<PAGE> 1
NATIONWIDE
DC VARIABLE
ACCOUNT
[LOGO]
Annual Report
to
Participants and Retired Participants
December 31, 1999
NATIONWIDE LIFE INSURANCE COMPANY [NATIONWIDE LOGO]
HOME OFFICE: COLUMBUS, OHIO
APO-723-AB (12/99)
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[THIS PAGE LEFT BLANK INTENTIONALLY]
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[NATIONWIDE LOGO]
NATIONWIDE LIFE INSURANCE COMPANY
ONE NATIONWIDE PLAZA, COLUMBUS, OHIO 43215-2220
[PRESIDENT'S PHOTO]
PRESIDENT'S MESSAGE
We at Nationwide Life Insurance Company are pleased to bring you the
1999 annual report of the Nationwide DC Variable Account.
During 1999 equity investments extended their spirited advance to a
fifth consecutive year. The S&P 500 was the laggard of the major
indices with a year-over-year change of a respectable 19.53%. The
NASDAQ topped the list at over 85% with the other indices falling into
line nearer the lower end of the range. Fixed earnings investments did
not fare as well in the current environment of rising interest rates.
The U.S. economy remains strong, inflation remains docile and the
available labor pool is incessantly tight. Against this
good-news-bad-news backdrop, the Federal Reserve is increasingly
concerned that recent productivity gains will subside and ignite wage
inflation. To date, the Fed has hiked short-term interest rates a
quarter percentage point on four occasions since last June.
Prospectively, they may well become more aggressive in their preemptive
efforts to dampen economic growth and avoid a new round of inflation.
We believe some caution may be warranted at this juncture. Certain
market sectors are well extended and may inevitably retreat to less
lofty valuation levels. However, we remain bullish for the long-term
prospects of financial assets. Your variable insurance contract
provides an excellent resource to help you achieve your long-term
retirement savings and financial planning objectives.
We appreciate your trust in our company and in our investment products,
and we welcome and encourage your feedback.
/s/ Joseph J. Gasper
Joseph J. Gasper, President
February 10, 2000
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<PAGE> 4
CONTENTS
STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY ............. 5
STATEMENTS OF OPERATIONS ................................................. 9
STATEMENTS OF CHANGES
IN CONTRACT OWNERS' EQUITY ............................................... 9
NOTES TO FINANCIAL STATEMENTS ............................................ 32
INDEPENDENT AUDITORS' REPORT ............................................. 58
4
<PAGE> 5
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY
DECEMBER 31, 1999
<TABLE>
<S> <C>
ASSETS:
Investments at market value:
AIM Equity Funds, Inc. - AIM Constellation Fund - Institutional Class (AIMCon)
301,124 shares (cost $9,624,017) ................................................... $ 12,728,498
American Century: Income & Growth Fund (ACIncGro)
278,918 shares (cost $8,526,589) ................................................... 9,497,167
American Century: Twentieth Century Growth Fund (ACTCGro)
8,670,777 shares (cost $218,724,727) ............................................... 279,892,679
American Century: Twentieth Century International Discovery Fund (ACTCIntDis)
1,309,767 shares (cost $20,388,299) ................................................ 22,475,599
American Century: Twentieth Century Select Fund (ACTCSel)
88,998 shares (cost $4,129,345) .................................................... 4,688,400
American Century: Twentieth Century Ultra Fund (ACTCUltra)
16,137,255 shares (cost $491,044,636) .............................................. 738,763,536
American Century VP - American Century VP Balanced (ACVPBal)
3,292 shares (cost $24,456) ........................................................ 25,646
American Century VP - American Century VP Capital Appreciation (ACVPCapAp)
8,596 shares (cost $84,112) ........................................................ 127,565
The Bond Fund of America(SM), Inc. (BdFdAm)
1,340,956 shares (cost $18,065,535) ................................................ 17,405,607
Brown Capital Management - Small Company Fund (BrnCapSmCo)
6,049 shares (cost $174,790) ....................................................... 173,613
Davis New York Venture Fund, Inc. - Class A (DNYVenFd)
11,998 shares (cost $288,550) ...................................................... 345,061
Delaware Group Decatur Fund, Inc. -
Decatur Income Fund Institutional Class (DeDecInc)
14,744 shares (cost $281,878) ....................................................... 245,778
Dreyfus Appreciation Fund, Inc. (DryApp)
105,945 shares (cost $4,593,620) ................................................... 4,844,853
Dreyfus Cash Management - Class A (DryCsMgt)
183,489 shares (cost $183,489) ..................................................... 183,489
Dreyfus Premier Midcap Stock - Class A (DryPreMCap)
37,142 shares (cost $625,216) ...................................................... 670,048
Dreyfus S&P 500 Index Fund (Dry500Ix)
2,571,782 shares (cost $87,798,175) ................................................ 110,355,172
The Dreyfus Socially Responsible Growth Fund, Inc. (DrySRGro)
1,000 shares (cost $28,878) ........................................................ 39,085
Dreyfus Stock Index Fund (DryStkIx)
4,908 shares (cost $158,001) ....................................................... 188,694
The Dreyfus Third Century Fund, Inc. (Dry3dCen)
5,411,350 shares (cost $60,637,885) ................................................ 78,735,143
</TABLE>
(Continued)
5
<PAGE> 6
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY, CONTINUED
<TABLE>
<S> <C>
The Evergreen Income and Growth Fund - Class Y (EvIncGro)
169,467 shares (cost $3,465,403) ................................................... 3,792,661
Federated Investment Series Funds, Inc. - Federated Bond Fund - Class F (FedBdFd)
177,914 shares (cost $1,704,395) ................................................... 1,604,781
Federated U.S. Government Securities Fund: 2-5 Years -
Institutional Shares (FedUSGvt)
693,895 shares (cost $7,473,721) .................................................... 7,181,811
Fidelity Advisor Growth Opportunities Fund - Class Y (FAGrOppA)
56,572 shares (cost $2,806,530) .................................................... 2,611,343
Fidelity Advisor High Yield Fund - Class T (FAHiYld)
64,493 shares (cost $747,399) ...................................................... 733,284
Fidelity Asset Manager(TM)(FidAsMgr)
708,187 shares (cost $12,719,276) .................................................. 13,016,479
Fidelity Capital & Income Fund (FidCapInc)
136,243 shares (cost $1,284,773) ................................................... 1,265,696
Fidelity Contrafund (FidContr)
8,500,428 shares (cost $406,451,098) ............................................... 510,195,662
Fidelity Equity - Income Fund (FidEqInc)
5,713,382 shares (cost $251,482,498) ............................................... 305,551,679
Fidelity Growth & Income Portfolio (FidGrInc)
533,690 shares (cost $22,635,473) .................................................. 25,168,843
Fidelity Magellan(R) Fund (FidMgln)
3,073,504 shares (cost $282,871,774) ............................................... 419,932,853
Fidelity VIP Fund II - Asset Manager Portfolio (FidVIPAM)
3,379 shares (cost $54,901) ........................................................ 63,077
Fidelity VIP Fund - Equity-Income Portfolio (FidVIPEI)
9,134 shares (cost $210,980) ....................................................... 234,832
Fidelity VIP Fund - Growth Portfolio (FidVIPGr)
6,683 shares (cost $240,386) ....................................................... 367,071
Fidelity VIP Fund - High Income Portfolio (FidVIPHI)
2,900 shares (cost $34,990) ........................................................ 32,796
Fidelity VIP Fund - Overseas Portfolio (FidVIPOv)
7,065 shares (cost $135,100) ....................................................... 193,861
The Growth Fund of America(R), Inc. (GroFdAm)
1,200,995 shares (cost $25,490,630) ................................................ 34,996,986
The Income Fund of America(R), Inc. (IncFdAm)
1,241,697 shares (cost $21,222,346) ................................................ 19,544,304
INVESCO Dynamics Fund, Inc. (InvDynam)
1,691,907 shares (cost $36,314,632) ................................................ 43,752,708
INVESCO Industrial Income Fund, Inc. (InvIndInc)
2,044,840 shares (cost $29,580,787) ................................................ 31,183,803
INVESCO Total Return Fund (InvTotRet)
48,164 shares (cost $1,504,707) .................................................... 1,394,828
Janus Fund (JanFund)
7,594,231 shares (cost $268,823,383) ............................................... 334,525,892
Janus Worldwide Fund (JanWrldwde)
27,774 shares (cost $1,351,259) .................................................... 2,122,732
</TABLE>
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<PAGE> 7
<TABLE>
<S> <C>
MAS Funds - Fixed Income Portfolio (MASFIP)
588,481 shares (cost $6,808,668) ................................................... 6,408,561
Massachusetts Investors Growth Stock Fund - Class A (MFSGrStk)
722,309 shares (cost $9,082,783) ................................................... 14,684,549
MFS(R) Growth Opportunities Fund - Class A (MFSGrOpp)
2,302,451 shares (cost $31,605,416) ................................................ 43,907,748
MFS(R) High Income Fund - Class A (MFSHiInc)
955,640 shares (cost $4,987,436) ................................................... 4,768,646
Morgan Stanley Institutional Fund, Inc. - Equity Growth Portfolio - Class B (MSIEqGroB)
85,706 shares (cost $1,949,479) .................................................... 2,134,086
NAAT - The Aggressive Portfolio (NAATAggr)
323,960 shares (cost $3,667,012) ................................................... 4,545,164
NAAT - The Conservative Portfolio (NAATCons)
125,002 shares (cost $1,360,458) ................................................... 1,366,267
NAAT - The Moderate Portfolio (NAATMod)
279,564 shares (cost $3,150,409) ................................................... 3,597,989
NAAT - The Moderately Aggressive Portfolio (NAATModAgg)
267,756 shares (cost $3,045,188) ................................................... 3,566,510
NAAT - The Moderately Conservative Portfolio (NAATModCon)
117,533 shares (cost $1,317,756) ................................................... 1,410,398
Nationwide(R) Bond Fund - Class D (NWBdFd)
29,266 shares (cost $279,448) ...................................................... 261,056
Nationwide(R) Fund - Class D (NWFund)
5,937,663 shares (cost $169,547,299) ............................................... 178,129,893
Nationwide(R) Growth Fund - Class D (NWGroFd)
877,474 shares (cost $13,752,918) .................................................. 15,285,595
Nationwide(R) Money Market Fund (NWMyMkt)
118,890,423 shares (cost $118,890,423) ............................................. 118,890,423
Nationwide(R) S&P 500 Index Fund - Class Y (NWIndxFdY)
890,149 shares (cost $10,518,556) .................................................. 11,420,608
Nationwide(R) Separate Account Trust - Government Bond Fund (NSATGvtBd)
1,911 shares (cost $21,407) ........................................................ 20,615
Nationwide(R) Separate Account Trust - Income Fund (NSATInc)
11,645 shares (cost $113,703) ...................................................... 111,791
Nationwide(R) Separate Account Trust - Money Market Fund (NSATMyMkt)
122,009 shares (cost $122,009) ..................................................... 122,009
Nationwide(R) Separate Account Trust - Small Company Fund (NSATSmCo)
243,599 shares (cost $4,069,561) ................................................... 5,388,410
Nationwide(R) Separate Account Trust - Total Return Fund (NSATTotRe)
8,748 shares (cost $135,303) ....................................................... 164,553
Neuberger & Berman Advisors Management Trust - Growth Portfolio (NBAMTGro)
1,771 shares (cost $44,512) ........................................................ 65,994
Neuberger & Berman Advisers Management Trust -
Limited Maturity Bond Portfolio (NBAMTLMat)
982 shares (cost $13,369) ........................................................... 13,001
Neuberger & Berman Advisors Management Trust - Partners Portfolio (NBAMTPart)
3,721 shares (cost $70,448) ........................................................ 73,076
Neuberger & Berman Equity Funds - Guardian Fund (NBGuard)
79,614 shares (cost $1,784,467) .................................................... 1,472,859
</TABLE>
(Continued)
7
<PAGE> 8
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY, CONTINUED
<TABLE>
<S> <C>
Neuberger & Berman Equity Funds - Manhattan Fund (NBManhFd)
22,780 shares (cost $267,114) ...................................................... 380,195
Neuberger & Berman Equity Trust - Partners Fund (NBPartTr)
10,550 shares (cost $203,609) ...................................................... 189,684
Prestige Balanced Fund - Class Y (PrBalY)
52,411 shares (cost $581,584) ...................................................... 588,050
Prestige International Fund - Class Y (PrIntY)
27,928 shares (cost $321,668) ...................................................... 352,455
Prestige Large Cap Growth Fund - Class Y (PrLgCapGrY)
153,890 shares (cost $2,002,287) ................................................... 2,374,515
Prestige Large Cap Value Fund - Class Y (PrLgCpValY)
22,997 shares (cost $244,660) ...................................................... 229,283
Prestige Small Cap Fund - Class Y (PrSmCapY)
96,171 shares (cost $1,102,014) .................................................... 1,228,098
Oppenheimer Global Fund - Class A (OppGlob)
63,183 shares (cost $3,222,222) .................................................... 3,952,117
Putnam Investors Fund - Class A (PutInvFd)
5,313,703 shares (cost $61,704,545) ................................................ 101,757,411
Putnam Voyager Fund - Class A (PutVoyFd)
11,985,420 shares (cost $237,279,545) .............................................. 371,068,598
SEI Index Funds - S&P 500 Index Portfolio (SEI500Ix)
1,507,838 shares (cost $56,040,511) ................................................ 68,606,612
Seligman Growth Fund, Inc. - Class A (SelGroFd)
532,867 shares (cost $3,158,503) ................................................... 4,593,316
T. Rowe Price International Funds, Inc. - International Stock Fund(R)(TRIntStk)
2,560,438 shares (cost $41,366,598) ................................................ 48,725,142
Templeton Foreign Fund - Class I (TemForFd)
7,458,177 shares (cost $72,290,444) ................................................ 83,680,747
Warburg Pincus Emerging Growth Fund - Common Shares (WPEmGro)
25,278 shares (cost $1,108,005) .................................................... 1,260,381
--------------
Total investments ............................................................... 4,147,650,020
Accounts receivable ...................................................................... 220,149
--------------
Total assets .................................................................... 4,147,870,169
ACCOUNTS PAYABLE ............................................................................ 390,045
--------------
CONTRACT OWNERS' EQUITY (NOTE 4) ............................................................ $4,147,480,124
==============
</TABLE>
See accompanying notes to financial statements
8
<PAGE> 9
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF CHANGES IN
CONTRACT OWNERS'EQUITY
STATEMENTS OF OPERATIONS
YEARS ENDED DECEMBER 31,1999 AND 1998
<TABLE>
<CAPTION>
TOTAL AIMCon
---------------------------------- -----------------------------
1999 1998 1999 1998
--------------- ------------- ---------- ---------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............................ $ 23,976,555 20,651,143 - -
Mortality and expense charges (note 2) .......... - (3,556,112) - (13,212)
Administration charge (note 2):
Tier I ................................. - (1,675,650) - (2,695)
Tier II ................................ - (484,483) - -
Tier III ............................... - (168,929) - -
Tier IV ................................ - (64,112) - -
Tier V ................................. - (194,057) - (3,065)
Variable account fee (notes 2 and 5) ............ (26,195,045) (13,750,583) (44,028) (30,654)
--------------- ------------- ---------- ---------
Net investment activity ...................... (2,218,490) 757,217 (44,028) (49,626)
Proceeds from mutual fund shares sold ........... 660,364,581 428,065,379 3,916,574 7,850,258
Cost of mutual fund shares sold ................. (538,034,249) (360,005,241) (3,207,801) (7,639,203)
--------------- ------------- ---------- ---------
Realized gain (loss) on investments .......... 122,330,332 68,060,138 708,773 211,055
Change in unrealized gain (loss) on investments . 435,944,287 292,964,663 2,203,245 1,124,581
--------------- ------------- ---------- ---------
Net gain (loss) on investments ............... 558,274,619 361,024,801 2,912,018 1,335,636
--------------- ------------- ---------- ---------
Reinvested capital gains ........................ 298,394,120 180,025,465 908,257 198,951
--------------- ------------- ---------- ---------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 854,450,249 541,807,483 3,776,247 1,484,961
--------------- ------------- ---------- ---------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............................. 651,182,936 613,394,800 2,479,769 3,679,541
Transfers between funds ......................... - - (1,372,079) (1,949,570)
Redemptions ..................................... (228,988,141) (258,709,862) (470,232) (4,490,445)
Annual contract maintenance charge (note 2) ..... (6,874) (2,861) - -
Contingent deferred sales charges (note 2) ...... (6,812) (1,717) - -
Adjustments to maintain reserves ................ (163,414) 423,368 28 233
--------------- ------------- ---------- ---------
Net equity transactions .................... 422,017,695 355,103,728 637,486 (2,760,241)
NET CHANGE IN CONTRACT OWNERS'EQUITY .............. 1,276,467,944 896,911,211 4,413,733 (1,275,280)
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR.......... 2,871,012,180 1,974,100,969 8,314,877 9,590,157
--------------- ------------- ---------- ---------
CONTRACT OWNERS' EQUITY END OF YEAR................ $ 4,147,480,124 2,871,012,180 12,728,610 8,314,877
=============== ============= ========== =========
<CAPTION>
AIMWein ACIncGro
----------------------------- ----------------------------
1999 1998 1999 1998
----------- ---------- --------- -------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............................ - - 66,649 364
Mortality and expense charges (note 2) .......... - - - -
Administration charge (note 2):
Tier I ................................. - - - -
Tier II ................................ - - - -
Tier III ............................... - - - -
Tier IV ................................ - - - -
Tier V ................................. - - - -
Variable account fee (notes 2 and 5) ............ - - (36,858) (61)
----------- ---------- --------- -------
Net investment activity ...................... - - 29,791 303
Proceeds from mutual fund shares sold ........... - 407 829,042 1,365
Cost of mutual fund shares sold ................. - (450) (783,016) (1,364)
----------- ---------- --------- -------
Realized gain (loss) on investments .......... - (43) 46,026 1
Change in unrealized gain (loss) on investments . - - 967,330 3,248
----------- ---------- --------- -------
Net gain (loss) on investments ............... - (43) 1,013,356 3,249
----------- ---------- --------- -------
Reinvested capital gains ........................ - - 8,652 4,510
----------- ---------- --------- -------
Net increase (decrease) in contract owners'
equity resulting from operations ......... - (43) 1,051,799 8,062
----------- ---------- --------- -------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............................. - - 4,099,934 28,106
Transfers between funds ......................... - - 4,519,592 219,798
Redemptions ..................................... - - (430,139) -
Annual contract maintenance charge (note 2) ..... - - (5) -
Contingent deferred sales charges (note 2) ...... - - - -
Adjustments to maintain reserves ................ - 43 (29) 39
----------- ---------- --------- -------
Net equity transactions .................... - 43 8,189,353 247,943
NET CHANGE IN CONTRACT OWNERS'EQUITY .............. - - 9,241,152 256,005
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR.......... - - 256,005 -
----------- ---------- --------- -------
CONTRACT OWNERS' EQUITY END OF YEAR................ - - 9,497,157 256,005
=========== ========== ========= =======
</TABLE>
(Continued)
9
<PAGE> 10
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF CHANGES
IN CONTRACT OWNERS'EQUITY,CONTINUED
STATEMENTS OF OPERATIONS, Continued
YEARS ENDED DECEMBER 31,1999 AND 1998
<TABLE>
<CAPTION>
ACTCGro ACTCIntDis
------------------------------ ---------------------------
1999 1998 1999 1998
------------- ----------- ---------- -------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............................ $ - - - -
Mortality and expense charges (note 2) .......... - (245,696) - -
Administration charge (note 2):
Tier I ................................. - (98,801) - -
Tier II ................................ - (35,121) - -
Tier III ............................... - (10,512) - -
Tier IV ................................ - (3,181) - -
Tier V ................................. - (19,963) - -
Variable account fee (notes 2 and 5) ............ (1,782,366) (933,529) (21,461) (91)
------------- ----------- ---------- -------
Net investment activity ...................... (1,782,366) (1,346,803) (21,461) (91)
Proceeds from mutual fund shares sold ........... 39,541,017 18,769,032 21,837,312 13,419
Cost of mutual fund shares sold ................. (28,379,323) (15,992,186) (18,766,339) (13,089)
------------- ----------- ---------- -------
Realized gain (loss) on investments .......... 11,161,694 2,776,846 3,070,973 330
Change in unrealized gain (loss) on investments . 29,612,632 16,196,046 2,080,650 6,649
------------- ----------- ---------- -------
Net gain (loss) on investments ............... 40,774,326 18,972,892 5,151,623 6,979
------------- ----------- ---------- -------
Reinvested capital gains ........................ 31,660,092 33,574,173 926,166 483
------------- ----------- ---------- -------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 70,652,052 51,200,262 6,056,328 7,371
------------- ----------- ---------- -------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............................. 28,917,165 23,250,889 2,196,323 6,191
Transfers between funds ......................... (9,593,785) 8,354,144 14,513,928 167,162
Redemptions ..................................... (15,142,302) (17,504,524) (471,731) -
Annual contract maintenance charge (note 2) ..... (636) (5) (5) -
Contingent deferred sales charges (note 2) ...... - - - -
Adjustments to maintain reserves ................ (247,303) 5,720 112 36
------------- ----------- ---------- -------
Net equity transactions .................... 3,933,139 14,106,224 16,238,627 173,389
NET CHANGE IN CONTRACT OWNERS' EQUITY.............. 74,585,191 65,306,486 22,294,955 180,760
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR.......... 205,062,510 139,756,024 180,760 -
------------- ----------- ---------- -------
CONTRACT OWNERS' EQUITY END OF YEAR................ $ 279,647,701 205,062,510 22,475,715 180,760
============= =========== ========== =======
<CAPTION>
ACTCIntlGr ACTCSel
-------------------------- --------------------------
1999 1998 1999 1998
---------- --------- --------- ---------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............................ - - - 9,928
Mortality and expense charges (note 2) .......... - (2) - (4,167)
Administration charge (note 2):
Tier I ................................. - (2) - (122)
Tier II ................................ - - - -
Tier III ............................... - - - -
Tier IV ................................ - - - (1,613)
Tier V ................................. - - - -
Variable account fee (notes 2 and 5) ............ - - (26,970) (13,301)
---------- --------- --------- ---------
Net investment activity ...................... - (4) (26,970) (9,275)
Proceeds from mutual fund shares sold ........... - 11,135 706,990 487,141
Cost of mutual fund shares sold ................. - (10,717) (468,938) (320,438)
---------- --------- --------- ---------
Realized gain (loss) on investments .......... - 418 238,052 166,703
Change in unrealized gain (loss) on investments . - - 171,720 121,947
---------- --------- --------- ---------
Net gain (loss) on investments ............... - 418 409,772 288,650
---------- --------- --------- ---------
Reinvested capital gains ........................ - - 414,627 576,863
---------- --------- --------- ---------
Net increase (decrease) in contract owners'
equity resulting from operations ......... - 414 797,429 856,238
---------- --------- --------- ---------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............................. - 10,713 564,230 310,577
Transfers between funds ......................... - - 213,654 104,612
Redemptions ..................................... - (11,133) (296,827) (156,908)
Annual contract maintenance charge (note 2) ..... - - - -
Contingent deferred sales charges (note 2) ...... - - - -
Adjustments to maintain reserves ................ - 6 (65) 428
---------- --------- --------- ---------
Net equity transactions .................... - (414) 480,992 258,709
NET CHANGE IN CONTRACT OWNERS' EQUITY.............. - - 1,278,421 1,114,947
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR.......... - - 3,409,830 2,294,883
---------- --------- --------- ---------
CONTRACT OWNERS' EQUITY END OF YEAR................ - - 4,688,251 3,409,830
========== ========= ========= =========
</TABLE>
10
<PAGE> 11
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF CHANGES IN
CONTRACT OWNERS'EQUITY,CONTINUED
STATEMENTS OF OPERATIONS, Continued
YEARS ENDED DECEMBER 31,1999 AND 1998
<TABLE>
<CAPTION>
ACTCUltra ACVPBal
------------------------------ -----------------------
1999 1998 1999 1998
------------- ----------- ------ ------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... $ - - 285 135
Mortality and expense charges (note 2) .......... - (590,177) - (12)
Administration charge (note 2):
Tier I ................................. - (289,702) - (11)
Tier II ................................ - (78,787) - -
Tier III ............................... - (33,584) - -
Tier IV ................................ - (8,689) - -
Tier V ................................. - (27,632) - -
Variable account fee (notes 2 and 5) ............ (4,658,765) (2,343,288) (195) (69)
------------- ----------- ------ ------
Net investment activity ...................... (4,658,765) (3,371,859) 90 43
Proceeds from mutual fund shares sold ........... 39,165,641 41,641,653 - -
Cost of mutual fund shares sold ................. (20,699,979) (27,930,230) - -
------------- ----------- ------ ------
