<PAGE> 1
NACo National Association of Counties
COUNTIES CARE FOR AMERICA [LOGO]
NACo
VARIABLE
ACCOUNT
[ LOGO ]
SEMI-ANNUAL REPORT
TO
PARTICIPANTS AND RETIRED PARTICIPANTS
JUNE 30, 1996
NATIONWIDE LIFE INSURANCE COMPANY [ LOGO ](R)
HOME OFFICE: COLUMBUS, OHIO
APO-2278-J (6/96)
<PAGE> 2
[ LOGO ]
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
NACo 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
Contents
<TABLE>
<S> <C>
HOW TO READ THE SEMI-ANNUAL REPORT ................................... 5
Explanation on how to read and understand
the various financial reports
FUND PERFORMANCES .................................................... 6
STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY ......... 8
STATEMENTS OF OPERATIONS AND CHANGES
IN CONTRACT OWNERS' EQUITY ........................................... 14
NOTES TO FINANCIAL STATEMENTS ........................................ 15
SCHEDULES OF CHANGES IN UNIT VALUE ................................... 18
</TABLE>
3
<PAGE> 4
[THIS PAGE LEFT BLANK INTENTIONALLY]
4
<PAGE> 5
How to Read the Semi-Annual Report
This Semi-Annual Report is sent to all customers who own a Nationwide annuity
with all or some of the funds in the NACo Variable Account (the Account). The
Account is a separate account trust which offers investment options in
twenty-eight mutual funds from sixteen mutual fund houses.
The Semi-Annual Report has three major financial sections.
STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY
This statement, beginning on page 8, lists all the funds in the Account, the
number of shares owned, the amount paid for the shares (i.e., cost) and their
market value on June 30, 1996. The funds are presented in alphabetical order.
The market value of the assets change as the underlying mutual fund shares
change in value. As contract owners make exchanges between the funds, the number
of shares in each fund increases and decreases. When money is deposited
(withdrawn) by contract owners, shares of the mutual funds are bought (sold) by
the Account. The total market value of the funds is equal to the Total
investments.
Accounts receivable, if applicable, is an asset of the Account for money market
fund shares or reinvested dividend shares added to the contract owners'
accounts, but not yet added to Total investments. Total investments plus
Accounts receivable equals Total assets.
Accounts payable, if applicable, is a liability of the Account for money market
fund shares deducted from the contract owners' accounts, but not yet deducted
from Total investments.
Total assets minus Accounts payable equals Contract owners' equity. For a
summary of Contract owners' equity by fund series turn to page 10.
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
These statements, found on page 14, show the activity in the Account from
January 1 to June 30, 1996, 1995 and 1994.
The Investment activity section shows the changes in unrealized gain or loss of
the mutual funds in the Account, realized gain or loss as shares of the funds
are bought and sold, and dividends and capital gains earnings from the
underlying mutual funds. The Equity transactions section illustrates the
purchase payments received by the Account as new contracts are sold, existing
contract owners deposit additional funds, money is withdrawn, contracts are
canceled and annuity benefits are paid.
Expenses are the charges associated with the contract. Note 2 on page 16
outlines these charges.
Net change in contract owners' equity equals Investment activity plus Equity
transactions minus Expenses.
The Contract owners' equity at the beginning of the period plus the Net change
in contract owners' equity equals the Contract owners' equity at the end of the
period. Contract owners' equity at the end of the calendar year will equal the
Contract owners' equity at the beginning of the next year.
SCHEDULES OF CHANGES IN UNIT VALUE
As a contract owner, you invest in the mutual funds offered in your annuity
contract. However, you do not buy shares of the mutual fund. Instead, the
Account buys shares of the fund and you in turn purchase units of the Account.
The number of units you own will not change unless you contribute to or withdraw
money from your account. The value of your contract can change based on the
value of the units you own. For example, if you purchase 100 units at $10 per
unit, the value of your contract is $1,000. If the value of the units increases
to $12 per unit, your contract value increases to $1,200. Therefore, to
determine the value of your account, multiply the number of units of each fund
you own by the fund's unit value.
The Schedules of Changes in Unit Value, beginning on page 18, show you the unit
value at the beginning of the period and at the end of the period. The
percentage increase (decrease) in unit value shows how it changed in value. This
is computed by subtracting the beginning unit value from the ending unit value
and dividing the difference by the beginning unit value. This can be used as a
measure of the performance of the funds over the three semi-annual periods
reported.
As you review the following pages of the Semi-Annual Report, the Notes to
Financial Statements, beginning on page 15, will also help explain and clarify
the various statements and schedules.
5
<PAGE> 6
FUND PERFORMANCES
AVERAGE ANNUAL TOTAL RETURN: NON-STANDARDIZED++
PERCENT CHANGE IN NET ASSETS WITH CAPITAL GAINS AND INCOME DIVIDENDS REINVESTED
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
6 MONTHS YEAR YEAR 3 YEARS 5 YEARS 10 YEARS
1/1/96- 1995 7/1/95- 7/1/93- 7/1/91- 7/1/86-
FUNDS+ 6/30/96 6/30/96 6/30/96 6/30/96 6/30/96
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
AGGRESSIVE GROWTH FUNDS
Mass. Investors Growth Stock Fund 13.01% 27.13% 23.53% 13.60% 15.02% 11.35%
Putnam Voyager Fund 11.28% 38.83% 32.56% 20.61% 19.91% 15.36%
Twentieth Century Growth Investors 6.82% 19.21% 7.71% 9.48% 11.12% 10.91%
Twentieth Century Ultra Investors 8.18% 36.38% 23.02% 14.45% 19.10% 16.98%
GROWTH FUNDS
Dreyfus Third Century Fund 10.28% 34.53% 25.76% 12.57% 10.74% 10.88%
Fidelity Contrafund 8.55% 35.00% 21.95% 15.04% 19.36% 17.55%
Fidelity Magellan(R) Fund 2.32% 35.53% 10.99% 13.13% 15.60% 13.62%
Fidelity OTC Portfolio 9.54% 36.92% 20.21% 16.03% 16.51% 13.02%
MFS(R)Growth Opportunities Fund* 12.20% 33.22% 25.19% 14.47% 13.69% 9.67%
Nationwide(R) Growth Fund* 6.92% 27.49% 15.37% 13.22% 13.97% 10.33%
Putnam Investors Fund 10.05% 36.25% 24.50% 15.36% 14.64% 11.55%
Seligman Growth Fund 11.54% 27.26% 26.96% 14.13% 13.11% 10.25%
GROWTH AND INCOME FUNDS
Evergreen Total Return Fund* 5.13% 22.70% 14.84% 7.40% 10.04% 7.04%
Fidelity Equity-Income Fund 8.45% 30.57% 22.84% 14.87% 16.51% 11.32%
Fidelity Puritan(R) Fund 5.10% 20.32% 14.88% 10.78% 13.91% 11.03%
Investment Company of America** 7.42% 29.40% 20.17% 13.54% 12.94% 11.83%
Nationwide(R) Fund 9.57% 28.76% 27.24% 14.52% 11.67% 11.29%
Neuberger & Berman Guardian Fund 4.07% 30.87% 11.88% 13.54% 15.94% 12.42%
INCOME FUNDS
Bond Fund of AmericaSM, Inc.** 0.11% 17.13% 6.35% 4.57% 8.81% 7.83%
Fidelity Capital & Income Fund* 4.10% 15.63% 8.73% 6.57% 14.41% 9.33%
MAS Funds Fixed Income Portfolio 0.49% 17.91% 7.42% 5.02% 9.06% 8.41%
MFS(R) High Income Fund 3.52% 16.04% 9.65% 6.97% 12.14% 7.80%
INDEX
SEI Index Fund (S&P 500 Index Portfolio) 9.52% 36.05% 24.63% 15.85% 14.37% 12.27%
INTERNATIONAL FUNDS
T. Rowe Price International Stock Fund(R) 9.38% 10.34% 17.02% 13.58% 11.63% 11.67%
Templeton Foreign Fund 8.53% 10.11% 12.53% 12.72% 12.01% 13.09%
GOVERNMENT BOND FUND
Federated U.S. Government Securities Fund -0.73% 12.49% 3.41% 3.27% 5.74% 6.32%
MONEY MARKET FUND
Nationwide(R) Money Market Fund 1.96% 4.51% 4.18% 3.35% 3.03% 4.59%
U.S. TREASURY MONEY MARKET FUND
AIM STIT Treasury Portfolio 2.17 4.94% 4.66% 3.79% 3.53% 5.03%
S&P 500 *** 9.57 36.27% 24.80% 16.11% 14.63% 12.73%
<FN>
* These funds are not open to new participation.
