imperial Holly Corp., 9.75%,
12/15/07 91,250
-----------
AIRLINES (0.1%)
125,000 Airplanes Pass Through Trust,
10.875%, 03/15/19 108,390
-----------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ------------------------------------------------------------
<C> <S> <C>
AUTO PARTS & EQUIPMENT (0.4%)
$ 125,000 Breed Technologies, Inc.,
9.25%, 04/15/08 $ 1,406
125,000 Hayes Lemmerz International, Inc.,
8.25%, 12/15/08 115,000
200,000 TRW, Inc., 6.45%, 06/15/01** 198,061
-----------
314,467
-----------
BANKS (1.8%)
525,000 Bank of America Corp.,
6.625%, 06/15/04**** 513,044
854,000 Nationsbank Credit Card Master
Trust, 6.45%, 04/15/03 854,017
-----------
1,367,061
-----------
BROADCASTING & TELEVISION (0.9%)
300,000 A. H. Belo Corp., 7.25%,
09/15/27**** 266,434
100,000 CSC Holdings, Inc., 7.625%,
07/15/18 93,000
100,000 International Cabletel Inc., Series
B, 0/11.50%, 02/01/06 90,500
125,000 Lin Television Corp., 8.375%,
03/01/08 116,250
125,000 United Industries, 9.875%, 04/01/09 114,063
-----------
680,247
-----------
CHEMICALS (0.7%)
125,000 Huntsman Corp., 9.50%, 07/01/07** 118,437
125,000 Polymer Group, Inc., 8.75%,
03/01/08 120,000
325,000 Praxair, Inc., 6.15%, 04/15/03 313,285
-----------
551,722
-----------
CONSUMER FINANCE (0.4%)
350,000 Aristar, Inc., 7.25%, 06/15/06**** 343,103
-----------
CONSUMER JEWELRY & GIFTS (0.2%)
125,000 Finlay Fine Jewelry Corp.,
8.375%, 05/01/08 115,625
-----------
ENTERTAINMENT (0.4%)
125,000 Harrahs Operating Co., Inc.,
7.875%, 12/15/05 120,781
100,000 Horseshoe Gaming LLC,
9.375%, 06/15/07 99,500
125,000 Park Place Entertainment Corp.,
7.875%, 12/15/05 119,688
-----------
339,969
-----------
FINANCIAL (5.2%)
125,000 ContiFinancial Corp., 8.125%,
04/01/08 14,063
250,000 Countrywide Home Loans, Inc.,
6.25%, 04/15/09**** 224,531
150,000 DVI, Inc., 9.875%, 02/01/04 148,500
150,000 Donaldson, Lufkin & Jenrette, Inc.,
5.875%, 04/01/02 145,605
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 35
<PAGE> 38
NATIONWIDE SEPARATE ACCOUNT TRUST
BALANCED FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- ------------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ------------------------------------------------------------
<C> <S> <C>
FINANCIAL (CONTINUED)
$ 725,000 Ford Credit Auto Owner Trust,
5.80%, 06/15/02 $ 716,887
525,000 Ford Motor Credit,
7.375%, 10/28/09**** 518,271
500,000 Fremont General Corp.,
7.70%, 03/17/04**** 452,639
825,000 Lehman Brothers Holdings, Inc.,
7.25%, 04/15/03**** 819,244
425,000 Merrill Lynch & Co.,
6.00%, 11/15/04**** 402,754
600,000 Paine Webber Group, Inc.,
7.625%, 12/01/09**** 584,523
-----------
4,027,017
-----------
FOOD & BEVERAGE (0.1%)
100,000 Delta Beverage Group, Inc.,
9.75%, 12/15/03 100,000
-----------
MACHINERY (0.1%)
125,000 Jackson Products, Inc., 9.50%,
04/15/05 115,000
-----------
MANUFACTURING (0.6%)
132,000 Alvey Systems, Inc., 11.375%,
01/31/03 137,445
100,000 Amphenol Corp., 9.875%, 05/15/07 104,000
125,000 Cabot Safety Corp., 12.50%,
07/15/05 127,500
125,000 Jordan Industries, Inc.,
10.375%, 08/01/07 125,000
-----------
493,945
-----------
METALS & MINING (0.2%)
150,000 P&L Coal Holdings Corp.,
9.625%, 05/15/08 147,750
-----------
OFFICE EQUIPMENT & SUPPLIES (0.4%)
300,000 Staples, Inc., 7.125%, 08/15/07 285,754
-----------
OIL & GAS (0.2%)
100,000 Canadian Forest Oil Ltd.,
8.75%, 09/15/07 95,625
100,000 Clark Refining & Marketing, Inc.,
8.875%, 11/15/07 52,000
-----------
147,625
-----------
PERSONAL CARE PRODUCTS (0.3%)
145,000 French Fragrances, Inc.,
10.375%, 05/15/07 142,100
125,000 Revlon Consumer Products Corp.,
8.625%, 02/01/08 62,500
-----------
204,600
-----------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ------------------------------------------------------------
<C> <S> <C>
PUBLISHING (0.3%)
$ 100,000 Advanstar Communications, Inc.,
9.25%, 05/01/08 $ 94,125
125,000 Hollinger International, Inc.,
9.25%, 03/15/07 123,750
-----------
217,875
-----------
REAL ESTATE (0.4%)
350,000 Spieker Properties, Inc.,
7.25%, 05/01/09 327,548
-----------
RETAIL (0.8%)
100,000 Cole National Group, Inc.,
8.625%, 08/15/07 72,000
125,000 Musicland Group, 9.00%, 06/15/03 121,250
350,000 Sears Roebuck Acceptance Corp.,
7.00%, 06/15/07 330,624
125,000 Simmons Co., 10.25%, 03/15/09 118,281
-----------
642,155
-----------
SERVICES (1.5%)
400,000 Comdisco, Inc., 6.00%, 01/30/02**** 387,247
125,000 HMH Properties, Inc., 8.45%,
12/01/08 115,625
125,000 Iron Mountain, Inc., 8.75%,
09/30/09 119,063
125,000 Pierce Leahy Corp., 11.125%,
07/15/06 132,500
125,000 Primark, Corp., 9.25%, 12/15/08 118,125
110,000 Protection One, Inc.,
8.625%, 01/15/09** 53,900
300,000 Service Corp. International,
6.00%, 12/15/05 222,957
-----------
1,149,417
-----------
SHIPPING (0.4%)
100,000 Enterprises Shipholding Corp.,
8.875%, 05/01/08 60,000
125,000 Falcon Holding Group,
8.375%, 04/15/10 126,094
125,000 Teekay Shipping Corp.,
8.32%, 02/01/08 113,125
-----------
299,219
-----------
SPECIALTY PRINTING (0.2%)
125,000 Mail-Well, Inc., 8.75%, 12/15/08 118,750
-----------
TELECOMMUNICATIONS (1.0%)
13,844 Adelphia Communications Corp.,
9.50%, 02/15/04 13,844
125,000 Centennial Cellular Corp.,
10.75%, 12/15/08 133,750
100,000 Century Communications Corp.,
0.00%, 01/15/08 43,875
425,000 GTE Corp., 6.94%, 04/15/28**** 383,707
75,000 Intermedia Communications, Inc.,
8.60%, 06/01/08 68,625
</TABLE>
36 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 39
NATIONWIDE SEPARATE ACCOUNT TRUST
BALANCED FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- ------------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ------------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS (CONTINUED)
$ 200,000 MetroNet Communications Corp.,
0/9.95%, 06/15/08 $ 157,000
-----------
800,801
-----------
WASTE MANAGEMENT (0.1%)
125,000 Allied Waste North America, Inc.,
7.875%, 01/01/09 110,469
-----------
TOTAL CORPORATE BONDS
(cost $14,266,095) 13,277,409
-----------
MORTGAGE-BACKED SECURITIES (15.5%)
FINANCIAL (1.8%)
745,000 Contimortgage Home Equity Loan
Trust, 6.13%, 03/15/13 741,014
140,877 Green Tree Financial Corp.,
7.07%, 01/15/29 135,336
550,000 LB Commercial Conduit Mortgage
Trust, 6.78%, 04/15/09 524,398
-----------
1,400,748
-----------
U.S. GOVERNMENT AGENCY (13.7%)
117,452 FHLMC, 7.00%, 10/01/12 116,446
86,476 FHLMC Pool #F5553, 8.00%, 07/01/20 87,333
93,547 FNMA, 6.50%, 04/01/13 90,887
31,932 FNMA, 6.50%, 06/01/13 31,067
29,102 FNMA, 6.50%, 06/01/13 28,275
300,000 FNMA, 7.00%, 01/01/15*** 296,625
161,144 FNMA, 9.00%, 01/01/24 168,537
245,998 FNMA, 6.50%, 07/01/28 232,330
305,866 FNMA, 7.00%, 02/01/29 296,277
79,604 FNMA, 7.00%, 03/01/29 77,000
820,000 FNMA, 6.00%, 01/01/30*** 750,556
3,240,000 FNMA, 6.50%, 01/01/30*** 3,053,700
2,250,000 FNMA, 7.00%, 01/01/30*** 2,175,469
1,500,000 FNMA, 7.50%, 01/01/30*** 1,483,593
1,800,000 FNMA, 8.00%, 01/01/30*** 1,814,062
-----------
10,702,157
-----------
TOTAL MORTGAGE-BACKED SECURITIES
(cost $12,250,661) 12,102,905
-----------
U.S. GOVERNMENT AND AGENCY LONG-TERM
OBLIGATIONS (6.9%)
650,000 FHLMC, 6.25%, 07/15/04 634,435
310,000 U.S. Treasury Bond, 6.125%,
11/15/27**** 288,300
150,000 U.S. Treasury Note, 5.625%,
09/30/01**** 148,453
700,000 U.S. Treasury Note, 5.375%,
06/30/03**** 678,563
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ------------------------------------------------------------
<C> <S> <C>
U.S. GOVERNMENT AND AGENCY LONG-TERM
OBLIGATIONS -- (CONTINUED)
$ 700,000 U.S. Treasury Note, 6.00%,
08/15/04**** $ 689,062
400,000 U.S. Treasury Note, 6.125%,
08/15/07**** 389,875
585,000 U.S. Treasury Note, 5.625%,
05/15/08**** 550,266
1,050,000 U.S. Treasury Note, 6.00%,
08/15/09**** 1,017,188
490,000 U.S. Treasury Note, 5.50%,
08/15/28**** 418,185
240,000 U.S. Treasury Note, 5.25%,
11/15/28**** 197,775
400,000 U.S. Treasury Note, 6.125%,
08/15/29**** 381,375
-----------
TOTAL U.S. GOVERNMENT AND AGENCY
LONG-TERM OBLIGATIONS
(cost $5,759,318) 5,393,477
-----------
REPURCHASE AGREEMENT (18.3%)
14,313,000 Fifth Third Bank, 1.40%, 01/03/00,
Collateralized by $14,600,000
FHLMC Gold Pool #G30141, 6.50%,
01/01/19, market value $14,040,333
(cost $14,313,000) 14,313,000
-----------
TOTAL INVESTMENTS
(cost $90,156,955) $88,649,353
===========
</TABLE>
- -------------------------------------------------------
* Denotes a non-income producing security
** Represents a restricted security acquired and eligible for resale under
Rule 144A, which limits the resale to certain qualified buyers.
*** Mortgage Dollar Roll. See note 1.
**** Segregated as collateral for mortgage dollar rolls.
Cost for financial reporting purposes differs from cost basis for federal income
tax purposes by the amount of losses recognized for financial reporting purposes
in excess of federal income tax reporting of $3,505.
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
ADR American Depositary Receipt
AG Aktiengesellschaft (German stock company)
FHLMC Federal Home Loan Mortgage Corporation
FNMA Federal National Mortgage Association
LLC Limited Liability Company
PLC Public Limited Company (British)
SA Societe Anonyme (French corporation)
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 37
<PAGE> 40
NATIONWIDE SEPARATE ACCOUNT TRUST
MULTI SECTOR BOND FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
CORPORATE BOND (27.0%)
AEROSPACE/DEFENSE (0.3%)
$ 100,000 Raytheon Co., 6.15%,
11/01/08*** $ 88,825
125,000 Stellex Industries, Inc.,
Series B, 9.50%, 11/01/07 90,625
-----------
179,450
-----------
AIRLINES (0.2%)
150,000 Northwest Airlines, 7.625%,
03/15/05 135,000
-----------
APPAREL (0.2%)
125,000 Panolam Industries, 11.50%,
02/15/09* 127,188
-----------
AUTO PARTS & EQUIPMENT (1.3%)
250,000 Advance Stores Co., Inc.,
Series B, 10.25%, 04/15/08*** 217,500
125,000 Breed Technologies, Inc.,
9.25%, 04/15/08 1,406
125,000 Hayes Lemmerz International,
Inc., Series B, 8.25%, 12/15/08 115,000
250,000 J.H. Heafner Co., Series D,
10.00%, 05/15/08 226,250
125,000 Lear Corp., 8.11%, 05/15/09* 117,445
300,000 TRW, Inc., 6.45%, 06/15/01*** 297,092
-----------
974,693
-----------
BANKS/REGIONAL (1.4%)
400,000 Bank of America Corp., 6.625%,
06/15/04*** 390,891
540,000 Commerzbank Overseas Financial
NV, 10.25%, 04/28/00 (AUD) 357,752
350,000 Landeskreditbank Baden
Wuerttemberg, 7.00%, 05/30/00
(AUD) 229,911
180,000 Sudwest Landeskreditbank Baden
Wuerttemberg, 17.50%, 05/05/03
(PLN) 48,152
-----------
1,026,706
-----------
BROADCAST MEDIA/TELEVISION (2.3%)
125,000 Adelphia Communications Corp.,
Series B, 9.875%, 03/01/07*** 126,875
75,000 Century Communications Corp.,
Series B, 0.00%, 01/15/08 32,906
425,000 Charter Communications LLC,
0/9.92%, 04/01/11 249,156
125,000 CSC Holdings, Inc., 7.625%,
07/15/18 116,250
125,000 Falcon Holding Group LP, Series
B, 8.375%, 04/15/10 126,094
125,000 FrontierVision Capital, 11.00%,
10/15/06 132,500
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
BROADCAST MEDIA/TELEVISION (CONTINUED)
$ 250,000 Granite Broadcasting Corp.,
8.875%, 05/15/08 $ 240,000
125,000 Lin Television Corp., 8.375%,
03/01/08 116,250
125,000 Rogers Communications, Inc.,
8.875%, 07/15/07 125,000
125,000 Sinclair Broadcast Group,
9.00%, 07/15/07 117,188
150,000 Telewest Communications PLC,
0/11.00%, 10/01/07 139,875
190,000 United International Holdings,
Series B, 0/10.75%, 02/15/08 121,600
-----------
1,643,694
-----------
CHEMICALS (1.1%)
250,000 Georgia Gulf Corp.,
10.375%, 11/01/07* 260,937
125,000 Huntsman Corp.,
9.50%, 07/01/07* 118,438
225,000 Lyondell Chemical Co.,
9.875%, 05/01/07 229,500
75,000 Praxair, Inc.,
6.15%, 04/15/03*** 72,296
125,000 United Industries Corp.,
Series B, 9.875%, 04/01/09 114,063
-----------
795,234
-----------
CONSUMER PRODUCTS/SERVICES (0.6%)
125,000 Anchor Advanced Products, Inc.,
11.75%, 04/01/04 102,500
125,000 French Fragrances, Inc.,
Series B, 10.375%, 05/15/07 122,500
125,000 Indesco International, Inc.,
9.75%, 04/15/08 56,250
50,000 PCI Chemicals Canada, Inc.,
9.25%, 10/15/07 38,500
125,000 Windmere-Durable Holdings,
10.00%, 07/31/08 123,125
-----------
442,875
-----------
ENVIRONMENTAL CONTROL (0.6%)
125,000 Allied Waste North America,
Inc., 7.875%, 01/01/09 110,469
125,000 Allied Waste North America,
Inc.,
10.00%, 08/01/09* 111,875
250,000 Safety-Kleen Corp., 9.25%,
06/01/08 246,875
-----------
469,219
-----------
</TABLE>
38 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 41
NATIONWIDE SEPARATE ACCOUNT TRUST
MULTI SECTOR BOND FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
FINANCIAL PRODUCTS/SERVICES (4.6%)
$ 125,000 Airplanes Pass-Through Trust,
Series D, 10.875%, 03/15/19 $ 108,390
125,000 ContiFinancial Corp., 8.125%,
04/01/08 14,063
300,000 Countrywide Home Loans, Inc.,
Series H, 6.25%, 04/15/09*** 269,437
400,000 Credit Suisse FB Finance Ltd.,
0.00%, 02/01/00 (CAD) 274,984
150,000 DVI, Inc., 9.875%, 02/01/04 148,500
800,000 European Bank Reconciliation &
Development, 18.625%, 05/22/00
(PLN) 193,430
300,000 European Bank Reconciliation &
Development, 10.50%, 01/25/01
(PLN) 68,551
450,000 Ford Motor Credit Co., 7.375%,
10/28/09*** 444,232
230,000 General Electric Capital Corp.,
5.875%, 07/07/00 (AUD) 150,510
200,000 International Bank
Reconstruction & Development,
18.00%, 02/27/03 (PLN) 54,227
1,000,000 International Finance Corp.,
20.25%, 05/05/00 (PLN) 242,150
800,000 Merrill Lynch & Co., 5.97%,
09/11/00 (CAD) 552,587
30,000 Merrill Lynch & Co., 6.00%,
11/15/04*** 28,430
1,890,000 Nordic Investment Bank, 17.75%,
04/15/02 (PLN) 485,967
100,000 Paine Webber Group, 7.75%,
09/01/02*** 100,440
250,000 Paine Webber Group, 7.625%,
12/01/09*** 243,551
-----------
3,379,449
-----------
FOOD PRODUCTS/SERVICES (0.7%)
125,000 Ameriserv Food Distribution,
10.125%, 07/15/07 41,250
200,000 Archibald Candy Corp., 10.25%,
07/01/04 193,000
150,000 Delta Beverage Group, Inc.,
9.75%, 12/15/03 150,000
125,000 Imperial Sugar Co.,
9.75%, 12/15/07 91,250
-----------
475,500
-----------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
FOREST PRODUCTS/PAPER (0.8%)
$ 250,000 Doman Industries Ltd., 8.75%,
03/15/04 $ 213,125
125,000 Millar Western Forest, 9.875%,
05/15/08 124,375
250,000 Repap New Brunswick, 10.625%,
04/15/05 232,500
-----------
570,000
-----------
HOTELS/CASINOS (1.6%)
125,000 Harrahs Operating Co., Inc.,
7.875%, 12/15/05 120,781
125,000 HMH Properties, Inc., Series B,
7.875%, 08/01/08 111,406
125,000 HMH Properties, Inc., Series C,
8.45%, 12/01/08 115,625
250,000 Horseshoe Gaming LLC, Series B,
9.375%, 06/15/07 248,750
125,000 Isle of Capri Casinos, 8.75%,
04/15/09 115,000
75,000 Mohegan Tribal Gaming, 8.75%,
01/01/09 73,875
125,000 Park Place Entertainment,
7.875%, 12/15/05 119,688
125,000 Prime Hospitality Corp., Series
B, 9.75%, 04/01/07 123,750
146,000 Waterford Gaming LLC, 9.50%,
03/15/10* 143,810
-----------
1,172,685
-----------
IRON/STEEL (0.5%)
125,000 Algoma Steel, Inc., 12.375%,
07/15/05 117,500
250,000 LTV Corp., 11.75%, 11/15/09* 260,000
-----------
377,500
-----------
MANUFACTURING (2.0%)
132,000 Alvey Systems, Inc., 11.375%,
01/31/03 137,445
100,000 Axiohm Transaction Solutions,
9.75%, 10/01/07 20,125
250,000 Blount, Inc., 13.00%, 08/01/09* 263,750
250,000 Cabot Safety Corp., 12.50%,
07/15/05 255,000
125,000 Foamex LP, 9.875%, 06/15/07 103,750
100,000 High Voltage Engineering,
10.50%, 08/15/04 85,500
100,000 Navistar International Corp.,
Series B, 8.00%, 02/01/08 95,000
250,000 Pacifica Papers, 10.00%,
03/15/09 256,563
250,000 Tenneco Automotive, Inc.,
11.625%, 10/15/09* 255,000
-----------
1,472,133
-----------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 39
<PAGE> 42
NATIONWIDE SEPARATE ACCOUNT TRUST
MULTI SECTOR BOND FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
METALS/MINING (0.4%)
$ 100,000 AEI Holding Co., 10.50%,
12/15/05* $ 70,000
125,000 P&L Coal Holdings Corp., Series
B, 8.875%, 05/15/08 122,188
125,000 P&L Coal Holdings Corp., Series
B, 9.625%, 05/15/08 123,125
-----------
315,313
-----------
OFFICE EQUIPMENT & SUPPLIES (0.1%)
75,000 Staples, Inc., 7.125%,
08/15/07*** 71,438
-----------
OIL & GAS (1.2%)
200,000 Belco Oil & Gas Corp., Series
B, 8.875%, 09/15/07 191,000
120,000 Canadian Forest Oil Ltd.,
8.75%, 09/15/07 114,750
100,000 Clark Refining & Marketing,
8.875%, 11/15/07 52,000
250,000 Ocean Energy, Inc., Series B,
8.375%, 07/01/08 240,000
250,000 Plains Resources, Inc., Series
E, 10.25%, 03/15/06* 242,500
-----------
840,250
-----------
PACKAGING/CONTAINERS (0.2%)
50,000 Huntsman Packaging Corp.,
9.125%, 10/01/07 49,500
100,000 Radnor Holdings Corp., Series
B, 10.00%, 12/01/03 100,000
-----------
149,500
-----------
PHARMACEUTICALS (0.3%)
225,000 Alaris Medical Systems, Inc.,
9.75%, 12/01/06 194,625
-----------
PRINTING/PUBLISHING (0.5%)
150,000 Advanstar Communications,
9.25%, 05/01/08 141,187
225,000 Hollinger International, Inc.,
9.25%, 03/15/07 222,750
-----------
363,937
-----------
REAL ESTATE INVESTMENT/MANAGEMENT (0.4%)
125,000 CB Richard Ellis Services,
8.875%, 06/01/06 111,250
50,000 Forest City Enterprises, Inc.,
8.50%, 03/15/08 46,500
150,000 Spieker Properties, Inc.,
7.25%, 05/01/09*** 140,378
-----------
298,128
-----------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
RETAIL GOODS (0.8%)
$ 125,000 Cole National Group, Inc.,
8.625%, 08/15/07 $ 90,000
125,000 Musicland Group, 9.00%,
06/15/03 121,250
65,000 Pueblo Xtra International,
9.50%, 08/01/03 39,000
135,000 Pueblo Xtra International,
Series C, 9.50%, 08/01/03 81,000
150,000 Sears Roebuck Acceptance Corp.,
7.00%, 06/15/07*** 141,696
125,000 Simmons Co., Series B, 10.25%,
03/15/09 118,281
-----------
591,227
-----------
SERVICES/COMMERCIAL & CONSUMER (1.6%)
115,000 Comdisco, Inc., 6.00%, 01/30/02 111,333
125,000 Integrated Electrical Services,
Series B, 9.375%, 02/01/09 122,656
230,000 Iron Mountain, Inc., Note,
8.75%, 09/30/09 219,075
125,000 Mail-Well, Inc., Series B,
8.75%, 12/15/08 118,750
100,000 Pierce Leahy Command Corp.,
8.125%, 05/15/08 91,500
125,000 Pierce Leahy Corp., 11.125%,
07/15/06 132,500
250,000 Primark Corp., 9.25%, 12/15/08 236,250
110,000 Protection One, Inc., 8.625%,
01/15/09* 53,900
150,000 Service Corp. International,
6.00%, 12/15/05*** 111,478
-----------
1,197,442
-----------
TELECOMMUNICATIONS (3.0%)
125,000 Centennial Cellular Corp.,
10.75%, 12/15/08 133,750
135,000 GTE Corp., 6.94%, 04/15/28 121,884
250,000 Insight Midwest LP, 9.75%,
10/01/09* 258,125
250,000 Intermedia Communications
Corp.,
Series B, 8.50%, 01/15/08 228,750
300,000 International Cabletel, Inc.,
Series B, 0/11.50%, 02/01/06 271,500
200,000 Jordan Telecom Products, Inc.,
Series B, 11.75%, 08/01/07 216,000
300,000 MetroNet Communications, Inc.
