<PAGE> 1
2000
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Nationwide(R) Variable Account - 8
June 30, 2000
[THE BEST OF AMERICA LOGO]
SEMI-ANNUAL REPORT
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[NATIONWIDE GRAPHIC]
Nationwide Life Insurance Company
Home Office: Columbus, Ohio
APO-4739 (06/00)
<PAGE> 2
[NATIONWIDE GRAPHIC]
NATIONWIDE LIFE INSURANCE COMPANY
ONE NATIONWIDE PLAZA, COLUMBUS, OHIO 43215-2220
[PHOTO OF JOSEPH J. GASPER]
PRESIDENT'S MESSAGE
We at Nationwide Life Insurance Company are pleased to bring you the 2000
semi-annual report of the Nationwide Variable Account-8.
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
2
<PAGE> 3
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 underlying 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 Variable Account-8. 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 1-800-848-6331 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 4 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
accordingly. 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 16. 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 7 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 13, provide further disclosures
about the variable account and its underlying contract provisions.
3
<PAGE> 4
================================================================================
NATIONWIDE VARIABLE ACCOUNT-8
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 Income & Growth (ACVPIncGr)
183,036 shares (cost $1,412,959) ............................................................... $ 1,403,886
American Century VP - American Century VP International (ACVPInt)
702,012 shares (cost $8,557,639) ............................................................... 8,115,254
American Century VP - American Century VP Value (ACVPValue)
80,505 shares (cost $442,802) .................................................................. 436,336
The Dreyfus Socially Responsible Growth Fund, Inc. (DrySRGro)
149,471 shares (cost $5,766,747) ............................................................... 5,987,788
Dreyfus VIF - Appreciation Portfolio (DryAp)
88,490 shares (cost $3,459,458) ................................................................ 3,626,329
Federated Insurance Series - Quality Bond Fund II (FedQualBd)
67,845 shares (cost $667,551) .................................................................. 679,128
Fidelity VIP - Equity-Income Portfolio: Service Class (FidVIPEIS)
188,944 shares (cost $4,378,287) ............................................................... 4,317,369
Fidelity VIP - Growth Portfolio: Service Class (FidVIPGrS)
466,535 shares (cost $23,659,277) .............................................................. 23,975,248
Fidelity VIP - High Income Portfolio: Service Class (FidVIPHIS)
99,192 shares (cost $1,019,996) ................................................................ 992,912
Fidelity VIP - Overseas Portfolio: Service Class (FidVIPOvS)
175,636 shares (cost $4,248,435) ............................................................... 4,113,387
Fidelity VIP-II - Contrafund Portfolio: Service Class (FidVIPConS)
517,959 shares (cost $13,398,107) .............................................................. 12,964,501
Fidelity VIP-III - Growth Opportunities Portfolio: Service Class (FidVIPGrOpS)
129,911 shares (cost $2,697,766) ............................................................... 2,673,559
Janus Aspen Series - Capital Appreciation Portfolio (JanCapApp)
16,518 shares (cost $518,115) .................................................................. 519,007
Janus Aspen Series - Global Technology Portfolio (JanGlTech)
29,977 shares (cost $295,093) .................................................................. 294,374
Janus Aspen Series - International Growth (JanIntGro)
4,622 shares (cost $183,186) ................................................................... 181,857
Morgan Stanley Emerging Markets (MSEmMkt)
12,731 shares (cost $89,872) ................................................................... 93,701
</TABLE>
4
<PAGE> 5
<TABLE>
<S> <C>
Nationwide SAT - Capital Appreciation Fund (NSATCapAp)
89,251 shares (cost $2,200,873) ................................................................ 2,308,024
Nationwide SAT - Equity Income Fund (NSATEqInc)
42,044 shares (cost $574,776) .................................................................. 576,842
Nationwide SAT - Global 50 Fund (NSATGlob50)
63,725 shares (cost $867,274) .................................................................. 872,392
Nationwide SAT - Government Bond Fund (NSATGvtBd)
182,407 shares (cost $1,981,233) ............................................................... 1,986,411
Nationwide SAT - High Income Bond Fund (NSATHIncBd)
18,244 shares (cost $168,871) .................................................................. 162,732
Nationwide SAT - Mid Cap Index Fund (NSATMidCap)
260,449 shares (cost $3,334,843) ............................................................... 3,461,374
Nationwide SAT - Money Market Fund (NSATMyMkt)
3,111,817 shares (cost $3,111,818) ............................................................. 3,111,817
Nationwide SAT - Small Cap Fund (NSATSmCapG)
88,125 shares (cost $1,828,765) ................................................................ 1,825,064
Nationwide SAT - Small Cap Value Fund (NSATSmCapV)
114,341 shares (cost $1,175,841) ............................................................... 1,233,738
Nationwide SAT - Small Company Fund (NSATSmCo)
92,165 shares (cost $2,191,437) ................................................................ 2,193,537
Nationwide SAT - Strategic Growth Fund (NSATStrGro)
141,033 shares (cost $3,139,363) ............................................................... 3,027,981
Nationwide SAT - Strategic Value Fund (NSATStrVal)
9,090 shares (cost $87,007) .................................................................... 84,086
Nationwide SAT - Total Return Fund (NSATTotRe)
307,668 shares (cost $5,752,993) ............................................................... 5,965,686
Neuberger Berman AMT - Guardian Portfolio (NBAMTGuard)
18,250 shares (cost $278,867) .................................................................. 298,207
Neuberger Berman AMT - Mid-Cap Growth Portfolio (NBAMTMCGr)
106,487 shares (cost $2,842,220) ............................................................... 2,917,755
Neuberger Berman AMT - Partners Portfolio (NBAMTPart)
15,608 shares (cost $250,814) .................................................................. 249,255
Oppenheimer - Aggressive Growth Fund/VA (OppAggGro)
159,620 shares (cost $8,063,374) ............................................................... 8,162,975
Oppenheimer - Capital Appreciation Fund/VA (OppCapApp)
86,398 shares (cost $8,079,912) ................................................................ 8,349,543
Oppenheimer - Main Street Growth & Income Fund/VA (OppMSGrInc)
303,124 shares (cost $7,129,471) ............................................................... 7,077,934
Salomon Brothers VSF - Capital Fund (SBVSFCap)
403,238 shares (cost $5,905,489) ............................................................... 6,326,806
</TABLE>
(Continued)
5
<PAGE> 6
NATIONWIDE VARIABLE ACCOUNT-8
STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY, CONTINUED
<TABLE>
<S> <C>
Salomon Brothers VSF - High Yield Bond Fund (SBVSFHYBd)
109,052 shares (cost $995,628) ................................................................. 1,000,004
Salomon Brothers VSF - Investors Fund (SBVSFInv)
158,732 shares (cost $1,973,102) ............................................................... 2,119,072
Salomon Brothers VSF - Total Return Fund (SBVSFTotRet)
81,525 shares (cost $832,219) .................................................................. 860,085
Van Eck WIT - Worldwide Emerging Markets Fund (VEWrldEMkt)
127,163 shares (cost $1,779,508) ............................................................... 1,588,270
Van Eck WIT - Worldwide Hard Assets Fund (VEWrldHAs)
3,713 shares (cost $39,428) .................................................................... 41,810
Van Kampen American Capital LIT -
Morgan Stanley Real Estate Securities Fund, Inc. (MSRESec)
1,454 shares (cost $18,819) ..................................................................... 19,571
Warburg Pincus Trust - Growth & Income Portfolio (WPGrInc)
15,258 shares (cost $175,290) .................................................................. 176,989
------------
Total investments ........................................................................... 136,372,600
Accounts receivable .................................................................................. 19,536
------------
Total assets ................................................................................ 136,392,136
ACCOUNTS PAYABLE ........................................................................................ 20,280
------------
CONTRACT OWNERS' EQUITY (NOTE 4) ........................................................................ $136,371,856
============
</TABLE>
See accompanying notes to financial statements.
