<PAGE> 1
[LOGO]
NATIONWIDE(R)
VARIABLE
ACCOUNT
SEMI-ANNUAL REPORT
TO
CONTRACT OWNERS
JUNE 30, 1996
NATIONWIDE LIFE INSURANCE COMPANY
HOME OFFICE: COLUMBUS, OHIO
APO-717-U (6/96)
<PAGE> 2
[LOGO](R)
NATIONWIDE LIFE INSURANCE COMPANY
ONE NATIONWIDE PLAZA, COLUMBUS, OHIO 43215
[PHOTO]
PRESIDENT'S MESSAGE
We are pleased to present the 1996 semi-annual report of the
Nationwide Variable Account.
Equity investments provided a respectable return for the first
half of 1996 with the major market indices holding comfortably
in double digits. Fixed-income investments, however, did not
perform as well with the average bond fund showing slightly
negative performance for the period. This was due to rising
interest rates and lingering inflation fears.
The U.S. economy showed signs of increasing strength during
the first half of the year. The question remains: will growth
fall back to the perceived inflation-free path by itself or
will the Federal Reserve have to step in and enforce
moderation? Recent economic statistics, such as the July
unemployment report, point in the direction of some
moderation. Also, fierce competition in all consumer-goods
markets make inflationary price increases very difficult. One
way or the other, we expect slower economic growth in the near
future.
Financial assets will remain the preferred individual
investment option because they will continue providing
security, liquidity, and income and growth.
We appreciate your confidence in the Nationwide Insurance
Enterprise and in our life and annuity products. You have our
assurance that your personal satisfaction with our products
and service is our highest priority.
/S/ JOSEPH J. GASPER
Joseph J. Gasper, President
2
<PAGE> 3
NATIONWIDE VARIABLE ACCOUNT
STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY
JUNE 30, 1996
(UNAUDITED)
<TABLE>
<S> <C>
Assets:
Investments at market value:
Delaware Group Delchester High-Yield Bond Fund, Inc. - Delchester Fund Institutional
Class (DeHyBd)
131,203 shares (cost $824,506) .................................................. $ 805,583
Dreyfus A Bonds Plus, Inc. (DryABds)
82,940 shares (cost $1,193,959) ................................................. 1,182,723
Dreyfus S&P 500 Index Fund (Dry500Ix)
73,541 shares (cost $1,435,426) ................................................. 1,534,058
The Dreyfus Third Century Fund, Inc. (Dry3dCen)
22,676 shares (cost $182,397) ................................................... 207,029
The Evergreen Total Return Fund - Class Y (EvTotRet)
39,572 shares (cost $768,908) ................................................... 810,832
Fidelity Advisor Equity Income Fund - Class A (FAEqInc)
10,016 shares (cost $208,859) ................................................... 207,934
Fidelity Advisor Growth Opportunities Fund - Class A (FAGrOpp)
25,743 shares (cost $837,528) ................................................... 859,061
Fidelity Advisor High Yield Fund - Class A (FAHiYld)
38,613 shares (cost $465,245) ................................................... 463,743
Fidelity Asset ManagerTM (FidAsMgr)
159,573 shares (cost $2,381,876) ................................................ 2,596,256
Fidelity Capital & Income Fund (FidCapIn)
134,340 shares (cost $1,197,291) ................................................ 1,215,773
Fidelity Equity-Income Fund (FidEqInc)
330,945 shares (cost $10,904,344) ............................................... 13,327,170
Fidelity Magellan(R) Fund (FidMgln)
138,452 shares (cost $11,001,744) ............................................... 10,356,192
Fidelity Puritan(R) Fund (FidPurtn)
336,579 shares (cost $5,511,037) ................................................ 5,950,722
Fidelity VIP - High Income Portfolio (FidVIPHI)
27,721 shares (cost $314,746) ................................................... 326,559
Janus Fund (JanFund)
29,959 shares (cost $737,486) ................................................... 762,151
Janus Twenty Fund (Jan20Fd)
73,716 shares (cost $1,969,590) ................................................. 2,158,410
MFS(R) World Governments Fund - Class A (MFSWdGvt)
96,613 shares (cost $1,131,768) ................................................. 1,055,013
Nationwide(R) Bond Fund (NWBdFd)
178,569 shares (cost $1,696,973) ................................................ 1,624,973
Nationwide(R) Fund (NWFund)
109,889 shares (cost $1,718,244) ................................................ 2,112,066
</TABLE>
3
<PAGE> 4
<TABLE>