Realized gain (loss) on investments .......... 18,465,662 13,711,423 - -
Change in unrealized gain (loss) on investments . 174,542,713 63,370,686 (65) 445
------------- ----------- ------ ------
Net gain (loss) on investments ............... 193,008,375 77,082,109 (65) 445
------------- ----------- ------ ------
Reinvested capital gains ........................ 21,526,551 41,328,459 1,964 835
------------- ----------- ------ ------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 209,876,161 115,038,709 1,989 1,323
------------- ----------- ------ ------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............................. 97,019,057 92,879,284 5,441 5,501
Transfers between funds ......................... (18,107,812) (11,404,055) 4,547 -
Redemptions ..................................... (36,790,354) (44,419,854) - -
Annual contract maintenance charge (note 2) ..... (731) (24) - -
Contingent deferred sales charges (note 2) ...... (1,225) (5) - -
Adjustments to maintain reserves ................ 7,661 12,001 - (1)
------------- ----------- ------ ------
Net equity transactions .................... 42,126,596 37,067,347 9,988 5,500
NET CHANGE IN CONTRACT OWNERS' EQUITY.............. 252,002,757 152,106,056 11,977 6,823
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR.......... 486,769,512 334,663,456 13,664 6,841
------------- ----------- ------ ------
CONTRACT OWNERS' EQUITY END OF YEAR................ $ 738,772,269 486,769,512 25,641 13,664
============= =========== ====== ======
<CAPTION>
ACVPCapAp BdFdAm
------------------------ ----------------------------
1999 1998 1999 1998
------- ------ ---------- ----------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... - - 1,257,587 1,072,397
Mortality and expense charges (note 2) .......... - (126) - (22,352)
Administration charge (note 2):
Tier I ................................. - (114) - (12,086)
Tier II ................................ - - - (3,155)
Tier III ............................... - - - (903)
Tier IV ................................ - - - (97)
Tier V ................................. - - - (970)
Variable account fee (notes 2 and 5) ............ (827) (453) (147,650) (96,999)
------- ------ ---------- ----------
Net investment activity ...................... (827) (693) 1,109,937 935,835
Proceeds from mutual fund shares sold ........... 1,603 18,530 10,149,410 6,379,676
Cost of mutual fund shares sold ................. (1,677) (23,743) (10,627,824) (6,310,382)
------- ------ ---------- ----------
Realized gain (loss) on investments .......... (74) (5,213) (478,414) 69,294
Change in unrealized gain (loss) on investments . 49,753 (1,486) (367,432) (526,637)
------- ------ ---------- ----------
Net gain (loss) on investments ............... 49,679 (6,699) (845,846) (457,343)
------- ------ ---------- ----------
Reinvested capital gains ........................ - 3,694 - 166,021
------- ------ ---------- ----------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 48,852 (3,698) 264,091 644,513
------- ------ ---------- ----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............................. 5,267 16,440 2,249,427 4,402,447
Transfers between funds ......................... - (15,860) (2,123,884) 2,903,996
Redemptions ..................................... (1,034) (972) (1,760,769) (1,653,020)
Annual contract maintenance charge (note 2) ..... (1) (1) (39) (7)
Contingent deferred sales charges (note 2) ...... - - - -
Adjustments to maintain reserves ................ (8) 1 511 (453)
------- ------ ---------- ----------
Net equity transactions .................... 4,224 (392) (1,634,754) 5,652,963
NET CHANGE IN CONTRACT OWNERS' EQUITY.............. 53,076 (4,090) (1,370,663) 6,297,476
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR.......... 74,477 78,567 18,775,654 12,478,178
------- ------ ---------- ----------
CONTRACT OWNERS' EQUITY END OF YEAR................ 127,553 74,477 17,404,991 18,775,654
======= ====== ========== ==========
</TABLE>
(Continued)
11
<PAGE> 12
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF CHANGES IN
CONTRACT OWNERS'EQUITY,CONTINUED
STATEMENTS OF OPERATIONS, Continued
YEARS ENDED DECEMBER 31,1999 AND 1998
<TABLE>
<CAPTION>
BrnCapSmCo DNYVenFd
------------------------ ---------------------
1999 1998 1999 1998
---------- -------- ------- -------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............................ $ - - 30 3,675
Mortality and expense charges (note 2) .......... - - - (719)
Administration charge (note 2):
Tier I ................................. - - - -
Tier II ................................ - - - (576)
Tier III ............................... - - - -
Tier IV ................................ - - - -
Tier V ................................. - - - -
Variable account fee (notes 2 and 5) ............ (52) - (3,306) (2,375)
---------- -------- ------- -------
Net investment activity ...................... (52) - (3,276) 5
Proceeds from mutual fund shares sold ........... 54,236 - 108,105 238,516
Cost of mutual fund shares sold ................. (45,129) - (90,663) (242,635)
---------- -------- ------- -------
Realized gain (loss) on investments .......... 9,107 - 17,442 (4,119)
Change in unrealized gain (loss) on investments . (1,177) - 31,094 41,346
---------- -------- ------- -------
Net gain (loss) on investments ............... 7,930 - 48,536 37,227
---------- -------- ------- -------
Reinvested capital gains ........................ 14,199 - 7,465 13,062
---------- -------- ------- -------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 22,077 - 52,725 50,294
---------- -------- ------- -------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............................. 2,415 - - 61,821
Transfers between funds ......................... 149,203 - 2,070 (93,497)
Redemptions ..................................... (82) - (60,143) (104,253)
Annual contract maintenance charge (note 2) ..... - - - -
Contingent deferred sales charges (note 2) ...... - - - -
Adjustments to maintain reserves ................ (3) - (11) (9,951)
---------- -------- ------- -------
Net equity transactions .................... 151,533 - (58,084) (145,880)
NET CHANGE IN CONTRACT OWNERS' EQUITY.............. 173,610 - (5,359) (95,586)
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR.......... - - 350,427 446,013
---------- -------- ------- -------
CONTRACT OWNERS' EQUITY END OF YEAR................ $ 173,610 - 345,068 350,427
========== ======== ======= =======
<CAPTION>
DeDecInc DryApp
--------------------- -----------------------
1999 1998 1999 1998
------- ------- --------- -------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............................ 8,372 8,519 24,131 3,615
Mortality and expense charges (note 2) .......... - (495) - -
Administration charge (note 2):
Tier I ................................. - (345) - -
Tier II ................................ - (64) - -
Tier III ............................... - (19) - -
Tier IV ................................ - - - -
Tier V ................................. - - - -
Variable account fee (notes 2 and 5) ............ (2,659) (1,890) (23,612) (363)
------- ------- --------- -------
Net investment activity ...................... 5,713 5,706 519 3,252
Proceeds from mutual fund shares sold ........... 86,134 21,772 776,158 42,324
Cost of mutual fund shares sold ................. (78,269) (17,747) (717,320) (41,547)
------- ------- --------- -------
Realized gain (loss) on investments .......... 7,865 4,025 58,838 777
Change in unrealized gain (loss) on investments . (31,337) (31,371) 231,072 20,162
------- ------- --------- -------
Net gain (loss) on investments ............... (23,472) (27,346) 289,910 20,939
------- ------- --------- -------
Reinvested capital gains ........................ 6,728 48,997 31,853 1,067
------- ------- --------- -------
Net increase (decrease) in contract owners'
equity resulting from operations ......... (11,031) 27,357 322,282 25,258
------- ------- --------- -------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............................. 19,984 35,842 2,887,958 100,087
Transfers between funds ......................... (71,443) (10,077) 982,142 678,208
Redemptions ..................................... (14,701) (12,641) (151,084) -
Annual contract maintenance charge (note 2) ..... - - (2) -
Contingent deferred sales charges (note 2) ...... (121) - - -
Adjustments to maintain reserves ................ (3) 1 (22) 58
------- ------- --------- -------
Net equity transactions .................... (66,284) 13,125 3,718,992 778,353
NET CHANGE IN CONTRACT OWNERS' EQUITY.............. (77,315) 40,482 4,041,274 803,611
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR.......... 323,087 282,605 803,611 -
------- ------- --------- -------
CONTRACT OWNERS' EQUITY END OF YEAR................ 245,772 323,087 4,844,885 803,611
======= ======= ========= =======
</TABLE>
12
<PAGE> 13
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF CHANGES IN
CONTRACT OWNERS'EQUITY,Continued
STATEMENTS OF OPERATIONS, Continued
YEARS ENDED DECEMBER 31,1999 AND 1998
<TABLE>
<CAPTION>
DryCsMgt DryPreMCap
---------------------------- -----------------------
1999 1998 1999 1998
------------ ------- ------- ------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............................ $ 10,461 13,275 - -
Mortality and expense charges (note 2) .......... - (404) - -
Administration charge (note 2):
Tier I ................................. - - - -
Tier II ................................ - (324) - -
Tier III ............................... - - - -
Tier IV ................................ - - - -
Tier V ................................. - - - -
Variable account fee (notes 2 and 5) ............ (1,894) (1,506) (1,770) (11)
------------ ------- ------- ------
Net investment activity ...................... 8,567 11,041 (1,770) (11)
Proceeds from mutual fund shares sold ........... 70,899 188,098 253,033 41,198
Cost of mutual fund shares sold ................. (70,899) (188,098) (242,970) (39,908)
------------ ------- ------- ------
Realized gain (loss) on investments .......... - - 10,063 1,290
Change in unrealized gain (loss) on investments . - - 43,812 1,020
------------ ------- ------- ------
Net gain (loss) on investments ............... - - 53,875 2,310
------------ ------- ------- ------
Reinvested capital gains ........................ - - 11,056 -
------------ ------- ------- ------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 8,567 11,041 63,161 2,299
------------ ------- ------- ------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............................. - 7,000 379,265 9,972
Transfers between funds ......................... - 30,215 217,364 6,820
Redemptions ..................................... (69,026) (85,159) (8,796) -
Annual contract maintenance charge (note 2) ..... - - (1) -
Contingent deferred sales charges (note 2) ...... - - - -
Adjustments to maintain reserves ................ (9) 13 (3) (36)
------------ ------- ------- ------
Net equity transactions .................... (69,035) (47,931) 587,829 16,756
NET CHANGE IN CONTRACT OWNERS' EQUITY.............. (60,468) (36,890) 650,990 19,055
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR.......... 243,930 280,820 19,055 -
------------ ------- ------- ------
CONTRACT OWNERS' EQUITY END OF YEAR................ $ 183,462 243,930 670,045 19,055
============ ======= ======= ======
<CAPTION>
Dry500Ix DrySRGro
--------------------------- ----------------------
1999 1998 1999 1998
----------- ---------- ------ ------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............................ 807,056 654,039 5 30
Mortality and expense charges (note 2) .......... - (50,585) - (18)
Administration charge (note 2):
Tier I ................................. - (25,258) - (16)
Tier II ................................ - (9,470) - -
Tier III ............................... - (4,279) - -
Tier IV ................................ - (1,421) - -
Tier V ................................. - - - -
Variable account fee (notes 2 and 5) ............ (768,657) (302,743) (257) (93)
----------- ---------- ------ ------
Net investment activity ...................... 38,399 260,283 (252) (97)
Proceeds from mutual fund shares sold ........... 6,953,435 17,946,636 20 -
Cost of mutual fund shares sold ................. (5,002,542) (17,009,081) (11) -
----------- ---------- ------ ------
Realized gain (loss) on investments .......... 1,950,893 937,555 9 -
Change in unrealized gain (loss) on investments . 13,070,335 9,000,038 6,628 2,973
----------- ---------- ------ ------
Net gain (loss) on investments ............... 15,021,228 9,937,593 6,637 2,973
----------- ---------- ------ ------
Reinvested capital gains ........................ 1,288,768 11,335 1,301 700
----------- ---------- ------ ------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 16,348,395 10,209,211 7,686 3,576
----------- ---------- ------ ------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............................. 33,667,126 29,380,072 11,978 6,922
Transfers between funds ......................... (696,560) 12,761,627 - -
Redemptions ..................................... (6,640,768) (4,088,081) - -
Annual contract maintenance charge (note 2) ..... (69) - - -
Contingent deferred sales charges (note 2) ...... - - - -
Adjustments to maintain reserves ................ 8,495 340,307 - 3
----------- ---------- ------ ------
Net equity transactions .................... 26,338,224 38,393,925 11,978 6,925
NET CHANGE IN CONTRACT OWNERS' EQUITY.............. 42,686,619 48,603,136 19,664 10,501
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR.......... 67,670,706 19,067,570 19,414 8,913
----------- ---------- ------ ------
CONTRACT OWNERS' EQUITY END OF YEAR................ 110,357,325 67,670,706 39,078 19,414
=========== ========== ====== ======
</TABLE>
(Continued)
13
<PAGE> 14
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF CHANGES IN
CONTRACT OWNERS'EQUITY,CONTINUED
STATEMENTS OF OPERATIONS, Continued
YEARS ENDED DECEMBER 31,1999 AND 1998
<TABLE>
<CAPTION>
DryStkIx Dry3dCen
-------------------------- -------------------------
1999 1998 1999 1998
----------- ------- ---------- ----------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............................ $ 1,921 1,119 - -
Mortality and expense charges (note 2) .......... - (102) - (66,294)
Administration charge (note 2):
Tier I ................................. - (29) - (29,387)
Tier II ................................ - - - (7,533)
Tier III ............................... - (42) - (3,505)
Tier IV ................................ - - - (1,116)
Tier V ................................. - - - (4,678)
Variable account fee (notes 2 and 5) ............ (1,673) (592) (397,692) (253,339)
----------- ------- ---------- ----------
Net investment activity ...................... 248 354 (397,692) (365,852)
Proceeds from mutual fund shares sold ........... 55,845 6,423 6,206,656 3,901,389
Cost of mutual fund shares sold ................. (30,713) (3,045) (3,510,513) (2,492,822)
----------- ------- ---------- ----------
Realized gain (loss) on investments .......... 25,132 3,378 2,696,143 1,408,567
Change in unrealized gain (loss) on investments . 4,705 15,002 8,651,351 5,130,782
----------- ------- ---------- ----------
Net gain (loss) on investments ............... 29,837 18,380 11,347,494 6,539,349
----------- ------- ---------- ----------
Reinvested capital gains ........................ 1,608 221 6,663,884 5,487,821
----------- ------- ---------- ----------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 31,693 18,955 17,613,686 11,661,318
----------- ------- ---------- ----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............................. 60,306 28,266 12,595,722 12,820,383
Transfers between funds ......................... (566) 29,929 (3,865,109) (958,671)
Redemptions ..................................... (25,840) - (4,140,077) (3,146,178)
Annual contract maintenance charge (note 2) ..... - - (128) -
Contingent deferred sales charges (note 2) ...... - - - -
Adjustments to maintain reserves ................ 1 50 4,685 875
----------- ------- ---------- ----------
Net equity transactions .................... 33,901 58,245 4,595,093 8,716,409
NET CHANGE IN CONTRACT OWNERS' EQUITY.............. 65,594 77,200 22,208,779 20,377,727
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR.......... 123,087 45,887 56,526,907 36,149,180
----------- ------- ---------- ----------
CONTRACT OWNERS' EQUITY END OF YEAR................ $ 188,681 123,087 78,735,686 56,526,907
=========== ======= ========== ==========
<CAPTION>
EvIncGro FedGNMA
------------------------ -----------------------
1999 1998 1999 1998
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............................ 183,943 187,498 - 10,016
Mortality and expense charges (note 2) .......... - (7,687) - (768)
Administration charge (note 2):
Tier I ................................. - (3,311) - (691)
Tier II ................................ - (1,433) - -
Tier III ............................... - (215) - -
Tier IV ................................ - (32) - -
Tier V ................................. - (533) - -
Variable account fee (notes 2 and 5) ............ (29,511) (22,752) - -
--------- --------- --------- ---------
Net investment activity ...................... 154,432 151,535 - 8,557
Proceeds from mutual fund shares sold ........... 800,603 799,273 - 980,581
Cost of mutual fund shares sold ................. (687,340) (673,270) - (966,648)
--------- --------- --------- ---------
Realized gain (loss) on investments .......... 113,263 126,003 - 13,933
Change in unrealized gain (loss) on investments . 204,347 (718,235) - (13,073)
--------- --------- --------- ---------
Net gain (loss) on investments ............... 317,610 (592,232) - 860
--------- --------- --------- ---------
Reinvested capital gains ........................ 64,849 373,288 - -
--------- --------- --------- ---------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 536,891 (67,409) - 9,417
--------- --------- --------- ---------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............................. 188,095 266,376 - 13,861
Transfers between funds ......................... (653,482) (684,318) - (57,803)
Redemptions ..................................... (209,751) (214,308) - (923,736)
Annual contract maintenance charge (note 2) ..... (46) - - -
Contingent deferred sales charges (note 2) ...... - - - -
Adjustments to maintain reserves ................ (38) 17 - (304)
--------- --------- --------- ---------
Net equity transactions .................... (675,222) (632,233) - (967,982)
NET CHANGE IN CONTRACT OWNERS' EQUITY.............. (138,331) (699,642) - (958,565)
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR.......... 3,931,008 4,630,650 - 958,565
--------- --------- --------- ---------
CONTRACT OWNERS' EQUITY END OF YEAR................ 3,792,677 3,931,008 - -
========= ========= ========= =========
</TABLE>
14
<PAGE> 15
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF CHANGES IN
CONTRACT OWNERS'EQUITY,CONTINUED
STATEMENTS OF OPERATIONS, Continued
YEARS ENDED DECEMBER 31,1999 AND 1998
<TABLE>
<CAPTION>
FedBdFd FedUSGvt
-------------------------- ------------------------
1999 1998 1999 1998
----------- ------- --------- ---------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............................ $ 90,250 1,432 346,733 205,721
Mortality and expense charges (note 2) .......... - - - (4,822)
Administration charge (note 2):
Tier I ................................. - - - (2,999)
Tier II ................................ - - - (739)
Tier III ............................... - - - (199)
Tier IV ................................ - - - (94)
Tier V ................................. - - - -
Variable account fee (notes 2 and 5) ............ (7,224) (142) (64,848) (27,060)
----------- ------- --------- ---------
Net investment activity ...................... 83,026 1,290 281,885 169,808
Proceeds from mutual fund shares sold ........... 713,517 10,318 3,705,532 3,303,388
Cost of mutual fund shares sold ................. (739,265) (10,177) (3,745,262) (3,240,050)
----------- ------- --------- ---------
Realized gain (loss) on investments .......... (25,748) 141 (39,730) 63,338
Change in unrealized gain (loss) on investments . (98,562) (1,053) (349,627) 31,242
----------- ------- --------- ---------
Net gain (loss) on investments ............... (124,310) (912) (389,357) 94,580
----------- ------- --------- ---------
Reinvested capital gains ........................ - - - -
----------- ------- --------- ---------
Net increase (decrease) in contract owners'
equity resulting from operations ......... (41,284) 378 (107,472) 264,388
----------- ------- --------- ---------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............................. 192,519 12,564 1,311,826 1,027,985
Transfers between funds ......................... 1,198,263 267,049 576,069 3,085,149
Redemptions ..................................... (24,725) - (842,664) (660,459)
Annual contract maintenance charge (note 2) ..... - - (34) -
Contingent deferred sales charges (note 2) ...... - - - -
Adjustments to maintain reserves ................ (63) 9 1,369 838
----------- ------- --------- ---------
Net equity transactions .................... 1,365,994 279,622 1,046,566 3,453,513
NET CHANGE IN CONTRACT OWNERS' EQUITY.............. 1,324,710 280,000 939,094 3,717,901
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR.......... 280,000 - 6,242,531 2,524,630
----------- ------- --------- ---------
CONTRACT OWNERS' EQUITY END OF YEAR................ $ 1,604,710 280,000 7,181,625 6,242,531
=========== ======= ========= =========
<CAPTION>
FAGrOppA FAHiYld
------------------------ ----------------------
1999 1998 1999 1998
--------- ------- ------- ------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............................ 25,981 1,615 32,123 298
Mortality and expense charges (note 2) .......... - - - -
Administration charge (note 2):
Tier I ................................. - - - -
Tier II ................................ - - - -
Tier III ............................... - - - -
Tier IV ................................ - - - -
Tier V ................................. - - - -
Variable account fee (notes 2 and 5) ............ (12,274) (126) (3,078) (2)
--------- ------- ------- ------
Net investment activity ...................... 13,707 1,489 29,045 296
Proceeds from mutual fund shares sold ........... 394,736 163 467,904 3,365
Cost of mutual fund shares sold ................. (394,490) (159) (465,726) (3,405)
--------- ------- ------- ------
Realized gain (loss) on investments .......... 246 4 2,178 (40)
Change in unrealized gain (loss) on investments . (197,704) 2,517 (13,956) (159)
--------- ------- ------- ------
Net gain (loss) on investments ............... (197,458) 2,521 (11,778) (199)
--------- ------- ------- ------
Reinvested capital gains ........................ 251,008 5,705 - 13
--------- ------- ------- ------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 67,257 9,715 17,267 110
--------- ------- ------- ------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............................. 1,576,174 85,031 246,900 6,597
Transfers between funds ......................... 712,120 211,185 464,347 12,339
Redemptions ..................................... (50,695) - (14,193) -
Annual contract maintenance charge (note 2) ..... - - - -
Contingent deferred sales charges (note 2) ...... - - - -
Adjustments to maintain reserves ................ 595 (35) 92 (81)
--------- ------- ------- ------
Net equity transactions .................... 2,238,194 296,181 697,146 18,855
NET CHANGE IN CONTRACT OWNERS' EQUITY.............. 2,305,451 305,896 714,413 18,965
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR.......... 305,896 - 18,965 -
--------- ------- ------- ------
CONTRACT OWNERS' EQUITY END OF YEAR................ 2,611,347 305,896 733,378 18,965
========= ======= ======= ======
</TABLE>
(Continued)
15
<PAGE> 16
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF CHANGES IN
CONTRACT OWNERS'EQUITY,CONTINUED
STATEMENTS OF OPERATIONS, Continued
YEARS ENDED DECEMBER 31,1999 AND 1998
<TABLE>
<CAPTION>
FidAsMgr FidCapInc
---------------------------- -------------------------
1999 1998 1999 1998
------------ --------- --------- ---------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............................ $ 357,600 256,730 106,424 126,811
Mortality and expense charges (note 2) .......... - (12,311) - (2,324)
Administration charge (note 2):
Tier I ................................. - (7,018) - (730)
Tier II ................................ - (1,576) - (237)
Tier III ............................... - (658) - (298)
Tier IV ................................ - (578) - (63)
Tier V ................................. - - - (169)
Variable account fee (notes 2 and 5) ............ (95,989) (49,954) (9,780) (7,180)
------------ --------- --------- ---------
Net investment activity ...................... 261,611 184,635 96,644 115,810
Proceeds from mutual fund shares sold ........... 1,846,726 1,400,805 197,463 173,665
Cost of mutual fund shares sold ................. (1,695,131) (1,144,384) (169,829) (127,055)
------------ --------- --------- ---------
Realized gain (loss) on investments .......... 151,595 256,421 27,634 46,610
Change in unrealized gain (loss) on investments . 487,351 (698,937) (27,009) (143,059)
------------ --------- --------- ---------
Net gain (loss) on investments ............... 638,946 (442,516) 625 (96,449)
------------ --------- --------- ---------
Reinvested capital gains ........................ 489,792 1,435,527 51,281 33,909
------------ --------- --------- ---------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 1,390,349 1,177,646 148,550 53,270
------------ --------- --------- ---------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............................. 2,813,470 2,532,030 - -
Transfers between funds ......................... 230,998 (151,020) (40,990) (96,294)
Redemptions ..................................... (915,972) (704,769) (106,993) (65,869)
Annual contract maintenance charge (note 2) ..... (22) - - -
Contingent deferred sales charges (note 2) ...... - - - -
Adjustments to maintain reserves ................ 628 365 (1,006) (184)
------------ --------- --------- ---------
Net equity transactions .................... 2,129,102 1,676,606 (148,989) (162,347)
NET CHANGE IN CONTRACT OWNERS' EQUITY.............. 3,519,451 2,854,252 (439) (109,077)
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR.......... 9,497,067 6,642,815 1,265,240 1,374,317
------------ --------- --------- ---------
CONTRACT OWNERS' EQUITY END OF YEAR................ $ 13,016,518 9,497,067 1,264,801 1,265,240
============ ========= ========= =========
<CAPTION>
FidContr FidEqInc
--------------------------- ---------------------------
1999 1998 1999 1998
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............................ 2,030,581 1,863,318 4,380,744 4,640,372
Mortality and expense charges (note 2) .......... - (450,698) - (506,185)
Administration charge (note 2):
Tier I ................................. - (255,752) - (221,393)
Tier II ................................ - (64,735) - (76,233)
Tier III ............................... - (26,384) - (23,869)
Tier IV ................................ - (8,436) - (11,688)
