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Previous: INFINITY MUTUAL FUNDS INC /MD/, 497, 1999-03-09 |
Next: NATIONWIDE VLI SEPARATE ACCOUNT 3, N-30D, 1999-03-09 |
<PAGE> 1
NATIONWIDE(R)
VL SEPARATE ACCOUNT-A
ANNUAL REPORT
TO
CONTRACT OWNERS
DECEMBER 31, 1998
NATIONWIDE LIFE AND ANNUITY INSURANCE COMPANY
HOME OFFICE: COLUMBUS, OHIO
FHL-150-P (12/98)
<PAGE> 2
NATIONWIDE LIFE AND ANNUITY INSURANCE COMPANY
ONE NATIONWIDE PLAZA, COLUMBUS, OHIO 43215-2220
[PHOTO]
PRESIDENT'S MESSAGE
We at Nationwide Life and Annuity Insurance Company are pleased to bring
you the 1998 annual report of the Nationwide VL Separate Account-A.
Equity markets again defied the odds in 1998 to tally a fourth straight
year of double-digit gains, as measured by the major indices. This surprise
came following the breathtaking correction during the third quarter that
gave us a broad double-digit retreat. Fixed income investments also
provided respectable returns in 1998, supported by the continued low
inflationary environment and favorable Federal Reserve actions.
The performance of the American economy continues strong into 1999.
However, we believe the persisting slump in Asia and recent difficulties in
Latin America will inevitably take their toll and dampen growth in the
United States. This moderation, we think, will be healthy for our economy
and get us back to a more sustainable growth level. We look for interest
rates to continue within the range of the recent past, and we expect
inflation to remain subdued. Moreover, we remain optimistic about long-term
prospects for U.S. business activity; holders of financial assets should
continue to profit from the anticipated favorable investment climate.
We are pleased you have chosen our Company to provide the investment
products and services to help you meet your retirement savings and
financial planning goals.
/s/Joseph J. Gasper
---------------------------
Joseph J. Gasper, President
February 16, 1999
3
<PAGE> 3
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY
December 31, 1998
<TABLE>
<CAPTION>
ASSETS:
Investments at market value:
American Century VP - American Century VP Advantage (ACVPAdv)
<S> <C> <C>
73,117 shares (cost $387,261).................................... $ 507,433
American Century VP - American Century VP Balanced (ACVPBal)
26,320 shares (cost $203,864).................................... 219,511
American Century VP - American Century VP Capital Appreciation (ACVPCapAp)
13,980 shares (cost $110,839).................................... 126,097
American Century VP - American Century VP International (ACVPInt)
7,480 shares (cost $51,409) .................................... 56,995
American Century VP - American Century VP Value (ACVPValue)
15,487 shares (cost $102,922).................................... 104,229
The Dreyfus Socially Responsible Growth Fund, Inc. (DrySRGro)
10,150 shares (cost $278,532).................................... 315,458
Dreyfus Stock Index Fund (DryStkIx)
209,328 shares (cost $6,031,508)................................. 6,807,347
Dreyfus VIF - Capital Appreciation Portfolio (DryCapAp)
90,733 shares (cost $2,925,226).................................. 3,276,382
Dreyfus VIF - Growth and Income Portfolio (DryGrInc)
16,078 shares (cost $327,055).................................... 363,854
Fidelity VIP - Equity-Income Portfolio (FidVIPEI)
121,794 shares (cost $2,805,332)................................. 3,096,002
Fidelity VIP - Growth Portfolio (FidVIPGr)
4,482 shares (cost $168,986)..................................... 201,125
Fidelity VIP - High Income Portfolio (FidVIPHI)
38,853 shares (cost $426,465).................................... 447,974
Fidelity VIP - Overseas Portfolio (FidVIPOv)
41,510 shares (cost $788,922).................................... 832,268
Fidelity VIP-II - Asset Manager Portfolio (FidVIPAM)
207,022 shares (cost $3,464,350)................................. 3,759,520
Fidelity VIP-II - Contrafund Portfolio (FidVIPCon)
13,011 shares (cost $273,524).................................... 317,999
Fidelity VIP-III - Growth Opportunities Portfolio (FidVIPGrOp)
74,997 shares (cost $1,498,855).................................. 1,715,939
Morgan Stanley - Emerging Markets Debt Portfolio (MSEmMkt)
7,377 shares (cost $56,335)...................................... 44,998
Nationwide SAT - Capital Appreciation Fund (NSATCapAp)
85,026 shares (cost $2,057,893).................................. 2,260,835
</TABLE>
4
<PAGE> 4
<TABLE>
<CAPTION>
Nationwide SAT - Government Bond Fund (NSATGvtBd)
<S> <C> <C>
96,946 shares (cost $1,132,377).................................... 1,133,300
Nationwide SAT - Money Market Fund (NSATMyMkt)
10,498,485 shares (cost $10,498,485)............................... 10,498,485
Nationwide SAT - Small Company Fund (NSATSmCo)
13,038 shares (cost $195,477)...................................... 208,733
Nationwide SAT - Total Return Fund (NSATTotRe)
10,090 shares (cost $176,901)...................................... 185,661
Neuberger & Berman AMT - Balanced Portfolio (NBAMTBal)
146,708 shares (cost $1,989,653)................................... 2,027,510
Neuberger & Berman AMT - Growth Portfolio (NBAMTGro)
3,368 shares (cost $73,987)........................................ 88,555
Neuberger & Berman AMT - Limited Maturity Bond (NBAMTLMat)
781 shares (cost $12,086).......................................... 12,753
Neuberger & Berman AMT - Partner's Portfolio (NBAMTPart)
161,275 shares (cost $2,902,761)................................... 3,052,927
Oppenheimer VAF - Bond Fund (OppBdFd)
41,079 shares (cost $497,916)...................................... 506,090
Oppenheimer VAF - Global Securities Fund (OppGlSec)
99,716 shares (cost $2,076,362).................................... 2,200,742
Oppenheimer VAF - Growth Fund (OppGro)
4,856 shares (cost $154,641)....................................... 178,073
Oppenheimer VAF - Multiple Stategies Fund (OppMult)
4,654 shares (cost $77,151)........................................ 79,352
Strong Opportunity Fund II, Inc. (StOpp2)
131,567 shares (cost $2,583,131)................................... 2,857,641
Strong VIF - Strong Discovery Fund II (StDisc2)
373 shares (cost $4,038)........................................... 4,746
Strong VIF - Strong International Stock Fund II (StIntStk2)
5,979 shares (cost $54,708)........................................ 52,492
Van Kampen American Capital LIT -
Morgan Stanley Real Estate Securities Portfolio (VKMSRESec)
18,923 shares (cost $261,385)...................................... 260,376
Warburg Pincus Trust - International Equity Portfolio (WPIntEq)
10,988 shares (cost $122,174)...................................... 120,758
Warburg Pincus Trust - Post Venture Capital Portfolio (WPPVenCap)
4,982 shares (cost $52,489)........................................ 58,691
Warburg Pincus Trust - Small Company Growth Portfolio (WPSmCoGr)
94,847 shares (cost $1,339,482).................................... 1,518,505
---------
Total assets.................................................... 49,499,356
Accounts payable............................................................ 122,302
---------
Contract owners' equity..................................................... $ 49,377,054
===========
</TABLE>
5
<PAGE> 5
<TABLE>
<CAPTION>
Annual
Contract owners' equity represented by: Units Unit Value Return*
------ ---------- -------
Multiple Payment Contracts and Flexible Premium Contracts:
<S> <C> <C> <C> <C>
American Century - Advantage........................ 486 $ 18.492009 $ 8,987 16%
American Century - Advantage
Initial Funding by Depositor (note 1a)............ 25,000 19.938436 498,461 17%
Fidelity VIP - Growth Portfolio..................... 1,569 33.916141 53,214 38%
Nationwide SAT - Capital Appreciation Fund.......... 158 31.669989 5,004 29%
Nationwide SAT - Government Bond Fund............... 664 18.081576 12,006 8%
Nationwide SAT - Money Market Fund.................. 78 13.319323 1,039 4%
Nationwide SAT - Total Return Fund.................. 499 33.070880 16,502 17%
Neuberger & Berman - Balanced Portfolio............. 613 20.803745 12,753 11%
Corporate Variable Universal Life Contracts:
(policy years 1 through 4):
American Century Portfolios, Inc. - Balanced........ 18,820 11.626919 218,819 15%
American Century Portfolios, Inc. -
Capital Appreciation.............................. 14,644 8.596963 125,894 (3)%
American Century Portfolios, Inc. -
International..................................... 4,839 11.765055 56,931 18%
American Century Portfolios, Inc. - Value........... 9,728 10.691622 104,008 4%
The Dreyfus Socially Responsible
Growth Fund, Inc.................................. 24,028 13.111780 315,050 29%
Dreyfus - Stock Index Fund.......................... 509,049 13.339484 6,790,451 27%
Dreyfus - Capital Appreciation Portfolio............ 245,320 13.330093 3,270,138 29%
Dreyfus - Growth and Income Portfolio............... 32,602 11.137968 363,120 11%
Fidelity VIP - Equity-Income Portfolio.............. 267,408 11.555353 3,089,994 11%
Fidelity VIP - Growth Portfolio..................... 9,901 14.020364 138,816 39%
Fidelity VIP - High Income Portfolio................ 45,265 9.869575 446,746 (5)%
Fidelity VIP - Overseas Portfolio................... 76,632 10.841633 830,816 12%
Fidelity VIP-II - Asset Manager Portfolio........... 318,265 11.787372 3,751,508 14%
Fidelity VIP-II - Contrafund Portfolio.............. 24,074 13.186342 317,448 29%
Fidelity VIP-III -
