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NATIONWIDE(R)
DC VARIABLE
ACCOUNT
[GRAPHIC]
SEMI-ANNUAL REPORT
TO
PARTICIPANTS AND RETIRED PARTICIPANTS
JUNE 30, 1996
NATIONWIDE LIFE INSURANCE COMPANY
HOME OFFICE: COLUMBUS, OHIO [NATIONWIDE LOGO]
APO-723-U (6/96)
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[NATIONWIDE 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 Nationwide DC
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
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CONTENTS
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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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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 offers investment
options 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, 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 generally 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 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, 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 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, beginning on page 16, 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 12, will also help explain and clarify
the various statements and schedules.
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FUND PERFORMANCES
AVERAGE ANNUAL TOTAL RETURN: NON-STANDARDIZED+
PERCENT CHANGE IN NET ASSETS WITH CAPITAL GAINS AND INCOME DIVIDENDS REINVESTED
<TABLE>
<CAPTION>
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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
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AGGRESSIVE GROWTH FUNDS
AIM Constellation Fund 10.96% 34.88% 21.39% 18.47% 21.87% 16.97%
Janus Twenty Fund 13.53% 34.94% 26.01% 12.39% 14.70% 13.33%
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
AIM Weingarten Fund 7.98% 34.15% 18.83% 14.51% 11.96% 12.19%
Davis New York Venture Fund 7.48% 39.24% 21.07% 15.91% 18.11% 14.78%
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%
Growth Fund of America 5.04% 28.57% 10.61% 13.64% 13.55% 12.08%
Janus Fund 9.90% 28.21% 21.51% 13.17% 14.26% 13.56%
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%
Neuberger & Berman Manhattan Fund 5.43% 29.77% 12.86% 11.81% 13.58% 11.38%
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%
Strong Common Stock 7.50% 31.16% 20.91% 15.93% 20.38% 19.66%
Twentieth Century Select Investors 7.35% 21.51% 13.09% 7.36% 9.03% 9.21%
GROWTH AND INCOME FUNDS
Delaware Group - Decatur Income Fund 6.46% 31.81% 20.28% 13.33% 13.30% 10.36%
Evergreen Total Return Fund 5.13% 22.70% 14.84% 7.40% 10.04% 7.04%
Fidelity Asset Manager 3.70% 17.04% 12.52% 7.71% 10.60% 11.33%
Fidelity Equity-Income Fund 8.45% 30.57% 22.84% 14.87% 16.51% 11.32%
Fidelity Growth and Income Portfolio 8.63% 34.11% 26.57% 16.32% 16.92% 14.80%
Fidelity Puritan Fund 5.10% 20.32% 14.88% 10.78% 13.91% 11.03%
Income Fund of America 4.20% 27.86% 16.61% 10.24% 12.30% 10.12%
INVESCO Industrial Income Fund 5.03% 26.14% 15.44% 10.31% 12.26% 11.35%
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 America 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 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%
Nationwide(R)Bond Fund -4.27% 22.98% 3.20% 3.20% 6.98% 6.64%
INDEX FUND
SEI Index Fund (S & P 500 Index) 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% 13.57% 11.62% 11.70%
Templeton Foreign Fund 8.53% 10.11% 12.53% 12.71% 12.00% 13.09%
Templeton Global Smaller Companies Fund, Inc. 12.31% 16.54% 17.30% 12.82% 13.34% 9.75%
GOVERNMENT BOND FUNDS
Federated GNMA Trust -0.66% 14.96% 4.14% 3.63% 6.18% 7.40%
Federated U.S. Government Securities Fund -0.73% 12.49% 3.41% 3.27% 5.73% 6.32%
MONEY MARKET FUND
Dreyfus Cash Management 2.18% 5.00% 4.70% 3.79% 3.53% 5.12%
Nationwide(R)Money Market Fund 1.96% 4.51% 4.18% 3.35% 3.03% 4.59%
S&P 500 *** 9.57% 37.58% 24.80% 16.11% 14.63% 12.73%
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<FN>
* The percentage in the 10-year column 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.
+ 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 representative. Please read
the prospectus(es) carefully before investing or sending money.
</TABLE>
Sources: National Financial Services
Computer Directions Advisors, Inc.
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AVERAGE ANNUAL TOTAL RETURN: STANDARDIZED
PERCENT CHANGE IN NET ASSETS WITH CAPITAL GAINS AND INCOME DIVIDENDS REINVESTED
<TABLE>
<CAPTION>
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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
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AGGRESSIVE GROWTH FUNDS
AIM Constellation Fund 6.21% 29.38% 15.89% 16.10% 20.42% 15.92%
Janus Twenty Fund 8.78% 29.44% 20.51% 9.75% 13.00% 12.12%
Mass. Investors Growth Stock Fund 8.26% 21.63% 18.03% 11.04% 13.32% 10.07%
Putnam Voyager Fund 6.53% 33.33% 27.06% 18.27% 18.33% 14.22%
Twentieth Century Growth Investors 2.07% 13.71% 2.21% 6.89% 9.34% 9.71%
Twentieth Century Ultra Investors 3.43% 30.88% 17.52% 11.93% 17.56% 15.94%
GROWTH FUNDS
AIM Weingarten Fund 3.23% 28.65% 13.33% 12.02% 10.09% 11.01%
Davis New York Venture Fund 2.73% 33.74% 15.57% 13.49% 16.55% 13.68%
Dreyfus Third Century Fund 5.53% 29.03% 20.26% 9.98% 8.79% 9.64%
Fidelity Contrafund 3.80% 29.50% 16.45% 12.57% 17.86% 16.55%
Fidelity Magellan(R)Fund -2.43% 30.03% 5.49% 10.64% 13.97% 12.50%
Fidelity OTC Portfolio 4.79% 31.42% 14.71% 13.58% 14.86% 11.80%
Growth Fund of America 0.29% 23.07% 5.11% 11.19% 11.81% 10.91%
Janus Fund 5.15% 22.71% 16.01% 10.64% 12.55% 12.42%
MFS(R)Growth Opportunities Fund 7.45% 27.72% 19.69% 11.94% 11.88% 8.24%
Nationwide(R)Growth Fund 2.17% 21.99% 9.87% 10.73% 12.27% 9.04%
Neuberger & Berman Manhattan Fund 0.68% 24.27% 7.36% 9.26% 11.84% 10.16%
Putnam Investors Fund 5.30% 30.75% 19.00% 12.88% 12.87% 10.25%
Seligman Growth Fund 6.79% 21.76% 21.46% 11.61% 11.29% 8.88%
Strong Common Stock 2.75% 25.66% 15.41% 13.53% 18.92% 19.43%
Twentieth Century Select Investors 2.60% 16.01% 7.59% 4.65% 7.11% 7.91%
GROWTH AND INCOME FUNDS