<S> <C>
Nationwide(R) Growth Fund (NWGroFd)
249,521 shares (cost $2,638,821) ..................................... 3,286,195
Nationwide(R) Money Market Fund (NWMyMkt)
8,728,897 shares (cost $8,728,897) ................................... 8,728,897
Nationwide(R) U.S. Government Income Fund (NWUSGvt)
579 shares (cost $5,672) ............................................. 5,694
Neuberger & Berman Guardian Fund (NBGuard)
148,353 shares (cost $3,411,212) ..................................... 3,557,509
Neuberger & Berman Limited Maturity Bond Fund (NBLtdMat)
118,081 shares (cost $1,176,117) ..................................... 1,167,822
Neuberger & Berman Partners Fund (NBPartFd)
91,769 shares (cost $2,070,577) ...................................... 2,243,745
Oppenheimer Global Fund - Class A (OppGlob)
85,203 shares (cost $2,996,443) ...................................... 3,243,672
Phoenix Balanced Fund Series - Class A (PhxBalFd)
29,613 shares (cost $488,338) ........................................ 502,240
Strong Total Return Fund, Inc. (StTotRet)
27,369 shares (cost $749,059) ........................................ 818,045
Templeton Foreign Fund - Class I (TemForFd)
231,444 shares (cost $2,207,119) ..................................... 2,316,758
Twentieth Century Growth Investors (TCGroInv)
465,697 shares (cost $9,731,834) ..................................... 9,691,152
Twentieth Century Ultra Investors (TCUltra)
199,161 shares (cost $4,891,606) ..................................... 5,652,197
Twentieth Century U.S. Governments Short-Term (TCUSGvt)
467,338 shares (cost $4,447,746) ..................................... 4,397,652
Twentieth Century World Investors, Inc. - International Equity (TCIntlEq)
53,195 shares (cost $430,469) ........................................ 443,643
Warburg Pincus Trust Emerging Growth Fund - Common Shares (WPEmGro)
28,368 shares (cost $949,715) ........................................ 946,058
-----------
Total assets ...................................................... 94,557,527
ACCOUNTS PAYABLE .............................................................. 176,992
-----------
CONTRACT OWNERS' EQUITY ....................................................... $94,380,535
===========
</TABLE>
See accompanying notes to financial statements.
4
<PAGE> 5
NATIONWIDE VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1996, 1995 AND 1994
(UNAUDITED)
<TABLE>
<CAPTION>
1996 1995 1994
------------ ----------- ----------
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested capital gains and dividends ........... $ 2,706,071 937,905 1,058,393
------------ ----------- ----------
Gain (loss) on investments:
Proceeds from redemptions of mutual fund shares 14,617,261 11,738,476 9,780,146
Cost of mutual fund shares sold ............... (13,597,151) (12,154,476) (8,841,965)
------------ ----------- ----------
Realized gain (loss) on investments ........... 1,020,110 (416,000) 938,181
Change in unrealized gain (loss) on investments 856,306 7,241,763 (3,422,477)
------------ ----------- ----------
Net gain (loss) on investments ............. 1,876,416 6,825,763 (2,484,296)
------------ ----------- ----------
Net investment activity ................. 4,582,487 7,763,668 (1,425,903)
------------ ----------- ----------
EQUITY TRANSACTIONS:
Purchase payments received from contract owners .. 18,154,988 7,672,726 8,534,089
Redemptions ...................................... (4,925,767) (8,061,433) (3,341,589)
Annuity Benefits ................................. (10,994) (8,706) (9,692)
Adjustments to maintain reserves ................. (1,335) 2,268 4,425
------------ ----------- ----------
Net equity transactions ................. 13,216,892 (395,145) 5,187,233
------------ ----------- ----------
EXPENSES:
Contract charges ................................. (607,075) (429,199) (361,258)
Contingent deferred sales charges ................ (38,145) (25,484) (34,097)
------------ ----------- ----------
Total expenses .......................... (645,220) (454,683) (395,355)
------------ ----------- ----------
NET CHANGE IN CONTRACT OWNERS' EQUITY ............... 17,154,159 6,913,840 3,365,975
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ......... 77,226,376 55,495,856 46,583,028
------------ ----------- ----------
CONTRACT OWNERS' EQUITY END OF PERIOD ............... $ 94,380,535 62,409,696 49,949,003
============ =========== ==========
</TABLE>
See accompanying notes to financial statements.
