<PAGE> 1
(TM)
NATIONWIDE
VARIABLE
ACCOUNT
Semi-Annual Report
to
Contract Owners
June 30, 1995
NATIONWIDE LIFE INSURANCE COMPANY
HOME OFFICE: COLUMBUS, OHIO
APO-717-S (6/95)
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Nationwide is a registered federal service mark of Nationwide Mutual Insurance
Company
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[NATIONWIDE LOGO]
NATIONWIDE LIFE INSURANCE COMPANY
ONE NATIONWIDE PLAZA, COLUMBUS, OHIO 43216
[PHOTO]
PRESIDENT'S MESSAGE
We are pleased to present the 1995 semi-annual report of the Nationwide
Variable Account.
The first half of 1995 proved rewarding for both stock and bond fund investors.
During this period, stock funds as a group scored a gain of almost 17 percent
while bond funds were ahead by over 9 percent, as measured by Lipper Analytical
Services, Inc.
The economy slowed during the second quarter in deference to the Federal
Reserve's goal of a "soft landing". In early July the Fed trimmed the federal
funds rate 25 basis points, the first easing by the Fed in almost three years.
This move provided additional fuel to the markets in the current quarter.
Continued low inflation, favorable corporate earnings and slow but sustainable
economic growth should support further advances in the equity and fixed income
markets for the remainder of the year and into 1996.
We extend our thanks that you have selected our investment products to help you
meet your financial planning and retirement needs.
/s/ Peter F. Frenzer
Peter F. Frenzer, President
3
<PAGE> 4
NATIONWIDE VARIABLE ACCOUNT
STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY
June 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
Assets:
<S> <C>
Investments at market value:
Delaware Group Delchester High-Yield Bond Fund, Inc. - Delchester Fund
Institutional Class (DeHyBd)
109,170 shares (cost $720,436) . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 680,129
Dreyfus A Bonds Plus, Inc. (DryABds)
20,100 shares (cost $274,180) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 291,656
The Dreyfus Third Century Fund, Inc. (Dry3dCen)
15,086 shares (cost $109,194) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116,765
The Evergreen Total Return Fund - Class Y (EvTotRet)
35,453 shares (cost $689,126) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 661,548
Fidelity Asset Manager (TM) (FidAsMgr)
132,726 shares (cost $1,940,275) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,964,344
Fidelity Capital & Income Fund (FidCapIn)
156,029 shares (cost $1,302,092) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,416,739
Fidelity Equity-Income Fund (FidEqInc)
336,987 shares (cost $9,942,851) . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,690,063
Fidelity Magellan (R) Fund (FidMgln)
69,818 shares (cost $4,865,642) . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,829,771
Fidelity Puritan Fund (FidPurtn)
191,963 shares (cost $3,005,451) . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,100,206
Fidelity VIP - High Income Portfolio (FidHiInc)
37,660 shares (cost $429,940) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 421,417
Janus Twenty Fund (Jan20Fd)
29,453 shares (cost $703,502) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 817,038
MFS (R) World Governments Fund - Class A (MFSWdGvt)
93,287 shares (cost $1,109,026) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,140,898
Nationwide (R) Bond Fund (NWBdFd)
141,734 shares (cost $1,361,827) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,322,380
Nationwide (R) Fund (NWFund)
95,490 shares (cost $1,421,521) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,532,608
Nationwide (R) Growth Fund (NWGroFd)
228,044 shares (cost $2,224,017) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,875,639
</TABLE>
4
<PAGE> 5
<TABLE>
<S> <C>
Nationwide (R) Money Market Fund (NWMyMkt)
6,598,414 shares (cost $6,598,414) 6,598,414
Neuberger & Berman Guardian Fund (NBGuard)
35,267 shares (cost $679,556) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 782,584
Neuberger & Berman Limited Maturity Bond Fund (NBLtdMat)
96,260 shares (cost $960,089) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 964,521
Neuberger & Berman Partners Fund (NBPartFd)
32,888 shares (cost $675,437) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 728,480
Oppenheimer Global Fund N Class A (OppGlob)
56,723 shares (cost $1,978,934) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,973,977
Peoples Index Fund (R), Inc. (PeoIxFd)
14,729 shares (cost $232,515) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 252,303
Phoenix Balanced Fund Series N Class A (PhxBalFd)
10,873 shares (cost $167,345) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175,930
Strong Total Return Fund, Inc. (StTotRet)
13,969 shares (cost $346,713) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 372,965
Templeton Foreign Fund - Class I (TemForFd)
32,229 shares (cost $291,513) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 303,273
Twentieth Century Growth Investors (TCGroInv)
501,109 shares (cost $10,868,039) . . . . . . . . . . . . . . . . . . . . . . . . . . 11,154,694
Twentieth Century International Equity (TCIntlEq)
5,061 shares (cost $34,391) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,033
Twentieth Century Ultra Investors (TCUltra)
88,592 shares (cost $1,831,593) . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,129,748
Twentieth Century U.S. Governments Short-Term (TCUSGvt)
323,996 shares (cost $3,086,205) . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,068,242
--------------
Total investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,402,365
Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,724
--------------
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,410,089
ACCOUNTS PAYABLE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 393
--------------
CONTRACT OWNERS' EQUITY (NOTE 4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 62,409,696
==============
<FN>
See accompanying notes to financial statements.