Growth Opportunities Portfolio.................... 131,097 13.061294 1,712,296 24%
</TABLE>
6
<PAGE> 6
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Morgan Stanley -
Emerging Markets Debt Portfolio................... 6,562 6.844561 44,914 (29)%
Nationwide SAT - Capital Appreciation Fund........ 165,868 13.565122 2,250,020 29%
Nationwide SAT - Government Bond Fund............. 98,753 11.296453 1,115,559 8%
Nationwide SAT - Money Market Fund................ 985,202 10.628993 10,471,705 5%
Nationwide SAT - Small Company Fund............... 20,994 9.917667 208,212 0%
Nationwide SAT - Total Return Fund................ 13,948 12.096435 168,721 17%
Neuberger & Berman - Growth Portfolio............. 7,607 11.567509 87,994 15%
Neuberger & Berman -
Limited Maturity Bond Portfolio................. 191,330 10.566217 2,021,634 4%
Neuberger & Berman - Partners Portfolio........... 288,166 10.569546 3,045,784 4%
Oppenheimer - Bond Fund........................... 45,668 11.060180 505,096 6%
Oppenheimer - Global Securities Fund.............. 190,998 11.498009 2,196,097 13%
Oppenheimer - Growth Fund......................... 14,424 12.324954 177,775 23%
Oppenheimer - Multiple Strategies Fund............ 7,326 10.801052 79,129 6%
Strong - Opportunity Fund II...................... 249,437 11.434594 2,852,211 13%
Strong VIP - Strong Discovery Fund II............. 465 10.200413 4,743 7%
Strong VIP - International Stock Fund II.......... 6,409 8.175124 52,394 (5)%
Van Kampen American Capital LIT
Real Estate Securities Fund..................... 27,181 9.560744 259,871 (12)%
Warburg Pincus Trust International
Equity Portfolio................................ 13,041 9.241653 120,520 5%
Warburg Pincus Trust Post Venture
Capital Portfolio............................... 5,675 10.325823 58,599 6%
Warburg Pincus Trust Small Company
Growth Portfolio................................ 154,150 9.835063 1,516,075 (3)%
======= ======== ---------
$ 49,377,054
==========
</TABLE>
* The annual return does not include contract charges satisfied by surrendering
units.
See accompanying notes to financial statements.
7
<PAGE> 7
<TABLE>
<CAPTION>
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
YEARS ENDED DECEMBER 31, 1998, 1997, 1996
TOTAL ACVPADV
--------------------------------------------- ----------------------------------------------
1998 1997 1996 1998 1997 1996
------------- ------------- ------------- ------------- ------------- --------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........ $ 646,514 8,040 10,646 9,771 5,992 8,663
Mortality and expense charges
(note 3)................... (151,794) (795) (722) (71) (645) (587)
-------------- -------------- -------------- -------------- ------------- --------------
Net investment activity.... 494,720 7,245 9,924 9,700 5,347 8,076
-------------- -------------- -------------- -------------- ------------- --------------
Proceeds from mutual fund
shares sold................ 35,415,399 33,699 16,003 1,525 377 -
Cost of mutual funds sold.... (35,903,585) (28,831) (14,209) (1,311) (315) -
-------------- -------------- -------------- -------------- ------------- --------------
Realized gain (loss)
on investments........... (488,186) 4,868 1,794 214 62 -
Change in unrealized gain (loss)
on investments............. 3,222,056 29,307 8,266 27,703 22,147 7,086
-------------- -------------- -------------- -------------- ------------- --------------
Net gain (loss) on investments 2,733,870 34,175 10,060 27,917 22,209 7,086
-------------- -------------- -------------- -------------- ------------- --------------
Reinvested capital gains..... 149,622 23,407 21,139 36,765 21,011 16,600
-------------- -------------- -------------- -------------- ------------- --------------
Net change in contract
owners' equity resulting
from operations........ 3,378,212 64,827 41,123 74,382 48,567 31,762
-------------- -------------- -------------- -------------- ------------- --------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners............ 47,374,274 14,070 24,097 1,158 2,047 2,411
Transfers between funds...... - - - - - -
Surrenders................... (18,421) (23,075) (6,042) - - (6)
Death benefits (note 4)...... (25,069) - - - - -
Policy loans (net of repayments)
(note 5)................... (9,541) 13,620 3,498 - - -
Deductions for surrender charges
(note 2d).................. - (4,334) - - - -
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c).......... (1,853,909) (8,935) (12,114) (1,563) - -
-------------- -------------- -------------- -------------- ------------- --------------
Net equity transactions.. 45,467,334 (8,654) 9,439 (405) 2,047 2,405
-------------- -------------- -------------- -------------- ------------- --------------
NET CHANGE IN CONTRACT
OWNERS' EQUITY............... 48,845,546 56,173 50,562 73,977 50,614 34,167
CONTRACT OWNERS' EQUITY BEGINNING
531,508 475,335 424,773 433,471 382,857 348,690
CONTRACT OWNERS' EQUITY -------------- -------------- -------------- -------------- ------------- --------------
END OF PERIOD................ $ 49,377,054 531,508 475,335 507,448 433,471 382,857
============== ============== ============== ============== ============= ==============
<CAPTION>
ACVPBAL
-----------------------------------------------
1998 1997 1996
-------------- -------------- --------------
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........ $ - - -
Mortality and expense charges
(note 3)................... (923) - -
-------------- -------------- --------------
Net investment activity.... (923) - -
-------------- -------------- --------------
Proceeds from mutual fund
shares sold................ 96,716 - -
Cost of mutual funds sold.... (93,298) - -
-------------- -------------- --------------
Realized gain (loss)
on investments........... 3,418 - -
Change in unrealized gain (loss)
on investments............. 15,647 - -
-------------- -------------- --------------
Net gain (loss) on investments 19,065 - -
-------------- -------------- --------------
Reinvested capital gains..... - - -
-------------- -------------- --------------
Net change in contract
owners' equity resulting
from operations........ 18,142 - -
-------------- -------------- --------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners............ 267,848 - -
Transfers between funds...... (55,648) - -
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).......... (11,523) - -
-------------- -------------- --------------
Net equity transactions.. 200,677 - -
-------------- -------------- --------------
NET CHANGE IN CONTRACT
OWNERS' EQUITY............... 218,819 - -
CONTRACT OWNERS' EQUITY BEGINNING
OF PERIOD.................... - - -
CONTRACT OWNERS' EQUITY -------------- -------------- --------------
END OF PERIOD................ $ 218,819 - -
============== ============== ==============
</TABLE>
8
<PAGE> 8
<TABLE>
<CAPTION>
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
YEARS ENDED DECEMBER 31, 1998, 1997, 1996
ACVPCAPAP ACVPINT
--------------------------------------------- ----------------------------------------------
1998 1997 1996 1998 1997 1996
------------- ------------- ------------- ------------- ------------- --------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........ $ - - - - - -
Mortality and expense charges
(note 3)................... (422) - - (134) - -
-------------- -------------- -------------- -------------- ------------- --------------
Net investment activity.... (422) - - (134) - -
-------------- -------------- -------------- -------------- ------------- --------------
Proceeds from mutual fund
shares sold................ 279,714 - - 126,140 - -
Cost of mutual funds sold.... (276,016) - - (131,696) - -
-------------- -------------- -------------- -------------- ------------- --------------
Realized gain (loss)
on investments........... 3,698 - - (5,556) - -
Change in unrealized gain (loss)
on investments............. 15,258 - - 5,586 - -
-------------- -------------- -------------- -------------- ------------- --------------
Net gain (loss) on investments 18,956 - - 30 - -
-------------- -------------- -------------- -------------- ------------- --------------
Reinvested capital gains..... 130 - - - - -
-------------- -------------- -------------- -------------- ------------- --------------
Net change in contract
owners' equity resulting
from operations........ 18,664 - - (104) - -
-------------- -------------- -------------- -------------- ------------- --------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners............ 336,228 - - 24,566 - -
Transfers between funds...... (223,889) - - 34,693 - -
Surrenders................... - - - - - -
Death benefits (note 4)...... - - - (550) - -
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).......... (5,109) - - (1,674) - -
-------------- -------------- -------------- -------------- ------------- --------------
Net equity transactions.. 107,230 - - 57,035 - -
-------------- -------------- -------------- -------------- ------------- --------------
NET CHANGE IN CONTRACT
OWNERS' EQUITY............... 125,894 - - 56,931 - -
CONTRACT OWNERS' EQUITY BEGINNING
OF PERIOD.................... - - - - - -
CONTRACT OWNERS' EQUITY -------------- -------------- -------------- -------------- ------------- --------------
END OF PERIOD................ $ 125,894 - - 56,931 - -
============== ============== ============== ============== ============= ==============
<CAPTION>
ACVPVALUE
----------------------------------------------
1998 1997 1996