================================================================================
6
<PAGE> 7
================================================================================
NATIONWIDE VARIABLE ACCOUNT-8
STATEMENTS OF CHANGES IN
CONTRACT OWNERS' EQUITY
STATEMENTS OF OPERATIONS
SIX MONTH PERIOD ENDED JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
TOTAL ACVPINCGR ACVPINT ACVPVALUE
------------ --------- --------- ---------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .................. $ 239,878 3,082 3,153 2,143
Mortality and expense risk charges
(note 2) ............................ (492,343) (5,344) (27,193) (1,389)
------------ --------- --------- -------
Net investment activity............ (252,465) (2,262) (24,040) 754
------------ --------- --------- -------
Proceeds from mutual fund shares
sold............................... 6,047,972 57,276 114,290 54,918
Cost of mutual fund shares sold........ (5,896,388) (57,311) (93,396) (61,322)
------------ --------- --------- -------
Realized gain (loss) on
investments...................... 151,584 (35) 20,894 (6,404)
Change in unrealized gain (loss) on
investments ......................... 477,721 (13,087) (469,696) (6,823)
------------ --------- --------- -------
Net gain (loss) on investments..... 629,305 (13,122) (448,802) (13,227)
------------ --------- --------- -------
Reinvested capital gains............... 1,777,638 -- 47,135 5,484
------------ --------- --------- -------
Net increase (decrease) in
contract owners' equity
resulting from operations........ 2,154,478 (15,384) (425,707) (6,989)
------------ --------- --------- -------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners...................... 124,819,467 1,292,569 7,894,177 417,716
Transfers between funds................ -- 1,752 388,861 (4,307)
Redemptions............................ (1,228,299) (55,661) (24,501) (3,353)
Contingent deferred sales charges
(note 2) ............................ (16,869) (616) (918) --
Adjustments to maintain reserves....... (242) -- 33 1
------------ --------- --------- -------
Net equity transactions............ 123,574,055 1,238,044 8,257,652 410,057
------------ --------- --------- -------
Net change in contract owners' equity.... 125,728,533 1,222,660 7,831,945 403,068
Contract owners' equity beginning of
period ................................ 10,643,323 181,223 283,351 33,270
------------ --------- --------- -------
Contract owners' equity end of period.... $136,371,856 1,403,883 8,115,296 436,338
============ ========= ========= =======
</TABLE>
<TABLE>
<CAPTION>
DRYSRGRO DRYAP FEDQUALBD FIDVIPEIS
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .................. 511 116 2,321 16,458
Mortality and expense risk charges
(note 2) ............................ (22,654) (14,803) (2,146) (15,409)
--------- --------- ------- ---------
Net investment activity............ (22,143) (14,687) 175 1,049
--------- --------- ------- ---------
Proceeds from mutual fund shares
sold............................... 48,617 59,123 22,507 29,932
Cost of mutual fund shares sold........ (49,003) (61,727) (22,494) (30,641)
--------- --------- ------- ---------
Realized gain (loss) on
investments...................... (386) (2,604) 13 (709)
Change in unrealized gain (loss) on
investments ......................... 217,715 165,421 11,691 (67,434)
--------- --------- ------- ---------
Net gain (loss) on investments..... 217,329 162,817 11,704 (68,143)
--------- --------- ------- ---------
Reinvested capital gains............... -- -- -- 63,481
--------- --------- ------- ---------
Net increase (decrease) in
contract owners' equity
resulting from operations........ 195,186 148,130 11,879 (3,613)
--------- --------- ------- ---------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners...................... 4,852,973 3,098,676 637,275 3,960,836
Transfers between funds................ 212,476 14,221 -- (26,740)
Redemptions............................ (22,231) (4,042) (10,105) (34,626)
Contingent deferred sales charges
(note 2) ............................ (67) -- (66) (892)
Adjustments to maintain reserves....... 99 62 8 27
--------- --------- ------- ---------
Net equity transactions............ 5,043,250 3,108,917 627,112 3,898,605
--------- --------- ------- ---------
Net change in contract owners' equity.... 5,238,436 3,257,047 638,991 3,894,992
Contract owners' equity beginning of
period ................................ 749,450 369,352 40,138 422,405
--------- --------- ------- ---------
Contract owners' equity end of period.... 5,987,886 3,626,399 679,129 4,317,397
========= ========= ======= =========
</TABLE>
(Continued)
7
<PAGE> 8
NATIONWIDE VARIABLE ACCOUNT-8
STATEMENTS OF CHANGES IN
CONTRACT OWNERS' EQUITY, CONTINUED
STATEMENTS OF OPERATIONS, CONTINUED
SIX MONTH PERIOD ENDED JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
FIDVIPGRS FIDVIPHIS FIDVIPOVS FIDVIPCONS
----------- --------- --------- ----------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .................. $ 4,639 15,185 13,005 11,929
Mortality and expense risk charges
(note 2) ............................ (85,516) (3,898) (16,139) (48,931)
----------- -------- --------- ----------
Net investment activity........... (80,877) 11,287 (3,134) (37,002)
----------- -------- --------- ----------
Proceeds from mutual fund shares
sold................................. 43,416 115,652 61,354 1
Cost of mutual fund shares sold........ (41,650) (129,289) (59,287) (1)
----------- -------- --------- ----------
Realized gain (loss) on
investments..................... 1,766 (13,637) 2,067 --
Change in unrealized gain (loss)
on investments ...................... 209,098 (27,921) (153,287) (483,623)
----------- -------- --------- ----------
Net gain (loss) on investments.... 210,864 (41,558) (151,220) (483,623)
----------- -------- --------- ----------
Reinvested capital gains............... 553,917 -- 84,169 433,017
----------- -------- --------- ----------
Net increase (decrease) in
contract owners' equity
resulting from operations....... 683,904 (30,271) (70,185) (87,608)