Delaware Group - Decatur Income Fund 1.71% 26.31% 14.78% 10.84% 11.53% 9.10%
Evergreen Total Return Fund 0.38% 17.20% 9.34% 4.68% 8.18% 5.51%
Fidelity Asset Manager -1.05% 11.54% 7.02% 5.06% 8.80% 11.06%
Fidelity Equity-Income Fund 3.70% 25.07% 17.34% 12.42% 14.89% 10.04%
Fidelity Growth and Income Portfolio 3.88% 28.61% 21.07% 13.88% 15.29% 13.72%
Fidelity Puritan Fund 0.35% 14.82% 9.38% 8.24% 12.24% 9.80%
Income Fund of America -0.55% 22.36% 11.11% 7.63% 10.54% 8.82%
INVESCO Industrial Income Fund 0.28% 20.64% 9.94% 7.73% 10.50% 10.11%
Nationwide(R)Fund 4.82% 23.26% 21.74% 12.03% 9.77% 10.06%
Neuberger & Berman Guardian Fund -0.68% 25.37% 6.38% 11.10% 14.33% 11.23%
INCOME FUND
Bond Fund of America -4.61% 11.63% 0.85% 1.80% 6.96% 6.44%
Fidelity Capital & Income Fund -0.65% 10.13% 3.23% 3.90% 12.85% 7.96%
MAS Fixed Income Portfolio -4.25% 12.41% 1.92% 2.26% 7.21% 7.08%
MFS(R)High Income Fund -1.23% 10.54% 4.15% 4.29% 10.46% 6.33%
Nationwide(R)Bond Fund
-8.82% 17.48% -2.30% 0.37% 5.03% 5.18%
INDEX FUND
SEI Index Fund (S & P 500 Index) 4.77% 30.55% 19.13% 13.39% 12.60% 11.07%
INTERNATIONAL FUNDS
T. Rowe Price International Stock Fund(R) 4.63% 4.84% 11.52% 11.18% 9.82% 10.63%
Templeton Foreign Fund 3.78% 4.61% 7.03% 10.30% 10.25% 12.10%
Templeton Global Smaller Companies Fund, Inc. 7.56% 11.04% 11.80% 10.36% 11.63% 8.41%
GOVERNMENT BOND FUNDS
Federated GNMA Trust -5.35% 9.46% -1.36% 0.83% 4.18% 6.04%
Federated U.S. Government Securities Fund -5.42% 6.99% -2.09% 0.46% 3.71% 4.86%
MONEY MARKET FUND
Dreyfus Cash Management -2.57% -0.50% -0.80% 1.02% 1.33% 3.59%
Nationwide(R)Money Market Fund -2.79% 0.99% -1.32% 0.56% 0.80% 3.02%
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<FN>
* The percentage in the 10-year column 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.
</TABLE>
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NATIONWIDE DC VARIABLE ACCOUNT
STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY
June 30, 1996
(UNAUDITED)
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ASSETS:
Investments at market value:
AIM Equity Funds, Inc. - AIM Constellation Fund - Institutional Class (AIMCon)
409,537 shares (cost $9,154,715) .......................................... $ 10,451,377
AIM Equity Funds, Inc. - AIM Weingarten Fund - Institutional Class (AIMWein)
93,411 shares (cost $1,660,486) ........................................... 1,814,050
The Bond Fund of America(SM), Inc. (BdFdAm)
1,144,483 shares (cost $15,343,967) ....................................... 15,416,191
Davis New York Venture Fund, Inc. (DNYVenFd)
242,895 shares (cost $3,459,367) .......................................... 3,808,596
Delaware Group Decatur Fund, Inc. -
Decatur Income Fund Institutional Class (DeDecInc)
11,523 shares (cost $198,654) ............................................. 219,854
Dreyfus Cash Management - Class A (DryCsMgt)
2,600,765 shares (cost $2,600,765) ........................................ 2,600,765
The Dreyfus Third Century Fund, Inc. (Dry3dCen)
1,888,284 shares (cost $15,040,907) ....................................... 17,240,031
The Evergreen Total Return Fund - Class Y (EvTotRet)
256,683 shares (cost $5,003,081) .......................................... 5,259,440
The Institutional Shares of Federated GNMA Trust (FedGNMA)
59,709 shares (cost $653,108) ............................................. 653,215
Federated U.S. Government Securities Fund: 2-5 Years -
Institutional shares (FedUSGvt)
185,722 shares (cost $1,960,830) .......................................... 1,927,797
Fidelity Asset Manager(TM) (FidAsMgr)
421,567 shares (cost $6,211,555) .......................................... 6,858,888
Fidelity Capital & Income Fund (FidCapIn)
148,732 shares (cost $1,268,301) .......................................... 1,346,023
Fidelity Contrafund (FidContr)
3,629,964 shares (cost $125,642,300) ...................................... 142,802,773
Fidelity Equity-Income Fund (FidEqInc)
4,588,948 shares (cost $143,387,496) ...................................... 184,796,938
Fidelity Growth & Income Portfolio (FidGrInc)
221,985 shares (cost $5,642,398) .......................................... 6,508,610
Fidelity Magellan(R) Fund (FidMgln)
2,331,698 shares (cost $175,919,247) ...................................... 174,411,010
The Growth Fund of America(R), Inc. (GroFdAm)
566,691 shares (cost $15,853,649) ......................................... 18,264,463
The Income Fund of America(R), Inc. (IncFdAm)
1,126,468 shares (cost $16,482,841) ....................................... 18,260,044
INVESCO Industrial Income Fund, Inc. (InvIndln)
1,402,979 shares (cost $16,843,778) ....................................... 18,533,346
Janus Fund (JanFund)
1,098,836 shares (cost $24,198,377) ....................................... 27,954,393
Janus Twenty Fund (Jan20Fd)
2,949 shares (cost $81,137) ............................................... 86,354
MAS Funds - Fixed Income Portfolio (MASFIP)
66,724 shares (cost $784,770) ............................................. 782,006
</TABLE>
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<TABLE>
<S> <C>
MFS(R) Growth Opportunities Fund - Class A (MFSGrOpp)
1,803,221 shares (cost $20,016,825) ........................................ 24,271,356
MFS(R) High Income Fund - Class A (MFSHiInc)
730,059 shares (cost $3,786,566) ........................................... 3,767,106
Massachusetts Investors Growth Stock Fund - Class A (MFSGrStk)
465,080 shares (cost $5,179,919) ........................................... 5,613,514
Nationwide(R) Bond Fund (NWBdFd)
21,229 shares (cost $200,008) .............................................. 193,184
Nationwide(R) Fund (NWFund)
1,774,379 shares (cost $28,804,257) ........................................ 34,103,557
Nationwide(R) Growth Fund (NWGroFd)
684,793 shares (cost $7,700,228) ........................................... 9,018,725
Nationwide(R) Money Market Fund (NWMyMkt)
58,116,093 shares (cost $58,116,093) ....................................... 58,116,093
Neuberger & Berman Manhattan Fund (NBManhFd)