** These funds are closed to entities adopting the NACo Public Employees
Deferred Compensation Program on or after July 1, 1994.
*** The S & P 500 is a stock market index which assumes investment in the 500
largest available stocks. This unmanaged index is normally used as a
comparison or benchmark against equity mutual funds.
+ Funds are neither insured nor guaranteed by the U.S. Government. For the
Money Market Fund, there can be no assurance that this fund will be able
to maintain a stable net asset value of $1 per share.
++ SEC and NASD regulations require that any reporting of product
performance be accompanied by standardized data and the disclosures are
on the following page. Please review this information and a product
prospectus before investing.
NOTE: The above illustration represents past performance based on a $1,000
hypothetical Investment and reflects the deduction of an actuarial risk fee
which is equivalent to 0.95% on an annualized basis. The results shown
represent past performance and should not be considered a representation of
performance or investor experience of the funds in the future. Investment
returns and principal are not guaranteed under these variable options. The
unit values at the time of redemption may be worth more or less than their
original cost.
For complete information about the options available to you through your
deferred compensation program, including charges and expenses, consult your
prospectus(es) which are available from your local deferred compensation
representative. Please read the prospectus(es) carefully before investing
or sending money.
</TABLE>
Sources: National Financial Services
Computer Directions Advisors, Inc.
6
<PAGE> 7
AVERAGE ANNUAL TOTAL RETURN: STANDARDIZED
PERCENT CHANGE IN NET ASSETS WITH CAPITAL GAINS AND INCOME DIVIDENDS REINVESTED
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
6 MONTHS YEAR YEAR 3 YEARS 5 YEARS 10 YEARS
1/1/96- 1995 7/1/95- 7/1/93- 7/1/91- 7/1/86-
FUNDS+ 6/30/96 6/30/96 6/30/96 6/30/96 6/30/96
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
AGGRESSIVE GROWTH FUNDS
Mass. Investors Growth Stock Fund 9.01% 23.13% 19.53% 12.55% 14.56% 11.20%
Putnam Voyager Fund 7.28% 34.83% 28.56% 19.69% 19.52% 15.25%
Twentieth Century Growth Investors 2.82% 15.21% 3.71% 8.36% 10.59% 10.75%
Twentieth Century Ultra Investors 4.18% 32.38% 19.02% 13.43% 18.70% 16.88%
GROWTH FUNDS
Dreyfus Third Century Fund 6.28% 30.53% 21.76% 11.51% 10.21% 10.72%
Fidelity Contrafund 4.55% 31.00% 17.95% 14.03% 18.96% 17.45%
Fidelity Magellan(R) Fund -1.68% 31.53% 6.99% 12.07% 15.15% 13.49%
Fidelity OTC Portfolio 5.54% 32.92% 16.21% 15.03% 16.07% 12.89%
MFS(R) Growth Opportunities Fund* 8.20% 29.22% 21.19% 13.45% 13.21% 9.50%
Nationwide(R) Growth Fund 2.92% 23.49% 11.37% 12.17% 13.49% 10.17%
Putnam Investors Fund 6.05% 32.25% 20.50% 14.35% 14.17% 11.40%
Seligman Growth Fund 7.54% 23.26% 22.96% 13.10% 12.62% 10.08%
GROWTH AND INCOME FUNDS
Evergreen Total Return Fund* 1.13% 18.70% 10.84% 6.23% 9.49% 6.82%
Fidelity Equity-Income Fund 4.45% 26.57% 18.84% 13.85% 16.07% 11.16%
Fidelity Puritan Fund 1.10% 16.32% 10.88% 9.68% 13.43% 10.87%
Investment Company of America** 3.42% 25.40% 16.17% 12.50% 12.44% 11.68%
Nationwide(R) Fund 5.57% 24.76% 23.24% 13.50% 11.15% 11.14%
Neuberger & Berman Fund Guardian Fund 0.07% 26.87% 7.88% 12.50% 15.49% 12.28%
INCOME FUNDS
Bond Fund of America** -3.89% 13.13% 2.35% 3.34% 8.23% 7.62%
Fidelity Capital & Income Fund* 0.10% 11.63% 4.73% 5.39% 13.94% 9.15%
MAS Funds Fixed Income Portfolio -3.51% 13.91% 3.42% 3.79% 8.48% 8.22%
MFS(R) High Income Fund -0.48% 12.04% 5.65% 5.79% 11.63% 7.59%
INDEX FUND
SEI Index Fund (S & P 500 Index Portfolio) 5.52% 32.05% 20.63% 14.84% 13.89% 12.13%
INTERNATIONAL FUNDS
T. Rowe Price International Stock Fund(R) 5.38% 6.34% 13.02% 12.54% 11.11% 11.52%
Templeton Foreign Fund 4.53% 6.11% 8.53% 11.66% 11.50% 12.96%
GOVERNMENT BOND FUND
Federated U.S. Government Securities Fund -4.70% 8.49% -0.59% 2.00% 5.09% 6.09%
MONEY MARKET FUND
Nationwide(R) Money Market Fund -2.04% 0.51% 0.18% 2.08% 2.31% 4.32%
U.S. TREASURY MONEY MARKET FUND
AIM STIT Treasury Portfolio -1.83% 0.94% 0.66% 2.54% 2.82% 4.77%
<FN>
* These funds are not open to new participation.
** These funds are closed to entities adopting the NACo Public Employees
Deferred Compensation Program on or after July 1, 1994.
+ Funds are neither insured nor guaranteed by the U.S. Government. For the
Money Market Fund, there can be no assurance that this fund will be able
to maintain a stable net asset value of $1 per share.
NOTE: The above illustration represents past fund performance based on a
$1,000 hypothetical Investment. The performance figures reflect the deduction
of a 0.95% annual asset fee and the maximum contingent deferred sales charge
that would apply only in the event that this Variable Annuity contract is
terminated by your employer. Investment principal and investment returns are
not guaranteed under these variable options. Unit values at the time of
redemption may be worth more or less than their original cost. The results
shown above should not be considered a representation of performance or
investor experience of the funds in the future.
For complete information about the options available to you through your
deferred compensation program, including charges and expenses, consult your
prospectus(es) which are available from your local deferred compensation
representative. Please read the prospectus(es) carefully before investing
or sending money.