0/9.95%, 06/15/08 235,500
200,000 Nextel Communications, Inc.,
0/9.75%, 10/31/07 143,000
300,000 Sprint Capital Corp., 6.50%,
11/15/01*** 297,258
300,000 TPSA Finance BV, 7.75%,
12/10/08* 277,730
-----------
2,183,497
-----------
</TABLE>
40 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 43
NATIONWIDE SEPARATE ACCOUNT TRUST
MULTI SECTOR BOND FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
TRANSPORTATION/SHIPPING (0.3%)
$ 50,000 Atlantic Express Transportation
Corp., 10.75%, 02/01/04 $ 48,500
125,000 Enterprises Shipholding Corp.,
8.875%, 05/01/08 75,000
125,000 Teekay Shipping Corp., 8.32%,
02/01/08 113,126
-----------
236,626
-----------
TOTAL CORPORATE BONDS
(cost $21,066,642) 19,683,309
-----------
CONVERTIBLE CORPORATE BONDS (0.3%)
COMPUTERS/HARDWARE (0.3%)
250,000 Quantum Corp., 7.00%, 08/01/04
(cost $203,138) 188,750
-----------
ASSET BACKED SECURITIES (0.6%)
422,259 Mid-State Trust, Series 6,
Class A1, 7.34%, 07/01/35***
(cost $442,550) 409,051
-----------
MORTGAGE-BACKED SECURITIES (25.1%)
FINANCIAL/DIVERSIFIED (5.3%)
800,000 Commercial Mortgage Asset
Trust,
Series 1999-C1, Class C, 7.35%,
08/17/13*** 744,184
400,000 Contimortgage Home Equity Loan
Trust, Series 1999-3, Class B,
7.00%, 12/25/29*** 347,468
448,961 Countrywide Mortgage-Backed
Securities, Inc., Series
1994-J, Class B1, 7.75%,
06/25/24*** 440,319
1,950,000 Donaldson, Lufkin & Jenrette
Commercial Mortgage Corp., IO,
Series 1998-CG1 Class S,
0.894159%, 05/10/23 *** 79,618
3,300,000 Donaldson, Lufkin & Jenrette,
Commercial Mortgage Corp., IO,
Series 1998-CF2, Class S,
1.067851%, 11/12/31*** 157,839
48,869 First Union Residential
Securitization Trust, Series
1998-A, Class B2, 7.00%,
08/25/28*** 43,454
395,064 General Electric Capital
Mortgage Services, Inc., Series
1998-15, Class B1, 6.75%,
11/25/28*** 355,984
93,918 Green Tree Financial Corp.,
Series 1997-6, Class A8, 7.07%,
01/15/29*** 90,224
875,000 Lehman Brothers Commercial
Conduit Mortgage Trust, Series
1999-C1, Class A2, 6.78%,
04/15/09*** 834,269
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
FINANCIAL/DIVERSIFIED (CONTINUED)
$ 73,769 PNC Mortgage Securities Corp.,
Class 1998-4, Series 3B3,
6.75%, 05/25/28*** $ 64,010
98,254 PNC Mortgage Securities Corp.,
Class 1998-4, Series CB3,
6.8412%, 05/25/28*** 86,504
98,015 PNC Mortgage Securities Corp.,
Class 1998-5, Series CB3,
6.735%, 07/25/28*** 85,264
347,236 PNC Mortgage Securities Corp.,
Class 1999-1, Series CB2,
6.838%, 03/25/29*** 313,082
257,211 PNC Mortgage Securities Corp.,
Class 1999-2, Series DB3,
6.9053%, 04/25/29*** 225,936
-----------
3,868,155
-----------
U.S. GOVERNMENT AGENCY (19.8%)
172 FHLMC, IO, Series 1103, Class
N, 1156.5%, 06/15/21*** 5,562
138,062 FNMA-ACES, IO, Series 1996-M6,
Class A, 7.39354%, 08/17/03 138,331
4,745,158 FNMA-ACES, IO, Series 1999-M3
Class N, 1.04142%, 06/25/38*** 266,787
3,000,000 FNMA, 6.00%, 01/01/30** 2,745,936
3,500,000 FNMA, 7.00%, 01/01/30** 3,384,063
8,000,000 FNMA, 7.50%, 01/01/30** 7,912,496
-----------
14,453,175
-----------
TOTAL MORTGAGE-BACKED
SECURITIES
(cost $18,750,139) 18,321,330
-----------
SOVEREIGN BONDS (31.3%)
ALGERIA (0.6%)
600,000 Algeria Tranche 3, 6.375%,
03/04/10 426,000
-----------
ARGENTINA (3.0%)
1,500,000 Republic of Argentina, Global,
11.75%, 04/07/09 1,507,500
25,000 Republic of Argentina, Global,
Series BGL5, 11.375%, 01/30/17 24,875
1,000,000 Republic of Argentina, PAR,
Series L-GP, 6.00%,
03/31/23**** 658,750
-----------
TOTAL ARGENTINA 2,191,125
-----------
BRAZIL (4.9%)
928,000 Federal Republic of Brazil,
Global, 14.50%, 10/15/09 1,028,224
188,000 Republic of Brazil, Series
EI-L, 6.9375%, 04/15/06**** 164,970
700,000 Republic of Brazil DCB, 7.00%,
04/15/12**** 519,750
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 41
<PAGE> 44
NATIONWIDE SEPARATE ACCOUNT TRUST
MULTI SECTOR BOND FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
BRAZIL (CONTINUED)
$ 186,834 Republic of Brazil C-Bond,
Series L, 8.00%, 04/15/14 $ 140,556
2,278,409 Republic of Brazil C-Bond,
8.00%, 04/15/14 1,714,058
-----------
TOTAL BRAZIL 3,567,558
-----------
BULGARIA (1.2%)
800,000 Bulgaria FLIRB, Series A,
2.75%, 07/28/12**** 576,000
400,000 Bulgaria, 6.50%, 07/28/11**** 315,000
-----------
TOTAL BULGARIA 891,000
-----------
COLOMBIA (1.5%)
1,100,000 Republic of Colombia, Global,
10.875%, 03/09/04 1,127,500
-----------
CROATIA (0.5%)
389,449 Croatia, Series B, 6.45625%,
07/31/06**** 359,753
-----------
ECUADOR (0.2%)
500,000 Republic of Ecuador, PAR,
4.00%, 02/28/25**** 171,503
-----------
GERMANY (2.9%)
1,150,000 Bundesobligation, Series 115,
5.875%, 05/15/00 (EUR) 1,168,861
100,000 Bundesrepublic Deutschland,
Series 99, 4.00%, 07/04/09
(EUR) 90,955
740,000 Bundesrepublic Deutschland,
Series 98, 5.625%, 01/04/28
(EUR) 707,118
160,000 Bundesschatzanweisungen, Series
98, 4.00%, 06/16/00 (EUR) 161,619
-----------
TOTAL GERMANY 2,128,553
-----------
GREECE (1.7%)
8,400,000 Hellenic Republic, 11.00%,
02/25/00 (GRD) 25,694
47,000,000 Hellenic Republic, 9.80%,
03/21/00 (GRD) 143,546
38,000,000 Hellenic Republic, 7.60%,
01/22/02 (GRD) 117,838
179,500,000 Hellenic Republic, 8.90%,
04/01/03 (GRD) 586,524
114,000,000 Hellenic Republic, 6.60%,
01/15/04 (GRD) 350,552
-----------
TOTAL GREECE 1,224,154
-----------
ITALY (0.2%)
120,000 Italian Buoni Poleinnali del
Tesoro, 5.25%, 11/01/29 (EUR) 107,530
-----------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
IVORY COAST (0.5%)
$ 1,650,000 Ivory Coast FLIRB, 2.00%,
03/29/18**** $ 354,750
-----------
MEXICO (3.3%)
500,000 United Mexican States, 9.875%,
01/15/07 517,500
150,000 United Mexican States, Series
XW, 10.375%, 02/17/09 159,750
450,000 United Mexican States,
Discount, Series C, 6.83625%,
12/31/19**** 419,625
350,000 United Mexican States,
Discount, Series A, 6.9325%,
12/31/19**** 326,375
250,000 United Mexican States, PAR,
Series W-A, 6.25%, 12/31/19 196,250
1,000,000 United Mexican States, PAR,
Series W-B, 6.25%, 12/31/19 785,000
-----------
TOTAL MEXICO 2,404,500
-----------
MOROCCO (0.8%)
632,262 Kingdom of Morocco, R & C A,
6.84375%, 01/01/09**** 570,616
-----------
NORWAY (0.7%)
4,000,000 Norwegian Treasury Bill, 5.25%,
03/15/00 498,133
-----------
PANAMA (0.4%)
350,000 Republic of Panama, Global,
9.00%, 09/30/27 294,000
-----------
PERU (1.2%)
1,250,000 Republic of Peru, 4.00%,
03/17/07 859,375
-----------
PHILIPPINES (0.7%)
250,000 Bangko Sentral Pilipinas,
8.60%, 06/15/27 210,744
300,000 Republic of Phillippines,
9.875%, 01/15/19 296,625
-----------
TOTAL PHILIPPINES 507,369
-----------
RUSSIA (2.1%)
250,000 Russian Federation, 9.25%,
11/27/01 196,875
250,000 Russian Federation, 11.75%,
06/10/03 185,000
1,200,000 Russian Federation, 10.00%,
06/26/07 714,000
2,600,000 Vnesheconombank, IAN, 6.90625%,
12/15/15**** 422,500
-----------
TOTAL RUSSIA 1,518,375
-----------
</TABLE>
42 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 45
NATIONWIDE SEPARATE ACCOUNT TRUST
MULTI SECTOR BOND FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
SLOVENIA (0.2%)
$ 120,000 Republic of Slovenia, 5.375%,
05/27/05 (EUR) $ 118,838
-----------
SPAIN (0.8%)
260,000 Bonos Y Obligacion Del Estado,
6.00%, 01/31/08 (EUR) 270,341
330,000 Bonos Y Obligacion Del Estado,
6.15%, 01/31/13 (EUR) 344,306
-----------
TOTAL SPAIN 614,647
-----------
SWEDEN (0.3%)
1,700,000 Sweden Government, 10.25%,
05/05/03 (SEK) 229,755
-----------
UNITED STATES (1.3%)
94,000,000 Kreditanstalt Fuer Wiederaufbau
International Finance, 2.05%,
09/21/09 (JPY) 947,624
-----------
VENEZUELA (2.3%)
178,570 Venezuelan Government, FLIRB,
Series A, 6.875%, 03/31/07**** 140,309
714,280 Venezuelan Government, FLIRB,
Series B, 6.875%, 03/31/07**** 561,236
750,000 Venezuelan Government, 13.625%,
08/15/18 675,000
450,000 Venezuelan Government, 9.25%,
09/15/27 297,000
-----------
TOTAL VENEZUELA 1,673,545
-----------
TOTAL SOVEREIGN BONDS
(cost $22,192,967) 22,786,203
-----------
U. S. GOVERNMENT OBLIGATIONS (10.4%)
40,000 U.S. Treasury Bond, 6.125%,
11/15/27 37,200
335,000 U.S. Treasury Bond, 5.50%,
08/15/28 285,902
1,000,000 U.S. Treasury Bond, 5.25%,
11/15/28 824,063
1,000,000 U.S. Treasury Bond, 5.25%,
02/15/29 827,188
240,000 U.S. Treasury Inflationary IX
Note, 3.625%, 07/15/02 249,628
3,500,000 U.S. Treasury Note, 5.25%,
05/31/01 3,456,250
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
U. S. GOVERNMENT OBLIGATIONS (CONTINUED)
$ 500,000 U.S. Treasury Note, 4.75%,
02/15/04 $ 471,719
1,650,000 U.S. Treasury Note, 4.75%,
11/15/08 1,455,610
-----------
TOTAL U. S. GOVERNMENT
OBLIGATIONS
(cost $8,030,235) 7,607,560
-----------
<CAPTION>
- ------------
SHARES
- ------------
<C> <S> <C>
177 United Mexican States, expiring
02/18/00 (cost $5,931) 16,373
-----------
<CAPTION>
- ------------
CONTRACTS
- ------------
<C> <S> <C>
35,000 Hong Kong Dollar Put, (expiring
01/20/00, exercise price 7.8025
HKD) 1,925
74,000 Hong Kong Dollar Put, (expiring
01/26/00, exercise price 7.8165
HKD) 7
-----------
TOTAL OPTIONS
(cost $99,368) 1,932
-----------
<CAPTION>
- ------------
PRINCIPAL
- ------------
<C> <S> <C>
$ 4,000,000 Consolidation Coal, 6.52%,
01/19/00 3,986,960
4,000,000 Tennessee Gas Pipeline Co.,
6.40%, 01/19/00 3,987,200
4,000,000 Tyco International Group SA,
6.52%, 01/19/00 3,986,960
4,000,000 USEC, Inc., 6.52%, 01/19/00 3,986,960
-----------
TOTAL COMMERCIAL PAPER
(cost $15,816,107) 15,948,080
-----------
REPURCHASE AGREEMENT (1.1%)
810,000 Fifth Third Bank, 1.40%,
01/03/00, Collateralized by
$830,000 FHLMC Gold Pool
#G30141, 6.50%, 01/01/19,
market value $798,183 (cost
$810,000) 810,000
-----------
TOTAL INVESTMENTS
(cost $87,417,077) $85,772,588
===========
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 43
<PAGE> 46
NATIONWIDE SEPARATE ACCOUNT TRUST
MULTI SECTOR BOND FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
FOREIGN CURRENCY CONTRACTS
<TABLE>
<CAPTION>
CONTRACT VALUE MARKET VALUE APPRECIATION
CURRENCY PURCHASED: (U.S. $) (U.S. $) (DEPRECIATION) DELIVERY DATE
------------------- -------------- ------------ -------------- -------------
<S> <C> <C> <C> <C>
British Pounds $ 977,685 $ 957,590 $ (20,095) 01/28/00
Greek Drachmas 1,006,188 988,592 (17,596) 01/28/00
Japanese Yen 709,092 719,320 10,228 01/28/00
Swedish Kronor 275,617 273,619 (1,998) 01/28/00
Euro Dollars 2,459,471 2,397,365 (62,106) 01/28/00
---------- ---------- ---------
TOTAL CURRENCY PURCHASED $5,428,053 $5,336,486 (91,567)
========== ========== ---------
CURRENCY SOLD:
British Pounds $ 953,773 $ 929,352 (24,421) 01/28/00
Greek Drachmas 919,453 898,121 (21,332) 01/28/00
Japanese Yen 928,700 936,826 8,126 01/28/00
Swedish Kronor 450,998 434,350 (16,648) 01/28/00
Euro Dollars 3,227,999 3,168,501 (59,498) 01/28/00
---------- ---------- ---------
TOTAL CURRENCY SOLD $6,480,923 $6,367,150 (113,773)
========== ========== ---------
NET RECEIVABLE FOR FORWARD CURRENCY CONTRACTS PURCHASED
AND SOLD $ 22,206
=========
</TABLE>
- --------------------------------------------------------------------------------
* Represents a restricted security acquired and eligible for resale under
Rule 144A, which limits the resale to certain qualified buyers.
** Mortgage Dollar Roll. See note 1.
*** Segregated as collateral for mortgage dollar rolls.
**** Variable rate security. The rate reflected in the Statement of Investments
is the rate in effect on December 31,1999.
Securities denominated in foreign currencies are shown at their U.S. dollar cost
and value.
Cost for financial reporting purposes differs from cost basis for federal income
tax purposes by the amount of losses recognized for financial reporting purposes
in excess of federal income tax reporting of $54,548.
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
ACES Adjustable Conversion-Rate Equity Security
AUD Australian Dollar
BV Private Company
CAD Canadian Dollar
C-Bond Capitalization Bond
DCB Debt Conversion Bond
EI Eligible Interest Bond
EUR Euro
FHLMC Federal Home Loan Mortgage Corporation
FLIRB Front-Loaded Interest Reduction Bond
FNMA Federal National Mortgage Association
Global Global Market of Issue
GRD Greek Drachma
HKD Hong Kong Dollar
IAN Interest Arrears Note
IO Interest Only
JPY Japanese Yen
LLC Limited Liability Company
LP Limited Partnership
NV Naamoloze Vennootschap (Dutch corporation)
PAR Issued at Face Value
PLC Public Limited Company (British or Irish)
PLN Polish Zloty
R & C A Restructuring and Consolidation Agreement
REIT Real Estate Investment Trust
SEK Swedish Krona
</TABLE>
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
44 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 47
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL CAP VALUE FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
COMMON STOCK 97.6%
AEROSPACE/DEFENSE (0.4%)
54,000 Doncasters PLC ADR* $ 486,000
------------
AIR FREIGHT (0.1%)
26,600 Kitty Hawk, Inc.* 182,875
------------
AUTO PARTS & EQUIPMENT (1.4%)
29,800 Arvin Industries, Inc. 845,575
32,500 Discount Auto Parts, Inc.* 587,031
22,900 Dura Automotive Systems, Inc.* 399,319
------------
1,831,925
------------
BUILDING MATERIALS (0.0%)
2,800 Lennox International, Inc. 25,725
------------
CHEMICALS (8.8%)
154,800 Arch Chemicals, Inc. 3,241,125
45,800 CK Witco Corp. 612,575
61,300 The Geon Co. 1,992,250
30,000 Georgia Gulf Corp. 913,125
1,900 The Lubrizol Corp. 58,663
145,900 M.A. Hanna Co. 1,595,781
53,900 RPM, Inc. 549,106
85,600 Structural Dynamics Research
Corp.* 1,091,400
84,700 Wellman, Inc. 1,577,537
------------
11,631,562
------------
COMPUTER HARDWARE (2.8%)
251,900 Maxtor Corp.* 1,826,275
271,100 Quantum Corp.* 1,880,756
------------
3,707,031
------------
COMPUTER SOFTWARE & SERVICES (9.8%)
47,900 Ardent Software, Inc.* 1,868,100
29,000 Autodesk, Inc. 978,750
72,600 BARRA, Inc.* 2,305,050
85,700 Keane, Inc.* 2,720,975
79,000 Sterling Commerce, Inc.* 2,690,938
75,200 Sterling Software, Inc.* 2,368,800
------------
12,932,613
------------
CONSUMER JEWELRY & GIFTS (0.4%)
34,600 Finlay Enterprises, Inc.* 501,700
------------
CONTAINERS & PACKAGES (0.4%)
80,700 Gaylord Container Corp. Class A* 549,769
------------
DISTRIBUTORS (5.0%)
126,100 Arrow Electronics, Inc.* 3,199,787
123,100 Tech Data Corp.* 3,339,087
------------
6,538,874
------------
ELECTRICAL EQUIPMENT (1.3%)
38,500 Artesyn Technologies, Inc.* 808,500
27,900 Thomas & Betts Corp. 889,313
------------
1,697,813
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
ELECTRONICS (6.2%)
87,800 Actel Corp.* $ 2,107,200
4,100 ADE Corp.* 67,650
54,900 Alliance Semiconductor Corp.* 916,144
19,600 Avnet, Inc. 1,185,800
132,900 General Semiconductor, Inc.* 1,885,519
10,000 International Rectifier Corp.* 260,000
39,400 Thermo Electron Corp.* 591,000
55,800 Trimble Navigation Ltd.* 1,206,675
------------
8,219,988
------------
ENGINEERING & CONSTRUCTION (0.4%)
59,500 Foster Wheeler Corp. 528,063
------------
FINANCIAL (1.5%)
98,000 Heller Financial, Inc. 1,966,125
------------
FOODS (0.7%)
52,800 International Home Foods, Inc.* 917,400
------------
FOOTWEAR (0.6%)
70,000 Wolverine World Wide, Inc. 765,625
------------
GAMING & LOTTERY (0.7%)
160,800 Boyd Gaming Corp.* 934,650
------------
HEALTHCARE (9.3%)
38,400 AmeriPath, Inc.* 314,400
62,100 AmeriSource Health Corp. Class
A* 943,144
158,300 Bergen Brunswig Corp. Class A 1,315,869
26,100 ChiRex, Inc.* 381,712
52,200 CONMED Corp.* 1,350,675
63,100 Henry Schein, Inc.* 840,019
113,600 Omnicare, Inc. 1,363,200
17,300 Osteotech, Inc.* 231,387
60,100 Pharmaceutical Product
Development, Inc.* 713,688
85,700 Quest Diagnostics, Inc.* 2,619,206
19,800 Spacelabs Medical, Inc.* 367,537
125,400 STERIS Corp.* 1,293,187
16,600 West Pharmaceutical Services,
Inc. 513,562
------------
12,247,586
------------
HOTELS & LODGING (0.3%)
18,300 Sun International Hotels Ltd.* 354,563
------------
INSURANCE/PROPERTY & CASUALTY (1.3%)
75,900 Everest Reinsurance Holdings,
Inc. 1,693,519
------------
IRON & STEEL (1.0%)
65,457 AK Steel Holding Corp. 1,235,501
------------
LEISURE PRODUCTS (0.7%)
51,100 Callaway Golf Co. 903,831
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 45
<PAGE> 48
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL CAP VALUE FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
MACHINERY (1.8%)
72,700 AGCO Corp. $ 976,906
31,100 Applied Industrial Technology,
Inc. 517,037
60,600 National-Oilwell, Inc.* 950,663
------------
2,444,606
------------
MANUFACTURING (2.2%)
78,900 Olin Corp. 1,563,206
4,400 Phillips-Van Heusen Corp. 36,575
16,200 Power-One, Inc.* 742,163
35,800 Russell Corp. 599,650
------------
2,941,594
------------
METAL FABRICATORS (0.3%)
28,600 Wolverine Tube, Inc.* 403,975
------------
OIL & GAS (7.2%)
45,000 EEX Corp.* 132,188
220,600 Newpark Resources, Inc.* 1,351,175
53,200 Noble Affiliates, Inc. 1,140,475
210,800 Ocean Energy, Inc.* 1,633,700
73,500 Range Resources Corp. 234,281
33,700 Santa Fe International Corp. 871,987
335,500 Santa Fe Snyder Corp.* 2,684,000
46,100 Tesoro Petroleum Corp.* 533,031
28,300 Transocean Sedco Forex, Inc. 953,356
------------
9,534,193
------------
PERSONAL CARE PRODUCTS (0.9%)
29,400 Alberto-Culver Co. Class A* 639,450
38,900 Sola International, Inc.* 539,738
------------
1,179,188
------------
PHOTOGRAPHY/IMAGING (1.2%)
85,500 Polaroid Corp. 1,608,469
------------
PUBLISHING (3.2%)
117,800 Bowne & Co., Inc. 1,590,300
164,200 Ziff-Davis, Inc.* 2,596,413
------------
4,186,713
------------
RESTAURANTS (0.7%)
36,700 Papa John's International, Inc.* 956,494
------------
RETAIL (15.5%)
87,700 Abercrombie & Fitch Co. Class A* 2,340,494
77,300 Brown Shoe Co., Inc. 1,091,863
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------
SHARES SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
RETAIL (CONTINUED)
103,400 Burlington Coat Factory
Warehouse Corp. $ 1,434,675
151,200 Consolidated Stores Corp.* 2,457,000
26,000 Harcourt General, Inc. 1,046,500
207,600 Heilig-Meyers Co. 570,900
206,500 Ingram Micro, Inc.* 2,710,312
42,900 Jones Apparel Group, Inc.* 1,163,663
109,400 Musicland Stores Corp.* 923,062
28,500 The Neiman Marcus Group, Inc.* 796,219
204,500 OfficeMax, Inc.* 1,124,750
88,100 Saks, Inc.* 1,371,056
78,400 ShopKo Stores, Inc.* 1,803,200
228,100 Venator Group, Inc.* 1,596,700
------------
20,430,394
------------
SAVINGS & LOANS (0.1%)
11,800 FirstFed Financial Corp.* 165,938
------------
SERVICES (5.5%)
46,700 ACNielsen Corp.* 1,149,988
23,600 American Greetings Corp. Class A 557,550
56,300 Modis Professional Services,
Inc.* 802,275
45,000 Renaissance Worldwide, Inc.* 331,875
129,500 Republic Services, Inc.* 1,861,562
83,200 Snyder Communications, Inc.* 1,601,600
101,400 Ventiv Health, Inc.* 931,612
------------
7,236,462
------------
TELECOMMUNICATIONS (2.0%)
86,900 Avid Technology, Inc.* 1,135,131
106,000 Mitel Corp.* 1,457,500
1,000 TALK.com, Inc.* 17,750
------------
2,610,381
------------
TEXTILES/APPAREL (1.5%)
100,900 Nautica Enterprises, Inc.* 1,141,431
71,200 Unifi, Inc.* 876,650
------------
2,018,081
------------
TRANSPORTATION (1.0%)
76,800 Yellow Corp.* 1,291,200
------------
WASTE MANAGEMENT (1.4%)
164,525 Safety-Kleen Corp* 1,861,189
------------
TOTAL COMMON STOCK 128,721,615
------------
(cost $126,493,909)
</TABLE>
46 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 49
NATIONWIDE SEPARATE ACCOUNT TRUST
SMALL CAP VALUE FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENT (2.4%)
$3,170,000 Fifth Third Bank, 1.40%,
01/03/00, Collateralized by
$2,840,000 FHLMC Gold Pool
#G30141, 6.50%, 01/01/19, and
$400,000 FHLMC Gold Pool
#G10813, 7.00% 12/01/11, market
value $3,129,155 (cost
$3,170,000) $ 3,170,000
------------
TOTAL INVESTMENTS $131,891,615
============
(cost $129,663,909)
</TABLE>
- -------------------------------------------------------
* Denotes a non-income producing security.
Cost for financial reporting purposes differs from cost basis for federal
income tax purposes by the amount of losses recognized for financial reporting
purposes in excess of federal income tax reporting of $5,253,833.
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
ADR American Depositary Receipt
FHLMC Federal Home Loan Mortgage Corporation
PLC Public Limited Company (British)
</TABLE>
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 47
<PAGE> 50
NATIONWIDE SEPARATE ACCOUNT TRUST
SELECT ADVISERS SMALL CAP GROWTH FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------
SHARES SECURITY VALUE
- --------------------------------------------------------
<C> <S> <C>
COMMON STOCK (83.7%)
AGRICULTURAL PRODUCTS (0.6%)
19,400 Strategic Diagnostics, Inc.* $ 127,313
------------
AIR FREIGHT (0.2%)
1,500 Air Express International
Corp. 48,469
------------
BEVERAGES (0.3%)
1,300 Beringer Wine Estates
Holdings, Inc. Class B* 51,838
------------
BROADCASTING & TELEVISION (4.0%)
700 Chris-Craft Industries,
Inc.* 50,487
2,600 Citadel Communications
Corp.* 168,675
500 Cumulus Media, Inc. Class A* 25,375
1,000 Emmis Communications Corp.
