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NATIONWIDE
DC VARIABLE
ACCOUNT
[COBRA LOGO]
SEMI-ANNUAL REPORT
TO
PARTICIPANTS AND RETIRED PARTICIPANTS
JUNE 30, 1997
NATIONWIDE LIFE INSURANCE COMPANY
HOME OFFICE: COLUMBUS, OHIO
APO-723-W (6/97) [NATIONWIDE LOGO]
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[NATIONWIDE LOGO]
NATIONWIDE LIFE INSURANCE COMPANY
ONE NATIONWIDE PLAZA, COLUMBUS, OHIO 43215-2220
[JOSEPH J. GASPER PHOTO]
PRESIDENT'S MESSAGE
We are pleased to present the 1997 semi-annual report of the Nationwide(R) DC
Variable Account.
Our Enterprise Vision statement states: "We exist to serve our customers."
Everything we do is focused on you, our customer, and on your needs.
We recognize that your expectations have changed and your standards for value
and service are higher than ever before. You are being asked to take more
responsibility for your own financial future, as employers and government
programs provide fewer guarantees.
We know that you expect service and products customized to fit your needs -
including financial advice - and you expect to receive service at any time,
anywhere and any way you choose.
We are responding to your changing needs and expectations with innovative
product offerings, continuing investment in the training and professional
development of our people, and our investment in technology to enable us to
serve you faster, better and more cost effectively.
Equity investments produced solid gains for the first half of 1997 with the Dow
Jones Industrial Average breaking the 8,000 mark on July 16. The U.S. economy,
in its seventh year of expansion, is growing vigorously and corporate profits
are better than anticipated.
Interest rates and inflation are still at very low levels. However, the risk of
a temporary spike remains as the Federal Reserve might be forced to raise
interest rates in order to keep our economy on an inflation-free growth path.
Even such policy actions are not expected to end the prosperous times which we
now enjoy. In the long run, equity valuations will reflect these excellent
economic conditions.
Thank you for giving Nationwide Life Insurance Company the opportunity to meet
your investment needs.
/s/Joseph J. Gasper
Joseph J. Gasper, President
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CONTENTS
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 ............................................... 27
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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-two mutual funds from twenty-one mutual fund houses.
The Semi-Annual Report has two 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, 1997. 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 31.
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
These statements, found on page 11, show the activity in the Account for the
periods stated herein.
The Investment activity section shows the changes
in unrealized gain (loss) of the mutual funds in the Account, realized gain
(loss) as shares of the funds are bought (sold), mortality, expense and
administration charges which are assessed through the daily unit value
calculations, and dividends and capital gains earnings from the underlying
mutual funds.
The Equity transactions section illustrates the receipt of purchase payments by
the Account as new contracts are sold, existing contract owners deposit
additional funds; and deductions from the Account when money is withdrawn,
contracts are canceled, annuity benefits are paid, and annual contract
maintenance charges and contingent deferred sales charges are assessed.
Net change in contract owners' equity equals Investment activity plus Equity
transactions.
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.
As you review the following pages of the Semi-Annual Report, the Notes to
Financial Statements, beginning on page 27, will also help explain and clarify
the various statements and schedules.
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<CAPTION>
FUND PERFORMANCES
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AVERAGE ANNUAL TOTAL RETURN: NON-STANDARDIZED
PERCENT CHANGE IN NET ASSETS WITH CAPITAL GAINS AND INCOME DIVIDENDS REINVESTED
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6 MONTHS YEAR 3 YEARS 5 YEARS 10 YEARS*
1/1/97- 1996 7/1/94- 7/1/92- 7/1/87-
FUNDS** 6/30/97 6/30/97 6/30/96 6/30/96
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AGGRESSIVE GROWTH FUNDS
AIM Constellation Fund ........................... 7.78% 15.72% 22.75% 20.11% 15.59%
American Century: Twentieth Century Growth Fund .. 17.09% 13.92% 17.80% 11.75% 11.00%
American Century: Twentieth Century Ultra Fund ... 15.86% 12.77% 23.82% 20.09% 17.23%
Janus Twenty Fund ................................ 19.10% 26.64% 28.00% 16.89% 15.75%
Mass. Investors Growth Stock Fund ................ 25.66% 21.67% 27.73% 18.84% 12.96%
Putnam Voyager Fund .............................. 10.83% 11.73% 23.80% 18.73% 14.81%
GROWTH FUNDS
AIM Weingarten Fund .............................. 14.58% 17.12% 23.83% 14.70% 12.83%
American Century: Twentieth Century Select Fund .. 20.66% 18.09% 20.11% 13.69% 10.51%
Davis New York Venture Fund ...................... 18.41% 25.33% 27.28% 21.94% 16.71%
Dreyfus Third Century Fund ....................... 16.91% 23.15% 24.81% 15.72% 12.02%
Fidelity Contrafund .............................. 10.70% 20.78% 23.14% 18.95% 17.35%
Fidelity Magellan(R)Fund ......................... 15.36% 10.63% 21.61% 17.22% 14.16%
Fidelity OTC Portfolio ........................... 5.92% 22.56% 23.73% 16.69% 13.92%
Growth Fund of America(R) ........................ 11.96% 13.75% 19.72% 15.49% 12.40%
Janus Fund ....................................... 12.43% 18.48% 20.43% 14.88% 15.01%
MFS(R)Growth Opportunities Fund .................. 14.80% 20.71% 24.65% 17.25% 10.70%
Nationwide(R)Growth Fund ......................... 17.98% 15.59% 21.90% 15.50% 11.20%
Neuberger & Berman Manhattan Fund ................ 16.91% 8.81% 20.09% 15.95% 11.38%
Neuberger & Berman Partners Fund ................. 15.53% 25.34% 26.06% 19.88% 13.25%
Putnam Investors Fund ............................ 18.44% 20.25% 25.98% 19.62% 12.78%
Seligman Growth Fund ............................. 12.12% 19.99% 21.54% 15.39% 11.02%
Strong Common Stock .............................. 14.39% 19.32% 22.31% 21.82% 20.61%
GROWTH AND INCOME FUNDS
Delaware Group - Decatur Income Fund ............. 16.49% 19.36% 22.53% 16.88% 10.79%
Evergreen Income and Growth Fund ................. 5.17% 11.82% 13.25% 10.03% 7.62%
Fidelity Asset ManagerTM ......................... 10.72% 11.66% 12.77% 11.62% 12.23%
Fidelity Equity-Income Fund ...................... 16.83% 19.87% 22.68% 18.64% 12.54%
Fidelity Growth and Income Portfolio ............. 17.51% 18.88% 24.91% 19.32% 15.49%
Fidelity Puritan(R)Fund .......................... 13.46% 14.06% 16.25% 15.14% 11.66%
Income Fund of America(R) ........................ 9.48% 14.13% 17.22% 12.85% 10.98%
INVESCO Industrial Income Fund ................... 14.57% 15.61% 18.30% 14.16% 13.25%
Nationwide(R)Fund ................................ 22.83% 22.75% 26.63% 16.88% 12.88%
Neuberger & Berman Guardian Fund ................. 12.60% 16.76% 20.49% 17.38% 13.43%
INCOME FUNDS
Bond Fund of AmericaSM ........................... 3.56% 5.69% 8.48% 7.52% 8.29%
Fidelity Capital & Income Fund ................... 5.38% 10.34% 9.27% 10.72% 9.68%
MAS Fixed Income Portfolio ....................... 3.40% 6.34% 8.94% 7.57% 8.61%
MFS(R)High Income Fund ........................... 5.34% 11.48% 11.03% 10.24% 8.39%
Nationwide(R)Bond Fund ........................... 1.94% 0.52% 7.56% 5.70% 7.11%
INDEX FUND
Dreyfus S&P 500 Index Fund ....................... 20.10% 21.16% 27.01% 18.10% 14.28%
SEI Index Fund (S & P 500 Index) ................. 20.00% 21.45% 27.37% 18.37% 13.15%
INTERNATIONAL FUNDS
T. Rowe Price International Stock Fund(R) ........ 11.36% 14.89% 12.31% 12.51% 9.18%
Templeton Foreign Fund ........................... 10.67% 16.88% 12.60% 11.91% 11.02%
Templeton Global Smaller Companies Fund .......... 10.84% 20.93% 15.51% 13.49% 10.11%
GOVERNMENT BOND FUNDS
Federated GNMA Trust ............................. 3.09% 3.97% 7.42% 5.31% 7.54%
Federated U.S. Government Securities Fund ........ 1.95% 2.59% 5.46% 4.56% 6.39%
MONEY MARKET FUND
Dreyfus Cash Management .......................... 2.19% 4.41% 4.50% 3.62% 5.03%
Nationwide(R)Money Market Fund ................... 2.00% 3.98% 4.09% 3.16% 4.52%
S&P 500 *** ...................................... 21.79% 36.27% 18.54% 14.12% 14.19%
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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 Strong Common Stock reflects performance since its inception in December 1989, and the figure
shown for Dreyfus S&P 500 Index Fund reflects performance since its inception in November 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.
Sources: National Financial Services
Computer Directions Advisors, Inc.
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<CAPTION>
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AVERAGE ANNUAL TOTAL RETURN: NON-STANDARDIZED
PERCENT CHANGE IN NET ASSETS WITH CAPITAL GAINS AND INCOME DIVIDENDS REINVESTED
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6 MONTHS YEAR 3 YEARS 5 YEARS 10 YEARS*
1/1/97- 1996 7/1/94- 7/1/92- 7/1/87-
FUNDS** 6/30/97 6/30/97 6/30/96 6/30/96
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AGGRESSIVE GROWTH FUNDS
AIM Constellation Fund ........................... 3.03% 10.22% 20.67% 18.65% 14.43%
American Century: Twentieth Century Growth Fund .. 12.34% 8.42% 15.50% 9.86% 9.67%
American Century: Twentieth Century Ultra Fund ... 11.11% 7.27% 21.71% 18.61% 16.16%
Janus Twenty Fund ................................ 14.35% 21.14% 25.93% 15.12% 14.59%
Mass. Investors Growth Stock Fund ................ 20.91% 16.17% 25.65% 17.17% 11.60%
Putnam Voyager Fund .............................. 6.08% 6.23% 21.72% 17.16% 13.64%
GROWTH FUNDS
AIM Weingarten Fund .............................. 9.83% 11.62% 21.71% 12.88% 11.58%
American Century: Twentieth Century Select Fund .. 15.91% 12.59% 17.81% 11.85% 9.12%
Davis New York Venture Fund ...................... 13.66% 19.83% 25.17% 20.42% 15.59%
Dreyfus Third Century Fund ....................... 12.16% 17.65% 22.64% 13.93% 10.70%
Fidelity Contrafund .............................. 5.95% 15.28% 20.99% 17.39% 16.27%
Fidelity Magellan(R)Fund ......................... 10.61% 5.13% 19.44% 15.61% 12.98%
Fidelity OTC Portfolio ........................... 1.17% 17.06% 21.64% 15.02% 12.73%
Growth Fund of America(R) ........................ 7.21% 8.25% 17.51% 13.80% 11.17%
Janus Fund ....................................... 7.68% 12.98% 18.20% 13.13% 13.95%
MFS(R)Growth Opportunities Fund .................. 10.05% 15.21% 22.54% 15.58% 9.23%
Nationwide(R)Growth Fund ......................... 13.23% 10.09% 19.71% 13.75% 9.81%
Neuberger & Berman Manhattan Fund ................ 12.16% 3.31% 17.89% 14.30% 10.04%
Neuberger & Berman Partners Fund ................. 10.78% 19.84% 23.94% 18.29% 11.94%
Putnam Investors Fund ............................ 13.69% 14.75% 23.88% 18.04% 11.43%
Seligman Growth Fund ............................. 7.37% 14.49% 19.34% 13.64% 9.62%
Strong Common Stock .............................. 9.64% 13.82% 20.11% 20.39% 19.51%
GROWTH AND INCOME FUNDS
Delaware Group - Decatur Income Fund ............. 11.74% 13.86% 20.31% 15.18% 9.36%
Evergreen Income and Growth Fund ................. 0.42% 6.32% 10.83% 8.15% 6.11%
Fidelity Asset ManagerTM ......................... 5.97% 6.16% 10.28% 9.80% 10.97%
Fidelity Equity-Income Fund ...................... 12.08% 14.37% 20.47% 17.03% 11.21%
Fidelity Growth and Income Portfolio ............. 12.76% 13.38% 22.76% 17.72% 14.34%
Fidelity Puritan(R)Fund .......................... 8.71% 8.56% 13.86% 13.46% 10.36%
Income Fund of America(R) ........................ 4.73% 8.63% 14.90% 11.04% 9.68%
INVESCO Industrial Income Fund ................... 9.82% 10.11% 15.97% 12.39% 12.07%
Nationwide(R)Fund ................................ 18.08% 17.25% 24.47% 15.07% 11.56%
Neuberger & Berman Guardian Fund ................. 7.85% 11.26% 18.26% 15.77% 12.20%
INCOME FUND
Bond Fund of AmericaSM ........................... -1.19% 0.19% 5.90% 5.55% 6.96%
Fidelity Capital & Income Fund ................... 0.63% 4.84% 6.70% 8.94% 8.32%
MAS Fixed Income Portfolio ....................... -1.35% 0.84% 6.38% 5.60% 7.29%
MFS(R)High Income Fund ........................... 0.59% 5.98% 8.52% 8.40% 6.93%
Nationwide(R)Bond Fund ........................... -2.81% -4.94% 4.98% 3.64% 5.71%
INDEX FUND
Dreyfus S&P 500 Index Fund ....................... 15.35% 15.66% 24.91% 16.40% 12.77%
SEI Index Fund (S & P 500 Index) ................. 15.25% 15.95% 25.29% 16.68% 11.83%
INTERNATIONAL FUNDS
T. Rowe Price International Stock Fund(R) ........ 6.61% 9.39% 9.79% 10.71% 7.75%
Templeton Foreign Fund ........................... 5.92% 11.38% 10.09% 10.06% 9.77%
Templeton Global Smaller Companies Fund .......... 6.09% 15.43% 13.11% 11.72% 8.69%
GOVERNMENT BOND FUNDS
Federated GNMA Trust ............................. -1.66% -1.53% 4.81% 3.20% 6.20%
Federated U.S. Government Securities Fund ........ -2.80% -2.91% 2.79% 2.43% 4.96%
MONEY MARKET FUND
Dreyfus Cash Management .......................... -2.56% -1.09% 1.77% 1.42% 3.51%
Nationwide(R)Money Market Fund ................... -2.75% -1.52% 1.34% 0.92% 2.95%
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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 Strong Common Stock reflects performance since its inception in December 1989, and the figure
shown for Dreyfus S&P 500 Index Fund reflects performance since its inception in November 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. 7
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<CAPTION>
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY
JUNE 30, 1997
(UNAUDITED)
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ASSETS:
Investments at market value:
AIM Equity Funds, Inc. - AIM Constellation Fund - Institutional Class (AIMCon)
614,391 shares (cost $15,468,773) .......................................... $ 17,184,529
AIM Equity Funds, Inc. - AIM Weingarten Fund - Institutional Class (AIMWein)
99,639 shares (cost $1,854,808) ............................................ 2,147,225
American Century: Twentieth Century Growth Fund (ACTCGro)
4,862,939 shares (cost $100,856,684) ....................................... 125,172,052
American Century: Twentieth Century Select Fund (ACTCSel)
41,335 shares (cost $1,473,271) ............................................ 1,930,757
American Century: Twentieth Century Ultra Fund (ACTCUltra)
9,171,224 shares (cost $230,269,014) ....................................... 299,899,036
The Bond Fund of AmericaSM, Inc. (BdFdAm)
831,002 shares (cost $11,310,968) .......................................... 11,476,135
Davis New York Venture Fund, Inc. - Class A (DNYVenFd)
222,369 shares (cost $4,050,722) ........................................... 4,629,719
Delaware Group Decatur Fund, Inc. -
Decatur Income Fund Institutional Class (DeDecInc)
11,918 shares (cost $209,913) .............................................. 253,129
Dreyfus Cash Management - Class A (DryCsMgt)
1,205,061 shares (cost $1,205,061) ......................................... 1,205,061
Dreyfus S&P 500 Index Fund (Dry500Ix)
125,518 shares (cost $3,262,913) ........................................... 3,353,847
The Dreyfus Third Century Fund, Inc. (Dry3dCen)
2,781,441 shares (cost $24,208,849) ........................................ 28,815,732
Evergreen Income and Growth Fund - Class Y (EvIncGro)
187,799 shares (cost $3,600,254) ........................................... 4,325,005
The Institutional Shares of Federated GNMA Trust (FedGNMA)
58,305 shares (cost $642,574) .............................................. 649,516
Federated U.S. Government Securities Fund: 2-5 Years -
Institutional Shares (FedUSGvt)
210,772 shares (cost $2,201,130) ........................................... 2,202,563
Fidelity Asset ManagerTM (FidAsMgr)
336,509 shares (cost $5,352,237) ........................................... 6,067,252
Fidelity Capital & Income Fund (FidCapInc)
140,908 shares (cost $1,237,953) ........................................... 1,341,448
Fidelity Contrafund (FidContr)
4,756,387 shares (cost $178,959,999) ....................................... 219,316,990
Fidelity Equity-Income Fund (FidEqInc)
5,045,919 shares (cost $179,087,002) ....................................... 248,208,749
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Fidelity Growth & Income Portfolio (FidGrInc)
448,767 shares (cost $13,370,447) .......................................... 16,178,068
Fidelity Magellan(R) Fund (FidMgln)
2,269,583 shares (cost $174,012,024) ....................................... 206,645,493
The Growth Fund of America(R), Inc. (GroFdAm)
595,026 shares (cost $9,637,910) ........................................... 11,091,287