----------- -------- --------- ----------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners...................... 20,966,615 942,656 4,040,219 11,811,600
Transfers between funds................ 474,587 27,277 (82,222) 102,242
Redemptions............................ (247,930) (43,181) (12,433) (49,504)
Contingent deferred sales charges
(note 2) ............................ (2,715) -- (7) (1,708)
Adjustments to maintain reserves....... 271 13 (38) (171)
----------- -------- --------- ----------
Net equity transactions........... 21,190,828 926,765 3,945,519 11,862,459
----------- -------- --------- ----------
Net change in contract owners' equity.... 21,874,732 896,494 3,875,334 11,774,851
Contract owners' equity beginning of
period ................................ 2,100,791 96,425 238,013 1,189,485
----------- -------- --------- ----------
Contract owners' equity end of period.... $23,975,523 992,919 4,113,347 12,964,336
=========== ======== ========= ==========
</TABLE>
<TABLE>
<CAPTION>
FIDVIPGROPS JANCAPAPP JANGLTECH JANINTGRO
----------- --------- --------- ---------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .................. 9,071 184 -- --
Mortality and expense risk charges
(note 2) ............................ (9,852) (86) (61) (41)
--------- ------- ------- -------
Net investment activity........... (781) 98 (61) (41)
--------- ------- ------- -------
Proceeds from mutual fund shares
sold................................. 27,590 5 -- 4
Cost of mutual fund shares sold........ (31,073) (5) -- (4)
--------- ------- ------- -------
Realized gain (loss) on
investments..................... (3,483) -- -- --
Change in unrealized gain (loss)
on investments ...................... (29,397) 892 (718) (1,329)
--------- ------- ------- -------
Net gain (loss) on investments.... (32,880) 892 (718) (1,329)
--------- ------- ------- -------
Reinvested capital gains............... 47,707 -- -- --
--------- ------- ------- -------
Net increase (decrease) in
contract owners' equity
resulting from operations....... 14,046 990 (779) (1,370)
--------- ------- ------- -------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners...................... 2,486,160 449,770 295,153 139,780
Transfers between funds................ (70,400) 68,248 -- 43,447
Redemptions............................ (17,012) -- -- --
Contingent deferred sales charges
(note 2) ............................ (855) -- -- --
Adjustments to maintain reserves....... (384) (1,728) 34 53
--------- ------- ------- -------
Net equity transactions........... 2,397,509 516,290 295,187 183,280
--------- ------- ------- -------
Net change in contract owners' equity.... 2,411,555 517,280 294,408 181,910
Contract owners' equity beginning of
period ................................ 261,613 -- -- --
--------- ------- ------- -------
Contract owners' equity end of period.... 2,673,168 517,280 294,408 181,910
========= ======= ======= =======
</TABLE>
8
<PAGE> 9
NATIONWIDE VARIABLE ACCOUNT-8
STATEMENTS OF CHANGES IN
CONTRACT OWNERS' EQUITY, CONTINUED
STATEMENTS OF OPERATIONS, CONTINUED
SIX MONTH PERIOD ENDED JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
MSEMMKT NSATCAPAP NSATEQINC NSATGLOB50
------- --------- --------- ----------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .................. $ -- 2,787 1,361 6,942
Mortality and expense risk charges
(note 2) ............................ (388) (10,244) (1,828) (2,986)
------- --------- ------- -------
Net investment activity........... (388) (7,457) (467) 3,956
------- --------- ------- -------
Proceeds from mutual fund shares
sold................................. 590 88,078 10,140 61,474
Cost of mutual fund shares sold........ (558) (101,919) (9,639) (62,690)
------- --------- ------- -------
Realized gain (loss) on
investments..................... 32 (13,841) 501 (1,216)
Change in unrealized gain (loss) on
investments ......................... 3,829 118,850 1,847 4,955
------- --------- ------- -------
Net gain (loss) on investments.... 3,861 105,009 2,348 3,739
------- --------- ------- -------
Reinvested capital gains............... -- -- -- --
------- --------- ------- -------
Net increase (decrease) in
contract owners' equity
resulting from operations....... 3,473 97,552 1,881 7,695
------- --------- ------- -------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners...................... 90,485 1,883,231 566,083 900,717
Transfers between funds................ -- (57,616) -- (43,262)
Redemptions............................ (257) (2,112) (127) (11,906)
Contingent deferred sales charges
(note 2) ............................ -- -- -- (634)
Adjustments to maintain reserves....... -- 33 (5) 13
------- --------- ------- -------
Net equity transactions........... 90,228 1,823,536 565,951 844,928
------- --------- ------- -------
Net change in contract owners' equity.... 93,701 1,921,088 567,832 852,623
Contract owners' equity beginning of
period ................................ -- 386,979 9,014 19,798
------- --------- ------- -------
Contract owners' equity end of period.... $93,701 2,308,067 576,846 872,421
======= ========= ======= =======
</TABLE>
<TABLE>
<CAPTION>
NSATGVTBD NSATHINCBD NSATMIDCAP NSATMYMKT
--------- ---------- ---------- ---------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .................. 40,024 6,267 8,210 62,447
Mortality and expense risk charges
(note 2) ............................ (5,965) (634) (13,460) (15,711)
--------- ------- --------- ---------
Net investment activity........... 34,059 5,633 (5,250) 46,736
--------- ------- --------- ---------
Proceeds from mutual fund shares
sold................................. 40,095 730 33,503 3,559,800
Cost of mutual fund shares sold........ (41,065) (765) (31,704) (3,559,801)
--------- ------- --------- ---------
Realized gain (loss) on
investments..................... (970) (35) 1,799 (1)
Change in unrealized gain (loss) on
investments ......................... 6,458 (6,138) 123,724 (1)
--------- ------- --------- ---------
Net gain (loss) on investments.... 5,488 (6,173) 125,523 (2)
--------- ------- --------- ---------