32,173 shares (cost $396,798) .............................................. 413,749
Putnam Investors Fund - Class A (PutInvFd)
4,583,053 shares (cost $37,586,932) ........................................ 43,630,665
Putnam Voyager Fund - Class A (PutVoyFd)
5,186,096 shares (cost $69,911,112) ........................................ 88,422,931
SEI Index Funds - S&P 500 Index Portfolio (SEI500Ix)
179,291 shares (cost $3,358,030) ........................................... 3,890,624
Seligman Growth Fund, Inc. - Class A (SelGroFd)
447,835 shares (cost $2,367,821) ........................................... 2,619,832
Strong Common Stock Fund, Inc. (StComStk)
152,155 shares (cost $2,968,199) ........................................... 3,122,213
T. Rowe Price International Funds, Inc. - International Stock Fund(R)(TRIntStk)
3,457,272 shares (cost $42,166,325) ........................................ 46,465,732
Templeton Foreign Fund - Class I (TemForFd)
6,266,754 shares (cost $59,102,205) ........................................ 62,730,204
Templeton Global Smaller Companies Fund, Inc. - Class I (TemGlSmCo)
100,243 shares (cost $822,963) ............................................. 863,090
Twentieth Century Investors, Inc. - Growth Investors (TCGroInv)
7,152,669 shares (cost $155,519,170) ....................................... 148,847,049
Twentieth Century Investors, Inc. - Select Investors (TCSelInv)
34,947 shares (cost $1,188,369) ............................................ 1,342,682
Twentieth Century Investors, Inc. - Ultra Investors (TCUltra)
8,339,945 shares (cost $192,591,449) ....................................... 236,687,639
Dreyfus Stock Index Fund (DryStkIx)
617 shares (cost $10,035) .................................................. 11,550
Fidelity VIP - Asset Manager Portfolio (FidVIPAM)
1,079 shares (cost $15,890) ................................................ 16,868
Fidelity VIP - Equity-Income Portfolio (FidVIPEI)
3,342 shares (cost $60,158) ................................................ 65,106
Fidelity VIP - Growth Portfolio (FidVIPGr)
2,024 shares (cost $53,284) ................................................ 60,852
Fidelity VIP - High Income Portfolio (FidVIPHI)
1,180 shares (cost $13,762) ................................................ 13,900
Fidelity VIP - Overseas Portfolio (FidVIPOv)
4,498 shares (cost $74,142) ................................................ 80,422
</TABLE>
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<TABLE>
<S> <C>
Nationwide SAT - Government Bond Fund (NSATGvtBd)
953 shares (cost $10,387) ....................................... 10,316
Nationwide SAT - Money Market Fund (NSATMyMkt)
27,393 shares (cost $27,393) .................................... 27,393
Nationwide SAT - Total Return Fund (NSATTotRe)
2,954 shares (cost $33,060) ..................................... 36,630
Neuberger & Berman AMT - Growth Portfolio (NBAMTGro)
1,895 shares (cost $43,143) ..................................... 47,342
Neuberger & Berman AMT - Limited Maturity Bond Portfolio (NBAMTLMat)
319 shares (cost $4,468) ........................................ 4,313
Neuberger & Berman AMT - Partners Portfolio (NBAMTPart)
756 shares (cost $8,695) ........................................ 10,805
TCI Portfolios - TCI Balanced (TCIBal)
407 shares (cost $2,820) ........................................ 2,894
TCI Portfolios - TCI Growth (TCIGro)
10,029 shares (cost $97,949) .................................... 108,815
-------------
Total investments ............................................. 1,434,613,315
Accounts receivable ................................................... 94,461
-------------
Total assets .................................................. 1,434,707,776
ACCOUNTS PAYABLE ......................................................... 55,820
-------------
CONTRACT OWNERS' EQUITY (NOTE 4) ......................................... $1,434,651,956
=============
</TABLE>
See accompanying notes to financial statements.
10
<PAGE> 11
NATIONWIDE DC 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 ........... $ 40,172,548 7,236,391 11,603,325
-------------- -------------- --------------
Gain (loss) on investments:
Proceeds from redemptions of mutual fund shares 107,755,110 77,263,230 193,032,948
Cost of mutual fund shares sold ............... (94,486,876) (71,696,672) (165,035,361)
-------------- -------------- --------------
Realized gain (loss) on investments ........... 13,268,234 5,566,558 27,997,587
Change in unrealized gain (loss) on investments 43,292,920 137,140,326 (81,885,295)
-------------- -------------- --------------
Net gain (loss) on investments ............. 56,561,154 142,706,884 (53,887,708)
-------------- -------------- --------------
Net investment activity ................. 96,733,702 149,943,275 (42,284,383)
-------------- -------------- --------------
EQUITY TRANSACTIONS:
Purchase payments received from contract owners .. 204,939,637 146,484,753 158,319,321
Redemptions ...................................... (87,140,587) (86,667,793) (177,472,915)
Adjustments to maintain reserves ................. (12,819) 54,637 (173,157)
-------------- -------------- --------------
Net equity transactions ................. 117,786,231 59,871,597 (19,326,751)
-------------- -------------- --------------
EXPENSES (NOTE 2):
Contract charges ................................. (6,326,888) (4,482,099) (3,884,125)
Contingent deferred sales charges ................ (3,142) (157,818) (1,918)
-------------- -------------- --------------
Total expenses .......................... (6,330,030) (4,639,917) (3,886,043)
-------------- -------------- --------------
NET CHANGE IN CONTRACT OWNERS' EQUITY ............... 208,189,903 205,174,955 (65,497,177)
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ......... 1,226,462,053 841,548,978 825,146,199
-------------- -------------- --------------
CONTRACT OWNERS' EQUITY END OF PERIOD ............... $ 1,434,651,956 1,046,723,933 759,649,022
============== ============== ==============
</TABLE>
See accompanying notes to financial statements.
