<PAGE> 1
NATIONWIDE(R) VLI
SEPARATE ACCOUNT
SEMI-ANNUAL REPORT
JUNE 30, 1996
- ----------------------------------------------------------------
INVESTMENT/LIFE(R)
VAN KAMPEN AMERICAN CAPITAL /
NATIONWIDE LIFE INSURANCE COMPANY
VLO-185-V (6/96)
<PAGE> 2
[NATIONWIDE LIFE LOGO]
NATIONWIDE LIFE INSURANCE COMPANY
ONE NATIONWIDE PLAZA, COLUMBUS, OHIO 43215
[PHOTO]
PRESIDENT'S MESSAGE
We are pleased to present the 1996 semi-annual report of the Nationwide VLI
Separate Account.
Equity investments provided a respectable return for the first half of 1996
with the major market indices holding comfortably in double digits.
Fixed-income investments, however, did not perform as well with the average
bond fund showing slightly negative performance for the period. This was due to
rising interest rates and lingering inflation fears.
The U.S. economy showed signs of increasing strength during the first half of
the year. The question remains: will growth fall back to the perceived
inflation-free path by itself or will the Federal Reserve have to step in and
enforce moderation? Recent economic statistics, such as the July unemployment
report, point in the direction of some moderation. Also, fierce competition in
all consumer-goods markets make inflationary price increases very difficult.
One way or the other, we expect slower economic growth in the near future.
Financial assets will remain the preferred individual investment option because
they will continue providing security, liquidity, and income and growth.
We appreciate your confidence in the Nationwide Insurance Enterprise and in our
life and annuity products. You have our assurance that your personal
satisfaction with our products and service is our highest priority.
/S/ Joseph J. Gasper
---------------------------
Joseph J. Gasper, President
2
<PAGE> 3
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
NATIONWIDE VLI SEPARATE ACCOUNT
STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY
JUNE 30, 1996
(UNAUDITED)
<S> <C>
ASSETS:
Investments in Van Kampen American Capital Life
Investment Trust, at market value:
Enterprise Fund
1,800,030 shares (cost $24,608,400) ........................................................ $ 28,854,485
Domestic Income Fund
342,650 shares (cost $2,797,592) ........................................................... 2,789,172
Emerging Growth Fund
109,333 shares (cost $1,422,297) ........................................................... 1,496,773
Global Equity Fund
67,660 shares (cost $737,012) .............................................................. 779,441
Government Fund
5,993,000 shares (cost $52,690,971) ........................................................ 51,360,009
Money Market Fund
8,572,788 shares (cost $8,572,788) ......................................................... 8,572,788
Asset Allocation Fund
2,019,707 shares (cost $22,808,019) ........................................................ 24,216,292
Real Estate Securities Fund
5,104 shares (cost $54,164) ................................................................ 59,409
------------
Total assets ............................................................................. 118,128,369
ACCOUNTS PAYABLE .................................................................................... 1,381
------------
CONTRACT OWNERS' EQUITY ............................................................................. $118,126,988
============
<CAPTION>
UNITS UNIT VALUE
------------ ------------
<S> <C> <C> <C>
Contract owners' equity represented by:
Single Premium contracts issued prior to April 16, 1990
(policy years 1 through 10):
Enterprise Fund (formerly Common Stock) ........................................... 1,067,842 $25.278406 $ 26,993,344
Domestic Income Fund .............................................................. 132,052 17.034001 2,249,374
Emerging Growth Fund .............................................................. 87,403 13.562246 1,185,381
Global Equity Fund ................................................................ 52,337 11.412462 597,294
Government Fund ................................................................... 2,537,387 18.470725 46,867,377
Money Market Fund ................................................................. 484,962 15.995161 7,757,045
Asset Allocation Fund (formerly Multiple Strategy) ................................ 1,011,817 22.504555 22,770,491
Real Estate Securities Fund ....................................................... 5,103 11.641372 59,406
Single Premium contracts issued prior to April 16, 1990 (policy year 11 and
