<PAGE> 1
[NATIONWIDE(R) LOGO]
Nationwide(R)
VL Separate Account-A
Semi-Annual Report
to
Contract Owners
June 30, 1999
NATIONWIDE LIFE AND ANNUITY INSURANCE COMPANY
HOME OFFICE: COLUMBUS, OHIO
<PAGE> 2
[NATIONWIDE(R) LOGO]
NATIONWIDE LIFE AND ANNUITY INSURANCE COMPANY
ONE NATIONWIDE PLAZA, COLUMBUS, OHIO 43215-2220
[PRESIDENT'S PICTURE]
PRESIDENT'S MESSAGE
On behalf of Nationwide Life and Annuity Insurance Company, we are pleased to
present the 1999 semi-annual report of the Nationwide VL Separate Account-A.
Equity investments performed well during the first half of 1999 with the major
market indices showing double-digit gains. Fixed income investments did not fare
as well during this period in the face of the Federal Reserve's inflation
cautiousness. The Fed is mindful of the resilient U.S. economy and the
increasingly tight labor pool that portends future wage inflation. Accordingly,
we have seen a ratcheting-up of short-term interest rates to dampen the momentum
of the current expansion. How aggressively the Fed may react to the perceived
inflation threat only adds uncertainty to the already jittery equity markets.
Over the long term, however, a slower but sustainable rate of growth, with low
inflation, provides a favorable environment for further advances in financial
assets.
At mid-year, we are pleased to report that all the mission-critical systems used
to service our variable annuity and variable life business have been internally
inventoried, assessed and tested as being Year 2000 compliant. We are currently
contacting our critical business partners to determine if they will be Year 2000
compliant. Contingency plans are being developed and are to be completed by the
end of the third quarter. All these steps are being taken to assure that
Nationwide Financial will be able to continue to serve your financial needs into
the Year 2000 and beyond.
Thank you for selecting Nationwide Financial to help you achieve your financial
planning and retirement savings goals. You have our commitment to provide the
consistent, high quality service you expect and deserve.
/s/ Joseph J. Gasper
Joseph J. Gasper, President
August 19, 1999
2
<PAGE> 3
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY
June 30, 1999
(UNAUDITED)
<TABLE>
<CAPTION>
<S> <C>
Assets:
Investments at market value:
American Century VP - American Century VP Advantage (ACVPAdv)
165 shares (cost $1,064) .............................................. $ 1,077
American Century VP - American Century VP Balanced (ACVPBal)
48,425 shares (cost $353,787) ......................................... 356,892
American Century VP - American Century VP Capital Appreciation (ACVPCapAp)
501 shares (cost $4,987) .............................................. 5,246
American Century VP - American Century VP Income & Growth (ACVPIncGr)
35,763 shares (cost $244,313) ......................................... 266,073
American Century VP - American Century VP International (ACVPInt)
192,040 shares (cost $1,544,837) ...................................... 1,570,886
American Century VP - American Century VP Value (ACVPValue)
133,851 shares (cost $902,156) ........................................ 908,849
The Dreyfus Socially Responsible Growth Fund, Inc. (DrySRGro)
14,694 shares (cost $479,722) ......................................... 515,039
Dreyfus Stock Index Fund (DryStkIx)
288,587 shares (cost $9,001,862) ...................................... 10,420,866
Dreyfus VIF - Capital Appreciation Portfolio (DryCapAp)
260,799 shares (cost $9,424,950) ...................................... 10,124,209
Dreyfus VIF - Growth and Income Portfolio (DryGrInc)
18,656 shares (cost $389,245) ......................................... 466,957
Fidelity VIP - Equity-Income Portfolio (FidVIPEI)
112,666 shares (cost $2,678,661) ...................................... 3,070,152
Fidelity VIP - Growth Portfolio (FidVIPGr)
11,620 shares (cost $494,013) ......................................... 531,390
Fidelity VIP - High Income Portfolio (FidVIPHI)
90,640 shares (cost $1,021,064) ....................................... 1,023,322
Fidelity VIP - Overseas Portfolio (FidVIPOv)
63,867 shares (cost $1,227,838) ....................................... 1,328,425
Fidelity VIP-II - Asset Manager Portfolio (FidVIPAM)
427,029 shares (cost $7,298,502) ...................................... 7,554,140
Fidelity VIP-II - Contrafund Portfolio (FidVIPCon)
17,538 shares (cost $403,324) ......................................... 457,748
Fidelity VIP-III - Growth Opportunities Portfolio (FidVIPGrOp)
53,315 shares (cost $1,162,094) ....................................... 1,260,364
Morgan Stanley - Emerging Markets Debt Portfolio (MSEmMkt)
9,172 shares (cost $63,350) ........................................... 63,192
Nationwide SAT - Capital Appreciation Fund (NSATCapAp)
88,193 shares (cost $2,250,143) ....................................... 2,617,579
</TABLE>
3
<PAGE> 4
<TABLE>
<CAPTION>
<S> <C>
Nationwide SAT - Government Bond Fund (NSATGvtBd)
268,765 shares (cost $3,082,078) ...................................... 2,991,360
Nationwide SAT - Money Market Fund (NSATMyMkt)
20,087,063 shares (cost $20,087,063) .................................. 20,087,063
Nationwide SAT - Small Cap Value Fund (NSATSmCapV)
87,307 shares (cost $901,007) ......................................... 968,233
Nationwide SAT - Small Company Fund (NSATSmCo)
40,491 shares (cost $642,305) ......................................... 697,666
Nationwide SAT - Total Return Fund (NSATTotRe)
22,664 shares (cost $417,958) ......................................... 459,857
Neuberger & Berman AMT - Balanced Portfolio (NBAMTBal)
809 shares (cost $12,554) ............................................. 12,935
Neuberger & Berman AMT - Growth Portfolio (NBAMTGro)
48,447 shares (cost $1,164,247) ....................................... 1,236,850
Neuberger & Berman AMT - Limited Maturity Bond (NBAMTLMat)
333,984 shares (cost $4,460,215) ...................................... 4,371,856
Neuberger & Berman AMT - Partner's Portfolio (NBAMTPart)
152,440 shares (cost $2,829,862) ...................................... 3,158,556
Oppenheimer VAF - Bond Fund (OppBdFd)
49,268 shares (cost $596,848) ......................................... 566,581
Oppenheimer VAF - Global Securities Fund (OppGlSec)
18,047 shares (cost $396,693) ......................................... 432,939
Oppenheimer VAF - Growth Fund (OppGro)
28,034 shares (cost $1,054,697) ....................................... 1,142,368
Oppenheimer VAF - Multiple Stategies Fund (OppMult)
621 shares (cost $9,913) .............................................. 10,525
Strong Opportunity Fund II, Inc. (StOpp2)
156,182 shares (cost $3,174,426) ...................................... 3,601,549
Strong VIF - Strong International Stock Fund II (StIntStk2)
11,813 shares (cost $107,949) ......................................... 114,942
Van Eck WIT - Worldwide Bond Fund (VEWrldBd)
1,204 shares (cost $13,363) ........................................... 12,979
Van Kampen LIT -
Morgan Stanley Real Estate Securities Portfolio (VKMSRESec)
26,623 shares (cost $356,011) ......................................... 369,792
Warburg Pincus Trust - International Equity Portfolio (WPIntEq)
19,006 shares (cost $208,934) ......................................... 223,324
Warburg Pincus Trust - Post Venture Capital Portfolio (WPPVenCap)
5,059 shares (cost $54,768) ........................................... 67,181
Warburg Pincus Trust - Small Company Growth Portfolio (WPSmCoGr)
139,384 shares (cost $2,022,620) ...................................... 2,382,078
-----------
Total assets ....................................................... 85,451,040
Accounts payable ............................................................... 10,414
-----------
Contract owners' equity ........................................................ $85,440,626
===========
</TABLE>
3
<PAGE> 5
<TABLE>
<CAPTION>
Period
Contract owners' equity represented by: Units Unit Value Return*
----- ---------- -------
<S> <C> <C> <C> <C>
Multiple Payment Contracts and Flexible Premium Contracts:
American Century VP -
American Century VP Advantage .................... 56 $19.111682 $ 1,070 3%
Fidelity VIP - Growth Portfolio .................... 1,266 38.652692 48,934 14%
Nationwide SAT - Capital Appreciation Fund ......... 165 35.307745 5,826 11%
Nationwide SAT - Government Bond Fund .............. 481 17.618074 8,474 (3)%
Nationwide SAT - Money Market Fund ................. 38 13.571142 516 2%
Nationwide SAT - Total Return Fund ................. 488 36.480415 17,802 10%
Neuberger & Berman - Balanced Portfolio ............ 611 21.171268 12,936 2%
Corporate Variable Universal Life Contracts:
(policy years 1 through 4):
American Century VP -
American Century VP Balanced ..................... 29,562 12.070443 356,826 4%
American Century VP -
American Century VP Capital Appreciation ......... 526 9.949358 5,233 16%
American Century VP -
American Century VP Income & Growth .............. 22,351 11.903193 266,048 9%
American Century VP -
American Century VP International ................ 124,764 12.592210 1,571,054 7%
American Century VP -
American Century VP Value ........................ 75,350 12.061439 908,829 13%
The Dreyfus Socially Responsible
Growth Fund, Inc. ................................ 34,945 14.742757 515,186 12%
Dreyfus Stock Index Fund ........................... 698,480 14.914446 10,417,442 12%
Dreyfus - Capital Appreciation Portfolio ........... 708,473 14.288735 10,123,183 7%
Dreyfus VIF - Growth and Income Portfolio .......... 37,852 12.335904 466,939 11%
Fidelity VIP - Equity-Income Portfolio ............. 236,384 12.984097 3,069,233 12%
Fidelity VIP - Growth Portfolio .................... 30,102 15.994205 481,458 14%
Fidelity VIP - High Income Portfolio ............... 96,298 10.623923 1,023,063 8%
Fidelity VIP - Overseas Portfolio .................. 113,679 11.686398 1,328,498 8%
Fidelity VIP-II - Asset Manager Portfolio .......... 610,561 12.370588 7,552,999 5%
Fidelity VIP-II - Contrafund Portfolio ............. 31,291 14.626679 457,683 11%
Fidelity VIP-III -
Growth Opportunities Portfolio ................... 90,869 13.866227 1,260,010 6%
</TABLE>
5
<PAGE> 6
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Morgan Stanley -
Emerging Markets Debt Portfolio ........ 8,198 7.708056 63,191 13%
Nationwide SAT - Capital Appreciation Fund 172,430 15.138266 2,610,291 12%
Nationwide SAT - Government Bond Fund .... 270,698 11.017800 2,982,496 (2)%
Nationwide SAT - Money Market Fund ....... 1,853,107 10.840770 20,089,107 2%
Nationwide SAT - Small Capital Value Fund 91,635 10.565896 968,206 23%
Nationwide SAT - Small Company Fund ...... 65,564 10.641726 697,714 7%
Nationwide SAT - Total Return Fund ....... 33,086 13.356776 441,922 10%
Neuberger & Berman AMT -
Growth Portfolio ....................... 104,099 11.881610 1,236,864 3%
Neuberger & Berman AMT -
Limited Maturity Bond Portfolio ........ 413,521 10.569386 4,370,663 0%
Neuberger & Berman AMT -
Partners Portfolio ..................... 264,527 11.937047 3,157,671 13%
Oppenheimer VAF - Bond Fund .............. 52,258 10.841043 566,531 (2)%
Oppenheimer VAF - Global Securities Fund . 33,162 13.045767 432,624 13%
Oppenheimer VAF - Growth Fund ............ 80,263 14.232438 1,142,338 15%
Oppenheimer VAF -
Multiple Strategies Fund ............... 893 11.680926 10,431 8%
Strong - Opportunity Fund II, Inc. ....... 263,882 13.646364 3,601,030 19%
Strong VIP -
Strong International Stock Fund II ..... 12,677 9.069244 114,971 11%
Van Eck WIT - Worldwide Bond Fund ........ 1,205 10.779257 12,989 (7)%
Van Kampen LIT -
Real Estate Securities Fund ............ 35,756 10.342729 369,815 8%
Warburg Pincus Trust -
International Equity Portfolio ......... 22,674 9.851423 223,371 7%
Warburg Pincus Trust -
Post Venture Capital Portfolio ......... 5,791 11.606118 67,211 12%
Warburg Pincus Trust -
Small Company Growth Portfolio ......... 227,560 10.467342 2,381,948 6%
========= ========= ------------
$ 85,440,626
============
</TABLE>
* The period return does not include contract charges satisfied by surrendering
units.