</TABLE>
5
<PAGE> 6
NATIONWIDE VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
Six Month Periods Ended June 30, 1995, 1994 and 1993
(UNAUDITED)
<TABLE>
<CAPTION>
1995 1994 1993
INVESTMENT ACTIVITY: ----------- ----------- ----------
<S> <C> <C> <C>
Reinvested capital gains and dividends . . . . . . . . . $ 937,905 1,058,393 521,326
Gain (loss) on investments: ----------- ----------- ----------
Proceeds from redemptions of mutual fund shares . . . 11,738,476 9,780,146 7,698,372
Cost of mutual fund shares sold . . . . . . . . . . . (12,154,476) (8,841,965) (6,743,592)
----------- ----------- ----------
Realized gain (loss) on investments . . . . . . . . . (416,000) 938,181 954,780
Change in unrealized gain (loss) on investments . . . 7,241,763 (3,422,477) 89,034
----------- ----------- ----------
Net gain (loss) on investments . . . . . . . . . . 6,825,763 (2,484,296) 1,043,814
----------- ----------- ----------
Net investment activity . . . . . . . . . . 7,763,668 (1,425,903) 1,565,140
----------- ----------- ----------
EQUITY TRANSACTIONS:
Purchase payments received from contract
owners . . . . . . . . . . . . . . . . . . . . . . . . 7,672,726 8,534,089 1,174,343
Redemptions . . . . . . . . . . . . . . . . . . . . . . (8,061,433) (3,341,589) (2,970,799)
Annuity benefits . . . . . . . . . . . . . . . . . . . . (8,706) (9,692) (9,460)
Adjustments to maintain reserves . . . . . . . . . . . . 2,268 4,425 2,897
----------- ----------- ----------
Net equity transactions . . . . . . . . . . (395,145) 5,187,233 (1,803,019)
----------- ----------- ----------
EXPENSES (NOTE 2):
Contract charges . . . . . . . . . . . . . . . . . . . . (429,199) (361,258) (325,573)
Contingent deferred sales charges . . . . . . . . . . . (25,484) (34,097) (38,979)
----------- ----------- ----------
Total expenses . . . . . . . . . . . . . . (454,683) (395,355) (364,552)
----------- ----------- ----------
NET CHANGE IN CONTRACT OWNERS' EQUITY . . . . . . . . . . . 6,913,840 3,365,975 (602,431)
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD . . . . . . . . 55,495,856 46,583,028 43,213,309
----------- ----------- ----------
CONTRACT OWNERS' EQUITY END OF PERIOD . . . . . . . . . . . 62,409,696 49,949,003 42,610,878
----------- ----------- ----------
</TABLE>
See accompanying notes to financial statements.
6
<PAGE> 7
NATIONWIDE VARIABLE ACCOUNT
NOTES TO FINANCIAL STATEMENTS
June 30, 1995, 1994 and 1993
(UNAUDITED)
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Organization
The Nationwide Variable Account (the Account) was established pursuant to a
resolution of the Board of Directors of Nationwide Life Insurance Company (the
Company) on March 3, 1976. The Account has been registered as a unit investment
trust under the Investment Company Act of 1940.