</TABLE>
7
<PAGE> 8
NACo VARIABLE ACCOUNT
STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY
JUNE 30, 1996
(UNAUDITED)
<TABLE>
<S> <C>
Assets:
Investments at market value:
The Bond Fund of America(SM), Inc. (BdFdAm)
963,067 shares (cost $12,983,637) ............................................. 12,972,510
The Dreyfus Third Century Fund, Inc. (Dry3dCen)
2,643,233 shares (cost $20,928,823) ........................................... 24,132,716
The Evergreen Total Return Fund - Class Y (EvTotRet)
214,320 shares (cost $4,246,261) .............................................. 4,391,413
Federated U.S. Government Securities Fund: 2-5 Years -
Institutional shares (FedUSGvt)
290,830 shares (cost $3,039,188) .............................................. 3,018,815
Fidelity Capital & Income Fund (FidCapIn)
322,273 shares (cost $2,554,778) .............................................. 2,916,573
Fidelity Contrafund (FidContr)
3,938,033 shares (cost $135,399,946) .......................................... 154,922,220
Fidelity Equity-Income Fund (FidEqInc)
5,354,063 shares (cost $162,520,977) .......................................... 215,608,134
Fidelity Magellan(R) Fund (FidMgln)
1,236,357 shares (cost $93,929,959) ........................................... 92,479,522
Fidelity OTC Portfolio (FidOTC)
275,870 shares (cost $8,854,633) .............................................. 9,208,539
Fidelity Puritan Fund(R) (FidPurtn)
1,035,938 shares (cost $16,814,745) ........................................... 18,315,391
The Investment Company of America(R) (InvCoAm)
1,693,915 shares (cost $33,148,477) ........................................... 39,095,547
MAS Funds - Fixed Income Portfolio (MASFIP)
94,787 shares (cost $1,115,906) ............................................... 1,110,908
MFS(R) Growth Opportunities Fund - Class A (MFSGrOpp)
1,083,969 shares (cost $12,019,821) ........................................... 14,590,228
MFS(R) High Income Fund - Class A (MFSHiInc)
1,871,197 shares (cost $9,548,821) ............................................ 9,655,375
Massachusetts Investors Growth Stock Fund - Class A (MFSGrStk)
761,566 shares (cost $8,564,239) .............................................. 9,192,107
Nationwide(R) Fund (NWFund)
1,968,851 shares (cost $31,621,861) ........................................... 37,841,318
Nationwide(R) Growth Fund (NWGroFd)
514,705 shares (cost $5,585,311) .............................................. 6,778,669
Nationwide(R) Money Market Fund (NWMyMkt)
40,640,787 shares (cost $40,640,787) .......................................... 40,640,787
Neuberger & Berman Guardian Fund (NBGuard)
677,480 shares (cost $15,823,430) ............................................. 16,245,982
Putnam Investors Fund - Class A (PutInvFd)
3,179,388 shares (cost $26,750,835) ........................................... 30,267,776
</TABLE>
8
<PAGE> 9
<TABLE>
<S> <C>
Putnam Voyager Fund - Class A (PutVoyFd)
6,368,555 shares (cost $83,050,563) ........................................... 108,583,870
SEI Index Funds - S&P 500 Index Portfolio (SEI500lx)
40,189 shares (cost $864,703) ................................................. 872,094
Seligman Growth Fund, Inc. - Class A (SelGroFd)
1,155,104 shares (cost $6,190,451) ............................................ 6,757,356
Short-Term Investments Trust - Treasury Portfolio - Institutional Class (AIMTreas)
2,008,742 shares (cost $2,008,742) ............................................ 2,008,742
T. Rowe Price International Funds, Inc. - International Stock Fund(R) (TRIntStk)
1,398,744 shares (cost $17,385,872) ........................................... 18,799,123
Templeton Foreign Fund - Class I (TemForFd)
2,523,687 shares (cost $23,640,425) ........................................... 25,262,103
Twentieth Century Investors, Inc. - Growth Investors (TCGroInv)
7,134,806 shares (cost $153,373,397) .......................................... 148,475,315
Twentieth Century Investors, Inc. - Ultra Investors (TCUltra)
4,532,811 shares (cost $106,600,166) .......................................... 128,641,177
--------------
Total investments ........................................................... 1,182,784,310
Accounts receivable ................................................................. 13,283
--------------
Total assets ................................................................ 1,182,797,593
ACCOUNTS PAYABLE ....................................................................... 211,801
--------------
CONTRACT OWNERS' EQUITY ................................................................ $1,182,585,792
==============
</TABLE>
9
<PAGE> 10
Contract owners' equity represented by:
<TABLE>
<CAPTION>
TIER I UNITS UNIT VALUE
- ------ ---------- ----------
<S> <C> <C> <C>
The Bond Fund of America(SM), Inc. ................... 3,399,992 $ 2.042011 $ 6,942,821
The Dreyfus Third Century Fund, Inc. ................. 4,902,053 2.468406 12,100,257
The Evergreen Total Return Fund - Class Y ............ 1,125,556 1.830963 2,060,851
Federated U.S. Government Securities Fund: 2-5 Years -
Institutional Shares .............................. 1,194,132 1.187066 1,417,513
Fidelity Capital & Income Fund ....................... 308,376 3.864665 1,191,770
Fidelity Contrafund .................................. 53,457,314 1.428140 76,344,528
Fidelity Equity-Income Fund .......................... 20,365,960 4.848991 98,754,357
Fidelity Magellan(R) Fund ............................ 35,648,885 1.331436 47,464,209
Fidelity OTC Portfolio ............................... 2,769,092 1.502142 4,159,569
Fidelity Puritan(R) Fund ............................. 7,770,952 1.213900 9,433,159
The Investment Company of America(R) ................. 13,454,892 1.609336 21,653,442
MAS Funds - Fixed Income Portfolio ................... 483,808 1.162068 562,218
MFS(R) Growth Opportunities Fund - Class A ........... 1,053,428 6.860096 7,226,617
MFS(R) High Income Fund - Class A .................... 951,968 5.124004 4,877,888
Massachusetts Investors Growth Stock Fund - Class A .. 420,019 10.106219 4,244,804
Nationwide(R) Fund ................................... 1,373,002 13.358301 18,340,974
Nationwide(R) Growth Fund ............................ 1,167,308 2.851855 3,328,993
Nationwide(R) Money Market Fund ...................... 5,649,864 2.828782 15,982,234
Neuberger & Berman Guardian Fund ..................... 5,697,908 1.301673 7,416,813
Putnam Investors Fund - Class A ...................... 1,443,720 12.441147 17,961,533
Putnam Voyager Fund - Class A ........................ 18,247,309 3.062480 55,882,019
SEI Index Funds - S & P 500 Index Portfolio .......... 540,097 1.027377 554,883
Seligman Growth Fund, Inc - Class A .................. 331,446 9.965771 3,303,115
Short-Term Investments Trust - Treasury Portfolio -
Institutional Class ............................... 928,189 1.143938 1,061,791
T. Rowe Price International Funds, Inc. -
International Stock Fund(R) ....................... 7,226,563 1.122039 8,108,486
Templeton Foreign Fund - Class I ..................... 11,030,311 1.128748 12,450,441
Twentieth Century Investors, Inc. - Growth Investors . 16,586,553 4.278484 70,965,302
Twentieth Century Investors, Inc. - Ultra Investors .. 45,181,759 1.366934 61,760,483
========== ========= ------------
Sub-Total Tier I .................................. $575,551,070
============
</TABLE>
10
<PAGE> 11
Contract owners' equity - continued
<TABLE>
<CAPTION>
TIER II UNITS UNIT VALUE
- ------- ---------- ---------- ------------
<S> <C> <C> <C>
The Bond Fund of America(SM), Inc. ................... 998,330 $ 2.042192 $ 2,038,782
The Dreyfus Third Century Fund, Inc. ................. 1,605,690 2.468605 3,963,814
The Evergreen Total Return Fund - Class Y ............ 279,013 1.831110 510,903
Federated U.S. Government Securities Fund: 2-5 Years -