11
<PAGE> 12
NATIONWIDE DC 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
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.
The Company offers group flexible fund retirement contracts through the
Account. The primary distribution for the contracts is through an affiliated
sales organization; however, other distributors may be utilized.
(b) The Contracts
Participants in group flexible fund contracts may be invested in any of
the following funds:
AIM Equity Funds, Inc. - AIM Constellation Fund - Institutional Class
(AIMCon)
AIM Equity Funds, Inc. - AIM Weingarten Fund - Institutional Class
(AIMWein)
The Bond Fund of America(SM), Inc. (BdFdAm) (only available for certain
contracts issued beginning January 1, 1994)
Davis New York Venture Fund, Inc. (DNYVenFd) (formerly New York
Venture Fund, Inc.)
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)
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(R) 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)
Janus Fund (JanFund)
Janus Twenty Fund (Jan20Fd)
MAS Funds - Fixed Income Portfolio (MASFIP)
MFS(R) Growth Opportunities Fund - Class A (MFSGrOpp)
MFS(R) High Income Fund - Class A (MFSHiInc)
Massachusetts Investors Growth Stock Fund - Class A (MFSGrStk)
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)
Putnam Investors Fund - Class A (PutInvFd)
12
<PAGE> 13
Putnam Voyager Fund - Class A (PutVoyFd)
SEI Index Funds - S&P 500 Index Portfolio (SEI500Ix)
Seligman Growth Fund, Inc. - Class A (SelGroFd)
Strong Common Stock Fund, Inc. (StComStk)
T. Rowe Price International Funds, Inc. - International Stock Fund(R)
(TRIntStk)
Templeton Foreign Fund - Class I (TemForFd)
Templeton Global Smaller Companies Fund, Inc. - Class I (TemGlSmCo)
(formerly Templeton Smaller Companies Growth Fund, Inc.)
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 (NSATCapAp)
Nationwide SAT - Government Bond Fund (NSATGvtBd)
Nationwide SAT - Money Market Fund (NSATMyMkt)
Nationwide SAT - Total Return Fund (NSATTotRe)
Portfolios of the Neuberger & Berman Advisers Management Trust
(Neuberger & Berman AMT)
Neuberger & Berman AMT - Growth Portfolio (NBAMTGro)
Neuberger & Berman AMT - Limited Maturity Bond Portfolio
(NBAMTLMat)
Neuberger & Berman AMT - Partners Portfolio (NBAMTPart)
Portfolios of the TCI Portfolios, Inc. (TCI Portfolios)
TCI Portfolios - TCI Balanced (TCIBal)
TCI Portfolios - TCI Growth (TCIGro)
All of the above funds were being utilized as of June 30, 1996, except The
Dreyfus Socially Responsible Growth Fund, Inc. (DrySRGro), Fidelity OTCPortfolio
(FidOTC), Fidelity Puritan(R) Fund (FidPurtn), Neuberger & Berman Guardian Fund
(NBGuard) and Nationwide SAT - Capital Appreciation Fund (NSATCapAp).
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 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
(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
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:
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.
14
<PAGE> 15
(4) COMPONENTS OF CONTRACT OWNERS' EQUITY
The following is a summary of contract owners' equity at June 30, 1996.
<TABLE>
<CAPTION>
UNITS UNIT VALUE
--------- ------------
<S> <C> <C> <C>
AIM Equity Funds, Inc. - AIM Constellation Fund -
Institutional Class ................................ 5,303,170 $ 1.970887 $ 10,451,949
AIM Equity Funds, Inc. - AIM Weingarten Fund -
Institutional Class ................................ 1,209,030 1.500562 1,814,224
The Bond Fund of America(SM), Inc. .................... 7,557,307 2.042011 15,432,104
Davis New York Venture Fund, Inc. ..................... 2,634,345 1.445850 3,808,868
Delaware Group Decatur Fund, Inc. -
Decatur Income Fund Institutional Class ............ 108,391 2.033758 220,441
Dreyfus Cash Management - Class A ..................... 2,263,725 1.134588 2,568,395
The Dreyfus Third Century Fund, Inc. .................. 6,984,590 2.468406 17,240,804
The Evergreen Total Return Fund - Class Y ............. 2,906,991 1.830963 5,322,593
The Institutional Shares of Federated GNMA Trust ...... 528,980 1.234825 653,198
Federated U.S. Government Securities Fund: 2-5 Years -
Institutional Shares ............................... 1,740,789 1.107360 1,927,680
Fidelity Asset Manager(TM) ............................ 5,895,200 1.163466 6,858,865
Fidelity Capital & Income Fund ........................ 348,248 3.864665 1,345,862
Fidelity Contrafund ................................... 77,097,568 1.851305 142,731,113
Fidelity Equity-Income Fund ........................... 38,110,711 4.848991 184,798,495
Fidelity Growth & Income Portfolio .................... 3,558,345 1.829183 6,508,864
Fidelity Magellan(R)Fund .............................. 98,563,924 1.769566 174,415,369
The Growth Fund of America(R), Inc. ................... 7,347,445 2.485825 18,264,462
The Income Fund of America(R), Inc. ................... 9,256,115 1.972762 18,260,112
INVESCO Industrial Income Fund, Inc ................... 12,153,801 1.524882 18,533,112
Janus Fund ............................................ 18,796,702 1.487200 27,954,455
Janus Twenty Fund ..................................... 57,620 1.498589 86,349
MAS Funds - Fixed Income Portfolio .................... 672,814 1.162068 781,856
MFS(R)Growth Opportunities Fund - Class A ............. 3,532,725 6.860096 24,234,833
MFS(R)High Income Fund - Class A ...................... 735,169 5.124004 3,767,009
Massachusetts Investors Growth Stock Fund - Class A ... 555,390 10.106219 5,612,893
Nationwide(R)Bond Fund ................................ 101,326 1.906182 193,146
Nationwide(R)Fund ..................................... 2,552,736 13.358301 34,100,216
Nationwide(R)Growth Fund .............................. 3,162,349 2.851855 9,018,561
Nationwide(R)Money Market Fund ........................ 20,571,692 2.828782 58,192,832
Neuberger & Berman Manhattan Fund ..................... 173,651 2.382685 413,756
Putnam Investors Fund - Class A ....................... 3,506,917 12.441147 43,630,070
Putnam Voyager Fund - Class A ......................... 28,872,937 3.062480 88,422,792
SEI Index Funds - S&P 500 Index Portfolio ............. 1,456,149 2.671392 3,889,945
Seligman Growth Fund, Inc - Class A ................... 262,868 9.965771 2,619,682
Strong Common Stock Fund, Inc. ........................ 2,208,051 1.414063 3,122,323
T. Rowe Price International Funds, Inc. -
International Stock Fund(R) ........................ 26,933,510 1.725161 46,464,641
Templeton Foreign Fund - Class I ...................... 38,074,387 1.647552 62,729,532
Templeton Global Smaller Companies Fund, Inc. - Class I 512,384 1.674522 857,998
Twentieth Century Investors, Inc. - Growth Investors .. 34,790,369 4.278484 148,850,037
Twentieth Century Investors, Inc. - Select Investors .. 939,232 1.429541 1,342,671