The Income Fund of America(R), Inc. (IncFdAm)
980,070 shares (cost $15,010,081) .......................................... 17,406,041
INVESCO Industrial Income Fund, Inc. (InvIndlnc)
1,359,895 shares (cost $17,116,496) ........................................ 20,819,986
Janus Fund (JanFund)
1,911,959 shares (cost $46,495,206) ........................................ 52,808,316
MAS Funds - Fixed Income Portfolio (MASFIP)
162,664 shares (cost $1,922,246) ........................................... 1,951,967
MFS(R) Growth Opportunities Fund - Class A (MFSGrOpp)
1,762,239 shares (cost $20,409,007) ........................................ 26,363,103
MFS(R) High Income Fund - Class A (MFSHiInc)
645,052 shares (cost $3,348,490) ........................................... 3,489,733
Massachusetts Investors Growth Stock Fund - Class A (MFSGrStk)
477,433 shares (cost $5,140,869) ........................................... 6,015,656
Nationwide(R) Bond Fund (NWBdFd)
13,504 shares (cost $125,632) .............................................. 124,376
Nationwide(R) Fund (NWFund)
2,117,202 shares (cost $38,907,160) ........................................ 52,421,924
Nationwide(R) Growth Fund (NWGroFd)
565,916 shares (cost $6,812,519) ........................................... 8,879,224
Nationwide(R) Money Market Fund (NWMyMkt)
65,266,291 shares (cost $65,266,291) ....................................... 65,266,291
Neuberger & Berman Guardian Fund (NBGuard)
22,120 shares (cost $606,361) .............................................. 639,713
Neuberger & Berman Manhattan Fund (NBManhFd)
7,817 shares (cost $95,509) ................................................ 107,253
Neuberger & Berman Partners Fund (NBPartFd)
40,677 shares (cost $1,124,715) ............................................ 1,189,386
Putnam Investors Fund - Class A (PutInvFd)
3,479,335 shares (cost $29,502,329) ........................................ 38,133,513
Putnam Voyager Fund - Class A (PutVoyFd)
6,090,887 shares (cost $95,351,347) ........................................ 109,331,422
SEI Index Funds - S&P 500 Index Portfolio (SEI500Ix)
400,264 shares (cost $10,017,937) .......................................... 11,279,438
Seligman Growth Fund, Inc. - Class A (SelGroFd)
424,772 shares (cost $2,238,371) ........................................... 2,799,245
Strong Common Stock Fund, Inc. (StComStk)
289,790 shares (cost $5,920,436) ........................................... 6,578,230
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T. Rowe Price International Funds, Inc. - International Stock Fund(R)(TRIntStk)
2,437,297 shares (cost $32,233,305) ........................................ 37,631,858
Templeton Foreign Fund - Class I (TemForFd)
7,578,855 shares (cost $73,624,514) ........................................ 87,308,411
Templeton Global Smaller Companies Fund, Inc. - Class I (TemGlSmCo)
107,916 shares (cost $905,532) ............................................. 1,004,696
American Century VP - American Century VP Balanced (ACVPBal)
711 shares (cost $5,059) ................................................... 5,511
American Century VP - American Century VP Capital Appreciation (ACVPCapAp)
9,803 shares (cost $100,749) ............................................... 94,693
The Dreyfus Socially Responsible Growth Fund, Inc. (DrySRGro)
182 shares (cost $3,869) ................................................... 4,262
Dreyfus Stock Index Fund (DryStkIx)
1,557 shares (cost $29,161) ................................................ 37,737
Variable Insurance Products Fund II - Asset Manager Portfolio (FidVIPAM)
1,847 shares (cost $28,081) ................................................ 30,654
Variable Insurance Products Fund - Equity-Income Portfolio (FidVIPEI)
6,036 shares (cost $115,426) ............................................... 133,162
Variable Insurance Products Fund - Growth Portfolio (FidVIPGr)
3,175 shares (cost $89,673) ................................................ 108,595
Variable Insurance Products Fund - High Income Portfolio (FidVIPHI)
2,787 shares (cost $33,220) ................................................ 34,637
Variable Insurance Products - Overseas Portfolio (FidVIPOv)
7,025 shares (cost $119,953) ............................................... 140,771
Nationwide SAT - Government Bond Fund (NSATGvtBd)
1,110 shares (cost $12,239) ................................................ 12,206
Nationwide SAT - Money Market Fund (NSATMyMkt)
18,712 shares (cost $18,712) ............................................... 18,712
Nationwide SAT - Total Return Fund (NSATTotRe)
3,978 shares (cost $47,609) ................................................ 62,500
Neuberger & Berman AMT - Growth Portfolio (NBAMTGro)
826 shares (cost $20,992) .................................................. 22,906
Neuberger & Berman AMT - Limited Maturity Bond Portfolio (NBAMTLMat)
681 shares (cost $9,426) ................................................... 9,281
Neuberger & Berman AMT - Partners Portfolio (NBAMTPart)
1,096 shares (cost $14,132) ................................................ 19,907
-------------
Total investments ....................................................... 1,764,378,909
Accounts receivable .............................................................. 41,289
-------------
Total assets ............................................................ 1,764,420,198
ACCOUNTS PAYABLE .................................................................... 242,596
-------------
CONTRACT OWNERS' EQUITY (NOTE 3) .................................................... $1,764,177,602
==============
See accompanying notes to financial statements.
=======================================================================================================
</TABLE>
10
<PAGE> 10
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1997 AND 1996
(UNAUDITED)
Total AIMCon
----------------------------------- -----------------------------------
1997 1996 1997 1996
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... $ 7,706,347 6,827,601 -- --
Mortality and expense charges .................. (3,898,039) (3,295,695) (41,021) (19,831)
Administration charge - Tier I ................. (1,968,784) (2,966,124) (29,501) (17,848)
Administration charge - Tier II ................ (524,183) -- -- --
Administration charge - Tier III ............... (168,929) -- -- --
Administration charge - Tier IV ................ (65,257) -- -- --
Administration charge - Tier V ................. (183,171) -- (2,473) --
--------------- --------------- --------------- ---------------
Net investment activity ...................... 897,984 565,782 (72,995) (37,679)
Proceeds from mutual fund shares sold .......... 127,538,887 107,755,110 5,097,633 285,029
Cost of mutual fund shares sold ................ (112,268,086) (94,486,876) (4,299,436) (203,697)
--------------- --------------- --------------- ---------------
Realized gain (loss) on investments ............ 15,270,801 13,268,234 798,197 81,332
Unrealized gain (loss) on investments .......... 184,132,014 43,292,920 415,452 709,746
--------------- --------------- --------------- ---------------
Net gain (loss) on investments ............... 199,402,815 56,561,154 1,213,649 791,078
Reinvested capital gains ....................... 8,663,127 33,344,947 -- --
--------------- --------------- --------------- ---------------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 208,963,926 90,471,883 1,140,654 753,399
EQUITY TRANSACTIONS:
Purchase payments received from contract
owners - net of transfers between funds ...... 217,822,618 204,939,637 3,503,156 4,745,421
Redemptions .................................... (88,285,940) (87,140,587) (3,016,246) (755,885)
Annual contract maintenance charge (note 2) .... (1,931) (65,069) -- --
Contingent deferred sales charges .............. (10,104) (3,142) (372) (110)
Adjustments to maintain reserves ............... (100,249) (12,819) 845 528
--------------- --------------- --------------- ---------------
Net equity transactions .................... 129,424,394 117,718,020 487,383 3,989,954
NET CHANGE IN CONTRACT OWNERS' EQUITY ............ 338,388,320 208,189,903 1,628,037 4,743,353
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ...... 1,425,789,282 1,226,462,053 15,557,461 5,708,596
--------------- --------------- --------------- ---------------
CONTRACT OWNERS' EQUITY END OF PERIOD ............ $ 1,764,177,602 1,434,651,956 17,185,498 10,451,949
=============== =============== =============== ===============
</TABLE>
<TABLE>
<CAPTION>
AIMWein ACTCGro
----------------------------------- -----------------------------------
1997 1996 1997 1996
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... -- -- -- --
Mortality and expense charges .................. (5,307) (4,299) (293,167) (367,299)
Administration charge - Tier I ................. (4,776) (3,869) (125,063) (330,569)
Administration charge - Tier II ................ -- -- (43,110) --
Administration charge - Tier III ............... -- -- (12,060) --
Administration charge - Tier IV ................ -- -- (3,460) --
Administration charge - Tier V ................. -- -- (21,471) --
--------------- --------------- --------------- ---------------
Net investment activity ...................... (10,083) (8,168) (498,331) (697,868)
Proceeds from mutual fund shares sold .......... 463,435 215,173 11,271,665 13,405,531
Cost of mutual fund shares sold ................ (404,516) (184,615) (11,860,026) (13,301,096)
--------------- --------------- --------------- ---------------
Realized gain (loss) on investments ............ 58,919 30,558 (588,361) 104,435
Unrealized gain (loss) on investments .......... 224,345 111,839 19,673,323 10,369,749
--------------- --------------- --------------- ---------------
Net gain (loss) on investments ............... 283,264 142,397 19,084,962 10,474,184
Reinvested capital gains ....................... -- -- -- --
--------------- --------------- --------------- ---------------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 273,181 134,229 18,586,631 9,776,316
EQUITY TRANSACTIONS:
Purchase payments received from contract
owners - net of transfers between funds ...... 65,359 257,762 (312,767) (1,723,396)
Redemptions .................................... (308,173) (102,439) (6,954,783) (8,733,539)
Annual contract maintenance charge (note 2) .... -- -- (4) (14,754)
Contingent deferred sales charges .............. -- -- (367) (319)
Adjustments to maintain reserves ............... (358) 123 1,040 3,467
--------------- --------------- --------------- ---------------
Net equity transactions .................... (243,172) 155,446 (7,266,881) (10,468,541)
NET CHANGE IN CONTRACT OWNERS' EQUITY ............ 30,009 289,675 11,319,750 (692,225)
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ...... 2,116,847 1,524,549 113,853,751 149,542,262
--------------- --------------- --------------- ---------------
CONTRACT OWNERS' EQUITY END OF PERIOD ............ 2,146,856 1,814,224 125,173,501 148,850,037
=============== =============== =============== ===============
</TABLE>
11
<PAGE> 11
<TABLE>
<CAPTION>
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1997 AND 1996
(UNAUDITED)
ACTCSel ACTCUltra
----------------------------------- -----------------------------------
1997 1996 1997 1996
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... $ -- -- -- --
Mortality and expense charges .................. (4,251) (3,563) (671,863) (527,692)
Administration charge - Tier I ................. (122) (3,207) (347,296) (474,923)
Administration charge - Tier II ................ -- -- (89,384) --
Administration charge - Tier III ............... -- -- (35,427) --
Administration charge - Tier IV ................ (1,646) -- (9,233) --
Administration charge - Tier V ................. -- -- (27,636) --
--------------- --------------- --------------- ---------------
Net investment activity ...................... (6,019) (6,770) (1,180,839) (1,002,615)
Proceeds from mutual fund shares sold .......... 85,295 504,907 18,487,083 14,409,156
Cost of mutual fund shares sold ................ (68,626) (449,443) (12,966,126) (10,067,133)
--------------- --------------- --------------- ---------------
Realized gain (loss) on investments ............ 16,669 55,464 5,520,957 4,342,023
Unrealized gain (loss) on investments .......... 315,852 54,521 36,383,589 13,663,354
--------------- --------------- --------------- ---------------
Net gain (loss) on investments ............... 332,521 109,985 41,904,546 18,005,377
Reinvested capital gains ....................... -- -- -- --
--------------- --------------- --------------- ---------------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 326,502 103,215 40,723,707 17,002,762
EQUITY TRANSACTIONS:
Purchase payments received from contract
owners - net of transfers between funds ...... 99,406 (258,987) 26,777,345 43,900,102
Redemptions .................................... (53,315) (170,755) (13,005,968) (17,205,535)
Annual contract maintenance charge (note 2) .... -- -- (24) (36)
Contingent deferred sales charges .............. -- -- (1,129) (1,039)
Adjustments to maintain reserves ............... 1 (932) (27,467) 24,674
--------------- --------------- --------------- ---------------
Net equity transactions .................... 46,092 (430,674) 13,742,757 26,718,166
NET CHANGE IN CONTRACT OWNERS' EQUITY ............ 372,594 (327,459) 54,466,464 43,720,928
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ...... 1,558,172 1,670,130 245,403,535 192,990,914
--------------- --------------- --------------- ---------------
CONTRACT OWNERS' EQUITY END OF PERIOD ............ $ 1,930,766 1,342,671 299,869,999 236,711,842
=============== =============== =============== ===============
</TABLE>
<TABLE>
<CAPTION>
BdFdAm DNYVenFd
----------------------------------- -----------------------------------
1997 1996 1997 1996
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... 411,668 540,089 - -
Mortality and expense charges .................. (28,890) (37,489) (8,525) (7,821)
Administration charge - Tier I ................. (16,468) (33,740) (7,105) (7,039)
Administration charge - Tier II ................ (4,607) - (505) -
Administration charge - Tier III ............... (1,078) - - -
Administration charge - Tier IV ................ (92) - - -
Administration charge - Tier V ................. (842) - - -
------------- ------------- ------------- -------------
Net investment activity ...................... 359,691 468,860 (16,135) (14,860)
Proceeds from mutual fund shares sold .......... 2,797,351 2,208,734 1,030,002 242,021
Cost of mutual fund shares sold ................ (2,615,750) (2,415,276) (878,348) (186,607)
------------- ------------- ------------- -------------
Realized gain (loss) on investments ............ 181,601 (206,542) 151,654 55,414
Unrealized gain (loss) on investments .......... (131,209) (245,008) 394,157 179,081
------------- ------------- ------------- -------------
Net gain (loss) on investments ............... 50,392 (451,550) 545,811 234,495
Reinvested capital gains ....................... - - - -
------------- ------------- ------------- -------------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 410,083 17,310 529,676 219,635
EQUITY TRANSACTIONS:
Purchase payments received from contract
owners - net of transfers between funds ...... 371,695 1,385,999 3,206,481 1,495,231
Redemptions .................................... (848,693) (1,133,659) (1,321,499) (289,689)
Annual contract maintenance charge (note 2) .... (8) (1,927) - -
Contingent deferred sales charges .............. - - - -
Adjustments to maintain reserves ............... (180) 210 105 277
------------- ------------- ------------- -------------
Net equity transactions .................... (477,186) 250,623 1,885,087 1,205,819
NET CHANGE IN CONTRACT OWNERS' EQUITY ............ (67,103) 267,933 2,414,763 1,425,454
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ...... 11,554,576 15,164,171 2,215,046 2,383,414
------------- ------------- ------------- -------------
CONTRACT OWNERS' EQUITY END OF PERIOD ............ 11,487,473 15,432,104 4,629,809 3,808,868
============= ============= ============= =============
</TABLE>
12
<PAGE> 12
<TABLE>
<CAPTION>
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1997 AND 1996
(UNAUDITED)
DeDecInc DryCsMgt
----------------------------------- -----------------------------------
1997 1996 1997 1996
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... $ 3,796 4,001 28,154 69,397
Mortality and expense charges .................. (586) (521) (2,648) (6,550)
Administration charge - Tier I ................. (417) (469) (1,557) (5,895)
Administration charge - Tier II ................ (70) -- (734) --
Administration charge - Tier III ............... (21) -- -- --
Administration charge - Tier IV ................ -- -- -- --
Administration charge - Tier V ................. -- -- -- --