5
<PAGE> 6
NATIONWIDE VARIABLE ACCOUNT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1996, 1995 AND 1994
(UNAUDITED)
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Organization and Nature of Operations
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.
The Company offers Individual Deferred Variable Annuity Contracts through
the Account. As of December 25, 1982, only tax qualified contracts are issued.
The primary distribution for the contract is through the Company for Individual
Retirement Account rollovers; however, other distributors may be utiized.
(b) The Contracts
Only 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 charges.
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)
Dreyfus S&P 500 Index Fund (Dry500lx) (formerly Peoples Index Fund(R),
Inc. (PeolxFd))
The Dreyfus Third Century Fund, Inc. (Dry3dCen)
The Evergreen Total Return Fund -- Class Y (EvTotRet)
Fidelity Advisor Equity-Income Fund -- Class A (FAEqInc)
Fidelity Advisor Growth Opportunities Fund -- Class A (FAGrOpp)
Fidelity Advisor High Yield Fund - Class A (FAHiYld)
Fidelity Advisor Income & Growth Fund -- Class A (FAIncGr)
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(R) Fund (FidMgln)
Fidelity Puritan(R) Fund (FidPurtn)
Portfolio of the Fidelity Variable Insurance Products Fund (Fidelity VIP);
Fidelity VIP - High Income Portfolio (FidVIPHI) (not available for
additional purchase payments or exchanges after December 1, 1993)
Janus Fund (JanFund)
Janus Twenty Fund (Jan20Fd)
MFS(R) World Governments Fund -- Class A (MFSWdGvt)
Nationwide(R) Bond Fund (NWBdFd) (managed for a fee by an affiliated
investment advisor)
Nationwide(R) Fund (NWFund) (managed for a fee by an affiliated
investment advisor)
Nationwide(R) Growth Fund (NWGroFd) (managed for a fee by an affiliated
investment advisor)
Nationwide(R) Money Market Fund (NWMyMkt) (managed for a fee by an
affiliated investment advisor)
Nationwide(R) U.S. Government Income Fund (NWUSGvt)
(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)
Phoenix Balanced Fund Series -- Class A (PhxBalFd)
6
<PAGE> 7
Strong Total Return Fund, Inc. (StTotRet)
Templeton Foreign Fund - Class I (TemForFd)
Funds of Twentieth Century Investors, Inc. (Twentieth Century)
Twentieth Century Growth Investors (TCGroInv)
Twentieth Century Ultra Investors (TCUltra)
Twentieth Century U.S. Governments Short-Term (TCUSGvt)
Twentieth Century World Investors, Inc. - International Equity (TCIntlEq)
Warburg Pincus Emerging Growth Fund - Common Shares (WPEmGro)
At June 30, 1996, contract owners have invested in all of the above funds
except the Fidelity Advisor Income & Growth Fund - Class A. The contract owners'
equity is affected by the investment results of each fund, equity transactions
by contract owners 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 the underlying mutual funds is based on the closing
net asset value per share at June 30, 1996. The cost of investments sold is
determined on the 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.
(e) Use of Estimates in the Preparation of Financial Statements
The preparation of financial statements in conformity with generally
accepted accounting principles may require management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities, if any, at the date of the
financial statements and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from those estimates.
(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 owner's 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.
7
<PAGE> 8
(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 in the
following format:
o Beginning unit value - Jan. 1
o 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.)
o Unrealized gain (loss)
(This amount reflects the increase (decrease) in the unit value
resulting from the market appreciation (depreciation) of the
underlying mutual funds.)
o Contract charges
(This amount reflects the decrease in the unit value due to the
mortality risk charge, expense risk charge and administration
charge discussed in note 2.)
o Ending unit value - June 30
o 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.