See accompanying notes to financial statements.
6
<PAGE> 7
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1999, 1998 AND 1997
(UNAUDITED)
<TABLE>
<CAPTION>
Total
--------------------------------------------
1999 1998 1997
------------ ---------- -------
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............ $ 1,122,615 294,243 7,211
Mortality and expense charges
(note 3) ..................... (204,747) (34,814) (374)
------------ ---------- -------
Net investment activity ...... 917,868 259,429 6,837
------------ ---------- -------
Proceeds from mutual fund
shares sold .................. 28,824,134 16,936,575 15,931
Cost of mutual funds sold ....... (27,459,827) (16,917,760) (13,009)
------------ ---------- -------
Realized gain (loss)
on investments ............. 1,364,307 18,815 2,922
Change in unrealized gain (loss)
on investments ............... 1,576,741 203,669 2,368
------------ ---------- -------
Net gain (loss) on investments 2,941,048 222,484 5,290
------------ ---------- -------
Reinvested capital gains ........ 1,013,971 58,733 22,573
------------ ---------- -------
Net change in contract
owners' equity resulting
from operations ......... 4,872,887 540,646 34,700
------------ ---------- -------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............. 33,205,568 25,218,368 8,400
Transfers between funds ......... -- -- --
Surrenders ...................... (537,041) -- (22,690)
Death benefits (note 4) ......... -- -- --
Policy loans (net of repayments)
(note 5) ..................... (2,251) 2,902 12,587
Deductions for surrender charges
(note 2d) .................... (1,394) -- (2,718)
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............ (1,474,197) (562,392) (5,249)
------------ ---------- -------
Net equity transactions .... 31,190,685 24,658,878 (9,670)
------------ ---------- -------
Net change in contract
owners' equity ................... 36,063,572 25,199,524 25,030
Contract owners' equity
beginning of period ............. 49,377,054 532,228 475,335
------------ ---------- -------
Contract owners' equity
end of period ................... $ 85,440,626 25,731,752 500,365
============ ========== =======
ACVPAdv ACVPBal
------------------------------------------- ------------------------------------
1999 1998 1997 1999 1998 1997
------------ ------------ ------------ ------------ ------------ ----
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............ 259 9,771 5,992 3,300 266 --
Mortality and expense charges
(note 3) ..................... (24) (12) (3) (800) (269) --
------------ ------------ ------------ ------------ ------------ ----
Net investment activity ...... 235 9,759 5,989 2,500 (3) --
------------ ------------ ------------ ------------ ------------ ----
Proceeds from mutual fund
shares sold .................. 517,542 977 -- 75,900 4,397 --
Cost of mutual funds sold ....... (387,121) (838) -- (72,305) (4,326) --
------------ ------------ ------------ ------------ ------------ ----
Realized gain (loss)
on investments ............. 130,421 139 -- 3,595 71 --
Change in unrealized gain (loss)
on investments ............... (120,159) (1,454) (1,418) (12,542) 16,685 --
------------ ------------ ------------ ------------ ------------ ----
Net gain (loss) on investments 10,262 (1,315) (1,418) (8,947) 16,756 --
------------ ------------ ------------ ------------ ------------ ----
Reinvested capital gains ........ 616 36,765 21,011 22,770 1,868 --
------------ ------------ ------------ ------------ ------------ ----
Net change in contract
owners' equity resulting
from operations ......... 11,113 45,209 25,582 16,323 18,621 --
------------ ------------ ------------ ------------ ------------ ----
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............. 76 (218) 946 194,774 251,073 --
Transfers between funds ......... -- -- -- (66,532) -- --
Surrenders ...................... (516,941) -- -- -- -- --
Death benefits (note 4) ......... -- -- -- -- -- --
Policy loans (net of repayments)
(note 5) ..................... -- -- -- -- -- --
Deductions for surrender charges
(note 2d) .................... (403) -- -- -- -- --
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............ (223) (54) -- (6,558) (5,361) --
------------ ------------ ------------ ------------ ------------ ----
Net equity transactions .... (517,491) (272) 946 121,684 245,712 --
------------ ------------ ------------ ------------ ------------ ----
Net change in contract
owners' equity ................... (506,378) 44,937 26,528 138,007 264,333 --
Contract owners' equity
beginning of period ............. 507,448 433,507 382,816 218,819 -- --
------------ ------------ ------------ ------------ ------------ ----
Contract owners' equity
end of period ................... 1,070 478,444 409,344 356,826 264,333 --
============ ============ ============ ============ ============ ====
</TABLE>
(Continued)
7
<PAGE> 8
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1999, 1998 AND 1997
(UNAUDITED)
<TABLE>
<CAPTION>
ACVPCapAp
-----------------------------
1999 1998 1997
--------- --------- -----
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............ $ -- -- --
Mortality and expense charges
(note 3) ..................... (95) (10) --
--------- --------- -----
Net investment activity ...... (95) (10) --
--------- --------- -----
Proceeds from mutual fund
shares sold .................. 128,488 277,502 --
Cost of mutual funds sold ....... (118,878) (273,355) --
--------- --------- -----
Realized gain (loss)
on investments ............. 9,610 4,147 --
Change in unrealized gain (loss)
on investments ............... (14,998) (282) --
--------- --------- -----
Net gain (loss) on investments (5,388) 3,865 --
--------- --------- -----
Reinvested capital gains ........ -- 130 --
--------- --------- -----
Net change in contract
owners' equity resulting
from operations ......... (5,483) 3,985 --
--------- --------- -----
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............. 13,769 10,608 --
Transfers between funds ......... (127,407) -- --
Surrenders ...................... -- -- --
Death benefits (note 4) ......... -- -- --
Policy loans (net of repayments)
(note 5) ..................... -- -- --
Deductions for surrender charges
(note 2d) .................... -- -- --
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............ (1,540) (3,382) --
--------- --------- -----
Net equity transactions .... (115,178) 7,226 --
--------- --------- -----
Net change in contract
owners' equity .................. (120,661) 11,211 --
Contract owners' equity
beginning of period ............. 125,894 -- --
--------- --------- -----
Contract owners' equity
end of period ................... $ 5,233 11,211 --
========= ========= =====
ACVPincGr ACVPInt
-------------------------- --------------------------
1999 1998 1997 1999 1998 1997
---------- ----- ----- ---------- ----- -----
<S> <C> <C> <C> <C> <C> <C>
Investment activity:
Reinvested dividends ............ 2 -- -- -- -- --
Mortality and expense charges
(note 3) ..................... (357) -- -- (1,036) -- --
---------- ----- ----- ---------- ----- -----
Net investment activity ...... (355) -- -- (1,036) -- --
---------- ----- ----- ---------- ----- -----
Proceeds from mutual fund
shares sold .................. 2,777 -- -- 92,007 -- --
Cost of mutual funds sold ....... (2,633) -- -- (83,235) -- --
---------- ----- ----- ---------- ----- -----
Realized gain (loss)
on investments ............. 144 -- -- 8,772 -- --
Change in unrealized gain (loss)
on investments ............... 21,761 -- -- 20,463 -- --
---------- ----- ----- ---------- ----- -----
Net gain (loss) on investments 21,905 -- -- 29,235 -- --
---------- ----- ----- ---------- ----- -----
Reinvested capital gains ........ -- -- -- -- -- --
---------- ----- ----- ---------- ----- -----
Net change in contract
owners' equity resulting
from operations ......... 21,550 -- -- 28,199 -- --
---------- ----- ----- ---------- ----- -----
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............. 204,304 -- -- 70,690 -- --
Transfers between funds ......... 42,250 -- -- 1,417,552 -- --
Surrenders ...................... -- -- -- -- -- --
Death benefits (note 4) ......... -- -- -- -- -- --
Policy loans (net of repayments)
(note 5) ..................... -- -- -- -- -- --
Deductions for surrender charges
(note 2d) .................... -- -- -- -- -- --
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............ (2,056) -- -- (2,318) -- --
---------- ----- ----- ---------- ----- -----
Net equity transactions .... 244,498 -- -- 1,485,924 -- --
---------- ----- ----- ---------- ----- -----
Net change in contract
owners' equity .................. 266,048 -- -- 1,514,123 -- --
Contract owners' equity
beginning of period ............. -- -- -- 56,931 -- --
---------- ----- ----- ---------- ----- -----
Contract owners' equity
end of period ................... 266,048 -- -- 1,571,054 -- --
========== ===== ===== ========== ===== =====
</TABLE>
8
<PAGE> 9
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1999, 1998 AND 1997
(UNAUDITED)
<TABLE>
<CAPTION>
ACVPValue
-----------------------------------
1999 1998 1997
----------- ----------- -----
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............ $ 1,140 15 --
Mortality and expense charges
(note 3) ..................... (571) (40) --
----------- ----------- -----
Net investment activity ...... 569 (25) --
----------- ----------- -----
Proceeds from mutual fund
shares sold .................. 135,433 1,319 --
Cost of mutual funds sold ....... (139,805) (1,362) --
----------- ----------- -----
Realized gain (loss)
on investments ............. (4,372) (43) --
Change in unrealized gain (loss)
on investments ............... 5,386 (1,540) --
----------- ----------- -----
Net gain (loss) on investments 1,014 (1,583) --
----------- ----------- -----
Reinvested capital gains ........ 10,801 184 --
----------- ----------- -----
Net change in contract
owners' equity resulting
from operations ......... 12,384 (1,424) --
----------- ----------- -----
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............. 11,847 48,077 --
Transfers between funds ......... 786,005 -- --
Surrenders ...................... -- -- --
Death benefits (note 4) ......... -- -- --
Policy loans (net of repayments)
(note 5) ..................... -- -- --
Deductions for surrender charges
(note 2d) .................... -- -- --
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............ (5,415) (1,967) --
----------- ----------- -----
Net equity transactions .... 792,437 46,110 --
----------- ----------- -----
Net change in contract
owners' equity .................. 804,821 44,686 --
Contract owners' equity
beginning of period ............. 104,008 -- --
----------- ----------- -----
Contract owners' equity
