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[Nationwide logo]
NATIONWIDE(R)
VL SEPARATE ACCOUNT-A
SEMI-ANNUAL REPORT
TO
CONTRACT OWNERS
JUNE 30, 2000
NATIONWIDE LIFE AND ANNUITY INSURANCE COMPANY
HOME OFFICE: COLUMBUS, OHIO
FHL-150-S (06/00)
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[Nationwide logo]
NATIONWIDE LIFE AND ANNUITY INSURANCE COMPANY
ONE NATIONWIDE PLAZA, COLUMBUS, OHIO 43215-2220
[President's photo]
PRESIDENT'S MESSAGE
We at Nationwide Life and Annuity Insurance Company are pleased
to bring you the 2000 semi-annual report of the Nationwide VL
Separate Account-A.
During the first half of 2000 fixed income and equity markets
took a hiatus from their recent advances. It appears the Federal
Reserve's interest rate hikers are accomplishing the intended
purpose. Recent economic statistics show some moderation in the
areas of home and vehicles sales because of the higher interest
costs. And, there are other favorable indications that the Fed
may yet "glide" the economy to a soft landing. Inflation remains
low. Sustained increases in worker productivity continue to
dampen pricing pressures of an increasingly tight labor pool.
Corporate profitability growth remains viable. An improving
global economy bodes well for U.S. exporting businesses. While
all this provides a positive backdrop, we expect the markets will
continue jittery and volatile during the second half of the year
as uncertainty over further Fed actions persists. However, we
believe patient investors in financial assets will be amply
rewarded when we move beyond this temporary respite.
Nationwide Life was a forerunner in the variable annuity and
variable life insurance business. We continue to develop new and
innovative investment products to better meet your financial
planning and retirement needs. And, we are equally committed to
providing you, our valued customer, the exceptional level of
customer service you expect and deserve.
/s/ Joseph J. Gasper
Joseph J. Gasper, President
August 16, 2000
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[THIS PAGE LEFT BLANK INTENTIONALLY]
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HOW TO READ THE SEMI-ANNUAL REPORT
This semi-annual report is a presentation of the variable account as a whole and
only describes the underlying contracts and products of the variable account in
general terms. Please note the variable account may have more than one variable
product available. Such products may have different under- lying mutual funds
available than those available in your contract. Therefore, not all funds listed
in this report may be available in your contract. Please refer to your most
recent account statement for specific information about your investment in the
Nationwide VL Separate Account-A. Rules and regulations of the United States
Securities and Exchange Commission and recognized conventions of Generally
Accepted Accounting Principals prescribe the format and content of this report.
We also invite you to call our service center at 1-877-351-8808 if you have
questions about your account, or you may access your account using our voice
response unit. And, please visit our web-site at www.bestofamerica.com for
additional information about your contract and to learn more about other
products and services offered by Nationwide Financial.
THE ANNUAL REPORT HAS FOUR MAJOR FINANCIAL SECTIONS:
STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNER'S EQUITY
This statement begins on page 6 and lists all of the underlying mutual funds of
the variable account, the number of shares owned, the amount paid for the shares
and their market value as of the close of business on June 30, 2000. The mutual
funds are listed in alphabetical order. The market value of the assets changes
as the underlying mutual funds change in value. As contract owners make exchange
transactions between the funds, the number of shares increases or decreases
accord- ingly. When money is deposited or withdrawn by a contract owner, shares
are correspondingly purchased or redeemed. The total market value of the funds
is equal to the Total investments of the variable account.
Accounts receivable, if applicable, represents an asset of the variable account
for money market fund shares purchased by contract owners and reinvested
dividend shares added to contract owners' accounts, but not yet added to Total
investments. Total investments plus Accounts receivable equal Total assets of
the variable account.
Accounts payable, if applicable, is a liability of the variable account for
money market fund shares redeemed by contract owners' but not yet deducted from
Total investments.
Total assets minus Accounts payable equals Contract owners' equity. A summary of
Contract owners' equity by funds series may be found on page 34. This summary
also includes investment return for the reporting period for each fund series.
STATEMENTS OF OPERATIONS AND STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY
These statements begin on page 9 and present the financial activity of each
underlying mutual fund sub-account of the variable account, for the periods
indicated.
The Investment activity section shows income to the variable account for
reinvested dividends and capital gain distributions paid by the underlying
mutual funds. Also shown are the mortality, expense and administration charges
which are assessed through the daily unit value calculation and which represent
an expense to the variable account and its contract owners. This section also
shows the realized gain or loss as mutual fund shares are sold, and the change
in unrealized gain or loss, which represents the changes in market value of the
underlying fund shares.
The Equity transactions section illustrates the receipt of purchase payments, as
new contracts are sold or additional payments made to existing contracts. Also
presented are deductions from the variable account when the contract owners
withdraw money.
The sum of the above two sections represents the Net change in contract owners'
equity which when added to the beginning Contract owners' equity equals Contract
owners' equity at the end of the reporting period.
NOTES TO FINANCIAL STATEMENTS, beginning on page 26, provide further disclosures
about the variable account and its underlying contract provisions.
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NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY
JUNE 30, 2000
(UNAUDITED)
<TABLE>
<S> <C>
ASSETS:
Investments at market value:
American Century VP - American Century VP Advantage (ACVPAdv)
228 shares (cost $1,446) .......................................................... $ 1,374
American Century VP - American Century VP Balanced (ACVPBal)
123,429 shares (cost $919,396) .................................................... 933,124
American Century VP - American Century VP Capital Appreciation (ACVPCapAp)
27,086 shares (cost $506,949) ..................................................... 460,197
American Century VP - American Century VP Income & Growth (ACVPIncGr)
148,343 shares (cost $1,144,763) .................................................. 1,137,795
American Century VP - American Century VP International (ACVPInt)
420,779 shares (cost $3,566,802) .................................................. 4,864,206
American Century VP - American Century VP Value (ACVPValue)
310,056 shares (cost $2,042,623) .................................................. 1,680,504
The Dreyfus Socially Responsible Growth Fund, Inc. (DrySRGr)
5,567 shares (cost $212,151) ...................................................... 223,000
Dreyfus Stock Index Fund (DryStkIx)
556,206 shares (cost $20,797,662) ................................................. 21,146,950
Dreyfus VIF - Appreciation Portfolio (DryVApp)
272,243 shares (cost $10,631,873) ................................................. 11,156,532
Dreyfus VIF - Growth and Income Portfolio (DryVGrInc)
16,331 shares (cost $415,346) ..................................................... 411,205
Fidelity VIP - Equity-Income Portfolio (FidVEqIn)
106,007 shares (cost $2,554,953) .................................................. 2,428,631
Fidelity VIP - Growth Portfolio (FidVGr)
93,923 shares (cost $4,778,594) ................................................... 4,840,799
Fidelity VIP - High Income Portfolio (FidVHiIn)
185,149 shares (cost $1,983,404) .................................................. 1,858,897
Fidelity VIP - Overseas Portfolio (FidVOvSe)
205,804 shares (cost $4,807,727) .................................................. 4,828,162
Fidelity VIP-II - Asset Manager Portfolio (FidVAM)
465,912 shares (cost $7,858,763) .................................................. 7,706,180
Fidelity VIP-II - Contrafund Portfolio (FidVCon)
62,315 shares (cost $1,602,981) ................................................... 1,563,492
Fidelity VIP-III - Growth Opportunities Portfolio (FidVGrOp)
61,610 shares (cost $1,336,021) ................................................... 1,269,784
Janus Aspen Series - Capital Appreciation Portfolio (JanACapApS)
1,154 shares (cost $35,280) ....................................................... 36,260
</TABLE>
6
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<TABLE>
<S> <C>
Janus Aspen Series - Global Technology Portfolio (JanAGlTchS)
19,627 shares (cost $194,502) ..................................................... 192,736
Janus Aspen Series - International Growth Portfolio (JanAIntGrS)
725 shares (cost $27,645) ......................................................... 28,545
Morgan Stanley - Emerging Markets Debt Portfolio (MSEmMkt)
28,747 shares (cost $202,838) ..................................................... 211,580
Nationwide SAT - Capital Appreciation Fund (NSATCapAp)
45,462 shares (cost $1,180,572) ................................................... 1,175,655
Nationwide SAT - Government Bond Fund (NSATGvtBd)
360,720 shares (cost $3,956,455) .................................................. 3,928,241
Nationwide SAT - Mid Cap Index Fund (NSATMidCap)
14,247 shares (cost $186,922) ..................................................... 189,336
Nationwide SAT - Money Market Fund (NSATMMkt)
13,406,048 shares (cost $13,406,048) .............................................. 13,406,048
Nationwide SAT - Nationwide Small Cap Growth Fund (NSATSmCapG)
9,706 shares (cost $194,502) ...................................................... 201,005
Nationwide SAT - Small Cap Value Fund (NSATSmCapV)
279,715 shares (cost $2,979,495) .................................................. 3,018,122
Nationwide SAT - Small Company Fund (NSATSmCo)
72,286 shares (cost $1,280,219) ................................................... 1,720,396
Nationwide SAT - Total Return Fund (NSATTotRtn)
10,825 shares (cost $196,648) ..................................................... 209,900
Neuberger Berman AMT - Balanced Portfolio (NBAMTBal)
976 shares (cost $16,235) ......................................................... 19,491
Neuberger Berman AMT - Growth Portfolio (NBAMTGro)
117,380 shares (cost $3,230,212) .................................................. 4,652,931
Neuberger Berman AMT - Limited Maturity Bond Portfolio (NBAMTLMat)
279,980 shares (cost $3,569,974) .................................................. 3,524,948
Neuberger Berman AMT - Partners Portfolio (NBAMTPart)
265,262 shares (cost $4,727,887) .................................................. 4,236,239
Oppenheimer Bond Fund/VA (OppBdVA)
87,774 shares (cost $998,753) ..................................................... 948,837
Oppenheimer Global Securities Fund/VA (OppGlSecVA)
69,932 shares (cost $2,211,470) ................................................... 2,234,341
Oppenheimer Capital Appreciation Fund/VA (OppCapApVA)
65,107 shares (cost $2,742,233) ................................................... 3,329,550
Oppenheimer Multiple Stategies Fund/VA (OppMltStVA)
46,365 shares (cost $752,291) ..................................................... 769,198
Strong Opportunity Fund II, Inc. (StOpp2)
221,773 shares (cost $5,160,037) .................................................. 5,998,952
Strong VIF - Strong International Stock Fund II (StIntStk2)
31,574 shares (cost $466,225) ..................................................... 455,294
</TABLE>
(Continued)
7
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NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY, CONTINUED
<TABLE>
<S> <C>
Van Eck WIT - Worldwide Emerging Markets Fund (VEWwEmgMkt)
90,449 shares (cost $1,183,360) ................................................... 1,129,709
Van Kampen LIT -
Morgan Stanley Real Estate Securities Portfolio (VKMSRESec)
21,073 shares (cost $266,618) ..................................................... 283,643
Warburg Pincus Trust - International Equity Portfolio (WPIntEq)
21,522 shares (cost $338,538) ..................................................... 327,990
Warburg Pincus Trust - Global Post - Venture Capital Portfolio (WPGlPVenCp)
34,122 shares (cost $762,051) ..................................................... 689,946
Warburg Pincus Trust - Small Company Growth Portfolio (WPSmCoGr)
194,024 shares (cost $4,464,449) .................................................. 5,205,666
------------
Total investments .............................................................. 124,635,391
Accounts receivable ..................................................................... 15,412
------------
Total assets ................................................................... 124,650,803
ACCOUNTS PAYABLE ........................................................................... --
------------
CONTRACT OWNERS' EQUITY (NOTE 7) ........................................................... $124,650,803
============
</TABLE>
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NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF CHANGES IN
CONTRACT OWNERS' EQUITY
--------------------------
STATEMENTS OF OPERATIONS
--------------------------
SIX MONTH PERIODS ENDED JUNE 30, 2000, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
Total ACVPAdv
--------------------------------------------- ----------------------------------------
2000 1999 1998 2000 1999 1998
------------- ------------- ------------- -------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............... $ 1,872,251 1,122,615 294,243 35 259 9,771
Mortality and expense charges
(note 3) ........................ (346,095) (204,747) (34,814) (5) (24) (12)
------------- ------------- ------------- -------- ------------- -------------
Net investment activity ......... 1,526,156 917,868 259,429 30 235 9,759
------------- ------------- ------------- -------- ------------- -------------
Proceeds from mutual fund
shares sold ..................... 68,137,245 28,824,134 16,936,575 5 517,542 977
Cost of mutual funds sold .......... (64,745,281) (27,459,827) (16,917,760) (5) (387,121) (838)
------------- ------------- ------------- -------- ------------- -------------
Realized gain (loss)
on investments ................ 3,391,964 1,364,307 18,815 -- 130,421 139
Change in unrealized gain (loss)
on investments .................. (6,311,632) 1,576,741 203,669 (203) (120,159) (1,454)
