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NATIONWIDE
DC VARIABLE
ACCOUNT
Semi-Annual Report
to
Participants and Retired Participants
June 30, 1995
NATIONWIDE LIFE INSURANCE COMPANY
HOME OFFICE: COLUMBUS, OHIO
APO-723-S (6/95
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[NATIONWIDE LOGO]
NATIONWIDE LIFE INSURANCE COMPANY
ONE NATIONWIDE PLAZA, COLUMBUS, OHIO 43216
[PHOTO]
PRESIDENT'S MESSAGE
We are pleased to present the 1995 semi-annual report of the Nationwide
DC Variable Account.
The first half of 1995 proved rewarding for both stock and bond fund investors.
During this period, stock funds as a group scored a gain of almost 17 percent
while bond funds were ahead by over 9 percent, as measured by Lipper Analytical
Services, Inc.
The economy slowed during the second quarter in deference to the Federal
Reserve's goal of a "soft landing". In early July the Fed trimmed the federal
funds rate 25 basis points, the first easing by the Fed in almost three years.
This move provided additional fuel to the markets in the current quarter.
Continued low inflation, favorable corporate earnings and slow but sustainable
economic growth should support further advances in the equity and fixed income
markets for the remainder of the year and into 1996.
We extend our thanks that you have selected our investment products to help you
meet your financial planning and retirement needs.
/s/ Peter F. Frenzer
Peter F. Frenzer, President
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CONTENTS
<TABLE>
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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 11
Notes to Financial Statements 12
Schedules of Changes In Unit Value 16
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Nationwide (R) is a registered federal service mark of Nationwide Mutual
Insurance Company
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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 Nationwide DC Variable Account (the
Account). The Account is a separate account trust which invests in sixty mutual
funds from twenty-one mutual fund houses.
The Semi-Annual Report has three major financial sections.
STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY
This statement, found on pages 8, 9 and 10, 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, 1995. 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 by contract owners, shares of the mutual funds are bought by the
Account. The total market value of the funds is equal to the Total investments.
Accounts receivable is an asset of the Account for money market fund shares
added to the contract owners' accounts, but not yet added to Total investments.
Total investments plus Accounts receivable equals Total assets.
Accounts payable 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 15.
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
These statements, found on page 11, show the activity in the Account from
January 1 to June 30, 1995, 1994 and 1993.
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, contracts are canceled and annuity benefits are paid.
Expenses are the charges associated with the contract. Note 2 on page 14
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, found on pages 16-21, 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 on page 12 will also help explain and clarify the various
statements and schedules.
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<TABLE>
FUND PERFORMANCES
AVERAGE ANNUAL TOTAL RETURN:NON-STANDARDIZED
PERCENT CHANGE IN NET ASSETS WITH CAPITAL GAINS AND INCOME DIVIDENDS REINVESTED
<CAPTION>
6 Months Year 1 Year 3 Years 5 Years 10 Years*
FUNDS** 1/1/95-6/30/95 1994 7/1/94-6/30/95 7/1/92-6/30/95 7/1/90-6/30/95 7/1/85-6/30/95
<S> <C> <C> <C> <C> <C> <C>
AGGRESSIVE GROWTH FUNDS
AIM Constellation Fund 23.29% 0.84% 35.55% 22.36% 18.30% 19.33%
Janus Twenty Fund 21.57% -7.61% 25.27% 9.23% 11.59% 13.71%
Mass. Investors Growth Stock Fund 16.31% -7.61% 24.70% 12.35% 10.49% 12.13%
Putnam Voyager Fund 16.55% -0.51% 28.63% 16.95% 15.68% 16.37%
Twentieth Century Growth Investors 18.22% -2.42% 21.55% 9.03% 10.14% 14.42%
Twentieth Century Ultra Investors 19.93% -4.53% 27.77% 18.91% 20.20% 17.84%
GROWTH FUNDS
AIM Weingarten Fund 21.90% -0.82% 28.59% 10.36% 10.11% 14.48%
Dreyfus Third Century Fund 17.97% -8.33% 18.41% 8.13% 7.81% 10.10%
Fidelity Contrafund 20.17% -2.05% 24.32% 16.61% 18.96% 18.27%
Fidelity Magellan(R) Fund 24.95% -2.74% 29.92% 16.94% 15.14% 16.49%
Fidelity OTC Portfolio 24.76% -3.62% 32.95% 14.94% 14.96% 15.30%
Growth Fund of America 22.10% -0.92% 27.96% 15.28% 12.31% 14.15%
Janus Fund 15.96% -2.04% 18.60% 10.75% 11.27% 14.31%
MFS(R) Growth Opportunities Fund 19.39% -5.06% 25.27% 12.74% 9.60% 9.73%
Neuberger & Berman Manhattan Fund 21.23% -4.51% 27.18% 15.46% 11.49% 13.42%
Nationwide(R) Growth Fund 18.16% 0.51% 23.11% 11.78% 11.59% 12.06%
New York Venture Fund 23.61% -2.85% 23.33% 17.27% 15.03% 16.09%
Putnam Investors Fund 20.44% -4.10% 24.10% 14.98% 10.94% 12.37%
Seligman Growth Fund 11.80% -4.75% 17.25% 10.13% 8.93% 11.29%
Strong Common Stock 16.62% -1.42% 19.20% 20.46% 19.70% NA
Twentieth Century Select Investors 15.34% -8.90% 15.43% 8.16% 6.68% 11.89%
GROWTH AND INCOME FUNDS
Delaware Group - Decatur Income Fund 16.66% -1.63% 17.12% 11.57% 8.92% 10.89%
Evergreen Total Return Fund 12.32% -7.30% 13.07% 7.88% 8.08% 8.45%
Fidelity Asset Manager 7.87% -7.48% 6.93% 8.91% 11.21% NA
Fidelity Equity-Income Fund 15.28% -0.70% 16.41% 14.01% 12.29% 11.57%
Fidelity Growth and Income Portfolio 15.10% 1.30% 19.72% 14.12% 14.29% NA
Fidelity Puritan Fund 10.08% 0.84% 11.06% 12.68% 12.16% 11.99%
Income Fund of America 14.25% -3.43% 15.19% 9.39% 10.58% 10.46%
INVESCO Industrial Income Fund 14.76% -4.79% 13.71% 10.03% 11.59% 13.19%
Nationwide(R) Fund 10.88% -0.37% 15.96% 7.59% 8.62% 12.22%
Neuberger & Berman Guardian Fund 21.73% -0.34% 23.75% 16.39% 15.01% 13.83%
INCOME FUNDS
Bond Fund of America 10.26% -5.92% 9.79% 7.31% 9.18% 9.27%
Fidelity Capital & Income Fund 10.71% -5.51% 7.42% 11.07% 15.00% 10.68%
MFS(R) High Income Fund 9.56% -3.55% 10.04% 9.40% 12.61% 8.71%
MAS Fixed Income Portfolio 10.30% -6.33% 9.98% 7.02% 9.55% 9.76%
Nationwide(R) Bond Fund 14.07% -8.97% 12.66% 6.10% 7.98% 7.88%
INDEX FUND
SEI Index Fund (S & P 500 Index) 19.56% 0.03% 24.59% 11.91% 10.75% NA
INTERNATIONAL FUNDS
T. Rowe Price International Stock Fund(R) 3.13% -1.69% 3.48% 9.62% 5.93% 16.31%
Templeton Foreign Fund 6.19% -0.60% 6.42% 9.38% 7.41% 15.43%
Templeton Smaller Companies Growth Fund 11.58% -5.49% 10.09% 10.39% 10.28% 11.77%
GOVERNMENT BOND FUNDS
Federated GNMA Trust 9.67% -3.43% 10.31% 4.86% 7.46% 8.26%
Federated U.S. Government Securities Fund 7.99% -2.84% 7.66% 4.67% 6.94% 7.19%
MONEY MARKET FUND
Dreyfus Cash Management 2.48% 3.10% 4.37% 3.01% 3.88% 5.33%
Nationwide(R) Money Market Fund 2.28% 2.76% 4.06% 2.53% 3.37% 4.80%
S&P 500 *** 19.64% 0.36% 24.87% 12.18% 11.02% 13.58%
<FN>
* The percentage in the 10-year column represents the SEI Index
Fund's Non-Standardized average annual total return since its inception on July
31, 1985. The performance figure shown in the 10-year column for the Fidelity
Growth and Income Portfolio actually reflects the fund's performance since its
inception in January 1986. The figure shown for the Janus Twenty Fund reflects
performance since its inception in May 1985. The figure shown for the Fidelity
Asset Manager reflects performance since its inception in December 1988. The
figure shown for Dreyfus Cash Management reflects performance since its
inception in October 1986 and the figure shown for Strong Common Stock reflects
performance since its inception in December, 1989.