end of period ................... $ 908,829 44,686 --
=========== =========== =====
DrySRGro DryStkIx
----------------------------------- -----------------------------------
1999 1998 1997 1999 1998 1997
----------- ----------- ----- ----------- ----------- -----
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............ -- -- -- 51,999 11,983 --
Mortality and expense charges
(note 3) ..................... (1,289) (10) -- (24,597) (1,462) --
----------- ----------- ----- ----------- ----------- -----
Net investment activity ...... (1,289) (10) -- 27,402 10,521 --
----------- ----------- ----- ----------- ----------- -----
Proceeds from mutual fund
shares sold .................. 269,585 416 -- 1,724,789 28,088 --
Cost of mutual funds sold ....... (220,814) (393) -- (1,493,833) (26,036) --
----------- ----------- ----- ----------- ----------- -----
Realized gain (loss)
on investments ............. 48,771 23 -- 230,956 2,052 --
Change in unrealized gain (loss)
on investments ............... (1,608) 579 -- 643,164 106,364 --
----------- ----------- ----- ----------- ----------- -----
Net gain (loss) on investments 47,163 602 -- 874,120 108,416 --
----------- ----------- ----- ----------- ----------- -----
Reinvested capital gains ........ -- -- -- 40,644 4,632 --
----------- ----------- ----- ----------- ----------- -----
Net change in contract
owners' equity resulting
from operations ......... 45,874 592 -- 942,166 123,569 --
----------- ----------- ----- ----------- ----------- -----
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............. 162,330 11,951 -- 3,019,022 3,021,574 --
Transfers between funds ......... 4,191 -- -- (112,704) -- --
Surrenders ...................... -- -- -- -- -- --
Death benefits (note 4) ......... -- -- -- -- -- --
Policy loans (net of repayments)
(note 5) ..................... -- -- -- -- -- --
Deductions for surrender charges
(note 2d) .................... -- -- -- -- -- --
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............ (12,259) (498) -- (221,493) (33,424) --
----------- ----------- ----- ----------- ----------- -----
Net equity transactions .... 154,262 11,453 -- 2,684,825 2,988,150 --
----------- ----------- ----- ----------- ----------- -----
Net change in contract
owners' equity .................. 200,136 12,045 -- 3,626,991 3,111,719 --
Contract owners' equity
beginning of period ............. 315,050 -- -- 6,790,451 -- --
----------- ----------- ----- ----------- ----------- -----
Contract owners' equity
end of period ................... 515,186 12,045 -- 10,417,442 3,111,719 --
=========== =========== ===== =========== =========== =====
</TABLE>
(Continued)
9
<PAGE> 10
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1999, 1998 AND 1997
(UNAUDITED)
<TABLE>
<CAPTION>
DryCapAp
-------------------------------------
1999 1998 1997
------------ ------------ -----
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............ $ 235 1 --
Mortality and expense charges
(note 3) ..................... (15,496) (1,102) --
------------ ------------ -----
Net investment activity ...... (15,261) (1,101) --
------------ ------------ -----
Proceeds from mutual fund
shares sold .................. 146,331 6,959 --
Cost of mutual funds sold ....... (127,059) (6,727) --
------------ ------------ -----
Realized gain (loss)
on investments ............. 19,272 232 --
Change in unrealized gain (loss)
on investments ............... 348,103 33,752 --
------------ ------------ -----
Net gain (loss) on investments 367,375 33,984 --
------------ ------------ -----
Reinvested capital gains ........ -- 2 --
------------ ------------ -----
Net change in contract
owners' equity resulting
from operations ......... 352,114 32,885 --
------------ ------------ -----
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............. 320,183 1,059,915 --
Transfers between funds ......... 6,306,933 -- --
Surrenders ...................... -- -- --
Death benefits (note 4) ......... -- -- --
Policy loans (net of repayments)
(note 5) ..................... -- -- --
Deductions for surrender charges
(note 2d) .................... -- -- --
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............ (126,185) (6,010) --
------------ ------------ -----
Net equity transactions .... 6,500,931 1,053,905 --
------------ ------------ -----
Net change in contract
owners' equity................... 6,853,045 1,086,790 --
Contract owners' equity
beginning of period ............. 3,270,138 -- --
------------ ------------ -----
Contract owners' equity
end of period ................... $ 10,123,183 1,086,790 --
============ ============ =====
DryGrInc FidVIPEI
------------------------------------- -------------------------------------
1999 1998 1997 1999 1998 1997
------------ ------------ ----- ------------ ------------ -----
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............ 2,017 36 -- 47,473 -- --
Mortality and expense charges
(note 3) ..................... (1,268) (10) -- (9,628) (61) --
------------ ------------ ----- ------------ ------------ -----
Net investment activity ...... 749 26 -- 37,845 (61) --
------------ ------------ ----- ------------ ------------ -----
Proceeds from mutual fund
shares sold .................. 61,414 331 -- 1,290,683 2,202 --
Cost of mutual funds sold ....... (53,121) (325) -- (1,159,477) (2,105) --
------------ ------------ ----- ------------ ------------ -----
Realized gain (loss)
on investments ............. 8,293 6 -- 131,206 97 --
Change in unrealized gain (loss)
on investments ............... 40,913 (391) -- 100,821 502 --
------------ ------------ ----- ------------ ------------ -----
Net gain (loss) on investments 49,206 (385) -- 232,027 599 --
------------ ------------ ----- ------------ ------------ -----
Reinvested capital gains ........ -- 96 -- 104,940 -- --
------------ ------------ ----- ------------ ------------ -----
Net change in contract
owners' equity resulting
from operations ......... 49,955 (263) -- 374,812 538 --
------------ ------------ ----- ------------ ------------ -----
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............. 54,240 11,982 -- 832,824 71,776 --
Transfers between funds ......... 12,457 -- -- (1,165,924) -- --
Surrenders ...................... -- -- -- -- -- --
Death benefits (note 4) ......... -- -- -- -- -- --
Policy loans (net of repayments)
(note 5) ..................... -- -- -- -- -- --
Deductions for surrender charges
(note 2d) .................... -- -- -- -- -- --
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............ (12,833) (494) -- (62,473) (2,974) --
------------ ------------ ----- ------------ ------------ -----
Net equity transactions .... 53,864 11,488 -- (395,573) 68,802 --
------------ ------------ ----- ------------ ------------ -----
Net change in contract
owners' equity .................. 103,819 11,225 -- (20,761) 69,340 --
Contract owners' equity
beginning of period ............. 363,120 -- -- 3,089,994 -- --
------------ ------------ ----- ------------ ------------ -----
Contract owners' equity
end of period ................... 466,939 11,225 -- 3,069,233 69,340 --
============ ============ ===== ============ ============ =====
</TABLE>
10
<PAGE> 11
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1999, 1998 AND 1997
(UNAUDITED)
<TABLE>
<CAPTION>
FidVIPGr
---------------------------------------
1999 1998 1997
---------- ---------- ----------
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............ $ 367 217 249
Mortality and expense charges
(note 3) ..................... (1,163) (23) (204)
---------- ---------- ----------
Net investment activity ...... (796) 194 45
---------- ---------- ----------
Proceeds from mutual fund
shares sold .................. 163,987 15,999 6,559
Cost of mutual funds sold ....... (144,614) (9,731) (4,524)
---------- ---------- ----------
Realized gain (loss)
on investments ............. 19,373 6,268 2,035
Change in unrealized gain (loss)
on investments ............... 5,238 (2,518) 1,716
Net gain (loss) on investments 24,611 3,750 3,751
---------- ---------- ----------
Reinvested capital gains ........ 23,057 5,679 1,112
---------- ---------- ----------
Net change in contract
owners' equity resulting
from operations ......... 46,872 9,623 4,908
---------- ---------- ----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............. 193,718 27,290 2,154
Transfers between funds ......... 120,830 -- --
Surrenders ...................... (13,784) -- (9,009)
Death benefits (note 4) ......... -- -- --
Policy loans (net of repayments)
(note 5) ..................... (2,357) 555 3,812
Deductions for surrender charges
(note 2d) .................... (680) -- (1,079)
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............ (6,237) (2,501) (689)
---------- ---------- ----------
Net equity transactions .... 291,490 25,344 (4,811)
---------- ---------- ----------
Net change in contract
owners' equity .................. 338,362 34,967 97
Contract owners' equity
beginning of period ............. 192,030 42,484 40,328
---------- ---------- ----------
Contract owners' equity
end of period ................... $ 530,392 77,451 40,425
========== ========== ==========
FidVIPHI FidVIPOv
--------------------------------- ---------------------------------
1999 1998 1997 1999 1998 1997
---------- ---------- ----- ---------- ---------- -----
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............ 46,952 -- -- 13,167 -- --
Mortality and expense charges
(note 3) ..................... (1,843) (41) -- (3,113) (218) --
---------- ---------- ----- ---------- ---------- -----
Net investment activity ...... 45,109 (41) -- 10,054 (218) --
---------- ---------- ----- ---------- ---------- -----
Proceeds from mutual fund
shares sold .................. 368,602 1,311 -- 113,388 1,100 --
Cost of mutual funds sold ....... (354,888) (1,275) -- (115,004) (1,024) --
---------- ---------- ----- ---------- ---------- -----
Realized gain (loss)
on investments ............. 13,714 36 -- (1,616) 76 --
Change in unrealized gain (loss)
on investments ............... (19,252) 70 -- 57,242 (45) --
Net gain (loss) on investments (5,538) 106 -- 55,626 31 --
---------- ---------- ----- ---------- ---------- -----
Reinvested capital gains ........ 1,755 -- -- 21,237 -- --
---------- ---------- ----- ---------- ---------- -----
Net change in contract
owners' equity resulting
from operations ......... 41,326 65 -- 86,917 (187) --
---------- ---------- ----- ---------- ---------- -----
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............. 600,469 48,066 -- 142,087 216,018 --
Transfers between funds ......... (44,815) -- -- 287,290 -- --
Surrenders ...................... -- -- -- -- -- --
Death benefits (note 4) ......... -- -- -- -- -- --
Policy loans (net of repayments)
(note 5) ..................... -- -- -- -- -- --