Reinvested capital gains............... -- -- -- --
--------- ------- --------- ---------
Net increase (decrease) in
contract owners' equity
resulting from operations....... 39,547 (540) 120,273 46,734
--------- ------- --------- ---------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners...................... 1,867,972 163,007 3,027,021 5,330,639
Transfers between funds................ (340) -- 87,830 (2,522,094)
Redemptions............................ (8,202) (252) (12,631) (252,676)
Contingent deferred sales charges
(note 2) ............................ -- -- (94) (416)
Adjustments to maintain reserves....... 15 4 26 21
--------- ------- --------- ---------
Net equity transactions........... 1,859,445 162,759 3,102,152 2,555,474
--------- ------- --------- ---------
Net change in contract owners' equity.... 1,898,992 162,219 3,222,425 2,602,208
Contract owners' equity beginning of
period ................................ 87,437 513 238,980 509,629
--------- ------- --------- ---------
Contract owners' equity end of period.... 1,986,429 162,732 3,461,405 3,111,837
========= ======= ========= =========
</TABLE>
9
<PAGE> 10
NATIONWIDE VARIABLE ACCOUNT-8
STATEMENTS OF CHANGES IN
CONTRACT OWNERS' EQUITY, CONTINUED
STATEMENTS OF OPERATIONS, CONTINUED
SIX MONTH PERIOD ENDED JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
NSATSMCAPG NSATSMCAPV NSATSMCO NSATSTRGRO
---------- ---------- -------- ----------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .................. $ -- -- 560 --
Mortality and expense risk charges
(note 2) ............................ (6,006) (5,107) (7,243) (10,527)
---------- --------- --------- ---------
Net investment activity........... (6,006) (5,107) (6,683) (10,527)
---------- --------- --------- ---------
Proceeds from mutual fund shares
sold................................. 35,667 178,275 78,724 135,418
Cost of mutual fund shares sold........ (28,409) (163,157) (73,338) (121,270)
---------- --------- --------- ---------
Realized gain (loss) on
investments..................... 7,258 15,118 5,386 14,148
Change in unrealized gain (loss) on
investments ......................... (3,975) 61,237 (2,302) (121,027)
---------- --------- --------- ---------
Net gain (loss) on investments.... 3,283 76,355 3,084 (106,879)
---------- --------- --------- ---------
Reinvested capital gains............... -- -- -- --
---------- --------- --------- ---------
Net increase (decrease) in
contract owners' equity
resulting from operations....... (2,723) 71,248 (3,599) (117,406)
---------- --------- --------- ---------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners...................... 1,675,245 1,104,383 1,951,009 2,672,897
Transfers between funds................ 149,577 (8,391) 182,500 301,912
Redemptions............................ (485) (5,504) (25,130) (5,102)
Contingent deferred sales charges
(note 2) ............................ (7) (283) (6) --
Adjustments to maintain reserves....... 4 (8) 19 9
---------- --------- --------- ---------
Net equity transactions........... 1,824,334 1,090,197 2,108,392 2,969,716
---------- --------- --------- ---------
Net change in contract owners' equity.... 1,821,611 1,161,445 2,104,793 2,852,310
Contract owners' equity beginning of
period ................................ 3,463 72,288 88,808 175,682
---------- --------- --------- ---------
Contract owners' equity end of period.... $1,825,074 1,233,733 2,193,601 3,027,992
========== ========= ========= =========
</TABLE>
<TABLE>
<CAPTION>
NSATSTRVAL NSATTOTRE NBAMTGUARD NBAMTMCGR
---------- --------- ---------- ---------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .................. 266 12,866 521 --
Mortality and expense risk charges
(note 2) ............................ (270) (21,609) (1,381) (8,920)
------ --------- ------- ---------
Net investment activity........... (4) (8,743) (860) (8,920)
------ --------- ------- ---------
Proceeds from mutual fund shares
sold................................. 193 52,083 22,185 121,667
Cost of mutual fund shares sold........ (184) (54,907) (21,202) (110,702)
------ --------- ------- ---------
Realized gain (loss) on
investments..................... 9 (2,824) 983 10,965
Change in unrealized gain (loss) on
investments ......................... (3,007) 218,829 18,459 72,020
------ --------- ------- ---------
Net gain (loss) on investments.... (2,998) 216,005 19,442 82,985
------ --------- ------- ---------
Reinvested capital gains............... -- -- -- 240
------ --------- ------- ---------
Net increase (decrease) in
contract owners' equity
resulting from operations....... (3,002) 207,262 18,582 74,305
------ --------- ------- ---------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners...................... 83,723 5,184,259 212,095 2,544,528
Transfers between funds................ -- 93,725 16,395 249,398
Redemptions............................ -- (37,730) -- (2,050)
Contingent deferred sales charges
(note 2) ............................ -- (898) -- --
Adjustments to maintain reserves....... (6) 90 5 85
------ --------- ------- ---------
Net equity transactions........... 83,717 5,239,446 228,495 2,791,961
------ --------- ------- ---------
Net change in contract owners' equity.... 80,715 5,446,708 247,077 2,866,266
Contract owners' equity beginning of
period ................................ 3,370 519,070 51,135 51,413
------ --------- ------- ---------
Contract owners' equity end of period.... 84,085 5,965,778 298,212 2,917,679
====== ========= ======= =========
</TABLE>
10
<PAGE> 11
NATIONWIDE VARIABLE ACCOUNT-8
STATEMENTS OF CHANGES IN
CONTRACT OWNERS' EQUITY, CONTINUED
STATEMENTS OF OPERATIONS, CONTINUED
SIX MONTH PERIOD ENDED JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
NBAMTPART OPPAGGGRO OPPCAPAPP OPPMSGRINC
--------- --------- --------- ----------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .................. $ 206 -- 3,916 11,434
Mortality and expense risk charges
(note 2) ............................ (579) (26,227) (29,550) (26,108)
-------- --------- --------- ---------
Net investment activity........... (373) (26,227) (25,634) (14,674)