** Funds are neither insured nor guaranteed by the U.S.
Government. For the Money Market Funds, there can be no assurance that this
fund will be able to maintain a stable net asset value of $1 per share.
*** 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.
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 representative. Please read
the prospectus(es) carefully before investing or sending money.
Sources: National Financial Services
Computer Directions Advisors,Inc
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<TABLE>
AVERAGE ANNUAL TOTAL RETURN: STANDARDIZED
PERCENT CHANGE IN NET ASSETS WITH CAPITAL GAINS AND INCOME DIVIDENDS REINVESTED
<CAPTION>
6 Months Year 1 Year 3 Years 5 Years 10 Years*
FUNDS** 1/1/95-6/30/95 1994 7/1/94-6/30/95 7/1/92-6/30/95 7/1/90-6/30/95 7/1/85-6/30/95
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AGGRESSIVE GROWTH FUNDS
AIM Constellation Fund 18.54% -4.63% 30.05% 20.18% 16.66% 18.50%
Janus Twenty Fund 16.82% -12.74% 19.77% 6.64% 9.81% 12.65%
Mass. Investors Growth Stock Fund 11.56% -12.74% 19.20% 9.88% 8.58% 11.04%
Putnam Voyager Fund 11.80% -5.93% 23.13% 14.61% 14.00% 15.47%
Twentieth Century Growth Investors 13.47% -7.76% 16.05% 6.40% 8.25% 13.50%
Twentieth Century Ultra Investors 15.18% -9.79% 22.27% 16.69% 18.76% 16.93%
GROWTH FUNDS
AIM Weingarten Fund 17.15% -6.22% 23.09% 7.75% 8.20% 13.56%
Dreyfus Third Century Fund 13.22% -13.43% 12.91% 5.50% 5.83% 8.92%
Fidelity Contrafund 15.42% -7.41% 18.82% 14.30% 17.46% 17.37%
Fidelity Magellan(R) Fund 20.20% -8.07% 24.42% 14.60% 13.42% 15.60%
Fidelity OTC Portfolio 20.01% -7.47% 27.45% 12.51% 13.26% 14.36%
Growth Fund of America 17.35% -6.32% 22.46% 12.87% 10.45% 13.16%
Janus Fund 11.21% -7.40% 13.10% 8.22% 9.44% 13.32%
MFS(R) Growth Opportunities Fund 14.64% -10.30% 19.77% 10.29% 7.65% 8.48%
Neuberger & Berman Manhattan Fund 16.48% -9.77% 21.68% 13.10% 9.61% 12.41%
Nationwide(R) Growth Fund 13.41% -4.95% 17.61% 9.26% 9.74% 10.99%
New York Venture Fund 18.86% -8.18% 17.83% 14.97% 13.32% 15.16%
Putnam Investors Fund 15.69% -9.38% 18.60% 12.61% 9.05% 11.29%
Seligman Growth Fund 7.05% -10.00% 11.75% 7.59% 6.99% 10.21%
Strong Common Stock 11.87% -6.81% 13.70% 18.30% 18.20% NA
Twentieth Century Select Investors 10.59% -13.99% 9.93% 5.57% 4.62% 10.88%
GROWTH AND INCOME FUNDS
Delaware Group - Decatur Income Fund 11.91% -7.01% 11.62% 9.08% 6.93% 9.78%
Evergreen Total Return Fund 7.57% -12.45% 7.57% 5.30% 6.13% 7.19%
Fidelity Asset Manager 3.12% -12.62% 1.43% 6.39% 9.46% NA
Fidelity Equity-Income Fund 10.53% -6.11% 10.91% 11.63% 10.48% 10.44%
Fidelity Growth and Income Portfolio 10.35% -4.19% 14.22% 11.72% 12.61% NA
Fidelity Puritan Fund 5.33% -3.16% 5.56% 10.28% 10.38% 10.89%
Income Fund of America 9.50% -8.73% 9.69% 6.83% 8.76% 9.28%
INVESCO Industrial Income Fund 10.01% -10.04% 8.21% 7.51% 9.82% 12.17%
Nationwide(R) Fund 6.13% -5.79% 10.46% 4.93% 6.70% 11.21%
Neuberger & Berman Fund 16.98% -4.32% 18.25% 14.05% 13.31% 12.77%
INCOME FUND
Bond Fund of America 5.51% -11.12% 4.29% 4.71% 7.33% 8.04%
Fidelity Capital & Income Fund 5.96% -10.73% 1.92% 8.64% 13.41% 9.47%
MFS(R) High Income Fund 4.81% -8.85% 4.54% 6.88% 10.92% 7.38%
MAS Fixed Income Portfolio 5.55% -11.52% 4.48% 4.40% 7.71% 8.56%
Nationwide(R) Bond Fund 9.32% -14.05% 7.16% 3.43% 6.06% 6.53%
INDEX FUND
SEI Index Fund (S & P 500 Index) 14.81% -5.41% 19.09% 9.39% 8.87% NA
INTERNATIONAL FUNDS
T. Rowe Price International Stock Fund(R) -1.62% -7.07% -2.02% 7.08% 3.75% 15.60%
Templeton Foreign Fund 1.44% -6.02% 0.92% 6.81% 5.33% 14.60%
Templeton Smaller Companies Growth Fund 6.83% -10.71% 4.59% 7.87% 8.41% 10.72%
GOVERNMENT BOND FUNDS
Federated GNMA Trust 4.92% -8.73% 4.81% 2.13% 5.53% 6.97%
Federated U.S. Government Securities Fund 3.24% -8.17% 2.16% 1.95% 4.98% 5.81%
MONEY MARKET FUND
Dreyfus Cash Management -2.27% -2.40% -1.13% 0.21% 1.73% 3.83%
Nationwide(R) Money Market Fund -2.47% -2.74% -1.44% -0.29% 1.19% 3.26%
<FN>
* The percentage in the 10-year column represents the SEI Index
Fund's Standardized average annual total return since its inception on July 31,
1985. The performance figure shown in the 10-year column for the Fidelity
Growth and Income Portfolio actually reflects the fund's performance since its
inception in January 1986. The figure shown for the Janus Twenty Fund reflects
performance since its inception in May 1985. The figure shown for the Fidelity
Asset Manager reflects performance since its inception in December 1988. The
figure shown for Dreyfus Cash Management reflects performance since its
inception in October 1986 and the figure shown for Strong Common Stock reflects
performance since its inception in December, 1989.