Deductions for surrender charges
(note 2d) .................... -- -- -- -- -- --
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............ (20,663) (1,979) -- (18,612) (2,492) --
---------- ---------- ----- ---------- ---------- -----
Net equity transactions .... 534,991 46,087 -- 410,765 213,526 --
---------- ---------- ----- ---------- ---------- -----
Net change in contract
owners' equity .................. 576,317 46,152 -- 497,682 213,339 --
Contract owners' equity
beginning of period ............. 446,746 -- -- 830,816 -- --
---------- ---------- ----- ---------- ---------- -----
Contract owners' equity
end of period ................... 1,023,063 46,152 -- 1,328,498 213,339 --
========== ========== ===== ========== ========== =====
</TABLE>
(Continued)
11
<PAGE> 12
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1999, 1998 AND 1997
(UNAUDITED)
<TABLE>
<CAPTION>
FidVIPAM
-----------------------------------
1999 1998 1997
----------- ----------- -----
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............ $ 135,270 -- --
Mortality and expense charges
(note 3) ..................... (14,557) (1,744) --
----------- ----------- -----
Net investment activity ...... 120,713 (1,744) --
----------- ----------- -----
Proceeds from mutual fund
shares sold .................. 626,225 6,580 --
Cost of mutual funds sold ....... (629,608) (6,304) --
----------- ----------- -----
Realized gain (loss)
on investments ............. (3,383) 276 --
Change in unrealized gain (loss)
on investments ............... (39,531) 32,238 --
----------- ----------- -----
Net gain (loss) on investments (42,914) 32,514 --
----------- ----------- -----
Reinvested capital gains ........ 171,342 -- --
----------- ----------- -----
Net change in contract
owners' equity resulting
from operations ......... 249,141 30,770 --
----------- ----------- -----
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............. 636,747 1,760,914 --
Transfers between funds ......... 3,019,462 -- --
Surrenders ...................... -- -- --
Death benefits (note 4) ......... -- -- --
Policy loans (net of repayments)
(note 5) ..................... -- -- --
Deductions for surrender charges
(note 2d) .................... -- -- --
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............ (103,859) (10,241) --
----------- ----------- -----
Net equity transactions .... 3,552,350 1,750,673 --
----------- ----------- -----
Net change in contract
owners' equity .................. 3,801,491 1,781,443 --
Contract owners' equity
beginning of period ............. 3,751,508 -- --
----------- ----------- -----
Contract owners' equity
end of period ................... $ 7,552,999 1,781,443 --
=========== =========== =====
FidVIPCon FidVIPGrOP
----------------------------------- -----------------------------------
1999 1998 1997 1999 1998 1997
----------- ----------- ----- ----------- ----------- -----
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............ 1,715 -- -- 19,957 -- --
Mortality and expense charges
(note 3) ..................... (1,229) (70) -- (5,573) (42) --
----------- ----------- ----- ----------- ----------- -----
Net investment activity ...... 486 (70) -- 14,384 (42) --
----------- ----------- ----- ----------- ----------- -----
Proceeds from mutual fund
shares sold .................. 120,519 2,324 -- 1,411,553 1,048 --
Cost of mutual funds sold ....... (101,167) (2,195) -- (1,245,404) (999) --
----------- ----------- ----- ----------- ----------- -----
Realized gain (loss)
on investments ............. 19,352 129 -- 166,149 49 --
Change in unrealized gain (loss)
on investments ............... 9,949 3,737 -- (118,814) 1,441 --
----------- ----------- ----- ----------- ----------- -----
Net gain (loss) on investments 29,301 3,866 -- 47,335 1,490 --
----------- ----------- ----- ----------- ----------- -----
Reinvested capital gains ........ 12,574 -- -- 37,311 -- --
----------- ----------- ----- ----------- ----------- -----
Net change in contract
owners' equity resulting
from operations ......... 42,361 3,796 -- 99,030 1,448 --
----------- ----------- ----- ----------- ----------- -----
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............. 95,003 80,792 -- 156,748 51,712 --
Transfers between funds ......... 13,270 -- -- (682,899) -- --
Surrenders ...................... -- -- -- -- -- --
Death benefits (note 4) ......... -- -- -- -- -- --
Policy loans (net of repayments)
(note 5) ..................... -- -- -- -- -- --
Deductions for surrender charges
(note 2d) .................... -- -- -- -- -- --
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............ (10,399) (3,433) -- (25,165) (1,406) --
----------- ----------- ----- ----------- ----------- -----
Net equity transactions .... 97,874 77,359 -- (551,316) 50,306 --
----------- ----------- ----- ----------- ----------- -----
Net change in contract
owners' equity .................. 140,235 81,155 -- (452,286) 51,754 --
Contract owners' equity
beginning of period ............. 317,448 -- -- 1,712,296 -- --
----------- ----------- ----- ----------- ----------- -----
Contract owners' equity
end of period ................... 457,683 81,155 -- 1,260,010 51,754 --
=========== =========== ===== =========== =========== =====
</TABLE>
12
<PAGE> 13
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1999, 1998 AND 1997
(UNAUDITED)
<TABLE>
<CAPTION>
MSEmMkt
---------------------------------
1999 1998 1997
---------- ---------- -----
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............ $ -- -- --
Mortality and expense charges
(note 3) ..................... (173) (12) --
---------- ---------- -----
Net investment activity ...... (173) (12) --
---------- ---------- -----
Proceeds from mutual fund
shares sold .................. 7,306 5,200 --
Cost of mutual funds sold ....... (11,027) (5,044) --
Realized gain (loss)
on investments ............. (3,721) 156 --
Change in unrealized gain (loss)
on investments ............... 11,179 (901) --
---------- ---------- -----
Net gain (loss) on investments 7,458 (745) --
---------- ---------- -----
Reinvested capital gains ........ -- -- --
Net change in contract
owners' equity resulting
from operations ......... 7,285 (757) --
---------- ---------- -----
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............. 11,988 14,995 --
Transfers between funds ......... 363 -- --
Surrenders ...................... -- -- --
Death benefits (note 4) ......... -- -- --
Policy loans (net of repayments)
(note 5) ..................... -- -- --
Deductions for surrender charges
(note 2d) .................... -- -- --
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............ (1,359) (530) --
---------- ---------- -----
Net equity transactions .... 10,992 14,465 --
---------- ---------- -----
Net change in contract
owners' equity .................. 18,277 13,708 --
Contract owners' equity
beginning of period ............. 44,914 -- --
---------- ---------- -----
Contract owners' equity
end of period ................... $ 63,191 13,708 --
========== ========== =====
NSATCapAp NSATGvtBd
-------------------------------------- --------------------------------------
1999 1998 1997 1999 1998 1997
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............ 6,888 2,696 11 62,525 10,791 406
Mortality and expense charges
(note 3) ..................... (6,910) (1,249) (1) (5,286) (639) (72)
---------- ---------- ---------- ---------- ---------- ----------
Net investment activity ...... (22) 1,447 10 57,239 10,152 334
---------- ---------- ---------- ---------- ---------- ----------
Proceeds from mutual fund
shares sold .................. 1,202,360 8,908 62 365,601 7,480 5,924
Cost of mutual funds sold ....... (1,100,953) (6,868) (36) (365,980) (7,073) (5,538)
Realized gain (loss)
on investments ............. 101,407 2,040 26 (379) 407 386
Change in unrealized gain (loss)
on investments ............... 164,494 41,391 336 (91,641) (2,966) (396)
---------- ---------- ---------- ---------- ---------- ----------
Net gain (loss) on investments 265,901 43,431 362 (92,020) (2,559) (10)
---------- ---------- ---------- ---------- ---------- ----------
Reinvested capital gains ........ -- -- -- -- -- --
Net change in contract
owners' equity resulting
from operations ......... 265,879 44,878 372 (34,781) 7,593 324
---------- ---------- ---------- ---------- ---------- ----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............. 835,529 1,294,708 200 488,015 690,080 2,675
Transfers between funds ......... (672,947) -- -- 1,439,870 -- --
Surrenders ...................... -- -- -- (5,823) -- (8,212)
Death benefits (note 4) ......... -- -- -- -- -- --
Policy loans (net of repayments)
(note 5) ..................... 47 1,173 (6) -- -- 3,693
Deductions for surrender charges
(note 2d) .................... -- -- -- (287) -- (984)
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............ (67,415) (8,406) -- (23,589) (9,108) (1,701)
---------- ---------- ---------- ---------- ---------- ----------
Net equity transactions .... 95,214 1,287,475 194 1,898,186 680,972 (4,529)
---------- ---------- ---------- ---------- ---------- ----------
Net change in contract
owners' equity .................. 361,093 1,332,353 566 1,863,405 688,565 (4,205)
Contract owners' equity
beginning of period ............. 2,255,024 9,058 1,561 1,127,565 14,091 17,425
---------- ---------- ---------- ---------- ---------- ----------
Contract owners' equity
end of period ................... 2,616,117 1,341,411 2,127 2,990,970 702,656 13,220
========== ========== ========== ========== ========== ==========
(Continued)
</TABLE>
13
<PAGE> 14
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1999, 1998 AND 1997
(UNAUDITED)
<TABLE>
<CAPTION>
NSATMyMkt
--------------------------------------------
1999 1998 1997
------------ ------------ ------------
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............ $ 474,926 257,067 272
Mortality and expense charges
(note 3) ..................... (61,888) (25,120) (10)
------------ ------------ ------------
Net investment activity ...... 413,038 231,947 262
------------ ------------ ------------
Proceeds from mutual fund
shares sold .................. 12,663,082 16,216,858 125
Cost of mutual funds sold ....... (12,663,082) (16,216,858) (125)
------------ ------------ ------------
Realized gain (loss)
on investments ............. -- -- --
Change in unrealized gain (loss)
on investments ............... -- -- --
------------ ------------ ------------
Net gain (loss) on investments -- -- --
------------ ------------ ------------
Reinvested capital gains ........ -- -- --
------------ ------------ ------------
Net change in contract
owners' equity resulting
from operations ......... 413,038 231,947 262
------------ ------------ ------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............. 21,026,747 12,859,321 683