------------- ------------- ------------- -------- ------------- -------------
Net gain (loss) on investments .. (2,919,668) 2,941,048 222,484 (203) 10,262 (1,315)
------------- ------------- ------------- -------- ------------- -------------
Reinvested capital gains ........... 2,822,562 1,013,971 58,733 223 616 36,765
------------- ------------- ------------- -------- ------------- -------------
Net change in contract
owners' equity resulting
from operations ............ 1,429,050 4,872,887 540,646 50 11,113 45,209
------------- ------------- ------------- -------- ------------- -------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ................. 43,513,733 33,205,568 25,218,368 101 76 (218)
Transfers between funds ............ -- -- -- -- -- --
Surrenders ......................... (13,828,372) (537,041) -- -- (516,941) --
Death benefits (note 4) ............ (285,380) -- -- -- -- --
Policy loans (net of repayments)
(note 5) ........................ 2,721 (2,251) 2,902 -- -- --
Deductions for surrender charges
(note 2d) ....................... (1,949) (1,394) -- -- (403) --
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............... (1,497,503) (1,474,197) (562,392) (38) (223) (54)
------------- ------------- ------------- -------- ------------- -------------
Net equity transactions ....... 27,903,250 31,190,685 24,658,878 63 (517,491) (272)
------------- ------------- ------------- -------- ------------- -------------
NET CHANGE IN CONTRACT OWNERS' EQUITY 29,332,300 36,063,572 25,199,524 113 (506,378) 44,937
CONTRACT OWNERS' EQUITY
BEGINNING OF PERIOD ................ 95,318,503 49,377,054 532,228 1,263 507,448 433,507
------------- ------------- ------------- -------- ------------- -------------
CONTRACT OWNERS' EQUITY END OF PERIOD $ 124,650,803 85,440,626 25,731,752 1,376 1,070 478,444
============= ============= ============= ======== ============= =============
<CAPTION>
ACVPBal
---------------------------------------------
2000 1999 1998
------------- ------------- -------------
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............... 15,096 3,300 266
Mortality and expense charges
(note 3) ........................ (1,762) (800) (269)
------------- ------------- -------------
Net investment activity ......... 13,334 2,500 (3)
------------- ------------- -------------
Proceeds from mutual fund
shares sold ..................... 8,439 75,900 4,397
Cost of mutual funds sold .......... (8,673) (72,305) (4,326)
------------- ------------- -------------
Realized gain (loss)
on investments ................ (234) 3,595 71
Change in unrealized gain (loss)
on investments .................. (10,444) (12,542) 16,685
------------- ------------- -------------
Net gain (loss) on investments .. (10,678) (8,947) 16,756
------------- ------------- -------------
Reinvested capital gains ........... 9,506 22,770 1,868
------------- ------------- -------------
Net change in contract
owners' equity resulting
from operations ............ 12,162 16,323 18,621
------------- ------------- -------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ................. 266,793 194,774 251,073
Transfers between funds ............ 286,204 (66,532) --
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) ............... (7,148) (6,558) (5,361)
------------- ------------- -------------
Net equity transactions ....... 545,849 121,684 245,712
------------- ------------- -------------
NET CHANGE IN CONTRACT OWNERS' EQUITY 558,011 138,007 264,333
CONTRACT OWNERS' EQUITY
BEGINNING OF PERIOD ................ 375,119 218,819 --
------------- ------------- -------------
CONTRACT OWNERS' EQUITY END OF PERIOD 933,130 356,826 264,333
============= ============= =============
</TABLE>
(Continued)
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NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF CHANGES IN
CONTRACT OWNERS' EQUITY, CONTINUED
-----------------------------------
STATEMENTS OF OPERATIONS, CONTINUED
-----------------------------------
SIX MONTH PERIODS ENDED JUNE 30, 2000, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
ACVPCapAp ACVPIncGr
------------------------------------ ------------------------------
2000 1999 1998 2000 1999 1998
---------- ---------- ---------- ---------- ---------- ----
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............... $ - - - 3,232 2 -
Mortality and expense charges
(note 3) ........................ (1,232) (95) (10) (1,789) (357) -
---------- ---------- ---------- ---------- ---------- ----
Net investment activity ......... (1,232) (95) (10) 1,443 (355) -
---------- ---------- ---------- ---------- ---------- ----
Proceeds from mutual fund
shares sold ..................... 216,016 128,488 277,502 572,932 2,777 -
Cost of mutual funds sold .......... (222,219) (118,878) (273,355) (542,601) (2,633) -
---------- ---------- ---------- ---------- ---------- ----
Realized gain (loss)
on investments ................ (6,203) 9,610 4,147 30,331 144 -
Change in unrealized gain (loss)
on investments .................. (58,089) (14,998) (282) (47,308) 21,761 -
---------- ---------- ---------- ---------- ---------- ----
Net gain (loss) on investments .. (64,292) (5,388) 3,865 (16,977) 21,905 -
---------- ---------- ---------- ---------- ---------- ----
Reinvested capital gains ........... 17,791 - 130 - - -
---------- ---------- ---------- ---------- ---------- ----
Net change in contract
owners' equity resulting
from operations ............ (47,733) (5,483) 3,985 (15,534) 21,550 -
---------- ---------- ---------- ---------- ---------- ----
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ................. 101,421 13,769 10,608 352,846 204,304 -
Transfers between funds ............ 300,233 (127,407) - 494,210 42,250 -
Surrenders ......................... - - - - - -
Death benefits (note 4) ............ - - - - - -
Policy loans (net of repayments)
(note 5) ........................ - - - - - -
Deductions for surrender charges
(note 2d) ....................... - - - - - -
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............... (5,215) (1,540) (3,382) (5,900) (2,056) -
---------- ---------- ---------- ---------- ---------- ----
Net equity transactions ....... 396,439 (115,178) 7,226 841,156 244,498 -
---------- ---------- ---------- ---------- ---------- ----
NET CHANGE IN CONTRACT OWNERS' EQUITY 348,706 (120,661) 11,211 825,622 266,048 -
CONTRACT OWNERS' EQUITY
BEGINNING OF PERIOD ................ 112,505 125,894 - 312,185 - -
---------- ---------- ---------- ---------- ---------- ----
CONTRACT OWNERS' EQUITY END OF PERIOD $ 461,211 5,233 11,211 1,137,807 266,048 -
========== ========== ========== ========== ========== ====
<CAPTION>
ACVPint
------------------------------
2000 1999 1998
---------- ---------- ----
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............... 5,915 - -
Mortality and expense charges
(note 3) ........................ (15,234) (1,036) -
---------- ---------- ----
Net investment activity ......... (9,319) (1,036) -
---------- ---------- ----
Proceeds from mutual fund
shares sold ..................... 117,790 92,007 -
Cost of mutual funds sold .......... (76,183) (83,235) -
---------- ---------- ----
Realized gain (loss)
on investments ................ 41,607 8,772 -
Change in unrealized gain (loss)
on investments .................. (452,343) 20,463 -
---------- ---------- ----
Net gain (loss) on investments .. (410,736) 29,235 -
---------- ---------- ----
Reinvested capital gains ........... 88,436 - -
---------- ---------- ----
Net change in contract
owners' equity resulting
from operations ............ (331,619) 28,199 -
---------- ---------- ----
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ................. 125,447 70,690 -
Transfers between funds ............ 11,536 1,417,552 -
Surrenders ......................... - - -
Death benefits (note 4) ............ (43,484) - -
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) ............... (36,512) (2,318) -
---------- ---------- ----
Net equity transactions ....... 56,987 1,485,924 -
---------- ---------- ----
NET CHANGE IN CONTRACT OWNERS' EQUITY (274,632) 1,514,123 -
CONTRACT OWNERS' EQUITY
BEGINNING OF PERIOD ................ 5,138,853 56,931 -
---------- ---------- ----
CONTRACT OWNERS' EQUITY END OF PERIOD 4,864,221 1,571,054 -
========== ========== ====
</TABLE>
10
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NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF CHANGES IN
CONTRACT OWNERS' EQUITY, CONTINUED
------------------------------------
STATEMENTS OF OPERATIONS, CONTINUED
------------------------------------
SIX MONTH PERIODS ENDED JUNE 30, 2000, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
ACVPValue DrySRGro
--------------------------------------- ---------------------------------------
2000 1999 1998 2000 1999 1998
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............... $ 22,939 1,140 15 32 - -
Mortality and expense charges
(note 3) ........................ (5,196) (571) (40) (546) (1,289) (10)
----------- ----------- ----------- ----------- ----------- -----------
Net investment activity ......... 17,743 569 (25) (514) (1,289) (10)
----------- ----------- ----------- ----------- ----------- -----------
Proceeds from mutual fund
shares sold ..................... 139,207 135,433 1,319 24,851 269,585 416
Cost of mutual funds sold .......... (167,498) (139,805) (1,362) (23,201) (220,814) (393)
----------- ----------- ----------- ----------- ----------- -----------
Realized gain (loss)
on investments ................ (28,291) (4,372) (43) 1,650 48,771 23
Change in unrealized gain (loss)
on investments .................. (118,016) 5,386 (1,540) 4,710 (1,608) 579
----------- ----------- ----------- ----------- ----------- -----------
Net gain (loss) on investments .. (146,307) 1,014 (1,583) 6,360 47,163 602
----------- ----------- ----------- ----------- ----------- -----------
Reinvested capital gains ........... 58,697 10,801 184 - - -
----------- ----------- ----------- ----------- ----------- -----------
Net change in contract
owners' equity resulting
from operations ............ (69,867) 12,384 (1,424) 5,846 45,874 592
----------- ----------- ----------- ----------- ----------- -----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ................. 87,738 11,847 48,077 118,938 162,330 11,951
Transfers between funds ............ (104,681) 786,005 - (15,898) 4,191 -
Surrenders ......................... - - - - - -
Death benefits (note 4) ............ (15,373) - - - - -
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) ............... (12,187) (5,415) (1,967) (2,115) (12,259) (498)
----------- ----------- ----------- ----------- ----------- -----------
Net equity transactions ....... (44,503) 792,437 46,110 100,925 154,262 11,453
----------- ----------- ----------- ----------- ----------- -----------
NET CHANGE IN CONTRACT OWNERS' EQUITY (114,370) 804,821 44,686 106,771 200,136 12,045
CONTRACT OWNERS' EQUITY
BEGINNING OF PERIOD ................ 1,794,887 104,008 - 116,235 315,050 -
----------- ----------- ----------- ----------- ----------- -----------
CONTRACT OWNERS' EQUITY END OF PERIOD $ 1,680,517 908,829 44,686 223,006 515,186 12,045
=========== =========== =========== =========== =========== ===========
<CAPTION>
DryStkIx
---------------------------------------
2000 1999 1998
----------- ----------- -----------
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............... 97,321 51,999 11,983
Mortality and expense charges
(note 3) ........................ (55,106) (24,597) (1,462)
----------- ----------- -----------
Net investment activity ......... 42,215 27,402 10,521
----------- ----------- -----------
Proceeds from mutual fund
shares sold ..................... 10,455,333 1,724,789 28,088
Cost of mutual funds sold .......... (8,584,541) (1,493,833) (26,036)
----------- ----------- -----------
Realized gain (loss)
on investments ................ 1,870,792 230,956 2,052
Change in unrealized gain (loss)
on investments .................. (1,900,992) 643,164 106,364
----------- ----------- -----------
Net gain (loss) on investments .. (30,200) 874,120 108,416
----------- ----------- -----------
Reinvested capital gains ........... 22,111 40,644 4,632
----------- ----------- -----------
Net change in contract
owners' equity resulting
from operations ............ 34,126 942,166 123,569
----------- ----------- -----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ................. 7,218,267 3,019,022 3,021,574
Transfers between funds ............ 4,192,406 (112,704) -
Surrenders ......................... (4,358,740) - -
Death benefits (note 4) ............ (16,184) - -
Policy loans (net of repayments)
(note 5) ........................ - - -
Deductions for surrender charges
(note 2d) ....................... (615) - -
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............... (295,706) (221,493) (33,424)
----------- ----------- -----------
Net equity transactions ....... 6,739,428 2,684,825 2,988,150
----------- ----------- -----------
NET CHANGE IN CONTRACT OWNERS' EQUITY 6,773,554 3,626,991 3,111,719
CONTRACT OWNERS' EQUITY
BEGINNING OF PERIOD ................ 14,374,023 6,790,451 -
----------- ----------- -----------
CONTRACT OWNERS' EQUITY END OF PERIOD 21,147,577 10,417,442 3,111,719
=========== =========== ===========
</TABLE>
(Continued)
11
<PAGE> 11
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF CHANGES IN
CONTRACT OWNERS' EQUITY, CONTINUED
----------------------------------
STATEMENTS OF OPERATIONS, CONTINUED
----------------------------------
SIX MONTH PERIODS ENDED JUNE 30, 2000, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
DryVApp DryVGrInc
------------------------------------------ ------------------------------------------
2000 1999 1998 2000 1999 1998
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............... $ 442 235 1 1,113 2,017 36
Mortality and expense charges
(note 3) ........................ (28,198) (15,496) (1,102) (1,136) (1,268) (10)
------------ ------------ ------------ ------------ ------------ ------------
Net investment activity ......... (27,756) (15,261) (1,101) (23) 749 26
------------ ------------ ------------ ------------ ------------ ------------
Proceeds from mutual fund
shares sold ..................... 5,908,135 146,331 6,959 269,011 61,414 331
Cost of mutual funds sold .......... (5,420,237) (127,059) (6,727) (225,818) (53,121) (325)
------------ ------------ ------------ ------------ ------------ ------------
Realized gain (loss)
on investments ................ 487,898 19,272 232 43,193 8,293 6
Change in unrealized gain (loss)
on investments .................. (122,051) 348,103 33,752 (51,356) 40,913 (391)
------------ ------------ ------------ ------------ ------------ ------------
Net gain (loss) on investments .. 365,847 367,375 33,984 (8,163) 49,206 (385)
------------ ------------ ------------ ------------ ------------ ------------
Reinvested capital gains ........... - - 2 96 - 96
------------ ------------ ------------ ------------ ------------ ------------
Net change in contract
owners' equity resulting
from operations ............ 338,091 352,114 32,885 (8,090) 49,955 (263)