** Funds are neither insured nor guaranteed by the U.S.
Government. For the Money Market Funds, 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, $15 annual administrative charge, and a 5.0% Contingent
Deferred Sales Charge. These charges/fees may not be applicable to your
Deferred Compensation Program. 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 representative. Please read
the prospectus(es) carefully before investing or sending money
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<TABLE>
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY
JUNE 30, 1995
(UNAUDITED)
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Assets:
Investments at market value:
Institutional Class of AIM Equity Funds, Inc. - AIM Constellation Fund (AIMCon)
159,520 shares (cost $2,866,566)........................................... $ 3,434,468
Institutional Class of AIM Equity Funds, Inc. - AIM Weingarten Fund (AIMWein)
62,667 shares (cost $1,040,774)............................................ 1,171,253
The Bond Fund of America(SM), Inc. (BdFdAm)
1,195,062 shares (cost $16,500,509)........................................ 16,121,392
Delaware Group Decatur Fund, Inc. -
Decatur Income Fund Institutional Class (DeDecInc)
9,150 shares (cost $154,713)............................................... 160,486
Dreyfus Cash Management - Class A (DryCsMgt)
2,735,601 shares (cost $2,735,601)......................................... 2,735,601
The Dreyfus Third Century Fund, Inc. (Dry3dCen)
1,680,676 shares (cost $12,966,287)........................................ 13,008,433
The Evergreen Total Return Fund - Class Y (EvTotRet)
306,124 shares (cost $6,021,957)........................................... 5,712,273
The Institutional Shares of Federated GNMA Trust (FedGNMA)
50,425 shares (cost $557,822).............................................. 561,234
Federated U.S. Government Securities Fund: 2-5 Years -
Institutional shares (FedUSGvt)
163,442 shares (cost $1,679,638)........................................... 1,719,414
Fidelity Asset Manager(TM) (FidAsMgr)
382,848 shares (cost $5,489,377)........................................... 5,666,156
Fidelity Capital & Income Fund (FidCapIn)
193,714 shares (cost $1,522,276)........................................... 1,758,921
Fidelity Contrafund (FidContr)
2,206,950 shares (cost $69,242,676)........................................ 80,686,107
Fidelity Equity-Income Fund (FidEqInc)
3,993,401 shares (cost $114,396,880)....................................... 138,531,096
Fidelity Growth & Income Portfolio (FidGrInc)
218,851 shares (cost $4,864,216)........................................... 5,291,818
Fidelity Magellan(R) Fund (FidMgln)
1,522,004 shares (cost $106,948,112)....................................... 127,087,299
The Growth Fund of America (R) Inc. (GroFdAm)
440,286 shares (cost $11,335,759).......................................... 13,789,758
The Income Fund of America,(R) Inc. (IncFdAm)
925,567 shares (cost $13,121,274).......................................... 13,578,067
INVESCO Industrial Income Fund, Inc. (InvIndln)
1,039,263 shares (cost $12,072,014)........................................ 12,388,011
Janus Fund (JanFund)
593,895 shares (cost $11,711,167).......................................... 12,994,428
Janus Twenty Fund (Jan20Fd)
1,322 shares (cost $32,701)................................................ 36,674
</TABLE>
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<TABLE>
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MAS Funds - Fixed Income Portfolio (MASFIP)
14,296 shares (cost $160,496).............................................. 165,691
MFS(R) Growth Opportunities Fund - Class A (MFSGrOpp)
1,874,257 shares (cost $20,283,160)........................................ 22,865,935
MFS(R) High Income Fund - Class A (MFSHiInc)
783,690 shares (cost $3,998,688)........................................... 3,981,147
Massachusetts Investors Growth Stock Fund - Class A (MFSGrStk)
402,640 shares (cost $4,485,747)........................................... 4,493,465
Nationwide(R) Bond Fund (NWBdFd)
12,571 shares (cost $113,294).............................................. 117,284
Nationwide(R) Fund (NWFund))
1,938,654 shares (cost $30,392,227)........................................ 31,115,393
Nationwide(R) Growth Fund (NWGroFd)
720,510 shares (cost $7,598,426)........................................... 9,085,627
Nationwide(R) Money Market Fund (NWMyMkt)
51,700,656 shares (cost $51,700,656)....................................... 51,700,656
Neuberger & Berman Manhattan Fund (NBManhFd)
78,336 shares (cost $867,773).............................................. 954,135
New York Venture Fund, Inc. (NYVenFd)
118,783 shares (cost $1,464,703)........................................... 1,646,333
Putnam Investors Fund - Class A (PutInvFd)
3,979,721 shares (cost $32,017,421)........................................ 34,384,793
Putnam Voyager Fund - Class A (PutVoyFd)
3,068,931 shares (cost $34,712,901)........................................ 41,399,874
SEI Index Funds - S&P 500 Index Portfolio (SEI500Ix)
90,131 shares (cost $1,438,012)............................................ 1,609,731
Seligman Growth Fund, Inc. - Class A (SelGroFd)
428,840 shares (cost $2,307,165)........................................... 2,187,086
Strong Common Stock Fund, Inc. (StComStk)
66,485 shares (cost $1,180,728)............................................ 1,286,483
T. Rowe Price International Funds, Inc. - International Stock Fund(R) (TRIntStk)
2,682,027 shares (cost $32,194,245)........................................ 31,460,180
Templeton Foreign Fund - Class I (TemForFd)
4,942,335 shares (cost $46,224,306)........................................ 46,507,371
Templeton Smaller Companies Growth Fund, Inc. - Class I (TemSmGro)
40,322 shares (cost $320,899).............................................. 335,883
Twentieth Century Investors, Inc. - Growth Investors (TCGroInv)
6,883,535 shares (cost $150,135,725)....................................... 153,227,478
Twentieth Century Investors, Inc. - Select Investors (TCSelInv)
46,591 shares (cost $1,533,605)............................................ 1,787,230
Twentieth Century Investors, Inc. - Ultra Investors (TCUltra)
6,265,536 shares (cost $127,026,188)....................................... 150,623,475
Dreyfus Stock Index Fund (DryStkIx)
170 shares (cost $2,346)................................................... 2,602
Fidelity VIP - Asset Manager Portfolio (FidVIPAM)
458 shares (cost $6,398)................................................... 6,557
Fidelity VIP - Equity-Income Portfolio (FidVIPEI)
1,287 shares (cost $20,431)................................................ 21,744
Fidelity VIP - Growth Portfolio (FidVIPGr)
999 shares (cost $22,611).................................................. 26,669
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<TABLE>
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Fidelity VIP - High Income Portfolio (FidVIPHI)
417 shares (cost $4,480).................................................... 4,663