Twentieth Century Investors, Inc. - Ultra Investors ... 119,206,099 1.985736 236,711,842
Dreyfus Stock Index Fund .............................. 7,982 1.446928 11,549
Fidelity VIP - Asset Manager Portfolio ................ 14,465 1.166300 16,871
Fidelity VIP - Equity-Income Portfolio ................ 47,410 1.373537 65,119
Fidelity VIP - Growth Portfolio ....................... 40,418 1.505769 60,860
Fidelity VIP - High Income Portfolio .................. 10,980 1.265895 13,900
Fidelity VIP - Overseas Portfolio ..................... 73,021 1.101300 80,418
Nationwide SAT - Government Bond Fund ................. 6,693 1.541362 10,316
Nationwide SAT - Money Market Fund .................... 22,822 1.234286 28,169
Nationwide SAT - Total Return Fund .................... 17,380 2.107675 36,631
Neuberger & Berman AMT - Growth Portfolio ............. 27,079 1.748313 47,343
Neuberger & Berman AMT -
Limited Maturity Bond Portfolio .................... 3,950 1.091982 4,313
Neuberger & Berman AMT - Partners Portfolio ........... 7,398 1.460614 10,806
TCI Portfolios - TCI Balanced ......................... 2,334 1.239808 2,894
TCI Portfolios - TCI Growth ........................... 62,369 1.744737 108,818
=========== =========== -------------
$1,434,651,956
=============
</TABLE>
15
<PAGE> 16
SCHEDULE I
NATIONWIDE DC VARIABLE ACCOUNT
SCHEDULES OF CHANGES IN UNIT VALUE
SIX MONTH PERIODS ENDED JUNE 30, 1996, 1995 AND 1994
(UNAUDITED)
<TABLE>
<CAPTION>
AIMCON AIMWEIN BDFDAM DNYVENFD DEDECINC DRYCSMGT DRY3DCEN
--------- --------- -------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
1996***
Beginning unit value - Jan. 1 $1.776138 1.389659 2.039710 1.345221 1.910384 1.110383 2.238323
- -----------------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .000000 .000000 .072346 .000000 .038028 .029506 .000000
- -----------------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .203647 .117749 (.060444) .107223 .094720 .000000 .241324
- -----------------------------------------------------------------------------------------------------------------------------------
Contract charges (.008898) (.006846) (.009601) (.006594) (.009374) (.005301) (.011241)
- -----------------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $1.970887 1.500562 2.042011 1.445850 2.033758 1.134588 2.468406
- -----------------------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 11% 8% 0% 7% 6% 2% 10%
===================================================================================================================================
1995
Beginning unit value - Jan. 1 $1.316836 1.035886 1.741422 .966146 1.449372 1.057458 1.663803
- -----------------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .000000 .000000 .075859 .000000 .034349 .031286 .000000
- -----------------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .313492 .232191 .111625 .233200 .214658 .000000 .307424
- -----------------------------------------------------------------------------------------------------------------------------------
Contract charges (.006759) (.005343) (.008784) (.005115) (.007474) (.005097) (.008433)
- -----------------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $1.623569 1.262734 1.920122 1.194231 1.690905 1.083647 1.962794
- -----------------------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 23% 22% 10% 24% 17% 2% 18%
===================================================================================================================================
1994
Beginning unit value - Jan. 1 $1.305850 1.044414 1.850918 .994508 1.473401 1.025704 1.814915
- -----------------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .000000 .000000 .070429 .000000 .030363 .017453 .000000
- -----------------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) (.101876) (.057471) (.163866) (.021484) (.053107) .000000 (.148914)
- -----------------------------------------------------------------------------------------------------------------------------------
Contract charges (.006174) (.004921) (.008502) (.004692) (.006904) (.004887) (.008332)
- -----------------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $1.197800 .982022 1.748979 .968332 1.443753 1.038270 1.657669
- -----------------------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (8)% (6)% (6)% (3)% (2)% 1% (9)%
===================================================================================================================================
<CAPTION>
EVTOTRET FEDGNMA FEDUSGVT
-------- -------- ---------
<S> <C> <C> <C>
1996***
Beginning unit value - Jan. 1 1.741651 1.243001 1.115461
- -----------------------------------------------------------------------------
Reinvested capital gains
and dividends .047365 .040197 .029259
- -----------------------------------------------------------------------------
Unrealized gain (loss) .050304 (.042539) (.032131)
- -----------------------------------------------------------------------------
Contract charges (.008357) (.005834) (.005229)
- -----------------------------------------------------------------------------
Ending unit value - June 30 1.830963 1.234825 1.107360
- -----------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 5% (1)% (1)%
=============================================================================
1995
Beginning unit value - Jan. 1 1.419467 1.081229 .991595
- -----------------------------------------------------------------------------
Reinvested capital gains
and dividends .045194 .042061 .033103
- -----------------------------------------------------------------------------
Unrealized gain (loss) .136804 .067918 .051073
- -----------------------------------------------------------------------------
Contract charges (.007092) (.005459) (.004954)
- -----------------------------------------------------------------------------
Ending unit value - June 30 1.594373 1.185749 1.070817
- -----------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 12% 10% 8%
=============================================================================
1994
Beginning unit value - Jan. 1 1.531292 1.119643 1.020623
- -----------------------------------------------------------------------------
Reinvested capital gains
and dividends .025297 .038796 .021812
- -----------------------------------------------------------------------------
Unrealized gain (loss) (.139577) (.078332) (.043077)
- -----------------------------------------------------------------------------
Contract charges (.006906) (.005175) (.004758)
- -----------------------------------------------------------------------------
Ending unit value - June 30 1.410106 1.074932 .994600
- -----------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (8)% (4)% (3)%
=============================================================================
<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.