Class A* 124,641
900 Jones Intercable, Inc. Class
A* 62,381
900 Radio One, Inc.* 82,800
1,500 Spanish Broadcasting System,
Inc.* 60,375
8,100 TCI Satellite Entertainment,
Inc. Class A* 129,600
100 TiVo, Inc.* 3,375
900 Westwood One, Inc.* 68,400
100 Wink Communications, Inc.* 6,006
100 XM Satellite Radio Holdings,
Inc. Class A* 3,813
------------
785,928
------------
COMMUNICATION EQUIPMENT (4.9%)
900 ANTEC Corp.* 32,850
1,300 Catapult Communications
Corp.* 12,919
1,400 CommScope, Inc.* 56,437
1,200 JDS Uniphase Corp.* 193,575
900 Ortel Corp.* 108,000
2,900 Pinnacle Holdings, Inc.* 122,888
300 Polycom, Inc.* 19,106
1,000 Proxim, Inc.* 110,000
2,900 The Titan Corp.* 136,662
3,300 ViaSat, Inc.* 164,588
------------
957,025
------------
COMPUTER HARDWARE (0.7%)
1,700 Allscripts, Inc.* 74,800
650 JNI Corp.* 42,900
100 Predictive Systems, Inc.* 6,550
1,500 Sigma Designs, Inc.* 16,500
------------
140,750
------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------
SHARES SECURITY VALUE
- --------------------------------------------------------
<C> <S> <C>
COMPUTER NETWORKING (3.3%)
1,050 C-COR.net Corp.* $ 80,456
100 Foundry Networks, Inc.* 30,169
2,600 Luminant Worldwide Corp.* 118,300
1,400 NetSolve, Inc.* 44,100
1,100 NorthEast Optic, Inc.* 68,819
2,200 Osicom Technologies, Inc.* 99,825
1,000 RSA Security, Inc.* 77,500
1,650 Visual Networks, Inc.* 130,762
------------
649,931
------------
COMPUTER SOFTWARE & SERVICES (18.2%)
500 Active Software, Inc.* 46,000
700 Activision, Inc.* 10,719
1,650 Actuate Software Corp.* 70,744
900 Affiliated Computer
Services, Inc. Class A* 41,400
300 Agile Software Corp.* 65,170
100 Alteon Websystems, Inc.* 8,775
100 Answerthink Consulting
Group* 3,425
300 Ardent Software, Inc.* 11,700
500 Art Technology Group, Inc.* 64,062
200 Bluestone Software, Inc.* 23,000
1,100 BroadVision, Inc.* 187,069
7,500 CAIS Internet, Inc.* 266,250
300 Citrix Systems, Inc.* 36,900
200 Comverse Technology, Inc.* 28,950
1,900 Concentric Network Corp.* 58,544
900 Daleen Technologies, Inc.* 19,688
3,350 Digex, Inc.* 230,312
525 Digital Island* 49,941
1,700 Digital River, Inc.* 56,631
400 Exodus Communications, Inc.* 35,525
100 F5 Networks, Inc.* 11,400
400 Gemstar International Group
Ltd.* 28,500
3,500 Harbinger Corp.* 111,344
900 HNC Software, Inc.* 95,175
800 i2 Technologies, Inc.* 156,000
1,100 Integrated Systems, Inc.* 36,919
100 Interspeed, Inc.* 1,769
100 Intertrust Technologies
Corp.* 11,762
800 InterVU, Inc.* 84,000
1,400 Intraware, Inc.* 111,913
200 Keynote Systems, Inc.* 14,750
500 Legato Systems, Inc.* 34,406
100 Liberate Technologies, Inc.* 25,700
1,000 Macromedia, Inc.* 73,125
275 Micromuse, Inc.* 46,750
200 Mission Critical Software,
Inc.* 14,000
300 N2H2, Inc.* 7,050
2,050 Netegrity, Inc.* 116,722
400 NetIQ Corp.* 20,825
2,300 Netopia, Inc.* 124,919
5,000 Netzee, Inc.* 83,125
</TABLE>
48 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 51
NATIONWIDE SEPARATE ACCOUNT TRUST
SELECT ADVISERS SMALL CAP GROWTH FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- --------------------------------------------------------
SHARES SECURITY VALUE
- --------------------------------------------------------
<C> <S> <C>
COMPUTER SOFTWARE & SERVICES (CONTINUED)
800 New Era of Networks, Inc.* $ 38,100
3,350 nFront, Inc.* 67,000
2,400 PC-Tel, Inc.* 126,000
6,800 Peerless Systems Corp.* 52,700
1,300 Project Software &
Development, Inc.* 72,150
600 Quest Software, Inc.* 61,200
200 RADWARE Ltd.* 8,625
1,700 RAVISENT Technologies, Inc.* 65,344
1,950 SeaChange International,
Inc.* 68,981
3,050 SERENA Software, Inc.* 94,359
300 Silknet Software, Inc.* 49,725
1,900 SoftNet Systems, Inc.* 47,737
8,700 StarBase Corp.* 95,156
1,600 THQ, Inc.* 37,100
200 Tumbleweed Communications
Corp.* 16,950
100 U.S. Interactive, Inc.* 4,300
600 VERITAS Software Corp.* 85,875
600 Verity, Inc.* 25,538
100 Vitria Technology, Inc.* 23,400
------------
3,565,199
------------
CONSTRUCTION (0.6%)
1,200 Dycom Industries, Inc.* 52,875
2,100 Insituform Technologies,
Inc. Class A* 59,325
------------
112,200
------------
ELECTRONICS (10.4%)
1,200 Alpha Industries, Inc.* 68,775
7,700 Artisan Components, Inc.* 158,933
200 Audiovox Corp. Class A* 6,075
1,750 Burr-Brown Corp.* 63,219
200 Cirrus Logic, Inc.* 2,662
1,400 Cymer, Inc.* 64,400
3,200 Cypress Semiconductor Corp.* 103,600
1,900 The DII Group, Inc.* 134,841
750 Efficient Networks, Inc.* 51,000
1,400 Elantec Semiconductor, Inc.* 46,200
900 Etec Systems, Inc.* 40,387
800 Flextronics International
Ltd.* 36,800
3,000 Gentex Corp.* 83,250
750 Helix Technology Corp. 33,609
2,000 Independent Energy Holdings
PLC ADR* 66,625
1,300 Kopin Corp.* 54,600
200 Lattice Semiconductor Corp.* 9,425
1,700 Maker Communications, Inc.* 72,675
2,200 Metalink, Ltd.* 44,825
1,300 Mettler-Toledo International, Inc.* 49,644
400 Novellus Systems, Inc.* 49,012
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------
SHARES SECURITY VALUE
- --------------------------------------------------------
<C> <S> <C>
ELECTRONICS (CONTINUED)
400 Optical Coating Laboratory,
Inc. $ 118,400
950 Orbotech Ltd.* 73,625
700 PMC-Sierra, Inc.* 112,219
800 Power Integrations, Inc.* 38,350
2,250 Sawtek, Inc.* 149,766
1,000 Semtech Corp.* 52,125
1,050 TranSwitch Corp.* 76,191
700 Veeco Instruments, Inc.* 32,769
600 Waters Corp.* 31,800
1,750 Zoran Corp.* 97,562
------------
2,023,364
------------
ENTERTAINMENT (3.6%)
2,200 About.com, Inc.* 197,450
6,200 Cybergold, Inc.* 109,662
2,900 Hollywood Entertainment Corp.* 42,050
2,100 Imax Corp.* 57,488
800 Macrovision Corp.* 59,200
2,300 MyPoints.com, Inc.* 170,200
400 SFX Entertainment, Inc.* 14,475
5,100 The Topps Company, Inc.* 52,912
------------
703,437
------------
FINANCIAL (2.3%)
2,700 Affiliated Managers Group, Inc.* 109,181
1,900 Allied Capital Corp. 34,794
500 Bank United Corp. Class A 13,625
1,200 Federated Investors, Inc. 24,075
700 Financial Security Assurance
Holdings Ltd. 36,488
4,700 First Sierra Financial,
Inc.* 80,487
800 Golden State Bancorp, Inc.* 13,800
100 Knight/Trimark Group, Inc.
Class A* 4,600
900 Labranche & Co., Inc.* 11,475
2,300 Medallion Financial Corp.* 41,256
300 Metris Cos., Inc. 10,706
2,000 National Discount Brokers
Group, Inc.* 52,750
500 Silicon Valley Bancshares* 24,750
------------
457,987
------------
FOODS (0.2%)
2,300 Gum Tech International,
Inc.* 36,800
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 49
<PAGE> 52
NATIONWIDE SEPARATE ACCOUNT TRUST
SELECT ADVISERS SMALL CAP GROWTH FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- --------------------------------------------------------
SHARES SECURITY VALUE
- --------------------------------------------------------
<C> <S> <C>
HEALTHCARE (4.6%)
4,300 Anesta Corp.* $ 73,906
1,300 ArthroCare Corp.* 79,300
2,200 BioCryst Pharmaceuticals,
Inc.* 64,900
600 Biovail Corp. International* 56,250
1,650 Enzon, Inc.* 71,569
1,100 ImClone Systems, Inc.* 43,588
3,300 Inamed Corp.* 144,787
400 Inhale Therapeutic Systems, Inc.* 17,025
2,200 Lincare Holdings, Inc.* 76,312
1,100 MedQuist, Inc.* 28,394
1,300 Parexel International Corp.* 15,356
1,000 Pharmacyclics, Inc.* 41,250
1,700 PolyMedica Corp.* 39,313
2,400 Priority Healthcare Corp.* 69,450
3,200 Titan Pharamaceuticals,
Inc.* 60,800
400 Wesley Jessen VisionCare,
Inc.* 15,150
------------
897,350
------------
HOTELS & LODGING (0.1%)
3,300 MeriStar Hotels & Resorts,
Inc.* 11,756
------------
INSURANCE (0.4%)
1,900 Annuity and Life Re
(Holdings) Ltd. 49,638
300 Mutual Risk Management Ltd. 5,044
1,200 Reinsurance Group of
America, Inc. 33,300
------------
87,982
------------
INSURANCE BROKERS (0.1%)
100 E. W. Blanch Holdings, Inc. 6,125
400 Quotesmith.com, Inc.* 4,550
------------
10,675
------------
INTERNET (3.7%)
100 Breakaway Solutions, Inc.* 12,162
6,550 Circle.com* 80,647
200 DSL.net, Inc.* 6,725
100 eGain Communications Corp.* 3,775
1,400 eSPEED, Inc.* 49,788
200 E-Stamp Corp.* 2,887
2,300 Exactis.com, Inc.* 55,919
1,800 Globix Corp.* 72,450
500 Internap Network Services Corp.* 86,500
100 Interwoven, Inc.* 7,300
200 ITXC Corp.* 4,450
1,000 Lifeminders.com, Inc.* 57,750
3,000 Marketing Services Group,
Inc.* 50,250
100 NBC Internet, Inc.* 7,725
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------
SHARES SECURITY VALUE
- --------------------------------------------------------
<C> <S> <C>
INTERNET (CONTINUED)
300 Rare Medium Group* $ 10,238
1,300 SciQuest.com, Inc.* 103,350
100 Software.com, Inc.* 9,600
1,800 SonicWALL, Inc.* 108,000
------------
729,516
------------
MANUFACTURING (2.2%)
750 Asyst Technologies, Inc.* 49,172
300 CUNO, Inc.* 6,211
4,900 Integrated Device
Technology, Inc.* 142,100
2,350 JAKKS Pacific, Inc.* 43,916
1,850 Meade Instruments Corp.* 52,725
500 PerkinElmer, Inc. 20,844
200 Power-One, Inc.* 9,162
4,100 Valence Technology, Inc.* 77,900
1,000 Varian, Inc.* 22,500
------------
424,530
------------
OIL & GAS (2.5%)
3,300 Cross Timbers Oil Co. 29,906
19,200 Grey Wolf, Inc.* 55,200
2,350 Hanover Compressor Co.* 88,712
1,900 Kinder Morgan, Inc. 38,356
1,700 Marine Drilling Cos., Inc.* 38,144
2,200 Newfield Exploration Co.* 58,850
1,300 Nuevo Energy Co.* 24,375
3,400 Rowan Cos., Inc.* 73,738
2,700 Spinnaker Exploration Co.* 38,137
4,000 Varco International, Inc.* 40,750
------------
486,168
------------
PRINTING & PUBLISHING (0.2%)
1,000 Valassis Communications,
Inc.* 42,250
------------
REAL ESTATE INVESTMENT/MANAGEMENT (0.6%)
100 Alexandria Real Estate Equities, Inc.3,181
2,600 Catellus Development Corp.* 33,312
100 CBL & Associates Properties, Inc. 2,063
400 Developers Divesrified Realty Corp. 5,150
400 General Growth Properties,
Inc. 11,200
2,700 Glenborough Realty Trust,
Inc., REIT 36,112
400 Health Care Property
Investors, Inc., REIT 9,550
800 MeriStar Hospitality Corp.,
REIT 12,800
100 SL Green Realty Corp. 2,175
------------
115,543
------------
RESTAURANTS (0.1%)
500 Jack in the Box, Inc.* 10,344
------------
</TABLE>
50 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 53
NATIONWIDE SEPARATE ACCOUNT TRUST
SELECT ADVISERS SMALL CAP GROWTH FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- --------------------------------------------------------
SHARES SECURITY VALUE
- --------------------------------------------------------
<C> <S> <C>
RETAIL (4.6%)
300 1-800-FLOWERS.COM, Inc.* $ 3,206
2,400 American Eagle Outfitters,
Inc.* 108,000
2,000 CDnow, Inc.* 19,750
100 Chemdex Corp.* 11,100
4,300 The Children's Place Retail
Stores, Inc.* 70,681
4,600 Factory 2-U Stores, Inc.* 130,525
3,300 Insight Enterprises, Inc.* 134,062
2,800 InterTAN, Inc.* 73,150
200 PlanetRX.com, Inc.* 2,900
2,600 REX Stores Corp.* 91,000
3,800 Steven Madden Ltd.* 72,438
2,800 Too, Inc.* 48,300
2,800 Ultimate Electronics, Inc.* 69,300
5,900 VitaminShoppe.com, Inc.* 53,837
------------
888,249
------------
SERVICES (6.2%)
600 Casella Waste Systems, Inc.
Class A* 11,325
700 CheckFree Holdings Corp.* 73,150
5,300 Corinthian Colleges, Inc.* 126,537
900 Edison Schools, Inc.* 14,175
100 Flycast Communications
Corp.* 12,994
3,900 Hall, Kinion & Associates,
Inc.* 83,850
1,400 Iron Mountain, Inc.* 55,038
700 Pegasus Systems, Inc.* 42,219
8,000 ProsoftTraining.com* 83,000
900 Provant, Inc.* 22,725
2,800 Quanta Services, Inc.* 79,100
2,000 Radiant Systems, Inc.* 80,375
1,500 RemedyTemp, Inc. Class A* 28,500
100 Stamps.com, Inc.* 4,162
400 Sylvan Learning Systems,
Inc.* 5,200
1,800 Ticketmaster Online
CitySearch, Inc. Class B* 69,188
400 TMP Worldwide, Inc.* 56,800
2,000 United Rentals, Inc.* 34,250
1,600 ValueVision International,
Inc. Class A* 91,700
500 VerticalNet, Inc.* 82,000
1,400 Whittman-Hart, Inc.* 75,075
1,500 WorldGate Communications,
Inc.* 71,344
------------
1,202,707
------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------
SHARES SECURITY VALUE
- --------------------------------------------------------
<C> <S> <C>
STEEL PRODUCERS (0.5%)
100 Carpenter Technology Corp. $ 2,744
3,600 Maverick Tube Corp.* 88,875
450 Reliance Steel & Aluminum
Co. 10,547
------------
102,166
------------
TELECOMMUNICATIONS (8.6%)
900 Adaptive Broadband Corp.* 66,431
2,400 Adelphia Business Solutions,
Inc.* 115,200
2,650 AirGate PCS, Inc.* 139,788
1,300 Ancor Communications, Inc.* 88,238
1,400 Asia Satellite
Telecommunications Holdings
Ltd. ADR 49,000
1,400 Aware, Inc.* 50,925
500 Carrier Access Corp.* 33,656
2,200 Clearnet Communications,
Inc. Class A* 75,625
1,400 CoreComm Ltd.* 83,125
100 Ditech Communications Corp.* 9,350
800 Gilat Satellite Networks
Ltd.* 95,000
800 Harmonic, Inc.* 75,950
1,500 Insight Communications Co.,
Inc.* 44,437
500 Intermedia Communications,
Inc.* 19,406
2,300 Lightbridge, Inc.* 63,825
1,400 MasTec, Inc.* 62,300
1,000 Millicom International
Cellular SA* 62,375
2,000 Netro Corp.* 102,000
4,200 Network Plus Corp.* 88,200
1,000 Pacific Gateway Exchange,
Inc.* 17,063
700 Pegasus Communications
Corp.* 68,425
1,950 Time Warner Telecom, Inc.* 97,378
1,900 Versatel Telecom
International NV ADR* 66,381
800 VoiceStream Wireless Corp.* 113,850
------------
1,687,928
------------
TOTAL COMMON STOCK
(cost $11,436,134) 16,357,405
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 51
<PAGE> 54
NATIONWIDE SEPARATE ACCOUNT TRUST
SELECT ADVISERS SMALL CAP GROWTH FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- -----------------------------------------------------------
PRINCIPAL SECURITY VALUE
- -----------------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENT (18.1%)
$ 3,535,000 Fifth Third Bank, 1.40%, 01/03/00
Collateralized by $3,620,000
GNMA Pool #780020,
10.50%, 10/15/21,
market value $3,995,378
(cost $3,535,000) $ 3,535,000
------------
TOTAL INVESTMENTS
(cost $14,971,134) $ 19,892,405
============
</TABLE>
- -------------------------------------------------------
* Denotes a non-income producing security
Cost for financial reporting purposes differs from cost basis for federal income
tax purposes by the amount of losses recognized for financial reporting purposes
in excess of federal income tax reporting of $55,092.
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
ADR American Depositary Receipt
GNMA Government National Mortgage Association
NV Naamloze Vennootschap ( Dutch corporation)
PLC Public Limited Company (British)
REIT Real Estate Investment Trust
SA Societe Anonyme (French corporation)
</TABLE>
Portfolio holding percentages represent market value as a
percentage of net assets.
See accompanying notes to financial statements.
52 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 55
NATIONWIDE SEPARATE ACCOUNT TRUST
GLOBAL EQUITY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
COMMON STOCK (96.3%)
AUSTRALIA (0.8%)
BANKS (0.2%)
5,300 National Australia Bank Ltd. $ 80,802
5,300 Westpac Banking Corp. Ltd. 36,437
------------
117,239
------------
BUILDING MATERIALS (0.0%)
13,000 CSR Ltd. 31,473
------------
COMMUNICATION EQUIPMENT (0.1%)
15,200 Telstra Corp. Ltd. 82,350
------------
FINANCIAL (0.1%)
3,900 Lend Lease Corp. Ltd. 54,457
------------
INSURANCE (0.1%)
3,300 AMP Ltd. 36,340
------------
MANUFACTURING (0.1%)
17,500 Southcorp Ltd. 61,490
------------
METALS/MINING (0.1%)
6,200 WMC Ltd. 34,077
------------
OIL & GAS (0.1%)
5,000 Broken Hill Proprietary Co. Ltd. 65,435
------------
TOTAL AUSTRALIA 482,861
------------
AUSTRIA (0.2%)
BANKS (0.2%)
2,020 Bank Austria AG 114,008
------------
BELGIUM (0.1%)
COMPUTER HARDWARE (0.1%)
402 Real Software 31,926
------------
CANADA (2.2%)
BANKS (0.2%)
2,200 Royal Bank of Canada 96,398
------------
BEVERAGES/ALCOHOLIC (0.1%)
2,000 The Seagram Co. Ltd. 89,875
------------
COMMUNICATION EQUIPMENT (0.7%)
4,300 Nortel Networks Corp. 432,759
------------
CONGLOMERATE (0.1%)
1,800 Imasco Ltd. 49,620
------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
ELECTRIC COMPANIES (0.0%)
2,300 TransAlta Corp. $ 22,457
------------
GOLD & METALS MINING (0.1%)
2,400 Barrick Gold Corp. 42,644
------------
MANUFACTURING (0.2%)
3,300 Bombardier, Inc. Class B 67,517
2,824 Noranda, Inc. 37,804
------------
105,321
------------
METALS/MINING (0.1%)
1,600 Inco Ltd.* 37,262
------------
OIL & GAS (0.2%)
1,600 Alberta Energy Co. Ltd. 49,683
2,700 Imperial Oil Ltd. 57,756
2,400 TransCanada Pipelines Ltd. 20,701
------------
128,140
------------
PUBLISHING/NEWSPAPER (0.1%)
2,500 The Thomson Corp. 65,553
------------
RAILROADS (0.1%)
1,900 Canadian Pacific Ltd. 40,709
------------
TELECOMMUNICATIONS (0.3%)
2,300 BCE, Inc. 208,146
------------
TOTAL CANADA 1,318,884
------------
DENMARK (0.1%)
CONGLOMERATE (0.1%)
411 Ratin A/S B Shares 46,212
------------
FINLAND (1.4%)
COMPUTER SOFTWARE & SERVICES (0.1%)
1,229 Tietoenator OYJ 76,796
------------
PAPER & FOREST PRODUCTS (0.3%)
8,707 Stora Enso OYJ R Shares 149,633
------------
TELECOMMUNICATIONS (1.0%)
2,498 Nokia OYJ 453,170
2,045 Sonera OYJ (a) 140,254
------------
593,424
------------
TOTAL FINLAND 819,853
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 53
<PAGE> 56
NATIONWIDE SEPARATE ACCOUNT TRUST
GLOBAL EQUITY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
FRANCE (5.1%)
AUTOMOBILES (0.1%)
917 Renault SA $ 44,232
------------
BANKS (0.3%)
2,096 Banque de Paris 193,501
------------
BUILDING MATERIALS (0.1%)
500 Compagnie de Saint-Gobain 94,083
------------
CHEMICALS (0.1%)
4,159 Rhodia SA 94,061
------------
COMPUTER NETWORKING (0.1%)
286 Atos SA* 47,445
------------
CONGLOMERATE (0.1%)
122 LVMH (Louis Vuitton Moet
Hennessy) 54,679
------------
COSMETICS (0.2%)
580 Christian Dior SA 143,800
------------
FINANCIAL (0.0%)
13 Compagnie Financiere de Paribas
SA 1,453
------------
FOODS (0.2%)
502 Groupe Danone 118,390
------------
HEALTHCARE (0.3%)
3,638 Aventis SA 211,561
------------
INSURANCE (0.4%)
1,320 Axa 184,122
1,000 CNP Assurances 36,847
------------
220,969
------------
IRON & STEEL (0.1%)
4,085 Usinor SA 76,783
------------
LEISURE PRODUCTS (0.1%)
1,155 Lagardere SCA 62,860
------------
MACHINERY (0.2%)
3,108 Alstom 103,682
------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
OIL & GAS (1.1%)
299 Coflexip SA $ 21,742
450 Total Fina SA - Strip VVPR 5
4,664 Total Fina SA B Shares 622,831
------------
644,578
------------
RETAIL (0.6%)
712 Carrefour SA 131,391
210 Castorama Dubois Investissement
SA 63,918
620 Pinault-Printemps-Redoute SA 163,715
------------
359,024
------------
SERVICES (0.7%)
4,462 Vivendi 403,159
------------
TELECOMMUNICATIONS (0.3%)
744 Alcatel 170,964
------------
UTILITIES/WATER (0.1%)
294 Suez Lyonnaise des Eaux SA 47,143
------------
TOTAL FRANCE 3,092,367
------------
GERMANY (4.9%)
AUTOMOBILES (0.5%)
3,001 DaimlerChrysler AG 232,891
1,330 Volkswagen AG 74,756
------------
307,647
------------
BANKS (0.6%)
2,820 Deutsche Bank AG 238,001
1,640 Dresdner Bank AG 90,908
2,200 Entrium Direct Bankers AG* 33,703
------------
362,612
------------
CHEMICALS (0.4%)
2,981 BASF AG 153,825
2,117 Bayer AG 100,493
137 Celanese AG* 2,492
------------
256,810
------------
COMPUTER SOFTWARE & SERVICES (0.3%)
341 SAP AG 166,683
------------
CONSTRUCTION (0.1%)
1,500 Bilfinger & Berger Bau AG 28,875
900 Hochtief AG 30,115
------------
58,990
------------
</TABLE>
54 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 57
NATIONWIDE SEPARATE ACCOUNT TRUST
GLOBAL EQUITY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
DISTRIBUTORS/DURABLES (0.1%)
2,900 Stinnes AG* $ 61,378
------------
ELECTRONICS (0.6%)
2,795 Siemens AG 357,752
------------
FINANCIAL (0.1%)
531 Consors Discount-Broker AG* 44,419
102 Marschollek, Lautenschlaeger und
Partner AG 30,327
------------
74,746
------------
HEALTHCARE (0.1%)
528 Schering AG 64,310
------------
MACHINERY (1.0%)
2,453 Mannesmann AG 598,286
------------
MANUFACTURING (0.4%)
3,100 Thyssen Krupp AG* 94,199
2,974 Veba AG 145,221
------------
239,420
------------
TELECOMMUNICATIONS (0.7%)
5,956 Deutsche Telekom AG 426,196
------------
TOTAL GERMANY 2,974,830
------------
HONG KONG (1.1%)
BANKS (0.1%)
16,000 Dao Heng Bank Group Ltd. 82,528
------------
ELECTRIC COMPANIES (0.1%)
14,500 Hong Kong Electric Holdings Ltd. 45,322
------------
FINANCIAL (0.7%)
9,000 Cheung Kong (Holdings) Ltd. 114,318
13,000 Hutchison Whampoa Ltd. 188,955
9,500 SmarTone Telecommunications
Holdings Ltd. 45,824
21,000 The Wharf (Holdings) Ltd. 48,756
------------
397,853
------------
REAL ESTATE INVESTMENT/MANAGEMENT (0.1%)
8,000 Sung Hung Kai Properties Ltd. 83,351
------------
TELECOMMUNICATIONS (0.1%)
29,200 Cable & Wireless HKT Ltd. 84,321
------------
TOTAL HONG KONG 693,375
------------
IRELAND (0.4%)
BANKS (0.1%)
7,900 Bank of Ireland 62,900
------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
BUILDING MATERIALS (0.1%)
3,700 CRH PLC $ 79,429
------------
CONTAINERS & PACKAGES (0.2%)
34,185 Jefferson Smurfit Group PLC 103,360
------------
FINANCIAL (0.0%)
4,589 Irish Life & Permanent PLC 26,981
------------
TOTAL IRELAND 272,670
------------
ITALY (1.9%)
AUTOMOBILES (0.1%)
1,900 Fiat SPA 54,288
------------
BANKS (0.5%)
10,400 Banca Fideuram SPA 123,264
511 Bipop-Carire SPA 45,244
29,108 UniCredito Italiano SPA 143,162
------------
311,670
------------
FINANCIAL (0.1%)
12,848 Banca Nazionale Del Lavoro ORD* 42,861
------------
INSURANCE (0.2%)
1,777 Assicurazioni Generali 58,743
4,241 Mediolanum SPA 55,566
------------
114,309
------------
OIL & GAS (0.2%)
21,373 ENI SPA 117,613
6,400 Saipem SPA 23,156
------------
140,769
------------
TELECOMMUNICATIONS (0.8%)
4,540 Mediaset SPA 70,648
17,298 Telecom Italia Mobile SPA 193,341
10,660 Telecom Italia SPA 150,412
14,591 Telecom Italia SPA ORD 88,969
------------
503,370
------------
TOTAL ITALY 1,167,267
------------
JAPAN (14.3%)
AUTOMOBILES (1.3%)
7,000 Honda Motor Co. Ltd. 259,918
11,000 Toyota Motor Corp. 532,050
------------
791,968
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 55
<PAGE> 58
NATIONWIDE SEPARATE ACCOUNT TRUST
GLOBAL EQUITY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
BANKS (0.7%)
21,000 The Bank of Tokyo-Mitsubishi
Ltd. $ 292,202
32,000 The Toyo Trust & Banking Co.
Ltd. 131,327
------------
423,529
------------
BUILDING MATERIALS (0.6%)
21,000 Tostem Corp. 376,539
------------
CHEMICALS (0.8%)
136,000 Mitsubishi Chemical Corp. 478,405
------------
DISTRIBUTORS (0.4%)
31,000 Mitsubishi Corp. 238,997
------------
ELECTRICAL EQUIPMENT (0.5%)
19,000 Minebea Co. Ltd. 325,454
------------
ELECTRONICS (0.9%)
12,000 Matsushita Electric Industrial
Co. Ltd. 331,835
8,000 Pioneer Corp. 211,061
------------
542,896
------------
ENTERTAINMENT (1.3%)
4,100 Sony Music Entertainment, Inc. 816,475
------------
EQUIPMENT/SEMICONDUCTORS (1.0%)
13,000 Fujitsu Ltd. 591,948
------------
FINANCIAL (0.2%)
2,200 Promise Co. Ltd. 111,784
------------
HEALTHCARE (0.6%)
11,000 Yamanouchi Pharmaceutical Co.