------------ ------------ ------------ ------------ ------------ ------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ................. 655,381 320,183 1,059,915 103,469 54,240 11,982
Transfers between funds ............ (368,288) 6,306,933 - (2,146) 12,457 -
Surrenders ......................... (1,253,267) - - (50,705) - -
Death benefits (note 4) ............ (29,396) - - - - -
Policy loans (net of repayments)
(note 5) ........................ - - - - - -
Deductions for surrender charges
(note 2d) ....................... (177) - - (7) - -
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............... (123,448) (126,185) (6,010) (9,766) (12,833) (494)
------------ ------------ ------------ ------------ ------------ ------------
Net equity transactions ....... (1,119,195) 6,500,931 1,053,905 40,845 53,864 11,488
------------ ------------ ------------ ------------ ------------ ------------
NET CHANGE IN CONTRACT OWNERS' EQUITY (781,104) 6,853,045 1,086,790 32,755 103,819 11,225
CONTRACT OWNERS' EQUITY
BEGINNING OF PERIOD ................ 11,937,725 3,270,138 - 378,451 363,120 -
------------ ------------ ------------ ------------ ------------ ------------
CONTRACT OWNERS' EQUITY END OF PERIOD $ 11,156,621 10,123,183 1,086,790 411,206 466,939 11,225
============ ============ ============ ============ ============ ============
<CAPTION>
FidVEqIn
------------------------------------------
2000 1999 1998
------------ ------------ ------------
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............... 38,781 47,473 -
Mortality and expense charges
(note 3) ........................ (7,233) (9,628) (61)
------------ ------------ ------------
Net investment activity ......... 31,548 37,845 (61)
------------ ------------ ------------
Proceeds from mutual fund
shares sold ..................... 435,056 1,290,683 2,202
Cost of mutual funds sold .......... (404,028) (1,159,477) (2,105)
------------ ------------ ------------
Realized gain (loss)
on investments ................ 31,028 131,206 97
Change in unrealized gain (loss)
on investments .................. (270,613) 100,821 502
------------ ------------ ------------
Net gain (loss) on investments .. (239,585) 232,027 599
------------ ------------ ------------
Reinvested capital gains ........... 146,105 104,940 -
------------ ------------ ------------
Net change in contract
owners' equity resulting
from operations ............ (61,932) 374,812 538
------------ ------------ ------------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ................. 437,608 832,824 71,776
Transfers between funds ............ (226,576) (1,165,924) -
Surrenders ......................... (99,834) - -
Death benefits (note 4) ............ - - -
Policy loans (net of repayments)
(note 5) ........................ - - -
Deductions for surrender charges
(note 2d) ....................... (14) - -
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............... (47,888) (62,473) (2,974)
------------ ------------ ------------
Net equity transactions ....... 63,296 (395,573) 68,802
------------ ------------ ------------
NET CHANGE IN CONTRACT OWNERS' EQUITY 1,364 (20,761) 69,340
CONTRACT OWNERS' EQUITY
BEGINNING OF PERIOD ................ 2,427,291 3,089,994 -
------------ ------------ ------------
CONTRACT OWNERS' EQUITY END OF PERIOD 2,428,655 3,069,233 69,340
============ ============ ============
</TABLE>
12
<PAGE> 12
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF CHANGES IN
CONTRACT OWNERS' EQUITY, CONTINUED
-----------------------------------
STATEMENTS OF OPERATIONS, CONTINUED
-----------------------------------
SIX MONTH PERIODS ENDED JUNE 30, 2000, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
FidVGr FidVHiIn
--------------------------------------- ---------------------------------------
2000 1999 1998 2000 1999 1998
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............... $ 2,112 367 217 491,548 46,952 -
Mortality and expense charges
(note 3) ........................ (10,112) (1,163) (23) (15,216) (1,843) (41)
----------- ----------- ----------- ----------- ----------- -----------
Net investment activity ......... (8,000) (796) 194 476,332 45,109 (41)
----------- ----------- ----------- ----------- ----------- -----------
Proceeds from mutual fund
shares sold ..................... 4,519,240 163,987 15,999 5,834,812 368,602 1,311
Cost of mutual funds sold .......... (4,619,687) (144,614) (9,731) (6,514,667) (354,888) (1,275)
----------- ----------- ----------- ----------- ----------- -----------
Realized gain (loss)
on investments ................ (100,447) 19,373 6,268 (679,855) 13,714 36
Change in unrealized gain (loss)
on investments .................. (205,363) 5,238 (2,518) (123,185) (19,252) 70
----------- ----------- ----------- ----------- ----------- -----------
Net gain (loss) on investments .. (305,810) 24,611 3,750 (803,040) (5,538) 106
----------- ----------- ----------- ----------- ----------- -----------
Reinvested capital gains ........... 210,130 23,057 5,679 - 1,755 -
----------- ----------- ----------- ----------- ----------- -----------
Net change in contract
owners' equity resulting
from operations ............ (103,680) 46,872 9,623 (326,708) 41,326 65
----------- ----------- ----------- ----------- ----------- -----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ................. 4,698,812 193,718 27,290 428,705 600,469 48,066
Transfers between funds ............ (1,556,441) 120,830 - 495,844 (44,815) -
Surrenders ......................... (14,029) (13,784) - - - -
Death benefits (note 4) ............ - - - (6,163) - -
Policy loans (net of repayments)
(note 5) ........................ 2,770 (2,357) 555 - - -
Deductions for surrender charges
(note 2d) ....................... (2) (680) - - - -
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............... (47,805) (6,237) (2,501) (36,638) (20,663) (1,979)
----------- ----------- ----------- ----------- ----------- -----------
Net equity transactions ....... 3,083,305 291,490 25,344 881,748 534,991 46,087
----------- ----------- ----------- ----------- ----------- -----------
NET CHANGE IN CONTRACT OWNERS' EQUITY 2,979,625 338,362 34,967 555,040 576,317 46,152
CONTRACT OWNERS' EQUITY
BEGINNING OF PERIOD ................ 1,861,062 192,030 42,484 1,303,894 446,746 -
----------- ----------- ----------- ----------- ----------- -----------
CONTRACT OWNERS' EQUITY END OF PERIOD $ 4,840,687 530,392 77,451 1,858,934 1,023,063 46,152
=========== =========== =========== =========== =========== ===========
<CAPTION>
FidVOvSe
---------------------------------------
2000 1999 1998
----------- ----------- -----------
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............... 23,928 13,167 -
Mortality and expense charges
(note 3) ........................ (8,130) (3,113) (218)
----------- ----------- -----------
Net investment activity ......... 15,798 10,054 (218)
----------- ----------- -----------
Proceeds from mutual fund
shares sold ..................... 1,913,491 113,388 1,100
Cost of mutual funds sold .......... (1,749,804) (115,004) (1,024)
----------- ----------- -----------
Realized gain (loss)
on investments ................ 163,687 (1,616) 76
Change in unrealized gain (loss)
on investments .................. (390,475) 57,242 (45)
----------- ----------- -----------
Net gain (loss) on investments .. (226,788) 55,626 31
----------- ----------- -----------
Reinvested capital gains ........... 150,681 21,237 -
----------- ----------- -----------
Net change in contract
owners' equity resulting
from operations ............ (60,309) 86,917 (187)
----------- ----------- -----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ................. 2,255,049 142,087 216,018
Transfers between funds ............ 1,286,429 287,290 -
Surrenders ......................... (22,350) - -
Death benefits (note 4) ............ - - -
Policy loans (net of repayments)
(note 5) ........................ - - -
Deductions for surrender charges
(note 2d) ....................... (3) - -
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............... (39,839) (18,612) (2,492)
----------- ----------- -----------
Net equity transactions ....... 3,479,286 410,765 213,526
----------- ----------- -----------
NET CHANGE IN CONTRACT OWNERS' EQUITY 3,418,977 497,682 213,339
CONTRACT OWNERS' EQUITY
BEGINNING OF PERIOD ................ 1,409,116 830,816 -
----------- ----------- -----------
CONTRACT OWNERS' EQUITY END OF PERIOD 4,828,093 1,328,498 213,339
=========== =========== ===========
</TABLE>
13
<PAGE> 13
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF CHANGES IN
CONTRACT OWNERS' EQUITY, CONTINUED
----------------------------------
STATEMENTS OF OPERATIONS, CONTINUED
-----------------------------------
SIX MONTH PERIODS ENDED JUNE 30, 2000, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
FidVAM FidVCon
--------------------------------------- ---------------------------------------
2000 1999 1998 2000 1999 1998
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............... $ 175,368 135,270 - 4,022 1,715 -
Mortality and expense charges
(note 3) ........................ (18,941) (14,557) (1,744) (4,756) (1,229) (70)
----------- ----------- ----------- ----------- ----------- -----------
Net investment activity ......... 156,427 120,713 (1,744) (734) 486 (70)
----------- ----------- ----------- ----------- ----------- -----------
Proceeds from mutual fund
shares sold ..................... 5,167,013 626,225 6,580 824,534 120,519 2,324
Cost of mutual funds sold .......... (4,947,355) (629,608) (6,304) (887,381) (101,167) (2,195)
----------- ----------- ----------- ----------- ----------- -----------
Realized gain (loss)
on investments ................ 219,658 (3,383) 276 (62,847) 19,352 129
Change in unrealized gain (loss)
on investments .................. (822,817) (39,531) 32,238 (161,502) 9,949 3,737
----------- ----------- ----------- ----------- ----------- -----------
Net gain (loss) on investments .. (603,159) (42,914) 32,514 (224,349) 29,301 3,866
----------- ----------- ----------- ----------- ----------- -----------
Reinvested capital gains ........... 413,155 171,342 - 146,001 12,574 -
----------- ----------- ----------- ----------- ----------- -----------
Net change in contract
owners' equity resulting
from operations ............ (33,577) 249,141 30,770 (79,082) 42,361 3,796
----------- ----------- ----------- ----------- ----------- -----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ................. 559,089 636,747 1,760,914 918,601 95,003 80,792
Transfers between funds ............ 1,154,559 3,019,462 - (385,558) 13,270 -
Surrenders ......................... (2,113,699) - - - - -
Death benefits (note 4) ............ (6,045) - - - - -
Policy loans (net of repayments)
(note 5) ........................ - - - - - -
Deductions for surrender charges
(note 2d) ....................... (298) - - - - -
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............... (96,309) (103,859) (10,241) (20,836) (10,399) (3,433)
----------- ----------- ----------- ----------- ----------- -----------
Net equity transactions ....... (502,703) 3,552,350 1,750,673 512,207 97,874 77,359
----------- ----------- ----------- ----------- ----------- -----------
NET CHANGE IN CONTRACT OWNERS' EQUITY (536,280) 3,801,491 1,781,443 433,125 140,235 81,155
CONTRACT OWNERS' EQUITY
BEGINNING OF PERIOD ................ 8,243,320 3,751,508 - 1,130,372 317,448 -
----------- ----------- ----------- ----------- ----------- -----------
CONTRACT OWNERS' EQUITY END OF PERIOD $ 7,707,040 7,552,999 1,781,443 1,563,497 457,683 81,155
=========== =========== =========== =========== =========== ===========
<CAPTION>
FidVGrOp
---------------------------------------
2000 1999 1998
----------- ----------- -----------
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............... 16,314 19,957 -
Mortality and expense charges
(note 3) ........................ (4,391) (5,573) (42)
----------- ----------- -----------
Net investment activity ......... 11,923 14,384 (42)
----------- ----------- -----------
Proceeds from mutual fund
shares sold ..................... 616,413 1,411,553 1,048
Cost of mutual funds sold .......... (704,842) (1,245,404) (999)
----------- ----------- -----------
Realized gain (loss)
on investments ................ (88,429) 166,149 49
Change in unrealized gain (loss)
on investments .................. (120,464) (118,814) 1,441
----------- ----------- -----------
Net gain (loss) on investments .. (208,893) 47,335 1,490
----------- ----------- -----------
Reinvested capital gains ........... 82,734 37,311 -
----------- ----------- -----------
Net change in contract
owners' equity resulting
from operations ............ (114,236) 99,030 1,448
----------- ----------- -----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ................. 104,562 156,748 51,712
Transfers between funds ............ (24,871) (682,899) -
Surrenders ......................... (121,745) - -
Death benefits (note 4) ............ - - -
Policy loans (net of repayments)
(note 5) ........................ - - -
Deductions for surrender charges
(note 2d) ....................... (17) - -
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............... (30,583) (25,165) (1,406)
----------- ----------- -----------
Net equity transactions ....... (72,654) (551,316) 50,306
----------- ----------- -----------
NET CHANGE IN CONTRACT OWNERS' EQUITY (186,890) (452,286) 51,754
CONTRACT OWNERS' EQUITY
BEGINNING OF PERIOD ................ 1,456,677 1,712,296 -
----------- ----------- -----------
CONTRACT OWNERS' EQUITY END OF PERIOD 1,269,787 1,260,010 51,754
=========== =========== ===========
</TABLE>
14
<PAGE> 14
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF CHANGES IN
CONTRACT OWNERS' EQUITY, CONTINUED
-----------------------------------
STATEMENTS OF OPERATIONS, CONTINUED
-----------------------------------
SIX MONTH PERIODS ENDED JUNE 30, 2000, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
JanACapApS JanAGITchS JanAIntGrS
--------------------- -------------------- -------------------
2000 1999 1998 2000 1999 1998 2000 1999 1998
-------- ---- ---- ------- ---- ---- ------ ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............... $ 15 - - - - - - - -
Mortality and expense charges
(note 3) ........................ (30) - - (67) - - (24) - -
-------- ---- ---- ------- ---- ---- ------ ---- ----
Net investment activity ......... (15) - - (67) - - (24) - -
-------- ---- ---- ------- ---- ---- ------ ---- ----
Proceeds from mutual fund
shares sold ..................... 81 - - 67 - - 63 - -
Cost of mutual funds sold .......... (78) - - (67) - - (61) - -
-------- ---- ---- ------- ---- ---- ------ ---- ----
Realized gain (loss)
on investments ................ 3 - - - - - 2 - -
Change in unrealized gain (loss)
on investments .................. 981 - - (1,766) - - 900 - -
-------- ---- ---- ------- ---- ---- ------ ---- ----
Net gain (loss) on investments .. 984 - - (1,766) - - 902 - -
-------- ---- ---- ------- ---- ---- ------ ---- ----
Reinvested capital gains ........... - - - - - - - - -
-------- ---- ---- ------- ---- ---- ------ ---- ----
Net change in contract
owners' equity resulting
from operations ............ 969 - - (1,833) - - 878 - -
-------- ---- ---- ------- ---- ---- ------ ---- ----
