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SUPPLEMENT DATED OCTOBER 19, 1999 TO
PROSPECTUS DATED MAY 1, 1999 FOR
DEFERRED VARIABLE ANNUITY CONTRACTS
ISSUED BY
NATIONWIDE LIFE INSURANCE COMPANY
THROUGH ITS
NATIONWIDE MULTI-FLEX VARIABLE ACCOUNT
THIS SUPPLEMENT UPDATES CERTAIN INFORMATION CONTAINED IN YOUR PROSPECTUS. PLEASE
READ IT AND KEEP IT WITH YOUR PROSPECTUS FOR FUTURE REFERENCE.
1. "APPENDIX A: OBJECTIVES FOR UNDERLYING MUTUAL FUNDS" IN YOUR PROSPECTUS IS
AMENDED AS FOLLOWS:
AIM V.I. CAPITAL APPRECIATION FUND
The fund's investment objective is to seek growth of capital through
investment in common stocks, with emphasis on medium and small-sized
emerging growth companies. The fund's portfolio managers focus on
companies they believe are likely to benefit from new or innovative
products, services or processes as well as those that have experienced
above-average, long term growth in earnings and have excellent
prospects for future growth.
In anticipation of or in response to adverse market conditions, for
cash management purposes, or for defensive purposes, the fund may
temporarily hold all or a portion of its assets in cash, money market
instruments, shares of affiliated money market funds, bonds or other
debt securities. As a result, the fund may not achieve its investment
objective.
AIM V.I. INTERNATIONAL EQUITY FUND
The fund's investment objective is to seek to provide long-term growth
of capital by investing in a diversified portfolio of international
equity securities whose issuers are considered to have strong earnings
momentum. The fund seeks to meet this objective by investing at least
70% of its total assets in marketable equity securities of foreign
companies. The portfolio managers focus on companies that have
experienced above-average, long-term growth in earnings and have
strong prospects for future growth.
The fund may participate in the initial public offering (IPO) market.
Because of the fund's small asset base, any investment the fund may
make in IPOs may significantly increase the fund's total returns. As
the fund's assets grow, the impact of IPO investments will decline,
which may reduce the fund's total returns.
In anticipation of or in response to adverse market conditions, for
cash management purposes, or for defensive purposes, the fund may
temporarily hold all or a portion of its assets in cash, money market
instruments, shares of affiliated money market funds, bonds or other
debt securities. As a result, the fund may not achieve its investment
objective.