Tier V ................................. - (6,165) - (28,770)
Variable account fee (notes 2 and 5) ............ (3,726,240) (1,870,589) (2,508,354) (1,692,590)
----------- ----------- ----------- -----------
Net investment activity ...................... (1,695,659) (819,441) 1,872,390 2,079,644
Proceeds from mutual fund shares sold ........... 22,504,798 7,189,568 38,030,205 43,609,506
Cost of mutual fund shares sold ................. (11,333,891) (4,326,016) (21,916,618) (22,032,336)
----------- ----------- ----------- -----------
Realized gain (loss) on investments .......... 11,170,907 2,863,552 16,113,587 21,577,170
Change in unrealized gain (loss) on investments . 13,393,706 55,803,182 (26,919,362) (3,426,262)
----------- ----------- ----------- -----------
Net gain (loss) on investments ............... 24,564,613 58,666,734 (10,805,775) 18,150,908
----------- ----------- ----------- -----------
Reinvested capital gains ........................ 73,890,320 26,157,555 27,266,456 12,941,873
----------- ----------- ----------- -----------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 96,759,274 84,004,848 18,333,071 33,172,425
----------- ----------- ----------- -----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............................. 76,660,114 77,487,132 38,916,190 57,359,101
Transfers between funds ......................... (20,798,707) (11,104,263) (45,250,633) (24,012,463)
Redemptions ..................................... (22,669,012) (20,740,068) (18,528,772) (48,768,023)
Annual contract maintenance charge (note 2) ..... (484) (24) (168) -
Contingent deferred sales charges (note 2) ...... - - (561) -
Adjustments to maintain reserves ................ 2,551 13,064 (1,625) 801
----------- ----------- ----------- -----------
Net equity transactions .................... 33,194,462 45,655,841 (24,865,569) (15,420,584)
NET CHANGE IN CONTRACT OWNERS' EQUITY.............. 129,953,736 129,660,689 (6,532,498) 17,751,841
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR.......... 380,246,330 250,585,641 312,084,930 294,333,089
----------- ----------- ----------- -----------
CONTRACT OWNERS' EQUITY END OF YEAR................ 510,200,066 380,246,330 305,552,432 312,084,930
=========== =========== =========== ===========
</TABLE>
16
<PAGE> 17
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF CHANGES IN
CONTRACT OWNERS'EQUITY,CONTINUED
STATEMENTS OF OPERATIONS, Continued
YEARS ENDED DECEMBER 31,1999 AND 1998
<TABLE>
<CAPTION>
FidGrInc FidMgIn
---------------------------- ---------------------------
1999 1998 1999 1998
------------ ---------- ----------- -----------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... $ 203,527 156,434 2,104,379 1,642,041
Mortality and expense charges (note 2) ......... - (21,607) - (398,587)
Administration charge (note 2):
Tier I ................................ - - - (202,623)
Tier II ............................... - - - (44,270)
Tier III .............................. - - - (16,514)
Tier IV ............................... - - - (6,415)
Tier V ................................ - (6,482) - (22,365)
Variable account fee (notes 2 and 5) ........... (122,985) (78,976) (2,903,353) (1,495,579)
------------ ---------- ----------- -----------
Net investment activity ..................... 80,542 49,369 (798,974) (544,312)
Proceeds from mutual fund shares sold .......... 5,277,787 2,491,096 9,211,642 21,671,959
Cost of mutual fund shares sold ................ (4,219,929) (1,954,895) (5,162,146) (15,120,252)
------------ ---------- ----------- -----------
Realized gain (loss) on investments ......... 1,057,858 536,201 4,049,496 6,551,707
Change in unrealized gain (loss) on investments (361,836) 2,368,630 41,418,748 56,502,870
------------ ---------- ----------- -----------
Net gain (loss) on investments .............. 696,022 2,904,831 45,468,244 63,054,577
------------ ---------- ----------- -----------
Reinvested capital gains ....................... 1,534,188 912,942 31,798,451 12,423,793
------------ ---------- ----------- -----------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 2,310,752 3,867,142 76,467,721 74,934,058
------------ ---------- ----------- -----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 7,020,652 10,539,635 54,418,328 45,406,273
Transfers between funds ........................ (3,590,869) 194,224 (3,115,844) (5,882,750)
Redemptions .................................... (1,911,140) (2,164,138) (19,264,721) (32,023,667)
Annual contract maintenance charge (note 2) .... - - (248) -
Contingent deferred sales charges (note 2) ..... - - - (5)
Adjustments to maintain reserves ............... 52 124 1,774 5,882
------------ ---------- ----------- -----------
Net equity transactions ................... 1,518,695 8,569,845 32,039,289 7,505,733
NET CHANGE IN CONTRACT OWNERS' EQUITY............. 3,829,447 12,436,987 108,507,010 82,439,791
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR......... 21,339,448 8,902,461 311,429,060 228,989,269
------------ ---------- ----------- -----------
CONTRACT OWNERS' EQUITY END OF YEAR............... $ 25,168,895 21,339,448 419,936,070 311,429,060
============ ========== =========== ===========
<CAPTION>
FidVIPAM FidVIPEI
------------------------ ------------------------
1999 1998 1999 1998
--------- -------- --------- -------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... 1,649 1,218 3,267 2,576
Mortality and expense charges (note 2) ......... - (66) - (316)
Administration charge (note 2):
Tier I ................................ - (59) - (284)
Tier II ............................... - - - -
Tier III .............................. - - - -
Tier IV ............................... - - - -
Tier V ................................ - - - -
Variable account fee (notes 2 and 5) ........... (533) (280) (2,180) (1,254)
------ ------ ------- -------
Net investment activity ..................... 1,116 813 1,087 722
Proceeds from mutual fund shares sold .......... 1,270 2,675 42,623 32,991
Cost of mutual fund shares sold ................ (982) (2,284) (30,377) (22,023)
------ ------ ------- -------
Realized gain (loss) on investments ......... 288 391 12,246 10,968
Change in unrealized gain (loss) on investments 2,041 842 (8,341) 467
------ ------ ------- -------
Net gain (loss) on investments .............. 2,329 1,233 3,905 11,435
------ ------ ------- -------
Reinvested capital gains ....................... 2,089 3,653 7,222 9,167
------ ------ ------- -------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 5,534 5,699 12,214 21,324
------ ------ ------- -------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 6,409 8,531 26,978 43,053
Transfers between funds ........................ 2,273 - (19,925) (9,466)
Redemptions .................................... (490) (2,633) (929) (7,379)
Annual contract maintenance charge (note 2) .... - - - -
Contingent deferred sales charges (note 2) ..... - - - -
Adjustments to maintain reserves ............... 1 (1) 72 8
------ ------ ------- -------
Net equity transactions ................... 8,193 5,897 6,196 26,216
NET CHANGE IN CONTRACT OWNERS' EQUITY............. 13,727 11,596 18,410 47,540
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR......... 49,356 37,760 216,494 168,954
------ ------ ------- -------
CONTRACT OWNERS' EQUITY END OF YEAR............... 63,083 49,356 234,904 216,494
====== ====== ======= =======
</TABLE>
(Continued)
17
<PAGE> 18
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF CHANGES IN
CONTRACT OWNERS'EQUITY,CONTINUED
STATEMENTS OF OPERATIONS, Continued
YEARS ENDED DECEMBER 31,1999 AND 1998
<TABLE>
<CAPTION>
FidVIPGr FidVIPHI
-------------------------- ---------------------
1999 1998 1999 1998
----------- ------- ------ ------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............................ $ 392 694 4,036 3,277
Mortality and expense charges (note 2) .......... - (240) - (80)
Administration charge (note 2):
Tier I ................................. - (216) - (72)
Tier II ................................ - - - -
Tier III ............................... - - - -
Tier IV ................................ - - - -
Tier V ................................. - - - -
Variable account fee (notes 2 and 5) ............ (2,651) (1,128) (348) (310)
----------- ------- ------ ------
Net investment activity ...................... (2,259) (890) 3,688 2,815
Proceeds from mutual fund shares sold ........... 15,214 6,452 17,737 8,878
Cost of mutual fund shares sold ................. (7,372) (3,841) (18,825) (9,385)
----------- ------- ------ ------
Realized gain (loss) on investments .......... 7,842 2,611 (1,088) (507)
Change in unrealized gain (loss) on investments . 61,793 36,858 531 (7,529)
----------- ------- ------ ------
Net gain (loss) on investments ............... 69,635 39,469 (557) (8,036)
----------- ------- ------ ------
Reinvested capital gains ........................ 24,632 18,160 151 2,082
----------- ------- ------ ------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 92,008 56,739 3,282 (3,139)
----------- ------- ------ ------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............................. 43,515 35,276 4,137 9,559
Transfers between funds ......................... 15,223 - (17,607) (8,866)
Redemptions ..................................... (3,581) (5,371) - -
Annual contract maintenance charge (note 2) ..... - - - -
Contingent deferred sales charges (note 2) ...... - - - -
Adjustments to maintain reserves ................ (22) 26 (1) -
----------- ------- ------ ------
Net equity transactions .................... 55,135 29,931 (13,471) 693
NET CHANGE IN CONTRACT OWNERS' EQUITY.............. 147,143 86,670 (10,189) (2,446)
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR.......... 219,907 133,237 42,986 45,432
----------- ------- ------ ------
CONTRACT OWNERS' EQUITY END OF YEAR................ $ 367,050 219,907 32,797 42,986
=========== ======= ====== ======
<CAPTION>
FidVIPOv GroFdAm
---------------------- -------------------------
1999 1998 1999 1998
------- ------- ---------- ----------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............................ 2,118 2,978 47,982 70,297
Mortality and expense charges (note 2) .......... - (275) - (24,381)
Administration charge (note 2):
Tier I ................................. - (247) - (14,294)
Tier II ................................ - - - (3,521)
Tier III ............................... - - - (1,856)
Tier IV ................................ - - - (402)
Tier V ................................. - - - -
Variable account fee (notes 2 and 5) ............ (1,423) (946) (214,713) (95,760)
------- ------- ---------- ----------
Net investment activity ...................... 695 1,510 (166,731) (69,917)
Proceeds from mutual fund shares sold ........... 19,124 59,366 1,854,010 2,326,943
Cost of mutual fund shares sold ................. (15,739) (49,880) (1,141,338) (1,849,031)
------- ------- ---------- ----------
Realized gain (loss) on investments .......... 3,385 9,486 712,672 477,912
Change in unrealized gain (loss) on investments . 48,433 (3,645) 5,867,655 2,260,735
------- ------- ---------- ----------
Net gain (loss) on investments ............... 51,818 5,841 6,580,327 2,738,647
------- ------- ---------- ----------
Reinvested capital gains ........................ 3,416 8,777 3,406,699 1,726,170
------- ------- ---------- ----------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 55,929 16,128 9,820,295 4,394,900
------- ------- ---------- ----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............................. 8,662 18,183 3,497,080 2,880,077
Transfers between funds ......................... (6,027) (56,597) 3,729,668 (558,934)
Redemptions ..................................... (997) (998) (1,300,833) (1,058,856)
Annual contract maintenance charge (note 2) ..... - - (39) -
Contingent deferred sales charges (note 2) ...... - - (32) -
Adjustments to maintain reserves ................ 2 (21) 1,698 286
------- ------- ---------- ----------
Net equity transactions .................... 1,640 (39,433) 5,927,542 1,262,573
NET CHANGE IN CONTRACT OWNERS' EQUITY.............. 57,569 (23,305) 15,747,837 5,657,473
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR.......... 136,291 159,596 19,249,841 13,592,368
------- ------- ---------- ----------
CONTRACT OWNERS' EQUITY END OF YEAR................ 193,860 136,291 34,997,678 19,249,841
======= ======= ========== ==========
</TABLE>
18
<PAGE> 19
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF CHANGES IN
CONTRACT OWNERS'EQUITY,CONTINUED
STATEMENTS OF OPERATIONS, Continued
YEARS ENDED DECEMBER 31,1999 AND 1998
<TABLE>
<CAPTION>
IncFdAm InvDynam
---------------------------- ---------------------------
1999 1998 1999 1998
------------ ---------- ---------- ---------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............................ $ 1,016,211 945,621 - -
Mortality and expense charges (note 2) .......... - (31,811) - -
Administration charge (note 2):
Tier I ................................. - (19,475) - -
Tier II ................................ - (5,215) - -
Tier III ............................... - (1,414) - -
Tier IV ................................ - (519) - -
Tier V ................................. - - - -
Variable account fee (notes 2 and 5) ............ (178,839) (118,013) (49,164) (10)
------------ ---------- ---------- ------
Net investment activity ...................... 837,372 769,174 (49,164) (10)
Proceeds from mutual fund shares sold ........... 3,061,635 2,414,779 2,741,703 6,997
Cost of mutual fund shares sold ................. (2,603,942) (1,789,136) (2,150,554) (7,179)
------------ ---------- ---------- ------
Realized gain (loss) on investments .......... 457,693 625,643 591,149 (182)
Change in unrealized gain (loss) on investments . (2,310,805) (1,091,203) 7,435,838 2,237
------------ ---------- ---------- ------
Net gain (loss) on investments ............... (1,853,112) (465,560) 8,026,987 2,055
------------ ---------- ---------- ------
Reinvested capital gains ........................ 945,999 1,297,143 1,388,867 861
------------ ---------- ---------- ------
Net increase (decrease) in contract owners'
equity resulting from operations ......... (69,741) 1,600,757 9,366,690 2,906
------------ ---------- ---------- ------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............................. 2,908,913 3,418,594 9,163,346 22,113
Transfers between funds ......................... (2,598,771) (1,370,792) 26,332,038 32,022
Redemptions ..................................... (1,212,911) (1,488,464) (1,166,383) -
Annual contract maintenance charge (note 2) ..... (25) - (12) -
Contingent deferred sales charges (note 2) ...... - - - -
Adjustments to maintain reserves ................ 2,473 116 (10,226) (11)
------------ ---------- ---------- ------
Net equity transactions .................... (900,321) 559,454 34,318,763 54,124
NET CHANGE IN CONTRACT OWNERS' EQUITY.............. (970,062) 2,160,211 43,685,453 57,030
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR.......... 20,515,616 18,355,405 57,030 -
------------ ---------- ---------- ------
CONTRACT OWNERS' EQUITY END OF YEAR................ $ 19,545,554 20,515,616 43,742,483 57,030
============ ========== ========== ======
<CAPTION>
InvIndInc InvTotRet
-------------------------- --------------------------
1999 1998 1999 1998
---------- ---------- --------- --------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............................ 484,806 605,912 29,319 84
Mortality and expense charges (note 2) .......... - (40,935) - -
Administration charge (note 2):
Tier I ................................. - (26,247) - -
Tier II ................................ - (6,522) - -
Tier III ............................... - (1,097) - -
Tier IV ................................ - (717) - -
Tier V ................................. - - - -
Variable account fee (notes 2 and 5) ............ (263,147) (158,242) (7,114) (48)
---------- ---------- --------- -------
Net investment activity ...................... 221,659 372,152 22,205 36
Proceeds from mutual fund shares sold ........... 3,074,011 1,979,934 418,901 -
Cost of mutual fund shares sold ................. (2,178,100) (1,412,824) (425,696) -
---------- ---------- --------- -------
Realized gain (loss) on investments .......... 895,911 567,110 (6,795) -
Change in unrealized gain (loss) on investments . (565,078) (296,231) (109,387) (492)
---------- ---------- --------- -------
Net gain (loss) on investments ............... 330,833 270,879 (116,182) (492)
---------- ---------- --------- -------
Reinvested capital gains ........................ 2,721,417 2,563,688 49,842 2,113
---------- ---------- --------- -------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 3,273,909 3,206,719 (44,135) 1,657
---------- ---------- --------- -------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............................. 4,671,451 5,778,407 608,623 33,134
Transfers between funds ......................... (3,283,170) (2,075,401) 737,144 96,955
Redemptions ..................................... (1,701,834) (1,577,795) (38,546) -
Annual contract maintenance charge (note 2) ..... (86) - (3) -
Contingent deferred sales charges (note 2) ...... - - - -
Adjustments to maintain reserves ................ 1,352 335 14 (1)
---------- ---------- --------- -------
Net equity transactions .................... (312,287) 2,125,546 1,307,232 130,088
NET CHANGE IN CONTRACT OWNERS' EQUITY.............. 2,961,622 5,332,265 1,263,097 131,745
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR.......... 28,222,368 22,890,103 131,745 -
---------- ---------- --------- -------
CONTRACT OWNERS' EQUITY END OF YEAR................ 31,183,990 28,222,368 1,394,842 131,745
========== ========== ========= =======
</TABLE>
(Continued)
19
<PAGE> 20
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF CHANGES IN
CONTRACT OWNERS'EQUITY,CONTINUED
STATEMENTS OF OPERATIONS, Continued
YEARS ENDED DECEMBER 31,1999 AND 1998
<TABLE>
<CAPTION>
JanFund Jan20Fd
------------------------------ ---------------------------
1999 1998 1999 1998
------------- ----------- ----------- ---------
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... $ - 255,272 - -
Mortality and expense charges (note 2) .......... - (123,418) - (96)
Administration charge (note 2):
Tier I ................................. - (73,139) - (86)
Tier II ................................ - (18,968) - -
Tier III ............................... - (5,896) - -
Tier IV ................................ - (3,446) - -
Tier V ................................. - - - -
Variable account fee (notes 2 and 5) ............ (1,891,052) (572,068) - -
------------- ----------- ----------- ---------
Net investment activity ...................... (1,891,052) (541,663) - (182)
Proceeds from mutual fund shares sold ........... 44,613,068 5,913,478 - 234,631
Cost of mutual fund shares sold ................. (28,242,722) (4,178,412) - (218,097)
------------- ----------- ----------- ---------
Realized gain (loss) on investments .......... 16,370,346 1,735,066 - 16,534
Change in unrealized gain (loss) on investments . 38,835,816 27,025,929 - 1,871
------------- ----------- ----------- ---------
Net gain (loss) on investments ............... 55,206,162 28,760,995 - 18,405
------------- ----------- ----------- ---------
Reinvested capital gains ........................ 35,378,670 3,109,129 - -
------------- ----------- ----------- ---------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 88,693,780 31,328,461 - 18,223
------------- ----------- ----------- ---------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............................. 58,291,104 30,660,731 - 66,106
Transfers between funds ......................... 68,989,874 9,765,202 - 112,713
Redemptions ..................................... (12,903,192) (6,044,122) - (213,496)
Annual contract maintenance charge (note 2) ..... (648) - - -
Contingent deferred sales charges (note 2) ...... - - - -
Adjustments to maintain reserves ................ (121,677) 13,252 - (1)
------------- ----------- ----------- ---------
Net equity transactions .................... 114,255,461 34,395,063 - (34,678)
NET CHANGE IN CONTRACT OWNERS' EQUITY.............. 202,949,241 65,723,524 - (16,455)
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR.......... 131,449,444 65,725,920 - 16,455
------------- ----------- ----------- ---------
CONTRACT OWNERS' EQUITY END OF YEAR................ $ 334,398,685 131,449,444 - -
============= =========== =========== =========
<CAPTION>
JanWrldwde MASFIP
-------------------------- --------------------------
1999 1998 1999 1998
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... 718 4,603 436,281 262,173
Mortality and expense charges (note 2) .......... - (52) - (5,269)
Administration charge (note 2):
Tier I ................................. - (46) - (2,984)
Tier II ................................ - - - (671)
Tier III ............................... - - - (494)
Tier IV ................................ - - - (117)
Tier V ................................. - - - -
Variable account fee (notes 2 and 5) ............ (13,371) (4,975) (57,783) (25,897)
--------- --------- --------- ---------
Net investment activity ...................... (12,653) (470) 378,498 226,741
Proceeds from mutual fund shares sold ........... 236,222 280,474 4,229,439 2,064,790
Cost of mutual fund shares sold ................. (204,303) (276,630) (4,452,181) (2,063,602)
--------- --------- --------- ---------
Realized gain (loss) on investments .......... 31,919 3,844 (222,742) 1,188
Change in unrealized gain (loss) on investments . 739,231 32,242 (254,503) (138,309)
--------- --------- --------- ---------
Net gain (loss) on investments ............... 771,150 36,086 (477,245) (137,121)
--------- --------- --------- ---------
Reinvested capital gains ........................ 34,788 - - 141,173
--------- --------- --------- ---------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 793,285 35,616 (98,747) 230,793
--------- --------- --------- ---------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............................. 254,509 1,224,932 1,379,662 2,337,578
Transfers between funds ......................... (23,787) 42,958 (326,755) 1,227,491
Redemptions ..................................... (56,910) (148,660) (592,153) (408,984)
Annual contract maintenance charge (note 2) ..... - - (11) -
Contingent deferred sales charges (note 2) ...... - - - -
Adjustments to maintain reserves ................ 61 778 (373) 769
--------- --------- --------- ---------
Net equity transactions .................... 173,873 1,120,008 460,370 3,156,854
NET CHANGE IN CONTRACT OWNERS' EQUITY.............. 967,158 1,155,624 361,623 3,387,647
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR.......... 1,155,624 - 6,046,920 2,659,273
--------- --------- --------- ---------
CONTRACT OWNERS' EQUITY END OF YEAR................ 2,122,782 1,155,624 6,408,543 6,046,920
========= ========= ========= =========
</TABLE>
20
<PAGE> 21
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF CHANGES IN
CONTRACT OWNERS'EQUITY,CONTINUED
STATEMENTS OF OPERATIONS, Continued
YEARS ENDED DECEMBER 31,1999 AND 1998
<TABLE>
<CAPTION>
MFSGrStk MFSGrOpp
---------------------------- --------------------------
1999 1998 1999 1998
------------ ---------- ---------- ----------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... $ - 3,357 - -
Mortality and expense charges (note 2) ......... - (13,218) - (50,612)
Administration charge (note 2):
Tier I ................................ - (3,786) - (7,564)
Tier II ............................... - (577) - (4,456)
Tier III .............................. - (217) - (2,056)
Tier IV ............................... - (3) - (38)
Tier V ................................ - (2,376) - (9,935)
Variable account fee (notes 2 and 5) ........... (79,821) (45,122) (225,794) (155,715)
------------ ---------- ---------- ----------
Net investment activity ..................... (79,821) (61,942) (225,794) (230,376)
Proceeds from mutual fund shares sold .......... 448,880 763,833 4,575,682 4,941,954
Cost of mutual fund shares sold ................ (296,266) (594,289) (3,253,644) (3,473,271)
------------ ---------- ---------- ----------
Realized gain (loss) on investments ......... 152,614 169,544 1,322,038 1,468,683
Change in unrealized gain (loss) on investments 2,851,692 1,977,242 5,720,649 2,631,079
------------ ---------- ---------- ----------
Net gain (loss) on investments .............. 3,004,306 2,146,786 7,042,687 4,099,762
------------ ---------- ---------- ----------
Reinvested capital gains ....................... 1,069,028 835,048 3,953,068 3,810,336
------------ ---------- ---------- ----------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 3,993,513 2,919,892 10,769,961 7,679,722
------------ ---------- ---------- ----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 399,106 938,045 1,856,148 3,001,332
Transfers between funds ........................ 214,593 49,079 (2,097,203) (315,367)
Redemptions .................................... (380,737) (652,945) (2,288,039) (2,525,453)
Annual contract maintenance charge (note 2) .... (443) (489) (22) -
Contingent deferred sales charges (note 2) ..... (98) (185) - -
Adjustments to maintain reserves ............... (58) 180 249 (192)
------------ ---------- ---------- ----------
Net equity transactions ................... 232,363 333,685 (2,528,867) 160,320
NET CHANGE IN CONTRACT OWNERS' EQUITY............. 4,225,876 3,253,577 8,241,094 7,840,042
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR......... 10,458,588 7,205,011 35,666,943 27,826,901
------------ ---------- ---------- ----------
CONTRACT OWNERS' EQUITY END OF YEAR............... $ 14,684,464 10,458,588 43,908,037 35,666,943
============ ========== ========== ==========
<CAPTION>
MFSHiInc MSIEqGroB
------------------------- --------------------------
1999 1998 1999 1998
--------- --------- --------- --------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... 466,639 456,237 86 95
Mortality and expense charges (note 2) ......... - (7,916) - -
Administration charge (note 2):
Tier I ................................ - (768) - -
Tier II ............................... - (201) - -
Tier III .............................. - (148) - -
Tier IV ............................... - - - -
Tier V ................................ - (1,969) - -
Variable account fee (notes 2 and 5) ........... (30,832) (25,707) (4,572) (45)
--------- --------- --------- ------
Net investment activity ..................... 435,807 419,528 (4,486) 50
Proceeds from mutual fund shares sold .......... 8,399,186 7,726,052 1,193,606 676
Cost of mutual fund shares sold ................ (8,707,031) (7,645,469) (1,096,796) (667)
--------- --------- --------- ------
Realized gain (loss) on investments ......... (307,845) 80,583 96,810 9
Change in unrealized gain (loss) on investments 186,818 (532,483) 183,093 1,514
--------- --------- --------- ------
Net gain (loss) on investments .............. (121,027) (451,900) 279,903 1,523
--------- --------- --------- ------
Reinvested capital gains ....................... - - 104,207 3,097
--------- --------- --------- ------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 314,780 (32,372) 379,624 4,670
--------- --------- --------- ------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 654,031 2,601,573 664,758 25,975