8
<PAGE> 9
(4) COMPONENTS OF CONTRACT OWNERS' EQUITY
The following is a summary of contract owners' equity at June 30, 1996,
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 .................................... 63,814 $12.622967 $ 805,522
Dreyfus A Bonds Plus, Inc.:
Tax qualified .................................... 112,275 10.534213 1,182,729
Dreyfus S&P 500 Index Fund:
Tax qualified .................................... 96,956 15.822341 1,534,071
The Dreyfus Third Century Fund, Inc.:
Tax qualified .................................... 14,659 14.123148 207,031
The Evergreen Total Return Fund - Class Y:
Tax qualified .................................... 61,352 13.217279 810,907
Fidelity Advisor Equity Income Fund - Class A:
Tax qualified .................................... 19,519 10.652832 207,933
Fidelity Advisor Growth Opportunities Fund - Class A:
Tax qualified .................................... 79,398 10.819692 859,062
Fidelity Advisor High Yield Fund - Class A:
Tax qualified .................................... 44,124 10.509873 463,738
Fidelity Asset Manager(TM):
Tax qualified .................................... 224,262 11.577035 2,596,289
Fidelity Capital & Income Fund:
Tax qualified .................................... 30,927 39.021397 1,206,815
Fidelity Equity-Income Fund:
Tax qualified .................................... 265,676 50.108476 13,312,619
Fidelity Magellan(R) Fund:
Tax qualified .................................... 627,491 16.504288 10,356,292
Fidelity Puritan(R) Fund:
Tax qualified .................................... 393,586 15.119403 5,950,785
Fidelity VIP - High Income Portfolio:
Tax qualified .................................... 15,820 20.641908 326,555
Janus Fund:
Tax qualified .................................... 67,852 11.232658 762,158
Janus Twenty Fund:
Tax qualified .................................... 162,804 13.257834 2,158,428
MFS(R) World Governments Fund - Class A:
Tax qualified .................................... 29,883 34.905386 1,043,078
Nationwide(R) Bond Fund:
Tax qualified .................................... 44,644 36.106111 1,611,921
Non-tax qualified ................................ 305 35.951327 10,965
</TABLE>
9
<PAGE> 10
<TABLE>
<S> <C> <C> <C>
Nationwide(R) Fund:
Tax qualified ............................... 32,880 63.284772 2,080,803
Non-tax qualified ........................... 314 65.917516 20,698
Nationwide(R) Growth Fund:
Tax qualified ............................... 46,615 69.879190 3,257,418
Non-tax qualified ........................... 231 73.783645 17,044
Nationwide(R) Money Market Fund:
Tax qualified - Pre 12/25/82 ................ 50,863 24.220559 1,231,930
Tax qualified ............................... 378,283 19.234934 7,276,249
Non-tax qualified ........................... 1,321 24.373632 32,198
Nationwide(R) U.S. Government Income Fund, Inc.:
Tax qualified ............................... 573 9.932331 5,691
Neuberger & Berman Guardian Fund:
Tax qualified ............................... 272,415 13.059242 3,557,533
Neuberger & Berman Limited Maturity Bond Fund:
Tax qualified ............................... 109,038 10.710994 1,167,905
Neuberger & Berman Partners Fund:
Tax qualified ............................... 137,023 16.375013 2,243,753
Oppenheimer Global Fund - Class A:
Tax qualified ............................... 192,559 16.845198 3,243,694
Phoenix Balanced Fund Series - Class A:
Tax qualified ............................... 43,377 11.578346 502,234
Strong Total Return Fund, Inc.:
Tax qualified ............................... 52,255 15.655124 818,059
Templeton Foreign Fund - Class I:
Tax qualified ............................... 192,704 12.022456 2,316,775
Twentieth Century Growth Investors:
Tax qualified ............................... 198,489 48.274794 9,582,016
Twentieth Century Ultra Investors:
Tax qualified ............................... 425,913 13.270887 5,652,243
Twentieth Century U.S. Governments Short-Term:
Tax qualified ............................... 214,179 20.494593 4,389,511
Twentieth Century World Investors, Inc. -
International Equity:
Tax qualified ............................... 35,455 12.512934 443,646
Warburg Pincus Emerging Growth Fund -
Common Shares:
Tax qualified ............................... 79,408 11.913987 946,066
====== =========
Reserves for annuity contracts in payout phase:
Tax qualified ............................... 188,171
-----------
$94,380,535
===========
</TABLE>
See accompanying notes to financial statements.