*** No other investment options were being utilized.
</TABLE>
16
<PAGE> 17
SCHEDULE I, CONTINUED
NATIONWIDE DC VARIABLE ACCOUNT
SCHEDULES OF CHANGES IN UNIT VALUE
SIX MONTH PERIODS ENDED JUNE 30, 1996, 1995 AND 1994
(UNAUDITED)
<TABLE>
<CAPTION>
FIDASMGR FIDCAPIN FIDCONTR FIDEQINC FIDGRINC FIDMGLN
---------- -------- --------- -------- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
1996***
Beginning unit value - Jan. 1 $1.121926 3.712491 1.705419 4.471070 1.683805 1.729361
- -----------------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .016997 .214795 .089633 .120544 .012432 .267646
- -----------------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .029914 (.044586) .064671 .279492 .141254 (.219207)
- -----------------------------------------------------------------------------------------------------------------------------------
Contract charges (.005371) (.018035) (.008418) (.022115) (.008308) (.008234)
- -----------------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $1.163466 3.864665 1.851305 4.848991 1.829183 1.769566
- -----------------------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 4% 4% 9% 8% 9% 2%
===================================================================================================================================
1995
Beginning unit value - Jan. 1 $ .958564 3.210584 1.263308 3.424310 1.255568 1.275955
- -----------------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .012480 .192268 .000000 .089513 .011896 .006283
- -----------------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .067591 .167867 .261221 .451090 .184070 .318733
- -----------------------------------------------------------------------------------------------------------------------------------
Contract charges (.004666) (.016370) (.006414) (.017371) (.006383) (.006611)
- -----------------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $1.033969 3.554349 1.518115 3.947542 1.445151 1.594360
- -----------------------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 8% 11% 20% 15% 15% 25%
===================================================================================================================================
1994
Beginning unit value - Jan. 1 $1.036089 3.397953 1.289799 3.448520 1.239420 1.311856
- -----------------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .014813 .166072 .009193 .152345 .011145 .051123
- -----------------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) (.079137) (.238950) (.071790) (.193625) (.037606) (.129640)
- -----------------------------------------------------------------------------------------------------------------------------------
Contract charges (.004765) (.016107) (.006073) (.016233) (.005842) (.006184)
- -----------------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $ .967000 3.308968 1.221129 3.391007 1.207117 1.227155
- -----------------------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (7)% (3)% (5)% (2)% (3)% (6)%
===================================================================================================================================
<CAPTION>
GROFDAM INCFDAM
------- ---------
<S> <C> <C>
1996***
Beginning unit value - Jan. 1 2.366626 1.893327
- ---------------------------------------------------------------------------
Reinvested capital gains
and dividends .000000 .047856
- ---------------------------------------------------------------------------
Unrealized gain (loss) .130803 .040694
- ---------------------------------------------------------------------------
Contract charges (.011604) (.009115)
- ---------------------------------------------------------------------------
Ending unit value - June 30 2.485825 1.972762
- ---------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 5% 4%
===========================================================================
1995
Beginning unit value - Jan. 1 1.840658 1.480756
- ---------------------------------------------------------------------------
Reinvested capital gains
and dividends .000000 .045250
- ---------------------------------------------------------------------------
Unrealized gain (loss) .416324 .173306
- ---------------------------------------------------------------------------
Contract charges (.009535) (.007535)
- ---------------------------------------------------------------------------
Ending unit value - June 30 2.247447 1.691777
- ---------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 22% 14%
===========================================================================
1994
Beginning unit value - Jan. 1 1.857739 1.533299
- ---------------------------------------------------------------------------
Reinvested capital gains
and dividends .000000 .044574
- ---------------------------------------------------------------------------
Unrealized gain (loss) (.092698) (.102060)
- ---------------------------------------------------------------------------
Contract charges (.008660) (.007072)
- ---------------------------------------------------------------------------
Ending unit value - June 30 1.756381 1.468741
- ---------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (5)% (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.
*** No other investment options were being utilized.
</TABLE>
17
<PAGE> 18
SCHEDULE I, CONTINUED
NATIONWIDE DC VARIABLE ACCOUNT
SCHEDULES OF CHANGES IN UNIT VALUE
SIX MONTH PERIODS ENDED JUNE 30, 1996, 1995 AND 1994
(UNAUDITED)
<TABLE>
<CAPTION>
INVINDIN JANFUND JAN20FD MASFIP MFSGROPP
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
1996***
Beginning unit value - Jan. 1 $1.451889 1.353271 1.320040 1.156444 6.114190
- ------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .024096 .000000 .000000 .017609 .000000
- ------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .055954 .140706 .185259 (.006561) .776809
- ------------------------------------------------------------------------------------------------------
Contract charges (.007057) (.006777) (.006710) (.005424) (.030903)
- ------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $1.524882 1.487200 1.498589 1.162068 6.860096
- ------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 5% 10% 14% 0% 12%
======================================================================================================
1995
Beginning unit value - Jan. 1 $1.151056 1.055481 .978264 .980782 4.589533
- ------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .022124 .000000 .000000 .012932 .000000
- ------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .153578 .173771 .216078 .092984 .913597
- ------------------------------------------------------------------------------------------------------
Contract charges (.005836) (.005348) (.005044) (.004897) (.023486)
- ------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $1.320922 1.223904 1.189298 1.081801 5.479644
- ------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 15% 16% 22% 10% 19%
======================================================================================================
1994
Beginning unit value - Jan. 1 $1.208959 1.077425 1.058801 ** 4.834037
- ------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .020181 .000000 .000000 .000000
- ------------------------------------------------------------------------------------------------------
Unrealized gain (loss) (.061792) (.040400) (.104529) (.437498)
- ------------------------------------------------------------------------------------------------------
Contract charges (.005664) (.005038) (.004883) (.022256)
- ------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $1.161684 1.031987 .949389 4.374283
- ------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (4)% (4)% (10)% (10)%
======================================================================================================
</TABLE>
<TABLE>
<CAPTION>
MFSHIINC MFSGRSTK NWBDFD NWFUND NWGROFD
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
1996***
Beginning unit value - Jan. 1 4.949752 8.942612 1.991196 12.191058 2.667201
- ------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .215291 .000000 .063241 .114071 .016192
- ------------------------------------------------------------------------------------------------------
Unrealized gain (loss) (.017051) 1.208721 (.139181) 1.113866 .181563
- ------------------------------------------------------------------------------------------------------
Contract charges (.023988) (.045114) (.009074) (.060694) (.013101)
- ------------------------------------------------------------------------------------------------------
Ending unit value - June 30 5.124004 10.106219 1.906182 13.358301 2.851855
- ------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 4% 13% (4)% 10% 7%
======================================================================================================
1995
Beginning unit value - Jan. 1 4.265493 7.034148 1.619166 9.468045 2.092009
- ------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .196110 .000000 .060820 .094306 .019507
- ------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .233190 1.182019 .175373 .983082 .371067
- ------------------------------------------------------------------------------------------------------
Contract charges (.021532) (.034983) (.008309) (.046981) (.010729)
- ------------------------------------------------------------------------------------------------------
Ending unit value - June 30 4.673261 8.181184 1.847050 10.498452 2.471854
- ------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 10% 16% 14% 11% 18%
======================================================================================================
1994
Beginning unit value - Jan. 1 4.422523 7.613442 1.778765 9.502760 2.081399
- ------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .187604 .000000 .060428 .085969 .015628
- ------------------------------------------------------------------------------------------------------
Unrealized gain (loss) (.342505) (1.019047) (.191682) (.491310) (.079404)
- ------------------------------------------------------------------------------------------------------
Contract charges (.020635) (.033784) (.008063) (.044293) (.009771)
- ------------------------------------------------------------------------------------------------------
Ending unit value - June 30 4.246987 6.560611 1.639448 9.053126 2.007852
- ------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (4)% (14)% (8)% (5)% (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 being utilized or was not available.