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ................. (3,822) - - - - - (1,750) - -
Transfers between funds ............ 40,001 - - 194,568 - - 30,000 - -
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) ............... - - - - - - - - -
-------- ---- ---- ------- ---- ---- ------ ---- ----
Net equity transactions ....... 36,179 - - 194,568 - - 28,250 - -
-------- ---- ---- ------- ---- ---- ------ ---- ----
NET CHANGE IN CONTRACT OWNERS' EQUITY 37,148 - - 192,735 - - 29,128 - -
CONTRACT OWNERS' EQUITY
BEGINNING OF PERIOD ................ - - - - - - - - -
-------- ---- ---- ------- ---- ---- ------ ---- ----
CONTRACT OWNERS' EQUITY END OF PERIOD . $ 37,148 - - 192,735 - - 29,128 - -
======== ==== ==== ======= ==== ==== ====== ==== ====
</TABLE>
15
<PAGE> 15
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF CHANGES IN
CONTRACT OWNERS' EQUITY, CONTINUED
----------------------------------
STATEMENTS OF OPERATIONS, CONTINUED
-----------------------------------
SIX MONTH PERIODS ENDED JUNE 30, 2000, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
MSEmMkt NSATCapAp
------------------------------------ -------------------------------------
2000 1999 1998 2000 1999 1998
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............... $ - - - 4,589 6,888 2,696
Mortality and expense charges
(note 3) ........................ (319) (173) (12) (5,489) (6,910) (1,249)
---------- ---------- ---------- ---------- ---------- ----------
Net investment activity ......... (319) (173) (12) (900) (22) 1,447
---------- ---------- ---------- ---------- ---------- ----------
Proceeds from mutual fund
shares sold ..................... 93,291 7,306 5,200 1,913,093 1,202,360 8,908
Cost of mutual funds sold .......... (92,555) (11,027) (5,044) (1,921,912) (1,100,953) (6,868)
---------- ---------- ---------- ---------- ---------- ----------
Realized gain (loss)
on investments ................ 736 (3,721) 156 (8,819) 101,407 2,040
Change in unrealized gain (loss)
on investments .................. 7,822 11,179 (901) (6,467) 164,494 41,391
---------- ---------- ---------- ---------- ---------- ----------
Net gain (loss) on investments .. 8,558 7,458 (745) (15,286) 265,901 43,431
---------- ---------- ---------- ---------- ---------- ----------
Reinvested capital gains ........... - - - - - -
---------- ---------- ---------- ---------- ---------- ----------
Net change in contract
owners' equity resulting
from operations ............ 8,239 7,285 (757) (16,186) 265,879 44,878
---------- ---------- ---------- ---------- ---------- ----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ................. 1,469 11,988 14,995 390,617 835,529 1,294,708
Transfers between funds ............ 111,041 363 - (279,762) (672,947) -
Surrenders ......................... - - - (1,411,520) - -
Death benefits (note 4) ............ - - - (6,512) - -
Policy loans (net of repayments)
(note 5) ........................ - - - (28) 47 1,173
Deductions for surrender charges
(note 2d) ....................... - - - (199) - -
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............... (1,230) (1,359) (530) (37,361) (67,415) (8,406)
---------- ---------- ---------- ---------- ---------- ----------
Net equity transactions ....... 111,280 10,992 14,465 (1,344,765) 95,214 1,287,475
---------- ---------- ---------- ---------- ---------- ----------
NET CHANGE IN CONTRACT OWNERS' EQUITY 119,519 18,277 13,708 (1,360,951) 361,093 1,332,353
CONTRACT OWNERS' EQUITY
BEGINNING OF PERIOD ................ 92,063 44,914 - 2,536,611 2,255,024 9,058
---------- ---------- ---------- ---------- ---------- ----------
CONTRACT OWNERS' EQUITY END OF PERIOD $ 211,582 63,191 13,708 1,175,660 2,616,117 1,341,411
========== ========== ========== ========== ========== ==========
<CAPTION>
NSATGvtBd
------------------------------------
2000 1999 1998
---------- ---------- ----------
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............... 145,634 62,525 10,791
Mortality and expense charges
(note 3) ........................ (14,823) (5,286) (639)
---------- ---------- ----------
Net investment activity ......... 130,811 57,239 10,152
---------- ---------- ----------
Proceeds from mutual fund
shares sold ..................... 2,732,251 365,601 7,480
Cost of mutual funds sold .......... (2,878,524) (365,980) (7,073)
---------- ---------- ----------
Realized gain (loss)
on investments ................ (146,273) (379) 407
Change in unrealized gain (loss)
on investments .................. 180,613 (91,641) (2,966)
---------- ---------- ----------
Net gain (loss) on investments .. 34,340 (92,020) (2,559)
---------- ---------- ----------
Reinvested capital gains ........... - - -
---------- ---------- ----------
Net change in contract
owners' equity resulting
from operations ............ 165,151 (34,781) 7,593
---------- ---------- ----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ................. 670,916 488,015 690,080
Transfers between funds ............ (858,101) 1,439,870 -
Surrenders ......................... (833,140) (5,823) -
Death benefits (note 4) ............ (22,355) - -
Policy loans (net of repayments)
(note 5) ........................ - - -
Deductions for surrender charges
(note 2d) ....................... (117) (287) -
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............... (57,503) (23,589) (9,108)
---------- ---------- ----------
Net equity transactions ....... (1,100,300) 1,898,186 680,972
---------- ---------- ----------
NET CHANGE IN CONTRACT OWNERS' EQUITY (935,149) 1,863,405 688,565
CONTRACT OWNERS' EQUITY
BEGINNING OF PERIOD ................ 4,863,441 1,127,565 14,091
---------- ---------- ----------
CONTRACT OWNERS' EQUITY END OF PERIOD 3,928,292 2,990,970 702,656
========== ========== ==========
</TABLE>
(Continued)
16
<PAGE> 16
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF CHANGES IN
CONTRACT OWNERS' EQUITY, CONTINUED
----------------------------------
STATEMENTS OF OPERATIONS, CONTINUED
-----------------------------------
SIX MONTH PERIODS ENDED JUNE 30, 2000, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
NSATMidCap NSATMMkt NSATSmCapG
------------------------ ---------------------------------------- --------------------
2000 1999 1998 2000 1999 1998 2000 1999 1998
----------- ---- ---- ---------- ---------- ---------- ------- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............... $ 246 - - 381,046 474,926 257,067 - - -
Mortality and expense charges
(note 3) ........................ (96) - - (41,134) (61,888) (25,120) (67) - -
----------- ---- ---- ---------- ---------- ---------- ------- ---- ----
Net investment activity ......... 150 - - 339,912 413,038 231,947 (67) - -
----------- ---- ---- ---------- ---------- ---------- ------- ---- ----
Proceeds from mutual fund
shares sold ..................... 1,861 - - 11,633,168 12,663,082 16,216,858 67 - -
Cost of mutual funds sold .......... (1,790) - - (11,633,168) (12,663,082) (16,216,858) (67) - -
----------- ---- ---- ---------- ---------- ---------- ------- ---- ----
Realized gain (loss)
on investments ................ 71 - - - - - - - -
Change in unrealized gain (loss)
on investments .................. 2,414 - - - - - 6,503 - -
----------- ---- ---- ---------- ---------- ---------- ------- ---- ----
Net gain (loss) on investments .. 2,485 - - - - - 6,503 - -
----------- ---- ---- ---------- ---------- ---------- ------- ---- ----
Reinvested capital gains ........... - - - - - - - - -
----------- ---- ---- ---------- ---------- ---------- ------- ---- ----
Net change in contract
owners' equity resulting
from operations ............ 2,635 - - 339,912 413,038 231,947 6,436 - -
----------- ---- ---- ---------- ---------- ---------- ------- ---- ----
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ................. - - - 19,070,166 21,026,747 12,859,321 - - -
Transfers between funds ............ 187,056 - - (7,678,398) (11,394,661) - 194,568 - -
Surrenders ......................... - - - (164,716) (493) - - - -
Death benefits (note 4) ............ - - - - - - - - -
Policy loans (net of repayments)
(note 5) ........................ - - - - - - - - -
Deductions for surrender charges
(note 2d) ....................... - - - (23) (24) - - - -
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............... (359) - - (162,929) (427,728) (410,603) - - -
----------- ---- ---- ---------- ---------- ---------- ------- ---- ----
Net equity transactions ....... 186,697 - - 11,064,100 9,203,841 12,448,718 194,568 - -
----------- ---- ---- ---------- ---------- ---------- ------- ---- ----
NET CHANGE IN CONTRACT OWNERS' EQUITY 189,332 - - 11,404,012 9,616,879 12,680,665 201,004 - -
CONTRACT OWNERS' EQUITY
BEGINNING OF PERIOD ................ - - - 2,002,212 10,472,744 1,125 - - -
----------- ---- ---- ---------- ---------- ---------- ------- ---- ----
CONTRACT OWNERS' EQUITY END OF PERIOD $ 189,332 - - 13,406,224 20,089,623 12,681,790 201,004 - -
=========== ==== ==== ========== ========== ========== ======= ==== ====
</TABLE>
17
<PAGE> 17
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF CHANGES IN
CONTRACT OWNERS' EQUITY, CONTINUED
STATEMENTS OF OPERATIONS, CONTINUED
SIX MONTH PERIODS ENDED JUNE 30, 2000, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
NSATSmCapV NSATSmCo
------------------------------- -------------------------------------
2000 1999 1998 2000 1999 1998
----------- ------- ---- --------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............... $ - - - 448 - -
Mortality and expense charges
(note 3) ........................ (7,348) (354) - (4,948) (883) (150)
----------- ------- ---- --------- ------- -------
Net investment activity ......... (7,348) (354) - (4,500) (883) (150)
----------- ------- ---- --------- ------- -------
Proceeds from mutual fund
shares sold ..................... 135,679 11,648 - 133,310 10,547 1,922
Cost of mutual funds sold .......... (134,747) (12,079) - (84,360) (10,227) (1,867)
----------- ------- ---- --------- ------- -------
Realized gain (loss)
on investments ................ 932 (431) - 48,950 320 55
Change in unrealized gain (loss)
on investments .................. 225,599 67,226 - 72,350 42,104 (7,266)
----------- ------- ---- --------- ------- -------
Net gain (loss) on investments .. 226,531 66,795 - 121,300 42,424 (7,211)
----------- ------- ---- --------- ------- -------
Reinvested capital gains ........... - - - - - -
----------- ------- ---- --------- ------- -------
Net change in contract
owners' equity resulting
from operations ............ 219,183 66,441 - 116,800 41,541 (7,361)
----------- ------- ---- --------- ------- -------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ................. 107,347 (17,313) - 1,465 34,688 155,193
Transfers between funds ............ 485,572 919,095 - 83,181 418,457 -
Surrenders ......................... - - - - - -
Death benefits (note 4) ............ (19,330) - - (11,727) - -
Policy loans (net of repayments)
(note 5) ........................ - - - - - -
Deductions for surrender charges
(note 2d) ....................... - - - - - -
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............... (17,941) (17) - (12,523) (5,184) (1,957)
----------- ------- ---- --------- ------- -------
Net equity transactions ....... 555,648 901,765 - 60,396 447,961 153,236
----------- ------- ---- --------- ------- -------
NET CHANGE IN CONTRACT OWNERS' EQUITY 774,831 968,206 - 177,196 489,502 145,875
CONTRACT OWNERS' EQUITY
BEGINNING OF PERIOD ................ 2,242,166 - - 1,543,283 208,212 -
----------- ------- ---- --------- ------- -------
CONTRACT OWNERS' EQUITY END OF PERIOD $ 3,016,997 968,206 - 1,720,479 697,714 145,875
=========== ======= ==== ========= ======= =======
<CAPTION>
NSATStrGro
--------------------
2000 1999 1998
-------- ---- ----
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............... - - -
Mortality and expense charges
(note 3) ........................ (130) - -
-------- ---- ----
Net investment activity ......... (130) - -
-------- ---- ----
Proceeds from mutual fund
shares sold ..................... 422,558 - -
Cost of mutual funds sold .......... (377,371) - -
-------- ---- ----
Realized gain (loss)
on investments ................ 45,187 - -
Change in unrealized gain (loss)
on investments .................. - - -
-------- ---- ----
Net gain (loss) on investments .. 45,187 - -
-------- ---- ----
Reinvested capital gains ........... - - -
-------- ---- ----
Net change in contract
owners' equity resulting
from operations ............ 45,057 - -
-------- ---- ----
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ................. (22,522) - -
Transfers between funds ............ (21,794) - -
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) ............... (741) - -
-------- ---- ----
Net equity transactions ....... (45,057) - -
-------- ---- ----
NET CHANGE IN CONTRACT OWNERS' EQUITY - - -
CONTRACT OWNERS' EQUITY
BEGINNING OF PERIOD ................ - - -
-------- ---- ----
CONTRACT OWNERS' EQUITY END OF PERIOD - - -
======== ==== ====
</TABLE>
18
<PAGE> 18
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF CHANGES IN
CONTRACT OWNERS' EQUITY, CONTINUED
----------------------------------
STATEMENTS OF OPERATIONS, CONTINUED
-----------------------------------
SIX MONTH PERIODS ENDED JUNE 30, 2000, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
NSATTotRtn NBAMTBal
-------------------------------------- --------------------------------------
2000 1999 1998 2000 1999 1998
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............... $ 1,216 1,604 443 312 213 -
Mortality and expense charges
(note 3) ........................ (1,521) (984) (159) (77) (49) (17)
---------- ---------- ---------- ---------- ---------- ----------
Net investment activity ......... (305) 620 284 235 164 (17)
---------- ---------- ---------- ---------- ---------- ----------
Proceeds from mutual fund
shares sold ..................... 721,191 61,665 6,174 664 413 313,569
Cost of mutual funds sold .......... (692,781) (55,950) (3,417) (479) (380) (312,999)
---------- ---------- ---------- ---------- ---------- ----------
Realized gain (loss)
on investments ................ 28,410 5,715 2,757 185 33 570
Change in unrealized gain (loss)
on investments .................. 6,843 33,139 2,066 (1,169) (286) 9,823
---------- ---------- ---------- ---------- ---------- ----------
Net gain (loss) on investments .. 35,253 38,854 4,823 (984) (253) 10,393
---------- ---------- ---------- ---------- ---------- ----------
Reinvested capital gains ........... - 187 - 2,473 316 -
---------- ---------- ---------- ---------- ---------- ----------
Net change in contract
owners' equity resulting
from operations ............ 34,948 39,661 5,107 1,724 227 10,376
---------- ---------- ---------- ---------- ---------- ----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ................. 176,905 135,933 133,803 934 483 (10,008)
Transfers between funds ............ (62,651) 108,147 - - - -
Surrenders ......................... (497,547) - - - - -
Death benefits (note 4) ............ (1,219) - - - - -
Policy loans (net of repayments)
(note 5) ........................ (21) 58 1,174 - 1 -
Deductions for surrender charges