-------- --------- --------- ---------
Proceeds from mutual fund shares
sold................................. 42,692 410,321 57,524 32,256
Cost of mutual fund shares sold........ (44,072) (289,382) (52,401) (31,629)
-------- --------- --------- ---------
Realized gain (loss) on
investments.. .................. (1,380) 120,939 5,123 627
Change in unrealized gain (loss) on
investments ......................... (1,580) 242,948 55,101 (73,156)
-------- --------- --------- ---------
Net gain (loss) on investments.... (2,960) 363,887 60,224 (72,529)
-------- --------- --------- ---------
Reinvested capital gains............... 4,379 108,377 208,963 150,965
-------- --------- --------- ---------
Net increase (decrease) in
contract owners' equity
resulting from operations....... 1,046 446,037 243,553 63,762
-------- --------- --------- ---------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners...................... 247,261 7,104,575 7,320,996 6,485,974
Transfers between funds................ -- 616,508 55,989 11,828
Redemptions............................ (472) (68,506) (108,981) (84,717)
Contingent deferred sales charges
(note 2) ............................ -- (1,414) (662) (2,058)
Adjustments to maintain reserves....... 4 105 1,094 (236)
-------- --------- --------- ---------
Net equity transactions........... 246,793 7,651,268 7,268,436 6,410,791
-------- --------- --------- ---------
Net change in contract owners' equity.... 247,839 8,097,305 7,511,989 6,474,553
Contract owners' equity beginning of
period ................................ 1,417 252,341 651,605 603,240
-------- --------- --------- ---------
Contract owners' equity end of period.... $249,256 8,349,646 8,163,594 7,077,793
======== ========= ========= =========
</TABLE>
<TABLE>
<CAPTION>
SBVSFCAP SBVSFHYBD SBVSFINV SBVSFTOTRET
-------- --------- -------- -----------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .................. -- -- -- (59)
Mortality and expense risk charges
(note 2) ............................ (21,988) (3,591) (8,235) (3,298)
--------- --------- --------- -------
Net investment activity........... (21,988) (3,591) (8,235) (3,357)
--------- --------- --------- -------
Proceeds from mutual fund shares
sold................................. 30,636 8,218 232,320 63,050
Cost of mutual fund shares sold........ (26,320) (8,825) (240,368) (65,264)
--------- --------- --------- -------
Realized gain (loss) on
investments.. .................. 4,316 (607) (8,048) (2,214)
Change in unrealized gain (loss) on
investments ......................... 420,123 6,881 143,452 30,301
--------- --------- --------- -------
Net gain (loss) on investments.... 424,439 6,274 135,404 28,087
--------- --------- --------- -------
Reinvested capital gains............... 69,804 -- -- --
--------- --------- --------- -------
Net increase (decrease) in
contract owners' equity
resulting from operations....... 472,255 2,683 127,169 24,730
--------- --------- --------- -------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners...................... 5,338,060 957,310 2,098,483 788,949
Transfers between funds................ 79,190 9,227 (247,029) (42,814)
Redemptions............................ (42,298) (2,783) (22,128) (1,782)
Contingent deferred sales charges
(note 2) ............................ (932) (7) (1,309) --
Adjustments to maintain reserves....... 100 10 45 51
--------- --------- --------- -------
Net equity transactions........... 5,374,120 963,757 1,828,062 744,404
--------- --------- --------- -------
Net change in contract owners' equity.... 5,846,375 966,440 1,955,231 769,134
Contract owners' equity beginning of
period ................................ 480,532 33,573 163,880 90,956
--------- --------- --------- -------
Contract owners' equity end of period.... 6,326,907 1,000,013 2,119,111 860,090
========= ========= ========= =======
</TABLE>
11
<PAGE> 12
NATIONWIDE VARIABLE ACCOUNT-8
STATEMENTS OF CHANGES IN
CONTRACT OWNERS' EQUITY, CONTINUED
STATEMENTS OF OPERATIONS, CONTINUED
SIX MONTH PERIOD ENDED JUNE 30, 2000
(UNAUDITED)
<TABLE>
<CAPTION>
VEWRLDEMKT VEWRLDHAS MSRESEC WPGRINC
---------- --------- ------- -------
<S> <C> <C> <C> <C>
INVESTMENT ACTIVITY:
Reinvested dividends .................. $ -- 219 114 --
Mortality and expense risk charges
(note 2) ............................ (5,847) (196) (31) (952)
---------- ------ ------ -------
Net investment activity........... (5,847) 23 83 (952)
---------- ------ ------ -------
Proceeds from mutual fund shares
sold................................. 115,004 192 19 2,433
Cost of mutual fund shares sold........ (116,830) (184) (19) (2,581)
---------- ------ ------ -------
Realized gain (loss) on
investments..................... (1,826) 8 -- (148)
Change in unrealized gain (loss) on
investments ......................... (194,914) 1,944 752 609
---------- ------ ------ -------
Net gain (loss) on investments.... (196,740) 1,952 752 461
---------- ------ ------ -------
Reinvested capital gains............... -- -- -- --
---------- ------ ------ -------
Net increase (decrease) in
contract owners' equity
resulting from operations....... (202,587) 1,975 835 (491)
---------- ------ ------ -------
EQUITY TRANSACTIONS:
Purchase payments received from
contract owners...................... 1,811,273 29,401 18,735 74,981
Transfers between funds................ (93,497) -- -- 11,520
Redemptions............................ (6,241) -- -- (1,648)
Contingent deferred sales charges
(note 2) ............................ (305) -- -- --
Adjustments to maintain reserves....... -- (5) -- 5
---------- ------ ------ -------
Net equity transactions........... 1,711,230 29,396 18,735 84,858
---------- ------ ------ -------
Net change in contract owners' equity.... 1,508,643 31,371 19,570 84,367
Contract owners' equity beginning of
period ................................ 79,624 10,437 -- 92,623
---------- ------ ------ -------
Contract owners' equity end of period.... $1,588,267 41,808 19,570 176,990
========== ====== ====== =======
</TABLE>
See accompanying notes to financial statements.