Ltd. 383,721
------------
INTERNET (0.8%)
500 Softbank Corp. 477,819
------------
IRON & STEEL (0.3%)
101,000 Kawasaki Steel Corp.* 180,604
------------
LEISURE PRODUCTS (1.4%)
13,000 Namco Ltd. 840,922
------------
OFFICE EQUIPMENT & SUPPLIES (0.4%)
13,000 Ricoh Co. Ltd. 244,655
------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
OIL & GAS (0.2%)
57,000 Tokyo Gas Co. Ltd. $ 138,685
------------
RAILROADS (0.7%)
113 West Japan Railway Co. 399,707
------------
RETAIL (0.9%)
5,000 Ito-Yokado Co. Ltd. 542,310
------------
TELECOMMUNICATIONS (1.3%)
28 DDI Corp. 383,037
11 NTT Mobile Communications
Network Inc. 422,415
------------
805,452
------------
TOTAL JAPAN 8,711,870
------------
NETHERLANDS (4.0%)
BANKS (0.6%)
4,687 ABN AMRO Holding NV* 117,150
4,431 ING Groep NV 267,679
------------
384,829
------------
BEVERAGES/ALCOHOLIC (0.2%)
2,261 Heineken NV 110,337
------------
COMPUTER HARDWARE (0.1%)
975 Getronics NV 77,826
------------
COMPUTER NETWORKING (0.3%)
1,754 Equant NV* 199,228
------------
ELECTRONICS (0.7%)
2,392 Koninklijke Philips Electronics
NV 325,455
705 STMicroelectronics NV 108,570
------------
434,025
------------
FINANCIAL (0.3%)
5,222 Fortis NV 188,152
------------
FOODS (0.3%)
1,868 Koninklijke Numico NV 69,734
2,100 Unilever NV 114,319
------------
184,053
------------
INSURANCE (0.1%)
921 Aegon NV 89,018
------------
OIL & GAS (0.3%)
3,481 Royal Dutch Petroleum Co. 213,482
------------
</TABLE>
56 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 59
NATIONWIDE SEPARATE ACCOUNT TRUST
GLOBAL EQUITY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
PUBLISHING (0.2%)
3,359 Wolters Kluwer NV $ 113,748
------------
RETAIL (0.2%)
2,020 Laurus NV 36,442
2,019 Vendex KBB NV 53,720
------------
90,162
------------
SERVICES (0.1%)
2,924 Vedior NV 30,059
------------
SHIPPING (0.0%)
7 TNT Post Group NV 201
------------
TELECOMMUNICATIONS (0.6%)
2,268 KPN NV 221,494
876 United Pan-Europe Communications
NV* 112,125
------------
333,619
------------
TOTAL NETHERLANDS 2,448,739
------------
NEW ZEALAND (0.1%)
CONSTRUCTION (0.0%)
6,400 Fletcher Challenge Building 9,408
------------
OIL & GAS (0.0%)
3,700 Fletcher Challenge Energy 9,643
------------
PAPER & FOREST PRODUCTS (0.0%)
17,200 Fletcher Challenge Paper 12,014
------------
TELECOMMUNICATIONS (0.1%)
7,240 Telecom Corp. of New Zealand
Ltd. 33,965
------------
TOTAL NEW ZEALAND 65,030
------------
PORTUGAL (0.4%)
BANKS (0.1%)
4,000 Banco Comercial Portugues SA 22,213
2,930 Banco Pinto & Sotto Mayor SA 62,840
------------
85,053
------------
COMMUNICATION EQUIPMENT (0.1%)
1,014 PT Multimedia-Servicos de
Telecomunicacoes e Multimedia
SGPS SA* 57,710
------------
PUBLISHING (0.1%)
1,400 VNU NV 73,625
------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS (0.1%)
3,505 Portugal Telecom SA $ 38,469
------------
TOTAL PORTUGAL 254,857
------------
SINGAPORE (0.5%)
BANKS (0.2%)
6,141 DBS Group Holdings Ltd. 100,669
------------
ELECTRONICS (0.1%)
5,000 Venture Manufacturing
(Singapore) Ltd. 57,345
------------
PUBLISHING/NEWSPAPER (0.1%)
2,000 Singapore Press Holdings Ltd. 43,354
------------
SHIPPING (0.1%)
36,000 Neptune Orient Lines Ltd.* 48,206
------------
TELECOMMUNICATIONS (0.0%)
20,000 Singapore Telecommunications Ltd. 41,313
------------
TOTAL SINGAPORE 290,887
------------
SPAIN (2.2%)
BANKS/MAJOR REGIONAL (0.5%)
5,666 Banco Bilbao Vizcaya SA 80,746
22,972 Banco Santander Central Hispano
SA 260,232
------------
340,978
------------
ELECTRIC COMPANIES (0.4%)
8,423 Endesa SA 167,321
2,448 Union Electrica Fenosa SA 42,782
------------
210,103
------------
OIL (0.2%)
5,930 Repsol-YPF SA 137,580
------------
RETAIL (0.1%)
1,446 Centros Comerciales Continente SA 29,001
------------
TELECOMMUNICATIONS (1.0%)
4,951 Indra Sistemas SA 93,061
19,780 Telefonica SA* 494,395
------------
587,456
------------
TOBACCO (0.0%)
1,125 Altadis SA 16,100
------------
TOTAL SPAIN 1,321,218
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 57
<PAGE> 60
NATIONWIDE SEPARATE ACCOUNT TRUST
GLOBAL EQUITY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
SWEDEN (1.6%)
BANKS (0.0%)
650 ForeningsSparbanken AB $ 9,564
------------
BROADCASTING & TELEVISION (0.1%)
1,155 Modern Times Group AB B Shares* 57,372
------------
COMMUNICATION EQUIPMENT (1.2%)
11,456 Telefonaktiebolaget LM Ericsson
B Shares 737,609
------------
HOUSEHOLD PRODUCTS (0.1%)
2,221 Electrolux AB Series B 55,946
------------
INSURANCE (0.1%)
2,053 Skandia Forsakrings AB 62,105
------------
TRUCKS & PARTS (0.1%)
2,445 Autoliv, Inc. 71,661
------------
TOTAL SWEDEN 994,257
------------
SWITZERLAND (3.6%)
BANKS (0.4%)
948 UBS AG 255,959
------------
BUILDING MATERIALS (0.1%)
120 Gerberit International AG* 41,065
------------
CONSTRUCTION (0.1%)
40 Holderbank Financier Glarus AG 54,753
------------
ENGINEERING & CONSTRUCTION (0.2%)
840 ABB Ltd.* 102,533
------------
FOODS (0.5%)
170 Nestle SA 311,371
------------
HEALTHCARE (1.2%)
196 Novartis AG 287,736
39 Roche Holding AG 462,828
------------
750,564
------------
INSURANCE (0.5%)
97 Schweizerische
Lebensversicherungs-und
Rentenanstalt 56,339
434 Zurich Allied AG 247,439
------------
303,778
------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
SERVICES (0.0%)
28 SGS Societe Generale
Surveillance Holding SA* $ 35,690
------------
TELECOMMUNICATIONS (0.4%)
618 Swisscom AG 249,901
------------
TOBACCO (0.2%)
44 Compagnie Financiere Richemont
AG 104,986
------------
TOTAL SWITZERLAND 2,210,600
------------
UNITED KINGDOM (10.6%)
AEROSPACE/DEFENSE (0.1%)
11,800 Bristish Aerospace PLC 78,139
------------
BANKS (1.6%)
3,900 Barclays PLC 112,246
13,214 HSBC Holdings PLC 184,181
44,700 Lloyds TSB Group PLC 559,150
5,200 Royal Bank of Scotland Group PLC 92,216
------------
947,793
------------
BEVERAGES/ALCOHOLIC (0.1%)
6,500 Diageo PLC 52,281
------------
BROADCASTING & TELEVISION (0.3%)
10,500 British Sky Broadcasting Group
PLC 168,992
------------
BUILDING MATERIALS (0.3%)
7,100 Hanson PLC 59,515
13,400 Williams PLC 60,977
5,900 Wolseley PLC 45,239
------------
165,731
------------
CHEMICALS (0.1%)
3,400 Reckitt Benckiser PLC 31,877
------------
COMMUNICATION EQUIPMENT (0.0%)
2,100 Reuters Group PLC 28,813
------------
COMPUTER NETWORKING (0.1%)
600 CMG PLC 44,160
1,400 SEMA Group PLC 25,189
------------
69,349
------------
COMPUTER SOFTWARE & SERVICES (0.1%)
4,000 The Sage Group PLC 48,808
------------
</TABLE>
58 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 61
NATIONWIDE SEPARATE ACCOUNT TRUST
GLOBAL EQUITY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
ELECTRIC COMPANIES (0.1%)
12,388 National Power PLC $ 71,728
------------
ELECTRONICS (0.2%)
600 ARM Holdings PLC* 40,478
11,500 Racal Electronics PLC 103,084
------------
143,562
------------
FINANCIAL (0.1%)
13,300 Woolwich PLC 73,464
------------
FOODS (0.8%)
9,100 Cadbury Schweppes PLC 54,968
28,500 Compass Group PLC 391,258
8,749 Unilever PLC 64,364
------------
510,590
------------
GOLD & METALS MINING (0.1%)
13,300 Billiton PLC 78,459
------------
HEALTHCARE (1.5%)
4,800 AstraZeneca Group PLC 199,084
17,050 Glaxo Wellcome PLC 481,905
17,800 SmithKline Beecham PLC 227,115
------------
908,104
------------
INSURANCE (0.5%)
5,200 Allied Zurich PLC 61,267
3,400 Norwich Union PLC 25,178
7,500 Prudential PLC 147,782
10,736 Royal & Sun Alliance Insurance
Group PLC 81,757
------------
315,984
------------
INTERNET (0.1%)
4,800 Thus PLC* 30,312
------------
MANUFACTURING (0.3%)
33,000 Corus Group PLC 85,810
14,100 Glynwed International PLC 54,655
3,600 TI Group PLC 27,618
------------
168,083
------------
OIL & GAS (1.3%)
75,000 BP Amoco PLC 754,050
2,300 Enterprise Oil PLC 15,602
------------
769,652
------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
REAL ESTATE INVESTMENT/MANAGEMENT (0.1%)
8,600 MEPC PLC $ 64,588
------------
RETAIL (0.5%)
3,000 Dixons Group PLC 72,147
5,560 The Great Universal Stores PLC 32,507
9,400 Kingfisher PLC 104,300
29,600 Tesco PLC 89,997
------------
298,951
------------
TELECOMMUNICATIONS (2.1%)
12,000 British Telecommunications PLC 293,238
14,100 Cable & Wireless PLC* 238,888
9,700 Marconi PLC 171,626
120,050 Vodafone Airtouch PLC 594,766
------------
1,298,518
------------
UTILITIES/POWER PRODUCERS (0.2%)
18,300 Scottish Power PLC 138,619
------------
TOTAL UNITED KINGDOM 6,462,397
------------
UNITED STATES (40.8%)
AEROSPACE/DEFENSE (0.8%)
5,500 The Boeing Co. 228,594
2,300 Honeywell International, Inc. 132,681
5,500 Lockheed Martin Corp. 120,313
------------
481,588
------------
AGRICULTURAL PRODUCTS (0.1%)
2,000 Deere & Co. 86,750
------------
ALUMINUM (0.2%)
1,500 Alcoa, Inc. 124,500
------------
BANKS (2.2%)
2,231 Bank of America Corp. 111,968
11,600 First Union Corp. 380,625
12,000 Keycorp 265,500
8,400 U.S. Bancorp 200,025
8,250 Washington Mutual, Inc. 214,500
3,800 Wells Fargo Co. 153,663
------------
1,326,281
------------
BEVERAGES/NON-ALCOHOLIC (0.5%)
4,700 The Coca-Cola Co. 273,775
1,200 PepsiCo, Inc. 42,300
------------
316,075
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 59
<PAGE> 62
NATIONWIDE SEPARATE ACCOUNT TRUST
GLOBAL EQUITY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
BIOTECHNOLOGY (1.2%)
4,800 Amgen, Inc.* $ 288,300
8,900 Monsanto Co. 317,063
1,200 PE Corp.-PE Biosystems Group 144,375
------------
749,738
------------
CHEMICALS (0.4%)
6,300 Rohm and Haas Co. 256,331
------------
COMMUNICATION EQUIPMENT (0.6%)
4,800 Lucent Technologies, Inc. 359,100
------------
COMPUTER HARDWARE (1.8%)
3,400 Apple Computer, Inc.* 349,562
4,100 Dell Computer Corp.* 209,100
2,000 International Business Machines
Corp. 216,000
4,200 Sun Microsystems, Inc.* 325,238
------------
1,099,900
------------
COMPUTER SOFTWARE & SERVICES (6.5%)
7,300 America Online, Inc.* 550,694
3,500 BMC Software, Inc.* 279,781
9,600 Cisco Systems, Inc.* 1,028,400
13,400 Microsoft Corp.* 1,564,450
800 RealNetworks, Inc.* 96,250
1,100 VeriSign, Inc.* 210,031
500 Yahoo!, Inc.* 216,344
------------
3,945,950
------------
CONSUMER FINANCE (0.6%)
4,300 Fannie Mae 268,481
2,500 Freddie Mac 117,656
------------
386,137
------------
ELECTRIC COMPANIES (0.1%)
2,700 Wisconsin Energy Corp. 51,975
------------
ELECTRICAL EQUIPMENT (1.4%)
5,500 General Electric Co. 851,125
------------
ELECTRONICS (2.3%)
2,400 Altera Corp.* 118,950
8,200 Intel Corp. 674,963
1,500 Motorola, Inc. 220,875
3,800 Texas Instruments, Inc. 368,125
------------
1,382,913
------------
ENTERTAINMENT (0.4%)
9,400 The Walt Disney Co. 274,950
------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
FINANCIAL/DIVERSIFIED (1.0%)
4,720 The CIT Group, Inc. $ 99,710
5,500 Citigroup, Inc. 305,594
1,400 The Goldman Sachs Group, Inc. 131,862
2,700 TD Waterhouse Group, Inc.* 44,342
------------
581,508
------------
GAMING & LOTTERY (0.3%)
14,000 Mirage Resorts, Inc.* 214,375
------------
HARDWARE & TOOLS (0.2%)
2,500 The Black & Decker Corp. 130,625
------------
HEALTHCARE (3.2%)
4,900 Alza Corp.* 169,662
4,100 American Home Products Corp. 161,694
3,300 Bristol-Myers Squibb Co. 211,819
7,900 Columbia/HCA Healthcare Corp. 231,569
6,500 Eli Lilly & Co. 432,250
3,400 Forest Laboratories, Inc.* 208,888
1,000 Guidant Corp.* 47,000
2,300 Medtronic, Inc. 83,806
4,500 Merck & Co., Inc. 301,781
1,000 Warner-Lambert Co. 81,937
------------
1,930,406
------------
HOUSEHOLD FURNISHING & APPLIANCES (0.1%)
900 MediaOne Group, Inc.* 69,131
------------
INSURANCE (0.8%)
700 Ambac Financial Group, Inc. 36,531
1,650 American International Group,
Inc. 178,406
5,400 UnumProvident Corp. 173,138
1,800 XL Capital Ltd. 93,375
------------
481,450
------------
INSURANCE BROKERS (0.5%)
6,000 MBIA, Inc. 316,875
------------
LEISURE PRODUCTS (0.5%)
25,000 Mattel, Inc. 328,125
------------
MACHINERY (0.5%)
2,300 Applied Materials, Inc.* 291,381
------------
MANUFACTURING (0.6%)
3,800 Cooper Industries, Inc. 153,663
4,800 Tyco International Ltd. 186,600
------------
340,263
------------
</TABLE>
60 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 63
NATIONWIDE SEPARATE ACCOUNT TRUST
GLOBAL EQUITY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
NATURAL GAS (0.3%)
4,500 Enron Corp. $ 199,688
------------
OFFICE EQUIPMENT & SUPPLIES (0.2%)
4,500 Xerox Corp. 102,094
------------
OIL & GAS (2.6%)
5,700 Columbia Energy Group 360,525
2,700 Cooper Cameron Corp.* 132,131
11,957 Exxon Mobil Corp. 963,286
1,800 Royal Dutch Petroleum Co. - NY
Shares 108,788
------------
1,564,730
------------
PAPER & FOREST PRODUCTS (0.6%)
1,700 International Paper Co. 95,944
3,700 Temple-Inland, Inc. 243,969
------------
339,913
------------
PERSONAL CARE PRODUCTS (1.1%)
5,800 The Gillette Co. 238,887
4,100 The Procter & Gamble Co. 449,206
------------
688,093
------------
PUBLISHING (0.5%)
2,600 EMC Corp.* 284,050
------------
RAILROADS (0.3%)
3,700 Union Pacific Corp. 161,412
------------
RESTAURANTS (0.3%)
4,200 McDonald's Corp. 169,313
------------
RETAIL (2.8%)
2,900 The Federated Department Stores* 146,631
5,200 The Gap, Inc. 239,200
4,350 The Home Depot, Inc. 298,247
2,200 Jones Apparel Group, Inc.* 59,675
7,300 The Kroger Co.* 137,787
2,500 Sears Roebuck & Co. 76,094
10,900 Wal-Mart Stores, Inc. 753,463
------------
1,711,097
------------
SERVICES (0.9%)
400 DoubleClick, Inc.* 101,225
1,119 LHS Group, Inc.* 27,969
3,400 Oracle Corp.* 381,012
9,300 Service Corp. International 64,519
------------
574,725
------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------
SHARES SECURITY VALUE
- ----------------------------------------------------------
<C> <S> <C>
TELECOMMUNICATIONS (3.5%)
2,400 AT&T Corp. $ 121,800
3,600 CBS Corp.* 230,175
7,900 Global Crossing Ltd.* 395,000
4,000 GTE Corp. 282,250
3,500 Level 3 Communications, Inc.* 286,562
5,700 MCI Worldcom, Inc.* 302,456
8,600 SBC Communications, Inc. 419,250
600 Sprint Corp. (PCS Group)* 61,500
------------
2,098,993
------------
TOBACCO (0.6%)
15,100 Philip Morris Cos., Inc. 350,131
------------
TRUCKS & PARTS (0.1%)
2,600 Lear Corp.* 83,200
------------
UTILITIES/POWER PRODUCERS (0.0%)
1,600 Northern States Power Co. 31,200
------------
WASTE MANAGEMENT (0.2%)
5,582 Waste Management, Inc. 95,941
------------
TOTAL UNITED STATES 24,832,032
------------
TOTAL COMMON STOCK
(cost $50,688,440) 58,714,928
------------
PREFERRED STOCK (0.4%)
AUSTRALIA (0.2%)
BROADCASTING & TELEVISION (0.2%)
16,410 The News Corp. Ltd. 140,123
------------
GERMANY (0.2%)
AUTOMOBILES (0.1%)
700 Volkswagen AG 22,047
------------
BROADCASTING & TELEVISION (0.1%)
1,017 Prosieben Media AG 57,912
------------
TOTAL GERMANY 79,959
------------
TOTAL PREFERRED STOCK
(cost $194,960) 220,082
------------
WARRANTS (0.1%)
AUSTRALIA (0.1%)
9,138 Telstra Corp. Ltd. Install
Receipts, expiring 11/02/00
(cost $27,895) 32,108
------------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 61
<PAGE> 64
NATIONWIDE SEPARATE ACCOUNT TRUST
GLOBAL EQUITY FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- ---------------------------------------------------------
PRINCIPAL SECURITY VALUE
- ---------------------------------------------------------
<C> <S> <C>
REPURCHASE AGREEMENT (2.6%)
$1,604,000 Fifth Third Bank, 1.40%,
01/03/00, Collateralized by
$1,640,000 FHLMC Pool #G10813,
7.00%, 12/01/11, market value
$1,612,120
(cost $1,604,000) $ 1,604,000
------------
TOTAL INVESTMENTS
(cost $52,515,295) $ 60,462,330
============
</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>
British Pounds $ 337,692 $ 336,982 $ (710) 02/23/00
Hong Kong Dollars 643,128 642,901 (227) 02/23/00
Japanese Yen 340,610 345,174 4,564 02/23/00
New Zealand Dollars 209,959 214,934 4,975 02/23/00
Euro Dollars 1,121,270 1,078,950 (42,320) 02/23/00
----------- ----------- --------
TOTAL CURRENCY PURCHASED $ 2,652,659 $ 2,618,941 (33,718)
=========== =========== --------
CURRENCY SOLD:
- -------------------------------
British Pounds $ 1,300,133 $ 1,298,671 (1,462) 02/23/00
Hong Kong Dollars 592,246 592,209 (37) 02/23/00
Japanese Yen 2,352,923 2,369,772 16,849 02/23/00
New Zealand Dollars 241,837 244,075 2,238 02/23/00
Swiss Francs 594,701 584,412 (10,289) 02/23/00
Euro Dollars 2,303,300 2,249,412 (53,888) 02/23/00
----------- ----------- --------
TOTAL CURRENCY SOLD $ 7,385,140 $ 7,338,551 (46,589)
=========== =========== --------
NET RECEIVABLE FOR FORWARD CURRENCY CONTRACTS PURCHASED AND
SOLD $ 12,871
========
</TABLE>
- --------------------------------------------------------------------------------
* Denotes a non-income producing security
(a) Represents a security registered under Rule 144A, which limits the resale to
certain qualified buyers.
Securities denominated in foreign currencies are shown at the U.S. dollar cost
and value.
Cost for financial reporting purposes differs from cost basis for federal income
tax purposes by the amount of market to market adjustment for passive foreign
investment companies and the amount of losses recognized for financial reporting
purposes in excess of federal income tax reporting of $258,632.
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
AB Aktiebolag (Swedish stock company)
AG Aktiegesellschaft (Austrian, German, or Swiss stock company)
A/S Limited
FHLMC Federal Home Loan Mortgage Corporation
NV Naamloze Vennootschap (Dutch corporation)
ORD Ordinary Shares
OYJ Limited (Finnish)
PLC Public Limited Company (British or Irish)
SA Societe Anonyme (French or Swiss corporation)
SA Sociedad Anonima (Spanish or Portuguese corporation)
SCA Societe en Commandite par Action (French)
SPA Societa per Azioni (Italian corporation)
VVPR Verlaagde Voorheffing Precompte Reduit, - Coupon must be
presented with the corresponding coupon of the ordinary
share, to entitle the holder to reduction in withholding
tax.
</TABLE>
Portfolio holding percentages represent market value as a percentage of net
assets.
See accompanying notes to financial statements.
62 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 65
NATIONWIDE SEPARATE ACCOUNT TRUST
MID CAP INDEX FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999
<TABLE>
<CAPTION>
- ------------------------------------------------------------
SHARES SECURITY VALUE
- ------------------------------------------------------------
<C> <S> <C>
COMMON STOCK (96.6%)
AEROSPACE/DEFENSE (0.4%)
800 Cordant Technologies, Inc. $ 26,400
1,000 Litton Industries, Inc.* 49,875
200 Sequa Corp. Class A* 10,788
-----------
87,063
-----------
AGRICULTURAL PRODUCTS (0.2%)
2,400 IMC Global, Inc. 39,300
-----------
AIR FREIGHT (0.1%)
1,000 Airborne Freight Corp. 22,000
-----------
AIRLINES (0.1%)
600 Alaska Air Group, Inc.* 21,075
-----------
AUTO PARTS & EQUIPMENT (0.6%)
500 Arvin Industries, Inc. 14,187
500 Bandag, Inc. 12,500
600 Borg-Warner Automotive, Inc. 24,300
1,600 Federal-Mogul Corp. 32,200
1,500 Meritor Automotive, Inc. 29,063
600 Superior Industries International,
Inc. 16,088
-----------
128,338
-----------
BANKS (6.5%)
1,400 Associated Banc-Corp. 47,950
1,200 Astoria Financial Corp. 36,525
900 CCB Financial Corp. 39,206
4,500 Charter One Financial, Inc. 86,062
1,000 City National Corp. 32,938
2,400 Compass Bancshares, Inc. 53,550
2,400 Dime Bancorp, Inc. 36,300
1,900 FirstMerit Corp. 43,700
4,200 First Security Corp. 107,231
2,800 First Tennessee National Corp. 79,800
1,100 First Virginia Banks, Inc. 47,300
2,300 GreenPoint Financial Corp. 54,769
3,400 Hibernia Corp. Class A 36,125
1,000 Keystone Financial, Inc. 21,063
2,300 Marshall & Ilsley Corp. 144,469
1,500 Mercantile Bankshare Corp. 47,906
2,800 North Fork Bancorporation, Inc. 49,000
1,600 NOVA Corp.* 50,500
1,700 Pacific Century Financial Corp. 31,769
900 Provident Financial Group, Inc. 32,288
1,800 TCF Financial Corp. 44,775
1,000 Webster Financial Corp. 23,562
800 Westamerica Bancorporation 22,350
700 Wilmington Trust Corp. 33,774
1,800 Zions Bancorporation 106,537
-----------
1,309,449
-----------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------
SHARES SECURITY VALUE
- ------------------------------------------------------------
<C> <S> <C>
BEVERAGES/NON-ALCOHOLIC (0.2%)
2,900 Whitman Corp. $ 38,969
-----------
BIOTECHNOLOGY (1.4%)
3,900 Chiron Corp.* 165,263
900 Millennium Pharmaceuticals, Inc.* 109,800
-----------
275,063
-----------
BROADCASTING & TELEVISION (2.4%)
700 Chris-Craft Industries, Inc.* 50,488
1,200 Hispanic Broadcasting Corp.* 110,663
2,200 Univision Communications, Inc.* 224,812
1,200 Westwood One, Inc.* 91,200
-----------
477,163
-----------
BUILDING MATERIALS (0.8%)
1,500 American Standard Cos., Inc.* 68,813
1,000 Martin Marietta Materials, Inc. 41,000
1,000 USG Corp. 47,125
-----------
156,938
-----------
CHEMICALS/SPECIALTY (1.8%)
700 A. Schulman, Inc. 11,419
1,500 Airgas, Inc.* 14,250
1,000 Albemarle Corp. 19,188
1,400 Cabot Corp. 28,525
2,400 CK Witco Corp. 32,100
900 Cytec Industries, Inc.* 20,813
1,500 Ethyl Corp. 5,906
700 Ferro Corp. 15,400
700 Georgia Gulf Corp. 21,306
300 H.B. Fuller Co. 16,781
1,200 The Lubrizol Corp. 37,050
2,400 Lyondell Chemical Co. 30,600
1,000 M.A. Hanna Co. 10,938
400 Minerals Technologies, Inc. 16,025
2,200 RPM, Inc./Ohio 22,412
2,300 Solutia, Inc. 35,506
700 Structural Dynamics Research Corp.* 8,925
700 Wellman, Inc. 13,037
-----------
360,181
-----------
COMMUNICATION EQUIPMENT (0.2%)
700 Polycom, Inc.* 44,581
-----------
COMPUTER SOFTWARE & SERVICES (12.6%)
1,000 Affiliated Computer Services, Inc.* 46,000
5,200 Cadence Design Systems, Inc.* 124,800
1,300 Cambridge Technology Partners,
Inc.* 34,125
1,300 Electronic Arts, Inc.* 109,200
2,600 Fiserv, Inc.* 99,613
4,100 Intuit, Inc.* 245,744
1,500 Keane, Inc.* 47,625
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 63
<PAGE> 66
NATIONWIDE SEPARATE ACCOUNT TRUST
MID CAP INDEX FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- ------------------------------------------------------------
SHARES SECURITY VALUE
- ------------------------------------------------------------
<C> <S> <C>
COMPUTER SOFTWARE & SERVICES (CONTINUED)
1,800 Legato Systems, Inc.* $ 123,863
3,000 Network Associates, Inc.* 80,062
800 Policy Management Systems Corp.* 20,450
1,900 Rational Software Corp.* 93,337
4,100 Siebel Systems, Inc.* 344,400
1,900 Sterling Commerce, Inc.* 64,719
1,800 Sterling Software, Inc.* 56,700
900 Sykes Enterprises, Inc.* 39,487
1,900 Symbol Technologies, Inc. 120,769
1,500 Synopsys, Inc.* 100,125
700 Transaction Systems Architects,
Inc. Class A* 19,600
5,500 VERITAS Software Corp.* 787,187
-----------
2,557,806
-----------
COMPUTERS/HARDWARE (1.5%)
4,300 Informix Corp.* 49,181
1,400 Mentor Graphics Corp.* 18,463
2,100 NCR Corp.* 79,538
3,500 Quantum Corp. -- DLT & Storage
Systems* 52,937
2,100 Storage Technology Corp.* 38,719
2,700 SunGard Data Systems, Inc.* 64,125
-----------
302,963
-----------
CONGLOMERATE (0.1%)
1,000 Ogden Corp. 11,938
-----------
CONSTRUCTION (0.3%)
2,900 Clayton Homes, Inc. 26,644
600 Granite Construction, Inc. 11,062
600 Jacobs Engineering Group, Inc.* 19,500
-----------
57,206
-----------
CONSUMER FINANCE (0.8%)
4,400 Concord EFS, Inc.* 113,300
2,300 National Commerce Bancorporation 52,181
-----------
165,481
-----------
CONSUMER JEWELRY & GIFTS (0.7%)
1,500 Tiffany & Co. 133,875
-----------
CONTAINERS & PACKAGES (0.2%)
2,200 Sonoco Products Co. 50,050
-----------
DISTRIBUTORS (0.6%)
2,000 Arrow Electronics, Inc.* 50,750
800 Dean Foods Co. 31,800
1,100 Tech Data Corp.* 29,838
-----------
112,388
-----------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------
SHARES SECURITY VALUE
- ------------------------------------------------------------
<C> <S> <C>
ELECTRIC COMPANIES (5.4%)
2,300 Allegheny Energy, Inc. $ 61,956
1,700 Alliant Energy Corp. 46,750
500 Black Hills Corp. 11,094
1,300 Calpine Corp.* 83,200
500 Cleco Corp. 16,031
700 CMP Group, Inc. 19,294
2,000 Conectiv, Inc. 33,625
3,400 DPL, Inc. 58,863
2,400 Energy East Corp. 49,950
700 Hawaiian Electric Industries, Inc. 20,213
800 IDACORP, Inc. 21,450
1,500 Illinova Corp. 52,125
1,800 IPALCO Enterprises, Inc. 30,712
1,300 Kansas City Power & Light Co. 28,681
2,800 LG&E Energy Corp. 48,825
1,300 MidAmerican Energy Holdings Co. 43,794
1,600 Minnesota Power, Inc. 27,100
1,300 New England Electric System 67,275
2,700 NiSource, Inc. 48,262
2,800 Northeast Utilities, Inc. 57,575
1,700 OGE Energy Corp. 32,300
2,500 Potomac Electric Power Co. 57,344
1,800 Puget Sound Energy, Inc. 34,875
1,800 Questar Corp. 27,000
1,700 Sierra Pacific Resources 29,431
2,000 UtiliCorp United, Inc. 38,875
2,500 Wisconsin Energy Corp. 48,125
-----------
1,094,725
-----------
ELECTRICAL EQUIPMENT (0.8%)
700 AMETEK, Inc. 13,344
1,400 Hubbell, Inc. Class B 38,150
1,200 Sanmina Corp.* 119,850
-----------
171,344
-----------
ELECTRONICS (9.5%)
4,200 Altera Corp.* 208,163
4,300 Atmel Corp.* 127,119
900 Avnet, Inc. 54,450
1,300 Cirrus Logic, Inc.* 17,306
2,300 Cypress Semiconductor Corp.* 74,463
1,900 Jabil Circuit, Inc.* 138,700
3,300 Linear Technology Corp. 236,156
5,800 Maxim Integrated Products, Inc.* 273,687
1,100 Microchip Technology, Inc.* 75,281
800 Novellus Systems, Inc.* 98,025
800 QLogic Corp.* 127,900
1,500 SCI Systems, Inc.* 123,281
1,600 Sensormatic Electronics Corp.* 27,900
2,700 TECO Energy, Inc. 50,119
1,800 Vishay Intertechnology, Inc.* 56,925
</TABLE>
64 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 67
NATIONWIDE SEPARATE ACCOUNT TRUST
MID CAP INDEX FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- ------------------------------------------------------------
SHARES SECURITY VALUE
- ------------------------------------------------------------
<C> <S> <C>
ELECTRONICS (CONTINUED)
3,300 Vitesse Semiconductor Corp.* $ 173,044
1,300 Waters Corp.* 68,900
-----------
1,931,419
-----------
ENTERTAINMENT (0.5%)
1,700 Premier Parks, Inc.* 49,088
1,100 International Speedway Corp. Class
A 55,413
-----------
104,501
-----------
FINANCIAL/DIVERSIFIED (1.6%)
2,000 A.G. Edwards, Inc. 64,125
5,200 E*TRADE Group, Inc.* 135,850
1,300 The FINOVA Group, Inc. 46,150
700 Investment Technology Group 20,125
1,200 Legg Mason, Inc. 43,500
500 NCO Group, Inc.* 15,063
-----------
324,813
-----------
FOODS (1.7%)
1,200 Dole Food Co., Inc. 19,500
600 Dreyer's Grand Ice Cream, Inc. 10,200
2,100 Flowers Industries, Inc. 33,469
1,500 Hormel Foods Corp. 60,938
2,000 IBP, Inc. 36,000
400 International Multifoods Corp. 5,300
1,500 Interstate Bakeries Corp. 27,188
600 The J.M. Smucker Co. Class A 11,700
600 Lance, Inc. 6,000
1,500 McCormick & Co., Inc. 44,625
700 Suiza Foods Corp.* 27,737
2,200 U.S. Foodservice* 36,850
1,100 Universal Foods Corp. 22,412
800 Vlasic Foods International, Inc.* 4,550
-----------
346,469
-----------
GAMING & LOTTERY (0.2%)
1,900 International Game Technology 38,594
-----------
HEALTHCARE (3.8%)
500 Acuson Corp.* 6,281
1,100 Apria Healthcare Group, Inc.* 19,731
600 Beckman Coulter, Inc. 30,525
2,100 Beverly Enterprises, Inc.* 9,188
1,200 Covance, Inc.* 12,975
800 Express Scripts, Inc. Class A* 51,200
1,000 First Health Group Corp.* 26,875
2,500 Foundation Health Systems, Inc.* 24,844
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------
SHARES SECURITY VALUE
- ------------------------------------------------------------
<C> <S> <C>
HEALTHCARE (CONTINUED)
5,400 Health Management Associates, Inc.