Institutional Shares .............................. 316,648 1.187163 375,913
Fidelity Capital & Income Fund ....................... 80,891 3.864979 312,642
Fidelity Contrafund .................................. 19,865,992 1.428255 28,373,702
Fidelity Equity-Income Fund .......................... 7,010,478 4.849382 33,996,486
Fidelity Magellan(R) Fund ............................ 12,576,300 1.331544 16,745,897
Fidelity OTC Portfolio ............................... 1,049,760 1.502264 1,577,017
Fidelity Puritan(R) Fund ............................. 2,890,392 1.213998 3,508,930
The Investment Company of America(R) ................. 4,862,288 1.609466 7,825,687
MAS Funds - Fixed Income Portfolio ................... 191,027 1.162162 222,004
MFS(R) Growth Opportunities Fund - Class A ........... 330,742 6.860649 2,269,105
MFS(R) High Income Fund - Class A .................... 240,944 5.124420 1,234,698
Massachusetts Investors Growth Stock Fund - Class A .. 141,699 10.107034 1,432,157
Nationwide(R) Fund ................................... 556,771 13.359377 7,438,114
Nationwide(R) Growth Fund ............................ 526,539 2.852085 1,501,734
Nationwide(R) Money Market Fund ...................... 2,017,328 2.829013 5,707,047
Neuberger & Berman Guardian Fund ..................... 2,244,562 1.301778 2,921,921
Putnam Investors Fund - Class A ...................... 353,063 12.442150 4,392,863
Putnam Voyager Fund - Class A ........................ 6,095,414 3.062727 18,668,589
SEI Index Funds - S & P 500 Index Portfolio .......... 92,200 1.027458 94,732
Seligman Growth Fund, Inc - Class A .................. 81,742 9.966574 814,688
Short-Term Investments Trust - Treasury Portfolio -
Institutional Class ............................... 134,003 1.144031 153,304
T. Rowe Price International Funds, Inc. -
International Stock Fund(R) ....................... 3,039,530 1.122129 3,410,745
Templeton Foreign Fund - Class I ..................... 4,880,557 1.128839 5,509,363
Twentieth Century Investors, Inc. - Growth Investors . 6,692,139 4.278829 28,634,518
Twentieth Century Investors, Inc. - Ultra Investors .. 16,031,539 1.367044 21,915,819
========== ========= ------------
Sub-Total Tier II ................................. $205,551,174
============
</TABLE>
11
<PAGE> 12
Contract owners' equity - continued
<TABLE>
<CAPTION>
TIER III UNITS UNIT VALUE
- -------- ---------- ----------
<S> <C> <C> <C>
The Bond Fund of America(SM), Inc. ................... 728,177 $ 2.042552 $ 1,487,339
The Dreyfus Third Century Fund, Inc. ................. 955,648 2.469003 2,359,498
The Evergreen Total Return Fund - Class Y ............ 321,310 1.831405 588,449
Federated U.S. Government Securities Fund: 2-5 Years -
Institutional Shares .............................. 185,828 1.187356 220,644
Fidelity Capital & Income Fund ....................... 205,134 3.865608 792,968
Fidelity Contrafund .................................. 11,927,944 1.428486 17,038,901
Fidelity Equity-Income Fund .......................... 6,410,496 4.850164 31,091,957
Fidelity Magellan(R) Fund ............................ 7,204,858 1.331758 9,595,127
Fidelity OTC Portfolio ............................... 599,641 1.502506 900,964
Fidelity Puritan(R) Fund ............................. 1,250,913 1.214193 1,518,850
The Investment Company of America(R) ................. 2,047,645 1.609725 3,296,145
MAS Funds - Fixed Income Portfolio ................... 67,474 1.162349 78,428
MFS(R) Growth Opportunities Fund - Class A ........... 332,216 6.861755 2,279,585
MFS(R) High Income Fund - Class A .................... 226,129 5.125254 1,158,969
Massachusetts Investors Growth Stock Fund - Class A .. 114,124 10.108663 1,153,641
Nationwide(R) Fund ................................... 276,318 13.361530 3,692,031
Nationwide(R) Growth Fund ............................ 136,240 2.852545 388,631
Nationwide(R) Money Market Fund ...................... 1,613,520 2.829473 4,565,411
Neuberger & Berman Guardian Fund ..................... 1,445,727 1.301988 1,882,319
Putnam Investors Fund - Class A ...................... 216,302 12.444154 2,691,695
Putnam Voyager Fund - Class A ........................ 3,996,262 3.063221 12,241,434
SEI Index Funds - S & P 500 Index Portfolio .......... 46,836 1.027621 48,130
Seligman Growth Fund, Inc - Class A .................. 86,123 9.968180 858,490
Short-Term Investments Trust Treasury Portfolio -
Institutional Class ............................... 309,459 1.144217 354,088
T. Rowe Price International Funds, Inc. ..............
International Stock Fund(R) ....................... 1,654,711 1.122310 1,857,099
Templeton Foreign Fund - Class I ..................... 1,947,858 1.129021 2,199,173
Twentieth Century Investors, Inc. - Growth Investors . 4,166,294 4.279519 17,829,734
Twentieth Century Investors, Inc. - Ultra Investors .. 10,403,046 1.367264 14,223,710
========== ========= ------------
Sub-Total Tier III ................................ $136,393,410
============
</TABLE>
12
<PAGE> 13
Contract owners' equity - continued
<TABLE>
<CAPTION>
TIER IV UNITS UNIT VALUE
- ------- ---------- ----------
<S> <C> <C> <C>
The Bond Fund of America(SM), Inc. ................... 1,232,196 $ 2.042912 $ 2,517,268
The Dreyfus Third Century Fund, Inc. ................. 2,311,967 2.469401 5,709,174
The Evergreen Total Return Fund - Class Y ............ 672,439 1.831700 1,231,707
Federated U.S. Government Securities Fund: 2-5 Years -
Institutional Shares .............................. 846,049 1.187549 1,004,725
Fidelity Capital & Income Fund ....................... 160,136 3.866236 619,124
Fidelity Contrafund .................................. 23,159,051 1.428716 33,087,707
Fidelity Equity-Income Fund .......................... 10,671,002 4.850946 51,764,454
Fidelity Magellan(R) Fund ............................ 14,020,736 1.331973 18,675,242
Fidelity OTC Portfolio ............................... 1,712,855 1.502748 2,573,989
Fidelity Puritan(R) Fund ............................. 3,172,613 1.214389 3,852,786
The Investment Company of America(R) ................. 3,925,748 1.609985 6,320,395
MAS Funds - Fixed Income Portfolio ................... 213,575 1.162536 248,289
MFS(R) Growth Opportunities Fund - Class A ........... 407,077 6.862862 2,793,713
MFS(R) High Income Fund - Class A .................... 464,989 5.126086 2,383,574
Massachusetts Investors Growth Stock Fund - Class A .. 233,535 10.110293 2,361,107
Nationwide(R) Fund ................................... 626,341 13.363683 8,370,223
Nationwide(R) Growth Fund ............................ 546,558 2.853004 1,559,332
Nationwide(R) Money Market Fund ...................... 5,040,547 2.829932 14,264,405
Neuberger & Berman Guardian Fund ..................... 3,090,627 1.302198 4,024,608
Putnam Investors Fund - Class A ...................... 419,591 12.446159 5,222,296
Putnam Voyager Fund - Class A ........................ 7,113,697 3.063714 21,794,333
SEI Index Funds - S & P 500 Index Portfolio .......... 169,037 1.027784 173,734
Seligman Growth Fund, Inc - Class A .................. 178,563 9.969786 1,780,235
Short-Term Investments Trust - Treasury Portfolio -
Institutional Class ............................... 384,033 1.144403 439,489
T. Rowe Price International Funds, Inc. -
International Stock Fund(R) ....................... 4,829,429 1.122491 5,420,991
Templeton Foreign Fund - Class I ..................... 4,517,118 1.129203 5,100,743
Twentieth Century Investors, Inc. - Growth Investors . 7,253,384 4.280208 31,045,992
Twentieth Century Investors, Inc. - Ultra Investors .. 22,486,920 1.367484 30,750,503
========== ========= --------------
Sub-Total Tier IV ................................. $ 265,090,138
==============
Total Contract Owners Equity ......................... $1,182,585,792
==============
</TABLE>
See accompanying notes to financial statements.