================================================================================
12
<PAGE> 13
--------------------------------------------------------------------------------
NATIONWIDE VARIABLE ACCOUNT-8
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2000
(UNAUDITED)
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Organization and Nature of Operations
The Nationwide Variable Account-8 (the Account) was established
pursuant to a resolution of the Board of Directors of Nationwide Life
Insurance Company (the Company) on August 3, 1995. The Account has been
registered as a unit investment trust under the Investment Company Act
of 1940.
The Company offers tax qualified and non-tax qualified Individual
Deferred Variable Annuity Contracts through the Account. The primary
distribution for the contracts is through the brokerage community;
however, other distributors are utilized.
(b) The Contracts
Only contracts without a sales charge, but with certain other fees are
offered for purchase. See note 2 for a discussion of contract expenses.
Contract owners in either the accumulation or payout phase may invest
in the following:
Portfolios of the American Century Variable Portfolios, Inc.
(American Century VP);
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)
Portfolios of the Dreyfus Variable Investment Fund (Dreyfus VIF);
Dreyfus VIF - Appreciation Portfolio (DryAp)
Federated Insurance Series - Quality Bond Fund II (FedQualBd)
Portfolios of the Fidelity Variable Insurance Products Fund
(Fidelity VIP);
Fidelity VIP - Equity-Income Portfolio: Service Class
(FidVIPEIS)
Fidelity VIP - Growth Portfolio: Service Class (FidVIPGrS)
Fidelity VIP - High Income Portfolio: Service Class
(FidVIPHIS)
Fidelity VIP - Overseas Portfolio: Service Class (FidVIPOvS)
Portfolios of the Fidelity Variable Insurance Products Fund II
(Fidelity VIP-II); Fidelity VIP-II - Contrafund Portfolio:
Service Class (FidVIPConS)
Portfolios of the Fidelity Variable Insurance Products Fund III
(Fidelity VIP-III); Fidelity VIP-III - Growth Opportunities
Portfolio: Service Class (FidVIPGrOpS)
Portfolios of The Universal Institutional Funds, Inc. (Morgan
Stanley); Morgan Stanley - Emerging Markets Debt Portfolio
(MSEmMkt)
(Continued)
13
<PAGE> 14
NATIONWIDE VARIABLE ACCOUNT-8
NOTES TO FINANCIAL STATEMENTS, CONTINUED
Portfolios 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 - Equity Income Fund (NSATEqInc)
Nationwide SAT - Global 50 Fund (NSATGlob50)
Nationwide SAT - Government Bond Fund (NSATGvtBd)
Nationwide SAT - High Income Bond Fund (NSATHIncBd)
Nationwide SAT - Mid Cap Index Fund (NSATMidCap)
Nationwide SAT - Money Market Fund (NSATMyMkt)
Nationwide SAT - Small Cap Growth Fund (NSATSmCapG)
Nationwide SAT - Small Cap Value Fund (NSATSmCapV)
Nationwide SAT - Small Company Fund (NSATSmCo)
Nationwide SAT - Strategic Growth Fund (NSATStrGro)
Nationwide SAT - Strategic Value Fund (NSATStrVal)
Nationwide SAT - Total Return Fund (NSATTotRe)
Portfolios of the Neuberger Berman Advisers Management Trust
(Neuberger Berman AMT);
Neuberger Berman AMT - Guardian Portfolio (NBAMTGuard)
Neuberger Berman AMT - Mid-Cap Growth Portfolio (NBAMTMCGr)
Neuberger Berman AMT - Partners Portfolio (NBAMTPart)
Oppenheimer Aggressive Growth Fund/VA (OppAggGro)
Oppenheimer Capital Appreciation Fund/VA (OppCapApp)
Oppenheimer Main Street Growth & Income Fund/VA (OppMSGrInc)
Portfolios of the Salomon Brothers Variable Series Funds Inc.
(Salomon Brothers VSF);
Salomon Brothers VSF - Capital Fund (SBVSFCap)
Salomon Brothers VSF - High Yield Bond Fund (SBVSFHYBd)
Salomon Brothers VSF - Investors Fund (SBVSFInv)
Salomon Brothers VSF - Total Return Fund (SBVSFTotRet)
Portfolios of the Van Eck Worldwide Insurance Trust (Van Eck WIT);
Van Eck WIT - Worldwide Emerging Markets Fund (VEWrldEMkt)
Van Eck WIT - Worldwide Hard Assets Fund (VEWrldHAs)
Portfolio of the Van Kampen Life Investment Trust (Van Kampen
LIT);
Van Kampen LIT - Morgan Stanley Real Estate Securities Portfolio
(VKMSRESec)
Portfolios of the Warburg Pincus Trust;
Warburg Pincus Trust - Value Portfolio (WPValue)
At June 30, 2000, contract owners have invested in all of the above
funds except for Morgan Stanley - Emerging Markets Debt Portfolio and
Van Kampen LIT - Morgan Stanley Real Estate Securities Portfolio. The
contract owners' equity is affected by the investment results of each
fund, equity transactions by contract owners and certain contract
expenses (see note 2).