-------------- -------------- --------------
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........ $ 16 - -
Mortality and expense charges
(note 3)................... (294) - -
-------------- -------------- --------------
Net investment activity.... (278) - -
-------------- -------------- --------------
Proceeds from mutual fund
shares sold................ 6,438 - -
Cost of mutual funds sold.... (7,114) - -
-------------- -------------- --------------
Realized gain (loss)
on investments........... (676) - -
Change in unrealized gain (loss)
on investments............. 1,306 - -
-------------- -------------- --------------
Net gain (loss) on investments 630 - -
-------------- -------------- --------------
Reinvested capital gains..... 184 - -
-------------- -------------- --------------
Net change in contract
owners' equity resulting
from operations........ 536 - -
-------------- -------------- --------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners............ 114,633 - -
Transfers between funds...... (6,576) - -
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).......... (4,585) - -
-------------- -------------- --------------
Net equity transactions.. 103,472 - -
-------------- -------------- --------------
NET CHANGE IN CONTRACT
OWNERS' EQUITY............... 104,008 - -
CONTRACT OWNERS' EQUITY BEGINNING
OF PERIOD.................... - - -
CONTRACT OWNERS' EQUITY -------------- -------------- --------------
END OF PERIOD................ $
104,008 - -
============== ============== ==============
(Continued)
</TABLE>
9
<PAGE> 9
<TABLE>
<CAPTION>
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
YEARS ENDED DECEMBER 31, 1998, 1997, 1996
DRYSRGRO DRYSTKIX
---------------------------------------------- -----------------------------------------------
1998 1997 1996 1998 1997 1996
-------------- ------------- ------------- ------------- ------------- --------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........ $ 484 - - 50,776 - -
Mortality and expense charges
(note 3)................... (754) - - (18,196) - -
-------------- -------------- -------------- -------------- ------------- --------------
Net investment activity.... (270) - - 32,580 - -
-------------- -------------- -------------- -------------- ------------- --------------
Proceeds from mutual fund
shares sold................ 6,526 - - 435,823 - -
Cost of mutual funds sold.... (6,519) - - (441,804) - -
-------------- -------------- -------------- -------------- ------------- --------------
Realized gain (loss)
on investments........... 7 - - (5,981) - -
Change in unrealized gain (loss)
on investments............. 36,926 - - 775,840 - -
-------------- -------------- -------------- -------------- ------------- --------------
Net gain (loss) on investments 36,933 - - 769,859 - -
-------------- -------------- -------------- -------------- ------------- --------------
Reinvested capital gains..... 10,865 - - 9,613 - -
-------------- -------------- -------------- -------------- ------------- --------------
Net change in contract
owners' equity resulting
from operations........ 47,528 - - 812,052 - -
-------------- -------------- -------------- -------------- ------------- --------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners............ 179,953 - - 2,697,202 - -
Transfers between funds...... 98,530 - - 3,507,438 - -
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).......... (10,961) - - (226,241) - -
-------------- -------------- -------------- -------------- ------------- --------------
Net equity transactions.. 267,522 - - 5,978,399 - -
-------------- -------------- -------------- -------------- ------------- --------------
NET CHANGE IN CONTRACT
OWNERS' EQUITY............... 315,050 - - 6,790,451 - -
CONTRACT OWNERS' EQUITY BEGINNING
OF PERIOD.................... - - - - - -
CONTRACT OWNERS' EQUITY -------------- -------------- -------------- -------------- ------------- --------------
END OF PERIOD................ $ 315,050 - - 6,790,451 - -
============== ============== ============== ============== ============= ==============
<CAPTION>
DRYCAPAP
---------------------------------------------
1998 1997 1996
------------- -------------- --------------
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........ 17,678 - -
Mortality and expense charges
(note 3)................... (8,408) - -
------------- -------------- --------------
Net investment activity.... 9,270 - -
------------- -------------- --------------
Proceeds from mutual fund
shares sold................ 56,858 - -
Cost of mutual funds sold.... (58,027) - -
------------- -------------- --------------
Realized gain (loss)
on investments........... (1,169) - -
Change in unrealized gain (loss)
on investments............. 351,157 - -
-------------- -------------- --------------
Net gain (loss) on investments 349,988 - -
------------- -------------- --------------
Reinvested capital gains..... 2 - -
------------- -------------- --------------
Net change in contract
owners' equity resulting
from operations........ 359,260 - -
------------- -------------- --------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners............ 1,389,597 - -
Transfers between funds...... 1,576,343 - -
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).......... (55,062) - -
-------------- -------------- --------------
Net equity transactions.. 2,910,878 - -
-------------- -------------- --------------
NET CHANGE IN CONTRACT
OWNERS' EQUITY............... 3,270,138 - -
CONTRACT OWNERS' EQUITY BEGINNING
OF PERIOD................... - - -
CONTRACT OWNERS' EQUITY -------------- -------------- --------------
END OF PERIOD................ $ 3,270,138 - -
============== ============== ==============
</TABLE>
10
<PAGE> 10
<TABLE>
<CAPTION>
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
YEARS ENDED DECEMBER 31, 1998, 1997, 1996
DRYGRINC FIDVIPEI
--------------------------------------------- ---------------------------------------------
1998 1997 1996 1998 1997 1996
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........ $ 1,650 - - - - -
Mortality and expense charges
(note 3)................... (866) - - (7,345) - -
-------------- -------------- -------------- -------------- ------------- --------------
Net investment activity.... 784 - - (7,345) - -
-------------- -------------- -------------- -------------- ------------- --------------
Proceeds from mutual fund
shares sold................ 5,500 - - 873,277 - -
Cost of mutual funds sold.... (6,178) - - (900,730) - -
-------------- -------------- -------------- -------------- ------------- --------------
Realized gain (loss)
on investments........... (678) - - (27,453) - -
Change in unrealized gain (loss)
on investments............. 36,799 - - 290,670 - -
-------------- -------------- -------------- -------------- ------------- --------------
Net gain (loss) on investments 36,121 - - 263,217 - -
-------------- -------------- -------------- -------------- ------------- --------------
Reinvested capital gains..... 96 - - - - -
-------------- -------------- -------------- -------------- ------------- --------------
Net change in contract
owners' equity resulting
from operations........ 37,001 - - 255,872 - -
-------------- -------------- -------------- -------------- ------------- --------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners............ 339,972 - - 1,561,165 - -
Transfers between funds...... (1,551) - - 1,354,321 - -
Surrenders................... - - - - - -
Death benefits (note 4)...... - - - (3,754) - -
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).......... (12,302) - - (77,610) - -
-------------- -------------- -------------- -------------- ------------- --------------
Net equity transactions.. 326,119 - - 2,834,122 - -
-------------- -------------- -------------- -------------- ------------- --------------
NET CHANGE IN CONTRACT
OWNERS' EQUITY............... 363,120 - - 3,089,994 - -
CONTRACT OWNERS' EQUITY BEGINNING
OF PERIOD..................... - - - - - -
CONTRACT OWNERS' EQUITY -------------- -------------- -------------- -------------- ------------- --------------
END OF PERIOD................ $ 363,120 - - 3,089,994 - -
============== ============== ============== ============== ============= ==============
<CAPTION>
FIDVIPGR
----------------------------------------------
1998 1997 1996
-------------- -------------- --------------
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........ $ 217 249 97
Mortality and expense charges
(note 3)................... (827) (65) (60)
-------------- -------------- --------------
Net investment activity.... (610) 184 37
-------------- -------------- --------------
Proceeds from mutual fund
shares sold................ 40,958 9,806 4,688
Cost of mutual funds sold.... (28,248) (6,287) (3,562)
-------------- -------------- --------------
Realized gain (loss)
on investments........... 12,710 3,519 1,126
Change in unrealized gain (loss)
on investments............. 18,980 3,665 1,552
-------------- -------------- --------------
Net gain (loss) on investments 31,690 7,184 2,678
-------------- -------------- --------------
Reinvested capital gains..... 5,679 1,112 2,450
-------------- -------------- --------------
Net change in contract
owners' equity resulting
from operations........ 36,759 8,480 5,165
-------------- -------------- --------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners............ 90,635 3,392 5,481
Transfers between funds...... 31,354 (117) -