(b) The Contracts
Only flexible purchase payment contracts without a front-end sales charge,
but with a contingent deferred sales charge and certain other fees, are offered
for purchase. See note 2 for a discussion of contract expenses.
With certain exceptions, contract owners in either the accumulation or the
payout phase may invest in the following:
Delaware Group Delchester High-Yield Bond Fund, Inc. - Delchester Fund
Institutional Class (DeHyBD)
Dreyfus A Bonds Plus, Inc. (DryABds)
The Dreyfus Third Century Fund, Inc. (Dry3dCen)
The Evergreen Total Return Fund - Class Y (EvTotRet)
Fidelity Asset ManagerTM (FidAsMgr)
Fidelity Capital & Income Fund (FidCapIn)
(not available for additional purchase payments or exchanges after
May 1, 1991)
Fidelity Equity-Income Fund (FidEqInc)
Fidelity Magellan Fund (FidMgln)
Fidelity Puritan Fund (FidPurtn) Portfolio of the
Fidelity Variable Insurance Products Fund (Fidelity VIP);
Fidelity VIP - High Income Portfolio (FidHiInc) (not available for
additional purchase payments or exchanges after December 1, 1993)
Janus Twenty Fund (Jan20Fd)
MFS World Governments Fund - Class A (MFSWdGvt)
Nationwide Bond Fund (NWBdFd) (managed for a fee by an affiliated
investment advisor)
Nationwide Fund (NWFund) (managed for a fee by an affiliated
investment advisor)
Nationwide Growth Fund (NWGroFd)
(managed for a fee by an affiliated investment advisor)
Nationwide Money Market Fund (NWMyMkt)
(managed for a fee by an affiliated investment advisor)
Neuberger & Berman Guardian Fund (NBGuard)
Neuberger & Berman Limited Maturity Bond Fund (NBLtdMat)
Neuberger & Berman Partners Fund (NBPartFd)
Oppenheimer Global Fund - Class A (OppGlob)
Peoples Index Fund, Inc. (PeoIxFd)
Phoenix Balanced Fund Series - Class A (PhxBalFd)
Strong Total Return Fund, Inc. (StTotRet)
Templeton Foreign Fund - Class I (TemForFd)
Twentieth Century Growth Investors (TCGroInv)
Twentieth Century International Equity (TCIntlEq)
Twentieth Century Ultra Investors (TCUltra)
Twentieth Century U.S. Governments Short-Term (TCUSGvt)
At June 30, 1995, contract owners have invested in all of the above funds.
7
<PAGE> 8
The contract owners' equity is affected by the investment results of each
fund and certain contract expenses (see note 2). The accompanying financial
statements include only contract owners' purchase payments pertaining to the
variable portions of their contracts and exclude any purchase payments for
fixed dollar benefits, the latter being included in the accounts of the
Company.
(c) Security Valuation, Transactions and Related Investment Income
The market value of investments is based on the closing bid prices at June
30, 1995. The cost of investments sold is determined on a specific
identification basis. Investment transactions are accounted for on the trade
date (date the order to buy or sell is executed) and dividend income is
recorded on the ex-dividend date.
(d) Federal Income Taxes
Operations of the Account form a part of, and are taxed with, operations of
the Company which is taxed as a life insurance company under the Internal
Revenue Code.
The Company does not provide for income taxes within the Account. Taxes are
the responsibility of the contract owner upon termination or withdrawal.
(2) EXPENSES
The Company does not deduct a sales charge from purchase payments received
from the contract owners. However, if any part of the contract value of such
contracts is surrendered, the Company will, with certain exceptions, deduct
from a contract ownerGs contract value a contingent deferred sales charge. For
contracts issued prior to January 1, 1993, the contingent deferred sales charge
will be equal to 5% of the lesser of the total of all purchase payments made
within 96 months prior to the date of the request for surrender or the amount
surrendered. For contracts issued on or after January 1, 1993, the Company will
deduct a contingent deferred sales charge not to exceed 7% of the lesser of
purchase payments or the amount surrendered, such charge declining 1% per year,
to 0%, after the purchase payment has been held in the contract for 84 months.
No sales charges are deducted on redemptions used to purchase units in the
fixed investment options of the Company.