thereafter):
Enterprise Fund (formerly Common Stock) ........................................... 65,644 25.296745 1,660,580
Domestic Income Fund .............................................................. 29,401 17.046352 501,180
Emerging Growth Fund .............................................................. 2,119 13.572081 28,759
Global Equity Fund ................................................................ 15,947 11.420738 182,127
Government Fund ................................................................... 240,865 18.484226 4,452,203
Money Market Fund ................................................................. 43,117 16.006767 690,164
Asset Allocation Fund (formerly Multiple Strategy) ................................ 53,943 22.520882 1,214,844
Single Premium contracts issued on or after April 16, 1990:
Enterprise Fund (formerly Common Stock) ........................................... 2,166 23.841795 51,641
Domestic Income Fund .............................................................. 2,287 16.870467 38,583
Government Fund ................................................................... 2,805 14.030079 39,354
Money Market Fund ................................................................. 10,549 11.851065 125,017
Asset Allocation Fund (formerly Multiple Strategy) ................................ 5,146 19.373417 99,696
Emerging Growth Fund .............................................................. 20,911 13.515496 282,623
Multiple Payment Contracts and Flexible Premium Contracts:
Enterprise Fund (formerly Common Stock) ........................................... 7,314 20.392979 149,154
Asset Allocation Fund (formerly Multiple Strategy) ................................ 7,545 17.409018 131,351
------------ ------------ ------------
$118,126,988
============
<FN>
See accompanying notes to financial statements.
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</TABLE>
3
<PAGE> 4
<TABLE>
NATIONWIDE VLI SEPARATE ACCOUNT
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1996, 1995 AND 1994
(UNAUDITED)
<CAPTION>
1996 1995 1994
------------- ----------- -----------
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested capital gains and dividends .......................... $ 3,457,258 2,563,040 2,186,385
------------- ----------- -----------
Gain (loss) on investments:
Proceeds from redemptions of mutual fund shares .............. 12,481,254 11,514,858 11,989,278
Cost of mutual fund shares sold .............................. (11,685,540) (10,795,244) (11,179,858)
------------- ----------- -----------
Realized gain (loss) on investments .......................... 795,714 719,614 809,420
Change in unrealized gain (loss) on investments .............. (576,404) 10,877,942 (8,792,835)
------------- ----------- -----------
Net gain (loss) on investments ............................ 219,310 11,597,556 (7,983,415)
------------- ----------- -----------
Net investment activity ................................ 3,676,568 14,160,596 (5,797,030)
------------- ----------- -----------
EQUITY TRANSACTIONS:
Purchase payments received from contract owners ................. 40,033 36,002 (9,977)
Surrenders (note 2d) ............................................ (7,029,982) (4,224,999) (4,392,431)
Death benefits (note 4) ......................................... (515,238) (550,901) (506,740)
Policy loans (net of repayments) (note 5) ....................... 1,606,123 (216,017) 498,627
------------- ----------- -----------
Net equity transactions ................................ (5,899,064) (4,955,915) (4,410,521)
------------- ----------- -----------
EXPENSES (NOTE 2):
Deductions for surrender charges (note 2d) ...................... (10,602) (130,691) (189,974)
Redemptions to pay cost of insurance charges
and administrative charges (note 2d and 2c) .................. (776,048) (947,288) (1,014,792)
Deductions for asset charges (note 3) ........................... (566,377) (554,381) (588,315)
------------- ----------- -----------
Total expenses ......................................... (1,353,027) (1,632,360) (1,793,081)
------------- ----------- -----------
NET CHANGE IN CONTRACT OWNERS' EQUITY .............................. (3,575,523) 7,572,321 (12,000,632)
CONTRACT OWNERS' EQUITY BEGINNING OF PERIOD ........................ 121,702,511 112,992,212 129,959,471
------------- ----------- -----------
CONTRACT OWNERS' EQUITY END OF PERIOD .............................. $ 118,126,988 120,564,533 117,958,839
============= =========== ===========
<FN>
See accompanying notes to financial statements.