(note 2d) ....................... (70) - - - - -
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............... (9,064) (9,298) (2,997) (685) (528) -
---------- ---------- ---------- ---------- ---------- ----------
Net equity transactions ....... (393,667) 234,840 131,980 249 (44) (10,008)
---------- ---------- ---------- ---------- ---------- ----------
NET CHANGE IN CONTRACT OWNERS' EQUITY (358,719) 274,501 137,087 1,973 183 368
CONTRACT OWNERS' EQUITY
BEGINNING OF PERIOD ................ 568,629 185,223 20,160 17,531 12,753 11,803
---------- ---------- ---------- ---------- ---------- ----------
CONTRACT OWNERS' EQUITY END OF PERIOD . $ 209,910 459,724 157,247 19,504 12,936 12,171
========== ========== ========== ========== ========== ==========
<CAPTION>
NBAMTGro
--------------------------------------
2000 1999 1998
---------- ---------- ----------
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............... - - -
Mortality and expense charges
(note 3) ........................ (13,210) (656) (12)
---------- ---------- ----------
Net investment activity ......... (13,210) (656) (12)
---------- ---------- ----------
Proceeds from mutual fund
shares sold ..................... 224,220 59,260 1,125
Cost of mutual funds sold .......... (153,050) (51,722) (1,137)
---------- ---------- ----------
Realized gain (loss)
on investments ................ 71,170 7,538 (12)
Change in unrealized gain (loss)
on investments .................. 121,886 58,034 944
---------- ---------- ----------
Net gain (loss) on investments .. 193,056 65,572 932
---------- ---------- ----------
Reinvested capital gains ........... 351,424 6,121 -
---------- ---------- ----------
Net change in contract
owners' equity resulting
from operations ............ 531,270 71,037 920
---------- ---------- ----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ................. 47,554 31,933 15,427
Transfers between funds ............ 129,161 1,059,854 -
Surrenders ......................... - - -
Death benefits (note 4) ............ (34,833) - -
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) ............... (34,799) (13,954) (1,107)
---------- ---------- ----------
Net equity transactions ....... 107,083 1,077,833 14,320
---------- ---------- ----------
NET CHANGE IN CONTRACT OWNERS' EQUITY 638,353 1,148,870 15,240
CONTRACT OWNERS' EQUITY
BEGINNING OF PERIOD ................ 4,015,802 87,994 -
---------- ---------- ----------
CONTRACT OWNERS' EQUITY END OF PERIOD 4,654,155 1,236,864 15,240
========== ========== ==========
</TABLE>
(Continued)
19
<PAGE> 19
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF CHANGES IN
CONTRACT OWNERS' EQUITY, CONTINUED
----------------------------------
STATEMENTS OF OPERATIONS, CONTINUED
-----------------------------------
SIX MONTH PERIODS ENDED JUNE 30, 2000, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
NBAMTGuard NBAMTLMat
-------------------------------- --------------------------------------
2000 1999 1998 2000 1999 1998
---------- ---------- ---- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............... $ 349 11 - 305,010 131,900 -
Mortality and expense charges
(note 3) ........................ (262) (40) - (12,285) (8,666) (983)
---------- ---------- ---- ---------- ---------- ----------
Net investment activity ......... 87 (29) - 292,725 123,234 (983)
---------- ---------- ---- ---------- ---------- ----------
Proceeds from mutual fund
shares sold ..................... 867,547 80,162 - 3,159,296 139,384 379
Cost of mutual funds sold .......... (853,598) (77,429) - (3,363,208) (140,332) (344)
---------- ---------- ---- ---------- ---------- ----------
Realized gain (loss)
on investments ................ 13,949 2,733 - (203,912) (948) 35
Change in unrealized gain (loss)
on investments .................. (222) - - (16,829) (126,216) (979)
---------- ---------- ---- ---------- ---------- ----------
Net gain (loss) on investments .. 13,727 2,733 - (220,741) (127,164) (944)
---------- ---------- ---- ---------- ---------- ----------
Reinvested capital gains ........... - - - - - -
---------- ---------- ---- ---------- ---------- ----------
Net change in contract
owners' equity resulting
from operations ............ 13,814 2,704 - 71,984 (3,930) (1,927)
---------- ---------- ---- ---------- ---------- ----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ................. 87,759 77,379 - 551,200 1,250,476 1,914,042
Transfers between funds ............ (110,194) (79,847) - 154,063 1,183,084 -
Surrenders ......................... - - - (2,187,488) - -
Death benefits (note 4) ............ - - - (8,053) - -
Policy loans (net of repayments)
(note 5) ........................ - - - - - -
Deductions for surrender charges
(note 2d) ....................... - - - (308) - -
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............... (2,077) (236) - (67,404) (80,601) (25,353)
---------- ---------- ---- ---------- ---------- ----------
Net equity transactions ....... (24,512) (2,704) - (1,557,990) 2,352,959 1,888,689
---------- ---------- ---- ---------- ---------- ----------
NET CHANGE IN CONTRACT OWNERS' EQUITY (10,698) - - (1,486,006) 2,349,029 1,886,762
CONTRACT OWNERS' EQUITY
BEGINNING OF PERIOD ................ 10,698 - - 5,010,992 2,021,634 -
---------- ---------- ---- ---------- ---------- ----------
CONTRACT OWNERS' EQUITY END OF PERIOD $ - - - 3,524,986 4,370,663 1,886,762
========== ========== ==== ========== ========== ==========
<CAPTION>
NBAMTPart
--------------------------------------
2000 1999 1998
---------- ---------- ----------
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............... 32,398 35,979 96
Mortality and expense charges
(note 3) ........................ (13,028) (10,353) (685)
---------- ---------- ----------
Net investment activity ......... 19,370 25,626 (589)
---------- ---------- ----------
Proceeds from mutual fund
shares sold ..................... 913,168 2,496,516 8,067
Cost of mutual funds sold .......... (1,020,452) (2,339,101) (8,767)
---------- ---------- ----------
Realized gain (loss)
on investments ................ (107,284) 157,415 (700)
Change in unrealized gain (loss)
on investments .................. (587,402) 178,528 (24,234)
---------- ---------- ----------
Net gain (loss) on investments .. (694,686) 335,943 (24,934)
---------- ---------- ----------
Reinvested capital gains ........... 688,996 62,571 3,026
---------- ---------- ----------
Net change in contract
owners' equity resulting
from operations ............ 13,680 424,140 (22,497)
---------- ---------- ----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ................. 641,858 819,219 747,906
Transfers between funds ............ (142,061) (1,091,173) -
Surrenders ......................... (398,236) - -
Death benefits (note 4) ............ (18,328) - -
Policy loans (net of repayments)
(note 5) ........................ - - -
Deductions for surrender charges
(note 2d) ....................... (56) - -
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............... (48,978) (40,299) (9,501)
---------- ---------- ----------
Net equity transactions ....... 34,199 (312,253) 738,405
---------- ---------- ----------
NET CHANGE IN CONTRACT OWNERS' EQUITY 47,879 111,887 715,908
CONTRACT OWNERS' EQUITY
BEGINNING OF PERIOD ................ 4,188,397 3,045,784 -
---------- ---------- ----------
CONTRACT OWNERS' EQUITY END OF PERIOD 4,236,276 3,157,671 715,908
========== ========== ==========
</TABLE>
20
<PAGE> 20
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF CHANGES IN
CONTRACT OWNERS' EQUITY, CONTINUED
----------------------------------
STATEMENTS OF OPERATIONS, CONTINUED
-----------------------------------
SIX MONTH PERIODS ENDED JUNE 30, 2000, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
OppAggGro OppBdVA
------------------------ -------------------------------------
2000 1999 1998 2000 1999 1998
--------- ---- ---- --------- ------- ------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............... $ - - - 81,914 26,045 322
Mortality and expense charges
(note 3) ........................ (166) - - (3,058) (1,573) (39)
--------- ---- ---- --------- ------- ------
Net investment activity ......... (166) - - 78,856 24,472 283
--------- ---- ---- --------- ------- ------
Proceeds from mutual fund
shares sold ..................... 647,625 - - 385,330 106,014 1,301
Cost of mutual funds sold .......... (553,657) - - (404,985) (106,207) (1,340)
--------- ---- ---- --------- ------- ------
Realized gain (loss)
on investments ................ 93,968 - - (19,655) (193) (39)
Change in unrealized gain (loss)
on investments .................. - - - (48,283) (38,440) 205
--------- ---- ---- --------- ------- ------
Net gain (loss) on investments .. 93,968 - - (67,938) (38,633) 166
--------- ---- ---- --------- ------- ------
Reinvested capital gains ........... - - - - 2,501 291
--------- ---- ---- --------- ------- ------
Net change in contract
owners' equity resulting
from operations ............ 93,802 - - 10,918 (11,660) 740
--------- ---- ---- --------- ------- ------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ................. (17,151) - - 267,614 116,990 45,076
Transfers between funds ............ (75,541) - - (163,788) (26,441) -
Surrenders ......................... - - - (162,353) - -
Death benefits (note 4) ............ - - - - - -
Policy loans (net of repayments)
(note 5) ........................ - - - - - -
Deductions for surrender charges
(note 2d) ....................... - - - (23) - -
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............... (1,110) - - (29,010) (17,454) (1,928)
--------- ---- ---- --------- ------- ------
Net equity transactions ....... (93,802) - - (87,560) 73,095 43,148
--------- ---- ---- --------- ------- ------
NET CHANGE IN CONTRACT OWNERS' EQUITY - - - (76,642) 61,435 43,888
CONTRACT OWNERS' EQUITY
BEGINNING OF PERIOD ................ - - - 1,025,488 505,096 -
--------- ---- ---- --------- ------- ------
CONTRACT OWNERS 'EQUITY END OF PERIOD $ - - - 948,846 566,531 43,888
========= ==== ==== ========= ======= ======
<CAPTION>
OppGlSecVA
-----------------------------------
2000 1999 1998
--------- ---------- -------
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............... 4,152 26,885 307
Mortality and expense charges
(note 3) ........................ (5,052) (5,938) (25)
--------- ---------- ------
Net investment activity ......... (900) 20,947 282
--------- ---------- ------
Proceeds from mutual fund
shares sold ..................... 921,134 2,597,793 530
Cost of mutual funds sold .......... (687,769) (2,393,189) (534)
--------- ---------- ------
Realized gain (loss)
on investments ................ 233,365 204,604 (4)
Change in unrealized gain (loss)
on investments .................. (289,031) (88,135) 78
--------- ---------- ------
Net gain (loss) on investments .. (55,666) 116,469 74
--------- ---------- ------
Reinvested capital gains ........... 232,080 75,339 1,156
--------- ---------- ------
Net change in contract
owners' equity resulting
from operations ............ 175,514 212,755 1,512
--------- ---------- ------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ................. 378,321 183,714 31,731
Transfers between funds ............ 453,942 (2,134,156) -
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) ............... (19,296) (25,786) (551)
--------- ---------- ------
Net equity transactions ....... 812,967 (1,976,228) 31,180
--------- ---------- ------
NET CHANGE IN CONTRACT OWNERS' EQUITY 988,481 (1,763,473) 32,692
CONTRACT OWNERS' EQUITY
BEGINNING OF PERIOD ................ 1,253,772 2,196,097 -
--------- ---------- ------
CONTRACT OWNERS' EQUITY END OF PERIOD 2,242,253 432,624 32,692
========= ========== ======
</TABLE>
(Continued)
21
<PAGE> 21
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF CHANGES IN
CONTRACT OWNERS' EQUITY, CONTINUED
----------------------------------
STATEMENTS OF OPERATIONS, CONTINUED
-----------------------------------
SIX MONTH PERIODS ENDED JUNE 30, 2000, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
OppCapApVA OppMGrInVA
----------------------------------------- --------------------------
2000 1999 1998 2000 1999 1998
----------- ----------- ----------- ----------- ---- ----
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............... $ 3,784 850 100 - - -
Mortality and expense charges
(note 3) ........................ (9,376) (1,039) (41) (225) - -
----------- ----------- ----------- ----------- ---- ----
Net investment activity ......... (5,592) (189) 59 (225) - -
----------- ----------- ----------- ----------- ---- ----
Proceeds from mutual fund
shares sold ..................... 102,618 93,741 7,064 767,041 - -
Cost of mutual funds sold .......... (77,954) (77,418) (7,055) (748,739) - -
----------- ----------- ----------- ----------- ---- ----
Realized gain (loss)
on investments ................ 24,664 16,323 9 18,302 - -
Change in unrealized gain (loss)
on investments .................. 44,316 64,238 923 - - -
----------- ----------- ----------- ----------- ---- ----
Net gain (loss) on investments .. 68,980 80,561 932 18,302 - -
----------- ----------- ----------- ----------- ---- ----
Reinvested capital gains ........... 201,923 9,340 1,201 - - -
----------- ----------- ----------- ----------- ---- ----
Net change in contract
owners' equity resulting
from operations ............ 265,311 89,712 2,192 18,077 - -
----------- ----------- ----------- ----------- ---- ----
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ................. 239,473 143,027 48,196 (1,098) - -
Transfers between funds ............ 55,402 746,301 - (15,561) - -
Surrenders ......................... - - - - - -
Death benefits (note 4) ............ (20,150) - - - - -
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) ............... (29,322) (14,477) (2,562) (1,418) - -
----------- ----------- ----------- ----------- ---- ----
Net equity transactions ....... 245,403 874,851 45,634 (18,077) - -
----------- ----------- ----------- ----------- ---- ----
NET CHANGE IN CONTRACT OWNERS' EQUITY 510,714 964,563 47,826 - - -
CONTRACT OWNERS' EQUITY
BEGINNING OF PERIOD ................ 2,819,687 177,775 - - - -
----------- ----------- ----------- ----------- ---- ----
CONTRACT OWNERS' EQUITY END OF PERIOD $ 3,330,401 1,142,338 47,826 - - -
=========== =========== =========== =========== ==== ====
<CAPTION>
OppMltStVA
-----------------------------------------
2000 1999 1998
----------- ----------- -----------
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............... - 8,514 -
Mortality and expense charges
(note 3) ........................ (465) (529) (63)
----------- ----------- -----------
Net investment activity ......... (465) 7,985 (63)
----------- ----------- -----------
Proceeds from mutual fund
shares sold ..................... 10,816 266,415 356
Cost of mutual funds sold .......... (10,668) (268,035) (356)
----------- ----------- -----------
Realized gain (loss)
on investments ................ 148 (1,620) -
Change in unrealized gain (loss)
on investments .................. 16,904 (1,589) 937
----------- ----------- -----------
Net gain (loss) on investments .. 17,052 (3,209) 937
----------- ----------- -----------