The following administrative charges are deducted by the Company: (a) an
annual contract maintenance charge of $30, with certain exceptions, which is
satisfied by surrendering units; and (b) for contracts issued prior to January
1, 1993, a charge for mortality and expense risk assessed through the daily
unit value calculation equal to an annual rate of 0.80% and 0.50%,
respectively; for contracts issued on or after January 1, 1993, a mortality
risk charge, an expense risk charge and an administration charge assessed
through the daily unit value calculation equal to an annual rate of 0.80%,
0.45% and 0.05%, respectively.
(3) SCHEDULE I
Schedule I presents the components of the change in the unit values, which
are the basis for contract owners' equity. This schedule is presented for each
series in the following format:
* Beginning unit value - Jan. 1
* Reinvested capital gains and dividends
(This amount reflects the increase in the unit value due to
capital gains and dividend distributions from the underlying
mutual funds.)
* Unrealized gain (loss)
(This amount reflects the increase (decrease) in the unit value
resulting from the market appreciation (depreciation) of the
fund.)
* Contract charges
(This amount reflects the decrease in the unit value due to the
mortality risk charge, an expense risk charge and an
administration charge discussed in note 2.)
* Ending unit value - June 30
* Percentage increase (decrease) in unit value.
For contracts in the payout phase, an assumed investment return of 3.5%,
used in the calculation of the annuity benefit payment amount, results in a
corresponding reduction in the components of the unit values as shown in
Schedule I.
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<PAGE> 9
(4) Components of Contract Owners' Equity
The following is a summary of contract ownersG equity at June 30, 1995, for
each series, in both the accumulation and payout phases.
<TABLE>
<CAPTION>
Contract owners' equity represented by: Units Unit Value
------- ------------
<S> <C> <C> <C>
Contracts in accumulation phase:
Delaware Group Delchester High-Yield
Bond Fund, Inc. - Delchester Fund
Institutional Class:
Tax qualified . . . . . . . . . . . . . . . 58,074 $ 11.712581 $ 680,196
Dreyfus A Bonds Plus, Inc.:
Tax qualified . . . . . . . . . . . . . . . 28,575 10.206802 291,659
The Dreyfus Third Century Fund, Inc.:
Tax qualified . . . . . . . . . . . . . . . 10,360 11.270390 116,761
The Evergreen Total Return Fund - Class Y:
Tax qualified . . . . . . . . . . . . . . . 57,276 11.550540 661,569
Fidelity Asset ManagerTM:
Tax qualified . . . . . . . . . . . . . . . 190,245 10.325256 1,964,328
Fidelity Capital & Income Fund:
Tax qualified . . . . . . . . . . . . . . . 39,088 36.014882 1,407,750
Fidelity Equity-Income Fund:
Tax qualified . . . . . . . . . . . . . . . 285,194 40.938857 11,675,516
Fidelity Magellan Fund:
Tax qualified . . . . . . . . . . . . . . . 390,648 14.923351 5,829,777
Fidelity Puritan Fund:
Tax qualified . . . . . . . . . . . . . . . 234,721 13.207997 3,100,194
Fidelity VIP N High Income Portfolio:
Tax qualified . . . . . . . . . . . . . . . 23,283 18.100034 421,423
Janus Twenty Fund:
Tax qualified . . . . . . . . . . . . . . . 77,377 10.559179 817,038
MFS World Governments Fund - Class A:
Tax qualified . . . . . . . . . . . . . . . 32,518 34.640930 1,126,454
Nationwide Bond Fund:
Tax qualified . . . . . . . . . . . . . . . 36,952 35.109623 1,297,371
Non-tax qualified . . . . . . . . . . . . . 656 34.959110 22,933
Nationwide Fund:
Tax qualified . . . . . . . . . . . . . . . 30,263 49.913974 1,510,547
Non-tax qualified . . . . . . . . . . . . . 258 51.990479 13,414
Nationwide Growth Fund:
Tax qualified . . . . . . . . . . . . . . . 47,007 60.784511 2,857,298
Non-tax qualified . . . . . . . . . . . . . 120 64.180811 7,702
Nationwide Money Market Fund:
Tax qualified - Pre 12/25/82 . . . . . . . . 53,979 23.330099 1,259,335
Tax qualified . . . . . . . . . . . . . . . 285,875 18.527768 5,296,626
Non-tax qualified . . . . . . . . . . . . . 1,326 23.477542 31,131
Neuberger & Berman Guardian Fund:
Tax qualified . . . . . . . . . . . . . . . 66,812 11.713871 782,627
Neuberger & Berman Limited Maturity Bond Fund:
Tax qualified . . . . . . . . . . . . . . . 93,185 10.348291 964,305
Neuberger & Berman Partners Fund:
Tax qualified . . . . . . . . . . . . . . . 54,820 13.288481 728,475
Oppenheimer Global Fund - Class A:
Tax qualified . . . . . . . . . . . . . . . 135,047 14.616892 1,973,967
Peoples Index Fund, Inc.:
Tax qualified . . . . . . . . . . . . . . . 19,709 12.801783 252,310
Phoenix Balanced Fund Series - Class A:
Tax qualified . . . . . . . . . . . . . . . 17,120 10.275721 175,920
Strong Total Return Fund, Inc.:
Tax qualified . . . . . . . . . . . . . . . 27,750 13.440573 372,976
Templeton Foreign Fund - Class I:
Tax qualified . . . . . . . . . . . . . . . 28,286 10.721541 303,270
Twentieth Century Growth Investors:
Tax qualified . . . . . . . . . . . . . . . 245,733 44.978713 11,052,754
Twentieth Century International Equity:
Tax qualified . . . . . . . . . . . . . . . 3,331 10.812349 36,016
Twentieth Century Ultra Investors:
Tax qualified . . . . . . . . . . . . . . . 196,720 10.826259 2,129,742
Twentieth Century U.S. Governments Short-Term:
Tax qualified . . . . . . . . . . . . . . . 154,477 19.802113 3,058,971
Reserves for annuity contracts in payout phase: ======= =========
Tax qualified . . . . . . . . . . . . . . . 189,341
------------
$ 62,409,696
============
</TABLE>
9
<PAGE> 10
<TABLE>
SCHEDULE I
NATIONWIDE VARIABLE ACCOUNT
TAX QUALIFIED
SCHEDULES OF CHANGES IN UNIT VALUE
SIX MONTH PERIODS ENDED JUNE 30, 1995, 1994 AND 1993
(UNAUDITED)
<CAPTION>
DEHYBD DRYABDS DRY3DCEN EVTOLRET FIDASMGR FIDCAPIN FIDEQINC FIDMGIN
-------- --------- ---------- ---------- ---------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1995
Beginning unit value - Jan. 1 $10.867271 9.110600 9.570659 10.301799 9.589367 32.589111 35.576037 11.964387
- ------------------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .591115 .274083 .000000 .327561 .124701 1.949716 .929112 .058842
- ------------------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .328548 .884966 1.766515 .992144 .675366 1.703603 4.682101 2.985489
- ------------------------------------------------------------------------------------------------------------------------------------
Contract charges (.074353) (.062847) (.066784) (.070964) (.064178) (.227548) (.248393) (.085367)
- ------------------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $11.712581 10.206802 11.270390 11.550540 10.325256 36.014882 40.938857 14.923351
- ------------------------------------------------------------------------------------------------------------------------------------
Percentage increase
(decrease) in
unit value* (a) 8% 12% 18% 12% 8% 11% 15% 25%
====================================================================================================================================
1994
Beginning unit value - Jan. 1 $11.511092 10.000000 10.477293 11.153183 10.415849 34.612981 35.955883 12.346838
- ------------------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .621487 .255224 .000000 .184061 .148672 1.689940 1.587234 .480494
- ------------------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) (.798993) (1.063029) (.858558) (1.015836) (.807496) (2.430752) (2.016725) (1.219741)
- ------------------------------------------------------------------------------------------------------------------------------------
Contract charges (.074392) (.050672) (.066208) (.069138) (.065848) (.224745) (.232982) (.080102)
- ------------------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $11.259194 9.141523 9.552527 10.252270 9.691177 33.647424 35.293410 11.527489
- ------------------------------------------------------------------------------------------------------------------------------------
Percentage increase
(decrease) in
unit value* (a) (2)% (9)%(b) (9)% (8)% (7)% (3)% (2)% (7)%
====================================================================================================================================
1993
Beginning unit value - Jan. 1 $10.000000 ** 10.000000 ** ** 28.076548 30.029661 10.000000
- ------------------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .562521 .000000 1.447442 .538399 .462944
- ------------------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .435012 .070848 3.255672 3.052979 1.130448
- ------------------------------------------------------------------------------------------------------------------------------------
Contract charges (.056337) (.063156) (.199604) (.207898) (.068534)
- ------------------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $10.941196 10.007692 32.580058 33.413141 11.524858
- ------------------------------------------------------------------------------------------------------------------------------------
Percentage increase
(decrease) in
unit value* (a) 9%(b) 0%(b) 16% 11% 15%(b)
====================================================================================================================================
<FN>
*This is not an annualized rate of return as it is the change for a six month
period and:
(a) Contract charges do not include the annual
contract maintenance charge discussed in note 2; and
(b) This investment option was not utilized for the entire six month period
indicated.