13
<PAGE> 14
NACo 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 ........... $ 28,889,673 6,620,199 8,329,728
--------------- ----------- -----------
Gain (loss) on investments:
Proceeds from redemptions of mutual fund shares 61,836,491 42,063,514 72,966,089
Cost of mutual fund shares sold ............... (58,091,646) (42,122,415) (67,344,373)
--------------- ----------- -----------
Realized gain (loss) on investments ........... 3,744,845 (58,901) 5,621,716
Change in unrealized gain (loss) on investments 50,200,225 106,397,607 (41,963,583)
--------------- ----------- -----------
Net gain (loss) on investments ............. 53,945,070 106,338,706 (36,341,867)
--------------- ----------- -----------
Net investment activity ................. 82,834,743 112,958,905 (28,012,139)
--------------- ----------- -----------
EQUITY TRANSACTIONS:
Purchase payments received from contract owners .. 154,494,603 92,973,638 88,113,818
Redemptions ...................................... (34,247,716) (34,300,092) (27,187,428)
Adjustments to maintain reserves ................. (83,128) 6,756 (12,553)
--------------- ----------- -----------
Net equity transactions ................. 120,163,759 58,680,302 60,913,837
--------------- ----------- -----------
EXPENSES: Contract charges (note 2) ................. (5,004,830) (3,346,063) (2,632,566)
--------------- ----------- -----------
NET CHANGE IN CONTRACT OWNERS' EQUITY ............... 197,993,672 168,293,144 30,269,132
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ......... 984,592,120 640,712,698 531,911,224
--------------- ----------- -----------
CONTRACT OWNERS' EQUITY END OF PERIOD ............... $ 1,182,585,792 809,005,842 562,180,356
=============== =========== ===========
</TABLE>
See accompanying notes to financial statements.
14
<PAGE> 15
NACo 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
NACo Variable Account (NACoVA) was established pursuant to a resolution of
the Board of Directors of Nationwide Life Insurance Company (the Company) on
September 7, 1988, and has been registered as a unit investment trust under the
Investment Company Act of 1940. The NACoVA was introduced for exclusive use by
Member Counties for deferred compensation Plans adopted under the National
Association of Counties (NACo) Program.
The Company offers group flexible fund retirement contracts through the
NACo VA. The primary distribution for the contracts is through an affiliated
sales organization.
(b) The Contracts
The Group Flexible Retirement Contracts (the Contract) are offered for
purchase in connection with deferred compensation Plans adopted by Member
Counties under the NACo Program. Participants in the contracts may invest in any
of the following fund sub-accounts:
The Bond Fund of America(SM), Inc. (BdFdAm) (only available for
certain contracts issued beginning January 1, 1994)
The Dreyfus Third Century Fund, Inc. (Dry3dCen)
The Evergreen Total Return Fund - Class Y (EvTotRet) (not available for
contracts issued on or after October 1, 1993)
Federated U.S. Government Securities Fund: 2-5 Years - Institutional
Shares (FedUSGvt) (formerly Federated Intermediate Government Trust)
Fidelity Capital & Income Fund (FidCapIn) (not available for contracts
issued on or after January 1, 1987)
Fidelity Contrafund (FidContr)
Fidelity Equity-Income Fund (FidEqInc)
Fidelity Magellan(R) Fund (FidMgln)
Fidelity OTC Portfolio (FidOTC)
Fidelity Puritan(R) Fund (FidPurtn)
The Investment Company of America(R) (InvCoAm) (only
available for certain contracts issued beginning July 1, 1994)
MAS Funds - Fixed Income Portfolio (MASFIP)
MFS(R) Growth Opportunities Fund - Class A (MFSGrOpp) (not available
for contracts issued on or after October 1, 1993)
MFS(R) High Income Fund - Class A (MFSHiInc)
Massachusetts Investors Growth Stock Fund - Class A (MFSGrStk)
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) (not available for contracts issued on or after
October 1, 1993)
Nationwide(R) Money Market Fund (NWMyMkt) (managed for a fee by an
affiliated investment advisor)
Neuberger & Berman Guardian Fund (NBGuard)
Putnam Investors Fund - Class A (PutInvFd)
Putnam Voyager Fund - Class A (PutVoyFd)
SEI Index Funds - S & P 500 Index Portfolio (SEI500Ix)
Seligman Growth Fund, Inc. - Class A (SelGroFd)
Short-Term Investments Trust - Treasury Portfolio - Institutional
Class (AIMTreas)
T. Rowe Price International Funds, Inc. - International Stock Fund(R)
(TRIntStk)
Templeton Foreign Fund - Class I (TemForFd)
Twentieth Century Investors, Inc. - Growth Investors (TCGroInv)
Twentieth Century Investors, Inc. - Ultra Investors (TCUltra)
All of the above funds were being utilized as of June 30, 1996.
15
<PAGE> 16
The contract owners' equity is affected by the investment results of each
fund, equity transactions by contract owners and certain 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 NACoVA 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 assets in this account are held pursuant to contracts with entities
which are exempt from federal income tax. Because of this exemption, no taxes
need be provided for investment income or realized and unrealized capital gains.
Annuity payouts and withdrawal payments are taxable as wages when received by
the participants.
(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
No deduction for a sales charge is made from the purchase payments for
these contracts. However, if an owner terminates the contract and directs the
Company to withdraw all or part of the contract value held in the Account for
less than sixteen (16) years, the Company will, with certain exceptions, assess
a contingent deferred sales charge by deducting an amount from each participants
account. This charge will be equal to not more than 4% in the first year,
declining to 1% in the fifteenth year, of the lesser of all purchase payments
made on behalf of a participant prior to the date of withdrawal, or the amount
withdrawn. No sales charges are deducted on redemptions used to purchase units
in the fixed investment options of the Company. Sales charges may be reduced or
eliminated upon negotiated conversion of the contracts to other investment
programs offered by the Company or its affiliates.
The following charges are deducted by the Company: A mortality risk
charge, an expense risk charge and an administration charge which are assessed
through the daily unit value calculation. The morality risk charge and the
expense risk charge are equal to an annual rate of 0.10% and 0.40% respectively.
Beginning May 1, 1996, the administration charge was based upon the aggregate
balance of assets held under the Contract by each Member County, as follows:
<TABLE>
<CAPTION>
Expense Administration
Tier Assets (Millions) Charge
<S> <C> <C>
I Up to $10 .45%
II Over $10 to $25 .40%
III Over $25 to $50 .30%
IV Over $50 .20%
</TABLE>
The administration charge is determined using the December 31 asset balance and
is effective at the next expense tier on the following May 1.
Contract owners may negotiate an exchange privilege with the Company. The
exchange privilege provides for transfers of units among the various investment
options for each participant's account. The number of transfers allowed, and any
administrative charges associated therewith, are subject to negotiation between
the contract owner and the Company.
16
<PAGE> 17
(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.