The accompanying financial statements include only contract owners'
purchase payments pertaining to the variable portions of their
contracts and exclude any purchase payments for fixed dollar benefits,
the latter being included in the accounts of the Company.
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.
14
<PAGE> 15
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.
(f) Calculation of Annuity Reserves
Annuity reserves are computed for contracts in the variable payout
stage according to industry standard mortality tables. The assumed
investment return is 3.5 percent unless the annuitant elects otherwise,
in which case the rate may vary from 3.5 percent to 7 percent, as
regulated by the laws of the respective states. The mortality risk is
fully borne by the Company and may result in additional amounts being
transferred into the Account by the Company to cover greater longevity
of annuitants than expected. Conversely, if reserves exceed amounts
required, transfers may be made to the Company.
(2) EXPENSES
The Company does not deduct a sales charge from purchase payments received
from the contract owners. However, if any part of the contract value of
such contracts is surrendered, the Company will, with certain exceptions,
deduct from a contract owner's contract value a contingent deferred sales
charge not to exceed 7% of the lesser of purchase payments or the amount
surrendered, such charge declining to 0%, after the purchase payment has
been held in the contract for 84 months. No sales charges are deducted on
redemptions used to purchase units in the fixed investment options of the
Company.
The following contract charges are deducted by the Company: (a) an annual
contract maintenance charge of up to $30, dependent upon contract type and
issue date, which is satisfied by surrendering units; and (b) a mortality
risk charge and an expense risk charge assessed through the daily unit
value calculation equal to an annual rate of 0.80% and 0.60%, respectively.
(3) RELATED PARTY TRANSACTIONS
The Company performs various services on behalf of the Mutual Fund
Companies in which the Account invests and may receive fees for the
services performed. These services include, among other things, shareholder
communications, preparation, postage, fund transfer agency and various
other record keeping and customer service functions. These fees are paid to
an affiliate of the Company.
(Continued)
15
<PAGE> 16
NATIONWIDE VARIABLE ACCOUNT-8
NOTES TO FINANCIAL STATEMENTS, CONTINUED
(4) 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>
American Century VP -
American Century VP Income & Growth:
Tax qualified ................................. 46,804 $ 10.858084 $ 508,202 (4)%
Non-tax qualified ............................. 82,492 10.858084 895,705 (4)%
American Century VP -
American Century VP International:
Tax qualified ................................. 187,614 13.661142 2,563,021 (7)%
Non-tax qualified ............................. 406,428 13.661142 5,552,271 (7)%
American Century VP -
American Century VP Value:
Tax qualified ................................. 8,495 9.389064 79,760 (5)%
Non-tax qualified ............................. 37,978 9.389064 356,578 (5)%
The Dreyfus Socially Responsible
Growth Fund, Inc.:
Tax qualified ................................. 209,881 12.217306 2,564,180 2%
Non-tax qualified ............................. 280,234 12.217306 3,423,705 2%
Dreyfus VIF - Appreciation Portfolio:
Tax qualified ................................. 117,340 11.221053 1,316,678 2%
Non-tax qualified ............................. 205,838 11.221053 2,309,719 2%
Federated Insurance Series -
Federated Quality Bond Fund II:
Tax qualified ................................. 28,034 10.205427 286,099 2%
Non-tax qualified ............................. 38,512 10.205427 393,031 2%
Fidelity VIP - Equity-Income Portfolio:
Service Class:
Tax qualified ................................. 141,215 10.000152 1,412,171 (3)%
Non-tax qualified ............................. 290,518 10.000152 2,905,224 (3)%
Fidelity VIP - Growth Portfolio:
Service Class:
Tax qualified ................................. 585,919 12.788473 7,493,009 4%
Non-tax qualified ............................. 1,288,857 12.788473 16,482,513 4%
Fidelity VIP - High Income Portfolio:
Service Class:
Tax qualified ................................. 24,868 9.787168 243,387 (6)%
Non-tax qualified ............................. 76,583 9.787168 749,531 (6)%
Fidelity VIP - Overseas Portfolio:
Service Class:
Tax qualified ................................. 123,007 11.683816 1,437,191 (6)%
Non-tax qualified ............................. 229,048 11.683816 2,676,155 (6)%
</TABLE>
16
<PAGE> 17
<TABLE>
<CAPTION>
PERIOD
UNITS UNIT VALUE RETURN(b)
-------- ---------- ---------
<S> <C> <C> <C> <C>
Fidelity VIP-II - Contrafund Portfolio:
Service Class:
Tax qualified ................................. 381,132 11.528099 4,393,727 (2)%
Non-tax qualified ............................. 743,454 11.528099 8,570,611 (2)%
Fidelity VIP-III - Growth Opportunities Portfolio:
Service Class:
Tax qualified ................................. 90,825 10.152577 922,108 (4)%
Non-tax qualified ............................. 172,475 10.152577 1,751,066 (4)%
Janus Aspen Series -
Capital Appreciation Portfolio:
Tax qualified ................................. 38,499 9.832924 378,558 (2)%(a)
Non-tax qualified ............................. 14,107 9.832924 138,713 (2)%(a)
Janus Aspen Series -
International Growth Portfolio:
Tax qualified ................................. 15,295 9.881045 151,131 (1)%(a)
Non-tax qualified ............................. 3,115 9.881045 30,779 (1)%(a)
Janus Aspen Series -
Global Technology Portfolio:
Tax qualified ................................. 18,712 9.991534 186,962 0%(a)
Non-tax qualified ............................. 10,754 9.991534 107,449 0%(a)
Morgan Stanley -
Emerging Markets Debt Portfolio:
Tax qualified ................................. 4,332 11.975091 51,876 6%
Non-tax qualified ............................. 3,492 11.975091 41,817 6%
Nationwide SAT - Capital Appreciation Fund:
Tax qualified ................................. 108,696 10.456340 1,136,562 0%