Fidelity VIP - Overseas Portfolio (FidVIPOv)
2,108 shares (cost $32,982)................................................. 34,121
Nationwide SAT - Government Bond Fund (NWGvtBd)
451 shares (cost $4,813).................................................... 4,981
Nationwide SAT - Money Market Fund (SATMyMkt)
12,940 shares (cost $12,940)................................................ 12,940
Nationwide SAT - Total Return Fund (NWTotRet)
1,342 shares (cost $13,757)................................................. 14,899
Neuberger & Berman AMT - Growth Portfolio (NBGro)
1,297 shares (cost $27,932)................................................. 31,017
Neuberger & Berman AMT - Limited Maturity Bond Portfolio (NBLtdMat)
131 shares (cost $1,829).................................................... 1,845
Neuberger & Berman AMT - Partners Portfolio (NBPart)
470 shares (cost $4,709).................................................... 5,516
TCI Portfolios - TCI Growth (TCIGro)
6,715 shares (cost $59,438)................................................. 73,799
--------------
Total investments.................................................. 1,047,609,492
Accounts receivable................................................................... 53,147
--------------
Total assets....................................................... 1,047,662,639
Accounts payable...................................................................... 938,706
--------------
Contract owners' equity (note 4)...................................................... $1,046,723,933
==============
<FN>
See accompanying notes to financial statements.
</TABLE>
10
<PAGE> 11
<TABLE>
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1995, 1994 AND 1993
(UNAUDITED)
<CAPTION>
1995 1994 1993
-------------- ------------ -----------
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested capital gains and dividends..................... $ 7,236,391 11,603,325 5,755,330
-------------- ------------ -----------
Gain (loss) on investments:
Proceeds from redemptions of mutual fund shares.... 77,263,230 193,032,948 63,536,586
Cost of mutual fund shares sold.................... (71,696,672) (165,035,361) (55,602,886)
-------------- ------------ -----------
Realized gain on investments....................... 5,566,558 27,997,587 7,933,700
Change in unrealized gain (loss) on investments.... 137,140,326 (81,885,295) 18,470,741
-------------- ------------ -----------
Net gain (loss) on investments................. 142,706,884 (53,887,708) 26,404,441
-------------- ------------ -----------
Net investment activity.................... 149,943,275 (42,284,383) 32,159,771
-------------- ------------ -----------
EQUITY TRANSACTIONS:
Purchase payments received from contract owners............ 146,484,753 158,319,321 113,588,347
Redemptions................................................ (86,667,793) (177,472,915) (60,942,288)
Adjustments to maintain reserves........................... 54,637 (173,157) 4,846
-------------- ------------ -----------
Net equity transactions.................... 59,871,597 (19,326,751) 52,650,905
-------------- ------------ -----------
EXPENSES (NOTE 2):
Contract charges........................................... (4,482,099) (3,884,125) (3,063,687)
Contingent deferred sales charges.......................... (157,818) (1,918) (3,482)
-------------- ------------ -----------
Total expenses............................. (4,639,917) (3,886,043) (3,067,169)
-------------- ------------ -----------
NET CHANGE IN CONTRACT OWNERS' EQUITY.............................. 205,174,955 (65,497,177) 81,743,507
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD........................ 841,548,978 825,146,199 613,614,616
-------------- ------------ -----------
CONTRACT OWNERS' EQUITY END OF PERIOD.............................. $1,046,723,933 759,649,022 695,358,123
============== ============ ===========
<FN>
See accompanying notes to financial statements.
</TABLE>
11
<PAGE> 12
NATIONWIDE DC VARIABLE ACCOUNT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1995, 1994 AND 1993
(UNAUDITED)
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Organization
Nationwide DC Variable Account (the Account) was established by
resolution of the Board of Directors of Nationwide Life Insurance Company (the
Company) on July 10, 1974. The Account has been registered as a unit
investment trust under the Investment Company Act of 1940.
(b) The Contracts
Participants in group flexible fund contracts may be invested in any
of the following funds:
<TABLE>
<S> <C>
Institutional Class of AIM Equity Funds, Inc. - AIM Constellation Fund (AIMCon)
Institutional Class of AIM Equity Funds, Inc. - AIM Weingarten Fund (AIMWein)
The Bond Fund of America(SM), Inc. (BdFdAm) (only available for certain contracts issued beginning
January 1, 1994)
Delaware Group Decatur Fund, Inc. - Decatur Income Fund - Institutional Class (DeDecInc)
(not available for contracts issued on or after August 1, 1993)
Dreyfus Cash Management - Class A (DryCsMgt)
The Dreyfus Third Century Fund, Inc. (Dry3dCen)
The Evergreen Total Return Fund - Class Y (EvTotRet)
The Institutional Shares of Federated GNMA Trust (FedGNMA)
Federated U.S. Government Securities Fund: 2-5 Years - Institutional Shares (FedUSGvt)
(formerly Federated Intermediate Government Trust (FedIGvt)
Fidelity Asset Manager(TM) (FidAsMgr)
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 Growth & Income Portfolio (FidGrInc)
Fidelity Magellan(R) Fund (FidMgln)
Fidelity OTC Portfolio (FidOTC)
Fidelity Puritan Fund (FidPurtn)
The Growth Fund of America,(R) Inc. (GroFdAm) (only available for certain contracts issued beginning
January 1, 1994)
The Income Fund of America,(R) Inc. (IncFdAm) (only available for certain contracts issued beginning
January 1, 1994)
INVESCO Industrial Income Fund, Inc. (InvIndIn) (formerly Financial Industrial Income Fund, Inc. (FII))
Janus Fund (JanFund)
Janus Twenty Fund (Jan20Fd)
MAS Funds - Fixed Income Portfolio (MASFIP)
Massachusetts Investors Growth Stock Fund - Class A (MFSGrStk)
MFS(R) Growth Opportunities Fund - Class A (MFSGrOpp)(formerly MFS(R) Capital Development Fund (MCD))
MFS(R) High Income Fund - Class A (MFSHiInc)
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)
Neuberger & Berman Guardian Fund (NBGuard)
Neuberger & Berman Manhattan Fund (NBManhFd)
New York Venture Fund, Inc. (NYVenFd)
Putnam Investors Fund - Class A (PutInvFd)
Putnam Voyager Fund - Class A (PutVoyFd)
SEI Index Funds - S&P 500 Index Portfolio (SEI500Ix)
</TABLE>
12
<PAGE> 13
<TABLE>
<S> <C>
Seligman Growth Fund, Inc. - Class A (SelGroFd)
Strong Common Stock Fund, Inc. (StComStk)
T. Rowe Price International Funds, Inc. - International Stock Fundr (TRIntStk)
Templeton Foreign Fund - Class I (TemForFd)
Templeton Smaller Companies Growth Fund, Inc. - Class I (TemSmGro)
Twentieth Century Investors, Inc. - Growth Investors (TCGroInv)
Twentieth Century Investors, Inc. - Select Investors (TCSelInv)
Twentieth Century Investors, Inc. - Ultra Investors (TCUltra)
The following funds are available for investment only by Plans established
under Internal Revenue Code (IRC) Section 403(b).