Transfers between funds ........................ (1,136,191) (223,014) 1,067,742 67,174
Redemptions .................................... (405,027) (931,136) (75,897) -
Annual contract maintenance charge (note 2) .... (4) - (2) -
Contingent deferred sales charges (note 2) ..... - - - -
Adjustments to maintain reserves ............... (32) 2,885 (75) 82
--------- --------- --------- ------
Net equity transactions ................... (887,223) 1,450,308 1,656,526 93,231
NET CHANGE IN CONTRACT OWNERS' EQUITY............. (572,443) 1,417,936 2,036,150 97,901
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR......... 5,341,007 3,923,071 97,901 -
--------- --------- --------- ------
CONTRACT OWNERS' EQUITY END OF YEAR............... 4,768,564 5,341,007 2,134,051 97,901
========= ========= ========= ======
</TABLE>
(Continued)
21
<PAGE> 22
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF CHANGES IN
CONTRACT OWNERS'EQUITY,CONTINUED
STATEMENTS OF OPERATIONS, Continued
YEARS ENDED DECEMBER 31,1999 AND 1998
<TABLE>
<CAPTION>
NAATAggr NAATCons
-------------------------- ------------------------
1999 1998 1999 1998
----------- --------- --------- -------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............................ $ 2,253 507 39,033 5,626
Mortality and expense charges (note 2) .......... - (1,215) - (201)
Administration charge (note 2):
Tier I ................................. - (890) - (28)
Tier II ................................ - (141) - (2)
Tier III ............................... - (25) - (100)
Tier IV ................................ - (3) - -
Tier V ................................. - - - -
Variable account fee (notes 2 and 5) ............ (22,045) (13,433) (8,500) (1,900)
----------- --------- --------- -------
Net investment activity ...................... (19,792) (15,200) 30,533 3,395
Proceeds from mutual fund shares sold ........... 1,193,777 635,734 1,073,840 576,645
Cost of mutual fund shares sold ................. (1,146,650) (616,801) (1,059,798) (567,041)
----------- --------- --------- -------
Realized gain (loss) on investments .......... 47,127 18,933 14,042 9,604
Change in unrealized gain (loss) on investments . 681,570 196,583 (13,838) 19,647
----------- --------- --------- -------
Net gain (loss) on investments ............... 728,697 215,516 204 29,251
----------- --------- --------- -------
Reinvested capital gains ........................ 126,723 - 10,727 -
----------- --------- --------- -------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 835,628 200,316 41,464 32,646
----------- --------- --------- -------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............................. 2,055,809 1,887,715 466,919 195,908
Transfers between funds ......................... (1,211,032) 1,152,077 477,026 444,932
Redemptions ..................................... (205,081) (170,820) (213,591) (78,995)
Annual contract maintenance charge (note 2) ..... (1) - (5) -
Contingent deferred sales charges (note 2) ...... - - - -
Adjustments to maintain reserves ................ 532 47 (41) (4)
----------- --------- --------- -------
Net equity transactions .................... 640,227 2,869,019 730,308 561,841
NET CHANGE IN CONTRACT OWNERS' EQUITY.............. 1,475,855 3,069,335 771,772 594,487
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR.......... 3,069,335 - 594,487 -
----------- --------- --------- -------
CONTRACT OWNERS' EQUITY END OF YEAR................ $ 4,545,190 3,069,335 1,366,259 594,487
=========== ========= ========= =======
<CAPTION>
NAATMod NAATModAgg
------------------------ ------------------------
1999 1998 1999 1998
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............................ 32,302 5,843 19,297 5,390
Mortality and expense charges (note 2) .......... - (108) - (455)
Administration charge (note 2):
Tier I ................................. - (62) - (270)
Tier II ................................ - (17) - (61)
Tier III ............................... - (7) - (42)
Tier IV ................................ - (3) - (3)
Tier V ................................. - - - -
Variable account fee (notes 2 and 5) ............ (17,716) (5,098) (14,664) (6,084)
--------- --------- --------- ---------
Net investment activity ...................... 14,586 548 4,633 (1,525)
Proceeds from mutual fund shares sold ........... 789,952 336,223 791,086 464,789
Cost of mutual fund shares sold ................. (728,876) (348,924) (757,478) (466,292)
--------- --------- --------- ---------
Realized gain (loss) on investments .......... 61,076 (12,701) 33,608 (1,503)
Change in unrealized gain (loss) on investments . 300,514 147,065 419,268 102,054
--------- --------- --------- ---------
Net gain (loss) on investments ............... 361,590 134,364 452,876 100,551
--------- --------- --------- ---------
Reinvested capital gains ........................ 38,471 - 53,998 -
--------- --------- --------- ---------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 414,647 134,912 511,507 99,026
--------- --------- --------- ---------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............................. 1,367,867 1,292,678 2,045,368 1,191,358
Transfers between funds ......................... 341,331 469,169 (210,193) 379,175
Redemptions ..................................... (296,410) (126,526) (356,611) (93,431)
Annual contract maintenance charge (note 2) ..... (5) - (15) -
Contingent deferred sales charges (note 2) ...... - - - -
Adjustments to maintain reserves ................ 224 30 326 39
--------- --------- --------- ---------
Net equity transactions .................... 1,413,007 1,635,351 1,478,875 1,477,141
NET CHANGE IN CONTRACT OWNERS' EQUITY.............. 1,827,654 1,770,263 1,990,382 1,576,167
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR.......... 1,770,263 - 1,576,167 -
--------- --------- --------- ---------
CONTRACT OWNERS' EQUITY END OF YEAR................ 3,597,917 1,770,263 3,566,549 1,576,167
========= ========= ========= =========
</TABLE>
22
<PAGE> 23
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF CHANGES IN
CONTRACT OWNERS'EQUITY,CONTINUED
STATEMENTS OF OPERATIONS, Continued
YEARS ENDED DECEMBER 31,1999 AND 1998
<TABLE>
<CAPTION>
NAATModCon NWBdFd
----------------------------- -------------------------
1999 1998 1999 1998
------------ --------- -------- ---------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............................ $ 24,323 5,191 16,073 8,729
Mortality and expense charges (note 2) .......... - (73) - (177)
Administration charge (note 2):
Tier I ................................. - (15) - -
Tier II ................................ - (1) - -
Tier III ............................... - (33) - -
Tier IV ................................ - - - -
Tier V ................................. - - - (53)
Variable account fee (notes 2 and 5) ............ (6,940) (2,642) (2,130) (874)
------------ ------- ------- -------
Net investment activity ...................... 17,383 2,427 13,943 7,625
Proceeds from mutual fund shares sold ........... 499,502 126,322 37,555 32,175
Cost of mutual fund shares sold ................. (467,195) (122,914) (36,522) (30,850)
------------ ------- ------- -------
Realized gain (loss) on investments .......... 32,307 3,408 1,033 1,325
Change in unrealized gain (loss) on investments . 38,816 53,826 (24,903) 2,630
------------ ------- ------- -------
Net gain (loss) on investments ............... 71,123 57,234 (23,870) 3,955
------------ ------- ------- -------
Reinvested capital gains ........................ 14,911 - - -
------------ ------- ------- -------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 103,417 59,661 (9,927) 11,580
------------ ------- ------- -------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............................. 501,423 345,421 23,536 173,475
Transfers between funds ......................... (13,064) 511,458 (20,593) (21,724)
Redemptions ..................................... (57,023) (41,109) (6,255) (840)
Annual contract maintenance charge (note 2) ..... - - - -
Contingent deferred sales charges (note 2) ...... - - - -
Adjustments to maintain reserves ................ 147 43 78 (84)
------------ ------- ------- -------
Net equity transactions .................... 431,483 815,813 (3,234) 150,827
NET CHANGE IN CONTRACT OWNERS' EQUITY.............. 534,900 875,474 (13,161) 162,407
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR.......... 875,474 - 274,143 111,736
------------ ------- ------- -------
CONTRACT OWNERS' EQUITY END OF YEAR................ $ 1,410,374 875,474 260,982 274,143
============ ======= ======= =======
<CAPTION>
NWFund NWGroFd
--------------------------- --------------------------
1999 1998 1999 1998
----------- ----------- ---------- ----------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............................ 1,444,718 1,275,418 27,043 14,337
Mortality and expense charges (note 2) .......... - (162,460) - (18,865)
Administration charge (note 2):
Tier I ................................. - (71,265) - (6,715)
Tier II ................................ - (20,611) - (2,143)
Tier III ............................... - (8,929) - (475)
Tier IV ................................ - (2,770) - (992)
Tier V ................................. - (10,712) - (1,636)
Variable account fee (notes 2 and 5) ............ (1,226,252) (793,939) (104,763) (68,124)
----------- ----------- ---------- ----------
Net investment activity ...................... 218,466 204,732 (77,720) (84,613)
Proceeds from mutual fund shares sold ........... 32,894,171 7,155,989 2,545,374 3,211,852
Cost of mutual fund shares sold ................. (16,881,727) (3,977,604) (1,726,546) (2,238,411)
----------- ----------- ---------- ----------
Realized gain (loss) on investments .......... 16,012,444 3,178,385 818,828 973,441
Change in unrealized gain (loss) on investments . (29,316,575) 21,386,876 (500,712) 746,981
----------- ----------- ---------- ----------
Net gain (loss) on investments ............... (13,304,131) 24,565,261 318,116 1,720,422
----------- ----------- ---------- ----------
Reinvested capital gains ........................ 11,449,667 7,428,131 1,888,142 688,315
----------- ----------- ---------- ----------
Net increase (decrease) in contract owners'
equity resulting from operations ......... (1,635,998) 32,198,124 2,128,538 2,324,124
----------- ----------- ---------- ----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............................. 53,421,212 59,228,416 1,895,426 2,626,268
Transfers between funds ......................... (49,155,148) 35,685,404 (1,422,117) (14,054)
Redemptions ..................................... (13,489,833) (13,470,684) (1,072,682) (1,150,765)
Annual contract maintenance charge (note 2) ..... (1,149) (1,070) (40) -
Contingent deferred sales charges (note 2) ...... (1,616) (1,062) - -
Adjustments to maintain reserves ................ 17,852 6,785 (51) 93
----------- ----------- ---------- ----------
Net equity transactions .................... (9,208,682) 81,447,789 (599,464) 1,461,542
NET CHANGE IN CONTRACT OWNERS' EQUITY.............. (10,844,680) 113,645,913 1,529,074 3,785,666
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR.......... 188,973,280 75,327,367 13,756,598 9,970,932
----------- ----------- ---------- ----------
CONTRACT OWNERS' EQUITY END OF YEAR................ 178,128,600 188,973,280 15,285,672 13,756,598
=========== =========== ========== ==========
</TABLE>
(Continued)
23
<PAGE> 24
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF CHANGES IN
CONTRACT OWNERS'EQUITY,CONTINUED
STATEMENTS OF OPERATIONS, Continued
YEARS ENDED DECEMBER 31,1999 AND 1998
<TABLE>
<CAPTION>
NWMyMkt NWIndxFdY
------------------------------ ----------------------------
1999 1998 1999 1998
------------- ---------- ---------- ---------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............................ $ 4,413,067 3,234,302 50,540 1,092
Mortality and expense charges (note 2) .......... - (103,945) - -
Administration charge (note 2):
Tier I ................................. - (33,864) - -
Tier II ................................ - (27,756) - -
Tier III ............................... - (3,371) - -
Tier IV ................................ - (2,320) - -
Tier V ................................. - (6,062) - -
Variable account fee (notes 2 and 5) ............ (574,091) (356,313) (38,313) (272)
------------- ---------- ---------- -------
Net investment activity ...................... 3,838,976 2,700,671 12,227 820
Proceeds from mutual fund shares sold ........... 190,151,180 125,064,177 4,443,045 12,991
Cost of mutual fund shares sold ................. (190,151,180) (125,064,177) (4,111,612) (12,980)
------------- ---------- ---------- -------
Realized gain (loss) on investments .......... - - 331,433 11
Change in unrealized gain (loss) on investments . - - 883,603 18,449
------------- ---------- ---------- -------
Net gain (loss) on investments ............... - - 1,215,036 18,460
------------- ---------- ---------- -------
Reinvested capital gains ........................ - - 18,844 -
------------- ---------- ---------- -------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 3,838,976 2,700,671 1,246,107 19,280
------------- ---------- ---------- -------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............................. 25,072,226 15,218,549 5,295,958 81,674
Transfers between funds ......................... 44,362,260 7,542,179 4,892,711 507,742
Redemptions ..................................... (25,014,174) (11,436,140) (616,810) (6,153)
Annual contract maintenance charge (note 2) ..... (87) (14) (1) -
Contingent deferred sales charges (note 2) ...... - - - -
Adjustments to maintain reserves ................ 146,813 17,615 5 91
------------- ---------- ---------- -------
Net equity transactions .................... 44,567,038 11,342,189 9,571,863 583,354
NET CHANGE IN CONTRACT OWNERS' EQUITY.............. 48,406,014 14,042,860 10,817,970 602,634
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR.......... 70,669,459 56,626,599 602,634 -
------------- ---------- ---------- -------
CONTRACT OWNERS' EQUITY END OF YEAR................ $ 119,075,473 70,669,459 11,420,604 602,634
============= ========== ========== =======
<CAPTION>
NSATGvtBd NSATInc
-------------------------- ------------------------
1999 1998 1999 1998
--------- -------- ------- ---------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............................ 1,093 932 1,131 -
Mortality and expense charges (note 2) .......... - (25) - -
Administration charge (note 2):
Tier I ................................. - (23) - -
Tier II ................................ - - - -
Tier III ............................... - - - -
Tier IV ................................ - - - -
Tier V ................................. - - - -
Variable account fee (notes 2 and 5) ............ (191) (114) (45) -
------ ------ ------- ---------
Net investment activity ...................... 902 770 1,086 -
Proceeds from mutual fund shares sold ........... 62 98 5,774 -
Cost of mutual fund shares sold ................. (60) (91) (5,717) -
------ ------ ------- ---------
Realized gain (loss) on investments .......... 2 7 57 -
Change in unrealized gain (loss) on investments . (1,605) 413 (1,912) -
------ ------ ------- ---------
Net gain (loss) on investments ............... (1,603) 420 (1,855) -
------ ------ ------- ---------
Reinvested capital gains ........................ 40 93 - -
------ ------ ------- ---------
Net increase (decrease) in contract owners'
equity resulting from operations ......... (661) 1,283 (769) -
------ ------ ------- ---------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............................. 1,851 3,575 3,064 -
Transfers between funds ......................... - - 110,496 -
Redemptions ..................................... - (188) (1,000) -
Annual contract maintenance charge (note 2) ..... (12) (12) - -
Contingent deferred sales charges (note 2) ...... - - - -
Adjustments to maintain reserves ................ (2) - (3) -
------ ------ ------- ---------
Net equity transactions .................... 1,837 3,375 112,557 -
NET CHANGE IN CONTRACT OWNERS' EQUITY.............. 1,176 4,658 111,788 -
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR.......... 19,439 14,781 - -
------ ------ ------- ---------
CONTRACT OWNERS' EQUITY END OF YEAR................ 20,615 19,439 111,788 -
====== ====== ======= =========
</TABLE>
24
<PAGE> 25
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF CHANGES IN
CONTRACT OWNERS'EQUITY,CONTINUED
STATEMENTS OF OPERATIONS, Continued
YEARS ENDED DECEMBER 31,1999 AND 1998
<TABLE>
<CAPTION>
NSATMyMkt NSATSmCo
------------------------- -----------------------
1999 1998 1999 1998
---------- --------- --------- ---------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............................ $ 4,903 1,928 - -
Mortality and expense charges (note 2) .......... - (25) - (1,113)
Administration charge (note 2):
Tier I ................................. - (22) - (458)
Tier II ................................ - - - (337)
Tier III ............................... - - - (85)
Tier IV ................................ - - - (17)
Tier V ................................. - - - -
Variable account fee (notes 2 and 5) ............ (981) (319) (25,995) (13,276)
---------- ------ --------- ---------
Net investment activity ...................... 3,922 1,562 (25,995) (15,286)
Proceeds from mutual fund shares sold ........... 741 1,610 3,384,480 2,561,737
Cost of mutual fund shares sold ................. (741) (1,610) (3,030,189) (2,738,916)
---------- ------ --------- ---------
Realized gain (loss) on investments .......... - - 354,291 (177,179)
Change in unrealized gain (loss) on investments . - - 1,035,137 283,712
---------- ------ --------- ---------
Net gain (loss) on investments ............... - - 1,389,428 106,533
---------- ------ --------- ---------
Reinvested capital gains ........................ - - 207,545 -
---------- ------ --------- ---------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 3,922 1,562 1,570,978 91,247
---------- ------ --------- ---------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............................. 8,380 9,243 1,348,224 1,668,534
Transfers between funds ......................... 33,546 56,989 (891,541) 1,950,841
Redemptions ..................................... - - (182,952) (173,431)
Annual contract maintenance charge (note 2) ..... - - (7) -
Contingent deferred sales charges (note 2) ...... - - - -
Adjustments to maintain reserves ................ 2 12 5,420 1,142
---------- ------ --------- ---------
Net equity transactions .................... 41,928 66,244 279,144 3,447,086
NET CHANGE IN CONTRACT OWNERS' EQUITY.............. 45,850 67,806 1,850,122 3,538,333
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR.......... 76,159 8,353 3,538,333 -
---------- ------ --------- ---------
CONTRACT OWNERS' EQUITY END OF YEAR................ $ 122,009 76,159 5,388,455 3,538,333
========== ====== ========= =========
<CAPTION>
NSATTotRe NBAMTGro
------------------------ -----------------------
1999 1998 1999 1998
--------- --------- --------- --------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............................ 1,017 1,442 - -
Mortality and expense charges (note 2) .......... - (226) - (46)
Administration charge (note 2):
Tier I ................................. - (203) - (42)
Tier II ................................ - - - -
Tier III ............................... - - - -
Tier IV ................................ - - - -
Tier V ................................. - - - -
Variable account fee (notes 2 and 5) ............ (1,490) (898) (398) (179)
------- ------- ------ ------
Net investment activity ...................... (473) 115 (398) (267)
Proceeds from mutual fund shares sold ........... 8,489 12,829 - 7,379
Cost of mutual fund shares sold ................. (4,821) (6,994) - (7,320)
------- ------- ------ ------
Realized gain (loss) on investments .......... 3,668 5,835 - 59
Change in unrealized gain (loss) on investments . (306) 10,427 19,846 (2,595)
------- ------- ------ ------
Net gain (loss) on investments ............... 3,362 16,262 19,846 (2,536)
------- ------- ------ ------
Reinvested capital gains ........................ 6,072 5,748 1,957 7,561
------- ------- ------ ------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 8,961 22,125 21,405 4,758
------- ------- ------ ------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............................. 13,141 8,798 9,572 9,567
Transfers between funds ......................... (5,136) - - -
Redemptions ..................................... - (12,584) - (7,559)
Annual contract maintenance charge (note 2) ..... (11) (12) - -
Contingent deferred sales charges (note 2) ...... - - - -
Adjustments to maintain reserves ................ 1 2 2 1
------- ------- ------ ------
Net equity transactions .................... 7,995 (3,796) 9,574 2,009
NET CHANGE IN CONTRACT OWNERS' EQUITY.............. 16,956 18,329 30,979 6,767
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR.......... 147,600 129,271 35,004 28,237
------- ------- ------ ------
CONTRACT OWNERS' EQUITY END OF YEAR................ 164,556 147,600 65,983 35,004
======= ======= ====== ======
</TABLE>
(Continued)
25
<PAGE> 26
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF CHANGES IN
CONTRACT OWNERS'EQUITY,CONTINUED
STATEMENTS OF OPERATIONS, Continued
YEARS ENDED DECEMBER 31,1999 AND 1998
<TABLE>
<CAPTION>
NBAMTLMat NBAMTPart
------------------------- ----------------------
1999 1998 1999 1998
---------- -------- -------- ---------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............................ $ 639 554 757 142
Mortality and expense charges (note 2) .......... - (15) - (63)
Administration charge (note 2):
Tier I ................................. - (13) - (56)
Tier II ................................ - - - -
Tier III ............................... - - - -
Tier IV ................................ - - - -
Tier V ................................. - - - -
Variable account fee (notes 2 and 5) ............ (116) (65) (638) (325)
---------- ------ ------ ------
Net investment activity ...................... 523 461 119 (302)
Proceeds from mutual fund shares sold ........... - - 13,104 1,445
Cost of mutual fund shares sold ................. - - (8,286) (670)
---------- ------ ------ ------
Realized gain (loss) on investments .......... - - 4,818 775
Change in unrealized gain (loss) on investments . (458) (144) (2,549) (3,210)
---------- ------ ------ ------
Net gain (loss) on investments ............... (458) (144) 2,269 (2,435)
---------- ------ ------ ------
Reinvested capital gains ........................ - - 1,317 4,468
---------- ------ ------ ------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 65 317 3,705 1,731
---------- ------ ------ ------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............................. 1,801 2,375 17,450 30,030
Transfers between funds ......................... - - (6,328) 3,872
Redemptions ..................................... - - (5,432) (1,397)
Annual contract maintenance charge (note 2) ..... - - - -
Contingent deferred sales charges (note 2) ...... - - - -
Adjustments to maintain reserves ................ 1 - (20) (1)
---------- ------ ------ ------
Net equity transactions .................... 1,802 2,375 5,670 32,504
NET CHANGE IN CONTRACT OWNERS' EQUITY.............. 1,867 2,692 9,375 34,235
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR.......... 11,132 8,440 63,666 29,431
---------- ------ ------ ------
CONTRACT OWNERS' EQUITY END OF YEAR................ $ 12,999 11,132 73,041 63,666
========== ====== ====== ======
<CAPTION>
NBGuard NBManhFd
----------------------- ----------------------
1999 1998 1999 1998
--------- --------- --------- -------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............................ 11,390 8,655 - -
Mortality and expense charges (note 2) .......... - (1,980) - (217)
Administration charge (note 2):
Tier I ................................. - (393) - (195)
Tier II ................................ - - - -
Tier III ............................... - - - -
Tier IV ................................ - - - -
Tier V ................................. - (463) - -
Variable account fee (notes 2 and 5) ............ (7,330) (6,774) (2,552) (1,138)
--------- --------- ------- -------
Net investment activity ...................... 4,060 (955) (2,552) (1,550)
Proceeds from mutual fund shares sold ........... 944,413 1,760,387 27,520 4,438
Cost of mutual fund shares sold ................. (916,829) (2,068,736) (27,741) (4,754)
--------- --------- ------- -------
Realized gain (loss) on investments .......... 27,584 (308,349) (221) (316)
Change in unrealized gain (loss) on investments . (265,166) 72,024 104,159 18,278
--------- --------- ------- -------
Net gain (loss) on investments ............... (237,582) (236,325) 103,938 17,962
--------- --------- ------- -------
Reinvested capital gains ........................ 335,583 228,090 25,314 16,709
--------- --------- ------- -------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 102,061 (9,190) 126,700 33,121
--------- --------- ------- -------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............................. 508,076 1,175,835 7,615 103,867
Transfers between funds ......................... (534,845) (425,526) (6,691) (255)
Redemptions ..................................... (106,376) (220,657) (5,359) (3,629)
Annual contract maintenance charge (note 2) ..... - - - -
Contingent deferred sales charges (note 2) ...... - - 4 (4)
Adjustments to maintain reserves ................ (6) (850) 1 -
--------- --------- ------- -------
Net equity transactions .................... (133,151) 528,802 (4,430) 99,979
NET CHANGE IN CONTRACT OWNERS' EQUITY.............. (31,090) 519,612 122,270 133,100
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR.......... 1,503,941 984,329 257,916 124,816
--------- --------- ------- -------
CONTRACT OWNERS' EQUITY END OF YEAR................ 1,472,851 1,503,941 380,186 257,916
========= ========= ======= =======
</TABLE>
26
<PAGE> 27
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF CHANGES IN
CONTRACT OWNERS'EQUITY,CONTINUED
STATEMENTS OF OPERATIONS, Continued
YEARS ENDED DECEMBER 31,1999 AND 1998
<TABLE>
<CAPTION>
NBPartFd NBGuardTr
----------------------- ---------------------
1999 1998 1999 1998
---------- ---------- -------- -------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............................ $ - - - -
Mortality and expense charges (note 2) .......... - (1,836) - (28)
Administration charge (note 2):
Tier I ................................. - (1,652) - (25)
Tier II ................................ - - - -
Tier III ............................... - - - -
Tier IV ................................ - - - -
Tier V ................................. - - - -
Variable account fee (notes 2 and 5) ............ - - - -
---------- ---------- -------- -------
Net investment activity ...................... - (3,488) - (53)
Proceeds from mutual fund shares sold ........... - 2,754,448 - 68,479
Cost of mutual fund shares sold ................. - (2,803,651) - (63,557)
---------- ---------- -------- -------
Realized gain (loss) on investments .......... - (49,203) - 4,922
Change in unrealized gain (loss) on investments . - 210,691 - -