Non-tax qualified ............................. 112,037 10.456340 1,171,497 0%
Nationwide SAT - Equity Income Fund:
Tax qualified ................................. 7,893 11.514233 90,882 1%
Non-tax qualified ............................. 42,205 11.514233 485,958 1%
Nationwide SAT - Global 50 Fund:
Tax qualified ................................. 21,306 11.240008 239,480 (1)%
Non-tax qualified ............................. 56,311 11.240008 632,936 (1)%
Nationwide SAT - Government Bond Fund:
Tax qualified ................................. 58,077 10.262054 595,989 3%
Non-tax qualified ............................. 135,493 10.262054 1,390,436 3%
Nationwide SAT - High Income Bond Fund:
Tax qualified ................................. 6,052 10.028884 60,695 (2)%
Non-tax qualified ............................. 10,175 10.028884 102,044 (2)%
Nationwide SAT - Mid Cap Index Fund:
Tax qualified ................................. 104,109 12.565915 1,308,225 7%
Non-tax qualified ............................. 171,351 12.565915 2,153,182 7%
Nationwide SAT - Money Market Fund:
Tax qualified ................................. 66,178 10.302795 681,818 2%
Non-tax qualified ............................. 235,860 10.302795 2,430,017 2%
</TABLE>
(Continued)
17
<PAGE> 18
NATIONWIDE VARIABLE ACCOUNT-8
NOTES TO FINANCIAL STATEMENTS, CONTINUED
<TABLE>
<CAPTION>
PERIOD
UNITS UNIT VALUE RETURN(b)
-------- ---------- ---------
<S> <C> <C> <C> <C>
Nationwide SAT -
Select Advisers Small Cap Growth Fund:
Tax qualified ................................. 32,027 17.221904 551,566 4%
Non-tax qualified ............................. 73,947 17.221904 1,273,508 4%
Nationwide SAT - Small Cap Value Fund:
Tax qualified ................................. 36,115 12.249841 442,403 10%
Non-tax qualified ............................. 64,600 12.249841 791,340 10%
Nationwide SAT - Small Company Fund:
Tax qualified ................................. 55,439 14.096176 781,478 7%
Non-tax qualified ............................. 100,178 14.096176 1,412,127 7%
Nationwide SAT - Strategic Growth Fund:
Tax qualified ................................. 74,391 14.839965 1,103,960 4%
Non-tax qualified ............................. 129,652 14.839965 1,924,031 4%
Nationwide SAT - Strategic Value Fund:
Tax qualified ................................. 4,174 10.589683 44,201 (2)%
Non-tax qualified ............................. 3,766 10.589683 39,881 (2)%
Nationwide SAT - Total Return Fund:
Tax qualified ................................. 152,684 11.093680 1,693,827 3%
Non-tax qualified ............................. 385,080 11.093680 4,271,954 3%
Neuberger Berman - Guardian Portfolio:
Tax qualified ................................. 9,077 11.963020 108,588 3%
Non-tax qualified ............................. 15,851 11.963020 189,626 3%
Neuberger Berman -
Mid-Cap Growth Portfolio:
Tax qualified ................................. 66,423 16.619046 1,103,887 12%
Non-tax qualified ............................. 109,140 16.619046 1,813,803 12%
Neuberger Berman - Partners Portfolio:
Tax qualified ................................. 4,250 10.768033 45,764 (1)%
Non-tax qualified ............................. 18,897 10.768033 203,484 (1)%
Oppenheimer Aggressive Growth Fund/VA:
Tax qualified ................................. 163,295 17.476451 2,853,817 20%
Non-tax qualified ............................. 314,470 17.476451 5,495,820 20%
Oppenheimer Capital Appreciation Fund/VA:
Tax qualified ................................. 215,157 13.969453 3,005,626 9%
Non-tax qualified ............................. 369,232 13.969453 5,157,969 9%
Oppenheimer Main Street Growth &
Income Fund/VA:
Tax qualified ................................. 271,259 11.074463 3,004,048 (1)%
Non-tax qualified ............................. 367,850 11.074463 4,073,741 (1)%
Salomon Brothers VSF - Capital Fund:
Tax qualified ................................. 171,328 12.833425 2,198,725 16%
Non-tax qualified ............................. 321,675 12.833425 4,128,192 16%
</TABLE>
18
<PAGE> 19
<TABLE>
<CAPTION>
PERIOD
UNITS UNIT VALUE RETURN(b)
-------- ---------- ---------
<S> <C> <C> <C> <C>
Salomon Brothers VSF -
High Yield Bond Fund:
Tax qualified ................................. 26,337 10.205495 268,782 (1)%
Non-tax qualified ............................. 71,651 10.205495 731,234 (1)%
Salomon Brothers VSF - Investors Fund:
Tax qualified ................................. 53,049 11.420849 605,865 8%
Non-tax qualified ............................. 132,498 11.420849 1,513,240 8%
Salomon Brothers VSF - Total Return Fund:
Tax qualified ................................. 46,663 10.169935 474,560 2%
Non-tax qualified ............................. 37,909 10.169935 385,532 2%
Van Eck WIT -
Worldwide Emerging Markets Fund:
Tax qualified ................................. 34,825 13.581684 472,982 (13)%
Non-tax qualified ............................. 82,117 13.581684 1,115,287 (13)%
Van Eck WIT - Worldwide Hard Assets Fund:
Tax qualified ................................. 770 10.642939 8,195 3%
Non-tax qualified ............................. 3,158 10.642939 33,610 3%
Van Kampen -
Morgan Stanley Real Estate Securities Portfolio:
Tax qualified ................................. 1,692 11.136902 18,844 13%
Non-tax qualified ............................. 65 11.136902 724 13%
Warburg Pincus Trust - Value Portfolio:
Tax qualified ................................. 4,398 9.683049 42,586 (3)%
Non-tax qualified ............................. 13,880 9.683049 134,401 (3)%
======== =========
$136,371,856
============
</TABLE>
(a) This investment option was not being utilized for the entire period.
Accordingly, the period return was computed for such period as the
investment option was utilized.
(b) The period return does not include contract charges satisfied by
surrendering units.
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NATIONWIDE LIFE INSURANCE COMPANY Bulk Rate
HOME OFFICE: ONE NATIONWIDE PLAZA o COLUMBUS, OHIO 43215-2220 U.S. Postage
PAID
Columbus, Ohio
Permit No. 521
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Nationwide(R) is a registered federal service mark of Nationwide Mutual
Insurance Company