Reinvested capital gains ........... - 12,316 -
----------- ----------- -----------
Net change in contract
owners' equity resulting
from operations ............ 16,587 17,092 874
----------- ----------- -----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ................. (3,236) 54,084 66,272
Transfers between funds ............ 758,053 (134,057) -
Surrenders ......................... - - -
Death benefits (note 4) ............ (1,140) - -
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) ............... (1,061) (5,817) (354)
----------- ----------- -----------
Net equity transactions ....... 752,616 (85,790) 65,918
----------- ----------- -----------
NET CHANGE IN CONTRACT OWNERS' EQUITY 769,203 (68,698) 66,792
CONTRACT OWNERS' EQUITY
BEGINNING OF PERIOD ................ - 79,129 -
----------- ----------- -----------
CONTRACT OWNERS' EQUITY END OF PERIOD 769,203 10,431 66,792
=========== =========== ===========
</TABLE>
22
<PAGE> 22
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF CHANGES IN
CONTRACT OWNERS' EQUITY, CONTINUED
----------------------------------
STATEMENTS OF OPERATIONS, CONTINUED
-----------------------------------
SIX MONTH PERIODS ENDED JUNE 30, 2000, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
StOpp2 StDisc2
----------------------------------------- ----------------------------------
2000 1999 1998 2000 1999 1998
----------- ----------- ----------- ----------- ----------- ----
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............... $ - - 9 - - -
Mortality and expense charges
(note 3) ........................ (16,795) (9,759) (51) - - -
----------- ----------- ----------- ----------- ----------- ----
Net investment activity ......... (16,795) (9,759) (42) - - -
----------- ----------- ----------- ----------- ----------- ----
Proceeds from mutual fund
shares sold ..................... 403,211 1,140,741 1,741 5 7,564 -
Cost of mutual funds sold .......... (265,800) (1,055,059) (1,823) (5) (7,336) -
----------- ----------- ----------- ----------- ----------- ----
Realized gain (loss)
on investments ................ 137,411 85,682 (82) - 228 -
Change in unrealized gain (loss)
on investments .................. 82,878 152,612 (2,375) - (708) -
----------- ----------- ----------- ----------- ----------- ----
Net gain (loss) on investments .. 220,289 238,294 (2,457) - (480) -
----------- ----------- ----------- ----------- ----------- ----
Reinvested capital gains ........... - 398,233 3,397 - - -
----------- ----------- ----------- ----------- ----------- ----
Net change in contract
owners' equity resulting
from operations ............ 203,494 626,768 898 - (480) -
----------- ----------- ----------- ----------- ----------- ----
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ................. 1,089,332 1,003,132 59,799 - 3,405 -
Transfers between funds ............ 22,856 (823,887) - - (7,577) -
Surrenders ......................... (108,482) - - - - -
Death benefits (note 4) ............ (25,088) - - - - -
Policy loans (net of repayments)
(note 5) ........................ - - - - - -
Deductions for surrender charges
(note 2d) ....................... (15) - - - - -
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............... (65,905) (57,194) (2,521) - (91) -
----------- ----------- ----------- ----------- ----------- ----
Net equity transactions ....... 912,698 122,051 57,278 - (4,263) -
----------- ----------- ----------- ----------- ----------- ----
NET CHANGE IN CONTRACT OWNERS' EQUITY 1,116,192 748,819 58,176 - (4,743) -
CONTRACT OWNERS' EQUITY
BEGINNING OF PERIOD ................ 4,883,002 2,852,211 - - 4,743 -
----------- ----------- ----------- ----------- ----------- ----
CONTRACT OWNERS' EQUITY END OF PERIOD $ 5,999,194 3,601,030 58,176 - - -
=========== =========== =========== =========== =========== ====
<CAPTION>
StIntStk2
-----------------------------------------
2000 1999 1998
----------- ----------- -----------
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............... - 303 92
Mortality and expense charges
(note 3) ........................ (2,080) (276) (12)
----------- ----------- -----------
Net investment activity ......... (2,080) 27 80
----------- ----------- -----------
Proceeds from mutual fund
shares sold ..................... 1,502,839 3,226 330
Cost of mutual funds sold .......... (1,261,662) (3,598) (316)
----------- ----------- -----------
Realized gain (loss)
on investments ................ 241,177 (372) 14
Change in unrealized gain (loss)
on investments .................. (222,696) 9,208 (294)
----------- ----------- -----------
Net gain (loss) on investments .. 18,481 8,836 (280)
----------- ----------- -----------
Reinvested capital gains ........... - - -
----------- ----------- -----------
Net change in contract
owners' equity resulting
from operations ............ 16,401 8,863 (200)
----------- ----------- -----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ................. 253,398 27,095 15,039
Transfers between funds ............ (718,648) 28,816 -
Surrenders ......................... - - -
Death benefits (note 4) ............ - - -
Policy loans (net of repayments)
(note 5) ........................ - - -
Deductions for surrender charges
(note 2d) ....................... - - -
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............... (14,096) (2,197) (535)
----------- ----------- -----------
Net equity transactions ....... (479,346) 53,714 14,504
----------- ----------- -----------
NET CHANGE IN CONTRACT OWNERS' EQUITY (462,945) 62,577 14,304
CONTRACT OWNERS' EQUITY
BEGINNING OF PERIOD ................ 918,226 52,394 -
----------- ----------- -----------
CONTRACT OWNERS' EQUITY END OF PERIOD 455,281 114,971 14,304
=========== =========== ===========
</TABLE>
23
<PAGE> 23
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF CHANGES IN
CONTRACT OWNERS' EQUITY, CONTINUED
----------------------------------
STATEMENTS OF OPERATIONS, CONTINUED
-----------------------------------
SIX MONTH PERIODS ENDED JUNE 30, 2000, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
VEWwBd VEWwEmgMkt
-------------------------------- --------------------------------
2000 1999 1998 2000 1999 1998
---------- ---------- ---- ---------- ---------- ----
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............... $ 59 - - - - -
Mortality and expense charges
(note 3) ........................ (1) (23) - (2,439) (17) -
---------- ---------- ---- ---------- ---------- ----
Net investment activity ......... 58 (23) - (2,439) (17) -
---------- ---------- ---- ---------- ---------- ----
Proceeds from mutual fund
shares sold ..................... 1,268 121 - 674,085 - -
Cost of mutual funds sold .......... (1,350) (126) - (681,174) - -
---------- ---------- ---- ---------- ---------- ----
Realized gain (loss)
on investments ................ (82) (5) - (7,089) - -
Change in unrealized gain (loss)
on investments .................. (1) (383) - (135,705) (2) -
---------- ---------- ---- ---------- ---------- ----
Net gain (loss) on investments .. (83) (388) - (142,794) (2) -
---------- ---------- ---- ---------- ---------- ----
Reinvested capital gains ........... - - - - - -
---------- ---------- ---- ---------- ---------- ----
Net change in contract
owners' equity resulting
from operations ............ (25) (411) - (145,233) (19) -
---------- ---------- ---- ---------- ---------- ----
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ................. 5 9,859 - 642,878 - -
Transfers between funds ............ (1,212) 3,668 - 165,365 - -
Surrenders ......................... - - - - - -
Death benefits (note 4) ............ - - - - - -
Policy loans (net of repayments)
(note 5) ........................ - - - - - -
Deductions for surrender charges
(note 2d) ....................... - - - - - -
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............... (57) (127) - - 19 -
---------- ---------- ---- ---------- ---------- ----
Net equity transactions ....... (1,264) 13,400 - 808,243 19 -
---------- ---------- ---- ---------- ---------- ----
NET CHANGE IN CONTRACT OWNERS' EQUITY (1,289) 12,989 - 663,010 - -
CONTRACT OWNERS' EQUITY
BEGINNING OF PERIOD ................ 1,289 - - 466,299 - -
---------- ---------- ---- ---------- ---------- ----
CONTRACT OWNERS' EQUITY END OF PERIOD $ - 12,989 - 1,129,309 - -
========== ========== ==== ========== ========== ====
<CAPTION>
VKMSRESec
---------------------------------------
2000 1999 1998
---------- ---------- ----------
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............... 12,881 22,119 31
Mortality and expense charges
(note 3) ........................ (745) (1,003) (50)
---------- ---------- ----------
Net investment activity ......... 12,136 21,116 (19)
---------- ---------- ----------
Proceeds from mutual fund
shares sold ..................... 46,409 48,793 1,661
Cost of mutual funds sold .......... (48,809) (52,777) (1,667)
---------- ---------- ----------
Realized gain (loss)
on investments ................ (2,400) (3,984) (6)
Change in unrealized gain (loss)
on investments .................. 26,682 14,791 (1,354)
---------- ---------- ----------
Net gain (loss) on investments .. 24,282 10,807 (1,360)
---------- ---------- ----------
Reinvested capital gains ........... - - 306
---------- ---------- ----------
Net change in contract
owners' equity resulting
from operations ............ 36,418 31,923 (1,073)
---------- ---------- ----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ................. 89,273 96,426 60,405
Transfers between funds ............ (18,016) (9,241) -
Surrenders ......................... (18,805) - -
Death benefits (note 4) ............ - - -
Policy loans (net of repayments)
(note 5) ........................ - - -
Deductions for surrender charges
(note 2d) ....................... (3) - -
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............... (4,686) (9,164) (2,491)
---------- ---------- ----------
Net equity transactions ....... 47,763 78,021 57,914
---------- ---------- ----------
NET CHANGE IN CONTRACT OWNERS' EQUITY 84,181 109,944 56,841
CONTRACT OWNERS' EQUITY
BEGINNING OF PERIOD ................ 199,465 259,871 -
---------- ---------- ----------
CONTRACT OWNERS' EQUITY END OF PERIOD 283,646 369,815 56,841
========== ========== ==========
</TABLE>
(Continued)
24
<PAGE> 24
NATIONWIDE VL SEPARATE ACCOUNT-A
STATEMENTS OF CHANGES IN
CONTRACT OWNERS' EQUITY, CONTINUED
----------------------------------
STATEMENTS OF OPERATIONS, CONTINUED
-----------------------------------
SIX MONTH PERIODS ENDED JUNE 30, 2000, 1999 AND 1998
(UNAUDITED)
<TABLE>
<CAPTION>
WPIntEq WPGIPVenCp
-------------------------------------- --------------------------------------
2000 1999 1998 2000 1999 1998
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............ $ - - - - - -
Mortality and expense charges
(note 3) ........................ (1,175) (486) (31) (1,013) (213) (10)
---------- ---------- ---------- ---------- ---------- ----------
Net investment activity ......... (1,175) (486) (31) (1,013) (213) (10)
---------- ---------- ---------- ---------- ---------- ----------
Proceeds from mutual fund
shares sold ..................... 791,228 85,852 1,011 44,608 23,866 391
Cost of mutual funds sold .......... (658,138) (87,975) (932) (41,056) (22,255) (368)
---------- ---------- ---------- ---------- ---------- ----------
Realized gain (loss)
on investments ................ 133,090 (2,123) 79 3,552 1,611 23
Change in unrealized gain (loss)
on investments .................. (119,382) 15,806 (206) (72,107) 6,210 235
---------- ---------- ---------- ---------- ---------- ----------
Net gain (loss) on investments .. 13,708 13,683 (127) (68,555) 7,821 258
---------- ---------- ---------- ---------- ---------- ----------
Reinvested capital gains ........... - - - - - -
---------- ---------- ---------- ---------- ---------- ----------
Net change in contract
owners' equity resulting
from operations ............ 12,533 13,197 (158) (69,568) 7,608 248
---------- ---------- ---------- ---------- ---------- ----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ................. 166,679 63,771 35,905 39,830 9,468 11,925
Transfers between funds ............ (556,635) 30,499 - 724,828 (6,895) -
Surrenders ......................... (11,716) - - - - -
Death benefits (note 4) ............ - - - - - -
Policy loans (net of repayments)
(note 5) ........................ - - - - - -
Deductions for surrender charges
(note 2d) ....................... (2) - - - - -
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............... (9,880) (4,616) (1,517) (5,149) (1,569) (494)
---------- ---------- ---------- ---------- ---------- ----------
Net equity transactions ....... (411,554) 89,654 34,388 759,509 1,004 11,431
---------- ---------- ---------- ---------- ---------- ----------
NET CHANGE IN CONTRACT OWNERS' EQUITY (399,021) 102,851 34,230 689,941 8,612 11,679
CONTRACT OWNERS' EQUITY
BEGINNING OF PERIOD ................ 727,015 120,520 - - 58,599 -
---------- ---------- ---------- ---------- ---------- ----------
CONTRACT OWNERS' EQUITY END OF PERIOD $ 327,994 223,371 34,230 689,941 67,211 11,679
========== ========== ========== ========== ========== ==========
<CAPTION>
WPSmCoGr
--------------------------------------
2000 1999 1998
---------- ---------- ----------
<S> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends ............... - - -
Mortality and expense charges
(note 3) ........................ (9,664) (5,010) (352)
---------- ---------- ----------
Net investment activity ......... (9,664) (5,010) (352)
---------- ---------- ----------
Proceeds from mutual fund
shares sold ..................... 1,865,175 102,841 1,955
Cost of mutual funds sold .......... (996,507) (108,624) (2,000)
---------- ---------- ----------
Realized gain (loss)
on investments ................ 868,668 (5,783) (45)
Change in unrealized gain (loss)
on investments .................. (756,752) 180,436 (1,496)
---------- ---------- ----------
Net gain (loss) on investments .. 111,916 174,653 (1,541)
---------- ---------- ----------
Reinvested capital gains ........... - - -
---------- ---------- ----------
Net change in contract
owners' equity resulting
from operations ............ 102,252 169,643 (1,893)
---------- ---------- ----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners ................. 215,492 90,689 357,023
Transfers between funds ............ 1,375,743 632,769 -
Surrenders ......................... - - -
Death benefits (note 4) ............ - - -
Policy loans (net of repayments)
(note 5) ........................ - - -
Deductions for surrender charges
(note 2d) ....................... - - -
Redemptions to pay cost of
insurance charges and
administrative charges
(notes 2b and 2c) ............... (44,986) (27,228) (3,661)
---------- ---------- ----------
Net equity transactions ....... 1,546,249 696,230 353,362
---------- ---------- ----------
NET CHANGE IN CONTRACT OWNERS' EQUITY 1,648,501 865,873 351,469
CONTRACT OWNERS' EQUITY
BEGINNING OF PERIOD ................ 3,559,457 1,516,075 -
---------- ---------- ----------
CONTRACT OWNERS' EQUITY END OF PERIOD 5,207,958 2,381,948 351,469
========== ========== ==========
</TABLE>
See accompanying notes to financial statements.