---------- ---------- -------- -------
Net gain (loss) on investments ............... - 161,488 - 4,922
---------- ---------- -------- -------
Reinvested capital gains ........................ - - - -
---------- ---------- -------- -------
Net increase (decrease) in contract owners'
equity resulting from operations ......... - 158,000 - 4,869
---------- ---------- -------- -------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............................. - 363,321 - 33,268
Transfers between funds ......................... - 245,865 - 27,513
Redemptions ..................................... - (2,766,371) - (65,651)
Annual contract maintenance charge (note 2) ..... - - - -
Contingent deferred sales charges (note 2) ...... - - - -
Adjustments to maintain reserves ................ - 41 - 1
---------- ---------- -------- -------
Net equity transactions .................... - (2,157,144) - (4,869)
NET CHANGE IN CONTRACT OWNERS' EQUITY.............. - (1,999,144) - -
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR.......... - 1,999,144 - -
---------- ---------- -------- -------
CONTRACT OWNERS' EQUITY END OF YEAR................ $ - - - -
========== ========== ======== =======
<CAPTION>
NBPartTr PrBalY
---------------------- ---------------------
1999 1998 1999 1998
------- -------- ------- ------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............................ 1,756 - 9,807 101
Mortality and expense charges (note 2) .......... - - - -
Administration charge (note 2):
Tier I ................................. - - - -
Tier II ................................ - - - -
Tier III ............................... - - - -
Tier IV ................................ - - - -
Tier V ................................. - - - -
Variable account fee (notes 2 and 5) ............ (977) (4) (2,044) (25)
------- ------ ------- ------
Net investment activity ...................... 779 (4) 7,763 76
Proceeds from mutual fund shares sold ........... 179,412 14,303 159,910 1,150
Cost of mutual fund shares sold ................. (172,997) (14,138) (153,742) (1,099)
------- ------ ------- ------
Realized gain (loss) on investments .......... 6,415 165 6,168 51
Change in unrealized gain (loss) on investments . (13,932) 6 5,245 1,222
------- ------ ------- ------
Net gain (loss) on investments ............... (7,517) 171 11,413 1,273
------- ------ ------- ------
Reinvested capital gains ........................ 11,549 120 10,302 -
------- ------ ------- ------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 4,811 287 29,478 1,349
------- ------ ------- ------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............................. 84,266 4,656 160,789 27,624
Transfers between funds ......................... 57,222 41,930 362,027 26,228
Redemptions ..................................... (3,539) - (19,468) -
Annual contract maintenance charge (note 2) ..... - - - -
Contingent deferred sales charges (note 2) ...... - - - -
Adjustments to maintain reserves ................ 74 (30) (3) 23
------- ------ ------- ------
Net equity transactions .................... 138,023 46,556 503,345 53,875
NET CHANGE IN CONTRACT OWNERS' EQUITY.............. 142,834 46,843 532,823 55,224
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR.......... 46,843 - 55,224 -
------- ------ ------- ------
CONTRACT OWNERS' EQUITY END OF YEAR................ 189,677 46,843 588,047 55,224
======= ====== ======= ======
</TABLE>
(Continued)
27
<PAGE> 28
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF CHANGES IN
CONTRACT OWNERS'EQUITY,CONTINUED
STATEMENTS OF OPERATIONS, Continued
YEARS ENDED DECEMBER 31,1999 AND 1998
<TABLE>
<CAPTION>
PrIntY PrLgCapGrY
--------------------------- -------------------------
1999 1998 1999 1998
----------- -------- --------- --------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............................ $ 895 - - -
Mortality and expense charges (note 2) .......... - - - -
Administration charge (note 2):
Tier I ................................. - - - -
Tier II ................................ - - - -
Tier III ............................... - - - -
Tier IV ................................ - - - -
Tier V ................................. - - - -
Variable account fee (notes 2 and 5) ............ (1,004) (12) (5,595) (32)
----------- ------ --------- ------
Net investment activity ...................... (109) (12) (5,595) (32)
Proceeds from mutual fund shares sold ........... 1,301,157 1,317 181,015 15,581
Cost of mutual fund shares sold ................. (1,284,895) (1,294) (153,789) (14,964)
----------- ------ --------- ------
Realized gain (loss) on investments .......... 16,262 23 27,226 617
Change in unrealized gain (loss) on investments . 30,168 618 368,347 3,881
----------- ------ --------- ------
Net gain (loss) on investments ............... 46,430 641 395,573 4,498
----------- ------ --------- ------
Reinvested capital gains ........................ 3,286 - 29,922 -
----------- ------ --------- ------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 49,607 629 419,900 4,466
----------- ------ --------- ------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............................. 159,508 3,159 1,298,228 21,069
Transfers between funds ......................... 128,242 15,229 693,977 38,378
Redemptions ..................................... (3,920) - (101,819) -
Annual contract maintenance charge (note 2) ..... - - - -
Contingent deferred sales charges (note 2) ...... - - - -
Adjustments to maintain reserves ................ (12) 1 885 311
----------- ------ --------- ------
Net equity transactions .................... 283,818 18,389 1,891,271 59,758
NET CHANGE IN CONTRACT OWNERS' EQUITY.............. 333,425 19,018 2,311,171 64,224
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR.......... 19,018 - 64,224 -
----------- ------ --------- ------
CONTRACT OWNERS' EQUITY END OF YEAR................ $ 352,443 19,018 2,375,395 64,224
=========== ====== ========= ======
<CAPTION>
PrLgCpValY PrSmCapY
---------------------- ------------------------
1999 1998 1999 1998
-------- ------- --------- ------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............................ 1,105 25 952 25
Mortality and expense charges (note 2) .......... - - - -
Administration charge (note 2):
Tier I ................................. - - - -
Tier II ................................ - - - -
Tier III ............................... - - - -
Tier IV ................................ - - - -
Tier V ................................. - - - -
Variable account fee (notes 2 and 5) ............ (701) (6) (2,960) (17)
------- ------ --------- ------
Net investment activity ...................... 404 19 (2,008) 8
Proceeds from mutual fund shares sold ........... 246,811 - 776,552 1,003
Cost of mutual fund shares sold ................. (249,640) - (745,937) (960)
------- ------ --------- ------
Realized gain (loss) on investments .......... (2,829) - 30,615 43
Change in unrealized gain (loss) on investments . (15,619) 242 124,204 1,880
------- ------ --------- ------
Net gain (loss) on investments ............... (18,448) 242 154,819 1,923
------- ------ --------- ------
Reinvested capital gains ........................ 879 - 8,854 -
------- ------ --------- ------
Net increase (decrease) in contract owners'
equity resulting from operations ......... (17,165) 261 161,665 1,931
------- ------ --------- ------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............................. 149,030 997 608,531 6,201
Transfers between funds ......................... 88,235 9,117 424,083 32,130
Redemptions ..................................... (1,220) - (6,433) -
Annual contract maintenance charge (note 2) ..... - - - -
Contingent deferred sales charges (note 2) ...... - - - -
Adjustments to maintain reserves ................ (13) 29 (466) (9)
------- ------ --------- ------
Net equity transactions .................... 236,032 10,143 1,025,715 38,322
NET CHANGE IN CONTRACT OWNERS' EQUITY.............. 218,867 10,404 1,187,380 40,253
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR.......... 10,404 - 40,253 -
------- ------ --------- ------
CONTRACT OWNERS' EQUITY END OF YEAR................ 229,271 10,404 1,227,633 40,253
======= ====== ========= ======
</TABLE>
28
<PAGE> 29
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF CHANGES IN
CONTRACT OWNERS'EQUITY,CONTINUED
STATEMENTS OF OPERATIONS, Continued
YEARS ENDED DECEMBER 31,1999 AND 1998
<TABLE>
<CAPTION>
OppGlob PutInvFd
---------------------------- ---------------------------
1999 1998 1999 1998
------------ --------- ----------- ----------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... $ 17,706 382 - -
Mortality and expense charges (note 2) ......... - - - (85,320)
Administration charge (note 2):
Tier I ................................ - - - (14,831)
Tier II ............................... - - - (3,668)
Tier III .............................. - - - (942)
Tier IV ............................... - - - (62)
Tier V ................................ - - - (18,760)
Variable account fee (notes 2 and 5) ........... (10,455) (37) (506,257) (298,201)
------------ ------- ----------- ----------
Net investment activity ..................... 7,251 345 (506,257) (421,784)
Proceeds from mutual fund shares sold .......... 641,405 5,723 11,770,726 6,828,788
Cost of mutual fund shares sold ................ (571,639) (6,015) (5,690,685) (4,492,724)
------------ ------- ----------- ----------
Realized gain (loss) on investments ......... 69,766 (292) 6,080,041 2,336,064
Change in unrealized gain (loss) on investments 729,439 456 16,970,884 13,802,953
------------ ------- ----------- ----------
Net gain (loss) on investments .............. 799,205 164 23,050,925 16,139,017
------------ ------- ----------- ----------
Reinvested capital gains ....................... 204,712 2,941 677,043 1,853,165
------------ ------- ----------- ----------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 1,011,168 3,450 23,221,711 17,570,398
------------ ------- ----------- ----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 808,122 17,726 13,741,363 14,227,151
Transfers between funds ........................ 2,022,642 118,096 (2,349,986) 2,036,253
Redemptions .................................... (29,086) - (6,965,030) (4,706,872)
Annual contract maintenance charge (note 2) .... (1) - (779) (837)
Contingent deferred sales charges (note 2) ..... - - (411) (321)
Adjustments to maintain reserves ............... (25) 36 (28) 1,034
------------ ------- ----------- ----------
Net equity transactions ................... 2,801,652 135,858 4,425,129 11,556,408
NET CHANGE IN CONTRACT OWNERS' EQUITY............. 3,812,820 139,308 27,646,840 29,126,806
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR......... 139,308 - 74,110,450 44,983,644
------------ ------- ----------- ----------
CONTRACT OWNERS' EQUITY END OF YEAR............... $ 3,952,128 139,308 101,757,290 74,110,450
============ ======= =========== ==========
<CAPTION>
PutVoyFd SEI500Ix
---------------------------- ---------------------------
1999 1998 1999 1998
----------- ----------- ---------- ----------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........................... - - 746,637 362,899
Mortality and expense charges (note 2) ......... - (252,564) - (37,050)
Administration charge (note 2):
Tier I ................................ - (140,670) - (936)
Tier II ............................... - (37,138) - (341)
Tier III .............................. - (13,406) - -
Tier IV ............................... - (6,144) - -
Tier V ................................ - (3,642) - (10,675)
Variable account fee (notes 2 and 5) ........... (2,093,710) (1,017,243) (288,313) (151,150)
----------- ----------- ---------- ----------
Net investment activity ..................... (2,093,710) (1,470,807) 458,324 162,747
Proceeds from mutual fund shares sold .......... 6,679,291 2,943,852 12,522,344 6,687,829
Cost of mutual fund shares sold ................ (3,152,859) (1,717,411) (8,972,811) (5,220,572)
----------- ----------- ---------- ----------
Realized gain (loss) on investments ......... 3,526,432 1,226,441 3,549,533 1,467,257
Change in unrealized gain (loss) on investments 90,547,953 22,821,764 6,245,625 5,210,894
----------- ----------- ---------- ----------
Net gain (loss) on investments .............. 94,074,385 24,048,205 9,795,158 6,678,151
----------- ----------- ---------- ----------
Reinvested capital gains ....................... 31,460,845 13,977,317 461,005 365,867
----------- ----------- ---------- ----------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 123,441,520 36,554,715 10,714,487 7,206,765
----------- ----------- ---------- ----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ............................. 45,178,472 51,708,613 22,356,669 21,490,017
Transfers between funds ........................ 7,609,491 (6,170,941) 703,191 3,560,351
Redemptions .................................... (13,955,134) (11,182,910) (7,441,412) (5,241,962)
Annual contract maintenance charge (note 2) .... (312) - - -
Contingent deferred sales charges (note 2) ..... (2,230) (4) (32) -
Adjustments to maintain reserves ............... 4,376 9,322 647 506
----------- ----------- ---------- ----------
Net equity transactions ................... 38,834,663 34,364,080 15,619,063 19,808,912
NET CHANGE IN CONTRACT OWNERS' EQUITY............. 162,276,183 70,918,795 26,333,550 27,015,677
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR......... 208,797,858 137,879,063 42,273,711 15,258,034
----------- ----------- ---------- ----------
CONTRACT OWNERS' EQUITY END OF YEAR............... 371,074,041 208,797,858 68,607,261 42,273,711
=========== =========== ========== ==========
</TABLE>
(Continued)
29
<PAGE> 30
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF CHANGES IN
CONTRACT OWNERS'EQUITY,CONTINUED
STATEMENTS OF OPERATIONS, Continued
YEARS ENDED DECEMBER 31,1999 AND 1998
<TABLE>
<CAPTION>
SelGroFd TRIntStk
-------------------------- -------------------------
1999 1998 1999 1998
----------- --------- ---------- ----------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............................ $ - 5,032 311,892 521,061
Mortality and expense charges (note 2) .......... - (5,110) - (52,439)
Administration charge (note 2):
Tier I ................................. - (1,877) - (21,726)
Tier II ................................ - (192) - (5,357)
Tier III ............................... - (122) - (1,917)
Tier IV ................................ - (6) - (951)
Tier V ................................. - (770) - (4,810)
Variable account fee (notes 2 and 5) ............ (27,550) (17,203) (296,977) (181,636)
----------- --------- ---------- ----------
Net investment activity ...................... (27,550) (20,248) 14,915 252,225
Proceeds from mutual fund shares sold ........... 257,122 297,835 50,062,337 31,774,044
Cost of mutual fund shares sold ................. (169,380) (221,285) (46,248,187) (30,649,976)
----------- --------- ---------- ----------
Realized gain (loss) on investments .......... 87,742 76,550 3,814,150 1,124,068
Change in unrealized gain (loss) on investments . 531,420 571,477 6,402,878 2,514,226
----------- --------- ---------- ----------
Net gain (loss) on investments ............... 619,162 648,027 10,217,028 3,638,294
----------- --------- ---------- ----------
Reinvested capital gains ........................ 456,540 331,423 2,183,241 828,961
----------- --------- ---------- ----------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 1,048,152 959,202 12,415,184 4,719,480
----------- --------- ---------- ----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............................. 130,711 145,949 6,494,567 9,017,358
Transfers between funds ......................... (106,218) (100,050) (4,601,518) (4,932,049)
Redemptions ..................................... (138,344) (198,476) (2,073,321) (2,532,969)
Annual contract maintenance charge (note 2) ..... (370) (366) (50) -
Contingent deferred sales charges (note 2) ...... (212) (131) (278) -
Adjustments to maintain reserves ................ (5) (79) 1,467 3,925
----------- --------- ---------- ----------
Net equity transactions .................... (114,438) (153,153) (179,133) 1,556,265
NET CHANGE IN CONTRACT OWNERS' EQUITY.............. 933,714 806,049 12,236,051 6,275,745
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR.......... 3,659,593 2,853,544 36,489,979 30,214,234
----------- --------- ---------- ----------
CONTRACT OWNERS' EQUITY END OF YEAR................ $ 4,593,307 3,659,593 48,726,030 36,489,979
=========== ========= ========== ==========
<CAPTION>
TemForFd TemGISmCo
------------------------- -----------------------
1999 1998 1999 1998
---------- ---------- --------- --------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............................ 2,263,940 1,717,754 - -
Mortality and expense charges (note 2) .......... - (132,310) - (201)
Administration charge (note 2):
Tier I ................................. - (77,451) - 393
Tier II ................................ - (22,334) - -
Tier III ............................... - (5,316) - -
Tier IV ................................ - (2,176) - -
Tier V ................................. - (1,211) - (191)
Variable account fee (notes 2 and 5) ............ (472,797) (381,394) - -
---------- ---------- --------- --------
Net investment activity ...................... 1,791,143 1,095,562 - 1
Proceeds from mutual fund shares sold ........... 47,659,979 26,694,944 - -
Cost of mutual fund shares sold ................. (51,043,853) (25,001,333) - -
---------- ---------- --------- --------
Realized gain (loss) on investments .......... (3,383,874) 1,693,611 - -
Change in unrealized gain (loss) on investments . 23,027,027 (11,318,099) - -
---------- ---------- --------- --------
Net gain (loss) on investments ............... 19,643,153 (9,624,488) - -
---------- ---------- --------- --------
Reinvested capital gains ........................ 675,137 5,054,162 - -
---------- ---------- --------- --------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 22,109,433 (3,474,764) - 1
---------- ---------- --------- --------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............................. 10,745,043 16,189,377 - -
Transfers between funds ......................... (8,533,314) (22,661,049) - -
Redemptions ..................................... (3,441,970) (7,971,478) - -
Annual contract maintenance charge (note 2) ..... (115) - - -
Contingent deferred sales charges (note 2) ...... - - - -
Adjustments to maintain reserves ................ 6,688 (5,084) - (1)
---------- ---------- --------- --------
Net equity transactions .................... (1,223,668) (14,448,234) - (1)
NET CHANGE IN CONTRACT OWNERS' EQUITY.............. 20,885,765 (17,922,998) - -
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR.......... 62,795,999 80,718,997 - -
---------- ---------- --------- --------
CONTRACT OWNERS' EQUITY END OF YEAR................ 83,681,764 62,795,999 - -
========== ========== ========= ========
</TABLE>
30
<PAGE> 31
NATIONWIDE DC VARIABLE ACCOUNT
STATEMENTS OF CHANGES IN
CONTRACT OWNERS'EQUITY,CONTINUED
STATEMENTS OF OPERATIONS, Continued
YEARS ENDED DECEMBER 31,1999 AND 1998
<TABLE>
<CAPTION>
WPEmGro
---------------------------
1999 1998
----------- --------
<S> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............................ $ - -
Mortality and expense charges (note 2) .......... - (10)
Administration charge (note 2):
Tier I ................................. - (9)
Tier II ................................ - -
Tier III ............................... - -
Tier IV ................................ - -
Tier V ................................. - -
Variable account fee (notes 2 and 5) ............ (2,890) (29)
----------- ------
Net investment activity ...................... (2,890) (48)
Proceeds from mutual fund shares sold ........... 317,121 51,701
Cost of mutual fund shares sold ................. (282,446) (49,825)
----------- ------
Realized gain (loss) on investments .......... 34,675 1,876
Change in unrealized gain (loss) on investments . 147,158 5,218
----------- ------
Net gain (loss) on investments ............... 181,833 7,094
----------- ------
Reinvested capital gains ........................ 121,883 -
----------- ------
Net increase (decrease) in contract owners'
equity resulting from operations ......... 300,826 7,046
----------- ------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............................. 258,652 5,190
Transfers between funds ......................... 679,591 89,747
Redemptions ..................................... (36,854) (43,768)
Annual contract maintenance charge (note 2) ..... - -
Contingent deferred sales charges (note 2) ...... - -
Adjustments to maintain reserves ................ (104) 22
----------- ------
Net equity transactions .................... 901,285 51,191
NET CHANGE IN CONTRACT OWNERS' EQUITY.............. 1,202,111 58,237
CONTRACT OWNERS' EQUITY BEGINNING OF YEAR.......... 58,237 -
----------- ------
CONTRACT OWNERS' EQUITY END OF YEAR................ $ 1,260,348 58,237
=========== ======
</TABLE>
See accompanying notes to financial statements.
31
<PAGE> 32
NATIONWIDE DC VARIABLE ACCOUNT
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999 AND 1998
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Organization and Nature of Operations
Nationwide DC Variable Account (the Account) was established by
resolution of the Board of Directors of Nationwide Life Insurance
Company (the Company) on July 10, 1974. The Account has been registered
as a unit investment trust under the Investment Company Act of 1940.
The Company offers group flexible fund retirement contracts through the
Account. The primary distribution for the contracts is through an
affiliated sales organization; however, other distributors may be
utilized.
(b) The Contracts
Participants in group flexible fund contracts may be invested in any of
the following subaccounts:
AIM Equity Funds, Inc. - AIM Constellation Fund - Institutional
Class (AIMCon)
AIM Equity Funds, Inc. - AIM Weingarten Fund - Institutional Class
(AIMWein)
American Century: Income & Growth Fund (ACIncGro)
American Century: Twentieth Century Growth Fund (ACTCGro)
American Century: Twentieth Century International Discovery Fund
(ACTCIntDis)
American Century: Twentieth Century Select Fund (ACTCSel)
American Century: Twentieth Century Ultra Fund (ACTCUltra)
The Bond Fund of America(SM), Inc. (BdFdAm)
(not available for contracts issued on or after January 1, 1994)
Brown Capital Management - Small Company Fund (BrnCapSmCo)
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 Appreciation Fund, Inc. (DryApp)
Dreyfus Cash Management - Class A (DryCsMgt)
Dreyfus Premier Midcap Stock - Class A (DryPreMCap)
Dreyfus S&P 500 Index Fund (Dry500Ix)
The Dreyfus Third Century Fund, Inc. (Dry3dCen)
Evergreen Income and Growth Fund - Class Y (EvIncGro)
The Institutional Shares of Federated GNMA Trust (FedGNMA)
Federated Investment Series Funds, Inc. - Federated Bond Fund -
Class F (FedBdFd)
Federated U.S. Government Securities Fund: 2-5 Years -
Institutional Shares (FedUSGvt)
Fidelity Advisor Growth Opportunities Fund - Class A (FAGrOppA)
Fidelity Advisors High Yield Fund - Class T (FAHiYld)
Fidelity Asset Manager(TM) (FidAsMgr)
Fidelity Capital & Income Fund (FidCapInc)
(not available for contracts issued on or after January 1, 1987)
32
<PAGE> 33
Fidelity Contrafund (FidContr) (not available for contracts issued
on or after June 30, 1998)
Fidelity Equity-Income Fund (FidEqInc)
Fidelity Growth & Income Portfolio (FidGrInc)
Fidelity Magellan(R) Fund (FidMgln) (not available for contracts
issued on or after October 1, 1997)
Fidelity OTC Portfolio (FidOTC)
Fidelity Puritan(R) Fund (FidPurtn)
The Growth Fund of America(R), Inc. (GroFdAm)
(not available for contracts issued on or after January 1, 1994)
The Income Fund of America(R), Inc. (IncFdAm)
(not available for contracts issued on or after January 1, 1994)
INVESCO Dynamics Fund, Inc. (InvDynam)
INVESCO Industrial Income Fund, Inc. (InvIndInc)
INVESCO Total Return Fund (InvTotRet)
Janus Fund (JanFund)
Janus Twenty Fund (Jan20Fd)
Janus Worldwide Fund (JanWrldwde)
MAS Funds - Fixed Income Portfolio (MASFIP)
Massachusetts Investors Growth Stock Fund - Class A (MFSGrStk)
MFS(R) Growth Opportunities Fund - Class A (MFSGrOpp)
MFS(R) High Income Fund - Class A (MFSHiInc)
Morgan Stanley Institutional Fund, Inc. - Equity Growth Portfolio
- Class B (MSIEqGroB)
Portfolios of the Nationwide Asset Allocation Trust (NAAT)
(managed for a fee by an affiliated investment advisor)
NAAT - The Aggressive Portfolio (NAATAggr)
NAAT - The Conservative Portfolio (NAATCons)
NAAT - The Moderate Portfolio (NAATMod)
NAAT - The Moderately Aggressive Portfolio (NAATModAgg)
NAAT - The Moderately Conservative Portfolio (NAATModCon)
Nationwide(R) Mutual Funds
(managed for a fee by an affiliated investment advisor)
Nationwide(R) Bond Fund - Class D (NWBdFd)
Nationwide(R) Fund - Class D (NWFund)
Nationwide(R) Growth Fund - Class D (NWGroFd)
Nationwide(R) Money Market Fund (NWMyMkt)
Nationwide(R) S&P 500 Index Fund - Class Y (NWIndxFdY)
Prestige Balanced Fund - Class Y (PrBalY)
Prestige International Fund - Class Y (PrIntY)
Prestige Large Cap Growth Fund - Class Y (PrLgCapGrY)
Prestige Large Cap Value Fund - Class Y (PrLgCpValY)
Prestige Small Cap Fund - Class Y (PrSmCapY)
Nationwide(R) SAT - Income Fund (NSATInc)
(managed for a fee by an affiliated investment advisor)
Nationwide(R) SAT - Small Company Fund (NSATSmCo)
(managed for a fee by an affiliated investment advisor)
(Continued)
33
<PAGE> 34
NATIONWIDE DC VARIABLE ACCOUNT
NOTES TO FINANCIAL STATEMENTS, CONTINUED
Neuberger & Berman Equity Funds(R)- Guardian Fund (NBGuard)
Neuberger & Berman Equity Funds(R)- Manhattan Fund (NBManhFd)
Neuberger & Berman Equity Trust(R)- Partners Trust (NBPartTr)
Oppenheimer Global Fund - Class A (OppGlob)
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)
Warburg Pincus Emerging Growth Fund - Common Shares (WPEmGro)
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);
American Century VP - American Century VP Balanced (ACVPBal)
American Century VP - American Century VP Capital Appreciation
(ACVPCapAp)
The Dreyfus Socially Responsible Growth Fund, Inc. (DrySRGro)
Dreyfus Stock Index Fund (DryStkIx)
Portfolios of the Fidelity Variable Insurance Products
Fund I & II (Fidelity VIP);
Fidelity VIP - Asset Manager Portfolio (FidVIPAM)
Fidelity VIP - Equity-Income Portfolio (FidVIPEI)
Fidelity VIP - Growth Portfolio (FidVIPGr)
Fidelity VIP - High Income Portfolio (FidVIPHI)
Fidelity VIP - Overseas Portfolio (FidVIPOv)
Funds of the Nationwide Separate Account Trust (Nationwide SAT)
(managed for a fee by an affiliated investment advisor);
Nationwide(R) SAT - Capital Appreciation Fund (NSATCapAp)
Nationwide(R) SAT - Government Bond Fund (NSATGvtBd)
Nationwide(R) SAT - Money Market Fund (NSATMyMkt)
Nationwide(R) 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)
All of the above funds were being utilized as of December 31, 1999,
except AIM Equity Funds, Inc. - AIM Weingarten Fund - Institutional
Class (AIMWein), The Institutional Shares of Federated GNMA Trust
(FedGNMA), Fidelity OTC Portfolio (FidOTC), Fidelity Puritan(R) Fund
(FidPurtn), Janus Twenty Fund (Jan20Fd), Nationwide SAT - Capital
Appreciation Fund (NSATCapAp), Strong Common Stock Fund, Inc.