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
4
<PAGE> 5
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NATIONWIDE VLI SEPARATE ACCOUNT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1996, 1995 AND 1994
(UNAUDITED)
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Organization and Nature of Operations
The Nationwide VLI Separate Account (the Account) was established pursuant
to a resolution of the Board of Directors of Nationwide Life Insurance Company
(the Company) on August 8, 1984. The Separate Account has been registered as a
unit investment trust under the Investment Company Act of 1940. Assets of each
fund are invested at net asset value in shares of corresponding underlying
mutual funds offered by Van Kampen American Capital Life Investment Trust.
Contract owners may invest in Enterprise (formerly Common Stock), Domestic
Income (formerly Corporate Bond), Emerging Growth, Global Equity, Government,
Money Market, Asset Allocation (formerly Multiple Strategy) and Real Estate
Securities Funds. At June 30, 1996, contract owners have invested in all of the
above funds.
The Company offers modified single premium, multiple payment and flexible
premium variable life insurance contracts through the Account. The primary
distribution for the contracts is through the brokerage community; however,
other distributors may be utilized.
(b) The Contracts
Prior to December 31, 1990, only contracts without a front-end sales
charge, but with a contingent deferred sales charge and certain other fees, were
offered for purchase. Beginning December 31, 1990, contracts with a front-end
sales charge, a contingent deferred sales charge and certain other fees, are
offered for purchase. See note 2 for a discussion of policy charges and note 3
for asset charges.
The contract owners' equity is affected by the investment results of each
fund, equity transactions by contract owners and certain policy charges (see
notes 2 and 3). The accompanying financial statements include only contract
owners' purchase payments pertaining to the variable portions of their contracts
and exclude any purchase payments for fixed dollar benefits, the latter being
included in the accounts of the Company.
(c) Security Valuation, Transactions and Related Investment Income
The market value of the underlying mutual funds is based on the closing
net asset value per share at June 30, 1996. Fund purchases and sales are
accounted for on the trade date (date the order to buy or sell is executed). The
cost of investments sold is determined on a specific identification basis, and
dividends (which include capital gain distributions) are accrued as of 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 provisions
of the Internal Revenue Code.
The Company does not provide for income taxes within the Account. Taxes
are the responsibility of the contract owner upon termination or withdrawal.
(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.
5
<PAGE> 6
(2) POLICY CHARGES
(a) Deductions from Premiums
On multiple payment contracts and flexible premium contracts, the Company
deducts a charge for state premium taxes equal to 2.5% of all premiums received
to cover the payment of these premium taxes. The Company also deducts a sales
load from each premium payment received not to exceed 3.5% of each premium
payment. The Company may at its sole discretion reduce this sales loading.
(b) Cost of Insurance
A cost of insurance charge is assessed monthly against each contract by
liquidating units. The amount of the charge is based upon age, sex, rate class
and net amount at risk (death benefit less total contract value).
(c) Administrative Charges
For single premium contracts, the Company deducts an annual administrative
charge which is determined as follows:
Contracts issued prior to April 16, 1990:
Purchase payments totalling less than $25,000 - $10/month
Purchase payments totalling $25,000 or more - none
Contracts issued on or after April 16, 1990:
Purchase payments totalling less than $25,000 - $90/year ($65/year in
New York)
Purchase payments totalling $25,000 or more - $50/year
For multiple payment contracts the Company currently deducts a monthly
administrative charge of $5 (may deduct up to $7.50, maximum) to recover policy
maintenance, accounting, record keeping and other administrative expenses.
For flexible premium contracts, the Company currently deducts a monthly
administrative charge of $25 during the first policy year and $5 per month
thereafter (may deduct up to $7.50, maximum) to recover policy maintenance,
accounting, record keeping and other administrative expenses. Additionally, the
Company deducts an increase charge of $2.04 per year per $1,000 applied to any
increase in the specified amount during the first 12 months after the increase
becomes effective.