25
<PAGE> 25
--------------------------------------------------------------------------------
NATIONWIDE VL SEPARATE ACCOUNT-A
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2000, 1999 AND 1998
(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.
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 - Appreciation Portfolio (DryVApp)
Dreyfus VIF - Growth and Income Portfolio (DryVGrInc)
Portfolios of the Fidelity Variable Insurance Products Fund
(Fidelity VIP);
Fidelity VIP - Equity-Income Portfolio (FidVEqIn)
Fidelity VIP - Growth Portfolio (FidVGr)
Fidelity VIP - High Income Portfolio (FidVHiIn)
Fidelity VIP - Overseas Portfolio (FidVOvSe)
Portfolios of the Fidelity Variable Insurance Products Fund II
(Fidelity VIP-II);
Fidelity VIP-II - Asset Manager Portfolio (FidVAM)
Fidelity VIP-II - Contrafund Portfolio (FidVCon)
Portfolios of the Fidelity Variable Insurance Products Fund III
(Fidelity VIP-III);
Fidelity VIP-III - Growth Opportunities Portfolio (FidVGrOp)
Portfolios of Janus Aspen Fund Series;
Janus Aspen Series - Capital Appreciation (JanACapApS)
Janus Aspen Series - Global Technology Portfolio (JanAGlTchS)
Janus Aspen Series - International Growth Portfolio (JanAIntGrS)
26
<PAGE> 26
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 - Nationwide Small Cap Growth Fund (NSATSmCapG)
Nationwide SAT - Money Market Fund (NSATMMkt)
Nationwide SAT - Mid Cap Index Fund (NSATMidCap)
Nationwide SAT - Small Cap Value Fund (NSATSmCapV)
Nationwide SAT - Small Company Fund (NSATSmCo)
Nationwide SAT - Total Return Fund (NSATTotRtn)
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 Portfolio
(NBAMTLMat)
Neuberger & Berman AMT - Partners Portfolio (NBAMTPart)
Funds of the Oppenheimer Variable Account Funds;
Oppenheimer Bond Fund/VA (OppBdVA)
Oppenheimer Capital Appreciation Fund/VA (OppCapApVA)
Oppenheimer Global Securities Fund/VA (OppGlSecVA)
Oppenheimer Multiple Strategies Fund/VA (OppMltStVA)
Strong Opportunity Fund II, Inc. (StOpp2)
Funds of the Strong Variable Insurance Funds, Inc. (Strong VIF);
Strong VIF - Strong Discovery Fund II (StDisc2)
Strong VIF - Strong International Stock Fund II (StIntStk2)
Funds of the Van Eck Worldwide Insurance Trust (Van Eck WIT);
Van Eck WIT - Worldwide Bond Fund (VEWwBd)
Van Eck WIT - Worldwide Emerging Markets Fund (VEWwEmgMkt)
Van Eck WIT - Worldwide Hard Assets Fund (VEWwHrdAst)
Portfolio of the Van Kampen Life Investment Trust (Van Kampen
LIT);
Van Kampen LIT - Morgan Stanley Real Estate Securities Portfolio
(VKMSRESec)
Portfolios of the Warburg Pincus Trust;
Warburg Pincus Trust - International Equity Portfolio (WPIntEq)
Warburg Pincus Trust - Global Post - Venture Capital Portfolio
(WPGlPVenCp)
Warburg Pincus Trust - Small Company Growth Portfolio (WPSmCoGr)
At June 30, 2000, policy owners have invested in all of the above funds
except for Strong VIF - Strong Discovery Fund II, Van Eck WIT -
Worldwide Hard Assets Fund, and Van Eck WIT - Worldwide Bond 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.
(Continued)
27
<PAGE> 27
NATIONWIDE VL SEPARATE ACCOUNT-A
NOTES TO FINANCIAL STATEMENTS, CONTINUED
Some of the underlying mutual funds have been established by investment
advisers which manage publicly traded mutual funds having similar names
and investment objectives. While some of the underlying mutual funds
may be similar to, and may in fact be modeled after, publicly traded
mutual funds, the underlying mutual funds are not otherwise directly
related to any publicly traded mutual fund. Consequently, the
investment performance of publicly traded mutual funds and any
corresponding underlying mutual funds may differ substantially.
(c) Security Valuation, Transactions and Related Investment Income
The market value of the underlying mutual funds is based on the closing
net asset value per share at June 30, 2000. 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.
(2) POLICY CHARGES
(a) Deductions from Premiums
For single premium contracts, no deduction is made from any premium at
the time of payment.
On multiple payment contracts and flexible premium contracts, the
Company deducts a sales charge not to exceed 3.5% of each premium
payment. The Company also deducts a state premium tax charge of 2.5% of
all premiums received.
For corporate flexible premium contracts, the Company deducts a sales
charge never to exceed 5.5% during the first seven policy years and 2%
thereafter. The Company also deducts a tax expense charge not to exceed
3.5%.
(b) Cost of Insurance
A cost of insurance charge is assessed monthly against each contract by
liquidating units. The amount of the charge is based upon age, sex,
rate class and net amount at risk (death benefit less total contract
value).
(c) Administrative Charges
An administrative charge is assessed against each contract to recover
policy maintenance, accounting, record keeping and other administrative
expenses and is assessed against each contract by liquidating units.
For multiple payment contracts, the Company currently deducts a monthly
administrative charge of $5 (may deduct up to $7.50, maximum).
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). 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.
28
<PAGE> 28
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.
The following table provides mortality and expense risk charges by contract
type for the six month period ended June 30, 2000:
<TABLE>
<CAPTION>
TOTAL ACVPAdv ACVPBal ACVPCapAp ACVPIncGr
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Multiple Payment and
Flexible Premium.............. $ 425 5 -- -- --
Corporate Universal
Variable Life ................ 345,670 -- 1,762 1,232 1,789
------------ ------------ ------------ ------------ ------------
Total....................... $ 346,095 5 1,762 1,232 1,789
============ ============ ============ ============ ============
<CAPTION>
ACVPInt ACVPValue DrySRGr DryStkix DryVApp
------------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Multiple Payment and
Flexible Premium.............. $ -- -- -- -- --
Corporate Universal
Variable Life ................ 15,234 5,196 546 55,106 28,198
------------ ------------ ------------ ------------ ------------
Total....................... $ 15,234 5,196 546 55,106 28,198
============ ============ ============ ============ ============
</TABLE>
(Continued)
29
<PAGE> 29
NATIONWIDE VL SEPARATE ACCOUNT-A
NOTES TO FINANCIAL STATEMENTS, CONTINUED
<TABLE>
<CAPTION>
DryVGrInc FidVEqIn FidVGr FidVHiIn FidVOvSe
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Multiple Payment and
Flexible Premium.............. $ -- -- 204 -- --
Corporate Universal
Variable Life ................ 1,136 7,233 9,908 15,216 8,130
------------ ------------ ------------ ------------ ------------
Total....................... $ 1,136 7,233 10,112 15,216 8,130
============ ============ ============ ============ ============
<CAPTION>
FidVAM FidVCon FidVGrOp JanACapApS JanAGITchS
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Multiple Payment and
Flexible Premium.............. $ -- -- -- -- --
Corporate Universal
Variable Life ................ 18,941 4,756 4,391 30 67
------------ ------------ ------------ ------------ ------------
Total....................... $ 18,941 4,756 4,391 30 67
============ ============ ============ ============ ============
<CAPTION>
JanAIntGrS MSEmMkt NSATCapAp NSATGvtBd NSATMidCap
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Multiple Payment and
Flexible Premium.............. $ -- -- 23 37 --
Corporate Universal
Variable Life ................ 24 319 5,466 14,786 96
------------ ------------ ------------ ------------ ------------
Total....................... $ 24 319 5,489 14,823 96
============ ============ ============ ============ ============
<CAPTION>
NSATMMkt NSATSmCapG NSATSmCapV NSATSmCo NSATStrGro
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Multiple Payment and
Flexible Premium.............. $ 5 -- -- -- --
Corporate Universal
Variable Life ................ 41,129 67 7,348 4,948 130
------------ ------------ ------------ ------------ ------------
Total....................... $ 41,134 67 7,348 4,948 130
============ ============ ============ ============ ============
<CAPTION>
NSATTotRtn NBAMTBal NBAMTGro NBAMTGuard NBAMTLMat
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Multiple Payment and
Flexible Premium.............. $ 74 77 -- -- --
Corporate Universal
Variable Life ................ 1,447 -- 13,210 262 12,285
------------ ------------ ------------ ------------ ------------
Total....................... $ 1,521 77 13,210 262 12,285
============ ============ ============ ============ ============
<CAPTION>
NBAMTPart OppAggGrVA OppBdVA OppGLSecVA OppCapApVA
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Multiple Payment and
Flexible Premium.............. $ -- -- -- -- --
Corporate Universal
Variable Life ................ 13,028 166 3,058 5,052 9,376
------------ ------------ ------------ ------------ ------------
Total....................... $ 13,028 166 3,058 5,052 9,376
============ ============ ============ ============ ============
<CAPTION>
OppMGRinVA OppMltStVA StOpp2 StIntStk2 VEWwBD
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Multiple Payment and
Flexible Premium.............. $ -- -- -- -- --
Corporate Universal
Variable Life ................ 225 465 16,795 2,080 1
------------ ------------ ------------ ------------ ------------
Total....................... $ 225 465 16,795 2,080 1
============ ============ ============ ============ ============
</TABLE>
30
<PAGE> 30
<TABLE>
<CAPTION>
VEWwEmgMkt VKMSRESec WPIntEQ WPGLPVenCp WPSmCoGr
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Multiple Payment and
Flexible Premium.............. $ -- -- -- -- --
Corporate Universal
Variable Life ................ 2,439 745 1,175 1,013 9,664
------------ ------------ ------------ ------------ ------------
Total....................... $ 2,439 745 1,175 1,013 9,664
============ ============ ============ ============ ============
</TABLE>
The following table provides mortality and expense risk charges by contract
type for the six month period ended June 30, 1999:
<TABLE>
<CAPTION>
TOTAL ACVPAdv ACVPBal ACVPCapAp ACVPIncGr
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Multiple Payment and
Flexible Premium.............. $ 409 24 -- -- --
Corporate Universal
Variable Life ................ 204,338 -- 800 95 357
------------ ------------ ------------ ------------ ------------
Total....................... $ 204,747 24 800 95 357
============ ============ ============ ============ ============
<CAPTION>
ACVPInt ACVPValue DrySRGr DryStkix DryVApp
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Multiple Payment and
Flexible Premium.............. $ -- -- -- -- --
Corporate Universal
Variable Life ................ 1,036 571 1,289 24,597 15,496
------------ ------------ ------------ ------------ ------------
Total....................... $ 1,036 571 1,289 24,597 15,496
============ ============ ============ ============ ============
<CAPTION>
DryVGrInc FidVEqIn FidVGr FidVHiIn FidVOVSe
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Multiple Payment and
Flexible Premium.............. $ -- -- 208 -- --
Corporate Universal
Variable Life ................ 1,268 9,628 955 1,843 3,113
------------ ------------ ------------ ------------ ------------
Total....................... $ 1,268 9,628 1,163 1,843 3,113
============ ============ ============ ============ ============
<CAPTION>
FidVAM FidVCon FidVGrOp MSEmMkt NSATCapAp
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Multiple Payment and
Flexible Premium.............. $ -- -- -- -- 25
Corporate Universal