(StComStk) and Templeton Global Smaller Companies Fund, Inc. - Class I
(TemGlSmCo).
34
<PAGE> 35
The following funds were no longer available as of June 30, 1998:
American Century: Twentieth Century International Growth Fund
(ACTCIntlGr), The Institutional Shares of Federated GNMA Trust
(FedGNMA), Neuberger & Berman Guardian Trust (NBGuardTr) and Neuberger
& Berman Partners Fund (NBPartFd).
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 December 31, 1999. 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) Annuity Payout Reserves
Annuity reserves are computed for contracts in the variable payout
stage according to industry standard mortality tables. The assumed
investment return is 3.5 percent unless the annuitant elects otherwise,
in which case the rate may vary from 3.5 percent to 7 percent, as
regulated by the laws of the respective states. The mortality risk is
fully borne by the Company and may result in additional amounts being
transferred into the Account by the Company to cover greater longevity
of annuitants than expected. Conversely, if reserves exceed amounts
required, transfers may be made to the Company.
(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.
(Continued)
35
<PAGE> 36
NATIONWIDE DC VARIABLE ACCOUNT
NOTES TO FINANCIAL STATEMENTS, CONTINUED
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 through
April 30, 1998, the administration charge was based upon the aggregate
balance of assets held under the contract by each contract owner as
follows:
Expense Administration
Tier Assets (Millions) Charge
--------- -------------- ------------
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%
The administration charge implemented on November 1, 1996 was based on the
June 30, 1996 asset balance. Thereafter, the administrative charge was
determined using the December 31 asset balance and became effective on the
following May 1.
Beginning May 1, 1998 the Company will assess a charge for a Variable
Account Fee on all contracts outstanding. Under the terms of the contracts,
the Company assumes various risks and incurs administrative expenses
associated with the issuance of the contracts. For the Company's
contractual promise to accept these risks and expenses, the contracts
provide for the deduction of a Variable Account Fee, which is calculated as
a percentage of assets and deducted on each valuation date from amounts
held in the Account. On an annual basis, the maximum Variable Account Fee
is 0.95% of the average account value.
As with all other charges, this fee is subject to negotiation and may vary
from one contract to another reflecting the unique characteristics of
different contracts when considered as a whole. In negotiating the amount
of the fee, the Company may consider factors which may reduce expenses
incurred by the Company. These factors might include, but are not limited
to: (1) the size of the contract; (2) the number of eligible employees; (3)
the number of contract participants; (4) demographics of contract
participants; (5) general economic conditions; (6) the varying costs
associated with the inclusion of underlying mutual fund options; (7) the
type of contract issued (for example, whether the contract is issued as an
allocated contract or unallocated contract); (8) costs associated with
distribution of the contract; (9) any recovery of any credits on initial
transfers; and (10) any other factors which the Company deems relevant (see
summary of variable account fees at Note 5).
Contract owners may negotiate an exchange privilege with the Company. The
exchange privilege provides for transfers of units among the various
investment options for each participant's account. The number of transfers
allowed, and any administrative charges associated therewith, are subject
to negotiation between the contract owner and the Company.
(3) RELATED PARTY TRANSACTIONS
The Company performs various services on behalf of the Mutual Fund
Companies in which the Account invests and may receive fees for the
services performed. These services include, among other things, shareholder
communications, preparation, postage, fund transfer agency and various
other record keeping and customer service functions. These fees are paid to
an affiliate of the Company.
36
<PAGE> 37
(4) COMPONENTS OF CONTRACT OWNERS' EQUITY
The following is a summary of contract owners' equity at December 31, 1999.
<TABLE>
<CAPTION>
ASSET ANNUAL
CHARGE UNITS UNIT VALUE AMOUNT RETURN(b)
------ ----- ---------- ------ ---------
<S> <C> <C> <C> <C> <C>
AIM Equity Funds, Inc.-
AIM Constellation Fund -
Institutional Class . . . . . . .0.40% 3,221,521 $ 3.951118 $ 12,728,610 44%
American Century:
Income & Growth Fund . . . . . . .0.80% 4,099,338 1.284360 5,265,026 17%
0.70% 1,121,163 1.285813 1,441,606 17%
0.55% 737,029 1.287995 949,290 17%
0.40% 498,580 1.290181 643,258 17%
0.35% 139,180 1.290910 179,669 18%
0.30% 146,747 1.291640 189,544 18%
0.25% 186,953 1.292371 241,613 18%
0.20% 21,046 1.293101 27,215 18%
0.15% 432,773 1.293832 559,936 18%
American Century:
Twentieth Century Growth Fund . .0.95% 9,773,380 10.560508 103,211,858 33%
0.90% 3,375,777 10.577210 35,706,302 33%
0.80% 3,278,927 10.610693 34,791,688 34%
0.65% 1,084,862 10.666614 11,571,804 34%
0.60% 222,325 10.644483 2,366,535 34%
0.50% 721,853 10.616300 7,663,408 34%
0.40% 7,486,254 10.628738 79,569,432 34%
0.35% 177,055 10.675688 1,890,184 34%
0.30% 269,370 10.678583 2,876,490 34%
American Century:Twentieth Century
International Discovery Fund . . .0.80% 3,037,882 2.028049 6,160,974 87%
0.70% 1,254,474 2.030338 2,547,006 87%
0.55% 739,410 2.033777 1,503,795 88%
0.40% 438,110 2.037221 892,527 88%
0.35% 125,081 2.038370 254,961 88%
0.30% 14,874 2.039521 30,336 88%
0.25% 498,602 2.040671 1,017,483 88%
0.20% 39,397 2.041822 80,442 88%
0.15% 4,889,042 2.042975 9,988,191 88%
American Century:
Twentieth Century Select Fund. . .0.95% 64,193 3.349715 215,028 21%
0.65% 1,330,720 3.361506 4,473,223 21%
American Century:
Twentieth Century Ultra Fund . . .0.95% 72,862,901 4.714664 343,524,096 40%
0.90% 22,045,290 4.722120 104,100,505 40%
0.80% 16,063,912 4.737067 76,095,827 40%
0.65% 11,961,825 4.762030 56,962,570 41%
0.60% 1,194,596 4.752151 5,676,901 41%
0.50% 2,603,337 4.739567 12,338,690 41%
0.40% 27,413,248 4.745119 130,079,124 41%
0.35% 1,308,709 4.766080 6,237,412 41%
0.30% 788,095 4.767375 3,757,144 41%
</TABLE>
(Continued)
37
<PAGE> 38
NATIONWIDE DC VARIABLE ACCOUNT
NOTES TO FINANCIAL STATEMENTS, CONTINUED
<TABLE>
<CAPTION>
ASSET ANNUAL
CHARGE UNITS UNIT VALUE AMOUNT RETURN(b)
------ ----- ---------- ------ ---------
<S> <C> <C> <C> <C> <C>
American Century VP -
American Century VP Balanced .....0.95% 13,585 1.887476 25,641 9%
American Century VP - American
Century VP Capital Appreciation.. 0.95% 51,427 2.480278 127,553 63%
The Bond Fund of America(SM), Inc... 0.95% 3,406,302 2.461916 8,386,029 1%
0.90% 948,592 2.465874 2,339,108 1%
0.80% 762,842 2.473803 1,887,121 1%
0.65% 284,552 2.487024 707,688 2%
0.60% 99,564 2.481842 247,102 2%
0.55% 63,570 2.479919 157,648 2%
0.50% 113,337 2.475221 280,534 2%
0.40% 1,342,293 2.478179 3,326,442 2%
0.35% 29,454 2.489266 73,319 2%
Brown Capital Management -
Small Company Fund ............. 0.80% 41,331 1.348543 55,737 35%(a)
0.70% 4,867 1.348878 6,565 35%(a)
0.55% 27,813 1.349380 37,530 35%(a)
0.40% 37,793 1.349883 51,016 35%(a)
0.30% 8,181 1.350218 11,046 35%(a)
0.25% 2,091 1.350386 2,824 35%(a)
0.20% 6,584 1.350553 8,892 35%(a)
Davis New York Venture Fund, Inc -
Class A ........................ 0.90% 116,577 2.960004 345,068 17%
Delaware Group Decatur Fund Inc.-
Decatur Income Fund
Institutional Class ............ 0.95% 48,219 3.061228 147,609 4%
0.90% 22,390 3.066072 68,649 4%
0.80% 3,294 3.075782 10,132 4%
0.65% 26 3.072015 80 4%
0.60% 6,112 3.085589 18,859 4%
0.35% 143 3.094647 443 4%
Dreyfus Appreciation Fund, Inc...... 0.80% 2,360,495 1.178335 2,781,454 9%
0.70% 633,725 1.179669 747,586 9%
0.55% 527,407 1.181672 623,222 9%
0.40% 148,798 1.183678 176,129 10%
0.35% 77,549 1.184347 91,845 10%
0.30% 161,641 1.185017 191,547 10%
0.25% 57,224 1.185687 67,850 10%
0.20% 5,899 1.186358 6,998 10%
0.15% 133,319 1.187029 158,254 10%
Dreyfus Cash Management -
Class A ......................... 0.90% 138,879 1.321023 183,462 4%
</TABLE>
38
<PAGE> 39
<TABLE>
<CAPTION>
ASSET ANNUAL
CHARGE UNITS UNIT VALUE AMOUNT RETURN(b)
------ ----- ---------- ------ ---------
<S> <C> <C> <C> <C> <C>
Dreyfus Premier Midcap Stock -
Class A............................. 0.80% 223,901 1.243793 278,486 10%
0.70% 62,728 1.245200 78,109 10%
0.55% 62,807 1.247314 78,340 10%
0.40% 46,051 1.249431 57,538 10%
0.35% 733 1.250137 916 10%
0.30% 3,091 1.250844 3,866 10%
0.25% 18,329 1.251552 22,940 10%
0.20% 1,365 1.252259 1,709 10%
0.15% 118,232 1.252967 148,141 10%
Dreyfus S&P 500 Index Fund............ 0.95% 33,167,813 1.840155 61,033,917 19%
0.90% 8,433,585 1.842610 15,539,808 19%
0.80% 6,741,003 1.847528 12,454,192 19%
0.65% 7,202,634 1.846634 13,300,629 19%
0.60% 1,329,208 1.853414 2,463,573 20%
0.55% 347,168 1.852895 643,266 20%
0.50% 1,939,404 1.849882 3,587,669 20%
0.35% 717,794 1.858850 1,334,271 20%
The Dreyfus Socially Responsible
Growth Fund, Inc................... 0.95% 11,890 3.286639 39,078 29%
Dreyfus Stock Index Fund.............. 0.95% 58,848 3.206243 188,681 19%
The Dreyfus Third Century Fund, Inc... 0.95% 40,022 5.872109 235,014 29%
0.90% 26,205 5.881397 154,122 29%
0.80% 5,741,865 5.900015 33,877,090 29%
0.70% 1,624,322 5.918693 9,613,863 29%
0.55% 1,079,203 5.899679 6,366,951 29%
0.40% 946,827 5.910051 5,595,796 30%
0.35% 261,622 5.942379 1,554,657 30%
0.30% 147,027 5.937771 873,013 30%
0.25% 184,580 5.920440 1,092,795 30%
0.20% 34,885 5.952826 207,664 30%
0.15% 3,233,255 5.927377 19,164,721 30%
Evergreen Income And Growth Fund -
Class Y............................ 0.95% 575,792 2.744107 1,580,035 15%
0.90% 203,892 2.748449 560,387 15%
0.80% 139,239 2.757154 383,903 15%
0.65% 16,372 2.771693 45,378 16%
0.60% 3,198 2.765943 8,845 16%
0.55% 52,484 2.763799 145,055 16%
0.50% 8,510 2.758615 23,476 16%
0.40% 365,065 2.761849 1,008,254 16%
0.35% 13,462 2.774057 37,344 16%
Federated Investment Series Fund, Inc.
Federated Bond Fund - Class F...... 0.80% 408,645 0.986932 403,305 3%
0.70% 67,164 0.988049 66,361 3%
0.55% 1,031,837 0.989728 1,021,238 3%
0.40% 61,902 0.991409 61,370 3%
0.35% 124 0.991970 123 3%
0.20% 328 0.993656 326 3%
0.15% 52,289 0.994218 51,987 2%
</TABLE>
(Continued)
39
<PAGE> 40
NATIONWIDE DC VARIABLE ACCOUNT
NOTES TO FINANCIAL STATEMENTS, CONTINUED
<TABLE>
<CAPTION>
ASSET ANNUAL
CHARGE UNITS UNIT VALUE AMOUNT RETURN(b)
------ ----- ---------- ------ ---------
<S> <C> <C> <C> <C> <C>
Federated U.S.Government
Securities Fund:2-5 Years -
Institutional Shares......................... 0.95% 3,114,074 1.281395 3,990,359 1%
0.90% 1,073,320 1.283445 1,377,547 1%
0.80% 677,902 1.287550 872,833 1%
0.65% 519,878 1.286256 668,696 1%
0.60% 89,786 1.291685 115,975 1%
0.55% 95,731 1.290667 123,557 1%
0.50% 23,528 1.288688 30,320 1%
0.35% 1,804 1.295754 2,338 1%
Fidelity Advisor Growth Opportunities
Fund - Class A............................... 0.80% 1,561,973 1.124760 1,756,845 3%
0.70% 393,614 1.126033 443,222 3%
0.55% 171,510 1.127945 193,454 4%
0.40% 100,819 1.129860 113,911 4%
0.35% 15,210 1.130500 17,195 4%
0.30% 918 1.131139 1,038 4%
0.25% 17,444 1.131779 19,743 4%
0.20% 2,559 1.132419 2,898 4%
0.15% 55,638 1.133060 63,041 4%
Fidelity Advisor High Yield Fund -
Class T...................................... 0.80% 451,076 1.144516 516,264 7%
0.70% 103,457 1.145866 118,548 8%
0.55% 36,883 1.147891 42,338 8%
0.40% 5,799 1.149917 6,668 8%
0.35% 306 1.150592 352 8%
0.30% 242 1.151268 279 8%
0.25% 42,423 1.151943 48,869 8%
0.20% 52 1.152619 60 8%
Fidelity Asset Manager(TM)..................... 0.95% 3,890,385 1.963180 7,637,526 13%
0.90% 881,771 1.966286 1,733,814 13%
0.80% 712,331 1.972513 1,405,082 13%
0.65% 688,022 1.970094 1,355,468 13%
0.60% 51,663 1.978799 102,231 13%
0.55% 34,007 1.977265 67,241 13%
0.50% 278,360 1.973560 549,360 13%
0.35% 83,541 1.984605 165,796 13%
Fidelity Capital & Income Fund................ 0.95% 73,052 5.414988 395,576 12%
0.90% 31,159 5.423649 168,995 12%
0.80% 42,613 5.440999 231,857 12%
0.65% 13,256 5.469896 72,509 12%
0.50% 10,392 5.445808 56,593 13%
0.40% 58,579 5.452661 319,411 13%
0.35% 3,640 5.456089 19,860 13%
</TABLE>
40
<PAGE> 41
<TABLE>
<CAPTION>
ASSET ANNUAL
CHARGE UNITS UNIT VALUE AMOUNT RETURN(b)
------ ----- ---------- ------ ---------
<S> <C> <C> <C> <C> <C>
Fidelity Contrafund ............................... 0.95% 69,533,635 4.050734 281,662,259 24%
0.90% 18,837,816 4.057141 76,427,676 24%
0.80% 13,989,579 4.069987 56,937,405 24%
0.65% 10,947,667 4.091441 44,791,734 24%
0.60% 1,002,128 4.082951 4,091,640 24%
0.55% 584,972 4.079783 2,386,559 24%
0.50% 2,107,617 4.072136 8,582,503 24%
0.40% 7,939,844 4.076907 32,370,006 25%
0.35% 720,474 4.094921 2,950,284 25%
Fidelity Equity - Income Fund .................... 0.95% 16,073,617 8.164209 131,228,369 6%
0.90% 5,697,594 8.177127 46,589,950 6%
0.80% 4,320,699 8.203023 35,442,793 6%
0.65% 2,331,508 8.246273 19,226,251 6%
0.60% 160,208 8.229176 1,318,380 7%
0.55% 94,865 8.222803 780,056 7%
0.50% 1,365,387 8.207390 11,206,264 7%
0.40% 7,000,669 8.217016 57,524,609 7%
0.35% 270,892 8.253327 2,235,760 7%
Fidelity Growth & Income Portfolio ................ 0.40% 6,969,605 3.611237 25,168,895 10%
Fidelity Magellan(R) Fund ......................... 0.95% 51,113,926 3.901714 199,431,921 23%
0.90% 12,438,056 3.907885 48,606,492 23%
0.80% 9,379,290 3.920256 36,769,218 23%
0.65% 6,699,000 3.940918 26,400,210 23%
0.60% 760,113 3.932743 2,989,329 23%
0.55% 306,414 3.929695 1,204,114 23%
0.50% 2,413,022 3.922330 9,464,669 23%
0.40% 23,673,464 3.926927 92,963,965 24%
0.35% 533,977 3.944274 2,106,152 24%
Fidelity VIP - Asset Manager Portfolio............. 0.95% 33,479 1.884262 63,083 10%
Fidelity VIP - Equity Income Portfolio............. 0.95% 107,713 2.180834 234,904 5%
Fidelity VIP - Growth Portfolio.................... 0.95% 102,768 3.571641 367,050 36%
Fidelity VIP - High Income Portfolio............... 0.95% 20,700 1.584412 32,797 7%
Fidelity VIP - Overseas Portfolio.................. 0.95% 96,278 2.013540 193,860 41%
The Growth Fund of America(R), Inc................. 0.95% 3,020,836 6.372783 19,251,132 44%
0.90% 886,629 6.382860 5,659,229 44%
0.80% 665,341 6.403063 4,260,220 45%
0.65% 434,365 6.395199 2,777,851 45%
0.60% 188,240 6.423449 1,209,150 45%
0.55% 46,601 6.418466 299,107 45%
0.50% 219,394 6.406436 1,405,534 45%
0.35% 21,026 6.442272 135,455 45%
</TABLE>
41
(Continued)
<PAGE> 42
NATIONWIDE DC VARIABLE ACCOUNT
NOTES TO FINANCIAL STATEMENTS, CONTINUED
<TABLE>
<CAPTION>
ASSET ANNUAL
CHARGE UNITS UNIT VALUE AMOUNT RETURN(b)
------ ----- ---------- ------ ---------
<S> <C> <C> <C> <C> <C>
The Income Fund of America(R), Inc........ 0.95% 4,114,668 2.822987 11,615,654 0%
0.90% 1,042,018 2.827454 2,946,258 0%
0.80% 982,366 2.836409 2,786,392 0%
0.65% 278,766 2.832933 789,725 0%
0.60% 182,127 2.845453 518,234 0%
0.55% 46,183 2.843248 131,310 0%
0.50% 241,490 2.837919 685,329 0%
0.35% 25,458 2.853804 72,652 0%
INVESCO Dynamics Fund, Inc................ 0.80% 6,813,160 1.998173 13,613,872 70%
0.70% 2,368,456 2.000430 4,737,930 71%
0.55% 1,832,664 2.003821 3,672,331 71%
0.40% 1,083,453 2.007217 2,174,725 71%
0.35% 228,782 2.008350 459,474 71%
0.30% 222,915 2.009484 447,944 71%
0.25% 720,542 2.010619 1,448,735 71%
0.20% 90,653 2.011755 182,372 71%
0.15% 8,448,102 2.012890 17,005,100 72%
INVESCO Industrial Income Fund, Inc....... 0.95% 7,365,327 2.655967 19,562,065 12%
0.90% 1,747,453 2.660169 4,648,520 12%
0.80% 1,289,279 2.668593 3,440,561 12%
0.65% 843,299 2.665322 2,247,663 12%
0.60% 96,777 2.677099 259,082 12%
0.55% 151,879 2.675024 406,280 12%
0.50% 171,754 2.670011 458,585 12%
0.35% 60,051 2.684954 161,234 12%
INVESCO Total Return Fund ................ 0.80% 757,252 1.001721 758,555 2%
0.70% 221,032 1.002855 221,663 2%
0.55% 68,424 1.004559 68,736 2%
0.40% 102,981 1.006265 103,626 2%
0.35% 155,683 1.006835 156,747 2%
0.30% 11,842 1.007404 11,930 2%
0.25% 48,323 1.007975 48,708 2%
0.20% 24,666 1.008545 24,877 2%
Janus Fund ............................... 0.95% 46,328,151 3.907654 181,034,385 46%
0.90% 13,891,900 3.913834 54,370,591 46%
0.80% 11,225,252 3.926222 44,072,831 46%
0.65% 8,056,954 3.921398 31,594,523 46%
0.60% 1,468,959 3.938722 5,785,821 46%
0.50% 3,071,302 3.928288 12,064,959 46%
0.35% 457,325 3.950263 1,806,554 47%
0.30% 928,552 3.951336 3,669,021 47%
Janus Worldwide Fund...................... 0.95% 1,050,360 2.021004 2,122,782 63%
</TABLE>
42
<PAGE> 43
<TABLE>
<CAPTION>
ASSET ANNUAL
CHARGE UNITS UNIT VALUE AMOUNT RETURN(b)
------ ----- ---------- ------ ---------
<S> <C> <C> <C> <C> <C>
MAS Funds - Fixed Income Portfolio........ 0.95% 2,844,269 1.391983 3,959,174 2%
0.90% 356,213 1.394187 496,628 2%
0.80% 640,609 1.398604 895,958 1%
0.65% 518,616 1.396889 724,449 1%
0.60% 149,573 1.403064 209,860 1%
0.55% 31,369 1.401976 43,979 1%
0.50% 49,975 1.399348 69,932 1%
0.35% 6,085 1.407184 8,563 1%
Massachusetts Investors Growth Stock
Fund - Class A ........................ 0.95% 171,618 30.435351 5,223,254 37%
0.90% 34,300 30.483476 1,045,583 38%
0.80% 9,966 30.579953 304,760 38%
0.65% 2,247 30.741088 69,075 38%
0.55% 1,094 30.653547 33,535 38%
0.50% 235 30.596117 7,190 38%
0.40% 261,200 30.631957 8,001,067 38%
MFS((R)) Growth Opportunities Fund -
Class A ............................... 0.95% 392,659 15.172145 5,957,479 32%
0.90% 278,945 15.196145 4,238,889 32%
0.80% 158,132 15.244258 2,410,605 32%
0.65% 89,067 15.324618 1,364,918 32%
0.55% 16,775 15.280950 256,338 32%
0.50% 4,879 15.252302 74,416 32%
0.40% 1,932,941 15.270172 29,516,342 32%
0.35% 5,806 15.337646 89,050 32%
MFS((R)) High Income Fund - Class A....... 0.95% 142,768 6.542182 934,014 6%
0.90% 20,059 6.552645 131,440 6%
0.80% 27,277 6.573607 179,308 6%
0.65% 2,074 6.608519 13,706 6%
0.55% 2,328 6.589522 15,340 6%
0.40% 529,921 6.587697 3,490,959 7%
0.35% 574 6.615489 3,797 7%
Morgan Stanley Institutional Fund -
Equity Growth Portfolio - Class B...... 0.80% 538,687 1.530130 824,261 38%
0.70% 174,980 1.531860 268,045 38%
0.55% 52,628 1.534459 80,756 39%
0.40% 38,243 1.537062 58,782 39%
0.35% 1,216 1.537930 1,870 39%
0.30% 6,866 1.538799 10,565 39%
0.25% 36,773 1.539669 56,618 39%
0.20% 113 1.540539 174 39%
0.15% 540,401 1.541410 832,980 39%
NAAT - The Aggressive Portfolio........... 0.70% 2,218,802 1.421032 3,152,989 23%
0.60% 363,464 1.425179 518,001 23%