Transfers between funds ......... (11,394,661) -- --
Surrenders ...................... (493) -- --
Death benefits (note 4) ......... -- -- --
Policy loans (net of repayments)
(note 5) ..................... -- -- 1,406
Deductions for surrender charges
(note 2d) .................... (24) -- --
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............ (427,728) (410,603) (848)
------------ ------------ ------------
Net equity transactions .... 9,203,841 12,448,718 1,241
------------ ------------ ------------
Net change in contract
owners' equity .................. 9,616,879 12,680,665 1,503
Contract owners' equity
beginning of period ............. 10,472,744 1,125 10,224
------------ ------------ ------------
Contract owners' equity
end of period ................... $ 20,089,623 12,681,790 11,727
============ ============ ============
NSATSmCapV NSATSmCo
----------------------------- -------------------------------------
1999 1998 1997 1999 1998 1997
------------ ----- ----- ------------ ------------ -----
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............ -- -- -- -- -- --
Mortality and expense charges
(note 3) ..................... (354) -- -- (883) (150) --
------------ ----- ----- ------------ ------------ -----
Net investment activity ...... (354) -- -- (883) (150) --
------------ ----- ----- ------------ ------------ -----
Proceeds from mutual fund
shares sold .................. 11,648 -- -- 10,547 1,922 --
Cost of mutual funds sold ....... (12,079) -- -- (10,227) (1,867) --
------------ ----- ----- ------------ ------------ -----
Realized gain (loss)
on investments ............. (431) -- -- 320 55 --
Change in unrealized gain (loss)
on investments ............... 67,226 -- -- 42,104 (7,266) --
------------ ----- ----- ------------ ------------ -----
Net gain (loss) on investments 66,795 -- -- 42,424 (7,211) --
------------ ----- ----- ------------ ------------ -----
Reinvested capital gains ........ -- -- -- -- -- --
------------ ----- ----- ------------ ------------ -----
Net change in contract
owners' equity resulting
from operations ......... 66,441 -- -- 41,541 (7,361) --
------------ ----- ----- ------------ ------------ -----
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............. (17,313) -- -- 34,688 155,193 --
Transfers between funds ......... 919,095 -- -- 418,457 -- --
Surrenders ...................... -- -- -- -- -- --
Death benefits (note 4) ......... -- -- -- -- -- --
Policy loans (net of repayments)
(note 5) ..................... -- -- -- -- -- --
Deductions for surrender charges
(note 2d) .................... -- -- -- -- -- --
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............ (17) -- -- (5,184) (1,957) --
------------ ----- ----- ------------ ------------ -----
Net equity transactions .... 901,765 -- -- 447,961 153,236 --
------------ ----- ----- ------------ ------------ -----
Net change in contract
owners' equity .................. 968,206 -- -- 489,502 145,875 --
Contract owners' equity
beginning of period ............. -- -- -- 208,212 -- --
------------ ----- ----- ------------ ------------ -----
Contract owners' equity
end of period ................... 968,206 -- -- 697,714 145,875 --
============ ===== ===== ============ ============ =====
</TABLE>
14
<PAGE> 15
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1999, 1998 AND 1997
(UNAUDITED)
<TABLE>
<CAPTION>
NSATTotRe
--------------------------------------
1999 1998 1997
---------- ---------- ----------
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............ $ 1,604 443 106
Mortality and expense charges
(note 3) ..................... (984) (159) (40)
---------- ---------- ----------
Net investment activity ...... 620 284 66
---------- ---------- ----------
Proceeds from mutual fund
shares sold .................. 61,665 6,174 468
Cost of mutual funds sold ....... (55,950) (3,417) (333)
---------- ---------- ----------
Realized gain (loss)
on investments ............. 5,715 2,757 135
Change in unrealized gain (loss)
on investments ............... 33,139 2,066 1,952
---------- ---------- ----------
Net gain (loss) on investments 38,854 4,823 2,087
---------- ---------- ----------
Reinvested capital gains ........ 187 -- --
---------- ---------- ----------
Net change in contract
owners' equity resulting
from operations ......... 39,661 5,107 2,153
---------- ---------- ----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............. 135,933 133,803 1,757
Transfers between funds ......... 108,147 -- --
Surrenders ...................... -- -- --
Death benefits (note 4) ......... -- -- --
Policy loans (net of repayments)
(note 5) ..................... 58 1,174 (21)
Deductions for surrender charges
(note 2d) .................... -- -- --
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............ (9,298) (2,997) (1,930)
---------- ---------- ----------
Net equity transactions .... 234,840 131,980 (194)
---------- ---------- ----------
Net change in contract
owners' equity .................. 274,501 137,087 1,959
Contract owners' equity
beginning of period ............. 185,223 20,160 11,458
---------- ---------- ----------
Contract owners' equity
end of period ................... $ 459,724 157,247 13,417
========== ========== ==========
NBAMTBal NBAMTGro
-------------------------------------- ---------------------------------
1999 1998 1997 1999 1998 1997
---------- ---------- ---------- ---------- ---------- -----
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............ 213 -- 175 -- -- --
Mortality and expense charges
(note 3) ..................... (49) (17) (44) (656) (12) --
---------- ---------- ---------- ---------- ---------- -----
Net investment activity ...... 164 (17) 131 (656) (12) --
---------- ---------- ---------- ---------- ---------- -----
Proceeds from mutual fund
shares sold .................. 413 313,569 2,793 59,260 1,125 --
Cost of mutual funds sold ....... (380) (312,999) (2,453) (51,722) (1,137) --
---------- ---------- ---------- ---------- ---------- -----
Realized gain (loss)
on investments ............. 33 570 340 7,538 (12) --
Change in unrealized gain (loss)
on investments ............... (286) 9,823 178 58,034 944 --
---------- ---------- ---------- ---------- ---------- -----
Net gain (loss) on investments (253) 10,393 518 65,572 932 --
---------- ---------- ---------- ---------- ---------- -----
Reinvested capital gains ........ 316 -- 450 6,121 -- --
---------- ---------- ---------- ---------- ---------- -----
Net change in contract
owners' equity resulting
from operations ......... 227 10,376 1,099 71,037 920 --
---------- ---------- ---------- ---------- ---------- -----
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............. 483 (10,008) (15) 31,933 15,427 --
Transfers between funds ......... -- -- -- 1,059,854 -- --
Surrenders ...................... -- -- (5,469) -- -- --
Death benefits (note 4) ......... -- -- -- -- -- --
Policy loans (net of repayments)
(note 5) ..................... 1 -- 3,703 -- -- --
Deductions for surrender charges
(note 2d) .................... -- -- (655) -- -- --
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............ (528) -- (81) (13,954) (1,107) --
---------- ---------- ---------- ---------- ---------- -----
Net equity transactions .... (44) (10,008) (2,517) 1,077,833 14,320 --
---------- ---------- ---------- ---------- ---------- -----
Net change in contract
owners' equity .................. 183 368 (1,418) 1,148,870 15,240 --
Contract owners' equity
beginning of period ............. 12,753 11,803 11,523 87,994 -- --
---------- ---------- ---------- ---------- ---------- -----
Contract owners' equity
end of period ................... 12,936 12,171 10,105 1,236,864 15,240 --
========== ========== ========== ========== ========== =====
</TABLE>
(Continued)
15
<PAGE> 16
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1999, 1998 AND 1997
(UNAUDITED)
<TABLE>
<CAPTION>
NBAMTGuard
---------------------------
1999 1998 1997
---------- ----- -----
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............ $ 11 -- --
Mortality and expense charges
(note 3) ..................... (40) -- --
---------- ----- -----
Net investment activity ...... (29) -- --
---------- ----- -----
Proceeds from mutual fund
shares sold .................. 80,162 -- --
Cost of mutual funds sold ....... (77,429) -- --
---------- ----- -----
Realized gain (loss)
on investments ............. 2,733 -- --
Change in unrealized gain (loss)
on investments ............... -- -- --
Net gain (loss) on investments 2,733 -- --
---------- ----- -----
Reinvested capital gains ........ -- -- --
---------- ----- -----
Net change in contract
owners' equity resulting
from operations ......... 2,704 -- --
---------- ----- -----
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............. 77,379 -- --
Transfers between funds ......... (79,847) -- --
Surrenders ...................... -- -- --
Death benefits (note 4) ......... -- -- --
Policy loans (net of repayments)
(note 5) ..................... -- -- --
Deductions for surrender charges
(note 2d) .................... -- -- --
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............ (236) -- --
---------- ----- -----
Net equity transactions .... (2,704) -- --
---------- ----- -----
Net change in contract
owners' equity .................. -- -- --
Contract owners' equity
beginning of period ............. -- -- --
---------- ----- -----
Contract owners' equity
end of period ................... $ -- --
========== ===== =====
NBAMTLMat NBAMTPart
--------------------------------- ---------------------------------
1999 1998 1997 1999 1998 1997
---------- ---------- ----- ---------- ---------- -----
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............ 131,900 -- -- 35,979 96 --
Mortality and expense charges
(note 3) ..................... (8,666) (983) -- (10,353) (685) --
---------- ---------- ----- ---------- ---------- -----
Net investment activity ...... 123,234 (983) -- 25,626 (589) --
---------- ---------- ----- ---------- ---------- -----
Proceeds from mutual fund
shares sold .................. 139,384 379 -- 2,496,516 8,067 --
Cost of mutual funds sold ....... (140,332) (344) -- (2,339,101) (8,767) --
---------- ---------- ----- ---------- ---------- -----
Realized gain (loss)
on investments ............. (948) 35 -- 157,415 (700) --
Change in unrealized gain (loss)
on investments ............... (126,216) (979) -- 178,528 (24,234) --
Net gain (loss) on investments (127,164) (944) -- 335,943 (24,934) --
---------- ---------- ----- ---------- ---------- -----
Reinvested capital gains ........ -- -- -- 62,571 3,026 --
---------- ---------- ----- ---------- ---------- -----
Net change in contract
owners' equity resulting
from operations ......... (3,930) (1,927) -- 424,140 (22,497) --