The above charges are assessed against each contract by liquidating units.
(d) Surrenders
Policy surrenders result in a redemption of the contract value from the
Separate Account and payment of the surrender proceeds to the contract owner or
designee. The surrender proceeds consist of the contract value, less any
outstanding policy loans, and less a surrender charge, if applicable. The charge
is determined according to contract type.
For single premium contracts, the charge is determined based upon a
specified percentage of the original purchase payment. For single premium
contracts issued prior to April 16, 1990, the charge is 8% in the first year and
declines to 0% after the ninth year. For single premium contracts issued on or
after April 16, 1990, the charge is 8.5% in the first year and declines to 0%
after the ninth year.
For multiple payment contracts and flexible premium contracts, the amount
charged is based upon a specified percentage of the initial surrender charge,
which varies by issue age, sex and rate class. The charge is 100% of the initial
surrender charge in the first year, with certain exceptions, declining to 0%
after the ninth year.
The Company may waive the surrender charge for certain contracts in which
the sales expenses normally associated with the distribution of a contract are
not incurred.
6
<PAGE> 7
(3) ASSET CHARGES
For single premium contracts, the Company deducts a charge from the
contract to cover mortality and expense risk charges related to operations, and
to recover policy maintenance and premium tax charges. For contracts issued
prior to April 16, 1990, the charge is equal to an annual rate of .95% during
the first ten policy years, and .50% thereafter. A reduction of charges on these
contracts is possible in policy years six through ten for those contracts
achieving certain investment performance criteria; for contracts issued on or
after April 16, 1990, the charge is equal to an annual rate of 1.30% during the
first ten policy years, and 1.00% thereafter.
For multiple payment contracts and flexible premium contracts, the Company
deducts a charge equal to an annual rate of .80%, with certain exceptions, to
cover mortality and expense risk charges related to operations.
The above charges are assessed through the daily unit value calculation.
(4) DEATH BENEFITS
Death benefits result in a redemption of the contract value from the
Separate Account and payment of the death benefit proceeds, less any outstanding
policy loans and policy charges, to the legal beneficiary. The excess of the
death benefit proceeds over the contract value on the date of death is paid by
the Company's general account.
(5) POLICY LOANS (NET OF REPAYMENTS)
Contract provisions allow contract owners to borrow up to 90% (50% during
first year of single premium contracts) of a policy's cash surrender value. For
single premium contracts issued prior to April 16, 1990, 6.5% interest is due
and payable annually in advance. For single premium contracts issued on or after
April 16, 1990, multiple payment contracts and flexible premium contracts, 6%
interest is due and payable in advance on the policy anniversary when there is a
loan outstanding on the policy.
At the time the loan is granted, the amount of the loan is transferred
from the Account to the Company's general account as collateral for the
outstanding loan. Collateral amounts in the general account are credited with
the stated rate of interest in effect at the time the loan is made, subject to a
guaranteed minimum rate. Loan repayments result in a transfer of collateral,
including interest, back to the Account.
(6) SCHEDULE I
Schedule I presents the components of the change in the unit values, which
are the basis for determining contract owners' equity. This schedule is
presented in the following format:
o Beginning unit value - Jan. 1
o Reinvested dividends and capital gains
(This amount reflects the increase in the unit value due to
dividend and capital gain distributions from the underlying
mutual funds.)
o Unrealized gain (loss)
(This amount reflects the increase (decrease) in the unit value
resulting from the market appreciation (depreciation) of the
underlying mutual funds.)
o Asset charges
(This amount reflects the decrease in the unit value due to the
charges discussed in note 3.)
o Ending unit value - June 30
o Percentage increase (decrease) in unit value.