--------------- --------------- --------------- ---------------
Net investment activity ...................... 2,702 3,011 23,215 56,952
Proceeds from mutual fund shares sold .......... 18,915 768 3,463,566 1,693,927
Cost of mutual fund shares sold ................ (16,977) (744) (3,463,566) (1,693,927)
--------------- --------------- --------------- ---------------
Realized gain (loss) on investments ............ 1,938 24 -- --
Unrealized gain (loss) on investments .......... 30,950 9,754 -- --
--------------- --------------- --------------- ---------------
Net gain (loss) on investments ............... 32,888 9,778 -- --
Reinvested capital gains ....................... -- -- -- --
--------------- --------------- --------------- ---------------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 35,590 12,789 23,215 56,952
EQUITY TRANSACTIONS:
Purchase payments received from contract
owners - net of transfers between funds ...... 13,946 15,615 193,830 (255,029)
Redemptions .................................... (19,529) (128) (136,585) (77,998)
Annual contract maintenance charge (note 2) .... -- (4) -- --
Contingent deferred sales charges .............. -- -- -- --
Adjustments to maintain reserves ............... (6) (84) 196 (65)
--------------- --------------- --------------- ---------------
Net equity transactions .................... (5,589) 15,399 57,441 (333,092)
NET CHANGE IN CONTRACT OWNERS' EQUITY ............ 30,001 28,188 80,656 (276,140)
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ...... 223,128 192,253 1,154,439 2,844,535
--------------- --------------- --------------- ---------------
CONTRACT OWNERS' EQUITY END OF PERIOD ............ $ 253,129 220,441 1,235,095 2,568,395
=============== =============== =============== ===============
</TABLE>
<TABLE>
<CAPTION>
Dry500Ix Dry3dCen
----------------------------------- -----------------------------------
1997 1996 1997 1996
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... -- -- -- --
Mortality and expense charges .................. (1,421) -- (61,256) (39,473)
Administration charge - Tier I ................. (509) -- (27,368) (35,525)
Administration charge - Tier II ................ (341) -- (7,207) --
Administration charge - Tier III ............... (206) -- (3,408) --
Administration charge - Tier IV ................ (34) -- (993) --
Administration charge - Tier V ................. -- -- (4,103) --
--------------- --------------- --------------- ---------------
Net investment activity ...................... (2,511) -- (104,335) (74,998)
Proceeds from mutual fund shares sold .......... 554,133 -- 1,666,438 1,370,018
Cost of mutual fund shares sold ................ (534,142) -- (1,533,857) (1,217,403)
--------------- --------------- --------------- ---------------
Realized gain (loss) on investments ............ 19,991 -- 132,581 152,615
Unrealized gain (loss) on investments .......... 90,935 -- 3,766,256 1,399,924
--------------- --------------- --------------- ---------------
Net gain (loss) on investments ............... 110,926 -- 3,898,837 1,552,539
Reinvested capital gains ....................... -- -- -- --
--------------- --------------- --------------- ---------------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 108,415 -- 3,794,502 1,477,541
EQUITY TRANSACTIONS:
Purchase payments received from contract
owners - net of transfers between funds ...... 3,248,776 -- 6,535,242 2,087,447
Redemptions .................................... (3,344) -- (1,456,877) (877,389)
Annual contract maintenance charge (note 2) .... -- -- -- --
Contingent deferred sales charges .............. -- -- -- --
Adjustments to maintain reserves ............... (606) -- (1,945) 703
--------------- --------------- --------------- ---------------
Net equity transactions .................... 3,244,826 -- 5,076,420 1,210,761
NET CHANGE IN CONTRACT OWNERS' EQUITY ............ 3,353,241 -- 8,870,922 2,688,302
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ...... -- -- 19,942,835 14,552,502
--------------- --------------- --------------- ---------------
CONTRACT OWNERS' EQUITY END OF PERIOD ............ 3,353,241 -- 28,813,757 17,240,804
=============== =============== =============== ===============
</TABLE>
13
<PAGE> 13
<TABLE>
<CAPTION>
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1997 AND 1996
(UNAUDITED)
EvincGro FedGNMA
----------------------------------- -----------------------------------
1997 1996 1997 1996
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... $ 102,820 78,179 22,306 21,149
Mortality and expense charges .................. (10,466) (13,320) (1,660) (1,590)
Administration charge - Tier I ................. (4,544) (11,988) (1,494) (1,431)
Administration charge - Tier II ................ (1,985) -- -- --
Administration charge - Tier III ............... (283) -- -- --
Administration charge - Tier IV ................ (51) -- -- --
Administration charge - Tier V ................. (701) -- -- --
--------------- --------------- --------------- ---------------
Net investment activity ...................... 84,790 52,871 19,152 18,128
Proceeds from mutual fund shares sold .......... 507,480 935,480 143,957 106,246
Cost of mutual fund shares sold ................ (479,285) (939,158) (138,566) (111,147)
--------------- --------------- --------------- ---------------
Realized gain (loss) on investments ............ 28,195 (3,678) 5,391 (4,901)
Unrealized gain (loss) on investments .......... 292,883 154,319 (5,638) (17,680)
--------------- --------------- --------------- ---------------
Net gain (loss) on investments ............... 321,078 150,641 (247) (22,581)
Reinvested capital gains ....................... -- -- -- --
--------------- --------------- --------------- ---------------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 405,868 203,512 18,905 (4,453)
EQUITY TRANSACTIONS:
Purchase payments received from contract
owners - net of transfers between funds ...... (208,503) (160,729) 56,621 84,475
Redemptions .................................... (193,293) (457,042) (135,281) (59,093)
Annual contract maintenance charge (note 2) .... -- -- -- --
Contingent deferred sales charges .............. -- -- -- (11)
Adjustments to maintain reserves ............... 21 63,157 (26) (17)
--------------- --------------- --------------- ---------------
Net equity transactions .................... (401,775) (554,614) (78,686) 25,354
NET CHANGE IN CONTRACT OWNERS' EQUITY ............ 4,093 (351,102) (59,781) 20,901
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ...... 4,320,926 5,673,695 709,278 632,297
--------------- --------------- --------------- ---------------
CONTRACT OWNERS' EQUITY END OF PERIOD ............ $ 4,325,019 5,322,593 649,497 653,198
=============== =============== =============== ===============
</TABLE>
<TABLE>
<CAPTION>
FedUSGvt FidAsMgr
----------------------------------- -----------------------------------
1997 1996 1997 1996
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... 59,974 53,411 89,019 98,947
Mortality and expense charges .................. (5,339) (4,943) (13,402) (16,417)
Administration charge - Tier I ................. (3,212) (4,449) (7,871) (14,776)
Administration charge - Tier II ................ (930) -- (1,796) --
Administration charge - Tier III ............... (174) -- (525) --
Administration charge - Tier IV ................ (127) -- (614) --
Administration charge - Tier V ................. -- -- -- --
---------------- --------------- --------------- ---------------
Net investment activity ...................... 50,192 44,019 64,811 67,754
Proceeds from mutual fund shares sold .......... 701,802 885,484 414,467 869,683
Cost of mutual fund shares sold ................ (718,525) (854,486) (341,759) (791,338)
---------------- --------------- --------------- ---------------
Realized gain (loss) on investments ............ (16,723) 30,998 72,708 78,345
Unrealized gain (loss) on investments .......... 8,798 (91,883) 425,941 93,768
---------------- --------------- --------------- ---------------
Net gain (loss) on investments ............... (7,925) (60,885) 498,649 172,113
Reinvested capital gains ....................... -- -- -- --
---------------- --------------- --------------- ---------------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 42,267 (16,866) 563,460 239,867
EQUITY TRANSACTIONS:
Purchase payments received from contract
owners - net of transfers between funds ...... 375,795 11,976 756,608 690,049
Redemptions .................................... (237,142) (161,564) (276,622) (620,983)
Annual contract maintenance charge (note 2) .... -- -- -- --
Contingent deferred sales charges .............. -- -- -- --
Adjustments to maintain reserves ............... (60) (125) (14) (16)
---------------- --------------- --------------- ---------------
Net equity transactions .................... 138,593 (149,713) 479,972 69,050
NET CHANGE IN CONTRACT OWNERS' EQUITY ............ 180,860 (166,579) 1,043,432 308,917
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ...... 2,021,665 2,094,259 5,023,827 6,549,948
---------------- --------------- --------------- ---------------
CONTRACT OWNERS' EQUITY END OF PERIOD ............ 2,202,525 1,927,680 6,067,259 6,858,865
================ =============== =============== ===============
</TABLE>
14
<PAGE> 14
<TABLE>
<CAPTION>
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1997 AND 1996
(UNAUDITED)
FidCapInc FidContr
----------------------------------- -----------------------------------
1997 1996 1997 1996
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... $ 54,062 77,536 -- --
Mortality and expense charges .................. (3,376) (3,442) (476,998) (307,464)
Administration charge - Tier I ................. (1,136) (3,098) (282,862) (276,718)
Administration charge - Tier II ................ (313) -- (68,027) --
Administration charge - Tier III ............... (408) -- (25,686) --
Administration charge - Tier IV ................ (81) -- (8,532) --
Administration charge - Tier V ................. (252) -- (4,060) --
--------------- --------------- --------------- ---------------
Net investment activity ...................... 48,496 70,996 (866,165) (584,182)
Proceeds from mutual fund shares sold .......... 105,044 436,756 2,726,923 3,744,741
Cost of mutual fund shares sold ................ (77,996) (315,994) (2,063,676) (3,168,662)
--------------- --------------- --------------- ---------------
Realized gain (loss) on investments ............ 27,048 120,762 663,247 576,079
Unrealized gain (loss) on investments .......... (3,894) (135,741) 17,520,586 4,138,806
--------------- --------------- --------------- ---------------
Net gain (loss) on investments ............... 23,154 (14,979) 18,183,833 4,714,885
Reinvested capital gains ....................... -- -- 3,018,084 5,684,369
--------------- --------------- --------------- ---------------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 71,650 56,017 20,335,752 9,815,072
EQUITY TRANSACTIONS:
Purchase payments received from contract
owners - net of transfers between funds ...... (11,896) (26,998) 38,392,212 33,116,346
Redemptions .................................... (85,358) (403,156) (8,383,935) (6,865,907)
Annual contract maintenance charge (note 2) .... -- -- -- --
Contingent deferred sales charges .............. -- -- -- --
Adjustments to maintain reserves ............... (33) (158) (13,704) (68,443)
--------------- --------------- --------------- ---------------
Net equity transactions .................... (97,287) (430,312) 29,994,573 26,181,996
NET CHANGE IN CONTRACT OWNERS' EQUITY ............ (25,637) (374,295) 50,330,325 35,997,068
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ...... 1,367,071 1,720,157 168,983,800 106,734,045
--------------- --------------- --------------- ---------------
CONTRACT OWNERS' EQUITY END OF PERIOD ............ $ 1,341,434 1,345,862 219,314,125 142,731,113
=============== =============== =============== ===============
</TABLE>
<TABLE>
<CAPTION>
FidEqInc FidGrInc
----------------------------------- -----------------------------------
1997 1996 1997 1996
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... 2,519,112 2,194,879 95,150 41,378
Mortality and expense charges .................. (539,511) (427,596) (33,379) (13,966)
Administration charge - Tier I ................. (242,600) (384,833) (21,079) (12,570)
Administration charge - Tier II ................ (80,749) -- -- --
Administration charge - Tier III ............... (24,514) -- -- --
Administration charge - Tier IV ................ (11,985) -- -- --
Administration charge - Tier V ................. (29,459) -- (2,987) --
--------------- --------------- --------------- ---------------
Net investment activity ...................... 1,590,294 1,382,450 37,705 14,842
Proceeds from mutual fund shares sold .......... 4,974,081 6,614,979 2,277,778 2,930,551
Cost of mutual fund shares sold ................ (2,826,840) (4,112,116) (1,641,610) (2,393,972)
--------------- --------------- --------------- ---------------
Realized gain (loss) on investments ............ 2,147,241 2,502,863 636,168 536,579
Unrealized gain (loss) on investments .......... 28,377,028 7,475,688 1,485,966 (110,272)
--------------- --------------- --------------- ---------------
Net gain (loss) on investments ............... 30,524,269 9,978,551 2,122,134 426,307
Reinvested capital gains ....................... 2,314,658 2,203,152 -- --
--------------- --------------- --------------- ---------------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 34,429,221 13,564,153 2,159,839 441,149
EQUITY TRANSACTIONS:
Purchase payments received from contract
owners - net of transfers between funds ...... 30,451,360 23,330,338 6,131,220 2,118,079
Redemptions .................................... (10,172,818) (11,049,206) (2,671,546) (3,047,544)
Annual contract maintenance charge (note 2) .... -- (10,436) -- --
Contingent deferred sales charges .............. (797) (92) -- --
Adjustments to maintain reserves ............... 768 2,132 928 275
--------------- --------------- --------------- ---------------
Net equity transactions .................... 20,278,513 12,272,736 3,460,602 (929,190)
NET CHANGE IN CONTRACT OWNERS' EQUITY ............ 54,707,734 25,836,889 5,620,441 (488,041)
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ...... 193,502,053 158,961,606 10,558,554 6,996,905
--------------- --------------- --------------- ---------------
CONTRACT OWNERS' EQUITY END OF PERIOD ............ 248,209,787 184,798,495 16,178,995 6,508,864
=============== =============== =============== ===============
</TABLE>
15
<PAGE> 15
<TABLE>
<CAPTION>
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1997 AND 1996
(UNAUDITED)
FidMgin FidOTC
----------------------------------- -----------------------------------
1997 1996 1997 1996
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... $ 1,635,701 986,540 -- --
Mortality and expense charges .................. (463,415) (421,016) -- --
Administration charge - Tier I ................. (251,040) (378,914) -- --
Administration charge - Tier II ................ (47,809) -- -- --
Administration charge - Tier III ............... (17,711) -- -- --
Administration charge - Tier IV ................ (6,799) -- -- --
Administration charge - Tier V ................. (23,461) -- -- --
--------------- --------------- --------------- ---------------
Net investment activity ...................... 825,466 186,610 -- --
Proceeds from mutual fund shares sold .......... 6,429,730 7,473,653 -- 78,420
Cost of mutual fund shares sold ................ (5,803,273) (6,196,391) -- (80,480)
--------------- --------------- --------------- ---------------
Realized gain (loss) on investments ............ 626,457 1,277,262 -- (2,060)
Unrealized gain (loss) on investments .......... 22,580,629 (22,944,955) -- 2,064
--------------- --------------- --------------- ---------------
Net gain (loss) on investments ............... 23,207,086 (21,667,693) -- 4
Reinvested capital gains ....................... 3,184,164 25,354,072 -- --
--------------- --------------- --------------- ---------------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 27,216,716 3,872,989 -- 4
EQUITY TRANSACTIONS:
Purchase payments received from contract
owners - net of transfers between funds ...... 9,659,880 19,351,529 -- --
Redemptions .................................... (7,275,908) (8,000,483) -- (78,420)
Annual contract maintenance charge (note 2) .... -- -- -- --
Contingent deferred sales charges .............. (1,160) (553) -- --
Adjustments to maintain reserves ............... (998) 4,574 -- (4)
--------------- --------------- --------------- ---------------
Net equity transactions .................... 2,381,814 11,355,067 -- (78,424)
NET CHANGE IN CONTRACT OWNERS' EQUITY ............ 29,598,530 15,228,056 -- (78,420)
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ...... 177,046,208 159,187,313 -- 78,420