Variable Life ................ 14,557 1,229 5,573 173 6,885
------------ ------------ ------------ ------------ ------------
Total....................... $ 14,557 1,229 5,573 173 6,910
============ ============ ============ ============ ============
<CAPTION>
NSATGvtBd NSATMMkt NSATSmCapV NSATSmCo NSATTotRtn
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Multiple Payment and
Flexible Premium.............. $ 23 4 -- -- 76
Corporate Universal
Variable Life ................ 5,263 61,884 354 883 908
------------ ------------ ------------ ------------ ------------
Total....................... $ 5,286 61,888 354 883 984
============ ============ ============ ============ ============
<CAPTION>
NBAMTBal NBAMTGro NBAMTGuard NBAMTLMat NBAMTPart
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Multiple Payment and
Flexible Premium.............. $ 49 -- -- -- --
Corporate Universal
Variable Life ................ -- 656 40 8,666 10,353
------------ ------------ ------------ ------------ ------------
Total....................... $ 49 656 40 8,666 10,353
============ ============ ============ ============ ============
</TABLE>
(Continued)
31
<PAGE> 31
NATIONWIDE VL SEPARATE ACCOUNT-A
NOTES TO FINANCIAL STATEMENTS, CONTINUED
<TABLE>
<CAPTION>
OppBdVA OppGlSecVA OppCapApVA OppMltStVA StOpp2
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Multiple Payment and
Flexible Premium.............. $ -- -- -- -- --
Corporate Universal
Variable Life ................ 1,573 5,938 1,039 529 9,759
------------ ------------ ------------ ------------ ------------
Total....................... $ 1,573 5,938 1,039 529 9,759
============ ============ ============ ============ ============
<CAPTION>
StintStk2 VEWwEmgMkt VEWwBd VKMSRESec WPintEq
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Multiple Payment and
Flexible Premium.............. $ -- -- -- -- --
Corporate Universal
Variable Life ................ 276 17 23 1,003 486
------------ ------------ ------------ ------------ ------------
Total....................... $ 276 17 23 1,003 486
============ ============ ============ ============ ============
<CAPTION>
WPGIPVenCp WPSMCoGr
------------ ------------
<S> <C> <C> <C> <C> <C>
Multiple Payment and
Flexible Premium.............. $ -- --
Corporate Universal
Variable Life ................ 213 5,010
------------ ------------
Total....................... $ 213 5,010
============ ============
</TABLE>
The following table provides mortality, expense and administration charges
by contract type for the six month period ended June 30, 1998:
<TABLE>
<CAPTION>
TOTAL ACVPAdv ACVPBal ACVPCapAp ACVPValue
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Multiple Payment and
Flexible Premium.............. $ 865 12 -- -- --
Corporate Universal
Variable Life ................ 33,949 -- 269 10 40
------------ ------------ ------------ ------------ ------------
Total....................... $ 34,814 12 269 10 40
============ ============ ============ ============ ============
<CAPTION>
DrySRGr DryStkix DryVApp DryVGrInc FidVEqIn
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Multiple Payment and
Flexible Premium.............. $ -- -- -- -- --
Corporate Universal
Variable Life ................ 10 1,462 1,102 10 61
------------ ------------ ------------ ------------ ------------
Total....................... $ 10 1,462 1,102 10 61
============ ============ ============ ============ ============
<CAPTION>
FidVGr FidVHiIn FidVOvSe FidVAM FidVCon
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Multiple Payment and
Flexible Premium.............. $ 12 -- -- -- --
Corporate Universal
Variable Life ................ 11 41 218 1,744 70
------------ ------------ ------------ ------------ ------------
Total....................... $ 23 41 218 1,744 70
============ ============ ============ ============ ============
<CAPTION>
FidVGrOp MSEmMkt NSATCapAp NSATGvtBd NSATMMkt
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Multiple Payment and
Flexible Premium.............. $ -- -- 282 124 400
Corporate Universal
Variable Life ................ 42 12 967 515 24,720
------------ ------------ ------------ ------------ ------------
Total....................... $ 42 12 1,249 639 25,120
============ ============ ============ ============ ============
</TABLE>
32
<PAGE> 32
<TABLE>
<CAPTION>
NSATSmCo NSATTotRtn NBAMTBal NBAMTGro NBAMTLMat
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Multiple Payment and
Flexible Premium.............. $ -- 18 17 -- --
Corporate Universal
Variable Life ................ 150 141 -- 12 983
------------ ------------ ------------ ------------ ------------
Total....................... $ 150 159 17 12 983
============ ============ ============ ============ ============
<CAPTION>
NBAMTPart OppBdVA OppGlSecVA OppCapApVA OPPMlTStVA
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Multiple Payment and
Flexible Premium.............. $ -- -- -- -- --
Corporate Universal
Variable Life ................ 685 39 25 41 63
------------ ------------ ------------ ------------ ------------
Total....................... $ 685 39 25 41 63
============ ============ ============ ============ ============
<CAPTION>
StOpp2 StintStk2 VKMSRESec WPintEq WPGIPVenCP
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Multiple Payment and
Flexible Premium.............. $ -- -- -- -- --
Corporate Universal
Variable Life ................ 51 12 50 31 10
------------ ------------ ------------ ------------ ------------
Total....................... $ 51 12 50 31 10
============ ============ ============ ============ ============
<CAPTION>
WPSmCoGr
------------
<S> <C> <C> <C> <C> <C>
Multiple Payment and
Flexible Premium.............. $ --
Corporate Universal
Variable Life ................ 352
------------
Total....................... $ 352
============
</TABLE>
(4) DEATH BENEFITS
Death benefit proceeds result in a redemption of the contract value from
the Account and payment of those proceeds, less any outstanding policy
loans (and policy charges), to the legal beneficiary. For last survivor
flexible premium contracts, the proceeds are payable on the death of the
last surviving insured. In the event that the guaranteed death benefit
exceeds the contract value on the date of death, the excess is paid by the
Company's general account.
(5) 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.
(6) 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.
(Continued)
33
<PAGE> 33
(7) COMPONENTS OF CONTRACT OWNERS' EQUITY
The following is a summary of Contract Owners' Equity at June 30, 2000:
<TABLE>
<CAPTION>
PERIOD
Contract owners' equity represented by: UNITS UNIT VALUE RETURN(b)
------ ---------- --------
<S> <C> <C> <C> <C>
Multiple Payment Contracts and
Flexible Premium Contracts:
American Century VP -
American Century VP Advantage ........... 63 $21.834787 $ 1,376 4%
Fidelity VIP - Growth Portfolio ........... 1,020 48.412397 49,381 5%
Nationwide SAT -
Capital Appreciation Fund ............... 171 32.877948 5,622 0%
Nationwide SAT - Government Bond Fund ..... 494 18.150229 8,966 4%
Nationwide SAT - Money Market Fund ........ 34 14.186996 482 2%
Nationwide SAT - Total Return Fund ........ 502 36.120724 18,133 3%
Neuberger & Berman - Balanced Portfolio ... 644 30.286315 19,504 10%
Corporate Variable Universal Life Contracts:
(policy years 1 through 4):
American Century VP -
American Century VP Balanced ............ 72,684 12.838177 933,130 1%
American Century VP -
American Century VP Capital Appreciation 28,027 16.455954 461,211 17%
American Century VP -
American Century VP Income & Growth ..... 92,749 12.267591 1,137,807 (4)%
American Century VP -
American Century VP International ....... 270,576 17.977283 4,864,221 (6)%
American Century VP -
American Century VP Value ............... 166,622 10.085804 1,680,517 (4)%
The Dreyfus Socially Responsible
Growth Fund, Inc. ....................... 12,865 17.334282 223,006 2%
Dreyfus Stock Index Fund .................. 1,333,692 15.856417 21,147,577 (1)%
Dreyfus VIF - Appreciation Portfolio ...... 737,136 15.135092 11,156,621 2%
Dreyfus VIF - Growth and Income Portfolio . 32,157 12.787463 411,206 (1)%
Fidelity VIP - Equity-Income Portfolio .... 204,918 11.851837 2,428,655 (3)%
Fidelity VIP - Growth Portfolio ........... 238,696 20.072836 4,791,306 5%
Fidelity VIP - High Income Portfolio ...... 184,668 10.066359 1,858,934 (5)%
Fidelity VIP - Overseas Portfolio ......... 331,867 14.548276 4,828,093 (5)%
Fidelity VIP-II - Asset Manager Portfolio . 597,974 12.888587 7,707,040 (1)%
Fidelity VIP-II - Contrafund Portfolio .... 97,567 16.024855 1,563,497 (2)%
Fidelity VIP-III -
Growth Opportunities Portfolio .......... 97,640 13.004783 1,269,787 (4)%
Janus Aspen Series - Capital Appreciation
Portfolio - Service Class ............... 3,989 9.312610 37,148 (7)%(a)
Janus Aspen Series - Global Technology
Portfolio - Service Class ............... 19,096 10.092968 192,735 1%(a)
Janus Aspen Series - International Growth
Portfolio - Service Class ............... 2,992 9.735345 29,128 (3)%(a)
</TABLE>
34
<PAGE> 34
<TABLE>
<CAPTION>
PERIOD
UNITS UNIT VALUE RETURN(b)
------ ---------- --------
<S> <C> <C> <C> <C>
Morgan Stanley -
Emerging Markets Debt Portfolio ......... 22,635 9.347558 211,582 6%
Nationwide SAT -
Capital Appreciation Fund ............... 82,836 14.124758 1,170,038 0%
Nationwide SAT - Government Bond Fund ..... 344,606 11.373355 3,919,326 4%
Nationwide SAT - Money Market Fund ........ 1,180,540 11.355602 13,405,742 3%
Nationwide SAT - Mid Cap Index Fund ....... 19,184 9.869258 189,332 (1)%(a)
Nationwide SAT -
Nationwide Small Cap Growth Fund ........ 19,751 10.176917 201,004 2%(a)
Nationwide SAT -
Small Capital Value Fund ................ 250,332 12.051981 3,016,997 11%
Nationwide SAT - Small Company Fund ....... 112,931 15.234780 1,720,479 7%
Nationwide SAT - Total Return Fund ........ 14,472 13.251602 191,777 3%
Neuberger & Berman AMT -
Growth Portfolio ........................ 236,257 19.699542 4,654,155 14%
Neuberger & Berman AMT -
Limited Maturity Bond Portfolio ......... 325,447 10.831214 3,524,986 2%
Neuberger & Berman AMT -
Partners Portfolio ...................... 378,718 11.185831 4,236,276 (1)%
Oppenheimer Bond Fund/VA .................. 86,220 11.004944 948,846 2%
Oppenheimer
Capital Appreciation Fund/VA ............ 175,907 18.932740 3,330,401 9%
Oppenheimer Global Securities Fund/VA ..... 112,156 19.992266 2,242,253 10%
Oppenheimer Multiple Strategies Fund/VA ... 60,242 12.768545 769,203 6%
Strong - Opportunity Fund II, Inc. ........ 377,030 15.911714 5,999,194 4%
Strong VIP -
Strong International Stock Fund II ...... 34,077 13.360365 455,281 (12)%
Van Eck WIT -
Worldwide Emerging Markets Fund ......... 135,636 8.326025 1,129,309 (13)%
Van Kampen LIT -
Real Estate Securities Portfolio ........ 27,110 10.462792 283,646 14%
Warburg Pincus Trust -
International Equity Portfolio .......... 25,576 12.824274 327,994 (9)%
Warburg Pincus Trust -
Global Post - Venture Capital Portfolio . 39,278 17.565596 689,941 5%
Warburg Pincus Trust -
Small Company Growth Portfolio .......... 308,591 16.876571 5,207,958 2%
========= ========== ------------
$124,650,803
============
</TABLE>
a) These returns were computed for the period 05/01/00 through 06/30/00.
b) The period return does not include contract charges satisfied by
surrendering units.
--------------------------------------------------------------------------------
35
<PAGE> 35
NATIONWIDE LIFE AND ANNUITY INSURANCE COMPANY
HOME OFFICE: ONE NATIONWIDE PLAZA o COLUMBUS, OHIO 43215-2220
--------------
Bulk Rate
U.S. Postage
PAID
Columbus, Ohio
Permit No. 521
--------------
Nationwide(R) is a registered federal service mark of Nationwide Mutual
Insurance Company