7
<PAGE> 8
- --------------------------------------------------------------------------------
SCHEDULE I
NATIONWIDE VLI SEPARATE ACCOUNT
SINGLE PREMIUM CONTRACTS ISSUED PRIOR TO APRIL 16, 1990
(POLICY YEARS 1 THROUGH 10)
SCHEDULES OF CHANGES IN UNIT VALUE
SIX MONTH PERIODS ENDED JUNE 30, 1996, 1995 AND 1994
(UNDERLYING MUTUAL FUNDS OF VAN KAMPEN AMERICAN CAPITAL LIFE INVESTMENT TRUST)
(UNAUDITED)
<TABLE>
<CAPTION>
DOMESTIC EMERGING GLOBAL
ENTERPRISE INCOME GROWTH EQUITY GOVERNMENT
---------- -------- -------- ------ ----------
<S> <C> <C> <C> <C> <C>
1996
Beginning unit value - Jan. 1 $22.498859 17.235188 11.655608 10.262083 18.968390
- ----------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .818991 .026179 .000000 .000000 .614936
- ----------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) 2.074930 (.147458) 1.965574 1.201508 (1.024997)
- ----------------------------------------------------------------------------------------------------------------------------
Asset charges (.114374) (.079908) (.058936) (.051129) (.087604)
- ----------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $25.278406 17.034001 13.562246 11.412462 18.470725
- ----------------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 12% (1)% 16% 11% (3)%
============================================================================================================================
1995
Beginning unit value - Jan. 1 $16.580891 14.336077 ** ** 16.344365
- ----------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .213614 .014594 .599737
- ----------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) 3.142738 1.927432 1.057329
- ----------------------------------------------------------------------------------------------------------------------------
Asset charges (.086548) (.072299) (.082548)
- ----------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $19.850695 16.205804 17.918883
- ----------------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 20% 13% 10%
============================================================================================================================
1994
Beginning unit value - Jan. 1 $17.325425 15.127964 ** ** 17.301801
- ----------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .091941 .013193 .509829
- ----------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) (.852556) (.738543) (1.434446)
- ----------------------------------------------------------------------------------------------------------------------------
Asset charges (.081125) (.069730) (.079139)
- ----------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $16.483685 14.332884 16.298045
- ----------------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (5)% (5)% (6)%
============================================================================================================================
<CAPTION>
MONEY ASSET REAL ESTATE
MARKET ALLOCATION SECURITIES
------ ---------- ----------
<S> <C> <C> <C>
1996
Beginning unit value - Jan. 1 15.695093 21.519909 10.784280
- ----------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .374486 .437130 .008014
- ----------------------------------------------------------------------------------------------
Unrealized gain (loss) .000000 .651276 .901141
- ----------------------------------------------------------------------------------------------
Asset charges (.074418) (.103760) (.052063)
- ----------------------------------------------------------------------------------------------
Ending unit value - June 30 15.995161 22.504555 11.641372
- ----------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 2% 5% 8%
==============================================================================================
1995
Beginning unit value - Jan. 1 15.022875 16.538427 **
- ----------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .409862 .020645
- ----------------------------------------------------------------------------------------------
Unrealized gain (loss) .000000 2.875506
- ----------------------------------------------------------------------------------------------
Asset charges (.071942) (.084974)
- ----------------------------------------------------------------------------------------------
Ending unit value - June 30 15.360795 19.349604
- ----------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 2% 17%
==============================================================================================
1994
Beginning unit value - Jan. 1 14.623465 17.329774 **
- ----------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .219527 .014652
- ----------------------------------------------------------------------------------------------
Unrealized gain (loss) .000000 (.922111)
- ----------------------------------------------------------------------------------------------
Asset charges (.069202) (.080311)
- ----------------------------------------------------------------------------------------------
Ending unit value - June 30 14.773790 16.342004
- ----------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 1% (6)%
==============================================================================================
<FN>
* This is not an annualized rate of return as it is the change for a six month
period and asset charges do not include the policy charges discussed in note 2.