The Dreyfus Socially Responsible Growth Fund, Inc. (DrySRGro)
Dreyfus Stock Index Fund (DryStkIx)
Portfolios of the Fidelity Variable Insurance Products Fund I & II (Fidelity VIP)
Fidelity VIP - Asset Manager Portfolio (FidVIPAM)
Fidelity VIP - Equity-Income Portfolio (FidVIPEI)
Fidelity VIP - Growth Portfolio (FidVIPGr)
Fidelity VIP - High Income Portfolio (FidVIPHI)
Fidelity VIP - Overseas Portfolio (FidVIPOv)
Funds of the Nationwide Separate Account Trust (Nationwide SAT)
(managed for a fee by an affiliated investment advisor):
Nationwide SAT - Capital Appreciation Fund (NWCapApp)
Nationwide SAT - Government Bond Fund (NWGvtBd)
Nationwide SAT - Money Market Fund (SATMyMkt)
Nationwide SAT - Total Return Fund (NWTotRet)
Portfolios of the Neuberger & Berman Advisers Management Trust (Neuberger & Berman AMT)
Neuberger & Berman AMT - Growth Portfolio (NBGro)
Neuberger & Berman AMT - Limited Maturity Bond Portfolio (NBLtdMat)
Neuberger & Berman AMT - PartnersPortfolio (NBPart)
Portfolios of the TCI Portfolios, Inc. (TCI Portfolios)
TCI Portfolios - TCI Balanced (TCIBal)
TCI Portfolios - TCI Growth (TCIGro)
</TABLE>
All of the above funds were being utilized as of June 30, 1995, except
The Dreyfus Socially Responsible Fund, Inc. (DrySRGro), Fidelity OTC Portfolio
(FidOTC), Fidelity Puritan Fund (FidPurtn), Neuberger & Berman Guardian Fund
(NBGuard), Nationwide SAT - Capital Appreciation Fund (NWCapApp) and TCI
Portfolios, Inc. - TCI Balanced (TCIBal).
The contract owners' equity is affected by the investment results of
each fund 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 investments is based on the closing bid prices at
June 30, 1995. 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 IRC. 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.
13
<PAGE> 14
(2) EXPENSES
Net purchase payments received for contracts issued before July 1, 1980,
represent contributions by the contract owners less a sales charge by the
Company of not more than 5%, to cover sales expenses. The Company does not
deduct a sales charge from purchase payments for contracts issued after July 1,
1980. However, if any part of the contract value representing participant
accounts that have been established under the contracts and held in the Account
for less than sixteen (16) years is surrendered, the Company will, with certain
exceptions, assess a contingent deferred sales charge. This charge will be
equal to not more than 5% of the lesser of all purchase payments received on
behalf of the surrendering participant or contract owner prior to the date of
the request for surrender, or the amount surrendered. Sales charges or
contingent deferred sales charges of less than 5% reflect actual variations in
expense (usually reduced agents' commissions). 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 administrative charges are deducted by the Company on
contracts issued before July 1, 1980: (a) an annual contract maintenance charge
of $8 assessed by surrendering units; (b) a charge for mortality and expense
risk assessed through the daily unit value calculation equal to an annual rate
of 0.95%; and (c) a charge on complete redemption, equal to the lesser of $8 or
2% of the value of the account, except when such redemption occurs within 31
days of the anniversary date of the contract.
For contracts issued beginning July 1, 1980 through April 30, 1991,
administrative charges include: (a) an annual contract maintenance charge of
$12 or $15, based upon administrative services provided, assessed by
surrendering units; and (b) a charge for mortality and expense risk assessed
through the daily unit value calculation equal to an annual rate of 0.95%.
For contracts issued beginning May 1, 1991, administrative charges
include 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 0.35%, 0.15% and 0.45%, respectively.
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.
(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:
- Beginning unit value - Jan. 1
- Reinvested capital gains and dividends
(This amount reflects the increase in the unit value due to capital
gains and dividend distributions from the underlying mutual funds.)
- Unrealized gain (loss) (This amount reflects the increase (decrease)
in the unit value resulting from the market appreciation
(depreciation) of the fund.)
- Contract charges (This amount reflects the decrease in the unit value
due to the mortality risk charge, expense risk charge and
administration charge discussed in note 2.)
- Ending unit value - June 30
- Percentage increase (decrease) in unit value.
14
<PAGE> 15
<TABLE>
(4) COMPONENTS OF CONTRACT OWNERS' EQUITY
The following is a summary of contract owners' equity at June 30, 1995.