--------------- --------------- --------------- ---------------
CONTRACT OWNERS' EQUITY END OF PERIOD ............ $ 206,644,738 174,415,369 -- --
=============== =============== =============== ===============
</TABLE>
<TABLE>
<CAPTION>
GroFdAm IncFdAm
----------------------------------- -----------------------------------
1997 1996 1997 1996
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... -- -- 383,103 431,801
Mortality and expense charges .................. (25,670) (43,193) (40,337) (42,892)
Administration charge - Tier I ................. (15,257) (38,874) (26,398) (38,602)
Administration charge - Tier II ................ (3,494) -- (5,668) --
Administration charge - Tier III ............... (1,928) -- (1,486) --
Administration charge - Tier IV ................ (455) -- (578) --
Administration charge - Tier V ................. -- -- -- --
--------------- --------------- --------------- ---------------
Net investment activity ...................... (46,804) (82,067) 308,636 350,307
Proceeds from mutual fund shares sold .......... 1,043,143 910,382 953,714 1,070,396
Cost of mutual fund shares sold ................ (844,290) (645,755) (818,928) (949,582)
--------------- --------------- --------------- ---------------
Realized gain (loss) on investments ............ 198,853 264,627 134,786 120,814
Unrealized gain (loss) on investments .......... 1,012,483 625,675 1,029,925 221,067
--------------- --------------- --------------- ---------------
Net gain (loss) on investments ............... 1,211,336 890,302 1,164,711 341,881
Reinvested capital gains ....................... -- -- -- --
--------------- --------------- --------------- ---------------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 1,164,532 808,235 1,473,347 692,188
EQUITY TRANSACTIONS:
Purchase payments received from contract
owners - net of transfers between funds ...... 744,068 2,515,115 1,681,856 1,980,021
Redemptions .................................... (596,949) (950,615) (969,906) (781,540)
Annual contract maintenance charge (note 2) .... -- (3,889) -- --
Contingent deferred sales charges .............. -- -- -- --
Adjustments to maintain reserves ............... (247) -- 240 96
--------------- --------------- --------------- ---------------
Net equity transactions .................... 146,872 1,560,611 712,190 1,198,577
NET CHANGE IN CONTRACT OWNERS' EQUITY ............ 1,311,404 2,368,846 2,185,537 1,890,765
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ...... 9,779,679 15,895,616 15,220,788 16,369,347
--------------- --------------- --------------- ---------------
CONTRACT OWNERS' EQUITY END OF PERIOD ............ 11,091,083 18,264,462 17,406,325 18,260,112
=============== =============== =============== ===============
</TABLE>
16
<PAGE> 16
<TABLE>
<CAPTION>
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1997 AND 1996
(UNAUDITED)
InvIndInc JanFund
----------------------------------- -----------------------------------
1997 1996 1997 1996
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... $ 227,902 283,064 -- --
Mortality and expense charges .................. (45,491) (42,503) (112,318) (57,673)
Administration charge - Tier I ................. (30,421) (38,253) (65,995) (51,905)
Administration charge - Tier II ................ (6,776) -- (17,702) --
Administration charge - Tier III ............... (896) -- (5,221) --
Administration charge - Tier IV ................ (691) -- (3,264) --
Administration charge - Tier V ................. -- -- -- --
--------------- --------------- --------------- ---------------
Net investment activity ...................... 143,627 202,308 (204,500) (109,578)
Proceeds from mutual fund shares sold .......... 334,674 556,121 963,253 765,463
Cost of mutual fund shares sold ................ (270,121) (501,286) (736,224) (663,768)
--------------- --------------- --------------- ---------------
Realized gain (loss) on investments ............ 64,553 54,835 227,029 101,695
Unrealized gain (loss) on investments .......... 2,324,848 545,060 5,389,127 2,009,353
--------------- --------------- --------------- ---------------
Net gain (loss) on investments ............... 2,389,401 599,895 5,616,156 2,111,048
Reinvested capital gains ....................... -- -- -- --
--------------- --------------- --------------- ---------------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 2,533,028 802,203 5,411,656 2,001,470
EQUITY TRANSACTIONS:
Purchase payments received from contract
owners - net of transfers between funds ...... 2,566,634 3,043,241 12,615,917 8,900,233
Redemptions .................................... (601,858) (747,914) (2,566,045) (1,247,350)
Annual contract maintenance charge (note 2) .... -- (1,902) -- --
Contingent deferred sales charges .............. -- -- -- --
Adjustments to maintain reserves ............... 63 (187) 657 166
--------------- --------------- --------------- ---------------
Net equity transactions .................... 1,964,839 2,293,238 10,050,529 7,653,049
NET CHANGE IN CONTRACT OWNERS' EQUITY ............ 4,497,867 3,095,441 15,462,185 9,654,519
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ...... 16,322,252 15,437,671 37,346,871 18,299,936
--------------- --------------- --------------- ---------------
CONTRACT OWNERS' EQUITY END OF PERIOD ............ $ 20,820,119 18,533,112 52,809,056 27,954,455
=============== =============== =============== ===============
</TABLE>
<TABLE>
<CAPTION>
Jan20Fd MASFIP
----------------------------------- -----------------------------------
1997 1996 1997 1996
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... -- -- 27,516 9,386
Mortality and expense charges .................. (639) (151) (4,052) (1,549)
Administration charge - Tier I ................. (575) (136) (2,420) (1,395)
Administration charge - Tier II ................ -- -- (534) --
Administration charge - Tier III ............... -- -- (291) --
Administration charge - Tier IV ................ -- -- (84) --
Administration charge - Tier V ................. -- -- -- --
--------------- --------------- --------------- ---------------
Net investment activity ...................... (1,214) (287) 20,135 6,442
Proceeds from mutual fund shares sold .......... 571,046 19,853 501,360 197,618
Cost of mutual fund shares sold ................ (609,105) (17,692) (496,768) (195,863)
--------------- --------------- --------------- ---------------
Realized gain (loss) on investments ............ (38,059) 2,161 4,592 1,755
Unrealized gain (loss) on investments .......... 35,516 4,329 30,737 (5,559)
--------------- --------------- --------------- ---------------
Net gain (loss) on investments ............... (2,543) 6,490 35,329 (3,804)
Reinvested capital gains ....................... -- -- -- --
--------------- --------------- --------------- ---------------
Net increase (decrease) in contract owners'
equity resulting from operations ......... (3,757) 6,203 55,464 2,638
EQUITY TRANSACTIONS:
Purchase payments received from contract
owners - net of transfers between funds ...... 323,352 38,128 802,531 449,061
Redemptions .................................... (569,390) -- (168,950) (93,646)
Annual contract maintenance charge (note 2) .... -- -- -- --
Contingent deferred sales charges .............. -- -- -- --
Adjustments to maintain reserves ............... 2 -- 1,655 (154)
--------------- --------------- --------------- ---------------
Net equity transactions .................... (246,036) 38,128 635,236 355,261
NET CHANGE IN CONTRACT OWNERS' EQUITY ............ (249,793) 44,331 690,700 357,899
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ...... 249,793 42,018 1,262,922 423,957
--------------- --------------- --------------- ---------------
CONTRACT OWNERS' EQUITY END OF PERIOD ............ -- 86,349 1,953,622 781,856
=============== =============== =============== ===============
</TABLE>
17
<PAGE> 17
<TABLE>
<CAPTION>
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1997 AND 1996
(UNAUDITED)
MFSGrOpp MFSHiInc
----------------------------------- -----------------------------------
1997 1996 1997 1996
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... $ -- -- 156,868 163,666
Mortality and expense charges .................. (63,398) (58,053) (8,935) (9,435)
Administration charge - Tier I ................. (11,725) (52,247) (1,470) (8,491)
Administration charge - Tier II ................ (5,363) -- (310) --
Administration charge - Tier III ............... (2,560) -- (204) --
Administration charge - Tier IV ................ (54) -- (1) --
Administration charge - Tier V ................. (11,780) -- (1,971) --
--------------- --------------- --------------- ---------------
Net investment activity ...................... (94,880) (110,300) 143,977 145,740
Proceeds from mutual fund shares sold .......... 3,308,423 2,426,270 1,171,543 861,623
Cost of mutual fund shares sold ................ (2,631,119) (2,213,013) (1,168,385) (827,910)
--------------- --------------- --------------- ---------------
Realized gain (loss) on investments ............ 677,304 213,257 3,158 33,713
Unrealized gain (loss) on investments .......... 2,849,698 2,567,339 33,993 (47,402)
--------------- --------------- --------------- ---------------
Net gain (loss) on investments ............... 3,527,002 2,780,596 37,151 (13,689)
Reinvested capital gains ....................... -- -- -- --
--------------- --------------- --------------- ---------------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 3,432,122 2,670,296 181,128 132,051
EQUITY TRANSACTIONS:
Purchase payments received from contract
owners - net of transfers between funds ...... 48,059 211,822 124,836 (43,659)
Redemptions .................................... (2,553,849) (2,000,535) (563,601) (314,539)
Annual contract maintenance charge (note 2) .... -- (26) -- --
Contingent deferred sales charges .............. -- -- -- --
Adjustments to maintain reserves ............... (21,857) (33,495) 52 (121)
--------------- --------------- --------------- ---------------
Net equity transactions .................... (2,527,647) (1,822,234) (438,713) (358,319)
NET CHANGE IN CONTRACT OWNERS' EQUITY ............ 904,475 848,062 (257,585) (226,268)
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ...... 25,459,101 23,386,771 3,747,401 3,993,277
--------------- --------------- --------------- ---------------
CONTRACT OWNERS' EQUITY END OF PERIOD ............ $ 26,363,576 24,234,833 3,489,816 3,767,009
=============== =============== =============== ===============
</TABLE>
<TABLE>
<CAPTION>
MFSGrStk NWBdFd
----------------------------------- -----------------------------------
1997 1996 1997 1996
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... -- -- 4,574 5,829
Mortality and expense charges .................. (13,327) (13,100) (348) (439)
Administration charge - Tier I ................. (3,971) (11,790) (76) (395)
Administration charge - Tier II ................ (413) -- -- --
Administration charge - Tier III ............... (219) -- -- --
Administration charge - Tier IV ................ (3) -- -- --
Administration charge - Tier V ................. (2,408) -- (79) --
---------------- --------------- --------------- ---------------
Net investment activity ...................... (20,341) (24,890) 4,071 4,995
Proceeds from mutual fund shares sold .......... 392,201 375,105 48,235 81,601
Cost of mutual fund shares sold ................ (433,770) (374,711) (51,364) (78,653)
---------------- --------------- --------------- ---------------
Realized gain (loss) on investments ............ (41,569) 394 (3,129) 2,948
Unrealized gain (loss) on investments .......... 1,301,165 654,894 1,021 (14,576)
---------------- --------------- --------------- ---------------
Net gain (loss) on investments ............... 1,259,596 655,288 (2,108) (11,628)
Reinvested capital gains ....................... -- -- -- --
---------------- --------------- --------------- ---------------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 1,239,255 630,398 1,963 (6,633)
EQUITY TRANSACTIONS:
Purchase payments received from contract
owners - net of transfers between funds ...... 48,977 295,852 5,983 50,656
Redemptions .................................... (286,788) (243,274) (43,333) (34,045)
Annual contract maintenance charge (note 2) .... (309) (337) -- --
Contingent deferred sales charges .............. (457) -- -- --
Adjustments to maintain reserves ............... (76) (497) (12) (24)
---------------- --------------- --------------- ---------------
Net equity transactions .................... (238,653) 51,744 (37,362) 16,587
NET CHANGE IN CONTRACT OWNERS' EQUITY ............ 1,000,602 682,142 (35,399) 9,954
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ...... 5,014,974 4,930,751 159,754 183,192
---------------- --------------- --------------- ---------------
CONTRACT OWNERS' EQUITY END OF PERIOD ............ 6,015,576 5,612,893 124,355 193,146
================ =============== =============== ===============
</TABLE>
18
<PAGE> 18
<TABLE>
<CAPTION>
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1997 AND 1996
(UNAUDITED)
NWFund NWGroFd
----------------------------------- -----------------------------------
1997 1996 1997 1996
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... $ 308,964 308,134 39,535 54,628
Mortality and expense charges .................. (104,218) (90,842) (19,771) (24,391)
Administration charge - Tier I ................. (49,489) (81,758) (8,006) (21,952)
Administration charge - Tier II ................ (14,261) -- (2,569) --
Administration charge - Tier III ............... (5,768) -- (575) --
Administration charge - Tier IV ................ (1,274) -- (943) --
Administration charge - Tier V ................. (5,582) -- (1,305) --
--------------- --------------- --------------- ---------------
Net investment activity ...................... 128,372 135,534 6,366 8,285
Proceeds from mutual fund shares sold .......... 2,198,366 7,002,390 564,487 1,944,032
Cost of mutual fund shares sold ................ (1,632,961) (5,705,245) (430,683) (1,474,599)
--------------- --------------- --------------- ---------------
Realized gain (loss) on investments ............ 565,405 1,297,145 133,804 469,433
Unrealized gain (loss) on investments .......... 8,197,017 1,887,561 1,208,644 182,478
--------------- --------------- --------------- ---------------
Net gain (loss) on investments ............... 8,762,422 3,184,706 1,342,448 651,911
Reinvested capital gains ....................... -- -- -- --
--------------- --------------- --------------- ---------------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 8,890,794 3,320,240 1,348,814 660,196
EQUITY TRANSACTIONS:
Purchase payments received from contract
owners - net of transfers between funds ...... 11,434,240 (1,148,235) 295,092 (240,693)
Redemptions .................................... (2,492,931) (3,485,846) (297,558) (1,183,647)
Annual contract maintenance charge (note 2) .... (694) (2,998) -- (951)
Contingent deferred sales charges .............. (759) (996) -- --
Adjustments to maintain reserves ............... (22,088) (2,580) (72) (357)
--------------- --------------- --------------- ---------------
Net equity transactions .................... 8,917,768 (4,640,655) (2,538) (1,425,648)
NET CHANGE IN CONTRACT OWNERS' EQUITY ............ 17,808,562 (1,320,415) 1,346,276 (765,452)
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ...... 34,591,092 35,420,631 7,532,918 9,784,013
--------------- --------------- --------------- ---------------
CONTRACT OWNERS' EQUITY END OF PERIOD ............ $ 52,399,654 34,100,216 8,879,194 9,018,561
=============== =============== =============== ===============
</TABLE>
<TABLE>
<CAPTION>
NWMyMkt NBGuard
----------------------------------- -----------------------------------
1997 1996 1997 1996
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... 1,478,230 1,362,329 1,334 --
Mortality and expense charges .................. (149,678) (140,423) (1,077) --
Administration charge - Tier I ................. (48,809) (126,381) -- --
Administration charge - Tier II ................ (40,450) -- -- --
Administration charge - Tier III ............... (4,374) -- -- --
Administration charge - Tier IV ................ (3,536) -- -- --
Administration charge - Tier V ................. (8,626) -- (323) --
--------------- --------------- --------------- ---------------
Net investment activity ...................... 1,222,757 1,095,525 (66) --
Proceeds from mutual fund shares sold .......... 34,314,179 22,428,811 210,004 --
Cost of mutual fund shares sold ................ (34,314,179) (22,428,811) (197,049) --
--------------- --------------- --------------- ---------------
Realized gain (loss) on investments ............ -- -- 12,955 --
Unrealized gain (loss) on investments .......... -- -- 30,269 --
--------------- --------------- --------------- ---------------
Net gain (loss) on investments ............... -- -- 43,224 --
Reinvested capital gains ....................... -- -- -- --