** This investment option was not being utilized or was not available.
</TABLE>
- --------------------------------------------------------------------------------
8
<PAGE> 9
- --------------------------------------------------------------------------------
SCHEDULE I, CONTINUED
NATIONWIDE VLI SEPARATE ACCOUNT
SINGLE PREMIUM CONTRACTS ISSUED PRIOR TO APRIL 16, 1990
(POLICY YEAR 11 AND THEREAFTER)
SCHEDULES OF CHANGES IN UNIT VALUE
SIX MONTH PERIOD ENDED JUNE 30, 1996
(UNDERLYING MUTUAL FUNDS OF VAN KAMPEN AMERICAN CAPITAL LIFE INVESTMENT TRUST)
(UNAUDITED)
<TABLE>
<CAPTION>
DOMESTIC EMERGING GLOBAL
ENTERPRISE INCOME GROWTH EQUITY GOVERNMENT
---------- -------- -------- ------ ----------
<S> <C> <C> <C> <C> <C>
1996**
Beginning unit value - Jan. 1 $22.498859 17.235188 11.655608 10.262083 18.968390
- ----------------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .818991 .026179 .000000 .000000 .614986
- ----------------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) 2.074766 (.147304) 1.965480 1.201533 (1.024952)
- ----------------------------------------------------------------------------------------------------------------------------
Asset charges (.095871) (.067711) (.049007) (.042878) (.074198)
- ----------------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $25.296745 17.046352 13.572081 11.420738 18.484226
- ----------------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 12% (1)% 16% 11% (3)%
============================================================================================================================
<CAPTION>
MONEY ASSET
MARKET ALLOCATION
------ ----------
<S> <C> <C>
1996**
Beginning unit value - Jan. 1 15.695093 21.519909
- ------------------------------------------------------------------------------
Reinvested capital gains
and dividends .374532 .437130
- ------------------------------------------------------------------------------
Unrealized gain (loss) .000000 .651392
- ------------------------------------------------------------------------------
Asset charges (.062858) (.087549)
- ------------------------------------------------------------------------------
Ending unit value - June 30 16.006767 22.520882
- ------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 2% 5%
==============================================================================
<FN>
* This is not an annualized rate of return as it is the change for a six month
period and asset charges do not include the policy charges discussed in note 2.
** No other investment options were being utilized.
</TABLE>
- --------------------------------------------------------------------------------
9
<PAGE> 10
SCHEDULE I, CONTINUED
NATIONWIDE VLI SEPARATE ACCOUNT
SINGLE PREMIUM CONTRACTS ISSUED ON OR AFTER APRIL 16, 1990
SCHEDULES OF CHANGES IN UNIT VALUE
SIX MONTH PERIODS ENDED JUNE 30, 1996, 1995 AND 1994
(UNDERLYING MUTUAL FUNDS OF VAN KAMPEN AMERICAN CAPITAL LIFE INVESTMENT TRUST)
(UNAUDITED)
<TABLE>
<CAPTION>
DOMESTIC MONEY ASSET EMERGING
ENTERPRISE INCOME GOVERNMENT MARKET ALLOCATION GROWTH
---------- -------- ---------- ------ ---------- --------
<S> <C> <C> <C> <C> <C> <C>
1996***
Beginning unit value - Jan. 1 $21.257132 17.099466 14.433482 11.648994 18.558022 11.635640
- ----------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .773119 .025950 .467591 .277586 .376638 .000000
- ----------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) 1.959286 (.146557) (.779690) .000000 .561097 1.960295
- ----------------------------------------------------------------------------------------------------------------------
Asset charges (.147742) (.108392) (.091304) (.075515) (.122340) (.080439)
- ----------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $23.841795 16.870467 14.030079 11.851065 19.373417 13.515496
- ----------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 12% (1)% (3)% 2% 4% 16%
======================================================================================================================
1995***
Beginning unit value - Jan. 1 $15.720497 14.272889 12.480782 11.189053 14.311997 **
- ----------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .202353 .014517 .457611 .304993 .017850
- ----------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) 2.977195 1.917274 .806920 .000000 2.486251
- ----------------------------------------------------------------------------------------------------------------------
Asset charges (.112191) (.098417) (.086338) (.073255) (.100537)
- ----------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $18.787854 16.106263 13.658975 11.420791 16.715561
- ----------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 20% 13% 9% 2% 17%
======================================================================================================================
1994***
Beginning unit value - Jan. 1 $16.483852 15.113958 13.258615 10.929642 15.049256 **
- ----------------------------------------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .087399 .013169 .390373 .163929 .012713
- ----------------------------------------------------------------------------------------------------------------------
Unrealized gain (loss) (.809937) (.737106) (1.098410) .000000 (.799774)
- ----------------------------------------------------------------------------------------------------------------------
Asset charges (.105531) (.095256) (.083060) (.070716) (.095352)
- ----------------------------------------------------------------------------------------------------------------------
Ending unit value - June 30 $15.655783 14.294765 12.467518 11.022855 14.166843
- ----------------------------------------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (5)% (5)% (6)% 1% (6)%
======================================================================================================================
<FN>
* This is not an annualized rate of return as it is the change for a six month
period and asset charges do not include the policy charges discussed in
note 2.