Surrenders................... - (10,177) (2,960)
Death benefits (note 4)...... - - -
Policy loans (net of repayments)
(note 5)................... 546 3,798 (724)
Deductions for surrender charges
(note 2d).................. - (1,911) -
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c).......... (9,764) (1,302) (1,828)
-------------- -------------- --------------
Net equity transactions.. 112,771 (6,317) (31)
-------------- -------------- --------------
NET CHANGE IN CONTRACT
OWNERS' EQUITY............... 149,530 2,163 5,134
CONTRACT OWNERS' EQUITY BEGINNING
OF PERIOD..................... 42,500 40,337 35,203
CONTRACT OWNERS' EQUITY -------------- -------------- --------------
END OF PERIOD................ $ 192,030 42,500 40,337
============== ============== ==============
</TABLE>
(Continued)
11
<PAGE> 11
<TABLE>
<CAPTION>
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
YEARS ENDED DECEMBER 31, 1998, 1997, 1996
FIDVIPHI FIDVIPOV
--------------------------------------------- ----------------------------------------------
1998 1997 1996 1998 1997 1996
-------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........ $ - - - - - -
Mortality and expense charges
(note 3)................... (1,101) - - (2,118) - -
-------------- -------------- -------------- -------------- ------------- --------------
Net investment activity.... (1,101) - - (2,118) - -
-------------- -------------- -------------- -------------- ------------- --------------
Proceeds from mutual fund
shares sold................ 1,614,239 - - 8,873 - -
Cost of mutual funds sold.... (1,742,660) - - (9,390) - -
-------------- -------------- -------------- -------------- ------------- --------------
Realized gain (loss)
on investments........... (128,421) - - (517) - -
Change in unrealized gain (loss)
on investments............. 21,509 - - 43,345 - -
-------------- -------------- -------------- -------------- ------------- --------------
Net gain (loss) on investments (106,912) - - 42,828 - -
-------------- -------------- -------------- -------------- ------------- --------------
Reinvested capital gains..... - - - - - -
-------------- -------------- -------------- -------------- ------------- --------------
Net change in contract
owners' equity resulting
from operations........ (108,013) - - 40,710 - -
-------------- -------------- -------------- -------------- ------------- --------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners............ 371,525 - - 555,121 - -
Transfers between funds...... 209,922 - - 249,878 - -
Surrenders................... - - - - - -
Death benefits (note 4)...... (3,869) - - - - -
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).......... (22,819) - - (14,893) - -
-------------- -------------- -------------- -------------- ------------- --------------
Net equity transactions.. 554,759 - - 790,106 - -
-------------- -------------- -------------- -------------- ------------- --------------
NET CHANGE IN CONTRACT
OWNERS' EQUITY............... 446,746 - - 830,816 - -
CONTRACT OWNERS' EQUITY BEGINNING
OF PERIOD.................... - - - - - -
CONTRACT OWNERS' EQUITY -------------- -------------- -------------- -------------- ------------- --------------
END OF PERIOD................ $ 446,746 - - 830,816 - -
============== ============== ============== ============== ============= ==============
<CAPTION>
FIDVIPAM
---------------------------------------------
1998 1997 1996
------------- ------------- -------------
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........ $ - - -
Mortality and expense charges
(note 3)................... (9,891) - -
-------------- -------------- --------------
Net investment activity.... (9,891) - -
-------------- -------------- --------------
Proceeds from mutual fund
shares sold................ 163,186 - -
Cost of mutual funds sold.... (167,191) - -
-------------- -------------- --------------
Realized gain (loss)
on investments........... (4,005) - -
Change in unrealized gain (loss)
on investments............. 295,169 - -
-------------- -------------- --------------
Net gain (loss) on investments 291,164 - -
-------------- -------------- --------------
Reinvested capital gains..... - - -
-------------- -------------- --------------
Net change in contract
owners' equity resulting
from operations........ 281,273 - -
-------------- -------------- --------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners............ 1,469,777 - -
Transfers between funds...... 2,083,152 - -
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).......... (82,694) - -
-------------- -------------- --------------
Net equity transactions.. 3,470,235 - -
-------------- -------------- --------------
NET CHANGE IN CONTRACT
OWNERS' EQUITY............... 3,751,508 - -
CONTRACT OWNERS' EQUITY BEGINNING
OF PERIOD.................... - - -
CONTRACT OWNERS' EQUITY -------------- -------------- --------------
END OF PERIOD................ $ 3,751,508 - -
============== ============== ==============
</TABLE>
12
<PAGE> 12
<TABLE>
<CAPTION>
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
YEARS ENDED DECEMBER 31, 1998, 1997, 1996
FIDVIPCON FIDVIPGROP
--------------------------------------------- ----------------------------------------------
1998 1997 1996 1998 1997 1996
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........ $ - - - - - -
Mortality and expense charges
(note 3)................... (834) - - (4,084) - -
-------------- -------------- -------------- -------------- ------------- --------------
Net investment activity.... (834) - - (4,084) - -
-------------- -------------- -------------- -------------- ------------- --------------
Proceeds from mutual fund
shares sold................ 11,580 - - 8,736 - -
Cost of mutual funds sold.... (11,300) - - (8,768) - -
-------------- -------------- -------------- -------------- ------------- --------------
Realized gain (loss)
on investments........... 280 - - (32) - -
Change in unrealized gain (loss)
on investments............. 44,475 - - 217,085 - -
-------------- -------------- -------------- -------------- ------------- --------------
Net gain (loss) on investments 44,755 - - 217,053 - -
-------------- -------------- -------------- -------------- ------------- --------------
Reinvested capital gains..... - - - - - -
-------------- -------------- -------------- -------------- ------------- --------------
Net change in contract
owners' equity resulting
from operations........ 43,921 - - 212,969 - -
-------------- -------------- -------------- -------------- ------------- --------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners............ 227,675 - - 496,204 - -
Transfers between funds...... 54,742 - - 1,030,094 - -
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).......... (8,890) - - (26,971) - -
-------------- -------------- -------------- -------------- ------------- --------------
Net equity transactions.. 273,527 - - 1,499,327 - -
-------------- -------------- -------------- -------------- ------------- --------------
NET CHANGE IN CONTRACT
OWNERS' EQUITY............... 317,448 - - 1,712,296 - -
CONTRACT OWNERS' EQUITY BEGINNING
OF PERIOD.................... - - - - - -
CONTRACT OWNERS' EQUITY -------------- -------------- -------------- -------------- ------------- --------------
END OF PERIOD................ $ 317,448 - - 1,712,296 - -
============== ============== ============== ============== ============= ==============
<CAPTION>
MSEMMKT
---------------------------------------------
1998 1997 1996
------------- -------------- --------------
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........ 4,872 - -
Mortality and expense charges
(note 3)................... (120) - -
------------- -------------- --------------
Net investment activity.... 4,752 - -
------------- -------------- --------------
Proceeds from mutual fund
shares sold................ 6,713 - -
Cost of mutual funds sold.... (7,026) - -
------------- -------------- --------------
Realized gain (loss)
on investments........... (313) - -
Change in unrealized gain (loss)
on investments............. (11,337) - -
------------- -------------- --------------
Net gain (loss) on investments (11,650) - -
------------- -------------- --------------
Reinvested capital gains..... - - -
------------- -------------- --------------
Net change in contract
owners' equity resulting
from operations........ (6,898) - -
------------- -------------- --------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners............ 56,550 - -
Transfers between funds...... (2,968) - -
Surrenders................... - - -
Death benefits (note 4)...... - - -
Policy loans (net of repayments)
(note 5)................... - - -
Deductions for surrender charge
(note 2d).................. - - -
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c).......... (1,770) - -
------------- -------------- --------------
Net equity transactions.. 51,812 - -
------------- -------------- --------------
NET CHANGE IN CONTRACT
OWNERS' EQUITY............... 44,914 - -
CONTRACT OWNERS' EQUITY BEGINNING
OF PERIOD.................... - - -
CONTRACT OWNERS' EQUITY ------------- -------------- --------------
END OF PERIOD................ $ 44,914 - -
============== ============== ==============
</TABLE>
(Continued)
13
<PAGE> 13
<TABLE>
<CAPTION>
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
YEARS ENDED DECEMBER 31, 1998, 1997, 1996
NSATCAPAP NSATGVTBD
---------------------------------------------- ----------------------------------------------