--------------- --------------- --------------- ---------------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 1,222,757 1,095,525 43,158 --
EQUITY TRANSACTIONS:
Purchase payments received from contract
owners - net of transfers between funds ...... 8,504,848 5,696,135 499,509 --
Redemptions .................................... (3,563,577) (5,056,930) (52,205) --
Annual contract maintenance charge (note 2) .... (15) (3,564) -- --
Contingent deferred sales charges .............. (2,217) -- -- --
Adjustments to maintain reserves ............... 980 (404) (14) --
--------------- --------------- --------------- ---------------
Net equity transactions .................... 4,940,019 635,237 447,290 --
NET CHANGE IN CONTRACT OWNERS' EQUITY ............ 6,162,776 1,730,762 490,448 --
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ...... 58,928,944 56,462,070 149,252 --
--------------- --------------- --------------- ---------------
CONTRACT OWNERS' EQUITY END OF PERIOD ............ 65,091,720 58,192,832 639,700 --
=============== =============== =============== ===============
</TABLE>
19
<PAGE> 19
<TABLE>
<CAPTION>
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1997 AND 1996
(UNAUDITED)
NBManhFd NBPartFd
----------------------------------- -----------------------------------
1997 1996 1997 1996
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... $ -- -- -- --
Mortality and expense charges .................. (506) (1,028) (749) --
Administration charge - Tier I ................. (455) (925) (674) --
Administration charge - Tier II ................ -- -- -- --
Administration charge - Tier III ............... -- -- -- --
Administration charge - Tier IV ................ -- -- -- --
Administration charge - Tier V ................. -- -- -- --
--------------- --------------- --------------- ---------------
Net investment activity ...................... (961) (1,953) (1,423) --
Proceeds from mutual fund shares sold .......... 221,879 528,276 87,348 --
Cost of mutual fund shares sold ................ (232,008) (461,849) (77,745) --
--------------- --------------- --------------- ---------------
Realized gain (loss) on investments ............ (10,129) 66,427 9,603 --
Unrealized gain (loss) on investments .......... 35,360 (44,180) 64,671 --
--------------- --------------- --------------- ---------------
Net gain (loss) on investments ............... 25,231 22,247 74,274 --
Reinvested capital gains ....................... -- -- -- --
--------------- --------------- --------------- ---------------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 24,270 20,294 72,851 --
EQUITY TRANSACTIONS:
Purchase payments received from contract
owners - net of transfers between funds ...... (43,085) 12,514 1,214,154 --
Redemptions .................................... (168,826) (511,172) (97,619) --
Annual contract maintenance charge (note 2) .... -- -- -- --
Contingent deferred sales charges .............. -- -- -- --
Adjustments to maintain reserves ............... (10) 10 (54) --
--------------- --------------- --------------- ---------------
Net equity transactions .................... (211,921) (498,648) 1,116,481 --
NET CHANGE IN CONTRACT OWNERS' EQUITY ............ (187,651) (478,354) 1,189,332 --
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ...... 294,879 892,110 -- --
--------------- --------------- --------------- ---------------
CONTRACT OWNERS' EQUITY END OF PERIOD ............ $ 107,228 413,756 1,189,332 --
=============== =============== =============== ===============
</TABLE>
<TABLE>
<CAPTION>
PutInvFd PutVoyFd
----------------------------------- -----------------------------------
1997 1996 1997 1996
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... -- -- -- --
Mortality and expense charges .................. (88,461) (101,768) (238,656) (177,617)
Administration charge - Tier I ................. (19,942) (91,591) (132,107) (159,855)
Administration charge - Tier II ................ (4,357) -- (36,668) --
Administration charge - Tier III ............... (1,077) -- (13,001) --
Administration charge - Tier IV ................ (69) -- (6,172) --
Administration charge - Tier V ................. (17,666) -- (2,681) --
--------------- --------------- --------------- ---------------
Net investment activity ...................... (131,572) (193,359) (429,285) (337,472)
Proceeds from mutual fund shares sold .......... 3,615,046 1,460,090 2,779,322 1,416,581
Cost of mutual fund shares sold ................ (3,104,274) (1,304,926) (1,999,201) (886,641)
--------------- --------------- --------------- ---------------
Realized gain (loss) on investments ............ 510,772 155,164 780,121 529,940
Unrealized gain (loss) on investments .......... 5,560,504 3,902,723 10,026,052 6,990,178
--------------- --------------- --------------- ---------------
Net gain (loss) on investments ............... 6,071,276 4,057,887 10,806,173 7,520,118
Reinvested capital gains ....................... -- -- -- --
--------------- --------------- --------------- ---------------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 5,939,704 3,864,528 10,376,888 7,182,646
EQUITY TRANSACTIONS:
Purchase payments received from contract
owners - net of transfers between funds ...... 1,959,423 2,817,214 15,433,014 26,260,371
Redemptions .................................... (3,521,025) (1,737,240) (5,035,438) (2,903,689)
Annual contract maintenance charge (note 2) .... (616) (4,900) -- (12,021)
Contingent deferred sales charges .............. (2,787) (13) -- --
Adjustments to maintain reserves ............... (748) 185 (5,408) 1,252
--------------- --------------- --------------- ---------------
Net equity transactions .................... (1,565,753) 1,075,246 10,392,168 23,345,913
NET CHANGE IN CONTRACT OWNERS' EQUITY ............ 4,373,951 4,939,774 20,769,056 30,528,559
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ...... 33,758,690 38,690,296 88,557,114 57,894,233
--------------- --------------- --------------- ---------------
CONTRACT OWNERS' EQUITY END OF PERIOD ............ 38,132,641 43,630,070 109,326,170 88,422,792
=============== =============== =============== ===============
</TABLE>
20
<PAGE> 20
<TABLE>
<CAPTION>
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1997 AND 1996
(UNAUDITED)
SEI500Ix SelGroFd
----------------------------------- -----------------------------------
1997 1996 1997 1996
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... $ 46,532 29,790 -- --
Mortality and expense charges .................. (18,256) (8,136) (6,655) (6,161)
Administration charge - Tier I ................. (4,941) (7,323) (2,485) (5,545)
Administration charge - Tier II ................ (294) -- (257) --
Administration charge - Tier III ............... -- -- (152) --
Administration charge - Tier IV ................ -- -- (8) --
Administration charge - Tier V ................. (3,720) -- (990) --
--------------- --------------- --------------- ---------------
Net investment activity ...................... 19,321 14,331 (10,547) (11,706)
Proceeds from mutual fund shares sold .......... 2,105,555 437,199 279,036 279,235
Cost of mutual fund shares sold ................ (1,740,147) (341,271) (264,669) (311,379)
--------------- --------------- --------------- ---------------
Realized gain (loss) on investments ............ 365,408 95,928 14,367 (32,144)
Unrealized gain (loss) on investments .......... 1,011,782 175,640 304,901 311,220
--------------- --------------- --------------- ---------------
Net gain (loss) on investments ............... 1,377,190 271,568 319,268 279,076
Reinvested capital gains ....................... -- -- -- --
--------------- --------------- --------------- ---------------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 1,396,511 285,899 308,721 267,370
EQUITY TRANSACTIONS:
Purchase payments received from contract
owners - net of transfers between funds ...... 7,352,360 1,295,674 (733) 99,789
Redemptions .................................... (1,381,164) (307,261) (158,602) (226,745)
Annual contract maintenance charge (note 2) .... -- -- (217) (230)
Contingent deferred sales charges .............. -- -- -- --
Adjustments to maintain reserves ............... 483 (680) (37) (97)
--------------- --------------- --------------- ---------------
Net equity transactions .................... 5,971,679 987,733 (159,589) (127,283)
NET CHANGE IN CONTRACT OWNERS' EQUITY ............ 7,368,190 1,273,632 149,132 140,087
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ...... 3,911,822 2,616,313 2,650,076 2,479,595
--------------- --------------- --------------- ---------------
CONTRACT OWNERS' EQUITY END OF PERIOD ............ $ 11,280,012 3,889,945 2,799,208 2,619,682
=============== =============== =============== ===============
</TABLE>
<TABLE>
<CAPTION>
StComStk TRIntStk
----------------------------------- -----------------------------------
1997 1996 1997 1996
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... 700 9,427 -- --
Mortality and expense charges .................. (13,110) (5,919) (82,701) (101,658)
Administration charge - Tier I ................. (11,799) (5,327) (34,881) (91,492)
Administration charge - Tier II ................ -- -- (7,584) --
Administration charge - Tier III ............... -- -- (2,753) --
Administration charge - Tier IV ................ -- -- (1,555) --
Administration charge - Tier V ................. -- -- (7,796) --
--------------- --------------- --------------- ---------------
Net investment activity ...................... (24,209) (1,819) (137,270) (193,150)
Proceeds from mutual fund shares sold .......... 189,774 52,331 5,688,837 4,099,823
Cost of mutual fund shares sold ................ (163,480) (45,235) (4,856,344) (3,968,458)
--------------- --------------- --------------- ---------------
Realized gain (loss) on investments ............ 26,294 7,096 832,493 131,365
Unrealized gain (loss) on investments .......... 613,728 53,416 3,076,052 3,600,819
--------------- --------------- --------------- ---------------
Net gain (loss) on investments ............... 640,022 60,512 3,908,545 3,732,184
Reinvested capital gains ....................... 121,492 81,282 -- --
--------------- --------------- --------------- ---------------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 737,305 139,975 3,771,275 3,539,034
EQUITY TRANSACTIONS:
Purchase payments received from contract
owners - net of transfers between funds ...... 1,979,606 1,298,395 4,784,593 10,949,552
Redemptions .................................... (322,600) (96,750) (2,219,970) (3,386,527)
Annual contract maintenance charge (note 2) .... -- -- -- (7,058)
Contingent deferred sales charges .............. -- -- -- --
Adjustments to maintain reserves ............... 79 119 (11,728) (843)
--------------- --------------- --------------- ---------------
Net equity transactions .................... 1,657,085 1,201,764 2,552,895 7,555,124
NET CHANGE IN CONTRACT OWNERS' EQUITY ............ 2,394,390 1,341,739 6,324,170 11,094,158
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ...... 4,183,923 1,780,584 31,295,943 35,370,483
--------------- --------------- --------------- ---------------
CONTRACT OWNERS' EQUITY END OF PERIOD ............ 6,578,313 3,122,323 37,620,113 46,464,641
=============== =============== =============== ===============
</TABLE>
21
<PAGE> 21
<TABLE>
<CAPTION>
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1997 AND 1996
(UNAUDITED)
TemForFd TemGISmCo
----------------------------------- -----------------------------------
1997 1996 1997 1996
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... $ -- -- -- --
Mortality and expense charges .................. (189,124) (141,721) (2,471) (1,666)
Administration charge - Tier I ................. (117,196) (127,549) (2,224) (1,500)
Administration charge - Tier II ................ (29,916) -- -- --
Administration charge - Tier III ............... (6,923) -- -- --
Administration charge - Tier IV ................ (2,923) -- -- --
Administration charge - Tier V ................. (799) -- -- --
--------------- --------------- --------------- ---------------
Net investment activity ...................... (346,881) (269,270) (4,695) (3,166)
Proceeds from mutual fund shares sold .......... 2,411,751 2,291,675 339,972 117,265
Cost of mutual fund shares sold ................ (2,104,544) (2,266,087) (329,821) (120,976)
--------------- --------------- --------------- ---------------
Realized gain (loss) on investments ............ 307,207 25,588 10,151 (3,711)
Unrealized gain (loss) on investments .......... 8,016,450 4,775,120 92,036 85,774
--------------- --------------- --------------- ---------------
Net gain (loss) on investments ............... 8,323,657 4,800,708 102,187 82,063
Reinvested capital gains ....................... -- -- -- --
--------------- --------------- --------------- ---------------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 7,976,776 4,531,438 97,492 78,897
EQUITY TRANSACTIONS:
Purchase payments received from contract
owners - net of transfers between funds ...... 15,801,336 9,843,837 223,062 325,483
Redemptions .................................... (3,209,779) (1,613,636) (261,029) (111,716)
Annual contract maintenance charge (note 2) .... -- -- -- --
Contingent deferred sales charges .............. (59) (9) -- --
Adjustments to maintain reserves ............... (446) (649) (169) (4,865)
--------------- --------------- --------------- ---------------
Net equity transactions .................... 12,591,052 8,229,543 (38,136) 208,902
NET CHANGE IN CONTRACT OWNERS' EQUITY ............ 20,567,828 12,760,981 59,356 287,799
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ...... 66,740,239 49,968,551 945,366 570,199
--------------- --------------- --------------- ---------------
CONTRACT OWNERS' EQUITY END OF PERIOD ............ $ 87,308,067 62,729,532 1,004,722 857,998
=============== =============== =============== ===============
</TABLE>
<TABLE>
<CAPTION>
ACVPBal ACVPCapAp
----------------------------------- -----------------------------------
1997 1996 1997 1996
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... 51 31 -- --
Mortality and expense charges .................. (12) (6) (212) (252)
Administration charge - Tier I ................. (10) (5) (191) (227)
Administration charge - Tier II ................ -- -- -- --
Administration charge - Tier III ............... -- -- -- --
Administration charge - Tier IV ................ -- -- -- --
Administration charge - Tier V ................. -- -- -- --
--------------- --------------- --------------- ---------------
Net investment activity ...................... 29 20 (403) (479)
Proceeds from mutual fund shares sold .......... -- -- 644 308
Cost of mutual fund shares sold ................ -- -- (608) (205)
--------------- --------------- --------------- ---------------
Realized gain (loss) on investments ............ -- -- 36 103
Unrealized gain (loss) on investments .......... 170 27 (4,463) (9,658)
--------------- --------------- --------------- ---------------
Net gain (loss) on investments ............... 170 27 (4,427) (9,555)
Reinvested capital gains ....................... 203 64 1,834 11,221
--------------- --------------- --------------- ---------------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 402 111 (2,996) 1,187
EQUITY TRANSACTIONS:
Purchase payments received from contract
owners - net of transfers between funds ...... 1,002 1,002 13,418 19,646
Redemptions .................................... -- -- (327) --
Annual contract maintenance charge (note 2) .... -- -- (12) (18)
Contingent deferred sales charges .............. -- -- -- --
Adjustments to maintain reserves ............... -- -- -- 5
--------------- --------------- --------------- ---------------
Net equity transactions .................... 1,002 1,002 13,079 19,633
NET CHANGE IN CONTRACT OWNERS' EQUITY ............ 1,404 1,113 10,083 20,820
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ...... 4,106 1,781 84,604 87,998
--------------- --------------- --------------- ---------------
CONTRACT OWNERS' EQUITY END OF PERIOD ............ 5,510 2,894 94,687 108,818
=============== =============== =============== ===============
</TABLE>
22
<PAGE> 22
<TABLE>
<CAPTION>
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1997 AND 1996
(UNAUDITED)
DrySRGro DryStkix
----------------------------------- -----------------------------------
1997 1996 1997 1996
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... $ -- -- 271 106
Mortality and expense charges .................. (4) -- (80) (23)
Administration charge - Tier I ................. (3) -- (72) (21)
Administration charge - Tier II ................ -- -- -- --
Administration charge - Tier III ............... -- -- -- --
Administration charge - Tier IV ................ -- -- -- --
Administration charge - Tier V ................. -- -- -- --
--------------- --------------- --------------- ---------------