0.45% 192,690 1.422449 274,092 24%
0.25% 50,699 1.425785 72,286 24%
0.20% 233,674 1.431872 334,591 24%
0.15% 54,968 1.432505 78,742 24%
0.10% 80,158 1.428292 114,489 24%
</TABLE>
43 (Continued)
<PAGE> 44
NATIONWIDE DC VARIABLE ACCOUNT
NOTES TO FINANCIAL STATEMENTS, CONTINUED
<TABLE>
<CAPTION>
ASSET ANNUAL
CHARGE UNITS UNIT VALUE AMOUNT RETURN(b)
------ ----- ---------- ------ ---------
<S> <C> <C> <C> <C> <C>
NAAT - The Conservative Portfolio....... 0.70% 882,125 1.144210 1,009,336 3%
0.60% 126,881 1.147549 145,602 3%
0.45% 57,204 1.145355 65,519 3%
0.25% 109,576 1.148044 125,798 4%
0.20% 2,597 1.152943 2,994 4%
0.15% 14,747 1.153453 17,010 4%
NAAT - The Moderate Portfolio .......... 0.70% 2,040,824 1.307445 2,668,265 14%
0.60% 409,338 1.311261 536,749 14%
0.45% 150,163 1.308751 196,526 14%
0.25% 7,558 1.311822 9,915 15%
0.20% 96,127 1.317421 126,640 15%
0.15% 45,388 1.318004 59,822 15%
NAAT - The Moderately Aggressive
Portfolio........................... 0.70% 1,750,808 1.355141 2,372,592 19%
0.60% 403,961 1.359095 549,021 19%
0.45% 162,211 1.356493 220,038 19%
0.25% 51,435 1.359675 69,935 19%
0.20% 137,378 1.365479 187,587 19%
0.15% 85,891 1.366083 117,334 19%
0.10% 36,740 1.362067 50,042 19%
NAAT - The Moderately Conservative
Portfolio .......................... 0.70% 721,136 1.234169 890,004 9%
0.60% 36,763 1.237770 45,504 9%
0.45% 281,629 1.235402 347,925 9%
0.25% 53,327 1.238302 66,035 10%
0.20% 25,556 1.243587 31,781 10%
0.15% 23,410 1.244137 29,125 10%
Nationwide(R) Bond Fund - Class D...... 0.95% 73,080 2.239633 163,672 4%
0.40% 43,149 2.255215 97,310 3%
Nationwide(R) Fund - Class D........... 0.95% 245,623 26.409607 6,486,807 1%
0.90% 11,811 26.451387 312,417 1%
0.80% 3,202,045 26.535147 84,966,735 1%
0.70% 823,372 26.619171 21,917,480 1%
0.55% 627,946 26.533779 16,661,780 1%
0.40% 430,997 26.580493 11,456,113 1%
0.35% 79,358 26.725868 2,120,911 1%
0.30% 45,608 26.705183 1,217,970 1%
0.25% 91,485 26.627289 2,435,998 0%
0.20% 33,133 26.772920 887,067 0%
0.15% 1,112,789 26.658533 29,665,322 0%
</TABLE>
44
<PAGE> 45
<TABLE>
<CAPTION>
ASSET ANNUAL
CHARGE UNITS UNIT VALUE AMOUNT RETURN(b)
------ ----- ---------- ------ ---------
<S> <C> <C> <C> <C> <C>
Nationwide(R) Growth Fund - Class D...... 0.95% 869,228 5.459300 4,745,376 16%
0.90% 218,121 5.467936 1,192,672 16%
0.80% 230,411 5.485250 1,263,862 16%
0.65% 402,620 5.514166 2,220,114 16%
0.60% 1,403 5.502728 7,720 16%
0.55% 31,462 5.498462 172,993 16%
0.50% 24,078 5.488156 132,144 16%
0.40% 990,383 5.494590 5,441,749 16%
0.35% 19,758 5.518868 109,042 16%
Nationwide(R) Money Market Fund.......... 0.95% 203,439 3.241560 659,460 4%
0.80% 13,061,105 3.257131 42,541,730 4%
0.70% 5,308,031 3.267540 17,344,204 4%
0.55% 4,345,303 3.265016 14,187,484 4%
0.40% 3,318,221 3.264112 10,831,045 4%
0.35% 244,130 3.277883 800,230 4%
0.30% 303,516 3.275296 994,105 4%
0.25% 2,172,198 3.270268 7,103,670 4%
0.20% 304,873 3.284062 1,001,222 4%
0.15% 7,211,248 3.274374 23,612,323 5%
Nationwide(R) S&P 500 Index Fund -
Class Y............................... 0.80% 4,573,329 1.299566 5,943,343 19%
0.70% 676,972 1.301036 880,765 19%
0.55% 897,383 1.303244 1,169,509 19%
0.40% 297,116 1.305455 387,872 19%
0.35% 123,439 1.306193 161,235 19%
0.30% 8,893 1.306932 11,623 19%
0.25% 29,576 1.307671 38,676 19%
0.20% 77,160 1.308410 100,957 20%
0.15% 2,082,744 1.309150 2,726,624 20%
Nationwide SAT -
Government Bond Fund.................. 0.95% 11,271 1.829069 20,615 3%
Nationwide SAT - Income Fund............. 0.80% 2,838 0.996375 2,828 0%(a)
0.70% 6,307 0.996623 6,286 0%(a)
0.55% 1,007 0.996996 1,004 0%(a)
0.30% 101,913 0.997618 101,670 0%(a)
Nationwide SAT -
Money Market Fund..................... 0.95% 85,798 1.422053 122,009 4%
Nationwide SAT -
Small Company Fund.................... 0.80% 1,963,101 1.460854 2,867,804 43%
0.70% 845,013 1.463697 1,236,843 43%
0.55% 509,029 1.442332 734,189 43%
0.40% 268,592 1.444867 388,080 43%
0.35% 25,917 1.469803 38,093 44%
0.30% 5,845 1.471996 8,604 44%
0.25% 55,162 1.447406 79,842 44%
0.20% 23,771 1.472386 35,000 44%
Nationwide SAT - Total Return Fund....... 0.95% 44,002 3.739747 164,556 6%
</TABLE>
(Continued)
45
<PAGE> 46
NATIONWIDE DC VARIABLE ACCOUNT
NOTES TO FINANCIAL STATEMENTS, CONTINUED
<TABLE>
<CAPTION>
ASSET ANNUAL
CHARGE UNITS UNIT VALUE AMOUNT RETURN(b)
------ ----- ---------- ------ ---------
<S> <C> <C> <C> <C> <C>
Neuberger & Berman AMT -
Growth Portfolio ................... 0.95% 16,868 3.911719 65,983 49%
Neuberger & Berman AMT -
Limited Maturity Bond Portfolio .... 0.95% 10,466 1.242028 12,999 1%
Neuberger & Berman AMT -
Partners Portfolio ................. 0.95% 30,527 2.392658 73,041 6%
Neuberger & Berman Equity Funds -
Guardian Fund ...................... 0.40% 842,086 1.749050 1,472,851 8%
Neuberger & Berman Equity Funds -
Manhattan Fund ..................... 0.95% 70,169 5.418154 380,186 49%
Neuberger & Berman Equity Trust -
Partners Trust ..................... 0.80% 90,861 1.113054 101,133 7%
0.70% 48,943 1.114314 54,538 7%
0.55% 12,556 1.116206 14,015 7%
0.40% 1,652 1.118102 1,847 7%
0.25% 16,168 1.120001 18,108 7%
0.20% 32 1.120634 36 7%
Prestige Balanced Fund -
Class Y ............................ 0.70% 326,847 1.151398 376,331 9%
0.60% 55,011 1.152701 63,411 9%
0.45% 57,978 1.154658 66,945 9%
0.25% 8,349 1.157273 9,662 9%
0.20% 521 1.157927 603 9%
0.00% 61,260 1.160549 71,095 9%
Prestige International Fund -
Class Y ............................ 0.70% 153,162 1.316225 201,596 21%
0.60% 6,408 1.317714 8,444 21%
0.45% 42,382 1.319950 55,942 21%
0.25% 33,534 1.322937 44,363 21%
0.15% 15,758 1.324432 20,870 21%
0.00% 16,001 1.326680 21,228 21%
Prestige Large Cap Growth Fund -
Class Y ............................ 0.70% 812,797 1.525781 1,240,150 34%
0.60% 118,191 1.527506 180,537 34%
0.45% 376,952 1.530097 576,773 34%
0.25% 30,742 1.533558 47,145 34%
0.20% 21,237 1.534425 32,587 35%
0.10% 42,978 1.536159 66,021 35%
0.00% 150,974 1.537896 232,182 35%
</TABLE>
46
<PAGE> 47
<TABLE>
<CAPTION>
ASSET ANNUAL
CHARGE UNITS UNIT VALUE AMOUNT RETURN(b)
------ ----- ---------- ------ ---------
<S> <C> <C> <C> <C> <C>
Prestige Large Cap Value Fund -
Class Y........................ 0.70% 136,335 0.993783 135,487 5%
0.60% 7,280 0.994908 7,243 5%
0.45% 48,328 0.996598 48,164 5%
0.25% 16,763 0.998856 16,744 5%
0.20% 504 0.999421 504 5%
0.15% 499 0.999986 499 5%
0.10% 582 1.000552 582 5%
0.00% 20,014 1.001685 20,048 5%
Prestige Small Cap Fund -
Class Y........................ 0.70% 440,526 1.285935 566,488 18%
0.60% 58,575 1.287390 75,409 18%
0.45% 91,958 1.289575 118,587 18%
0.25% 40,208 1.292494 51,969 18%
0.20% 10,351 1.293224 13,386 19%
0.15% 77 1.293956 100 19%
0.10% 8,132 1.294687 10,528 19%
0.00% 301,790 1.296152 391,166 19%
Oppenheimer Global Fund - Class A.. 0.80% 1,389,141 1.739511 2,416,426 57%
0.70% 238,979 1.741477 416,176 57%
0.55% 258,765 1.744429 451,397 58%
0.40% 227,057 1.747386 396,756 58%
0.35% 32,584 1.748372 56,969 58%
0.30% 6,349 1.749360 11,107 58%
0.25% 110,037 1.750348 192,603 58%
0.20% 6,106 1.751336 10,694 58%
Putnam Investors Fund - Class A.... 0.95% 537,267 31.341504 16,838,756 29%
0.90% 105,667 31.391074 3,317,001 29%
0.80% 61,479 31.490449 1,936,001 29%
0.65% 18,355 31.656407 581,053 29%
0.60% 4,084 31.590747 129,017 29%
0.55% 10,721 31.566252 338,422 29%
0.50% 4,370 31.507110 137,686 29%
0.40% 2,486,684 31.544030 78,440,035 30%
0.35% 1,241 31.683372 39,319 30%
Putnam Voyager Fund - Class A...... 0.95% 26,953,260 7.292508 196,556,864 55%
0.90% 6,582,645 7.304042 48,079,916 55%
0.80% 7,607,104 7.327165 55,738,506 55%
0.65% 3,895,165 7.365787 28,690,956 55%
0.60% 456,489 7.350493 3,355,419 55%
0.50% 1,243,339 7.331012 9,114,933 55%
0.40% 3,533,648 7.339596 25,935,549 56%
0.35% 271,538 7.372028 2,001,786 56%
0.30% 216,993 7.374027 1,600,112 56%
SEI Index Funds -
S&P 500 Index Portfolio......... 0.95% 341,359 5.941263 2,028,104 20%
0.90% 67,602 5.950659 402,276 20%
0.40% 11,066,988 5.979665 66,176,881 20%
</TABLE>
(Continued)
47
<PAGE> 48
NATIONWIDE DC VARIABLE ACCOUNT
NOTES TO FINANCIAL STATEMENTS, CONTINUED
<TABLE>
<CAPTION>
ASSET ANNUAL
CHARGE UNITS UNIT VALUE AMOUNT RETURN(b)
------ ----- ---------- ------ ---------
<S> <C> <C> <C> <C> <C>
Seligman Growth Fund, Inc.- Class A... 0.95% 82,517 21.680777 1,789,033 29%
0.90% 3,416 21.715067 74,179 29%
0.80% 15,382 21.783810 335,079 29%
0.65% 1,282 21.898623 28,074 29%
0.55% 706 21.836245 15,416 30%
0.40% 107,765 21.820873 2,351,526 30%
T.Rowe Price International Funds, Inc.-
International Stock Fund(R)........ 0.95% 7,563,383 2.827534 21,385,723 33%
0.90% 1,684,025 2.832007 4,769,171 33%
0.80% 1,457,486 2.840974 4,140,680 34%
0.65% 1,247,401 2.855951 3,562,516 34%
0.60% 131,413 2.850022 374,530 34%
0.55% 102,385 2.847810 291,573 34%
0.50% 157,024 2.842467 446,336 34%
0.40% 4,776,405 2.845797 13,592,679 34%
0.35% 56,963 2.858375 162,822 34%
Templeton Foreign Fund - Class I...... 0.80% 19,373,241 2.446696 47,400,431 38%
0.70% 4,602,502 2.454445 11,296,588 38%
0.55% 4,159,686 2.446551 10,176,884 38%
0.40% 2,316,464 2.450852 5,677,310 39%
0.35% 373,208 2.464273 919,686 39%
0.30% 245,001 2.462361 603,281 39%
0.25% 585,253 2.455160 1,436,890 39%
0.20% 98,253 2.468606 242,548 39%
0.15% 2,411,740 2.458037 5,928,146 39%
Warburg Pincus Emerging
Growth Fund........................ 0.80% 417,978 1.489700 622,662 41%
0.70% 97,575 1.491445 145,528 41%
0.55% 179,205 1.494067 267,744 41%
0.40% 31,745 1.496693 47,513 41%
0.35% 22 1.497569 33 41%
0.30% 141 1.498446 211 41%
0.25% 107,450 1.499323 161,102 41%
0.20% 10,887 1.428738 15,555 43%
========== ========= ----------------
Total Contract Owners' Equity....... $ (4,147,480,124)
================
</TABLE>
(a) These investment options were not being utilized for the entire year.
Accordingly, the annual return was computed for such period as the
investment option was utilized. These investment options became
available to the Account on October 1, 1999.
(b) The annual return does not include contract charges satisfied by
surrendering units.
48
<PAGE> 49
(5) VARIABLE ACCOUNT FEES
The following is a summary of the variable account fees for the
year ended December 31, 1999.
<TABLE>
<CAPTION>
PERCENTAGE TOTAL AIMCon ACIncGro ACTCGro ACTCIntDis ACTCSel
- --------- -------------- ------------- ------------- -------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
0.95%............ $ 12,853,175 -- -- 814,763 -- 1,662
0.90%............ 3,447,502 -- -- 272,923 -- --
0.80%............ 3,994,203 -- 24,799 251,876 11,763 --
0.70%............ 481,063 -- 5,102 -- 3,798 --
0.65%............ 3,047,284 23,140 -- 246,059 -- 25,308
0.60%............ 158,574 -- -- 11,401 -- --
0.55%............ 341,766 -- 3,647 -- 1,667 --
0.50%............ 231,457 -- -- 21,956 -- --
0.45%............ 6,083 -- -- -- -- --
0.40%............ 1,420,444 20,888 2,187 151,537 861 --
0.35%............ 75,850 -- 387 4,801 338 --
0.30%............ 37,794 -- 188 7,050 16 --
0.25%............ 21,380 -- 323 -- 512 --
0.20%............ 4,937 -- 47 -- 29 --
0.15% ........... 73,383 -- 178 -- 2,477 --
0.10% ........... 150 -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Total variable account fees $26,195,045 44,028 36,858 1,782,366 21,461 26,970
=========== =========== =========== =========== =========== ===========
<CAPTION>
PERCENTAGE ACTCUltra ACVPBal ACVPCapAp BdFdAm
---------- --------------- ------------- ------------- -----------
<S> <C> <C> <C> <C>
0.95%............ $ 2,570,995 195 827 86,508
0.90%............ 743,315 -- -- 21,808
0.80%............ 467,688 -- -- 14,714
0.70%............ -- -- -- --
0.65%............ 555,060 -- -- 13,907
0.60%............ 26,393 -- -- 1,395
0.55%............ -- -- -- 931
0.50%............ 34,708 -- -- 625
0.45%............ -- -- -- --
0.40%............ 236,878 -- -- 7,556
0.35%............ 15,269 -- -- 206
0.30%............ 8,459 -- -- --
0.25%............ -- -- -- --
0.20%............ -- -- -- --
0.15% ........... -- -- -- --
0.10% ........... -- -- -- --
----------- ----------- --------- ---------
Total variable account fees 4,658,765 195 827 147,650
=========== =========== ========= =========
</TABLE>
<TABLE>
<CAPTION>
PERCENTAGE BrnCapSmCo DNYVenFd DeDecInc DryApp DryCsMgt DryPremCap
---------- ------------- ------------- ------------- -------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
0.95% ........... $ -- -- 1,793 -- -- --
0.90% ........... -- 3,306 688 -- 1,894 --
0.80% ........... 22 -- 59 15,961 -- 988
0.70% ........... 4 -- -- 3,493 -- 220
0.65% ........... -- -- -- -- -- --
0.60% ........... -- -- 118 -- -- --
0.55% ........... 8 -- -- 2,757 -- 283
0.50% ........... -- -- -- -- -- --
0.45% ........... -- -- -- -- -- --
0.40% ........... 18 -- -- 713 -- 124
0.35% ........... -- -- 1 291 -- 33
0.30% ........... -- -- -- 193 -- 7
0.25% ........... -- -- -- 126 -- 41
0.20% ........... -- -- -- 5 -- 1
0.15% ........... -- -- -- 73 -- 73
0.10% ........... -- -- -- -- -- --
----------- ----------- ----------- ----------- ----------- -----------
Total variable account fees $ 52 3,306 2,659 23,612 1,894 1,770
=========== =========== =========== =========== =========== ===========
<CAPTION>
PERCENTAGE Dry500Ix DrySRGro DryStkix Dry3dCen
---------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
0.95% ........... 470,347 257 1,673 1,985
0.90% ........... 119,043 -- -- 1,266
0.80% ........... 79,025 -- -- 226,181
0.70% ........... -- -- -- 58,489
0.65% ........... 69,238 -- -- 40,365
0.60% ........... 14,174 -- -- --
0.55% ........... 2,080 -- -- 29,800
0.50% ........... 11,387 -- -- --
0.45% ........... -- -- -- --
0.40% ........... -- -- -- 17,131
0.35% ........... 3,363 -- -- 4,922
0.30% ........... -- -- -- 2,138
0.25% ........... -- -- -- 1,638
0.20% ........... -- -- -- 305
0.15% ........... -- -- -- 13,472
0.10% ........... -- -- -- --
----------- ----------- --------- ---------
Total variable account fees 768,657 257 1,673 397,692
=========== =========== ========= =========
</TABLE>
49
(Continued)
<PAGE> 50
NATIONWIDE DC VARIABLE ACCOUNT
NOTES TO FINANCIAL STATEMENTS, CONTINUED
<TABLE>
<CAPTION>
PERCENTAGE EvIncGro FedBdFd FedUSGvt FAGrOppA FAHiYld FidAsMgr
---------- -------------- ------------- ------------- -------------- ------------ ----------
<S> <C> <C> <C> <C> <C> <C>
0.95% ............ $ 15,163 -- 40,604 -- -- 62,033
0.90% ............ 5,046 -- 12,459 -- -- 13,637
0.80% ............ 2,945 2,274 6,294 9,326 2,346 8,637
0.70% ............ -- 446 -- 1,831 588 --
0.65% ............ 3,095 -- 3,784 -- -- 8,334
0.60% ............ 46 -- 663 -- -- 566
0.55% ............ 846 4,435 753 822 109 363
0.50% ............ 77 -- 284 -- -- 1,997
0.45% ............ -- -- -- -- -- --
0.40% ............ 2,185 51 -- 219 14 --
0.35% ............ 108 -- 7 41 3 422
0.30% ............ -- -- -- 1 -- --
0.25% ............ -- -- -- 8 18 --
0.20% ............ -- -- -- 4 -- --
0.15% ............ -- 18 -- 22 -- --
0.10% ............ -- -- -- -- -- --
--------- --------- --------- --------- --------- ---------
Total variable account fees $29,511 7,224 64,848 12,274 3,078 95,989
========= ========= ========= ========= ========= =========
<CAPTION>
PERCENTAGE FidCapInc FidContr FidEqInc FidGrInc
---------- ----------- ----------- ------------- -------------
<S> <C> <C> <C> <C>
0.95% ............. 4,114 2,317,236 1,290,255 14
0.90% ............. 1,411 580,182 438,005 --
0.80% ............. 1,926 386,180 278,527 --
0.70% ............. -- -- -- --
0.65% ............. 1,413 313,279 310,058 67,748
0.60% ............. -- 21,727 7,836 --
0.55% ............. -- 11,006 4,355 --
0.50% ............. 142 26,915 40,559 --
0.45% ............. -- -- -- --
0.40% ............. 710 62,168 131,596 55,223
0.35% ............. 64 7,547 7,163 --
0.30% ............. -- -- -- --
0.25% ............. -- -- -- --
0.20% ............. -- -- -- --
0.15% ............. -- -- -- --
0.10% ............. -- -- -- --
--------- --------- --------- ----------
Total variable account fees 9,780 3,726,240 2,508,354 122,985
========= ========= ========= ==========
</TABLE>
<TABLE>
<CAPTION>
PERCENTAGE FidMgin FidVIPAM FidVIPEI FidVIPgr FidVIPHI FidVIPOv
---------- -------------- ------------- ------------- -------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
0.95% $1,673,373 533 2,180 2,651 348 1,423
0.90% 400,452 -- -- -- -- --
0.80% 235,521 -- -- -- -- --
0.70% -- -- -- -- -- --
0.65% 353,081 -- -- -- -- --
0.60% 15,468 -- -- -- -- --
0.55% 5,813 -- -- -- -- --
0.50% 29,607 -- -- -- -- --
0.45% -- -- -- -- -- --
0.40% 184,165 -- -- -- -- --
0.35% 5,873 -- -- -- -- --
0.30% -- -- -- -- -- --
0.25% -- -- -- -- -- --
0.20% -- -- -- -- -- --
0.15% -- -- -- -- -- --
0.10% -- -- -- -- -- --
---------- ---------- ---------- ---------- ---------- ----------
Total variable account fees $2,903,353 533 2,180 2,651 348 1,423
========== ========== ========== ========== ========== ==========
<CAPTION>
PERCENTAGE GroFdAm IncFdAm InvDynam InvIndinc
---------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
0.95% ............. 133,707 116,939 -- 181,276
0.90% ............. 35,152 28,962 -- 39,531
0.80% ............. 22,038 20,266 26,987 23,922
0.70% ............. -- -- 8,550 --
0.65% ............. 13,372 6,214 -- 12,810
0.60% ............. 5,721 2,993 -- 1,401
0.55% ............. 1,108 773 4,638 2,149
0.50% ............. 3,323 2,441 -- 1,557
0.45% ............. -- -- -- --
0.40% ............. -- -- 1,829 --
0.35% ............. 292 251 402 501
0.30% ............. -- -- 367 --
0.25% ............. -- -- 706 --
0.20% ............. -- -- 108 --
0.15% ............. -- -- 5,577 --
0.10% ............. -- -- -- --
---------- ---------- ---------- ----------
Total variable account fees 214,713 178,839 49,164 263,147
========== ========== ========== ==========
</TABLE>
50
<PAGE> 51
NATIONWIDE DC VARIABLE ACCOUNT
NOTES TO FINANCIAL STATEMENTS, CONTINUED
<TABLE>
<CAPTION>
PERCENTAGE InTotRetT JanFund JanWorldwde MASFIP MFSGrStk MFSGroup
--------- ----------- ------------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
0.95% ....... $ -- 1,145,492 13,371 41,344 38,126 46,869
0.90% ....... -- 306,474 -- 4,750 7,063 31,033
0.80% ....... 4,517 244,038 -- 6,000 1,878 15,729
0.70% ....... 1,395 -- -- -- -- --
0.65% ....... -- 131,108 -- 4,008 17,794 75,995
0.60% ....... -- 21,560 -- 1,218 -- --
0.55% ....... 321 -- -- 200 147 1,118
0.50% ....... -- 30,847 -- 238 20 198
0.45% ....... -- -- -- -- -- --
0.40% ....... 410 -- -- -- 14,793 54,633
0.35% ....... 382 3,917 -- 25 -- 219
0.30% ....... 54 7,616 -- -- -- --
0.25% ....... 16 -- -- -- -- --
0.20% .......