Class A* $ 72,225
1,400 Hillenbrand Industries, Inc. 44,362
1,100 Lincare Holdings, Inc.* 38,156
2,700 Mylan Laboratories, Inc. 68,006
1,700 Oxford Health Plans, Inc.* 21,569
900 PacifiCare Health Systems, Inc.* 47,700
1,500 Perrigo Co.* 12,000
1,500 Quorum Health Group, Inc.* 13,969
1,400 STERIS Corp.* 14,438
2,100 Stryker Corp. 146,211
1,600 Total Renal Care Holdings, Inc.* 10,700
800 Trigon Healthcare, Inc.* 23,600
1,400 VISX, Inc.* 72,450
-----------
767,005
-----------
HOTELS & LODGING (0.2%)
1,900 Mandalay Resort Group* 38,238
-----------
HOUSEHOLD FURNISHING & APPLIANCES (0.6%)
1,100 Furniture Brands International,
Inc.* 24,200
1,300 Mohawk Industries, Inc.* 34,287
2,800 Shaw Industries, Inc. 43,225
1,100 WestPoint Stevens, Inc. 19,250
-----------
120,962
-----------
HOUSEHOLD PRODUCTS (0.2%)
1,000 Blyth Industries, Inc.* 24,562
800 Church & Dwight Co., Inc. 21,350
-----------
45,912
-----------
INSURANCE (2.5%)
1,200 Allmerica Financial Corp. 66,750
1,500 Ambac Financial Group, Inc. 78,281
1,200 American Financial Group, Inc. 31,650
1,000 Everest Reinsurance Holdings, Inc. 22,313
900 Horace Mann Educators Corp. 17,662
600 HSB Group, Inc. 20,288
1,300 Ohio Casualty Corp. 20,881
2,600 Old Republic International Corp. 35,425
900 The PMI Group, Inc. 43,931
1,400 Protective Life Corp. 44,537
1,900 ReliaStar Financial Corp. 74,456
1,500 Unitrin, Inc. 56,437
-----------
512,611
-----------
IRON & STEEL (0.3%)
2,200 AK Steel Holding Corp. 41,525
500 Oregon Steel Mills, Inc. 3,969
1,000 UCAR International, Inc.* 17,812
-----------
63,306
-----------
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 65
<PAGE> 68
NATIONWIDE SEPARATE ACCOUNT TRUST
MID CAP INDEX FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- ------------------------------------------------------------
SHARES SECURITY VALUE
- ------------------------------------------------------------
<C> <S> <C>
LEISURE PRODUCTS (0.3%)
1,600 Callaway Golf Co. $ 28,300
1,200 Sotheby's Holdings, Inc. Class A 36,000
-----------
64,300
-----------
MACHINERY/DIVERSIFIED (0.9%)
1,300 AGCO Corp. 17,469
612 Albany International Corp. Class A* 9,486
800 Flowserve Corp. 13,600
800 Imation Corp.* 26,850
600 Kennametal, Inc. 20,175
600 MagneTek, Inc.* 4,612
700 SPX Corp.* 56,569
600 Stewart & Stevenson Services, Inc. 7,106
400 Tecumseh Products Co. Class A 18,875
-----------
174,742
-----------
MANUFACTURING (2.1%)
600 Carlisle Cos., Inc. 21,600
500 The Dexter Corp. 19,875
2,200 The Dial Corp. 53,487
1,000 Donaldson Co., Inc. 24,062
1,000 Federal Signal Corp. 16,063
700 GTECH Holdings Corp.* 15,400
900 Harsco Corp. 28,575
1,900 Integrated Device Technology, Inc.* 55,100
900 Lancaster Colony Corp. 29,812
1,000 Mark IV Industries, Inc. 17,688
600 Modine Manufacturing Co. 15,000
100 NCH Corp. 4,456
700 Newport News Shipbuilding, Inc. 19,250
1,000 Olin Corp. 19,812
1,000 Pentair, Inc. 38,500
800 Teleflex, Inc. 25,050
800 Trinity Industries, Inc. 22,750
-----------
426,480
-----------
MEDICAL PRODUCTS (0.8%)
1,100 DENTSPLY International, Inc. 25,988
700 MiniMed, Inc.* 51,275
1,900 Omnicare, Inc. 22,800
1,400 PSS World Medical, Inc.* 13,212
2,200 Sybron International Corp.
Wisconsin* 54,312
-----------
167,587
-----------
METAL FABRICATORS (0.2%)
500 Carpenter Technology Corp. 13,719
100 MAXXAM, Inc.* 4,287
500 Precision Castparts Corp. 13,125
500 Ryerson Tull, Inc. 9,719
-----------
40,850
-----------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------
SHARES SECURITY VALUE
- ------------------------------------------------------------
<C> <S> <C>
METALS/MINING (0.3%)
200 Cleveland-Cliffs, Inc. $ 6,225
700 Kaydon Corp. 18,769
800 Southdown, Inc. 41,300
-----------
66,294
-----------
MOTORCYCLES (1.0%)
3,200 Harley-Davidson, Inc. 205,000
-----------
NATURAL GAS (0.4%)
2,400 Kinder Morgan, Inc. 48,450
1,000 Washington Gas Light Co. 27,500
-----------
75,950
-----------
OFFICE EQUIPMENT & SUPPLIES (0.7%)
1,700 Harris Corp. 45,369
1,700 Herman Miller, Inc. 39,100
1,300 HON INDUSTRIES, Inc. 28,519
600 The Standard Register Co. 11,625
900 Wallace Computer Services, Inc. 14,962
-----------
139,575
-----------
OIL & GAS/PRODUCTION (5.7%)
1,200 AGL Resources, Inc. 20,400
1,500 BJ Services Co.* 62,719
1,600 DQE, Inc. 55,400
1,800 Devon Energy Corp. 59,175
2,900 ENSCO International, Inc. 66,337
3,700 Global Marine, Inc.* 61,512
600 Hanover Compressor Co.* 22,650
1,100 Helmerich & Payne, Inc. 23,994
600 Indiana Energy, Inc. 10,650
2,800 KeySpan Corp. 64,925
1,800 MCN Energy Group, Inc. 42,750
1,000 Murphy Oil Corp. 57,375
2,900 Nabors Industries, Inc.* 89,719
800 National Fuel Gas Co. 37,200
1,200 Noble Affiliates, Inc. 25,725
2,800 Noble Drilling Corp.* 91,700
3,500 Ocean Energy, Inc.* 27,125
1,700 Pennzoil-Quaker State Co. 17,319
2,000 Pioneer Natural Resources Co.* 17,875
3,900 Santa Fe Snyder Corp.* 31,200
1,000 Smith International, Inc.* 49,687
1,200 Tidewater, Inc. 43,200
1,800 Ultramar Diamond Shamrock Corp. 40,838
1,200 Valero Energy Corp. 23,850
1,300 Varco International, Inc.* 13,244
2,300 Weatherford International, Inc.* 91,856
-----------
1,148,425
-----------
</TABLE>
66 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 69
NATIONWIDE SEPARATE ACCOUNT TRUST
MID CAP INDEX FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- ------------------------------------------------------------
SHARES SECURITY VALUE
- ------------------------------------------------------------
<C> <S> <C>
PAPER & FOREST PRODUCTS (1.2%)
1,100 Bowater, Inc. $ 59,744
400 Chesapeake Corp. 12,200
1,900 Consolidated Papers, Inc. 60,444
1,800 Georgia-Pacific Corp. (Timber
Group) 44,325
1,100 Longview Fibre Co. 15,675
900 P.H. Glatfelter Co. 13,106
600 Rayonier, Inc. 28,988
1,100 Wausau-Mosinee Paper Corp. 12,856
-----------
247,338
-----------
PHARMACEUTICALS (4.7%)
2,800 Bergen Brunswig Corp. Class A 23,275
3,200 Biogen, Inc.* 270,400
1,000 Carter-Wallace, Inc. 17,938
1,800 Forest Laboratories, Inc. Class A* 110,587
1,800 Genzyme Corp. - General Division* 81,000
900 Gilead Sciences, Inc.* 48,712
1,700 ICN Pharmaceuticals, Inc. 43,031
2,200 IVAX Corp.* 56,650
1,400 MedImmune, Inc.* 232,225
700 Sepracor, Inc.* 69,431
-----------
953,249
-----------
PUBLISHING (1.4%)
600 Banta Corp. 13,538
700 Houghton Mifflin Co. 29,531
900 Lee Enterprises, Inc. 28,744
400 Scholastic Corp.* 24,875
2,300 The Reader's Digest Association,
Inc. Class A 67,275
200 The Washington Post Co. Class B 111,175
-----------
275,138
-----------
REAL ESTATE INVESTMENT/MANAGEMENT (0.4%)
6,500 Park Place Entertainment Corp.* 81,250
-----------
RESTAURANTS (1.1%)
800 Bob Evans Farms, Inc. 12,350
1,400 Brinker International, Inc.* 33,600
900 Buffets, Inc.* 9,000
1,200 CBRL Group, Inc. 11,644
600 Lone Star Steakhouse & Saloon,
Inc.* 5,353
1,600 Outback Steakhouse, Inc.* 41,500
600 Papa John's International, Inc.* 15,637
3,900 Starbucks Corp.* 94,575
-----------
223,659
-----------
RETAIL (5.1%)
2,200 Abercrombie & Fitch Co. Class A* 58,713
1,000 American Eagle Outfitters, Inc.* 45,000
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------
SHARES SECURITY VALUE
- ------------------------------------------------------------
<C> <S> <C>
RETAIL (CONTINUED)
1,500 Barnes & Noble, Inc.* $ 30,937
1,600 BJ's Wholesale Club, Inc.* 58,400
1,700 Borders Group, Inc.* 27,306
900 CDW Computer Centers, Inc.* 70,762
1,100 Claire's Stores, Inc. 24,612
1,800 CompUSA, Inc.* 9,225
1,300 Dollar Tree Stores, Inc.* 62,969
1,300 DST Systems, Inc.* 99,206
3,700 Family Dollar Stores, Inc. 60,356
800 Fastenal Co. 35,950
900 Hannaford Bros. Co. 62,381
1,100 Heilig-Meyers Co. 3,025
2,600 Jones Apparel Group, Inc.* 70,525
600 Lands' End, Inc.* 20,850
800 Micro Warehouse, Inc.* 14,800
1,000 The Neiman Marcus Group, Inc.* 27,938
2,200 OfficeMax, Inc.* 12,100
700 Payless ShoeSource, Inc.* 32,901
1,900 Ross Stores, Inc. 34,081
1,000 Ruddick Corp. 15,500
3,100 Saks, Inc.* 48,244
4,700 Sovereign Bancorp, Inc. 35,030
1,100 The Warnaco Group, Inc. Class A 13,544
1,200 Williams-Sonoma, Inc.* 55,200
-----------
1,029,555
-----------
SERVICES (6.2%)
1,200 ACNielsen Corp.* 29,550
1,800 Acxiom Corp.* 43,200
1,600 Apollo Group, Inc. Class A* 32,100
1,200 CheckFree Holdings* 125,400
2,400 Cintas Corp. 127,500
3,300 Comdisco, Inc. 122,925
3,200 Convergys Corp.* 98,400
1,500 Devry, Inc.* 27,938
1,500 Diebold, Inc. 35,250
1,800 Gartner Group, Inc. Class B* 24,862
1,000 GATX Corp. 33,750
1,500 Harte-Hanks, Inc. 32,625
800 Kelly Services, Inc. 20,100
1,600 Manpower, Inc. 60,200
1,900 Modis Professional Services, Inc.* 27,075
800 Navigant Consulting, Inc.* 8,700
300 Nordson Corp. 14,475
1,600 Olsten Corp. 18,100
900 Pittston Brink's Group 19,800
1,600 The Reynolds and Reynolds Co.
Class A 36,000
1,900 Robert Half International, Inc.* 54,269
600 Rollins, Inc. 9,000
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 67
<PAGE> 70
NATIONWIDE SEPARATE ACCOUNT TRUST
MID CAP INDEX FUND
STATEMENT OF INVESTMENTS -- DECEMBER 31, 1999 (CONTINUED)
<TABLE>
<CAPTION>
- ------------------------------------------------------------
SHARES SECURITY VALUE
- ------------------------------------------------------------
<C> <S> <C>
SERVICES (CONTINUED)
2,200 Stewart Enterprises, Inc. Class A $ 10,450
1,100 Sylvan Learning Systems, Inc.* 14,300
1,200 Symantec Corp.* 70,350
4,900 Tyson Foods, Inc. Class A 79,625
2,000 Viad Corp. 55,750
800 York International Corp. 21,951
-----------
1,253,645
-----------
SHIPPING (0.2%)
900 Alexander & Baldwin, Inc. 20,531
700 Overseas Shipholding Group, Inc. 10,369
-----------
30,900
-----------
TELECOMMUNICATIONS (2.3%)
2,500 A.H. Belo Corp. 47,656
800 ADTRAN, Inc.* 41,150
4,600 BroadWing, Inc.* 169,625
1,100 COMSAT Corp. 21,863
600 Media General, Inc. Class A 31,200
1,300 Telephone and Data Systems, Inc. 163,800
-----------
475,294
-----------
TEXTILES/APPAREL (0.1%)
900 Burlington Industries, Inc.* 3,600
1,200 Unifi, Inc.* 14,775
-----------
18,375
-----------
TOBACCO (0.3%)
2,300 R.J. Reynolds Tobacco Holdings,
Inc. 40,537
700 Universal Corp. 15,969
-----------
56,506
-----------
TRANSPORTATION (0.3%)
500 Arnold Industries, Inc. 7,031
1,000 CNF Transportation, Inc. 34,500
700 J.B. Hunt Transport Services, Inc. 9,691
1,100 Wisconsin Central Transportation
Corp.* 14,781
-----------
66,003
-----------
TRUCKS & PARTS (0.3%)
1,400 Lear Corp.* 44,800
1,400 Swift Transportation Co., Inc.* 24,675
-----------
69,475
-----------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------
SHARES SECURITY VALUE
- ------------------------------------------------------------
<C> <S> <C>
UTILITIES (1.8%)
4,100 American Power Conversion Corp.* $ 108,137
2,100 American Water Works Co., Inc. 44,625
2,300 The Montana Power Co. 82,944
1,300 NSTAR 52,650
900 Public Service Co. of New Mexico 14,625
2,200 SCANA Corp. 59,125
-----------
362,106
-----------
TOTAL COMMON STOCK
(cost $18,049,370) 19,563,422
-----------
</TABLE>
<TABLE>
<CAPTION>
- ----------
AMOUNT
- ----------
<C> <S> <C>
8,000 S&P 400 Depositary Receipts (3.2%) $ 649,000
-----------
</TABLE>
<TABLE>
<CAPTION>
- ----------
PRINCIPAL
- ----------
<C> <S> <C>
REPURCHASE AGREEMENT (0.6%)
$ 126,000 Fifth Third Bank, 1.40%, 01/03/00,
Collateralized by $130,000 FHLMC
Gold Pool #G10813, 7.00%, 12/01/11,
market value $127,790
(cost $126,000) 126,000
-----------
TOTAL INVESTMENTS
(cost $18,175,370) $20,338,422
===========
</TABLE>
- ------------------------------------------------------
* Denotes a non-income producing security
Cost for financial reporting purposes differs from cost basis for federal income
tax purposes by the amount of losses recognized for financial reporting purposes
in excess of federal income tax reporting of $83,276.
The abbreviations in the above statement stand for the following:
<TABLE>
<S> <C>
FHLMC Federal Home Loan Mortgage Corp.
REIT Real Estate Investment Trust
</TABLE>
Portfolio holding percentages represent market value as a
percentage of net assets.
See accompanying notes to financial statements.
68 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 71
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1999
- --------------------------------------------------------------------------------
<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 $1,556,448,775; $827,233,256;
$780,911,447; $2,128,050,245; and
$367,601,084, respectively) $2,406,369,546 $1,071,770,130 $748,176,498 $2,128,050,245 $530,330,160
Repurchase agreements (cost
$11,675,000; and $11,696,000,
respectively) -- -- 11,675,000 -- 11,696,000
-------------- -------------- ------------ -------------- ------------
Total investments 2,406,369,546 1,071,770,130 759,851,498 2,128,050,245 542,026,160
Cash -- 643 423 -- 29,307
Accrued interest and dividends
receivable 2,413,314 1,205,548 10,577,470 361,702 182,824
Withholding tax reclaim receivable 113,001 -- -- -- 114,151
Receivable for investment securities
sold 40,908,231 -- -- 97,931 2,237,686
Deferred organization expenses -- -- -- -- 1,340
Other assets 11,443 5,872 3,355 6,228 1,825
-------------- -------------- ------------ -------------- ------------
Total assets 2,449,815,535 1,072,982,193 770,432,746 2,128,516,106 544,593,293
-------------- -------------- ------------ -------------- ------------
LIABILITIES
Bank loan 1,307 -- -- 1,906 --
Payable for investment securities
purchased 28,425,900 4,390,178 -- -- 1,524,835
Payable for translation of assets and
liabilities in foreign currencies -- -- -- -- 6,215
Accrued investment management fees 1,202,829 548,919 326,129 646,242 400,837
Accrued fund administration fees 90,262 44,716 32,613 74,746 25,567
Accrued administrative servicing fees 324,063 143,172 103,603 261,874 64,199
Other accrued expenses 33,981 16,527 13,537 31,561 34,797
-------------- -------------- ------------ -------------- ------------
Total liabilities 30,078,342 5,143,512 475,882 1,016,329 2,056,450
-------------- -------------- ------------ -------------- ------------
NET ASSETS $2,419,737,193 $1,067,838,681 $769,956,864 $2,127,499,777 $542,536,843
============== ============== ============ ============== ============
REPRESENTED BY:
Capital $1,541,285,720 $ 823,301,807 $802,742,305 $2,127,492,429 $357,069,847
Net unrealized appreciation
(depreciation) on investments and
translation of assets and
liabilities in foreign currencies 849,920,771 244,536,874 (32,734,949) -- 162,722,861
Undistributed (distributions in excess
of) net realized gain from
investments and foreign currency
transactions 28,521,191 -- (50,492) 5,570 22,744,135
Undistributed net investment income 9,511 -- -- 1,778 --
-------------- -------------- ------------ -------------- ------------
NET ASSETS $2,419,737,193 $1,067,838,681 $769,956,864 $2,127,499,777 $542,536,843
============== ============== ============ ============== ============
Shares outstanding (unlimited number of
shares authorized) 128,671,208 41,541,048 71,327,302 2,127,495,705 24,524,686
============== ============== ============ ============== ============
NET ASSET VALUE, offering and redemption
price per share $ 18.81 $ 25.71 $ 10.79 $ 1.00 $ 22.12
============== ============== ============ ============== ============
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 69
<PAGE> 72
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1999 (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STRATEGIC STRATEGIC EQUITY HIGH
INCOME GROWTH VALUE INCOME INCOME
FUND FUND FUND FUND BOND FUND
---------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments in securities, at value (cost
$8,487,055; $76,996,322; $17,445,044;
$22,877,221; and $63,981,957, respectively) $8,182,655 $92,997,375 $16,766,162 $28,152,877 $60,506,710
Repurchase agreements (cost $202,000;
$11,295,000; $484,000; $1,315,000; and
$3,170,000, respectively) 202,000 11,295,000 484,000 1,315,000 3,170,000
---------- ----------- ----------- ----------- -----------
Total investments 8,384,655 104,292,375 17,250,162 29,467,877 63,676,710
Cash 766 233 36 485 2,563
Accrued interest and dividends receivable 146,986 10,497 15,682 28,813 1,120,523
Receivable for investment securities sold -- 3,029,259 -- -- --
Receivable from advisor 391 -- -- -- --
Deferred organization expenses 1,363 2,159 2,160 2,247 2,012
Other assets 2 53 74 80 256
---------- ----------- ----------- ----------- -----------
Total assets 8,534,163 107,334,576 17,268,114 29,499,502 64,802,064
---------- ----------- ----------- ----------- -----------
LIABILITIES
Payable for investment securities purchased -- 8,174,977 -- 288,500 --
Payable for fund shares redeemed -- -- -- -- 2,340
Accrued investment management fees -- 46,599 8,202 14,107 25,891
Accrued fund administration fees -- 4,913 969 1,655 3,804
Accrued administrative servicing fees 104 10,676 2,897 3,542 7,838
Other accrued expenses 1,325 6,129 2,210 2,595 8,362
---------- ----------- ----------- ----------- -----------
Total liabilities 1,429 8,243,294 14,278 310,399 48,235
---------- ----------- ----------- ----------- -----------
NET ASSETS $8,532,734 $99,091,282 $17,253,836 $29,189,103 $64,753,829
========== =========== =========== =========== ===========
REPRESENTED BY:
Capital $8,912,249 $74,776,512 $18,516,755 $24,383,584 $68,577,459
Net unrealized appreciation (depreciation) on
investments and translation of assets and
liabilities in foreign currencies (304,400) 16,001,053 (678,882) 5,275,656 (3,475,247)
Undistributed (distributions in excess of) net
realized gain (loss) from investments and
foreign currency transactions (84,869) 8,313,717 (590,485) (483,908) (371,694)
Undistributed net investment income 9,754 -- 6,448 13,771 23,311
---------- ----------- ----------- ----------- -----------
NET ASSETS $8,532,734 $99,091,282 $17,253,836 $29,189,103 $64,753,829
========== =========== =========== =========== ===========
Shares outstanding (unlimited number of shares
authorized) 889,085 4,848,953 1,832,739 2,156,908 6,799,139
========== =========== =========== =========== ===========
NET ASSET VALUE, offering and redemption price per
share $ 9.60 $ 20.44 $ 9.41 $ 13.53 $ 9.52
========== =========== =========== =========== ===========
</TABLE>
See accompanying notes to financial statements.