** This investment option was not available or was not utilized.
*** No other investment options were being utilized.
</TABLE>
10
<PAGE> 11
SCHEDULE I, CONTINUED
NATIONWIDE VLI SEPARATE ACCOUNT
MULTIPLE PAYMENT CONTRACTS AND FLEXIBLE PREMIUM CONTRACTS
SCHEDULES OF CHANGES IN UNIT VALUE
SIX MONTH PERIODS ENDED JUNE 30, 1996, 1995 AND 1994
(UNDERLYING MUTUAL FUNDS OF VAN KAMPEN AMERICAN CAPITAL LIFE INVESTMENT TRUST)
(UNAUDITED)
<TABLE>
<CAPTION>
ASSET
ENTERPRISE ALLOCATION
---------- ----------
<S> <C> <C>
1996**
Beginning unit value - Jan. 1 $18.137100 16.634918
- ----------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .660463 .338028
- ----------------------------------------------------------------------------------------
Unrealized gain (loss) 1.673086 .503636
- ----------------------------------------------------------------------------------------
Asset charges (.077670) (.067564)
- ----------------------------------------------------------------------------------------
Ending unit value - June 30 $20.392979 17.409018
- ----------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 12% 5%
========================================================================================
1995**
Beginning unit value - Jan. 1 $13.346462 12.765144
- ----------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .172008 .015941
- ----------------------------------------------------------------------------------------
Unrealized gain (loss) 2.530583 2.220264
- ----------------------------------------------------------------------------------------
Asset charges (.058689) (.055252)
- ----------------------------------------------------------------------------------------
Ending unit value - June 30 $15.990364 14.946097
- ----------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* 20% 17%
========================================================================================
1994**
Beginning unit value - Jan. 1 $13.924920 13.355954
- ----------------------------------------------------------------------------------------
Reinvested capital gains
and dividends .073923 .011296
- ----------------------------------------------------------------------------------------
Unrealized gain (loss) (.685661) (.711045)
- ----------------------------------------------------------------------------------------
Asset charges (.054928) (.052144)
- ----------------------------------------------------------------------------------------
Ending unit value - June 30 $13.258254 12.604061
- ----------------------------------------------------------------------------------------
Percentage increase (decrease)
in unit value* (5)% (6)%
========================================================================================
<FN>
* This is not an annualized rate of return as it is the change for a six month
period and asset charges do not include the policy charges discussed in
note 2.
** No other investment options were being utilized.
</TABLE>
See note 6.
11
<PAGE> 12
NATIONWIDE LIFE INSURANCE COMPANY Bulk Rate
HOME OFFICE: ONE NATIONWIDE PLAZA o COLUMBUS, OHIO 43215-2220 U.S. Postage
PAID
Columbus, Ohio
Permit No. 521
Nationwide(R) is a registered federal service mark of Nationwide Mutual
Insurance Company