0.15% ....... 19 -- -- -- -- --
0.10% ....... -- -- -- -- -- --
-- -- -- -- -- --
--------- --------- ------ ------ ------ -------
Total variable
account fees .. $ 7,114 1,891,052 13,371 57,783 79,821 225,794
========= ========= ========= ========= ========= =========
<CAPTION>
PERCENTAGE MFSHiInc MSIEqGrob NAATAggr NAATCons
--------- ------------- ----------- ----------- ------------
<S> <C> <C> <C> <C>
0.95% ....... 8,582 -- -- --
0.90% ....... 1,126 -- -- --
0.80% ....... 1,425 3,012 -- --
0.70% ....... -- 766 18,220 7,205
0.65% ....... 11,551 -- -- --
0.60% ....... -- -- 2,326 681
0.55% ....... 83 206 -- --
0.50% ....... -- -- -- --
0.45% ....... -- -- 895 326
0.40% ....... 8,052 116 -- --
0.35% ....... 13 1 -- --
0.30% ....... -- 20 -- --
0.25% ....... -- 116 192 257
0.20% .......
0.15% ....... -- -- 309 24
0.10% ....... -- 335 46 7
-- -- 57 --
------ ----- ------ -----
Total variable
account fees .. 30,832 4,572 22,045 8,500
========= ========= ========= =========
</TABLE>
<TABLE>
<CAPTION>
PERCENTAGE NAATMod NAATModagg NAATModCon NWBdFd NWFund NWGroFd
---------- ------- ---------- ---------- ------ ------ -------
<S> <C> <C> <C> <C> <C> <C>
0.95% ....... $ -- -- -- 1,628 64,724 42,754
0.90% ....... -- -- -- -- 3,373 10,556
0.80% ....... -- -- -- -- 696,178 10,441
0.70% ....... 14,834 10,911 4,986 -- 164,841 --
0.65% ....... -- -- -- 288 102,883 27,691
0.60% ....... 1,979 2,341 471 -- -- 45
0.55% ....... -- -- -- -- 98,633 873
0.50% ....... -- -- -- -- -- 491
0.45% ....... 689 899 1,332 -- -- --
0.40% ....... -- -- -- 214 48,114 11,599
0.35% ....... -- -- -- -- 9,075 313
0.30% ....... -- -- -- -- 3,882 --
0.25% ....... 51 112 82 -- 4,847 --
0.20% ....... 118 293 50 -- 1,747 --
0.15% ....... 45 83 19 -- 27,955 --
0.10% ....... -- 25 -- -- -- --
------- ------- ------- ------- ------- -------
Total variable
account fees .. $ 17,716 14,664 6,940 2,130 1,226,252 104,763
======== ======= ======= ======= ======= =======
<CAPTION>
PERCENTAGE NwWMyYMkt NWIndxFdy NSATGvtBd NSATInc
---------- ------- --------- --------- -------
<S> <C> <C> <C> <C>
0.95% ....... 7,153 -- 191 --
0.90% ....... -- -- -- --
0.80% ....... 257,093 29,114 -- 4
0.70% ....... 87,236 3,892 -- 2
0.65% ....... 54,489 -- -- --
0.60% ....... -- -- -- --
0.55% ....... 101,833 2,566 -- 2
0.50% ....... -- -- -- --
0.45% ....... -- -- -- --
0.40% ....... 33,288 1,135 -- --
0.35% ....... 1,973 221 -- --
0.30% ....... 2,580 39 -- 37
0.25% ....... 9,417 80 -- --
0.20% ....... 1,393 63 -- --
0.15% ....... 17,636 1,203 -- --
0.10% ....... -- -- -- --
------- ------- ------- -----
Total variable
account fees .. 574,091 38,313 191 45
======= ======= ======= =====
</TABLE>
(Continued)
51
<PAGE> 52
NATIONWIDE DC VARIABLE ACCOUNT
NOTES TO FINANCIAL STATEMENTS, CONTINUED
<TABLE>
<CAPTION>
Percentage NSATMyMkt NSATSmCo NSATTotRe NBAMTGro NBAMTLMat NBAMTPart NBGuard
---------- ------------- ------------- ------------- -------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
0.95%....... $ 981 - 1,490 398 116 638 -
0.90%....... - - - - - - -
0.80%....... - 15,117 - - - - -
0.70%....... - 6,705 - - - - -
0.65%....... - - - - - - 4,080
0.60%....... - - - - - - -
0.55%....... - 2,772 - - - - -
0.50%....... - - - - - - -
0.45%....... - - - - - - -
0.40%....... - 1,109 - - - - 3,250
0.35%....... - 78 - - - - -
0.30%....... - 28 - - - - -
0.25%....... - 143 - - - - -
0.20%....... - 43 - - - - -
0.15%....... - - - - - - -
0.10%....... - - - - - - -
------------ ------------- ------------- -------------- ------------- ------------- -------------
Total variable
account fees ....... $ 981 25,995 1,490 398 116 638 7,330
============ ============= ============= ============== ============= ============= =============
<CAPTION>
Percentage NBManhFd NBPartTr PrBalY
------------ ----------- ---------- -------------
<S> <C> <C> <C>
0.95%....... 2,552 - -
0.90%....... - - -
0.80%....... - 594 -
0.70%....... - 304 1,523
0.65%....... - - -
0.60%....... - - 267
0.55%....... - 53 -
0.50%....... - - -
0.45%....... - - 247
0.40%....... - 7 -
0.35%....... - - -
0.30%....... - - -
0.25%....... - 19 7
0.20%....... - - -
0.15%....... - - -
0.10%....... - - -
------------- ------------- -------------
Total variable
account fees ....... 2,552 977 2,044
============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
PERCENTAGE PrintY PrLgCapGrY PrLgCpValY PRSMCAPY OppGLOB PutInvFd
------------ -------------- ---------- ----------- --------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
0.95%....... $ - - - - - 135,193
0.90%....... - - - - - 24,790
0.80%....... - - - - 7,738 13,654
0.70%....... 773 3,772 559 2,279 1,245 -
0.65%....... - - - - - 180,473
0.60%....... 59 456 51 333 - 641
0.55%....... - - - - 658 1,531
0.50%....... - - - - - 398
0.45%....... 137 1,219 50 289 - -
0.40%....... - - - - 553 149,474
0.35%....... - - - - 90 103
0.30%....... - - - - 19 -
0.25%.......
0.20%....... 27 74 30 41 151 -
0.15%....... - 31 - 4 1 -
0.10%....... 8 - - - - -
- 43 11 14 - -
-------------- ------------- ------------- -------------- ------------- ------------- --
Total variable
account fees ....... $ 1,004 5,595 701 2,960 10,455 506,257
============== ============= ============= ============== ============= =============
<CAPTION>
PERCENTAGE PUTVoyFd SEI500Ix SelGroFd TRIntStk
------------ ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
0.95%....... 1,319,977 15,334 14,567 158,841
0.90%....... 301,179 3,049 536 34,493
0.80%....... 217,426 - 2,335 27,466
0.70%....... - - - -
0.65%....... 171,881 138,445 5,507 46,770
0.60%....... 14,460 - - 1,784
0.55%....... - - 106 1,126
0.50%....... 22,393 - 29 1,265
0.45%....... - - - -
0.40%....... 38,474 131,485 4,470 24,884
0.35%....... 4,275 - - 348
0.30%....... 3,645 - - -
0.25%.......
0.20%....... - - - -
0.15%....... - - - -
0.10%....... - - - -
- - - -
------------ ------------- ------------- -------------
Total variable
account fees ....... $ 2,093,710 288,313 27,550 296,977
============ ============= ============= =============
</TABLE>
52
<PAGE> 53
NATIONWIDE DC VARIABLE ACCOUNT
NOTES TO FINANCIAL STATEMENTS, CONTINUED
<TABLE>
<CAPTION>
PERCENTAGE TemForFd WPEmGro
------------- ------------- -------------
<S> <C> <C>
0.95%....... $ - -
0.90%....... 318,644 1,535
0.80%....... 66,621 473
0.70%....... 8,056 -
0.65%....... - -
0.60%....... 50,565 630
0.55%....... - -
0.50%....... - -
0.45%....... 18,192 139
0.40%....... 2,532 -
0.35%....... 1,455 -
0.30%....... 2,237 109
0.25%....... 339 4
0.20%....... 4,156 -
0.15%....... - -
0.10%....... -------------- -------------
Total variable
account fees ....... $ 472,797 2,890
============== =============
</TABLE>
(Continued)
53
<PAGE> 54
<TABLE>
<CAPTION>
Percentage TOTAL AIMCon ACIncGro ACTCGro ACTCIntDis ACTCSel
------------ -------------- ------------ ----------- ------------ ----------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
0.95%....... $ 7,397,939 - - 432,181 - 677
0.90%....... 1,552,242 - - 114,722 - -
0.80%....... 1,761,689 - 32 131,500 60 -
0.70%....... 703,354 - 11 34,413 17 9,993
0.65%....... 2,195,122 30,654 - 213,832 - 2,631
0.60%....... 53,652 - - 4,134 - -
0.55%....... 50,669 - 1 - 2 -
0.45%....... 483 - - - - -
0.40%....... 14,043 - 17 - 12 -
0.35%....... 7,735 - - - - -
0.30%....... 13,468 - - 2,747 - -
0.25%....... 77 - - - - -
0.20%....... 87 - - - - -
0.15%....... 23 - - - - -
-------------- ------------- ------------- -------------- ------------- -------------
Total variable
account fees ....... $ 13,750,583 30,654 61 933,529 91 13,301
============== ============= ============= ============== ============= =============
<CAPTION>
Percentage ACTCUltra ACVPBal ACVPCapAp BdFdAm
------------ ------------- ------------- ---------- -----------
<S> <C> <C> <C> <C> <C>
0.95%....... 1,320,410 69 453 58,311
0.90%....... 286,339 - - 9,993
0.80%....... 276,726 - - 11,977
0.70%....... 116,837 - - 1,707
0.65%....... 330,443 - - 13,820
0.60%....... 9,136 - - 671
0.55%....... - - - 520
0.45%....... - - - -
0.40%....... - - - -
0.35%....... - - - -
0.30%....... 3,397 - - -
0.25%....... - - - -
0.20%....... - - - -
0.15%....... - - - -
---------- ---------- ---------- ----------
Total variable
account fees ....... 2,343,288 69 453 96,999
========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
Percentage DNYVenFd DeDecInc DryApp DryCsMgt DryPreMCap Dry500Ix
------------ -------------- ------------- ------------- -------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
0.95%....... $ - 1,314 - - - 179,576
0.90%....... 2,375 469 - 1,506 - 38,105
0.80%....... - 50 272 - 9 51,283
0.70%....... - - 21 - 2 21,700
0.65%....... - - - - - 6,578
0.60%....... - 57 - - - 4,926
0.55%....... - - 69 - - 575
0.45%....... - - - - - -
0.40%....... - - 1 - - -
0.35%....... - - - - - -
0.30%....... - - - - - -
0.25%....... - - - - - -
0.20%....... - - - - - -
0.15%....... - - - - - -
-------------- ------------- ------------- -------------- ------------- -------------
Total variable
account fees ....... $ 2,375 1,890 363 1,506 11 302,743
============== ============= ============= ============== ============= =============
<CAPTION>
Percentage DrySRGro DryStkIx Dry3dCen EvIncGro
------------ ------------- ------------ ------------ -------------
<S> <C> <C> <C> <C>
0.95%....... 93 592 111,972 11,907
0.90%....... - - 21,342 3,133
0.80%....... - - 47,056 2,594
0.70%....... - - 16,538 243
0.65%....... - - 48,047 4,276
0.60%....... - - - 19
0.55%....... - - 3,941 580
0.45%....... - - - -
0.40%....... - - 1,626 -
0.35%....... - - 1,929 -
0.30%....... - - 888 -
0.25%....... - - - -
0.20%....... - - - -
0.15%....... - - - -
------------- ----------- ----------- -----------
Total variable
account fees ....... 93 592 253,339 22,752
============= =========== =========== ===========
</TABLE>
54
<PAGE> 55
NATIONWIDE DC VARIABLE ACCOUNT
NOTES TO FINANCIAL STATEMENTS, CONTINUED
<TABLE>
<CAPTION>
Percentage FedBdFd FedUSGvt FAGrOppA FAHiYld FidAsMgr FidCapInc FidContr
--------- -------------- ------------ ------------- -------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
0.95%....... $ - 17,408 - - 33,264 2,833 1,215,102
0.90%....... - 4,641 - - 6,092 785 221,520
0.80%....... 20 2,879 74 2 4,729 1,739 227,243
0.70%....... 122 1,114 5 - 4,353 357 96,924
0.65%....... - 392 - - 1,096 1,466 97,319
0.60%....... - 412 - - 295 - 8,114
0.55%....... - 214 47 - 125 - 4,367
0.45%....... - - - - - - -
0.40%....... - - - - - - -
0.35%....... - - - - - - -
0.30%....... - - - - - - -
0.25%....... - - - - - - -
0.20%....... - - - - - - -
0.15%....... - - - - - - -
-------------- ------------- ------------- -------------- ------------- ------------- -------------
Total variable
account fees ...... $ 142 27,060 126 2 49,954 7,180 1,870,589
============== ============= ============= ============== ============= ============= =============
<CAPTION>
Percentage FidEqInc FidGrInc FidMgin
----------- ------------- ------------- -------------
<S> <C> <C> <C>
0.95%....... 856,817 6 874,985
0.90%....... 239,879 - 168,196
0.80%....... 212,892 - 135,532
0.70%....... 97,436 - 63,336
0.65%....... 279,471 78,970 245,645
0.60%....... 3,696 - 5,539
0.55%....... 2,399 - 2,346
0.45%....... - - -
0.40%....... - - -
0.35%....... - - -
0.30%....... - - -
0.25%....... - - -
0.20%....... - - -
0.15%....... - - -
------------ ------------- -------------
Total variable
account fees ....... 1,692,590 78,976 1,495,579
============ ============= =============
</TABLE>
<TABLE>
<CAPTION>
Percentage FidVIPAM FidVIPEI FidVIPGr FidVIPHI FidVIPOv GroFdAm IncFdAm
------------ -------------- ------------- ------------- -------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
0.95%....... $ 280 1,254 1,128 310 946 63,953 81,679
0.90%....... - - - - - 11,386 14,390
0.80%....... - - - - - 11,665 15,273
0.70%....... - - - - - 5,185 4,072
0.65%....... - - - - - 1,401 965
0.60%....... - - - - - 1,848 1,269
0.55%....... - - - - - 322 365
0.45%....... - - - - - - -
0.40%....... - - - - - - -
0.35%....... - - - - - - -
0.30%....... - - - - - - -
0.25%....... - - - - - - -
0.20%....... - - - - - - -
0.15%....... - - - - - - -
--------- ------------- ------------- -------------- ------------- ------------- -------------
Total variable
account fees ....... $ 280 1,254 1,128 310 946 95,760 118,013
========= ============= ============= ============== ============= ============= =============
<CAPTION>
Percentage InvDynam InvindInc InvTotRet
------------ ------------- ------------- -------------
<S> <C> <C> <C>
0.95%....... - 113,019 -
0.90%....... - 20,467 -
0.80%....... 7 16,842 11
0.70%....... - 4,991 36
0.65%....... - 1,319 -
0.60%....... - 649 -
0.55%....... 2 955 1
0.45%....... - - -
0.40%....... 1 - -
0.35%....... - - -
0.30%....... - - -
0.25%....... - - -
0.20%....... - - -
0.15%....... - - -
------------- ------------- -------------
Total variable
account fees ....... 10 158,242 48
============= ============= =============
</TABLE>
55
<PAGE> 56
NATIONWIDE DC VARIABLE ACCOUNT
NOTES TO FINANCIAL STATEMENTS, CONTINUED
<TABLE>
<CAPTION>
Percentage JanFund JanWrldwde MASFIP MFSGrStk MFSGrOpp MFSHiInc
------------ -------------- ------------- ------------- -------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
0.95%....... $ 377,229 4,975 17,870 18,036 28,401 4,223
0.90%....... 68,428 - 1,542 3,589 17,313 557
0.80%....... 79,708 - 4,126 1,182 10,274 1,002
0.70%....... 31,973 - 1,381 33 3,685 48
0.65%....... 8,909 - 343 22,223 95,579 19,837
0.60%....... 3,836 - 576 - - -
0.55%....... - - 59 59 463 40
0.45%....... - - - - - -
0.40%....... - - - - - -
0.35%....... - - - - - -
0.30%....... 1,985 - - - - -
0.25%....... - - - - - -
0.20%....... - - - - - -
0.15%....... - - - - - -
-------------- ------------- ------------- -------------- ------------- -------------
Total variable
account fees ....... $ 572,068 4,975 25,897 45,122 155,715 25,707
============== ============= ============= ============== ============= =============
<CAPTION>
Percentage MSIEqGroB NAATAggr NAATCons NAATMod
------------ ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
0.95%....... - 8,867 833 2,979
0.90%....... - 1,276 213 342
0.80%....... 42 739 414 234
0.70%....... 2 2,119 293 1,382
0.65%....... - - - -
0.60%....... - 265 60 92
0.55%....... 1 - - -
0.45%....... - 129 53 51
0.40%....... - - - -
0.35%....... - - - -
0.30%....... - - - -
0.25%....... - 24 29 7
0.20%....... - 7 5 6
0.15%....... - 7 - 5
------------- ------------- ------------- -------------
Total variable
account fees ....... 45 13,433 1,900 5,098
============= ============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
Percentage NAATModAgg NAATModCon NWBdFd NWFund NWGroFd NWMyMkt
--------- ------------- ------------ ------------- ------------ ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
0.95%....... $ 3,177 236 431 349,136 27,559 118,861
0.90%....... 781 995 - 63,997 5,191 34,229
0.80%....... 732 235 - 161,432 7,591 103,080
0.70%....... 978 508 - 53,812 6,532 29,650
0.65%....... - 476 443 134,883 20,835 58,448
0.60%....... 225 40 - - 21 1,191
0.55%....... - - - 17,645 395 7,030
0.45%....... 100 146 - - - -
0.40%....... - - - 6,628 - 3,457
0.35%....... - - - 4,393 - 233
0.30%....... - - - 2,013 - 134
0.25%....... 15 2 - - - -
0.20%....... 67 2 - - - -
0.15%....... 9 2 - - - -
-------------- ------------- ------------- -------------- ------------- -------------
Total variable
account fees ....... $ 6,084 2,642 874 793,939 68,124 356,313
============== ============= ============= ============== ============= =============
<CAPTION>
Percentage NWIndxFdY NSATGvtBd NSATMyMkt NSATSmCo
------------ --------- ----------- ----------- ----------
<S> <C> <C> <C> <C>
0.95%....... - 114 319 5,534
0.90%....... - - - 2,023
0.80%....... 167 - - 3,523
0.70%....... 6 - - 1,623
0.65%....... - - - -
0.60%....... - - - 6
0.55%....... 37 - - 331
0.45%....... - - - -
0.40%....... 62 - - 209
0.35%....... - - - 7
0.30%....... - - - 20
0.25%....... - - - -
0.20%....... - - - -
0.15%....... - - - -
----------- ------------- ------------- -------------
Total variable
account fees ....... 272 114 319 13,276
=========== ============= ============= =============
</TABLE>
56
<PAGE> 57
NATIONWIDE DC VARIABLE ACCOUNT
NOTES TO FINANCIAL STATEMENTS, CONTINUED
<TABLE>
<CAPTION>
-------------- ------------- ------------- -------------- ------------- -------------
Percentage NSATTotRe NBAMTGro NBAMTLMat NBAMTPart NBGuard NBManhFd
------------ -------------- ------------- ------------- -------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
0.95%....... $ 898 179 65 325 - 1,138
0.90%....... - - - - - -
0.80%....... - - - - - -
0.70%....... - - - - - -
0.65%....... - - - - 6,774 -
0.60%....... - - - - - -
0.55%....... - - - - - -
0.45%....... - - - - - -
0.40%....... - - - - - -
0.35%....... - - - - - -
0.30%....... - - - - - -
0.25%....... - - - - - -
0.20%....... - - - - - -
0.15%....... - - - - - -
------------ ------------- ------------- -------------- ------------- -------------
Total variable
account fees ........ $ 898 179 65 325 6,774 1,138
============= ============= ============= ============== ============= =============
<CAPTION>
------------- ------------- ------------- -------------
Percentage NBPartTr PrBalY PrintY PrLgCapGrY
------------ ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
0.95%....... - - - -
0.90%....... - - - -
0.80%....... 3 - - -
0.70%....... 1 24 11 30
0.65%....... - - - -
0.60%....... - - - 1
0.55%....... - - - -
0.45%....... - 1 1 1
0.40%....... - - - -
0.35%....... - - - -
0.30%....... - - - -
0.25%....... - - - -
0.20%....... - - - -
0.15%....... - - - -
------------- ------------- ------------- -------------
Total variable
account fees ........ $ 4 25 12 32
============= ============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
Percentage PrLgCpValY PrSmCapY OppGlob PutInvFd PutVoyFd SEI500Ix SelGroFd
------------ -------------- ------------- ------------- -------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
0.95%....... $ - - - 71,426 654,777 5,234 8,281
0.90%....... - - - 12,267 116,397 1,874 305
0.80%....... - - 22 8,788 122,595 - 1,280
0.70%....... 5 15 - 959 59,040 - 96
0.65%....... - - - 203,814 57,277 144,042 7,160
0.60%....... - 2 - 316 5,547 - -
0.55%....... - - 6 631 - - 81
0.45%....... 1 - - - - - -
0.40%....... - - 9 - - - -
0.35%....... - - - - - - -
0.30%....... - - - - 1,610 - -
0.25%....... - - - - - - -
0.20%....... - - - - - - -
0.15%....... - - - - - - -
------------ ------------- ------------- -------------- ------------- ------------- -------------
Total variable
account fees ....... $ 6 17 37 298,201 1,017,243 151,150 17,203
============ ============= ============= ============= ============ ============= ============
<CAPTION>
Percentage TRIntStk TemForFd WPEmGro
------------ --------------- ------------- -------------
<S> <C> <C> <C>
0.95%....... $ 91,497 214,800 -
0.90%....... 18,134 37,449 -
0.80%....... 19,355 84,679 19
0.70%....... 6,512 23,222 1
0.65%....... 44,998 10,756 -
0.60%....... 709 - -
0.55%....... 431 6,629 -
0.45%....... - - -
0.40%....... - 2,012 9
0.35%....... - 1,173 -
0.30%....... - 674 -
0.25%....... - - -
0.20%....... - - -
0.15%....... - - -
------------ ------------- -------------
Total variable
account fees ....... 181,636 381,394 29
============ ============= =============
</TABLE>
57
<PAGE> 58
INDEPENDENT AUDITORS' REPORT
The Board of Directors of Nationwide Life Insurance Company and
Contract Owners of Nationwide DC Variable Account:
We have audited the accompanying statement of assets, liabilities and
contract owners' equity of Nationwide DC Variable Account (comprised of the
sub-accounts listed in note 1(b)) (collectively, "the Account") as of December
31, 1999, and the related statements of operations and changes in contract
owners' equity for each of the years in the two year period then ended. These
financial statements are the responsibility of the Account's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. Our procedures included
confirmation of securities owned as of December 31, 1999, by correspondence with
the transfer agents of the underlying mutual funds. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of the Account as of December
31, 1999, and the results of its operations and its changes in contract owners'
equity for each of the years in the two year period then ended in conformity
with generally accepted accounting principles.
KPMG LLP
Columbus, Ohio
February 18, 2000
58
<PAGE> 59
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59