**This investment option was not available or was not utilized.
</TABLE>
10
<PAGE> 11
<TABLE>
SCHEDULE I, CONTINUED
NATIONWIDE VARIABLE ACCOUNT
TAX QUALIFIED
SCHEDULES OF CHANGES IN UNIT VALUE
SIX MONTH PERIODS ENDED JUNE 30, 1995, 1994 AND 1993
(UNAUDITED)
<CAPTION>
FIDPURTN FIDHIINC JAN20FD MFSWDGVT NWBDFD NWFUND NWGROFD
---------- ---------- --------- ---------- -------- -------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
1995
Beginning unit value - Jan. 1 $12.020413 16.267014 8.701036 31.104159 30.832258 45.095466 51.535806
- -----------------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .178453 1.177771 .000000 .000000 1.157152 .448570 .479896
- -----------------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) 1.091004 .767652 1.919835 3.752525 3.336887 4.677874 9.132600
- -----------------------------------------------------------------------------------------------------------------------------------
Contract charges (.081873) (.112403) (.061692) (.215754) (.216674) (.307936) (.363791)
- -----------------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $13.207997 18.100034 10.559179 34.640930 35.109623 49.913974 60.784511
- -----------------------------------------------------------------------------------------------------------------------------------
Percentage increase
(decrease) in
unit value* (a) 10% 11% 21% 11% 14% 11% 18%
===================================================================================================================================
1994
Beginning unit value - Jan. 1 $11.972512 16.739460 9.451097 33.728667 33.991130 45.422888 51.458079
- -----------------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .212795 1.533862 .000000 .421303 1.153907 .410396 .385856
- -----------------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) (.171191) (1.775032) (.931679) (3.274964) (3.660134) (2.345158) (1.960105)
- -----------------------------------------------------------------------------------------------------------------------------------
Contract charges (.078718) (.108991) (.060027) (.205490) (.210977) (.291360) (.332260)
- -----------------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $11.935398 16.389299 8.459391 30.669516 31.273926 43.196766 49.551570
- -----------------------------------------------------------------------------------------------------------------------------------
Percentage increase
(decrease) in
unit value* (a) 0% (2)% (10)% (9)% (8)% (5)% (4)%
===================================================================================================================================
1993
Beginning unit value - Jan. 1 $10.000000 14.073333 ** 28.864451 31.104546 43.104048 46.832151
- -----------------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .244226 1.157225 .000000 1.336194 .399351 .365530
- -----------------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) 1.080475 .535822 2.676193 .976526 (.642795) 1.785378
- -----------------------------------------------------------------------------------------------------------------------------------
Contract charges (.068253) (.096695) (.194210) (.211777) (.275204) (.309896)
- -----------------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $11.256448 15.669685 31.346434 33.205489 42.585400 48.673163
- -----------------------------------------------------------------------------------------------------------------------------------
Percentage increase
(decrease) in
unit value* (a) 13%(b) 11% 9% 7% (1)% 4%
===================================================================================================================================
<FN>
*This is not an annualized rate of return as it is the change for a six month
period and:
(a) Contract charges do not include the annual contract maintenance
charge discussed in note 2; and
(b) This investment option was not utilized for the entire six month period
indicated.