1998 1997 1996 1998 1997 1996
-------------- -------------- -------------- ------------- ------------- --------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........ $ 9,739 37 21 37,511 827 991
Mortality and expense charges
(note 3)................... (6,021) (8) (2) (3,182) (25) (26)
-------------- -------------- -------------- -------------- ------------- --------------
Net investment activity.... 3,718 29 19 34,329 802 965
-------------- -------------- -------------- -------------- ------------- --------------
Proceeds from mutual fund
shares sold................ 212,711 97 194 1,076,570 7,321 1,316
Cost of mutual funds sold.... (219,787) (55) (138) (1,071,059) (6,800) (1,277)
-------------- -------------- -------------- -------------- ------------- --------------
Realized gain (loss)
on investments........... (7,076) 42 56 5,511 521 39
Change in unrealized gain (loss)
on investments............. 202,050 472 205 433 (59) (447)
-------------- -------------- -------------- -------------- ------------- --------------
Net gain (loss) on investments 194,974 514 261 5,944 462 (408)
-------------- -------------- -------------- -------------- ------------- --------------
Reinvested capital gains..... 62,464 192 45 5,369 - -
-------------- -------------- -------------- -------------- ------------- --------------
Net change in contract
owners' equity resulting
from operations........ 261,156 735 325 45,642 1,264 557
-------------- -------------- -------------- -------------- ------------- --------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners............ 378,599 181 224 437,723 2,913 6,917
Transfers between funds...... 1,683,884 6,557 - 685,162 (592) -
Surrenders................... - - (7) - (7,742) (31)
Death benefits (note 4)...... - - - (4,142) - -
Policy loans (net of repayments)
(note 5)................... (5,169) 38 (162) - 3,686 (67)
Deductions for surrender charges
(note 2d).................. - - - - (1,454) -
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c).......... (72,485) - - (50,895) (1,414) (4,512)
-------------- -------------- -------------- -------------- ------------- --------------
Net equity transactions.. 1,984,829 6,776 55 1,067,848 (4,603) 2,307
-------------- -------------- -------------- -------------- ------------- --------------
NET CHANGE IN CONTRACT
OWNERS' EQUITY............... 2,245,985 7,511 380 1,113,490 (3,339) 2,864
CONTRACT OWNERS' EQUITY BEGINNING
OF PERIOD.................... 9,039 1,528 1,148 14,075 17,414 14,550
CONTRACT OWNERS' EQUITY -------------- -------------- -------------- -------------- ------------- --------------
END OF PERIOD................ $ 2,255,024 9,039 1,528 1,127,565 14,075 17,414
============== ============== ============== ============== ============= ==============
<CAPTION>
NSATMYMKT
----------------------------------------------
1998 1997 1996
-------------- -------------- --------------
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........ $ 504,998 547 374
Mortality and expense charges
(note 3)................... (51,084) (9) (10)
-------------- -------------- --------------
Net investment activity.... 453,914 538 364
-------------- -------------- --------------
Proceeds from mutual fund
shares sold................ 26,194,791 11,959 4,261
Cost of mutual funds sold.... (26,194,791) (11,959) (4,261)
-------------- -------------- --------------
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........ 453,914 538 364
-------------- -------------- --------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners............ 31,739,658 482 4,753
Transfers between funds...... (20,876,682) (10,338) -
Surrenders................... (18,421) - -
Death benefits (note 4)...... - - -
Policy loans (net of repayments)
(note 5)................... - 2,385 4,827
Deductions for surrender charges
(note 2d).................. - - -
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c).......... (826,847) (2,144) (1,666)
-------------- -------------- --------------
Net equity transactions.. 10,017,708 (9,615) 7,914
-------------- -------------- --------------
NET CHANGE IN CONTRACT
OWNERS' EQUITY............... 10,471,622 (9,077) 8,278
CONTRACT OWNERS' EQUITY BEGINNING
OF PERIOD.................... 1,122 10,199 1,921
CONTRACT OWNERS' EQUITY -------------- -------------- --------------
END OF PERIOD................ $ 10,472,744 1,122 10,199
============== ============== ==============
</TABLE>
14
<PAGE> 14
<TABLE>
<CAPTION>
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
YEARS ENDED DECEMBER 31, 1998, 1997, 1996
NSATSMCO NSATTOTRE
--------------------------------------------- ----------------------------------------------
1998 1997 1996 1998 1997 1996
------------- ------------- ------------- ------------- ------------- --------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........ $ - - - 1,289 213 210
Mortality and expense charges
(note 3)................... (667) - - (663) (25) (18)
-------------- -------------- -------------- -------------- ------------- --------------
Net investment activity.... (667) - - 626 188 192
-------------- -------------- -------------- -------------- ------------- --------------
Proceeds from mutual fund
shares sold................ 541,453 - - 899,768 955 2,697
Cost of mutual funds sold.... (577,428) - - (917,792) (635) (2,201)
-------------- -------------- -------------- -------------- ------------- --------------
Realized gain (loss)
on investments........... (35,975) - - (18,024) 320 496
Change in unrealized gain (loss)
on investments............. 13,257 - - 4,285 2,249 1,047
-------------- -------------- -------------- -------------- ------------- --------------
Net gain (loss) on investments (22,718) - - (13,739) 2,569 1,543
-------------- -------------- -------------- -------------- ------------- --------------
Reinvested capital gains..... - - - 7,210 642 431
-------------- -------------- -------------- -------------- ------------- --------------
Net change in contract
owners' equity resulting
from operations........ (23,385) - - (5,903) 3,399 2,166
-------------- -------------- -------------- -------------- ------------- --------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners............ 64,219 - - 53,247 3,373 3,930
Transfers between funds...... 179,980 - - 140,892 5,847 -
Surrenders................... - - - - - (1,618)
Death benefits (note 4)...... (2,309) - - (3,805) - -
Policy loans (net of repayments)
(note 5)................... - - - (4,918) 10 (92)
Deductions for surrender charges
(note 2d).................. - - - - - -
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c).......... (10,293) - - (14,505) (3,914) (3,947)
-------------- -------------- -------------- -------------- ------------- --------------
Net equity transactions.. 231,597 - - 170,911 5,316 (1,727)
-------------- -------------- -------------- -------------- ------------- --------------
NET CHANGE IN CONTRACT
OWNERS' EQUITY............... 208,212 - - 165,008 8,715 439
CONTRACT OWNERS' EQUITY BEGINNING
OF PERIOD.................... - - - 20,215 11,500 11,061
CONTRACT OWNERS' EQUITY -------------- -------------- -------------- -------------- ------------- --------------
END OF PERIOD................ $ 208,212 - - 185,223 20,215 11,500
============== ============== ============== ============== ============= ==============
<CAPTION>
NBAMTBAL
----------------------------------------------
1998 1997 1996
-------------- -------------- --------------
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........ $ 266 175 290
Mortality and expense charges
(note 3)................... (101) (18) (19)
-------------- -------------- --------------
Net investment activity.... 165 157 271
-------------- -------------- --------------
Proceeds from mutual fund
shares sold................ 746 3,184 2,847
Cost of mutual funds sold.... (705) (2,780) (2,770)
-------------- -------------- --------------
Realized gain (loss)
on investments........... 41 404 77
Change in unrealized gain (loss)
on investments............. (667) 833 (1,177)
-------------- -------------- --------------
Net gain (loss) on investments (626) 1,237 (1,100)
-------------- -------------- --------------
Reinvested capital gains..... 1,868 450 1,613
-------------- -------------- --------------
Net change in contract
owners' equity resulting
from operations........ 1,407 1,844 784
-------------- -------------- --------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners............ 962 1,682 381
Transfers between funds...... - (1,357) -
Surrenders................... - (5,156) (1,420)
Death benefits (note 4)...... - - -
Policy loans (net of repayments)
(note 5)................... - 3,703 (284)
Deductions for surrender charges
(note 2d).................. - (969) -
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c).......... (702) (161) (161)
-------------- -------------- --------------
Net equity transactions.. 260 (2,258) (1,484)
-------------- -------------- --------------
NET CHANGE IN CONTRACT
OWNERS' EQUITY............... 1,667 (414) (700)
CONTRACT OWNERS' EQUITY BEGINNING
OF PERIOD.................... 11,086 11,500 12,200
CONTRACT OWNERS' EQUITY -------------- -------------- --------------
END OF PERIOD................ $ 12,753 11,086 11,500
============== ============== ==============
</TABLE>
(Continued)
15
<PAGE> 15
<TABLE>
<CAPTION>
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
YEARS ENDED DECEMBER 31, 1998, 1997, 1996