---------- ---------- ----- ---------- ---------- -----
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............. 1,250,476 1,914,042 -- 819,219 747,906 --
Transfers between funds ......... 1,183,084 -- -- (1,091,173) -- --
Surrenders ...................... -- -- -- -- -- --
Death benefits (note 4) ......... -- -- -- -- -- --
Policy loans (net of repayments)
(note 5) ..................... -- -- -- -- -- --
Deductions for surrender charges
(note 2d) .................... -- -- -- -- -- --
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............ (80,601) (25,353) -- (40,299) (9,501) --
---------- ---------- ----- ---------- ---------- -----
Net equity transactions .... 2,352,959 1,888,689 -- (312,253) 738,405 --
---------- ---------- ----- ---------- ---------- -----
Net change in contract
owners' equity .................. 2,349,029 1,886,762 -- 111,887 715,908 --
Contract owners' equity
beginning of period ............. 2,021,634 -- -- 3,045,784 -- --
---------- ---------- ----- ---------- ---------- -----
Contract owners' equity
end of period ................... 4,370,663 1,886,762 -- 3,157,671 715,908 --
========== ========== ===== ========== ========== =====
</TABLE>
16
<PAGE> 17
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1999, 1998 AND 1997
(UNAUDITED)
<TABLE>
<CAPTION>
OppBdFd
---------------------------------
1999 1998 1997
---------- ---------- -----
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............ $ 26,045 322 --
Mortality and expense charges
(note 3) ..................... (1,573) (39) --
---------- ---------- -----
Net investment activity ...... 24,472 283 --
---------- ---------- -----
Proceeds from mutual fund
shares sold .................. 106,014 1,301 --
Cost of mutual funds sold ....... (106,207) (1,340) --
---------- ---------- -----
Realized gain (loss)
on investments ............. (193) (39) --
Change in unrealized gain (loss)
on investments ............... (38,440) 205 --
---------- ---------- -----
Net gain (loss) on investments (38,633) 166 --
---------- ---------- -----
Reinvested capital gains ........ 2,501 291 --
---------- ---------- -----
Net change in contract
owners' equity resulting
from operations ......... (11,660) 740 --
---------- ---------- -----
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............. 116,990 45,076 --
Transfers between funds ......... (26,441) -- --
Surrenders ...................... -- -- --
Death benefits (note 4) ......... -- -- --
Policy loans (net of repayments)
(note 5) ..................... -- -- --
Deductions for surrender charges
(note 2d) .................... -- -- --
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............ (17,454) (1,928) --
---------- ---------- -----
Net equity transactions .... 73,095 43,148 --
---------- ---------- -----
Net change in contract
owners' equity ................... 61,435 43,888 --
Contract owners' equity
beginning of period ............. 505,096 -- --
---------- ---------- -----
Contract owners' equity
end of period ................... $ 566,531 43,888 --
========== ========== =====
OppGlSec OppGro
--------------------------------- ---------------------------------
1999 1998 1997 1999 1998 1997
---------- ---------- ----- ---------- ---------- -----
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............ 26,885 307 -- 850 100 --
Mortality and expense charges
(note 3) ..................... (5,938) (25) -- (1,039) (41) --
---------- ---------- ----- ---------- ---------- -----
Net investment activity ...... 20,947 282 -- (189) 59 --
---------- ---------- ----- ---------- ---------- -----
Proceeds from mutual fund
shares sold .................. 2,597,793 530 -- 93,741 7,064 --
Cost of mutual funds sold ....... (2,393,189) (534) -- (77,418) (7,055) --
---------- ---------- ----- ---------- ---------- -----
Realized gain (loss)
on investments ............. 204,604 (4) -- 16,323 9 --
Change in unrealized gain (loss)
on investments ............... (88,135) 78 -- 64,238 923 --
---------- ---------- ----- ---------- ---------- -----
Net gain (loss) on investments 116,469 74 -- 80,561 932 --
---------- ---------- ----- ---------- ---------- -----
Reinvested capital gains ........ 75,339 1,156 -- 9,340 1,201 --
---------- ---------- ----- ---------- ---------- -----
Net change in contract
owners' equity resulting
from operations ......... 212,755 1,512 -- 89,712 2,192 --
---------- ---------- ----- ---------- ---------- -----
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............. 183,714 31,731 -- 143,027 48,196 --
Transfers between funds ......... (2,134,156) -- -- 746,301 -- --
Surrenders ...................... -- -- -- -- -- --
Death benefits (note 4) ......... -- -- -- -- -- --
Policy loans (net of repayments)
(note 5) ..................... -- -- -- -- -- --
Deductions for surrender charges
(note 2d) .................... -- -- -- -- -- --
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............ (25,786) (551) -- (14,477) (2,562) --
---------- ---------- ----- ---------- ---------- -----
Net equity transactions .... (1,976,228) 31,180 -- 874,851 45,634 --
---------- ---------- ----- ---------- ---------- -----
Net change in contract
owners' equity ................... (1,763,473) 32,692 -- 964,563 47,826 --
Contract owners' equity
beginning of period ............. 2,196,097 -- -- 177,775 -- --
---------- ---------- ----- ---------- ---------- -----
Contract owners' equity
end of period ................... 432,624 32,692 -- 1,142,338 47,826 --
========== ========== ===== ========== ========== =====
</TABLE>
(Continued)
17
<PAGE> 18
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1999, 1998 AND 1997
(UNAUDITED)
<TABLE>
<CAPTION>
OppMult
---------------------------------
1999 1998 1997
---------- ---------- -----
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............ $ 8,514 -- --
Mortality and expense charges
(note 3) ..................... (529) (63) --
---------- ---------- -----
Net investment activity ...... 7,985 (63) --
---------- ---------- -----
Proceeds from mutual fund
shares sold .................. 266,415 356 --
Cost of mutual funds sold ....... (268,035) (356) --
---------- ---------- -----
Realized gain (loss)
on investments ............. (1,620) -- --
Change in unrealized gain (loss)
on investments ............... (1,589) 937 --
---------- ---------- -----
Net gain (loss) on investments (3,209) 937 --
---------- ---------- -----
Reinvested capital gains ........ 12,316 -- --
---------- ---------- -----
Net change in contract
owners' equity resulting
from operations ......... 17,092 874 --
---------- ---------- -----
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............. 54,084 66,272 --
Transfers between funds ......... (134,057) -- --
Surrenders ...................... -- -- --
Death benefits (note 4) ......... -- -- --
Policy loans (net of repayments)
(note 5) ..................... -- -- --
Deductions for surrender charges
(note 2d) .................... -- -- --
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............ (5,817) (354) --
---------- ---------- -----
Net equity transactions .... (85,790) 65,918 --
---------- ---------- -----
Net change in contract
owners' equity ................... (68,698) 66,792 --
Contract owners' equity
beginning of period ............. 79,129 -- --
---------- ---------- -----
Contract owners' equity
end of period ................... $ 10,431 66,792 --
========== ========== =====
StOpp2 StDisc2
--------------------------------- ---------------------------
1999 1998 1997 1999 1998 1997
---------- ---------- ----- ---------- ----- -----
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............ -- 9 -- -- -- --
Mortality and expense charges
(note 3) ..................... (9,759) (51) -- -- -- --
---------- ---------- ----- ---------- ----- -----
Net investment activity ...... (9,759) (42) -- -- -- --
---------- ---------- ----- ---------- ----- -----
Proceeds from mutual fund
shares sold .................. 1,140,741 1,741 -- 7,564 -- --
Cost of mutual funds sold ....... (1,055,059) (1,823) -- (7,336) -- --
---------- ---------- ----- ---------- ----- -----
Realized gain (loss)
on investments ............. 85,682 (82) -- 228 -- --
Change in unrealized gain (loss)
on investments ............... 152,612 (2,375) -- (708) -- --
---------- ---------- ----- ---------- ----- -----
Net gain (loss) on investments 238,294 (2,457) -- (480) -- --
---------- ---------- ----- ---------- ----- -----
Reinvested capital gains ........ 398,233 3,397 -- -- -- --
---------- ---------- ----- ---------- ----- -----
Net change in contract
owners' equity resulting
from operations ......... 626,768 898 -- (480) -- --
---------- ---------- ----- ---------- ----- -----
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............. 1,003,132 59,799 -- 3,405 -- --
Transfers between funds ......... (823,887) -- -- (7,577) -- --
Surrenders ...................... -- -- -- -- -- --
Death benefits (note 4) ......... -- -- -- -- -- --
Policy loans (net of repayments)
(note 5) ..................... -- -- -- -- -- --
Deductions for surrender charges
(note 2d) .................... -- -- -- -- -- --
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............ (57,194) (2,521) -- (91) -- --
---------- ---------- ----- ---------- ----- -----
Net equity transactions .... 122,051 57,278 -- (4,263) -- --
---------- ---------- ----- ---------- ----- -----
Net change in contract
owners' equity ................... 748,819 58,176 -- (4,743) -- --
Contract owners' equity
beginning of period ............. 2,852,211 -- -- 4,743 -- --
---------- ---------- ----- ---------- ----- -----
Contract owners' equity
end of period ................... 3,601,030 58,176 -- -- -- --
========== ========== ===== ========== ===== =====
</TABLE>
18
<PAGE> 19
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1999, 1998 AND 1997
(UNAUDITED)
<TABLE>
<CAPTION>
StIntStk2
-------------------------------
1999 1998 1997
--------- --------- -----
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............ $ 303 92 --
Mortality and expense charges
(note 3) ..................... (276) (12) --
--------- --------- -----
Net investment activity ...... 27 80 --
--------- --------- -----
Proceeds from mutual fund
shares sold .................. 3,226 330 --
Cost of mutual funds sold ....... (3,598) (316) --
--------- --------- -----
Realized gain (loss)
on investments ............. (372) 14 --
Change in unrealized gain (loss)
on investments ............... 9,208 (294) --
--------- --------- -----
Net gain (loss) on investments 8,836 (280) --
--------- --------- -----
Reinvested capital gains ........ -- -- --
--------- --------- -----
Net change in contract
owners' equity resulting
from operations ......... 8,863 (200) --
--------- --------- -----