**This investment option was not available or was not utilized.
</TABLE>
11
<PAGE> 12
<TABLE>
SCHEDULE I, CONTINUED
NATIONWIDE VARIABLE ACCOUNT
TAX QUALIFIED
SCHEDULES OF CHANGES IN UNIT VALUE
SIX MONTH PERIODS ENDED JUNE 30, 1995, 1994 AND 1993
(UNAUDITED)
<CAPTION>
NWMYMKT
PRE 12/25/82 NWMYMKT NBGUARD NBLTDMAT NBPARTFD OPPGLOB PEOIXFD
-------------- --------- --------- ---------- ---------- ---------- ---------
1995
<S> <C> <C> <C> <C> <C> <C> <C>
Beginning unit value - Jan. 1 $22.850271 18.146709 9.640402 9.833352 11.183371 13.503390 10.749166
- -----------------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .630824 .500974 .052692 .316606 .000000 .000000 .000000
- -----------------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .000000 .000000 .2089501 .264511 2.184238 1.203687 2.129275
- -----------------------------------------------------------------------------------------------------------------------------------
Contract charges (.150996) (.119915) (.068724) (.066178) (.079128) (.090185) (.076658)
- -----------------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $23.330099 18.527768 11.713871 10.348291 13.288481 14.616892 12.801783
- -----------------------------------------------------------------------------------------------------------------------------------
Percentage increase
(decrease) in
unit value* (a) 2% 2% 22% 5% 19% 8% 19%
===================================================================================================================================
1994
Beginning unit value - Jan. 1 $22.315407 17.721943 10.000000 9.995028 11.548721 14.119303 10.819026
- -----------------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .330362 .262365 .052017 .269761 .000000 .000000 .000000
- -----------------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .000000 .000000 (.499159) (.408497) (.612892) (.525185) (.391932)
- -----------------------------------------------------------------------------------------------------------------------------------
Contract charges (.145505) (.115559) (.052167) (.064095) (.073947) (.091511) (.069423)
- -----------------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $22.500264 17.868749 9.500691 9.792197 10.861882 13.502607 10.357671
- -----------------------------------------------------------------------------------------------------------------------------------
Percentage increase
(decrease) in
unit value* (a) 1% 1% (5)%(b) (2)% (6)% (4)% (4)%
===================================================================================================================================
1993
Beginning unit value - Jan. 1 $22.042019 17.504831 ** ** 10.000000 10.000000 **
- -----------------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .277977 .220748 .000000 .000000 **
- -----------------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .000000 .000000 .702032 .939290
- -----------------------------------------------------------------------------------------------------------------------------------
Contract charges (.143644) (.114067) (.065548) (.066175)
- -----------------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $22.176352 17.611512 10.636484 10.873115
- -----------------------------------------------------------------------------------------------------------------------------------
Percentage increase
(decrease) in
unit value* (a) 1% 1% 6%(b) 9%(b)
===================================================================================================================================
<FN>
*This is not an annualized rate of return as it is the change for a six month
period and:
(a) Contract charges do not include the annual contract maintenance
charge discussed in note 2; and
(b) This investment option was not utilized for the entire six month
period indicated.
**This investment option was not available or was not utilized.
</TABLE>
12
<PAGE> 13
<TABLE>
SCHEDULE I, CONTINUED
NATIONWIDE VARIABLE ACCOUNT
TAX QUALIFIED
SCHEDULES OF CHANGES IN UNIT VALUE
SIX MONTH PERIODS ENDED JUNE 30, 1995, 1994 AND 1993
(UNAUDITED)
<CAPTION>
PHXBALFD STTOTRET TEMFORFD TCGROINV TCINTLEQ TCULTRA TCUSGVT
---------- ---------- ---------- ---------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
1995
Beginning unit value - Jan. 1 $ 9.338434 11.881033 10.000000 38.113717 10.000000 9.043121 18.748399
- -----------------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .151034 .095637 .000000 .000000 .000000 .000000 .540848
- -----------------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .850253 1.546183 .776452 7.129743 .867612 1.845378 .639465
- -----------------------------------------------------------------------------------------------------------------------------------
Contract charges (.064000) (.082280) (.054911) (.264747) (.055263) (.062240) (.126599)
- -----------------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $10.275721 13.440573 10.721541 44.978713 10.812349 10.826259 19.802113
- -----------------------------------------------------------------------------------------------------------------------------------
Percentage increase
(decrease) in
unit value* (a) 10% 13% 7%(b) 18% 8%(b) 20% 6%
===================================================================================================================================
1994
Beginning unit value - Jan. 1 $10.000000 12.205201 ** 39.197771 ** 9.505758 19.087872
- -----------------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .135907 .072554 .000000 .000000 .394604