NBAMTGRO NBAMTLMAT
--------------------------------------------- ---------------------------------------------
1998 1997 1996 1998 1997 1996
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........ $ - - - - - -
Mortality and expense charges
(note 3)................... (213) - - (6,625) - -
-------------- -------------- -------------- -------------- ------------- --------------
Net investment activity.... (213) - - (6,625) - -
-------------- -------------- -------------- -------------- ------------- --------------
Proceeds from mutual fund
shares sold................ 451,671 - - 600,881 - -
Cost of mutual funds sold.... (589,586) - - (594,456) - -
-------------- -------------- -------------- -------------- ------------- --------------
Realized gain (loss)
on investments........... (137,915) - - 6,425 - -
Change in unrealized gain (loss)
on investments............. 14,568 - - 37,857 - -
-------------- -------------- -------------- -------------- ------------- --------------
Net gain (loss) on investments (123,347) - - 44,282 - -
-------------- -------------- -------------- -------------- ------------- --------------
Reinvested capital gains..... - - - - - -
-------------- -------------- -------------- -------------- ------------- --------------
Net change in contract
owners' equity resulting
from operations........ (123,560) - - 37,657 - -
-------------- -------------- -------------- -------------- ------------- --------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners............ 179,067 - - 1,297,068 - -
Transfers between funds...... 39,299 - - 777,381 - -
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).......... (6,812) - - (90,472) - -
-------------- -------------- -------------- -------------- ------------- --------------
Net equity transactions.. 211,554 - - 1,983,977 - -
-------------- -------------- -------------- -------------- ------------- --------------
NET CHANGE IN CONTRACT
OWNERS' EQUITY............... 87,994 - - 2,021,634 - -
CONTRACT OWNERS' EQUITY BEGINNING
OF PERIOD.................... - - - - - -
CONTRACT OWNERS' EQUITY -------------- -------------- -------------- -------------- ------------- --------------
END OF PERIOD................ $ 87,994 - - 2,021,634 - -
============== ============== ============== ============== ============= ==============
<CAPTION>
NBAMTPART
----------------------------------------------
1998 1997 1996
-------------- -------------- --------------
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........ $ 96 - -
Mortality and expense charges
(note 3)................... (7,845) - -
-------------- -------------- --------------
Net investment activity.... (7,749) - -
-------------- -------------- --------------
Proceeds from mutual fund
shares sold................ 502,461 - -
Cost of mutual funds sold.... (576,869) - -
-------------- -------------- --------------
Realized gain (loss)
on investments........... (74,408) - -
Change in unrealized gain (loss)
on investments............. 150,166 - -
-------------- -------------- --------------
Net gain (loss) on investment 75,758 - -
-------------- -------------- --------------
Reinvested capital gains..... 3,026 - -
-------------- -------------- --------------
Net change in contract
owners' equity resulting
from operations........ 71,035 - -
-------------- -------------- --------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners............ 167,059 - -
Transfers between funds...... 2,868,038 - -
Surrenders................... - - -
Death benefits (note 4)...... (1,910) - -
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).......... (58,438) --
-------------- -------------- --------------
Net equity transactions.. 2,974,749 --
-------------- -------------- --------------
NET CHANGE IN CONTRACT
OWNERS' EQUITY............... 3,045,784 --
CONTRACT OWNERS' EQUITY BEGINNING
OF PERIOD.................... - --
CONTRACT OWNERS' EQUITY -------------- -------------- --------------
END OF PERIOD................ $ 3,045,784 --
============== ============== ==============
</TABLE>
16
<PAGE> 16
<TABLE>
<CAPTION>
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
YEARS ENDED DECEMBER 31, 1998, 1997, 1996
OPPBDFD OPPGLSEC
--------------------------------------------- ---------------------------------------------
1998 1997 1996 1998 1997 1996
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........ $ 322 - - 307 - -
Mortality and expense charges
(note 3)................... (1,236) - - (5,205) - -
-------------- -------------- -------------- -------------- ------------- --------------
Net investment activity.... (914) - - (4,898) - -
-------------- -------------- -------------- -------------- ------------- --------------
Proceeds from mutual fund
shares sold................ 9,221 - - 6,335 - -
Cost of mutual funds sold.... (9,205) - - (7,203) - -
-------------- -------------- -------------- -------------- ------------- --------------
Realized gain (loss)
on investments........... 16 - - (868) - -
Change in unrealized gain (loss)
on investments............. 8,173 - - 124,381 - -
-------------- -------------- -------------- -------------- ------------- --------------
Net gain (loss) on investments 8,189 - - 123,513 - -
-------------- -------------- -------------- -------------- ------------- --------------
Reinvested capital gains..... 291 - - 1,156 - -
-------------- -------------- -------------- -------------- ------------- --------------
Net change in contract
owners' equity resulting
from operations........ 7,566 - - 119,771 - -
-------------- -------------- -------------- -------------- ------------- --------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners............ 478,200 - - 735 - -
Transfers between funds...... 37,657 - - 2,090,084 - -
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).......... (18,327) - - (14,493) - -
-------------- -------------- -------------- -------------- ------------- --------------
Net equity transactions.. 497,530 - - 2,076,326 - -
-------------- -------------- -------------- -------------- ------------- --------------
NET CHANGE IN CONTRACT
OWNERS' EQUITY............... 505,096 - - 2,196,097 - -
CONTRACT OWNERS' EQUITY BEGINNING
OF PERIOD.................... - - - - - -
CONTRACT OWNERS' EQUITY -------------- -------------- -------------- -------------- ------------- --------------
END OF PERIOD................ $ 505,096 - - 2,196,097 - -
============== ============== ============== ============== ============= ==============
<CAPTION>
OPPGRO
---------------------------------------------
1998 1997 1996
------------- ------------- -------------
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........ $ 100 - -
Mortality and expense charges
(note 3)................... (463) - -
-------------- -------------- --------------
Net investment activity.... (363) - -
-------------- -------------- --------------
Proceeds from mutual fund
shares sold................ 11,617 - -
Cost of mutual funds sold.... (12,143) - -
-------------- -------------- --------------
Realized gain (loss)
on investments........... (526) - -
Change in unrealized gain (loss)
on investments............. 23,432 - -
-------------- -------------- --------------
Net gain (loss) on investments 22,906 - -
-------------- -------------- --------------
Reinvested capital gains..... 1,201 - -
-------------- -------------- --------------
Net change in contract
owners' equity resulting
from operations........ 23,744 - -
-------------- -------------- --------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners............ 132,607 - -
Transfers between funds...... 29,263 - -
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).......... (7,839) - -
-------------- -------------- --------------
Net equity transactions.. 154,031 - -
-------------- -------------- --------------
NET CHANGE IN CONTRACT
OWNERS' EQUITY............... 177,775 - -
CONTRACT OWNERS' EQUITY BEGINNING
OF PERIOD.................... - - -
CONTRACT OWNERS' EQUITY -------------- -------------- --------------
END OF PERIOD................ $ 177,775 - -
============== ============== ==============
</TABLE>
(Continued)
17
<PAGE> 17
<TABLE>
<CAPTION>
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
YEARS ENDED DECEMBER 31, 1998, 1997, 1996
OPPMULT STOPP2
--------------------------------------------- ---------------------------------------------
1998 1997 1996 1998 1997 1996
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........ $ - - - 5,700 - -
Mortality and expense charges
(note 3)................... (219) - - (6,774) - -
-------------- -------------- -------------- -------------- ------------- --------------
Net investment activity.... (219) - - (1,074) - -
-------------- -------------- -------------- -------------- ------------- --------------
Proceeds from mutual fund
shares sold................ 10,181 - - 20,340 - -
Cost of mutual funds sold.... (10,741) - - (24,221) - -
-------------- -------------- -------------- -------------- ------------- --------------
Realized gain (loss)
on investments........... (560) - - (3,881) - -
Change in unrealized gain (loss)
on investments............. 2,201 - - 274,510 - -
-------------- -------------- -------------- -------------- ------------- --------------
Net gain (loss) on investments 1,641 - - 270,629 - -
-------------- -------------- -------------- -------------- ------------- --------------
Reinvested capital gains..... - - - 3,397 - -
-------------- -------------- -------------- -------------- ------------- --------------