<CAPTION>
UNITS UNIT VALUE
---------- ----------
<S> <C> <C> <C>
Institutional Class of AIM Equity Funds, Inc. --
AIM Constellation Fund................................... 2,114,968 $ 1.623569 $ 3,433,796
Institutional Class of AIM Equity Funds, Inc. --
AIM Weingarten Fund...................................... 926,935 1.262734 1,170,472
The Bond Fund of America(SM), Inc. ...................... 8,407,979 1.920122 16,144,345
Delaware Group Decatur Fund, Inc. --
Decatur Income Fund -- Institutional Class............... 94,891 1.690905 160,452
Dreyfus Cash Management -- Class A....................... 2,521,787 1.083647 2,732,727
The Dreyfus Third Century Fund, Inc. .................... 6,627,477 1.962794 13,008,372
The Evergreen Total Return Fund -- Class Y............... 3,582,772 1.594373 5,712,275
Institutional Shares of Federated GNMA Trust............. 473,297 1.185749 561,211
Federated U.S. Government Securities Fund: 2-5 Years --
Institutional Shares................................... 1,605,700 1.070817 1,719,411
Fidelity Asset Manager(TM)............................... 5,480,044 1.033969 5,666,196
Fidelity Capital & Income Fund........................... 494,857 3.554349 1,758,894
Fidelity Contrafund...................................... 53,150,398 1.518115 80,688,416
Fidelity Equity-Income Fund.............................. 35,101,840 3.947542 138,565,988
Fidelity Growth & Income Portfolio....................... 3,661,817 1.445151 5,291,878
Fidelity Magellan(R) Fund................................ 79,712,902 1.594360 127,091,062
The Growth Fund of America,(R) Inc. ..................... 6,135,808 2.247447 13,789,903
The Income Fund of America,(R) Inc. ..................... 8,025,970 1.691777 13,578,151
INVESCO Industrial Income Fund, Inc. .................... 9,378,551 1.320922 12,388,334
Janus Fund............................................... 10,617,495 1.223904 12,994,795
Janus Twenty Fund........................................ 30,835 1.189298 36,672
MAS Funds -- Fixed Income Portfolio...................... 153,165 1.081801 165,694
MFS(R) Growth Opportunities Fund -- Class A.............. 4,172,860 5.479644 22,865,787
MFS(R) High Income Fund -- Class A....................... 851,883 4.673261 3,981,072
Massachusetts Investors Growth Stock Fund -- Class A..... 549,232 8.181184 4,493,368
Nationwide(R) Bond Fund.................................. 63,490 1.847050 117,269
Nationwide(R) Fund....................................... 2,963,786 10.498452 31,115,165
Nationwide(R) Growth Fund................................ 3,674,264 2.471854 9,082,244
Nationwide(R) Money Market Fund.......................... 18,697,369 2.715194 50,766,984
Neuberger & Berman Manhattan Fund........................ 451,947 2.111194 954,148
New York Venture Fund, Inc. ............................. 1,378,656 1.194231 1,646,434
Putnam Investors Fund -- Class A......................... 3,440,833 9.993064 34,384,464
Putnam Voyager Fund -- Class A........................... 17,919,880 2.310339 41,400,998
SEI Index Funds -- S&P 500 Index Portfolio............... 751,010 2.143447 1,609,750
Seligman Growth Fund, Inc -- Class A..................... 278,621 7.849315 2,186,984
Strong Common Stock Fund, Inc. .......................... 1,100,070 1.169530 1,286,565
T. Rowe Price International Funds, Inc. --
International Stock Fund(R)............................ 21,340,545 1.474202 31,460,274
Templeton Foreign Fund -- Class I........................ 31,766,948 1.464041 46,508,114
Templeton Smaller Companies Growth Fund, Inc. -- Class I. 235,292 1.427519 335,884
Twentieth Century Investors, Inc. -- Growth Investors.... 38,575,638 3.972155 153,228,413
Twentieth Century Investors, Inc. -- Select Investors.... 1,404,031 1.264056 1,774,774
Twentieth Century Investors, Inc. -- Ultra Investors..... 93,313,177 1.614173 150,623,611
Dreyfus Stock Index Fund................................. 2,236 1.163824 2,602
Fidelity VIP -- Asset Manager Portfolio.................. 6,493 1.009898 6,557
Fidelity VIP -- Equity-Income Portfolio.................. 19,143 1.135844 21,743
Fidelity VIP -- Growth Portfolio......................... 21,245 1.255274 26,668
Fidelity VIP -- High Income Portfolio.................... 4,215 1.106057 4,662
Fidelity VIP -- Overseas Portfolio....................... 34,720 0.982507 34,113
Nationwide SAT -- Government Bond Fund................... 3,335 1.490195 4,970
Nationwide SAT -- Money Market Fund...................... 11,998 1.183103 14,195
Nationwide SAT -- Total Return Fund...................... 8,453 1.761905 14,893
Neuberger & Berman AMT -- Growth Portfolio............... 20,105 1.543053 31,023
Neuberger & Berman AMT --
Limited Maturity Bond Portfolio.......................... 1,750 1.053518 1,844
Neuberger & Berman AMT -- Partners Portfolio............. 4,738 1.164580 5,518
TCI Portfolios -- TCI Growth............................. 46,613 1.583220 73,799
========== ======== --------------
$1,046,723,933
==============
</TABLE>
15
<PAGE> 16
<TABLE>
Schedule I
NATIONWIDE DC VARIABLE ACCOUNT
SCHEDULES OF CHANGES IN UNIT VALUE
SIX MONTH PERIODS ENDED JUNE 30, 1995, 1994 AND 1993
(UNAUDITED)
<CAPTION>
AIMCon AIMWein BdFdAm DeDecInc DryCsMgt Dry3dCen EvTotRet FedGNMA FedUSGvt
--------- -------- -------- -------- -------- -------- -------- -------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1995
Beginning unit value - Jan. 1 $1.316836 1.035886 1.741422 1.449372 1.057458 1.663803 1.419467 1.081229 .991595
- -----------------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .000000 .000000 .075859 .034349 .031286 .000000 .045194 .042061 .033103
- -----------------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .313492 .232191 .111625 .214658 .000000 .307424 .136804 .067918 .051073
- -----------------------------------------------------------------------------------------------------------------------------------
Contract charges (.006759) (.005343) (.008784) (.007474) (.005097) (.008433) (.007092) (.005459) (.004954)
- -----------------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $1.623569 1.262734 1.920122 1.690905 1.083647 1.962794 1.594373 1.185749 1.070817
- ------------------------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 23% 22% 10% 17% 2% 18% 12% 10% 8%
====================================================================================================================================
1994
Beginning unit value - Jan. 1 $1.305850 1.044414 1.850918 1.473401 1.025704 1.814915 1.531292 1.119643 1.020623
- ----------------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .000000 .000000 .070429 .030363 .017453 .000000 .025297 .038796 .021812
- ----------------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) (.101876) (.057471) (.163866) (.053107) .000000 (.148914) (.139577) (.078332) (.043077)
- ----------------------------------------------------------------------------------------------------------------------------------
Contract charges (.006174) (.004921) (.008502) (.006904) (.004887) (.008332) (.006906) (.005175) (.004758)
- ----------------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $1.197800 .982022 1.748979 1.443753 1.038270 1.657669 1.410106 1.074932 .994600
- ----------------------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (8)% (6)% (6)% (2)% 1% (9)% (8)% (4)% (3)%
=================================================================================================================================
1993
Beginning unit value - Jan. 1 $1.120568 1.034606 1.637181 1.289480 1.003770 1.740666 1.368966 1.061001 **
- ----------------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .000000 .000000 .069097 .026574 .015732 .000000 .044619 .040992
- ----------------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .070111 (.030465) .087615 .087360 .000000 (.002123) .071196 .012766