10
<PAGE> 11
SCHEDULE I
NATIONWIDE VARIABLE ACCOUNT
TAX QUALIFIED
SCHEDULES OF CHANGES IN UNIT VALUE
SIX MONTH PERIODS ENDED JUNE 30, 1996, 1995 AND 1994
(UNAUDITED)
<TABLE>
<CAPTION>
DEHYBD DRYABDS DRY500IX DRY3DCEN EVTOTRET
<S> <C> <C> <C> <C> <C>
1996
Beginning unit value - Jan. 1 $12.257125 10.819193 14.505515 12.829548 12.594984
- ---------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .626504 .264972 .000000 .000000 .342073
- ---------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) (.179603) (.481346) 1.415490 1.382292 .363441
- ---------------------------------------------------------------------------------------------------------------------
Contract charges (.081059) (.068606) (.098664) (.088692) (.083219)
- ---------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $12.622967 10.534213 15.822341 14.123148 13.217279
- ---------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (a) 3% (3)% 9% 10% 5%
=====================================================================================================================
1995
Beginning unit value - Jan. 1 $10.867271 9.110600 10.749166 9.570659 10.301799
- ---------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .591115 .274083 .000000 .000000 .327561
- ---------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .328548 .884966 2.129275 1.766515 .992144
- ---------------------------------------------------------------------------------------------------------------------
Contract charges (.074353) (.062847) (.076658) (.066784) (.070964)
- ---------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $11.712581 10.206802 12.801783 11.270390 11.550540
- ---------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (a) 8% 12% 19% 18% 12%
=====================================================================================================================
1994
Beginning unit value - Jan. 1 $11.511092 10.000000 10.819026 10.477293 11.153183
- ---------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .621487 .255224 .000000 .000000 .184061
- ---------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) (.798993) (1.063029) (.391932) (.858558) (1.015836)
- ---------------------------------------------------------------------------------------------------------------------
Contract charges (.074392) (.050672) (.069423) (.066208) (.069138)
- ---------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $11.259194 9.141523 10.357671 9.552527 10.252270
- ---------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (a) (2)% (9)%(b) (4)% (9)% (8)%
=====================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
FAEQINC FAGROPP FAHIYLD FIDASMGR
<S> <C> <C> <C> <C>
1996
Beginning unit value - Jan. 1 10.213719 10.325686 10.057673 11.183603
- ---------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .102326 .000000 .395645 .169216
- ---------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .405055 .562043 .123943 .297883
- ---------------------------------------------------------------------------------------------------------------------
Contract charges (.068268) (.068037) (.067388) (.073667)
- ---------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 10.652832 10.819692 10.509873 11.577035
- ---------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (a) 4% 5% 4% 4%
=====================================================================================================================
1995
Beginning unit value - Jan. 1 ** ** ** 9.589367
- ---------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .124701
- ---------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .675366
- ---------------------------------------------------------------------------------------------------------------------
Contract charges (.064178)
- ---------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 10.325256
- ---------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (a) 8%
=====================================================================================================================
1994
Beginning unit value - Jan. 1 ** ** ** 10.415849
- ---------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .148672
- ---------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) (.807496)
- ---------------------------------------------------------------------------------------------------------------------
Contract charges (.065848)
- ---------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 9.691177
- ---------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (a) (7)%
=====================================================================================================================
<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 being utilized or was not available.