Net change in contract
owners' equity resulting
from operations........ 1,422 - - 272,952 - -
-------------- -------------- -------------- -------------- ------------- --------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners............ 11,946 - - 867,064 - -
Transfers between funds...... 68,612 - - 1,764,409 - -
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).......... (2,851) - - (52,214) - -
-------------- -------------- -------------- -------------- ------------- --------------
Net equity transactions.. 77,707 - - 2,579,259 - -
-------------- -------------- -------------- -------------- ------------- --------------
NET CHANGE IN CONTRACT
OWNERS' EQUITY............... 79,129 - - 2,852,211 - -
CONTRACT OWNERS' EQUITY BEGINNING
OF PERIOD.................... - - - - - -
-------------- -------------- -------------- -------------- ------------- --------------
CONTRACT OWNERS' EQUITY
END OF PERIOD................ $ 79,129 - - 2,852,211 - -
============== ============== ============== ============== ============= ==============
<CAPTION>
STDISC2
----------------------------------------------
1998 1997 1996
-------------- -------------- --------------
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........ $ - - -
Mortality and expense charges
(note 3)................... (11) - -
-------------- -------------- --------------
Net investment activity.... (11) - -
-------------- -------------- --------------
Proceeds from mutual fund
shares sold................ 96 - -
Cost of mutual funds sold.... (92) - -
-------------- -------------- --------------
Realized gain (loss)
on investments........... 4 - -
Change in unrealized gain (loss)
on investments............. 708 - -
-------------- -------------- --------------
Net gain (loss) on investments 712 - -
-------------- -------------- --------------
Reinvested capital gains..... - - -
-------------- -------------- --------------
Net change in contract
owners' equity resulting
from operations........ 701 - -
-------------- -------------- --------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners............ 3,013 - -
Transfers between funds...... 1,244 - -
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).......... (215) - -
-------------- -------------- --------------
Net equity transactions.. 4,042 - -
-------------- -------------- --------------
NET CHANGE IN CONTRACT
OWNERS' EQUITY............... 4,743 - -
CONTRACT OWNERS' EQUITY BEGINNING
OF PERIOD.................... - - -
-------------- -------------- --------------
CONTRACT OWNERS' EQUITY
END OF PERIOD................ $ 4,743 - -
============== ============== ==============
</TABLE>
18
<PAGE> 18
<TABLE>
<CAPTION>
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
YEARS ENDED DECEMBER 31, 1998, 1997, 1996
STINTSTK2 VWBF
--------------------------------------------- ----------------------------------------------
1998 1997 1996 1998 1997 1996
-------------- -------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........ $ 94 - - - - -
Mortality and expense charges
(note 3)................... (138) - - - - -
-------------- -------------- -------------- -------------- ------------- --------------
Net investment activity.... (44) - - - - -
-------------- -------------- -------------- -------------- ------------- --------------
Proceeds from mutual fund
shares sold................ 2,255 - - 635,332 - -
Cost of mutual funds sold.... (2,481) - - (637,007) - -
-------------- -------------- -------------- -------------- ------------- --------------
Realized gain (loss)
on investments........... (226) - - (1,675) - -
Change in unrealized gain (loss)
on investments............. (2,215) - - - - -
-------------- -------------- -------------- -------------- ------------- --------------
Net gain (loss) on investments (2,441) - - (1,675) - -
-------------- -------------- -------------- -------------- ------------- --------------
Reinvested capital gains..... - - - - - -
-------------- -------------- -------------- -------------- ------------- --------------
Net change in contract
owners' equity resulting
from operations........ (2,485) - - (1,675) - -
-------------- -------------- -------------- -------------- ------------- --------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners............ 58,646 - - 2,790 - -
Transfers between funds...... (1,770) - - 5,627 - -
Surrenders................... - - - - - -
Death benefits (note 4)...... - - - (2,734) - -
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).......... (1,997) - - (4,008) - -
-------------- -------------- -------------- -------------- ------------- --------------
Net equity transactions.. 54,879 - - 1,675 - -
-------------- -------------- -------------- -------------- ------------- --------------
NET CHANGE IN CONTRACT
OWNERS' EQUITY............... 52,394 - - - - -
CONTRACT OWNERS' EQUITY BEGINNING
OF PERIOD.................... - - - - - -
-------------- -------------- -------------- -------------- ------------- --------------
CONTRACT OWNERS' EQUITY
END OF PERIOD................ $ 52,394 - - - - -
============== ============== ============== ============== ============= ==============
<CAPTION>
VWEM
----------------------------------------------
1998 1997 1996
-------------- -------------- --------------
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........ $ - - -
Mortality and expense charges
(note 3)................... - - -
-------------- -------------- --------------
Net investment activity.... - - -
-------------- -------------- --------------
Proceeds from mutual fund
shares sold................ 214,660 - -
Cost of mutual funds sold.... (233,229) - -
-------------- -------------- --------------
Realized gain (loss)
on investments........... (18,569) - -
Change in unrealized gain (loss)
on investments............. - - -
-------------- -------------- --------------
Net gain (loss) on investments (18,569) - -
-------------- -------------- --------------
Reinvested capital gains..... - - -
-------------- -------------- --------------
Net change in contract
owners' equity resulting
from operations........ (18,569) - -
-------------- -------------- --------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners............ 849 - -
Transfers between funds...... 25,876 - -
Surrenders................... - - -
Death benefits (note 4)...... (889) - -
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).......... (7,267) - -
-------------- -------------- --------------
Net equity transactions.. 18,569 - -
-------------- -------------- --------------
NET CHANGE IN CONTRACT
OWNERS' EQUITY............... - - -
CONTRACT OWNERS' EQUITY BEGINNING
OF PERIOD.................... - - -
-------------- -------------- --------------
CONTRACT OWNERS' EQUITY
END OF PERIOD................ $ - - -
============== ============== ==============
</TABLE>
(Continued)
19
<PAGE> 19
<TABLE>
<CAPTION>
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
YEARS ENDED DECEMBER 31, 1998, 1997, 1996
VKACRESEC WPINTEQ
---------------------------------------------- ---------------------------------------------
1998 1997 1996 1998 1997 1996
-------------- -------------- -------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........ $ 31 - - 597 - -
Mortality and expense charges
(note 3)................... (673) - - (322) - -
-------------- -------------- -------------- -------------- ------------- --------------
Net investment activity.... (642) - - 275 - -
-------------- -------------- -------------- -------------- ------------- --------------
Proceeds from mutual fund
shares sold................ 9,973 - - 6,992 - -
Cost of mutual funds sold.... (11,122) - - (7,479) - -
-------------- -------------- -------------- -------------- ------------- --------------
Realized gain (loss)
on investments........... (1,149) - - (487) - -
Change in unrealized gain (loss)
on investments............. (1,009) - - (1,416) - -
-------------- -------------- -------------- -------------- ------------- --------------
Net gain (loss) on investments (2,158) - - (1,903) - -
-------------- -------------- -------------- -------------- ------------- --------------
Reinvested capital gains..... 306 - - - - -
-------------- -------------- -------------- -------------- ------------- --------------
Net change in contract
owners' equity resulting
from operations........ (2,494) - - (1,628) - -
-------------- -------------- -------------- -------------- ------------- --------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners............ 274,090 - - 133,214 - -
Transfers between funds...... (1,813) - - (6,311) - -
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).......... (9,912) - - (4,755) - -
-------------- -------------- -------------- -------------- ------------- --------------
Net equity transactions.. 262,365 - - 122,148 - -
-------------- -------------- -------------- -------------- ------------- --------------
NET CHANGE IN CONTRACT
OWNERS' EQUITY............... 259,871 - - 120,520 - -
CONTRACT OWNERS' EQUITY BEGINNING
OF PERIOD.................... - - - - - -
-------------- -------------- -------------- -------------- ------------- --------------
CONTRACT OWNERS' EQUITY
END OF PERIOD................ $ 259,871 - - 120,520 - -
============== ============== ============== ============== ============= ==============
<CAPTION>
WPPVENCAP
---------------------------------------------
1998 1997 1996
-------------- -------------- --------------