70 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 73
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 1999 (CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MULTI SMALL CAP SELECT ADVISERS GLOBAL MID CAP
BALANCED SECTOR VALUE SMALL CAP EQUITY INDEX
FUND BOND FUND FUND GROWTH FUND FUND FUND*
----------- ------------ ------------ --------------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments in securities, at value
(cost $75,843,955; $86,607,077;
$126,493,909; $11,436,134;
$50,911,295; and $18,049,370,
respectively) $74,336,353 $84,962,588 $128,721,615 $16,357,405 $58,858,330 $20,212,422
Repurchase agreements
(cost $14,313,000; $810,000;
$3,170,000; $3,535,000; $1,604,000;
and $126,000, respectively) 14,313,000 810,000 3,170,000 3,535,000 1,604,000 126,000
----------- ------------ ------------ ----------- ----------- -----------
Total investments 88,649,353 85,772,588 131,891,615 19,892,405 60,462,330 20,338,422
Cash 957 1,134 840 1,456 479 259
Foreign currency at value (cost
$366,107) -- -- -- -- 366,586 --
Accrued interest and dividends
receivable 416,151 1,397,222 16,086 2,919 39,491 28,207
Withholding tax reclaim receivable -- -- -- -- 20,765 --
Receivable for investment securities
sold -- -- 87,274 27,937 40,387 69,124
Receivable for foreign currency
contracts -- 22,206 -- -- 12,871 --
Receivable from advisor -- -- -- -- -- 22,315
Deferred organization expenses 2,012 2,012 2,012 -- 2,159 2,012
Other assets 252 220 239 -- 139 55
----------- ------------ ------------ ----------- ----------- -----------
Total assets 89,068,725 87,195,382 131,998,066 19,924,717 60,945,207 20,460,394
----------- ------------ ------------ ----------- ----------- -----------
LIABILITIES
Foreign currency at value (cost $156) -- 155 -- -- -- --
Payable for fund shares redeemed -- 865 -- -- -- --
Payable for investment securities
purchased 10,856,470 14,273,594 -- 367,626 59,979 137,009
Payable for translation of assets and
liabilities in foreign currencies -- 8,328 -- -- 531 --
Accrued investment management fees 34,943 29,476 24,985 -- 13,916 --
Accrued fund administration fees 4,704 4,314 7,433 4,644 3,371 --
Accrued administrative servicing fees 10,482 9,597 16,341 1,082 6,669 1,920
Other accrued expenses 4,962 6,570 19,975 10,431 20,895 62,869
----------- ------------ ------------ ----------- ----------- -----------
Total liabilities 10,911,561 14,332,899 68,734 383,783 105,361 201,798
----------- ------------ ------------ ----------- ----------- -----------
NET ASSETS $78,157,164 $72,862,483 $131,929,332 $19,540,934 $60,839,846 $20,258,596
=========== ============ ============ =========== =========== ===========
REPRESENTED BY:
Capital $80,147,882 $75,909,841 $128,760,759 $13,710,525 $52,197,500 $17,845,160
Net unrealized appreciation
(depreciation) on investments and
translation of assets and
liabilities in foreign currencies (1,507,602) (1,630,610) 2,227,706 4,921,271 7,959,854 2,163,052
Undistributed net realized gain (loss)
from investments and foreign
currency transactions (530,895) (1,438,821) 940,867 909,138 709,093 224,375
Undistributed (distributions in excess
of) net investment income 47,779 22,073 -- -- (26,601) 26,009
----------- ------------ ------------ ----------- ----------- -----------
NET ASSETS $78,157,164 $72,862,483 $131,929,332 $19,540,934 $60,839,846 $20,258,596
=========== ============ ============ =========== =========== ===========
Shares outstanding (unlimited number
of shares authorized) 7,579,763 7,775,216 13,566,630 992,360 4,380,239 1,644,758
=========== ============ ============ =========== =========== ===========
NET ASSET VALUE, offering and
redemption price per share $ 10.31 $9.37 $ 9.72 $ 19.69 $ 13.89 $ 12.32
=========== ============ ============ =========== =========== ===========
</TABLE>
* Name change from Nationwide Select Advisers Mid Cap Fund as of September 27,
1999.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 71
<PAGE> 74
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF OPERATIONS
YEAR ENDED DECEMBER 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TOTAL CAPITAL GOVERNMENT MONEY SMALL
RETURN APPRECIATION BOND MARKET COMPANY
FUND FUND FUND FUND FUND
------------ ------------ ------------ ----------- ------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
INCOME:
Interest $ 2,053,600 $ 2,134,395 $ 46,867,080 $92,791,568 $ 1,176,461
Dividends 31,196,524 12,864,970 -- -- 2,816,351
Less foreign tax withheld (241,126) -- -- -- (129,735)
------------ ------------ ------------ ----------- ------------
Total income 33,008,998 14,999,365 46,867,080 92,791,568 3,863,077
------------ ------------ ------------ ----------- ------------
EXPENSES:
Investment management fees 14,084,011 6,579,545 3,867,960 6,844,464 3,805,726
Fund administration fees 1,068,669 539,831 386,796 799,936 88,960
Administrative servicing
fees 1,853,067 851,943 593,831 1,480,469 313,019
Transfer and dividend
disbursing agent fees 242,137 109,943 77,359 175,087 38,947
Professional services 41,882 23,000 12,938 28,136 20,032
Custodian fees 62,555 50,000 28,981 76,215 85,211
Trustees' fees and expenses 24,599 10,850 7,600 15,480 3,833
Other 77,568 32,174 28,885 49,639 127,296
------------ ------------ ------------ ----------- ------------
Total expenses 17,454,488 8,197,286 5,004,350 9,469,426 4,483,024
------------ ------------ ------------ ----------- ------------
NET INVESTMENT INCOME (LOSS) 15,554,510 6,802,079 41,862,730 83,322,142 (619,947)
------------ ------------ ------------ ----------- ------------
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY:
Net realized gain on
investments and foreign
currency transactions 117,359,335 62,469,302 1,408,560 11,260 64,557,108
Net change in unrealized
appreciation
(depreciation) on
investments and
translation of assets and
liabilities in foreign
currencies 26,138,759 (26,820,996) (61,093,491) -- 95,484,781
------------ ------------ ------------ ----------- ------------
Net realized and unrealized
gain (loss) on
investments and
translation of assets and
liabilities in foreign
currencies 143,498,094 35,648,306 (59,684,931) 11,260 160,041,889
------------ ------------ ------------ ----------- ------------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM
OPERATIONS $159,052,604 $ 42,450,385 $(17,822,201) $83,333,402 $159,421,942
============ ============ ============ =========== ============
</TABLE>
See accompanying notes to financial statements.
72 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 75
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF OPERATIONS
YEAR ENDED DECEMBER 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STRATEGIC STRATEGIC EQUITY HIGH
INCOME GROWTH VALUE INCOME INCOME
FUND FUND FUND FUND BOND FUND
--------- ----------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
INCOME:
Interest $ 372,900 $ 223,547 $ 30,484 $ (147,778) $4,976,387
Dividends -- 46,113 270,070 437,557 122,738
Less foreign tax withheld -- -- (5,011) (260) --
--------- ----------- ---------- ---------- ----------
Total income 372,900 269,660 295,543 289,519 5,099,125
--------- ----------- ---------- ---------- ----------
EXPENSES:
Investment management fees 30,917 283,917 141,605 168,361 417,758
Fund administration fees 4,809 22,082 11,014 14,732 36,554
Administrative servicing fees 330 35,743 12,323 17,820 40,553
Transfer and dividend disbursing
agent fees 687 3,155 1,573 2,105 5,222
Professional services 9,013 9,192 9,062 9,242 10,843
Custodian fees 4,710 25,800 10,000 7,510 7,559
Trustees' fees and expenses 113 200 159 195 476
Pricing 2,200 4,100 1,300 3,920 69,300
Other 8,504 4,150 4,985 5,003 12,129
--------- ----------- ---------- ---------- ----------
Total expenses before waived
expenses 61,283 388,339 192,021 228,888 600,394
Less waived (9,754) (72,875) (34,683) (28,960) (104,310)
--------- ----------- ---------- ---------- ----------
Net expenses 51,529 315,464 157,338 199,928 496,084
--------- ----------- ---------- ---------- ----------
NET INVESTMENT INCOME (LOSS) 321,371 (45,804) 138,205 89,591 4,603,041
--------- ----------- ---------- ---------- ----------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain (loss) on
investments and foreign currency
transactions (83,927) 14,235,988 (314,602) (483,477) (371,694)
Net change in unrealized appreciation
(depreciation) on investments and
translation of assets and
liabilities in foreign currencies (364,806) 14,036,084 (364,449) 4,232,943 (2,803,976)
--------- ----------- ---------- ---------- ----------
Net realized and unrealized gain
(loss) on investments and
translation of assets and
liabilities in foreign currencies (448,733) 28,272,072 (679,051) 3,749,466 (3,175,670)
--------- ----------- ---------- ---------- ----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $(127,362) $28,226,268 $ (540,846) $3,839,057 $1,427,371
========= =========== ========== ========== ==========
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 73
<PAGE> 76
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF OPERATIONS
YEAR ENDED DECEMBER 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELECT
MULTI SMALL CAP ADVISERS GLOBAL MID CAP
BALANCED SECTOR VALUE SMALL CAP EQUITY INDEX
FUND BOND FUND FUND GROWTH FUND* FUND FUND**
---------- ----------- ----------- ------------ ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
INCOME:
Interest $2,212,592 $ 4,192,105 $ 158,433 $ 37,620 $ 61,486 $ 108,564
Dividends 650,320 -- 576,641 7,761 525,036 99,626
Less foreign tax withheld (4,146) (413) -- -- (35,341) (155)
---------- ----------- ----------- ---------- ---------- ----------
Total income 2,858,766 4,191,692 735,074 45,381 551,181 208,035
---------- ----------- ----------- ---------- ---------- ----------
EXPENSES:
Investment management fees 469,490 396,644 863,009 47,647 365,994 123,869
Fund administration fees 43,819 37,020 67,123 49,932 25,620 9,880
Administrative servicing fees 54,835 47,447 98,972 2,449 30,651 9,447
Transfer and dividend disbursing
agent fees 6,260 5,288 9,589 433 3,660 1,411
Professional services 11,393 10,892 12,292 8,175 9,893 8,942
Custodian fees 10,554 23,196 150,504 30,000 110,000 30,000
Trustees' fees and expenses 521 474 625 20 275 125
Other 24,172 19,943 20,297 8,693 19,190 62,226
---------- ----------- ----------- ---------- ---------- ----------
Total expenses before waived
expenses 621,044 540,904 1,222,411 147,349 565,283 245,900
Less waived (57,656) (64,933) (215,567) (91,040) (126,090) (100,860)
---------- ----------- ----------- ---------- ---------- ----------
Net expenses 563,388 475,971 1,006,844 56,309 439,193 145,040
---------- ----------- ----------- ---------- ---------- ----------
NET INVESTMENT INCOME (LOSS) 2,295,378 3,715,721 (271,770) (10,928) 111,988 62,995
---------- ----------- ----------- ---------- ---------- ----------
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY:
Net realized gain (loss) on
investments and foreign
currency transactions (455,966) (1,282,937) 22,619,690 1,633,550 2,610,483 1,739,863
Net change in unrealized
appreciation (depreciation) on
investments and translation of
assets and liabilities in
foreign currencies (1,965,360) (1,183,151) (203,224) 4,921,271 6,071,877 1,207,561
---------- ----------- ----------- ---------- ---------- ----------
Net realized and unrealized gain
(loss) on investments and
translation of assets and
liabilities in foreign
currencies (2,421,326) (2,466,088) 22,416,466 6,554,821 8,682,360 2,947,424
---------- ----------- ----------- ---------- ---------- ----------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS $ (125,948) $ 1,249,633 $22,144,696 $6,543,893 $8,794,348 $3,010,419
========== =========== =========== ========== ========== ==========
</TABLE>
- ------------------------------------------------------
* For the period May 1, 1999 (commencement of operations) through December 31,
1999.
** Name change from Nationwide Select Advisers Mid Cap Fund as of September 27,
1999.
See accompanying notes to financial statements.
74 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 77
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TOTAL RETURN FUND CAPITAL APPRECIATION FUND
------------------------------- -------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1999 1998 1999 1998
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 15,554,510 $ 22,351,182 $ 6,802,079 $ 6,103,365
Net realized gain on investments 117,359,335 92,340,059 62,469,302 29,468,870
Net change in unrealized appreciation
(depreciation) on investments 26,138,759 229,135,943 (26,820,996) 151,259,411
-------------- -------------- -------------- --------------
Net increase in net assets resulting from
operations 159,052,604 343,827,184 42,450,385 186,831,646
-------------- -------------- -------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (15,661,031) (22,235,150) (6,893,619) (6,096,443)
Net realized gain on investments (89,929,742) (91,248,461) (62,441,907) (29,468,823)
Tax return of capital -- -- (7,645,722) --
-------------- -------------- -------------- --------------
Decrease in net assets from distributions to
shareholders (105,590,773) (113,483,611) (76,981,248) (35,565,266)
-------------- -------------- -------------- --------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 326,423,709 443,044,539 309,393,064 613,765,090
Net asset value of shares issued to
shareholders from reinvestment of dividends
and capital gains 105,590,773 113,483,611 76,981,248 35,565,266
Cost of shares redeemed (409,176,547) (292,674,987) (348,502,305) (217,836,841)
-------------- -------------- -------------- --------------
Net increase in net assets from capital
share transactions 22,837,935 263,853,163 37,872,007 431,493,515
-------------- -------------- -------------- --------------
NET INCREASE IN NET ASSETS 76,299,766 494,196,736 3,341,144 582,759,895
NET ASSETS -- BEGINNING OF PERIOD 2,343,437,427 1,849,240,691 1,064,497,537 481,737,642
-------------- -------------- -------------- --------------
NET ASSETS -- END OF PERIOD $2,419,737,193 $2,343,437,427 $1,067,838,681 $1,064,497,537
============== ============== ============== ==============
Accumulated undistributed net realized gain on
investments included in net assets at end of
period $ 28,521,191 $ 1,091,598 $ -- $ --
============== ============== ============== ==============
Accumulated undistributed net investment income
included in net assets at end of period $ 9,511 $ 116,032 $ -- $ 64,147
============== ============== ============== ==============
SHARE ACTIVITY:
Shares sold 17,024,853 24,651,367 11,259,729 25,289,094
Shares issued to shareholders from
reinvestment of dividends and capital gains 5,714,178 6,174,939 3,046,984 1,359,703
Shares redeemed (21,401,235) (16,409,758) (12,802,699) (9,324,309)
-------------- -------------- -------------- --------------
Net increase in number of shares 1,337,796 14,416,548 1,504,014 17,324,488
============== ============== ============== ==============
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 75
<PAGE> 78
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GOVERNMENT BOND FUND MONEY MARKET FUND
------------------------------- -------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1999 1998 1999 1998
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 41,862,730 $ 33,682,238 $ 83,322,142 $ 65,635,111
Net realized gain on investments 1,408,560 4,634,742 11,260 852
Net change in unrealized appreciation
(depreciation) on investments (61,093,491) 10,665,319 -- --
-------------- -------------- -------------- --------------
Net increase (decrease) in net assets
resulting from operations (17,822,201) 48,982,299 83,333,402 65,635,963
-------------- -------------- -------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (42,012,244) (33,604,343) (83,322,142) (65,635,111)
Net realized gain on investments (1,412,380) (3,644,328) -- --
In excess of net realized gain on investments (50,492) -- -- --
-------------- -------------- -------------- --------------
Decrease in net assets from distributions to
shareholders (43,475,116) (37,248,671) (83,322,142) (65,635,111)
-------------- -------------- -------------- --------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 306,089,242 548,204,907 6,730,305,796 4,243,038,350
Net asset value of shares issued to
shareholders from reinvestment of dividends
and capital gains 43,475,116 37,248,671 83,322,142 65,635,111
Cost of shares redeemed (280,206,820) (310,682,957) (6,059,473,491) (3,928,937,007)
-------------- -------------- -------------- --------------
Net increase in net assets derived from
capital share transactions 69,357,538 274,770,621 754,154,447 379,736,454
-------------- -------------- -------------- --------------
NET INCREASE IN NET ASSETS 8,060,221 286,504,249 754,165,707 379,737,306
NET ASSETS -- BEGINNING OF PERIOD 761,896,643 475,392,394 1,373,334,070 993,596,764
-------------- -------------- -------------- --------------
NET ASSETS -- END OF PERIOD $ 769,956,864 $ 761,896,643 $2,127,499,777 $1,373,334,070
============== ============== ============== ==============
Accumulated undistributed (distributions in
excess of) net realized gain (loss) on
investments included in net assets at end of
period $ (50,492) $ -- $ 5,570 $ (5,690)
============== ============== ============== ==============
Accumulated undistributed net investment
income included in net assets at end of
period $ -- $ 153,334 $ 1,778 $ 1,778
============== ============== ============== ==============
SHARE ACTIVITY:
Shares sold 27,120,299 46,658,183 6,730,305,797 4,243,038,351
Shares issued to shareholders from
reinvestment of dividends and capital gains 3,932,706 3,206,752 83,322,142 65,635,111
Shares redeemed (24,902,794) (26,473,673) (6,059,473,491) (3,928,937,007)
-------------- -------------- -------------- --------------
Net increase in number of shares 6,150,211 23,391,262 754,154,448 379,736,455
============== ============== ============== ==============
</TABLE>
See accompanying notes to financial statements.
76 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 79
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL COMPANY FUND INCOME FUND
------------------------------- ---------------------------------
PERIOD FROM
JANUARY 20, 1998
(COMMENCEMENT
OF OPERATIONS)
YEAR ENDED YEAR ENDED YEAR ENDED THROUGH
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1999 1998 1999 1998
-------------- -------------- -------------- ----------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss) $ (619,947) $ 751,620 $ 321,371 $ 145,241
Net realized gain (loss) on investments and
foreign currency transactions 64,557,108 (19,423,353) (83,927) 25,268
Reimbursement from investment advisers for
loss on sale of security -- 100,456 -- --
Net change in unrealized appreciation
(depreciation) on investments and
translation of assets and liabilities in
foreign currencies 95,484,781 25,976,273 (364,806) 60,406
-------------- -------------- -------------- --------------
Net increase (decrease) in net assets
resulting from operations 159,421,942 7,404,996 (127,362) 230,915
-------------- -------------- -------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income -- -- (311,674) (145,184)
Net realized gain on investments and foreign
currency transactions (21,327,194) -- (9,576) (16,634)
-------------- -------------- -------------- --------------
Decrease in net assets from distributions
to shareholders (21,327,194) -- (321,250) (161,818)
-------------- -------------- -------------- --------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 414,442,782 355,580,178 5,898,374 5,688,494
Net asset value of shares issued to
shareholders from reinvestment of dividends
and capital gains 21,327,194 -- 321,250 161,818
Cost of shares redeemed (437,896,385) (300,224,471) (2,202,672) (955,015)
-------------- -------------- -------------- --------------
Net increase (decrease) in net assets from
capital share transactions (2,126,409) 55,355,707 4,016,952 4,895,297
-------------- -------------- -------------- --------------
NET INCREASE IN NET ASSETS 135,968,339 62,760,703 3,568,340 4,964,394
NET ASSETS -- BEGINNING OF PERIOD 406,568,504 343,807,801 4,964,394 --
-------------- -------------- -------------- --------------
NET ASSETS -- END OF PERIOD $ 542,536,843 $ 406,568,504 $ 8,532,734 $ 4,964,394
============== ============== ============== ==============
Accumulated undistributed net realized gain
(loss) on investments included in net assets
at end of period $ 22,744,135 $ (19,865,832) $ (84,869) $ 8,634
============== ============== ============== ==============
Accumulated undistributed net investment income
included in net assets at end of period $ -- $ -- $ 9,754 $ 57
============== ============== ============== ==============
SHARE ACTIVITY:
Shares sold 23,884,118 22,829,269 593,562 561,833
Shares issued to shareholders from
reinvestment of dividends and capital gains 1,015,581 -- 32,912 15,878
Shares redeemed (25,772,992) (19,118,277) (221,627) (93,473)
-------------- -------------- -------------- --------------
Net increase (decrease) in number of shares (873,293) 3,710,992 404,847 484,238
============== ============== ============== ==============
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 77
<PAGE> 80
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STRATEGIC GROWTH FUND STRATEGIC VALUE FUND
--------------------------- ---------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1999 1998 1999 1998
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income (loss) $ (45,804) $ (2,223) $ 138,205 $ 72,873
Net realized gain (loss) on investments and foreign
currency transactions 14,235,988 (877,555) (314,602) 237,609
Net change in unrealized appreciation (depreciation)
on investments and translation of assets and
liabilities in foreign currencies 14,036,084 1,909,298 (364,449) (351,850)
----------- ----------- ----------- -----------
Net increase (decrease) in net assets resulting
from operations 28,226,268 1,029,520 (540,846) (41,368)
----------- ----------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income -- -- (132,000) (72,214)
Net realized gain on investments and foreign currency
transactions (4,972,472) -- (219,440) --
Distributions in excess of realized gains on
investments and foreign currency transactions -- -- (276,132) --
----------- ----------- ----------- -----------
Decrease in net assets from distributions to
shareholders (4,972,472) -- (627,572) (72,214)
----------- ----------- ----------- -----------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 73,161,266 8,596,092 8,445,323 15,365,312
Net asset value of shares issued to shareholders from
reinvestment of dividends and capital gains 4,972,472 -- 627,572 72,214
Cost of shares redeemed (12,638,597) (630,009) (5,929,989) (1,513,455)
----------- ----------- ----------- -----------
Net increase in net assets derived from capital
share transactions 65,495,141 7,966,083 3,142,906 13,924,071
----------- ----------- ----------- -----------
NET INCREASE IN NET ASSETS 88,748,937 8,995,603 1,974,488 13,810,489
NET ASSETS -- BEGINNING OF PERIOD 10,342,345 1,346,742 15,279,348 1,468,859
----------- ----------- ----------- -----------
NET ASSETS -- END OF PERIOD $99,091,282 $10,342,345 $17,253,836 $15,279,348
=========== =========== =========== ===========
Accumulated (distributions in excess of) undistributed
net realized gain (loss) on investments included in
net assets at end of period $ 8,313,717 $ (903,995) $ (590,485) $ 219,440
=========== =========== =========== ===========
Accumulated undistributed net investment income
included in net assets at end of period $ -- $ -- $ 6,448 $ 492
=========== =========== =========== ===========
SHARE ACTIVITY:
Shares sold 4,529,147 811,692 845,843 1,515,885
Shares issued to shareholders from reinvestment of
dividends and capital gains 256,578 -- 67,344 7,636
Shares redeemed (820,640) (59,749) (590,261) (158,421)
----------- ----------- ----------- -----------
Net increase in number of shares 3,965,085 751,943 322,926 1,365,100
=========== =========== =========== ===========
</TABLE>
See accompanying notes to financial statements.
78 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 81
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
EQUITY INCOME FUND HIGH INCOME BOND FUND
--------------------------- ---------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1999 1998 1999 1998
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 89,591 $ 87,774 $ 4,603,041 $ 1,565,586
Net realized gain (loss) on investments (483,477) 176,392 (371,694) 25,659
Net change in unrealized appreciation (depreciation)
on investments 4,232,943 1,005,780 (2,803,976) (733,560)
----------- ----------- ----------- -----------
Net increase in net assets resulting from
operations 3,839,057 1,269,946 1,427,371 857,685
----------- ----------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (77,682) (86,098) (4,592,749) (1,552,904)
Net realized gain on investments (11,653) (152,474) (24,373) --
----------- ----------- ----------- -----------
Decrease in net assets from distributions to
shareholders (89,335) (238,572) (4,617,122) (1,552,904)
----------- ----------- ----------- -----------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 12,153,340 11,702,943 49,566,341 31,623,680
Net asset value of shares issued to shareholders from
reinvestment of dividends and capital gains 89,336 238,572 4,617,122 1,552,904
Cost of shares redeemed (997,765) (388,186) (22,870,077) (1,880,219)
----------- ----------- ----------- -----------
Net increase in net assets from capital share
transactions 11,244,911 11,553,329 31,313,386 31,296,365
----------- ----------- ----------- -----------
NET INCREASE IN NET ASSETS 14,994,633 12,584,703 28,123,635 30,601,146
NET ASSETS -- BEGINNING OF PERIOD 14,194,470 1,609,767 36,630,194 6,029,048
----------- ----------- ----------- -----------
NET ASSETS -- END OF PERIOD $29,189,103 $14,194,470 $64,753,829 $36,630,194
=========== =========== =========== ===========
Accumulated undistributed net realized gain (loss) on
investments included in net assets at end of period $ (483,908) $ 11,269 $ (371,694) $ 24,130
=========== =========== =========== ===========
Accumulated undistributed net investment income
included in net assets at end of period $ 13,771 $ 1,815 $ 23,311 $ 13,262
=========== =========== =========== ===========
SHARE ACTIVITY:
Shares sold 993,131 1,095,133 4,968,321 3,084,813
Shares issued to shareholders from reinvestment of
dividends and capital gains 7,309 21,107 475,151 154,117
Shares redeemed (80,630) (37,651) (2,292,101) (186,624)
----------- ----------- ----------- -----------
Net increase in number of shares 919,810 1,078,589 3,151,371 3,052,306
=========== =========== =========== ===========
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 79
<PAGE> 82
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
BALANCED FUND MULTI SECTOR BOND FUND
--------------------------- ---------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1999 1998 1999 1998
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 2,295,378 $ 730,509 $ 3,715,721 $ 1,237,102
Net realized gain (loss) on investments and foreign
currency transactions (455,966) 58,258 (1,282,937) (300,733)
Net change in unrealized appreciation (depreciation)
on investments and translation of assets and
liabilities in foreign currencies (1,965,360) 442,998 (1,183,151) (450,479)
----------- ----------- ----------- -----------
Net increase (decrease) in net assets resulting
from operations (125,948) 1,231,765 1,249,633 485,890
----------- ----------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (2,254,410) (723,997) (3,540,626) (1,212,959)
Net realized gain on investments and foreign
currency transactions (11,532) (121,655) -- (33,220)
Tax return of capital -- -- -- (15,516)
----------- ----------- ----------- -----------
Decrease in net assets from distributions to
shareholders (2,265,942) (845,652) (3,540,626) (1,261,695)
----------- ----------- ----------- -----------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 43,114,270 38,262,809 40,791,159 35,590,690
Net asset value of shares issued to shareholders from
reinvestment of dividends and capital gains 2,265,941 845,652 3,540,626 1,261,695
Cost of shares redeemed (5,716,185) (495,698) (6,143,188) (1,143,341)
----------- ----------- ----------- -----------
Net increase in net assets derived from capital
share transactions 39,664,026 38,612,763 38,188,597 35,709,044
----------- ----------- ----------- -----------
NET INCREASE IN NET ASSETS 37,272,136 38,998,876 35,897,604 34,933,239
NET ASSETS -- BEGINNING OF PERIOD 40,885,028 1,886,152 36,964,879 2,031,640
----------- ----------- ----------- -----------
NET ASSETS -- END OF PERIOD $78,157,164 $40,885,028 $72,862,483 $36,964,879
=========== =========== =========== ===========
Accumulated undistributed net realized loss on
investments included in net assets at end of period $ (530,895) $ (63,397) $(1,438,821) $ (300,334)
=========== =========== =========== ===========
Accumulated undistributed (distributions in excess of)
net investment income included in net assets at end
of period $ 47,779 $ 6,811 $ 22,073 $ (8,572)
=========== =========== =========== ===========
SHARE ACTIVITY:
Shares sold 4,044,103 3,646,083 4,282,502 3,547,701
Shares issued to shareholders from reinvestment of
dividends and capital gains 216,037 80,818 376,822 128,345
Shares redeemed (546,541) (47,484) (646,832) (115,568)
----------- ----------- ----------- -----------
Net increase in number of shares 3,713,599 3,679,417 4,012,492 3,560,478
=========== =========== =========== ===========
</TABLE>
See accompanying notes to financial statements.