Net investment activity ...................... (7) -- 119 62
Proceeds from mutual fund shares sold .......... -- -- -- --
Cost of mutual fund shares sold ................ -- -- -- --
--------------- --------------- --------------- ---------------
Realized gain (loss) on investments ............ -- -- -- --
Unrealized gain (loss) on investments .......... 393 -- 5,793 737
--------------- --------------- --------------- ---------------
Net gain (loss) on investments ............... 393 -- 5,793 737
Reinvested capital gains ....................... -- -- -- --
--------------- --------------- --------------- ---------------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 386 -- 5,912 799
EQUITY TRANSACTIONS:
Purchase payments received from contract
owners - net of transfers between funds ...... 3,876 -- 4,563 3,858
Redemptions .................................... -- -- -- --
Annual contract maintenance charge (note 2) .... -- -- -- --
Contingent deferred sales charges .............. -- -- -- --
Adjustments to maintain reserves ............... -- -- -- --
--------------- --------------- --------------- ---------------
Net equity transactions .................... 3,876 -- 4,563 3,858
NET CHANGE IN CONTRACT OWNERS' EQUITY ............ 4,262 -- 10,475 4,657
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ...... -- -- 27,259 6,892
--------------- --------------- --------------- ---------------
CONTRACT OWNERS' EQUITY END OF PERIOD ............ $ 4,262 -- 37,734 11,549
=============== =============== =============== ===============
</TABLE>
<TABLE>
<CAPTION>
FidVIPAM FidVIPEI
----------------------------------- -----------------------------------
1997 1996 1997 1996
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... 832 443 1,638 81
Mortality and expense charges .................. (66) (35) (273) (143)
Administration charge - Tier I ................. (59) (31) (246) (129)
Administration charge - Tier II ................ -- -- -- --
Administration charge - Tier III ............... -- -- -- --
Administration charge - Tier IV ................ -- -- -- --
Administration charge - Tier V ................. -- -- -- --
--------------- --------------- --------------- ---------------
Net investment activity ...................... 707 377 1,119 (191)
Proceeds from mutual fund shares sold .......... -- -- 361 6,458
Cost of mutual fund shares sold ................ -- -- (266) (5,183)
--------------- --------------- --------------- ---------------
Realized gain (loss) on investments ............ -- -- 95 1,275
Unrealized gain (loss) on investments .......... (28) (18) 7,317 (579)
--------------- --------------- --------------- ---------------
Net gain (loss) on investments ............... (28) (18) 7,412 696
Reinvested capital gains ....................... 2,087 365 8,234 2,319
--------------- --------------- --------------- ---------------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 2,766 724 16,765 2,824
EQUITY TRANSACTIONS:
Purchase payments received from contract
owners - net of transfers between funds ...... 4,719 4,535 24,415 20,864
Redemptions .................................... -- -- -- (7,854)
Annual contract maintenance charge (note 2) .... -- -- -- --
Contingent deferred sales charges .............. -- -- -- --
Adjustments to maintain reserves ............... (1) 3 1 13
--------------- --------------- --------------- ---------------
Net equity transactions .................... 4,718 4,538 24,416 13,023
NET CHANGE IN CONTRACT OWNERS' EQUITY ............ 7,484 5,262 41,181 15,847
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ...... 23,167 11,609 91,971 49,272
--------------- --------------- --------------- ---------------
CONTRACT OWNERS' EQUITY END OF PERIOD ............ 30,651 16,871 133,152 65,119
=============== =============== =============== ===============
</TABLE>
23
<PAGE> 23
<TABLE>
<CAPTION>
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1997 AND 1996
(UNAUDITED)
FidVIPGr FidVIPHI
----------------------------------- -----------------------------------
1997 1996 1997 1996
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... $ 565 117 1,817 1,014
Mortality and expense charges .................. (230) (126) (72) (32)
Administration charge - Tier I ................. (207) (114) (65) (29)
Administration charge - Tier II ................ -- -- -- --
Administration charge - Tier III ............... -- -- -- --
Administration charge - Tier IV ................ -- -- -- --
Administration charge - Tier V ................. -- -- -- --
--------------- --------------- --------------- ---------------
Net investment activity ...................... 128 (123) 1,680 953
Proceeds from mutual fund shares sold .......... 1,823 595 -- 5,916
Cost of mutual fund shares sold ................ (1,284) (415) -- (5,666)
--------------- --------------- --------------- ---------------
Realized gain (loss) on investments ............ 539 180 -- 250
Unrealized gain (loss) on investments .......... 8,790 1,747 201 (589)
--------------- --------------- --------------- ---------------
Net gain (loss) on investments ............... 9,329 1,927 201 (339)
Reinvested capital gains ....................... 2,531 2,957 225 198
--------------- --------------- --------------- ---------------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 11,988 4,761 2,106 812
EQUITY TRANSACTIONS:
Purchase payments received from contract
owners - net of transfers between funds ...... 15,619 16,216 8,515 7,108
Redemptions .................................... -- (485) -- (6,450)
Annual contract maintenance charge (note 2) .... -- -- -- --
Contingent deferred sales charges .............. -- -- -- --
Adjustments to maintain reserves ............... 2 5 -- 1
--------------- --------------- --------------- ---------------
Net equity transactions .................... 15,621 15,736 8,515 659
NET CHANGE IN CONTRACT OWNERS' EQUITY ............ 27,609 20,497 10,621 1,471
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ...... 80,978 40,363 24,013 12,429
--------------- --------------- --------------- ---------------
CONTRACT OWNERS' EQUITY END OF PERIOD ............ $ 108,587 60,860 34,634 13,900
=============== =============== =============== ===============
</TABLE>
<TABLE>
<CAPTION>
FidVIPOv NSATGvBd
----------------------------------- -----------------------------------
1997 1996 1997 1996
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... 1,845 741 401 308
Mortality and expense charges .................. (291) (171) (33) (23)
Administration charge - Tier I ................. (262) (154) (30) (21)
Administration charge - Tier II ................ -- -- -- --
Administration charge - Tier III ............... -- -- -- --
Administration charge - Tier IV ................ -- -- -- --
Administration charge - Tier V ................. -- -- -- --
--------------- --------------- --------------- ---------------
Net investment activity ...................... 1,292 416 338 264
Proceeds from mutual fund shares sold .......... 824 5,414 2,513 --
Cost of mutual fund shares sold ................ (706) (5,140) (2,354) --
--------------- --------------- --------------- ---------------
Realized gain (loss) on investments ............ 118 274 159 --
Unrealized gain (loss) on investments .......... 9,637 2,973 (164) (448)
--------------- --------------- --------------- ---------------
Net gain (loss) on investments ............... 9,755 3,247 (5) (448)
Reinvested capital gains ....................... 7,326 816 -- --
--------------- --------------- --------------- ---------------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 18,373 4,479 333 (184)
EQUITY TRANSACTIONS:
Purchase payments received from contract
owners - net of transfers between funds ...... 20,555 18,854 1,788 1,518
Redemptions .................................... (443) (296) (2,506) --
Annual contract maintenance charge (note 2) .... -- -- (27) (12)
Contingent deferred sales charges .............. -- -- -- --
Adjustments to maintain reserves ............... 2 (3) (1) (1)
--------------- --------------- --------------- ---------------
Net equity transactions .................... 20,114 18,555 (746) 1,505
NET CHANGE IN CONTRACT OWNERS' EQUITY ............ 38,487 23,034 (413) 1,321
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ...... 102,297 57,384 12,618 8,995
--------------- --------------- --------------- ---------------
CONTRACT OWNERS' EQUITY END OF PERIOD ............ 140,784 80,418 12,205 10,316
=============== =============== =============== ===============
</TABLE>
24
<PAGE> 24
<TABLE>
<CAPTION>
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1997 AND 1996
(UNAUDITED)
NSATMyMkt NSATTotRe
----------------------------------- -----------------------------------
1997 1996 1997 1996
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... $ 938 528 481 336
Mortality and expense charges .................. (92) (53) (133) (75)
Administration charge - Tier I ................. (83) (48) (120) (68)
Administration charge - Tier II ................ -- -- -- --
Administration charge - Tier III ............... -- -- -- --
Administration charge - Tier IV ................ -- -- -- --
Administration charge - Tier V ................. -- -- -- --
--------------- --------------- --------------- ---------------
Net investment activity ...................... 763 427 228 193
Proceeds from mutual fund shares sold .......... 22,774 2,529 22 --
Cost of mutual fund shares sold ................ (22,774) (2,529) (15) --
--------------- --------------- --------------- ---------------
Realized gain (loss) on investments ............ -- -- 7 --
Unrealized gain (loss) on investments .......... -- -- 9,277 1,955
--------------- --------------- --------------- ---------------
Net gain (loss) on investments ............... -- -- 9,284 1,955
Reinvested capital gains ....................... -- -- -- --
--------------- --------------- --------------- ---------------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 763 427 9,512 2,148
EQUITY TRANSACTIONS:
Purchase payments received from contract
owners - net of transfers between funds ...... 4,290 10,182 6,500 11,528
Redemptions .................................... (22,757) -- -- --
Annual contract maintenance charge (note 2) .... (5) -- -- --
Contingent deferred sales charges .............. -- -- -- --
Adjustments to maintain reserves ............... (4) 4 1 1
--------------- --------------- --------------- ---------------
Net equity transactions .................... (18,476) 10,186 6,501 11,529
NET CHANGE IN CONTRACT OWNERS' EQUITY ............ (17,713) 10,613 16,013 13,677
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ...... 36,420 17,556 46,482 22,954
--------------- --------------- --------------- ---------------
CONTRACT OWNERS' EQUITY END OF PERIOD ............ $ 18,707 28,169 62,495 36,631
=============== =============== =============== ===============
</TABLE>
<TABLE>
<CAPTION>
NBAMTGro NBAMTLMat
----------------------------------- -----------------------------------
1997 1996 1997 1996
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... -- 16 441 294
Mortality and expense charges .................. (49) (113) (20) (9)
Administration charge - Tier I ................. (44) (101) (18) (8)
Administration charge - Tier II ................ -- -- -- --
Administration charge - Tier III ............... -- -- -- --
Administration charge - Tier IV ................ -- -- -- --
Administration charge - Tier V ................. -- -- -- --
--------------- --------------- --------------- ---------------
Net investment activity ...................... (93) (198) 403 277
Proceeds from mutual fund shares sold .......... -- 21 -- --
Cost of mutual fund shares sold ................ -- (16) -- --
--------------- --------------- --------------- ---------------
Realized gain (loss) on investments ............ -- 5 -- --
Unrealized gain (loss) on investments .......... 1,575 (1,492) (202) (280)
--------------- --------------- --------------- ---------------
Net gain (loss) on investments ............... 1,575 (1,487) (202) (280)
Reinvested capital gains ....................... 1,560 3,808 -- --
--------------- --------------- --------------- ---------------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 3,042 2,123 201 (3)
EQUITY TRANSACTIONS:
Purchase payments received from contract
owners - net of transfers between funds ...... 2,985 4,855 2,325 1,188
Redemptions .................................... -- -- -- --
Annual contract maintenance charge (note 2) .... -- (6) -- --
Contingent deferred sales charges .............. -- -- -- --
Adjustments to maintain reserves ............... -- 2 (1) (1)
--------------- --------------- --------------- ---------------
Net equity transactions .................... 2,985 4,851 2,324 1,187
NET CHANGE IN CONTRACT OWNERS' EQUITY ............ 6,027 6,974 2,525 1,184
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ...... 16,877 40,369 6,755 3,129
--------------- --------------- --------------- ---------------
CONTRACT OWNERS' EQUITY END OF PERIOD ............ 22,904 47,343 9,280 4,313
=============== =============== =============== ===============
</TABLE>
25
<PAGE> 25
<TABLE>
<CAPTION>
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1997 AND 1996
(UNAUDITED)
NBAMTPART
-----------------------------------
1997 1996
--------------- ---------------
<S> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... $ 47 26
Mortality and expense charges .................. (43) (24)
Administration charge - Tier I ................. (38) (21)
Administration charge - Tier II ................ -- --
Administration charge - Tier III ............... -- --
Administration charge - Tier IV ................ -- --
Administration charge - Tier V ................. -- --
--------------- ---------------
Net investment activity ...................... (34) (19)
Proceeds from mutual fund shares sold .......... -- 472
Cost of mutual fund shares sold ................ -- (327)
--------------- ---------------
Realized gain (loss) on investments ............ -- 145
Unrealized gain (loss) on investments .......... 1,790 542
--------------- ---------------
Net gain (loss) on investments ............... 1,790 687
Reinvested capital gains ....................... 729 324
--------------- ---------------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 2,485 992
EQUITY TRANSACTIONS:
Purchase payments received from contract
owners - net of transfers between funds ...... 2,650 2,547
Redemptions .................................... -- (471)
Annual contract maintenance charge (note 2) .... -- --
Contingent deferred sales charges .............. -- --
Adjustments to maintain reserves ............... -- 1
--------------- ---------------
Net equity transactions .................... 2,650 2,077
NET CHANGE IN CONTRACT OWNERS' EQUITY ............ 5,135 3,069
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ...... 14,770 7,737
--------------- ---------------
CONTRACT OWNERS' EQUITY END OF PERIOD ............ $ 19,905 10,806
=============== ===============
</TABLE>
26
<PAGE> 26
- --------------------------------------------------------------------------------
NATIONWIDE DC VARIABLE ACCOUNT
NOTES TO FINANCIAL STATEMENTS
June 30, 1997 and 1996
(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
<TABLE>
<CAPTION>
<S> <C> <C>
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)
American Century: Twentieth Century Growth Fund (ACTCGro)
(formerly Twentieth Century Investors, Inc. - Growth Investors)
American Century: Twentieth Century Select Fund (ACTCSel)
(formerly Twentieth Century Investors, Inc. - Select Investors)
American Century: Twentieth Century Ultra Fund (ACTCUltra)
(formerly Twentieth Century Investors, Inc. - Ultra Investors)
The Bond Fund of AmericaSM, Inc. (BdFdAm)
(only available for certain contracts issued beginning January 1, 1994)
Davis New York Venture Fund, Inc. - Class A (DNYVenFd)
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)
Dreyfus S&P 500 Index Fund (Dry500Ix)
The Dreyfus Third Century Fund, Inc. (Dry3dCen)
Evergreen Income and Growth Fund - Class Y (EvIncGro) (formerly
The Evergreen Total Return Fund - Class Y)
The Institutional Shares of Federated GNMA Trust (FedGNMA)
Federated U.S. Government Securities Fund: 2-5 Years - Institutional Shares (FedUSGvt)
Fidelity Asset ManagerTM (FidAsMgr)
Fidelity Capital & Income Fund (FidCapInc)
(not available for contracts issued on or after January 1, 1987)
Fidelity Contrafund (FidContr)
Fidelity Equity-Income Fund (FidEqInc)
Fidelity Growth & Income Portfolio (FidGrInc)
</TABLE>
27
<PAGE> 27
<TABLE>
<S> <C>
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. (InvIndInc)
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)
Neuberger & Berman Partners Fund (NBPartFd)
Putnam Investors Fund - Class A (PutInvFd)
Putnam Voyager Fund - Class A (PutVoyFd)
SEI Index Funds - S&P 500 Index Portfolio (SEI500Ix)
Seligman Growth Fund, Inc. - Class A (SelGroFd)
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.)