17
<PAGE> 18
SCHEDULE I
NACo VARIABLE ACCOUNT
TIER I
SCHEDULES OF CHANGES IN UNIT VALUE
SIX MONTH PERIODS ENDED JUNE 30, 1996, 1995 AND 1994
(UNAUDITED)
<TABLE>
<CAPTION>
BDFDAM DRY3DCEN EVTOTRET FEDUSGVT FIDCAPIN
<S> <C> <C> <C> <C> <C>
1996
Beginning unit value - Jan. 1 $2.039710 2.238323 1.741651 1.195751 3.712491
- ------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .072346 .000000 .047365 .031415 .214795
- ------------------------------------------------------------------------------------------------------
Unrealized gain (loss) (.060444) .241324 .050304 (.034512) (.044586)
- ------------------------------------------------------------------------------------------------------
Contract charges (.009601) (.011241) (.008357) (.005588) (.018035)
- ------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $2.042011 2.468406 1.830963 1.187066 3.864665
- ------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 0% 10% 5% 1% 4%
======================================================================================================
1995
Beginning unit value - Jan. 1 $1.741422 1.663803 1.419467 1.062969 3.210584
- ------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .075859 .000000 .045194 .035575 .192268
- ------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .111625 .307424 .136804 .054601 .167867
- ------------------------------------------------------------------------------------------------------
Contract charges (.008784) (.008433) (.007092) (.005252) (.016370)
- ------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $1.920122 1.962794 1.594373 1.147893 3.554349
- ------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 10% 18% 12% 8% 11%
======================================================================================================
1994
Beginning unit value - Jan. 1 $1.850918 1.814915 1.531292 1.094086 3.397953
- ------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .070429 .000000 .025297 .023412 .166072
- ------------------------------------------------------------------------------------------------------
Unrealized gain (loss) (.163866) (.148914) (.139577) (.046219) (.238950)
- ------------------------------------------------------------------------------------------------------
Contract charges (.008502) (.008332) (.006906) (.005089) (.016107)
- ------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $1.748979 1.657669 1.410106 1.066190 3.308968
- ------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (6)% (9)% (8)% (3)% (3)%
======================================================================================================
</TABLE>
<TABLE>
<CAPTION>
FIDCONTR FIDEQINC FIDMGLN FIDOTC
<S> <C> <C> <C> <C>
1996
Beginning unit value - Jan. 1 1.315600 4.471070 1.301185 1.371346
- ------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .069145 .120544 .201379 .000000
- ------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .049885 .279492 (.164933) .137557
- ------------------------------------------------------------------------------------------------------
Contract charges (.006490) (.022115) (.006195) (.006761)
- ------------------------------------------------------------------------------------------------------
Ending unit value - June 30 1.428140 4.848991 1.331436 1.502142
- ------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 9% 8% 2% 10%
======================================================================================================
1995
Beginning unit value - Jan. 1 .974545 3.424310 .960039 1.001544
- ------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .000000 .089513 .004727 .000000
- ------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .201510 .451090 .239822 .253205
- ------------------------------------------------------------------------------------------------------
Contract charges (.004946) (.017371) (.004978) (.005193)
- ------------------------------------------------------------------------------------------------------
Ending unit value - June 30 1.171109 3.947542 1.199610 1.249556
- ------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 20% 15% 25% 25%
======================================================================================================
1994
Beginning unit value - Jan. 1 .994981 3.448520 .987051 **
- ------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .007092 .152345 .038465
- ------------------------------------------------------------------------------------------------------
Unrealized gain (loss) (.055375) (.193625) (.097549)
- ------------------------------------------------------------------------------------------------------
Contract charges (.004690) (.016233) (.004646)
- ------------------------------------------------------------------------------------------------------
Ending unit value - June 30 .942008 3.391007 .923321
- ------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (5)% (2)% (6)%
======================================================================================================
<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>
18
<PAGE> 19
SCHEDULE I, CONTINUED
NACo VARIABLE ACCOUNT
TIER I
SCHEDULES OF CHANGES IN UNIT VALUE
SIX MONTH PERIODS ENDED JUNE 30, 1996, 1995 AND 1994
(UNAUDITED)
<TABLE>
<CAPTION>
FIDPURTN INVCOAM MASFIP MFSGROPP MFSHIINC
<S> <C> <C> <C> <C> <C>
1996
Beginning unit value - Jan. 1 $1.154955 1.498194 1.156444 6.114190 4.949752
- -----------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .019023 .016635 .017609 .000000 .215291
- -----------------------------------------------------------------------------------------------------
Unrealized gain (loss) .045515 .101880 (.006561) .776809 (.017051)
- -----------------------------------------------------------------------------------------------------
Contract charges (.005593) (.007373) (.005424) (.030903) (.023988)
- -----------------------------------------------------------------------------------------------------
Ending unit value - June 30 $1.213900 1.609336 1.162068 6.860096 5.124004
- -----------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 5% 7% 0% 12% 4%
=====================================================================================================
1995
Beginning unit value - Jan. 1 $ 959935 1.157835 .980782 4.589533 4.265493
- -----------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .014268 .015733 .012932 .000000 .196110
- -----------------------------------------------------------------------------------------------------
Unrealized gain (loss) .087205 .171567 .092984 .913597 .233190
- -----------------------------------------------------------------------------------------------------
Contract charges (.004748) (.005868) (.004897) (.023486) (.021532)
- -----------------------------------------------------------------------------------------------------
Ending unit value - June 30 $1.056660 1.339267 1.081801 5.479644 4.673261
- -----------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 10% 16% 10% 19% 10%
=====================================================================================================
1994
Beginning unit value - Jan. 1 ** $1.167040 ** 4.834037 4.422523
- -----------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .013718 .000000 .187604
- -----------------------------------------------------------------------------------------------------
Unrealized gain (loss) (.043854) (.437498) (.342505)
- -----------------------------------------------------------------------------------------------------
Contract charges (.005448) (.022256) (.020635)
- -----------------------------------------------------------------------------------------------------
Ending unit value - June 30 $1.131456 4.374283 4.246987
- -----------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (3)% (10)% (4)%
=====================================================================================================
</TABLE>
<TABLE>
<CAPTION>
MFSGRSTK NWFUND NWGROFD NWMYMKT
<S> <C> <C> <C> <C>
1996
Beginning unit value - Jan. 1 8.942612 12.191058 2.667201 2.774433
- -----------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .000000 .114071 .016192 .067605
- -----------------------------------------------------------------------------------------------------
Unrealized gain (loss) 1.208721 1.113866 .181563 .000000
- -----------------------------------------------------------------------------------------------------
Contract charges (.045114) (.060694) (.013101) (.013256)
- -----------------------------------------------------------------------------------------------------
Ending unit value - June 30 10.106219 13.358301 2.851855 2.828782
- -----------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 13% 10% 7% 2%
=====================================================================================================
1995
Beginning unit value - Jan. 1 7.034148 9.468045 2.092009 2.654661
- -----------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .000000 .094306 .019507 .073345
- -----------------------------------------------------------------------------------------------------
Unrealized gain (loss) 1.182019 .983082 .371067 .000000
- -----------------------------------------------------------------------------------------------------
Contract charges (.034983) (.046981) (.010729) (.012812)
- -----------------------------------------------------------------------------------------------------
Ending unit value - June 30 8.181184 10.498452 2.471854 2.715194
- -----------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 16% 11% 18% 2%
=====================================================================================================
1994
Beginning unit value - Jan. 1 7.613442 9.502760 2.081399 2.583387
- -----------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .000000 .085969 .015628 .038280
- -----------------------------------------------------------------------------------------------------
Unrealized gain (loss) (1.019047) (.491310) (.079404) .000000
- -----------------------------------------------------------------------------------------------------
Contract charges (.033784) (.044293) (.009771) (.012303)
- -----------------------------------------------------------------------------------------------------
Ending unit value - June 30 6.560611 9.053126 2.007852 2.609364
- -----------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (14)% (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.