</TABLE>
11
<PAGE> 12
SCHEDULE I, CONTINUED
NATIONWIDE VARIABLE ACCOUNT
TAX QUALIFIED
SCHEDULES OF CHANGES IN UNIT VALUE
SIX MONTH PERIODS ENDED JUNE 30, 1996, 1995 AND 1994
(UNAUDITED)
<TABLE>
<CAPTION>
FIDCAPIN FIDEQINC FIDMGIN FIDPURTN FIDVIPHI
<S> <C> <C> <C> <C> <C>
1996
Beginning unit value - Jan. 1 $37.550944 46.285491 16.158074 14.410892 19.364421
- -----------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends 2.170246 1.246754 2.497660 .237058 1.765562
- -----------------------------------------------------------------------------------------------------
Unrealized gain (loss) (.449956) 2.891263 (2.045601) .567559 (.358016)
- -----------------------------------------------------------------------------------------------------
Contract charges (.249837) (.315032) (.105845) (.096106) (.130059)
- -----------------------------------------------------------------------------------------------------
Ending unit value - June 30 $39.021397 50.108476 16.504288 15.119403 20.641908
- -----------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 4% 8% 2% 5% 7%
=====================================================================================================
1995
Beginning unit value - Jan. 1 $32.589111 35.576037 11.964387 12.020413 16.267014
- -----------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends 1.949716 .929112 .058842 .178453 1.177771
- -----------------------------------------------------------------------------------------------------
Unrealized gain (loss) 1.703603 4.682101 2.985489 1.091004 .767652
- -----------------------------------------------------------------------------------------------------
Contract charges (.227548) (.248393) (.085367) (.081873) (.112403)
- -----------------------------------------------------------------------------------------------------
Ending unit value - June 30 $36.014882 40.938857 14.923351 13.207997 18.100034
- -----------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 11% 15% 25% 10% 11%
=====================================================================================================
1994
Beginning unit value - Jan. 1 $34.612981 35.955883 12.346838 11.972512 16.739460
- -----------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends 1.689940 1.587234 .480494 .212795 1.533862
- -----------------------------------------------------------------------------------------------------
Unrealized gain (loss) (2.430752) (2.016725) (1.219741) (.171191) (1.775032)
- -----------------------------------------------------------------------------------------------------
Contract charges (.224745) (.232982) (.080102) (.078718) (.108991)
- -----------------------------------------------------------------------------------------------------
Ending unit value - June 30 $33.647424 35.293410 11.527489 11.935398 16.389299
- -----------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (3)% (2)% (7)% 0% (2)%
=====================================================================================================
</TABLE>
<TABLE>
<CAPTION>
JANFUND JAN20FD MFSWDGVT NWBDFD NWFUND
<S> <C> <C> <C> <C> <C>
1996
Beginning unit value - Jan. 1 10.239338 11.699046 35.454983 37.782872 57.857937
- -------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .000000 .000000 .000000 1.199075 .540651
- -------------------------------------------------------------------------------------------------------
Unrealized gain (loss) 1.063859 1.640570 (.323883) (2.639951) 5.282590
- -------------------------------------------------------------------------------------------------------
Contract charges (.070539) (.081782) (.225714) (.235885) (.396406)
- -------------------------------------------------------------------------------------------------------
Ending unit value - June 30 11.232658 13.257834 34.905386 36.106111 63.284772
- -------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 10% 13% (2)% (4)% 9%
=======================================================================================================
1995
Beginning unit value - Jan. 1 ** 8.701036 31.104159 30.832258 45.095466
- -------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .000000 .000000 1.157152 .448570
- -------------------------------------------------------------------------------------------------------
Unrealized gain (loss) 1.919835 3.752525 3.336887 4.677874
- -------------------------------------------------------------------------------------------------------
Contract charges (.061692) (.215754) (.216674) (.307936)
- -------------------------------------------------------------------------------------------------------
Ending unit value - June 30 10.559179 34.640930 35.109623 49.913974
- -------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 21% 11% 14% 11%
=======================================================================================================
1994
Beginning unit value - Jan. 1 ** 9.451097 33.728667 33.991130 45.422888
- -------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .000000 .421303 1.153907 .410396
- -------------------------------------------------------------------------------------------------------
Unrealized gain (loss) (.931679) (3.274964) (3.660134) (2.345158)
- -------------------------------------------------------------------------------------------------------
Contract charges (.060027) (.205490) (.210977) (.291360)
- -------------------------------------------------------------------------------------------------------
Ending unit value - June 30 8.459391 30.669516 31.273926 43.196766
- -------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (10)% (9)% (8)% (5)%
=======================================================================================================
<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.