The following funds are available for investment only by Plans established under Internal Revenue Code
(IRC) Section 403(b).
Portfolios of the American Century Variable Portfolios, Inc. (American Century VP)
(formerly TCI Portfolios, Inc.);
American Century VP - American Century VP Balanced (ACVPBal)
(formerly TCI Portfolios - TCI Balanced)
American Century VP - American Century VP Capital Appreciation (ACVPCapAp)
(formerly TCI Portfolios - TCI Growth)
The Dreyfus Socially Responsible Growth Fund, Inc. (DrySRGro)
Dreyfus Stock Index Fund (DryStkIx)
</TABLE>
28
<PAGE> 28
<TABLE>
<S> <C>
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(R) 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)
</TABLE>
All of the above funds were being utilized as of June 30, 1997, except
Fidelity OTCPortfolio (FidOTC), Fidelity Puritan(R) Fund (FidPurtn),
Janus Twenty Fund (Jan20Fd), 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, 1997. 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.
(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.
(f) Reclassifications
Certain 1996 amounts have been reclassified to conform with the current
year presentation.
29
<PAGE> 29
(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 contract 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,
contract 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 on or after May 1, 1991, contract 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. Beginning November 1, 1996, the
administration charge was based upon the aggregate balance of assets held
under the contract by each contract owner as follows:
<TABLE>
<CAPTION>
Expense Administration
Tier Assets (Millions) Charge
<S> <C> <C> <C>
I Up to $10 .45%
II Over $10 to $25 .40%
III Over $25 to $50 .30%
IV Over $50 to $150 .20%
V Over $150 .15%
</TABLE>
The administration charge assessed on November 1, 1996 was based on the
June 30, 1996 asset balance. Thereafter, the administrative charge will be
determined using the December 31 asset balance and is effective at the next
expense tier on the following May 1.
Contract owners may negotiate an exchange privilege with the Company. The
exchange privilege provides for transfers of units among the various
investment options for each participant's account. The number of transfers
allowed, and any administrative charges associated therewith, are subject
to negotiation between the contract owner and the Company.
30
<PAGE> 30
(3) COMPONENTS OF CONTRACT OWNERS' EQUITY
The following is a summary of contract owners' equity at June 30, 1997.
<TABLE>
<CAPTION>
TIER I (JUNE 30, 1996, SEE NOTE 2) UNITS UNIT VALUE
---------------------------------- ------------- ------------
<S> <C> <C> <C>
AIM Equity Funds, Inc. - AIM Constellation Fund -
Institutional Class ................................ 5,956,935 $ 2.215190 $ 13,195,743
AIM Equity Funds, Inc. - AIM Weingarten Fund -
Institutional Class ................................ 1,151,275 1.864764 2,146,856
American Century: Twentieth Century Growth Fund ....... 11,017,987 5.342551 58,864,157
American Century: Twentieth Century Select Fund ....... 22,513 1.897349 42,715
American Century: Twentieth Century Ultra Fund ........ 72,349,784 2.398248 173,512,725
The Bond Fund of AmericaSM, Inc. ...................... 3,311,556 2.232512 7,393,089
Davis New York Venture Fund, Inc. - Class A ........... 2,168,031 1.996464 4,328,396
Delaware Group Decatur Fund, Inc. -
Decatur Income Fund Institutional Class ............ 74,606 2.656106 198,161
Dreyfus Cash Management - Class A ..................... 768,517 1.184759 910,507
Dreyfus S&P 500 Index Fund ............................ 1,274,562 1.109289 1,413,858
The Dreyfus Third Century Fund, Inc. .................. 4,418,505 3.222516 14,238,703
Evergreen Income and Growth Fund - Class Y ............ 971,015 2.144336 2,082,182
The Institutional Shares of Federated GNMA Trust ...... 487,503 1.332293 649,497
Federated U.S. Government Securities Fund:
2-5 Years - Institutional Shares ................... 1,250,718 1.166734 1,459,255
Fidelity Asset ManagerTM .............................. 2,883,496 1.386944 3,999,247
Fidelity Capital & Income Fund ........................ 108,297 4.317074 467,526
Fidelity Contrafund ................................... 63,425,850 2.280139 144,619,754
Fidelity Equity-Income Fund ........................... 19,811,209 6.261622 124,050,302
Fidelity Growth & Income Portfolio .................... 4,464,938 2.352296 10,502,856
Fidelity Magellan(R)Fund .............................. 56,391,911 2.206879 124,450,124
The Growth Fund of America(R), Inc. ................... 2,435,508 3.014050 7,340,743
The Income Fund of America(R), Inc. ................... 5,309,866 2.365774 12,561,943
INVESCO Industrial Income Fund, Inc ................... 8,069,026 1.923143 15,517,891
Janus Fund ............................................ 19,168,347 1.802653 34,553,878
MAS Funds - Fixed Income Portfolio .................... 986,725 1.271592 1,254,712
MFS(R)Growth Opportunities Fund - Class A ............. 520,467 8.472605 4,409,711
MFS(R)High Income Fund - Class A ...................... 82,353 5.812741 478,694
Massachusetts Investors Growth Stock Fund - Class A ... 139,238 13.672832 1,903,778
Nationwide(R)Bond Fund ................................ 7,092 2.040378 14,470
Nationwide(R)Fund ..................................... 1,467,619 18.380924 26,976,193
Nationwide(R)Growth Fund .............................. 1,078,548 3.637361 3,923,068
Nationwide(R)Money Market Fund ........................ 8,044,978 2.942520 23,672,509
Neuberger & Berman Manhattan Fund ..................... 37,299 2.874830 107,228
Neuberger & Berman Partners Fund ...................... 903,373 1.316546 1,189,332
Putnam Investors Fund - Class A ....................... 511,822 16.101629 8,241,168
Putnam Voyager Fund - Class A ......................... 19,855,978 3.407862 67,666,433
SEI Index Funds - S&P 500 Index Portfolio ............. 802,885 3.555051 2,854,297
</TABLE>
31
<PAGE> 31
<TABLE>
<S> <C> <C> <C>
Seligman Growth Fund, Inc - Class A ................... 93,963 12.019665 1,129,404
Strong Common Stock Fund, Inc. ........................ 3,664,039 1.795372 6,578,313
T. Rowe Price International Funds, Inc. -
International Stock Fund(R) ........................ 8,795,809 2.017885 17,748,931
Templeton Foreign Fund - Class I ...................... 30,140,561 1.963694 59,186,839
Templeton Global Smaller Companies Fund, Inc. -
Class I ............................................ 502,759 1.998416 1,004,722
American Century VP - American Century VP Balanced .... 3,862 1.426792 5,510
American Century VP - American Century VP
Capital Appreciation ............................... 60,134 1.574594 94,687
The Dreyfus Socially Responsible Growth Fund, Inc. .... 2,353 1.811300 4,262
Dreyfus Stock Index Fund .............................. 19,617 1.923519 37,734
Fidelity VIP - Asset Manager Portfolio ................ 22,027 1.391525 30,651
Fidelity VIP - Equity-Income Portfolio ................ 77,887 1.709549 133,152
Fidelity VIP - Growth Portfolio ....................... 61,742 1.758718 108,587
Fidelity VIP - High Income Portfolio .................. 24,130 1.435289 34,634
Fidelity VIP - Overseas Portfolio ..................... 105,194 1.338332 140,784
Nationwide SAT - Government Bond Fund ................. 7,390 1.651555 12,205
Nationwide SAT - Money Market Fund .................... 14,553 1.285463 18,707
Nationwide SAT - Total Return Fund .................... 22,334 2.798178 62,495
Neuberger & Berman AMT - Growth Portfolio ............. 10,937 2.094174 22,904
Neuberger & Berman AMT -
Limited Maturity Bond Portfolio .................... 8,013 1.158167 9,280
Neuberger & Berman AMT - Partners Portfolio ........... 10,305 1.931558 19,905
============ ============ ------------
Sub-Total Tier I (June 30, 1996) .................... $987,575,407
============
</TABLE>
32
<PAGE> 32
Contract owners' equity - continued
<TABLE>
<CAPTION>
TIER II (JUNE 30, 1996, SEE NOTE 2) UNITS UNIT VALUE
---------------------------------- ------------- ------------
<S> <C> <C> <C>
American Century: Twentieth Century Growth Fund ....... 3,968,160 $ 5.344313 $ 21,207,089
American Century: Twentieth Century Ultra Fund ........ 18,221,899 2.399039 43,715,046
The Bond Fund of AmericaSM, Inc. ...................... 788,641 2.233277 1,761,254
Davis New York Venture Fund, Inc. - Class A ........... 150,924 1.997121 301,413
Delaware Group Decatur Fund, Inc. -
Decatur Income Fund Institutional Class ............ 14,640 2.656981 38,898
Dreyfus Cash Management - Class A ..................... 273,878 1.185155 324,588
Dreyfus S&P 500 Index Fund ............................ 611,693 1.109380 678,600
The Dreyfus Third Century Fund, Inc. .................. 1,162,449 3.223578 3,747,245
Evergreen Income and Growth Fund - Class Y ............ 415,954 2.145043 892,239
Federated U.S. Government Securities Fund:
2-5 Years - Institutional Shares ................... 378,539 1.167124 441,802
Fidelity Asset ManagerTM .............................. 662,023 1.387401 918,491
Fidelity Capital & Income Fund ........................ 37,574 4.318518 162,264
Fidelity Contrafund ................................... 14,758,927 2.280891 33,663,504
Fidelity Equity-Income Fund ........................... 6,905,035 6.263685 43,250,964
Fidelity Magellan(R)Fund .............................. 10,948,471 2.207607 24,169,921
The Growth Fund of America(R), Inc. ................... 588,913 3.015044 1,775,599
The Income Fund of America(R), Inc. ................... 1,215,465 2.366554 2,876,464
INVESCO Industrial Income Fund, Inc ................... 1,756,039 1.923777 3,378,227
Janus Fund ............................................ 5,059,299 1.803247 9,123,166
MAS Funds - Fixed Income Portfolio .................... 236,671 1.272012 301,048
MFS(R)Growth Opportunities Fund - Class A ............. 322,294 8.475398 2,731,570
MFS(R)High Income Fund - Class A ...................... 25,332 5.814685 147,298
Massachusetts Investors Growth Stock Fund - Class A ... 14,940 13.677338 204,339
Nationwide(R)Fund ..................................... 418,041 18.386980 7,686,512
Nationwide(R)Growth Fund .............................. 372,021 3.638560 1,353,621
Nationwide(R)Money Market Fund ........................ 7,141,646 2.943504 21,021,464
Putnam Investors Fund - Class A ....................... 136,082 16.106938 2,191,864
Putnam Voyager Fund - Class A ......................... 5,501,264 3.408986 18,753,732
SEI Index Funds - S&P 500 Index Portfolio ............. 42,635 3.556222 151,620
Seligman Growth Fund, Inc - Class A ................... 11,233 12.023628 135,061
T. Rowe Price International Funds, Inc. -
International Stock Fund(R) ........................ 1,994,767 2.018550 4,026,537
Templeton Foreign Fund - Class I ...................... 8,001,155 1.964341 15,716,997
============ ============ ------------
Sub-Total Tier II (June 30, 1996) ................... $266,848,437
============
</TABLE>
33
<PAGE> 33
<TABLE>
<CAPTION>
TIER II (JUNE 30, 1996, SEE NOTE 2) UNITS UNIT VALUE
---------------------------------- ------------- ------------
<S> <C> <C> <C>
American Century: Twentieth Century Growth Fund ....... 326,729 $ 5.342996 $ 1,745,712
American Century: Twentieth Century Ultra Fund ........ 2,193,952 2.398448 5,262,080
The Bond Fund of AmericaSM, Inc. ...................... 101,219 2.232716 225,993
Delaware Group Decatur Fund, Inc. -
Decatur Income Fund Institutional Class ............ 262 2.656328 695
Dreyfus S&P 500 Index Fund ............................ 128,255 1.109380 142,284
The Dreyfus Third Century Fund, Inc. .................. 149,388 3.222784 481,445
Evergreen Income and Growth Fund - Class Y ............ 61,602 2.144515 132,106
Federated U.S. Government Securities Fund:
2-5 Years - Institutional Shares ................... 38,773 1.166832 45,242
Fidelity Asset ManagerTM .............................. 57,135 1.387060 79,250
Fidelity Capital & Income Fund ........................ 386 4.317438 1,667
Fidelity Contrafund ................................... 2,015,849 2.280329 4,596,799
Fidelity Equity-Income Fund ........................... 555,833 6.262144 3,480,706
Fidelity Magellan(R)Fund .............................. 1,165,486 2.207063 2,572,301
The Growth Fund of America(R), Inc. ................... 44,832 3.014301 135,137
The Income Fund of America(R), Inc. ................... 94,655 2.365972 223,951
INVESCO Industrial Income Fund, Inc ................... 225,685 1.923304 434,061