** This investment option was not being utilized or was not available.
</TABLE>
19
<PAGE> 20
SCHEDULE I, CONTINUED
NATIONWIDE VARIABLE ACCOUNT
TIER I
SCHEDULES OF CHANGES IN UNIT VALUE
SIX MONTH PERIODS ENDED JUNE 30, 1996, 1995 AND 1994
(UNAUDITED)
<TABLE>
<CAPTION>
NBGUARD PUTINVFD PUTVOYFD SEI500IX SELGROFD
<S> <C> <C> <C> <C> <C>
1996
Beginning unit value - Jan. 1 $1.250781 11.305164 2.752130 1.000000 8.934609
- -----------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .005418 .000000 .000000 .000000 .000000
- -----------------------------------------------------------------------------------------------------
Unrealized gain (loss) .051559 1.192096 .324110 .028912 1.075921
- -----------------------------------------------------------------------------------------------------
Contract charges (.006085) (.056113) (.013760) (.001535) (.044759)
- -----------------------------------------------------------------------------------------------------
Ending unit value - June 30 $1.301673 12.441147 3.062480 1.027377 9.965771
- -----------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 4% 10% 11% 3% 12%
=====================================================================================================
1995
Beginning unit value - Jan. 1 $ .955773 8.297318 1.982311 ** 7.020585
- -----------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .005231 .000000 .000000 .000000
- -----------------------------------------------------------------------------------------------------
Unrealized gain (loss) .207365 1.738497 .338062 .863602
- -----------------------------------------------------------------------------------------------------
Contract charges (.004954) (.042751) (.010034) (.034872)
- -----------------------------------------------------------------------------------------------------
Ending unit value - June 30 $1.163415 9.993064 2.310339 7.849315
- -----------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 22% 20% 17% 12%
=====================================================================================================
1994
Beginning unit value - Jan. 1 ** $8.652501 1.992379 7.370495
- -----------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .000000 .000000 .000000
- -----------------------------------------------------------------------------------------------------
Unrealized gain (loss) (.559892) (.187180) (.642133)
- -----------------------------------------------------------------------------------------------------
Contract charges (.040146) (.009083) (.034072)
- -----------------------------------------------------------------------------------------------------
Ending unit value - June 30 $8.052463 1.796116 6.694290
- -----------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (7)% (10)% (9)%
=====================================================================================================
</TABLE>
<TABLE>
<CAPTION>
AIMTTREAS TRINSTK TEMFORFD TCGROINV TCULTRA
<S> <C> <C> <C> <C> <C>
1996
Beginning unit value - Jan. 1 1.119630 1.025854 1.040054 4.005400 1.263551
- ---------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .029617 .000000 .000000 .000000 .000000
- ---------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .000000 .101267 .093829 .292650 .109535
- ---------------------------------------------------------------------------------------------------------
Contract charges (.005309) (.005082) (.005135) (.019566) (.006152)
- ---------------------------------------------------------------------------------------------------------
Ending unit value - June 30 1.143938 1.122039 1.128748 4.278484 1.366934
- ---------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 2% 9% 9% 7% 8%
=========================================================================================================
1995
Beginning unit value - Jan. 1 1.066889 .929695 .944596 3.359891 .926489
- ---------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .031210 .000000 .000000 .000000 .000000
- ---------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .000000 .033493 .062968 .629232 .189304
- ---------------------------------------------------------------------------------------------------------
Contract charges (.005104) (.004372) (.004541) (.016968) (.004635)
- ---------------------------------------------------------------------------------------------------------
Ending unit value - June 30 1.092995 .958816 1.003023 3.972155 1.111158
- ---------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 2% 3% 6% 18% 20%
=========================================================================================================
1994
Beginning unit value - Jan. 1 1.034183 ** ** 3.443124 .970411
- ---------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .017960 .000000 .000000
- ---------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .000000 (.158858) (.096213)
- ---------------------------------------------------------------------------------------------------------
Contract charges (.004893) (.016436) (.004529)
- ---------------------------------------------------------------------------------------------------------
Ending unit value - June 30 1.047250 3.267830 .869669
- ---------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 1% (5)% (10)%
=========================================================================================================
<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>
20
<PAGE> 21
SCHEDULE I, CONTINUED
NACo VARIABLE ACCOUNT
TIER II
SCHEDULES OF CHANGES IN UNIT VALUE
SIX MONTH PERIOD ENDED JUNE 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
BDFDAM DRY3DCEN EVTOTRET FEDUSGVT FIDCAPIN
<S> <C> <C> <C> <C> <C>
1996**
Beginning unit value - Jan. 1 $2.039710 2.238323 1.741651 1.195751 3.712491
- ------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .072349 .000000 .047366 .031393 .214801
- ------------------------------------------------------------------------------------------------------
Unrealized gain (loss) (.060444) .241322 .050310 (.034486) (.044591)
- ------------------------------------------------------------------------------------------------------
Contract charges (.009423) (.011040) (.008217) (.005495) (.017722)
- ------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $2.042192 2.468605 1.831110 1.187163 3.864979
- ------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 0% 10% 5% (1)% 4%
======================================================================================================
FIDPURTN INVCOAM MASFIP MFSGROPP MFSHIINC
1996**
Beginning unit value - Jan. 1 $1.154955 1.498194 1.156444 6.114190 4.949752
- ------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .019024 .016636 .017609 .000000 .215291
- ------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .045524 .101880 (.006571) .776801 (.017053)
- ------------------------------------------------------------------------------------------------------
Contract charges (.005505) (.007244) (.005320) (.030342) (.023570)
- ------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $1.213998 1.609466 1.162162 6.860649 5.124420
- ------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 5% 7% 0% 12% 4%
======================================================================================================
NBGUARD PUTINVFD PUTVOYFD SEI500IX SELGROFD
1996**
Beginning unit value - Jan. 1 $1.250781 11.305164 2.752130 1.000000 8.934609
- ------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .005418 .000000 .000000 .000000 .000000
- ------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .051558 1.192107 .324103 .028906 1.075922
- ------------------------------------------------------------------------------------------------------
Contract charges (.005979) (.055121) (.013506) (.001448) (.043957)
- ------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $1.301778 12.442150 3.062727 1.027458 9.966574
- ------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 4% 10% 11% 3% 12%
======================================================================================================
</TABLE>
<TABLE>
<CAPTION>
FIDCONTR FIDEQINC FIDMGLN FIDOTC
<S> <C> <C> <C> <C>
1996**
Beginning unit value - Jan. 1 1.315600 4.471070 1.301185 1.371346
- ------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .069145 .120546 .201380 .000000
- ------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .049883 .279493 (.164933) .137555
- ------------------------------------------------------------------------------------------------------
Contract charges (.006373) (.021727) (.006088) (.006637)
- ------------------------------------------------------------------------------------------------------
Ending unit value - June 30 1.428255 4.849382 1.331544 1.502264
- ------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 9% 8% 2% 10%
======================================================================================================
MFSGRSTK NWFUND NWGROFD NWMYMKT
1996**
Beginning unit value - Jan. 1 8.942612 12.191058 2.667201 2.774433
- ------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .000000 .114076 .016193 .067606
- ------------------------------------------------------------------------------------------------------
Unrealized gain (loss) 1.208716 1.113868 .181562 .000000
- ------------------------------------------------------------------------------------------------------
Contract charges (.044294) (.059625) (.012871) (.013026)
- ------------------------------------------------------------------------------------------------------
Ending unit value - June 30 10.107034 13.359377 2.852085 2.829013
- ------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 13% 10% 7% 2%
======================================================================================================
AIMTTREAS TRINSTK TEMFORFD TCGROINV TCULTRA
1996**
Beginning unit value - Jan. 1 1.119630 1.025854 1.040054 4.005400 1.263551
- ------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .029615 .000000 .000000 .000000 .000000
- ------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .000000 .101253 .093833 .292652 .109534
- ------------------------------------------------------------------------------------------------------
Contract charges (.005214) (.004978) (.005048) (.019223) (.006041)
- ------------------------------------------------------------------------------------------------------
Ending unit value - June 30 1.144031 1.122129 1.128839 4.278829 1.367044
- ------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 2% 9% 9% 7% 8%
======================================================================================================
<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.