80 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 83
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELECT ADVISERS SMALL
CAP GROWTH FUND
----------------------
SMALL CAP VALUE FUND PERIOD FROM
------------------------------- MAY 1, 1999
YEAR ENDED YEAR ENDED (COMMENCEMENT
DECEMBER 31, DECEMBER 31, OF OPERATIONS) THROUGH
1999 1998 DECEMBER 31, 1999
-------------- -------------- ----------------------
<S> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss) $ (271,770) $ (44,007) $ (10,928)
Net realized gain (loss) on investments 22,619,690 (362,284) 1,633,550
Net change in unrealized appreciation (depreciation)
on investments (203,224) 2,447,176 4,921,271
-------------- -------------- --------------
Net increase in net assets resulting from
operations 22,144,696 2,040,885 6,543,893
-------------- -------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income -- -- --
Net realized gain on investments (21,000,309) -- (713,484)
-------------- -------------- --------------
Decrease in net assets from distributions to
shareholders (21,000,309) -- (713,484)
-------------- -------------- --------------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 310,446,359 94,419,163 30,690,867
Net asset value of shares issued to shareholders from
reinvestment of capital gains 21,000,309 -- 713,484
Cost of shares redeemed (251,101,045) (48,090,092) (17,693,826)
-------------- -------------- --------------
Net increase in net assets derived from capital
share transactions 80,345,623 46,329,071 13,710,525
-------------- -------------- --------------
NET INCREASE IN NET ASSETS 81,490,010 48,369,956 19,540,934
NET ASSETS -- BEGINNING OF PERIOD 50,439,322 2,069,366 --
-------------- -------------- --------------
NET ASSETS -- END OF PERIOD $ 131,929,332 $ 50,439,322 $ 19,540,934
============== ============== ==============
Accumulated undistributed net realized gain (loss) on
investments included in net assets at end of period $ 940,867 $ (406,126) $ 909,138
============== ============== ==============
Accumulated undistributed net investment income included
in net assets at end of period $ -- $ -- $ --
============== ============== ==============
SHARE ACTIVITY:
Shares sold 30,266,660 10,431,460 2,077,997
Shares issued to shareholders from reinvestment of
capital gains 2,326,692 -- 37,931
Shares redeemed (24,343,402) (5,326,134) (1,123,568)
-------------- -------------- --------------
Net increase in number of shares 8,249,950 5,105,326 992,360
============== ============== ==============
</TABLE>
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 81
<PAGE> 84
NATIONWIDE SEPARATE ACCOUNT TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GLOBAL EQUITY FUND MID CAP INDEX FUND*
--------------------------- ---------------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1999 1998 1999 1998
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 111,988 $ 88,044 $ 62,995 $ 56,278
Net realized gain (loss) on investments and foreign
currency transactions 2,610,483 295,124 1,739,863 (248,702)
Net change in unrealized appreciation on investments
and translation of assets and liabilities in
foreign currency 6,071,877 1,832,913 1,207,561 950,022
----------- ----------- ----------- -----------
Net increase in net assets resulting from
operations 8,794,348 2,216,081 3,010,419 757,598
----------- ----------- ----------- -----------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (92,651) (88,044) (36,986) (56,461)
In excess of net investment income (26,601) (152,148) -- --
Net realized gain on investments and foreign currency
transactions (1,919,622) (141,018) (1,249,236) --
Tax return of capital -- -- -- (11,616)
----------- ----------- ----------- -----------
Decrease in net assets from distributions to
shareholders (2,038,874) (381,210) (1,286,222) (68,077)
----------- ----------- ----------- -----------
CAPITAL SHARE TRANSACTIONS:
Net proceeds from sale of shares 33,138,170 14,481,685 8,717,371 7,988,933
Net asset value of shares issued to shareholders from
reinvestment of dividends and capital gains 2,038,874 381,210 1,286,222 68,077
Cost of shares redeemed (2,619,661) (736,949) (2,318,384) (1,111,305)
----------- ----------- ----------- -----------
Net increase in net assets from capital share
transactions 32,557,383 14,125,946 7,685,209 6,945,705
----------- ----------- ----------- -----------
NET INCREASE IN NET ASSETS 39,312,857 15,960,817 9,409,406 7,635,226
NET ASSETS -- BEGINNING OF PERIOD 21,526,989 5,566,172 10,849,190 3,213,964
----------- ----------- ----------- -----------
NET ASSETS -- END OF PERIOD $60,839,846 $21,526,989 $20,258,596 $10,849,190
=========== =========== =========== ===========
Accumulated undistributed net realized gain (loss) on
investments included in net assets at end of period $ 709,093 $ 50,509 $ 224,375 $ (266,252)
=========== =========== =========== ===========
Accumulated undistributed (distributions in excess of)
net investment income included in net assets at end
of period $ (26,601) $ (51,614) $ 26,009 $ --
=========== =========== =========== ===========
SHARE ACTIVITY:
Shares sold 2,603,830 1,317,276 747,750 778,972
Shares issued to shareholders from reinvestment of
dividends 152,268 33,732 107,802 6,707
Shares redeemed (207,208) (70,891) (204,492) (115,257)
----------- ----------- ----------- -----------
Net increase in number of shares 2,548,890 1,280,117 651,060 670,422
=========== =========== =========== ===========
</TABLE>
*Name change from Nationwide Select Advisers Mid Cap Fund as of September 27,
1999.
See accompanying notes to financial statements.
82 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 85
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TOTAL RETURN FUND
----------------------------------------------------------------
YEARS ENDED DECEMBER 31,
----------------------------------------------------------------
1999 1998 1997 1996 1995
---------- ---------- ---------- ---------- --------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE --
BEGINNING OF PERIOD $ 18.40 $ 16.38 $ 13.27 $ 11.54 $ 9.70
---------- ---------- ---------- ---------- --------
Net investment income 0.12 0.19 0.23 0.24 0.31
Net realized gain and unrealized
appreciation on investments 1.13 2.77 3.65 2.26 2.49
---------- ---------- ---------- ---------- --------
Total from investment
operations 1.25 2.96 3.88 2.50 2.80
---------- ---------- ---------- ---------- --------
Dividends from net investment
income (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 (0.84) (0.94) (0.77) (0.77) (0.96)
---------- ---------- ---------- ---------- --------
Net increase in net asset
value 0.41 2.02 3.11 1.73 1.84
---------- ---------- ---------- ---------- --------
NET ASSET VALUE --
END OF PERIOD $ 18.81 $ 18.40 $ 16.38 $ 13.27 $ 11.54
========== ========== ========== ========== ========
Total Return 6.94% 18.07% 29.43% 21.84% 29.09%
Ratios and supplemental data:
Net Assets, end of period (000) $2,419,737 $2,343,437 $1,849,241 $1,179,876 $814,964
Ratio of expenses to average net
assets 0.72% 0.65% 0.54% 0.51% 0.51%
Ratio of net investment income
to average net assets 0.64% 1.05% 1.54% 1.99% 2.84%
Portfolio turnover 29.95% 17.13% 13.85% 16.18% 16.12%
</TABLE>
- ------------------------------------------------------
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 83
<PAGE> 86
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CAPITAL APPRECIATION FUND
------------------------------------------------------------
YEARS ENDED DECEMBER 31,
------------------------------------------------------------
1999 1998 1997 1996 1995
---------- ---------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE --
BEGINNING OF PERIOD $ 26.59 $ 21.21 $ 16.28 $ 13.48 $ 10.92
---------- ---------- -------- -------- --------
Net investment income 0.17 0.19 0.20 0.21 0.23
Net realized gain and unrealized
appreciation on investments 0.92 6.14 5.39 3.29 2.96
---------- ---------- -------- -------- --------
Total from investment operations 1.09 6.33 5.59 3.50 3.19
---------- ---------- -------- -------- --------
Dividends from net investment
income (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 (1.97) (0.95) (0.66) (0.70) (0.63)
---------- ---------- -------- -------- --------
Net increase (decrease) in net
asset value (0.88) 5.38 4.93 2.80 2.56
---------- ---------- -------- -------- --------
NET ASSET VALUE --
END OF PERIOD $ 25.71 $ 26.59 $ 21.21 $ 16.28 $ 13.48
========== ========== ======== ======== ========
Total Return 4.28% 29.96% 34.49% 26.14% 29.35%
Ratios and supplemental data:
Net Assets, end of period (000) $1,067,839 $1,064,498 $481,738 $211,474 $ 81,237
Ratio of expenses to average net
assets 0.74% 0.67% 0.56% 0.52% 0.54%
Ratio of net investment income to
average net assets 0.62% 0.83% 1.10% 1.53% 1.89%
Portfolio turnover 24.70% 10.67% 10.88% 22.19% 20.28%
</TABLE>
- ------------------------------------------------------
See accompanying notes to financial statements.
84 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 87
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
GOVERNMENT BOND FUND
--------------------------------------------------------
YEARS ENDED DECEMBER 31,
--------------------------------------------------------
1999 1998 1997 1996 1995
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE --
BEGINNING OF PERIOD $ 11.69 $ 11.38 $ 11.04 $ 11.36 $ 10.20
-------- -------- -------- -------- --------
Net investment income 0.61 0.63 0.69 0.69 0.71
Net realized gain (loss) and
unrealized appreciation
(depreciation) on investments (0.88) 0.37 0.34 (0.32) 1.16
-------- -------- -------- -------- --------
Total from investment operations (0.27) 1.00 1.03 0.37 1.87
-------- -------- -------- -------- --------
Dividends from net investment income (0.61) (0.63) (0.69) (0.69) (0.71)
Dividends from net realized gain from
investment transactions (0.02) (0.06) -- -- --
-------- -------- -------- -------- --------
Total distributions (0.63) (0.69) (0.69) (0.69) (0.71)
-------- -------- -------- -------- --------
Net increase (decrease) in net
asset value (0.90) 0.31 0.34 (0.32) 1.16
-------- -------- -------- -------- --------
NET ASSET VALUE --
END OF PERIOD $ 10.79 $ 11.69 $ 11.38 $ 11.04 $ 11.36
======== ======== ======== ======== ========
Total Return (2.35)% 8.91% 9.67% 3.49% 18.74%
Ratios and supplemental data:
Net Assets, end of period (000) $769,957 $761,897 $475,392 $459,247 $454,016
Ratio of expenses to average net
assets 0.65% 0.57% 0.53% 0.51% 0.51%
Ratio of net investment income to
average net assets 5.41% 5.60% 6.19% 6.23% 6.45%
Portfolio turnover 51.61% 32.03% 68.61% 33.75% 97.05%
</TABLE>
- ------------------------------------------------------
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 85
<PAGE> 88
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONEY MARKET FUND
------------------------------------------------------------
YEARS ENDED DECEMBER 31,
------------------------------------------------------------
1999 1998 1997 1996 1995
---------- ---------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE --
BEGINNING OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- -------- -------- --------
Net investment income 0.05 0.05 0.05 0.05 0.06
Dividends from net investment
income (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
========== ========== ======== ======== ========
Total Return 4.81% 5.27% 5.26% 5.12% 5.66%
Ratios and supplemental data:
Net Assets, end of period (000) $2,127,500 $1,373,334 $993,597 $983,529 $737,408
Ratio of expenses to average net
assets 0.54% 0.46% 0.51% 0.51% 0.52%
Ratio of net investment income to
average net assets 4.77% 5.15% 5.16% 5.00% 5.51%
</TABLE>
- ------------------------------------------------------
See accompanying notes to financial statements.
86 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 89
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL COMPANY FUND
----------------------------------------------------------------------
PERIOD FROM
OCTOBER 23, 1995
(COMMENCEMENT OF
YEARS ENDED DECEMBER 31, OPERATIONS) THROUGH
----------------------------------------------- DECEMBER 31,
1999 1998 1997 1996 1995
----------- -------- -------- -------- -------------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE --
BEGINNING OF PERIOD $ 16.01 $ 15.85 $ 13.89 $ 11.42 $ 10.00
-------- -------- -------- -------- -------
Net investment income (0.03) 0.03 0.01 0.06 0.02
Net realized gain and unrealized appreciation on
investments and translation of assets and liabilities
in foreign currencies 7.03 0.13 2.40 2.55 1.42
-------- -------- -------- -------- -------
Total from investment operations 7.00 0.16 2.41 2.61 1.44
-------- -------- -------- -------- -------
Dividends from net investment income -- -- -- (0.06) (0.02)
Dividends from net realized gain from investments and
foreign currency transactions (0.89) -- (0.45) -- --
Dividends in excess of net realized gain from
investment and foreign currency transactions -- -- -- (0.08) --
-------- -------- -------- -------- -------
Total distributions (0.89) -- (0.45) (0.14) (0.02)
-------- -------- -------- -------- -------
Net increase in net asset value 6.11 0.16 1.96 2.47 1.42
-------- -------- -------- -------- -------
NET ASSET VALUE --
END OF PERIOD $ 22.12 $ 16.01 $ 15.85 $ 13.89 $ 11.42
======== ======== ======== ======== =======
Total Return 44.02% 1.01% 17.35% 22.83% 14.38%
Ratios and supplemental data:
Net Assets, end of period (000) $542,537 $406,569 $343,808 $180,840 $17,155
Ratio of expenses to average net assets 1.15% 1.07% 1.11% 1.20% 1.25%*
Ratio of expenses to average net assets** 1.15% 1.07% 1.11% 1.20% 1.74%*
Ratio of net investment income to average net assets (0.16)% 0.21% 0.05% 0.60% 1.32%*
Ratio of net investment income to average net assets** (0.16)% 0.21% 0.05% 0.60% 0.83%*
Portfolio turnover 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.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 87
<PAGE> 90
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INCOME FUND STRATEGIC GROWTH FUND
----------------------------- --------------------------------------------
PERIOD FROM PERIOD FROM
JANUARY 20, OCTOBER 31,
1998 1997
(COMMENCEMENT (COMMENCEMENT
OF OPERATIONS) OF OPERATIONS)
YEAR ENDED THROUGH YEAR ENDED YEAR ENDED THROUGH
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1999 1998 1999 1998 1997
------------ -------------- ------------ ------------ --------------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF PERIOD $ 10.25 $ 10.00 $ 11.70 $ 10.21 $10.00
------- ------- ------- ------- ------
Net investment income (loss) 0.44 0.42 (0.01) -- 0.01
Net realized gain (loss) and unrealized
appreciation (depreciation) on investments (0.65) 0.29 9.87 1.49 0.21
------- ------- ------- ------- ------
Total from investment operations (0.21) 0.71 9.86 1.49 0.22
------- ------- ------- ------- ------
Dividends from net investment income (0.43) (0.42) -- -- (0.01)
Dividends from net realized gains from investment
transactions (0.01) (0.04) (1.12) -- --
------- ------- ------- ------- ------
Total distributions (0.44) (0.46) (1.12) -- (0.01)
------- ------- ------- ------- ------
Net increase (decrease) in net asset value (0.65) 0.25 8.74 1.49 0.21
------- ------- ------- ------- ------
NET ASSET VALUE -- END OF PERIOD $ 9.60 $ 10.25 $ 20.44 $ 11.70 $10.21
======= ======= ======= ======= ======
Total Return (2.01)% 7.13% 84.75% 14.59% 2.20%
Ratios and supplemental data:
Net Assets, end of period (000) $ 8,533 $ 4,964 $99,091 $10,342 $1,347
Ratio of expenses to average net assets 0.75% 0.75%* 1.00% 1.00% 1.00%*
Ratio of expenses to average net assets** 0.89% 1.01%* 1.23% 1.55% 6.33%*
Ratio of net investment income to average net
assets 4.68% 4.68%* (0.15)% (0.04)% 0.68%*
Ratio of net investment income to average net
assets** 4.54% 4.42%* (0.38)% (0.59)% (4.65)%*
Portfolio turnover 88.39% 157.21% 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.
See accompanying notes to financial statements.
88 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 91
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
STRATEGIC VALUE FUND EQUITY INCOME FUND
-------------------------------------------- --------------------------------------------
PERIOD FROM PERIOD FROM
OCTOBER 31, OCTOBER 31,
1997 1997
(COMMENCEMENT (COMMENCEMENT
OF OPERATIONS) OF OPERATIONS)
YEAR ENDED YEAR ENDED THROUGH YEAR ENDED YEAR ENDED THROUGH
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1999 1998 1997 1999 1998 1997
------------ ------------ -------------- ------------ ------------ --------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF
PERIOD $ 10.12 $ 10.15 $10.00 $ 11.47 $ 10.16 $10.00
------- ------- ------ ------- ------- ------
Net investment income 0.09 0.07 0.01 0.05 0.10 0.02
Net realized gain (loss) and
unrealized appreciation
(depreciation) on investments
and translation of assets and
liabilities in foreign
currencies (0.41) (0.03) 0.15 2.06 1.44 0.16
------- ------- ------ ------- ------- ------
Total from investment operations (0.32) 0.04 0.16 2.11 1.54 0.18
------- ------- ------ ------- ------- ------
Dividends from net investment
income (0.08) (0.07) (0.01) (0.04) (0.10) (0.02)
Dividends from net realized gains
from investment and foreign
currency transactions (0.14) -- -- (0.01) (0.13) --
Distributions in excess of net
realized gains from investment
and foreign currency
transactions (0.17) -- -- -- -- --
------- ------- ------ ------- ------- ------
Total distributions (0.39) (0.07) (0.01) (0.05) (0.23) (0.02)
------- ------- ------ ------- ------- ------
Net increase (decrease) in net
asset value (0.71) (0.03) 0.15 2.06 1.31 0.16
------- ------- ------ ------- ------- ------
NET ASSET VALUE -- END OF PERIOD $ 9.41 $ 10.12 $10.15 $ 13.53 $ 11.47 $10.16
======= ======= ====== ======= ======= ======
Total Return (3.07%) 0.39% 1.63% 18.49% 15.13% 1.77%
Ratios and supplemental data:
Net Assets, end of period (000) $17,254 $15,279 $1,469 $29,189 $14,194 $1,610
Ratio of expenses to average net
assets 1.00% 1.00% 1.00% * 0.95% 0.95% 0.95%*
Ratio of expenses to average net
assets** 1.22% 1.23% 5.54% * 1.09% 1.15% 5.63%*
Ratio of net investment income to
average net assets 0.88% 0.86% 0.96%* 0.43% 1.11% 1.34%*
Ratio of net investment income to
average net assets** 0.66% 0.63% (3.58)%* 0.29% 0.91% (3.34)%*
Portfolio turnover 113.30% 68.65% 5.38% 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.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 89
<PAGE> 92
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
HIGH INCOME BOND FUND BALANCED FUND
-------------------------------------------- --------------------------------------------
PERIOD FROM PERIOD FROM
OCTOBER 31, OCTOBER 31,
1997 1997
(COMMENCEMENT (COMMENCEMENT
OF OPERATIONS) OF OPERATIONS)
YEAR ENDED YEAR ENDED THROUGH YEAR ENDED YEAR ENDED THROUGH
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1999 1998 1997 1999 1998 1997
------------ ------------ -------------- ------------ ------------ --------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF
PERIOD $ 10.04 $ 10.12 $ 10.00 $ 10.58 $ 10.10 $ 10.00
------- ------- ------- ------- ------- -------
Net investment income 0.83 0.66 0.11 0.37 0.30 0.05
Net realized gain (loss) and
unrealized appreciation
(depreciation) on investments (0.52) (0.08) 0.12 (0.28) 0.51 0.10
------- ------- ------- ------- ------- -------
Total from investment
operations 0.31 0.58 0.23 0.09 0.81 0.15
------- ------- ------- ------- ------- -------
Dividends from net investment
income (0.83) (0.66) (0.11) (0.36) (0.30) (0.05)
Dividends from net realized gain
from investment transactions -- -- -- -- (0.03) --
------- ------- ------- ------- ------- -------
Total distributions (0.83) (0.66) (0.11) (0.36) (0.33) (0.05)
------- ------- ------- ------- ------- -------
Net increase (decrease) in net
asset value (0.52) (0.08) 0.12 (0.27) 0.48 0.10
------- ------- ------- ------- ------- -------
NET ASSET VALUE -- END OF PERIOD $ 9.52 $ 10.04 $ 10.12 $ 10.31 $ 10.58 $ 10.10
======= ======= ======= ======= ======= =======
Total Return 3.19% 5.80% 2.28% 0.87% 8.07% 1.46%
Ratios and supplemental data:
Net Assets, end of period (000) $64,754 $36,630 $ 6,029 $78,157 $40,885 $ 1,886
Ratio of expenses to average net
assets 0.95% 0.95% 0.95%* 0.90% 0.90% 0.90%*
Ratio of expenses to average net
assets** 1.15% 1.12% 2.18%* 1.00% 0.96% 4.90%*
Ratio of net investment income to
average net assets 8.81% 7.88% 6.96%* 3.68% 3.81% 4.08%*
Ratio of net investment income to
average net assets** 8.61% 7.71% 5.73%* 3.58% 3.75% 0.08%*
Portfolio turnover 22.04% 24.25% 7.37% 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.
See accompanying notes to financial statements.
90 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 93
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MULTI SECTOR BOND FUND SMALL CAP VALUE FUND
-------------------------------------------- --------------------------------------------
PERIOD FROM PERIOD FROM
OCTOBER 31, OCTOBER 31,
1997 1997
(COMMENCEMENT (COMMENCEMENT
OF OPERATIONS) OF OPERATIONS)
YEAR ENDED YEAR ENDED THROUGH YEAR ENDED YEAR ENDED THROUGH
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1999 1998 1997 1999 1998 1997
------------ ------------ -------------- ------------ ------------ --------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE -- BEGINNING OF
PERIOD $ 9.82 $ 10.05 $ 10.00 $ 9.49 $ 9.79 $ 10.00
------- ------- ------- -------- ------- -------
Net investment income (loss) 0.61 0.48 0.05 (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 (0.47) (0.22) 0.05 2.38 (0.29) (0.17)
------- ------- ------- -------- ------- -------
Total from investment operations 0.14 0.26 0.10 2.36 (0.30) (0.16)
------- ------- ------- -------- ------- -------
Dividends from net investment
income (0.59) (0.47) (0.05) -- -- (0.01)
Dividends from net realized gain
from investment and foreign
currency transactions -- (0.01) -- (2.13) -- (0.04)
Dividends from tax return of
capital -- (0.01) -- -- --
------- ------- ------- -------- ------- -------
Total distributions (0.59) (0.49) (0.05) (2.13) -- (0.05)
------- ------- ------- -------- ------- -------
Net increase (decrease) in net
asset value (0.45) (0.23) 0.05 0.23 (0.30) (0.21)
------- ------- ------- -------- ------- -------
NET ASSET VALUE -- END OF PERIOD $ 9.37 $ 9.82 $ 10.05 $ 9.72 $ 9.49 $ 9.79
======= ======= ======= ======== ======= =======
Total Return 1.56% 2.60% 1.04% 27.84% (3.06)% (1.61)%
Ratios and supplemental data:
Net Assets, end of period (000) $72,862 $36,965 $ 2,032 $131,929 $50,439 $ 2,069
Ratio of expenses to average net
assets 0.90% 0.90% 0.90%* 1.05% 1.05% 1.05%*
Ratio of expenses to average net
assets** 1.02% 0.96% 4.41%* 1.27% 1.33% 6.31%*
Ratio of net investment income to
average net assets 7.03% 6.42% 4.77%* (0.28)% (0.21)% 0.50%*
Ratio of net investment income to
average net assets** 6.91% 6.36% 1.26%* (0.50)% (0.49)% (4.76)%*
Portfolio turnover 242.89% 287.69% 48.90% 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.
See accompanying notes to financial statements.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 91
<PAGE> 94
NATIONWIDE SEPARATE ACCOUNT TRUST
FINANCIAL HIGHLIGHTS
SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SELECT ADVISERS
SMALL CAP GLOBAL EQUITY FUND
GROWTH FUND --------------------------------------------
--------------- PERIOD FROM
PERIOD FROM OCTOBER 31,
MAY 1, 1999 1997
(COMMENCEMENT (COMMENCEMENT
OF OPERATIONS) OF OPERATIONS)
THROUGH YEAR ENDED YEAR ENDED THROUGH
DECEMBER 31, DECEMBER 31, DECEMBER 31, DECEMBER 31,
1999 1999 1998 1997
--------------- ------------ ------------ --------------
<S> <C> <C> <C> <C>
NET ASSET VALUE --
BEGINNING OF PERIOD $ 10.00 $ 11.75 $ 10.10 $10.00
------- ------- ------- ------
Net investment income
(loss) (0.01) 0.07 0.11 0.02
Net realized gain
(loss) and unrealized
appreciation on
investments and
translation of assets
and liabilities in
foreign currencies 10.48 2.60 1.81 0.10
------- ------- ------- ------
Total from investment
operations 10.47 2.67 1.92 0.12
------- ------- ------- ------
Dividends from net
investment income -- (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) --
Dividends from tax
return of capital -- -- -- --
------- ------- ------- ------
Total distributions (0.78) (0.53) (0.27) (0.02)
------- ------- ------- ------
Net increase
(decrease) in net
asset value 9.69 2.14 1.65 0.10
------- ------- ------- ------
NET ASSET VALUE -- END OF
PERIOD $ 19.69 $ 13.89 $ 11.75 $10.10
======= ======= ======= ======
Total Return 105.01% 22.92% 19.14% 1.18%
Ratios and supplemental
data:
Net Assets, end of
period (000) $19,541 $60,840 $21,527 $5,566
Ratio of expenses to
average net assets 1.30%* 1.20% 1.20% 1.20%*
Ratio of expenses to
average net assets** 3.40%* 1.54% 1.46% 2.84%*
Ratio of net investment
income to average net
assets (0.24)%* 0.31% 0.66% 1.00%*
Ratio of net investment
income to average net
assets** (2.34)%* (0.03)% 0.40% (0.64)%*
Portfolio turnover 130.98% 79.22% 59.01% 9.32%
<CAPTION>
MID CAP INDEX FUND***
--------------------------------------------
PERIOD FROM
OCTOBER 31,
1997
(COMMENCEMENT
OF OPERATIONS)
YEAR ENDED YEAR ENDED THROUGH
DECEMBER 31, DECEMBER 31, DECEMBER 31,
1999 1998 1997
------------ ------------ --------------
<S> <C> <C> <C>
NET ASSET VALUE --
BEGINNING OF PERIOD $ 10.92 $ 9.94 $10.00
------- ------- ------
Net investment income
(loss) 0.05 0.09 0.02
Net realized gain
(loss) and unrealized
appreciation on
investments and
translation of assets
and liabilities in
foreign currencies 2.21 0.98 (0.06)
------- ------- ------
Total from investment
operations 2.26 1.07 (0.04)
------- ------- ------
Dividends from net
investment income (0.03) (0.08) (0.02)
Dividends in excess of
net investment income -- -- --
Dividends from net
realized gain from
investment and
foreign currency
transactions (0.83) -- --
Dividends from tax
return of capital -- (0.01) --
------- ------- ------
Total distributions (0.86) (0.09) (0.02)
------- ------- ------
Net increase
(decrease) in net
asset value 1.40 0.98 (0.06)
------- ------- ------
NET ASSET VALUE -- END OF
PERIOD $ 12.32 $ 10.92 $ 9.94
======= ======= ======
Total Return 20.92% 10.81% (0.36)%
Ratios and supplemental
data:
Net Assets, end of
period (000) $20,259 $10,849 $3,214
Ratio of expenses to
average net assets 1.03% 1.20% 1.20%*
Ratio of expenses to
average net assets** 1.74% 1.54% 3.31%*
Ratio of net investment
income to average net
assets 0.56% 0.79% 1.55%*
Ratio of net investment
income to average net
assets** (0.15)% 0.45% (0.56)%*
Portfolio turnover 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.