*** No other investment options were being utilized.
</TABLE>
18
<PAGE> 19
SCHEDULE I, CONTINUED
NATIONWIDE DC VARIABLE ACCOUNT
SCHEDULES OF CHANGES IN UNIT VALUE
SIX MONTH PERIODS ENDED JUNE 30, 1996, 1995 AND 1994
(UNAUDITED)
<TABLE>
<CAPTION>
NWMYMKT NBMANHFD PUTINVFD PUTVOYFD SEI500IX
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
1996***
Beginning unit value - Jan. 1 $2.774433 2.259932 11.305164 2.752130 2.439184
- ------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .067605 .000000 .000000 .000000 .025381
- ------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .000000 .133949 1.192096 .324110 .218893
- ------------------------------------------------------------------------------------------------------
Contract charges (.013256) (.011196) (.056113) (.013760) (.012066)
- ------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $2.828782 2.382685 12.441147 3.062480 2.671392
- ------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 2% 5% 10% 11% 10%
======================================================================================================
1995
Beginning unit value - Jan. 1 $2.654661 1.741549 8.297318 1.982311 1.792835
- ------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .073345 .000000 .000000 .000000 .028048
- ------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .000000 .378671 1.738497 .338062 .331874
- ------------------------------------------------------------------------------------------------------
Contract charges (.012812) (.009026) (.042751) (.010034) (.009310)
- ------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $2.715194 2.111194 9.993064 2.310339 2.143447
- ------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 2% 21% 20% 17% 20%
======================================================================================================
1994
Beginning unit value - Jan. 1 $2.583387 1.823796 8.652501 1.992379 1.792223
- ------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .038280 .000000 .000000 .000000 .027752
- ------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .000000 (.155302) (.559892) (.187180) (.091235)
- ------------------------------------------------------------------------------------------------------
Contract charges (.012303) (.008497) (.040146) (.009083) (.008358)
- ------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $2.609364 1.659997 8.052463 1.796116 1.720382
- ------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 1% (9)% (7)% (10)% (4)%
======================================================================================================
</TABLE>
<TABLE>
<CAPTION>
SELGROFD STCOMSTK TRINTSTK TEMFORFD
--------- --------- -------- --------
<S> <C> <C> <C> <C>
1996***
Beginning unit value - Jan. 1 8.934609 1.315349 1.577274 1.518092
- ------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .000000 .054731 .000000 .000000
- ------------------------------------------------------------------------------------------------------
Unrealized gain (loss) 1.075921 .050519 .155686 .136940
- ------------------------------------------------------------------------------------------------------
Contract charges (.044759) (.006536) (.007799) (.007480)
- ------------------------------------------------------------------------------------------------------
Ending unit value - June 30 9.965771 1.414063 1.725161 1.647552
- ------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 12% 8% 9% 9%
======================================================================================================
1995
Beginning unit value - Jan. 1 7.020585 1.002820 1.429428 1.378759
- ------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .000000 .014655 .000000 .000000
- ------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .863602 .157118 .051492 .091934
- ------------------------------------------------------------------------------------------------------
Contract charges (.034872) (.005063) (.006718) (.006652)
- ------------------------------------------------------------------------------------------------------
Ending unit value - June 30 7.849315 1.169530 1.474202 1.464041
- ------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 12% 17% 3% 6%
======================================================================================================
1994
Beginning unit value - Jan. 1 7.370495 1.017301 1.454045 1.387073
- ------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .000000 .011437 .000000 .000000
- ------------------------------------------------------------------------------------------------------
Unrealized gain (loss) (.642133) (.042812) (.022602) (.004778)
- ------------------------------------------------------------------------------------------------------
Contract charges (.034072) (.004773) (.006847) (.006622)
- ------------------------------------------------------------------------------------------------------
Ending unit value - June 30 6.694290 .981153 1.424596 1.375673
- ------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (9)% (4)% (2)% (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.