- ----------------------------------------------------------------------------------------------------------------------------------
Contract charges (.005301) (.004669) (.008215) (.006373) (.004772) (.008104) (.006757) (.005176)
- ----------------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $1.185378 .999472 1.785678 1.397041 1.014730 1.730439 1.478024 1.109583
- ----------------------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 6% (3)% 9% 8% 1% (1)% 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 utilized or was not available
</TABLE>
16
<PAGE> 17
<TABLE>
Schedule I, continued
NATIONWIDE DC VARIABLE ACCOUNT
SCHEDULES OF CHANGES IN UNIT VALUE
SIX MONTH PERIODS ENDED JUNE 30, 1995, 1994 AND 1993
(UNAUDITED)
<CAPTION>
FidAsMgr FidCapIn FidContr FidEqInc FidGrInc FidMgln GroFdAm IncFdAm InvIndIn
--------- -------- -------- -------- -------- -------- -------- -------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1995
Beginning unit value - Jan. 1 $ .958564 3.210584 1.263308 3.424310 1.255568 1.275955 1.840658 1.480756 1.151056
- -----------------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .012480 .192268 .000000 .089513 .011896 .006283 .000000 .045250 .022124
- -----------------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .067591 .167867 .261221 .451090 .184070 .318733 .416324 .173306 .153578
- -----------------------------------------------------------------------------------------------------------------------------------
Contract charges (.004666) (.016370) (.006414) (.017371) (.006383) (.006611) (.009535) (.007535) (.005836)
- -----------------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $1.033969 3.554349 1.518115 3.947542 1.445151 1.594360 2.247447 1.691777 1.320922
- -----------------------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 8% 11% 20% 15% 15% 25% 22% 14% 15%
====================================================================================================================================
1994
Beginning unit value - Jan. 1 $1.036089 3.397953 1.289799 3.448520 1.239420 1.311856 1.857739 1.533299 1.208959
- -----------------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .014813 .166072 .009193 .152345 .011145 .051123 .000000 .044574 .020181
- -----------------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) (.079137) (.238950) (.071790) (.193625) (.037606) (.129640) (.092698) (.102060) (.061792)
- -----------------------------------------------------------------------------------------------------------------------------------
Contract charges (.004765) (.016107) (.006073) (.016233) (.005842) (.006184) (.008660) (.007072) (.005664)
- -----------------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $ .967000 3.308968 1.221129 3.391007 1.207117 1.227155 1.756381 1.468741 1.161684
- -----------------------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (7)% (3)% (5)% (2)% (3)% (6)% (5)% (4)% (4)%
====================================================================================================================================
1993
Beginning unit value - Jan. 1 ** $2.746533 1.072342 2.869860 1.046808 1.062405 1.638011 1.357846 1.045472
- -----------------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .141732 .010920 .051510 .012743 .049073 .000000 .041281 .054949
- -----------------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .318673 .138033 .291933 .107975 .116225 .063730 .080252 .040833
- -----------------------------------------------------------------------------------------------------------------------------------
Contract charges (.014259) (.005420) (.014440) (.005225) (.005393) (.007794) (.006710) (.005235)
- -----------------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $3.192679 1.215875 3.198863 1.162301 1.222310 1.693947 1.472669 1.136019
- -----------------------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 16% 13% 11% 11% 15% 3% 8% 9%
====================================================================================================================================
<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 utilized or was not available
</TABLE>
17
<PAGE> 18
- --------------------------------------------------------------------------------
Schedule I, continued
NATIONWIDE DC VARIABLE ACCOUNT
SCHEDULES OF CHANGES IN UNIT VALUE
Six Month Periods Ended June 30, 1995, 1994 and 1993
(UNAUDITED)
<TABLE>
<CAPTION>
JanFund Jan20Fd MASFIP MFSGrOpp MFSHiInc MFSGrStk NWBdFd NWFund NWGroFd
------- ------- ------ -------- -------- -------- ------ ------ -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1995
Beginning unit value - Jan. 1 $1.055481 .978264 .980782 4.589533 4.265493 7.034148 1.619166 9.468045 2.092009
- -----------------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .000000 .000000 .012932 .000000 .196110 .000000 .060820 .094306 .019507
- -----------------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .173771 .216078 .092984 .913597 .233190 1.182019 .175373 .983082 .371067
- -----------------------------------------------------------------------------------------------------------------------------------
Contract charges (.005348) (.005044) (.004897) (.023486) (.021532) (.034983) (.008309) (.046981) (.010729)
- -----------------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $1.223904 1.189298 1.081801 5.479644 4.673261 8.181184 1.847050 10.498452 2.471854
- -----------------------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (a) 16% 22% 10% 19% 10% 16% 14% 11% 18%
===================================================================================================================================
1994
Beginning unit value - Jan. 1 $1.077425 1.058801 ** 4.834037 4.422523 7.613442 1.778765 9.502760 2.081399
- -----------------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .000000 .000000 .000000 .187604 .000000 .060428 .085969 .015628
- -----------------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) (.040400) (.104529) (.437498) (.342505) (1.019047) (.191682) (.491310) (.079404)
- -----------------------------------------------------------------------------------------------------------------------------------
Contract charges (.005038) (.004883) (.022256) (.020635) (.033784) (.008063) (.044293) (.009771)
- -----------------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $1.031987 .949389 4.374283 4.246987 6.560611 1.639448 9.053126 2.007852
- -----------------------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (a) (4)% (10)% (10)% (4)% (14)% (8)% (5)% (4)%
===================================================================================================================================
1993
Beginning unit value - Jan. 1 $1.000000 ** ** 4.200054 3.739642 6.714892 1.621957 8.985447 1.887524
- -----------------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .000000 .018715 .149841 .000000 .069726 .083357 .014751
- -----------------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .027703 .374996 .315761 .210573 .050937 (.134064) .071996
- -----------------------------------------------------------------------------------------------------------------------------------
Contract charges (.001517) (.020446) (.018783) (.030964) (.008066) (.041680) (.009071)
- -----------------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $1.026186 4.573319 4.186461 6.894501 1.734554 8.893060 1.965200
- -----------------------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (a) 3%(b) 9% 12% 3% 7% (1)% 4%
===================================================================================================================================
<FN>
* This is not an annualized rate of return as it is the change
for a six month period and:
(a) Contract charges do not include the annual contract maintenance charge
discussed in note 2; and
(b) This investment option was not utilized for the entire six month period
indicated.