*** Name change from Nationwide Select Advisers Mid Cap Fund as of September 27,
1999.
See accompanying notes to financial statements.
92 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 95
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999
- --------------------------------------------------------------------------------
1 -- ORGANIZATION
Nationwide Separate Account Trust (Trust) is an open-end investment company
registered under the Investment Company Act of 1940, as amended. The Trust
offers shares to life insurance company separate accounts to fund the benefits
under variable life insurance or annuity policies, as well as to other open-end
investment companies ("fund of funds") organized by Villanova Mutual Fund
Capital Trust (VMF), the Trust's investment adviser. The Trust was organized as
a Massachusetts business trust 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 (Funds).
The Trust offers shares in sixteen Funds. The Funds listed below consist of
diversified portfolios and non-diversified(*) portfolios.
Total Return Fund
Capital Appreciation Fund
Government Bond Fund
Money Market Fund
Nationwide Small Company Fund* (Small Company Fund)
Nationwide Income Fund (Income Fund)
Nationwide Strategic Growth Fund (Strategic Growth Fund)
Nationwide Strategic Value Fund (Strategic Value Fund)
Nationwide Equity Income Fund (Equity Income Fund)
Nationwide High Income Bond Fund (High Income Bond Fund)
Nationwide Balanced Fund (Balanced Fund)
Nationwide Multi Sector Bond Fund (Multi Sector Bond Fund)
Nationwide Small Cap Value Fund (Small Cap Value Fund)
Nationwide Select Advisers Small Cap Growth Fund (Small Cap Growth Fund)
Nationwide Global Equity Fund (Global Equity Fund)
Nationwide Mid Cap Index Fund (Mid Cap Index Fund)
On January 16, 1998, the Income Fund was capitalized through the sale of shares
to Nationwide Life Insurance Company in the amount of $2,000,000. It commenced
operations on January 20, 1998.
On March 3, 1999, the Trust's Declaration of Trust was amended to create the
Small Cap Growth Fund. On April 30, 1999, the Small Cap Growth Fund was
capitalized through the sale of shares to Nationwide Life Insurance Company in
the amount of $3,000,000. It commenced operations on May 3, 1999.
On September 27, 1999, the name, principal strategies, and principal risks of
the Nationwide Select Advisers Mid Cap Fund were changed. The name of the fund
was changed to the Nationwide Mid Cap Index Fund. The Fund will seek to match
the Standard & Poors Mid Cap 400 Index by investing in the stocks comprising the
index, and in futures where performance is tied to the index. The three
subadvisers which formerly managed the Fund were replaced by The Dreyfus
Corporation on the date the changes became effective, September 27, 1999.
2 -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) SECURITY VALUATION All Funds (except the High Income Bond Fund and the Money
Market Fund): Securities traded on a national securities exchange are valued at
the last quoted sale price on date of valuation, as provided by an independent
pricing agent. Securities traded in the over the-counter (OTC) market are valued
at
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 93
<PAGE> 96
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
DECEMBER 31, 1999
- --------------------------------------------------------------------------------
the last quoted sale price, or if no sale price, the last quoted bid price. U.S.
Government securities are valued at the last quoted bid price. Bonds are valued
by a combination of daily quotes and matrix evaluations. Short-term securities
with less than 10 days remaining to maturity will be valued at amortized cost,
which approximates market value.
Portfolio securities in the High Income Bond Fund traded on a national
securities exchange and in the over-the-counter (OTC) market are valued at the
last quoted sale price, or if no sale, the mean between the last closing bid and
asked price shall be used, as provided by an independent pricing agent.
Short-term securities with less than 10 days remaining to maturity will be
valued at amortized cost, which approximates market value.
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
or any sub-administrator, are valued in accordance with procedures authorized by
the Trust's Board of Trustees.
Portfolio securities for the Money Market Fund are valued at amortized cost,
which approximates market value, in accordance with Rule 2a-7 of the Investment
Company Act of 1940, as amended.
(b) REPURCHASE AGREEMENTS. The value of a repurchase agreement generally equals
the purchase price paid by the Fund (cost) plus the interest accrued to date.
The seller, under the repurchase agreement, is required to maintain the market
value of the underlying collateral at not less than the value of the repurchase
agreement. Securities subject to repurchase agreements are held by the Federal
Reserve/Treasury book-entry system or by the Fund's custodian or an approved
sub-custodian.
(c) FOR SMALL COMPANY FUND, STRATEGIC VALUE FUND, MULTI SECTOR BOND FUND, GLOBAL
EQUITY FUND:
FOREIGN CURRENCY TRANSACTIONS. The accounting records of each Fund are
maintained in U.S. dollars. Investment securities and other assets and
liabilities denominated in a foreign currency are translated into U.S. dollars
at the prevailing rates of exchange each day. Purchases and sales of securities,
income receipts and expense payments are translated into U.S. dollars at the
prevailing exchange rate on the respective dates of the transactions. Net
realized gains and losses on foreign currency transactions represent net gains
and losses from sales and maturities of forward currency contracts, disposition
of foreign currencies, currency gains and losses realized between the trade and
settlement dates on securities transactions and the difference between the
amount of net investment income accrued and the U.S. dollar amount actually
received. The effect of changes in foreign currency exchange rates on
investments in securities are not segregated in the Statements of Operations
from the effects of changes in market prices of those securities, but are
included with the net realized and unrealized gain or loss on investments.
FORWARD FOREIGN CURRENCY CONTRACTS. The 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.
Forward exchange contracts are used in hedging the risks associated with
commitments to purchase securities denominated in foreign currencies for agreed
amounts. The precise matching of forward exchange contract amounts and the value
of the securities involved generally will not be possible because the value of
such securities, measured in the foreign currency, will change after the forward
exchange contract has been established. Thus, the Fund may need to purchase or
sell foreign currencies in the spot (cash) market to the
94 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
<PAGE> 97
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
DECEMBER 31, 1999
- --------------------------------------------------------------------------------
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.
(d) MORTGAGE ROLLS. The Multi-Sector Bond Fund, Balanced Fund, and Income Fund
may enter into mortgage "dollar rolls" in which a Fund sells mortgage-backed
securities for delivery in the current month and simultaneously contracts to
repurchase substantially similar (same type, coupon and maturity) securities on
a specified future date. A Fund is compensated by a fee paid by the
counterparty. Dollar rolls are accounted for as financing arrangements; the fee
is accrued into interest income ratably over the term of the dollar roll and any
gain or loss on the roll is deferred until disposition of the rolled security.
(e) OPTION CONTRACTS. When a Fund writes or purchases a call or a put option, an
amount equal to the premium received or paid by the Fund is recorded as a
liability or asset, the value of which is marked-to-market daily to reflect the
current market value of the option. When the option expires, the Fund realizes a
gain or loss equal to the amount of the premium received or paid. When the Fund
exercises an option or enters into a closing transaction by purchasing or
selling an offsetting option, it realizes a gain or loss without regard to any
unrealized gain or loss on the underlying security. When a written call option
is exercised, the Fund realizes a gain or loss from the sale of the underlying
security and the proceeds from such sale are increased by the premium originally
received. When a written put option is exercised, the amount of the premium
received reduces the cost of the security that the Fund purchased upon exercise
of the option.
(f) SECURITY TRANSACTIONS AND INVESTMENT INCOME. Security transactions are
recorded on the trade date. Dividend income is recorded on the ex-dividend date
or for foreign securities, it is recorded as soon as the information becomes
available. Interest income is recorded on an accrual basis and includes, where
applicable, the amortization of premium or discount.
(g) FEDERAL INCOME TAXES. Each Fund's policy is to qualify as a regulated
investment company under the Internal Revenue Code and to distribute all its
taxable income 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 but 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 December 31, 1999, for Federal income tax purposes, the following Funds
have capital loss carryforwards available to offset future capital gains, if
any:
<TABLE>
<CAPTION>
AMOUNT EXPIRES
--------- -------
<S> <C> <C>
Income Fund.................................. $ 76,687 2007
Equity Income Fund........................... 193,071 2007
High Income Bond Fund........................ 238,161 2007
Multi Sector Bond Fund....................... 1,357,896 2007
</TABLE>
(h) DIVIDENDS TO SHAREHOLDERS
1) All Funds except the Money Market Fund:
Dividend income is recorded on the ex-dividend date. Dividends from net
investment income are paid quarterly.
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 95
<PAGE> 98
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
DECEMBER 31, 1999
- --------------------------------------------------------------------------------
2) Money Market Fund:
Dividends from net investment income are declared and recorded daily and paid
monthly.
3) All Funds
Distributable net realized capital gains, if any, are declared and
distributed at least annually.
Dividends and distributions to shareholders are determined in accordance with
federal income tax regulations which may differ from generally accepted
accounting principles. These "book/tax" differences are considered either
permanent or temporary in nature. Permanent differences are reclassified
within the capital accounts based on their nature for federal income tax
purposes; temporary differences do not require reclassification. Dividends
and distributions that exceed net investment income and net realized gains
for financial reporting purposes, but not for tax purposes, are reported as
distributions in excess of net investment income and net realized gains. To
the extent distributions exceed current and accumulated earnings and profits
for Federal income tax purposes, they are reported as distributions of
capital.
Accordingly, as of December 31, 1999 the undistributed (distributions in
excess of) net investment income, undistributed net realized gains and
capital paid in excess of par value have been adjusted. Negative amounts
represent credits and positive amounts represent debits. The adjustments are
as follows:
<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 Equity Fund......................... (32,277) 32,277 --
</TABLE>
(i) EXPENSES. Expenses directly attributed to each Fund are charged to that
Fund. Expenses applicable to all Funds in the Trust are allocated among the
funds based on average net assets.
(j) ORGANIZATION EXPENSES. Initial organization expenses of the Small Company
Fund, Income Fund, Strategic Growth Fund, Strategic Value Fund, Equity Income
Fund, High Income Bond Fund, Balanced Fund, Multi Sector Bond Fund, Small Cap
Value Fund, Global Equity Fund, and Mid Cap Index Fund were paid by the
investment adviser and were reimbursed by the Funds. Such organization costs
have been deferred and are being amortized straight-line over a period of sixty
months from the commencement of operations.
(k) 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
96 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
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NOTES TO FINANCIAL STATEMENTS -- CONTINUED
DECEMBER 31, 1999
- --------------------------------------------------------------------------------
and liabilities and disclosure of contingent assets and liabilities at the date
of the financial statements and the reported amounts of revenues and expenses
during the period. Actual results could differ from those estimates.
3 -- TRANSACTIONS WITH AFFILIATES
On September 1, 1999, Villanova Mutual Fund Capital Trust ("VMF") replaced
Nationwide Advisory Services, Inc. ("NAS"), an affiliated company, as investment
adviser to the Funds. Under the terms of the investment advisory agreement, VMF
earns an annual management fee based on a percentage of the average daily net
assets of each Fund. See the management fee schedule the table below.
Fees may be voluntarily waived or reimbursed to the Funds by VMF in order to
maintain expense ratios at or below stated expense caps. The following table
illustrates the stated expense caps for each fund for the period ended December
31, 1999:
<TABLE>
<CAPTION>
FUND EXPENSE CAP
---- -----------
<S> <C>
Total Return Fund.......................................... 0.78%
Capital Appreciation Fund.................................. 0.80%
Government Bond Fund....................................... 0.66%
Money Market Fund.......................................... 0.55%
Small Company Fund......................................... 1.25%
Income Fund................................................ 0.75%
Strategic Growth Fund...................................... 1.00%
Strategic Value Fund....................................... 1.00%
Equity Income Fund......................................... 0.95%
High Income Bond Fund...................................... 0.95%
Balanced Fund.............................................. 0.90%
Multi Sector Bond Fund..................................... 0.90%
Small Cap Value Fund....................................... 1.05%
Small Cap Growth Fund...................................... 1.30%
Global Equity Fund......................................... 1.20%
Mid Cap Index Fund......................................... 0.65%
</TABLE>
The following table illustrates waived expenses of the Funds by NAS and VMF:
<TABLE>
<CAPTION>
TOTAL FUND FEES NET
EXPENSES WAIVED* EXPENSE
---------- ------- -------
<S> <C> <C> <C>
Income Fund $ 61,283 $ (9,754) $ 51,529
Strategic Growth Fund 388,339 (72,875) 315,464
Strategic Value Fund 192,021 (34,683) 157,338
Equity Income Fund 228,888 (28,960) 199,928
High Income Bond Fund 600,394 (104,310) 496,084
Balanced Fund 621,044 (57,656) 563,388
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 97
<PAGE> 100
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NOTES TO FINANCIAL STATEMENTS -- CONTINUED
DECEMBER 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
TOTAL FUND FEES NET
EXPENSES WAIVED* EXPENSE
---------- ------- -------
<S> <C> <C> <C>
Multi Sector Bond Fund............................... $ 540,904 $ (64,933) $ 475,971
Small Cap Value Fund................................. 1,222,411 (215,567) 1,006,844
Small Cap Growth Fund................................ 147,349 (91,040) 56,309
Global Equity Fund................................... 565,283 (126,090) 439,193
Mid Cap Index Fund................................... 245,900 (100,860) 145,040
</TABLE>
- ---------------
* Fees waived includes advisory and fund administration fees.
As stated above, VMF earns an annual advisory fee based on each Fund's average
daily net assets. From such fees, pursuant to sub-investment advisory
agreements, VMF pays subadvisory fees to the following subadvisers for their
day-to-day investment management services to the portfolios of their respective
Fund(s) or portions thereof:
<TABLE>
<CAPTION>
FUND SUBADVISER(S)
---- -------------
<S> <C>
Small Company Fund The Dreyfus Corporation
Neuberger Berman, LLC
Lazard Asset Management
Strong Capital Management, Inc.
Credit Suisse Asset Management, LLC*
Income Fund NCM Capital Management Group, Inc.
Smith Graham & Co. Asset Managers, L.P.
Strategic Growth Fund Strong Capital Management, Inc.
Strategic Value Fund Strong Capital Management, Inc.
Equity Income Fund Federated Investment Counseling
High Income Bond Fund Federated Investment Counseling
Balanced Fund Salomon Brothers Asset Management, Inc.
Multi Sector Bond Fund Salomon Brothers Asset Management, Inc.
Small Cap Value Fund The Dreyfus Corporation
Small Cap Growth Fund Franklin Advisers, Inc.
Miller Anderson & Sherrerd, LLP
Neuberger Berman, LLC
Global Equity Fund J.P. Morgan Investment Management, Inc.
Mid Cap Index Fund The Dreyfus Corporation**
</TABLE>
* On July 6, 1999, Credit Suisse Asset Management, LLC, became a subadviser of
the Small Company Fund as a result of a merger between the parent of Warburg
Pincus Asset Management, Inc. and Credit Suisse Group and the subsequent
reorganization of the combined U.S. investment management operations into
Credit Suisse Asset Management, LLC.
** Prior to September 27, 1999, First Pacific Advisors, Inc., Pilgrim Baxter and
Associates Ltd., Rice, Hall, James and Associates.
98 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
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NOTES TO FINANCIAL STATEMENTS -- CONTINUED
DECEMBER 31, 1999
- --------------------------------------------------------------------------------
Additional information regarding the gross contractual investment advisory fees
earned (before waivers) and paid to the subadvisers is as follows for the period
ending December 31, 1999.
<TABLE>
<CAPTION>
CONTRACTUAL CONTRACTUAL
ADVISORY SUBADVISORY TOTAL
FEES FEES PAYABLE CONTRACTUAL TOTAL FEES PAID
AVERAGE DAILY RETAINED BY NAS/VMF NAS/VMF TO
FUND NET ASSETS BY NAS/VMF NAS/VMF FEES FEES EARNED SUBADVISERS
---- ------------- ----------- ------------ ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Total Return Fund $14,084,011 $ --
and Capital Appreciation Fund 6,579,545 --
Up to $1 billion 0.60% -- 0.60%
Next $1 billion 0.575% -- 0.575%
Next $3 billion 0.55% -- 0.55%
$5 billion and more 0.50% -- 0.50%
Government Bond Fund 3,867,960 --
Up to $1 billion 0.50% -- 0.50%
Next $1 billion 0.475% -- 0.475%
Next $3 billion 0.45% -- 0.45%
$5 billion and more 0.40% -- 0.40%
Money Market Fund 6,844,464 --
Up to $1 billion 0.40% -- 0.40%
Next $1 billion 0.38% -- 0.38%
Next $3 billion 0.36% -- 0.36%
$5 billion and more 0.34% -- 0.34%
Small Company Fund* 3,805,726 2,336,764
All assets 0.35% 0.60% 0.95%
Income Fund 30,917** 40,000**
Up to $100 million 0.20% 0.25% 0.45%
$100 million or more 0.30% 0.15% 0.45%
Strategic Growth Fund 283,917 157,732
and Strategic Value Fund
Up to $500 million 0.40% 0.50% 0.90% 141,605 78,669
$500 million and more 0.45% 0.45% 0.90%
Equity Income Fund and 168,361 84,180
High Income Bond Fund 417,758 202,180
Up to $50 million 0.40% 0.40% 0.80%
Next $200 million 0.55% 0.25% 0.80%
Next $250 million 0.60% 0.20% 0.80%
$500 million and more 0.65% 0.15% 0.80%
Balanced Fund 469,490 219,095
Up to $150 million 0.40% 0.35% 0.75%
Next $350 million 0.45% 0.30% 0.75%
$500 million and more 0.50% 0.25% 0.75%
Multi Sector Bond Fund 396,644 181,855
Up to $50 million 0.40% 0.35% 0.75%
Next $150 million 0.45% 0.30% 0.75%
Next $300 million 0.50% 0.25% 0.75%
$500 million and more 0.55% 0.20% 0.75%
Small Cap Value Fund 863,009 479,449
Up to $200 million 0.40% 0.50% 0.90%
$200 million and more 0.45% 0.45% 0.90%
</TABLE>
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 99
<PAGE> 102
NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
DECEMBER 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CONTRACTUAL CONTRACTUAL
ADVISORY SUBADVISORY TOTAL
FEES FEES PAYABLE CONTRACTUAL TOTAL FEES PAID
AVERAGE DAILY RETAINED BY NAS/VMF NAS/VMF TO
FUND NET ASSETS BY NAS/VMF NAS/VMF FEES FEES EARNED SUBADVISERS
---- ------------- ----------- ------------ ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Small Cap Growth Fund
All assets 0.50% 0.60% 1.10% $ 47,647 $ 25,989
Global Equity Fund 365,994 219,596
Up to $50 million 0.40% 0.60% 1.00%
$50 million and more 0.45% 0.55% 1.00%
Mid Cap Index Fund*** 123,869 67,410
Up to $250 million 0.40% 0.10% 0.50%
Next $250 million 0.41% 0.09% 0.50%
Next $250 million 0.42% 0.08% 0.50%
Next $250 million 0.43% 0.07% 0.50%
$1 billion and more 0.45% 0.05% 0.50%
</TABLE>
- ---------------
* Effective September 1, 1999, the annual advisory fee was reduced from 1.00%
to 0.95%. As a result, the actual advisory fee paid for year was 0.98%.
** $30,917 represents 0.45% of average daily net assets. Subject to the
subadvisory agreement, VMF pays each subadviser 0.25% of assets they manage
up to $100 million and 0.15% for assets of $100 million and more. However,
minimum annual amounts included in the agreements of $15,000 for NCM Capital
Management Group, Inc. and $25,000 for Smith & Graham & Co. Asset Managers,
L.P. are the responsibility of VMF. The total fees paid to the subadvisers
of $40,000 represents these minimum amounts.
*** Effective September 27, 1999, the annual advisory fee was reduced from 1.05%
to 0.50%. As a result, the actual advisory fee paid for the year was 0.88%.
See Note 1 for further explanation.
Also on September 1, 1999 Villanova SA Capital Trust ("VSA") replaced NAS as
administrator.
Per the Fund Administration Agreement, VSA also receives for its services for
the Total Return Fund, Capital Appreciation Fund, Government Bond Fund and Money
Market Fund a fee, calculated daily and paid monthly, according to the following
schedule:
<TABLE>
<CAPTION>
AVERAGE DAILY NET ASSETS ADMINISTRATION FEE
- ------------------------------- -------------------------------
<S> <C>
Up to $1 billion 0.05%
$1 billion and more 0.04%
</TABLE>
For 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 Equity Fund, and
Mid Cap Index Fund, VSA receives for its services for each Fund a fee,
calculated daily and paid monthly, according to the following schedule:
<TABLE>
<CAPTION>
AVERAGE DAILY NET ASSETS ADMINISTRATION FEE
- ------------------------------- -------------------------------
<S> <C>
Up to $250 million 0.07%
Next $750 million 0.05%
$1 billion and more 0.04%
</TABLE>
- ---------------
* Effective September 1, 1999.
NISI (Nationwide Investors Services, Inc., a subsidiary of VSA, receives for its
service as Transfer and Dividend Disbursing Agent for each Fund a fee of 0.01%
of average daily net assets, calculated daily and paid monthly.
As stated above, on September 1, 1999, NAS was replaced by VMF as an investment
advisor and VSA as administrator. Advisory and fund administration fees paid by
the Fund prior to that date were paid to NAS. After
100 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
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NOTES TO FINANCIAL STATEMENTS -- CONTINUED
DECEMBER 31, 1999
- --------------------------------------------------------------------------------
September 1, 1999, advisory fees were paid to VMF and fund administration fees
were paid to VSA. The information provided in this report relates to the total
advisory and fund administration fees paid by the Fund for the fiscal period
ended December 31, 1999.
Also on September 1, 1999, VSA entered into an agreement with BISYS Fund
Services Ohio, Inc. to provide sub-administration and sub-transfer agent
services.
NFS and other financial institutions or servicing organizations may receive fees
under the terms of an Administrative Services plan for providing administrative
support services including but not limited to the following: establishing and
maintaining shareholder accounts, processing purchase and redemption
transactions, arranging bank wires, performing shareholder sub-accounting,
answering inquires regarding the Funds, and other such services. These fees are
based on an annual rate of up to 0.25% of the average daily net assets of the
Funds.
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%. 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 period ended December 31, 1999 are summarized as
follows:
<TABLE>
<CAPTION>
LONG-TERM SECURITIES U.S. GOVERNMENT OBLIGATIONS
PURCHASES SALES PURCHASES SALES
------------ ------------ -------------- ------------
<S> <C> <C> <C> <C>
Total Return Fund $710,270,051 $790,880,871 $ 3,772,518 $ 3,773,000
Capital Appreciation Fund 261,923,307 296,349,098 -- --
Government Bond Fund 101,032,945 35,629,527 374,930,640 345,148,123
Money Market Fund -- -- 1,073,550,286 951,016,614
Small Company Fund 501,925,686 518,481,661 -- --
Income Fund 1,980,020 1,500,347 7,448,348 4,081,982
Strategic Growth Fund 246,295,827 191,569,965 -- --
Strategic Value Fund 19,553,710 17,357,623 -- --
Equity Income Fund 19,965,353 9,119,537 -- --
High Income Bond Fund 38,974,372 10,775,150 -- --
Balanced Fund 91,870,652 50,826,660 4,911,032 5,403,958
Multi Sector Bond Fund 140,382,543 107,929,499 9,340,934 8,766,083
Small Cap Value Fund 311,236,544 248,578,472 -- --
Small Cap Growth Fund 18,471,950 8,668,634 -- --
Global Equity Fund 57,816,964 28,151,021 -- --
Mid Cap Index Fund 43,261,192 35,806,356 -- 100,443
</TABLE>
Realized gains and losses have been computed on the specific identification
basis. Included in net unrealized appreciation (depreciation) for the period
ended December 31, 1999, based on cost for federal income tax
NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT 101
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NATIONWIDE SEPARATE ACCOUNT TRUST
NOTES TO FINANCIAL STATEMENTS -- CONTINUED
DECEMBER 31, 1999
- --------------------------------------------------------------------------------
purposes, excluding forward currency contracts for the Multi Sector Bond Fund
and Global Equity Fund are the following components:
<TABLE>
<CAPTION>
NET
GROSS GROSS UNREALIZED
UNREALIZED UNREALIZED APPRECIATION
GAINS LOSSES (DEPRECIATION)
------------ ------------ --------------
<S> <C> <C> <C>
Total Return Fund $924,559,734 $(74,638,963) $849,920,771
Capital Appreciation Fund 289,568,242 (45,031,368) 244,536,874
Government Bond Fund 2,034,922 (34,769,871) (32,734,949)
Small Company Fund 180,130,112 (18,415,999) 161,714,113
Income Fund -- (309,345) (309,345)
Strategic Growth Fund 17,140,502 (1,225,359) 15,915,143
Strategic Value Fund 1,280,624 (2,026,518) (745,894)
Equity Income Fund 6,719,434 (1,443,859) 5,275,575
High Income Bond Fund 847,814 (4,323,376) (3,475,562)
Balanced Fund 3,565,085 (5,076,192) (1,511,107)
Multi Sector Bond Fund 1,411,693 (3,110,730) (1,699,037)
Small Cap Value Fund 12,323,687 (15,349,814) (3,026,127)
Small Cap Growth 5,298,989 (432,810) 4,866,179
Global Equity 11,053,365 (3,364,962) 7,688,403
Mid Cap Index Fund 3,002,951 (923,175) 2,079,776
</TABLE>
6 -- PORTFOLIO INVESTMENT RISKS
CREDIT AND MARKET RISK. Funds that invest in high yield and emerging market debt
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 emerging
market 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.
102 NATIONWIDE SEPARATE ACCOUNT TRUST ANNUAL REPORT
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NOTES TO FINANCIAL STATEMENTS -- CONTINUED
DECEMBER 31, 1999
- --------------------------------------------------------------------------------
7 -- FEDERAL TAX INFORMATION
The following represents distributions from long-term capital gains for the
funds for the period ended December 31, 1999:
<TABLE>
<S> <C>
Total Return Fund $88,838,144
Capital Appreciation Fund 59,944,105
Government Bond Fund 1,459,051
Strategic Growth Fund 22,298
Strategic Value Fund 4,725
High Income Bond Fund 20,742
Global Equity Fund 841,562
</TABLE>
Under current tax law, capital losses realized after October 31 may be deferred
and treated as occurring on the first business day of the following fiscal year.
The following funds had deferred losses, which will be treated as arising on the
first day of the fiscal year ending December 31, 2000.
<TABLE>
<S> <C>
Government Bond Fund $ 50,490
Income Fund 3,233
Strategic Value Fund 523,473
Equity Income Fund 290,755
High Income Bond Fund 133,280
Balanced Fund 527,390
Multi Sector Bond Fund 31,428
</TABLE>
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