*** No other investment options were being utilized.
</TABLE>
19
<PAGE> 20
SCHEDULE I, CONTINUED
NATIONWIDE DC VARIABLE ACCOUNT
SCHEDULES OF CHANGES IN UNIT VALUE
Six Month Periods Ended June 30, 1996, 1995 and 1994
(UNAUDITED)
<TABLE>
<CAPTION>
TEMGLSMCO TCGROINV TCSELINV TCULTRA DRYSTKIX FIDVIPAM
---------- -------- -------- -------- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
1996***
Beginning unit value - Jan. 1 $1.490946 4.005400 1.331631 1.835553 1.322035 1.107535
- ----------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .000000 .000000 .000000 .000000 .014590 .072883
- ----------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .191047 .292650 .104444 .159125 .116841 (.008777)
- ----------------------------------------------------------------------------------------------------------------------
Contract charges (.007471) (.019566) (.006534) (.008942) (.006538) (.005341)
- ----------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $1.674522 4.278484 1.429541 1.985736 1.446928 1.166300
- ----------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 12% 7% 7% 8% 9% 5%
======================================================================================================================
1995
Beginning unit value - Jan. 1 $1.279328 3.359891 1.095899 1.345904 .975745 .955979
- ----------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .000000 .000000 .000000 .000000 .012056 .020086
- ----------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .154440 .629232 .173676 .275003 .181083 .038460
- ----------------------------------------------------------------------------------------------------------------------
Contract charges (.006249) (.016968) (.005519) (.006734) (.005060) (.004627)
- ----------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $1.427519 3.972155 1.264056 1.614173 1.163824 1.009898
- ----------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 12% 18% 15% 20% 19% 6%
======================================================================================================================
1994
Beginning unit value - Jan. 1 $1.353616 3.443124 1.202996 1.409710 ** **
- ----------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .000000 .000000 .000000 .000000
- ----------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) (.050513) (.158858) (.102414) (.139769)
- ----------------------------------------------------------------------------------------------------------------------
Contract charges (.006440) (.016436) (.005500) (.006578)
- ----------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $1.296663 3.267830 1.095082 1.263363
- ----------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (4)% (5)% (9)% (10)%
======================================================================================================================
<CAPTION>
FIDVIPEI FIDVIPGR FIDVIPHI
-------- -------- --------
<S> <C> <C> <C>
1996***
Beginning unit value - Jan. 1 1.303642 1.366323 1.185437
- -------------------------------------------------------------------------------
Reinvested capital gains
and dividends .060157 .098176 .108119
- -------------------------------------------------------------------------------
Unrealized gain (loss) .016104 .048056 (.021868)
- -------------------------------------------------------------------------------
Contract charges (.006366) (.006786) (.005793)
- -------------------------------------------------------------------------------
Ending unit value - June 30 1.373537 1.505769 1.265895
- -------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 5% 10% 7%
===============================================================================
1995
Beginning unit value - Jan. 1 .974175 1.018963 .992271
- -------------------------------------------------------------------------------
Reinvested capital gains
and dividends .062807 .005632 .071867
- -------------------------------------------------------------------------------
Unrealized gain (loss) .103875 .235854 .046911
- -------------------------------------------------------------------------------
Contract charges (.005013) (.005175) (.004992)
- -------------------------------------------------------------------------------
Ending unit value - June 30 1.135844 1.255274 1.106057
- -------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 17% 23% 11%
===============================================================================
1994
Beginning unit value - Jan. 1 ** ** **
- -------------------------------------------------------------------------------
Reinvested capital gains
and dividends
- -------------------------------------------------------------------------------
Unrealized gain (loss)
- -------------------------------------------------------------------------------
Contract charges
- -------------------------------------------------------------------------------
Ending unit value - June 30
- -------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value*
===============================================================================
<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.
*** No other investment options were being utilized.
</TABLE>
20
<PAGE> 21
SCHEDULE I, CONTINUED
NATIONWIDE DC VARIABLE ACCOUNT
SCHEDULES OF CHANGES IN UNIT VALUE
Six Month Periods Ended June 30, 1996, 1995 and 1994
(UNAUDITED)
<TABLE>
<CAPTION>
FIDVIPOV NSATGVTBD NSATMYMKT NSATTOTRE NBAMTGRO NBAMTLMAT
-------- --------- --------- --------- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
1996***
Beginning unit value - Jan. 1 $1.029809 1.574158 1.209790 1.950853 1.661013 1.093904
- --------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .025345 .048013 .030282 .021113 .150704 .092066
- --------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .051149 (.073564) .000000 .145337 (.055181) (.088879)
- --------------------------------------------------------------------------------------------------------------------
Contract charges (.005003) (.007245) (.005786) (.009628) (.008223) (.005109)
- --------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $1.101300 1.541362 1.234286 2.107675 1.748313 1.091982
- --------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 7% (2)% 2% 8% 5% 0%
====================================================================================================================
1995
Beginning unit value - Jan. 1 $ .947883 1.338281 1.155984 1.525590 1.272940 .995462
- --------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .007252 .046140 .032702 .023593 .045057 .055297
- --------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) .031851 .112463 .000000 .220492 .231663 .007613
- --------------------------------------------------------------------------------------------------------------------
Contract charges (.004479) (.006689) (.005583) (.007770) (.006607) (.004854)
- --------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $ .982507 1.490195 1.183103 1.761905 1.543053 1.053518
- --------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 4% 11% 2% 15% 21% 6%
====================================================================================================================
1994
Beginning unit value - Jan. 1 ** $1.396125 ** 1.523742 1.352530 **
- --------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .041709 .018851 .163043
- --------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) (.096997) (.022389) (.297058)
- --------------------------------------------------------------------------------------------------------------------
Contract charges (.006441) (.007199) (.006254)
- --------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $1.334396 1.513005 1.212261
- --------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (4)% (1)% (10)%
====================================================================================================================
<CAPTION>
NBAMTPART TCIBAL TCIGRO
--------- ------ ------
<S> <C> <C> <C>
1996***
Beginning unit value - Jan. 1 1.306186 1.184177 1.729155
- -------------------------------------------------------------------------------
Reinvested capital gains
and dividends .053229 .048584 .193969
- -------------------------------------------------------------------------------
Unrealized gain (loss) .107828 .012715 (.170165)
- -------------------------------------------------------------------------------
Contract charges (.006629) (.005668) (.008222)
- -------------------------------------------------------------------------------
Ending unit value - June 30 1.460614 1.239808 1.744737
- -------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 12% 5% 1%
===============================================================================
1995
Beginning unit value - Jan. 1 .966223 ** 1.331537
- -------------------------------------------------------------------------------
Reinvested capital gains
and dividends .007900 .001532
- -------------------------------------------------------------------------------
Unrealized gain (loss) .195452 .256853
- -------------------------------------------------------------------------------
Contract charges (.004995) (.006702)
- -------------------------------------------------------------------------------
Ending unit value - June 30 1.164580 1.583220
- -------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 21% 19%
===============================================================================
1994
Beginning unit value - Jan. 1 ** ** 1.360119
- -------------------------------------------------------------------------------
Reinvested capital gains
and dividends .000146
- -------------------------------------------------------------------------------
Unrealized gain (loss) (.095873)
- -------------------------------------------------------------------------------
Contract charges (.006398)
- -------------------------------------------------------------------------------
Ending unit value - June 30 1.257994
- -------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (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.
** This investment option was not being utilized or was not available.
*** No other investment options were being utilized.
</TABLE>
See note 3.
21
<PAGE> 22
[THIS PAGE LEFT BLANK INTENTIONALLY]
22
<PAGE> 23
[THIS PAGE LEFT BLANK INTENTIONALLY]
23
<PAGE> 24
<TABLE>
<S> <C>
--------------
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 Insurnance Company
</TABLE>