** This investment option was not being utilized or was not available.
</TABLE>
12
<PAGE> 13
SCHEDULE I, CONTINUED
NATIONWIDE VARIABLE ACCOUNT
TAX QUALIFIED
SCHEDULES OF CHANGES IN UNIT VALUE
SIX MONTH PERIODS ENDED JUNE 30, 1996, 1995 AND 1994
(UNAUDITED)
<TABLE>
<CAPTION>
NWMYMKT
NWGROFD PRE 12/25/82 NWMYMKT NWUSGVT
<S> <C> <C> <C> <C>
1996
Beginning unit value - Jan. 1 $65.471148 23.797066 18.898613 10.124709
- -----------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .396937 .579156 .459936 .287243
- -----------------------------------------------------------------------------------------
Unrealized gain (loss) 4.453837 .000000 .000000 (.415312)
- -----------------------------------------------------------------------------------------
Contract charges (.442732) (.155663) (.123615) (.064309)
- -----------------------------------------------------------------------------------------
Ending unit value - June 30 $69.879190 24.220559 19.234934 9.932331
- -----------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (a) 7% 2% 2% (2)%
=========================================================================================
1995
Beginning unit value - Jan. 1 $51.535806 22.850271 18.146709 **
- -----------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .479896 .630824 .500974
- -----------------------------------------------------------------------------------------
Unrealized gain (loss) 9.132600 .000000 .000000
- -----------------------------------------------------------------------------------------
Contract charges (.363791) (.150996) (.119915)
- -----------------------------------------------------------------------------------------
Ending unit value - June 30 $60.784511 23.330099 18.527768
- -----------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (a) 18% 2% 2%
=========================================================================================
1994
Beginning unit value - Jan. 1 $51.458079 22.315407 17.721943 **
- -----------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .385856 .330362 .262365
- -----------------------------------------------------------------------------------------
Unrealized gain (loss) (1.960105) .000000 .000000
- -----------------------------------------------------------------------------------------
Contract charges (.332260) (.145505) (.115559)
- -----------------------------------------------------------------------------------------
Ending unit value - June 30 $49.551570 22.500264 17.868749
- -----------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (a) (4)% 1% 1%
=========================================================================================
</TABLE>
<TABLE>
<CAPTION>
NBGUARD NBLTDMAT NBPARTFD OPPGLOB
<S> <C> <C> <C> <C>
1996
Beginning unit value - Jan. 1 12.571028 10.735070 14.924653 15.538850
- -----------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .054379 .320951 .000000 .000000
- -----------------------------------------------------------------------------------------
Unrealized gain (loss) .517934 (.275741) 1.553585 1.412105
- -----------------------------------------------------------------------------------------
Contract charges (.084099) (.069286) (.103225) (.105757)
- -----------------------------------------------------------------------------------------
Ending unit value - June 30 13.059242 10.710994 16.375013 16.845198
- -----------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (a) 4% 0% 10% 8%
=========================================================================================
1995
Beginning unit value - Jan. 1 9.640402 9.833352 11.183371 13.503390
- -----------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .052692 .316606 .000000 .000000
- -----------------------------------------------------------------------------------------
Unrealized gain (loss) 2.089501 .264511 2.184238 1.203687
- -----------------------------------------------------------------------------------------
Contract charges (.068724) (.066178) (.079128) (.090185)
- -----------------------------------------------------------------------------------------
Ending unit value - June 30 11.713871 10.348291 13.288481 14.616892
- -----------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (a) 22% 5% 19% 8%
=========================================================================================
1994
Beginning unit value - Jan. 1 10.000000 9.995028 11.548721 14.119303
- -----------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .052017 .269761 .000000 .000000
- -----------------------------------------------------------------------------------------
Unrealized gain (loss) (.499159) (.408497) (612892) (.525185)
- -----------------------------------------------------------------------------------------
Contract charges (.052167) (.064095) (.073947) (.091511)
- -----------------------------------------------------------------------------------------
Ending unit value - June 30 9.500691 9.792197 10.861882 13.502607
- -----------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (a) (5)%(b) (2)% (6)% (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 being utilized or was not available.