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........ $ - - -
Mortality and expense charges
(note 3)................... (150) - -
-------------- -------------- --------------
Net investment activity.... (150) - -
-------------- -------------- --------------
Proceeds from mutual fund
shares sold................ 1,920 - -
Cost of mutual funds sold.... (2,142) - -
-------------- -------------- --------------
Realized gain (loss)
on investments........... (222) - -
Change in unrealized gain (loss)
on investments............. 6,202 - -
-------------- -------------- --------------
Net gain (loss) on investments 5,980 - -
-------------- -------------- --------------
Reinvested capital gains..... - - -
-------------- -------------- --------------
Net change in contract
owners' equity resulting
from operations........ 5,830 - -
-------------- -------------- --------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners............ 40,664 - -
Transfers between funds...... 13,590 - -
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).......... (1,485) - -
-------------- -------------- --------------
Net equity transactions.. 52,769 - -
-------------- -------------- --------------
NET CHANGE IN CONTRACT
OWNERS' EQUITY............... 58,599 - -
CONTRACT OWNERS' EQUITY BEGINNING
OF PERIOD.................... - - -
-------------- -------------- --------------
CONTRACT OWNERS' EQUITY
END OF PERIOD................ $ 58,599 - -
============== ============== ==============
</TABLE>
20
<PAGE> 20
<TABLE>
<CAPTION>
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
YEARS ENDED DECEMBER 31, 1998, 1997, 1996
WPSMCOGR
----------------------------------------------
1998 1997 1996
------------- -------------- -------------
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ........ $ - - -
Mortality and expense charges
(note 3)................... (3,814) - -
-------------- -------------- --------------
Net investment activity.... (3,814) - -
-------------- -------------- --------------
Proceeds from mutual fund
shares sold................ 262,623 - -
Cost of mutual funds sold.... (306,771) - -
-------------- -------------- --------------
Realized gain (loss)
on investments........... (44,148) - -
Change in unrealized gain (loss)
on investments............. 179,022 - -
-------------- -------------- --------------
Net gain (loss) on investments 134,874 - -
-------------- -------------- --------------
Reinvested capital gains..... - - -
-------------- -------------- --------------
Net change in contract
owners' equity resulting
from operations........ 131,060 - -
-------------- -------------- --------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners............ 873,045 - -
Transfers between funds...... 535,743 - -
Surrenders................... - - -
Death benefits (note 4)...... (1,107) - -
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).......... (22,666) - -
-------------- -------------- --------------
Net equity transactions.. 1,385,015 - -
-------------- -------------- --------------
NET CHANGE IN CONTRACT
OWNERS' EQUITY............... 1,516,075 - -
CONTRACT OWNERS' EQUITY BEGINNING
OF PERIOD.................... - - -
-------------- -------------- --------------
CONTRACT OWNERS' EQUITY
END OF PERIOD................ $ 1,516,075 - -
============== ============== ==============
</TABLE>
See accompanying notes to financial statements.
<PAGE> 21
NATIONWIDE VL SEPARATE ACCOUNT-A
NOTES TO FINANCIAL STATEMENTS
December 31, 1998, 1997 and 1996
(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> 22
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 Hard Assets Fund (VWHA)
Van Eck WIT - Worldwide Bond Fund (VWBF)
Van Eck WIT - Worldwide Emerging Markets Fund (VWEM)
Portfolio of the Van Kampen American Capital Life Investment Trust (Van
Kampen American Capital LIT);
Van Kampen American Capital 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 December 31, 1998, policy owners have invested in all of the above
funds except for American Century VP - American Century VP Income &
Growth, Nationwide SAT - Small Cap Value Fund, Neuberger & Berman AMT -
Guardian Portfolio, Van Eck WIT - Worldwide Hard Assets Fund, Van Eck
WIT - Worldwide Bond Fund, and Van Eck WIT Worldwide Emerging Markets
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.
23
<PAGE> 23
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 December 31, 1998. 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 and 1996 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% and a state premium tax charge of 2.25% of all premiums received.
(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.
24
<PAGE> 24
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 December 31, 1998:
<TABLE>
<CAPTION>
TOTAL ACVPAdv ACVPBal ACVPCapAp ACVPint
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Multiple Payment and
Flexible Premium.............. $ 865 71 - - -
Corporate Universal
Variable Life ................ 150,929 - 923 422 134
------------ ------------ ------------ ------------ ------------
Total....................... $ 151,794 71 923 422 134
============ ============ ============ ============ ============
ACVPValue DrySRGro DryStkix DryCapAp DryGrinc
------------ ------------ ------------ ------------ ------------
Multiple Payment and
Flexible Premium.............. $ - - - - -
Corporate Universal
Variable Life ................ 294 754 18,196 8,408 866
------------ ------------ ------------ ------------ ------------
Total....................... $ 294 754 18,196 8,408 866
============ ============ ============ ============ ============
</TABLE>
25
<PAGE> 25
<TABLE>
<CAPTION>
FidVIPEI FidVIPGr FidVIPHI FidVIPOv FidVIPAM
------------ ------------ ------------ ------------ ------------
Multiple Payment and
<S> <C> <C> <C> <C> <C>
Flexible Premium.............. $ - 420 - - -
Corporate Universal
Variable Life ................ 7,345 407 1,101 2,118 9,891
------------ ------------ ------------ ------------ ------------
Total....................... $ 7,345 827 1,101 2,118 9,891
============ ============ ============ ============ ============
FidVIPCon FidVIPGrOp MSEmMkt NSATCapAp NSATGvtBd
------------ ------------ ------------ ------------ ------------
Multiple Payment and
Flexible Premium.............. $ - - - 40 95
Corporate Universal
Variable Life ................ 834 4,084 120 5,981 3,087
------------ ------------ ------------ ------------ ------------
Total....................... $ 834 4,084 120 6,021 3,182
============ ============ ============ ============ ============
NSATMyMkt NSATSmCo NSATTotRe NBAMTBal NBAMTGro
------------ ------------ ------------ ------------ ------------
Multiple Payment and
Flexible Premium.............. $ 8 - 130 101 -
Corporate Universal
Variable Life ................ 51,076 667 533 - 213
------------ ------------ ------------ ------------ ------------
Total....................... $ 51,084 667 663 101 213
============ ============ ============ ============ ============
NBAMTLMat NBAMTPart OppBdFd OppGlSec OppGro
------------ ------------ ------------ ------------ ------------
Multiple Payment and
Flexible Premium.............. $ - - - - -
Corporate Universal
Variable Life ................ 6,625 7,845 1,236 5,205 463
------------ ------------ ------------ ------------ ------------
Total....................... $ 6,625 7,845 1,236 5,205 463
============ ============ ============ ============ ============
OppMult StOpp2 StDisc2 StIntStk2 VKMSRESec
------------ ------------ ------------ ------------ ------------
Multiple Payment and
Flexible Premium.............. $ - - - - -
Corporate Universal
Variable Life ................ 219 6,774 11 138 673
------------ ------------ ------------ ------------ ------------
Total....................... $ 219 6,774 11 138 673
============ ============ ============ ============ ============
WPIntEq WPPVenCap WPSMCoGr
------------ ------------ ------------
Multiple Payment and
Flexible Premium.............. $ - - -
Corporate Universal
Variable Life ................ 322 150 3,814
------------ ------------ ------------
Total....................... $ 322 150 3,814
============ ============ ============
</TABLE>
(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.
26
<PAGE> 26
Independent Auditors' Report
----------------------------
The Board of Directors of Nationwide Life and Annuity Insurance Company and
Contract Owners of Nationwide VL Separate Account-A:
We have audited the accompanying statement of assets, liabilities and
contract owners' equity of Nationwide VL Separate Account-A as of December 31,
1998, and the related statements of operations and changes in contract owners'
equity for each of the years in the three year period then ended. These
financial statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. Our procedures included
confirmation of securities owned as of December 31, 1998, by correspondence with
the transfer agents of the underlying mutual funds. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Nationwide VL Separate
Account-A as of December 31, 1998, and the results of its operations and its
changes in contract owners' equity for each of the years in the three year
period then ended in conformity with generally accepted accounting principles.
KPMG LLP
Columbus, Ohio
February 5, 1999
27
<PAGE> 27
NATIONWIDE LIFE AND ANNUITY INSURANCE COMPANY
HOME OFFICE: ONE NATIONWIDE PLAZA - 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
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