Janus Fund ............................................ 685,475 1.802803 1,235,776
MAS Funds - Fixed Income Portfolio .................... 4,605 1.271698 5,856
MFS(R)Growth Opportunities Fund - Class A ............. 27,652 8.473311 234,304
MFS(R)High Income Fund - Class A ...................... 2,578 5.813231 14,987
Massachusetts Investors Growth Stock Fund - Class A ... 3,371 13.673971 46,095
Nationwide(R)Fund ..................................... 66,167 18.382456 1,216,312
Nationwide(R)Growth Fund .............................. 26,409 3.637664 96,067
Nationwide(R)Money Market Fund ........................ 314,408 2.942768 925,230
Putnam Investors Fund - Class A ....................... 12,296 16.102971 198,002
Putnam Voyager Fund - Class A ......................... 569,376 3.408146 1,940,517
Seligman Growth Fund, Inc - Class A ................... 126 12.020667 1,515
T. Rowe Price International Funds, Inc. -
International Stock Fund(R) ........................ 203,552 2.018053 410,779
Templeton Foreign Fund - Class I ...................... 1,011,988 1.963858 1,987,401
============ ============ ------------
Sub-Total Tier II (December 31, 1996) ............... $ 27,872,270
============
</TABLE>
34
<PAGE> 34
Contract owners' equity - continued
<TABLE>
<CAPTION>
TIER III (JUNE 30, 1996, SEE NOTE 2) UNITS UNIT VALUE
----------------------------------- ------------- ------------
<S> <C> <C> <C>
American Century: Twentieth Century Growth Fund ....... 1,472,486 $ 5.347838 $ 7,874,617
American Century: Twentieth Century Ultra Fund ........ 10,618,512 2.400621 25,491,023
The Bond Fund of AmericaSM, Inc. ...................... 305,660 2.234807 683,091
Delaware Group Decatur Fund, Inc. -
Decatur Income Fund Institutional Class ............ 5,783 2.658733 15,375
Dreyfus S&P 500 Index Fund ............................ 707,124 1.109562 784,598
The Dreyfus Third Century Fund, Inc. .................. 796,286 3.225704 2,568,583
Evergreen Income and Growth Fund - Class Y ............ 79,748 2.146458 171,176
Federated U.S. Government Securities Fund:
2-5 Years - Institutional Shares ................... 98,636 1.167904 115,197
Fidelity Asset ManagerTM .............................. 273,598 1.388316 379,840
Fidelity Capital & Income Fund ........................ 22,306 4.321404 96,393
Fidelity Contrafund ................................... 8,417,666 2.282395 19,212,439
Fidelity Equity-Income Fund ........................... 2,850,209 6.267815 17,864,583
Fidelity Magellan(R)Fund .............................. 5,680,717 2.209063 12,549,062
The Growth Fund of America(R), Inc. ................... 444,518 3.017032 1,341,125
The Income Fund of America(R), Inc. ................... 432,380 2.368115 1,023,926
INVESCO Industrial Income Fund, Inc ................... 342,835 1.925045 659,973
Janus Fund ............................................ 2,110,479 1.804437 3,808,226
MAS Funds - Fixed Income Portfolio .................... 212,606 1.272851 270,616
MFS(R)Growth Opportunities Fund - Class A ............. 179,568 8.480989 1,522,914
MFS(R)High Income Fund - Class A ...................... 6,521 5.818571 37,943
Massachusetts Investors Growth Stock Fund - Class A ... 12,077 13.686355 165,290
Nationwide(R)Fund ..................................... 255,530 18.399099 4,701,522
Nationwide(R)Growth Fund .............................. 92,171 3.640959 335,591
Nationwide(R)Money Market Fund ........................ 1,200,656 2.945471 3,536,497
Putnam Investors Fund - Class A ....................... 39,047 16.117561 629,342
Putnam Voyager Fund - Class A ......................... 2,800,343 3.411236 9,552,631
Seligman Growth Fund, Inc - Class A ................... 2,437 12.031559 29,321
T. Rowe Price International Funds, Inc. -
International Stock Fund(R) ........................ 1,066,163 2.019881 2,153,522
Templeton Foreign Fund - Class I ...................... 2,498,003 1.965637 4,910,167
============ ============ ------------
Sub-Total Tier III (June 30, 1996) .................. $122,484,583
============
</TABLE>
35
<PAGE> 35
Contract owners' equity - continued
<TABLE>
<CAPTION>
TIER III (DECEMBER 31, 1996, SEE NOTE 2) UNITS UNIT VALUE
---------------------------------------- ------------- ------------
<S> <C> <C> <C>
American Century: Twentieth Century Growth Fund ....... 104,414 $ 5.345203 $ 558,114
American Century: Twentieth Century Ultra Fund ........ 262,277 2.399439 629,318
The Bond Fund of AmericaSM, Inc. ...................... 17,614 2.233685 39,344
Dreyfus S&P 500 Index Fund ............................ 6,004 1.109562 6,662
The Dreyfus Third Century Fund, Inc. .................. 18,508 3.224115 59,672
Evergreen Income and Growth Fund - Class Y ............ 11,567 2.145401 24,816
Federated U.S. Government Securities Fund:
2-5 Years - Institutional Shares ................... 1,273 1.167321 1,486
Fidelity Asset ManagerTM .............................. 5,297 1.387633 7,350
Fidelity Capital & Income Fund ........................ 39,699 4.319246 171,470
Fidelity Contrafund ................................... 159,985 2.281271 364,969
Fidelity Equity-Income Fund ........................... 176,206 6.264730 1,103,883
Fidelity Magellan(R)Fund .............................. 251,318 2.207975 554,904
The Growth Fund of America(R), Inc. ................... 6,253 3.015546 18,856
The Income Fund of America(R), Inc. ................... 25,948 2.366949 61,418
INVESCO Industrial Income Fund, Inc ................... 3,983 1.924098 7,664
Janus Fund ............................................ 152,268 1.803548 274,623
MAS Funds - Fixed Income Portfolio .................... 6,791 1.272224 8,640
MFS(R)Growth Opportunities Fund - Class A ............. 37,024 8.476811 313,845
MFS(R)High Income Fund - Class A ...................... 16,640 5.815665 96,773
Massachusetts Investors Growth Stock Fund - Class A ... 150 13.679617 2,052
Nationwide(R)Fund ..................................... 16,086 18.390046 295,822
Nationwide(R)Growth Fund .............................. 22,849 3.639166 83,151
Nationwide(R)Money Market Fund ........................ 82,283 2.944000 242,241
Putnam Investors Fund - Class A ....................... 9,530 16.109624 153,525
Putnam Voyager Fund - Class A ......................... 81,470 3.409554 277,776
Seligman Growth Fund, Inc - Class A ................... 6,277 12.025633 75,485
T. Rowe Price International Funds, Inc. -
International Stock Fund(R) ........................ 17,144 2.018887 34,612
Templeton Foreign Fund - Class I ...................... 202,790 1.964669 398,415
============ ============ ------------
Sub-Total Tier III (Decmber 31, 1996)................ $ 5,866,886
============
</TABLE>
36
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Contract owners' equity - continued
<TABLE>
<CAPTION>
TIER IV (JUNE 30, 1996, SEE NOTE 2) UNITS UNIT VALUE
----------------------------------- ------------- ------------
<S> <C> <C> <C>
American Century: Twentieth Century Growth Fund ....... 695,532 $ 5.351365 $ 3,722,046
American Century: Twentieth Century Select Fund ....... 993,461 1.900478 1,888,051
American Century: Twentieth Century Ultra Fund ........ 4,320,818 2.402205 10,379,491
The Bond Fund of AmericaSM, Inc. ...................... 40,145 2.236337 89,778
Dreyfus S&P 500 Index Fund ............................ 294,878 1.109744 327,239
The Dreyfus Third Century Fund, Inc. .................. 372,398 3.227832 1,202,038
Evergreen Income and Growth Fund - Class Y ............ 22,594 2.147874 48,529
Federated U.S. Government Securities Fund:
2-5 Years - Institutional Shares ................... 119,402 1.168684 139,543
Fidelity Asset ManagerTM .............................. 491,697 1.389232 683,081
Fidelity Capital & Income Fund ........................ 22,307 4.324290 96,462
Fidelity Contrafund ................................... 4,279,112 2.283901 9,773,068
Fidelity Equity-Income Fund ........................... 2,217,418 6.271947 13,907,528
Fidelity Magellan(R)Fund .............................. 3,500,987 2.210519 7,738,998
The Growth Fund of America(R), Inc. ................... 158,867 3.019022 479,623
The Income Fund of America(R), Inc. ................... 277,938 2.369676 658,623
INVESCO Industrial Income Fund, Inc ................... 426,879 1.926315 822,303
Janus Fund ............................................ 2,111,946 1.805627 3,813,387
MAS Funds - Fixed Income Portfolio .................... 88,522 1.273691 112,750
MFS(R)Growth Opportunities Fund - Class A ............. 6,001 8.486582 50,928
MFS(R)High Income Fund - Class A ...................... 105 5.822457 611
Massachusetts Investors Growth Stock Fund - Class A ... 283 13.695378 3,876
Nationwide(R)Fund ..................................... 104,719 18.411225 1,928,005
Nationwide(R)Growth Fund .............................. 288,836 3.643359 1,052,333
Nationwide(R)Money Market Fund ........................ 1,290,529 2.947438 3,803,754
Putnam Investors Fund - Class A ....................... 4,757 16.128192 76,722
Putnam Voyager Fund - Class A ......................... 2,031,236 3.413487 6,933,598
Seligman Growth Fund, Inc - Class A ................... 684 12.039495 8,235
T. Rowe Price International Funds, Inc. -
International Stock Fund(R) ........................ 856,198 2.021214 1,730,559
Templeton Foreign Fund - Class I ...................... 1,739,144 1.966933 3,420,780
============ ============ ------------
Sub-Total Tier IV (June 30, 1996) ................... $ 74,891,939
============
</TABLE>
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<TABLE>
<CAPTION>
Contract owners' equity - continued
TIER V (JUNE 30, 1996, SEE NOTE 2) UNITS UNIT VALUE
----------------------------------- ------------- ------------
<S> <C> <C> <C>
AIM Equity Funds, Inc. - AIM Constellation Fund -
Institutional Class ................................ 1,796,600 $ 2.220725 $ 3,989,755
American Century: Twentieth Century Growth Fund ....... 5,825,692 5.355890 31,201,766
American Century: Twentieth Century Ultra Fund ........ 17,003,461 2.404235 40,880,316
The Bond Fund of AmericaSM, Inc. ...................... 578,539 2.238266 1,294,924
The Dreyfus Third Century Fund, Inc. .................. 2,017,009 3.230561 6,516,071
Evergreen Income and Growth Fund - Class Y ............ 453,075 2.149691 973,971
Fidelity Capital & Income Fund ........................ 79,865 4.327949 345,652
Fidelity Contrafund ................................... 3,098,912 2.285832 7,083,592
Fidelity Equity-Income Fund ........................... 7,097,348 6.277249 44,551,821
Fidelity Growth & Income Portfolio .................... 2,407,013 2.358167 5,676,139
Fidelity Magellan(R)Fund .............................. 15,643,471 2.212388 34,609,428
MFS(R)Growth Opportunities Fund - Class A ............. 2,013,278 8.493762 17,100,304
MFS(R)High Income Fund - Class A ...................... 465,648 5.827384 2,713,510
Massachusetts Investors Growth Stock Fund - Class A ... 269,217 13.706957 3,690,146
Nationwide(R)Bond Fund ................................ 53,720 2.045518 109,885
Nationwide(R)Fund ..................................... 520,725 18.426785 9,595,288
Nationwide(R)Growth Fund .............................. 558,178 3.646441 2,035,363
Nationwide(R)Money Market Fund ........................ 4,030,610 2.949932 11,890,025
Neuberger & Berman Guardian Fund ...................... 414,962 1.541586 639,700
Putnam Investors Fund - Class A ....................... 1,650,496 16.141825 26,642,018
Putnam Voyager Fund - Class A ......................... 1,229,807 3.416376 4,201,483
SEI Index Funds - S&P 500 Index Portfolio ............. 2,321,627 3.563921 8,274,095
Seligman Growth Fund, Inc - Class A ................... 117,861 12.049677 1,420,187
T. Rowe Price International Funds, Inc. -
International Stock Fund(R) ........................ 5,692,341 2.022924 11,515,173
Templeton Foreign Fund - Class I ...................... 857,193 1.968597 1,687,468
============ ============ ------------
Sub-Total Tier V (June 30, 1996) .................... 278,638,080
==============
Total Contract Owners' Equity ..................... $1,764,177,602
==============
</TABLE>
================================================================================
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<TABLE>
<CAPTION>
<S> <C>
Nationwide LIFE INSURANCE COMPANY -----------------
HOME OFFICE: ONE NATIONWIDE PLAZA o COLUMBUS, OHIO 43215-2220 Bulk Rate
U.S. Postage
PAID
Columbus, Ohio
Permit No. 521
-----------------
Nationwide(R) is a registered federal service mark of Nationwide Mutual Insurance Company
</TABLE>