</TABLE>
13
<PAGE> 14
SCHEDULE I, CONTINUED
NATIONWIDE VARIABLE ACCOUNT
TAX QUALIFIED
SCHEDULES OF CHANGES IN UNIT VALUE
SIX MONTH PERIODS ENDED JUNE 30, 1996, 1995 AND 1994
(UNAUDITED)
<TABLE>
<CAPTION>
PHXBALFD STTOTRET TEMFORFD TCGROINV
<S> <C> <C> <C> <C>
1996
Beginning unit value - Jan. 1 $11.373217 14.893186 11.097523 45.274141
- ------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .169783 .070611 .000000 .000000
- ------------------------------------------------------------------------------------------
Unrealized gain (loss) .109670 .791692 1.000267 3.304997
- ------------------------------------------------------------------------------------------
Contract charges (.074324) (.100365) (.075334) (.304344)
- ------------------------------------------------------------------------------------------
Ending unit value - June 30 $11.578346 15.655124 12.022456 48.274794
- ------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (a) 2% 5% 8% 7%
==========================================================================================
1995
Beginning unit value - Jan. 1 $ 9.338434 11.881033 10.000000 38.113717
- ------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .151034 .095637 .000000 .000000
- ------------------------------------------------------------------------------------------
Unrealized gain (loss) .850253 1.546183 .776452 7.129743
- ------------------------------------------------------------------------------------------
Contract charges (.064000) (.082280) (.054911) (.264747)
- ------------------------------------------------------------------------------------------
Ending unit value - June 30 $10.275721 13.440573 10.721541 44.978713
- ------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (a) 10% 13% 7%(b) 18%
==========================================================================================
1994
Beginning unit value - Jan. 1 $10.000000 12.205201 ** 39.197771
- ------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .135907 .072554 .000000
- ------------------------------------------------------------------------------------------
Unrealized gain (loss) (.724747) (.681099) (1.804267)
- ------------------------------------------------------------------------------------------
Contract charges (.051712) (.078697) (.257449)
- ------------------------------------------------------------------------------------------
Ending unit value - June 30 $ 9.359448 11.517959 37.136055
- ------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (a) (6)%(b) (6)% (5)%
==========================================================================================
</TABLE>
<TABLE>
<CAPTION>
TCULTRA TCUSGVT TCINTLEQ WPEMGRO
<S> <C> <C> <C> <C>
1996
Beginning unit value - Jan. 1 12.289075 20.449954 11.748911 10.895016
- ------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .000000 .539739 .000000 .000000
- ------------------------------------------------------------------------------------------
Unrealized gain (loss) 1.064186 (.362812) .842040 1.093093
- ------------------------------------------------------------------------------------------
Contract charges (.082374) (.132288) (.078017) (.074122)
- ------------------------------------------------------------------------------------------
Ending unit value - June 30 13.270887 20.494593 12.512934 11.913987
- ------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (a) 8% 0% 7% 9%
==========================================================================================
1995
Beginning unit value - Jan. 1 9.043121 18.748399 10.000000 **
- ------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .000000 .540848 .000000
- ------------------------------------------------------------------------------------------
Unrealized gain (loss) 1.845378 .639465 .867612
- ------------------------------------------------------------------------------------------
Contract charges (.062240) (.126599) (.055263)
- ------------------------------------------------------------------------------------------
Ending unit value - June 30 10.826259 19.802113 10.812349
- ------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (a) 20% 6% 8%(b)
==========================================================================================
1994
Beginning unit value - Jan. 1 9.505758 19.087872 ** **
- ------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .000000 .394604
- ------------------------------------------------------------------------------------------
Unrealized gain (loss) (.940924) (.636311)
- ------------------------------------------------------------------------------------------
Contract charges (.061044) (.122536)
- ------------------------------------------------------------------------------------------
Ending unit value - June 30 8.503790 18.723629
- ------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (a) (11)% (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 being utilized or was not available.
</TABLE>
14
<PAGE> 15
SCHEDULE I, CONTINUED
NATIONWIDE VARIABLE ACCOUNT
NON-TAX QUALIFIED
SCHEDULES OF CHANGES IN UNIT VALUE
SIX MONTH PERIODS ENDED JUNE 30, 1996, 1995 AND 1994
(UNAUDITED)
<TABLE>
<CAPTION>
NWBDFD NWFUND NWGROFD NWMYMKT
<S> <C> <C> <C> <C>
1996
Beginning unit value - Jan. 1 $37.620900 60.264917 69.129314 23.947460
- -------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends 1.193934 .563143 .419115 .582814
- -------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) (2.628633) 5.502356 4.702692 .000000
- -------------------------------------------------------------------------------------------------------------------------
Contract charges (.234874) (.412900) (.467476) (.156642)
- -------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $35.951327 65.917516 73.783645 24.373632
- -------------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (4)% 9% 7% 2%
=========================================================================================================================
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%
=========================================================================================================================
<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>
See note 3.
15
<PAGE> 16
NATIONWIDE LIFE INSURANCE COMPANY Bulk Rate
HOME OFFICE: ONE NATIONWIDE PLAZA o COLUMBUS, OHIO 43215-2220 U.S. Postage
PAID
Columbus, Ohio
Permit No. 521
Nationwide(R) is a registered federal service mark of Nationwide Mutual
Insurance Company