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............. 27,095 15,039 --
Transfers between funds ......... 28,816 -- --
Surrenders ...................... -- -- --
Death benefits (note 4) ......... -- -- --
Policy loans (net of repayments)
(note 5) ..................... -- -- --
Deductions for surrender charges
(note 2d) .................... -- -- --
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............ (2,197) (535) --
--------- --------- -----
Net equity transactions .... 53,714 14,504 --
--------- --------- -----
Net change in contract
owners' equity ................... 62,577 14,304 --
Contract owners' equity
beginning of period ............. 52,394 -- --
--------- --------- -----
Contract owners' equity
end of period ................... $ 114,971 14,304 --
========= ========= =====
VEWrldBd VEWrldEMkt
-------------------------- --------------------------
1999 1998 1997 1999 1998 1997
--------- ----- ----- --------- ----- -----
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............ -- -- -- -- -- --
Mortality and expense charges
(note 3) ..................... (23) -- -- (17) -- --
--------- ----- ----- --------- ----- -----
Net investment activity ...... (23) -- -- (17) -- --
--------- ----- ----- --------- ----- -----
Proceeds from mutual fund
shares sold .................. 121 -- -- -- -- --
Cost of mutual funds sold ....... (126) -- -- -- -- --
--------- ----- ----- --------- ----- -----
Realized gain (loss)
on investments ............. (5) -- -- -- -- --
Change in unrealized gain (loss)
on investments ............... (383) -- -- (2) -- --
--------- ----- ----- --------- ----- -----
Net gain (loss) on investments (388) -- -- (2) -- --
--------- ----- ----- --------- ----- -----
Reinvested capital gains ........ -- -- -- -- -- --
--------- ----- ----- --------- ----- -----
Net change in contract
owners' equity resulting
from operations ......... (411) -- -- (19) -- --
--------- ----- ----- --------- ----- -----
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............. 9,859 -- -- -- -- --
Transfers between funds ......... 3,668 -- -- -- -- --
Surrenders ...................... -- -- -- -- -- --
Death benefits (note 4) ......... -- -- -- -- -- --
Policy loans (net of repayments)
(note 5) ..................... -- -- -- -- -- --
Deductions for surrender charges
(note 2d) .................... -- -- -- -- -- --
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............ (127) -- -- 19 -- --
--------- ----- ----- --------- ----- -----
Net equity transactions .... 13,400 -- -- 19 -- --
--------- ----- ----- --------- ----- -----
Net change in contract
owners' equity ................... 12,989 -- -- -- -- --
Contract owners' equity
beginning of period ............. -- -- -- -- -- --
--------- ----- ----- --------- ----- -----
Contract owners' equity
end of period ................... 12,989 -- -- -- -- --
========= ===== ===== ========= ===== =====
</TABLE>
(Continued)
19
<PAGE> 20
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
Six Month Periods Ended June 30, 1999, 1998 and 1997
(UNAUDITED)
<TABLE>
<CAPTION>
VKMSRESec
-------------------------------
1999 1998 1997
--------- --------- -----
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............ $ 22,119 31 --
Mortality and expense charges
(note 3) ..................... (1,003) (50) --
--------- --------- -----
Net investment activity ...... 21,116 (19) --
--------- --------- -----
Proceeds from mutual fund
shares sold .................. 48,793 1,661 --
Cost of mutual funds sold ....... (52,777) (1,667) --
--------- --------- -----
Realized gain (loss)
on investments ............. (3,984) (6) --
Change in unrealized gain (loss)
on investments ............... 14,791 (1,354) --
--------- --------- -----
Net gain (loss) on investments 10,807 (1,360) --
--------- --------- -----
Reinvested capital gains ........ -- 306 --
--------- --------- -----
Net change in contract
owners' equity resulting
from operations ......... 31,923 (1,073) --
--------- --------- -----
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............. 96,426 60,405 --
Transfers between funds ......... (9,241) -- --
Surrenders ...................... -- -- --
Death benefits (note 4) ......... -- -- --
Policy loans (net of repayments)
(note 5) ..................... -- -- --
Deductions for surrender charges
(note 2d) .................... -- -- --
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............ (9,164) (2,491) --
--------- --------- -----
Net equity transactions .... 78,021 57,914 --
--------- --------- -----
Net change in contract
owners' equity ................... 109,944 56,841 --
Contract owners' equity
beginning of period ............. 259,871 -- --
--------- --------- -----
Contract owners' equity
end of period ................... $ 369,815 56,841 --
========= ========= =====
WPIntEq WPPVenCap
------------------------------- -------------------------------
1999 1998 1997 1999 1998 1997
--------- --------- ----- --------- --------- -----
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............ -- -- -- -- -- --
Mortality and expense charges
(note 3) ..................... (486) (31) -- (213) (10) --
--------- --------- ----- --------- --------- -----
Net investment activity ...... (486) (31) -- (213) (10) --
--------- --------- ----- --------- --------- -----
Proceeds from mutual fund
shares sold .................. 85,852 1,011 -- 23,866 391 --
Cost of mutual funds sold ....... (87,975) (932) -- (22,255) (368) --
--------- --------- ----- --------- --------- -----
Realized gain (loss)
on investments ............. (2,123) 79 -- 1,611 23 --
Change in unrealized gain (loss)
on investments ............... 15,806 (206) -- 6,210 235 --
--------- --------- ----- --------- --------- -----
Net gain (loss) on investments 13,683 (127) -- 7,821 258 --
--------- --------- ----- --------- --------- -----
Reinvested capital gains ........ -- -- -- -- -- --
--------- --------- ----- --------- --------- -----
Net change in contract
owners' equity resulting
from operations ......... 13,197 (158) -- 7,608 248 --
--------- --------- ----- --------- --------- -----
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............. 63,771 35,905 -- 9,468 11,925 --
Transfers between funds ......... 30,499 -- -- (6,895) -- --
Surrenders ...................... -- -- -- -- -- --
Death benefits (note 4) ......... -- -- -- -- -- --
Policy loans (net of repayments)
(note 5) ..................... -- -- -- -- -- --
Deductions for surrender charges
(note 2d) .................... -- -- -- -- -- --
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............ (4,616) (1,517) -- (1,569) (494) --
--------- --------- ----- --------- --------- -----
Net equity transactions .... 89,654 34,388 -- 1,004 11,431 --
--------- --------- ----- --------- --------- -----
Net change in contract
owners' equity ................... 102,851 34,230 -- 8,612 11,679 --
Contract owners' equity
beginning of period ............. 120,520 -- -- 58,599 -- --
--------- --------- ----- --------- --------- -----
Contract owners' equity
end of period ................... 223,371 34,230 -- 67,211 11,679 --
========= ========= ===== ========= ========= =====
</TABLE>
20
<PAGE> 21
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
SIX MONTH PERIODS ENDED JUNE 30, 1999, 1998 and 1997
(UNAUDITED)
<TABLE>
<CAPTION>
WPSmCoGr
------------------------------------
1999 1998 1997
----------- ----------- ------
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............ $ -- -- --
Mortality and expense charges
(note 3) ..................... (5,010) (352) --
----------- ----------- ------
Net investment activity ...... (5,010) (352) --
----------- ----------- ------
Proceeds from mutual fund
shares sold .................. 102,841 1,955 --
Cost of mutual funds sold ....... (108,624) (2,000) --
----------- ----------- ------
Realized gain (loss)
on investments ............. (5,783) (45) --
Change in unrealized gain (loss)
on investments ............... 180,436 (1,496) --
----------- ----------- ------
Net gain (loss) on investments 174,653 (1,541) --
----------- ----------- ------
Reinvested capital gains ........ -- -- --
----------- ----------- ------
Net change in contract
owners' equity resulting
from operations ......... 169,643 (1,893) --
----------- ----------- ------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners .............. 90,689 357,023 --
Transfers between funds ......... 632,769 -- --
Surrenders ...................... -- -- --
Death benefits (note 4) ......... -- -- --
Policy loans (net of repayments)
(note 5) ..................... -- -- --
Deductions for surrender charges
(note 2d) .................... -- -- --
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............ (27,228) (3,661) --
----------- ----------- ------
Net equity transactions .... 696,230 353,362 --
----------- ----------- ------
Net change in contract
owners' equity ................... 865,873 351,469 --
Contract owners' equity
beginning of period ............. 1,516,075 -- --
----------- ----------- ------
Contract owners' equity
end of period ................... $ 2,381,948 351,469 --
=========== =========== ======
</TABLE>
See accompanying notes to financial statements.
21
<PAGE> 22
NATIONWIDE VL SEPARATE ACCOUNT-A
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1999, 1998 AND 1997
(UNAUDITED)
(1) Summary of Significant Accounting Policies
(a) Organization and Nature of Operations
Nationwide VL Separate Account-A (the Account) was established
pursuant to a resolution of the Board of Directors of Nationwide
Life and Annuity Insurance Company (the Company) on August 8, 1984.
The Account has been registered as a unit investment trust under the
Investment Company Act of 1940. On August 21, 1991, the Company
(Depositor) transferred to the Account, 50,000 shares of the
American Century VP - American Century VP Advantage fund for which
the Account was credited with 25,000 accumulation units. The value
of the accumulation units purchased by the Company on August 21,
1991 was $250,000.
The Company offers Single Premium, Multiple Payment, Flexible
Premium and Corporate Flexible Premium Variable Life Insurance
Policies through the Account. The primary distribution for the
contracts is through banks and other financial institutions;
however, other distributors may be utilized.
(b) The Contracts
Only contracts with a front-end sales charge, a contingent deferred
sales charge and certain other fees, have been offered for purchase.
Additionally, contracts without a front-end sales charge, but with a
contingent deferred sales charge and certain other fees, have been
offered for purchase. See note 2 for a discussion of policy charges
and note 3 for asset charges.
Contract owners may invest in the following:
Portfolios of the American Century Variable Portfolios, Inc.