** This investment option was not utilized or was not available.
</TABLE>
- --------------------------------------------------------------------------------
18
<PAGE> 19
- --------------------------------------------------------------------------------
Schedule I, continued
NATIONWIDE DC VARIABLE ACCOUNT
SCHEDULES OF CHANGES IN UNIT VALUE
Six Month Periods Ended June 30, 1995, 1994 and 1993
(UNAUDITED)
<TABLE>
<CAPTION>
NWMyMkt NBManhFd NYVenFd PutInvFd PutVoyFd SEI500Ix SelGroFd StComStk TRIntStk
------- -------- ------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1995
Beginning unit value - Jan. 1 $2.654661 1.741549 .966146 8.297318 1.982311 1.792835 7.020585 1.002820 1.429428
- -----------------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .073345 .000000 .000000 .000000 .000000 .028048 .000000 .014655 .000000
- -----------------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .000000 .378671 .233200 1.738497 .338062 .331874 .863602 .157118 .051492
- -----------------------------------------------------------------------------------------------------------------------------------
Contract charges (.012812) (.009026) (.005115) (.042751) (.010034) (.009310) (.034872) (.005063) (.006718)
- -----------------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $2.715194 2.111194 1.194231 9.993064 2.310339 2.143447 7.849315 1.169530 1.474202
- -----------------------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 2% 21% 24% 20% 17% 20% 12% 17% 3%
===================================================================================================================================
1994
Beginning unit value - Jan. 1 $2.583387 1.823796 .994508 8.652501 1.992379 1.792223 7.370495 1.017301 1.454045
- -----------------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .038280 .000000 .000000 .000000 .000000 .027752 .000000 .011437 .000000
- -----------------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .000000 (.155302) (.021484) (.559892) (.187180) (.091235) (.642133) (.042812) (.022602)
- -----------------------------------------------------------------------------------------------------------------------------------
Contract charges (.012303) (.008497) (.004692) (.040146) (.009083) (.008358) (.034072) (.004773) (.006847)
- -----------------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $2.609364 1.659997 .968332 8.052463 1.796116 1.720382 6.694290 .981153 1.424596
- -----------------------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 1% (9)% (3)% (7)% (10)% (4)% (9)% (4)% (2)%
===================================================================================================================================
1993
Beginning unit value - Jan. 1 $2.542721 1.673695 ** 7.410567 1.698751 1.647325 6.989639 ** 1.047655
- -----------------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .032104 .000000 .045386 .000000 .023506 .011522 .000000
- -----------------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .000000 .038840 .683808 .054539 .055378 (.265691) .135246
- -----------------------------------------------------------------------------------------------------------------------------------
Contract charges (.012113) (.007807) (.036305) (.007880) (.007933) (.031852) (.005277)
- -----------------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $2.562712 1.704728 8.103456 1.745410 1.718276 6.703618 1.177624
- -----------------------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 1% 2% 9% 3% 4% (4)% 12%
===================================================================================================================================
<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 utilized or was not available
</TABLE>
- --------------------------------------------------------------------------------
19
<PAGE> 20
- --------------------------------------------------------------------------------
Schedule I, continued
NATIONWIDE DC VARIABLE ACCOUNT
SCHEDULES OF CHANGES IN UNIT VALUE
Six Month Periods Ended June 30, 1995, 1994 and 1993
(UNAUDITED)
<TABLE>
<CAPTION>
TemForFd TemSmGro TCGroInv TCSelInv TCUltra DryStklx FidVIPAM FidVIPEI FidVIPGr FidVIPHI
-------- -------- -------- -------- ------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1995
Beginning unit value - Jan. 1 $1.378759 1.279328 3.359891 1.095899 1.345904 .975745 .955979 .974175 1.018963 .992271
- -----------------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .000000 .000000 .000000 .000000 .000000 .012056 .020086 .062807 .005632 .071867
- -----------------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .091934 .154440 .629232 .173676 .275003 .181083 .038460 .103875 .235854 .046911
- -----------------------------------------------------------------------------------------------------------------------------------
Contract charges (.006652) (.006249) (.016968) (.005519) (.006734) (.005060) (.004627) (.005013) (.005175) (.004992)
- -----------------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $1.464041 1.427519 3.972155 1.264056 1.614173 1.163824 1.009898 1.135844 1.255274 1.106057
- -----------------------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 6% 12% 18% 15% 20% 19% 6% 17% 23% 11%
===================================================================================================================================
1994
Beginning unit value - Jan. 1 $1.387073 1.353616 3.443124 1.202996 1.409710 ** ** ** ** **
- -----------------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .000000 .000000 .000000 .000000 .000000
- -----------------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) (.004778) (.050513) (.158858) (.102414) (.139769)
- -----------------------------------------------------------------------------------------------------------------------------------
Contract charges (.006622) (.006440) (.016436) (.005500) (.006578)
- -----------------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $1.375673 1.296663 3.267830 1.095082 1.263363
- -----------------------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (1)% (4)% (5)% (9)% (10)%
===================================================================================================================================
1993
Beginning unit value - Jan. 1 $1.023491 1.036433 3.350122 1.059075 1.168340 ** ** ** ** **
- -----------------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .000000 .000000 .000000 .000000 .000000
- -----------------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .132371 .134842 (.074341) .101222 .161682
- -----------------------------------------------------------------------------------------------------------------------------------
Contract charges (.005178) (.005303) (.015322) (.005194) (.005593)
- -----------------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $1.150684 1.165972 3.260459 1.155103 1.324429
- -----------------------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 12% 12% (3)% 9% 13%
===================================================================================================================================
<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 utilized or was not available
</TABLE>
- --------------------------------------------------------------------------------
20
<PAGE> 21
<TABLE>
Schedule I, continued
NATIONWIDE DC VARIABLE ACCOUNT
SCHEDULES OF CHANGES IN UNIT VALUE
SIX MONTH PERIODS ENDED JUNE 30, 1995, 1994 AND 1993
(UNAUDITED)
<CAPTION>
FidVIPOv NWGvtBd SATMyMkt NWTotRet NBGro NBLtdMat NBPart TCIGro
--------- -------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1995
Beginning unit value - Jan. 1 $.947883 1.338281 1.155984 1.525590 1.272940 .995462 .966223 1.331537
- -----------------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .007252 .046140 .032702 .023593 .045057 .055297 .007900 .001532
- -----------------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .031851 .112463 .000000 .220492 .231663 .007613 .195452 .256853
- -----------------------------------------------------------------------------------------------------------------------------------
Contract charges (.004479) (.006689) (.005583) (.007770) (.006607) (.004854) (.004995) (.006702)
- -----------------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $.982507 1.490195 1.183103 1.761905 1.543053 1.053518 1.164580 1.583220
Percentage increase (decrease)
in unit value* 4% 11% 2% 15% 21% 6% 21% 19%
===================================================================================================================================
1994
Beginning unit value - Jan. 1 ** $1.396125 ** 1.523742 1.352530 ** ** 1.360119
- -----------------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .041709 .018851 .163043 .000146
- -----------------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) (.096997) (.022389) (.297058) (.095873)
- -----------------------------------------------------------------------------------------------------------------------------------
Contract charges (.006441) (.007199) (.006254) (.006398)
- -----------------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $1.334396 1.513005 1.212261 1.257994
- -----------------------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (4)% (1)% (10)% (8)%
===================================================================================================================================
1993
Beginning unit value - Jan. 1 ** $1.286974 ** 1.386859 1.278609 ** ** 1.244720
- -----------------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .040829 .016849 .029640 .000000
- -----------------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .053245 .060142 (.019409) .060057
- -----------------------------------------------------------------------------------------------------------------------------------
Contract charges (.006297) (.006693) (.005941) (.005935)
- -----------------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $1.374751 1.457157 .282899 1.298842
- -----------------------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 7% 5% 0% 4%
===================================================================================================================================
<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 utilized or was not available.
</TABLE>
21
<PAGE> 22
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22
<PAGE> 23
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23
<PAGE> 24
<TABLE>
<S> <C>
NATIONWIDE LIFE INSURANCE COMPANY Bulk Rate
HOME OFFICE ONE NATIONWIDE PLAZA - COLUMBUS, OHIO 43215-2220 U.S. Postage
P A I D
Columbus, Ohio
Permit No. 521
</TABLE>