- -----------------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) (.724747) (.681099) (1.804267) (.940924) (.636311)
- -----------------------------------------------------------------------------------------------------------------------------------
Contract charges (.051712) (.078697) (.257449) (.061044) (.122536)
- -----------------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $ 9.359448 11.517959 37.136055 8.503790 18.723629
- -----------------------------------------------------------------------------------------------------------------------------------
Percentage increase
(decrease) in
unit value* (a) (6)%(b) (6)% (5)% (11)% (2)%
===================================================================================================================================
1993
Beginning unit value - Jan. 1 ** ** ** $38.275689 *** ** 18.563845
- -----------------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .000000 .351084
- -----------------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) (.849379) .160742
- -----------------------------------------------------------------------------------------------------------------------------------
Contract charges (.240929) (.122430)
- -----------------------------------------------------------------------------------------------------------------------------------
Ending unit value June 30 $37.185381 18.953241
- -----------------------------------------------------------------------------------------------------------------------------------
Percentage increase
(decrease) in
unit value* (a) (3)% 2%
===================================================================================================================================
<FN>
*This is not an annualized rate of return as it is the change for a six month
period and:
(a) Contract charges do not include the annual contract maintenance
charge discussed in note 2; and
(b) This investment option was not utilized for the entire six month
period indicated.
**This investment option was not available or was not utilized.
</TABLE>
13
<PAGE> 14
<TABLE>
SCHEDULE I, CONTINUED
NATIONWIDE VARIABLE ACCOUNT
NON-TAX QUALIFIED
SCHEDULES OF CHANGES IN UNIT VALUE
SIX MONTH PERIODS ENDED JUNE 30, 1995, 1994 AND 1993
(UNAUDITED)
<CAPTION>
NWBdFd NWFund NWGroFd NWMyMkt
-------- -------- --------- ---------
<S> <C> <C> <C>
1995
Beginning unit value - Jan. 1 $30.700082 46.971513 54.415339 22.994681
- -----------------------------------------------------------------------------------------------------------------------
Reinvested capital gains and dividends 1.152200 .467232 .506710 .634806
- -----------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) 3.322578 4.872482 9.642875 .000000
- -----------------------------------------------------------------------------------------------------------------------
Contract charges (.215750) (.320748) (.384113) (.151945)
- -----------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $34.959110 51.990479 64.180811 23.477542
- -----------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease) in
unit value* 14% 11% 18% 2%
=======================================================================================================================
1994
Beginning unit value - Jan. 1 $33.845410 47.312558 54.333269 22.456439
- -----------------------------------------------------------------------------------------------------------------------
Reinvested capital gains and dividends 1.148965 .427469 .407416 .332456
- -----------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) (3.644442) (2.442714) (2.069627) .000000
- -----------------------------------------------------------------------------------------------------------------------
Contract charges (.210077) (.303487) (.350817) (.146432)
- -----------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $31.139856 44.993826 52.320241 22.642463
- -----------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease) in
unit value* (8)% (5)% (4)% 1%
=======================================================================================================================
1993
Beginning unit value - Jan. 1 $30.971200 44.897247 49.448867 22.181323
- -----------------------------------------------------------------------------------------------------------------------
Reinvested capital gains and dividends 1.330465 .415964 .385953 .279727
- -----------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .972341 (.669532) 1.885141 .000000
- -----------------------------------------------------------------------------------------------------------------------
Contract charges (.210868) (.286653) (.327213) (.144544)
- -----------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $33.063138 44.357026 51.392748 22.316506
- -----------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease) in
unit value* 7% (1)% 4% 1%
=======================================================================================================================
<FN>
*This is not an annualized rate of return as it is the change for a six month
period and contract charges do not include the annual contract maintenance
charge discussed in note 2.
</TABLE>
14
<PAGE> 15
[THIS PAGE LEFT BLANK INTENTIONALLY]
15
<PAGE> 16
NATIONWIDE LIFE INSURANCE COMPANY Bulk Rate
HOME OFFICE: ONE NATIONWIDE PLAZA / COLUMBUS, OHIO 43215-2220 U.S. Postage
P A I D
Columbus, Ohio
Permit No. 521