(American Century VP);
American Century VP - American Century VP Advantage (ACVPAdv)
American Century VP - American Century VP Balanced (ACVPBal)
American Century VP - American Century VP Capital Appreciation
(ACVPCapAp)
American Century VP - American Century VP Income & Growth
(ACVPIncGr)
American Century VP - American Century VP International
(ACVPInt)
American Century VP - American Century VP Value (ACVPValue)
The Dreyfus Socially Responsible Growth Fund, Inc. (DrySRGro)
Dreyfus Stock Index Fund (DryStkIx)
Portfolios of the Dreyfus Variable Investment Fund (Dreyfus
VIF);
Dreyfus VIF - Capital Appreciation Portfolio (DryCapAp)
Dreyfus VIF - Growth and Income Portfolio (DryGrInc)
Portfolios of the Fidelity Variable Insurance Products Fund
(Fidelity VIP);
Fidelity VIP - Equity-Income Portfolio (FidVIPEI)
Fidelity VIP - Growth Portfolio (FidVIPGr)
Fidelity VIP - High Income Portfolio (FidVIPHI)
Fidelity VIP - Overseas Portfolio (FidVIPOv)
Portfolios of the Fidelity Variable Insurance Products Fund II
(Fidelity VIP-II);
Fidelity VIP-II - Asset Manager Portfolio (FidVIPAM)
Fidelity VIP-II - Contrafund Portfolio (FidVIPCon)
Portfolios of the Fidelity Variable Insurance Products Fund
III (Fidelity VIP-III);
Fidelity VIP-III - Growth Opportunities Portfolio (FidVIPGrOp)
22
<PAGE> 23
Portfolio of the Morgan Stanley Universal Funds, Inc. (Morgan
Stanley);
Morgan Stanley - Emerging Markets Debt Portfolio (MSEmMkt)
Funds of the Nationwide Separate Account Trust (Nationwide
SAT) (managed for a fee by an affiliated investment advisor);
Nationwide SAT - Capital Appreciation Fund (NSATCapAp)
Nationwide SAT - Government Bond Fund (NSATGvtBd)
Nationwide SAT - Money Market Fund (NSATMyMkt)
Nationwide SAT - Small Cap Value Fund (NSATSmCapV)
Nationwide SAT - Small Company Fund (NSATSmCo)
Nationwide SAT - Total Return Fund (NSATTotRe)
Portfolios of the Neuberger & Berman Advisers Management Trust
(Neuberger & Berman AMT);
Neuberger & Berman AMT - Balanced Portfolio (NBAMTBal)
Neuberger & Berman AMT - Growth Portfolio (NBAMTGro)
Neuberger & Berman AMT - Guardian Portfolio (NBAMTGuard)
Neuberger & Berman AMT - Limited Maturity Bond (NBAMTLMat)
Neuberger & Berman AMT - Partner's Portfolio (NBAMTPart)
Funds of the Oppenheimer Variable Account Funds (Oppenheimer
VAF);
Oppenheimer VAF - Bond Fund (OppBdFd)
Oppenheimer VAF - Global Securities Fund (OppGlSec)
Oppenheimer VAF - Growth Fund (OppGro)
Oppenheimer VAF - Multiple Strategies Fund (OppMult)
Strong Opportunity Fund II, Inc. (StOpp2)
Funds of the Strong Variable Insurance Funds, Inc. (Strong
VIF);
Strong VIF - Strong Discovery Fund II (StDisc2)
Strong VIF - Strong International Stock Fund II (StIntStk2)
Funds of the Van Eck Worldwide Insurance Trust (Van Eck WIT);
Van Eck WIT - Worldwide Bond Fund (VEWrldBd)
Van Eck WIT - Worldwide Emerging Markets Fund (VEWrldEMkt)
Van Eck WIT - Worldwide Hard Assets Fund (VEWrldHAs)
Portfolio of the Van Kampen Life Investment Trust (Van Kampen
LIT);
Van Kampen LIT - Morgan Stanley Real Estate Securities
Portfolio (VKMSRESec)
Portfolios of the Warburg Pincus Trust;
Warburg Pincus Trust - International Equity Portfolio
(WPIntEq)
Warburg Pincus Trust - Post Venture Capital Portfolio
(WPPVenCap)
Warburg Pincus Trust - Small Company Growth Portfolio
(WPSmCoGr)
At June 30, 1999, policy owners have invested in all of the above funds except
for Neuberger & Berman AMT - Guardian Portfolio, Strong VIF - Strong Discovery
Fund II, Van Eck WIT - Worldwide Emerging Markets Fund, and Van Eck WIT -
Worldwide Hard Assets Fund. 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 investment options, the latter being included in the accounts of the
Company.
A contract owner may choose from among a number of different underlying mutual
fund options. The underlying mutual fund options are not available to the
general public directly. The underlying mutual funds are available as investment
options in variable life insurance policies or variable annuity contracts issued
by life insurance companies or, in some cases, through participation in certain
qualified pension or retirement plans.
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<PAGE> 24
Some of the underlying mutual funds have been established by investment
advisers which manage publicly traded mutual funds having similar names
and investment objectives. While some of the underlying mutual funds may
be similar to, and may in fact be modeled after, publicly traded mutual
funds, the underlying mutual funds are not otherwise directly related to
any publicly traded mutual fund. Consequently, the investment
performance of publicly traded mutual funds and any corresponding
underlying mutual funds may differ substantially.
(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, 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
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.
(f) Reclassifications
Certain 1997 amounts have been reclassified to conform with the current
period presentation.
(2) Policy Charges
(a) Deductions from Premiums
For single premium contracts, no deduction is made from any premium at
the time of payment.
On multiple payment contracts and flexible premium contracts, the
Company deducts a sales charge not to exceed 3.5% of each premium
payment. The Company also deducts a state premium tax charge of 2.5% of
all premiums received.
For corporate flexible premium contracts, the Company deducts a sales
charge never to exceed 5.5% during the first seven policy years and 2%
thereafter. The Company also deducts a tax expense charge not to exceed
3.5%.
(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 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 $12.50 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.
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<PAGE> 25
For single premium contracts, the Company deducts an annual
administrative charge which is determined as follows:
Purchase payments totaling less than $25,000 - $90/year
Purchase payments totaling $25,000 or more - $50/year
The above charges are assessed against each contract by liquidating
units.
No charges were deducted from the initial funding, or from the
earnings thereon.
For corporate flexible premium contracts, the Company deducts a monthly
administrative charge of $5 on a current basis and $10 on a guaranteed
basis in all policy years.
(d) Surrender Charges
Policy surrenders result in a redemption of the contract value from the
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 multiple payment contracts and flexible premium contracts, the
amount charged is determined 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,
declining to 0% after the ninth year.
For single premium contracts, the charge is determined based upon a
specified percentage of the original purchase payment. The charge is
8.5% in the first year, and declines to 0% after the ninth year.
For corporate flexible premium contracts, there are no surrender
charges.
(3) Asset Charges
For multiple payment contracts and flexible premium contracts, the
Company deducts charges from the contract to cover mortality and expense
risk charges related to operations, and to recover policy maintenance
charges. The charge is equal to an annual rate of .80%, with certain
exceptions.
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.
The charge is equal to an annual rate of 1.30% during the first ten
policy years, and 1.00% thereafter. At this time no single premium
contracts are in force.
For corporate flexible 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 charges. This charge is
guaranteed not to exceed an annual effective rate of .75%. On a current
basis, the annual rate will be .60% during the first through fourth
policy years, .40% during the fifth through twentieth policy years, and
.25% thereafter.
The above charges are assessed through the daily unit value calculation.
No charges are deducted from the initial funding, or from earnings
thereon.
The following table provides mortality and expense risk charges by
contract type for the period ended June 30, 1999:
<TABLE>
<CAPTION>
TOTAL ACVPAdv ACVPBal ACVPCapAp ACVPIncGr
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Multiple Payment and
Flexible Premium.............. $ 409 24 - - -
Corporate Universal
Variable Life ................ 204,338 - 800 95 357
------------ ------------ ------------ ------------ ------------
Total....................... $ 204,747 24 800 95 357
============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
ACVPInt ACVPValue DrySRGro DryStkIx DryCapAp
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Multiple Payment and
Flexible Premium.............. $ - - - - -
Corporate Universal
Variable Life ................ 1,036 571 1,289 24,597 15,496
------------ ------------ ------------ ------------ ------------
Total....................... $ 1,036 571 1,289 24,597 15,496
============ ============ ============ ============ ============
</TABLE>
25
<PAGE> 26
<TABLE>
<CAPTION>
DryGrInc FidVIPEI FidVIPGr FidVIPHI FidVIPOv
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Multiple Payment and
Flexible Premium.............. $ - - 208 - -
Corporate Universal
Variable Life ................ 1,268 9,628 955 1,843 3,113
------------ ------------ ------------ ------------ ------------
Total....................... $ 1,268 9,628 1,163 1,843 3,113
============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
FidVIPAM FidVIPCon FidVIPGrOp MSEmMkt NSATCapAp
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Multiple Payment and
Flexible Premium.............. $ - - - - 25
Corporate Universal
Variable Life ................ 14,557 1,229 5,573 173 6,885
------------ ------------ ------------ ------------ ------------
Total....................... $ 14,557 1,229 5,573 173 6,910
============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
NSATGvtBd NSATMyMkt NSATSmCapV NSATSmCo NSATTotRe
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Multiple Payment and
Flexible Premium.............. $ 23 4 - - 76
Corporate Universal
Variable Life ................ 5,263 61,884 354 883 908
------------ ------------ ------------ ------------ ------------
Total....................... $ 5,286 61,888 354 883 984
============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
NBAMTBal NBAMTGro NBAMTGuard NBAMTLMat NBAMTPart
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Multiple Payment and
Flexible Premium.............. $ 49 - - - -
Corporate Universal
Variable Life ................ - 656 40 8,666 10,353
------------ ------------ ------------ ------------ ------------
Total....................... $ 49 656 40 8,666 10,353
============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
OppBdFd OppGISec OppGro OppMult StOpp2
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Multiple Payment and
Flexible Premium.............. $ - - - - -
Corporate Universal
Variable Life ................ 1,573 5,938 1,039 529 9,759
------------ ------------ ------------ ------------ ------------
Total....................... $ 1,573 5,938 1,039 529 9,759
============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
StIntStk2 VEWrldEMkt VEWrldBd VKMSRESec WPIntEq
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Multiple Payment and
Flexible Premium.............. $ - - - - -
Corporate Universal
Variable Life ................ 276 17 23 1,003 486
------------ ------------ ------------ ------------ ------------
Total....................... $ 276 17 23 1,003 486
============ ============ ============ ============ ============
</TABLE>
<TABLE>
<CAPTION>
WPPVenCap WPSMCoGr
------------ ------------
<S> <C> <C>
Multiple Payment and
Flexible Premium.............. $ - -
Corporate Universal
Variable Life ................ 213 5,010
------------ ------------
Total....................... $ 213 5,010
============ ============
</TABLE>
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<PAGE> 27
(4) Policy Loans (Net of Repayments)
Contract provisions allow contract owners to borrow up to 90% of a
policy's cash surrender value. On each policy anniversary following the
initial loan, interest is due and payable to the Company.
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.
(5) 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.
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<PAGE> 28
NATIONWIDE LIFE AND ANNUITY INSURANCE COMPANY
HOME OFFICE: ONE NATIONWIDE PLAZA o COLUMBUS, OHIO 43215-2220
Bulk Rate
U.S. Postage
PAID
Columbus, Ohio
Permit No. 521
Nationwide(R) is a registered federal service mark of Nationwide Mutual
Insurance Company