** See Note 2.
</TABLE>
21
<PAGE> 22
SCHEDULE I, CONTINUED
NACo VARIABLE ACCOUNT
TIER III
SCHEDULES OF CHANGES IN UNIT VALUE
SIX MONTH PERIOD ENDED JUNE 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
BDFDAM DRY3DCEN EVTOTRET FEDUSGVT FIDCAPIN
<S> <C> <C> <C> <C> <C>
1996**
Beginning unit value - Jan. 1 $2.039710 2.238323 1.741651 1.195751 3.712491
- ------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .072349 .000000 .047370 .031393 .214812
- ------------------------------------------------------------------------------------------------------
Unrealized gain (loss) (.060442) .241322 .050310 (.034478) (.044602)
- ------------------------------------------------------------------------------------------------------
Contract charges (.009065) (.010642) (.007926) (.005310) (.017093)
- ------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $2.042552 2.469003 1.831405 1.187356 3.865608
- ------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 0% 10% 5% (1)% 4%
======================================================================================================
FIDPURTN INVCOAM MASFIP MFSGROPP MFSHIINC
1996**
Beginning unit value - Jan. 1 $1.154955 1.498194 1.156444 6.114190 4.949752
- ------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .019025 .016636 .017609 .000000 .215291
- ------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .045514 .101876 (.006567) .776775 (.017054)
- ------------------------------------------------------------------------------------------------------
Contract charges (.005301) (.006981) (.005137) (.029210) (.022735)
- ------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $1.214193 1.609725 1.162349 6.861755 5.125254
- ------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 5% 7% 1% 12% 4%
======================================================================================================
NBGUARD PUTINVFD PUTVOYFD SEI500IX SELGROFD
1996**
Beginning unit value - Jan. 1 $1.250781 11.305164 2.752130 1.000000 8.934609
- ------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .005418 .000000 .000000 .000000 .000000
- ------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .051550 1.192127 .324103 .028907 1.075921
- ------------------------------------------------------------------------------------------------------
Contract charges (.005761) (.053137) (.013012) (.001286) (.042350)
- ------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $1.301988 12.444154 3.063221 1.027621 9.968180
- ------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 4% 10% 11% 3% 12%
======================================================================================================
</TABLE>
<TABLE>
<CAPTION>
FIDCONTR FIDEQINC FIDMGLN FIDOTC
<S> <C> <C> <C> <C>
1996**
Beginning unit value - Jan. 1 1.315600 4.471070 1.301185 1.371346
- ------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .069145 .120550 .201381 .000000
- ------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .049884 .279491 (.164935) .137555
- ------------------------------------------------------------------------------------------------------
Contract charges (.006143) (.020947) (.005873) (.006395)
- ------------------------------------------------------------------------------------------------------
Ending unit value - June 30 1.428486 4.850164 1.331758 1.502506
- ------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 9% 8% 2% 10%
======================================================================================================
MFSGRSTK NWFUND NWGROFD NWMYMKT
1996**
Beginning unit value - Jan. 1 8.942612 12.191058 2.667201 2.774433
- ------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .000000 .114085 .016194 .067604
- ------------------------------------------------------------------------------------------------------
Unrealized gain (loss) 1.208700 1.113873 .181559 .000000
- ------------------------------------------------------------------------------------------------------
Contract charges (.042649) (.057486) (.012409) (.012564)
- ------------------------------------------------------------------------------------------------------
Ending unit value - June 30 10.108663 13.361530 2.852545 2.829473
- ------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 13% 10% 7% 2%
======================================================================================================
AIMTTREAS TRINSTK TEMFORFD TCGROINV TCULTRA
1996**
Beginning unit value - Jan. 1 1.119630 1.025854 1.040054 4.005400 1.263551
- ------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .029617 .000000 .000000 .000000 .000000
- ------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .000000 .101254 .093828 .292651 .109536
- ------------------------------------------------------------------------------------------------------
Contract charges (.005030) (.004798) (.004861) (.018532) (.005823)
- ------------------------------------------------------------------------------------------------------
Ending unit value - June 30 1.144217 1.122310 1.129021 4.279519 1.367264
- ------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 2% 9% 9% 7% 8%
======================================================================================================
<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.
** See Note 2.
</TABLE>
22
<PAGE> 23
SCHEDULE I, CONTINUED
NACo VARIABLE ACCOUNT
TIER IV
SCHEDULES OF CHANGES IN UNIT VALUE
SIX MONTH PERIOD ENDED JUNE 30, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
BDFDAM DRY3DCEN EVTOTRET FEDUSGVT FIDCAPIN
<S> <C> <C> <C> <C> <C>
1996**
Beginning unit value - Jan. 1 $2.039710 2.238323 1.741651 1.195751 3.712491
- ------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .072349 .000000 .047374 .031394 .214822
- ------------------------------------------------------------------------------------------------------
Unrealized gain (loss) (.060441) .241324 .050308 (.034482) (.044617)
- ------------------------------------------------------------------------------------------------------
Contract charges (.008706) (.010246) (.007633) (.005114) (.016460)
- ------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $2.042912 2.469401 1.831700 1.187549 3.866236
- ------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 0% 10% 5% (1)% 4%
======================================================================================================
FIDPURTN INVCOAM MASFIP MFSGROPP MFSHIINC
1996**
Beginning unit value - Jan. 1 $1.154955 1.498194 1.156444 6.114190 4.949752
- ------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .019026 .016637 .017609 .000000 .215291
- ------------------------------------------------------------------------------------------------------
Unrealized gain (loss) 045514 .101885 (.006558) .776764 (.017054)
- ------------------------------------------------------------------------------------------------------
Contract charges (.005106) (.006731) (.004959) (.028092) (.021903)
- ------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $1.214389 1.609985 1.162536 6.862862 5.126086
- ------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 5% 7% 1% 12% 4%
======================================================================================================
NBGuard PutInvFd PutVoyFd SEI500Ix SelGroFd
1996**
Beginning unit value - Jan. 1 $1.250781 11.305164 2.752130 1.000000 8.934609
- ------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .005419 .000000 .000000 .000000 .000000
- ------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .051550 1.192143 .324092 .028916 1.075921
- ------------------------------------------------------------------------------------------------------
Contract charges (.005552) (.051148) (.012508) (.001132) (.040744)
- ------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $1.302198) 12.446159 3.063714 1.027784 9.969786
- ------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 4% 10% 11% 3% 12%
======================================================================================================
</TABLE>
<TABLE>
<CAPTION>
FIDCONTR FIDEQINC FIDMGLN FIDOTC
<S> <C> <C> <C> <C>
1996**
Beginning unit value - Jan. 1 1.315600 4.471070 1.301185 1.371346
- ------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .069145 .120554 .201382 .000000
- ------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .049885 .279491 (.164937) .137552
- ------------------------------------------------------------------------------------------------------
Contract charges (.005914) (.020169) (.005657) (.006150)
- ------------------------------------------------------------------------------------------------------
Ending unit value - June 30 1.428716 4.850946 1.331973 1.502748
- ------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 9% 8% 2% 10%
======================================================================================================
MFSGRSTK NWFUND NWGROFD NWMYMKT
1996**
Beginning unit value - Jan. 1 8.942612 12.191058 2.667201 2.774433
- ------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .000000 .114094 .016195 .067596
- ------------------------------------------------------------------------------------------------------
Unrealized gain (loss) 1.208688 1.113873 .181554 .000000
- ------------------------------------------------------------------------------------------------------
Contract charges (.041007) (.055342) (.011946) (.012097)
- ------------------------------------------------------------------------------------------------------
Ending unit value - June 30 10.110293 13.363683 2.853004 2.829932
- ------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 13% 10% 7% 2%
======================================================================================================
AIMTTreas TRInStk TemForFd TCGroInv TCUltra
1996**
Beginning unit value - Jan. 1 1.119630 1.025854 1.040054 4.005400 1.263551
- ------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .029625 .000000 .000000 .000000 .000000
- ------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .000000 .101258 .093826 .292650 .109534
- ------------------------------------------------------------------------------------------------------
Contract charges (.004852) (.004621) (.004677) (.017842) (.005601)
- ------------------------------------------------------------------------------------------------------
Ending unit value - June 30 1.144403 1.122491 1.129203 4.280208 1.367484
- ------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 2% 9% 9% 7% 8%
======================================================================================================
<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.
** See Note 2.
</TABLE>
23
<PAGE> 24
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
